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Stockholders' Equity (Tables) | 9 Months Ended
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Sep. 30, 2025
Equity [Abstract] |
Components of Comprehensive Income, Net of Related Tax | The components of comprehensive income are as follows:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30 |  |  | September 30 |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Net income |  | $ | 590.0 |  |  | $ | 972.1 |  |  | $ | 1,818.9 |  |  | $ | 3,290.0 |
Other comprehensive income (loss) (OCI): |  |  |  |  |  |  |  |  |  |  |  |
Unrealized gains (losses) on derivative contracts |  |  | .1 |  |  |  | (9.7 | ) |  |  | (38.5 | ) |  |  | 27.9 |
Tax effect |  |  |  |  |  | 3.4 |  |  |  | 11.0 |  |  |  | (6.4 | )
|  |  | .1 |  |  |  | (6.3 | ) |  |  | (27.5 | ) |  |  | 21.5 |
Unrealized gains on marketable debt securities |  |  | 4.4 |  |  |  | 35.7 |  |  |  | 27.7 |  |  |  | 35.8 |
Tax effect |  |  | (1.1 | ) |  |  | (8.9 | ) |  |  | (7.0 | ) |  |  | (8.9 | )
|  |  | 3.3 |  |  |  | 26.8 |  |  |  | 20.7 |  |  |  | 26.9 |
Pension plans |  |  | (.4 | ) |  |  | 2.0 |  |  |  | (1.5 | ) |  |  | 12.3 |
Tax effect |  |  | (.1 | ) |  |  | .2 |  |  |  | 1.2 |  |  |  | (2.4 | )
|  |  | (.5 | ) |  |  | 2.2 |  |  |  | (.3 | ) |  |  | 9.9 |
Foreign currency translation (losses) gains |  |  | (2.5 | ) |  |  | 117.1 |  |  |  | 551.1 |  |  |  | (169.8 | )
Net other comprehensive income (loss) |  |  | .4 |  |  |  | 139.8 |  |  |  | 544.0 |  |  |  | (111.5 | )
Comprehensive income |  | $ | 590.4 |  |  | $ | 1,111.9 |  |  | $ | 2,362.9 |  |  | $ | 3,178.5 |
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 September 30, 2025 |  | DERIVATIVE CONTRACTS |  |  | MARKETABLE DEBT SECURITIES |  |  | PENSION PLANS |  |  | FOREIGN CURRENCY TRANSLATION |  |  | TOTAL |
Balance at July 1, 2025 |  | $ | 4.9 |  |  | $ | 16.7 |  |  | $ | 69.9 |  |  | $ | (661.2 | ) |  | $ | (569.7 | )
Recorded into AOCI |  |  | (2.5 | ) |  |  | 2.9 |  |  |  | (1.2 | ) |  |  | (2.5 | ) |  |  | (3.3 | )
Reclassified out of AOCI |  |  | 2.6 |  |  |  | .4 |  |  |  | .7 |  |  |  |  |  |  | 3.7 |
Net other comprehensive income (loss) |  |  | .1 |  |  |  | 3.3 |  |  |  | (.5 | ) |  |  | (2.5 | ) |  |  | .4 |
Balance at September 30, 2025 |  | $ | 5.0 |  |  | $ | 20.0 |  |  | $ | 69.4 |  |  | $ | (663.7 | ) |  | $ | (569.3 | )
Three Months Ended September 30, 2024 |  | DERIVATIVE CONTRACTS |  |  | MARKETABLE DEBT SECURITIES |  |  | PENSION PLANS |  |  | FOREIGN CURRENCY TRANSLATION |  |  | TOTAL |
Balance at July 1, 2024 |  | $ | 16.8 |  |  | $ | (13.8 | ) |  | $ | (102.6 | ) |  | $ | (845.6 | ) |  | $ | (945.2 | )
Recorded into AOCI |  |  | (43.1 | ) |  |  | 27.5 |  |  |  |  |  |  | 117.1 |  |  |  | 101.5 |
Reclassified out of AOCI |  |  | 36.8 |  |  |  | (.7 | ) |  |  | 2.2 |  |  |  |  |  |  | 38.3 |
Net other comprehensive (loss) income |  |  | (6.3 | ) |  |  | 26.8 |  |  |  | 2.2 |  |  |  | 117.1 |  |  |  | 139.8 |
Balance at September 30, 2024 |  | $ | 10.5 |  |  | $ | 13.0 |  |  | $ | (100.4 | ) |  | $ | (728.5 | ) |  | $ | (805.4 | )
Nine Months Ended September 30, 2025 |  | 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 |  |  | (194.9 | ) |  |  | 20.3 |  |  |  | (2.1 | ) |  |  | 551.1 |  |  |  | 374.4 |
Reclassified out of AOCI |  |  | 167.4 |  |  |  | .4 |  |  |  | 1.8 |  |  |  |  |  |  | 169.6 |
Net other comprehensive (loss) income |  |  | (27.5 | ) |  |  | 20.7 |  |  |  | (.3 | ) |  |  | 551.1 |  |  |  | 544.0 |
Balance at September 30, 2025 |  | $ | 5.0 |  |  | $ | 20.0 |  |  | $ | 69.4 |  |  | $ | (663.7 | ) |  | $ | (569.3 | )
Nine Months Ended September 30, 2024 |  | 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 |  |  | 53.2 |  |  |  | 28.9 |  |  |  | 4.9 |  |  |  | (169.8 | ) |  |  | (82.8 | )
Reclassified out of AOCI |  |  | (31.7 | ) |  |  | (2.0 | ) |  |  | 5.0 |  |  |  |  |  |  | (28.7 | )
Net other comprehensive income (loss) |  |  | 21.5 |  |  |  | 26.9 |  |  |  | 9.9 |  |  |  | (169.8 | ) |  |  | (111.5 | )
