v3.25.2
Finance and Other Receivables (Tables)
 6 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
Finance and Other Receivables

Finance and other receivables include the following:

 

 

June 30

 

 

December 31

 

 

 

2025

 

 

2024

 

Loans

 

$

10,027.4

 

 

$

9,442.4

 

Finance leases

 

 

5,337.2

 

 

 

4,906.6

 

Dealer wholesale financing

 

 

4,799.0

 

 

 

4,944.1

 

Operating lease receivables and other

 

 

183.6

 

 

 

166.4

 

 

 

20,347.2

 

 

 

19,459.5

 

Less allowance for losses:

 

 

 

 

 

 

Loans and leases

 

 

(148.6

)

 

 

(139.2

)

Dealer wholesale financing

 

 

(3.1

)

 

 

(3.0

)

Operating lease receivables and other

 

 

(2.5

)

 

 

(3.0

)

 

$

20,193.0

 

 

$

19,314.3

 
Allowance for Credit Losses

The allowance for credit losses is summarized as follows:

 

 

2025

 

 

 

DEALER

 

 

CUSTOMER

 

 

 

 

 

 

 

 

 

WHOLESALE

 

 

RETAIL

 

 

RETAIL

 

 

OTHER*

 

 

TOTAL

 

Balance at January 1

 

$

3.0

 

 

$

1.5

 

 

$

137.7

 

 

$

3.0

 

 

$

145.2

 

Provision for losses

 

 

(.1

)

 

 

.1

 

 

 

47.6

 

 

 

(.1

)

 

 

47.5

 

Charge-offs

 

 

 

 

 

 

 

 

(49.9

)

 

 

(.4

)

 

 

(50.3

)

Recoveries

 

 

 

 

 

 

 

 

4.2

 

 

 

.2

 

 

 

4.4

 

Currency translation and other

 

 

.2

 

 

 

 

 

 

7.4

 

 

 

(.2

)

 

 

7.4

 

Balance at June 30

 

$

3.1

 

 

$

1.6

 

 

$

147.0

 

 

$

2.5

 

 

$

154.2

 

 

 

 

2024

 

 

 

DEALER

 

 

CUSTOMER

 

 

 

 

 

 

 

 

 

WHOLESALE

 

 

RETAIL

 

 

RETAIL

 

 

OTHER*

 

 

TOTAL

 

Balance at January 1

 

$

2.7

 

 

$

1.9

 

 

$

125.1

 

 

$

3.3

 

 

$

133.0

 

Provision for losses

 

 

.3

 

 

 

(.4

)

 

 

28.4

 

 

 

(.5

)

 

 

27.8

 

Charge-offs

 

 

 

 

 

 

 

 

(24.3

)

 

 

(.5

)

 

 

(24.8

)

Recoveries

 

 

 

 

 

 

 

 

4.5

 

 

 

1.0

 

 

 

5.5

 

Currency translation and other

 

 

(.1

)

 

 

 

 

 

(4.0

)

 

 

(.2

)

 

 

(4.3

)

Balance at June 30

 

$

2.9

 

 

$

1.5

 

 

$

129.7

 

 

$

3.1

 

 

$

137.2

 

* Operating leases and other trade receivables.
Amortized Cost Basis of Finance Receivables and Charge-offs 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 June 30, 2025

LOANS

 

 

2025

 

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

PRIOR

 

 

TOTAL

 

Amortized cost:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dealer:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wholesale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performing

$

4,792.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

4,792.1

 

Watch

 

6.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6.9

 

$

4,799.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

4,799.0

 

Retail:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performing

$

227.1

 

 

$

254.5

 

 

$

624.8

 

 

$

565.5

 

 

$

352.8

 

 

$

154.6

 

 

$

169.6

 

 

$

2,348.9

 

Watch

 

 

 

 

6.3

 

 

 

1.9

 

 

 

13.8

 

 

 

4.7

 

 

 

1.7

 

 

 

2.9

 

 

 

31.3

 

 

$

227.1

 

 

$

260.8

 

 

$

626.7

 

 

$

579.3

 

 

$

357.5

 

 

$

156.3

 

 

$

172.5

 

 

$

2,380.2

 

Total dealer

$

5,026.1

 

 

$

260.8

 

 

$

626.7

 

 

$

579.3

 

 

$

357.5

 

 

$

156.3

 

 

$

172.5

 

 

$

7,179.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer retail:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performing

 

 

 

$

2,312.2

 

 

$

4,128.5

 

 

$

2,635.2

 

 

$

1,351.5

 

 

$

468.6

 

 

$

183.2

 

 

$

11,079.2

 

Watch

 

 

 

 

34.8

 

 

 

30.3

 

 

 

57.3

 

 

 

45.5

 

 

 

23.0

 

 

 

1.9

 

 

 

192.8

 

At-risk

 

 

 

 

10.7

 

 

 

65.1

 

 

 

142.7

 

 

 

55.2

 

 

 

15.5

 

 

 

6.6

 

 

 

295.8

 

 

 

 

$

2,357.7

 

 

$

4,223.9

 

 

$

2,835.2

 

 

