Paccar Financial 10-K 17 Feb 21 2020 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2020	Jan. 31, 2021	Jun. 30, 2020
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Trading Symbol	ck0000731288
Entity Registrant Name	PACCAR FINANCIAL CORP
Entity Central Index Key	0000731288
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		145,000
Entity Public Float			$ 0
Entity File Number	001-11677
Entity Incorporation, State or Country Code	WA
Entity Tax Identification Number	91-6029712
Entity Address, Address Line One	777 106th Avenue N.E.
Entity Address, City or Town	Bellevue
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	98004
City Area Code	425
Local Phone Number	468-7100
Title of 12(b) Security	Series O Medium-Term Notes$250.0 Million Due August 11, 2021
Security Exchange Name	NASDAQ
Document Annual Report	true
Document Transition Report	false
ICFR Auditor Attestation Flag	false
Documents Incorporated by Reference	THE REGISTRANT IS A WHOLLY OWNED SUBSIDIARY OF PACCAR INC AND MEETS THE CONDITIONS SET FORTH IN GENERAL INSTRUCTIONS (I) (1) (a) AND (b) OF FORM 10-K AND IS, THEREFORE, FILING THIS FORM WITH THE REDUCED DISCLOSURE FORMAT.

STATEMENTS OF INCOME

STATEMENTS OF INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
Interest and fee income	$ 329.3	$ 347.8	$ 277.2
Operating lease and rental revenues	369.8	389.9	406.9
Used truck sales and other revenues	47.1	24.3	23.4
TOTAL INTEREST AND OTHER REVENUES	746.2	762	707.5
Interest and other borrowing costs	164.3	179.7	138.5
Depreciation and other rental expenses	361.5	351.6	365.4
Cost of used truck sales and other expenses	43.9	17	17.8
Selling, general and administrative expenses	55	64.2	56.4
Provision for losses on receivables	15	11.7	8.6
TOTAL EXPENSES	639.7	624.2	586.7
INCOME BEFORE INCOME TAXES	106.5	137.8	120.8
Income taxes	25.7	34.6	28.3
NET INCOME	$ 80.8	$ 103.2	$ 92.5

STATEMENTS OF COMPREHENSIVE INC

STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 80.8	$ 103.2	$ 92.5
Unrealized (losses) income on derivative contracts
(Losses) income arising during the period	(27.2)	(16.2)	0.7
Tax effect	6.7	4	(0.2)
Reclassification adjustment	10.1	(1.3)	(2.7)
Tax effect	(2.5)	0.3	0.7
Net other comprehensive loss	(12.9)	(13.2)	(1.5)
Reclassification to retained earnings in accordance with ASU 2018-02			0.4
TOTAL COMPREHENSIVE INCOME	$ 67.9	$ 90	$ 91.4

BALANCE SHEETS

BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
ASSETS
Cash	$ 48	$ 53.3
Finance and other receivables, net of allowance for losses (2020 - $68.2 and 2019 - $60.7)	6,773.6	7,126.7
Due from PACCAR and affiliates	1,860.5	1,557.2
Equipment on operating leases, net of accumulated depreciation (2020 - $624.6 and 2019 - $605.9)	1,238.3	1,427.6
Other assets	290.1	276
TOTAL ASSETS	10,210.5	10,440.8
LIABILITIES
Accounts payable, accrued expenses and other	396.3	457.1
Due to PACCAR and affiliates	31	13.9
Commercial paper	1,305.9	1,975
Medium-term notes	5,990.8	5,535.2
Deferred taxes and other liabilities	649.7	694.2
TOTAL LIABILITIES	8,373.7	8,675.4
STOCKHOLDER'S EQUITY
Preferred stock, par value $100 per share, 6% noncumulative and nonvoting, 450,000 shares authorized, 310,000 shares issued and outstanding	31	31
Common Stock, par value $100 per share, 200,000 shares authorized, 145,000 shares issued and outstanding	14.5	14.5
Additional paid-in capital	147.9	140.9
Retained earnings	1,668.7	1,591.4
Accumulated other comprehensive loss	(25.3)	(12.4)
TOTAL STOCKHOLDER'S EQUITY	1,836.8	1,765.4
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY	$ 10,210.5	$ 10,440.8

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Statement Of Financial Position [Abstract]
Finance and other receivables, allowance for losses	$ 68.2	$ 60.7
Equipment on operating leases, accumulated depreciation	$ 624.6	$ 605.9
Preferred stock, par value	$ 100	$ 100
Preferred stock, noncumulative and nonvoting	6.00%	6.00%
Preferred stock, shares authorized	450,000	450,000
Preferred stock, shares issued	310,000	310,000
Preferred stock, shares outstanding	310,000	310,000
Common stock, par value	$ 100	$ 100
Common stock, shares authorized	200,000	200,000
Common stock, shares issued	145,000	145,000
Common stock, shares outstanding	145,000	145,000

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
OPERATING ACTIVITIES
Net income	$ 80.8	$ 103.2	$ 92.5
Items included in net income not affecting cash:
Depreciation and amortization	342.3	327.7	337
Provision for losses on receivables	15	11.7	8.6
Deferred taxes	(35.1)	50.6	36.2
Administrative fees for services from PACCAR	7	7	7.1
Change in tax-related balances with PACCAR	26.9	6.6	96.4
(Decrease) increase in payables and other	(113.8)	65.5	85.9
NET CASH PROVIDED BY OPERATING ACTIVITIES	323.1	572.3	663.7
INVESTING ACTIVITIES
Finance and other receivables originated	(2,469)	(2,593.4)	(2,318.8)
Collections on finance and other receivables	2,075.8	2,063.4	1,760.2
Net decrease (increase) in wholesale receivables	745.6	(587.7)	(265.2)
Loans to PACCAR and affiliates	(737)	(420)	(656)
Collections on loans from PACCAR and affiliates	442	477	225.5
Net increase in other receivables and leases to PACCAR and affiliates	(13.6)	(26)	(12.6)
Acquisition of equipment for operating leases	(324.5)	(523.8)	(398.6)
Proceeds from disposal of equipment	158.8	163.6	283.6
Other	20.6	(32.8)	(8.2)
NET CASH USED IN INVESTING ACTIVITIES	(101.3)	(1,479.7)	(1,390.1)
FINANCING ACTIVITIES
Net (decrease) increase in short-term commercial paper	(670.9)	243.2	295.1
Proceeds from medium-term notes and other commercial paper	1,622.3	2,042.7	1,743.4
Payments of medium-term notes and other commercial paper	(1,178.5)	(1,400)	(1,300)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES	(227.1)	885.9	738.5
NET (DECREASE) INCREASE IN CASH	(5.3)	(21.5)	12.1
CASH AT BEGINNING OF YEAR	53.3	74.8	62.7
CASH AT END OF YEAR	$ 48	$ 53.3	$ 74.8

STATEMENTS OF STOCKHOLDER'S EQU

STATEMENTS OF STOCKHOLDER'S EQUITY - USD ($) $ in Millions	Total	Preferred Stock	Common Stock	Additional Paid-in Capital	Retained Earnings	Retained EarningsCumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive (Loss) Income
Beginning balance at Dec. 31, 2017		$ 31	$ 14.5	$ 126.8	$ 1,396.1	$ (0.4)	$ 1.9
Investments from PACCAR				7.1
Net income	$ 92.5				92.5
Net unrealized loss							(1.5)
Reclassification from AOCI to retained earnings in accordance with ASU 2018-02	$ 0.4						0.4
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201802Member
Ending balance at Dec. 31, 2018	$ 1,668.4	31	14.5	133.9	1,488.2		0.8
Investments from PACCAR				7
Net income	103.2				103.2
Net unrealized loss							(13.2)
Ending balance at Dec. 31, 2019	1,765.4	31	14.5	140.9	1,591.4	$ (3.5)	(12.4)
Investments from PACCAR				7
Net income	$ 80.8				80.8
Net unrealized loss							(12.9)
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
Ending balance at Dec. 31, 2020	$ 1,836.8	$ 31	$ 14.5	$ 147.9	$ 1,668.7		$ (25.3)

STATEMENTS OF STOCKHOLDER'S E_2

STATEMENTS OF STOCKHOLDER'S EQUITY (Parenthetical) - $ / shares	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement Of Stockholders Equity [Abstract]
Preferred stock, par value	$ 100	$ 100	$ 100
Common Stock, par value	$ 100	$ 100	$ 100

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Significant Accounting Policies	NOTE A – SIGNIFICANT ACCOUNTING POLICIES Description of Operations and Basis of Presentation PACCAR Financial Corp. (the “Company”), is a wholly owned subsidiary of PACCAR Inc (“PACCAR”). The Company primarily provides financing of PACCAR manufactured trucks and related equipment sold by authorized dealers. The Company also finances dealer inventories of transportation equipment and franchises Kenworth and Peterbilt dealerships to engage in full-service and finance leasing. The operations of the Company are fundamentally affected by its relationship with PACCAR. Due to the nature of the Company’s business, customers are concentrated in the transportation industry throughout the United States. Generally, all receivables are collateralized by the equipment being financed. The risk of credit losses related to this concentration has been considered in establishing the allowance for credit losses. Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Finance and Other Receivables: Loans – Loans represent fixed or floating rate loans to customers or dealers collateralized by the vehicles purchased and are recorded at amortized cost. Finance leases – Finance leases represent equipment leases to retail customers and dealers. These leases are reported as the sum of minimum lease payments receivable and estimated residual value of the property subject to the contracts, reduced by unearned interest which is shown separately. Dealer wholesale financing – Dealer wholesale financing is floating-rate wholesale loans to Kenworth and Peterbilt dealers for new and used trucks and are recorded at amortized cost. The loans are collateralized by the trucks being financed. Operating lease receivables – Operating lease receivables and other include monthly rentals due on operating leases, unamortized loan and lease origination costs, interest on loans and other amounts due within one year in the normal course of business. 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 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. When the Company modifies a loan or finance lease for credit reasons and grants a concession, the modification is classified as a troubled debt restructuring (TDR). 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. When such modifications do occur, they are Prudential Regulator Guidance Concerning Troubled Debt Restructurings On average, modifications extended contractual terms by approximately three months in 20 20 and four months in 2019 and did not have a significant effect on the weighted average term or interest rate of the total portfolio at December 31, 20 20 or 201 9 . 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 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 36 to 60 months, 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 impairment. Finance receivables that are evaluated individually for impairment 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. A finance receivable is impaired if it is considered probable the Company will be unable to collect all contractual interest and principal payments as scheduled. In addition, all retail loans and leases which have been classified as TDRs and all customer accounts over 90 days past due are considered impaired. Generally, impaired accounts are on non-accrual status. Impaired accounts classified as TDRs 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. Impaired receivables are generally considered collateral dependent. Large balance retail and all wholesale impaired receivables are individually evaluated to determine the appropriate reserve for losses. The determination of reserves for large balance impaired receivables considers the fair value of the associated collateral. When the underlying collateral fair value exceeds the Company’s amortized cost basis, no reserve is recorded. Small balance impaired receivables with similar risk characteristics are evaluated as a separate pool to determine the appropriate reserve for losses using the historical loss information and economic forecasts discussed below. The Company evaluates finance receivables that are not individually impaired 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 information 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 of its portfolio 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 market 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. Revenue Recognition Interest income from finance and other receivables is recognized using the interest method. Certain loan and lease origination costs are deferred and amortized to interest income over the expected life of the contracts, generally 36 to 60 months, using the straight-line method which approximates the interest method. For operating leases, rental revenue is recognized on a straight-line basis over the lease term. Recognition of interest income and rental revenue is suspended (put on non-accrual status) when the receivable becomes more than 90 days past the contractual due date or earlier if some other event causes the Company to determine that collection is not probable. Accordingly, no finance receivables more than 90 days past due were accruing interest at December 31, 2020 or December 31, 2019. Recognition is resumed if the receivable becomes current by the payment of all amounts due under the terms of the existing contract and collection of remaining amounts is considered probable (if not contractually modified) or if the customer makes scheduled payments for three months and collection of remaining amounts is considered probable (if contractually modified). Payments received while the finance receivable is on non-accrual status are applied to interest and principal in accordance with the contractual terms. The Company recognizes revenue on the sale of used trucks acquired from PACCAR truck division customers as part of new truck sales packages when the used trucks are invoiced and delivered to a customer. Equipment on Operating Leases Equipment on operating leases is recorded at cost and is depreciated on the straight-line basis to its estimated residual value. Residual values are reviewed regularly and adjusted if market conditions warrant. Derivative Financial Instruments: As part of its risk management strategy, the Company enters into derivative contracts to hedge against interest-rate risk. Certain derivative instruments designated as either cash flow hedges or fair value hedges are subject to hedge accounting. Derivative instruments that are not subject to hedge accounting are held as economic hedges. The Company’s policies prohibit the use of derivatives for speculation or trading. At the inception of each hedge relationship, the Company documents its risk management objectives, procedures and accounting treatment. All of the Company’s interest-rate contracts are transacted under International Swaps and Derivatives Association (ISDA) master agreements. Each agreement permits the net settlement of amounts owed in the event of default and certain other termination events. The Company has elected not to offset derivative positions in the balance sheet with the same counterparty under the same agreements and is not required to post or receive collateral. Exposure limits and minimum credit ratings are used to minimize the risks of counterparty default. The Company’s maximum exposure to potential default of its swap counterparties is limited to the asset position of its swap portfolio. The asset position of the Company’s swap portfolio was $1.6 at December 31, 2020. The Company uses regression analysis to assess effectiveness of interest-rate contracts at inception and uses quantitative or qualitative analysis to assess subsequent effectiveness on a quarterly basis. All components of the derivative instrument’s gain or loss are included in the assessment of hedge effectiveness. Hedge accounting is discontinued prospectively when the Company determines that a derivative financial instrument has ceased to be a highly effective hedge. Cash flows from derivative instruments are included in operating activities in the Statements of Cash Flows. Income Taxes The Company is included in the consolidated federal income tax return of PACCAR. Federal income taxes for the Company are determined on a separate return basis, and any related tax liability is paid by the Company to PACCAR and any related tax benefit is paid by PACCAR to the Company. State income taxes, where the Company files combined tax returns with PACCAR, are determined on a blended statutory rate, which is substantially the same as the rate computed on a separate return basis. As of December 31, 2020, the United States Internal Revenue Service has completed examinations of PACCAR’s tax returns for all years through 2014. PACCAR’s tax returns remain subject to examination in other jurisdictions for the years ranging from 2013 through 2019. Preferred Stock The Company’s Articles of Incorporation provide that the 6%, noncumulative, nonvoting preferred stock (100% owned by PACCAR) is redeemable only at the option of the Company’s Board of Directors. New Accounting Pronouncements: In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments The cumulative effect of the changes made to the Company’s Balance Sheet on January 1, 2020 for the adoption of ASU 2016-13 was as follows: BALANCE AT DECEMBER 31, 2019 CHANGE DUE TO NEW STANDARD BALANCE AT JANUARY 1, 2020 BALANCE SHEETS ASSETS Finance and other receivables, net of allowance for credit losses $ 7,126.7 $ (4.7 ) $ 7,122.0 LIABILITIES Deferred taxes and other liabilities $ 694.2 $ (1.2 ) $ 693.0 STOCKHOLDER'S EQUITY Retained earnings $ 1,591.4 $ (3.5 ) $ 1,587.9 In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting The Company adopted the following standards on January 1, 2020, which had no material impact on the Company’s financial statements. STANDARD DESCRIPTION 2018-13 Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. 2018-15 Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. 2019-12 Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.

