filings.toolsItem 1. Financial Statements
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Item 1. Financial Statements
Nucor Corporation Condensed Consolidat****ed Statements of Earnings (Unaudited)
(In millions, except per share amounts)
| Three Months (13 Weeks) Ended | Nine Months (39 Weeks) Ended | |||||||||||||||
| October 4, 2025 | September 28, 2024 | October 4, 2025 | September 28, 2024 | |||||||||||||
| Net sales | $ | 8,521 | $ | 7,444 | $ | 24,807 | $ | 23,658 | ||||||||
| Costs, expenses and other: | ||||||||||||||||
| Cost of products sold | 7,333 | 6,686 | 21,791 | 20,183 | ||||||||||||
| Marketing, administrative and other expenses | 300 | 244 | 885 | 883 | ||||||||||||
| Equity in earnings of unconsolidated affiliates | (10 | ) | (5 | ) | (24 | ) | (24 | ) | ||||||||
| Losses and impairments of assets | - | 123 | 40 | 137 | ||||||||||||
| Interest expense (income), net | 15 | 7 | 48 | (33 | ) | |||||||||||
| 7,638 | 7,055 | 22,740 | 21,146 | |||||||||||||
| Earnings before income taxes and noncontrolling interests | 883 | 389 | 2,067 | 2,512 | ||||||||||||
| Provision for income taxes | 200 | 86 | 452 | 538 | ||||||||||||
| Net earnings before noncontrolling interests | 683 | 303 | 1,615 | 1,974 | ||||||||||||
| Earnings attributable to noncontrolling interests | 76 | 53 | 249 | 234 | ||||||||||||
| Net earnings attributable to Nucor stockholders | $ | 607 | $ | 250 | $ | 1,366 | $ | 1,740 | ||||||||
| Net earnings per share: | ||||||||||||||||
| Basic | $ | 2.63 | $ | 1.05 | $ | 5.89 | $ | 7.23 | ||||||||
| Diluted | $ | 2.63 | $ | 1.05 | $ | 5.88 | $ | 7.22 | ||||||||
| Average shares outstanding: | ||||||||||||||||
| Basic | 229.9 | 236.5 | 231.1 | 239.7 | ||||||||||||
| Diluted | 230.2 | 236.8 | 231.4 | 239.8 |
See notes to condensed consolidated financial statements.
Nucor Corporation Condensed Consolidated Sta****tements of Comprehensive Income (Unaudited)
(In millions)
| Three Months (13 Weeks) Ended | Nine Months (39 Weeks) Ended | |||||||||||||||
| October 4, 2025 | September 28, 2024 | October 4, 2025 | September 28, 2024 | |||||||||||||
| Net earnings before noncontrolling interests | $ | 683 | $ | 303 | $ | 1,615 | $ | 1,974 | ||||||||
| Other comprehensive income (loss): | ||||||||||||||||
| Net unrealized (loss) income on hedging derivatives, net of income taxes of $(3) and $(2) for the third quarter of 2025 and 2024, respectively, and $(5) and $(4) for the first nine months of 2025 and 2024, respectively | (10 | ) | (6 | ) | (16 | ) | (11 | ) | ||||||||
| Reclassification adjustment for settlement of hedging derivatives included in net earnings, net of income taxes of $3 and $2 for the third quarter of 2025 and 2024, respectively, and $5 and $6 for the first nine months of 2025 and 2024, respectively | 7 | 6 | 14 | 19 | ||||||||||||
| Foreign currency translation gain (loss), net of income taxes of $0 for the third quarter and first nine months of 2025 and 2024 | (19 | ) | 10 | 21 | (14 | ) | ||||||||||
| (22 | ) | 10 | 19 | (6 | ) | |||||||||||
| Comprehensive income | 661 | 313 | 1,634 | 1,968 | ||||||||||||
| Comprehensive income attributable to noncontrolling interests | 76 | 53 | 249 | 234 | ||||||||||||
| Comprehensive income attributable to Nucor stockholders | $ | 585 | $ | 260 | $ | 1,385 | $ | 1,734 |
See notes to condensed consolidated financial statements.
Nucor Corporation Condensed Consol****idated Balance Sheets (Unaudited)
(In millions)
| October 4, 2025 | December 31, 2024 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 2,221 | $ | 3,558 | ||||
| Short-term investments | 524 | 581 | ||||||
| Accounts receivable, net | 3,288 | 2,675 | ||||||
| Inventories, net | 5,393 | 5,106 | ||||||
| Other current assets | 382 | 555 | ||||||
| Total current assets | 11,808 | 12,475 | ||||||
| Property, plant and equipment, net | 14,821 | 13,243 | ||||||
| Goodwill | 4,294 | 4,288 | ||||||
| Other intangible assets, net | 2,943 | 3,134 | ||||||
| Other assets | 910 | 800 | ||||||
| Total assets | $ | 34,776 | $ | 33,940 | ||||
| LIABILITIES | ||||||||
| Current liabilities: | ||||||||
| Short-term debt | $ | 136 | $ | 225 | ||||
| Current portion of long-term debt and finance lease obligations | 31 | 1,042 | ||||||
| Accounts payable | 2,145 | 1,832 | ||||||
| Salaries, wages and related accruals | 899 | 903 | ||||||
| Accrued expenses and other current liabilities | 1,046 | 975 | ||||||
| Total current liabilities | 4,257 | 4,977 | ||||||
| Long-term debt and finance lease obligations due after one year | 6,686 | 5,683 | ||||||
| Deferred credits and other liabilities | 1,902 | 1,863 | ||||||
| Total liabilities | 12,845 | 12,523 | ||||||
| Commitments and contingencies | ||||||||
| EQUITY | ||||||||
| Nucor stockholders' equity: | ||||||||
| Common stock | 152 | 152 | ||||||
| Additional paid-in capital | 2,233 | 2,223 | ||||||
| Retained earnings | 31,255 | 30,271 | ||||||
| Accumulated other comprehensive loss, net of income taxes | (189 | ) | (208 | ) | ||||
| Treasury stock | (12,681 | ) | (12,144 | ) | ||||
| Total Nucor stockholders' equity | 20,770 | 20,294 | ||||||
| Noncontrolling interests | 1,161 | 1,123 | ||||||
| Total equity | 21,931 | 21,417 | ||||||
| Total liabilities and equity | $ | 34,776 | $ | 33,940 |
See notes to condensed consolidated financial statements.
