0001564590-20-019042.txt : 20200428 0001564590-20-019042.hdr.sgml : 20200428 20200428102041 ACCESSION NUMBER: 0001564590-20-019042 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20200428 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200428 DATE AS OF CHANGE: 20200428 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NUCOR CORP CENTRAL INDEX KEY: 0000073309 STANDARD INDUSTRIAL CLASSIFICATION: STEEL WORKS, BLAST FURNACES ROLLING MILLS (COKE OVENS) [3312] IRS NUMBER: 131860817 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-04119 FILM NUMBER: 20822868 BUSINESS ADDRESS: STREET 1: 1915 REXFORD RD CITY: CHARLOTTE STATE: NC ZIP: 28211 BUSINESS PHONE: 7043667000 MAIL ADDRESS: STREET 1: 1915 REXFORD ROAD CITY: CHARLOTTE STATE: NC ZIP: 28211 FORMER COMPANY: FORMER CONFORMED NAME: NUCLEAR CORP OF AMERICA INC DATE OF NAME CHANGE: 19680911 FORMER COMPANY: FORMER CONFORMED NAME: AZTEC MECHANICAL CONTRACTORS INC DATE OF NAME CHANGE: 19660629 8-K 1 nue-8k_20200428.htm NUE: 8-K nue-8k_20200428.htm
false 0000073309 0000073309 2020-04-28 2020-04-28

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 28, 2020

 

NUCOR CORPORATION

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware

1-4119

13-1860817

(State or Other Jurisdiction

of Incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

 

 

 

1915 Rexford Road,

Charlotte, NC

 

28211

(Address of Principal Executive Offices)

 

(Zip Code)

Registrant’s Telephone Number, Including Area Code: (704) 366-7000

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, par value $0.40 per share

 

NUE

 

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

 

Item 2.02.Results of Operations and Financial Condition.

On April 28, 2020, Nucor Corporation issued a news release reporting its financial results for the quarter ended April 4, 2020. A copy of the news release is furnished as Exhibit 99.1 and incorporated herein by reference.

Item 9.01.Financial Statements and Exhibits.

             (d) Exhibits

 

99.1

 

News Release of Nucor Corporation dated April 28, 2020

104

 

Cover Page from this Current Report on Form 8-K, formatted in Inline XBRL (included in Exhibit 101)

 

The information contained in this Current Report on Form 8-K, including the exhibits attached hereto, is being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. Furthermore, the information contained in this Current Report on Form 8-K shall not be deemed to be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in any such registration statement or other document.

1

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

NUCOR CORPORATION

 

 

 

 

Date: April 28, 2020

 

By:

/s/ James D. Frias

 

 

 

James D. Frias

 

 

 

Chief Financial Officer, Treasurer and Executive

Vice President

 

 

2

 EX-99.1 2 nue-ex991_6.htm EX-99.1 nue-ex991_6.htm

Exhibit 99.1

 

News Release                                          

 

Nucor Reports Results for First Quarter of 2020 and Provides Update on COVID-19 Impacts

 

CHARLOTTE, N.C. – April 28, 2020 - Nucor Corporation (NYSE: NUE) today announced consolidated net earnings of $20.3 million, or $0.07 per diluted share, for the first quarter of 2020. Included in the first quarter of 2020 results are losses on assets of $287.8 million, or $0.92 per diluted share, related to our equity method investment located in Italy, Duferdofin Nucor S.r.l. (“Duferdofin Nucor”), as discussed further below.

 

These quarterly results, excluding the losses on assets charges, are slightly below the quantitative guidance range we released on March 19, 2020. By comparison, Nucor reported consolidated net earnings of $107.8 million, or $0.35 per diluted share, for the fourth quarter of 2019 and consolidated net earnings of $501.8 million, or $1.63 per diluted share, for the first quarter of 2019.

 

Included in the fourth quarter of 2019 results were non-cash impairment charges of $66.9 million, or $0.17 per diluted share. Included in the first quarter of 2019 results was a benefit of $33.7 million, or $0.08 per diluted share, related to the gain on the sale of an equity method investment in the raw materials segment.

