美國
證券交易委員會
華盛頓特區20549
表格
根據1934年證券交易法第13或15(d)條款的季度報告。 |
截至2024年6月30日季度結束
或
根據1934年證券交易法第13或15(d)條款的過渡報告 |
到 天從發票日期計算，被視為商業合理。 .
委員會檔案編號：
（依憑章程所載的完整登記名稱）
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(依據所在地或其他管轄區) 的註冊地或組織地點) |
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(國稅局雇主識別號碼) 識別號碼) |
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(總部辦公地址) |
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（郵政編碼） |
(
(註冊人電話號碼，包括區號)
根據法案第12(b)條規定註冊的證券：
每種類別的名稱 |
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交易標的（s） |
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每個註冊交易所的名稱 |
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請勾選以下選項以表示申報人（1）已提交證券交易法1934年第13條或15(d)條所要求提交的所有報告，且在過去12個月中（或申報人需要提交此類報告的較短期間）已提交；（2）已受到過去90天內此類提交要求的限制。
請打勾號表明註冊人是否根據《S-t條例405條規定（本章節232.405號）的規定，在過去12個月內（或註冊人需要提交此類文件的更短期限內），已提交每個交互數據文件。
請勾選指示登記者是否為大型快速提交人、快速提交人、非快速提交人、較小的報告公司或新興成長型公司。請參閱交易所法規120億2條，了解「大型快速提交人」、「快速提交人」、「較小的報告公司」和「新興成長型公司」的定義。
☒ |
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加速歸檔人 |
☐ |
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非加速歸檔人 |
☐ |
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小型報告公司 |
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新興成長型企業 |
如果一家新興成長型企業，請打勾表示公司已選擇不使用擴展過渡期以符合根據《交易所法案》第13(a)條所提供的任何新的或修訂財務會計準則。 ☐
勾選表示申報人是否為外殼公司（定義於交易所法規第1202條）。
是 ☐ 否
紐柯鋼鐵公司
十進二文件10-Q的季度報告
截至2024年9月28日止三個月及九個月
目錄 內容
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i
第一部分. 財務資訊AL資訊
第一項。財務務報表
紐柯鋼鐵公司簡明綜合財務報表捕捉收益的簡明綜合報表（未經審計）
2024年4月27日
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三個月（13 周）已結束 |
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九個月（39 周）已結束 |
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2024年9月28日 |
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2023 年 9 月 30 日 |
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2024年9月28日 |
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2023 年 9 月 30 日 |
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淨銷售額 |
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$ |
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$ |
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$ |
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成本、費用和其他： |
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銷售產品的成本 |
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營銷、管理和其他費用 |
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未合併關聯公司（收益）虧損的權益 |
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資產損失和減值 |
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- |
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利息支出（收入），淨額 |
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所得稅和非控股權益前的收益 |
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所得稅準備金 |
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扣除非控股權益前的淨收益 |
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歸屬於非控股權益的收益 |
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歸屬於紐柯股東的淨收益 |
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$ |
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$ |
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$ |
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每股淨收益： |
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基本 |
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$ |
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$ |
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$ |
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稀釋 |
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$ |
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$ |
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平均已發行股數： |
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基本 |
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稀釋 |
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請參閱附註的簡明合併財務報表。
1
紐柯鋼鐵公司簡明綜合損益表綜合收益表（未經審計）
（以千計）
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三個月（13周）結束 |
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九個月（39周）結束 |
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2024年9月28日 |
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2023年9月30日 |
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2024年9月28日 |
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2023年9月30日 |
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非控制權益前淨收益 |
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$ |
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$ |
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$ |
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$ |
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其他全面收益（損失）： |
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避險衍生品的淨未實現（損失）收益， |
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重新分類調整以結算對沖 |
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外幣翻譯收益（損失），淨額 |
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綜合收益 |
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非控制股東應占的綜合收益 |
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紐柯鋼鐵股東應占的綜合收益 |
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$ |
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$ |
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$ |
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請參閱附註的簡明合併財務報表。
2
紐柯鋼鐵公司簡明的合併資產負債表未經審計的資產負債表
（以千爲單位）
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2024年9月28日 |
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2023年12月31日 |
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資產 |
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流動資產： |
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現金及現金等價物 |
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$ |
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$ |
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短期投資 |
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2,687,823 |
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淨存貨 |
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其他資產 |
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總流動資產 |
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物業、廠房和設備，淨值 |
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限制性現金及現金等價物 |
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- |
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商譽 |
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其他無形資產，淨額 |
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其他 |
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資產總額 |
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$ |
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$ |
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負債 |
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流動負債: |
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短期債務 |
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$ |
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$ |
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長期債務及融資租賃負債的本期部分 |
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應付賬款 |
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工資、工資和相關應計 |
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應計費用及其他流動負債 |
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流動負債合計 |
