NUCOR CORP, 10-Q filed on 5/8/2024
Quarterly Report
v3.24.1.u1
Document and Entity Information
 3 Months Ended
Mar. 30, 2024
shares
Cover [Abstract]  
Document Type 10-Q
Amendment Flag false
Document Period End Date Mar. 30, 2024
Document Fiscal Year Focus 2024
Document Fiscal Period Focus Q1
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 $0.40 per share
Security Exchange Name NYSE
Entity Incorporation, State or Country Code DE
Document Quarterly Report true
Document Transition Report false
Entity File Number 1-4119
Entity Tax Identification Number 13-1860817
Entity Address, Address Line One 1915 Rexford Road
Entity Address, City or Town Charlotte
Entity Address, State or Province NC
Entity Address, Postal Zip Code 28211
City Area Code 704
Local Phone Number 366-7000
Entity Common Stock, Shares Outstanding 239,761,770
v3.24.1.u1
Condensed Consolidated Statements of Earnings - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Income Statement [Abstract]    
Net sales $ 8,137,083 $ 8,709,980
Costs, expenses and other:    
Cost of products sold 6,613,903 6,711,778
Marketing, administrative and other expenses 345,395 389,895
Equity in (earnings) losses of unconsolidated affiliates (9,769) 1,340
Interest (income) expense, net (37,787) 10,183
Costs, expenses and other, total 6,911,742 7,113,196
Earnings before income taxes and noncontrolling interests 1,225,341 1,596,784
Provision for income taxes 266,379 365,155
Net earnings before noncontrolling interests 958,962 1,231,629
Earnings attributable to noncontrolling interests 114,121 95,087
Net earnings attributable to Nucor stockholders $ 844,841 $ 1,136,542
Net earnings per share:    
Basic $ 3.46 $ 4.47
Diluted $ 3.46 $ 4.45
Average shares outstanding:    
Basic 243,098 253,608
Diluted 243,497 254,397
v3.24.1.u1
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Statement Of Comprehensive Income [Abstract]    
Net earnings before noncontrolling interests $ 958,962 $ 1,231,629
Other comprehensive loss:    
Net unrealized loss on hedging derivatives, net of income taxes of $(1,700) and $(7,800) for the first quarter of 2024 and 2023, respectively (5,241) (24,575)
Reclassification adjustment for settlement of hedging derivatives included in net earnings, net of income taxes of $1,800 and $100 for the first quarter of 2024 and 2023, respectively [1] 5,341 175
Foreign currency translation gain (loss), net of income taxes of $0 for the first quarter of 2024 and 2023 (15,468) (3,441)
Net current-period other comprehensive income (loss) (15,368) (27,841)
Comprehensive income 943,594 1,203,788
Comprehensive income attributable to noncontrolling interests 114,121 95,087
Comprehensive income attributable to Nucor stockholders $ 829,473 $ 1,108,701
[1] Includes $5,341 and $175 net-of-tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net losses on commodity contracts in the first quarter of 2024 and 2023, respectively. The tax impact of those reclassifications was $1,800 and $100 in the first quarter of 2024 and 2023, respectively.
v3.24.1.u1
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Statement Of Comprehensive Income [Abstract]    
Net unrealized (loss) gain on hedging derivatives, tax $ (1,700) $ (7,800)
Reclassification adjustment for settlement of hedging derivatives included in net income, tax effect 1,800 100
Foreign currency translation (loss) gain, tax $ 0 $ 0
v3.24.1.u1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 30, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 4,557,759 $ 6,383,298
Short-term investments 981,179 747,479
Accounts receivable, net 3,157,184 2,953,311
Inventories, net 5,589,675 5,577,758
Other current assets 356,882 724,012
Total current assets 14,642,679 16,385,858
Property, plant and equipment, net 11,456,683 11,049,767
Restricted cash and cash equivalents 46 3,494
Goodwill 3,956,062 3,968,847
Other intangible assets, net 3,049,070 3,108,015
Other assets 827,985 824,518
Total assets 33,932,525 35,340,499
Current liabilities:    
Short-term debt 130,002 119,211
Current portion of long-term debt and finance lease obligations 73,890 74,102
Accounts payable 1,616,366 2,020,289
Salaries, wages and related accruals 686,186 1,326,390
Accrued expenses and other current liabilities 1,139,532 1,054,517
Total current liabilities 3,645,976 4,594,509
Long-term debt and finance lease obligations due after one year 6,647,560 6,648,873
Deferred credits and other liabilities 1,913,470 1,973,363
Total liabilities 12,207,006 13,216,745
Commitments and contingencies
Nucor stockholders' equity:    
Common stock 152,061 152,061
Additional paid-in capital 2,210,823 2,176,243
Retained earnings 29,476,087 28,762,045
Accumulated other comprehensive loss, net of income taxes (177,440) (162,072)
Treasury stock (10,967,818) (9,987,643)
Total Nucor stockholders' equity 20,693,713 20,940,634
Noncontrolling interests 1,031,806 1,183,120
Total equity 21,725,519 22,123,754
Total liabilities and equity $ 33,932,525 $ 35,340,499
v3.24.1.u1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Operating activities:    
Net earnings before noncontrolling interests $ 958,962 $ 1,231,629
Adjustments:    
Depreciation 256,938 221,089
Amortization 58,683 58,769
Stock-based compensation 21,341 20,401
Deferred income taxes (39,627) (28,193)
Distributions from affiliates 7,241 17,394
Equity in (earnings) losses of unconsolidated affiliates (9,769) 1,340
Changes in assets and liabilities (exclusive of acquisitions and dispositions):    
Accounts receivable (207,682) (67,505)
Inventories (13,980) (138,694)
Accounts payable (392,403) 394,602
Federal income taxes 247,783 330,781
Salaries, wages and related accruals (595,861) (858,925)
Other operating activities 168,027 24,485
Cash provided by operating activities 459,653 1,207,173
Investing activities:    
Capital expenditures (670,340) (531,733)
Investment in and advances to affiliates (79)  
Disposition of plant and equipment 4,439 2,276
Acquisitions (net of cash acquired) 991  
Purchases of investments (646,570) (468,412)
Proceeds from the sale of investments 421,831 228,086
Cash used in investing activities (889,728) (769,783)
Financing activities:    
Net change in short-term debt 10,791 (19,765)
Repayment of long-term debt (2,500) (2,500)
Proceeds from exercise of stock options 3,165 7,123
Payment of tax withholdings on certain stock-based compensation (3,280) (7,105)
Distributions to noncontrolling interests (265,435) (337,810)
Cash dividends (133,568) (130,525)
Acquisition of treasury stock (1,001,300) (425,820)
Other financing activities (3,419) (4,272)
Cash used in financing activities (1,395,546) (920,674)
Effect of exchange rate changes on cash (3,366) 3,243
Decrease in cash and cash equivalents and restricted cash and cash equivalents (1,828,987) (480,041)
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 three months 4,557,805 3,881,179
Non-cash investing activity:    
Change in accrued plant and equipment purchases $ (10,880) $ (36,280)
v3.24.1.u1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Pay vs Performance Disclosure    
Net Income (Loss) $ 844,841 $ 1,136,542
v3.24.1.u1
Insider Trading Arrangements
 3 Months Ended
Mar. 30, 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
v3.24.1.u1
Basis of Interim Presentation
 3 Months Ended
Mar. 30, 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 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.
v3.24.1.u1
Inventories
 3 Months Ended
Mar. 30, 2024
Inventory Disclosure [Abstract]  
Inventories

2. Inventories

Inventories consisted of approximately 32% raw materials and supplies and 68% finished and semi-finished products at March 30, 2024 (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.
v3.24.1.u1
Property, Plant and Equipment
 3 Months Ended
Mar. 30, 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 $12.00 billion at March 30, 2024 ($11.79 billion at December 31, 2023).
v3.24.1.u1
Goodwill and Other Intangible Assets
 3 Months Ended
Mar. 30, 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 three months ended March 30, 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

