PACCAR 2012 Annual Report Download

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Table of contents

  • Page 1

  • Page 2
    ... S S PACCAR is a global technology company that designs and manufactures premium quality light, medium and heavy duty commercial vehicles sold worldwide under the Kenworth, Peterbilt and DAF nameplates. PACCAR designs and manufactures diesel engines for use in its own products and for sale to third...

  • Page 3
    ... 2012 2011  (millions except per share data) Truck, Parts and Other Net Sales and Revenues Financial Services Revenues Total Revenues Net Income Total Assets: Truck, Parts and Other Financial Services Truck and Other Long-Term Debt Financial Services Debt Stockholders' Equity Per Common Share...

  • Page 4
    ... in 2012, due to increased truck market share in  north america and Europe, customers updating their fleets and strong aftermarket parts and finance business. the company has earned an impressive 74 consecutive years of net income. this remarkable achievement was due to our 21,800 employees who...

  • Page 5
    ...DAF and Kenworth increased their dealer locations to 29 in Russia. The PACCAR Technical Center in Pune, India, partners with KPIT, a leading technology solutions company. The Center concentrates on engineering, information technology and component sourcing. In China, the world's largest truck market...

  • Page 6
    ...'s Model 210 was named "2012 Medium Duty Commercial Truck of the Year." One half of PACCAR's revenues were generated outside the United States. The company has realized excellent synergies globally in product development, sales and finance activities, purchasing and manufacturing. DAF maintained...

  • Page 7
    ... largest full-service truck rental and leasing operations in North America and continued to increase its market presence in 2012, growing its global network to 565 locations. EnViRonmEntal lEadERshiP premium products and an extensive array of tailored aftermarket customer services - enables PACCAR...

  • Page 8

  • Page 9
    ...Australia. The new DAF XF Euro 6 will enter production in Spring 2013 and is designed to deliver maximum transport efficiency, resulting in industry leading low operating costs and the highest vehicle performance. DAF's new flagship includes a new chassis, a fuel efficient PACCAR MX-13 Euro 6 engine...

  • Page 10

  • Page 11
    ... 14% class 8 share in the Us and canada. the Peterbilt model 587 earned the american truck dealers "2012 heavy duty commercial truck of  the year," and the Peterbilt model 210 earned the "2012 medium duty commercial truck of the year." Peterbilt is the first truck manufacturer in history to...

  • Page 12

  • Page 13
    ...north american market share in 2012 and launched its new kenworth t680. kenworth earned J.d. Power and associates highest customer satisfaction ranking for heavy duty dealer service.  Kenworth trucks, "The World's Best," has earned the J.D. Power commercial vehicle customer satisfaction award...

  • Page 14
    ... of world-class manufacturers inducted into the Victorian Manufacturing Hall of Fame. PACCAR Parts delivered record sales in 2012. PACCAR Australia customers are supported by the most extensive dealer network in the market, with 37 locations providing parts and service nationwide. Kenworth trucks...

  • Page 15
    ... an award for "2012 Medium Duty Commercial Truck of the Year". KENMEX has focused on exceeding its customers' requirements by delivering industry leading reliability and low operating cost. KENMEX's 128 dealer locations in Mexico and the San Luis Potosi PACCAR Parts Distribution Center (PDC) offer...

  • Page 16
    ..., the United kingdom's leading truck manufacturer, celebrated its 14th  anniversary as a PaccaR company. leyland delivered over 14,300 daF vehicles to customers in Europe, australia, asia, and north and south america. Leyland's highly efficient 710,000-square-foot manufacturing facility...

  • Page 17
    ... XF, CF and LF models. DAF Brasil dealers are purchasing land and constructing new dealership facilities throughout Brasil to support introduction of the DAF brand. The Brasilian 6+ tonne truck market in 2012 was 133,000 units. DAF increased truck sales in Russia to 2,700 vehicles in 2012. Kenworth...

  • Page 18
    ... Fleet Services program, which provides superior value to large commercial vehicle fleets. Fleet customers benefit from guaranteed national pricing, centralized billing and priority services through Kenworth PremierCare, Peterbilt TruckCare and DAF International Truck Services. PACCAR Parts' 15 PDCs...

  • Page 19
    ...-foot production facility in Columbus, Mississippi, and DAF's modern engine factory in the Netherlands. PACCAR operates two world-class engine research and development centers with 42 sophisticated engine test cells to enhance its engine design and manufacturing capacity. The PACCAR MX-13 engine...

