14.

INCOME TAXES: The effective tax rate for the first quarter of 2016 was 26.2% compared to 29.2% for the first quarter of 2015. The decrease in the effective tax rate for the first quarter of 2016 as compared to the first quarter of 2015 is primarily due to $4.5 million favorable non-cash out-of-period adjustments to current tax balances during the first quarter of 2016. The out-of-period adjustments were not material to the current period or any previously reported periods. The decrease 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.

Nucor has substantially concluded U.S. federal income tax matters for years through 2012. The 2013 and 2014 tax years remain open to examination by the Internal Revenue Service (IRS). The Canada Revenue Agency has substantially concluded its examination of the 2012 Canadian returns for Harris Steel Group Inc. and certain related affiliates and is now examining the 2013 Canadian returns. The tax years 2009 through 2014 remain open to examination by other major taxing jurisdictions to which Nucor is subject (primarily Canada and other state and local jurisdictions).

Non-current deferred tax liabilities included in deferred credits and other liabilities were $456.9 million at April 2, 2016 ($449.2 million at December 31, 2015).