PACCAR Inc SUMMARY STATEMENTS OF OPERATIONS
PACCAR Inc SUMMARY STATEMENTS OF OPERATIONS
(in millions except per share amounts)
Truck, Parts and Other: Net sales and revenues Cost of sales and revenues Research and development Selling, general and administrative Interest and other (income), net Truck, Parts and Other Income Before Income Taxes
Three Months Ended
March 31
2018
2017*
$ 5,321.8 $ 3,935.7
4,535.5
3,390.9
76.0
61.0
137.1
114.5
(18.7)
(14.0)
591.9
383.3
Financial Services: Revenues Interest and other Selling, general and administrative Provision for losses on receivables Financial Services Income Before Income Taxes Investment income Total Income Before Income Taxes Income taxes Net Income
332.2
302.2
227.7
213.8
31.1
25.7
5.9
5.9
67.5
56.8
10.0
8.1
669.4
448.2
157.3
137.9
$ 512.1 $ 310.3
Net Income Per Share: Basic Diluted
$ 1.45 $
.88
$ 1.45 $
.88
Weighted Average Shares Outstanding: Basic Diluted
Dividends declared per share
352.5
351.6
353.5
352.7
$
.25 $
.24
* On January 1, 2018, the Company adopted ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost
and Net Periodic Postretirement Benefit Cost . This ASU requires defined benefit pension plan's net non-service component expenses (income) to be reported outside of operating profit. Net non-service expenses (income) are now reported in Interest and other (income), net. The first quarter 2017 net non-service pension expenses (income) have been reclassified to conform with the current presentation.
PACCAR Inc CONDENSED BALANCE SHEETS
(in millions)
ASSETS Truck, Parts and Other: Cash and marketable debt securities Trade and other receivables, net Inventories, net Property, plant and equipment, net Equipment on operating leases and other, net Financial Services Assets
March 31 2018
December 31 2017
$ 3,472.0 1,468.8 1,068.3 2,454.7 1,727.6
13,590.3 $ 23,781.7
$ 3,621.9 1,127.9 928.4 2,464.4 2,095.3
13,202.3 $ 23,440.2
LIABILITIES AND STOCKHOLDERS' EQUITY Truck, Parts and Other: Accounts payable, deferred revenues and other Financial Services Liabilities STOCKHOLDERS' EQUITY
Common Shares Outstanding
$ 4,841.3 10,373.1 8,567.3
$ 23,781.7 352.1
$ 5,270.4 10,119.3 8,050.5
$ 23,440.2 351.8
PACCAR Inc CONDENSED CASH FLOW STATEMENTS
(in millions)
Three Months Ended March 31 OPERATING ACTIVITIES: Net income Depreciation and amortization:
Property, plant and equipment Equipment on operating leases and other Net change in trade receivables, inventory and payables Net increase in wholesale receivables on new trucks All other operating activities, net Net Cash Provided by Operating Activities
2018
2017
$ 512.1 $ 310.3
93.6 179.9 (46.4) (233.0)
22.3 528.5
73.9 185.3 (127.6) (80.8) 249.4 610.5
INVESTING ACTIVITIES: Payments for property, plant and equipment Acquisitions of equipment for operating leases Net (increase) decrease in financial services receivables Net decrease (increase) in marketable debt securities Proceeds from asset disposals Net Cash Used in Investing Activities
(98.4) (276.7) (131.1) 320.1 130.0
(56.1)
(92.7) (336.6)
31.7 (60.2) 120.8 (337.0)
FINANCING ACTIVITIES: Payments of cash dividends Purchases of treasury stock Proceeds from stock compensation transactions Net increase (decrease) in debt Net Cash Used in Financing Activities Effect of exchange rate changes on cash Net Increase (Decrease) in Cash and Cash Equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period
(510.1) (16.7) 9.5 174.8
(342.5) 9.5
139.4 2,364.7 $ 2,504.1
(294.7)
17.8 (168.8) (445.7)
20.9 (151.3) 1,915.7 $ 1,764.4
Sales and Revenues: Truck Parts Financial Services Other
PACCAR Inc SEGMENT AND OTHER INFORMATION
(in millions)
Three Months Ended March 31
2018
2017
$ 4,353.0 $ 3,130.1
939.9
786.7
332.2
302.2
28.9
18.9
$ 5,654.0 $ 4,237.9
Pretax Profit: Truck Parts Financial Services Investment Income and Other
$ 395.2 $ 231.2
191.8
150.8
67.5
56.8
14.9
9.4
$ 669.4 $ 448.2
United States and Canada Europe Other
GEOGRAPHIC REVENUE (in millions)
Three Months Ended March 31
2018
2017
$ 3,446.0 $ 2,522.5
1,586.8
1,231.2
621.2
484.2
$ 5,654.0 $ 4,237.9
NEW TRUCK DELIVERIES
United States and Canada Europe Other
Three Months Ended March 31
2018
2017
24,200
17,000
15,700
14,300
4,600
3,700
44,500
35,000
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