0001193125-22-198782.txt : 20220721 0001193125-22-198782.hdr.sgml : 20220721 20220721105238 ACCESSION NUMBER: 0001193125-22-198782 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20220721 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20220721 DATE AS OF CHANGE: 20220721 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NUCOR CORP CENTRAL INDEX KEY: 0000073309 STANDARD INDUSTRIAL CLASSIFICATION: STEEL WORKS, BLAST FURNACES ROLLING MILLS (COKE OVENS) [3312] IRS NUMBER: 131860817 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-04119 FILM NUMBER: 221096007 BUSINESS ADDRESS: STREET 1: 1915 REXFORD RD CITY: CHARLOTTE STATE: NC ZIP: 28211 BUSINESS PHONE: 7043667000 MAIL ADDRESS: STREET 1: 1915 REXFORD ROAD CITY: CHARLOTTE STATE: NC ZIP: 28211 FORMER COMPANY: FORMER CONFORMED NAME: NUCLEAR CORP OF AMERICA INC DATE OF NAME CHANGE: 19680911 FORMER COMPANY: FORMER CONFORMED NAME: AZTEC MECHANICAL CONTRACTORS INC DATE OF NAME CHANGE: 19660629 8-K 1 d301203d8k.htm 8-K 8-K
NUCOR CORP false 0000073309 0000073309 2022-07-21 2022-07-21

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 21, 2022

 

 

NUCOR CORPORATION

(Exact name of Registrant as Specified in Its Charter)

 

 

 

Delaware   1-4119   13-1860817

(State or Other Jurisdiction

of Incorporation)

  

(Commission

File Number)

  

(IRS Employer

Identification No.)

1915 Rexford Road,

Charlotte, NC

     28211
(Address of Principal Executive Offices)     (Zip Code)

Registrant’s Telephone Number, Including Area Code: (704) 366-7000

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

  

Trading

Symbol(s)

  

Name of each exchange

on which registered

Common Stock, par value $0.40 per share   NUE   New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

 

 

Item 2.02.

Results of Operations and Financial Condition.

On July 21, 2022, Nucor Corporation issued a news release reporting its financial results for the quarter ended July 2, 2022. A copy of the news release is furnished as Exhibit 99.1 and incorporated herein by reference.

 

Item 9.01.

Financial Statements and Exhibits.

 

  (d)

Exhibits

 

99.1    News Release of Nucor Corporation dated July 21, 2022
104    Cover Page from this Current Report on Form 8-K, formatted in Inline XBRL

The information contained in this Current Report on Form 8-K, including the exhibits attached hereto, is being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. Furthermore, the information contained in this Current Report on Form 8-K shall not be deemed to be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in any such registration statement or other document.

 

1

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  NUCOR CORPORATION
Date: July 21, 2022   By:  

/s/ Stephen D. Laxton

    Stephen D. Laxton
   

Chief Financial Officer, Treasurer and Executive

Vice President

 

2

EX-99.1 2 d301203dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

News Release    LOGO

Nucor Reports Record Quarterly Earnings for the Second Quarter of 2022

CHARLOTTE, N.C. – July 21, 2022—Nucor Corporation (NYSE: NUE) today announced record quarterly consolidated net earnings of $2.56 billion, or $9.67 per diluted share, for the second quarter of 2022. By comparison, Nucor reported consolidated net earnings of $2.10 billion, or $7.67 per diluted share, for the first quarter of 2022 and $1.51 billion, or $5.04 per diluted share, for the second quarter of 2021.

In the first six months of 2022, Nucor reported consolidated net earnings of $4.66 billion, or $17.30 per diluted share, compared with consolidated net earnings of $2.45 billion, or $8.13 per diluted share, in the first six months of 2021.

“Nucor’s second quarter earnings of $9.67 per diluted share and first half earnings of $17.30 per diluted share both represent new records. Nucor’s differentiated business model is yielding exceptional results. I would like to congratulate our teammates for delivering world class performance in safety and profitability while providing exceptional customer service,” said Leon Topalian, Nucor’s President and Chief Executive Officer. “Our team is focused on delivering the safest and most profitable year in our history!”

