Nucor Annual Reports 2018
Nucor Annual Reports 2018
MINDI L JONES MITZI B JONES MORRISON BRIAN JONES NATHAN JONES NATHAN JONES NICHALES L JONES NINA M JONES O’BRIEN JONES PATRICK J JONES PAUL DAVID JONES II PAUL JONES PAULA H JONES
PHILLIP E JONES RASHEDA JONES REGGIE DENNIS JONES JR REGINA JONES RICHARD H JONES RICKY JONES RITCHIE L JONES JR ROBERT JONES ROBERT A JONES ROBERT B JONES ROGER JEREMIAH JONES RUEBEN JONES
RUSSELL W JONES RYAN JONES RYAN JONES SAMUEL JONES SCOTT A JONES JR SHANE JONES SHYEIM JONES STEPHEN R JONES STEVEN JONES SUSAN MARIE JONES TADD JONES TAYLOR D JONES TEAGUE A JONES
TERI L JONES TERRY LOMAX JONES THOMAS J JONES THOMAS W JONES THOMAS JONES JR TIFFANY M JONES TIMOTHY D JONES TIMOTHY L JONES TOM JONES JR TORY JONES TRENN S JONES TRISTAN JONES
TYLER JONES TYLER RYAN JONES VICTOR JONES WACEY DEAN JONES WESLEY A JONES WILLIAM K JONES BRANDI N JONSON BILLY GENE JORDAN BUCKY JORDAN CADARYE L JORDAN CAREY EUGENE JORDAN II CHARLES C JORDAN
CHRISTOPHER JORDAN CLAY D JORDAN CLAYTON W JORDAN DAVID B JORDAN FRANK A JORDAN FREDDIE D JORDAN GEORGE B JORDAN HARRY L JORDAN JAKE JORDAN JAMES WALTER JORDAN JAZENO JORDAN
JEFFREY S JORDAN JERRY L JORDAN JOSEPH DANIEL JORDAN KAYLEIGH BROOKE JORDAN MATTHEW G JORDAN MAURY JORDAN ORENTHAL LASHUN JORDAN ROBERT T JORDAN SCOTT C JORDAN SHAWN JORDAN
TONY JORDAN W A JORDAN II W BRIAN JORDAN WILLIAM H JORDAN EMILY J JORDAN-HADDOCK ANDREW JORGENSEN BLAIR JORGENSEN DANIEL R JORGENSEN CAMERON JORGENSON DIEURESTE JOSAPHAT
BRADLEY T JOSEPH CHRISTIAN JOSEPH DARIO JOSEPH MICHAEL A JOSEPH ROGER JOSEPH TESFA JOSEPH BAYLOR R JOSEPHSON MARK L JOSEY RAHUL JOSHI RONALD JOSLIN JR TAYLOR J JOUBERT SPENCER JOUDREY
JOHNNY D JOWERS LISA A JOWERS ANDREW B JOYE ALAN JOYNER DAREN KYLE JOYNER GLENN JOYNER JAMES C JOYNER ANNE M JOZWIAK JOSEPH JOZWIAK HERIBERTO JUAREZ JR JESUS JUAREZ JORGE L JUAREZ JR
JUSTIN S JUAREZ RAMON JUAREZ JR SERGIO JUAREZ JR HECTOR NICOLAS JUAREZ ACEVEDO AARON JUDD BRIAN D JUDD MATT JUDD BRENT W JUDY DAVID JUDY ROBERT O JUDY TONY A JUDY TERRENCE L JUEDEN
BRADYN JULANDER DEREK A JULANDER JAROM JULANDER SHELDON S JULANDER STEVEN B JULANDER HERBERT MICHAEL JULIAN JUSTIN MICHAEL JULIAN KHALEEL JUMAN THADDEUS JUMAN ROBERT G JUMP
RANDY W JUMPS CLAYTON C JUNEK JAMES A JUNKER JOSEPH RYAN JUNKIN TIMOTHY C JUNKIN JERRY MASON JUNKINS DANN ELWOOD JUNTUNEN KENDRA A JURACEK STEPHEN JUREWICZ TIM JURGIELEWICZ
BRIAN JORDAN JURICEK LEOBARDO JUSAINO STEPHEN JUSTICE STEPHEN A JUSTICE RAMIZ JUSUFOVIC RANDY KAAE BRYAN KAAI DUANE KAAIALII JR CHERYL KACHELLEK DANIEL KACHKAN RADOSLAW KACZOWKA
LESLIE KADA STEPHEN KADI DUANE KAEB JONATHON KAEB ANDREW W KAECH NATHAN N KAELIN DAIN KAGAWA GENE KAHAI JR ALI’IMALU KAHALEKAI-WILLING BRADLEY KAHL LINDA L KAHL CHRISTOPHER H KAHLO
KEITH A KAHLO NICHOLAS E KAHNY ADRIENNE KAIGLER MAHALINGAM KAIKONDAN BLAKE KAINOA GARY A KAISER RANDY A KAISER SAHIL KAKKAR ROSCOE KALA WAYNE KALA EDWARD KALAMAN CHARLES KALE
GANESH KALE KERRY A KALE KEVIN KALEN KEVIN KALEN PATHIRAKALIAPPAN KALIAPPAN PEER MOHAMED KANI K KALIBULLA P M GURUMOORTHI K KALIDOSS S BRADLEY J KALIN BYRON M KALIN KIEFER J KALIN
KIEL J KALIN JESSICA KALISZ BALAN KALIYAPERUMAL AMBROSE O KALLON KEVIN KALPAKOFF MELANI THARIKA KALU ARACHCHIGE RANDALL KALUZYNSKI PAUL R KALVELAGE DAVID KAM KIN JEFFERY MICHAEL KAMINSKI
NICHOLAS P KAMINSKI ROBERT I KAMINSKI JUSTIN KAMLOWSKY ANTHONY KAMMANN RANDAL W KAMPLAIN DEMETRIUS KAMPOUROGIANNIS KELLI KAMPSCHNIEDER YUVARAJA KANAGARAJ VIGNESH KANAKKASAMY
KARUPPASAMY KANDASAMY BRUCE W KANDER RYAN J KANDER JIM KANDILAS RAYMOND KANDOLIN RICHARD KANDOLIN DEREK KANE IAN KANE STEVEN H KANE CADE C KANEKO CONSTANTINE G KANELOS WONJIN KANG
ERIC KANGAS SANDRA KANOSKI MARK KANTOR GWENDOLYN KAOPUA STEVE KAPOGINES ALLAN KAPPELER WENDY S KAPRAUN AMANDA KAPUSCINSKI PHELAN M KAPUSTA CLINT J KARACSON MITCHELL L KARACSON
OLHA KARAMAN ERICK KARGEL DEL VAL KYLE KARGOL MEHDI KARIMAN JUSTIN KARKI KEVIN E KARLES THOMAS L KARNES MICHAEL S KARPINEN SHARI KARPYSHYN GARRETT ANTHONY KARR KOLBY R KARR
CAROL S KARRH JEETH KARUNAKARAN KARUNAKARA KARUNAPRAHASAM DIMUTHU KARUNATHILAKA JEFFREY A KASCH MICHAEL E KASSAY AARON D KASSMEIER JACOB H KASTEN STAN KASZECKI BRIAN P KATH
ANDREA KAY KAUFMAN RUSTY RAY KAUFMAN WILLIAM KAUFMAN III KEONI KAUHI STEFEN M KAUR JAMES S KAUTZ MITCHELL K KAUWELOA KEOLA KAUWELOA OLIVEROS MICHAEL KAVANDER DAVID KAWA TIMOTHY KAWECKI
CHRISTOPHER A KAY DONALD KAY JR KAHRAMAN KAYA DEREK KAYFISH TIMOTHY G KAYLOR ALEXANDER KAZAK STANLEY KAZMIERSKI JOHN CHRISTOPHER KAZYAK MICHAEL PATRICK KEANE SAMUEL TRAVIS KEARL
BYRON KEARNEY JOHN WESLEY KEARSE CHRISTOPHER KECK BRENDON KEDDY TYRONE KEE ALEX T KEEFE AUSTIN T KEEFE MARK CHRISTOPHER KEEFE TONY R KEEFE JASON KEEFER OTIS KEEFER PATRICK D KEEGAN
TROY KEELEY JIM M KEELS JR FRANKLIN R KEEN JAMES CHAD KEEN PETER KEEN PETER KEEN TYLER S KEEN JEFFERY KEENAN AARON K KEENE PATRICK D KEENE COLTON KEENER HEATH L KEENER JESSICA L KEENER
RICK KEENER CHADRICK KEENEY KATHLEEN R KEESEE BILLY SHAWN KEETON DARRELL EDWARD KEETON MICHEAL J KEETON JEFFERY E KEFFER DAVID A KEGEL CHARLES JERROD KEGLER BRENT KEHOE CHRISTIAN KEHOE
KENNETH KEHOE ROBIN KEHOE RENEE E KEILMANN STEPHEN D KEIM MOUSSA KEITA ALISA D KEITH GARRETT KEITH MARK KEITH RODNEY KEITH SHANE KEKAHUNA NIROSHA PRASANT KEKANADURA LIYA MICHAEL KEKOA JR
BRADLEY T KELBERLAU GUY KELI PHILIP KELL CARROL L KELLAHAN JR GARY CHRISTOPHER KELLEMS GARY EUGENE KELLEMS BLAKE KELLER BRANDON KELLER BRIAN KELLER CLAUDE E KELLER JAY D KELLER
JOHN EVERETT KELLER MICHAEL D KELLER MICHAEL R KELLER NICHOLAS WAYNE KELLER REISE D KELLER SCOTT KELLER SETH KELLER TROY L KELLER VANDIVER WILLIAM KELLER II WAYNE A KELLER ZACKERY SHANE KELLER
JENNIFER C KELLETT MICHAEL KELLETT TIMOTHY W KELLETT BRIAN S KELLEY CHRISTIAN KELLEY CHRISTOPHER KELLEY DENNIS KELLEY DOUGLAS PALMER KELLEY ELMER G KELLEY JR GREGORY S KELLEY
HOWARD W KELLEY JASON B KELLEY KEENAN MARCELLUS KELLEY KEVIN M KELLEY KYLE L KELLEY LESLIE C KELLEY MACKENZIE M KELLEY MARANDA KELLEY MICHAEL J KELLEY MICHAEL JOSEPH KELLEY II ORVAL KELLEY
RANDALL G KELLEY TAMMY C KELLEY THOMAS M KELLEY TODD L KELLEY WILLIAM STANLEY KELLEY ERIC M KELLOGG ANDY KELLY BRADEN KELLY BYRON KELLY CAITLIN KELLY CALEB RAY KELLY CHARLES KELLY III
CHRISTOPHER R KELLY CURTIS R KELLY DALLAS D KELLY DAVID KELLY DAVID KELLY DAVID BENJAMIN KELLY JARROD D KELLY JASON KELLY JEFFERY WAYNE KELLY JIM J KELLY LADARIUS JEROME KELLY MARK KELLY
MICHAEL KELLY REBECCA M KELLY ROBERT KELLY RONALD LEE KELLY JR SHAUN KELLY SKYLER T KELLY KANE KELMAN THOMAS K KELSEY THOMAS W KELSEY WAYNE KELSHEIMER BRIAN KELSKEY HUNTER C KELSOE
JONATHAN KELTNER DEWEY SAMUEL KEMMERLIN IV HAYLEY KEMMERLIN ALAN L KEMP ALYX SCOTT KEMP BENJAMIN H KEMP DERRICK L KEMP MICHAEL KEMP NATHAN KEMP PATRICIA L KEMP BRENDON S KEMPER
SCOTT KEMPER WILLIS C KEMPER THEODORE J KEMPF RUSSELL KENDALL DONALD J KENDEL TODD KENDELL JOE KENDRA BILLY D KENDRICK JR DANIEL R KENDRICK JAMES KENDRICK LANE G KENDRICK VANCE C KENDRICK
ERIC KENKEL SHEDOLAMARK KENNACH BRIAN KENNEDY BRIAN CHASE KENNEDY BRIAN M KENNEDY CHARLES A KENNEDY CHARLES KENNEDY DEAN P KENNEDY JAMES A KENNEDY JAMES L KENNEDY JESSE LEE KENNEDY
JOHN C KENNEDY JR JORDAN J KENNEDY JOSHUA KENNEDY JUSTIN B KENNEDY LEON KENNEDY MATTHEW GREER KENNEDY RICK KENNEDY ROGER KENNEDY SEAN KENNEDY TIM KENNEDY TITUS R KENNEDY
BRIAN KENNELLY DANE KENNEY GENE A KENNON JEFF LEE KENNON JOHN B KENNON ROBERT KENNY BRITTANY D KENT CALEB KENT DWAYNE C KENT WILLIAM KRIS KENT KEVIN A KEOWN ROBERT M KEPHART
LISA M KERBER CHRISTINE KERBY MICHAEL KERENS FRANCIS KERINS THOMAS P KERIVAN ANDREW S KERN GREGORY D KERN JR HEATH M KERNS JOSHUA RAY KERNS WILLIAM E KERNS RANDY KERR WADE KERR
KENNETH ALAN KERRIGAN BRIAN KERSEY MALEKO KERSEY TONNY RAY KERSEY LUCAS KERSLAKE RICHARD KERSTEN THOMAS E KERSTIENS DAVID A KERSTING LISA KESSE RONALD K KESSEL JR ADAM KESSINGER
BRIAN K KESSLER KORI R KESSLER MICHAEL S KESSLER RIAN J KESSLER SHAWN W KESSLER JUSTIN B KESTING KEITH PAUL KESTING NICHOLAS C KETCHAM CURTIS KETCHMARK MICHAEL L KETCHUM BRADLEY KETTERER
AUBREY KETTERING ANTHONY D KETTLESON TIMOTHY P KETTNER CHESTER MARSHALL KEY CODY WAYNE KEY DAVID R KEY JON KEY LINNETT KEY TYSON J KEYES CODY R KEYLARD CRAIG WILLIAM KEYS TIMOTHY KEYS
CHAD MICHAEL KEYT MONTGOMERY K KEYT MOHAMMAD KHABBAZI AMAR KHADAPKAR SHAHROUZ KHAJEHMOLAEI AHMAD KHAN FAREED KHAN ISHMAEL KHAN KEVIN KHAN MOHAMMAD T KHAN SAFRAZ KHAN
SALISHA KHAN ZAHEER KHAN KYAW H KHINE ZOSSIA KHORSEEVA BENJAMIN KIBLER TIMOTHY KIBLER JASON D KIBORT JACOB R KICK ANTRELL KIDD CHRISTOPHER KIDD JONATHAN P KIDD MATTHEW KIDD ROBERT KIDD
KEVIN KIECKOW ROBERT KIEF DAVID W KIEFF KEVIN W KIEL KRAIG A KIEL ELIZABETH KIELAN STEPHEN KIELEY KEVIN K KIELMANN MICHAEL W KIEPKE SEAN KIERNAN CRYSTAL D KIES JOHN S KIESEL CHARLES K KIETZMAN II
BRADLEY D KIGER PATRICK A KIGER JANICE KIGHT KAYLA DAWN KIGHT KYLE KILBOURN LANCE A KILBREATH STEPHEN KILBRETH CLINTON W KILBY DAVID KILBY BERNARD T KILCULLEN BRADLEY S KILGORE CARL W KILGORE
DOUGLAS RAY KILGORE JORDAN KILGORE ROBERT ALLEN KILGORE TEDDY W KILGORE ANDREA SHERRI KILIAN PATRICK KILKENNY MICHAEL SHANE KILLGO BRETT KILLIAN COLTON KILMER BYEONG HOON KIM MATTHEW KIM
SEYOUNG KIM GREGORY A KIMBAL JEAN E KIMBALL JEFFREY S KIMBALL RICHARD G KIMBRELL MICHAEL KYLE KIMBRO KOBY K KIMBROUGH ROLAN D KIMBROUGH BRENDA KIMMEL JAMES W KIMMEL LARRY L KIMMEL
ROBERT E KIMMEL CLIFFORD E KIMPEL JEREMY L KIMPEL JOSHUA KIMPEL MICHAEL KIMPEL JOSEPH KIMPSON COLE KINCADE CLIFTON R KINCAID DAVID A KINCAID DAVID N KINCAID JR GEORGE KINCAID III
CHRISTOPHER KINDER MYLES KINDER SHALON KINDRED LEONARD L KINDS MICHAEL KINDSWATER KENNETH KINER APRIL S KING AUSTIN KING BENJAMIN KING BRADLEY D KING BRITTANY LEE KING BRUCE L KING
CALEB A KING CHAD KING CHRISTOPHER J KING CLARENCE R KING CURTIS KING DANNY JOE KING DARRELL JEREMIAH KING DARYL C KING DAVID KING DAVID KING DENISE O KING DENNIS KING DONNA M KING
FULLER H KING III JACK C KING JR JAMES KING JR JAMES A KING JAMES K KING JASON KING JENNIFER A KING JOEY B KING JOHN S KING JOSEPH KING KRISTY KING KYLE KING LIZ KING MICHAEL E KING MICHAEL J KING
MICHAEL J KING MICHAEL K KING MICHAEL W KING MIKE A KING NYREE D KING PATRICK J KING PETER J KING RANDY HOWARD KING RENRICK GARNET KING REX KING RICHARD B KING ROBERT KING SCOTTIE KING
SHAWNA DIANE KING SHONDEL S KING VAIOLELAI KING VANESSA KING WENDEL KING III WILLIAM J KING TRAVIS KING-CYRENNE WILLIAM KINGDON ELIZABETH G KINGSBURY JOHN TYLER KINKADE JUSTIN KINKADE
MICHAEL S KINKADE BRADLEY A KINKEAD JOSHUA KINLER PAUL D KINMAN KELLEY KINNAIRD GREGORY WAYNE KINNEY HAROLD KINNEY JENNIFER KINNEY JOSEPH KINNEY BENJAMIN KINSELLA JOHN M KINSELLA
MATTHEW KINSER DAVID L KINSEY HAROLD D KINSEY ROY KINSEY RYAN J KINSMAN JOHN J KINTER SCOTT KIPFER MARK D KIPP ALEX WILLIAM KIRBY BENJAMIN M KIRBY CHRISTOPHER SHANE KIRBY CYNTHIA ANN KIRBY
JEFFREY L KIRBY KERRI J KIRBY ROBERT CHAD KIRBY ROBERT W KIRBY KIP M KIRCHBERG THOMAS KIRCHER BARRY RAY KIRK HENRY N KIRK JR JUSTIN W KIRK TIMOTHY R KIRK WILLIAM T KIRK AUSTIN LEE KIRKLAND
BRIDGET KIRKLAND DILAN KIRKLAND MICHAEL KIRKLAND THOMAS DOUGLAS KIRKLEY DAVID J KIRKPATRICK DAVID L KIRKPATRICK DIANE KIRKPATRICK KIRBY P KIRKPATRICK PHILIP E KIRKPATRICK ROBERT E KIRKSEY
ERNEST W KIRKWOOD IV KATHLEEN KIRN JOSHUA G KIRSTINE LEON M KIRVEN ROBERT W KIRVEN WILLIAM KISER KALEB D KISKY ROBERT D KISNER KENNETH K KISSNER ANTHONY J KIST RODNEY KITCHENS
RONALD D KITCHENS ZACHARY A KITCHENS TERRY W KITE GREGORY KITTEL DREW L KITTERMAN CHRISTOPHER M KITTS RYAN J KITTS BRIAN M KITZMILLER JASON K KIZZIAH JAMES KIZZIAR WILLIAM KLAGES
AMY J KLANDERUD MICHAEL KLANICA DUSTIN KLASSEN MICHAEL KLASSEN BRIAN KLAUS CODY KLEBE ANGELA L KLEIN CHRIS KLEIN DOUGLAS S KLEIN MONTE KLEINE PATRICK J KLEINERT BEVERLY ANNE KLEINHENZ
MICHAEL D KLEINSCHMIT HERMANN KLEINSCHNEIDER KYLE KLEITZ SHAWN KLEPPER STEPHEN B KLIEWER JEFFERY KLIMCZAK VALERIY KLIMOVICH BRADLEY KLINE DANIEL L KLINE DANIELLE KLINE HUNTER W KLINE
JEFFREY KLINE STEPHEN KLINE TRAVIS KLINE JONATHAN KLING JOSEPH J KLING KEVIN D KLING BRANDON KLINGEL MICHAEL KLINGEL LORI A KLINGENSMITH TAMMY S KLINK ARTHUR KLIPPLE BRON P KLIPPLE
ADAM KLOPFENSTEIN JERIOD KLOVAS BRANDON J KLUG DEBORAH S KLUG ROBERT KLUTH JUSTIN KLYNE RICHARD KLYNE FRANCIS KNAFELC CHRISTOPHER KNAPP ETHAN M KNAPP JAMES KNAPP JR MICHAEL J KNAPP
ROBERT R KNAPP SHAWN P KNAPP TIMOTHY KNAPP BRENDAN D KNARR CYNTHIA KNECHT SHAUN P KNECHT MICHAEL KNEESHAW-PRICE JENNIFER L KNEIFL SIDNEY J KNEIFL CHESTER R KNELL TROY KNELSON
EDWARD KNETZER BRIAN M KNICHEL ANGIE KNICKMEIER MATTHEW T KNIEVEL VERNON L KNIGGE BENJAMIN KNIGHT BOBBYE KNIGHT CHARLES KNIGHT CHARLES A KNIGHT DAVID B KNIGHT DEBORAH KNIGHT
JEFFREY KNIGHT JONATHON KNIGHT JUSTIN LARRY KNIGHT KENNETH C KNIGHT KENNETH P KNIGHT KYLE KNIGHT PAULA W KNIGHT ROBERT KNIGHT ROBERT KNIGHT ROY A KNIGHT JR RYAN PHILLIP KNIGHT
SUMMER LEIGH KNIGHT TROY L KNIGHT WILLIAM KNIGHT WILLIAM ROBERT KNIGHT JR ZACHARY M KNIGHT PAUL KNIPE DAVID KNIPP JAMES KNIPP PHILLIP D KNISELY DAVID S KNISLEY MITCHELL K KNOBBE HEATHER KNOLL
KEVIN KNOPP AUSTIN KNORR BRANDON KNOTT SAMUEL E KNOTT BRYAN T KNOTTS LOUIS KNOTTS CURTIS KNOWLES TRAVIS KNOWLES ANDREW KNOWLTON KENNETH KNOWLTON JAMES KNOX KENT KNOX TREVOR KNOX
TRYSTAN KNOX ZEDRIC L KNOX RYAN A KNOYLE LANCE KNUCKLES CHRISTOPHER K KNUDSEN GARY A KNUDSEN ROCHELLE LEE KNUDSEN GERALD D KNUTH JEREMY D KNUTH CHRISTOPHER K KOBRZYCKI ANTON KOCH
JARED KOCH JEFFERY J KOCH JOHN D KOCH ROBERT G KOCH ZEBULON KOCH EMERSON F KOCHENDERFER BRADLEY KOCHER MICHAEL A KOCHERT JAY W KOCON BRANDON KOEBERNIK JUSTIN KOECHER
TAMERA J KOEGLER-VAUGHAN JON J KOEHLER KYLE W KOEHLER NEAL W KOEHLER JERRY L KOEKENBERG MELODI KOENIG JOSHUA J KOEPKE ROBERT KOERNER ROGER A KOERTING CHRISTOPHER KOFAHL BENJAMIN KOHL
HEATHER M KOHL SARAH E KOHLER SUKHDEEP KOHLI JEFFERY KOHLLEPPEL TYSON KOHLLEPPEL IVAN B KOHUT JACOB KOHUT AUSTIN KOILE OLUWATOBI KOLAPO THOMAS N KOLESAR JOSEPH L KOLGER STEPHEN J KOLINA
THOMAS KOLISH WILLIAM A KOLLER METKA E KOLM DONALD KOLODZIECZAK DANIEL R KOMAR JAMES P KONDZIELA HANNAH KONEN CARL KONES JR CARL KONES SR BRIAN J KONGER ALLEN J KONIECZNY PETE KONING
MICHAEL KONRAD ALEXANDER FERGUSON KONTOMITRAS KYLE J KONZ BENJAMIN CURTIS KOOIMAN-COX AMANDA KOONS BRIAN KOONS SAMMY KOONS CAROLYN KOONTS KIMBERLY R KOONTZ SEAN H KOONTZ
DREWES J KOOYENGA JOHN KOPAY CATHERINE L KOPEJTKA ROBERT D KOPPEN ALCINDA KORDECKI KOREAL KOREA JOSEPH KORIENEK JEFF R KORMANY ANGELA KORNEGAY BRANDON E KORNEGAY JERRY R KORNEGAY JR
DOUGLAS KORNELSEN MARCUS KORTAN DAVID P KORTE DANIEL M KORTH LOUIS A KORTH MEAGAN L KORTH NICHOLAS H KORTH JAY S KORTJE MARIUSZ KOSALKA KEVIN S KOSCH KENNETH KOSINSKI MICHAEL J KOSLOSKY
EDWARD KOSS GREGORY D KOSS MELANIE KOSTELNIK JERRY KOSTIUK CORY KOT ROXANN E KOTCHKOE JENNA KOTESA BAILEY KOTOWSKI DANIEL J KOTOWSKI JUSTIN M KOTTKAMP MYRON D KOTTWITZ BRIAN F KOTZIAN
RANDY KOURY ANDREW S KOVACS DANIEL P KOVAL JONATHAN M KOVALCHICK TIMOTHY KOVALSCIK JASON D KOVERMAN JIM KOWALCHYK SARID KOWALIK LARRY KOWALKOWSKI DEREK T KOWALSKI JAKE KOWALSKI
SHAWN KOWALSKI ERIC M KOWALSKY CHRISTOPHER KOWALYK ROBERT KOWCH STEPHEN J KOWICKI CHAD M KOYLE JASON KEVIN KOYLE PATRICK J KOZLOWSKI COLBY PAUL KRAEMER ERIC L KRAEUTLE MICHAEL J KRAFT
JON E KRAGNESS AGATA KRAHEL NICHOLAS WADE KRAJEWSKI SEMSUDIN KRAJINOVIC DIXON C KRALL MICHAEL A KRAMARCZYK CAROL A KRAMER JERRY KRAMER SANDRA KRAMER SUSAN KRAMER ROBERT KRASNIEWSKI
JARED KRAUS CAROLYN KRAUSE MACKENZIE KRAUSE RANDALL C KRAUSE ROBERT G KRAWIEC JR STEPHEN KRAWIEC DARYL J KREBS MARK A KRECH JOSH KREDIT-PHELPS DONALD GREG KREIDER JR
