The Company’s Financial Services segment leases equipment under operating leases to its customers. In addition, in the Truck segment, some equipment sold to customers in Europe subject to an RVG by the Company is accounted for as an operating lease. Equipment is recorded at cost and is depreciated on the straight-line basis to the lower of the estimated residual value or guarantee value. Lease and guarantee periods generally range from three to five years. Estimated useful lives of the equipment range from three to nine years. The Company reviews residual values of equipment on operating leases periodically to determine that recorded amounts are appropriate.

A summary of equipment on operating leases for the Truck, Parts and Other and for the Financial Services segments is as follows:

	TRUCK, PARTS AND OTHER						FINANCIAL SERVICES
	September 30,			December 31,			September 30,			December 31,
	2019			2018			2019			2018
Equipment on operating leases	$	750.1		$	948.1		$	4,150.1		$	4,098.3
Less allowance for depreciation		(150.1	)		(161.5	)		(1,209.1	)		(1,243.3	)
	$	600.0		$	786.6		$	2,941.0		$	2,855.0

Annual minimum lease payments due on Financial Services operating leases beginning October 1, 2019 for each fiscal year ended December 31 are $173.4 for the remainder of 2019, then, $586.0, $420.0, $234.3, $103.5 and $36.0 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
	September 30,		December 31,
	2019		2018
Residual value guarantees	$	466.8	$	591.1
Deferred lease revenues		179.2		251.3
	$	646.0	$	842.4

Annual maturities of the RVGs beginning October 1, 2019 for each fiscal year ended December 31 are $49.4 for the remainder of 2019, then $155.2, $141.4, $51.1, $47.7 and $22.0 thereafter. The deferred lease revenue is amortized on a straight-line basis over the RVG contract period. Annual amortization of deferred revenues beginning October 1, 2019 for each fiscal year ended December 31 is $24.6 for the remainder of 2019, then, $77.5, $43.7, $21.8, $11.0 and $.6 thereafter.