Selected Segment Data

Earnings (loss) before income taxes and noncontrolling interests by segment for the second quarter and first six months of 2022 and 2021 were as follows (in thousands):

 

     Three Months (13 Weeks) Ended      Six Months (26 Weeks) Ended  
     July 2, 2022      July 3, 2021      July 2, 2022      July 3, 2021  

Steel mills

    $ 2,815,723      $ 2,174,807      $ 5,394,577      $ 3,489,781  

Steel products

      1,129,932        259,330        1,814,799        471,142  

Raw materials

      263,598        120,143        359,451        343,378  

Corporate/eliminations

      (718,851 )       (528,532 )       (1,180,310 )       (980,307 ) 
  

 

 

     

 

 

     

 

 

     

 

 

  
   $ 3,490,402      $ 2,025,748      $ 6,388,517      $ 3,323,994  
  

 

 

     

 

 

     

 

 

     

 

 

  

Financial Review

Nucor’s consolidated net sales increased 12% to $11.79 billion in the second quarter of 2022 compared with $10.49 billion in the first quarter of 2022 and increased 34% compared with $8.79 billion in the second quarter of 2021. Average sales price per ton in the second quarter of 2022 increased 3% compared with the first quarter of 2022 and increased 44% compared with the second quarter of 2021. A total of 6,977,000 tons were shipped to outside customers in the second quarter of 2022, a 9% increase from the first quarter of 2022 and a 7% decrease from the second quarter of 2021. Total steel mill shipments in the second quarter of 2022 increased 11% as compared to the first quarter of 2022 and decreased 4% as compared to the second quarter of 2021. Steel mill shipments to internal customers represented 22% of total steel mill shipments in the second quarter of 2022, compared with 22% in the first quarter of 2022 and 20% in the second quarter of 2021. Downstream steel product shipments to outside customers in the second quarter of 2022 increased 6% from the first quarter of 2022 and were similar to the second quarter of 2021.

 

Page 1 of 9

Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211

Phone 704-366-7000 Fax 704-362-4208 www.nucor.com

News Release    LOGO

Nucor Reports Record Quarterly Earnings for the Second Quarter of 2022 (Continued)

 

In the first six months of 2022, Nucor’s consolidated net sales of $22.29 billion were an increase of 41% compared with consolidated net sales of $15.81 billion reported in the first six months of 2021. Total tons shipped to outside customers in the first six months of 2022 were 13,371,000, a decrease of 9% from the first six months of 2021, while the average sales price per ton in the first six months of 2022 increased 55% from the first six months of 2021.

The average scrap and scrap substitute cost per gross ton used in the second quarter of 2022 was $534, an 8% increase compared to $495 in the first quarter of 2022 and a 17% increase compared to $457 in the second quarter of 2021. The average scrap and scrap substitute cost per gross ton used in the first six months of 2022 was $516, a 20% increase compared to $431 in the first six months of 2021.

Pre-operating and start-up costs related to the Company’s growth projects were approximately $60 million, or $0.17 per diluted share, in the second quarter of 2022, compared with approximately $62 million, or $0.17 per diluted share, in the first quarter of 2022 and approximately $22 million, or $0.06 per diluted share, in the second quarter of 2021.

In the first six months of 2022, pre-operating and start-up costs related to the Company’s growth projects were approximately $122 million, or $0.35 per diluted share, compared with approximately $41 million, or $0.10 per diluted share, in the first six months of 2021.

Overall operating rates at the Company’s steel mills increased to 85% in the second quarter of 2022 as compared to 77% in the first quarter of 2022 and decreased compared to 97% in the second quarter of 2021. Operating rates in the first six months of 2022 decreased to 81% as compared to 96% in the first six months of 2021.

Financial Strength

At the end of the second quarter of 2022, we had $2.45 billion in cash and cash equivalents, short-term investments and restricted cash and cash equivalents on hand. The Company’s $1.75 billion revolving credit facility remains undrawn and does not expire until November 2026. Nucor continues to have the strongest credit rating in the North American steel sector (Baa1/A-) with stable outlooks at both Moody’s and Standard & Poor’s.