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一年後到期的長期債務和融資租賃義務 |
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遞延貸款及其他負債 |
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負債合計 |
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股東權益 |
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紐柯鋼鐵股東權益: |
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額外實收資本 |
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保留盈餘 |
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累計其他綜合損失, |
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自家保管的股票 |
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紐柯鋼鐵股東權益合計 |
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非控制權益 |
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股東權益總計 |
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負債和所有者權益總額 |
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$ |
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$ |
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請參閱附註的簡明合併財務報表。
3
紐柯鋼鐵公司精簡綜合財務報表現金流量表（未經審計）
（以千爲單位）
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九個月（39周）結束 |
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2024年9月28日 |
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2023年9月30日 |
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經營活動： |
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非控制權益前淨收益 |
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$ |
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$ |
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調整： |
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折舊費用 |
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攤銷 |
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資產減值損失 |
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- |
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股票補償 |
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延遲所得稅 |
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分支機構的分紅派息 |
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合營企業及聯營企業的權益持有份額收益 |
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資產和負債的變動（不包括收購和處置）： |
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應收賬款 |
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存貨 |
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應付賬款 |
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聯邦所得稅 |
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工資、工資和相關應計 |
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變動 certain 資產和負債，扣除收購和處置的影響： |
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經營活動產生的現金流量 |
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投資活動： |
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資本支出 |
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對關聯公司的投資和預付款項 |
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(129) |
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- |
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廠房及設備處置 |
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收購（扣除獲得的現金淨額） |
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投資購買 |
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出售投資所得。 |
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其他投資活動 |
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投資活動使用的現金 |
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籌資活動： |
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短期債務淨變化 |
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償還長期債務 |
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行使股票期權所得 |
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支付對某些股權激勵稅款的扣繳 |
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對非控股權益的分配 |
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現金股利 |
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回購公司股份 |
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其他融資活動 |
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融資活動使用的現金 |
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( |
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匯率變動對現金的影響 |
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(減少)現金及現金等價物增加和 |
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現金及現金等價物和受限制的現金及現金 |
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現金及現金等價物和受限制的現金及現金 |
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$ |
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$ |
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非現金投資活動: |
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應付設備及購置設備款項變動 |
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$ |
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$ |
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請參閱附註的簡明合併財務報表。
4
紐柯鋼鐵公司 - 壓縮基本報表附註合併財務報表附註（未經審計）
1. 中期報告的基礎
在本項目1中提供的信息反映了所有調整，據管理層意見，這些調整在中期報告期間是必要的，以便對結果作出公正陳述，除非另有說明。提供的信息未經審計；但是，2023年12月31日的簡明合併資產負債表數據是從經過審計的基本報表中獲取的，但未包含美國通用會計原則要求的所有披露。本項目1中包含的未經審計的簡明合併財務報表應與工商業務的審計合併財務報表和附註一起閱讀，這些信息包含在Nucor截至2023年12月31日的年度報告10-k中。
最近的會計聲明
2023年11月，發佈了新的會計指導原則，更新了需要披露的報告分部要求，要求披露每個報告分部經常提供給首席營運決策者（「CODM」）幷包含在報告的每個分部利潤表中的重要報告分部費用的披露。這項新的指導也要求披露確定爲CODM的個人的頭銜和職位，以及CODM如何在評估分部績效和決定如何分配資源時使用報告的分部利潤表中的報告指標的說明。新的指導適用於2023年12月15日後開始的年度期間，以及2024年12月15日後開始的財年內的中期期間。新的指導要求對財務報表中呈現的所有以前期間進行追溯應用。也允許提早採納。當採納時，這項新的指導可能會導致額外的必要披露。公司正在評估採用這項新指導將對其合併財務報表產生的影響。
2023年12月，相關於所得稅披露的新會計準則被髮布。新的指引要求提供關於報告實體有效稅率調整的細分信息，以及關於已支付所得稅額外信息。新的指引從2024年12月15日後開始的年度期間起生效。提前採納也可以對尚未發佈或可供發行的年度財務報表進行採納。這項新指引在被採納後可能導致需要額外的披露。公司正在評估採納這一新指引對其合併財務報表的影響。
2. 存貨
庫存大約包括
3. 固定資產
物業、廠房和設備的賬面價值扣除累計折舊金額爲$
包括在2024年9月28日的鋼鐵部門的物業、廠房和設備淨值內 $
5
4. 商譽及其他無形資產
商譽淨額變化如下 2024年9月28日止九個月各部門的商譽淨額變動如下（單位：千美元）：
|
|
鋼鐵廠 |
|
|
鋼鐵產品 |
|
|
原材料 |
|
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總計 |
|
||||
2023年12月31日結餘爲 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
收購 |
|
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- |
|
|
|
|
|
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( |
) |
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||
Translation/Other |
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- |
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|
( |
) |
|
|
- |
|
|
|
( |
) |
2024年9月28日餘額 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Nucor completed its most recent annual goodwill impairment testing as of the first day of the fourth quarter of 2023 and concluded that as of such date there was
Intangible assets with estimated useful lives of 至
|
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2024年9月28日 |
|
|
2023年12月31日 |
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||||||||||
|
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總金額 |
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累積的 |
|
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總金額 |
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累積的 |
|
||||
客戶關係 |
|
$ |
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$ |
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$ |
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$ |
|
||||
商標和商號 |
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||||
其他 |
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||||
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$ |
