10-Q 1 nue-10q_20211002.htm 10-Q nue-10q_20211002.htm
false 2021 Q3 0000073309 --12-31 P55Y P55Y 0000073309 2021-01-01 2021-10-02 xbrli:shares 0000073309 2021-10-02 iso4217:USD 0000073309 2021-07-04 2021-10-02 0000073309 2020-07-05 2020-10-03 0000073309 2020-01-01 2020-10-03 iso4217:USD xbrli:shares 0000073309 2020-12-31 0000073309 2019-12-31 0000073309 2020-10-03 0000073309 nue:CornerstoneBuildingBrandsIncInsulatedMetalPanelsMember 2021-01-01 2021-10-02 0000073309 nue:HannibalIndustriesIncMember 2021-01-01 2021-10-02 xbrli:pure 0000073309 nue:CarryingValueOfThreeGroupsOfWellsMember 2021-10-02 0000073309 nue:CarryingValueOfThreeGroupsOfWellsMember 2020-12-31 0000073309 nue:UnprovedOilAndNaturalGasPropertiesMember 2021-10-02 0000073309 nue:LossesOnAssetsMember us-gaap:OilAndGasPropertiesMember 2021-04-04 2021-07-03 0000073309 nue:LossesOnAssetsMember us-gaap:OilAndGasPropertiesMember 2021-01-01 2021-10-02 0000073309 us-gaap:OilAndGasPropertiesMember 2021-10-02 0000073309 nue:SteelMillsMember 2020-12-31 0000073309 nue:SteelProductsMember 2020-12-31 0000073309 nue:RawMaterialsMember 2020-12-31 0000073309 nue:SteelMillsMember 2021-01-01 2021-10-02 0000073309 nue:SteelProductsMember 2021-01-01 2021-10-02 0000073309 nue:RawMaterialsMember 2021-01-01 2021-10-02 0000073309 nue:SteelMillsMember 2021-10-02 0000073309 nue:SteelProductsMember 2021-10-02 0000073309 nue:RawMaterialsMember 2021-10-02 0000073309 2020-10-04 2020-12-31 0000073309 nue:RebarFabricationMember 2020-01-01 2020-12-31 0000073309 nue:RebarFabricationMember 2021-10-02 0000073309 nue:RebarFabricationMember 2020-12-31 0000073309 nue:GratingUnitMember 2020-01-01 2020-12-31 0000073309 nue:GratingUnitMember 2021-10-02 0000073309 nue:GratingUnitMember 2020-12-31 0000073309 srt:MinimumMember 2021-01-01 2021-10-02 0000073309 srt:MaximumMember 2021-01-01 2021-10-02 0000073309 us-gaap:CustomerRelationshipsMember 2021-10-02 0000073309 us-gaap:TrademarksAndTradeNamesMember 2021-10-02 0000073309 us-gaap:OtherIntangibleAssetsMember 2021-10-02 0000073309 us-gaap:CustomerRelationshipsMember 2020-12-31 0000073309 us-gaap:TrademarksAndTradeNamesMember 2020-12-31 0000073309 us-gaap:OtherIntangibleAssetsMember 2020-12-31 0000073309 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2021-10-02 0000073309 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2021-10-02 0000073309 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2021-10-02 0000073309 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2020-12-31 0000073309 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2020-12-31 0000073309 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2020-12-31 0000073309 nue:OmnibusPlanMember srt:MaximumMember 2020-05-14 0000073309 nue:OmnibusPlanMember 2021-10-02 0000073309 nue:InactivePlansMember 2021-10-02 0000073309 us-gaap:EmployeeStockOptionMember 2021-01-01 2021-10-02 0000073309 us-gaap:EmployeeStockOptionMember 2021-10-02 0000073309 us-gaap:RestrictedStockUnitsRSUMember 2020-12-31 0000073309 us-gaap:RestrictedStockUnitsRSUMember 2021-01-01 2021-10-02 0000073309 us-gaap:RestrictedStockUnitsRSUMember 2021-10-02 0000073309 us-gaap:RestrictedStockUnitsRSUMember 2021-07-04 2021-10-02 0000073309 us-gaap:RestrictedStockUnitsRSUMember 2020-07-05 2020-10-03 0000073309 us-gaap:RestrictedStockUnitsRSUMember 2020-01-01 2020-10-03 0000073309 us-gaap:RestrictedStockUnitsRSUMember nue:LtipMember 2021-01-01 2021-10-02 0000073309 us-gaap:RestrictedStockUnitsRSUMember nue:AipMember 2021-01-01 2021-10-02 0000073309 nue:RestrictedStockAndRestrictedStockUnitsMember 2020-12-31 0000073309 nue:RestrictedStockAndRestrictedStockUnitsMember 2021-01-01 2021-10-02 0000073309 nue:RestrictedStockAndRestrictedStockUnitsMember 2021-10-02 0000073309 nue:RestrictedStockAndRestrictedStockUnitsMember nue:AipAndLtipMember 2021-07-04 2021-10-02 0000073309 nue:RestrictedStockAndRestrictedStockUnitsMember nue:AipAndLtipMember 2020-07-05 2020-10-03 0000073309 nue:RestrictedStockAndRestrictedStockUnitsMember nue:AipAndLtipMember 2021-01-01 2021-10-02 0000073309 nue:RestrictedStockAndRestrictedStockUnitsMember nue:AipAndLtipMember 2020-01-01 2020-10-03 0000073309 nue:RestrictedStockAndRestrictedStockUnitsMember nue:AipAndLtipMember 2021-10-02 0000073309 nue:NucorYamatoSteelCompanyMember 2021-10-02 0000073309 nue:NucorYamatoSteelCompanyMember 2020-10-03 0000073309 2021-07-03 0000073309 us-gaap:CommonStockMember 2021-07-03 0000073309 us-gaap:AdditionalPaidInCapitalMember 2021-07-03 0000073309 us-gaap:RetainedEarningsMember 2021-07-03 0000073309 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-07-03 0000073309 us-gaap:TreasuryStockMember 2021-07-03 