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v3.25.1

Stockholders' Equity (Tables) | 3 Months Ended
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Mar. 31, 2025
Equity [Abstract] |
Components of Comprehensive Income, Net of Related Tax | The components of comprehensive income are as follows:
Three Months Ended March 31, |  | 2025 |  |  | 2024 |
Net income |  | $ | 505.1 |  |  | $ | 1,195.3 |
Other comprehensive (loss) income (OCI): |  |  |  |  |  |
Unrealized (losses) gains on derivative contracts |  |  | (21.9 | ) |  |  | 12.1 |
Tax effect |  |  | 6.5 |  |  |  | (3.7 | )
|  |  | (15.4 | ) |  |  | 8.4 |
Unrealized gains (losses) on marketable debt securities |  |  | 15.7 |  |  |  | (2.5 | )
Tax effect |  |  | (4.4 | ) |  |  | .6 |
|  |  | 11.3 |  |  |  | (1.9 | )
Pension plans |  |  | .4 |  |  |  | 7.9 |
Tax effect |  |  |  |  |  | (2.2 | )
|  |  | .4 |  |  |  | 5.7 |
Foreign currency translation gains (losses) |  |  | 153.9 |  |  |  | (118.5 | )
Net other comprehensive income (loss) |  |  | 150.2 |  |  |  | (106.3 | )
Comprehensive income |  | $ | 655.3 |  |  | $ | 1,089.0 |
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, 2025 |  | $ | 32.5 |  |  | $ | (.7 | ) |  | $ | 69.7 |  |  | $ | (1,214.8 | ) |  | $ | (1,113.3 | )
Recorded into AOCI |  |  | (69.2 | ) |  |  | 11.4 |  |  |  | (.4 | ) |  |  | 153.9 |  |  |  | 95.7 |
Reclassified out of AOCI |  |  | 53.8 |  |  |  | (.1 | ) |  |  | .8 |  |  |  |  |  |  | 54.5 |
Net other comprehensive (loss) income |  |  | (15.4 | ) |  |  | 11.3 |  |  |  | .4 |  |  |  | 153.9 |  |  |  | 150.2 |
Balance at March 31, 2025 |  | $ | 17.1 |  |  | $ | 10.6 |  |  | $ | 70.1 |  |  | $ | (1,060.9 | ) |  | $ | (963.1 | )
|  | DERIVATIVE CONTRACTS |  |  | MARKETABLE DEBT SECURITIES |  |  | PENSION PLANS |  |  | FOREIGN CURRENCY TRANSLATION |  |  | TOTAL |
Balance at January 1, 2024 |  | $ | (11.0 | ) |  | $ | (13.9 | ) |  | $ | (110.3 | ) |  | $ | (558.7 | ) |  | $ | (693.9 | )
Recorded into AOCI |  |  | 28.8 |  |  |  | (1.0 | ) |  |  | 4.6 |  |  |  | (118.5 | ) |  |  | (86.1 | )
Reclassified out of AOCI |  |  | (20.4 | ) |  |  | (.9 | ) |  |  | 1.1 |  |  |  |  |  |  | (20.2 | )
Net other comprehensive income (loss) |  |  | 8.4 |  |  |  | (1.9 | ) |  |  | 5.7 |  |  |  | (118.5 | ) |  |  | (106.3 | )
Balance at March 31, 2024 |  | $ | (2.6 | ) |  | $ | (15.8 | ) |  | $ | (104.6 | ) |  | $ | (677.2 | ) |  | $ | (800.2 | )
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 |  |  | 2025 |  |  |  | 2024 |
Unrealized losses (gains) on derivative contracts: |  |  |  |  |  |
Truck, Parts and Other |  |  |  |  |  |  |  |
Foreign-exchange contracts |  | Net sales and revenues |  | $ | (2.8 | ) |  | $ | 8.8 |
|  | Cost of sales and revenues |  |  | (9.5 | ) |  |  | (7.4 | )
|  | Interest and other expenses (income), net |  |  | 12.4 |  |  |  | (1.1 | )
Commodity contracts |  | Cost of sales and revenues |  |  | (.1 | ) |  |  | 2.6 |
Financial Services |  |  |  |  |  |  |  |
Foreign-exchange contracts |  | Interest and other borrowing expenses |  |  | 5.8 |  |  |  | (2.6 | )
Interest-rate contracts |  | Interest and other borrowing expenses |  |  | 62.4 |  |  |  | (24.5 | )
|  | Pre-tax expense increase (reduction) |  |  | 68.2 |  |  |  | (24.2 | )
|  | Tax (benefit) expense |  |  | (14.4 | ) |  |  | 3.8 |
|  | After-tax expense increase (reduction) |  |  | 53.8 |  |  |  | (20.4 | )
Unrealized gains on marketable debt securities: |  |  |  |  |  |
Marketable debt securities |  | Investment income |  |  | (.2 | ) |  |  | (1.2 | )
|  | Tax expense |  |  | .1 |  |  |  | .3 |
|  | After-tax income increase |  |  | (.1 | ) |  |  | (.9 | )
Pension plans: |  |  |  |  |  |  |  |
Truck, Parts and Other |  |  |  |  |  |  |  |
Actuarial loss |  | Interest and other expenses (income), net |  |  | .7 |  |  |  | 1.2 |
Prior service costs |  | Interest and other expenses (income), net |  |  | .3 |  |  |  | .3 |
|  | Pre-tax expense increase |  |  | 1.0 |  |  |  | 1.5 |
|  | Tax benefit |  |  | (.2 | ) |  |  | (.4 | )
|  | After-tax expense increase |  |  | .8 |  |  |  | 1.1 |
Total reclassifications out of AOCI |  |  |  | $ | 54.5 |  |  | $ | (20.2 | )

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