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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

 

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

 

For the quarterly period ended September 30, 2023

OR

 

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

 

For the transition period from to

 

Commission File No. 001-14817

 

PACCAR Inc

(Exact name of registrant as specified in its charter)

 

Delaware

91-0351110

(State or other jurisdiction of
incorporation or organization)

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

 

 

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

98004

(Address of principal executive offices)

(Zip Code)

(425) 468-7400

(Registrant's telephone number, including area code)

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

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which Registered

Common stock, $1 par value

PCAR

The Nasdaq Stock Market

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

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

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

 

Large accelerated filer

 

 

Accelerated filer

 

 

 

 

 

 

Non-accelerated filer

 

 

Smaller reporting company

 

 

 

 

 

 

 

 

 

 

Emerging growth company

 

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

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

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

Common Stock, $1 par value — 523,075,842 shares as of October 30, 2023

 


 

PACCAR Inc – Form 10-Q

INDEX

 

 

 

 

Page

PART I.

 

FINANCIAL INFORMATION:

 

 

 

 

 

ITEM 1.

 

FINANCIAL STATEMENTS:

 

 

 

Consolidated Statements of Comprehensive Income –

Three and Nine Months Ended September 30, 2023 and 2022 (Unaudited)

3

 

 

Consolidated Balance Sheets –

September 30, 2023 (Unaudited) and December 31, 2022

4

 

 

Condensed Consolidated Statements of Cash Flows –

Nine Months Ended September 30, 2023 and 2022 (Unaudited)

6

 

 

Consolidated Statements of Stockholders’ Equity –

Three and Nine Months Ended September 30, 2023 and 2022 (Unaudited)

7

 

 

Notes to Consolidated Financial Statements (Unaudited)

8

ITEM 2.

 

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

33

ITEM 3.

 

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

50

ITEM 4.

 

CONTROLS AND PROCEDURES

50

 

 

 

 

PART II.

 

OTHER INFORMATION:

 

 

 

 

 

ITEM 1.

 

LEGAL PROCEEDINGS

51

ITEM 1A.

 

RISK FACTORS

51

ITEM 2.

 

UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS, AND ISSUER PURCHASES OF EQUITY SECURITIES

51

ITEM 3.

 

DEFAULTS UPON SENIOR SECURITIES

51

ITEM 4.

 

MINE SAFETY DISCLOSURES

51

ITEM 5.

 

OTHER INFORMATION

51

ITEM 6.

 

EXHIBITS

52

 

 

INDEX TO EXHIBITS

52

 

 

 

 

SIGNATURE

55

 

 

- 2 -


 

 

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Consolidated Statements of Comprehensive Income (Unaudited)

(Millions, Except Per Share Amounts)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30

 

 

September 30

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

TRUCK, PARTS AND OTHER:

 

 

 

 

 

 

 

 

 

 

 

 

Net sales and revenues

 

$

8,232.3

 

 

$

6,687.0

 

 

$

24,723.7

 

 

$

19,579.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales and revenues

 

 

6,626.7

 

 

 

5,689.3

 

 

 

19,971.5

 

 

 

16,785.8

 

Research and development

 

 

103.5

 

 

 

82.9

 

 

 

302.0

 

 

 

241.3

 

Selling, general and administrative

 

 

143.6

 

 

 

137.7

 

 

 

448.3

 

 

 

430.6

 

Interest and other (income) expense, net

 

 

(16.3

)

 

 

(35.0

)

 

 

544.8

 

 

 

(89.4

)

 

 

6,857.5

 

 

 

5,874.9

 

 

 

21,266.6

 

 

 

17,368.3

 

Truck, Parts and Other Income Before Income Taxes

 

 

1,374.8

 

 

 

812.1

 

 

 

3,457.1

 

 

 

2,211.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL SERVICES:

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees

 

 

269.8

 

 

 

160.4

 

 

 

716.5

 

 

 

443.6

 

Operating lease, rental and other revenues

 

 

194.3

 

 

 

211.5

 

 

 

610.6

 

 

 

667.0

 

Revenues

 

 

464.1

 

 

 

371.9

 

 

 

1,327.1

 

 

 

1,110.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and other borrowing expenses

 

 

138.5

 

 

 

55.8

 

 

 

347.8

 

 

 

142.0

 

Depreciation and other expenses

 

 

146.9

 

 

 

137.4

 

 

 

427.0

 

 

 

426.3

 

Selling, general and administrative

 

 

38.7

 

 

 

33.3

 

 

 

110.9

 

 

 

100.9

 

Provision for losses on receivables

 

 

6.2

 

 

 

(.8

)

 

 

14.1

 

 

 

3.8

 

 

 

330.3

 

 