“The global crisis caused by the COVID-19 pandemic has touched the lives of almost everyone in some way, and we would be remiss not to acknowledge the physical, mental and emotional toll so much of the world is experiencing,” said Leon Topalian, Nucor’s President and Chief Executive Officer. “Our thoughts and prayers are with those who are fighting COVID-19 and our condolences are with the victims of this terrible virus and the families and friends who mourn them. We are in awe of those on the front lines – the healthcare workers and first responders - who are tirelessly working to save lives and end this pandemic.

“Over these last several weeks, the spirit of Nucor’s culture has been on full display. Our teammates are not only continuing to serve our customers, but they are also living up to our deeply shared sense of responsibility to the communities in which we operate and live. I want to thank my teammates who have had to change how they work but have not changed the quality and timeliness of what they produce. I also want to thank our customers for their support and continued business in this challenging time and look forward to building even more powerful long-term partnerships. I am confident that we will get through this crisis and emerge stronger from it, by living our culture every day, staying focused and taking care of each other.”

COVID-19 Update
The COVID-19 pandemic continues to have a significant impact on Nucor. Our most important value is the health and safety of our teammates, their families and the communities where we operate. We have formed an internal task force to closely monitor developments related to the pandemic and provide guidance to Nucor facilities. Our facilities around the country are each taking steps to respond to COVID-19 based on the nature of their operations and the actions being taken by their state and local governments. We have restricted travel, upgraded the cleaning practices at our facilities and offices, implemented remote work for teammates wherever possible, and instituted social distancing measures throughout the Company. Across

 

Page 1 of 10

 

Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211

Phone 704-366-7000 Fax 704-362-4208 www.nucor.com

 

News Release                                          

 

Nucor Reports Results for First Quarter of 2020 and Provides Update on COVID-19 Impacts (Continued)

 

Nucor, we remain committed to protecting our teammates while minimizing disruptions to our customers and supply chain.

Shelter-in-place or stay-at-home orders have been implemented in most of the states where we operate production facilities. In all these jurisdictions, Nucor has been deemed an essential or life-sustaining operation.  Accordingly, we are maintaining production operations sufficient to meet our customers’ ongoing needs.  Our direct reduced iron (“DRI”) facility in Trinidad stopped production on March 30 to comply with the country’s stay-at-home orders. Our DRI facility in Louisiana halted production on April 2 in response to market conditions and out of concern for the health and safety of our teammates in an area of the country that has experienced a particularly aggressive outbreak of COVID-19 cases. The Louisiana DRI facility resumed production operations on April 25 with additional procedures in place to help protect our teammates at that facility.

Outlook
The COVID-19 pandemic’s impact on market conditions has been varied across our different product groups.  While the automotive and energy markets have seen the sharpest decline, nonresidential construction, which is our largest end market, has shown resiliency moving through this pandemic.  Where we have seen impact on nonresidential construction activity, the sentiment is projects would be delayed rather than cancelled. It is also worth noting that there has been a fairly significant supply side response to the pandemic, with a number of our competitors having idled capacity in response to these challenging conditions.  

It is likely that the Company will report a loss in the second quarter of 2020. While the economic outlook is highly uncertain at present, with the duration of the COVID-19 induced downturn difficult to predict, we currently believe that market conditions will bottom in the second quarter and Nucor will return to profitability in the second half of this year.

We believe our financial strength will be a critical factor enabling Nucor to weather this sudden economic downturn, while reliably serving our customers, performing for our investors and remaining an employer of choice for our teammates.  To preserve our flexibility and reliability during this time, the Company has-instituted enterprise-wide efforts to conserve cash and support our teammates, which include, among other things:

 

•

Capital Expenditures: We have reviewed our capital expenditures budget and decided to freeze spending on certain capital projects currently in process and delay capital projects that have not begun. As a result, we have revised our 2020 capital expenditures estimate down to less than $1.50 billion, from our initial projection of approximately $2.0 billion for the year.

