Derivative Financial Instruments

12 Months Ended

Dec. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

13. Derivative Financial Instruments

The following tables summarize information regarding Nucor’s derivative instruments (in thousands):

			Fair Value at
Fair Value of Derivative Instruments			December 31,
	Consolidated Balance Sheet Location		2018			2017
Asset derivatives designated as hedging instruments:
Commodity contracts		Other current assets	$	100		$	—
Asset derivatives not designated as hedging instruments:
Commodity contracts		Other current assets		2,617			—
Foreign exchange contracts		Other current assets		2,055			479
Total asset derivatives not designated as hedging instruments				4,672			479
Total asset derivatives			$	4,772		$	479
Liability derivatives designated as hedging instruments:
Commodity contracts		Accrued expenses and other current liabilities	$	—		$	(2,100	)
Commodity contracts		Deferred credits and other liabilities		(8,600	)		(2,400	)
Total liability derivatives designated as hedging instruments				(8,600	)		(4,500	)
Liability derivatives not designated as hedging instruments:
Commodity contracts		Accrued expenses and other current liabilities		—			(4,031	)
Total liability derivatives			$	(8,600	)	$	(8,531	)

The Effect of Derivatives Instruments on the Consolidated Statements of Earnings

Derivatives Designated as Hedging Instruments for the Year Ended December 31, (in thousands)
Derivatives in Cash Flow Hedging Relationships	Statement of Earnings Location	Amount of Gain or (Loss), net of tax, Recognized in OCI on Derivatives (Effective Portion)								Amount of Gain or (Loss), net of tax, Reclassified from Accumulated OCI into Earnings on Derivatives (Effective Portion)								Amount of Gain or (Loss), net of tax, Recognized in Earnings on Derivatives (Ineffective Portion)
		2018			2017			2016		2018		2017			2016			2018		2017		2016
Commodity contracts	Cost of products sold	$	(3,568	)	$	(4,523	)	$	2,570	$	132	$	(973	)	$	(9,880	)	$	—	$	—	$	—

Derivatives Not Designated as Hedging Instruments for the Year Ended December 31, (in thousands)
Derivatives Not Designated as Hedging Instruments	Statement of Earnings Location		Amount of Gain or (Loss) Recognized in Earnings on Derivatives
			2018		2017			2016
Commodity contracts		Cost of products sold	$	14,572	$	(11,973	)	$	(3,251	)
Foreign exchange contracts		Cost of products sold		3,609		(3,344	)		238
Total			$	18,181	$	(15,317	)	$	(3,013	)

At December 31, 2018, natural gas swaps covering approximately 47.0 million MMBTUs (extending through December 2022) were outstanding.