| E. | EQUIPMENT ON OPERATING LEASES |
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 | |||||||||||||||
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At December 31, |
2013 | 2012 | 2013 | 2012 | ||||||||||||
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Equipment on operating leases |
$ | 1,357.8 | $ | 1,183.7 | $ | 3,212.2 | $ | 2,778.2 | ||||||||
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Less allowance for depreciation |
(319.5 | ) | (325.8 | ) | (922.1 | ) | (747.4 | ) | ||||||||
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| $ | 1,038.3 | $ | 857.9 | $ | 2,290.1 | $ | 2,030.8 | |||||||||
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Annual minimum lease payments due on Financial Services operating leases beginning January 1, 2014 are $530.3, $373.4, $245.0, $127.2, $41.9 and $6.6 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 | ||||||||
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At December 31, |
2013 | 2012 | ||||||
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Residual value guarantees |
$ | 653.9 | $ | 496.3 | ||||
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Deferred lease revenues |
439.9 | 407.2 | ||||||
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| $ | 1,093.8 | $ | 903.5 | |||||
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The deferred lease revenue is amortized on a straight-line basis over the RVG contract period. At December 31, 2013, the annual amortization of deferred revenues beginning January 1, 2014 is $175.3, $127.5, $82.7, $47.8, $6.5 and $.1 thereafter. Annual maturities of the RVGs beginning January 1, 2014 are $180.0, $149.2, $144.0, $120.4, $45.6 and $14.7 thereafter.