PACCAR (PCAR) 10-Q 2 Aug 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Jul. 28, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Registrant Name	PACCAR Inc
Entity Central Index Key	0000075362
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		522,805,095
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity File Number	001-14817
Entity Tax Identification Number	91-0351110
Entity Address, Address Line One	777 - 106th Ave. 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	468-7400
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false
Title of Each Class	Common stock, $1 par value
Trading Symbol	PCAR
Name of Each Exchange on Which Registered	NASDAQ

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues	$ 8,881.1	$ 7,158.7	$ 17,354.4	$ 13,631.3
Provision for losses on receivables			7.9	4.6
Investment income	62.7	5.4	111.7	2.9
Income before income taxes	1,568.5	922.1	2,487.5	1,693.5
Income taxes	347.4	201.7	532.5	372.6
Net Income	$ 1,221.1	$ 720.4	$ 1,955	$ 1,320.9
Net Income Per Share
Basic	$ 2.33	$ 1.38	$ 3.73	$ 2.53
Diluted	$ 2.33	$ 1.37	$ 3.73	$ 2.52
Weighted Average Number of Common Shares Outstanding
Basic	523.8	522.6	523.6	522.5
Diluted	524.8	523.2	524.6	523.2
Comprehensive Income	$ 1,316.5	$ 486.4	$ 2,130.6	$ 1,130.3
Truck, Parts and Other
Revenues	8,441.3	6,786.2	16,491.4	12,892.6
Cost of sales and revenues	6,851.7	5,811	13,344.8	11,096.5
Research and development	101.3	80.4	198.5	158.4
Selling, general and administrative	144.9	144.9	304.7	292.9
Interest and other (income) expense, net	(17.7)	(22.4)	561.1	(54.4)
Costs and Expenses, Total	7,080.2	6,013.9	14,409.1	11,493.4
Income before income taxes	1,361.1	772.3	2,082.3	1,399.2
Financial Services
Revenues	439.8	372.5	863	738.7
Interest and fees	238.7	150.9	446.7	283.2
Operating lease, rental and other revenues	201.1	221.6	416.3	455.5
Interest and other borrowing expenses	115.5	46.4	209.3	86.2
Depreciation and other expenses	137.8	145.4	280.1	288.9
Selling, general and administrative	37	31.9	72.2	67.6
Provision for losses on receivables	4.8	4.4	7.9	4.6
Costs and Expenses, Total	295.1	228.1	569.5	447.3
Income before income taxes	$ 144.7	$ 144.4	$ 293.5	$ 291.4

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
ASSETS
Total Assets	$ 36,867.7	$ 33,275.5
STOCKHOLDERS' EQUITY:
Preferred stock, no par value - authorized 1.0 million shares, none issued
Common stock, $1 par value - authorized 1.2 billion shares, issued 522.8 and 522.0 million shares	522.8	522
Additional paid-in capital	241.8	196.1
Treasury stock, at cost - .04 million and nil shares	(3)
Retained earnings	15,095.5	13,402.4
Accumulated other comprehensive loss	(777.8)	(953.4)
Total Stockholders' Equity	15,079.3	13,167.1
Liabilities and Equity, Total	36,867.7	33,275.5
Truck, Parts and Other
ASSETS
Cash and cash equivalents	4,927.9	4,544.7
Trade and other receivables, net (allowance for losses: 2023 - $.7, 2022 - $.6)	2,350.9	1,919.8
Marketable securities	1,690.5	1,614.2
Inventories, net	2,712.9	2,198.8
Other current assets	709.3	682
Total Truck, Parts and Other Current Assets	12,391.5	10,959.5
Equipment on operating leases, net	163.2	190.8
Property, plant and equipment, net	3,601.8	3,468.4
Other noncurrent assets, net	1,670.6	1,477.2
Total Assets	17,827.1	16,095.9
Liabilities
Accounts payable, accrued expenses and other	5,333.5	4,511.7
Dividend payable		974.6
Total Truck, Parts and Other Current Liabilities	5,333.5	5,486.3
Residual value guarantees and deferred revenues	179.9	209.2
Other liabilities	1,970.8	1,490.1
Total Liabilities	7,484.2	7,185.6
Financial Services
ASSETS
Cash and cash equivalents	218	146.2
Finance and other receivables, net (allowance for losses: 2023 - $126.2 2022 - $121.1)	15,664.3	13,791.9
Equipment on operating leases, net	2,351.2	2,612.5
Other assets	807.1	629
Total Assets	19,040.6	17,179.6
Liabilities
Accounts payable, accrued expenses and other	1,028	826.8
Commercial paper and bank loans	4,637	3,604.9
Term notes	7,953.1	7,866.7
Deferred taxes and other liabilities	686.1	624.4
Total Liabilities	$ 14,304.2	$ 12,922.8

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Preferred stock, no par value	$ 0	$ 0
Preferred stock, authorized	1,000,000	1,000,000
Preferred stock, issued	0	0
Common stock, par value	$ 1	$ 1
Common stock, authorized	1,200,000,000	1,200,000,000
Common stock, issued	522,800,000	522,000,000
Treasury stock, shares	40,000
Truck, Parts and Other
Allowance for losses	$ 0.7	$ 0.6
Financial Services
Allowance for credit losses	$ 126.2	$ 121.1

Condensed Consolidated Statemen

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
OPERATING ACTIVITIES:
Net Income	$ 1,955	$ 1,320.9
Adjustments to reconcile net income to cash provided by operations:
Depreciation and amortization, Property, plant and equipment	205.2	155.3
Depreciation and amortization, Equipment on operating leases and other	239.3	227.3
Provision for losses on financial services receivables	7.9	4.6
Other, net	(110.2)	(158)
Pension contributions	(11.5)	(13.2)
Change in operating assets and liabilities:
Trade and other receivables	(479.9)	(440.1)
Wholesale receivables on new trucks	(815.1)	(570.4)
Inventories	(494.3)	(307.9)
Accounts payable and accrued expenses	779.5	810.3
Income taxes, warranty and other	384.4	68.7
Net Cash Provided by Operating Activities	1,660.3	1,097.5
INVESTING ACTIVITIES:
Originations of retail loans and finance leases	(2,910.4)	(2,407)
Collections on retail loans and finance leases	2,180.3	2,000.6
Net increase in wholesale receivables on used equipment	(16.5)	(18.7)
Purchases of marketable debt securities	(560.2)	(515.9)
Proceeds from sales and maturities of marketable debt securities	491.1	426.3
Payments for property, plant and equipment	(307.1)	(266.9)
Acquisitions of equipment for operating leases	(256.3)	(472.4)
Proceeds from asset disposals	316.9	348.3
Other, net	17.5	26.7
Net Cash Used in Investing Activities	(1,044.7)	(879)
FINANCING ACTIVITIES:
Payments of cash dividends	(1,236)	(757.6)
Purchases of treasury stock	(3)	(1.9)
Proceeds from stock compensation transactions	28.8	18.4
Net increase in commercial paper, short-term bank loans and other	890.6	116.5
Proceeds from term debt	1,581.5	1,648.3
Payments on term debt	(1,460.5)	(1,369.7)
Net Cash Used in Financing Activities	(198.6)	(346)
Effect of exchange rate changes on cash and cash equivalents	38	(69.5)
Net Increase (Decrease) in Cash and Cash Equivalents	455	(197)
Cash and cash equivalents at beginning of period	4,690.9	3,428.3
Cash and cash equivalents at end of period	$ 5,145.9	$ 3,231.3

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Millions	Total	COMMON STOCK, $1 PAR VALUE:	ADDITIONAL PAID-IN CAPITAL:	TREASURY STOCK, AT COST:	RETAINED EARNINGS:	ACCUMULATED OTHER COMPREHENSIVE LOSS:
Beginning balance at Dec. 31, 2021		$ 347.3	$ 142		$ 12,025.8	$ (921.1)
Net income	$ 1,320.9				1,320.9
Purchases				$ (1.9)
Cash dividends declared on common stock					(236.8)
Stock compensation		0.4	32
Other comprehensive income (loss)	(190.6)					(190.6)
Ending balance at Jun. 30, 2022	12,518	347.7	174	(1.9)	13,109.9	(1,111.7)
Beginning balance at Mar. 31, 2022		347.7	167.3	(1.9)	12,507.9	(877.7)
Net income	720.4				720.4
Cash dividends declared on common stock					(118.4)
Stock compensation			6.7
Other comprehensive income (loss)	(234)					(234)
Ending balance at Jun. 30, 2022	12,518	347.7	174	(1.9)	13,109.9	(1,111.7)
Beginning balance at Dec. 31, 2022	13,167.1	522	196.1		13,402.4	(953.4)
Net income	1,955				1,955
Purchases				(3)
Cash dividends declared on common stock					(261.9)
Stock compensation		0.8	45.7
Other comprehensive income (loss)	175.6					175.6
Ending balance at Jun. 30, 2023	15,079.3	522.8	241.8	(3)	15,095.5	(777.8)
Beginning balance at Mar. 31, 2023		522.6	230.3	(3)	14,005.3	(873.2)
Net income	1,221.1				1,221.1
Cash dividends declared on common stock					(130.9)
Stock compensation		0.2	11.5
Other comprehensive income (loss)	95.4					95.4
Ending balance at Jun. 30, 2023	$ 15,079.3	$ 522.8	$ 241.8	$ (3)	$ 15,095.5	$ (777.8)

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
RETAINED EARNINGS:
Cash dividends declared on common stock, per share	$ 0.25	$ 0.23	$ 0.5	$ 0.46

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	NOTE A - Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10‑Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. For further information, refer to the consolidated financial statements and footnotes included in PACCAR Inc’s (PACCAR or the Company) Annual Report on Form 10‑K for the year ended December 31, 2022. Earnings per Share : Basic earnings per common share are computed by dividing earnings by the weighted average number of common shares outstanding, plus the effect of any participating securities. Diluted earnings per common share are computed assuming that all potentially dilutive securities are converted into common shares under the treasury stock method. On December 6, 2022 , the Board of Directors declared a 50 % common stock dividend which was paid on February 7, 2023 , to stockholders of record on January 17, 2023 , with fractional shares paid in cash. This resulted in the issuance of 174,035,361 additional shares and 411 fractional shares paid in cash. For all years presented, net income per share, weighted average number of common shares outstanding and cash dividends declared per share on common stock have been restated for the effect of the 50 % dividend. The dilutive and antidilutive options are shown separately in the table below. Three Months Ended Six Months Ended June 30 June 30 2023 2022 2023 2022 Additional shares 963,400 633,700 960,600 746,000 Antidilutive options 848,500 1,649,900 911,700 1,650,400 New Accounting Pronouncements: The Company adopted ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures on January 1, 2023 , which had no material impact on the Company’s consolidated financial statements. The Financial Accounting Standards Board issued ASU 2022-03, Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restriction in 2022 . The Company plans on adopting this standard on January 1, 2024 , and is not expected to have a material impact on the Company’s consolidated financial statements.

Sales and Revenues

Sales and Revenues	6 Months Ended
	Jun. 30, 2023
Sales And Revenues [Abstract]
Sales and Revenues	NOTE B – Sales and Revenues Truck, Parts and Other The Company enters into sales contracts with customers associated with purchases of the Company’s products and services including trucks, parts, product support, and other related services. Generally, the Company recognizes revenue for the amount of consideration it will receive for delivering a product or service to a customer. Revenue is recognized when the customer obtains control of the product or receives benefits of the service. The Company excludes sales taxes, value added taxes and other related taxes assessed by government agencies from revenue. There are no significant financing components included in product or services revenue since generally customers pay shortly after the products or services are transferred. In the Truck and Parts segment, when the Company grants extended payment terms on selected receivables and charges interest, interest income is recognized when earned. The following table disaggregates Truck, Parts and Other revenues by major sources: Three Months Ended Six Months Ended June 30 June 30 2023 2022 2023 2022 Truck Truck sales $ 6,601.3 $ 5,130.2 $ 12,807.3 $ 9,611.3 Revenues from extended warranties, operating leases and other 226.2 206.2 434.0 422.2 6,827.5 5,336.4 13,241.3 10,033.5 Parts Parts sales 1,551.4 1,394.5 3,126.9 2,742.6 Revenues from dealer services and other 47.5 40.2 95.0 81.0 1,598.9 1,434.7 3,221.9 2,823.6 Winch sales and other 14.9 15.1 28.2 35.5 Truck, Parts and Other sales and revenues $ 8,441.3 $ 6,786.2 $ 16,491.4 $ 12,892.6 The Company recognizes truck and parts sales as revenues when control of the products is transferred to customers which generally occurs upon shipment, except for certain truck sales which are subject to a residual value guarantee (RVG) by the Company. The standard payment term for trucks and aftermarket parts is typically within 30 days, but the Company may grant extended payment terms on selected receivables. The Company recognizes revenue for the invoice amount adjusted for estimated sales incentives and returns. Sales incentives and returns are estimated based on historical experience and are adjusted to current period revenue when the most likely amount of consideration the Company expects to receive changes or becomes fixed. Truck and parts sales include a standard product warranty which is included in cost of sales. The Company has elected to treat delivery services as a fulfillment activity with revenues recognized when the customer obtains control of the product. Delivery revenue is included in revenues and the related costs are included in cost of sales. The Company is not disclosing truck order backlog, as a significant majority of the backlog has a duration of less than one year. Truck sales with RVGs that allow customers the option to return their truck are accounted for as a sale when the customer does not have an economic incentive to return the truck to the Company, or as an operating lease when the customer does have an economic incentive to return the truck. The estimate of customers’ economic incentive to return the trucks is based on an analysis of historical guaranteed buyback value and estimated market value. When truck sales with RVGs are accounted for as a sale, revenue is recognized when the truck is transferred to the customer less an amount for expected returns. Expected return rates are estimated by using a historical return rate. Aftermarket parts sales allow for returns which are estimated at the time of sale based on historical data. Parts dealer services and other revenues are recognized as services are performed. The following table presents the balance sheet classification of the estimated value of the returned goods assets and the related return liabilities: June 30, 2023 December 31, 2022 ASSETS LIABILITIES ASSETS LIABILITIES Trucks Other current assets $ 191.1 $ 183.0 Accounts payable, accrued expenses and other $ 192.3 $ 185.0 Other noncurrent assets, net 234.7 284.6 Other liabilities 246.7 298.9 $ 425.8 $ 439.0 $ 467.6 $ 483.9 Parts Other current assets $ 82.3 $ 77.7 Accounts payable, accrued expenses and other $ 200.7 $ 181.4 $ 82.3 $ 200.7 $ 77.7 $ 181.4 The Company’s total commitment to acquire trucks at a guaranteed value for contracts accounted for as a sale was $ 870.6 at June 30, 2023. Revenues from extended warranties, operating leases and other include optional extended warranty and repair and maintenance (R&M) service contracts which can be purchased for periods generally ranging up to five years . The Company defers revenue based on stand-alone observable selling prices when it receives payments in advance and generally recognizes the revenue on a straight-line basis over the warranty or R&M contract periods. See Note F, Product Support Liabilities, in the Notes to the Consolidated Financial Statements for further information. Also included are truck sales with an RVG accounted for as an operating lease. A liability is created for the residual value obligation with the remainder of the proceeds recorded as deferred revenue. The deferred revenue is recognized on a straight-line basis over the guarantee period, which typically ranges from three to five years . Deferred revenue related to trucks sold with an RVG was $ 36.0 at June 30, 2023. The Company expects to recognize approximately $ 13.4 of the remaining deferred revenue in 2023, $ 15.6 in 2024, $ 4.4 in 2025, $ 1.9 in 2026 and $ .7 in 2027. For the three and six months ended June 30, 2023, total operating lease revenue from truck sales with RVGs was $ 22.6 and $ 35.4 , respectively, compared to $ 22.0 and $ 49.9 for the three and six months ended June 30, 2022. The Company’s total commitment to acquire trucks at a guaranteed value for contracts accounted for as a lease was $ 143.9 at June 30, 2023. Revenue from winch sales and other is primarily derived from the industrial winch business. Winch sales are recognized when the product is transferred to a customer, which generally occurs upon shipment. Also within this category are other revenues not attributable to a reportable segment. Financial Services The Company’s Financial Services segment products include loans to customers collateralized by the vehicles being financed, finance leases for retail customers and dealers, dealer wholesale financing which includes floating-rate wholesale loans to PACCAR dealers for new and used trucks, and operating leases which include rentals on Company owned equipment. Interest income from finance and other receivables is recognized using the interest method. Certain loan origination costs are deferred and amortized to interest income over the expected life of the contracts using the straight-line method which approximates the interest method. Operating lease rental revenue is recognized on a straight-line basis over the term of the lease. Customer contracts may include additional services such as excess mileage, repair and maintenance and other services on which revenue is recognized when earned. The Company’s full-service lease arrangements bundle these additional services. Rents for full-service lease contracts are allocated between lease and non-lease components based on the relative stand-alone price of each component. Taxes, such as sales and use and value added, which are collected by the Company from a customer, are excluded from the measurement of lease income and expenses. 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 June 30, 2023 or December 31, 2022. 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. Finance leases are secured by the trucks and related equipment being leased and the lease terms generally range from three to five years depending on the type and use of the equipment. The lessee is required to either purchase the equipment or guarantee to the Company a stated residual value upon the disposition of the equipment at the end of the finance lease term. Operating lease terms generally range from three to five years . At the end of the operating lease term, the lessee has the option to return the equipment to the Company or purchase the equipment at its fair market value. The Company determines its estimate of the residual value of leased vehicles by considering the length of the lease term, the truck model, the expected usage of the truck and anticipated market demand. If the sales price of the truck at the end of the agreement differs from the Company’s estimated residual value, a gain or loss will result. Future market conditions, changes in government regulations and other factors outside the Company’s control could impact the ultimate sales price of trucks returned under these contracts. Residual values are reviewed regularly and adjusted if market conditions warrant. The following table summarizes Financial Services lease revenues by lease type: Three Months Ended Six Months Ended June 30 June 30 2023 2022 2023 2022 Finance lease revenues $ 31.8 $ 45.0 $ 86.7 $ 87.9 Operating lease revenues 186.7 199.7 383.5 403.3 Total lease revenues $ 218.5 $ 244.7 $ 470.2 $ 491.2

Investments in Marketable Secur

Investments in Marketable Securities	6 Months Ended
	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Investments in Marketable Securities	NOTE C - Investments in Marketable Securities Debt Securities The Company's investments in marketable debt securities are classified as available-for-sale. These investments are stated at fair value and may include an allowance for credit losses. Changes in the allowance for credit losses are recognized in the current period earnings and any unrealized gains or losses, net of tax, are included as a component of accumulated other comprehensive income (loss) (AOCI). The Company utilizes third-party pricing services for all of its marketable debt security valuations. The Company reviews the pricing methodology used by the third‑party pricing services, including the manner employed to collect market information. On a quarterly basis, the Company also performs review and validation procedures on the pricing information received from the third‑party providers. These procedures help ensure the fair value information used by the Company is determined in accordance with applicable accounting guidance. The Company evaluates its investment in marketable debt securities at the end of each reporting period to determine if a decline in fair value is the result of credit losses or unrealized losses. In assessing credit losses, the Company considers the collectability of principal and interest payments by monitoring changes to issuers’ credit ratings, specific credit events associated with individual issuers as well as the credit ratings of any financial guarantor. The Company considers its intent for selling the security and whether it is more likely than not the Company will be able to hold the security until the recovery of any credit losses and unrealized losses. Charges against the allowance for credit losses occur when a security with credit losses is sold or the Company no longer intends to hold that security. Equity Securities Marketable equity securities are traded on active exchanges and are measured at fair value. The realized and unrealized gains (losses) are recognized in investment income. Marketable securities at June 30, 2023 and December 31, 2022 consisted of the following: UNREALIZED UNREALIZED FAIR At June 30, 2023 COST GAINS LOSSES VALUE Marketable debt securities U.S. tax-exempt securities $ 333.2 $ .1 $ 6.2 $ 327.1 U.S. taxable municipal / non-U.S. provincial bonds 230.2 9.7 220.5 U.S. corporate securities 309.4 .1 10.4 299.1 U.S. government and agency securities 150.6 4.0 146.6 Non-U.S. corporate securities 500.8 16.9 483.9 Non-U.S. government securities 113.4 .1 3.2 110.3 Other debt securities 104.5 4.4 100.1 Marketable equity securities 10.0 7.1 2.9 Total marketable securities $ 1,752.1 $ .3 $ 61.9 $ 1,690.5 UNREALIZED UNREALIZED FAIR At December 31, 2022 COST GAINS LOSSES VALUE Marketable debt securities U.S. tax-exempt securities $ 452.8 $ .5 $ 8.2 $ 445.1 U.S. taxable municipal / non-U.S. provincial bonds 191.6 10.8 180.8 U.S. corporate securities 262.5 .1 11.6 251.0 U.S. government and agency securities 118.0 .1 3.1 115.0 Non-U.S. corporate securities 467.9 17.9 450.0 Non-U.S. government securities 78.9 .2 2.7 76.4 Other debt securities 99.4 4.7 94.7 Marketable equity securities 10.0 8.8 1.2 Total marketable securities $ 1,681.1 $ .9 $ 67.8 $ 1,614.2 The cost of marketable debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. Amortization, accretion, interest and dividend income and realized gains and losses are included in investment income. The cost of securities sold is based on the specific identification method. Gross realized gains were $ .9 and $ .4 and gross realized losses were $ 2.9 and $ .9 for the six months periods ended June 30, 2023 and 2022, respectively. Net realized gains on marketable equity securities were $ 1.7 and nil for the six months periods ending June 30, 2023 and 2022, respectively. Marketable debt securities with continuous unrealized losses and their related fair values were as follows: June 30, 2023 December 31, 2022 LESS THAN TWELVE MONTHS LESS THAN TWELVE MONTHS TWELVE MONTHS OR GREATER TWELVE MONTHS OR GREATER Unrealized losses $ 14.7 $ 40.1 $ 21.5 $ 37.5 Fair value 772.3 764.9 889.2 608.4 The unrealized losses on marketable debt securities above were due to higher yields on certain securities. The Company did not identify any indicators of a credit loss in its assessments. Accordingly, no allowance for credit losses was recorded at June 30, 2023 and December 31, 2022. The Company does not currently intend, and it is more likely than not that it will not be required to sell the investment securities before recovery of the unrealized losses. The Company expects that the contractual principal and interest will be received on the investment securities. Contractual maturities of marketable debt securities at June 30, 2023 were as follows: AMORTIZED FAIR COST VALUE Within one year $ 440.9 $ 433.8 One to five years 1,287.4 1,241.6 Six to ten years 1.3 1.3 More than ten years 12.5 10.9 $ 1,742.1 $ 1,687.6