  • Page 20
    ... Kenworth and Peterbilt Class 8 trucks sold or leased. PFC launched dealer online services and a web-based portal enabling customers in the U.S. and Canada to make electronic payments and obtain real-time account information, payment history and monthly transaction summaries. PACCAR Financial Europe...

  • Page 21
    ... in 2012, ranking it as the largest full-service lease provider in Mexico. PacLease Europe operates a fleet of 3,900 trucks and trailers and contributed to DAF's growth in the German market. PacLease has one of the most innovative global truck leasing networks in the industry, providing customers...

  • Page 22
    ...-leading performance and fuel efficiency of Kenworth, Peterbilt and DAF trucks. PACCAR Technical Centers in Europe and North America advance the quality and competitiveness of PACCAR products worldwide. Technical experts in powertrain and vehicle development employ state-of-the-art product test and...

  • Page 23
    .... ITD's 740 employees collaborate with PACCAR divisions by using technology to enhance manufacturing, financial services and engineering design. This year ITD partnered with DAF to develop a production computer framework for DAF's new truck factory being constructed in Ponta Grossa, Brasil. ITD also...

  • Page 24
    ... trucks (000) retail sales 30 % 280 15% 260 28% 210 14% 195 26% 140 13% 130 24% 70 12% 65 22% 0 03 04 05 06 07 08 09 10 11 12 11% 0 03 04 05 06 07 08 09 10 11 12 20% â- Total Western and Central Europe 16+ T Units PACCAR Market Share (percent) â- Total U.S. and Canada Class...

  • Page 25
    ... that $100 was invested on December 31, 2007 in the Company's common stock and in the stated indices and assumes reinvestment of dividends.  200 PACCAR Inc S&P 500 Index Peer Group Index 200 150 150 100 100 50 50 0 2007 2008 2009 2010 2011 0 2012 2007 PACCAR Inc S&P 500 Index...

  • Page 26
    ... primarily from financing or leasing PACCAR products in North America, Europe and Australia. The Company's Other business is the manufacturing and marketing of industrial winches. Consolidated net sales and revenues of $17.05 billion in 2012 were the highest in the Company's history. The increase...

  • Page 27
    ... manufacturing operating efficiency. See the Forward Looking Statement section of Management's Discussion and Analysis for factors that may affect this outlook. Financial Services Outlook Average earning assets in 2013 may grow approximately 5-10% as increased new business financing from truck sales...

  • Page 28
    ... and pretax return on revenues for 2012 primarily reflects the higher truck unit sales and lower R&D expenses. The Company's new truck deliveries are summarized below: Year Ended December 31, 2012 2011 % CHANGE United States Canada U.S. and Canada Europe Mexico, South America, Australia and other...

  • Page 29
    ... in 2011, reflecting ongoing cost control. Parts The Company's Parts segment accounted for 16% of revenues for both 2012 and 2011. ($ in millions) Year Ended December 31, 2012 2011 % CHANGE Parts net sales and revenues: U.S. and Canada Europe Mexico, South America, Australia and other Parts income...

  • Page 30
     The Company's worldwide parts net sales and revenues increased due to higher market demand in North America, partially offset by lower market demand in Europe. The decrease in Parts segment income before taxes and pretax return on revenues was primarily due to higher selling, general and ...

  • Page 31
    ... Services segment accounted for 6% of revenues for both 2012 and 2011. ($ in millions) Year Ended December 31,  2012 2011 % CHANGE New loan and lease volume: U.S. and Canada Europe Mexico and Australia New loan and lease volume by product: Loans and finance leases Equipment on operating...

  • Page 32
    ... in the value of the euro compared to the U.S. dollar. The following table summarizes operating lease, rental and other income and depreciation and other expense: ($ in millions) Year Ended December 31, 2012 2011 Operating lease revenues Used truck sales and other Operating lease, rental and...

  • Page 33
    ... and Canada of $15.2 million in 2012 compared to $6.7 million in 2011 primarily reflects the charge-off of one large account in the U.S. The Company modifies loans and finance leases as a normal part of its Financial Services operations. The Company may modify loans and finance leases for commercial...

