pcar-10q_20220331.htm
false
2022
Q1
0000075362
--12-31
true
true
true
true
true
true
0
P8Y
0
0000075362
2022-01-01
2022-03-31
xbrli:shares
0000075362
2022-04-28
iso4217:USD
0000075362
pcar:TruckPartsAndOtherMember
2022-01-01
2022-03-31
0000075362
pcar:TruckPartsAndOtherMember
2021-01-01
2021-03-31
0000075362
pcar:FinancialServicesMember
2022-01-01
2022-03-31
0000075362
pcar:FinancialServicesMember
2021-01-01
2021-03-31
0000075362
2021-01-01
2021-03-31
iso4217:USD
xbrli:shares
0000075362
pcar:TruckPartsAndOtherMember
2022-03-31
0000075362
pcar:TruckPartsAndOtherMember
2021-12-31
0000075362
pcar:FinancialServicesMember
2022-03-31
0000075362
pcar:FinancialServicesMember
2021-12-31
0000075362
2022-03-31
0000075362
2021-12-31
0000075362
2020-12-31
0000075362
2021-03-31
0000075362
us-gaap:CommonStockMember
2021-12-31
0000075362
us-gaap:CommonStockMember
2020-12-31
0000075362
us-gaap:CommonStockMember
2022-01-01
2022-03-31
0000075362
us-gaap:CommonStockMember
2021-01-01
2021-03-31
0000075362
us-gaap:CommonStockMember
2022-03-31
0000075362
us-gaap:CommonStockMember
2021-03-31
0000075362
us-gaap:AdditionalPaidInCapitalMember
2021-12-31
0000075362
us-gaap:AdditionalPaidInCapitalMember
2020-12-31
0000075362
us-gaap:AdditionalPaidInCapitalMember
2022-01-01
2022-03-31
0000075362
us-gaap:AdditionalPaidInCapitalMember
2021-01-01
2021-03-31
0000075362
us-gaap:AdditionalPaidInCapitalMember
2022-03-31
0000075362
us-gaap:AdditionalPaidInCapitalMember
2021-03-31
0000075362
us-gaap:TreasuryStockMember
2022-01-01
2022-03-31
0000075362
us-gaap:TreasuryStockMember
2021-01-01
2021-03-31
0000075362
us-gaap:TreasuryStockMember
2022-03-31
0000075362
us-gaap:TreasuryStockMember
2021-03-31
0000075362
us-gaap:RetainedEarningsMember
2021-12-31
0000075362
us-gaap:RetainedEarningsMember
2020-12-31
0000075362
us-gaap:RetainedEarningsMember
2022-01-01
2022-03-31
0000075362
us-gaap:RetainedEarningsMember
2021-01-01
2021-03-31
0000075362
us-gaap:RetainedEarningsMember
2022-03-31
0000075362
us-gaap:RetainedEarningsMember
2021-03-31
0000075362
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2021-12-31
0000075362
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2020-12-31
0000075362
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2022-01-01
2022-03-31
0000075362
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2021-01-01
2021-03-31
0000075362
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2022-03-31
0000075362
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2021-03-31
0000075362
pcar:FinancialServicesMember
2022-01-01
2022-03-31
xbrli:pure
0000075362
srt:RestatementAdjustmentMember
srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember
2020-12-31
0000075362
srt:RestatementAdjustmentMember
srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember
2021-01-01
0000075362
srt:ScenarioPreviouslyReportedMember
2021-01-01
2021-03-31
0000075362
srt:RestatementAdjustmentMember
2021-01-01
2021-03-31
0000075362
srt:ScenarioPreviouslyReportedMember
2021-12-31
0000075362
srt:RestatementAdjustmentMember
2021-12-31
0000075362
pcar:TruckPartsAndOtherMember
2022-01-01
2022-03-31
0000075362
srt:RevisionOfPriorPeriodErrorCorrectionAdjustmentMember
pcar:TruckPartsAndOtherMember
2022-01-01
2022-03-31
0000075362
srt:RestatementAdjustmentMember
pcar:TruckPartsAndOtherMember
2022-01-01
2022-03-31
0000075362
srt:RevisionOfPriorPeriodErrorCorrectionAdjustmentMember
pcar:TruckPartsAndOtherMember
2022-03-31
0000075362
srt:RestatementAdjustmentMember
pcar:TruckPartsAndOtherMember
2022-03-31
0000075362
pcar:AccountingStandardsUpdate202202Member
2022-03-31
0000075362
pcar:AccountingStandardsUpdate202110Member
2022-03-31
0000075362
pcar:AccountingStandardsUpdate202105Member
2022-03-31
0000075362
pcar:TruckPartsAndOtherMember
pcar:TruckSubsegmentMember
pcar:TruckSalesMember
2022-01-01
2022-03-31
0000075362
pcar:TruckPartsAndOtherMember
pcar:TruckSubsegmentMember
pcar:TruckSalesMember
2021-01-01
2021-03-31
0000075362
pcar:TruckPartsAndOtherMember
pcar:TruckSubsegmentMember
pcar:WarrantiesServiceContractsOperatingLeasesAndOtherMember
2022-01-01
2022-03-31
0000075362
pcar:TruckPartsAndOtherMember
pcar:TruckSubsegmentMember
pcar:WarrantiesServiceContractsOperatingLeasesAndOtherMember
2021-01-01
2021-03-31
0000075362
pcar:TruckPartsAndOtherMember
pcar:TruckSubsegmentMember
2022-01-01
2022-03-31
0000075362
pcar:TruckPartsAndOtherMember
pcar:TruckSubsegmentMember
2021-01-01
2021-03-31
0000075362
pcar:TruckPartsAndOtherMember
pcar:PartsSubsegmentMember
pcar:PartsMember
2022-01-01
2022-03-31
0000075362
pcar:TruckPartsAndOtherMember
pcar:PartsSubsegmentMember
pcar:PartsMember
2021-01-01
2021-03-31
0000075362
pcar:TruckPartsAndOtherMember
pcar:PartsSubsegmentMember
pcar:DealerServicesAndOtherMember
2022-01-01
2022-03-31
0000075362
pcar:TruckPartsAndOtherMember
pcar:PartsSubsegmentMember
pcar:DealerServicesAndOtherMember
2021-01-01
2021-03-31
0000075362
pcar:TruckPartsAndOtherMember
pcar:PartsSubsegmentMember
2022-01-01
2022-03-31
0000075362
pcar:TruckPartsAndOtherMember
