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Derivative Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2023
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:
|  | June 30, 2023 |  |  | December 31, 2022 |
|  | ASSETS |  |  | LIABILITIES |  |  | ASSETS |  |  | LIABILITIES |
Derivatives designated under hedge accounting: |  |  |  |  |  |  |  |  |  |  |  |
Interest-rate contracts: |  |  |  |  |  |  |  |  |  |  |  |
Financial Services: |  |  |  |  |  |  |  |  |  |  |  |
Other assets |  | $ | 37.3 |  |  |  |  |  | $ | 58.0 |  |  |  |
Deferred taxes and other liabilities |  |  |  |  | $ | 131.6 |  |  |  |  |  | $ | 82.6 |
Foreign-exchange contracts: |  |  |  |  |  |  |  |  |  |  |  |
Truck, Parts and Other: |  |  |  |  |  |  |  |  |  |  |  |
Other current assets |  |  | 9.1 |  |  |  |  |  |  | 57.3 |  |  |  |
Accounts payable, accrued expenses and other |  |  |  |  |  | 48.8 |  |  |  |  |  |  | 9.5 |
Financial Services: |  |  |  |  |  |  |  |  |  |  |  |
Other current assets |  |  |  |  |  |  |  |  | 1.6 |  |  |  |
Deferred taxes and other liabilities |  |  |  |  |  | 6.0 |  |  |  |  |  |  | 5.1 |
Commodity contracts: |  |  |  |  |  |  |  |  |  |  |  |
Truck, Parts and Other: |  |  |  |  |  |  |  |  |  |  |  |
Other current assets |  |  | .8 |  |  |  |  |  |  | 1.5 |  |  |  |
Accounts payable, accrued expenses and other |  |  |  |  |  | 2.7 |  |  |  |  |  |  | .6 |
|  | $ | 47.2 |  |  | $ | 189.1 |  |  | $ | 118.4 |  |  | $ | 97.8 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |
Foreign-exchange contracts: |  |  |  |  |  |  |  |  |  |  |  |
Truck, Parts and Other: |  |  |  |  |  |  |  |  |  |  |  |
Other current assets |  | $ | .7 |  |  |  |  |  | $ | 1.0 |  |  |  |
Accounts payable, accrued expenses and other |  |  |  |  | $ | .6 |  |  |  |  |  | $ | .1 |
Financial Services: |  |  |  |  |  |  |  |  |  |  |  |
Other assets |  |  | .1 |  |  |  |  |  |  |  |  |  |
Deferred taxes and other liabilities |  |  |  |  |  | .1 |  |  |  |  |  |  | .1 |
Commodity contracts: |  |  |  |  |  |  |  |  |  |  |  |
Truck, Parts and Other: |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable, accrued expenses and other |  |  |  |  |  |  |  |  |  |  |  | .2 |
|  | $ | .8 |  |  | $ | .7 |  |  | $ | 1.0 |  |  | $ | .4 |
Gross amounts recognized in Balance Sheets |  | $ | 48.0 |  |  | $ | 189.8 |  |  | $ | 119.4 |  |  | $ | 98.2 |
Less amounts not offset in financial instruments: |  |  |  |  |  |  |  |  |  |  |  |
Truck, Parts and Other: |  |  |  |  |  |  |  |  |  |  |  |
Foreign-exchange contracts |  | $ | (1.0 | ) |  | $ | (1.0 | ) |  | $ | (.1 | ) |  | $ | (.1 | )
Commodity contracts |  |  | (.8 | ) |  |  | (.8 | ) |  |  | (.5 | ) |  |  | (.5 | )
Financial Services: |  |  |  |  |  |  |  |  |  |  |  |
Foreign-exchange contracts |  |  |  |  |  |  |  |  | (1.8 | ) |  |  | (1.8 | )
Interest-rate contracts |  |  | (21.8 | ) |  |  | (21.8 | ) |  |  | (21.5 | ) |  |  | (21.5 | )
Pro forma net amount |  | $ | 24.4 |  |  | $ | 166.2 |  |  | $ | 95.5 |  |  | $ | 74.3 |
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 | Six Months Ended |
|  | June 30, 2023 | June 30, 2023 |
|  | INTEREST- |  |  | FOREIGN- |  |  | INTEREST- |  |  | FOREIGN- |
|  | RATE |  |  | EXCHANGE |  |  | RATE |  |  | EXCHANGE |
