Finance and Other Receivables (Tables)

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Finance and Other Receivables

Finance and other receivables include the following:

At December 31,	2023			2022
Loans	$	8,594.7		$	7,229.1
Finance leases		4,785.7			3,786.4
Dealer wholesale financing		4,147.8			2,772.1
Operating lease receivables and other		176.5			125.4
	$	17,704.7		$	13,913.0
Less allowance for losses:
Loans and leases		(127.0	)		(114.8	)
Dealer wholesale financing		(2.7	)		(3.4	)
Operating lease receivables and other		(3.3	)		(2.9	)
	$	17,571.7		$	13,791.9

Annual Minimum Payments Due on Loans

Annual minimum payments due on loans are as follows:

Beginning January 1,	LOANS
2024	$	2,840.0
2025		2,126.0
2026		1,679.9
2027		1,181.3
2028		619.3
Thereafter		148.2
	$	8,594.7

Annual Minimum Payments Due on Finance Lease Receivables and a Reconciliation of the Undiscounted Cash Flows to the Net Investment in Finance Leases

Annual minimum payments due on finance lease receivables and a reconciliation of the undiscounted cash flows to the net investment in finance leases are as follows:

	FINANCE
Beginning January 1,	LEASES
2024	$	1,651.1
2025		1,359.9
2026		1,036.1
2027		714.6
2028		367.0
Thereafter		162.2
	$	5,290.9
Unguaranteed residual values		205.2
Unearned interest on finance leases		(710.4	)
Net investment in finance leases	$	4,785.7

Allowance for Credit Losses

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	$	3.4		$	2.2		$	112.6		$	2.9		$	121.1
Provision for losses		(.6	)		(.3	)		31.8			.4			31.3
Charge-offs		(.2	)					(28.4	)		(1.7	)		(30.3	)
Recoveries								5.6			1.4			7.0
Currency translation and other		.1						3.5			.3			3.9
Balance at December 31	$	2.7		$	1.9		$	125.1		$	3.3		$	133.0

	2022
	DEALER					CUSTOMER
	WHOLESALE		RETAIL			RETAIL			OTHER*			TOTAL
Balance at January 1	$	3.3	$	7.1		$	104.4		$	2.1		$	116.9
Provision for losses		.1		(4.9	)		12.0			(1.7	)		5.5
Charge-offs							(8.5	)		(.5	)		(9.0	)
Recoveries							7.5			2.2			9.7
Currency translation and other							(2.8	)		.8			(2.0	)
Balance at December 31	$	3.4	$	2.2		$	112.6		$	2.9		$	121.1

* Operating lease and other trade receivables.

	2021
	DEALER						CUSTOMER
	WHOLESALE			RETAIL			RETAIL			OTHER*			TOTAL
Balance at January 1	$	3.4		$	8.4		$	112.0		$	3.2		$	127.0
Provision for losses					(1.3	)		.6			1.2			.5
Charge-offs								(12.3	)		(2.5	)		(14.8	)
Recoveries								6.2			.3			6.5
Currency translation and other		(.1	)					(2.1	)		(.1	)		(2.3	)
Balance at December 31	$	3.3		$	7.1		$	104.4		$	2.1		$	116.9

* Operating lease and other trade receivables.

Amortized Cost Basis of Finance Receivables by Credit Quality Indicator and Portfolio Class

The tables below summarize the amortized cost basis of the Company’s finance receivables within each credit quality indicator by year of origination and portfolio class and current period gross charge-offs of the Company’s finance receivables by year of origination and portfolio class.

	REVOLVING
At December 31, 2023	LOANS		2023		2022		2021		2020		2019		PRIOR		TOTAL
Amortized Cost:
Dealer:
Wholesale:
Performing	$	4,129.8													$	4,129.8
Watch		18.0														18.0
	$	4,147.8													$	4,147.8
Retail:
Performing	$	280.7	$	789.1	$	520.0	$	291.2	$	162.8	$	161.8	$	125.2	$	2,330.8
	$	280.7	$	789.1	$	520.0	$	291.2	$	162.8	$	161.8	$	125.2	$	2,330.8
Total dealer	$	4,428.5	$	789.1	$	520.0	$	291.2	$	162.8	$	161.8	$	125.2	$	6,478.6
Customer retail:
Fleet:
Performing			$	4,601.7	$	2,667.2	$	1,309.5	$	719.2	$	226.7	$	64.1	$	9,588.4
Watch				46.0		32.0		7.5		5.7		1.3		.9		93.4
At-risk				42.0		31.0		12.9		5.6		1.2		.1		92.8
			$	4,689.7	$	2,730.2	$	1,329.9	$	730.5	$	229.2	$	65.1	$	9,774.6
Owner/operator:
Performing			$	460.9	$	332.9	$	263.6	$	142.1	$	52.8	$	8.6	$	1,260.9
Watch				2.0		3.2		2.2		1.3		.3				9.0
At-risk				.6		1.3		1.1		1.5		.2		.4		5.1
			$	463.5	$	337.4	$	266.9	$	144.9	$	53.3	$	9.0	$	1,275.0
Total customer retail			$	5,153.2	$	3,067.6	$	1,596.8	$	875.4	$	282.5	$	74.1	$	11,049.6
Total	$	4,428.5	$	5,942.3	$	3,587.6	$	1,888.0	$	1,038.2	$	444.3	$	199.3	$	17,528.2

