0000950170-23-060729 | 10-Q | XBRL Viewer

Inventories	9 Months Ended
Sep. 30, 2023
Inventory Disclosure [Abstract]
Inventories	2. Inventories Inventories consisted of approximately 37% raw materials and supplies and 63% finished and semi-finished products at September 30, 2023 (37% and 63%, respectively, at December 31, 2022). 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.

Inventories

9 Months Ended

Sep. 30, 2023

2. Inventories

Inventories consisted of approximately 37% raw materials and supplies and 63% finished and semi-finished products at September 30, 2023 (37% and 63%, respectively, at December 31, 2022). 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.

Interest (Income) Expense - Schedule of Components of Net Interest (Income) Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Interest Revenue (Expense), Net [Abstract]
Interest expense	$ 63,228	$ 54,569	$ 186,716	$ 162,159
Interest income	(77,361)	(12,222)	(186,068)	(18,914)
Interest (income) expense, net	$ (14,133)	$ 42,347	$ 648	$ 143,245

- Definition

Amount of the cost of borrowed funds accounted for as interest expense.

+ References + Details

Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022	Dec. 31, 2022
Finite And Indefinite Lived Intangible Assets [Line Items]
Impairment of goodwill			$ 0
Goodwill	$ 3,922,267,000		3,922,267,000		$ 3,920,060,000
Finite-lived intangible assets	3,146,973,000		3,146,973,000		3,322,265,000
Intangible asset amortization expense	58,500,000	$ 77,200,000	175,700,000	$ 164,500,000
Future amortization expense, in 2023	232,800,000		232,800,000
Future amortization expense, in 2024	233,300,000		233,300,000
Future amortization expense, in 2025	232,300,000		232,300,000
Future amortization expense, in 2026	229,400,000		229,400,000
Future amortization expense, in 2027	$ 225,100,000		$ 225,100,000
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
Steel Products [Member]
Finite And Indefinite Lived Intangible Assets [Line Items]
Goodwill	$ 2,512,252,000		$ 2,512,252,000		$ 2,510,045,000
Steel Products [Member] \| Rebar Fabrication [Member]
Finite And Indefinite Lived Intangible Assets [Line Items]
Percentage of fair value exceeded carrying value					34.00%
Goodwill	351,500,000		351,500,000		$ 347,600,000
Finite-lived intangible assets	$ 31,300,000		$ 31,300,000		$ 36,300,000

Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2023

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 nine months ended September 30, 2023 by segment was as follows (in thousands):


	Steel Mills		Steel Products			Raw Materials		Total
Balance at December 31, 2022	$	675,186	$	2,510,045		$	734,829	$	3,920,060
Acquisitions		-		(2,120	)		-		(2,120	)
Translation		-		4,327			-		4,327
Balance at September 30, 2023	$	675,186	$	2,512,252		$	734,829	$	3,922,267

Nucor completed its most recent annual goodwill impairment testing as of the first day of the fourth quarter of 2022 and concluded that as of such date there was no impairment of goodwill for any of its reporting units.

The annual assessment performed in 2022 for one of the Company’s reporting units, Rebar Fabrication (which is included in the Steel Products segment), used forward-looking projections in future cash flows. The fair value of this reporting unit exceeded its carrying value by approximately 34% in the most recent assessment. If our assessment of the relevant facts and circumstances changes, including if the expected future performance of this reporting unit declines from the most recent assessment, non-cash impairment charges may be required. Total goodwill associated with the Rebar Fabrication reporting unit was $351.5 million as of September 30, 2023 ($347.6 million as of December 31, 2022). An impairment of goodwill may also lead us to record an impairment of other intangible assets. Total finite-lived intangible assets associated with the Rebar Fabrication reporting unit were $31.3 million as of September 30, 2023 ($36.3 million as of December 31, 2022). There have been no triggering events requiring an interim assessment for impairment of the Rebar Fabrication reporting unit since the most recent annual goodwill impairment testing date.

