PACCAR is a global technology company that manufactures commercial vehicles under the Kenworth, Peterbilt and DAF brands. In 2007, PACCAR delivered over 133,000 trucks globally and had record sales of aftermarket parts and new financing contracts. Net income was $1.23 billion on revenues of $15.2 billion, despite a weak North American truck market. PACCAR continues to invest heavily in new products, manufacturing technology, and expanding its global operations to position itself for long-term growth.
PACCAR is a global technology company that manufactures heavy-duty trucks under the Kenworth, Peterbilt and DAF brands. In 2006, PACCAR achieved record revenues and net income, with profits driven by strong truck and parts sales. PACCAR has manufacturing facilities around the world and competes in both North American and European truck markets. The company also has a financial services division that facilitates truck sales and leasing.
This document is PACCAR's 2005 annual report. It summarizes that 2005 was a record year for PACCAR with revenues of $14.06 billion and net income of $1.13 billion, both increases from 2004. It discusses PACCAR's main business segments of manufacturing trucks under the Kenworth, Peterbilt and DAF brands, and providing financing through its financial services subsidiaries. It highlights several accomplishments in 2005 including record truck deliveries and aftermarket part sales, new product launches, and investments in manufacturing facilities and information technology.
PACCAR is a multinational company that manufactures heavy-duty trucks under the Kenworth, Peterbilt, DAF, and Foden brands. It competes in the North American medium-duty market and the European medium and heavy-duty markets. PACCAR also produces industrial winches and competes in the aftermarket parts business. In 2002, PACCAR saw record revenues and more than double the net income of 2001 due to strong product quality, diversification, and technology investments. PACCAR increased its market share in North America and Europe for both medium and heavy-duty trucks.
PACCAR is a diversified, multinational company that manufactures heavy-duty trucks under brands like Kenworth, Peterbilt, DAF, and Foden. In 2004, PACCAR achieved record revenues and net income, delivering over 124,000 trucks globally. PACCAR increased its market share in both North America and Europe through superior vehicle quality and ongoing investments in technology. The company's aftermarket parts and financial services businesses also had strong growth. PACCAR is recognized as an industry leader in quality, technology, and financial performance.
PACCAR is a diversified, multinational company that manufactures heavy-duty trucks under brands like Kenworth, Peterbilt, DAF, and Foden. It competes in both the North American and European truck markets, and also provides financing and parts. In 2003, PACCAR achieved record profits and revenues due to strong product quality, geographic diversity, and innovative use of technology. It continues investing in new products, manufacturing improvements, and information systems to support its business and customers.
Eaton Corporation's 2002 Annual Report summarizes the company's performance in 2002 and initiatives to transform Eaton into a premier diversified industrial company. Despite challenging market conditions, Eaton outgrew its end markets by $300 million, increased operating earnings per share by 33%, generated a record $900 million in cash flow from operations, and reduced debt by $352 million. The company achieved this performance through implementing a less capital-intensive business model and realizing $130 million in savings from restructuring. The Eaton Business System is driving improvements across the company to capture benefits of scale and efficiency.
Eaton Corporation's 2002 Annual Report summarizes the company's performance in 2002 and initiatives to transform Eaton into a premier diversified industrial company. Despite challenging market conditions, Eaton outgrew its end markets by $300 million, increased operating earnings per share by 33%, generated a record $900 million in cash flow from operations, and reduced debt by $352 million. The company achieved this performance through implementing a less capital-intensive business model and realizing $130 million in savings from restructuring. The Eaton Business System is driving improvements across the company to capture benefits of scale and efficiency.
This 11-year financial summary provides key financial metrics for Walmart from 1991-2001. Some key points:
- Net sales increased each year, growing 16% in 2001 to $191 billion, driven by domestic and international expansion as well as a 5% increase in comparable store sales.
- Operating expenses increased slightly as a percentage of sales in 2001 due to higher maintenance, repair and depreciation costs. Gross margins remained relatively steady.
- Interest costs increased in 2001 and 2000 due to higher debt levels resulting from the acquisition of ASDA in 2000.
- Net income grew 16% in 2001 to $6.3 billion, with basic earnings per share reaching $1.41.
PACCAR is a global technology company that manufactures heavy-duty trucks under the Kenworth, Peterbilt and DAF brands. In 2006, PACCAR achieved record revenues and net income, with profits driven by strong truck and parts sales. PACCAR has manufacturing facilities around the world and competes in both North American and European truck markets. The company also has a financial services division that facilitates truck sales and leasing.
This document is PACCAR's 2005 annual report. It summarizes that 2005 was a record year for PACCAR with revenues of $14.06 billion and net income of $1.13 billion, both increases from 2004. It discusses PACCAR's main business segments of manufacturing trucks under the Kenworth, Peterbilt and DAF brands, and providing financing through its financial services subsidiaries. It highlights several accomplishments in 2005 including record truck deliveries and aftermarket part sales, new product launches, and investments in manufacturing facilities and information technology.
PACCAR is a multinational company that manufactures heavy-duty trucks under the Kenworth, Peterbilt, DAF, and Foden brands. It competes in the North American medium-duty market and the European medium and heavy-duty markets. PACCAR also produces industrial winches and competes in the aftermarket parts business. In 2002, PACCAR saw record revenues and more than double the net income of 2001 due to strong product quality, diversification, and technology investments. PACCAR increased its market share in North America and Europe for both medium and heavy-duty trucks.
PACCAR is a diversified, multinational company that manufactures heavy-duty trucks under brands like Kenworth, Peterbilt, DAF, and Foden. In 2004, PACCAR achieved record revenues and net income, delivering over 124,000 trucks globally. PACCAR increased its market share in both North America and Europe through superior vehicle quality and ongoing investments in technology. The company's aftermarket parts and financial services businesses also had strong growth. PACCAR is recognized as an industry leader in quality, technology, and financial performance.
PACCAR is a diversified, multinational company that manufactures heavy-duty trucks under brands like Kenworth, Peterbilt, DAF, and Foden. It competes in both the North American and European truck markets, and also provides financing and parts. In 2003, PACCAR achieved record profits and revenues due to strong product quality, geographic diversity, and innovative use of technology. It continues investing in new products, manufacturing improvements, and information systems to support its business and customers.
Eaton Corporation's 2002 Annual Report summarizes the company's performance in 2002 and initiatives to transform Eaton into a premier diversified industrial company. Despite challenging market conditions, Eaton outgrew its end markets by $300 million, increased operating earnings per share by 33%, generated a record $900 million in cash flow from operations, and reduced debt by $352 million. The company achieved this performance through implementing a less capital-intensive business model and realizing $130 million in savings from restructuring. The Eaton Business System is driving improvements across the company to capture benefits of scale and efficiency.
Eaton Corporation's 2002 Annual Report summarizes the company's performance in 2002 and initiatives to transform Eaton into a premier diversified industrial company. Despite challenging market conditions, Eaton outgrew its end markets by $300 million, increased operating earnings per share by 33%, generated a record $900 million in cash flow from operations, and reduced debt by $352 million. The company achieved this performance through implementing a less capital-intensive business model and realizing $130 million in savings from restructuring. The Eaton Business System is driving improvements across the company to capture benefits of scale and efficiency.
This 11-year financial summary provides key financial metrics for Walmart from 1991-2001. Some key points:
- Net sales increased each year, growing 16% in 2001 to $191 billion, driven by domestic and international expansion as well as a 5% increase in comparable store sales.
- Operating expenses increased slightly as a percentage of sales in 2001 due to higher maintenance, repair and depreciation costs. Gross margins remained relatively steady.
- Interest costs increased in 2001 and 2000 due to higher debt levels resulting from the acquisition of ASDA in 2000.
- Net income grew 16% in 2001 to $6.3 billion, with basic earnings per share reaching $1.41.
- Ameriprise Financial reported a 14% increase in net income for Q1 2007 to $165 million compared to Q1 2006. Adjusted earnings, which exclude non-recurring separation costs, increased 16% to $220 million.
- Revenues grew 6% to $2.1 billion, driven by 11% growth in management fees and 14% growth in distribution fees. However, net investment income declined 10% due to lower balances in annuity fixed accounts and certificates.
- Earnings growth was achieved through a strategic shift toward fee-based products and greater advisor productivity, though this was partially offset by declines in spread income from annuity and certificate businesses.
This document provides a statistical supplement for UnumProvident Corporation's second quarter 2005 financial results, adjusted to reflect new segment reporting implemented in the third quarter of 2005. It includes key financial highlights such as total premium income of $1.94 billion for the quarter. The supplement presents financial data and statistics for the quarter and year to date by business segment, including income statements, balance sheets, investment portfolios, and statutory capital. Notes are provided to give additional context to the financial information presented.
Eaton Corporation achieved record financial results in 2005:
1) Net sales increased 13% to a record $11.1 billion.
2) Earnings per share rose 27% to a record $5.23.
3) Cash flow from operations increased 30% to $1.135 billion.
Eaton Corporation's 2004 annual report summarizes the company's financial performance and operations. Eaton is a global leader in power management solutions, with businesses in fluid power systems, electrical systems, vehicle powertrains, and truck components. In 2004, Eaton achieved record sales of $9.8 billion and record earnings per share. The company also completed several acquisitions to expand its product portfolio and global presence. Eaton expects continued growth in 2005 as its diverse business segments participate in different stages of the economic cycle.
Eaton Corporation's 2004 annual report summarizes the company's financial performance and operations for the year. Eaton is a global leader in power management solutions, with major business segments in fluid power systems, electrical systems, vehicle powertrains, and truck components. In 2004, Eaton achieved record sales of $9.8 billion and continued to grow faster than its end markets through innovation, acquisitions, and implementation of the Eaton Business System across its operations. The report highlights several new products and major acquisitions in 2004 that expanded Eaton's business and strengthened its leadership positions in key industries.
This document provides quarterly financial information for Prudential Financial, Inc. for the first quarter of 2004, including:
- Financial highlights such as pre-tax operating income of $549 million, net income of $290 million, and earnings per share of $0.57.
- Operations highlights such as total assets under management of $453.6 billion and distribution representatives of over 4,000 agents and advisors.
- Financial statements and supplementary information for the Insurance, Investment, and International Insurance divisions.
This document provides quarterly financial information for Prudential Financial, Inc. for the second quarter of 2004. Some key highlights include:
- Pre-tax adjusted operating income for the Financial Services Businesses was $638 million for the first half of 2004, up 24% from the same period in 2003.
- Net income for the Financial Services Businesses was $519 million in the second quarter of 2004, up 150% from the second quarter of 2003.
- Assets under management for the Financial Services Businesses totaled $474.2 billion as of June 30, 2004, up 16% from June 30, 2003.
- Prudential Financial, Inc. released its Quarterly Financial Supplement for the second quarter of 2002.
- The supplement provides financial and operating highlights for Prudential's Financial Services Businesses, including revenues, income, assets under management, capitalization data and more for the quarter and year-to-date.
- Total revenues for Prudential's Financial Services Businesses were $10.2 billion for the first half of 2002, up 8% from the same period in 2001, with growth in premiums and net investment income.
- Prudential Financial's Quarterly Financial Supplement provides financial and operating highlights for the fourth quarter of 2005.
- The document includes information on the company's financial performance, capitalization, assets under management, and sales results across its Insurance, Investment Management, and International divisions.
- Specifically, it shows that Prudential's pre-tax adjusted operating income increased 41% year-over-year in 2005, with growth across all divisions, while assets under management and administration reached $624 billion.
This document provides financial highlights and operating highlights for Prudential Financial, Inc. for the third quarter of 2004. Some key figures include:
- Pre-tax adjusted operating income for the Financial Services Businesses was $628 million for Q3 2004, up 22% from $1,482 million year-to-date 2003.
- Net income for the Financial Services Businesses was $548 million for Q3 2004, up 149% from $544 million year-to-date 2003.
- Total assets under management and administration were $542.9 billion at the end of Q3 2004, up 20% from $451.5 billion at the end of Q3 2003.
