NUCOR CORP, 10-Q filed on 8/7/2024
Quarterly Report
v3.24.2.u1
Document and Entity Information
 6 Months Ended
Jun. 29, 2024
shares
Cover [Abstract]  
Document Type 10-Q
Amendment Flag false
Document Period End Date Jun. 29, 2024
Document Fiscal Year Focus 2024
Document Fiscal Period Focus Q2
Trading Symbol NUE
Entity Registrant Name NUCOR CORPORATION
Entity Central Index Key 0000073309
Current Fiscal Year End Date --12-31
Entity Filer Category Large Accelerated Filer
Entity Emerging Growth Company false
Entity Small Business false
Entity Current Reporting Status Yes
Entity Shell Company false
Entity Interactive Data Current Yes
Title of 12(b) Security Common Stock, par value $0.40 per share
Security Exchange Name NYSE
Entity Incorporation, State or Country Code DE
Document Quarterly Report true
Document Transition Report false
Entity File Number 1-4119
Entity Tax Identification Number 13-1860817
Entity Address, Address Line One 1915 Rexford Road
Entity Address, City or Town Charlotte
Entity Address, State or Province NC
Entity Address, Postal Zip Code 28211
City Area Code 704
Local Phone Number 366-7000
Entity Common Stock, Shares Outstanding 237,338,008
v3.24.2.u1
Condensed Consolidated Statements of Earnings - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 29, 2024
Jul. 01, 2023
Jun. 29, 2024
Jul. 01, 2023
Income Statement [Abstract]        
Net sales $ 8,077,172 $ 9,523,256 $ 16,214,255 $ 18,233,236
Costs, expenses and other:        
Cost of products sold 6,883,117 7,021,582 13,497,020 13,733,360
Marketing, administrative and other expenses 307,230 453,388 652,625 843,283
Equity in earnings of unconsolidated affiliates (9,032) (6,094) (18,801) (4,754)
Interest (income) expense, net (2,306) 4,598 (40,093) 14,781
Costs, expenses and other, total 7,179,009 7,473,474 14,090,751 14,586,670
Earnings before income taxes and noncontrolling interests 898,163 2,049,782 2,123,504 3,646,566
Provision for income taxes 186,020 462,707 452,399 827,862
Net earnings before noncontrolling interests 712,143 1,587,075 1,671,105 2,818,704
Earnings attributable to noncontrolling interests 66,926 125,721 181,047 220,808
Net earnings attributable to Nucor stockholders $ 645,217 $ 1,461,354 $ 1,490,058 $ 2,597,896
Net earnings per share:        
Basic $ 2.68 $ 5.82 $ 6.15 $ 10.28
Diluted $ 2.68 $ 5.81 $ 6.14 $ 10.26
Average shares outstanding:        
Basic 239,580 250,144 241,329 251,876
Diluted 239,935 250,524 241,528 252,334
v3.24.2.u1
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 29, 2024
Jul. 01, 2023
Jun. 29, 2024
Jul. 01, 2023
Statement Of Comprehensive Income [Abstract]        
Net earnings before noncontrolling interests $ 712,143 $ 1,587,075 $ 1,671,105 $ 2,818,704
Other comprehensive (loss) income:        
Net unrealized income (loss) on hedging derivatives, net of income taxes of $0 and $(1,400) for the second quarter of 2024 and 2023, respectively, and $(1,700) and $(9,200) for the first six months of 2024 and 2023, respectively 125 (4,428) (5,116) (29,003)
Reclassification adjustment for settlement of hedging derivatives included in net earnings, net of income taxes of $2,400 and $1,900 for the second quarter of 2024 and 2023, respectively, and $4,200 and $2,000 for the first six months of 2024 and 2023, respectively 7,475 [1] 6,228 [2] 12,816 [1] 6,403 [2]
Foreign currency translation (loss) gain, net of income taxes of $0 for the second quarter and first six months of 2024 and 2023 (7,798) 34,586 (23,266) 31,145
Net current-period other comprehensive income (loss) (198) 36,386 (15,566) 8,545
Comprehensive income 711,945 1,623,461 1,655,539 2,827,249
Comprehensive income attributable to noncontrolling interests 66,926 125,721 181,047 220,808
Comprehensive income attributable to Nucor stockholders $ 645,019 $ 1,497,740 $ 1,474,492 $ 2,606,441
[1] Includes $7,475 and $12,816 net-of-tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net losses on commodity contracts in the second quarter and first six months of 2024, respectively. The tax impact of those reclassifications was $2,400 and $4,200 in the second quarter and first six months of 2024, respectively.
[2] Includes $6,228 and $6,403 net-of-tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net gains on commodity contracts in the second quarter and first six months of 2023, respectively. The tax impact of those reclassifications was $1,900 and $2,000 in the second quarter and first six months of 2023, respectively.
v3.24.2.u1
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 29, 2024
Jul. 01, 2023
Jun. 29, 2024
Jul. 01, 2023
Statement Of Comprehensive Income [Abstract]        
Net unrealized income (loss) on hedging derivatives, tax $ 0 $ (1,400) $ (1,700) $ (9,200)
Reclassification adjustment for settlement of hedging derivatives included in net income, tax effect 2,400 1,900 4,200 2,000
Foreign currency translation (loss) gain, tax $ 0 $ 0 $ 0 $ 0
v3.24.2.u1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 29, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 4,638,978 $ 6,383,298
Short-term investments 795,180 747,479
Accounts receivable, net 3,113,079 2,953,311
Inventories, net 5,255,843 5,577,758
Other current assets 455,042 724,012
Total current assets 14,258,122 16,385,858
Property, plant and equipment, net 11,999,189 11,049,767
Restricted cash and cash equivalents   3,494
Goodwill 4,000,144 3,968,847
Other intangible assets, net 3,051,479 3,108,015
Other assets 876,291 824,518
Total assets 34,185,225 35,340,499
Current liabilities:    
Short-term debt 168,510 119,211
Current portion of long-term debt and finance lease obligations 1,075,203 74,102
Accounts payable 1,744,657 2,020,289
Salaries, wages and related accruals 857,481 1,326,390
Accrued expenses and other current liabilities 1,019,410 1,054,517
Total current liabilities 4,865,261 4,594,509
Long-term debt and finance lease obligations due after one year 5,648,555 6,648,873
Deferred credits and other liabilities 1,898,901 1,973,363
Total liabilities 12,412,717 13,216,745
Commitments and contingencies
Nucor stockholders' equity:    
Common stock 152,061 152,061
Additional paid-in capital 2,189,371 2,176,243
Retained earnings 29,991,834 28,762,045
Accumulated other comprehensive loss, net of income taxes (177,638) (162,072)
Treasury stock (11,432,103) (9,987,643)
Total Nucor stockholders' equity 20,723,525 20,940,634
Noncontrolling interests 1,048,983 1,183,120
Total equity 21,772,508 22,123,754
Total liabilities and equity $ 34,185,225 $ 35,340,499
v3.24.2.u1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 29, 2024
Jul. 01, 2023
Operating activities:    
Net earnings before noncontrolling interests $ 1,671,105 $ 2,818,704
Adjustments:    
Depreciation 527,626 448,836
Amortization 119,850 117,231
Stock-based compensation 82,725 83,587
Deferred income taxes (77,611) (44,609)
Distributions from affiliates 7,877 18,621
Equity in earnings of unconsolidated affiliates (18,801) (4,754)
Changes in assets and liabilities (exclusive of acquisitions and dispositions):    
Accounts receivable (153,856) (270,314)
Inventories 333,247 (174,437)
Accounts payable (314,761) 242,071
Federal income taxes 132,931 396,341
Salaries, wages and related accruals (426,098) (573,993)
Other operating activities 60,697 70,313
Cash provided by operating activities 1,944,931 3,127,597
Investing activities:    
Capital expenditures (1,471,234) (1,057,086)
Investment in and advances to affiliates (79) (35,078)
Disposition of plant and equipment 9,530 5,289
Acquisitions (net of cash acquired) (108,943)  
Purchases of investments (886,892) (701,639)
Proceeds from the sale of investments 855,965 408,854
Other investing activities 1,324  
Cash used in investing activities (1,600,329) (1,379,660)
Financing activities:    
Net change in short-term debt 49,299 (15,742)
Repayment of long-term debt (5,000) (5,000)
Proceeds from exercise of stock options 3,357 7,123
Payment of tax withholdings on certain stock-based compensation (47,018) (42,120)
Distributions to noncontrolling interests (315,184) (388,771)
Cash dividends (264,367) (259,894)
Acquisition of treasury stock (1,501,283) (876,698)
Other financing activities (7,070) (8,296)
Cash used in financing activities (2,087,266) (1,589,398)
Effect of exchange rate changes on cash (5,150) 3,469
(Decrease) increase in cash and cash equivalents and restricted cash and cash equivalents (1,747,814) 162,008
Cash and cash equivalents and restricted cash and cash equivalents - beginning of year 6,386,792 4,361,220
Cash and cash equivalents and restricted cash and cash equivalents - end of six months 4,638,978 4,523,228
Non-cash investing activity:    
Change in accrued plant and equipment purchases $ 37,106 $ (36,580)
v3.24.2.u1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 29, 2024
Jul. 01, 2023
Jun. 29, 2024
Jul. 01, 2023
Pay vs Performance Disclosure        
Net Income (Loss) $ 645,217 $ 1,461,354 $ 1,490,058 $ 2,597,896
v3.24.2.u1
Insider Trading Arrangements
 3 Months Ended
Jun. 29, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Rule 10b5-1 Arrangement Modified false
Non-Rule 10b5-1 Arrangement Modified false
v3.24.2.u1
Basis of Interim Presentation
 6 Months Ended
Jun. 29, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Interim Presentation

1. Basis of Interim Presentation

The information furnished in this Item 1 reflects all adjustments which are, in the opinion of management, necessary to make a fair statement of the results for the interim periods presented and are of a normal and recurring nature unless otherwise noted. The information furnished has not been audited; however, the December 31, 2023 condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. The unaudited condensed consolidated financial statements included in this Item 1 should be read in conjunction with the audited consolidated financial statements and the notes thereto included in Nucor’s Annual Report on Form 10-K for the year ended December 31, 2023.
 

Recent Accounting Pronouncements

In November 2023, new accounting guidance was issued that updates reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the Chief Operating Decision Maker (the “CODM”) and included within each reported measure of a segment's profit or loss. This new guidance also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. The new guidance is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The new guidance is required to be applied retrospectively to all prior periods presented in the financial statements. Early adoption is also permitted. This new guidance will likely result in additional required disclosures when adopted. The Company is evaluating the impact that the adoption of this new guidance will have on its consolidated financial statements.

In December 2023, new accounting guidance was issued related to income tax disclosures. The new guidance requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The new guidance is effective on a prospective basis for annual periods beginning after December 15, 2024. Early adoption is also permitted for annual financial statements that have not yet been issued or made available for issuance. This new guidance will likely result in additional required disclosures when adopted. The Company is evaluating the impact that the adoption of this new guidance will have on its consolidated financial statements.
v3.24.2.u1
Inventories
 6 Months Ended
Jun. 29, 2024
Inventory Disclosure [Abstract]  
Inventories

2. Inventories

Inventories consisted of approximately 33% raw materials and supplies and 67% finished and semi-finished products at June 29, 2024 (approximately 37% and 63%, respectively, at December 31, 2023). Nucor’s manufacturing process consists of a continuous, vertically integrated process from which products are sold to customers at various stages throughout the process. Since most steel products can be classified as either finished or semi-finished products, these two categories of inventory are combined.
v3.24.2.u1
Property, Plant and Equipment
 6 Months Ended
Jun. 29, 2024
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment

3. Property, Plant and Equipment

Property, plant and equipment is recorded net of accumulated depreciation of $12.25 billion at June 29, 2024 ($11.79 billion at December 31, 2023).

Included within property, plant and equipment, net, of the steel mills segment at June 29, 2024 is $244.2 million of assets, net of accumulated depreciation, related to our joint venture Nucor-JFE Steel Mexico, S. de R.L. de C.V. (“NJSM”). If NJSM’s financial performance continues to underperform its forecasts, management may determine that a triggering event has occurred and will perform an impairment assessment to determine if the carrying amount of NJSM’s property, plant and equipment, net, exceeds its projected undiscounted cash flows. A future assessment may result in the impairment of part or all of the carrying value of NJSM’s property, plant and equipment, net.

v3.24.2.u1
Goodwill and Other Intangible Assets
 6 Months Ended
Jun. 29, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets

4. Goodwill and Other Intangible Assets

The change in the net carrying amount of goodwill for the six months ended June 29, 2024 by segment was as follows (in thousands):

 

 

 

Steel Mills

 

 

Steel Products

 

 

Raw Materials

 

 

Total

 

Balance at December 31, 2023

 

$

675,186

 

 

$

2,514,172

 

 

$

779,489

 

 

$

3,968,847

 

Acquisitions

 

 

-

 

 

 

46,063

 

 

 

(8,166

)

 

 

37,897

 

Translation

 

 

-

 

 

 

(6,600

)

 

 

-

 

 

 

(6,600

)

Balance at June 29, 2024

 

$

675,186

 

 

$

2,553,635

 

 

$

771,323

 

 

$

4,000,144

 

 

Nucor completed its most recent annual goodwill impairment testing as of the first day of the fourth quarter of 2023 and concluded that as of such date there was no impairment of goodwill for any of its reporting units.

Intangible assets with estimated useful lives of five to 25 years are amortized on a straight-line or accelerated basis and consisted of the following as of June 29, 2024 and December 31, 2023 (in thousands):

 

 

 

June 29, 2024

 

 

December 31, 2023

 

 

 

Gross Amount

 

 

Accumulated
Amortization

 

 

Gross Amount

 

 

Accumulated
Amortization

 

Customer relationships

 

$

4,247,487

 

 

$

1,402,082

 

 

$

4,190,156

 

 

$

1,295,778

 

Trademarks and trade names

 

 

378,136

 

 

 

180,061

 

 

 

372,153

 

 

 

168,363

 

Other

 

 

109,747

 

 

 

101,748

 

 

 

109,747

 

 

 

99,900

 

 

 

$

4,735,370

 

 

$

1,683,891

 

 

$

4,672,056

 

 

$

1,564,041

 

 

Intangible asset amortization expense in the second quarter of 2024 and 2023 was $61.2 million and $58.4 million, respectively, and $119.9 million and $117.2 million in the first six months of 2024 and 2023, respectively. Annual amortization expense is estimated to be $242.1 million in 2024; $243.8 million in 2025; $240.6 million in 2026; $237.2 million in 2027; and $231.1 million in 2028.
v3.24.2.u1
Current Liabilities
 6 Months Ended
Jun. 29, 2024
Payables and Accruals [Abstract]  
Current Liabilities

5. Current Liabilities

Book overdrafts included in accounts payable in the condensed consolidated balance sheets were $148.1 million at June 29, 2024 ($159.0 million at December 31, 2023). Dividends payable, included in accrued expenses and other current liabilities in the condensed consolidated balance sheets, were $129.5 million at June 29, 2024 ($133.6 million at December 31, 2023).
v3.24.2.u1
Fair Value Measurements
 6 Months Ended
Jun. 29, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements

6. Fair Value Measurements

The following table summarizes information regarding Nucor’s financial assets and financial liabilities that were measured at fair value as of June 29, 2024 and December 31, 2023 (in thousands). Nucor does not have any non-financial assets or non-financial liabilities that are measured at fair value on a recurring basis.

