PACCAR (PCAR) 10-K 21 Feb 24 2023 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Feb. 09, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Registrant Name	PACCAR Inc
Entity Central Index Key	0000075362
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		523,883,677
Entity Public Float			$ 42,960
Entity File Number	001-14817
Entity Incorporation, State or Country Code	DE
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
Document Transition Report	false
Document Annual Report	true
ICFR Auditor Attestation Flag	true
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Seattle, Washington
Title of Each Class	Common Stock, $1 par value
Trading Symbol	PCAR
Name of Each Exchange on Which Registered	NASDAQ
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the proxy statement for the annual stockholders meeting to be held on April 30, 2024 are incorporated by reference into Part III of this From 10-K .

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues	$ 35,127.4	$ 28,819.7	$ 23,522.3
Provision for losses on receivables	31.3	5.5	0.5
Investment income	292.2	61	15.5
Total Income Before Income Taxes	5,718.2	3,848.7	2,396.3
Income taxes	1,117.4	837.1	530.8
Net Income	$ 4,600.8	$ 3,011.6	$ 1,865.5
Net Income Per Share
Basic	$ 8.78	$ 5.76	$ 3.58
Diluted	$ 8.76	$ 5.75	$ 3.57
Weighted Average Number of Common Shares Outstanding
Basic	523.9	522.6	521.7
Diluted	525	523.4	522.7
Truck, Parts and Other
Revenues	$ 33,315.5	$ 27,314.3	$ 21,834.5
Cost of sales and revenues	26,894.2	23,291	19,092.4
Research and development	410.9	341.2	324.1
Selling, general and administrative	604.3	592.4	547.4
Interest and other expenses (income), net	520.4	(109.1)	(72.6)
Costs and Expenses, Total	28,429.8	24,115.5	19,891.3
Income before income taxes	4,885.7	3,198.8	1,943.2
Financial Services
Interest and fees	1,009.3	628.7	524.4
Operating lease, rental and other revenues	802.6	876.7	1,163.4
Revenues	1,811.9	1,505.4	1,687.8
Interest and other borrowing expenses	500.6	216.3	150.9
Depreciation and other expenses	590.7	560.8	969.4
Selling, general and administrative	149	133.9	129.4
Provision for losses on receivables	31.3	5.5	0.5
Costs and Expenses, Total	1,271.6	916.5	1,250.2
Income before income taxes	$ 540.3	$ 588.9	$ 437.6

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 4,600.8	$ 3,011.6	$ 1,865.5
Unrealized (losses) gains on derivative contracts
Net (loss) gain arising during the period	(174.9)	17.7	54.2
Tax effect	37	(9.1)	(14.3)
Reclassification adjustment	111.8	48	(33.7)
Tax effect	(20)	(8)	9.5
Net current period OCI, unrealized gains (losses) on derivative contracts	(46.1)	48.6	15.7
Unrealized gains (losses) on marketable debt securities
Net holding gain (loss)	43.2	(54.9)	(18.8)
Tax effect	(10.8)	13.6	4.7
Reclassification adjustment	(3.6)	(1.6)	(2.1)
Tax effect	0.9	0.4	0.5
Net current period OCI, unrealized (losses) gains on marketable debt securities	29.7	(42.5)	(15.7)
Pension plans
Net (loss) gain arising during the period	(5.8)	170.5	343.2
Tax effect	1.8	(34.1)	(80.3)
Reclassification adjustment	6.1	29.6	59.5
Tax effect	(1.5)	(7.1)	(14.1)
Net current period OCI, pension plans	0.6	158.9	308.3
Foreign currency translation gain (loss)	275.3	(197.3)	(179.1)
Net other comprehensive income (loss)	259.5	(32.3)	129.2
Comprehensive Income	$ 4,860.3	$ 2,979.3	$ 1,994.7

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
ASSETS
Property, plant and equipment, net	$ 3,780.1	$ 3,468.4
Total Assets	40,823.4	33,275.5
STOCKHOLDERS' EQUITY:
Common stock, $1 par value - authorized 1.2 billion shares; issued 523.3 million and 522.0 million shares	523.3	522
Additional paid-in capital	269.1	196.1
Retained earnings	15,780.3	13,402.4
Accumulated other comprehensive loss	(693.9)	(953.4)
Total Stockholders’ Equity	15,878.8	13,167.1
Liabilities and Equity, Total	40,823.4	33,275.5
Truck, Parts and Other
ASSETS
Cash and cash equivalents	6,836.7	4,544.7
Trade and other receivables, net (allowance for losses: 2023 - $.9, 2022 - $.6)	2,198.1	1,919.8
Marketable securities	1,822.6	1,614.2
Inventories, net	2,576.7	2,198.8
Other current assets	680.6	682
Total Truck, Parts and Other Current Assets	14,114.7	10,959.5
Equipment on operating leases, net	127.6	190.8
Property, plant and equipment, net	3,780.1	3,468.4
Other noncurrent assets, net	1,837.1	1,477.2
Total Assets	19,859.5	16,095.9
Liabilities
Accounts payable, accrued expenses and other	5,076.3	4,511.7
Dividend payable	1,675	974.6
Total Truck, Parts and Other Current Liabilities	6,751.3	5,486.3
Residual value guarantees and deferred revenues	142.6	209.2
Other liabilities	2,121.9	1,490.1
Total Liabilities	9,015.8	7,185.6
Financial Services
ASSETS
Cash and cash equivalents	345	146.2
Finance and other receivables, net (allowance for losses: 2023 - $133.0, 2022 - $121.1)	17,571.7	13,791.9
Equipment on operating leases, net	2,175.4	2,612.5
Other assets	871.8	629
Total Assets	20,963.9	17,179.6
Liabilities
Accounts payable, accrued expenses and other	992.3	826.8
Commercial paper and bank loans	5,609.9	3,604.9
Term notes	8,624.6	7,866.7
Deferred taxes and other liabilities	702	624.4
Total Liabilities	$ 15,928.8	$ 12,922.8

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 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	523,300,000	522,000,000
Truck, Parts and Other
Allowance for losses	$ 0.9	$ 0.6
Financial Services
Allowance for credit losses	$ 133	$ 121.1

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
OPERATING ACTIVITIES:
Net Income	$ 4,600.8	$ 3,011.6	$ 1,865.5
Adjustments to reconcile net income to cash provided by operations:
Depreciation and amortization, Property, plant and equipment	415	332.2	270
Depreciation and amortization, Equipment on operating leases and other	508.9	458	633.3
Provision for losses on financial services receivables	31.3	5.5	0.5
Deferred taxes	(303.7)	(208)	(208.6)
Other, net	46.5	13.9	20.3
Pension contributions	(27.3)	(39.1)	(25.1)
(Increase) decrease in assets other than cash and cash equivalents:
Trade and other receivables	(430.7)	(441.7)	(412.9)
Wholesale receivables on new trucks	(1,266.4)	(935.4)	90.8
Inventories	(350.7)	(272.7)	(628)
Other assets, net	(127.2)	(31.9)	(129.8)
Increase (decrease) in liabilities:
Accounts payable and accrued expenses	375.8	840.3	693.4
Residual value guarantees and deferred revenues	(36.8)	(44.3)	(82.4)
Other liabilities, net	754.5	338.6	99.7
Net Cash Provided by Operating Activities	4,190	3,027	2,186.7
INVESTING ACTIVITIES:
Originations of retail loans and finance leases	(6,378.2)	(5,058.7)	(4,570.6)
Collections on retail loans and finance leases	4,330.4	3,888	4,113.3
Net (increase) decrease in wholesale receivables on used equipment	(29.1)	(15.9)	12.2
Purchases of marketable debt securities	(967.2)	(888.4)	(903.1)
Proceeds from sales and maturities of marketable debt securities	803.6	718.1	727
Payments for property, plant and equipment	(695)	(525)	(559.1)
Acquisitions of equipment for operating leases	(567.5)	(865.5)	(1,073.7)
Proceeds from asset disposals	614.5	687.7	904.1
Other, net	17.5	26.7	(12.8)
Net Cash Used in Investing Activities	(2,871)	(2,033)	(1,362.7)
FINANCING ACTIVITIES:
Payments of cash dividends	(1,518.6)	(1,004.7)	(708)
Purchases of treasury stock	(3.5)	(2.1)	(1.5)
Proceeds from stock compensation transactions	51.5	35.7	37.5
Net increase in commercial paper, short-term bank loans and other	1,721	370.1	24.7
Proceeds from term debt	3,085	3,171.7	2,101.1
Payments on term debt	(2,233.2)	(2,265.8)	(2,336.7)
Net Cash Provided by (Used in) Financing Activities	1,102.2	304.9	(882.9)
Effect of exchange rate changes on cash	69.6	(36.3)	(52.4)
Net Increase (Decrease) in Cash and Cash Equivalents	2,490.8	1,262.6	(111.3)
Cash and cash equivalents at beginning of year	4,690.9	3,428.3	3,539.6
Cash and cash equivalents at end of year	$ 7,181.7	$ 4,690.9	$ 3,428.3

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - 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, 2020		$ 346.6	$ 88.5		$ 11,148.5	$ (1,050.3)
Net income	$ 1,865.5				1,865.5
Purchases, shares: 2023 - .05; 2022 - .04; 2021 - .02				$ (1.5)
Cash dividends declared on common stock, per share: 2023 - $4.24; 2022 - $2.80; 2021 - $1.89					(988.2)
Treasury stock retirement			(1.5)	1.5
Stock compensation		0.7	55
Other comprehensive income (loss)	129.2					129.2
Ending balance at Dec. 31, 2021	11,594	347.3	142		12,025.8	(921.1)
Net income	3,011.6				3,011.6
Purchases, shares: 2023 - .05; 2022 - .04; 2021 - .02				(2.1)
Cash dividends declared on common stock, per share: 2023 - $4.24; 2022 - $2.80; 2021 - $1.89					(1,461)
Treasury stock retirement			(2.1)	2.1
50% stock dividend		174			(174)
Stock compensation		0.7	56.2
Other comprehensive income (loss)	(32.3)					(32.3)
Ending balance at Dec. 31, 2022	13,167.1	522	196.1		13,402.4	(953.4)
Net income	4,600.8				4,600.8
Purchases, shares: 2023 - .05; 2022 - .04; 2021 - .02				(3.5)
Cash dividends declared on common stock, per share: 2023 - $4.24; 2022 - $2.80; 2021 - $1.89					(2,222.9)
Treasury stock retirement			(3.5)	$ 3.5
Stock compensation		1.3	76.5
Other comprehensive income (loss)	259.5					259.5
Ending balance at Dec. 31, 2023	$ 15,878.8	$ 523.3	$ 269.1		$ 15,780.3	$ (693.9)

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
COMMON STOCK, $1 PAR VALUE:
Percentage of stock dividend		50%
TREASURY STOCK, AT COST:
Purchases, shares	50,000	40,000	20,000
RETAINED EARNINGS:
Percentage of stock dividend		50%
Cash dividends declared on common stock, per share	$ 4.24	$ 2.8	$ 1.89

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ 4,600.8	$ 3,011.6	$ 1,865.5

Insider Trading Arrangements

Insider Trading Arrangements	12 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Significant Accounting Policies	A. SIGNIFICANT ACCOUNTING POLICIES Description of Operations: PACCAR Inc (the Company or PACCAR) is a multinational company operating in three principal segments: (1) the Truck segment includes the design and manufacture of high-quality, light-, medium- and heavy-duty commercial trucks; (2) the Parts segment includes the distribution of aftermarket parts for trucks and related commercial vehicles; and (3) the Financial Services segment (PFS) includes finance and leasing products and services provided to customers and dealers. PACCAR’s finance and leasing activities are principally related to PACCAR products and associated equipment. PACCAR’s sales and revenues are derived primarily from North America and Europe. The Company also operates in Australia and Brasil and sells trucks and parts to customers in Asia, Africa, the Middle East and South America. Principles of Consolidation: The consolidated financial statements include the accounts of the Company and its wholly owned domestic and foreign subsidiaries. All significant intercompany accounts and transactions are eliminated in consolidation. Use of Estimates: The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Revenue Recognition: 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 segments, when the Company grants extended payment terms on selected receivables and charges interest, interest income is recognized when earned. 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: At December 31, 2023 2022 ASSETS LIABILITIES ASSETS LIABILITIES Trucks: Other current assets $ 147.3 $ 183.0 Accounts payable, accrued expenses and other $ 149.5 $ 185.0 Other noncurrent assets, net 186.7 284.6 Other liabilities 196.4 298.9 $ 334.0 $ 345.9 $ 467.6 $ 483.9 Parts: Other current assets $ 86.8 $ 77.7 Accounts payable, accrued expenses and other $ 216.3 $ 181.4 $ 86.8 $ 216.3 $ 77.7 $ 181.4 The Company’s total commitment to acquire trucks at a guaranteed value for contracts accounted for as a sale was $ 744.0 at December 31, 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 I, 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 . Total operating lease revenue from truck sales with RVGs for the years ended December 31, 2023, 2022 and 2021 was $ 69.7 , $ 105.9 and $ 113.8 , respectively. 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. Rental revenues for the years ended December 31, 2023, 2022 and 2021 were $ 736.9 , $ 788.8 and $ 831.6 , respectively. Depreciation and related leased unit operating expenses were $ 551.9 , $ 490.0 and $ 665.7 for the years ended December 31, 2023, 2022 and 2021, respectively. Recognition of interest income and rental revenue is suspended (put on non-accrual status) when the receivable becomes more than 90 days past the contractual due date or earlier if some other event causes the Company to determine that collection is not probable. Accordingly, no finance receivables more than 90 days past due were accruing interest at December 31, 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. Cash and Cash Equivalents: Cash equivalents consist of liquid investments with a maturity at date of purchase of 90 days or less. 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. Receivables: Trade and Other Receivables: The Company’s trade and other receivables are recorded at cost, net of allowances. At December 31, 2023 and 2022 , respectively, trade and other receivables included trade receivables from dealers and customers of $ 1,822.7 and $ 1,600.1 and other receivables of $ 375.4 and $ 319.7 relating primarily to value added tax receivables and supplier allowances and rebates. Finance and Other Receivables: Loans – Loans represent fixed or floating-rate loans to customers collateralized by the vehicles purchased and are recorded at amortized cost. Finance leases – Finance leases are sales-type finance leases, which lease equipment to retail customers and dealers. These leases are reported as the sum of minimum lease payments receivable and estimated residual value of the property subject to the contracts, reduced by unearned interest. Dealer wholesale financing – Dealer wholesale financing is floating-rate wholesale loans to PACCAR dealers for new and used trucks and are recorded at amortized cost. The loans are collateralized by the trucks being financed. Operating lease receivables and other – Operating lease receivables and other include monthly rentals due on operating leases, unamortized loan and lease origination costs, interest on loans and other amounts due within one year in the normal course of business. Allowance for Credit Losses: Truck, Parts and Other: The Company historically has not experienced significant losses or past due amounts on trade and other receivables in its Truck, Parts and Other businesses. Accounts are considered past due once the unpaid balance is over 30 days outstanding based on contractual payment terms. Accounts are charged off against the allowance for credit losses when, in the judgment of management, they are considered uncollectible. The allowance for credit losses for Truck, Parts and Other were $ .9 and $ .6 for the years ended December 31, 2023 and 2022 , respectively. Net charge-offs were nil for the year ended December 31, 2023 , $ .2 for the year ended December 31, 2022 and nil for the year ended December 31, 2021. Financial Services: The Company continuously monitors the payment performance of its finance receivables. For large retail finance customers and dealers with wholesale financing, the Company regularly reviews their financial statements and makes site visits and phone contact as appropriate. If the Company becomes aware of circumstances that could cause those customers or dealers to face financial difficulty, whether or not they are past due, the customers are placed on a watch list. The Company modifies loans and finance leases in the normal course of its Financial Services operations. The Company may modify loans and finance leases for commercial reasons or for credit reasons. Modifications for commercial reasons are changes to contract terms for customers that are not considered to be in financial difficulty. Insignificant delays are modifications extending terms up to three months for customers experiencing some short-term financial stress, but not considered to be in financial difficulty. Modifications for credit reasons are changes to contract terms for customers considered to be in financial difficulty. The Company’s modifications typically result in granting more time to pay the contractual amounts owed and charging a fee and interest for the term of the modification. When considering whether to modify customer accounts for credit reasons, the Company evaluates the creditworthiness of the customers and modifies those accounts that the Company considers likely to perform under the modified terms. The Company does not typically grant credit modifications for customers that do not meet minimum underwriting standards since the Company normally repossesses the financed equipment in these circumstances. On average, commercial and other modifications extended contractual terms by approximately three months in 2023 and 2022, and did not have a significant effect on the weighted average term or interest rate of the total portfolio at December 31, 2023 and 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. Inventories: Inventories are stated at the lower of cost or net realizable value. Cost of inventories is determined principally by the first-in, first-out (FIFO) method. Cost of sales and revenues include shipping and handling costs incurred to deliver products to dealers and customers. Equipment on Operating Leases: The Company’s Financial Services segment leases equipment under operating leases to its customers. In addition, in the Truck segment, equipment sold to customers in Europe subject to an RVG by the Company may be accounted for as an operating lease. Equipment is recorded at cost and is depreciated on the straight-line basis to the lower of the estimated residual value or guarantee value. Lease and guarantee periods generally range from three to five years . Estimated useful lives of the equipment range from three to ten years . The Company reviews residual values of equipment on operating leases periodically to determine that recorded amounts are appropriate. Property, Plant and Equipment: Property, plant and equipment are stated at cost. Depreciation is computed by the straight-line method based on the estimated useful lives of various classes of assets. Certain production tooling and equipment are amortized on a unit of production basis. Long-lived Assets and Goodwill: The Company evaluates the carrying value of property, plant and equipment when events and circumstances warrant a review. Goodwill is tested for impairment at least on an annual basis. There were no significant impairment charges for the three years ended December 31, 2023 . Goodwill was $ 107.4 and $ 104.1 at December 31, 2023 and 2022 , respectively. The increase in value was due to currency translation. 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 $ 21.0 at December 31, 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 Consolidated Statements of Cash Flows. Government Grants: The Company receives incentives from U.S. and non-U.S. governmental entities in the form of tax rebates or credits, grants, and loans. The benefit is generally recorded when all conditions attached to the incentive have been met and there is reasonable assurance of the receipt. Government incentives are recorded in accordance with their purpose as a reduction of expense, a reduction of the cost of the capital investment, or other income. The amount of government incentives recorded as a reduction of expenses and the amount of grants receivable for the years ended December 31, 2023, 2022 and 2021 are immaterial. Foreign Currency Translation: For most of the Company’s foreign subsidiaries, the local currency is the functional currency. All assets and liabilities are translated at year-end exchange rates and all income statement amounts are translated at the weighted average rates for the period. Translation adjustments are recorded in AOCI. The Company uses the U.S. dollar as the functional currency for all but one of its Mexican subsidiaries, which uses the local currency. For the U.S. functional currency entities in Mexico, inventories, cost of sales, property, plant and equipment and depreciation are remeasured at historical rates and resulting adjustments are included in net income. 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 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 2022 and 2021, 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. New Accounting Pronouncements: In November 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in this ASU improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This ASU is effective for annual periods beginning after December 15, 2023, and interim periods within annual periods beginning after December 15, 2024. Early adoption is permitted. The amendments in this ASU should be applied retrospectively to all prior periods presented. The implementation of this ASU will result in additional disclosures and will not have an impact on the Company’s consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this ASU require entities to disclose certain, specific categories within the rate reconciliation and enhance disclosures regarding income taxes paid and income tax expense. This ASU is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The amendments in this ASU should be applied on a prospective basis; however, retrospective application is permitted. The implementation of this ASU will result in additional disclosures and will not have an impact on the Company’s consolidated financial statements. The Company adopted the following standard on January 1, 2023 , which had no material impact on the Company’s consolidated financial statements. STANDARD DESCRIPTION 2022-02 Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures The FASB also issued the following standard, which is not expected to have a material impact on the Company’s consolidated financial statements. STANDARD DESCRIPTION EFFECTIVE DATE 2022-03* Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions January 1, 2024 * The Company will adopt on the effective date.

Sales and Revenues

Sales and Revenues	12 Months Ended
	Dec. 31, 2023
Sales And Revenues [Abstract]
Sales and Revenues	B. SALES AND REVENUES The following table disaggregates Truck, Parts and Other revenues by major sources: Year Ended December 31, 2023 2022 2021 Truck Truck sales $ 25,946.4 $ 20,644.8 $ 15,989.7 Revenues from extended warranties, operating leases and other 900.0 841.4 810.0 26,846.4 21,486.2 16,799.7 Parts Parts sales 6,223.1 5,596.8 4,809.7 Revenues from dealer services and other 191.3 167.5 134.6 6,414.4 5,764.3 4,944.3 Winch sales and other 54.7 63.8 90.5 Truck, Parts and Other sales and revenues $ 33,315.5 $ 27,314.3 $ 21,834.5 The following table summarizes Financial Services lease revenues by lease type: Year Ended December 31, 2023 2022 2021 Finance lease revenues $ 271.5 $ 184.1 $ 187.0 Operating lease revenues 736.9 788.8 831.6 Total lease revenues $ 1,008.4 $ 972.9 $ 1,018.6

Investments in Marketable Secur

Investments in Marketable Securities	12 Months Ended
	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Investments in Marketable Securities	C. INVESTMENTS IN MARKETABLE SECURITIES Marketable securities consisted of the following at December 31: UNREALIZED UNREALIZED FAIR 2023 COST GAINS LOSSES VALUE Marketable debt securities U.S. tax-exempt securities $ 312.5 $ 1.2 $ 3.0 $ 310.7 U.S. taxable municipal / non-U.S. provincial bonds 244.9 .8 5.6 240.1 U.S. corporate securities 357.1 1.4 5.2 353.3 U.S. government securities 159.2 .6 1.7 158.1 Non-U.S. corporate securities 529.4 2.3 7.5 524.2 Non-U.S. government securities 141.0 1.5 1.3 141.2 Other debt securities 92.8 .3 2.5 90.6 Marketable equity securities 10.0 5.6 4.4 Total marketable securities $ 1,846.9 $ 8.1 $ 32.4 $ 1,822.6 UNREALIZED UNREALIZED FAIR 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 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 , $ .5 and $ 2.1 , and gross realized losses were $ 4.5 , $ 2.3 and $ .4 for the years ended December 31, 2023, 2022 and 2021, respectively. Net realized gains (losses) on marketable equity securities were $ 3.2 , $( 5.2 ) and nil for the years ended December 31, 2023, 2022 and 2021, respectively. Marketable debt securities with continuous unrealized losses and their related fair values were as follows: At December 31, 2023 2022 LESS THAN TWELVE LESS THAN TWELVE Fair value $ 289.0 $ 798.5 $ 889.2 $ 608.4 Unrealized losses 1.6 25.2 21.5 37.5 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 December 31, 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 on marketable debt securities at December 31, 2023 were as follows: AMORTIZED FAIR Maturities: COST VALUE Within one year $ 488.3 $ 482.5 One to five years 1,336.0 1,324.5 Six to ten years .7 .6 More than ten years 11.9 10.6 $ 1,836.9 $ 1,818.2

Inventories

Inventories	12 Months Ended
	Dec. 31, 2023
Inventory Disclosure [Abstract]
Inventories	D. INVENTORIES Inventories are stated at the lower of cost or net realizable value. Cost of inventories is determined principally by the first-in, first-out (FIFO) method. Inventories include the following: At December 31, 2023 2022 Finished products $ 1,084.0 $ 871.8 Work in process and raw materials 1,492.7 1,327.0 $ 2,576.7 $ 2,198.8