$

1,452.2

 

 

$

507.1

 

 

$

191.7

 

 

$

11,567.8

 

Owner/operator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performing

 

 

 

$

354.6

 

 

$

484.0

 

 

$

260.4

 

 

$

163.9

 

 

$

92.2

 

 

$

31.2

 

 

$

1,386.3

 

Watch

 

 

 

 

.3

 

 

 

4.2

 

 

 

3.8

 

 

 

3.5

 

 

 

2.0

 

 

 

.5

 

 

 

14.3

 

At-risk

 

 

 

 

 

 

 

3.0

 

 

 

6.3

 

 

 

3.8

 

 

 

1.9

 

 

 

1.0

 

 

 

16.0

 

 

 

 

 

$

354.9

 

 

$

491.2

 

 

$

270.5

 

 

$

171.2

 

 

$

96.1

 

 

$

32.7

 

 

$

1,416.6

 

Total customer retail

 

 

 

$

2,712.6

 

 

$

4,715.1

 

 

$

3,105.7

 

 

$

1,623.4

 

 

$

603.2

 

 

$

224.4

 

 

$

12,984.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

$

5,026.1

 

 

$

2,973.4

 

 

$

5,341.8

 

 

$

3,685.0

 

 

$

1,980.9

 

 

$

759.5

 

 

$

396.9

 

 

$

20,163.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2025

REVOLVING
LOANS

 

 

2025

 

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

PRIOR

 

 

TOTAL

 

Gross charge-offs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer retail:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fleet

 

 

 

$

.1

 

 

$

4.7

 

 

$

31.2

 

 

$

3.9

 

 

$

4.2

 

 

$

1.7

 

 

$

45.8

 

Owner/operator

 

 

 

 

.4

 

 

 

1.2

 

 

 

.6

 

 

 

1.5

 

 

 

.2

 

 

 

.2

 

 

 

4.1

 

Total

 

 

 

$

.5

 

 

$

5.9

 

 

$

31.8

 

 

$

5.4

 

 

$

4.4

 

 

$

1.9

 

 

$

49.9

 

 

 

REVOLVING

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At December 31, 2024

LOANS

 

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

2020

 

 

PRIOR

 

 

TOTAL

 

Amortized cost:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dealer:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wholesale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performing

$

4,936.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

4,936.1

 

Watch

 

7.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7.1

 

At-risk

 

.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

.9

 

$

4,944.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

4,944.1

 

Retail:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performing

$

229.8

 

 

$

680.8

 

 

$

641.5

 

 

$

404.6

 

 

$

192.8

 

 

$

98.0

 

 

$

141.6

 

 

$

2,389.1

 

Watch

 

 

 

 

2.0

 

 

 

23.1

 

 

 

6.1

 

 

 

2.1

 

 

 

4.6

 

 

 

.4

 

 

 

38.3

 

 

$

229.8

 

 

$

682.8

 

 

$

664.6

 

 

$

410.7

 

 

$

194.9

 

 

$

102.6

 

 

$

142.0

 

 

$

2,427.4

 

Total dealer

$

5,173.9

 

 

$

682.8

 

 

$

664.6

 

 

$

410.7

 

 

$

194.9

 

 

$

102.6

 

 

$

142.0

 

 

$

7,371.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer retail:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performing

 

 

 

$

4,306.5

 

 

$

2,991.4

 

 

$

1,761.1

 

 

$

781.9

 

 

$

298.2

 

 

$

71.0

 

 

$

10,210.1

 

Watch

 

 

 

 

11.2

 

 

 

17.6

 

 

 

13.9

 

 

 

5.8

 

 

 

2.1

 

 

 

.9

 

 

 

51.5

 

At-risk

 

 

 

 

49.5

 

 

 

196.8

 

 

 

80.8

 

 

 

41.9

 

 

 

6.0

 

 

 

1.5

 

 

 

376.5

 

 

 

 

$

4,367.2

 

 

$

3,205.8

 

 

$

1,855.8

 

 

$

829.6

 

 

$

306.3

 

 

$

73.4

 

 

$

10,638.1

 

Owner/operator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performing

 

 

 

$

524.1

 

 

$

303.7

 

 

$

206.2

 

 

$

145.1

 

 

$

57.6

 

 

$

12.7

 

 

$

1,249.4

 

Watch

 

 

 

 

2.5

 

 

 

12.1

 

 

 

8.0

 

 

 

2.9

 

 

 

1.3

 

 

 

.4

 

 

 

27.2

 

At-risk

 

 

 

 

.9

 

 

 

1.8

 

 

 

2.2

 

 

 

.9

 

 

 

1.0

 

 

 

.1

 

 

 

6.9

 

 

 

 

 

$

527.5

 

 

$

317.6

 

 

$

216.4

 

 

$

148.9

 

 

$

59.9

 

 

$

13.2

 

 

$

1,283.5

 

Total customer retail

 

 

 

$

4,894.7

 

 

$

3,523.4

 

 

$

2,072.2

 

 

$

978.5

 

 

$

366.2

 

 

$

86.6

 

 

$

11,921.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

$

5,173.9

 

 