 

 

-

 

 

 

-

 

 

 

(8,366

)

 

 

(8,366

)

Translation

 

 

-

 

 

 

(4,419

)

 

 

-

 

 

 

(4,419

)

Balance at March 30, 2024

 

$

675,186

 

 

$

2,509,753

 

 

$

771,123

 

 

$

3,956,062

 

 

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 March 30, 2024 and December 31, 2023 (in thousands):

 

 

 

March 30, 2024

 

 

December 31, 2023

 

 

 

Gross Amount

 

 

Accumulated
Amortization

 

 

Gross Amount

 

 

Accumulated
Amortization

 

Customer relationships

 

$

4,189,905

 

 

$

1,347,718

 

 

$

4,190,156

 

 

$

1,295,778

 

Trademarks and trade names

 

 

372,142

 

 

 

174,182

 

 

 

372,153

 

 

 

168,363

 

Other

 

 

109,747

 

 

 

100,824

 

 

 

109,747

 

 

 

99,900

 

 

 

$

4,671,794

 

 

$

1,622,724

 

 

$

4,672,056

 

 

$

1,564,041

 

 

Intangible asset amortization expense in the first quarter of 2024 and 2023 was $58.7 million and $58.8 million, respectively. Annual amortization expense is estimated to be $234.4 million in 2024; $233.5 million in 2025; $230.5 million in 2026; $227.3 million in 2027; and $221.9 million in 2028.
v3.24.1.u1
Current Liabilities
 3 Months Ended
Mar. 30, 2024
Payables and Accruals [Abstract]  
Current Liabilities

5. Current Liabilities

Book overdrafts, included in accounts payable in the condensed consolidated balance sheets, were $71.0 million at March 30, 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 $130.8 million at March 30, 2024 ($133.6 million at December 31, 2023). Accrued vacation and holiday pay, included in salaries, wages and related accruals in the condensed consolidated balance sheets, were $208.0 million at March 30, 2024 ($202.2 million at December 31, 2023).

v3.24.1.u1
Fair Value Measurements
 3 Months Ended
Mar. 30, 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 March 30, 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 March 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

$

3,964,716

 

 

$

3,964,716

 

 

$

-

 

 

$

-

 

Short-term investments

 

 

981,179

 

 

 

981,179

 

 

 

-

 

 

 

-

 

Restricted cash and cash equivalents

 

 

46

 

 

 

46

 

 

 

-

 

 

 

-

 

Derivative contracts

 

 

138

 

 

 

-

 

 

 

138

 

 

 

-

 

Other assets

 

 

50,740

 

 

 

7,965

 

 

 

-

 

 

 

42,775

 

Total assets

 

$

4,996,819

 

 

$

4,953,906

 

 

$

138

 

 

 

42,775

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Derivative contracts

 

$

(23,056

)

 

$

-

 

 

$

(23,056

)

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

-

 

 

 

-

 

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 $6.16 billion at March 30, 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 March 30, 2024 and December 31, 2023, or similar debt with the same maturities, ratings and interest rates.
v3.24.1.u1
Contingencies
 3 Months Ended
Mar. 30, 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.

v3.24.1.u1
Stock-Based Compensation
 3 Months Ended
Mar. 30, 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 quarter 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

 

 

-

 

 

$

-

 

 

 

 

 

 

Exercised

 

 

(54

)

 

$

50.09

 

 

 

 

$

7,594

 

Canceled

 

 

-

 

 

$

-

 

 

 

 

 

 

Outstanding at March 30, 2024

 

 

664

 

 

$

80.61

 

 

6.9 years

 

$

77,915

 

Stock options exercisable at March 30, 2024

 

 

380

 

 

$

48.09

 

 

6.1 years

 

$

56,861

 

 

Compensation expense for stock options was $0.4 million and $0.5 million in the first quarter of 2024 and 2023, respectively. As of March 30, 2024, unrecognized compensation expense related to stock options was $1.6 million, which we expect to recognize over a weighted-average period of 1.8 years.

Restricted Stock Units

A summary of Nucor’s restricted stock unit (“RSU”) activity for the first quarter 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

 

 

-

 

 

$

-

 

Vested

 

 

(8

)

 

$

130.67

 

Canceled

 

 

(5

)

 

$

129.87

 

Unvested at March 30, 2024

 

 

934

 

 

$

124.82

 

 

Compensation expense for RSUs was $12.9 million and $12.2 million in the first quarter of 2024 and 2023, respectively. As of March 30, 2024, unrecognized compensation expense related to unvested RSUs was $70.5 million, which we expect to recognize over a weighted-average period of 1.0 year.

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 quarter 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

 

 

(350

)

 

$

176.74

 

Canceled

 

 

-

 

 

$

-

 

Unvested at March 30, 2024

 

 

281

 

 

$

169.57

 

 

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 $8.0 million and $7.7 million in the first quarter of 2024 and 2023, respectively. As of March 30, 2024, unrecognized compensation expense related to unvested restricted stock awards was $17.2 million, which we expect to recognize over a weighted-average period of 2.16 years.
v3.24.1.u1
Employee Benefit Plan
 3 Months Ended
Mar. 30, 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 $123.3 million and $162.2 million in the first quarter 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.
v3.24.1.u1
Interest (Income) Expense
 3 Months Ended
Mar. 30, 2024
Banking and Thrift, Interest [Abstract]  
Interest (Income) Expense

10. Interest (Income) Expense

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

 

 

Three Months (13 Weeks) Ended

 

 

 

March 30, 2024

 

 

April 1, 2023

 

Interest expense

 

$

43,487

 

 

$

62,682

 

Interest income

 

 

(81,274

)

 

 

(52,499

)

Interest (income) expense, net

 

$

(37,787

)

 

$

10,183

 
v3.24.1.u1
Income Taxes
 3 Months Ended
Mar. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes

11. Income Taxes

The effective tax rate for the first quarter of 2024 was 21.7% compared to 22.9% for the first quarter of 2023. The decrease in the effective tax rate for the first quarter of 2024 as compared to the first 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 2022 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 $42.0 million at March 30, 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 $1.29 billion at March 30, 2024 ($1.33 billion at December 31, 2023).

v3.24.1.u1
Stockholders' Equity
 3 Months Ended
Mar. 30, 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 Nucor-JFE Steel Mexico, S. de R.L. de C.V. ("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 our total equity ownership to a 51% controlling interest), for the three months ended March 30, 2024 and April 1, 2023 (in thousands):

 

 

 

 

 

 

Three Months (13 Weeks) Ended March 30, 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

 

 

958,962

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

844,841

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

844,841

 

 

 

114,121

 

Other comprehensive income (loss)

 

 

(15,368

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(15,368

)

 

 

-

 

 

 

-

 

 

 

(15,368

)

 

 

-

 

Stock options exercised

 

 

2,688

 

 

 

-

 

 

 

-

 

 

 

(1,449

)

 

 

-

 

 

 

-

 

 

 

(54

)

 

 

4,137

 

 

 

2,688

 

 

 

-

 

Stock option expense

 

 

392

 

 

 

-

 

 

 

-

 

 

 

392

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

392

 

 

 

-

 

Issuance of stock under award plans,
   net of forfeitures

 

 

59,964

 

 

 

-

 

 

 

-

 

 

 

33,037

 

 

 

-

 

 

 

-

 

 

 

(344

)

 

 

26,927

 

 

 

59,964

 

 

 

-

 

Amortization of unearned
   compensation

 

 

2,600

 

 

 

-

 

 

 

-

 

 

 

2,600

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,600

 

 

 

-

 

Treasury stock acquired, and net impact of excise tax

 

 

(1,011,239

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

5,538

 