Finance and Other Receivables

Finance and Other Receivables	12 Months Ended
	Dec. 31, 2023
Receivables [Abstract]
Finance and Other Receivables	E. FINANCE AND OTHER RECEIVABLES Finance and other receivables include the following: At December 31, 2023 2022 Loans $ 8,594.7 $ 7,229.1 Finance leases 4,785.7 3,786.4 Dealer wholesale financing 4,147.8 2,772.1 Operating lease receivables and other 176.5 125.4 $ 17,704.7 $ 13,913.0 Less allowance for losses: Loans and leases ( 127.0 ) ( 114.8 ) Dealer wholesale financing ( 2.7 ) ( 3.4 ) Operating lease receivables and other ( 3.3 ) ( 2.9 ) $ 17,571.7 $ 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 $ 88.4 and $ 44.1 as of December 31, 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 Consolidated Statements of Cash Flows since those receivables finance the sale of Company inventory. Annual minimum payments due on loans are as follows: Beginning January 1, LOANS 2024 $ 2,840.0 2025 2,126.0 2026 1,679.9 2027 1,181.3 2028 619.3 Thereafter 148.2 $ 8,594.7 Annual minimum payments due on finance lease receivables and a reconciliation of the undiscounted cash flows to the net investment in finance leases are as follows: FINANCE Beginning January 1, LEASES 2024 $ 1,651.1 2025 1,359.9 2026 1,036.1 2027 714.6 2028 367.0 Thereafter 162.2 $ 5,290.9 Unguaranteed residual values 205.2 Unearned interest on finance leases ( 710.4 ) Net investment in finance leases $ 4,785.7 Experience indicates substantially all of dealer wholesale financing will be repaid within one year . In addition, repayment experience indicates that some loans, leases and other finance receivables will be paid prior to contract maturity, while others may be extended or modified. For the following credit quality disclosures, finance receivables are classified into two portfolio segments, wholesale and retail. The retail portfolio is further segmented into dealer retail and customer retail. The dealer wholesale segment consists of truck inventory financing to PACCAR dealers. The dealer retail segment consists of loans and leases to participating dealers and franchises that use the proceeds to fund customers’ acquisition of commercial vehicles and related equipment. The customer retail segment consists of loans and leases directly to customers for the acquisition of commercial vehicles and related equipment. Customer retail receivables are further segregated between fleet and owner/operator classes. The fleet class consists of 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. 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 ( .6 ) ( .3 ) 31.8 .4 31.3 Charge-offs ( .2 ) ( 28.4 ) ( 1.7 ) ( 30.3 ) Recoveries 5.6 1.4 7.0 Currency translation and other .1 3.5 .3 3.9 Balance at December 31 $ 2.7 $ 1.9 $ 125.1 $ 3.3 $ 133.0 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 .1 ( 4.9 ) 12.0 ( 1.7 ) 5.5 Charge-offs ( 8.5 ) ( .5 ) ( 9.0 ) Recoveries 7.5 2.2 9.7 Currency translation and other ( 2.8 ) .8 ( 2.0 ) Balance at December 31 $ 3.4 $ 2.2 $ 112.6 $ 2.9 $ 121.1 * Operating lease and other trade receivables. 2021 DEALER CUSTOMER WHOLESALE RETAIL RETAIL OTHER* TOTAL Balance at January 1 $ 3.4 $ 8.4 $ 112.0 $ 3.2 $ 127.0 Provision for losses ( 1.3 ) .6 1.2 .5 Charge-offs ( 12.3 ) ( 2.5 ) ( 14.8 ) Recoveries 6.2 .3 6.5 Currency translation and other ( .1 ) ( 2.1 ) ( .1 ) ( 2.3 ) Balance at December 31 $ 3.3 $ 7.1 $ 104.4 $ 2.1 $ 116.9 * Operating lease 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 December 31, 2023 LOANS 2023 2022 2021 2020 2019 PRIOR TOTAL Amortized Cost: Dealer: Wholesale: Performing $ 4,129.8 $ 4,129.8 Watch 18.0 18.0 $ 4,147.8 $ 4,147.8 Retail: Performing $ 280.7 $ 789.1 $ 520.0 $ 291.2 $ 162.8 $ 161.8 $ 125.2 $ 2,330.8 $ 280.7 $ 789.1 $ 520.0 $ 291.2 $ 162.8 $ 161.8 $ 125.2 $ 2,330.8 Total dealer $ 4,428.5 $ 789.1 $ 520.0 $ 291.2 $ 162.8 $ 161.8 $ 125.2 $ 6,478.6 Customer retail: Fleet: Performing $ 4,601.7 $ 2,667.2 $ 1,309.5 $ 719.2 $ 226.7 $ 64.1 $ 9,588.4 Watch 46.0 32.0 7.5 5.7 1.3 .9 93.4 At-risk 42.0 31.0 12.9 5.6 1.2 .1 92.8 $ 4,689.7 $ 2,730.2 $ 1,329.9 $ 730.5 $ 229.2 $ 65.1 $ 9,774.6 Owner/operator: Performing $ 460.9 $ 332.9 $ 263.6 $ 142.1 $ 52.8 $ 8.6 $ 1,260.9 Watch 2.0 3.2 2.2 1.3 .3 9.0 At-risk .6 1.3 1.1 1.5 .2 .4 5.1 $ 463.5 $ 337.4 $ 266.9 $ 144.9 $ 53.3 $ 9.0 $ 1,275.0 Total customer retail $ 5,153.2 $ 3,067.6 $ 1,596.8 $ 875.4 $ 282.5 $ 74.1 $ 11,049.6 Total $ 4,428.5 $ 5,942.3 $ 3,587.6 $ 1,888.0 $ 1,038.2 $ 444.3 $ 199.3 $ 17,528.2 REVOLVING Ended December 31, 2023 LOANS 2023 2022 2021 2020 2019 PRIOR TOTAL Gross charge-offs: Dealer: Wholesale $ .2 $ .2 Total dealer $ .2 $ .2 Customer retail: Fleet: $ 1.0 $ 9.4 $ 5.1 $ 4.2 $ 4.2 $ .6 $ 24.5 Owner/operator .5 1.1 1.5 .5 .3 3.9 Total customer retail $ 1.5 $ 10.5 $ 6.6 $ 4.7 $ 4.2 $ .9 $ 28.4 Total $ .2 $ 1.5 $ 10.5 $ 6.6 $ 4.7 $ 4.2 $ .9 $ 28.6 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 At December 31, 2023 WHOLESALE RETAIL FLEET OWNER/ OPERATOR TOTAL Current and up to 30 days past due $ 4,131.7 $ 2,330.8 $ 9,656.4 $ 1,262.4 $ 17,381.3 31 – 60 days past due 15.0 61.0 8.5 84.5 Greater than 60 days past due 1.1 57.2 4.1 62.4 $ 4,147.8 $ 2,330.8 $ 9,774.6 $ 1,275.0 $ 17,528.2 DEALER CUSTOMER RETAIL At December 31, 2022 WHOLESALE RETAIL FLEET OWNER/ 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 At December 31, 2023 WHOLESALE RETAIL FLEET OWNER/ OPERATOR TOTAL Amortized cost basis with a specific reserve $ 69.8 $ 4.3 $ 74.1 Amortized cost basis with no specific reserve 22.8 .8 23.6 Total $ 92.6 $ 5.1 $ 97.7 DEALER CUSTOMER RETAIL At December 31, 2022 WHOLESALE RETAIL FLEET OWNER/ 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: Year Ended December 31, 2023 2022 2021 Dealer: Retail $ .1 $ .2 Customer retail: Fleet $ 2.2 2.5 3.1 Owner/operator .4 .2 .5 $ 2.6 $ 2.8 $ 3.8 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 $ 7.5 for the year ended December 31, 2023 . The amortized cost basis of finance receivables modified for owner/operator customers experiencing financial difficulty was nil for the year ended December 31, 2023 . Total modifications with customers experiencing financial difficulty represented less than .1 % of the total retail portfolio for the year ended December 31, 2023 . 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 19 months to the life of the modified contracts for the year ended December 31, 2023. The effect on the allowance for credit losses from such modifications was not significant for the year ended December 31, 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 year ended December 31, 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 at December 31, 2022 . At modification date, the pre- and post-modification amortized cost basis was $ 11.7 for fleet finance receivables during the period. The effect on the allowance for credit losses from such modifications was not significant at December 31, 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 December 31, 2023 and 2022 was $ 30.4 and $ 9.2 , respectively. Proceeds from the sales of repossessed assets were $ 27.7 , $ 20.8 and $ 45.3 for the years ended December 31, 2023, 2022 and 2021, respectively. These amounts are included in Proceeds from asset disposals in the 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 Income.

Equipment On Operating Leases

Equipment On Operating Leases	12 Months Ended
	Dec. 31, 2023
Lessor Disclosure [Abstract]
Equipment On Operating Leases	F. EQUIPMENT ON OPERATING LEASES A summary of equipment on operating leases for Truck, Parts and Other and for the Financial Services segment is presented below: TRUCK, PARTS AND OTHER FINANCIAL SERVICES At December 31, 2023 2022 2023 2022 Equipment on operating leases $ 177.4 $ 251.7 $ 3,365.3 $ 3,974.8 Less allowance for depreciation ( 49.8 ) ( 60.9 ) ( 1,189.9 ) ( 1,362.3 ) $ 127.6 $ 190.8 $ 2,175.4 $ 2,612.5 Annual minimum lease payments due on Financial Services operating leases beginning January 1, 2024 are $ 522.6 , $ 332.9 , $ 199.6 , $ 99.2 , $ 39.1 and $ 7.4 thereafter. When the equipment is sold subject to an RVG, the full sales price is received from the customer. A liability is established for the residual value obligation with the remainder of the proceeds recorded as deferred lease revenue. These amounts are summarized below: TRUCK, PARTS AND OTHER At December 31, 2023 2022 Residual value guarantees $ 119.7 $ 162.3 Deferred lease revenues 22.9 46.9 $ 142.6 $ 209.2 Annual maturities of the RVGs beginning January 1, 2024 are $ 87.0 , $ 25.6 , $ 5.3 , $ 1.7 and $ .1 thereafter. The deferred lease revenue is amortized on a straight-line basis over the RVG contract period. At December 31, 2023, the annual amortization of deferred revenues beginning January 1, 2024 are $ 16.7 , $ 4.6 , $ 1.2 and $ .4 thereafter.

Property, Plant And Equipment

Property, Plant And Equipment	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Property, Plant And Equipment	G. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment included the following: At December 31, USEFUL LIVES 2023 2022 Land $ 325.7 $ 269.9 Buildings and improvements 10 - 40 years 1,703.8 1,608.6 Machinery, equipment and production tooling 3 - 20 years 5,337.7 5,086.6 Construction in progress 676.3 424.1 8,043.5 7,389.2 Less allowance for depreciation ( 4,263.4 ) ( 3,920.8 ) $ 3,780.1 $ 3,468.4

Accounts Payable, Accrued Expen

Accounts Payable, Accrued Expenses and Other	12 Months Ended
	Dec. 31, 2023
Payables and Accruals [Abstract]
Accounts Payable, Accrued Expenses and Other	H. ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER Accounts payable, accrued expenses and other include the following: At December 31, 2023 2022 Truck, Parts and Other: Accounts payable $ 1,667.6 $ 1,665.1 Product support liabilities 867.8 542.9 Accrued expenses 936.5 808.4 Right-of-return liabilities 365.8 366.4 Accrued capital expenditures 225.1 221.2 Salaries and wages 401.5 351.8 Other 612.0 555.9 $ 5,076.3 $ 4,511.7

Product Support Liabilities

Product Support Liabilities	12 Months Ended
	Dec. 31, 2023
Product Warranties Disclosures [Abstract]
Product Support Liabilities	I. PRODUCT SUPPORT LIABILITIES Changes in product support liabilities are summarized as follows: WARRANTY RESERVES 2023 2022 2021 Balance at January 1 $ 437.7 $ 344.3 $ 389.7 Cost accruals 739.2 386.1 298.2 Payments ( 632.4 ) ( 398.7 ) ( 396.3 ) Change in estimates for pre-existing warranties 211.9 111.5 58.3 Currency translation and other 10.6 ( 5.5 ) ( 5.6 ) Balance at December 31 $ 767.0 $ 437.7 $ 344.3 DEFERRED REVENUES ON EXTENDED WARRANTIES AND R&M CONTRACTS 2023 2022 2021 Balance at January 1 $ 904.9 $ 775.2 $ 795.8 Deferred revenues 812.4 629.1 487.1 Revenues recognized ( 507.8 ) ( 476.1 ) ( 487.8 ) Currency translation 19.6 ( 23.3 ) ( 19.9 ) Balance at December 31 $ 1,229.1 $ 904.9 $ 775.2 The Company expects to recognize approximately $ 359.5 of the remaining deferred revenues on extended warranties and R&M contracts in 2024 , $ 336.6 in 2025 , $ 269.4 in 2026 , $ 159.3 in 2027 , $ 81.1 in 2028 and $ 23.2 thereafter. Product support liabilities are included in the accompanying Consolidated Balance Sheets as follows: WARRANTY RESERVES DEFERRED REVENUES At December 31, 2023 2022 2023 2022 Truck, Parts and Other: Accounts payable, accrued expenses and other $ 513.6 $ 279.2 $ 354.2 $ 263.7 Other liabilities 253.4 158.5 861.4 628.8 Financial Services: Accounts payable, accrued expenses and other 5.3 4.9 Deferred taxes and other liabilities 8.2 7.5 $ 767.0 $ 437.7 $ 1,229.1 $ 904.9

Borrowings And Credit Arrangeme

Borrowings And Credit Arrangements	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Borrowings And Credit Arrangements	J. BORROWINGS AND CREDIT ARRANGEMENTS Financial Services borrowings include the following: 2023 2022 EFFECTIVE EFFECTIVE At December 31, RATE BORROWINGS RATE BORROWINGS Commercial paper 5.2 % $ 5,068.9 3.7 % $ 3,265.5 Bank loans 8.6 % 541.0 6.7 % 339.4 5,609.9 3,604.9 Term notes 3.4 % 8,624.6 2.2 % 7,866.7 4.3 % $ 14,234.5 2.7 % $ 11,471.6 Commercial paper and term notes borrowings were $ 13,693.5 and $ 11,132.2 at December 31, 2023 and 2022, respectively. Unamortized debt issuance costs, unamortized discounts and the net effect of fair value hedges were $( 54.1 ) and $( 55.8 ) at December 31, 2023 and 2022, respectively. The effective rate is the weighted average rate as of December 31, 2023 and 2022 and includes the effects of interest-rate contracts. The annual maturities of the Financial Services borrowings are as follows: COMMERCIAL BANK TERM Beginning January 1, PAPER LOANS NOTES TOTAL 2024 $ 5,084.1 $ 178.8 $ 2,185.6 $ 7,448.5 2025 130.9 2,672.3 2,803.2 2026 143.0 2,905.5 3,048.5 2027 68.8 300.0 368.8 2028 19.5 600.1 619.6 $ 5,084.1 $ 541.0 $ 8,663.5 $ 14,288.6 Interest paid on borrowings was $ 396.5 , $ 169.1 and $ 104.8 in 2023, 2022 and 2021, respectively. The primary sources of borrowings in the capital markets are commercial paper and medium-term notes issued in the public markets, and to a lesser extent, bank loans. The medium-term notes are issued by PACCAR Financial Corp. (PFC), PACCAR Financial Europe (PFE), PACCAR Financial Mexico (PFM), PACCAR Financial Pty. Ltd. (PFPL Australia) and PACCAR Financial Ltd. (PFL Canada). In November 2021, the Company’s U.S. finance subsidiary, PFC, filed a shelf registration under the Securities Act of 1933. The total amount of medium-term notes outstanding for PFC as of December 31, 2023 was $ 6,100.0 . In January 2024, PFC issued $ 600.0 of medium-term notes under this registration. The registration expires in November 2024 and does not limit the principal amount of debt securities that may be issued during that period. As of December 31, 2023 , the Company’s European finance subsidiary, PFE, had € 911.7 available for issuance under a € 2,500.0 medium-term note program listed on the Euro MTF Market of the Luxembourg Stock Exchange. This program renews annually and expires in September 2024. In August 2021, PFM registered a 10,000.0 Mexican pesos medium-term note and commercial paper program with the Comision Nacional Bancaria y de Valores. The registration expires in August 2026 and limits the amount of commercial paper (up to one year ) to 5,000.0 Mexican pesos. At December 31, 2023 , 6,324.8 Mexican pesos were available for issuance. In August 2018, the Company’s Australian subsidiary, PFPL Australia, established a medium-term note program. The program does not limit the principal amount of debt securities that may be issued under the program. The total amount of medium-term notes outstanding for PFPL Australia as of December 31, 2023 was 850.0 Australian dollars. In May 2021, the Company’s Canadian subsidiary, PFL Canada, established a medium-term note program. The program does not limit the principal amount of debt securities that may be issued under the program. The total amount of medium-term notes outstanding for PFL Canada as of December 31, 2023 was 150.0 Canadian dollars. The Company’s Brazilian subsidiary, Banco PACCAR S.A., established a lending program in December 2021 with the local development bank, Banco Nacional de Desenvolvimento Economico e Social (BNDES) for qualified customers to receive preferential conditions and generally market interest rates. This program is limited to 1,148.0 Brazilian reais and has 775.5 Brazilian reais outstanding as of December 31, 2023. The Company has line of credit arrangements of $ 4,198.8 , of which $ 3,657.7 were unused at December 31, 2023 . Included in these arrangements are $ 3,000.0 of committed bank facilities, of which $ 1,000.0 expires in June 2024 , $ 1,000.0 expires in June 2026 and $ 1,000.0 expires in June 2028 . The Company intends to replace these credit facilities on or before expiration with facilities of similar amounts and duration. These credit facilities are maintained primarily to provide backup liquidity for commercial paper borrowings and maturing medium-term notes. There were no borrowings under the committed bank facilities for the year ended December 31, 2023 .

Leases

Leases	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Leases	K. LEASES The Company leases certain facilities and equipment. The Company determines whether an arrangement is or contains a lease at inception. The Company accounts for lease and non-lease components separately. The consideration in the contract is allocated to each separate lease and non-lease component of the contract generally based on the relative stand-alone price of the components. The lease component is accounted for in accordance with the lease standard and the non-lease component is accounted for in accordance with other standards. The Company uses its incremental borrowing rate in determining the present value of lease payments unless the rate implicit in the lease is available. The lease term may include options to extend or terminate the lease if it is reasonably certain that the Company will exercise that option. Leases that have a term of 12 months or less at the commencement date (“short-term leases”) are not included in the right-of-use assets and the lease liabilities. Lease expense for the short-term leases are recognized on a straight-line basis over the lease term. The components of lease expense were as follows: Year Ended December 31, 2023 2022 2021 Finance lease cost Amortization of right-of-use assets and interest $ 1.1 $ .9 $ .6 Operating lease cost 17.5 15.5 16.3 Short-term lease cost 3.7 2.4 3.0 Variable lease cost 2.4 1.2 1.5 Total lease cost $ 24.7 $ 20.0 $ 21.4 Balance sheet information related to leases was as follows: 2023 2022 At December 31, OPERATING LEASES FINANCE LEASES OPERATING LEASES FINANCE LEASES TRUCK, PARTS AND OTHER: Other noncurrent assets $ 64.9 $ 2.5 $ 36.9 $ 2.7 FINANCIAL SERVICES: Other assets 6.0 6.0 Total right-of-use assets $ 70.9 $ 2.5 $ 42.9 $ 2.7 TRUCK, PARTS AND OTHER: Accounts payable, accrued expenses and other $ 14.2 $ .8 $ 11.3 $ .8 Other liabilities 51.6 1.6 25.8 1.8 FINANCIAL SERVICES: Accounts payable, accrued expenses and other 1.8 1.4 Deferred taxes and other liabilities 3.9 4.4 Total lease liabilities $ 71.5 $ 2.4 $ 42.9 $ 2.6 The weighted-average remaining lease term and discount rate were as follows at December 31: 2023 2022 OPERATING LEASES FINANCE LEASES OPERATING LEASES FINANCE LEASES Weighted-average remaining lease term 5.7 years 3.1 years 4.8 years 3.8 years Weighted-average discount rate 4.0 % 2.3 % 1.6 % 1.7 % Maturities of lease liabilities are as follows: Beginning January 1, OPERATING LEASES FINANCE LEASES 2024 $ 17.8 $ 1.0 2025 16.1 .7 2026 13.7 .6 2027 10.4 .1 2028 7.8 .1 Thereafter 14.6 Total lease payments 80.4 2.5 Less: interest ( 8.9 ) ( .1 ) Total lease liabilities $ 71.5 $ 2.4 Cash flow information related to leases was as follows: Year Ended December 31, 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 17.0 $ 15.9 $ 16.7 Financing cash flows from finance leases 1.1 1.0 .6 Right-of-use assets obtained in exchange for lease liabilities Operating leases 39.5 17.0 8.1 Finance leases 1.3 2.9 .4

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	L. COMMITMENTS AND CONTINGENCIES At December 31, 2023 , PACCAR had standby letters of credit and surety bonds totaling $ 33.0 , from third-party financial institutions, in the normal course of business, which guarantee various insurance, financing and other activities. At December 31, 2023 , PACCAR’s financial services companies, in the normal course of business, had outstanding commitments to fund new loan and lease transactions amounting to $ 940.7 . The commitments generally expire in 90 days. The Company had other commitments, primarily to purchase production inventory, equipment and commodities amounting to $ 196.9 , $ 108.8 , $ 76.8 , $ 74.7 , $ 65.0 and $ 115.7 for 2024, 2025, 2026, 2027, 2028 and beyond, respectively. The Company is involved in various stages of investigations and cleanup actions in different countries related to environmental matters. In certain of these matters, the Company has been designated as a “potentially responsible party” by domestic and foreign environmental agencies. The Company has accrued the estimated costs to investigate and complete cleanup actions where it is probable that the Company will incur such costs in the future. Expenditures related to environmental activities for the years ended December 31, 2023, 2022 and 2021 were $ 3.0 , $ 4.6 and $ 4.0 , respectively. While the timing and amount of the ultimate costs associated with future environmental cleanup cannot be determined, management expects that these matters will not have a significant effect on the Company’s consolidated financial position. 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 and Israel, alleging EC-related claims and seeking monetary damages. In certain jurisdictions, 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. In early 2023, the Company began settling with selected 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.

Employee Benefits

Employee Benefits	12 Months Ended
	Dec. 31, 2023
Retirement Benefits [Abstract]
Employee Benefits	M. EMPLOYEE BENEFITS Severance Costs: The Company incurred severance expense in 2023, 2022 and 2021 of $ .6 , $ .6 and $ 2.6 , respectively. Defined Benefit Pension Plans: The Company has several defined benefit pension plans, which cover a majority of its employees. The Company evaluates its actuarial assumptions on an annual basis and considers changes based upon market conditions and other factors. The expected return on plan assets is determined by using a market-related value of assets, which is calculated based on an average of the previous five years of asset gains and losses. Generally, accumulated unrecognized actuarial gains and losses are amortized using the 10 % corridor approach. The corridor is defined as the greater of either 10% of the projected benefit obligation or the market-related value of plan assets. The amortization amount is the excess beyond the corridor divided by the average remaining estimated service life of participants on a straight-line basis. The Company funds its pensions in accordance with applicable employee benefit and tax laws. The Company contributed $ 27.3 to its pension plans in 2023 and $ 39.1 in 2022 . The Company expects to contribute in the range of $ 25 to $ 75 to its pension plans in 2024 , of which $ 23.3 is estimated to satisfy minimum funding requirements. Annual benefits expected to be paid beginning January 1, 2024 are $ 135.6 , $ 130.0 , $ 134.9 , $ 136.4 , $ 147.3 and a total of $ 854.3 for the five years thereafter. Plan assets are invested in global equity and debt securities through professional investment managers with the objective to achieve targeted risk adjusted returns and maintain liquidity sufficient to fund current benefit payments. Typically, each defined benefit plan has an investment policy that includes a target for asset mix, including maximum and minimum ranges for allocation percentages by investment category. The actual allocation of assets may vary at times based upon rebalancing policies and other factors. The Company periodically assesses the target asset mix by evaluating external sources of information regarding the long-term historical return, volatilities and expected future returns for each investment category. In addition, the long-term rates of return assumptions for pension accounting are reviewed annually to ensure they are appropriate. Target asset mix and forecast long-term returns by asset category are considered in determining the assumed long-term rates of return, although historical returns realized are given some consideration. The fair value of mutual funds, common stocks and U.S. treasuries is determined using the market approach and is based on the quoted prices in active markets. These securities are categorized as Level 1. The fair value of debt securities is determined using the market approach and is based on the quoted market prices of the securities or other observable inputs. These securities are categorized as Level 2. The fair value of commingled and pooled trust funds is determined using the market approach and is based on the unadjusted net asset value (NAV) per unit as determined by the sponsor of the fund based on the fair values of underlying investments. These assets are collective investment trusts and pooled funds, and substantially all of these investments have no redemption restrictions or unfunded commitments. Securities measured at NAV per unit as a practical expedient are not classified in the fair value hierarchy. The following information details the allocation of plan assets by investment type. See Note Q for definitions of fair value levels. FAIR VALUE HIERARCHY At December 31, 2023 TARGET LEVEL 1 LEVEL 2 TOTAL MEASURED TOTAL Equities: U.S. equities $ 1,004.4 $ 1,004.4 Global equities 771.8 771.8 Total equities 45 - 65 % 1,776.2 1,776.2 Fixed income: U.S. fixed income $ 95.7 $ 275.4 $ 371.1 $ 676.9 $ 1,048.0 Non-U.S. fixed income 39.3 39.3 530.2 569.5 Total fixed income 35 - 55 % 95.7 314.7 410.4 1,207.1 1,617.5 Cash and other .4 99.4 99.8 .6 100.4 Total plan assets $ 96.1 $ 414.1 $ 510.2 $ 2,983.9 $ 3,494.1 FAIR VALUE HIERARCHY At December 31, 2022 TARGET LEVEL 1 LEVEL 2 TOTAL MEASURED TOTAL Equities: U.S. equities $ 830.9 $ 830.9 Global equities 795.9 795.9 Total equities 45 - 65 % 1,626.8 1,626.8 Fixed income: U.S. fixed income $ 82.2 $ 258.0 $ 340.2 $ 605.2 $ 945.4 Non-U.S. fixed income 31.4 31.4 419.4 450.8 Total fixed income 35 - 55 % 82.2 289.4 371.6 1,024.6 1,396.2 Cash and other 5.8 86.1 91.9 .3 92.2 Total plan assets $ 88.0 $ 375.5 $ 463.5 $ 2,651.7 $ 3,115.2 The following weighted-average assumptions relate to all pension plans of the Company: At December 31, 2023 2022 Discount rate 4.8 % 5.0 % Rate of increase in future compensation levels 3.9 % 3.9 % Assumed long-term rate of return on plan assets 6.6 % 6.0 % The components of the change in projected benefit obligation and change in plan assets are as follows: At December 31, 2023 2022 Change in projected benefit obligation: Benefit obligation at January 1 $ 2,567.0 $ 3,709.6 Service cost 94.0 148.5 Interest cost 127.5 84.9 Benefits paid ( 110.1 ) ( 107.7 ) Actuarial loss (gain) 186.5 ( 1,190.4 ) Currency translation and other 37.8 ( 78.3 ) Participant contributions .6 .4 Projected benefit obligation at December 31 $ 2,903.3 $ 2,567.0 Change in plan assets: Fair value of plan assets at January 1 $ 3,115.2 $ 4,094.5 Employer contributions 27.3 39.1 Actual gain (loss) on plan assets 412.5 ( 809.6 ) Benefits paid ( 110.1 ) ( 107.7 ) Currency translation and other 48.6 ( 101.5 ) Participant contributions .6 .4 Fair value of plan assets at December 31 $ 3,494.1 $ 3,115.2 Funded status at December 31 $ 590.8 $ 548.2 At December 31, 2023 2022 Amounts recorded on Balance Sheets: Other noncurrent assets $ 734.8 $ 671.2 Accounts payable, accrued expenses and other 23.8 18.0 Other liabilities 120.2 105.0 Accumulated other comprehensive loss: Actuarial loss 98.0 97.9 Prior service cost 12.3 13.0 Of the December 31, 2023 amounts in accumulated other comprehensive loss, $ 4.9 of unrecognized actuarial loss and $ 1.4 of unrecognized prior service cost are expected to be amortized into net pension expense in 2024. The accumulated benefit obligation for all pension plans of the Company was $ 2,494.4 and $ 2,265.1 at December 31, 2023 and 2022, respectively. Information for all plans with an accumulated benefit obligation in excess of plan assets is as follows: At December 31, 2023 2022 Projected benefit obligation $ 138.7 $ 126.7 Accumulated benefit obligation 124.1 113.7 Fair value of plan assets 7.1 6.8 The components of pension expense are as follows: Year Ended December 31, 2023 2022 2021 Service cost $ 94.0 $ 148.5 $ 148.4 Interest on projected benefit obligation 127.5 84.9 65.3 Expected return on assets ( 230.3 ) ( 215.1 ) ( 203.3 ) Amortization of prior service costs 1.4 .7 .8 Recognized actuarial loss 4.7 28.9 58.7 Net pension (gain) expense $ ( 2.7 ) $ 47.9 $ 69.9 T he components of net pension expense other than service cost are included in Interest and other expenses (income), net on the Consolidated Statements of Income. Multi-employer Plans: The Company participates in multi-employer plans in the U.S. and Europe. These are typically under collective bargaining agreements and cover its union-represented employees. The Company’s participation in the following multi-employer plans for the years ended December 31 are as follows: PENSION PLAN COMPANY CONTRIBUTIONS PENSION PLAN EIN NUMBER SURCHARGE 2023 2022 2021 Metal and Electrical Engineering Industry Pension Fund 135668 Yes $ 46.1 $ 37.1 $ 38.1 Western Metal Industry Pension Plan 91-6033499 001 Yes 4.5 4.0 4.0 Other plans 1.2 1.0 1.1 $ 51.8 $ 42.1 $ 43.2 The Company contributions shown in the table above approximate the multi-employer pension expense for each of the years ended December 31, 2023, 2022 and 2021, respectively. Metal and Electrical Engineering Industry Pension Fund is a multi-employer union plan incorporating all DAF employees in the Netherlands and is covered by a collective bargaining agreement that will expire on May 31, 2024. The Company’s contributions were less than 5 % of the total contributions to the plan for the last three reporting periods ending December 2023. The plan is required by law (the Netherlands Pension Act) to have a minimum coverage ratio in excess of 104.3 % and a policy coverage ratio in excess of 113.3 % (weighted coverage ratio of the last 12 months). Because the policy coverage ratio of 109.4 % at December 31, 2023 is below the required threshold, a funding improvement plan remains in place. Based on the funding improvement plan, the required coverage of 113.3 % should be reached by the end of 2032. The funding improvement plan includes a possible reduction in pension benefits and delays in future benefit increases. The Western Metal Industry Pension Plan is located in the U.S. and is covered by a collective bargaining agreement that will expire on November 2, 2025. In accordance with the U.S. Pension Protection Act of 2006, the plan continued to be certified as critical (red) for the 2023 plan year and a rehabilitation plan has been implemented requiring additional contributions as long as the plan remains in critical status. Contributions by the Company were 27 % and 25 % of the total contributions to the plan for the years ended December 31, 2023 and 2022, respectively. Other plans are principally located in the U.S. and the Company’s contributions to these plans for the years ended December 31, 2023 and 2022 were less than 5 % of each plan’s total contributions. As of December 31, 2023, one of the other plans was under a funding rehabilitation plan requiring an increase to the mandated employer surcharge from 5 % to 10 %, which will be applicable for each succeeding year in which the plan remains in a critical status. There were no significant changes for the multi-employer plans in the periods presented that affected comparability between periods. Defined Contribution Plans: The Company maintains several defined contribution benefit plans whereby it contributes designated amounts on behalf of participant employees. The largest plan is for U.S. salaried employees where the Company matches a percentage of employee contributions up to an annual limit. The match was 5 % of eligible pay in 2023, 2022 and 2021 . Other plans are located in Australia, the Netherlands, Canada, United Kingdom and Germany. Expenses for these plans were $ 65.4 , $ 56.3 and $ 50.0 in 2023, 2022 and 2021 , respectively.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	N. INCOME TAXES The Company’s tax rate is based on income and statutory tax rates in the various jurisdictions in which the Company operates. Tax law requires certain items to be included in the Company’s tax returns at different times than the items reflected in the Company’s financial statements. As a result, the Company’s annual tax rate reflected in its financial statements is different than that reported in its tax returns. Some of these differences are permanent, such as expenses that are not deductible in the Company’s tax return, and some differences reverse over time, such as depreciation expense. These temporary differences create deferred tax assets and liabilities. The Company establishes valuation allowances for its deferred tax assets if, based on the available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The components of the Company’s income before income taxes include the following: Year Ended December 31, 2023 2022 2021 Domestic $ 3,913.7 $ 2,322.9 $ 1,391.4 Foreign 1,804.5 1,525.8 1,004.9 $ 5,718.2 $ 3,848.7 $ 2,396.3 The components of the Company’s provision for income taxes include the following: Year Ended December 31, 2023 2022 2021 Current provision: Federal $ 845.5 $ 567.0 $ 410.0 State 179.8 143.1 85.9 Foreign 395.8 335.0 243.5 1,421.1 1,045.1 739.4 Deferred (benefit) provision: Federal ( 141.5 ) ( 173.2 ) ( 176.0 ) State ( 24.4 ) ( 42.0 ) ( 29.6 ) Foreign ( 137.8 ) 7.2 ( 3.0 ) ( 303.7 ) ( 208.0 ) ( 208.6 ) $ 1,117.4 $ 837.1 $ 530.8 Tax benefits recognized for net operating loss carryforwards were $ 118.2 , $ 3.9 and $ 5.1 for the years ended 2023, 2022 and 2021, respectively. A reconciliation of the statutory U.S. federal tax rate to the effective income tax rate is as follows: 2023 2022 2021 Statutory rate 21.0 % 21.0 % 21.0 % Effect of: State 2.3 2.1 2.0 Research and development tax credit ( .8 ) ( 1.0 ) ( 1.2 ) Tax on foreign earnings .1 .5 1.1 Brasil valuation allowance release ( 2.1 ) Other, net ( 1.0 ) ( .8 ) ( .7 ) 19.5 % 21.8 % 22.2 % Based on the Company’s current operations, the Company does not expect that the repatriation of future foreign earnings will be subject to significant income tax as a result of the U.S. modified territorial system. At December 31, 2023 , the Company had net operating loss carryforwards of $ 460.8 , of which $ 400.0 related to foreign subsidiaries and $ 60.8 related to states in the U.S. The related deferred tax asset was $ 135.8 , for which a $ 2.3 valuation allowance has been provided. The carryforward periods range from four years to indefinite, subject to certain limitations under applicable laws. The future tax benefits of net operating loss carryforwards are evaluated on a regular basis, including a review of historical and projected operating results. The tax effects of temporary differences representing deferred tax assets and liabilities are as follows: At December 31, 2023 2022 Assets: Accrued liabilities $ 314.3 $ 252.2 R&D expense capitalization 257.1 153.6 Net operating loss and tax credit carryforwards 144.8 128.0 Inventory adjustments 64.6 59.5 Allowance for losses on receivables 53.2 43.8 Other 132.2 95.6 966.2 732.7 Valuation allowance ( 2.3 ) ( 116.2 ) 963.9 616.5 Liabilities: Financial Services leasing depreciation ( 572.6 ) ( 558.9 ) Depreciation and amortization ( 219.7 ) ( 227.3 ) Postretirement benefit plans ( 144.5 ) ( 120.5 ) Other ( 58.9 ) ( 59.2 ) ( 995.7 ) ( 965.9 ) Net deferred tax liability $ ( 31.8 ) $ ( 349.4 ) The balance sheet classifications of the Company’s deferred tax assets and liabilities are as follows: At December 31, 2023 2022 Truck, Parts and Other: Other noncurrent assets, net $ 502.6 $ 199.0 Other liabilities ( 78.8 ) ( 75.5 ) Financial Services: Other assets 88.3 51.0 Deferred taxes and other liabilities ( 543.9 ) ( 523.9 ) Net deferred tax liability $ ( 31.8 ) $ ( 349.4 ) Cash paid for income taxes was $ 1,499.3 , $ 932.1 and $ 761.1 in 2023, 2022 and 2021, respectively. A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows: 2023 2022 2021 Balance at January 1 $ 27.8 $ 26.0 $ 24.5 Additions for tax positions related to the current year 7.7 7.4 6.1 Additions for tax positions related to prior years 2.6 1.8 .8 Reductions for tax positions related to prior years ( 1.6 ) ( 1.6 ) Lapse of statute of limitations ( 5.3 ) ( 5.8 ) ( 5.4 ) Balance at December 31 $ 31.2 $ 27.8 $ 26.0 The Company had $ 31.2 , $ 27.8 and $ 26.0 of unrecognized tax benefits, of which $ 31.2 , $ 27.8 and $ 25.3 would impact the effective tax rate, if recognized, as of December 31, 2023, 2022 and 2021, respectively. The Company recognized $ .8 , $ .1 and $( .4 ) of expense (income) related to interest in 2023, 2022 and 2021 , respectively. Accrued interest expense and penalties were $ 1.7 , $ .9 and $ .8 as of December 31, 2023, 2022 and 2021, respectively. Interest and penalties are classified as income taxes in the Consolidated Statements of Income. The Company believes it is reasonably possible that approximately $ 6.2 of unrecognized tax benefits, resulting primarily from research and development tax credits, will be resolved within the next 12 months. As of December 31, 2023 , the United States Internal Revenue Service has completed examinations of the Company’s tax returns for all years through 2016. The Company’s tax returns for other major jurisdictions remain subject to examination for the years ranging from 2012 through 2023 .

