Income Taxes Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Income Tax Disclosure [Abstract]

Components of income from continuing operations by US and International Table

Income from continuing operations before taxes consisted of the following:

	Years Ended December 31,
	2012		2011		2010
U.S.	$	458,456	$	463,814	$	407,060
International	146,157		22,727		149,129
Total	$	604,613	$	486,541	$	556,189

Components of Income Tax Expense (Benefit) Table

The provision for income taxes from continuing operations consisted of the following:

	Years Ended December 31,
	2012			2011			2010
U.S. Federal:
Current	$	174,705		$	(68,505	)	$	175,827
Deferred	16,136			135,305			(24,632		)
	190,841			66,800			151,195
U.S. State and Local:
Current	3,187			33,922			27,169
Deferred	(26,273		)	(15,546		)	(17,518		)
	(23,086		)	18,376			9,651
International:
Current	65,412			67,835			44,989
Deferred	(82,862		)	(85,401		)	7,763
	(17,450		)	(17,566		)	52,752
Total current	243,304			33,252			247,985
Total deferred	(92,999		)	34,358			(34,387		)
Total provision for income taxes	$	150,305		$	67,610		$	213,598
Effective tax rate	24.9		%	13.9		%	38.4		%

Reconciliation of statutory rate to effective rate

The items accounting for the difference between income taxes computed at the federal statutory rate and our provision for income taxes consist of the following:

	Years Ended December 31,
	2012			2011			2010
Federal statutory provision	$	211,614		$	170,289		$	194,668
State and local income taxes	1,694			16,327			14,729
Impact of non-U.S. leveraged lease asset sales	(30,367		)	(31,423		)	—
Other impact of foreign operations	22,699			16,388			13,556
Tax exempt income/reimbursement	(1,992		)	(2,674		)	(2,352		)
Federal income tax credits/incentives	(8,918		)	(10,741		)	(7,580		)
Unrealized stock compensation benefits	3,456			3,538			15,149
Resolution of U.S. tax examinations	(47,380		)	(94,225		)	(8,230		)
U.S. health care reform tax change	—			—			9,070
Outside basis differences	—			—			(15,798		)
Other, net	(501		)	131			386
Provision for income taxes	$	150,305		$	67,610		$	213,598

Components of Deferred Tax Assets and Liabilities

Deferred tax liabilities and assets consisted of the following:

	December 31,
	2012			2011
Deferred tax liabilities:
Depreciation	$	(65,205	)	$	(69,092	)
Deferred profit (for tax purposes) on sale to finance subsidiary	(157,279		)	(157,397		)
Lease revenue and related depreciation	(306,612		)	(422,541		)
Amortizable intangibles	(104,156		)	(99,980		)
Other	(35,157		)	(49,044		)
Deferred tax liabilities	(668,409		)	(798,054		)
Deferred tax assets:
Nonpension postretirement benefits	119,002			198,379
Pension	117,509			40,956
Inventory and equipment capitalization	26,778			24,806
Restructuring charges	20,793			8,185
Long-term incentives	35,056			37,019
Net operating loss and tax credit carry forwards	194,134			180,281
Tax uncertainties gross-up	28,492			46,773
Other	89,406			99,996
Valuation allowance	(142,176		)	(111,438		)
Deferred tax assets	488,994			524,957
Total deferred taxes, net	$	(179,415	)	$	(273,097	)

Tax Uncertainties Rollforward

A reconciliation of the amount of unrecognized tax benefits is as follows:

	2012			2011			2010
Balance at beginning of year	$	198,635		$	531,790		$	515,565
Increases from prior period positions	11,811			67,065			17,775
Decreases from prior period positions	(17,985		)	(140,107		)	(27,669		)
Increases from current period positions	28,255			28,686			43,804
Decreases from current period positions	—			—			(8,689		)
Decreases relating to settlements with tax authorities	(1,948		)	(18,204		)	(1,434		)
Reductions from lapse of applicable statute of limitations	(71,863		)	(270,595		)	(7,562		)
Balance at end of year	$	146,905		$	198,635		$	531,790