0000073309 us-gaap:ParentMember 2021-07-03 0000073309 us-gaap:NoncontrollingInterestMember 2021-07-03 0000073309 us-gaap:RetainedEarningsMember 2021-07-04 2021-10-02 0000073309 us-gaap:ParentMember 2021-07-04 2021-10-02 0000073309 us-gaap:NoncontrollingInterestMember 2021-07-04 2021-10-02 0000073309 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-07-04 2021-10-02 0000073309 us-gaap:AdditionalPaidInCapitalMember 2021-07-04 2021-10-02 0000073309 us-gaap:TreasuryStockMember 2021-07-04 2021-10-02 0000073309 us-gaap:CommonStockMember 2021-10-02 0000073309 us-gaap:AdditionalPaidInCapitalMember 2021-10-02 0000073309 us-gaap:RetainedEarningsMember 2021-10-02 0000073309 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-10-02 0000073309 us-gaap:TreasuryStockMember 2021-10-02 0000073309 us-gaap:ParentMember 2021-10-02 0000073309 us-gaap:NoncontrollingInterestMember 2021-10-02 0000073309 us-gaap:CommonStockMember 2020-12-31 0000073309 us-gaap:AdditionalPaidInCapitalMember 2020-12-31 0000073309 us-gaap:RetainedEarningsMember 2020-12-31 0000073309 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-12-31 0000073309 us-gaap:TreasuryStockMember 2020-12-31 0000073309 us-gaap:ParentMember 2020-12-31 0000073309 us-gaap:NoncontrollingInterestMember 2020-12-31 0000073309 us-gaap:RetainedEarningsMember 2021-01-01 2021-10-02 0000073309 us-gaap:ParentMember 2021-01-01 2021-10-02 0000073309 us-gaap:NoncontrollingInterestMember 2021-01-01 2021-10-02 0000073309 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-01-01 2021-10-02 0000073309 us-gaap:AdditionalPaidInCapitalMember 2021-01-01 2021-10-02 0000073309 us-gaap:TreasuryStockMember 2021-01-01 2021-10-02 0000073309 2020-07-04 0000073309 us-gaap:CommonStockMember 2020-07-04 0000073309 us-gaap:AdditionalPaidInCapitalMember 2020-07-04 0000073309 us-gaap:RetainedEarningsMember 2020-07-04 0000073309 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-07-04 0000073309 us-gaap:TreasuryStockMember 2020-07-04 0000073309 us-gaap:ParentMember 2020-07-04 0000073309 us-gaap:NoncontrollingInterestMember 2020-07-04 0000073309 us-gaap:RetainedEarningsMember 2020-07-05 2020-10-03 0000073309 us-gaap:ParentMember 2020-07-05 2020-10-03 0000073309 us-gaap:NoncontrollingInterestMember 2020-07-05 2020-10-03 0000073309 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-07-05 2020-10-03 0000073309 us-gaap:AdditionalPaidInCapitalMember 2020-07-05 2020-10-03 0000073309 us-gaap:TreasuryStockMember 2020-07-05 2020-10-03 0000073309 us-gaap:CommonStockMember 2020-10-03 0000073309 us-gaap:AdditionalPaidInCapitalMember 2020-10-03 0000073309 us-gaap:RetainedEarningsMember 2020-10-03 0000073309 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-10-03 0000073309 us-gaap:TreasuryStockMember 2020-10-03 0000073309 us-gaap:ParentMember 2020-10-03 0000073309 us-gaap:NoncontrollingInterestMember 2020-10-03 0000073309 us-gaap:CommonStockMember 2019-12-31 0000073309 us-gaap:AdditionalPaidInCapitalMember 2019-12-31 0000073309 us-gaap:RetainedEarningsMember 2019-12-31 0000073309 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-12-31 0000073309 us-gaap:TreasuryStockMember 2019-12-31 0000073309 us-gaap:ParentMember 2019-12-31 0000073309 us-gaap:NoncontrollingInterestMember 2019-12-31 0000073309 us-gaap:RetainedEarningsMember 2020-01-01 2020-10-03 0000073309 us-gaap:ParentMember 2020-01-01 2020-10-03 0000073309 us-gaap:NoncontrollingInterestMember 2020-01-01 2020-10-03 0000073309 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-01-01 2020-10-03 0000073309 us-gaap:AdditionalPaidInCapitalMember 2020-01-01 2020-10-03 0000073309 us-gaap:TreasuryStockMember 2020-01-01 2020-10-03 0000073309 us-gaap:CommonStockMember srt:MaximumMember 2021-05-13 0000073309 us-gaap:CostOfSalesMember 2021-07-04 2021-10-02 0000073309 us-gaap:CostOfSalesMember 2021-01-01 2021-10-02 0000073309 us-gaap:CostOfSalesMember 2020-07-05 2020-10-03 0000073309 us-gaap:CostOfSalesMember 2020-01-01 2020-10-03 0000073309 nue:SteelMillsMember us-gaap:OperatingSegmentsMember 2021-07-04 2021-10-02 0000073309 nue:SteelMillsMember us-gaap:OperatingSegmentsMember 2020-07-05 2020-10-03 0000073309 nue:SteelMillsMember us-gaap:OperatingSegmentsMember 2021-01-01 2021-10-02 0000073309 nue:SteelMillsMember us-gaap:OperatingSegmentsMember 2020-01-01 2020-10-03 0000073309 nue:SteelProductsMember us-gaap:OperatingSegmentsMember 2021-07-04 2021-10-02 0000073309 nue:SteelProductsMember us-gaap:OperatingSegmentsMember 2020-07-05 2020-10-03 0000073309 nue:SteelProductsMember us-gaap:OperatingSegmentsMember 2021-01-01 2021-10-02 0000073309 nue:SteelProductsMember us-gaap:OperatingSegmentsMember 