CHARLOTTE, N.C., Jan. 28, 2016 /PRNewswire/ -- Nucor Corporation
(NYSE: NUE) announced today fourth quarter of 2015 adjusted
consolidated net earnings of $144.7
million, or $0.46 per diluted
share. Adjusted fourth quarter of 2015 consolidated net earnings of
$0.46 per diluted share was above our
quantitative guidance of $0.15-$0.20
per diluted share due to a larger than forecasted LIFO credit and
better than forecasted performance in our steel mills segment. This
adjusted net earnings excludes a $153.0
million ($0.48 per diluted
share) impairment charge related to our Duferdofin Nucor S.r.l.
joint venture and an $84.1 million
($0.17 per diluted share) impairment
charge on assets which are primarily engineering and equipment
related to the current blast furnace project that we concluded in
the fourth quarter of 2015 will not be utilized in the future at
our St. James Parish, Louisiana
site. Including these two impairment charges, Nucor's consolidated
net loss for the fourth quarter is $62.0
million, or $0.19 per diluted
share. This compares with consolidated net earnings of $227.1 million, or $0.71 per diluted share, for the third quarter of
2015 and consolidated net earnings of $210.4
million, or $0.65 per diluted
share, in the fourth quarter of 2014. Nucor reported
consolidated net earnings of $357.7
million, or $1.11 per diluted
share, for the full year 2015, which compares with consolidated net
earnings of $713.9 million, or
$2.22 per diluted share, for the full
year 2014. A reconciliation of Adjusted Net Earnings to Net Loss
Attributable to Nucor Stockholders for the fourth quarter of 2015
is as follows:
|
Reconciliation
Between Adjusted Net Earnings
and Net Loss (unaudited)
|
|
for the 13 weeks
ended December 31, 2015
|
|
|
|
|
|
|
|
Diluted Per Share
Effect
|
|
Amount (in
thousands)
|
|
(net of
tax)
|
|
|
|
|
Adjusted net
earnings
|
$
144,718
|
|
$
0.46
|
|
|
|
|
Impairment
charges:
|
|
|
|
Duferdofin-Nucor
|
153,000
|
|
0.48
|
Louisiana blast
furnace assets
|
84,133
|
|
0.17
|
Total gross
impairment charges
|
237,133
|
|
0.65
|
Tax
benefit
|
(30,393)
|
|
|
Net impairment
charges
|
206,740
|
|
|
|
|
|
|
Net loss
attributable
|
|
|
|
to Nucor
stockholders
|
$
(62,022)
|
|
$
(0.19)
|
|
|
|
|
In our 2015 third quarter Form 10-Q, we noted that "steel market
conditions in Europe have
continued to be challenging through the third quarter of 2015, and,
therefore, 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." Due to the recent operating performance and
deteriorations in near-term financial projections, we assessed our
equity method investment in Duferdofin Nucor S.r.l. for impairment
in the fourth quarter of 2015. As a result of that assessment, we
recorded a $153.0 million
($0.48 per diluted share) non-cash
impairment charge related to our investment in the joint venture.
The provision for income taxes is not affected by this impairment
charge, which has caused Nucor's effective tax rate for the fourth
quarter of 2015 to be unusually high. The team at Duferdofin Nucor
S.r.l. has been working extremely hard at implementing new
strategies that impact every aspect of its business. The core
initiatives of these strategies are a relentless focus on
production efficiency and cost reduction; a shift in product mix to
increase shipments of value-added products such as engineered bar
that have higher margins; and implementing and maintaining a
progressive safety and environmental culture. We are already seeing
positive results from these initiatives and believe the joint
venture is positioning itself for profitability in the future.
Also during the fourth quarter of 2015, we determined that
certain assets, the majority of which are engineering and equipment
related to the current blast furnace project at our St. James Parish, Louisiana site will not be
utilized. If we decide to proceed with a blast furnace at the site
in the future, the project design will be evaluated at that time
utilizing new equipment and engineering. As a result of this
determination, we recorded an $84.1
million ($0.17 per diluted
share) non-cash charge to write-down the entire amount of these
capitalized assets. In our 2015 third quarter Form 10-Q, we noted
that "changes to anticipated development activities at this site
could result in full or partial impairment of these capitalized
assets." Due to market conditions and overcapacity in the global
and domestic steel industries, any decision to construct a
redesigned blast furnace at the St. James
Parish site will be made at a future date.
Earnings (loss) before income taxes and noncontrolling interests
by segment were as follows for the fourth quarter and full year
2015 and 2014 (in thousands):
|
|
|
Three Months (13
Weeks) Ended
|
|
Twelve Months (52
Weeks) Ended
|
|
|
|
December 31,
2015
|
|
December 31,
2014
|
|
December 31,
2015
|
|
December 31,
2014
|
Earnings (loss)
before income
|
|
|
|
|
|
|
|
taxes and
noncontrolling interests:
|
|
|
|
|
|
|
|
Steel
mills
|
|
$
(46,611)
|
|
$
405,714
|
|
$
629,793
|
|
$
1,594,352
|
|
Steel
products
|
76,787
|
|
58,101
|
|
276,048
|
|
166,323
|
|
Raw
materials
|
(161,160)
|
|
(8,456)
|
|
(283,938)
|
|
(29,053)
|
|
Corporate/eliminations
|
150,684
|
|
(104,133)
|
|
87,335
|
|
(527,045)
|
|
|
|
$
19,700
|
|
$
351,226
|
|
$
709,238
|
|
$
1,204,577
|
|
|
|
|
|
|
|
|
|
|
Nucor's results include a $217.8
million credit ($0.41 per
diluted share) to value inventories using the last-in, first-out
(LIFO) method of accounting in the fourth quarter of 2015, compared
with a credit of $137.0 million
($0.27 per diluted share) recorded in
the third quarter of 2015 and a credit of $57.3 million ($0.11 per diluted share) for the fourth quarter
and full year 2014. Nucor's full year LIFO credit was $466.8 million ($0.89 per diluted share) in 2015.
The third quarter of 2015 results were impacted by an
out-of-period non-cash gain of $10.2
million ($0.03 per diluted
share) related to a correction of deferred tax balances. The fourth
quarter of 2014 results were impacted by approximately $8.9
million ($0.02 per diluted
share) of inventory-related purchase accounting adjustments
associated with the acquisition of Nucor Steel Gallatin and
a $9.2 million ($0.03 per diluted share) out-of-period
non-cash gain related to a correction to tax balances.
For the full year 2015, Nucor's consolidated net sales decreased
22% to $16.44 billion, compared with
$21.11 billion for 2014. Total tons
shipped to outside customers were 22,680,000, a decrease of 11%
from the full year 2014.
Nucor's consolidated net sales decreased 18% to $3.46 billion in the fourth quarter of 2015
compared with $4.23 billion in the
third quarter of 2015 and decreased 31% compared with $5.00 billion in the fourth quarter of 2014.
Average sales price per ton decreased 6% from the third quarter of
2015 and decreased 18% from the fourth quarter of 2014. Total tons
shipped to outside customers were 5,107,000 tons in the fourth
quarter of 2015, a 13% decrease from the third quarter of 2015 and
a decrease of 16% from the fourth quarter of 2014. Total fourth
quarter steel mill shipments decreased 14% from the third quarter
of 2015 and decreased 16% from the fourth quarter of 2014. Fourth
quarter downstream steel products shipments to outside customers
decreased 13% from the third quarter of 2015 and increased 1% over
the fourth quarter of 2014.
The average scrap and scrap substitute cost per ton used for the
full year 2015 was $270, a 29%
decrease from $381 in 2014. The
average scrap and scrap substitute cost per ton used in the fourth
quarter of 2015 was $219, a decrease
of 16% from $262 in the third quarter
of 2015 and 40% from $363 in the
fourth quarter of 2014.
Overall operating rates at our steel mills decreased to 68% for
the full year 2015 from 78% for the full year 2014. Steel mill
utilization rates in the fourth quarter (63%) decreased compared to
the third quarter of 2015 (69%) and the fourth quarter of 2014
(76%).
For the full year 2015, total steel mill energy costs for
natural gas and electricity decreased approximately $3 per ton from the prior year primarily due to
lower natural gas and electricity unit costs. In the fourth quarter
of 2015, total steel mill energy costs decreased approximately
$4 per ton from the third quarter of
2015 and decreased approximately $4
per ton from the fourth quarter of 2014 due to lower electricity
and natural gas unit costs.
Our liquidity position remains strong with $2.04 billion in cash and cash equivalents and
short-term investments and an untapped $1.5
billion revolving credit facility that does not expire until
August 2018. Cash provided by
operating activities for 2015 was robust at $2.16 billion compared to $1.34 billion in 2014.
In December, Nucor's board of directors declared a cash dividend
of $0.375 per share payable on
February 11, 2016 to stockholders of
record on December 31, 2015. This
dividend is Nucor's 171st consecutive quarterly cash
dividend, and it marks 43 consecutive
years of an increased base dividend.
Also in December, we repurchased approximately 1.7 million
shares of the company's common stock for an average share price of
$39.96 under the recently announced
share repurchase program. In September, Nucor's board of directors
approved the repurchase of up to $900
million of the company's common stock. The December
repurchases were the first under the new program.
Operating performance at the steel mills segment in the fourth
quarter of 2015 decreased from the third quarter of 2015 due to
lower average selling prices and decreased volumes. The steel mills
segment was also negatively impacted by the cost of working through
higher priced scrap, work-in-process and finished goods inventories
to begin the fourth quarter of 2015. Negative pricing trends and
low volumes are due to continued deterioration in global steel
markets amplified by global excess capacity and historically high
import levels. Although the trade remedy process has not moved as
quickly as we would like, we believe that preliminary antidumping
and countervailing duties and affirmative critical circumstances
findings in the steel sheet cases should have a positive impact on
domestic sheet mills in the first half of 2016. Nonresidential
construction markets, although improved from 2014, are beginning to
slow mainly due to seasonal factors. Energy, heavy equipment
and agricultural markets remain weak. The automotive market remains
strong.
The performance of our downstream products segment decreased
from the third quarter of 2015 due to typical fourth quarter
seasonality, but increased from the fourth quarter of 2014.
This improved performance compared to the prior year reflects the
gradual improvement in nonresidential construction
markets.
We experienced lower performance in the raw materials segment in
the fourth quarter compared to the third quarter of 2015 due to
lower scrap and metallic commodity prices causing margin
compression at our scrap processing businesses. During the fourth
quarter of 2015, we completed a planned maintenance outage at Nucor
Steel Louisiana. However, due to market conditions, the
Louisiana direct reduced iron
(DRI) facility did not immediately resume operations after
completion of the planned maintenance outage. Nucor Steel Louisiana
has recently resumed operations and is producing DRI at a high
quality level.
We currently expect a LIFO expense of $13.5 million ($0.03 per diluted share) in the first quarter of
2016. We anticipate some improvement in the steel mills
segment in the first quarter of 2016 compared to the fourth quarter
of 2015 due to a lower average cost of inventory to begin the first
quarter and a modest improvement in market conditions. Positive
market factors include a small decline in import volumes and more
balanced inventory levels at service center customers. The
profitability of our downstream products segment in the first
quarter of 2016 is expected to decrease from the fourth quarter of
2015 as typical winter seasonality has its greatest impact on
nonresidential construction markets in the first quarter.
Conditions in nonresidential construction markets will improve as
we enter the construction season in the second quarter, and we
expect another strong year in 2016 for this segment. We anticipate
some slight improvement in the performance of the raw materials
segment in the first quarter of 2016 primarily due to the absence
of the maintenance outage at Nucor Steel Louisiana that occurred in
the fourth quarter of 2015 and improved margins in our scrap
recycling business. However, market conditions in the raw materials
segment will continue to be extremely challenging due to the
overall depressed and volatile levels of pricing for raw
materials.
