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Stockholders' Equity
 12 Months Ended
Dec. 31, 2019
Equity [Abstract]  
Stockholders' Equity

O.

STOCKHOLDERS’ EQUITY

Accumulated Other Comprehensive Income (Loss): The components of AOCI and the changes in AOCI, net of tax, included in the Consolidated Balance Sheets and the Consolidated Statements of Stockholders’ Equity, consisted of the following:

 

 

 

DERIVATIVE

CONTRACTS

 

 

MARKETABLE

DEBT

SECURITIES

 

 

PENSION

PLANS

 

 

FOREIGN

CURRENCY

TRANSLATION

 

 

TOTAL

 

Balance at January 1, 2019

 

$

2.0

 

 

$

(2.3

)

 

$

(477.8

)

 

$

(620.4

)

 

$

(1,098.5

)

Recorded into AOCI

 

 

(57.0

)

 

 

8.7

 

 

 

(56.8

)

 

 

47.2

 

 

 

(57.9

)

Reclassified out of AOCI

 

 

39.7

 

 

 

(.3

)

 

 

16.9

 

 

 

 

 

 

 

56.3

 

Net other comprehensive (loss) income

 

 

(17.3

)

 

 

8.4

 

 

 

(39.9

)

 

 

47.2

 

 

 

(1.6

)

Balance at December 31, 2019

 

$

(15.3

)

 

$

6.1

 

 

$

(517.7

)

 

$

(573.2

)

 

$

(1,100.1

)

 

 

 

DERIVATIVE

CONTRACTS

 

 

MARKETABLE

DEBT

SECURITIES

 

 

PENSION PLANS

 

 

FOREIGN

CURRENCY

TRANSLATION

 

 

TOTAL

 

Balance at January 1, 2018

 

$

1.2

 

 

$

(1.8

)

 

$

(375.6

)

 

$

(417.4

)

 

$

(793.6

)

Recorded into AOCI

 

 

90.9

 

 

 

.1

 

 

 

(86.8

)

 

 

(213.3

)

 

 

(209.1

)

Reclassified out of AOCI

 

 

(90.5

)

 

 

(.1

)

 

 

28.0

 

 

 

 

 

 

 

(62.6

)

Net other comprehensive income (loss)

 

 

.4

 

 

 

 

 

 

 

(58.8

)

 

 

(213.3

)

 

 

(271.7

)

Reclassifications to retained earnings in accordance with ASU 2018-02

 

 

.4

 

 

 

(.5

)

 

 

(43.4

)

 

 

10.3

 

 

 

(33.2

)

Balance at December 31, 2018

 

$

2.0

 

 

$

(2.3

)

 

$

(477.8

)

 

$

(620.4

)

 

$

(1,098.5

)

 

 

 

DERIVATIVE

CONTRACTS

 

 

MARKETABLE

DEBT

SECURITIES

 

 

PENSION PLANS

 

 

FOREIGN

CURRENCY

TRANSLATION

 

 

TOTAL

 

Balance at January 1, 2017

 

$

(4.3

)

 

$

(.3

)

 

$

(414.1

)

 

$

(709.4

)

 

$

(1,128.1

)

Recorded into AOCI

 

 

(91.6

)

 

 

(1.1

)

 

 

20.4

 

 

 

292.0

 

 

 

219.7

 

Reclassified out of AOCI

 

 

97.1

 

 

 

(.4

)

 

 

18.1

 

 

 

 

 

 

 

114.8

 

Net other comprehensive income (loss)

 

 

5.5

 

 

 

(1.5

)

 

 

38.5

 

 

 

292.0

 

 

 

334.5

 

Balance at December 31, 2017

 

$

1.2

 

 

$

(1.8

)

 

$

(375.6

)

 

$

(417.4

)

 

$

(793.6

)

 

Reclassifications out of AOCI during the years ended December 31, 2019, 2018 and 2017 were as follows:

 

 

 

 

 

AMOUNT RECLASSIFIED OUT OF AOCI

 

AOCI COMPONENTS

 

LINE ITEM IN THE CONSOLIDATED

STATEMENTS OF INCOME

 

2019

 

 

2018

 

 

2017

 

Unrealized losses and (gains) on

   derivative contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Truck, Parts and Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign-exchange contracts

 

Net sales and revenues

 

$

21.2

 

 

$

5.4

 

 

$

12.1

 

 

 

Cost of sales and revenues

 

 

(4.1

)

 

 

(6.6

)

 

 

3.9

 

 

 

Interest and other (income), net

 

 

2.1

 

 

 

(1.6

)

 

 

1.8

 

Financial Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-rate contracts

 

Interest and other borrowing expenses

 

 

32.5

 

 

 

(118.7

)

 

 

115.6

 

 

 

Pre-tax expense increase (reduction)

 

 

51.7

 

 

 

(121.5

)

 

 

133.4

 

 

 

Tax (benefit) expense

 

 

(12.0

)

 

 

31.0

 

 

 

(36.3

)

 

 

After-tax expense increase (reduction)

 

 

39.7

 

 

 

(90.5

)

 

 

97.1

 

Unrealized gains on marketable debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketable debt securities

 

Investment income

 

 

(.4

)

 

 

(.2

)

 

 

(.6

)

 

 

Tax expense

 

 

.1

 

 

 

.1

 

 

 

.2

 

 

 

After-tax income increase

 

 

(.3

)

 

 

(.1

)

 

 

(.4

)

Unrealized losses on pension plans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Truck, Parts and Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Actuarial loss

 

Interest and other (income), net

 

 

20.5

 

 

 

35.3

 

 

 

25.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior service costs

 

Interest and other (income), net

 

 

1.4

 

 

 

1.4

 

 

 

1.2

 

 

 

Pre-tax expense increase

 

 

21.9

 

 

 

36.7

 

 

 

26.6

 

 

 

Tax benefit

 

 

(5.0

)

 

 

(8.7

)

 

 

(8.5

)

 

 

After-tax expense increase

 

 

16.9

 

 

 

28.0

 

 

 

18.1

 

Total reclassifications out of AOCI

 

 

 

$

56.3

 

 

$

(62.6

)

 

$

114.8

 

 

Other Capital Stock Changes: The Company purchased and retired treasury shares of 1.7, 5.8 and nil million in 2019, 2018 and 2017, respectively.