-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, OMOUQDiunbSS6R0uHydKtDW5Vfu7Ar9A1TdVT8akgvJGKKNwIe8t9tDCxjBF0xTQ 8fwS0RGWFPFUBWPWhjEpvQ== 0000891020-95-000490.txt : 19951108 0000891020-95-000490.hdr.sgml : 19951108 ACCESSION NUMBER: 0000891020-95-000490 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950930 FILED AS OF DATE: 19951107 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: PACCAR INC CENTRAL INDEX KEY: 0000075362 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLES & PASSENGER CAR BODIES [3711] IRS NUMBER: 910351110 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-06394 FILM NUMBER: 95587845 BUSINESS ADDRESS: STREET 1: 777 106TH AVE NE CITY: BELLEVUE STATE: WA ZIP: 98004 BUSINESS PHONE: 2064557400 MAIL ADDRESS: STREET 1: 777 106TH AVENUE NE CITY: BELLEVUE STATE: WA ZIP: 98004 FORMER COMPANY: FORMER CONFORMED NAME: PACIFIC CAR & FOUNDRY CO DATE OF NAME CHANGE: 19720707 10-Q 1 FORM 10-Q FOR THE PERIOD ENDING 9/30/95 1 ================================================================================ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q [x] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 1995 [ ] 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. 0-6394 PACCAR Inc - -------------------------------------------------------------------------------- (Exact name of Registrant as specified in its charter) Delaware 91-0351110 - ------------------------------- ------------------------------------ (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) 777 - 106th Ave. N.E., Bellevue, WA 98004 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) (206) 455-7400 - -------------------------------------------------------------------------------- (Registrant's telephone number, including area code) - -------------------------------------------------------------------------------- (Former name, former address and former fiscal year, if changed since last report) 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 at least the past 90 days. Yes X 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, $12 par value--38,861,153 shares as of October 31, 1995 ================================================================================ 2 FORM 10-Q PACCAR Inc AND SUBSIDIARIES ________________________________________________________________________________ INDEX
Page ---- PART I. FINANCIAL INFORMATION: ITEM 1. FINANCIAL STATEMENTS: Consolidated Statements of Income -- Three and Nine Months Ended September 30, 1995 and 1994 . . . . . . . . . . . . . . . 3 Condensed Consolidated Balance Sheets -- September 30, 1995, and December 31, 1994 . . . . . . . . . . . . . . . . . . . . . . 4 Condensed Consolidated Statements of Cash Flows -- Nine Months Ended September 30, 1995 and 1994 . . . . . . . . . . . . . . . . . . . . 6 Notes to Consolidated Financial Statements . . . . . . . . . . . . . . . . . . . . . . 7 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION . . . . . . . . . . . . . . . . . . . . . 8 PART II. OTHER INFORMATION: ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K . . . . . . . . . . . . . . . . . . . . . . . 10 SIGNATURE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 INDEX TO EXHIBITS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
-2- 3 FORM 10-Q PACCAR Inc AND SUBSIDIARIES PART I--FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS
- ----------------------------------------------------------------------------------------------------------------------------------- Consolidated Statements of Income (Unaudited) (Millions except per share data) =================================================================================================================================== Three Months Ended Nine Months Ended September 30 September 30 - ----------------------------------------------------------------------------------------------------------------------------------- 1995 1994 1995 1994 - ----------------------------------------------------------------------------------------------------------------------------------- MANUFACTURING: Revenues Net sales $1,147.0 $1,114.5 $3,476.0 $3,171.6 Other 1.2 1.1 8.7 2.0 - ----------------------------------------------------------------------------------------------------------------------------------- 1,148.2 1,115.6 3,484.7 3,173.6 Costs and Expenses Cost of sales 992.3 960.3 3,011.3 2,737.8 Selling, general and administrative 81.7 88.1 250.9 248.9 Interest .5 .8 1.4 1.9 - ----------------------------------------------------------------------------------------------------------------------------------- 