NUCOR CORP Goodwill & Intangibles Disclosure
8. Goodwill and Other Intangible Assets
The change in the net carrying amount of goodwill for the years ended December 31, 2025 and 2024 by segment was as follows (in millions):
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Steel |
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Steel |
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Raw |
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|
||||
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|
Mills |
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|
Products |
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Materials |
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Total |
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Balance, December 31, 2023 |
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$ |
675 |
|
|
$ |
2,514 |
|
|
$ |
780 |
|
|
$ |
3,969 |
|
Acquisitions |
|
|
— |
|
|
|
318 |
|
|
|
17 |
|
|
|
335 |
|
Translation and other |
|
|
— |
|
|
|
(16 |
) |
|
|
— |
|
|
|
(16 |
) |
Balance, December 31, 2024 |
|
|
675 |
|
|
|
2,816 |
|
|
|
797 |
|
|
|
4,288 |
|
Acquisitions |
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
1 |
|
Translation and other |
|
|
— |
|
|
|
8 |
|
|
|
— |
|
|
|
8 |
|
Balance, December 31, 2025 |
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$ |
675 |
|
|
$ |
2,825 |
|
|
$ |
797 |
|
|
$ |
4,297 |
|
The majority of goodwill is not tax deductible.
Intangible assets with estimated useful lives of to 25 years are amortized on a straight-line or accelerated basis and consisted of the following (in millions):
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December 31, 2025 |
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December 31, 2024 |
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Gross |
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Accumulated |
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Gross |
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Accumulated |
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Amount |
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Amortization |
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Amount |
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Amortization |
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Customer relationships |
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$ |
4,444 |
|
|
$ |
1,737 |
|
|
$ |
4,444 |
|
|
$ |
1,512 |
|
Trademarks and trade names |
|
|
374 |
|
|
|
207 |
|
|
|
387 |
|
|
|
192 |
|
Other |
|
|
142 |
|
|
|
136 |
|
|
|
129 |
|
|
|
122 |
|
|
|
$ |
4,960 |
|
|
$ |
2,080 |
|
|
$ |
4,960 |
|
|
$ |
1,826 |
|
Intangible asset amortization expense was $254 million in 2025 ($262 million in 2024 and $238 million in 2023). Annual amortization expense is estimated to be $249 million in 2026, $246 million in 2027, $242 million in 2028, $209 million in 2029 and $189 million in 2030.
The Company completed its annual goodwill impairment testing as of the first day of the fourth quarter for each of 2025, 2024 and 2023 and concluded that as of each such date there was no impairment of goodwill for any of its reporting units.
There are no material historical accumulated impairment charges, by segment or in the aggregate, related to goodwill.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 27, 2024 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.