pcar:PartsSubsegmentMember
2021-01-01
2021-03-31
0000075362
pcar:TruckPartsAndOtherMember
pcar:WinchSalesAndOtherMember
2022-01-01
2022-03-31
0000075362
pcar:TruckPartsAndOtherMember
pcar:WinchSalesAndOtherMember
2021-01-01
2021-03-31
0000075362
pcar:TruckPartsAndOtherMember
2021-01-01
2021-03-31
0000075362
pcar:TruckPartsAndOtherMember
pcar:TruckSubsegmentMember
2022-03-31
0000075362
pcar:TruckPartsAndOtherMember
pcar:TruckSubsegmentMember
2021-12-31
0000075362
pcar:TruckPartsAndOtherMember
pcar:PartsSubsegmentMember
2022-03-31
0000075362
pcar:TruckPartsAndOtherMember
pcar:PartsSubsegmentMember
2021-12-31
0000075362
srt:MinimumMember
2022-01-01
2022-03-31
0000075362
srt:MaximumMember
2022-01-01
2022-03-31
0000075362
pcar:TruckSubsegmentMember
pcar:TruckSalesMember
2022-01-01
2022-03-31
0000075362
pcar:TruckSubsegmentMember
pcar:TruckSalesMember
2021-01-01
2021-03-31
0000075362
pcar:TruckSubsegmentMember
pcar:TruckSalesMember
2022-03-31
0000075362
pcar:FinancialServicesMember
srt:MinimumMember
2022-01-01
2022-03-31
0000075362
pcar:FinancialServicesMember
srt:MaximumMember
2022-01-01
2022-03-31
0000075362
pcar:FinancialServicesMember
srt:MinimumMember
2022-03-31
0000075362
pcar:FinancialServicesMember
srt:MaximumMember
2022-03-31
0000075362
pcar:FinancialServicesMember
2021-01-01
2021-03-31
0000075362
pcar:TruckPartsAndOtherMember
pcar:DomesticNontaxableDebtSecuritiesMember
2022-03-31
0000075362
pcar:TruckPartsAndOtherMember
us-gaap:TaxableMunicipalBondsMember
2022-03-31
0000075362
pcar:TruckPartsAndOtherMember
us-gaap:DomesticCorporateDebtSecuritiesMember
2022-03-31
0000075362
pcar:TruckPartsAndOtherMember
us-gaap:USTreasuryAndGovernmentMember
2022-03-31
0000075362
pcar:TruckPartsAndOtherMember
us-gaap:ForeignCorporateDebtSecuritiesMember
2022-03-31
0000075362
pcar:TruckPartsAndOtherMember
us-gaap:ForeignGovernmentDebtSecuritiesMember
2022-03-31
0000075362
pcar:TruckPartsAndOtherMember
us-gaap:OtherDebtSecuritiesMember
2022-03-31
0000075362
pcar:TruckPartsAndOtherMember
pcar:DomesticNontaxableDebtSecuritiesMember
2021-12-31
0000075362
pcar:TruckPartsAndOtherMember
us-gaap:TaxableMunicipalBondsMember
2021-12-31
0000075362
pcar:TruckPartsAndOtherMember
us-gaap:DomesticCorporateDebtSecuritiesMember
2021-12-31
0000075362
pcar:TruckPartsAndOtherMember
us-gaap:USTreasuryAndGovernmentMember
2021-12-31
0000075362
pcar:TruckPartsAndOtherMember
us-gaap:ForeignCorporateDebtSecuritiesMember
2021-12-31
0000075362
pcar:TruckPartsAndOtherMember
us-gaap:ForeignGovernmentDebtSecuritiesMember
2021-12-31
0000075362
pcar:TruckPartsAndOtherMember
us-gaap:OtherDebtSecuritiesMember
2021-12-31
0000075362
pcar:LoansAndLeasesMember
2022-03-31
0000075362
pcar:LoansAndLeasesMember
2021-12-31
0000075362
pcar:WholesaleMember
pcar:DealerMember
2022-03-31
0000075362
pcar:WholesaleMember
pcar:DealerMember
2021-12-31
0000075362
pcar:AllOtherMember
2022-03-31
0000075362
pcar:AllOtherMember
2021-12-31
0000075362
pcar:FinancialServicesMember
2021-01-01
2021-12-31
0000075362
pcar:FinancialServicesMember
pcar:LoansAndLeasesMember
srt:MinimumMember
2022-01-01
2022-03-31
0000075362
pcar:FinancialServicesMember
pcar:LoansAndLeasesMember
srt:MaximumMember
2022-01-01
2022-03-31
0000075362
pcar:DealerMember
pcar:FinancialServicesMember
pcar:WholesaleMember
2021-12-31
0000075362
pcar:DealerMember
pcar:FinancialServicesMember
us-gaap:RetailMember
2021-12-31
0000075362
pcar:CustomerRetailMember
pcar:FinancialServicesMember
2021-12-31
0000075362
pcar:AllOtherMember
pcar:FinancialServicesMember
2021-12-31
0000075362
pcar:DealerMember
pcar:FinancialServicesMember
pcar:WholesaleMember
2022-01-01
2022-03-31
0000075362
pcar:DealerMember
pcar:FinancialServicesMember
us-gaap:RetailMember
2022-01-01
2022-03-31
0000075362
pcar:CustomerRetailMember
pcar:FinancialServicesMember
2022-01-01
2022-03-31
0000075362
pcar:AllOtherMember
pcar:FinancialServicesMember
2022-01-01
2022-03-31
0000075362
pcar:DealerMember
pcar:FinancialServicesMember
pcar:WholesaleMember
2022-03-31
0000075362
pcar:DealerMember
pcar:FinancialServicesMember
us-gaap:RetailMember
2022-03-31
0000075362
pcar:CustomerRetailMember
pcar:FinancialServicesMember
2022-03-31
0000075362
pcar:AllOtherMember
pcar:FinancialServicesMember
2022-03-31
0000075362
pcar:FinancialServicesMember
pcar:WholesaleMember
pcar:DealerMember
2020-12-31
0000075362
pcar:FinancialServicesMember
us-gaap:RetailMember
pcar:DealerMember
2020-12-31
0000075362
pcar:FinancialServicesMember
pcar:CustomerRetailMember
2020-12-31
0000075362
pcar:FinancialServicesMember
pcar:AllOtherMember
2020-12-31
0000075362
pcar:FinancialServicesMember
2020-12-31
0000075362
pcar:FinancialServicesMember
pcar:WholesaleMember
pcar:DealerMember
2021-01-01
2021-03-31
0000075362
pcar:FinancialServicesMember
us-gaap:RetailMember
pcar:DealerMember
2021-01-01
2021-03-31
0000075362
pcar:FinancialServicesMember
pcar:CustomerRetailMember
2021-01-01
2021-03-31
0000075362
pcar:FinancialServicesMember
pcar:AllOtherMember
2021-01-01
2021-03-31
0000075362
pcar:FinancialServicesMember
pcar:WholesaleMember
