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Finance and Other Receivables | 3 Months Ended
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Mar. 31, 2025
Receivables [Abstract] |
Finance and Other Receivables | NOTE E - Finance and Other Receivables Finance and other receivables include the following:
|  | March 31 |  |  | December 31 |
|  | 2025 |  |  | 2024 |
Loans |  | $ | 9,579.2 |  |  | $ | 9,442.4 |
Finance leases |  |  | 5,051.5 |  |  |  | 4,906.6 |
Dealer wholesale financing |  |  | 4,947.3 |  |  |  | 4,944.1 |
Operating lease receivables and other |  |  | 177.9 |  |  |  | 166.4 |
|  |  | 19,755.9 |  |  |  | 19,459.5 |
Less allowance for losses: |  |  |  |  |  |
Loans and leases |  |  | (138.7 | ) |  |  | (139.2 | )
Dealer wholesale financing |  |  | (3.0 | ) |  |  | (3.0 | )
Operating lease receivables and other |  |  | (2.9 | ) |  |  | (3.0 | )
|  | $ | 19,611.3 |  |  | $ | 19,314.3 |
The net activity of dealer direct loans and dealer wholesale financing on new trucks is shown in the operating section of the Condensed Consolidated Statements of Cash Flows since those receivables finance the sale of Company inventory. Allowance for Credit Losses The Company continuously monitors the payment performance of its finance receivables. For large retail finance customers and dealers with wholesale financing, the Company regularly reviews their financial statements and makes site visits and phone contact as appropriate. If the Company becomes aware of circumstances that could cause those customers or dealers to face financial difficulty, whether or not they are past due, the customers are placed on a watch list. The Company modifies loans and finance leases in the normal course of its Financial Services operations. The Company may modify loans and finance leases for commercial reasons or for credit reasons. Modifications for commercial reasons are changes to contract terms for customers that are not considered to be in financial difficulty. Insignificant delays are modifications extending terms up to three months for customers experiencing some short-term financial stress, but not considered to be in financial difficulty. Modifications for credit reasons are changes to contract terms for customers considered to be in financial difficulty. The Company’s modifications typically result in granting more time to pay the contractual amounts owed and charging a fee and interest for the term of the modification. When considering whether to modify customer accounts for credit reasons, the Company evaluates the creditworthiness of the customers and modifies those accounts that the Company considers likely to perform under the modified terms. The Company does not typically grant credit modifications for customers that do not meet minimum underwriting standards since the Company normally repossesses the financed equipment in these circumstances. On average, commercial and other modifications extended contractual terms by approximately four months in 2025 and four months in 2024, and did not have a significant effect on the weighted average term or interest rate of the total portfolio at March 31, 2025 and December 31, 2024. The Company has developed a systematic methodology for determining the allowance for credit losses for its two portfolio segments, retail and wholesale. The retail segment consists of retail loans and sales-type finance leases, net of unearned interest. The wholesale segment consists of truck inventory financing loans to dealers that are collateralized by trucks and other collateral. The wholesale segment generally has less risk than the retail segment. Wholesale receivables generally are shorter in duration than retail receivables, and the Company requires periodic reporting of the wholesale dealer’s financial condition, conducts periodic audits of the trucks being financed and in many cases, obtains guarantees or other security such as dealership assets. In determining the allowance for credit losses, retail loans and finance leases are evaluated together since they relate to a similar customer base, their contractual terms require regular payment of principal and interest, generally over three to five years, and they are secured by the same type of collateral. The allowance for credit losses consists of