Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Components of Income Before Income Taxes

The components of the Company’s income before income taxes include the following:

Year Ended December 31,	2016			2015		2014
Domestic	$	1,190.7		$	1,581.6	$	1,267.3
Foreign		(60.3	)		755.5		750.3
	$	1,130.4		$	2,337.1	$	2,017.6

Components of Provision for Income Taxes

The components of the Company’s provision for income taxes include the following:
Year Ended December 31,	2016			2015			2014
Current provision:
Federal	$	322.9		$	521.8		$	482.4
State		41.7			61.1			59.0
Foreign		213.2			205.4			215.4
		577.8			788.3			756.8
Deferred provision (benefit):
Federal		31.5			(57.8	)		(88.3	)
State		4.8			5.3			.3
Foreign		(5.4	)		(2.7	)		(10.0	)
		30.9			(55.2	)		(98.0	)
	$	608.7		$	733.1		$	658.8

Reconciliation of Statutory U.S Federal Tax Rate to Effective Income Tax Rate

A reconciliation of the statutory U.S. federal tax rate to the effective income tax rate is as follows:
	2016			2015			2014
Statutory rate		35.0	%		35.0	%		35.0	%
Effect of:
Non-deductible EC charge		25.8
State		2.9			2.1			2.0
Federal domestic production deduction		(2.6	)		(1.8	)		(1.8	)
Tax on foreign earnings		(7.4	)		(2.7	)		(1.6	)
Other, net		.1			(1.2	)		(.9	)
		53.8	%		31.4	%		32.7	%

Tax Effects of Temporary Differences Representing Deferred Tax Assets and Liabilities and Balance Sheet Classification

The tax effects of temporary differences representing deferred tax assets and liabilities are as follows:

At December 31,	2016			2015
Assets:
Accrued expenses	$	239.2		$	240.7
Net operating loss and tax credit carryforwards		84.4			63.6
Postretirement benefit plans		11.7			44.9
Allowance for losses on receivables		41.2			41.9
Other		106.4			112.5
		482.9			503.6
Valuation allowance		(64.5	)		(32.9	)
		418.4			470.7
Liabilities:
Financial Services leasing depreciation		(808.7	)		(810.4	)
Depreciation and amortization		(246.1	)		(277.9	)
Other		(35.3	)		(29.2	)
		(1,090.1	)		(1,117.5	)
Net deferred tax liability	$	(671.7	)	$	(646.8	)
The balance sheet classification of the Company’s deferred tax assets and liabilities are as follows:
At December 31,	2016			2015
Truck, Parts and Other:
Other noncurrent assets, net	$	119.5		$	135.7
Other liabilities		(6.3	)		(25.0	)
Financial Services:
Other assets		74.6			44.9
Deferred taxes and other liabilities		(859.5	)		(802.4	)
Net deferred tax liability	$	(671.7	)	$	(646.8	)

Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

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

	2016			2015			2014
Balance at January 1	$	19.1		$	12.0		$	13.1
Additions for tax positions related to the current year		3.9			10.3			.9
Additions for tax positions related to prior years								.1
Reductions for tax positions related to prior years		(.3	)		(2.0	)		(.9	)
Reductions related to settlements		(5.4	)
Lapse of statute of limitations					(1.2	)		(1.2	)
Balance at December 31	$	17.3		$	19.1		$	12.0