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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

 

Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

For the quarterly period ended September 30, 2024

OR

 

Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

For the transition period from to

 

Commission File No. 001-14817

 

PACCAR Inc

(Exact name of registrant as specified in its charter)

 

Delaware

91-0351110

(State or other jurisdiction of
incorporation or organization)

(I.R.S. Employer Identification No.)

 

 

777 - 106th Ave. N.E., Bellevue, WA

98004

(Address of principal executive offices)

(Zip Code)

(425) 468-7400

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which Registered

Common stock, $1 par value

PCAR

The Nasdaq Stock Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b‑2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

 

 

 

 

 

 

Non-accelerated filer

 

 

Smaller reporting company

 

 

 

 

 

 

 

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

Common Stock, $1 par value — 524,300,554 shares as of October 25, 2024

 


- 2 -


 

 

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Consolidated Statements of Comprehensive Income (Unaudited)

(Millions, Except Per Share Amounts)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30

 

 

September 30

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

TRUCK, PARTS AND OTHER:

 

 

 

 

 

 

 

 

 

 

 

 

Net sales and revenues

 

$

7,703.8

 

 

$

8,232.3

 

 

$

24,201.1

 

 

$

24,723.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales and revenues

 

 

6,427.7

 

 

 

6,626.7

 

 

 

19,873.8

 

 

 

19,971.5

 

Research and development

 

 

115.0

 

 

 

103.5

 

 

 

337.6

 

 

 

302.0

 

Selling, general and administrative

 

 

144.3

 

 

 

143.6

 

 

 

434.6

 

 

 

448.3

 

Interest and other (income) expenses, net

 

 

(24.3

)

 

 

(16.3

)

 

 

(74.9

)

 

 

544.8

 

 

 

6,662.7

 

 

 

6,857.5

 

 

 

20,571.1

 

 

 

21,266.6

 

Truck, Parts and Other Income Before Income Taxes

 

 

1,041.1

 

 

 

1,374.8

 

 

 

3,630.0

 

 

 

3,457.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL SERVICES:

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees

 

 

334.9

 

 

 

269.8

 

 

 

956.3

 

 

 

716.5

 

Operating lease, rental and other revenues

 

 

201.2

 

 

 

194.3

 

 

 

598.9

 

 

 

610.6

 

Revenues

 

 

536.1

 

 

 

464.1

 

 

 

1,555.2

 

 

 

1,327.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and other borrowing expenses

 

 

188.4

 

 

 

138.5

 

 

 

520.9

 

 

 

347.8

 

Depreciation and other expenses

 

 

176.6

 

 

 

146.9

 

 

 

530.5

 

 

 

427.0

 

Selling, general and administrative

 

 

42.2

 

 

 

38.7

 

 

 

122.0

 

 

 

110.9

 

Provision for losses on receivables

 

 

22.4

 

 

 

6.2

 

 

 

50.2

 

 

 

14.1

 

 

 

429.6

 

 

 

330.3

 

 

 

1,223.6

 

 

 

899.8

 

Financial Services Income Before Income Taxes

 

 

106.5

 

 

 

133.8

 

 

 

331.6

 

 

 

427.3

 

Investment income

 

 

108.7

 

 

 

80.8

 

 

 

290.0

 

 

 

192.5

 

Total Income Before Income Taxes

 

 

1,256.3

 

 

 

1,589.4

 

 

 

4,251.6

 

 

 

4,076.9

 

Income taxes

 

 

284.2

 

 

 

360.9

 

 

 

961.6

 

 

 

893.4

 

Net Income

 

$

972.1

 

 

$

1,228.5

 

 

$

3,290.0

 

 

$

3,183.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income Per Share

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.85

 

 

$

2.35

 

 

$

6.26

 

 

$

6.08

 

Diluted

 

$

1.85

 

 

$

2.34

 

 

$

6.25

 

 

$

6.07

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Number of Common Shares Outstanding

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

525.4

 

 

 

524.1

 

 

 

525.2

 

 

 

523.8

 

Diluted

 

 

526.5

 

 

 

525.3

 

 

 

526.5

 

 

 

524.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive Income

 

$

1,111.9

 

 

$

1,068.7

 

 

$

3,178.5

 

 

$

3,199.3

 

 

See Notes to Consolidated Financial Statements.

