PACCAR 2010 Annual Report Download - page 55

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52
N O T E S T O C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S
December 31, 2010, 2009 and 2008 (currencies in millions)
The changes are outlined on the following table:
2009 2008
Before After Before After
Consolidated Statements of Income
Depreciation and other $ 442.5 $ 456.1 $ 437.8 $ 441.5
Provision for losses on receivables 104.4 90.8 102.9 99.2
Consolidated Statements of Cash Flows
Operating Activities:
Depreciation on equipment on operating
leases and other $ 450.1 $ 463.7 $ 422.9 $ 426.6
Provision for losses on receivables 104.4 90.8 102.9 99.2
Investing Activities:
Collections on retail loans and direct
financing leases $ 2,285.5 $ 2,083.0 $ 2,771.0 $ 2,616.7
Proceeds from asset disposals 317.6 520.1 239.3 393.6
New Accounting Pronouncements: The Company adopted Accounting Standards Update (ASU) 2010-06 Improving
Disclosures about Fair Value Measurements as of January 1, 2010 with no significant disclosure effect on the financial
statements. The ASU requires disclosing the amounts of significant transfers in and out of Levels 1 and 2 of the fair
value hierarchy and describing the reasons for the transfers, fair value information by class of assets and liabilities,
and descriptions of valuation techniques and inputs for Level 2 and 3 measurements. The Company’s disclosure in
Note P has been updated to comply with this standard.
In July 2010, the FASB issued ASU No. 2010-20 Disclosures about the Credit Quality of Financing Receivables and the
Allowance for Credit Losses. ASU 2010-20 amends FASB Accounting Standards Codification topic 310 – Receivables
and expands disclosures about the credit quality of a company’s financing receivables and allowance for credit
losses. ASU 2010-20 was effective for reporting periods ending after December 15, 2010. The Company’s disclosure
in Note D has been updated to comply with this standard.
B. I NV ES TM EN TS I N MA RK ETA BL E SEC UR IT IE S
Marketable debt securities consisted of the following at December 31:
amortized unrealized unrealized fair
2010 cost gains losses value
U.S. government and agency securities $ 2.7 $ 2.7
U.S. tax-exempt securities 364.9 $ .8 $ .3 365.4
U.S. corporate securities 27.3 .3 27.6
Non U.S. corporate securities 37.0 37.0
Other debt securities 17.8 17.8
$ 449.7 $ 1.1 $ .3 $ 450.5
amortized unrealized unrealized fair
2009 cost gains losses value
U.S. government and agency securities $ 6.5 $ 6.5
U.S. tax-exempt securities 141.2 $ 1.3 142.5
U.S. corporate securities 22.0 .2 $ .1 22.1
Non U.S. corporate securities 22.0 22.0
Non U.S. government securities 12.2 12.2
Other debt securities 14.2 14.2
$ 218.1 $ 1.5 $ .1 $ 219.5