Nucor 2013 Annual Report Download - page 67

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66
The provision for income taxes consists of the following:
(in thousands)
Year Ended December 31, 2013 2012 2011
Current:
Federal $138,343 $261,552 $329,076
State 223 20,337 1,685
Foreign 10,464 3,199 2,016
Total current 149,030 285,088 332,777
Deferred:
Federal 36,157 (23,052) 55,124
State (39) (10,440) 10,400
Foreign 20,446 8,218 (7,473)
Total deferred 56,564 (25,274) 58,051
Total provision for income taxes $ 205,594 $ 259,814 $390,828
A reconciliation of the federal statutory tax rate (35%) to the total provision is as follows:
Year Ended December 31, 2013 2012 2011
Taxes computed at statutory rate 35.00% 35.00% 35.00%
State income taxes, net of
federal income tax benefit 0.02 0.75 0.63
Federal research credit (0.79) — (0.28)
Domestic manufacturing deduction (1.74) (3.25) (2.21)
Equity in losses of foreign
joint ventures 1.36 1.43 0.64
Foreign rate differential (2.35) 0.60 (0.92)
Noncontrolling interests (4.32) (3.64) (2.32)
Out of period correction to deferred taxes (2.57) — —
Other, net 1.38 (0.43) 0.68
Provision for income taxes 25.99% 30.46% 31.22%