Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Components of Income before Tax, Domestic and Foreign

(Loss) income from continuing operations before taxes consisted of the following:

	Years Ended December 31,
	2020		2019		2018
U.S.	$	(245,323)	$	910	$	109,393
International	60,391		26,232		78,728
Total	$	(184,932)	$	27,142	$	188,121

Components of Income Tax Expense (Benefit)

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

	Years Ended December 31,
	2020			2019			2018
U.S. Federal:
Current	$	(10,582)		$	(18,789)		$	(56,743)
Deferred	6,205			11,577			61,514
	(4,377)			(7,212)			4,771
U.S. State and Local:
Current	(2,569)			(9,142)			(12,214)
Deferred	4,016			8,043			866
	1,447			(1,099)			(11,348)
International:
Current	4,993			9,993			11,308
Deferred	4,664			(14,689)			1,685
	9,657			(4,696)			12,993
Total current	(8,158)			(17,938)			(57,649)
Total deferred	14,885			4,931			64,065
Total provision (benefit) for income taxes	$	6,727		$	(13,007)		$	6,416
Effective tax rate	(3.6)		%	(47.9)		%	3.4		%

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,
	2020		2019		2018
Federal statutory provision	$	(38,836)	$	5,700	$	39,505
State and local income taxes (1)	1,143		(868)		1,292
Impact of foreign operations taxed at rates other than the U.S. statutory rate (2)	(3,345)		(18,541)		(2,483)
Accrual/release of uncertain tax amounts related to foreign operations	1,802		191		(4,595)
U.S. tax impacts of foreign income in the U.S.	(2,300)		5,587		5,854
CARES Act carryback benefit	(1,646)		—		—
Tax incentives/credits/exempt income	(750)		(5,437)		3,526
Unrealized stock compensation benefits	2,312		2,176		1,941
Surrender of company-owned life insurance policies	10,313		—		—
Goodwill impairment	40,328		—		—
Remeasurement of U.S. deferred taxes	—		—		(13,121)
U.S. tax on unremitted earnings	—		—		(23,711)
Other, net (3)	(2,294)		(1,815)		(1,792)
Provision (benefit) for income taxes	$	6,727	$	(13,007)	$	6,416

(1)    Includes a charge of $2 million for the surrender of company-owned life insurance for the year ended December 31, 2020 and a benefit from the release of tax uncertainties of $9 million for the year ended December 31, 2018.

(2)    Includes 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 $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,
	2020		2019
Deferred tax liabilities:
Depreciation	$	(69,900)	$	(69,222)
Deferred profit (for tax purposes) on sale to finance subsidiary	(28,101)		(30,791)
Lease revenue and related depreciation	(190,852)		(174,083)
Intangible assets	(81,816)		(88,024)
Operating lease liability	(50,071)		(52,731)
Other	(27,865)		(24,941)
Gross deferred tax liabilities	(448,605)		(439,792)
Deferred tax assets:
Postretirement medical benefits	42,423		41,015
Pension	48,385		43,763
Operating lease asset	54,538		52,731
Inventory and equipment capitalization	2,494		2,735
Restructuring charges	2,022		2,944
Long-term incentives	12,905		12,929
Net operating loss	82,823		82,673
Tax credit carry forwards	64,070		64,430
Tax uncertainties gross-up	6,656		6,577
Other	42,079		38,247
Gross deferred tax assets	358,395		348,044
Less: Valuation allowance	(116,543)		(110,781)
Net deferred tax assets	241,852		237,263
Total deferred taxes, net	$	(206,753)	$	(202,529)

Tax Uncertainties Roll Forward

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

	2020		2019		2018
Balance at beginning of year	$	60,302	$	71,458	$	89,767
Increases from prior period positions	2,147		510		88
Decreases from prior period positions	(47)		(9,711)		(15,145)
Increases from current period positions	3,472		5,052		6,001
Decreases relating to settlements with tax authorities	(12,508)		(2,626)		(4,844)
Reductions from lapse of applicable statute of limitations	(3,302)		(4,381)		(4,409)
Balance at end of year	$	50,064	$	60,302	$	71,458