both specific and general reserves. The Company individually evaluates certain finance receivables for expected credit losses. Finance receivables that are evaluated individually consist of all wholesale accounts and certain large retail accounts with past due balances or otherwise determined to be at a higher risk of loss. In general, finance receivables that are 90 days past due are placed on non-accrual status. Finance receivables on non-accrual status which have been performing for 90 consecutive days are placed on accrual status if it is deemed probable that the Company will collect all principal and interest payments. Individually evaluated receivables on non-accrual status are generally considered collateral dependent. Large balance retail and all wholesale receivables on non-accrual status are individually evaluated for loss based on the value of the underlying collateral or a discounted cash flow analysis. Small balance receivables on non-accrual status with similar risk characteristics are evaluated as a separate pool to determine the appropriate reserve for losses using the historical loss information discussed below. The Company evaluates finance receivables that are not individually evaluated and share similar risk characteristics on a collective basis and determines the general allowance for credit losses for both retail and wholesale receivables based on historical loss information, using past due account data, current market conditions, and expected changes in future macroeconomic conditions that affect collectability. Historical credit loss data provides relevant information of expected credit losses. The historical information used includes assumptions regarding the likelihood of collecting current and past due accounts, repossession rates, and the recovery rate on the underlying collateral based on used truck values and other pledged collateral or recourse. The Company has developed a range of loss estimates for each of its country portfolios based on historical experience, taking into account loss frequency and severity in both strong and weak truck market conditions. A projection is made of the range of estimated credit losses inherent in the portfolio from which an amount is determined based on current market conditions and other factors impacting the creditworthiness of the Company’s borrowers and their ability to repay. Adjustments to historical loss information are made for changes in forecasted economic conditions that are specific to the industry and markets in which the Company conducts business. The Company utilizes economic forecasts from third-party sources and determines expected losses based on historical experience under similar market conditions. After determining the appropriate level of the allowance for credit losses, a provision for losses on finance receivables is charged to income as necessary to reflect management’s estimate of expected credit losses, net of recoveries, inherent in the portfolio. In determining the fair value of the collateral, the Company uses a pricing matrix and categorizes the fair value as Level 2 in the hierarchy of fair value measurement. The pricing matrix is reviewed quarterly and updated as appropriate. The pricing matrix considers the make, model and year of the equipment as well as recent sales prices of comparable equipment sold individually, which is the lowest unit of account, through wholesale channels to the Company’s dealers (principal market). The fair value of the collateral also considers the overall condition of the equipment. Accounts are charged off against the allowance for credit losses when, in the judgment of management, they are considered uncollectible, which generally occurs upon repossession of the collateral. Typically the timing between the repossession and charge-off is not significant. In cases where repossession is delayed (e.g., for legal proceedings), the Company records a partial charge-off. The charge-off is determined by comparing the fair value of the collateral, less cost to sell, to the amortized cost basis. For the following credit quality disclosures, finance receivables are classified into two portfolio segments, wholesale and retail. The retail portfolio is further segmented into dealer retail and customer retail. The dealer