1,074.5 1,049.2 3,263.6 2,988.6 - ----------------------------------------------------------------------------------------------------------------------------------- Manufacturing Income Before Income Taxes 73.7 66.4 221.1 185.0 FINANCIAL SERVICES: Revenues 65.1 54.9 188.2 152.8 Costs and Expenses Interest and other 36.4 27.9 105.5 76.2 Selling, general and administrative 11.3 10.4 33.5 31.3 Provision for losses on receivables 2.8 .6 9.6 2.6 - ----------------------------------------------------------------------------------------------------------------------------------- 50.5 38.9 148.6 110.1 - ----------------------------------------------------------------------------------------------------------------------------------- Financial Services Income Before Income Taxes 14.6 16.0 39.6 42.7 OTHER: Investment income 7.1 6.1 20.1 16.9 Minority interest and other 13.6 (5.2) 14.9 (14.4) - ----------------------------------------------------------------------------------------------------------------------------------- Total Income Before Income Taxes 109.0 83.3 295.7 230.2 Income taxes 40.7 30.1 108.0 82.8 - ----------------------------------------------------------------------------------------------------------------------------------- Net Income $ 68.3 $ 53.2 $ 187.7 $ 147.4 =================================================================================================================================== Weighted average number of common shares outstanding 38.9 38.9 38.9 38.9 =================================================================================================================================== Per Share Data: Net income $ 1.76 $ 1.37 $ 4.83 $ 3.79 =================================================================================================================================== Dividends declared $ .25 $ .25 $ .75 $ .75 ===================================================================================================================================
See Notes to Consolidated Financial Statements. -3- 4 FORM 10-Q PACCAR Inc AND SUBSIDIARIES
- ----------------------------------------------------------------------------------------------------------------------------- Condensed Consolidated Balance Sheets September 30 December 31 ASSETS (Millions of Dollars) 1995 1994* ============================================================================================================================= MANUFACTURING (Unaudited) Current Assets Cash and equivalents $ 171.0 $ 289.9 Trade receivables, net 289.4 232.9 Marketable securities 405.0 241.7 Inventories 251.0 274.5 Deferred taxes and other current assets 58.3 65.1 - ----------------------------------------------------------------------------------------------------------------------------- Total Manufacturing Current Assets 1,174.7 1,104.1 Investments and Other 86.8 88.7 Property, Plant and Equipment, Net 421.3 369.9 - ----------------------------------------------------------------------------------------------------------------------------- Total Manufacturing Assets 1,682.8 1,562.7 - ----------------------------------------------------------------------------------------------------------------------------- FINANCIAL SERVICES: Cash and equivalents 13.1 21.4 Finance and other receivables, net of allowance for losses 2,756.7 2,469.6 Less unearned interest (211.9) (194.7) - ----------------------------------------------------------------------------------------------------------------------------- 2,544.8 2,274.9 Equipment on operating leases, net 48.8 53.8 Other assets 19.1 15.4 - ----------------------------------------------------------------------------------------------------------------------------- Total Financial Services Assets 2,625.8 2,365.5 - ----------------------------------------------------------------------------------------------------------------------------- $4,308.6 $3,928.2 =============================================================================================================================
-4- 5 FORM 10-Q PACCAR Inc AND SUBSIDIARIES