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 September 30, 2023 and December 31, 2022 (in thousands):


	September 30, 2023				December 31, 2022
	Gross Amount		Accumulated Amortization		Gross Amount		Accumulated Amortization
Customer relationships	$	4,175,065	$	1,243,668	$	4,174,724	$	1,087,834
Trademarks and trade names		364,173		159,369		364,106		142,363
Other		109,747		98,975		109,746		96,114
	$	4,648,985	$	1,502,012	$	4,648,576	$	1,326,311

Intangible asset amortization expense in the third quarter of 2023 and 2022 was $58.5 million and $77.2 million, respectively, and $175.7 million and $164.5 million in the first nine months of 2023 and 2022, respectively. Annual amortization expense is estimated to be $232.8 million in 2023; $233.3 million in 2024; $232.3 million in 2025; $229.4 million in 2026; and $225.1 million in 2027.

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		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Earnings Per Share [Abstract]
Net Income (Loss)	$ 1,141,506	$ 1,694,748	$ 3,739,402	$ 6,351,604
Earnings allocated to participating securities, Basic	(4,501)	(6,893)	(13,788)	(26,238)
Net earnings available to common stockholders, Basic	$ 1,137,005	$ 1,687,855	$ 3,725,614	$ 6,325,366
Basic average shares outstanding	248,504	259,102	250,752	264,655
Basic net earnings per share	$ 4.58	$ 6.51	$ 14.86	$ 23.9
Diluted net earnings	$ 1,141,506	$ 1,694,748	$ 3,739,402	$ 6,351,604
Earnings allocated to participating securities, Diluted	(4,488)	(6,872)	(13,747)	(26,145)
Net earnings available to common stockholders, Diluted	$ 1,137,018	$ 1,687,876	$ 3,725,655	$ 6,325,459
Dilutive effect of stock options and other	412	424	427	584
Diluted average shares outstanding	248,916	259,526	251,179	265,239
Diluted net earnings per share	$ 4.57	$ 6.5	$ 14.83	$ 23.85

Basis of Interim Presentation

9 Months Ended

Sep. 30, 2023

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, 2022 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, 2022.

Current Liabilities - Additional Information (Detail) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Liabilities, Current [Abstract]
Book overdrafts	$ 155.2	$ 163.6
Dividends payable, current	$ 126.6	$ 130.5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022
Operating activities:
Net earnings before noncontrolling interests	$ 4,039,959	$ 6,753,395
Adjustments:
Depreciation	681,153	609,933
Amortization	175,701	164,480
Stock-based compensation	101,107	99,838
Deferred income taxes	(25,750)	(33,116)
Distributions from affiliates	18,621	25,571
Equity in earnings of unconsolidated affiliates	(3,671)	(23,246)
Changes in assets and liabilities (exclusive of acquisitions and dispositions):
Accounts receivable	171,621	(104,751)
Inventories	209,056	371,068
Accounts payable	164,479	(299,760)
Federal income taxes	240,667	(302,335)
Salaries, wages and related accruals	(347,026)	121,243
Other operating activities	165,692	156,201
Cash provided by operating activities	5,591,609	7,538,521
Investing activities:
Capital expenditures	(1,496,248)	(1,430,125)
Investment in and advances to affiliates	(35,106)	(246)
Sale of business		99,681
Disposition of plant and equipment	8,617	27,278
Acquisitions (net of cash acquired)		(3,549,764)
Purchases of investments	(1,200,136)	(563,770)
Proceeds from the sale of investments	917,332	439,348
Other investing activities	(35,001)	(9,595)
Cash used in investing activities	(1,840,542)	(4,987,193)
Financing activities:
Net change in short-term debt	(13,142)	(43,074)
Proceeds from issuance of long-term debt, net of discount		2,091,934
Repayment of long-term debt	(7,500)	(1,108,500)
Bond issuance costs		(13,138)
Proceeds from exercise of stock options	10,350	21,604
Payment of tax withholdings on certain stock-based compensation	(44,456)	(62,869)
Distributions to noncontrolling interests	(412,404)	(300,772)
Cash dividends	(387,996)	(404,150)
Acquisition of treasury stock	(1,376,757)	(2,359,971)
Proceeds from government incentives		275,000
Other financing activities	(12,437)	(21,085)
Cash used in financing activities	(2,244,342)	(1,925,021)
Effect of exchange rate changes on cash	837	(5,221)
Increase in cash and cash equivalents and restricted cash and cash equivalents	1,507,562	621,086
Cash and cash equivalents and restricted cash and cash equivalents - beginning of year	4,361,220	2,508,658
Cash and cash equivalents and restricted cash and cash equivalents - end of nine months	5,868,782	3,129,744
Non-cash investing activity:
Change in accrued plant and equipment purchases	$ 40,126	$ (31,469)

Revenue - Additional Information (Detail) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract liabilities	$ 333.5	$ 285.0

Property, Plant and Equipment

9 Months Ended

Sep. 30, 2023

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 $11.66 billion at September 30, 2023 ($11.12 billion at December 31, 2022).

