EX-12 2 d606820dex12.htm EX-12 EX-12

Exhibit 12

Nucor Corporation

2013 Form 10-Q

 

     Computation of Ratio of Earnings to Fixed Charges              
                 Nine Months     Nine Months  
     Year-ended December 31,     Ended     Ended  
           September 28,     September 29,  
     2008     2009     2010     2011     2012     2013     2012  
     (In thousands, except ratios)        

Earnings

              

Earnings/(loss) before income taxes and noncontrolling interests

   $ 3,104,391      $ (413,978   $ 267,115      $ 1,251,812      $ 852,940      $ 553,862      $ 633,030   

Plus: (earnings)/losses from equity investments

     36,920        82,341        32,082        10,043        13,323        (2,665     9,093   

Plus: fixed charges (includes interest expense and amortization of bond issuance costs and settled swaps and estimated interest on rent expense)

     146,360        168,317        163,626        183,541        179,169        118,302        140,442   

Plus: amortization of capitalized interest

     300        962        2,332        2,724        2,550        2,135        2,483   

Plus: distributed income of equity investees

     20,117        7,373        4,923        3,883        9,946        7,708        3,884   

Less: interest capitalized

     (10,020     (16,390     (940     (3,509     (4,715     (4,510     (7,393

Less: pre-tax earnings in noncontrolling interests in subsidiaries that have not incurred fixed charges

     (314,277     (57,865     (73,110     (83,591     (88,507     (77,582     (65,160
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total earnings/(loss) before fixed charges

   $ 2,983,791      $ (229,240   $ 396,028      $ 1,364,903      $ 964,706      $ 597,250      $ 716,379   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fixed charges

              

Interest cost and amortization of bond issuance and settled swaps

   $ 144,845      $ 166,313      $ 162,213      $ 182,321      $ 178,218      $ 117,487      $ 139,647   

Estimated interest on rent expense

     1,515        2,004        1,413        1,220        951        815        795   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total fixed charges

   $ 146,360      $ 168,317      $ 163,626      $ 183,541      $ 179,169      $ 118,302      $ 140,442   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratio of earnings to fixed charges

     20.39        *        2.42        7.44        5.38        5.05        5.10   

 

* Earnings for the year ended December 31, 2009 were inadequate to cover fixed charges. The coverage deficiency was $397,557.