Debt and Other Financing Arrangements

12 Months Ended

Dec. 31, 2016

11. Debt and Other Financing Arrangements


	(in thousands) December 31,
	2016		2015
Industrial revenue bonds:
0.30% to 1.00%, variable, due from 2020 to 2040	$	1,010,600	$	1,010,600
Notes, 5.75%, due 2017		600,000		600,000
Notes, 5.85%, due 2018		500,000		500,000
Notes, 4.125%, due 2022		600,000		600,000
Notes, 4.0%, due 2023		500,000		500,000
Notes, 6.40%, due 2037		650,000		650,000
Notes, 5.20%, due 2043		500,000		500,000

Total long-term debt		4,360,600		4,360,600
Less debt issuance costs		21,459		23,455

Total amounts outstanding		4,339,141		4,337,145
Less current maturities		600,000		—

Total long-term debt due after one year	$	3,739,141	$	4,337,145

Annual aggregate long-term debt maturities are: $600.0 million in 2017, $500.0 million in 2018, none in 2019, $20.0 million in 2020, none in 2021 and $3.241 billion thereafter.

Nucor has a $1.50 billion unsecured revolving credit facility that matures in April 2021. The unsecured revolving credit facility provides up to $1.50 billion in revolving loans and allows up to $500.0 million in additional commitments at Nucor’s election in accordance with the terms set forth in the credit agreement. Up to the equivalent of $850.0 million of the credit facility is available for foreign currency loans, up to $100.0 million is available for the issuance of letters of credit and up to $500.0 million is available for the issuance of revolving loans for Nucor subsidiaries in accordance with terms set forth in the credit agreement. The credit facility provides for a pricing grid based upon the credit rating of Nucor’s senior unsecured long-term debt and, alternatively, interest rates quoted by lenders in connection with competitive bidding. The credit facility includes customary financial and other covenants, including a limit on the ratio of funded debt to capital of 60%, a limit on Nucor’s ability to pledge the Company’s assets and a limit on consolidations, mergers and sales of assets. As of December 31, 2016, Nucor’s funded debt to total capital ratio was 35%, and Nucor was in compliance with all covenants under the credit facility. No borrowings were outstanding under the credit facility as of December 31, 2016 and 2015.

Harris Steel has credit facilities totaling approximately $26.2 million, with no outstanding borrowings at December 31, 2016 ($25.1 million at December 31, 2015). In addition, the business of Nucor Trading S.A. is financed by uncommitted trade credit arrangements with a number of European banking institutions. As of December 31, 2016, Nucor Trading S.A. had outstanding borrowings of $18.0 million, which is presented in short-term debt in the consolidated balance sheets ($51.3 million at December 31, 2015).

Letters of credit totaling $41.2 million were outstanding as of December 31, 2016 ($58.0 million as of December 31, 2015), related to certain obligations, including workers’ compensation, utilities deposits and credit arrangements by Nucor Trading S.A. for commitments to purchase inventories.