2020-01-01 2020-10-03 0000073309 nue:RawMaterialsMember us-gaap:OperatingSegmentsMember 2021-07-04 2021-10-02 0000073309 nue:RawMaterialsMember us-gaap:OperatingSegmentsMember 2020-07-05 2020-10-03 0000073309 nue:RawMaterialsMember us-gaap:OperatingSegmentsMember 2021-01-01 2021-10-02 0000073309 nue:RawMaterialsMember us-gaap:OperatingSegmentsMember 2020-01-01 2020-10-03 0000073309 nue:SteelMillsMember us-gaap:IntersegmentEliminationMember 2021-07-04 2021-10-02 0000073309 nue:SteelMillsMember us-gaap:IntersegmentEliminationMember 2020-07-05 2020-10-03 0000073309 nue:SteelMillsMember us-gaap:IntersegmentEliminationMember 2021-01-01 2021-10-02 0000073309 nue:SteelMillsMember us-gaap:IntersegmentEliminationMember 2020-01-01 2020-10-03 0000073309 nue:SteelProductsMember us-gaap:IntersegmentEliminationMember 2021-07-04 2021-10-02 0000073309 nue:SteelProductsMember us-gaap:IntersegmentEliminationMember 2020-07-05 2020-10-03 0000073309 nue:SteelProductsMember us-gaap:IntersegmentEliminationMember 2021-01-01 2021-10-02 0000073309 nue:SteelProductsMember us-gaap:IntersegmentEliminationMember 2020-01-01 2020-10-03 0000073309 nue:RawMaterialsMember us-gaap:IntersegmentEliminationMember 2021-07-04 2021-10-02 0000073309 nue:RawMaterialsMember us-gaap:IntersegmentEliminationMember 2020-07-05 2020-10-03 0000073309 nue:RawMaterialsMember us-gaap:IntersegmentEliminationMember 2021-01-01 2021-10-02 0000073309 nue:RawMaterialsMember us-gaap:IntersegmentEliminationMember 2020-01-01 2020-10-03 0000073309 srt:ConsolidationEliminationsMember 2021-07-04 2021-10-02 0000073309 srt:ConsolidationEliminationsMember 2020-07-05 2020-10-03 0000073309 srt:ConsolidationEliminationsMember 2021-01-01 2021-10-02 0000073309 srt:ConsolidationEliminationsMember 2020-01-01 2020-10-03 0000073309 us-gaap:OperatingSegmentsMember nue:SteelMillsMember 2021-10-02 0000073309 us-gaap:OperatingSegmentsMember nue:SteelMillsMember 2020-12-31 0000073309 us-gaap:OperatingSegmentsMember nue:SteelProductsMember 2021-10-02 0000073309 us-gaap:OperatingSegmentsMember nue:SteelProductsMember 2020-12-31 0000073309 us-gaap:OperatingSegmentsMember nue:RawMaterialsMember 2021-10-02 0000073309 us-gaap:OperatingSegmentsMember nue:RawMaterialsMember 2020-12-31 0000073309 srt:ConsolidationEliminationsMember 2021-10-02 0000073309 srt:ConsolidationEliminationsMember 2020-12-31 0000073309 nue:SheetMember nue:SteelMillsMember 2021-07-04 2021-10-02 0000073309 nue:SheetMember 2021-07-04 2021-10-02 0000073309 nue:SheetMember nue:SteelMillsMember 2021-01-01 2021-10-02 0000073309 nue:SheetMember 2021-01-01 2021-10-02 0000073309 nue:BarMember nue:SteelMillsMember 2021-07-04 2021-10-02 0000073309 nue:BarMember 2021-07-04 2021-10-02 0000073309 nue:BarMember nue:SteelMillsMember 2021-01-01 2021-10-02 0000073309 nue:BarMember 2021-01-01 2021-10-02 0000073309 nue:StructuralMember nue:SteelMillsMember 2021-07-04 2021-10-02 0000073309 nue:StructuralMember 2021-07-04 2021-10-02 0000073309 nue:StructuralMember nue:SteelMillsMember 2021-01-01 2021-10-02 0000073309 nue:StructuralMember 2021-01-01 2021-10-02 0000073309 nue:PlateMember nue:SteelMillsMember 2021-07-04 2021-10-02 0000073309 nue:PlateMember 2021-07-04 2021-10-02 0000073309 nue:PlateMember nue:SteelMillsMember 2021-01-01 2021-10-02 0000073309 nue:PlateMember 2021-01-01 2021-10-02 0000073309 nue:TubularProductsMember nue:SteelProductsMember 2021-07-04 2021-10-02 0000073309 nue:TubularProductsMember 2021-07-04 2021-10-02 0000073309 nue:TubularProductsMember nue:SteelProductsMember 2021-01-01 2021-10-02 0000073309 nue:TubularProductsMember 2021-01-01 2021-10-02 0000073309 nue:RebarFabricationMember nue:SteelProductsMember 2021-07-04 2021-10-02 0000073309 nue:RebarFabricationMember 2021-07-04 2021-10-02 0000073309 nue:RebarFabricationMember nue:SteelProductsMember 2021-01-01 2021-10-02 0000073309 nue:RebarFabricationMember 2021-01-01 2021-10-02 0000073309 nue:OtherSteelProductsMember nue:SteelProductsMember 2021-07-04 2021-10-02 0000073309 nue:OtherSteelProductsMember 2021-07-04 2021-10-02 0000073309 nue:OtherSteelProductsMember nue:SteelProductsMember 2021-01-01 2021-10-02 0000073309 nue:OtherSteelProductsMember 2021-01-01 2021-10-02 0000073309 nue:RawMaterialsMember nue:RawMaterialsMember 2021-07-04 2021-10-02 0000073309 nue:RawMaterialsMember 2021-07-04 2021-10-02 0000073309 nue:RawMaterialsMember nue:RawMaterialsMember 2021-01-01 2021-10-02 0000073309 nue:RawMaterialsMember 2021-01-01 2021-10-02 0000073309 nue:SteelMillsMember 2021-07-04 2021-10-02 0000073309 nue:SteelProductsMember 2021-07-04 2021-10-02 0000073309 nue:RawMaterialsMember 2021-07-04 2021-10-02 0000073309 