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Stockholders' Equity	O. STOCKHOLDERS’ EQUITY 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: DERIVATIVE MARKETABLE PENSION FOREIGN TOTAL Balance at January 1, 2023 $ 35.1 $ ( 43.6 ) $ ( 110.9 ) $ ( 834.0 ) $ ( 953.4 ) Recorded into AOCI ( 137.9 ) 32.4 ( 4.0 ) 275.3 165.8 Reclassified out of AOCI 91.8 ( 2.7 ) 4.6 93.7 Net other comprehensive (loss) income ( 46.1 ) 29.7 .6 275.3 259.5 Balance at December 31, 2023 $ ( 11.0 ) $ ( 13.9 ) $ ( 110.3 ) $ ( 558.7 ) $ ( 693.9 ) DERIVATIVE MARKETABLE PENSION PLANS FOREIGN TOTAL Balance at January 1, 2022 $ ( 13.5 ) $ ( 1.1 ) $ ( 269.8 ) $ ( 636.7 ) $ ( 921.1 ) Recorded into AOCI 8.6 ( 41.3 ) 136.4 ( 197.3 ) ( 93.6 ) Reclassified out of AOCI 40.0 ( 1.2 ) 22.5 61.3 Net other comprehensive income (loss) 48.6 ( 42.5 ) 158.9 ( 197.3 ) ( 32.3 ) Balance at December 31, 2022 $ 35.1 $ ( 43.6 ) $ ( 110.9 ) $ ( 834.0 ) $ ( 953.4 ) DERIVATIVE MARKETABLE PENSION PLANS FOREIGN TOTAL Balance at January 1, 2021 $ ( 29.2 ) $ 14.6 $ ( 578.1 ) $ ( 457.6 ) $ ( 1,050.3 ) Recorded into AOCI 39.9 ( 14.1 ) 262.9 ( 179.1 ) 109.6 Reclassified out of AOCI ( 24.2 ) ( 1.6 ) 45.4 19.6 Net other comprehensive income (loss) 15.7 ( 15.7 ) 308.3 ( 179.1 ) 129.2 Balance at December 31, 2021 $ ( 13.5 ) $ ( 1.1 ) $ ( 269.8 ) $ ( 636.7 ) $ ( 921.1 ) Reclassifications out of AOCI during the years ended December 31, 2023, 2022 and 2021 were as follows: AMOUNT RECLASSIFIED OUT OF AOCI AOCI COMPONENTS LINE ITEM IN THE CONSOLIDATED 2023 2022 2021 Unrealized losses (gains) on derivative contracts: Truck, Parts and Other Foreign-exchange contracts Net sales and revenues $ 31.9 $ 19.3 $ 16.6 Cost of sales and revenues 2.2 ( 15.3 ) ( 1.0 ) Interest and other expenses (income), net ( .9 ) ( 1.4 ) ( .1 ) Commodity contracts Cost of sales and revenues 4.2 32.0 .6 x Financial Services Foreign-exchange contracts Interest and other borrowing expenses ( 2.1 ) 7.3 Interest-rate contracts Interest and other borrowing expenses 76.5 6.1 ( 49.8 ) Pre-tax expense increase (reduction) 111.8 48.0 ( 33.7 ) Tax (benefit) expense ( 20.0 ) ( 8.0 ) 9.5 After-tax expense increase (reduction) 91.8 40.0 ( 24.2 ) Unrealized gains on marketable debt securities: Marketable debt securities Investment income ( 3.6 ) ( 1.6 ) ( 2.1 ) Tax expense .9 .4 .5 After-tax income increase ( 2.7 ) ( 1.2 ) ( 1.6 ) Unrealized losses on pension plans: Truck, Parts and Other Actuarial loss Interest and other expenses (income), net 4.7 28.9 58.7 Prior service costs Interest and other expenses (income), net 1.4 .7 .8 Pre-tax expense increase 6.1 29.6 59.5 Tax benefit ( 1.5 ) ( 7.1 ) ( 14.1 ) After-tax expense increase 4.6 22.5 45.4 Total reclassifications out of AOCI $ 93.7 $ 61.3 $ 19.6 Other Capital Stock Changes: The Company purchased and retired nil treasury shares in 2023, 2022, and 2021 .

Derivative Financial Instrument

Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	P. 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. 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 December 31, 2023 , the notional amount of the Company’s interest-rate contracts was $ 2,733.7 . Notional maturities for all interest-rate contracts are $ 570.3 for 2024 , $ 1,022.1 for 2025 , $ 629.6 for 2026 , $ 318.0 for 2027 , $ 136.7 for 2028 and $ 57.0 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 December 31, 2023 , the notional amount of the outstanding foreign-exchange contracts was $ 1,968.0 . 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 December 31, 2023 , the notional amount of the outstanding commodity contracts was $ 37.3 . 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: At December 31, 2023 2022 ASSETS LIABILITIES ASSETS LIABILITIES Derivatives designated under hedge accounting: Interest-rate contracts: Financial Services: Other assets $ 17.3 $ 58.0 Deferred taxes and other liabilities $ 131.1 $ 82.6 Foreign-exchange contracts: Truck, Parts and Other: Other current assets 1.5 57.3 Accounts payable, accrued expenses and other 21.1 9.5 Financial Services: Other current assets 1.6 Deferred taxes and other liabilities 3.6 5.1 Commodity contracts: Truck, Parts and Other: Other current assets 1.2 1.5 Accounts payable, accrued expenses and other .8 .6 $ 20.0 $ 156.6 $ 118.4 $ 97.8 Derivatives not designated as hedging instruments: Foreign-exchange contracts: Truck, Parts and Other: Other current assets $ 1.0 $ 1.0 Accounts payable, accrued expenses and other $ 3.4 $ .1 Financial Services: Other assets Deferred taxes and other liabilities .1 .1 Commodity contracts: Truck, Parts and Other: Accounts payable, accrued expenses and other .2 $ 1.0 $ 3.5 $ 1.0 $ .4 Gross amounts recognized in Balance Sheets $ 21.0 $ 160.1 $ 119.4 $ 98.2 Less amounts not offset in financial instruments: Truck, Parts and Other: Foreign-exchange contracts $ ( 1.6 ) $ ( 1.6 ) $ ( .1 ) $ ( .1 ) Commodity contracts ( .7 ) ( .7 ) ( .5 ) ( .5 ) Financial Services: Foreign-exchange contracts ( 1.8 ) ( 1.8 ) Interest-rate contracts ( 11.9 ) ( 11.9 ) ( 21.5 ) ( 21.5 ) Pro forma net amount $ 6.8 $ 145.9 $ 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: Year Ended December 31, 2023 2022 2021 INTEREST- FOREIGN- INTEREST- FOREIGN- INTEREST- FOREIGN- RATE EXCHANGE RATE EXCHANGE RATE EXCHANGE Truck, Parts and Other: Net sales and revenues Cash flow hedges $ 31.9 $ 19.3 $ 16.6 Cost of sales and revenues Cash flow hedges 2.2 ( 15.3 ) ( 1.0 ) Derivatives not designated as hedging instruments ( 5.1 ) ( 1.7 ) 8.9 Interest and other expenses (income), net Cash flow hedges 12.8 ( 1.4 ) ( .1 ) Net investment hedges ( 8.7 ) ( 5.8 ) ( 3.2 ) Derivatives not designated as hedging instruments 8.8 .8 1.9 $ 41.9 $ ( 4.1 ) $ 23.1 Financial Services: Interest and other borrowing expenses Cash flow hedges $ 76.5 $ 1.8 $ 6.1 $ 7.3 $ ( 49.8 ) Fair value hedges 9.8 1.0 .4 Derivatives not designated as hedging instruments 1.7 ( 8.1 ) $ ( .5 ) $ 86.3 $ 3.5 $ 7.1 $ ( .8 ) $ ( 49.4 ) $ ( .5 ) Total $ 86.3 $ 45.4 $ 7.1 $ ( 4.9 ) $ ( 49.4 ) $ 22.6 The loss from commodity contracts recorded in Cost of sales and revenue was $ 4.2 , $ 31.8 and $ .6 for the years ended 2023, 2022 and 2021, 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: At December 31, 2023 2022 Financial Services Term notes : Carrying amount of the hedged liabilities $ 128.1 $ 319.8 Cumulative basis adjustment included in the carrying amount 7.1 27.7 The above table excludes the cumulative basis adjustments on discontinued hedge relationships of $ 12.2 and $ 7.1 as of December 31, 2023 and 2022, respectively. Cash Flow Hedges Substantially all of the Company’s interest-rate contracts and some foreign-exchange 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 expenses (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 8.9 years. The following table presents the pre-tax effects of (loss) gain on cash flow hedges recognized in other comprehensive income (loss) (OCI): Year Ended December 31, 2023 2022 2021 INTEREST- FOREIGN- INTEREST- FOREIGN- INTEREST- FOREIGN- RATE EXCHANGE RATE EXCHANGE RATE EXCHANGE (Loss) gain recognized in OCI: Truck, Parts and Other $ ( 65.7 ) $ 41.2 $ ( 18.5 ) Financial Services $ ( 110.5 ) 1.8 $ 19.1 ( 25.5 ) $ 83.2 ( 1.9 ) $ ( 110.5 ) $ ( 63.9 ) $ 19.1 $ 15.7 $ 83.2 $ ( 20.4 ) The pre-tax effects of loss on commodity hedges recognized in other comprehensive income (loss) (OCI) for Truck, Parts and Other was $ .5 , $ 17.1 and $ 8.6 in 2023, 2022 and 2021, respectively. The amount of loss in AOCI at December 31, 2023 that is estimated to be reclassified into earnings in the following 12 months if interest rates and exchange rates remain unchanged is approximately $ 5.0 , net of taxes. The fixed interest earned on finance receivables will offset the amount recognized in interest expense, resulting in a stable interest margin consistent with the Company’s risk management strategy. The amount of (losses) gains reclassified out of AOCI into net income based on the probability that the original forecasted transactions would not occur was nil for the year ended December 31, 2023 , $ 1.0 for the year ended December 31, 2022 and $ .1 for year ended December 31, 2021. 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). The notional amount of the outstanding net investment hedges was $ 443.6 , $ 347.0 and $ 360.7 at December 31, 2023, 2022 and 2021, respectively. The pre-tax (loss) gain recognized in OCI for the net investment hedges was $( 8.2 ), $ 28.8 and $ 26.6 at December 31, 2023, 2022 and 2021, respectively.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Q. 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 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 December 31, 2023 LEVEL 1 LEVEL 2 TOTAL Assets: Marketable debt securities U.S. tax-exempt securities $ 310.7 $ 310.7 U.S. taxable municipal / non-U.S. provincial bonds 240.1 240.1 U.S. corporate securities 353.3 353.3 U.S. government securities $ 158.1 158.1 Non-U.S. corporate securities 524.2 524.2 Non-U.S. government securities 141.2 141.2 Other debt securities 90.6 90.6 Total marketable debt securities $ 158.1 $ 1,660.1 $ 1,818.2 Marketable equity securities $ 4.4 $ 4.4 Total marketable securities $ 162.5 $ 1,660.1 $ 1,822.6 Derivatives Cross currency swaps $ 13.2 $ 13.2 Interest-rate swaps 4.1 4.1 Foreign-exchange contracts 2.5 2.5 Commodity contracts 1.2 1.2 Total derivative assets $ 21.0 $ 21.0 Liabilities: Derivatives Cross currency swaps $ 116.6 $ 116.6 Interest-rate swaps 14.5 14.5 Foreign-exchange contracts 28.2 28.2 Commodity contracts .8 .8 Total derivative liabilities $ 160.1 $ 160.1 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 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, floating-rate 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: At December 31, 2023 2022 CARRYING FAIR CARRYING FAIR AMOUNT VALUE AMOUNT VALUE Assets: Financial Services fixed rate loans $ 8,126.8 $ 8,214.4 $ 6,859.1 $ 6,582.0 Liabilities: Financial Services fixed rate debt 8,720.3 8,693.7 8,070.5 7,715.9

Stock Compensation Plans

Stock Compensation Plans	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock Compensation Plans	R. STOCK COMPENSATION PLANS PACCAR has certain plans under which officers and key employees may be granted options to purchase shares of the Company’s authorized but unissued common stock under plans approved by stockholders. Non‑employee directors and certain officers may be granted restricted shares of the Company’s common stock under plans approved by stockholders. Options outstanding under these plans were granted with exercise prices equal to the fair market value of the Company’s common stock at the date of grant. Options expire no later than ten years from the grant date and generally vest after three years . Restricted stock awards generally vest over three years or earlier upon meeting certain age and service requirements. The Company recognizes compensation cost on these options and restricted stock awards on a straight-line basis over the requisite period the employee is required to render service less estimated forfeitures based on historical experience. The plans contain antidilution provisions. Consequently, the following data has been restated to reflect the Company’s 50 % stock dividend in February 2023. The maximum number of shares of the Company’s common stock authorized for issuance under these plans is 70.0 million shares, and as of December 31, 2023 , the maximum number of shares available for future grants was 15.0 million. The assumptions used in determining the fair value of the option awards for each of the grant years are as follows: 2023 2022 2021 Risk-free interest rate 3.84 % 1.86 % .71 % Expected volatility 26 % 26 % 26 % Expected dividend yield 4.5 % 4.3 % 3.6 % Expected term 6 years 6 years 6 years Weighted average grant date fair value of options per share $ 13.17 $ 9.70 $ 9.48 The estimated fair value of each option award is determined on the date of grant using the Black-Scholes-Merton option pricing model that uses assumptions noted in the table above. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. Expected volatility is based on historical volatility. The dividend yield is based on an estimated future dividend yield using projected net income for the next five years, implied dividends and Company stock price. The expected term is based on the period of time that options granted are expected to be outstanding based on historical experience. The fair value of options granted was $ 11.9 , $ 8.3 and $ 8.1 for the years ended December 31, 2023, 2022 and 2021, respectively. The fair value of options vested was $ 6.8 during the year ended December 31, 2023, and was $ 5.6 during the years ended December 31, 2022 and 2021. A summary of activity under the Company’s stock plans is presented below: 2023 2022 2021 Intrinsic value of options exercised $ 41.2 $ 17.8 $ 25.4 Cash received from stock option exercises 51.7 35.8 38.4 Tax benefit related to stock award exercises 5.4 2.6 4.9 Stock-based compensation 21.2 17.1 14.7 Tax benefit related to stock-based compensation 1.7 1.7 1.6 The summary of options as of December 31, 2023 and changes during the year then ended are presented below: PER SHARE REMAINING AGGREGATE NUMBER EXERCISE CONTRACTUAL INTRINSIC OF SHARES PRICE* LIFE IN YEARS* VALUE Options outstanding at January 1 4,205,200 $ 51.10 Granted 898,100 72.00 Exercised ( 1,174,400 ) 44.08 Cancelled ( 105,600 ) 66.09 Options outstanding at December 31 3,823,300 $ 57.77 6.64 $ 152.5 Vested and expected to vest 3,678,800 $ 57.34 6.55 $ 148.3 Exercisable 1,498,400 $ 45.45 4.25 $ 78.2 * Weighted Average The fair value of restricted shares is determined based upon the stock price on the date of grant. The summary of nonvested restricted shares as of December 31, 2023 and changes during the year then ended is presented below: NUMBER GRANT DATE NONVESTED SHARES OF SHARES FAIR VALUE* Nonvested awards outstanding at January 1 241,500 $ 59.69 Granted 197,000 71.27 Vested ( 168,700 ) 63.06 Forfeited ( 8,000 ) 60.25 Nonvested awards outstanding at December 31 261,800 $ 66.21 * Weighted Average As of December 31, 2023 , there was $ 8.7 of total unrecognized compensation cost related to nonvested stock options, which is recognized over a remaining weighted average vesting period of 1.53 years. Unrecognized compensation cost related to nonvested restricted stock awards of $ 1.9 is expected to be recognized over a remaining weighted average vesting period of 1.12 years. The dilutive and antidilutive options are shown separately in the table below: Year Ended December 31, 2023 2022 2021 Additional shares 1,099,000 769,100 973,300 Antidilutive options 891,500 1,653,600 883,800

Segment and Related Information

Segment and Related Information	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Segment and Related Information	S. SEGMENT AND RELATED 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. Geographic revenues from external customers are presented based on the country of the customer. The accounting policies of the reportable segments are the same as those applied in the consolidated financial statements as described in Note A. 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. Intercompany interest income (expense) on cash advances with the financial services companies is included in Other and was $ 12.4 , $( 1.9 ) and $ .4 for 2023, 2022 and 2021, respectively. Geographic Area Data 2023 2022 2021 Net sales and revenues: United States $ 18,841.6 $ 15,379.2 $ 12,388.8 Europe 8,741.4 7,486.5 6,325.4 Other 7,544.4 5,954.0 4,808.1 $ 35,127.4 $ 28,819.7 $ 23,522.3 Property, plant and equipment, net: United States $ 1,950.9 $ 1,831.7 $ 1,718.5 The Netherlands 654.0 534.1 516.1 Belgium 550.4 572.8 620.5 Other 624.8 529.8 543.0 $ 3,780.1 $ 3,468.4 $ 3,398.1 Equipment on operating leases, net: United States $ 524.9 $ 846.9 $ 1,003.0 Mexico 420.2 314.5 285.7 Spain 303.3 316.3 291.8 Germany 247.1 280.9 307.1 France 223.5 260.7 299.7 Poland 187.9 245.8 337.9 The Netherlands 137.8 185.9 157.8 Other 258.3 352.3 505.9 $ 2,303.0 $ 2,803.3 $ 3,188.9 Business Segment Data 2023 2022 2021 Net sales and revenues: Truck $ 27,257.1 $ 22,005.5 $ 17,379.0 Less intersegment ( 410.7 ) ( 519.3 ) ( 579.3 ) External customers 26,846.4 21,486.2 16,799.7 Parts 6,486.5 5,829.4 5,004.8 Less intersegment ( 72.1 ) ( 65.1 ) ( 60.5 ) External customers 6,414.4 5,764.3 4,944.3 Other 54.7 63.8 90.5 33,315.5 27,314.3 21,834.5 Financial Services 1,811.9 1,505.4 1,687.8 $ 35,127.4 $ 28,819.7 $ 23,522.3 Income (loss) before income taxes: Truck $ 3,799.9 $ 1,753.3 $ 804.9 Parts 1,702.6 1,446.6 1,110.0 Other* ( 616.8 ) ( 1.1 ) 28.3 4,885.7 3,198.8 1,943.2 Financial Services 540.3 588.9 437.6 Investment income 292.2 61.0 15.5 $ 5,718.2 $ 3,848.7 $ 2,396.3 Depreciation and amortization: Truck $ 403.5 $ 324.9 $ 277.6 Parts 15.0 14.0 12.0 Other 25.3 23.9 21.9 443.8 362.8 311.5 Financial Services 480.1 427.4 591.8 $ 923.9 $ 790.2 $ 903.3 Expenditures for long-lived assets: Truck $ 584.8 $ 466.0 $ 547.2 Parts 65.7 21.1 29.4 Other 33.2 28.6 24.1 683.7 515.7 600.7 Financial Services 582.2 854.8 984.8 $ 1,265.9 $ 1,370.5 $ 1,585.5 Segment assets: Truck $ 8,038.5 $ 7,218.1 $ 6,912.1 Parts 1,912.1 1,742.1 1,505.1 Other 1,249.6 976.8 860.3 Cash and marketable securities 8,659.3 6,158.9 4,813.0 19,859.5 16,095.9 14,090.5 Financial Services 20,963.9 17,179.6 15,418.9 $ 40,823.4 $ 33,275.5 $ 29,509.4 * In 2023, Other includes a $ 600.0 million non-recurring charge related to civil litigation in Europe (EC-related claims) which is discussed in Note L .