- ----------------------------------------------------------------------------------------------------------------------------- September 30 December 31 LIABILITIES AND STOCKHOLDERS' EQUITY 1995 1994* ============================================================================================================================= MANUFACTURING (Unaudited) Current Liabilities Accounts payable and accrued expenses $ 619.1 $ 620.3 Income taxes 28.4 22.5 Dividend payable 77.7 Other .5 1.8 - ----------------------------------------------------------------------------------------------------------------------------- Total Manufacturing Current Liabilities 648.0 722.3 Long-Term Debt 10.8 11.1 Other 125.4 85.7 - ----------------------------------------------------------------------------------------------------------------------------- Total Manufacturing Liabilities 784.2 819.1 - ----------------------------------------------------------------------------------------------------------------------------- FINANCIAL SERVICES: Accounts payable and accrued expenses 37.5 70.6 Commercial paper and bank loans 912.8 687.7 Long-term debt 1,105.9 999.9 Deferred income taxes and other 142.2 143.5 - ----------------------------------------------------------------------------------------------------------------------------- Total Financial Services Liabilities 2,198.4 1,901.7 - ----------------------------------------------------------------------------------------------------------------------------- MINORITY INTEREST 32.9 STOCKHOLDERS' EQUITY Preferred stock, no par value: Authorized 1,000,000 shares, none issued Common stock, $12 par value: Authorized 100,000,000 shares, issued 38,861,153 shares 466.3 466.3 Additional paid-in capital 218.6 218.2 Retained earnings 715.0 556.5 Currency translation and unrealized investment adjustments (73.9) (66.5) - ----------------------------------------------------------------------------------------------------------------------------- Total Stockholders' Equity 1,326.0 1,174.5 - ----------------------------------------------------------------------------------------------------------------------------- $4,308.6 $3,928.2 =============================================================================================================================
* The December 31, 1994, condensed consolidated balance sheet has been derived from audited financial statements. See Notes to Consolidated Financial Statements. -5- 6 FORM 10-Q PACCAR Inc AND SUBSIDIARIES
- ------------------------------------------------------------------------------------------------------------------------------ Condensed Consolidated Statements of Cash Flows (Unaudited) (Millions of Dollars) ============================================================================================================================== Nine Months Ended September 30 1995 1994 - ------------------------------------------------------------------------------------------------------------------------------ NET CASH PROVIDED BY OPERATING ACTIVITIES $186.4 $172.4 INVESTING ACTIVITIES: Finance receivables originated (936.7) (877.8) Collections on finance receivables 721.3 617.8 Net (increase) decrease in wholesale receivables (81.8) 34.4 Marketable securities purchased (1,546.2) (1,073.4) Marketable securities sales and maturities 1,396.8 1,079.9 Acquisition of additional interest in affiliate, net of cash consolidated in 1994 (45.0) 44.3 Acquisition of property, plant and equipment (53.4) (32.6) Acquisition of equipment for operating leases (7.4) (14.8) Proceeds from asset disposals 21.0 17.5 Other (.2) (5.6) - ------------------------------------------------------------------------------------------------------------------------------ Net Cash Used in Investing Activities (531.6) (210.3) FINANCING ACTIVITIES: Net increase (decrease) in commercial paper and bank loans 227.2 (98.9) Cash dividends (106.8) (64.7) Proceeds of long-term debt 421.2 450.5 Payment of long-term debt (314.0) (154.8) - ------------------------------------------------------------------------------------------------------------------------------ Net Cash Provided by Financing Activities 227.6 132.1 Effect of exchange rate changes on cash (9.6) (6.0) - ------------------------------------------------------------------------------------------------------------------------------ Net (Decrease) Increase in Cash and Equivalents (127.2) 88.2 Cash and equivalents at beginning of period 311.3 223.2 - ------------------------------------------------------------------------------------------------------------------------------ Cash and equivalents at end of period $184.1 $311.4 ==============================================================================================================================