Balance at September 30, 2024 |  | $ | 10.5 |  |  | $ | 13.0 |  |  | $ | (100.4 | ) |  | $ | (728.5 | ) |  | $ | (805.4 | )
Reclassifications Out of Accumulated Other Comprehensive Income | Reclassifications out of AOCI were as follows:
|  |  |  | Three Months Ended |
|  | LINE ITEM IN THE CONSOLIDATED STATEMENTS OF |  | September 30 |
AOCI COMPONENTS |  | COMPREHENSIVE INCOME |  |  | 2025 |  |  |  | 2024 |
Unrealized losses (gains) on derivative contracts: |  |  |  |  |  |
Truck, Parts and Other |  |  |  |  |  |  |  |
Foreign-exchange contracts |  | Net sales and revenues |  | $ | 1.1 |  |  | $ | (11.4 | )
|  | Cost of sales and revenues |  |  | (12.2 | ) |  |  | (3.9 | )
|  | Interest and other (income) expenses, net |  |  | 10.8 |  |  |  | 3.0 |
Commodity contracts |  | Cost of sales and revenues |  |  | (.6 | ) |  |  | 3.7 |
Financial Services |  |  |  |  |  |  |  |
Foreign-exchange contracts |  | Interest and other borrowing expenses |  |  | 3.1 |  |  |  | 4.6 |
Interest-rate contracts |  | Interest and other borrowing expenses |  |  | .5 |  |  |  | 54.4 |
|  | Pre-tax expense increase |  |  | 2.7 |  |  |  | 50.4 |
|  | Tax benefit |  |  | (.1 | ) |  |  | (13.6 | )
|  | After-tax expense increase |  |  | 2.6 |  |  |  | 36.8 |
Unrealized losses (gains) on marketable debt securities: |  |  |  |  |  |
Marketable debt securities |  | Investment income |  |  | .6 |  |  |  | (.9 | )
|  | Tax (benefit) expense |  |  | (.2 | ) |  |  | .2 |
|  | After-tax income reduction (increase) |  |  | .4 |  |  |  | (.7 | )
Pension plans: |  |  |  |  |  |  |  |
Truck, Parts and Other |  |  |  |  |  |  |  |
Actuarial loss |  | Interest and other (income) expenses, net |  |  | .6 |  |  |  | 2.5 |
Prior service costs |  | Interest and other (income) expenses, net |  |  | .3 |  |  |  | .3 |
|  | Pre-tax expense increase |  |  | .9 |  |  |  | 2.8 |
|  | Tax benefit |  |  | (.2 | ) |  |  | (.6 | )
|  | After-tax expense increase |  |  | .7 |  |  |  | 2.2 |
Total reclassifications out of AOCI |  |  |  | $ | 3.7 |  |  | $ | 38.3 |
|  |  |  | Nine Months Ended |
|  | LINE ITEM IN THE CONSOLIDATED STATEMENTS OF |  | September 30 |
AOCI COMPONENTS |  | COMPREHENSIVE INCOME |  |  | 2025 |  |  |  | 2024 |
Unrealized losses (gains) on derivative contracts: |  |  |  |  |  |
Truck, Parts and Other |  |  |  |  |  |  |  |
Foreign-exchange contracts |  | Net sales and revenues |  | $ | 5.1 |  |  | $ | (2.2 | )
|  | Cost of sales and revenues |  |  | (23.0 | ) |  |  | (28.8 | )
|  | Interest and other (income) expenses, net |  |  | 41.0 |  |  |  | 1.6 |
Commodity contracts |  | Cost of sales and revenues |  |  | (1.4 | ) |  |  | 9.6 |
Financial Services |  |  |  |  |  |  |  |
Foreign-exchange contracts |  | Interest and other borrowing expenses |  |  | 15.9 |  |  |  | (.5 | )
Interest-rate contracts |  | Interest and other borrowing expenses |  |  | 176.0 |  |  |  | (12.5 | )
|  | Pre-tax expense increase (reduction) |  |  | 213.6 |  |  |  | (32.8 | )
|  | Tax (benefit) expense |  |  | (46.2 | ) |  |  | 1.1 |
|  | After-tax expense increase (reduction) |  |  | 167.4 |  |  |  | (31.7 | )
Unrealized losses (gains) on marketable debt securities: |  |  |  |  |  |
Marketable debt securities |  | Investment income |  |  | .6 |  |  |  | (2.6 | )
|  | Tax (benefit) expense |  |  | (.2 | ) |  |  | .6 |
|  | After-tax income reduction (increase) |  |  | .4 |  |  |  | (2.0 | )
Pension plans: |  |  |  |  |  |  |  |
Truck, Parts and Other |  |  |  |  |  |  |  |
Actuarial loss |  | Interest and other (income) expenses, net |  |  | 1.4 |  |  |  | 5.3 |
Prior service costs |  | Interest and other (income) expenses, net |  |  | 1.0 |  |  |  | 1.0 |
|  | Pre-tax expense increase |  |  | 2.4 |  |  |  | 6.3 |
|  | Tax benefit |  |  | (.6 | ) |  |  | (1.3 | )
|  | After-tax expense increase |  |  | 1.8 |  |  |  | 5.0 |
Total reclassifications out of AOCI |  |  |  | $ | 169.6 |  |  | $ | (28.7 | )

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