Nucor Corporation Condensed Consolidate****d Statements of Cash Flows (Unaudited)
(In millions)
| Nine Months (39 Weeks) Ended | ||||||||
| October 4, 2025 | September 28, 2024 | |||||||
| Operating activities: | ||||||||
| Net earnings before noncontrolling interests | $ | 1,615 | $ | 1,974 | ||||
| Adjustments: | ||||||||
| Depreciation | 910 | 809 | ||||||
| Amortization | 191 | 189 | ||||||
| Impairment of assets | 20 | 137 | ||||||
| Stock-based compensation | 102 | 114 | ||||||
| Deferred income taxes | 2 | (92 | ) | |||||
| Distributions from affiliates | 6 | 8 | ||||||
| Equity in earnings of unconsolidated affiliates | (24 | ) | (24 | ) | ||||
| Changes in assets and liabilities (exclusive of acquisitions and dispositions): | ||||||||
| Accounts receivable | (614 | ) | 47 | |||||
| Inventories | (295 | ) | 496 | |||||
| Accounts payable | 296 | (207 | ) | |||||
| Federal income taxes | 177 | 17 | ||||||
| Salaries, wages and related accruals | 20 | (314 | ) | |||||
| Other operating activities | 29 | 92 | ||||||
| Cash provided by operating activities | 2,435 | 3,246 | ||||||
| Investing activities: | ||||||||
| Capital expenditures | (2,620 | ) | (2,294 | ) | ||||
| Investment in and advances to affiliates | (1 | ) | - | |||||
| Sale of business | - | 1 | ||||||
| Disposition of plant and equipment | 42 | 12 | ||||||
| Acquisitions (net of cash acquired) | - | (672 | ) | |||||
| Purchases of investments | (872 | ) | (1,037 | ) | ||||
| Proceeds from the sale of investments | 938 | 1,210 | ||||||
| Other investing activities | 4 | 10 | ||||||
| Cash used in investing activities | (2,509 | ) | (2,770 | ) | ||||
| Financing activities: | ||||||||
| Net change in short-term debt | (89 | ) | 95 | |||||
| Repayment of long-term debt | (1,012 | ) | (5 | ) | ||||
| Bond issuance costs | (9 | ) | - | |||||
| Proceeds from issuance of long-term debt, net of discount | 997 | - | ||||||
| Proceeds from exercise of stock options | 1 | 3 | ||||||
| Payment of tax withholdings on certain stock-based compensation | (32 | ) | (50 | ) | ||||
| Distributions to noncontrolling interests | (231 | ) | (333 | ) | ||||
| Cash dividends | (385 | ) | (394 | ) | ||||
| Acquisition of treasury stock | (600 | ) | (1,901 | ) | ||||
| Proceeds from government incentives | 77 | - | ||||||
| Other financing activities | 14 | (12 | ) | |||||
| Cash used in financing activities | (1,269 | ) | (2,597 | ) | ||||
| Effect of exchange rate changes on cash | 6 | (3 | ) | |||||
| Decrease in cash and cash equivalents | (1,337 | ) | (2,124 | ) | ||||
| Cash and cash equivalents - beginning of year | 3,558 | 6,387 | ||||||
| Cash and cash equivalents - end of nine months | $ | 2,221 | $ | 4,263 | ||||
| Non-cash investing activity: | ||||||||
| Change in accrued plant and equipment purchases | $ | 14 | $ | 70 |
See notes to condensed consolidated financial statements.
Nucor Corporation – Notes to Condensed Con****solidated Financial Statements (Unaudited)
1. Basis of Interim Presentation
The information furnished in this Item 1 reflects all adjustments which are, in the opinion of management, necessary to make a fair statement of the results for the interim periods presented and are of a normal and recurring nature unless otherwise noted. The information furnished has not been audited; however, the December 31, 2024 condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. The unaudited condensed consolidated financial statements included in this Item 1 should be read in conjunction with the audited consolidated financial statements and the notes thereto included in Nucor’s Annual Report on Form 10-K for the year ended December 31, 2024.
Certain amounts in the prior periods’ consolidated financial statements have been reclassified to conform to the current year presentation.
Recently Issued Accounting Pronouncements
In December 2023, new accounting guidance was issued related to income tax disclosures. The new accounting guidance requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The new accounting guidance is effective on a prospective basis for annual periods beginning after December 15, 2024. Early adoption is also permitted for annual financial statements that have not yet been issued or made available for issuance. This new accounting guidance will likely result in additional required disclosures when adopted. The Company is evaluating the impact that the adoption of this new accounting guidance will have on its consolidated financial statements.
In November 2024, new accounting guidance was issued that requires the disaggregated disclosure of specific expense categories, including purchases of inventory, employee compensation, depreciation, and amortization, within relevant income statement captions. The new accounting guidance also requires disclosure of the total amount of selling expenses along with the definition of selling expenses. The new accounting guidance is effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Adoption of this new accounting guidance can either be applied prospectively to consolidated financial statements issued for reporting periods after the effective date or retrospectively to any or all prior periods presented in the consolidated financial statements. Early adoption is also permitted. The Company is evaluating the impact that the adoption of this new accounting guidance will have on its consolidated financial statements.
2. Inventories
Inventories consisted of approximately 37% raw materials and supplies and 63% finished and semi-finished products at October 4, 2025 (approximately 34% and 66%, respectively, at December 31, 2024). Nucor’s manufacturing process consists of a continuous, vertically integrated process from which products are sold to customers at various stages throughout the process. Since most steel products can be classified as either finished or semi-finished products, these two categories of inventory are combined.
3. Property, Plant and Equipment
Property, plant and equipment is recorded net of accumulated depreciation of $13.42 billion at October 4, 2025 ($12.62 billion at December 31, 2024).
Included within property, plant and equipment, net of the steel mills segment at October 4, 2025 is $222 million of assets, net of accumulated depreciation, related to our consolidated joint venture, Nucor-JFE Steel Mexico, S. de R.L. de C.V. (“NJSM”). During the fourth quarter of 2024, the Company determined that a triggering event occurred after review of NJSM's most recent annual forecast. The Company performed an impairment assessment to determine if the carrying amount of NJSM exceeded its projected undiscounted cash flows. Upon completion of the assessment, the Company determined that the carrying amount did not exceed its projected undiscounted cash flows and no impairment charge was required. Nucor will continue to monitor NJSM's financial performance. If NJSM's financial performance underperforms its forecasts, management may determine that a triggering event has occurred and additional testing may be required.
4. Goodwill and Other Intangible Assets
The change in the net carrying amount of goodwill for the nine months ended October 4, 2025 by segment was as follows (in millions):
| Steel Mills | Steel Products | Raw Materials | Total | |||||||||||||
| Balance at December 31, 2024 | $ | 675 | $ | 2,816 | $ | 797 | $ | 4,288 | ||||||||
| Acquisitions | - | - | - | - | ||||||||||||
| Translation/Other | - | 6 | - | 6 | ||||||||||||
| Balance at October 4, 2025 | $ | 675 | $ | 2,822 | $ | 797 | $ | 4,294 |
Nucor completed its most recent annual goodwill impairment testing as of the first day of the fourth quarter of 2024 and concluded that as of such date there was no impairment of goodwill for any of its reporting units.
