Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2020

Equity [Abstract]

Components of Comprehensive Income, Net of Related Tax

The components of comprehensive income are as follow:

Three Months Ended March 31,	2020			2019
Net income	$	359.4		$	629.0
Other comprehensive income (loss) (OCI):
Unrealized gains (losses) on derivative contracts		51.4			(15.8	)
Tax effect		(10.0	)		4.2
		41.4			(11.6	)
Unrealized (losses) gains on marketable debt securities		(2.1	)		6.2
Tax effect		.5			(1.6	)
		(1.6	)		4.6
Pension plans		31.1			.7
Tax effect		(7.6	)		(.1	)
		23.5			.6
Foreign currency translation (losses) gains		(347.1	)		9.4
Net other comprehensive (loss) income		(283.8	)		3.0
Comprehensive income	$	75.6		$	632.0

Changes in Accumulated Other Comprehensive Income (loss) by Component

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, 2020	$	(15.3	)	$	6.1		$	(517.7	)	$	(573.2	)	$	(1,100.1	)
Recorded into AOCI		98.6			(1.3	)		10.0			(347.1	)		(239.8	)
Reclassified out of AOCI		(57.2	)		(.3	)		13.5						(44.0	)
Net other comprehensive income (loss)		41.4			(1.6	)		23.5			(347.1	)		(283.8	)
Balance at March 31, 2020	$	26.1		$	4.5		$	(494.2	)	$	(920.3	)	$	(1,383.9	)

	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		(22.7	)		4.6			(3.1	)		9.4			(11.8	)
Reclassified out of AOCI		11.1						3.7						14.8
Net other comprehensive (loss) income		(11.6	)		4.6			.6			9.4			3.0
Balance at March 31, 2019	$	(9.6	)	$	2.3		$	(477.2	)	$	(611.0	)	$	(1,095.5	)

Reclassifications Out of Accumulated Other Comprehensive Income

Reclassifications out of AOCI were as follows:

		Three Months Ended
	LINE ITEM IN THE CONSOLIDATED STATEMENTS OF	March 31
AOCI COMPONENTS	COMPREHENSIVE INCOME		2020			2019
Unrealized losses and (gains) on derivative contracts:
Truck, Parts and Other
Foreign-exchange contracts	Net sales and revenues	$	.1		$	9.4
	Cost of sales and revenues		(1.2	)		(2.1	)
	Interest and other (income), net		(6.1	)		.5
Financial Services
Interest-rate contracts	Interest and other borrowing expenses		(67.7	)		6.7
	Pre-tax expense (reduction) increase		(74.9	)		14.5
	Tax expense (benefit)		17.7			(3.4	)
	After-tax expense (reduction) increase		(57.2	)		11.1
Unrealized (gains) and losses on marketable debt securities:
Marketable debt securities	Investment income		(.4	)
	Tax expense		.1
	After-tax income increase		(.3	)
Pension plans:
Truck, Parts and Other
Actuarial loss	Interest and other (income), net		10.3			4.4
Prior service costs	Interest and other (income), net		.4			.4
Settlement loss	Interest and other (income), net		7.0
	Pre-tax expense increase		17.7			4.8
	Tax benefit		(4.2	)		(1.1	)
	After-tax expense increase		13.5			3.7
Total reclassifications out of AOCI		$	(44.0	)	$	14.8