 

Page 2 of 9

Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211

Phone 704-366-7000 Fax 704-362-4208 www.nucor.com

News Release    LOGO

Nucor Reports Record Quarterly Earnings for the Second Quarter of 2022 (Continued)

 

Commitment to Returning Capital to Stockholders

During the second quarter of 2022, Nucor repurchased approximately 5.1 million shares of its common stock at an average price of $157.37 per share (12.1 million shares year-to-date at an average price of $140.59 per share). As of July 2, 2022, Nucor had approximately 262,000,000 shares outstanding and approximately $2.14 billion remaining for repurchases under its existing authorized share repurchase program. This share repurchase authorization is discretionary and has no scheduled expiration date.

On June 9, 2022, Nucor’s board of directors declared a cash dividend of $0.50 per share. This cash dividend is payable on August 11, 2022 to stockholders of record as of June 30, 2022 and is Nucor’s 197th consecutive quarterly cash dividend.

Second Quarter of 2022 Analysis

Second quarter earnings were driven by increased profitability in the steel products segment, which continued to benefit from robust demand in nonresidential construction markets. In addition, the steel mills segment earnings strengthened due primarily to increased profitability at our bar and plate mills. Similarly, Nucor’s raw materials segment generated increased profits in the second quarter due to relatively higher selling prices for both direct reduced iron (DRI) and scrap. The second quarter also saw the closing of Nucor’s acquisition of C.H.I. Overhead Doors, LLC.

Third Quarter of 2022 Outlook

As we enter the third quarter, demand remains stable and resilient across the major end-use markets we serve, and customer inventory levels appear right-sized relative to economic conditions. Though we expect a decrease from the record-setting second quarter, we expect another strong quarter of profitability in the third quarter of 2022. We believe that 2022 will be the most profitable year in Nucor’s history.

We expect the steel mills segment earnings to be sequentially lower in the third quarter of 2022, due to lower expected shipment volumes and average selling prices, particularly at our sheet and plate mills. The steel products segment is expected to have another very strong quarter in the third quarter of 2022, with earnings roughly in-line with the second quarter of 2022. Raw materials segment earnings are expected to improve in the third quarter of 2022 due to higher realized pricing at our DRI facilities.

Earnings Conference Call

You are invited to listen to the live broadcast of Nucor’s conference call during which management will discuss Nucor’s second quarter results on July 21, 2022 at 2:00 p.m. Eastern Time. The conference call will be available over the Internet at www.nucor.com, under Investors.

 

Page 3 of 9

Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211

Phone 704-366-7000 Fax 704-362-4208 www.nucor.com

News Release    LOGO

Nucor Reports Record Quarterly Earnings for the Second Quarter of 2022 (Continued)

 

About Nucor

Nucor and its affiliates are manufacturers of steel and steel products, with operating facilities in the United States, Canada and Mexico. Products produced include: carbon and alloy steel — in bars, beams, sheet and plate; hollow structural section tubing; electrical conduit; steel racking; steel piling; steel joists and joist girders; steel deck; fabricated concrete reinforcing steel; cold finished steel; precision castings; steel fasteners; metal building systems; insulated metal panels; overhead doors; steel grating; and wire and wire mesh. Nucor, through The David J. Joseph Company and its affiliates, also brokers ferrous and nonferrous metals, pig iron and hot briquetted iron / direct reduced iron; supplies ferro-alloys; and processes ferrous and nonferrous scrap. Nucor is North America’s largest recycler.

