Stockholders' Equity

3 Months Ended

Mar. 31, 2016

Equity [Abstract]

Stockholders' Equity

NOTE F - Stockholders’ Equity

Comprehensive (Loss) Income

The components of comprehensive (loss) income are as follows:

Three Months Ended March 31,	2016			2015
Net (loss) income	$	(594.6	)	$	378.4
Other comprehensive (loss) income (OCI):
Unrealized losses on derivative contracts		(6.6	)		(.2	)
Tax effect		2.1			.4
		(4.5	)		.2
Unrealized gains on marketable debt securities		3.2			.5
Tax effect		(1.0	)		(.2	)
		2.2			.3
Pension plans		7.0			21.7
Tax effect		(2.4	)		(6.8	)
		4.6			14.9
Foreign currency translation gains (losses)		125.5			(352.9	)
Net other comprehensive income (loss)		127.8			(337.5	)
Comprehensive (loss) income	$	(466.8	)	$	40.9

Accumulated Other Comprehensive Income (Loss)

The components of AOCI and the changes in AOCI, net of tax, included in the Consolidated Balance Sheets consisted of the following:

	Derivative Contracts			Marketable Debt Securities			Pension Plans			Foreign Currency Translation			Total
Balance at January 1, 2016	$	(6.4	)	$	2.1		$	(390.4	)	$	(622.3	)	$	(1,017.0	)
Recorded into AOCI		(41.7	)		2.7			.1			125.5			86.6
Reclassified out of AOCI		37.2			(.5	)		4.5						41.2
Net other comprehensive (loss) income		(4.5	)		2.2			4.6			125.5			127.8
Balance at March 31, 2016	$	(10.9	)	$	4.3		$	(385.8	)	$	(496.8	)	$	(889.2	)
	Derivative Contracts			Marketable Debt Securities			Pension Plans			Foreign Currency Translation			Total
Balance at January 1, 2015	$	(13.5	)	$	5.3		$	(433.1	)	$	(138.5	)	$	(579.8	)
Recorded into AOCI		21.3			.9			8.1			(352.9	)		(322.6	)
Reclassified out of AOCI		(21.1	)		(.6	)		6.8						(14.9	)
Net other comprehensive income (loss)		.2			.3			14.9			(352.9	)		(337.5	)
Balance at March 31, 2015	$	(13.3	)	$	5.6		$	(418.2	)	$	(491.4	)	$	(917.3	)

Reclassifications out of AOCI during the three months ended March 31, 2016 and 2015 are as follows:

AOCI Components	Line Item in the Consolidated Statements of Comprehensive (Loss) Income	Three Months Ended March 31
		2016			2015
Unrealized (gains) and losses on derivative contracts:
Truck, Parts and Other
Foreign-exchange contracts	Net sales and revenues	$	.5
	Cost of sales and revenues		(5.3	)	$	3.2
	Interest and other expense, net		1.7			(1.9	)
Financial Services
Interest-rate contracts	Interest and other borrowing expenses		57.9			(33.2	)
	Pre-tax expense increase (reduction)		54.8			(31.9	)
	Tax (benefit) expense		(17.6	)		10.8
	After-tax expense increase (reduction)		37.2			(21.1	)
Unrealized (gains) and losses on marketable debt securities:
Marketable debt securities	Investment income		(.7	)		(.8	)
	Tax expense		.2			.2
	After-tax income increase		(.5	)		(.6	)
Pension plans:
Truck, Parts and Other
Actuarial loss	Cost of sales and revenues		3.4			5.4
	Selling, general and administrative		2.9			4.3
			6.3			9.7
Prior service costs	Cost of sales and revenues		.2			.2
	Selling, general and administrative		.1			.1
			.3			.3
Financial Services
Actuarial loss	Selling, general and administrative		.2			.4
	Pre-tax expense increase		6.8			10.4
	Tax benefit		(2.3	)		(3.6	)
	After-tax expense increase		4.5			6.8
Total reclassifications out of AOCI		$	41.2		$	(14.9)

Stock Compensation Plans

Stock-based compensation expense was $7.2 and $7.8 for the three months ended March 31, 2016 and 2015, respectively. Realized tax benefits related to the excess of deductible amounts over expense recognized amounted to $.1 and $1.2 for the three months ended March 31, 2016 and 2015, respectively, and have been classified as a financing cash flow.

During the first quarter of 2016, the Company issued 213,814 common shares under deferred and stock compensation arrangements.

Other Capital Stock Changes

During the first quarter of 2016, the Company purchased 1.1 million of treasury shares.