- Distribution representatives totaled
- Prudential Financial, Inc. released its Quarterly Financial Supplement for the fourth quarter of 2001.
- The supplement provides financial and operating highlights for Prudential's Financial Services Businesses, including revenues, expenses, sales results, assets under management, capitalization data and more for the quarter and year-to-date.
- It presents performance by division and includes information on common stock prices, distribution channels, third party sales and other key metrics.
This document provides financial and operational highlights for Prudential Financial, Inc. for the third quarter of 2005:
- Pre-tax adjusted operating income increased 50% year-to-date compared to the same period in 2004, with strong growth in the Investment and International Insurance divisions.
- Assets under management and administration totaled $618.5 billion as of the third quarter, up from $542.9 billion in the same quarter of the prior year.
- Net income for the financial services businesses was $1.322 billion for the third quarter, up 109% from the same period in 2004.
This document provides financial and operational highlights for Prudential Financial, Inc. for the second quarter of 2005:
- Pre-tax adjusted operating income for the Financial Services Businesses was $823 million, a 43% increase from the same period in 2004. Net income was $1.52 billion, an 88% increase.
- Assets under management and administration totaled $601 billion as of June 30, 2005, up 3% from the end of 2004.
- Prudential agent productivity was $42 thousand in the second quarter of 2005, up 14% from the same period in 2004.
- Prudential Financial's Quarterly Financial Supplement for Q4 2002 provides financial highlights and operations highlights for the company.
- Some key financial metrics include pre-tax adjusted operating income of $1.78 billion for 2002, up 32% from 2001. Net income for financial services businesses was $679 million in 2002, up 125% from 2001.
- Assets under management and administration totaled $589.6 billion as of Q4 2002, up slightly from $580 billion in 2001. The investment division managed the largest portion at $340.6 billion.
This document provides financial highlights and statistical data for UnumProvident Corporation for the fourth quarter and full year of 2006. Some key details include:
- Full year 2006 net income was $411 million compared to $514 million in 2005.
- Premium income for 2006 was $7.948 billion compared to $7.816 billion in 2005.
- Total assets as of December 31, 2006 were $52.823 billion compared to $51.867 billion at the end of 2005.
- Sales from continuing operations increased 12.8% from $1.078 billion in 2005 to $1.106 billion in 2006, led by strong growth in the Unum US segment.
- Prudential Financial reported financial results for the fourth quarter and full year 2004 for its Financial Services Businesses.
- For the full year 2004, pre-tax adjusted operating income increased 27% to $2.5 billion compared to 2003, and after-tax adjusted operating income increased 38% to $1.8 billion.
- Assets under management and administration totaled $581.7 billion at the end of 2004, up 20% from the end of 2003, reflecting strong sales and investment returns across all divisions.
Prudential Financial reported financial results for the 4th quarter of 2008. Pre-tax adjusted operating income for the Financial Services Businesses declined 66% year-over-year due to losses across all divisions. Reconciling items, including realized investment losses and changes in experience-rated contractholder liabilities, resulted in a $1.1 billion after-tax loss for the Financial Services Businesses. On a per share basis, adjusted operating income declined to a loss of $2.04 per share, while net loss was $3.85 per share. Book value per common share declined to $33.66 including accumulated other comprehensive income.
This document provides a statistical supplement with pro forma financial information for UnumProvident Corporation for the second quarter and first half of 2005, reflecting a new segment reporting structure implemented in the third quarter of 2005. It includes highlights of financial results, statements of operations, sales data, balance sheets, and results by business segment. Key figures presented are premium income, operating revenue, net income, assets, stockholders' equity, earnings per share, dividends paid, and book value.
The document is a statistical supplement from UnumProvident providing financial highlights and results for the first quarter of 2006. Some key details include:
- Premium income for the quarter was $1.97 billion, up slightly from $1.935 billion in the first quarter of 2005.
- Net income for the quarter was $73.4 million, down from $152.2 million in the first quarter of 2005, due to a $86 million claim reassessment charge.
- Total assets as of March 31, 2006 were $50.471 billion, down slightly from $50.836 billion at March 31, 2005.
The document provides financial highlights and statistical data for UnumProvident Corporation for the fourth quarter and full year of 2005. Some key details include:
- Total revenue for 2005 was $10.4 billion compared to $10.5 billion in 2004.
- Net income for 2005 was $513.6 million compared to a net loss of $253 million in 2004.
- Total assets increased to $51.9 billion in 2005 from $50.8 billion in 2004, with most of the increase occurring in fixed maturity securities.
- Premium income for 2005 was $7.8 billion, consistent with the prior year.
This document provides a statistical supplement for UnumProvident Corporation for the second quarter of 2006. It includes financial highlights and consolidated statements of operations, balance sheets, and sales data. Some key details are:
- For the second quarter of 2006, total revenue was $2.67 billion and net income was $125.2 million.
- Premium income for the first six months of 2006 was $3.96 billion and net income was $198.6 million.
- Financial sales data shows growth in most product lines for the U.S. Brokerage segment compared to the second quarter and first six months of 2005.
The document is a statistical supplement from UnumProvident for the third quarter of 2006 that includes financial highlights and statistics for the company. Some key details from the financial highlights include:
- For the third quarter of 2006, UnumProvident reported a net loss of $63.7 million compared to net income of $52.6 million for the same quarter the previous year.
- For the first nine months of 2006, UnumProvident reported net income of $134.9 million compared to $376.1 million for the same period in 2005.
- Total assets for UnumProvident as of September 30, 2006 were $52.2 billion, up slightly from $51.1 billion at
- Ameriprise Financial reported a 14% increase in net income for Q1 2007 to $165 million compared to Q1 2006. Adjusted earnings, which exclude non-recurring separation costs, increased 16% to $220 million.
- Revenues grew 6% to $2.1 billion, driven by 11% growth in management fees and 14% growth in distribution fees. However, net investment income declined 10% due to lower balances in annuity fixed accounts and certificates.
- Earnings growth was achieved through a strategic shift toward fee-based products and greater advisor productivity, though this was partially offset by declines in spread income from annuity and certificate businesses.
This document provides a statistical supplement for UnumProvident Corporation's second quarter 2005 financial results, adjusted to reflect new segment reporting implemented in the third quarter of 2005. It includes key financial highlights such as total premium income of $1.94 billion for the quarter. The supplement presents financial data and statistics for the quarter and year to date by business segment, including income statements, balance sheets, investment portfolios, and statutory capital. Notes are provided to give additional context to the financial information presented.
Eaton Corporation achieved record financial results in 2005:
1) Net sales increased 13% to a record $11.1 billion.
2) Earnings per share rose 27% to a record $5.23.
3) Cash flow from operations increased 30% to $1.135 billion.
Eaton Corporation's 2004 annual report summarizes the company's financial performance and operations. Eaton is a global leader in power management solutions, with businesses in fluid power systems, electrical systems, vehicle powertrains, and truck components. In 2004, Eaton achieved record sales of $9.8 billion and record earnings per share. The company also completed several acquisitions to expand its product portfolio and global presence. Eaton expects continued growth in 2005 as its diverse business segments participate in different stages of the economic cycle.
Eaton Corporation's 2004 annual report summarizes the company's financial performance and operations for the year. Eaton is a global leader in power management solutions, with major business segments in fluid power systems, electrical systems, vehicle powertrains, and truck components. In 2004, Eaton achieved record sales of $9.8 billion and continued to grow faster than its end markets through innovation, acquisitions, and implementation of the Eaton Business System across its operations. The report highlights several new products and major acquisitions in 2004 that expanded Eaton's business and strengthened its leadership positions in key industries.
This document provides quarterly financial information for Prudential Financial, Inc. for the first quarter of 2004, including:
- Financial highlights such as pre-tax operating income of $549 million, net income of $290 million, and earnings per share of $0.57.
- Operations highlights such as total assets under management of $453.6 billion and distribution representatives of over 4,000 agents and advisors.
- Financial statements and supplementary information for the Insurance, Investment, and International Insurance divisions.
This document provides quarterly financial information for Prudential Financial, Inc. for the second quarter of 2004. Some key highlights include:
- Pre-tax adjusted operating income for the Financial Services Businesses was $638 million for the first half of 2004, up 24% from the same period in 2003.
- Net income for the Financial Services Businesses was $519 million in the second quarter of 2004, up 150% from the second quarter of 2003.
- Assets under management for the Financial Services Businesses totaled $474.2 billion as of June 30, 2004, up 16% from June 30, 2003.
- Prudential Financial, Inc. released its Quarterly Financial Supplement for the second quarter of 2002.
- The supplement provides financial and operating highlights for Prudential's Financial Services Businesses, including revenues, income, assets under management, capitalization data and more for the quarter and year-to-date.
- Total revenues for Prudential's Financial Services Businesses were $10.2 billion for the first half of 2002, up 8% from the same period in 2001, with growth in premiums and net investment income.
- Prudential Financial's Quarterly Financial Supplement provides financial and operating highlights for the fourth quarter of 2005.
- The document includes information on the company's financial performance, capitalization, assets under management, and sales results across its Insurance, Investment Management, and International divisions.
- Specifically, it shows that Prudential's pre-tax adjusted operating income increased 41% year-over-year in 2005, with growth across all divisions, while assets under management and administration reached $624 billion.
This document provides financial highlights and operating highlights for Prudential Financial, Inc. for the third quarter of 2004. Some key figures include:
- Pre-tax adjusted operating income for the Financial Services Businesses was $628 million for Q3 2004, up 22% from $1,482 million year-to-date 2003.
- Net income for the Financial Services Businesses was $548 million for Q3 2004, up 149% from $544 million year-to-date 2003.
- Total assets under management and administration were $542.9 billion at the end of Q3 2004, up 20% from $451.5 billion at the end of Q3 2003.
- Distribution representatives totaled
- Prudential Financial, Inc. released its Quarterly Financial Supplement for the fourth quarter of 2001.
- The supplement provides financial and operating highlights for Prudential's Financial Services Businesses, including revenues, expenses, sales results, assets under management, capitalization data and more for the quarter and year-to-date.
- It presents performance by division and includes information on common stock prices, distribution channels, third party sales and other key metrics.
This document provides financial and operational highlights for Prudential Financial, Inc. for the third quarter of 2005:
- Pre-tax adjusted operating income increased 50% year-to-date compared to the same period in 2004, with strong growth in the Investment and International Insurance divisions.
- Assets under management and administration totaled $618.5 billion as of the third quarter, up from $542.9 billion in the same quarter of the prior year.
- Net income for the financial services businesses was $1.322 billion for the third quarter, up 109% from the same period in 2004.
This document provides financial and operational highlights for Prudential Financial, Inc. for the second quarter of 2005:
- Pre-tax adjusted operating income for the Financial Services Businesses was $823 million, a 43% increase from the same period in 2004. Net income was $1.52 billion, an 88% increase.
- Assets under management and administration totaled $601 billion as of June 30, 2005, up 3% from the end of 2004.
- Prudential agent productivity was $42 thousand in the second quarter of 2005, up 14% from the same period in 2004.
- Prudential Financial's Quarterly Financial Supplement for Q4 2002 provides financial highlights and operations highlights for the company.
- Some key financial metrics include pre-tax adjusted operating income of $1.78 billion for 2002, up 32% from 2001. Net income for financial services businesses was $679 million in 2002, up 125% from 2001.
- Assets under management and administration totaled $589.6 billion as of Q4 2002, up slightly from $580 billion in 2001. The investment division managed the largest portion at $340.6 billion.
This document provides financial highlights and statistical data for UnumProvident Corporation for the fourth quarter and full year of 2006. Some key details include:
- Full year 2006 net income was $411 million compared to $514 million in 2005.
- Premium income for 2006 was $7.948 billion compared to $7.816 billion in 2005.
- Total assets as of December 31, 2006 were $52.823 billion compared to $51.867 billion at the end of 2005.
- Sales from continuing operations increased 12.8% from $1.078 billion in 2005 to $1.106 billion in 2006, led by strong growth in the Unum US segment.
- Prudential Financial reported financial results for the fourth quarter and full year 2004 for its Financial Services Businesses.