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Description of Operations	Description of Operations: PACCAR Inc (the Company or PACCAR) is a multinational company operating in three principal segments: (1) the Truck segment includes the design and manufacture of high-quality, light-, medium- and heavy-duty commercial trucks; (2) the Parts segment includes the distribution of aftermarket parts for trucks and related commercial vehicles; and (3) the Financial Services segment (PFS) includes finance and leasing products and services provided to customers and dealers. PACCAR’s finance and leasing activities are principally related to PACCAR products and associated equipment. PACCAR’s sales and revenues are derived primarily from North America and Europe. The Company also operates in Australia and Brasil and sells trucks and parts to customers in Asia, Africa, the Middle East and South America.
Principles of Consolidation	Principles of Consolidation: The consolidated financial statements include the accounts of the Company and its wholly owned domestic and foreign subsidiaries. All significant intercompany accounts and transactions are eliminated in consolidation.
Use of Estimates	Use of Estimates: The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Revenue Recognition	Revenue Recognition: 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 segments, when the Company grants extended payment terms on selected receivables and charges interest, interest income is recognized when earned. 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: At December 31, 2023 2022 ASSETS LIABILITIES ASSETS LIABILITIES Trucks: Other current assets $ 147.3 $ 183.0 Accounts payable, accrued expenses and other $ 149.5 $ 185.0 Other noncurrent assets, net 186.7 284.6 Other liabilities 196.4 298.9 $ 334.0 $ 345.9 $ 467.6 $ 483.9 Parts: Other current assets $ 86.8 $ 77.7 Accounts payable, accrued expenses and other $ 216.3 $ 181.4 $ 86.8 $ 216.3 $ 77.7 $ 181.4 The Company’s total commitment to acquire trucks at a guaranteed value for contracts accounted for as a sale was $ 744.0 at December 31, 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 I, 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 . Total operating lease revenue from truck sales with RVGs for the years ended December 31, 2023, 2022 and 2021 was $ 69.7 , $ 105.9 and $ 113.8 , respectively. 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. Rental revenues for the years ended December 31, 2023, 2022 and 2021 were $ 736.9 , $ 788.8 and $ 831.6 , respectively. Depreciation and related leased unit operating expenses were $ 551.9 , $ 490.0 and $ 665.7 for the years ended December 31, 2023, 2022 and 2021, respectively. Recognition of interest income and rental revenue is suspended (put on non-accrual status) when the receivable becomes more than 90 days past the contractual due date or earlier if some other event causes the Company to determine that collection is not probable. Accordingly, no finance receivables more than 90 days past due were accruing interest at December 31, 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.
Cash and Cash Equivalents	Cash and Cash Equivalents: Cash equivalents consist of liquid investments with a maturity at date of purchase of 90 days or less.
Investments in Marketable Securities	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.
Receivables	Receivables: Trade and Other Receivables: The Company’s trade and other receivables are recorded at cost, net of allowances. At December 31, 2023 and 2022 , respectively, trade and other receivables included trade receivables from dealers and customers of $ 1,822.7 and $ 1,600.1 and other receivables of $ 375.4 and $ 319.7 relating primarily to value added tax receivables and supplier allowances and rebates. Finance and Other Receivables: Loans – Loans represent fixed or floating-rate loans to customers collateralized by the vehicles purchased and are recorded at amortized cost. Finance leases – Finance leases are sales-type finance leases, which lease equipment to retail customers and dealers. These leases are reported as the sum of minimum lease payments receivable and estimated residual value of the property subject to the contracts, reduced by unearned interest. Dealer wholesale financing – Dealer wholesale financing is floating-rate wholesale loans to PACCAR dealers for new and used trucks and are recorded at amortized cost. The loans are collateralized by the trucks being financed. Operating lease receivables and other – Operating lease receivables and other include monthly rentals due on operating leases, unamortized loan and lease origination costs, interest on loans and other amounts due within one year in the normal course of business.
Allowance for Credit Losses	Allowance for Credit Losses: Truck, Parts and Other: The Company historically has not experienced significant losses or past due amounts on trade and other receivables in its Truck, Parts and Other businesses. Accounts are considered past due once the unpaid balance is over 30 days outstanding based on contractual payment terms. Accounts are charged off against the allowance for credit losses when, in the judgment of management, they are considered uncollectible. The allowance for credit losses for Truck, Parts and Other were $ .9 and $ .6 for the years ended December 31, 2023 and 2022 , respectively. Net charge-offs were nil for the year ended December 31, 2023 , $ .2 for the year ended December 31, 2022 and nil for the year ended December 31, 2021. Financial Services: The Company continuously monitors the payment performance of its finance receivables. For large retail finance customers and dealers with wholesale financing, the Company regularly reviews their financial statements and makes site visits and phone contact as appropriate. If the Company becomes aware of circumstances that could cause those customers or dealers to face financial difficulty, whether or not they are past due, the customers are placed on a watch list. The Company modifies loans and finance leases in the normal course of its Financial Services operations. The Company may modify loans and finance leases for commercial reasons or for credit reasons. Modifications for commercial reasons are changes to contract terms for customers that are not considered to be in financial difficulty. Insignificant delays are modifications extending terms up to three months for customers experiencing some short-term financial stress, but not considered to be in financial difficulty. Modifications for credit reasons are changes to contract terms for customers considered to be in financial difficulty. The Company’s modifications typically result in granting more time to pay the contractual amounts owed and charging a fee and interest for the term of the modification. When considering whether to modify customer accounts for credit reasons, the Company evaluates the creditworthiness of the customers and modifies those accounts that the Company considers likely to perform under the modified terms. The Company does not typically grant credit modifications for customers that do not meet minimum underwriting standards since the Company normally repossesses the financed equipment in these circumstances. On average, commercial and other modifications extended contractual terms by approximately three months in 2023 and 2022, and did not have a significant effect on the weighted average term or interest rate of the total portfolio at December 31, 2023 and 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.
Inventories	Inventories: Inventories are stated at the lower of cost or net realizable value. Cost of inventories is determined principally by the first-in, first-out (FIFO) method. Cost of sales and revenues include shipping and handling costs incurred to deliver products to dealers and customers.
Equipment on Operating Leases	Equipment on Operating Leases: The Company’s Financial Services segment leases equipment under operating leases to its customers. In addition, in the Truck segment, equipment sold to customers in Europe subject to an RVG by the Company may be accounted for as an operating lease. Equipment is recorded at cost and is depreciated on the straight-line basis to the lower of the estimated residual value or guarantee value. Lease and guarantee periods generally range from three to five years . Estimated useful lives of the equipment range from three to ten years . The Company reviews residual values of equipment on operating leases periodically to determine that recorded amounts are appropriate.
Property, Plant and Equipment	Property, Plant and Equipment: Property, plant and equipment are stated at cost. Depreciation is computed by the straight-line method based on the estimated useful lives of various classes of assets. Certain production tooling and equipment are amortized on a unit of production basis.
Long-lived Assets and Goodwill	Long-lived Assets and Goodwill: The Company evaluates the carrying value of property, plant and equipment when events and circumstances warrant a review. Goodwill is tested for impairment at least on an annual basis. There were no significant impairment charges for the three years ended December 31, 2023 . Goodwill was $ 107.4 and $ 104.1 at December 31, 2023 and 2022 , respectively. The increase in value was due to currency translation.
Product Support Liabilities	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	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 $ 21.0 at December 31, 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 Consolidated Statements of Cash Flows.
Government Grants	Government Grants: The Company receives incentives from U.S. and non-U.S. governmental entities in the form of tax rebates or credits, grants, and loans. The benefit is generally recorded when all conditions attached to the incentive have been met and there is reasonable assurance of the receipt. Government incentives are recorded in accordance with their purpose as a reduction of expense, a reduction of the cost of the capital investment, or other income. The amount of government incentives recorded as a reduction of expenses and the amount of grants receivable for the years ended December 31, 2023, 2022 and 2021 are immaterial.
Foreign Currency Translation	Foreign Currency Translation: For most of the Company’s foreign subsidiaries, the local currency is the functional currency. All assets and liabilities are translated at year-end exchange rates and all income statement amounts are translated at the weighted average rates for the period. Translation adjustments are recorded in AOCI. The Company uses the U.S. dollar as the functional currency for all but one of its Mexican subsidiaries, which uses the local currency. For the U.S. functional currency entities in Mexico, inventories, cost of sales, property, plant and equipment and depreciation are remeasured at historical rates and resulting adjustments are included in net income.
Earnings per Share	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 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 2022 and 2021, 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.
New Accounting Pronouncements	New Accounting Pronouncements: In November 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in this ASU improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This ASU is effective for annual periods beginning after December 15, 2023, and interim periods within annual periods beginning after December 15, 2024. Early adoption is permitted. The amendments in this ASU should be applied retrospectively to all prior periods presented. The implementation of this ASU will result in additional disclosures and will not have an impact on the Company’s consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this ASU require entities to disclose certain, specific categories within the rate reconciliation and enhance disclosures regarding income taxes paid and income tax expense. This ASU is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The amendments in this ASU should be applied on a prospective basis; however, retrospective application is permitted. The implementation of this ASU will result in additional disclosures and will not have an impact on the Company’s consolidated financial statements. The Company adopted the following standard on January 1, 2023 , which had no material impact on the Company’s consolidated financial statements. STANDARD DESCRIPTION 2022-02 Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures The FASB also issued the following standard, which is not expected to have a material impact on the Company’s consolidated financial statements. STANDARD DESCRIPTION EFFECTIVE DATE 2022-03* Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions January 1, 2024 * The Company will adopt on the effective date.
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 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.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
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: At December 31, 2023 2022 ASSETS LIABILITIES ASSETS LIABILITIES Trucks: Other current assets $ 147.3 $ 183.0 Accounts payable, accrued expenses and other $ 149.5 $ 185.0 Other noncurrent assets, net 186.7 284.6 Other liabilities 196.4 298.9 $ 334.0 $ 345.9 $ 467.6 $ 483.9 Parts: Other current assets $ 86.8 $ 77.7 Accounts payable, accrued expenses and other $ 216.3 $ 181.4 $ 86.8 $ 216.3 $ 77.7 $ 181.4

Sales and Revenues (Tables)

Sales and Revenues (Tables)	12 Months Ended
	Dec. 31, 2023
Schedule of Revenues by Major Sources	The following table disaggregates Truck, Parts and Other revenues by major sources: Year Ended December 31, 2023 2022 2021 Truck Truck sales $ 25,946.4 $ 20,644.8 $ 15,989.7 Revenues from extended warranties, operating leases and other 900.0 841.4 810.0 26,846.4 21,486.2 16,799.7 Parts Parts sales 6,223.1 5,596.8 4,809.7 Revenues from dealer services and other 191.3 167.5 134.6 6,414.4 5,764.3 4,944.3 Winch sales and other 54.7 63.8 90.5 Truck, Parts and Other sales and revenues $ 33,315.5 $ 27,314.3 $ 21,834.5
Financial Services
Summary of Financial Services Lease Revenues by Lease Type	The following table summarizes Financial Services lease revenues by lease type: Year Ended December 31, 2023 2022 2021 Finance lease revenues $ 271.5 $ 184.1 $ 187.0 Operating lease revenues 736.9 788.8 831.6 Total lease revenues $ 1,008.4 $ 972.9 $ 1,018.6

Investments in Marketable Sec_2

Investments in Marketable Securities (Tables)	12 Months Ended
	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Marketable Securities	Marketable securities consisted of the following at December 31: UNREALIZED UNREALIZED FAIR 2023 COST GAINS LOSSES VALUE Marketable debt securities U.S. tax-exempt securities $ 312.5 $ 1.2 $ 3.0 $ 310.7 U.S. taxable municipal / non-U.S. provincial bonds 244.9 .8 5.6 240.1 U.S. corporate securities 357.1 1.4 5.2 353.3 U.S. government securities 159.2 .6 1.7 158.1 Non-U.S. corporate securities 529.4 2.3 7.5 524.2 Non-U.S. government securities 141.0 1.5 1.3 141.2 Other debt securities 92.8 .3 2.5 90.6 Marketable equity securities 10.0 5.6 4.4 Total marketable securities $ 1,846.9 $ 8.1 $ 32.4 $ 1,822.6 UNREALIZED UNREALIZED FAIR 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 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: At December 31, 2023 2022 LESS THAN TWELVE LESS THAN TWELVE Fair value $ 289.0 $ 798.5 $ 889.2 $ 608.4 Unrealized losses 1.6 25.2 21.5 37.5
Contractual Maturities of Debt Securities	Contractual maturities on marketable debt securities at December 31, 2023 were as follows: AMORTIZED FAIR Maturities: COST VALUE Within one year $ 488.3 $ 482.5 One to five years 1,336.0 1,324.5 Six to ten years .7 .6 More than ten years 11.9 10.6 $ 1,836.9 $ 1,818.2

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2023
Inventory Disclosure [Abstract]
Inventories	Inventories include the following: At December 31, 2023 2022 Finished products $ 1,084.0 $ 871.8 Work in process and raw materials 1,492.7 1,327.0 $ 2,576.7 $ 2,198.8

Finance and Other Receivables (

Finance and Other Receivables (Tables)	12 Months Ended
	Dec. 31, 2023
Receivables [Abstract]
Finance and Other Receivables	Finance and other receivables include the following: At December 31, 2023 2022 Loans $ 8,594.7 $ 7,229.1 Finance leases 4,785.7 3,786.4 Dealer wholesale financing 4,147.8 2,772.1 Operating lease receivables and other 176.5 125.4 $ 17,704.7 $ 13,913.0 Less allowance for losses: Loans and leases ( 127.0 ) ( 114.8 ) Dealer wholesale financing ( 2.7 ) ( 3.4 ) Operating lease receivables and other ( 3.3 ) ( 2.9 ) $ 17,571.7 $ 13,791.9
Annual Minimum Payments Due on Loans	Annual minimum payments due on loans are as follows: Beginning January 1, LOANS 2024 $ 2,840.0 2025 2,126.0 2026 1,679.9 2027 1,181.3 2028 619.3 Thereafter 148.2 $ 8,594.7
Annual Minimum Payments Due on Finance Lease Receivables and a Reconciliation of the Undiscounted Cash Flows to the Net Investment in Finance Leases	Annual minimum payments due on finance lease receivables and a reconciliation of the undiscounted cash flows to the net investment in finance leases are as follows: FINANCE Beginning January 1, LEASES 2024 $ 1,651.1 2025 1,359.9 2026 1,036.1 2027 714.6 2028 367.0 Thereafter 162.2 $ 5,290.9 Unguaranteed residual values 205.2 Unearned interest on finance leases ( 710.4 ) Net investment in finance leases $ 4,785.7
Allowance for Credit Losses	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 ( .6 ) ( .3 ) 31.8 .4 31.3 Charge-offs ( .2 ) ( 28.4 ) ( 1.7 ) ( 30.3 ) Recoveries 5.6 1.4 7.0 Currency translation and other .1 3.5 .3 3.9 Balance at December 31 $ 2.7 $ 1.9 $ 125.1 $ 3.3 $ 133.0 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 .1 ( 4.9 ) 12.0 ( 1.7 ) 5.5 Charge-offs ( 8.5 ) ( .5 ) ( 9.0 ) Recoveries 7.5 2.2 9.7 Currency translation and other ( 2.8 ) .8 ( 2.0 ) Balance at December 31 $ 3.4 $ 2.2 $ 112.6 $ 2.9 $ 121.1 * Operating lease and other trade receivables. 2021 DEALER CUSTOMER WHOLESALE RETAIL RETAIL OTHER* TOTAL Balance at January 1 $ 3.4 $ 8.4 $ 112.0 $ 3.2 $ 127.0 Provision for losses ( 1.3 ) .6 1.2 .5 Charge-offs ( 12.3 ) ( 2.5 ) ( 14.8 ) Recoveries 6.2 .3 6.5 Currency translation and other ( .1 ) ( 2.1 ) ( .1 ) ( 2.3 ) Balance at December 31 $ 3.3 $ 7.1 $ 104.4 $ 2.1 $ 116.9 * Operating lease and other trade receivables.
Amortized Cost Basis of Finance Receivables 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 December 31, 2023 LOANS 2023 2022 2021 2020 2019 PRIOR TOTAL Amortized Cost: Dealer: Wholesale: Performing $ 4,129.8 $ 4,129.8 Watch 18.0 18.0 $ 4,147.8 $ 4,147.8 Retail: Performing $ 280.7 $ 789.1 $ 520.0 $ 291.2 $ 162.8 $ 161.8 $ 125.2 $ 2,330.8 $ 280.7 $ 789.1 $ 520.0 $ 291.2 $ 162.8 $ 161.8 $ 125.2 $ 2,330.8 Total dealer $ 4,428.5 $ 789.1 $ 520.0 $ 291.2 $ 162.8 $ 161.8 $ 125.2 $ 6,478.6 Customer retail: Fleet: Performing $ 4,601.7 $ 2,667.2 $ 1,309.5 $ 719.2 $ 226.7 $ 64.1 $ 9,588.4 Watch 46.0 32.0 7.5 5.7 1.3 .9 93.4 At-risk 42.0 31.0 12.9 5.6 1.2 .1 92.8 $ 4,689.7 $ 2,730.2 $ 1,329.9 $ 730.5 $ 229.2 $ 65.1 $ 9,774.6 Owner/operator: Performing $ 460.9 $ 332.9 $ 263.6 $ 142.1 $ 52.8 $ 8.6 $ 1,260.9 Watch 2.0 3.2 2.2 1.3 .3 9.0 At-risk .6 1.3 1.1 1.5 .2 .4 5.1 $ 463.5 $ 337.4 $ 266.9 $ 144.9 $ 53.3 $ 9.0 $ 1,275.0 Total customer retail $ 5,153.2 $ 3,067.6 $ 1,596.8 $ 875.4 $ 282.5 $ 74.1 $ 11,049.6 Total $ 4,428.5 $ 5,942.3 $ 3,587.6 $ 1,888.0 $ 1,038.2 $ 444.3 $ 199.3 $ 17,528.2 REVOLVING Ended December 31, 2023 LOANS 2023 2022 2021 2020 2019 PRIOR TOTAL Gross charge-offs: Dealer: Wholesale $ .2 $ .2 Total dealer $ .2 $ .2 Customer retail: Fleet: $ 1.0 $ 9.4 $ 5.1 $ 4.2 $ 4.2 $ .6 $ 24.5 Owner/operator .5 1.1 1.5 .5 .3 3.9 Total customer retail $ 1.5 $ 10.5 $ 6.6 $ 4.7 $ 4.2 $ .9 $ 28.4 Total $ .2 $ 1.5 $ 10.5 $ 6.6 $ 4.7 $ 4.2 $ .9 $ 28.6 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 At December 31, 2023 WHOLESALE RETAIL FLEET OWNER/ OPERATOR TOTAL Current and up to 30 days past due $ 4,131.7 $ 2,330.8 $ 9,656.4 $ 1,262.4 $ 17,381.3 31 – 60 days past due 15.0 61.0 8.5 84.5 Greater than 60 days past due 1.1 57.2 4.1 62.4 $ 4,147.8 $ 2,330.8 $ 9,774.6 $ 1,275.0 $ 17,528.2 DEALER CUSTOMER RETAIL At December 31, 2022 WHOLESALE RETAIL FLEET OWNER/ 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 At December 31, 2023 WHOLESALE RETAIL FLEET OWNER/ OPERATOR TOTAL Amortized cost basis with a specific reserve $ 69.8 $ 4.3 $ 74.1 Amortized cost basis with no specific reserve 22.8 .8 23.6 Total $ 92.6 $ 5.1 $ 97.7 DEALER CUSTOMER RETAIL At December 31, 2022 WHOLESALE RETAIL FLEET OWNER/ 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: Year Ended December 31, 2023 2022 2021 Dealer: Retail $ .1 $ .2 Customer retail: Fleet $ 2.2 2.5 3.1 Owner/operator .4 .2 .5 $ 2.6 $ 2.8 $ 3.8

Equipment On Operating Leases (

Equipment On Operating Leases (Tables)	12 Months Ended
	Dec. 31, 2023
Lessor Disclosure [Abstract]
Equipment on Operating Leases for Truck Parts and Other Segment and for Financial Services Segment	A summary of equipment on operating leases for Truck, Parts and Other and for the Financial Services segment is presented below: TRUCK, PARTS AND OTHER FINANCIAL SERVICES At December 31, 2023 2022 2023 2022 Equipment on operating leases $ 177.4 $ 251.7 $ 3,365.3 $ 3,974.8 Less allowance for depreciation ( 49.8 ) ( 60.9 ) ( 1,189.9 ) ( 1,362.3 ) $ 127.6 $ 190.8 $ 2,175.4 $ 2,612.5
Residual Value Obligation and Deferred Lease Revenue	These amounts are summarized below: TRUCK, PARTS AND OTHER At December 31, 2023 2022 Residual value guarantees $ 119.7 $ 162.3 Deferred lease revenues 22.9 46.9 $ 142.6 $ 209.2

Property, Plant And Equipment (

Property, Plant And Equipment (Tables)	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Property, Plant And Equipment	Property, plant and equipment included the following: At December 31, USEFUL LIVES 2023 2022 Land $ 325.7 $ 269.9 Buildings and improvements 10 - 40 years 1,703.8 1,608.6 Machinery, equipment and production tooling 3 - 20 years 5,337.7 5,086.6 Construction in progress 676.3 424.1 8,043.5 7,389.2 Less allowance for depreciation ( 4,263.4 ) ( 3,920.8 ) $ 3,780.1 $ 3,468.4

Accounts Payable, Accrued Exp_2

Accounts Payable, Accrued Expenses and Other (Tables)	12 Months Ended
	Dec. 31, 2023
Payables and Accruals [Abstract]
Accounts Payable, Accrued Expenses and Other	Accounts payable, accrued expenses and other include the following: At December 31, 2023 2022 Truck, Parts and Other: Accounts payable $ 1,667.6 $ 1,665.1 Product support liabilities 867.8 542.9 Accrued expenses 936.5 808.4 Right-of-return liabilities 365.8 366.4 Accrued capital expenditures 225.1 221.2 Salaries and wages 401.5 351.8 Other 612.0 555.9 $ 5,076.3 $ 4,511.7

Product Support Liabilities (Ta

Product Support Liabilities (Tables)	12 Months Ended
	Dec. 31, 2023
Product Warranties Disclosures [Abstract]
Changes in Product Support Liabilities, Warranty Reserves	WARRANTY RESERVES 2023 2022 2021 Balance at January 1 $ 437.7 $ 344.3 $ 389.7 Cost accruals 739.2 386.1 298.2 Payments ( 632.4 ) ( 398.7 ) ( 396.3 ) Change in estimates for pre-existing warranties 211.9 111.5 58.3 Currency translation and other 10.6 ( 5.5 ) ( 5.6 ) Balance at December 31 $ 767.0 $ 437.7 $ 344.3
Changes in Deferred Revenues on Extended Warranties and R&M Contracts	DEFERRED REVENUES ON EXTENDED WARRANTIES AND R&M CONTRACTS 2023 2022 2021 Balance at January 1 $ 904.9 $ 775.2 $ 795.8 Deferred revenues 812.4 629.1 487.1 Revenues recognized ( 507.8 ) ( 476.1 ) ( 487.8 ) Currency translation 19.6 ( 23.3 ) ( 19.9 ) Balance at December 31 $ 1,229.1 $ 904.9 $ 775.2
Product Support Liabilities	Product support liabilities are included in the accompanying Consolidated Balance Sheets as follows: WARRANTY RESERVES DEFERRED REVENUES At December 31, 2023 2022 2023 2022 Truck, Parts and Other: Accounts payable, accrued expenses and other $ 513.6 $ 279.2 $ 354.2 $ 263.7 Other liabilities 253.4 158.5 861.4 628.8 Financial Services: Accounts payable, accrued expenses and other 5.3 4.9 Deferred taxes and other liabilities 8.2 7.5 $ 767.0 $ 437.7 $ 1,229.1 $ 904.9

Borrowings And Credit Arrange_2

Borrowings And Credit Arrangements (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Financial Services Borrowings	Financial Services borrowings include the following: 2023 2022 EFFECTIVE EFFECTIVE At December 31, RATE BORROWINGS RATE BORROWINGS Commercial paper 5.2 % $ 5,068.9 3.7 % $ 3,265.5 Bank loans 8.6 % 541.0 6.7 % 339.4 5,609.9 3,604.9 Term notes 3.4 % 8,624.6 2.2 % 7,866.7 4.3 % $ 14,234.5 2.7 % $ 11,471.6
Annual Maturities of Financial Services Borrowings	The annual maturities of the Financial Services borrowings are as follows: COMMERCIAL BANK TERM Beginning January 1, PAPER LOANS NOTES TOTAL 2024 $ 5,084.1 $ 178.8 $ 2,185.6 $ 7,448.5 2025 130.9 2,672.3 2,803.2 2026 143.0 2,905.5 3,048.5 2027 68.8 300.0 368.8 2028 19.5 600.1 619.6 $ 5,084.1 $ 541.0 $ 8,663.5 $ 14,288.6

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Schedule of Components of Lease Expense	The components of lease expense were as follows: Year Ended December 31, 2023 2022 2021 Finance lease cost Amortization of right-of-use assets and interest $ 1.1 $ .9 $ .6 Operating lease cost 17.5 15.5 16.3 Short-term lease cost 3.7 2.4 3.0 Variable lease cost 2.4 1.2 1.5 Total lease cost $ 24.7 $ 20.0 $ 21.4
Schedule of Balance Sheet Information Related to Leases	Balance sheet information related to leases was as follows: 2023 2022 At December 31, OPERATING LEASES FINANCE LEASES OPERATING LEASES FINANCE LEASES TRUCK, PARTS AND OTHER: Other noncurrent assets $ 64.9 $ 2.5 $ 36.9 $ 2.7 FINANCIAL SERVICES: Other assets 6.0 6.0 Total right-of-use assets $ 70.9 $ 2.5 $ 42.9 $ 2.7 TRUCK, PARTS AND OTHER: Accounts payable, accrued expenses and other $ 14.2 $ .8 $ 11.3 $ .8 Other liabilities 51.6 1.6 25.8 1.8 FINANCIAL SERVICES: Accounts payable, accrued expenses and other 1.8 1.4 Deferred taxes and other liabilities 3.9 4.4 Total lease liabilities $ 71.5 $ 2.4 $ 42.9 $ 2.6
Schedule of Weighted-Average Remaining Lease Term and Discount Rate	The weighted-average remaining lease term and discount rate were as follows at December 31: 2023 2022 OPERATING LEASES FINANCE LEASES OPERATING LEASES FINANCE LEASES Weighted-average remaining lease term 5.7 years 3.1 years 4.8 years 3.8 years Weighted-average discount rate 4.0 % 2.3 % 1.6 % 1.7 %
Schedule of Maturities of Lease Liabilities	Maturities of lease liabilities are as follows: Beginning January 1, OPERATING LEASES FINANCE LEASES 2024 $ 17.8 $ 1.0 2025 16.1 .7 2026 13.7 .6 2027 10.4 .1 2028 7.8 .1 Thereafter 14.6 Total lease payments 80.4 2.5 Less: interest ( 8.9 ) ( .1 ) Total lease liabilities $ 71.5 $ 2.4
Schedule of Cash Flow Information Related to Leases	Cash flow information related to leases was as follows: Year Ended December 31, 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 17.0 $ 15.9 $ 16.7 Financing cash flows from finance leases 1.1 1.0 .6 Right-of-use assets obtained in exchange for lease liabilities Operating leases 39.5 17.0 8.1 Finance leases 1.3 2.9 .4