 

 

 

 

 

 

Fair Value Measurements at Reporting Date Using

 

Description

 

Carrying
Amount in
Condensed
Consolidated
Balance
Sheets

 

 

Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

As of June 29, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

$

3,995,267

 

 

$

3,995,267

 

 

$

-

 

 

$

-

 

Short-term investments

 

 

795,180

 

 

 

795,180

 

 

 

-

 

 

 

-

 

Derivative contracts

 

 

2,796

 

 

 

-

 

 

 

2,796

 

 

 

-

 

Other assets

 

 

60,310

 

 

 

17,535

 

 

 

-

 

 

 

42,775

 

Total assets

 

$

4,853,553

 

 

$

4,807,982

 

 

$

2,796

 

 

$

42,775

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Derivative contracts

 

$

(8,100

)

 

$

-

 

 

$

(8,100

)

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

$

5,724,549

 

 

$

5,724,549

 

 

$

-

 

 

$

-

 

Short-term investments

 

 

747,479

 

 

 

747,479

 

 

 

-

 

 

 

-

 

Restricted cash and cash equivalents

 

 

3,494

 

 

 

3,494

 

 

 

-

 

 

 

-

 

Derivative contracts

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Other assets

 

 

47,020

 

 

 

4,245

 

 

 

-

 

 

 

42,775

 

Total assets

 

$

6,522,542

 

 

$

6,479,767

 

 

$

-

 

 

 

42,775

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Derivative contracts

 

$

(23,211

)

 

$

-

 

 

$

(23,211

)

 

$

-

 

 

Fair value measurements for Nucor’s cash equivalents, short-term investments and restricted cash and cash equivalents and an investment in a publicly traded nuclear power equipment manufacturer are classified under Level 1 because such measurements are based on quoted market prices in active markets for identical assets. Fair value measurements for Nucor’s derivatives, which are typically commodity or foreign exchange contracts, are classified under Level 2 because such measurements are based on published market prices for similar assets or are estimated based on observable inputs such as interest rates, yield curves, credit risks, spot and future commodity prices, and spot and future exchange rates. Fair value measurements for Nucor's investments in privately held companies, most of which are in a nuclear fusion technology company, are classified under Level 3 because such measurements are based on unobservable inputs that indicate a change in fair value, including the transaction price in the event of a change in ownership of the investee (e.g., the sale of other investors' interest in the company) or the transaction price in the event of additional equity issuances of the investee. There were no transfers between levels in the fair value hierarchy for the periods presented.

The fair value of short-term and long-term debt, including current maturities, was approximately $6.12 billion at June 29, 2024 (approximately $6.22 billion at December 31, 2023). The debt fair value estimates are classified under Level 2 because such estimates are based on readily available market prices of our debt at June 29, 2024 and December 31, 2023, or similar debt with the same maturities, ratings and interest rates.
v3.24.2.u1
Contingencies
 6 Months Ended
Jun. 29, 2024
Commitments and Contingencies Disclosure [Abstract]  
Contingencies

7. Contingencies

We are from time to time a party to various lawsuits, claims and other legal proceedings that arise in the ordinary course of business. With respect to all such lawsuits, claims and proceedings, we record reserves when it is probable a liability has been incurred and the amount of loss can be reasonably estimated. We do not believe that any of these proceedings, individually or in the aggregate, would be expected to have a material adverse effect on our results of operations, financial position or cash flows. Nucor maintains liability insurance with self-insurance limits for certain risks.

v3.24.2.u1
Stock-Based Compensation
 6 Months Ended
Jun. 29, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation

8. Stock-Based Compensation

Stock Options

A summary of activity under Nucor’s stock option plans for the first six months of 2024 is as follows (shares and aggregate intrinsic value in thousands):

 

 

 

 

 

 

Weighted-

 

 

Weighted-

 

 

 

 

 

 

 

 

Average

 

 

Average

 

Aggregate

 

 

 

 

 

 

Exercise

 

 

Remaining

 

Intrinsic

 

 

 

Shares

 

 

Price

 

 

Contractual Life

 

Value

 

Number of shares under stock options:

 

 

 

 

 

 

 

 

 

 

 

Outstanding at beginning of year

 

 

718

 

 

$

78.33

 

 

 

 

 

 

Granted

 

 

73

 

 

$

168.85

 

 

 

 

 

 

Exercised

 

 

(58

)

 

$

49.94

 

 

 

 

$

8,211

 

Canceled

 

 

(3

)

 

$

168.85

 

 

 

 

 

 

Outstanding at June 29, 2024

 

 

730

 

 

$

89.25

 

 

7.0 years

 

$

51,023

 

Stock options exercisable at June 29, 2024

 

 

497

 

 

$

64.24

 

 

6.1 years

 

$

46,641

 

 

For the 2024 stock option grant, the grant date fair value of $67.83 per share was calculated using the Black-Scholes options pricing model with the following assumptions:

 

Exercise price

 

$

168.85

 

Expected dividend yield

 

 

1.28

%

Expected stock price volatility

 

 

37.69

%

Risk-free interest rate

 

 

4.52

%

Expected life (in years)

 

 

6.5

 

 

Compensation expense for stock options was $3.6 million and $3.4 million in the second quarter of 2024 and 2023, respectively, and $4.0 million and $3.9 million in the first six months of 2024 and 2023, respectively. As of June 29, 2024, unrecognized compensation expense related to stock options was $2.9 million, which we expect to recognize over a weighted-average period of 2.4 years.

Restricted Stock Units

A summary of Nucor’s restricted stock unit (“RSU”) activity for the first six months of 2024 is as follows (shares in thousands):

 

 

 

Shares

 

 

Grant Date
Fair Value
Per Share

 

Restricted stock units:

 

 

 

 

 

 

Unvested at beginning of year

 

 

947

 

 

$

124.89

 

Granted

 

 

749

 

 

$

168.85

 

Vested

 

 

(624

)

 

$

143.15

 

Canceled

 

 

(17

)

 

$

149.26

 

Unvested at June 29, 2024

 

 

1,055

 

 

$

144.91

 

 

Compensation expense for RSUs was $53.9 million and $48.5 million in the second quarter of 2024 and 2023, respectively, and $66.8 million and $60.7 million in the first six months of 2024 and 2023, respectively. As of June 29, 2024, unrecognized compensation expense related to unvested RSUs was $141.1 million, which we expect to recognize over a weighted-average period of 1.6 years.

Restricted Stock Awards

A summary of Nucor’s restricted stock activity under the Nucor Corporation Senior Officers Annual Incentive Plan (a supplement to the Nucor Corporation 2014 Omnibus Incentive Compensation Plan, the “AIP”) and the Nucor Corporation Senior Officers Long-Term Incentive Plan (a supplement to the Nucor Corporation 2014 Omnibus Incentive Compensation Plan, the “LTIP”) for the first six months of 2024 is as follows (shares in thousands):

 

 

 

 

 

Grant Date

 

 

 

Shares

 

 

Fair Value
Per Share

 

Restricted stock units and restricted stock awards:

 

 

 

 

 

 

Unvested at beginning of year

 

 

210

 

 

$

145.55

 

Granted

 

 

421

 

 

$

187.54

 

Vested

 

 

(358

)

 

$

176.61

 

Canceled

 

 

-

 

 

$

-

 

Unvested at June 29, 2024

 

 

273

 

 

$

169.53

 

 

Compensation expense for common stock and common stock units awarded under the AIP and the LTIP is recorded over the performance measurement and vesting periods based on the anticipated number and market value of shares of common stock and common stock units to be awarded. Compensation expense for anticipated awards based upon Nucor’s financial performance, exclusive of amounts payable in cash, was $3.9 million and $11.7 million in the second quarter of 2024 and 2023, respectively, and $11.9 million and $19.4 million in the first six months of 2024 and 2023, respectively. As of June 29, 2024, unrecognized compensation expense related to unvested restricted stock awards was $14.7 million, which we expect to recognize over a weighted-average period of 2.0 years.
v3.24.2.u1
Employee Benefit Plan
 6 Months Ended
Jun. 29, 2024
Retirement Benefits [Abstract]  
Employee Benefit Plan

9. Employee Benefit Plan

Nucor makes contributions to a Profit Sharing and Retirement Savings Plan for qualified employees based on the profitability of the Company. Nucor’s expense for these benefits totaled $88.3 million and $194.4 million in the second quarter of 2024 and 2023, respectively, and $211.6 million and $356.6 million in the first six months of 2024 and 2023, respectively. The related liability for these benefits is included in salaries, wages and related accruals in the condensed consolidated balance sheets.
v3.24.2.u1
Interest (Income) Expense
 6 Months Ended
Jun. 29, 2024
Banking and Thrift, Interest [Abstract]  
Interest (Income) Expense

10. Interest (Income) Expense

The components of net interest (income) expense for the second quarter and first six months of 2024 and 2023 are as follows (in thousands):

 

 

 

Three Months (13 Weeks) Ended

 

 

Six Months (26 Weeks) Ended

 

 

 

June 29, 2024

 

 

July 1, 2023

 

 

June 29, 2024

 

 

July 1, 2023

 

Interest expense

 

$

66,852

 

 

$

60,806

 

 

$

110,339

 

 

$

123,488

 

Interest income

 

 

(69,158

)

 

 

(56,208

)

 

 

(150,432

)

 

 

(108,707

)

Interest (income) expense, net

 

$

(2,306

)

 

$

4,598

 

 

$

(40,093

)

 

$

14,781

 
v3.24.2.u1
Income Taxes
 6 Months Ended
Jun. 29, 2024
Income Tax Disclosure [Abstract]  
Income Taxes

11. Income Taxes

The effective tax rate for the second quarter of 2024 was 20.7% compared to 22.6% for the second quarter of 2023. The decrease in the effective tax rate for the second quarter of 2024 as compared to the second quarter of 2023 was primarily due to increased federal tax credits and the change in relative proportions of net earnings attributable to noncontrolling interests to total pre-tax earnings between the periods.

The Internal Revenue Service (the “IRS”) is currently examining Nucor’s 2015, 2019, and 2020 federal income tax returns. Nucor has concluded U.S. federal income tax matters for the tax years through 2014, and for the tax years 2016 and 2018. The tax years 2017, 2021, and 2022 remain open to examination by the IRS. The 2015 through 2021 Canadian income tax returns for Nucor Rebar Fabrication Group Inc. (formerly known as Harris Steel Group Inc.) and certain related affiliates are currently under examination by the Canada Revenue Agency. The tax years 2016 through 2023 remain open to examination by other major taxing jurisdictions to which Nucor is subject (primarily Canada, Trinidad & Tobago, and other state and local jurisdictions).

Non-current deferred tax assets included in other assets in the condensed consolidated balance sheets were $34.2 million at June 29, 2024 ($40.7 million at December 31, 2023). Non-current deferred tax liabilities included in deferred credits and other liabilities in the condensed consolidated balance sheets were $1.26 billion at June 29, 2024 ($1.33 billion at December 31, 2023).

v3.24.2.u1
Stockholders' Equity
 6 Months Ended
Jun. 29, 2024
Equity [Abstract]  
Stockholders' Equity

12. Stockholders’ Equity

The following tables reflect the changes in stockholders’ equity attributable to Nucor and the noncontrolling interests of Nucor’s joint ventures - Nucor-Yamato Steel Company (Limited Partnership) (“NYS”), California Steel Industries, Inc. (“CSI”) and NJSM - in each of which Nucor owns 51% (the third of which Nucor acquired an additional 1% interest in the fourth quarter of 2023, bringing its total equity ownership to a 51% controlling interest), for the three months and six months ended June 29, 2024 and July 1, 2023 (in thousands):

 

 

 

 

 

 

Three Months (13 Weeks) Ended June 29, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

Other

 

 

Treasury Stock

 

 

Nucor

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Paid-in

 

 

Retained

 

 

Comprehensive

 

 

(at cost)

 

 

Stockholders'

 

 

Noncontrolling

 

 

 

Total

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

Income (Loss)

 

 

Shares

 

 

Amount

 

 

Equity

 

 

Interests

 

BALANCES, March 30, 2024

 

$

21,725,519

 

 

 

380,154

 

 

$

152,061

 

 

$

2,210,823

 

 

$

29,476,087

 

 

$

(177,440

)

 

 

140,392

 

 

$

(10,967,818

)

 

$

20,693,713

 

 

$

1,031,806

 

Net earnings before noncontrolling interests

 

 

712,143

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

645,217

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

645,217

 

 

 

66,926

 

Other comprehensive income (loss)

 

 

(198

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(198

)

 

 

-

 

 

 

-

 

 

 

(198

)

 

 

-

 

Stock options exercised

 

 

192

 

 

 

-

 

 

 

-

 

 

 

(121

)

 

 

-

 

 

 

-

 

 

 

(4

)

 

 

313

 

 

 

192

 

 

 

-

 

Stock option expense

 

 

3,626

 

 

 

-

 

 

 

-

 

 

 

3,626

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

3,626

 

 

 

-

 

Issuance of stock under award plans,
   net of forfeitures

 

 

12,326

 

 

 

-

 

 

 

-

 

 

 

(27,457

)

 

 

-

 

 

 

-

 

 

 

(501

)

 

 

39,783

 

 

 

12,326

 

 

 

-

 

Amortization of unearned
   compensation

 

 

2,500

 

 

 

-

 

 

 

-

 

 

 

2,500

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,500

 

 

 

-

 

Treasury stock acquired

 

 

(504,381

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,929

 

 

 

(504,381

)

 

 

(504,381

)

 

 

-

 

Cash dividends declared

 

 

(129,470

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(129,470

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(129,470

)

 

 

-

 

Distributions to noncontrolling
   interests

 

 

(49,749

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(49,749

)

BALANCES, June 29, 2024

 

$

21,772,508

 

 

 

380,154

 

 

$

152,061

 

 

$

2,189,371

 

 

$

29,991,834

 

 

$

(177,638

)

 

 

142,816

 

 

$

(11,432,103

)

 

$

20,723,525

 

 

$

1,048,983

 

 

 

 

 

 

 

 

Six Months (26 Weeks) Ended June 29, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

Other

 

 

Treasury Stock

 

 

Nucor

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Paid-in

 

 

Retained

 

 

Comprehensive

 

 

(at cost)

 

 

Stockholders'

 

 

Noncontrolling

 

 

 