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 October 4, 2025 and December 31, 2024 (in millions):
| October 4, 2025 | December 31, 2024 | |||||||||||||||
| Gross Amount | Accumulated Amortization | Gross Amount | Accumulated Amortization | |||||||||||||
| Customer relationships | $ | 4,444 | $ | 1,681 | $ | 4,444 | $ | 1,512 | ||||||||
| Trademarks and trade names | 374 | 201 | 387 | 192 | ||||||||||||
| Other | 142 | 135 | 129 | 122 | ||||||||||||
| $ | 4,960 | $ | 2,017 | $ | 4,960 | $ | 1,826 |
Intangible asset amortization expense in the third quarter of 2025 and 2024 was $63 million and $69 million, respectively, and $191 million and $189 million in the first nine months of 2025 and 2024, respectively. Annual amortization expense is estimated to be $254 million in 2025; $248 million in 2026; $242 million in 2027; $219 million in 2028; and $198 million in 2029.
5. Current Liabilities
Book overdrafts, included in accounts payable in the condensed consolidated balance sheets, were $126 million at October 4, 2025 ($146 million at December 31, 2024). Dividends payable, included in accrued expenses and other current liabilities in the condensed consolidated balance sheets, were $127 million at October 4, 2025 ($129 million at December 31, 2024). Accrued vacation and holiday pay, included in salaries, wages and related accruals in the condensed consolidated balance sheets, was $244 million at October 4, 2025 ($231 million at December 31, 2024).
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 October 4, 2025 and December 31, 2024 (in millions). 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 October 4, 2025 | ||||||||||||||||
| Assets: | ||||||||||||||||
| Cash equivalents | $ | 1,560 | $ | 1,560 | $ | - | $ | - | ||||||||
| Short-term investments | 524 | 524 | - | - | ||||||||||||
| Derivative contracts | 2 | - | 2 | - | ||||||||||||
| Other assets | 134 | 60 | - | 74 | ||||||||||||
| Total assets | $ | 2,220 | $ | 2,144 | $ | 2 | $ | 74 | ||||||||
| Liabilities: | ||||||||||||||||
| Derivative contracts | $ | (5 | ) | $ | - | $ | (5 | ) | $ | - | ||||||
| As of December 31, 2024 | ||||||||||||||||
| Assets: | ||||||||||||||||
| Cash equivalents | $ | 2,821 | $ | 2,821 | $ | - | $ | - | ||||||||
| Short-term investments | 581 | 581 | - | - | ||||||||||||
| Derivative contracts | 7 | - | 7 | - | ||||||||||||
| Other assets | 96 | 27 | - | 69 | ||||||||||||
| Total assets | $ | 3,505 | $ | 3,429 | $ | 7 | $ | 69 | ||||||||
| Liabilities: | ||||||||||||||||
| Derivative contracts | $ | (4 | ) | $ | - | $ | (4 | ) | $ | - |
Fair value measurements for Nucor’s cash equivalents, short-term investments 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 estimated 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' interests 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 $6.34 billion at October 4, 2025 (approximately $6.19 billion at December 31, 2024). The debt fair value estimates are classified under Level 2 because such estimates are based on readily available market prices of our debt at October 4, 2025 and December 31, 2024, or similar debt with the same maturities, ratings and interest rates.
7. Contingencies
We are from time to time a party to various lawsuits, claims and other legal proceedings that arise in the ordinary course of business. With respect to all such lawsuits, claims and proceedings, we record reserves when it is probable a liability has been incurred and the amount of loss can be reasonably estimated. We do not believe that any of these proceedings, individually or in the aggregate, would be expected to have a material adverse effect on our results of operations, financial position or cash flows. Nucor maintains liability insurance with self-insurance limits for certain risks.
8. Stock-Based Compensation
Overview
The Company maintains the Nucor Corporation 2025 Omnibus Incentive Compensation Plan (the "Omnibus Plan") under which the Company may award stock-based compensation to employees, officers, consultants and non-employee directors. The Company's stockholders approved the Omnibus Plan on May 8, 2025. The Omnibus Plan permits the award of stock options, appreciation rights, restricted share units, restricted shares, performance shares and performance units for up to 6.8 million shares of the Company's common stock. As of October 4, 2025, 6.0 million shares remained available for award under the Omnibus Plan.
The Company also maintains a number of inactive plans, including the Nucor Corporation 2014 Omnibus Incentive Compensation Plan (the "2014 Plan"), under which stock-based awards remain outstanding but no further awards may be made. As of October 4, 2025, 1.6 million shares were reserved for issuance upon the future settlement of outstanding awards under such inactive plans.
Stock Options
A summary of activity under Nucor’s stock option plans for the first nine months of 2025 is as follows (shares and aggregate intrinsic value in thousands):
| Weighted- | Weighted- | |||||||||||||
| Average | Average | Aggregate | ||||||||||||
| Exercise | Remaining | Intrinsic | ||||||||||||
| Shares | Price | Contractual Life | Value | |||||||||||
| Number of shares under stock options: | ||||||||||||||
| Outstanding at beginning of year | 724 | $ | 89.06 | |||||||||||
| Granted | 138 | $ | 109.36 | |||||||||||
| Exercised | (11 | ) | $ | 118.33 | $ | 311 | ||||||||
| Canceled | - | $ | - | |||||||||||
| Outstanding at October 4, 2025 | 851 | $ | 91.99 | 6.35 years | $ | 41,366 | ||||||||
| Stock options exercisable at October 4, 2025 | 591 | $ | 75.38 | 5.25 years | $ | 37,386 |
Compensation expense for stock options was $0.3 million in the third quarter of each of 2025 and 2024, and $5 million and $4 million in the first nine months of 2025 and 2024, respectively. As of October 4, 2025, unrecognized compensation expense related to stock options was $3 million, which we expect to recognize over a weighted-average period of 2.2 years.
Restricted Stock Units
A summary of Nucor’s restricted stock unit (“RSU”) activity for the first nine months of 2025 is as follows (shares in thousands):
| Shares | Grant Date Fair Value Per Share | |||||||
| Restricted stock units: | ||||||||
| Unvested at beginning of year | 1,021 | $ | 144.89 | |||||
| Granted | 624 | $ | 109.36 | |||||
| Vested | (664 | ) | $ | 134.28 | ||||
| Canceled | (25 | ) | $ | 140.95 | ||||
| Unvested at October 4, 2025 | 956 | $ | 129.17 |
Compensation expense for RSUs was $17 million and $20 million in the third quarter of 2025 and 2024, respectively, and $70 million and $87 million in the first nine months of 2025 and 2024, respectively. As of October 4, 2025, unrecognized compensation expense related to unvested RSUs was $95 million, which we expect to recognize over a weighted-average period of 1.3 years.