wholesale segment consists of truck inventory financing to PACCAR dealers. The dealer retail segment consists of loans and leases to participating dealers and franchises that use the proceeds to fund customers’ acquisition of commercial vehicles and related equipment. The customer retail segment consists of loans and leases directly to customers for the acquisition of commercial vehicles and related equipment. Customer retail receivables are further segregated between fleet and owner/operator classes. The fleet class consists of customer retail accounts operating five or more trucks. All other customer retail accounts are considered owner/operator. These two classes have similar measurement attributes, risk characteristics and common methods to monitor and assess credit risk. The allowance for credit losses is summarized as follows:
|  | 2025 |
|  | DEALER |  |  | CUSTOMER |  |  |  |  |  |  |
|  | WHOLESALE |  |  | RETAIL |  |  | RETAIL |  |  | OTHER* |  |  | TOTAL |
Balance at January 1 |  | $ | 3.0 |  |  | $ | 1.5 |  |  | $ | 137.7 |  |  | $ | 3.0 |  |  | $ | 145.2 |
Provision for losses |  |  |  |  |  | (.1 | ) |  |  | 18.2 |  |  |  | .2 |  |  |  | 18.3 |
Charge-offs |  |  |  |  |  |  |  |  | (23.0 | ) |  |  | (.3 | ) |  |  | (23.3 | )
Recoveries |  |  |  |  |  |  |  |  | 2.2 |  |  |  | .1 |  |  |  | 2.3 |
Currency translation and other |  |  |  |  |  |  |  |  | 2.2 |  |  |  | (.1 | ) |  |  | 2.1 |
Balance at March 31 |  | $ | 3.0 |  |  | $ | 1.4 |  |  | $ | 137.3 |  |  | $ | 2.9 |  |  | $ | 144.6 |
|  | 2024 |
|  | DEALER |  |  | CUSTOMER |  |  |  |  |  |  |
|  | WHOLESALE |  |  | RETAIL |  |  | RETAIL |  |  | OTHER* |  |  | TOTAL |
Balance at January 1 |  | $ | 2.7 |  |  | $ | 1.9 |  |  | $ | 125.1 |  |  | $ | 3.3 |  |  | $ | 133.0 |
Provision for losses |  |  |  |  |  | (.2 | ) |  |  | 15.9 |  |  |  | .4 |  |  |  | 16.1 |
Charge-offs |  |  |  |  |  |  |  |  | (10.4 | ) |  |  | (.4 | ) |  |  | (10.8 | )
Recoveries |  |  |  |  |  |  |  |  | 2.2 |  |  |  |  |  |  | 2.2 |
Currency translation and other |  |  |  |  |  |  |  |  | (1.2 | ) |  |  |  |  |  | (1.2 | )
Balance at March 31 |  | $ | 2.7 |  |  | $ | 1.7 |  |  | $ | 131.6 |  |  | $ | 3.3 |  |  | $ | 139.3 |
* Operating leases and other trade receivables. Credit Quality The Company’s customers are principally concentrated in the transportation industry in North America, Europe, Australia and Brasil. The Company’s portfolio assets are diversified over a large number of customers and dealers with no single customer or dealer balances representing over 5% of the total portfolio assets. The Company retains as collateral a security interest in the related equipment. At the inception of each contract, the Company considers the credit risk based on a variety of credit quality factors including prior payment experience, customer financial information, credit-rating agency ratings, loan-to-value ratios and other internal metrics. On an ongoing basis, the Company monitors credit quality based on past due status and collection experience as there is a meaningful correlation between the past due status of customers and the risk of loss. The Company has three credit quality indicators: performing, watch and at-risk. Performing accounts pay in accordance with the contractual terms and are not considered high-risk. Watch accounts include accounts 31 to 90 days past due and large accounts that are performing but are considered to be high‑risk. Watch accounts are not collateral dependent. At-risk accounts are generally collateral dependent, including accounts over 90 days past due and other accounts on non-accrual status. 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.
| REVOLVING |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
At March 31, 2025 | LOANS |  |  | 2025 |  |  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | PRIOR |  |  | TOTAL |
Amortized cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dealer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Wholesale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing | $ | 4,940.6 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 4,940.6 |
Watch |  | 6.7 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6.7 |
| $ | 4,947.3 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 4,947.3 |
