Segments

9 Months Ended

Sep. 28, 2019

16.

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 trading businesses; rebar distribution businesses; and Nucor’s equity method investments in Duferdofin Nucor, NuMit and Nucor-JFE. The steel products segment includes steel joists and joist girders, steel deck, fabricated concrete reinforcing steel, cold finished steel, precision castings, steel fasteners, metal building systems, steel grating, tubular products businesses, piling products business, and wire and wire mesh. The raw materials segment includes The David J. Joseph Company and its affiliates, primarily a scrap broker and processor; Nu-Iron Unlimited and Nucor Steel Louisiana, two facilities that produce direct reduced iron used by the steel mills; and our natural gas production operations.

Net interest expense on long-term debt, charges and credits associated with changes in allowances to eliminate intercompany profit in inventory, 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.

Nucor’s results by segment for the third quarter and first nine months of 2019 and 2018 were as follows (in thousands):

	Three Months (13 Weeks) Ended						Nine Months (39 Weeks) Ended
	Sept. 28, 2019			Sept. 29, 2018			Sept. 28, 2019			Sept. 29, 2018
Net sales to external customers:
Steel mills	$	3,244,473		$	4,401,610		$	10,897,322		$	12,151,843
Steel products		1,820,359			1,849,218			5,225,064			5,056,299
Raw materials		399,670			491,374			1,334,726			1,563,253
	$	5,464,502		$	6,742,202		$	17,457,112		$	18,771,395
Intercompany sales:
Steel mills	$	825,237		$	1,055,093		$	2,542,008		$	3,019,199
Steel products		57,517			56,185			174,718			142,862
Raw materials		2,063,167			2,923,196			6,917,523			8,687,408
Corporate/eliminations		(2,945,921	)		(4,034,474	)		(9,634,249	)		(11,849,469	)
	$	-		$	-		$	-		$	-
Earnings (loss) before income taxes and noncontrolling interests:
Steel mills	$	309,939		$	1,095,360		$	1,578,257		$	2,617,647
Steel products		170,214			138,688			363,731			380,268
Raw materials		(10,599	)		(29,074	)		64,333			180,468
Corporate/eliminations		(89,215	)		(282,472	)		(401,744	)		(826,268	)
	$	380,339		$	922,502		$	1,604,577		$	2,352,115

	Sept. 28, 2019		Dec. 31, 2018
Segment assets:
Steel mills	$	9,117,610	$	9,244,086
Steel products		4,730,410		4,734,636
Raw materials		3,225,367		3,492,126
Corporate/eliminations		1,432,878		449,740
	$	18,506,265	$	17,920,588