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2022-10-01

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 1, 2022

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  

256,543,710 shares of the registrant’s common stock were outstanding at October 1, 2022.

 

 

 


Table of Contents

 

 

Nucor Corporation

Quarterly Report on Form 10-Q

For the Three Months and Nine Months Ended October 1, 2022

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 1, 2022 and October 2, 2021

 

1

 

 

 

 

 

 

 

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income – Three Months (13 Weeks) and Nine Months (39 Weeks) Ended October 1, 2022 and October 2, 2021

 

2

 

 

 

 

 

 

 

 

 

 

 

Condensed Consolidated Balance Sheets – October 1, 2022 and December 31, 2021

 

3

 

 

 

 

 

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows – Nine Months (39 Weeks) Ended October 1, 2022 and October 2, 2021

 

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

 

27

 

 

 

 

 

 

 

 

 

Item 4

 

Controls and Procedures

 

28

 

 

 

 

 

 

 

Part II

 

Other Information

 

 

 

 

 

 

 

 

 

 

 

Item 1

 

Legal Proceedings

 

29

 

 

 

 

 

 

 

 

 

Item 1A

 

Risk Factors

 

29

 

 

 

 

 

 

 

 

 

Item 2

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

29

 

 

 

 

 

 

 

 

 

Item 6

 

Exhibits

 

30

 

 

 

 

 

 

 

Signatures

 

31

 

 

 

 

 

 

 

 

 

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. 1, 2022

 

 

Oct. 2, 2021

 

 

Oct. 1, 2022

 

 

Oct. 2, 2021

 

Net sales

 

$

10,500,755

 

 

$

10,313,223

 

 

$

32,788,511

 

 

$

26,119,527

 

Costs, expenses and other:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of products sold

 

 

7,657,364

 

 

 

6,906,950

 

 

 

22,382,718

 

 

 

18,617,314

 

Marketing, administrative and other expenses

 

 

486,560

 

 

 

526,345

 

 

 

1,574,355

 

 

 

1,204,539

 

Equity in earnings of unconsolidated affiliates

 

 

(8,438

)

 

 

(32,464

)

 

 

(23,246

)

 

 

(65,106

)

Losses on assets

 

 

-

 

 

 

-

 

 

 

-

 

 

 

50,970

 

Interest expense, net

 

 

42,347

 

 

 

43,285

 

 

 

143,245

 

 

 

118,709

 

 

 

 

8,177,833

 

 

 

7,444,116

 

 

 

24,077,072

 

 

 

19,926,426

 

Earnings before income taxes and noncontrolling interests

 

 

2,322,922

 

 

 

2,869,107

 

 

 

8,711,439

 

 

 

6,193,101

 

Provision for income taxes

 

 

523,879

 

 

 

645,842

 

 

 

1,958,044

 

 

 

1,410,863

 

Net earnings

 

 

1,799,043

 

 

 

2,223,265

 

 

 

6,753,395

 

 

 

4,782,238

 

Earnings attributable to noncontrolling interests

 

 

104,295

 

 

 

95,522

 

 

 

401,791

 

 

 

205,195

 

Net earnings attributable to Nucor stockholders

 

$

1,694,748

 

 

$

2,127,743

 

 

$

6,351,604

 

 

$

4,577,043

 

Net earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

6.51

 

 

$

7.29

 

 

$

23.90

 

 

$

15.37

 

Diluted

 

$

6.50

 

 

$

7.28

 

 

$

23.85

 

 

$

15.34

 

Average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

259,102

 

 

 

290,510

 

 

 

264,655

 

 

 

296,431

 

Diluted

 

 

259,526

 

 

 

291,152

 

 

 

265,239

 

 

 

296,928

 

 

See notes to condensed consolidated financial statements.