nue:SheetMember nue:SteelMillsMember 2020-07-05 2020-10-03 0000073309 nue:SheetMember 2020-07-05 2020-10-03 0000073309 nue:SheetMember nue:SteelMillsMember 2020-01-01 2020-10-03 0000073309 nue:SheetMember 2020-01-01 2020-10-03 0000073309 nue:BarMember nue:SteelMillsMember 2020-07-05 2020-10-03 0000073309 nue:BarMember 2020-07-05 2020-10-03 0000073309 nue:BarMember nue:SteelMillsMember 2020-01-01 2020-10-03 0000073309 nue:BarMember 2020-01-01 2020-10-03 0000073309 nue:StructuralMember nue:SteelMillsMember 2020-07-05 2020-10-03 0000073309 nue:StructuralMember 2020-07-05 2020-10-03 0000073309 nue:StructuralMember nue:SteelMillsMember 2020-01-01 2020-10-03 0000073309 nue:StructuralMember 2020-01-01 2020-10-03 0000073309 nue:PlateMember nue:SteelMillsMember 2020-07-05 2020-10-03 0000073309 nue:PlateMember 2020-07-05 2020-10-03 0000073309 nue:PlateMember nue:SteelMillsMember 2020-01-01 2020-10-03 0000073309 nue:PlateMember 2020-01-01 2020-10-03 0000073309 nue:TubularProductsMember nue:SteelProductsMember 2020-07-05 2020-10-03 0000073309 nue:TubularProductsMember 2020-07-05 2020-10-03 0000073309 nue:TubularProductsMember nue:SteelProductsMember 2020-01-01 2020-10-03 0000073309 nue:TubularProductsMember 2020-01-01 2020-10-03 0000073309 nue:RebarFabricationMember nue:SteelProductsMember 2020-07-05 2020-10-03 0000073309 nue:RebarFabricationMember 2020-07-05 2020-10-03 0000073309 nue:RebarFabricationMember nue:SteelProductsMember 2020-01-01 2020-10-03 0000073309 nue:RebarFabricationMember 2020-01-01 2020-10-03 0000073309 nue:OtherSteelProductsMember nue:SteelProductsMember 2020-07-05 2020-10-03 0000073309 nue:OtherSteelProductsMember 2020-07-05 2020-10-03 0000073309 nue:OtherSteelProductsMember nue:SteelProductsMember 2020-01-01 2020-10-03 0000073309 nue:OtherSteelProductsMember 2020-01-01 2020-10-03 0000073309 nue:RawMaterialsMember nue:RawMaterialsMember 2020-07-05 2020-10-03 0000073309 nue:RawMaterialsMember 2020-07-05 2020-10-03 0000073309 nue:RawMaterialsMember nue:RawMaterialsMember 2020-01-01 2020-10-03 0000073309 nue:RawMaterialsMember 2020-01-01 2020-10-03 0000073309 nue:SteelMillsMember 2020-07-05 2020-10-03 0000073309 nue:SteelProductsMember 2020-07-05 2020-10-03 0000073309 nue:RawMaterialsMember 2020-07-05 2020-10-03 0000073309 nue:SteelMillsMember 2020-01-01 2020-10-03 0000073309 nue:SteelProductsMember 2020-01-01 2020-10-03 0000073309 nue:RawMaterialsMember 2020-01-01 2020-10-03 0000073309 nue:CornerstoneBuildingBrandsIncInsulatedMetalPanelsMember 2021-08-09 2021-08-09 nue:Facility 0000073309 nue:CornerstoneBuildingBrandsIncInsulatedMetalPanelsMember srt:NorthAmericaMember 2021-08-09 2021-08-09 nue:Brand 0000073309 nue:CornerstoneBuildingBrandsIncInsulatedMetalPanelsMember 2021-08-09 0000073309 nue:CornerstoneBuildingBrandsIncInsulatedMetalPanelsMember us-gaap:CustomerRelationshipsMember 2021-08-09 0000073309 nue:CornerstoneBuildingBrandsIncInsulatedMetalPanelsMember us-gaap:TrademarksAndTradeNamesMember 2021-08-09 0000073309 nue:CornerstoneBuildingBrandsIncInsulatedMetalPanelsMember nue:BacklogMember 2021-08-09 0000073309 nue:CornerstoneBuildingBrandsIncInsulatedMetalPanelsMember us-gaap:CustomerRelationshipsMember 2021-08-09 2021-08-09 0000073309 nue:CornerstoneBuildingBrandsIncInsulatedMetalPanelsMember us-gaap:TrademarksAndTradeNamesMember 2021-08-09 2021-08-09 0000073309 nue:CornerstoneBuildingBrandsIncInsulatedMetalPanelsMember nue:BacklogMember 2021-08-09 2021-08-09 0000073309 nue:HannibalIndustriesIncMember 2021-08-20 2021-08-20 nue:DistributionCenter 0000073309 nue:HannibalIndustriesIncMember nue:EmployeeStockOwnershipPlanMember 2021-08-20 0000073309 nue:HannibalIndustriesIncMember 2021-08-20 0000073309 nue:HannibalIndustriesIncMember us-gaap:CustomerRelationshipsMember 2021-08-20 0000073309 nue:HannibalIndustriesIncMember us-gaap:TrademarksAndTradeNamesMember 2021-08-20 0000073309 nue:HannibalIndustriesIncMember nue:BacklogMember 2021-08-20 0000073309 nue:HannibalIndustriesIncMember us-gaap:CustomerRelationshipsMember 2021-08-20 2021-08-20 0000073309 nue:HannibalIndustriesIncMember us-gaap:TrademarksAndTradeNamesMember 2021-08-20 2021-08-20 0000073309 nue:HannibalIndustriesIncMember nue:BacklogMember 2021-08-20 2021-08-20 0000073309 us-gaap:SubsequentEventMember nue:PreviousRevolverCreditFacilityMember 2021-11-05 0000073309 us-gaap:SubsequentEventMember nue:AmendedAndRestatedRevolverCreditFacilityMember 2021-11-05 0000073309 us-gaap:SubsequentEventMember nue:AmendedAndRestatedRevolverCreditFacilityMember 2021-11-05 2021-11-05 0000073309 us-gaap:SubsequentEventMember nue:NotesTwoPointNineSevenNinePercentDueTwoThousandFiftyFiveMember 2021-11-05

Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended October 2, 2021

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission File Number: 1-4119

 

NUCOR CORPORATION

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

13-1860817

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

1915 Rexford Road, Charlotte, North Carolina

 

28211

(Address of principal executive offices)

 

(Zip Code)

(704) 366-7000

(Registrant’s telephone number, including area code)

 

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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes        No   

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

 

 

 

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.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

285,798,874 shares of the registrant’s common stock were outstanding at October 2, 2021.

 

 

 


Table of Contents

 

Nucor Corporation

Quarterly Report on Form 10-Q

For the Three Months and Nine Months Ended October 2, 2021

Table of Contents

 

 

 

 

 

 

 

Page

Part I

 

Financial Information

 

 

 

 

 

 

 

 

 

 

 

Item 1

 

Financial Statements (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

Condensed Consolidated Statements of Earnings – Three Months (13 Weeks) and Nine Months (39 Weeks) Ended October 2, 2021 and October 3, 2020

 

1

 

 

 

 

 

 

 

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income – Three Months (13 Weeks) and Nine Months (39 Weeks) Ended October 2, 2021 and October 3, 2020

 

2

 

 

 

 

 

 

 

 

 

 

 

Condensed Consolidated Balance Sheets – October 2, 2021 and December 31, 2020

 

3

 

 

 

 

 

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows – Nine Months (39 Weeks) Ended October 2, 2021 and October 3, 2020

 

4

 

 

 

 

 

 

 

 

 

 

 

Notes to Condensed Consolidated Financial Statements

 

5

 

 

 

 

 

 

 

 

 

Item 2

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

19

 

 

 

 

 

 

 

 

 

Item 3

 

Quantitative and Qualitative Disclosures About Market Risk

 

26

 

 

 

 

 

 

 

 

 

Item 4

 

Controls and Procedures

 

27

 

 

 

 

 

 

 

Part II

 

Other Information

 

 

 

 

 

 

 

 

 

 

 

Item 1

 

Legal Proceedings

 

28

 

 

 

 

 

 

 

 

 

Item 1A

 

Risk Factors

 

28

 

 

 

 

 

 

 

 

 

Item 2

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

28

 

 

 

 

 

 

 

 

 

Item 5

 

Other Information

 

28

 

 

 

 

 

 

 

 

 

Item 6

 

Exhibits

 

29

 

 

 

 

 

 

 

Signatures

 

30

 

 

 

 

 

 

 

 

 

i


Table of Contents

 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Nucor Corporation Condensed Consolidated Statements of Earnings (Unaudited)

(In thousands, except per share amounts)

 

 

 

Three Months (13 Weeks) Ended

 

 

Nine Months (39 Weeks) Ended

 

 

 

Oct. 2, 2021

 

 

Oct. 3, 2020

 

 

Oct. 2, 2021

 

 

Oct. 3, 2020

 

Net sales

 

$

10,313,223

 

 

$

4,927,960

 

 

$

26,119,527

 

 

$

14,879,603

 

Costs, expenses and other:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of products sold

 

 

6,906,950

 

 

 

4,425,765

 

 

 

18,617,314

 

 

 

13,370,181

 

Marketing, administrative and other expenses

 

 

526,345

 

 

 

165,513

 

 

 

1,204,539

 

 

 

460,922

 

Equity in (earnings) losses of unconsolidated affiliates

 

 

(32,464

)

 

 

(479

)

 

 

(65,106

)

 

 

14,422

 

Losses on assets

 

 

-

 

 

 

6,604

 

 

 

50,970

 

 

 

299,450

 

Interest expense, net

 

 

43,285

 

 

 

40,139

 

 

 

118,709

 

 

 

116,856

 

 

 

 

7,444,116

 

 

 