Employee Benefits (Tables)

Employee Benefits (Tables)	12 Months Ended
	Dec. 31, 2023
Retirement Benefits [Abstract]
Allocation of Plan Assets by Investment	The following information details the allocation of plan assets by investment type. See Note Q for definitions of fair value levels. FAIR VALUE HIERARCHY At December 31, 2023 TARGET LEVEL 1 LEVEL 2 TOTAL MEASURED TOTAL Equities: U.S. equities $ 1,004.4 $ 1,004.4 Global equities 771.8 771.8 Total equities 45 - 65 % 1,776.2 1,776.2 Fixed income: U.S. fixed income $ 95.7 $ 275.4 $ 371.1 $ 676.9 $ 1,048.0 Non-U.S. fixed income 39.3 39.3 530.2 569.5 Total fixed income 35 - 55 % 95.7 314.7 410.4 1,207.1 1,617.5 Cash and other .4 99.4 99.8 .6 100.4 Total plan assets $ 96.1 $ 414.1 $ 510.2 $ 2,983.9 $ 3,494.1 FAIR VALUE HIERARCHY At December 31, 2022 TARGET LEVEL 1 LEVEL 2 TOTAL MEASURED TOTAL Equities: U.S. equities $ 830.9 $ 830.9 Global equities 795.9 795.9 Total equities 45 - 65 % 1,626.8 1,626.8 Fixed income: U.S. fixed income $ 82.2 $ 258.0 $ 340.2 $ 605.2 $ 945.4 Non-U.S. fixed income 31.4 31.4 419.4 450.8 Total fixed income 35 - 55 % 82.2 289.4 371.6 1,024.6 1,396.2 Cash and other 5.8 86.1 91.9 .3 92.2 Total plan assets $ 88.0 $ 375.5 $ 463.5 $ 2,651.7 $ 3,115.2
Weighted Average Assumptions of Pension Plans	The following weighted-average assumptions relate to all pension plans of the Company: At December 31, 2023 2022 Discount rate 4.8 % 5.0 % Rate of increase in future compensation levels 3.9 % 3.9 % Assumed long-term rate of return on plan assets 6.6 % 6.0 %
Components of Change in Projected Benefit Obligation and Change in Plan Assets	The components of the change in projected benefit obligation and change in plan assets are as follows: At December 31, 2023 2022 Change in projected benefit obligation: Benefit obligation at January 1 $ 2,567.0 $ 3,709.6 Service cost 94.0 148.5 Interest cost 127.5 84.9 Benefits paid ( 110.1 ) ( 107.7 ) Actuarial loss (gain) 186.5 ( 1,190.4 ) Currency translation and other 37.8 ( 78.3 ) Participant contributions .6 .4 Projected benefit obligation at December 31 $ 2,903.3 $ 2,567.0 Change in plan assets: Fair value of plan assets at January 1 $ 3,115.2 $ 4,094.5 Employer contributions 27.3 39.1 Actual gain (loss) on plan assets 412.5 ( 809.6 ) Benefits paid ( 110.1 ) ( 107.7 ) Currency translation and other 48.6 ( 101.5 ) Participant contributions .6 .4 Fair value of plan assets at December 31 $ 3,494.1 $ 3,115.2 Funded status at December 31 $ 590.8 $ 548.2
Amounts Recorded on Balance Sheets	At December 31, 2023 2022 Amounts recorded on Balance Sheets: Other noncurrent assets $ 734.8 $ 671.2 Accounts payable, accrued expenses and other 23.8 18.0 Other liabilities 120.2 105.0 Accumulated other comprehensive loss: Actuarial loss 98.0 97.9 Prior service cost 12.3 13.0
Information for Plans with Accumulated Benefit Obligation in Excess of Plan Assets	Information for all plans with an accumulated benefit obligation in excess of plan assets is as follows: At December 31, 2023 2022 Projected benefit obligation $ 138.7 $ 126.7 Accumulated benefit obligation 124.1 113.7 Fair value of plan assets 7.1 6.8
Components of Pension Expense	The components of pension expense are as follows: Year Ended December 31, 2023 2022 2021 Service cost $ 94.0 $ 148.5 $ 148.4 Interest on projected benefit obligation 127.5 84.9 65.3 Expected return on assets ( 230.3 ) ( 215.1 ) ( 203.3 ) Amortization of prior service costs 1.4 .7 .8 Recognized actuarial loss 4.7 28.9 58.7 Net pension (gain) expense $ ( 2.7 ) $ 47.9 $ 69.9 T
Multi-employer Plans	The Company’s participation in the following multi-employer plans for the years ended December 31 are as follows: PENSION PLAN COMPANY CONTRIBUTIONS PENSION PLAN EIN NUMBER SURCHARGE 2023 2022 2021 Metal and Electrical Engineering Industry Pension Fund 135668 Yes $ 46.1 $ 37.1 $ 38.1 Western Metal Industry Pension Plan 91-6033499 001 Yes 4.5 4.0 4.0 Other plans 1.2 1.0 1.1 $ 51.8 $ 42.1 $ 43.2

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Components of Income Before Income Taxes	The components of the Company’s income before income taxes include the following: Year Ended December 31, 2023 2022 2021 Domestic $ 3,913.7 $ 2,322.9 $ 1,391.4 Foreign 1,804.5 1,525.8 1,004.9 $ 5,718.2 $ 3,848.7 $ 2,396.3
Components of Provision for Income Taxes	The components of the Company’s provision for income taxes include the following: Year Ended December 31, 2023 2022 2021 Current provision: Federal $ 845.5 $ 567.0 $ 410.0 State 179.8 143.1 85.9 Foreign 395.8 335.0 243.5 1,421.1 1,045.1 739.4 Deferred (benefit) provision: Federal ( 141.5 ) ( 173.2 ) ( 176.0 ) State ( 24.4 ) ( 42.0 ) ( 29.6 ) Foreign ( 137.8 ) 7.2 ( 3.0 ) ( 303.7 ) ( 208.0 ) ( 208.6 ) $ 1,117.4 $ 837.1 $ 530.8
Reconciliation of Statutory U.S Federal Tax Rate to Effective Income Tax Rate	A reconciliation of the statutory U.S. federal tax rate to the effective income tax rate is as follows: 2023 2022 2021 Statutory rate 21.0 % 21.0 % 21.0 % Effect of: State 2.3 2.1 2.0 Research and development tax credit ( .8 ) ( 1.0 ) ( 1.2 ) Tax on foreign earnings .1 .5 1.1 Brasil valuation allowance release ( 2.1 ) Other, net ( 1.0 ) ( .8 ) ( .7 ) 19.5 % 21.8 % 22.2 %
Tax Effects of Temporary Differences Representing Deferred Tax Assets and Liabilities and Balance Sheet Classification	The tax effects of temporary differences representing deferred tax assets and liabilities are as follows: At December 31, 2023 2022 Assets: Accrued liabilities $ 314.3 $ 252.2 R&D expense capitalization 257.1 153.6 Net operating loss and tax credit carryforwards 144.8 128.0 Inventory adjustments 64.6 59.5 Allowance for losses on receivables 53.2 43.8 Other 132.2 95.6 966.2 732.7 Valuation allowance ( 2.3 ) ( 116.2 ) 963.9 616.5 Liabilities: Financial Services leasing depreciation ( 572.6 ) ( 558.9 ) Depreciation and amortization ( 219.7 ) ( 227.3 ) Postretirement benefit plans ( 144.5 ) ( 120.5 ) Other ( 58.9 ) ( 59.2 ) ( 995.7 ) ( 965.9 ) Net deferred tax liability $ ( 31.8 ) $ ( 349.4 ) The balance sheet classifications of the Company’s deferred tax assets and liabilities are as follows: At December 31, 2023 2022 Truck, Parts and Other: Other noncurrent assets, net $ 502.6 $ 199.0 Other liabilities ( 78.8 ) ( 75.5 ) Financial Services: Other assets 88.3 51.0 Deferred taxes and other liabilities ( 543.9 ) ( 523.9 ) Net deferred tax liability $ ( 31.8 ) $ ( 349.4 )
Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits	A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows: 2023 2022 2021 Balance at January 1 $ 27.8 $ 26.0 $ 24.5 Additions for tax positions related to the current year 7.7 7.4 6.1 Additions for tax positions related to prior years 2.6 1.8 .8 Reductions for tax positions related to prior years ( 1.6 ) ( 1.6 ) Lapse of statute of limitations ( 5.3 ) ( 5.8 ) ( 5.4 ) Balance at December 31 $ 31.2 $ 27.8 $ 26.0

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Changes in Accumulated Other Comprehensive Income (loss) by Component	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: DERIVATIVE MARKETABLE PENSION FOREIGN TOTAL Balance at January 1, 2023 $ 35.1 $ ( 43.6 ) $ ( 110.9 ) $ ( 834.0 ) $ ( 953.4 ) Recorded into AOCI ( 137.9 ) 32.4 ( 4.0 ) 275.3 165.8 Reclassified out of AOCI 91.8 ( 2.7 ) 4.6 93.7 Net other comprehensive (loss) income ( 46.1 ) 29.7 .6 275.3 259.5 Balance at December 31, 2023 $ ( 11.0 ) $ ( 13.9 ) $ ( 110.3 ) $ ( 558.7 ) $ ( 693.9 ) DERIVATIVE MARKETABLE PENSION PLANS FOREIGN TOTAL Balance at January 1, 2022 $ ( 13.5 ) $ ( 1.1 ) $ ( 269.8 ) $ ( 636.7 ) $ ( 921.1 ) Recorded into AOCI 8.6 ( 41.3 ) 136.4 ( 197.3 ) ( 93.6 ) Reclassified out of AOCI 40.0 ( 1.2 ) 22.5 61.3 Net other comprehensive income (loss) 48.6 ( 42.5 ) 158.9 ( 197.3 ) ( 32.3 ) Balance at December 31, 2022 $ 35.1 $ ( 43.6 ) $ ( 110.9 ) $ ( 834.0 ) $ ( 953.4 ) DERIVATIVE MARKETABLE PENSION PLANS FOREIGN TOTAL Balance at January 1, 2021 $ ( 29.2 ) $ 14.6 $ ( 578.1 ) $ ( 457.6 ) $ ( 1,050.3 ) Recorded into AOCI 39.9 ( 14.1 ) 262.9 ( 179.1 ) 109.6 Reclassified out of AOCI ( 24.2 ) ( 1.6 ) 45.4 19.6 Net other comprehensive income (loss) 15.7 ( 15.7 ) 308.3 ( 179.1 ) 129.2 Balance at December 31, 2021 $ ( 13.5 ) $ ( 1.1 ) $ ( 269.8 ) $ ( 636.7 ) $ ( 921.1 )
Reclassifications Out of Accumulated Other Comprehensive Income	Reclassifications out of AOCI during the years ended December 31, 2023, 2022 and 2021 were as follows: AMOUNT RECLASSIFIED OUT OF AOCI AOCI COMPONENTS LINE ITEM IN THE CONSOLIDATED 2023 2022 2021 Unrealized losses (gains) on derivative contracts: Truck, Parts and Other Foreign-exchange contracts Net sales and revenues $ 31.9 $ 19.3 $ 16.6 Cost of sales and revenues 2.2 ( 15.3 ) ( 1.0 ) Interest and other expenses (income), net ( .9 ) ( 1.4 ) ( .1 ) Commodity contracts Cost of sales and revenues 4.2 32.0 .6 x Financial Services Foreign-exchange contracts Interest and other borrowing expenses ( 2.1 ) 7.3 Interest-rate contracts Interest and other borrowing expenses 76.5 6.1 ( 49.8 ) Pre-tax expense increase (reduction) 111.8 48.0 ( 33.7 ) Tax (benefit) expense ( 20.0 ) ( 8.0 ) 9.5 After-tax expense increase (reduction) 91.8 40.0 ( 24.2 ) Unrealized gains on marketable debt securities: Marketable debt securities Investment income ( 3.6 ) ( 1.6 ) ( 2.1 ) Tax expense .9 .4 .5 After-tax income increase ( 2.7 ) ( 1.2 ) ( 1.6 ) Unrealized losses on pension plans: Truck, Parts and Other Actuarial loss Interest and other expenses (income), net 4.7 28.9 58.7 Prior service costs Interest and other expenses (income), net 1.4 .7 .8 Pre-tax expense increase 6.1 29.6 59.5 Tax benefit ( 1.5 ) ( 7.1 ) ( 14.1 ) After-tax expense increase 4.6 22.5 45.4 Total reclassifications out of AOCI $ 93.7 $ 61.3 $ 19.6

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 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: At December 31, 2023 2022 ASSETS LIABILITIES ASSETS LIABILITIES Derivatives designated under hedge accounting: Interest-rate contracts: Financial Services: Other assets $ 17.3 $ 58.0 Deferred taxes and other liabilities $ 131.1 $ 82.6 Foreign-exchange contracts: Truck, Parts and Other: Other current assets 1.5 57.3 Accounts payable, accrued expenses and other 21.1 9.5 Financial Services: Other current assets 1.6 Deferred taxes and other liabilities 3.6 5.1 Commodity contracts: Truck, Parts and Other: Other current assets 1.2 1.5 Accounts payable, accrued expenses and other .8 .6 $ 20.0 $ 156.6 $ 118.4 $ 97.8 Derivatives not designated as hedging instruments: Foreign-exchange contracts: Truck, Parts and Other: Other current assets $ 1.0 $ 1.0 Accounts payable, accrued expenses and other $ 3.4 $ .1 Financial Services: Other assets Deferred taxes and other liabilities .1 .1 Commodity contracts: Truck, Parts and Other: Accounts payable, accrued expenses and other .2 $ 1.0 $ 3.5 $ 1.0 $ .4 Gross amounts recognized in Balance Sheets $ 21.0 $ 160.1 $ 119.4 $ 98.2 Less amounts not offset in financial instruments: Truck, Parts and Other: Foreign-exchange contracts $ ( 1.6 ) $ ( 1.6 ) $ ( .1 ) $ ( .1 ) Commodity contracts ( .7 ) ( .7 ) ( .5 ) ( .5 ) Financial Services: Foreign-exchange contracts ( 1.8 ) ( 1.8 ) Interest-rate contracts ( 11.9 ) ( 11.9 ) ( 21.5 ) ( 21.5 ) Pro forma net amount $ 6.8 $ 145.9 $ 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: Year Ended December 31, 2023 2022 2021 INTEREST- FOREIGN- INTEREST- FOREIGN- INTEREST- FOREIGN- RATE EXCHANGE RATE EXCHANGE RATE EXCHANGE Truck, Parts and Other: Net sales and revenues Cash flow hedges $ 31.9 $ 19.3 $ 16.6 Cost of sales and revenues Cash flow hedges 2.2 ( 15.3 ) ( 1.0 ) Derivatives not designated as hedging instruments ( 5.1 ) ( 1.7 ) 8.9 Interest and other expenses (income), net Cash flow hedges 12.8 ( 1.4 ) ( .1 ) Net investment hedges ( 8.7 ) ( 5.8 ) ( 3.2 ) Derivatives not designated as hedging instruments 8.8 .8 1.9 $ 41.9 $ ( 4.1 ) $ 23.1 Financial Services: Interest and other borrowing expenses Cash flow hedges $ 76.5 $ 1.8 $ 6.1 $ 7.3 $ ( 49.8 ) Fair value hedges 9.8 1.0 .4 Derivatives not designated as hedging instruments 1.7 ( 8.1 ) $ ( .5 ) $ 86.3 $ 3.5 $ 7.1 $ ( .8 ) $ ( 49.4 ) $ ( .5 ) Total $ 86.3 $ 45.4 $ 7.1 $ ( 4.9 ) $ ( 49.4 ) $ 22.6
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: At December 31, 2023 2022 Financial Services Term notes : Carrying amount of the hedged liabilities $ 128.1 $ 319.8 Cumulative basis adjustment included in the carrying amount 7.1 27.7
Pre-Tax Effects of (Loss) Gain Derivative Instruments Recognized in OCI	The following table presents the pre-tax effects of (loss) gain on cash flow hedges recognized in other comprehensive income (loss) (OCI): Year Ended December 31, 2023 2022 2021 INTEREST- FOREIGN- INTEREST- FOREIGN- INTEREST- FOREIGN- RATE EXCHANGE RATE EXCHANGE RATE EXCHANGE (Loss) gain recognized in OCI: Truck, Parts and Other $ ( 65.7 ) $ 41.2 $ ( 18.5 ) Financial Services $ ( 110.5 ) 1.8 $ 19.1 ( 25.5 ) $ 83.2 ( 1.9 ) $ ( 110.5 ) $ ( 63.9 ) $ 19.1 $ 15.7 $ 83.2 $ ( 20.4 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2023 LEVEL 1 LEVEL 2 TOTAL Assets: Marketable debt securities U.S. tax-exempt securities $ 310.7 $ 310.7 U.S. taxable municipal / non-U.S. provincial bonds 240.1 240.1 U.S. corporate securities 353.3 353.3 U.S. government securities $ 158.1 158.1 Non-U.S. corporate securities 524.2 524.2 Non-U.S. government securities 141.2 141.2 Other debt securities 90.6 90.6 Total marketable debt securities $ 158.1 $ 1,660.1 $ 1,818.2 Marketable equity securities $ 4.4 $ 4.4 Total marketable securities $ 162.5 $ 1,660.1 $ 1,822.6 Derivatives Cross currency swaps $ 13.2 $ 13.2 Interest-rate swaps 4.1 4.1 Foreign-exchange contracts 2.5 2.5 Commodity contracts 1.2 1.2 Total derivative assets $ 21.0 $ 21.0 Liabilities: Derivatives Cross currency swaps $ 116.6 $ 116.6 Interest-rate swaps 14.5 14.5 Foreign-exchange contracts 28.2 28.2 Commodity contracts .8 .8 Total derivative liabilities $ 160.1 $ 160.1 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 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: At December 31, 2023 2022 CARRYING FAIR CARRYING FAIR AMOUNT VALUE AMOUNT VALUE Assets: Financial Services fixed rate loans $ 8,126.8 $ 8,214.4 $ 6,859.1 $ 6,582.0 Liabilities: Financial Services fixed rate debt 8,720.3 8,693.7 8,070.5 7,715.9

Stock Compensation Plans (Table

Stock Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Assumptions Used in Determining Fair Value of Option Awards	The assumptions used in determining the fair value of the option awards for each of the grant years are as follows: 2023 2022 2021 Risk-free interest rate 3.84 % 1.86 % .71 % Expected volatility 26 % 26 % 26 % Expected dividend yield 4.5 % 4.3 % 3.6 % Expected term 6 years 6 years 6 years Weighted average grant date fair value of options per share $ 13.17 $ 9.70 $ 9.48
Activity Under Company's Stock Plans	A summary of activity under the Company’s stock plans is presented below: 2023 2022 2021 Intrinsic value of options exercised $ 41.2 $ 17.8 $ 25.4 Cash received from stock option exercises 51.7 35.8 38.4 Tax benefit related to stock award exercises 5.4 2.6 4.9 Stock-based compensation 21.2 17.1 14.7 Tax benefit related to stock-based compensation 1.7 1.7 1.6
Stock Option Activity	The summary of options as of December 31, 2023 and changes during the year then ended are presented below: PER SHARE REMAINING AGGREGATE NUMBER EXERCISE CONTRACTUAL INTRINSIC OF SHARES PRICE* LIFE IN YEARS* VALUE Options outstanding at January 1 4,205,200 $ 51.10 Granted 898,100 72.00 Exercised ( 1,174,400 ) 44.08 Cancelled ( 105,600 ) 66.09 Options outstanding at December 31 3,823,300 $ 57.77 6.64 $ 152.5 Vested and expected to vest 3,678,800 $ 57.34 6.55 $ 148.3 Exercisable 1,498,400 $ 45.45 4.25 $ 78.2 * Weighted Average
Nonvested Restricted Shares Activity	The fair value of restricted shares is determined based upon the stock price on the date of grant. The summary of nonvested restricted shares as of December 31, 2023 and changes during the year then ended is presented below: NUMBER GRANT DATE NONVESTED SHARES OF SHARES FAIR VALUE* Nonvested awards outstanding at January 1 241,500 $ 59.69 Granted 197,000 71.27 Vested ( 168,700 ) 63.06 Forfeited ( 8,000 ) 60.25 Nonvested awards outstanding at December 31 261,800 $ 66.21 * Weighted Average
Dilutive and Antidilutive Options	The dilutive and antidilutive options are shown separately in the table below: Year Ended December 31, 2023 2022 2021 Additional shares 1,099,000 769,100 973,300 Antidilutive options 891,500 1,653,600 883,800

Segment and Related Informati_2

Segment and Related Information (Tables)	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Geographic Area Data	Geographic Area Data 2023 2022 2021 Net sales and revenues: United States $ 18,841.6 $ 15,379.2 $ 12,388.8 Europe 8,741.4 7,486.5 6,325.4 Other 7,544.4 5,954.0 4,808.1 $ 35,127.4 $ 28,819.7 $ 23,522.3 Property, plant and equipment, net: United States $ 1,950.9 $ 1,831.7 $ 1,718.5 The Netherlands 654.0 534.1 516.1 Belgium 550.4 572.8 620.5 Other 624.8 529.8 543.0 $ 3,780.1 $ 3,468.4 $ 3,398.1 Equipment on operating leases, net: United States $ 524.9 $ 846.9 $ 1,003.0 Mexico 420.2 314.5 285.7 Spain 303.3 316.3 291.8 Germany 247.1 280.9 307.1 France 223.5 260.7 299.7 Poland 187.9 245.8 337.9 The Netherlands 137.8 185.9 157.8 Other 258.3 352.3 505.9 $ 2,303.0 $ 2,803.3 $ 3,188.9
Segment Reporting Information by Segment	Business Segment Data 2023 2022 2021 Net sales and revenues: Truck $ 27,257.1 $ 22,005.5 $ 17,379.0 Less intersegment ( 410.7 ) ( 519.3 ) ( 579.3 ) External customers 26,846.4 21,486.2 16,799.7 Parts 6,486.5 5,829.4 5,004.8 Less intersegment ( 72.1 ) ( 65.1 ) ( 60.5 ) External customers 6,414.4 5,764.3 4,944.3 Other 54.7 63.8 90.5 33,315.5 27,314.3 21,834.5 Financial Services 1,811.9 1,505.4 1,687.8 $ 35,127.4 $ 28,819.7 $ 23,522.3 Income (loss) before income taxes: Truck $ 3,799.9 $ 1,753.3 $ 804.9 Parts 1,702.6 1,446.6 1,110.0 Other* ( 616.8 ) ( 1.1 ) 28.3 4,885.7 3,198.8 1,943.2 Financial Services 540.3 588.9 437.6 Investment income 292.2 61.0 15.5 $ 5,718.2 $ 3,848.7 $ 2,396.3 Depreciation and amortization: Truck $ 403.5 $ 324.9 $ 277.6 Parts 15.0 14.0 12.0 Other 25.3 23.9 21.9 443.8 362.8 311.5 Financial Services 480.1 427.4 591.8 $ 923.9 $ 790.2 $ 903.3 Expenditures for long-lived assets: Truck $ 584.8 $ 466.0 $ 547.2 Parts 65.7 21.1 29.4 Other 33.2 28.6 24.1 683.7 515.7 600.7 Financial Services 582.2 854.8 984.8 $ 1,265.9 $ 1,370.5 $ 1,585.5 Segment assets: Truck $ 8,038.5 $ 7,218.1 $ 6,912.1 Parts 1,912.1 1,742.1 1,505.1 Other 1,249.6 976.8 860.3 Cash and marketable securities 8,659.3 6,158.9 4,813.0 19,859.5 16,095.9 14,090.5 Financial Services 20,963.9 17,179.6 15,418.9 $ 40,823.4 $ 33,275.5 $ 29,509.4 * In 2023, Other includes a $ 600.0 million non-recurring charge related to civil litigation in Europe (EC-related claims) which is discussed in Note L .

