Finance and Other Receivables (Tables)

3 Months Ended

Mar. 31, 2026

Receivables [Abstract]

Finance and Other Receivables

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


		March 31				December 31
			2026			2025
Retail loans		$	6,206.8			$	6,256.7
Retail financing leases			1,801.6				1,850.2
Dealer wholesale financing			2,330.4				2,440.8
Dealer master notes			502.0				510.4
Operating lease receivables and other			42.4				42.2
			10,883.2				11,100.3

Less allowance for credit losses:
Loans and leases			(81.0	)			(82.2	)
Dealer wholesale financing			(1.1	)			(1.1	)
Operating lease receivables and other			(.4	)			(.5	)
		$	10,800.7			$	11,016.5

Allowance for Credit Losses

The allowance for credit losses is summarized as follows:


		2026
		Dealer								Customer
		Wholesale				Retail				Retail				Other*				Total
Balance at January 1		$	1.1			$	1.5			$	80.7			$	.5			$	83.8
Provision for losses											14.0				.2				14.2
Charge-offs											(15.7	)			(.3	)			(16.0	)
Recoveries											.5								.5
Balance at March 31		$	1.1			$	1.5			$	79.5			$	.4			$	82.5


		2025
		Dealer								Customer
		Wholesale				Retail				Retail				Other*				Total
Balance at January 1		$	1.1			$	1.1			$	70.7			$	1.5			$	74.4
Provision for losses											5.5								5.5
Charge-offs											(11.7	)							(11.7	)
Recoveries											.2								.2

Balance at March 31		$	1.1			$	1.1			$	64.7			$	1.5			$	68.4

* Operating lease and other trade receivables.

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.


At March 31, 2026		Revolving Loans				2026				2025				2024				2023				2022				Prior				Total
Amortized cost:
Dealer:
Wholesale:
Performing		$	2,325.1																											$	2,325.1
Watch			5.3																												5.3
		$	2,330.4																											$	2,330.4
Retail:
Performing		$	229.4			$	80.1			$	494.6			$	472.5			$	413.5			$	264.7			$	198.8			$	2,153.6
		$	229.4			$	80.1			$	494.6			$	472.5			$	413.5			$	264.7			$	198.8			$	2,153.6
Total dealer		$	2,559.8			$	80.1			$	494.6			$	472.5			$	413.5			$	264.7			$	198.8			$	4,484.0

Customer retail:
Fleet:
Performing						$	367.8			$	2,070.8			$	1,549.5			$	853.9			$	371.1			$	132.1			$	5,345.2
Watch							9.4				64.9				21.0				37.2				31.7				13.0				177.2
At-risk							1.2				20.9				46.9				121.0				30.1				4.7				224.8
						$	378.4			$	2,156.6			$	1,617.4			$	1,012.1			$	432.9			$	149.8			$	5,747.2
Owner/operator:
Performing						$	57.1			$	264.9			$	158.1			$	60.1			$	37.7			$	19.3			$	597.2
Watch											1.5				1.7				2.4				.8				.9				7.3
At-risk											1.8				1.0				.4				1.3				.6				5.1
						$	57.1			$	268.2			$	160.8			$	62.9			$	39.8			$	20.8			$	609.6
Total customer retail						$	435.5			$	2,424.8			$	1,778.2			$	1,075.0			$	472.7			$	170.6			$	6,356.8
Total		$	2,559.8			$	515.6			$	2,919.4			$	2,250.7			$	1,488.5			$	737.4			$	369.4			$	10,840.8


Three Months Ended March 31, 2026		Revolving Loans		2026		2025				2024				2023				2022				Prior				Total
Gross charge-offs:
Customer retail:
Fleet						$	1.6			$	1.1			$	6.7			$	3.0			$	1.6			$	14.0
Owner/operator							.1				.6				.3				.6				.1				1.7
Total						$	1.7			$	1.7			$	7.0			$	3.6			$	1.7			$	15.7


At December 31, 2025		Revolving Loans				2025				2024				2023				2022				2021				Prior				Total
Amortized cost:
Dealer:
Wholesale:
Performing		$	2,437.6																											$	2,437.6
Watch			3.2																												3.2
		$	2,440.8																											$	2,440.8
Retail:
Performing		$	228.5			$	517.9			$	497.2			$	444.0			$	285.8			$	127.5			$	106.7			$	2,207.6
		$	228.5			$	517.9			$	497.2			$	444.0			$	285.8			$	127.5			$	106.7			$	2,207.6
Total dealer		$	2,669.3			$	517.9			$	497.2			$	444.0			$	285.8			$	127.5			$	106.7			$	4,648.4

