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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 March 31, 2022

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 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 — 347,683,222 shares as of April 28, 2022

 

 

 


 

PACCAR Inc – Form 10-Q

 

INDEX

 

 

 

 

Page

PART I.  

 

FINANCIAL INFORMATION:

 

 

 

 

 

ITEM 1.

 

FINANCIAL STATEMENTS:

 

 

 

Consolidated Statements of Comprehensive Income –
Three Months Ended March 31, 2022 and 2021 (Unaudited)

3

 

 

Consolidated Balance Sheets –
March 31, 2022 and December 31, 2021 (Unaudited)

4

 

 

Condensed Consolidated Statements of Cash Flows –
Three Months Ended March 31, 2022 and 2021 (Unaudited)

6

 

 

Consolidated Statements of Stockholders’ Equity –
Three Months Ended March 31, 2022 and 2021 (Unaudited)

7

 

 

Notes to Consolidated Financial Statements (Unaudited)

8

ITEM 2.

 

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

31

ITEM 3.

 

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

42

ITEM 4.

 

CONTROLS AND PROCEDURES

42

 

 

 

 

PART II.

 

OTHER INFORMATION:

 

 

 

 

 

ITEM 1.

 

LEGAL PROCEEDINGS

43

ITEM 1A.

 

RISK FACTORS

43

ITEM 2.

 

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

43

ITEM 6.

 

EXHIBITS

43

 

 

INDEX TO EXHIBITS

43

 

 

 

 

SIGNATURE

46

 

- 2 -


 

 

 

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Consolidated Statements of Comprehensive Income (Unaudited)

(Millions, Except Per Share Amounts)

 

 

 

Three Months Ended

 

 

 

March 31

 

 

 

2022

 

 

2021

 

TRUCK, PARTS AND OTHER:

 

 

 

 

 

 

 

 

Net sales and revenues

 

$

6,106.4

 

 

$

5,413.5

 

 

 

 

 

 

 

 

 

 

Cost of sales and revenues

 

 

5,285.5

 

 

 

4,689.7

 

Research and development

 

 

78.0

 

 

 

80.1

 

Selling, general and administrative

 

 

148.0

 

 

 

129.9

 

Interest and other (income), net

 

 

(32.0

)

 

 

(13.2

)

 

 

 

5,479.5

 

 

 

4,886.5

 

Truck, Parts and Other Income Before Income Taxes

 

 

626.9

 

 

 

527.0

 

 

 

 

 

 

 

 

 

 

FINANCIAL SERVICES:

 

 

 

 

 

 

 

 

Interest and fees

 

 

132.3

 

 

 

129.9

 

Operating lease, rental and other revenues

 

 

233.9

 

 

 

302.1

 

Revenues

 

 

366.2

 

 

 

432.0

 

 

 

 

 

 

 

 

 

 

Interest and other borrowing expenses

 

 

39.8

 

 

 

42.0

 

Depreciation and other expenses

 

 

143.5

 

 

 

278.7

 

Selling, general and administrative

 

 

35.7

 

 

 

31.2

 

Provision for losses on receivables

 

 

.2

 

 

 

3.7

 

 

 

 

219.2

 

 

 

355.6

 

Financial Services Income Before Income Taxes

 

 

147.0

 

 

 

76.4

 

Investment (loss) income

 

 

(2.5

)

 

 

4.9

 

Total Income Before Income Taxes

 

 

771.4

 

 

 

608.3

 

Income taxes

 

 

170.9

 

 

 

137.5

 

Net Income

 

$

600.5

 

 

$

470.8

 

 

 

 

 

 

 

 

 

 

Net Income Per Share

 

 

 

 

 

 

 

 

Basic

 

$

1.72

 

 

$

1.35

 

Diluted

 

$

1.72

 

 

$

1.35

 

 

 

 

 

 

 

 

 

 

Weighted Average Number of Common Shares Outstanding

 

 

 

 

 

 

 

 

Basic

 

 

348.3

 

 

 

347.6

 

Diluted

 

 

348.8

 

 

 

348.4

 

 

 

 

 

 

 

 

 

 

Comprehensive Income

 

$

643.9

 

 

$

404.7

 

 

See Notes to Consolidated Financial Statements.