Significant Accounting Polici_4

Significant Accounting Policies - Additional Information (Detail)		12 Months Ended
	Dec. 06, 2022	Dec. 31, 2023 USD ($) Segment shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($)	Jan. 17, 2023 shares
Accounting Policies [Abstract]
Reportable segments | Segment		3
Payment to acquire commitment value		$ 744,000,000
Deferred revenue		$ 1,229,100,000	$ 904,900,000
Liquid investments maturity period		90 days
Goodwill		$ 107,400,000	104,100,000
Derivative assets		$ 21,000,000	$ 119,400,000
Dividends payable, date declared	Dec. 06, 2022
Dividends payable, date paid	Feb. 07, 2023
Common stock dividend payable	50%
Common stock, issued | shares		523,300,000	522,000,000		174,035,361
Fractional shares paid in cash | shares					411
Restatement effect on percentage dividend	50%
Retained earnings		$ 15,780,300,000	$ 13,402,400,000
ASU 2022-02
Accounting Policies [Abstract]
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
Designated under hedge accounting
Accounting Policies [Abstract]
Derivative assets		$ 20,000,000	118,400,000
Designated under hedge accounting | Interest-Rate Contracts | Other Assets
Accounting Policies [Abstract]
Derivative assets		21,000,000
Trade Receivables
Accounting Policies [Abstract]
Trade and other receivables, net		1,822,700,000	1,600,100,000
Other Receivables
Accounting Policies [Abstract]
Trade and other receivables, net		375,400,000	319,700,000
Financial Services
Accounting Policies [Abstract]
Total operating lease revenue		736,900,000	788,800,000	$ 831,600,000
Financing receivable, recorded investment, 90 days past due and still accruing		$ 0	$ 0
Months contractual terms extended		3 months	3 months
Financial Services | Designated under hedge accounting | Interest-Rate Contracts | Other Assets
Accounting Policies [Abstract]
Derivative assets		$ 17,300,000	$ 58,000,000
Financial Services | Operating Lease
Accounting Policies [Abstract]
Total operating lease revenue		$ 736,900,000	$ 788,800,000	$ 831,600,000
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]		Investment income	Investment income	Investment income
Depreciation and other expenses		$ 551,900,000	$ 490,000,000	$ 665,700,000
Truck, Parts and Other
Accounting Policies [Abstract]
Trade and other receivables, net		$ 2,198,100,000	$ 1,919,800,000
Trade receivable days outstanding considered past due		30 days	30 days	30 days
Allowance for credit losses for Truck, Parts and Other		$ 900,000	$ 600,000
Net charge-offs		$ 0	200,000	$ 0
Engines manufactured by PACCAR
Accounting Policies [Abstract]
Warranty period		2 years
Trucks | Truck Sales
Accounting Policies [Abstract]
Total operating lease revenue		$ 69,700,000	$ 105,900,000	$ 113,800,000
Maximum
Accounting Policies [Abstract]
Warranty period		5 years
Lease and guarantee periods (in years)		5 years
Estimated useful lives of equipment		10 years
Maximum | Financial Services
Accounting Policies [Abstract]
Operating lease term		5 years
Maximum | Financial Services | Loans and Leases
Accounting Policies [Abstract]
Contractual terms of retails loans and finance leases		5 years
Maximum | Trucks | Financial Services
Accounting Policies [Abstract]
Finance leases, lease term		5 years
Minimum
Accounting Policies [Abstract]
Warranty period		1 year
Lease and guarantee periods (in years)		3 years
Estimated useful lives of equipment		3 years
Minimum | Financial Services
Accounting Policies [Abstract]
Operating lease term		3 years
Minimum | Financial Services | Loans and Leases
Accounting Policies [Abstract]
Contractual terms of retails loans and finance leases		3 years
Minimum | Trucks | Financial Services
Accounting Policies [Abstract]
Finance leases, lease term		3 years

Estimated Value of Returned Goo

Estimated Value of Returned Goods Assets and Related Return Liabilities (Detail) - Truck, Parts and Other - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Trucks
Entity Wide Information Revenue From External Customer [Line Items]
Other current assets	$ 147.3	$ 183
Accounts payable, accrued expenses and other	149.5	185
Other noncurrent assets, net	186.7	284.6
Other liabilities	196.4	298.9
Assets	334	467.6
Liabilities	345.9	483.9
Parts Subsegment
Entity Wide Information Revenue From External Customer [Line Items]
Other current assets	86.8	77.7
Accounts payable, accrued expenses and other	216.3	181.4
Assets	86.8	77.7
Liabilities	$ 216.3	$ 181.4

Cumulative Effect of Change in

Cumulative Effect of Change in Consolidated Income Statement (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Income taxes	$ 1,117.4	$ 837.1	$ 530.8
Net Income (Loss)	$ 4,600.8	$ 3,011.6	$ 1,865.5

Cumulative Effect of Change i_2

Cumulative Effect of Change in Consolidated Balance Sheet (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Retained earnings	$ 15,780.3	$ 13,402.4
Truck, Parts and Other
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Inventories, net	2,576.7	2,198.8
Other liabilities	$ 2,121.9	$ 1,490.1

Compare Currently Reported Amou

Compare Currently Reported Amounts and Reported Under LIFO in Consolidated Statements of Comprehensive Income (Detail) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Income taxes	$ 1,117.4	$ 837.1	$ 530.8
Net Income (Loss)	$ 4,600.8	$ 3,011.6	$ 1,865.5
Net Income Per Share
Basic	$ 8.78	$ 5.76	$ 3.58
Diluted	$ 8.76	$ 5.75	$ 3.57

Compare Currently Reported Am_2

Compare Currently Reported Amounts and Reported Under LIFO in Consolidated Balance Sheet (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Retained earnings	$ 15,780.3	$ 13,402.4
Truck, Parts and Other
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Inventories, net	$ 2,576.7	$ 2,198.8

Schedule of Revenues by Major S

Schedule of Revenues by Major Sources (Detail) - Truck, Parts and Other - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Entity Wide Information Revenue From External Customer [Line Items]
Total sales and revenues	$ 33,315.5	$ 27,314.3	$ 21,834.5
Trucks
Entity Wide Information Revenue From External Customer [Line Items]
Total sales and revenues	26,846.4	21,486.2	16,799.7
Trucks | Truck Sales
Entity Wide Information Revenue From External Customer [Line Items]
Total sales and revenues	25,946.4	20,644.8	15,989.7
Trucks | Revenues from extended warranties, operating leases and other
Entity Wide Information Revenue From External Customer [Line Items]
Total sales and revenues	900	841.4	810
Parts Subsegment
Entity Wide Information Revenue From External Customer [Line Items]
Total sales and revenues	6,414.4	5,764.3	4,944.3
Parts Subsegment | Parts
Entity Wide Information Revenue From External Customer [Line Items]
Total sales and revenues	6,223.1	5,596.8	4,809.7
Parts Subsegment | Revenues from dealer services and other
Entity Wide Information Revenue From External Customer [Line Items]
Total sales and revenues	191.3	167.5	134.6
Winch Sales and Other
Entity Wide Information Revenue From External Customer [Line Items]
Total sales and revenues	$ 54.7	$ 63.8	$ 90.5

Summary of Financial Services L

Summary of Financial Services Lease Revenues by Lease Type (Detail) - Financial Services - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Entity Wide Information Revenue From External Customer [Line Items]
Finance lease revenues	$ 271.5	$ 184.1	$ 187
Operating lease revenues	736.9	788.8	831.6
Total lease revenues	$ 1,008.4	$ 972.9	$ 1,018.6

Marketable Securities (Detail)

Marketable Securities (Detail) - Truck, Parts and Other - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Schedule Of Available For Sale Securities [Line Items]
Marketable debt securities, Cost	$ 1,836.9
Marketable debt securities, Fair Value	1,818.2
Marketable equity securities, Cost	10	$ 10
Marketable equity securities, Unrealized Losses	5.6	8.8
Marketable equity securities, Fair Value	4.4	1.2
Total marketable securities, Cost	1,846.9	1,681.1
Total marketable securities, Unrealized Gains	8.1	0.9
Total marketable securities, Unrealized Losses	32.4	67.8
Total marketable securities, Fair Value	1,822.6	1,614.2
U.S. tax-exempt securities
Schedule Of Available For Sale Securities [Line Items]
Marketable debt securities, Cost	312.5	452.8
Marketable debt securities, Unrealized Gains	1.2	0.5
Marketable debt securities, Unrealized Losses	3	8.2
Marketable debt securities, Fair Value	310.7	445.1
U.S. taxable municipal / non-U.S. provincial bonds
Schedule Of Available For Sale Securities [Line Items]
Marketable debt securities, Cost	244.9	191.6
Marketable debt securities, Unrealized Gains	0.8
Marketable debt securities, Unrealized Losses	5.6	10.8
Marketable debt securities, Fair Value	240.1	180.8
U.S. corporate securities
Schedule Of Available For Sale Securities [Line Items]
Marketable debt securities, Cost	357.1	262.5
Marketable debt securities, Unrealized Gains	1.4	0.1
Marketable debt securities, Unrealized Losses	5.2	11.6
Marketable debt securities, Fair Value	353.3	251
U.S. government securities
Schedule Of Available For Sale Securities [Line Items]
Marketable debt securities, Cost	159.2	118
Marketable debt securities, Unrealized Gains	0.6	0.1
Marketable debt securities, Unrealized Losses	1.7	3.1
Marketable debt securities, Fair Value	158.1	115
Non-U.S. corporate securities
Schedule Of Available For Sale Securities [Line Items]
Marketable debt securities, Cost	529.4	467.9
Marketable debt securities, Unrealized Gains	2.3
Marketable debt securities, Unrealized Losses	7.5	17.9
Marketable debt securities, Fair Value	524.2	450
Non-U.S. government securities
Schedule Of Available For Sale Securities [Line Items]
Marketable debt securities, Cost	141	78.9
Marketable debt securities, Unrealized Gains	1.5	0.2
Marketable debt securities, Unrealized Losses	1.3	2.7
Marketable debt securities, Fair Value	141.2	76.4
Other debt securities
Schedule Of Available For Sale Securities [Line Items]
Marketable debt securities, Cost	92.8	99.4
Marketable debt securities, Unrealized Gains	0.3
Marketable debt securities, Unrealized Losses	2.5	4.7
Marketable debt securities, Fair Value	$ 90.6	$ 94.7

Investments in Marketable Sec_3

Investments in Marketable Securities - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Available For Sale Securities [Line Items]
Net realized gains (losses) on marketable equity securities	$ 3,200,000	$ (5,200,000)	$ 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	500,000	2,100,000
Gross realized loss from sales of marketable debt securities	$ 4,500,000	$ 2,300,000	$ 400,000

Marketable Debt Securities Cont

Marketable Debt Securities Continuous Unrealized Losses (Detail) - Truck, Parts and Other - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Schedule Of Available For Sale Securities [Line Items]
Less than 12 Months Fair Value	$ 289	$ 889.2
Less than 12 Months Unrealized Losses	1.6	21.5
12 Months or Greater Fair value	798.5	608.4
12 Months or Greater Unrealized losses	$ 25.2	$ 37.5

Contractual Maturities of Marke

Contractual Maturities of Marketable Debt Securities (Detail) - Truck, Parts and Other $ in Millions	Dec. 31, 2023 USD ($)
Amortized Cost Maturities:
Within one year	$ 488.3
One to five years	1,336
Six to ten years	0.7
More than ten years	11.9
Marketable debt securities, Cost	1,836.9
Fair Value Maturities:
Within one year	482.5
One to five years	1,324.5
Six to ten years	0.6
More than ten years	10.6
Fair Value	$ 1,818.2

Inventories (Detail)

Inventories (Detail) - Truck, Parts and Other - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Inventory [Line Items]
Finished products	$ 1,084	$ 871.8
Work in process and raw materials	1,492.7	1,327
Inventories, gross	$ 2,576.7	$ 2,198.8

Finance and Other Receivables_2

Finance and Other Receivables (Detail) - USD ($) $ in Millions		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Financial Services
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans		$ 8,594.7	$ 7,229.1
Finance leases		4,785.7	3,786.4
Dealer wholesale financing		4,147.8	2,772.1
Operating lease receivables and other		176.5	125.4
Finance and other receivables, net of deferred income		17,704.7	13,913
Less allowance for losses		(133)	(121.1)	$ (116.9)	$ (127)
Finance and other receivables, net		17,571.7	13,791.9
Loans and Leases
Accounts, Notes, Loans and Financing Receivable [Line Items]
Less allowance for losses		(127)	(114.8)
Dealer | Wholesale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Less allowance for losses		(2.7)	(3.4)
Dealer | Wholesale | Financial Services
Accounts, Notes, Loans and Financing Receivable [Line Items]
Less allowance for losses		(2.7)	(3.4)	(3.3)	(3.4)
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Less allowance for losses		(3.3)	(2.9)
Other | Financial Services
Accounts, Notes, Loans and Financing Receivable [Line Items]
Less allowance for losses	[1]	$ (3.3)	$ (2.9)	$ (2.1)	$ (3.2)
[1] Operating lease and other trade receivables.

Finance and Other Receivables -

Finance and Other Receivables - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued interest receivable	$ 88.4	$ 44.1
Loans accounted for as troubled debt restructurings		31.1
Repossessed inventory	30.4	9.2
Proceeds from the sales of repossessed assets	$ 27.7	$ 20.8	$ 45.3
ASU 2022-02
Accounts, Notes, Loans and Financing Receivable [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
Financing receivable modifications weighted average term extension	19 months
Customer Retail | ASU 2022-02
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable modifications percentage	0.10%
Customer Retail | Fleet
Accounts, Notes, Loans and Financing Receivable [Line Items]
Pre-Modification, Amortized Cost Basis	$ 11.7
Post-Modification, Amortized Cost Basis	11.7
Customer Retail | Fleet | ASU 2022-02
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost basis of finance receivables	7.5
Customer Retail | Owner/Operator | ASU 2022-02
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost basis of finance receivables	$ 0
Financial Services | Financing Receivable | Maximum | Customer Concentration Risk | Revenue Benchmark
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of portfolio assets	5%
Financial Services | Dealer | Wholesale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable repayment period	1 year

Annual Minimum Payments Due on

Annual Minimum Payments Due on Loans (Detail) - Financial Services - Loans Receivable $ in Millions	Dec. 31, 2023 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
2024	$ 2,840
2025	2,126
2026	1,679.9
2027	1,181.3
2028	619.3
Thereafter	148.2
Loans Receivables	$ 8,594.7

Annual Minimum Payments Due o_2

Annual Minimum Payments Due on Finance Lease Receivables and a Reconciliation of the Undiscounted Cash Flows to the Net Investment in Finance Leases (Detail) - Finance Leases Financing Receivable - Finance Leases $ in Millions	Dec. 31, 2023 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
2024	$ 1,651.1
2025	1,359.9
2026	1,036.1
2027	714.6
2028	367
Thereafter	162.2
Financing lease receivable	5,290.9
Unguaranteed residual values	205.2
Unearned interest on finance leases	(710.4)
Finance leases	$ 4,785.7

Allowance for Credit Losses (De

Allowance for Credit Losses (Detail) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Allowance for Credit Losses [Line Items]
Provision for losses		$ 31.3	$ 5.5	$ 0.5
Dealer | Wholesale
Financing Receivable, Allowance for Credit Losses [Line Items]
Beginning Balance		3.4
Ending Balance		2.7	3.4
Other
Financing Receivable, Allowance for Credit Losses [Line Items]
Beginning Balance		2.9
Ending Balance		3.3	2.9
Financial Services
Financing Receivable, Allowance for Credit Losses [Line Items]
Beginning Balance		121.1	116.9	127
Provision for losses		31.3	5.5	0.5
Charge-offs		(30.3)	(9)	(14.8)
Recoveries		7	9.7	6.5
Currency translation and other		3.9	(2)	(2.3)
Ending Balance		133	121.1	116.9
Financial Services | Dealer | Wholesale
Financing Receivable, Allowance for Credit Losses [Line Items]
Beginning Balance		3.4	3.3	3.4
Provision for losses		(0.6)	0.1
Charge-offs		(0.2)
Currency translation and other		0.1		(0.1)
Ending Balance		2.7	3.4	3.3
Financial Services | Dealer | Retail
Financing Receivable, Allowance for Credit Losses [Line Items]
Beginning Balance		2.2	7.1	8.4
Provision for losses		(0.3)	(4.9)	(1.3)
Ending Balance		1.9	2.2	7.1
Financial Services | Customer Retail
Financing Receivable, Allowance for Credit Losses [Line Items]
Beginning Balance		112.6	104.4	112
Provision for losses		31.8	12	0.6
Charge-offs		(28.4)	(8.5)	(12.3)
Recoveries		5.6	7.5	6.2
Currency translation and other		3.5	(2.8)	(2.1)
Ending Balance		125.1	112.6	104.4
Financial Services | Other
Financing Receivable, Allowance for Credit Losses [Line Items]
Beginning Balance	[1]	2.9	2.1	3.2
Provision for losses	[1]	0.4	(1.7)	1.2
Charge-offs	[1]	(1.7)	(0.5)	(2.5)
Recoveries	[1]	1.4	2.2	0.3
Currency translation and other	[1]	0.3	0.8	(0.1)
Ending Balance	[1]	$ 3.3	$ 2.9	$ 2.1
[1] Operating lease and other trade receivables.

Amortized Cost Basis of Finance

Amortized Cost Basis of Finance Receivables by Credit Quality Indicator and Portfolio Class (Detail) - Financial Services - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Recorded Investment [Line Items]
Financed Receivables, By Origination Year, Loans	$ 4,428.5	$ 2,978.3
Financing Receivable Originated In Current Fiscal Year	5,942.3	4,662.3
Financed Receivables, By Origination Year, Current Fiscal Year	3,587.6	2,783.1
Financing Receivable, Originated One Year before Current Fiscal Year	1,888	1,802.9
Financing Receivable, Originated Two Years before Current Fiscal Year	1,038.2	988
Financing Receivable, Originated Three Years before Current Fiscal Year	444.3	378.5
Financed Receivables, By Origination Year, Prior	199.3	194.5
Finance Receivables, Total	17,528.2	13,787.6
Charge Offs Of Finance Receivables
Financing Receivable, Recorded Investment [Line Items]
Financed Receivables, By Origination Year, Loans	0.2
Financing Receivable Originated In Current Fiscal Year	1.5
Financed Receivables, By Origination Year, Current Fiscal Year	10.5
Financing Receivable, Originated One Year before Current Fiscal Year	6.6
Financing Receivable, Originated Two Years before Current Fiscal Year	4.7
Financing Receivable, Originated Three Years before Current Fiscal Year	4.2
Financed Receivables, By Origination Year, Prior	0.9
Finance Receivables, Total	28.6
Dealer
Financing Receivable, Recorded Investment [Line Items]
Financed Receivables, By Origination Year, Loans	4,428.5	2,978.3
Financing Receivable Originated In Current Fiscal Year	789.1	609.7
Financed Receivables, By Origination Year, Current Fiscal Year	520	348.6
Financing Receivable, Originated One Year before Current Fiscal Year	291.2	223.1
Financing Receivable, Originated Two Years before Current Fiscal Year	162.8	241.7
Financing Receivable, Originated Three Years before Current Fiscal Year	161.8	120.8
Financed Receivables, By Origination Year, Prior	125.2	121.8
Finance Receivables, Total	6,478.6	4,644
Dealer | Charge Offs Of Finance Receivables
Financing Receivable, Recorded Investment [Line Items]
Financed Receivables, By Origination Year, Loans	0.2
Finance Receivables, Total	0.2
Dealer | Wholesale
Financing Receivable, Recorded Investment [Line Items]
Financed Receivables, By Origination Year, Loans	4,147.8	2,772.1
Finance Receivables, Total	4,147.8	2,772.1
Dealer | Wholesale | Charge Offs Of Finance Receivables
Financing Receivable, Recorded Investment [Line Items]
Financed Receivables, By Origination Year, Loans	0.2
Finance Receivables, Total	0.2
Dealer | Wholesale | Performing
Financing Receivable, Recorded Investment [Line Items]
Financed Receivables, By Origination Year, Loans	4,129.8	2,766
Finance Receivables, Total	4,129.8	2,766
Dealer | Wholesale | Watch
Financing Receivable, Recorded Investment [Line Items]
Financed Receivables, By Origination Year, Loans	18	6.1
Finance Receivables, Total	18	6.1
Dealer | Retail
Financing Receivable, Recorded Investment [Line Items]
Financed Receivables, By Origination Year, Loans	280.7	206.2
Financing Receivable Originated In Current Fiscal Year	789.1	609.7
Financed Receivables, By Origination Year, Current Fiscal Year	520	348.6
Financing Receivable, Originated One Year before Current Fiscal Year	291.2	223.1
Financing Receivable, Originated Two Years before Current Fiscal Year	162.8	241.7
Financing Receivable, Originated Three Years before Current Fiscal Year	161.8	120.8
Financed Receivables, By Origination Year, Prior	125.2	121.8
Finance Receivables, Total	2,330.8	1,871.9
Dealer | Retail | Performing
Financing Receivable, Recorded Investment [Line Items]
Financed Receivables, By Origination Year, Loans	280.7	206.2
Financing Receivable Originated In Current Fiscal Year	789.1	609.7
Financed Receivables, By Origination Year, Current Fiscal Year	520	348.6
Financing Receivable, Originated One Year before Current Fiscal Year	291.2	223.1
Financing Receivable, Originated Two Years before Current Fiscal Year	162.8	241.7
Financing Receivable, Originated Three Years before Current Fiscal Year	161.8	120.8
Financed Receivables, By Origination Year, Prior	125.2	121.1
Finance Receivables, Total	2,330.8	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	5,153.2	4,052.6
Financed Receivables, By Origination Year, Current Fiscal Year	3,067.6	2,434.5
Financing Receivable, Originated One Year before Current Fiscal Year	1,596.8	1,579.8
Financing Receivable, Originated Two Years before Current Fiscal Year	875.4	746.3
Financing Receivable, Originated Three Years before Current Fiscal Year	282.5	257.7
Financed Receivables, By Origination Year, Prior	74.1	72.7
Finance Receivables, Total	11,049.6	9,143.6
Customer Retail | Charge Offs Of Finance Receivables
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable Originated In Current Fiscal Year	1.5
Financed Receivables, By Origination Year, Current Fiscal Year	10.5
Financing Receivable, Originated One Year before Current Fiscal Year	6.6
Financing Receivable, Originated Two Years before Current Fiscal Year	4.7
Financing Receivable, Originated Three Years before Current Fiscal Year	4.2
Financed Receivables, By Origination Year, Prior	0.9
Finance Receivables, Total	28.4
Customer Retail | Fleet
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable Originated In Current Fiscal Year	4,689.7	3,572.2
Financed Receivables, By Origination Year, Current Fiscal Year	2,730.2	2,006.9
Financing Receivable, Originated One Year before Current Fiscal Year	1,329.9	1,327.1
Financing Receivable, Originated Two Years before Current Fiscal Year	730.5	624.3
Financing Receivable, Originated Three Years before Current Fiscal Year	229.2	211.7
Financed Receivables, By Origination Year, Prior	65.1	66.6
Finance Receivables, Total	9,774.6	7,808.8
Customer Retail | Fleet | Charge Offs Of Finance Receivables
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable Originated In Current Fiscal Year	1
Financed Receivables, By Origination Year, Current Fiscal Year	9.4
Financing Receivable, Originated One Year before Current Fiscal Year	5.1
Financing Receivable, Originated Two Years before Current Fiscal Year	4.2
Financing Receivable, Originated Three Years before Current Fiscal Year	4.2
Financed Receivables, By Origination Year, Prior	0.6
Finance Receivables, Total	24.5
Customer Retail | Fleet | Performing
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable Originated In Current Fiscal Year	4,601.7	3,558
Financed Receivables, By Origination Year, Current Fiscal Year	2,667.2	1,981.9
Financing Receivable, Originated One Year before Current Fiscal Year	1,309.5	1,306.5
Financing Receivable, Originated Two Years before Current Fiscal Year	719.2	603.7
Financing Receivable, Originated Three Years before Current Fiscal Year	226.7	203.4
Financed Receivables, By Origination Year, Prior	64.1	65.6
Finance Receivables, Total	9,588.4	7,719.1
Customer Retail | Fleet | Watch
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable Originated In Current Fiscal Year	46	7.5
Financed Receivables, By Origination Year, Current Fiscal Year	32	7.3
Financing Receivable, Originated One Year before Current Fiscal Year	7.5	1.8
Financing Receivable, Originated Two Years before Current Fiscal Year	5.7	3.4
Financing Receivable, Originated Three Years before Current Fiscal Year	1.3	2.4
Financed Receivables, By Origination Year, Prior	0.9	0.5
Finance Receivables, Total	93.4	22.9
Customer Retail | Fleet | At-risk
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable Originated In Current Fiscal Year	42	6.7
Financed Receivables, By Origination Year, Current Fiscal Year	31	17.7
Financing Receivable, Originated One Year before Current Fiscal Year	12.9	18.8
Financing Receivable, Originated Two Years before Current Fiscal Year	5.6	17.2
Financing Receivable, Originated Three Years before Current Fiscal Year	1.2	5.9
Financed Receivables, By Origination Year, Prior	0.1	0.5
Finance Receivables, Total	92.8	66.8
Customer Retail | Owner/Operator
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable Originated In Current Fiscal Year	463.5	480.4
Financed Receivables, By Origination Year, Current Fiscal Year	337.4	427.6
Financing Receivable, Originated One Year before Current Fiscal Year	266.9	252.7
Financing Receivable, Originated Two Years before Current Fiscal Year	144.9	122
Financing Receivable, Originated Three Years before Current Fiscal Year	53.3	46
Financed Receivables, By Origination Year, Prior	9	6.1
Finance Receivables, Total	1,275	1,334.8
Customer Retail | Owner/Operator | Charge Offs Of Finance Receivables
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable Originated In Current Fiscal Year	0.5
Financed Receivables, By Origination Year, Current Fiscal Year	1.1
Financing Receivable, Originated One Year before Current Fiscal Year	1.5
Financing Receivable, Originated Two Years before Current Fiscal Year	0.5
Financed Receivables, By Origination Year, Prior	0.3
Finance Receivables, Total	3.9
Customer Retail | Owner/Operator | Performing
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable Originated In Current Fiscal Year	460.9	478.2
Financed Receivables, By Origination Year, Current Fiscal Year	332.9	425.9
Financing Receivable, Originated One Year before Current Fiscal Year	263.6	251.2
Financing Receivable, Originated Two Years before Current Fiscal Year	142.1	120.9
Financing Receivable, Originated Three Years before Current Fiscal Year	52.8	45.3
Financed Receivables, By Origination Year, Prior	8.6	6
Finance Receivables, Total	1,260.9	1,327.5
Customer Retail | Owner/Operator | Watch
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable Originated In Current Fiscal Year	2	1.8
Financed Receivables, By Origination Year, Current Fiscal Year	3.2	0.9
Financing Receivable, Originated One Year before Current Fiscal Year	2.2	0.4
Financing Receivable, Originated Two Years before Current Fiscal Year	1.3	0.3
Financing Receivable, Originated Three Years before Current Fiscal Year	0.3
Financed Receivables, By Origination Year, Prior		0.1
Finance Receivables, Total	9	3.5
Customer Retail | Owner/Operator | At-risk
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable Originated In Current Fiscal Year	0.6	0.4
Financed Receivables, By Origination Year, Current Fiscal Year	1.3	0.8
Financing Receivable, Originated One Year before Current Fiscal Year	1.1	1.1
Financing Receivable, Originated Two Years before Current Fiscal Year	1.5	0.8
Financing Receivable, Originated Three Years before Current Fiscal Year	0.2	0.7
Financed Receivables, By Origination Year, Prior	0.4
Finance Receivables, Total	$ 5.1	$ 3.8

Financing Receivables by Aging

Financing Receivables by Aging Category (Detail) - Financial Services - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Recorded Investment, Past Due [Line Items]
Finance Receivable	$ 17,528.2	$ 13,787.6
Current and up to 30 days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Finance Receivable	17,381.3	13,741.6
31 - 60 days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Finance Receivable	84.5	17.8
Greater than 60 days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Finance Receivable	62.4	28.2
Dealer
Financing Receivable, Recorded Investment, Past Due [Line Items]
Finance Receivable	6,478.6	4,644
Dealer | Wholesale
Financing Receivable, Recorded Investment, Past Due [Line Items]
Finance Receivable	4,147.8	2,772.1
Dealer | Retail
Financing Receivable, Recorded Investment, Past Due [Line Items]
Finance Receivable	2,330.8	1,871.9
Dealer | Current and up to 30 days past due | Wholesale
Financing Receivable, Recorded Investment, Past Due [Line Items]
Finance Receivable	4,131.7	2,772.1
Dealer | Current and up to 30 days past due | Retail
Financing Receivable, Recorded Investment, Past Due [Line Items]
Finance Receivable	2,330.8	1,871.9
Dealer | 31 - 60 days past due | Wholesale
Financing Receivable, Recorded Investment, Past Due [Line Items]
Finance Receivable	15
Dealer | Greater than 60 days past due | Wholesale
Financing Receivable, Recorded Investment, Past Due [Line Items]
Finance Receivable	1.1
Customer Retail
Financing Receivable, Recorded Investment, Past Due [Line Items]
Finance Receivable	11,049.6	9,143.6
Customer Retail | Fleet
Financing Receivable, Recorded Investment, Past Due [Line Items]
Finance Receivable	9,774.6	7,808.8
Customer Retail | Owner/Operator
Financing Receivable, Recorded Investment, Past Due [Line Items]
Finance Receivable	1,275	1,334.8
Customer Retail | Current and up to 30 days past due | Fleet
Financing Receivable, Recorded Investment, Past Due [Line Items]
Finance Receivable	9,656.4	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	1,262.4	1,329.1
Customer Retail | 31 - 60 days past due | Fleet
Financing Receivable, Recorded Investment, Past Due [Line Items]
Finance Receivable	61	14.7
Customer Retail | 31 - 60 days past due | Owner/Operator
Financing Receivable, Recorded Investment, Past Due [Line Items]
Finance Receivable	8.5	3.1
Customer Retail | Greater than 60 days past due | Fleet
Financing Receivable, Recorded Investment, Past Due [Line Items]
Finance Receivable	57.2	25.6
Customer Retail | Greater than 60 days past due | Owner/Operator
Financing Receivable, Recorded Investment, Past Due [Line Items]
Finance Receivable	$ 4.1	$ 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	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Past Due [Line Items]
Amortized cost basis with a specific reserve	$ 74.1	$ 37.5
Amortized cost basis with no specific reserve	23.6	16.9
Total	97.7	54.4
Dealer | Retail
Financing Receivable, Past Due [Line Items]
Amortized cost basis with no specific reserve		0.7
Total		0.7
Customer Retail | Fleet
Financing Receivable, Past Due [Line Items]
Amortized cost basis with a specific reserve	69.8	33.9
Amortized cost basis with no specific reserve	22.8	16.2
Total	92.6	50.1
Customer Retail | Owner/Operator
Financing Receivable, Past Due [Line Items]
Amortized cost basis with a specific reserve	4.3	3.6
Amortized cost basis with no specific reserve	0.8
Total	$ 5.1	$ 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	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Interest income recognized on a cash basis on finance loans/leases:
Interest income recognized on a cash basis	$ 2.6	$ 2.8	$ 3.8
Customer Retail | Fleet
Interest income recognized on a cash basis on finance loans/leases:
Interest income recognized on a cash basis	2.2	2.5	3.1
Customer Retail | Owner/Operator
Interest income recognized on a cash basis on finance loans/leases:
Interest income recognized on a cash basis	$ 0.4	0.2	0.5
Dealer | Retail
Interest income recognized on a cash basis on finance loans/leases:
Interest income recognized on a cash basis		$ 0.1	$ 0.2