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|
$ |
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|
$ |
|
|
$ |
|
||||
2024年第三季度和2023年的無形資產攤銷費用爲 $
5. 流動負債
6
6. 公允價值衡量
下表總結了截至2024年9月28日和2023年12月31日紐柯鋼鐵以公允價值計量的財務資產和財務負債的信息（以千爲單位）。紐柯鋼鐵沒有任何以公允價值在重複計量基礎上的非金融資產或非金融負債。 下表總結了截至2024年9月28日和2023年12月31日紐柯鋼鐵以公允價值計量的財務資產和財務負債的信息（以千爲單位）。紐柯鋼鐵沒有任何以公允價值在重複計量基礎上的非金融資產或非金融負債。
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報告日使用公允價值衡量的公允價值測量 |
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Description |
|
搬運 |
|
|
報價市場交易 |
|
|
顯著的 |
|
|
顯著的 |
|
||||
截至2024年9月28日 |
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|
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|
|
|
|
||||
資產： |
|
|
|
|
|
|
|
|
|
|
|
|
||||
現金等價物 |
|
$ |
|
|
$ |
|
|
$ |
- |
|
|
$ |
- |
|
||
短期投資 |
|
|
|
|
|
|
|
|
- |
|
|
|
- |
|
||
衍生品合同 |
|
|
|
|
|
- |
|
|
|
|
|
|
- |
|
||
其他 |
|
|
|
|
|
|
|
|
- |
|
|
|
|
|||
資產總額 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
負債： |
|
|
|
|
|
|
|
|
|
|
|
|
||||
衍生品合同 |
|
$ |
( |
) |
|
$ |
- |
|
|
$ |
( |
) |
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
截至2023年12月31日 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
資產： |
|
|
|
|
|
|
|
|
|
|
|
|
||||
現金等價物 |
|
$ |
|
|
$ |
|
|
$ |
- |
|
|
$ |
- |
|
||
短期投資 |
|
|
|
|
|
|
|
|
- |
|
|
|
- |
|
||
限制性現金及現金等價物 |
|
|
|
|
|
|
|
|
- |
|
|
|
- |
|
||
衍生品合同 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
其他 |
|
|
|
|
|
|
|
|
- |
|
|
|
|
|||
資產總額 |
|
$ |
|
|
$ |
|
|
$ |
- |
|
|
$ |
|
|||
負債： |
|
|
|
|
|
|
|
|
|
|
|
|
||||
衍生品合同 |
|
$ |
( |
) |
|
$ |
- |
|
|
$ |
( |
) |
|
$ |
- |
|
紐柯鋼鐵的現金及現金等價物、短期投資、限制性現金及現金等價物以及對一家上市核電設備製造商的投資的公允價值衡量被歸類爲一級，因爲這些衡量是基於活躍市場上相同資產的報價市場價格。紐柯鋼鐵的衍生品的公允價值衡量一般被歸類爲二級，因爲這些衡量是基於類似資產的已公佈市場價格或根據可觀察的輸入（如利率、收益曲線、信用風險、現貨和期貨商品價格以及現貨和期貨匯率）估算的。紐柯鋼鐵對非上市公司的投資，其中大部分是在一家核聚變技術公司中，其公允價值衡量被歸類爲三級，因爲這些衡量是基於指示公允價值變化的不可觀察輸入，包括在投資者持有公司權益發生變化時的交易價格（例如其他投資者持有的公司權益出售）或在投資者發行額外股權時的交易價格。在所述期間內，三級公允價值層次間沒有調整。
短期和長期債務的公允價值，包括流動部分，約爲$
7. 備用金
我們不時參與各種訴訟、索賠和其他業務常規訴訟。 對於所有此類訴訟、索賠和訴訟，我們在有可能招致責任並且損失金額可以合理估計時記錄準備金。我們認爲，這些訴訟，無論單獨或累計起來，都不會對我們的經營業績、財務狀況或現金流量產生重大不利影響。 紐柯鋼鐵保留具有自保額限的責任保險以應對某些風險。
7
8. 以股票爲基礎的補償
股票期權
紐柯鋼鐵的股票期權計劃在2024年前九個月的活動總結如下（股數和聚合內在價值以千爲單位）： 2024年前九個月的股票期權計劃活動總結如下（股數和聚合內在價值以千爲單位）：
|
|
|
|
|
加權授予日期公允價值的平均數 |
|
|
加權授予日期公允價值的平均數 |
|
|
|
|||
|
|
|
|
|
平均數 |
|
|
平均數 |
|
總計 |
|
|||
|
|
|
|
|
行權 |
|
|
剩餘 |
|
截至2023年7月29日的餘額 |
|
|||
|
|
股份 |
|
|
價格 |
|
|
合同年限 |
|
數值 |
|
|||
期權下的股份數量： |
|
|
|
|
|
|
|
|
|
|
|
|||
年初表現傑出 |
|
|
|
|
$ |
|
|
|
|
|
|
|||
已行權 |
|
|
|
|
$ |
|
|
|
|
|
|
|||
行使 |
|
|
( |
) |
|
$ |
|
|
|
|
$ |
|
||
取消的 |
|
|
( |
) |
|
$ |
|
|
|
|
|
|
||
2024年9月28日未償還金額 |
|
|
|
|
$ |
|
|
|
$ |
|
||||
2024年9月28日可以行使的股票期權 |
|
|
|
|
$ |
|
|
|
$ |
|
||||
Co期權的補償費用爲$
受限股票單位
Nucor的限制性股票單位（「RSU」）活動概要爲2024年前 九個月如下（以千股爲單位）：
|
|
股份 |
|
|
授予日期 |
|
||
限制性股票單位： |
|
|
|
|
|
|
||
年初未獲授予 |
|
|
|
|
$ |
|
||
已行權 |
|
|
|
|
$ |
|
||
34,105 |
|
|
( |
) |
|
$ |
|
|
取消了 |
|
|
( |
) |
|
$ |
|
|
2024年9月28日前未解除限制股份 |
|
|
|
|
$ |
|
||
RSUs的補償費用爲$
限制性股票授予
紐柯鋼鐵公司高級主管年度激勵計劃（紐柯鋼鐵公司2014年全權激勵薪酬計劃的補充，「AIP」）和紐柯鋼鐵公司高級主管長期激勵計劃（紐柯鋼鐵公司2014年全權激勵薪酬計劃的補充，「LTIP」）的限制性股票活動摘要，報告2024年前九個月情況如下（以千股爲單位）: 2024年前九個月的限制性股票活動情況如下（以千股爲單位）：
|
|
|
|
|
授予日期 |
|
||
|
|
股份 |
|
|
公正價值 |
|
||
受限股份單位和受限股獎勵： |
|
|
|
|
|
|
||
年初未獲授予 |
|
|
|
|
$ |
|
||
已行權 |
|
|
|
|
$ |
|
||
34,105 |
|
|
( |
) |
|
$ |
|
|
取消 |
|
|
|
|
$ |
|
||
2024年9月28日尚未獲得的股份 |
|
|
|
|
$ |
|
||
8
根據預計發放的普通股和普通股單位的股數及市場價值，根據績效評估和歸屬期間記錄的普通股和普通股單位的補償費用。基於紐柯鋼鐵的財務表現預期獎勵的補償費用，不包括應付現金，爲$
9. 員工福利計劃
紐柯鋼鐵根據公司的盈利情況爲符合條件的員工提供利潤分成和養老儲蓄計劃。紐柯鋼鐵爲這些福利支出總計 $
10. 利息支出（收入）
淨利息支出（收入）的元件爲 2024年和2023年第三季度以及前九個月的元件如下（單位：千美元）：
|
|
三個月（13周）結束 |
|
|
九個月（39周）結束 |
|
||||||||||
|
|
2024年9月28日 |
|
|
2023年9月30日 |
|
|
2024年9月28日 |
|
|
2023年9月30日 |
|
||||
利息支出 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
利息收入 |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
利息支出（收入），淨額 |
|
$ |
|
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
||
11. 所得稅
2024年第三季度的有效稅率爲
美國國內稅務局（「IRS」）目前正在審查紐柯鋼鐵的2015年、2019年和2020年聯邦所得稅申報表。紐柯鋼鐵已經結束了截至2014年的美國聯邦所得稅事務，以及2016年至2018年的稅務事務。2021年至2023年的稅務年度仍然在IRS的審查範圍之內。加拿大稅務局目前正在審查紐柯鋼鐵Rebar Fabrication Group Inc.（之前稱爲Harris Steel Group Inc.）和某些相關聯公司的2015年至2021年加拿大所得稅申報表。2016年至2023年的稅務年度仍然在其他主要課稅司法管轄區（主要是加拿大、特立尼達和多巴哥以及其他州和地方管轄區）的審查範圍之內。
在簡明綜合資產負債表中包含在其他資產中的非流動遞延稅款資產爲2024年9月28日爲$
9
12. 股東權益
以下資料反映了紐柯鋼鐵和紐柯合資企業的非控股權益的變化，其中包括紐柯大和山本鋼鐵有限合夥企業（「NYS」）、加利福尼亞鋼鐵工業有限公司（「hk銀行」）和NJSm - 其中紐柯擁有
|
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|
|
|
結束於2024年9月28日的三個月（13周） |
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累積的 |
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總計 |
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||||||||||
|
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額外的 |
|
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其他 |
|
|
庫存股 |
|
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紐柯鋼鐵 |
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|||||||||||||
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|
普通股 |
|
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實收資本 |
|
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留存收益 |
|
|
綜合 |
|
|
（按成本計） |
|
|
股東權益 |
|
|
非控制權益 |
|
||||||||||||||||
|
|
總計 |
|
|
股份 |
|
|
金額 |
|
|
資本 |
|
|
收益 |
|
|
收益（損失） |
|
|
股份 |
|
|
金額 |
|
|
股權 |
|
|
利益 |
|
||||||||||
2024年6月29日餘額 |
|
$ |
|
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
|
|
|
$ |
( |
) |
|
$ |
|
|
$ |
|
||||||||
非控制權益前淨收益 |
|
|
|
|
|
- |
|
|
|
- |
|
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|
- |
|
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|
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|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
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|
||||
其他綜合收益（損失） |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
- |
|
|||
期權行權 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
股票期權費用 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
- |
|
|||
按獎勵計劃發行股票， |
|
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|
- |
|
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|
- |
|
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|
|
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- |
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|
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- |
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( |
) |
|
|
|
|
|
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|
|
- |
|
||||
未賺取費用的攤銷 |
|
|
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|
- |
|
|
|
- |
|
|
|
|
|
|
- |
|
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|
- |
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|
|
- |
|
|
|
- |
|
|
|
|
|
|
- |
|
|||
已收購庫存股及關稅稅收淨影響 |
|
|
( |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
( |
) |
|
|
( |
) |
|
|
- |
|
|
宣佈派發現金股息 |
|
|
( |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
( |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
( |
) |
|
|
- |
|
非控股股東的分配 |
|
|
( |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
( |
) |
2024年9月28日餘額 |
|
$ |
|
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
|
|
|
$ |
( |
) |
|
$ |
|
|
$ |
|
||||||||
|
|
|
|
|
2024年9月28日結束的九個月（39周） |
|
|
|
|
|||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
累積的 |
|
|
|
|
