$PCAR
PACCAR INC

2012 Q4 Form 10-Q Financial Statement

#000119312512457500 Filed on November 07, 2012

View on sec.gov

Income Statement

Concept 2012 Q4 2012 Q3 2011 Q3
Revenue $3.997B $3.820B $4.257B
YoY Change -17.65% -10.26% 67.44%
Cost Of Revenue $3.287B $3.109B $3.529B
YoY Change -18.6% -11.91% 70.38%
Gross Profit $709.6M $711.7M $728.5M
YoY Change -12.96% -2.31% 54.51%
Gross Profit Margin 17.75% 18.63% 17.11%
Selling, General & Admin $143.4M $139.2M $147.8M
YoY Change -6.09% -5.82% 14.48%
% of Gross Profit 20.21% 19.56% 20.29%
Research & Development $66.40M $66.80M $70.00M
YoY Change -8.16% -4.57% 16.86%
% of Gross Profit 9.36% 9.39% 9.61%
Depreciation & Amortization $178.5M $176.2M $174.3M
YoY Change 6.19% 1.09% 14.97%
% of Gross Profit 25.16% 24.76% 23.93%
Operating Expenses $359.7M $333.2M $340.8M
YoY Change 3.27% -2.23% 13.9%
Operating Profit $349.9M $378.5M $387.7M
YoY Change -25.07% -2.37% 125.01%
Interest Expense $8.300M -$33.10M $7.000M
YoY Change 45.61% -572.86% 55.56%
% of Operating Profit 2.37% -8.75% 1.81%
Other Income/Expense, Net
YoY Change
Pretax Income $358.2M $345.4M $394.7M
YoY Change -24.22% -12.49% 123.25%
Income Tax $104.7M $111.8M $113.1M
% Of Pretax Income 29.23% 32.37% 28.65%
Net Earnings $253.5M $233.6M $281.6M
YoY Change -22.64% -17.05% 134.86%
Net Earnings / Revenue 6.34% 6.11% 6.61%
Basic Earnings Per Share $0.66 $0.78
Diluted Earnings Per Share $715.5K $0.66 $0.77
COMMON SHARES
Basic Shares Outstanding 353.0M shares 353.7M shares 363.3M shares
Diluted Shares Outstanding 354.3M shares 364.2M shares

Balance Sheet

Concept 2012 Q4 2012 Q3 2011 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.465B $2.706B $2.795B
YoY Change -18.3% -3.18% 15.88%
Cash & Equivalents $1.272B $1.751B $1.880B
Short-Term Investments $1.193B $956.0M $916.0M
Other Short-Term Assets $332.0M $333.0M $259.0M
YoY Change 33.33% 28.57% 20.47%
Inventory $782.0M $916.0M $725.0M
Prepaid Expenses
Receivables $902.0M $1.004B $1.015B
Other Receivables $8.298B $8.133B $6.653B
Total Short-Term Assets $12.78B $13.09B $11.45B
YoY Change 4.63% 14.36% 18.14%
LONG-TERM ASSETS
Property, Plant & Equipment $2.313B $4.923B $4.277B
YoY Change 17.21% 15.1% 17.02%
Goodwill $139.4M
YoY Change 1.98%
Intangibles
YoY Change
Long-Term Investments $1.193B $956.0M $916.0M
YoY Change 31.1% 4.37% 158.03%
Other Assets $647.0M $678.0M $630.0M
YoY Change 8.56% 7.62% -1.41%
Total Long-Term Assets $5.848B $5.601B $4.906B
YoY Change 17.93% 14.16% 14.25%
TOTAL ASSETS
Total Short-Term Assets $12.78B $13.09B $11.45B
Total Long-Term Assets $5.848B $5.601B $4.906B
Total Assets $18.63B $18.69B $16.35B
YoY Change 8.47% 14.3% 16.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.168B $2.480B $2.537B
YoY Change -8.79% -2.25% 55.74%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $3.563B $3.371B $3.364B
YoY Change -8.87% 0.21% 65.06%
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $6.041B $6.241B $6.221B
YoY Change -12.46% 0.32% 58.58%
LONG-TERM LIABILITIES
Long-Term Debt $4.317B $4.293B $2.764B
YoY Change 57.21% 55.32% -13.11%
Other Long-Term Liabilities $1.483B $1.381B $1.013B
YoY Change 21.66% 36.33% 12.18%
Total Long-Term Liabilities $5.800B $5.674B $3.777B
YoY Change 46.28% 50.23% -7.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.041B $6.241B $6.221B
Total Long-Term Liabilities $5.800B $5.674B $3.777B
Total Liabilities $12.78B $12.83B $10.76B
YoY Change 8.24% 19.24% 24.13%
SHAREHOLDERS EQUITY
Retained Earnings $5.596B $5.756B
YoY Change 8.15%
Common Stock $353.4M $357.2M
YoY Change -0.95%
Preferred Stock
YoY Change
Treasury Stock (at cost) $162.1M
YoY Change
Treasury Stock Shares 4.200M shares
Shareholders Equity $5.847B $5.862B $5.594B
YoY Change
Total Liabilities & Shareholders Equity $18.63B $18.69B $16.35B
YoY Change 8.47% 14.3% 16.95%

