Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

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,
	2017		2016		2015
U.S.	$	195,291	$	169,493	$	516,233
International	87,698		76,877		94,592
Total	$	282,989	$	246,370	$	610,825

Components of Income Tax Expense (Benefit)

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

	Years Ended December 31,
	2017			2016			2015
U.S. Federal:
Current	$	46,836		$	95,598		$	115,557
Deferred	(48,449		)	(1,559		)	19,941
	(1,613		)	94,039			135,498
U.S. State and Local:
Current	461			9,409			11,243
Deferred	15,460			4,757			16,094
	15,921			14,166			27,337
International:
Current	(1,766		)	22,872			22,794
Deferred	9,107			742			4,149
	7,341			23,614			26,943
Total current	45,531			127,879			149,594
Total deferred	(23,882		)	3,940			40,184
Total provision for income taxes	$	21,649		$	131,819		$	189,778
Effective tax rate	7.7		%	53.5		%	31.1		%

Reconciliation of Effective Income Tax Rate Reconciliation

income taxes computed at the federal statutory rate and our provision for income taxes consist of the following:

	Years Ended December 31,
	2017			2016			2015
Federal statutory provision	$	99,045		$	86,229		$	213,789
State and local income taxes	7,327			9,208			17,769
Other impact of foreign operations	(31,573		)	(13,806		)	(6,492		)
Tax incentives/credits/exempt income	(16,292		)	(10,735		)	(12,130		)
Outside basis differences	—			—			(27,110		)
Goodwill impairments	—			58,022			—
Remeasurement of U.S. deferred tax liability	(129,612		)	—			—
U.S. tax on unremitted earnings	90,916			—			—
Other, net	1,838			2,901			3,952
Provision for income taxes	$	21,649		$	131,819		$	189,778

Components of Deferred Tax Assets and Liabilities

Deferred tax liabilities and assets at December 31, 2017 and 2016 consisted of the following:

	December 31,
	2017			2016
Deferred tax liabilities:
Depreciation	$	(77,415	)	$	(93,475	)
Deferred profit (for tax purposes) on sale to finance subsidiary	(60,340		)	(98,247		)
Lease revenue and related depreciation	(133,908		)	(137,665		)
Intangible assets	(106,488		)	(113,128		)
Other	(22,468		)	(27,340		)
Gross deferred tax liabilities	(400,619		)	(469,855		)
Deferred tax assets:
Nonpension postretirement benefits	48,387			71,101
Pension	66,270			105,564
Inventory and equipment capitalization	11,380			13,318
Restructuring charges	12,476			6,980
Long-term incentives	11,544			17,923
Net operating loss	108,006			97,194
Tax credit carry forwards	82,285			53,181
Tax uncertainties gross-up	9,920			18,273
Other	51,436			79,799
Gross deferred tax assets	401,704			463,333
Less: Valuation allowance	(178,156		)	(127,095		)
Net deferred tax assets	223,548			336,238
Total deferred taxes, net	$	(177,071	)	$	(133,617	)

Tax Uncertainties Roll Forward

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

	2017			2016			2015
Balance at beginning of year	$	124,728		$	139,249		$	132,495
Increases from prior period positions	528			—			7,637
Decreases from prior period positions	(31,470		)	(21,207		)	(16,753		)
Increases from current period positions	5,951			10,867			23,533
Decreases relating to settlements with tax authorities	(6,953		)	(1,791		)	(3,831		)
Reductions from lapse of applicable statute of limitations	(3,017		)	(2,390		)	(3,832		)
Balance at end of year	$	89,767		$	124,728		$	139,249