DONALD GREG KREIDER SR NICHOLAS R KREIKEMEIER ZACHERY KREISS BRYAN KRESAK JACOB A KRESS ALEKSANDRA KRICKOVIC MARK K KRIDER PHILLIP A KRIDER MICHAEL T KRIDNER JACOB D KRIENERT
ZACHARY P KRIENERT KATHLEEN KRIKORIAN-DAMEN RICHARD KRIPPS MARY KRISELL EZHILARASAN KRISHNAN VARUN R KRISNAN KLAUS KRISTIANSEN ASMIR KRIVIC VAHIDIN KRIVIC ROBERT W KRIZ MITCHELL RYAN KRIZMAN
ERIC H KROHN ASHLEY A KROLL ERIK KROLL JASON J KROLL RICHARD KROLL JERALD S KROMER BRIAN W KRONCKE BRADLEY W KROONER RANDALL KROPF LIAM KROUTIL KARIN KRSTESKI SCOTT M KRUCKENBERG
BENJAMIN KRUDER ADAM T KRUEGER DIANA L KRUEGER DOUGLAS A KRUEGER ERIC A KRUEGER KAREN KRUEGER MELISSA J KRUEGER RUDOLF P KRUEGER STEVEN T KRUEGER DANIEL W KRUG DAVID J KRUG
ARIC A KRUGER JONATHAN KRUGER TAD A KRUMLAUF GARY KRUMPELMAN KEVIN B KRUMVIEDA RYSZARD KRUPA DANIEL KRUSE JUSTIN R KRUSE SHANNON E KRUSE TIMOTHY M KRUSE HENRY R KRUSEC TONY E KRUSEMARK
MANA KRZYSKA PAUL KRZYWICKI JACOB KU JR JARED KU DAVID KUBE MARCEL J KUBE GREGORY A KUEBRICH TERRY J KUEHLER DAVE M KUELTZO KELSEY KUESSNER JESSICA L KUETHER PATRICK KUFFEL
BRANDON W KUIPERS ALLEN KUJAK MARK M KUKIELA EARICK KUKONU AVDO KUKULJICIC JOEY M KULEY CANDACE KULLMAN JEFFREY KULP MICHAEL KUMAPLEY ABHISHEK KUMAR VIJAYA KUMAR PRADEEP K KUMAR R
GOKUL K KUMAR T ALYSSA KUMFER DALLAS KUMMER LUANN Y KUMMER TIM E KUMMER WILLIAM P KUNERT ALAN KUNIHISA STEVEN KUNIMURA ETHAN M KUNKLE MICHAEL L KUNKLE MICHAEL R KUNKLE ETHAN KUNZ
JASON K KUNZMAN JOANNE KUPECKI DONALD KURAU KIRSTIN KURILLA KELLY J KURISU BRYAN M KURLIAK BRIAN E KURNAT PHILIP D KURTZ ROBERT J KURTZ STEVEN KURTZ ADAM R KUSHNER SHEILA KUSS
IAN ANDREW KUSTAFIK CATHERINE KUSZCZAK WILLIAM E KUTCHELL JR KRIS KUTTERER STEVEN KUTZ SHANE R KUTZY ERIC KVIEN IAN KYAZZE JOEY MATTHEW KYKER WALTER KYLANDER III BRIAN A KYROUAC
SCOTT KYRYLUK JONATHAN LABARE KORNELIA LABBANCZ LASZLO LABBANCZ SCOTT P LABBE NORM LABELLE JOSHUA LABIGNAN MATTHEW C LABISHAK NATHANIEL LABISSONIERE-LIMMERO CHARLES LABONTE
JEAN LABONTE JOSE M LABOY RODRIGO LABRADO KURTIS LABRANCHE JONATHAN LABRECQUE PAUL LABRIOLA JOHN K LACANNE CHRISTOPHER S LACAVA KODY DANE LACER CHRISTOPHER S LACEY DAVID LACEY
JOHN MATTHEW LACEY SCOTT LACEY TROY L LACEY JERZY A LACH RAZVAN LACHE BRANDON W LACK JASON ALLEN LACK MICHAEL K LACK MICHAEL KEITH LACK III BOBBY JULLIAN LACKEY DANNY C LACKEY
MICHAEL LACKEY JOSHUA LADEN CHRISTOPHER JOSEPH LADNER LINDSAY LADSON DENNIS LADYMON JOSEPH A LAFAN NATHAN E LAFAYETTE JOSEPH LAFEVER MICHAEL LAFEVER WILLIAM R LAFFOON JR
CHRISTOPHER A LAFLEUR WILLIAM ANDREW LAFOE II KARL J LAFOND SEBASTIEN LAFONTAINE JEFFREY M LAGACY CAMILO LAGOMERCINIS PEREZ JAMES M LAGRANGE PAUL MICHAEL LAGRANGE MICHAEL LAGREE
CHRISTOPHER DAVID LAGROW DOMINICK LAGRUTTA JR WINKY WAN KEI LAI ADAM LAIRD MARTIN LAJOIE COURTNEY K LAK ALEXANDER LAKE DOUGLAS LAKE DAVID LAKIN KOKILA LAKSHMANAN V TRAVAS B LALA
ANDY LALCHAN ROOKMINEE LALL EXANDRA LALLAVE GRANT LALONDE PATRICK LALONDE RICHARD D LALONDE SHOBIA LALOO HIEP LAM DAVID LAMANES AMBER DESTINY LAMAR JENNIFER C LAMAR MATTHEW DAVID LAMAR
GARRETT LAMASTER MARY J LAMASTER BRAD E LAMB BRADLEY LAMB JUSTIN LAMB RANDY A LAMB STEPHEN P LAMB TOMMY LAMB ALBERT E LAMBERT ARTHUR LAMBERT JR DAKOTA LAMBERT DANIEL LAMBERT
DANIEL LEE LAMBERT DONALD LAMBERT JACOB I LAMBERT JAMES L LAMBERT JOSHUA M LAMBERT JUSTEN R LAMBERT LEE A LAMBERT LOWELL D LAMBERT MADELINE N LAMBERT MIKE LAMBERT SETH LAMBERT
TERI LAMBERT TERRY A LAMBERT TIMOTHY E LAMBERT JR TODD A LAMBERT JOY LAMBERT-BRADLEY RYAN LAMBORN JUSTIN L LAMBRECHT MICHAEL R LAMBRECHT KYLE STEVEN LAMBRIGHT RALPH S LAMBRIGHT
DAVID RAY LAME CHRISTOPHER P LAMIE MARC L LAMOTHE MARK V LAMPE PAULA LAMPE JAMES W LAMPHERE IV JOSIE LAMPKIN AMY LAMPLEY KYLE D LAMPRECHT AMOS REED LANCASTER JOHN EARL LANCASTER JR
MARK J LANCASTER JENNIFER LANCE SAMUEL D LANCE CARMINE LANCIA BILLY LAND DUSTIN RAY LAND REX M LAND ALFREDO LANDA ESCOBEDO R THOMAS LANDAHL DUSTIN E LANDANGER HERIBERTO LANDEROS FRAGA
BRYANT T LANDERS SHELLEY LANDIS MATTHEW E LANDON ROGELIO M LANDRITO JONATHAN LANDRUM CORY S LANDRY DAVID LANDRY DAVID LANDRY JR KEVIN LANDRY RONALD L LANDRY TERRELL LANDRY ALLAN LANE
CHARLES JOSEPH LANE CHRIS J LANE CHRISTOPHER LANE DAKOTA J LANE DANIEL LANE DONALD LEWIS LANE JR GARY D LANE HUNTER JAMES LANE JEFF LANE JIRDEN R LANE JR JORDAN LANE KEITH LANE KYLE LANE
MARK A LANE ROBERT L LANE RONALD L LANE SHAWN W LANE ROBERT J LANEY CARLA LANG CHRISTOPHER J LANG HOMER T LANG JEFF P LANG JOHN W LANG MARCUS B LANG MATTHEW LANG MICHAEL P LANGAN
DAVID J LANGE DUSTIN LANGE JOSEPH T LANGE DARRELL K LANGELIA DARRYL J LANGELLIER KEITH A LANGELLIER COLBY C LANGENBERG MATTHEW B LANGHAM JAMES T LANGLEY LORA C LANGLEY LOREN DALE LANGLEY
MATTHEW A LANGLEY MICHAEL L LANGLEY DAVID R LANGSDALE JEFFREY G LANGSTON LARRY JUNIOR LANGSTON II LYNN R LANGSTON TRACY LANGSTON WILLIAM K LANHAM III FREDRICK DEWAYNE LANIER GAVIN LANIER
KEITH A LANIER ROBBIE LEE LANIER SAMUEL V LANIER SCOTT J LANIER CHARLES S LANKFORD DAVID C LANKFORD JAMES D LANMAN RICHARD J LANMAN SCOTT J LANMAN PATRICK V LANNI CHRISTOPHER LANNING
WILLIAM E LANO JONATHAN LANOUX BRIAN J LANPHEAR JANICE LANSFORD JAMES R LANT GINO LANTEIGNE JEAN-MARIE LANTEIGNE DARWIN LANZA FIEROHA FREDERICK LAPLANTE LUC LAPLANTE PASCAL LAPLANTE
BRYAN GILBERT LAPOINT ROBERT LAPOINTE SANDRA LAPPAS BRIAN LAPPIN EDGAR D LARA JORGE LARA VICTOR IVAN LARA LUNA JOSE LARA MEDINA RYAN LARCADE JOHN D LARGE JOSE LARIOS JOSE A LARIOS
EDGAR LARIOS GONZELEZ DANIEL OMAR LARIOS NIEVES CHRISTINA S LARISON WILLIAM LARIVIERE GREGORY LARK ERIC D LARMORE JEFFREY LAROCCA MARK STEVEN LAROCHE CYRIL LAROCQUE MIKE LAROCQUE
STEPHEN LAROQUE MICHAEL J LARRABEE CHRISTOPHER R LARSEN DAVID LARSEN DEON G LARSEN ERIC LARSEN ERIC A LARSEN GARY LARSEN IAN LARSEN JERAD J LARSEN JOHN D LARSEN KENDALL H LARSEN
KENT H LARSEN NATHANIEL G LARSEN VANCE LARSEN KEVIN D LARSH CODY J LARSON CRAIG J LARSON DANIEL ERIC LARSON DWAIN E LARSON JAMES L LARSON JEFFREY LARSON JOSEPH LARSON MATTHEW LARSON
MOLLIE E LARSON TERRY D LARSON DAVIE LARTIGUE ANTHONY LEE LARUE CHRISTOPHE SHANE LARUE LONNIE K LARUE WESTON R LARUE-HARGROVE PATRICIA LASCUT JOHNATHAN LASHBROOK AMBER NICOLE LASLEY
ANDRE LASSITER LEROY LASSITER TYLER L LAST DUSTIN LASTER JERRY LASTER JR RANDY L LASTER JR RANDY LYNN LASTER THOMAS LASTER TIFFANY J LASWELL ADRIAN LATCHMAN SARAH J LATHAM TRISTEN C LATHAM
WALTER SCOTT LATHAM ANDREW K LATHROM JEFFREY D LATHROM ROLAND LATHROP PATRICK LATIMER ZJATORIC A LATIMORE JORDEN LATRELL JOSHUA A LATTERELL CURTIS LAUCK III JAMES P LAUDENKLOS
DONNA J LAUDERDALE MICHAEL LAUFILI KENNA LAUGER LEO LEMUEL LAUGHLIN III NAJEE LAURENT SCOTT J LAURENTI GARY LAURIN DAVID EUGENE LAURITSON KEVIN LAURITZEN SASAE LAUVAO GREGORY A LAUX
DEANNA LAUZON MICHELLE LAUZON JOHN A LAVADINHO CLAUDE LAVALLEE DAMIAN LAVALLEE DANIEL LAVALLEE DARYL LAVALLEE FLOYD W LAVALLEE GARY LAVALLEE SEAN KENNY LAVALLEE KELSEY W LAVICKA
MATHIEU LAVOIE ZACHARY LAVOIE CHRISTOPHER M LAW CHARLES R LAWHON MICHAEL T LAWHON SHAWN LAWHUN JEREMY LIVINGSTON LAWLESS JOSEPH C LAWLESS ADAM LAWRENCE ANTOINE LAWRENCE
BRAD A LAWRENCE CHARLES D LAWRENCE DEVAN A LAWRENCE GLENN A LAWRENCE JAMES LAWRENCE JARON O LAWRENCE JEFF LAWRENCE JENNALEE LAWRENCE MATTHEW LAWRENCE MATTHEW JAMES LAWRENCE
QUENTIN A LAWRENCE ROBERT E LAWRENCE JR STEVEN COLBY LAWRENCE STEVEN LAWRENCE TONY E LAWRENCE JENNIFER LAWS JESSICA LAWS MATTHEW JARED LAWS JUSTIN LAWSHE CHRISTOPHER LAWSON
GUY T LAWSON JEREMY M LAWSON JOHN A LAWSON MICHAEL LAWSON MICHAEL L LAWSON NATALIE LAWSON RICHARD B LAWSON TYLER LAWSON GUY M LAWYER ROBERT LAWYER JR JORDAN S LAX
ANDREW A LAXTON STEPHEN D LAXTON CHRISTOPHER S LAY JAN LAY JOHN P LAY JR WILLIAM E LAYCOCK J MICHAEL LAYDEN BARRY LAYNE CODY LAYTON CAMERON DEVILLE LAZARE ABELARDO LAZO ADRIAN LAZO
ELIAZAR LAZO PAUL D LAZZARO HAI LE JOHN N LE MIKAEL LE CORRE SHERRIE LE GALL JEFFREY LEA JACOB A LEACH RIKKI LEACH ADAM J LEADER LAWRENCE LEADY RYAN LEAHY MICHAEL J LEAK THOMAS C LEAKEY
ANTHONY LEAL DANIEL LEAL PATRICK LEAL ENRIQUE LEAL BARBA JULIO OSCAR LEAL IÑIGUEZ TOMAS LEAL IÑIGUEZ IMELDA GUADALUPE LEAL MIRANDA DOLORES LEAL PEREZ HEATHER ANN LEAP MICHAEL C LEARY
ROBERT W LEARY MYLES LEAS JOHN ANDREW LEATH KELLY R LEATHERWOOD LARSON LEATY BRADLEY LEAVITT DAWN LEAVITT JOSEPH LEAVITT V TORRICE LEAVY JARON LEBEAUF JAMES LEBISZCZAK ALLAN LEBLANC
CHAD M LEBLANC JEREMY LEBLANC JODI LEBLANC LUKE LEBLANC MARTIN LEBLANC MICHAEL LEBLANC NICHOLAS G LEBLANC ROBERT T LEBO JR BUNYONG LECK MARCEL LECLAIR RICHARD J LECLAIR
AARON R LECOMPTE KENNETH LEDBETTER RICKEY JOE LEDBETTER KEVIN J LEDDY DAVID LEDESMA DONALD LEDFORD JOSEPH M LEDFORD PAUL LEDUC KIMBERLY LEDWELL ANDER S LEE ASHLEY B LEE
BLAINE WRIGHT LEE BRENDAN LEE BRIAN ROBERT LEE CADE T LEE CARSON A LEE CODY LEE COLTON T LEE DANNY LEE DANNY O LEE DAVID LEE DOMINIQUE P LEE DUANE LEE ERNIE LEE ETHAN RAY LEE
GEORGE W LEE GLENN DERRICK LEE JR JACE LEE JACQUELINE PENNY LEE JAMES RICHARD LEE JARED MICHAEL LEE JASON LEE JASON A LEE JASON ANDREW LEE JASON R LEE JEFFREY L LEE JONATHAN J LEE
JUSTIN M LEE KENNETH A LEE KONNER LEE KRISTOPHUR L LEE LEE THOMAS LEE LIONEL LEE MATTHEW LEE MATTHEW LEE MATTHEW HEATH LEE MELVIN L LEE JR MICHAEL LEE MICHAEL D LEE MICHAEL J LEE SR
MYLON LEE PETERSON LEE RANDY C LEE ROBERT B LEE ROBERT D LEE ROBERT E LEE ROGER LEE SR RONNIE E LEE SAMUEL LEE SHANE ANDREW LEE SHANE M LEE STEPHEN A LEE STEVEN P LEE JR TANNER LEE
TED HARRISON LEE TERENCE C LEE THOMAS J LEE JR TONY LEE TYLER LEE WANDA C LEE YOUNGHAN LEE JASON LEECH JOHN F LEECH MATTHEW D LEECH JEREMY R LEEDOM SHANE LEEPER ANDREW LEFFLER
TERESA LEFKO CAROLE LEFRANCOIS NICOLAS LEGARRETA BRIAN ANTHONY LEGARTH JAMES LEGAS WILLIAM T LEGATE JOY CALIGAN LEGAULT DEVIN T LEGER JASON ROWE LEGG BRAD DARIN LEGGETT
COURTNEY LEGGINS BRIAN A LEGNARD LEN LEGRIS CHARLES A LEGROS RONALD LEHAN JOHN PAUL LEHMAN JUSTIN LEHMAN LOREN J LEHMAN RUSSELL LEHMAN TODD W LEHMAN PAUL VORNHOLT LEHMENKULER
ROBERT G LEHN MAX J LEHRMAN WAYNE R LEHRMAN MICHAEL LEHYAN RODNEY LEIGH LARRY A LEIGHTLEY ANTHONY J LEILUA JOSHUA K LEINENWEAVER RICHARD LEINGANG BETTY J LEISE WILL LEISEY
MICHAEL LEISURE AMY LAUREN LEJEUNE STEVEN RAY LEJEUNE TODD LEKEY TYLER J LELJEDAL BRADLEY LEMAR DONALD R LEMAR DYLAN LEMAY MELANIE F LEMBO CODY E LEMENAGER HOLLY L LEMENAGER
JUSTIN G LEMIEUX ROBERT F LEMMING ROBERT M LEMMING CLIFTON T LEMMON MIKE LEMOIGNAN MITCHELL LEMOIGNAN JEFFREY L LEMONS MACAULEY LYNN LEMONS ROBERT J LEMONS TIMOTHY S LEMONS
CHRISTIAN LEMUS MOISES LEMUS JORGE LEMUS POLANCO EDSON LEMUS RENTERIA LISA LENDZIAN DENNIS LENEGAR JASON J LENGACHER STEVEN LENNARTZ JEREMY LENNON STEPHEN D LENOIR THEUNIS J LENSLEY
AARON S LENTZ GREGORY LENTZ SANDRA M LENTZ STEVE LENTZNER JAMES CLARK LENZ BARBARA LEO ADAM LEOHNER HECTOR LEON JAIME LEON JAIME NOEL LEON CUEVAS GUSTAVO LEON RAMIREZ
CHAD M LEONARD CHADWICK LEONARD CHARLES E LEONARD JR GUY LEONARD JENNIFER S LEONARD JOHNNY L LEONARD JONATHAN A LEONARD JOSEPH F LEONARD MICHAEL LEONARD ROBERT D LEONARD
TIMOTHY LEONARD JOHN T LEONE LESTER LEONHARDT BRENDA LEPHART-SLATE CHRISTOPHER LEPOER MICHAEL H LEPORE JACOB P LEPPER TRAVIS S LERGNER BRYAN A LERMA MATTHEW LESAICHERRE
HANK W LESLEY NATHANIEL C LESLEY BILLY J LESLIE JOSHUA RAYMOND LESLIE SHANE LESLIE TIMOTHY H LESLIE JOEY LESSARD MARIELLE LESSARD BRUCE D LESTER CAMERON S LESTER CHRISTINE A LESTER
DOUGLAS L LESTER LISA LESUER JERRI LYNN LETT ROBBY P LETT RAOUL LEUBA JASON LEUCHTMANN GREGORY LEUGERS GARY M LEVANDUSKI LUC LEVESQUE JOSHUA E LEVI STACY L LEVI VINCENT J LEVI
WILLIAM ANTHONY LEVI JOSHUA LEVINE VIC LEVINSKY JON S LEVY MARY ANN LEWANDOWSKI PAUL LEWBERG CHAD D LEWELLYN CHRISTOPHE LYN LEWELLYNG AUDIE R LEWIS BRAD E LEWIS BRODY D LEWIS
BUFORD DALE LEWIS CARL LEWIS CHARLES W LEWIS CHARLIE W LEWIS CHRISTOPHER R LEWIS CHRISTY J LEWIS COREY LEWIS COREY LEWIS DANIEL LEWIS DANNIEL WADE LEWIS DAPHNE A LEWIS DARREN LEWIS
DAVID A LEWIS DAVID R LEWIS JR DERRICK LEWIS EMILY PAULETTE LEWIS ISAAC W LEWIS JACOB LEWIS JACOB WILLIAM LEWIS JAMES K LEWIS JAMES P LEWIS JASON LEWIS JOHN R LEWIS JOSHUA A LEWIS
JULIE LEWIS JUSTIN CHARLES LEWIS KENT LEWIS LARRY D LEWIS LATANYA LEWIS MADYSON LESHEA LEWIS MICHAEL D LEWIS MICHAEL D LEWIS MICHAEL R LEWIS MICHAEL W LEWIS NATHANIAL R LEWIS PAUL LEWIS
ROGER LANCE LEWIS SAMANTHA LEWIS SHANE A LEWIS SHAWN A LEWIS TERENCE R LEWIS THOMAS DAVID LEWIS TIMOTHY LEWIS TOBY ALLEN LEWIS VAN R LEWIS III WILLARD LEWIS WILLIAM LEWIS WILLIAM R LEWIS
DUSTIN LEYDE ERIC LI JINGAI LI KURTIS M LI XIAOCONG LI QIMEI LIAO ELLIS P LIBBY NORMAN R LIBENGOOD BRYCE E LIBERTY ETHAN LIBERTY KEVIN LICCAR ANTONIO LICEA SMITH J LIDDELL AARON LIDKEA
JOHN F LIEBEL CHAD MICHAEL LIEBES LAURA LIEBL JASON A LIEGL HEATHER A LIEUNGH JOSEPH LIGAJ KODY A LIGHT SAMUEL HAWKINS LIGHT SCOTT P LIGHT STUART LIGHT TYLER PAUL LIGHT JOHN LIGHTFOOT
GARY LIGHTNER SARA LIGHTNER DARIN E LIGHTSEY STEVEN K LIGHTSEY FRANK B LILE KENNY DALE LILES KOREY LILES DARRYL L LILIENTHAL ARNOLD G LILLARD BRANNON J LILLARD DAVID L LILLIE RICHARD LILLIES
GEORGE DAREN LILLIS ALEX C LILLY DYLAN J LILLY MARVIN P LILLY NAKEI LILLY PATRICK W LILLY TRAWICK LILLY DAVID LIM DONALD PATRICK LIMBAUGH EDWIN S LIME RAE LIMERICK JAIME LIMON RAMIREZ
JOSE LINARES FREEMAN L LINCOLN JR SHIRLEY A LIND VICTORIA LIND CARL R LINDAHL DAVID C LINDAHL LEIF R LINDBERGH EVAN S LINDEMAN KEITH LINDEMULDER DREW P LINDER SAMANTHA A LINDER
ANTHONY D LINDERMAN ROBERT D LINDERMAN HAYDEN F LINDHOLM JAMES T LINDLER JAROD LINDLEY FREDERICK W LINDNER ERYCK D LINDQUIST ROBERT W LINDSAY THERON GLEN LINDSAY BOBBY LINDSEY
GREGORY LINDSEY JEREMY JOEY LINDSEY JOHN M LINDSEY STEVIE L LINDSEY JASON A LINDSTROM NED LINDSTROM III MARDEE JO LINE WESLEY LINEBARGER MARK D LINGENFELTER GEORGE LINGO
ALEXANDRE LINHARES SHERRY T LINK J D LINKER WILLIAM LINKLATER LEONARD LINKO COLTON LINN JODY D LINN MICHAEL S LINN ERIN LINNEBORN JAMES BRADLEY LINVILLE PATRICK D LINWOOD NAEEM LINYARD
JARED A LINZE BRIAN E LINZIE DIANE C LIONTS SAMUEL LIPARI MATTHEW LIPHAM BENJAMIN PATRICK LIPIEC JOSEPH R LIPP MICHAEL LIPP MICHAEL LIPPINCOTT CHRISTOPHER D LIPPMAN RICHARD J LIPPMAN
JOE ALLAN LIPPS STANLEY R LIPUT CHARLES R LISEK MARCY LISH NICOLE LISI PAUL LISI SHAWN LISINSKI JAN LISNYJ JOHN LISONBEE III DANIELL LISTON MARTIN W LISTON KEVIN LITALIEN HAROLD J LITCHFIELD III
JOHNNY L LITCHFIELD RYAN K LITER ROBERT LITLE PHILLIP A LITTELL II CALLIE LITTLE CASEY S LITTLE COURTNEY R LITTLE DANIEL C LITTLE ELIZABETH LITTLE JOSHUA C LITTLE JOSHUA S LITTLE LARHONE JAVELL LITTLE
STEPHANIE LITTLE TIMOTHY LITTLE TIMOTHY LITTLE STEVEN LITTLECROW JAMES E LITTLEFIELD JOSHUA C LITTLEFIELD THOMAS C LITTLEFIELD HELEN D LITTLETON JOHN CHRISTOPHER LITTLETON JERED A LITTS
SHANE S LITZENBERG CANDY LIVELY CHARLOTTE A LIVELY MATTHEW LIVENGOOD JAMES LIVERMORE JAMES B LIVINGSTON JEFFREY LIVINGSTON SHARON LIVINGSTON ABEL LIWANAG KANANKE PERASHM LIYANAGAMAGE
DINESH LIYANAGE CARLOS LLANOS KATHARINE LLEWELLYN MARK LLEWELLYN SHANE L LLEWELLYN SHAWN E LLEWELLYN GORDON K LLOYD JACOB WADE LLOYD JAMES BRANDON LLOYD MITCHELL LLOYD
PATRICK W LLOYD KANFAY LO WINGHONG LO KELLY LO PRESTI TRAVIS LOADHOLT JAMES LOBBAN JACOB LOBE LOREN V LOBERG ERIC LOBO KEVIN W LOBUE REILLY LOCASCIO CHRISTOPHER N LOCHMANN
PAUL M LOCICERO IV BRANDY DENISE LOCK CRAIG C LOCK DAVID LOCK JACOB A LOCK CHRISTOPHER N LOCKE WILLIAM E LOCKETT JR AARON LOCKHART JEFFREY A LOCKHART KEVIN J LOCKHART MICHAEL LOCKHART
SAMUEL W LOCKLAIR AUBREY LOCKLEAR CALVIN LOCKLEAR JR DONALD E LOCKLEAR MARSHALL W LOCKLEAR JR TERRY L LOCKSHIRE DOUGLAS LOCKWOOD JR PAUL M LOCORE KEVIN LOE CHRISTIAN LOERA