Cashflow Statement

Concept 2012 Q4 2012 Q3 2011 Q3
OPERATING ACTIVITIES
Net Income $253.5M $233.6M $281.6M
YoY Change -22.64% -17.05% 134.86%
Depreciation, Depletion And Amortization $178.5M $176.2M $174.3M
YoY Change 6.19% 1.09% 14.97%
Cash From Operating Activities $602.4M $472.6M $359.3M
YoY Change 36.51% 31.53% -1.1%
INVESTING ACTIVITIES
Capital Expenditures -$506.1M -$460.6M -$392.8M
YoY Change 20.79% 17.26% 79.44%
Acquisitions
YoY Change
Other Investing Activities -$419.7M -$121.2M $9.400M
YoY Change 95.48% -1389.36% -87.48%
Cash From Investing Activities -$925.8M -$581.8M -$383.4M
YoY Change 46.09% 51.75% 166.62%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -170.5M 115.8M 149.6M
YoY Change -139.3% -22.59% -180.0%
NET CHANGE
Cash From Operating Activities 602.4M 472.6M 359.3M
Cash From Investing Activities -925.8M -581.8M -383.4M
Cash From Financing Activities -170.5M 115.8M 149.6M
Net Change In Cash -493.9M 6.600M 125.5M
YoY Change -304.6% -94.74% 286.15%
FREE CASH FLOW
Cash From Operating Activities $602.4M $472.6M $359.3M
Capital Expenditures -$506.1M -$460.6M -$392.8M
Free Cash Flow $1.109B $933.2M $752.1M
YoY Change 28.85% 24.08% 29.18%