  • Page 34
    ... Canada Europe Mexico and Australia Total .3% 1.0% 1.5% .6% 1.1% 1.0% 3.4% 1.5% Worldwide PFS accounts 30+ days past due at December 31, 2012 of .6% improved from 1.5% at December 31, 2011 due to lower or the same past dues in all markets, reflecting a better operating environment for customers...

  • Page 35
    ... segment accounted for 77% and 68% of revenues in 2011 and 2010, respectively. ($ in millions) Year Ended December 31, 2011 2010 % CHANGE Truck net sales and revenues: U.S. and Canada Europe Mexico, South America, Australia and other Truck income before income taxes Pre-tax return on revenues...

  • Page 36
    ... 55,200 units in 2010. Sales and revenues in Mexico, South America, Australia and other markets increased in 2011 primarily due to higher new truck deliveries in Mexico and the Andean region of South America. The major factors for the change in net sales and revenues, cost of sales and revenues, and...

  • Page 37
    ...higher sales volume and ongoing cost control. Parts The Company's Parts segment accounted for 16% and 21% of revenues in 2011 and 2010, respectively. ($ in millions) Year Ended December 31, 2011 2010 % CHANGE Parts net sales and revenues: U.S. and Canada Europe Mexico, South America, Australia and...

  • Page 38
    ... on operating lease New loan and lease unit volume: Loans and finance leases Equipment on operating lease Average earning assets: U.S. and Canada Europe Mexico and Australia Average earning assets by product: Loans and finance leases Dealer wholesale financing Equipment on lease and other Revenues...

  • Page 39
    ... increase in dealer wholesale financing, primarily in the U.S. and Canada and Europe, as well as retail portfolio new business volume exceeding repayments. Average debt balances increased $409.0 million in 2011, reflecting funding for a higher average finance receivable portfolio. Lower market rates...

  • Page 40
    ...the Company's customers in the transportation industry, particularly in the U.S. and Canada. The following table summarizes the Company's 30+ days past-due accounts: At December 31, 2011 2010 Percentage of retail loan and lease accounts 30+ days past-due: U.S. and Canada Europe Mexico and Australia...

  • Page 41
    ...on the sales of operating lease units. Other Other includes the winch business as well as sales, income and expenses not attributable to a reportable segment, including a portion of corporate expense. Sales represent approximately 1% of consolidated net sales and revenues for 2011 and 2010. Other SG...

  • Page 42
    ... plant and equipment for new product and facility investments. In addition there was $220.3 million of higher new loan and lease originations in the Financial Services segment reflecting increased portfolio growth. These higher cash outflows were partially offset by lower net purchases of marketable...

  • Page 43
    ... addition, $758.4 million of operating cash flow was used for increased Financial Services segment wholesale receivables, sales-type finance leases and dealer direct loans in 2011 reflecting higher truck sales compared to 2010. Investing activities: Cash used in investing activities of $2.42 billion...

  • Page 44
    ... tooling and factory equipment for new products and building a new DAF factory in Brasil. Over the last ten years, the Company's combined investments in worldwide capital projects and research and development totaled $5.25 billion which have significantly increased operating capacity and efficiency...

  • Page 45
    ... the London Stock Exchange. The program was renewed in the second quarter of 2012 and is renewable annually through the filing of a new prospectus. In April 2011, PACCAR Financial Mexico registered a 10.00 billion peso medium-term note and commercial paper program with the Comision Nacional Bancaria...

  • Page 46
    ...Financial Services debt obligations principally from funds provided by collections from customers on loans and lease contracts, as well as from the proceeds of commercial paper and medium-term note borrowings. Purchase obligations are the Company's contractual commitment to acquire future production...

  • Page 47
    .... At December 31, 2012, the aggregate residual value of equipment on operating leases in the Financial Services segment and residual value guarantee on trucks accounted for as operating leases in the Truck segment was $1.57 billion. A 10% decrease in used truck values worldwide, expected to persist...

  • Page 48
    ... net sales and revenues in 2012, warranty expense would have increased by approximately $32 million. Pension Benefits Employee benefits are disclosed in Note L of the consolidated financial statements. The Company's accounting for employee pension benefit costs and obligations is based on management...

  • Page 49
    ...business volume due to unit fluctuations in new PACCAR truck sales; changes affecting the profitability of truck owners and operators; price changes impacting truck sales prices and residual values; insufficient supplier capacity or access to raw materials; labor disruptions; shortages of commercial...

