Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

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,
	2014		2013		2012
U.S.	$	356,017	$	288,660	$	387,987
International	75,179		95,294		123,783
Total	$	431,196	$	383,954	$	511,770

Components of Income Tax Expense (Benefit) Table

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

	Years Ended December 31,
	2014			2013			2012
U.S. Federal:
Current	$	71,683		$	78,315		$	151,984
Deferred	6,941			(19,754		)	16,136
	78,624			58,561			168,120
U.S. State and Local:
Current	7,186			5,359			(2,604		)
Deferred	(9,307		)	(8,026		)	(26,273		)
	(2,121		)	(2,667		)	(28,877		)
International:
Current	32,492			28,063			57,906
Deferred	3,820			(5,990		)	(82,862		)
	36,312			22,073			(24,956		)
Total current	111,361			111,737			207,286
Total deferred	1,454			(33,770		)	(92,999		)
Total provision for income taxes	$	112,815		$	77,967		$	114,287
Effective tax rate	26.2		%	20.3		%	22.3		%

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,
	2014			2013			2012
Federal statutory provision	$	150,920		$	134,389		$	179,119
State and local income taxes	(1,379		)	(1,733		)	(2,071		)
Other impact of foreign operations	(12,668		)	(28,238		)	23,025
Tax exempt income/reimbursement	(1,327		)	(1,672		)	(1,992		)
Federal income tax credits/incentives	(17,905		)	(10,282		)	(8,918		)
Unrealized stock compensation benefits	2,318			2,292			3,456
Resolution of U.S. tax examinations	(5,856		)	(3,853		)	(47,380		)
Impact of non-U.S. leveraged lease asset sales	—			—			(30,367		)
Outside basis differences	—			(13,214		)	—
Other, net	(1,288		)	278			(585		)
Provision for income taxes	$	112,815		$	77,967		$	114,287

Components of Deferred Tax Assets and Liabilities

Deferred tax liabilities and assets at December 31, 2014 and 2013 consisted of the following:

	December 31,
	2014			2013
Deferred tax liabilities:
Depreciation	$	(60,282	)	$	(33,057	)
Deferred profit (for tax purposes) on sale to finance subsidiary	(114,633		)	(142,114		)
Lease revenue and related depreciation	(205,683		)	(249,998		)
Amortizable intangibles	(74,034		)	(79,852		)
Other	(64,900		)	(73,077		)
Deferred tax liabilities	(519,532		)	(578,098		)
Deferred tax assets:
Nonpension postretirement benefits	82,181			99,628
Pension	141,492			43,301
Inventory and equipment capitalization	18,502			22,824
Restructuring charges	35,432			26,837
Long-term incentives	25,718			28,880
Net operating loss	102,686			143,839
Tax credit carry forwards	47,493			48,617
Tax uncertainties gross-up	22,851			35,298
Other	125,512			147,709
Valuation allowance	(116,935		)	(122,780		)
Deferred tax assets	484,932			474,153
Total deferred taxes, net	$	(34,600	)	$	(103,945	)

Tax Uncertainties Rollforward

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

	2014			2013			2012
Balance at beginning of year	$	172,594		$	151,098		$	202,828
Increases from prior period positions	9,090			15,777			11,811
Decreases from prior period positions	(33,692		)	(6,908		)	(17,985		)
Increases from current period positions	17,704			23,549			28,255
Decreases relating to settlements with tax authorities	(22,127		)	(482		)	(1,948		)
Reductions from lapse of applicable statute of limitations	(11,074		)	(10,440		)	(71,863		)
Balance at end of year	$	132,495		$	172,594		$	151,098