Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2018

Equity [Abstract]

Components of Comprehensive Income, Net of Related Tax

The components of comprehensive income are as follows:

	Three Months Ended						Nine Months Ended
	September 30						September 30
		2018			2017			2018			2017
Net income	$	545.3		$	402.7		$	1,617.0		$	1,086.0
Other comprehensive (loss) income (OCI):
Unrealized (losses) gains on derivative contracts		(8.9	)		1.9			(6.2	)		(.1	)
Tax effect		2.5			(.7	)		2.1			.2
		(6.4	)		1.2			(4.1	)		.1
Unrealized (losses) gains on marketable debt securities		(1.5	)		(.4	)		(3.6	)		2.5
Tax effect		.4			.1			.9			(1.1	)
		(1.1	)		(.3	)		(2.7	)		1.4
Pension plans		10.2			.6			34.1			3.1
Tax effect		(2.4	)		(.6	)		(8.2	)		(1.9	)
		7.8						25.9			1.2
Foreign currency translation (losses) gains		(1.6	)		108.1			(120.5	)		309.2
Net other comprehensive (loss) income		(1.3	)		109.0			(101.4	)		311.9
Comprehensive income	$	544.0		$	511.7		$	1,515.6		$	1,397.9

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 consisted of the following:

Three Months Ended September 30, 2018	DERIVATIVE CONTRACTS			MARKETABLE DEBT SECURITIES			PENSION PLANS			FOREIGN CURRENCY TRANSLATION			TOTAL
Balance at July 1, 2018	$	3.5		$	(3.4	)	$	(357.5	)	$	(536.3	)	$	(893.7	)
Recorded into AOCI		(5.4	)		(1.2	)		1.0			(1.6	)		(7.2	)
Reclassified out of AOCI		(1.0	)		.1			6.8						5.9
Net other comprehensive (loss) income		(6.4	)		(1.1	)		7.8			(1.6	)		(1.3	)
Balance at September 30, 2018	$	(2.9	)	$	(4.5	)	$	(349.7	)	$	(537.9	)	$	(895.0	)

Three Months Ended September 30, 2017	DERIVATIVE CONTRACTS			MARKETABLE DEBT SECURITIES			PENSION PLANS			FOREIGN CURRENCY TRANSLATION			TOTAL
Balance at July 1, 2017	$	(5.4	)	$	1.4		$	(412.9	)	$	(508.3	)	$	(925.2	)
Recorded into AOCI		(19.8	)		(.2	)		(4.5	)		108.1			83.6
Reclassified out of AOCI		21.0			(.1	)		4.5						25.4
Net other comprehensive income (loss)		1.2			(.3	)					108.1			109.0
Balance at September 30, 2017	$	(4.2	)	$	1.1		$	(412.9	)	$	(400.2	)	$	(816.2	)

Nine Months Ended September 30, 2018	DERIVATIVE CONTRACTS			MARKETABLE DEBT SECURITIES			PENSION PLANS			FOREIGN CURRENCY TRANSLATION			TOTAL
Balance at January 1, 2018	$	1.2		$	(1.8	)	$	(375.6	)	$	(417.4	)	$	(793.6	)
Recorded into AOCI		60.4			(2.5	)		5.0			(120.5	)		(57.6	)
Reclassified out of AOCI		(64.5	)		(.2	)		20.9						(43.8	)
Net other comprehensive (loss) income		(4.1	)		(2.7	)		25.9			(120.5	)		(101.4	)
Balance at September 30, 2018	$	(2.9	)	$	(4.5	)	$	(349.7	)	$	(537.9	)	$	(895.0	)

Nine Months Ended September 30, 2017	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		(93.9	)		1.8			(12.3	)		309.2			204.8
Reclassified out of AOCI		94.0			(.4	)		13.5						107.1
Net other comprehensive income		.1			1.4			1.2			309.2			311.9
Balance at September 30, 2017	$	(4.2	)	$	1.1		$	(412.9	)	$	(400.2	)	$	(816.2	)

Reclassifications Out of Accumulated Other Comprehensive Income

Reclassifications out of AOCI during the three months ended September 30, 2018 and 2017 are as follows:

		Three Months Ended
	LINE ITEM IN THE CONSOLIDATED STATEMENTS OF	September 30
AOCI COMPONENTS	COMPREHENSIVE INCOME		2018			2017
Unrealized losses and (gains) on derivative contracts:
Truck, Parts and Other
Foreign-exchange contracts	Net sales and revenues	$	4.3		$	(3.0	)
	Cost of sales and revenues		(1.6	)		5.5
	Interest and other (income), net		.5			1.0
Financial Services
Interest-rate contracts	Interest and other borrowing expenses		(3.7	)		24.6
	Pre-tax expense (reduction) increase		(.5	)		28.1
	Tax benefit		(.5	)		(7.1	)
	After-tax expense (reduction) increase		(1.0	)		21.0
Unrealized losses and (gains) on marketable debt securities:
Marketable debt securities	Investment expense (income)		.1			(.2	)
	Tax expense					.1
	After-tax income reduction (increase)		.1			(.1	)
Pension plans:
Truck, Parts and Other
Actuarial loss	Interest and other (income), net		8.7			6.3
Prior service costs	Interest and other (income), net		.3			.3
	Pre-tax expense increase		9.0			6.6
	Tax benefit		(2.2	)		(2.1	)
	After-tax expense increase		6.8			4.5
Total reclassifications out of AOCI		$	5.9		$	25.4

Reclassifications out of AOCI during the first nine months ended September 30, 2018 and 2017 are as follows:

		Nine Months Ended
	LINE ITEM IN THE CONSOLIDATED STATEMENTS OF	September 30
AOCI COMPONENTS	COMPREHENSIVE INCOME		2018			2017
Unrealized losses and (gains) on derivative contracts:
Truck, Parts and Other
Foreign-exchange contracts	Net sales and revenues	$	6.1		$	13.3
	Cost of sales and revenues		(5.2	)		4.3
	Interest and other (income), net		(.2	)		1.6
Financial Services
Interest-rate contracts	Interest and other borrowing expenses		(86.5	)		110.4
	Pre-tax expense (reduction) increase		(85.8	)		129.6
	Tax expense (benefit)		21.3			(35.6	)
	After-tax expense (reduction) increase		(64.5	)		94.0
Unrealized losses and (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		26.5			18.9
Prior service costs	Interest and other (income), net		1.0			.9
	Pre-tax expense increase		27.5			19.8
	Tax benefit		(6.6	)		(6.3	)
	After-tax expense increase		20.9			13.5
Total reclassifications out of AOCI			(43.8	)		107.1