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Income Taxes (Tables) | 12 Months Ended
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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 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 + Details
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- Definition Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 + Details
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