Fair Value Measurements

6 Months Ended

Jun. 29, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

6. Fair Value Measurements

The following table summarizes information regarding Nucor’s financial assets and financial liabilities that were measured at fair value as of June 29, 2024 and December 31, 2023 (in thousands). Nucor does not have any non-financial assets or non-financial liabilities that are measured at fair value on a recurring basis.

				Fair Value Measurements at Reporting Date Using
Description	Carrying Amount in Condensed Consolidated Balance Sheets			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
As of June 29, 2024
Assets:
Cash equivalents	$	3,995,267		$	3,995,267	$	-		$	-
Short-term investments		795,180			795,180		-			-
Derivative contracts		2,796			-		2,796			-
Other assets		60,310			17,535		-			42,775
Total assets	$	4,853,553		$	4,807,982	$	2,796		$	42,775
Liabilities:
Derivative contracts	$	(8,100	)	$	-	$	(8,100	)	$	-
As of December 31, 2023
Assets:
Cash equivalents	$	5,724,549		$	5,724,549	$	-		$	-
Short-term investments		747,479			747,479		-			-
Restricted cash and cash equivalents		3,494			3,494		-			-
Derivative contracts		-			-		-			-
Other assets		47,020			4,245		-			42,775
Total assets	$	6,522,542		$	6,479,767	$	-			42,775
Liabilities:
Derivative contracts	$	(23,211	)	$	-	$	(23,211	)	$	-

Fair value measurements for Nucor’s cash equivalents, short-term investments and restricted cash and cash equivalents and an investment in a publicly traded nuclear power equipment manufacturer are classified under Level 1 because such measurements are based on quoted market prices in active markets for identical assets. Fair value measurements for Nucor’s derivatives, which are typically commodity or foreign exchange contracts, are classified under Level 2 because such measurements are based on published market prices for similar assets or are estimated based on observable inputs such as interest rates, yield curves, credit risks, spot and future commodity prices, and spot and future exchange rates. Fair value measurements for Nucor's investments in privately held companies, most of which are in a nuclear fusion technology company, are classified under Level 3 because such measurements are based on unobservable inputs that indicate a change in fair value, including the transaction price in the event of a change in ownership of the investee (e.g., the sale of other investors' interest in the company) or the transaction price in the event of additional equity issuances of the investee. There were no transfers between levels in the fair value hierarchy for the periods presented.

The fair value of short-term and long-term debt, including current maturities, was approximately $6.12 billion at June 29, 2024 (approximately $6.22 billion at December 31, 2023). The debt fair value estimates are classified under Level 2 because such estimates are based on readily available market prices of our debt at June 29, 2024 and December 31, 2023, or similar debt with the same maturities, ratings and interest rates.