4,637,542

 

 

 

19,926,426

 

 

 

14,261,831

 

Earnings before income taxes and noncontrolling interests

 

 

2,869,107

 

 

 

290,418

 

 

 

6,193,101

 

 

 

617,772

 

Provision for income taxes

 

 

645,842

 

 

 

67,788

 

 

 

1,410,863

 

 

 

207,610

 

Net earnings

 

 

2,223,265

 

 

 

222,630

 

 

 

4,782,238

 

 

 

410,162

 

Earnings attributable to noncontrolling interests

 

 

95,522

 

 

 

29,215

 

 

 

205,195

 

 

 

87,535

 

Net earnings attributable to Nucor stockholders

 

$

2,127,743

 

 

$

193,415

 

 

$

4,577,043

 

 

$

322,627

 

Net earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

7.29

 

 

$

0.63

 

 

$

15.37

 

 

$

1.06

 

Diluted

 

$

7.28

 

 

$

0.63

 

 

$

15.34

 

 

$

1.06

 

Average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

290,510

 

 

 

303,394

 

 

 

296,431

 

 

 

303,072

 

Diluted

 

 

291,152

 

 

 

303,441

 

 

 

296,928

 

 

 

303,099

 

 

See notes to condensed consolidated financial statements.

1


Table of Contents

 

 

Nucor Corporation Condensed Consolidated Statements of Comprehensive Income (Unaudited)

(In thousands)

 

 

 

Three Months (13 Weeks) Ended

 

 

Nine Months (39 Weeks) Ended

 

 

 

Oct. 2, 2021

 

 

Oct. 3, 2020

 

 

Oct. 2, 2021

 

 

Oct. 3, 2020

 

Net earnings

 

$

2,223,265

 

 

$

222,630

 

 

$

4,782,238

 

 

$

410,162

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net unrealized income on hedging derivatives, net

   of income taxes of $6,100 and $2,000 for the third

   quarter of 2021 and 2020, respectively, and $9,100

   and $1,400 for the first nine months of 2021 and

   2020, respectively

 

 

19,057

 

 

 

6,387

 

 

 

28,260

 

 

 

4,888

 

Reclassification adjustment for settlement of hedging

   derivatives included in net income, net of income

   taxes of $(800) and $700 for the third quarter of 2021

   and 2020, respectively, and $(700) and $2,300 for the

   first nine months of 2021 and 2020, respectively

 

 

(2,457

)

 

 

2,113

 

 

 

(1,760

)

 

 

6,712

 

Foreign currency translation gain (loss), net of income

   taxes of $0 for the third quarter and first nine months

   of 2021 and 2020

 

 

(28,772

)

 

 

16,867

 

 

 

6,460

 

 

 

(24,103

)

 

 

 

(12,172

)

 

 

25,367

 

 

 

32,960

 

 

 

(12,503

)

Comprehensive income

 

 

2,211,093

 

 

 

247,997

 

 

 

4,815,198

 

 

 

397,659

 

Comprehensive income attributable to noncontrolling

   interests

 

 

95,522

 

 

 

29,215

 

 

 

205,195

 

 

 

87,535

 

Comprehensive income attributable to Nucor stockholders

 

$

2,115,571

 

 

$

218,782

 

 

$

4,610,003

 

 

$

310,124

 

 

See notes to condensed consolidated financial statements.

2


Table of Contents

 

 

Nucor Corporation Condensed Consolidated Balance Sheets (Unaudited)

(In thousands)

 

 

 

Oct. 2, 2021

 

 

Dec 31, 2020

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,764,293

 

 

$

2,639,671

 

Short-term investments

 

 

247,247

 

 

 

408,004

 

Accounts receivable, net

 

 

4,087,293

 

 

 

2,298,850

 

Inventories, net

 

 

5,678,715

 

 

 

3,569,089

 

Other current assets

 

 

346,277

 

 

 

573,048

 

Total current assets

 

 

12,123,825

 

 

 

9,488,662

 

Property, plant and equipment, net

 

 

7,777,277

 

 

 

6,899,110

 

Restricted cash and cash equivalents

 

 

281,345

 

 

 

115,258

 

Goodwill

 

 

2,787,992

 

 

 

2,229,672

 

Other intangible assets, net

 

 

1,171,292

 

 

 

668,021

 

Other assets

 

 

807,748

 

 

 

724,671

 

Total assets

 

$

24,949,479

 

 

$

20,125,394

 

LIABILITIES

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Short-term debt

 

$

102,737

 

 

$

57,906

 

Current portion of long-term debt and finance lease obligations

 

 

615,130

 

 

 

10,885

 

Accounts payable

 

 

1,870,035

 

 

 

1,432,159

 

Salaries, wages and related accruals

 

 

1,323,365

 

 

 

462,727

 

Accrued expenses and other current liabilities

 

 

886,332

 

 

 

664,183

 

Total current liabilities

 

 

4,797,599

 

 

 

2,627,860

 

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

 

 

4,949,945

 

 

 

5,271,789

 

Deferred credits and other liabilities

 

 

1,251,643

 

 

 

993,884

 

Total liabilities

 

 

10,999,187

 

 

 

8,893,533

 

EQUITY

 

 

 

 

 

 

 

 

Nucor stockholders' equity:

 

 

 

 

 

 

 

 

Common stock

 

 

152,061

 

 

 

152,061

 

Additional paid-in capital

 

 

2,131,514

 

 

 

2,121,288

 

Retained earnings

 

 

15,561,261

 

 

 

11,343,852

 

Accumulated other comprehensive loss,

   net of income taxes

 

 

(85,901

)

 

 

(118,861

)

Treasury stock

 

 

(4,336,415

)

 

 

(2,709,675

)

Total Nucor stockholders' equity

 

 

13,422,520

 

 

 

10,788,665

 

Noncontrolling interests

 

 

527,772

 

 

 

443,196

 

Total equity

 

 

13,950,292

 

 

 

11,231,861

 

Total liabilities and equity

 

$

24,949,479

 

 

$

20,125,394

 

 

See notes to condensed consolidated financial statements.

