Fair Value Measurements

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

14. Fair Value Measurements

The following table summarizes information regarding Nucor’s financial assets and liabilities that are measured at fair value. Nucor does not have any non-financial assets or liabilities that are measured at fair value on a recurring basis.

				(in thousands)
				Fair Value Measurements at Reporting Date Using
				Quoted Prices
				in Active		Significant
	Carrying			Markets for		Other			Significant
	Amount in			Identical		Observable			Unobservable
	Consolidated			Assets		Inputs			Inputs
Description	Balance Sheets			(Level 1)		(Level 2)			(Level 3)
As of December 31, 2022
Assets:
Cash equivalents	$	3,182,631		$	3,182,631	$	—		$	—
Short-term investments		576,946			576,946		—			—
Derivative contracts		34,400			—		34,400			—
Restricted cash and cash equivalents		80,368			80,368		—			—
Total assets	$	3,874,345		$	3,839,945	$	34,400		$	—
Liabilities:
Derivative contracts	$	(1,370	)	$	—	$	(1,370	)	$	—
As of December 31, 2021
Assets:
Cash equivalents	$	1,776,477		$	1,776,477	$	—		$	—
Short-term investments		253,005			253,005		—			—
Derivative contracts		6,633			—		6,633			—
Restricted cash and cash equivalents		143,800			143,800		—			—
Total assets	$	2,179,915		$	2,173,282	$	6,633		$	—
Liabilities:
Derivative contracts	$	(2,666	)	$	—	$	(2,666	)	$	—

Fair value measurements for Nucor’s cash equivalents, short-term investments and restricted cash and cash equivalents are classified under Level 1 because such measurements are based on quoted market prices in active markets for identical assets. Fair value measurements for Nucor’s derivatives, which are typically commodity or foreign exchange contracts, are classified under Level 2 because such measurements are based on published market prices for similar assets or are estimated based on observable inputs such as interest rates, yield curves, credit risks, spot and future commodity prices, and spot and future exchange rates. There were no transfers between levels in the fair value hierarchy for the periods presented.

The fair value of short-term and long-term debt, including current maturities, was approximately $5.93 billion at December 31, 2022 (approximately $6.06 billion at December 31, 2021). The debt fair value estimates are classified under Level 2 because such estimates are based on readily available market prices of our debt at December 31, 2022 and 2021, or similar debt with the same maturities, ratings and interest rates.