2019 Q1 Form 10-Q Financial Statement

#000156459019015329 Filed on May 02, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q4 2018 Q1
Revenue $6.488B $6.280B $5.654B
YoY Change 14.74% 15.13% 33.42%
Cost Of Revenue $5.217B $5.089B $4.534B
YoY Change 15.05% 15.38% 34.19%
Gross Profit $1.271B $1.191B $1.120B
YoY Change 13.49% 14.04% 30.35%
Gross Profit Margin 19.59% 18.96% 19.8%
Selling, General & Admin $171.6M $167.8M $172.9M
YoY Change -0.75% 12.69% 18.18%
% of Gross Profit 13.5% 14.09% 15.44%
Research & Development $78.30M $80.50M $76.00M
YoY Change 3.03% 14.02% 24.59%
% of Gross Profit 6.16% 6.76% 6.79%
Depreciation & Amortization $81.40M $259.7M $93.60M
YoY Change -13.03% -11.43% 26.66%
% of Gross Profit 6.41% 21.81% 8.36%
Operating Expenses $427.3M $425.9M $435.3M
YoY Change -1.84% 4.31% 12.48%
Operating Profit $843.4M $764.8M $684.4M
YoY Change 23.23% 20.29% 45.0%
Interest Expense -$24.00M -$12.40M -$15.00M
YoY Change 60.0% -60.63% -36.97%
% of Operating Profit -2.85% -1.62% -2.19%
Other Income/Expense, Net
YoY Change
Pretax Income $819.4M $752.4M $669.4M
YoY Change 22.41% 24.51% 49.35%
Income Tax $190.4M $174.3M $157.3M
% Of Pretax Income 23.24% 23.17% 23.5%
Net Earnings $629.0M $578.1M $512.1M
YoY Change 22.83% -1.88% 65.03%
Net Earnings / Revenue 9.7% 9.21% 9.06%
Basic Earnings Per Share $1.81 $1.66 $1.45
Diluted Earnings Per Share $1.81 $1.65 $1.45
COMMON SHARES
Basic Shares Outstanding 347.2M 352.5
Diluted Shares Outstanding 347.8M 353.5

Balance Sheet

Concept 2019 Q1 2018 Q4 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.924B $4.456B $3.551B
YoY Change 10.5% 19.4% 19.52%
Cash & Equivalents $2.843B $3.436B $2.504B
Short-Term Investments $1.082B $1.020B $1.047B
Other Short-Term Assets $402.0M $365.0M $397.0M
YoY Change 1.26% -9.65% 77.23%
Inventory $1.273B $1.185B $1.068B
Prepaid Expenses
Receivables $1.736B $1.314B $1.469B
Other Receivables $11.36B $10.84B $10.10B
Total Short-Term Assets $18.69B $18.16B $16.59B
YoY Change 12.67% 14.29% 17.78%
LONG-TERM ASSETS
Property, Plant & Equipment $6.147B $2.481B $5.975B
YoY Change 2.88% 0.67% -0.25%
Goodwill $112.0M
YoY Change -4.6%
Intangibles
YoY Change
Long-Term Investments $1.082B $1.020B $1.047B
YoY Change 3.34% -25.38% -13.18%
Other Assets $1.320B $1.199B $1.219B
YoY Change 8.29% 27.01% 26.06%
Total Long-Term Assets $7.467B $7.321B $7.194B
YoY Change 3.79% -3.03% 3.43%
TOTAL ASSETS
Total Short-Term Assets $18.69B $18.16B $16.59B
Total Long-Term Assets $7.467B $7.321B $7.194B
Total Assets $26.16B $25.48B $23.78B
YoY Change 9.99% 8.71% 13.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.054B $3.546B $3.527B
YoY Change 14.94% 16.91% 27.65%
Accrued Expenses $14.00M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.000M
YoY Change
Total Short-Term Liabilities $4.078B $4.246B $3.530B
YoY Change 15.52% 22.79% 27.12%
LONG-TERM LIABILITIES
Long-Term Debt $10.20B $9.951B $9.130B
YoY Change 11.69% 12.07% 9.13%
Other Long-Term Liabilities $2.106B $2.008B $1.934B
YoY Change 8.89% -15.52% -0.41%
Total Long-Term Liabilities $12.30B $11.96B $11.06B
YoY Change 11.2% 6.25% 7.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.078B $4.246B $3.530B
Total Long-Term Liabilities $12.30B $11.96B $11.06B
Total Liabilities $17.05B $16.89B $15.21B
YoY Change 12.08% 9.75% 8.98%
SHAREHOLDERS EQUITY
Retained Earnings $9.793B $9.275B $8.386B
YoY Change 16.78% 10.83% 9.04%
Common Stock $347.0M $346.6M
YoY Change -1.48%
Preferred Stock
YoY Change
Treasury Stock (at cost) $33.40M
YoY Change
Treasury Stock Shares $500.0K
Shareholders Equity $9.106B $8.593B $8.567B
YoY Change
Total Liabilities & Shareholders Equity $26.16B $25.48B $23.78B
YoY Change 9.99% 8.71% 13.03%