- For the full year 2004, pre-tax adjusted operating income increased 27% to $2.5 billion compared to 2003, and after-tax adjusted operating income increased 38% to $1.8 billion.
- Assets under management and administration totaled $581.7 billion at the end of 2004, up 20% from the end of 2003, reflecting strong sales and investment returns across all divisions.
Prudential Financial reported financial results for the 4th quarter of 2008. Pre-tax adjusted operating income for the Financial Services Businesses declined 66% year-over-year due to losses across all divisions. Reconciling items, including realized investment losses and changes in experience-rated contractholder liabilities, resulted in a $1.1 billion after-tax loss for the Financial Services Businesses. On a per share basis, adjusted operating income declined to a loss of $2.04 per share, while net loss was $3.85 per share. Book value per common share declined to $33.66 including accumulated other comprehensive income.
This document provides a statistical supplement with pro forma financial information for UnumProvident Corporation for the second quarter and first half of 2005, reflecting a new segment reporting structure implemented in the third quarter of 2005. It includes highlights of financial results, statements of operations, sales data, balance sheets, and results by business segment. Key figures presented are premium income, operating revenue, net income, assets, stockholders' equity, earnings per share, dividends paid, and book value.
The document is a statistical supplement from UnumProvident providing financial highlights and results for the first quarter of 2006. Some key details include:
- Premium income for the quarter was $1.97 billion, up slightly from $1.935 billion in the first quarter of 2005.
- Net income for the quarter was $73.4 million, down from $152.2 million in the first quarter of 2005, due to a $86 million claim reassessment charge.
- Total assets as of March 31, 2006 were $50.471 billion, down slightly from $50.836 billion at March 31, 2005.
The document provides financial highlights and statistical data for UnumProvident Corporation for the fourth quarter and full year of 2005. Some key details include:
- Total revenue for 2005 was $10.4 billion compared to $10.5 billion in 2004.
- Net income for 2005 was $513.6 million compared to a net loss of $253 million in 2004.
- Total assets increased to $51.9 billion in 2005 from $50.8 billion in 2004, with most of the increase occurring in fixed maturity securities.
- Premium income for 2005 was $7.8 billion, consistent with the prior year.
This document provides a statistical supplement for UnumProvident Corporation for the second quarter of 2006. It includes financial highlights and consolidated statements of operations, balance sheets, and sales data. Some key details are:
- For the second quarter of 2006, total revenue was $2.67 billion and net income was $125.2 million.
- Premium income for the first six months of 2006 was $3.96 billion and net income was $198.6 million.
- Financial sales data shows growth in most product lines for the U.S. Brokerage segment compared to the second quarter and first six months of 2005.
The document is a statistical supplement from UnumProvident for the third quarter of 2006 that includes financial highlights and statistics for the company. Some key details from the financial highlights include:
- For the third quarter of 2006, UnumProvident reported a net loss of $63.7 million compared to net income of $52.6 million for the same quarter the previous year.
- For the first nine months of 2006, UnumProvident reported net income of $134.9 million compared to $376.1 million for the same period in 2005.
- Total assets for UnumProvident as of September 30, 2006 were $52.2 billion, up slightly from $51.1 billion at
Capital Product Partners Fourth Quarter 2008 Earningsearningsreport
Capital Product Partners L.P. reported strong fourth quarter 2008 results with net income of $14.3 million and operating surplus of $17.4 million. They announced a non-recurring exceptional cash distribution of $1.05 per unit, returning profit sharing revenues earned in 2008. Despite a weak shipping market outlook, the company has long-term contracts with reputable counterparties and adequate financial reserves to weather uncertain market conditions.
UnumProvident Statistical Supplement Third Quarter 2005
- Provides financial highlights and statistics for UnumProvident for Q3 2005, the first three quarters of 2005, and full years 2004-2002.
- Premium income was $1.952 billion for Q3 2005. Net income was $52.6 million which included charges related to a settlement agreement and income tax benefits.
- Assets were $51.147 billion as of Q3 2005 and stockholders' equity was $7.238 billion.
- Sales of fully insured products in the U.S. Brokerage segment increased 4.3% in Q3 2005 compared to Q3 2004, while ASO products sales increased significantly.
The document is a statistical supplement from UnumProvident for the first quarter of 2005. It provides financial highlights and statistics for UnumProvident for the quarters and years ending March 31, 2005, March 31, 2004 and December 31, 2004 and 2003. Some key figures include total revenue of $2.6 billion for the quarter, net income of $152 million compared to a net loss of $562 million in the prior year quarter, and total assets of $50.8 billion and stockholders' equity of $7.1 billion as of March 31, 2005.
Eaton Corporation's 2003 annual report highlights signs of growth at the company. Eaton is a global diversified industrial manufacturer with 2003 sales of $8.1 billion. Some signs of growth included shareholders' equity exceeding $3 billion for the first time and an all-in return to shareholders of 41.3%. Revenues exceeded $8 billion and growth was significantly better than end markets at $314 million. Profitability and return on assets were also better than expected. The report discusses changes made to manage the enterprise and position it for continued growth.
Eaton Corporation reported positive signs of growth in 2003. Net sales exceeded $8 billion for the first time and shareholders' equity exceeded $3 billion. Eaton also outperformed its declining end markets by growing revenues by $314 million. Looking ahead, Eaton is well-positioned for continued growth as its end markets improve and it successfully integrates recent acquisitions. Eaton will focus on growing sales and earnings by 10% annually through new products, acquisitions, and tight expense control to become one of the premier diversified industrial companies.
The document is Credit Suisse's condensed consolidated financial statements for the 4th quarter of 2007. It has been revised to reflect a CHF 2.86 billion valuation reduction in certain ABS positions identified by an internal review. This resulted in a CHF 1,177 million reduction to net revenues and CHF 789 million reduction to net income for 4Q07 and full year 2007. The financial statements include consolidated statements of income, balance sheets, changes in shareholders' equity, and notes providing details on accounting policies, business developments, segments, and other financial information.
This document provides financial highlights and statistical data for Unum Group for the first quarter of 2007. Some key details include:
- Premium income was $1.944 billion for the first quarter of 2007, down slightly from $1.970 billion in the same period of 2006.
- Net income was $178.3 million for the first quarter of 2007, up significantly from $73.4 million for the first quarter of 2006.
- Total assets as of March 31, 2007 were $52.324 billion, up slightly from $50.471 billion as of March 31, 2006.
- The document provides segmented financial results and statistics for Unum US, Unum UK, Colonial, Individual
Standard Chartered PLC reported strong financial results for 2004, with profit before tax rising 39% to $2.158 billion. Both the Consumer Banking and Wholesale Banking businesses achieved over $1 billion in operating profit for the first time. The Chairman was pleased with the results and strategic progress, including several acquisitions that will enable the Group to expand. The Group Chief Executive reviewed the company's strategic focus and priorities for 2005, which include expanding consumer banking segments, continuing the transformation of wholesale banking, and integrating recent acquisitions.
Eaton Corporation achieved record financial results in 2005, with sales surpassing $11 billion for the first time. Net income increased 24% to $805 million and earnings per share rose 27% to a record $5.23. The company's 59,000 employees worldwide helped drive this strong performance through their efforts in helping customers succeed. Eaton is a global leader in electrical systems, fluid power systems, vehicle drivetrain systems, and automotive engine air management systems, with customers in over 125 countries.
United Stationers Inc. faced many challenges in 2001 including a weak economy following 9/11, excess infrastructure from unrealized growth, and loss of a large customer. Sales were flat at $3.9 billion while earnings declined. The company undertook restructuring, cutting costs and debt. It consolidated facilities and platforms to better serve customers and gain efficiencies.
The document is the 2005 annual report of Erie Indemnity Company. It discusses Erie Indemnity's financial results for 2005 which showed a 2.1% increase in net income to $231.1 million and a 4.0% increase in net income per share to $3.34. The report also discusses strategic initiatives undertaken in 2005 to strengthen Erie Insurance Group's competitive position and underwriting discipline. These initiatives have positioned the company to pursue balanced growth through disciplined underwriting and expansion of its agency force.
Citigroup reported financial results for the first quarter of 2006. Income from continuing operations increased 9% compared to the first quarter of 2005 to $5.6 billion. Global Consumer revenues decreased 1% to $12 billion, with U.S. Consumer revenues decreasing 9% due to declines in cards, retail distribution, and consumer lending. Corporate and Investment Banking revenues increased with Capital Markets and Banking revenues up 20% and Transaction Services up 22%. Overall, Citigroup revenues remained strong with continuing growth in international markets helping to offset declines in the U.S.
The 2001 annual report discusses Group 1 Automotive's record financial and operational results for the year. Revenues increased 11% to over $3.9 billion while earnings per share grew 38% to $2.59. The company benefited from a diversified revenue mix, with 40% of revenues and 85% of profits coming from areas other than new vehicle sales. Going forward, Group 1 plans to pursue additional acquisitions to take advantage of opportunities in the automotive retailing industry.
This document provides supplemental financial information for Bank of America for the first quarter of 2007, including:
- Consolidated financial highlights such as net income, revenue, assets and equity.
- Segment results and key metrics for the Global Consumer and Small Business Banking, Global Corporate and Investment Banking, and Global Wealth and Investment Management segments.
- Additional financial details like loans and leases, credit quality, and net interest income.
- Financial statements including the consolidated statement of income and consolidated balance sheet for the quarter.
The information is preliminary and based on company data available at the time. Forward-looking statements are subject to risks described in Bank of America's SEC filings.
unum group 3Q 07_Statistical_Supplement_and_Notesfinance26
The document is a statistical supplement from Unum Group providing financial highlights and consolidated statements of operations for various periods in 2007 and comparisons to prior years. It includes information on premium income, revenue, income and losses from continuing and discontinued operations, assets, equity, per share information, dividends paid, book value, and stock prices. Certain years are noted as including claim reassessment charges, costs related to debt retirement, broker settlement expenses, and tax benefits or refunds received.
This document outlines Computer Sciences Corporation's equity grant policy, including the types of equity grants awarded, grant dates, approval process, and reporting requirements. It states that CSC issues equity grants to directors and employees to attract, retain, and motivate them. Equity grants include stock options, restricted stock, and restricted stock units. Grant dates depend on whether the recipient is a director, new hire, promotion, or current employee. Senior executive grants require higher levels of approval than non-senior grants. The company must stay within an approved annual equity grant budget.
The document outlines the bylaws of Computer Sciences Corporation. It details the principal office location, procedures for annual and special stockholder meetings, requirements for submitting items and nominations for consideration at meetings, and election of directors. Key details include timelines for submitting proposals/nominations, information required to be provided, and requirements for stockholders to present submitted items at meetings.
This document restates the articles of incorporation of Computer Sciences Corporation. It outlines the corporation's name, principal office location, nature of business, capital stock structure including 750 million shares of common stock and 1 million shares of preferred stock. It provides the board of directors authority to establish terms for preferred stock series and outlines shareholder rights and restrictions.
This document outlines a supplemental code of ethics specifically for a company's Chairman and Chief Executive Officer, Vice President and Chief Financial Officer, and Vice President and Chief Accounting Officer. The code builds upon the company's existing code of ethics and standards of conduct applicable to all directors, officers, and employees. It requires these executives to act with honesty and integrity, avoid conflicts of interest, ensure full financial disclosure, comply with all applicable laws and regulations, and promptly report any unethical or illegal conduct. Violations will be reported to the board of directors who will determine appropriate accountability actions.
This document outlines the Code of Ethics and Standards of Conduct for Computer Sciences Corporation (CSC). It discusses CSC's commitment to ethics, integrity and social responsibility. It also summarizes the principles of avoiding conflicts of interest, protecting company and customer property, providing accurate records and reports, maintaining a professional work environment, and procedures for reporting violations. Adherence to the Code is required by all CSC directors, employees and representatives.