Forward-Looking Statements

Certain statements contained in this news release are “forward-looking statements” that involve risks and uncertainties which we expect will or may occur in the future and may impact our business, financial condition and results of operations. The words “anticipate,” “believe,” “expect,” “intend,” “project,” “may,” “will,” “should,” “could” and similar expressions are intended to identify those forward-looking statements. These forward-looking statements reflect the Company’s best judgment based on current information, and, although we base these statements on circumstances that we believe to be reasonable when made, there can be no assurance that future events will not affect the accuracy of such forward-looking information. As such, the forward-looking statements are not guarantees of future performance, and actual results may vary materially from the projected results and expectations discussed in this news release. Factors that might cause the Company’s actual results to differ materially from those anticipated in forward-looking statements include, but are not limited to: (1) competitive pressure on sales and pricing, including pressure from imports and substitute materials; (2) U.S. and foreign trade policies affecting steel imports or exports; (3) the sensitivity of the results of our operations to prevailing market steel prices and changes in the supply and cost of raw materials, including pig iron, iron ore and scrap steel; (4) the availability and cost of electricity and natural gas, which could negatively affect our cost of steel production or result in a delay or cancellation of existing or future drilling within our natural gas drilling programs; (5) critical equipment failures and business interruptions; (6) market demand for steel products, which, in the case of many of our products, is driven by the level of nonresidential construction activity in the United States; (7) impairment in the recorded value of inventory, equity investments, fixed assets, goodwill or other long-lived assets; (8) uncertainties surrounding the global economy, including excess world capacity for steel production, inflation and interest rate changes; (9) fluctuations in currency conversion rates; (10) significant changes in laws or government regulations affecting environmental compliance, including legislation and regulations that result in greater regulation of greenhouse gas emissions that could increase our energy costs, capital expenditures and operating costs or cause one or more of our permits to be revoked or make it more difficult to obtain permit modifications; (11) the cyclical nature of the steel industry; (12) capital investments and their impact on our performance; (13) our safety performance; (14) our ability to integrate the operations of C.H.I. Overhead Doors, LLC and certain of its affiliates; and (15) the impact of the COVID-19 pandemic and any variants of the virus. These and other

 

Page 4 of 9

Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211

Phone 704-366-7000 Fax 704-362-4208 www.nucor.com

News Release    LOGO

Nucor Reports Record Quarterly Earnings for the Second Quarter of 2022 (Continued)

 

factors are discussed in Nucor’s regulatory filings with the United States Securities and Exchange Commission, including those in “Item 1A. Risk Factors” of Nucor’s Annual Report on Form 10-K for the year ended December 31, 2021. The forward-looking statements contained in this news release speak only as of this date, and Nucor does not assume any obligation to update them, except as may be required by applicable law.

Contact Information

For Investor/Analyst Inquiries - Paul Donnelly, 704-264-8807, or Gregg Lucas, 704-972-1841

For Media Inquiries - Katherine Miller, 704-353-9015

 

Page 5 of 9

Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211

Phone 704-366-7000 Fax 704-362-4208 www.nucor.com

News Release    LOGO

Nucor Reports Record Quarterly Earnings for the Second Quarter of 2022 (Continued)

 

Tonnage Data

(In thousands)

 

     Three Months (13 Weeks) Ended     Six Months (26 Weeks) Ended  
     July 2,
2022		      July 3,
2021		      Percent
Change		     July 2,
2022		      July 3,
2021		      Percent
Change		  

Steel mills total shipments:

                 

Sheet

      2,934        2,913        1 %      5,319        5,840        -9 % 

Bars

      2,273        2,423        -6 %      4,559        4,742        -4 % 

Structural

      624        681        -8 %      1,264        1,304        -3 % 

Plate

      474        599        -21 %      872        1,195        -27 % 

Other

      143        118        21 %      248        197        26 % 
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  
     6,448        6,734        -4 %      12,262        13,278        -8 % 
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Sales tons to outside customers:

                 

Steel mills

      5,041        5,356        -6 %      9,580        10,546        -9 % 

Joist

      158        167        -5 %      337        339        -1 % 

Deck

      123        130        -5 %      259        265        -2 % 

Cold finished

      123        128        -4 %      256        260        -2 % 

Rebar fabrication products

      339        338        0 %      630        620        2 % 

Piling

      119        171        -30 %      230        307        -25 % 

Tubular products

      274        269        2 %      504        519        -3 % 

Other steel products

      175        109        61 %      330        209        58 % 

Raw materials

      625        814        -23 %      1,245        1,593        -22 % 
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  
     6,977        7,482        -7 %      13,371        14,658        -9 % 
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

 

Page 6 of 9

Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211

Phone 704-366-7000 Fax 704-362-4208 www.nucor.com

News Release    LOGO

Nucor Reports Record Quarterly Earnings for the Second Quarter of 2022 (Continued)

 

Condensed Consolidated Statements of Earnings (Unaudited)

(In thousands, except per share data)

 

     Three Months (13 Weeks) Ended     Six Months (26 Weeks) Ended  
     July 2, 2022     July 3, 2021     July 2, 2022     July 3, 2021  

Net sales

    $ 11,794,474     $ 8,789,164     $ 22,287,756     $ 15,806,304  
  

 

 

    

 

 

    

 

 

    

 

 

  

Costs, expenses and other:

