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 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 six months 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 between the steel mills segment, steel products segment, raw materials segment and 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 period presentation. These reclassifications did not have any impact on the consolidated asset balances nor did they 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 are as follows (in thousands):

Year Ended December 31,

2015

2014

2013

Net sales to external customers:

Steel mills

11,084,331

14,723,642

13,311,948

Steel products

3,966,895

4,032,385

3,607,333

Raw materials

1,388,050

2,349,114

2,132,765

16,439,276

21,105,141

19,052,046

Intercompany sales:

Steel mills

2,152,157

2,904,317

2,563,554

Steel products

90,969

105,383

97,090

Raw materials

6,279,316

9,618,145

9,116,860

Corporate/eliminations

(8,522,442

)

(12,627,845

)

(11,777,504

)

—

Depreciation expense:

Steel mills

381,352

366,568

332,258

Steel products

39,512

42,777

42,737

Raw materials

198,705

235,443

154,065

Corporate

6,188

7,212

6,792

625,757

652,000

535,852

Amortization expense:

Steel mills

18,789

15,269

13,911

Steel products

23,932

27,644

31,082

Raw materials

31,539

29,510

29,363

74,260

72,423

74,356

Earnings (loss) before income taxes and noncontrolling interests:

Steel mills

629,793

1,594,352

1,156,715

Steel products

276,048

166,323

82,129

Raw materials

(283,938

)

(29,053

)

13,686

Corporate/eliminations

87,335

(527,045

)

(461,407

)

709,238

1,204,577

791,123

Segment assets:

Steel mills

7,318,706

8,528,623

7,787,464

Steel products

2,485,122

2,731,320

2,710,597

Raw materials

3,123,190

3,858,254

3,896,331

Corporate/eliminations

1,323,381

497,730

808,891

14,250,399

15,615,927

15,203,283

Capital expenditures:

Steel mills

248,532

343,767

589,621

Steel products

41,291

27,262

22,472

Raw materials

74,607

197,252

610,745

Corporate

338

586

7,580

364,768

568,867

1,230,418

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

Year Ended December 31,

2015

2014

2013

Net sales to external customers:

Sheet

4,628,805

5,988,303

5,219,464

Bar

3,005,450

4,051,171

3,730,328

Structural

2,137,413

2,617,196

2,558,538

Plate

1,312,663

2,066,972

1,803,618

Steel products

3,966,895

4,032,385

3,607,333

Raw materials

1,388,050

2,349,114

2,132,765

16,439,276

21,105,141

19,052,046