Segments

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Segments

22. 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 (which was exited in the fourth quarter of 2020), 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 LLC, 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, restricted cash and cash equivalents, 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,
	2020			2019			2018
Net sales to external customers:
Steel mills	$	12,109,307		$	13,933,950		$	16,245,218
Steel products		6,623,068			6,990,064			6,796,501
Raw materials		1,407,283			1,664,844			2,025,560
	$	20,139,658		$	22,588,858		$	25,067,279
Intercompany sales:
Steel mills	$	3,036,790		$	3,304,437		$	3,924,160
Steel products		248,477			233,728			207,003
Raw materials		8,153,841			8,784,397			11,460,645
Corporate/eliminations		(11,439,108	)		(12,322,562	)		(15,591,808	)
	$	—		$	—		$	—
Depreciation expense:
Steel mills	$	449,290		$	401,609		$	378,146
Steel products		93,184			85,276			80,681
Raw materials		150,474			151,124			161,666
Corporate		9,163			10,902			10,386
	$	702,110		$	648,911		$	630,879
Amortization expense:
Steel mills	$	7,334		$	8,624		$	9,400
Steel products		47,773			49,914			51,997
Raw materials		28,249			27,204			27,361
	$	83,356		$	85,742		$	88,758
Earnings (loss) before income taxes and noncontrolling    interests:
Steel mills	$	720,151		$	1,790,694		$	3,500,085
Steel products		690,547			511,145			467,105
Raw materials		23,621			(28,244	)		236,241
Corporate/eliminations		(598,781	)		(490,788	)		(974,040	)
	$	835,538		$	1,782,807		$	3,229,391
Segment assets:
Steel mills	$	9,708,260		$	9,283,216		$	9,244,086
Steel products		4,461,042			4,610,628			4,734,636
Raw materials		3,324,489			3,316,479			3,492,126
Corporate/eliminations		2,631,603			1,134,343			449,740
	$	20,125,394		$	18,344,666		$	17,920,588
Capital expenditures:
Steel mills	$	1,238,132		$	1,133,089		$	720,310
Steel products		135,511			93,848			88,585
Raw materials		125,213			244,818			169,926
Corporate		28,259			40,315			18,435
	$	1,527,116		$	1,512,070		$	997,256

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

	Year Ended December 31,
	2020		2019		2018
Net sales to external customers:
Sheet	$	5,450,507	$	6,450,506	$	7,571,765
Bar		3,821,158		4,106,640		4,709,292
Structural		1,526,283		1,573,248		1,830,476
Plate		1,311,360		1,803,556		2,133,685
Tubular Products		1,113,582		1,207,398		1,347,577
Rebar Fabrication		1,708,442		1,666,445		1,496,194
Other Steel Products		3,801,045		4,116,221		3,952,730
Raw Materials		1,407,283		1,664,844		2,025,560
	$	20,139,658	$	22,588,858	$	25,067,279