Employee Benefit Plans

12 Months Ended

Dec. 31, 2022

Compensation And Retirement Disclosure [Abstract]

Employee Benefit Plans

17. Employee Benefit Plans

Nucor makes contributions to a Profit Sharing and Retirement Savings Plan for qualified employees based on the profitability of the Company. Nucor’s expense for these benefits totaled $994.2 million in 2022 ($869.9 million in 2021 and $86.6 million in 2020). The related liability for these benefits is included in salaries, wages and related accruals in the consolidated balance sheets.

Nucor also has a medical plan covering certain eligible early retirees. The unfunded obligation, included in deferred credits and other liabilities in the consolidated balance sheets, totaled $25.6 million at December 31, 2022 ($29.3 million at December 31, 2021). The expense associated with this early retiree medical plan totaled $2.3 million in 2022 ($1.8 million in 2021 and $2.5 million in 2020). The discount rate used by Nucor in determining its benefit obligation was 5.24% in 2022 (2.81% in 2021 and 2.40% in 2020). The health care cost increase trend rate used was 6.3% in 2022 (5.3% in 2021 and 5.7% in 2020). The health care cost increase trend rate is projected to decline gradually to 4.0% by 2048.