Inventories

Inventories	6 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
Inventories	NOTE D - Inventories Inventories are stated at the lower of cost or market. Cost of inventories is determined principally by the first-in, first-out (FIFO) method. Inventories include the following: June 30 December 31 2023 2022 Finished products $ 1,089.5 $ 871.8 Work in process and raw materials 1,623.4 1,327.0 $ 2,712.9 $ 2,198.8

Finance and Other Receivables

Finance and Other Receivables	6 Months Ended
	Jun. 30, 2023
Receivables [Abstract]
Finance and Other Receivables	NOTE E - Finance and Other Receivables Finance and other receivables include the following: June 30 December 31 2023 2022 Loans $ 7,705.8 $ 7,229.1 Finance leases 4,293.1 3,786.4 Dealer wholesale financing 3,650.9 2,772.1 Operating lease receivables and other 140.7 125.4 15,790.5 13,913.0 Less allowance for losses: Loans and leases ( 119.6 ) ( 114.8 ) Dealer wholesale financing ( 3.8 ) ( 3.4 ) Operating lease receivables and other ( 2.8 ) ( 2.9 ) $ 15,664.3 $ 13,791.9 Included in Finance and other receivables, net on the Consolidated Balance Sheets is accrued interest receivable (net of allowance for credit losses) of $ 67.8 and $ 44.1 as of June 30, 2023 and December 31, 2022, respectively. The net activity of dealer direct loans and dealer wholesale financing on new trucks is shown in the operating section of the Condensed Consolidated Statements of Cash Flows since those receivables finance the sale of Company inventory. Allowance for Credit Losses The Company continuously monitors the payment performance of its finance receivables. For large retail finance customers and dealers with wholesale financing, the Company regularly reviews their financial statements and makes site visits and phone contact as appropriate. If the Company becomes aware of circumstances that could cause those customers or dealers to face financial difficulty, whether or not they are past due, the customers are placed on a watch list. The Company modifies loans and finance leases in the normal course of its Financial Services operations. The Company may modify loans and finance leases for commercial reasons or for credit reasons. Modifications for commercial reasons are changes to contract terms for customers that are not considered to be in financial difficulty. Insignificant delays are modifications extending terms up to three months for customers experiencing some short-term financial stress, but not considered to be in financial difficulty. Modifications for credit reasons are changes to contract terms for customers considered to be in financial difficulty. The Company’s modifications typically result in granting more time to pay the contractual amounts owed and charging a fee and interest for the term of the modification. When considering whether to modify customer accounts for credit reasons, the Company evaluates the creditworthiness of the customers and modifies those accounts that the Company considers likely to perform under the modified terms. The Company does not typically grant credit modifications for customers that do not meet minimum underwriting standards since the Company normally repossesses the financed equipment in these circumstances. On average, modifications extended contractual terms by approximately five months in 2023 and three months in 2022, and did not have a significant effect on the weighted average term or interest rate of the total portfolio at June 30, 2023 and December 31, 2022. The Company has developed a systematic methodology for determining the allowance for credit losses for its two portfolio segments, retail and wholesale. The retail segment consists of retail loans and sales-type finance leases, net of unearned interest. The wholesale segment consists of truck inventory financing loans to dealers that are collateralized by trucks and other collateral. The wholesale segment generally has less risk than the retail segment. Wholesale receivables generally are shorter in duration than retail receivables, and the Company requires periodic reporting of the wholesale dealer’s financial condition, conducts periodic audits of the trucks being financed and in many cases, obtains guarantees or other security such as dealership assets. In determining the allowance for credit losses, retail loans and finance leases are evaluated together since they relate to a similar customer base, their contractual terms require regular payment of principal and interest, generally over three to five years , and they are secured by the same type of collateral. The allowance for credit losses consists of both specific and general reserves. The Company individually evaluates certain finance receivables for expected credit losses. Finance receivables that are evaluated individually consist of all wholesale accounts and certain large retail accounts with past due balances or otherwise determined to be at a higher risk of loss. In general, finance receivables that are 90 days past due are placed on non-accrual status. Finance receivables on non-accrual status which have been performing for 90 consecutive days are placed on accrual status if it is deemed probable that the Company will collect all principal and interest payments. Individually evaluated receivables on non-accrual status are generally considered collateral dependent. Large balance retail and all wholesale receivables on non-accrual status are individually evaluated to determine the appropriate reserve for losses. The determination of reserves for large balance receivables on non-accrual status 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 receivables on non-accrual status with similar risk characteristics are evaluated as a separate pool to determine the appropriate reserve for losses using the historical loss information discussed below. The Company evaluates finance receivables that are not individually evaluated and share similar risk characteristics on a collective basis and determines the general allowance for credit losses for both retail and wholesale receivables based on historical loss information, using past due account data, current market conditions, and expected changes in future macroeconomic conditions that affect collectability. Historical credit loss data provides relevant information of expected credit losses. The historical information used includes assumptions regarding the likelihood of collecting current and past due accounts, repossession rates, and the recovery rate on the underlying collateral based on used truck values and other pledged collateral or recourse. The Company has developed a range of loss estimates for each of its country portfolios based on historical experience, taking into account loss frequency and severity in both strong and weak truck market conditions. A projection is made of the range of estimated credit losses inherent in the portfolio from which an amount is determined based on current market conditions and other factors impacting the creditworthiness of the Company’s borrowers and their ability to repay. Adjustments to historical loss information are made for changes in forecasted economic conditions that are specific to the industry and markets in which the Company conducts business. The Company utilizes economic forecasts from third-party sources and determines expected losses based on historical experience under similar market conditions. After determining the appropriate level of the allowance for credit losses, a provision for losses on finance receivables is charged to income as necessary to reflect management’s estimate of expected credit losses, net of recoveries, inherent in the portfolio. In determining the fair value of the collateral, the Company uses a pricing matrix and categorizes the fair value as Level 2 in the hierarchy of fair value measurement. The pricing matrix is reviewed quarterly and updated as appropriate. The pricing matrix considers the make, model and year of the equipment as well as recent sales prices of comparable equipment sold individually, which is the lowest unit of account, through wholesale channels to the Company’s dealers (principal market). The fair value of the collateral also considers the overall condition of the equipment. Accounts are charged off against the allowance for credit losses when, in the judgment of management, they are considered uncollectible, which generally occurs upon repossession of the collateral. Typically the timing between the repossession and charge-off is not significant. In cases where repossession is delayed (e.g., for legal proceedings), the Company records a partial charge-off. The charge-off is determined by comparing the fair value of the collateral, less cost to sell, to the amortized cost basis. For the following credit quality disclosures, finance receivables are classified into two portfolio segments, wholesale and retail. The retail portfolio is further segmented into dealer retail and customer retail. The dealer wholesale segment consists of truck inventory financing to PACCAR dealers. The dealer retail segment consists of loans and leases to participating dealers and franchises that use the proceeds to fund customers’ acquisition of commercial vehicles and related equipment. The customer retail segment consists of loans and leases directly to customers for the acquisition of commercial vehicles and related equipment. Customer retail receivables are further segregated between fleet and owner/operator classes. The fleet class consists of customer retail accounts operating five or more trucks. All other customer retail accounts are considered owner/operator. These two classes have similar measurement attributes, risk characteristics and common methods to monitor and assess credit risk. The allowance for credit losses is summarized as follows: 2023 DEALER CUSTOMER WHOLESALE RETAIL RETAIL OTHER* TOTAL Balance at January 1 $ 3.4 $ 2.2 $ 112.6 $ 2.9 $ 121.1 Provision for losses .3 ( .3 ) 8.4 ( .5 ) 7.9 Charge-offs ( 9.4 ) ( 9.4 ) Recoveries 3.1 .1 3.2 Currency translation and other .1 3.0 .3 3.4 Balance at June 30 $ 3.8 $ 1.9 $ 117.7 $ 2.8 $ 126.2 2022 DEALER CUSTOMER WHOLESALE RETAIL RETAIL OTHER* TOTAL Balance at January 1 $ 3.3 $ 7.1 $ 104.4 $ 2.1 $ 116.9 Provision for losses .8 ( 2.5 ) 6.1 .2 4.6 Charge-offs ( 4.4 ) ( .3 ) ( 4.7 ) Recoveries 3.3 .3 3.6 Currency translation and other ( .2 ) ( 1.2 ) .6 ( .8 ) Balance at June 30 $ 3.9 $ 4.6 $ 108.2 $ 2.9 $ 119.6 * Operating leases and other trade receivables. Credit Quality The Company's customers are principally concentrated in the transportation industry in North America, Europe, Australia and Brasil. The Company’s portfolio assets are diversified over a large number of customers and dealers with no single customer or dealer balances representing over 5 % of the total portfolio assets. The Company retains as collateral a security interest in the related equipment. At the inception of each contract, the Company considers the credit risk based on a variety of credit quality factors including prior payment experience, customer financial information, credit-rating agency ratings, loan-to-value ratios and other internal metrics. On an ongoing basis, the Company monitors credit quality based on past due status and collection experience as there is a meaningful correlation between the past due status of customers and the risk of loss. The Company has three credit quality indicators: performing, watch and at-risk. Performing accounts pay in accordance with the contractual terms and are not considered high-risk. Watch accounts include accounts 31 to 90 days past due and large accounts that are performing but are considered to be high‑risk. Watch accounts are not collateral dependent. At-risk accounts are collateral dependent, including accounts over 90 days past due and other accounts on non-accrual status. The tables below summarize the amortized cost basis of the Company’s finance receivables within each credit quality indicator by year of origination and portfolio class and current period gross charge-offs of the Company’s finance receivables by year of origination and portfolio class. REVOLVING At June 30, 2023 LOANS 2023 2022 2021 2020 2019 PRIOR TOTAL Amortized cost: Dealer: Wholesale: Performing $ 3,649.4 $ 3,649.4 Watch 1.5 1.5 $ 3,650.9 $ 3,650.9 Retail: Performing $ 165.2 $ 345.0 $ 565.8 $ 312.4 $ 194.5 $ 201.4 $ 177.5 $ 1,961.8 $ 165.2 $ 345.0 $ 565.8 $ 312.4 $ 194.5 $ 201.4 $ 177.5 $ 1,961.8 Total dealer $ 3,816.1 $ 345.0 $ 565.8 $ 312.4 $ 194.5 $ 201.4 $ 177.5 $ 5,612.7 Customer retail: Fleet: Performing $ 2,287.0 $ 3,182.6 $ 1,653.5 $ 1,007.4 $ 429.6 $ 143.6 $ 8,703.7 Watch 3.5 9.8 5.1 2.0 1.1 1.5 23.0 At-risk 6.4 20.8 13.6 5.5 6.8 2.6 55.7 $ 2,296.9 $ 3,213.2 $ 1,672.2 $ 1,014.9 $ 437.5 $ 147.7 $ 8,782.4 Owner/operator: Performing $ 240.4 $ 393.6 $ 327.4 $ 181.7 $ 79.5 $ 21.3 $ 1,243.9 Watch .3 2.1 1.6 .8 .2 .1 5.1 At-risk .3 2.0 1.3 1.4 .5 .2 5.7 $ 241.0 $ 397.7 $ 330.3 $ 183.9 $ 80.2 $ 21.6 $ 1,254.7 Total customer retail $ 2,537.9 $ 3,610.9 $ 2,002.5 $ 1,198.8 $ 517.7 $ 169.3 $ 10,037.1 Total $ 3,816.1 $ 2,882.9 $ 4,176.7 $ 2,314.9 $ 1,393.3 $ 719.1 $ 346.8 $ 15,649.8 REVOLVING At June 30, 2023 LOANS 2023 2022 2021 2020 2019 PRIOR TOTAL Gross charge-offs: Customer retail: Fleet $ 2.5 $ 2.8 $ 1.5 $ .2 $ .4 $ 7.4 Owner/operator .6 1.0 .2 .2 2.0 Total $ 3.1 $ 3.8 $ 1.7 $ .2 $ .6 $ 9.4 REVOLVING At December 31, 2022 LOANS 2022 2021 2020 2019 2018 PRIOR TOTAL Amortized cost: Dealer: Wholesale: Performing $ 2,766.0 $ 2,766.0 Watch 6.1 6.1 $ 2,772.1 $ 2,772.1 Retail: Performing $ 206.2 $ 609.7 $ 348.6 $ 223.1 $ 241.7 $ 120.8 $ 121.1 $ 1,871.2 At-risk .7 .7 $ 206.2 $ 609.7 $ 348.6 $ 223.1 $ 241.7 $ 120.8 $ 121.8 $ 1,871.9 Total dealer $ 2,978.3 $ 609.7 $ 348.6 $ 223.1 $ 241.7 $ 120.8 $ 121.8 $ 4,644.0 Customer retail: Fleet: Performing $ 3,558.0 $ 1,981.9 $ 1,306.5 $ 603.7 $ 203.4 $ 65.6 $ 7,719.1 Watch 7.5 7.3 1.8 3.4 2.4 .5 22.9 At-risk 6.7 17.7 18.8 17.2 5.9 .5 66.8 $ 3,572.2 $ 2,006.9 $ 1,327.1 $ 624.3 $ 211.7 $ 66.6 $ 7,808.8 Owner/operator: Performing $ 478.2 $ 425.9 $ 251.2 $ 120.9 $ 45.3 $ 6.0 $ 1,327.5 Watch 1.8 .9 .4 .3 .1 3.5 At-risk .4 .8 1.1 .8 .7 3.8 $ 480.4 $ 427.6 $ 252.7 $ 122.0 $ 46.0 $ 6.1 $ 1,334.8 Total customer retail $ 4,052.6 $ 2,434.5 $ 1,579.8 $ 746.3 $ 257.7 $ 72.7 $ 9,143.6 Total $ 2,978.3 $ 4,662.3 $ 2,783.1 $ 1,802.9 $ 988.0 $ 378.5 $ 194.5 $ 13,787.6 The tables below summarize the Company’s finance receivables by aging category. In determining past due status, the Company considers the entire contractual account balance past due when any installment is over 30 days past due. Substantially all customer accounts that were greater than 30 days past due prior to credit modification became current upon modification for aging purposes. DEALER CUSTOMER RETAIL OWNER/ At June 30, 2023 WHOLESALE RETAIL FLEET OPERATOR TOTAL Current and up to 30 days past due $ 3,650.0 $ 1,961.8 $ 8,724.2 $ 1,246.5 $ 15,582.5 31 – 60 days past due .9 15.6 4.2 20.7 Greater than 60 days past due 42.6 4.0 46.6 $ 3,650.9 $ 1,961.8 $ 8,782.4 $ 1,254.7 $ 15,649.8 DEALER CUSTOMER RETAIL OWNER/ At December 31, 2022 WHOLESALE RETAIL FLEET OPERATOR TOTAL Current and up to 30 days past due $ 2,772.1 $ 1,871.9 $ 7,768.5 $ 1,329.1 $ 13,741.6 31 – 60 days past due 14.7 3.1 17.8 Greater than 60 days past due 25.6 2.6 28.2 $ 2,772.1 $ 1,871.9 $ 7,808.8 $ 1,334.8 $ 13,787.6 The amortized cost basis of finance receivables that are on non-accrual status was as follows: DEALER CUSTOMER RETAIL OWNER/ At June 30, 2023 WHOLESALE RETAIL FLEET OPERATOR TOTAL Amortized cost basis with a specific reserve $ 33.9 $ 4.3 $ 38.2 Amortized cost basis with no specific reserve 21.5 1.3 22.8 Total $ 55.4 $ 5.6 $ 61.0 DEALER CUSTOMER RETAIL OWNER/ At December 31, 2022 WHOLESALE RETAIL FLEET OPERATOR TOTAL Amortized cost basis with a specific reserve $ 33.9 $ 3.6 $ 37.5 Amortized cost basis with no specific reserve $ .7 16.2 16.9 Total $ .7 $ 50.1 $ 3.6 $ 54.4 Interest income recognized on a cash basis for finance receivables that are on non-accrual status was as follows: Three Months Ended Six Months Ended June 30 June 30 2023 2022 2023 2022 Interest income recognized: Dealer: Retail $ .1 $ .1 Customer retail: Fleet $ .2 .9 $ .6 1.4 Owner/operator .1 .1 $ .2 $ 1.0 $ .7 $ 1.6 Customers Experiencing Financial Difficulty The Company adopted ASU 2022-02 on January 1, 2023 . The amortized cost basis of finance receivables modified for fleet customers experiencing financial difficulty was $ .6 and $ 6.6 for the three and six months ended June 30, 2023 , respectively. The amortized cost basis of finance receivables modified for owner/operator customers experiencing financial difficulty was nil for the three and six months ended June 30, 2023 . Total modifications with customers experiencing financial difficulty represented nil and .1 % of the total retail portfolio on an annualized basis for the three and six months ended June 30, 2023 , respectively. The modifications provided term extensions and granted customers additional time to pay, primarily in Brasil. The financial effects of the term extensions added a weighted-average of 6 and 20 months to the life of the modified contracts for the three and six months ended June 30, 2023, respectively. The effect on the allowance for credit losses from such modifications was not significant for the three and six months ended June 30, 2023. All of the finance receivables modified with customers experiencing financial difficulty are current. There were no finance receivables modified with customers experiencing financial difficulty on or after January 1, 2023 that had a payment default in the six months ended June 30, 2023. Troubled Debt Restructuring Disclosures Prior to Adoption of ASU 2022-02 Prior to the adoption of ASU 2022-02, when considering whether to modify customer accounts for credit reasons, the Company evaluated the creditworthiness of the customers and modified those accounts that the Company considered likely to perform under the modified terms. When the Company modified a loan or finance lease for credit reasons and granted a concession, the modification was classified as a troubled debt restructuring (TDR). The Company did not typically grant credit modifications for customers that did not meet minimum underwriting standards since the Company normally repossesses the financed equipment in those circumstances. When such modifications did occur, they were considered TDRs. The balance of TDRs was $ 31.1 and $ 38.1 at December 31, 2022 and June 30, 2022, respectively. At modification date, the pre-modification and post-modification amortized cost basis balances for finance receivables modified during the period by portfolio class were as follows: Three Months Ended Six Months Ended June 30, 2022 June 30, 2022 AMORTIZED COST BASIS AMORTIZED COST BASIS PRE- POST- PRE- POST- Fleet $ 7.5 $ 7.5 $ 8.1 $ 8.1 $ 7.5 $ 7.5 $ 8.1 $ 8.1 The effect on the allowance for credit losses from such modifications were not significant at June 30, 2022. Repossessions When the Company determines a customer is not likely to meet its contractual commitments, the Company repossesses the vehicles which serve as collateral for the loans, finance leases and equipment under operating leases. The Company records the vehicles as used truck inventory included in Financial Services Other assets on the Consolidated Balance Sheets. The balance of repossessed inventory at June 30, 2023 and December 31, 2022 was $ 15.7 and $ 9.2 , respectively. Proceeds from the sales of repossessed assets were $ 10.3 and $ 11.3 for the six months ended June 30, 2023 and 2022 , respectively. These amounts are included in Proceeds from asset disposals in the Condensed Consolidated Statements of Cash Flows. Write-downs of repossessed equipment on operating leases are recorded as impairments and included in Financial Services Depreciation and other expenses on the Consolidated Statements of Comprehensive Income.

