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Stockholders' Equity | 9 Months Ended
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Sep. 30, 2025
Equity [Abstract] |
Stockholders' Equity | NOTE G - Stockholders’ Equity Comprehensive Income The components of comprehensive income are as follows:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30 |  |  | September 30 |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Net income |  | $ | 590.0 |  |  | $ | 972.1 |  |  | $ | 1,818.9 |  |  | $ | 3,290.0 |
Other comprehensive income (loss) (OCI): |  |  |  |  |  |  |  |  |  |  |  |
Unrealized gains (losses) on derivative contracts |  |  | .1 |  |  |  | (9.7 | ) |  |  | (38.5 | ) |  |  | 27.9 |
Tax effect |  |  |  |  |  | 3.4 |  |  |  | 11.0 |  |  |  | (6.4 | )
|  |  | .1 |  |  |  | (6.3 | ) |  |  | (27.5 | ) |  |  | 21.5 |
Unrealized gains on marketable debt securities |  |  | 4.4 |  |  |  | 35.7 |  |  |  | 27.7 |  |  |  | 35.8 |
Tax effect |  |  | (1.1 | ) |  |  | (8.9 | ) |  |  | (7.0 | ) |  |  | (8.9 | )
|  |  | 3.3 |  |  |  | 26.8 |  |  |  | 20.7 |  |  |  | 26.9 |
Pension plans |  |  | (.4 | ) |  |  | 2.0 |  |  |  | (1.5 | ) |  |  | 12.3 |
Tax effect |  |  | (.1 | ) |  |  | .2 |  |  |  | 1.2 |  |  |  | (2.4 | )
|  |  | (.5 | ) |  |  | 2.2 |  |  |  | (.3 | ) |  |  | 9.9 |
Foreign currency translation (losses) gains |  |  | (2.5 | ) |  |  | 117.1 |  |  |  | 551.1 |  |  |  | (169.8 | )
Net other comprehensive income (loss) |  |  | .4 |  |  |  | 139.8 |  |  |  | 544.0 |  |  |  | (111.5 | )
Comprehensive income |  | $ | 590.4 |  |  | $ | 1,111.9 |  |  | $ | 2,362.9 |  |  | $ | 3,178.5 |
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 September 30, 2025 |  | DERIVATIVE CONTRACTS |  |  | MARKETABLE DEBT SECURITIES |  |  | PENSION PLANS |  |  | FOREIGN CURRENCY TRANSLATION |  |  | TOTAL |
Balance at July 1, 2025 |  | $ | 4.9 |  |  | $ | 16.7 |  |  | $ | 69.9 |  |  | $ | (661.2 | ) |  | $ | (569.7 | )
Recorded into AOCI |  |  | (2.5 | ) |  |  | 2.9 |  |  |  | (1.2 | ) |  |  | (2.5 | ) |  |  | (3.3 | )
Reclassified out of AOCI |  |  | 2.6 |  |  |  | .4 |  |  |  | .7 |  |  |  |  |  |  | 3.7 |
Net other comprehensive income (loss) |  |  | .1 |  |  |  | 3.3 |  |  |  | (.5 | ) |  |  | (2.5 | ) |  |  | .4 |
Balance at September 30, 2025 |  | $ | 5.0 |  |  | $ | 20.0 |  |  | $ | 69.4 |  |  | $ | (663.7 | ) |  | $ | (569.3 | )
Three Months Ended September 30, 2024 |  | DERIVATIVE CONTRACTS |  |  | MARKETABLE DEBT SECURITIES |  |  | PENSION PLANS |  |  | FOREIGN CURRENCY TRANSLATION |  |  | TOTAL |
Balance at July 1, 2024 |  | $ | 16.8 |  |  | $ | (13.8 | ) |  | $ | (102.6 | ) |  | $ | (845.6 | ) |  | $ | (945.2 | )
Recorded into AOCI |  |  | (43.1 | ) |  |  | 27.5 |  |  |  |  |  |  | 117.1 |  |  |  | 101.5 |
Reclassified out of AOCI |  |  | 36.8 |  |  |  | (.7 | ) |  |  | 2.2 |  |  |  |  |  |  | 38.3 |
Net other comprehensive (loss) income |  |  | (6.3 | ) |  |  | 26.8 |  |  |  | 2.2 |  |  |  | 117.1 |  |  |  | 139.8 |
Balance at September 30, 2024 |  | $ | 10.5 |  |  | $ | 13.0 |  |  | $ | (100.4 | ) |  | $ | (728.5 | ) |  | $ | (805.4 | )