Current Liabilities	9 Months Ended
Current Liabilities	Sep. 30, 2023
Payables and Accruals [Abstract]
Current Liabilities	5. Current Liabilities Book overdrafts, included in accounts payable in the condensed consolidated balance sheets, were $155.2 million at September 30, 2023 ($163.6 million at December 31, 2022). Dividends payable, included in accrued expenses and other current liabilities in the condensed consolidated balance sheets, were $126.6 million at September 30, 2023 ($130.5 million at December 31, 2022).

Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2023

Oct. 01, 2022

Sep. 30, 2023

Oct. 01, 2022

Statement Of Comprehensive Income [Abstract]

Net earnings before noncontrolling interests

$ 1,221,255

$ 1,799,043

$ 4,039,959

$ 6,753,395

Other comprehensive income (loss):

Net unrealized (loss) income on hedging derivatives, net of income taxes of $(1,500) and $8,800 for the third quarter of 2023 and 2022, respectively, and $(10,700) and $30,700 for the first nine months of 2023 and 2022, respectively

(4,779)

27,411

(33,782)

97,025

Reclassification adjustment for settlement of hedging derivatives included in net earnings, net of income taxes of $1,100 and $(5,200) for the third quarter of 2023 and 2022, respectively, and $3,100 and $(11,700) for the first nine months of 2023 and 2022, respectively

3,579

^[1]

(16,311)

^[2]

9,982

^[1]

(36,837)

^[2]

Foreign currency translation gain (loss), net of income taxes of $0 for the third quarter and first nine months of 2023 and 2022

(18,655)

(43,843)

12,490

(48,459)

Net current-period other comprehensive income (loss)

(19,855)

(32,743)

(11,310)

11,729

Comprehensive income

1,201,400

1,766,300

4,028,649

6,765,124

Comprehensive income attributable to noncontrolling interests

79,749

104,295

300,557

401,791

Comprehensive income attributable to Nucor stockholders

$ 1,121,651

$ 1,662,005

$ 3,728,092

$ 6,363,333

[1]	Includes $3,579 and $9,982 net-of-tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net gains on commodity contracts in the third quarter and first nine months of 2023, respectively. The tax impact of those reclassifications was $1,100 and $3,100 in the third quarter and first nine months of 2023, respectively.
[2]	Includes $(16,311) and $(36,837) net-of-tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net gains on commodity contracts in the third quarter and first nine months of 2022, respectively. The tax impact of those reclassifications was $(5,200) and $(11,700) in the third quarter and first nine months of 2022, respectively.

Accumulated Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Sep. 30, 2023

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 nine months ended September 30, 2023 and October 1, 2022 (in thousands):


	Three-Month (13-Week) Period Ended
	September 30, 2023
	Gains and (Losses) on			Foreign Currency			Adjustment to Early
	Hedging Derivatives			Gains (Losses)			Retiree Medical Plan		Total
Accumulated other comprehensive income (loss) at July 1, 2023	$	3,500		$	(149,071	)	$	16,599	$	(128,972	)
Other comprehensive income (loss) before reclassifications		(4,779	)		(18,655	)		-		(23,434	)
Amounts reclassified from accumulated other comprehensive income (loss) into earnings (1)		3,579			-			-		3,579
Net current-period other comprehensive income (loss)		(1,200	)		(18,655	)		-		(19,855	)
Accumulated other comprehensive income (loss) at September 30, 2023	$	2,300		$	(167,726	)	$	16,599	$	(148,827	)


	Nine-Month (39-Week) Period Ended
	September 30, 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		(33,782	)		12,490			-		(21,292	)
Amounts reclassified from accumulated other comprehensive income (loss) into earnings (1)		9,982			-			-		9,982
Net current-period other comprehensive income (loss)		(23,800	)		12,490			-		(11,310	)
Accumulated other comprehensive income (loss) at September 30, 2023	$	2,300		$	(167,726	)	$	16,599	$	(148,827	)

(1)

Includes $3,579 and $9,982 net-of-tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net gains on commodity contracts in the third quarter and first nine months of 2023, respectively. The tax impact of those reclassifications was $1,100 and $3,100 in the third quarter and first nine months of 2023, respectively.