- 3 -


 

 

Consolidated Balance Sheets

(Millions)

 

 

 

September 30

 

 

December 31

 

 

 

2024

 

 

2023 *

 

 

 

(Unaudited)

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

TRUCK, PARTS AND OTHER:

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

6,642.1

 

 

$

6,836.7

 

Trade and other receivables, net (allowance for losses: 2024 - $1.3, 2023 - $.9)

 

 

2,199.2

 

 

 

2,198.1

 

Marketable securities

 

 

2,510.7

 

 

 

1,822.6

 

Inventories, net

 

 

2,644.8

 

 

 

2,576.7

 

Other current assets

 

 

665.9

 

 

 

680.6

 

Total Truck, Parts and Other Current Assets

 

 

14,662.7

 

 

 

14,114.7

 

 

 

 

 

 

 

 

Equipment on operating leases, net

 

 

82.9

 

 

 

127.6

 

Property, plant and equipment, net

 

 

4,040.9

 

 

 

3,780.1

 

Other noncurrent assets, net

 

 

2,014.9

 

 

 

1,837.1

 

Total Truck, Parts and Other Assets

 

 

20,801.4

 

 

 

19,859.5

 

 

 

 

 

 

 

 

FINANCIAL SERVICES:

 

 

 

 

 

 

Cash and cash equivalents

 

 

207.1

 

 

 

345.0

 

Finance and other receivables, net (allowance for losses: 2024 - $146.2, 2023 - $133.0)

 

 

19,294.3

 

 

 

17,571.7

 

Equipment on operating leases, net

 

 

1,988.1

 

 

 

2,175.4

 

Other assets

 

 

990.9

 

 

 

871.8

 

Total Financial Services Assets

 

 

22,480.4

 

 

 

20,963.9

 

 

$

43,281.8

 

 

$

40,823.4

 

* The December 31, 2023 consolidated balance sheet has been derived from audited financial statements.

See Notes to Consolidated Financial Statements.

 

- 4 -


 

 

Consolidated Balance Sheets

(Millions)

 

 

 

September 30

 

 

December 31

 

 

 

2024

 

 

2023 *

 

 

 

(Unaudited)

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

TRUCK, PARTS AND OTHER:

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

Accounts payable, accrued expenses and other

 

$

5,235.9

 

 

$

5,076.3

 

Dividend payable

 

 

 

 

1,675.0

 

Total Truck, Parts and Other Current Liabilities

 

 

5,235.9

 

 

 

6,751.3

 

Residual value guarantees and deferred revenues

 

 

95.7

 

 

 

142.6

 

Other liabilities

 

 

1,978.1

 

 

 

2,121.9

 

Total Truck, Parts and Other Liabilities

 

 

7,309.7

 

 

 

9,015.8

 

 

 

 

 

 

 

 

FINANCIAL SERVICES:

 

 

 

 

 

 

Accounts payable, accrued expenses and other

 

 

1,161.5

 

 

 

992.3

 

Commercial paper and bank loans

 

 

5,496.6

 

 

 

5,609.9

 

Term notes

 

 

10,023.3

 

 

 

8,624.6

 

Deferred taxes and other liabilities

 

 

627.1

 

 

 

702.0

 

Total Financial Services Liabilities

 

 

17,308.5

 

 

 

15,928.8

 

 

 

 

 

 

 

 

STOCKHOLDERS' EQUITY:

 

 

 

 

 

 

Preferred stock, no par value - authorized 1.0 million shares, none issued

 

 

 

 

 

 

Common stock, $1 par value - authorized 1.2 billion shares,
   issued
524.3 and 523.3 million shares

 

 