pcar:DealerMember
2021-03-31
0000075362
pcar:FinancialServicesMember
us-gaap:RetailMember
pcar:DealerMember
2021-03-31
0000075362
pcar:FinancialServicesMember
pcar:CustomerRetailMember
2021-03-31
0000075362
pcar:FinancialServicesMember
pcar:AllOtherMember
2021-03-31
0000075362
pcar:FinancialServicesMember
2021-03-31
0000075362
pcar:FinancialServicesMember
us-gaap:FinanceReceivablesMember
srt:MaximumMember
us-gaap:CustomerConcentrationRiskMember
us-gaap:SalesRevenueNetMember
2022-01-01
2022-03-31
0000075362
pcar:FinancialServicesMember
pcar:DealerMember
pcar:WholesaleMember
us-gaap:PassMember
2022-03-31
0000075362
pcar:FinancialServicesMember
pcar:DealerMember
pcar:WholesaleMember
us-gaap:SpecialMentionMember
2022-03-31
0000075362
pcar:FinancialServicesMember
pcar:DealerMember
us-gaap:RetailMember
us-gaap:PassMember
2022-03-31
0000075362
pcar:FinancialServicesMember
pcar:DealerMember
2022-03-31
0000075362
pcar:FinancialServicesMember
pcar:CustomerRetailMember
pcar:FleetMember
us-gaap:PassMember
2022-03-31
0000075362
pcar:FinancialServicesMember
pcar:CustomerRetailMember
pcar:FleetMember
us-gaap:SpecialMentionMember
2022-03-31
0000075362
pcar:FinancialServicesMember
pcar:CustomerRetailMember
pcar:FleetMember
us-gaap:SubstandardMember
2022-03-31
0000075362
pcar:FinancialServicesMember
pcar:CustomerRetailMember
pcar:FleetMember
2022-03-31
0000075362
pcar:FinancialServicesMember
pcar:CustomerRetailMember
pcar:OwnerOperatorMember
us-gaap:PassMember
2022-03-31
0000075362
pcar:FinancialServicesMember
pcar:CustomerRetailMember
pcar:OwnerOperatorMember
2022-03-31
0000075362
pcar:FinancialServicesMember
pcar:CustomerRetailMember
pcar:OwnerOperatorMember
us-gaap:SpecialMentionMember
2022-03-31
0000075362
pcar:FinancialServicesMember
pcar:CustomerRetailMember
pcar:OwnerOperatorMember
us-gaap:SubstandardMember
2022-03-31
0000075362
pcar:FinancialServicesMember
pcar:DealerMember
us-gaap:RetailMember
us-gaap:SubstandardMember
2022-03-31
0000075362
pcar:FinancialServicesMember
pcar:DealerMember
pcar:WholesaleMember
us-gaap:PassMember
2021-12-31
0000075362
pcar:FinancialServicesMember
pcar:DealerMember
pcar:WholesaleMember
us-gaap:SpecialMentionMember
2021-12-31
0000075362
pcar:FinancialServicesMember
pcar:DealerMember
us-gaap:RetailMember
us-gaap:PassMember
2021-12-31
0000075362
pcar:FinancialServicesMember
pcar:DealerMember
2021-12-31
0000075362
pcar:FinancialServicesMember
pcar:DealerMember
us-gaap:RetailMember
us-gaap:SpecialMentionMember
2021-12-31
0000075362
pcar:FinancialServicesMember
pcar:CustomerRetailMember
pcar:FleetMember
us-gaap:PassMember
2021-12-31
0000075362
pcar:FinancialServicesMember
pcar:CustomerRetailMember
pcar:FleetMember
us-gaap:SpecialMentionMember
2021-12-31
0000075362
pcar:FinancialServicesMember
pcar:CustomerRetailMember
pcar:FleetMember
us-gaap:SubstandardMember
2021-12-31
0000075362
pcar:FinancialServicesMember
pcar:CustomerRetailMember
pcar:FleetMember
2021-12-31
0000075362
pcar:FinancialServicesMember
pcar:CustomerRetailMember
pcar:OwnerOperatorMember
us-gaap:PassMember
2021-12-31
0000075362
pcar:FinancialServicesMember
pcar:CustomerRetailMember
pcar:OwnerOperatorMember
us-gaap:SpecialMentionMember
2021-12-31
0000075362
pcar:FinancialServicesMember
pcar:CustomerRetailMember
pcar:OwnerOperatorMember
us-gaap:SubstandardMember
2021-12-31
0000075362
pcar:FinancialServicesMember
pcar:CustomerRetailMember
pcar:OwnerOperatorMember
2021-12-31
0000075362
pcar:FinancialServicesMember
pcar:DealerMember
us-gaap:RetailMember
us-gaap:SubstandardMember
2021-12-31
0000075362
pcar:FinancialServicesMember
pcar:DealerMember
pcar:WholesaleMember
us-gaap:FinancialAssetNotPastDueMember
2022-03-31
0000075362
pcar:FinancialServicesMember
pcar:DealerMember
us-gaap:RetailMember
us-gaap:FinancialAssetNotPastDueMember
2022-03-31
0000075362
pcar:FinancialServicesMember
pcar:CustomerRetailMember
pcar:FleetMember
us-gaap:FinancialAssetNotPastDueMember
2022-03-31
0000075362
pcar:FinancialServicesMember
pcar:CustomerRetailMember
pcar:OwnerOperatorMember
us-gaap:FinancialAssetNotPastDueMember
2022-03-31
0000075362
pcar:FinancialServicesMember
us-gaap:FinancialAssetNotPastDueMember
2022-03-31
0000075362
pcar:FinancialServicesMember
pcar:CustomerRetailMember
pcar:FleetMember
us-gaap:FinancingReceivables30To59DaysPastDueMember
2022-03-31
0000075362
pcar:FinancialServicesMember
pcar:CustomerRetailMember
pcar:OwnerOperatorMember
us-gaap:FinancingReceivables30To59DaysPastDueMember
2022-03-31
0000075362
pcar:FinancialServicesMember
us-gaap:FinancingReceivables30To59DaysPastDueMember
2022-03-31
0000075362
pcar:FinancialServicesMember
pcar:CustomerRetailMember
pcar:FleetMember
pcar:FinancingReceivablesGreaterThan60DaysPastDueMember
2022-03-31
0000075362
pcar:FinancialServicesMember
pcar:CustomerRetailMember
pcar:OwnerOperatorMember
pcar:FinancingReceivablesGreaterThan60DaysPastDueMember
2022-03-31
0000075362
pcar:FinancialServicesMember
pcar:FinancingReceivablesGreaterThan60DaysPastDueMember
2022-03-31
0000075362
pcar:FinancialServicesMember
pcar:DealerMember