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Table of Contents

 

 

Nucor Corporation Condensed Consolidated Statements of Comprehensive Income (Unaudited)

(In thousands)

 

 

 

Three Months (13 Weeks) Ended

 

 

Nine Months (39 Weeks) Ended

 

 

 

October 1, 2022

 

 

October 2, 2021

 

 

October 1, 2022

 

 

October 2, 2021

 

Net earnings

 

$

1,799,043

 

 

$

2,223,265

 

 

$

6,753,395

 

 

$

4,782,238

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net unrealized income on hedging derivatives, net

   of income taxes of $8,800 and $6,100 for the third

   quarter of 2022 and 2021, respectively, and $30,700

   and $9,100 for the first nine months of 2022 and

   2021, respectively

 

 

27,411

 

 

 

19,057

 

 

 

97,025

 

 

 

28,260

 

Reclassification adjustment for settlement of hedging

   derivatives included in net earnings, net of income

   taxes of $(5,200) and $(800) for the third quarter of

   2022 and 2021, respectively, and $(11,700) and

   $(700) for the first nine months of 2022 and

   2021, respectively

 

 

(16,311

)

 

 

(2,457

)

 

 

(36,837

)

 

 

(1,760

)

Foreign currency translation (loss) gain, net of income

   taxes of $0 for the third quarter and first nine

   months of 2022 and 2021

 

 

(43,843

)

 

 

(28,772

)

 

 

(48,459

)

 

 

6,460

 

 

 

 

(32,743

)

 

 

(12,172

)

 

 

11,729

 

 

 

32,960

 

Comprehensive income

 

 

1,766,300

 

 

 

2,211,093

 

 

 

6,765,124

 

 

 

4,815,198

 

Comprehensive income attributable to noncontrolling

   interests

 

 

104,295

 

 

 

95,522

 

 

 

401,791

 

 

 

205,195

 

Comprehensive income attributable to Nucor stockholders

 

$

1,662,005

 

 

$

2,115,571

 

 

$

6,363,333

 

 

$

4,610,003

 

 

See notes to condensed consolidated financial statements.

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Table of Contents

 

 

Nucor Corporation Condensed Consolidated Balance Sheets (Unaudited)

(In thousands)

 

 

 

Oct. 1, 2022

 

 

Dec. 31, 2021

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

3,049,864

 

 

$

2,364,858

 

Short-term investments

 

 

377,426

 

 

 

253,005

 

Accounts receivable, net

 

 

4,200,643

 

 

 

3,853,972

 

Inventories, net

 

 

6,046,235

 

 

 

6,011,182

 

Other current assets

 

 

682,289

 

 

 

316,540

 

Total current assets

 

 

14,356,457

 

 

 

12,799,557

 

Property, plant and equipment, net

 

 

9,440,074

 

 

 

8,114,818

 

Restricted cash and cash equivalents

 

 

79,880

 

 

 

143,800

 

Goodwill

 

 

3,917,452

 

 

 

2,827,344

 

Other intangible assets, net

 

 

3,392,941

 

 

 

1,103,759

 

Other assets

 

 

885,900

 

 

 

833,794

 

Total assets

 

$

32,072,704

 

 

$

25,823,072

 

LIABILITIES

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Short-term debt

 

$

64,649

 

 

$

107,723

 

Current portion of long-term debt and finance lease obligations

 

 

28,994

 

 

 

615,678

 

Accounts payable

 

 

1,810,388

 

 

 

1,974,041

 

Salaries, wages and related accruals

 

 

1,613,387

 

 

 

1,495,166

 

Accrued expenses and other current liabilities

 

 

1,114,671

 

 

 

964,805

 

Total current liabilities

 

 

4,632,089

 

 

 

5,157,413

 

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

 

 

6,617,030

 

 

 

4,961,410

 

Deferred credits and other liabilities

 

 

1,998,906

 

 

 

1,100,455

 

Total liabilities

 

 

13,248,025

 

 

 

11,219,278

 

Commitments and contingencies

 

 

 

 

 

 

 

 

EQUITY

 

 

 

 

 

 

 

 

Nucor stockholders' equity:

 

 

 

 

 

 

 

 

Common stock

 

 

152,061

 

 

 

152,061

 

Additional paid-in capital

 

 

2,128,521

 

 

 

2,140,608

 

Retained earnings

 

 

23,629,649

 

 

 

17,674,100

 

Accumulated other comprehensive loss,

   net of income taxes

 

 

(103,553

)

 

 

(115,282

)

Treasury stock

 

 

(8,098,221

)

 

 

(5,835,098

)

Total Nucor stockholders' equity

 

 

17,708,457

 

 

 

14,016,389

 

Noncontrolling interests

 

 

1,116,222

 

 

 

587,405

 

Total equity

 

 

18,824,679

 

 

 

14,603,794

 

Total liabilities and equity

 

$

32,072,704

 

 

$

25,823,072

 

 

See notes to condensed consolidated financial statements.

