Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2026

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
		2026				2025				2026				2025
Net income		$	847.5			$	590.0			$	2,204.8			$	1,818.9
Other comprehensive income (loss) (OCI):
Unrealized gains (losses) on derivative contracts			7.8				.1				8.2				(38.5	)
Tax effect			(2.0	)							(.2	)			11.0
			5.8				.1				8.0				(27.5	)
Unrealized (losses) gains on marketable debt securities			(44.0	)			4.4				(72.9	)			27.7
Tax effect			10.9				(1.1	)			18.1				(7.0	)
			(33.1	)			3.3				(54.8	)			20.7
Pension plans			1.8				(.4	)			3.4				(1.5	)
Tax effect			(.5	)			(.1	)			(1.0	)			1.2
			1.3				(.5	)			2.4				(.3	)
Foreign currency translation (losses) gains			(43.2	)			(2.5	)			(30.1	)			551.1
Net other comprehensive (loss) income			(69.2	)			.4				(74.5	)			544.0
Comprehensive income		$	778.3			$	590.4			$	2,130.3			$	2,362.9

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, 2026		DERIVATIVE CONTRACTS				MARKETABLE DEBT SECURITIES				PENSION PLANS				FOREIGN CURRENCY TRANSLATION				TOTAL
Balance at July 1, 2026		$	5.6			$	(2.5	)		$	282.0			$	(627.1	)		$	(342.0	)
Recorded into AOCI			10.1				(33.1	)			.3				(43.2	)			(65.9	)
Reclassified out of AOCI			(4.3	)							1.0								(3.3	)
Net other comprehensive income (loss)			5.8				(33.1	)			1.3				(43.2	)			(69.2	)
Balance at September 30, 2026		$	11.4			$	(35.6	)		$	283.3			$	(670.3	)		$	(411.2	)


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	)


Nine Months Ended September 30, 2026		DERIVATIVE CONTRACTS				MARKETABLE DEBT SECURITIES				PENSION PLANS				FOREIGN CURRENCY TRANSLATION				TOTAL
Balance at January 1, 2026		$	3.4			$	19.2			$	280.9			$	(640.2	)		$	(336.7	)
Recorded into AOCI			(63.9	)			(55.6	)			(.8	)			(30.1	)			(150.4	)
Reclassified out of AOCI			71.9				.8				3.2								75.9
Net other comprehensive income (loss)			8.0				(54.8	)			2.4				(30.1	)			(74.5	)
Balance at September 30, 2026		$	11.4			$	(35.6	)		$	283.3			$	(670.3	)		$	(411.2	)


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	)

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			2026				2025
Unrealized losses (gains) on derivative contracts:
Truck, Parts and Other
Foreign-exchange contracts		Net sales and revenues		$	2.3			$	1.1
		Cost of sales and revenues			.3				(12.2	)
		Interest and other (income) expenses, net			(11.8	)			10.8
Commodity contracts		Cost of sales and revenues			(1.2	)			(.6	)
Financial Services
Foreign-exchange contracts		Interest and other borrowing expenses			(3.4	)			3.1
Interest-rate contracts		Interest and other borrowing expenses			6.8				.5
		Pre-tax expense (reduction) increase			(7.0	)			2.7
		Tax expense (benefit)			2.7				(.1	)
		After-tax expense (reduction) increase			(4.3	)			2.6
Unrealized losses (gains) on marketable debt securities:
Marketable debt securities		Investment income			(.1	)			.6
		Tax expense (benefit)			.1				(.2	)
		After-tax income increase							.4
Pension plans:
Truck, Parts and Other
Actuarial loss		Interest and other (income) expenses, net			1.0				.6
Prior service costs		Interest and other (income) expenses, net			.4				.3
		Pre-tax expense increase			1.4				.9
		Tax benefit			(.4	)			(.2	)
		After-tax expense increase			1.0				.7
Total reclassifications out of AOCI				$	(3.3	)		$	3.7


				Nine Months Ended
		LINE ITEM IN THE CONSOLIDATED STATEMENTS OF		September 30
AOCI COMPONENTS		COMPREHENSIVE INCOME			2026				2025
Unrealized losses (gains) on derivative contracts:
Truck, Parts and Other
Foreign-exchange contracts		Net sales and revenues		$	8.1			$	5.1
		Cost of sales and revenues			2.2				(23.0	)
		Interest and other (income) expenses, net							41.0
Commodity contracts		Cost of sales and revenues			(1.7	)			(1.4	)
Financial Services
Foreign-exchange contracts		Interest and other borrowing expenses			7.4				15.9
Interest-rate contracts		Interest and other borrowing expenses			80.3				176.0
		Pre-tax expense increase			96.3				213.6
		Tax benefit			(24.4	)			(46.2	)
		After-tax expense increase			71.9				167.4
Unrealized losses (gains) on marketable debt securities:
Marketable debt securities		Investment income			1.0				.6
		Tax benefit			(.2	)			(.2	)
		After-tax income reduction			.8				.4
Pension plans:
Truck, Parts and Other
Actuarial loss		Interest and other (income) expenses, net			3.0				1.4
Prior service costs		Interest and other (income) expenses, net			1.2				1.0
		Pre-tax expense increase			4.2				2.4
		Tax benefit			(1.0	)			(.6	)
		After-tax expense increase			3.2				1.8
Total reclassifications out of AOCI				$	75.9			$	169.6