us-gaap:FinancialAssetNotPastDueMember
pcar:WholesaleMember
2021-12-31
0000075362
pcar:FinancialServicesMember
pcar:DealerMember
us-gaap:FinancialAssetNotPastDueMember
us-gaap:RetailMember
2021-12-31
0000075362
pcar:FinancialServicesMember
pcar:CustomerRetailMember
us-gaap:FinancialAssetNotPastDueMember
pcar:FleetMember
2021-12-31
0000075362
pcar:FinancialServicesMember
pcar:CustomerRetailMember
us-gaap:FinancialAssetNotPastDueMember
pcar:OwnerOperatorMember
2021-12-31
0000075362
pcar:FinancialServicesMember
us-gaap:FinancialAssetNotPastDueMember
2021-12-31
0000075362
pcar:FinancialServicesMember
pcar:DealerMember
us-gaap:FinancingReceivables30To59DaysPastDueMember
pcar:WholesaleMember
2021-12-31
0000075362
pcar:FinancialServicesMember
pcar:CustomerRetailMember
us-gaap:FinancingReceivables30To59DaysPastDueMember
pcar:FleetMember
2021-12-31
0000075362
pcar:FinancialServicesMember
pcar:CustomerRetailMember
us-gaap:FinancingReceivables30To59DaysPastDueMember
pcar:OwnerOperatorMember
2021-12-31
0000075362
pcar:FinancialServicesMember
us-gaap:FinancingReceivables30To59DaysPastDueMember
2021-12-31
0000075362
pcar:FinancialServicesMember
pcar:CustomerRetailMember
pcar:FinancingReceivablesGreaterThan60DaysPastDueMember
pcar:FleetMember
2021-12-31
0000075362
pcar:FinancialServicesMember
pcar:CustomerRetailMember
pcar:FinancingReceivablesGreaterThan60DaysPastDueMember
pcar:OwnerOperatorMember
2021-12-31
0000075362
pcar:FinancialServicesMember
pcar:FinancingReceivablesGreaterThan60DaysPastDueMember
2021-12-31
0000075362
pcar:FinancialServicesMember
pcar:FleetMember
2022-01-01
2022-03-31
0000075362
pcar:FinancialServicesMember
pcar:FleetMember
2021-01-01
2021-03-31
0000075362
pcar:FinancialServicesMember
pcar:OwnerOperatorMember
2022-01-01
2022-03-31
0000075362
pcar:FinancialServicesMember
pcar:OwnerOperatorMember
2021-01-01
2021-03-31
0000075362
pcar:FinancialServicesMember
pcar:FleetMember
pcar:CustomerRetailMember
2022-01-01
2022-03-31
0000075362
pcar:FinancialServicesMember
pcar:FleetMember
pcar:CustomerRetailMember
2021-01-01
2021-03-31
0000075362
pcar:FinancialServicesMember
pcar:OwnerOperatorMember
pcar:CustomerRetailMember
2021-01-01
2021-03-31
0000075362
srt:MaximumMember
pcar:TruckPartsAndOtherMember
2022-01-01
2022-03-31
0000075362
pcar:EngineMember
pcar:TruckPartsAndOtherMember
2022-01-01
2022-03-31
0000075362
pcar:TruckPartsAndOtherMember
2020-12-31
0000075362
pcar:TruckPartsAndOtherMember
2021-03-31
0000075362
us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember
2021-12-31
0000075362
us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember
2021-12-31
0000075362
us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember
2021-12-31
0000075362
us-gaap:AccumulatedTranslationAdjustmentMember
2021-12-31
0000075362
us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember
2022-01-01
2022-03-31
0000075362
us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember
2022-01-01
2022-03-31
0000075362
us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember
2022-01-01
2022-03-31
0000075362
us-gaap:AccumulatedTranslationAdjustmentMember
2022-01-01
2022-03-31
0000075362
us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember
2022-03-31
0000075362
us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember
2022-03-31
0000075362
us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember
2022-03-31
0000075362
us-gaap:AccumulatedTranslationAdjustmentMember
2022-03-31
0000075362
us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember
2020-12-31
0000075362
us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember
2020-12-31
0000075362
us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember
2020-12-31
0000075362
us-gaap:AccumulatedTranslationAdjustmentMember
2020-12-31
0000075362
us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember
2021-01-01
2021-03-31
0000075362
us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember
2021-01-01
2021-03-31
0000075362
us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember
2021-01-01
2021-03-31
0000075362
us-gaap:AccumulatedTranslationAdjustmentMember
2021-01-01
2021-03-31
0000075362
us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember
2021-03-31
0000075362
us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember
2021-03-31
0000075362
us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember
2021-03-31
0000075362
us-gaap:AccumulatedTranslationAdjustmentMember
2021-03-31
0000075362
pcar:TruckPartsAndOtherMember
us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember
us-gaap:ForeignExchangeContractMember
us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember
2022-01-01
2022-03-31
0000075362
pcar:TruckPartsAndOtherMember
us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember
us-gaap:ForeignExchangeContractMember
us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember
2021-01-01
2021-03-31
0000075362
pcar:TruckPartsAndOtherMember
us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember
us-gaap:CommodityContractMember