 

Page 2 of 10

 

Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211

Phone 704-366-7000 Fax 704-362-4208 www.nucor.com

 

News Release                                          

 

Nucor Reports Results for First Quarter of 2020 and Provides Update on COVID-19 Impacts (Continued)

 

 

 

•

Working Capital: Our net working capital position is expected to contract and provide a source of incremental liquidity as business activity has slowed rapidly in recent weeks.  In addition, we are taking deliberate steps to reduce raw material inventory, bringing it more in line with our anticipated near-term production requirements.  We expect this temporarily reduced investment in working capital to benefit our operating cash flow in the near term.

 

 

•

Pay & Benefits: Overall, we expect a significant decrease in compensation expense in 2020 as almost all our remuneration plans are heavily weighted toward incentive compensation which rewards productivity and profitability.   Nucor’s “share the pain, share the gain” approach means that every team member at Nucor has a significant portion of their compensation at risk and tied to performance.  As a result, we are confident that there will be no need for us to contemplate widespread layoffs during this crisis, just as we had none during the Global Financial Crisis of 2008 and 2009. We have established a Pay & Benefits Task Force that is charged with helping to ensure the financial well-being of our teammates through this crisis.  This task force has recommended, and we have implemented, the assurance of a compensation floor to production and non-production hourly teammates pay during the crisis.  Nucor teammates can expect to maintain their normal benefits as well. Our executive compensation program intentionally sets base salaries below the market median for similar size industrial and materials companies. With much lower profitability expected in 2020, our executive leadership will incur a significant reduction in earned incentive compensation on an absolute dollar and percentage basis compared to compensation attributable to 2019 performance.

 

At the end of the first quarter of 2020, we had $1.39 billion in cash and short-term investments on hand and our $1.50 billion revolving credit facility remains undrawn and available.  We believe we continue to have access to the capital markets at a reasonable cost of funds. Our credit ratings remain Baa1/A- with stable outlooks at both Moody’s and Standard & Poor’s.

Finally, Nucor has paid and increased its regular, or base dividend, for 47 consecutive years and we expect to continue this practice through this difficult period as well.

 

 

 

 

 

 

Page 3 of 10

 

Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211

Phone 704-366-7000 Fax 704-362-4208 www.nucor.com

 

News Release                                          

 

Nucor Reports Results for First Quarter of 2020 and Provides Update on COVID-19 Impacts (Continued)

 

Selected Segment Data

Earnings (loss) before income taxes and noncontrolling interests by segment for the first quarter of 2020 and 2019 were as follows (in thousands):

 

 

 

Three Months (13 Weeks) Ended

 

 

 

April 4, 2020

 

 

March 30, 2019

 

Steel mills

 

$

156,506

 

 

$

689,398

 

Steel products

 

 

162,559

 

 

 

77,433

 

Raw materials

 

 

(7,911

)

 

 

53,223

 

Corporate/eliminations

 

 

(164,857

)

 

 

(130,438

)

 

 

$

146,297

 

 

$

689,616

 

 

 

Financial Review

Included in the first quarter of 2020 earnings were losses on assets of $287.8 million, or $0.92 per diluted share, related to our equity method investment in Duferdofin Nucor. Nucor determined that a triggering event occurred in the first quarter of 2020 due to adverse developments in the joint venture’s commercial outlook, which has been further influenced by the COVID-19 pandemic, all of which have negatively impacted the joint venture’s strategic direction. As a part of the losses on assets, Nucor recorded a non-cash impairment charge of $250.0 million, or $0.83 per diluted share, on its equity method investment in Duferdofin Nucor that is included in the steel mills segment earnings. The provision for income taxes is not affected by the impairment charge on the investment, which has caused Nucor's effective tax rate for the first quarter of 2020 to be unusually high. Additionally, the Company fully reserved its €35.0 million ($37.8 million, or $0.09 per diluted share) outstanding note receivable with Duferdofin Nucor. This impact is recorded in Corporate/eliminations.

