Stockholders' Equity

12 Months Ended

Dec. 31, 2023

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, 2023	$	35.1		$	(43.6	)	$	(110.9	)	$	(834.0	)	$	(953.4	)
Recorded into AOCI		(137.9	)		32.4			(4.0	)		275.3			165.8
Reclassified out of AOCI		91.8			(2.7	)		4.6						93.7
Net other comprehensive (loss) income		(46.1	)		29.7			.6			275.3			259.5
Balance at December 31, 2023	$	(11.0	)	$	(13.9	)	$	(110.3	)	$	(558.7	)	$	(693.9	)

	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		8.6			(41.3	)		136.4			(197.3	)		(93.6	)
Reclassified out of AOCI		40.0			(1.2	)		22.5						61.3
Net other comprehensive income (loss)		48.6			(42.5	)		158.9			(197.3	)		(32.3	)
Balance at December 31, 2022	$	35.1		$	(43.6	)	$	(110.9	)	$	(834.0	)	$	(953.4	)

	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		39.9			(14.1	)		262.9			(179.1	)		109.6
Reclassified out of AOCI		(24.2	)		(1.6	)		45.4						19.6
Net other comprehensive income (loss)		15.7			(15.7	)		308.3			(179.1	)		129.2
Balance at December 31, 2021	$	(13.5	)	$	(1.1	)	$	(269.8	)	$	(636.7	)	$	(921.1	)

Reclassifications out of AOCI during the years ended December 31, 2023, 2022 and 2021 were as follows:

		AMOUNT RECLASSIFIED OUT OF AOCI
AOCI COMPONENTS	LINE ITEM IN THE CONSOLIDATED STATEMENTS OF INCOME	2023			2022			2021
Unrealized losses (gains) on derivative contracts:
Truck, Parts and Other
Foreign-exchange contracts	Net sales and revenues	$	31.9		$	19.3		$	16.6
	Cost of sales and revenues		2.2			(15.3	)		(1.0	)
	Interest and other expenses (income), net		(.9	)		(1.4	)		(.1	)
Commodity contracts	Cost of sales and revenues		4.2			32.0			.6
x
Financial Services
Foreign-exchange contracts	Interest and other borrowing expenses		(2.1	)		7.3
Interest-rate contracts	Interest and other borrowing expenses		76.5			6.1			(49.8	)
	Pre-tax expense increase (reduction)		111.8			48.0			(33.7	)
	Tax (benefit) expense		(20.0	)		(8.0	)		9.5
	After-tax expense increase (reduction)		91.8			40.0			(24.2	)
Unrealized gains on marketable debt securities:
Marketable debt securities	Investment income		(3.6	)		(1.6	)		(2.1	)
	Tax expense		.9			.4			.5
	After-tax income increase		(2.7	)		(1.2	)		(1.6	)
Unrealized losses on pension plans:
Truck, Parts and Other
Actuarial loss	Interest and other expenses (income), net		4.7			28.9			58.7
Prior service costs	Interest and other expenses (income), net		1.4			.7			.8
	Pre-tax expense increase		6.1			29.6			59.5
	Tax benefit		(1.5	)		(7.1	)		(14.1	)
	After-tax expense increase		4.6			22.5			45.4
Total reclassifications out of AOCI		$	93.7		$	61.3		$	19.6

Other Capital Stock Changes: The Company purchased and retired nil treasury shares in 2023, 2022, and 2021.