Retail: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing | $ | 227.2 |  |  | $ | 120.7 |  |  | $ | 648.1 |  |  | $ | 595.3 |  |  | $ | 379.0 |  |  | $ | 175.3 |  |  | $ | 201.8 |  |  | $ | 2,347.4 |
Watch |  |  |  |  | 5.9 |  |  |  | 2.0 |  |  |  | 13.9 |  |  |  | 5.7 |  |  |  | 1.8 |  |  |  | 3.1 |  |  |  | 32.4 |
| $ | 227.2 |  |  | $ | 126.6 |  |  | $ | 650.1 |  |  | $ | 609.2 |  |  | $ | 384.7 |  |  | $ | 177.1 |  |  | $ | 204.9 |  |  | $ | 2,379.8 |
Total dealer | $ | 5,174.5 |  |  | $ | 126.6 |  |  | $ | 650.1 |  |  | $ | 609.2 |  |  | $ | 384.7 |  |  | $ | 177.1 |  |  | $ | 204.9 |  |  | $ | 7,327.1 |
Customer retail: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fleet: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  |  |  | $ | 1,027.2 |  |  | $ | 4,326.3 |  |  | $ | 2,826.7 |  |  | $ | 1,492.3 |  |  | $ | 556.5 |  |  | $ | 255.7 |  |  | $ | 10,484.7 |
Watch |  |  |  |  | 6.3 |  |  |  | 19.2 |  |  |  | 48.7 |  |  |  | 46.0 |  |  |  | 24.2 |  |  |  | 2.9 |  |  |  | 147.3 |
At-risk |  |  |  |  | 1.5 |  |  |  | 60.6 |  |  |  | 157.6 |  |  |  | 55.3 |  |  |  | 14.8 |  |  |  | 2.5 |  |  |  | 292.3 |
|  |  |  | $ | 1,035.0 |  |  | $ | 4,406.1 |  |  | $ | 3,033.0 |  |  | $ | 1,593.6 |  |  | $ | 595.5 |  |  | $ | 261.1 |  |  | $ | 10,924.3 |
Owner/operator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  |  |  | $ | 159.0 |  |  | $ | 517.7 |  |  | $ | 277.4 |  |  | $ | 183.4 |  |  | $ | 113.5 |  |  | $ | 45.7 |  |  | $ | 1,296.7 |
Watch |  |  |  |  |  |  |  | 3.9 |  |  |  | 5.7 |  |  |  | 4.3 |  |  |  | 1.7 |  |  |  | .9 |  |  |  | 16.5 |
At-risk |  |  |  |  |  |  |  | 2.4 |  |  |  | 5.6 |  |  |  | 2.8 |  |  |  | 1.4 |  |  |  | 1.2 |  |  |  | 13.4 |
|  |  |  | $ | 159.0 |  |  | $ | 524.0 |  |  | $ | 288.7 |  |  | $ | 190.5 |  |  | $ | 116.6 |  |  | $ | 47.8 |  |  | $ | 1,326.6 |
Total customer retail |  |  |  | $ | 1,194.0 |  |  | $ | 4,930.1 |  |  | $ | 3,321.7 |  |  | $ | 1,784.1 |  |  | $ | 712.1 |  |  | $ | 308.9 |  |  | $ | 12,250.9 |
Total | $ | 5,174.5 |  |  | $ | 1,320.6 |  |  | $ | 5,580.2 |  |  | $ | 3,930.9 |  |  | $ | 2,168.8 |  |  | $ | 889.2 |  |  | $ | 513.8 |  |  | $ | 19,578.0 |
| REVOLVING |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
At March 31, 2025 | LOANS |  |  | 2025 |  |  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | PRIOR |  |  | TOTAL |
Gross charge-offs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer retail: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fleet |  |  |  | $ | .1 |  |  | $ | 4.9 |  |  | $ | 12.5 |  |  | $ | 1.8 |  |  | $ | 1.3 |  |  | $ | .6 |  |  | $ | 21.2 |
Owner/operator |  |  |  |  | .1 |  |  |  | .3 |  |  |  | .4 |  |  |  | .8 |  |  |  |  |  |  | .2 |  |  |  | 1.8 |
Total |  |  |  | $ | .2 |  |  | $ | 5.2 |  |  | $ | 12.9 |  |  | $ | 2.6 |  |  | $ | 1.3 |  |  | $ | .8 |  |  | $ | 23.0 |
| REVOLVING |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
At December 31, 2024 | LOANS |  |  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |  |  | PRIOR |  |  | TOTAL |
Amortized cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dealer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Wholesale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing | $ | 4,936.1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 4,936.1 |
Watch |  | 7.1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7.1 |
At-risk |  | .9 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | .9 |
| $ | 4,944.1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 4,944.1 |
Retail: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing | $ | 229.8 |  |  | $ | 680.8 |  |  | $ | 641.5 |  |  | $ | 404.6 |  |  | $ | 192.8 |  |  | $ | 98.0 |  |  | $ | 141.6 |  |  | $ | 2,389.1 |
Watch |  |  |  |  | 2.0 |  |  |  | 23.1 |  |  |  | 6.1 |  |  |  | 2.1 |  |  |  | 4.6 |  |  |  | .4 |  |  |  | 38.3 |
| $ | 229.8 |  |  | $ | 682.8 |  |  | $ | 664.6 |  |  | $ | 410.7 |  |  | $ | 194.9 |  |  | $ | 102.6 |  |  | $ | 142.0 |  |  | $ | 2,427.4 |
Total dealer | $ | 5,173.9 |  |  | $ | 682.8 |  |  | $ | 664.6 |  |  | $ | 410.7 |  |  | $ | 194.9 |  |  | $ | 102.6 |  |  | $ | 142.0 |  |  | $ | 7,371.5 |
Customer retail: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fleet: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  |  |  | $ | 4,306.5 |  |  | $ | 2,991.4 |  |  | $ | 1,761.1 |  |  | $ | 781.9 |  |  | $ | 298.2 |  |  | $ | 71.0 |  |  | $ | 10,210.1 |