 

Nucor’s consolidated net sales increased 10% to $5.62 billion in the first quarter of 2020 compared with $5.13 billion in the fourth quarter of 2019 and decreased 8% compared with $6.10 billion in the first quarter of 2019. Average sales price per ton in the first quarter of 2020 decreased 1% compared with the fourth quarter of 2019 and decreased 13% compared with the first quarter of 2019. A total of 7,187,000 tons were shipped to outside customers in the first quarter of 2020, an 11% increase from the fourth quarter of 2019 and a 6% increase from the first quarter of 2019. Total steel mill shipments in the first quarter of 2020 increased 12% as compared to the fourth quarter of 2019 and increased 8% as compared to the first quarter of 2019. Steel mill shipments to internal customers represented 20% of total steel mill shipments in the first quarter of 2020, compared with 21% in the fourth quarter of 2019 and 20% in the first quarter of 2019. Downstream steel product shipments to outside customers in the first quarter of 2020 increased 2% from the fourth quarter of 2019 and increased 13% from the first quarter of 2019.

 

 

Page 4 of 10

 

Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211

Phone 704-366-7000 Fax 704-362-4208 www.nucor.com

 

News Release                                          

 

Nucor Reports Results for First Quarter of 2020 and Provides Update on COVID-19 Impacts (Continued)

 

The average scrap and scrap substitute cost per gross ton used in the first quarter of 2020 was $293, a 7% increase compared to $275 in the fourth quarter of 2019 and a 17% decrease compared to $352 in the first quarter of 2019.

 

Pre-operating and start-up costs related to the Company’s growth projects were approximately $29 million, or $0.07 per diluted share, in the first quarter of 2020, compared with approximately $35 million, or $0.09 per diluted share, in the fourth quarter of 2019 and approximately $20.0 million, or $0.05 per diluted share, in the first quarter of 2019.

 

Overall operating rates at the Company’s steel mills increased to 89% in the first quarter of 2020 as compared to 83% in the fourth quarter of 2019 and 87% in the first quarter of 2019.

 

First Quarter of 2020 Analysis

Excluding the impairment charges, the performance of the steel mills segment in the first quarter of 2020 increased compared to the fourth quarter of 2019, due to increased volumes and higher average selling prices at our sheet and bar mills. The profitability of the steel products segment in the first quarter of 2020 increased as compared to the fourth quarter of 2019 (excluding the fourth quarter of 2019 impairment charge), due to increased volumes. The performance of the raw materials segment in the first quarter of 2020 improved as compared to the fourth quarter of 2019, due to an improvement in pricing for raw materials, the absence of the impairment charge related to our proved producing natural gas well assets and improved performance at our DRI facilities.

 

Commitment to Returning Capital to Stockholders

During the first quarter of 2020, Nucor repurchased approximately 0.8 million shares of its common stock at an average price of $47.88 per share. As of April 4, 2020, Nucor had approximately 301,135,000 shares outstanding and approximately $1.16 billion remaining for repurchases under its authorized share repurchase program. This share repurchase authorization is discretionary and has no scheduled expiration date.

 

On February 18, 2020, Nucor’s board of directors declared a cash dividend of $0.4025 per share. This cash dividend is payable on May 11, 2020 to stockholders of record as of March 31, 2020 and is Nucor’s 188th consecutive quarterly cash dividend.

 

Earnings Conference Call

You are invited to listen to the live broadcast of Nucor’s conference call in which management will discuss Nucor’s first quarter results on April 28, 2020 at 2:00 p.m. eastern time. The conference call will be available over the Internet at www.nucor.com, under Investors.

 

 

Page 5 of 10

 

Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211

Phone 704-366-7000 Fax 704-362-4208 www.nucor.com

 

News Release                                          

 

Nucor Reports Results for First Quarter of 2020 and Provides Update on COVID-19 Impacts (Continued)

 

About Nucor

Nucor and its affiliates are manufacturers of steel and steel products, with operating facilities in the United States, Canada and Mexico. Products produced include: carbon and alloy steel -- in bars, beams, sheet and plate; hollow structural section tubing; electrical conduit; steel piling; steel joists and joist girders; steel deck; fabricated concrete reinforcing steel; cold finished steel; precision castings; steel fasteners; metal building systems; steel grating; and wire and wire mesh. Nucor, through The David J. Joseph Company, also brokers ferrous and nonferrous metals, pig iron and hot briquetted iron / direct reduced iron; supplies ferro-alloys; and processes ferrous and nonferrous scrap. Nucor is North America’s largest recycler.

