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Derivative Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2025
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, 2025 |  |  | December 31, 2024 |
|  | ASSETS |  |  | LIABILITIES |  |  | ASSETS |  |  | LIABILITIES |
Derivatives designated under hedge accounting: |  |  |  |  |  |  |  |  |  |  |  |
Interest-rate contracts: |  |  |  |  |  |  |  |  |  |  |  |
Financial Services: |  |  |  |  |  |  |  |  |  |  |  |
Other assets |  | $ | 84.8 |  |  |  |  |  | $ | 132.2 |  |  |  |
Deferred taxes and other liabilities |  |  |  |  | $ | 52.9 |  |  |  |  |  | $ | 41.1 |
Foreign-exchange contracts: |  |  |  |  |  |  |  |  |  |  |  |
Truck, Parts and Other: |  |  |  |  |  |  |  |  |  |  |  |
Other current assets |  |  | 9.5 |  |  |  |  |  |  | 67.6 |  |  |  |
Accounts payable, accrued expenses and other |  |  |  |  |  | 36.3 |  |  |  |  |  |  | 3.0 |
Financial Services: |  |  |  |  |  |  |  |  |  |  |  |
Other assets |  |  |  |  |  |  |  |  | 5.8 |  |  |  |
Deferred taxes and other liabilities |  |  |  |  |  | 1.9 |  |  |  |  |  |  |
Commodity contracts: |  |  |  |  |  |  |  |  |  |  |  |
Truck, Parts and Other: |  |  |  |  |  |  |  |  |  |  |  |
Other current assets |  |  | .2 |  |  |  |  |  |  |  |  |  |
Accounts payable, accrued expenses and other |  |  |  |  |  | 1.4 |  |  |  |  |  |  |
|  | $ | 94.5 |  |  | $ | 92.5 |  |  | $ | 205.6 |  |  | $ | 44.1 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |
Foreign-exchange contracts: |  |  |  |  |  |  |  |  |  |  |  |
Truck, Parts and Other: |  |  |  |  |  |  |  |  |  |  |  |
Other current assets |  | $ | .4 |  |  |  |  |  | $ | 1.2 |  |  |  |
Accounts payable, accrued expenses and other |  |  |  |  | $ | .3 |  |  |  |  |  | $ | 2.4 |
Financial Services: |  |  |  |  |  |  |  |  |  |  |  |
Other assets |  |  |  |  |  |  |  |  | .2 |  |  |  |
Deferred taxes and other liabilities |  |  |  |  |  | .2 |  |  |  |  |  |  | .2 |
|  | $ | .4 |  |  | $ | .5 |  |  | $ | 1.4 |  |  | $ | 2.6 |
Gross amounts recognized in Balance Sheets |  | $ | 94.9 |  |  | $ | 93.0 |  |  | $ | 207.0 |  |  | $ | 46.7 |
Less amounts not offset in financial instruments: |  |  |  |  |  |  |  |  |  |  |  |
Truck, Parts and Other: |  |  |  |  |  |  |  |  |  |  |  |
Foreign-exchange contracts |  | $ | (1.4 | ) |  | $ | (1.4 | ) |  | $ | (.9 | ) |  | $ | (.9 | )
Commodity contracts |  |  | (.2 | ) |  |  | (.2 | ) |  |  |  |  |  |
Financial Services: |  |  |  |  |  |  |  |  |  |  |  |
Interest-rate contracts |  |  | (3.3 | ) |  |  | (3.3 | ) |  |  | (11.4 | ) |  |  | (11.4 | )
Pro forma net amount |  | $ | 90.0 |  |  | $ | 88.1 |  |  | $ | 194.7 |  |  | $ | 34.4 |
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, | 2025 |  |  | 2024 |
| INTEREST- |  |  | FOREIGN- |  |  | INTEREST- |  |  | FOREIGN- |
| RATE |  |  | EXCHANGE |  |  | RATE |  |  | EXCHANGE |
Truck, Parts and Other: |  |  |  |  |  |  |  |  |  |  |
Net sales and revenues |  |  |  |  |  |  |  |  |  |  |
Cash flow hedges |  |  |  | $ | (2.8 | ) |  |  |  |  | $ | 8.8 |
Cost of sales and revenues |  |  |  |  |  |  |  |  |  |  |
Cash flow hedges |  |  |  |  | (9.5 | ) |  |  |  |  |  | (7.4 | )
Derivatives not designated as hedging instruments |  |  |  |  | (.7 | ) |  |  |  |  |  | .8 |
Interest and other expenses (income), net |  |  |  |  |  |  |  |  |  |  |
Cash flow hedges |  |  |  |  | 12.4 |  |  |  |  |  |  | 1.3 |
Net investment hedges |  |  |  |  | (4.1 | ) |  |  |  |  |  | (3.5 | )
Derivatives not designated as hedging instruments |  |  |  |  | 1.3 |  |  |  |  |  |  | .1 |
|  |  |  | $ | (3.4 | ) |  |  |  |  | $ | .1 |
Financial Services: |  |  |  |  |  |  |  |  |  |  |
Interest and other borrowing expenses |  |  |  |  |  |  |  |  |  |  |
Cash flow hedges | $ | 62.4 |  |  | $ | 5.8 |  |  | $ | (24.5 | ) |  | $ | (2.2 | )
Fair value hedges |  | 1.0 |  |  |  |  |  |  | 2.8 |  |  |  |
Derivatives not designated as hedging instruments |  |  |  |  | .1 |  |  |  |  |  |  | (.2 | )
| $ | 63.4 |  |  | $ | 5.9 |  |  | $ | (21.7 | ) |  | $ | (2.4 | )
Total | $ | 63.4 |  |  | $ | 2.5 |  |  | $ | (21.7 | ) |  | $ | (2.3 | )
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 |
|  | 2025 |  |  | 2024 |
Financial Services |  |  |  |  |  |
Term notes: |  |  |  |  |  |
Carrying amount of the hedged liabilities |  | $ | 525.7 |  |  | $ | 543.1 |
Cumulative basis adjustment included in the carrying amount |  |  | (1.6 | ) |  |  | 8.6 |
Pre-Tax Effects of (Loss) Gain Derivative Instruments Recognized in OCI | The following table presents the pre-tax effects of (loss) gain on cash flow hedges recognized in other comprehensive income (loss) (OCI):
Three Months Ended March 31, |  | 2025 |  |  | 2024 |
|  | INTEREST- |  |  | FOREIGN- |  |  |  |  |  | INTEREST- |  |  | FOREIGN- |  |  |  |
|  | RATE |  |  | EXCHANGE |  |  | COMMODITY |  |  | RATE |  |  | EXCHANGE |  |  | COMMODITY |
(Loss) gain recognized in OCI: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Truck, Parts and Other |  |  |  |  | $ | (11.3 | ) |  | $ | (.2 | ) |  |  |  |  | $ | 13.5 |  |  | $ | (4.6 | )
Financial Services |  | $ | (72.0 | ) |  |  | (9.1 | ) |  |  |  |  | $ | 24.7 |  |  |  | 2.7 |  |  |  |
|  | $ | (72.0 | ) |  | $ | (20.4 | ) |  | $ | (.2 | ) |  | $ | 24.7 |  |  | $ | 16.2 |  |  | $ | (4.6 | )

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