	Three-Month (13-Week) Period Ended
	October 1, 2022
	Gains and (Losses) on			Foreign Currency			Adjustment to Early
	Hedging Derivatives			Gains (Losses)			Retiree Medical Plan		Total
Accumulated other comprehensive income (loss) at July 2, 2022	$	50,200		$	(129,484	)	$	8,474	$	(70,810	)
Other comprehensive income (loss) before reclassifications		27,411			(43,843	)		-		(16,432	)
Amounts reclassified from accumulated other comprehensive income (loss) into earnings (2)		(16,311	)		-			-		(16,311	)
Net current-period other comprehensive income (loss)		11,100			(43,843	)		-		(32,743	)
Accumulated other comprehensive income (loss) at October 1, 2022	$	61,300		$	(173,327	)	$	8,474	$	(103,553	)


	Nine-Month (39-Week) Period Ended
	October 1, 2022
	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, 2021	$	1,112		$	(124,868	)	$	8,474	$	(115,282	)
Other comprehensive income (loss) before reclassifications		97,025			(48,459	)		-		48,566
Amounts reclassified from accumulated other comprehensive income (loss) into earnings (2)		(36,837	)		-			-		(36,837	)
Net current-period other comprehensive income (loss)		60,188			(48,459	)		-		11,729
Accumulated other comprehensive income (loss) at October 1, 2022	$	61,300		$	(173,327	)	$	8,474	$	(103,553	)

Includes $(16,311) and $(36,837) net-of-tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net gains on commodity contracts in the third quarter and first nine months of 2022, respectively. The tax impact of those reclassifications was $(5,200) and $(11,700) in the third quarter and first nine months of 2022, respectively.

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2023

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 third quarter and first nine months of 2023 and 2022 are as follows (in thousands, except per share amounts):


	Three Months (13 Weeks) Ended						Nine Months (39 Weeks) Ended
	September 30, 2023			October 1, 2022			September 30, 2023			October 1, 2022
Basic net earnings per share:
Basic net earnings	$	1,141,506		$	1,694,748		$	3,739,402		$	6,351,604
Earnings allocated to participating securities		(4,501	)		(6,893	)		(13,788	)		(26,238	)
Net earnings available to common stockholders	$	1,137,005		$	1,687,855		$	3,725,614		$	6,325,366
Basic average shares outstanding		248,504			259,102			250,752			264,655
Basic net earnings per share	$	4.58		$	6.51		$	14.86		$	23.90
Diluted net earnings per share:
Diluted net earnings	$	1,141,506		$	1,694,748		$	3,739,402		$	6,351,604
Earnings allocated to participating securities		(4,488	)		(6,872	)		(13,747	)		(26,145	)
Net earnings available to common stockholders	$	1,137,018		$	1,687,876		$	3,725,655		$	6,325,459
Diluted average shares outstanding:
Basic average shares outstanding		248,504			259,102			250,752			264,655
Dilutive effect of stock options and other		412			424			427			584
		248,916			259,526			251,179			265,239
Diluted net earnings per share	$	4.57		$	6.50		$	14.83		$	23.85

Anti-dilutive Stock Options

The following stock options were excluded from the computation of diluted net earnings per share for the third quarter and first nine months of 2023 and 2022 because their effect would have been anti-dilutive (shares in thousands):


	Three Months (13 Weeks) Ended				Nine Months (39 Weeks) Ended
	September 30, 2023		October 1, 2022		September 30, 2023		October 1, 2022
Anti-dilutive stock options:
Weighted-average shares		-		98		-		33
Weighted-average exercise price	$	-	$	130.71	$	-	$	130.71

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 1,141,506	$ 1,694,748	$ 3,739,402	$ 6,351,604