Finance and Other Receivables

Finance and Other Receivables	12 Months Ended
	Dec. 31, 2020
Receivables [Abstract]
Finance and Other Receivables	NOTE B – FINANCE AND OTHER RECEIVABLES The Company’s finance and other receivables include the following: December 31 December 31 2020 2019 Retail loans $ 4,133.1 $ 3,774.3 Retail financing leases 1,489.3 1,492.7 Dealer wholesale financing 1,021.1 1,766.7 Dealer master notes 131.1 88.7 Operating lease receivables and other 67.2 65.0 6,841.8 7,187.4 Less allowance for credit losses: Loans and leases (65.2 ) (57.0 ) Dealer wholesale financing (1.3 ) (1.9 ) Operating lease receivables and other (1.7 ) (1.8 ) $ 6,773.6 $ 7,126.7 Annual minimum payments due on loans and finance leases and a reconciliation of the undiscounted cash flows to the amortized cost basis of finance leases are as follows: Loans Finance Leases 2021 $ 1,218.9 $ 474.1 2022 1,044.0 359.7 2023 900.2 316.7 2024 696.4 215.1 2025 297.4 128.6 Thereafter 107.3 72.2 $ 4,264.2 1,566.4 Unguaranteed residual values 66.4 Unearned interest on finance leases (143.5 ) Amortized cost basis of finance leases $ 1,489.3 Included in Finance and other receivables, net of allowance for credit losses, on the Balance Sheets is accrued interest receivable, net of allowance for credit losses, of $13.3 and $18.3 as of December 31, 2020 and 2019, respectively. Interest income recognized on finance leases was $65.1 and $64.5 for the years ended December 31, 2020 and 2019, respectively. Estimated residual values included with finance leases amounted to $66.4 in 2020 and $70.8 in 2019. Experience indicates substantially all of dealer wholesale financing will be repaid within one year. In addition, collection experience indicates that some loans, leases and other finance receivables will be paid prior to contract maturity, while other may be extended or modified. 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 retail accounts of customers operating more than five 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. Allowance for Credit Losses The allowance for credit losses is summarized as follows: 2020 Dealer Customer Wholesale Retail Retail Other* Total** Balance at January 1 $ 1.9 $ 7.9 $ 53.7 $ 1.9 $ 65.4 (Benefit) provision for losses (.6 ) (.4 ) 15.9 .1 15.0 Charge-offs (13.5 ) (.5 ) (14.0 ) Recoveries 1.6 .2 1.8 Balance at December 31 $ 1.3 $ 7.5 $ 57.7 $ 1.7 $ 68.2 2019 Dealer Customer Wholesale Retail Retail Other* Total Balance at January 1 $ 3.1 $ 8.4 $ 47.7 $ 1.5 $ 60.7 (Benefit) provision for losses (.8 ) (.5 ) 10.3 2.7 11.7 Charge-offs (.4 ) (11.1 ) (2.4 ) (13.9 ) Recoveries 2.2 2.2 Balance at December 31 $ 1.9 $ 7.9 $ 49.1 $ 1.8 $ 60.7 2018 Dealer Customer Wholesale Retail Retail Other* Total Balance at January 1 $ 2.4 $ 7.9 $ 46.9 $ 1.2 $ 58.4 Provision for losses .7 .5 6.2 1.2 8.6 Charge-offs (7.9 ) (.9 ) (8.8 ) Recoveries 2.5 2.5 Balance at December 31 $ 3.1 $ 8.4 $ 47.7 $ 1.5 $ 60.7 * Operating lease and other trade receivables. ** The beginning balance has been adjusted for the adoption of ASU 2016-13. Information regarding finance receivables evaluated and the associated allowances determined individually and collectively is as follows: Dealer Customer At December 31, 2020 Wholesale Retail Retail Total Amortized cost basis for impaired finance receivables evaluated individually $ 37.1 $ 37.1 Allowance for impaired finance receivables determined individually $ 1.2 $ 1.2 Amortized cost basis for finance receivables evaluated collectively $ 1,021.1 $ 1,461.3 $ 4,255.1 $ 6,737.5 Allowance for finance receivables determined collectively $ 1.3 $ 7.5 $ 56.5 $ 65.3 Dealer Customer At December 31, 2019 Wholesale Retail Retail Total Amortized cost basis for impaired finance receivables evaluated individually $ 25.2 $ 25.2 Allowance for impaired finance receivables determined individually $ 2.3 $ 2.3 Amortized cost basis for finance receivables evaluated collectively $ 1,766.7 $ 1,411.4 $ 3,919.1 $ 7,097.2 Allowance for finance receivables determined collectively $ 1.9 $ 7.9 $ 46.8 $ 56.6 The amortized cost basis for finance receivables that are on non-accrual status is as follows: December 31 December 31 2020 2019 Fleet $ 35.1 $ 21.8 Owner/Operator 2.0 3.4 $ 37.1 $ 25.2 Impaired Loans Impaired loans are summarized below. The impaired loans with a specific reserve represent the unpaid principal balance. The amortized cost basis of impaired loans as of December 31, 2020 and 2019 was not significantly different than the unpaid principal balance. Dealer Customer Retail Owner/ At December 31, 2020 Wholesale Retail Fleet Operator Total Impaired loans with a specific reserve $ 13.1 $ 1.9 $ 15.0 Associated allowance (.6 ) (.3 ) (.9 ) Net carrying amount of impaired loans with a specific reserve 12.5 1.6 14.1 Impaired loans with no specific reserve .1 .1 Net carrying amount of impaired loans $ 12.5 $ 1.7 $ 14.2 Average amortized cost basis for impaired loans $ 19.4 $ 2.5 $ 21.9 Dealer Customer Retail Owner/ At December 31, 2019 Wholesale Retail Fleet Operator Total Impaired loans with a specific reserve $ 4.6 $ 2.9 $ 7.5 Associated allowance (.9 ) (.6 ) (1.5 ) Net carrying amount of impaired loans with a specific reserve 3.7 2.3 6.0 Impaired loans with no specific reserve 6.7 .4 7.1 Net carrying amount of impaired loans $ 10.4 $ 2.7 $ 13.1 Average amortized cost basis for impaired loans $ 4.9 $ 9.3 $ 2.9 $ 17.1 During the period the loans above were considered impaired, interest income recognized on a cash basis was as follows: 2020 2019 2018 Fleet $ 1.2 $ .6 $ 1.1 Owner/Operator .2 .2 .2 $ 1.4 $ .8 $ 1.3 Credit Quality The Company’s customers are principally concentrated in the transportation industry in the United States. The Company’s portfolio assets are diversified over a large number of customers and dealers with no single customer or dealer balances representing over 10% of the total portfolio assets as of December 31, 2020 and 2019. The Company retains as collateral a security interest in the related equipment. There is no single customer or dealer representing over 10% of Interest and other revenues for the years ended December 31, 2020, 2019 and 2018. 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 impaired. At-risk accounts are accounts that are impaired, including TDRs, accounts over 90 days past due and other accounts on non-accrual status. The tables below summarizes the amortized cost basis of the Company’s finance receivables by credit quality indicator by year of origination and portfolio class. At December31, 2020 Revolving Loans 2020 2019 2018 2017 2016 Prior Total Dealer: Wholesale: Performing $ 1,013.6 $ 1,013.6 Watch 7.5 7.5 At-risk $ 1,021.1 $ 1,021.1 Retail: Performing $ 20.7 $ 435.7 $ 417.3 $ 211.5 $ 149.4 $ 84.4 $ 120.7 $ 1,439.7 Watch 5.2 10.5 4.5 1.4 21.6 At-risk $ 20.7 $ 440.9 $ 427.8 $ 216.0 $ 150.8 $ 84.4 $ 120.7 $ 1,461.3 Total Dealer $ 1,041.8 $ 440.9 $ 427.8 $ 216.0 $ 150.8 $ 84.4 $ 120.7 $ 2,482.4 Customer Retail: Fleet: Performing $ 1,520.9 $ 1,066.6 $ 607.0 $ 255.8 $ 132.0 $ 39.9 $ 3,622.2 Watch 7.2 10.9 5.1 3.1 .2 1.0 27.5 At-risk .2 15.3 9.9 8.0 1.1 .6 35.1 $ 1,528.3 $ 1,092.8 $ 622.0 $ 266.9 $ 133.3 $ 41.5 $ 3,684.8 Owner/Operator: Performing $ 285.1 $ 166.6 $ 91.1 $ 39.3 $ 18.3 $ 4.5 $ 604.9 Watch .1 .2 .2 .5 At-risk .1 .5 .8 .1 .2 .3 2.0 $ 285.3 $ 167.3 $ 92.1 $ 39.4 $ 18.5 $ 4.8 $ 607.4 Total Customer Retail $ 1,813.6 $ 1,260.1 $ 714.1 $ 306.3 $ 151.8 $ 46.3 $ 4,292.2 Total $ 1,041.8 $ 2,254.5 $ 1,687.9 $ 930.1 $ 457.1 $ 236.2 $ 167.0 $ 6,774.6 The tables below summarize the amortized cost basis of 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 December 31, 2020 Wholesale Retail Fleet Operator Total Current and up to 30 days past-due $ 1,021.1 $ 1,461.3 $ 3,681.9 $ 606.0 $ 6,770.3 31 – 60 days past-due .2 .9 1.1 Greater than 60 days past-due 2.7 .5 3.2 $ 1,021.1 $ 1,461.3 $ 3,684.8 $ 607.4 $ 6,774.6 Dealer Customer Retail Owner/ At December 31, 2019 Wholesale Retail Fleet Operator Total Current and up to 30 days past-due $ 1,766.7 $ 1,411.4 $ 3,425.2 $ 496.2 $ 7,099.5 31 – 60 days past-due 10.4 2.5 12.9 Greater than 60 days past-due 9.0 1.0 10.0 $ 1,766.7 $ 1,411.4 $ 3,444.6 $ 499.7 $ 7,122.4 Troubled Debt Restructurings The balance of TDRs was $32.5 and $3.2 at December 31, 2020 and 2019, respectively. At modification date, the pre- and post-modification amortized cost basis balances for finance receivables modified during the period by portfolio class are as follows: 2020 2019 Amortized cost basis Amortized cost basis Pre-Modification Post-Modification Pre-Modification Post-Modification Fleet $ 42.8 $ 42.8 $ 1.2 $ 1.2 Owner/Operator .7 .7 .1 .1 $ 43.5 $ 43.5 $ 1.3 $ 1.3 The effect on the allowance for credit losses from such modifications was not significant at December 31, 2020 and 2019. There were $2.0 and nil of finance receivables modified as TDRs during the previous twelve months that subsequently defaulted (i.e., became more than 30 days past due) in 2020 and 2019, respectively. The $2.0 represented one fleet customer that was charged off in the twelve months ended December 31, 2020. The TDRs that subsequently defaulted during 2020 did not significantly impact the Company’s allowance for credit losses at December 31, 2020. Repossessions When the Company determines that a customer is not likely to meet its contractual commitments, the Company repossesses the vehicles which serve as collateral for loans, finance leases and equipment under operating leases. The Company records the vehicles as used truck inventory included in Other assets on the Balance Sheets. The balance of repossessed units at December 31, 2020 and 2019 was $10.9 and $7.8, respectively. Proceeds from the sales of repossessed assets were $28.7, $19.6 and $18.8 for the years ended December 31, 2020, 2019 and 2018, respectively. These amounts are included in Proceeds from disposal of equipment on the Statements of Cash Flows. Write-downs of repossessed equipment under operating leases are recorded as impairments and included in Depreciation and other rental expenses on the Statements of Income.

