Basis of Interim Presentation (Tables)

6 Months Ended

Jul. 01, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Adjustments to Condensed 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 condensed consolidated statements of earnings for the three- and six-month periods ended July 2, 2016 and condensed consolidated statement of cash flows (no impact on total cash provided by operating activities) for the six-month period ended July 2, 2016 were adjusted as follows:

(in thousands, except per share data)	As Originally Reported		Effect of Change			As Currently Reported
Condensed Consolidated Statement of Earnings for the Three Months (13 Weeks) Ended July 2, 2016:
Cost of products sold	$	3,679,512	$	(19,000	)	$	3,660,512
Provision for income taxes		112,548		5,967			118,515
Net earnings		258,336		13,033			271,369
Earnings attributable to noncontrolling interests		24,564		3,185			27,749
Net earnings attributable to Nucor stockholders		233,772		9,848			243,620
Net earnings per share:
Basic	$	0.73	$	0.03		$	0.76
Diluted	$	0.73	$	0.03		$	0.76

(in thousands, except per share data)	As Originally Reported			Effect of Change			As Currently Reported
Condensed Consolidated Statement of Earnings for the Six Months (26 Weeks) Ended July 2, 2016:
Cost of products sold	$	7,108,140		$	(47,037	)	$	7,061,103
Provision for income taxes		149,613			15,968			165,581
Net earnings		362,797			31,069			393,866
Earnings attributable to noncontrolling interests		58,271			4,410			62,681
Net earnings attributable to Nucor stockholders		304,526			26,659			331,185
Net earnings per share:
Basic	$	0.95		$	0.08		$	1.03
Diluted	$	0.95		$	0.08		$	1.03
(in thousands)
Condensed Consolidated Statement of Cash Flows for the Six Months (26 Weeks) Ended July 2, 2016:
Net earnings	$	362,797		$	31,069		$	393,866
Changes in inventories		(136,019	)		(47,037	)		(183,056	)
Changes in deferred income taxes		(4,281	)		15,968			11,687