Truck, Parts and Other: |  |  |  |  |  |  |  |  |  |  |  |
Net sales and revenues |  |  |  |  |  |  |  |  |  |  |  |
Cash flow hedges |  |  |  |  | $ | 11.8 |  |  |  |  |  | $ | 12.0 |
Cost of sales and revenues |  |  |  |  |  |  |  |  |  |  |  |
Cash flow hedges |  |  |  |  |  | 11.4 |  |  |  |  |  |  | 11.4 |
Derivatives not designated as hedging instruments |  |  |  |  |  | (2.0 | ) |  |  |  |  |  | (4.0 | )
Interest and other (income), net |  |  |  |  |  |  |  |  |  |  |  |
Cash flow hedges |  |  |  |  |  | 4.4 |  |  |  |  |  |  | 6.2 |
Net investment hedges |  |  |  |  |  | (2.0 | ) |  |  |  |  |  | (4.8 | )
Derivatives not designated as hedging instruments |  |  |  |  |  | 3.0 |  |  |  |  |  |  | 4.9 |
|  |  |  |  | $ | 26.6 |  |  |  |  |  | $ | 25.7 |
Financial Services: |  |  |  |  |  |  |  |  |  |  |  |
Interest and other borrowing expenses |  |  |  |  |  |  |  |  |  |  |  |
Cash flow hedges |  | $ | 32.6 |  |  | $ | (1.9 | ) |  | $ | 60.0 |  |  | $ | .5 |
Fair value hedges |  |  | 2.7 |  |  |  |  |  |  | 4.3 |  |  |  |
Derivatives not designated as hedging instruments |  |  |  |  |  | .2 |  |  |  |  |  |  | (.1 | )
|  | $ | 35.3 |  |  | $ | (1.7 | ) |  | $ | 64.3 |  |  | $ | .4 |
Total |  | $ | 35.3 |  |  | $ | 24.9 |  |  | $ | 64.3 |  |  | $ | 26.1 |
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:
|  |  |  |  |  | June 30 |  |  | December 31 |
|  |  |  |  |  | 2023 |  |  | 2022 |
Financial Services |  |  |  |  |  |  |  |  |  |
Term notes: |  |  |  |  |  |  |  |  |  |
Carrying amount of the hedged liabilities |  |  |  |  |  | $ | 123.5 |  |  | $ | 319.8 |
Cumulative basis adjustment included in the carrying amount |  |  |  |  |  |  | 11.0 |  |  |  | 27.7 |
Pre-Tax Effects of Gain (Loss) Derivative Instruments Recognized in OCI | The following tables presents the pre-tax effects of gain (loss) on cash flow hedges recognized in other comprehensive income (loss) (OCI):
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, 2023 |  |  | June 30, 2023 |
|  | INTEREST- |  |  | FOREIGN- |  |  |  |  |  | INTEREST- |  |  | FOREIGN- |  |  |  |
|  | RATE |  |  | EXCHANGE |  |  | COMMODITY |  |  | RATE |  |  | EXCHANGE |  |  | COMMODITY |
(Loss) gain recognized in OCI: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Truck, Parts and Other |  |  |  |  | $ | (47.1 | ) |  | $ | (2.0 | ) |  |  |  |  | $ | (67.2 | ) |  | $ | 1.9 |
Financial Services |  | $ | (35.6 | ) |  |  | 2.6 |  |  |  |  |  | $ | (77.9 | ) |  |  | 1.6 |  |  |  |
|  | $ | (35.6 | ) |  | $ | (44.5 | ) |  | $ | (2.0 | ) |  | $ | (77.9 | ) |  | $ | (65.6 | ) |  | $ | 1.9 |
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, 2022 |  |  | June 30, 2022 |
|  | INTEREST- |  |  | FOREIGN- |  |  |  |  |  | INTEREST- |  |  | FOREIGN- |  |  |  |
|  | RATE |  |  | EXCHANGE |  |  | COMMODITY |  |  | RATE |  |  | EXCHANGE |  |  | COMMODITY |
Gain (loss) recognized in OCI: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Truck, Parts and Other |  |  |  |  | $ | 28.5 |  |  | $ | (43.7 | ) |  |  |  |  | $ | .1 |  |  | $ | (7.8 | )
Financial Services |  | $ | 39.8 |  |  |  | .2 |  |  |  |  |  | $ | 59.7 |  |  |  | (.3 | ) |  |  |
|  | $ | 39.8 |  |  | $ | 28.7 |  |  | $ | (43.7 | ) |  | $ | 59.7 |  |  | $ | (.2 | ) |  | $ | (7.8 | )

X
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