Equipment On Operating Leases

Equipment On Operating Leases	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Equipment On Operating Leases	NOTE C – EQUIPMENT ON OPERATING LEASES Terms of operating leases at origination and the related depreciation, generally range from three to five years. The total future annual minimum rental payments to be received for equipment on non-cancelable operating leases beginning January 1, 2021 of $672.2 are due as follows: $281.7 in 2021, $206.1 in 2022, $123.5 in 2023, $49.5 in 2024 and $11.4 in 2025 and thereafter. Depreciation expense related to equipment on operating leases was $325.5, $311.2 and $319.7 in 2020, 2019 and 2018, respectively. Substantially all equipment on operating leases is manufactured by PACCAR.

Transactions with PACCAR and Af

Transactions with PACCAR and Affiliates	12 Months Ended
	Dec. 31, 2020
Related Party Transactions [Abstract]
Transactions with PACCAR and Affiliates	NOTE D – TRANSACTIONS WITH PACCAR AND AFFILIATES The Company and PACCAR are parties to a Support Agreement that obligates PACCAR to provide, when required, financial assistance to the Company to ensure that the Company maintains a ratio of earnings to fixed charges (as defined in the Support Agreement) of at least 1.25 to 1 for any fiscal year. The required ratio for the years ended December 31, 2020, 2019 and 2018 was met without assistance. The Support Agreement also requires PACCAR to own, directly or indirectly, all outstanding voting stock of the Company. Periodically, the Company makes loans to, borrows from and has intercompany transactions with PACCAR. In addition, the Company periodically loans funds to certain foreign finance and leasing affiliates of PACCAR. These affiliates have Support Agreements with PACCAR, similar to the Company’s Support Agreement with PACCAR. The foreign affiliates operate in the United Kingdom, the Netherlands, Mexico, Canada, Australia and Brasil. Loans to these foreign affiliates during 2020 and 2019 were denominated in United States dollars. The foreign affiliates primarily provide financing and leasing of PACCAR manufactured trucks and related equipment sold through the DAF, Kenworth, and Peterbilt independent dealer networks in Europe, Mexico, Canada, Australia and Brasil. The Company will not make loans to the foreign affiliates in excess of the equivalent of $750.0 U.S. dollars, unless the amount in excess of such limit is guaranteed by PACCAR. The Company periodically reviews the funding alternatives for these affiliates, and these limits may be revised in the future. Amounts outstanding at December 31, 2020 and 2019, including balances with foreign finance affiliates operating in the United Kingdom, the Netherlands, Mexico, Canada, Australia and Brasil, are summarized below: December 31 December 31 2020 2019 Due from PACCAR and affiliates Loans due from PACCAR $ 1,151.6 $ 861.0 Loans due from foreign finance affiliates 669.5 651.5 Tax-related receivable due from PACCAR 16.5 Receivables 39.4 28.2 $ 1,860.5 $ 1,557.2 Due to PACCAR and affiliates Tax-related payable due to PACCAR $ 10.4 Payables 20.6 $ 13.9 $ 31.0 $ 13.9 The Company is included in the consolidated federal income tax return of PACCAR. The tax-related receivable due from PACCAR and the tax-related payable due to PACCAR represent the related tax benefit or provision to be settled with PACCAR. PACCAR has issued letters of credit as of December 31, 2020 in the amount of $.7 on behalf of the Company to guarantee funds for payment to insured franchisees and customers for any future insurance losses. PACCAR charges the Company for certain administrative services it provides. These costs were charged to the Company based upon the Company’s use of the services and PACCAR’s cost. Fees for the services were $7.0 in both 2020 and 2019 and $7.1 in 2018 and are included in Additional paid-in capital. The Company’s principal office is located in the corporate headquarters building of PACCAR (owned by PACCAR). The Company also leases office space from one facility owned by PACCAR and four facilities leased by PACCAR. Lease payments for the use of these facilities are included in the above-mentioned administrative services charged by PACCAR. The Company’s employees and PACCAR employees are covered by a defined benefit pension plan sponsored by PACCAR. The assets and liabilities of the plan are reflected on the balance sheets of PACCAR. PACCAR contributes to the plan and allocates the expenses to the Company based principally on the number of eligible plan participants. Expenses for the defined benefit pension plan were $ 3.5 , $ and $ for the years 20 20 , 201 9 and 201 8 , respectively, and are included in Selling, general and administrative expenses . The Company’s employees and PACCAR employees are also covered by a defined contribution plan, sponsored by PACCAR. Expenses are based on the actual contribution made on the behalf of participating employees. Expenses incurred by the Company for the defined contribution plan were $1.9 in both 2020 and 2019 and $1.6 in 2018 and are included in Selling, general and administrative expenses.

Stockholder's Equity

Stockholder's Equity	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Stockholder's Equity	NOTE E – STOCKHOLDER’S EQUITY Accumulated other comprehensive income (loss) (AOCI) of $(25.3) and $(12.4) at December 31, 2020 and 2019, respectively, is comprised of the unrealized net (loss) gain on derivative contracts, net of taxes. Changes in and reclassifications out of AOCI during 2020, 2019 and 2018 are as follows: 2020 2019 2018 Balance at beginning of year $ (12.4 ) $ .8 $ 1.9 Amounts recorded in AOCI Unrealized (loss) gain on derivative contracts (27.2 ) (16.2 ) .7 Income tax effect 6.7 4.0 (.2 ) Amounts reclassified out of AOCI Interest and other borrowing costs 10.1 (1.3 ) (2.7 ) Income taxes (2.5 ) .3 .7 Net other comprehensive loss (12.9 ) (13.2 ) (1.5 ) Reclassification to retained earnings in accordance with ASU 2018-02 .4 Balance at end of year $ (25.3 ) $ (12.4 ) $ .8

Derivative Financial Instrument

Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	NOTE F – DERIVATIVE FINANCIAL INSTRUMENTS Interest-rate contracts involve the exchange of fixed for floating rate or floating for fixed rate interest payments based on the contractual notional amounts in a single currency. The Company is exposed to interest-rate risk caused by market volatility as a result of its borrowing activities. The objective of these contracts is to mitigate the fluctuations on earnings, cash flows and fair value of borrowings. Net amounts paid or received are reflected as adjustments to interest expense. At December 31, 2020, the notional amount of these contracts totaled $924.9 with amounts expiring over the next 7.5 years. Notional maturities for all interest-rate contracts are $327.1 for 2021, $399.6 for 2022, $31.5 for 2023, $67.6 for 2024, nil The following table presents the balance sheet classification, fair value and gross and net amounts of derivative financial instruments: As of December 31 2020 2019 Interest-rate contracts: Assets Liabilities Assets Liabilities Other assets $ 1.6 $ 1.8 Accounts payable, accrued expenses and other $ 30.4 $ 12.7 Gross amounts recognized in Balance Sheets 1.6 30.4 1.8 12.7 Less amounts not offset in financial instruments (1.1 ) (1.1 ) (.9 ) (.9 ) Pro forma net amount $ .5 $ 29.3 $ .9 $ 11.8 Cash Flow Hedges Certain of the Company’s interest-rate contracts have been designated as cash flow hedges. Changes in the fair value of derivatives designated as cash flow hedges are recorded in Accumulated Other Comprehensive Income (AOCI). The maximum length of time over which the Company is hedging its exposure to the variability in future cash flows is 7.5 years. Amounts in AOCI are reclassified into net income in the same period in which the hedged transaction affects earnings and are presented in the same income statement line as the earnings effect of the hedged transaction. The amount of loss recorded in AOCI at December 31, 2020 that is estimated to be reclassified to interest expense in the following 12 months if interest rates remain unchanged is approximately $10.0, net of taxes. The fixed interest earned on finance receivables will offset the amount recognized in interest expense, resulting in a stable interest margin consistent with the Company’s interest-rate risk management strategy. Fair Value Hedges Changes in the fair value of derivatives designated as fair value hedges are recorded in earnings together with the changes in fair value of the hedged item attributable to the risk being hedged. The following table presents the amounts recorded on the Balance Sheets related to cumulative basis adjustments for fair value hedges: December 31 December 31 2020 2019 Medium-term notes Carrying amount of hedged liabilities $ 90.9 $ 90.5 Cumulative basis adjustment included in the carrying amount .9 .5 The above table excludes the cumulative basis adjustments on discontinued hedge relationships of $(.4) and $(1.5) as of December 31, 2020 and 2019, respectively. The following table presents the amount of (income) expense on cash flow and fair value hedges recognized in Interest and other borrowing costs on the Statements of Income: As of December 31 2020 2019 (Gain) loss on fair value hedges Derivatives $ (.3 ) $ (1.9 ) Hedged items 1.4 3.3 Loss (gain) on cash flow hedges Reclassified from AOCI into income 10.1 (1.3 ) $ 11.2 $ .1

Borrowings

Borrowings	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Borrowings	NOTE G – BORROWINGS The carrying amounts of borrowings are summarized as follows: As of December 31 2020 2019 Effective Effective Rate Borrowings Rate Borrowings Commercial paper .6 % $ 1,305.9 1.8 % $ 1,975.0 Medium-term notes 2.2 % 5,990.8 2.5 % 5,535.2 1.9 % $ 7,296.7 2.3 % $ 7,510.2 Commercial paper and medium-term notes borrowings were $7,296.7 and $7,510.2 at December 31, 2020 and 2019, respectively. Unamortized debt issuance costs, unamortized discounts and the net effect of fair value hedges were $(9.4) and $(16.8) at December 31, 2020 and 2019, respectively. The effective rate is the weighted average rate as of December 31, 2020 and includes the effects of interest-rate swap agreements. The annual principal maturities of the borrowings are as follows: Commercial Term Paper Notes Total 2021 $ 1,306.1 $ 1,800.0 $ 3,106.1 2022 1,750.0 1,750.0 2023 1,750.0 1,750.0 2024 300.0 300.0 2025 400.0 400.0 $ 1,306.1 $ 6,000.0 $ 7,306.1 Interest expense on borrowings amounted to $153.0, $168.8 and $127.5 for 2020, 2019 and 2018, respectively. Interest paid on borrowings was $145.8, $164.2 and $118.0 in 2020, 2019 and 2018, respectively. In November 2018, the Company filed a shelf registration statement under the Securities Act of 1933. In February 2021, the Company issued $400.0 of medium-term notes under this registration. The registration expires in November 2021 and does not limit the principal amount of debt securities that may be issued during the period. The Company intends to renew the registration prior to its expiration. See “Note D – Transactions with PACCAR and Affiliates” for discussion of borrowings from PACCAR.