Watch |  |  |  |  | 11.2 |  |  |  | 17.6 |  |  |  | 13.9 |  |  |  | 5.8 |  |  |  | 2.1 |  |  |  | .9 |  |  |  | 51.5 |
At-risk |  |  |  |  | 49.5 |  |  |  | 196.8 |  |  |  | 80.8 |  |  |  | 41.9 |  |  |  | 6.0 |  |  |  | 1.5 |  |  |  | 376.5 |
|  |  |  | $ | 4,367.2 |  |  | $ | 3,205.8 |  |  | $ | 1,855.8 |  |  | $ | 829.6 |  |  | $ | 306.3 |  |  | $ | 73.4 |  |  | $ | 10,638.1 |
Owner/operator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  |  |  | $ | 524.1 |  |  | $ | 303.7 |  |  | $ | 206.2 |  |  | $ | 145.1 |  |  | $ | 57.6 |  |  | $ | 12.7 |  |  | $ | 1,249.4 |
Watch |  |  |  |  | 2.5 |  |  |  | 12.1 |  |  |  | 8.0 |  |  |  | 2.9 |  |  |  | 1.3 |  |  |  | .4 |  |  |  | 27.2 |
At-risk |  |  |  |  | .9 |  |  |  | 1.8 |  |  |  | 2.2 |  |  |  | .9 |  |  |  | 1.0 |  |  |  | .1 |  |  |  | 6.9 |
|  |  |  | $ | 527.5 |  |  | $ | 317.6 |  |  | $ | 216.4 |  |  | $ | 148.9 |  |  | $ | 59.9 |  |  | $ | 13.2 |  |  | $ | 1,283.5 |
Total customer retail |  |  |  | $ | 4,894.7 |  |  | $ | 3,523.4 |  |  | $ | 2,072.2 |  |  | $ | 978.5 |  |  | $ | 366.2 |  |  | $ | 86.6 |  |  | $ | 11,921.6 |
Total | $ | 5,173.9 |  |  | $ | 5,577.5 |  |  | $ | 4,188.0 |  |  | $ | 2,482.9 |  |  | $ | 1,173.4 |  |  | $ | 468.8 |  |  | $ | 228.6 |  |  | $ | 19,293.1 |
| REVOLVING |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
At December 31, 2024 | LOANS |  |  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |  |  | PRIOR |  |  | TOTAL |
Gross charge-offs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer retail: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fleet: |  |  |  | $ | .9 |  |  | $ | 19.4 |  |  | $ | 12.1 |  |  | $ | 7.5 |  |  | $ | 4.2 |  |  | $ | 7.8 |  |  | $ | 51.9 |
Owner/operator: |  |  |  |  | .1 |  |  |  | 2.4 |  |  |  | 3.7 |  |  |  | 1.0 |  |  |  | 1.3 |  |  |  | .8 |  |  |  | 9.3 |
Total |  |  |  | $ | 1.0 |  |  | $ | 21.8 |  |  | $ | 15.8 |  |  | $ | 8.5 |  |  | $ | 5.5 |  |  | $ | 8.6 |  |  | $ | 61.2 |
The tables below summarize 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, 2025 |  | WHOLESALE |  |  | RETAIL |  |  | FLEET |  |  | OPERATOR |  |  | TOTAL |
Current and up to 30 days past due |  | $ | 4,947.3 |  |  | $ | 2,379.8 |  |  | $ | 10,772.9 |  |  | $ | 1,304.6 |  |  | $ | 19,404.6 |
31 – 60 days past due |  |  |  |  |  |  |  |  | 38.6 |  |  |  | 12.8 |  |  |  | 51.4 |
Greater than 60 days past due |  |  |  |  |  |  |  |  | 112.8 |  |  |  | 9.2 |  |  |  | 122.0 |
|  | $ | 4,947.3 |  |  | $ | 2,379.8 |  |  | $ | 10,924.3 |  |  | $ | 1,326.6 |  |  | $ | 19,578.0 |
|  | DEALER |  |  | CUSTOMER RETAIL |  |  |  |
|  |  |  |  |  |  |  |  |  |  | OWNER/ |  |  |  |
At December 31, 2024 |  | WHOLESALE |  |  | RETAIL |  |  | FLEET |  |  | OPERATOR |  |  | TOTAL |
Current and up to 30 days past due |  | $ | 4,942.1 |  |  | $ | 2,427.4 |  |  | $ | 10,462.5 |  |  | $ | 1,266.9 |  |  | $ | 19,098.9 |
31 – 60 days past due |  |  | 1.1 |  |  |  |  |  |  | 71.8 |  |  |  | 7.9 |  |  |  | 80.8 |
Greater than 60 days past due |  |  | .9 |  |  |  |  |  |  | 103.8 |  |  |  | 8.7 |  |  |  | 113.4 |
|  | $ | 4,944.1 |  |  | $ | 2,427.4 |  |  | $ | 10,638.1 |  |  | $ | 1,283.5 |  |  | $ | 19,293.1 |
The amortized cost basis of finance receivables that are on non-accrual status was as follows:
|  | DEALER |  | CUSTOMER RETAIL |  |  |  |
|  |  |  |  |  |  |  |  | OWNER/ |  |  |  |
At March 31, 2025 |  | WHOLESALE |  | RETAIL |  | FLEET |  |  | OPERATOR |  |  | TOTAL |
Amortized cost basis with a specific reserve |  |  |  |  |  | $ | 196.2 |  |  | $ | 6.2 |  |  | $ | 202.4 |
Amortized cost basis with no specific reserve |  |  |  |  |  |  | 95.1 |  |  |  | 1.0 |  |  |  | 96.1 |
Total |  |  |  |  |  | $ | 291.3 |  |  | $ | 7.2 |  |  | $ | 298.5 |
|  | DEALER |  | CUSTOMER RETAIL |  |  |  |
|  |  |  |  |  |  |  |  |  | OWNER/ |  |  |  |
At December 31, 2024 |  | WHOLESALE |  |  | RETAIL |  | FLEET |  |  | OPERATOR |  |  | TOTAL |
Amortized cost basis with a specific reserve |  |  |  |  |  |  | $ | 350.0 |  |  | $ | 5.5 |  |  | $ | 355.5 |
Amortized cost basis with no specific reserve |  | $ | .9 |  |  |  |  |  | 25.8 |  |  |  | 1.4 |  |  |  | 28.1 |
Total |  | $ | .9 |  |  |  |  | $ | 375.8 |  |  | $ | 6.9 |  |  | $ | 383.6 |