 

225.7

 

 

 

899.8

 

 

 

673.0

 

Financial Services Income Before Income Taxes

 

 

133.8

 

 

 

146.2

 

 

 

427.3

 

 

 

437.6

 

Investment income

 

 

80.8

 

 

 

21.4

 

 

 

192.5

 

 

 

24.3

 

Total Income Before Income Taxes

 

 

1,589.4

 

 

 

979.7

 

 

 

4,076.9

 

 

 

2,673.2

 

Income taxes

 

 

360.9

 

 

 

210.3

 

 

 

893.4

 

 

 

582.9

 

Net Income

 

$

1,228.5

 

 

$

769.4

 

 

$

3,183.5

 

 

$

2,090.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income Per Share

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

2.35

 

 

$

1.47

 

 

$

6.08

 

 

$

4.00

 

Diluted

 

$

2.34

 

 

$

1.47

 

 

$

6.07

 

 

$

3.99

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Number of Common Shares Outstanding

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

524.1

 

 

 

522.7

 

 

 

523.8

 

 

 

522.5

 

Diluted

 

 

525.3

 

 

 

523.3

 

 

 

524.8

 

 

 

523.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive Income

 

$

1,068.7

 

 

$

488.0

 

 

$

3,199.3

 

 

$

1,618.3

 

 

See Notes to Consolidated Financial Statements.

- 3 -


 

 

Consolidated Balance Sheets (Millions)

 

 

 

September 30

 

 

December 31

 

 

 

2023

 

 

2022 *

 

 

 

(Unaudited)

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

TRUCK, PARTS AND OTHER:

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

5,696.9

 

 

$

4,544.7

 

Trade and other receivables, net (allowance for losses: 2023 - $.8, 2022 - $.6)

 

 

2,303.6

 

 

 

1,919.8

 

Marketable securities

 

 

1,743.1

 

 

 

1,614.2

 

Inventories, net

 

 

2,622.4

 

 

 

2,198.8

 

Other current assets

 

 

710.5

 

 

 

682.0

 

Total Truck, Parts and Other Current Assets

 

 

13,076.5

 

 

 

10,959.5

 

 

 

 

 

 

 

 

Equipment on operating leases, net

 

 

146.7

 

 

 

190.8

 

Property, plant and equipment, net

 

 

3,613.7

 

 

 

3,468.4

 

Other noncurrent assets, net

 

 

1,642.3

 

 

 

1,477.2

 

Total Truck, Parts and Other Assets

 

 

18,479.2

 

 

 

16,095.9

 

 

 

 

 

 

 

 

FINANCIAL SERVICES:

 

 

 

 

 

 

Cash and cash equivalents

 

 

209.4

 

 

 

146.2

 

Finance and other receivables, net (allowance for losses: 2023 - $124.8, 2022 - $121.1)

 

 

16,260.4

 

 

 

13,791.9

 

Equipment on operating leases, net

 

 

2,189.4

 

 

 

2,612.5

 

Other assets

 

 

901.1

 

 

 

629.0

 

Total Financial Services Assets

 

 

19,560.3

 

 

 

17,179.6

 

 

$

38,039.5

 

 

$

33,275.5

 

 

* The December 31, 2022 consolidated balance sheet has been derived from audited financial statements.

 

See Notes to Consolidated Financial Statements.

 

- 4 -


 

 

Consolidated Balance Sheets (Millions)

 

 

 

September 30

 

 

December 31

 

 

 

2023

 

 

2022 *

 

 

 

(Unaudited)

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

TRUCK, PARTS AND OTHER:

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

Accounts payable, accrued expenses and other

 

$

5,237.9

 

 

$

4,511.7

 

Dividend payable

 

 

 

 

 

974.6

 

Total Truck, Parts and Other Current Liabilities

 

 

5,237.9

 

 

 

5,486.3

 

Residual value guarantees and deferred revenues

 

 

162.4

 

 

 

209.2

 

Other liabilities

 

 

1,971.0

 

 

 

1,490.1

 

Total Truck, Parts and Other Liabilities

 

 

7,371.3

 

 

 

7,185.6

 

 

 

 

 

 

 

 

FINANCIAL SERVICES:

 

 

 

 

 

 

Accounts payable, accrued expenses and other

 

 

1,074.1

 

 

 

826.8

 

Commercial paper and bank loans

 

 

5,019.2

 

 

 

3,604.9

 

Term notes

 

 

7,906.4

 

 

 

7,866.7

 

Deferred taxes and other liabilities

 

 

645.4

 

 

 

624.4

 

Total Financial Services Liabilities

 

 

14,645.1

 

 

 

12,922.8

 

 

 

 

 

 

 

 

