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Equipment On Operating Leases
12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Equipment On Operating Leases

NOTE C – EQUIPMENT ON OPERATING LEASES

Terms of operating leases at origination and the related depreciation generally range from three to five years. The total future annual minimum rental payments to be received for equipment on non-cancelable operating leases beginning January 1, 2024 of $255.7 are due as follows: $125.3 in 2024, $74.2 in 2025, $41.3 in 2026, $12.4 in 2027 and $2.5 in 2028 and thereafter. Depreciation expense related to equipment on operating leases was $167.6, $152.9 and $237.4 in 2023, 2022 and 2021, respectively. Substantially all equipment on operating leases is manufactured by PACCAR.