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Segments
 12 Months Ended
Dec. 31, 2013
Segments
23. 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 foundation distributors; steel trading businesses; rebar distribution businesses; 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, steel grating and expanded metal, and wire and wire mesh. The raw materials segment includes DJJ, a scrap broker and processor; Nu-Iron Unlimited and Nucor Steel Louisiana, two facilities that produce DRI used by the steel mills; our natural gas working interests; and Nucor’s equity method investment in Hunter Ridge. Previously, Nucor’s steel trading businesses and rebar distribution businesses were reported in an “All other” category. Beginning in the first quarter of 2013, these businesses were reclassified to the steel mills segment as part of a realignment of Nucor’s reportable segments to better reflect the way in

which they are managed. The segment data for the comparable periods has also been reclassified into the steel mills segment in order to conform to the current year presentation. The steel mills, steel products and raw materials 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. Additionally, the composition of assets by segment at December 31, 2012 and December 31, 2011 was reclassified to conform with the current year presentation. This reclassification between segments did not have any impact on the consolidated asset balances.

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 and state income taxes receivable, the LIFO reserve and investments in and advances to affiliates.

 

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

 

     Year Ended December 31,  
     2013     2012     2011  

Net sales to external customers:

  

    

Steel mills

    $ 13,311,948      $ 13,781,797      $ 14,463,683   

Steel products

      3,607,333        3,738,381        3,431,490   

Raw materials

      2,132,765        1,909,095        2,128,391   
  

 

 

    

 

 

    

 

 

  
   $ 19,052,046      $ 19,429,273      $ 20,023,564   
  

 

 

    

 

 

    

 

 

  

Intercompany sales:

       

Steel mills

    $ 2,563,554      $ 2,609,411      $ 2,430,459   

Steel products

      97,090        71,277        55,646   

Raw materials

      9,116,860        9,514,163        10,436,379   

Corporate/eliminations

      (11,777,504 )      (12,194,851 )      (12,922,484 ) 
  

 

 

    

 

 

    

 

 

  
   $ —        $ —        $ —     
  

 

 

    

 

 

    

 

 

  

Depreciation expense:

       

Steel mills

    $ 332,258      $ 366,182      $ 372,040   

Steel products

      42,737        47,948        53,272   

Raw materials

      154,065        112,939        92,250   

Corporate

      6,792        6,941        5,009   
  

 

 

    

 

 

    

 

 

  
   $ 535,852      $ 534,010      $ 522,571   
  

 

 

    

 

 

    

 

 

  

Amortization expense:

       

Steel mills

    $ 13,911      $ 8,750      $ 871   

Steel products

      31,082        35,152        38,743   

Raw materials

      29,363        29,109        28,215   

Corporate

      —          —          —     
  

 

 

    

 

 

    

 

 

  
   $ 74,356      $ 73,011      $ 67,829   
  

 

 

    

 

 

    

 

 

  

Earnings (loss) before income taxes and
noncontrolling interests:

   

    

Steel mills

    $ 1,156,715      $ 1,162,270      $ 1,813,155   

Steel products

      82,129        (17,140 )      (60,282 ) 

Raw materials

      13,686        55,264        156,180   

Corporate/eliminations

      (461,407 )      (347,454 )      (657,241 ) 
  

 

 

    

 

 

    

 

 

  
   $ 791,123      $ 852,940      $ 1,251,812   
  

 

 

    

 

 

    

 

 

  

Segment assets:

       

Steel mills

    $ 8,365,023      $ 7,894,974      $ 6,634,268   

Steel products

      2,861,403        2,935,146        2,972,004   

Raw materials

      3,956,913        3,400,690        2,946,549   

Corporate/eliminations

      19,944        (78,751 )      2,017,529   
  

 

 

    

 

 

    

 

 

  
   $ 15,203,283      $ 14,152,059      $ 14,570,350   
  

 

 

    

 

 

    

 

 

  

Capital expenditures:

       

Steel mills

    $ 589,621      $ 369,463      $ 181,193   

Steel products

      22,472        31,698        20,918   

Raw materials

      610,745        604,312        245,337   

Corporate

      7,580        13,861        3,179   
  

 

 

    

 

 

    

 

 

  
   $ 1,230,418      $ 1,019,334      $ 450,627   
  

 

 

    

 

 

    

 

 

  

 

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

 

     Year Ended December 31,  
     2013      2012      2011  

Net sales to external customers:

         

Sheet

    $ 5,219,464       $ 5,540,868       $ 5,967,756   

Bar

      3,730,328         3,999,911         4,237,154   

Structural

      2,558,538         2,301,778         2,049,907   

Plate

      1,803,618         1,939,240         2,208,866   

Steel products

      3,607,333         3,738,381         3,431,490   

Raw materials

      2,132,765         1,909,095         2,128,391   
  

 

 

     

 

 

     

 

 

  
   $ 19,052,046       $ 19,429,273       $ 20,023,564