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Stockholders' Equity
 12 Months Ended
Dec. 31, 2017
Equity [Abstract]  
Stockholders' Equity

N.

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, 2017

 

$

(4.3

)

 

$

(.3

)

 

$

(414.1

)

 

$

(709.4

)

 

$

(1,128.1

)

Recorded into AOCI

 

 

(91.6

)

 

 

(1.1

)

 

 

20.4

 

 

 

292.0

 

 

 

219.7

 

Reclassified out of AOCI

 

 

97.1

 

 

 

(.4

)

 

 

18.1

 

 

 

 

 

 

 

114.8

 

Net other comprehensive income (loss)

 

 

5.5

 

 

 

(1.5

)

 

 

38.5

 

 

 

292.0

 

 

 

334.5

 

Balance at December 31, 2017

 

$

1.2

 

 

$

(1.8

)

 

$

(375.6

)

 

$

(417.4

)

 

$

(793.6

)

 

 

 

DERIVATIVE

CONTRACTS

 

 

MARKETABLE

DEBT

SECURITIES

 

 

PENSION PLANS

 

 

FOREIGN

CURRENCY

TRANSLATION

 

 

TOTAL

 

Balance at January 1, 2016

 

$

(6.4

)

 

$

2.1

 

 

$

(390.4

)

 

$

(622.3

)

 

$

(1,017.0

)

Recorded into AOCI

 

 

.2

 

 

 

.3

 

 

 

(42.6

)

 

 

(87.1

)

 

 

(129.2

)

Reclassified out of AOCI

 

 

1.9

 

 

 

(2.7

)

 

 

18.9

 

 

 

 

 

 

 

18.1

 

Net other comprehensive income (loss)

 

 

2.1

 

 

 

(2.4

)

 

 

(23.7

)

 

 

(87.1

)

 

 

(111.1

)

Balance at December 31, 2016

 

$

(4.3

)

 

$

(.3

)

 

$

(414.1

)

 

$

(709.4

)

 

$

(1,128.1

)

 

 

 

DERIVATIVE

CONTRACTS

 

 

MARKETABLE

DEBT

SECURITIES

 

 

PENSION PLANS

 

 

FOREIGN

CURRENCY

TRANSLATION

 

 

TOTAL

 

Balance at January 1, 2015

 

$

(13.5

)

 

$

5.3

 

 

$

(433.1

)

 

$

(138.5

)

 

$

(579.8

)

Recorded into AOCI

 

 

27.9

 

 

 

(1.7

)

 

 

15.1

 

 

 

(483.8

)

 

 

(442.5

)

Reclassified out of AOCI

 

 

(20.8

)

 

 

(1.5

)

 

 

27.6

 

 

 

 

 

 

 

5.3

 

Net other comprehensive income (loss)

 

 

7.1

 

 

 

(3.2

)

 

 

42.7

 

 

 

(483.8

)

 

 

(437.2

)

Balance at December 31, 2015

 

$

(6.4

)

 

$

2.1

 

 

$

(390.4

)

 

$

(622.3

)

 

$

(1,017.0

)

 

Reclassifications out of AOCI during the years ended December 31, 2017, 2016 and 2015 are as follows:

 

 

 

 

 

AMOUNT RECLASSIFIED OUT OF AOCI

 

AOCI COMPONENTS

 

LINE ITEM IN THE CONSOLIDATED

STATEMENTS OF INCOME

 

2017

 

 

2016

 

 

2015

 

Unrealized (gains) and losses on

   derivative contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Truck, Parts and Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign-exchange contracts

 

Net sales and revenues

 

$

12.1

 

 

$

(27.9

)

 

$

(.1

)

 

 

Cost of sales and revenues

 

 

3.9

 

 

 

.6

 

 

 

3.4

 

 

 

Interest and other expense, net

 

 

1.8

 

 

 

1.3

 

 

 

(4.1

)

Financial Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-rate contracts

 

Interest and other borrowing expenses

 

 

115.6

 

 

 

36.8

 

 

 

(28.5

)

 

 

Pre-tax expense increase (reduction)

 

 

133.4

 

 

 

10.8

 

 

 

(29.3

)

 

 

Tax (benefit) expense

 

 

(36.3

)

 

 

(8.9

)

 

 

8.5

 

 

 

After-tax expense increase (reduction)

 

 

97.1

 

 

 

1.9

 

 

 

(20.8

)

Unrealized (gains) and losses  on

   marketable debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketable debt securities

 

Investment income

 

 

(.6

)

 

 

(3.7

)

 

 

(2.1

)

 

 

Tax expense

 

 

.2

 

 

 

1.0

 

 

 

.6

 

 

 

After-tax income increase

 

 

(.4

)

 

 

(2.7

)

 

 

(1.5

)

Pension plans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Truck, Parts and Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Actuarial loss

 

Cost of sales and revenues

 

 

12.3

 

 

 

13.6

 

 

 

22.4

 

 

 

Selling, general and administrative

 

 

12.3

 

 

 

13.0

 

 

 

17.1

 

 

 

 

 

 

24.6

 

 

 

26.6

 

 

 

39.5

 

Prior service costs

 

Cost of sales and revenues

 

 

1.0

 

 

 

.9

 

 

 

1.0

 

 

 

Selling, general and administrative

 

 

.2

 

 

 

.3

 

 

 

.2

 

 

 

 

 

 

1.2

 

 

 

1.2

 

 

 

1.2

 

Financial Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Actuarial loss

 

Selling, general and administrative

 

 

.8

 

 

 

1.1

 

 

 

1.7

 

 

 

Pre-tax expense increase

 

 

26.6

 

 

 

28.9

 

 

 

42.4

 

 

 

Tax benefit

 

 

(8.5

)

 

 

(10.0

)

 

 

(14.8

)

 

 

After-tax expense increase

 

 

18.1

 

 

 

18.9

 

 

 

27.6

 

Total reclassifications out of AOCI

 

 

 

$

114.8

 

 

$

18.1

 

 

$

5.3

 

 

Other Capital Stock Changes: The Company purchased treasury shares of nil, 1.4 million and 3.8 million in 2017, 2016 and 2015, respectively.  The Company retired treasury shares of nil in 2017, 1.4 million in 2016 and 4.6 million in 2015.