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Segments | 12 Months Ended
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Dec. 31, 2020
Segment Reporting [Abstract] |
Segments | 22. 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 trading businesses; rebar distribution businesses; and Nucor’s equity method investments in Duferdofin Nucor (which was exited in the fourth quarter of 2020), NuMit and Nucor-JFE. The steel products segment includes steel joists and joist girders, steel deck, fabricated concrete reinforcing steel, cold finished steel, precision castings, steel fasteners, metal building systems, steel grating, tubular products businesses, piling products business, 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 LLC, two facilities that produce direct reduced iron used by the steel mills; and our natural gas production operations. Net interest expense on long-term debt, charges and credits associated with changes in allowances to eliminate intercompany profit in inventory, profit sharing expense and stock-based compensation are shown under Corporate/eliminations. Corporate assets primarily include cash and cash equivalents, short-term investments, restricted cash and cash equivalents, allowances to eliminate intercompany profit in inventory, deferred income tax assets, federal and state income taxes receivable and investments in and advances to affiliates. Nucor’s results by segment are as follows (in thousands):
|  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
Net sales to external customers: |  |  |  |  |  |  |  |  |  |  |  |
Steel mills |  | $ | 12,109,307 |  |  | $ | 13,933,950 |  |  | $ | 16,245,218 |
Steel products |  |  | 6,623,068 |  |  |  | 6,990,064 |  |  |  | 6,796,501 |
Raw materials |  |  | 1,407,283 |  |  |  | 1,664,844 |  |  |  | 2,025,560 |
|  | $ | 20,139,658 |  |  | $ | 22,588,858 |  |  | $ | 25,067,279 |
Intercompany sales: |  |  |  |  |  |  |  |  |  |  |  |
Steel mills |  | $ | 3,036,790 |  |  | $ | 3,304,437 |  |  | $ | 3,924,160 |
Steel products |  |  | 248,477 |  |  |  | 233,728 |  |  |  | 207,003 |
Raw materials |  |  | 8,153,841 |  |  |  | 8,784,397 |  |  |  | 11,460,645 |
Corporate/eliminations |  |  | (11,439,108 | ) |  |  | (12,322,562 | ) |  |  | (15,591,808 | )
|  | $ | — |  |  | $ | — |  |  | $ | — |
Depreciation expense: |  |  |  |  |  |  |  |  |  |  |  |
Steel mills |  | $ | 449,290 |  |  | $ | 401,609 |  |  | $ | 378,146 |
Steel products |  |  | 93,184 |  |  |  | 85,276 |  |  |  | 80,681 |
Raw materials |  |  | 150,474 |  |  |  | 151,124 |  |  |  | 161,666 |
Corporate |  |  | 9,163 |  |  |  | 10,902 |  |  |  | 10,386 |
|  | $ | 702,110 |  |  | $ | 648,911 |  |  | $ | 630,879 |
Amortization expense: |  |  |  |  |  |  |  |  |  |  |  |
Steel mills |  | $ | 7,334 |  |  | $ | 8,624 |  |  | $ | 9,400 |
Steel products |  |  | 47,773 |  |  |  | 49,914 |  |  |  | 51,997 |
Raw materials |  |  | 28,249 |  |  |  | 27,204 |  |  |  | 27,361 |
|  | $ | 83,356 |  |  | $ | 85,742 |  |  | $ | 88,758 |
Earnings (loss) before income taxes and noncontrolling interests: |  |  |  |  |  |  |  |  |  |  |  |
Steel mills |  | $ | 720,151 |  |  | $ | 1,790,694 |  |  | $ | 3,500,085 |
Steel products |  |  | 690,547 |  |  |  | 511,145 |  |  |  | 467,105 |
Raw materials |  |  | 23,621 |  |  |  | (28,244 | ) |  |  | 236,241 |
Corporate/eliminations |  |  | (598,781 | ) |  |  | (490,788 | ) |  |  | (974,040 | )
|  | $ | 835,538 |  |  | $ | 1,782,807 |  |  | $ | 3,229,391 |
Segment assets: |  |  |  |  |  |  |  |  |  |  |  |
Steel mills |  | $ | 9,708,260 |  |  | $ | 9,283,216 |  |  | $ | 9,244,086 |
Steel products |  |  | 4,461,042 |  |  |  | 4,610,628 |  |  |  | 4,734,636 |
Raw materials |  |  | 3,324,489 |  |  |  | 3,316,479 |  |  |  | 3,492,126 |
Corporate/eliminations |  |  | 2,631,603 |  |  |  | 1,134,343 |  |  |  | 449,740 |
|  | $ | 20,125,394 |  |  | $ | 18,344,666 |  |  | $ | 17,920,588 |
Capital expenditures: |  |  |  |  |  |  |  |  |  |  |  |
Steel mills |  | $ | 1,238,132 |  |  | $ | 1,133,089 |  |  | $ | 720,310 |
Steel products |  |  | 135,511 |  |  |  | 93,848 |  |  |  | 88,585 |
Raw materials |  |  | 125,213 |  |  |  | 244,818 |  |  |  | 169,926 |
Corporate |  |  | 28,259 |  |  |  | 40,315 |  |  |  | 18,435 |
|  | $ | 1,527,116 |  |  | $ | 1,512,070 |  |  | $ | 997,256 |
Net sales by product were as follows (in thousands). Further product group breakdown is impracticable.
|  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
Net sales to external customers: |  |  |  |  |  |  |  |  |  |  |  |
Sheet |  | $ | 5,450,507 |  |  | $ | 6,450,506 |  |  | $ | 7,571,765 |
Bar |  |  | 3,821,158 |  |  |  | 4,106,640 |  |  |  | 4,709,292 |
Structural |  |  | 1,526,283 |  |  |  | 1,573,248 |  |  |  | 1,830,476 |
Plate |  |  | 1,311,360 |  |  |  | 1,803,556 |  |  |  | 2,133,685 |
Tubular Products |  |  | 1,113,582 |  |  |  | 1,207,398 |  |  |  | 1,347,577 |
Rebar Fabrication |  |  | 1,708,442 |  |  |  | 1,666,445 |  |  |  | 1,496,194 |
Other Steel Products |  |  | 3,801,045 |  |  |  | 4,116,221 |  |  |  | 3,952,730 |
Raw Materials |  |  | 1,407,283 |  |  |  | 1,664,844 |  |  |  | 2,025,560 |
|  | $ | 20,139,658 |  |  | $ | 22,588,858 |  |  | $ | 25,067,279 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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