Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Components Of Income (Loss) Before (Benefit)/Provision For Income Taxes

The following table presents the U.S. and non-U.S. components of income/ (loss) before provision (benefit) for income taxes:

Income (Loss) From Continuing Operations Before Provision (Benefit) for Income Taxes (dollars in millions)

	Years Ended December 31,
	2017			2016			2015
U.S. operations	$	251.9		$	157.5		$	227.6
Non-U.S. operations	(60.3		)	(136.6		)	(41.6		)
Income from continuing operations before (benefit) / provision for income taxes	$	191.6		$	20.9		$	186.0

Schedule Of (Benefit)/Provision For Income Taxes

The (benefit) provision for income taxes is comprised of the following:

(Benefit) Provision for Income Taxes (dollars in millions)

	Years Ended December 31,
	2017			2016		2015
Current U.S. federal income tax provision	$	73.7		$	0.3	$	0.3
Deferred U.S. federal income tax (benefit) / provision	24.8			906.9		(566.3		)
Total federal income tax (benefit) / provision	98.5			907.2		(566.0		)
Current state and local income tax (benefit) / provision	(0.7		)	14.6		5.8
Deferred state and local income tax (benefit) / provision	(27.8		)	1.8		(21.0		)
Total state and local income tax (benefit) / provision	(28.5		)	16.4		(15.2		)
Total non-U.S. income tax (benefit) / provision	(31.4		)	90.8		82.4
Total provision / (benefit) for income taxes	$	38.6		$	1,014.4	$	(498.8	)
Continuing operations (benefit) / provision	$	(67.8	)	$	203.5	$	(538.0	)
Discontinued operations (benefit) / provision	106.4			810.9		39.2
Total provision / (benefit) for income taxes	$	38.6		$	1,014.4	$	(498.8	)

Schedule Of Percentage Of Pretax Income

A reconciliation from the U.S. Federal statutory rate to the Company's actual effective income tax rate is as follows:

Percentage of Pretax Income Years Ended December 31 (dollars in millions)

	Effective Tax Rate
	2017							2016							2015
Continuing Operations	Pretax Income		Income tax expense (benefit)			Percent of pretax income		Pretax Income		Income tax expense (benefit)			Percent of pretax Income		Pretax Income		Income tax expense (benefit)			Percent of pretax income
Federal income tax rate	$	191.6	$	67.0		35.0	%	$	20.9	$	7.3		35.0	%	$	186.0	$	65.1		35.0	%
Increase (decrease) due to:
State and local income taxes, net of federal income tax benefit	—		4.4			2.3		—		21.0			101.0		—		(10.8		)	(5.9	)
Non-deductible goodwill	—		58.7			30.7		—		126.2			606.6		—		8.3			4.5
Domestic tax credits	—		(20.7		)	(10.8	)	—		(18.1		)	(87.0	)	—		(7.5		)	(4.0	)
Cumulative Method Change — Tax Advantaged Investments(1)	—		26.6			13.9		—		—			—		—		—			—
Effect of tax law changes	—		(22.6		)	(11.8	)	—		—			—		—		—			—
Lower tax rates applicable to non-U.S. earnings	—		(1.6		)	(0.8	)	—		(10.3		)	(49.6	)	—		0.6			0.3
International income subject to U.S. tax	—		1.2			0.6		—		29.2			140.3		—		42.1			22.6
Unrecognized tax expense (benefit)	—		(0.2		)	(0.1	)	—		(14.4		)	(69.3	)	—		4.5			2.4
Deferred income taxes on international unremitted earnings	—		4.6			2.4		—		41.8			200.7		—		30.2			16.2
International Restructuring	—		(237.9		)	(124.2	)	—		—			—		—		—			—
Valuation allowances	—		60.5			31.6		—		14.7			70.6		—		(693.8		)	(373.0	)
International tax settlements	—		(3.5		)	(1.8	)	—		(0.6		)	(2.7	)	—		(3.5		)	(1.9	)
Other	—		(4.3		)	(2.4	)	—		6.7			32.4		—		26.8			14.6
Effective Tax Rate — Continuing operations			$	(67.8	)	(35.4	)%			$	203.5		978.0	%			$	(538.0	)	(289.2	)%
Discontinued Operation
Federal income tax rate	$	315.2	$	110.3		35.0	%	$	145.5	$	50.9		35.0	%	$	349.2	$	122.2		35.0	%
Increase (decrease) due to:
State and local income taxes, net of federal income tax benefit	—		7.2			2.3		—		(9.5		)	(6.5	)	—		0.6			0.2
Non-deductible penalties	—		—			—		—		16.6			11.4		—		—			—
Lower tax rates applicable to non-U.S. earnings	—		(93.2		)	(29.6	)	—		(110.8		)	(76.1	)	—		(89.3		)	(25.6	)
International income subject to U.S. tax	—		44.2			14.0		—		16.7			11.5		—		8.1			2.3
Deferred income taxes on international unremitted earnings			39.7			12.6				847.3			582.1				—			—
Other	—		(1.8		)	(0.5	)	—		(0.3		)	(0.3	)	—		(2.4		)	(0.7	)
Effective Tax Rate — Discontinued operation			$	106.4		33.8	%			$	810.9		557.1	%			$	39.2		11.2	%
Total Effective Tax Rate			$	38.6		7.6	%			$	1,014.4		609.7	%			$	(498.8	)	(93.2	)%