Credit Arrangements

Credit Arrangements	12 Months Ended
	Dec. 31, 2020
Text Block [Abstract]
Credit Arrangements	NOTE H – CREDIT ARRANGEMENTS The Company participated with PACCAR and certain other PACCAR affiliates in committed bank facilities of $3,000.0 at December 31, 2020. Of this amount, $1,000.0 expires in June 2021, $1,000.0 expires in June 2023 and $1,000.0 expires in June 2024. PACCAR and the Company intend to replace these credit facilities on or before expiration with facilities of similar amounts and duration. Of the $3,000.0 credit facilities, $2,087.0 is available for use by the Company and/or PACCAR and/or PACCAR Financial Europe. The remaining $913.0 is allocated to PACCAR and other non-U.S. PACCAR financial subsidiaries. These credit facilities are used to provide backup liquidity for the Company’s commercial paper and maturing medium-term notes. The Company is liable only for its own borrowings under these credit facilities. There were no borrowings under these credit facilities in 2020.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	NOTE I – INCOME TAXES The Company’s effective income tax rate was 24.1% for 2020 compared to 25.1% for 2019, reflecting lower state tax expense in 2020 compared to 2019. The components of the Company’s provision for income taxes include the following: Year ended December 31 2020 2019 2018 Current provision (benefit) Federal $ 54.7 $ (26.0 ) $ (8.1 ) State 6.1 10.0 .2 60.8 (16.0 ) (7.9 ) Deferred (benefit) provision Federal (33.3 ) 53.5 33.5 State (1.8 ) (2.9 ) 2.7 (35.1 ) 50.6 36.2 Total provision for income taxes $ 25.7 $ 34.6 $ 28.3 A reconciliation of the statutory U.S. federal tax rate to the effective income tax rate is as follows: Year ended December 31 2020 2019 2018 Statutory rate 21.0 % 21.0 % 21.0 % Effect of state 3.1 % 4.1 % 2.4 % 24.1 % 25.1 % 23.4 % Cash paid for income taxes was nil, $2.6 and $4.1 in 2020, 2019 and 2018, respectively. The tax effects of temporary differences representing deferred tax assets and liabilities are as follows: December 31 December 31 2020 2019 Deferred tax assets: Allowance for losses on receivables $ 16.7 $ 15.0 Derivative liability 7.2 2.2 Other 11.0 11.6 Deferred tax liabilities: Depreciation (674.3 ) (708.7 ) Net deferred tax liability $ (639.4 ) $ (679.9 )

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	NOTE J – FAIR VALUE MEASUREMENTS Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Inputs to valuation techniques used to measure fair value are either observable or unobservable. These inputs have been categorized into the fair value hierarchy described below: Level 1 – Valuations are based on quoted prices that the Company has the ability to obtain in actively traded markets for identical assets or liabilities. Since valuations are based on quoted prices that are readily and regularly available in an active market or exchange traded market, valuation of these instruments does not require a significant degree of judgment. Level 2 – Valuations are based on quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. Level 3 – Valuations are based on model-based techniques for which some or all of the assumptions are obtained from indirect market information that is significant to the overall fair value measurement and which require a significant degree of management judgment. There were no transfers of assets or liabilities between Level 1 and Level 2 of the fair value hierarchy during the year ended December 31, 2020. The Company’s policy is to recognize transfers between levels at the end of the reporting period. Assets and Liabilities Subject to Non-recurring and Recurring Fair Value Measurement Impaired loans and used trucks held for sale are measured on a non-recurring basis. Derivative contracts are measured on a recurring basis. The Company’s assets and liabilities subject to fair value measurements are as follows: December 31 December 31 Level 2 2020 2019 Assets: Impaired loans, net of specific reserves (2020 - $.1 and 2019 - nil) $ 1.9 Used trucks held for sale 112.3 $ 121.9 Derivative contracts 1.6 1.8 Liabilities: Derivative contracts $ 30.4 $ 12.7 The Company uses the following methods and assumptions to measure fair value for assets and liabilities subject to non-recurring and recurring fair value measurements: Impaired Loans: Impaired loans that are individually evaluated are generally considered collateral dependent. Accordingly, the evaluation of individual reserves on such loans considers the fair value of the associated collateral (estimated sales proceeds less the costs to sell). Used Trucks Held for Sale: The carrying amount of used trucks held for sale is written down as necessary to reflect the fair value less costs to sell. The Company determines the fair value of used trucks from a pricing matrix, which is based on the market approach. The significant observable inputs into the valuation model are recent sales prices of comparable units sold individually, which is the lowest unit of account, and the condition of the vehicles. Used truck impairments related to units held at December 31, 2020 and 2019 were $24.2 and $19.9 during 2020 and 2019, respectively. These assets, which are shown in the above table when they are written down to fair value less costs to sell, are categorized as Level 2 and are included in Other assets on the Balance Sheets. Derivative Financial Instruments: The Company’s derivative financial instruments consist of interest-rate swaps and are carried at fair value. These derivative contracts are traded over the counter and their fair value is determined using industry standard valuation models, which are based on the income approach (i.e., discounted cash flows). The significant observable inputs into the valuation models include interest rates, yield curves and credit default swap spreads. These contracts are categorized as Level 2 and are included in Other assets and Accounts payable, accrued expenses and other on the Balance Sheets. Fair Value Disclosure of Other Financial Instruments For financial instruments that are not recognized at fair value, the Company uses the following methods and assumptions to determine the fair value. These instruments are categorized as Level 2, except cash which is categorized as Level 1 and fixed rate loans which are categorized as Level 3. Cash: Carrying amounts approximate fair value. Net Receivables: For floating rate loans, dealer wholesale financings and operating lease and other trade receivables, carrying values approximate fair values. For fixed rate loans, fair values are estimated using the income approach by discounting cash flows to their present value based on assumptions regarding credit and liquidity risks to approximate current rates for comparable loans. Finance lease receivables and related allowance for credit losses have been excluded from the accompanying table. Commercial Paper and Medium-Term Notes: The carrying amounts of the Company’s commercial paper and variable medium-term notes approximate fair value. For fixed rate debt, fair values are estimated using the income approach by discounting cash flows to their present value based on current rates for comparable debt. The Company’s estimate of fair value for fixed rate loans and debt that are not carried at fair value was as follows: December 31 December 31 2020 2019 Carrying Fair Carrying Fair Amount Value Amount Value Assets: Due from PACCAR $ 1,061.0 $ 1,090.9 $ 821.0 $ 833.9 Due from foreign finance affiliates 490.0 496.0 450.0 458.1 Fixed rate loans 3,961.0 4,051.5 3,667.8 3,725.8 Liabilities: Fixed rate debt $ 5,402.4 $ 5,548.9 $ 4,797.1 $ 4,848.3

Quarterly Results

Quarterly Results	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Quarterly Results	NOTE K – QUARTERLY RESULTS (UNAUDITED) QUARTER First Second Third Fourth 2020 Interest and other revenues $ 192.5 $ 181.3 $ 187.9 $ 184.5 Income before income taxes 23.7 27.0 26.2 29.6 Net income 17.9 20.4 19.8 22.7 2019 Interest and other revenues $ 184.0 $ 189.1 $ 191.9 $ 197.0 Income before income taxes 38.8 39.5 29.5 30.0 Net income 29.6 29.3 21.4 22.9

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE L – COMMITMENTS AND CONTINGENCIES The Company is a party to various routine legal proceedings incidental to its business involving the collection of accounts and other matters. The Company believes that any reasonably possible range of losses with respect to these matters in addition to amounts accrued is not material to the Company’s financial statements. At December 31, 2020, the Company has loan and lease commitments of $403.2 expiring within one year. These commitments represent commitments to fund new retail loan and lease contracts.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Description of Operations and Basis of Presentation	Description of Operations and Basis of Presentation PACCAR Financial Corp. (the “Company”), is a wholly owned subsidiary of PACCAR Inc (“PACCAR”). The Company primarily provides financing of PACCAR manufactured trucks and related equipment sold by authorized dealers. The Company also finances dealer inventories of transportation equipment and franchises Kenworth and Peterbilt dealerships to engage in full-service and finance leasing. The operations of the Company are fundamentally affected by its relationship with PACCAR. Due to the nature of the Company’s business, customers are concentrated in the transportation industry throughout the United States. Generally, all receivables are collateralized by the equipment being financed. The risk of credit losses related to this concentration has been considered in establishing the allowance for credit losses.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Finance and Other Receivables	Finance and Other Receivables: Loans – Loans represent fixed or floating rate loans to customers or dealers collateralized by the vehicles purchased and are recorded at amortized cost. Finance leases – Finance leases represent equipment leases to retail customers and dealers. These leases are reported as the sum of minimum lease payments receivable and estimated residual value of the property subject to the contracts, reduced by unearned interest which is shown separately. Dealer wholesale financing – Dealer wholesale financing is floating-rate wholesale loans to Kenworth and Peterbilt dealers for new and used trucks and are recorded at amortized cost. The loans are collateralized by the trucks being financed. Operating lease receivables – Operating lease receivables and other include monthly rentals due on operating leases, unamortized loan and lease origination costs, interest on loans and other amounts due within one year in the normal course of business.
Allowance for Credit Losses	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 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. When the Company modifies a loan or finance lease for credit reasons and grants a concession, the modification is classified as a troubled debt restructuring (TDR). 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. When such modifications do occur, they are Prudential Regulator Guidance Concerning Troubled Debt Restructurings On average, modifications extended contractual terms by approximately three months in 20 20 and four months in 2019 and did not have a significant effect on the weighted average term or interest rate of the total portfolio at December 31, 20 20 or 201 9 . 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 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 36 to 60 months, 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 impairment. Finance receivables that are evaluated individually for impairment 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. A finance receivable is impaired if it is considered probable the Company will be unable to collect all contractual interest and principal payments as scheduled. In addition, all retail loans and leases which have been classified as TDRs and all customer accounts over 90 days past due are considered impaired. Generally, impaired accounts are on non-accrual status. Impaired accounts classified as TDRs 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. Impaired receivables are generally considered collateral dependent. Large balance retail and all wholesale impaired receivables are individually evaluated to determine the appropriate reserve for losses. The determination of reserves for large balance impaired receivables considers the fair value of the associated collateral. When the underlying collateral fair value exceeds the Company’s amortized cost basis, no reserve is recorded. Small balance impaired receivables with similar risk characteristics are evaluated as a separate pool to determine the appropriate reserve for losses using the historical loss information and economic forecasts discussed below. The Company evaluates finance receivables that are not individually impaired 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 information 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 of its portfolio 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 market 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.
Revenue Recognition	Revenue Recognition Interest income from finance and other receivables is recognized using the interest method. Certain loan and lease origination costs are deferred and amortized to interest income over the expected life of the contracts, generally 36 to 60 months, using the straight-line method which approximates the interest method. For operating leases, rental revenue is recognized on a straight-line basis over the lease term. Recognition of interest income and rental revenue is suspended (put on non-accrual status) when the receivable becomes more than 90 days past the contractual due date or earlier if some other event causes the Company to determine that collection is not probable. Accordingly, no finance receivables more than 90 days past due were accruing interest at December 31, 2020 or December 31, 2019. Recognition is resumed if the receivable becomes current by the payment of all amounts due under the terms of the existing contract and collection of remaining amounts is considered probable (if not contractually modified) or if the customer makes scheduled payments for three months and collection of remaining amounts is considered probable (if contractually modified). Payments received while the finance receivable is on non-accrual status are applied to interest and principal in accordance with the contractual terms. The Company recognizes revenue on the sale of used trucks acquired from PACCAR truck division customers as part of new truck sales packages when the used trucks are invoiced and delivered to a customer.
Equipment on Operating Leases	Equipment on Operating Leases Equipment on operating leases is recorded at cost and is depreciated on the straight-line basis to its estimated residual value. Residual values are reviewed regularly and adjusted if market conditions warrant.
Derivative Financial Instruments	Derivative Financial Instruments: As part of its risk management strategy, the Company enters into derivative contracts to hedge against interest-rate risk. Certain derivative instruments designated as either cash flow hedges or fair value hedges are subject to hedge accounting. Derivative instruments that are not subject to hedge accounting are held as economic hedges. The Company’s policies prohibit the use of derivatives for speculation or trading. At the inception of each hedge relationship, the Company documents its risk management objectives, procedures and accounting treatment. All of the Company’s interest-rate contracts are transacted under International Swaps and Derivatives Association (ISDA) master agreements. Each agreement permits the net settlement of amounts owed in the event of default and certain other termination events. The Company has elected not to offset derivative positions in the balance sheet with the same counterparty under the same agreements and is not required to post or receive collateral. Exposure limits and minimum credit ratings are used to minimize the risks of counterparty default. The Company’s maximum exposure to potential default of its swap counterparties is limited to the asset position of its swap portfolio. The asset position of the Company’s swap portfolio was $1.6 at December 31, 2020. The Company uses regression analysis to assess effectiveness of interest-rate contracts at inception and uses quantitative or qualitative analysis to assess subsequent effectiveness on a quarterly basis. All components of the derivative instrument’s gain or loss are included in the assessment of hedge effectiveness. Hedge accounting is discontinued prospectively when the Company determines that a derivative financial instrument has ceased to be a highly effective hedge. Cash flows from derivative instruments are included in operating activities in the Statements of Cash Flows.
Income Taxes	Income Taxes The Company is included in the consolidated federal income tax return of PACCAR. Federal income taxes for the Company are determined on a separate return basis, and any related tax liability is paid by the Company to PACCAR and any related tax benefit is paid by PACCAR to the Company. State income taxes, where the Company files combined tax returns with PACCAR, are determined on a blended statutory rate, which is substantially the same as the rate computed on a separate return basis. As of December 31, 2020, the United States Internal Revenue Service has completed examinations of PACCAR’s tax returns for all years through 2014. PACCAR’s tax returns remain subject to examination in other jurisdictions for the years ranging from 2013 through 2019.
Preferred Stock	Preferred Stock The Company’s Articles of Incorporation provide that the 6%, noncumulative, nonvoting preferred stock (100% owned by PACCAR) is redeemable only at the option of the Company’s Board of Directors.
New Accounting Pronouncements	New Accounting Pronouncements: In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments The cumulative effect of the changes made to the Company’s Balance Sheet on January 1, 2020 for the adoption of ASU 2016-13 was as follows: BALANCE AT DECEMBER 31, 2019 CHANGE DUE TO NEW STANDARD BALANCE AT JANUARY 1, 2020 BALANCE SHEETS ASSETS Finance and other receivables, net of allowance for credit losses $ 7,126.7 $ (4.7 ) $ 7,122.0 LIABILITIES Deferred taxes and other liabilities $ 694.2 $ (1.2 ) $ 693.0 STOCKHOLDER'S EQUITY Retained earnings $ 1,591.4 $ (3.5 ) $ 1,587.9 In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting The Company adopted the following standards on January 1, 2020, which had no material impact on the Company’s financial statements. STANDARD DESCRIPTION 2018-13 Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. 2018-15 Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. 2019-12 Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2020
Company Adopted Standards and Summary of Effect of the Changes Made by the Adoption of ASU	The Company adopted the following standards on January 1, 2020, which had no material impact on the Company’s financial statements. STANDARD DESCRIPTION 2018-13 Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. 2018-15 Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. 2019-12 Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.
ASU 2016-13
Company Adopted Standards and Summary of Effect of the Changes Made by the Adoption of ASU	The cumulative effect of the changes made to the Company’s Balance Sheet on January 1, 2020 for the adoption of ASU 2016-13 was as follows: BALANCE AT DECEMBER 31, 2019 CHANGE DUE TO NEW STANDARD BALANCE AT JANUARY 1, 2020 BALANCE SHEETS ASSETS Finance and other receivables, net of allowance for credit losses $ 7,126.7 $ (4.7 ) $ 7,122.0 LIABILITIES Deferred taxes and other liabilities $ 694.2 $ (1.2 ) $ 693.0 STOCKHOLDER'S EQUITY Retained earnings $ 1,591.4 $ (3.5 ) $ 1,587.9