 

 

(1,011,239

)

 

 

(1,011,239

)

 

 

-

 

Cash dividends declared

 

 

(130,799

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(130,799

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(130,799

)

 

 

-

 

Distributions to noncontrolling
   interests

 

 

(265,435

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(265,435

)

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

 

 

 

 

 

 

 

 

Three Months (13 Weeks) Ended April 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

 

 

1,231,629

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,136,542

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,136,542

 

 

 

95,087

 

Other comprehensive income (loss)

 

 

(27,841

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(27,841

)

 

 

-

 

 

 

-

 

 

 

(27,841

)

 

 

-

 

Stock options exercised

 

 

7,123

 

 

 

-

 

 

 

-

 

 

 

(1,749

)

 

 

-

 

 

 

-

 

 

 

(131

)

 

 

8,872

 

 

 

7,123

 

 

 

-

 

Stock option expense

 

 

475

 

 

 

-

 

 

 

-

 

 

 

475

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

475

 

 

 

-

 

Issuance of stock under award plans,
   net of forfeitures

 

 

43,820

 

 

 

-

 

 

 

-

 

 

 

24,760

 

 

 

-

 

 

 

-

 

 

 

(323

)

 

 

19,060

 

 

 

43,820

 

 

 

-

 

Amortization of unearned
   compensation

 

 

1,764

 

 

 

-

 

 

 

-

 

 

 

1,764

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,764

 

 

 

-

 

Treasury stock acquired, and net impact of excise tax

 

 

(429,813

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,723

 

 

 

(429,813

)

 

 

(429,813

)

 

 

-

 

Cash dividends declared

 

 

(129,383

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(129,383

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(129,383

)

 

 

-

 

Distributions to noncontrolling
   interests

 

 

(337,810

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(337,810

)

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

 

 

Dividends declared per share were $0.54 per share in the first quarter of 2024 ($0.51 per share in the first quarter 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 March 30, 2024, the Company had approximately $2.32 billion available for share repurchases under the program authorized by the Company’s Board of Directors.
v3.24.1.u1
Accumulated Other Comprehensive Income (Loss)
 3 Months Ended
Mar. 30, 2024
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss)

13. Accumulated Other Comprehensive Income (Loss)

The following tables reflect the changes in accumulated other comprehensive income (loss) by component for the three months ended March 30, 2024 and April 1, 2023 (in thousands):

 

 

 

Three-Month (13-Week) Period Ended

 

 

 

March 30, 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

 

 

(5,241

)

 

 

(15,468

)

 

 

-

 

 

 

(20,709

)

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

 

 

5,341

 

 

 

-

 

 

 

-

 

 

 

5,341

 

Net current-period other
   comprehensive income (loss)

 

 

100

 

 

 

(15,468

)

 

 

-

 

 

 

(15,368

)

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

 

$

(13,800

)

 

$

(174,643

)

 

$

11,003

 

 

$

(177,440

)

 

 

 

Three-Month (13-Week) Period Ended

 

 

 

April 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

 

 

(24,575

)

 

 

(3,441

)

 

 

-

 

 

 

(28,016

)

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

 

 

175

 

 

 

-

 

 

 

-

 

 

 

175

 

Net current-period other
   comprehensive income (loss)

 

 

(24,400

)

 

 

(3,441

)

 

 

-

 

 

 

(27,841

)

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

 

$

1,700

 

 

$

(183,657

)

 

$

16,599

 

 

$

(165,358

)

 

(1)
Includes $5,341 and $175 net-of-tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net losses on commodity contracts in the first quarter of 2024 and 2023, respectively. The tax impact of those reclassifications was $1,800 and $100 in the first quarter of 2024 and 2023, respectively.
v3.24.1.u1
Segments
 3 Months Ended
Mar. 30, 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 investments 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 first quarter of 2024 and 2023 were as follows (in thousands):

 

 

 

Three Months (13 Weeks) Ended

 

 

 

March 30, 2024

 

 

April 1, 2023

 

Net sales to external customers:

 

 

 

 

 

 

Steel mills

 

$

5,168,778

 

 

$

4,979,257

 

Steel products

 

 

2,516,868

 

 

 

3,275,997

 

Raw materials

 

 

451,437

 

 

 

454,726

 

 

$

8,137,083

 

 

$

8,709,980

 

Intercompany sales:

 

 

 

 

 

 

Steel mills

 

$

1,250,863

 

 

$

1,163,632

 

Steel products

 

 

137,444

 

 

 

100,361

 

Raw materials

 

 

3,110,029

 

 

 

3,170,892

 

Corporate/eliminations

 

 

(4,498,336

)

 

 

(4,434,885

)

 

$

-

 

 

$

-

 

Earnings before income taxes and
   noncontrolling interests:

 

 

 

 

 

 

Steel mills

 

$

1,102,251

 

 

$

838,388

 

Steel products

 

 

511,559

 

 

 

970,802

 

Raw materials

 

 

9,581

 

 

 

58,140

 

Corporate/eliminations

 

 

(398,050

)

 

 

(270,546

)

 

$

1,225,341

 

 

$

1,596,784

 

 

 

 

March 30, 2024

 

 

Dec. 31, 2023

 

Assets:

 

 

 

 

 

 

Steel mills

 

$

15,557,704

 

 

$

15,407,266

 

Steel products

 

 

11,012,416

 

 

 

10,914,870

 

Raw materials

 

 

3,443,812

 

 

 

3,546,759

 

Corporate/eliminations

 

 

3,918,593

 

 

 

5,471,604

 

 

 

$

33,932,525

 

 

$

35,340,499

 
v3.24.1.u1
Revenue
 3 Months Ended
Mar. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenue

15. Revenue

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

 

 

 

Three Months (13 Weeks) Ended March 30, 2024

 

 

 

Steel
Mills

 

 

Steel
Products

 

 

Raw
Materials

 

 

Total

 

Sheet

 

$

2,710,337

 

 

$

-

 

 

$

-

 

 

$

2,710,337

 

Bar

 

 

1,334,898

 

 

 

-

 

 

 

-

 

 

 

1,334,898

 

Structural

 

 

611,007

 

 

 

-

 

 

 

-

 

 

 

611,007

 

Plate

 

 

512,536

 

 

 

-

 

 

 

-

 

 

 

512,536

 

Tubular Products

 

 

-

 

 

 

368,724

 

 

 

-

 

 

 

368,724

 

Rebar Fabrication

 

 

-

 

 

 

412,341

 

 

 

-

 

 

 

412,341

 

Joist

 

 

-

 

 

 

330,601

 

 

 

-

 

 

 

330,601

 

Deck

 

 

-

 

 

 

268,630

 

 

 

-

 

 

 

268,630

 

Building Systems

 

 

-

 

 

 

314,013

 

 

 

-

 

 

 

314,013

 

Other Steel Products

 

 

-

 

 

 

822,559

 

 

 

-

 

 

 

822,559

 

Raw Materials

 

 

-

 

 

 

-

 

 

 

451,437

 

 

 

451,437

 

 

$

5,168,778

 

 

$

2,516,868

 

 

$

451,437

 

 

$

8,137,083

 

 

 

 

Three Months (13 Weeks) Ended April 1, 2023

 

 

 

Steel
Mills

 

 

Steel
Products

 

 

Raw
Materials

 

 

Total

 

Sheet

 

$

2,102,694

 

 

$

-

 

 

$

-

 

 

$

2,102,694

 

Bar

 

 

1,598,128

 

 

 

-

 

 

 

-

 

 

 

1,598,128

 

Structural

 

 

638,307

 

 

 

-

 

 

 

-

 

 

 

638,307

 

Plate

 

 

640,128

 

 

 

-

 

 

 

-

 

 

 

640,128

 

Tubular Products

 

 

-

 

 

 

438,983

 

 