Total

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

Income (Loss)

 

 

Shares

 

 

Amount

 

 

Equity

 

 

Interests

 

BALANCES, December 31, 2023

 

$

22,123,754

 

 

 

380,154

 

 

$

152,061

 

 

$

2,176,243

 

 

$

28,762,045

 

 

$

(162,072

)

 

 

135,252

 

 

$

(9,987,643

)

 

$

20,940,634

 

 

$

1,183,120

 

Net earnings before noncontrolling interests

 

 

1,671,105

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,490,058

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,490,058

 

 

 

181,047

 

Other comprehensive income (loss)

 

 

(15,566

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(15,566

)

 

 

-

 

 

 

-

 

 

 

(15,566

)

 

 

-

 

Stock options exercised

 

 

2,880

 

 

 

-

 

 

 

-

 

 

 

(1,570

)

 

 

-

 

 

 

-

 

 

 

(58

)

 

 

4,450

 

 

 

2,880

 

 

 

-

 

Stock option expense

 

 

4,018

 

 

 

-

 

 

 

-

 

 

 

4,018

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

4,018

 

 

 

-

 

Issuance of stock under award plans,
   net of forfeitures

 

 

72,290

 

 

 

-

 

 

 

-

 

 

 

5,580

 

 

 

-

 

 

 

-

 

 

 

(845

)

 

 

66,710

 

 

 

72,290

 

 

 

-

 

Amortization of unearned
   compensation

 

 

5,100

 

 

 

-

 

 

 

-

 

 

 

5,100

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

5,100

 

 

 

-

 

Treasury stock acquired

 

 

(1,515,620

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

8,467

 

 

 

(1,515,620

)

 

 

(1,515,620

)

 

 

-

 

Cash dividends declared

 

 

(260,269

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(260,269

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(260,269

)

 

 

-

 

Distributions to noncontrolling
   interests

 

 

(315,184

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(315,184

)

BALANCES, June 29, 2024

 

$

21,772,508

 

 

 

380,154

 

 

$

152,061

 

 

$

2,189,371

 

 

$

29,991,834

 

 

$

(177,638

)

 

 

142,816

 

 

$

(11,432,103

)

 

$

20,723,525

 

 

$

1,048,983

 

 

 

 

 

 

 

 

 

Three Months (13 Weeks) Ended July 1, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

Other

 

 

Treasury Stock

 

 

Nucor

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Paid-in

 

 

Retained

 

 

Comprehensive

 

 

(at cost)

 

 

Stockholders'

 

 

Noncontrolling

 

 

 

Total

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

Income (Loss)

 

 

Shares

 

 

Amount

 

 

Equity

 

 

Interests

 

BALANCES, April 1, 2023

 

$

19,929,870

 

 

 

380,154

 

 

$

152,061

 

 

$

2,168,770

 

 

$

25,762,032

 

 

$

(165,358

)

 

 

128,930

 

 

$

(8,900,124

)

 

$

19,017,381

 

 

$

912,489

 

Net earnings before noncontrolling interests

 

 

1,587,075

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,461,354

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,461,354

 

 

 

125,721

 

Other comprehensive income (loss)

 

 

36,386

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

36,386

 

 

 

-

 

 

 

-

 

 

 

36,386

 

 

 

-

 

Stock options exercised

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Stock option expense

 

 

3,447

 

 

 

-

 

 

 

-

 

 

 

3,447

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

3,447

 

 

 

-

 

Issuance of stock under award plans,
   net of forfeitures

 

 

16,149

 

 

 

-

 

 

 

-

 

 

 

(24,025

)

 

 

-

 

 

 

-

 

 

 

(566

)

 

 

40,174

 

 

 

16,149

 

 

 

-

 

Amortization of unearned
   compensation

 

 

1,501

 

 

 

-

 

 

 

-

 

 

 

1,501

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,501

 

 

 

-

 

Treasury stock acquired

 

 

(454,814

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

3,067

 

 

 

(454,814

)

 

 

(454,814

)

 

 

-

 

Cash dividends declared

 

 

(127,725

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(127,725

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(127,725

)

 

 

-

 

Distributions to noncontrolling
   interests

 

 

(50,961

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(50,961

)

BALANCES, July 1, 2023

 

$

20,940,928

 

 

 

380,154

 

 

$

152,061

 

 

$

2,149,693

 

 

$

27,095,661

 

 

$

(128,972

)

 

 

131,431

 

 

$

(9,314,764

)

 

$

19,953,679

 

 

$

987,249

 

 

 

 

 

 

 

Six Months (26 Weeks) Ended July 1, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

Other

 

 

Treasury Stock

 

 

Nucor

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Paid-in

 

 

Retained

 

 

Comprehensive

 

 

(at cost)

 

 

Stockholders'

 

 

Noncontrolling

 

 

 

Total

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

Income (Loss)

 

 

Shares

 

 

Amount

 

 

Equity

 

 

Interests

 

BALANCES, December 31, 2022

 

$

19,569,906

 

 

 

380,154

 

 

$

152,061

 

 

$

2,143,520

 

 

$

24,754,873

 

 

$

(137,517

)

 

 

126,661

 

 

$

(8,498,243

)

 

$

18,414,694

 

 

$

1,155,212

 

Net earnings before noncontrolling interests

 

 

2,818,704

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,597,896

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,597,896

 

 

 

220,808

 

Other comprehensive income (loss)

 

 

8,545

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

8,545

 

 

 

-

 

 

 

-

 

 

 

8,545

 

 

 

-

 

Stock options exercised

 

 

7,123

 

 

 

-

 

 

 

-

 

 

 

(1,749

)

 

 

-

 

 

 

-

 

 

 

(131

)

 

 

8,872

 

 

 

7,123

 

 

 

-

 

Stock option expense

 

 

3,922

 

 

 

-

 

 

 

-

 

 

 

3,922

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

3,922

 

 

 

-

 

Issuance of stock under award plans,
   net of forfeitures

 

 

59,969

 

 

 

-

 

 

 

-

 

 

 

735

 

 

 

-

 

 

 

-

 

 

 

(889

)

 

 

59,234

 

 

 

59,969

 

 

 

-

 

Amortization of unearned
   compensation

 

 

3,265

 

 

 

-

 

 

 

-

 

 

 

3,265

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

3,265

 

 

 

-

 

Treasury stock acquired

 

 

(884,627

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

5,790

 

 

 

(884,627

)

 

 

(884,627

)

 

 

-

 

Cash dividends declared

 

 

(257,108

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(257,108

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(257,108

)

 

 

-

 

Distributions to noncontrolling
   interests

 

 

(388,771

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(388,771

)

BALANCES, July 1, 2023

 

$

20,940,928

 

 

 

380,154

 

 

$

152,061

 

 

$

2,149,693

 

 

$

27,095,661

 

 

$

(128,972

)

 

 

131,431

 

 

$

(9,314,764

)

 

$

19,953,679

 

 

$

987,249

 

 

Dividends declared were $0.54 per share in the second quarter of 2024 ($0.51 per share in the second quarter of 2023) and $1.08 per share in the first six months of 2024 ($1.02 per share in the first six months of 2023).

On May 11, 2023, the Company announced that its Board of Directors had approved a share repurchase program under which the Company is authorized to repurchase up to $4.00 billion of the Company’s common stock and terminated all previously authorized share repurchase programs. Share repurchases are made from time to time in the open market at prevailing market prices or through private transactions or block trades. The timing and amount of repurchases will depend on market conditions, share price, applicable legal requirements and other factors. The share repurchase authorization is discretionary and has no expiration date. As of June 29, 2024, the Company had approximately $1.82 billion available for share repurchases under the program authorized by the Company’s Board of Directors.
v3.24.2.u1
Accumulated Other Comprehensive Income (Loss)
 6 Months Ended
Jun. 29, 2024
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss) 3. Accumulated Other Comprehensive Income (Loss)

The following tables reflect the changes in accumulated other comprehensive income (loss) by component for the three months and six months ended June 29, 2024 and July 1, 2023 (in thousands):

 

 

 

Three-Month (13-Week) Period Ended

 

 

 

June 29, 2024

 

 

 

Gains and (Losses) on

 

 

Foreign Currency

 

 

Adjustment to Early

 

 

 

 

 

 

Hedging Derivatives

 

 

Gains (Losses)

 

 

Retiree Medical Plan

 

 

Total

 

Accumulated other comprehensive
  income (loss) at March 30, 2024

 

$

(13,800

)

 

$

(174,643

)

 

$

11,003

 

 

$

(177,440

)

Other comprehensive income
   (loss) before
   reclassifications

 

 

125

 

 

 

(7,798

)

 

 

-

 

 

 

(7,673

)

Amounts reclassified from
   accumulated other
   comprehensive income (loss)
   into earnings (1)

 

 

7,475

 

 

 

-

 

 

 

-

 

 

 

7,475

 

Net current-period other
   comprehensive income (loss)

 

 

7,600

 

 

 

(7,798

)

 

 

-

 

 

 

(198

)

Accumulated other comprehensive
   income (loss) at June 29, 2024

 

$

(6,200

)

 

$

(182,441

)

 

$

11,003

 

 

$

(177,638

)

 

 

Six-Month (26-Week) Period Ended

 

 

 

June 29, 2024

 

 

 

Gains and (Losses) on

 

 

Foreign Currency

 

 

Adjustment to Early

 

 

 

 

 

 

Hedging Derivatives

 

 

Gains (Losses)

 

 

Retiree Medical Plan

 

 

Total

 

Accumulated other comprehensive
   income (loss) at
   December 31, 2023

 

$

(13,900

)

 

$

(159,175

)

 

$

11,003

 

 

$

(162,072

)

Other comprehensive income
   (loss) before reclassifications

 

 

(5,116

)

 

 

(23,266

)

 

 

-

 

 

 

(28,382

)

Amounts reclassified from
   accumulated other
   comprehensive income (loss)
   into earnings (1)

 

 

12,816

 

 

 

-

 

 

 

-

 

 

 

12,816

 

Net current-period other
   comprehensive income (loss)

 

 

7,700

 

 

 

(23,266

)

 

 

-

 

 

 

(15,566

)

Accumulated other comprehensive
   income (loss) at June 29, 2024

 

$

(6,200

)

 

$

(182,441

)

 

$

11,003

 

 

$

(177,638

)

 

(1)
Includes $7,475 and $12,816 net-of-tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net losses on commodity contracts in the second quarter and first six months of 2024, respectively. The tax impact of those reclassifications was $2,400 and $4,200 in the second quarter and first six months of 2024, respectively.

 

 

 

Three-Month (13-Week) Period Ended

 

 

 

July 1, 2023

 

 

 

Gains and (Losses) on

 

 

Foreign Currency

 

 

Adjustment to Early

 

 

 

 

 

 

Hedging Derivatives

 

 

Gains (Losses)

 

 

Retiree Medical Plan

 

 

Total

 

Accumulated other comprehensive
   income (loss) at April 1, 2023

 

$

1,700

 

 

$

(183,657

)

 

$

16,599

 

 

$

(165,358

)

Other comprehensive income (loss)
   before reclassifications

 

 

(4,428

)

 

 

34,586

 

 

 

-

 

 

 

30,158

 

Amounts reclassified from
   accumulated other
   comprehensive income (loss)
   into earnings (2)

 

 

6,228

 

 

-

 

 

 

-

 

 

 

6,228

 

Net current-period other
   comprehensive income (loss)

 

 

1,800

 

 

 

34,586

 

 

 

-

 

 

 

36,386

 

Accumulated other comprehensive
   income (loss) at July 1, 2023

 

$

3,500

 

 

$

(149,071

)

 

$

16,599

 

 

$

(128,972

)

 

 

 

Six-Month (26-Week) Period Ended

 

 

 

July 1, 2023

 

 

 

Gains and (Losses) on

 

 

Foreign Currency

 

 

Adjustment to Early

 

 

 

 

 

 

Hedging Derivatives

 

 

Gains (Losses)

 

 

Retiree Medical Plan

 

 

Total

 

Accumulated other comprehensive
   income (loss) at
   December 31, 2022

 

$

26,100

 

 

$

(180,216

)

 

$

16,599

 

 

$

(137,517

)

Other comprehensive income (loss)
   before reclassifications

 

 

(29,003

)

 

 

31,145

 

 

 

-

 

 

 

2,142

 

Amounts reclassified from
   accumulated other
   comprehensive income (loss)
   into earnings (2)

 

 

6,403

 

 

 

-

 

 

 

-

 

 

 

6,403

 

Net current-period other
   comprehensive income (loss)

 

 

(22,600

)

 

 

31,145

 

 

 

-

 

 

 

8,545

 

Accumulated other comprehensive
   income (loss) at July 1, 2023

 

$

3,500

 

 

$

(149,071

)

 

$

16,599

 

 

$

(128,972

)

 

Includes $6,228 and $6,403 net-of-tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net gains on commodity contracts in the second quarter and first six months of 2023, respectively. The tax impact of those reclassifications was $1,900 and $2,000 in the second quarter and first six months of 2023, respectively.
v3.24.2.u1
Segments
 6 Months Ended
Jun. 29, 2024
Segment Reporting [Abstract]  
Segments

14. Segments

Nucor reports its results in the following segments: steel mills, steel products and raw materials. The steel mills segment includes carbon and alloy steel in sheet, bars, structural and plate; steel trading and rebar distribution businesses; and Nucor’s equity method investment in NuMit LLC (“NuMit”). The steel products segment includes steel joists and joist girders, steel deck, fabricated concrete reinforcing steel, cold finished steel, precision castings, steel fasteners, metal building systems, insulated metal panels, overhead doors, steel grating, tubular products, steel racking, piling products, wire and wire mesh, and utility towers and structures. The raw materials segment includes The David J. Joseph Company and its affiliates (“DJJ”), primarily a scrap broker and processor; Nu-Iron Unlimited and Nucor Steel Louisiana LLC (“Nucor Steel Louisiana”), two facilities that produce direct reduced iron (“DRI”) used by the steel mills; and our natural gas production operations.

Corporate/eliminations include items such as net interest (income) expense, charges and credits associated with changes in allowances to eliminate intercompany profit in inventory, profit sharing expense and stock-based compensation. Corporate assets primarily include cash and cash equivalents, short-term investments, restricted cash and cash equivalents, allowances to eliminate intercompany profit in inventory, deferred income tax assets, federal and state income taxes receivable and investments in and advances to affiliates.

