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v3.23.2

Stockholders' Equity (Tables) | 6 Months Ended
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Jun. 30, 2023
Equity [Abstract] |
Components of Comprehensive Income, Net of Related Tax | The components of comprehensive income are as follow:
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30 |  |  | June 30 |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Net income |  | $ | 1,221.1 |  |  | $ | 720.4 |  |  | $ | 1,955.0 |  |  | $ | 1,320.9 |
Other comprehensive income (loss) (OCI): |  |  |  |  |  |  |  |  |  |  |  |
Unrealized (losses) gains on derivative contracts |  |  | (33.0 | ) |  |  | 1.0 |  |  |  | (62.5 | ) |  |  | 37.1 |
Tax effect |  |  | 7.6 |  |  |  | (1.2 | ) |  |  | 13.9 |  |  |  | (10.9 | )
|  |  | (25.4 | ) |  |  | (.2 | ) |  |  | (48.6 | ) |  |  | 26.2 |
Unrealized (losses) gains on marketable debt securities |  |  | (10.3 | ) |  |  | (10.4 | ) |  |  | 3.7 |  |  |  | (44.5 | )
Tax effect |  |  | 2.6 |  |  |  | 2.6 |  |  |  | (.9 | ) |  |  | 11.1 |
|  |  | (7.7 | ) |  |  | (7.8 | ) |  |  | 2.8 |  |  |  | (33.4 | )
Pension plans |  |  | 2.3 |  |  |  | 19.9 |  |  |  | 3.3 |  |  |  | 30.2 |
Tax effect |  |  | (.3 | ) |  |  | (5.1 | ) |  |  | (.4 | ) |  |  | (7.5 | )
|  |  | 2.0 |  |  |  | 14.8 |  |  |  | 2.9 |  |  |  | 22.7 |
Foreign currency translation gains (losses) |  |  | 126.5 |  |  |  | (240.8 | ) |  |  | 218.5 |  |  |  | (206.1 | )
Net other comprehensive income (loss) |  |  | 95.4 |  |  |  | (234.0 | ) |  |  | 175.6 |  |  |  | (190.6 | )
Comprehensive income |  | $ | 1,316.5 |  |  | $ | 486.4 |  |  | $ | 2,130.6 |  |  | $ | 1,130.3 |
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:
Three Months Ended June 30, 2023 |  | DERIVATIVE CONTRACTS |  |  | MARKETABLE DEBT SECURITIES |  |  | PENSION PLANS |  |  | FOREIGN CURRENCY TRANSLATION |  |  | TOTAL |
Balance at April 1, 2023 |  | $ | 11.9 |  |  | $ | (33.1 | ) |  | $ | (110.0 | ) |  | $ | (742.0 | ) |  | $ | (873.2 | )
Recorded into AOCI |  |  | (66.9 | ) |  |  | (6.8 | ) |  |  | .4 |  |  |  | 126.5 |  |  |  | 53.2 |
Reclassified out of AOCI |  |  | 41.5 |  |  |  | (.9 | ) |  |  | 1.6 |  |  |  |  |  |  | 42.2 |
Net other comprehensive (loss) income |  |  | (25.4 | ) |  |  | (7.7 | ) |  |  | 2.0 |  |  |  | 126.5 |  |  |  | 95.4 |
Balance at June 30, 2023 |  | $ | (13.5 | ) |  | $ | (40.8 | ) |  | $ | (108.0 | ) |  | $ | (615.5 | ) |  | $ | (777.8 | )
Three Months Ended June 30, 2022 |  | DERIVATIVE CONTRACTS |  |  | MARKETABLE DEBT SECURITIES |  |  | PENSION PLANS |  |  | FOREIGN CURRENCY TRANSLATION |  |  | TOTAL |
Balance at April 1, 2022 |  | $ | 12.9 |  |  | $ | (26.7 | ) |  | $ | (261.9 | ) |  | $ | (602.0 | ) |  | $ | (877.7 | )
Recorded into AOCI |  |  | 16.4 |  |  |  | (7.6 | ) |  |  | 7.9 |  |  |  | (240.8 | ) |  |  | (224.1 | )
Reclassified out of AOCI |  |  | (16.6 | ) |  |  | (.2 | ) |  |  | 6.9 |  |  |  |  |  |  | (9.9 | )
Net other comprehensive (loss) income |  |  | (.2 | ) |  |  | (7.8 | ) |  |  | 14.8 |  |  |  | (240.8 | ) |  |  | (234.0 | )
Balance at June 30, 2022 |  | $ | 12.7 |  |  | $ | (34.5 | ) |  | $ | (247.1 | ) |  | $ | (842.8 | ) |  | $ | (1,111.7 | )
Six Months Ended June 30, 2023 |  | 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 |  |  | (113.3 | ) |  |  | 4.5 |  |  |  | .6 |  |  |  | 218.5 |  |  |  | 110.3 |
Reclassified out of AOCI |  |  | 64.7 |  |  |  | (1.7 | ) |  |  | 2.3 |  |  |  |  |  |  | 65.3 |
Net other comprehensive (loss) income |  |  | (48.6 | ) |  |  | 2.8 |  |  |  | 2.9 |  |  |  | 218.5 |  |  |  | 175.6 |
Balance at June 30, 2023 |  | $ | (13.5 | ) |  | $ | (40.8 | ) |  | $ | (108.0 | ) |  | $ | (615.5 | ) |  | $ | (777.8 | )
Six Months Ended June 30, 2022 |  | 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 |  |  | 34.5 |  |  |  | (33.1 | ) |  |  | 11.4 |  |  |  | (206.1 | ) |  |  | (193.3 | )
Reclassified out of AOCI |  |  | (8.3 | ) |  |  | (.3 | ) |  |  | 11.3 |  |  |  |  |  |  | 2.7 |
