| Segments |
14. Segments Nucor reports its results in the following segments: steel mills, steel products and raw materials. The steel mills segment includes carbon and alloy steel in sheet, bars, structural and plate; steel trading businesses; rebar distribution businesses; and Nucor’s equity method investment in NuMit LLC ("NuMit"). The steel products segment includes steel joists and joist girders, steel deck, fabricated concrete reinforcing steel, cold finished steel, steel fasteners, metal building systems, insulated metal panels, steel grating, tubular products businesses, steel racking, piling products business, wire and wire mesh, overhead doors, and utility towers and structures. The raw materials segment includes The David J. Joseph Company and its affiliates (“DJJ”), primarily a scrap broker and processor; Nu-Iron Unlimited and Nucor Steel Louisiana LLC ("Nucor Steel Louisiana"), two facilities that produce direct reduced iron used by the steel mills; and our natural gas production operations. Corporate/eliminations include items such as net interest expense on long-term debt, charges and credits associated with changes in allowances to eliminate intercompany profit in inventory, profit sharing expense and stock-based compensation. Corporate assets primarily include cash and cash equivalents, short-term investments, allowances to eliminate intercompany profit in inventory, deferred income tax assets, federal and state income taxes receivable and investments in and advances to affiliates. Segment results are regularly reviewed by the Company's Chief Operating Decision Makers ("CODMs"), the President and Chief Executive Officer and the Chief Operating Officer, to manage the business, to make decisions about resources to be allocated to the segments and to assess performance. The measure of profit and loss that is used by the CODMs to assess segment performance and to allocate resources is earnings before income taxes and noncontrolling interests by segment (“segment earnings”). Our CODMs evaluate each segment’s performance based on metrics such as net sales, segment earnings and other key financial indicators, guiding strategic decisions to align with Company-wide goals. Segment cost of products sold is considered a significant segment expense and is regularly provided to the CODMs. Segment cost of products sold includes amounts related to both net sales to external customers and intercompany sales. Certain prior period amounts have been reclassified to conform to the current year presentation. Nucor’s results by segment for the second quarter and first six months of 2025 and 2024 were as follows (in millions):
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Three Months (13 Weeks) Ended |
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|
July 5, 2025 |
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|
|
Steel Mills |
|
|
Steel Products |
|
|
Raw Materials |
|
|
Totals |
|
Sales |
|
|
|
|
|
|
|
|
|
|
|
|
Net sales to external customers |
|
$ |
5,253 |
|
|
$ |
2,657 |
|
|
$ |
546 |
|
|
$ |
8,456 |
|
Intercompany sales |
|
|
1,360 |
|
|
|
148 |
|
|
|
2,801 |
|
|
|
4,309 |
|
Total Sales |
|
|
6,613 |
|
|
|
2,805 |
|
|
|
3,347 |
|
|
|
12,765 |
|
Reconciliation of Sales |
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|
|
|
|
|
|
|
|
|
|
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Elimination of intercompany sales |
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|
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|
|
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(4,309 |
) |
Net sales to external customers |
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|
|
|
|
|
|
|
|
|
8,456 |
|
Less: |
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|
|
|
|
|
|
|
|
|
|
|
Cost of products sold |
|
|
5,727 |
|
|
|
2,328 |
|
|
|
3,262 |
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|
|
11,317 |
|
Other segment items |
|
|
43 |
|
|
|
85 |
|
|
|
28 |
|
|
|
156 |
|
Segment earnings before income taxes and noncontrolling interests |
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|
843 |
|
|
|
392 |
|
|
|
57 |
|
|
|
1,292 |
|
Reconciliation of earnings before income taxes and noncontrolling interests |
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|
|
|
|
|
|
|
|
|
|
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Corporate/eliminations |
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|
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|
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|
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(393 |
) |
Earnings before income taxes and noncontrolling interests |
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|
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|
|
|
|
|
|
$ |
899 |
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Six Months (26 Weeks) Ended |
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July 5, 2025 |
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Steel Mills |
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|
Steel Products |
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Raw Materials |
|
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Totals |
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Sales |
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|
|
|
|
|
|
|
|
|