JESSE D LOEW DAVID K LOEWE DANIEL H LOFFER COREY LOFTIS KELLY LOFTIS THADDEUS LOFTON DWIGHT LOGAN II JON DAVID LOGAN TANNER J LOGAN ROY DOUGLAS LOGGINS JR ERIC LOGSDON
JEFFREY DAVID LOGSDON MATTHEW D LOGSDON ANDREW LOGUE ANGELA MARIE LOGUE CHRISTOPHER DWAYNE LOGUE MICHAEL LOGUE AIGNER LOH MATTHEW J LOHR JAKE LOJEK JEROME E LOKKEN JR
AUNDREA LOLLAR KEVIN MICHAEL LOLLAR CHRISTIAN J LOMAS DANIEL L LOMAX JAMES LOMAX JOHN CLEMMONS LOMAX III TYRONE DEMONE LOMAX FRANKLIN LOMBARDO JUAN LOMELI CENTENO GERALD R LONDON
LEVI LONDON ADAM LONG AUSTIN LONG AUSTIN C LONG AUSTIN MICHELE LONG BRYAN L LONG DONALD W LONG HOLLIE C LONG JERRY F LONG JOSHUA SCOTT LONG KATHY LONG KENNETH P LONG JR KEVIN LONG
MARC A LONG MICHAEL A LONG PATRICK C LONG PETER LONG SHANE LONG SHAWN E LONG STEVEN A LONG TERRY R LONG TRAVIS C LONG VAN LONG WILLIAM E LONG ADAM LONGBOAT JOHN MATT LONGMAN
PRISCILLA LONGORIA DALE LONO KEN LONSDALE GERSONN LOODS ALEXANDER LOOKATCH JACK E LOOMIS II TONIA R LOOMIS JOSEPH B LOOSLE ZAK Z LOOSLE ALEXANDER M LOPEZ ANDRES LOPEZ ANTHONY J LOPEZ
BENJAMIN LOPEZ CHRISTINA D LOPEZ CHRISTOPHER LOPEZ CHRISTY LOPEZ CRISTIAN A LOPEZ DANNY J LOPEZ DAVID J LOPEZ ERIC J LOPEZ ERNEST LOPEZ ESTEBAN LOPEZ FAUSTO LOPEZ JR FRANCISCO A LOPEZ
GABRIEL LOPEZ GABRIEL LOPEZ GAUDENCIO LOPEZ GILBERTO LOPEZ HORACIO LOPEZ JASON LOPEZ JESUS LOPEZ JOSE LOPEZ JOSE J LOPEZ JUAN LOPEZ JUAN M LOPEZ JUAN R LOPEZ JULIAN LOPEZ
JULIANO LOPEZ KEITH A LOPEZ KIEREN LOPEZ MAIKEL LOPEZ MARIO LOPEZ MOISES LOPEZ PHILLIP L LOPEZ RAFAEL LOPEZ RAUL LOPEZ REYNALD LOPEZ ROBERT LOPEZ ROLANDO LOPEZ SAMUEL R LOPEZ
THOMAS LOPEZ WILSON T LOPEZ ARTURO LOPEZ ARIAS CARLOS RAUL LOPEZ CARDENAS ANAHI LOPEZ CARRASCO BRYAN LOPEZ CUELLAR WENCESLAO LOPEZ GOERNE MARIO LOPEZ GONZALEZ
JONATHAN E LOPEZ GUTIERREZ JONATHAN LOPEZ MARRERO ANA CRISTINA LOPEZ NAVA PAULO LOPEZ NIETO XAYMARA LOPEZ ORTA CESAR LOPEZ PADILLA RONAY LOPEZ PADILLA KAREN LOPEZ RAMIREZ
AGUSTIN LOPEZ RODRIGUEZ JOSE RAMON LOPEZ RODRIGUEZ IVAN LOPEZ SANCHEZ JUAN LOPEZ SANCHEZ LUIS ENRIQUE LOPEZ VILLANUEVA RAMON LOPEZ VILLANUEVA JOSUE LOPEZ-GARCIA RAUL LOPEZ-SEGURA
DOUGLAS M LORAINE RICHARD LOREN SPENCER LOREN ROBIN R LORENO KYLE LORENZANA SCOTT LORENZO ZENAIDA LORENZO ZENAIDA LORENZO ALEXANDER K LORIMOR DONALD LORING II MICHAEL B LORINO
NAOMI LOSEY CASEY LOSINIECKI SCOTT LOTHAMER TODD LOTHAMER JESSICA B LOTHE BRANDON LOTSHAW THOMAS LOTT NICHOLAS PERRY LOUALLEN JAMES LOUD LADARIUS J LOUDER KEVIN L LOUDIN
BRIAN C LOUGH IMMANUVEL LOURDUSAMY CHAD H LOUTZENHISER NATHAN A LOUTZENHISER BRET M LOVE ED LOVE JASON ROBERT LOVE KEVIN JEROME LOVE KISHI DUSHONNE LOVE NATHAN LOVE STEPHANIE K LOVE
RACHEL LOVE SMITH RICHARD G LOVELACE SR ROBERT LOVELADY KURTIS J LOVELAND ROCKY LOVELAND DAVID LOVELESS MARTY R LOVELL PETER LOVELL BRAD D LOVELLETTE MARTIN ALEXANDER LOVINGOOD
RANDALL KEITH LOVINS JOSEPH LOUIS LOVVORN III COLBY JUSTIN LOW KENNETH L LOWANSE ANTHONY G LOWE CHARLES B LOWE JAMES E LOWE III JORDAN K LOWE LESLEY A LOWE WENDY LOWE WILLIAM P LOWE
WILLIAM SETH LOWE ZACHARY PAUL LOWE JUSTIN S LOWELL ALAN RAY LOWERY BRIAN CRAIGE LOWERY JAMES LOWERY III JEFFERY W LOWERY KENNETH D LOWERY RONALD WILLIAM LOWERY TARA M LOWERY
TWAN LOWERY WILLIAM R LOWERY JACOB LOWMAN JAMES LOWMAN RALPH LOWMAN JR RICK C LOWMAN JOHN M LOWRY JOSEPH LOWRY SEAN D LOWRY ZACHARY S LOWRY ROBERT M LOZA JOSEPH B LOZADA
LOUIS LOZANO PRESCILIANO LOZANO MAXIMILIANO LOZANO ESQUIVEL GUILLERMO LOZANO VELAZQUEZ EVAN HAN-FANE LU JOSE LUA JACOB LUARTE LYNN P LUBASZEWSKI GEORGE T LUBY COREY LUCAS
DEBBY LUCAS GREGG S LUCAS JEFFREY LUCAS JEREMY LUCAS JOSEPH F LUCAS JR NATHANIEL LUCAS RONALD G LUCAS JR SHAD C LUCAS SHARON KAY LUCAS TYLER J LUCAS WILLIAM R LUCAS IV
MICHAEL A LUCATORTO LINDA LUCCI ANTONIO F LUCCO CODY A LUCE COLTON LUCE DANNY W LUCE MICHAEL LUCE MELISSA LUCERO PETER JOHN LUCIANI JR NELSON LUCINDO JESSICA LUCKENBAUGH
MATTHEW LUCKEY MARK W LUCY ADAM KAYIN LUDWIG DERRYK LUDWIG DONALD T LUDWIG NATHAN M LUDWIG DONALD A LUEBBEN DONALD A LUEBBEN JR KRISTY M LUEBBEN RANEY LUHDA BRIAN LUIPPOLD
MANNY LUIZ BERNADETTE LUJAN LEOBARDO LUJAN BRITTANY LASHAE LUKE CHARLES E LUKENS CHRISTOPHER L LUKER JOSHUA R LUKER SEAN P LUKER NICOLAS L LUMBRERAZ CARL L LUMMUS MARESHAH LUMPKIN
CARLOS LUNA HANNER LUNA STEPHEN LUNA FRANCISCO JAVIER LUNA CISNEROS FELIX LUNA OVIEDO JOSE LUNA REGALADO AMANDA K LUND ANTHONY HALE LUND BRANDON LUND PHILLIP A LUND TRAVIS C LUND
JOHAN LUNDBERG RODNEY H LUNDBERG JOHN LUNDGREN FREDRIK A LUNDH MIKKELL LUNDIN-ELLIOTT QUINCY LUNFORD TONY LUNG AARON E LUNING CHERYL KAY LUNING NOAH LUNING ROBERT E LUNING
ALLAN LUNSFORD JAMEEL LUNSFORD JAMES RYAN LUNSFORD JOHN M LUNSFORD TAMARA LEIGHANN LUNSFORD TIMMIE J LUNSFORD JEFFREY LUPIANI BRIAN D LUPO SAMUEL LUPTON BOBBIE M LUSCHEN
JAMES M LUSK KEITH LUSK ROGER LUSSIER VINCENT LUSSIER CHRISTOPHER LUTCKEN CHRISTOPHER M LUTES KAREN LUTHER ALYSHA K LUTTRELL DASHAWN LUTTRELL JAMIE LYN LUTTRELL CHRISTOPHER A LUTZ
DAVID LUTZ MATTHEW LUTZ MEGHAN ALICIA LUTZ VICKI LUTZ MATTHEW LUYMES JESSE LYALL KEITH LYDING NORMAN LYELL SHERRY A LYLE OLIVER J LYLES AARON T LYNCH AUSTIN JOSEPH LYNCH BILLY J LYNCH
BRANDI J LYNCH BUDDY A LYNCH GEORGE W LYNCH GREG N LYNCH JAMES T LYNCH JAMIE LYNN LYNCH JESSE R LYNCH JIMMY R LYNCH JOSHUA TILMAN LYNCH KEVIN W LYNCH KRISTOPHER MATTHEW LYNCH
KRISTY E LYNCH LANCE E LYNCH PAUL V LYNCH REGGIE L LYNCH RICHARD J LYNCH RYAN J LYNCH SARAH H LYNCH STEPHANIE LYNCH STEPHEN B LYNCH TARRANT T LYNCH WENDELL KEVIN LYNCH MARK LYNESS
BART E LYNN DONNIE WAYNE LYNN MICHAEL LYNN MICHAEL JOHN LYNN RYAN LYNN TERRY D LYNN TIMOTHY WAYNE LYNN ANDREW J LYON BRAD J LYON AUSTIN LYONS CHRISTOPHER MICHAEL LYONS JAMES LYONS
MATTHEW J LYONS TERESA J LYONS KYLE J LYSITT CHRISTOPHER LYSY CHIDAMBARAM S M SUNDAR RAJ WAYNE MA XINZHI MA AASA MAAFALA HARSIMRANJEET S MAAN GARY A MABIS MARK A MABIS
PHILLIP M MABREY BRANDON MICHAEL MABRY KELVIN LEDON MABRY MADISON HALEY MABRY WILLIE L MABRY FRANK MACALUSO RICKEY J MACARI II RYAN MACARTHUR LAWRENCE MACASOCOL BRIAN MACAULAY
STEPHEN MACBETH DAN A MACBRIDE JAY H MACBRIDE BRANDON MACDONALD DAN MACDONALD DOUGLAS MACDONALD MATTHEW MACDONALD PAUL MACDONALD ROBERT MACDONALD SAM MACDONALD
STEVEN L MACDONALD THOMAS J MACDONALD JESSICA MACDONNELL RON MACDOUGALL CODY AUSTIN MACE MARY JANE MACE EMANUEL P MACEDO CESAR MACEDO LEON PEDRO T MACEO DAWN L MACEY
MONICA MACFADYEN MICHAEL J MACFARLANE ROBERT MACHOWSKI JR RICARDO MACHUCA JUAN J MACHUCA-GARCIA TODD MACIAGA JOSE MACIAS MACIAS HUGO SILVESTRE MACIAS MENDIETA THOMAS W MACIEJEWSKI
JAYMES MACIK CHRISTOPHER MACINNIS DONALD MACINNIS MICHAEL MACINNIS JAMES M MACINTOSH JOE MACISAAC AMANDA MACK DANIEL R MACK DAVID L MACK JR HENRY C MACK JEFFREY J MACK
MICHAEL L MACK ROBERT C MACK RONALD P MACK JR THOMAS W MACK RAYLEEN MACKAY SELENA MACKAY BRIAN J MACKE JR SCOTT MACKEBEN IAIN MACKENZIE ALPHONSE CLAUDE MACKEY III FELIX MACKEY
ROBERT MACKEY SEAN ANTHONY MACKEY BOB MACKIE PATRICIA A MACKIE SCOTT MACKINNON MICHAEL MACKINTOSH GREGORY L MACKLIN JONAH MACLAURIN JOHN MACLELLAN JASON MACLEOD
WILLIAM MACLUCKIE RUSSELL F MACMANNIS JUSTIN MACMILLAN WALLACE MACMURRAY BRAD MACPHERSON BRANDON MACPHERSON BRIAN MACPHERSON NORMAN MACPHERSON SKIPPER MACRAE JOHN H MACZAK
MATTHEW G MACZIK SANGEETA MADAN CYNTHIA MADDEN DALTON G MADDEN GARY D MADDEN MICHAEL J MADDEN WILLIAM G MADDEN CHESTER MADDOX CHRISTOPHER MADDOX DAVID W MADDOX DENNIS R MADDOX
EMMANUEL T MADDOX HAMPTON TAYLOR MADDOX JEREMY L MADDOX JIMMY MADDOX RAEVON LADAREOUS MADDOX RICHARD A MADDOX SAMUEL R MADDOX JR TERRY MADDOX TRAVIS A MADDOX RYAN MADDY
LARISSA D MADEWELL MASON MADEWELL NISHAN MADHUSANKA SEAN MADIGAN CLINTON N MADISON LINDA MADISON WESLEY R MADISON DANIEL MADRIGAL EVARISTO MADRIGAL MARCO MADRIGAL MARK MADRIGAL
JORGE MADRIGAL GUZMAN JORGE MADRIGAL SALAS BENJAMIN MADRY CORDARRYL MADRY DAVID C MADSEN MAKESSA MADSEN ZACHARY MADSEN FERRER MADUCDOC MICHAEL MADZUMA KATHERINE M MAES
MANUEL MAES LOU H MAGALDI KARL MAGALLANES SILVIA MAGALLANEZ SANCHEZ JAVIER O MAGALLON ARTURO MAGANA LUIS FELIPE MAGAÑA RUIZ RICHARD F MAGARGLE ARCA PAULO MAGBUHAT JOHN MAGEO
JASON MAGERAN RANDY MAGERAN MICHAEL E MAGINN JORDAN MAGLINTI WAYNE MAGLINTI JOHN W MAGNAN CHARLIE MAGNAYE DONALD J MAGUIRE JACOB MAGUIRE SANDRA JEANNE MAGUIRE SHASTRI MAHABIR
SETH A MAHAFFEY TIMOTHY P MAHAN BAZZARD MAHARAJ CANDACE MAHARAJ CHRISTOPHER MAHARAJ WAYNE MAHARAJ DENNIS R MAHARREY MAHSA MAHDAVIAN JACOB C MAHNKE SANDY MAHON BRIAN F MAHONE
WILLIAM M MAHONE JAHN MAHONEN BRIAN K MAHONEY DALE A MAHONEY EDWARD KENT MAHONEY GRANT MAHONEY JOSEPH A MAHONEY MATTHEW D MAHONY JOHN D MAHRENHOLZ HOWARD MAI STACEY MAI
LANCE H MAIDEN JACOB MAILLOUX PETER P MAILMAN AMBROSE MAIORIELLO ENRIQUE MAJANO HOWARD L MAJETTE LUCAS MAJEWSKI BRYANT T MAJOR ROBERT G MAJOR RYAN P MAJOR SUZANNE MAJOR
VICTOR C MAJOR ALONZO MAJORS ROBERT S MAJORS SIN MAK LUCAS N MAKELIN JEREMY MAKIN CHANCE MAKU IKAIKAKAMANAOLANA MAKUE MARY ALICE MALACK MARISA MALATESTA BRADLEY W MALAYER
ANTHONY MALDONADO DANNY O MALDONADO ERIK MALDONADO JAMES MALDONADO JR JEY MALDONADO RUBEN MALDONADO VICTOR MALDONADO MICHAEL MALDONADO AVILA AURELIO MALDONADO LARA
ANTONIO MALDONADO LECHUGA JOSE MALDONADO ROJAS RYAN MALEY GAURAV MALHOTRA KRISTEN MALINOWSKI RYAN MALINOWSKI MICHAEL S MALLARD ERIC MALLET DYLAN MALLETT JUSTIN R MALLETT
ROBERT JORDAN MALLETT II VINAYAK MALLIKARJUN KORE ANDREW MALLON DENNIS F MALLON DENNIS F MALLON II HAYDAN MALLON NATHAN SCOTT MALLON BROCK MALLORY MACK W MALLORY TIM MALMBERG
HEATHER L MALO RONNY MALO AUSTIN CARL MALONE BRENT ALAN MALONE BRITISH S MALONE BRYAN MALONE CARL DONOVAN MALONE CARLA E MALONE JASON R MALONE JONATHAN D MALONE MATT R MALONE
MICHAEL MALONE MICHAEL W MALONE SAWYER T MALONE WILLIAM CHARLES MALONE SATHEESH R MALUR RICHARD MAMAJEK DEVON A MAMMONE BUMBA MAMPUYA WILLIAM G MANAHAN NIZAM MANALAL
CHASEN MANCHESTER DAVID A MANCHESTER ANGEL MANCILLA JR ADRIAN MANCINAS JOHN MANCINI LAKSHMANA RAO MANDALA SHILPA MANDAPURAM JOHN M MANDEL TIMOTHY MANDL JOSE MANDUJANO BELLO
BRANDON EMMANUEL MANDUJANO VELAZCO MATTHEW C MANELLI PARKER MANERS DAKOTA MANESS RANDHIR SINGH MANGAT L A MANGHAM GERALD MANGUNE SELVAKUMAR MANI ANTUAN MANICA MIKEL T MANION
SARKIS MANISAJIAN RAJKUMAR MANISEKAR SAMANTHA MANK JONATHAN K MANLEY LILLIAN MANLEY ANTHONY MANN AVERY PHILLIP MANN CHRISTOPHER RICHARD MANN CRAIG D MANN DON R MANN
FRANCOIS J MANN JACOB R MANN JAMES L MANN JASPAL MANN JESSE B MANN KULBINDER MANN LESTER W MANN MAJOR MANN MELVIN MANN JR WILLARD DEAN MANN TODD MANNERING AMANDA L MANNING
BRYAN EARL MANNING CLINTON C MANNING ELBERT T MANNING JOHN E MANNING JORDAN MANNING JOSEPH C MANNING MATTHEW DREW MANNING NICHOLAS CHANCE MANNING TYRONE MANNING LUCAS R MANON
PATRICK L MANON JONATHAN MANSBRIDGE RYAN K MANSFIELD TYLER MANSFIELD DEREK MANSON SCOTT MANTIA JASON M MANUEL NELSON MANUEL LENIN MANUEL LOPEZ KHEY MAO DENNY MAODUS COLIN MAPLE
LUCAS MAPLES BRANDON MAPLETOFT TENDAI MAPOSA RICKY MAQUEMA GEORGE MARASCO DARRIN CADE MARBLE KENNETH RODNEY MARBUT MICHAEL MARCELLUS MARTIN MARCH DARRELL MARCHELL
ANTHONY MARCHESIN MARY J MARCHIO-SCHOLEFIELD ANTHONY MARCHITTO LOUIS MARCOLLA JOEL T MARCOTTE ALEC MARCUM DUSTIN K MARCUM JASON MARCUM ERIC M MARCUS KELLEY MARCUS
LUCIOUS JR MARCUS SHANE OKELLEY MARCUS CHRISTOPHER MARDON FAROUK MAREGA JOHN MARES MANUEL MARES CRISTIAN HUMBERTO MARES DE LA PAZ JOHN STEPHEN MARIA JOSEPH ESAKKIAPPAN MARIAPPAN
MATHAVAN MARIAPPAN FISHER MARIETTA KENNETH MARIGLIA ARUN KUMAR M MARIKANNAN M VIDESH MARIMOOTOO CHRISTOPHER MARIN EDUARDO MARIN EDWIN MARIN NOEL MARIN LUIS FERNANDO MARIN GARCIA
ARMANDO MARIN SERRANO ANDREW MARINIG NICOLA MARINO ROBERT C MARINOS JONATHAN MARIONCU LEONA D MARIS CRISTIAN ZAIN MARISCAL AGUAYO CESAR OCTAVIO MARISCAL CONTRERAS
ALEJANDRO MARISCAL RUIZ SREERAM C MARISETTY ARUNKUMAR MARIYAPPAN NAVANEETHAN MARIYAPPAN STEVE MARK JUSTIN A MARKEL SHANE MARKER ILEY MARKHAM IAN STUART MARKON DALEDA MARKOS
TONY MARKOWITZ ANDREW T MARKS BYRON DEAN MARKS DONOVAN E MARKS FREDERICK E MARKS JOHN MARKS MATTHEW J MARKS MEGAN L MARKS STEVEN D MARKS THOMAS M MARKS DAVID M MARKSBERRY
DAVID ANDREW MARKUS KYLE W MARKWARDT KEITH A MARLAR AUBREY A MARLOWE JR DOMENICK J MAROCCO DAVIS MARQUEZ GILBERTO MARQUEZ JAYSON MARQUEZ JESUS MARQUEZ JR RANDOLPH MARQUEZ
RODRIGO MARQUEZ III GILBERTO MARQUEZ CHAVARRIA LUIS RAMON MARQUEZ MORENO GILBERTO A MARQUEZ RAMIREZ JACOB F MARQUIS RODDY A MARRACCINI RONALD E MARRIER REGINALDO MARROQUIN
VICTOR E MARROQUIN CHRISTINA MARRUJO BERTHA C MARSH BILLY MARSH BRANDON MARSH RICHARD WESLEY MARSH RODNEY D MARSH RONALD L MARSH SAMANTHA D MARSH ALFRED D MARSHALL
ANTONIO R MARSHALL DAVID L MARSHALL DOUG MARSHALL EARL J MARSHALL GREGORY J MARSHALL HEATH A MARSHALL JERRY T MARSHALL JESS P MARSHALL LEANNE MARSHALL LOUISE MARSHALL
MICHAEL GLEN MARSHALL NATHAN P MARSHALL NICHOLAS P MARSHALL PAUL J MARSHALL RYAN MARSHALL SCOTT MARSHALL TERRY L MARSHALL VELON D MARSHALL VINCENT D MARSHALL WILLIAM J MARSHALL
ZACK MARSHALL JASON MARSON FALLON MARSTON DANIEL MARTEL CARSON MARTELL APRIL A MARTENS CHASE S MARTENS ERIK MARTENSSON JORDAN MARTI KIM R MARTI AARON MARTIN ANTHONY MARTIN
ANTONIO MARTIN BENJAMIN MARTIN BRANDON MARTIN BRANDON MARTIN BRUCE D MARTIN BRUCE D MARTIN II CAMERON J MARTIN CARL M MARTIN CHARLES C MARTIN CHARLOTTE MARTIN CHRISTOPHER D MARTIN
CHRISTOPHER W MARTIN CLIFFORD MARTIN CRYSTAL G MARTIN DAVID MARTIN DEAN MARTIN DENNIS L MARTIN DONALD E MARTIN JR DONNA B MARTIN EDWARD MARTIN ELISA MARTIN ERIC MARTIN
GLENN EDWARD MARTIN GRANT W MARTIN JACOB WILLIAM MARTIN JAMES AUBREY MARTIN II JAMES B MARTIN JAMES D MARTIN JR JASON L MARTIN JEFFERY W MARTIN JEFFREY R MARTIN JOEY E MARTIN
JOHN C MARTIN JOHNATHON MARTIN JONATHAN AUSTIN MARTIN JORDAN A MARTIN JORDAN MARTIN JOSHUA MARTIN JOSHUA MARTIN JOSHUA ANDREW MARTIN JUDY LYLE MARTIN JUSTIN S MARTIN KIONNA MARTIN
KOREY W MARTIN LEROY MARTIN LESLIE M MARTIN MARK A MARTIN MARVIN MARTIN MATTHEW CHRISTOPHER MARTIN MERRILL T MARTIN MICHAEL MARTIN MICHAEL MARTIN MICHAEL S MARTIN MITCHELL MARTIN
NICKOLAS PW MARTIN RICHARD L MARTIN RICHARD V MARTIN SCOTT W MARTIN SHERRIE MARTIN STEPHEN MARTIN STEVEN MARTIN TAMRA ROSS MARTIN THOMAS L MARTIN WILLIAM SCOTT MARTIN ZACHARY MARTIN
OUR COMPANY DELIVERED
A RECORD YEAR
2018 was a record year for Nucor. Record earnings of $2.36 billion were achieved during the year, but the
strategic planning, investments and teamwork that helped produce this annual record were years in the making.
The dedication and commitment of our teammates are constant through every up-cycle and down-cycle.
It was this relentless effort that helped us achieve outstanding results in 2018.
It will be this relentless effort that will help us surpass these outstanding results in the future.
Executive Officer Group, from left to right: Leon J. Topalian, Executive Vice President; David A. Sumoski, Executive Vice President;
D. Chad Utermark, Executive Vice President; James D. Frias, Chief Financial Officer, Treasurer and Executive Vice President; John J.
Ferriola, Chairman, Chief Executive Officer and President; Ladd R. Hall, Executive Vice President; Raymond S. Napolitan, Executive
Vice President; Craig A. Feldman, Executive Vice President; and R. Joseph Stratman, Chief Digital Officer and Executive Vice President.
POWERFUL PARTNERSHIPS.
POWERFUL RESULTS.
FINANCIAL HIGHLIGHTS 3
FINANCIAL HIGHLIGHTS (dollar and share amounts in thousands, except per share data)
FORWARD-LOOKING STATEMENTS Certain statements made in this annual report are forward-looking statements that involve risks and uncertainties.