Product Support Liabilities

Product Support Liabilities	6 Months Ended
	Jun. 30, 2023
Product Warranties Disclosures [Abstract]
Product Support Liabilities	NOTE F - Product Support Liabilities Product support liabilities include estimated future payments related to product warranties and deferred revenues on optional extended warranties and R&M contracts. The Company generally offers one year warranties covering most of its vehicles and related aftermarket parts. For vehicles equipped with engines manufactured by PACCAR, the Company generally offers two year warranties on the engine. Specific terms and conditions vary depending on the product and the country of sale. Optional extended warranty and R&M contracts can be purchased for periods which generally range up to five years . Warranty expenses and reserves are estimated and recorded at the time products or contracts are sold based on historical and current data and reasonable expectations for the future regarding the frequency and cost of warranty claims, net of recoveries. The Company periodically assesses the adequacy of its recorded liabilities and adjusts them as appropriate to reflect actual experience. Revenue from extended warranty and R&M contracts is deferred and recognized to income generally on a straight-line basis over the contract period. Warranty and R&M costs on these contracts are recognized as incurred. Changes in product support liabilities are summarized as follows: WARRANTY RESERVES 2023 2022 Balance at January 1 $ 437.7 $ 344.3 Cost accruals 360.7 159.8 Payments ( 299.7 ) ( 187.8 ) Change in estimates for pre-existing warranties 132.2 49.9 Currency translation and other 7.1 ( 12.2 ) Balance at June 30 $ 638.0 $ 354.0 DEFERRED REVENUES ON EXTENDED WARRANTIES AND R&M CONTRACTS 2023 2022 Balance at January 1 $ 904.9 $ 775.2 Deferred revenues 416.8 303.6 Revenues recognized ( 230.4 ) ( 239.2 ) Currency translation 13.2 ( 31.1 ) Balance at June 30 $ 1,104.5 $ 808.5 The Company expects to recognize approximately $ 137.2 of the remaining deferred revenue on extended warranties and R&M contracts in 2023, $ 272.8 in 2024, $ 274.8 in 2025, $ 209.3 in 2026, $ 138.5 in 2027 and $ 71.9 thereafter.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Stockholders' Equity	NOTE G - Stockholders’ Equity Comprehensive Income The components of comprehensive income are as follow: Three Months Ended Six Months Ended June 30 June 30 2023 2022 2023 2022 Net income $ 1,221.1 $ 720.4 $ 1,955.0 $ 1,320.9 Other comprehensive income (loss) (OCI): Unrealized (losses) gains on derivative contracts ( 33.0 ) 1.0 ( 62.5 ) 37.1 Tax effect 7.6 ( 1.2 ) 13.9 ( 10.9 ) ( 25.4 ) ( .2 ) ( 48.6 ) 26.2 Unrealized (losses) gains on marketable debt securities ( 10.3 ) ( 10.4 ) 3.7 ( 44.5 ) Tax effect 2.6 2.6 ( .9 ) 11.1 ( 7.7 ) ( 7.8 ) 2.8 ( 33.4 ) Pension plans 2.3 19.9 3.3 30.2 Tax effect ( .3 ) ( 5.1 ) ( .4 ) ( 7.5 ) 2.0 14.8 2.9 22.7 Foreign currency translation gains (losses) 126.5 ( 240.8 ) 218.5 ( 206.1 ) Net other comprehensive income (loss) 95.4 ( 234.0 ) 175.6 ( 190.6 ) Comprehensive income $ 1,316.5 $ 486.4 $ 2,130.6 $ 1,130.3 Accumulated Other Comprehensive Income (Loss) The components of AOCI and the changes in AOCI, net of tax, included in the Consolidated Balance Sheets and the Consolidated Statements of Stockholders’ Equity consisted of the following: Three Months Ended June 30, 2023 DERIVATIVE MARKETABLE PENSION FOREIGN TOTAL Balance at April 1, 2023 $ 11.9 $ ( 33.1 ) $ ( 110.0 ) $ ( 742.0 ) $ ( 873.2 ) Recorded into AOCI ( 66.9 ) ( 6.8 ) .4 126.5 53.2 Reclassified out of AOCI 41.5 ( .9 ) 1.6 42.2 Net other comprehensive (loss) income ( 25.4 ) ( 7.7 ) 2.0 126.5 95.4 Balance at June 30, 2023 $ ( 13.5 ) $ ( 40.8 ) $ ( 108.0 ) $ ( 615.5 ) $ ( 777.8 ) Three Months Ended June 30, 2022 DERIVATIVE MARKETABLE PENSION FOREIGN TOTAL Balance at April 1, 2022 $ 12.9 $ ( 26.7 ) $ ( 261.9 ) $ ( 602.0 ) $ ( 877.7 ) Recorded into AOCI 16.4 ( 7.6 ) 7.9 ( 240.8 ) ( 224.1 ) Reclassified out of AOCI ( 16.6 ) ( .2 ) 6.9 ( 9.9 ) Net other comprehensive (loss) income ( .2 ) ( 7.8 ) 14.8 ( 240.8 ) ( 234.0 ) Balance at June 30, 2022 $ 12.7 $ ( 34.5 ) $ ( 247.1 ) $ ( 842.8 ) $ ( 1,111.7 ) Six Months Ended June 30, 2023 DERIVATIVE MARKETABLE PENSION FOREIGN TOTAL Balance at January 1, 2023 $ 35.1 $ ( 43.6 ) $ ( 110.9 ) $ ( 834.0 ) $ ( 953.4 ) Recorded into AOCI ( 113.3 ) 4.5 .6 218.5 110.3 Reclassified out of AOCI 64.7 ( 1.7 ) 2.3 65.3 Net other comprehensive (loss) income ( 48.6 ) 2.8 2.9 218.5 175.6 Balance at June 30, 2023 $ ( 13.5 ) $ ( 40.8 ) $ ( 108.0 ) $ ( 615.5 ) $ ( 777.8 ) Six Months Ended June 30, 2022 DERIVATIVE MARKETABLE PENSION FOREIGN TOTAL Balance at January 1, 2022 $ ( 13.5 ) $ ( 1.1 ) $ ( 269.8 ) $ ( 636.7 ) $ ( 921.1 ) Recorded into AOCI 34.5 ( 33.1 ) 11.4 ( 206.1 ) ( 193.3 ) Reclassified out of AOCI ( 8.3 ) ( .3 ) 11.3 2.7 Net other comprehensive income (loss) 26.2 ( 33.4 ) 22.7 ( 206.1 ) ( 190.6 ) Balance at June 30, 2022 $ 12.7 $ ( 34.5 ) $ ( 247.1 ) $ ( 842.8 ) $ ( 1,111.7 ) Reclassifications out of AOCI were as follows: Three Months Ended LINE ITEM IN THE CONSOLIDATED STATEMENTS OF June 30 AOCI COMPONENTS COMPREHENSIVE INCOME 2023 2022 Unrealized losses (gains) on derivative contracts: Truck, Parts and Other Foreign-exchange contracts Net sales and revenues $ 11.8 $ 8.2 Cost of sales and revenues 11.4 ( 1.0 ) Interest and other (income) expense, net .7 Commodity contracts Cost of sales and revenues ( 4.6 ) 5.5 Financial Services Foreign-exchange contracts Interest and other borrowing expenses ( 2.8 ) Interest-rate contracts Interest and other borrowing expenses 32.6 ( 36.5 ) Pre-tax expense increase (reduction) 49.1 ( 23.8 ) Tax (benefit) expense ( 7.6 ) 7.2 After-tax expense increase 41.5 ( 16.6 ) Unrealized gains on marketable debt securities: Marketable debt securities Investment income ( 1.2 ) ( .3 ) Tax expense .3 . 1 After-tax income increase ( .9 ) ( .2 ) Pension plans: Truck, Parts and Other Actuarial loss Interest and other (income) expense, net 1.7 9.0 Prior service costs Interest and other (income) expense, net .4 .2 Pre-tax expense increase 2.1 9.2 Tax benefit ( .5 ) ( 2.3 ) After-tax expense increase 1.6 6.9 Total reclassifications out of AOCI $ 42.2 $ ( 9.9 ) Six Months Ended LINE ITEM IN THE CONSOLIDATED STATEMENTS OF June 30 AOCI COMPONENTS COMPREHENSIVE INCOME 2023 2022 Unrealized losses (gains) on derivative contracts: Truck, Parts and Other Foreign-exchange contracts Net sales and revenues $ 12.0 $ 15.1 Cost of sales and revenues 11.4 2.7 Interest and other (income), net .3 Commodity contracts Cost of sales and revenues ( 2.4 ) 10.4 Financial Services Foreign-exchange contracts Interest and other borrowing expenses ( 2.0 ) Interest-rate contracts Interest and other borrowing expenses 60.0 ( 43.1 ) Pre-tax expense increase (reduction) 79.0 ( 14.6 ) Tax expense ( 14.3 ) 6.3 After-tax expense increase (reduction) 64.7 ( 8.3 ) Unrealized gains on marketable debt securities: Marketable debt securities Investment income ( 2.3 ) ( .4 ) Tax expense .6 .1 After-tax income increase ( 1.7 ) ( .3 ) Pension plans: Truck, Parts and Other Actuarial loss Interest and other (income), net 2.4 14.6 Prior service costs Interest and other (income), net .7 .3 Pre-tax expense increase 3.1 14.9 Tax benefit ( .8 ) ( 3.6 ) After-tax expense increase 2.3 11.3 Total reclassifications out of AOCI $ 65.3 $ 2.7 Stock Compensation Plans Stock-based compensation expense was $ 2.4 and $ 15.9 for the three months and six months ended June 30, 2023, respectively, and $ 4.3 and $ 12.5 for the three and six months ended June 30 2022, respectively. During the first six months of 2023, the Company issued 834,520 common shares under deferred and stock compensation arrangements. Other Capital Stock Changes During the first six months of 2023, the Company acquired no treasury shares under the Company’s common stock repurchase plans. The Company acquired 43,316 shares under the Company’s Long-Term Incentive Plan. Stock repurchases of $ 390.0 million remain authorized under the current $ 500.0 million program approved by the PACCAR Board of Directors on December 4, 2018.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	NOTE H - Income Taxes The effective tax rate for the second quarter of 2023 was 22.1 % compared to 21.9 % for the second quarter of 2022 . The effective tax rate for the first six months of 2023 was 21.4 % compared to 22.0 % for the first six months of 2022. The higher effective tax rate in the second quarter of 2023 was primarily due to a higher mix of pre-tax income in jurisdictions with higher tax rates. The lower effective tax rate in the first half of 2023 reflect a lower mix of foreign pre-tax income.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Segment Information	NOTE I - Segment Information PACCAR operates in three principal segments: Truck, Parts and Financial Services. The Company evaluates the performance of its Truck and Parts segments based on operating profits, which excludes investment income, other income and expense and income taxes. The Financial Services segment’s performance is evaluated based on income before income taxes. The accounting policies of the reportable segments are the same as those applied in the consolidated financial statements as described in Note A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Truck and Parts The Truck segment includes the design and manufacture of high-quality, light-, medium- and heavy-duty commercial trucks and the Parts segment includes the distribution of aftermarket parts for trucks and related commercial vehicles, both of which are sold through the same network of independent dealers. These segments derive a large proportion of their revenues and operating profits from operations in North America and Europe. The Truck segment incurs substantial costs to design, manufacture and sell trucks to its customers. The sale of new trucks provides the Parts segment with the basis for parts sales that may continue over the life of the truck, but are generally concentrated in the first five years after truck delivery. To reflect the benefit the Parts segment receives from costs incurred by the Truck segment, certain expenses are allocated from the Truck segment to the Parts segment. The expenses allocated are based on a percentage of the average annual expenses for factory overhead, engineering, research and development and SG&A expenses for the preceding five years. The allocation is based on the ratio of the average parts direct margin dollars (net sales less material and labor costs) to the total truck and parts direct margin dollars for the previous five years. The Company believes such expenses have been allocated on a reasonable basis. Truck segment assets related to the indirect expense allocation are not allocated to the Parts segment. Financial Services The Financial Services segment derives its earnings primarily from financing or leasing of PACCAR products and services provided to truck customers and dealers. Revenues are primarily generated from operations in North America and Europe. In Europe, the marketing of used trucks, including those units sold by the Truck segment subject to an RVG, is performed by the Financial Services segment. When a customer returns the truck at the end of the RVG contract, the Company’s Truck segment records a reduction in an RVG liability and the Company’s Financial Services segment records a used truck asset and revenue from the subsequent sale. Certain gains and losses from the sale of these used trucks are shared with the Truck segment. Other Included in Other is the Company’s industrial winch manufacturing business as well as sales, income and expenses not attributable to a reportable segment. Other also includes non-service cost components of pension expense and a portion of corporate expenses. Three Months Ended Six Months Ended June 30 June 30 2023 2022 2023 2022 Net sales and revenues: Truck $ 6,923.0 $ 5,499.5 $ 13,501.7 $ 10,335.0 Less intersegment ( 95.5 ) ( 163.1 ) ( 260.4 ) ( 301.5 ) External customers 6,827.5 5,336.4 13,241.3 10,033.5 Parts 1,618.4 1,450.6 3,259.5 2,855.9 Less intersegment ( 19.5 ) ( 15.9 ) ( 37.6 ) ( 32.3 ) External customers 1,598.9 1,434.7 3,221.9 2,823.6 Other 14.9 15.1 28.2 35.5 8,441.3 6,786.2 16,491.4 12,892.6 Financial Services 439.8 372.5 863.0 738.7 $ 8,881.1 $ 7,158.7 $ 17,354.4 $ 13,631.3 Income before income taxes: Truck $ 948.3 $ 422.1 $ 1,842.6 $ 698.8 Parts 419.3 353.3 857.9 693.5 Other* ( 6.5 ) ( 3.1 ) ( 618.2 ) 6.9 1,361.1 772.3 2,082.3 1,399.2 Financial Services 144.7 144.4 293.5 291.4 Investment income 62.7 5.4 111.7 2.9 $ 1,568.5 $ 922.1 $ 2,487.5 $ 1,693.5 Depreciation and amortization: Truck $ 99.2 $ 77.7 $ 199.0 $ 149.3 Parts 3.6 3.3 7.3 6.5 Other 6.0 6.2 12.3 11.9 108.8 87.2 218.6 167.7 Financial Services 114.6 109.7 225.9 214.9 $ 223.4 $ 196.9 $ 444.5 $ 382.6 * In the first half 2023, Other includes a $ 600.0 million non-recurring charge related to civil litigation in Europe (EC-related claims) which is discussed in Note M.

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	NOTE J - Derivative Financial Instruments As part of its risk management strategy, the Company enters into derivative contracts to hedge against the risks of interest rates, foreign currency rates and commodity prices. Certain derivative instruments designated as fair value hedges, cash flow hedges or net investment hedges are subject to hedge accounting. Derivative instruments that are not subject to hedge accounting are held as derivatives not designated as hedged instruments. 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, commodity as well as certain foreign-exchange 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. For derivative financial instruments, 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 derivative counterparties is limited to the asset position of its derivative portfolio. The asset position of the Company’s derivative portfolio was $ 48.0 at June 30, 2023. The Company assesses hedges at inception and on an ongoing basis to determine the designated derivatives are highly effective in offsetting changes in fair values or cash flow of the hedged items. Hedge accounting is discontinued prospectively when the Company determines a derivative financial instrument has ceased to be a highly effective hedge. Cash flows from derivative instruments are included in Operating activities in the Condensed Consolidated Statements of Cash Flows. Interest-Rate Contracts: The Company enters into various interest-rate contracts, including interest-rate swaps and cross currency interest-rate swaps. Interest-rate swaps 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. Cross currency interest-rate swaps involve the exchange of notional amounts and interest payments in different currencies. The Company is exposed to interest-rate and exchange-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 June 30, 2023, the notional amount of the Company’s interest-rate contracts was $ 2,830.2 . Notional maturities for all interest-rate contracts are $ 235.8 for the remainder of 2023, $ 566.0 for 2024, $ 980.2 for 2025, $ 570.8 for 2026, $ 244.3 for 2027, $ 233.1 for 2028 and thereafter. Foreign-Exchange Contracts: The Company enters into foreign-exchange contracts to hedge certain anticipated transactions and assets and liabilities denominated in foreign currencies, particularly the Canadian dollar, the euro, the British pound, the Australian dollar, the Brazilian real and the Mexican peso. The objective is to reduce fluctuations in earnings and cash flows associated with changes in foreign currency exchange rates. The Company enters into foreign-exchange contracts as net investment hedges to reduce the foreign currency exposure from its investments in foreign subsidiaries. At June 30, 2023, the notional amount of the outstanding foreign-exchange contracts was $ 2,439.7 . Foreign-exchange contracts typically mature within one year . Commodity Contracts: The Company enters into commodity forward contracts to hedge the prices of certain commodities used in the production of trucks. The objective is to reduce the fluctuation in earnings and cash flows associated with adverse movement in commodity prices. At June 30, 2023 , the notional amount of the outstanding commodity contracts was $ 43.6 . Commodity contracts mature within one year . The following table presents the balance sheet classification, fair value, gross and pro forma net amounts of derivative financial instruments: June 30, 2023 December 31, 2022 ASSETS LIABILITIES ASSETS LIABILITIES Derivatives designated under hedge accounting: Interest-rate contracts: Financial Services: Other assets $ 37.3 $ 58.0 Deferred taxes and other liabilities $ 131.6 $ 82.6 Foreign-exchange contracts: Truck, Parts and Other: Other current assets 9.1 57.3 Accounts payable, accrued expenses and other 48.8 9.5 Financial Services: Other current assets 1.6 Deferred taxes and other liabilities 6.0 5.1 Commodity contracts: Truck, Parts and Other: Other current assets .8 1.5 Accounts payable, accrued expenses and other 2.7 .6 $ 47.2 $ 189.1 $ 118.4 $ 97.8 Derivatives not designated as hedging instruments: Foreign-exchange contracts: Truck, Parts and Other: Other current assets $ .7 $ 1.0 Accounts payable, accrued expenses and other $ .6 $ .1 Financial Services: Other assets .1 Deferred taxes and other liabilities .1 .1 Commodity contracts: Truck, Parts and Other: Accounts payable, accrued expenses and other .2 $ .8 $ .7 $ 1.0 $ .4 Gross amounts recognized in Balance Sheets $ 48.0 $ 189.8 $ 119.4 $ 98.2 Less amounts not offset in financial instruments: Truck, Parts and Other: Foreign-exchange contracts $ ( 1.0 ) $ ( 1.0 ) $ ( .1 ) $ ( .1 ) Commodity contracts ( .8 ) ( .8 ) ( .5 ) ( .5 ) Financial Services: Foreign-exchange contracts ( 1.8 ) ( 1.8 ) Interest-rate contracts ( 21.8 ) ( 21.8 ) ( 21.5 ) ( 21.5 ) Pro forma net amount $ 24.4 $ 166.2 $ 95.5 $ 74.3 The following table presents the amount of loss (gain) from derivative financial instruments recorded in the Consolidated Statements of Comprehensive Income: Three Months Ended Six Months Ended June 30, 2023 June 30, 2023 INTEREST- FOREIGN- INTEREST- FOREIGN- RATE EXCHANGE RATE EXCHANGE Truck, Parts and Other: Net sales and revenues Cash flow hedges $ 11.8 $ 12.0 Cost of sales and revenues Cash flow hedges 11.4 11.4 Derivatives not designated as hedging instruments ( 2.0 ) ( 4.0 ) Interest and other (income), net Cash flow hedges 4.4 6.2 Net investment hedges ( 2.0 ) ( 4.8 ) Derivatives not designated as hedging instruments 3.0 4.9 $ 26.6 $ 25.7 Financial Services: Interest and other borrowing expenses Cash flow hedges $ 32.6 $ ( 1.9 ) $ 60.0 $ .5 Fair value hedges 2.7 4.3 Derivatives not designated as hedging instruments .2 ( .1 ) $ 35.3 $ ( 1.7 ) $ 64.3 $ .4 Total $ 35.3 $ 24.9 $ 64.3 $ 26.1 Three Months Ended Six Months Ended June 30, 2022 June 30, 2022 INTEREST- FOREIGN- INTEREST- FOREIGN- RATE EXCHANGE RATE EXCHANGE Truck, Parts and Other: Net sales and revenues Cash flow hedges $ 8.2 $ 15.1 Cost of sales and revenues Cash flow hedges ( 1.0 ) 2.7 Derivatives not designated as hedging instruments .4 ( .1 ) Interest and other (income), net Cash flow hedges .3 Net investment hedges ( 1.5 ) ( 2.8 ) Derivatives not designated as hedging instruments ( .6 ) 1.3 $ 5.5 $ 16.5 Financial Services: Interest and other borrowing expenses Cash flow hedges $ ( 36.5 ) $ ( 43.1 ) Fair value hedges .2 .1 Derivatives not designated as hedging instruments $ .1 $ .2 $ ( 36.3 ) $ .1 $ ( 43.0 ) $ .2 Total $ ( 36.3 ) $ 5.6 $ ( 43.0 ) $ 16.7 The gain (loss) from commodity contracts recorded in Cost of sales and revenue was $ 4.6 and $ 2.4 for the three months and six months ended June 30, 2023 , respectively and ($ 5.5 ) and ($ 10.4 ) for the three months and six months ended June 30, 2022, respectively. 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 Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges: June 30 December 31 2023 2022 Financial Services Term notes: Carrying amount of the hedged liabilities $ 123.5 $ 319.8 Cumulative basis adjustment included in the carrying amount 11.0 27.7 The above table excludes the cumulative basis adjustments on discontinued hedge relationships of $ 17.7 and $ 7.1 as of June 30, 2023 and December 31, 2022, respectively. Cash Flow Hedges Substantially all of the Company’s interest-rate contracts and some foreign-exchange contracts and all commodity contracts have been designated as cash flow hedges. Changes in the fair value of derivatives designated as cash flow hedges are recorded in AOCI. Amounts in AOCI are reclassified into net income in the same period in which the hedged transaction affects earnings. The Company elected to exclude the forward premium component (excluded component) on some foreign-exchange cash flow hedges and amortize the excluded component over the life of the derivative instruments. The amortization of the excluded component is recognized in Interest and other (income), net in Truck, Parts and Other segment and Interest and other borrowing expenses in Financial Services segment in the Consolidated Statements of Comprehensive Income. The maximum length of time over which the Company is hedging its exposure to the variability in future cash flows is 9.5 years. The following tables presents the pre-tax effects of gain (loss) on cash flow hedges recognized in other comprehensive income (loss) (OCI): Three Months Ended Six Months Ended June 30, 2023 June 30, 2023 INTEREST- FOREIGN- INTEREST- FOREIGN- RATE EXCHANGE COMMODITY RATE EXCHANGE COMMODITY (Loss) gain recognized in OCI: Truck, Parts and Other $ ( 47.1 ) $ ( 2.0 ) $ ( 67.2 ) $ 1.9 Financial Services $ ( 35.6 ) 2.6 $ ( 77.9 ) 1.6 $ ( 35.6 ) $ ( 44.5 ) $ ( 2.0 ) $ ( 77.9 ) $ ( 65.6 ) $ 1.9 Three Months Ended Six Months Ended June 30, 2022 June 30, 2022 INTEREST- FOREIGN- INTEREST- FOREIGN- RATE EXCHANGE COMMODITY RATE EXCHANGE COMMODITY Gain (loss) recognized in OCI: Truck, Parts and Other $ 28.5 $ ( 43.7 ) $ .1 $ ( 7.8 ) Financial Services $ 39.8 .2 $ 59.7 ( .3 ) $ 39.8 $ 28.7 $ ( 43.7 ) $ 59.7 $ ( .2 ) $ ( 7.8 ) The amount of loss recorded in AOCI at June 30, 2023 that is estimated to be reclassified into earnings in the following 12 months if interest rates and exchange rates remain unchanged is approximately $ 26.4 , 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 risk management strategy. The amount of gains reclassified out of AOCI into net income based on the probability that the original forecasted transactions would not occur was nil and $ .2 for the three months and six months ended June 30, 2023 , respectively and nil and $ .1 for the same periods ended June 30, 2022. Net Investment Hedges Changes in the fair value of derivatives designated as net investment hedges are recorded in AOCI as an adjustment to the Cumulative Translation Adjustment (CTA). At June 30, 2023 , the notional amount of the outstanding net investment hedges was $ 443.6 . For the three and six months ended June 30, 2023 , the pre-tax loss recognized in OCI for the net investment hedges were $ 3.7 and $ 3.3 , respectively and $ 17.8 and $ 36.0 for the same periods ending June 30, 2022. Derivatives Not Designated As Hedging Instruments For other risk management purposes, the Company enters into derivative instruments that do not qualify for hedge accounting. These derivative instruments are used to mitigate the risk of market volatility arising from borrowings and foreign currency denominated transactions. Changes in the fair value of derivatives not designated as hedging instruments are recorded in earnings in the period in which the change occurs.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	NOTE K - 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. The Company uses the following methods and assumptions to measure fair value for assets and liabilities subject to recurring fair value measurements. Marketable Debt Securities: The Company’s marketable debt securities consist of municipal bonds, government obligations, investment-grade corporate obligations, commercial paper, asset-backed securities and term deposits. The fair value of U.S. government obligations is determined using the market approach and is based on quoted prices in active markets and are categorized as Level 1. The fair value of U.S. government agency obligations, non-U.S. government bonds, municipal bonds, corporate bonds, asset-backed securities, commercial paper and term deposits is determined using the market approach and is primarily based on matrix pricing as a practical expedient which does not rely exclusively on quoted prices for a specific security. Significant inputs used to determine fair value include interest rates, yield curves, credit rating of the security and other observable market information and are categorized as Level 2. Marketable Equity Securities: The Company’s equity securities are traded on active exchanges and are classified as Level 1. Derivative Financial Instruments: The Company’s derivative contracts consist of interest-rate swaps, cross currency swaps, foreign currency exchange and commodity contracts. 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, currency exchange rates, credit default swap spreads, forward rates and commodity prices and are categorized as Level 2. Assets and Liabilities Subject to Recurring Fair Value Measurement The Company’s assets and liabilities subject to recurring fair value measurements are either Level 1 or Level 2 as follows: At June 30, 2023 LEVEL 1 LEVEL 2 TOTAL Assets: Marketable debt securities U.S. tax-exempt securities $ 327.1 $ 327.1 U.S. taxable municipal / non-U.S. provincial bonds 220.5 220.5 U.S. corporate securities 299.1 299.1 U.S. government and agency securities $ 146.6 146.6 Non-U.S. corporate securities 483.9 483.9 Non-U.S. government securities 110.3 110.3 Other debt securities 100.1 100.1 Total marketable debt securities $ 146.6 $ 1,541.0 $ 1,687.6 Marketable equity securities $ 2.9 $ 2.9 Total marketable securities $ 149.5 $ 1,541.0 $ 1,690.5 Derivatives Cross currency swaps $ 25.0 $ 25.0 Interest-rate swaps 12.3 12.3 Foreign-exchange contracts 9.9 9.9 Commodity contracts .8 .8 Total derivative assets $ 48.0 $ 48.0 Liabilities: Derivatives Cross currency swaps $ 117.1 $ 117.1 Interest-rate swaps 14.5 14.5 Foreign-exchange contracts 55.5 55.5 Commodity contracts 2.7 2.7 Total derivative liabilities $ 189.8 $ 189.8 At December 31, 2022 LEVEL 1 LEVEL 2 TOTAL Assets: Marketable debt securities U.S. tax-exempt securities $ 445.1 $ 445.1 U.S. taxable municipal / non-U.S. provincial bonds 180.8 180.8 U.S. corporate securities 251.0 251.0 U.S. government and agency securities $ 115.0 115.0 Non-U.S. corporate securities 450.0 450.0 Non-U.S. government securities 76.4 76.4 Other debt securities 94.7 94.7 Total marketable debt securities $ 115.0 $ 1,498.0 $ 1,613.0 Marketable equity securities $ 1.2 $ 1.2 Total marketable securities $ 116.2 $ 1,498.0 $ 1,614.2 Derivatives Cross currency swaps $ 49.1 $ 49.1 Interest-rate swaps 8.9 8.9 Foreign-exchange contracts 59.9 59.9 Commodity contracts 1.5 1.5 Total derivative assets $ 119.4 $ 119.4 Liabilities: Derivatives Cross currency swaps $ 52.0 $ 52.0 Interest-rate swaps 30.6 30.6 Foreign-exchange contracts 14.8 14.8 Commodity contracts .8 .8 Total derivative liabilities $ 98.2 $ 98.2 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 and Cash Equivalents: Carrying amounts approximate fair value. Financial Services Net Receivables: For floating rate loans, wholesale financing 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 the credit and market risks to approximate current rates for comparable loans. Finance lease receivables and related allowance for credit losses have been excluded from the accompanying table. Debt: The carrying amounts of Financial Services commercial paper, variable rate bank loans and variable rate 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: June 30, 2023 December 31, 2022 CARRYING FAIR CARRYING FAIR AMOUNT VALUE AMOUNT VALUE Assets: Financial Services fixed rate loans $ 7,451.1 $ 7,251.6 $ 6,859.1 $ 6,582.0 Liabilities: Financial Services fixed rate debt 8,270.7 7,936.5 8,070.5 7,715.9