Equipment on Operating Leases f

Equipment on Operating Leases for Truck and Other Segment and for Financial Services Segment (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property Subject to or Available for Operating Lease [Line Items]
Total	$ 2,303	$ 2,803.3	$ 3,188.9
Truck, Parts and Other
Property Subject to or Available for Operating Lease [Line Items]
Equipment on operating leases	177.4	251.7
Less allowance for depreciation	(49.8)	(60.9)
Total	127.6	190.8
Financial Services
Property Subject to or Available for Operating Lease [Line Items]
Equipment on operating leases	3,365.3	3,974.8
Less allowance for depreciation	(1,189.9)	(1,362.3)
Total	$ 2,175.4	$ 2,612.5

Equipment on Operating Leases -

Equipment on Operating Leases - Additional Information (Detail) $ in Millions	Dec. 31, 2023 USD ($)
Property Subject to or Available for Operating Lease [Line Items]
Minimum lease payments receivable for operating leases, in 2024	$ 17.8
Minimum lease payments receivable for operating leases, in 2025	16.1
Minimum lease payments receivable for operating leases, in 2026	13.7
Minimum lease payments receivable for operating leases, in 2027	10.4
Minimum lease payments receivable for operating leases, in 2028	7.8
Minimum lease payments receivable for operating leases, thereafter	14.6
Financial Services
Property Subject to or Available for Operating Lease [Line Items]
Minimum lease payments receivable for operating leases, in 2024	522.6
Minimum lease payments receivable for operating leases, in 2025	332.9
Minimum lease payments receivable for operating leases, in 2026	199.6
Minimum lease payments receivable for operating leases, in 2027	99.2
Minimum lease payments receivable for operating leases, in 2028	39.1
Minimum lease payments receivable for operating leases, thereafter	7.4
Truck, Parts and Other
Property Subject to or Available for Operating Lease [Line Items]
Annual amortization of deferred lease revenues, in 2024	16.7
Annual amortization of deferred lease revenues, in 2025	4.6
Annual amortization of deferred lease revenues, in 2026	1.2
Annual amortization of deferred lease revenues, thereafter	0.4
Annual maturities of the residual value guarantees, in 2024	87
Annual maturities of the residual value guarantees, in 2025	25.6
Annual maturities of the residual value guarantees, in 2026	5.3
Annual maturities of the residual value guarantees, in 2027	1.7
Annual maturities of the residual value guarantees, thereafter	$ 0.1

Residual Value Obligation and D

Residual Value Obligation and Deferred Lease Revenue (Detail) - Truck, Parts and Other - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Property Subject to or Available for Operating Lease [Line Items]
Residual value guarantees	$ 119.7	$ 162.3
Residual value guarantees and deferred revenues, Total	142.6	209.2
Deferred Lease Revenue
Property Subject to or Available for Operating Lease [Line Items]
Deferred lease revenues	$ 22.9	$ 46.9

Property, Plant and Equipment_2

Property, Plant and Equipment (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	$ 3,780.1	$ 3,468.4	$ 3,398.1
Truck, Parts and Other
Property, Plant and Equipment [Line Items]
Land	325.7	269.9
Buildings and improvements	1,703.8	1,608.6
Machinery, equipment and production tooling	5,337.7	5,086.6
Construction in progress	676.3	424.1
Property, Plant and Equipment, Gross, Total	8,043.5	7,389.2
Less allowance for depreciation	(4,263.4)	(3,920.8)
Property, plant and equipment, net	$ 3,780.1	$ 3,468.4
Truck, Parts and Other | Minimum | Building and Building Improvements
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	10 years
Truck, Parts and Other | Minimum | Machinery Equipment And Production Tooling
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Truck, Parts and Other | Maximum | Building and Building Improvements
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	40 years
Truck, Parts and Other | Maximum | Machinery Equipment And Production Tooling
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	20 years

Accounts Payable, Accrued Exp_3

Accounts Payable, Accrued Expenses and Other (Detail) - Truck, Parts and Other - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Accounts Payable and Accrued Liabilities [Line Items]
Accounts payable	$ 1,667.6	$ 1,665.1
Product support liabilities	867.8	542.9
Accrued expenses	936.5	808.4
Right-of-return liabilities	365.8	366.4
Accrued capital expenditures	225.1	221.2
Salaries and wages	401.5	351.8
Other	612	555.9
Accounts payable, accrued expenses and other	$ 5,076.3	$ 4,511.7

Changes in Product Support Liab

Changes in Product Support Liabilities (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
WARRANTY RESERVES
Beginning balance	$ 437.7
Ending balance	767	$ 437.7
Truck, Parts and Other
WARRANTY RESERVES
Beginning balance	437.7	344.3	$ 389.7
Cost accruals	739.2	386.1	298.2
Payments	(632.4)	(398.7)	(396.3)
Change in estimates for pre-existing warranties	211.9	111.5	58.3
Currency translation and other	10.6	(5.5)	(5.6)
Ending balance	767	437.7	344.3
DEFERRED REVENUES ON EXTENDED WARRANTIES AND R&M CONTRACTS
Beginning balance	904.9	775.2	795.8
Deferred revenues	812.4	629.1	487.1
Revenues recognized	(507.8)	(476.1)	(487.8)
Currency translation	19.6	(23.3)	(19.9)
Ending balance	$ 1,229.1	$ 904.9	$ 775.2

Product Support Liabilities - A

Product Support Liabilities - Additional Information (Detail) $ in Millions	Dec. 31, 2023 USD ($)
Product Warranties Disclosures [Abstract]
Deferred revenues on extended warranties and R&M recognize, in 2024	$ 359.5
Deferred revenues on extended warranties and R&M recognize, in 2025	336.6
Deferred revenues on extended warranties and R&M recognize, in 2026	269.4
Deferred revenues on extended warranties and R&M recognize, in 2027	159.3
Deferred revenues on extended warranties and R&M recognize, in 2028	81.1
Deferred revenues on extended warranties and R&M recognize, thereafter	$ 23.2

Product Support Liabilities (De

Product Support Liabilities (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Product Liability Contingency [Line Items]
Warranty Reserves	$ 767	$ 437.7
Deferred Revenues	1,229.1	904.9
Truck, Parts and Other
Product Liability Contingency [Line Items]
Warranty Reserves	767	437.7	$ 344.3	$ 389.7
Truck, Parts and Other | Accounts payable, accrued expenses and other
Product Liability Contingency [Line Items]
Warranty Reserves	513.6	279.2
Deferred Revenues	354.2	263.7
Truck, Parts and Other | Other liabilities
Product Liability Contingency [Line Items]
Warranty Reserves	253.4	158.5
Deferred Revenues	861.4	628.8
Financial Services | Accounts payable, accrued expenses and other
Product Liability Contingency [Line Items]
Deferred Revenues	5.3	4.9
Financial Services | Deferred Taxes and Other Liabilities
Product Liability Contingency [Line Items]
Deferred Revenues	$ 8.2	$ 7.5

Financial Services Borrowings (

Financial Services Borrowings (Detail) - Financial Services - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Effective Rate	4.30%	2.70%
Commercial paper	$ 5,068.9	$ 3,265.5
Bank loans	541	339.4
Commercial paper and bank loans	5,609.9	3,604.9
Term notes	8,624.6	7,866.7
Commercial Paper, Bank Loans, and Term Debt at Carrying Value, Total	$ 14,234.5	$ 11,471.6
Commercial Paper
Debt Instrument [Line Items]
Effective Rate	5.20%	3.70%
Bank Loans
Debt Instrument [Line Items]
Effective Rate	8.60%	6.70%
Term Loan
Debt Instrument [Line Items]
Effective Rate	3.40%	2.20%

Borrowings and Credit Arrange_3

Borrowings and Credit Arrangements - Additional Information (Detail) € in Millions, R$ in Millions, $ in Millions, $ in Millions, $ in Millions, $ in Millions	1 Months Ended	12 Months Ended
	Apr. 30, 2016 MXN ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jan. 31, 2024 USD ($)	Dec. 31, 2023 EUR (€)	Dec. 31, 2023 MXN ($)	Dec. 31, 2023 AUD ($)	Dec. 31, 2023 CAD ($)	Dec. 31, 2023 BRL (R$)
Debt Disclosure [Line Items]
Interest paid on borrowings		$ 396.5	$ 169.1	$ 104.8
Line of credit, maximum capacity		4,198.8
Line of credit, unused borrowing capacity		3,657.7
Syndicated loan facility
Debt Disclosure [Line Items]
Line of credit, maximum capacity		3,000
Line of credit, outstanding amount		0
Expires in June 2024 | Syndicated loan facility
Debt Disclosure [Line Items]
Line of credit, maximum capacity		$ 1,000
Line of credit, expiry date		2024-06
Expires in June 2026 | Syndicated loan facility
Debt Disclosure [Line Items]
Line of credit, maximum capacity		$ 1,000
Line of credit, expiry date		2026-06
Expires in June 2028 | Syndicated loan facility
Debt Disclosure [Line Items]
Line of credit, maximum capacity		$ 1,000
Line of credit, expiry date		2028-06
PACCAR's U.S. finance subsidiary | Medium-term Notes
Debt Disclosure [Line Items]
Debt outstanding		$ 6,100
Registration expiration		2024-11
PACCAR's U.S. finance subsidiary | Medium-term Notes | Subsequent Event
Debt Disclosure [Line Items]
Debt outstanding					$ 600
PACCAR's Brazilian finance subsidiary | Medium-term Notes
Debt Disclosure [Line Items]
Debt outstanding | R$										R$ 775.5
Debt, borrowing capacity | R$										R$ 1148.0
PACCAR's European finance subsidiary | Medium-term Notes
Debt Disclosure [Line Items]
Debt, unused borrowing capacity | €						€ 911.7
Debt, borrowing capacity | €						€ 2,500
Debt, renewal period		This program renews annually and expires in September 2024.
PACCAR's Mexico finance subsidiary | Commercial Paper
Debt Disclosure [Line Items]
Maximum limit of borrowing capacity	$ 5,000
PACCAR's Mexico finance subsidiary | Commercial Paper | Maximum
Debt Disclosure [Line Items]
Commercial paper expiration period	1 year
PACCAR's Mexico finance subsidiary | Medium-term Notes
Debt Disclosure [Line Items]
Registration expiration			2026-08
Debt, unused borrowing capacity							$ 6,324.8
PACCAR's Mexico finance subsidiary | Medium-term Notes | Commercial Paper
Debt Disclosure [Line Items]
Debt, borrowing capacity	$ 10,000
PACCAR's Australian subsidiary | Medium-term Notes
Debt Disclosure [Line Items]
Debt outstanding								$ 850
PACCAR Canadian subsidiary | Medium-term Notes
Debt Disclosure [Line Items]
Debt outstanding									$ 150
Financial Services
Debt Disclosure [Line Items]
Commercial paper and term notes borrowings		$ 13,693.5	$ 11,132.2
Fair value hedges and unamortized discounts, net		$ (54.1)	$ (55.8)

Annual Maturities of Financial

Annual Maturities of Financial Services Borrowings (Detail) - Financial Services $ in Millions	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
2024	$ 7,448.5
2025	2,803.2
2026	3,048.5
2027	368.8
2028	619.6
Debt, Long-term and Short-term, Combined Amount, Total	14,288.6
Medium-term Notes
Debt Instrument [Line Items]
2024	2,185.6
2025	2,672.3
2026	2,905.5
2027	300
2028	600.1
Debt, Long-term and Short-term, Combined Amount, Total	8,663.5
Notes Payable to Banks
Debt Instrument [Line Items]
2024	178.8
2025	130.9
2026	143
2027	68.8
2028	19.5
Debt, Long-term and Short-term, Combined Amount, Total	541
Commercial Paper
Debt Instrument [Line Items]
2024	5,084.1
Debt, Long-term and Short-term, Combined Amount, Total	$ 5,084.1

Schedule of Components of Lease

Schedule of Components of Lease Expense (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finance lease cost
Amortization of right-of-use assets and interest	$ 1.1	$ 0.9	$ 0.6
Operating lease cost	17.5	15.5	16.3
Short-term lease cost	3.7	2.4	3
Variable lease cost	2.4	1.2	1.5
Total lease cost	$ 24.7	$ 20	$ 21.4

Schedule of Balance Sheet Infor

Schedule of Balance Sheet Information Related to Leases (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
OPERATING LEASES
Total right-of-use assets	$ 70.9	$ 42.9
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets, Other noncurrent assets, net	Other assets, Other noncurrent assets, net
Total lease liabilities	$ 71.5	$ 42.9
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Other Accrued Liabilities, Other Liabilities, Noncurrent, Deferred Tax Liabilities And Other Liabilities	Accounts Payable and Other Accrued Liabilities, Other Liabilities, Noncurrent, Deferred Tax Liabilities And Other Liabilities
FINANCE LEASES
Total right-of-use assets	$ 2.5	$ 2.7
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other noncurrent assets, net	Other noncurrent assets, net
Total lease liabilities	$ 2.4	$ 2.6
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Other Accrued Liabilities, Current, Other Liabilities, Noncurrent	Accounts Payable and Other Accrued Liabilities, Current, Other Liabilities, Noncurrent
Truck, Parts and Other
OPERATING LEASES
Total right-of-use assets	$ 64.9	$ 36.9
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other noncurrent assets, net	Other noncurrent assets, net
Accounts payable, accrued expenses and other	$ 14.2	$ 11.3
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accounts payable, accrued expenses and other	Accounts payable, accrued expenses and other
Other liabilities	$ 51.6	$ 25.8
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other liabilities	Other liabilities
FINANCE LEASES
Total right-of-use assets	$ 2.5	$ 2.7
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other noncurrent assets, net	Other noncurrent assets, net
Accounts payable, accrued expenses and other	$ 0.8	$ 0.8
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accounts payable, accrued expenses and other	Accounts payable, accrued expenses and other
Other liabilities	$ 1.6	$ 1.8
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other liabilities	Other liabilities
Financial Services
OPERATING LEASES
Total right-of-use assets	$ 6	$ 6
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Financial Services | Accounts Payable, Accrued Expense and Other
OPERATING LEASES
Total lease liabilities	$ 1.8	$ 1.4
Financial Services | Deferred Taxes and Other Liabilities
OPERATING LEASES
Total lease liabilities	$ 3.9	$ 4.4

Schedule of Weighted-Average Re

Schedule of Weighted-Average Remaining Lease Term and Discount Rate (Detail)	Dec. 31, 2023	Dec. 31, 2022
OPERATING LEASES
Weighted-average remaining lease term	5 years 8 months 12 days	4 years 9 months 18 days
Weighted-average discount rate	4%	1.60%
FINANCE LEASES
Weighted-average remaining lease term	3 years 1 month 6 days	3 years 9 months 18 days
Weighted-average discount rate	2.30%	1.70%

Schedule of Maturities of Lease

Schedule of Maturities of Lease Liabilities (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
OPERATING LEASES
2024	$ 17.8
2025	16.1
2026	13.7
2027	10.4
2028	7.8
Thereafter	14.6
Total lease payments	80.4
Less: interest	(8.9)
Total lease liabilities	71.5	$ 42.9
FINANCE LEASES
2024	1
2025	0.7
2026	0.6
2027	0.1
2028	0.1
Total lease payments	2.5
Less: interest	(0.1)
Total lease liabilities	$ 2.4	$ 2.6

Schedule of Cash Flow Informati

Schedule of Cash Flow Information Related to Leases (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 17	$ 15.9	$ 16.7
Financing cash flows from finance leases	1.1	1	0.6
Right-of-use assets obtained in exchange for lease liabilities
Operating leases	39.5	17	8.1
Finance leases	$ 1.3	$ 2.9	$ 0.4

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Standby letters of credit and surety bonds		$ 33
Outstanding commitments to fund new loan and lease transactions		$ 940.7
Funding commitments for loans and leases expiration period		90 days
Other commitments due in 2024		$ 196.9
Other commitments due in 2025		108.8
Other commitments due in 2026		76.8
Other commitments due in 2027		74.7
Other commitments due in 2028		65
Other commitments due in 2028 and beyond		115.7
Environmental activities expenditures		$ 3	$ 4.6	$ 4
Environmental Remediation Expense, Statement of Income or Comprehensive Income [Extensible Enumeration]		Costs and Expenses	Costs and Expenses	Costs and Expenses
Non-recurring settlement charge, pre-tax	$ 600
Non-recurring settlement charge, after-tax	$ 446.4

Employee Benefits - Additional

Employee Benefits - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Severance Costs	$ 0.6	$ 0.6	$ 2.6
Metal and Electrical Engineering Industry Pension Fund
Defined Benefit Plan Disclosure [Line Items]
Required coverage ratio percentage	113.30%
Actual coverage ratio percentage	109.40%
Western Metal Industry Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Contributions by the Company	27%	25%
Minimum
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan under employer rehabilitation plan increase to mandated employer surcharge	5%
Minimum | Metal and Electrical Engineering Industry Pension Fund
Defined Benefit Plan Disclosure [Line Items]
Required coverage ratio percentage	104.30%
Policy coverage ratio percentage	113.30%
Maximum
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan under employer rehabilitation plan increase to mandated employer surcharge	10%
Maximum | Metal and Electrical Engineering Industry Pension Fund
Defined Benefit Plan Disclosure [Line Items]
Contributions by the Company	5%	5%	5%
Maximum | Other Plans
Defined Benefit Plan Disclosure [Line Items]
Contributions by the Company	5%	5%
Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Accumulated unrecognized actuarial gains and losses	10%
Contribution to pension plans	$ 27.3	$ 39.1
Expected pension contributions minimum funding requirements	23.3
Annual benefits expected to be paid year one	135.6
Annual benefits expected to be paid year two	130
Annual benefits expected to be paid year three	134.9
Annual benefits expected to be paid year four	136.4
Annual benefits expected to be paid year five	147.3
Annual benefits expected to be paid for the five years thereafter	854.3
Unrecognized actuarial loss amount in accumulated other comprehensive loss expected to be amortized next year	4.9
Unrecognized prior service cost amount in accumulated other comprehensive loss expected to be amortized next year	1.4
Accumulated benefit obligation for all pension plans of the Company	2,494.4	$ 2,265.1
Defined Benefit Pension Plans | Minimum
Defined Benefit Plan Disclosure [Line Items]
Expected pension contributions by the company to the pension plans in the next year	25
Defined Benefit Pension Plans | Maximum
Defined Benefit Plan Disclosure [Line Items]
Expected pension contributions by the company to the pension plans in the next year	$ 75
Defined Contribution Plans
Defined Benefit Plan Disclosure [Line Items]
Percentage match for base wages	5%	5%	5%
Defined contribution benefit plans expense	$ 65.4	$ 56.3	$ 50

Allocation of Plan Assets by In

Allocation of Plan Assets by Investments (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items]
Plan assets	$ 3,494.1	$ 3,115.2	$ 4,094.5
Level 1
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items]
Plan assets	96.1	88
Level 2
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items]
Plan assets	414.1	375.5
Fair Value Inputs Level 1 And Level 2 [Member]
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items]
Plan assets	510.2	463.5
MEASURED AT NAV
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items]
Plan assets	2,983.9	2,651.7
U.S. Equities
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items]
Plan assets	1,004.4	830.9
U.S. Equities | MEASURED AT NAV
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items]
Plan assets	1,004.4	830.9
Global Equities
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items]
Plan assets	771.8	795.9
Global Equities | MEASURED AT NAV
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items]
Plan assets	771.8	795.9
Total Equities
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items]
Plan assets	$ 1,776.2	$ 1,626.8
Total Equities | Minimum
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items]
Equity funds, target	45%	45%
Total Equities | Maximum
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items]
Equity funds, target	65%	65%
Total Equities | MEASURED AT NAV
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items]
Plan assets	$ 1,776.2	$ 1,626.8
U.S. Fixed Income
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items]
Plan assets	1,048	945.4
U.S. Fixed Income | Level 1
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items]
Plan assets	95.7	82.2
U.S. Fixed Income | Level 2
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items]
Plan assets	275.4	258
U.S. Fixed Income | Fair Value Inputs Level 1 And Level 2 [Member]
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items]
Plan assets	371.1	340.2
U.S. Fixed Income | MEASURED AT NAV
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items]
Plan assets	676.9	605.2
Non-U.S. Fixed Income
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items]
Plan assets	569.5	450.8
Non-U.S. Fixed Income | Level 2
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items]
Plan assets	39.3	31.4
Non-U.S. Fixed Income | Fair Value Inputs Level 1 And Level 2 [Member]
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items]
Plan assets	39.3	31.4
Non-U.S. Fixed Income | MEASURED AT NAV
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items]
Plan assets	530.2	419.4
Total Fixed Income
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items]
Plan assets	$ 1,617.5	$ 1,396.2
Total Fixed Income | Minimum
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items]
Equity funds, target	35%	35%
Total Fixed Income | Maximum
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items]
Equity funds, target	55%	55%
Total Fixed Income | Level 1
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items]
Plan assets	$ 95.7	$ 82.2
Total Fixed Income | Level 2
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items]
Plan assets	314.7	289.4
Total Fixed Income | Fair Value Inputs Level 1 And Level 2 [Member]
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items]
Plan assets	410.4	371.6
Total Fixed Income | MEASURED AT NAV
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items]
Plan assets	1,207.1	1,024.6
Cash and Other
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items]
Plan assets	100.4	92.2
Cash and Other | Level 1
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items]
Plan assets	0.4	5.8
Cash and Other | Level 2
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items]
Plan assets	99.4	86.1
Cash and Other | Fair Value Inputs Level 1 And Level 2 [Member]
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items]
Plan assets	99.8	91.9
Cash and Other | MEASURED AT NAV
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items]
Plan assets	$ 0.6	$ 0.3

Weighted Average Assumptions Re

Weighted Average Assumptions Relate to All Pension Plans of Company, Except for Certain Multi-Employer and Defined Contribution Plans (Detail)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Discount rate	4.80%	5%
Rate of increase in future compensation levels	3.90%	3.90%
Assumed long-term rate of return on plan assets	6.60%	6%

Components of Change in Project

Components of Change in Projected Benefit Obligation and Change in Plan Assets (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Change in projected benefit obligation:
Benefit obligation, beginning balance	$ 2,567	$ 3,709.6
Service cost	94	148.5	$ 148.4
Interest cost	$ 127.5	$ 84.9	65.3
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Costs and Expenses	Costs and Expenses
Benefits paid	$ (110.1)	$ (107.7)
Actuarial loss (gain)	186.5	(1,190.4)
Currency translation and other	37.8	(78.3)
Participant contributions	0.6	0.4
Projected benefit obligation, ending balance	2,903.3	2,567	3,709.6
Change in plan assets:
Fair value of plan assets, beginning balance	3,115.2	4,094.5
Employer contributions	27.3	39.1
Actual gain (loss) on plan assets	412.5	(809.6)
Benefits paid	(110.1)	(107.7)
Currency translation and other	48.6	(101.5)
Participant contributions	0.6	0.4
Fair value of plan assets, ending balance	3,494.1	3,115.2	$ 4,094.5
Funded status, ending balance	590.8	548.2
Amounts recorded on Balance Sheets:
Other noncurrent assets	734.8	671.2
Accounts payable, accrued expenses and other	23.8	18
Other liabilities	120.2	105
Accumulated other comprehensive loss:
Actuarial loss	98	97.9
Prior service cost	$ 12.3	$ 13

Information for All Plans with

Information for All Plans with Accumulated Benefit Obligation in Excess of Plan Assets (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract]
Projected benefit obligation	$ 138.7	$ 126.7
Accumulated benefit obligation	124.1	113.7
Fair value of plan assets	$ 7.1	$ 6.8

Components of Pension Expense (

Components of Pension Expense (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	$ 94	$ 148.5	$ 148.4
Interest on projected benefit obligation	127.5	84.9	65.3
Expected return on assets	$ (230.3)	$ (215.1)	$ (203.3)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Costs and Expenses	Costs and Expenses	Costs and Expenses
Amortization of prior service costs	$ 1.4	$ 0.7	$ 0.8
Recognized actuarial loss	4.7	28.9	58.7
Net pension (gain) expense	$ (2.7)	$ 47.9	$ 69.9

Multi-employer Plans (Detail)

Multi-employer Plans (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Multiemployer Plans [Line Items]
Entity Tax Identification Number	91-0351110
COMPANY CONTRIBUTIONS	$ 51.8	$ 42.1	$ 43.2
Metal and Electrical Engineering Industry Pension Fund
Multiemployer Plans [Line Items]
PENSION PLAN NUMBER	135668
SURCHARGE	Yes
COMPANY CONTRIBUTIONS	$ 46.1	37.1	38.1
Western Metal Industry Pension Plan
Multiemployer Plans [Line Items]
PENSION PLAN NUMBER	001
SURCHARGE	Yes
Entity Tax Identification Number	91-6033499
COMPANY CONTRIBUTIONS	$ 4.5	4	4
Other Plans
Multiemployer Plans [Line Items]
COMPANY CONTRIBUTIONS	$ 1.2	$ 1	$ 1.1

Components of Income Before Inc

Components of Income Before Income Taxes (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Domestic	$ 3,913.7	$ 2,322.9	$ 1,391.4
Foreign	1,804.5	1,525.8	1,004.9
Total Income Before Income Taxes	$ 5,718.2	$ 3,848.7	$ 2,396.3

Components of Provision for Inc

Components of Provision for Income Taxes (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current provision:
Federal	$ 845.5	$ 567	$ 410
State	179.8	143.1	85.9
Foreign	395.8	335	243.5
Current Income Tax Expense (Benefit), Total	1,421.1	1,045.1	739.4
Deferred (benefit) provision:
Federal	(141.5)	(173.2)	(176)
State	(24.4)	(42)	(29.6)
Foreign	(137.8)	7.2	(3)
Deferred taxes	(303.7)	(208)	(208.6)
Income taxes	$ 1,117.4	$ 837.1	$ 530.8

