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 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.

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. The balance of Corporate assets at December 31, 2015, was adjusted due to the adoption of new accounting guidance requiring the reclassification of debt issuance costs into liabilities in the first quarter of 2016 (see Note 1).

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


	Three Months (13 Weeks) Ended
	April 2, 2016			April 4, 2015
Net sales to external customers:
Steel mills	$	2,634,589		$	3,053,339
Steel products		828,376			921,384
Raw materials		252,611			424,717

	$	3,715,576		$	4,399,440

Intercompany sales:
Steel mills	$	470,263		$	574,983
Steel products		21,206			19,497
Raw materials		1,171,362			1,832,918
Corporate/eliminations		(1,662,831	)		(2,427,398	)

	$	—		$	—

Earnings (loss) before income taxes and noncontrolling interests:
Steel mills	$	279,835		$	217,128
Steel products		42,367			32,458
Raw materials		(63,372	)		(41,497	)
Corporate/eliminations		(117,304	)		(89,044	)

	$	141,526		$	119,045


	April 2, 2016			December 31, 2015
Segment assets:
Steel mills	$	7,250,347		$	7,318,706
Steel products		2,424,125			2,485,122
Raw materials		3,187,327			3,123,190
Corporate/eliminations		1,533,305			1,299,926

	$	14,395,104		$	14,226,944