Finance and Other Receivables (Tables)

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Finance and Other Receivables

The Company’s finance and other receivables include the following:

	December 31			December 31
		2023			2022
Retail loans	$	5,028.2		$	4,627.0
Retail financing leases		1,710.4			1,433.5
Dealer wholesale financing		1,953.3			1,093.2
Dealer master notes		509.2			377.0
Operating lease receivables and other		65.3			49.4
		9,266.4			7,580.1
Less allowance for credit losses:
Loans and leases		(58.6	)		(59.7	)
Dealer wholesale financing		(1.0	)		(1.0	)
Operating lease receivables and other		(1.4	)		(1.0	)
	$	9,205.4		$	7,518.4

Annual Minimum Payments Due on Finance Leases and Reconciliation of Undiscounted Cash Flows to Amortized Cost Basis of Finance Leases

Annual minimum payments due on loans and finance leases and a reconciliation of the undiscounted cash flows to the amortized cost basis of finance leases are as follows:

	Loans		Finance Leases
2024	$	1,795.9	$	519.7
2025		1,318.6		446.1
2026		1,063.1		350.7
2027		798.3		291.0
2028		434.4		170.2
Thereafter		127.1		97.3
	$	5,537.4		1,875.0
Unguaranteed residual values				57.6
Unearned interest on finance leases				(222.2	)
Amortized cost basis of finance leases			$	1,710.4

Allowance for Credit Losses

The allowance for credit losses is summarized as follows:

	2023
	Dealer					Customer
	Wholesale		Retail			Retail			Other*		Total
Balance at January 1	$	1.0	$	1.8		$	57.9		$	1.0	$	61.7
Provision for losses				(.1	)		8.0			.2		8.1
Charge-offs							(9.8	)				(9.8	)
Recoveries							.8			.2		1.0
Balance at December 31	$	1.0	$	1.7		$	56.9		$	1.4	$	61.0

	2022
	Dealer					Customer
	Wholesale		Retail			Retail			Other*			Total
Balance at January 1	$	1.0	$	6.5		$	57.1		$	1.1		$	65.7
Provision for losses				(4.7	)								(4.7	)
Charge-offs							(1.6	)		(.1	)		(1.7	)
Recoveries							2.4						2.4
Balance at December 31	$	1.0	$	1.8		$	57.9		$	1.0		$	61.7

	2021
	Dealer						Customer
	Wholesale			Retail			Retail			Other*			Total
Balance at January 1	$	1.3		$	7.5		$	57.7		$	1.7		$	68.2
Provision for losses		(.3	)		(1.0	)					(.9	)		(2.2	)
Charge-offs								(2.5	)					(2.5	)
Recoveries								1.9			.3			2.2
Balance at December 31	$	1.0		$	6.5		$	57.1		$	1.1		$	65.7

* Operating lease and other trade receivables.

Finance Receivables by Credit Quality Indicator and Portfolio Class

At December 31, 2023	Revolving Loans		2023		2022		2021		2020		2019		Prior		Total
Amortized Cost Basis:
Dealer:
Wholesale:
Performing	$	1,951.4													$	1,951.4
Watch		1.9														1.9
	$	1,953.3													$	1,953.3
Retail:
Performing	$	280.7	$	677.3	$	467.2	$	267.6	$	135.2	$	146.3	$	106.6	$	2,080.9
	$	280.7	$	677.3	$	467.2	$	267.6	$	135.2	$	146.3	$	106.6	$	2,080.9
Total Dealer	$	2,234.0	$	677.3	$	467.2	$	267.6	$	135.2	$	146.3	$	106.6	$	4,034.2
Customer Retail:
Fleet:
Performing			$	1,967.2	$	1,244.9	$	725.3	$	453.3	$	151.5	$	38.9	$	4,581.1
Watch				24.2		16.6		3.3		2.0		.5		.9		47.5
At-risk				2.4		4.0		4.5		2.0		.6		.1		13.6
			$	1,993.8	$	1,265.5	$	733.1	$	457.3	$	152.6	$	39.9	$	4,642.2
Owner/Operator:
Performing			$	151.8	$	140.5	$	130.5	$	66.3	$	24.5	$	4.0	$	517.6
Watch				.9		1.9		1.1		.5		.2				4.6
At-risk				.6		.8		.8		.2		.1				2.5
			$	153.3	$	143.2	$	132.4	$	67.0	$	24.8	$	4.0	$	524.7
Total Customer Retail			$	2,147.1	$	1,408.7	$	865.5	$	524.3	$	177.4	$	43.9	$	5,166.9
Total	$	2,234.0	$	2,824.4	$	1,875.9	$	1,133.1	$	659.5	$	323.7	$	150.5	$	9,201.1