us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember
2022-01-01
2022-03-31
0000075362
pcar:FinancialServicesMember
us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember
us-gaap:InterestRateContractMember
us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember
2022-01-01
2022-03-31
0000075362
pcar:FinancialServicesMember
us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember
us-gaap:InterestRateContractMember
us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember
2021-01-01
2021-03-31
0000075362
us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember
us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember
2022-01-01
2022-03-31
0000075362
us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember
us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember
2021-01-01
2021-03-31
0000075362
us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember
us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember
2022-01-01
2022-03-31
0000075362
us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember
us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember
2021-01-01
2021-03-31
0000075362
pcar:TruckPartsAndOtherMember
us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember
2022-01-01
2022-03-31
0000075362
pcar:TruckPartsAndOtherMember
us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember
2021-01-01
2021-03-31
0000075362
pcar:TruckPartsAndOtherMember
us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember
2022-01-01
2022-03-31
0000075362
pcar:TruckPartsAndOtherMember
us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember
2021-01-01
2021-03-31
0000075362
pcar:TruckPartsAndOtherMember
pcar:AccumulatedDefinedBenefitPlansAdjustmentNetSettlementLossMember
2022-01-01
2022-03-31
0000075362
pcar:TruckPartsAndOtherMember
pcar:AccumulatedDefinedBenefitPlansAdjustmentNetSettlementLossMember
2021-01-01
2021-03-31
0000075362
pcar:CommonStockRepurchasePlanMember
2022-01-01
2022-03-31
0000075362
pcar:LongTermIncentivePlanMember
2022-01-01
2022-03-31
0000075362
pcar:CommonStockRepurchasePlanMember
2018-12-04
pcar:Segment
0000075362
us-gaap:OperatingSegmentsMember
pcar:TruckSubsegmentMember
pcar:TruckPartsAndOtherMember
2022-01-01
2022-03-31
0000075362
us-gaap:OperatingSegmentsMember
pcar:TruckSubsegmentMember
pcar:TruckPartsAndOtherMember
2021-01-01
2021-03-31
0000075362
us-gaap:IntersegmentEliminationMember
pcar:TruckSubsegmentMember
pcar:TruckPartsAndOtherMember
2022-01-01
2022-03-31
0000075362
us-gaap:IntersegmentEliminationMember
pcar:TruckSubsegmentMember
pcar:TruckPartsAndOtherMember
2021-01-01
2021-03-31
0000075362
pcar:TruckSubsegmentMember
pcar:TruckPartsAndOtherMember
2022-01-01
2022-03-31
0000075362
pcar:TruckSubsegmentMember
pcar:TruckPartsAndOtherMember
2021-01-01
2021-03-31
0000075362
us-gaap:OperatingSegmentsMember
pcar:PartsSubsegmentMember
pcar:TruckPartsAndOtherMember
2022-01-01
2022-03-31
0000075362
us-gaap:OperatingSegmentsMember
pcar:PartsSubsegmentMember
pcar:TruckPartsAndOtherMember
2021-01-01
2021-03-31
0000075362
us-gaap:IntersegmentEliminationMember
pcar:PartsSubsegmentMember
pcar:TruckPartsAndOtherMember
2022-01-01
2022-03-31
0000075362
us-gaap:IntersegmentEliminationMember
pcar:PartsSubsegmentMember
pcar:TruckPartsAndOtherMember
2021-01-01
2021-03-31
0000075362
pcar:PartsSubsegmentMember
pcar:TruckPartsAndOtherMember
2022-01-01
2022-03-31
0000075362
pcar:PartsSubsegmentMember
pcar:TruckPartsAndOtherMember
2021-01-01
2021-03-31
0000075362
pcar:AllOtherSubsegmentsMember
pcar:TruckPartsAndOtherMember
2022-01-01
2022-03-31
0000075362
pcar:AllOtherSubsegmentsMember
pcar:TruckPartsAndOtherMember
2021-01-01
2021-03-31
0000075362
us-gaap:InterestRateContractMember
2022-03-31
0000075362
us-gaap:ForeignExchangeContractMember
2022-03-31
0000075362
us-gaap:CommodityContractMember
2022-03-31
0000075362
us-gaap:ForeignExchangeContractMember
2022-01-01
2022-03-31
0000075362
us-gaap:CommodityContractMember
2022-01-01
2022-03-31
0000075362
us-gaap:DesignatedAsHedgingInstrumentMember
us-gaap:InterestRateContractMember
pcar:FinancialServicesMember
us-gaap:OtherAssetsMember
2022-03-31
0000075362
us-gaap:DesignatedAsHedgingInstrumentMember
us-gaap:InterestRateContractMember
pcar:FinancialServicesMember
us-gaap:OtherAssetsMember
2021-12-31
0000075362
us-gaap:DesignatedAsHedgingInstrumentMember
us-gaap:ForeignExchangeContractMember
pcar:TruckPartsAndOtherMember
us-gaap:OtherCurrentAssetsMember
2022-03-31
0000075362
us-gaap:DesignatedAsHedgingInstrumentMember
us-gaap:ForeignExchangeContractMember
pcar:TruckPartsAndOtherMember
us-gaap:OtherCurrentAssetsMember
2021-12-31
0000075362
us-gaap:DesignatedAsHedgingInstrumentMember
us-gaap:ForeignExchangeContractMember
pcar:FinancialServicesMember
us-gaap:OtherCurrentAssetsMember
2021-12-31
0000075362
us-gaap:DesignatedAsHedgingInstrumentMember
us-gaap:CommodityContractMember
pcar:TruckPartsAndOtherMember
us-gaap:OtherCurrentAssetsMember
2022-03-31
0000075362
us-gaap:DesignatedAsHedgingInstrumentMember
2022-03-31
0000075362
us-gaap:DesignatedAsHedgingInstrumentMember
