Equipment On Operating Leases

12 Months Ended

Dec. 31, 2023

Lessor Disclosure [Abstract]

Equipment On Operating Leases

F.EQUIPMENT ON OPERATING LEASES

A summary of equipment on operating leases for Truck, Parts and Other and for the Financial Services segment is presented below:

	TRUCK, PARTS AND OTHER						FINANCIAL SERVICES
At December 31,		2023			2022			2023			2022
Equipment on operating leases	$	177.4		$	251.7		$	3,365.3		$	3,974.8
Less allowance for depreciation		(49.8	)		(60.9	)		(1,189.9	)		(1,362.3	)
	$	127.6		$	190.8		$	2,175.4		$	2,612.5

Annual minimum lease payments due on Financial Services operating leases beginning January 1, 2024 are $522.6, $332.9, $199.6, $99.2, $39.1 and $7.4 thereafter.

When the equipment is sold subject to an RVG, the full sales price is received from the customer. A liability is established for the residual value obligation with the remainder of the proceeds recorded as deferred lease revenue. These amounts are summarized below:

	TRUCK, PARTS AND OTHER
At December 31,		2023		2022
Residual value guarantees	$	119.7	$	162.3
Deferred lease revenues		22.9		46.9
	$	142.6	$	209.2

Annual maturities of the RVGs beginning January 1, 2024 are $87.0, $25.6, $5.3, $1.7 and $.1 thereafter. The deferred lease revenue is amortized on a straight-line basis over the RVG contract period. At December 31, 2023, the annual amortization of deferred revenues beginning January 1, 2024 are $16.7, $4.6, $1.2 and $.4 thereafter.