PACCAR 2012 Annual Report Download - page 67

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N O T E S T O C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S
December 31, 2012, 2011 and 2010 (currencies in millions)
E. EQ U I P ME N T ON O PE R AT I N G LEAS E S
A summary of equipment on operating leases for Truck, Parts and Other and for the Financial Services segment is
as follows:
truck, parts and other financial services
At December 31, 2012 2011 2012 2011
Equipment on operating leases $ 1,183.7 $939.0 $ 2,778.2 $ 2,373.2
Less allowance for depreciation (325.8) (259.9) (747.4) (662.5)
$ 857.9 $679.1 $ 2,030.8 $ 1,710.7
Annual minimum lease payments due on Financial Services operating leases beginning January 1, 2013 are $473.6,
$337.0, $214.9, $105.7, $35.9 and $4.9 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, 2012 2011
Residual value guarantees $ 496.3 $ 392.0
Deferred lease revenues 407.2 320.0
$ 903.5 $ 712.0
The deferred lease revenue is amortized on a straight-line basis over the RVG contract period. At December 31, 2012,
the annual amortization of deferred revenues beginning January 1, 2013 is $99.1, $105.9, $99.3, $60.8, $31.8 and
$10.3 thereafter. Annual maturities of the RVGs beginning January 1, 2013 are $120.8, $129.2, $121.0, $74.1, $38.7
and $12.5 thereafter.
F. PROP E R T Y, PLAN T AN D EQ U I P ME N T
Property, plant and equipment include the following:
At December 31, useful lives 2012 2011
Land $ 231.0 $ 211.6
Buildings and improvements 10-40 years 960.1 938.7
Machinery, equipment and production tooling 3-12 years 2,678.6 2,387.9
Construction in progress 667.9 552.2
4,537.6 4,090.4
Less allowance for depreciation (2,224.7) (2,117.1)
$ 2,312.9 $ 1,973.3