Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Components of Comprehensive Income, Net of Related Tax

The components of comprehensive income are as follow:

	Three Months Ended						Six Months Ended
	June 30						June 30
	2022			2021			2022			2021
Net income	$	720.4		$	495.5		$	1,320.9		$	966.3
Other comprehensive income (loss) (OCI):
Unrealized gains (losses) on derivative contracts		1.0			(1.1	)		37.1			21.2
Tax effect		(1.2	)		(1.9	)		(10.9	)		(6.0	)
		(.2	)		(3.0	)		26.2			15.2
Unrealized losses on marketable debt securities		(10.4	)		(2.2	)		(44.5	)		(8.8	)
Tax effect		2.6			.6			11.1			2.2
		(7.8	)		(1.6	)		(33.4	)		(6.6	)
Pension plans		19.9			13.4			30.2			26.3
Tax effect		(5.1	)		(3.1	)		(7.5	)		(6.2	)
		14.8			10.3			22.7			20.1
Foreign currency translation (losses) gains		(240.8	)		81.1			(206.1	)		(8.0	)
Net other comprehensive (loss) income		(234.0	)		86.8			(190.6	)		20.7
Comprehensive income	$	486.4		$	582.3		$	1,130.3		$	987.0

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:

Three Months Ended June 30, 2022	DERIVATIVE CONTRACTS			MARKETABLE DEBT SECURITIES			PENSION PLANS			FOREIGN CURRENCY TRANSLATION			TOTAL
Balance at April 1, 2022	$	12.9		$	(26.7	)	$	(261.9	)	$	(602.0	)	$	(877.7	)
Recorded into AOCI		16.4			(7.6	)		7.9			(240.8	)		(224.1	)
Reclassified out of AOCI		(16.6	)		(.2	)		6.9						(9.9	)
Net other comprehensive (loss) income		(.2	)		(7.8	)		14.8			(240.8	)		(234.0	)
Balance at June 30, 2022	$	12.7		$	(34.5	)	$	(247.1	)	$	(842.8	)	$	(1,111.7	)

Three Months Ended June 30, 2021	DERIVATIVE CONTRACTS			MARKETABLE DEBT SECURITIES			PENSION PLANS			FOREIGN CURRENCY TRANSLATION			TOTAL
Balance at April 1, 2021	$	(11.0	)	$	9.6		$	(568.3	)	$	(546.7	)	$	(1,116.4	)
Recorded into AOCI		(18.6	)		(1.2	)		(1.6	)		81.1			59.7
Reclassified out of AOCI		15.6			(.4	)		11.9						27.1
Net other comprehensive (loss) income		(3.0	)		(1.6	)		10.3			81.1			86.8
Balance at June 30, 2021	$	(14.0	)	$	8.0		$	(558.0	)	$	(465.6	)	$	(1,029.6	)

Six Months Ended June 30, 2022	DERIVATIVE CONTRACTS			MARKETABLE DEBT SECURITIES			PENSION PLANS			FOREIGN CURRENCY TRANSLATION			TOTAL
Balance at January 1, 2022	$	(13.5	)	$	(1.1	)	$	(269.8	)	$	(636.7	)	$	(921.1	)
Recorded into AOCI		34.5			(33.1	)		11.4			(206.1	)		(193.3	)
Reclassified out of AOCI		(8.3	)		(.3	)		11.3						2.7
Net other comprehensive income (loss)		26.2			(33.4	)		22.7			(206.1	)		(190.6	)
Balance at June 30, 2022	$	12.7		$	(34.5	)	$	(247.1	)	$	(842.8	)	$	(1,111.7	)

Six Months Ended June 30, 2021	DERIVATIVE CONTRACTS			MARKETABLE DEBT SECURITIES			PENSION PLANS			FOREIGN CURRENCY TRANSLATION			TOTAL
Balance at January 1, 2021	$	(29.2	)	$	14.6		$	(578.1	)	$	(457.6	)	$	(1,050.3	)
Recorded into AOCI		7.5			(5.7	)		(2.8	)		(8.0	)		(9.0	)
Reclassified out of AOCI		7.7			(.9	)		22.9						29.7
Net other comprehensive income (loss)		15.2			(6.6	)		20.1			(8.0	)		20.7
Balance at June 30, 2021	$	(14.0	)	$	8.0		$	(558.0	)	$	(465.6	)	$	(1,029.6	)

Reclassifications Out of Accumulated Other Comprehensive Income

Reclassifications out of AOCI were as follows:

		Three Months Ended
	LINE ITEM IN THE CONSOLIDATED STATEMENTS OF	June 30
AOCI COMPONENTS	COMPREHENSIVE INCOME		2022			2021
Unrealized losses (gains) on derivative contracts:
Truck, Parts and Other
Foreign-exchange contracts	Net sales and revenues	$	8.2		$	5.1
	Cost of sales and revenues		(1.0	)		3.7
	Interest and other (income), net					.1
Commodity contracts	Cost of sales and revenues		5.5
Financial Services
Interest-rate contracts	Interest and other borrowing expenses		(36.5	)		12.2
	Pre-tax expense (reduction) increase		(23.8	)		21.1
	Tax expense (benefit)		7.2			(5.5	)
	After-tax expense (reduction) increase		(16.6	)		15.6
Unrealized gains on marketable debt securities:
Marketable debt securities	Investment income		(.3	)		(.6	)
	Tax expense		.1			.2
	After-tax income increase		(.2	)		(.4	)
Pension plans:
Truck, Parts and Other
Actuarial loss	Interest and other (income), net		9.0			15.3
Prior service costs	Interest and other (income), net		.2			.2
	Pre-tax expense increase		9.2			15.5
	Tax benefit		(2.3	)		(3.6	)
	After-tax expense increase		6.9			11.9
Total reclassifications out of AOCI		$	(9.9	)	$	27.1

		Six Months Ended
	LINE ITEM IN THE CONSOLIDATED STATEMENTS OF	June 30
AOCI COMPONENTS	COMPREHENSIVE INCOME		2022			2021
Unrealized losses (gains) on derivative contracts:
Truck, Parts and Other
Foreign-exchange contracts	Net sales and revenues	$	15.1		$	13.6
	Cost of sales and revenues		2.7			6.0
	Interest and other (income), net		.3			.3
Commodity contracts	Cost of sales and revenues		10.4
Financial Services
Interest-rate contracts	Interest and other borrowing expenses		(43.1	)		(10.5	)
	Pre-tax expense (reduction) increase		(14.6	)		9.4
	Tax expense (benefit)		6.3			(1.7	)
	After-tax expense (reduction) increase		(8.3	)		7.7
Unrealized gains on marketable debt securities:
Marketable debt securities	Investment income		(.4	)		(1.2	)
	Tax expense		.1			.3
	After-tax income increase		(.3	)		(.9	)
Pension plans:
Truck, Parts and Other
Actuarial loss	Interest and other (income), net		14.6			29.5
Prior service costs	Interest and other (income), net		.3			.4
	Pre-tax expense increase		14.9			29.9
	Tax benefit		(3.6	)		(7.0	)
	After-tax expense increase		11.3			22.9
Total reclassifications out of AOCI		$	2.7		$	29.7