Segments

9 Months Ended

Oct. 01, 2022

Segment Reporting [Abstract]

Segments

14. 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 and rebar distribution businesses; and Nucor’s equity method investments in NuMit LLC (“NuMit”) and Nucor-JFE Steel Mexico, S. de R.L. de C.V. (“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, insulated metal panels, overhead doors, steel grating, tubular products, steel racking, piling products, wire and wire mesh, and utility towers and structures. 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 (“Nucor Steel Louisiana”), two facilities that produce direct reduced iron (“DRI”) used by the steel mills; and our natural gas production operations.

Corporate/eliminations include items such as 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. 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 for the third quarter and first nine months of 2022 and 2021 were as follows (in thousands):

	Three Months (13 Weeks) Ended						Nine Months (39 Weeks) Ended
	October 1, 2022			October 2, 2021			October 1, 2022			October 2, 2021
Net sales to external customers:
Steel mills	$	5,908,153		$	6,862,133		$	19,682,829		$	17,380,819
Steel products		4,087,107			2,744,279			11,253,143			6,795,441
Raw materials		505,495			706,811			1,852,539			1,943,267
	$	10,500,755		$	10,313,223		$	32,788,511		$	26,119,527
Intercompany sales:
Steel mills	$	1,486,378		$	1,840,007		$	4,843,199		$	4,561,418
Steel products		139,146			93,910			391,141			245,523
Raw materials		3,690,120			4,355,702			11,382,329			12,011,705
Corporate/eliminations		(5,315,644	)		(6,289,619	)		(16,616,669	)		(16,818,646	)
	$	-		$	-		$	-		$	-
Earnings before income taxes and    noncontrolling interests:
Steel mills	$	1,287,855		$	3,116,539		$	6,682,432		$	6,606,320
Steel products		1,196,845			368,595			3,011,644			839,737
Raw materials		279,189			161,870			638,640			505,248
Corporate/eliminations		(440,967	)		(777,897	)		(1,621,277	)		(1,758,204	)
	$	2,322,922		$	2,869,107		$	8,711,439		$	6,193,101

	October 1, 2022		Dec. 31, 2021
Segment assets:
Steel mills	$	14,678,511	$	13,235,463
Steel products		12,556,428		7,845,010
Raw materials		3,616,466		3,870,806
Corporate/eliminations		1,221,299		871,793
	$	32,072,704	$	25,823,072