Stockholders' Equity

3 Months Ended

Mar. 31, 2025

Equity [Abstract]

Stockholders' Equity

NOTE G - Stockholders’ Equity

Comprehensive Income

The components of comprehensive income are as follows:

Three Months Ended March 31,	2025			2024
Net income	$	505.1		$	1,195.3
Other comprehensive (loss) income (OCI):
Unrealized (losses) gains on derivative contracts		(21.9	)		12.1
Tax effect		6.5			(3.7	)
		(15.4	)		8.4
Unrealized gains (losses) on marketable debt securities		15.7			(2.5	)
Tax effect		(4.4	)		.6
		11.3			(1.9	)
Pension plans		.4			7.9
Tax effect					(2.2	)
		.4			5.7
Foreign currency translation gains (losses)		153.9			(118.5	)
Net other comprehensive income (loss)		150.2			(106.3	)
Comprehensive income	$	655.3		$	1,089.0

Accumulated Other Comprehensive Income (Loss)

The components of AOCI and the changes in AOCI, net of tax, included in the Consolidated Balance Sheets and the Consolidated Statements of Stockholders’ Equity consisted of the following:

	DERIVATIVE CONTRACTS			MARKETABLE DEBT SECURITIES			PENSION PLANS			FOREIGN CURRENCY TRANSLATION			TOTAL
Balance at January 1, 2025	$	32.5		$	(.7	)	$	69.7		$	(1,214.8	)	$	(1,113.3	)
Recorded into AOCI		(69.2	)		11.4			(.4	)		153.9			95.7
Reclassified out of AOCI		53.8			(.1	)		.8						54.5
Net other comprehensive (loss) income		(15.4	)		11.3			.4			153.9			150.2
Balance at March 31, 2025	$	17.1		$	10.6		$	70.1		$	(1,060.9	)	$	(963.1	)

	DERIVATIVE CONTRACTS			MARKETABLE DEBT SECURITIES			PENSION PLANS			FOREIGN CURRENCY TRANSLATION			TOTAL
Balance at January 1, 2024	$	(11.0	)	$	(13.9	)	$	(110.3	)	$	(558.7	)	$	(693.9	)
Recorded into AOCI		28.8			(1.0	)		4.6			(118.5	)		(86.1	)
Reclassified out of AOCI		(20.4	)		(.9	)		1.1						(20.2	)
Net other comprehensive income (loss)		8.4			(1.9	)		5.7			(118.5	)		(106.3	)
Balance at March 31, 2024	$	(2.6	)	$	(15.8	)	$	(104.6	)	$	(677.2	)	$	(800.2	)

Reclassifications out of AOCI were as follows:

		Three Months Ended
	LINE ITEM IN THE CONSOLIDATED STATEMENTS OF	March 31
AOCI COMPONENTS	COMPREHENSIVE INCOME		2025			2024
Unrealized losses (gains) on derivative contracts:
Truck, Parts and Other
Foreign-exchange contracts	Net sales and revenues	$	(2.8	)	$	8.8
	Cost of sales and revenues		(9.5	)		(7.4	)
	Interest and other expenses (income), net		12.4			(1.1	)
Commodity contracts	Cost of sales and revenues		(.1	)		2.6
Financial Services
Foreign-exchange contracts	Interest and other borrowing expenses		5.8			(2.6	)
Interest-rate contracts	Interest and other borrowing expenses		62.4			(24.5	)
	Pre-tax expense increase (reduction)		68.2			(24.2	)
	Tax (benefit) expense		(14.4	)		3.8
	After-tax expense increase (reduction)		53.8			(20.4	)
Unrealized gains on marketable debt securities:
Marketable debt securities	Investment income		(.2	)		(1.2	)
	Tax expense		.1			.3
	After-tax income increase		(.1	)		(.9	)
Pension plans:
Truck, Parts and Other
Actuarial loss	Interest and other expenses (income), net		.7			1.2
Prior service costs	Interest and other expenses (income), net		.3			.3
	Pre-tax expense increase		1.0			1.5
	Tax benefit		(.2	)		(.4	)
	After-tax expense increase		.8			1.1
Total reclassifications out of AOCI		$	54.5		$	(20.2	)

Stock Compensation Plans

Stock-based compensation expense was $13.7 and $13.0 for the three months ended March 31, 2025 and 2024, respectively.

During the first three months of 2025, the Company issued 565,665 common shares under deferred and stock compensation arrangements.

Other Capital Stock Changes

During the first three months of 2025, the Company acquired no treasury shares under the Company’s common stock repurchase plans. The Company acquired 40,666 shares under the Company’s Long-Term Incentive Plan. Stock repurchases of $390.0 million remain authorized under the current $500.0 million program approved by the PACCAR Board of Directors on December 4, 2018.