The decrease in amortized cost basis with a specific reserve and the increase in amortized cost basis with no specific reserve at March 31, 2025 are both primarily due to one large fleet customer in the U.S. The decrease in the total amortized cost basis of finance receivables that are on non-accrual status primarily reflected customers paying current and recognition of interest income resumed. Interest income recognized on a cash basis for finance receivables that are on non-accrual status was as follows:
Three Months Ended March 31, |  | 2025 |  |  | 2024 |
Customer retail: |  |  |  |  |  |
Fleet |  | $ | 4.6 |  |  | $ | 1.0 |
Owner/operator |  |  | .1 |  |  |  | .1 |
|  | $ | 4.7 |  |  | $ | 1.1 |
Customers Experiencing Financial Difficulty The Company modified $49.8 and $25.6 of finance receivables for customers experiencing financial difficulty during the first three months of 2025 and 2024, respectively. Generally, other than insignificant term extensions and payment delays are modifications extending terms and payment delays for more than three months. The amortized cost basis of finance receivables for other than insignificant term extensions and payment delays to customers in financial difficulty was as follows:
Three Months Ended March 31, |  | 2025 |  |  | 2024 |
Customer retail: |  |  |  |  |  |
Fleet |  | $ | 11.6 |  |  | $ | 5.1 |
Owner/operator |  |  | .1 |  |  |  | .1 |
|  | $ | 11.7 |  |  | $ | 5.2 |
Annualized % of total retail portfolio |  |  | .3 | % |  |  | .2 | %
The modifications granted customers additional time to pay. The financial effects of the term extensions added a weighted-average of 6 and 21 months to the life of the modified contracts for the three months ended March 31, 2025 and 2024, respectively. The effect of modifications is included in the Company's historical loss information used to determine the allowance for credit losses for the three months ended March 31, 2025 and 2024. For certain modifications to customers experiencing financial difficulties that are at-risk at March 31, 2025 and December 31, 2024, the allowance for credit loss is based on the value of underlying collateral or a discounted cash flow analysis. There were $1.5 finance receivables modified with customers experiencing financial difficulty during the previous twelve months that had a payment default in the three months ended March 31, 2025. There were $1.4 finance receivables modified with customers experiencing financial difficulty during the previous twelve months that had a payment default in the three months ended March 31, 2024. Repossessions When the Company determines a customer is not likely to meet its contractual commitments, the Company repossesses the vehicles which serve as collateral for the loans, finance leases and equipment under operating leases. The Company records the vehicles as used truck inventory included in Financial Services Other assets on the Consolidated Balance Sheets. The balance of repossessed inventory at March 31, 2025 and December 31, 2024 was $107.8 and $80.9, respectively. The increase is primarily due to one large fleet customer in the U.S. Proceeds from the sales of repossessed assets were $21.1 and $10.9 for the three months ended March 31, 2025 and 2024, respectively. These amounts are included in Proceeds from asset disposals in the Condensed Consolidated Statements of Cash Flows. Write-downs of repossessed equipment on operating leases are recorded as impairments and included in Financial Services Depreciation and other expenses on the Consolidated Statements of Comprehensive Income.

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- Definition The entire disclosure for financing receivable. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147481933/310-10-55-12A Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Subparagraph (a)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481962/310-10-50-42 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 44 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481962/310-10-50-44 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/310-10/tableOfContent Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 310 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/310-20/tableOfContent + Details
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