Segments

12 Months Ended

Dec. 31, 2011

Segments [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, and Nucor's equity method investments in Duferdofin Nucor and NuMit. The steel products segment includes steel joists and joist girders, steel deck, fabricated concrete reinforcing steel, cold finished steel, steel fasteners, metal building systems, light gauge steel framing, steel grating and expanded metal, and wire and wire mesh. The raw materials segment includes DJJ, a scrap broker and processor; Nu-Iron Unlimited, a facility that produces DRI used by the steel mills; a DRI facility under construction in Louisiana; and certain equity method investments. The "All other" category primarily includes Nucor's steel trading businesses. The segments are consistent with the way Nucor manages its business, which is primarily based upon the similarity of the types of products produced and sold by each segment.

Net interest expense, other income, profit sharing expense, stock-based compensation and changes in the LIFO reserve are shown under Corporate/eliminations. Corporate assets primarily include cash and cash equivalents, short-term investments, restricted cash and investments, allowances to eliminate intercompany profit in inventory, fair value of natural gas hedges, deferred income tax assets, federal income taxes receivable, the LIFO reserve and investments in and advances to affiliates.

Nucor's segment results are as follows (in thousands):

	Year Ended December 31,
	2011			2010			2009
Net sales to external customers:
Steel mills	$	13,960,245		$	10,860,760		$	7,159,512
Steel products		3,431,490			2,831,209			2,691,322
Raw materials		2,128,391			1,814,329			1,076,964
All other		503,438			338,329			262,498
	$	20,023,564		$	15,844,627		$	11,190,296
Intercompany sales:
Steel mills	$	2,405,590		$	1,719,937		$	1,027,167
Steel products		55,646			43,565			27,453
Raw materials		10,436,379			8,052,986			3,402,084
All other		24,869			8,616			10,888
Corporate/eliminations		(12,922,484	)		(9,825,104	)		(4,467,592	)
	$	—		$	—		$	—
Depreciation expense:
Steel mills	$	371,984		$	370,458		$	357,722
Steel products		53,272			58,429			57,988
Raw materials		92,250			78,308			75,699
All other		56			90			105
Corporate		5,009			4,862			2,521
	$	522,571		$	512,147		$	494,035
Amortization expense:
Steel mills	$	—		$	262		$	400
Steel products		38,743			40,745			40,705
Raw materials		28,215			28,577			30,412
All other		871			871			871
Corporate		—			—			—
	$	67,829		$	70,455		$	72,388
Earnings (loss) before income taxes and noncontrolling interests:
Steel mills	$	1,703,933		$	778,946		$	(350,372	)
Steel products		(60,282	)		(173,433	)		(112,800	)
Raw materials		150,029			106,317			(76,965	)
All other		4,296			4,344			(14,130	)
Corporate/eliminations		(546,164	)		(449,059	)		140,289
	$	1,251,812		$	267,115		$	(413,978	)
Segment assets:
Steel mills	$	6,243,965		$	5,969,846		$	5,446,028
Steel products		2,903,281			2,835,812			2,707,678
Raw materials		2,916,226			2,710,544			2,417,649
All other		152,107			170,174			138,286
Corporate/eliminations		2,354,771			2,235,534			1,862,263
	$	14,570,350		$	13,921,910		$	12,571,904
Capital expenditures:
Steel mills	$	181,178		$	186,236		$	217,690
Steel products		20,918			21,321			37,601
Raw materials		245,337			125,536			113,000
All other		15			24			74
Corporate		3,179			12,177			22,135
	$	450,627		$	345,294		$	390,500

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

	Year Ended December 31,
	2011		2010		2009
Net sales to external customers:
Sheet	$	5,967,756	$	4,952,236	$	2,877,140
Bar		3,733,716		2,668,706		2,042,471
Structural		2,049,907		1,633,203		1,275,795
Plate		2,208,866		1,606,615		964,106
Steel products		3,431,490		2,831,209		2,691,322
Raw materials		2,128,391		1,814,329		1,076,964
All other		503,438		338,329		262,498
	$	20,023,564	$	15,844,627	$	11,190,296