See Notes to Consolidated Financial Statements. -6- 7 FORM 10-Q PACCAR Inc AND SUBSIDIARIES - -------------------------------------------------------------------------------- Notes to Consolidated Financial Statements (Millions of Dollars) ================================================================================ NOTE A--Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and footnotes required by generally accepted accounting principles 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. For further information, refer to the consolidated financial statements and footnotes included in the Company's annual report on Form 10-K for the year ended December 31, 1994. Reclassifications: Certain prior year amounts have been reclassified to conform to the 1995 presentation. NOTE B--Inventories
- ---------------------------------------------------------------------------------------------------------------------------------- September 30 December 31 1995 1994 - ---------------------------------------------------------------------------------------------------------------------------------- Inventories at FIFO cost: (Unaudited) Finished products $198.1 $188.6 Work in process and raw materials 183.8 210.2 - ---------------------------------------------------------------------------------------------------------------------------------- 381.9 398.8 Less excess of FIFO cost over LIFO (130.9) (124.3) - ---------------------------------------------------------------------------------------------------------------------------------- $251.0 $274.5 ==================================================================================================================================
Under the LIFO method of accounting (used for approximately 82% of September 30, 1995, inventories), an actual valuation can be made only at the end of each year based on year-end inventory levels and costs. Accordingly, interim valuations are based on management's estimates of those year-end amounts. Based on present estimates of 1995 year-end inventory levels, no significant liquidations of LIFO inventory quantities are expected. Because inventory levels and costs are subject to many forces beyond management's control, the present estimates are subject to the final year-end LIFO inventory valuation. -7- 8 FORM 10-Q PACCAR Inc AND SUBSIDIARIES ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION RESULTS OF OPERATIONS: PACCAR's net income and sales for the third quarter and first nine months of 1995 posted gains over the corresponding prior year periods. Net income improved 27% on a sales increase of over 9% for the first nine months. For the third quarter, net income increased 28% on a 3% gain in sales. The Company's earnings for the third quarter and first nine months of 1995 included a $7.5 million after-tax gain from the favorable resolution of litigation involving insurance reimbursements for environmental costs incurred in prior years. The nonrecurring gain is included as a component of minority interest and other in the accompanying consolidated statements of income. Manufacturing income before taxes rose 11% for the quarter and more than 19% year-to-date compared to 1994. While manufacturing gross profits increased, gross margin percentages declined slightly compared to 1994. The effect of severe sales declines at VILPAC, S.A., PACCAR's Mexican truck manufacturing subsidiary, and the work stoppage that began in August at the Canadian truck plant offset percentage improvements attained by the Company's other truck operations. PACCAR's truck production levels have remained at near capacity through the first nine months of 1995 and the Company has produced more medium and heavy duty trucks over this period than at any comparable time in its history. The Company has produced more than 40,000 Class 8 heavy duty trucks worldwide, an increase of 4% compared to the same period a year ago. The Company expects to continue production in the United States at approximately the same level for the remainder of the year, however there has been a general slowing for Class 8 truck orders throughout the industry, and moderate downward adjustments in production rates are anticipated for 1996. In Canada, on August 8, 1995, approximately 850 employees went on strike at the Company's Ste. Therese, Quebec facility. The Canadian strike had a modest impact on manufacturing income before taxes in the third quarter. Given the current trend in new truck orders, PACCAR expects that if the work stoppage continues, it will have a minimal effect on fourth quarter earnings. On August 31, 1995, PACCAR acquired full ownership of VILPAC, its Mexican subsidiary. The Company had previously owned 55% of the operation, which produces Kenworth heavy duty trucks