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NUE » Topics » INTEREST EXPENSE (IN COME)

This excerpt taken from the NUE 10-K filed Feb 27, 2008.

INTEREST EXPENSE (IN COME)

Net interest expense (income) is detailed below:

 

     (in thousands)  

Year Ended December 31,

    2007     2006  

Interest expense

    $ 51,106     $ 40,351  

Interest income

      (45,637 )     (77,716 )
                

Interest expense (income), net

    $ 5,469     $ (37,365 )
                

  25

 

Gross interest expense increased approximately 27% primarily due to increased average debt outstanding, accompanied by increased average interest rates. During the fourth quarter of 2007, Nucor issued $1.3 billion in notes at rates slightly higher than the majority of the existing debt. Gross interest income decreased approximately 41% primarily due to a decrease in average investments, partially offset by an increase in the average interest rate earned on investments. Average investments decreased 50% due to the cash payments of $1.54 billion for acquisitions and $754.0 million for repurchases of common stock during the year.

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