 

Forward-Looking Statements

Certain statements contained in this news release are “forward-looking statements” that involve risks and uncertainties. The words “anticipate,” “believe,” “expect,” “project,” “may,” “will,” “should,” “could” and similar expressions are intended to identify those forward-looking statements. These forward-looking statements reflect the Company’s best judgment based on current information, and although we base these statements on circumstances that we believe to be reasonable when made, there can be no assurance that future events will not affect the accuracy of such forward-looking information. As such, the forward-looking statements are not guarantees of future performance, and actual results may vary materially from the projected results and expectations discussed in this news release. Factors that might cause the Company’s actual results to differ materially from those anticipated in forward-looking statements include, but are not limited to: (1) competitive pressure on sales and pricing, including pressure from imports and substitute materials; (2) U.S. and foreign trade policies affecting steel imports or exports; (3) the sensitivity of the results of our operations to prevailing steel prices and changes in the supply and cost of raw materials, including pig iron, iron ore and scrap steel; (4) market demand for steel products, which, in the case of many of our products, is driven by the level of nonresidential construction activity in the United States, as well as prevailing domestic prices for oil and gas; (5) energy costs and availability; and (6) the impact of the COVID-19 pandemic. These and other factors are discussed in Nucor’s regulatory filings with the Securities and Exchange Commission, including those in “Item 1A. Risk Factors” of Nucor’s Annual Report on Form 10-K for the year ended December 31, 2019. The forward-looking statements contained in this news release speak only as of this date, and Nucor does not assume any obligation to update them, except as may be required by applicable law.

 

Contact Information

For Investor/Analyst Inquiries - Paul Donnelly, 704-264-8807, or Gregg Lucas, 704-972-1841

For Media Inquiries - Katherine Miller, 704-353-9015

 

 


 

Page 6 of 10

 

Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211

Phone 704-366-7000 Fax 704-362-4208 www.nucor.com

 

News Release                                          

 

Nucor Reports Results for First Quarter of 2020 and Provides Update on COVID-19 Impacts (Continued)

 

Tonnage Data

(In thousands)

 

 

 

 

 

 

 

 

 

Three Months (13 Weeks) Ended

 

 

April 4, 2020

 

March 30, 2019

 

Percent Change

Steel mills total shipments:

 

 

 

 

 

 

Sheet

 

2,874

 

2,644

 

9%

Bars

 

2,242

 

2,001

 

12%

Structural

 

684

 

564

 

21%

Plate

 

610

 

606

 

1%

Other

 

88

 

174

 

-49%

 

 

6,498

 

5,989

 

8%

 

 

 

 

 

 

 

Sales tons to outside customers:

 

 

 

 

 

 

Steel mills

 

5,182

 

4,772

 

9%

Joist

 

131

 

110

 

19%

Deck

 

125

 

106

 

18%

Cold finished

 

126

 

143

 

-12%

Fabricated concrete reinforcing steel

 

311

 

259

 

20%

Piling

 

180

 

138

 

30%

Tubular products

 

287

 

263

 

9%

Other steel products

 

99

 

99

 

-

Raw materials

 

746

 

877

 

-15%

 

 

7,187

 

6,767

 

6%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Page 7 of 10

 

Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211

Phone 704-366-7000 Fax 704-362-4208 www.nucor.com

 

News Release                                          

 

Nucor Reports Results for First Quarter of 2020 and Provides Update on COVID-19 Impacts (Continued)

 

Condensed Consolidated Statements of Earnings (Unaudited)

 

(In thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

Three Months (13 Weeks) Ended

 

 

 

April 4, 2020

 

 

March 30, 2019

 

Net sales

 

$

5,624,337

 

 

$

6,096,624

 

Costs, expenses and other:

 

 

 

 

 

 

 

 

Cost of products sold

 

 

4,995,069

 

 

 

5,200,732

 

Marketing, administrative and other expenses

 

 

153,392

 

 

 

180,739

 

Equity in losses (earnings) of unconsolidated affiliates

 

 

823

 

 

 

(2,906

)

Losses on assets

 

 

287,846

 

 

 

