v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
OPERATING ACTIVITIES:    
Net Income $ 1,357.3 $ 1,228.9
Adjustments to reconcile net income to cash provided by operations:    
Depreciation and amortization, Property, plant and equipment 210.6 199.5
Depreciation and amortization, Other assets 204.5 212.9
Provision for losses on financial services receivables 83.5 47.5
Deferred taxes (136.1) (55.0)
Other, net 21.1 46.3
Pension contributions (7.7) (11.5)
Change in operating assets and liabilities:    
Trade and other receivables (383.3) (165.1)
Wholesale receivables on new trucks 192.4 304.6
Inventories (197.6) 28.9
Accounts payable and accrued expenses 361.6 (42.0)
Income taxes, warranty and other (33.7) (51.3)
Net Cash Provided by Operating Activities 1,672.6 1,743.7
INVESTING ACTIVITIES:    
Originations of retail loans and finance leases (2,560.3) (2,978.4)
Collections on retail loans and finance leases 2,576.3 2,409.9
Net decrease in wholesale receivables on equipment 86.1 21.0
Purchases of marketable debt securities (1,062.7) (823.0)
Proceeds from sales and maturities of marketable debt securities 969.1 770.4
Payments for property, plant and equipment (292.6) (387.2)
Acquisitions of equipment for operating leases (417.1) (327.5)
Proceeds from asset disposals 332.0 352.8
Contributions to joint venture   (44.7)
Other, net (62.6) (3.4)
Net Cash Used in Investing Activities (431.8) (1,010.1)
FINANCING ACTIVITIES:    
Payments of cash dividends (1,093.7) (1,920.3)
Purchases of treasury stock (4.8) (35.0)
Proceeds from stock compensation transactions 47.3 24.8
Net decrease in commercial paper, short-term bank loans and other (171.8) (1,083.9)
Proceeds from term debt 1,476.5 1,858.5
Payments on term debt (2,211.9) (1,269.9)
Net Cash Used in Financing Activities (1,958.4) (2,425.8)
Effect of exchange rate changes on cash and cash equivalents (15.6) 181.3
Net Decrease in Cash and Cash Equivalents (733.2) (1,510.9)
Cash and cash equivalents at beginning of period 6,307.9 7,060.8
Cash and cash equivalents at end of period $ 5,574.7 $ 5,549.9