At December 31, 2023	Revolving Loans	2023		2022		2021		2020		2019		Prior		Total
Gross Charge-Offs:
Customer Retail:
Fleet		$	.5	$	2.4	$	.8	$	.2	$	3.8			$	7.7
Owner/Operator			.2		.7		.8		.2			$	.2		2.1
Total		$	.7	$	3.1	$	1.6	$	.4	$	3.8	$	.2	$	9.8

At December 31, 2022	Revolving Loans		2022		2021		2020		2019		2018		Prior		Total
Amortized Cost Basis:
Dealer:
Wholesale:
Performing	$	1,087.0													$	1,087.0
Watch		6.2														6.2
	$	1,093.2													$	1,093.2
Retail:
Performing	$	206.2	$	546.2	$	315.5	$	182.7	$	214.9	$	97.5	$	105.0	$	1,668.0
	$	206.2	$	546.2	$	315.5	$	182.7	$	214.9	$	97.5	$	105.0	$	1,668.0
Total Dealer	$	1,299.4	$	546.2	$	315.5	$	182.7	$	214.9	$	97.5	$	105.0	$	2,761.2
Customer Retail:
Fleet:
Performing			$	1,698.2	$	1,130.2	$	751.7	$	382.6	$	113.7	$	38.6	$	4,115.0
Watch				2.9		1.7		.3		2.9		2.0		.6		10.4
At-risk				1.6		6.0		1.7		10.4		4.1		.4		24.2
			$	1,702.7	$	1,137.9	$	753.7	$	395.9	$	119.8	$	39.6	$	4,149.6
Owner/Operator:
Performing			$	199.2	$	216.8	$	124.7	$	56.5	$	17.9	$	2.7	$	617.8
Watch				.5		.4		.1								1.0
At-risk				.4		.3		.1		.2		.1				1.1
			$	200.1	$	217.5	$	124.9	$	56.7	$	18.0	$	2.7	$	619.9
Total Customer Retail			$	1,902.8	$	1,355.4	$	878.6	$	452.6	$	137.8	$	42.3	$	4,769.5
Total	$	1,299.4	$	2,449.0	$	1,670.9	$	1,061.3	$	667.5	$	235.3	$	147.3	$	7,530.7

Summary of Amortized Cost Basis of Financing Receivables by Aging Category

The tables below summarize the amortized cost basis of the Company’s finance receivables by aging category. In determining past due status, the Company considers the entire contractual account balance past due when any installment is over 30 days past due. Substantially all customer accounts that were greater than 30 days past due prior to credit modification became current upon modification for aging purposes.

	Dealer				Customer Retail
							Owner/
At December 31, 2023	Wholesale		Retail		Fleet		Operator		Total
Current and up to 30 days past-due	$	1,953.3	$	2,080.9	$	4,589.2	$	518.2	$	9,141.6
31 – 60 days past-due						45.3		4.8		50.1
Greater than 60 days past-due						7.7		1.7		9.4
	$	1,953.3	$	2,080.9	$	4,642.2	$	524.7	$	9,201.1

	Dealer				Customer Retail
							Owner/
At December 31, 2022	Wholesale		Retail		Fleet		Operator		Total
Current and up to 30 days past-due	$	1,093.2	$	1,668.0	$	4,143.7	$	618.3	$	7,523.2
31 – 60 days past-due						1.1		1.4		2.5
Greater than 60 days past-due						4.8		.2		5.0
	$	1,093.2	$	1,668.0	$	4,149.6	$	619.9	$	7,530.7

Amortized Cost Basis for Finance Receivables that are on Non-accrual Status

The amortized cost basis for finance receivables that are on non-accrual status is as follows:

	Dealer		Customer Retail
					Owner/
At December 31, 2023	Wholesale	Retail	Fleet		Operator		Total
Amortized cost basis with a specific reserve			$	8.2	$	1.8	$	10.0
Amortized cost basis with no specific reserve				5.3		.8		6.1
Total			$	13.5	$	2.6	$	16.1

	Dealer		Customer Retail
					Owner/
At December 31, 2022	Wholesale	Retail	Fleet		Operator		Total
Amortized cost basis with a specific reserve			$	2.0	$	1.1	$	3.1
Amortized cost basis with no specific reserve				6.1				6.1
Total			$	8.1	$	1.1	$	9.2

Interest Income Recognized on Cash Basis for Finance Receivables that are on Non-accrual Status

Interest income recognized on a cash basis for finance receivables that are on non-accrual status is as follows:

	2023		2022		2021
Fleet	$	.5	$	.6	$	1.2
Owner/Operator		.2		.1		.1
	$	.7	$	.7	$	1.3