The words “believe,” “expect,” “project,” “will,” “should,” “could” and similar expressions are intended to identify those forward-looking statements. These
forward-looking statements reflect the Company’s best judgment based on current information, and although we base these statements on circumstances
that we believe to be reasonable when made, there can be no assurance that future events will not affect the accuracy of such forward-looking information.
As such, the forward-looking statements are not guarantees of future performance, and actual results may vary materially from the projected results and
expectations discussed in this report. Factors that might cause the Company’s actual results to differ materially from those anticipated in forward-looking
statements include, but are not limited to: (1) competitive pressure on sales and pricing, including pressure from imports and substitute materials; (2) U.S.
and foreign trade policies affecting steel imports or exports; (3) the sensitivity of the results of our operations to prevailing steel prices and changes in
the supply and cost of raw materials, including pig iron, iron ore and scrap steel; (4) the availability and cost of electricity and natural gas which could
negatively affect our cost of steel production or result in a delay or cancellation of existing or future drilling within our natural gas drilling programs;
(5) critical equipment failures and business interruptions; (6) market demand for steel products, which, in the case of many of our products, is driven by the
level of nonresidential construction activity in the United States; (7) impairment in the recorded value of inventory, equity investments, fixed assets, goodwill
or other long-lived assets; (8) uncertainties surrounding the global economy, including excess world capacity for steel production; (9) fluctuations in currency
conversion rates; (10) significant changes in laws or government regulations affecting environmental compliance, including legislation and regulations that
result in greater regulation of greenhouse gas emissions that could increase our energy costs and our capital expenditures and operating costs or cause
one or more of our permits to be revoked or make it more difficult to obtain permit modifications; (11) the cyclical nature of the steel industry; (12) capital
investments and their impact on our performance; and (13) our safety performance.
4 TO OUR STOCKHOLDERS
Financial Highlights
In 2018, Nucor earned $2.36 billion, or $7.42 per diluted share, compared with consolidated net earnings of $1.32 billion, or $4.10
per diluted share, in 2017. Consolidated net sales in 2018 increased 24% to $25.07 billion compared with $20.25 billion in 2017.
In 2018, demand was strong across many of the markets Nucor serves. We shipped 27.9 million tons of steel to outside customers,
for an increase of 5% from the previous year, while the average sales price per ton increased 18% from the previous year. Capacity
utilization rates of our steel mills averaged an impressive 91%. The average scrap and scrap substitute cost per ton used increased
18% to $361 in 2018 from $307 in 2017.
At the end of 2018, the Board of Directors increased the regular quarterly cash dividend on our common stock from $0.38 to $0.40
per share. The base cash dividend has been increased by the Board every year since the Company began paying dividends in
1973. Nucor has made 183 consecutive quarterly cash dividend payments.
Company operations continue to generate strong cash flows. In 2018, cash provided by operations was $2.39 billion. Cash and
short-term investments totaled $1.4 billion at year end. Adding to Nucor’s strong liquidity, our $1.5 billion unsecured revolving
credit facility is undrawn and does not expire until April 2023.
Over the past decade, the steel industry won many trade cases that addressed unfairly traded imports prior to the imposition of the
Section 232 tariffs. The cumulative impact of those trade case victories also took a sizeable chunk of unfairly traded imports out of
the market, and those duties will remain in place even after the Section 232 tariffs are lifted.
We have long maintained that we can compete with any steel company in the world if we have a level playing field. The steel tariffs are not
about protectionism, but instead are about establishing a fair and level playing field on which to compete, a job which they are doing well.
Throughout our history, we have focused on operational excellence, and we will continue to do so. But the competitive nature of
today’s global steel industry requires us to focus equally on commercial excellence. With the broadest product portfolio in the
steel industry, we can be a one-stop shop for all of our customers’ steel needs. That gives us a tremendous advantage over our
competitors in the marketplace.
As I tell my fellow teammates, we don’t sell our customers steel; we sell them solutions to the problems that they have. The more
successful we can make our customers, the greater success we will have as a company.
Conclusion
Before closing, I would like to recognize a valued member of the Nucor executive team who retired this year, Jim Darsey. Jim
served most recently as Executive Vice President of Raw Materials. He began his career with Nucor back in 1979 as a design
engineer at Vulcraft-Texas. After holding several management positions at various Vulcraft locations, he was promoted to General
Manager of Vulcraft-Texas in 1995. He went on to serve as General Manager of our bar mill in Texas and later served as President
of the Vulcraft/Verco Group. In 2010, Jim was promoted to Executive Vice President in charge of bar products prior to overseeing
our raw materials business. We appreciate the many outstanding contributions Jim made in his more than 39 years with the
Company, and wish him the best in his retirement.
Replacing Jim as Executive Vice President of Raw Materials
is Craig Feldman. Craig has been with The David J. Joseph LOOKING AHEAD, WE BELIEVE 2019 WILL BE ANOTHER GOOD
Company (DJJ) since 1986. He has served as President of YEAR FOR NUCOR AND THE STEEL INDUSTRY. WE EXPECT SIX OF
DJJ since 2013 and retains that role with his promotion to OUR PROJECTS THAT REPRESENT APPROXIMATELY $1.2 BILLION
Executive Vice President. Craig is a valuable addition to our IN CAPITAL INVESTMENTS TO BEGIN OPERATIONS, CREATING
executive leadership team. ALMOST 800 NEW FULL-TIME JOBS WITH OUR COMPANY.
Looking ahead, we believe 2019 will be another good year
for Nucor and the steel industry. We expect six of our
projects that represent approximately $1.2 billion in capital investments to begin operations, creating almost 800 new full-time
jobs with our Company. Most of the economic indicators we look at are favorable. While economic growth may not maintain the
same pace it achieved in 2018, we believe it will still be strong. We believe several of the markets we serve are at the beginning
of the up-cycle, giving us confidence that we will see sustained strength in those markets. A continued focus on strong trade
enforcement will benefit the steel industry as well.
While we are proud of the success we achieved in 2018, we know there is still a lot of work to be done. The entire Nucor team
remains focused on finding more opportunities to deliver profitable growth throughout the economic cycle and to generate even
higher returns on the valuable capital entrusted to us by our investors.
We thank you for your trust and for choosing to invest in Nucor. Thank you as well to our customers for doing business with us,
and to my more than 26,000 teammates for a job well done.
Sincerely,
John J. Ferriola
Chairman, Chief Executive Officer and President
7
Even while we enjoyed the benefits of a strong economy, the Company continued to invest
for the future. Several organic growth projects at existing steel mills were announced, including
a new galvanizing line at our Arkansas sheet mill, expansion of our sheet mill in Kentucky,
construction of a new rebar micro mill in Florida and construction of a state-of-the-art plate
mill in the Midwest. We also acquired a precision casting company based in Mexico. We
John H. Walker
believe these growth initiatives will help maintain and enhance Nucor’s position as a low-cost
Lead Director producer of steel.
The Company’s strong financial performance allowed us to deliver attractive returns to you, our stockholders. This year, the Board
of Directors approved the repurchase of up to $2 billion of the Company’s common stock. In keeping with Nucor’s tradition, on
November 30, 2018 the Board also increased the regular quarterly cash dividend on the Company’s common stock by 5.3% to
$0.40 per share from $0.38 per share. This is the 46th consecutive year that Nucor has increased its regular dividend. Over the
past ten years, Nucor has returned more than $5 billion in capital to its stockholders in the form of base dividends, supplemental
dividends and share repurchases.
We remain focused on creating maximum value for our stockholders, customers, teammates and all of our stakeholders. We
appreciate the investment you have made in the Company and the trust you have placed in the Board, the Executive Leadership
Team, and our more than 26,000 teammates.
Sincerely,
John H. Walker
Lead Director
Together we are stronger.
No company is an island. All rely on trusted partnerships, quality materials
and dedicated support to be successful. That’s why Nucor invests in the latest
technology to empower our customers to see real-time inventory, track orders
and more effectively plan production schedules. All to make sure customers
get exactly what they need when they need it. Because more often than not,
there’s a lot riding on their success.
Powerful partnerships.
Powerful results.
BAR MILLS
SHEET MILLS
CASTRIP ®
SHEET MILLS
BEAM MILLS
PLATE MILLS
NUCOR
CORPORATE
OFFICE
BAR MILLS
Nucor has 13 bar mills strategically located across the United States that manufacture a broad range of steel products, including concrete
reinforcing bars, hot-rolled bars, rounds, light shapes, structural angles, channels, wire rod and highway products in carbon and alloy steels.
Four of the bar mills have a significant focus on manufacturing engineered special bar quality (“SBQ”) and wire rod products.
In March 2018, Nucor announced that it will build a rebar micro mill capable of producing approximately 350,000 tons annually in
Frostproof, Florida, which is located in Polk County. The new micro mill project will cost approximately $240 million and is expected
to be operational in the first half of 2020. This is Nucor’s second rebar micro mill project, as the Company is currently building a
rebar micro mill in Sedalia, Missouri, just east of Kansas City. The Sedalia micro mill project is expected to cost approximately $250
million, produce approximately 350,000 tons annually, and be operational in late 2019. Both rebar micro mills will have logistical
advantages, as rebar supply currently travels long distances to these markets. These locations will also allow the Company to take
advantage of the scrap supply in the immediate areas provided by Nucor’s scrap business, The David J. Joseph Company (“DJJ”).
Other bar mill projects announced in 2017 and underway include the rolling mill upgrade at Nucor Steel Marion, Inc. (“Marion”) and
the construction of the full-range merchant bar quality (“MBQ”) mill at the Bourbonnais, Illinois, steel bar mill. The Marion upgrade is
expected to be complete in mid-2019, cost approximately $85 million, and allow Marion to reduce operating costs and better serve
customers in Ohio and the surrounding states. Marion is Ohio’s largest producer of rebar and signpost, capable of producing over
400,000 tons annually. The Illinois MBQ mill is expected to be complete in late 2019, cost approximately $180 million, and have an
annual capacity of approximately 500,000 tons. This mill will allow Nucor to fully utilize the Company’s existing bar mill by optimizing
its melt capacity and infrastructure that is already in place. It will also take advantage of the scrap supply in the region, as well as the
Company’s commercial footprint in the central United States. The midwest is one of the largest markets for MBQ products, and we
believe Nucor is ideally situated to take advantage of existing operating and commercial capabilities to meet this regional demand.
Steel produced by our bar mills has a wide usage serving primarily the agricultural, automotive, construction, energy, furniture,
machinery, metal building, railroad, recreational equipment, shipbuilding, heavy truck and trailer market segments. Considering Nucor’s
production capabilities and the mix of bar products generally produced and marketed, the capacity of the bar mills is estimated at
approximately 8,830,000 tons per year.
SHEET MILLS
Nucor operates five strategically located sheet mills that utilize thin slab casters to produce flat-rolled steel for automotive, appliance,
construction, pipe and tube and many other industrial and consumer applications. Nucor also operates Castrip® sheet production
facilities in Crawfordsville, Indiana and Blytheville, Arkansas. These facilities use the Nucor-owned technology of strip casting, which
involves the direct casting of molten steel into final shape and thickness without further hot or cold rolling. Significant progress continues
to be made in all aspects of this technology by Nucor and our selected licensees. Considering Nucor’s production capabilities and the
mix of flat-rolled products generally produced and marketed, the capacity of the sheet mills is estimated at approximately 12,100,000
tons per year.
Four of our sheet mills are equipped with cold rolling mills and galvanizing lines for the further processing of hot-rolled sheet. Through
strategic investments and continuous process improvement efforts at our existing facilities, Nucor continues to greatly expand our sheet
product capabilities and offerings, including producing thinner high-strength steel grades to facilitate the development of advanced
applications including lightweight automotive. Most recently, in September 2018, Nucor announced that it will be investing approximately
$650 million to expand the production capability at Nucor Steel Gallatin, the Company’s flat-rolled sheet steel mill located in Ghent,
Kentucky. This investment, expected to be complete in mid-2021, will increase the production capability from approximately 1,600,000
Images on previous page (clockwise from top left) A teammate in Tuscaloosa, Alabama inspects steel plate. Steel coils fill the warehouse at Nucor Steel Arkansas. A Nucor-Yamato steel beam
poised for placement at a job site. Merchant bar angles. Environmental teammates walk the grounds at a Nucor plate mill.
12
tons to approximately 3,000,000 tons annually and will increase the maximum coil width to approximately 73 inches. This expansion
complements the $176 million investment currently underway at Nucor Steel Gallatin to construct a hot band galvanizing and pickling
line. The new galvanizing line will expand Nucor Steel Gallatin’s product capabilities and has an annual capacity of approximately
500,000 tons. The 72-inch galvanizing line, which is anticipated to be operational in the first half of 2019, is expected to be the
widest hot-rolled galvanizing line in North America. The new line will create synergies with Nucor’s other sheet mills and will support
the Company’s automotive growth strategy, allowing Nucor to move into segments of the automotive market it is not currently in.
In May 2018, Nucor announced that it will be investing approximately $240 million to construct a galvanizing line at the Company’s sheet
mill in Arkansas to support Nucor’s growth into a wider and more diverse set of strategic end-market applications. The new galvanizing
line will have an annual capacity of approximately 500,000 tons and is expected to be operational in the first half of 2021. This project
complements the approximately $230 million investment in an additional cold mill with an annual capacity of approximately 500,000
tons at Nucor Steel Arkansas. Expected to be operational in the first half of 2019, this specialty cold mill complex supports Nucor’s
strategy of growing our participation in the automotive market. The mill will greatly expand Nucor’s capabilities to cold reduce our steel
to a lighter gauge and to a much higher strength level to meet our customers’ light weighting goals. The mill will also include an upgraded
batch anneal shop that will allow for the production of motor lamination steels with electrical properties previously only attainable by
non-oriented silicon steels. This investment will also broaden the automotive capability of Nucor’s existing galvanizing lines at Nucor
Steel Decatur and Nucor Steel Berkeley.
STRUCTURAL MILLS
Nucor operates two structural mills that produce wide-flange steel beams, pilings and heavy structural steel products for fabricators,
construction companies, manufacturers and steel service centers. Nucor owns a 51% interest in the Nucor-Yamato Steel Company
(Limited Partnership) (“Nucor-Yamato”) located in Blytheville, Arkansas. Nucor also owns a steel beam mill in Berkeley County, South
Carolina. Considering Nucor’s production capabilities and the mix of structural products generally produced and marketed, the capacity
of the two structural mills is estimated at approximately 3,250,000 tons per year. Both mills use a special continuous casting method
that produces a beam blank closer in shape to that of the finished beam than traditional methods.
Nucor is now capitalizing on Nucor-Yamato’s expanded product portfolio. The strategic investment in the quench and self-tempering
projects made in 2016 has positioned Nucor-Yamato as the only North American producer of high-strength, low-alloy beams.
Common applications for the high-strength, low-alloy beams include gravity columns for high-rise buildings, long span trusses for
stadiums and convention centers, and for all projects where seismic design is a critical factor.
PLATE MILLS
Nucor operates three plate mills that produce plate for manufacturers of barges, bridges, heavy equipment, rail cars, refinery
tanks, ships, wind towers and other items. Our products are further used in the pipe and tube, pressure vessel, transportation
and construction industries. Considering Nucor’s production capabilities and the mix of plate products generally produced and
marketed, the capacity of the plate mills is estimated at approximately 2,925,000 tons per year.
In January 2019, Nucor announced that it will be investing approximately $1.35 billion to build a state-of-the-art plate mill in the
U.S. midwest, which is the largest plate-consuming area in the United States. The new plate mill will enhance our ability to serve our
customers and will produce cut-to-length, coiled, heat-treated and discrete plate in widths and thicknesses that are not currently offered
by Nucor. The mill is expected to have an annual capacity of approximately 1,200,000 tons and will be completed in 2022.
13
Steel production increased 9% from 22,619,000 tons in 2017 to 24,753,000 tons in 2018. The annual production capacity has
grown from 120,000 tons in 1970 to a present total of over 27,000,000 tons.
Scrap and scrap substitutes are the most significant element in the total cost of steel production. The average cost of scrap and
scrap substitutes used increased 18% from $307 per gross ton in 2017 to $361 per gross ton in 2018. Depending on the market
conditions at the time, a raw material surcharge or variable steel pricing mechanism may be implemented to assist Nucor in
maintaining operating margins and in meeting our customer commitments during periods of rapidly escalating scrap and scrap
substitute costs.
Electricity and natural gas usage are significant costs to Nucor. Total energy costs decreased approximately $1 per ton from 2017
to 2018, primarily due to lower natural gas unit cost. Because of the efficiency of Nucor steel mills, we are able to keep energy
costs at a minimum.
The operations in the rolling mills are highly automated, resulting in lower employment costs. Employee turnover in Nucor mills is
extremely low. All employees have a significant part of their compensation based on their productivity. Production employees work
under group incentives that provide increased earnings for increased production. This additional incentive compensation is paid
weekly. Additionally, because we use electric arc furnaces to produce our steel, we can easily vary our production levels to match
short-term changes in demand, unlike our integrated competitors. Taking advantage of this highly variable, low-cost structure has
enabled Nucor to better control our costs during weak market conditions.
Our steel mill customers are mainly manufacturers, steel service centers and fabricators. The sheet mills continue to build long-term
relationships with value-appreciative customers. Contract terms are typically less than 12 months in length with various renewal dates.
These contracts are generally non-cancelable agreements with a pricing formula that varies based on the current market-based indices
at or near the approximate time of shipment.
Nucor’s steel mills segment also includes several international trading and distribution companies that buy and sell steel manufactured
by the Company and other steel producers.
14
25,000 25,000
20,000 20,000
15,000 15,000
10,000 10,000
thousands of tons
thousands of tons
5,000 5,000
year 09 10 11 12 13 14 15 16 17 18 year 09 10 11 12 13 14 15 16 17 18
STEEL PRODUCTION
STEEL SHIPMENTS TO OUTSIDE CUSTOMERS
TOTAL STEEL SHIPMENTS
GLOBAL GLOBAL
AVERAGE 1.88 1.83 AVERAGE 20.3 20.0
NUCOR NUCOR
STEEL MILLS 0.86 0.88 STEEL MILLS 4.90 4.89
Nucor data is comparable to the methodology established by the World Steel Association (“WSA”). Global data is sourced from WSA’s “Sustainable Steel:
Indicators 2018 and Industry Initiatives.” For more information, visit www.worldsteel.org.
REBAR
FABRICATION
BUILDINGS
GROUP
VULCRAFT
& VERCO
COLD FINISH
STEEL MESH
GRATING &
FASTENERS
TUBULAR
PRODUCTS
SKYLINE
FACILITY
NUCOR
CORPORATE
OFFICE
Cold Finish facility in Monterrey, Mexico and Precision Casting facility in Guadalajara, Mexico, not shown.
17
In October 2016, Nucor acquired Independence Tube Corporation (“ITC”) for approximately $430 million. As a manufacturer of HSS
steel tubing and sprinkler pipe, ITC’s products are used in structural and mechanical applications, including nonresidential construction,
infrastructure and agricultural and construction equipment end-use markets. With production capacity of approximately 860,000 tons
annually, the addition of ITC significantly positions Nucor to compete in another key nonresidential construction market and further
enhances Nucor’s ability to offer a wider selection of steel to its fabricator and service center customers. As a consumer of hot-rolled coil
to produce its HSS steel tubing, the four ITC facilities are strategically located in Illinois and Alabama in close proximity to Nucor’s sheet
mills in Decatur, Alabama; Hickman, Arkansas; Crawfordsville, Indiana; and Ghent, Kentucky.
In January 2017, Nucor acquired Southland Tube, Inc. (“Southland”), a manufacturer of HSS and mechanical steel tubing. Acquired
for approximately $130 million, Southland operates one facility in Birmingham, Alabama that is also strategically located in close
proximity to Nucor’s sheet mill in Decatur, Alabama. Southland has a production capacity of approximately 300,000 tons annually.
Through the acquisitions of ITC and Southland, Nucor is building a market leadership position in the HSS steel tubing and sprinkler
pipe markets and providing an additional channel to market for Nucor’s sheet mills.
In January 2017, Nucor also acquired Republic Conduit (“Republic”), a leading manufacturer of steel electrical conduit, for approximately
$332 million. Republic produces electrogalvanized electrical metal tubing and intermediate metal conduit, as well as hot-dip galvanized
electrical rigid metal conduit. The steel conduit is primarily used to protect and route electrical wiring in various nonresidential
structures such as hospitals, schools, office buildings, hotels, stadiums and shopping malls. Republic also serves the power and
industrial markets. Republic operates facilities in Louisville, Kentucky and Cedar Springs, Georgia with a combined production capacity
of approximately 165,000 tons annually. This acquisition immediately positioned Nucor as a market leader and provides more value-
added steel offerings to our customers.
In December 2018, Nucor acquired the assets of Century Tube, LLC in Madison, Indiana. Now known as Nucor Tubular Products Madison,
the business is a high-quality producer of mechanical tube and heat-treated tube with an annual capacity of approximately 40,000 tons.
Skyline distributes products to service marine construction, bridge and highway construction, heavy civil construction, storm
protection, underground commercial parking and environmental containment projects in the infrastructure and construction
industries. Skyline also manufactures a complete line of geostructural foundation solutions, including threaded bar, micropile,
strand anchors and hollow bar. It also processes and fabricates spiralweld pipe piling, rolled and welded pipe piling, cold-formed
sheet piling and threaded bar.
Images on previous page (clockwise from top left) Cold finished bars ready for shipment at Nucor Cold Finish Nebraska. A teammate puts the finishing touches on steel grating at our facility in
Bourbonnais, Illinois. Nucor Tubular Products produces a wide range of products to meet customer requirements. Welders finishing a steel joist in Chemung, New York.
18
OPERATIONS
Harris Steel operates as a subsidiary of Nucor, fabricating, installing and distributing rebar in the United States and Canada. Harris
Steel has been a significant growth platform for Nucor in the rebar fabrication business. Since the acquisition of Harris Steel in 2007,
Nucor’s total annual rebar fabrication capacity has more than doubled to over 1,700,000 tons.
In 2018, fabricated rebar sales were 1,225,000 tons, which is a 7% increase from 1,142,000 tons in 2017.
STEEL MESH
Nucor produces mesh at Nucor Steel Connecticut, Inc. and Nucor Wire Products Utah, Inc. Nucor also produces mesh in Canada
at the Harris Steel operations of Laurel and Laurel-LEC. The combined annual production capacity of the steel mesh facilities is
approximately 128,000 tons.
GRATING
Our grating business, which operates under the brand names Nucor Grating in the United States and Fisher & Ludlow in Canada,
manufactures and fabricates steel and aluminum bar grating products at facilities located in North America. Nucor Grating and Fisher
& Ludlow serve the new construction and maintenance-related markets. In 2017, Nucor acquired additional strategic assets in the bar
grating business which has helped us expand our geographic footprint, increase our North American market leadership position and
provide additional value to our customers. With the addition of these bar grating assets, Nucor has increased its annual production
capacity to approximately 160,000 tons.
FASTENERS
Nucor Fastener’s bolt-making facility in Indiana produces carbon and alloy steel hex head cap screws, hex bolts, structural bolts, nuts
and washers, finished hex nuts and custom-engineered fasteners. Nucor fasteners are used in a broad range of markets, including
demanding automotive, machine tool, farm implement, construction and military applications. The annual capacity of this facility is
approximately 75,000 tons.
19
OPERATIONS
Steel joists and joist girders are produced and marketed throughout the United States by seven domestic Vulcraft facilities. The
Vulcraft/Verco group’s steel decking is produced and marketed throughout the United States by nine domestic plants. Six of these
plants are adjacent to Vulcraft joist facilities. In order to better serve customers in the Canadian market, Nucor began joist and deck
production in Eastern Canada and joist production in Western Canada in 2017. During the third quarter of 2018, Nucor moved
its production in Western Canada into a new joist facility. This new operation also added deck production capabilities to Vulcraft’s
product offerings in this market.
The annual joist production capacity is approximately 745,000 tons. In 2018, Vulcraft sold 490,000 tons of steel joists and joist
girders, an increase of 4% from 472,000 tons in 2017.
The annual deck production capacity is approximately 560,000 tons. In 2018, steel deck sales increased 5% to 479,000 tons,
compared with 457,000 tons in 2017.
Vulcraft maintains an extensive fleet of trucks to ensure the on-time delivery of its joist and deck products.
OPERATIONS
Nucor Cold Finish is the largest and most diversified producer of cold finished bars in North America. In September 2017, Nucor
further expanded our industry-leading production capabilities of cold finished bars through the acquisition of St. Louis Cold Drawn,
Inc., with operating facilities in St. Louis, Missouri and Monterrey, Mexico. This acquisition advances our goal of expanding value-
added downstream processing capabilities in North America, with our first wholly owned asset in Mexico and combined annual
capacity of approximately 200,000 tons. The acquired facilities complement our previously owned facilities in Missouri, Nebraska,
Ohio, South Carolina, Utah, Wisconsin and Ontario, Canada. The Missouri facility operates as Nucor LMP and the Canadian facility
operates as Laurel Steel. The total capacity of the Nucor cold finished bar and wire facilities now exceeds 1,000,000 tons per year.
The 2018 sales of cold finished steel products were 569,000 tons, up 17% from 487,000 tons in 2017.
Nucor’s cold finished facilities are among the most modern in the world, producing cold finished bars for the most demanding
applications. Nucor Cold Finish obtains most of its steel from the Nucor bar mills, ensuring consistent quality and supply through
all market conditions. This factor, along with our facilities’ use of the latest technology, results in a highly competitive cost structure
and excellent reliability for our customers. With assets in Canada, Mexico and throughout the United States, Nucor has the broadest
footprint to service our downstream SBQ customer base.
PRECISION CASTING
In the fourth quarter of 2018, Nucor acquired Corporacion POK, S.A. de C.V. (“POK”), a fully integrated precision castings company
with a facility in Guadalajara, Mexico. POK produces complex castings and precision machined products used by the oil and gas,
mining and sugar processing industries. POK produces a wide array of precision castings using steel, bronze, iron and specialty exotic
alloys. Founded in 1894, POK has a long operating history and strong management team. POK is a natural fit for Nucor’s existing cold
finish businesses and complements Nucor’s acquisition of a cold finish facility in Monterrey in 2017. The acquisition of POK will enable
Nucor to broaden its current product offerings and gives us the opportunity to increase its sales into new and existing markets.
21
OPERATIONS
Nucor produces metal buildings and components throughout the United States under the following brands: Nucor Building
Systems, American Buildings Company, Kirby Building Systems and CBC Steel Buildings. In total, the Nucor Buildings Group
currently has an annual capacity of approximately 395,000 tons.
