Equipment On Operating Leases

12 Months Ended

Dec. 31, 2014

Leases, Operating [Abstract]

Equipment On Operating Leases

E.     EQUIPMENT ON OPERATING LEASES A summary of equipment on operating leases for Truck, Parts and Other and for the Financial Services segment is as follows:
	TRUCK, PARTS AND OTHER						FINANCIAL SERVICES
At December 31,	2014			2013			2014			2013
Equipment on operating leases	$	1,222.9		$	1,357.8		$	3,269.0		$	3,212.2
Less allowance for depreciation		(288.4	)		(319.5	)		(963.0	)		(922.1	)
	$	934.5		$	1,038.3		$	2,306.0		$	2,290.1

Annual minimum lease payments due on Financial Services operating leases beginning January 1, 2015 are $527.7, $377.2, $243.4, $118.1, $37.0 and $6.8 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,	2014		2013
Residual value guarantees	$	629.1	$	653.9
Deferred lease revenues		341.8		439.9
	$	970.9	$	1,093.8
The deferred lease revenue is amortized on a straight-line basis over the RVG contract period. At December 31, 2014, the annual amortization of deferred revenues beginning January 1, 2015 is $139.5, $100.5, $58.2, $33.3, $10.2 and $.1 thereafter. Annual maturities of the RVGs beginning January 1, 2015 are $228.9, $169.1, $110.8, $64.4, $40.5 and $15.4 thereafter.