-

 

Interest expense, net

 

 

40,910

 

 

 

28,443

 

 

 

 

5,478,040

 

 

 

5,407,008

 

Earnings before income taxes and noncontrolling interests

 

 

146,297

 

 

 

689,616

 

Provision for income taxes

 

 

91,918

 

 

 

158,823

 

Net earnings

 

 

54,379

 

 

 

530,793

 

Earnings attributable to noncontrolling interests

 

 

34,048

 

 

 

28,987

 

Net earnings attributable to Nucor stockholders

 

$

20,331

 

 

$

501,806

 

Net earnings per share:

 

 

 

 

 

 

 

 

Basic

 

$

0.07

 

 

$

1.63

 

Diluted

 

$

0.07

 

 

$

1.63

 

Average shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

 

302,909

 

 

 

306,585

 

Diluted

 

 

302,932

 

 

 

307,180

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Page 8 of 10

 

Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211

Phone 704-366-7000 Fax 704-362-4208 www.nucor.com

 

News Release                                          

 

Nucor Reports Results for First Quarter of 2020 and Provides Update on COVID-19 Impacts (Continued)

 

Condensed Consolidated Balance Sheets (Unaudited)

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

April 4, 2020

 

 

Dec. 31, 2019

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,245,157

 

 

$

1,534,605

 

Short-term investments

 

 

146,000

 

 

 

300,040

 

Accounts receivable, net

 

 

2,273,157

 

 

 

2,160,102

 

Inventories, net

 

 

3,875,590

 

 

 

3,842,095

 

Other current assets

 

 

307,347

 

 

 

389,528

 

Total current assets

 

 

7,847,251

 

 

 

8,226,370

 

Property, plant and equipment, net

 

 

6,416,959

 

 

 

6,178,555

 

Goodwill

 

 

2,182,994

 

 

 

2,201,063

 

Other intangible assets, net

 

 

718,006

 

 

 

742,186

 

Other assets

 

 

700,851

 

 

 

996,492

 

Total assets

 

$

17,866,061

 

 

$

18,344,666

 

LIABILITIES

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Short-term debt

 

$

53,261

 

 

$

62,444

 

Current portion of long-term debt and finance lease obligations

 

 

29,397

 

 

 

29,264

 

Accounts payable

 

 

1,189,638

 

 

 

1,201,698

 

Salaries, wages and related accruals

 

 

286,749

 

 

 

510,844

 

Accrued expenses and other current liabilities

 

 

659,527

 

 

 

659,524

 

Total current liabilities

 

 

2,218,572

 

 

 

2,463,774

 

Long-term debt and finance lease obligations due after one year

 

 

4,243,181

 

 

 

4,291,301

 

Deferred credits and other liabilities

 

 

808,239

 

 

 

798,415

 

Total liabilities

 

 

7,269,992

 

 

 

7,553,490

 

EQUITY

 

 

 

 

 

 

 

 

Nucor stockholders' equity:

 

 

 

 

 

 

 

 

Common stock

 

 

152,061

 

 

 

152,061

 

Additional paid-in capital

 

 

2,119,370

 

 

 

2,107,646

 

Retained earnings

 

 

11,012,690

 

 

 

11,115,056

 

Accumulated other comprehensive loss,

    net of income taxes

 

 

(367,627

)

 

 

(302,966

)

Treasury stock

 

 

(2,748,290

)

 

 

(2,713,931

)

Total Nucor stockholders' equity

 

 

10,168,204

 

 

 

10,357,866

 

Noncontrolling interests

 

 

427,865

 

 

 

433,310

 

Total equity

 

 

10,596,069

 

 

 

10,791,176

 

Total liabilities and equity

 

$

17,866,061

 

 

$

18,344,666

 

 

 

 

Page 9 of 10

 

Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211

Phone 704-366-7000 Fax 704-362-4208 www.nucor.com

 

News Release                                          

 

Nucor Reports Results for First Quarter of 2020 and Provides Update on COVID-19 Impacts (Continued)

 

 

Condensed Consolidated Statements of Cash Flows (Unaudited)

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

Three Months (13 Weeks) Ended

 

 

 

