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Basis of Presentation | 6 Months Ended
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Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Basis of Presentation | NOTE A - Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10‑Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. For further information, refer to the consolidated financial statements and footnotes included in PACCAR Inc’s (PACCAR or the Company) Annual Report on Form 10‑K for the year ended December 31, 2022. Earnings per Share: Basic earnings per common share are computed by dividing earnings by the weighted average number of common shares outstanding, plus the effect of any participating securities. Diluted earnings per common share are computed assuming that all potentially dilutive securities are converted into common shares under the treasury stock method. On December 6, 2022, the Board of Directors declared a 50% common stock dividend which was paid on February 7, 2023, to stockholders of record on January 17, 2023, with fractional shares paid in cash. This resulted in the issuance of 174,035,361 additional shares and 411 fractional shares paid in cash. For all years presented, net income per share, weighted average number of common shares outstanding and cash dividends declared per share on common stock have been restated for the effect of the 50% dividend. The dilutive and antidilutive options are shown separately in the table below.
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30 |  |  | June 30 |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Additional shares |  |  | 963,400 |  |  |  | 633,700 |  |  |  | 960,600 |  |  |  | 746,000 |
Antidilutive options |  |  | 848,500 |  |  |  | 1,649,900 |  |  |  | 911,700 |  |  |  | 1,650,400 |
New Accounting Pronouncements: The Company adopted ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures on January 1, 2023, which had no material impact on the Company’s consolidated financial statements. The Financial Accounting Standards Board issued ASU 2022-03, Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restriction in 2022. The Company plans on adopting this standard on January 1, 2024, and is not expected to have a material impact on the Company’s consolidated financial statements.

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