Cashflow Statement

Concept 2019 Q1 2018 Q4 2018 Q1
OPERATING ACTIVITIES
Net Income $629.0M $578.1M $512.1M
YoY Change 22.83% -1.88% 65.03%
Depreciation, Depletion And Amortization $81.40M $259.7M $93.60M
YoY Change -13.03% -11.43% 26.66%
Cash From Operating Activities $363.0M $1.065B $525.3M
YoY Change -30.9% 19.23% -13.96%
INVESTING ACTIVITIES
Capital Expenditures $102.8M -$539.4M $98.40M
YoY Change 4.47% 7.26% 6.15%
Acquisitions
YoY Change
Other Investing Activities -$10.50M -$114.8M $319.0M
YoY Change -103.29% -64.37% 245.61%
Cash From Investing Activities -$400.7M -$654.2M -$56.10M
YoY Change 614.26% -20.71% -83.35%
FINANCING ACTIVITIES
Cash Dividend Paid $806.1M $510.1M
YoY Change 58.03% 73.09%
Common Stock Issuance & Retirement, Net $32.90M $13.50M
YoY Change 143.7%
Debt Paid & Issued, Net $250.0M $508.2M
YoY Change -50.81% -15.24%
Cash From Financing Activities -550.3M 134.8M -339.3M
YoY Change 62.19% -650.2% -23.87%
NET CHANGE
Cash From Operating Activities 363.0M 1.065B 525.3M
Cash From Investing Activities -400.7M -654.2M -56.10M
Cash From Financing Activities -550.3M 134.8M -339.3M
Net Change In Cash -593.3M 545.7M 129.9M
YoY Change -556.74% 1148.74% -175.44%
FREE CASH FLOW
Cash From Operating Activities $363.0M $1.065B $525.3M
Capital Expenditures $102.8M -$539.4M $98.40M
Free Cash Flow $260.2M $1.605B $426.9M
YoY Change -39.05% 14.92% -17.56%