Nucor’s results by segment for the second quarter and first six months of 2024 and 2023 were as follows (in thousands):

 

 

 

Three Months (13 Weeks) Ended

 

 

Six Months (26 Weeks) Ended

 

 

 

June 29, 2024

 

 

July 1, 2023

 

 

June 29, 2024

 

 

July 1, 2023

 

Net sales to external customers:

 

 

 

 

 

 

 

 

 

 

 

 

Steel mills

 

$

4,858,205

 

 

$

5,565,772

 

 

$

10,026,983

 

 

$

10,545,029

 

Steel products

 

 

2,702,776

 

 

 

3,442,862

 

 

 

5,219,644

 

 

 

6,718,859

 

Raw materials

 

 

516,191

 

 

 

514,622

 

 

 

967,628

 

 

 

969,348

 

 

$

8,077,172

 

 

$

9,523,256

 

 

$

16,214,255

 

 

$

18,233,236

 

Intercompany sales:

 

 

 

 

 

 

 

 

 

 

 

 

Steel mills

 

$

1,171,861

 

 

$

1,361,066

 

 

$

2,422,724

 

 

$

2,524,698

 

Steel products

 

 

155,025

 

 

 

100,257

 

 

 

292,469

 

 

 

200,618

 

Raw materials

 

 

2,749,174

 

 

 

3,588,629

 

 

 

5,859,203

 

 

 

6,759,521

 

Corporate/eliminations

 

 

(4,076,060

)

 

 

(5,049,952

)

 

 

(8,574,396

)

 

 

(9,484,837

)

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

Earnings before income taxes and
   noncontrolling interests:

 

 

 

 

 

 

 

 

 

 

 

 

Steel mills

 

$

645,315

 

 

$

1,403,547

 

 

$

1,747,566

 

 

$

2,241,935

 

Steel products

 

 

441,391

 

 

 

1,010,789

 

 

 

952,950

 

 

 

1,981,591

 

Raw materials

 

 

39,396

 

 

 

138,411

 

 

 

48,977

 

 

 

196,551

 

Corporate/eliminations

 

 

(227,939

)

 

 

(502,965

)

 

 

(625,989

)

 

 

(773,511

)

 

$

898,163

 

 

$

2,049,782

 

 

$

2,123,504

 

 

$

3,646,566

 

 

 

 

June 29, 2024

 

 

Dec. 31, 2023

 

Segment assets:

 

 

 

 

 

 

Steel mills

 

$

15,754,570

 

 

$

15,407,266

 

Steel products

 

 

11,063,154

 

 

 

10,914,870

 

Raw materials

 

 

3,477,728

 

 

 

3,546,759

 

Corporate/eliminations

 

 

3,889,773

 

 

 

5,471,604

 

 

 

$

34,185,225

 

 

$

35,340,499

 
v3.24.2.u1
Revenue
 6 Months Ended
Jun. 29, 2024
Revenue from Contract with Customer [Abstract]  
Revenue

15. Revenue

The following tables disaggregate our revenue by major source for the second quarter and first six months of 2024 and 2023 (in thousands):

 

 

Three Months (13 Weeks) Ended June 29, 2024

 

 

Six Months (26 Weeks) Ended June 29, 2024

 

 

 

Steel
Mills

 

 

Steel
Products

 

 

Raw
Materials

 

 

Total

 

 

Steel
Mills

 

 

Steel
Products

 

 

Raw
Materials

 

 

Total

 

Sheet

 

$

2,395,932

 

 

$

-

 

 

$

-

 

 

$

2,395,932

 

 

$

5,106,269

 

 

$

-

 

 

$

-

 

 

$

5,106,269

 

Bar

 

 

1,361,315

 

 

 

-

 

 

 

-

 

 

 

1,361,315

 

 

 

2,696,213

 

 

 

-

 

 

 

-

 

 

 

2,696,213

 

Structural

 

 

559,007

 

 

 

-

 

 

 

-

 

 

 

559,007

 

 

 

1,170,014

 

 

 

-

 

 

 

-

 

 

 

1,170,014

 

Plate

 

 

541,951

 

 

 

-

 

 

 

-

 

 

 

541,951

 

 

 

1,054,487

 

 

 

-

 

 

 

-

 

 

 

1,054,487

 

Tubular Products

 

 

-

 

 

 

344,735

 

 

 

-

 

 

 

344,735

 

 

 

-

 

 

 

713,459

 

 

 

-

 

 

 

713,459

 

Rebar Fabrication

 

 

-

 

 

 

462,325

 

 

 

-

 

 

 

462,325

 

 

 

-

 

 

 

874,666

 

 

 

-

 

 

 

874,666

 

Joist

 

 

-

 

 

 

338,723

 

 

 

-

 

 

 

338,723

 

 

 

-

 

 

 

669,324

 

 

 

-

 

 

 

669,324

 

Deck

 

 

-

 

 

 

259,437

 

 

 

-

 

 

 

259,437

 

 

 

-

 

 

 

528,067

 

 

 

-

 

 

 

528,067

 

Building Systems

 

 

-

 

 

 

360,519

 

 

 

-

 

 

 

360,519

 

 

 

-

 

 

 

674,532

 

 

 

-

 

 

 

674,532

 

Other Steel Products

 

 

-

 

 

 

937,037

 

 

 

-

 

 

 

937,037

 

 

 

-

 

 

 

1,759,596

 

 

 

-

 

 

 

1,759,596

 

Raw Materials

 

 

-

 

 

 

-

 

 

 

516,191

 

 

 

516,191

 

 

 

-

 

 

 

-

 

 

 

967,628

 

 

 

967,628

 

 

$

4,858,205

 

 

$

2,702,776

 

 

$

516,191

 

 

$

8,077,172

 

 

$

10,026,983

 

 

$

5,219,644

 

 

$

967,628

 

 

$

16,214,255

 

 

 

 

 

Three Months (13 Weeks) Ended July 1, 2023

 

 

Six Months (26 Weeks) Ended July 1, 2023

 

 

 

Steel
Mills

 

 

Steel
Products

 

 

Raw
Materials

 

 

Total

 

 

Steel
Mills

 

 

Steel
Products

 

 

Raw
Materials

 

 

Total

 

Sheet

 

$

2,645,817

 

 

$

-

 

 

$

-

 

 

$

2,645,817

 

 

$

4,748,511

 

 

$

-

 

 

$

-

 

 

$

4,748,511

 

Bar

 

 

1,599,724

 

 

 

-

 

 

 

-

 

 

 

1,599,724

 

 

 

3,197,852

 

 

 

-

 

 

 

-

 

 

 

3,197,852

 

Structural

 

 

581,952

 

 

 

-

 

 

 

-

 

 

 

581,952

 

 

 

1,220,259

 

 

 

-

 

 

 

-

 

 

 

1,220,259

 

Plate

 

 

738,279

 

 

 

-

 

 

 

-

 

 

 

738,279

 

 

 

1,378,407

 

 

 

-

 

 

 

-

 

 

 

1,378,407

 

Tubular Products

 

 

-

 

 

 

436,551

 

 

 

-

 

 

 

436,551

 

 

 

-

 

 

 

875,534

 

 

 

-

 

 

 

875,534

 

Rebar Fabrication

 

 

-

 

 

 

615,814

 

 

 

-

 

 

 

615,814

 

 

 

-

 

 

 

1,113,931

 

 

 

-

 

 

 

1,113,931

 

Joist

 

 

-

 

 

 

638,975

 

 

 

-

 

 

 

638,975

 

 

 

-

 

 

 

1,274,791

 

 

 

-

 

 

 

1,274,791

 

Deck

 

 

-

 

 

 

473,775

 

 

 

-

 

 

 

473,775

 

 

 

-

 

 

 

959,218

 

 

 

-

 

 

 

959,218

 

Building Systems

 

 

-

 

 

 

343,138

 

 

 

-

 

 

 

343,138

 

 

 

-

 

 

 

625,048

 

 

 

-

 

 

 

625,048

 

Other Steel Products

 

 

-

 

 

 

934,609

 

 

 

-

 

 

 

934,609

 

 

 

-

 

 

 

1,870,337

 

 

 

-

 

 

 

1,870,337

 

Raw Materials

 

 

-

 

 

 

-

 

 

 

514,622

 

 

 

514,622

 

 

 

-

 

 

 

-

 

 

 

969,348

 

 

 

969,348

 

 

$

5,565,772

 

 

$

3,442,862

 

 

$

514,622

 

 

$

9,523,256

 

 

$

10,545,029

 

 

$

6,718,859

 

 

$

969,348

 

 

$

18,233,236

 

 

Contract liabilities are primarily related to deferred revenue resulting from cash payments received in advance from customers to protect against credit risk. Contract liabilities totaled $243.6 million as of June 29, 2024 ($313.8 million as of December 31, 2023) and are included in accrued expenses and other current liabilities in the condensed consolidated balance sheets.
v3.24.2.u1
Earnings Per Share
 6 Months Ended
Jun. 29, 2024
Earnings Per Share [Abstract]  
Earnings Per Share

16. Earnings Per Share

The computations of basic and diluted net earnings per share for the second quarter and first six months of 2024 and 2023 are as follows (in thousands, except per share amounts):
 

 

 

Three Months (13 Weeks) Ended

 

 

Six Months (26 Weeks) Ended

 

 

 

June 29, 2024

 

 

July 1, 2023

 

 

June 29, 2024

 

 

July 1, 2023

 

Basic net earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic net earnings

 

$

645,217

 

 

$

1,461,354

 

 

$

1,490,058

 

 

$

2,597,896

 

Earnings allocated to participating securities

 

 

(3,053

)

 

 

(6,029

)

 

 

(6,362

)

 

 

(9,251

)

Net earnings available to common
   stockholders

 

$

642,164

 

 

$

1,455,325

 

 

$

1,483,696

 

 

$

2,588,645

 

Basic average shares outstanding

 

 

239,580

 

 

 

250,144

 

 

 

241,329

 

 

 

251,876

 

Basic net earnings per share

 

$

2.68

 

 

$

5.82

 

 

$

6.15

 

 

$

10.28

 

Diluted net earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Diluted net earnings

 

$

645,217

 

 

$

1,461,354

 

 

$

1,490,058

 

 

$

2,597,896

 

Earnings allocated to participating securities

 

 

(3,048

)

 

 

(6,013

)

 

 

(6,350

)

 

 

(9,223

)

Net earnings available to common
   stockholders

 

$

642,169

 

 

$

1,455,341

 

 

$

1,483,708

 

 

$

2,588,673

 

Diluted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic average shares outstanding

 

 

239,580

 

 

 

250,144

 

 

 

241,329

 

 

 

251,876

 

Dilutive effect of stock options and other

 

 

355

 

 

 

380

 

 

 

199

 

 

 

458

 

 

 

239,935

 

 

 

250,524

 

 

 

241,528

 

 

 

252,334

 

Diluted net earnings per share

 

$

2.68

 

 

$

5.81

 

 

$

6.14

 

 

$

10.26

 

 

The number of shares that were not included in the diluted net earnings per share calculation, because to do so would have been anti-dilutive, was immaterial for all periods presented.

v3.24.2.u1
Subsequent Events
 6 Months Ended
Jun. 29, 2024
Subsequent Events [Abstract]  
Subsequent Events

17. Subsequent Events

On July 23, 2024, Nucor acquired Rytec Corporation ("Rytec"), a manufacturer and seller of high-speed, high-performance commercial doors, for a cash purchase price of approximately $565 million. Rytec has two manufacturing facilities in Wisconsin. The Company believes this acquisition further executes its strategy to expand beyond its core steelmaking businesses into related downstream businesses. Rytec will be included in the steel products segment.

v3.24.2.u1
Basis of Interim Presentation (Policies)
 6 Months Ended
Jun. 29, 2024
Accounting Policies [Abstract]  
Recent Accounting Pronouncements

Recent Accounting Pronouncements

In November 2023, new accounting guidance was issued that updates reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the Chief Operating Decision Maker (the “CODM”) and included within each reported measure of a segment's profit or loss. This new guidance also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. The new guidance is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The new guidance is required to be applied retrospectively to all prior periods presented in the financial statements. Early adoption is also permitted. This new guidance will likely result in additional required disclosures when adopted. The Company is evaluating the impact that the adoption of this new guidance will have on its consolidated financial statements.

In December 2023, new accounting guidance was issued related to income tax disclosures. The new guidance requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The new guidance is effective on a prospective basis for annual periods beginning after December 15, 2024. Early adoption is also permitted for annual financial statements that have not yet been issued or made available for issuance. This new guidance will likely result in additional required disclosures when adopted. The Company is evaluating the impact that the adoption of this new guidance will have on its consolidated financial
v3.24.2.u1
Goodwill and Other Intangible Assets (Tables)
 6 Months Ended
Jun. 29, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Change in Net Carrying Amount of Goodwill by Segment

The change in the net carrying amount of goodwill for the six months ended June 29, 2024 by segment was as follows (in thousands):

 

 

 

Steel Mills

 

 

Steel Products

 

 

Raw Materials

 

 

Total

 

Balance at December 31, 2023

 

$

675,186

 

 

$

2,514,172

 

 

$

779,489

 

 

$

3,968,847

 

Acquisitions

 

 

-

 

 

 

46,063

 

 

 

(8,166

)

 

 

37,897

 

Translation

 

 

-

 

 

 

(6,600

)

 

 

-

 

 

 

(6,600

)

Balance at June 29, 2024

 

$

675,186

 

 

$

2,553,635

 

 

$

771,323

 

 

$

4,000,144

 
Schedule of Intangible Assets

Intangible assets with estimated useful lives of five to 25 years are amortized on a straight-line or accelerated basis and consisted of the following as of June 29, 2024 and December 31, 2023 (in thousands):

 

 

 

June 29, 2024

 

 

December 31, 2023

 

 

 

Gross Amount

 

 

Accumulated
Amortization

 

 

Gross Amount

 

 

Accumulated
Amortization

 

Customer relationships

 

$

4,247,487

 

 

$

1,402,082

 

 

$

4,190,156

 

 

$

1,295,778

 

Trademarks and trade names

 

 

378,136

 

 

 

180,061

 

 

 

372,153

 

 

 

168,363

 

Other

 

 

109,747

 

 

 

101,748

 

 

 

109,747

 

 

 

99,900

 

 

 

$

4,735,370

 

 

$

1,683,891

 

 

$

4,672,056

 

 

$

1,564,041

 
v3.24.2.u1
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 29, 2024
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and Liabilities Measured at Fair Value

The following table summarizes information regarding Nucor’s financial assets and financial liabilities that were measured at fair value as of June 29, 2024 and December 31, 2023 (in thousands). Nucor does not have any non-financial assets or non-financial liabilities that are measured at fair value on a recurring basis.