	REVOLVING
Ended December 31, 2023	LOANS		2023		2022		2021		2020		2019		PRIOR		TOTAL
Gross charge-offs:
Dealer:
Wholesale	$	.2													$	.2
Total dealer	$	.2													$	.2
Customer retail:
Fleet:			$	1.0	$	9.4	$	5.1	$	4.2	$	4.2	$	.6	$	24.5
Owner/operator				.5		1.1		1.5		.5				.3		3.9
Total customer retail			$	1.5	$	10.5	$	6.6	$	4.7	$	4.2	$	.9	$	28.4
Total	$	.2	$	1.5	$	10.5	$	6.6	$	4.7	$	4.2	$	.9	$	28.6

	REVOLVING
At December 31, 2022	LOANS		2022		2021		2020		2019		2018		PRIOR		TOTAL
Amortized Cost:
Dealer:
Wholesale:
Performing	$	2,766.0													$	2,766.0
Watch		6.1														6.1
	$	2,772.1													$	2,772.1
Retail:
Performing	$	206.2	$	609.7	$	348.6	$	223.1	$	241.7	$	120.8	$	121.1	$	1,871.2
At-risk														.7		.7
	$	206.2	$	609.7	$	348.6	$	223.1	$	241.7	$	120.8	$	121.8	$	1,871.9
Total dealer	$	2,978.3	$	609.7	$	348.6	$	223.1	$	241.7	$	120.8	$	121.8	$	4,644.0
Customer retail:
Fleet:
Performing			$	3,558.0	$	1,981.9	$	1,306.5	$	603.7	$	203.4	$	65.6	$	7,719.1
Watch				7.5		7.3		1.8		3.4		2.4		.5		22.9
At-risk				6.7		17.7		18.8		17.2		5.9		.5		66.8
			$	3,572.2	$	2,006.9	$	1,327.1	$	624.3	$	211.7	$	66.6	$	7,808.8
Owner/operator:
Performing			$	478.2	$	425.9	$	251.2	$	120.9	$	45.3	$	6.0	$	1,327.5
Watch				1.8		.9		.4		.3				.1		3.5
At-risk				.4		.8		1.1		.8		.7				3.8
			$	480.4	$	427.6	$	252.7	$	122.0	$	46.0	$	6.1	$	1,334.8
Total customer retail			$	4,052.6	$	2,434.5	$	1,579.8	$	746.3	$	257.7	$	72.7	$	9,143.6
Total	$	2,978.3	$	4,662.3	$	2,783.1	$	1,802.9	$	988.0	$	378.5	$	194.5	$	13,787.6

Financing Receivables by Aging Category

The tables below summarize 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
At December 31, 2023	WHOLESALE		RETAIL		FLEET		OWNER/ OPERATOR		TOTAL
Current and up to 30 days past due	$	4,131.7	$	2,330.8	$	9,656.4	$	1,262.4	$	17,381.3
31 – 60 days past due		15.0				61.0		8.5		84.5
Greater than 60 days past due		1.1				57.2		4.1		62.4
	$	4,147.8	$	2,330.8	$	9,774.6	$	1,275.0	$	17,528.2

	DEALER				CUSTOMER RETAIL
At December 31, 2022	WHOLESALE		RETAIL		FLEET		OWNER/ OPERATOR		TOTAL
Current and up to 30 days past due	$	2,772.1	$	1,871.9	$	7,768.5	$	1,329.1	$	13,741.6
31 – 60 days past due						14.7		3.1		17.8
Greater than 60 days past due						25.6		2.6		28.2
	$	2,772.1	$	1,871.9	$	7,808.8	$	1,334.8	$	13,787.6

Summary of Amortized Cost Basis of Finance Receivables that are on Non-Accrual Status

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

	DEALER			CUSTOMER RETAIL
At December 31, 2023	WHOLESALE	RETAIL		FLEET		OWNER/ OPERATOR		TOTAL
Amortized cost basis with a specific reserve				$	69.8	$	4.3	$	74.1
Amortized cost basis with no specific reserve					22.8		.8		23.6
Total				$	92.6	$	5.1	$	97.7
	DEALER			CUSTOMER RETAIL
At December 31, 2022	WHOLESALE	RETAIL		FLEET		OWNER/ OPERATOR		TOTAL
Amortized cost basis with a specific reserve				$	33.9	$	3.6	$	37.5
Amortized cost basis with no specific reserve		$	.7		16.2				16.9
Total		$	.7	$	50.1	$	3.6	$	54.4

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 was as follows:

Year Ended December 31,	2023		2022		2021
Dealer:
Retail			$	.1	$	.2
Customer retail:
Fleet	$	2.2		2.5		3.1
Owner/operator		.4		.2		.5
	$	2.6	$	2.8	$	3.8