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CY2019Q1 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
700000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
8800000
CY2019Q1 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
300000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
5900000
CY2019Q1 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
100000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
4000000.0
CY2019Q1 us-gaap Finance Lease Liability Payments Due Year Five
FinanceLeaseLiabilityPaymentsDueYearFive
100000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
3000000.0
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
46000000.0
CY2019Q1 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
1900000
CY2019Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
2200000
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
43800000
CY2019Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
1700000
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
3800000
CY2019Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
200000
CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
3200000
CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
600000
CY2018Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
587400000
CY2019Q1 pcar Deferred Revenue Extended Warranties And Repair And Maintenance Recognize Reminder Of Fiscal Year
DeferredRevenueExtendedWarrantiesAndRepairAndMaintenanceRecognizeReminderOfFiscalYear
178100000
CY2019Q1 pcar Deferred Revenue Extended Warranties And Repair And Maintenance Recognize Year Two
DeferredRevenueExtendedWarrantiesAndRepairAndMaintenanceRecognizeYearTwo
227100000
CY2019Q1 pcar Deferred Revenue Extended Warranties And Repair And Maintenance Recognize Year Three
DeferredRevenueExtendedWarrantiesAndRepairAndMaintenanceRecognizeYearThree
166300000
CY2019Q1 pcar Deferred Revenue Extended Warranties And Repair And Maintenance Recognize Year Four
DeferredRevenueExtendedWarrantiesAndRepairAndMaintenanceRecognizeYearFour
107700000
CY2019Q1 pcar Deferred Revenue Extended Warranties And Repair And Maintenance Recognize Year Five
DeferredRevenueExtendedWarrantiesAndRepairAndMaintenanceRecognizeYearFive
37000000.0
CY2019Q1 pcar Deferred Revenue Extended Warranties And Repair And Maintenance Recognize Thereafter
DeferredRevenueExtendedWarrantiesAndRepairAndMaintenanceRecognizeThereafter
13100000
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
629000000.0
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
512100000
CY2019Q1 us-gaap Other Comprehensive Income Loss Derivative Excluded Component Increase Decrease After Adjustments Before Tax Parent
OtherComprehensiveIncomeLossDerivativeExcludedComponentIncreaseDecreaseAfterAdjustmentsBeforeTaxParent
-15800000
CY2018Q1 us-gaap Other Comprehensive Income Loss Derivative Excluded Component Increase Decrease After Adjustments Before Tax Parent
OtherComprehensiveIncomeLossDerivativeExcludedComponentIncreaseDecreaseAfterAdjustmentsBeforeTaxParent
-4100000
CY2019Q1 us-gaap Other Comprehensive Income Loss Derivative Excluded Component Increase Decrease After Adjustments Tax Parent
OtherComprehensiveIncomeLossDerivativeExcludedComponentIncreaseDecreaseAfterAdjustmentsTaxParent
-4200000
CY2018Q1 us-gaap Other Comprehensive Income Loss Derivative Excluded Component Increase Decrease After Adjustments Tax Parent
OtherComprehensiveIncomeLossDerivativeExcludedComponentIncreaseDecreaseAfterAdjustmentsTaxParent
-1600000
CY2019Q1 us-gaap Other Comprehensive Income Loss Derivative Excluded Component Increase Decrease After Adjustments And Tax Parent
OtherComprehensiveIncomeLossDerivativeExcludedComponentIncreaseDecreaseAfterAdjustmentsAndTaxParent
-11600000
CY2018Q1 us-gaap Other Comprehensive Income Loss Derivative Excluded Component Increase Decrease After Adjustments And Tax Parent
OtherComprehensiveIncomeLossDerivativeExcludedComponentIncreaseDecreaseAfterAdjustmentsAndTaxParent
-2500000
CY2019Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeTax
6200000
CY2018Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeTax
-2600000
CY2019Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
1600000
CY2018Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
-600000
CY2019Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
4600000
CY2018Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
-2000000.0
CY2019Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax
-700000
CY2018Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax
-2600000
CY2019Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansTax
100000
CY2018Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansTax
600000
CY2019Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-600000
CY2018Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-2000000.0
CY2019Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
9400000
CY2018Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
77800000
CY2019Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
3000000.0
CY2018Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
75300000
CY2019Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
632000000.0
CY2019Q1 us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
-14800000
CY2018Q1 us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
-15200000
CY2019Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8700000
CY2018Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7000000.0
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod
410105
CY2019Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
501735
CY2019Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.232
CY2018Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.235
CY2019Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2019Q1 us-gaap Revenues
Revenues
6487600000
CY2018Q1 us-gaap Revenues
Revenues
5654000000.0
CY2019Q1 us-gaap Investment Income Net
InvestmentIncomeNet
19300000
CY2018Q1 us-gaap Investment Income Net
InvestmentIncomeNet
10000000.0
CY2019Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
819400000
CY2018Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
669400000
CY2019Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
259100000
CY2018Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
273500000
CY2019Q1 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
68000000.0
CY2019Q1 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
26500000
CY2018Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
94700000
CY2018Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
24600000
CY2019Q1 us-gaap Derivative Assets
DerivativeAssets
58600000
CY2019Q1 us-gaap Derivative Liabilities
DerivativeLiabilities
17100000
CY2018Q4 us-gaap Derivative Assets
DerivativeAssets
89900000
CY2018Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
19800000
CY2019Q1 us-gaap Notes Payable
NotesPayable
89500000
CY2018Q4 us-gaap Notes Payable
NotesPayable
188700000
CY2019Q1 pcar Cumulative Basis Adjustment Included In Carrying Amount
CumulativeBasisAdjustmentIncludedInCarryingAmount
500000
CY2018Q4 pcar Cumulative Basis Adjustment Included In Carrying Amount
CumulativeBasisAdjustmentIncludedInCarryingAmount
-1300000
CY2018Q1 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
13300000
CY2018Q1 us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
-7700000
CY2019Q1 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
8600000
CY2019Q1 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2019Q1 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
CY2019Q1 us-gaap Fair Value Liabilities Level1 To Level2 Transfers Amount
FairValueLiabilitiesLevel1ToLevel2TransfersAmount
0
CY2019Q1 us-gaap Fair Value Liabilities Level2 To Level1 Transfers Amount
FairValueLiabilitiesLevel2ToLevel1TransfersAmount
0
CY2019Q1 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
24700000
CY2018Q1 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
28700000
CY2019Q1 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
23700000
CY2018Q1 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
21300000
CY2019Q1 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
44600000
CY2018Q1 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
44800000
CY2019Q1 us-gaap Defined Benefit Plan Amortization Of Prior Service Cost Credit
DefinedBenefitPlanAmortizationOfPriorServiceCostCredit
400000
CY2018Q1 us-gaap Defined Benefit Plan Amortization Of Prior Service Cost Credit
DefinedBenefitPlanAmortizationOfPriorServiceCostCredit
400000
CY2019Q1 us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
-4400000

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