Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2020

Equity [Abstract]

Components of Comprehensive Income, Net of Related Tax

The components of comprehensive income are as follow:

	Three Months Ended						Nine Months Ended
	September 30						September 30
	2020			2019			2020			2019
Net income	$	385.5		$	607.9		$	892.6		$	1,856.6
Other comprehensive (loss) income (OCI):
Unrealized (losses) gains on derivative contracts		(17.9	)		(13.6	)		1.3			(30.0	)
Tax effect		3.4			3.8			.6			8.2
		(14.5	)		(9.8	)		1.9			(21.8	)
Unrealized gains on marketable debt securities					.1			12.4			11.6
Tax effect					.1			(3.0	)		(2.8	)
					.2			9.4			8.8
Pension plans		3.4			11.0			45.7			21.1
Tax effect		(.6	)		(2.7	)		(10.8	)		(5.0	)
		2.8			8.3			34.9			16.1
Foreign currency translation gains (losses)		112.6			(126.5	)		(135.1	)		(94.6	)
Net other comprehensive income (loss)		100.9			(127.8	)		(88.9	)		(91.5	)
Comprehensive income	$	486.4		$	480.1		$	803.7		$	1,765.1

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:

Three Months Ended September 30, 2020	DERIVATIVE CONTRACTS			MARKETABLE DEBT SECURITIES			PENSION PLANS			FOREIGN CURRENCY TRANSLATION			TOTAL
Balance at July 1, 2020	$	1.1		$	15.5		$	(485.6	)	$	(820.9	)	$	(1,289.9	)
Recorded into AOCI		(46.9	)		.4			(6.4	)		112.6			59.7
Reclassified out of AOCI		32.4			(.4	)		9.2						41.2
Net other comprehensive (loss) income		(14.5	)					2.8			112.6			100.9
Balance at September 30, 2020	$	(13.4	)	$	15.5		$	(482.8	)	$	(708.3	)	$	(1,189.0	)

Three Months Ended September 30, 2019	DERIVATIVE CONTRACTS			MARKETABLE DEBT SECURITIES			PENSION PLANS			FOREIGN CURRENCY TRANSLATION			TOTAL
Balance at July 1, 2019	$	(10.0	)	$	6.3		$	(470.0	)	$	(588.5	)	$	(1,062.2	)
Recorded into AOCI		20.0			.3			4.2			(126.5	)		(102.0	)
Reclassified out of AOCI		(29.8	)		(.1	)		4.1						(25.8	)
Net other comprehensive (loss) income		(9.8	)		.2			8.3			(126.5	)		(127.8	)
Balance at September 30, 2019	$	(19.8	)	$	6.5		$	(461.7	)	$	(715.0	)	$	(1,190.0	)

Nine Months Ended September 30, 2020	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		14.5			10.6			2.4			(135.1	)		(107.6	)
Reclassified out of AOCI		(12.6	)		(1.2	)		32.5						18.7
Net other comprehensive income (loss)		1.9			9.4			34.9			(135.1	)		(88.9	)
Balance at September 30, 2020	$	(13.4	)	$	15.5		$	(482.8	)	$	(708.3	)	$	(1,189.0	)

Nine Months Ended September 30, 2019	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		(10.9	)		9.0			3.5			(94.6	)		(93.0	)
Reclassified out of AOCI		(10.9	)		(.2	)		12.6						1.5
Net other comprehensive (loss) income		(21.8	)		8.8			16.1			(94.6	)		(91.5	)
Balance at September 30, 2019	$	(19.8	)	$	6.5		$	(461.7	)	$	(715.0	)	$	(1,190.0	)

Reclassifications Out of Accumulated Other Comprehensive Income

Reclassifications out of AOCI were as follows:

		Three Months Ended
	LINE ITEM IN THE CONSOLIDATED STATEMENTS OF	September 30
AOCI COMPONENTS	COMPREHENSIVE INCOME		2020			2019
Unrealized (gains) and losses on derivative contracts:
Truck, Parts and Other
Foreign-exchange contracts	Net sales and revenues	$	(10.6	)	$	(3.2	)
	Cost of sales and revenues		2.5			(.3	)
	Interest and other (income), net		(.4	)		(.1	)
Financial Services
Interest-rate contracts	Interest and other borrowing expenses		50.5			(35.0	)
	Pre-tax expense increase (reduction)		42.0			(38.6	)
	Tax (benefit) expense		(9.6	)		8.8
	After-tax expense increase (reduction)		32.4			(29.8	)
Unrealized gains on marketable debt securities:
Marketable debt securities	Investment income		(.6	)		(.2	)
	Tax expense		.2			.1
	After-tax income reduction		(.4	)		(.1	)
Pension plans:
Truck, Parts and Other
Actuarial loss	Interest and other (income), net		11.1			5.0
Prior service costs	Interest and other (income), net		.4			.4
Settlement loss	Interest and other (income), net		.5
	Pre-tax expense increase		12.0			5.4
	Tax benefit		(2.8	)		(1.3	)
	After-tax expense increase		9.2			4.1
Total reclassifications out of AOCI		$	41.2		$	(25.8	)

		Nine Months Ended
	LINE ITEM IN THE CONSOLIDATED STATEMENTS OF	September 30
AOCI COMPONENTS	COMPREHENSIVE INCOME		2020			2019
Unrealized (gains) and losses on derivative contracts:
Truck, Parts and Other
Foreign-exchange contracts	Net sales and revenues	$	(22.2	)	$	13.9
	Cost of sales and revenues		.2			(4.0	)
	Interest and other (income), net		(5.2	)		.6
Financial Services
Interest-rate contracts	Interest and other borrowing expenses		13.2			(23.3	)
	Pre-tax expense reduction		(14.0	)		(12.8	)
	Tax expense		1.4			1.9
	After-tax expense reduction		(12.6	)		(10.9	)
Unrealized gains on marketable debt securities:
Marketable debt securities	Investment income		(1.6	)		(.3	)
	Tax expense		.4			.1
	After-tax income reduction		(1.2	)		(.2	)
Pension plans:
Truck, Parts and Other
Actuarial loss	Interest and other (income), net		33.1			15.3
Prior service costs	Interest and other (income), net		1.1			1.1
Settlement loss	Interest and other (income), net		8.5
	Pre-tax expense increase		42.7			16.4
	Tax benefit		(10.2	)		(3.8	)
	After-tax expense increase		32.5			12.6
Total reclassifications out of AOCI		$	18.7		$	1.5