2021-12-31
0000075362
us-gaap:NondesignatedMember
us-gaap:ForeignExchangeContractMember
pcar:TruckPartsAndOtherMember
us-gaap:OtherCurrentAssetsMember
2022-03-31
0000075362
us-gaap:NondesignatedMember
us-gaap:ForeignExchangeContractMember
pcar:TruckPartsAndOtherMember
us-gaap:OtherCurrentAssetsMember
2021-12-31
0000075362
us-gaap:NondesignatedMember
us-gaap:ForeignExchangeContractMember
pcar:FinancialServicesMember
us-gaap:OtherAssetsMember
2021-12-31
0000075362
us-gaap:NondesignatedMember
2022-03-31
0000075362
us-gaap:NondesignatedMember
2021-12-31
0000075362
us-gaap:ForeignExchangeContractMember
pcar:TruckPartsAndOtherMember
2022-03-31
0000075362
us-gaap:ForeignExchangeContractMember
pcar:TruckPartsAndOtherMember
2021-12-31
0000075362
us-gaap:ForeignExchangeContractMember
pcar:FinancialServicesMember
2021-12-31
0000075362
us-gaap:InterestRateContractMember
pcar:FinancialServicesMember
2022-03-31
0000075362
us-gaap:InterestRateContractMember
pcar:FinancialServicesMember
2021-12-31
0000075362
pcar:FinancialServicesMember
us-gaap:DesignatedAsHedgingInstrumentMember
us-gaap:InterestRateContractMember
pcar:DeferredTaxesAndOtherLiabilitiesMember
2022-03-31
0000075362
pcar:FinancialServicesMember
us-gaap:DesignatedAsHedgingInstrumentMember
us-gaap:InterestRateContractMember
pcar:DeferredTaxesAndOtherLiabilitiesMember
2021-12-31
0000075362
pcar:TruckPartsAndOtherMember
us-gaap:DesignatedAsHedgingInstrumentMember
us-gaap:ForeignExchangeContractMember
us-gaap:AccountsPayableAndAccruedLiabilitiesMember
2022-03-31
0000075362
pcar:TruckPartsAndOtherMember
us-gaap:DesignatedAsHedgingInstrumentMember
us-gaap:ForeignExchangeContractMember
us-gaap:AccountsPayableAndAccruedLiabilitiesMember
2021-12-31
0000075362
pcar:FinancialServicesMember
us-gaap:DesignatedAsHedgingInstrumentMember
us-gaap:ForeignExchangeContractMember
pcar:DeferredTaxesAndOtherLiabilitiesMember
2022-03-31
0000075362
pcar:FinancialServicesMember
us-gaap:DesignatedAsHedgingInstrumentMember
us-gaap:ForeignExchangeContractMember
pcar:DeferredTaxesAndOtherLiabilitiesMember
2021-12-31
0000075362
pcar:TruckPartsAndOtherMember
us-gaap:DesignatedAsHedgingInstrumentMember
us-gaap:CommodityContractMember
us-gaap:AccountsPayableAndAccruedLiabilitiesMember
2021-12-31
0000075362
pcar:TruckPartsAndOtherMember
us-gaap:NondesignatedMember
us-gaap:ForeignExchangeContractMember
us-gaap:AccountsPayableAndAccruedLiabilitiesMember
2022-03-31
0000075362
pcar:TruckPartsAndOtherMember
us-gaap:NondesignatedMember
us-gaap:ForeignExchangeContractMember
us-gaap:AccountsPayableAndAccruedLiabilitiesMember
2021-12-31
0000075362
pcar:FinancialServicesMember
us-gaap:NondesignatedMember
us-gaap:ForeignExchangeContractMember
pcar:DeferredTaxesAndOtherLiabilitiesMember
2022-03-31
0000075362
pcar:FinancialServicesMember
us-gaap:NondesignatedMember
us-gaap:ForeignExchangeContractMember
pcar:DeferredTaxesAndOtherLiabilitiesMember
2021-12-31
0000075362
us-gaap:CashFlowHedgingMember
pcar:TruckPartsAndOtherMember
us-gaap:SalesMember
us-gaap:ForeignExchangeContractMember
2022-01-01
2022-03-31
0000075362
us-gaap:CashFlowHedgingMember
pcar:TruckPartsAndOtherMember
us-gaap:SalesMember
us-gaap:ForeignExchangeContractMember
2021-01-01
2021-03-31
0000075362
us-gaap:CashFlowHedgingMember
pcar:TruckPartsAndOtherMember
us-gaap:CostOfSalesMember
us-gaap:ForeignExchangeContractMember
2022-01-01
2022-03-31
0000075362
us-gaap:CashFlowHedgingMember
pcar:TruckPartsAndOtherMember
us-gaap:CostOfSalesMember
us-gaap:ForeignExchangeContractMember
2021-01-01
2021-03-31
0000075362
pcar:TruckPartsAndOtherMember
us-gaap:CostOfSalesMember
us-gaap:NondesignatedMember
us-gaap:ForeignExchangeContractMember
2022-01-01
2022-03-31
0000075362
pcar:TruckPartsAndOtherMember
us-gaap:CostOfSalesMember
us-gaap:NondesignatedMember
us-gaap:ForeignExchangeContractMember
2021-01-01
2021-03-31
0000075362
us-gaap:CashFlowHedgingMember
pcar:TruckPartsAndOtherMember
us-gaap:InterestIncomeMember
us-gaap:ForeignExchangeContractMember
2022-01-01
2022-03-31
0000075362
us-gaap:CashFlowHedgingMember
pcar:TruckPartsAndOtherMember
us-gaap:InterestIncomeMember
us-gaap:ForeignExchangeContractMember
2021-01-01
2021-03-31
0000075362
us-gaap:NetInvestmentHedgingMember
pcar:TruckPartsAndOtherMember
us-gaap:InterestIncomeMember
us-gaap:ForeignExchangeContractMember
2022-01-01
2022-03-31
0000075362
us-gaap:NetInvestmentHedgingMember
pcar:TruckPartsAndOtherMember
us-gaap:InterestIncomeMember
us-gaap:ForeignExchangeContractMember
2021-01-01
2021-03-31
0000075362
pcar:TruckPartsAndOtherMember
us-gaap:InterestIncomeMember
us-gaap:NondesignatedMember
us-gaap:ForeignExchangeContractMember
2022-01-01
2022-03-31
0000075362
pcar:TruckPartsAndOtherMember
us-gaap:InterestIncomeMember
us-gaap:NondesignatedMember
us-gaap:ForeignExchangeContractMember
2021-01-01
2021-03-31
0000075362
pcar:TruckPartsAndOtherMember
us-gaap:ForeignExchangeContractMember
2022-01-01
2022-03-31
0000075362
pcar:TruckPartsAndOtherMember
us-gaap:ForeignExchangeContractMember
2021-01-01
2021-03-31
0000075362
