Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Components of Income Before Income Taxes

The components of the Company’s income before income taxes include the following:

Year Ended December 31,	2014		2013		2012
Domestic	$	1,267.3	$	827.0	$	786.6
Foreign		750.3		868.0		842.3
	$	2,017.6	$	1,695.0	$	1,628.9

Components of Provision for Income Taxes

The components of the Company’s provision for income taxes include the following:
Year Ended December 31,	2014			2013		2012
Current provision:
Federal	$	482.4		$	191.4	$	126.2
State		59.0			20.9		31.5
Foreign		215.4			214.1		207.9
		756.8			426.4		365.6
Deferred (benefit) provision:
Federal		(88.3	)		68.8		134.4
State		.3			18.4		9.5
Foreign		(10.0	)		10.1		7.8
		(98.0	)		97.3		151.7
	$	658.8		$	523.7	$	517.3

Reconciliation of Statutory U.S Federal Tax Rate to Effective Income Tax Rate

A reconciliation of the statutory U.S. federal tax rate to the effective income tax rate is as follows:
	2014			2013			2012
Statutory rate		35.0	%		35.0	%		35.0	%
Effect of:
State		2.0			1.3			1.4
Federal domestic production deduction		(1.8	)		(.9	)		(.9	)
Tax on foreign earnings		(1.6	)		(3.8	)		(3.1	)
Other, net		(.9	)		(.7	)		(.6	)
		32.7	%		30.9	%		31.8	%

Tax Effects of Temporary Differences representing Deferred Tax Assets and Liabilities

The tax effects of temporary differences representing deferred tax assets and liabilities are as follows:

At December 31,	2014			2013
Assets:
Accrued expenses	$	215.9		$	188.4
Net operating loss and tax credit carryforwards		67.2			78.2
Postretirement benefit plans		43.3
Allowance for losses on receivables		43.0			47.0
Other		112.1			88.4
		481.5			402.0
Valuation allowance		(30.3	)		(43.9	)
		451.2			358.1
Liabilities:
Financial Services leasing depreciation		(817.2	)		(851.8	)
Depreciation and amortization		(289.2	)		(296.1	)
Postretirement benefit plans					(51.3	)
Other		(33.5	)		(5.4	)
		(1,139.9	)		(1,204.6	)
Net deferred tax liability	$	(688.7	)	$	(846.5	)
The balance sheet classification of the Company’s deferred tax assets and liabilities are as follows:
At December 31,	2014			2013
Truck, Parts and Other:
Other current assets	$	134.8		$	122.2
Other noncurrent assets, net		16.0			33.1
Accounts payable, accrued expenses and other		(.9	)		(.6	)
Other liabilities		(87.2	)		(218.7	)
Financial Services:
Other assets		75.0			77.2
Deferred taxes and other liabilities		(826.4	)		(859.7	)
Net deferred tax liability	$	(688.7	)	$	(846.5	)

Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
	2014			2013			2012
Balance at January 1	$	13.1		$	23.4		$	18.3
Additions for tax positions related to the current year		.9			1.0			1.0
Additions for tax positions related to prior years		.1			.3			9.9
Reductions for tax positions related to prior years		(.9	)		(.7	)		(5.2	)
Reductions related to settlements					(9.7	)		(.3	)
Lapse of statute of limitations		(1.2	)		(1.2	)		(.3	)
Balance at December 31	$	12.0		$	13.1		$	23.4