Employee Benefit Plans

Employee Benefit Plans	6 Months Ended
	Jun. 30, 2023
Retirement Benefits [Abstract]
Employee Benefit Plans	NOTE L - Employee Benefit Plans The Company has several defined benefit pension plans, which cover a majority of its employees. The following information details the components of net pension (income) expense for the Company’s defined benefit plans: Three Months Ended Six Months Ended June 30 June 30 2023 2022 2023 2022 Service cost $ 21.9 $ 43.3 $ 46.9 $ 75.8 Interest on projected benefit obligation 32.6 23.8 63.7 42.9 Expected return on assets ( 57.6 ) ( 60.1 ) ( 115.1 ) ( 108.8 ) Amortization of prior service costs .4 .2 .7 .3 Recognized actuarial loss 1.7 9.0 2.4 14.6 Net pension (income) expense $ ( 1.0 ) $ 16.2 $ ( 1.4 ) $ 24.8 The components of net pension expense other than service cost are included in Interest and other (income), net on the Consolidated Statements of Comprehensive Income. During the three months and six months ended June 30, 2023 , the Company contributed $ 5.7 and $ 11.5 to its pension plans, respectively, and $ 6.5 and $ 13.2 for the three months and six months ended June 30, 2022, respectively.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE M – Commitments and Contingencies On July 19, 2016, the European Commission (EC) concluded its investigation of all major European truck manufacturers and reached a settlement with DAF Trucks N.V., DAF Trucks Deutschland GmbH and PACCAR Inc (collectively “the Company”). Following the settlement, certain EC-related claims and lawsuits have been filed in various jurisdictions primarily in Europe against all major European truck manufacturers including the Company and certain subsidiaries. These claims and lawsuits include a number of collective proceedings, including a class action in the United Kingdom, alleging EC-related claims and seeking monetary damages. In certain jurisdictions, the limitations period has not yet expired and additional claimants may bring EC-related claims and lawsuits against the Company or its subsidiaries. The legal proceedings are moving through the court systems. In 2023, several European courts issued judgments; some have been favorable while others have been unfavorable and are being appealed. The Company believes it has meritorious defenses to the legal claims. During the first quarter of 2023, the Company settled with several claimants. Based on these settlements and judgments, the Company recorded in the first quarter 2023, a non-recurring pre-tax charge of $ 600.0 million ($ 446.4 million after-tax) for the estimable total cost. The estimate may be adjusted as the legal process continues, which could have a material impact on the Company’s financial results. PACCAR is also a defendant in various other legal proceedings and, in addition, there are various other contingent liabilities arising in the normal course of business. After consultation with legal counsel, management does not anticipate that disposition of these various other proceedings and contingent liabilities will have a material effect on the consolidated financial statements.

Accounting Policies (Policies)

Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Sales and Revenues	Truck, Parts and Other The Company enters into sales contracts with customers associated with purchases of the Company’s products and services including trucks, parts, product support, and other related services. Generally, the Company recognizes revenue for the amount of consideration it will receive for delivering a product or service to a customer. Revenue is recognized when the customer obtains control of the product or receives benefits of the service. The Company excludes sales taxes, value added taxes and other related taxes assessed by government agencies from revenue. There are no significant financing components included in product or services revenue since generally customers pay shortly after the products or services are transferred. In the Truck and Parts segment, when the Company grants extended payment terms on selected receivables and charges interest, interest income is recognized when earned. The following table disaggregates Truck, Parts and Other revenues by major sources: Three Months Ended Six Months Ended June 30 June 30 2023 2022 2023 2022 Truck Truck sales $ 6,601.3 $ 5,130.2 $ 12,807.3 $ 9,611.3 Revenues from extended warranties, operating leases and other 226.2 206.2 434.0 422.2 6,827.5 5,336.4 13,241.3 10,033.5 Parts Parts sales 1,551.4 1,394.5 3,126.9 2,742.6 Revenues from dealer services and other 47.5 40.2 95.0 81.0 1,598.9 1,434.7 3,221.9 2,823.6 Winch sales and other 14.9 15.1 28.2 35.5 Truck, Parts and Other sales and revenues $ 8,441.3 $ 6,786.2 $ 16,491.4 $ 12,892.6 The Company recognizes truck and parts sales as revenues when control of the products is transferred to customers which generally occurs upon shipment, except for certain truck sales which are subject to a residual value guarantee (RVG) by the Company. The standard payment term for trucks and aftermarket parts is typically within 30 days, but the Company may grant extended payment terms on selected receivables. The Company recognizes revenue for the invoice amount adjusted for estimated sales incentives and returns. Sales incentives and returns are estimated based on historical experience and are adjusted to current period revenue when the most likely amount of consideration the Company expects to receive changes or becomes fixed. Truck and parts sales include a standard product warranty which is included in cost of sales. The Company has elected to treat delivery services as a fulfillment activity with revenues recognized when the customer obtains control of the product. Delivery revenue is included in revenues and the related costs are included in cost of sales. The Company is not disclosing truck order backlog, as a significant majority of the backlog has a duration of less than one year. Truck sales with RVGs that allow customers the option to return their truck are accounted for as a sale when the customer does not have an economic incentive to return the truck to the Company, or as an operating lease when the customer does have an economic incentive to return the truck. The estimate of customers’ economic incentive to return the trucks is based on an analysis of historical guaranteed buyback value and estimated market value. When truck sales with RVGs are accounted for as a sale, revenue is recognized when the truck is transferred to the customer less an amount for expected returns. Expected return rates are estimated by using a historical return rate. Aftermarket parts sales allow for returns which are estimated at the time of sale based on historical data. Parts dealer services and other revenues are recognized as services are performed. The following table presents the balance sheet classification of the estimated value of the returned goods assets and the related return liabilities: June 30, 2023 December 31, 2022 ASSETS LIABILITIES ASSETS LIABILITIES Trucks Other current assets $ 191.1 $ 183.0 Accounts payable, accrued expenses and other $ 192.3 $ 185.0 Other noncurrent assets, net 234.7 284.6 Other liabilities 246.7 298.9 $ 425.8 $ 439.0 $ 467.6 $ 483.9 Parts Other current assets $ 82.3 $ 77.7 Accounts payable, accrued expenses and other $ 200.7 $ 181.4 $ 82.3 $ 200.7 $ 77.7 $ 181.4 The Company’s total commitment to acquire trucks at a guaranteed value for contracts accounted for as a sale was $ 870.6 at June 30, 2023. Revenues from extended warranties, operating leases and other include optional extended warranty and repair and maintenance (R&M) service contracts which can be purchased for periods generally ranging up to five years . The Company defers revenue based on stand-alone observable selling prices when it receives payments in advance and generally recognizes the revenue on a straight-line basis over the warranty or R&M contract periods. See Note F, Product Support Liabilities, in the Notes to the Consolidated Financial Statements for further information. Also included are truck sales with an RVG accounted for as an operating lease. A liability is created for the residual value obligation with the remainder of the proceeds recorded as deferred revenue. The deferred revenue is recognized on a straight-line basis over the guarantee period, which typically ranges from three to five years . Deferred revenue related to trucks sold with an RVG was $ 36.0 at June 30, 2023. The Company expects to recognize approximately $ 13.4 of the remaining deferred revenue in 2023, $ 15.6 in 2024, $ 4.4 in 2025, $ 1.9 in 2026 and $ .7 in 2027. For the three and six months ended June 30, 2023, total operating lease revenue from truck sales with RVGs was $ 22.6 and $ 35.4 , respectively, compared to $ 22.0 and $ 49.9 for the three and six months ended June 30, 2022. The Company’s total commitment to acquire trucks at a guaranteed value for contracts accounted for as a lease was $ 143.9 at June 30, 2023. Revenue from winch sales and other is primarily derived from the industrial winch business. Winch sales are recognized when the product is transferred to a customer, which generally occurs upon shipment. Also within this category are other revenues not attributable to a reportable segment.
Inventories	Inventories are stated at the lower of cost or market. Cost of inventories is determined principally by the first-in, first-out (FIFO) method.
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 Financial Services operations. The Company may modify loans and finance leases for commercial reasons or for credit reasons. Modifications for commercial reasons are changes to contract terms for customers that are not considered to be in financial difficulty. Insignificant delays are modifications extending terms up to three months for customers experiencing some short-term financial stress, but not considered to be in financial difficulty. Modifications for credit reasons are changes to contract terms for customers considered to be in financial difficulty. The Company’s modifications typically result in granting more time to pay the contractual amounts owed and charging a fee and interest for the term of the modification. When considering whether to modify customer accounts for credit reasons, the Company evaluates the creditworthiness of the customers and modifies those accounts that the Company considers likely to perform under the modified terms. The Company does not typically grant credit modifications for customers that do not meet minimum underwriting standards since the Company normally repossesses the financed equipment in these circumstances. On average, modifications extended contractual terms by approximately five months in 2023 and three months in 2022, and did not have a significant effect on the weighted average term or interest rate of the total portfolio at June 30, 2023 and December 31, 2022. The Company has developed a systematic methodology for determining the allowance for credit losses for its two portfolio segments, retail and wholesale. The retail segment consists of retail loans and sales-type finance leases, net of unearned interest. The wholesale segment consists of truck inventory financing loans to dealers that are collateralized by trucks and other collateral. The wholesale segment generally has less risk than the retail segment. Wholesale receivables generally are shorter in duration than retail receivables, and the Company requires periodic reporting of the wholesale dealer’s financial condition, conducts periodic audits of the trucks being financed and in many cases, obtains guarantees or other security such as dealership assets. In determining the allowance for credit losses, retail loans and finance leases are evaluated together since they relate to a similar customer base, their contractual terms require regular payment of principal and interest, generally over three to five years , and they are secured by the same type of collateral. The allowance for credit losses consists of both specific and general reserves. The Company individually evaluates certain finance receivables for expected credit losses. Finance receivables that are evaluated individually consist of all wholesale accounts and certain large retail accounts with past due balances or otherwise determined to be at a higher risk of loss. In general, finance receivables that are 90 days past due are placed on non-accrual status. Finance receivables on non-accrual status which have been performing for 90 consecutive days are placed on accrual status if it is deemed probable that the Company will collect all principal and interest payments. Individually evaluated receivables on non-accrual status are generally considered collateral dependent. Large balance retail and all wholesale receivables on non-accrual status are individually evaluated to determine the appropriate reserve for losses. The determination of reserves for large balance receivables on non-accrual status 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 receivables on non-accrual status with similar risk characteristics are evaluated as a separate pool to determine the appropriate reserve for losses using the historical loss information discussed below. The Company evaluates finance receivables that are not individually evaluated and share similar risk characteristics on a collective basis and determines the general allowance for credit losses for both retail and wholesale receivables based on historical loss information, using past due account data, current market conditions, and expected changes in future macroeconomic conditions that affect collectability. Historical credit loss data provides relevant information of expected credit losses. The historical information used includes assumptions regarding the likelihood of collecting current and past due accounts, repossession rates, and the recovery rate on the underlying collateral based on used truck values and other pledged collateral or recourse. The Company has developed a range of loss estimates for each of its country portfolios based on historical experience, taking into account loss frequency and severity in both strong and weak truck market conditions. A projection is made of the range of estimated credit losses inherent in the portfolio from which an amount is determined based on current market conditions and other factors impacting the creditworthiness of the Company’s borrowers and their ability to repay. Adjustments to historical loss information are made for changes in forecasted economic conditions that are specific to the industry and markets in which the Company conducts business. The Company utilizes economic forecasts from third-party sources and determines expected losses based on historical experience under similar market conditions. After determining the appropriate level of the allowance for credit losses, a provision for losses on finance receivables is charged to income as necessary to reflect management’s estimate of expected credit losses, net of recoveries, inherent in the portfolio. In determining the fair value of the collateral, the Company uses a pricing matrix and categorizes the fair value as Level 2 in the hierarchy of fair value measurement. The pricing matrix is reviewed quarterly and updated as appropriate. The pricing matrix considers the make, model and year of the equipment as well as recent sales prices of comparable equipment sold individually, which is the lowest unit of account, through wholesale channels to the Company’s dealers (principal market). The fair value of the collateral also considers the overall condition of the equipment. Accounts are charged off against the allowance for credit losses when, in the judgment of management, they are considered uncollectible, which generally occurs upon repossession of the collateral. Typically the timing between the repossession and charge-off is not significant. In cases where repossession is delayed (e.g., for legal proceedings), the Company records a partial charge-off. The charge-off is determined by comparing the fair value of the collateral, less cost to sell, to the amortized cost basis.
Product Support Liabilities	Product support liabilities include estimated future payments related to product warranties and deferred revenues on optional extended warranties and R&M contracts. The Company generally offers one year warranties covering most of its vehicles and related aftermarket parts. For vehicles equipped with engines manufactured by PACCAR, the Company generally offers two year warranties on the engine. Specific terms and conditions vary depending on the product and the country of sale. Optional extended warranty and R&M contracts can be purchased for periods which generally range up to five years . Warranty expenses and reserves are estimated and recorded at the time products or contracts are sold based on historical and current data and reasonable expectations for the future regarding the frequency and cost of warranty claims, net of recoveries. The Company periodically assesses the adequacy of its recorded liabilities and adjusts them as appropriate to reflect actual experience. Revenue from extended warranty and R&M contracts is deferred and recognized to income generally on a straight-line basis over the contract period. Warranty and R&M costs on these contracts are recognized as incurred.
Derivative Financial Instruments	As part of its risk management strategy, the Company enters into derivative contracts to hedge against the risks of interest rates, foreign currency rates and commodity prices. Certain derivative instruments designated as fair value hedges, cash flow hedges or net investment hedges are subject to hedge accounting. Derivative instruments that are not subject to hedge accounting are held as derivatives not designated as hedged instruments. 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, commodity as well as certain foreign-exchange 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. For derivative financial instruments, 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 derivative counterparties is limited to the asset position of its derivative portfolio. The asset position of the Company’s derivative portfolio was $ 48.0 at June 30, 2023. The Company assesses hedges at inception and on an ongoing basis to determine the designated derivatives are highly effective in offsetting changes in fair values or cash flow of the hedged items. Hedge accounting is discontinued prospectively when the Company determines a derivative financial instrument has ceased to be a highly effective hedge. Cash flows from derivative instruments are included in Operating activities in the Condensed Consolidated Statements of Cash Flows.
Fair Value Measurement Policy	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. The Company uses the following methods and assumptions to measure fair value for assets and liabilities subject to recurring fair value measurements. Marketable Debt Securities: The Company’s marketable debt securities consist of municipal bonds, government obligations, investment-grade corporate obligations, commercial paper, asset-backed securities and term deposits. The fair value of U.S. government obligations is determined using the market approach and is based on quoted prices in active markets and are categorized as Level 1. The fair value of U.S. government agency obligations, non-U.S. government bonds, municipal bonds, corporate bonds, asset-backed securities, commercial paper and term deposits is determined using the market approach and is primarily based on matrix pricing as a practical expedient which does not rely exclusively on quoted prices for a specific security. Significant inputs used to determine fair value include interest rates, yield curves, credit rating of the security and other observable market information and are categorized as Level 2. Marketable Equity Securities: The Company’s equity securities are traded on active exchanges and are classified as Level 1. Derivative Financial Instruments: The Company’s derivative contracts consist of interest-rate swaps, cross currency swaps, foreign currency exchange and commodity contracts. 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, currency exchange rates, credit default swap spreads, forward rates and commodity prices and are categorized as Level 2.