This document outlines the corporate governance guidelines for Computer Sciences Corporation. It addresses the role of the board of directors in overseeing management and acting in good faith. It also covers the composition of the board, including the size, selection process, and independence of directors. The document provides qualifications for directors, including limits on other board service and procedures for changes in job responsibilities. It describes board committees, conduct of meetings, access to management and advisors, performance evaluations, director compensation, orientation, education, and succession planning.
This document provides an investor highlights report for Computer Sciences Corporation (CSC) for the first quarter of fiscal year 1997. It summarizes that CSC reported a 20% increase in net income and 20.5% increase in revenue compared to the same quarter the previous year. It also announces three acquisitions that further expanded CSC's industry-specific consulting services. CSC operates in strong markets for information technology services and sees continued growth opportunities.
CSC reported $1.36 billion in revenue for the second quarter of FY1997, a 20.1% increase over the previous year. CSC earned $49.3 million excluding a one-time $48.9 million charge related to an acquisition. For the first six months of FY1997, CSC reported $2.66 billion in revenue and $94.6 million in net income excluding the charge. CSC operates in commercial and government IT markets, with growing demand for outsourcing and consulting services.
Computer Sciences Corporation reported a 15.5% increase in earnings per share for the first quarter of fiscal year 1998. Revenue rose 14.2% to $1.488 billion, with growth in commercial, European, and other international sectors. While US federal revenue declined slightly due to contract completions, the company expects this sector to improve over the fiscal year as new contracts are implemented. Overall, CSC's business continues to demonstrate strong growth trends across its consulting, systems integration, and outsourcing services.
Computer Sciences Corporation reported financial results for the second quarter of fiscal year 1998, ended September 26, 1997. Revenue increased 16.5% to $1.58 billion compared to the previous year. Net income grew 18.8% to $58.6 million. The company provides management consulting, systems integration, and outsourcing services worldwide to industry and government clients. New contracts were announced during the quarter, and the company expects continued revenue growth for the remainder of the fiscal year.
The document is a quarterly report from Computer Sciences Corporation (CSC) providing key financial information and highlights for investors. It summarizes that CSC's revenue increased 17.1% in the third quarter of fiscal year 1998 compared to the previous year. Net income also rose 20.5% over the same period. The report further outlines CSC's business segments and global operations, as well as new contracts and growth in key market sectors during the quarter.
Computer Sciences Corporation (CSC) reported higher revenue and earnings for the first quarter of fiscal year 1999 compared to the same period the previous year. Revenue increased 17.8% to $1.75 billion while net income rose 22.2% to $64.3 million. The company also announced $2.8 billion in new contract awards during the quarter and saw growth across all of its major service categories. CSC's chairman attributed the strong results to continued expansion in key markets like financial services and healthcare as well as new strategic partnerships.
Computer Sciences Corporation (CSC) reported a 21.6% increase in earnings per share for the second quarter of fiscal year 1999 compared to the previous year. Revenue increased 17% to $1.85 billion driven by strong growth in Europe and the federal sector. For the first half of the fiscal year, net income rose 23.6% and revenues increased 17.4% over the previous year. CSC also acquired a majority stake in a French consulting firm, increasing its presence in that country.
Computer Sciences Corporation reported a 22.7% increase in earnings per share for the third quarter of fiscal year 1999 compared to the previous year. Net income increased 25.9% while revenues rose 15.9%. Growth was driven by strong performance in European operations, consulting, financial services, and lower interest costs. For the first nine months of the fiscal year, net income increased 24.5% while revenues were up 16.9% year-over-year.
Computer Sciences Corporation (CSC) reported a 20% increase in earnings per share and a 21.7% increase in net income for the first quarter of fiscal year 2000 compared to the same quarter the previous year. Revenue increased 17.6% to $2.06 billion driven by increased demand for outsourcing, enterprise solutions, e-business, and systems integration. CSC also announced over $4.7 billion in new business awards during the quarter and expects e-business revenue to triple to nearly $600 million for the full fiscal year.
Computer Sciences Corporation (CSC) reported higher earnings and revenue for the second quarter of fiscal year 2000 compared to the same period last year. Earnings per share rose 22.2% and net income increased 22.7% due to strong global commercial growth and improved operating performance. CSC continues to see significant demand for outsourcing and other services and rapid growth in requests for e-business solutions.
Computer Sciences Corporation (CSC) reported financial results for the third quarter of fiscal year 2000, ending December 31, 1999. Revenue was up 14.9% to $2.4 billion compared to the previous year. Earnings per share, excluding special items, were 66 cents, a 20% increase over the previous year. CSC received $3.5 billion in new business awards during the quarter and $9.6 billion year-to-date. Research analysts from various firms cover CSC stock, which trades on the New York Stock Exchange.
Computer Sciences Corporation (CSC) reported financial results for the first quarter of fiscal year 2001, ended June 30, 2000. Revenues increased 11.8% to $2.46 billion due to strong growth in the U.S. federal government, Asia-Pacific, and commercial outsourcing sectors. Net income grew 13.5% to $96 million and earnings per share increased to 56 cents. CSC also secured $3.3 billion in new business awards during the quarter and remains on track to achieve its target of $1 billion in e-business revenue for the fiscal year.
Computer Sciences Corporation (CSC) reported strong financial results for the second quarter of fiscal year 2001, with revenues increasing 12% to $2.5 billion and net income growing 17.1% to $109 million. For the first six months of the fiscal year, revenues were up 11.9% to $5 billion and net income increased 15.4% to $205 million. The company secured $7.7 billion in new contracts for the first half, fueling anticipated growth in the second half of the year.
Computer Sciences Corporation (CSC) reported financial results for the third quarter of fiscal year 2001, ended December 29, 2000. Revenues increased 12.9% to $2.7 billion due to growth in the federal government vertical market and commercial outsourcing. Earnings before special items increased 9.6% to $122.9 million. Major new business awards totaled $1.8 billion for the quarter. For the nine-month period, revenues increased 12.2% to $7.6 billion and earnings before special items increased 13.1% to $327.9 million, though results were impacted by currency effects and restructuring costs. CSC also discussed several new contracts and engagements.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
How to Identify the Best Crypto to Buy Now in 2024.pdfKezex (KZX)
To identify the best crypto to buy in 2024, analyze market trends, assess the project's fundamentals, review the development team and community, monitor adoption rates, and evaluate risk tolerance. Stay updated with news, regulatory changes, and expert opinions to make informed decisions.
Budgeting as a Control Tool in Government Accounting in Nigeria
Being a Paper Presented at the Nigerian Maritime Administration and Safety Agency (NIMASA) Budget Office Staff at Sojourner Hotel, GRA, Ikeja Lagos on Saturday 8th June, 2024.
South Dakota State University degree offer diploma Transcriptynfqplhm
办理美国SDSU毕业证书制作南达科他州立大学假文凭定制Q微168899991做SDSU留信网教留服认证海牙认证改SDSU成绩单GPA做SDSU假学位证假文凭高仿毕业证GRE代考如何申请南达科他州立大学South Dakota State University degree offer diploma Transcript
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
How to Invest in Cryptocurrency for Beginners: A Complete GuideDaniel
Cryptocurrency is digital money that operates independently of a central authority, utilizing cryptography for security. Unlike traditional currencies issued by governments (fiat currencies), cryptocurrencies are decentralized and typically operate on a technology called blockchain. Each cryptocurrency transaction is recorded on a public ledger, ensuring transparency and security.
Cryptocurrencies can be used for various purposes, including online purchases, investment opportunities, and as a means of transferring value globally without the need for intermediaries like banks.
Discover the Future of Dogecoin with Our Comprehensive Guidance36 Crypto
Learn in-depth about Dogecoin's trajectory and stay informed with 36crypto's essential and up-to-date information about the crypto space.
Our presentation delves into Dogecoin's potential future, exploring whether it's destined to skyrocket to the moon or face a downward spiral. In addition, it highlights invaluable insights. Don't miss out on this opportunity to enhance your crypto understanding!
https://36crypto.com/the-future-of-dogecoin-how-high-can-this-cryptocurrency-reach/
Every business, big or small, deals with outgoing payments. Whether it’s to suppliers for inventory, to employees for salaries, or to vendors for services rendered, keeping track of these expenses is crucial. This is where payment vouchers come in – the unsung heroes of the accounting world.
13 Jun 24 ILC Retirement Income Summit - slides.pptxILC- UK
ILC's Retirement Income Summit was hosted by M&G and supported by Canada Life. The event brought together key policymakers, influencers and experts to help identify policy priorities for the next Government and ensure more of us have access to a decent income in retirement.
Contributors included:
Jo Blanden, Professor in Economics, University of Surrey
Clive Bolton, CEO, Life Insurance M&G Plc
Jim Boyd, CEO, Equity Release Council
Molly Broome, Economist, Resolution Foundation
Nida Broughton, Co-Director of Economic Policy, Behavioural Insights Team
Jonathan Cribb, Associate Director and Head of Retirement, Savings, and Ageing, Institute for Fiscal Studies
Joanna Elson CBE, Chief Executive Officer, Independent Age
Tom Evans, Managing Director of Retirement, Canada Life
Steve Groves, Chair, Key Retirement Group
Tish Hanifan, Founder and Joint Chair of the Society of Later life Advisers
Sue Lewis, ILC Trustee
Siobhan Lough, Senior Consultant, Hymans Robertson
Mick McAteer, Co-Director, The Financial Inclusion Centre
Stuart McDonald MBE, Head of Longevity and Democratic Insights, LCP
Anusha Mittal, Managing Director, Individual Life and Pensions, M&G Life
Shelley Morris, Senior Project Manager, Living Pension, Living Wage Foundation
Sarah O'Grady, Journalist
Will Sherlock, Head of External Relations, M&G Plc
Daniela Silcock, Head of Policy Research, Pensions Policy Institute
David Sinclair, Chief Executive, ILC
Jordi Skilbeck, Senior Policy Advisor, Pensions and Lifetime Savings Association
Rt Hon Sir Stephen Timms, former Chair, Work & Pensions Committee
Nigel Waterson, ILC Trustee
Jackie Wells, Strategy and Policy Consultant, ILC Strategic Advisory Board
Monthly Market Risk Update: June 2024 [SlideShare]Commonwealth
Markets rallied in May, with all three major U.S. equity indices up for the month, said Sam Millette, director of fixed income, in his latest Market Risk Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
Confirmation of Payee (CoP) is a vital security measure adopted by financial institutions and payment service providers. Its core purpose is to confirm that the recipient’s name matches the information provided by the sender during a banking transaction, ensuring that funds are transferred to the correct payment account.
Confirmation of Payee was built to tackle the increasing numbers of APP Fraud and in the landscape of UK banking, the spectre of APP fraud looms large. In 2022, over £1.2 billion was stolen by fraudsters through authorised and unauthorised fraud, equivalent to more than £2,300 every minute. This statistic emphasises the urgent need for robust security measures like CoP. While over £1.2 billion was stolen through fraud in 2022, there was an eight per cent reduction compared to 2021 which highlights the positive outcomes obtained from the implementation of Confirmation of Payee. The number of fraud cases across the UK also decreased by four per cent to nearly three million cases during the same period; latest statistics from UK Finance.
In essence, Confirmation of Payee plays a pivotal role in digital banking, guaranteeing the flawless execution of banking transactions. It stands as a guardian against fraud and misallocation, demonstrating the commitment of financial institutions to safeguard their clients’ assets. The next time you engage in a banking transaction, remember the invaluable role of CoP in ensuring the security of your financial interests.
For more details, you can visit https://technoxander.com.
2. STATEMENT OF COMPANY BUSINESS
PACCAR is a global technology company that manufactures Class 8 commercial
vehicles sold around the world under the Kenworth, Peterbilt and DAF nameplates.
The company competes in the North American Class 5-7 market with its medium-
duty models assembled in North America and sold under the Peterbilt and Kenworth
nameplates. The company also manufactures Class 4-7 trucks in the United
Kingdom for sale throughout Europe, the Middle East, Australia and Africa under
the DAF nameplate. PACCAR distributes aftermarket truck parts to its dealers
through a worldwide network of Parts Distribution Centers. Finance and leasing
subsidiaries facilitate the sale of PACCAR products in many countries worldwide.