3


Table of Contents

 

 

Nucor Corporation Condensed Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

 

 

 

Nine Months (39 Weeks) Ended

 

 

 

Oct. 2, 2021

 

 

Oct. 3, 2020

 

Operating activities:

 

 

 

 

 

 

 

 

Net earnings

 

$

4,782,238

 

 

$

410,162

 

Adjustments:

 

 

 

 

 

 

 

 

Depreciation

 

 

546,619

 

 

 

525,688

 

Amortization

 

 

76,656

 

 

 

62,877

 

Stock-based compensation

 

 

97,652

 

 

 

56,122

 

Deferred income taxes

 

 

166,748

 

 

 

140,606

 

Distributions from affiliates

 

 

200

 

 

 

3,021

 

Equity in (earnings) losses of unconsolidated affiliates

 

 

(65,106

)

 

 

14,422

 

Losses on assets

 

 

50,970

 

 

 

299,450

 

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

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(1,622,668

)

 

 

37,547

 

Inventories

 

 

(1,976,738

)

 

 

590,434

 

Accounts payable

 

 

343,014

 

 

 

15,366

 

Federal income taxes

 

 

262,195

 

 

 

18,848

 

Salaries, wages and related accruals

 

 

835,381

 

 

 

(69,235

)

Other operating activities

 

 

123,202

 

 

 

100,283

 

Cash provided by operating activities

 

 

3,620,363

 

 

 

2,205,591

 

Investing activities:

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(1,207,088

)

 

 

(1,179,081

)

Investment in and advances to affiliates

 

 

(193

)

 

 

(16,542

)

Disposition of plant and equipment

 

 

15,581

 

 

 

19,492

 

Acquisitions (net of cash acquired)

 

 

(1,346,608

)

 

 

(20,368

)

Purchase of investments

 

 

(394,141

)

 

 

(401,986

)

Proceeds from the sale of investments

 

 

554,898

 

 

 

301,249

 

Other investing activities

 

 

1,042

 

 

 

(33,536

)

Cash used in investing activities

 

 

(2,376,509

)

 

 

(1,330,772

)

Financing activities:

 

 

 

 

 

 

 

 

Net change in short-term debt

 

 

44,831

 

 

 

1,334

 

Proceeds from long-term debt, net of discount

 

 

196,990

 

 

 

1,237,635

 

Repayment of long-term debt

 

 

-

 

 

 

(97,150

)

Bond issuance related costs

 

 

-

 

 

 

(6,250

)

Proceeds from exercise of stock options

 

 

143,874

 

 

 

-

 

Payment of tax withholdings on certain stock-based compensation

 

 

(71,494

)

 

 

(17,691

)

Distributions to noncontrolling interests

 

 

(120,619

)

 

 

(106,193

)

Cash dividends

 

 

(366,606

)

 

 

(368,636

)

Acquisition of treasury stock

 

 

(1,773,848

)

 

 

(39,499

)

Other financing activities

 

 

(7,993

)

 

 

(6,983

)

Cash (used in) provided by financing activities

 

 

(1,954,865

)

 

 

596,567

 

Effect of exchange rate changes on cash

 

 

1,720

 

 

 

(7,790

)

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

 

 

(709,291

)

 

 

1,463,596

 

Cash and cash equivalents and restricted cash and cash

   equivalents - beginning of year

 

 

2,754,929

 

 

 

1,534,605

 

Cash and cash equivalents and restricted cash and cash

   equivalents - end of nine months

 

$

2,045,638

 

 

$

2,998,201

 

Non-cash investing activity:

 

 

 

 

 

 

 

 

Change in accrued plant and equipment purchases

 

$

14,997

 

 

$

-

 

 

See notes to condensed consolidated financial statements.

4


Table of Contents

 

Nucor Corporation – Notes to Condensed Consolidated 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 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, 2020 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, 2020.

2. Inventories

Inventories consisted of approximately 44% raw materials and supplies and 56% finished and semi-finished products at October 2, 2021 (42% and 58%, respectively, at December 31, 2020). 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 $10.33 billion at October 2, 2021 ($9.86 billion at December 31, 2020).

Nucor reviews its natural gas well assets for impairment if and when circumstances indicate that a decline in value below their carrying amounts may have occurred. Nucor last assessed its proved producing natural gas well assets in the fourth quarter of 2020 due to the continued low-price natural gas pricing environment. After completing its assessment, Nucor determined that as of such time there were no impairments of any of its three groups of proved well assets. Changes in the natural gas industry or a prolonged low-price environment beyond what has already been assumed in the assessments could cause management to revise the natural gas and natural gas liquids price assumptions, the estimated reserves or the estimated lease operating costs. Therefore, it is reasonably possible that unfavorable revisions to these assumptions or estimates could result in further impairment of some or all of the groups of proved well assets. The combined carrying value of the three groups of wells was $66.7 million at October 2, 2021 ($71.7 million at December 31, 2020).

Nucor owns a 49% leasehold interest in unproved oil and natural gas properties in the South Piceance Basin located in Colorado. Nucor has full discretion on its participation in all future drilling capital investments related to the leasehold interest. Nucor is continually evaluating the market environment for natural gas and has the ability to increase output in a rising or higher natural gas price environment.