Basis of Presentation (Tables)

Basis of Presentation (Tables)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Dilutive and Antidilutive Options	The dilutive and antidilutive options are shown separately in the table below. Three Months Ended Six Months Ended June 30 June 30 2023 2022 2023 2022 Additional shares 963,400 633,700 960,600 746,000 Antidilutive options 848,500 1,649,900 911,700 1,650,400

Sales and Revenues (Tables)

Sales and Revenues (Tables)	6 Months Ended
	Jun. 30, 2023
Schedule of Revenues by Major Sources	The following table disaggregates Truck, Parts and Other revenues by major sources: Three Months Ended Six Months Ended June 30 June 30 2023 2022 2023 2022 Truck Truck sales $ 6,601.3 $ 5,130.2 $ 12,807.3 $ 9,611.3 Revenues from extended warranties, operating leases and other 226.2 206.2 434.0 422.2 6,827.5 5,336.4 13,241.3 10,033.5 Parts Parts sales 1,551.4 1,394.5 3,126.9 2,742.6 Revenues from dealer services and other 47.5 40.2 95.0 81.0 1,598.9 1,434.7 3,221.9 2,823.6 Winch sales and other 14.9 15.1 28.2 35.5 Truck, Parts and Other sales and revenues $ 8,441.3 $ 6,786.2 $ 16,491.4 $ 12,892.6
Estimated Value of Returned Goods Assets and Related Return Liabilities	The following table presents the balance sheet classification of the estimated value of the returned goods assets and the related return liabilities: June 30, 2023 December 31, 2022 ASSETS LIABILITIES ASSETS LIABILITIES Trucks Other current assets $ 191.1 $ 183.0 Accounts payable, accrued expenses and other $ 192.3 $ 185.0 Other noncurrent assets, net 234.7 284.6 Other liabilities 246.7 298.9 $ 425.8 $ 439.0 $ 467.6 $ 483.9 Parts Other current assets $ 82.3 $ 77.7 Accounts payable, accrued expenses and other $ 200.7 $ 181.4 $ 82.3 $ 200.7 $ 77.7 $ 181.4
Financial Services
Summary of Financial Services Lease Revenues by Lease Type	The following table summarizes Financial Services lease revenues by lease type: Three Months Ended Six Months Ended June 30 June 30 2023 2022 2023 2022 Finance lease revenues $ 31.8 $ 45.0 $ 86.7 $ 87.9 Operating lease revenues 186.7 199.7 383.5 403.3 Total lease revenues $ 218.5 $ 244.7 $ 470.2 $ 491.2

Investments in Marketable Sec_2

Investments in Marketable Securities (Tables)	6 Months Ended
	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Marketable Securities	Marketable securities at June 30, 2023 and December 31, 2022 consisted of the following: UNREALIZED UNREALIZED FAIR At June 30, 2023 COST GAINS LOSSES VALUE Marketable debt securities U.S. tax-exempt securities $ 333.2 $ .1 $ 6.2 $ 327.1 U.S. taxable municipal / non-U.S. provincial bonds 230.2 9.7 220.5 U.S. corporate securities 309.4 .1 10.4 299.1 U.S. government and agency securities 150.6 4.0 146.6 Non-U.S. corporate securities 500.8 16.9 483.9 Non-U.S. government securities 113.4 .1 3.2 110.3 Other debt securities 104.5 4.4 100.1 Marketable equity securities 10.0 7.1 2.9 Total marketable securities $ 1,752.1 $ .3 $ 61.9 $ 1,690.5 UNREALIZED UNREALIZED FAIR At December 31, 2022 COST GAINS LOSSES VALUE Marketable debt securities U.S. tax-exempt securities $ 452.8 $ .5 $ 8.2 $ 445.1 U.S. taxable municipal / non-U.S. provincial bonds 191.6 10.8 180.8 U.S. corporate securities 262.5 .1 11.6 251.0 U.S. government and agency securities 118.0 .1 3.1 115.0 Non-U.S. corporate securities 467.9 17.9 450.0 Non-U.S. government securities 78.9 .2 2.7 76.4 Other debt securities 99.4 4.7 94.7 Marketable equity securities 10.0 8.8 1.2 Total marketable securities $ 1,681.1 $ .9 $ 67.8 $ 1,614.2
Marketable Debt Securities Continuous Unrealized Losses	Marketable debt securities with continuous unrealized losses and their related fair values were as follows: June 30, 2023 December 31, 2022 LESS THAN TWELVE MONTHS LESS THAN TWELVE MONTHS TWELVE MONTHS OR GREATER TWELVE MONTHS OR GREATER Unrealized losses $ 14.7 $ 40.1 $ 21.5 $ 37.5 Fair value 772.3 764.9 889.2 608.4
Contractual Maturities of Debt Securities	Contractual maturities of marketable debt securities at June 30, 2023 were as follows: AMORTIZED FAIR COST VALUE Within one year $ 440.9 $ 433.8 One to five years 1,287.4 1,241.6 Six to ten years 1.3 1.3 More than ten years 12.5 10.9 $ 1,742.1 $ 1,687.6

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
Inventories	Inventories include the following: June 30 December 31 2023 2022 Finished products $ 1,089.5 $ 871.8 Work in process and raw materials 1,623.4 1,327.0 $ 2,712.9 $ 2,198.8

Finance and Other Receivables (

Finance and Other Receivables (Tables)	6 Months Ended
	Jun. 30, 2023
Receivables [Abstract]
Finance and Other Receivables	Finance and other receivables include the following: June 30 December 31 2023 2022 Loans $ 7,705.8 $ 7,229.1 Finance leases 4,293.1 3,786.4 Dealer wholesale financing 3,650.9 2,772.1 Operating lease receivables and other 140.7 125.4 15,790.5 13,913.0 Less allowance for losses: Loans and leases ( 119.6 ) ( 114.8 ) Dealer wholesale financing ( 3.8 ) ( 3.4 ) Operating lease receivables and other ( 2.8 ) ( 2.9 ) $ 15,664.3 $ 13,791.9
Allowance for Credit Losses	The allowance for credit losses is summarized as follows: 2023 DEALER CUSTOMER WHOLESALE RETAIL RETAIL OTHER* TOTAL Balance at January 1 $ 3.4 $ 2.2 $ 112.6 $ 2.9 $ 121.1 Provision for losses .3 ( .3 ) 8.4 ( .5 ) 7.9 Charge-offs ( 9.4 ) ( 9.4 ) Recoveries 3.1 .1 3.2 Currency translation and other .1 3.0 .3 3.4 Balance at June 30 $ 3.8 $ 1.9 $ 117.7 $ 2.8 $ 126.2 2022 DEALER CUSTOMER WHOLESALE RETAIL RETAIL OTHER* TOTAL Balance at January 1 $ 3.3 $ 7.1 $ 104.4 $ 2.1 $ 116.9 Provision for losses .8 ( 2.5 ) 6.1 .2 4.6 Charge-offs ( 4.4 ) ( .3 ) ( 4.7 ) Recoveries 3.3 .3 3.6 Currency translation and other ( .2 ) ( 1.2 ) .6 ( .8 ) Balance at June 30 $ 3.9 $ 4.6 $ 108.2 $ 2.9 $ 119.6 * Operating leases and other trade receivables.
Amortized Cost Basis of Finance Receivables and Charge-offs by Credit Quality Indicator and Portfolio Class	The tables below summarize the amortized cost basis of the Company’s finance receivables within each credit quality indicator by year of origination and portfolio class and current period gross charge-offs of the Company’s finance receivables by year of origination and portfolio class. REVOLVING At June 30, 2023 LOANS 2023 2022 2021 2020 2019 PRIOR TOTAL Amortized cost: Dealer: Wholesale: Performing $ 3,649.4 $ 3,649.4 Watch 1.5 1.5 $ 3,650.9 $ 3,650.9 Retail: Performing $ 165.2 $ 345.0 $ 565.8 $ 312.4 $ 194.5 $ 201.4 $ 177.5 $ 1,961.8 $ 165.2 $ 345.0 $ 565.8 $ 312.4 $ 194.5 $ 201.4 $ 177.5 $ 1,961.8 Total dealer $ 3,816.1 $ 345.0 $ 565.8 $ 312.4 $ 194.5 $ 201.4 $ 177.5 $ 5,612.7 Customer retail: Fleet: Performing $ 2,287.0 $ 3,182.6 $ 1,653.5 $ 1,007.4 $ 429.6 $ 143.6 $ 8,703.7 Watch 3.5 9.8 5.1 2.0 1.1 1.5 23.0 At-risk 6.4 20.8 13.6 5.5 6.8 2.6 55.7 $ 2,296.9 $ 3,213.2 $ 1,672.2 $ 1,014.9 $ 437.5 $ 147.7 $ 8,782.4 Owner/operator: Performing $ 240.4 $ 393.6 $ 327.4 $ 181.7 $ 79.5 $ 21.3 $ 1,243.9 Watch .3 2.1 1.6 .8 .2 .1 5.1 At-risk .3 2.0 1.3 1.4 .5 .2 5.7 $ 241.0 $ 397.7 $ 330.3 $ 183.9 $ 80.2 $ 21.6 $ 1,254.7 Total customer retail $ 2,537.9 $ 3,610.9 $ 2,002.5 $ 1,198.8 $ 517.7 $ 169.3 $ 10,037.1 Total $ 3,816.1 $ 2,882.9 $ 4,176.7 $ 2,314.9 $ 1,393.3 $ 719.1 $ 346.8 $ 15,649.8 REVOLVING At June 30, 2023 LOANS 2023 2022 2021 2020 2019 PRIOR TOTAL Gross charge-offs: Customer retail: Fleet $ 2.5 $ 2.8 $ 1.5 $ .2 $ .4 $ 7.4 Owner/operator .6 1.0 .2 .2 2.0 Total $ 3.1 $ 3.8 $ 1.7 $ .2 $ .6 $ 9.4 REVOLVING At December 31, 2022 LOANS 2022 2021 2020 2019 2018 PRIOR TOTAL Amortized cost: Dealer: Wholesale: Performing $ 2,766.0 $ 2,766.0 Watch 6.1 6.1 $ 2,772.1 $ 2,772.1 Retail: Performing $ 206.2 $ 609.7 $ 348.6 $ 223.1 $ 241.7 $ 120.8 $ 121.1 $ 1,871.2 At-risk .7 .7 $ 206.2 $ 609.7 $ 348.6 $ 223.1 $ 241.7 $ 120.8 $ 121.8 $ 1,871.9 Total dealer $ 2,978.3 $ 609.7 $ 348.6 $ 223.1 $ 241.7 $ 120.8 $ 121.8 $ 4,644.0 Customer retail: Fleet: Performing $ 3,558.0 $ 1,981.9 $ 1,306.5 $ 603.7 $ 203.4 $ 65.6 $ 7,719.1 Watch 7.5 7.3 1.8 3.4 2.4 .5 22.9 At-risk 6.7 17.7 18.8 17.2 5.9 .5 66.8 $ 3,572.2 $ 2,006.9 $ 1,327.1 $ 624.3 $ 211.7 $ 66.6 $ 7,808.8 Owner/operator: Performing $ 478.2 $ 425.9 $ 251.2 $ 120.9 $ 45.3 $ 6.0 $ 1,327.5 Watch 1.8 .9 .4 .3 .1 3.5 At-risk .4 .8 1.1 .8 .7 3.8 $ 480.4 $ 427.6 $ 252.7 $ 122.0 $ 46.0 $ 6.1 $ 1,334.8 Total customer retail $ 4,052.6 $ 2,434.5 $ 1,579.8 $ 746.3 $ 257.7 $ 72.7 $ 9,143.6 Total $ 2,978.3 $ 4,662.3 $ 2,783.1 $ 1,802.9 $ 988.0 $ 378.5 $ 194.5 $ 13,787.6
Financing Receivables by Aging Category	The tables below summarize the Company’s finance receivables by aging category. In determining past due status, the Company considers the entire contractual account balance past due when any installment is over 30 days past due. Substantially all customer accounts that were greater than 30 days past due prior to credit modification became current upon modification for aging purposes. DEALER CUSTOMER RETAIL OWNER/ At June 30, 2023 WHOLESALE RETAIL FLEET OPERATOR TOTAL Current and up to 30 days past due $ 3,650.0 $ 1,961.8 $ 8,724.2 $ 1,246.5 $ 15,582.5 31 – 60 days past due .9 15.6 4.2 20.7 Greater than 60 days past due 42.6 4.0 46.6 $ 3,650.9 $ 1,961.8 $ 8,782.4 $ 1,254.7 $ 15,649.8 DEALER CUSTOMER RETAIL OWNER/ At December 31, 2022 WHOLESALE RETAIL FLEET OPERATOR TOTAL Current and up to 30 days past due $ 2,772.1 $ 1,871.9 $ 7,768.5 $ 1,329.1 $ 13,741.6 31 – 60 days past due 14.7 3.1 17.8 Greater than 60 days past due 25.6 2.6 28.2 $ 2,772.1 $ 1,871.9 $ 7,808.8 $ 1,334.8 $ 13,787.6
Summary of Amortized Cost Basis of Finance Receivables that are on Non-Accrual Status	The amortized cost basis of finance receivables that are on non-accrual status was as follows: DEALER CUSTOMER RETAIL OWNER/ At June 30, 2023 WHOLESALE RETAIL FLEET OPERATOR TOTAL Amortized cost basis with a specific reserve $ 33.9 $ 4.3 $ 38.2 Amortized cost basis with no specific reserve 21.5 1.3 22.8 Total $ 55.4 $ 5.6 $ 61.0 DEALER CUSTOMER RETAIL OWNER/ At December 31, 2022 WHOLESALE RETAIL FLEET OPERATOR TOTAL Amortized cost basis with a specific reserve $ 33.9 $ 3.6 $ 37.5 Amortized cost basis with no specific reserve $ .7 16.2 16.9 Total $ .7 $ 50.1 $ 3.6 $ 54.4
Interest Income Recognized on Cash Basis for Finance Receivables that are on Non-Accrual Status	Interest income recognized on a cash basis for finance receivables that are on non-accrual status was as follows: Three Months Ended Six Months Ended June 30 June 30 2023 2022 2023 2022 Interest income recognized: Dealer: Retail $ .1 $ .1 Customer retail: Fleet $ .2 .9 $ .6 1.4 Owner/operator .1 .1 $ .2 $ 1.0 $ .7 $ 1.6
Pre- and Post-Modification Amortized Cost Basis Balances by Portfolio Class	The balance of TDRs was $ 31.1 and $ 38.1 at December 31, 2022 and June 30, 2022, respectively. At modification date, the pre-modification and post-modification amortized cost basis balances for finance receivables modified during the period by portfolio class were as follows: Three Months Ended Six Months Ended June 30, 2022 June 30, 2022 AMORTIZED COST BASIS AMORTIZED COST BASIS PRE- POST- PRE- POST- Fleet $ 7.5 $ 7.5 $ 8.1 $ 8.1 $ 7.5 $ 7.5 $ 8.1 $ 8.1

Product Support Liabilities (Ta

Product Support Liabilities (Tables)	6 Months Ended
	Jun. 30, 2023
Product Warranties Disclosures [Abstract]
Changes in Product Support Liabilities, Warranty Reserves	WARRANTY RESERVES 2023 2022 Balance at January 1 $ 437.7 $ 344.3 Cost accruals 360.7 159.8 Payments ( 299.7 ) ( 187.8 ) Change in estimates for pre-existing warranties 132.2 49.9 Currency translation and other 7.1 ( 12.2 ) Balance at June 30 $ 638.0 $ 354.0
Changes in Deferred Revenues on Extended Warranties and R&M Contracts	DEFERRED REVENUES ON EXTENDED WARRANTIES AND R&M CONTRACTS 2023 2022 Balance at January 1 $ 904.9 $ 775.2 Deferred revenues 416.8 303.6 Revenues recognized ( 230.4 ) ( 239.2 ) Currency translation 13.2 ( 31.1 ) Balance at June 30 $ 1,104.5 $ 808.5

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Components of Comprehensive Income, Net of Related Tax	The components of comprehensive income are as follow: Three Months Ended Six Months Ended June 30 June 30 2023 2022 2023 2022 Net income $ 1,221.1 $ 720.4 $ 1,955.0 $ 1,320.9 Other comprehensive income (loss) (OCI): Unrealized (losses) gains on derivative contracts ( 33.0 ) 1.0 ( 62.5 ) 37.1 Tax effect 7.6 ( 1.2 ) 13.9 ( 10.9 ) ( 25.4 ) ( .2 ) ( 48.6 ) 26.2 Unrealized (losses) gains on marketable debt securities ( 10.3 ) ( 10.4 ) 3.7 ( 44.5 ) Tax effect 2.6 2.6 ( .9 ) 11.1 ( 7.7 ) ( 7.8 ) 2.8 ( 33.4 ) Pension plans 2.3 19.9 3.3 30.2 Tax effect ( .3 ) ( 5.1 ) ( .4 ) ( 7.5 ) 2.0 14.8 2.9 22.7 Foreign currency translation gains (losses) 126.5 ( 240.8 ) 218.5 ( 206.1 ) Net other comprehensive income (loss) 95.4 ( 234.0 ) 175.6 ( 190.6 ) Comprehensive income $ 1,316.5 $ 486.4 $ 2,130.6 $ 1,130.3
Changes in Accumulated Other Comprehensive Income (loss) by Component	The components of AOCI and the changes in AOCI, net of tax, included in the Consolidated Balance Sheets and the Consolidated Statements of Stockholders’ Equity consisted of the following: Three Months Ended June 30, 2023 DERIVATIVE MARKETABLE PENSION FOREIGN TOTAL Balance at April 1, 2023 $ 11.9 $ ( 33.1 ) $ ( 110.0 ) $ ( 742.0 ) $ ( 873.2 ) Recorded into AOCI ( 66.9 ) ( 6.8 ) .4 126.5 53.2 Reclassified out of AOCI 41.5 ( .9 ) 1.6 42.2 Net other comprehensive (loss) income ( 25.4 ) ( 7.7 ) 2.0 126.5 95.4 Balance at June 30, 2023 $ ( 13.5 ) $ ( 40.8 ) $ ( 108.0 ) $ ( 615.5 ) $ ( 777.8 ) Three Months Ended June 30, 2022 DERIVATIVE MARKETABLE PENSION FOREIGN TOTAL Balance at April 1, 2022 $ 12.9 $ ( 26.7 ) $ ( 261.9 ) $ ( 602.0 ) $ ( 877.7 ) Recorded into AOCI 16.4 ( 7.6 ) 7.9 ( 240.8 ) ( 224.1 ) Reclassified out of AOCI ( 16.6 ) ( .2 ) 6.9 ( 9.9 ) Net other comprehensive (loss) income ( .2 ) ( 7.8 ) 14.8 ( 240.8 ) ( 234.0 ) Balance at June 30, 2022 $ 12.7 $ ( 34.5 ) $ ( 247.1 ) $ ( 842.8 ) $ ( 1,111.7 ) Six Months Ended June 30, 2023 DERIVATIVE MARKETABLE PENSION FOREIGN TOTAL Balance at January 1, 2023 $ 35.1 $ ( 43.6 ) $ ( 110.9 ) $ ( 834.0 ) $ ( 953.4 ) Recorded into AOCI ( 113.3 ) 4.5 .6 218.5 110.3 Reclassified out of AOCI 64.7 ( 1.7 ) 2.3 65.3 Net other comprehensive (loss) income ( 48.6 ) 2.8 2.9 218.5 175.6 Balance at June 30, 2023 $ ( 13.5 ) $ ( 40.8 ) $ ( 108.0 ) $ ( 615.5 ) $ ( 777.8 ) Six Months Ended June 30, 2022 DERIVATIVE MARKETABLE PENSION FOREIGN TOTAL Balance at January 1, 2022 $ ( 13.5 ) $ ( 1.1 ) $ ( 269.8 ) $ ( 636.7 ) $ ( 921.1 ) Recorded into AOCI 34.5 ( 33.1 ) 11.4 ( 206.1 ) ( 193.3 ) Reclassified out of AOCI ( 8.3 ) ( .3 ) 11.3 2.7 Net other comprehensive income (loss) 26.2 ( 33.4 ) 22.7 ( 206.1 ) ( 190.6 ) Balance at June 30, 2022 $ 12.7 $ ( 34.5 ) $ ( 247.1 ) $ ( 842.8 ) $ ( 1,111.7 )
Reclassifications Out of Accumulated Other Comprehensive Income	Reclassifications out of AOCI were as follows: Three Months Ended LINE ITEM IN THE CONSOLIDATED STATEMENTS OF June 30 AOCI COMPONENTS COMPREHENSIVE INCOME 2023 2022 Unrealized losses (gains) on derivative contracts: Truck, Parts and Other Foreign-exchange contracts Net sales and revenues $ 11.8 $ 8.2 Cost of sales and revenues 11.4 ( 1.0 ) Interest and other (income) expense, net .7 Commodity contracts Cost of sales and revenues ( 4.6 ) 5.5 Financial Services Foreign-exchange contracts Interest and other borrowing expenses ( 2.8 ) Interest-rate contracts Interest and other borrowing expenses 32.6 ( 36.5 ) Pre-tax expense increase (reduction) 49.1 ( 23.8 ) Tax (benefit) expense ( 7.6 ) 7.2 After-tax expense increase 41.5 ( 16.6 ) Unrealized gains on marketable debt securities: Marketable debt securities Investment income ( 1.2 ) ( .3 ) Tax expense .3 . 1 After-tax income increase ( .9 ) ( .2 ) Pension plans: Truck, Parts and Other Actuarial loss Interest and other (income) expense, net 1.7 9.0 Prior service costs Interest and other (income) expense, net .4 .2 Pre-tax expense increase 2.1 9.2 Tax benefit ( .5 ) ( 2.3 ) After-tax expense increase 1.6 6.9 Total reclassifications out of AOCI $ 42.2 $ ( 9.9 ) Six Months Ended LINE ITEM IN THE CONSOLIDATED STATEMENTS OF June 30 AOCI COMPONENTS COMPREHENSIVE INCOME 2023 2022 Unrealized losses (gains) on derivative contracts: Truck, Parts and Other Foreign-exchange contracts Net sales and revenues $ 12.0 $ 15.1 Cost of sales and revenues 11.4 2.7 Interest and other (income), net .3 Commodity contracts Cost of sales and revenues ( 2.4 ) 10.4 Financial Services Foreign-exchange contracts Interest and other borrowing expenses ( 2.0 ) Interest-rate contracts Interest and other borrowing expenses 60.0 ( 43.1 ) Pre-tax expense increase (reduction) 79.0 ( 14.6 ) Tax expense ( 14.3 ) 6.3 After-tax expense increase (reduction) 64.7 ( 8.3 ) Unrealized gains on marketable debt securities: Marketable debt securities Investment income ( 2.3 ) ( .4 ) Tax expense .6 .1 After-tax income increase ( 1.7 ) ( .3 ) Pension plans: Truck, Parts and Other Actuarial loss Interest and other (income), net 2.4 14.6 Prior service costs Interest and other (income), net .7 .3 Pre-tax expense increase 3.1 14.9 Tax benefit ( .8 ) ( 3.6 ) After-tax expense increase 2.3 11.3 Total reclassifications out of AOCI $ 65.3 $ 2.7

