Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2025

Equity [Abstract]

Components of Comprehensive Income, Net of Related Tax

The components of comprehensive income are as follows:


		Three Months Ended								Six Months Ended
		June 30								June 30
		2025				2024				2025				2024
Net income		$	723.8			$	1,122.6			$	1,228.9			$	2,317.9
Other comprehensive (loss) income (OCI):
Unrealized (losses) gains on derivative contracts			(16.7	)			25.5				(38.6	)			37.6
Tax effect			4.5				(6.1	)			11.0				(9.8	)
			(12.2	)			19.4				(27.6	)			27.8
Unrealized gains on marketable debt securities			7.6				2.6				23.3				.1
Tax effect			(1.5	)			(.6	)			(5.9	)
			6.1				2.0				17.4				.1
Pension plans			(1.5	)			2.4				(1.1	)			10.3
Tax effect			1.3				(.4	)			1.3				(2.6	)
			(.2	)			2.0				.2				7.7
Foreign currency translation gains (losses)			399.7				(168.4	)			553.6				(286.9	)
Net other comprehensive income (loss)			393.4				(145.0	)			543.6				(251.3	)
Comprehensive income		$	1,117.2			$	977.6			$	1,772.5			$	2,066.6

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, 2025		DERIVATIVE CONTRACTS				MARKETABLE DEBT SECURITIES				PENSION PLANS				FOREIGN CURRENCY TRANSLATION				TOTAL
Balance at April 1, 2025		$	17.1			$	10.6			$	70.1			$	(1,060.9	)		$	(963.1	)
Recorded into AOCI			(123.2	)			6.0				(.5	)			399.7				282.0
Reclassified out of AOCI			111.0				.1				.3								111.4
Net other comprehensive (loss) income			(12.2	)			6.1				(.2	)			399.7				393.4
Balance at June 30, 2025		$	4.9			$	16.7			$	69.9			$	(661.2	)		$	(569.7	)


Three Months Ended June 30, 2024		DERIVATIVE CONTRACTS				MARKETABLE DEBT SECURITIES				PENSION PLANS				FOREIGN CURRENCY TRANSLATION				TOTAL
Balance at April 1, 2024		$	(2.6	)		$	(15.8	)		$	(104.6	)		$	(677.2	)		$	(800.2	)
Recorded into AOCI			67.5				2.4				.3				(168.4	)			(98.2	)
Reclassified out of AOCI			(48.1	)			(.4	)			1.7								(46.8	)
Net other comprehensive income (loss)			19.4				2.0				2.0				(168.4	)			(145.0	)
Balance at June 30, 2024		$	16.8			$	(13.8	)		$	(102.6	)		$	(845.6	)		$	(945.2	)


Six Months Ended June 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			(192.4	)			17.4				(.9	)			553.6				377.7
Reclassified out of AOCI			164.8								1.1								165.9
Net other comprehensive (loss) income			(27.6	)			17.4				.2				553.6				543.6
Balance at June 30, 2025		$	4.9			$	16.7			$	69.9			$	(661.2	)		$	(569.7	)


Six Months Ended June 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			96.3				1.4				4.9				(286.9	)			(184.3	)
Reclassified out of AOCI			(68.5	)			(1.3	)			2.8								(67.0	)
Net other comprehensive income (loss)			27.8				.1				7.7				(286.9	)			(251.3	)
Balance at June 30, 2024		$	16.8			$	(13.8	)		$	(102.6	)		$	(845.6	)		$	(945.2	)

Reclassifications Out of Accumulated Other Comprehensive Income

Reclassifications out of AOCI were as follows:


				Three Months Ended
		LINE ITEM IN THE CONSOLIDATED STATEMENTS OF		June 30
AOCI COMPONENTS		COMPREHENSIVE INCOME			2025				2024
Unrealized losses (gains) on derivative contracts:
Truck, Parts and Other
Foreign-exchange contracts		Net sales and revenues		$	6.8			$	.4
		Cost of sales and revenues			(1.3	)			(17.5	)
		Interest and other (income) expenses, net			17.8				(.3	)

Commodity contracts		Cost of sales and revenues			(.7	)			3.3
Financial Services
Foreign-exchange contracts		Interest and other borrowing expenses			7.0				(2.5	)
Interest-rate contracts		Interest and other borrowing expenses			113.1				(42.4	)
		Pre-tax expense increase (reduction)			142.7				(59.0	)
		Tax (benefit) expense			(31.7	)			10.9
		After-tax expense increase (reduction)			111.0				(48.1	)
Unrealized losses (gains) on marketable debt securities:
Marketable debt securities		Investment income			.2				(.5	)
		Tax expense			(.1	)			.1
		After-tax income reduction (increase)			.1				(.4	)
Pension plans:
Truck, Parts and Other
Actuarial loss		Interest and other (income) expenses, net			.1				1.6
Prior service costs		Interest and other (income) expenses, net			.4				.4
		Pre-tax expense increase			.5				2.0
		Tax benefit			(.2	)			(.3	)
		After-tax expense increase			.3				1.7
Total reclassifications out of AOCI				$	111.4			$	(46.8	)


				Six Months Ended
		LINE ITEM IN THE CONSOLIDATED STATEMENTS OF		June 30
AOCI COMPONENTS		COMPREHENSIVE INCOME			2025				2024
Unrealized losses (gains) on derivative contracts:
Truck, Parts and Other
Foreign-exchange contracts		Net sales and revenues		$	4.0			$	9.2
		Cost of sales and revenues			(10.8	)			(24.9	)
		Interest and other (income) expenses, net			30.2				(1.4	)

Commodity contracts		Cost of sales and revenues			(.8	)			5.9
Financial Services
Foreign-exchange contracts		Interest and other borrowing expenses			12.8				(5.1	)
Interest-rate contracts		Interest and other borrowing expenses			175.5				(66.9	)
		Pre-tax expense increase (reduction)			210.9				(83.2	)
		Tax (benefit) expense			(46.1	)			14.7
		After-tax expense increase (reduction)			164.8				(68.5	)
Unrealized gains on marketable debt securities:
Marketable debt securities		Investment income							(1.7	)
		Tax expense							.4
		After-tax income increase							(1.3	)
Pension plans:
Truck, Parts and Other
Actuarial loss		Interest and other (income) expenses, net			.8				2.8
Prior service costs		Interest and other (income) expenses, net			.7				.7
		Pre-tax expense increase			1.5				3.5
		Tax benefit			(.4	)			(.7	)
		After-tax expense increase			1.1				2.8
Total reclassifications out of AOCI				$	165.9			$	(67.0	)