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Derivative Financial Instruments | 12 Months Ended
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Dec. 31, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract] |
Derivative Financial Instruments | 13. Derivative Financial Instruments The following tables summarize information regarding Nucor’s derivative financial instruments (in thousands):
|  |  |  | Fair Value at |
|  |  |  | December 31, |
Fair Value of Derivative Financial Instruments |  | Consolidated Balance Sheet Location |  | 2020 |  |  | 2019 |
Liability derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |
Commodity contracts |  | Accrued expenses and other current liabilities |  | $ | (2,400 | ) |  | $ | (7,200 | )
Commodity contracts |  | Deferred credits and other liabilities |  |  | (3,800 | ) |  |  | (11,200 | )
Total liability derivatives designated as hedging instruments |  |  |  |  | (6,200 | ) |  |  | (18,400 | )
Liability derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |
Commodity contracts |  | Accrued expenses and other current liabilities |  |  | (5,685 | ) |  |  | (1,118 | )
Foreign exchange contracts |  | Accrued expenses and other current liabilities |  |  | (2,476 | ) |  |  | (81 | )
Total liability derivatives not designated as hedging instruments |  |  |  |  | (8,161 | ) |  |  | (1,199 | )
Total liability derivatives |  |  |  | $ | (14,361 | ) |  | $ | (19,599 | )
The Effect of Derivative Financial Instruments on the Consolidated Statements of Earnings
Derivatives Designated as Hedging Instruments for the Year Ended December 31, (in thousands) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Amount of Gain or |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (Loss), Net of Tax, |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | Amount of Gain or (Loss), |  |  | Reclassified from |  |  | Amount of Gain or (Loss), |
|  | Statement of |  | Net of Tax, Recognized |  |  | Accumulated OCI into |  |  | Net of Tax, Recognized |
Derivatives in Cash Flow |  | Earnings |  | in OCI on Derivatives |  |  | Earnings on Derivatives |  |  | in Earnings on Derivatives |
Hedging Relationships |  | Location |  | (Effective Portion) |  |  | (Effective Portion) |  |  | (Ineffective Portion) |
|  |  |  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2020 |  |  | 2019 |  |  | 2018 |
Commodity contracts |  | Cost of products sold |  | $ | 2,084 |  |  | $ | (9,833 | ) |  | $ | (3,568 | ) |  | $ | (7,216 | ) |  | $ | (2,333 | ) |  | $ | 132 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Derivatives Not Designated as Hedging Instruments for the Year Ended December 31, (in thousands) |
|  |  |  | Amount of Gain or (Loss) |
Derivatives Not Designated |  | Statement of Earnings |  | Recognized in Earnings on |
as Hedging Instruments |  | Location |  | Derivatives |
|  |  |  | 2020 |  |  | 2019 |  |  | 2018 |
Commodity contracts |  | Cost of products sold |  | $ | (8,829 | ) |  | $ | 2,269 |  |  | $ | 14,572 |
Foreign exchange contracts |  | Cost of products sold |  |  | (3,035 | ) |  |  | (59 | ) |  |  | 3,609 |
Total |  |  |  | $ | (11,864 | ) |  | $ | 2,210 |  |  | $ | 18,181 |
At December 31, 2020, natural gas swaps covering approximately 22.4 million MMBTUs (extending through December 2022) were outstanding.

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
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