 

-

 

 

 

438,983

 

Rebar Fabrication

 

 

-

 

 

 

498,117

 

 

 

-

 

 

 

498,117

 

Joist

 

 

-

 

 

 

635,816

 

 

 

-

 

 

 

635,816

 

Deck

 

 

-

 

 

 

485,443

 

 

 

-

 

 

 

485,443

 

Building Systems

 

 

 

 

 

281,910

 

 

 

-

 

 

 

281,910

 

Other Steel Products

 

 

-

 

 

 

935,728

 

 

 

-

 

 

 

935,728

 

Raw Materials

 

 

-

 

 

 

-

 

 

 

454,726

 

 

 

454,726

 

 

$

4,979,257

 

 

$

3,275,997

 

 

$

454,726

 

 

$

8,709,980

 

 

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 $346.3 million as of March 30, 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.
v3.24.1.u1
Earnings Per Share
 3 Months Ended
Mar. 30, 2024
Earnings Per Share [Abstract]  
Earnings Per Share

16. Earnings Per Share

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

 

 

Three Months (13 Weeks) Ended

 

 

 

March 30, 2024

 

 

April 1, 2023

 

Basic net earnings per share:

 

 

 

 

 

 

Basic net earnings

 

$

844,841

 

 

$

1,136,542

 

Earnings allocated to participating securities

 

 

(3,221

)

 

 

(3,413

)

Net earnings available to common stockholders

 

$

841,620

 

 

$

1,133,129

 

Basic average shares outstanding

 

 

243,098

 

 

 

253,608

 

Basic net earnings per share

 

$

3.46

 

 

$

4.47

 

Diluted net earnings per share:

 

 

 

 

 

 

Diluted net earnings

 

$

844,841

 

 

$

1,136,542

 

Earnings allocated to participating securities

 

 

(3,213

)

 

 

(3,392

)

Net earnings available to common stockholders

 

$

841,628

 

 

$

1,133,150

 

Diluted average shares outstanding:

 

 

 

 

 

 

Basic average shares outstanding

 

 

243,098

 

 

 

253,608

 

Dilutive effect of stock options and other

 

 

399

 

 

 

789

 

 

 

243,497

 

 

 

254,397

 

Diluted net earnings per share

 

$

3.46

 

 

$

4.45

 

 

 

There were no shares excluded from the computation of diluted earnings per common share because their effect would have been antidilutive in either the first quarter of 2024 or the first quarter of 2023.

v3.24.1.u1
Basis of Interim Presentation (Policies)
 3 Months Ended
Mar. 30, 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 statements.
v3.24.1.u1
Goodwill and Other Intangible Assets (Tables)
 3 Months Ended
Mar. 30, 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 three months ended March 30, 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

 

 

-

 

 

 

-

 

 

 

(8,366

)

 

 

(8,366

)

Translation

 

 

-

 

 

 

(4,419

)

 

 

-

 

 

 

(4,419

)

Balance at March 30, 2024

 

$

675,186

 

 

$

2,509,753

 

 

$

771,123

 

 

$

3,956,062

 
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 March 30, 2024 and December 31, 2023 (in thousands):

 

 

 

March 30, 2024

 

 

December 31, 2023

 

 

 

Gross Amount

 

 

Accumulated
Amortization

 

 

Gross Amount

 

 

Accumulated
Amortization

 

Customer relationships

 

$

4,189,905

 

 

$

1,347,718

 

 

$

4,190,156

 

 

$

1,295,778

 

Trademarks and trade names

 

 

372,142

 

 

 

174,182

 

 

 

372,153

 

 

 

168,363

 

Other

 

 

109,747

 

 

 

100,824

 

 

 

109,747

 

 

 

99,900

 

 

 

$

4,671,794

 

 

$

1,622,724

 

 

$

4,672,056

 

 

$

1,564,041

 
v3.24.1.u1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 30, 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 March 30, 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 March 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

$

3,964,716

 

 

$

3,964,716

 

 

$

-

 

 

$

-

 

Short-term investments

 

 

981,179

 

 

 

981,179

 

 

 

-

 

 

 

-

 

Restricted cash and cash equivalents

 

 

46

 

 

 

46

 

 

 

-

 

 

 

-

 

Derivative contracts

 

 

138

 

 

 

-

 

 

 

138

 

 

 

-

 

Other assets

 

 

50,740

 

 

 

7,965

 

 

 

-

 

 

 

42,775

 

Total assets

 

$

4,996,819

 

 

$

4,953,906

 

 

$

138

 

 

 

42,775

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Derivative contracts

 

$

(23,056

)

 

$

-

 

 

$

(23,056

)

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

-

 

 

 

-

 

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

)

 

$

-

 
v3.24.1.u1
Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 30, 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 quarter 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

 

 

-

 

 

$

-

 

 

 

 

 

 

Exercised

 

 

(54

)

 

$

50.09

 

 

 

 

$

7,594

 

Canceled

 

 

-

 

 

$

-

 

 

 

 

 

 

Outstanding at March 30, 2024

 

 

664

 

 

$

80.61

 

 

6.9 years

 

$

77,915

 

Stock options exercisable at March 30, 2024

 

 

380

 

 

$

48.09

 

 

6.1 years

 

$

56,861

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

A summary of Nucor’s restricted stock unit (“RSU”) activity for the first quarter 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

 

 

-

 

 

$

-

 

Vested

 

 

(8

)

 

$

130.67

 

Canceled

 

 

(5

)

 

$

129.87

 

Unvested at March 30, 2024

 

 

934

 

 

$

124.82

 
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 quarter 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

 

 

(350

)

 

$

176.74

 

Canceled

 

 

-

 

 

$

-

 

Unvested at March 30, 2024

 

 

281

 

 

$

169.57

 
v3.24.1.u1
Interest (Income) Expense (Tables)
 3 Months Ended
Mar. 30, 2024
Banking and Thrift, Interest [Abstract]  
Schedule of Components of Net Interest Expense

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

 

 

Three Months (13 Weeks) Ended

 

 

 

March 30, 2024

 

 

April 1, 2023

 

Interest expense

 

$

43,487

 

 

$

62,682

 

Interest income

 

 

(81,274

)

 

 

(52,499

)

Interest (income) expense, net

 

$

(37,787

)

 

$

10,183

 
v3.24.1.u1
Stockholders' Equity (Tables)
 3 Months Ended
Mar. 30, 2024
Equity [Abstract]  
Schedule Of Changes In Stock Holders 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 Nucor-JFE Steel Mexico, S. de R.L. de C.V. ("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 our total equity ownership to a 51% controlling interest), for the three months ended March 30, 2024 and April 1, 2023 (in thousands):

 

 

 

 

 

 

Three Months (13 Weeks) Ended March 30, 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

 

 

958,962

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

844,841

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

844,841

 

 

 

114,121

 

Other comprehensive income (loss)

 

 

(15,368

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(15,368

)

 

 

-

 

 

 

-

 

 

 

(15,368

)

 

 

-

 

Stock options exercised

 

 

2,688

 

 

 

-

 

 

 

-

 

 

 

(1,449

)

 

 

-

 

 

 

-

 

 

 

(54

)

 

 

4,137

 

 

 

2,688

 

 

 

-

 

Stock option expense

 

 

392

 

 

 

-

 

 

 

-

 

 

 

392

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

392

 

 

 

-

 

Issuance of stock under award plans,
   net of forfeitures

 

 

59,964

 

 

 

-

 

 

 

-

 

 

 

33,037

 

 

 

-

 

 

 

-

 

 

 

(344

)

 

 

26,927

 

 

 

59,964

 

 

 

-

 

Amortization of unearned
   compensation

 

 

2,600

 

 

 

-

 

 

 

-

 

 

 

2,600

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,600

 

 

 

-

 

Treasury stock acquired, and net impact of excise tax

 