The Buildings Group sales were 321,000 tons in 2018, an increase of 9% from 294,000 tons in 2017.
BROKERAGE
OFFICES
DRI PLANTS
OTHER
NUCOR
CORPORATE
OFFICE
Images on previous page (clockwise from top left) Teammates at our plant in Point Lisas, Trinidad inspect recently produced DRI. DRI pellets. Teammates share a laugh in front of a pile of
shredded scrap. Scrap headed to an electric arc furnace at a Nucor steel mill.
24 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
OVERVIEW
The strong U.S. economy drove steel demand higher in 2018, helping fuel Nucor’s record earnings. The U.S. economy grew about 3%,
compared to 2.3% in 2017 and 1.5% in 2016. This year we saw solid demand for steel in nearly every market we serve. The average
utilization rates of all operating facilities in our steel mills, steel products and raw materials segments were approximately 91%, 71%
and 72%, respectively, in 2018, compared with 86%, 65% and 65%, respectively, in 2017. All of our product groups in the steel mills
segment realized improved utilization rates in 2018 over the prior year. Industry-wide, the U.S. capacity utilization rate was 78.3% for
2018, its highest annual rate since 2008.
The Section 232 steel tariffs provided us a tailwind in 2018 to the strong economy. For the full year 2018, steel imports were down more
than 10% from the previous year and accounted for approximately 23% of U.S. market share. About 4.1 million fewer tons of imports
entered the United States in 2018. Ninety percent of the decrease in imports took place after the tariffs were fully implemented on June 1,
2018. The strong economy and lower imports generated 5 to 6 million tons in increased production for the U.S. steel industry this year.
We expect 2019 to be another good year for the U.S. steel industry. Most of the economic indicators we track continue to look favorable.
While the economy may not grow at the same pace in 2019, we believe it will be strong compared to recent history. As we enter 2019,
of the 24 end markets Nucor serves, we believe that 20 are improving, three are steady, and one is declining.
delivery than scrap, which can make this inventory management strategy difficult to achieve. Continued successful implementation of
our raw material strategy, including key investments in direct reduced iron (“DRI”) production coupled with the scrap brokerage and
processing services performed by our team at The David J. Joseph Company (“DJJ”), gives us greater control over our metallic inputs
and thus also helps us to mitigate this risk.
During periods of stronger or improving steel market conditions, we are more likely to be able to pass through to our customers, relatively
quickly, the increased costs of ferrous scrap and scrap substitutes, protecting our gross margins from significant erosion. During weaker
or rapidly deteriorating steel market conditions, weak steel demand, low industry utilization rates and the impact of imports create an
even more intensified competitive environment. All of those factors, to some degree, impact pricing, which increases the likelihood that
Nucor will experience lower gross margins.
Although the majority of our steel sales are to spot market customers who place their orders each month based on their business needs
and our pricing competitiveness compared to both domestic and global producers and trading companies, we also sell contract tons,
primarily in our sheet operations. Approximately 75% of our sheet sales were to contract customers in 2018 (65% in 2017 and 60% in
2016), with the balance in the spot market at the prevailing prices at the time of sale. Steel contract sales outside of our sheet operations
are not significant. The amount of tons sold to contract customers depends on the overall market conditions at the time, how the end-use
customers see the market moving forward and the strategy that Nucor management believes is appropriate to the upcoming period.
Nucor management considerations include maintaining an appropriate balance of spot and contract tons based on market projections
and appropriately supporting our diversified customer base. The percentage of tons that is placed under contract also depends on the
overall market dynamics and customer negotiations. In years of strengthening demand, we typically see an increase in the percentage
of sheet sales sold under contract as our customers have an expectation that transaction prices will rapidly rise and available capacity
will quickly be sold out. To mitigate this risk, customers prefer to enter into contracts in order to obtain committed volumes of supply
from the mills. Our contracts include a method of adjusting prices on a periodic basis to reflect changes in the market pricing for steel
and/or scrap. Market indices for steel generally trend with scrap pricing changes but during periods of steel market weakness the more
intensified competitive steel market environment can cause the sales price indices to decrease resulting in reduced gross margins
and profitability. Furthermore, since the selling price adjustments are not immediate, there will always be a timing difference between
changes in the prices we pay for raw materials and the adjustments we make to our contract selling prices. Generally, in periods of
increasing scrap prices, we experience a short-term margin contraction on contract tons. Conversely, in periods of decreasing scrap
prices, we typically experience a short-term margin expansion. Contract sales typically have terms ranging from six to 12 months.
Another significant uncertainty we face is the cost of energy. Nucor utilizes natural gas as both a raw material in the steel making process
and for fuel supply. The availability and prices of electricity and natural gas are influenced today by many factors, including fuel switching
(coal to natural gas by public utilities), changes in supply and demand, and pipeline and export infrastructure expansion. Proposed
federal and state regulations of greenhouse gas emissions for new and refurbished power plants could increase our cost of electricity in
future years. Such regulations are encouraging the development of renewable energy portfolios (e.g., wind and solar) that typically result
in higher electricity prices. Stringent greenhouse gas regulations would give domestic producers a significant cost disadvantage in the
international marketplace. We are monitoring these regulatory developments closely and will seek to educate public policy makers during
any adoption process about their potential impact on our business and the U.S. manufacturing base.
Our highly variable, low-cost structure, combined with our financial strength and liquidity, has allowed us to successfully navigate
cyclical, severely depressed steel industry market conditions in the past. In such times, our incentive-based pay system reduces
our payroll costs, both hourly and salary, which helps to offset lower selling prices. Our pay-for-performance system that is closely
tied to our levels of production also allows us to keep our workforce intact and to continue operating our facilities when some of
our competitors with greater fixed costs are forced to shut down some of their facilities. Because we use electric arc furnaces to
produce our steel, we can easily vary our production levels to match short-term changes in demand, unlike our blast furnace-based
integrated competitors. We believe these strengths also provide us further opportunities to gain market share during such times.
SEGMENT REALIGNMENT
In the first quarter of 2018, the Company began reporting its tubular products and piling businesses as part of the steel products
segment. These businesses were previously included in the steel mills segment. All prior period segment data presented in the ensuing
analysis have been recast to reflect this change.
27
NET SALES
Net sales to external customers by segment for 2018 and 2017 were as follows:
(in thousands)
Year Ended December 31, 2018 2017 % Change
Steel mills $ 16,245,218 $ 12,929,709 26%
Steel products 6,796,501 5,579,744 22%
Raw materials 2,025,560 1,742,940 16%
Total net sales to external customers $ 25,067,279 $ 20,252,393 24%
Net sales for 2018 increased 24% from the prior year. Average sales price per ton increased 18% from $764 in 2017 to $899 in 2018.
Total tons shipped to outside customers increased 5% from 26,492,000 tons in 2017 to 27,899,000 tons in 2018.
(in thousands)
Year Ended December 31, 2018 2017 % Change
Net sales for the steel mills segment increased 26% in 2018 from the prior year due to a 21% increase in the average sales price per
ton from $676 in 2017 to $817 in 2018, as well as a 4% increase in total tons shipped to outside customers. All of our steel mill products
experienced higher average selling prices in 2018 as compared to 2017, with the sheet mills having the most significant impact on
the segment’s net sales increase in 2018. In addition, all product groups within the steel mills segment, except for sheet products,
experienced an increase in tons sold to outside customers in 2018 as compared to the prior year. The improved volumes and higher
average selling prices combined to result in increased sales for the steel mills segment in every quarter of 2018 when compared to the
respective prior year quarter.
Outside sales tonnage for the steel products segment was as follows:
(in thousands)
Year Ended December 31, 2018 2017 % Change
Net sales for the steel products segment increased 22% in 2018 from the prior year due to a 9% increase in total tons sold to outside
customers and a 12% increase in the average sales price per ton from $1,252 in 2017 to $1,402 in 2018. Sales during 2018 followed
the typical seasonal pattern that we also experienced in 2017. Total sales were lowest in the first quarter while volumes were lowest in
the fourth quarter as winter weather conditions had their greatest impact on nonresidential construction markets. Conditions improved
in the second quarter and continued through the third quarter as higher average selling prices per ton mostly offset the decline in
volumes during the fourth quarter as seasonal factors began to return. The increase in net sales for the steel products segment was
also impacted by the higher volumes and average selling prices of our tubular products, rebar fabrication and cold finish operations in
2018 as compared to 2017.
Net sales for the raw materials segment increased 16% in 2018 from the prior year primarily due to higher volumes and average selling
prices in DJJ’s brokerage operations. Approximately 90% of outside sales in the raw materials segment in 2018 were from DJJ’s brokerage
operations and approximately 9% of outside sales were from DJJ’s scrap processing operations (88% and 10%, respectively, in 2017).
GROSS MARGIN
In 2018, Nucor recorded gross margins of $4.30 billion (17%) which was an increase from $2.57 billion (13%) in 2017:
• The primary driver for the increase in gross margin in 2018 as compared to 2017 was increased metal margins in the steel mills
segment. Metal margin is the difference between the selling price of steel and the cost of scrap and scrap substitutes. Partially
offsetting the previously mentioned increases in the steel mills segment’s average selling prices and volumes in 2018 as compared
to 2017 was increased scrap and scrap substitute costs. The average scrap and scrap substitute cost per gross ton used was $361
in 2018, an 18% increase from $307 in 2017.
Scrap prices are driven by the global supply and demand for scrap and other iron-based raw materials used to make steel. Scrap
prices increased during the first half of 2018 with prices leveling out during the third quarter and declining through the end of the
year. As we enter 2019, scrap prices have decreased slightly, a trend that began in the fourth quarter of 2018. We do not expect
significant scrap price volatility over the next several months.
• Steel mill energy costs decreased approximately $1 per ton in 2018 compared with 2017 mainly due to lower unit costs for natural gas.
• Gross margins in the steel products segment for 2018 increased over 2017 due to the increased profitability of most of the businesses
in the segment. The most significant increase was in our tubular products businesses, while our deck, building systems and cold finish
businesses also experienced noticeable improvement in performance in 2018 as compared to 2017.
As a result of the rapid and significant increase in the cost of steel inputs during 2018, the operating results for our rebar fabrication
business declined significantly in the first quarter of 2018 and remained depressed throughout the remainder of the year. Nucor expects
the operating results of this reporting unit to improve when the cost of steel in relation to the reporting unit’s backlog stabilizes.
• Improved gross margins in the raw materials segment in 2018 compared to 2017 were primarily due to improved performance from
our DRI operations. The performance of Nucor Steel Louisiana was significantly improved in 2018 as compared to 2017, during which
the facility experienced unplanned outages in the first, third and fourth quarters of 2017. The Louisiana DRI facility established new
annual records in 2018 for plant uptime, production and shipments.
Gross margins in the raw materials segment also benefited from $27.6 million in insurance recoveries.
• Contributing to the improvement in gross margins in 2018 compared to 2017 was the strong performance of DJJ’s scrap processing
and brokerage operations. In addition to the increases in average sales prices and volumes, DJJ’s scrap processing operations
expanded their margin per ton in 2018 as compared to 2017.
29
IMPAIRMENT OF ASSETS
During the third quarter of 2018, Nucor performed an impairment analysis of its proved producing natural gas well assets due to
the current and projected pricing environment at our sales point in the Piceance Basin at the time. After completing the impairment
analysis, Nucor determined that the carrying amount exceeded its fair value and was other than temporary for certain of these assets.
Nucor recorded a $110.0 million charge against these assets as a result. This charge was included in the raw materials segment.
There were no impairment charges in 2017. See Note 7 to the Company’s consolidated financial statements for additional information.
(in thousands)
Year Ended December 31, 2018 2017
Interest expense decreased in 2018 compared to 2017 in part due to a benefit received from entering into and settling a treasury lock
instrument in anticipation of the Company’s debt issuance in the second quarter of 2018. The Company did not elect hedge accounting
for this instrument. The average interest rate on debt decreased in 2018 as compared to 2017. Debt issued in the second quarter of
2018 included $500.0 million of 3.950% notes due 2028 and $500.0 million of 4.400% notes due 2048, which had lower interest
rates than the $600.0 million of 5.750% notes that were repaid in the fourth quarter of 2017 and the $500.0 million of 5.850% notes
that were repaid in the second quarter of 2018. Additionally, capitalized interest increased in 2018 as compared to 2017. Interest income
increased in 2018 compared to 2017 due primarily to increased average interest rates on investments.
30
(in thousands)
Year Ended December 31, 2018 2017
Steel mills $ 3,500,085 $ 1,953,075
Steel products 467,105 337,978
Raw materials 236,241 129,296
Corporate/eliminations (974,040) (670,392)
Earnings before income taxes and noncontrolling interests $ 3,229,391 $ 1,749,957
The steel mills segment’s earnings before income taxes and noncontrolling interests of $3.50 billion was the greatest factor in making
2018 the most profitable year in Nucor’s history. Earnings before income taxes and noncontrolling interests increased $1.55 billion
in 2018 compared to 2017 primarily due to increased average selling prices, volumes and metal margins. Strong economic growth,
tax reform and the ongoing efforts to reform the federal regulatory system strengthened the U.S. economy further in 2018 from the
healthy levels experienced at the end of 2017. These factors were the primary driver of the steel mills segment’s performance in 2018.
Additionally, the Section 232 steel tariffs provided another tailwind for the steel mills segment as the tariffs and the cumulative impact
of the trade cases won by the domestic steel industry in recent years reduced unfairly traded imports into the U.S. market.
The steel products segment reported record earnings before income taxes and noncontrolling interests in 2018, driven by the strong
performance of our tubular products businesses which were acquired in late 2016 and early 2017. Our deck, building systems and cold
finish businesses also experienced increased profitability in 2018 as compared to 2017. Partially offsetting these increases in 2018 as
compared to 2017 was the depressed results from our rebar fabrication operations which faced challenging market conditions in 2018.
Earnings before income taxes and noncontrolling interests in the raw materials segment in 2018 increased significantly compared to
2017 due to the increased performance of our DRI facilities and DJJ’s scrap processing operations. DJJ had its most profitable year
since the unprecedented raw materials market experienced in 2008. Included in the raw materials segment’s 2018 results was the
total benefit of $48.1 million related to insurance recoveries received during the year and the $110.0 million impairment charge related
to our proved producing natural gas well assets.
The increase in losses in corporate/eliminations in 2018 as compared to 2017 was primarily due to increased incentive compensation costs,
primarily profit sharing expense, as a result of our improved financial performance, and elimination of intercompany profit in inventory.
NONCONTROLLING INTERESTS
Noncontrolling interests represent the income attributable to the noncontrolling partners of Nucor’s joint ventures, primarily
Nucor-Yamato Steel Company (“NYS”), of which Nucor owns 51%. Earnings attributable to noncontrolling interests in 2018 almost
doubled compared to 2017 primarily due to the increased earnings of NYS. NYS had higher metal margins and volumes in 2018
as compared to 2017. Under the NYS limited partnership agreement, the minimum amount of cash to be distributed each year to
the partners is the amount needed by each partner to pay applicable U.S. federal and state income taxes. In 2017, the amount of
cash distributed to noncontrolling interest holders exceeded the earnings attributable to noncontrolling interests based on mutual
agreement of the general partners; however, the cumulative amount of cash distributed to partners was less than the cumulative
net earnings of the partnership.
Act. In the third quarter of 2018, upon completion of its 2017 federal tax return, Nucor finalized the analysis of the previously
estimated one-time transition tax. Nucor included a transition tax expense of $2.4 million in its 2018 financial results (provisionally
none in 2017). An expense of $3.4 million was also recognized in 2018 related to the revaluation of temporary return to provision
adjustments. Nucor has concluded U.S. federal income tax matters for years through 2014. Tax years 2015 through 2017 remain
open to examination by the Internal Revenue Service. The Canada Revenue Agency has concluded its examination of the 2012 and
2013 Canadian returns for Harris Steel Group Inc. and certain related affiliates. The 2015 tax year is currently under examination
by the Canada Revenue Agency. In January 2019, the Trinidad and Tobago Inland Revenue Division initiated an audit of the Nu Iron
Unlimited 2013 corporate income tax return. The tax years 2011 through 2017 remain open to examination by other major taxing
jurisdictions to which Nucor is subject (primarily Canada and other state and local jurisdictions).
NET SALES
Net sales to external customers by segment for 2017 and 2016 were as follows:
(in thousands)
Year Ended December 31, 2017 2016 % Change
Net sales for 2017 increased 25% from the prior year. Average sales price per ton increased 15% from $667 in 2016 to $764 in 2017.
Total tons shipped to outside customers increased 9% from 24,309,000 tons in 2016 to 26,492,000 tons in 2017.
In the steel mills segment, sales tons were as follows:
(in thousands)
Year Ended December 31, 2017 2016 % Change
Net sales for the steel mills segment increased 23% in 2017 from the prior year due to a 16% increase in the average sales price
per ton from $581 in 2016 to $676 in 2017, as well as a 5% increase in total tons shipped to outside customers. All of our steel
mill products experienced higher average selling prices in 2017 as compared to 2016. In addition, all product groups within the
steel mills segment experienced an increase in tons sold to outside customers in 2017 as compared to the prior year.
32
Outside sales tonnage for the steel products segment was as follows:
(in thousands)
Year Ended December 31, 2017 2016 % Change
Net sales for the steel products segment increased 25% in 2017 from the prior year due to a 26% increase in total tons sold to outside
customers and a 1% decrease in the average sales price per ton from $1,263 in 2016 to $1,252 in 2017. The increase in tons sold to
outside customers in 2017 as compared to 2016 was largely due to the acquisitions of our tubular products businesses that occurred
during the fourth quarter of 2016 and the first quarter of 2017. The increase in net sales for the steel products segment was also
impacted by the higher volumes and average selling prices of our cold finish operations in 2017 as compared to 2016.
Net sales for the raw materials segment increased 44% in 2017 from the prior year primarily due to significantly higher average
selling prices in DJJ’s brokerage operations, and, to a lesser extent, increased volumes in DJJ’s brokerage operations and significantly
increased volumes and higher average selling prices in DJJ’s scrap processing operations. Approximately 88% of outside sales in the
raw materials segment in 2017 were from DJJ’s brokerage operations and approximately 10% of outside sales were from DJJ’s scrap
processing operations (89% and 8%, respectively, in 2016).
GROSS MARGIN
In 2017, Nucor recorded gross margins of $2.57 billion (13%) compared to $2.03 billion (12%) in 2016:
• The primary driver for the increase in gross margin in 2017 as compared to 2016 was increased metal margins in the steel
mills segment. Partially offsetting the increases in the steel mills segment’s average selling prices and volumes in 2017 as
compared to 2016 was increased scrap and scrap substitute costs. The average scrap and scrap substitute cost per gross
ton used in 2017 was $307, a 35% increase from $228 in 2016.
• Steel mill energy costs increased approximately $1 per ton in 2017 compared with 2016 due to higher unit costs for electricity
and natural gas.
• In the fourth quarter of 2016, we performed an analysis of the impact the shift to value-added products had on steel mill
capacity. As part of this analysis, we also revisited the impact that the shift in product mix had on our inventory costing.
Based on this analysis, we changed our estimates of inventory cost based on the updated normal capacity determination and
the related full absorption costing. The impact of the change in estimate resulted in a net pre-tax benefit of $77.6 million,
$83.0 million of which affected gross margin, being recorded in the fourth quarter of 2016.
• Gross margins in the steel products segment for 2017 increased compared to 2016 primarily due to the addition of our
tubular products businesses. Our cold finish operations experienced increased profitability in 2017 as compared to 2016
due to both improved volumes and increased average selling prices. This improvement was partially offset by the highly
competitive market and margin compression resulting from higher steel input costs, particularly at our rebar fabrication
operations. Our rebar fabrication operations experienced significant declines in performance due to a combination of margin
compression caused by higher steel input costs and delays on larger, more profitable projects.
• Gross margins related to DJJ’s brokerage and scrap processing operations improved during 2017 compared to 2016 due to
the sustained impact of significant improvements in its cost structure established during 2016, combined with significant
increases in average selling prices and increases in volume.
• Gross margins in the raw materials segment in 2017 benefited from the improved profitability of our DRI facilities. The primary
driver of this improved profitability was our DRI facility in Trinidad, which more than offset the disappointing performance of our
Louisiana DRI facility, which experienced unplanned outages during the first, third and fourth quarters of 2017.
33
(in thousands)
Year Ended December 31, 2017 2016
Interest expense $ 187,282 $ 181,179
Interest income (13,702) (11,935)
Interest expense, net $ 173,580 $ 169,244
Interest expense increased in 2017 compared to 2016 due to higher average interest rates on our variable rate debt, as well as
decreased capitalized interest, slightly offset by a decrease in our average debt outstanding due to the repayment of $600.0 million
of 5.75% notes in December 2017. Interest income increased in 2017 due to higher average interest rates on investments, partially
offset by significantly decreased average investment levels.
Earnings before income taxes and noncontrolling interests by segment for 2017 and 2016 were as follows:
(in thousands)
Year Ended December 31, 2017 2016
Earnings before income taxes and noncontrolling interests for the steel mills segment for 2017 increased from 2016 primarily due
to improved metal margins per ton at our sheet mills, particularly during the first half of the year. Also contributing to the improved
earnings in 2017 compared to the prior year were improved metal margins at our plate mills. Earnings were negatively impacted
34
in 2017 by challenging markets for our plate mills in the second half of the year, as well as challenging market conditions for the
entire year for our beam, rebar and merchant bar products. Those four product groups combined to make up about half of our
total steelmaking capacity in 2017.
In the steel products segment, earnings before income taxes and noncontrolling interests increased in 2017 compared to 2016 due
to the addition of our tubular products businesses, which we acquired in the fourth quarter of 2016 and the first quarter of 2017.
Offsetting this increase was margin compression resulting from higher steel input costs and highly competitive markets, particularly for
our rebar fabrication operations. The performance of our joist, grating, rebar fabrication and building systems operations declined in
2017 from the prior year. Our steel products segment was negatively impacted by the still sluggish nonresidential construction market
in 2017. The performance of our deck and cold finish operations improved compared to the prior year due to increased volumes and
higher average selling prices in 2017.
Earnings before income taxes and noncontrolling interests in the raw materials segment for 2017 improved significantly from 2016 due
to the significantly increased profitability of DJJ’s brokerage and scrap processing operations and the profitable performance of our
Trinidad DRI facility. Earnings in the raw materials segment were negatively impacted by the previously mentioned unplanned outages
at Nucor Steel Louisiana during 2017.
The increase in losses in corporate/eliminations in 2017 as compared to 2016 was primarily due to increased incentive compensation
costs, primarily profit sharing expense, as a result of our improved financial performance.
NONCONTROLLING INTERESTS
The 41% decrease in earnings attributable to noncontrolling interests in 2017 as compared to 2016 was primarily due to the decreased
earnings of NYS, which was a result of decreased metal margin caused by increased scrap costs.
however, upon a number of factors, both qualitative and quantitative, and are subject to change at any time. The disclosure of our
credit ratings is made in order to enhance investors’ understanding of our sources of liquidity and the impact of our credit ratings
on our cost of funds. Based upon the preceding factors, we expect to continue to have adequate access to the capital markets at
a reasonable cost of funds for liquidity purposes when needed.
(dollars in thousands)
December 31, 2018 2017
The current ratio was 3.1 at year-end 2018 compared with 2.4 at year-end 2017. The current ratio was positively impacted by a
$0.4 billion increase in cash and cash equivalents and short-term investments from year-end 2017 due to the robust amount of
cash generated by operations, as well as the $1.0 billion debt issuance in the second quarter of 2018, partially offset by capital
expenditures, the repayment of $500.0 million of debt in the second quarter of 2018, acquision of treasury stock and the payment
of dividends. The current ratio was also positively impacted by a 32% increase in inventory and a 24% increase in accounts
receivable from year-end 2017. Inventories increased from year-end 2017 due primarily to a 15% rise in the value of scrap and
scrap substitutes per ton on hand and a 20% increase in the inventory tons on hand from year-end 2017 to year-end 2018. The
increase in accounts receivable was due to a 21% increase in average sales price per ton and a 2% increase in outside shipments
in the fourth quarter of 2018 compared with the prior year fourth quarter. Offsetting these increases were increases to accounts
payable and salaries, wages, and related accruals. Accounts payable increased 21% compared to year-end 2017 due primarily
to the rise in the value of scrap and scrap substitutes per ton on hand and the increase in the inventory tons on hand previously
mentioned. There was a 37% increase in salaries, wages and related accruals due to greater performance-based bonus accruals
resulting from Nucor’s improved profitability in 2018 over the prior year.
In 2018, total accounts receivable turned approximately every five weeks and inventories turned approximately every 10 weeks.
These ratios compare with accounts receivable turnover of approximately every five weeks and inventory turnover of approximately
every nine weeks in 2017.
Funds provided by operations, cash and cash equivalents, short-term investments and new borrowings under existing credit
facilities are expected to be adequate to meet future capital expenditure and working capital requirements for existing operations
for at least the next 24 months.
We have a simple capital structure with no off-balance sheet arrangements or relationships with unconsolidated special purpose
entities that we believe could have a material impact on our financial condition or liquidity.
OPERATING ACTIVITIES
Cash provided by operating activities was $2.39 billion in 2018, an increase of 127% compared with cash provided by operating activities
of $1.06 billion in 2017. The primary reason for the increase in cash provided by operating activities was an 80% increase in net earnings
over 2017. The funding of working capital increased in 2018 over the prior year due to the increase in inventory volumes and pricing, and
accounts receivable from year-end 2017 to year-end 2018, both due to reasons previously mentioned. Slightly offsetting these increases
was an increase in accounts payable due to the change in scrap prices from year-end 2017 to year-end 2018 as compared to year-end
2016 to year-end 2017. Scrap prices increased more moderately between year-end 2017 and year-end 2018. More specifically, there
was a 15% increase in the cost of scrap and scrap substitutes in inventory from year-end 2017 through year-end 2018, as compared
to a 27% increase in the cost of scrap and scrap substitutes in inventory from year-end 2016 through year-end 2017. Another leading
cause of the increase in cash provided by operating activities was the decrease in federal income taxes receivable, which is a function
of Nucor’s increased profitability, the permanent lowering of the U.S. corporate federal income tax rate from 35% to 21% effective for
the years beginning after December 31, 2017 under the Tax Reform Act, the timing of federal tax payments, and the receipt of federal
tax refunds. The decrease in cash used in salaries, wages and related accruals was mainly due to greater performance-based bonus
accruals resulting from the Company’s increased profitability during 2018 over the previous year. A significant item that partially offset
the increase in earnings in 2018 compared to 2017 was the benefit related to deferred income taxes of $221.2 million in 2017 (expense
related to deferred income taxes of $3.0 million in 2018) that was due in large part to the Tax Reform Act being enacted in late 2017.
