Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Components of Income before Tax, Domestic and Foreign

Income from continuing operations before taxes consisted of the following:

	Years Ended December 31,
	2015		2014		2013
U.S.	$	516,233	$	356,017	$	288,660
International	94,592		75,179		95,294
Total	$	610,825	$	431,196	$	383,954

Components of Income Tax Expense (Benefit)

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

	Years Ended December 31,
	2015			2014			2013
U.S. Federal:
Current	$	115,557		$	71,683		$	78,315
Deferred	19,941			6,941			(19,754		)
	135,498			78,624			58,561
U.S. State and Local:
Current	11,243			7,186			5,359
Deferred	16,094			(9,307		)	(8,026		)
	27,337			(2,121		)	(2,667		)
International:
Current	22,794			32,492			28,063
Deferred	4,149			3,820			(5,990		)
	26,943			36,312			22,073
Total current	149,594			111,361			111,737
Total deferred	40,184			1,454			(33,770		)
Total provision for income taxes	$	189,778		$	112,815		$	77,967
Effective tax rate	31.1		%	26.2		%	20.3		%

Reconciliation of Effective Income Tax Rate Reconciliation

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,
	2015			2014			2013
Federal statutory provision	$	213,789		$	150,920		$	134,389
State and local income taxes	17,769			(1,379		)	(1,733		)
Other impact of foreign operations	(6,492		)	(12,668		)	(28,238		)
Tax exempt income/reimbursement	(1,171		)	(1,327		)	(1,672		)
Federal income tax credits/incentives	(10,959		)	(17,905		)	(10,282		)
Unrealized stock compensation benefits	2,658			2,318			2,292
Resolution of U.S. tax examinations	—			(5,856		)	(3,853		)
Outside basis differences	(27,110		)	—			(13,214		)
Other, net	1,294			(1,288		)	278
Provision for income taxes	$	189,778		$	112,815		$	77,967

Components of Deferred Tax Assets and Liabilities

Deferred tax liabilities and assets at December 31, 2015 and 2014 consisted of the following:

	December 31,
	2015			2014
Deferred tax liabilities:
Depreciation	$	(69,622	)	$	(60,282	)
Deferred profit (for tax purposes) on sale to finance subsidiary	(108,061		)	(114,633		)
Lease revenue and related depreciation	(188,231		)	(205,683		)
Amortizable intangibles	(119,453		)	(74,034		)
Other	(41,149		)	(64,900		)
Gross deferred tax liabilities	(526,516		)	(519,532		)
Deferred tax assets:
Nonpension postretirement benefits	79,861			82,181
Pension	104,166			141,492
Inventory and equipment capitalization	14,934			18,502
Restructuring charges	14,238			35,432
Long-term incentives	22,111			25,718
Net operating loss	111,351			102,686
Tax credit carry forwards	54,183			47,493
Tax uncertainties gross-up	21,191			22,851
Other	96,412			125,512
Gross deferred tax assets	518,447			601,867
Less: Valuation allowance	(132,624		)	(116,935		)
Net deferred tax assets	385,823			484,932
Total deferred taxes, net	$	(140,693	)	$	(34,600	)

Tax Uncertainties Roll Forward

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

	2015			2014			2013
Balance at beginning of year	$	132,495		$	172,594		$	151,098
Increases from prior period positions	7,637			9,090			15,777
Decreases from prior period positions	(16,753		)	(33,692		)	(6,908		)
Increases from current period positions	23,533			17,704			23,549
Decreases relating to settlements with tax authorities	(3,831		)	(22,127		)	(482		)
Reductions from lapse of applicable statute of limitations	(3,832		)	(11,074		)	(10,440		)
Balance at end of year	$	139,249		$	132,495		$	172,594