|
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Net sales to external customers |
|
$ |
10,160 |
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|
$ |
5,062 |
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|
$ |
1,064 |
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|
$ |
16,286 |
|
Intercompany sales |
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|
2,434 |
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|
298 |
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|
|
5,527 |
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|
|
8,259 |
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Total Sales |
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|
12,594 |
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|
|
5,360 |
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|
|
6,591 |
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|
|
24,545 |
|
Reconciliation of Sales |
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|
|
|
|
|
|
|
|
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Elimination of intercompany sales |
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(8,259 |
) |
Net sales to external customers |
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|
|
|
|
|
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|
16,286 |
|
Less: |
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|
|
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|
|
|
|
|
|
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Cost of products sold |
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|
11,470 |
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|
4,557 |
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|
|
6,466 |
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|
22,493 |
|
Other segment items |
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|
50 |
|
|
|
123 |
|
|
|
39 |
|
|
|
212 |
|
Segment earnings before income taxes and noncontrolling interests |
|
|
1,074 |
|
|
|
680 |
|
|
|
86 |
|
|
|
1,840 |
|
Reconciliation of earnings before income taxes and noncontrolling interests |
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|
|
|
|
|
|
|
|
|
|
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Corporate/eliminations |
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|
|
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|
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|
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|
(656 |
) |
Earnings before income taxes and noncontrolling interests |
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|
|
|
|
|
|
|
|
|
$ |
1,184 |
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|
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Three Months (13 Weeks) Ended |
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|
June 29, 2024 |
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|
Steel Mills |
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|
Steel Products |
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|
Raw Materials |
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Totals |
|
Sales |
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|
|
|
|
|
|
|
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Net sales to external customers |
|
$ |
4,858 |
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|
$ |
2,703 |
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|
$ |
516 |
|
|
$ |
8,077 |
|
Intercompany sales |
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|
1,172 |
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|
|
155 |
|
|
|
2,233 |
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|
|
3,560 |
|
Total Sales |
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|
6,030 |
|
|
|
2,858 |
|
|
|
2,749 |
|
|
|
11,637 |
|
Reconciliation of Sales |
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|
|
|
|
|
|
|
|
|
|
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Elimination of intercompany sales |
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|
|
|
|
|
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|
|
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|
(3,560 |
) |
Net sales to external customers |
|
|
|
|
|
|
|
|
|
|
|
8,077 |
|
Less: |
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|
|
|
|
|
|
|
|
|
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Cost of products sold |
|
|
5,369 |
|
|
|
2,338 |
|
|
|
2,688 |
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|
10,395 |
|
Other segment items |
|
|
16 |
|
|
|
78 |
|
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|
22 |
|
|
|
116 |
|
Segment earnings before income taxes and noncontrolling interests |
|
|
645 |
|
|
|
442 |
|
|
|
39 |
|
|
|
1,126 |
|
Reconciliation of earnings before income taxes and noncontrolling interests |
|
|
|
|
|
|
|
|
|
|
|
|
Corporate/eliminations |
|
|
|
|
|
|
|
|
|
|
|
(228 |
) |
Earnings before income taxes and noncontrolling interests |
|
|
|
|
|
|
|
|
|
|
$ |
898 |
|
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|
|
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|
|
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|
Six Months (26 Weeks) Ended |
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|
June 29, 2024 |
|
|
|
Steel Mills |
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|
Steel Products |