  • Page 50
    ..., TRUCK, PARTS AND OTHER: 2012 2011 2010 (millions, except per share data) Net sales and revenues Cost of sales and revenues Research and development Selling, general and administrative Interest and other (income) expense, net Truck, Parts and Other Income Before Income Taxes FINANCIAL SERVICES...

  • Page 51
    ... Ended December 31, 2012 2011 (millions) 2010  Net income Other comprehensive (loss) income: Unrealized (losses) gains on derivative contracts Losses arising during the period Tax effect Reclassification adjustment Tax effect Unrealized gains (losses) on investments Net holding gain (loss...

  • Page 52
    ...TRUCK, PARTS AND OTHER: 2012 (millions) 2011 Current Assets Cash and cash equivalents Trade and other receivables, net Marketable debt securities Inventories, net Other current assets Total Truck, Parts and Other Current Assets Equipment on operating leases, net Property, plant and equipment, net...

  • Page 53
    ... AND STOCKHOLDERS' EQUITy  December 31, TRUCK, PARTS AND OTHER: 2012 (millions) 2011 Current Liabilities Accounts payable, accrued expenses and other Dividend payable Total Truck, Parts and Other Current Liabilities Long-term debt Residual value guarantees and deferred revenues Other...

  • Page 54
    ... receivables on used equipment Marketable securities purchases Marketable securities sales and maturities Payments for property, plant and equipment Acquisition of equipment for operating leases Proceeds from asset disposals Other, net Net Cash Used in Investing Activities FINANCING ACTIVITIES...

  • Page 55
    ... and tax benefit Balance at end of year TREASURy STOCK, AT COST: Balance at beginning of year Purchases, shares: 2012-4.2; 2011-9.2 Retirements Balance at end of year RETAINED EARNINGS: (162.1) 162.1 (337.6) 337.6 17.4 Balance at beginning of year Net income Cash dividends declared on...

  • Page 56
    ... from financing or leasing PACCAR products in the U.S., Canada, Mexico, Europe and Australia. PACCAR's sales and revenues are derived primarily from North America and Europe. The Company also operates in Australia and sells trucks and parts to customers in Asia, Africa, Middle East and South America...

  • Page 57
    ...31, 2012, 2011 and 2010, respectively. Financial Services: The Company continuously monitors the payment performance of all its finance receivables. For large retail finance customers and dealers with wholesale financing, the Company regularly reviews their financial statements and makes site visits...

  • Page 58
    ... dealers to face financial difficulty, whether or not they are past due, the customers are placed on a watch list. The Company modifies loans and finance leases as a normal part of its Financial Services operations. The Company may modify loans and finance leases for commercial reasons or for credit...

  • Page 59
    ... Operating Leases: The Company leases equipment under operating leases to customers in the Financial Services segment. In addition, in the Truck segment, equipment sold to customers in Europe subject to a residual value guarantee (RVG) by the Company is accounted for as an operating lease. Equipment...

  • Page 60
    ... and are intended to align U.S. GAAP and International Financial Reporting Standards (IFRS), the ASU changed some fair value measurement principles and disclosure requirements. The Company adopted ASU 2011-04 in the first quarter of 2012; the implementation of this amendment resulted in additional...

  • Page 61
    ... of discounts to maturity. Amortization, accretion, interest and dividend income and realized gains and losses are included in investment income. The cost of securities sold is based on the specific identification method. The proceeds from sales and maturities of marketable securities during 2012...

  • Page 62
    ...(8.8) $7,259.7 The net activity of sales-type finance leases, dealer direct loans and dealer wholesale financing on new trucks is shown in the operating section of the Consolidated Statements of Cash Flows since those receivables finance the sale of Company inventory. Annual minimum payments due on...

  • Page 63
    ...further segregated between fleet and owner/operator classes. Each individual class has similar measurement attributes, risk characteristics and common methods to monitor and assess credit risk. The wholesale segment consists of truck inventory financing to PACCAR dealers. The customer retail segment...

  • Page 64
    ...$ 54.3 (10.7) $ 43.6 $ 53.6 retail customer At December 31, 2011 wholesale fleet owner / operator retail dealer total Impaired loans with specific reserve Associated allowance Net carrying amount of impaired loans Average recorded investment $ 18.4 (2.2) $ 16.2 $ 14.4 $ $ $ 27.9 (6.0) 21...