$

5,577.5

 

 

$

4,188.0

 

 

$

2,482.9

 

 

$

1,173.4

 

 

$

468.8

 

 

$

228.6

 

 

$

19,293.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Twelve Months Ended December 31, 2024

REVOLVING
LOANS

 

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

2020

 

 

PRIOR

 

 

TOTAL

 

Gross charge-offs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer retail:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fleet

 

 

 

$

.9

 

 

$

19.4

 

 

$

12.1

 

 

$

7.5

 

 

$

4.2

 

 

$

7.8

 

 

$

51.9

 

Owner/operator

 

 

 

 

.1

 

 

 

2.4

 

 

 

3.7

 

 

 

1.0

 

 

 

1.3

 

 

 

.8

 

 

 

9.3

 

Total

 

 

 

$

1.0

 

 

$

21.8

 

 

$

15.8

 

 

$

8.5

 

 

$

5.5

 

 

$

8.6

 

 

$

61.2

 

 
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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OWNER/

 

 

 

 

At June 30, 2025

 

WHOLESALE

 

 

RETAIL

 

 

FLEET

 

 

OPERATOR

 

 

TOTAL

 

Current and up to 30 days past due

 

$

4,799.0

 

 

$

2,380.2

 

 

$

11,412.8

 

 

$

1,389.4

 

 

$

19,981.4

 

31 – 60 days past due

 

 

 

 

 

 

 

 

75.7

 

 

 

14.0

 

 

 

89.7

 

Greater than 60 days past due

 

 

 

 

 

 

 

 

79.3

 

 

 

13.2

 

 

 

92.5

 

 

 

$

4,799.0

 

 

$

2,380.2

 

 

$

11,567.8

 

 

$

1,416.6

 

 

$

20,163.6

 

 

 

 

DEALER

 

 

CUSTOMER RETAIL

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OWNER/

 

 

 

 

At December 31, 2024

 

WHOLESALE

 

 

RETAIL

 

 

FLEET

 

 

OPERATOR

 

 

TOTAL

 

Current and up to 30 days past due

 

$

4,942.1

 

 

$

2,427.4

 

 

$

10,462.5

 

 

$

1,266.9

 

 

$

19,098.9

 

31 – 60 days past due

 

 

1.1

 

 

 

 

 

 

71.8

 

 

 

7.9

 

 

 

80.8

 

Greater than 60 days past due

 

 

.9

 

 

 

 

 

 

103.8

 

 

 

8.7

 

 

 

113.4

 

 

 

$

4,944.1

 

 

$

2,427.4

 

 

$

10,638.1

 

 

$

1,283.5

 

 

$

19,293.1

 

 
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

 

 

 

 

 

 

 

 

 

 

 

 

 

OWNER/

 

 

 

 

At June 30, 2025

 

WHOLESALE

 

RETAIL

 

FLEET

 

 

OPERATOR

 

 

TOTAL

 

Amortized cost basis with a specific reserve

 

 

 

 

 

$

214.3

 

 

$

8.2

 

 

$

222.5

 

Amortized cost basis with no specific reserve

 

 

 

 

 

 

80.6

 

 

 

.9

 

 

 

81.5

 

Total

 

 

 

 

 

$

294.9

 

 

$

9.1

 

 

$

304.0

 

 

 

 

DEALER

 

CUSTOMER RETAIL

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OWNER/

 

 

 

 

At December 31, 2024

 

WHOLESALE

 

 

RETAIL

 

FLEET

 

 

OPERATOR

 

 

TOTAL

 

Amortized cost basis with a specific reserve

 

 

 

 

 

 

$

350.0

 

 

$

5.5

 

 

$

355.5

 

Amortized cost basis with no specific reserve

 

$

.9

 

 

 

 

 

25.8

 

 

 

1.4

 

 

 

28.1

 

Total

 

$

.9

 

 

 

 

$

375.8

 

 

$

6.9

 

 

$

383.6

 
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:

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30

 

 

June 30

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Customer retail:

 

 

 

 

 

 

 

 

 

 

 

 

Fleet

 

$

1.1

 

 

$

1.1

 

 

$

5.7

 

 

$

2.1

 

Owner/operator

 

 

.1

 

 

 

.1

 

 

 

.2

 

 

 

.2

 

 

 

$

1.2

 

 

$

1.2

 

 

$

5.9

 

 

$

2.3

 

 
Amortized Cost Basis of Finance Receivables Modified by Portfolio Class The amortized cost basis of finance receivables for other than insignificant term extensions and payment delays to customers in financial difficulty were as follows:

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30

 

 

June 30

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Customer retail:

 

 

 

 

 

 

 

 

 

 

 

 

Fleet

 

$

29.0

 

 

$

83.2

 

 

$

40.6

 

 

$

89.6

 

Owner/operator

 

 

.2

 

 

 

.3

 

 

 

.3

 

 

 

.4

 

 

 

$

29.2

 

 

$

83.5

 

 

$

40.9

 

 

$

90.0

 

Annualized % of total retail portfolio

 

 

.8

%

 

 

2.5

%

 

 

.5

%

 

 

1.3

%