|
|
|
|
總計 |
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
額外的 |
|
|
|
|
|
其他 |
|
|
庫存股 |
|
|
紐柯鋼鐵 |
|
|
|
|
|||||||||||||
|
|
|
|
|
普通股 |
|
|
實收資本 |
|
|
留存收益 |
|
|
綜合 |
|
|
（按成本計） |
|
|
股東權益 |
|
|
非控制權益 |
|
||||||||||||||||
|
|
總計 |
|
|
股份 |
|
|
金額 |
|
|
資本 |
|
|
收益 |
|
|
收益（損失） |
|
|
股份 |
|
|
金額 |
|
|
股權 |
|
|
利益 |
|
||||||||||
2023年12月31日的餘額 |
|
$ |
|
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
|
|
|
$ |
( |
) |
|
$ |
|
|
$ |
|
||||||||
非控制權益前淨收益 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
||||
其他綜合收益（損失） |
|
|
( |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
( |
) |
|
|
- |
|
|
|
- |
|
|
|
( |
) |
|
|
- |
|
期權行權 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
( |
) |
|
|
- |
|
|
|
- |
|
|
|
( |
) |
|
|
|
|
|
|
|
|
- |
|
|||
股票期權費用 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
- |
|
|||
股票獎勵計劃下的發行 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
( |
) |
|
|
|
|
|
|
|
|
- |
|
||||
未賺取報酬的攤銷 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
- |
|
|||
已收購的庫存股及消費稅淨影響 |
|
|
( |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
( |
) |
|
|
( |
) |
|
|
- |
|
|
宣佈派發現金股息 |
|
|
( |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
( |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
( |
) |
|
|
- |
|
分配給非控股方 |
|
|
( |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
( |
) |
2024年9月28日餘額 |
|
$ |
|
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
|
|
|
$ |
( |
) |
|
$ |
|
|
$ |
|
||||||||
10
|
|
|
|
|
2023年9月30日結束的三個月（13周） |
|
|
|
|
|||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
累積的 |
|
|
|
|
|
|
|
|
總計 |
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
額外的 |
|
|
|
|
|
其他 |
|
|
庫存股 |
|
|
紐柯鋼鐵 |
|
|
|
|
|||||||||||||
|
|
|
|
|
普通股 |
|
|
實收資本 |
|
|
留存收益 |
|
|
綜合 |
|
|
（按成本計） |
|
|
股東權益 |
|
|
非控制權益 |
|
||||||||||||||||
|
|
總計 |
|
|
股份 |
|
|
金額 |
|
|
資本 |
|
|
收益 |
|
|
收益（損失） |
|
|
股份 |
|
|
金額 |
|
|
股權 |
|
|
利益 |
|
||||||||||
2023年7月1日餘額 |
|
$ |
|
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
|
|
|
$ |
( |
) |
|
$ |
|
|
$ |
|
||||||||
非控制權益前淨收益 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
||||
其他綜合收益（損失） |
|
|
( |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
( |
) |
|
|
- |
|
|
|
- |
|
|
|
( |
) |
|
|
- |
|
期權行權 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
( |
) |
|
|
- |
|
|
|
- |
|
|
|
( |
) |
|
|
|
|
|
|
|
|
- |
|
|||
股票期權費用 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
- |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
|||||||||
股票獎勵計劃下的發行 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
( |
) |
|
|
|
|
|
|
|
|
- |
|
||||
未賺取報酬的攤銷 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
- |
|
|||
已收購的庫存股及消費稅淨影響 |
|
|
( |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
( |
) |
|
|
( |
) |
|
|
- |
|
|
宣佈派發現金股息 |
|
|
( |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
( |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
( |
) |
|
|
- |
|
分配給非控股方 |
|
|
( |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
( |
) |
2023年9月30日餘額 |
|
$ |
|
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
|
|
|
$ |
( |
) |
|
$ |
|
|
$ |
|
||||||||
|
|
|
|
|
2023年9月30日結束的九個月（39周） |
|
|
|
|
|||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
累積的 |
|
|
|
|
|
|
|
|
總計 |
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
額外的 |
|
|
|
|
|
其他 |
|
|
庫存股 |
|
|
紐柯鋼鐵 |
|
|
|
|
|||||||||||||
|
|
|
|
|
普通股 |
|
|
實收資本 |
|
|
留存收益 |
|
|
綜合 |
|
|
（按成本計） |
|
|
股東權益 |
|
|
非控制權益 |
|
||||||||||||||||
|
|
總計 |
|
|
股份 |
|
|
金額 |
|
|
資本 |
|
|
收益 |
|
|
收益（損失） |
|
|
股份 |
|
|
金額 |
|
|
股權 |
|
|
利益 |
|
||||||||||
2022年12月31日餘額表 |
|
$ |
|
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
|
|
|
$ |
( |
) |
|
$ |
|
|
$ |
|
||||||||
非控制權益前淨收益 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
||||
其他綜合收益（損失） |
|
|
( |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
( |
) |
|
|
- |
|
|
|
- |
|
|
|
( |
) |
|
|
- |
|
期權行權 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
( |
) |
|
|
- |
|
|
|
- |
|
|
|
( |
) |
|
|
|
|
|
|
|
|
- |
|
|||
股票期權費用 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
- |
|
|||
股票獎勵計劃下的發行 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
( |
) |
|
|
|
|
|
|
|
|
- |
|
||||
未賺取報酬的攤銷 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
- |
|
|||
已收購的庫存股及消費稅淨影響 |
|
|
( |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
( |
) |
|
|
( |
) |
|
|
- |
|
|
宣佈派發現金股息 |
|
|
( |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
( |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
( |
) |
|
|
- |
|
分配給非控股方 |
|
|
( |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
( |
) |
2023年9月30日餘額 |
|
$ |
|
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
|
|
|
$ |
( |
) |
|
$ |
|
|
$ |
|
||||||||
每股宣佈的分紅派息爲$
2023年5月11日，該公司宣佈其董事會已批准了一項股票回購計劃，根據該計劃，公司被授權回購最多價值$
11
13. 累計其他綜合收益（損失）
以下表格反映了積累的其他全面收益（損失）的各組成部分在三個月內的變化 2024年9月28日結束的三個月（13周）
|
|
截至三個月（13周）的期間結束 |
|
|||||||||||||
|
|
2024年9月28日 |
|
|||||||||||||
|
|
收益和（損失） |
|
|
外幣 |
|
|
提前調整 |
|
|
|
|
||||
|
|
對沖衍生品 |
|
|
收益(虧損) |
|
|
退休醫療計劃 |
|
|
總計 |
|
||||
累計其他綜合收益 |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
其他綜合收益 |
|
|
( |
) |
|
|
|
|
|
- |
|
|
|
|
||
重新分類金額從 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
|
||
淨當期其他 |
|
|
( |
) |
|
|
|
|
|
- |
|
|
|
|
||
累計其他綜合收益 |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
|
|
結束的九個月（39周）時期 |
|
|||||||||||||
|
|
2024年9月28日 |
|
|||||||||||||
|
|
收益和（損失） |
|
|
外幣 |
|
|
提前調整 |
|
|
|
|
||||
|
|
套期衍生品 |
|
|
收益(虧損) |
|
|
退休醫療計劃 |
|
|
總計 |
|
||||
累計其他綜合收益 |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
其他綜合收益 |
|
|
( |
) |
|
|
( |
) |
|
|
- |
|
|
|
( |
) |
從重新分類的金額 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
|
||
本期其他 |
|
|
|
|
|
( |
) |
|
|
- |
|
|
|
( |
) |
|
累計其他綜合收益 |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
12
|
|
截至三個月（13周）的期間結束 |
|
|||||||||||||
|
|
2023年9月30日 |
|
|||||||||||||
|
|
收益和（損失） |
|
|
外幣 |
|
|
提前調整 |
|
|
|
|
||||
|
|
套期衍生品 |
|
|
收益(虧損) |
|
|
退休醫療計劃 |
|
|
總計 |
|
||||
累計其他綜合收益 |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
||
其他綜合收益（損失） |
|
|
( |
) |
|
|
( |
) |
|
|
- |
|
|
|
( |
) |
從重新分類的金額 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
|
||
本期其他 |
|
|
( |
) |
|
|
( |
) |
|
|
- |
|
|
|
( |
) |
累計其他綜合收益 |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
||
|
|
結束的九個月（39周）時期 |
|
|||||||||||||
|
|
2023年9月30日 |
|
|||||||||||||
|
|
收益和（損失） |
|
|
外幣 |
|
|
提前調整 |
|
|
|
|
||||
|
|
套期衍生品 |
|
|
收益(虧損) |
|
|
退休醫療計劃 |
|
|
總計 |
|
||||
累計其他綜合收益 |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
||
其他綜合收益（損失） |
|
|
( |
) |
|
|
|
|
|
- |
|
|
|
( |
) |
|
從重新分類的金額 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
|
||
本期其他 |
|
|
( |
) |
|
|
|
|
|
- |
|
|
|
( |
) |
|
累計其他綜合收益 |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
||
14. 板塊
紐柯鋼鐵將其業績分爲以下幾個部分: 鋼鐵廠、鋼鐵產品和原材料。鋼鐵廠部分包括板材、棒材、結構鋼和鋼板中的碳合金鋼; 鋼鐵貿易和鋼筋分銷業務; 紐柯在NuMit LLC（「NuMit」）的股權法下的投資。鋼鐵產品部分包括鋼樑和橫樑、鋼板、預製鋼筋混凝土鋼、冷拉鋼、精密鑄件、鋼製緊固件、金屬建築系統、保溫金屬板、門、鋼格柵、管材產品、鋼架、樁產品、線材和絲網，並以及電力塔和結構。原材料部分包括The David J. Joseph Company及其子公司（「DJJ」），主要是廢鐵經紀商和處理商; Nu-Iron Unlimited和Nucor Steel Louisiana LLC（「Nucor Steel Louisiana」）, 這兩個設施生產鋼鐵廠使用的直接還原鐵（「DRI」），以及我們的天然氣生產業務。
公司/刪除項目包括淨利息費用（收入）、與存貨中的跨公司利潤消除津貼變動相關的費用和積分、分潤費用和股權薪酬。公司資產主要包括現金及現金等價物、短期投資、受限現金