Restricted Stock Awards
A summary of Nucor’s restricted stock activity under the Nucor Corporation Senior Officers Annual Incentive Plan (a supplement to the 2014 Plan and the Omnibus Plan, the “AIP”) and the Nucor Corporation Senior Officers Long-Term Incentive Plan (a supplement to the 2014 Plan and the Omnibus Plan, the “LTIP”) for the first nine months of 2025 is as follows (shares in thousands):
| Grant Date | ||||||||
| Shares | Fair Value Per Share | |||||||
| Restricted stock units and restricted stock awards: | ||||||||
| Unvested at beginning of year | 248 | $ | 169.36 | |||||
| Granted | 267 | $ | 133.46 | |||||
| Vested | (288 | ) | $ | 147.34 | ||||
| Canceled | - | $ | - | |||||
| Unvested at October 4, 2025 | 227 | $ | 155.11 |
Compensation expense for common stock and common stock units awarded under the AIP and the LTIP is recorded over the performance measurement and vesting periods based on the anticipated number and market value of shares of common stock and common stock units to be awarded. Compensation expense for anticipated awards based upon Nucor’s financial performance, exclusive of amounts payable in cash, was $6 million and $4 million in the third quarter of 2025 and 2024, respectively, and $26 million and $23 million in the first nine months of 2025 and 2024, respectively. As of October 4, 2025, unrecognized compensation expense related to unvested restricted stock awards was $8 million, which we expect to recognize over a weighted-average period of 1.6 years.
9. Employee Benefit Plan
Nucor makes contributions to a Profit Sharing and Retirement Savings Plan for qualified employees based on the profitability of the Company. Nucor’s expense for these benefits totaled $86 million and $39 million in the third quarter of 2025 and 2024, respectively, and $203 million and $251 million in the first nine months of 2025 and 2024, respectively. The related liability for these benefits is included in salaries, wages and related accruals in the condensed consolidated balance sheets.
10. Interest Expense (Income)
The components of net interest expense (income) for the third quarter and first nine months of 2025 and 2024 are as follows (in millions):
| Three Months (13 Weeks) Ended | Nine Months (39 Weeks) Ended | |||||||||||||||
| October 4, 2025 | September 28, 2024 | October 4, 2025 | September 28, 2024 | |||||||||||||
| Interest expense | $ | 38 | $ | 65 | $ | 138 | $ | 176 | ||||||||
| Interest income | (23 | ) | (58 | ) | (90 | ) | (209 | ) | ||||||||
| Interest expense (income), net | $ | 15 | $ | 7 | $ | 48 | $ | (33 | ) |
11. Income Taxes
On July 4, 2025, the One Big Beautiful Bill Act (the “OBBBA”) was signed into law. Nucor reflected the enactment of the OBBBA in the second quarter of 2025 financial statements as required by accounting principles generally accepted in the United States. The impact of the OBBBA on Nucor’s provision for income taxes was immaterial.
The effective tax rate for the third quarter of 2025 was 22.6% compared to 22.1% for the third quarter of 2024.
The Internal Revenue Service (the “IRS”) is currently examining Nucor’s 2015, 2019, and 2020 federal income tax returns. Nucor has concluded U.S. federal income tax matters for the tax years through 2014, as well as 2016, 2017, 2018, and 2021. The tax years 2022 through 2024 remain open to examination by the IRS. The 2015 through 2021 Canadian income tax returns for Nucor Rebar Fabrication Group Inc. (formerly known as Harris Steel Group Inc.) and certain related affiliates are currently under examination by the Canada Revenue Agency. The tax years 2017 through 2024 remain open to examination by other major taxing jurisdictions to which Nucor is subject (primarily Canada, Trinidad & Tobago, and other state and local jurisdictions).
Non-current deferred tax assets included in other assets in the condensed consolidated balance sheets were $29 million at October 4, 2025 ($44 million at December 31, 2024). Non-current deferred tax liabilities included in deferred credits and other liabilities in the condensed consolidated balance sheets were $1.23 billion at October 4, 2025 ($1.24 billion at December 31, 2024).
12. Stockholders’ Equity
The following tables reflect the changes in stockholders’ equity attributable to Nucor and the noncontrolling interests of Nucor’s joint ventures, Nucor-Yamato Steel Company (Limited Partnership) (“NYS”), California Steel Industries, Inc. (“CSI”) and NJSM, for the three months and nine months ended October 4, 2025 and September 28, 2024 (in millions):
| Three Months (13 Weeks) Ended October 4, 2025 | ||||||||||||||||||||||||||||||||||||||||
| Accumulated | Total | |||||||||||||||||||||||||||||||||||||||
| Additional | Other | Treasury Stock | Nucor | |||||||||||||||||||||||||||||||||||||
| Common Stock | Paid-in | Retained | Comprehensive | (at cost) | Stockholders' | Noncontrolling | ||||||||||||||||||||||||||||||||||
| Total | Shares | Amount | Capital | Earnings | Income (Loss) | Shares | Amount | Equity | Interests | |||||||||||||||||||||||||||||||
| BALANCES, July 5, 2025 | $ | 21,492 | 380.2 | $ | 152 | $ | 2,213 | $ | 30,775 | $ | (167 | ) | 150.7 | $ | (12,584 | ) | $ | 20,389 | $ | 1,103 | ||||||||||||||||||||
| Net earnings before noncontrolling interests | 683 | - | - | - | 607 | - | - | - | 607 | 76 | ||||||||||||||||||||||||||||||
| Other comprehensive income (loss) | (22 | ) | - | - | - | - | (22 | ) | - | - | (22 | ) | - | |||||||||||||||||||||||||||
| Stock options exercised | 1 | - | - | - | - | - | - | 1 | 1 | - | ||||||||||||||||||||||||||||||
| Stock option expense | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
| Issuance of stock under award plans, net of forfeitures | 18 | - | - | 16 | - | - | 2 | 18 | - | |||||||||||||||||||||||||||||||
| Amortization of unearned compensation | 4 | - | - | 4 | - | - | - | - | 4 | - | ||||||||||||||||||||||||||||||
| Treasury stock acquired and net impact of excise tax | (100 | ) | - | - | - | - | - | 0.7 | (100 | ) | (100 | ) | - | |||||||||||||||||||||||||||
| Cash dividends declared | (127 | ) | - | - | - | (127 | ) | - | - | - | (127 | ) | - | |||||||||||||||||||||||||||
| Distributions to noncontrolling interests | (17 | ) | - | - | - | - | - | - | - | - | (17 | ) | ||||||||||||||||||||||||||||
| Miscellaneous | (1 | ) | - | - | - | - | - | - | - | - | (1 | ) | ||||||||||||||||||||||||||||