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|
Raw Materials |
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Totals |
|
Sales |
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|
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|
|
|
|
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|
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|
Net sales to external customers |
|
$ |
10,027 |
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|
$ |
5,220 |
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|
$ |
967 |
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$ |
16,214 |
|
Intercompany sales |
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|
2,423 |
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|
292 |
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|
4,801 |
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|
7,516 |
|
Total Sales |
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|
12,450 |
|
|
|
5,512 |
|
|
|
5,768 |
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|
|
23,730 |
|
Reconciliation of Sales |
|
|
|
|
|
|
|
|
|
|
|
|
Elimination of intercompany sales |
|
|
|
|
|
|
|
|
|
|
|
(7,516 |
) |
Net sales to external customers |
|
|
|
|
|
|
|
|
|
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|
16,214 |
|
Less: |
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|
|
|
|
|
|
|
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|
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|
Cost of products sold |
|
|
10,668 |
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|
|
4,402 |
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|
|
5,680 |
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|
|
20,750 |
|
Other segment items |
|
|
34 |
|
|
|
157 |
|
|
|
39 |
|
|
|
230 |
|
Segment earnings before income taxes and noncontrolling interests |
|
|
1,748 |
|
|
|
953 |
|
|
|
49 |
|
|
|
2,750 |
|
Reconciliation of earnings before income taxes and noncontrolling interests |
|
|
|
|
|
|
|
|
|
|
|
|
Corporate/eliminations |
|
|
|
|
|
|
|
|
|
|
|
(627 |
) |
Earnings before income taxes and noncontrolling interests |
|
|
|
|
|
|
|
|
|
|
$ |
2,123 |
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Three Months (13 Weeks) Ended |
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|
Six Months (26 Weeks) Ended |
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|
|
July 5, 2025 |
|
|
June 29, 2024 |
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|
July 5, 2025 |
|
|
June 29, 2024 |
|
Depreciation expense: |
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Steel mills |
|
$ |
197 |
|
|
$ |
181 |
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|
$ |
404 |
|
|
$ |
351 |
|
Steel products |
|
|
46 |
|
|
|
37 |
|
|
|
86 |
|
|
|
72 |
|
Raw materials |
|
|
54 |
|
|
|
48 |
|
|
|
105 |
|
|
|
96 |
|
Corporate |
|
|
6 |
|
|
|
5 |
|
|
|
11 |
|
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|
9 |
|
|
|
$ |
303 |
|
|
$ |
271 |
|
|
$ |
606 |
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|
$ |
528 |
|
Amortization expense: |
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|
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|
Steel mills |
|
$ |
2 |
|
|
$ |
2 |
|
|
$ |
4 |
|
|
$ |
4 |
|
Steel products |
|
|
54 |
|
|
|
52 |
|
|
|
110 |
|
|
|
102 |
|
Raw materials |
|
|
7 |
|
|
|
7 |
|
|
|
14 |
|
|
|
14 |
|
|
|
$ |
63 |
|
|
$ |
61 |
|
|
$ |
128 |
|
|
$ |
120 |
|
Capital expenditures: |
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|
|
|
|
|
|
|
|
|
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|
Steel mills |
|
$ |
552 |
|
|
$ |
614 |
|
|
$ |
1,161 |
|
|
$ |
1,015 |
|
Steel products |
|
|
156 |
|
|
|
119 |
|
|
|
310 |
|
|
|
218 |
|
Raw materials |
|
|
118 |
|
|
|
105 |
|
|
|
236 |
|
|
|
232 |
|
Corporate |
|
|
39 |
|
|
|
11 |
|
|
|
79 |
|
|
|
43 |
|
|
|
$ |
865 |
|
|
$ |
849 |
|
|
$ |
1,786 |
|
|
$ |
1,508 |
|
|
|
|
|
|
|
|
|
|
|
|
July 5, 2025 |
|
|
December 31, 2024 |
|
Segment assets: |
|
|
|
|
|
|
Steel mills |
|
$ |
17,744 |
|
|
$ |
16,582 |
|
Steel products |
|
|
11,699 |
|
|
|
11,235 |
|
Raw materials |
|
|
3,848 |
|
|
|
3,656 |
|
Corporate/eliminations |
|
|
926 |
|
|
|
2,467 |
|
|
|
$ |
34,217 |
|
|
$ |
33,940 |
|
Net sales by product for the second quarter and first six months of 2025 and 2024 were as follows (in millions). Further product group breakdown is impracticable.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months (13 Weeks) Ended |
|
|
Six Months (26 Weeks) Ended |
|
|
|
July 5, 2025 |
|
|
June 29, 2024 |
|
|
July 5, 2025 |
|
|
June 29, 2024 |
|
Net sales to external customers: |
|
|
|
|
|
|
|
|
|
|
|
|
Sheet |
|
$ |
2,476 |
|
|
$ |
2,396 |
|
|
$ |
4,685 |
|
|
$ |
5,106 |
|
Bar |
|
|
1,397 |
|
|
|
1,361 |
|
|
|
2,889 |
|
|
|
2,696 |
|
Structural |
|
|
694 |
|
|
|
559 |
|
|
|
1,338 |
|
|
|
1,170 |
|
Plate |
|
|
686 |
|
|
|
542 |
|
|
|
1,248 |
|
|
|
1,054 |
|
Tubular Products |
|
|
380 |
|
|
|
345 |
|
|
|
744 |
|
|
|
713 |
|
Rebar Fabrication |
|
|
487 |
|
|
|
462 |
|
|
|
895 |
|
|
|
875 |
|
Joist & Deck |
|
|
564 |
|
|
|
598 |
|
|
|
1,062 |
|
|
|
1,197 |
|
Building Systems |
|
|
337 |
|
|
|
361 |
|
|
|
615 |
|
|
|
675 |
|
Other Steel Products |
|
|
889 |
|
|
|
937 |
|
|
|
1,746 |
|
|
|
1,760 |
|
Raw Materials |
|
|
546 |
|
|
|
516 |
|
|
|
1,064 |
|
|
|
968 |
|
|
|
$ |
8,456 |
|
|
$ |
8,077 |
|
|
$ |
16,286 |
|
|
$ |
16,214 |
|
|