13
現金及現金等價物、計提的庫存內公司間利潤、遞延所得稅資產、應收聯邦和州所得稅以及對聯營企業的投資和預付款。
紐柯鋼鐵的各業務部門2024年和2023年第三季度以及前九個月的業績如下（以千美元計）： 2024年和2023年第三季度以及前九個月，紐柯鋼鐵各業務部門的業績如下（以千美元計）：
|
|
三個月（13周）結束 |
|
|
九個月（39周）結束 |
|
||||||||||
|
|
2024年9月28日 |
|
|
2023年9月30日 |
|
|
2024年9月28日 |
|
|
2023年9月30日 |
|
||||
外部客戶的淨銷售額： |
|
|
|
|
|
|
|
|
|
|
|
|
||||
鋼鐵廠 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
鋼鐵產品 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
原材料 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
公司間銷售： |
|
|
|
|
|
|
|
|
|
|
|
|
||||
鋼鐵廠 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
鋼鐵產品 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
原材料 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
公司/差額 |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
稅前收益和 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
鋼鐵廠 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
鋼鐵產品 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
原材料 |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
|
|
||
公司/差額 |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
|
|
2024年9月28日 |
|
|
2023年12月31日 |
|
||
分部資產： |
|
|
|
|
|
|
||
鋼鐵廠 |
|
$ |
|
|
$ |
|
||
鋼鐵產品 |
|
|
|
|
|
|
||
原材料 |
|
|
|
|
|
|
||
公司/清理 |
|
|
|
|
|
|
||
|
|
$ |
|
|
$ |
|
||
15. 營業收入
以下表格將我們的營業收入按主要來源進行了細分 2024年和2023年第三季度以及前九個月的業績數據（以千計）：
|
|
結束於2024年9月28日的三個月（13周） |
|
|
2024年9月28日結束的九個月（39周） |
|
||||||||||||||||||||||||||
|
|
鋼鐵 |
|
|
鋼鐵 |
|
|
Raw |
|
|
總計 |
|
|
鋼鐵 |
|
|
鋼鐵 |
|
|
Raw |
|
|
總計 |
|
||||||||
Sheet |
|
$ |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
|
|
$ |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
|
||||
Bar |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
|
||||
結構性 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
|
||||
牌照 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
|
||||
Tubular Products |
|
|
- |
|
|
|
|
|
|
- |
|
|
|
|
|
|
- |
|
|
|
|
|
|
- |
|
|
|
|
||||
鋼筋加工 |
|
|
- |
|
|
|
|
|
|
- |
|
|
|
|
|
|
- |
|
|
|
|
|
|
- |
|
|
|
|
||||
短梁 |
|
|
- |
|
|
|
|
|
|
- |
|
|
|
|
|
|
- |
|
|
|
|
|
|
- |
|
|
|
|
||||
樓板 |
|
|
- |
|
|
|
|
|
|
- |
|
|
|
|
|
|
- |
|
|
|
|
|
|
- |
|
|
|
|
||||
建築系統 |
|
|
- |
|
|
|
|
|
|
- |
|
|
|
|
|
|
- |
|
|
|
|
|
|
- |
|
|
|
|
||||
其他鋼鐵產品 |
|
|
- |
|
|
|
|
|
|
- |
|
|
|
|
|
|
- |
|
|
|
|
|
|
- |
|
|
|
|
||||
原材料 |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
||||
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||||||
14
|
|
2023年9月30日結束的三個月（13周） |
|
|
2023年9月30日結束的九個月（39周） |
|
||||||||||||||||||||||||||
|
|
鋼鐵 |
|
|
鋼鐵 |
|
|
Raw |
|
|
總計 |
|
|
鋼鐵 |
|
|
鋼鐵 |
|
|
Raw |
|
|
總計 |
|
||||||||
Sheet |
|
$ |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
|
|
$ |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
|
||||
酒吧 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
|
||||
結構性 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
|
||||
牌照 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
|
||||
管材產品 |
|
|
- |
|
|
|
|
|
|
- |
|
|
|
|
|
|
- |
|
|
|
|
|
|
- |
|
|
|
|
||||
鋼筋加工 |
|
|
- |
|
|
|
|
|
|
- |
|
|
|
|
|
|
- |
|
|
|
|
|
|
- |
|
|
|
|
||||
短梁 |
|
|
- |
|
|
|
|
|
|
- |
|
|
|
|
|
|
- |
|
|
|
|
|
|
- |
|
|
|
|
||||
樓板 |
|
|
- |
|
|
|
|
|
|
- |
|
|
|
|
|
|
- |
|
|
|
|
|
|
- |
|
|
|
|
||||
建築系統 |
|
|
- |
|
|
|
|
|
|
- |
|
|
|
|
|
|
- |
|
|
|
|
|
|
- |
|
|
|
|
||||
其他鋼鐵產品 |
|
|
- |
|
|
|
|
|
|
- |
|
|
|
|
|
|
- |
|
|
|
|
|
|
- |
|
|
|
|
||||
原材料 |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
||||
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||||||
合同負債主要與遞延收入相關，遞延收入是指預先從客戶那裏收到的現金支付，以防範信用風險。合同負債總額爲$
16. 每股收益
基本和稀釋每股淨收益的計算爲 2024年第三季度和前9個月，2023年第三季度和前9個月的計算如下（以千爲單位，除每股金額外）:
|
|
三個月（13周）結束 |
|
|
九個月（39周）結束 |
|
||||||||||
|
|
2024年9月28日 |
|
|
2023年9月30日 |
|
|
2024年9月28日 |
|
|
2023年9月30日 |
|
||||
每股基本淨利潤： |
|
|
|
|
|
|
|
|
|
|
|
|
||||
基本淨收益 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
分配給優先股的收益 |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
可供普通股份額的淨收益 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
基本加權平均股本 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
基本淨收益每股 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
每股攤薄淨收益： |
|
|
|
|
|
|
|
|
|
|
|
|
||||
攤薄淨收益 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
分配給參與證券的收益 |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
可供普通股股東使用的淨收益 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
攤薄後的平均流通股數： |
|
|
|
|
|
|
|
|
|
|
|
|
||||
基礎平均流通股數 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
股票期權和其他股份的稀釋效應 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
攤薄淨收益每股 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
第三季度和前九個月的攤薄每股收益計算中排除了以下股票期權 2024年和2023年，因爲它們的影響將是抵消性的（股票以千計）：
|
|
結束於三個月（13周）的 |
|
|
結束於九個月（39周）的 |
|
||||||||||
|
|
2024年9月28日 |
|
|
2023年9月30日 |
|
|
2024年9月28日 |
|
|
2023年9月30日 |
|
||||
防稀釋期權: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
加權平均股份 |
|
|
|
|
|
- |
|
|
|
|
|
|
- |
|
||
加權平均行權價格 |
|
$ |
|
|
$ |
- |
|
|
$ |
|
|
$ |
- |
|
||
15
17. 收購
收購瑞泰克公司
截至2024年7月23日，紐柯鋼鐵使用現金收購了瑞泰克公司（"瑞泰克"）的資產，購買價格扣除現金和債務後約爲$
我們將瑞泰克的購買價格分配給其各項資產和承擔的負債。雖然購買價格的分配已基本完成，但仍處於初步階段，可能會有變動。
以下表格總結了截至2024年7月23日收購日期瑞泰克的資產公允價值和承擔的負債（以千計）：
現金 |
|
$ |
|
|
應收賬款 |
|
|
|
|
存貨 |
|
|
|
|
其他流動資產 |
|
|
|
|
物業、廠房及設備 |
|
|
|
|
商譽 |
|
|
|
|
其他無形資產 |
|
|
|
|
其他資產 |
|
|
|
|
獲取的總資產 |
|
|
|
|
應付賬款 |
|
|
|
|
薪資、工資及相關應計費用 |
|
|
|
|
其他流動負債 |
|
|
|
|
承擔的總負債 |
|
|
|
|
已收購淨資產 |
|
$ |
|
下表總結了截至2024年7月23日（即收購日期）對Rytec可識別無形資產的購買價格分配（以千計，年份除外）：
|
|
|
|
|
Weighted- |
|
|
|
|
|
|
平均壽命 |
|
客戶關係 |
|
$ |
|
|
||
商標和商業名稱 |
|
|
|
|
||
其他無形資產 |
|
|
|
|
< |
|
|
|
$ |
|
|
|
|
價值$的商譽
16
第二條 營運績效及財務狀況之管理討論分析。 財務狀況和經營業績的分析
本報告中作出的某些聲明，或努科公司在其他公開文件、新聞稿或其他書面或口頭溝通中所作的並非歷史事實的前瞻性聲明，受1995年《私人證券訴訟改革法案》安全港條款的約束。這些前瞻性聲明涉及風險和不確定性，我們預計將來會或可能發生，並可能影響我們的業務、財務狀況和經營業績。「預計」、「相信」、「期待」、「打算」、「計劃」、「可能」、「將」、「應當」、「可能」等類似表達旨在識別這些前瞻性聲明。這些前瞻性聲明反映了公司基於當前信息的最佳判斷，儘管我們在作出這些聲明時基於我們認爲合理的情況，但不能保證未來事件不會影響此類前瞻性信息的準確性。因此，這些前瞻性聲明並非對未來績效的保證，實際結果可能與本報告中討論的預期結果和期望有實質性不同。可能導致公司實際結果與前瞻性聲明中預期結果不符的因素包括但不限於：(1) 銷售和定價的競爭壓力，包括來自進口和替代材料的壓力；(2) 影響鋼鐵進口或出口的美國和外國貿易政策；(3) 我們業務運營結果對一般市場狀況的敏感性，尤其是主流市場鋼材價格和原材料供應成本的變化，包括生鐵、鐵礦石和廢鋼；(4) 電力和天然氣的供應和成本，可能對我們的鋼鐵生產成本產生負面影響，或導致我們天然氣鑽井計劃中現有或未來鑽井的延遲或取消；(5) 關鍵設備故障和業務中斷；(6) 鋼鐵產品的市場需求，對我們許多產品來說，市場需求受美國非住宅建築活動水平的影響；(7) 存貨、股權投資、固定資產、商譽或其他長期資產的賬面價值減值；(8) 全球經濟困境和波動，包括鋼鐵生產的過剩產能、通貨膨脹和利率變化；(9) 貨幣匯率波動；(10) 法律或政府監管對環境合規的影響，包括導致二氧化碳排放更嚴格監管的立法和法規可能會增加我們的能源成本、資本支出和運營成本，或導致我們的一個或多個許可證被撤銷或更加難以獲得許可證修改；(11) 鋼鐵行業的週期性；(12) 資本投資及其對我們績效的影響；(13) 我們的安全績效；(14) 我們整合收購業務的能力；(15) 任何大流行病或公共衛生事件的影響；以及(16) 公司2023年12月31日終了的年度報告第10-K表格中「第1A條 風險因素」中討論的風險，以及本報告的其他部分。
應謹慎對待本報告中包含的前瞻性聲明，不應過度依賴。我們沒有義務更新任何前瞻性聲明，除非法律要求。在評估前瞻性聲明時，應考慮這些風險和不確定性，以及在我們不時提交給美國證券交易委員會的報告和其他文件中描述的其他風險。
對我們的財務狀況和經營業績的下面討論和分析應該與本報告其他地方包含的未經審計的簡明綜合財務報表及其附註、審計的綜合財務報表及其附註、「項目1A.風險因素」和「項目7.管理對紐柯鋼鐵年度報告的討論和分析中包含的財務狀況和業績」一起閱讀，該年度報告截至2023年12月31日。
概述
紐柯鋼鐵及其附屬公司製造鋼鐵及鋼鐵產品。紐柯鋼鐵還生產用於其鋼鐵廠的直接還原鐵（DRI）。通過DJJ，公司還處理有色金屬和無色金屬，並經紀有色金屬、無色金屬、生鐵、熱壓塊鐵和直接還原鐵（DRI）。大多數紐柯鋼鐵的運營設施和客戶位於北美。紐柯鋼鐵的業務包括國際貿易和銷售公司，這些公司買入和賣出公司及其他製造的鋼鐵和鋼鐵產品。紐柯鋼鐵是北美最大的回收公司，使用廢鋼作爲生產鋼鐵及鋼鐵產品的主要原材料。
紐柯鋼鐵在以下幾個領域報告其業績：鋼鐵廠、鋼鐵製品和原材料。鋼鐵廠部分包括板材、棒材、結構件和鋼板中的碳鋼和合金鋼；鋼鐵貿易和鋼筋分銷業務；以及紐柯鋼鐵對NuMit的股權投資。鋼鐵製品部分包括鋼樑和樑梁、鋼板、預製混凝土鋼筋、冷加工鋼、精密鑄件、鋼製緊固件、金屬建築系統、隔熱金屬面板、門窗、鋼格柵、管材產品、鋼架、樁產品、線材和網片、以及輸電塔和結構。原材料部分包括DJJ，主要是廢鋼經紀商和加工商；Nu-Iron Unlimited和Nucor Steel Louisiana，這兩個設施生產供鋼鐵廠使用的DRI；以及我們的天然氣生產業務。
