17.

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, primarily 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. 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. During the first quarter of 2015, the Company performed certain internal reorganization activities. In connection with this process, the financial information utilized by the Chief Operating Decision Maker when assessing segment performance and making resource allocations was adjusted in a way that affected how certain assets are grouped. This resulted in certain assets being reclassified from the steel mills and steel products segments to corporate/eliminations in order to align with the approach management uses to assess the performance of those segments. The segment data for the comparable periods has also been reclassified in order to conform to the current year presentation. This reclassification did not have any impact on the consolidated asset balances nor did it impact any segment income statement amounts.

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, allowances to eliminate intercompany profit in inventory, 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 were as follows (in thousands):


	Three Months (13 Weeks) Ended
	April 4, 2015			April 5, 2014
Net sales to external customers:
Steel mills	$	3,053,339		$	3,607,764
Steel products		921,384			874,169
Raw materials		424,717			626,511

	$	4,399,440		$	5,108,444

Intercompany sales:
Steel mills	$	574,983		$	708,866
Steel products		19,497			21,500
Raw materials		1,832,918			2,528,006
Corporate/eliminations		(2,427,398	)		(3,258,372	)

	$	—		$	—

Earnings (loss) before income taxes and noncontrolling interests:
Steel mills	$	217,128		$	317,797
Steel products		32,458			1,720
Raw materials		(41,497	)		8,359
Corporate/eliminations		(89,044	)		(120,375	)

	$	119,045		$	207,501


	April 4, 2015			December 31, 2014
Segment assets:
Steel mills	$	8,008,557		$	8,535,910
Steel products		2,629,853			2,711,798
Raw materials		3,741,180			3,927,159
Corporate/eliminations		475,848			441,060

	$	14,855,438		$	15,615,927