Nine Months Ended September 30, 2025 |  | DERIVATIVE CONTRACTS |  |  | MARKETABLE DEBT SECURITIES |  |  | PENSION PLANS |  |  | FOREIGN CURRENCY TRANSLATION |  |  | TOTAL |
Balance at January 1, 2025 |  | $ | 32.5 |  |  | $ | (.7 | ) |  | $ | 69.7 |  |  | $ | (1,214.8 | ) |  | $ | (1,113.3 | )
Recorded into AOCI |  |  | (194.9 | ) |  |  | 20.3 |  |  |  | (2.1 | ) |  |  | 551.1 |  |  |  | 374.4 |
Reclassified out of AOCI |  |  | 167.4 |  |  |  | .4 |  |  |  | 1.8 |  |  |  |  |  |  | 169.6 |
Net other comprehensive (loss) income |  |  | (27.5 | ) |  |  | 20.7 |  |  |  | (.3 | ) |  |  | 551.1 |  |  |  | 544.0 |
Balance at September 30, 2025 |  | $ | 5.0 |  |  | $ | 20.0 |  |  | $ | 69.4 |  |  | $ | (663.7 | ) |  | $ | (569.3 | )
Nine Months Ended September 30, 2024 |  | DERIVATIVE CONTRACTS |  |  | MARKETABLE DEBT SECURITIES |  |  | PENSION PLANS |  |  | FOREIGN CURRENCY TRANSLATION |  |  | TOTAL |
Balance at January 1, 2024 |  | $ | (11.0 | ) |  | $ | (13.9 | ) |  | $ | (110.3 | ) |  | $ | (558.7 | ) |  | $ | (693.9 | )
Recorded into AOCI |  |  | 53.2 |  |  |  | 28.9 |  |  |  | 4.9 |  |  |  | (169.8 | ) |  |  | (82.8 | )
Reclassified out of AOCI |  |  | (31.7 | ) |  |  | (2.0 | ) |  |  | 5.0 |  |  |  |  |  |  | (28.7 | )
Net other comprehensive income (loss) |  |  | 21.5 |  |  |  | 26.9 |  |  |  | 9.9 |  |  |  | (169.8 | ) |  |  | (111.5 | )
Balance at September 30, 2024 |  | $ | 10.5 |  |  | $ | 13.0 |  |  | $ | (100.4 | ) |  | $ | (728.5 | ) |  | $ | (805.4 | )
Reclassifications out of AOCI were as follows:
|  |  |  | Three Months Ended |
|  | LINE ITEM IN THE CONSOLIDATED STATEMENTS OF |  | September 30 |
AOCI COMPONENTS |  | COMPREHENSIVE INCOME |  |  | 2025 |  |  |  | 2024 |
Unrealized losses (gains) on derivative contracts: |  |  |  |  |  |
Truck, Parts and Other |  |  |  |  |  |  |  |
Foreign-exchange contracts |  | Net sales and revenues |  | $ | 1.1 |  |  | $ | (11.4 | )
|  | Cost of sales and revenues |  |  | (12.2 | ) |  |  | (3.9 | )
|  | Interest and other (income) expenses, net |  |  | 10.8 |  |  |  | 3.0 |
Commodity contracts |  | Cost of sales and revenues |  |  | (.6 | ) |  |  | 3.7 |
Financial Services |  |  |  |  |  |  |  |
Foreign-exchange contracts |  | Interest and other borrowing expenses |  |  | 3.1 |  |  |  | 4.6 |
Interest-rate contracts |  | Interest and other borrowing expenses |  |  | .5 |  |  |  | 54.4 |
|  | Pre-tax expense increase |  |  | 2.7 |  |  |  | 50.4 |
|  | Tax benefit |  |  | (.1 | ) |  |  | (13.6 | )
|  | After-tax expense increase |  |  | 2.6 |  |  |  | 36.8 |
Unrealized losses (gains) on marketable debt securities: |  |  |  |  |  |
Marketable debt securities |  | Investment income |  |  | .6 |  |  |  | (.9 | )
|  | Tax (benefit) expense |  |  | (.2 | ) |  |  | .2 |
|  | After-tax income reduction (increase) |  |  | .4 |  |  |  | (.7 | )
Pension plans: |  |  |  |  |  |  |  |
Truck, Parts and Other |  |  |  |  |  |  |  |
Actuarial loss |  | Interest and other (income) expenses, net |  |  | .6 |  |  |  | 2.5 |
