Income Taxes

3 Months Ended

Mar. 30, 2013

Income Taxes

14.

INCOME TAXES: The effective tax rate for the first quarter of 2013 was 27.8% compared to 27.4% for the first quarter of 2012. The effective tax rate for the first quarter of 2013 was favorably impacted by the recognition of research and development credits for the year 2012 retroactively extended by the American Taxpayer Relief Act of 2012. The effective tax rate for the first quarter of 2012 was favorably impacted by a $12.6 million non-cash out-of-period adjustment related to the recognition of a deferred tax asset related to state tax credit carryforwards and to the adjustment of tax expense to previously filed returns. Nucor has concluded U.S. federal income tax matters for years through 2008. The years 2004, 2007, and 2008 are open to the extent net operating losses were carried back. The 2009 to 2012 tax years are open to examination by the Internal Revenue Service. In 2011 the Canada Revenue Agency completed an audit examination for the periods 2006 to 2008 for Harris Steel Group Inc. and subsidiaries with immaterial adjustments to the income tax returns. The tax years 2009 through 2012 remain open to examination by other major taxing jurisdictions to which Nucor is subject (primarily Canada and other state and local jurisdictions).