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Taxes [Line Items]
Tax benefits recognized for net operating loss carryforwards	$ 118.2	$ 3.9	$ 5.1
Net operating loss carryforwards	460.8
Deferred tax asset related to operating loss carryforwards	135.8
Valuation allowance	$ 2.3	116.2
Carryforward description	The carryforward periods range from four years to indefinite, subject to certain limitations under applicable laws.
Cash paid for income taxes	$ 1,499.3	932.1	761.1
Unrecognized tax benefits	31.2	27.8	26	$ 24.5
Unrecognized tax benefits that, if recognized, would affect the effective tax rate	31.2	27.8	25.3
Expense (income) related to interest	0.8	0.1	(0.4)
Accrued interest expense and penalties	1.7	$ 0.9	$ 0.8
Unrecognized tax benefits resulting from research and development tax credits	$ 6.2
Internal Revenue Service (IRS)
Income Taxes [Line Items]
Tax examinations	the United States Internal Revenue Service has completed examinations of the Company’s tax returns for all years through 2016.
Net Operating Loss Carryforwards
Income Taxes [Line Items]
Valuation allowance	$ 2.3
Minimum
Income Taxes [Line Items]
Operating loss carryforwards periods	4 years
Foreign
Income Taxes [Line Items]
Net operating loss carryforwards	$ 400
United States
Income Taxes [Line Items]
Net operating loss carryforwards	$ 60.8
Other Major Jurisdictions | Earliest Tax Year
Income Taxes [Line Items]
Tax year remain subject to examination	2012
Other Major Jurisdictions | Latest Tax Year
Income Taxes [Line Items]
Tax year remain subject to examination	2023

Reconciliation of Statutory U.S

Reconciliation of Statutory U.S. Federal Tax Rate to Effective Income Tax Rate (Detail)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Statutory rate	21%	21%	21%
State	2.30%	2.10%	2%
Research and development tax credit	(0.80%)	(1.00%)	(1.20%)
Tax on foreign earnings	0.10%	0.50%	1.10%
Brasil valuation allowance release	(2.10%)
Other, net	(1.00%)	(0.80%)	(0.70%)
Effective income tax rate	19.50%	21.80%	22.20%

Tax Effects of Temporary Differ

Tax Effects of Temporary Differences Representing Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Assets:
Accrued liabilities	$ 314.3	$ 252.2
R&D expense capitalization	257.1	153.6
Net operating loss and tax credit carryforwards	144.8	128
Inventory adjustments	64.6	59.5
Allowance for losses on receivables	53.2	43.8
Other	132.2	95.6
Deferred Tax Assets, Gross, Total	966.2	732.7
Valuation allowance	(2.3)	(116.2)
Deferred Tax Assets, Net of Valuation Allowance, Total	963.9	616.5
Liabilities:
Financial Services leasing depreciation	(572.6)	(558.9)
Depreciation and amortization	(219.7)	(227.3)
Postretirement benefit plans	(144.5)	(120.5)
Other	(58.9)	(59.2)
Deferred Tax Liability, Total	(995.7)	(965.9)
Net deferred tax liability	$ (31.8)	$ (349.4)

Balance Sheet Classifications o

Balance Sheet Classifications of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Schedule Of Deferred Income Tax Assets And Liabilities [Line Items]
Deferred Tax Liabilities	$ (31.8)	$ (349.4)
Truck, Parts and Other | Other Noncurrent Assets
Schedule Of Deferred Income Tax Assets And Liabilities [Line Items]
Deferred Tax Assets Net	502.6	199
Truck, Parts and Other | Other liabilities
Schedule Of Deferred Income Tax Assets And Liabilities [Line Items]
Deferred Tax Liabilities	(78.8)	(75.5)
Financial Services | Other Assets
Schedule Of Deferred Income Tax Assets And Liabilities [Line Items]
Deferred Tax Assets Net	88.3	51
Financial Services | Deferred Taxes and Other Liabilities
Schedule Of Deferred Income Tax Assets And Liabilities [Line Items]
Deferred Tax Liabilities	$ (543.9)	$ (523.9)

Reconciliation of Beginning and

Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Balance at beginning of the year	$ 27.8	$ 26	$ 24.5
Additions for tax positions related to the current year	7.7	7.4	6.1
Additions for tax positions related to prior years	2.6	1.8	0.8
Reductions for tax positions related to prior years	(1.6)	(1.6)
Lapse of statute of limitations	(5.3)	(5.8)	(5.4)
Balance at the end of the year	$ 31.2	$ 27.8	$ 26

Changes in Accumulated Other Co

Changes in Accumulated Other Comprehensive Income (Loss) by Component (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ 13,167.1	$ 11,594
Reclassified out of AOCI	93.7	61.3	$ 19.6
Net other comprehensive income (loss)	259.5	(32.3)	129.2
Ending balance	15,878.8	13,167.1	11,594
Derivative Contracts
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	35.1	(13.5)	(29.2)
Recorded into AOCI	(137.9)	8.6	39.9
Reclassified out of AOCI	91.8	40	(24.2)
Net other comprehensive income (loss)	(46.1)	48.6	15.7
Ending balance	(11)	35.1	(13.5)
Marketable Debt Securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(43.6)	(1.1)	14.6
Recorded into AOCI	32.4	(41.3)	(14.1)
Reclassified out of AOCI	(2.7)	(1.2)	(1.6)
Net other comprehensive income (loss)	29.7	(42.5)	(15.7)
Ending balance	(13.9)	(43.6)	(1.1)
Pension Plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(110.9)	(269.8)	(578.1)
Recorded into AOCI	(4)	136.4	262.9
Reclassified out of AOCI	4.6	22.5	45.4
Net other comprehensive income (loss)	0.6	158.9	308.3
Ending balance	(110.3)	(110.9)	(269.8)
Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(834)	(636.7)	(457.6)
Recorded into AOCI	275.3	(197.3)	(179.1)
Net other comprehensive income (loss)	275.3	(197.3)	(179.1)
Ending balance	(558.7)	(834)	(636.7)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(953.4)	(921.1)	(1,050.3)
Recorded into AOCI	165.8	(93.6)	109.6
Reclassified out of AOCI	93.7	61.3	19.6
Net other comprehensive income (loss)	259.5	(32.3)	129.2
Ending balance	$ (693.9)	$ (953.4)	$ (921.1)

Reclassifications Out of Accumu

Reclassifications Out of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Income before income taxes	$ (5,718.2)	$ (3,848.7)	$ (2,396.3)
Investment income	292.2	61	15.5
Tax (benefit) expense	1,117.4	837.1	530.8
Net Income (Loss)	(4,600.8)	(3,011.6)	(1,865.5)
Reclassified out of AOCI	93.7	61.3	19.6
Derivative Contracts
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassified out of AOCI	91.8	40	(24.2)
Derivative Contracts | Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Income before income taxes	111.8	48	(33.7)
Tax (benefit) expense	(20)	(8)	9.5
Net Income (Loss)	91.8	40	(24.2)
Marketable Debt Securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassified out of AOCI	(2.7)	(1.2)	(1.6)
Marketable Debt Securities | Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Investment income	(3.6)	(1.6)	(2.1)
Tax (benefit) expense	0.9	0.4	0.5
Net Income (Loss)	(2.7)	(1.2)	(1.6)
Pension Plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassified out of AOCI	4.6	22.5	45.4
Truck, Parts and Other
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net sales and revenues	(33,315.5)	(27,314.3)	(21,834.5)
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	31.9	19.3	16.6
Cost of sales and revenues	2.2	(15.3)	(1)
Interest and other expenses (income), net	(0.9)	(1.4)	(0.1)
Truck, Parts and Other | Derivative Contracts | Commodity contracts | Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Cost of sales and revenues	4.2	32	0.6
Truck, Parts and Other | Actuarial loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Interest and other expenses (income), net	4.7	28.9	58.7
Truck, Parts and Other | Prior service costs
Accumulated Other Comprehensive Income (Loss) [Line Items]
Interest and other expenses (income), net	1.4	0.7	0.8
Truck, Parts and Other | Settlement loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Income before income taxes	6.1	29.6	59.5
Tax (benefit) expense	(1.5)	(7.1)	(14.1)
Net Income (Loss)	4.6	22.5	45.4
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	(2.1)	7.3
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	$ 76.5	$ 6.1	$ (49.8)

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
TREASURY STOCK, AT COST:
Equity Class of Treasury Stock [Line Items]
Treasury stock, shares retired	0	0	0

Derivative Financial Instrume_3

Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Remaining cumulative basis adjustments on discontinued hedge relationship	$ 12.2	$ 7.1
Cash Flow Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Maximum length of future cash flow hedges	8 years 10 months 24 days
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	$ 5
Reclassification from AOCI	0	1	$ 0.1
Net Investment Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative notional amount outstanding	443.6	347	360.7
Pre-tax gain (loss) recognized in OCI	(8.2)	28.8	26.6
Cost of sales and revenues
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Loss from commodity contracts	4.2	31.8	0.6
Interest-Rate Contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount of outstanding contracts	2,733.7
Notional maturities for interest-rate contracts 2024	570.3
Notional maturities for interest-rate contracts 2025	1,022.1
Notional maturities for interest-rate contracts 2026	629.6
Notional maturities for interest-rate contracts 2027	318
Notional maturities for interest-rate contracts 2028	136.7
Notional maturities for interest-rate contracts thereafter	57
Interest-Rate Contracts | Derivative Contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Pre-tax gain (loss) recognized in OCI	(110.5)	19.1	83.2
Foreign-exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative notional amount outstanding	$ 1,968
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	$ (63.9)	15.7	(20.4)
Foreign-exchange contracts | Truck, Parts and Other | Derivative Contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Pre-tax gain (loss) recognized in OCI	(65.7)	41.2	(18.5)
Commodity contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative notional amount outstanding	$ 37.3
Foreign-exchange contracts maturity period	within one year
Commodity contracts | Truck, Parts and Other | Derivative Contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Pre-tax gain (loss) recognized in OCI	$ (0.5)	$ (17.1)	$ (8.6)

Balance Sheet Classifications,

Balance Sheet Classifications, Fair Value, Gross and Pro Forma Net Amounts of Derivative Financial Instruments (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
ASSETS
Derivative assets	$ 21	$ 119.4
Pro forma net amount	$ 6.8	$ 95.5
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Assets	Assets
LIABILITIES
Derivative liabilities	$ 160.1	$ 98.2
Pro forma net amount	$ 145.9	$ 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	$ (11.9)	$ (21.5)
LIABILITIES
Less amounts not offset in financial instruments	(11.9)	(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	(1.6)	(0.1)
LIABILITIES
Less amounts not offset in financial instruments	(1.6)	(0.1)
Commodity contracts | Truck, Parts and Other
ASSETS
Less amounts not offset in financial instruments	(0.7)	(0.5)
LIABILITIES
Less amounts not offset in financial instruments	(0.7)	(0.5)
Designated under hedge accounting
ASSETS
Derivative assets	20	118.4
LIABILITIES
Derivative liabilities	156.6	97.8
Designated under hedge accounting | Interest-Rate Contracts | Other Assets
ASSETS
Derivative assets	21
Designated under hedge accounting | Interest-Rate Contracts | Financial Services | Other Assets
ASSETS
Derivative assets	17.3	58
Designated under hedge accounting | Interest-Rate Contracts | Financial Services | Deferred Taxes and Other Liabilities
LIABILITIES
Derivative liabilities	131.1	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	3.6	5.1
Designated under hedge accounting | Foreign-exchange contracts | Truck, Parts and Other | Other current assets
ASSETS
Derivative assets	1.5	57.3
Designated under hedge accounting | Foreign-exchange contracts | Truck, Parts and Other | Accounts payable, accrued expenses and other
LIABILITIES
Derivative liabilities	21.1	9.5
Designated under hedge accounting | Commodity contracts | Truck, Parts and Other | Other current assets
ASSETS
Derivative assets	1.2	1.5
Designated under hedge accounting | Commodity contracts | Truck, Parts and Other | Accounts payable, accrued expenses and other
LIABILITIES
Derivative liabilities	0.8	0.6
Not designated as hedging instruments
ASSETS
Derivative assets	1	1
LIABILITIES
Derivative liabilities	3.5	0.4
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	1	1
Not designated as hedging instruments | Foreign-exchange contracts | Truck, Parts and Other | Accounts payable, accrued expenses and other
LIABILITIES
Derivative liabilities	$ 3.4	0.1
Not designated as hedging instruments | Commodity contracts | 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	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Interest-Rate Contracts
Derivative Instruments Gain Loss [Line Items]
Derivatives designated as hedging instruments (gain) loss	$ 86.3	$ 7.1	$ (49.4)
Interest-Rate Contracts | Financial Services | Interest and other borrowing expenses
Derivative Instruments Gain Loss [Line Items]
Derivatives designated as hedging instruments (gain) loss	86.3	7.1	(49.4)
Foreign-exchange contracts
Derivative Instruments Gain Loss [Line Items]
Derivatives designated as hedging instruments (gain) loss	45.4	(4.9)	22.6
Foreign-exchange contracts | Truck, Parts and Other
Derivative Instruments Gain Loss [Line Items]
Derivatives designated as hedging instruments (gain) loss	41.9	(4.1)	23.1
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	(5.1)	(1.7)	8.9
Foreign-exchange contracts | Truck, Parts and Other | Interest and other (income) expenses, net | Not designated as hedging instruments
Derivative Instruments Gain Loss [Line Items]
Derivatives designated as hedging instruments (gain) loss	8.8	0.8	1.9
Foreign-exchange contracts | Financial Services | Interest and other borrowing expenses
Derivative Instruments Gain Loss [Line Items]
Derivatives designated as hedging instruments (gain) loss	3.5	(0.8)	(0.5)
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	1.7	(8.1)	(0.5)
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	76.5	6.1	(49.8)
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	31.9	19.3	16.6
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	2.2	(15.3)	(1)
Cash Flow Hedging | Foreign-exchange contracts | Truck, Parts and Other | Interest and other (income) expenses, net
Derivative Instruments Gain Loss [Line Items]
Derivatives designated as hedging instruments (gain) loss	12.8	(1.4)	(0.1)
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	1.8	7.3
Net Investment Hedging | Foreign-exchange contracts | Truck, Parts and Other | Interest and other (income) expenses, net
Derivative Instruments Gain Loss [Line Items]
Derivatives designated as hedging instruments (gain) loss	(8.7)	(5.8)	(3.2)
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	$ 9.8	$ 1	$ 0.4

Amounts Related to Cumulative B

Amounts Related to Cumulative Basis Adjustments for Fair Value Hedges (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Carrying amount of the hedged liabilities	$ 128.1	$ 319.8
Hedged Liability, Statement of Financial Position [Extensible Enumeration]	Notes Payable	Notes Payable
Cumulative basis adjustment included in the carrying amount	$ 7.1	$ 27.7

Pre-Tax Effects of (Loss) Gain

Pre-Tax Effects of (Loss) Gain on Cash Flow Hedges Recognized in OCI (Detail) - Derivative Contracts - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Interest-Rate Contracts
Derivative [Line Items]
(Loss) gain recognized in OCI	$ (110.5)	$ 19.1	$ 83.2
Foreign-exchange contracts
Derivative [Line Items]
(Loss) gain recognized in OCI	(63.9)	15.7	(20.4)
Truck, Parts and Other | Foreign-exchange contracts
Derivative [Line Items]
(Loss) gain recognized in OCI	(65.7)	41.2	(18.5)
Financial Services | Interest-Rate Contracts
Derivative [Line Items]
(Loss) gain recognized in OCI	(110.5)	19.1	83.2
Financial Services | Foreign-exchange contracts
Derivative [Line Items]
(Loss) gain recognized in OCI	$ 1.8	$ (25.5)	$ (1.9)

Financial Assets and Liabilitie

Financial Assets and Liabilities Subject to Recurring Fair Value Measurements (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets	$ 21	$ 119.4
Derivative liabilities	160.1	98.2
Fair Value, Measurements, Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable debt securities	1,818.2	1,613
Marketable equity securities, Fair Value	4.4	1.2
Total marketable securities	1,822.6	1,614.2
Derivative assets	21	119.4
Derivative liabilities	160.1	98.2
Fair Value, Measurements, Recurring | Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable debt securities	158.1	115
Marketable equity securities, Fair Value	4.4	1.2
Total marketable securities	162.5	116.2
Fair Value, Measurements, Recurring | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable debt securities	1,660.1	1,498
Total marketable securities	1,660.1	1,498
Derivative assets	21	119.4
Derivative liabilities	160.1	98.2
Fair Value, Measurements, Recurring | Cross currency swaps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets	13.2	49.1
Derivative liabilities	116.6	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	13.2	49.1
Derivative liabilities	116.6	52
Fair Value, Measurements, Recurring | Interest-rate swaps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets	4.1	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	4.1	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	2.5	59.9
Derivative liabilities	28.2	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	2.5	59.9
Derivative liabilities	28.2	14.8
Fair Value, Measurements, Recurring | Commodity contracts
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets	1.2	1.5
Derivative liabilities	0.8	0.8
Fair Value, Measurements, Recurring | Commodity contracts | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets	1.2	1.5
Derivative liabilities	0.8	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	310.7	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	310.7	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	240.1	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	240.1	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	353.3	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	353.3	251
U.S. government securities | Fair Value, Measurements, Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable debt securities	158.1	115
U.S. government securities | Fair Value, Measurements, Recurring | Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable debt securities	158.1	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	524.2	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	524.2	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	141.2	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	141.2	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	90.6	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	$ 90.6	$ 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	Dec. 31, 2023	Dec. 31, 2022
Assets, carrying amount
Fixed-rate loans	$ 8,126.8	$ 6,859.1
Liabilities, carrying amount
Fixed-rate debt	8,720.3	8,070.5
Assets, Fair Value
Fixed-rate loans	8,214.4	6,582
Liabilities, Fair Value
Fixed-rate debt	$ 8,693.7	$ 7,715.9

Stock Compensation Plans - Addi

Stock Compensation Plans - Additional Information (Detail) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Feb. 28, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of option granted		$ 11.9	$ 8.3	$ 8.1
Fair value of option vested		6.8	$ 5.6	$ 5.6
Unrecognized compensation cost related to unvested stock		$ 8.7
Recognized over a remaining weighted-average vesting period (year)		1 year 6 months 10 days
Stock options | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options expiration term from the grant date (in years)		10 years
Stock options | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)		3 years
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to unvested stock		$ 1.9
Recognized over a remaining weighted-average vesting period (year)		1 year 1 month 13 days
Restricted Stock Units (RSUs) | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)		3 years
Stock Options and Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of stock dividend	50%
Stock Options and Restricted Stock Units (RSUs) | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock authorized for issuance			70,000,000
Shares available for future grants		15,000,000

Assumptions Used in Determining

Assumptions Used in Determining Fair Value of Option Awards (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Risk-free interest rate	3.84%	1.86%	0.71%
Expected volatility	26%	26%	26%
Expected dividend yield	4.50%	4.30%	3.60%
Expected term	6 years	6 years	6 years
Weighted average grant date fair value of options per share	$ 13.17	$ 9.7	$ 9.48

Summary of Activity Under Stock

Summary of Activity Under Stock Plans (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Intrinsic value of options exercised	$ 41.2	$ 17.8	$ 25.4
Cash received from stock option exercises	51.7	35.8	38.4
Tax benefit related to stock award exercises	5.4	2.6	4.9
Stock-based compensation	21.2	17.1	14.7
Tax benefit related to stock-based compensation	$ 1.7	$ 1.7	$ 1.6

Summary of Options (Detail)

Summary of Options (Detail) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares
NUMBER OF SHARES
Options outstanding, beginning balance | shares	4,205,200
Granted | shares	898,100
Exercised | shares	(1,174,400)
Cancelled | shares	(105,600)
Options outstanding, ending balance | shares	3,823,300
Vested and expected to vest, end of period | shares	3,678,800
Exercisable, end of period | shares	1,498,400
PER SHARE EXERCISE PRICE
Options outstanding, beginning balance | $ / shares	$ 51.10	[1]
Granted | $ / shares	72	[1]
Exercised | $ / shares	44.08	[1]
Cancelled | $ / shares	66.09	[1]
Options outstanding, ending balance | $ / shares	57.77	[1]
Vested and expected to vest, end of period | $ / shares	57.34	[1]
Exercisable, end of period | $ / shares	$ 45.45	[1]
REMAINING CONTRACTUAL LIFE IN YEARS
Options outstanding, ending balance	6 years 7 months 20 days	[1]
Vested and expected to vest, end of period	6 years 6 months 18 days	[1]
Exercisable, end of period	4 years 3 months	[1]
AGGREGATE INTRINSIC VALUE
Options outstanding, ending balance | $	$ 152.5
Vested and expected to vest, end of period | $	148.3
Exercisable, end of period | $	$ 78.2
[1] Weighted Average

Summary of Nonvested Restricted

Summary of Nonvested Restricted Shares Activity (Detail) - Restricted Stock Units (RSUs)	12 Months Ended
	Dec. 31, 2023 $ / shares shares
GRANT DATE FAIR VALUE
Nonvested awards outstanding, beginning balance | $ / shares	$ 59.69	[1]
Granted | $ / shares	71.27	[1]
Vested | $ / shares	63.06	[1]
Forfeited | $ / shares	60.25	[1]
Nonvested awards outstanding, ending balance | $ / shares	$ 66.21	[1]
NONVESTED NUMBER OF SHARES
Nonvested awards outstanding, beginning balance | shares	241,500
Granted | shares	197,000
Vested | shares	(168,700)
Forfeited | shares	(8,000)
Nonvested awards outstanding, ending balance | shares	261,800
[1] Weighted Average

Dilutive and Antidilutive Optio

Dilutive and Antidilutive Options (Detail) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Additional shares	1,099,000	769,100	973,300
Antidilutive options	891,500	1,653,600	883,800

Segment and Related Informati_3

Segment and Related Information - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) Segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Segment Reporting Information [Line Items]
Reportable segments | Segment	3
Investment income (expense)	$ 292.2	$ 61	$ 15.5
Other Segments | Intersegment
Segment Reporting Information [Line Items]
Investment income (expense)	$ 12.4	$ (1.9)	$ 0.4

Geographical Area Data Recorded

Geographical Area Data Recorded to Consolidated (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Net sales and revenues	$ 35,127.4	$ 28,819.7	$ 23,522.3
Property, plant and equipment, net	3,780.1	3,468.4	3,398.1
Equipment on operating leases, net	2,303	2,803.3	3,188.9
United States
Segment Reporting Information [Line Items]
Net sales and revenues	18,841.6	15,379.2	12,388.8
Property, plant and equipment, net	1,950.9	1,831.7	1,718.5
Equipment on operating leases, net	524.9	846.9	1,003
Europe
Segment Reporting Information [Line Items]
Net sales and revenues	8,741.4	7,486.5	6,325.4
Other Countries
Segment Reporting Information [Line Items]
Net sales and revenues	7,544.4	5,954	4,808.1
Property, plant and equipment, net	624.8	529.8	543
Equipment on operating leases, net	258.3	352.3	505.9
The Netherlands
Segment Reporting Information [Line Items]
Property, plant and equipment, net	654	534.1	516.1
Equipment on operating leases, net	137.8	185.9	157.8
Belgium
Segment Reporting Information [Line Items]
Property, plant and equipment, net	550.4	572.8	620.5
Poland
Segment Reporting Information [Line Items]
Equipment on operating leases, net	187.9	245.8	337.9
France
Segment Reporting Information [Line Items]
Equipment on operating leases, net	223.5	260.7	299.7
Germany
Segment Reporting Information [Line Items]
Equipment on operating leases, net	247.1	280.9	307.1
Spain
Segment Reporting Information [Line Items]
Equipment on operating leases, net	303.3	316.3	291.8
Mexico
Segment Reporting Information [Line Items]
Equipment on operating leases, net	$ 420.2	$ 314.5	$ 285.7

Segment Reporting Information b

Segment Reporting Information by Segment (Detail) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Revenues		$ 35,127.4	$ 28,819.7	$ 23,522.3
Investment income		292.2	61	15.5
Total Income Before Income Taxes		5,718.2	3,848.7	2,396.3
Depreciation and amortization		923.9	790.2	903.3
Expenditures for long-lived assets		1,265.9	1,370.5	1,585.5
Assets		40,823.4	33,275.5	29,509.4
Truck, Parts and Other
Segment Reporting Information [Line Items]
Net sales and revenues		33,315.5	27,314.3	21,834.5
Revenues		33,315.5	27,314.3	21,834.5
Income (loss) before income taxes		4,885.7	3,198.8	1,943.2
Depreciation and amortization		443.8	362.8	311.5
Expenditures for long-lived assets		683.7	515.7	600.7
Assets		19,859.5	16,095.9	14,090.5
Cash and marketable securities		8,659.3	6,158.9	4,813
Truck, Parts and Other | Trucks
Segment Reporting Information [Line Items]
Net sales and revenues		26,846.4	21,486.2	16,799.7
Income (loss) before income taxes		3,799.9	1,753.3	804.9
Depreciation and amortization		403.5	324.9	277.6
Expenditures for long-lived assets		584.8	466	547.2
Assets		8,038.5	7,218.1	6,912.1
Truck, Parts and Other | Trucks | Operating Segments
Segment Reporting Information [Line Items]
Net sales and revenues		27,257.1	22,005.5	17,379
Truck, Parts and Other | Trucks | Intersegment
Segment Reporting Information [Line Items]
Net sales and revenues		(410.7)	(519.3)	(579.3)
Truck, Parts and Other | Parts Subsegment
Segment Reporting Information [Line Items]
Net sales and revenues		6,414.4	5,764.3	4,944.3
Income (loss) before income taxes		1,702.6	1,446.6	1,110
Depreciation and amortization		15	14	12
Expenditures for long-lived assets		65.7	21.1	29.4
Assets		1,912.1	1,742.1	1,505.1
Truck, Parts and Other | Parts Subsegment | Operating Segments
Segment Reporting Information [Line Items]
Net sales and revenues		6,486.5	5,829.4	5,004.8
Truck, Parts and Other | Parts Subsegment | Intersegment
Segment Reporting Information [Line Items]
Net sales and revenues		(72.1)	(65.1)	(60.5)
Truck, Parts and Other | Other
Segment Reporting Information [Line Items]
Net sales and revenues		54.7	63.8	90.5
Income (loss) before income taxes	[1]	(616.8)	(1.1)	28.3
Depreciation and amortization		25.3	23.9	21.9
Expenditures for long-lived assets		33.2	28.6	24.1
Cash and marketable securities		1,249.6	976.8	860.3
Financial Services
Segment Reporting Information [Line Items]
Revenues		1,811.9	1,505.4	1,687.8
Income (loss) before income taxes		540.3	588.9	437.6
Depreciation and amortization		480.1	427.4	591.8
Expenditures for long-lived assets		582.2	854.8	984.8
Assets		$ 20,963.9	$ 17,179.6	$ 15,418.9
[1] In 2023, Other includes a $ 600.0 million non-recurring charge related to civil litigation in Europe (EC-related claims) which is discussed in Note L

Segment Reporting Information_2

Segment Reporting Information by Segment (Parenthetical) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Segment Reporting [Abstract]
Non recurring expenses related to litigation	$ 600