 

 

 

 

 

 

Fair Value Measurements at Reporting Date Using

 

Description

 

Carrying
Amount in
Condensed
Consolidated
Balance
Sheets

 

 

Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

As of June 29, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

$

3,995,267

 

 

$

3,995,267

 

 

$

-

 

 

$

-

 

Short-term investments

 

 

795,180

 

 

 

795,180

 

 

 

-

 

 

 

-

 

Derivative contracts

 

 

2,796

 

 

 

-

 

 

 

2,796

 

 

 

-

 

Other assets

 

 

60,310

 

 

 

17,535

 

 

 

-

 

 

 

42,775

 

Total assets

 

$

4,853,553

 

 

$

4,807,982

 

 

$

2,796

 

 

$

42,775

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Derivative contracts

 

$

(8,100

)

 

$

-

 

 

$

(8,100

)

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

$

5,724,549

 

 

$

5,724,549

 

 

$

-

 

 

$

-

 

Short-term investments

 

 

747,479

 

 

 

747,479

 

 

 

-

 

 

 

-

 

Restricted cash and cash equivalents

 

 

3,494

 

 

 

3,494

 

 

 

-

 

 

 

-

 

Derivative contracts

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Other assets

 

 

47,020

 

 

 

4,245

 

 

 

-

 

 

 

42,775

 

Total assets

 

$

6,522,542

 

 

$

6,479,767

 

 

$

-

 

 

 

42,775

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Derivative contracts

 

$

(23,211

)

 

$

-

 

 

$

(23,211

)

 

$

-

 
v3.24.2.u1
Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 29, 2024
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Option Plans Activity

A summary of activity under Nucor’s stock option plans for the first six months of 2024 is as follows (shares and aggregate intrinsic value in thousands):

 

 

 

 

 

 

Weighted-

 

 

Weighted-

 

 

 

 

 

 

 

 

Average

 

 

Average

 

Aggregate

 

 

 

 

 

 

Exercise

 

 

Remaining

 

Intrinsic

 

 

 

Shares

 

 

Price

 

 

Contractual Life

 

Value

 

Number of shares under stock options:

 

 

 

 

 

 

 

 

 

 

 

Outstanding at beginning of year

 

 

718

 

 

$

78.33

 

 

 

 

 

 

Granted

 

 

73

 

 

$

168.85

 

 

 

 

 

 

Exercised

 

 

(58

)

 

$

49.94

 

 

 

 

$

8,211

 

Canceled

 

 

(3

)

 

$

168.85

 

 

 

 

 

 

Outstanding at June 29, 2024

 

 

730

 

 

$

89.25

 

 

7.0 years

 

$

51,023

 

Stock options exercisable at June 29, 2024

 

 

497

 

 

$

64.24

 

 

6.1 years

 

$

46,641

 
Schedule of Grant Date Fair Value Black-Scholes Options-Pricing Model Assumptions

For the 2024 stock option grant, the grant date fair value of $67.83 per share was calculated using the Black-Scholes options pricing model with the following assumptions:

 

Exercise price

 

$

168.85

 

Expected dividend yield

 

 

1.28

%

Expected stock price volatility

 

 

37.69

%

Risk-free interest rate

 

 

4.52

%

Expected life (in years)

 

 

6.5

 
Summary of Nucor's Restricted Stock Unit ("RSU") Activity

A summary of Nucor’s restricted stock unit (“RSU”) activity for the first six months of 2024 is as follows (shares in thousands):

 

 

 

Shares

 

 

Grant Date
Fair Value
Per Share

 

Restricted stock units:

 

 

 

 

 

 

Unvested at beginning of year

 

 

947

 

 

$

124.89

 

Granted

 

 

749

 

 

$

168.85

 

Vested

 

 

(624

)

 

$

143.15

 

Canceled

 

 

(17

)

 

$

149.26

 

Unvested at June 29, 2024

 

 

1,055

 

 

$

144.91

 
Summary of Nucor's Restricted Stock Activity under AIP and LTIP

A summary of Nucor’s restricted stock activity under the Nucor Corporation Senior Officers Annual Incentive Plan (a supplement to the Nucor Corporation 2014 Omnibus Incentive Compensation Plan, the “AIP”) and the Nucor Corporation Senior Officers Long-Term Incentive Plan (a supplement to the Nucor Corporation 2014 Omnibus Incentive Compensation Plan, the “LTIP”) for the first six months of 2024 is as follows (shares in thousands):

 

 

 

 

 

Grant Date

 

 

 

Shares

 

 

Fair Value
Per Share

 

Restricted stock units and restricted stock awards:

 

 

 

 

 

 

Unvested at beginning of year

 

 

210

 

 

$

145.55

 

Granted

 

 

421

 

 

$

187.54

 

Vested

 

 

(358

)

 

$

176.61

 

Canceled

 

 

-

 

 

$

-

 

Unvested at June 29, 2024

 

 

273

 

 

$

169.53

 
v3.24.2.u1
Interest (Income) Expense (Tables)
 6 Months Ended
Jun. 29, 2024
Banking and Thrift, Interest [Abstract]  
Schedule of Components of Net Interest (Income) Expense

The components of net interest (income) expense for the second quarter and first six months of 2024 and 2023 are as follows (in thousands):

 

 

 

Three Months (13 Weeks) Ended

 

 

Six Months (26 Weeks) Ended

 

 

 

June 29, 2024

 

 

July 1, 2023

 

 

June 29, 2024

 

 

July 1, 2023

 

Interest expense

 

$

66,852

 

 

$

60,806

 

 

$

110,339

 

 

$

123,488

 

Interest income

 

 

(69,158

)

 

 

(56,208

)

 

 

(150,432

)

 

 

(108,707

)

Interest (income) expense, net

 

$

(2,306

)

 

$

4,598

 

 

$

(40,093

)

 

$

14,781

 
v3.24.2.u1
Stockholders' Equity (Tables)
 6 Months Ended
Jun. 29, 2024
Equity [Abstract]  
Schedule Of Changes In Stock Holders Equity , for the three months and six months ended June 29, 2024 and July 1, 2023 (in thousands):

 

 

 

 

 

 

Three Months (13 Weeks) Ended June 29, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

Other

 

 

Treasury Stock

 

 

Nucor

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Paid-in

 

 

Retained

 

 

Comprehensive

 

 

(at cost)

 

 

Stockholders'

 

 

Noncontrolling

 

 

 

Total

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

Income (Loss)

 

 

Shares

 

 

Amount

 

 

Equity

 

 

Interests

 

BALANCES, March 30, 2024

 

$

21,725,519

 

 

 

380,154

 

 

$

152,061

 

 

$

2,210,823

 

 

$

29,476,087

 

 

$

(177,440

)

 

 

140,392

 

 

$

(10,967,818

)

 

$

20,693,713

 

 

$

1,031,806

 

Net earnings before noncontrolling interests

 

 

712,143

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

645,217

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

645,217

 

 

 

66,926

 

Other comprehensive income (loss)

 

 

(198

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(198

)

 

 

-

 

 

 

-

 

 

 

(198

)

 

 

-

 

Stock options exercised

 

 

192

 

 

 

-

 

 

 

-

 

 

 

(121

)

 

 

-

 

 

 

-

 

 

 

(4

)

 

 

313

 

 

 

192

 

 

 

-

 

Stock option expense

 

 

3,626

 

 

 

-

 

 

 

-

 

 

 

3,626

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

3,626

 

 

 

-

 

Issuance of stock under award plans,
   net of forfeitures

 

 

12,326

 

 

 

-

 

 

 

-

 

 

 

(27,457

)

 

 

-

 

 

 

-

 

 

 

(501

)

 

 

39,783

 

 

 

12,326

 

 

 

-

 

Amortization of unearned
   compensation

 

 

2,500

 

 

 

-

 

 

 

-

 

 

 

2,500

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,500

 

 

 

-

 

Treasury stock acquired

 

 

(504,381

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,929

 

 

 

(504,381

)

 

 

(504,381

)

 

 

-

 

Cash dividends declared

 

 

(129,470

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(129,470

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(129,470

)

 

 

-

 

Distributions to noncontrolling
   interests

 

 

(49,749

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(49,749

)

BALANCES, June 29, 2024

 

$

21,772,508

 

 

 

380,154

 

 

$

152,061

 

 

$

2,189,371

 

 

$

29,991,834

 

 

$

(177,638

)

 

 

142,816

 

 

$

(11,432,103

)

 

$

20,723,525

 

 

$

1,048,983

 

 

 

 

 

 

 

 

Six Months (26 Weeks) Ended June 29, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

Other

 

 

Treasury Stock

 

 

Nucor

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Paid-in

 

 

Retained

 

 

Comprehensive

 

 

(at cost)

 

 

Stockholders'

 

 

Noncontrolling

 

 

 

Total

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

Income (Loss)

 

 

Shares

 

 

Amount

 

 

Equity

 

 

Interests

 

BALANCES, December 31, 2023

 

$

22,123,754

 

 

 

380,154

 

 

$

152,061

 

 

$

2,176,243

 

 

$

28,762,045

 

 

$

(162,072

)

 

 

135,252

 

 

$

(9,987,643

)

 

$

20,940,634

 

 

$

1,183,120

 

Net earnings before noncontrolling interests

 

 

1,671,105

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,490,058

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,490,058

 

 

 

181,047

 

Other comprehensive income (loss)

 

 

(15,566

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(15,566

)

 

 

-

 

 

 

-

 

 

 

(15,566

)

 

 

-

 

Stock options exercised

 

 

2,880

 

 

 

-

 

 

 

-

 

 

 

(1,570

)

 

 

-

 

 

 

-

 

 

 

(58

)

 

 

4,450

 

 

 

2,880

 

 

 

-

 

Stock option expense

 

 

4,018

 

 

 

-

 

 

 

-

 

 

 

4,018

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

4,018

 

 

 

-

 

Issuance of stock under award plans,
   net of forfeitures

 

 

72,290

 

 

 

-

 

 

 

-

 

 

 

5,580

 

 

 

-

 

 

 

-

 

 

 

(845

)

 

 

66,710

 

 

 

72,290

 

 

 

-

 

Amortization of unearned
   compensation

 

 

5,100

 

 

 

-

 

 

 

-

 

 

 

5,100

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

5,100

 

 

 

-

 

Treasury stock acquired

 

 

(1,515,620

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

8,467

 

 

 

(1,515,620

)

 

 

(1,515,620

)

 

 

-

 

Cash dividends declared

 

 

(260,269

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(260,269

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(260,269

)

 

 

-

 

Distributions to noncontrolling
   interests

 

 

(315,184

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(315,184

)

BALANCES, June 29, 2024

 

$

21,772,508

 

 

 

380,154

 

 

$

152,061

 

 

$

2,189,371

 

 

$

29,991,834

 

 

$

(177,638

)

 

 

142,816

 

 

$

(11,432,103

)

 

$

20,723,525

 

 

$

1,048,983

 

 

 

 

 

 

 

 

 

Three Months (13 Weeks) Ended July 1, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

Other

 

 

Treasury Stock

 

 

Nucor

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Paid-in

 

 

Retained

 

 

Comprehensive

 

 

(at cost)

 

 

Stockholders'

 

 

Noncontrolling

 

 

 

Total

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

Income (Loss)

 

 

Shares

 

 

Amount

 

 

Equity

 

 

Interests

 

BALANCES, April 1, 2023

 

$

19,929,870

 

 

 

380,154

 

 

$

152,061

 

 

$

2,168,770

 

 

$

25,762,032

 

 

$

(165,358

)

 

 

128,930

 

 

$

(8,900,124

)

 

$

19,017,381

 

 

$

912,489

 

Net earnings before noncontrolling interests

 

 

1,587,075

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,461,354

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,461,354

 

 

 

125,721

 

Other comprehensive income (loss)

 

 

36,386

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

36,386

 

 

 

-

 

 

 

-

 

 

 

36,386

 

 

 

-

 

Stock options exercised

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Stock option expense

 

 

3,447

 

 

 

-

 

 

 

-

 

 

 

3,447

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

3,447

 

 

 

-

 

Issuance of stock under award plans,
   net of forfeitures

 

 

16,149

 

 

 

-

 

 

 

-

 

 

 

(24,025

)

 

 

-

 

 

 

-

 

 

 

(566

)

 

 

40,174

 

 

 

16,149

 

 

 

-

 

Amortization of unearned
   compensation

 

 

1,501

 

 

 

-

 

 

 

-

 

 

 

1,501

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,501

 

 

 

-

 

Treasury stock acquired

 

 

(454,814

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

3,067

 

 

 

(454,814

)

 

 

(454,814

)

 

 

-

 

Cash dividends declared

 

 

(127,725

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(127,725

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(127,725

)

 

 

-

 

Distributions to noncontrolling
   interests

 

 

(50,961

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(50,961

)

BALANCES, July 1, 2023

 

$

20,940,928

 

 

 

380,154

 

 

$

152,061

 

 

$

2,149,693

 

 

$

27,095,661

 

 

$

(128,972

)

 

 

131,431

 

 

$

(9,314,764

)

 

$

19,953,679

 

 

$

987,249

 

 

 

 

 

 

 

Six Months (26 Weeks) Ended July 1, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

Other

 

 

Treasury Stock

 

 

Nucor

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Paid-in

 

 

Retained

 

 

Comprehensive

 

 

(at cost)

 

 

Stockholders'

 

 

Noncontrolling

 

 

 

Total

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

Income (Loss)

 

 

Shares

 

 

Amount

 

 

Equity

 

 

Interests

 

BALANCES, December 31, 2022

 

$

19,569,906

 

 

 

380,154

 

 

$

152,061

 

 

$

2,143,520

 

 

$

24,754,873

 

 

$

(137,517

)

 

 

126,661

 

 

$

(8,498,243

)

 

$

18,414,694

 

 

$

1,155,212

 

Net earnings before noncontrolling interests

 

 

2,818,704

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,597,896

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,597,896

 

 

 

220,808

 

Other comprehensive income (loss)

 

 

8,545

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

8,545

 

 

 

-

 

 

 

-

 

 

 

8,545

 

 

 

-

 

Stock options exercised

 

 

7,123

 

 

 

-

 

 

 

-

 

 

 

(1,749

)

 

 

-

 

 

 

-

 

 

 

(131

)

 

 

8,872

 

 

 

7,123

 

 

 

-

 

Stock option expense

 

 

3,922

 

 

 

-

 

 

 

-

 

 

 

3,922

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

3,922

 

 

 

-

 

Issuance of stock under award plans,
   net of forfeitures

 

 

59,969

 

 

 

-

 

 

 

-

 

 

 

735

 

 

 

-

 

 

 

-

 

 

 

(889

)

 

 

59,234

 

 

 

59,969

 

 

 

-

 

Amortization of unearned
   compensation

 

 

3,265

 

 

 

-

 

 

 

-

 

 

 

3,265

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

3,265

 

 

 

-

 

Treasury stock acquired

 

 

(884,627

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

5,790

 

 

 

(884,627

)

 

 

(884,627

)

 

 

-

 

Cash dividends declared

 

 

(257,108

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(257,108

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(257,108

)

 

 

-

 

Distributions to noncontrolling
   interests

 

 

(388,771

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(388,771

)

BALANCES, July 1, 2023

 

$

20,940,928

 

 

 

380,154

 

 

$

152,061

 

 

$

2,149,693

 

 

$

27,095,661

 

 

$

(128,972

)

 

 

131,431

 

 

$

(9,314,764

)

 

$

19,953,679

 

 