for distribution primarily in Mexico. PACCAR relocated its North American Kenworth Class 7 production from its Canadian plant to VILPAC during the third quarter. VILPAC's Class 7 units will now be exported both to the United States and internationally, as well as supplying the domestic Mexican market. The first export unit, a Kenworth T300, is scheduled for delivery to Chile in October. -8- 9 FORM 10-Q PACCAR Inc AND SUBSIDIARIES Combined sales and profits for PACCAR's truck operations in Australia, Mexico and the United Kingdom in the third quarter and first nine months were down in comparison to the corresponding periods in 1994. Continuing economic difficulties in Mexico contributed to VILPAC's marginally unprofitable results in the third quarter and first nine months of 1995. In Australia, third quarter sales and profits trailed the prior year amounts while year-to-date results remained ahead of last year. PACCAR's other product areas include auto parts, winches and oilfield equipment. All three divisions showed improved profits for both the quarter and first nine months versus their comparable periods in 1994. Winches and oilfield equipment increased sales in the third quarter and year-to-date over year-earlier levels. Auto parts sales for the quarter were comparable to third quarter, 1994 leaving the nine-month total slightly ahead of last year. In the Financial Services segment, net finance receivable portfolios continue to reflect significant growth. September 1995 balances grew more than 11% over year-end 1994 levels, and 20% over year-earlier balances. Nearly all of PACCAR's finance and leasing operations attained higher profitability in the third quarter and first nine months of 1995 compared to the corresponding periods of 1994. However, improvements in the current year attributable to loan and lease portfolio growth, were offset by operating losses resulting from loan loss provisions recorded in Mexico by VILPAC's financial subsidiary. Investment income grew in 1995 as a result of higher overall yields combined with larger investable balances. LIQUIDITY AND CAPITAL RESOURCES: PACCAR's ratio of manufacturing current assets to current liabilities at September 30, 1995, increased to 1.81 compared to 1.53 at year-end. In the first nine months of 1995, the Company utilized cash from operations together with net borrowings to fund the growth in Financial Services receivables, pay the special year-end and regular quarterly dividends, and increase its net investment in fixed assets. Approximately two-thirds of the net borrowings consisted of commercial paper and short-term bank loans and the balance represented proceeds from additional long-term debt, net of repayments. The Company also invested an additional portion of its cash reserves in marketable securities. As previously mentioned, PACCAR's Mexican affiliate, VILPAC, became a wholly-owned subsidiary when the Company acquired full ownership during the third quarter. The exchange rate effect primarily reflects the impact of the continuing weakness of the Mexican peso. Other information on liquidity and sources of capital as presented in the 1994 Annual Report to Stockholders continues to be relevant. -9- 10 FORM 10-Q PACCAR Inc AND SUBSIDIARIES PART II--OTHER INFORMATION For Items 1, 2, 3 and 5, there was no reportable information for any of the three months ended September 30, 1995. Reportable information in response to Item 4 was previously reported in the Quarterly Report on Form 10-Q for the quarter ended March 31, 1995. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits. Any exhibits filed herewith are listed in the accompanying index to exhibits. (b) No reports on Form 8-K have been filed for the quarter ended September 30, 1995. -10- 11 FORM 10-Q PACCAR Inc AND SUBSIDIARIES SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. PACCAR Inc - -------------------------------------- (Registrant) Date November 6, 1995 By /s/ G. D. Hatchel ----------------------------- --------------------------------- G. D. Hatchel Vice President and Controller (Authorized Officer and Chief Accounting Officer) -11- 12 FORM 10-Q PACCAR Inc AND SUBSIDIARIES INDEX TO EXHIBITS Exhibit (in order of assigned index numbers) 3 Articles of incorporation and bylaws: (a) PACCAR Inc Certificate of Incorporation, as amended to April 27, 1990 (incorporated by reference to the Quarterly Report on Form 10-Q for the quarter ended March 31, 1990). (b) PACCAR Inc Bylaws, as amended to April 26, 1994 (incorporated by reference to the Quarterly Report on Form 10-Q for the quarter ended March 31, 1994). 