- 3 -


 

 

 

Consolidated Balance Sheets (Millions) (Unaudited)

 

 

 

March 31

 

 

December 31

 

 

 

2022

 

 

2021

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TRUCK, PARTS AND OTHER:

 

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

3,157.2

 

 

$

3,253.6

 

Trade and other receivables, net (allowance for losses: 2022 - $.6, 2021 - $.6)

 

 

1,927.8

 

 

 

1,575.1

 

Marketable securities

 

 

1,515.2

 

 

 

1,559.4

 

Inventories, net

 

 

2,222.1

 

 

 

1,976.0

 

Other current assets

 

 

720.5

 

 

 

732.9

 

Total Truck, Parts and Other Current Assets

 

 

9,542.8

 

 

 

9,097.0

 

 

 

 

 

 

 

 

 

 

Equipment on operating leases, net

 

 

285.5

 

 

 

302.4

 

Property, plant and equipment, net

 

 

3,420.0

 

 

 

3,398.1

 

Other noncurrent assets, net

 

 

1,340.7

 

 

 

1,293.0

 

Total Truck, Parts and Other Assets

 

 

14,589.0

 

 

 

14,090.5

 

 

 

 

 

 

 

 

 

 

FINANCIAL SERVICES:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

157.7

 

 

 

174.7

 

Finance and other receivables, net (allowance for losses: 2022 - $118.3, 2021 - $116.9)

 

 

12,563.9

 

 

 

11,920.8

 

Equipment on operating leases, net

 

 

2,811.3

 

 

 

2,886.5

 

Other assets

 

 

464.2

 

 

 

436.9

 

Total Financial Services Assets

 

 

15,997.1

 

 

 

15,418.9

 

 

 

$

30,586.1

 

 

$

29,509.4

 

 

See Notes to Consolidated Financial Statements.

 

- 4 -


 

 

 

Consolidated Balance Sheets (Millions) (Unaudited)

 

 

 

March 31

 

 

December 31

 

 

 

2022

 

 

2021

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TRUCK, PARTS AND OTHER:

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

Accounts payable, accrued expenses and other

 

$

4,609.6

 

 

$

3,930.9

 

Dividend payable

 

 

 

 

 

 

521.1

 

Total Truck, Parts and Other Current Liabilities

 

 

4,609.6

 

 

 

4,452.0

 

Residual value guarantees and deferred revenues

 

 

309.3

 

 

 

329.1

 

Other liabilities

 

 

1,407.0

 

 

 

1,487.6

 

Total Truck, Parts and Other Liabilities

 

 

6,325.9

 

 

 

6,268.7

 

 

 

 

 

 

 

 

 

 

FINANCIAL SERVICES:

 

 

 

 

 

 

 

 

Accounts payable, accrued expenses and other

 

 

636.7

 

 

 

624.5

 

Commercial paper and bank loans

 

 

3,762.6

 

 

 

3,303.0

 

Term notes

 

 

7,097.4

 

 

 

7,128.8

 

Deferred taxes and other liabilities

 

 

620.2

 

 

 

590.4

 

Total Financial Services Liabilities

 

 

12,116.9

 

 

 

11,646.7

 

 

 

 

 

 

 

 

 

 

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 347.7 and 347.3 million shares

 

 

347.7

 

 

 

347.3

 

Additional paid-in capital

 

 

167.3

 

 

 

142.0

 

Treasury stock, at cost - .02 million and nil shares

 

 

(1.9

)

 

 

 

 

Retained earnings

 

 

12,507.9

 

 

 

12,025.8

 

Accumulated other comprehensive loss

 

 

(877.7

)

 

 

(921.1

)

Total Stockholders' Equity

 

 

12,143.3

 

 

 

11,594.0

 

 

 

$

30,586.1

 

 

$

29,509.4

 

 

See Notes to Consolidated Financial Statements.

 


- 5 -


 

 

 

Condensed Consolidated Statements of Cash Flows (Unaudited)

(Millions)

 

 

 

Three Months Ended

 

 

 

March 31

 

 

 

2022

 

 

2021

 

OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

Net Income

 

$

600.5

 

 

$

470.8

 

Adjustments to reconcile net income to cash provided by operations:

 

 

 

 

 

 

 

 

Depreciation and amortization:

 

 

 

 

 

 

 

 

Property, plant and equipment

 

 

74.0

 

 

 

66.9

 

Equipment on operating leases and other

 

 

111.7

 

 

 

184.8

 

Provision for losses on financial services receivables

 

 

.2

 

 

 

3.7

 

Other, net

 

 

(140.7

)

 

 

(47.1

)

Pension contributions

 

 

(6.7

)

 

 

(6.2

)

Change in operating assets and liabilities:

 

 

 

 

 

 

 

 

Trade and other receivables

 

 

(381.0

)

 

 

(468.2

)