Finance and Other Receivables (

Finance and Other Receivables (Tables)	12 Months Ended
	Dec. 31, 2020
Receivables [Abstract]
Finance and Other Receivables	The Company’s finance and other receivables include the following: December 31 December 31 2020 2019 Retail loans $ 4,133.1 $ 3,774.3 Retail financing leases 1,489.3 1,492.7 Dealer wholesale financing 1,021.1 1,766.7 Dealer master notes 131.1 88.7 Operating lease receivables and other 67.2 65.0 6,841.8 7,187.4 Less allowance for credit losses: Loans and leases (65.2 ) (57.0 ) Dealer wholesale financing (1.3 ) (1.9 ) Operating lease receivables and other (1.7 ) (1.8 ) $ 6,773.6 $ 7,126.7
Annual Minimum Payments Due on Finance Leases and Reconciliation of Undiscounted Cash Flows to Amortized Cost Basis of Finance Leases	Annual minimum payments due on loans and finance leases and a reconciliation of the undiscounted cash flows to the amortized cost basis of finance leases are as follows: Loans Finance Leases 2021 $ 1,218.9 $ 474.1 2022 1,044.0 359.7 2023 900.2 316.7 2024 696.4 215.1 2025 297.4 128.6 Thereafter 107.3 72.2 $ 4,264.2 1,566.4 Unguaranteed residual values 66.4 Unearned interest on finance leases (143.5 ) Amortized cost basis of finance leases $ 1,489.3
Allowance for Credit Losses	The allowance for credit losses is summarized as follows: 2020 Dealer Customer Wholesale Retail Retail Other* Total** Balance at January 1 $ 1.9 $ 7.9 $ 53.7 $ 1.9 $ 65.4 (Benefit) provision for losses (.6 ) (.4 ) 15.9 .1 15.0 Charge-offs (13.5 ) (.5 ) (14.0 ) Recoveries 1.6 .2 1.8 Balance at December 31 $ 1.3 $ 7.5 $ 57.7 $ 1.7 $ 68.2 2019 Dealer Customer Wholesale Retail Retail Other* Total Balance at January 1 $ 3.1 $ 8.4 $ 47.7 $ 1.5 $ 60.7 (Benefit) provision for losses (.8 ) (.5 ) 10.3 2.7 11.7 Charge-offs (.4 ) (11.1 ) (2.4 ) (13.9 ) Recoveries 2.2 2.2 Balance at December 31 $ 1.9 $ 7.9 $ 49.1 $ 1.8 $ 60.7 2018 Dealer Customer Wholesale Retail Retail Other* Total Balance at January 1 $ 2.4 $ 7.9 $ 46.9 $ 1.2 $ 58.4 Provision for losses .7 .5 6.2 1.2 8.6 Charge-offs (7.9 ) (.9 ) (8.8 ) Recoveries 2.5 2.5 Balance at December 31 $ 3.1 $ 8.4 $ 47.7 $ 1.5 $ 60.7 * Operating lease and other trade receivables. ** The beginning balance has been adjusted for the adoption of ASU 2016-13.
Finance Receivables Evaluated and the Associated Allowances Determined Individually and Collectively	Information regarding finance receivables evaluated and the associated allowances determined individually and collectively is as follows: Dealer Customer At December 31, 2020 Wholesale Retail Retail Total Amortized cost basis for impaired finance receivables evaluated individually $ 37.1 $ 37.1 Allowance for impaired finance receivables determined individually $ 1.2 $ 1.2 Amortized cost basis for finance receivables evaluated collectively $ 1,021.1 $ 1,461.3 $ 4,255.1 $ 6,737.5 Allowance for finance receivables determined collectively $ 1.3 $ 7.5 $ 56.5 $ 65.3 Dealer Customer At December 31, 2019 Wholesale Retail Retail Total Amortized cost basis for impaired finance receivables evaluated individually $ 25.2 $ 25.2 Allowance for impaired finance receivables determined individually $ 2.3 $ 2.3 Amortized cost basis for finance receivables evaluated collectively $ 1,766.7 $ 1,411.4 $ 3,919.1 $ 7,097.2 Allowance for finance receivables determined collectively $ 1.9 $ 7.9 $ 46.8 $ 56.6
Amortized Cost Basis for Finance Receivables that are on Non-accrual Status	The amortized cost basis for finance receivables that are on non-accrual status is as follows: December 31 December 31 2020 2019 Fleet $ 35.1 $ 21.8 Owner/Operator 2.0 3.4 $ 37.1 $ 25.2
Impaired Loans and Specific Reserve	Impaired loans are summarized below. The impaired loans with a specific reserve represent the unpaid principal balance. The amortized cost basis of impaired loans as of December 31, 2020 and 2019 was not significantly different than the unpaid principal balance. Dealer Customer Retail Owner/ At December 31, 2020 Wholesale Retail Fleet Operator Total Impaired loans with a specific reserve $ 13.1 $ 1.9 $ 15.0 Associated allowance (.6 ) (.3 ) (.9 ) Net carrying amount of impaired loans with a specific reserve 12.5 1.6 14.1 Impaired loans with no specific reserve .1 .1 Net carrying amount of impaired loans $ 12.5 $ 1.7 $ 14.2 Average amortized cost basis for impaired loans $ 19.4 $ 2.5 $ 21.9 Dealer Customer Retail Owner/ At December 31, 2019 Wholesale Retail Fleet Operator Total Impaired loans with a specific reserve $ 4.6 $ 2.9 $ 7.5 Associated allowance (.9 ) (.6 ) (1.5 ) Net carrying amount of impaired loans with a specific reserve 3.7 2.3 6.0 Impaired loans with no specific reserve 6.7 .4 7.1 Net carrying amount of impaired loans $ 10.4 $ 2.7 $ 13.1 Average amortized cost basis for impaired loans $ 4.9 $ 9.3 $ 2.9 $ 17.1
Interest Income Recognized on Cash Basis	During the period the loans above were considered impaired, interest income recognized on a cash basis was as follows: 2020 2019 2018 Fleet $ 1.2 $ .6 $ 1.1 Owner/Operator .2 .2 .2 $ 1.4 $ .8 $ 1.3
Finance Receivables by Credit Quality Indicator and Portfolio Class	The tables below summarizes the amortized cost basis of the Company’s finance receivables by credit quality indicator by year of origination and portfolio class. At December31, 2020 Revolving Loans 2020 2019 2018 2017 2016 Prior Total Dealer: Wholesale: Performing $ 1,013.6 $ 1,013.6 Watch 7.5 7.5 At-risk $ 1,021.1 $ 1,021.1 Retail: Performing $ 20.7 $ 435.7 $ 417.3 $ 211.5 $ 149.4 $ 84.4 $ 120.7 $ 1,439.7 Watch 5.2 10.5 4.5 1.4 21.6 At-risk $ 20.7 $ 440.9 $ 427.8 $ 216.0 $ 150.8 $ 84.4 $ 120.7 $ 1,461.3 Total Dealer $ 1,041.8 $ 440.9 $ 427.8 $ 216.0 $ 150.8 $ 84.4 $ 120.7 $ 2,482.4 Customer Retail: Fleet: Performing $ 1,520.9 $ 1,066.6 $ 607.0 $ 255.8 $ 132.0 $ 39.9 $ 3,622.2 Watch 7.2 10.9 5.1 3.1 .2 1.0 27.5 At-risk .2 15.3 9.9 8.0 1.1 .6 35.1 $ 1,528.3 $ 1,092.8 $ 622.0 $ 266.9 $ 133.3 $ 41.5 $ 3,684.8 Owner/Operator: Performing $ 285.1 $ 166.6 $ 91.1 $ 39.3 $ 18.3 $ 4.5 $ 604.9 Watch .1 .2 .2 .5 At-risk .1 .5 .8 .1 .2 .3 2.0 $ 285.3 $ 167.3 $ 92.1 $ 39.4 $ 18.5 $ 4.8 $ 607.4 Total Customer Retail $ 1,813.6 $ 1,260.1 $ 714.1 $ 306.3 $ 151.8 $ 46.3 $ 4,292.2 Total $ 1,041.8 $ 2,254.5 $ 1,687.9 $ 930.1 $ 457.1 $ 236.2 $ 167.0 $ 6,774.6
Summary of Amortized Cost Basis of Financing Receivables by Aging Category	The tables below summarize the amortized cost basis of 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 December 31, 2020 Wholesale Retail Fleet Operator Total Current and up to 30 days past-due $ 1,021.1 $ 1,461.3 $ 3,681.9 $ 606.0 $ 6,770.3 31 – 60 days past-due .2 .9 1.1 Greater than 60 days past-due 2.7 .5 3.2 $ 1,021.1 $ 1,461.3 $ 3,684.8 $ 607.4 $ 6,774.6 Dealer Customer Retail Owner/ At December 31, 2019 Wholesale Retail Fleet Operator Total Current and up to 30 days past-due $ 1,766.7 $ 1,411.4 $ 3,425.2 $ 496.2 $ 7,099.5 31 – 60 days past-due 10.4 2.5 12.9 Greater than 60 days past-due 9.0 1.0 10.0 $ 1,766.7 $ 1,411.4 $ 3,444.6 $ 499.7 $ 7,122.4
Pre-Modification and Post-Modification Amortized Cost Basis Balances by Portfolio Class	At modification date, the pre- and post-modification amortized cost basis balances for finance receivables modified during the period by portfolio class are as follows: 2020 2019 Amortized cost basis Amortized cost basis Pre-Modification Post-Modification Pre-Modification Post-Modification Fleet $ 42.8 $ 42.8 $ 1.2 $ 1.2 Owner/Operator .7 .7 .1 .1 $ 43.5 $ 43.5 $ 1.3 $ 1.3

Transactions with PACCAR and _2

Transactions with PACCAR and Affiliates (Tables)	12 Months Ended
	Dec. 31, 2020
Related Party Transactions [Abstract]
Amounts Outstanding Including Foreign Finance Affiliates	Amounts outstanding at December 31, 2020 and 2019, including balances with foreign finance affiliates operating in the United Kingdom, the Netherlands, Mexico, Canada, Australia and Brasil, are summarized below: December 31 December 31 2020 2019 Due from PACCAR and affiliates Loans due from PACCAR $ 1,151.6 $ 861.0 Loans due from foreign finance affiliates 669.5 651.5 Tax-related receivable due from PACCAR 16.5 Receivables 39.4 28.2 $ 1,860.5 $ 1,557.2 Due to PACCAR and affiliates Tax-related payable due to PACCAR $ 10.4 Payables 20.6 $ 13.9 $ 31.0 $ 13.9