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Table of Contents

 

 

Nucor Corporation Condensed Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

 

 

 

Nine Months (39 Weeks) Ended

 

 

 

Oct. 1, 2022

 

 

Oct. 2, 2021

 

Operating activities:

 

 

 

 

 

 

 

 

Net earnings

 

$

6,753,395

 

 

$

4,782,238

 

Adjustments:

 

 

 

 

 

 

 

 

Depreciation

 

 

609,933

 

 

 

546,619

 

Amortization

 

 

164,480

 

 

 

76,656

 

Stock-based compensation

 

 

99,838

 

 

 

97,652

 

Deferred income taxes

 

 

(33,116

)

 

 

166,748

 

Distributions from affiliates

 

 

25,571

 

 

 

200

 

Equity in earnings of unconsolidated affiliates

 

 

(23,246

)

 

 

(65,106

)

Losses on assets

 

 

-

 

 

 

50,970

 

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

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(104,751

)

 

 

(1,622,668

)

Inventories

 

 

371,068

 

 

 

(1,976,738

)

Accounts payable

 

 

(299,760

)

 

 

343,014

 

Federal income taxes

 

 

(302,335

)

 

 

262,195

 

Salaries, wages and related accruals

 

 

121,243

 

 

 

835,381

 

Other operating activities

 

 

156,201

 

 

 

123,202

 

Cash provided by operating activities

 

 

7,538,521

 

 

 

3,620,363

 

Investing activities:

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(1,430,125

)

 

 

(1,207,088

)

Investment in and advances to affiliates

 

 

(246

)

 

 

(193

)

Sale of business

 

 

99,681

 

 

 

-

 

Disposition of plant and equipment

 

 

27,278

 

 

 

15,581

 

Acquisitions (net of cash acquired)

 

 

(3,549,764

)

 

 

(1,346,608

)

Purchases of investments

 

 

(563,770

)

 

 

(394,141

)

Proceeds from the sale of investments

 

 

439,348

 

 

 

554,898

 

Other investing activities

 

 

(9,595

)

 

 

1,042

 

Cash used in investing activities

 

 

(4,987,193

)

 

 

(2,376,509

)

Financing activities:

 

 

 

 

 

 

 

 

Net change in short-term debt

 

 

(43,074

)

 

 

44,831

 

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

 

 

2,091,934

 

 

 

196,990

 

Repayment of long-term debt

 

 

(1,108,500

)

 

 

-

 

Bond issuance costs

 

 

(13,138

)

 

 

-

 

Proceeds from exercise of stock options

 

 

21,604

 

 

 

143,874

 

Payment of tax withholdings on certain stock-based compensation

 

 

(62,869

)

 

 

(71,494

)

Distributions to noncontrolling interests

 

 

(300,772

)

 

 

(120,619

)

Cash dividends

 

 

(404,150

)

 

 

(366,606

)

Acquisition of treasury stock

 

 

(2,359,971

)

 

 

(1,773,848

)

Proceeds from government incentives

 

 

275,000

 

 

 

-

 

Other financing activities

 

 

(21,085

)

 

 

(7,993

)

Cash used in financing activities

 

 

(1,925,021

)

 

 

(1,954,865

)

Effect of exchange rate changes on cash

 

 

(5,221

)

 

 

1,720

 

Increase (decrease) in cash and cash equivalents and

   restricted cash and cash equivalents

 

 

621,086

 

 

 

(709,291

)

Cash and cash equivalents and restricted cash and cash

   equivalents - beginning of year

 

 

2,508,658

 

 

 

2,754,929

 

Cash and cash equivalents and restricted cash and cash

   equivalents - end of nine months

 

$

3,129,744

 

 

$

2,045,638

 

Non-cash investing activity:

 

 

 

 

 

 

 

 

Change in accrued plant and equipment purchases

 

$

(31,469

)

 

$

14,997

 

 

See notes to condensed consolidated financial statements.

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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, 2021 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, 2021.

2. Inventories

Inventories consisted of approximately 39% raw materials and supplies and 61% finished and semi-finished products at October 1, 2022 (43% and 57%, respectively, at December 31, 2021). 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 $10.91 billion at October 1, 2022 ($10.39 billion at December 31, 2021).

