XML 20 R10.htm IDEA: XBRL DOCUMENT
v3.23.1

Goodwill and Other Intangible Assets | 3 Months Ended
--- | ---
Apr. 01, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | 4. Goodwill and Other Intangible Assets The change in the net carrying amount of goodwill for the three months ended April 1, 2023 by segment was as follows (in thousands):
|  | Steel Mills |  |  | Steel Products |  |  | Raw Materials |  |  | Total |
Balance at December 31, 2022 |  | $ | 675,186 |  |  | $ | 2,510,045 |  |  | $ | 734,829 |  |  | $ | 3,920,060 |
Acquisitions |  |  | - |  |  |  | (3,740 | ) |  |  | - |  |  |  | (3,740 | )
Translation |  |  | - |  |  |  | (1,412 | ) |  |  | - |  |  |  | (1,412 | )
Balance at April 1, 2023 |  | $ | 675,186 |  |  | $ | 2,504,893 |  |  | $ | 734,829 |  |  | $ | 3,914,908 |
Nucor completed its most recent annual goodwill impairment testing as of the first day of the fourth quarter of 2022 and concluded that as of such date there was no impairment of goodwill for any of its reporting units. The annual assessment performed in 2022 for one of the Company’s reporting units, Rebar Fabrication, used forward-looking projections in future cash flows. The fair value of this reporting unit exceeded its carrying value by approximately 34% in the most recent assessment. If our assessment of the relevant facts and circumstances changes, including if the expected future performance of this reporting unit declines from the most recent assessment, non-cash impairment charges may be required. Total goodwill associated with the Rebar Fabrication reporting unit was $346.4 million as of April 1, 2023 ($347.6 million as of December 31, 2022). An impairment of goodwill may also lead us to record an impairment of other intangible assets. Total finite-lived intangible assets associated with the Rebar Fabrication reporting unit were $34.4 million as of April 1, 2023 ($36.3 million as of December 31, 2022). There have been no triggering events requiring an interim assessment for impairment of the Rebar Fabrication reporting unit since the most recent annual goodwill impairment testing date. Intangible assets with estimated useful lives of five to 25 years are amortized on a straight-line or accelerated basis and consisted of the following as of April 1, 2023 and December 31, 2022 (in thousands):
|  | April 1, 2023 |  |  | December 31, 2022 |
|  | Gross Amount |  |  | Accumulated Amortization |  |  | Gross Amount |  |  | Accumulated Amortization |
Customer relationships |  | $ | 4,174,632 |  |  | $ | 1,139,923 |  |  | $ | 4,174,724 |  |  | $ | 1,087,834 |
Trademarks and trade names |  |  | 364,087 |  |  |  | 148,032 |  |  |  | 364,106 |  |  |  | 142,363 |
Other |  |  | 109,746 |  |  |  | 97,125 |  |  |  | 109,746 |  |  |  | 96,114 |
|  | $ | 4,648,465 |  |  | $ | 1,385,080 |  |  | $ | 4,648,576 |  |  | $ | 1,326,311 |
Intangible asset amortization expense in the first quarter of 2023 and 2022 was $58.8 million and $41.4 million, respectively. Annual amortization expense is estimated to be $233.6 million in 2023; $233.4 million in 2024; $232.5 million in 2025; $229.6 million in 2026; and $225.4 million in 2027.

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI https://asc.fasb.org/topic&trid=2144416 + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration