NUCOR CORP Fair Value Disclosure
14. Fair Value Measurements
The following table summarizes information regarding Nucor’s financial assets and liabilities that are measured at fair value (in millions). Nucor does not have any non-financial assets or liabilities that are measured at fair value on a recurring basis:
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Fair Value Measurements at Reporting Date Using |
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Quoted Prices |
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in Active |
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Significant |
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Carrying |
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Markets for |
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Other |
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Significant |
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Amount in |
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Identical |
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Observable |
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Unobservable |
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Consolidated |
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Assets |
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Inputs |
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Inputs |
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Description |
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Balance Sheets |
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(Level 1) |
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(Level 2) |
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(Level 3) |
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As of December 31, 2025 |
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Assets: |
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Cash equivalents |
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$ |
1,596 |
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$ |
1,596 |
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$ |
— |
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$ |
— |
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Short-term investments |
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439 |
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439 |
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— |
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— |
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Derivative contracts |
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— |
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— |
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— |
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— |
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Other assets |
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102 |
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23 |
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— |
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79 |
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Total assets |
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$ |
2,137 |
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$ |
2,058 |
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$ |
— |
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$ |
79 |
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Liabilities: |
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$ |
(17 |
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$ |
— |
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$ |
(17 |
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$ |
— |
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As of December 31, 2024 |
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Assets: |
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Cash equivalents |
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$ |
2,821 |
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$ |
2,821 |
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$ |
— |
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$ |
— |
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Short-term investments |
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581 |
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581 |
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— |
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— |
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Derivative contracts |
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7 |
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— |
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7 |
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— |
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Other assets |
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96 |
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27 |
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— |
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69 |
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Total assets |
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$ |
3,505 |
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$ |
3,429 |
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$ |
7 |
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$ |
69 |
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Liabilities: |
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$ |
(4 |
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$ |
— |
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$ |
(4 |
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$ |
— |
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Fair value measurements for Nucor’s cash equivalents, short-term investments and an investment in a publicly traded nuclear power equipment manufacturer 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 observable inputs such as interest rates, yield curves, credit risks, spot and future commodity prices, and spot and future exchange rates. Fair value measurements for Nucor's investments in privately held companies, most of which are in a nuclear fusion technology company, are classified under Level 3 because such measurements are estimated based on unobservable inputs that indicate a change in fair value, including the transaction price in the event of a change in ownership of the investee (e.g., the sale of other investors' interests in the company) or the transaction price in the event of additional equity issuances of the investee. 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 $6.53 billion at December 31, 2025 (approximately $6.19 billion at December 31, 2024). 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, 2025 and 2024, or similar debt with the same maturities, ratings and interest rates.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 27, 2024 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.