         

Cost of products sold

      7,690,211       6,315,661       14,725,354       11,710,364  

Marketing, administrative and other expenses

      563,211       387,070       1,087,795       678,194  

Equity in earnings of unconsolidated affiliates

      (7,113 )      (19,403 )      (14,808 )      (32,642 ) 

Losses on assets

      —         44,308       —         50,970  

Interest expense, net

      57,763       35,780       100,898       75,424  
  

 

 

    

 

 

    

 

 

    

 

 

  
     8,304,072     6,763,416     15,899,239     12,482,310  
  

 

 

    

 

 

    

 

 

    

 

 

  

Earnings before income taxes and noncontrolling interests

      3,490,402       2,025,748       6,388,517       3,323,994  

Provision for income taxes

      763,165       454,289       1,434,165       765,021  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net earnings

      2,727,237       1,571,459       4,954,352       2,558,973  

Earnings attributable to noncontrolling interests

      166,004       64,591       297,496       109,673  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net earnings attributable to Nucor stockholders

    $ 2,561,233     $ 1,506,868     $ 4,656,856     $ 2,449,300  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net earnings per share:

         

Basic

    $ 9.69     $ 5.05     $ 17.34     $ 8.14  

Diluted

    $ 9.67     $ 5.04     $ 17.30     $ 8.13  

Average shares outstanding:

         

Basic

      263,221       296,817       267,416       299,359  

Diluted

      263,719       297,529       268,066       299,738  

 

Page 7 of 9

Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211

Phone 704-366-7000 Fax 704-362-4208 www.nucor.com

News Release    LOGO

Nucor Reports Record Quarterly Earnings for the Second Quarter of 2022 (Continued)

 

Condensed Consolidated Balance Sheets (Unaudited)

(In thousands)

 

     July 2, 2022     Dec 31, 2021  

ASSETS

     

Current assets:

     

Cash and cash equivalents

    $ 2,002,708     $ 2,364,858  

Short-term investments

      363,287       253,005  

Accounts receivable, net

      4,749,600       3,853,972  

Inventories, net

      6,579,142       6,011,182  

Other current assets

      339,074       316,540  
  

 

 

    

 

 

  

Total current assets

      14,033,811       12,799,557  

Property, plant and equipment, net

      9,213,600       8,114,818  

Restricted cash and cash equivalents

      88,262       143,800  

Goodwill

      3,929,503       2,827,344  

Other intangible assets, net

      3,429,149       1,103,759  

Other assets

      974,132       833,794  
  

 

 

    

 

 

  

Total assets

    $ 31,668,457     $ 25,823,072  
  

 

 

    

 

 

  

LIABILITIES

     

Current liabilities:

     

Short-term debt

    $ 100,509     $ 107,723  

Current portion of long-term debt and finance lease obligations

      629,171       615,678  

Accounts payable

      2,315,796       1,974,041  

Salaries, wages and related accruals

      1,239,617       1,495,166  

Accrued expenses and other current liabilities

      1,074,108       964,805  
  

 

 

    

 

 

  

Total current liabilities

      5,359,201       5,157,413  

Long-term debt and finance lease obligations due after one year

      6,621,685       4,961,410  

Deferred credits and other liabilities

      1,834,763       1,100,455  
  

 

 

    

 

 

  

Total liabilities

      13,815,649       11,219,278  
  

 

 

    

 

 

  

Commitments and contingencies

     

EQUITY

     

Nucor stockholders’ equity:

     

Common stock

      152,061       152,061  

Additional paid-in capital

      2,115,178       2,140,608  

Retained earnings

      22,064,383       17,674,100  

Accumulated other comprehensive loss, net of income taxes

      (70,810 )      (115,282 ) 

Treasury stock

      (7,452,168 )      (5,835,098 ) 
  

 

 

    

 

 

  

Total Nucor stockholders’ equity

      16,808,644       14,016,389  

Noncontrolling interests

      1,044,164       587,405  
  

 

 

    

 

 

  

Total equity

      17,852,808       14,603,794  
  

 

 

    

 

 

  

Total liabilities and equity

    $ 31,668,457     $ 25,823,072  
  

 

 

    

 

 

  

 