| BALANCES, October 4, 2025 | $ | 21,931 | 380.2 | $ | 152 | $ | 2,233 | $ | 31,255 | $ | (189 | ) | 151.4 | $ | (12,681 | ) | $ | 20,770 | $ | 1,161 |
| Nine Months (39 Weeks) Ended October 4, 2025 | ||||||||||||||||||||||||||||||||||||||||
| Accumulated | Total | |||||||||||||||||||||||||||||||||||||||
| Additional | Other | Treasury Stock | Nucor | |||||||||||||||||||||||||||||||||||||
| Common Stock | Paid-in | Retained | Comprehensive | (at cost) | Stockholders' | Noncontrolling | ||||||||||||||||||||||||||||||||||
| Total | Shares | Amount | Capital | Earnings | Income (Loss) | Shares | Amount | Equity | Interests | |||||||||||||||||||||||||||||||
| BALANCES, December 31, 2024 | $ | 21,417 | 380.2 | $ | 152 | $ | 2,223 | $ | 30,271 | $ | (208 | ) | 147.4 | $ | (12,144 | ) | $ | 20,294 | $ | 1,123 | ||||||||||||||||||||
| Net earnings before noncontrolling interests | 1,615 | - | - | - | 1,366 | - | - | - | 1,366 | 249 | ||||||||||||||||||||||||||||||
| Other comprehensive income (loss) | 19 | - | - | - | - | 19 | - | - | 19 | - | ||||||||||||||||||||||||||||||
| Stock options exercised | 1 | - | - | - | - | - | - | 1 | 1 | - | ||||||||||||||||||||||||||||||
| Stock option expense | 5 | - | - | 5 | - | - | - | - | 5 | - | ||||||||||||||||||||||||||||||
| Issuance of stock under award plans, net of forfeitures | 66 | - | - | (3 | ) | - | - | (0.8 | ) | 69 | 66 | - | ||||||||||||||||||||||||||||
| Amortization of unearned compensation | 8 | - | - | 8 | - | - | - | - | 8 | - | ||||||||||||||||||||||||||||||
| Treasury stock acquired and net impact of excise tax | (607 | ) | - | - | - | - | - | 4.8 | (607 | ) | (607 | ) | - | |||||||||||||||||||||||||||
| Cash dividends declared | (382 | ) | - | - | - | (382 | ) | - | - | - | (382 | ) | - | |||||||||||||||||||||||||||
| Distributions to noncontrolling interests | (231 | ) | - | - | - | - | - | - | - | - | (231 | ) | ||||||||||||||||||||||||||||
| Capital contributions from noncontrolling interest | 25 | - | - | - | - | - | - | - | - | 25 | ||||||||||||||||||||||||||||||
| Miscellaneous | (5 | ) | - | - | - | - | - | - | - | - | (5 | ) | ||||||||||||||||||||||||||||
| BALANCES, October 4, 2025 | $ | 21,931 | 380.2 | $ | 152 | $ | 2,233 | $ | 31,255 | $ | (189 | ) | 151.4 | $ | (12,681 | ) | $ | 20,770 | $ | 1,161 |
| Three Months (13 Weeks) Ended September 28, 2024 | ||||||||||||||||||||||||||||||||||||||||
| Accumulated | Total | |||||||||||||||||||||||||||||||||||||||
| Additional | Other | Treasury Stock | Nucor | |||||||||||||||||||||||||||||||||||||
| Common Stock | Paid-in | Retained | Comprehensive | (at cost) | Stockholders' | Noncontrolling | ||||||||||||||||||||||||||||||||||
| Total | Shares | Amount | Capital | Earnings | Income (Loss) | Shares | Amount | Equity | Interests | |||||||||||||||||||||||||||||||
| BALANCES, June 29, 2024 | $ | 21,772 | 380.2 | $ | 152 | $ | 2,189 | $ | 29,992 | $ | (178 | ) | 142.9 | $ | (11,432 | ) | $ | 20,723 | $ | 1,049 | ||||||||||||||||||||
| Net earnings before noncontrolling interests | 303 | - | - | - | 250 | - | - | - | 250 | 53 | ||||||||||||||||||||||||||||||
| Other comprehensive income (loss) | 10 | - | - | - | - | 10 | - | - | 10 | - | ||||||||||||||||||||||||||||||
| Stock options exercised | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Stock option expense | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Issuance of stock under award plans, net of forfeitures | 19 | - | - | 16 | - | - | (0.1 | ) | 3 | 19 | - | |||||||||||||||||||||||||||||
| Amortization of unearned compensation | 3 | - | - | 3 | - | - | - | - | 3 | - | ||||||||||||||||||||||||||||||
| Treasury stock acquired and net impact of excise tax | (403 | ) | - | - | - | - | - | 2.6 | (403 | ) | (403 | ) | - | |||||||||||||||||||||||||||
| Cash dividends declared | (128 | ) | - | - | - | (128 | ) | - | - | - | (128 | ) | - | |||||||||||||||||||||||||||
| Distributions to noncontrolling interests | (18 | ) | - | - | - | - | - | - | - | - | (18 | ) | ||||||||||||||||||||||||||||
| BALANCES, September 28, 2024 | $ | 21,558 | 380.2 | $ | 152 | $ | 2,208 | $ | 30,114 | $ | (168 | ) | 145.4 | $ | (11,832 | ) | $ | 20,474 | $ | 1,084 |
| Nine Months (39 Weeks) Ended September 28, 2024 | ||||||||||||||||||||||||||||||||||||||||
| Accumulated | Total | |||||||||||||||||||||||||||||||||||||||
| Additional | Other | Treasury Stock | Nucor | |||||||||||||||||||||||||||||||||||||
| Common Stock | Paid-in | Retained | Comprehensive | (at cost) | Stockholders' | Noncontrolling | ||||||||||||||||||||||||||||||||||
| Total | Shares | Amount | Capital | Earnings | Income (Loss) | Shares | Amount | Equity | Interests | |||||||||||||||||||||||||||||||
| BALANCES, December 31, 2023 | $ | 22,123 | 380.2 | $ | 152 | $ | 2,176 | $ | 28,762 | $ | (162 | ) | 135.3 | $ | (9,988 | ) | $ | 20,940 | $ | 1,183 | ||||||||||||||||||||
| Net earnings before noncontrolling interests | 1,974 | - | - | - | 1,740 | - | - | - | 1,740 | 234 | ||||||||||||||||||||||||||||||
| Other comprehensive income (loss) | (6 | ) | - | - | - | - | (6 | ) | - | - | (6 | ) | - | |||||||||||||||||||||||||||
| Stock options exercised | 2 | - | - | (2 | ) | - | - | (0.1 | ) | 4 | 2 | - | ||||||||||||||||||||||||||||
| Stock option expense | 4 | - | - | 4 | - | - | - | - | 4 | - | ||||||||||||||||||||||||||||||
| Issuance of stock under award plans, net of forfeitures | 91 | - | - | 21 | - | - | (0.9 | ) | 70 | 91 | - | |||||||||||||||||||||||||||||
| Amortization of unearned compensation | 8 | - | - | 8 | - | - | - | - | 8 | - | ||||||||||||||||||||||||||||||
| Treasury stock acquired and net impact of excise tax | (1,919 | ) | - | - | - | - | - | 11.0 | (1,919 | ) | (1,919 | ) | - | |||||||||||||||||||||||||||
| Cash dividends declared | (388 | ) | - | - | - | (388 | ) | - | - | - | (388 | ) | - | |||||||||||||||||||||||||||
| Distributions to noncontrolling interests | (333 | ) | - | - | - | - | - | - | - | - | (333 | ) | ||||||||||||||||||||||||||||
| Miscellaneous | 2 | - | - | 1 | - | - | 0.1 | 1 | 2 | - | ||||||||||||||||||||||||||||||
| BALANCES, September 28, 2024 | $ | 21,558 | 380.2 | $ | 152 | $ | 2,208 | $ | 30,114 | $ | (168 | ) | 145.4 | $ | (11,832 | ) | $ | 20,474 | $ | 1,084 |
Dividends declared per share were $0.55 per share in the third quarter of 2025 ($0.54 per share in the third quarter of 2024) and $1.65 per share in the first nine months of 2025 ($1.62 per share in the first nine months of 2024).