INVESTING ACTIVITIES
Our business is capital intensive; therefore, cash used in investing activities primarily represents capital expenditures for new facilities,
the expansion and upgrading of existing facilities and the acquisition of other companies. Cash used in investing activities increased
$111.2 million from 2017 to 2018. The primary driver for the increase in cash used in investing activities was that cash used for capital
expenditures increased $534.0 million in 2018 from the prior year. Capital expenditures in 2018 included significant spending associated
with the $230.0 million cold mill complex at Nucor Steel Arkansas and the $176.0 million hot band galvanizing line at Nucor Steel Gallatin,
both of which are scheduled to start-up in 2019. Additionally, there was an increase in investments in affiliates in 2018 over 2017 related
to an additional $70.7 million of investments in Nucor-JFE, as well as investments in other minor equity method investments. Partially
offsetting the increase in cash used in investing activities was a $511.0 million decrease in cash used to fund acquisitions over the prior
year. Significant acquisitions in 2017 included the purchases of Republic Conduit and Southland Tube, Inc. in January 2017 and St. Louis
Cold Drawn, Inc. in September 2017. Cash paid for acquisitions in 2018 totaled $33.1 million.
FINANCING ACTIVITIES
Cash used in financing activities in 2018 was $908.2 million compared with cash used in financing activities of $1.24 billion in 2017.
The majority of this change related to the issuance of $500.0 million of 3.950% notes due 2028 and $500.0 million of 4.400% notes
due 2048 in the second quarter of 2018, offset by the repayment in the same quarter of $500.0 million of 5.850% notes due 2018.
During 2017, we retired $600.0 million of long-term debt, in addition to the previously mentioned second quarter of 2018 retirement
of $500.0 million of long-term debt. The interest rates on both of these retired debt tranches were at weighted-average interest rates
that were higher than the weighted-average interest rates on the $1.0 billion of notes issued in April 2018. Additionally, the Company
repurchased $854.0 million of shares of its common stock in 2018 compared with $90.3 million in 2017.
Our credit facility includes only one financial covenant, which is a limit of 60% on the ratio of funded debt to total capitalization. In addition,
the credit facility contains customary non-financial covenants, including a limit on Nucor’s ability to pledge the Company’s assets and a
limit on consolidations, mergers and sales of assets. Our funded debt to total capital ratio was 30% at the end of 2018 and 29% at the end
of 2017, and we were in compliance with all other covenants under our credit facility at the end of 2018.
MARKET RISK
Nucor’s largest exposure to market risk is in our steel mills and steel products segments. Our utilization rates for the steel mills and
steel products facilities for the fourth quarter of 2018 were 88% and 65%, respectively. A significant portion of our steel mills and
steel products segments’ sales are into the commercial, industrial and municipal construction markets. Our largest single customer in
2018 represented approximately 5% of sales and consistently pays within terms. In the raw materials segment, we are exposed to price
37
fluctuations related to the purchase of scrap steel and iron ore. Our exposure to market risk is mitigated by the fact that our steel mills
use a significant portion of the products of this segment.
Nucor’s tax-exempt industrial development revenue bonds (“IDRBs”) have variable interest rates that are adjusted weekly. These
IDRBs represented 24% of Nucor’s long-term debt outstanding at December 31, 2018. The remaining 76% of Nucor’s long-term debt
is at fixed rates. Future changes in interest rates are not expected to significantly impact earnings. From time to time, Nucor makes
use of interest rate swaps to manage interest rate risk. As of December 31, 2018, there were no such contracts outstanding. Nucor’s
investment practice is to invest in securities that are highly liquid with short maturities. As a result, we do not expect changes in interest
rates to have a significant impact on the value of our investment securities recorded as short-term investments.
Nucor also uses derivative financial instruments from time to time to partially manage its exposure to price risk related to natural gas
purchases used in the production process, as well as scrap, copper and aluminum purchased for resale to its customers. In addition,
Nucor uses forward foreign exchange contracts from time to time to hedge cash flows associated with certain assets and liabilities,
firm commitments and anticipated transactions. Nucor generally does not enter into derivative instruments for any purpose other
than hedging the cash flows associated with specific volumes of commodities that will be purchased and processed or sold in future
periods and hedging the exposures related to changes in the fair value of outstanding fixed-rate debt instruments and foreign currency
transactions. Nucor recognizes all derivative instruments in the consolidated balance sheets at fair value.
The Company is exposed to foreign currency risk primarily through its operations in Canada, Europe and Mexico. We periodically use
derivative contracts to mitigate the risk of currency fluctuations.
(1) Interest is estimated using applicable rates at December 31, 2018 for Nucor’s outstanding fixed-rate and variable-rate debt.
(2) Nucor enters into contracts for the purchase of scrap and scrap substitutes, iron ore, electricity, natural gas, and other raw materials and related services. These contracts include
multi-year commitments and minimum annual purchase requirements and are valued at prices in effect on December 31, 2018, or according to the contract language. These
contracts are part of normal operations and are reflected in historical operating cash flow trends. We do not believe such commitments will adversely affect our liquidity position.
(3) Purchase obligations include commitments for capital expenditures on operating machinery and equipment.
(4) Other long-term obligations include amounts associated with Nucor’s early-retiree medical benefits, management compensation and guarantees.
Note: In addition to the amounts shown in the table above, $48.6 million of unrecognized tax benefits have been recorded as liabilities, and we are uncertain as to if or when such
amounts may be settled. Related to these unrecognized tax benefits, we have also recorded a liability for potential penalties and interest of $11.2 million at December 31, 2018.
DIVIDENDS
Nucor has increased its base cash dividend every year since it began paying dividends in 1973. Nucor paid dividends of $1.52 per
share in 2018, compared with $1.51 per share in 2017. In November 2018, the Board of Directors increased the base quarterly dividend
5.3% to $0.40 per share. Over the past 10 years, Nucor has returned more than $5 billion in capital to its stockholders in the form
of basic dividends, supplemental dividends, and share repurchases. In February 2019, the Board of Directors declared Nucor’s 184th
consecutive quarterly cash dividend of $0.40 per share payable on May 10, 2019 to stockholders of record on March 29, 2019.
38
OUTLOOK
In 2019, we expect to continue to take advantage of our position of strength to grow Nucor’s long-term earnings power and
stockholder value by continuing to successfully implement our five drivers to profitable growth strategy. Utilizing this strategy, we
have invested significant capital, more than $9 billion, into our business since the last cyclical peak in 2008. We have done so over
a broad range of strategic acquisitions and investments that we believe will further enhance our ability to grow Nucor’s long-term
earnings power by increasing our channels to market, expanding our product portfolios into higher value-added offerings that are less
vulnerable to imports, improving our highly variable low-cost structure and building upon our market leadership positions. We will
utilize our strong liquidity position to seek investment opportunities to further grow our long-term earnings capacity.
We are encouraged regarding anticipated full-year volume, pricing and profitability and believe our 2019 results will reflect another
strong year with earnings performance among the best in Nucor’s history. Consumer confidence rose sharply late in 2016, continued
on a more modest upward trajectory throughout 2017 and remained at historically high levels throughout 2018. The expansion in the
nonresidential construction industry that has been underway for some time now, realized some deceleration beginning in 2016 and
that trend continued into 2018. Nonresidential construction markets are expected to continue to grow at more moderate rates in 2019.
Although units sold in the domestic automotive markets were consistent with 2017 at approximately 17.3 million vehicles sold, Nucor’s
shipments to the industry grew by approximately 5% in 2018. We expect to grow our shipments to the industry again in 2019. In
spite of an improved labor market and lower gasoline prices, vehicle sales are expected to decrease in 2019 but remain healthy.
Should proposed infrastructure bills be enacted into law, this should benefit not just our steel mills segment but a number of our steel
products businesses as well. Backlogs in both the steel mills and steel products segments were higher at the end of 2018 compared
to the end of 2017. As we begin 2019, we see improving market conditions in 20 of the 24 end-use markets that we participate in
today with stable conditions in three of the remaining four markets. Scrap prices have decreased slightly in early 2019, a trend that
began in the fourth quarter of 2018. We do not expect significant scrap price volatility over the next several months. We have made
significant investments in our raw materials segment and will continue to utilize our unmatched global supply chain to optimize our
raw material costs.
We expect another strong quarter for earnings in the first quarter of 2019. Although sheet pricing and margins are expected
to decrease in the first quarter of 2019 as compared to the fourth quarter of 2018, we anticipate this will be partially offset by
expected increases in profitability of our bar mills and structural mills. The performance of the raw materials segment is expected
to decrease in the first quarter of 2019 as compared to the fourth quarter of 2018 due to the decreased performance of our
DRI businesses, which continue to be negatively impacted by declining average selling prices for raw materials that began in the
fourth quarter of 2018. The profitability of our steel products segment in the first quarter of 2019 is expected to be similar to
the fourth quarter of 2018. We expect the first quarter of 2019 earnings to be much stronger than the first quarter of 2018.
We are ever mindful of the threat of increases in imported steel stemming from the still significant excess foreign steel capacity.
Finished steel imports as a percentage of U.S. steel demand are expected to decline from the estimated 27% in 2017 to 23% and
22% in 2018 and 2019, respectively. The Section 232 tariffs are having their intended impact by taking artificially low-cost foreign
imports out of the U.S. market. Over the past decade, the steel industry won several important trade cases that addressed unfairly
traded imports prior to the imposition of the Section 232 tariffs. The cumulative impact of those trade case victories also took a sizeable
amount of unfairly traded imports out of the market, and those duties will remain in the event the Section 232 tariffs are lifted.
We are committed to executing on the opportunities we see ahead to reward Nucor stockholders with very attractive long-term returns
on their valuable capital invested in our Company. Our industry-leading financial strength allows us to support investments in our
facilities that will enable us to generate increased profitability. In 2019, as we have in our past, we will allocate capital to investments
that we believe will build our long-term earnings power. Capital expenditures are currently projected to be approximately $1.8 billion
in 2019. In 2018, Nucor announced approximately $1.0 billion of value enhancing investments to build new mills, expand production
capacity at existing mills and advance our technological capabilities. In 2019, we have already announced another $1.3 billion
investment to build a modern, state-of-the-art plate mill in the U.S. midwest.
39
INVENTORIES
Inventories are stated at the lower of cost or net realizable value. The Company records any amount required to reduce the carrying
value of inventory to net realizable value as a charge to cost of products sold. Scrap and scrap substitute costs are a very significant
component of the raw material, semi-finished and finished product inventory balances. The vast majority of the Company’s inventory
is recorded on a first-in, first-out method. Production costs are applied to semi-finished and finished product inventory from the
approximate period in which they are produced.
If steel selling prices were to decline in future quarters, write-downs of inventory could result. Specifically, the valuation of raw material
inventories purchased during periods of peak market pricing would most likely be impacted. Low utilization rates at our steel mills or
raw materials facilities could hinder our ability to work through high-priced scrap and scrap substitutes (particularly pig iron and iron
ore), leading to period-end exposure when comparing carrying value to net realizable value.
In September 2018, Nucor performed an impairment analysis of its proved producing natural gas well assets due to the current
and projected natural gas pricing environment at our sales point in the Piceance Basin, which continued to deteriorate during 2018.
Management had monitored these assets since the last impairment analysis was performed in the fourth quarter of 2017, and the
deterioration in the current and projected natural gas pricing and, in particular, the projected natural gas pricing at our sales point in the
Piceance Basin reached such a level in the third quarter of 2018 that management determined that a triggering event had occurred. One
of the main assumptions that most significantly affects the cash flow determination is management’s estimate of future pricing of natural
gas and natural gas liquids. The pricing used in this impairment assessment was developed by management based on projected natural
gas market supply and demand dynamics, in conjunction with a review of projections by market analysts. The impairment analysis was
performed on each of Nucor’s three groups (“fields”) of wells, with each field defined by common geographic location.
Two of Nucor’s three fields of wells did not pass the undiscounted cash flow impairment analysis. An after-tax discounted cash flow
analysis was performed for these two fields to determine the amount of impairment. The carrying values of these two fields were
impaired by a combined $110.0 million. The impairment charge is included in impairment of assets in the consolidated statements of
earnings for the year ended December 31, 2018. The post-impairment combined carrying value of these two fields was $71.0 million
at December 31, 2018. The third field was not impaired and had a carrying value of $51.8 million at December 31, 2018. Changes
in the natural gas industry or a prolonged low price environment beyond what was assumed in this most recent analysis could cause
management to revise the natural gas and natural gas liquids pricing assumptions, the estimated reserves or the estimated drilling
production costs, all of which could result in future impairment of these proved well assets.
GOODWILL
Goodwill is tested annually for impairment and whenever events or circumstances change that would make it more likely than not
that an impairment may have occurred. We perform our annual impairment analysis as of the first day of the fourth quarter each
year. The evaluation of impairment involves comparing the current estimated fair value of each reporting unit to the recorded value,
including goodwill.
When appropriate, Nucor performs a qualitative assessment to determine whether it is more likely than not that the fair value of a
reporting unit is less than its carrying amount. For certain reporting units, it is necessary to perform a quantitative analysis. In these
instances, a discounted cash flow model is used to determine the current estimated fair value of these reporting units. Key assumptions
used to determine the fair value of each reporting unit as part of our annual testing (and any required interim testing) include:
(i) expected cash flow for the five-year period following the testing date (including market share, sales volumes and prices, costs to
produce and estimated capital needs); (ii) an estimated terminal value using a terminal year growth rate determined based on the
growth prospects of the reporting unit; (iii) a discount rate based on management’s best estimate of the after-tax weighted average cost
of capital; and (iv) a probability-weighted scenario approach by which varying cash flows are assigned to certain scenarios based on
the likelihood of occurrence. Management considers historical and anticipated future results, general economic and market conditions,
the impact of planned business and operational strategies and all available information at the time the fair values of its reporting units
are estimated. Those estimates and judgments may or may not ultimately prove appropriate.
Our fourth quarter 2018 annual goodwill impairment analysis did not result in an impairment charge. Management does not believe that
future impairment of these reporting units is probable. However, the performance of certain businesses that comprise our reporting units
requires continued improvement. An increase of approximately 40 basis points in the discount rate, a critical assumption in which a minor
change can have a significant impact on the estimated fair value, would not result in an impairment charge. See Note 8 to the Company’s
consolidated financial statements for further discussion of the results of the Company’s 2018 annual goodwill impairment analysis.
Nucor will continue to monitor operating results within all reporting units throughout 2019 in an effort to determine if events and
circumstances warrant further interim impairment testing. Otherwise, all reporting units will again be subject to the required annual
qualitative and/or quantitative impairment test during our fourth quarter of 2019. Changes in the judgments and estimates underlying
our analysis of goodwill for possible impairment, including expected future operating cash flows and discount rate, could decrease
the estimated fair value of our reporting units in the future and could result in an impairment of goodwill.
41
ENVIRONMENTAL REMEDIATION
We are subject to environmental laws and regulations established by federal, state and local authorities, and we make provisions for the
estimated costs related to compliance. Undiscounted remediation liabilities are accrued based on estimates of known environmental
exposures. The accruals are reviewed periodically and, as investigations and remediation proceed, adjustments are made as we believe
are necessary. Our measurement of environmental liabilities is based on currently available facts, present laws and regulations and
current technology.
42
INCOME TAXES
We utilize the liability method of accounting for income taxes. Under the liability method, deferred taxes are determined based on
the temporary differences between the financial statement and tax basis of assets and liabilities using tax rates expected to be in
effect during the years in which the basis differences reverse. A valuation allowance is recorded when it is more likely than not that
some of the deferred tax assets will not be realized. We recognize the effect of income tax positions only if those positions are more
likely than not of being sustained. Potential accrued interest and penalties related to unrecognized tax benefits within operations are
recognized as a component of interest expense and other expenses.
The staff of the U.S. Securities and Exchange Commission issued Staff Accounting Bulletin No. 118 (“SAB 118”) to address the
application of Accounting Standards Codification 740, Income Taxes, in situations when a registrant does not have the necessary
information available, prepared or analyzed (including computations) in reasonable detail to complete the accounting for certain
income tax effects of the Tax Reform Act. Reflected in our 2017 financial results, and in accordance with SAB 118, were certain
provisional income tax effects of the Tax Reform Act. Adjustments, as allowed for under SAB 118, to these provisional amounts
were made in 2018. The accounting for the Tax Reform Act was completed in the fourth quarter of 2018. Further information on
the tax impacts of the Tax Reform Act is included in Note 19 to the Company’s consolidated financial statements.
RECLASSIFICATIONS
In the first quarter of 2018, we began reporting our tubular products and piling products businesses as part of the steel products
segment. These businesses were previously included in the steel mills segment and were reclassified to the steel products segment as
part of a realignment of Nucor’s reportable segments to reflect the way in which they are now viewed by management and how segment
performance assessments will be made by the chief operating decision maker beginning in such period. As a result, certain prior period
amounts have been reclassified to conform to the current year presentation. These reclassifications did not have an impact on the
consolidated financial statements of the Company for the prior periods presented.
CHARTS AND GRAPHS 43
11%
300
24,000 800
250
18,000 600
200
150
12,000 400
100
thousands of tons
6,000 200
50
dollars
dollars
T O TA L T O N S S O L D T O O U T S I D E C U S T O M E R S AV E R A G E S C R A P A N D S C R A P S U B S T I T U T E
AV E R A G E S A L E S P R I C E P E R T O N COST PER TON USED
$7.00 21%
2,000
$6.00 18%
1,600
$5.00 15%
$3.00 9%
800
millions of dollars
$2.00 6%
400
$1.00 3%
year 14 15 16 17 18 year 14 15 16 17 18
C A S H P R O V I D E D B Y O P E R AT I O N S
DILUTED EARNINGS PER SHARE
RETURN ON AVERAGE STOCKHOLDERS’ EQUITY
45
10%
2% 3% 1%
6%
Marketing, administrative and other expenses 860,722 687,531 596,761 458,989 520,805
Net earnings attributable to Nucor stockholders 2,360,767 1,318,688 796,271 80,724 679,337
Percentage of net earnings to net sales 9.4% 6.5% 4.9% 0.5% 3.2%
AT YEAR END
Property, plant and equipment, net 5,334,748 5,093,147 5,078,650 4,891,153 5,287,639
Long-term debt (including current maturities) 4,233,276 3,742,242 4,339,141 4,337,145 4,350,558
Opinions on the Financial Statements and Internal Control over Financial Reporting
We have audited the accompanying consolidated balance sheets of Nucor Corporation and its subsidiaries (the “Company”) as of
December 31, 2018 and 2017, and the related consolidated statements of earnings, comprehensive income, stockholders’ equity,
and cash flows for each of the three years in the period ended December 31, 2018, including the related notes (collectively referred
to as the “consolidated financial statements”). We also have audited the Company’s internal control over financial reporting as of
December 31, 2018, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of
Sponsoring Organizations of the Treadway Commission (COSO).
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position
of the Company as of December 31, 2018 and 2017, and the results of its operations and its cash flows for each of the three years
in the period ended December 31, 2018 in conformity with accounting principles generally accepted in the United States of
America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting
as of December 31, 2018, based on criteria established in Internal Control – Integrated Framework (2013) issued by the COSO.
The Company’s management is responsible for these consolidated financial statements, for maintaining effective internal control
over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the
accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express opinions on the
Company’s consolidated financial statements and on the Company’s internal control over financial reporting based on our audits.
We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are
required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable
rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits
to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to
error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.
Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement
of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks.
Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial
statements. Our audits also included evaluating the accounting principles used and significant estimates made by management,
as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial
reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness
exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits
also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits
provide a reasonable basis for our opinions.
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A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance
of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide
reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with
generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with
authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection
of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections
of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in
conditions, or that the degree of compliance with the policies or procedures may deteriorate.
ASSETS
CURRENT ASSETS:
Cash and cash equivalents (Note 14) $ 1,398,886 $ 949,104
Short-term investments (Notes 4 and 14) — 50,000
Accounts receivable, net (Note 5) 2,505,568 2,028,545
Inventories, net (Note 6) 4,553,500 3,461,686
Other current assets (Notes 13 and 19) 178,311 335,085
Total current assets 8,636,265 6,824,420
PROPERTY, PLANT AND EQUIPMENT, NET (Note 7) 5,334,748 5,093,147
GOODWILL (Notes 3 and 8) 2,184,336 2,196,058
OTHER INTANGIBLE ASSETS, NET (Notes 3 and 8) 828,504 914,646
OTHER ASSETS (Note 9) 936,735 812,987
TOTAL ASSETS $ 17,920,588 $ 15,841,258
EARNINGS ATTRIBUTABLE
TO NONCONTROLLING INTERESTS 120,317 61,883 104,145
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (in thousands, except per share data)
ACCUMULATED TOTAL
ADDITIONAL OTHER TREASURY STOCK NUCOR NON-
COMMON STOCK PAID-IN RETAINED COMPREHENSIVE (AT COST) STOCKHOLDERS’ CONTROLLING
TOTAL SHARES AMOUNT CAPITAL EARNINGS LOSS SHARES AMOUNT EQUITY INTERESTS
BALANCES, December 31, 2015 $ 7,849,877 378,566 $151,426 $1,918,970 $7,316,910 $(351,362) 60,604 $(1,558,128) $7,477,816 $372,061
Nature of Operations Nucor is principally a manufacturer of steel and steel products, as well as a scrap broker and processor,
with operating facilities and customers primarily located in North America.
Principles of Consolidation The consolidated financial statements include Nucor and its controlled subsidiaries, including
Nucor-Yamato Steel Company, a limited partnership of which Nucor owns 51%. All intercompany transactions are eliminated.
Distributions are made to noncontrolling interest partners in Nucor-Yamato Steel Company in accordance with the limited
partnership agreement by mutual agreement of the general partners. At a minimum, sufficient cash is distributed so that each
partner may pay its U.S. federal and state income taxes.
Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the
United States of America requires management to make estimates and assumptions that affect the amounts reported in the
financial statements and accompanying notes. Actual results could differ from these estimates.
Reclassifications In the first quarter of 2018, the Company began reporting its tubular products and piling products businesses
as part of the steel products segment. These businesses were previously included in the steel mills segment and were reclassified to
the steel products segment as part of a realignment of Nucor’s reportable segments to reflect the way in which they are now viewed
by management and how segment performance assessments began to be made by the chief operating decision maker beginning
in such period. As a result, certain prior period amounts have been reclassified to conform to the current year presentation. These
reclassifications did not have an impact on the consolidated financial statements of the Company for the prior periods presented.
See Note 22 for more information related to this segment realignment.
Cash and Cash Equivalents Cash equivalents are recorded at cost plus accrued interest, which approximates fair value, and have
original maturities of three months or less at the date of purchase. Cash and cash equivalents are maintained primarily with a few
high-credit quality financial institutions.
Short-term Investments Short-term investments are recorded at cost plus accrued interest, which approximates fair value. Unrealized
gains and losses on investments classified as available-for-sale are recorded as a component of accumulated other comprehensive
income (loss). Management determines the appropriate classification of its investments at the time of purchase and re-evaluates such
determination at each balance sheet date.
Inventories Inventories are stated at the lower of cost or market. The Company records any amount required to reduce the carrying value
of inventory to net realizable value as a charge to cost of products sold. Scrap and scrap substitute costs are a very significant component
of the raw material, semi-finished and finished product inventory balances. The vast majority of the Company’s inventory is recorded on
the first-in, first-out method. Production costs are applied to semi-finished and finished product inventory from the approximate period in
which they are produced.
Property, Plant and Equipment Property, plant and equipment is stated at cost, except for property, plant and equipment acquired
through acquisitions which is recorded at acquisition date fair value. With the exception of our natural gas wells, depreciation is
provided on a straight-line basis over the estimated useful lives of the assets. Depletion of all capitalized costs associated with our
natural gas producing properties is expensed on a unit-of-production basis by individual field as the gas from the proved developed
reserves is produced. The costs of acquiring unproved natural gas leasehold acreage are capitalized. When proved reserves are found
on unproved properties, the associated leasehold cost is transferred to proved properties. Unproved leases are reviewed periodically
for any impairment triggering event, and a valuation allowance is provided for any estimated decline in value. The costs of planned
major maintenance activities are capitalized as part of other current assets and amortized over the period until the next scheduled
major maintenance activity. All other repairs and maintenance activities are expensed when incurred.
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Goodwill and Other Intangibles Goodwill is the excess of cost over the fair value of net assets of businesses acquired. Goodwill is not
amortized but is tested annually for impairment and whenever events or circumstances change that would make it more likely than
not that an impairment may have occurred. We perform our annual impairment analysis as of the first day of the fourth quarter each
year. The evaluation of impairment involves comparing the current estimated fair value of each reporting unit, which is a level below
the reportable segment, to the recorded value, including goodwill. When appropriate, Nucor performs a qualitative assessment to
determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. For certain reporting
units, it is necessary to perform a quantitative analysis. In these instances, a discounted cash flow model is used to determine the
current estimated fair value of these reporting units. A number of significant assumptions and estimates are involved in the application
of the discounted cash flow model to forecast operating cash flows, which could include market growth and market share, sales
volumes and prices, costs to produce, discount rate and estimated capital needs. Management considers historical experience and
all available information at the time the fair values of its reporting units are estimated. Assumptions in estimating future cash flows are
subject to a high degree of judgment and complexity. Changes in assumptions and estimates may affect the fair value of goodwill and
could result in impairment charges in future periods.
Finite-lived intangible assets are amortized over their estimated useful lives on a straight-line or accelerated basis.
Long-Lived Asset Impairments We evaluate our property, plant and equipment and finite-lived intangible assets for potential impairment
on an individual asset basis or at the lowest level asset grouping for which independent cash flows can be separately identified. Asset
impairments are assessed whenever circumstances indicate that the carrying amounts of those productive assets could exceed their
projected undiscounted cash flows. When it is determined that impairment exists, the related assets are written down to their estimated
fair market value.
