Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2021

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Balance Sheet Classifications, Fair Value, Gross and Pro-Forma Net Amounts of Derivative Financial Instruments

The following table presents the balance sheet classification, fair value, gross and pro forma net amounts of derivative financial instruments:

	March 31, 2021						December 31, 2020
	ASSETS			LIABILITIES			ASSETS			LIABILITIES
Derivatives designated under hedge accounting:
Interest-rate contracts:
Financial Services:
Other assets	$	15.5					$	16.4
Deferred taxes and other liabilities				$	84.7					$	116.1
Foreign-exchange contracts:
Truck, Parts and Other:
Other current assets		18.9						2.7
Accounts payable, accrued expenses and other					10.4						35.9
Financial Services:
Deferred taxes and other liabilities		.1									1.2
	$	34.5		$	95.1		$	19.1		$	153.2
Derivatives not designated as hedging instruments:
Foreign-exchange contracts:
Truck, Parts and Other:
Other current assets	$	.8					$	1.1
Accounts payable, accrued expenses and other				$	1.0					$	3.3
Financial Services:
Other assets		.1						.3
Deferred taxes and other liabilities					.2						3.4
	$	.9		$	1.2		$	1.4		$	6.7
Gross amounts recognized in Balance Sheets	$	35.4		$	96.3		$	20.5		$	159.9
Less amounts not offset in financial instruments:
Truck, Parts and Other:
Foreign-exchange contracts		(9.2	)		(9.2	)		(2.1	)		(2.1	)
Financial Services:
Interest-rate contracts		(3.2	)		(3.2	)		(12.0	)		(12.0	)
Pro forma net amount	$	23.0		$	83.9		$	6.4		$	145.8

Amount of Loss (Gain) from Derivative Financial Instruments Recorded in Consolidated Statements of Comprehensive Income

The following table presents the amount of loss (gain) from derivative financial instruments recorded in the Consolidated Statements of Comprehensive Income:

Three Months Ended March 31,	2021			2020
Truck, Parts and Other:
Cash flow hedges	$	11.0		$	(7.2	)
Net investment hedges		(1.0	)		(2.5	)
Total	$	10.0		$	(9.7	)
Financial Services:
Fair value hedges	$	.2		$	.3
Cash flow hedges		(22.7	)		(67.7	)
Total	$	(22.5	)	$	(67.4	)

Amounts Related to Cumulative Basis Adjustments for Fair Value Hedges

The following table presents the amounts recorded on the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges:

	March 31		December 31
	2021		2020
Financial Services
Term notes:
Carrying amount of the hedged liabilities	$	354.7	$	90.9
Cumulative basis adjustment included in the carrying amount		1.3		(.9	)

Pre-Tax Effects of Gain (Loss) on Cash Flow Hedges recognized in OCI

The following table presents the pre-tax effects of gain (loss) on cash flow hedges recognized in other comprehensive income (loss) (OCI):

Three Months Ended March 31,	2021					2020
	INTEREST-		FOREIGN-			INTEREST-		FOREIGN-
	RATE		EXCHANGE			RATE		EXCHANGE
	CONTRACTS		CONTRACTS			CONTRACTS		CONTRACTS
Gain (loss) recognized in OCI:
Truck, Parts and Other			$	2.1				$	70.6
Financial Services	$	33.7		(1.8	)	$	55.7
	$	33.7	$	.3		$	55.7	$	70.6

(Gain) Loss Recognized in Earnings to Derivatives not Designated as Hedging Instruments

The (gain) loss recognized in earnings related to derivatives not designated as hedging instruments was as follows:

Three Months Ended March 31,	2021				2020
	INTEREST-	FOREIGN-			INTEREST-	FOREIGN-
	RATE	EXCHANGE			RATE	EXCHANGE
	CONTRACTS	CONTRACTS			CONTRACTS	CONTRACTS
Truck, Parts and Other:
Cost of sales and revenues		$	(.4	)		$	1.2
Interest and other (income), net			(3.7	)			(25.2	)
Financial Services:
Interest and other borrowing expenses			(1.8	)			(12.0	)
Selling, general and administrative							(.5	)
Total		$	(5.9	)		$	(36.5	)