Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

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,	2015		2014		2013
Domestic	$	1,581.6	$	1,267.3	$	827.0
Foreign		755.5		750.3		868.0
	$	2,337.1	$	2,017.6	$	1,695.0

Components of Provision for Income Taxes

The components of the Company’s provision for income taxes include the following:
Year Ended December 31,	2015			2014			2013
Current provision:
Federal	$	521.8		$	482.4		$	191.4
State		61.1			59.0			20.9
Foreign		205.4			215.4			214.1
		788.3			756.8			426.4
Deferred (benefit) provision:
Federal		(57.8	)		(88.3	)		68.8
State		5.3			.3			18.4
Foreign		(2.7	)		(10.0	)		10.1
		(55.2	)		(98.0	)		97.3
	$	733.1		$	658.8		$	523.7

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:
	2015			2014			2013
Statutory rate		35.0	%		35.0	%		35.0	%
Effect of:
State		2.1			2.0			1.3
Federal domestic production deduction		(1.8	)		(1.8	)		(.9	)
Tax on foreign earnings		(2.7	)		(1.6	)		(3.8	)
Other, net		(1.2	)		(.9	)		(.7	)
		31.4	%		32.7	%		30.9	%

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,	2015			2014
Assets:
Accrued expenses	$	240.7		$	215.9
Net operating loss and tax credit carryforwards		63.6			67.2
Postretirement benefit plans		44.9			43.3
Allowance for losses on receivables		41.9			43.0
Other		112.5			112.1
		503.6			481.5
Valuation allowance		(32.9	)		(30.3	)
		470.7			451.2
Liabilities:
Financial Services leasing depreciation		(810.4	)		(817.2	)
Depreciation and amortization		(277.9	)		(289.2	)
Other		(29.2	)		(33.5	)
		(1,117.5	)		(1,139.9	)
Net deferred tax liability	$	(646.8	)	$	(688.7	)
The balance sheet classification of the Company’s deferred tax assets and liabilities are as follows:
At December 31,	2015			2014
Truck, Parts and Other:
Other current assets				$	134.8
Other noncurrent assets, net	$	135.7			16.0
Accounts payable, accrued expenses and other					(.9	)
Other liabilities		(25.0	)		(87.2	)
Financial Services:
Other assets		44.9			75.0
Deferred taxes and other liabilities		(802.4	)		(826.4	)
Net deferred tax liability	$	(646.8	)	$	(688.7	)

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:
	2015			2014			2013
Balance at January 1	$	12.0		$	13.1		$	23.4
Additions for tax positions related to the current year		10.3			.9			1.0
Additions for tax positions related to prior years					.1			.3
Reductions for tax positions related to prior years		(2.0	)		(.9	)		(.7	)
Reductions related to settlements								(9.7	)
Lapse of statute of limitations		(1.2	)		(1.2	)		(1.2	)
Balance at December 31	$	19.1		$	12.0		$	13.1