18.

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; tubular products businesses; 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 The David J. Joseph Company and its affiliates (DJJ), primarily a scrap broker and processor; Nu-Iron Unlimited and Nucor Steel Louisiana, two facilities that produce direct reduced iron (DRI) used by the steel mills; our natural gas production operations; and Nucor’s equity method investment in Hunter Ridge Energy Services LLC (Hunter Ridge). Nucor sold its 50% interest in Hunter Ridge during the third quarter of 2016. 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 and stock-based compensation 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 and investments in and advances to affiliates. The balance of earnings (loss) before income taxes and noncontrolling interests as of and for the period ended April 2, 2016 was adjusted due to the change in accounting principle from LIFO to FIFO for certain inventories (see Note 1).

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


	Three Months (13 Weeks) Ended
	April 1, 2017			April 2, 2016
Net sales to external customers:
Steel mills	$	3,542,789		$	2,634,589
Steel products		860,075			828,376
Raw materials		412,315			252,611

	$	4,815,179		$	3,715,576

Intercompany sales:
Steel mills	$	660,918		$	470,263
Steel products		27,143			21,206
Raw materials		2,178,639			1,171,362
Corporate/eliminations		(2,866,700	)		(1,662,831	)

	$	—		$	—

Earnings (loss) before income taxes and noncontrolling interests:
Steel mills	$	684,161		$	280,372
Steel products		26,922			42,367
Raw materials		26,391			(63,372	)
Corporate/eliminations		(188,499	)		(89,804	)

	$	548,975		$	169,563


	April 1, 2017			December 31, 2016
Segment assets:
Steel mills	$	9,054,369		$	8,084,773
Steel products		2,596,029			2,544,344
Raw materials		3,395,099			3,235,237
Corporate/eliminations		829,963			1,359,164

	$	15,875,460		$	15,223,518