Net other comprehensive income (loss) |  |  | 26.2 |  |  |  | (33.4 | ) |  |  | 22.7 |  |  |  | (206.1 | ) |  |  | (190.6 | )
Balance at June 30, 2022 |  | $ | 12.7 |  |  | $ | (34.5 | ) |  | $ | (247.1 | ) |  | $ | (842.8 | ) |  | $ | (1,111.7 | )
Reclassifications Out of Accumulated Other Comprehensive Income | Reclassifications out of AOCI were as follows:
|  |  |  | Three Months Ended |
|  | LINE ITEM IN THE CONSOLIDATED STATEMENTS OF |  | June 30 |
AOCI COMPONENTS |  | COMPREHENSIVE INCOME |  |  | 2023 |  |  |  | 2022 |
Unrealized losses (gains) on derivative contracts: |  |  |  |  |  |  |  |
Truck, Parts and Other |  |  |  |  |  |  |  |
Foreign-exchange contracts |  | Net sales and revenues |  | $ | 11.8 |  |  | $ | 8.2 |
|  | Cost of sales and revenues |  |  | 11.4 |  |  |  | (1.0 | )
|  | Interest and other (income) expense, net |  |  | .7 |  |  |  |
Commodity contracts |  | Cost of sales and revenues |  |  | (4.6 | ) |  |  | 5.5 |
Financial Services |  |  |  |  |  |  |  |
Foreign-exchange contracts |  | Interest and other borrowing expenses |  |  | (2.8 | ) |  |  |
Interest-rate contracts |  | Interest and other borrowing expenses |  |  | 32.6 |  |  |  | (36.5 | )
|  | Pre-tax expense increase (reduction) |  |  | 49.1 |  |  |  | (23.8 | )
|  | Tax (benefit) expense |  |  | (7.6 | ) |  |  | 7.2 |
|  | After-tax expense increase |  |  | 41.5 |  |  |  | (16.6 | )
Unrealized gains on marketable debt securities: |  |  |  |  |  |  |  |
Marketable debt securities |  | Investment income |  |  | (1.2 | ) |  |  | (.3 | )
|  | Tax expense |  |  | .3 |  |  |  | .1 |
|  | After-tax income increase |  |  | (.9 | ) |  |  | (.2 | )
Pension plans: |  |  |  |  |  |  |  |
Truck, Parts and Other |  |  |  |  |  |  |  |
Actuarial loss |  | Interest and other (income) expense, net |  |  | 1.7 |  |  |  | 9.0 |
Prior service costs |  | Interest and other (income) expense, net |  |  | .4 |  |  |  | .2 |
|  | Pre-tax expense increase |  |  | 2.1 |  |  |  | 9.2 |
|  | Tax benefit |  |  | (.5 | ) |  |  | (2.3 | )
|  | After-tax expense increase |  |  | 1.6 |  |  |  | 6.9 |
Total reclassifications out of AOCI |  |  |  | $ | 42.2 |  |  | $ | (9.9 | )
|  |  |  | Six Months Ended |
|  | LINE ITEM IN THE CONSOLIDATED STATEMENTS OF |  | June 30 |
AOCI COMPONENTS |  | COMPREHENSIVE INCOME |  |  | 2023 |  |  |  | 2022 |
Unrealized losses (gains) on derivative contracts: |  |  |  |  |  |  |  |
Truck, Parts and Other |  |  |  |  |  |  |  |
Foreign-exchange contracts |  | Net sales and revenues |  | $ | 12.0 |  |  | $ | 15.1 |
|  | Cost of sales and revenues |  |  | 11.4 |  |  |  | 2.7 |
|  | Interest and other (income), net |  |  |  |  |  | .3 |
Commodity contracts |  | Cost of sales and revenues |  |  | (2.4 | ) |  |  | 10.4 |
Financial Services |  |  |  |  |  |  |  |
Foreign-exchange contracts |  | Interest and other borrowing expenses |  |  | (2.0 | ) |  |  |
Interest-rate contracts |  | Interest and other borrowing expenses |  |  | 60.0 |  |  |  | (43.1 | )
|  | Pre-tax expense increase (reduction) |  |  | 79.0 |  |  |  | (14.6 | )
|  | Tax expense |  |  | (14.3 | ) |  |  | 6.3 |
|  | After-tax expense increase (reduction) |  |  | 64.7 |  |  |  | (8.3 | )
Unrealized gains on marketable debt securities: |  |  |  |  |  |  |  |
Marketable debt securities |  | Investment income |  |  | (2.3 | ) |  |  | (.4 | )
|  | Tax expense |  |  | .6 |  |  |  | .1 |
|  | After-tax income increase |  |  | (1.7 | ) |  |  | (.3 | )
Pension plans: |  |  |  |  |  |  |  |
Truck, Parts and Other |  |  |  |  |  |  |  |
Actuarial loss |  | Interest and other (income), net |  |  | 2.4 |  |  |  | 14.6 |
Prior service costs |  | Interest and other (income), net |  |  | .7 |  |  |  | .3 |
|  | Pre-tax expense increase |  |  | 3.1 |  |  |  | 14.9 |
|  | Tax benefit |  |  | (.8 | ) |  |  | (3.6 | )
|  | After-tax expense increase |  |  | 2.3 |  |  |  | 11.3 |
Total reclassifications out of AOCI |  |  |  | $ | 65.3 |  |  | $ | 2.7 |

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