On May 11, 2023, the Company announced that its Board of Directors had approved a share repurchase program under which the Company is authorized to repurchase up to $4.00 billion of the Company’s common stock and terminated all previously authorized share repurchase programs. Share repurchases are made from time to time in the open market at prevailing market prices or through private transactions or block trades. The timing and amount of repurchases will depend on market conditions, share price, applicable legal requirements and other factors. The share repurchase authorization is discretionary and has no expiration date. As of October 4, 2025, the Company had approximately $506 million available for share repurchases under the program authorized by the Company’s Board of Directors.
13. Accumulated Other Comprehensive Income (Loss)
The following tables reflect the changes in accumulated other comprehensive income (loss) by component for the three months and nine months ended October 4, 2025 and September 28, 2024 (in millions):
| Three-Month (13-Week) Period Ended | ||||||||||||||||
| October 4, 2025 | ||||||||||||||||
| Gains and (Losses) on | Foreign Currency | Adjustment to Early | ||||||||||||||
| Hedging Derivatives | Gains (Losses) | Retiree Medical Plan | Total | |||||||||||||
| Accumulated other comprehensive income (loss) at July 5, 2025 | $ | 2 | $ | (180 | ) | $ | 11 | $ | (167 | ) | ||||||
| Other comprehensive income (loss) before reclassifications | (10 | ) | (19 | ) | - | (29 | ) | |||||||||
| Amounts reclassified from accumulated other comprehensive income (loss) into earnings (1) | 7 | - | - | 7 | ||||||||||||
| Net current-period other comprehensive income (loss) | (3 | ) | (19 | ) | - | (22 | ) | |||||||||
| Accumulated other comprehensive income (loss) at October 4, 2025 | $ | (1 | ) | $ | (199 | ) | $ | 11 | $ | (189 | ) |
| Nine-Month (39-Week) Period Ended | ||||||||||||||||
| October 4, 2025 | ||||||||||||||||
| Gains and (Losses) on | Foreign Currency | Adjustment to Early | ||||||||||||||
| Hedging Derivatives | Gains (Losses) | Retiree Medical Plan | Total | |||||||||||||
| Accumulated other comprehensive income (loss) at December 31, 2024 | $ | 1 | $ | (220 | ) | $ | 11 | $ | (208 | ) | ||||||
| Other comprehensive income (loss) before reclassifications | (16 | ) | 21 | - | 5 | |||||||||||
| Amounts reclassified from accumulated other comprehensive income (loss) into earnings (1) | 14 | - | - | 14 | ||||||||||||
| Net current-period other comprehensive income (loss) | (2 | ) | 21 | - | 19 | |||||||||||
| Accumulated other comprehensive income (loss) at October 4, 2025 | $ | (1 | ) | $ | (199 | ) | $ | 11 | $ | (189 | ) |
(1)
Includes $7 million and $14 million net-of-tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net losses on commodity contracts in the third quarter and first nine months of 2025, respectively. The tax impact of those reclassifications was $3 million and $5 million in the third quarter and first nine months of 2025, respectively.
| Three-Month (13-Week) Period Ended | ||||||||||||||||
| September 28, 2024 | ||||||||||||||||
| Gains and (Losses) on | Foreign Currency | Adjustment to Early | ||||||||||||||
| Hedging Derivatives | Gains (Losses) | Retiree Medical Plan | Total | |||||||||||||
| Accumulated other comprehensive income (loss) at June 29, 2024 | $ | (6 | ) | $ | (183 | ) | $ | 11 | $ | (178 | ) | |||||
| Other comprehensive income (loss) before reclassifications | (6 | ) | 10 | - | 4 | |||||||||||
| Amounts reclassified from accumulated other comprehensive income (loss) into earnings (2) | 6 | - | - | 6 | ||||||||||||
| Net current-period other comprehensive income (loss) | - | 10 | - | 10 | ||||||||||||
| Accumulated other comprehensive income (loss) at September 28, 2024 | $ | (6 | ) | $ | (173 | ) | $ | 11 | $ | (168 | ) |
| Nine-Month (39-Week) Period Ended | ||||||||||||||||
| September 28, 2024 | ||||||||||||||||
| Gains and (Losses) on | Foreign Currency | Adjustment to Early | ||||||||||||||
| Hedging Derivatives | Gains (Losses) | Retiree Medical Plan | Total | |||||||||||||
| Accumulated other comprehensive income (loss) at December 31, 2023 | $ | (14 | ) | $ | (159 | ) | $ | 11 | $ | (162 | ) | |||||
| Other comprehensive income (loss) before reclassifications | (11 | ) | (14 | ) | - | (25 | ) | |||||||||
| Amounts reclassified from accumulated other comprehensive income (loss) into earnings (2) | 19 | - | - | 19 | ||||||||||||
| Net current-period other comprehensive income (loss) | 8 | (14 | ) | - | (6 | ) | ||||||||||
| Accumulated other comprehensive income (loss) at September 28, 2024 | $ | (6 | ) | $ | (173 | ) | $ | 11 | $ | (168 | ) |
(2)
Includes $6 million and $19 million net-of-tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net losses on commodity contracts in the third quarter and first nine months of 2024, respectively. The tax impact of those reclassifications was $2 million and $6 million in the third quarter and first nine months of 2024, respectively.
14. 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 investment in NuMit LLC. The steel products segment includes steel joists and joist girders, steel deck, fabricated concrete reinforcing steel, cold finished steel, steel fasteners, metal building systems, insulated metal panels, steel grating, tubular products businesses, steel racking, piling products business, wire and wire mesh, overhead doors, and utility towers and structures. 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.
Corporate/eliminations include items such as 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. Corporate assets primarily include cash and cash equivalents, short-term investments, allowances to eliminate intercompany profit in inventory, deferred income tax assets, federal and state income taxes receivable and investments in and advances to affiliates.