Significant company assets are employed in financial services activities. PACCAR
manufactures and markets industrial winches under the Braden, Gearmatic and
Carco nameplates. PACCAR maintains exceptionally high standards of quality for
all of its products: they are well engineered, are highly customized for specific
applications and sell in the premium segments of their markets, where they have a
reputation for superior performance and pride of ownership.
CONTENTS
Financial Highlights Management’s Report on Internal Control
50
Message to Shareholders Over Financial Reporting
PACCAR Operations Report of Independent Registered Public
6 50
Financial Charts Accounting Firm on the Company’s
Stockholder Return Performance Graph Consolidated Financial Statements
3
Management’s Discussion and Analysis Report of Independent Registered Public
4 5
Consolidated Statements of Income Accounting Firm on the Company’s
3
Consolidated Balance Sheets Internal Controls
3
Consolidated Statements of Cash Flows Selected Financial Data
34 5
Consolidated Statements Common Stock Market Prices and Dividends
35 5
of Stockholders’ Equity Quarterly Results
53
Consolidated Statements Market Risks and Derivative Instruments
36 54
of Comprehensive Income Officers and Directors
55
Notes to Consolidated Financial Statements Divisions and Subsidiaries
36 56
3. Financial highlights
2007
2006
(millions except per share data)
1
$14,030.4
Truck and Other Net Sales and Revenues $15,503.3
1,191.3
Financial Services Revenues 950.8
15,221.7
Total Revenues 16,454.1
1,227.3
Net Income 1,496.0
Total Assets:
6,517.9
Truck and Other 6,296.2
10,710.3
Financial Services 9,811.2
23.6
Truck and Other Long-Term Debt 20.2
7,852.2
Financial Services Debt 7,259.8
5,013.1
Stockholders’ Equity 4,456.2
Per Common Share:
Net Income:
$ 3.31 $$
Basic 3.99
3.29
Diluted 3.97
1.65
Cash Dividends Declared 1.84
REVEnUEs nEt incomE stockholdERs’ EqUity
STOCKHOLDERS’ EQUITY
NET INCOME
REVENUES
billions of dollars
billions of dollars s
billions of dollar
bil lions of dollar s
billions of dollars billions of dollars
5
40%
10%
17.5 1.5
14.0 32%
8% 4
1.2
24%
6%
10.5 3
0.9
16%
4%
7.0 2
0.6
3.5 8%
2% 1
0.3
0%
0% 0
0.0 0.0
98 99 00 01 02 03 04 05 06 07
98 99 00 01 02 03 04 05 06 07
98 99 00 01 02 03 04 05 06 07
Return on Revenues (percent) Return on Equity (percent)
PACCAR Inc and Subsidiaries
4. TO OUR SHaREHOldERS
PaCCaR had an excellent year in 2007 due to its global diversification,
superior product quality, technology-led process efficiency and record results from
2
aftermarket parts and financial services. Customers benefited from PaCCaR’s record
$682 million of capital investments and research and development, which enhanced
manufacturing capability, developed innovative aftermarket support programs and
accelerated new product introduction. PaCCaR delivered 133,900 trucks to its
customers around the world and sold $2.3 billion of aftermarket parts. Record truck
deliveries in Europe, Mexico and australia were partially offset by a weak truck
market in the U.S. and Canada. PaCCaR Financial Services generated $3.9 billion of
new loan and lease volume.
Net income of $1.23 billion on revenues of $15.2 billion was the second highest
in the company’s 102-year history. PaCCaR issued a 50 percent stock dividend during
the year and declared cash dividends of $1.65 per share, including a special dividend
of $1.00. Regular quarterly cash dividends have increased over 470 percent in the last
10 years.
The U.S. and Canadian Class 8 truck market declined 2006. The company’s 2007 after-tax return on revenues
45 percent in 2007 from the previous year due to was 8.1 percent. Profits were driven by strong European
transport companies “pulling forward” vehicle purchases truck sales, global parts sales and new finance contracts
in 2006 to avoid more costly 2007 EPA emission- for 60,000 units. PACCAR’s outstanding financial
compliant engines and a slower economy, resulting from performance has enabled the company to distribute over
the housing and automotive industry downturn. The $3.0 billion in dividends and triple shareholder equity to
Class 8 truck market in North America, including Mexico, $5.0 billion during the last ten years. PACCAR’s average
was 207,300 vehicles, compared to 348,000 the prior annual total shareholder return was 22.7 percent over
year. The European heavy truck market in 2007 was a the last decade, versus 5.9 percent for the Standard
record 340,000 vehicles, compared to 309,000 in 2006, Poor’s 500 Index.
due to strong economic growth in the European Union, INVESTING FOR THE FUTURE — PACCAR’s excellent
profits, sparkling balance sheet, and intense focus on
including the economies of Central Europe.
quality, technology and productivity enhancements have
PACCAR continued to set the standard for financial
enabled the company to consistently invest in products
performance for capital-goods companies worldwide.
and processes during all phases of the business cycle.
After-tax return on beginning shareholder equity (ROE)
Productivity, efficiency and capacity improvements
was 27.5 percent in 2007, compared to 38.3 percent in
5. continue to be implemented in all manufacturing and Sigma and 7,000 projects have been implemented since
parts distribution facilities. Many PACCAR facilities its inception. Six Sigma, in conjunction with Supplier
established new records during the year in terms of Quality and Development, has been vital to improving
3
quality metrics, inventory turns and assembly hours. logistics performance and component quality by the
PACCAR is recognized as one of the leading technology company’s suppliers.
— PACCAR’s
companies in the world, and innovation continues to be INFORMATION TECHNOLOGY
Information Technology Division (ITD) and its 740
a cornerstone of its success. PACCAR has integrated
innovative employees are an important competitive asset
new technology to profitably support its business, as
for the company. PACCAR’s use of information
well as its dealers, customers and suppliers.
technology is centered on developing and integrating
Capital investments were a record $427 million in
software and hardware that will enhance the quality and
2007. An exciting multi-year initiative was launched
efficiency of all products and operations throughout
with the commencement of construction for PACCAR’s
the company, including the seamless integration of
$400 million engine assembly plant in Mississippi, which
suppliers, dealers and customers. In 2007, ITD provided
builds upon its legacy as a premier engine manufacturer.
innovative advancements in GPS systems, new
Other major capital projects during the year included
manufacturing software and infrastructure capacity
completion of a $70 million engine research and
upgrades and installed over 1,800 new personal
development center in Eindhoven, the Netherlands;
computers. Over 16,000 dealers, customers, suppliers
opening of a parts distribution center (PDC) in
and employees have experienced the company’s
Oklahoma City; beginning construction of a new parts
technology center, which highlights automated finance
distribution center in Budapest, Hungary; and
applications, sales and service kiosks, tablet PCs and
completion of a 30 percent capacity expansion at
Radio Frequency Identification (RFID). New features
Kenworth’s Chillicothe, Ohio facility.
include an electronic leasing and finance office and an
PACCAR is judiciously examining business
opportunities in Asia, with its primary focus on China electronic service analyst.
— U.S. and Canadian Class 8 retail sales in
and India. The company has sold transportation TRUCKS
2007 were 175,800 units, and the Mexican market
equipment in Asia since 1908. The rapidly developing
totaled 31,500. The European Union (EU) heavy truck
highway systems in China and India will increase intra-
registrations were 340,000 units.
country commerce, resulting in demand for reliable
PACCAR’s Class 8 retail sales in the U.S. and Canada
high-quality commercial vehicles. PACCAR opened a
achieved a record market share of 26.4 percent in 2007
purchasing and component sales office in Shanghai in
compared to 25.3 percent the prior year. DAF achieved
2007, complementing its Beijing sales office, and plans
13.9 percent share in the 15+ tonne truck market in
to open a purchasing and sales office in India in 2008.
— Six Sigma is integrated into all business Europe. Industry Class 6 and 7 truck registrations in the
SIX SIGMA
activities at PACCAR and has been adopted at 180 of the U.S. and Canada numbered 85,000 units, a 21 percent
company’s suppliers and many of the company’s dealers. decrease from the previous year. In the EU, the 6- to
Its statistical methodology is critical in the development 15-tonne market was 84,000 units, down 4 percent from
of new product designs, customer service and 2006. PACCAR’s North American and European market
manufacturing processes. Since inception, Six Sigma has shares in the medium-duty truck segment were excellent,
delivered over $1 billion in cumulative savings in all as the company delivered nearly 25,000 medium-duty
facets of the company. In addition, “High Impact trucks and tractors in 2007.
Kaizen Events” (HIKE) leverage Six Sigma methods with A tremendous team effort by the company’s
production flow improvement concepts. The HIKE purchasing, materials and production personnel ensured
projects conducted in 2007 were instrumental in improved product quality and manufacturing efficiency
delivering improved performance across the company. during challenging market conditions. The negative
More than 11,000 employees have been trained in Six effect of high commodity prices was partially offset by
6. PACCAR’s excellent long-term supplier partnerships, duty trucks are operating in North America and Europe,
which enabled production and efficiency improvements. and the average age of these vehicles is estimated to be
PACCAR’s product quality continued to be recognized over six years. This large vehicle parc will create
4
as the industry leader in 2007. Kenworth and Peterbilt excellent demand for parts and service and moderate
dominated customer satisfaction awards in the Class 6, the cyclicality of truck sales.
7 and 8 markets and the DAF XF105 was the 2007 PACCAR Parts is adding new distribution centers
International Truck of the Year. and expanding current facilities to enhance logistics
Over 60 percent of PACCAR’s revenue was generated performance to dealers and customers. PACCAR Parts
outside the United States, and the company realized continues to lead the industry with technology that
excellent synergies globally in product development, sales offers competitive advantages at PACCAR dealerships.
and finance activities, purchasing and manufacturing. Managed Dealer Inventory (MDI) is now installed at
DAF Trucks achieved record truck production, sales, over 1,000 PACCAR dealers worldwide, including South
and profits and excellent market share. DAF’s strong America. PACCAR Parts enhanced its Connect program,
backlog and growth in Western and Central Europe has a software solution for customer fleet-maintenance
been generated by its modern product range, extensive management. The program is a Web-based application
dealer network and superior aftermarket support. providing fleets the tools to reduce their vehicle
Leyland Trucks is the United Kingdom’s leading truck operating costs.
manufacturer. Leyland expanded its innovative body- — The PACCAR Financial
FINANCIAL SERVICES
building program that delivers custom-bodied vehicles Services (PFS) group of companies has operations
to customers. It also began production of the complete covering three continents and 18 countries. The global
range of DAF XF and CF vehicles. breadth of PFS, as well as its industry-leading funding
PACCAR Mexico (KENMEX) had another record structure and responsive credit application processes,
profit year as the Mexican economy grew and truck enabled the portfolio to grow to more than 169,000
fleets were renewed. KENMEX recorded gains in plant trucks and trailers, with total assets exceeding $10.7
efficiencies as production reached an all-time high. billion and pretax profit at a record level of $284 million.
KENMEX is increasing the size of its aftermarket parts PACCAR Financial Corp.’s (PFC) conservative
business approach, coupled with PACCAR’s superb SP
distribution center by over 60 percent to further
credit rating of AA- and the strength of the dealer
enhance customer service and meet growing demand.
PACCAR Australia achieved record profits and sales network, enabled PFC to earn excellent results in 2007
in 2007, supported by the highest production level in the despite turbulent financial markets worldwide. PFC
company’s history. The introduction of new Kenworth offers a comprehensive array of finance, lease and
models and expansion of the DAF product range in insurance products. PFC is the preferred funding source
Australia combined for a 22.7 percent heavy-duty in North America for Peterbilt and Kenworth trucks,
market share in 2007. Aftermarket parts sales delivered financing 23.3 percent of dealer sales in the U.S. and
another year of record performance. Canada in 2007.