Prior service costs |  | Interest and other (income) expenses, net |  |  | .3 |  |  |  | .3 |
|  | Pre-tax expense increase |  |  | .9 |  |  |  | 2.8 |
|  | Tax benefit |  |  | (.2 | ) |  |  | (.6 | )
|  | After-tax expense increase |  |  | .7 |  |  |  | 2.2 |
Total reclassifications out of AOCI |  |  |  | $ | 3.7 |  |  | $ | 38.3 |
|  |  |  | Nine Months Ended |
|  | LINE ITEM IN THE CONSOLIDATED STATEMENTS OF |  | September 30 |
AOCI COMPONENTS |  | COMPREHENSIVE INCOME |  |  | 2025 |  |  |  | 2024 |
Unrealized losses (gains) on derivative contracts: |  |  |  |  |  |
Truck, Parts and Other |  |  |  |  |  |  |  |
Foreign-exchange contracts |  | Net sales and revenues |  | $ | 5.1 |  |  | $ | (2.2 | )
|  | Cost of sales and revenues |  |  | (23.0 | ) |  |  | (28.8 | )
|  | Interest and other (income) expenses, net |  |  | 41.0 |  |  |  | 1.6 |
Commodity contracts |  | Cost of sales and revenues |  |  | (1.4 | ) |  |  | 9.6 |
Financial Services |  |  |  |  |  |  |  |
Foreign-exchange contracts |  | Interest and other borrowing expenses |  |  | 15.9 |  |  |  | (.5 | )
Interest-rate contracts |  | Interest and other borrowing expenses |  |  | 176.0 |  |  |  | (12.5 | )
|  | Pre-tax expense increase (reduction) |  |  | 213.6 |  |  |  | (32.8 | )
|  | Tax (benefit) expense |  |  | (46.2 | ) |  |  | 1.1 |
|  | After-tax expense increase (reduction) |  |  | 167.4 |  |  |  | (31.7 | )
Unrealized losses (gains) on marketable debt securities: |  |  |  |  |  |
Marketable debt securities |  | Investment income |  |  | .6 |  |  |  | (2.6 | )
|  | Tax (benefit) expense |  |  | (.2 | ) |  |  | .6 |
|  | After-tax income reduction (increase) |  |  | .4 |  |  |  | (2.0 | )
Pension plans: |  |  |  |  |  |  |  |
Truck, Parts and Other |  |  |  |  |  |  |  |
Actuarial loss |  | Interest and other (income) expenses, net |  |  | 1.4 |  |  |  | 5.3 |
Prior service costs |  | Interest and other (income) expenses, net |  |  | 1.0 |  |  |  | 1.0 |
|  | Pre-tax expense increase |  |  | 2.4 |  |  |  | 6.3 |
|  | Tax benefit |  |  | (.6 | ) |  |  | (1.3 | )
|  | After-tax expense increase |  |  | 1.8 |  |  |  | 5.0 |
Total reclassifications out of AOCI |  |  |  | $ | 169.6 |  |  | $ | (28.7 | )
Stock Compensation Plans Stock-based compensation expense was $2.8 and $20.4 for the three and nine months ended September 30, 2025, and $3.4 and $19.5 for the three and nine months ended September 30, 2024, respectively. During the first nine months of 2025, the Company issued 1,169,246 common shares under deferred and stock compensation arrangements. Other Capital Stock Changes During the first nine months of 2025, the Company purchased 385,060 treasury shares, of which 179,468 shares were acquired under the Company’s Long-Term Incentive Plan and 205,592 of shares were repurchased pursuant to the Company's common stock repurchase plan. Stock repurchases of $371.6 remain authorized under the current $500.0 program approved by the PACCAR Board of Directors on December 4, 2018.

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