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Segment Reporting Information by Segment	Three Months Ended Six Months Ended June 30 June 30 2023 2022 2023 2022 Net sales and revenues: Truck $ 6,923.0 $ 5,499.5 $ 13,501.7 $ 10,335.0 Less intersegment ( 95.5 ) ( 163.1 ) ( 260.4 ) ( 301.5 ) External customers 6,827.5 5,336.4 13,241.3 10,033.5 Parts 1,618.4 1,450.6 3,259.5 2,855.9 Less intersegment ( 19.5 ) ( 15.9 ) ( 37.6 ) ( 32.3 ) External customers 1,598.9 1,434.7 3,221.9 2,823.6 Other 14.9 15.1 28.2 35.5 8,441.3 6,786.2 16,491.4 12,892.6 Financial Services 439.8 372.5 863.0 738.7 $ 8,881.1 $ 7,158.7 $ 17,354.4 $ 13,631.3 Income before income taxes: Truck $ 948.3 $ 422.1 $ 1,842.6 $ 698.8 Parts 419.3 353.3 857.9 693.5 Other* ( 6.5 ) ( 3.1 ) ( 618.2 ) 6.9 1,361.1 772.3 2,082.3 1,399.2 Financial Services 144.7 144.4 293.5 291.4 Investment income 62.7 5.4 111.7 2.9 $ 1,568.5 $ 922.1 $ 2,487.5 $ 1,693.5 Depreciation and amortization: Truck $ 99.2 $ 77.7 $ 199.0 $ 149.3 Parts 3.6 3.3 7.3 6.5 Other 6.0 6.2 12.3 11.9 108.8 87.2 218.6 167.7 Financial Services 114.6 109.7 225.9 214.9 $ 223.4 $ 196.9 $ 444.5 $ 382.6 * In the first half 2023, Other includes a $ 600.0 million non-recurring charge related to civil litigation in Europe (EC-related claims) which is discussed in Note M.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Balance Sheet Classifications, Fair Value, Gross and Pro-Forma Net Amounts of Derivative Financial Instruments	The following table presents the balance sheet classification, fair value, gross and pro forma net amounts of derivative financial instruments: June 30, 2023 December 31, 2022 ASSETS LIABILITIES ASSETS LIABILITIES Derivatives designated under hedge accounting: Interest-rate contracts: Financial Services: Other assets $ 37.3 $ 58.0 Deferred taxes and other liabilities $ 131.6 $ 82.6 Foreign-exchange contracts: Truck, Parts and Other: Other current assets 9.1 57.3 Accounts payable, accrued expenses and other 48.8 9.5 Financial Services: Other current assets 1.6 Deferred taxes and other liabilities 6.0 5.1 Commodity contracts: Truck, Parts and Other: Other current assets .8 1.5 Accounts payable, accrued expenses and other 2.7 .6 $ 47.2 $ 189.1 $ 118.4 $ 97.8 Derivatives not designated as hedging instruments: Foreign-exchange contracts: Truck, Parts and Other: Other current assets $ .7 $ 1.0 Accounts payable, accrued expenses and other $ .6 $ .1 Financial Services: Other assets .1 Deferred taxes and other liabilities .1 .1 Commodity contracts: Truck, Parts and Other: Accounts payable, accrued expenses and other .2 $ .8 $ .7 $ 1.0 $ .4 Gross amounts recognized in Balance Sheets $ 48.0 $ 189.8 $ 119.4 $ 98.2 Less amounts not offset in financial instruments: Truck, Parts and Other: Foreign-exchange contracts $ ( 1.0 ) $ ( 1.0 ) $ ( .1 ) $ ( .1 ) Commodity contracts ( .8 ) ( .8 ) ( .5 ) ( .5 ) Financial Services: Foreign-exchange contracts ( 1.8 ) ( 1.8 ) Interest-rate contracts ( 21.8 ) ( 21.8 ) ( 21.5 ) ( 21.5 ) Pro forma net amount $ 24.4 $ 166.2 $ 95.5 $ 74.3
Amount of Loss (Gain) from Derivative Financial Instruments Recorded in Consolidated Statements of Comprehensive Income	The following table presents the amount of loss (gain) from derivative financial instruments recorded in the Consolidated Statements of Comprehensive Income: Three Months Ended Six Months Ended June 30, 2023 June 30, 2023 INTEREST- FOREIGN- INTEREST- FOREIGN- RATE EXCHANGE RATE EXCHANGE Truck, Parts and Other: Net sales and revenues Cash flow hedges $ 11.8 $ 12.0 Cost of sales and revenues Cash flow hedges 11.4 11.4 Derivatives not designated as hedging instruments ( 2.0 ) ( 4.0 ) Interest and other (income), net Cash flow hedges 4.4 6.2 Net investment hedges ( 2.0 ) ( 4.8 ) Derivatives not designated as hedging instruments 3.0 4.9 $ 26.6 $ 25.7 Financial Services: Interest and other borrowing expenses Cash flow hedges $ 32.6 $ ( 1.9 ) $ 60.0 $ .5 Fair value hedges 2.7 4.3 Derivatives not designated as hedging instruments .2 ( .1 ) $ 35.3 $ ( 1.7 ) $ 64.3 $ .4 Total $ 35.3 $ 24.9 $ 64.3 $ 26.1
Amounts Related to Cumulative Basis Adjustments for Fair Value Hedges	The following table presents the amounts recorded on the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges: June 30 December 31 2023 2022 Financial Services Term notes: Carrying amount of the hedged liabilities $ 123.5 $ 319.8 Cumulative basis adjustment included in the carrying amount 11.0 27.7
Pre-Tax Effects of Gain (Loss) Derivative Instruments Recognized in OCI	The following tables presents the pre-tax effects of gain (loss) on cash flow hedges recognized in other comprehensive income (loss) (OCI): Three Months Ended Six Months Ended June 30, 2023 June 30, 2023 INTEREST- FOREIGN- INTEREST- FOREIGN- RATE EXCHANGE COMMODITY RATE EXCHANGE COMMODITY (Loss) gain recognized in OCI: Truck, Parts and Other $ ( 47.1 ) $ ( 2.0 ) $ ( 67.2 ) $ 1.9 Financial Services $ ( 35.6 ) 2.6 $ ( 77.9 ) 1.6 $ ( 35.6 ) $ ( 44.5 ) $ ( 2.0 ) $ ( 77.9 ) $ ( 65.6 ) $ 1.9 Three Months Ended Six Months Ended June 30, 2022 June 30, 2022 INTEREST- FOREIGN- INTEREST- FOREIGN- RATE EXCHANGE COMMODITY RATE EXCHANGE COMMODITY Gain (loss) recognized in OCI: Truck, Parts and Other $ 28.5 $ ( 43.7 ) $ .1 $ ( 7.8 ) Financial Services $ 39.8 .2 $ 59.7 ( .3 ) $ 39.8 $ 28.7 $ ( 43.7 ) $ 59.7 $ ( .2 ) $ ( 7.8 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Financial Assets and Liabilities Subject to Recurring Fair Value Measurements	The Company’s assets and liabilities subject to recurring fair value measurements are either Level 1 or Level 2 as follows: At June 30, 2023 LEVEL 1 LEVEL 2 TOTAL Assets: Marketable debt securities U.S. tax-exempt securities $ 327.1 $ 327.1 U.S. taxable municipal / non-U.S. provincial bonds 220.5 220.5 U.S. corporate securities 299.1 299.1 U.S. government and agency securities $ 146.6 146.6 Non-U.S. corporate securities 483.9 483.9 Non-U.S. government securities 110.3 110.3 Other debt securities 100.1 100.1 Total marketable debt securities $ 146.6 $ 1,541.0 $ 1,687.6 Marketable equity securities $ 2.9 $ 2.9 Total marketable securities $ 149.5 $ 1,541.0 $ 1,690.5 Derivatives Cross currency swaps $ 25.0 $ 25.0 Interest-rate swaps 12.3 12.3 Foreign-exchange contracts 9.9 9.9 Commodity contracts .8 .8 Total derivative assets $ 48.0 $ 48.0 Liabilities: Derivatives Cross currency swaps $ 117.1 $ 117.1 Interest-rate swaps 14.5 14.5 Foreign-exchange contracts 55.5 55.5 Commodity contracts 2.7 2.7 Total derivative liabilities $ 189.8 $ 189.8 At December 31, 2022 LEVEL 1 LEVEL 2 TOTAL Assets: Marketable debt securities U.S. tax-exempt securities $ 445.1 $ 445.1 U.S. taxable municipal / non-U.S. provincial bonds 180.8 180.8 U.S. corporate securities 251.0 251.0 U.S. government and agency securities $ 115.0 115.0 Non-U.S. corporate securities 450.0 450.0 Non-U.S. government securities 76.4 76.4 Other debt securities 94.7 94.7 Total marketable debt securities $ 115.0 $ 1,498.0 $ 1,613.0 Marketable equity securities $ 1.2 $ 1.2 Total marketable securities $ 116.2 $ 1,498.0 $ 1,614.2 Derivatives Cross currency swaps $ 49.1 $ 49.1 Interest-rate swaps 8.9 8.9 Foreign-exchange contracts 59.9 59.9 Commodity contracts 1.5 1.5 Total derivative assets $ 119.4 $ 119.4 Liabilities: Derivatives Cross currency swaps $ 52.0 $ 52.0 Interest-rate swaps 30.6 30.6 Foreign-exchange contracts 14.8 14.8 Commodity contracts .8 .8 Total derivative liabilities $ 98.2 $ 98.2
Carrying Amount and Fair Value of Financial Services 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: June 30, 2023 December 31, 2022 CARRYING FAIR CARRYING FAIR AMOUNT VALUE AMOUNT VALUE Assets: Financial Services fixed rate loans $ 7,451.1 $ 7,251.6 $ 6,859.1 $ 6,582.0 Liabilities: Financial Services fixed rate debt 8,270.7 7,936.5 8,070.5 7,715.9

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	6 Months Ended
	Jun. 30, 2023
Retirement Benefits [Abstract]
Components of Net Pension (Income) Expense	The following information details the components of net pension (income) expense for the Company’s defined benefit plans: Three Months Ended Six Months Ended June 30 June 30 2023 2022 2023 2022 Service cost $ 21.9 $ 43.3 $ 46.9 $ 75.8 Interest on projected benefit obligation 32.6 23.8 63.7 42.9 Expected return on assets ( 57.6 ) ( 60.1 ) ( 115.1 ) ( 108.8 ) Amortization of prior service costs .4 .2 .7 .3 Recognized actuarial loss 1.7 9.0 2.4 14.6 Net pension (income) expense $ ( 1.0 ) $ 16.2 $ ( 1.4 ) $ 24.8

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail) - shares	Jan. 17, 2023	Dec. 06, 2022	Jun. 30, 2023
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Dividends payable, date declared		Dec. 06, 2022
Common stock dividend payable		50%
Dividends payable, date of record		Jan. 17, 2023
Dividends payable, date to be paid		Feb. 07, 2023
Issuance of additional shares	174,035,361
Fractional shares paid in cash	411,000,000
Restatement effect on percentage dividend		50%
ASU 2022-02
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Change in accounting principle, accounting standards update, adopted [true false]			true
Change in accounting principle, accounting standards update adoption date			Jan. 01, 2023
Change in accounting principle, accounting standards update, immaterial effect [true false]			true
ASU 2022-03
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Change in accounting principle, accounting standards update, adopted [true false]			true
Change in accounting principle, accounting standards update adoption date			Jan. 01, 2024
Change in accounting principle, accounting standards update, immaterial effect [true false]			true

Dilutive and Antidilutive Optio

Dilutive and Antidilutive Options (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Additional shares	963,400	633,700	960,600	746,000
Antidilutive options	848,500	1,649,900	911,700	1,650,400

Schedule of Revenues by Major S

Schedule of Revenues by Major Sources (Detail) - Truck, Parts and Other - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Entity Wide Information Revenue From External Customer [Line Items]
Total sales and revenues	$ 8,441.3	$ 6,786.2	$ 16,491.4	$ 12,892.6
Trucks
Entity Wide Information Revenue From External Customer [Line Items]
Total sales and revenues	6,827.5	5,336.4	13,241.3	10,033.5
Trucks | Truck Sales
Entity Wide Information Revenue From External Customer [Line Items]
Total sales and revenues	6,601.3	5,130.2	12,807.3	9,611.3
Trucks | Revenues from extended warranties, operating leases and other
Entity Wide Information Revenue From External Customer [Line Items]
Total sales and revenues	226.2	206.2	434	422.2
Parts Subsegment
Entity Wide Information Revenue From External Customer [Line Items]
Total sales and revenues	1,598.9	1,434.7	3,221.9	2,823.6
Parts Subsegment | Parts
Entity Wide Information Revenue From External Customer [Line Items]
Total sales and revenues	1,551.4	1,394.5	3,126.9	2,742.6
Parts Subsegment | Revenues from dealer services and other
Entity Wide Information Revenue From External Customer [Line Items]
Total sales and revenues	47.5	40.2	95	81
Winch Sales and Other
Entity Wide Information Revenue From External Customer [Line Items]
Total sales and revenues	$ 14.9	$ 15.1	$ 28.2	$ 35.5

Estimated Value of Returned Goo

Estimated Value of Returned Goods Assets and Related Return Liabilities (Detail) - Truck, Parts and Other - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Trucks
Entity Wide Information Revenue From External Customer [Line Items]
Other current assets	$ 191.1	$ 183
Accounts payable, accrued expenses and other	192.3	185
Other noncurrent assets, net	234.7	284.6
Other liabilities	246.7	298.9
Assets	425.8	467.6
Liabilities	439	483.9
Parts Subsegment
Entity Wide Information Revenue From External Customer [Line Items]
Accounts payable, accrued expenses and other	200.7	181.4
Other noncurrent assets, net	82.3	77.7
Assets	82.3	77.7
Liabilities	$ 200.7	$ 181.4

Sales and Revenues - Additional

Sales and Revenues - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Entity Wide Information Revenue From External Customer [Line Items]
Payment to acquire commitment value			$ 870,600,000
Payment to acquire commitment related to lease value			143,900,000
Financial Services
Entity Wide Information Revenue From External Customer [Line Items]
Total Operating lease revenue	$ 186,700,000	$ 199,700,000	383,500,000	$ 403,300,000
Financing receivable, recorded investment, 90 days past due and still accruing	0		0		$ 0
Trucks | Truck Sales
Entity Wide Information Revenue From External Customer [Line Items]
Total Operating lease revenue	22,600,000	$ 22,000,000	35,400,000	$ 49,900,000
Deferred revenue	36,000,000		36,000,000
Deferred revenue recognize, in 2023	13,400,000		13,400,000
Deferred revenue recognize, in 2024	15,600,000		15,600,000
Deferred revenue recognize, in 2025	4,400,000		4,400,000
Deferred revenue recognize, in 2026	1,900,000		1,900,000
Deferred revenue recognize, in 2027	$ 700,000		$ 700,000
Minimum
Entity Wide Information Revenue From External Customer [Line Items]
Lease and guarantee periods (in years)			3 years
Minimum | Financial Services
Entity Wide Information Revenue From External Customer [Line Items]
Finance leases, lease term			3 years
Operating lease term	3 years		3 years
Maximum
Entity Wide Information Revenue From External Customer [Line Items]
Lease and guarantee periods (in years)			5 years
Warranty period			5 years
Maximum | Financial Services
Entity Wide Information Revenue From External Customer [Line Items]
Finance leases, lease term			5 years
Operating lease term	5 years		5 years

Summary of Financial Services L

Summary of Financial Services Lease Revenues by Lease Type (Detail) - Financial Services - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Entity Wide Information Revenue From External Customer [Line Items]
Finance lease revenues	$ 31.8	$ 45	$ 86.7	$ 87.9
Operating lease revenues	186.7	199.7	383.5	403.3
Total lease revenues	$ 218.5	$ 244.7	$ 470.2	$ 491.2

Marketable Securities (Detail)

Marketable Securities (Detail) - Truck, Parts and Other - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Schedule Of Available For Sale Securities [Line Items]
Marketable debt securities, Cost	$ 1,742.1
Marketable debt securities, Fair Value	1,687.6
Marketable equity securities, Cost	10	$ 10
Marketable equity securities, Unrealized Losses	7.1	8.8
Marketable equity securities, Fair Value	2.9	1.2
Total marketable securities, Cost	1,752.1	1,681.1
Total marketable securities, Unrealized Gains	0.3	0.9
Total marketable securities, Unrealized Losses	61.9	67.8
Total marketable securities, Fair Value	1,690.5	1,614.2
U.S. tax-exempt securities
Schedule Of Available For Sale Securities [Line Items]
Marketable debt securities, Cost	333.2	452.8
Marketable debt securities, Unrealized Gains	0.1	0.5
Marketable debt securities, Unrealized Losses	6.2	8.2
Marketable debt securities, Fair Value	327.1	445.1
U.S. corporate securities
Schedule Of Available For Sale Securities [Line Items]
Marketable debt securities, Cost	309.4	262.5
Marketable debt securities, Unrealized Gains	0.1	0.1
Marketable debt securities, Unrealized Losses	10.4	11.6
Marketable debt securities, Fair Value	299.1	251
U.S. taxable municipal / non-U.S. provincial bonds
Schedule Of Available For Sale Securities [Line Items]
Marketable debt securities, Cost	230.2	191.6
Marketable debt securities, Unrealized Losses	9.7	10.8
Marketable debt securities, Fair Value	220.5	180.8
U.S. government and agency securities
Schedule Of Available For Sale Securities [Line Items]
Marketable debt securities, Cost	150.6	118
Marketable debt securities, Unrealized Gains		0.1
Marketable debt securities, Unrealized Losses	4	3.1
Marketable debt securities, Fair Value	146.6	115
Non-U.S. corporate securities
Schedule Of Available For Sale Securities [Line Items]
Marketable debt securities, Cost	500.8	467.9
Marketable debt securities, Unrealized Losses	16.9	17.9
Marketable debt securities, Fair Value	483.9	450
Non-U.S. government securities
Schedule Of Available For Sale Securities [Line Items]
Marketable debt securities, Cost	113.4	78.9
Marketable debt securities, Unrealized Gains	0.1	0.2
Marketable debt securities, Unrealized Losses	3.2	2.7
Marketable debt securities, Fair Value	110.3	76.4
Other debt securities
Schedule Of Available For Sale Securities [Line Items]
Marketable debt securities, Cost	104.5	99.4
Marketable debt securities, Unrealized Losses	4.4	4.7
Marketable debt securities, Fair Value	$ 100.1	$ 94.7

Investments in Marketable Sec_3

Investments in Marketable Securities - Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Schedule Of Available For Sale Securities [Line Items]
Net realized gain on marketable equity securities	$ 1,700,000	$ 0
Allowance for credit losses	0		$ 0
Truck, Parts and Other
Schedule Of Available For Sale Securities [Line Items]
Gross realized gains from sales of marketable debt securities	900,000	400,000
Gross realized loss from sales of marketable debt securities	$ 2,900,000	$ 900,000

Marketable Debt Securities Cont

Marketable Debt Securities Continuous Unrealized Losses (Detail) - Truck, Parts and Other - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Schedule Of Available For Sale Securities [Line Items]
Less than 12 Months Unrealized Losses	$ 14.7	$ 21.5
Less than 12 Months Fair Value	772.3	889.2
12 Months or Greater Unrealized losses	40.1	37.5
12 Months or Greater Fair value	$ 764.9	$ 608.4

Contractual Maturities of Marke

Contractual Maturities of Marketable Debt Securities (Detail) - Truck, Parts and Other $ in Millions	Jun. 30, 2023 USD ($)
Amortized Cost Maturities:
Within one year	$ 440.9
One to five years	1,287.4
Six to ten years	1.3
More than ten years	12.5
Marketable debt securities, Cost	1,742.1
Fair Value Maturities:
Within one year	433.8
One to five years	1,241.6
Six to ten years	1.3
More than ten years	10.9
Fair Value	$ 1,687.6

Inventories (Detail)

Inventories (Detail) - Truck, Parts and Other - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Inventory [Line Items]
Finished products	$ 1,089.5	$ 871.8
Work in process and raw materials	1,623.4	1,327
Inventories, net	$ 2,712.9	$ 2,198.8

Finance and Other Receivables_2

Finance and Other Receivables (Detail) - USD ($) $ in Millions		Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Financial Services
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans		$ 7,705.8	$ 7,229.1
Finance leases		4,293.1	3,786.4
Dealer wholesale financing		3,650.9	2,772.1
Operating lease receivables and other		140.7	125.4
Finance and other receivables, net of deferred income		15,790.5	13,913
Less allowance for losses		(126.2)	(121.1)	$ (119.6)	$ (116.9)
Finance and other receivables, net		15,664.3	13,791.9
Loans and Leases
Accounts, Notes, Loans and Financing Receivable [Line Items]
Less allowance for losses		(119.6)	(114.8)
Dealer | Wholesale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Less allowance for losses		(3.8)	(3.4)
Dealer | Wholesale | Financial Services
Accounts, Notes, Loans and Financing Receivable [Line Items]
Less allowance for losses		(3.8)	(3.4)	(3.9)	(3.3)
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Less allowance for losses		(2.8)	(2.9)
Other | Financial Services
Accounts, Notes, Loans and Financing Receivable [Line Items]
Less allowance for losses	[1]	$ (2.8)	$ (2.9)	$ (2.9)	$ (2.1)
[1] Operating leases and other trade receivables.

