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Segments
 6 Months Ended
Jul. 04, 2020
Segment Reporting [Abstract]  
Segments

15. 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 (“DJJ”), primarily a scrap broker and processor; Nu-Iron Unlimited and Nucor Steel Louisiana LLC (“NSLA”), two facilities that produce direct reduced iron (“DRI”) 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 investment in and advances to affiliates.

 

 

 

Nucor’s results by segment for the second quarter and first six months of 2020 and 2019 were as follows (in thousands):

 

 

 

Three Months (13 Weeks) Ended

 

 

Six Months (26 Weeks) Ended

 

 

 

July 4, 2020

 

 

June 29, 2019

 

 

July 4, 2020

 

 

June 29, 2019

 

Net sales to external customers:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Steel mills

 

$

2,513,961

 

 

$

3,703,447

 

 

$

6,033,231

 

 

$

7,652,849

 

Steel products

 

 

1,523,168

 

 

 

1,750,183

 

 

 

3,250,022

 

 

 

3,404,705

 

Raw materials

 

 

290,177

 

 

 

442,356

 

 

 

668,390

 

 

 

935,056

 

 

 

$

4,327,306

 

 

$

5,895,986

 

 

$

9,951,643

 

 

$

11,992,610

 

Intercompany sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Steel mills

 

$

663,244

 

 

$

814,548

 

 

$

1,532,336

 

 

$

1,716,771

 

Steel products

 

 

63,205

 

 

 

54,396

 

 

 

146,574

 

 

 

117,201

 

Raw materials

 

 

1,484,982

 

 

 

2,430,487

 

 

 

3,908,787

 

 

 

4,854,356

 

Corporate/eliminations

 

 

(2,211,431

)

 

 

(3,299,431

)

 

 

(5,587,697

)

 

 

(6,688,328

)

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

Earnings (loss) before income taxes and

   noncontrolling interests:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Steel mills

 

$

150,424

 

 

$

578,920

 

 

$

306,930

 

 

$

1,268,318

 

Steel products

 

 

152,874

 

 

 

116,084

 

 

 

315,433

 

 

 

193,517

 

Raw materials

 

 

(1,389

)

 

 

21,709

 

 

 

(9,300

)

 

 

74,932

 

Corporate/eliminations

 

 

(120,852

)

 

 

(182,091

)

 

 

(285,709

)

 

 

(312,529

)

 

 

$

181,057

 

 

$

534,622

 

 

$

327,354

 

 

$

1,224,238

 

 

 

 

July 4, 2020

 

 

Dec. 31, 2019

 

Segment assets:

 

 

 

 

 

 

 

 

Steel mills

 

$

9,011,588

 

 

$

9,283,216

 

Steel products

 

 

4,414,063

 

 

 

4,610,628

 

Raw materials

 

 

3,125,590

 

 

 

3,316,479

 

Corporate/eliminations

 

 

2,214,724

 

 

 

1,134,343

 

 

 

$

18,765,965

 

 

$

18,344,666

 

 

Amounts related to each segment’s earnings (loss) before income taxes and noncontrolling interests for the second quarter and first six months of 2020 that were previously disclosed in our news release attached as Exhibit 99.1 to our Current Report on Form 8-K furnished with the Securities and Exchange Commission on July 23, 2020 have been revised in this Note by immaterial amounts due to a reallocation of Corporate adjustments.