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
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-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Paragraph 8
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 45
-Paragraph 7
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+ Details

Stock-Based Compensation

9 Months Ended

Sep. 30, 2023

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 nine months of 2023 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		837		$	66.76
Granted		91		$	133.03
Exercised		(181	)	$	57.10		$	20,865
Canceled		-		$	-
Outstanding at September 30, 2023		747		$	77.16	7.3 years	$	59,133
Stock options exercisable at September 30, 2023		462		$	48.31	6.4 years	$	49,910

Compensation expense for stock options was $0.4 million and $0.5 million in the third quarter of 2023 and 2022, respectively, and $4.3 million and $4.9 million in the first nine months of 2023 and 2022, respectively. As of September 30, 2023, unrecognized compensation expense related to stock options was $2.4 million, which we expect to recognize over a weighted-average period of 2.0 years.

Restricted Stock Units

A summary of Nucor’s restricted stock unit (“RSU”) activity for the first nine months of 2023 is as follows (shares in thousands):


	Shares			Grant Date Fair Value Per Share
Restricted stock units:
Unvested at beginning of year		1,003		$	98.66
Granted		831		$	133.03
Vested		(870	)	$	102.72
Canceled		(12	)	$	103.58
Unvested at September 30, 2023		952		$	124.91

Compensation expense for RSUs was $14.0 million and $16.3 million in the third quarter of 2023 and 2022, respectively, and $74.7 million and $67.2 million in the first nine months of 2023 and 2022, respectively. As of September 30, 2023, unrecognized compensation expense related to unvested RSUs was $97.6 million, which we expect to recognize over a weighted-average period of 1.5 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 nine months of 2023 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		209		$	108.55
Granted		414		$	171.38
Vested		(406	)	$	152.68
Canceled		(7	)	$	154.05
Unvested at September 30, 2023		210		$	145.55

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 $3.1 million and $8.9 million in the third quarter of 2023 and 2022, respectively, and $22.5 million and $27.7 million in the first nine months of 2023 and 2022, respectively. As of September 30, 2023, unrecognized compensation expense related to unvested restricted stock awards was $9.1 million, which we expect to recognize over a weighted-average period of 1.8 years.

Segments (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Segments

Nucor’s results by segment for the third quarter and first nine months of 2023 and 2022 were as follows (in thousands):


	Three Months (13 Weeks) Ended						Nine Months (39 Weeks) Ended
	September 30, 2023			October 1, 2022			September 30, 2023			October 1, 2022
Net sales to external customers:
Steel mills	$	5,091,479		$	5,908,153		$	15,636,508		$	19,682,829
Steel products		3,235,969			4,087,107			9,954,828			11,253,143
Raw materials		448,286			505,495			1,417,634			1,852,539
	$	8,775,734		$	10,500,755		$	27,008,970		$	32,788,511
Intercompany sales:
Steel mills	$	1,201,648		$	1,486,378		$	3,726,346		$	4,843,199
Steel products		132,481			139,146			333,099			391,141
Raw materials		2,894,079			3,690,120			9,653,600			11,382,329
Corporate/eliminations		(4,228,208	)		(5,315,644	)		(13,713,045	)		(16,616,669	)
	$	-		$	-		$	-		$	-
Earnings before income taxes and noncontrolling interests:
Steel mills	$	882,614		$	1,287,855		$	3,124,549		$	6,682,432
Steel products		806,731			1,196,845			2,788,322			3,011,644
Raw materials		71,367			279,189			267,918			638,640
Corporate/eliminations		(212,630	)		(440,967	)		(986,141	)		(1,621,277	)
	$	1,548,082		$	2,322,922		$	5,194,648		$	8,711,439


	September 30, 2023		December 31, 2022
Segment assets:
Steel mills	$	14,786,460	$	14,157,229
Steel products		11,199,598		12,087,145
Raw materials		3,287,907		3,383,114
Corporate/eliminations		4,993,821		2,851,722
	$	34,267,786	$	32,479,210

Inventories - Additional Information (Detail)	Sep. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials and supplies in inventory, percentage	37.00%	37.00%
Finished and semi-finished products in inventory, percentage	63.00%	63.00%

Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2023 shares
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
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	245,838,999