Stockholder's Equity (Tables)

Stockholder's Equity (Tables)	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Changes in and Reclassifications out of Accumulated Other Comprehensive Loss	Changes in and reclassifications out of AOCI during 2020, 2019 and 2018 are as follows: 2020 2019 2018 Balance at beginning of year $ (12.4 ) $ .8 $ 1.9 Amounts recorded in AOCI Unrealized (loss) gain on derivative contracts (27.2 ) (16.2 ) .7 Income tax effect 6.7 4.0 (.2 ) Amounts reclassified out of AOCI Interest and other borrowing costs 10.1 (1.3 ) (2.7 ) Income taxes (2.5 ) .3 .7 Net other comprehensive loss (12.9 ) (13.2 ) (1.5 ) Reclassification to retained earnings in accordance with ASU 2018-02 .4 Balance at end of year $ (25.3 ) $ (12.4 ) $ .8

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2020
Balance Sheet Classification, Fair Value and Gross and Net Amounts of Derivative Financial Instruments	The following table presents the balance sheet classification, fair value and gross and net amounts of derivative financial instruments: As of December 31 2020 2019 Interest-rate contracts: Assets Liabilities Assets Liabilities Other assets $ 1.6 $ 1.8 Accounts payable, accrued expenses and other $ 30.4 $ 12.7 Gross amounts recognized in Balance Sheets 1.6 30.4 1.8 12.7 Less amounts not offset in financial instruments (1.1 ) (1.1 ) (.9 ) (.9 ) Pro forma net amount $ .5 $ 29.3 $ .9 $ 11.8
Amount of (Income) Expense on Cash Flow and Fair Value Hedges Recognized in Interest and Other Borrowing Costs on Statements of Income	The following table presents the amount of (income) expense on cash flow and fair value hedges recognized in Interest and other borrowing costs on the Statements of Income: As of December 31 2020 2019 (Gain) loss on fair value hedges Derivatives $ (.3 ) $ (1.9 ) Hedged items 1.4 3.3 Loss (gain) on cash flow hedges Reclassified from AOCI into income 10.1 (1.3 ) $ 11.2 $ .1
Fair Value Hedging
Amounts Recorded on Balance Sheets Related to Cumulative Basis Adjustments for Fair Value Hedges	Changes in the fair value of derivatives designated as fair value hedges are recorded in earnings together with the changes in fair value of the hedged item attributable to the risk being hedged. The following table presents the amounts recorded on the Balance Sheets related to cumulative basis adjustments for fair value hedges: December 31 December 31 2020 2019 Medium-term notes Carrying amount of hedged liabilities $ 90.9 $ 90.5 Cumulative basis adjustment included in the carrying amount .9 .5

Borrowings (Tables)

Borrowings (Tables)	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Summary of Borrowings	The carrying amounts of borrowings are summarized as follows: As of December 31 2020 2019 Effective Effective Rate Borrowings Rate Borrowings Commercial paper .6 % $ 1,305.9 1.8 % $ 1,975.0 Medium-term notes 2.2 % 5,990.8 2.5 % 5,535.2 1.9 % $ 7,296.7 2.3 % $ 7,510.2
Summary of Annual Maturities	The annual principal maturities of the borrowings are as follows: Commercial Term Paper Notes Total 2021 $ 1,306.1 $ 1,800.0 $ 3,106.1 2022 1,750.0 1,750.0 2023 1,750.0 1,750.0 2024 300.0 300.0 2025 400.0 400.0 $ 1,306.1 $ 6,000.0 $ 7,306.1

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Components of Provision for Income Taxes	The components of the Company’s provision for income taxes include the following: Year ended December 31 2020 2019 2018 Current provision (benefit) Federal $ 54.7 $ (26.0 ) $ (8.1 ) State 6.1 10.0 .2 60.8 (16.0 ) (7.9 ) Deferred (benefit) provision Federal (33.3 ) 53.5 33.5 State (1.8 ) (2.9 ) 2.7 (35.1 ) 50.6 36.2 Total provision for income taxes $ 25.7 $ 34.6 $ 28.3
Reconciliation of Statutory U.S. Federal Tax Rate to the Effective Income Tax Rates	A reconciliation of the statutory U.S. federal tax rate to the effective income tax rate is as follows: Year ended December 31 2020 2019 2018 Statutory rate 21.0 % 21.0 % 21.0 % Effect of state 3.1 % 4.1 % 2.4 % 24.1 % 25.1 % 23.4 %
Deferred Tax Assets and Liabilities	The tax effects of temporary differences representing deferred tax assets and liabilities are as follows: December 31 December 31 2020 2019 Deferred tax assets: Allowance for losses on receivables $ 16.7 $ 15.0 Derivative liability 7.2 2.2 Other 11.0 11.6 Deferred tax liabilities: Depreciation (674.3 ) (708.7 ) Net deferred tax liability $ (639.4 ) $ (679.9 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Assets and Liabilities Fair Value Measurements	The Company’s assets and liabilities subject to fair value measurements are as follows: December 31 December 31 Level 2 2020 2019 Assets: Impaired loans, net of specific reserves (2020 - $.1 and 2019 - nil) $ 1.9 Used trucks held for sale 112.3 $ 121.9 Derivative contracts 1.6 1.8 Liabilities: Derivative contracts $ 30.4 $ 12.7
Carrying Amount and Fair Value Fixed-Rate Loans and Fixed-Rate Debt	The Company’s estimate of fair value for fixed rate loans and debt that are not carried at fair value was as follows: December 31 December 31 2020 2019 Carrying Fair Carrying Fair Amount Value Amount Value Assets: Due from PACCAR $ 1,061.0 $ 1,090.9 $ 821.0 $ 833.9 Due from foreign finance affiliates 490.0 496.0 450.0 458.1 Fixed rate loans 3,961.0 4,051.5 3,667.8 3,725.8 Liabilities: Fixed rate debt $ 5,402.4 $ 5,548.9 $ 4,797.1 $ 4,848.3

Quarterly Results (Tables)

Quarterly Results (Tables)	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information	QUARTER First Second Third Fourth 2020 Interest and other revenues $ 192.5 $ 181.3 $ 187.9 $ 184.5 Income before income taxes 23.7 27.0 26.2 29.6 Net income 17.9 20.4 19.8 22.7 2019 Interest and other revenues $ 184.0 $ 189.1 $ 191.9 $ 197.0 Income before income taxes 38.8 39.5 29.5 30.0 Net income 29.6 29.3 21.4 22.9

Significant Accounting Polici_4

Significant Accounting Policies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2020USD ($)Segment	Dec. 31, 2019USD ($)
Accounting Policies [Abstract]
Number of portfolio segments | Segment	2
Receivables more than 90 days past due still accruing	$ 0	$ 0
Interest rate swap portfolio	$ 1,600,000
Preferred stock dividend percentage	6.00%
Ownership percentage of PACCAR	100.00%
ASU 2016-13
Accounting Policies [Abstract]
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, adoption date	Jan. 1, 2020
ASU 2020-04
Accounting Policies [Abstract]
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, adoption date	Oct. 1, 2020
ASU 2018-13
Accounting Policies [Abstract]
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, adoption date	Jan. 1, 2020
Change in accounting principle, accounting standards update, immaterial effect	true
ASU 2018-15
Accounting Policies [Abstract]
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, adoption date	Jan. 1, 2020
Change in accounting principle, accounting standards update, immaterial effect	true
ASU 2019-12
Accounting Policies [Abstract]
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, adoption date	Jan. 1, 2020
Change in accounting principle, accounting standards update, immaterial effect	true
Internal Revenue Service (IRS)
Accounting Policies [Abstract]
Income tax examination, description	the United States Internal Revenue Service has completed examinations of PACCAR’s tax returns for all years through 2014. PACCAR’s tax returns remain subject to examination in other jurisdictions for the years ranging from 2013 through 2019.
Earliest Tax Year | Internal Revenue Service (IRS)
Accounting Policies [Abstract]
Tax years subject to examination	2013
Latest Tax Year | Internal Revenue Service (IRS)
Accounting Policies [Abstract]
Tax years subject to examination	2019
Maximum | Finance Leases Financing Receivable
Accounting Policies [Abstract]
Origination costs, amortization period	60 months
Maximum | Loans Receivable
Accounting Policies [Abstract]
Contractual term of regular payment of principal and interest	60 months
Minimum | Finance Leases Financing Receivable
Accounting Policies [Abstract]
Origination costs, amortization period	36 months
Minimum | Loans Receivable
Accounting Policies [Abstract]
Contractual term of regular payment of principal and interest	36 months
Extended Maturity
Accounting Policies [Abstract]
Modifications extended contractual terms	3 months	4 months

Summary of Cumulative Effect of

Summary of Cumulative Effect of the Changes Made for the Adoption of ASU 2016-13 (Details) - USD ($) $ in Millions	Dec. 31, 2020	Jan. 01, 2020	Dec. 31, 2019
ASSETS
Finance and other receivables, net of allowance for credit losses		$ 7,122	$ 7,126.7
LIABILITIES
Deferred taxes and other liabilities	$ 649.7	693	694.2
STOCKHOLDER'S EQUITY
Retained earnings	$ 1,668.7	1,587.9	$ 1,591.4
ASU 2016-13 | Adjustments
ASSETS
Finance and other receivables, net of allowance for credit losses		(4.7)
LIABILITIES
Deferred taxes and other liabilities		(1.2)
STOCKHOLDER'S EQUITY
Retained earnings		$ (3.5)

The Company Adopted Standards (

The Company Adopted Standards (Detail)	12 Months Ended
	Dec. 31, 2020
Accounting Standards Update 2018-13
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
DESCRIPTION	Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement.
Accounting Standards Update 2018-15
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
DESCRIPTION	Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract.
Accounting Standards Update 2019-12
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
DESCRIPTION	Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.

Finance and Other Receivables_2

Finance and Other Receivables (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retail loans	$ 4,133.1	$ 3,774.3
Retail financing leases	1,489.3	1,492.7
Dealer wholesale financing	1,021.1	1,766.7
Dealer master notes	131.1	88.7
Operating lease receivables and other	67.2	65
Total portfolio	6,841.8	7,187.4
Less allowance for credit losses	(68.2)	(60.7)
Finance and other receivables, net	6,773.6	7,126.7
Loans and Leases
Accounts, Notes, Loans and Financing Receivable [Line Items]
Less allowance for credit losses	(65.2)	(57)
Dealer | Wholesale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Less allowance for credit losses	(1.3)	(1.9)
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Less allowance for credit losses	$ (1.7)	$ (1.8)

Annual Minimum Payments Due on

Annual Minimum Payments Due on Finance Leases and Reconciliation of Undiscounted Cash Flows to Amortized Cost Basis of Finance Leases (Detail) $ in Millions	Dec. 31, 2020USD ($)
Finance Leases
Accounts, Notes, Loans and Financing Receivable [Line Items]
2021	$ 474.1
2022	359.7
2023	316.7
2024	215.1
2025	128.6
Thereafter	72.2
Total	1,566.4
Unguaranteed residual values	66.4
Unearned interest on finance leases	(143.5)
Amortized cost basis of finance leases	1,489.3
Loans Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
2021	1,218.9
2022	1,044
2023	900.2
2024	696.4
2025	297.4
Thereafter	107.3
Total	$ 4,264.2

Finance and Other Receivables -

Finance and Other Receivables - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)SegmentCustomerOrDealerCustomer	Dec. 31, 2019USD ($)CustomerOrDealer	Dec. 31, 2018USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued interest receivable, net of allowance for credit losses	$ 13.3	$ 18.3
Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible List]	us-gaap:LoansAndLeasesReceivableNetReportedAmount	us-gaap:LoansAndLeasesReceivableNetReportedAmount
Financing lease, interest income	$ 65.1	$ 64.5
Number of portfolio segments | Segment	2
Troubled debt restructuring	$ 32.5	3.2
Repossessed inventory	10.9	7.8
Proceeds from sales of repossessed assets	$ 28.7	$ 19.6	$ 18.8
Financing Receivable | Customer Concentration Risk | Financial Services
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of customer or dealer representing over ten percentage of Interest and other revenues | CustomerOrDealer	0	0
Maximum | Financing Receivable | Credit Concentration Risk | Financial Services
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of customers diversification in portfolio	10.00%	10.00%
Finance Leases Financing Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Estimated residual values included with finance leases	$ 66.4	$ 70.8
Customer Retail | Fleet
Accounts, Notes, Loans and Financing Receivable [Line Items]
Troubled debt restructuring during previous 12 months, subsequently defaulted	2
Recorded investment, subsequently defaulted and charged off	$ 2
Number of customer subsequently defaulted and charged off | Customer	1

