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Stockholders' Equity
 9 Months Ended
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.