524.3

 

 

 

523.3

 

Additional paid-in capital

 

 

336.0

 

 

 

269.1

 

Treasury stock, at cost - .04 million and nil shares

 

 

(4.5

)

 

 

Retained earnings

 

 

18,613.2

 

 

 

15,780.3

 

Accumulated other comprehensive loss

 

 

(805.4

)

 

 

(693.9

)

Total Stockholders' Equity

 

 

18,663.6

 

 

 

15,878.8

 

 

$

43,281.8

 

 

$

40,823.4

 

* The December 31, 2023 consolidated balance sheet has been derived from audited financial statements.

See Notes to Consolidated Financial Statements.

 

- 5 -


 

 

Condensed Consolidated Statements of Cash Flows (Unaudited)

(Millions)

 

 

 

Nine Months Ended

 

 

 

September 30

 

 

 

2024

 

 

2023

 

OPERATING ACTIVITIES:

 

 

 

 

 

 

Net Income

 

$

3,290.0

 

 

$

3,183.5

 

Adjustments to reconcile net income to cash provided by operations:

 

 

 

 

 

 

Depreciation and amortization:

 

 

 

 

 

 

Property, plant and equipment

 

 

300.2

 

 

 

308.2

 

Equipment on operating leases and other

 

 

393.5

 

 

 

370.2

 

Provision for losses on financial services receivables

 

 

50.2

 

 

 

14.1

 

Other, net

 

 

(18.6

)

 

 

(115.1

)

Pension contributions

 

 

(34.7

)

 

 

(17.1

)

Change in operating assets and liabilities:

 

 

 

 

 

 

Trade and other receivables

 

 

(36.7

)

 

 

(518.1

)

Wholesale receivables on new trucks

 

 

(837.4

)

 

 

(1,006.8

)

Inventories

 

 

(86.3

)

 

 

(450.0

)

Accounts payable and accrued expenses

 

 

499.0

 

 

 

882.1

 

Income taxes, warranty and other

 

 

(324.0

)

 

 

352.3

 

Net Cash Provided by Operating Activities

 

 

3,195.2

 

 

 

3,003.3

 

 

 

 

 

 

 

 

INVESTING ACTIVITIES:

 

 

 

 

 

 

Originations of retail loans and finance leases

 

 

(4,895.9

)

 

 

(4,557.4

)

Collections on retail loans and finance leases

 

 

3,646.6

 

 

 

3,210.6

 

Net increase in wholesale receivables on used equipment

 

 

(16.9

)

 

 

(15.2

)

Purchases of marketable debt securities

 

 

(1,356.7

)

 

 

(796.7

)

Proceeds from sales and maturities of marketable debt securities

 

 

714.8

 

 

 

660.2

 

Payments for property, plant and equipment

 

 

(605.3

)

 

 

(497.2

)

Acquisitions of equipment for operating leases

 

 

(637.4

)

 

 

(401.9

)

Proceeds from asset disposals

 

 

521.6

 

 

 

449.0

 

Other, net

 

 

(126.1

)

 

 

17.5

 

Net Cash Used in Investing Activities

 

 

(2,755.3

)

 

 

(1,931.1

)

 

 

 

 

 

 

 

FINANCING ACTIVITIES:

 

 

 

 

 

 

Payments of cash dividends

 

 

(2,131.1

)

 

 

(1,377.3

)

Purchases of treasury stock

 

 

(4.5

)

 

 

(3.1

)

Proceeds from stock compensation transactions

 

 

45.3

 

 

 

43.1

 

Net increase in commercial paper, short-term bank loans and other

 

 

14.3

 

 

 

1,316.9

 

Proceeds from term debt

 

 

3,406.6

 

 

 

2,398.2

 

Payments on term debt

 

 

(2,097.0

)

 

 

(2,218.3

)

Net Cash (Used in) Provided by Financing Activities

 

 

(766.4

)

 

 

159.5

 

Effect of exchange rate changes on cash and cash equivalents

 

 

(6.0

)

 

 

(16.3

)

Net (Decrease) Increase in Cash and Cash Equivalents

 

 

(332.5

)

 

 

1,215.4

 

Cash and cash equivalents at beginning of period

 

 

7,181.7

 

 

 

4,690.9

 

Cash and cash equivalents at end of period

 

$

6,849.2

 

 

$

5,906.3

 

See Notes to Consolidated Financial Statements.