us-gaap:CashFlowHedgingMember
pcar:FinancialServicesMember
pcar:InterestAndOtherBorrowingExpenseMember
us-gaap:InterestRateContractMember
2022-01-01
2022-03-31
0000075362
us-gaap:CashFlowHedgingMember
pcar:FinancialServicesMember
pcar:InterestAndOtherBorrowingExpenseMember
us-gaap:InterestRateContractMember
2021-01-01
2021-03-31
0000075362
us-gaap:FairValueHedgingMember
pcar:FinancialServicesMember
pcar:InterestAndOtherBorrowingExpenseMember
us-gaap:InterestRateContractMember
2022-01-01
2022-03-31
0000075362
us-gaap:FairValueHedgingMember
pcar:FinancialServicesMember
pcar:InterestAndOtherBorrowingExpenseMember
us-gaap:InterestRateContractMember
2021-01-01
2021-03-31
0000075362
pcar:FinancialServicesMember
pcar:InterestAndOtherBorrowingExpenseMember
us-gaap:NondesignatedMember
us-gaap:ForeignExchangeContractMember
2022-01-01
2022-03-31
0000075362
pcar:FinancialServicesMember
pcar:InterestAndOtherBorrowingExpenseMember
us-gaap:NondesignatedMember
us-gaap:ForeignExchangeContractMember
2021-01-01
2021-03-31
0000075362
pcar:FinancialServicesMember
pcar:InterestAndOtherBorrowingExpenseMember
us-gaap:InterestRateContractMember
2022-01-01
2022-03-31
0000075362
pcar:FinancialServicesMember
pcar:InterestAndOtherBorrowingExpenseMember
us-gaap:ForeignExchangeContractMember
2022-01-01
2022-03-31
0000075362
pcar:FinancialServicesMember
pcar:InterestAndOtherBorrowingExpenseMember
us-gaap:InterestRateContractMember
2021-01-01
2021-03-31
0000075362
pcar:FinancialServicesMember
pcar:InterestAndOtherBorrowingExpenseMember
us-gaap:ForeignExchangeContractMember
2021-01-01
2021-03-31
0000075362
us-gaap:InterestRateContractMember
2022-01-01
2022-03-31
0000075362
us-gaap:InterestRateContractMember
2021-01-01
2021-03-31
0000075362
us-gaap:ForeignExchangeContractMember
2021-01-01
2021-03-31
0000075362
us-gaap:CostOfSalesMember
2022-01-01
2022-03-31
0000075362
us-gaap:FairValueHedgingMember
2022-03-31
0000075362
us-gaap:FairValueHedgingMember
2021-12-31
0000075362
us-gaap:CashFlowHedgingMember
2022-01-01
2022-03-31
0000075362
pcar:TruckPartsAndOtherMember
us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember
us-gaap:ForeignExchangeContractMember
2022-01-01
2022-03-31
0000075362
pcar:TruckPartsAndOtherMember
us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember
us-gaap:ForeignExchangeContractMember
2021-01-01
2021-03-31
0000075362
pcar:FinancialServicesMember
us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember
us-gaap:InterestRateContractMember
2022-01-01
2022-03-31
0000075362
pcar:FinancialServicesMember
us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember
us-gaap:ForeignExchangeContractMember
2022-01-01
2022-03-31
0000075362
pcar:FinancialServicesMember
us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember
us-gaap:InterestRateContractMember
2021-01-01
2021-03-31
0000075362
pcar:FinancialServicesMember
us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember
us-gaap:ForeignExchangeContractMember
2021-01-01
2021-03-31
0000075362
us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember
us-gaap:InterestRateContractMember
2022-01-01
2022-03-31
0000075362
us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember
us-gaap:ForeignExchangeContractMember
2022-01-01
2022-03-31
0000075362
us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember
us-gaap:InterestRateContractMember
2021-01-01
2021-03-31
0000075362
us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember
us-gaap:ForeignExchangeContractMember
2021-01-01
2021-03-31
0000075362
pcar:TruckPartsAndOtherMember
us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember
2022-01-01
2022-03-31
0000075362
us-gaap:CashFlowHedgingMember
2021-01-01
2021-03-31
0000075362
us-gaap:NetInvestmentHedgingMember
2022-03-31
0000075362
us-gaap:NetInvestmentHedgingMember
2022-01-01
2022-03-31
0000075362
pcar:DomesticNontaxableDebtSecuritiesMember
us-gaap:FairValueMeasurementsRecurringMember
us-gaap:FairValueInputsLevel2Member
2022-03-31
0000075362
pcar:DomesticNontaxableDebtSecuritiesMember
us-gaap:FairValueMeasurementsRecurringMember
2022-03-31
0000075362
us-gaap:TaxableMunicipalBondsMember
us-gaap:FairValueMeasurementsRecurringMember
us-gaap:FairValueInputsLevel2Member
2022-03-31
0000075362
us-gaap:TaxableMunicipalBondsMember
us-gaap:FairValueMeasurementsRecurringMember
2022-03-31
0000075362
us-gaap:DomesticCorporateDebtSecuritiesMember
us-gaap:FairValueMeasurementsRecurringMember
us-gaap:FairValueInputsLevel2Member
2022-03-31
0000075362
us-gaap:DomesticCorporateDebtSecuritiesMember
us-gaap:FairValueMeasurementsRecurringMember
2022-03-31
0000075362
us-gaap:USTreasuryAndGovernmentMember
us-gaap:FairValueMeasurementsRecurringMember
us-gaap:FairValueInputsLevel1Member
2022-03-31
0000075362
us-gaap:USTreasuryAndGovernmentMember
us-gaap:FairValueMeasurementsRecurringMember
2022-03-31
0000075362
us-gaap:ForeignCorporateDebtSecuritiesMember
us-gaap:FairValueMeasurementsRecurringMember
us-gaap:FairValueInputsLevel2Member
2022-03-31
0000075362
us-gaap:ForeignCorporateDebtSecuritiesMember