April 4, 2020

 

 

March 30, 2019

 

Operating activities:

 

 

 

 

 

 

 

 

Net earnings

 

$

54,379

 

 

$

530,793

 

Adjustments:

 

 

 

 

 

 

 

 

Depreciation

 

 

175,767

 

 

 

158,171

 

Amortization

 

 

21,508

 

 

 

21,500

 

Stock-based compensation

 

 

10,017

 

 

 

12,492

 

Deferred income taxes

 

 

15,557

 

 

 

19,948

 

Distributions from affiliates

 

 

2,000

 

 

 

26,034

 

Equity in losses (earnings) of unconsolidated affiliates

 

 

823

 

 

 

(2,906

)

Losses on assets

 

 

287,846

 

 

 

-

 

Changes in assets and liabilities (exclusive of acquisitions and dispositions):

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(124,036

)

 

 

21,958

 

Inventories

 

 

(41,993

)

 

 

107,907

 

Accounts payable

 

 

(28,033

)

 

 

(11,397

)

Federal income taxes

 

 

55,987

 

 

 

105,573

 

Salaries, wages and related accruals

 

 

(216,736

)

 

 

(325,866

)

Other operating activities

 

 

(11,880

)

 

 

(13,499

)

Cash provided by operating activities

 

 

201,206

 

 

 

650,708

 

Investing activities:

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(416,557

)

 

 

(288,786

)

Investment in and advances to affiliates

 

 

(3,152

)

 

 

(29

)

Divestiture of affiliates

 

 

-

 

 

 

67,591

 

Disposition of plant and equipment

 

 

10,256

 

 

 

12,910

 

Acquisitions (net of cash acquired)

 

 

-

 

 

 

(9,495

)

Purchase of investments

 

 

(24,746

)

 

 

(50,000

)

Proceeds from the sale of investments

 

 

178,787

 

 

 

-

 

Other investing activities

 

 

535

 

 

 

2,176

 

Cash used in investing activities

 

 

(254,877

)

 

 

(265,633

)

Financing activities:

 

 

 

 

 

 

 

 

Net change in short-term debt

 

 

(9,183

)

 

 

13,568

 

Proceeds from long-term debt, net of discount

 

 

32,000

 

 

 

3,137

 

Repayment of long-term debt

 

 

(47,000

)

 

 

-

 

Payment of tax withholdings on certain stock-based compensation

 

 

(209

)

 

 

(1,364

)

Distributions to noncontrolling interests

 

 

(39,493

)

 

 

(50,402

)

Cash dividends

 

 

(122,940

)

 

 

(123,400

)

Acquisition of treasury stock

 

 

(39,499

)

 

 

(72,830

)

Other financing activities

 

 

(2,290

)

 

 

(1,947

)

Cash used in financing activities

 

 

(228,614

)

 

 

(233,238

)

Effect of exchange rate changes on cash

 

 

(7,163

)

 

 

84

 

(Decrease) increase in cash and cash equivalents

 

 

(289,448

)

 

 

151,921

 

Cash and cash equivalents - beginning of year

 

 

1,534,605

 

 

 

1,398,866

 

Cash and cash equivalents - end of three months

 

$

1,245,157

 

 

$

1,550,787

 

Non-cash investing activity:

 

 

 

 

 

 

 

 

Change in accrued plant and equipment purchases

 

$

17,756

 

 

$

12,925

 

 

 

Page 10 of 10

 

Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211

Phone 704-366-7000 Fax 704-362-4208 www.nucor.com

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Document Type 8-K
Amendment Flag false
Entity Central Index Key 0000073309
Document Period End Date Apr. 28, 2020
Entity Emerging Growth Company false
Entity File Number 1-4119
Entity Incorporation State Country Code DE
Entity Tax Identification Number 13-1860817
Entity Address, Address Line One 1915 Rexford Road
Entity Address, City or Town Charlotte
Entity Address, State or Province NC
Entity Address, Postal Zip Code 28211
City Area Code (704)
Local Phone Number 366-7000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Security 12b Title Common Stock, par value $0.40 per share
Trading Symbol NUE
Security Exchange Name NYSE
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