Schedule Of Tax Effects Of Deferred Income Tax Assets And Liabilities

The tax effects of temporary differences that give rise to deferred income tax assets and liabilities are presented below:

Components of Deferred Income Tax Assets and Liabilities (dollars in millions)

	December 31,
	2017			2016
Deferred Tax Assets:
Net operating loss (NOL) carry forwards	$	877.3		$	2,528.3
Basis difference in loans	181.5			281.4
Provision for credit losses	117.8			185.7
Accrued liabilities and reserves	116.6			274.9
FSA adjustments — aircraft and rail contracts	—			24.2
Deferred stock-based compensation	19.5			34.5
Domestic tax credits	87.1			40.5
Capital Loss Carryforward	54.0			3.3
Other	46.8			75.8
Total gross deferred tax assets	1,500.6			3,448.6
Deferred Tax Liabilities:
Operating leases	(1,066.5		)	(1,818.5		)
Loans and direct financing leases	(38.1		)	(100.3		)
Basis difference in mortgage backed securities	(24.6		)	(100.0		)
Basis difference in federal home loan bank stock	(17.5		)	(28.1		)
Non-U.S. unremitted earnings	(61.0		)	(1,032.6		)
Unrealized foreign exchange gains	(12.5		)	(27.7		)
Goodwill and intangibles	(23.5		)	(116.7		)
Other	(16.9		)	(21.6		)
Total deferred tax liabilities	(1,260.6		)	(3,245.5		)
Total net deferred tax asset before valuation allowances	240.0			203.1
Less: Valuation allowances	(280.6		)	(278.4		)
Net deferred tax asset (liability) after valuation allowances	$	(40.6	)	$	(75.3	)

Reconciliation Of The Beginning And Ending Amount Of Unrecognized Tax Benefits

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

Unrecognized Tax Benefits (dollars in millions)

	Liabilities for Unrecognized Tax Benefits			Interest / Penalties			Grand Total
Balance at December 31, 2016	$	36.4		$	11.7		$	48.1
Additions for tax positions related to prior years	1.1			1.9			3.0
Reductions for tax positions of prior years	(6.4		)	(4.2		)	(10.6		)
Income Tax Audit Settlements	(16.6		)	(4.4		)	(21.0		)
Other	(1.0		)	1.3			0.3
Balance at December 31, 2017	$	13.5		$	6.3		$	19.8