Finance and Other Receivables -

Finance and Other Receivables - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued interest receivable	$ 67.8	$ 67.8		$ 44.1
Loans accounted for as troubled debt restructurings			$ 38.1	31.1
Repossessed inventory	$ 15.7	15.7		$ 9.2
Proceeds from the sales of repossessed assets		$ 10.3	$ 11.3
ASU 2022-02
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable modifications weighted average term extension	6 months	20 months
Change in accounting principle, accounting standards update, adopted [true false]	true	true
Change in accounting principle, accounting standards update adoption date	Jan. 01, 2023	Jan. 01, 2023
Customer Retail | ASU 2022-02
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable modifications percentage	0%	0.10%
Customer Retail | ASU 2022-02 | Fleet
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost basis of finance receivables	$ 0.6	$ 6.6
Customer Retail | ASU 2022-02 | Owner/Operator
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost basis of finance receivables	0	$ 0
Financial Services
Accounts, Notes, Loans and Financing Receivable [Line Items]
Months contractual terms extended		5 months		3 months
Amortized cost basis of finance receivables	61	$ 61		$ 54.4
Financial Services | Customer Retail | Fleet
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost basis of finance receivables	55.4	55.4		50.1
Financial Services | Customer Retail | Owner/Operator
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost basis of finance receivables	$ 5.6	$ 5.6		$ 3.6
Financial Services | Loans and Leases | Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Contractual terms of retails loans and finance leases		3 years
Financial Services | Loans and Leases | Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Contractual terms of retails loans and finance leases		5 years
Financial Services | Financing Receivable | Maximum | Revenue Benchmark | Customer Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of portfolio assets		5%

Allowance for Credit Losses (De

Allowance for Credit Losses (Detail) - USD ($) $ in Millions		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022
Financing Receivable, Allowance for Credit Losses [Line Items]
Provision for losses		$ 7.9	$ 4.6
Dealer | Wholesale
Financing Receivable, Allowance for Credit Losses [Line Items]
Beginning Balance		3.4
Ending Balance		3.8
Other
Financing Receivable, Allowance for Credit Losses [Line Items]
Beginning Balance		2.9
Ending Balance		2.8
Financial Services
Financing Receivable, Allowance for Credit Losses [Line Items]
Beginning Balance		121.1	116.9
Provision for losses		7.9	4.6
Charge-offs		(9.4)	(4.7)
Recoveries		3.2	3.6
Currency translation and other		3.4	(0.8)
Ending Balance		126.2	119.6
Financial Services | Dealer | Wholesale
Financing Receivable, Allowance for Credit Losses [Line Items]
Beginning Balance		3.4	3.3
Provision for losses		0.3	0.8
Currency translation and other		0.1	(0.2)
Ending Balance		3.8	3.9
Financial Services | Dealer | Retail
Financing Receivable, Allowance for Credit Losses [Line Items]
Beginning Balance		2.2	7.1
Provision for losses		(0.3)	(2.5)
Ending Balance		1.9	4.6
Financial Services | Customer Retail
Financing Receivable, Allowance for Credit Losses [Line Items]
Beginning Balance		112.6	104.4
Provision for losses		8.4	6.1
Charge-offs		(9.4)	(4.4)
Recoveries		3.1	3.3
Currency translation and other		3	(1.2)
Ending Balance		117.7	108.2
Financial Services | Other
Financing Receivable, Allowance for Credit Losses [Line Items]
Beginning Balance	[1]	2.9	2.1
Provision for losses	[1]	(0.5)	0.2
Charge-offs	[1]		(0.3)
Recoveries	[1]	0.1	0.3
Currency translation and other	[1]	0.3	0.6
Ending Balance	[1]	$ 2.8	$ 2.9
[1] Operating leases and other trade receivables.

Amortized Cost Basis of Finance

Amortized Cost Basis of Finance Receivables and Charge-offs by Credit Quality Indicator and Portfolio Class (Detail) - Financial Services - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Financing Receivable, Recorded Investment [Line Items]
Financed Receivables, By Origination Year, Loans	$ 3,816.1	$ 2,978.3
Financing Receivable Originated In Current Fiscal Year	2,882.9	4,662.3
Financing Receivable, Originated One Year before Current Fiscal Year	4,176.7	2,783.1
Financing Receivable, Originated Two Years before Current Fiscal Year	2,314.9	1,802.9
Financing Receivable, Originated Three Years before Current Fiscal Year	1,393.3	988
Financing Receivable, Originated Four Years before Current Fiscal Year	719.1	378.5
Financed Receivables, By Origination Year, Prior	346.8	194.5
Finance Receivables, Total	15,649.8	13,787.6
Charge Offs Of Finance Receivables
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Originated One Year before Current Fiscal Year	3.1
Financing Receivable, Originated Two Years before Current Fiscal Year	3.8
Financing Receivable, Originated Three Years before Current Fiscal Year	1.7
Financing Receivable, Originated Four Years before Current Fiscal Year	0.2
Financed Receivables, By Origination Year, Prior	0.6
Finance Receivables, Total	9.4
Dealer
Financing Receivable, Recorded Investment [Line Items]
Financed Receivables, By Origination Year, Loans	3,816.1	2,978.3
Financing Receivable Originated In Current Fiscal Year	345	609.7
Financing Receivable, Originated One Year before Current Fiscal Year	565.8	348.6
Financing Receivable, Originated Two Years before Current Fiscal Year	312.4	223.1
Financing Receivable, Originated Three Years before Current Fiscal Year	194.5	241.7
Financing Receivable, Originated Four Years before Current Fiscal Year	201.4	120.8
Financed Receivables, By Origination Year, Prior	177.5	121.8
Finance Receivables, Total	5,612.7	4,644
Dealer | Wholesale
Financing Receivable, Recorded Investment [Line Items]
Financed Receivables, By Origination Year, Loans	3,650.9	2,772.1
Finance Receivables, Total	3,650.9	2,772.1
Dealer | Wholesale | Performing
Financing Receivable, Recorded Investment [Line Items]
Financed Receivables, By Origination Year, Loans	3,649.4	2,766
Finance Receivables, Total	3,649.4	2,766
Dealer | Wholesale | Watch
Financing Receivable, Recorded Investment [Line Items]
Financed Receivables, By Origination Year, Loans	1.5	6.1
Finance Receivables, Total	1.5	6.1
Dealer | Retail
Financing Receivable, Recorded Investment [Line Items]
Financed Receivables, By Origination Year, Loans	165.2	206.2
Financing Receivable Originated In Current Fiscal Year	345	609.7
Financing Receivable, Originated One Year before Current Fiscal Year	565.8	348.6
Financing Receivable, Originated Two Years before Current Fiscal Year	312.4	223.1
Financing Receivable, Originated Three Years before Current Fiscal Year	194.5	241.7
Financing Receivable, Originated Four Years before Current Fiscal Year	201.4	120.8
Financed Receivables, By Origination Year, Prior	177.5	121.8
Finance Receivables, Total	1,961.8	1,871.9
Dealer | Retail | Performing
Financing Receivable, Recorded Investment [Line Items]
Financed Receivables, By Origination Year, Loans	165.2	206.2
Financing Receivable Originated In Current Fiscal Year	345	609.7
Financing Receivable, Originated One Year before Current Fiscal Year	565.8	348.6
Financing Receivable, Originated Two Years before Current Fiscal Year	312.4	223.1
Financing Receivable, Originated Three Years before Current Fiscal Year	194.5	241.7
Financing Receivable, Originated Four Years before Current Fiscal Year	201.4	120.8
Financed Receivables, By Origination Year, Prior	177.5	121.1
Finance Receivables, Total	1,961.8	1,871.2
Dealer | Retail | At-risk
Financing Receivable, Recorded Investment [Line Items]
Financed Receivables, By Origination Year, Prior		0.7
Finance Receivables, Total		0.7
Customer Retail
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable Originated In Current Fiscal Year	2,537.9	4,052.6
Financing Receivable, Originated One Year before Current Fiscal Year	3,610.9	2,434.5
Financing Receivable, Originated Two Years before Current Fiscal Year	2,002.5	1,579.8
Financing Receivable, Originated Three Years before Current Fiscal Year	1,198.8	746.3
Financing Receivable, Originated Four Years before Current Fiscal Year	517.7	257.7
Financed Receivables, By Origination Year, Prior	169.3	72.7
Finance Receivables, Total	10,037.1	9,143.6
Customer Retail | Fleet
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable Originated In Current Fiscal Year	2,296.9	3,572.2
Financing Receivable, Originated One Year before Current Fiscal Year	3,213.2	2,006.9
Financing Receivable, Originated Two Years before Current Fiscal Year	1,672.2	1,327.1
Financing Receivable, Originated Three Years before Current Fiscal Year	1,014.9	624.3
Financing Receivable, Originated Four Years before Current Fiscal Year	437.5	211.7
Financed Receivables, By Origination Year, Prior	147.7	66.6
Finance Receivables, Total	8,782.4	7,808.8
Customer Retail | Fleet | Charge Offs Of Finance Receivables
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Originated One Year before Current Fiscal Year	2.5
Financing Receivable, Originated Two Years before Current Fiscal Year	2.8
Financing Receivable, Originated Three Years before Current Fiscal Year	1.5
Financing Receivable, Originated Four Years before Current Fiscal Year	0.2
Financed Receivables, By Origination Year, Prior	0.4
Finance Receivables, Total	7.4
Customer Retail | Fleet | Performing
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable Originated In Current Fiscal Year	2,287	3,558
Financing Receivable, Originated One Year before Current Fiscal Year	3,182.6	1,981.9
Financing Receivable, Originated Two Years before Current Fiscal Year	1,653.5	1,306.5
Financing Receivable, Originated Three Years before Current Fiscal Year	1,007.4	603.7
Financing Receivable, Originated Four Years before Current Fiscal Year	429.6	203.4
Financed Receivables, By Origination Year, Prior	143.6	65.6
Finance Receivables, Total	8,703.7	7,719.1
Customer Retail | Fleet | Watch
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable Originated In Current Fiscal Year	3.5	7.5
Financing Receivable, Originated One Year before Current Fiscal Year	9.8	7.3
Financing Receivable, Originated Two Years before Current Fiscal Year	5.1	1.8
Financing Receivable, Originated Three Years before Current Fiscal Year	2	3.4
Financing Receivable, Originated Four Years before Current Fiscal Year	1.1	2.4
Financed Receivables, By Origination Year, Prior	1.5	0.5
Finance Receivables, Total	23	22.9
Customer Retail | Fleet | At-risk
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable Originated In Current Fiscal Year	6.4	6.7
Financing Receivable, Originated One Year before Current Fiscal Year	20.8	17.7
Financing Receivable, Originated Two Years before Current Fiscal Year	13.6	18.8
Financing Receivable, Originated Three Years before Current Fiscal Year	5.5	17.2
Financing Receivable, Originated Four Years before Current Fiscal Year	6.8	5.9
Financed Receivables, By Origination Year, Prior	2.6	0.5
Finance Receivables, Total	55.7	66.8
Customer Retail | Owner/Operator
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable Originated In Current Fiscal Year	241	480.4
Financing Receivable, Originated One Year before Current Fiscal Year	397.7	427.6
Financing Receivable, Originated Two Years before Current Fiscal Year	330.3	252.7
Financing Receivable, Originated Three Years before Current Fiscal Year	183.9	122
Financing Receivable, Originated Four Years before Current Fiscal Year	80.2	46
Financed Receivables, By Origination Year, Prior	21.6	6.1
Finance Receivables, Total	1,254.7	1,334.8
Customer Retail | Owner/Operator | Charge Offs Of Finance Receivables
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Originated One Year before Current Fiscal Year	0.6
Financing Receivable, Originated Two Years before Current Fiscal Year	1
Financing Receivable, Originated Three Years before Current Fiscal Year	0.2
Financed Receivables, By Origination Year, Prior	0.2
Finance Receivables, Total	2
Customer Retail | Owner/Operator | Performing
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable Originated In Current Fiscal Year	240.4	478.2
Financing Receivable, Originated One Year before Current Fiscal Year	393.6	425.9
Financing Receivable, Originated Two Years before Current Fiscal Year	327.4	251.2
Financing Receivable, Originated Three Years before Current Fiscal Year	181.7	120.9
Financing Receivable, Originated Four Years before Current Fiscal Year	79.5	45.3
Financed Receivables, By Origination Year, Prior	21.3	6
Finance Receivables, Total	1,243.9	1,327.5
Customer Retail | Owner/Operator | Watch
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable Originated In Current Fiscal Year	0.3	1.8
Financing Receivable, Originated One Year before Current Fiscal Year	2.1	0.9
Financing Receivable, Originated Two Years before Current Fiscal Year	1.6	0.4
Financing Receivable, Originated Three Years before Current Fiscal Year	0.8	0.3
Financing Receivable, Originated Four Years before Current Fiscal Year	0.2
Financed Receivables, By Origination Year, Prior	0.1	0.1
Finance Receivables, Total	5.1	3.5
Customer Retail | Owner/Operator | At-risk
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable Originated In Current Fiscal Year	0.3	0.4
Financing Receivable, Originated One Year before Current Fiscal Year	2	0.8
Financing Receivable, Originated Two Years before Current Fiscal Year	1.3	1.1
Financing Receivable, Originated Three Years before Current Fiscal Year	1.4	0.8
Financing Receivable, Originated Four Years before Current Fiscal Year	0.5	0.7
Financed Receivables, By Origination Year, Prior	0.2
Finance Receivables, Total	$ 5.7	$ 3.8

Financing Receivables by Aging

Financing Receivables by Aging Category (Detail) - Financial Services - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Financing Receivable, Recorded Investment, Past Due [Line Items]
Finance Receivable	$ 15,649.8	$ 13,787.6
Current and up to 30 days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Finance Receivable	15,582.5	13,741.6
31 - 60 days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Finance Receivable	20.7	17.8
Greater than 60 days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Finance Receivable	46.6	28.2
Dealer
Financing Receivable, Recorded Investment, Past Due [Line Items]
Finance Receivable	5,612.7	4,644
Dealer | Wholesale
Financing Receivable, Recorded Investment, Past Due [Line Items]
Finance Receivable	3,650.9	2,772.1
Dealer | Retail
Financing Receivable, Recorded Investment, Past Due [Line Items]
Finance Receivable	1,961.8	1,871.9
Dealer | Current and up to 30 days past due | Wholesale
Financing Receivable, Recorded Investment, Past Due [Line Items]
Finance Receivable	3,650	2,772.1
Dealer | Current and up to 30 days past due | Retail
Financing Receivable, Recorded Investment, Past Due [Line Items]
Finance Receivable	1,961.8	1,871.9
Dealer | 31 - 60 days past due | Wholesale
Financing Receivable, Recorded Investment, Past Due [Line Items]
Finance Receivable	0.9
Customer Retail
Financing Receivable, Recorded Investment, Past Due [Line Items]
Finance Receivable	10,037.1	9,143.6
Customer Retail | Fleet
Financing Receivable, Recorded Investment, Past Due [Line Items]
Finance Receivable	8,782.4	7,808.8
Customer Retail | Owner/Operator
Financing Receivable, Recorded Investment, Past Due [Line Items]
Finance Receivable	1,254.7	1,334.8
Customer Retail | Current and up to 30 days past due | Fleet
Financing Receivable, Recorded Investment, Past Due [Line Items]
Finance Receivable	8,724.2	7,768.5
Customer Retail | Current and up to 30 days past due | Owner/Operator
Financing Receivable, Recorded Investment, Past Due [Line Items]
Finance Receivable	1,246.5	1,329.1
Customer Retail | 31 - 60 days past due | Fleet
Financing Receivable, Recorded Investment, Past Due [Line Items]
Finance Receivable	15.6	14.7
Customer Retail | 31 - 60 days past due | Owner/Operator
Financing Receivable, Recorded Investment, Past Due [Line Items]
Finance Receivable	4.2	3.1
Customer Retail | Greater than 60 days past due | Fleet
Financing Receivable, Recorded Investment, Past Due [Line Items]
Finance Receivable	42.6	25.6
Customer Retail | Greater than 60 days past due | Owner/Operator
Financing Receivable, Recorded Investment, Past Due [Line Items]
Finance Receivable	$ 4	$ 2.6

Summary of Non-Accrual Loans an

Summary of Non-Accrual Loans and Finance Leases with Specific Reserve and No Specific Reserve (Details) - Financial Services - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Financing Receivable, Recorded Investment, Past Due [Line Items]
Amortized cost basis with a specific reserve	$ 38.2	$ 37.5
Amortized cost basis with no specific reserve	22.8	16.9
Total	61	54.4
Dealer | Retail
Financing Receivable, Recorded Investment, Past Due [Line Items]
Amortized cost basis with no specific reserve		0.7
Total		0.7
Customer Retail | Fleet
Financing Receivable, Recorded Investment, Past Due [Line Items]
Amortized cost basis with a specific reserve	33.9	33.9
Amortized cost basis with no specific reserve	21.5	16.2
Total	55.4	50.1
Customer Retail | Owner/Operator
Financing Receivable, Recorded Investment, Past Due [Line Items]
Amortized cost basis with a specific reserve	4.3	3.6
Amortized cost basis with no specific reserve	1.3
Total	$ 5.6	$ 3.6

Interest Income Recognized on C

Interest Income Recognized on Cash Basis for Finance Receivables that are on Non-Accrual Status (Detail) - Financial Services - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Interest income recognized:
Interest income recognized on a cash basis	$ 0.2	$ 1	$ 0.7	$ 1.6
Retail
Interest income recognized:
Interest income recognized on a cash basis		0.1		0.1
Customer Retail | Fleet
Interest income recognized:
Interest income recognized on a cash basis	$ 0.2	$ 0.9	0.6	1.4
Customer Retail | Owner/Operator
Interest income recognized:
Interest income recognized on a cash basis			$ 0.1	$ 0.1

Pre- and Post-Modification Amor

Pre- and Post-Modification Amortized Cost Basis Balances for Finance Receivables Modified by Portfolio Class (Detail) - Customer Retail - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022
Financing Receivable Modifications [Line Items]
Pre-Modification, Amortized Cost Basis	$ 7.5	$ 8.1
Post-Modification, Amortized Cost Basis	7.5	8.1
Fleet
Financing Receivable Modifications [Line Items]
Pre-Modification, Amortized Cost Basis	7.5	8.1
Post-Modification, Amortized Cost Basis	$ 7.5	$ 8.1

Product Support Liabilities - A

Product Support Liabilities - Additional Information (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Product Warranty Liability [Line Items]
Deferred revenue on extended warranties and R&M recognize, in 2023	$ 137.2
Deferred revenue on extended warranties and R&M recognize, in 2024	272.8
Deferred revenue on extended warranties and R&M recognize, in 2025	274.8
Deferred revenue on extended warranties and R&M recognize, in 2026	209.3
Deferred revenue on extended warranties and R&M recognize, in 2027	138.5
Deferred revenue on extended warranties and R&M recognize, thereafter	$ 71.9
Truck, Parts and Other
Product Warranty Liability [Line Items]
Standard product warranty, description	The Company generally offers one year warranties covering most of its vehicles and related aftermarket parts. For vehicles equipped with engines manufactured by PACCAR, the Company generally offers two year warranties on the engine.
Standard product warranty, term	1 year
Extended product warranty, description	Optional extended warranty and R&M contracts can be purchased for periods which generally range up to five years.
Truck, Parts and Other | Maximum
Product Warranty Liability [Line Items]
Extended product warranty, term	5 years
Truck, Parts and Other | Engines manufactured by PACCAR
Product Warranty Liability [Line Items]
Standard product warranty, term	2 years

Changes in Product Support Liab

Changes in Product Support Liabilities (Detail) - Truck, Parts and Other - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
WARRANTY RESERVES
Beginning balance	$ 437.7	$ 344.3
Cost accruals	360.7	159.8
Payments	(299.7)	(187.8)
Change in estimates for pre-existing warranties	132.2	49.9
Currency translation and other	7.1	(12.2)
Ending balance	638	354
DEFERRED REVENUES ON EXTENDED WARRANTIES AND R&M CONTRACTS
Beginning balance	904.9	775.2
Deferred revenues	416.8	303.6
Revenues recognized	(230.4)	(239.2)
Currency translation	13.2	(31.1)
Ending balance	$ 1,104.5	$ 808.5

Components of Comprehensive Inc

Components of Comprehensive Income, Net of Related Tax (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 1,221.1	$ 720.4	$ 1,955	$ 1,320.9
Other comprehensive income (loss) (OCI):
Unrealized (losses) gains on derivative contracts	(33)	1	(62.5)	37.1
Tax effect	7.6	(1.2)	13.9	(10.9)
Net current period OCI, unrealized (losses) gains on derivative contracts	(25.4)	(0.2)	(48.6)	26.2
Unrealized (losses) gains on marketable debt securities	(10.3)	(10.4)	3.7	(44.5)
Tax effect	2.6	2.6	(0.9)	11.1
Net current period OCI, unrealized gains (losses) on marketable debt securities	(7.7)	(7.8)	2.8	(33.4)
Pension plans	2.3	19.9	3.3	30.2
Tax effect	(0.3)	(5.1)	(0.4)	(7.5)
Net current period OCI, pension plans	2	14.8	2.9	22.7
Foreign currency translation gains (losses)	126.5	(240.8)	218.5	(206.1)
Net other comprehensive income (loss)	95.4	(234)	175.6	(190.6)
Comprehensive income	$ 1,316.5	$ 486.4	$ 2,130.6	$ 1,130.3

Changes in Accumulated Other Co

Changes in Accumulated Other Comprehensive Income (Loss) by Component (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance			$ 13,167.1
Reclassified out of AOCI	$ 42.2	$ (9.9)	(65.3)	$ 2.7
Net other comprehensive (loss) income	95.4	(234)	175.6	(190.6)
Ending balance	15,079.3	12,518	15,079.3	12,518
Derivative Contracts
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	11.9	12.9	35.1	(13.5)
Recorded into AOCI	(66.9)	16.4	(113.3)	34.5
Reclassified out of AOCI	41.5	(16.6)	64.7	(8.3)
Net other comprehensive (loss) income	(25.4)	(0.2)	(48.6)	26.2
Ending balance	(13.5)	12.7	(13.5)	12.7
Marketable Debt Securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(33.1)	(26.7)	(43.6)	(1.1)
Recorded into AOCI	(6.8)	(7.6)	4.5	(33.1)
Reclassified out of AOCI	(0.9)	(0.2)	(1.7)	(0.3)
Net other comprehensive (loss) income	(7.7)	(7.8)	2.8	(33.4)
Ending balance	(40.8)	(34.5)	(40.8)	(34.5)
Pension Plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(110)	(261.9)	(110.9)	(269.8)
Recorded into AOCI	0.4	7.9	0.6	11.4
Reclassified out of AOCI	1.6	6.9	2.3	11.3
Net other comprehensive (loss) income	2	14.8	2.9	22.7
Ending balance	(108)	(247.1)	(108)	(247.1)
Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(742)	(602)	(834)	(636.7)
Recorded into AOCI	126.5	(240.8)	218.5	(206.1)
Net other comprehensive (loss) income	126.5	(240.8)	218.5	(206.1)
Ending balance	(615.5)	(842.8)	(615.5)	(842.8)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(873.2)	(877.7)	(953.4)	(921.1)
Recorded into AOCI	53.2	(224.1)	110.3	(193.3)
Reclassified out of AOCI	42.2	(9.9)	65.3	2.7
Net other comprehensive (loss) income	95.4	(234)	175.6	(190.6)
Ending balance	$ (777.8)	$ (1,111.7)	$ (777.8)	$ (1,111.7)