Allowance for Credit Losses (De

Allowance for Credit Losses (Detail) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2020		Dec. 31, 2019	Dec. 31, 2018
Financing Receivable, Allowance for Credit Losses [Line Items]
Beginning Balance		$ 60.7
(Benefit) provision for losses		15		$ 11.7	$ 8.6
Ending Balance		68.2		60.7
Dealer | Wholesale
Financing Receivable, Allowance for Credit Losses [Line Items]
Beginning Balance		1.9
Ending Balance		1.3		1.9
Other
Financing Receivable, Allowance for Credit Losses [Line Items]
Beginning Balance		1.8
Ending Balance		1.7		1.8
ASU 2016-13
Financing Receivable, Allowance for Credit Losses [Line Items]
Beginning Balance		60.7		60.7	58.4
(Benefit) provision for losses		15	[1]	11.7	8.6
Charge-offs		(14)	[1]	(13.9)	(8.8)
Recoveries		1.8	[1]	2.2	2.5
Ending Balance		68.2	[1]	60.7	60.7
ASU 2016-13 | Cumulative Effect, Period of Adoption, Beginning Balance
Financing Receivable, Allowance for Credit Losses [Line Items]
Beginning Balance	[1]	65.4
Ending Balance	[1]			65.4
ASU 2016-13 | Dealer | Wholesale
Financing Receivable, Allowance for Credit Losses [Line Items]
Beginning Balance		1.9		3.1	2.4
(Benefit) provision for losses		(0.6)		(0.8)	0.7
Charge-offs				(0.4)
Ending Balance		1.3		1.9	3.1
ASU 2016-13 | Dealer | Wholesale | Cumulative Effect, Period of Adoption, Beginning Balance
Financing Receivable, Allowance for Credit Losses [Line Items]
Beginning Balance		1.9
Ending Balance				1.9
ASU 2016-13 | Dealer | Retail
Financing Receivable, Allowance for Credit Losses [Line Items]
Beginning Balance		7.9		8.4	7.9
(Benefit) provision for losses		(0.4)		(0.5)	0.5
Ending Balance		7.5		7.9	8.4
ASU 2016-13 | Dealer | Retail | Cumulative Effect, Period of Adoption, Beginning Balance
Financing Receivable, Allowance for Credit Losses [Line Items]
Beginning Balance		7.9
Ending Balance				7.9
ASU 2016-13 | Customer Retail
Financing Receivable, Allowance for Credit Losses [Line Items]
Beginning Balance		49.1		47.7	46.9
(Benefit) provision for losses		15.9		10.3	6.2
Charge-offs		(13.5)		(11.1)	(7.9)
Recoveries		1.6		2.2	2.5
Ending Balance		57.7		49.1	47.7
ASU 2016-13 | Customer Retail | Cumulative Effect, Period of Adoption, Beginning Balance
Financing Receivable, Allowance for Credit Losses [Line Items]
Beginning Balance		53.7
Ending Balance				53.7
ASU 2016-13 | Other
Financing Receivable, Allowance for Credit Losses [Line Items]
Beginning Balance	[2]	1.8		1.5	1.2
(Benefit) provision for losses	[2]	0.1		2.7	1.2
Charge-offs	[2]	(0.5)		(2.4)	(0.9)
Recoveries	[2]	0.2
Ending Balance	[2]	1.7		1.8	$ 1.5
ASU 2016-13 | Other | Cumulative Effect, Period of Adoption, Beginning Balance
Financing Receivable, Allowance for Credit Losses [Line Items]
Beginning Balance	[2]	$ 1.9
Ending Balance	[2]			$ 1.9
[1]	The beginning balance has been adjusted for the adoption of ASU 2016-13.
[2]	Operating lease and other trade receivables

Finance Receivables Evaluated a

Finance Receivables Evaluated and the Associated Allowances Determined Individually and Collectively (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Financing Receivable, Allowance for Credit Losses [Line Items]
Amortized cost basis for impaired finance receivables evaluated individually	$ 37.1	$ 25.2
Allowance for impaired finance receivables determined individually	1.2	2.3
Amortized cost basis for finance receivables evaluated collectively	6,737.5	7,097.2
Allowance for finance receivables determined collectively	65.3	56.6
Dealer | Wholesale
Financing Receivable, Allowance for Credit Losses [Line Items]
Amortized cost basis for finance receivables evaluated collectively	1,021.1	1,766.7
Allowance for finance receivables determined collectively	1.3	1.9
Dealer | Retail
Financing Receivable, Allowance for Credit Losses [Line Items]
Amortized cost basis for finance receivables evaluated collectively	1,461.3	1,411.4
Allowance for finance receivables determined collectively	7.5	7.9
Customer Retail
Financing Receivable, Allowance for Credit Losses [Line Items]
Amortized cost basis for impaired finance receivables evaluated individually	37.1	25.2
Allowance for impaired finance receivables determined individually	1.2	2.3
Amortized cost basis for finance receivables evaluated collectively	4,255.1	3,919.1
Allowance for finance receivables determined collectively	$ 56.5	$ 46.8

Amortized Cost Basis for Financ

Amortized Cost Basis for Finance Receivables that are on Non-accrual Status (Detail) - Customer Retail - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Financing Receivable, Recorded Investment, Past Due [Line Items]
Amortized cost basis of finance receivables that are on non-accrual status	$ 37.1	$ 25.2
Fleet
Financing Receivable, Recorded Investment, Past Due [Line Items]
Amortized cost basis of finance receivables that are on non-accrual status	35.1	21.8
Owner/Operator
Financing Receivable, Recorded Investment, Past Due [Line Items]
Amortized cost basis of finance receivables that are on non-accrual status	$ 2	$ 3.4

Impaired Loans and Specific Res

Impaired Loans and Specific Reserve (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Financing Receivable, Impaired [Line Items]
Impaired loans with a specific reserve	$ 15	$ 7.5
Associated allowance	(0.9)	(1.5)
Net carrying amount of impaired loans with a specific reserve	14.1	6
Impaired loans with no specific reserve	0.1	7.1
Net carrying amount of impaired loans	14.2	13.1
Average amortized cost basis for impaired loans	21.9	17.1
Dealer | Wholesale
Financing Receivable, Impaired [Line Items]
Average amortized cost basis for impaired loans		4.9
Customer Retail | Fleet
Financing Receivable, Impaired [Line Items]
Impaired loans with a specific reserve	13.1	4.6
Associated allowance	(0.6)	(0.9)
Net carrying amount of impaired loans with a specific reserve	12.5	3.7
Impaired loans with no specific reserve		6.7
Net carrying amount of impaired loans	12.5	10.4
Average amortized cost basis for impaired loans	19.4	9.3
Customer Retail | Owner/Operator
Financing Receivable, Impaired [Line Items]
Impaired loans with a specific reserve	1.9	2.9
Associated allowance	(0.3)	(0.6)
Net carrying amount of impaired loans with a specific reserve	1.6	2.3
Impaired loans with no specific reserve	0.1	0.4
Net carrying amount of impaired loans	1.7	2.7
Average amortized cost basis for impaired loans	$ 2.5	$ 2.9

Interest Income Recognized (Det

Interest Income Recognized (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Interest income recognized:
Interest income recognized on a cash basis	$ 1.4	$ 0.8	$ 1.3
Customer Retail | Fleet
Interest income recognized:
Interest income recognized on a cash basis	1.2	0.6	1.1
Customer Retail | Owner/Operator
Interest income recognized:
Interest income recognized on a cash basis	$ 0.2	$ 0.2	$ 0.2

Financing Receivables by Credit

Financing Receivables by Credit Quality Indicator and Portfolio Class (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Financing Receivable, Recorded Investment [Line Items]
Revolving Loans	$ 1,041.8
2020	2,254.5
2019	1,687.9
2018	930.1
2017	457.1
2016	236.2
Prior	167
Total	6,774.6	$ 7,122.4
Dealer
Financing Receivable, Recorded Investment [Line Items]
Revolving Loans	1,041.8
2020	440.9
2019	427.8
2018	216
2017	150.8
2016	84.4
Prior	120.7
Total	2,482.4
Dealer | Wholesale
Financing Receivable, Recorded Investment [Line Items]
Revolving Loans	1,021.1
Total	1,021.1	1,766.7
Dealer | Wholesale | Performing
Financing Receivable, Recorded Investment [Line Items]
Revolving Loans	1,013.6
Total	1,013.6
Dealer | Wholesale | Watch
Financing Receivable, Recorded Investment [Line Items]
Revolving Loans	7.5
Total	7.5
Dealer | Retail
Financing Receivable, Recorded Investment [Line Items]
Revolving Loans	20.7
2020	440.9
2019	427.8
2018	216
2017	150.8
2016	84.4
Prior	120.7
Total	1,461.3	1,411.4
Dealer | Retail | Performing
Financing Receivable, Recorded Investment [Line Items]
Revolving Loans	20.7
2020	435.7
2019	417.3
2018	211.5
2017	149.4
2016	84.4
Prior	120.7
Total	1,439.7
Dealer | Retail | Watch
Financing Receivable, Recorded Investment [Line Items]
2020	5.2
2019	10.5
2018	4.5
2017	1.4
Total	21.6
Customer Retail
Financing Receivable, Recorded Investment [Line Items]
2020	1,813.6
2019	1,260.1
2018	714.1
2017	306.3
2016	151.8
Prior	46.3
Total	4,292.2
Customer Retail | Fleet
Financing Receivable, Recorded Investment [Line Items]
2020	1,528.3
2019	1,092.8
2018	622
2017	266.9
2016	133.3
Prior	41.5
Total	3,684.8	3,444.6
Customer Retail | Fleet | Performing
Financing Receivable, Recorded Investment [Line Items]
2020	1,520.9
2019	1,066.6
2018	607
2017	255.8
2016	132
Prior	39.9
Total	3,622.2
Customer Retail | Fleet | Watch
Financing Receivable, Recorded Investment [Line Items]
2020	7.2
2019	10.9
2018	5.1
2017	3.1
2016	0.2
Prior	1
Total	27.5
Customer Retail | Fleet | At-risk
Financing Receivable, Recorded Investment [Line Items]
2020	0.2
2019	15.3
2018	9.9
2017	8
2016	1.1
Prior	0.6
Total	35.1
Customer Retail | Owner/Operator
Financing Receivable, Recorded Investment [Line Items]
2020	285.3
2019	167.3
2018	92.1
2017	39.4
2016	18.5
Prior	4.8
Total	607.4	$ 499.7
Customer Retail | Owner/Operator | Performing
Financing Receivable, Recorded Investment [Line Items]
2020	285.1
2019	166.6
2018	91.1
2017	39.3
2016	18.3
Prior	4.5
Total	604.9
Customer Retail | Owner/Operator | Watch
Financing Receivable, Recorded Investment [Line Items]
2020	0.1
2019	0.2
2018	0.2
Total	0.5
Customer Retail | Owner/Operator | At-risk
Financing Receivable, Recorded Investment [Line Items]
2020	0.1
2019	0.5
2018	0.8
2017	0.1
2016	0.2
Prior	0.3
Total	$ 2

Summary of Amortized Cost Basis

Summary of Amortized Cost Basis of Financing Receivables by Aging Category (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Financing Receivable, Recorded Investment, Past Due [Line Items]
Financing receivables, current and up to 30 days past due	$ 6,770.3	$ 7,099.5
Total	6,774.6	7,122.4
31 - 60 days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Financing receivables, past due	1.1	12.9
Greater than 60 days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Financing receivables, past due	3.2	10
Dealer
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total	2,482.4
Dealer | Wholesale
Financing Receivable, Recorded Investment, Past Due [Line Items]
Financing receivables, current and up to 30 days past due	1,021.1	1,766.7
Total	1,021.1	1,766.7
Dealer | Retail
Financing Receivable, Recorded Investment, Past Due [Line Items]
Financing receivables, current and up to 30 days past due	1,461.3	1,411.4
Total	1,461.3	1,411.4
Customer Retail
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total	4,292.2
Customer Retail | Fleet
Financing Receivable, Recorded Investment, Past Due [Line Items]
Financing receivables, current and up to 30 days past due	3,681.9	3,425.2
Total	3,684.8	3,444.6
Customer Retail | Fleet | 31 - 60 days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Financing receivables, past due	0.2	10.4
Customer Retail | Fleet | Greater than 60 days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Financing receivables, past due	2.7	9
Customer Retail | Owner/Operator
Financing Receivable, Recorded Investment, Past Due [Line Items]
Financing receivables, current and up to 30 days past due	606	496.2
Total	607.4	499.7
Customer Retail | Owner/Operator | 31 - 60 days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Financing receivables, past due	0.9	2.5
Customer Retail | Owner/Operator | Greater than 60 days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Financing receivables, past due	$ 0.5	$ 1

