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Segments | 9 Months Ended
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Sep. 30, 2017
Segment Reporting [Abstract] |
Segments |
16. | 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 foundation distributors; tubular products businesses; steel trading businesses; rebar distribution businesses; and Nucor’s equity method investments in Duferdofin Nucor and NuMit. The steel products segment includes steel joists and joist girders, steel deck, fabricated concrete reinforcing steel, cold finished steel, steel fasteners, metal building systems, steel grating 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, two facilities that produce direct reduced iron used by the steel mills; our natural gas production operations; and Nucor’s equity method investment in Hunter Ridge Energy Services LLC (Hunter Ridge). Nucor sold its 50% interest in Hunter Ridge during the third quarter of 2016. The steel mills, steel products and raw materials segments are consistent with the way Nucor manages its business, which is primarily based upon the similarity of the types of products produced and sold by each segment.
Net interest expense, other income, profit sharing expense and stock-based compensation are shown under Corporate/eliminations. Corporate assets primarily include cash and cash equivalents, short-term investments, allowances to eliminate intercompany profit in inventory, deferred income tax assets, federal and state income taxes receivable and investments in and advances to affiliates. The balance of earnings (loss) before income taxes and noncontrolling interests as of and for the periods ended October 1, 2016 was adjusted due to the change in accounting principle from LIFO to FIFO for certain inventories (see Note 1). Nucor’s results by segment for the third quarter and first nine months of 2017 and 2016 were as follows (in thousands):
|  | Three Months (13 Weeks) Ended |  |  | Nine Months (39 Weeks) Ended |
|  | Sept. 30, 2017 |  |  | Oct. 1, 2016 |  |  | Sept. 30, 2017 |  |  | Oct. 1, 2016 |
Net sales to external customers: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Steel mills |  | $ | 3,639,488 |  |  | $ | 2,960,642 |  |  | $ | 10,982,636 |  |  | $ | 8,611,553 |
Steel products |  |  | 1,089,519 |  |  |  | 1,011,602 |  |  |  | 2,919,992 |  |  |  | 2,763,335 |
Raw materials |  |  | 441,110 |  |  |  | 317,992 |  |  |  | 1,257,437 |  |  |  | 876,696 |
|  | $ | 5,170,117 |  |  | $ | 4,290,236 |  |  | $ | 15,160,065 |  |  | $ | 12,251,584 |
Intercompany sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Steel mills |  | $ | 767,268 |  |  | $ | 567,854 |  |  | $ | 2,189,123 |  |  | $ | 1,592,512 |
Steel products |  |  | 28,537 |  |  |  | 31,117 |  |  |  | 80,652 |  |  |  | 80,277 |
Raw materials |  |  | 2,333,840 |  |  |  | 1,774,538 |  |  |  | 6,971,831 |  |  |  | 4,717,370 |
Corporate/eliminations |  |  | (3,129,645 | ) |  |  | (2,373,509 | ) |  |  | (9,241,606 | ) |  |  | (6,390,159 | )
|  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Earnings (loss) before income taxes and noncontrolling interests: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Steel mills |  | $ | 432,718 |  |  | $ | 591,799 |  |  | $ | 1,734,245 |  |  | $ | 1,402,898 |
Steel products |  |  | 59,225 |  |  |  | 72,578 |  |  |  | 131,956 |  |  |  | 197,891 |
Raw materials |  |  | 9,957 |  |  |  | 14,313 |  |  |  | 102,575 |  |  |  | (76,240 | )
Corporate/eliminations |  |  | (131,295 | ) |  |  | (194,518 | ) |  |  | (541,060 | ) |  |  | (480,930 | )
|  | $ | 370,605 |  |  | $ | 484,172 |  |  | $ | 1,427,716 |  |  | $ | 1,043,619 |
|  | Sept. 30, 2017 |  |  | Dec. 31, 2016 |  |  |  |  |  |  |
Segment assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Steel mills |  | $ | 9,272,209 |  |  | $ | 8,084,773 |  |  |  |  |  |  |  |  |
Steel products |  |  | 2,893,703 |  |  |  | 2,544,344 |  |  |  |  |  |  |  |  |
Raw materials |  |  | 3,462,340 |  |  |  | 3,235,237 |  |  |  |  |  |  |  |  |
Corporate/eliminations |  |  | 875,582 |  |  |  | 1,359,164 |  |  |  |  |  |  |  |  |
|  | $ | 16,503,834 |  |  | $ | 15,223,518 |  |  |  |  |  |  |  |  |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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