Nucor 2013 Annual Report Download - page 68

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The 2013 provision included a $21.3 million out-of-period non-cash gain related to a correction to the deferred tax balances.
The out-of-period adjustment did not have a material impact in the current or any previously reported periods.
Deferred tax assets and liabilities resulted from the following:
(in thousands)
December 31, 2013 2012
Deferred tax assets:
Accrued liabilities and reserves $ 102,933 $ 108,287
Allowance for doubtful accounts 19,756 14,212
Inventory 206,826 174,499
Post-retirement benefits 6,268 11,119
Natural gas hedges — 221
Net operating loss carryforward 12,859 15,033
Tax credit carryforwards 56,185 28,600
Total deferred tax assets 404,827 351,971
Deferred tax liabilities:
Holdbacks and amounts not due
under contracts (16,582) (17,523)
Cumulative translation adjustments (1,403) (1,600)
Commodity hedges (805) —
Intangibles (210,791) (233,413)
Property, plant and equipment (610,451) (475,176)
Total deferred tax liabilities (840,032) (727,712)
Total net deferred tax liabilities $(435,205) $(375,741)
Current deferred tax assets included in other current assets were $255.5 million at December 31, 2013 ($190.4 million at
December 31, 2012). Current deferred tax liabilities included in other current liabilities were $14.6 million at December 31, 2013
(none at December 31, 2012). Non-current deferred tax liabilities included in deferred credits and other liabilities were $676.2 million
at December 31, 2013 ($566.1 million at December 31, 2012). Nucor paid $64.8 million in net federal, state and foreign income
taxes in 2013 ($313.5 million and $322.4 million in 2012 and 2011, respectively).
Cumulative undistributed foreign earnings for which U.S. taxes have not been provided are included in consolidated retained earnings
in the amount of $222.4 million at December 31, 2013 ($176.5 million at December 31, 2012). These earnings are considered to
be indefinitely reinvested and, accordingly, no provisions for U.S. federal and state income taxes are required. It is not practicable to
determine the amount of unrecognized deferred tax liability related to the unremitted earnings.
State net operating loss carryforwards were $824.0 million at December 31, 2013 ($606.4 million at December 31, 2012). If unused,
they will expire between 2014 and 2033. Foreign net operating loss carryforwards were $50.5 million at December 31, 2013
($59.2 million at December 31, 2012). If unused, they will expire between 2027 and 2033.
At December 31, 2013, Nucor had approximately $66.0 million of unrecognized tax benefits, of which $66.3 million would affect
Nucor’s effective tax rate, if recognized. At December 31, 2012, Nucor had approximately $80.9 million of unrecognized tax benefits,
of which $76.4 million would affect Nucor’s effective tax rate, if recognized.