us-gaap:FairValueMeasurementsRecurringMember
2022-03-31
0000075362
us-gaap:ForeignGovernmentDebtSecuritiesMember
us-gaap:FairValueMeasurementsRecurringMember
us-gaap:FairValueInputsLevel2Member
2022-03-31
0000075362
us-gaap:ForeignGovernmentDebtSecuritiesMember
us-gaap:FairValueMeasurementsRecurringMember
2022-03-31
0000075362
us-gaap:OtherDebtSecuritiesMember
us-gaap:FairValueMeasurementsRecurringMember
us-gaap:FairValueInputsLevel2Member
2022-03-31
0000075362
us-gaap:OtherDebtSecuritiesMember
us-gaap:FairValueMeasurementsRecurringMember
2022-03-31
0000075362
us-gaap:FairValueMeasurementsRecurringMember
us-gaap:FairValueInputsLevel1Member
2022-03-31
0000075362
us-gaap:FairValueMeasurementsRecurringMember
us-gaap:FairValueInputsLevel2Member
2022-03-31
0000075362
us-gaap:FairValueMeasurementsRecurringMember
2022-03-31
0000075362
pcar:CrossCurrencySwapMember
us-gaap:FairValueMeasurementsRecurringMember
us-gaap:FairValueInputsLevel2Member
2022-03-31
0000075362
pcar:CrossCurrencySwapMember
us-gaap:FairValueMeasurementsRecurringMember
2022-03-31
0000075362
us-gaap:InterestRateSwapMember
us-gaap:FairValueMeasurementsRecurringMember
us-gaap:FairValueInputsLevel2Member
2022-03-31
0000075362
us-gaap:InterestRateSwapMember
us-gaap:FairValueMeasurementsRecurringMember
2022-03-31
0000075362
us-gaap:ForeignExchangeContractMember
us-gaap:FairValueMeasurementsRecurringMember
us-gaap:FairValueInputsLevel2Member
2022-03-31
0000075362
us-gaap:ForeignExchangeContractMember
us-gaap:FairValueMeasurementsRecurringMember
2022-03-31
0000075362
us-gaap:CommodityContractMember
us-gaap:FairValueMeasurementsRecurringMember
us-gaap:FairValueInputsLevel2Member
2022-03-31
0000075362
us-gaap:CommodityContractMember
us-gaap:FairValueMeasurementsRecurringMember
2022-03-31
0000075362
us-gaap:FairValueMeasurementsRecurringMember
us-gaap:FairValueInputsLevel2Member
pcar:DomesticNontaxableDebtSecuritiesMember
2021-12-31
0000075362
us-gaap:FairValueMeasurementsRecurringMember
pcar:DomesticNontaxableDebtSecuritiesMember
2021-12-31
0000075362
us-gaap:FairValueMeasurementsRecurringMember
us-gaap:FairValueInputsLevel2Member
us-gaap:TaxableMunicipalBondsMember
2021-12-31
0000075362
us-gaap:FairValueMeasurementsRecurringMember
us-gaap:TaxableMunicipalBondsMember
2021-12-31
0000075362
us-gaap:FairValueMeasurementsRecurringMember
us-gaap:FairValueInputsLevel2Member
us-gaap:DomesticCorporateDebtSecuritiesMember
2021-12-31
0000075362
us-gaap:FairValueMeasurementsRecurringMember
us-gaap:DomesticCorporateDebtSecuritiesMember
2021-12-31
0000075362
us-gaap:FairValueMeasurementsRecurringMember
us-gaap:FairValueInputsLevel1Member
us-gaap:USTreasuryAndGovernmentMember
2021-12-31
0000075362
us-gaap:FairValueMeasurementsRecurringMember
us-gaap:USTreasuryAndGovernmentMember
2021-12-31
0000075362
us-gaap:FairValueMeasurementsRecurringMember
us-gaap:FairValueInputsLevel2Member
us-gaap:ForeignCorporateDebtSecuritiesMember
2021-12-31
0000075362
us-gaap:FairValueMeasurementsRecurringMember
us-gaap:ForeignCorporateDebtSecuritiesMember
2021-12-31
0000075362
us-gaap:FairValueMeasurementsRecurringMember
us-gaap:FairValueInputsLevel2Member
us-gaap:ForeignGovernmentDebtSecuritiesMember
2021-12-31
0000075362
us-gaap:FairValueMeasurementsRecurringMember
us-gaap:ForeignGovernmentDebtSecuritiesMember
2021-12-31
0000075362
us-gaap:FairValueMeasurementsRecurringMember
us-gaap:FairValueInputsLevel2Member
us-gaap:OtherDebtSecuritiesMember
2021-12-31
0000075362
us-gaap:FairValueMeasurementsRecurringMember
us-gaap:OtherDebtSecuritiesMember
2021-12-31
0000075362
us-gaap:FairValueMeasurementsRecurringMember
us-gaap:FairValueInputsLevel1Member
2021-12-31
0000075362
us-gaap:FairValueMeasurementsRecurringMember
us-gaap:FairValueInputsLevel2Member
2021-12-31
0000075362
us-gaap:FairValueMeasurementsRecurringMember
2021-12-31
0000075362
us-gaap:FairValueMeasurementsRecurringMember
us-gaap:FairValueInputsLevel2Member
pcar:CrossCurrencySwapMember
2021-12-31
0000075362
us-gaap:FairValueMeasurementsRecurringMember
pcar:CrossCurrencySwapMember
2021-12-31
0000075362
us-gaap:FairValueMeasurementsRecurringMember
us-gaap:FairValueInputsLevel2Member
us-gaap:InterestRateSwapMember
2021-12-31
0000075362
us-gaap:FairValueMeasurementsRecurringMember
us-gaap:InterestRateSwapMember
2021-12-31
0000075362
us-gaap:FairValueMeasurementsRecurringMember
us-gaap:FairValueInputsLevel2Member
us-gaap:ForeignExchangeContractMember
2021-12-31
0000075362
us-gaap:FairValueMeasurementsRecurringMember
us-gaap:ForeignExchangeContractMember
2021-12-31
0000075362
us-gaap:FairValueMeasurementsRecurringMember
us-gaap:FairValueInputsLevel2Member
us-gaap:CommodityContractMember
2021-12-31
0000075362
us-gaap:FairValueMeasurementsRecurringMember
us-gaap:CommodityContractMember
2021-12-31
0000075362
us-gaap:PensionPlansDefinedBenefitMember
2022-01-01
2022-03-31
0000075362
us-gaap:PensionPlansDefinedBenefitMember
2021-01-01
2021-03-31
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
- 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 |
|
|
$ |