PACCAR International exports trucks and parts to PACCAR Financial Europe (PFE) completed its sixth
over 100 countries and had a record year due to strong year of operations and increased assets and profits as it
sales buoyed by natural resource exploration globally. served DAF dealers in 14 Western and Central European
— PACCAR countries. PFE provides wholesale and retail financing
AFTERMARKET CUSTOMER SERVICES
Parts had an outstanding year in 2007 as it earned its for DAF dealers and customers and finances almost 21
15th consecutive year of record profits. With sales of percent of DAF’s vehicle sales.
$2.3 billion, PACCAR Parts is the primary source for PACCAR Leasing (PacLease) earned its 14th
consecutive year of record operating profits and delivered
aftermarket parts for PACCAR products and supplies
4,600 new PACCAR vehicles in 2007. The PacLease fleet
parts for other truck brands to PACCAR’s dealer
grew to over 32,000 vehicles as 20 percent of the U.S. and
networks around the world. Over five million heavy-
7. Canadian Class 6-8 market chose full-service leasing to facets of its business, strengthening its competitive
satisfy their equipment needs. PacLease substantially advantage.
strengthened its market presence in 2007, increasing the Other fundamental elements contributing to the
5
global network to 328 outlets, and represents one of the exciting prospects of this vibrant, dynamic company are
largest full-service truck rental and leasing operations in geographic diversification, modern manufacturing and
North America. parts distribution facilities, leading-edge and innovative
PacLease acquired TCH Leasing, a leading information technology, conservative and comprehensive
independent truck leasing company in Germany. This financial services, responsive suppliers, enthusiastic
strategic investment provides the foundation to grow employees and the best distribution network in the
PacLease throughout the European Union. industry.
— PACCAR is a global PACCAR and its employees are firmly committed to
ENVIRONMENTAL LEADERSHIP
environmental leader. A significant accomplishment was strong, quality growth and are proud of producing
earning ISO 14001 environmental certification at all 69 consecutive years of net profit. The embedded
PACCAR manufacturing facilities in Europe and North principles of integrity, quality and consistency of
America. PACCAR plans to introduce medium-duty purpose continue to define the course in PACCAR’s
hybrid-electric vehicles in mid-year 2008, which can operations. PACCAR has successfully evolved as a leader
achieve up to a 30 percent fuel economy improvement. in several industries since its founding in 1905. The
Kenworth and Peterbilt launched proprietary technology proven business strategy — delivering technologically
that can increase fuel economy 8 percent by eliminating advanced, premium products and an extensive array of
the need for customers’ engines idling at night. Kenworth tailored aftermarket customer services — enables PACCAR
and Peterbilt earned the prestigious EPA SmartWay™ to pragmatically approach growth opportunities, such as
designation for designing environmentally friendly Asia and financial services, with a long-term focus. The
products. PACCAR employees are environmentally strength of the business foundation provides a platform
conscious and utilize van pools, car pools and bus passes to examine growth opportunities in complementary
for 30 percent of their business commuting. business segments worldwide. PACCAR is enhancing its
— PACCAR’s 21,800 employees
A LOOK AHEAD stellar reputation as a leading technology company in
enabled the company to distinguish itself as a global the capital goods and financial service marketplace.
leader in the technology, capital goods, financial services
and aftermarket parts businesses. Superior product
quality, technological innovation and balanced global
diversification are three key operating characteristics
MARK c. PIgOTT
that define PACCAR’s business philosophy. The
Chairman and Chief Executive Officer
company continues to take aggressive steps to manage
Februar y 21, 2008
production rates and operating costs, consistent with its
goal of achieving profitable market share growth.
In the next five years, PACCAR plans to significantly
increase its capital investments and related research and
development in order to design and launch a new range
of vehicles, increase global production capacity and
develop a new family of industry-leading PACCAR
engines. The higher research and development expenses
may dampen earnings in the short term, but are
PAccAR Executive committee
expected to generate superior results in the long term.
Seated Left to Right: Mike Tembreull, Mark Pigott, Tom Plimpton
PACCAR’s excellent balance sheet ensures that the Standing Left to Right: Janice Skredsvig, Dan Sobic, Jim Cardillo,
company is well positioned to continually invest in all Ron Armstrong, Dave Anderson, Michael Barkley
8.
9. DAF TRUCKS
DAF vaulted to new sales, profit and production records in 2007. Truck sales exceeded
60,000 units as DAF strengthened its position as one of Europe’s leading commercial
7
vehicle manufacturers, enhancing its reputation for superior quality, innovative
products and excellent customer support.
DAF continues to lead the industry in vehicle quality and resale value. DAF’s top-of-the-range XF105
garnered the “Truck of the Year” distinction in Poland for the second consecutive year. In Ireland, the XF105
was honored by Fleet Transport magazine as Irish Tractor of the Year and Irish Truck of the Year 2007. DAF
earned “Best Coach Engine Producer of the Year 2007” honors at Bus World Asia in Shanghai as a result of the
reliability and durability of the PACCAR 9.2-liter and the PACCAR 12.9-liter engines, combined with their low
fuel consumption.
DAF quality leadership was reinforced as it became the first truck manufacturer in the world to comply with
ISO/TS 16949, the stringent global standard for quality-management systems in the automotive industry. DAF
introduced Euro 5 engines, which meet 2009 emission
regulations, in its entire product range. DAF also launched a
series of Enhanced Environmentally Friendly Vehicles (EEV),
with emission levels 50 percent lower than Euro 5
requirements. During 2007, DAF introduced an AS-Tronic
automated gearbox specifically designed for off-road use as
an option on its popular CF construction vehicles, improving
driver comfort, ease of use and off-road handling characteristics.
DAF unveiled an advanced diesel-electric hybrid LF for use in distribution and urban pickup and delivery
operations. The vehicle is equipped with a 4.5-liter PACCAR diesel engine linked to a computerized Eaton six-
speed gearbox. A sophisticated electric motor provides power and functions as a generator for recharging the
batteries. DAF’s hybrid technology significantly reduces fuel consumption and emissions.
DAF opened its new 76,000-square-foot state-of-the-art engine test facility in Eindhoven. The 20 new test
cells in the world-class research and development center will be instrumental in the design of new PACCAR
engines for global use. In addition, the environmentally friendly test cells will generate up to 20 percent of the
energy required at DAF’s Eindhoven facility.
DAF expanded its extensive distribution network of over 1,000 dealer and service points, adding a record
83 locations in 2007. DAF is one of the fastest-growing brands in many countries in Central Europe.
DAF’s widely acclaimed flagship, the XF 105, has become the new benchmark for European
customers in reliability, operating efficiency, residual value and long-haul luxury. These
superior product qualities have driven record gains in sales.
10.
11. peterbilt motors company
peterbilt set market share records in 2007, capturing more than 13 percent of class 8
truck sales in the U.s. and canada. peterbilt was the first manufacturer to be 2007
9
engine emissions compliant with a new range of vehicles.
In 2007, Peterbilt introduced a record number of innovative new products including 12 new truck models,
redesigned sleeper interiors, hybrid vehicles and green initiatives — setting best-in-class standards for quality,
fuel efficiency, performance and overall low cost of ownership.
For the second year in a row, Peterbilt was the highest-ranked manufacturer in the J.D. Power and Associates
2007 Customer Satisfaction Study in the conventional medium-duty truck segment.* Peterbilt expanded its
industry-leading medium-duty lineup with the Model 325, its first vehicle dedicated to the rapidly growing Class
5 segment. This new vehicle is attractive for customers seeking an easy-to-operate, reliable and affordable truck
for pickup and delivery applications. Like all Peterbilt medium-duty vehicles, the Model 325 comes equipped
exclusively with the fuel-efficient PACCAR PX engine.
Peterbilt’s two flagship aerodynamic trucks, the Models 387
and 386, were certified as fuel efficient and environment
friendly by the Environmental Protection Agency’s SmartWayTM
program. Production also began on two new premium
aerodynamic models. The Model 384 offers a mid-length
aerodynamic truck with increased visibility and maximum
payload for vocational and urban operations, and the Model 387 Day Cab
enhances maneuverability and weight distribution for tanker and regional carriers.
Peterbilt leads the industry in the development and production of hybrid technology with vehicles
designed for pickup and delivery, vocational and urban applications. These initiatives enhance the environment
and contribute to the customers’ bottom line by providing up to 30 percent fuel savings and reduced
maintenance costs.
Peterbilt launched ComfortClassTM in 2007, a no-idle solution that reduces fuel usage by 8 percent and
enhances driver comfort. Available as a factory-installed option in select models, the revolutionary new system
provides heating, cooling and 110-volt “hotel load” electrical power without running the engine.
Peterbilt continues to make significant investments in its manufacturing facilities to boost efficiency and
quality. The Denton, Texas, plant added a world-class chassis paint robotic system, an industry first in North
America, and a new 8,300-square-foot state-of-the-art training center containing the latest technologies to
effectively train dealers, technicians and employees.
The Peterbilt dealer network reached a record high 243 locations throughout the U.S. and Canada, adding 12
new dealership locations in 2007.
Peterbilt is at the forefront of advanced hybrid vehicle development, offering green solutions for
both the medium- and heavy-duty markets. This Model 335 hybrid utility truck is powered by the
PACCAR PX-6 engine.
* “Highest in Customer Satisfaction among Conventional Medium-Duty Trucks, Two Years in a Row.” J.D. Power and Associates 2007 Medium-Duty Truck Customer
Satisfaction StudySM. www.jdpower.com
13. kenworth truck company
kenworth swept all three major product segment awards in the 2007 J.D. power and
associates heavy Duty truck customer Satisfaction Study — ranking highest in the
11
over the road, pickup and Delivery and Vocational categories.* kenworth’s commitment
to high quality and product development delivered record market share in 2007.
Strong sales of Kenworth’s new aerodynamic flagship T660 model contributed to a record Class 8 market
share in 2007. Kenworth further enhanced the T660 with the addition of the popular Extended Day Cab option,
which adds six inches of length and five inches of height to a standard Kenworth day cab. The T660’s
contemporary styling and enhanced fuel economy are important features to truck operators.
Kenworth also unveiled an entirely new medium-duty lineup in 2007. The T170
Class 5, T270 Class 6 and T370 Class 7 conventionals present a broad offering that
can handle a diverse range of applications. All feature a world-class lighting system
with 30 percent greater down-the-road visibility, sleek aerodynamic exterior styling,
best-in-class automotive interiors and fuel-efficient PACCAR PX engines.
The new K260 extends Kenworth’s Class 6 cabover medium-duty product line.
Based on the DAF LF45 model, which has received European Truck of the Year
honors, the COE can easily accommodate three people. The K260 accommodates
26,000-pound payloads and delivers excellent visibility and outstanding
maneuverability with a 55-degree turn angle.
Kenworth demonstrated its leadership in technology and innovation with the
introduction of a medium-duty hybrid-electric truck. Based on the new model
T270, the vehicle can improve fuel economy by up to 30 percent in pickup and
delivery applications.
Important new vehicle options include the Kenworth Driver Information Center, which allows drivers to
closely monitor fuel economy, optimum engine speed, idling and engine diagnostics information. This valuable
option encourages efficient driving practices that reduce operating costs. The Kenworth Clean Power system
added two enhancements — energy efficient light emitting diode (LED) lighting to increase energy savings by 40
percent and a thermal insulation package to enhance sleeper comfort.
Kenworth completed a 105,000-square-foot expansion and renovation of its plant in Chillicothe, Ohio, during
2007. The expanded use of robotics, logistics and radio frequency identification (RFID) has streamlined
operations and improved productivity and efficiency by 20 percent.
The Kenworth dealer network operates 293 locations in the U.S. and Canada.
The Kenworth insignia is one of the most widely recognized icons in the trucking industry.
The T800’s comprehensive specification is ideal for complex applications such as emergency
rescue vehicles.
* “Highest in Customer Satisfaction among Vocational Segment Class 8 Trucks,” “Highest in Customer Satisfaction among Pickup Delivery Segment Class 8 Trucks, Three Years in
a Row” and “Highest in Customer Satisfaction among Over the Road Segment Class 8 Trucks, Three Years in a Row.” J.D. Power and Associates 2007 Heavy-Duty Truck Customer
Satisfaction StudySM. www.jdpower.com
14. PACCAR AustRAliA
PACCAR Australia established new records in production, sales and profits. the
Kenworth brand defines custom-built quality and superior reliability — valued
12
characteristics in one of the world’s toughest operating environments.