17
2024年前九個月，所有板塊的鋼鐵公司、鋼鐵產品和原材料的平均利用率分別約爲77%、59%和73%，而2023年前九個月的平均利用率分別約爲80%、66%和74%。
經營結果
紐柯鋼鐵在2024年第三季度報告歸屬於紐柯鋼鐵股東的淨收益爲24990萬美元，或每股攤薄收益1.05美元，而在2023年第三季度，歸屬於紐柯鋼鐵股東的淨收益爲11.4億美金，或每股攤薄收益4.57美元。
2024年第三季度淨收益中包括了資產損失和減值12300萬美元（2023年第三季度沒有）。其中，8300萬美元與原材料部門的某些非流動資產相關，4000萬美元與鋼鐵製品部門的某些非流動資產相關。
除去資產的損失和減值外，2024年第三季度與2023年第三季度相比，收益下降的主要原因是鋼鐵廠板塊收益的減少。儘管2024年第三季度對外客戶的發貨量與2023年第三季度相比略有改善，但由於鋼鐵廠板塊內所有產品組的平均售價下降，金屬利潤顯著降低。2024年第三季度鋼鐵產品板塊的收益與2023年第三季度相比顯著下降。造成鋼鐵產品板塊收益下降的主要原因是我們的梁和甲板業務的收益下降，這些業務的平均售價降低，銷量也減少。與2023年第三季度相比，2024年第三季度原材料板塊的收益下降，主要是由於我們的廢料加工和直接還原鐵（DRI）業務表現下降。
紐柯鋼鐵報告，2024年前九個月歸屬於紐柯鋼鐵股東的淨收益爲17.4億美元，每股攤薄7.22美元，相比2023年前九個月歸屬於紐柯鋼鐵股東的淨收益37.4億美元，每股攤薄14.83美元。與2023年前九個月相比，2024年前九個月各板塊的收益均下降，其中鋼鐵產品板塊的下降最爲顯著。在鋼鐵產品板塊中，我們的梁和樓蓋業務的平均銷售價格從2023年初至2024年前九個月從歷史高位逐漸回落。平均銷售價格的下降，加上樑和樓蓋業務的銷量減少，是造成2024年前九個月鋼鐵產品板塊收益下降的最大因素。鋼鐵廠板塊的收益在2024年前九個月比2023年前九個月有所下降，主要是由於金屬毛利率下降、平均銷售價格降低和銷量減少所致。原材料板塊的收益在2024年前九個月比2023年前九個月有所下降，主要是由於廢鋼處理和DRI業務的淨收益下降。
以下討論提供了對紐柯鋼鐵在2024年第三季度和前九個月與2023年第三季度和前九個月的業績的更深入的定量和定性分析。
18
淨銷售額
2024年第三季度和前9個月的各業務部門對外銷售額分別如下（以千爲單位）：
|
|
結束於三個月（13周）的 |
|
結束於九個月（39周）的 |
||||||||
|
|
2024年9月28日 |
|
2023年9月30日 |
|
百分比變動 |
|
2024年9月28日 |
|
2023年9月30日 |
|
變化百分比 |
鋼鐵廠 |
|
$4,459,509 |
|
$5,091,479 |
|
-12% |
|
$14,486,492 |
|
$15,636,508 |
|
-7% |
鋼鐵產品 |
|
2,496,160 |
|
3,235,969 |
|
-23% |
|
7,715,804 |
|
9,954,828 |
|
-22% |
原材料 |
|
488,491 |
|
448,286 |
|
9% |
|
1,456,119 |
|
1,417,634 |
|
3% |
總淨銷售額（對外客戶） |
|
$7,444,160 |
|
$8,775,734 |
|
-15% |
|
$23,658,415 |
|
$27,008,970 |
|
-12% |
2024年第三季度的淨銷售額較2023年第三季度下降了15%。平均每噸銷售價格從2023年第三季度的1,406美元下降15%至2024年第三季度的1,201美元。2024年第三季度向外部客戶發運的總噸數約爲6,196,000噸，比2023年第三季度減少了1%。
2024年前九個月的淨銷售額比2023年前九個月下降了12%。平均每噸銷售價格從2023年前九個月的1,402美元下降到2024年前九個月的1,265美元，下降了10%。2024年前九個月發往外部客戶的總噸數約爲18,709,000噸，比2023年前九個月減少了3%。
在鋼鐵廠部門，2024年第三季度和前九個月以及2023年的銷售噸數如下（以千噸計）：
|
|
結束於三個月（13周）的 |
|
結束於九個月（39周）的 |
||||||||
|
|
2024年9月28日 |
|
2023年9月30日 |
|
百分比變動 |
|
2024年9月28日 |
|
2023年9月30日 |
|
% 變動 |
鋼鐵出貨外 |
|
4,607 |
|
4,578 |
|
1% |
|
13,900 |
|
14,156 |
|
-2% |
鋼鐵出貨內 |
|
1,112 |
|
1,168 |
|
-5% |
|
3,576 |
|
3,604 |
|
-1% |
總鋼鐵出貨量 |
|
5,719 |
|
5,746 |
|
- |
|
17,476 |
|
17,760 |
|
-2% |
2024年第三季度，鋼鐵製造部門的淨銷售額較2023年第三季度下降了12%，主要由於每噸平均銷售價格下降了13%，從1114美元降至967美元。
2024年前9個月鋼鐵廠部門的淨銷售額比2023年前9個月下降了7%，主要是由於每噸平均銷售價格下降了6%，從1105美元降至1042美元，以及銷量下降了2%。
2024年第三季度和2023年前九個月的鋼鐵產品部門銷售噸位如下（以千噸計）：
|
|
結束於三個月（13周）的 |
|
結束於九個月（39周）的 |
||||||||
|
|
2024年9月28日 |
|
2023年9月30日 |
|
變化百分比 |
|
2024年9月28日 |
|
2023年9月30日 |
|
變動百分比 |
矢板銷售 |
|
90 |
|
127 |
|
-29% |
|
292 |
|
404 |
|
-28% |
甲板銷售 |
|
79 |
|
104 |
|
-24% |
|
242 |
|
310 |
|
-22% |
鋼筋加工產品銷售 |
|
278 |
|
307 |
|
-9% |
|
781 |
|
918 |
|
-15% |
管材產品銷售 |
|
213 |
|
223 |
|
-4% |
|
635 |
|
737 |
|
-14% |
建築系統銷售 |
|
60 |
|
71 |
|
-15% |
|
181 |
|
185 |
|
-2% |
其他鋼鐵產品銷售 |
|
291 |
|
309 |
|
-6% |
|
919 |
|
921 |
|
- |
鋼鐵產品總銷量 |
|
1,011 |
|
1,141 |
|
-11% |
|
3,050 |
|
3,475 |
|
-12% |
2024年第三季度，鋼鐵產品部門的淨銷售額較2023年同期下降了23%，主要是由於運輸量減少了11%，每噸平均售價從2837美元降至2469美元，下降了13%。
19
Net sales for the steel products segment decreased 22% in the first nine months of 2024 compared to the first nine months of 2023, due to a 12% decrease in shipping volumes and a 12% decrease in the average sales price per ton, from $2,865 to $2,530.
Net sales for the raw materials segment increased 9% in the third quarter of 2024 compared to the third quarter of 2023, due to increased tons shipped to outside customers by the scrap brokerage operations of DJJ. In the third quarter of 2024, approximately 93% of outside sales for the raw materials segment were from the scrap brokerage operations of DJJ, and approximately 3% of outside sales were from the scrap processing operations of DJJ (approximately 92% and 4%, respectively, in the third quarter of 2023).
Net sales for the raw materials segment increased 3% in the first nine months of 2024 compared to the first nine months of 2023, due to increased tons shipped to outside customers by the scrap brokerage operations of DJJ. In the first nine months of 2024, approximately 93% of outside sales for the raw materials segment were from the scrap brokerage operations of DJJ, and approximately 4% of outside sales were from the scrap processing operations of DJJ (approximately 93% and 3%, respectively, in the first nine months of 2023).
20
Gross Margins
Nucor recorded gross margins of $757.9 million (10%) in the third quarter of 2024, which was a decrease compared to $1.92 billion (22%) in the third quarter of 2023.
Scrap and scrap substitutes are the most significant element in the total cost of steel production. In the steel mills segment, the average scrap and scrap substitute cost per gross ton used in the third quarter of 2024 was $378, a 9% decrease compared to $415 in the third quarter of 2023. Though scrap and scrap substitute costs decreased in the third quarter of 2024 as compared to the third quarter of 2023, total metal margin dollars decreased as the decrease in average selling prices outpaced the decrease in scrap and scrap substitute costs.
Scrap prices are driven by the global supply and demand for scrap and other iron-based raw materials used to make steel. As we enter the fourth quarter of 2024, scrap prices are comparable to the third quarter of 2024.
Nucor recorded gross margins of $3.48 billion (15%) in the first nine months of 2024, which was a decrease compared to $6.42 billion (24%) in the first nine months of 2023.
21
Marketing, Administrative and Other Expenses
A major component of marketing, administrative and other expenses is profit sharing and other incentive compensation costs. These costs, which are based upon and fluctuate with Nucor’s financial performance, decreased by $119.7 million in the third quarter of 2024 as compared to the third quarter of 2023, and decreased by $285.1 million in the first nine months of 2024 as compared to the first nine months of 2023. These decreases were due to Nucor's decreased profitability in the third quarter and first nine months of 2024 as compared to the respective prior year periods, which resulted in decreased accruals related to profit sharing.
Equity in (Earnings) Losses of Unconsolidated Affiliates
Equity in earnings of unconsolidated affiliates was $5.3 million in the third quarter of 2024, and equity in losses of unconsolidated affiliates was $1.1 million in the third quarter of 2023. Equity in earnings of unconsolidated affiliates was $24.1 million and $3.7 million in the first nine months of 2024 and 2023, respectively. The increases in equity method investment earnings were primarily due to the increased results of NuMit.
Losses and Impairments of Assets
Included in the third quarter of 2024 net earnings was $123.0 million of losses and impairments of assets (none in the third quarter of 2023). During the third quarter of 2024, management determined it was probable that a long-term note receivable in the raw materials segment was no longer collectable and recorded an $83.0 million impairment charge to fully reserve the note receivable. The remaining $40.0 million is related to certain non-current assets, mostly property, plant and equipment, net, related to a business in the steel products segment.
