Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Components of Comprehensive Income, Net of Related Tax

The components of comprehensive income are as follow:

Three Months Ended March 31,	2023			2022
Net income	$	733.9		$	600.5
Other comprehensive income (loss) (OCI):
Unrealized (losses) gains on derivative contracts		(29.5	)		36.1
Tax effect		6.3			(9.7	)
		(23.2	)		26.4
Unrealized gains (losses) on marketable debt securities		14.0			(34.1	)
Tax effect		(3.5	)		8.5
		10.5			(25.6	)
Pension plans		1.0			10.3
Tax effect		(.1	)		(2.4	)
		.9			7.9
Foreign currency translation gains		92.0			34.7
Net other comprehensive income		80.2			43.4
Comprehensive income	$	814.1		$	643.9

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 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, 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	)

	DERIVATIVE CONTRACTS			MARKETABLE DEBT SECURITIES			PENSION PLANS			FOREIGN CURRENCY TRANSLATION			TOTAL
Balance at January 1, 2022	$	(13.5	)	$	(1.1	)	$	(269.8	)	$	(636.7	)	$	(921.1	)
Recorded into AOCI		18.1			(25.5	)		3.5			34.7			30.8
Reclassified out of AOCI		8.3			(.1	)		4.4						12.6
Net other comprehensive income (loss)		26.4			(25.6	)		7.9			34.7			43.4
Balance at March 31, 2022	$	12.9		$	(26.7	)	$	(261.9	)	$	(602.0	)	$	(877.7	)

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		2023			2022
Unrealized losses (gains) on derivative contracts:
Truck, Parts and Other
Foreign-exchange contracts	Net sales and revenues	$	.2		$	6.9
	Cost of sales and revenues					3.7
	Interest and other expenses (income), net		(.7	)		.3
Commodity contracts	Cost of sales and revenues		2.2			4.9
Financial Services
Foreign-exchange contracts	Interest and other borrowing expenses		.8
Interest-rate contracts	Interest and other borrowing expenses		27.4			(6.6	)
	Pre-tax expense increase		29.9			9.2
	Tax benefit		(6.7	)		(.9	)
	After-tax expense increase		23.2			8.3
Unrealized gains on marketable debt securities:
Marketable debt securities	Investment income (loss)		(1.1	)		(.1	)
	Tax expense		.3
	After-tax income increase		(.8	)		(.1	)
Pension plans:
Truck, Parts and Other
Actuarial loss	Interest and other expenses (income), net		.7			5.6
Prior service costs	Interest and other expenses (income), net		.3			.1
	Pre-tax expense increase		1.0			5.7
	Tax benefit		(.3	)		(1.3	)
	After-tax expense increase		.7			4.4
Total reclassifications out of AOCI		$	23.1		$	12.6