Nucor and its affiliates are manufacturers of steel products,
with operating facilities primarily in the U.S. and Canada. Products produced include: carbon and
alloy steel -- in bars, beams, sheet and plate; steel piling; steel
joists and joist girders; steel deck; fabricated concrete
reinforcing steel; cold finished steel; steel fasteners; metal
building systems; steel grating; and wire and wire mesh. Nucor,
through The David J. Joseph Company, also brokers ferrous and
nonferrous metals, pig iron and HBI/DRI; supplies ferro-alloys; and
processes ferrous and nonferrous scrap. Nucor is North America's largest recycler.
Certain statements contained in this news release 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. 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 competition from imports and substitute materials; (2)
the sensitivity of the results of our operations to prevailing
steel prices and the changes in the supply and cost of raw
materials, including scrap steel; (3) market demand for steel
products; and (4) energy costs and availability. These and
other factors are discussed in Nucor's regulatory filings with the
Securities and Exchange Commission, including those in Nucor's
fiscal 2014 Annual Report on Form 10-K, Item 1A. Risk Factors. The
forward-looking statements contained in this news release speak
only as of this date, and Nucor does not assume any obligation to
update them.
You are invited to listen to the live broadcast of Nucor's
conference call in which management will discuss Nucor's fourth
quarter results on January 28, 2016
at 2:00 p.m. eastern time. The
conference call will be available over the Internet at
www.nucor.com, under Investor Relations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TONNAGE
DATA
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended December 31,
|
|
Year Ended
December 31,
|
|
|
|
2015
|
|
2014
|
|
Percentage
Change
|
|
2015
|
|
2014
|
|
Percentage
Change
|
Steel mills
production
|
|
4,398
|
|
5,205
|
|
-16%
|
|
19,294
|
|
21,135
|
|
-9%
|
Steel mills total
shipments
|
|
4,459
|
|
5,317
|
|
-16%
|
|
19,860
|
|
21,967
|
|
-10%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales tons to
outside customers:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Steel
mills
|
|
3,823
|
|
4,584
|
|
-17%
|
|
17,006
|
|
18,681
|
|
-9%
|
|
Joist
|
|
117
|
|
104
|
|
13%
|
|
427
|
|
421
|
|
1%
|
|
Deck
|
|
110
|
|
95
|
|
16%
|
|
401
|
|
396
|
|
1%
|
|
Cold
finished
|
|
95
|
|
104
|
|
-9%
|
|
449
|
|
504
|
|
-11%
|
|
Fabricated
concrete
|
|
|
|
|
|
|
|
|
|
|
|
|
|
reinforcing
steel
|
|
265
|
|
283
|
|
-6%
|
|
1,190
|
|
1,185
|
|
-
|
|
Other
|
|
697
|
|
900
|
|
-23%
|
|
3,207
|
|
4,226
|
|
-24%
|
|
|
|
5,107
|
|
6,070
|
|
-16%
|
|
22,680
|
|
25,413
|
|
-11%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited)
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
Quarter Ended
December 31,
|
|
Year Ended
December 31,
|
|
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
Net
sales
|
$ 3,456,713
|
|
$ 5,003,753
|
|
$
16,439,276
|
|
$ 21,105,141
|
|
|
|
|
|
|
|
|
Costs, expenses
and other:
|
|
|
|
|
|
|
|
Cost of
products sold
|
3,073,875
|
|
4,489,882
|
|
14,858,014
|
|
19,198,615
|
Marketing,
administrative and other expenses
|
89,197
|
|
123,500
|
|
458,989
|
|
520,805
|
Equity in
earnings of
|
|
|
|
|
|
|
|
unconsolidated
affiliates
|
(4,779)
|
|
(3,477)
|
|
(5,329)
|
|
(13,505)
|
Impairments
and losses on assets
|
237,133
|
|
3,847
|
|
244,833
|
|
25,393
|
Interest
expense, net
|
41,587
|
|
38,775
|
|
173,531
|
|
169,256
|
|
3,437,013
|
|
4,652,527
|
|
15,730,038
|
|
19,900,564
|
Earnings before
income taxes and
|
|
|
|
|
|
|
|
noncontrolling
interests
|
19,700
|
|
351,226
|
|
709,238
|
|
1,204,577
|
Provision for
income taxes
|
34,988
|
|
106,268
|
|
213,154
|
|
388,787
|
Net (loss)
earnings
|
(15,288)
|
|
244,958
|
|
496,084
|
|
815,790
|
Earnings
attributable to
|
|
|
|
|
|
|
|
noncontrolling
interests
|
46,734
|
|
34,531
|
|
138,425
|
|
101,844
|
Net (loss)
earnings attributable to
|
|
|
|
|
|
|
|
Nucor
stockholders
|
$
(62,022)
|
|
$
210,427
|
|
$
357,659
|
|
$
713,946
|
|
|
|
|
|
|
|
|
Net (loss)
earnings per share:
|
|
|
|
|
|
|
|
Basic
|
($0.19)
|
|
$0.66
|
|
$1.11
|
|
$2.22
|
Diluted
|
($0.19)
|
|
$0.65
|
|
$1.11
|
|
$2.22
|
|
|
|
|
|
|
|
|
Average shares
outstanding:
|
|
|
|
|
|
|
|
Basic
|
320,629
|
|
320,157
|
|
320,565
|
|
319,838
|
Diluted
|
320,687
|
|
320,449
|
|
320,693
|
|
320,127
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS (Unaudited)
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dec. 31,
2015
|
|
Dec. 31,
2014
|
ASSETS
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and
cash equivalents
|
|
$
1,939,469
|
|
$ 1,024,144
|
|
Short-term
investments
|
|
100,000
|
|
100,000
|
|
Accounts
receivable, net
|
|
1,383,823
|
|
2,068,298
|
|
Inventories,
net
|
|
2,145,444
|
|
2,745,032
|
|
Other
current assets
|
|
185,644
|
|
504,414
|
|
|
|
|
|
|
|
|
|
|
Total
current assets
|
|
5,754,380
|
|
6,441,888
|
|
|
|
|
|
|
|
|
Property,
plant and equipment, net
|
|
4,891,153
|
|
5,287,639
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
2,011,278
|
|
2,068,664
|
|
|
|
|
|
|
|
|
Other
intangible assets, net
|
|
770,672
|
|
862,093
|
|
|
|
|
|
|
|
|
Other
assets
|
|
822,916
|
|
955,643
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$ 14,250,399
|
|
$ 15,615,927
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Short-term
debt
|
|
$
51,315
|
|
$ 207,476
|
|
Long-term
debt due within one year
|
|
-
|
|
16,335
|
|
Accounts
payable
|
|
566,527
|
|
993,872
|
|
Salaries,
wages and related accruals
|
|
289,004
|
|
352,488
|
|
Accrued
expenses and other current liabilities
|
|
478,327
|
|
527,605
|
|
|
|
|
|
|
|
|
|
|
Total
current liabilities
|
|
1,385,173
|
|
2,097,776
|
|
|
|
|
|
|
|
|
Long-term
debt due after one year
|
|
4,360,600
|
|
4,360,600
|
|
|
|
|
|
|
|
|
Deferred
credits and other liabilities
|
|
718,613
|
|
1,082,433
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
6,464,386
|
|
7,540,809
|
|
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
Nucor
stockholders' equity:
|
|
|
|
|
|
Common
stock
|
|
151,426
|
|
151,237
|
|
Additional
paid-in capital
|
|
1,918,970
|
|
1,883,356
|
|
Retained
earnings
|
|
7,255,972
|
|
7,378,214
|
|
Accumulated
other comprehensive loss,
|
|
|
|
|
|
|
net of
income taxes
|
|
(351,362)
|
|
(145,708)
|
|
Treasury
stock
|
|
(1,558,128)
|
|
(1,494,629)
|
|
|
Total Nucor
stockholders' equity
|
|
7,416,878
|
|
7,772,470
|
|
|
|
|
|
|
|
|
Noncontrolling
interests
|