$

987,249

 
v3.24.2.u1
Accumulated Other Comprehensive Income (Loss) (Tables)
 6 Months Ended
Jun. 29, 2024
Equity [Abstract]  
Components of Accumulated Other Comprehensive Income (Loss)

The following tables reflect the changes in accumulated other comprehensive income (loss) by component for the three months and six months ended June 29, 2024 and July 1, 2023 (in thousands):

 

 

 

Three-Month (13-Week) Period Ended

 

 

 

June 29, 2024

 

 

 

Gains and (Losses) on

 

 

Foreign Currency

 

 

Adjustment to Early

 

 

 

 

 

 

Hedging Derivatives

 

 

Gains (Losses)

 

 

Retiree Medical Plan

 

 

Total

 

Accumulated other comprehensive
  income (loss) at March 30, 2024

 

$

(13,800

)

 

$

(174,643

)

 

$

11,003

 

 

$

(177,440

)

Other comprehensive income
   (loss) before
   reclassifications

 

 

125

 

 

 

(7,798

)

 

 

-

 

 

 

(7,673

)

Amounts reclassified from
   accumulated other
   comprehensive income (loss)
   into earnings (1)

 

 

7,475

 

 

 

-

 

 

 

-

 

 

 

7,475

 

Net current-period other
   comprehensive income (loss)

 

 

7,600

 

 

 

(7,798

)

 

 

-

 

 

 

(198

)

Accumulated other comprehensive
   income (loss) at June 29, 2024

 

$

(6,200

)

 

$

(182,441

)

 

$

11,003

 

 

$

(177,638

)

 

 

Six-Month (26-Week) Period Ended

 

 

 

June 29, 2024

 

 

 

Gains and (Losses) on

 

 

Foreign Currency

 

 

Adjustment to Early

 

 

 

 

 

 

Hedging Derivatives

 

 

Gains (Losses)

 

 

Retiree Medical Plan

 

 

Total

 

Accumulated other comprehensive
   income (loss) at
   December 31, 2023

 

$

(13,900

)

 

$

(159,175

)

 

$

11,003

 

 

$

(162,072

)

Other comprehensive income
   (loss) before reclassifications

 

 

(5,116

)

 

 

(23,266

)

 

 

-

 

 

 

(28,382

)

Amounts reclassified from
   accumulated other
   comprehensive income (loss)
   into earnings (1)

 

 

12,816

 

 

 

-

 

 

 

-

 

 

 

12,816

 

Net current-period other
   comprehensive income (loss)

 

 

7,700

 

 

 

(23,266

)

 

 

-

 

 

 

(15,566

)

Accumulated other comprehensive
   income (loss) at June 29, 2024

 

$

(6,200

)

 

$

(182,441

)

 

$

11,003

 

 

$

(177,638

)

 

(1)
Includes $7,475 and $12,816 net-of-tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net losses on commodity contracts in the second quarter and first six months of 2024, respectively. The tax impact of those reclassifications was $2,400 and $4,200 in the second quarter and first six months of 2024, respectively.

 

 

 

Three-Month (13-Week) Period Ended

 

 

 

July 1, 2023

 

 

 

Gains and (Losses) on

 

 

Foreign Currency

 

 

Adjustment to Early

 

 

 

 

 

 

Hedging Derivatives

 

 

Gains (Losses)

 

 

Retiree Medical Plan

 

 

Total

 

Accumulated other comprehensive
   income (loss) at April 1, 2023

 

$

1,700

 

 

$

(183,657

)

 

$

16,599

 

 

$

(165,358

)

Other comprehensive income (loss)
   before reclassifications

 

 

(4,428

)

 

 

34,586

 

 

 

-

 

 

 

30,158

 

Amounts reclassified from
   accumulated other
   comprehensive income (loss)
   into earnings (2)

 

 

6,228

 

 

-

 

 

 

-

 

 

 

6,228

 

Net current-period other
   comprehensive income (loss)

 

 

1,800

 

 

 

34,586

 

 

 

-

 

 

 

36,386

 

Accumulated other comprehensive
   income (loss) at July 1, 2023

 

$

3,500

 

 

$

(149,071

)

 

$

16,599

 

 

$

(128,972

)

 

 

 

Six-Month (26-Week) Period Ended

 

 

 

July 1, 2023

 

 

 

Gains and (Losses) on

 

 

Foreign Currency

 

 

Adjustment to Early

 

 

 

 

 

 

Hedging Derivatives

 

 

Gains (Losses)

 

 

Retiree Medical Plan

 

 

Total

 

Accumulated other comprehensive
   income (loss) at
   December 31, 2022

 

$

26,100

 

 

$

(180,216

)

 

$

16,599

 

 

$

(137,517

)

Other comprehensive income (loss)
   before reclassifications

 

 

(29,003

)

 

 

31,145

 

 

 

-

 

 

 

2,142

 

Amounts reclassified from
   accumulated other
   comprehensive income (loss)
   into earnings (2)

 

 

6,403

 

 

 

-

 

 

 

-

 

 

 

6,403

 

Net current-period other
   comprehensive income (loss)

 

 

(22,600

)

 

 

31,145

 

 

 

-

 

 

 

8,545

 

Accumulated other comprehensive
   income (loss) at July 1, 2023

 

$

3,500

 

 

$

(149,071

)

 

$

16,599

 

 

$

(128,972

)

 

Includes $6,228 and $6,403 net-of-tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net gains on commodity contracts in the second quarter and first six months of 2023, respectively. The tax impact of those reclassifications was $1,900 and $2,000 in the second quarter and first six months of 2023, respectively.
v3.24.2.u1
Segments (Tables)
 6 Months Ended
Jun. 29, 2024
Segment Reporting [Abstract]  
Segments

Nucor’s results by segment for the second quarter and first six months of 2024 and 2023 were as follows (in thousands):

 

 

 

Three Months (13 Weeks) Ended

 

 

Six Months (26 Weeks) Ended

 

 

 

June 29, 2024

 

 

July 1, 2023

 

 

June 29, 2024

 

 

July 1, 2023

 

Net sales to external customers:

 

 

 

 

 

 

 

 

 

 

 

 

Steel mills

 

$

4,858,205

 

 

$

5,565,772

 

 

$

10,026,983

 

 

$

10,545,029

 

Steel products

 

 

2,702,776

 

 

 

3,442,862

 

 

 

5,219,644

 

 

 

6,718,859

 

Raw materials

 

 

516,191

 

 

 

514,622

 

 

 

967,628

 

 

 

969,348

 

 

$

8,077,172

 

 

$

9,523,256

 

 

$

16,214,255

 

 

$

18,233,236

 

Intercompany sales:

 

 

 

 

 

 

 

 

 

 

 

 

Steel mills

 

$

1,171,861

 

 

$

1,361,066

 

 

$

2,422,724

 

 

$

2,524,698

 

Steel products

 

 

155,025

 

 

 

100,257

 

 

 

292,469

 

 

 

200,618

 

Raw materials

 

 

2,749,174

 

 

 

3,588,629

 

 

 

5,859,203

 

 

 

6,759,521

 

Corporate/eliminations

 

 

(4,076,060

)

 

 

(5,049,952

)

 

 

(8,574,396

)

 

 

(9,484,837

)

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

Earnings before income taxes and
   noncontrolling interests:

 

 

 

 

 

 

 

 

 

 

 

 

Steel mills

 

$

645,315

 

 

$

1,403,547

 

 

$

1,747,566

 

 

$

2,241,935

 

Steel products

 

 

441,391

 

 

 

1,010,789

 

 

 

952,950

 

 

 

1,981,591

 

Raw materials

 

 

39,396

 

 

 

138,411

 

 

 

48,977

 

 

 

196,551

 

Corporate/eliminations

 

 

(227,939

)

 

 

(502,965

)

 

 

(625,989

)

 

 

(773,511

)

 

$

898,163

 

 

$

2,049,782

 

 

$

2,123,504

 

 

$

3,646,566

 

 

 

 

June 29, 2024

 

 

Dec. 31, 2023

 

Segment assets:

 

 

 

 

 

 

Steel mills

 

$

15,754,570

 

 

$

15,407,266

 

Steel products

 

 

11,063,154

 

 

 

10,914,870

 

Raw materials

 

 

3,477,728

 

 

 

3,546,759

 

Corporate/eliminations

 

 

3,889,773

 

 

 

5,471,604

 

 

 

$

34,185,225

 

 

$

35,340,499

 
v3.24.2.u1
Revenue (Tables)
 6 Months Ended
Jun. 29, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Net Sales Disaggregates by Major Source

The following tables disaggregate our revenue by major source for the second quarter and first six months of 2024 and 2023 (in thousands):

 

 

Three Months (13 Weeks) Ended June 29, 2024

 

 

Six Months (26 Weeks) Ended June 29, 2024

 

 

 

Steel
Mills

 

 

Steel
Products

 

 

Raw
Materials

 

 

Total

 

 

Steel
Mills

 

 

Steel
Products

 

 

Raw
Materials

 

 

Total

 

Sheet

 

$

2,395,932

 

 

$

-

 

 

$

-

 

 

$

2,395,932

 

 

$

5,106,269

 

 

$

-

 

 

$

-

 

 

$

5,106,269

 

Bar

 

 

1,361,315

 

 

 

-

 

 

 

-

 

 

 

1,361,315

 

 

 

2,696,213

 

 

 

-

 

 

 

-

 

 

 

2,696,213

 

Structural

 

 

559,007

 

 

 

-

 

 

 

-

 

 

 

559,007

 

 

 

1,170,014

 

 

 

-

 

 

 

-

 

 

 

1,170,014

 

Plate

 

 

541,951

 

 

 

-

 

 

 

-

 

 

 

541,951

 

 

 

1,054,487

 

 

 

-

 

 

 

-

 

 

 

1,054,487

 

Tubular Products

 

 

-

 

 

 

344,735

 

 

 

-

 

 

 

344,735

 

 

 

-

 

 

 

713,459

 

 

 

-

 

 

 

713,459

 

Rebar Fabrication

 

 

-

 

 

 

462,325

 

 

 

-

 

 

 

462,325

 

 

 

-

 

 

 

874,666

 

 

 

-

 

 

 

874,666

 

Joist

 

 

-

 

 

 

338,723

 

 

 

-

 

 

 

338,723

 

 

 

-

 

 

 

669,324

 

 

 

-

 

 

 

669,324

 

Deck

 

 

-

 

 

 

259,437

 

 

 

-

 

 

 

259,437

 

 

 

-

 

 

 

528,067

 

 

 

-

 

 

 

528,067

 

Building Systems

 

 

-

 

 

 

360,519

 

 

 

-

 

 

 

360,519

 

 

 

-

 

 

 

674,532

 

 

 

-

 

 

 

674,532

 

Other Steel Products

 

 

-

 

 

 

937,037

 

 

 

-

 

 

 

937,037

 

 

 

-

 

 

 

1,759,596

 

 

 

-

 

 

 

1,759,596

 

Raw Materials

 

 

-

 

 

 

-

 

 

 

516,191

 

 

 

516,191

 

 

 

-

 

 

 

-

 

 

 

967,628

 

 

 

967,628

 

 

$

4,858,205

 

 

$

2,702,776

 

 

$

516,191

 

 

$

8,077,172

 

 

$

10,026,983

 

 

$

5,219,644

 

 

$

967,628

 

 

$

16,214,255

 

 

 

 

 

Three Months (13 Weeks) Ended July 1, 2023

 

 

Six Months (26 Weeks) Ended July 1, 2023

 

 

 

Steel
Mills

 

 

Steel
Products

 

 

Raw
Materials

 

 

Total

 

 

Steel
Mills

 

 

Steel
Products

 

 

Raw
Materials

 

 

Total

 

Sheet

 

$

2,645,817

 

 

$

-

 

 

$

-

 

 

$

2,645,817

 

 

$

4,748,511

 

 

$

-

 

 

$

-

 

 

$

4,748,511

 

Bar

 

 

1,599,724

 

 

 

-

 

 

 

-

 

 

 

1,599,724

 

 

 

3,197,852

 

 

 

-

 

 

 

-

 

 

 

3,197,852

 

Structural

 

 

581,952

 

 

 

-

 

 

 

-

 

 

 

581,952

 

 

 

1,220,259

 

 

 

-

 

 

 

-

 

 

 

1,220,259

 

Plate

 

 

738,279

 

 

 

-

 

 

 

-

 

 

 

738,279

 

 

 

1,378,407

 

 

 

-

 

 

 

-

 

 

 

1,378,407

 

Tubular Products

 

 

-

 

 

 

436,551

 

 

 

-

 

 

 

436,551

 

 

 

-

 

 

 

875,534

 

 

 

-

 

 

 

875,534

 

Rebar Fabrication

 

 

-

 

 

 

615,814

 

 

 

-

 

 

 

615,814

 

 

 

-

 

 

 

1,113,931

 

 

 

-

 

 

 

1,113,931

 

Joist

 

 

-

 

 

 

638,975

 

 

 

-

 

 

 

638,975

 

 

 

-

 

 

 

1,274,791

 

 

 

-

 

 

 

1,274,791

 

Deck

 

 

-

 

 

 

473,775

 

 

 

-

 

 

 

473,775

 

 

 

-

 

 

 

959,218

 

 

 

-

 

 

 

959,218

 

Building Systems

 

 

-

 

 

 

343,138

 

 

 

-

 

 

 

343,138

 

 

 

-

 

 

 

625,048

 

 

 

-

 

 

 

625,048

 

Other Steel Products

 

 

-

 

 

 

934,609

 

 

 

-

 

 

 

934,609

 

 

 

-

 

 

 

1,870,337

 

 

 

-

 

 

 

1,870,337

 

Raw Materials

 

 

-

 

 

 

-

 

 

 

514,622

 

 

 

514,622

 

 

 

-

 

 

 

-

 

 

 

969,348

 

 

 

969,348

 

 

$

5,565,772

 

 

$

3,442,862

 

 

$

514,622

 

 

$

9,523,256

 

 

$

10,545,029

 

 

$

6,718,859

 

 

$

969,348

 

 

$

18,233,236

 

 
v3.24.2.u1
Earnings Per Share (Tables)
 6 Months Ended
Jun. 29, 2024
Earnings Per Share [Abstract]  
Computations of Basic and Diluted Net Earnings Per Share

The computations of basic and diluted net earnings per share for the second quarter and first six months of 2024 and 2023 are as follows (in thousands, except per share amounts):
 

 

 

Three Months (13 Weeks) Ended

 

 

Six Months (26 Weeks) Ended

 

 

 

June 29, 2024

 

 

July 1, 2023

 

 

June 29, 2024

 

 

July 1, 2023

 

Basic net earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic net earnings

 

$

645,217

 

 

$

1,461,354

 

 

$

1,490,058

 

 

$

2,597,896

 

Earnings allocated to participating securities

 

 

(3,053

)

 

 

(6,029

)

 

 

(6,362

)

 

 

(9,251

)

Net earnings available to common
   stockholders

 