Equity Method Investments Investments in joint ventures in which Nucor shares control over the financial and operating decisions
but in which Nucor is not the primary beneficiary are accounted for under the equity method. Each of the Company’s equity method
investments is subject to a review for impairment if, and when, circumstances indicate that a decline in value below its carrying
amount may have occurred. Examples of such circumstances include, but are not limited to, a significant deterioration in the earnings
performance or business prospects of the investee; missed financial projections; a significant adverse change in the regulatory,
economic or technological environment of the investee; a significant adverse change in the general market condition of either the
geographic area or the industry in which the investee operates; and recurring negative cash flows from operations. When management
considers the decline to be other than temporary, the related investment is written down to its estimated fair market value.
Derivative Financial Instruments Nucor periodically uses derivative financial instruments primarily to partially manage its exposure
to price risk related to natural gas purchases used in the production process as well as its exposure to scrap, copper and aluminum
purchased for resale to its customers. In addition, Nucor periodically uses derivatives to partially manage its exposure to changes
in interest rates on outstanding debt instruments and uses forward foreign exchange contracts to hedge cash flows associated with
certain assets and liabilities, firm commitments and anticipated transactions.
Nucor recognizes all derivative instruments in the consolidated balance sheets at fair value. Amounts included in accumulated other
comprehensive income (loss) related to cash flow hedges are reclassified into earnings when the underlying transaction is recognized
in net earnings. Changes in fair value hedges are reported in earnings along with changes in the fair value of the hedged items.
When cash flow and fair value hedges affect net earnings, they are included on the same financial statement line as the underlying
transaction (cost of products sold or interest expense). If these instruments do not meet hedge accounting criteria, the change in fair
value (or a portion thereof) is recognized immediately in earnings in the same financial statement line as the underlying transaction.
Revenue Recognition Nucor recognizes revenue when obligations under the terms of contracts with our customers are satisfied;
generally, this occurs upon shipment or when control is transferred. Revenue is measured as the amount of consideration expected
to be received in exchange for transferring the goods. In addition, revenue is deferred when cash payments are received or due in
advance of performance. See Note 23 for further information.
Income Taxes Nucor utilizes the liability method of accounting for income taxes. Under the liability method, deferred taxes are
determined based on the temporary differences between the financial statement and tax basis of assets and liabilities using tax
rates expected to be in effect during the years in which the basis differences reverse. A valuation allowance is recorded when
it is more likely than not that some of the deferred tax assets will not be realized.
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Nucor recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Potential accrued
interest and penalties related to unrecognized tax benefits are recognized as a component of interest expense and other expenses.
The staff of the U.S. Securities and Exchange Commission issued Staff Accounting Bulletin No. 118 (“SAB 118”) to address the
application of Accounting Standards Codification 740, Income Taxes, in situations when a registrant does not have the necessary
information available, prepared or analyzed (including computations) in reasonable detail to complete the accounting for certain
income tax effects of the Tax Reform Act. Reflected in our 2017 financial results, and in accordance with SAB 118, were certain
provisional income tax effects of the Tax Reform Act. Adjustments, as allowed for under SAB 118, to these provisional amounts
were made in 2018. The accounting for the Tax Reform Act was completed in the fourth quarter of 2018. Further information on
the tax impacts of the Tax Reform Act is included in Note 19 of the Company’s consolidated financial statements.
Stock-Based Compensation The Company recognizes the cost of stock-based compensation as an expense using fair value
measurement methods. The assumptions used to calculate the fair value of stock-based compensation granted are evaluated
and revised for new grants, as necessary, to reflect market conditions and experience.
Foreign Currency Translation For Nucor’s operations where the functional currency is other than the U.S. dollar, assets and liabilities
have been translated at year-end exchange rates, and income and expenses have been translated using average exchange rates for
the respective periods. Adjustments resulting from the process of translating an entity’s financial statements into the U.S. dollar have
been recorded in accumulated other comprehensive income (loss) and are included in net earnings only upon sale or liquidation of
the underlying investments. Foreign currency transaction gains and losses are included in net earnings in the period they occur.
Recently Adopted Accounting Pronouncements In the first quarter of 2018, Nucor adopted new accounting guidance related to
revenue recognition for all contracts using the modified retrospective method. The modified retrospective method requires that
the cumulative effect of initially applying this new guidance be recorded as an adjustment to the opening balance of retained
earnings in the consolidated balance sheet. The adoption of this new accounting guidance did not have an impact on any prior
period earnings attributable to Nucor stockholders, and no adjustment was recorded to the opening retained earnings balance
as of January 1, 2018. Retrospective adjustment of comparative prior period information is not required when using the modified
retrospective adoption method, and no comparative prior periods have been adjusted for the new guidance.
The adoption of the new revenue accounting guidance did not significantly change the way we recognize revenue. To illustrate
this, if we had continued using the previous accounting guidance in effect before the adoption of the new revenue accounting
guidance, our consolidated net sales for 2018 would have increased approximately $81.4 million, or 0.3%, and cost of products
sold would have increased by the same amount. There would have been no impact on any other financial statement line items in
the consolidated financial statements for 2018. See Note 23 for disclosures required by the new revenue accounting guidance.
In the first quarter of 2018, Nucor adopted new accounting guidance regarding the recognition and measurement of financial
assets and financial liabilities. Changes to the current accounting guidance primarily affect the accounting for equity investments,
financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In
addition, the Financial Accounting Standards Board clarified guidance related to the valuation allowance assessment when
recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. The accounting for other
financial instruments, such as loans, investments in debt securities and financial liabilities, is largely unchanged. The adoption
of this new guidance did not have a material impact on the Company’s consolidated financial statements.
In the first quarter of 2018, Nucor adopted new accounting guidance regarding the presentation and classification of certain cash
receipts and cash payments in the statement of cash flows. The new guidance addresses specific cash flow presentation issues in
order to reduce diversity in existing practice. The adoption of this new guidance did not have a material impact on the Company’s
consolidated financial statements.
In the first quarter of 2018, Nucor adopted new accounting guidance regarding intra-entity transfers of assets other than inventory.
The new guidance requires that an entity should recognize the income tax consequences of an intra-entity transfer of an asset
other than inventory when the transfer occurs. The adoption of this new guidance did not have a material impact on the Company’s
consolidated financial statements.
Recently Issued Accounting Pronouncements In February 2016, new accounting guidance was issued regarding the accounting for
leases. The new guidance requires all lessees to recognize on the balance sheet right to use assets and lease liabilities for the rights
and obligations created by lease arrangements with terms greater than 12 months. The new guidance is effective for the Company for
annual and interim reporting periods beginning after December 15, 2018. In July 2018, this accounting guidance was amended to
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permit companies to recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption
and to continue reporting comparative periods prior to adoption in accordance with current lease guidance. The Company will adopt
this new guidance in the first quarter of 2019 and will record a cumulative adjustment to the January 1, 2019 retained earnings
balance. While the adoption of this new guidance is expected to increase assets and liabilities due to the recognition of lease rights
and obligations on the Company’s consolidated balance sheet effective January 1, 2019, the Company does not expect the adoption
of this new guidance to have a significant impact on its consolidated financial statements.
In February 2018, new accounting guidance was issued regarding the tax effects of the Tax Reform Act. The new guidance allows
for a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the
Tax Reform Act to improve the usefulness of information reported to financial statement users. The new guidance is effective for the
Company for annual and interim reporting periods beginning after December 15, 2018. The Company does not expect the adoption
of this new guidance to have a material impact on its consolidated financial statements.
On January 20, 2017, Nucor used cash on hand to acquire Republic Conduit (“Republic”) for a purchase price of $331.6 million.
Republic produces steel electrical conduit primarily used to protect and route electrical wiring in various nonresidential structures
such as hospitals, office buildings and stadiums. With its two facilities located in Kentucky and Georgia, Republic had shipments of
approximately 140,000 tons in 2017. This acquisition not only further expands Nucor’s product portfolio to include steel electrical
conduit and it is an important, value-added channel to market for Nucor’s sheet mills. Republic’s financial results are included as
part of the steel products segment (see Note 22).
We have allocated the purchase price for Republic to its individual assets acquired and liabilities assumed.
The following table summarizes the fair values of the assets acquired and liabilities assumed of Republic as of the date of acquisition:
(in thousands)
Cash $ 206
Accounts receivable 39,177
Inventory 33,561
Other current assets 1,101
Property, plant and equipment 67,412
Goodwill 115,562
Other intangible assets 89,200
Other assets 3,118
Total assets acquired 349,337
The following table summarizes the purchase price allocation to the identifiable intangible assets of Republic as of the date of acquisition:
The goodwill of approximately $115.6 million is primarily attributed to the synergies expected to arise after the acquisition. The
goodwill is calculated as the excess of the purchase price over the fair values of the assets acquired and liabilities assumed and has
been allocated to the steel products segment (see Note 8). Goodwill recognized for tax purposes was $118.6 million, all of which is
deductible for such purposes.
On October 31, 2016, Nucor used cash on hand to acquire Independence Tube Corporation (“ITC”) for a purchase price of $430.1
million. ITC is a leading manufacturer of hollow structural section (“HSS”) steel tubing, which is primarily used in nonresidential
construction markets. ITC has the ability to produce approximately 860,000 tons of HSS steel tubing annually at its four facilities,
two of which are in Illinois and the other two are in Alabama. This acquisition not only further expands Nucor’s product portfolio to
include the HSS steel tubing market but the Company also believes it is an important, value-added channel to market for Nucor’s
hot-rolled sheet steel, as ITC’s plants are located in close proximity to Nucor’s sheet mills in Alabama, Indiana and Kentucky. ITC’s
financial results are included as part of the steel products segment (see Note 22).
We have allocated the purchase price for ITC to its individual assets acquired and liabilities assumed.
The following table summarizes the fair values of the assets acquired and liabilities assumed of ITC as of the date of acquisition:
(in thousands)
Cash $ 1,058
Accounts receivable 33,173
Inventory 94,400
Other current assets 1,743
Property, plant and equipment 177,668
Goodwill 29,522
Other intangible assets 130,900
Other assets 1,287
Total assets acquired 469,751
The following table summarizes the purchase price allocation to the identifiable intangible assets of ITC as of the date of acquisition:
The goodwill of approximately $29.5 million is primarily attributed to the synergies expected to arise after the acquisition. The
goodwill is calculated as the excess of the purchase price over the fair values of the assets acquired and liabilities assumed and has
been allocated to the steel products segment (see Note 8). Goodwill recognized for tax purposes was $30.5 million, all of which is
deductible for such purposes.
Other acquisitions, exclusive of purchase price adjustments of acquisitions made and net of cash acquired, totaled $33.1 million in 2018,
$212.7 million in 2017 and $50.1 million in 2016. Included in the 2017 amount is the January 9, 2017 acquisition of Southland Tube,
Inc. (“Southland”) and the September 1, 2017 acquisition of St. Louis Cold Drawn, Inc. (“St. Louis Cold Drawn”). Nucor used cash on
hand to acquire Southland and St. Louis Cold Drawn for purchase prices of approximately $130 million and $60 million, respectively.
Southland is a manufacturer of HSS steel tubing, which is primarily used in nonresidential construction markets. Southland had
shipments to external customers of approximately 290,000 tons in 2018 and has one manufacturing facility in Birmingham, Alabama.
St. Louis Cold Drawn is a manufacturer of cold drawn rounds, hexagons, squares and special sections that mainly serves the U.S. and
Mexican automotive and industrial markets. St. Louis Cold Drawn has two manufacturing locations, one in St. Louis, Missouri and the
other in Monterrey, Mexico, that have a combined annual capacity of approximately 200,000 tons. The financial results of Southland
and St. Louis Cold Drawn are included as part of the steel products segment (see Note 22).
4. SHORT-TERM INVESTMENTS
Nucor held $50.0 million of short-term investments as of December 31, 2017 (none at December 31, 2018). The investments held
as of December 31, 2017 consisted of a certificate of deposit (“CD”) and were classified as available-for-sale. Interest income on
the CD was recorded as earned.
5. ACCOUNTS RECEIVABLE
An allowance for doubtful accounts is maintained for estimated losses resulting from the inability of our customers to make required
payments. Accounts receivable are stated net of the allowance for doubtful accounts of $62.1 million at December 31, 2018
($49.0 million at December 31, 2017 and $45.9 million at December 31, 2016).
6. INVENTORIES
Inventories consisted of approximately 43% raw materials and supplies and 57% finished and semi-finished products at December
31, 2018 (42% and 58%, respectively, at December 31, 2017). 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.
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(in thousands)
December 31, 2018 2017
The estimated useful lives primarily range from five to 25 years for land improvements, four to 40 years for buildings and improvements
and two to 15 years for machinery and equipment. The useful life for proved oil and gas properties is based on the unit-of-production
method and varies by well.
In September 2018, Nucor performed an impairment analysis of its proved producing natural gas well assets due to the current
and projected natural gas pricing environment at our sales point in the Piceance Basin, which continued to deteriorate during
2018. Management was monitoring these assets since the prior impairment analysis that was performed in the fourth quarter of
2017. The projected natural gas pricing at our sales point in the Piceance Basin reached such a level in the third quarter of 2018
that management determined that a triggering event had occurred. One of the main assumptions that most significantly affects the
cash flow determination is management’s estimate of future pricing of natural gas and natural gas liquids. The pricing used in this
impairment assessment was developed by management based on projected natural gas market supply and demand dynamics, in
conjunction with a review of projections by market analysts. The impairment analysis was performed on each of Nucor’s three groups
(“fields”) of wells, with each field defined by common geographic location.
Two of Nucor’s three fields of wells did not pass the undiscounted cash flow impairment analysis. An after-tax discounted cash flow
analysis was performed for these two fields to determine the amount of impairment. The carrying values of these two fields were
impaired by a combined $110.0 million. The impairment charge is included in impairment of assets in the consolidated statements of
earnings for the year ended December 31, 2018. The post-impairment combined carrying value of these two fields was $71.0 million
at December 31, 2018. The third field was not impaired and has a carrying value of $51.8 million at December 31, 2018. Changes
in the natural gas industry or a prolonged low price environment beyond what was assumed in this most recent analysis could cause
management to revise the natural gas and natural gas liquids price assumptions, the estimated reserves or the estimated drilling
production costs, all of which could result in future impairment of these proved well assets.
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The change in the net carrying amount of goodwill for the years ended December 31, 2018 and 2017 by segment is as follows:
(in thousands)
Steel Raw
Steel Mills Products Materials Total
Intangible assets with estimated useful lives of five to 22 years are amortized on a straight-line or accelerated basis and are comprised
of the following:
(in thousands)
Intangible asset amortization expense was $88.8 million in 2018 ($91.2 million in 2017 and $73.9 million in 2016). Annual
amortization expense is estimated to be $87.1 million in 2019, $84.7 million in 2020, $83.5 million in 2021, $81.2 million in
2022 and $80.0 million in 2023.
The Company completed its annual goodwill impairment testing as of the first day of the fourth quarters of 2018, 2017 and 2016
and concluded that as of such dates there was no impairment of goodwill for any of its reporting units. The annual evaluation
performed in 2018 used forward-looking projections and included significant expected improvements in the future cash flows of
one of the Company’s reporting units, Rebar Fabrication. As a result of the rapid and significant increase in the price of steel in
2018, the operating results of this reporting unit declined significantly and remained depressed throughout the remainder of the
year. Nucor expects the operating results of this reporting unit to improve when the price of steel in relation to the reporting unit’s
backlog pricing stabilizes. The fair value of this reporting unit exceeded its carrying value by approximately 8% in the most recent
evaluation. If our assessment of the relevant facts and circumstances changes, or the actual performance in this reporting unit
falls short of expected results, noncash impairment charges may be required. Total goodwill associated with the Rebar Fabrication
reporting unit as of December 31, 2018 was $353.0 million. 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 as of December 31,
2018 was $76.7 million.
There are no significant historical accumulated impairment charges, by segment or in the aggregate, related to goodwill.
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9. EQUITY INVESTMENTS
The carrying value of our equity investments in domestic and foreign companies was $869.9 million at December 31, 2018
($750.1 million at December 31, 2017), and is recorded in other assets in the consolidated balance sheets.
NuMit Nucor owns a 50% economic and voting interest in NuMit LLC (“NuMit”). NuMit owns 100% of the equity interest in
Steel Technologies LLC, an operator of 26 sheet processing facilities located throughout the United States, Canada and Mexico.
Nucor accounts for the investment in NuMit (on a one-month lag basis) under the equity method, as control and risk of loss are
shared equally between the members. Nucor’s investment in NuMit at December 31, 2018 was $337.2 million ($321.4 million
at December 31, 2017). Nucor received distributions of $29.2 million, $48.3 million and $38.6 million from NuMit during 2018,
2017 and 2016, respectively.
Duferdofin Nucor Nucor owns a 50% economic and voting interest in Duferdofin Nucor S.r.l. (“Duferdofin Nucor”), an Italian steel
manufacturer, and accounts for the investment (on a one-month lag basis) under the equity method, as control and risk of loss are
shared equally between the members.
Nucor’s investment in Duferdofin Nucor at December 31, 2018 was $269.1 million ($285.9 million at December 31, 2017).
Nucor’s 50% share of the total net assets of Duferdofin Nucor was $113.5 million at December 31, 2018, resulting in a basis
difference of $155.6 million due to the step-up to fair value of certain assets and liabilities attributable to Duferdofin Nucor as
well as the identification of goodwill ($88.5 million) and finite-lived intangible assets. This basis difference, excluding the portion
attributable to goodwill, is being amortized based on the remaining estimated useful lives of the various underlying net assets, as
appropriate. Amortization expense associated with the fair value step-up was $9.3 million, $8.9 million and $8.8 million in 2018,
2017 and 2016, respectively.
As of December 31, 2018, Nucor had outstanding notes receivable of €35.0 million ($40.2 million) from Duferdofin Nucor
(€35.0 million, or $41.9 million, as of December 31, 2017). The notes receivable bear interest at 0.84% and reset annually on
September 30 to the 12-month Euro Interbank Offered Rate plus 1% per year. The maturity date of the principal amounts was
extended to January 31, 2022 during the first quarter of 2018. As of December 31, 2018 and 2017, the notes receivable were
classified in other assets in the consolidated balance sheets.
Nucor has issued a guarantee for its ownership percentage (50%) of Duferdofin Nucor’s borrowings under Facility A of a Structured
Trade Finance Facilities Agreement (“Facility A”). The fair value of the guarantee is immaterial. In April 2018, Duferdofin Nucor
amended and extended Facility A to mature on April 16, 2021.The maximum amount Duferdofin Nucor could borrow under Facility
A was €160.0 million ($183.7 million) at December 31, 2018. As of December 31, 2018, there was €155.0 million ($178.0 million)
outstanding under that facility (€122.5 million, or $146.7 million, as of December 31, 2017). If Duferdofin Nucor fails to pay when
due any amounts for which it is obligated under Facility A, Nucor could be required to pay 50% of such amounts pursuant to and
in accordance with the terms of its guarantee. Any indebtedness of Duferdofin Nucor to Nucor is effectively subordinated to the
indebtedness of Duferdofin Nucor under Facility A. Nucor has not recorded any liability associated with this guarantee.
Nucor-JFE Nucor owns a 50% economic and voting interest in Nucor-JFE Steel Mexico, S. de R.L. de C.V. (“Nucor-JFE”), a 50-50 joint
venture with JFE Steel Corporation of Japan, to build and operate a galvanized sheet steel plant in central Mexico. Nucor-JFE plant
construction has commenced and operations are expected to begin in the second half of 2019. Nucor accounts for the investment in
Nucor-JFE (on a one-month lag basis) under the equity method, as control and risk of loss are shared equally between the members.
Nucor’s investment in Nucor-JFE at December 31, 2018 was $135.7 million ($71.1 million at December 31, 2017).
All Equity Investments Nucor reviews its equity investments for impairment if and when circumstances indicate that a decline in value
below their carrying amounts may have occurred. Nucor last assessed its equity investment in Duferdofin Nucor for impairment during
the fourth quarter of 2017 due to the protracted challenging steel market conditions in Europe. After completing its assessment, the
Company determined that the estimated fair value exceeded its carrying amount by a sufficient amount and that there was no need
to record an impairment charge. The assumptions that most significantly affect the fair value determination include projected cash
flows and the discount rate. It is reasonably possible that material deviation of future performance from the estimates used in our most
recent valuation could result in impairment of our investment in Duferdofin Nucor. We will continue to monitor for potential triggering
events that could affect the carrying value of our investment in Duferdofin Nucor as a result of future market conditions and any
changes in our business strategy.
64
Book overdrafts, included in accounts payable in the consolidated balance sheets, were $89.8 million at December 31, 2018
($139.2 million at December 31, 2017). Dividends payable, included in accrued expenses and other current liabilities in the
consolidated balance sheets, were $123.4 million at December 31, 2018 ($121.8 million at December 31, 2017).
(in thousands)
December 31, 2018 2017
Industrial revenue bonds
due from 2020 to 2040* $ 1,010,600 $ 1,010,600
Notes, 5.85%, due 2018 — 500,000
Notes, 4.125%, due 2022 600,000 600,000
Notes, 4.0%, due 2023 500,000 500,000
Notes, 3.95%, due 2028 500,000 —
Notes, 6.40%, due 2037 650,000 650,000
Notes, 5.20%, due 2043 500,000 500,000
Notes, 4.40%, due 2048 500,000 —
Total long-term debt 4,260,600 3,760,600
Less debt issuance costs 27,324 18,358
Total amounts outstanding 4,233,276 3,742,242
Less current maturities — 500,000
Total long-term debt due after one year $ 4,233,276 $ 3,242,242
*The industrial revenue bonds had variable rates ranging from 1.88% to 2.03% at December 31, 2018 and 1.65% to 1.92% at December 31,
2017, respectively.
Annual aggregate long-term debt maturities are: none in 2019, $20.0 million in 2020, none in 2021, $601.0 million in 2022,
$500.0 million in 2023 and $3.14 billion thereafter.
In April 2018, Nucor issued $500.0 million of 3.95% notes due 2028 and $500.0 million of 4.40% notes due 2048. Net proceeds
of the issuances were $986.1 million, of which $500.0 million was used to repay the $500.0 million of 5.85% notes that matured June 1,
2018. Costs of $11.9 million associated with the issuances have been capitalized and will be amortized over the lives of the notes.
During the second quarter of 2018, Nucor amended its $1.50 billion unsecured revolving credit facility to extend the maturity date from
April 2021 to April 2023. Costs associated with the amendment were immaterial. The unsecured revolving credit facility provides up to
$1.50 billion in revolving loans and allows up to $500.0 million in additional commitments at Nucor’s election in accordance with the
terms set forth in the credit agreement. Up to the equivalent of $850.0 million of the credit facility is available for foreign currency loans,
up to $100.0 million is available for the issuance of letters of credit and up to $500.0 million is available for the issuance of revolving
loans for Nucor subsidiaries in accordance with terms set forth in the credit agreement. The credit facility provides for a pricing grid
based upon the credit rating of Nucor’s senior unsecured long-term debt and, alternatively, interest rates quoted by lenders in connection
with competitive bidding. The credit facility includes customary financial and other covenants, including a limit on the ratio of funded
debt to total capital of 60%, a limit on Nucor’s ability to pledge the Company’s assets and a limit on consolidations, mergers and sales of
assets. As of December 31, 2018, Nucor’s funded debt to total capital ratio was 30%, and Nucor was in compliance with all covenants
under the credit facility. No borrowings were outstanding under the credit facility as of December 31, 2018 and 2017.
Harris Steel has credit facilities totaling approximately $7.5 million, with no outstanding borrowings at December 31, 2018 ($7.8 million
at December 31, 2017). In addition, the business of Nucor Trading S.A. is financed by uncommitted trade credit arrangements with a
number of European banking institutions. As of December 31, 2018, Nucor Trading S.A. had outstanding borrowings of $57.9 million,
which is presented in short-term debt in the consolidated balance sheets ($52.8 million at December 31, 2017).
Letters of credit totaling $56.2 million were outstanding as of December 31, 2018 ($40.0 million as of December 31, 2017),
related to certain obligations, including workers’ compensation, utilities deposits and credit arrangements by Nucor Trading S.A.
for commitments to purchase inventories.
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The par value of Nucor’s common stock is $0.40 per share and there are 800 million shares authorized. In addition, 250,000
shares of preferred stock, par value of $4.00 per share, are authorized, with preferences, rights and restrictions as may be fixed
by the Board of Directors. There are no shares of preferred stock issued or outstanding.
Dividends declared per share were $1.5400 in 2018 ($1.5125 per share in 2017 and $1.5025 per share in 2016).
The Company repurchased $854.0 million of its common stock in 2018 ($90.3 million in 2017 and $5.2 million in 2016).
On September 6, 2018, the Company announced that the Board of Directors had approved a share repurchase program under
which the Company is authorized to repurchase up to $2.0 billion of the Company’s common stock. Share repurchases will be
made from time to time in the open market at prevailing market prices, 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. The Board of Directors also terminated any previously
authorized repurchase programs. At December 31, 2018, the Company had approximately $1.5 billion available for share
repurchases under the program.
Fair Value
December 31, Consolidated Balance Sheet Location 2018 2017
Cost of
Commodity products
contracts sold $(3,568) $(4,523) $ 2,570 $ 132 $ (973) $(9,880) $ — $ — $ —
At December 31, 2018, natural gas swaps covering approximately 47.0 million MMBTUs (extending through December 2022)
were outstanding.
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The following table summarizes information regarding Nucor’s financial assets and liabilities that are measured at fair value as of December 31,
2018 and 2017. Nucor does not have any non-financial assets or liabilities that are measured at fair value on a recurring basis.
(in thousands)
Fair Value Measurements at Reporting Date Using
Carrying Quoted Prices Significant Significant
Amount in in Active Markets Other Observable Unobservable
Consolidated for Identical Assets Inputs Inputs
December 31, Balance Sheets (Level 1) (Level 2) (Level 3)
2018
Assets:
Cash equivalents $1,084,319 $1,084,319 $ — —
Derivative contracts 4,772 — 4,772 —
Total assets $1,089,091 $1,084,319 $ 4,772 —
Liabilities:
Derivative contracts $ (8,600) — $ (8,600) —
2017
Assets:
Cash equivalents $ 594,946 $ 594,946 $ — —
Short-term investments 50,000 50,000 — —
Derivative contracts 479 — 479 —
Total assets $ 645,425 $ 644,946 $ 479 —
Liabilities:
Derivative contracts $ (8,531) — $ (8,531) —
Fair value measurements for Nucor’s cash equivalents and short-term investments 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 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. 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 $4.45 billion at December 31, 2018
(approximately $4.19 billion at December 31, 2017). The debt fair value estimates are classified under Level 2 because such estimates
are based on readily available market prices of our debt at December 31, 2018 and 2017, or similar debt with the same maturities,
ratings and interest rates.
