Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2020

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Balance Sheet Classifications, Fair Value, Gross and Pro-Forma Net Amounts of Derivative Financial Instruments

The following table presents the balance sheet classification, fair value, gross and pro forma net amounts of derivative financial instruments:

At December 31,	2020						2019
	ASSETS			LIABILITIES			ASSETS			LIABILITIES
Derivatives designated under hedge accounting:
Interest-rate contracts:
Financial Services:
Other assets	$	16.4					$	45.8
Deferred taxes and other liabilities				$	116.1					$	31.0
Foreign-exchange contracts:
Truck, Parts and Other:
Other current assets		2.7						10.1
Accounts payable, accrued expenses and other					35.9						9.2
Financial Services:
Deferred taxes and other liabilities					1.2
	$	19.1		$	153.2		$	55.9		$	40.2
Derivatives not designated as hedging instruments:
Foreign-exchange contracts:
Truck, Parts and Other:
Other current assets	$	1.1					$	.4
Accounts payable, accrued expenses and other				$	3.3					$	1.8
Financial Services:
Other assets		.3
Deferred taxes and other liabilities					3.4						2.3
	$	1.4		$	6.7		$	.4		$	4.1
Gross amounts recognized in Balance Sheet	$	20.5		$	159.9		$	56.3		$	44.3
Less amounts not offset in financial instruments:
Truck, Parts and Other:
Foreign-exchange contracts		(2.1	)		(2.1	)		(.4	)		(.4	)
Financial Services:
Interest-rate contracts		(12.0	)		(12.0	)		(8.6	)		(8.6	)
Pro forma net amount	$	6.4		$	145.8		$	47.3		$	35.3

Amount of (Gain) Loss from Derivative Financial Instruments Reclassified from AOCI into Consolidated Statements of Income

The following table presents the amount of (gain) loss from derivative financial instruments reclassified from AOCI into the Consolidated Statements of Income:

Year Ended December 31,		2020			2019			2018
Truck, Parts and Other:
Cash flow hedges	$	(6.9	)	$	19.2		$	(2.8	)
Net investment hedge		(5.6	)		(4.6	)
Total	$	(12.5	)	$	14.6		$	(2.8	)
Financial Services:
Fair value hedges		1.1			1.5			1.8
Cash flow hedges		94.5			32.5			(118.7	)
Total	$	95.6		$	34.0		$	(116.9	)

Amounts Related to Cumulative Basis Adjustments for Fair Value Hedges

The following table presents the amounts recorded on the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges:

At December 31,	2020			2019
Financial Services
Term notes:
Carrying amount of hedged liabilities	$	90.9		$	90.5
Cumulative basis adjustment included in the carrying amount		(.9	)		(.5	)

Pre-Tax Effects of (Loss) Gain Derivative Instruments Recognized in OCI

The following table presents the pre-tax effects of (loss) gain on cash flow hedges recognized in other comprehensive income (loss) (OCI):

Year Ended December 31,	2020						2019						2018
	INTEREST-			FOREIGN-			INTEREST-			FOREIGN-			INTEREST-		FOREIGN-
	RATE			EXCHANGE			RATE			EXCHANGE			RATE		EXCHANGE
	CONTRACTS			CONTRACTS			CONTRACTS			CONTRACTS			CONTRACTS		CONTRACTS
(Loss) gain recognized in OCI:
Truck, Parts and Other				$	2.8					$	(31.7	)			$	4.5
Financial Services	$	(107.3	)		(.8	)	$	(44.4	)				$	117.1
	$	(107.3	)	$	2.0		$	(44.4	)	$	(31.7	)	$	117.1	$	4.5

(Gain) Loss Recognized in Earnings to Derivatives not Designated as Hedging Instruments

The loss (gain) recognized in earnings related to derivatives not designated as hedging instruments was as follows:

Year Ended December 31,	2020			2019				2018
	INTEREST-	FOREIGN-		INTEREST-	FOREIGN-			INTEREST-	FOREIGN-
	RATE	EXCHANGE		RATE	EXCHANGE			RATE	EXCHANGE
	CONTRACTS	CONTRACTS		CONTRACTS	CONTRACTS			CONTRACTS	CONTRACTS
Truck, Parts and Other:
Cost of sales and revenues		$	.7		$	.5			$	(.3	)
Interest and other (income), net			2.3			5.4				6.9
Financial Services:
Interest and other borrowing expenses			9.4			(10.1	)			(14.9	)
Selling, general and administrative			.8			.1				1.7
		$	13.2		$	(4.1	)		$	(6.6	)