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Stockholders' Equity | 6 Months Ended
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Jun. 30, 2023
Equity [Abstract] |
Stockholders' Equity | NOTE G - Stockholders’ Equity Comprehensive Income The components of comprehensive income are as follow:
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30 |  |  | June 30 |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Net income |  | $ | 1,221.1 |  |  | $ | 720.4 |  |  | $ | 1,955.0 |  |  | $ | 1,320.9 |
Other comprehensive income (loss) (OCI): |  |  |  |  |  |  |  |  |  |  |  |
Unrealized (losses) gains on derivative contracts |  |  | (33.0 | ) |  |  | 1.0 |  |  |  | (62.5 | ) |  |  | 37.1 |
Tax effect |  |  | 7.6 |  |  |  | (1.2 | ) |  |  | 13.9 |  |  |  | (10.9 | )
|  |  | (25.4 | ) |  |  | (.2 | ) |  |  | (48.6 | ) |  |  | 26.2 |
Unrealized (losses) gains on marketable debt securities |  |  | (10.3 | ) |  |  | (10.4 | ) |  |  | 3.7 |  |  |  | (44.5 | )
Tax effect |  |  | 2.6 |  |  |  | 2.6 |  |  |  | (.9 | ) |  |  | 11.1 |
|  |  | (7.7 | ) |  |  | (7.8 | ) |  |  | 2.8 |  |  |  | (33.4 | )
Pension plans |  |  | 2.3 |  |  |  | 19.9 |  |  |  | 3.3 |  |  |  | 30.2 |
Tax effect |  |  | (.3 | ) |  |  | (5.1 | ) |  |  | (.4 | ) |  |  | (7.5 | )
|  |  | 2.0 |  |  |  | 14.8 |  |  |  | 2.9 |  |  |  | 22.7 |
Foreign currency translation gains (losses) |  |  | 126.5 |  |  |  | (240.8 | ) |  |  | 218.5 |  |  |  | (206.1 | )
Net other comprehensive income (loss) |  |  | 95.4 |  |  |  | (234.0 | ) |  |  | 175.6 |  |  |  | (190.6 | )
Comprehensive income |  | $ | 1,316.5 |  |  | $ | 486.4 |  |  | $ | 2,130.6 |  |  | $ | 1,130.3 |
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:
Three Months Ended June 30, 2023 |  | DERIVATIVE CONTRACTS |  |  | MARKETABLE DEBT SECURITIES |  |  | PENSION PLANS |  |  | FOREIGN CURRENCY TRANSLATION |  |  | TOTAL |
Balance at April 1, 2023 |  | $ | 11.9 |  |  | $ | (33.1 | ) |  | $ | (110.0 | ) |  | $ | (742.0 | ) |  | $ | (873.2 | )
Recorded into AOCI |  |  | (66.9 | ) |  |  | (6.8 | ) |  |  | .4 |  |  |  | 126.5 |  |  |  | 53.2 |
Reclassified out of AOCI |  |  | 41.5 |  |  |  | (.9 | ) |  |  | 1.6 |  |  |  |  |  |  | 42.2 |
Net other comprehensive (loss) income |  |  | (25.4 | ) |  |  | (7.7 | ) |  |  | 2.0 |  |  |  | 126.5 |  |  |  | 95.4 |
Balance at June 30, 2023 |  | $ | (13.5 | ) |  | $ | (40.8 | ) |  | $ | (108.0 | ) |  | $ | (615.5 | ) |  | $ | (777.8 | )
Three Months Ended June 30, 2022 |  | DERIVATIVE CONTRACTS |  |  | MARKETABLE DEBT SECURITIES |  |  | PENSION PLANS |  |  | FOREIGN CURRENCY TRANSLATION |  |  | TOTAL |
Balance at April 1, 2022 |  | $ | 12.9 |  |  | $ | (26.7 | ) |  | $ | (261.9 | ) |  | $ | (602.0 | ) |  | $ | (877.7 | )
Recorded into AOCI |  |  | 16.4 |  |  |  | (7.6 | ) |  |  | 7.9 |  |  |  | (240.8 | ) |  |  | (224.1 | )
Reclassified out of AOCI |  |  | (16.6 | ) |  |  | (.2 | ) |  |  | 6.9 |  |  |  |  |  |  | (9.9 | )