The leading producer of heavy commercial vehicles on the continent, PACCAR Australia dominated the
heavy-duty truck market by capturing over 45 percent of the high-horsepower market in 2007.
PACCAR Australia introduced 12 new vehicles for Kenworth and DAF, which comply with 2008 environmental
standards and feature numerous ergonomic and styling enhancements. New 8 x 4 and 10 x 4 variants were
added to the popular, highly maneuverable Kenworth T350 conventional. These construction vehicles take
advantage of new regulations allowing greater payload on multiple-axle trucks.
DAF Australia increased sales 37 percent in the medium-horsepower market. Two new DAF CF85 vehicles
were introduced to meet the specific needs of fleet operators – from prime mover and intrastate distribution to
specialized applications requiring high-payload productivity.
PACCAR Australia was named Employer of the Year at the Victorian Government’s 2007 Training Awards and
the leading Manufacturing Industry Employer in the Australian Government’s National Training Awards.
PACCAR Australia’s T608 provides long-haul operators with class-leading aerodynamics and enhanced fuel efficiency. For
rigorous road-train applications with 100,000-pound payloads, Kenworth customers can select the highest horsepower
engines available, which meet stringent new exhaust and noise-emission standards.
15. paccar mexico
paccar mexico (KeNmex) set new records for sales, profits and production levels in
2007 — capturing 53 percent of heavy-duty tractor sales. a 22 percent increase in the
13
class 8 market created unprecedented demand for Kenworth models.
KENMEX reaffirmed its position as the leading manufacturer of innovative, efficient and reliable long-haul
tractors with the launch in 2007 of its revolutionary new aerodynamic model, the Kenworth T660. Named Truck
of the Year at the Mexico truck exposition, Expotransporte 2007, it became the best selling tractor in its first year
in the market because of its unique styling, improved fuel economy and the new Xenon headlamps, which
increase down-the-road illumination by 75 percent.
KENMEX also introduced Kenworth’s new medium-duty models, including the T270 Class 6 and T370 Class 7
conventionals. These models feature the same advanced forward-lighting system as the T660 and improved
durability due to superior impact-resistant materials.
The Kenworth T270 Class 6 hybrid-electric medium-duty conventional was also unveiled at the Expotransporte
show in 2007. Targeting fuel savings of up to 30 percent, the T270 hybrid employs a combination of diesel and
electrical power, switching automatically between the two modes for efficient operation.
From its ultra-modern factory in Mexicali, KENMEX produces a broad range of custom-engineered vehicles. The KW45 and
KW55 medium-duty cabovers serve Mexico’s extensive urban delivery markets — offering excellent maneuverability,
visibility and ergonomic design.
16. leyland trucks
leyland trucks, the united kingdom’s leading truck manufacturer, delivered a record
17,500 vehicles to customers in europe and north america. leyland reinforced its
14
manufacturing success with full production of on-line van body building.
Leyland operates one of the most efficient truck factories in the world. The 710,000-square-foot plant
incorporates an innovative robotic chassis paint facility and a state-of-the-art Advanced Planning and Scheduling
system to produce DAF’s entire LF, CF and XF product line. This complex mix of vehicles — with its widely
different market requirements — serves customers in Europe, Australia, Africa and North America.
In 2007, Leyland achieved certification to the global automotive quality standard TS16949 following review by
Lloyd’s register, a leading certification agency. Leyland was instrumental in engineering the DAF LF to meet the
specific regulatory requirements for distribution in the U.S. The factory also built PACCAR hybrid
demonstration vehicles based on the DAF LF for market testing in urban delivery and vocational applications.
Unveiled at the end of 2006, Leyland inaugurated full production of its body-building program during 2007.
Designed in-house specifically for the DAF LF, these premium quality bodies are constructed and installed in the
factory — streamlining customer delivery schedules for complete vehicles.
Leyland achieved record production levels in 2007, while maintaining industry-leading quality standards. The award-winning DAF LF
sets new standards for excellence in a wide variety of urban transport applications.
17. paccar international
paccar international, a leader in delivering Kenworth, peterbilt and DaF trucks to
customers worldwide, posted record sales and profits during 2007. a buoyant global
15
economy increased demand for premium quality paccar vehicles.
Worldwide demand for PACCAR’s custom-built transportation solutions remained strong in 2007. High crude
oil prices created substantial demand for off-highway products to support oilfield exploration, drilling and servicing
segments. On-highway vehicle sales to Latin America and Asia, fueled by healthy economies, remained robust.
PACCAR International strengthened PACCAR’s presence in Asia by homologating DAF premium-quality
products in China. In addition, PACCAR appointed new dealers in Russia, Ecuador, Thailand and Hong Kong.
In the Middle East, China and Russia, off-highway product sales increased over 85 percent in 2007 due to
excellent customer demand for the new Kenworth K500. Designed for oilwell servicing markets, the Kenworth
K500 features a modern COE cab on a severe-service, off-highway chassis and provides optimal driver comfort
with rough-terrain mobility. Customers in over 100 countries benefit from the durability and reliability of
PACCAR trucks and on-time delivery of parts and services.
The rugged Kenworth C500 6 x 6 is designed for oil and natural gas exploration in the frigid arctic conditions
in Siberia and the harsh desert heat of the Middle East.
18. aftermarket truck parts
paccar parts celebrated 15 consecutive years of record sales and profits in 2007 — a
remarkable achievement that reflects a strong dealer network, innovative use of
16
technology and industry-leading aftermarket customer service.
PACCAR Parts continued its growth in 2007 by shipping 15.4 million order lines throughout the world for all
makes of trucks to over 1,800 Kenworth, Peterbilt and DAF dealer locations. Strong demand for PACCAR-
branded products contributed to excellent sales growth.
To support this strong growth, PACCAR Parts is expanding its network to 13 parts distribution centers
(PDCs) worldwide. During 2007, a 260,000-square-foot PDC opened in Oklahoma City and construction
commenced on a new 269,000-square-foot PDC in Budapest, Hungary, which will support DAF’s ongoing
expansion into Central and Eastern Europe. These state-of-the-art facilities utilize the latest in technology and
systems, including wireless voice recognition, providing a completely hands-free environment to improve
operator performance when selecting orders from inventory.
PACCAR Parts employs state-of-the-art technologies, including wireless voice recognition, integrated logistic systems and tablet PC
implementation, to lead the industry in aftermarket customer support.
19. PAccAr Winch
PAccAr Winch Division is the premier full-line producer of industrial winches globally.
A robust energy sector and increased penetration of world markets created new records
17
in sales, profits and market share during 2007.
Winch sales grew by 30 percent, driven by the increased use of Braden winches in the oilfield, utility and
crane markets; Gearmatic hoists in the pipeline and drilling markets and CARCO tractor winches in the forestry
and construction markets. Recognized worldwide for superior quality, performance and dependability, demand
for PACCAR Winches increased in new and established markets, with sales to global emerging markets growing
55 percent.
PACCAR Winch strengthened its presence in Europe with the new GH30B winch introduction. This unique
winch reduces cycle time by 20 to 30 percent, improves safety and increases overall productivity by 10 percent,
important in drilling and pipe-layer applications. The new GH135 was released in 2007 for the European
crane market.
The Winch Division also unveiled two new hydraulically driven winches for smaller crawler tractors with
“operator friendly” precise load control to enhance safety in rigorous operating conditions.
PACCAR Winch’s broad product lines, including the Braden, Gearmatic and Carco nameplates, are recognized throughout the world for
engineering excellence and dependability in the toughest operating environments.
20. paccar financial services
paccar financial services (pfs) companies, which support the sale of paccar trucks
worldwide, achieved record pretax income of $284 million. pfs portfolios are comprised
18
of more than 169,000 trucks and trailers, with total assets surpassing $10.7 billion.
PACCAR Financial Corp. (PFC) improved its position as the preferred source of financing for Kenworth
and Peterbilt trucks in the U.S. and Canada, achieving over 23 percent market share. Superior customer service,
streamlined credit processing and a breadth of innovative finance and insurance products heightened demand
for PFC services.
In 2007, PFC launched several targeted finance solutions for high-value vocational and medium-duty
products. PFC improved its share of PACCAR vocational trucks financed by 49 percent and its share of
medium-duty trucks by 24 percent.
PFC’s credit application response time was reduced by 40 percent, driven by enhancements to PFC’s Web-
based Online Transportation Information System (OTIS) and expansion of OTIS to Canadian dealers.
PACCAR Financial Europe (PFE) achieved a record $2.9 billion in assets in 2007 and expanded its financial
services offerings to DAF dealers and customers in 14 Western and Central European countries.
PACCAR Financial facilitates the sale of PACCAR products throughout the world by utilizing leading-edge
information technologies to streamline credit processing, decision-making and communication for Kenworth,
Peterbilt and DAF dealers and their customers.
21. paccar Leasing company
paccar Leasing achieved its 14th consecutive year of record profits in 2007 and
expanded into europe with the acquisition of germany’s leading truck leasing company.
19
The pacLease fleet increased to over 32,000 vehicles.
PacLease, one of the fastest-growing, most innovative truck leasing networks in the industry, added a record
47 franchise locations to its network in 2007. PacLease also introduced new Class 5 and 6 trucks from Kenworth
and Peterbilt to support medium-duty customers.
In 2007, PACCAR Leasing acquired Truck Center Hauser GmbH (TCH) in Germany. PacLease Europe
supports over 3,000 customers with 3,800 trucks and trailers from 10 operating locations throughout Germany.
Fuel tax reporting has challenged fleet managers who have traditionally relied on drivers to submit paper-based
trip records to ensure compliance. PacLease’s integrated fuel tax reporting with its popular PacTrac® onboard
telematics system creates a more efficient, paperless solution that captures 100 percent of the truck usage data.
PACCAR Leasing provides a competitive advantage by offering only premium-quality PACCAR trucks with
exceptional residual value and superior fuel efficiency — supported by 328 franchise and company locations.
PACCAR Leasing, which expanded its operation to Europe in 2007, provides customers with value-added transportation
services and premium-quality Kenworth, Peterbilt and DAF vehicles. The DAF CF model is a leader in the tractor
application for PacLease customers in Europe.
22. paccar TEcHNIcaL cENTErS
paccar Technical centers utilize world-class testing facilities and advanced
simulation technologies to accelerate product development and ensure that paccar
20
continues to provide the highest-quality products in the industry.
PACCAR Technical Centers are world-class facilities with state-of-the-art product test and validation
capabilities. PACCAR Technical Centers are pioneering the development of hybrid-powered medium-duty
commercial vehicles. Designed to deliver up to 30 percent improvement in fuel economy, the new vehicles will
feature sophisticated diesel-electric hybrid technology. Key components include a lithium-ion battery pack, a
sophisticated electric motor generator and a PACCAR 6.7-liter diesel engine.
The U.S. Technical Center completed construction of a $22 million expansion to its engine test lab, adding
four advanced test cells with global engine-testing capabilities. The test cells will be utilized to develop new
technologies for engine cooling, electrical systems and exhaust after-treatment. A new computer data center
increased computer simulation capacity by 50 percent for improved structural and aerodynamic vehicle
performance.
PACCAR Technical Centers are pacing the industry in the development of hybrid-powered trucks. The Kenworth T270 medium-duty
hybrid-electric truck has demonstrated fuel economy improvement of up to 30 percent in pickup and delivery applications.
23. INFORMATION TECHNOLOGY DIVISION
PACCAR’s Information Technology Division (ITD) is an industry leader in the innovative
application of software and hardware technology. ITD provides a competitive
21
advantage in RD, sales, manufacturing, financial services and aftermarket support.