Interest Expense (Income)
Net interest expense (income) for the third quarter and first nine months of 2024 and 2023 was as follows (in thousands):
|
|
Three Months (13 Weeks) Ended |
|
|
Nine Months (39 Weeks) Ended |
|
||||||||||
|
|
September 28, 2024 |
|
|
September 30, 2023 |
|
|
September 28, 2024 |
|
|
September 30, 2023 |
|
||||
Interest expense |
|
$ |
65,376 |
|
|
$ |
63,228 |
|
|
$ |
175,715 |
|
|
$ |
186,716 |
|
Interest income |
|
|
(58,094 |
) |
|
|
(77,361 |
) |
|
|
(208,526 |
) |
|
|
(186,068 |
) |
Interest expense (income), net |
|
$ |
7,282 |
|
|
$ |
(14,133 |
) |
|
$ |
(32,811 |
) |
|
$ |
648 |
|
Interest expense increased in the third quarter of 2024 compared to the third quarter of 2023 due to higher average interest rates on debt and an increase in average debt outstanding. Interest expense decreased in the first nine months of 2024 compared to the first nine months of 2023 due to an increase in capitalized interest.
Interest income decreased in the third quarter of 2024 compared to the third quarter of 2023 due to a decrease in average investment levels. Interest income increased in the first nine months of 2024 compared to the first nine months of 2023 primarily due to an increase in average interest rates on cash investments.
Earnings Before Income Taxes and Noncontrolling Interests
The table below presents earnings before income taxes and noncontrolling interests by segment for the third quarter and first nine months of 2024 and 2023 (in thousands). The changes between periods were driven by the quantitative and qualitative factors previously discussed.
|
|
|
|
|
|
|
||||||||||
|
|
Three Months (13 Weeks) Ended |
|
|
Nine Months (39 Weeks) Ended |
|
||||||||||
|
|
September 28, 2024 |
|
|
September 30, 2023 |
|
|
September 28, 2024 |
|
|
September 30, 2023 |
|
||||
Steel mills |
|
$ |
309,123 |
|
|
$ |
882,614 |
|
|
$ |
2,056,689 |
|
|
$ |
3,124,549 |
|
Steel products |
|
|
313,972 |
|
|
|
806,731 |
|
|
|
1,266,922 |
|
|
|
2,788,322 |
|
Raw materials |
|
|
(66,332 |
) |
|
|
71,367 |
|
|
|
(17,355 |
) |
|
|
267,918 |
|
Corporate/eliminations |
|
|
(168,490 |
) |
|
|
(212,630 |
) |
|
|
(794,479 |
) |
|
|
(986,141 |
) |
|
|
$ |
388,273 |
|
|
$ |
1,548,082 |
|
|
$ |
2,511,777 |
|
|
$ |
5,194,648 |
|
22
Noncontrolling Interests
Noncontrolling interests represent the income attributable to the holders of noncontrolling interests in Nucor’s joint ventures, NYS, CSI and NJSM. Nucor owns a 51% controlling interest in each of NYS, CSI and NJSM. The decrease in earnings attributable to noncontrolling interests in the third quarter of 2024 compared to the third quarter of 2023 was primarily due to the decreased earnings of NYS and CSI, and the losses of NJSM in the current year (NJSM was not included in noncontrolling interests until the fourth quarter of 2023, when Nucor obtained a controlling interest). The decrease in earnings attributable to noncontrolling interests in the first nine months of 2024 compared to the first nine months of 2023 was primarily due to the decreased earnings of NYS and CSI, and the losses of NJSM in the current year.
Provision for Income Taxes
The effective tax rate for the third quarter of 2024 was 22.0% compared to 21.1% for the third quarter of 2023. The expected effective tax rate for the full year of 2024 is approximately 21.5%.
We estimate that in the next 12 months our gross unrecognized tax benefits, which totaled $213.8 million at September 28, 2024, exclusive of interest, could decrease by as much as $9.2 million as a result of the expiration of the statute of limitations and the closures of examinations, substantially all of which would impact the effective tax rate.
The IRS is currently examining Nucor’s 2015, 2019 and 2020 federal income tax returns. Nucor has concluded U.S. federal income tax matters for the tax years through 2014, and for the tax years 2016 through 2018. The tax years 2021 through 2023 remain open to examination by the IRS. The 2015 through 2021 Canadian income tax returns for Nucor Rebar Fabrication Group Inc. (formerly known as Harris Steel Group Inc.) and certain related affiliates are currently under examination by the Canada Revenue Agency. The tax years 2016 through 2023 remain open to examination by other major taxing jurisdictions to which Nucor is subject (primarily Canada, Trinidad & Tobago, and other state and local jurisdictions).
Net Earnings Attributable to Nucor Stockholders and Return on Equity
Nucor reported net earnings attributable to Nucor stockholders of $249.9 million, or $1.05 per diluted share, in the third quarter of 2024 as compared to net earnings attributable to Nucor stockholders of $1.14 billion, or $4.57 per diluted share, in the third quarter of 2023. Net earnings attributable to Nucor stockholders as a percentage of net sales were 3.4% and 13.0% in the third quarter of 2024 and 2023, respectively.
Nucor reported net earnings attributable to Nucor stockholders of $1.74 billion, or $7.22 per diluted share, in the first nine months of 2024 as compared to net earnings attributable to Nucor stockholders of $3.74 billion, or $14.83 per diluted share, in the first nine months of 2023. Net earnings attributable to Nucor stockholders as a percentage of net sales were 7.4% and 13.8% in the first nine months of 2024 and 2023, respectively. Annualized return on average stockholders’ equity was 11.2% and 25.6% in the first nine months of 2024 and 2023, respectively.
Outlook
We expect consolidated net earnings attributable to Nucor stockholders in the fourth quarter of 2024 to decrease compared to earnings per diluted share of $1.05 reported for the third quarter of 2024. The largest driver of the expected decrease in earnings in the fourth quarter of 2024 is the expected decrease in earnings of the steel mills segment caused by lower average selling prices and decreased volumes. We expect earnings in the steel products segment to decrease in the fourth quarter of 2024 as compared to the third quarter of 2024 due to lower average selling prices and decreased volumes. The earnings of the raw materials segment are expected to increase in the fourth quarter of 2024 as compared to the third quarter of 2024 (excluding the impairment charge taken during the third quarter of 2024).
Nucor’s largest exposure to market risk is in our steel mills and steel products segments. Our largest single customer in the third quarter of 2024 represented approximately 5% of sales and has consistently paid within terms. In the raw materials segment, we are exposed to price fluctuations related to the purchase of scrap and scrap substitutes, pig iron and iron ore. Businesses within the steel mills segment account for the majority of the raw materials segment’s sales.
23
Liquidity and Capital Resources
We currently have the highest credit ratings of any steel producer headquartered in North America, with an A- long-term rating from Standard & Poor’s, an A- long-term rating from Fitch Ratings and a Baa1 long-term rating from Moody’s. Our credit ratings are dependent, 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.
Our liquidity position as of September 28, 2024 remained strong, consisting of total cash and cash equivalents and short-term investments of $4.86 billion ($7.13 billion as of December 31, 2023). Approximately $899.1 million of the cash and cash equivalents position at September 28, 2024, was held by our majority-owned and controlled subsidiaries as compared to $1.05 billion at December 31, 2023.
Cash provided by operating activities was $3.25 billion in the first nine months of 2024 as compared to $5.59 billion in the first nine months of 2023. The $2.34 billion decrease was primarily driven by net earnings before noncontrolling interests of $1.97 billion for the first nine months of 2024, which represented a decrease of $2.07 billion from net earnings before noncontrolling interests for the prior year period of $4.04 billion. In addition, changes in operating assets and operating liabilities (exclusive of acquisitions and dispositions) provided cash of $130.9 million in the first nine months of 2024 as compared to $604.5 million in the first nine months of 2023.
The funding provided by our working capital in the first nine months of 2024 decreased by $473.6 million compared to the first nine months of 2023 mainly due to the change in accounts payable using $371.2 million more cash, federal income taxes providing less cash of $224.1 million and the change in accounts receivable providing $124.8 million less cash compared to the same period in 2023. These changes were partially offset by the change in inventories providing more cash of $287.0 million.
The current ratio was 2.6 at the end of the third quarter of 2024 and 3.6 at year-end 2023. The decrease in the current ratio at the end of the third quarter of 2024 compared to year-end 2023 was primarily due to the $2.86 billion, or 17%, decrease in current assets. The main driver of the decrease in current assets was the $2.12 billion, or 33% decrease in cash and cash equivalents. Also contributing to the decrease in the current ratio was the $622.3 million, or 14%, increase in current liabilities. The increase in current liabilities was primarily due to the $966.3 million increase in the current portion of long-term debt and finance lease obligations and the $94.5 million increase in short-term debt. These changes were offset by the $117.4 million decrease in accounts payable and the $351.8 million decrease in salaries, wages and related accruals.
