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Stockholders' Equity
 12 Months Ended
Dec. 31, 2020
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, 2020

 

$

(15.3

)

 

$

6.1

 

 

$

(517.7

)

 

$

(573.2

)

 

$

(1,100.1

)

Recorded into AOCI

 

 

(78.4

)

 

 

10.3

 

 

 

(104.0

)

 

 

115.6

 

 

 

(56.5

)

Reclassified out of AOCI

 

 

64.5

 

 

 

(1.8

)

 

 

43.6

 

 

 

 

 

 

 

106.3

 

Net other comprehensive (loss) income

 

 

(13.9

)

 

 

8.5

 

 

 

(60.4

)

 

 

115.6

 

 

 

49.8

 

Balance at December 31, 2020

 

$

(29.2

)

 

$

14.6

 

 

$

(578.1

)

 

$

(457.6

)

 

$

(1,050.3

)

 

 

 

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

)

 

 

Reclassifications out of AOCI during the years ended December 31, 2020, 2019 and 2018 were as follows:

 

 

 

 

 

AMOUNT RECLASSIFIED OUT OF AOCI

 

AOCI COMPONENTS

 

LINE ITEM IN THE CONSOLIDATED

STATEMENTS OF INCOME

 

2020

 

 

2019

 

 

2018

 

Unrealized (gains) and losses on

   derivative contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Truck, Parts and Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign-exchange contracts

 

Net sales and revenues

 

$

(4.0

)

 

$

21.2

 

 

$

5.4

 

 

 

Cost of sales and revenues

 

 

1.7

 

 

 

(4.1

)

 

 

(6.6

)

 

 

Interest and other (income), net

 

 

(4.6

)

 

 

2.1

 

 

 

(1.6

)

Financial Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-rate contracts

 

Interest and other borrowing expenses

 

 

94.5

 

 

 

32.5

 

 

 

(118.7

)

 

 

Pre-tax expense increase (reduction)

 

 

87.6

 

 

 

51.7

 

 

 

(121.5

)

 

 

Tax (benefit) expense

 

 

(23.1

)

 

 

(12.0

)

 

 

31.0

 

 

 

After-tax expense increase (reduction)

 

 

64.5

 

 

 

39.7

 

 

 

(90.5

)

Unrealized gains on marketable debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketable debt securities

 

Investment income

 

 

(2.4

)

 

 

(.4

)

 

 

(.2

)

 

 

Tax expense

 

 

.6

 

 

 

.1

 

 

 

.1

 

 

 

After-tax income increase

 

 

(1.8

)

 

 

(.3

)

 

 

(.1

)

Unrealized losses on pension plans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Truck, Parts and Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Actuarial loss

 

Interest and other (income), net

 

 

44.2

 

 

 

20.5

 

 

 

35.3

 

Prior service costs

 

Interest and other (income), net

 

 

1.5

 

 

 

1.4

 

 

 

1.4

 

Settlement loss

 

Interest and other (income), net

 

 

11.6

 

 

 

 

 

 

 

 

 

 

 

Pre-tax expense increase

 

 

57.3

 

 

 

21.9

 

 

 

36.7

 

 

 

Tax benefit

 

 

(13.7

)

 

 

(5.0

)

 

 

(8.7

)

 

 

After-tax expense increase

 

 

43.6

 

 

 

16.9

 

 

 

28.0

 

Total reclassifications out of AOCI

 

 

 

$

106.3

 

 

$

56.3

 

 

$

(62.6

)

 

Other Capital Stock Changes: The Company purchased and retired treasury shares of .7, 1.7 and 5.8 million in 2020, 2019 and 2018, respectively.