Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

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,
	2016		2015		2014
U.S.	$	169,493	$	516,233	$	356,017
International	76,877		94,592		75,179
Total	$	246,370	$	610,825	$	431,196

Components of Income Tax Expense (Benefit)

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

	Years Ended December 31,
	2016			2015			2014
U.S. Federal:
Current	$	95,598		$	115,557		$	71,683
Deferred	(1,559		)	19,941			6,941
	94,039			135,498			78,624
U.S. State and Local:
Current	9,409			11,243			7,186
Deferred	4,757			16,094			(9,307		)
	14,166			27,337			(2,121		)
International:
Current	22,872			22,794			32,492
Deferred	742			4,149			3,820
	23,614			26,943			36,312
Total current	127,879			149,594			111,361
Total deferred	3,940			40,184			1,454
Total provision for income taxes	$	131,819		$	189,778		$	112,815
Effective tax rate	53.5		%	31.1		%	26.2		%

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,
	2016			2015			2014
Federal statutory provision	$	86,229		$	213,789		$	150,920
State and local income taxes	9,208			17,769			(1,379		)
Other impact of foreign operations	(13,806		)	(6,492		)	(12,668		)
Tax incentives/credits/exempt income	(10,735		)	(12,130		)	(19,232		)
Release of other tax uncertainties	—			—			(5,856		)
Outside basis differences	—			(27,110		)	—
Goodwill impairments	58,022			—			—
Other, net	2,901			3,952			1,030
Provision for income taxes	$	131,819		$	189,778		$	112,815

Components of Deferred Tax Assets and Liabilities

Deferred tax liabilities and assets at December 31, 2016 and 2015 consisted of the following:

	December 31,
	2016			2015
Deferred tax liabilities:
Depreciation	$	(93,475	)	$	(69,622	)
Deferred profit (for tax purposes) on sale to finance subsidiary	(98,247		)	(108,061		)
Lease revenue and related depreciation	(137,665		)	(188,231		)
Intangible assets	(113,128		)	(119,453		)
Other	(27,340		)	(41,149		)
Gross deferred tax liabilities	(469,855		)	(526,516		)
Deferred tax assets:
Nonpension postretirement benefits	71,101			79,861
Pension	105,564			104,166
Inventory and equipment capitalization	13,318			14,934
Restructuring charges	6,980			14,238
Long-term incentives	17,923			22,111
Net operating loss	97,194			111,351
Tax credit carry forwards	53,181			54,183
Tax uncertainties gross-up	18,273			21,191
Other	79,799			96,412
Gross deferred tax assets	463,333			518,447
Less: Valuation allowance	(127,095		)	(132,624		)
Net deferred tax assets	336,238			385,823
Total deferred taxes, net	$	(133,617	)	$	(140,693	)

Tax Uncertainties Roll Forward

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

	2016			2015			2014
Balance at beginning of year	$	139,249		$	132,495		$	172,594
Increases from prior period positions	—			7,637			9,090
Decreases from prior period positions	(21,207		)	(16,753		)	(33,692		)
Increases from current period positions	10,867			23,533			17,704
Decreases relating to settlements with tax authorities	(1,791		)	(3,831		)	(22,127		)
Reductions from lapse of applicable statute of limitations	(2,390		)	(3,832		)	(11,074		)
Balance at end of year	$	124,728		$	139,249		$	132,495