$

642,164

 

 

$

1,455,325

 

 

$

1,483,696

 

 

$

2,588,645

 

Basic average shares outstanding

 

 

239,580

 

 

 

250,144

 

 

 

241,329

 

 

 

251,876

 

Basic net earnings per share

 

$

2.68

 

 

$

5.82

 

 

$

6.15

 

 

$

10.28

 

Diluted net earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Diluted net earnings

 

$

645,217

 

 

$

1,461,354

 

 

$

1,490,058

 

 

$

2,597,896

 

Earnings allocated to participating securities

 

 

(3,048

)

 

 

(6,013

)

 

 

(6,350

)

 

 

(9,223

)

Net earnings available to common
   stockholders

 

$

642,169

 

 

$

1,455,341

 

 

$

1,483,708

 

 

$

2,588,673

 

Diluted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic average shares outstanding

 

 

239,580

 

 

 

250,144

 

 

 

241,329

 

 

 

251,876

 

Dilutive effect of stock options and other

 

 

355

 

 

 

380

 

 

 

199

 

 

 

458

 

 

 

239,935

 

 

 

250,524

 

 

 

241,528

 

 

 

252,334

 

Diluted net earnings per share

 

$

2.68

 

 

$

5.81

 

 

$

6.14

 

 

$

10.26

 
v3.24.2.u1
Inventories - Additional Information (Detail)
Jun. 29, 2024
Dec. 31, 2023
Inventory Disclosure [Abstract]    
Raw materials and supplies in inventory, percentage 33.00% 37.00%
Finished and semi-finished products in inventory, percentage 67.00% 63.00%
v3.24.2.u1
Property, Plant and Equipment - Additional Information (Detail) - USD ($)
$ in Thousands
Jun. 29, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]    
Accumulated depreciation $ 12,250,000 $ 11,790,000
Property, plant and equipment, net 11,999,189 $ 11,049,767
Steel Mills [Member] | Nucor-JFE Steel Mexico, S. de R.L. de C.V. [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, net $ 244,200  
v3.24.2.u1
Goodwill and Other Intangible Assets - Schedule of Change in Net Carrying Amount of Goodwill by Segment (Detail)
$ in Thousands
 6 Months Ended
Jun. 29, 2024
USD ($)
Goodwill [Line Items]  
Balance, beginning of period $ 3,968,847
Acquisitions 37,897
Translation (6,600)
Balance, end of period 4,000,144
Steel Mills [Member]  
Goodwill [Line Items]  
Balance, beginning of period 675,186
Balance, end of period 675,186
Steel Products [Member]  
Goodwill [Line Items]  
Balance, beginning of period 2,514,172
Acquisitions 46,063
Translation (6,600)
Balance, end of period 2,553,635
Raw Materials [Member]  
Goodwill [Line Items]  
Balance, beginning of period 779,489
Acquisitions (8,166)
Balance, end of period $ 771,323
v3.24.2.u1
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 29, 2024
Jul. 01, 2023
Jun. 29, 2024
Jul. 01, 2023
Dec. 31, 2023
Finite And Indefinite Lived Intangible Assets [Line Items]          
Impairment of goodwill     $ 0    
Goodwill $ 4,000,144,000   4,000,144,000   $ 3,968,847,000
Finite-lived intangible assets 3,051,479,000   3,051,479,000   $ 3,108,015,000
Intangible asset amortization expense 61,200,000 $ 58,400,000 119,900,000 $ 117,200,000  
Future amortization expense, in 2024 242,100,000   242,100,000    
Future amortization expense, in 2025 243,800,000   243,800,000    
Future amortization expense, in 2026 240,600,000   240,600,000    
Future amortization expense, in 2027 237,200,000   237,200,000    
Future amortization expense, in 2028 $ 231,100,000   $ 231,100,000    
Minimum [Member]          
Finite And Indefinite Lived Intangible Assets [Line Items]          
Intangible assets, useful life 5 years   5 years    
Maximum [Member]          
Finite And Indefinite Lived Intangible Assets [Line Items]          
Intangible assets, useful life 25 years   25 years    
v3.24.2.u1
Goodwill and Other Intangible Assets - Schedule of Intangible Assets (Detail) - USD ($)
$ in Thousands
Jun. 29, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]    
Intangible assets, Gross Amount $ 4,735,370 $ 4,672,056
Intangible assets, Accumulated Amortization 1,683,891 1,564,041
Customer Relationships [Member]    
Finite-Lived Intangible Assets [Line Items]    
Intangible assets, Gross Amount 4,247,487 4,190,156
Intangible assets, Accumulated Amortization 1,402,082 1,295,778
Trademarks and Trade Names [Member]    
Finite-Lived Intangible Assets [Line Items]    
Intangible assets, Gross Amount 378,136 372,153
Intangible assets, Accumulated Amortization 180,061 168,363
Other [Member]    
Finite-Lived Intangible Assets [Line Items]    
Intangible assets, Gross Amount 109,747 109,747
Intangible assets, Accumulated Amortization $ 101,748 $ 99,900
v3.24.2.u1
Current Liabilities - Additional Information (Detail) - USD ($)
$ in Millions
Jun. 29, 2024
Dec. 31, 2023
Liabilities, Current [Abstract]    
Book overdrafts $ 148.1 $ 159.0
Dividends payable, current $ 129.5 $ 133.6
v3.24.2.u1
Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value (Detail) - USD ($)
$ in Thousands
Jun. 29, 2024
Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Short-term investments $ 795,180 $ 747,479
Total assets 34,185,225 35,340,499
Reported Value Measurement [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash equivalents 3,995,267 5,724,549
Short-term investments 795,180 747,479
Restricted cash and cash equivalents   3,494
Derivative contracts, assets 2,796  
Other assets 60,310 47,020
Total assets 4,853,553 6,522,542
Derivative contracts, liabilities (8,100) (23,211)
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash equivalents 3,995,267 5,724,549
Short-term investments 795,180 747,479
Restricted cash and cash equivalents   3,494
Other assets 17,535 4,245
Total assets 4,807,982 6,479,767
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative contracts, assets 2,796  
Total assets 2,796  
Derivative contracts, liabilities (8,100) (23,211)
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Other assets 42,775 42,775
Total assets $ 42,775 $ 42,775
v3.24.2.u1
Fair Value Measurements - Additional Information (Detail) - USD ($)
$ in Millions
Jun. 29, 2024
Dec. 31, 2023
Fair Value Disclosures [Abstract]    
Fair value of short-term and long-term debt, including current maturities $ 6,120 $ 6,220
v3.24.2.u1
Stock-Based Compensation - Schedule of Stock Option Plans Activity (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 6 Months Ended
Jun. 29, 2024
Share-Based Payment Arrangement [Abstract]  
Outstanding at beginning of year, Shares 718
Granted, Shares 73
Exercised, Shares (58)
Canceled, Shares (3)
Outstanding at June 29, 2024, Shares 730
Stock options exercisable at June 29, 2024, Shares 497
Outstanding at beginning of year, Weighted - Average Exercise Price $ 78.33
Granted, Weighted - Average Exercise Price 168.85
Exercised, Weighted - Average Exercise Price 49.94
Canceled, Weighted - Average Exercise Price 168.85
Outstanding at June 29, 2024, Weighted - Average Exercise Price 89.25
Stock options exercisable at June 29, 2024, Weighted - Average Exercise Price $ 64.24
Outstanding, Weighted - Average Remaining Contractual Life 7 years
Stock options exercisable, Weighted - Average Remaining Contractual Life 6 years 1 month 6 days
Exercised, Aggregate Intrinsic Value $ 8,211
Outstanding at June 29, 2024, , Aggregate Intrinsic Value 51,023
Stock options exercisable, Aggregate Intrinsic Value $ 46,641
v3.24.2.u1
Stock-Based Compensation - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 29, 2024
Jul. 01, 2023
Jun. 29, 2024
Jul. 01, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Compensation expenses for stock options $ 3.6 $ 3.4 $ 4.0 $ 3.9
Grant date fair value of stock options granted     $ 67.83  
Stock Options [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Unrecognized compensation expense related to stock 2.9   $ 2.9  
Weighted-average recognition period for unrecognized compensation expense related to stock (years)     2 years 4 months 24 days  
Restricted Stock Units [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Unrecognized compensation expense related to stock 141.1   $ 141.1  
Weighted-average recognition period for unrecognized compensation expense related to stock (years)     1 year 7 months 6 days  
Compensation expense 53.9 48.5 $ 66.8 60.7
Restricted Stock Awards and Units [Member] | AIP and LTIP [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Unrecognized compensation expense related to stock 14.7   $ 14.7  
Weighted-average recognition period for unrecognized compensation expense related to stock (years)     2 years  
Compensation expense $ 3.9 $ 11.7 $ 11.9 $ 19.4
v3.24.2.u1
Stock-Based Compensation - Schedule of Grant Date Fair Value Black-Scholes Options-Pricing Model Assumptions (Details)
 6 Months Ended
Jun. 29, 2024
$ / shares
Share-Based Payment Arrangement [Abstract]  
Exercise price $ 168.85
Expected dividend yield 1.28%
Expected stock price volatility 37.69%
Risk-free interest rate 4.52%
Expected life (in years) 6 years 6 months
v3.24.2.u1
Stock-Based Compensation - Summary of Nucor's Restricted Stock Unit ("RSU") Activity (Detail) - Restricted Stock Units [Member]
shares in Thousands
 6 Months Ended
Jun. 29, 2024
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unvested at beginning of year, Shares | shares 947
Granted, Shares | shares 749
Vested, Shares | shares (624)
Canceled, Shares | shares (17)
Unvested at June 29, 2024, Shares | shares 1,055
Unvested at beginning of year, Grant Date Fair Value Per Share | $ / shares $ 124.89
Granted, Grant Date Fair Value Per Share | $ / shares 168.85
Vested, Grant Date Fair Value Per Share | $ / shares 143.15
Canceled, Grant Date Fair Value Per Share | $ / shares 149.26
Unvested at June 29, 2024, Grant Date Fair Value Per Share | $ / shares $ 144.91
v3.24.2.u1
Stock-Based Compensation - Summary of Nucor's Restricted Stock Activity under AIP and LTIP (Detail) - Restricted Stock Units and Restricted Stock Awards [Member]
shares in Thousands
 6 Months Ended
Jun. 29, 2024
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unvested at beginning of year, Shares | shares 210
Granted, Shares | shares 421
Vested, Shares | shares (358)
Unvested at June 29, 2024, Shares | shares 273
Unvested at beginning of year, Grant Date Fair Value Per Share | $ / shares $ 145.55
Granted, Grant Date Fair Value Per Share | $ / shares 187.54
Vested, Grant Date Fair Value Per Share | $ / shares 176.61
Unvested at June 29, 2024, Grant Date Fair Value Per Share | $ / shares $ 169.53
v3.24.2.u1
Employee Benefit Plan - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 29, 2024
Jul. 01, 2023
Jun. 29, 2024
Jul. 01, 2023
Employee Benefit Plan [Abstract]        
Profit Sharing and Retirement Savings Plan, plan expense $ 88.3 $ 194.4 $ 211.6 $ 356.6
v3.24.2.u1
Interest (Income) Expense - Schedule of Components of Net Interest (Income) Expense (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 29, 2024
Jul. 01, 2023
Jun. 29, 2024
Jul. 01, 2023
Interest Income (Expense), Operating and Nonoperating [Abstract]        
Interest expense $ 66,852 $ 60,806 $ 110,339 $ 123,488
Interest income (69,158) (56,208) (150,432) (108,707)
Interest (income) expense, net $ (2,306) $ 4,598 $ (40,093) $ 14,781
v3.24.2.u1
Income Taxes - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended
Jun. 29, 2024
Jul. 01, 2023
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Effective income tax rate 20.70% 22.60%  
Non-current deferred tax liabilities included in deferred credits and other liabilities $ 1,260.0   $ 1,330.0
Non-current deferred tax assets included in other assets $ 34.2   $ 40.7
v3.24.2.u1
Stockholders' Equity - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 29, 2024
Jul. 01, 2023
Jun. 29, 2024
Jul. 01, 2023
Dec. 31, 2023
May 11, 2023
Dividends declared per share $ 0.54 $ 0.51 $ 1.08 $ 1.02    
Common Stock [Member]            
Share repurchase program, available repurchase amount $ 1,820   $ 1,820      
Common Stock [Member] | Maximum [Member]            
Stock Repurchase Program, Authorized Amount           $ 4,000
Nucor Yamato Steel Company [Member]            
Noncontrolling interest, ownership percentage by parent 51.00% 51.00% 51.00% 51.00%    
California Steel Industries Inc [Member]            
Noncontrolling interest, ownership percentage by parent 51.00% 51.00% 51.00% 51.00%    
Nucor-JFE Steel Mexico, S. de R.L. de C.V. [Member]            
Noncontrolling interest, ownership percentage by parent 51.00%   51.00%      
Percentage of additional Interest acquired         1.00%  
v3.24.2.u1
Stockholders' Equity - Schedule of Change in Stockholder's Equity (Detail) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 29, 2024
Jul. 01, 2023
Jun. 29, 2024
Jul. 01, 2023
BALANCES, beginning of period $ 21,725,519 $ 19,929,870 $ 22,123,754 $ 19,569,906
Net earnings before noncontrolling interests 712,143 1,587,075 1,671,105 2,818,704
Other comprehensive income (loss) (198) 36,386 (15,566) 8,545
Stock options exercised 192   $ 2,880 7,123
Stock options exercised (in shares)     58  
Stock option expense 3,626 3,447 $ 4,018 3,922
Issuance of stock under award plans, net of forfeitures 12,326 16,149 72,290 59,969
Amortization of unearned compensation 2,500 1,501 5,100 3,265
Treasury stock value acquired (504,381) (454,814) (1,515,620) (884,627)
Cash dividends declared (129,470) (127,725) (260,269) (257,108)
Distributions to noncontrolling interests (49,749) (50,961) (315,184) (388,771)
BALANCES, end of period $ 21,772,508 20,940,928 $ 21,772,508 20,940,928
BALANCES, shares at end of period 380,154   380,154  
Common Stock [Member]        
BALANCES, beginning of period $ 152,061 $ 152,061 $ 152,061 $ 152,061
BALANCES, shares at beginning of period 380,154 380,154 380,154 380,154
BALANCES, end of period $ 152,061 $ 152,061 $ 152,061 $ 152,061
BALANCES, shares at end of period 380,154 380,154 380,154 380,154
Additional Paid-in Capital [Member]        
BALANCES, beginning of period $ 2,210,823 $ 2,168,770 $ 2,176,243 $ 2,143,520
Stock options exercised (121)   (1,570) (1,749)
Stock option expense 3,626 3,447 4,018 3,922
Issuance of stock under award plans, net of forfeitures (27,457) (24,025) 5,580 735
Amortization of unearned compensation 2,500 1,501 5,100 3,265
BALANCES, end of period 2,189,371 2,149,693 2,189,371 2,149,693
