Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Components of Income before Tax, Domestic and Foreign

ncome (loss) from continuing operations before taxes consisted of the following:

	Years Ended December 31,
	2021		2020		2019
U.S.	$	(85,258)	$	(243,760)	$	500
International	77,843		60,391		26,232
Total	$	(7,415)	$	(183,369)	$	26,732

Components of Income Tax Expense (Benefit)

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

	Years Ended December 31,
	2021			2020			2019
U.S. Federal:
Current	$	(7,419)		$	(10,582)		$	(18,789)
Deferred	(13,825)			6,516			11,500
	(21,244)			(4,066)			(7,289)
U.S. State and Local:
Current	5,401			(2,569)			(9,142)
Deferred	(5,827)			4,100			8,000
	(426)			1,531			(1,142)
International:
Current	10,979			4,993			9,993
Deferred	(231)			4,664			(14,689)
	10,748			9,657			(4,696)
Total current	8,961			(8,158)			(17,938)
Total deferred	(19,883)			15,280			4,811
Total (benefit) provision for income taxes	$	(10,922)		$	7,122		$	(13,127)
Effective tax rate	147.3		%	(3.9)		%	(49.1)		%

Reconciliation of Effective Income Tax Rate Reconciliation

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

	Years Ended December 31,
	2021		2020		2019
Federal statutory provision	$	(1,558)	$	(38,507)	$	5,613
State and local income taxes (1)	(336)		1,209		(901)
Impact of foreign operations taxed at rates other than the U.S. statutory rate (2)	(2,220)		(3,345)		(18,541)
Accrual/release of uncertain tax amounts related to foreign operations	(7,288)		1,802		191
U.S. tax impacts of foreign income in the U.S.	4,441		(2,300)		5,587
CARES Act carryback benefit	(2,270)		(1,646)		—
Tax incentives/credits/exempt income	(500)		(750)		(5,437)
Unrealized stock compensation benefits	(505)		2,312		2,176
Surrender of company-owned life insurance policies	—		10,313		—
Goodwill impairment	—		40,328		—
Other, net (3)	(686)		(2,294)		(1,815)
(Benefit) provision for income taxes	$	(10,922)	$	7,122	$	(13,127)

(1)    Includes a charge of $2 million for the surrender of company-owned life insurance for the year ended December 31, 2020.

(2)    Includes a benefit of $5 million for a deferred rate change for the year ended December 31, 2021, a benefit of $3 million for tax balance corrections and a deferred tax rate change benefit of $2 million for the year ended December 31, 2020 and a foreign valuation allowance release of $23 million and a $3 million tax on the disposition of operations in certain international markets for the year ended December 31, 2019.

(3)     Includes a $3 million benefit from an affiliate reorganization and charge of $3 million related to the sale of a business for the year ended December 31, 2021, as well as a $2 million benefit related to tax balance corrections and a $1 million charge related to interest for the year ended December 31, 2020.

Components of Deferred Tax Assets and Liabilities

Deferred tax liabilities and assets consisted of the following:

	December 31,
	2021		2020
Deferred tax liabilities:
Depreciation	$	(85,544)	$	(69,900)
Deferred profit (for tax purposes) on sale to finance subsidiary	(26,745)		(28,101)
Lease revenue and related depreciation	(202,862)		(190,852)
Intangible assets	(76,672)		(81,816)
Operating lease liability	(46,496)		(50,071)
Other	(25,438)		(27,865)
Gross deferred tax liabilities	(463,757)		(448,605)
Deferred tax assets:
Postretirement medical benefits	34,681		42,423
Pension	20,472		48,385
Operating lease asset	52,271		54,538
Inventory and equipment capitalization	1,866		3,903
Restructuring charges	1,548		2,022
Long-term incentives	12,308		12,905
Net operating loss	113,025		82,823
Tax credit carry forwards	65,931		64,070
Tax uncertainties gross-up	6,929		6,656
Other	58,457		42,079
Gross deferred tax assets	367,488		359,804
Less: Valuation allowance	(121,778)		(116,543)
Net deferred tax assets	245,710		243,261
Total deferred taxes, net	$	(218,047)	$	(205,344)

Tax Uncertainties Roll Forward

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

	2021		2020		2019
Balance at beginning of year	$	50,064	$	60,302	$	71,458
Increases from prior period positions	3,016		2,147		510
Decreases from prior period positions	(4,247)		(47)		(9,711)
Increases from current period positions	492		3,472		5,052
Decreases relating to settlements with tax authorities	(1,270)		(12,508)		(2,626)
Reductions from lapse of applicable statute of limitations	(2,983)		(3,302)		(4,381)
Balance at end of year	$	45,072	$	50,064	$	60,302