Cash used in investing activities in the first nine months of 2024 was $2.77 billion as compared to $1.84 billion in the first nine months of 2023, an increase of $929.7 million. Cash used for capital expenditures of $2.29 billion in the first nine months of 2024 increased by $797.6 million as compared to the same period of 2023 primarily due to the sheet mill under construction in West Virginia, the sheet mill expansion in Indiana and the rebar micro mill under construction in North Carolina. Capital expenditures for 2024 are estimated to be approximately $3.2 billion as compared to $2.20 billion for 2023. The projects that we anticipate will have the largest capital expenditures in 2024 are the sheet mill under construction in West Virginia, the sheet mill expansion in Indiana, the rebar micro mill under construction in North Carolina and the construction of two manufacturing locations to expand Nucor Towers & Structures. Also contributing to the increase in cash used in investing activities in the first nine months of 2024 over the same period of 2023 was the acquisition (net of cash acquired) of Rytec for approximately $565.0 million during the third quarter of 2024.
Cash used in financing activities in the first nine months of 2024 was $2.60 billion as compared to $2.24 billion in the first nine months of 2023. The primary uses of cash were stock repurchases of $1.90 billion in the first nine months of 2024 as compared to $1.38 billion in the first nine months of 2023, which represented an increase of $524.8 million. Partially offsetting the increase in stock repurchases was the $79.0 million decrease in distributions to noncontrolling interests in the first nine months of 2024 as compared to the first nine months of 2023.
Nucor’s $1.75 billion revolving credit facility matures on November 5, 2026. The revolving credit facility includes only one financial covenant, which is a limit of 60% on the ratio of funded debt to total capital. In addition, the revolving 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. As of September 28, 2024, the funded debt to total capital ratio was 24.4% and we were in compliance with all non-financial covenants under the revolving credit facility. No borrowings were outstanding under the revolving credit facility as of September 28, 2024.
24
In September 2024, Nucor’s Board of Directors declared a quarterly cash dividend on Nucor’s common stock of $0.54 per share payable on November 8, 2024 to stockholders of record on September 27, 2024. This dividend is Nucor’s 206th consecutive quarterly cash dividend.
Funds provided from operations, cash and cash equivalents, short-term investments and new borrowings under our 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 also believe we have adequate access to capital markets for liquidity purposes.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
In the ordinary course of business, Nucor is exposed to a variety of market risks. We continually monitor these risks and develop strategies to manage them.
Interest Rate Risk
Nucor manages interest rate risk by using a combination of variable-rate and fixed-rate debt. Nucor also occasionally makes use of interest rate swaps to manage net exposure to interest rate changes. Management does not believe that Nucor’s exposure to interest rate risk has significantly changed since December 31, 2023. There were no interest rate swaps outstanding at September 28, 2024.
Commodity Price Risk
In the ordinary course of business, Nucor is exposed to market risk for price fluctuations of raw materials and energy, principally scrap steel, other ferrous and nonferrous metals, alloys and natural gas. We attempt to negotiate the best prices for our raw material and energy requirements and to obtain prices for our steel products that match market price movements in response to supply and demand. In periods of strong or stable demand for our products, we are more likely to be able to effectively reduce the normal time lag in passing through higher raw material costs so that we can maintain our gross margins. When demand for our products is weaker, this becomes more challenging. Our DRI facilities in Trinidad and Louisiana provide us with flexibility in managing our raw material requirements and our input costs. DRI is particularly important for operational flexibility when demand for prime scrap increases due to increased domestic steel production.
Natural gas produced by Nucor’s production operations is being sold to third parties to partially offset our exposure to changes in the price of natural gas consumed by our Louisiana DRI facility and our steel mills in the United States.
Nucor also periodically uses derivative financial instruments to hedge a portion of our exposure to price risk related to natural gas purchases used in the production process and to hedge a portion of our steel, scrap, aluminum and copper purchases and sales. Gains and losses from derivatives designated as hedges are deferred in accumulated other comprehensive loss, net of income taxes in the condensed consolidated balance sheets and recognized in net earnings in the same period as the underlying physical transaction. At September 28, 2024, accumulated other comprehensive loss, net of income taxes included $6.3 million in unrealized net-of-tax losses for the fair value of these derivative instruments. Changes in the fair values of derivatives not designated as hedges are recognized in net earnings each period.
The following table presents the negative effect on pre-tax earnings of a hypothetical change in the fair value of the derivative instruments outstanding at September 28, 2024, due to an assumed 10% and 25% change in the market price of each of the indicated commodities (in thousands):
Commodity Derivative |
|
10% Change |
|
|
25% Change |
|
||
Natural gas |
|
$ |
12,914 |
|
|
$ |
32,286 |
|
Other commodities |
|
$ |
12,402 |
|
|
$ |
30,979 |
|
Any resulting changes in fair value would be recorded as adjustments to accumulated other comprehensive loss, net of income taxes or recognized in net earnings, as appropriate. These hypothetical losses would be partially offset by the benefit of lower prices paid or higher prices received for the physical commodities.
25
Foreign Currency Risk
Nucor 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. Open foreign currency derivative contracts at September 28, 2024 were insignificant.
26
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
As of the end of the period covered by this report, the Company carried out an evaluation, under the supervision and with the participation of the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures. Based upon that evaluation, the Chief Executive Officer and the Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective as of the evaluation date.
Changes in Internal Control Over Financial Reporting
There were no changes in our internal control over financial reporting during the quarter ended September 28, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
27
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
Nucor is from time to time a party to various lawsuits, claims and other legal proceedings that arise in the ordinary course of business. With respect to all such lawsuits, claims and proceedings, we record reserves when it is probable a liability has been incurred and the amount of loss can be reasonably estimated. We do not believe that any of these proceedings, individually or in the aggregate, would be expected to have a material adverse effect on our results of operations, financial position or cash flows. Nucor maintains liability insurance with self-insurance limits for certain risks.
During 2022, Nucor Steel Louisiana, our DRI facility located in St. James Parish, Louisiana, received allegations of violations of the Clean Air Act from the United States Environmental Protection Agency. A combined settlement is currently being negotiated with the United States Department of Justice, the United States Environmental Protection Agency and the Louisiana Department of Environmental Quality. We do not believe that any aggregate settlement for these allegations will be material to Nucor.
There were no other proceedings that were pending or contemplated under federal, state or local environmental laws that the Company reasonably believes may result in monetary sanctions of at least $1.0 million (the threshold chosen by Nucor as permitted by Item 103 of Regulation S-K promulgated under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and which Nucor believes is reasonably designed to result in disclosure of any such proceeding that is material to its business or financial condition).
Item 1A. Risk Factors
There have been no material changes in Nucor’s risk factors from those included in “Item 1A. Risk Factors” in Nucor’s Annual Report on Form 10-K for the year ended December 31, 2023.
28
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Our share repurchase program activity for each of the three months and the quarter ended September 28, 2024 was as follows (in thousands, except per share amounts):
|
|
Total |
|
|
Average |
|
|
Total Number of |
|
|
Approximate |
|
||||
June 30, 2024 - July 27, 2024 |
|
|
1,460 |
|
|
$ |
158.61 |
|
|
|
1,460 |
|
|
$ |
1,589,993 |
|
July 28, 2024 - August 24, 2024 |
|
|
1,105 |
|
|
$ |
152.71 |
|
|
|
1,105 |
|
|
$ |
1,421,191 |
|
August 25, 2024 - September 28, 2024 |
|
|
- |
|
|
$ |
- |
|
|
|
- |
|
|
$ |
1,421,191 |
|
For the Quarter Ended September 28, 2024 |
|
|
2,565 |
|
|
|
|
|
|
2,565 |
|
|
|
|
||
Item 5. Other Information
Insider Trading Arrangements
During the quarter ended September 28, 2024, none of our directors or officers (as defined in Rule 16a-1(f) under the Exchange Act)
29
Item 6. Exhibits
Exhibit No. |
|
Description of Exhibit |
|
|
|
3 |
|
|
|
|
|
3.1 |
|
|
|
|
|
31* |
|
|
31.1* |
|
|
32** |
|
|
|
|
|
32.1** |
|
|
|
|
|
101* |
|
Financial Statements (Unaudited) from the Quarterly Report on Form 10-Q of Nucor Corporation for the quarter ended September 28, 2024, filed November 6, 2024, formatted in Inline XBRL: (i) the Condensed Consolidated Statements of Earnings, (ii) the Condensed Consolidated Statements of Comprehensive Income, (iii) the Condensed Consolidated Balance Sheets, (iv) the Condensed Consolidated Statements of Cash Flows and (v) the Notes to Condensed Consolidated Financial Statements. |
|
|
|
104* |
|
Cover Page from the Quarterly Report on Form 10-Q of Nucor Corporation for the quarter ended September 28, 2024, filed November 6, 2024, formatted in Inline XBRL (included in Exhibit 101 above). |
|
|
|
* Filed herewith.
** Furnished (and not filed) herewith pursuant to Item 601(b)(32)(ii) of Regulation S-K.
30
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
|
NUCOR CORPORATION |
||
|
|
|
|
|
By: |
|
/s/ Stephen D. Laxton |
|
|
|
Stephen D. Laxton |
|
|
|
Chief Financial Officer, Treasurer and |
|
|
|
Executive Vice President |
Dated: November 6, 2024
31