 

(1,011,239

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

5,538

 

 

 

(1,011,239

)

 

 

(1,011,239

)

 

 

-

 

Cash dividends declared

 

 

(130,799

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(130,799

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(130,799

)

 

 

-

 

Distributions to noncontrolling
   interests

 

 

(265,435

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(265,435

)

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

 

 

 

 

 

 

 

 

Three Months (13 Weeks) Ended April 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

 

 

1,231,629

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,136,542

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,136,542

 

 

 

95,087

 

Other comprehensive income (loss)

 

 

(27,841

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(27,841

)

 

 

-

 

 

 

-

 

 

 

(27,841

)

 

 

-

 

Stock options exercised

 

 

7,123

 

 

 

-

 

 

 

-

 

 

 

(1,749

)

 

 

-

 

 

 

-

 

 

 

(131

)

 

 

8,872

 

 

 

7,123

 

 

 

-

 

Stock option expense

 

 

475

 

 

 

-

 

 

 

-

 

 

 

475

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

475

 

 

 

-

 

Issuance of stock under award plans,
   net of forfeitures

 

 

43,820

 

 

 

-

 

 

 

-

 

 

 

24,760

 

 

 

-

 

 

 

-

 

 

 

(323

)

 

 

19,060

 

 

 

43,820

 

 

 

-

 

Amortization of unearned
   compensation

 

 

1,764

 

 

 

-

 

 

 

-

 

 

 

1,764

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,764

 

 

 

-

 

Treasury stock acquired, and net impact of excise tax

 

 

(429,813

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,723

 

 

 

(429,813

)

 

 

(429,813

)

 

 

-

 

Cash dividends declared

 

 

(129,383

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(129,383

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(129,383

)

 

 

-

 

Distributions to noncontrolling
   interests

 

 

(337,810

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(337,810

)

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

 
v3.24.1.u1
Accumulated Other Comprehensive Income (Loss) (Tables)
 3 Months Ended
Mar. 30, 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 ended March 30, 2024 and April 1, 2023 (in thousands):

 

 

 

Three-Month (13-Week) Period Ended

 

 

 

March 30, 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

 

 

(5,241

)

 

 

(15,468

)

 

 

-

 

 

 

(20,709

)

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

 

 

5,341

 

 

 

-

 

 

 

-

 

 

 

5,341

 

Net current-period other
   comprehensive income (loss)

 

 

100

 

 

 

(15,468

)

 

 

-

 

 

 

(15,368

)

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

 

$

(13,800

)

 

$

(174,643

)

 

$

11,003

 

 

$

(177,440

)

 

 

 

Three-Month (13-Week) Period Ended

 

 

 

April 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

 

 

(24,575

)

 

 

(3,441

)

 

 

-

 

 

 

(28,016

)

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

 

 

175

 

 

 

-

 

 

 

-

 

 

 

175

 

Net current-period other
   comprehensive income (loss)

 

 

(24,400

)

 

 

(3,441

)

 

 

-

 

 

 

(27,841

)

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

 

$

1,700

 

 

$

(183,657

)

 

$

16,599

 

 

$

(165,358

)

 

(1)
Includes $5,341 and $175 net-of-tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net losses on commodity contracts in the first quarter of 2024 and 2023, respectively. The tax impact of those reclassifications was $1,800 and $100 in the first quarter of 2024 and 2023, respectively.
v3.24.1.u1
Segments (Tables)
 3 Months Ended
Mar. 30, 2024
Segment Reporting [Abstract]  
Segments

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

 

 

 

Three Months (13 Weeks) Ended

 

 

 

March 30, 2024

 

 

April 1, 2023

 

Net sales to external customers:

 

 

 

 

 

 

Steel mills

 

$

5,168,778

 

 

$

4,979,257

 

Steel products

 

 

2,516,868

 

 

 

3,275,997

 

Raw materials

 

 

451,437

 

 

 

454,726

 

 

$

8,137,083

 

 

$

8,709,980

 

Intercompany sales:

 

 

 

 

 

 

Steel mills

 

$

1,250,863

 

 

$

1,163,632

 

Steel products

 

 

137,444

 

 

 

100,361

 

Raw materials

 

 

3,110,029

 

 

 

3,170,892

 

Corporate/eliminations

 

 

(4,498,336

)

 

 

(4,434,885

)

 

$

-

 

 

$

-

 

Earnings before income taxes and
   noncontrolling interests:

 

 

 

 

 

 

Steel mills

 

$

1,102,251

 

 

$

838,388

 

Steel products

 

 

511,559

 

 

 

970,802

 

Raw materials

 

 

9,581

 

 

 

58,140

 

Corporate/eliminations

 

 

(398,050

)

 

 

(270,546

)

 

$

1,225,341

 

 

$

1,596,784

 

 

 

 

March 30, 2024

 

 

Dec. 31, 2023

 

Assets:

 

 

 

 

 

 

Steel mills

 

$

15,557,704

 

 

$

15,407,266

 

Steel products

 

 

11,012,416

 

 

 

10,914,870

 

Raw materials

 

 

3,443,812

 

 

 

3,546,759

 

Corporate/eliminations

 

 

3,918,593

 

 

 

5,471,604

 

 

 

$

33,932,525

 

 

$

35,340,499

 
v3.24.1.u1
Revenue (Tables)
 3 Months Ended
Mar. 30, 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 first quarter of 2024 and 2023 (in thousands):

 

 

 

Three Months (13 Weeks) Ended March 30, 2024

 

 

 

Steel
Mills

 

 

Steel
Products

 

 

Raw
Materials

 

 

Total

 

Sheet

 

$

2,710,337

 

 

$

-

 

 

$

-

 

 

$

2,710,337

 

Bar

 

 

1,334,898

 

 

 

-

 

 

 

-

 

 

 

1,334,898

 

Structural

 

 

611,007

 

 

 

-

 

 

 

-

 

 

 

611,007

 

Plate

 

 

512,536

 

 

 

-

 

 

 

-

 

 

 

512,536

 

Tubular Products

 

 

-

 

 

 

368,724

 

 

 

-

 

 

 

368,724

 

Rebar Fabrication

 

 

-

 

 

 

412,341

 

 

 

-

 

 

 

412,341

 

Joist

 

 

-

 

 

 

330,601

 

 

 

-

 

 

 

330,601

 

Deck

 

 

-

 

 

 

268,630

 

 

 

-

 

 

 

268,630

 

Building Systems

 

 

-

 

 

 

314,013

 

 

 

-

 

 

 

314,013

 

Other Steel Products

 

 

-

 

 

 

822,559

 

 

 

-

 

 

 

822,559

 

Raw Materials

 

 

-

 

 

 

-

 

 

 

451,437

 

 

 

451,437

 

 

$

5,168,778

 

 

$

2,516,868

 

 

$

451,437

 

 

$

8,137,083

 

 

 

 

Three Months (13 Weeks) Ended April 1, 2023

 

 

 

Steel
Mills

 

 

Steel
Products

 

 

Raw
Materials

 

 

Total

 

Sheet

 

$

2,102,694

 

 

$

-

 

 

$

-

 

 

$

2,102,694

 

Bar

 

 

1,598,128

 

 

 

-

 

 

 

-

 

 

 

1,598,128

 

Structural

 

 

638,307

 

 

 

-

 

 

 

-

 

 

 

638,307

 

Plate

 

 

640,128

 

 

 

-

 

 

 

-

 

 

 

640,128

 

Tubular Products

 

 

-

 

 

 

438,983

 

 

 

-

 

 

 

438,983

 

Rebar Fabrication

 

 

-

 

 

 

498,117

 

 

 

-

 

 

 

498,117

 

Joist

 

 

-

 

 

 

635,816

 

 

 

-

 

 

 

635,816

 

Deck

 

 

-

 

 

 