4 Instruments defining the rights of security holders, including indentures: (a) Rights agreement dated as of December 21, 1989, between PACCAR Inc and First Chicago Trust Company of New York, setting forth the terms of the Series A Junior Participating Preferred Stock, no par value per share (incorporated by reference to Exhibit 1 of the Current Report on Form 8-K of PACCAR Inc, dated December 27, 1989). (b) Indenture for Senior Debt Securities dated as of December 1, 1983, between PACCAR Financial Corp. and Citibank, N.A., Trustee (incorporated by reference to Exhibit 4.1 of the Annual Report on Form 10-K of PACCAR Financial Corp. for the year ended December 31, 1983). (c) First Supplemental Indenture dated as of June 19, 1989, between PACCAR Financial Corp. and Citibank, N.A., Trustee (incorporated by reference to Exhibit 4.2 to PACCAR Financial Corp.'s registration statement on Form S-3, Registration No. 33-29434). (d) Forms of Medium-Term Note, Series E (incorporated by reference to Exhibits 4.3A, 4.3B and 4.3C to PACCAR Financial Corp.'s Registration Statement on Form S-3, dated June 23, 1989, Registration Number 33-29434, and Forms of Medium-Term Note, Series E, incorporated by reference to Exhibit 4.3B.1 to PACCAR Financial Corp.'s Current Report on Form 8-K, dated December 19, 1991, under Commission File Number 0-12553). Letter of Representation among PACCAR Financial Corp., Citibank, N.A., and the Depository Trust Company, Series E, dated July 6, 1989 (incorporated by reference to Exhibit 4.3 of PACCAR Financial Corp.'s Annual Report on Form 10-K, dated March 29, 1990, File Number 0-12553). (e) Forms of Medium-Term Note, Series F (incorporated by reference to Exhibits 4.3A, 4.3B and 4.3C to PACCAR Financial Corp.'s Registration Statement on Form S-3, dated May 26, 1992, Registration Number 33-48118). Form of Letter of Representation among PACCAR Financial Corp., Citibank, N.A., and the Depository Trust Company, Series F (incorporated by reference to Exhibit 4.4 to PACCAR Financial Corp.'s Registration Statement on Form S-3, dated May 26, 1992, Registration Number 33-48118). -12- 13 FORM 10-Q PACCAR Inc AND SUBSIDIARIES INDEX TO EXHIBITS Exhibit (in order of assigned index numbers) (f) Forms of Medium-Term Note, Series G (incorporated by reference to Exhibits 4.3A and 4.3B to PACCAR Financial Corp.'s Registration Statement on Form S-3, dated December 8, 1993, Registration Number 33-51335). Form of Letter of Representation among PACCAR Financial Corp., Citibank, N.A., and the Depository Trust Company, Series G (incorporated by reference to Exhibit 4.4 to PACCAR Financial Corp.'s Registration Statement on Form S-3, dated December 8, 1993, Registration Number 33-51335). 10 Material contracts: (a) PACCAR Inc Incentive Compensation Plan (incorporated by reference to Exhibit (10)(a) of the Annual Report on Form 10-K for the year ended December 31, 1980). (b) PACCAR Inc Deferred Compensation Plan for Directors (incorporated by reference to Exhibit (10)(b) of the Annual Report on Form 10-K for the year ended December 31, 1980). (c) Supplemental Retirement Plan (incorporated by reference to Exhibit (10)(c) of the Annual Report on Form 10-K for the year ended December 31, 1980). (d) 1981 Long Term Incentive Plan (incorporated by reference to Exhibit A of the 1982 Proxy Statement, dated March 25, 1982). (e) Amendment to 1981 Long Term Incentive Plan (incorporated by reference to Exhibit (10)(a) of the Quarterly Report on Form 10-Q for the quarter ended March 31, 1991). (f) PACCAR Inc 1991 Long-Term Incentive Plan (incorporated by reference to Exhibit (10)(h) of the Quarterly Report on Form 10-Q for the quarter ended June 30, 1992). (g) Amended and Restated Deferred Incentive Compensation Plan (incorporated by reference to Exhibit (10)(g) of the Annual Report on Form 10-K for the year ended December 31, 1993). 27 Financial Data Schedule. -13- EX-27 2 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONSOLIDATED STATEMENTS OF INCOME FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994, AND THE CONDENSED CONSOLIDATED BALANCE SHEETS, SEPTEMBER 30, 1995, AND DECEMBER 31, 1994, OF PACCAR INC AND SUBSIDIARIES AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 9-MOS DEC-31-1995 SEP-30-1995 184,100 405,000 2,834,200 0 251,000 0 421,300 0 4,308,600 0 1,116,700 466,300 0 0 859,700 4,308,600 3,476,000 3,672,900 3,011,300 3,116,800 0 9,600 1,400 295,700 108,000 187,700 0 0 0 187,700 4.83 4.83
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