In the second quarter of 2021, Nucor made the decision that it would not develop a portion of its unproved oil and natural gas properties (“Portion A”) within the contractually specified time period related to Portion A. As a result of this decision, the Company will forfeit its leasehold rights for Portion A. The Company recorded a charge of $42.0 million to write off the value of Portion A that is included in losses on assets on the condensed consolidated statements of earnings for the nine months ended October 2, 2021. The decision not to develop Portion A was heavily influenced by the approaching deadline to commence development combined with Portion A’s expected near-term profitability not achieving management’s desired returns relative to the cost of development. A significant portion of the Company’s remaining leasehold interest in unproved oil and natural gas properties are held by production. Accordingly, management does not believe the value assigned to those portions needs to be evaluated at this time. The carrying value of the remaining portions of unproved oil and natural gas properties was $96.0 million at October 2, 2021.

 

4. Goodwill and Other Intangible Assets

The change in the net carrying amount of goodwill for the nine months ended October 2, 2021 by segment was as follows (in thousands):

5


Table of Contents

 

 

 

 

Steel Mills

 

 

Steel Products

 

 

Raw Materials

 

 

Total

 

Balance at December 31, 2020

 

$

612,470

 

 

$

887,625

 

 

$

729,577

 

 

$

2,229,672

 

Acquisitions

 

 

705

 

 

 

535,099

 

 

 

20,464

 

 

 

556,268

 

Other

 

 

-

 

 

 

(129

)

 

 

-

 

 

 

(129

)

Translation

 

 

-

 

 

 

2,181

 

 

 

-

 

 

 

2,181

 

Balance at October 2, 2021

 

$

613,175

 

 

$

1,424,776

 

 

$

750,041

 

 

$

2,787,992

 

 

Nucor completed its most recent annual goodwill impairment testing during the fourth quarter of 2020 and concluded that as of such time there was no impairment of goodwill for any of its reporting units.

The annual assessment performed in 2020 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 99% in the most recent assessment. The reporting unit was profitable in 2020 and we expect it to be profitable in 2021. If our assessment of the relevant facts and circumstances changes, or the actual performance of this reporting unit falls short of expected results, non-cash impairment charges may be required. Total goodwill associated with the Rebar Fabrication reporting unit was $366.2 million as of October 2, 2021 ($364.3 million as of December 31, 2020). 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 $52.2 million as of October 2, 2021 ($58.8 million as of December 31, 2020). 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.

The annual assessment performed in 2020 for one of the Company’s reporting units, Grating, used forward-looking projections and included continued positive future cash flows. The fair value of this reporting unit exceeded its carrying value by approximately 88% in the most recent assessment. If our assessment of the relevant facts and circumstances changes, or the actual performance of this reporting unit falls short of expected results, non-cash impairment charges may be required. Total goodwill associated with the Grating reporting unit was $37.1 million as of October 2, 2021 ($37.0 million as of December 31, 2020).

Intangible assets with estimated useful lives of five to 22 years are amortized on a straight-line or accelerated basis and were comprised of the following as of October 2, 2021 and December 31, 2020 (in thousands):

 

 

 

October 2, 2021

 

 

December 31, 2020

 

 

 

Gross Amount

 

 

Accumulated

Amortization

 

 

Gross Amount

 

 

Accumulated

Amortization

 

Customer relationships

 

$

1,874,831

 

 

$

897,952

 

 

$

1,421,962

 

 

$

838,443

 

Trademarks and trade names

 

 

233,423

 

 

 

106,928

 

 

 

162,365

 

 

 

100,000

 

Other

 

 

119,822

 

 

 

51,904

 

 

 

63,822

 

 

 

41,685

 

 

 

$

2,228,076

 

 

$

1,056,784

 

 

$

1,648,149

 

 

$

980,128

 

 

Intangible asset amortization expense in the third quarter of 2021 and 2020 was $34.8 million and $20.7 million, respectively, and $76.7 million and $62.9 million in the first nine months of 2021 and 2020, respectively. Annual amortization expense is estimated to be $124.1 million in 2021; $169.9 million in 2022; $133.9 million in 2023; $133.1 million in 2024; and $132.2 million in 2025.

5. Current Liabilities

Book overdrafts, included in accounts payable in the condensed consolidated balance sheets, were $147.8 million at October 2, 2021 ($210.5 million at December 31, 2020). Dividends payable, included in accrued expenses and other current liabilities in the condensed consolidated balance sheets, were $116.9 million at October 2, 2021 ($123.9 million at December 31, 2020).

6


Table of Contents

 

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 2, 2021 and December 31, 2020 (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 October 2, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

$

1,111,994

 

 

$

1,111,994

 

 

$

-

 

 

$

-

 

Short-term investments

 

 

247,247

 

 

 

247,247

 

 

 

-

 

 

 

-

 

Restricted cash and cash equivalents

 

 

281,345

 

 

 

281,345

 

 

 

-

 

 

 

-

 

Derivative contracts

 

 

31,257

 

 

 

-

 

 

 

31,257

 

 

 

-

 

Total assets

 

$

1,671,843

 

 

$

1,640,586

 

 

$

31,257

 

 

$

-

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative contracts

 

$

(4,133

)

 

$

-

 

 

$

(4,133

)

 

$

-

 

As of December 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

$

2,186,820

 

 

$

2,186,820

 

 

$

-

 

 

$

-

 

Short-term investments

 

 

408,004

 

 

 

408,004

 

 

 

-

 

 

 

-

 

Restricted cash and cash equivalents

 

 

115,258

 

 

 

115,258

 

 

 

-

 

 

 

-

 

Total assets