Segments

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segments

22. 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 businesses; rebar distribution businesses; and Nucor’s equity method investments in NuMit and NJSM (the latter of which Nucor acquired an additional 1% interest in the fourth quarter of 2023, bringing our total equity ownership to a 51% controlling interest). 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, steel grating, tubular products businesses, steel racking, piling products business, wire and wire mesh, overhead doors, 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, two facilities that produce direct reduced iron used by the steel mills; and our natural gas production operations.

Corporate/eliminations include items such as net interest expense on long-term debt, 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 were as follows (in thousands):

	Year Ended December 31,
	2023			2022			2021
Net sales to external customers:
Steel mills	$	20,092,662		$	24,189,858		$	24,145,396
Steel products		12,758,939			15,060,328			9,727,943
Raw materials		1,861,900			2,262,281			2,610,600
	$	34,713,501		$	41,512,467		$	36,483,939
Intercompany sales:
Steel mills	$	4,812,479		$	5,859,367		$	6,297,688
Steel products		455,816			547,219			360,063
Raw materials		12,363,577			13,715,176			15,762,685
Corporate/eliminations		(17,631,872	)		(20,121,762	)		(22,420,436	)
	$	—		$	—		$	—
Depreciation expense:
Steel mills	$	610,510		$	529,005		$	465,733
Steel products		131,189			115,501			99,248
Raw materials		173,657			171,060			159,886
Corporate		15,229			11,126			10,539
	$	930,585		$	826,692		$	735,406
Amortization expense:
Steel mills	$	7,829		$	7,829		$	7,829
Steel products		202,129			199,379			93,160
Raw materials		27,772			27,734			28,168
	$	237,730		$	234,942		$	129,157
Earnings before income taxes and noncontrolling    interests:
Steel mills	$	3,712,470		$	7,199,087		$	9,735,020
Steel products		3,443,950			4,093,105			1,291,450
Raw materials		253,506			496,823			549,956
Corporate/eliminations		(1,137,169	)		(1,544,171	)		(2,375,568	)
	$	6,272,757		$	10,244,844		$	9,200,858
Segment assets:
Steel mills	$	15,407,266		$	14,157,229		$	13,235,463
Steel products		10,914,870			12,087,145			7,845,010
Raw materials		3,546,759			3,383,114			3,870,806
Corporate/eliminations		5,471,604			2,851,722			871,793
	$	35,340,499		$	32,479,210		$	25,823,072
Capital expenditures:
Steel mills	$	1,440,478		$	1,453,277		$	1,336,276
Steel products		367,170			267,128			187,152
Raw materials		352,642			181,680			128,765
Corporate		54,920			50,380			48,171
	$	2,215,210		$	1,952,465		$	1,700,364

Net sales by product were as follows (in thousands). Further product group breakdown is impracticable.

	Year Ended December 31,
	2023		2022		2021
Net sales to external customers:
Sheet	$	9,146,676	$	11,437,799	$	12,675,679
Bar		5,993,751		7,031,798		6,039,187
Structural		2,429,211		2,928,072		2,597,768
Plate		2,523,024		2,792,188		2,832,762
Tubular Products		1,588,211		1,944,532		2,194,732
Rebar Fabrication		2,181,929		2,205,960		1,794,658
Joist		2,211,965		2,958,235		1,351,235
Deck		1,712,474		2,392,438		1,167,162
Other Steel Products		5,064,360		5,559,164		3,220,155
Raw Materials		1,861,900		2,262,281		2,610,601
	$	34,713,501	$	41,512,467	$	36,483,939