Net other comprehensive (loss) income |  |  | (.2 | ) |  |  | (7.8 | ) |  |  | 14.8 |  |  |  | (240.8 | ) |  |  | (234.0 | )
Balance at June 30, 2022 |  | $ | 12.7 |  |  | $ | (34.5 | ) |  | $ | (247.1 | ) |  | $ | (842.8 | ) |  | $ | (1,111.7 | )
Six Months Ended June 30, 2023 |  | DERIVATIVE CONTRACTS |  |  | MARKETABLE DEBT SECURITIES |  |  | PENSION PLANS |  |  | FOREIGN CURRENCY TRANSLATION |  |  | TOTAL |
Balance at January 1, 2023 |  | $ | 35.1 |  |  | $ | (43.6 | ) |  | $ | (110.9 | ) |  | $ | (834.0 | ) |  | $ | (953.4 | )
Recorded into AOCI |  |  | (113.3 | ) |  |  | 4.5 |  |  |  | .6 |  |  |  | 218.5 |  |  |  | 110.3 |
Reclassified out of AOCI |  |  | 64.7 |  |  |  | (1.7 | ) |  |  | 2.3 |  |  |  |  |  |  | 65.3 |
Net other comprehensive (loss) income |  |  | (48.6 | ) |  |  | 2.8 |  |  |  | 2.9 |  |  |  | 218.5 |  |  |  | 175.6 |
Balance at June 30, 2023 |  | $ | (13.5 | ) |  | $ | (40.8 | ) |  | $ | (108.0 | ) |  | $ | (615.5 | ) |  | $ | (777.8 | )
Six Months Ended June 30, 2022 |  | DERIVATIVE CONTRACTS |  |  | MARKETABLE DEBT SECURITIES |  |  | PENSION PLANS |  |  | FOREIGN CURRENCY TRANSLATION |  |  | TOTAL |
Balance at January 1, 2022 |  | $ | (13.5 | ) |  | $ | (1.1 | ) |  | $ | (269.8 | ) |  | $ | (636.7 | ) |  | $ | (921.1 | )
Recorded into AOCI |  |  | 34.5 |  |  |  | (33.1 | ) |  |  | 11.4 |  |  |  | (206.1 | ) |  |  | (193.3 | )
Reclassified out of AOCI |  |  | (8.3 | ) |  |  | (.3 | ) |  |  | 11.3 |  |  |  |  |  |  | 2.7 |
Net other comprehensive income (loss) |  |  | 26.2 |  |  |  | (33.4 | ) |  |  | 22.7 |  |  |  | (206.1 | ) |  |  | (190.6 | )
Balance at June 30, 2022 |  | $ | 12.7 |  |  | $ | (34.5 | ) |  | $ | (247.1 | ) |  | $ | (842.8 | ) |  | $ | (1,111.7 | )
Reclassifications out of AOCI were as follows:
|  |  |  | Three Months Ended |
|  | LINE ITEM IN THE CONSOLIDATED STATEMENTS OF |  | June 30 |
AOCI COMPONENTS |  | COMPREHENSIVE INCOME |  |  | 2023 |  |  |  | 2022 |
Unrealized losses (gains) on derivative contracts: |  |  |  |  |  |  |  |
Truck, Parts and Other |  |  |  |  |  |  |  |
Foreign-exchange contracts |  | Net sales and revenues |  | $ | 11.8 |  |  | $ | 8.2 |
|  | Cost of sales and revenues |  |  | 11.4 |  |  |  | (1.0 | )
|  | Interest and other (income) expense, net |  |  | .7 |  |  |  |
Commodity contracts |  | Cost of sales and revenues |  |  | (4.6 | ) |  |  | 5.5 |
Financial Services |  |  |  |  |  |  |  |
Foreign-exchange contracts |  | Interest and other borrowing expenses |  |  | (2.8 | ) |  |  |
Interest-rate contracts |  | Interest and other borrowing expenses |  |  | 32.6 |  |  |  | (36.5 | )
|  | Pre-tax expense increase (reduction) |  |  | 49.1 |  |  |  | (23.8 | )
|  | Tax (benefit) expense |  |  | (7.6 | ) |  |  | 7.2 |
|  | After-tax expense increase |  |  | 41.5 |  |  |  | (16.6 | )
Unrealized gains on marketable debt securities: |  |  |  |  |  |  |  |
Marketable debt securities |  | Investment income |  |  | (1.2 | ) |  |  | (.3 | )
|  | Tax expense |  |  | .3 |  |  |  | .1 |