|
369,135
|
|
302,648
|
|
|
|
|
|
|
|
|
|
|
Total
equity
|
|
7,786,013
|
|
8,075,118
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities and equity
|
|
$ 14,250,399
|
|
$ 15,615,927
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months (52
Weeks) Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dec. 31,
2015
|
|
Dec. 31,
2014
|
|
|
|
|
|
|
|
|
|
Operating
activities:
|
|
|
|
|
|
|
Net
earnings
|
|
|
$
496,084
|
|
$
815,790
|
|
Adjustments:
|
|
|
|
|
|
|
|
Depreciation
|
|
|
625,757
|
|
652,000
|
|
|
Amortization
|
|
|
74,260
|
|
72,423
|
|
|
Stock-based
compensation
|
45,794
|
|
46,384
|
|
|
Deferred income
taxes
|
|
(82,518)
|
|
90,864
|
|
|
Distributions from
affiliates
|
15,132
|
|
53,738
|
|
|
Equity in earnings
of unconsolidated affiliates
|
(5,329)
|
|
(13,505)
|
|
|
Impairments and
losses on assets
|
244,833
|
|
25,393
|
|
|
Changes in assets
and liabilities (exclusive of
|
|
|
|
|
|
acquisitions and
dispositions):
|
|
|
|
|
|
|
Accounts
receivable
|
|
655,489
|
|
(179,181)
|
|
|
|
Inventories
|
|
593,830
|
|
(45,963)
|
|
|
|
Accounts
payable
|
|
(438,788)
|
|
(111,859)
|
|
|
|
Federal income
taxes
|
|
62,656
|
|
(111,687)
|
|
|
|
Salaries, wages
and related accruals
|
(56,267)
|
|
67,973
|
|
|
|
Other operating
activities
|
(73,890)
|
|
(19,472)
|
|
|
|
|
|
|
|
|
|
Cash provided by
operating activities
|
2,157,043
|
|
1,342,898
|
|
|
|
|
|
|
|
|
|
Investing
activities:
|
|
|
|
|
|
|
Capital
expenditures
|
|
(374,123)
|
|
(667,982)
|
|
Investment in and
advances to affiliates
|
(80,409)
|
|
(97,841)
|
|
Repayment of
advances to affiliates
|
-
|
|
122,000
|
|
Disposition of
plant and equipment
|
29,390
|
|
36,563
|
|
Acquisitions (net
of cash acquired)
|
(19,089)
|
|
(768,581)
|
|
Purchases of
investments
|
|
(111,927)
|
|
(100,000)
|
|
Proceeds from the
sale of investments
|
111,452
|
|
27,529
|
|
Other investing
activities
|
|
3,010
|
|
10,250
|
|
|
|
|
|
|
|
|
|
Cash used in
investing activities
|
|
(441,696)
|
|
(1,438,062)
|
|
|
|
|
|
|
|
|
|
Financing
activities:
|
|
|
|
|
|
|
Net change in
short-term debt
|
|
(155,816)
|
|
178,308
|
|
Repayment of
long-term debt
|
|
(16,300)
|
|
(5,358)
|
|
Issuance of common
stock
|
|
423
|
|
5,614
|
|
Excess tax
benefits from stock-based compensation
|
2,000
|
|
3,400
|
|
Distributions to
noncontrolling interests
|
(71,938)
|
|
(63,705)
|
|
Cash
dividends
|
|
|
(479,432)
|
|
(475,123)
|
|
Acquisition of
treasury stock
|
|
(66,505)
|
|
-
|
|
Other financing
activities
|
|
(2,183)
|
|
(2,183)
|
|
|
|
|
|
|
|
|
|
Cash used in
financing activities
|
|
(789,751)
|
|
(359,047)
|
|
|
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash
|
(10,271)
|
|
(4,897)
|
|
|
|
|
|
|
|
|
|
Increase
(decrease) in cash and cash equivalents
|
915,325
|
|
(459,108)
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents - beginning of year
|
1,024,144
|
|
1,483,252
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents - end of year
|
$
1,939,469
|
|
$
1,024,144
|
|
|
|
|
|
|
|
|
|
Non-cash investing
activity:
|
|
|
|
|
|
Change in accrued
plant and equipment purchases
|
$
(9,355)
|
|
$
(99,115)
|
|
|
|
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/nucor-reports-results-for-fourth-quarter-and-year-ended-2015-300211354.html
SOURCE Nucor Corporation