Segment results are regularly reviewed by the Company's Chief Operating Decision Makers ("CODMs"), the President and Chief Executive Officer and the Chief Operating Officer, to manage the business, to make decisions about resources to be allocated to the segments and to assess performance. The measure of profit and loss that is used by the CODMs to assess segment performance and to allocate resources is earnings before income taxes and noncontrolling interests by segment (“segment earnings”). The CODMs evaluate each segment’s performance based on metrics such as net sales, segment earnings and other key financial indicators, guiding strategic decisions to align with Company-wide goals.
Segment cost of products sold is considered a significant segment expense and is regularly provided to the CODMs. Segment cost of products sold includes amounts related to both net sales to external customers and intercompany sales.
Certain prior period amounts have been reclassified to conform to the current year presentation.
Nucor’s results by segment for the third quarter and first nine months of 2025 and 2024 were as follows (in millions):
| Three Months (13 Weeks) Ended | ||||||||||||||||
| October 4, 2025 | ||||||||||||||||
| Steel Mills | Steel Products | Raw Materials | Totals | |||||||||||||
| Sales | ||||||||||||||||
| Net sales to external customers | $ | 5,152 | $ | 2,791 | $ | 578 | $ | 8,521 | ||||||||
| Intercompany sales | 1,416 | 181 | 2,713 | 4,310 | ||||||||||||
| Total Sales | 6,568 | 2,972 | 3,291 | 12,831 | ||||||||||||
| Reconciliation of Sales | ||||||||||||||||
| Elimination of intercompany sales | (4,310 | ) | ||||||||||||||
| Net sales to external customers | 8,521 | |||||||||||||||
| Less: | ||||||||||||||||
| Cost of products sold | 5,777 | 2,506 | 3,227 | 11,510 | ||||||||||||
| Other segment items | (2 | ) | 147 | 21 | 166 | |||||||||||
| Segment earnings before income taxes and noncontrolling interests | 793 | 319 | 43 | 1,155 | ||||||||||||
| Reconciliation of earnings before income taxes and noncontrolling interests | ||||||||||||||||
| Corporate/eliminations | (272 | ) | ||||||||||||||
| Earnings before income taxes and noncontrolling interests | $ | 883 |
| Nine Months (39 Weeks) Ended | ||||||||||||||||
| October 4, 2025 | ||||||||||||||||
| Steel Mills | Steel Products | Raw Materials | Totals | |||||||||||||
| Sales | ||||||||||||||||
| Net sales to external customers | $ | 15,312 | $ | 7,853 | $ | 1,642 | $ | 24,807 | ||||||||
| Intercompany sales | 3,850 | 479 | 8,240 | 12,569 | ||||||||||||
| Total Sales | 19,162 | 8,332 | 9,882 | 37,376 | ||||||||||||
| Reconciliation of Sales | ||||||||||||||||
| Elimination of intercompany sales | (12,569 | ) | ||||||||||||||
| Net sales to external customers | 24,807 | |||||||||||||||
| Less: | ||||||||||||||||
| Cost of products sold | 17,247 | 7,063 | 9,693 | 34,003 | ||||||||||||
| Other segment items | 48 | 270 | 60 | 378 | ||||||||||||
| Segment earnings before income taxes and noncontrolling interests | 1,867 | 999 | 129 | 2,995 | ||||||||||||
| Reconciliation of earnings before income taxes and noncontrolling interests | ||||||||||||||||
| Corporate/eliminations | (928 | ) | ||||||||||||||
| Earnings before income taxes and noncontrolling interests | $ | 2,067 |
| Three Months (13 Weeks) Ended | ||||||||||||||||
| September 28, 2024 | ||||||||||||||||
| Steel Mills | Steel Products | Raw Materials | Totals | |||||||||||||
| Sales | ||||||||||||||||
| Net sales to external customers | $ | 4,460 | $ | 2,496 | $ | 488 | $ | 7,444 | ||||||||
| Intercompany sales | 983 | 124 | 2,243 | 3,350 | ||||||||||||
| Total Sales | 5,443 | 2,620 | 2,731 | 10,794 | ||||||||||||
| Reconciliation of Sales | ||||||||||||||||
| Elimination of intercompany sales | (3,350 | ) | ||||||||||||||
| Net sales to external customers | 7,444 | |||||||||||||||
| Less: | ||||||||||||||||
| Cost of products sold | 5,119 | 2,199 | 2,694 | 10,012 | ||||||||||||
| Other segment items | 15 | 107 | 103 | 225 | ||||||||||||
| Segment earnings before income taxes and noncontrolling interests | 309 | 314 | (66 | ) | 557 | |||||||||||
| Reconciliation of earnings before income taxes and noncontrolling interests | ||||||||||||||||
| Corporate/eliminations | (168 | ) | ||||||||||||||
| Earnings before income taxes and noncontrolling interests | $ | 389 |
| Nine Months (39 Weeks) Ended | ||||||||||||||||
| September 28, 2024 | ||||||||||||||||
| Steel Mills | Steel Products | Raw Materials | Totals | |||||||||||||
| Sales | ||||||||||||||||
| Net sales to external customers | $ | 14,486 | $ | 7,716 | $ | 1,456 | $ | 23,658 | ||||||||
| Intercompany sales | 3,406 | 417 | 7,044 | 10,867 | ||||||||||||
| Total Sales | 17,892 | 8,133 | 8,500 | 34,525 | ||||||||||||
| Reconciliation of Sales | ||||||||||||||||
| Elimination of intercompany sales | (10,867 | ) | ||||||||||||||
| Net sales to external customers | 23,658 | |||||||||||||||
| Less: | ||||||||||||||||
| Cost of products sold | 15,787 | 6,601 | 8,374 | 30,762 | ||||||||||||
| Other segment items | 48 | 265 | 143 | 456 | ||||||||||||
| Segment earnings before income taxes and noncontrolling interests | 2,057 | 1,267 | (17 | ) | 3,307 | |||||||||||
| Reconciliation of earnings before income taxes and noncontrolling interests | ||||||||||||||||
| Corporate/eliminations | (795 | ) | ||||||||||||||
| Earnings before income taxes and noncontrolling interests | $ | 2,512 |
| Three Months (13 Weeks) Ended | Nine Months (39 Weeks) Ended | |||||||||||||||
| October 4, 2025 | September 28, 2024 | October 4, 2025 | September 28, 2024 | |||||||||||||
| Depreciation expense: | ||||||||||||||||
| Steel mills | $ | 200 | $ | 187 | $ | 604 | $ | 538 | ||||||||
| Steel products | 46 | 38 | 132 | 110 | ||||||||||||
| Raw materials | 53 | 51 | 158 | 147 | ||||||||||||
| Corporate | 5 | 5 | 16 | 14 | ||||||||||||
| $ | 304 | $ | 281 | $ | 910 | $ | 809 | |||||||||
| Amortization expense: | ||||||||||||||||
| Steel mills | $ | 2 | $ | 2 | $ | 6 | $ | 6 | ||||||||
| Steel products | 53 | 60 | 163 | 162 | ||||||||||||
| Raw materials | 8 | 7 | 22 | 21 | ||||||||||||
| $ | 63 | $ | 69 | $ | 191 | $ | 189 | |||||||||
| Capital expenditures: | ||||||||||||||||
| Steel mills | $ | 586 | $ | 603 | $ | 1,747 | $ | 1,618 | ||||||||
| Steel products | 137 | 140 | 447 | 358 | ||||||||||||
| Raw materials | 77 | 104 | 313 | 336 | ||||||||||||
| Corporate | 48 | 9 | 127 | 52 | ||||||||||||
| $ | 848 | $ | 856 | $ | 2,634 | $ | 2,364 |
| October 4, 2025 | December 31, 2024 | |||||||
| Segment assets: | ||||||||
| Steel mills | $ | 18,103 | $ | 16,582 | ||||
| Steel products | 11,779 | 11,235 | ||||||
| Raw materials | 3,900 | 3,656 | ||||||
| Corporate/eliminations | 994 | 2,467 | ||||||
| $ | 34,776 | $ | 33,940 |
Net sales by product for the third quarter and first nine months of 2025 and 2024 were as follows (in millions). Further product group breakdown is impracticable.