- 6 -


 

 

Consolidated Statements of Stockholders’ Equity (Unaudited)

(Millions, Except Per Share Amounts)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30

 

 

September 30

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

COMMON STOCK, $1 PAR VALUE:

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

524.3

 

 

$

522.8

 

 

$

523.3

 

 

$

522.0

 

Stock compensation

 

 

 

 

.3

 

 

 

1.0

 

 

 

1.1

 

Balance at end of period

 

 

524.3

 

 

 

523.1

 

 

 

524.3

 

 

 

523.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ADDITIONAL PAID-IN CAPITAL:

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

 

329.2

 

 

 

241.8

 

 

 

269.1

 

 

 

196.1

 

Stock compensation

 

 

6.8

 

 

 

16.5

 

 

 

66.9

 

 

 

62.2

 

Balance at end of period

 

 

336.0

 

 

 

258.3

 

 

 

336.0

 

 

 

258.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TREASURY STOCK, AT COST:

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

 

(4.0

)

 

 

(3.0

)

 

 

 

 

Purchases

 

 

(.5

)

 

 

(.1

)

 

 

(4.5

)

 

 

(3.1

)

Balance at end of period

 

 

(4.5

)

 

 

(3.1

)

 

 

(4.5

)

 

 

(3.1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

RETAINED EARNINGS:

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

 

17,798.6

 

 

 

15,095.5

 

 

 

15,780.3

 

 

 

13,402.4

 

Net income

 

 

972.1

 

 

 

1,228.5

 

 

 

3,290.0

 

 

 

3,183.5

 

Cash dividends declared on common stock

 

 

(157.5

)

 

 

(141.6

)

 

 

(457.1

)

 

 

(403.5

)

Balance at end of period

 

 

18,613.2

 

 

 

16,182.4

 

 

 

18,613.2

 

 

 

16,182.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ACCUMULATED OTHER COMPREHENSIVE LOSS:

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

 

(945.2

)

 

 

(777.8

)

 

 

(693.9

)

 

 

(953.4

)

Other comprehensive income (loss)

 

 

139.8

 

 

 

(159.8

)

 

 

(111.5

)

 

 

15.8

 

Balance at end of period

 

 

(805.4

)

 

 

(937.6

)

 

 

(805.4

)

 

 

(937.6

)

Total Stockholders’ Equity

 

$

18,663.6

 

 

$

16,023.1

 

 

$

18,663.6

 

 

$

16,023.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends declared on common stock, per share

 

$

.30

 

 

$

.27

 

 

$

.87

 

 

$

.77

 

See Notes to Consolidated Financial Statements.

 

- 7 -


 

 

Notes to Consolidated Financial Statements (Unaudited)

(Millions, Except Share Amounts)

 

NOTE A - Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10‑Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. For further information, refer to the consolidated financial statements and footnotes included in PACCAR Inc’s (PACCAR or the Company) Annual Report on Form 10‑K for the year ended December 31, 2023.

Equity Method Investment: The Company uses the equity method to account for the investment in an advanced battery cell manufacturing joint venture. Under the equity method, the original investments in the joint venture are recorded at cost and subsequently adjusted by the Company’s share of equity income or losses after the date of acquisition. The investment is included in Truck, Parts and Other "Other noncurrent assets, net" on the Company’s Consolidated Balance Sheets as of September 30, 2024.

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.

The dilutive and antidilutive options are shown separately in the table below:

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30

 

 

September 30

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Additional shares

 

 

1,069,000

 

 

 

1,211,900

 

 

 

1,272,700