Fair Value Measurements

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

14. Fair Value Measurements

The following table summarizes information regarding Nucor’s financial assets and liabilities that are measured at fair value. Nucor does not have any non-financial assets or liabilities that are measured at fair value on a recurring basis.

				(in thousands)
				Fair Value Measurements at Reporting Date Using
				Quoted Prices
				in Active		Significant
	Carrying			Markets for		Other			Significant
	Amount in			Identical		Observable			Unobservable
	Consolidated			Assets		Inputs			Inputs
Description	Balance Sheets			(Level 1)		(Level 2)			(Level 3)
As of December 31, 2023
Assets:
Cash equivalents	$	5,724,549		$	5,724,549	$	—		$	—
Short-term investments		747,479			747,479		—			—
Derivative contracts		—			—		—			—
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	)	$	—
As of December 31, 2022
Assets:
Cash equivalents	$	3,182,631		$	3,182,631	$	—		$	—
Short-term investments		576,946			576,946		—			—
Derivative contracts		34,400			—		34,400			—
Restricted cash and cash    equivalents		80,368			80,368		—			—
Total assets	$	3,874,345		$	3,839,945	$	34,400		$	—
Liabilities:
Derivative contracts	$	(1,370	)	$	—	$	(1,370	)	$	—

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 of Nucor's investments in privately held companies, most of which is 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 $6.22 billion at December 31, 2023 (approximately $5.93 billion at December 31, 2022). The debt fair value estimates are classified under Level 2 because such estimates are based on readily available market prices of our debt at December 31, 2023 and 2022, or similar debt with the same maturities, ratings and interest rates.