485,443

 

 

 

-

 

 

 

485,443

 

Building Systems

 

 

 

 

 

281,910

 

 

 

-

 

 

 

281,910

 

Other Steel Products

 

 

-

 

 

 

935,728

 

 

 

-

 

 

 

935,728

 

Raw Materials

 

 

-

 

 

 

-

 

 

 

454,726

 

 

 

454,726

 

 

$

4,979,257

 

 

$

3,275,997

 

 

$

454,726

 

 

$

8,709,980

 
v3.24.1.u1
Earnings Per Share (Tables)
 3 Months Ended
Mar. 30, 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 first quarter of 2024 and 2023 are as follows (in thousands, except per share data):
 

 

 

Three Months (13 Weeks) Ended

 

 

 

March 30, 2024

 

 

April 1, 2023

 

Basic net earnings per share:

 

 

 

 

 

 

Basic net earnings

 

$

844,841

 

 

$

1,136,542

 

Earnings allocated to participating securities

 

 

(3,221

)

 

 

(3,413

)

Net earnings available to common stockholders

 

$

841,620

 

 

$

1,133,129

 

Basic average shares outstanding

 

 

243,098

 

 

 

253,608

 

Basic net earnings per share

 

$

3.46

 

 

$

4.47

 

Diluted net earnings per share:

 

 

 

 

 

 

Diluted net earnings

 

$

844,841

 

 

$

1,136,542

 

Earnings allocated to participating securities

 

 

(3,213

)

 

 

(3,392

)

Net earnings available to common stockholders

 

$

841,628

 

 

$

1,133,150

 

Diluted average shares outstanding:

 

 

 

 

 

 

Basic average shares outstanding

 

 

243,098

 

 

 

253,608

 

Dilutive effect of stock options and other

 

 

399

 

 

 

789

 

 

 

243,497

 

 

 

254,397

 

Diluted net earnings per share

 

$

3.46

 

 

$

4.45

 