Reclassifications Out of Accumu

Reclassifications Out of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Income before income taxes	$ (1,568.5)	$ (922.1)	$ (2,487.5)	$ (1,693.5)
Investment income	62.7	5.4	111.7	2.9
Tax (benefit) expense	347.4	201.7	532.5	372.6
Net Income (Loss)	(1,221.1)	(720.4)	(1,955)	(1,320.9)
Reclassified out of AOCI	42.2	(9.9)	(65.3)	2.7
Derivative Contracts
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassified out of AOCI	41.5	(16.6)	64.7	(8.3)
Derivative Contracts | Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Income before income taxes	49.1	(23.8)	79	(14.6)
Tax (benefit) expense	(7.6)	7.2	(14.3)	6.3
Net Income (Loss)	41.5	16.6	64.7	(8.3)
Marketable Debt Securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassified out of AOCI	(0.9)	(0.2)	(1.7)	(0.3)
Marketable Debt Securities | Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Investment income	(1.2)	(0.3)	(2.3)	(0.4)
Tax (benefit) expense	0.3	1	0.6	0.1
Net Income (Loss)	(0.9)	(0.2)	(1.7)	(0.3)
Truck, Parts and Other
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net sales and revenues	(8,441.3)	(6,786.2)	(16,491.4)	(12,892.6)
Truck, Parts and Other | Derivative Contracts | Foreign-exchange contracts | Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net sales and revenues	11.8	8.2	12	15.1
Cost of sales and revenues	11.4	(1)	11.4	2.7
Interest and other (income) expense, net	0.7			0.3
Truck, Parts and Other | Derivative Contracts | Commodity Contract | Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Cost of sales and revenues	(4.6)	5.5	(2.4)	10.4
Truck, Parts and Other | Actuarial loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Interest and other (income) expense, net	1.7	9	2.4	14.6
Truck, Parts and Other | Prior service costs
Accumulated Other Comprehensive Income (Loss) [Line Items]
Interest and other (income) expense, net	0.4	0.2	0.7	0.3
Truck, Parts and Other | Settlement Loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Income before income taxes	2.1	9.2	3.1	14.9
Tax (benefit) expense	(0.5)	(2.3)	(0.8)	(3.6)
Net Income (Loss)	1.6	6.9	2.3	11.3
Financial Services | Derivative Contracts | Foreign-exchange contracts | Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Interest and other borrowing expenses	(2.8)		(2)
Financial Services | Derivative Contracts | Interest-Rate Contracts | Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Interest and other borrowing expenses	$ 32.6	$ (36.5)	$ 60	$ (43.1)

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 04, 2018
Equity Class Of Treasury Stock [Line Items]
Stock-based compensation expense	$ 2,400,000	$ 4,300,000	$ 15,900,000	$ 12,500,000
Additional common shares issued under deferred and stock compensation arrangements			834,520
Long Term Incentive Plan
Equity Class Of Treasury Stock [Line Items]
Treasury stock purchases, shares			43,316
Common Stock Repurchase Plan
Equity Class Of Treasury Stock [Line Items]
Treasury stock purchases, shares			0
Stock repurchase programs, remaining authorized amount	$ 390,000,000		$ 390,000,000
Stock repurchase programs, authorized amount					$ 500,000,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Effective tax rate	22.10%	21.90%	21.40%	22%

Segment Information - Additiona

Segment Information - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2023 Segment
Segment Reporting [Abstract]
Reportable segments	3

Segment Reporting Information b

Segment Reporting Information by Segment (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Revenues	$ 8,881.1	$ 7,158.7	$ 17,354.4	$ 13,631.3
Investment income	62.7	5.4	111.7	2.9
Total Income Before Income Taxes	1,568.5	922.1	2,487.5	1,693.5
Depreciation and amortization	223.4	196.9	444.5	382.6
Truck, Parts and Other
Segment Reporting Information [Line Items]
Net sales and revenues	8,441.3	6,786.2	16,491.4	12,892.6
Revenues	8,441.3	6,786.2	16,491.4	12,892.6
Income before income taxes	1,361.1	772.3	2,082.3	1,399.2
Depreciation and amortization	108.8	87.2	218.6	167.7
Truck, Parts and Other | Trucks
Segment Reporting Information [Line Items]
Net sales and revenues	6,827.5	5,336.4	13,241.3	10,033.5
Income before income taxes	948.3	422.1	1,842.6	698.8
Depreciation and amortization	99.2	77.7	199	149.3
Truck, Parts and Other | Trucks | Operating Segments
Segment Reporting Information [Line Items]
Net sales and revenues	6,923	5,499.5	13,501.7	10,335
Truck, Parts and Other | Trucks | Intersegment
Segment Reporting Information [Line Items]
Net sales and revenues	(95.5)	(163.1)	(260.4)	(301.5)
Truck, Parts and Other | Parts Subsegment
Segment Reporting Information [Line Items]
Net sales and revenues	1,598.9	1,434.7	3,221.9	2,823.6
Income before income taxes	419.3	353.3	857.9	693.5
Depreciation and amortization	3.6	3.3	7.3	6.5
Truck, Parts and Other | Parts Subsegment | Operating Segments
Segment Reporting Information [Line Items]
Net sales and revenues	1,618.4	1,450.6	3,259.5	2,855.9
Truck, Parts and Other | Parts Subsegment | Intersegment
Segment Reporting Information [Line Items]
Net sales and revenues	(19.5)	(15.9)	(37.6)	(32.3)
Truck, Parts and Other | Other
Segment Reporting Information [Line Items]
Net sales and revenues	14.9	15.1	28.2	35.5
Income before income taxes	(6.5)	(3.1)	(618.2)	6.9
Depreciation and amortization	6	6.2	12.3	11.9
Financial Services
Segment Reporting Information [Line Items]
Revenues	439.8	372.5	863	738.7
Income before income taxes	144.7	144.4	293.5	291.4
Depreciation and amortization	$ 114.6	$ 109.7	$ 225.9	$ 214.9

Segment Reporting Information_2

Segment Reporting Information by Segment (Parenthetical) (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Segment Reporting [Abstract]
Non recurring expenses related to litigation	$ 600

Derivative Financial Instrume_3

Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative assets	$ 48		$ 48		$ 119.4
Fair Value Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Remaining cumulative basis adjustments on discontinued hedge relationship	17.7		$ 17.7		$ 7.1
Cash Flow Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Maximum length of future cash flow hedges			9 years 6 months
Accumulated net loss on derivative contracts included in accumulated other comprehensive loss expected to be recognized in the Consolidated Statements of Comprehensive Income in the following 12 months, net of tax			$ 26.4
Reclassification from AOCI			0.2	$ 0.1
Net Investment Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative notional amount outstanding	443.6		443.6
Pre-tax gain (loss) recognized in OCI	(3.7)	(17.8)	(3.3)	(36)
Cost of sales and revenues
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (loss) from commodity contracts	4.6	(5.5)	2.4	(10.4)
Interest-Rate Contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount of outstanding contracts	2,830.2		2,830.2
Notional maturities for interest-rate contracts, remainder of 2023	235.8		235.8
Notional maturities for interest-rate contracts 2024	566		566
Notional maturities for interest-rate contracts 2025	980.2		980.2
Notional maturities for interest-rate contracts 2026	570.8		570.8
Notional maturities for interest-rate contracts 2027	244.3		244.3
Notional maturities for interest-rate contracts 2028	233.1		233.1
Interest-Rate Contracts | Derivative Contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Pre-tax gain (loss) recognized in OCI	(35.6)	39.8	(77.9)	59.7
Foreign-exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative notional amount outstanding	2,439.7		$ 2,439.7
Foreign-exchange contracts maturity period			within one year
Foreign-exchange contracts | Derivative Contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Pre-tax gain (loss) recognized in OCI	(44.5)	28.7	$ (65.6)	(0.2)
Foreign-exchange contracts | Truck, Parts and Other | Derivative Contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Pre-tax gain (loss) recognized in OCI	(47.1)	28.5	(67.2)	0.1
Commodity Contract
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative notional amount outstanding	43.6		$ 43.6
Foreign-exchange contracts maturity period			within one year
Commodity Contract | Derivative Contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Pre-tax gain (loss) recognized in OCI	(2)	(43.7)	$ 1.9	(7.8)
Commodity Contract | Truck, Parts and Other | Derivative Contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Pre-tax gain (loss) recognized in OCI	$ (2)	$ (43.7)	$ 1.9	$ (7.8)

Balance Sheet Classifications,

Balance Sheet Classifications, Fair Value, Gross and Pro Forma Net Amounts of Derivative Financial Instruments (Detail) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
ASSETS
Derivative assets	$ 48	$ 119.4
Pro forma net amount	$ 24.4	$ 95.5
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Assets	Assets
LIABILITIES
Derivative liabilities	$ 189.8	$ 98.2
Pro forma net amount	$ 166.2	$ 74.3
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Liabilities	Liabilities
Interest-Rate Contracts | Financial Services
ASSETS
Less amounts not offset in financial instruments	$ (21.8)	$ (21.5)
LIABILITIES
Less amounts not offset in financial instruments	(21.8)	(21.5)
Foreign-exchange contracts | Financial Services
ASSETS
Less amounts not offset in financial instruments		(1.8)
LIABILITIES
Less amounts not offset in financial instruments		(1.8)
Foreign-exchange contracts | Truck, Parts and Other
ASSETS
Less amounts not offset in financial instruments	(1)	(0.1)
LIABILITIES
Less amounts not offset in financial instruments	(1)	(0.1)
Commodity Contract | Truck, Parts and Other
ASSETS
Less amounts not offset in financial instruments	(0.8)	(0.5)
LIABILITIES
Less amounts not offset in financial instruments	(0.8)	(0.5)
Designated under hedge accounting
ASSETS
Derivative assets	47.2	118.4
LIABILITIES
Derivative liabilities	189.1	97.8
Designated under hedge accounting | Interest-Rate Contracts | Financial Services | Other Assets
ASSETS
Derivative assets	37.3	58
Designated under hedge accounting | Interest-Rate Contracts | Financial Services | Deferred Taxes and Other Liabilities
LIABILITIES
Derivative liabilities	131.6	82.6
Designated under hedge accounting | Foreign-exchange contracts | Financial Services | Other current assets
ASSETS
Derivative assets		1.6
Designated under hedge accounting | Foreign-exchange contracts | Financial Services | Deferred Taxes and Other Liabilities
LIABILITIES
Derivative liabilities	6	5.1
Designated under hedge accounting | Foreign-exchange contracts | Truck, Parts and Other | Other current assets
ASSETS
Derivative assets	9.1	57.3
Designated under hedge accounting | Foreign-exchange contracts | Truck, Parts and Other | Accounts payable, accrued expenses and other
LIABILITIES
Derivative liabilities	48.8	9.5
Designated under hedge accounting | Commodity Contract | Truck, Parts and Other | Other current assets
ASSETS
Derivative assets	0.8	1.5
Designated under hedge accounting | Commodity Contract | Truck, Parts and Other | Accounts payable, accrued expenses and other
LIABILITIES
Derivative liabilities	2.7	0.6
Not designated as hedging instruments
ASSETS
Derivative assets	0.8	1
LIABILITIES
Derivative liabilities	0.7	0.4
Not designated as hedging instruments | Foreign-exchange contracts | Financial Services | Other Assets
ASSETS
Derivative assets	0.1
Not designated as hedging instruments | Foreign-exchange contracts | Financial Services | Deferred Taxes and Other Liabilities
LIABILITIES
Derivative liabilities	0.1	0.1
Not designated as hedging instruments | Foreign-exchange contracts | Truck, Parts and Other | Other current assets
ASSETS
Derivative assets	0.7	1
Not designated as hedging instruments | Foreign-exchange contracts | Truck, Parts and Other | Accounts payable, accrued expenses and other
LIABILITIES
Derivative liabilities	$ 0.6	0.1
Not designated as hedging instruments | Commodity Contract | Truck, Parts and Other | Accounts payable, accrued expenses and other
LIABILITIES
Derivative liabilities		$ 0.2

Amount of Loss (Gain) from Deri

Amount of Loss (Gain) from Derivative Financial Instruments Recorded in Consolidated Statements of Comprehensive Income (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Interest-Rate Contracts
Derivative Instruments Gain Loss [Line Items]
Derivatives designated as hedging instruments (gain) loss	$ 35.3	$ (36.3)	$ 64.3	$ (43)
Interest-Rate Contracts | Financial Services | Interest and other borrowing expenses
Derivative Instruments Gain Loss [Line Items]
Derivatives designated as hedging instruments (gain) loss	35.3	(36.3)	64.3	(43)
Foreign-exchange contracts
Derivative Instruments Gain Loss [Line Items]
Derivatives designated as hedging instruments (gain) loss	24.9	5.6	26.1	16.7
Foreign-exchange contracts | Truck, Parts and Other
Derivative Instruments Gain Loss [Line Items]
Derivatives designated as hedging instruments (gain) loss	26.6	5.5	25.7	16.5
Foreign-exchange contracts | Truck, Parts and Other | Cost of sales and revenues | Not designated as hedging instruments
Derivative Instruments Gain Loss [Line Items]
Derivatives designated as hedging instruments (gain) loss	(2)	0.4	(4)	(0.1)
Foreign-exchange contracts | Truck, Parts and Other | Interest and other (income), net | Not designated as hedging instruments
Derivative Instruments Gain Loss [Line Items]
Derivatives designated as hedging instruments (gain) loss	3	(0.6)	4.9	1.3
Foreign-exchange contracts | Financial Services | Interest and other borrowing expenses
Derivative Instruments Gain Loss [Line Items]
Derivatives designated as hedging instruments (gain) loss	(1.7)	0.1	0.4	0.2
Foreign-exchange contracts | Financial Services | Interest and other borrowing expenses | Not designated as hedging instruments
Derivative Instruments Gain Loss [Line Items]
Derivatives designated as hedging instruments (gain) loss	0.2	0.1	(0.1)	0.2
Cash Flow Hedging | Interest-Rate Contracts | Financial Services | Interest and other borrowing expenses
Derivative Instruments Gain Loss [Line Items]
Derivatives designated as hedging instruments (gain) loss	32.6	(36.5)	60	(43.1)
Cash Flow Hedging | Foreign-exchange contracts | Truck, Parts and Other | Net sales and revenues
Derivative Instruments Gain Loss [Line Items]
Derivatives designated as hedging instruments (gain) loss	11.8	8.2	12	15.1
Cash Flow Hedging | Foreign-exchange contracts | Truck, Parts and Other | Cost of sales and revenues
Derivative Instruments Gain Loss [Line Items]
Derivatives designated as hedging instruments (gain) loss	11.4	(1)	11.4	2.7
Cash Flow Hedging | Foreign-exchange contracts | Truck, Parts and Other | Interest and other (income), net
Derivative Instruments Gain Loss [Line Items]
Derivatives designated as hedging instruments (gain) loss	4.4		6.2	0.3
Cash Flow Hedging | Foreign-exchange contracts | Financial Services | Interest and other borrowing expenses
Derivative Instruments Gain Loss [Line Items]
Derivatives designated as hedging instruments (gain) loss	(1.9)		0.5
Net Investment Hedging | Foreign-exchange contracts | Truck, Parts and Other | Interest and other (income), net
Derivative Instruments Gain Loss [Line Items]
Derivatives designated as hedging instruments (gain) loss	(2)	(1.5)	(4.8)	(2.8)
Fair Value Hedging | Interest-Rate Contracts | Financial Services | Interest and other borrowing expenses
Derivative Instruments Gain Loss [Line Items]
Derivatives designated as hedging instruments (gain) loss	$ 2.7	$ 0.2	$ 4.3	$ 0.1

Amounts Related to Cumulative B

Amounts Related to Cumulative Basis Adjustments for Fair Value Hedges (Detail) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Carrying amount of the hedged liabilities	$ 123.5	$ 319.8
Cumulative basis adjustment included in the carrying amount	$ 11	$ 27.7

Pre-Tax Effects of Gain (Loss)

Pre-Tax Effects of Gain (Loss) on Cash Flow Hedges Recognized in OCI (Detail) - Derivative Contracts - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Interest-Rate Contracts
Derivative [Line Items]
Gain (loss) recognized in OCI	$ (35.6)	$ 39.8	$ (77.9)	$ 59.7
Foreign-exchange contracts
Derivative [Line Items]
Gain (loss) recognized in OCI	(44.5)	28.7	(65.6)	(0.2)
Commodity Contract
Derivative [Line Items]
Gain (loss) recognized in OCI	(2)	(43.7)	1.9	(7.8)
Truck, Parts and Other | Foreign-exchange contracts
Derivative [Line Items]
Gain (loss) recognized in OCI	(47.1)	28.5	(67.2)	0.1
Truck, Parts and Other | Commodity Contract
Derivative [Line Items]
Gain (loss) recognized in OCI	(2)	(43.7)	1.9	(7.8)
Financial Services | Interest-Rate Contracts
Derivative [Line Items]
Gain (loss) recognized in OCI	(35.6)	39.8	(77.9)	59.7
Financial Services | Foreign-exchange contracts
Derivative [Line Items]
Gain (loss) recognized in OCI	$ 2.6	$ 0.2	$ 1.6	$ (0.3)

Financial Assets and Liabilitie

Financial Assets and Liabilities Subject to Recurring Fair Value Measurements (Detail) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets	$ 48	$ 119.4
Derivative liabilities	189.8	98.2
Fair Value, Measurements, Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable debt securities	1,687.6	1,613
Marketable equity securities, Fair Value	2.9	1.2
Total marketable securities	1,690.5	1,614.2
Derivative assets	48	119.4
Derivative liabilities	189.8	98.2
Fair Value, Measurements, Recurring | Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable debt securities	146.6	115
Marketable equity securities, Fair Value	2.9	1.2
Total marketable securities	149.5	116.2
Fair Value, Measurements, Recurring | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable debt securities	1,541	1,498
Total marketable securities	1,541	1,498
Derivative assets	48	119.4
Derivative liabilities	189.8	98.2
Fair Value, Measurements, Recurring | Cross currency swaps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets	25	49.1
Derivative liabilities	117.1	52
Fair Value, Measurements, Recurring | Cross currency swaps | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets	25	49.1
Derivative liabilities	117.1	52
Fair Value, Measurements, Recurring | Interest-rate swaps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets	12.3	8.9
Derivative liabilities	14.5	30.6
Fair Value, Measurements, Recurring | Interest-rate swaps | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets	12.3	8.9
Derivative liabilities	14.5	30.6
Fair Value, Measurements, Recurring | Foreign-exchange contracts
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets	9.9	59.9
Derivative liabilities	55.5	14.8
Fair Value, Measurements, Recurring | Foreign-exchange contracts | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets	9.9	59.9
Derivative liabilities	55.5	14.8
Fair Value, Measurements, Recurring | Commodity Contract
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets	0.8	1.5
Derivative liabilities	2.7	0.8
Fair Value, Measurements, Recurring | Commodity Contract | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets	0.8	1.5
Derivative liabilities	2.7	0.8
U.S. tax-exempt securities | Fair Value, Measurements, Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable debt securities	327.1	445.1
U.S. tax-exempt securities | Fair Value, Measurements, Recurring | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable debt securities	327.1	445.1
U.S. taxable municipal / non-U.S. provincial bonds | Fair Value, Measurements, Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable debt securities	220.5	180.8
U.S. taxable municipal / non-U.S. provincial bonds | Fair Value, Measurements, Recurring | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable debt securities	220.5	180.8
U.S. corporate securities | Fair Value, Measurements, Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable debt securities	299.1	251
U.S. corporate securities | Fair Value, Measurements, Recurring | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable debt securities	299.1	251
U.S. government and agency securities | Fair Value, Measurements, Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable debt securities	146.6	115
U.S. government and agency securities | Fair Value, Measurements, Recurring | Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable debt securities	146.6	115
Non-U.S. corporate securities | Fair Value, Measurements, Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable debt securities	483.9	450
Non-U.S. corporate securities | Fair Value, Measurements, Recurring | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable debt securities	483.9	450
Non-U.S. government securities | Fair Value, Measurements, Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable debt securities	110.3	76.4
Non-U.S. government securities | Fair Value, Measurements, Recurring | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable debt securities	110.3	76.4
Other debt securities | Fair Value, Measurements, Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable debt securities	100.1	94.7
Other debt securities | Fair Value, Measurements, Recurring | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable debt securities	$ 100.1	$ 94.7

Carrying Amount and Fair Value

Carrying Amount and Fair Value of Financial Services Fixed-Rate Loans and Fixed-Rate Debt (Detail) - Financial Services - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Assets, carrying amount
Fixed-rate loans	$ 7,451.1	$ 6,859.1
Liabilities, carrying amount
Fixed-rate debt	8,270.7	8,070.5
Assets, Fair Value
Fixed-rate loans	7,251.6	6,582
Liabilities, Fair Value
Fixed-rate debt	$ 7,936.5	$ 7,715.9

Components of Net Pension (Inco

Components of Net Pension (Income) Expense (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	$ 21.9	$ 43.3	$ 46.9	$ 75.8
Interest on projected benefit obligation	32.6	23.8	63.7	42.9
Expected return on assets	(57.6)	(60.1)	(115.1)	(108.8)
Amortization of prior service costs	0.4	0.2	0.7	0.3
Recognized actuarial loss	1.7	9	2.4	14.6
Net pension (income) expense	$ (1)	$ 16.2	$ (1.4)	$ 24.8

Employee Benefit Plans - Additi

Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Contribution to pension plans	$ 5.7	$ 6.5	$ 11.5	$ 13.2

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Non-recurring settlement charge, pre-tax	$ 600
Non-recurring settlement charge, after-tax	$ 446.4