Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2023

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
	2023			2022			2023			2022
Net income	$	1,221.1		$	720.4		$	1,955.0		$	1,320.9
Other comprehensive income (loss) (OCI):
Unrealized (losses) gains on derivative contracts		(33.0	)		1.0			(62.5	)		37.1
Tax effect		7.6			(1.2	)		13.9			(10.9	)
		(25.4	)		(.2	)		(48.6	)		26.2
Unrealized (losses) gains on marketable debt securities		(10.3	)		(10.4	)		3.7			(44.5	)
Tax effect		2.6			2.6			(.9	)		11.1
		(7.7	)		(7.8	)		2.8			(33.4	)
Pension plans		2.3			19.9			3.3			30.2
Tax effect		(.3	)		(5.1	)		(.4	)		(7.5	)
		2.0			14.8			2.9			22.7
Foreign currency translation gains (losses)		126.5			(240.8	)		218.5			(206.1	)
Net other comprehensive income (loss)		95.4			(234.0	)		175.6			(190.6	)
Comprehensive income	$	1,316.5		$	486.4		$	2,130.6		$	1,130.3

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, 2023	DERIVATIVE CONTRACTS			MARKETABLE DEBT SECURITIES			PENSION PLANS			FOREIGN CURRENCY TRANSLATION			TOTAL
Balance at April 1, 2023	$	11.9		$	(33.1	)	$	(110.0	)	$	(742.0	)	$	(873.2	)
Recorded into AOCI		(66.9	)		(6.8	)		.4			126.5			53.2
Reclassified out of AOCI		41.5			(.9	)		1.6						42.2
Net other comprehensive (loss) income		(25.4	)		(7.7	)		2.0			126.5			95.4
Balance at June 30, 2023	$	(13.5	)	$	(40.8	)	$	(108.0	)	$	(615.5	)	$	(777.8	)

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	)

Six Months Ended June 30, 2023	DERIVATIVE CONTRACTS			MARKETABLE DEBT SECURITIES			PENSION PLANS			FOREIGN CURRENCY TRANSLATION			TOTAL
Balance at January 1, 2023	$	35.1		$	(43.6	)	$	(110.9	)	$	(834.0	)	$	(953.4	)
Recorded into AOCI		(113.3	)		4.5			.6			218.5			110.3
Reclassified out of AOCI		64.7			(1.7	)		2.3						65.3
Net other comprehensive (loss) income		(48.6	)		2.8			2.9			218.5			175.6
Balance at June 30, 2023	$	(13.5	)	$	(40.8	)	$	(108.0	)	$	(615.5	)	$	(777.8	)

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	)

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		2023			2022
Unrealized losses (gains) on derivative contracts:
Truck, Parts and Other
Foreign-exchange contracts	Net sales and revenues	$	11.8		$	8.2
	Cost of sales and revenues		11.4			(1.0	)
	Interest and other (income) expense, net		.7
Commodity contracts	Cost of sales and revenues		(4.6	)		5.5
Financial Services
Foreign-exchange contracts	Interest and other borrowing expenses		(2.8	)
Interest-rate contracts	Interest and other borrowing expenses		32.6			(36.5	)
	Pre-tax expense increase (reduction)		49.1			(23.8	)
	Tax (benefit) expense		(7.6	)		7.2
	After-tax expense increase		41.5			(16.6	)
Unrealized gains on marketable debt securities:
Marketable debt securities	Investment income		(1.2	)		(.3	)
	Tax expense		.3			.1
	After-tax income increase		(.9	)		(.2	)
Pension plans:
Truck, Parts and Other
Actuarial loss	Interest and other (income) expense, net		1.7			9.0
Prior service costs	Interest and other (income) expense, net		.4			.2
	Pre-tax expense increase		2.1			9.2
	Tax benefit		(.5	)		(2.3	)
	After-tax expense increase		1.6			6.9
Total reclassifications out of AOCI		$	42.2		$	(9.9	)

		Six Months Ended
	LINE ITEM IN THE CONSOLIDATED STATEMENTS OF	June 30
AOCI COMPONENTS	COMPREHENSIVE INCOME		2023			2022
Unrealized losses (gains) on derivative contracts:
Truck, Parts and Other
Foreign-exchange contracts	Net sales and revenues	$	12.0		$	15.1
	Cost of sales and revenues		11.4			2.7
	Interest and other (income), net					.3
Commodity contracts	Cost of sales and revenues		(2.4	)		10.4
Financial Services
Foreign-exchange contracts	Interest and other borrowing expenses		(2.0	)
Interest-rate contracts	Interest and other borrowing expenses		60.0			(43.1	)
	Pre-tax expense increase (reduction)		79.0			(14.6	)
	Tax expense		(14.3	)		6.3
	After-tax expense increase (reduction)		64.7			(8.3	)
Unrealized gains on marketable debt securities:
Marketable debt securities	Investment income		(2.3	)		(.4	)
	Tax expense		.6			.1
	After-tax income increase		(1.7	)		(.3	)
Pension plans:
Truck, Parts and Other
Actuarial loss	Interest and other (income), net		2.4			14.6
Prior service costs	Interest and other (income), net		.7			.3
	Pre-tax expense increase		3.1			14.9
	Tax benefit		(.8	)		(3.6	)
	After-tax expense increase		2.3			11.3
Total reclassifications out of AOCI		$	65.3		$	2.7