Wholesale receivables on new trucks

 

 

(327.4

)

 

 

26.8

 

Inventories

 

 

(230.9

)

 

 

(270.9

)

Accounts payable and accrued expenses

 

 

550.3

 

 

 

655.8

 

Income taxes, warranty and other

 

 

209.3

 

 

 

(79.5

)

Net Cash Provided by Operating Activities

 

 

459.3

 

 

 

536.9

 

 

 

 

 

 

 

 

 

 

INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

Originations of retail loans and finance leases

 

 

(1,221.0

)

 

 

(1,036.2

)

Collections on retail loans and finance leases

 

 

974.1

 

 

 

937.5

 

Net (increase) decrease in wholesale receivables on used equipment

 

 

(1.6

)

 

 

17.4

 

Purchases of marketable debt securities

 

 

(207.7

)

 

 

(158.0

)

Proceeds from sales and maturities of marketable debt securities

 

 

203.9

 

 

 

153.2

 

Payments for property, plant and equipment

 

 

(138.4

)

 

 

(114.6

)

Acquisitions of equipment for operating leases

 

 

(230.2

)

 

 

(243.1

)

Proceeds from asset disposals

 

 

188.1

 

 

 

240.9

 

Other, net

 

 

26.7

 

 

 

(12.8

)

Net Cash Used in Investing Activities

 

 

(406.1

)

 

 

(215.7

)

 

 

 

 

 

 

 

 

 

FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

Payments of cash dividends

 

 

(639.4

)

 

 

(353.7

)

Purchases of treasury stock

 

 

(1.9

)

 

 

(1.4

)

Proceeds from stock compensation transactions

 

 

16.7

 

 

 

28.8

 

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

 

 

481.6

 

 

 

(383.5

)

Proceeds from term debt

 

 

631.7

 

 

 

892.5

 

Payments on term debt

 

 

(645.1

)

 

 

(691.0

)

Net Cash Used in Financing Activities

 

 

(156.4

)

 

 

(508.3

)

Effect of exchange rate changes on cash and cash equivalents

 

 

(10.2

)

 

 

(32.5

)

Net Decrease in Cash and Cash Equivalents

 

 

(113.4

)

 

 

(219.6

)

Cash and cash equivalents at beginning of period

 

 

3,428.3

 

 

 

3,539.6

 

Cash and cash equivalents at end of period

 

$

3,314.9

 

 

$

3,320.0

 

 

See Notes to Consolidated Financial Statements.

 


- 6 -


 

 

 

Consolidated Statements of Stockholders’ Equity (Unaudited)

(Millions, Except Per Share Amounts)

 

 

 

Three Months Ended

 

 

 

March 31

 

 

 

2022

 

 

2021

 

COMMON STOCK, $1 PAR VALUE:

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

347.3

 

 

$

346.6

 

Stock compensation

 

 

.4

 

 

 

.6

 

Balance at end of period

 

 

347.7

 

 

 

347.2

 

 

 

 

 

 

 

 

 

 

ADDITIONAL PAID-IN CAPITAL:

 

 

 

 

 

 

 

 

Balance at beginning of period

 

 

142.0

 

 

 

88.5

 

Stock compensation

 

 

25.3

 

 

 

35.8

 

Balance at end of period

 

 

167.3

 

 

 

124.3

 

 

 

 

 

 

 

 

 

 

TREASURY STOCK, AT COST:

 

 

 

 

 

 

 

 

Balance at beginning of period

 

 

 

 

 

 

 

 

Purchases

 

 

(1.9

)

 

 

(1.4

)

Balance at end of period

 

 

(1.9

)

 

 

(1.4

)

 

 

 

 

 

 

 

 

 

RETAINED EARNINGS:

 

 

 

 

 

 

 

 

Balance at beginning of period

 

 

12,025.8

 

 

 

11,148.5

 

Net income

 

 

600.5

 

 

 

470.8

 

Cash dividends declared on common stock

 

 

(118.4

)

 

 

(111.3

)

Balance at end of period

 

 

12,507.9

 

 

 

11,508.0

 

 

 

 

 

 

 

 

 

 

ACCUMULATED OTHER COMPREHENSIVE LOSS:

 

 

 

 

 

 

 

 

Balance at beginning of period

 

 

(921.1

)

 

 

(1,050.3

)

Other comprehensive income (loss)

 

 

43.4

 

 

 

(66.1

)

Balance at end of period

 

 

(877.7

)

 

 

(1,116.4

)

Total Stockholders’ Equity

 

$

12,143.3

 

 

$