Pre-Modification and Post-Modif

Pre-Modification and Post-Modification Amortized Cost Basis (Detail) - Customer Retail - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Financing Receivable, Modifications [Line Items]
Pre-Modification Amortized cost basis	$ 43.5	$ 1.3
Post-Modification Amortized cost basis	43.5	1.3
Fleet
Financing Receivable, Modifications [Line Items]
Pre-Modification Amortized cost basis	42.8	1.2
Post-Modification Amortized cost basis	42.8	1.2
Owner/Operator
Financing Receivable, Modifications [Line Items]
Pre-Modification Amortized cost basis	0.7	0.1
Post-Modification Amortized cost basis	$ 0.7	$ 0.1

Equipment on Operating Leases -

Equipment on Operating Leases - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Minimum
Operating Leased Assets [Line Items]
Operating lease term	3 years
Maximum
Operating Leased Assets [Line Items]
Operating lease term	5 years
Non Cancelable Operating Leases
Operating Leased Assets [Line Items]
Future annual minimum rental payments	$ 672.2
2021	281.7
2022	206.1
2023	123.5
2024	49.5
2025 and thereafter	11.4
Depreciation expense	$ 325.5	$ 311.2	$ 319.7

Transactions with PACCAR and _3

Transactions with PACCAR and Affiliates - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)Facility	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Related Party Transaction [Line Items]
Required ratio of net earnings available for fixed charges to fixed charges	125.00%
Letter of credit issued	$ 0.7
Administrative services fees	$ 7	$ 7	$ 7.1
Number of facilities leased by company | Facility	4
Defined benefit pension plan expenses	$ 3.5	3.4	3.7
Defined contribution plan expenses	1.9	$ 1.9	$ 1.6
Foreign Finance Affiliates
Related Party Transaction [Line Items]
Loans to foreign affiliates, upper limit	$ 750

Amounts Outstanding Including F

Amounts Outstanding Including Foreign Finance Affiliates (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Due from PACCAR and affiliates
Loans due from PACCAR	$ 1,151.6	$ 861
Loans due from foreign finance affiliates	669.5	651.5
Tax-related receivable due from PACCAR		16.5
Receivables	39.4	28.2
Total	1,860.5	1,557.2
Due to PACCAR and affiliates
Tax-related payable due to PACCAR	10.4
Payables	20.6	13.9
Total	$ 31	$ 13.9

Stockholder's Equity - Addition

Stockholder's Equity - Additional Information (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Equity [Abstract]
Accumulated other comprehensive income (loss)	$ (25.3)	$ (12.4)

Changes in and Reclassification

Changes in and Reclassifications out of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ 1,765.4	$ 1,668.4
Interest and other borrowing costs	(164.3)	(179.7)	$ (138.5)
Income taxes	(25.7)	(34.6)	(28.3)
Reclassification to retained earnings in accordance with ASU 2018-02			0.4
Ending balance	1,836.8	1,765.4	1,668.4
Accumulated Gain (Loss) Net Cash Flow Hedge Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(12.4)	0.8	1.9
Amounts recorded in AOCL related to Unrealized (loss) gain on derivative contracts, before tax	(27.2)	(16.2)	0.7
Amounts recorded in AOCL related to Unrealized (loss) gain on derivative contracts, income tax effect	6.7	4	(0.2)
Net other comprehensive loss	(12.9)	(13.2)	(1.5)
Reclassification to retained earnings in accordance with ASU 2018-02			0.4
Ending balance	(25.3)	(12.4)	0.8
Accumulated Gain (Loss) Net Cash Flow Hedge Parent | Amounts reclassified out of AOCI
Accumulated Other Comprehensive Income (Loss) [Line Items]
Interest and other borrowing costs	10.1	(1.3)	(2.7)
Income taxes	$ (2.5)	$ 0.3	$ 0.7

Derivative Financial Instrume_3

Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Notional amount of interest-rate contracts	$ 924.9
Interest-rate contracts maturity period	7 years 6 months
Notional maturities for interest-rate contracts 2021	$ 327.1
Notional maturities for interest-rate contracts 2022	399.6
Notional maturities for interest-rate contracts 2023	31.5
Notional maturities for interest-rate contracts 2024	67.6
Notional maturities for interest-rate contracts 2025
Notional maturities for interest-rate contracts thereafter	$ 99.1
Maximum length of time for which company is hedging its exposure to the variability in future cash flows	7 years 6 months
Accumulated net loss on interest rate contracts included in AOCI expected to be reclassified to interest expense in the following 12 months	$ 10
Cumulative basis adjustments on discontinued hedge relationships	$ (0.4)	$ (1.5)

Balance Sheet Classification, F

Balance Sheet Classification, Fair Value and Gross and Net Amounts of Derivative Financial Instruments (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Assets gross amount recognized in balance sheets	$ 1.6	$ 1.8
Less amounts not offset in financial instruments	(1.1)	(0.9)
Pro forma net amount	0.5	0.9
Liabilities gross amount recognized in balance sheets	30.4	12.7
Less amounts not offset in financial instruments	(1.1)	(0.9)
Pro forma net amount	29.3	11.8
Interest Rate Contract | Other Assets
Derivatives, Fair Value [Line Items]
Assets gross amount recognized in balance sheets	1.6	1.8
Interest Rate Contract | Accounts Payable, Accrued Expenses and Other
Derivatives, Fair Value [Line Items]
Liabilities gross amount recognized in balance sheets	$ 30.4	$ 12.7

Amounts Recorded on Balance She

Amounts Recorded on Balance Sheets Related to Cumulative Basis Adjustments for Fair Value Hedges (Detail) - Medium-term Notes - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Carrying amount of hedged liabilities	$ 90.9	$ 90.5
Cumulative basis adjustment included in the carrying amount	$ 0.9	$ 0.5

Amount of (Income) Expense on C

Amount of (Income) Expense on Cash Flow and Fair Value Hedges Recognized in Interest and Other Borrowing Costs on Statements of Income (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivatives	$ (0.3)	$ (1.9)
Hedged items	1.4	3.3
Reclassified from AOCI into income	10.1	(1.3)
Total income and expense	$ 11.2	$ 0.1

Summary of Borrowings (Detail)

Summary of Borrowings (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Effective borrowing rate	1.90%	2.30%
Commercial paper	$ 1,305.9	$ 1,975
Medium-term notes	5,990.8	5,535.2
Commercial paper and medium-term notes	$ 7,296.7	$ 7,510.2
Commercial Paper
Debt Instrument [Line Items]
Effective borrowing rate	0.60%	1.80%
Medium-term Notes
Debt Instrument [Line Items]
Effective borrowing rate	2.20%	2.50%

Borrowings - Additional Informa

Borrowings - Additional Information (Detail) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Feb. 28, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Commercial paper and medium-term notes		$ 7,296.7	$ 7,510.2
Fair value hedges, unamortized discounts and unamortized debt issuance costs, net		(9.4)	(16.8)
Interest expense on borrowings		153	168.8	$ 127.5
Interest paid on borrowings		$ 145.8	$ 164.2	$ 118
Subsequent Event
Debt Instrument [Line Items]
Proceeds from issuance of medium-term notes	$ 400
Medium-term Notes
Debt Instrument [Line Items]
Registration expiration		2021-11

Annual Maturities of Borrowings

Annual Maturities of Borrowings (Detail) $ in Millions	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
2021	$ 3,106.1
2022	1,750
2023	1,750
2024	300
2025	400
Debt, Long-term and Short-term, Combined Amount, Total	7,306.1
Commercial Paper
Debt Instrument [Line Items]
2021	1,306.1
Debt, Long-term and Short-term, Combined Amount, Total	1,306.1
Medium-term Notes
Debt Instrument [Line Items]
2021	1,800
2022	1,750
2023	1,750
2024	300
2025	400
Debt, Long-term and Short-term, Combined Amount, Total	$ 6,000

Credit Arrangements - Additiona

Credit Arrangements - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)
Line of Credit Facility [Line Items]
Credit facility available amount	$ 3,000
PACCAR Financial Europe
Line of Credit Facility [Line Items]
Credit facility available amount	2,087
PACCAR and Other non-U.S. PACCAR Financial Subsidiaries
Line of Credit Facility [Line Items]
Credit facility available amount	913
Committed bank facility
Line of Credit Facility [Line Items]
Line of credit, maximum capacity	3,000
Committed bank facility | Matures in June 2021
Line of Credit Facility [Line Items]
Line of credit, maximum capacity	$ 1,000
Line of credit, maturity date	2021-06
Committed bank facility | Matures in June 2023
Line of Credit Facility [Line Items]
Line of credit, maximum capacity	$ 1,000
Line of credit, maturity date	2023-06
Committed bank facility | Matures in June 2024
Line of Credit Facility [Line Items]
Line of credit, maximum capacity	$ 1,000
Line of credit, maturity date	2024-06

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Effective income tax rate	24.10%	25.10%	23.40%
Cash paid for income taxes		$ 2.6	$ 4.1

Components of Provision for Inc

Components of Provision for Income Taxes (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current provision (benefit)
Federal	$ 54.7	$ (26)	$ (8.1)
State	6.1	10	0.2
Current Income Tax Expense (Benefit), Total	60.8	(16)	(7.9)
Deferred (benefit) provision
Federal	(33.3)	53.5	33.5
State	(1.8)	(2.9)	2.7
Deferred taxes	(35.1)	50.6	36.2
Total provision for income taxes	$ 25.7	$ 34.6	$ 28.3

Reconciliation of Statutory U.S

Reconciliation of Statutory U.S. Federal Tax Rate to the Effective Income Tax Rates (Detail)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Statutory rate	21.00%	21.00%	21.00%
Effect of state	3.10%	4.10%	2.40%
Effective income tax rate	24.10%	25.10%	23.40%

Deferred Tax Assets and Liabili

Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Allowance for losses on receivables	$ 16.7	$ 15
Derivative liability	7.2	2.2
Other	11	11.6
Deferred tax liabilities:
Depreciation	(674.3)	(708.7)
Net deferred tax liability	$ (639.4)	$ (679.9)

Assets and Liabilities Fair Val

Assets and Liabilities Fair Value Measurements (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Assets:
Derivative contracts	$ 1.6	$ 1.8
Liabilities:
Derivative contracts	30.4	12.7
Fair Value, Inputs, Level 2 | Fair Value Measurements, Nonrecurring
Assets:
Impaired loans, net of specific reserves (2020 - $.1 and 2019 - nil)	1.9
Used trucks held for sale	112.3	121.9
Fair Value, Inputs, Level 2 | Fair Value, Assets and Liabilities Measured on Recurring Basis
Assets:
Derivative contracts	1.6	1.8
Liabilities:
Derivative contracts	$ 30.4	$ 12.7

Assets and Liabilities Fair V_2

Assets and Liabilities Fair Value Measurements (Parenthetical) (Detail) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired loans, specific reserves	$ 900,000	$ 1,500,000
Fair Value, Inputs, Level 2 | Fair Value Measurements, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired loans, specific reserves	$ 100,000	$ 0

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Trucks Inventory
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Used truck impairments	$ 24.2	$ 19.9

Carrying Amount and Fair Value

Carrying Amount and Fair Value for Fixed-Rate Loans and Debt (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Assets:
Due from PACCAR	$ 1,860.5	$ 1,557.2
Due from foreign finance affiliates	669.5	651.5
Carrying Amount
Assets:
Due from PACCAR	1,061	821
Due from foreign finance affiliates	490	450
Fixed rate loans	3,961	3,667.8
Liabilities:
Fixed rate debt	5,402.4	4,797.1
Fair Value
Assets:
Due from PACCAR	1,090.9	833.9
Due from foreign finance affiliates	496	458.1
Fixed rate loans	4,051.5	3,725.8
Liabilities:
Fixed rate debt	$ 5,548.9	$ 4,848.3

Quarterly Results (Detail)

Quarterly Results (Detail) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Interest and other revenues	$ 184.5	$ 187.9	$ 181.3	$ 192.5	$ 197	$ 191.9	$ 189.1	$ 184	$ 746.2	$ 762	$ 707.5
Income before income taxes	29.6	26.2	27	23.7	30	29.5	39.5	38.8	106.5	137.8	120.8
Net income	$ 22.7	$ 19.8	$ 20.4	$ 17.9	$ 22.9	$ 21.4	$ 29.3	$ 29.6	$ 80.8	$ 103.2	$ 92.5

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)
Commitments And Contingencies Disclosure [Abstract]
Other outstanding commitments to fund new loan and lease transactions	$ 403.2
Commitments expiration term	1 year