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Derivatives | 6 Months Ended
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Jul. 04, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives |
8. | DERIVATIVES: Nucor periodically uses derivative financial instruments primarily to partially manage its exposure to price risk related to natural gas purchases used in the production process as well as to scrap, copper and aluminum purchased for resale to its customers. In addition, Nucor periodically uses derivatives to partially manage its exposure to changes in interest rates on outstanding debt instruments and uses forward foreign exchange contracts to hedge cash flows associated with certain assets and liabilities, firm commitments and anticipated transactions.
Nucor recognizes all derivative instruments in the condensed consolidated balance sheets at fair value. Any resulting changes in fair value are recorded as adjustments to other comprehensive income (loss), net of tax, or recognized in net earnings, as appropriate. At July 4, 2015, natural gas swaps covering approximately 14.2 million MMBTUs (extending through February 2017) were outstanding. The following tables summarize information regarding Nucor’s derivative instruments (in thousands): Fair Value of Derivative Instruments
|  |  |  | Fair Value at |
|  | Balance Sheet Location |  | July 4, 2015 |  |  | Dec. 31, 2014 |
Asset derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |
Commodity contracts |  | Other current assets |  | $ | 614 |  |  | $ | 1,856 |
Foreign exchange contracts |  | Other current assets |  |  | 112 |  |  |  | 372 |
Total asset derivatives not designated as hedging instruments |  |  |  | $ | 726 |  |  | $ | 2,228 |
Liability derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |
Commodity contracts |  | Accrued expenses and other current liabilities |  | $ | (10,100 | ) |  | $ | (6,400 | )
Commodity contracts |  | Deferred credits and other liabilities |  |  | (4,800 | ) |  |  | (6,300 | )
Total liability derivatives designated as hedging instruments |  |  |  | $ | (14,900 | ) |  | $ | (12,700 | )
The Effect of Derivative Instruments on the Condensed Consolidated Statements of Earnings Derivatives Designated as Hedging Instruments
Derivatives in Cash Flow Hedging Relationships |  | Statement of Earnings Location |  | Amount of Gain or (Loss), net of tax, Recognized in OCI on Derivatives (Effective Portion) |  |  | Amount of Gain or (Loss), net of tax, Reclassified from Accumulated OCI into Earnings on Derivatives (Effective Portion) |  |  | Amount of Gain or (Loss), net of tax, Recognized in Earnings on Derivatives (Ineffective Portion) |
|  | Three Months (13 weeks) Ended |  |  | Three Months (13 weeks) Ended |  |  | Three Months (13 weeks) Ended |
|  | July 4, 2015 |  |  | July 5, 2014 |  |  | July 4, 2015 |  |  | July 5, 2014 |  |  | July 4, 2015 |  |  | July 5, 2014 |
Commodity contracts |  | Cost of products sold |  | $ | (464) |  |  | $ | 238 |  |  | $ | (1,164 | ) |  | $ | 238 |  |  | $ | — |  |  | $ | — |
Derivatives in Cash Flow Hedging Relationships |  | Statement of Earnings Location |  | Amount of Gain or (Loss), net of tax, Recognized in OCI on Derivatives (Effective Portion) |  |  | Amount of Gain or (Loss), net of tax, Reclassified from Accumulated OCI into Earnings on Derivatives (Effective Portion) |  |  | Amount of Gain or (Loss), net of tax, Recognized in Earnings on Derivatives (Ineffective Portion) |
|  | Six Months (26 weeks) Ended |  |  | Six Months (26 weeks) Ended |  |  | Six Months (26 weeks) Ended |
|  | July 4, 2015 |  |  | July 5, 2014 |  |  | July 4, 2015 |  |  | July 5, 2014 |  |  | July 4, 2015 |  |  | July 5, 2014 |
Commodity contracts |  | Cost of products sold |  | $ | (2,732) |  |  | $ | (1,633 | ) |  | $ | (1,332 | ) |  | $ | (233 | ) |  | $ | — |  |  | $ | — |
Derivatives Not Designated as Hedging Instruments
|  |  |  | Amount of Gain or (Loss) Recognized in Earnings on Derivatives |
|  |  |  | Three Months (13 weeks) Ended |  |  | Six Months (26 weeks) Ended |
Derivatives Not Designated as Hedging Instruments |  | Statement of Earnings Location |  | July 4, 2015 |  |  | July 5, 2014 |  |  | July 4, 2015 |  |  | July 5, 2014 |
Commodity contracts |  | Cost of products sold |  | $ | 1,352 |  |  | $ | (795 | ) |  | $ | 1,656 |  |  | $ | 438 |
Foreign exchange contracts |  | Cost of products sold |  |  | 4 |  |  |  | (201 | ) |  |  | 762 |  |  |  | (48 | )
Total |  |  |  | $ | 1,356 |  |  | $ | (996 | ) |  | $ | 2,418 |  |  | $ | 390 |

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