Income Taxes

9 Months Ended

Sep. 28, 2013

Income Taxes

15. INCOME TAXES: The effective tax rate for the third quarter of 2013 was 28.2% compared to 32.3% for the third quarter of 2012. The decrease in the effective tax rate for the third quarter of 2013 as compared to the third quarter of 2012 is primarily due to the change in relative proportions of net earnings attributable to noncontrolling interests to total pre-tax earnings between the periods and the impact of the reversal of tax reserves due to closing of the statute of limitations in the third quarter of 2013. Nucor has concluded U.S. federal income tax matters for years through 2009. The 2010 to 2012 tax years are open to examination by the Internal Revenue Service. The tax years 2010 through 2012 remain open to examination by other major taxing jurisdictions to which Nucor is subject (primarily Canada and other state and local jurisdictions).

Current deferred tax assets included in other current assets were $181.4 million at September 28, 2013 ($190.4 million at December 31, 2012). Current deferred tax liabilities included in accrued expenses and other current liabilities were $13.6 million at September 28, 2013 (none at December 31, 2012). Non-current deferred tax liabilities included in deferred credits and other liabilities were $556.8 million at September 28, 2013 ($566.1 million at December 31, 2012).