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dei Trading Symbol
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dei Entity Registrant Name
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dei Document Fiscal Year Focus
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dei Document Type
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us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
46600000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod
447002 shares
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
380000000
us-gaap Proceeds From Sale Of Foreclosed Assets
ProceedsFromSaleOfForeclosedAssets
48700000
us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
61000000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
355500000 shares
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 Segment
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
746000 shares
us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
82800000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
201000000
us-gaap Maximum Length Of Time Hedged In Cash Flow Hedge1
MaximumLengthOfTimeHedgedInCashFlowHedge1
P5Y8M12D
us-gaap Depreciation
Depreciation
144600000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
498500000
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
4900000
us-gaap Defined Benefit Plan Amortization Of Prior Service Cost Credit
DefinedBenefitPlanAmortizationOfPriorServiceCostCredit
1100000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11000000
us-gaap Available For Sale Securities Gross Realized Gains
AvailableForSaleSecuritiesGrossRealizedGains
1900000
us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
48000000
us-gaap Increase Decrease In Accounts And Other Receivables
IncreaseDecreaseInAccountsAndOtherReceivables
27600000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2561000 shares
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
445800000
us-gaap Payments To Acquire Equipment On Lease
PaymentsToAcquireEquipmentOnLease
962700000
us-gaap Net Income Loss
NetIncomeLoss
858100000
us-gaap Proceeds From Sale And Collection Of Finance Receivables
ProceedsFromSaleAndCollectionOfFinanceReceivables
1773800000
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
800000
us-gaap Pension Contributions
PensionContributions
93700000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
412600000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
9400000
us-gaap Payments Of Dividends
PaymentsOfDividends
455900000
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
2700000
pcar Increase Decrease In Wholesale Receivables
IncreaseDecreaseInWholesaleReceivables
177600000
pcar Increase Decrease In Sales Type Finance Lease And Dealer Direct Loan Receivables
IncreaseDecreaseInSalesTypeFinanceLeaseAndDealerDirectLoanReceivables
112100000
pcar Warranty And Repair Maintenance Reserves Increase
WarrantyAndRepairMaintenanceReservesIncrease
234600000
pcar Warranty And Repair Maintenance Reserves Decrease
WarrantyAndRepairMaintenanceReservesDecrease
168000000
pcar Warranty And Repair Maintenance Reserves Currency Translation Increase Decrease
WarrantyAndRepairMaintenanceReservesCurrencyTranslationIncreaseDecrease
1200000
pcar Effective Income Tax Rate Reconciliation Domestic Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationDomesticIncomeTaxRateDifferential
0.325 pure
CY2011Q3 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
11200000
CY2011Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
11200000
CY2011Q3 us-gaap Gain Loss On Cash Flow Hedge Ineffectiveness Net
GainLossOnCashFlowHedgeIneffectivenessNet
-100000
CY2011Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.77
CY2011Q3 us-gaap Investment Income Net
InvestmentIncomeNet
11000000
CY2011Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.18
CY2011Q3 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
-15200000
CY2011Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
174300000
CY2011Q3 us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
-4500000
CY2011Q3 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-9300000
CY2011Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
364200000 shares
CY2011Q3 us-gaap Sales Revenue Net
SalesRevenueNet
4257100000
CY2011Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
394700000
CY2011Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-270400000
CY2011Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.78
CY2011Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-267000000
CY2011Q3 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
21000000
CY2011Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
363300000 shares
CY2011Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
876000 shares
CY2011Q3 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
26500000
CY2011Q3 us-gaap Defined Benefit Plan Amortization Of Prior Service Cost Credit
DefinedBenefitPlanAmortizationOfPriorServiceCostCredit
300000
CY2011Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2600000
CY2011Q3 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
11900000
CY2011Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1697000 shares
CY2011Q3 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
2500000
CY2012Q3 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
19800000
CY2012Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
308900000
CY2012Q3 us-gaap Gain Loss On Cash Flow Hedge Ineffectiveness Net
GainLossOnCashFlowHedgeIneffectivenessNet
200000
CY2012Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.66
CY2012Q3 us-gaap Investment Income Net
InvestmentIncomeNet
7800000
CY2012Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.20
CY2011Q3 us-gaap Net Income Loss
NetIncomeLoss
281600000
CY2011Q3 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
CY2011Q3 us-gaap Pension Contributions
PensionContributions
6100000
CY2011Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
113100000
CY2012Q3 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
-2400000
CY2012Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
176200000
CY2012Q3 us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
-10800000
CY2012Q3 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-3000000
CY2012Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
354300000 shares
CY2012Q3 us-gaap Sales Revenue Net
SalesRevenueNet
3820200000
CY2012Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
345400000
CY2012Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
75300000
CY2012Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.66
CY2012Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
73900000
CY2012Q3 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
20300000
CY2012Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
353700000 shares
CY2012Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
689000 shares
CY2012Q3 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
27600000
CY2012Q3 us-gaap Defined Benefit Plan Amortization Of Prior Service Cost Credit
DefinedBenefitPlanAmortizationOfPriorServiceCostCredit
300000
CY2012Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2600000
CY2012Q3 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
16000000
CY2012Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2497000 shares
CY2012Q3 us-gaap Net Income Loss
NetIncomeLoss
233600000
CY2012Q3 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
CY2012Q3 us-gaap Pension Contributions
PensionContributions
8300000
CY2012Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
111800000
CY2012Q3 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
800000

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