 
v3.24.1.u1
Inventories - Additional Information (Detail)
Mar. 30, 2024
Dec. 31, 2023
Inventory Disclosure [Abstract]    
Raw materials and supplies in inventory, percentage 32.00% 37.00%
Finished and semi-finished products in inventory, percentage 68.00% 63.00%
v3.24.1.u1
Property, Plant and Equipment - Additional Information (Detail) - USD ($)
$ in Millions
Mar. 30, 2024
Dec. 31, 2023
Property, Plant and Equipment [Abstract]    
Accumulated depreciation $ 12,000 $ 11,790
v3.24.1.u1
Goodwill and Other Intangible Assets - Schedule of Change in Net Carrying Amount of Goodwill by Segment (Detail)
$ in Thousands
 3 Months Ended
Mar. 30, 2024
USD ($)
Goodwill [Line Items]  
Balance, beginning of period $ 3,968,847
Acquisitions (8,366)
Translation (4,419)
Balance, end of period 3,956,062
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
Translation (4,419)
Balance, end of period 2,509,753
Raw Materials [Member]  
Goodwill [Line Items]  
Balance, beginning of period 779,489
Acquisitions (8,366)
Balance, end of period $ 771,123
v3.24.1.u1
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($)
 3 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Dec. 31, 2023
Finite And Indefinite Lived Intangible Assets [Line Items]      
Impairment of goodwill $ 0    
Goodwill 3,956,062,000   $ 3,968,847,000
Finite-lived intangible assets 3,049,070,000   $ 3,108,015,000
Intangible asset amortization expense 58,700,000 $ 58,800,000  
Future amortization expense, in 2024 234,400,000    
Future amortization expense, in 2025 233,500,000    
Future amortization expense, in 2026 230,500,000    
Future amortization expense, in 2027 227,300,000    
Future amortization expense, in 2028 $ 221,900,000    
Minimum [Member]      
Finite And Indefinite Lived Intangible Assets [Line Items]      
Intangible assets, useful life 5 years    
Maximum [Member]      
Finite And Indefinite Lived Intangible Assets [Line Items]      
Intangible assets, useful life 25 years    
v3.24.1.u1
Goodwill and Other Intangible Assets - Schedule of Intangible Assets (Detail) - USD ($)
$ in Thousands
Mar. 30, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]    
Intangible assets, Gross Amount $ 4,671,794 $ 4,672,056
Intangible assets, Accumulated Amortization 1,622,724 1,564,041
Customer Relationships [Member]    
Finite-Lived Intangible Assets [Line Items]    
Intangible assets, Gross Amount 4,189,905 4,190,156
Intangible assets, Accumulated Amortization 1,347,718 1,295,778
Trademarks and Trade Names [Member]    
Finite-Lived Intangible Assets [Line Items]    
Intangible assets, Gross Amount 372,142 372,153
Intangible assets, Accumulated Amortization 174,182 168,363
Other [Member]    
Finite-Lived Intangible Assets [Line Items]    
Intangible assets, Gross Amount 109,747 109,747
Intangible assets, Accumulated Amortization $ 100,824 $ 99,900
v3.24.1.u1
Current Liabilities - Additional Information (Detail) - USD ($)
$ in Millions
Mar. 30, 2024
Dec. 31, 2023
Liabilities, Current [Abstract]    
Book overdrafts $ 71.0 $ 159.0
Dividends payable, current 130.8 133.6
Accrued vacation and holiday pay $ 208.0 $ 202.2
v3.24.1.u1
Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value (Detail) - USD ($)
$ in Thousands
Mar. 30, 2024
Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Short-term investments $ 981,179 $ 747,479
Total assets 33,932,525 35,340,499
Reported Value Measurement [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash equivalents 3,964,716 5,724,549
Short-term investments 981,179 747,479
Restricted cash and cash equivalents 46 3,494
Derivative contracts, assets 138  
Other assets 50,740 47,020
Total assets 4,996,819 6,522,542
Derivative contracts, liabilities (23,056) (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 3,964,716 5,724,549
Short-term investments 981,179 747,479
Restricted cash and cash equivalents 46 3,494
Other assets 7,965 4,245
Total assets 4,953,906 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 138  
Total assets 138  
Derivative contracts, liabilities (23,056) (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
v3.24.1.u1
Fair Value Measurements - Additional Information (Detail) - USD ($)
$ in Millions
Mar. 30, 2024
Dec. 31, 2023
Fair Value Disclosures [Abstract]    
Fair value of short-term and long-term debt, including current maturities $ 6,160 $ 6,220
v3.24.1.u1
Stock-Based Compensation - Schedule of Stock Option Plans Activity (Detail)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 30, 2024
USD ($)
$ / shares
shares
Share-Based Payment Arrangement [Abstract]  
Outstanding at beginning of year, Shares | shares 718
Exercised, Shares | shares (54)
Outstanding at March 30, 2024, Shares | shares 664
Stock options exercisable at March 30, 2024, Shares | shares 380
Outstanding at beginning of year, Weighted - Average Exercise Price | $ / shares $ 78.33
Exercised, Weighted - Average Exercise Price | $ / shares 50.09
Outstanding at March 30, 2024, Weighted - Average Exercise Price | $ / shares 80.61
Stock options exercisable at March 30, 2024, Weighted - Average Exercise Price | $ / shares $ 48.09
Outstanding, Weighted - Average Remaining Contractual Life 6 years 10 months 24 days
Stock options exercisable, Weighted - Average Remaining Contractual Life 6 years 1 month 6 days
Exercised, Aggregate Intrinsic Value | $ $ 7,594
Outstanding at March 30, 2024, Aggregate Intrinsic Value | $ 77,915
Stock options exercisable, Aggregate Intrinsic Value | $ $ 56,861
v3.24.1.u1
Stock-Based Compensation - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Compensation expenses for stock options $ 0.4 $ 0.5
Stock Options [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Unrecognized compensation expense related to stock $ 1.6  
Weighted-average recognition period for unrecognized compensation expense related to stock (years) 1 year 9 months 18 days  
Restricted Stock Units [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Unrecognized compensation expense related to stock $ 70.5  
Weighted-average recognition period for unrecognized compensation expense related to stock (years) 1 year  
Compensation expense $ 12.9 12.2
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 $ 17.2  
Weighted-average recognition period for unrecognized compensation expense related to stock (years) 2 years 1 month 28 days  
Compensation expense $ 8.0 $ 7.7
v3.24.1.u1
Stock-Based Compensation - Summary of Nucor's Restricted Stock Unit ("RSU") Activity (Detail) - Restricted Stock Units [Member]
shares in Thousands
 3 Months Ended
Mar. 30, 2024
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unvested at beginning of year, Shares | shares 947
Vested, Shares | shares (8)
Canceled, Shares | shares (5)
Unvested at March 30, 2024, Shares | shares 934
Unvested at beginning of year, Grant Date Fair Value Per Share | $ / shares $ 124.89
Vested, Grant Date Fair Value Per Share | $ / shares 130.67
Canceled, Grant Date Fair Value Per Share | $ / shares 129.87
Unvested at March 30, 2024, Grant Date Fair Value Per Share | $ / shares $ 124.82
v3.24.1.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
 3 Months Ended
Mar. 30, 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 (350)
Unvested at March 30, 2024, Shares | shares 281
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 176.74
Unvested at March 30, 2024, Grant Date Fair Value Per Share | $ / shares $ 169.57
v3.24.1.u1
Employee Benefit Plan - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Employee Benefit Plan [Abstract]    
Profit Sharing and Retirement Savings Plan, plan expense $ 123.3 $ 162.2
v3.24.1.u1
Interest (Income) Expense - Schedule of Components of Net Interest (Income) Expense (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Interest Revenue (Expense), Net [Abstract]    
Interest expense $ 43,487 $ 62,682
Interest income (81,274) (52,499)
Interest (income) expense, net $ (37,787) $ 10,183
v3.24.1.u1
Income Taxes - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Effective income tax rate 21.70% 22.90%  
Non-current deferred tax assets included in other assets $ 42.0   $ 40.7
Non-current deferred tax liabilities included in deferred credits and other liabilities $ 1,290.0   $ 1,330.0
v3.24.1.u1
Stockholders' Equity - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Sep. 30, 2023
May 11, 2023
Dividends declared per share $ 0.54 $ 0.51    
Common Stock [Member]        
Share repurchase program, available repurchase amount $ 2,320      
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%    
California Steel Industries Inc [Member]        
Noncontrolling interest, ownership percentage by parent 51.00% 51.00%    
Nucor-JFE Steel Mexico, S. de R.L. de C.V. [Member]        
Noncontrolling interest, ownership percentage by parent 51.00%      
Percentage of additional Interest acquired     1.00%  
v3.24.1.u1
Stockholders' Equity - Schedule of Change in Stockholder's Equity (Detail) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 30, 2024
Apr. 01, 2023
BALANCES, beginning of period $ 22,123,754 $ 19,569,906
Net earnings before noncontrolling interests 958,962 1,231,629
Other comprehensive income (loss) (15,368) (27,841)
Stock options exercised $ 2,688 7,123
Stock options exercised (in shares) 54  
Stock option expense $ 392 475
Issuance of stock under award plans, net of forfeitures 59,964 43,820
Amortization of unearned compensation 2,600 1,764
Treasury stock acquired, and net impact of excise tax (1,011,239) (429,813)
Cash dividends declared (130,799) (129,383)
Distributions to noncontrolling interests (265,435) (337,810)
BALANCES, end of period 21,725,519 19,929,870
Common Stock [Member]    
BALANCES, beginning of period $ 152,061 $ 152,061
BALANCES, shares at beginning of period 380,154 380,154
BALANCES, end of period $ 152,061 $ 152,061
BALANCES, shares at end of period 380,154 380,154
Additional Paid-in Capital [Member]    
BALANCES, beginning of period $ 2,176,243 $ 2,143,520
Stock options exercised (1,449) (1,749)
Stock option expense 392 475
Issuance of stock under award plans, net of forfeitures 33,037 24,760
Amortization of unearned compensation 2,600 1,764
BALANCES, end of period 2,210,823 2,168,770
Retained Earnings [Member]    
BALANCES, beginning of period 28,762,045 24,754,873
Net earnings before noncontrolling interests 844,841 1,136,542
Cash dividends declared (130,799) (129,383)
BALANCES, end of period 29,476,087 25,762,032
Accumulated Other Comprehensive Income (Loss) [Member]    
BALANCES, beginning of period (162,072) (137,517)
Other comprehensive income (loss) (15,368) (27,841)
BALANCES, end of period (177,440) (165,358)