Page 8 of 9

Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211

Phone 704-366-7000 Fax 704-362-4208 www.nucor.com

News Release    LOGO

Nucor Reports Record Quarterly Earnings for the Second Quarter of 2022 (Continued)

 

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

 

     Six Months (26 Weeks) Ended  
     July 2, 2022     July 3, 2021  

Operating activities:

     

Net earnings

    $ 4,954,352     $ 2,558,973  

Adjustments:

     

Depreciation

      397,270       362,492  

Amortization

      87,267       41,858  

Stock-based compensation

      74,219       66,729  

Deferred income taxes

      (36,220 )      102,367  

Distributions from affiliates

      2,287       180  

Equity in earnings of unconsolidated affiliates

      (14,808 )      (32,642 ) 

Losses on assets

      —         50,970  

Changes in assets and liabilities (exclusive of acquisitions and dispositions):

     

Accounts receivable

      (648,569 )      (1,093,021 ) 

Inventories

      (157,976 )      (1,673,962 ) 

Accounts payable

      198,062       726,649  

Federal income taxes

      33,441       290,287  

Salaries, wages and related accruals

      (252,758 )      385,265  

Other operating activities

      97,174       97,041  
  

 

 

    

 

 

  

Cash provided by operating activities

      4,733,741       1,883,186  
  

 

 

    

 

 

  

Investing activities:

     

Capital expenditures

      (968,795 )      (702,378 ) 

Investment in and advances to affiliates

      (227 )      (169 ) 

Disposition of plant and equipment

      15,996       10,665  

Acquisitions (net of cash acquired)

      (3,465,866 )      300  

Purchases of investments

      (330,278 )      (357,917 ) 

Proceeds from the sale of investments

      219,996       367,512  

Other investing activities

      (7,096 )      587  
  

 

 

    

 

 

  

Cash used in investing activities

      (4,536,270 )      (681,400 ) 
  

 

 

    

 

 

  

Financing activities:

     

Net change in short-term debt

      (7,214 )      42,780  

Proceeds from issuance of long-term debt, net of discount

      2,091,934       —    

Repayment of long-term debt

      (506,000 )      —    

Bond issuance costs

      (13,138 )      —    

Proceeds from exercise of stock options

      18,819       128,800  

Payment of tax withholdings on certain stock-based compensation

      (58,218 )      (64,416 ) 

Distributions to noncontrolling interests

      (268,535 )      (97,196 ) 

Cash dividends

      (272,038 )      (246,539 ) 

Acquisition of treasury stock

      (1,707,893 )      (916,145 ) 

Proceeds from government incentives

      125,000       —    

Other financing activities

      (17,059 )      (5,072 ) 
  

 

 

    

 

 

  

Cash used in financing activities

      (614,342 )      (1,157,788 ) 
  

 

 

    

 

 

  

Effect of exchange rate changes on cash

      (817 )      8,079  
  

 

 

    

 

 

  

(Decrease) increase in cash and cash equivalents and restricted cash and cash equivalents

      (417,688 )      52,077  

Cash and cash equivalents and restricted cash and cash equivalents - beginning of year

      2,508,658       2,754,929  
  

 

 

    

 

 

  

Cash and cash equivalents and restricted cash and cash equivalents - end of six months

    $ 2,090,970     $ 2,807,006  
  

 

 

    

 

 

  

Non-cash investing activity:

     

Change in accrued plant and equipment purchases

    $ (23,583 )    $ 44,754  
  

 

 

    

 

 

  

 

Page 9 of 9

Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211

Phone 704-366-7000 Fax 704-362-4208 www.nucor.com

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Entity Registrant Name NUCOR CORP
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Entity Central Index Key 0000073309
Document Type 8-K
Document Period End Date Jul. 21, 2022
Entity Incorporation State Country Code DE
Entity File Number 1-4119
Entity Tax Identification Number 13-1860817
Entity Address, Address Line One 1915 Rexford Road
Entity Address, City or Town Charlotte
Entity Address, State or Province NC
Entity Address, Postal Zip Code 28211
City Area Code (704)
Local Phone Number 366-7000
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Soliciting Material false
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Pre Commencement Issuer Tender Offer false
Security 12b Title Common Stock, par value $0.40 per share
Trading Symbol NUE
Security Exchange Name NYSE
Entity Emerging Growth Company false
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