| Three Months (13 Weeks) Ended | Nine Months (39 Weeks) Ended | |||||||||||||||
| October 4, 2025 | September 28, 2024 | October 4, 2025 | September 28, 2024 | |||||||||||||
| Net sales to external customers: | ||||||||||||||||
| Sheet | $ | 2,388 | $ | 2,196 | $ | 7,073 | $ | 7,303 | ||||||||
| Bar | 1,457 | 1,264 | 4,346 | 3,960 | ||||||||||||
| Structural | 658 | 535 | 1,996 | 1,705 | ||||||||||||
| Plate | 649 | 464 | 1,897 | 1,519 | ||||||||||||
| Tubular Products | 333 | 291 | 1,077 | 1,005 | ||||||||||||
| Rebar Fabrication Products | 567 | 487 | 1,462 | 1,362 | ||||||||||||
| Joist and Deck | 620 | 517 | 1,682 | 1,714 | ||||||||||||
| Building Systems | 331 | 342 | 946 | 1,016 | ||||||||||||
| Other Steel Products | 940 | 859 | 2,686 | 2,618 | ||||||||||||
| Raw Materials | 578 | 489 | 1,642 | 1,456 | ||||||||||||
| $ | 8,521 | $ | 7,444 | $ | 24,807 | $ | 23,658 |
15. Revenue
Contract liabilities are primarily related to deferred revenue resulting from cash payments received in advance from customers to protect against credit risk. Contract liabilities totaled $214 million as of October 4, 2025 ($200 million as of December 31, 2024) and are included in accrued expenses and other current liabilities in the condensed consolidated balance sheets.
Nucor disaggregates its revenues by major source in the same manner as presented in the net sales by product table in the segment footnote (see Note 14).
16. Earnings Per Share
The computations of basic and diluted net earnings per share for the third quarter and first nine months of 2025 and 2024 are as follows (in millions, except per share amounts):
| Three Months (13 Weeks) Ended | Nine Months (39 Weeks) Ended | |||||||||||||||
| October 4, 2025 | September 28, 2024 | October 4, 2025 | September 28, 2024 | |||||||||||||
| Basic net earnings per share: | ||||||||||||||||
| Basic net earnings | $ | 607 | $ | 250 | $ | 1,366 | $ | 1,740 | ||||||||
| Earnings allocated to participating securities | (2 | ) | (1 | ) | (5 | ) | (8 | ) | ||||||||
| Net earnings available to common stockholders | $ | 605 | $ | 249 | $ | 1,361 | $ | 1,732 | ||||||||
| Basic average shares outstanding | 229.9 | 236.5 | 231.1 | 239.7 | ||||||||||||
| Basic net earnings per share | $ | 2.63 | $ | 1.05 | $ | 5.89 | $ | 7.23 | ||||||||
| Diluted net earnings per share: | ||||||||||||||||
| Diluted net earnings | $ | 607 | $ | 250 | $ | 1,366 | $ | 1,740 | ||||||||
| Earnings allocated to participating securities | (2 | ) | (1 | ) | (6 | ) | (8 | ) | ||||||||
| Net earnings available to common stockholders | $ | 605 | $ | 249 | $ | 1,360 | $ | 1,732 | ||||||||
| Diluted average shares outstanding: | ||||||||||||||||
| Basic average shares outstanding | 229.9 | 236.5 | 231.1 | 239.7 | ||||||||||||
| Dilutive effect of stock options and other | 0.3 | 0.3 | 0.3 | 0.1 | ||||||||||||
| 230.2 | 236.8 | 231.4 | 239.8 | |||||||||||||
| Diluted net earnings per share | $ | 2.63 | $ | 1.05 | $ | 5.88 | $ | 7.22 |
The following stock options were excluded from the computation of diluted net earnings per share for the third quarter and first nine months of 2025 and 2024 because their effect would have been anti-dilutive (shares in thousands):
| Three Months (13 Weeks) Ended | Nine Months (39 Weeks) Ended | |||||||||||||||
| October 4, 2025 | September 28, 2024 | October 4, 2025 | September 28, 2024 | |||||||||||||
| Anti-dilutive stock options: | ||||||||||||||||
| Weighted-average shares | 23 | 70 | 147 | 23 | ||||||||||||
| Weighted-average exercise price | $ | 168.85 | $ | 168.85 | $ | 145.26 | $ | 168.85 |
17. Debt and Other Financing Arrangements
In March 2025, Nucor completed the issuance and sale of $500 million aggregate principal amount of its 4.650% Notes due 2030 (the “2030 Notes”) and $500 million aggregate principal amount of its 5.100% Notes due 2035 (the “2035 Notes” and, together with the 2030 Notes, the “Notes”). Net proceeds from the issuance and sale of the Notes were $997 million. Costs of $9 million associated with the issuance and sale of the Notes have been capitalized and will be amortized over the life of the Notes.
Net proceeds from the issuance and sale of the Notes were used during the second quarter of 2025 to redeem all of the outstanding $500 million aggregate principal amount of our 2.000% Notes due 2025 and $500 million aggregate principal amount of our 3.950% Notes due 2025 (collectively, the “2025 Notes”) pursuant to the terms of the indenture governing the 2025 Notes.
In March 2025, Nucor amended and restated its revolving credit facility to increase the borrowing capacity from $1.75 billion to $2.25 billion and to extend its maturity date to March 11, 2030.
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