  • Page 65
    ... 2012 2011 2010  Interest income recognized: Wholesale Fleet Owner/Operator $ $ .1 1.2 .8 2.1 $ $ .4 2.7 2.0 5.1 $ $ .1 1.7 .2 2.0 Credit Quality: The Company's customers are principally concentrated in the transportation industry in North America, Europe and Australia. The Company...

  • Page 66
    ..., finance leases and equipment under operating lease. The Company records the vehicles as used truck inventory included in Financial Services other assets on the balance sheet. The balance of repossessed inventory at December 31, 2012 and 2011 is $20.9 and $16.0 respectively. Proceeds from the sales...

  • Page 67
    ... as follows: truck, parts and other financial services At December 31, 2012 2011 2012 2011 Equipment on operating leases Less allowance for depreciation $ 1,183.7 (325.8) $ 857.9 $939.0 (259.9) $679.1 $2,778.2 (747.4) $2,030.8 $2,373.2 (662.5) $1,710.7 Annual minimum lease payments due on...

  • Page 68
    ...31, 2012 2011 Truck, Parts and Other: Accounts payable Product support reserves Accrued expenses Accrued capital expenditures Salaries and ...Financial Services borrowings include the following: 2012 At December 31, EFFECTIVE RATE BORROWINGS effective rate 2011 borrowings Commercial paper Medium...

  • Page 69
    ... in the capital markets are commercial paper and medium-term notes issued in the public markets, and to a lesser extent, bank loans. The medium-term notes are issued by PACCAR Inc, PACCAR Financial Corp. (PFC), PACCAR Financial Europe and PACCAR Financial Mexico. In December 2011, PACCAR Inc filed...

  • Page 70
    ... employee benefit and tax laws. The Company contributed $190.8 to its pension plans in 2012 and $84.7 in 2011. The Company expects to contribute in the range of $100.0 to $150.0 to its pension plans in 2013, of which $15.6 is estimated to satisfy minimum funding requirements. Annual benefits...

  • Page 71
    ... the unadjusted net asset value per unit as determined by the sponsor of the fund based on the fair values of underlying investments. These securities are categorized as Level 2. The fair value of debt securities is determined using the market approach and is based on the quoted market prices of the...

  • Page 72
    ...prior service cost are expected to be amortized into net pension expense in 2013. The accumulated benefit obligation for all pension plans of the Company, except for certain multi-employer and defined contribution plans was $1,794.7 at December 31, 2012 and $1,601.5 at December 31, 2011. Information...

  • Page 73
    ... December 31, 2012, 2011 and 2010, respectively. Metal and Electrical Engineering Industry Pension Fund is a multi-employer union plan incorporating all DAF employees in the Netherlands and is covered by a collective bargaining agreement that will expire on June 30, 2013. The Company's contributions...

  • Page 74
    ... participant employees. The largest plan is for U.S. salaried employees where the Company matches a percentage of employee contributions up to an annual limit. The match was 5% of eligible pay in 2012 and 2011 and 3% in 2010. Other plans are located in Australia, Canada, the Netherlands and Belgium...

  • Page 75
    ... follows: At December 31, 2012 2011 Assets: Accrued expenses Postretirement benefit plans Net operating loss carryforwards Allowance for losses on receivables Tax credit carryforwards Other Valuation allowance Liabilities: Financial Services leasing depreciation Depreciation and amortization Other...

  • Page 76
    ... in the total amount of unrecognized tax benefits in the next twelve months. As of December 31, 2012, the United States Internal Revenue Service has completed examinations of the Company's tax returns for all years through 2008. The Company's tax returns for other major jurisdictions remain subject...

  • Page 77
    ...: In 2012 and 2011, the Company purchased and retired 4.2 million and 9.2 million treasury shares, respectively. In 2010, the Company retired .4 million of its common shares held as treasury stock. o . D e r i vat i v e f i n a n c i a l i n s t r u m e n t s As part of its risk management strategy...

  • Page 78
    ... fair value of derivative financial instruments: At December 31, ASSETS 2012 LIABILITIES assets 2011 liabilities Derivatives designated under hedge accounting: Interest-rate contracts: Financial Services: Other assets Deferred taxes and other liabilities Foreign-exchange contracts : Truck, Parts...