STOCKHOLDERS' EQUITY:

 

 

 

 

 

 

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

 

 

 

 

 

 

Common stock, $1 par value - authorized 1.2 billion shares,
   issued
523.1 and 522.0 million shares

 

 

523.1

 

 

 

522.0

 

Additional paid-in capital

 

 

258.3

 

 

 

196.1

 

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

 

 

(3.1

)

 

 

 

Retained earnings

 

 

16,182.4

 

 

 

13,402.4

 

Accumulated other comprehensive loss

 

 

(937.6

)

 

 

(953.4

)

Total Stockholders' Equity

 

 

16,023.1

 

 

 

13,167.1

 

 

$

38,039.5

 

 

$

33,275.5

 

 

* The December 31, 2022 consolidated balance sheet has been derived from audited financial statements.

See Notes to Consolidated Financial Statements.

 

- 5 -


 

 

Condensed Consolidated Statements of Cash Flows (Unaudited)

(Millions)

 

 

 

Nine Months Ended

 

 

 

September 30

 

 

 

2023

 

 

2022

 

OPERATING ACTIVITIES:

 

 

 

 

 

 

Net Income

 

$

3,183.5

 

 

$

2,090.3

 

Adjustments to reconcile net income to cash provided by operations:

 

 

 

 

 

 

Depreciation and amortization:

 

 

 

 

 

 

Property, plant and equipment

 

 

308.2

 

 

 

239.7

 

Equipment on operating leases and other

 

 

370.2

 

 

 

345.9

 

Provision for losses on financial services receivables

 

 

14.1

 

 

 

3.8

 

Other, net

 

 

(115.1

)

 

 

(187.2

)

Pension contributions

 

 

(17.1

)

 

 

(34.3

)

Change in operating assets and liabilities:

 

 

 

 

 

 

Trade and other receivables

 

 

(518.1

)

 

 

(561.5

)

Wholesale receivables on new trucks

 

 

(1,006.8

)

 

 

(577.8

)

Inventories

 

 

(450.0

)

 

 

(523.5

)

Accounts payable and accrued expenses

 

 

882.1

 

 

 

937.0

 

Income taxes, warranty and other

 

 

352.3

 

 

 

45.8

 

Net Cash Provided by Operating Activities

 

 

3,003.3

 

 

 

1,778.2

 

 

 

 

 

 

 

 

INVESTING ACTIVITIES:

 

 

 

 

 

 

Originations of retail loans and finance leases

 

 

(4,557.4

)

 

 

(3,559.5

)

Collections on retail loans and finance leases

 

 

3,210.6

 

 

 

2,932.3

 

Net increase in wholesale receivables on used equipment

 

 

(15.2

)

 

 

(15.2

)

Purchases of marketable debt securities

 

 

(796.7

)

 

 

(723.8

)

Proceeds from sales and maturities of marketable debt securities

 

 

660.2

 

 

 

591.5

 

Payments for property, plant and equipment

 

 

(497.2

)

 

 

(393.7

)

Acquisitions of equipment for operating leases

 

 

(401.9

)

 

 

(688.1

)

Proceeds from asset disposals

 

 

449.0

 

 

 

511.3

 

Other, net

 

 

17.5

 

 

 

26.7

 

Net Cash Used in Investing Activities

 

 

(1,931.1

)

 

 

(1,318.5

)

 

 

 

 

 

 

 

FINANCING ACTIVITIES:

 

 

 

 

 

 

Payments of cash dividends

 

 

(1,377.3

)

 

 

(875.9

)

Purchases of treasury stock

 

 

(3.1

)

 

 

(2.0

)

Proceeds from stock compensation transactions

 

 

43.1

 

 

 

21.7

 

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

 

 

1,316.9

 

 

 

227.3

 

Proceeds from term debt

 

 

2,398.2

 

 

 

2,302.7

 

Payments on term debt

 

 

(2,218.3

)

 

 

(2,092.7

)

Net Cash Provided by (Used in) Financing Activities

 

 

159.5

 

 

 

(418.9

)

Effect of exchange rate changes on cash and cash equivalents

 

 

(16.3

)

 

 

(145.6

)

Net Increase (Decrease) in Cash and Cash Equivalents

 

 

1,215.4

 

 

 

(104.8

)

Cash and cash equivalents at beginning of period

 

 

4,690.9

 

 

 

3,428.3

 

Cash and cash equivalents at end of period

 

$

5,906.3

 

 

$

3,323.5

 

 

See Notes to Consolidated Financial Statements.

- 6 -


 

 

Consolidated Statements of Stockholders’ Equity (Unaudited)

(Millions, Except Per Share Amounts)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30

 

 

September 30

 

 

 

2023

 

 

2022