Customer retail:
Fleet:
Performing						$	2,188.6			$	1,693.1			$	973.7			$	463.2			$	145.8			$	38.7			$	5,503.1
Watch							48.3				16.0				51.6				40.7				14.8				.6				172.0
At-risk							10.4				14.8				84.2				21.0				2.2				.6				133.2
						$	2,247.3			$	1,723.9			$	1,109.5			$	524.9			$	162.8			$	39.9			$	5,808.3
Owner/operator:
Performing						$	275.6			$	168.3			$	68.3			$	44.4			$	23.7			$	5.0			$	585.3
Watch							2.4				2.2				1.8				2.4				.9				.2				9.9
At-risk							1.2				1.6				.8				2.0				.4				.2				6.2
						$	279.2			$	172.1			$	70.9			$	48.8			$	25.0			$	5.4			$	601.4
Total customer retail						$	2,526.5			$	1,896.0			$	1,180.4			$	573.7			$	187.8			$	45.3			$	6,409.7
Total		$	2,669.3			$	3,044.4			$	2,393.2			$	1,624.4			$	859.5			$	315.3			$	152.0			$	11,058.1


Twelve Months Ended December 31, 2025		Revolving Loans		2025				2024				2023				2022				2021				Prior				Total
Gross charge-offs:
Customer retail:
Fleet								$	6.2			$	21.2			$	9.9			$	2.4			$	.2			$	39.9
Owner/operator				$	.2				1.2				1.5				1.3				.2				.2				4.6
Total				$	.2			$	7.4			$	22.7			$	11.2			$	2.6			$	.4			$	44.5

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 March 31, 2026		Wholesale				Retail				Fleet				Operator				Total
Current and up to 30 days past due		$	2,330.4			$	2,153.6			$	5,600.2			$	597.7			$	10,681.9
31 – 60 days past due											47.4				6.6				54.0
Greater than 60 days past due											99.6				5.3				104.9
		$	2,330.4			$	2,153.6			$	5,747.2			$	609.6			$	10,840.8


		Dealer								Customer Retail
														Owner/
At December 31, 2025		Wholesale				Retail				Fleet				Operator				Total
Current and up to 30 days past due		$	2,440.8			$	2,207.6			$	5,657.6			$	586.0			$	10,892.0
31 – 60 days past due											71.0				9.1				80.1
Greater than 60 days past due											79.7				6.3				86.0
		$	2,440.8			$	2,207.6			$	5,808.3			$	601.4			$	11,058.1

Amortized Cost Basis for 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 March 31, 2026	Wholesale		Retail		Fleet				Operator				Total
Amortized cost basis with a specific reserve					$	207.4			$	4.3			$	211.7
Amortized cost basis with no specific reserve						17.3				.8				18.1
					$	224.7			$	5.1			$	229.8


	Dealer				Customer Retail
									Owner/
At December 31, 2025	Wholesale		Retail		Fleet				Operator				Total
Amortized cost basis with a specific reserve					$	132.5			$	5.5			$	138.0
Amortized cost basis with no specific reserve						.7				.7				1.4
					$	133.2			$	6.2			$	139.4

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:


		Three Months Ended
		March 31
		2026		2025
Fleet				$	3.8
Owner/operator					.1
				$	3.9

Amortized Cost Basis of Finance Receivables for Other Than Insignificant Term Extensions and Payment Delays for Customers in Financial Difficulty

The ending amortized cost basis of finance receivables for other than insignificant term extensions and payment delays for customers in financial difficulty was as follows for the three months ended March 2026 and 2025:


At March 31,			2026				2025
Customer Retail:
Fleet		$	76.3			$	4.5
Owner/operator							.2
		$	76.3			$	4.7
Annualized % of total retail portfolio			3.8	%			.3	%

Summary of Ending Amortized Cost Basis and Performance Financing Receivables Modified Previous Twelve Months

The ending amortized cost basis and performance of finance receivables modified during the previous twelve months ended March 31, 2026 and March 31, 2025 was as follows:


At March 31,			2026				2025
Customer Retail:
Fleet
Current and up to 30 days past due		$	79.6			$	146.0
Greater than 60 days past due			33.9				.1
Owner/operator
Current and up to 30 days past due			.1				.1
Greater than 60 days past due			.1
		$	113.7			$	146.2