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15. CONTINGENCIES
Nucor is subject to environmental laws and regulations established by federal, state and local authorities and, accordingly, makes
provisions for the estimated costs of compliance. Of the undiscounted total of $18.4 million of accrued environmental costs at
December 31, 2018 ($17.1 million at December 31, 2017), $7.0 million was classified in accrued expenses and other current
liabilities ($3.8 million at December 31, 2017) and $11.4 million was classified in deferred credits and other liabilities ($13.3 million
at December 31, 2017). Inherent uncertainties exist in these estimates primarily due to unknown conditions, evolving remediation
technology and changing governmental regulations and legal standards.
We are from time to time a party to various lawsuits, claims and 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.
Overview The Company maintains the Nucor Corporation 2014 Omnibus Incentive Compensation Plan (the “Omnibus Plan”) under
which the Company may award stock-based compensation to key employees, officers and non-employee directors. The Company’s
stockholders approved the Omnibus Plan on May 8, 2014. The Omnibus Plan permits the award of stock options, restricted stock
units, restricted shares and other stock-based awards for up to 13.0 million shares of the Company’s common stock. As of December
31, 2018, 5.9 million shares remained available for award under the Omnibus Plan.
The Company also maintains a number of inactive plans under which stock-based awards remain outstanding but no further awards
may be made. As of December 31, 2018, 1.9 million shares were reserved for issuance upon the future settlement of outstanding
awards under such inactive plans.
Stock Options Stock options may be granted to Nucor’s key employees, officers and non-employee directors with exercise prices at
100% of the market value on the date of the grant. The stock options granted are generally exercisable at the end of three years and
have a term of 10 years.
(shares in thousands)
Year Ended December 31, 2018 2017 2016
Weighted- Weighted- Weighted-
Average Average Average
Exercise Exercise Exercise
Shares Price Shares Price Shares Price
Number of shares under option:
Outstanding at beginning of year 4,106 $ 47.96 3,591 $45.32 3,092 $43.51
Granted 265 $ 65.80 698 $59.07 899 $48.80
Exercised (543) $ 44.33 (183) $38.56 (400) $39.19
Canceled — — — — — —
Outstanding at end of year 3,828 $ 49.71 4,106 $47.96 3,591 $45.32
Options exercisable at end of year 2,112 $ 45.41 1,809 $43.39 1,557 $40.80
The total intrinsic value of stock options (the amount by which the stock price exceeded the exercise price of the stock option on the
date of exercise) that were exercised during 2018 was $12.6 million ($4.5 million in 2017 and $6.8 million in 2016).
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The following table summarizes information about stock options outstanding at December 31, 2018:
(shares in thousands)
Weighted-
Average Weighted- Weighted-
Range of Number Remaining Average Number Average
Exercise Prices Outstanding Contractual Life Exercise Price Exercisable Exercise Price
As of December 31, 2018, the total aggregate intrinsic value of stock options outstanding and stock options exercisable was
$16.8 million and $14.3 million, respectively.
The grant date fair value of stock options granted was $15.07 per share in 2018 ($12.61 per share in 2017 and $9.12 per share
in 2016). The fair value was estimated using the Black-Scholes option-pricing model with the following assumptions:
Stock options granted to employees who are eligible for retirement on the date of grant are expensed immediately since these awards vest
upon retirement from the Company. Retirement, for purposes of vesting in these stock options, means termination of employment after
satisfying age and years of service requirements. Similarly, stock options granted to employees who will become retirement-eligible prior
to the end of the vesting term are expensed over the period through which the employee will become retirement-eligible. Compensation
expense for stock options granted to employees who will not become retirement-eligible prior to the end of the vesting term is recognized
on a straight-line basis over the vesting period. Compensation expense for stock options was $4.6 million in 2018 ($8.2 million in 2017
and $7.8 million in 2016). As of December 31, 2018, unrecognized compensation expense related to stock options was $1.6 million,
which is expected to be recognized over a weighted-average period of 1.7 years.
Restricted Stock Units Nucor annually grants restricted stock units (“RSUs”) to key employees, officers and non-employee directors.
The RSUs granted to key employees and officers vest and are converted to common stock in three equal installments on each of
the first three anniversaries of the grant date provided that a portion of the RSUs awarded to officer prior to 2018 vest only upon the
officer’s retirement. Retirement, for purposes of vesting in these RSUs only, means termination of employment with approval of the
Compensation and Executive Development Committee of the Board of Directors after satisfying age and years of service requirements.
RSUs granted to a non-employee director are fully vested on the grant date and are payable to the non-employee director in the form
of common stock after the termination of the director’s service on the Board of Directors.
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RSUs granted to employees who are eligible for retirement on the date of grant are expensed immediately, and RSUs granted to
employees who will become retirement-eligible prior to the end of the vesting term are expensed over the period through which
the employee will become retirement-eligible since these awards vest upon retirement from the Company. Compensation expense
for RSUs granted to employees who will not become retirement-eligible prior to the end of the vesting term is recognized on a
straight-line basis over the vesting period.
Cash dividend equivalents are paid to holders of RSUs each quarter. Dividend equivalents paid on RSUs expected to vest are
recognized as a reduction in retained earnings.
The fair value of an RSU is determined based on the closing price of Nucor’s common stock on the date of the grant.
(shares in thousands)
Year Ended December 31, 2018 2017 2016
Grant Date Grant Date Grant Date
Shares Fair Value Shares Fair Value Shares Fair Value
Compensation expense for RSUs was $54.3 million in 2018 ($38.0 million in 2017 and $33.9 million in 2016). The total fair value
of shares vested during 2018 was $54.4 million ($39.9 million in 2017 and $33.4 million in 2016). As of December 31, 2018,
unrecognized compensation expense related to unvested RSUs was $46.7 million, which is expected to be recognized over a
weighted-average period of 1.7 years.
Restricted Stock Awards Prior to their expiration effective December 31, 2017, the Nucor Corporation Senior Officers Long-Term
Incentive Plan and the Nucor Corporation Senior Officers Annual Incentive Plan authorized the award of shares of common stock to
officers subject to certain conditions and restrictions. Effective January 1, 2018, the Company adopted supplements to the Omnibus
Plan with terms that permit the award of shares of common stock to officers subject to the conditions and restrictions described below,
which are substantially similar to those of the expired Senior Officers Long-Term Incentive Plan and Senior Officers Annual Incentive
Plan. The expired Senior Officers Long-Term Incentive Plan, together with the applicable supplement, is referred to below as the “LTIP,”
and the expired Senior Officers Annual Incentive Plan, together with the applicable supplement, is referred to below as the “AIP.”
The LTIP provides for the award of shares of restricted common stock at the end of each LTIP performance measurement period at
no cost to officers if certain financial performance goals are met during the period. One-third of the LTIP restricted stock award vests
upon each of the first three anniversaries of the award date or, if earlier, upon the officer’s attainment of age 55 while employed by
Nucor. Although participants are entitled to cash dividends and may vote such awarded shares, the sale or transfer of such shares is
limited during the restricted period.
The AIP provides for the payment of annual cash incentive awards. An AIP participant may elect, however, to defer payment of up
to one-half of an AIP award. In such event, the deferred AIP award is converted into common stock units and credited with a deferral
incentive, in the form of additional common stock units, equal to 25% of the number of common stock units attributable to the
deferred AIP award. Common stock units attributable to deferred AIP awards are fully vested. Common stock units credited as a
deferral incentive vest upon the AIP participant’s attainment of age 55 while employed by Nucor. Vested common stock units are
paid to AIP participants in the form of shares of common stock following their termination of employment with Nucor.
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A summary of Nucor’s restricted stock activity under the AIP and the LTIP is as follows:
(shares in thousands)
Year Ended December 31, 2018 2017 2016
Grant Date Grant Date Grant Date
Shares Fair Value Shares Fair Value Shares Fair Value
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 $14.6 million in 2018 ($17.9 million in 2017 and $14.8 million in 2016). The total
fair value of shares vested during 2018 was $14.7 million ($9.0 million in 2017 and $5.2 million in 2016). As of December 31,
2018, unrecognized compensation expense related to unvested restricted stock awards was $1.6 million, which is expected to be
recognized over a weighted-average period of 1.7 years.
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 $307.9 million in 2018 ($169.4 million in 2017 and $129.0 million in 2016).
The related liability for these benefits is included in salaries, wages and related accruals in the consolidated balance sheets.
Nucor also has a medical plan covering certain eligible early retirees. The unfunded obligation, included in deferred credits and other
liabilities in the consolidated balance sheets, totaled $25.5 million at December 31, 2018 ($25.1 million at December 31, 2017). The
expense associated with this early retiree medical plan totaled $2.1 million in 2018 ($2.2 million in 2017 and $0.6 million in 2016).
The discount rate is used by Nucor in determining its benefit obligation and was 4.24% in 2018 (3.6% in 2017 and 4.2% in 2016).
The health care cost increase trend rate used was 6.3% in 2018 (6.6% in 2017 and 6.8% in 2016). The health care cost increase
in the trend rate is projected to decline gradually to 4.5% by 2037.
(in thousands)
Year Ended December 31, 2018 2017 2016
Interest paid was $165.7 million in 2018 ($186.8 million in 2017 and $183.4 million in 2016). Interest expense for 2018 decreased
compared to 2017 in part due to a benefit received from entering into and settling a treasury lock instrument in anticipation of the
Company’s debt issuance in the second quarter of 2018. The Company did not elect hedge accounting for this instrument.
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The Tax Reform Act made significant changes to U.S. tax law that impacted the Company, including permanently lowering the U.S.
corporate federal income tax rate from 35% to 21% and the elimination of the domestic manufacturing deduction effective for tax
years beginning after December 31, 2017. The Tax Reform Act also included a one-time transition tax on the deemed repatriation
of certain foreign earnings associated with the move to the territorial system. In addition to the move to a territorial system the Tax
Reform Act created two new U.S. tax base-erosion provisions, the global intangible low-taxed income (“GILTI”) and the base-erosion
and anti-abuse tax (“BEAT”) provisions. The impact of GILTI and BEAT to the Company’s 2018 financials was immaterial.
The staff of the U.S. Securities and Exchange Commission issued Staff Accounting Bulletin No. 118 (“SAB 118”) to address the
application of Accounting Standards Codification 740, Income Taxes, in situations when a registrant does not have the necessary
information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain
income tax effects of the Tax Reform Act. Reflected in our 2017 financial results, and in accordance with SAB 118, were certain
provisional income tax effects of the 2017 Tax Reform Act, including a net $175.2 million of tax benefit recorded primarily due to
the revaluation of our U.S. net deferred tax liabilities from 35% to 21%. The Company, provisionally, did not include any tax impact
related to the transition tax in its consolidated financial statements for the year ended December 31, 2017. In 2018, upon completion
of its 2017 federal tax return, Nucor finalized the analysis of the previously estimated one-time transition tax. Nucor included a
transition tax expense of $2.4 million in its 2018 financial results. A tax expense of $3.4 million was also recognized in 2018 related
to the revaluation of temporary return to provision adjustments. These adjustments, as allowed under SAB 118 completed Nucor’s
accounting for the Tax Reform Act.
Components of earnings (losses) from continuing operations before income taxes and noncontrolling interests are as follows:
(in thousands)
Year Ended December 31, 2018 2017 2016
(in thousands)
Year Ended December 31, 2018 2017 2016
Current:
Federal $ 633,868 $ 504,865 $ 286,224
State 96,622 37,308 27,353
Foreign 14,800 48,386 13,211
Total current 745,290 590,559 326,788
Deferred:
Federal 4,953 (207,006) 71,777
State 6,847 (4,533) 5,193
Foreign (8,783) (9,634) (5,515)
Total deferred 3,017 (221,173) 71,455
A reconciliation of the federal statutory tax rate (21% in 2018 and 35% in 2017 and 2016) to the total provision is as follows:
For the year ended December 31, 2018 the effective tax rate on continuing operations increased 2.06% versus the prior year period
to 23.17%. The increase in rate between 2017 and 2018 is primarily due to the increase in the effective rate for state income taxes
and the write-off of $21.3 million (0.66%, included in the 2018 Other, net line) of deferred tax assets due to the change in the tax
status of a subsidiary in 2018. The Tax Reform Act impacted the effective rates of both 2018 and 2017. The impacts on the 2018
effective rate include the lower federal income tax rate of 21% (35% in 2017), the loss of the domestic manufacturing deduction
(-2.58% in 2017) and the two SAB 118 adjustments mentioned above. These SAB 118 adjustments had an impact of 0.18% on
the 2018 effective tax rate and are included in the 2018 Tax Reform Act line. The 2017 effective tax rate included a provisional net
benefit of $175.2 million (-10.01%) mainly driven by the revaluation of the Company’s net U.S. deferred tax assets and liabilities due
to the enactment of the Tax Reform Act.
74
(in thousands)
December 31, 2018 2017
On August 9, 2018, the Treasury Department issued regulations on the one-time transition tax included in the Tax Reform Act.
Information included in the proposed regulations changed the Company’s treatment of a distribution and related foreign taxes for
2017 federal income tax return purposes. This change removed $59.9 million of the foreign tax credit carryforward and corresponding
valuation allowance. An additional $14.5 million of foreign tax credit carryforward and corresponding valuation allowance were written
off in first quarter of 2018 with the change in the tax status of a subsidiary.
Non-current deferred tax assets included in other assets were $0.7 million at December 31, 2018 ($0.6 million at December 31,
2017). Non-current deferred tax liabilities included in deferred credits and other liabilities were $332.0 million at December 31, 2018
($329.3 million at December 31, 2017). Current federal and state income taxes receivable included in other current assets were
$26.2 million at December 31, 2018 ($212.5 million at December 31, 2017). Nucor paid $561.1 million in net federal, state and
foreign income taxes in 2018 ($699.8 million and $329.3 million in 2017 and 2016, respectively).
The Tax Reform Act provided for a one-time deemed mandatory repatriation of post-1986 undistributed foreign subsidiary earnings
and profits. Nucor’s deemed repatriation of foreign earnings was mainly offset by foreign deficits. Under the Tax Reform Act, this
deemed repatriation creates previously taxed income for future distributions and provides a dividends received deduction with the
move to the territorial system. While Nucor considers future earnings to be permanently reinvested, this means that future distributions
will likely be of a nontaxable manner. Therefore, the Company has not recognized deferred tax liabilities on its investment in foreign
subsidiaries that satisfy the permanent reinvestment requirements (the deferred tax liabilities on the investments in foreign subsidiaries
not permanently reinvested are immaterial). If this assertion of permanent reinvestment were to change there may be deferred tax
liabilities related to the withholding tax impacts on the actual distribution of certain cumulative undistributed foreign earnings, but the
Company believes this amount to be immaterial.
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State net operating loss carryforwards were $483.0 million at December 31, 2018 ($605.9 million at December 31, 2017). If unused,
they will expire between 2019 and 2038. Foreign net operating loss carryforwards were $58.6 million at December 31, 2018
($28.3 million at December 31, 2017). If unused, they will expire between 2029 and 2037.
At December 31, 2018, Nucor had approximately $48.6 million of unrecognized tax benefits, of which $48.0 million would affect
Nucor’s effective tax rate, if recognized. At December 31, 2017, Nucor had approximately $48.8 million of unrecognized tax benefits,
of which $48.2 million would affect Nucor’s effective tax rate, if recognized.
A reconciliation of the beginning and ending amounts of unrecognized tax benefits recorded in deferred credits and other liabilities
is as follows:
(in thousands)
Year Ended December 31, 2018 2017 2016
We estimate that in the next twelve months, our gross uncertain tax positions, exclusive of interest, could decrease by as much as
$7.4 million, as a result of the expiration of the statute of limitations.
During 2018, Nucor recognized $4.0 million of benefit in interest and penalties ($2.2 million of benefit in 2017 and $2.8 million of
benefit in 2016). The interest and penalties are included in interest expense and other expenses, respectively, in the consolidated
statements of earnings. As of December 31, 2018, Nucor had approximately $11.2 million of accrued interest and penalties related
to uncertain tax positions on the consolidated balance sheet (approximately $16.1 million at December 31, 2017).
Nucor has concluded U.S. federal income tax matters for years through 2014. The tax years 2015 through 2017 remain open to
examination by the Internal Revenue Service. The Canada Revenue Agency has concluded its examination of the 2012 and 2013
Canadian returns for Harris Steel Group Inc. and certain related affiliates. The 2015 tax year is currently under examination by the
Canadian Revenue Agency. In January 2019, the Trinidad and Tobago Inland Revenue Division initiated an audit of the Nu-Iron
Unlimited 2013 corporate income tax return. The tax years 2011 through 2017 remain open to examination by other major taxing
jurisdictions to which Nucor is subject (primarily Canada and other state and local jurisdictions).
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The following tables reflect the changes in accumulated other comprehensive income (loss) by component:
(in thousands)
(1) Includes ($132) and ($350) net-of-tax impact of accumulated other comprehensive income reclassifications into cost of products sold for net losses on commodity
contracts and adjustment to early retiree medical plan, respectively. The tax impacts of these reclassifications were $0 and ($108), respectively.
(in thousands)
(2) Includes $973 and ($415) net-of-tax impact of accumulated other comprehensive income reclassifications into cost of products sold for net losses on commodity
contracts and adjustment to early retiree medical plan, respectively. The tax impacts of these reclassifications were $400 and ($279), respectively.
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The computations of basic and diluted net earnings per share are as follows:
The following stock options were excluded from the computation of diluted net earnings per share because their effect would
have been anti-dilutive:
(shares in thousands)
Year Ended December 31, 2018 2017 2016
22. 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 investments in Duferdofin Nucor, NuMit and Nucor-JFE. The steel products segment includes steel joists and
joist girders, steel deck, fabricated concrete reinforcing steel, cold finished steel, steel fasteners, metal building systems, steel
grating, tubular products businesses, piling products business, and wire and wire mesh. 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,
two facilities that produce direct reduced iron used by the steel mills; our natural gas production operations; and Nucor’s equity
method investment in Hunter Ridge Energy Services LLC (“Hunter Ridge”). Nucor sold its 50% interest in Hunter Ridge during
the third quarter of 2016. The steel mills, steel products and raw materials segments are consistent with the way Nucor manages
its business, which is primarily based upon the similarity of the types of products produced and sold by each segment.
Previously, Nucor’s tubular products and piling products businesses were reported in the steel mills segment. In the first quarter
of 2018, these businesses were reclassified to the steel products segment as part of a realignment of Nucor’s reportable segments
to reflect the way in which they are now viewed by management and how segment performance assessments will be made by the
chief operating decision maker beginning in such period. The segment data for the comparable periods has also been reclassified
into the steel products segment in order to conform to the current year presentation. Additionally, the composition of assets by
segment for the comparable periods was reclassified to conform to the current year presentation. This reclassification between
segments did not have any impact on the consolidated asset balances.
Net interest expense, other income, profit sharing expense and stock-based compensation are shown under Corporate/eliminations.
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.
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(in thousands)
Year Ended December 31, 2018 2017 2016
Net sales by product were as follows. Further product group breakdown is impracticable.
(in thousands)
Year Ended December 31, 2018 2017 2016
23. REVENUE
Revenue is recognized when obligations under the terms of contracts with our customers are satisfied; generally, this occurs upon
shipment or when control is transferred. Revenue is measured as the amount of consideration expected to be received in exchange
for transferring the goods. In addition, revenue is deferred when cash payments are received or due in advance of performance.
The durations of Nucor’s contracts with customers are generally one year or less. Customer payment terms are generally 30 days.
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 $91.2 million as of December 31, 2018 ($72.3 million as of December 31,
2017), and are included in accrued expenses and other current liabilities in the consolidated balance sheets. The amount of
revenue reclassified from the December 31, 2017 contract liabilities balance during 2018 was approximately $61.3 million.
The following table disaggregates our net sales by major source for 2018:
(in thousands)
Year Ended December 31, 2018 Steel Mills Steel Products Raw Materials Total
Sheet For the majority of sheet products, we transfer control and recognize a sale when we ship the product from the sheet mill to our
customer. The amount of consideration we receive and revenue we recognize for spot market sales are based upon prevailing prices
at the time of sale. The amount of consideration we receive and revenue we recognize for contract customers are based primarily on
pricing formulae that permit price adjustments to reflect changes in the current market-based indices and/or raw material costs near
the time of shipment.
The amount of tons sold to contract customers at any given time depends on a variety of factors, including our consideration of
current and future market conditions, our strategy to appropriately balance spot and contract tons in a manner to meet our customers’
requirements while considering the expected profitability, our desire to sustain a diversified customer base and our end-use
customers’ perceptions about future market conditions. These contracts are typically one year or less. Steel mills segment contract
sales outside of our sheet operations are not significant.
Bar, Structural and Plate For the majority of bar, structural and plate products, we transfer control and recognize a sale when we ship
the product from the mill to our customer. The significant majority of bar, structural and plate product sales are spot market sales, and
the amount of consideration we receive and revenue we recognize for those sales are based upon prevailing prices at the time of sale.
Tubular Products The tubular products businesses transfer control and recognize a sale when the product is shipped from our
operating locations to our customers. The significant majority of tubular product sales are spot market sales, and the amount of
consideration we receive and revenue we recognize for those sales are based upon prevailing prices at the time of sale.
Rebar Fabrication The majority of revenue for our rebar fabrication businesses relates to revenue from contracts with customers for
the supply of fabricated rebar. For the majority of these transactions, we transfer control and recognize a sale when the products are
shipped from our operating locations and collection is reasonably assured. Provisions for losses on incomplete contracts are made in
the period in which such losses are determined.
Our rebar fabrication businesses also generate a significant amount of revenue from contracts with customers in which they supply
fabricated rebar and install it at the customer’s job site. There are two performance obligations for these types of contracts: the
supply of the fabricated rebar and the installation of the supplied rebar at the customer’s job site. For the supply of fabricated rebar
performance obligation, we transfer control and recognize a sale when the product is delivered to our customer’s job site. The
transaction price allocated to this performance obligation is determined at the start of the contract, based on the then current market
price for supplied fabricated rebar. For the installation of supplied rebar performance obligation, we transfer control and recognize a
sale when the delivered material is installed. The transaction price allocated to this performance obligation is determined at the start
of the contract, based on the then current market price for the installation of fabricated rebar.
Variable consideration occurring from change orders and price escalations caused by changes in underlying material costs for
previously satisfied performance obligations are recognized cumulatively in the period in which management believes that the amount
of consideration is changed and collection is reasonably assured. Management reviews these situations on a case-by-case basis and
considers a variety of factors, including relevant experience with similar types of performance obligations, our experience with the
customer and collectability considerations.
Other Steel Products Other steel products include our joist, deck, cold finish, metal building systems, piling and the other remaining
businesses that comprise the steel products segment. Generally for these businesses, we transfer control and recognize a sale when
we ship the product from our operating locations to our customers. The amount of consideration we receive and revenue we recognize
for those sales are agreed upon with the customers before the product is shipped.
The majority of the raw materials segment revenue from outside customers is generated by The David J. Joseph Company and its
affiliates. We transfer control and recognize a sale based on the terms of the agreement with the customer, which is generally when
the product has met the delivery requirements. The amount of consideration we receive and revenue we recognize for those sales
is based on the contract with the customer, which generally reflects current market prices at the time the contract is entered into.
82
2018
Net sales $5,568,419 $6,460,774 $6,742,202 $6,295,884
Gross margin(1) 726,406 1,166,590 1,290,150 1,112,262
Net earnings(2) 380,112 713,615 706,287 681,070
Net earnings
attributable to Nucor stockholders(2) 354,179 683,153 676,656 646,779
Net earnings per share:
Basic $ 1.11 $ 2.14 $ 2.13 $ 2.08
Diluted $ 1.10 $ 2.13 $ 2.13 $ 2.07
2017
Net sales $4,815,179 $5,174,769 $5,170,117 $5,092,328
Gross margin (3)
760,250 709,625 578,964 520,568
Net earnings(4) 377,648 341,724 266,105 395,094
Net earnings
attributable to Nucor stockholders(4) 356,899 323,048 254,850 383,891
(1) Second quarter results include a benefit of $9.6 million related to insurance recoveries. Third quarter results include a benefit of $18.0 million related to insurance recoveries.
(2) First quarter results include the write off of deferred tax assets of $21.8 million due to the change in the tax status of a subsidiary. Second quarter results include a benefit of
$23.3 million (which includes the amount in gross margin) related to insurance recoveries. Third quarter results include a non-cash impairment charge of $110.0 million related
to our proved producing natural gas well assets, as well as a benefit of $24.8 million (which includes the amount in gross margin) related to insurance recoveries.
(3) First quarter results include inventory-related purchase accounting charges of $9.8 million related to the acquisition of Southland and Republic.
(4) Third quarter results include a net benefit of $13.2 million related to tax return true-ups and state tax credits as well as an expense of $22.5 million related to certain legal
matters. Fourth quarter results include a provisional net benefit of $175.2 million related to the impacts of U.S. federal tax legislation enacted in the fourth quarter of 2017.
BOARD OF DIRECTORS 83
Board of Directors, from left to right: Lloyd J. Austin III, Victoria F. Haynes, Christopher J. Kearney, John J. Ferriola, John H. Walker,
Laurette T. Koellner and Patrick J. Dempsey.
BOARD OF DIRECTORS
ANNUAL MEETING
100
The 2019 annual meeting of stockholders will be held at
10:00 a.m. on Thursday, May 9, 2019 at the Charlotte Marriott
SouthPark, 2200 Rexford Road, Charlotte, NC 28211.
50
STOCK LISTING
dollars
A copy of Nucor’s 2018 annual report on Form 10-K filed Nucor Corporation
with the Securities and Exchange Commission (“SEC”) is
S&P 500 Index
available to stockholders without charge upon request to
S&P 1500 Steel Group Index
A. Rae Eagle, General Manager and Corporate Secretary,
at Nucor’s corporate office.
INTERNET ACCESS
Nucor’s annual report on Form 10-K, quarterly reports
on Form 10-Q, current reports on Form 8-K and all
amendments to these reports are available without charge
through Nucor’s website, www.nucor.com, as soon as
reasonably practicable after Nucor files these reports
electronically with or furnishes them to the SEC. Additional
information available on our website includes our Corporate
Governance Principles, Board of Directors Committee
Charters, Standards of Business Conduct and Ethics and
Code of Ethics for Senior Financial Professionals as well
as various other financial and statistical data.