Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Components of Comprehensive Income, Net of Related Tax

The components of comprehensive income are as follow:

Three Months Ended March 31,	2024			2023
Net income	$	1,195.3		$	733.9
Other comprehensive income (loss) (OCI):
Unrealized gains (losses) on derivative contracts		12.1			(29.5	)
Tax effect		(3.7	)		6.3
		8.4			(23.2	)
Unrealized (losses) gains on marketable debt securities		(2.5	)		14.0
Tax effect		.6			(3.5	)
		(1.9	)		10.5
Pension plans		7.9			1.0
Tax effect		(2.2	)		(.1	)
		5.7			.9
Foreign currency translation (losses) gains		(118.5	)		92.0
Net other comprehensive (loss) income		(106.3	)		80.2
Comprehensive income	$	1,089.0		$	814.1

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:

	DERIVATIVE CONTRACTS			MARKETABLE DEBT SECURITIES			PENSION PLANS			FOREIGN CURRENCY TRANSLATION			TOTAL
Balance at January 1, 2024	$	(11.0	)	$	(13.9	)	$	(110.3	)	$	(558.7	)	$	(693.9	)
Recorded into AOCI		28.8			(1.0	)		4.6			(118.5	)		(86.1	)
Reclassified out of AOCI		(20.4	)		(.9	)		1.1						(20.2	)
Net other comprehensive income (loss)		8.4			(1.9	)		5.7			(118.5	)		(106.3	)
Balance at March 31, 2024	$	(2.6	)	$	(15.8	)	$	(104.6	)	$	(677.2	)	$	(800.2	)

	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		(46.4	)		11.3			.2			92.0			57.1
Reclassified out of AOCI		23.2			(.8	)		.7						23.1
Net other comprehensive (loss) income		(23.2	)		10.5			.9			92.0			80.2
Balance at March 31, 2023	$	11.9		$	(33.1	)	$	(110.0	)	$	(742.0	)	$	(873.2	)

Reclassifications Out of Accumulated Other Comprehensive Income

Reclassifications out of AOCI were as follows:

		Three Months Ended
	LINE ITEM IN THE CONSOLIDATED STATEMENTS OF	March 31
AOCI COMPONENTS	COMPREHENSIVE INCOME		2024			2023
Unrealized losses (gains) on derivative contracts:
Truck, Parts and Other
Foreign-exchange contracts	Net sales and revenues	$	8.8		$	.2
	Cost of sales and revenues		(7.4	)
	Interest and other (income) expenses, net		(1.1	)		(.7	)
Commodity contracts	Cost of sales and revenues		2.6			2.2
Financial Services
Foreign-exchange contracts	Interest and other borrowing expenses		(2.6	)		.8
Interest-rate contracts	Interest and other borrowing expenses		(24.5	)		27.4
	Pre-tax expense reduction		(24.2	)		29.9
	Tax expense (benefit)		3.8			(6.7	)
	After-tax expense increase		(20.4	)		23.2
Unrealized gains on marketable debt securities:
Marketable debt securities	Investment income		(1.2	)		(1.1	)
	Tax expense		.3			.3
	After-tax income increase		(.9	)		(.8	)
Pension plans:
Truck, Parts and Other
Actuarial loss	Interest and other (income) expenses, net		1.2			.7
Prior service costs	Interest and other (income) expenses, net		.3			.3
	Pre-tax expense increase		1.5			1.0
	Tax benefit		(.4	)		(.3	)
	After-tax expense increase		1.1			.7
Total reclassifications out of AOCI		$	(20.2	)	$	23.1