Segments

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Segments

23. 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. 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 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 are as follows (in thousands):

	Year Ended December 31,
	2019			2018			2017
Net sales to external customers:
Steel mills	$	13,933,950		$	16,245,218		$	12,929,709
Steel products		6,990,064			6,796,501			5,579,744
Raw materials		1,664,844			2,025,560			1,742,940
	$	22,588,858		$	25,067,279		$	20,252,393
Intercompany sales:
Steel mills	$	3,304,437		$	3,924,160		$	2,916,017
Steel products		233,728			207,003			118,249
Raw materials		8,784,397			11,460,645			9,191,081
Corporate/eliminations		(12,322,562	)		(15,591,808	)		(12,225,347	)
	$	—		$	—		$	—
Depreciation expense:
Steel mills	$	401,609		$	378,146		$	377,210
Steel products		85,276			80,681			76,992
Raw materials		151,124			161,666			172,699
Corporate		10,902			10,386			8,932
	$	648,911		$	630,879		$	635,833
Amortization expense:
Steel mills	$	8,624		$	9,400		$	9,706
Steel products		49,914			51,997			52,597
Raw materials		27,204			27,361			28,925
	$	85,742		$	88,758		$	91,228
Earnings (loss) before income taxes and noncontrolling    interests:
Steel mills	$	1,790,694		$	3,500,085		$	1,953,075
Steel products		511,145			467,105			337,978
Raw materials		(28,244	)		236,241			129,296
Corporate/eliminations		(490,788	)		(974,040	)		(670,392	)
	$	1,782,807		$	3,229,391		$	1,749,957
Segment assets:
Steel mills	$	9,283,216		$	9,244,086		$	7,671,217
Steel products		4,610,628			4,734,636			4,323,907
Raw materials		3,316,479			3,492,126			3,396,110
Corporate/eliminations		1,134,343			449,740			450,024
	$	18,344,666		$	17,920,588		$	15,841,258
Capital expenditures:
Steel mills	$	1,133,089		$	720,310		$	336,760
Steel products		93,848			88,585			90,952
Raw materials		244,818			169,926			59,036
Corporate		40,315			18,435			20,326
	$	1,512,070		$	997,256		$	507,074

Net sales by product were as follows (in thousands). Further product group breakdown is impracticable.

	Year Ended December 31,
	2019		2018		2017
Net sales to external customers:
Sheet	$	6,450,506	$	7,571,765	$	6,407,974
Bar		4,106,640		4,709,292		3,558,806
Structural		1,573,248		1,830,476		1,317,995
Plate		1,803,556		2,133,685		1,644,934
Tubular Products		1,207,398		1,347,577		917,235
Rebar Fabrication		1,666,445		1,496,194		1,306,418
Other Steel Products		4,116,221		3,952,730		3,356,091
Raw Materials		1,664,844		2,025,560		1,742,940
	$	22,588,858	$	25,067,279	$	20,252,393