Equipment On Operating Leases

12 Months Ended

Dec. 31, 2015

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,	2015			2014			2015			2014
Equipment on operating leases	$	1,282.6		$	1,222.9		$	3,335.5		$	3,269.0
Less allowance for depreciation		(290.4	)		(288.4	)		(954.7	)		(963.0	)
	$	992.2		$	934.5		$	2,380.8		$	2,306.0
Annual minimum lease payments due on Financial Services operating leases beginning January 1, 2016 are $542.1, $415.4, $250.4, $108.0, $32.4 and $6.0 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,							2015			2014
Residual value guarantees							$	691.4		$	629.1
Deferred lease revenues								356.0			341.8
							$	1,047.4		$	970.9

The deferred lease revenue is amortized on a straight-line basis over the RVG contract period. At December 31, 2015, the annual amortization of deferred revenues beginning January 1, 2016 is $134.9, $100.5, $64.3, $41.3, $14.7 and $.3 thereafter. Annual maturities of the RVGs beginning January 1, 2016 are $284.0, $228.0, $97.6, $49.7, $26.1 and $6.0 thereafter.