|  | After-tax income increase |  |  | (.9 | ) |  |  | (.2 | )
Pension plans: |  |  |  |  |  |  |  |
Truck, Parts and Other |  |  |  |  |  |  |  |
Actuarial loss |  | Interest and other (income) expense, net |  |  | 1.7 |  |  |  | 9.0 |
Prior service costs |  | Interest and other (income) expense, net |  |  | .4 |  |  |  | .2 |
|  | Pre-tax expense increase |  |  | 2.1 |  |  |  | 9.2 |
|  | Tax benefit |  |  | (.5 | ) |  |  | (2.3 | )
|  | After-tax expense increase |  |  | 1.6 |  |  |  | 6.9 |
Total reclassifications out of AOCI |  |  |  | $ | 42.2 |  |  | $ | (9.9 | )
|  |  |  | Six Months Ended |
|  | LINE ITEM IN THE CONSOLIDATED STATEMENTS OF |  | June 30 |
AOCI COMPONENTS |  | COMPREHENSIVE INCOME |  |  | 2023 |  |  |  | 2022 |
Unrealized losses (gains) on derivative contracts: |  |  |  |  |  |  |  |
Truck, Parts and Other |  |  |  |  |  |  |  |
Foreign-exchange contracts |  | Net sales and revenues |  | $ | 12.0 |  |  | $ | 15.1 |
|  | Cost of sales and revenues |  |  | 11.4 |  |  |  | 2.7 |
|  | Interest and other (income), net |  |  |  |  |  | .3 |
Commodity contracts |  | Cost of sales and revenues |  |  | (2.4 | ) |  |  | 10.4 |
Financial Services |  |  |  |  |  |  |  |
Foreign-exchange contracts |  | Interest and other borrowing expenses |  |  | (2.0 | ) |  |  |
Interest-rate contracts |  | Interest and other borrowing expenses |  |  | 60.0 |  |  |  | (43.1 | )
|  | Pre-tax expense increase (reduction) |  |  | 79.0 |  |  |  | (14.6 | )
|  | Tax expense |  |  | (14.3 | ) |  |  | 6.3 |
|  | After-tax expense increase (reduction) |  |  | 64.7 |  |  |  | (8.3 | )
Unrealized gains on marketable debt securities: |  |  |  |  |  |  |  |
Marketable debt securities |  | Investment income |  |  | (2.3 | ) |  |  | (.4 | )
|  | Tax expense |  |  | .6 |  |  |  | .1 |
|  | After-tax income increase |  |  | (1.7 | ) |  |  | (.3 | )
Pension plans: |  |  |  |  |  |  |  |
Truck, Parts and Other |  |  |  |  |  |  |  |
Actuarial loss |  | Interest and other (income), net |  |  | 2.4 |  |  |  | 14.6 |
Prior service costs |  | Interest and other (income), net |  |  | .7 |  |  |  | .3 |
|  | Pre-tax expense increase |  |  | 3.1 |  |  |  | 14.9 |
|  | Tax benefit |  |  | (.8 | ) |  |  | (3.6 | )
|  | After-tax expense increase |  |  | 2.3 |  |  |  | 11.3 |
Total reclassifications out of AOCI |  |  |  | $ | 65.3 |  |  | $ | 2.7 |
Stock Compensation Plans Stock-based compensation expense was $2.4 and $15.9 for the three months and six months ended June 30, 2023, respectively, and $4.3 and $12.5 for the three and six months ended June 30 2022, respectively. During the first six months of 2023, the Company issued 834,520 common shares under deferred and stock compensation arrangements. Other Capital Stock Changes During the first six months of 2023, the Company acquired no treasury shares under the Company’s common stock repurchase plans. The Company acquired 43,316 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.

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