Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Schedule of Adjustments to Consolidated Financial Statements and Effect of Change in Accounting Principle from LIFO to FIFO on Net Earnings

As a result of the retrospective application of the change in accounting principle, certain financial statement line items in the Company’s consolidated balance sheet as of December 31, 2015 and its consolidated statements of earnings and consolidated statements of cash flows for 2015 and 2014 were adjusted as follows.

(in thousands, except per share data)	As Originally Reported			Effect of Change			As Adjusted
Consolidated Statement of Earnings for the year ended December 31, 2015:
Cost of products sold	$	14,858,014		$	467,372		$	15,325,386
Provision for income taxes		213,154			(164,318	)		48,836
Net earnings		496,084			(303,054	)		193,030
Earnings attributable to noncontrolling interests		138,425			(26,119	)		112,306
Net earnings attributable to Nucor stockholders		357,659			(276,935	)		80,724
Net earnings per share:
Basic	$	1.11		$	(0.86	)	$	0.25
Diluted	$	1.11		$	(0.86	)	$	0.25
Consolidated Statement of Earnings for the year ended December 31, 2014:
Cost of products sold	$	19,198,615		$	57,289		$	19,255,904
Provision for income taxes		388,787			(20,063	)		368,724
Net earnings		815,790			(37,226	)		778,564
Earnings attributable to noncontrolling interests		101,844			(2,617	)		99,227
Net earnings attributable to Nucor stockholders		713,946			(34,609	)		679,337
Net earnings per share:
Basic	$	2.22		$	(0.10	)	$	2.12
Diluted	$	2.22		$	(0.11	)	$	2.11
Consolidated Balance Sheet as of December 31, 2015:
Inventories, net	$	2,145,444		$	100,025		$	2,245,469
Deferred credits and other liabilities		718,613			36,161			754,774
Retained earnings		7,255,972			60,938			7,316,910
Consolidated Statement of Cash Flows for the year ended December 31, 2015:
Net earnings	$	496,084		$	(303,054	)	$	193,030
Changes in inventories		593,830			467,372			1,061,202
Changes in deferred income taxes		(82,518	)		(164,318	)		(246,836	)
Consolidated Statement of Cash Flows for the year ended December 31, 2014:
Net earnings	$	815,790		$	(37,226	)	$	778,564
Changes in inventories		(45,963	)		57,289			11,326
Changes in deferred income taxes		90,864			(20,063	)		70,801

The following table shows the effect of the change in accounting principle from LIFO to FIFO on net earnings, earnings attributable to noncontrolling interests, net earnings attributable to Nucor stockholders and the related basic and diluted earnings per share for the year ended December 31, 2016.

(in thousands, except per share data)	As Computed under LIFO		As Computed Under FIFO		Effect of Change
Consolidated Statement of Earnings for the year ended December 31, 2016:
Net earnings	$	810,304	$	900,416	$	90,112
Earnings attributable to noncontrolling interests		99,500		104,145		4,645
Net earnings attributable to Nucor stockholders		710,804		796,271		85,467
Net earnings per share:
Basic	$	2.22	$	2.48	$	0.26
Diluted	$	2.22	$	2.48	$	0.26