Income Taxes

3 Months Ended

Apr. 05, 2014

Income Tax Disclosure [Abstract]

Income Taxes

14. INCOME TAXES: The effective tax rate for the first quarter of 2014 was 37.5% compared to 27.8% for the first quarter of 2013. The increase in the effective tax rate for the first quarter of 2014 as compared to the first quarter of 2013 is due to a charge of $12.8 million which is primarily related to tax legislation changes in the state of New York during the first quarter of 2014. The increase in effective tax rate is also due to the change in relative proportions of net earnings attributable to noncontrolling interests to total pre-tax earnings between the periods, and the 2013 first quarter rate being lower because of the recognition of credits for the year 2012 retroactively extended by the American Taxpayer Relief Act of 2012. Nucor has concluded U.S. federal income tax matters for years through 2009. The 2010 to 2013 tax years are open to examination by the Internal Revenue Service. The tax years 2009 through 2013 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 $253.6 million at April 5, 2014 ($255.5 million at December 31, 2013). Current deferred tax liabilities included in accrued expenses and other current liabilities were $12.7 million at April 5, 2014 ($14.6 million at December 31, 2013). Non-current deferred tax liabilities included in deferred credits and other liabilities were $682.0 million at April 5, 2014 ($676.2 million at December 31, 2013).