 

4. Goodwill and Other Intangible Assets

The change in the net carrying amount of goodwill for the nine months ended October 1, 2022 by segment was as follows (in thousands):

 

 

 

Steel Mills

 

 

Steel Products

 

 

Raw Materials

 

 

Total

 

Balance at December 31, 2021

 

$

613,175

 

 

$

1,439,874

 

 

$

774,295

 

 

$

2,827,344

 

Acquisitions

 

 

62,011

 

 

 

1,083,200

 

 

 

-

 

 

 

1,145,211

 

Other

 

 

-

 

 

 

-

 

 

 

(39,466

)

 

 

(39,466

)

Translation

 

 

-

 

 

 

(15,637

)

 

 

-

 

 

 

(15,637

)

Balance at October 1, 2022

 

$

675,186

 

 

$

2,507,437

 

 

$

734,829

 

 

$

3,917,452

 

 

Nucor completed its most recent annual goodwill impairment testing as of the first day of the fourth quarter of 2021 and concluded that as of such date there was no impairment of goodwill for any of its reporting units.

The annual assessment performed in 2021 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 54% in the most recent assessment. If our assessment of the relevant facts and circumstances changes, including if the expected future performance of this reporting unit declines from the most recent assessment, non-cash impairment charges may be required. Total goodwill associated with the Rebar Fabrication reporting unit was $350.0 million as of October 1, 2022 ($363.0 million as of December 31, 2021). 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 $38.1 million as of October 1, 2022 ($45.0 million as of December 31, 2021). 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.

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Table of Contents

 

Intangible assets with estimated useful lives of five to 25 years are amortized on a straight-line or accelerated basis and were comprised of the following as of October 1, 2022 and December 31, 2021 (in thousands):

 

 

 

October 1, 2022

 

 

December 31, 2021

 

 

 

Gross Amount

 

 

Accumulated

Amortization

 

 

Gross Amount

 

 

Accumulated

Amortization

 

Customer relationships

 

$

4,174,901

 

 

$

1,035,901

 

 

$

1,872,348

 

 

$

924,506

 

Trademarks and trade names

 

 

364,140

 

 

 

126,781

 

 

 

217,255

 

 

 

99,906

 

Other

 

 

109,746

 

 

 

93,164

 

 

 

105,522

 

 

 

66,954

 

 

 

$

4,648,787

 

 

$

1,255,846

 

 

$

2,195,125

 

 

$

1,091,366

 

 

Intangible asset amortization expense in the third quarter of 2022 and 2021 was $77.2 million and $34.8 million, respectively, and $164.5 million and $76.7 million in the first nine months of 2022 and 2021, respectively. Annual amortization expense is estimated to be $235.0 million in 2022; $236.2 million in 2023; $234.7 million in 2024; $233.7 million in 2025; and $230.7 million in 2026.

5. Current Liabilities

Book overdrafts, included in accounts payable in the condensed consolidated balance sheets, were $125.8 million at October 1, 2022 ($143.8 million at December 31, 2021). Dividends payable, included in accrued expenses and other current liabilities in the condensed consolidated balance sheets, were $129.5 million at October 1, 2022 ($137.6 million at December 31, 2021).

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 1, 2022 and December 31, 2021 (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 1, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

$

2,161,011

 

 

$

2,161,011

 

 

$

-

 

 

$

-

 

Short-term investments

 

 

377,426

 

 

 

377,426

 

 

 

-

 

 

 

-

 

Restricted cash and cash equivalents

 

 

79,880

 

 

 

79,880

 

 

 

-

 

 

 

-

 

Derivative contracts

 

 

96,222

 

 

-

 

 

 

96,222

 

 

 

-

 

Total assets

 

$

2,714,539

 

 

$

2,618,317

 

 

$

96,222

 

 

$

-

 

As of December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

$

1,776,477

 

 

$

1,776,477

 

 

$

-

 

 

$

-

 

Short-term investments

 

 

253,005

 

 

 

253,005

 

 

 

-

 

 

 

-

 

Restricted cash and cash equivalents

 

 

143,800

 

 

 

143,800

 

 

 

-

 

 

 

-

 

Derivative contracts

 

 

6,633

 

 

 

-

 

 

 

6,633

 

 

 

-

 

Total assets

 

$

2,179,915