Income Taxes Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

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,
	2013		2012		2011
U.S.	$	288,660	$	387,987	$	384,602
International	114,517		146,325		106,884
Total	$	403,177	$	534,312	$	491,486

Components of Income Tax Expense (Benefit) Table

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

	Years Ended December 31,
	2013			2012			2011
U.S. Federal:
Current	$	78,315		$	151,984		$	(93,791	)
Deferred	(19,754		)	16,136			135,305
	58,561			168,120			41,514
U.S. State and Local:
Current	5,359			(2,604		)	27,385
Deferred	(8,026		)	(26,273		)	(15,546		)
	(2,667		)	(28,877		)	11,839
International:
Current	33,165			63,871			67,566
Deferred	(5,990		)	(82,862		)	(85,401		)
	27,175			(18,991		)	(17,835		)
Total current	116,839			213,251			1,160
Total deferred	(33,770		)	(92,999		)	34,358
Total provision for income taxes	$	83,069		$	120,252		$	35,518
Effective tax rate	20.6		%	22.5		%	7.2		%

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,
	2013			2012			2011
Federal statutory provision	$	141,118		$	187,009		$	172,020
State and local income taxes	(1,733		)	(2,071		)	12,079
Impact of non-U.S. leveraged lease asset sales	—			(30,367		)	(31,423		)
Other impact of foreign operations	(29,865		)	21,100			(13,337		)
Tax exempt income/reimbursement	(1,672		)	(1,992		)	(2,674		)
Federal income tax credits/incentives	(10,282		)	(8,918		)	(10,741		)
Unrealized stock compensation benefits	2,292			3,456			3,538
Resolution of U.S. tax examinations	(3,853		)	(47,380		)	(94,225		)
Outside basis differences	(13,214		)	—			—
Other, net	278			(585		)	281
Provision for income taxes	$	83,069		$	120,252		$	35,518

Components of Deferred Tax Assets and Liabilities

Deferred tax liabilities and assets consisted of the following:

	December 31,
	2013			2012
Deferred tax liabilities:
Depreciation	$	(54,023	)	$	(65,205	)
Deferred profit (for tax purposes) on sale to finance subsidiary	(142,114		)	(157,279		)
Lease revenue and related depreciation	(249,998		)	(306,612		)
Amortizable intangibles	(79,852		)	(104,156		)
Other	(73,077		)	(35,157		)
Deferred tax liabilities	(599,064		)	(668,409		)
Deferred tax assets:
Nonpension postretirement benefits	99,628			119,002
Pension	43,301			117,509
Inventory and equipment capitalization	22,824			26,778
Restructuring charges	26,837			20,793
Long-term incentives	28,880			35,056
Net operating loss	143,839			152,617
Tax credit carry forwards	48,617			41,518
Tax uncertainties gross-up	35,298			28,492
Other	147,709			89,406
Valuation allowance	(122,780		)	(142,176		)
Deferred tax assets	474,153			488,995
Total deferred taxes, net	$	(124,911	)	$	(179,414	)

Tax Uncertainties Rollforward

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

	2013			2012			2011
Balance at beginning of year	$	146,905		$	198,635		$	531,790
Increases from prior period positions	15,777			11,811			67,065
Decreases from prior period positions	(6,908		)	(17,985		)	(140,107		)
Increases from current period positions	23,549			28,255			28,686
Decreases relating to settlements with tax authorities	(482		)	(1,948		)	(18,204		)
Reductions from lapse of applicable statute of limitations	(10,440		)	(71,863		)	(270,595		)
Balance at end of year	$	168,401		$	146,905		$	198,635