Retained Earnings [Member]        
BALANCES, beginning of period 29,476,087 25,762,032 28,762,045 24,754,873
Net earnings before noncontrolling interests 645,217 1,461,354 1,490,058 2,597,896
Cash dividends declared (129,470) (127,725) (260,269) (257,108)
BALANCES, end of period 29,991,834 27,095,661 29,991,834 27,095,661
Accumulated Other Comprehensive Income (Loss) [Member]        
BALANCES, beginning of period (177,440) (165,358) (162,072) (137,517)
Other comprehensive income (loss) (198) 36,386 (15,566) 8,545
BALANCES, end of period (177,638) (128,972) (177,638) (128,972)
Treasury Stock (at cost) [Member]        
BALANCES, beginning of period $ (10,967,818) $ (8,900,124) $ (9,987,643) $ (8,498,243)
BALANCES, shares at beginning of period 140,392 128,930 135,252 126,661
Stock options exercised $ 313     $ 8,872
Stock options exercised (in shares) (4)   (58) (131)
Stock option expense     $ 4,450  
Issuance of stock under award plans, net of forfeitures $ 39,783 $ 40,174 $ 66,710 $ 59,234
Issuance of stock under award plans, net of forfeitures, shares (501) (566) (845) (889)
Treasury stock value acquired $ (504,381) $ (454,814) $ (1,515,620) $ (884,627)
Treasury stock acquired (in shares) 2,929 3,067 8,467 5,790
BALANCES, end of period $ (11,432,103) $ (9,314,764) $ (11,432,103) $ (9,314,764)
BALANCES, shares at end of period 142,816 131,431 142,816 131,431
Total Nucor Stockholders' Equity [Member]        
BALANCES, beginning of period $ 20,693,713 $ 19,017,381 $ 20,940,634 $ 18,414,694
Net earnings before noncontrolling interests 645,217 1,461,354 1,490,058 2,597,896
Other comprehensive income (loss) (198) 36,386 (15,566) 8,545
Stock options exercised 192   2,880 7,123
Stock option expense 3,626 3,447 4,018 3,922
Issuance of stock under award plans, net of forfeitures 12,326 16,149 72,290 59,969
Amortization of unearned compensation 2,500 1,501 5,100 3,265
Treasury stock value acquired (504,381) (454,814) (1,515,620) (884,627)
Cash dividends declared (129,470) (127,725) (260,269) (257,108)
BALANCES, end of period 20,723,525 19,953,679 20,723,525 19,953,679
Noncontrolling Interests [Member]        
BALANCES, beginning of period 1,031,806 912,489 1,183,120 1,155,212
Net earnings before noncontrolling interests 66,926 125,721 181,047 220,808
Distributions to noncontrolling interests (49,749) (50,961) (315,184) (388,771)
BALANCES, end of period $ 1,048,983 $ 987,249 $ 1,048,983 $ 987,249
v3.24.2.u1
Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 29, 2024
Jul. 01, 2023
Jun. 29, 2024
Jul. 01, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]        
Beginning Balance, Gains and (Losses) on Hedging Derivatives $ (13,800) $ 1,700 $ (13,900) $ 26,100
Other comprehensive income (loss) before reclassifications, Gains and (Losses) on Hedging Derivatives 125 (4,428) (5,116) (29,003)
Amounts reclassified from accumulated other comprehensive income (loss) into earnings, Gains and (Losses) on Hedging Derivatives 7,475 [1] 6,228 [2] 12,816 [1] 6,403 [2]
Net current-period other comprehensive income (loss), Gains and (Losses) on Hedging Derivatives 7,600 1,800 7,700 (22,600)
Ending Balance, Gains and (Losses) on Hedging Derivatives (6,200) 3,500 (6,200) 3,500
Beginning Balance, Foreign Currency Gains (Losses) (174,643) (183,657) (159,175) (180,216)
Other comprehensive income (loss) before reclassifications, Foreign Currency Gains (Losses) (7,798) 34,586 (23,266) 31,145
Net current-period other comprehensive income (loss), Foreign Currency Gains (Losses) (7,798) 34,586 (23,266) 31,145
Ending Balance, Foreign Currency Gains (Losses) (182,441) (149,071) (182,441) (149,071)
Beginning Balance, Adjustment to Early Retiree Medical Plan 11,003 16,599 11,003 16,599
Ending Balance, Adjustment to Early Retiree Medical Plan 11,003 16,599 11,003 16,599
Beginning Balance (177,440) (165,358) (162,072) (137,517)
Other comprehensive income (loss) before reclassifications (7,673) 30,158 (28,382) 2,142
Amounts reclassified from accumulated other comprehensive income (loss) into earnings 7,475 [1] 6,228 [2] 12,816 [1] 6,403 [2]
Net current-period other comprehensive income (loss) (198) 36,386 (15,566) 8,545
Ending Balance $ (177,638) $ (128,972) $ (177,638) $ (128,972)
[1] Includes $7,475 and $12,816 net-of-tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net losses on commodity contracts in the second quarter and first six months of 2024, respectively. The tax impact of those reclassifications was $2,400 and $4,200 in the second quarter and first six months of 2024, respectively.
[2] Includes $6,228 and $6,403 net-of-tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net gains on commodity contracts in the second quarter and first six months of 2023, respectively. The tax impact of those reclassifications was $1,900 and $2,000 in the second quarter and first six months of 2023, respectively.
v3.24.2.u1
Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 29, 2024
Jul. 01, 2023
Jun. 29, 2024
Jul. 01, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Amounts reclassified from accumulated other comprehensive income (loss) into earnings, Gains and (Losses) on Hedging Derivatives $ 7,475 [1] $ 6,228 [2] $ 12,816 [1] $ 6,403 [2]
Reclassification adjustment for (gain) loss on settlement of hedging derivatives included in net earnings, tax effect 2,400 1,900 4,200 2,000
Cost of Products Sold [Member]        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Amounts reclassified from accumulated other comprehensive income (loss) into earnings, Gains and (Losses) on Hedging Derivatives 7,475 6,228 12,816 6,403
Reclassification adjustment for (gain) loss on settlement of hedging derivatives included in net earnings, tax effect $ 2,400 $ 1,900 $ 4,200 $ 2,000
[1] Includes $7,475 and $12,816 net-of-tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net losses on commodity contracts in the second quarter and first six months of 2024, respectively. The tax impact of those reclassifications was $2,400 and $4,200 in the second quarter and first six months of 2024, respectively.
[2] Includes $6,228 and $6,403 net-of-tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net gains on commodity contracts in the second quarter and first six months of 2023, respectively. The tax impact of those reclassifications was $1,900 and $2,000 in the second quarter and first six months of 2023, respectively.
v3.24.2.u1
Segments - Segments (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 29, 2024
Jul. 01, 2023
Jun. 29, 2024
Jul. 01, 2023
Dec. 31, 2023
Segment Reporting Information [Line Items]          
Net sales $ 8,077,172 $ 9,523,256 $ 16,214,255 $ 18,233,236  
Earnings (losses) before income taxes and noncontrolling interests 898,163 2,049,782 2,123,504 3,646,566  
Total assets 34,185,225   34,185,225   $ 35,340,499
Operating Segments [Member] | Steel Mills [Member]          
Segment Reporting Information [Line Items]          
Net sales 4,858,205 5,565,772 10,026,983 10,545,029  
Earnings (losses) before income taxes and noncontrolling interests 645,315 1,403,547 1,747,566 2,241,935  
Total assets 15,754,570   15,754,570   15,407,266
Operating Segments [Member] | Steel Products [Member]          
Segment Reporting Information [Line Items]          
Net sales 2,702,776 3,442,862 5,219,644 6,718,859  
Earnings (losses) before income taxes and noncontrolling interests 441,391 1,010,789 952,950 1,981,591  
Total assets 11,063,154   11,063,154   10,914,870
Operating Segments [Member] | Raw Materials [Member]          
Segment Reporting Information [Line Items]          
Net sales 516,191 514,622 967,628 969,348  
Earnings (losses) before income taxes and noncontrolling interests 39,396 138,411 48,977 196,551  
Total assets 3,477,728   3,477,728   3,546,759
Intercompany Eliminations [Member] | Steel Mills [Member]          
Segment Reporting Information [Line Items]          
Net sales 1,171,861 1,361,066 2,422,724 2,524,698  
Intercompany Eliminations [Member] | Steel Products [Member]          
Segment Reporting Information [Line Items]          
Net sales 155,025 100,257 292,469 200,618  
Intercompany Eliminations [Member] | Raw Materials [Member]          
Segment Reporting Information [Line Items]          
Net sales 2,749,174 3,588,629 5,859,203 6,759,521  
Corporate and Eliminations Items [Member]          
Segment Reporting Information [Line Items]          
Net sales (4,076,060) (5,049,952) (8,574,396) (9,484,837)  
Earnings (losses) before income taxes and noncontrolling interests (227,939) $ (502,965) (625,989) $ (773,511)  
Corporate/eliminations [Member]          
Segment Reporting Information [Line Items]          
Total assets $ 3,889,773   $ 3,889,773   $ 5,471,604
v3.24.2.u1
Revenue - Schedule of Net Sales Disaggregates by Major Source (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 29, 2024
Jul. 01, 2023
Jun. 29, 2024
Jul. 01, 2023
Revenue from Contract with Customers [Line Items]        
Revenues $ 8,077,172 $ 9,523,256 $ 16,214,255 $ 18,233,236
Sheet [Member]        
Revenue from Contract with Customers [Line Items]        
Revenues 2,395,932 2,645,817 5,106,269 4,748,511
Bar [Member]        
Revenue from Contract with Customers [Line Items]        
Revenues 1,361,315 1,599,724 2,696,213 3,197,852
Structural [Member]        
Revenue from Contract with Customers [Line Items]        
Revenues 559,007 581,952 1,170,014 1,220,259
Plate [Member]        
Revenue from Contract with Customers [Line Items]        
Revenues 541,951 738,279 1,054,487 1,378,407
Tubular Products [Member]        
Revenue from Contract with Customers [Line Items]        
Revenues 344,735 436,551 713,459 875,534
Rebar Fabrication [Member]        
Revenue from Contract with Customers [Line Items]        
Revenues 462,325 615,814 874,666 1,113,931
Joist [Member]        
Revenue from Contract with Customers [Line Items]        
Revenues 338,723 638,975 669,324 1,274,791
Deck [Member]        
Revenue from Contract with Customers [Line Items]        
Revenues 259,437 473,775 528,067 959,218
Building Systems [Member]        
Revenue from Contract with Customers [Line Items]        
Revenues 360,519 343,138 674,532 625,048
Other Steel Products [Member]        
Revenue from Contract with Customers [Line Items]        
Revenues 937,037 934,609 1,759,596 1,870,337
Raw Materials [Member]        
Revenue from Contract with Customers [Line Items]        
Revenues 516,191 514,622 967,628 969,348
Steel Mills [Member]        
Revenue from Contract with Customers [Line Items]        
Revenues 4,858,205 5,565,772 10,026,983 10,545,029
Steel Mills [Member] | Sheet [Member]        
Revenue from Contract with Customers [Line Items]        
Revenues 2,395,932 2,645,817 5,106,269 4,748,511
Steel Mills [Member] | Bar [Member]        
Revenue from Contract with Customers [Line Items]        
Revenues 1,361,315 1,599,724 2,696,213 3,197,852
Steel Mills [Member] | Structural [Member]        
Revenue from Contract with Customers [Line Items]        
Revenues 559,007 581,952 1,170,014 1,220,259
Steel Mills [Member] | Plate [Member]        
Revenue from Contract with Customers [Line Items]        
Revenues 541,951 738,279 1,054,487 1,378,407
Steel Products [Member]        
Revenue from Contract with Customers [Line Items]        
Revenues 2,702,776 3,442,862 5,219,644 6,718,859
Steel Products [Member] | Tubular Products [Member]        
Revenue from Contract with Customers [Line Items]        
Revenues 344,735 436,551 713,459 875,534
Steel Products [Member] | Rebar Fabrication [Member]        
Revenue from Contract with Customers [Line Items]        
Revenues 462,325 615,814 874,666 1,113,931
Steel Products [Member] | Joist [Member]        
Revenue from Contract with Customers [Line Items]        
Revenues 338,723 638,975 669,324 1,274,791
Steel Products [Member] | Deck [Member]        
Revenue from Contract with Customers [Line Items]        
Revenues 259,437 473,775 528,067 959,218
Steel Products [Member] | Building Systems [Member]        
Revenue from Contract with Customers [Line Items]        
Revenues 360,519 343,138 674,532 625,048
Steel Products [Member] | Other Steel Products [Member]        
Revenue from Contract with Customers [Line Items]        
Revenues 937,037 934,609 1,759,596 1,870,337
Raw Materials [Member]        
Revenue from Contract with Customers [Line Items]        
Revenues 516,191 514,622 967,628 969,348
Raw Materials [Member] | Raw Materials [Member]        
Revenue from Contract with Customers [Line Items]        
Revenues $ 516,191 $ 514,622 $ 967,628 $ 969,348
v3.24.2.u1
Revenue - Additional Information (Detail) - USD ($)
$ in Millions
Jun. 29, 2024
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]    
Contract liabilities $ 243.6 $ 313.8
v3.24.2.u1
Earnings Per Share - Computations of Basic and Diluted Net Earnings Per Share (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 29, 2024
Jul. 01, 2023
Jun. 29, 2024
Jul. 01, 2023
Earnings Per Share [Abstract]        
Net Income (Loss) $ 645,217 $ 1,461,354 $ 1,490,058 $ 2,597,896
Earnings allocated to participating securities, Basic (3,053) (6,029) (6,362) (9,251)
Net earnings available to common stockholders, Basic $ 642,164 $ 1,455,325 $ 1,483,696 $ 2,588,645
Basic average shares outstanding 239,580 250,144 241,329 251,876
Basic net earnings per share $ 2.68 $ 5.82 $ 6.15 $ 10.28
Diluted net earnings $ 645,217 $ 1,461,354 $ 1,490,058 $ 2,597,896
Earnings allocated to participating securities, Diluted (3,048) (6,013) (6,350) (9,223)
Net earnings available to common stockholders, Diluted $ 642,169 $ 1,455,341 $ 1,483,708 $ 2,588,673
Dilutive effect of stock options and other 355 380 199 458
Diluted average shares outstanding 239,935 250,524 241,528 252,334
Diluted net earnings per share $ 2.68 $ 5.81 $ 6.14 $ 10.26
v3.24.2.u1
Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] - Rytec Corporation [Member]
$ in Millions
Jul. 23, 2024
USD ($)
Facility
Subsequent Event [Line Items]  
Business acquisition, purchase price | $ $ 565
Wisconsin [Member]  
Subsequent Event [Line Items]  
Business acquisition, Number of facilities | Facility 2