EX-12 2 d543006dex12.htm EXHIBIT 12 Exhibit 12

Exhibit 12

Nucor Corporation

2018 Form 10-Q

Computation of Ratio of Earnings to Fixed Charges

 

    Year ended December 31,     Three Months
Ended
    Three Months
Ended
 
                                  March 31,     April 1,  
    2013     2014     2015     2016     2017     2018     2017  
    (In thousands, except ratios)                                

Earnings

             

Earnings before income taxes and noncontrolling interests

  $ 808,568     $ 1,147,288     $ 241,866     $ 1,298,659     $ 1,749,957     $ 515,912     $ 548,975  

Plus: (earnings)/losses from equity investments

    (9,297     (13,505     (5,329     (38,757     (41,661     (9,580     (8,756

Plus: fixed charges (includes interest expense and amortization of bond issuance costs and settled swaps and estimated interest on rent expense)

    164,128       178,240       178,941       186,437       190,889       42,377       46,783  

Plus: amortization of capitalized interest

    3,064       4,166       4,062       3,715       4,208       1,053       1,048  

Plus: distributed income of equity investees

    8,708       53,738       15,132       40,602       49,295       25,150       30,249  

Less: interest capitalized

    (10,913     (2,946     (311     (3,940     (1,590     (1,670     (150

Less: pre-tax earnings in noncontrolling interests in subsidiaries that have not incurred fixed charges

    (94,330     (99,227     (112,306     (104,145     (61,883     (25,933     (20,749
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total earnings before fixed charges

  $ 869,928     $ 1,267,754     $ 322,055     $ 1,382,571     $ 1,889,215     $ 547,309     $ 597,400  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fixed charges

             

Interest cost and amortization of bond issuance and settled swaps

  $ 162,899     $ 177,088     $ 177,855     $ 185,119     $ 188,872     $ 41,848     $ 46,450  

Estimated interest on rent expense

    1,229       1,152       1,086       1,318       2,017       529       333  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total fixed charges

  $ 164,128     $ 178,240     $ 178,941     $ 186,437     $ 190,889     $ 42,377     $ 46,783  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratio of earnings to fixed charges

    5.30       7.11       1.80       7.42       9.90       12.92       12.77