  • Page 79
    ...31, INTERESTRATE CONTRACTS 2012 FOREIGNEXCHANGE CONTRACTS 2011 interestrate contracts foreignexchange contracts interestrate contracts 2010 foreignexchange contracts Truck, Parts and Other: Cost of sales and revenues Interest and other (income) expense, net Financial Services: Interest and other...

  • Page 80
    ... of municipal bonds, government obligations, investment-grade corporate obligations, commercial paper, asset-backed securities and term deposits. The fair value of U.S. government obligations is determined using the market approach and is based on quoted prices in active markets and are categorized...

  • Page 81
    ..., 2012, 2011 and 2010 (currencies in millions) PACCAR's assets and liabilities subject to recurring fair value measurements are either Level 1 or Level 2 as follows: At December 31, 2012  LEVEL 1 LEVEL 2 TOTAL Assets: Marketable debt securities U.S. tax-exempt securities U.S. corporate...

  • Page 82
    ... of financial services commercial paper, variable-rate bank loans and variable-rate term notes approximate fair value. For fixed-rate debt, fair values are estimated using the income approach by discounting cash flows to their present value based on current rates for comparable debt. The Company...

  • Page 83
    ... and changes during the year then ended is presented below: nonvested shares number of shares grant date fair value* Nonvested awards outstanding at January 1 Granted Vested Forfeited Nonvested awards outstanding at December 31 *Weighted Average 153,900 113,800 (74,400) (41,200) 152,100 $ 43.72...

  • Page 84
    ...is composed of finance and leasing products and services provided to truck customers and dealers. Revenues are primarily generated from operations in North America and Europe. Included in All Other is PACCAR's industrial winch manufacturing business. Also within this category are other sales, income...

  • Page 85
    ...2012, 2011 and 2010 (currencies in millions) Business Segment Data 2012 2011 2010 83 Net sales and revenues: Truck Less intersegment External customers Parts Less intersegment External customers All Other Financial Services... taxes: Truck Parts All Other Financial Services Investment income $...

  • Page 86
    ...ended December 31, 2012, in conformity with U.S. generally accepted accounting principles. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), PACCAR Inc's internal control over financial reporting as of December 31, 2012, based on...

  • Page 87
    ... internal control over financial reporting as of December 31, 2012, based on the COSO criteria. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheets of PACCAR Inc as of December 31, 2012 and 2011...

  • Page 88
    ... 2011 2010 (millions except per share data) 2009 2008 Truck, Parts and Other Net Sales and Revenues Financial Services Revenues Total Revenues Net Income Net Income Per Share: Basic Diluted Cash Dividends Declared Per Share Total Assets: Truck, Parts and Other Financial Services Truck, Parts...

  • Page 89
    ... except per share data) 2012 Truck, Parts and Other: Net sales and revenues Cost of sales and revenues Research and development Financial Services: Revenues Interest and other borrowing expenses Depreciation and other expense Net Income Net Income Per Share: Basic Diluted 2011 $4,514.7 3,919...

  • Page 90
    ... dollar, the euro, the British pound and the Mexican peso (See Note O for additional information concerning these hedges) . Based on the Company's sensitivity analysis, the potential loss in fair value for such financial instruments from a 10% unfavorable change in quoted foreign currency exchange...

  • Page 91
    ...Former Vice Chairman KPMG LLP John M. Pigott Partner Beta Business Ventures LLC (3) Mark A. Schulz Retired President, International Operations Ford Motor Company (4) Gregory M. E. Spierkel Retired Chief Executive Officer Ingram Micro Inc. (1, 2) Warren R. Staley Retired Chairman and Chief Executive...

  • Page 92
    ... Mexicali, Baja California Mexico Factory: Mexicali, Baja California proDuct testing, research anD Development PACCAR Financial Pty. Ltd. 64 Canterbury Road Bayswater, Victoria 3153 Australia PACCAR Technical Center PACCAR Australia Pty. Ltd. Kenworth Trucks Division Headquarters: 64 Canterbury...

  • Page 93
    ..., Kenworth Premier Care, Leyland, PACCAR, PACCAR MX, PACCAR PX, PacLease, Peterbilt, Peterbilt TruckCare, SmartAir, The World's Best and TRP are trademarks owned by PACCAR Inc and its subsidiaries. Independent Auditors Ernst & Young LLP Seattle, Washington SEC Form 10-K PACCAR's annual report to...

  • Page 94