Treasury Stock (at cost) [Member]    
BALANCES, beginning of period $ (9,987,643) $ (8,498,243)
BALANCES, shares at beginning of period 135,252 126,661
Stock options exercised $ 4,137 $ 8,872
Stock options exercised (in shares) (54) (131)
Issuance of stock under award plans, net of forfeitures $ 26,927 $ 19,060
Issuance of stock under award plans, net of forfeitures, shares (344) (323)
Treasury stock acquired, and net impact of excise tax $ (1,011,239) $ (429,813)
Treasury stock acquired and net impact of excise tax (in shares) 5,538 2,723
BALANCES, end of period $ (10,967,818) $ (8,900,124)
BALANCES, shares at end of period 140,392 128,930
Total Nucor Stockholders' Equity [Member]    
BALANCES, beginning of period $ 20,940,634 $ 18,414,694
Net earnings before noncontrolling interests 844,841 1,136,542
Other comprehensive income (loss) (15,368) (27,841)
Stock options exercised 2,688 7,123
Stock option expense 392 475
Issuance of stock under award plans, net of forfeitures 59,964 43,820
Amortization of unearned compensation 2,600 1,764
Treasury stock acquired, and net impact of excise tax (1,011,239) (429,813)
Cash dividends declared (130,799) (129,383)
BALANCES, end of period 20,693,713 19,017,381
Noncontrolling Interests [Member]    
BALANCES, beginning of period 1,183,120 1,155,212
Net earnings before noncontrolling interests 114,121 95,087
Distributions to noncontrolling interests (265,435) (337,810)
BALANCES, end of period $ 1,031,806 $ 912,489
v3.24.1.u1
Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]    
Beginning Balance, Gains and (Losses) on Hedging Derivatives $ (13,900) $ 26,100
Other comprehensive income (loss) before reclassifications, Gains and (Losses) on Hedging Derivatives (5,241) (24,575)
Amounts reclassified from accumulated other comprehensive income (loss) into earnings, Gains and (Losses) on Hedging Derivatives [1] 5,341 175
Net current-period other comprehensive income (loss), Gains and (Losses) on Hedging Derivatives 100 (24,400)
Ending Balance, Gains and (Losses) on Hedging Derivatives (13,800) 1,700
Beginning Balance, Foreign Currency Gains (Losses) (159,175) (180,216)
Other comprehensive income (loss) before reclassifications, Foreign Currency Gains (Losses) (15,468) (3,441)
Net current-period other comprehensive income (loss), Foreign Currency Gains (Losses) (15,468) (3,441)
Ending Balance, Foreign Currency Gains (Losses) (174,643) (183,657)
Beginning Balance, Adjustment to Early Retiree Medical Plan 11,003 16,599
Ending Balance, Adjustment to Early Retiree Medical Plan 11,003 16,599
Beginning Balance (162,072) (137,517)
Other comprehensive income (loss) before reclassifications (20,709) (28,016)
Amounts reclassified from accumulated other comprehensive income (loss) into earnings [1] 5,341 175
Net current-period other comprehensive income (loss) (15,368) (27,841)
Ending Balance $ (177,440) $ (165,358)
[1] Includes $5,341 and $175 net-of-tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net losses on commodity contracts in the first quarter of 2024 and 2023, respectively. The tax impact of those reclassifications was $1,800 and $100 in the first quarter of 2024 and 2023, respectively.
v3.24.1.u1
Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 30, 2024
Apr. 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 [1] $ 5,341 $ 175
Reclassification adjustment for (gain) loss on settlement of hedging derivatives included in net earnings, tax effect 1,800 100
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 5,341 175
Reclassification adjustment for (gain) loss on settlement of hedging derivatives included in net earnings, tax effect $ 1,800 $ 100
[1] Includes $5,341 and $175 net-of-tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net losses on commodity contracts in the first quarter of 2024 and 2023, respectively. The tax impact of those reclassifications was $1,800 and $100 in the first quarter of 2024 and 2023, respectively.
v3.24.1.u1
Segments - Segments (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Net sales $ 8,137,083 $ 8,709,980  
Earnings (losses) before income taxes and noncontrolling interests 1,225,341 1,596,784  
Total assets 33,932,525   $ 35,340,499
Operating Segments [Member] | Steel Mills [Member]      
Segment Reporting Information [Line Items]      
Net sales 5,168,778 4,979,257  
Earnings (losses) before income taxes and noncontrolling interests 1,102,251 838,388  
Total assets 15,557,704   15,407,266
Operating Segments [Member] | Steel Products [Member]      
Segment Reporting Information [Line Items]      
Net sales 2,516,868 3,275,997  
Earnings (losses) before income taxes and noncontrolling interests 511,559 970,802  
Total assets 11,012,416   10,914,870
Operating Segments [Member] | Raw Materials [Member]      
Segment Reporting Information [Line Items]      
Net sales 451,437 454,726  
Earnings (losses) before income taxes and noncontrolling interests 9,581 58,140  
Total assets 3,443,812   3,546,759
Intercompany Eliminations [Member] | Steel Mills [Member]      
Segment Reporting Information [Line Items]      
Net sales 1,250,863 1,163,632  
Intercompany Eliminations [Member] | Steel Products [Member]      
Segment Reporting Information [Line Items]      
Net sales 137,444 100,361  
Intercompany Eliminations [Member] | Raw Materials [Member]      
Segment Reporting Information [Line Items]      
Net sales 3,110,029 3,170,892  
Corporate and Eliminations Items [Member]      
Segment Reporting Information [Line Items]      
Net sales (4,498,336) (4,434,885)  
Earnings (losses) before income taxes and noncontrolling interests (398,050) $ (270,546)  
Corporate/eliminations [Member]      
Segment Reporting Information [Line Items]      
Total assets $ 3,918,593   $ 5,471,604
v3.24.1.u1
Revenue - Schedule of Net Sales Disaggregates by Major Source (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Revenue from Contract with Customers [Line Items]    
Revenues $ 8,137,083 $ 8,709,980
Sheet [Member]    
Revenue from Contract with Customers [Line Items]    
Revenues 2,710,337 2,102,694
Bar [Member]    
Revenue from Contract with Customers [Line Items]    
Revenues 1,334,898 1,598,128
Structural [Member]    
Revenue from Contract with Customers [Line Items]    
Revenues 611,007 638,307
Plate [Member]    
Revenue from Contract with Customers [Line Items]    
Revenues 512,536 640,128
Tubular Products [Member]    
Revenue from Contract with Customers [Line Items]    
Revenues 368,724 438,983
Rebar Fabrication [Member]    
Revenue from Contract with Customers [Line Items]    
Revenues 412,341 498,117
Joist [Member]    
Revenue from Contract with Customers [Line Items]    
Revenues 330,601 635,816
Deck [Member]    
Revenue from Contract with Customers [Line Items]    
Revenues 268,630 485,443
Building Systems [Member]    
Revenue from Contract with Customers [Line Items]    
Revenues 314,013 281,910
Other Steel Products [Member]    
Revenue from Contract with Customers [Line Items]    
Revenues 822,559 935,728
Raw Materials [Member]    
Revenue from Contract with Customers [Line Items]    
Revenues 451,437 454,726
Steel Mills [Member]    
Revenue from Contract with Customers [Line Items]    
Revenues 5,168,778 4,979,257
Steel Mills [Member] | Sheet [Member]    
Revenue from Contract with Customers [Line Items]    
Revenues 2,710,337 2,102,694
Steel Mills [Member] | Bar [Member]    
Revenue from Contract with Customers [Line Items]    
Revenues 1,334,898 1,598,128
Steel Mills [Member] | Structural [Member]    
Revenue from Contract with Customers [Line Items]    
Revenues 611,007 638,307
Steel Mills [Member] | Plate [Member]    
Revenue from Contract with Customers [Line Items]    
Revenues 512,536 640,128
Steel Products [Member]    
Revenue from Contract with Customers [Line Items]    
Revenues 2,516,868 3,275,997
Steel Products [Member] | Tubular Products [Member]    
Revenue from Contract with Customers [Line Items]    
Revenues 368,724 438,983
Steel Products [Member] | Rebar Fabrication [Member]    
Revenue from Contract with Customers [Line Items]    
Revenues 412,341 498,117
Steel Products [Member] | Joist [Member]    
Revenue from Contract with Customers [Line Items]    
Revenues 330,601 635,816
Steel Products [Member] | Deck [Member]    
Revenue from Contract with Customers [Line Items]    
Revenues 268,630 485,443
Steel Products [Member] | Building Systems [Member]    
Revenue from Contract with Customers [Line Items]    
Revenues 314,013 281,910
Steel Products [Member] | Other Steel Products [Member]    
Revenue from Contract with Customers [Line Items]    
Revenues 822,559 935,728
Raw Materials [Member]    
Revenue from Contract with Customers [Line Items]    
Revenues 451,437 454,726
Raw Materials [Member] | Raw Materials [Member]    
Revenue from Contract with Customers [Line Items]    
Revenues $ 451,437 $ 454,726
v3.24.1.u1
Revenue - Additional Information (Detail) - USD ($)
$ in Millions
Mar. 30, 2024
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]    
Contract liabilities $ 346.3 $ 313.8
v3.24.1.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
Mar. 30, 2024
Apr. 01, 2023
Earnings Per Share [Abstract]    
Net Income (Loss) $ 844,841 $ 1,136,542
Earnings allocated to participating securities, Basic (3,221) (3,413)
Net earnings available to common stockholders, Basic $ 841,620 $ 1,133,129
Basic average shares outstanding 243,098 253,608
Basic net earnings per share $ 3.46 $ 4.47
Diluted net earnings $ 844,841 $ 1,136,542
Earnings allocated to participating securities, Diluted (3,213) (3,392)
Net earnings available to common stockholders, Diluted $ 841,628 $ 1,133,150
Diluted average shares outstanding 243,497 254,397
Dilutive effect of stock options and other 399 789
Diluted net earnings per share $ 3.46 $ 4.45
v3.24.1.u1
Earnings Per Share - Anti-dilutive Stock Options (Detail) - shares
 3 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Earnings Per Share [Abstract]    
Weighted-average shares 0 0
v3.24.1.u1
Debt and Other Financing Arrangements - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Debt Instrument [Line Items]    
Redemption amount $ 2,500 $ 2,500
v3.24.1.u1
Acquisitions - Additional Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 30, 2024
Dec. 31, 2023
Business Acquisition [Line Items]    
Goodwill $ 3,956,062 $ 3,968,847
Acquisitions net of cash acquired $ (991)  
v3.24.1.u1
Acquisitions - Summary of Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($)
$ in Thousands
Mar. 30, 2024
Dec. 31, 2023
Business Acquisition [Line Items]    
Goodwill $ 3,956,062 $ 3,968,847