Borrowings

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Borrowings

NOTE G – BORROWINGS

The carrying amounts of borrowings are summarized as follows:

	As of December 31
	2023					2022
	Effective					Effective
	Rate			Borrowings		Rate			Borrowings
Commercial paper		5.3	%	$	2,842.4		4.1	%	$	1,657.7
Medium-term notes		3.2	%		6,071.7		2.1	%		5,814.5
		3.9	%	$	8,914.1		2.6	%	$	7,472.2

Commercial paper and medium-term notes borrowings were $8,914.1 and $7,472.2 at December 31, 2023 and 2022, respectively. Unamortized debt issuance costs, unamortized discounts and the net effect of fair value hedges were $(37.8) and $(38.6) at December 31, 2023 and 2022, respectively. The effective rate is the weighted average rate as of December 31, 2023 and includes the effects of interest rate swap agreements.

The annual principal maturities of the borrowings are as follows:

	Commercial		Term
	Paper		Notes		Total
2024	$	2,851.9	$	1,800.0	$	4,651.9
2025				1,700.0		1,700.0
2026				1,700.0		1,700.0
2027				300.0		300.0
2028				600.0		600.0
	$	2,851.9	$	6,100.0	$	8,951.9

Interest paid on borrowings was $239.4, $126.6 and $118.2 in 2023, 2022 and 2021, respectively.

In November 2021, the Company filed a shelf registration statement under the Securities Act of 1933. In January 2024, the Company issued $600.0 of medium-term notes under this registration. The registration expires in November 2024 and does not limit the principal amount of debt securities that may be issued during the period.

See “Note D – Transactions with PACCAR and Affiliates” for discussion of borrowings from PACCAR.