Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 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:

At December 31,	2021						2020
	ASSETS			LIABILITIES			ASSETS			LIABILITIES
Derivatives designated under hedge accounting:
Interest-rate contracts:
Financial Services:
Other assets	$	30.8					$	16.4
Deferred taxes and other liabilities				$	54.4					$	116.1
Foreign-exchange contracts:
Truck, Parts and Other:
Other current assets		25.3						2.7
Accounts payable, accrued expenses and other					15.8						35.9
Financial Services:
Other current assets		2.5
Deferred taxes and other liabilities					.1						1.2
Commodity contracts:
Truck, Parts and Other:
Accounts payable, accrued expenses and other					16.9
	$	58.6		$	87.2		$	19.1		$	153.2
Derivatives not designated as hedging instruments:
Foreign-exchange contracts:
Truck, Parts and Other:
Other current assets	$	1.0					$	1.1
Accounts payable, accrued expenses and other				$	1.1					$	3.3
Financial Services:
Other assets		.1						.3
Deferred taxes and other liabilities					.2						3.4
	$	1.1		$	1.3		$	1.4		$	6.7
Gross amounts recognized in Balance Sheet	$	59.7		$	88.5		$	20.5		$	159.9
Less amounts not offset in financial instruments:
Truck, Parts and Other:
Foreign-exchange contracts	$	(2.7	)	$	(2.7	)	$	(2.1	)	$	(2.1	)
Financial Services:
Foreign-exchange contracts		(.2	)		(.2	)
Interest-rate contracts		(12.8	)		(12.8	)		(12.0	)		(12.0	)
Pro forma net amount	$	44.0		$	72.8		$	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:

Year Ended December 31,	2021						2020					2019
	INTEREST-			FOREIGN-			INTEREST-		FOREIGN-			INTEREST-		FOREIGN-
	RATE			EXCHANGE			RATE		EXCHANGE			RATE		EXCHANGE
Truck, Parts and Other:
Net sales and revenues
Cash flow hedges				$	16.6				$	(4.0	)			$	21.2
Cost of sales and revenues
Cash flow hedges					(1.0	)				1.7					(4.1	)
Derivatives not designated as hedging instruments					8.9					.7					.5
Interest and other (income), net
Cash flow hedges					(.1	)				(4.6	)				2.1
Net investment hedges					(3.2	)				(5.6	)				(4.6	)
Derivatives not designated as hedging instruments					1.9					2.3					5.4
				$	23.1				$	(9.5	)			$	20.5
Financial Services:
Interest and other borrowing expenses
Cash flow hedges	$	(49.8	)				$	94.5				$	32.5
Fair value hedges		.4						1.1					1.5
Derivatives not designated as hedging instruments				$	(.5	)			$	9.4				$	(10.1	)
Selling, general and administrative
Derivatives not designated as hedging instruments										.8					.1
	$	(49.4	)	$	(.5	)	$	95.6	$	10.2		$	34.0	$	(10.0	)
Total	$	(49.4	)	$	22.6		$	95.6	$	.7		$	34.0	$	10.5

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

At December 31,	2021		2020
Financial Services
Term notes:
Carrying amount of hedged liabilities	$	472.0	$	90.9
Cumulative basis adjustment included in the carrying amount		8.7		(.9	)

Pre-Tax Effects of Gain (Loss) Derivative Instruments 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):

Year Ended December 31,	2021					2020						2019
	INTEREST-		FOREIGN-			INTEREST-			FOREIGN-			INTEREST-			FOREIGN-
	RATE		EXCHANGE			RATE			EXCHANGE			RATE			EXCHANGE
Gain (loss) recognized in OCI:
Truck, Parts and Other			$	(18.5	)				$	2.8					$	(31.7	)
Financial Services	$	83.2		(1.9	)	$	(107.3	)		(.8	)	$	(44.4	)
	$	83.2	$	(20.4	)	$	(107.3	)	$	2.0		$	(44.4	)	$	(31.7	)