PACCAR ITD earned recognition as a Top 100 Innovator on the prestigious InformationWeek 500 list for the
fourth time in five years. ITD supports PACCAR’s technology leadership by evaluating and testing the latest
hardware and software and partnering with world-class suppliers to adopt emerging solutions that accelerate
innovation in the company. ITD is researching new mobility tools and advanced voice-enabled software that
allow PACCAR employees, dealers, suppliers and customers to connect and interact in creative new ways to
increase productivity and enhance customer service.
PACCAR was selected as a “Supply Chain Top 25” leader by AMR Research because of the integration of its
global supply chain. ITD installed an integrated system to support PACCAR’s Dynacraft supply chain management
services, developed a global advanced-planning system that shortens truck production scheduling from hours to
minutes, and implemented state-of-the-art chassis robotic paint software to realize manufacturing efficiency and
product quality benefits.
PACCAR ITD provides manufacturing, sales and service systems for the PACCAR engine facility in Columbus, Mississippi. The new
engine plant will be the most advanced facility in PACCAR with integrated business, engineering and manufacturing software that
provides real-time product cost and quality metrics.
24. financial charts
WEstErn and cEntral EUrOPE
W E S TmarkEt D C E N T R A L E R U O P E
15t E R N A N sharE U.s. and canada class 8 trUck markEt sharE
22 H E AV Y T R U C K M A R K E T S H A R E U.S. AND CANADA CLASS 8 TRUCK MARKET SHARE
registrations retail sales
registrations retail sales
350
15% 325
30%
12% 280 27% 260
9% 210 24% 195
6% 140 21% 130
70
3% 65
18%
0% 0 15% 0
98 99 00 01 02 03 04 05 06 07 98 99 00 01 02 03 04 05 06 07
■ Total U.S. and Canada Class 8 Units
■ Total Western and Central Europe
(in thousands)
Heavy Truck Units (in thousands)
PACCAR Market Share (percent)
PACCAR Market Share (percent)
t O ta l a s s E t s GEOGraPhic rEVEnUE
T O TA L A S S E T S GEOGRAPHIC REVENUE
billions of dollars s
billions of dollar billions of dollars
billions of dollars
17.5 17.5
14.0 14.0
10.5 10.5
7.0 7.0
3.5 3.5
0.0
0.0
98 99 00 01 02 03 04 05 06 07
98 99 00 01 02 03 04 05 06 07
■ United States
■ Truck and Other
■ Rest of World
■ Financial Services
25. STOCKHOLDER RETURN PERFORMANCE GRAPH
The following line graph compares the yearly percentage change in the cumulative total stockholder return on the
Company’s common stock to the cumulative total return of the Standard Poor’s Composite 500 Stock Index
and the return of an industry peer group of companies identified in the graph (the Peer Group Index) for the
last five years ending December 31, 2007. Standard Poor’s has calculated a return for each company in the Peer
Group Index weighted according to its respective capitalization at the beginning of each period with dividends
reinvested on a monthly basis. Management believes that the identified companies and methodology used in the
graph for the Peer Group Index provides a better comparison than other indices available. The Peer Group Index
consists of ArvinMeritor, Inc., Caterpillar Inc., Cummins Inc., Dana Corp., Deere Co., Eaton Corp., Ingersoll-
Rand Co. Ltd., Navistar International Corp., and Oshkosh Truck Corp. The comparison assumes that $100 was
invested December 31, 2002 in the Company’s common stock and in the stated indices and assumes reinvestment
of dividends.
500 500
PACCAR Inc
SP 500 Index
400 400
Peer Group Index
300 300
200 200
100 100
0 0
2002 2003 2004 2005 2006 2007
2002 2003 2004 2005 2006 2007
PACCAR Inc 100.00 189.53 278.85 249.80 367.26 476.71
SP 500 Index 100.00 128.68 142.69 149.70 173.34 182.86
Peer Group Index 100.00 164.50 197.60 204.96 233.59 337.06
PACCAR Inc and Subsidiaries
26. ManageMent’s discussion and analysis of financial
condition and results of operations
(tables in millions, except truck unit and per share data)
r e s u lt s o f o p e r at i o n s : Selling, general and administrative (SGA) expense
for Truck and Other increased to $491.4 million in
2007
2006 2005
2007 compared to $457.3 million in 2006. This was
Net sales and revenues: due to expanded sales and higher production levels in
Truck and the Company’s foreign operations and the translation
$14,030.4
Other $15,503.3 $13,298.4 of stronger foreign currencies, somewhat offset by
1,191.3
Financial Services 950.8 759.0 lower spending in the U.S. and Canada. As a percent
$15,221.7
$16,454.1 $14,057.4 of revenues, SGA expense increased to 3.5% in 2007
from 3.0% in 2006. The Company continues to
implement Six Sigma initiatives and process improve-
Income before taxes:
ments in all facets of the business.
Truck and
Investment income of $95.4 million in 2007
$ 1,384.8 $ 1,846.6 $ 1,516.8
Other
increased from $81.3 million in 2006 due to higher
Financial
interest rates.
284.1
Services 247.4 199.9
The 2007 effective income tax rate was 30.4%
Investment
compared to 31.2% in 2006. The lower 2007 effective
95.4
income 81.3 56.9
income tax rate reflects a higher proportion of foreign
(537.0)
Income taxes (679.3) (640.4)
earnings.
$ 1,227.3 $ 1,496.0 $ 1,133.2
Net Income
The Company’s return on revenues was 8.1% in
Diluted Earnings
2007 compared to 9.1% in 2006.
$ 3.29 $ 3.97 $ 2.92
Per Share
Truck
Overview:
PACCAR’s truck segment, which includes the
PACCAR is a global technology company whose
manufacture and distribution of trucks and related
principal businesses include the design, manufacture
aftermarket parts, accounted for 91%, 93% and 94%
and distribution of high-quality, light-, medium- and
of revenues in 2007, 2006 and 2005, respectively. In
heavy-duty commercial trucks and related aftermarket
North America, trucks are sold under the Kenworth
parts and the financing and leasing of its trucks and
and Peterbilt nameplates and, in Europe, under the
related equipment. The Company also manufactures
DAF nameplate.
and markets industrial winches.
Consolidated net sales and revenue were $15.22
billion in 2007 and $16.45 billion in 2006. Current 2007
2006 2005
year results reflect strong demand for the Company’s
Truck net sales
high-quality trucks in all markets outside the U.S. and
$13,853.3
and revenues $15,367.3 $13,196.1
Canada, and continued global growth in aftermarket
Truck income
parts and financial services. Financial Services revenues
$ 1,360.0
before taxes $ 1,848.8 $ 1,520.2
increased to $1.19 billion in 2007 from $.95 billion
in 2006.
PACCAR achieved net income of $1.23 billion
($3.29 per diluted share) in 2007, the second best
result in the Company’s 102 year history. Solid results
were achieved in the Truck and Other businesses from
strong growth in revenue, increased margins and on-
going cost control in the Company’s foreign operations,
offset by lower truck sales and margins in the U.S.
and Canada. Financial Services income before taxes
increased 15% to a record $284.1 million compared
to $247.4 million in 2006 as a result of strong asset
growth and stable finance margins.
Research and Development expenditures were
$255.5 million in 2007, an increase of 57% from
$163.1 million in 2006 due to increased vehicle and
engine development programs.
27. sales division. Combined truck and parts sales in
The Company’s new truck deliveries are summarized
these markets accounted for 16% of truck segment
below:
sales and 19% of truck segment profit.
2007 2006 2005
PACCAR’s worldwide aftermarket parts revenues
44,700
United States 82,600 71,900 were $2.29 billion in 2007, an increase of 18%
8,300
Canada 12,900 10,900 compared to $1.94 billion in 2006. Aftermarket parts
sales increased in all major markets from a growing
53,000
U.S. and Canada 95,500 82,800
truck population, expansion of parts distribution
60,100
Europe 55,900 52,200
centers and focused sales efforts.
Mexico, Australia
Truck segment gross margin as a percentage of net
20,800
and other 15,400 13,500
sales and revenues was 14.7% in 2007 and 15.7% in
133,900
Total units 166,800 148,500
2006. Improved operating efficiencies and strong
demand for the Company’s products outside the U.S.
2007 Compared to 2006:
and Canada were dampened by a weak truck market
PACCAR’s worldwide truck sales and revenues were
in the U.S. and Canada. Higher material costs from
$13.85 billion in 2007 compared to $15.37 billion in
suppliers, including the impacts of higher crude oil,
2006 due to lower demand for the Company’s trucks
copper, steel and other commodities negatively
in the U.S. and Canada, somewhat offset by higher
impacted truck margins.
demand for trucks in all other markets and higher
global demand for related aftermarket parts. The
2006 Compared to 2005:
impact of a weaker U.S. dollar relative to the
PACCAR’s worldwide truck sales and revenues
Company’s other currencies (primarily the euro)
increased to $15.37 billion in 2006 due to high
increased revenues and pretax profit by approximately
demand for the Company’s trucks and related
$590 million and $90 million, respectively.
aftermarket parts in all major markets.
Truck income before taxes was $1.36 billion
Truck income before taxes was $1.85 billion
compared to $1.85 billion in 2006. In the U.S. and
compared to $1.52 billion in 2005. The increase from
Canada, Peterbilt and Kenworth delivered 53,000
the prior year was due to higher production rates,
heavy and medium-duty trucks during 2007, a
growing aftermarket part sales and improved truck
decrease of 45% from 2006, due to the lower truck
margins.
market. The Class 8 market decreased to 175,800
In the U.S. and Canada, Peterbilt and Kenworth
units in 2007 from a record 322,500 units in 2006,
delivered 95,500 medium and heavy trucks during
reflecting a 2006 pre-buy and a slowdown in the
2006, an increase of 15% over 2005 due to overall
housing and automotive sectors. PACCAR’s market
market growth and increased market share. The Class
share increased to 26.4% in 2007 from 25.3% in
8 market increased 12% to 322,500 units in 2006 from
2006. The medium-duty market decreased 21% to
287,500 in 2005. PACCAR’s market share increased to
85,000 units.
25.3% in 2006 from 23.1% in 2005. The total
In Europe, DAF trucks delivered 60,100 units
medium-duty market increased 3% to 107,000 units.
during 2007, an 8% increase over 2006. The 15 tonne
In Europe, DAF trucks delivered 55,900 units
and above truck market in Western and Central Europe
during 2006, an increase of 7% over 2005. The 15
improved to 340,000 units, a 10% increase from 2006
tonne and above truck market improved to 308,900
levels. DAF’s 2007 market share of the 15 tonne and
units, a 7% increase from 2005 levels. DAF increased
above market was 13.9% compared to 14.3% in 2006.
its share of the 15 tonne and above market to 14.3%
DAF market share in the 6 to 15 tonne market was
in 2006 from 13.6% in 2005. DAF market share in the
8.3% in 2007 and 9.2% in 2006. Truck and parts sales
6 to 15 tonne market was 9.2% for 2006 and 2005.
in Europe represented 46% of PACCAR’s total truck
Truck unit deliveries in Mexico, Australia and other
segment net sales and revenues in 2007 compared to
countries outside the Company’s primary markets
28% in 2006.
increased 14%. Combined truck and parts sales in
Truck unit deliveries in Mexico, Australia and
these markets accounted for 10% of total truck
other countries outside the Company’s primary
segment sales and 9% of truck segment profit in 2006.
markets increased 35%. Deliveries to customers in
South America, Africa and Asia are sold through
PACCAR International, the Company’s international
PACCAR Inc and Subsidiaries
28. due to higher asset levels and higher interest rates,
PACCAR’s worldwide aftermarket parts revenues of
offset partly by a higher cost of debt.
$1.94 billion increased from 2005 due to a growing
Net portfolio charge-offs were $25.8 million
truck population and systems integration with dealers.
compared to $13.9 million in 2006 due to higher
Truck segment gross margin as a percentage of net
charge-offs in the U.S. and Canada. At December 31,
sales and revenues improved to 15.7% in 2006 from
2007, the earning asset portfolio quality was excellent
15.4% in 2005 as a result of improved operating
with the percentage of accounts 30+ days past-due at
efficiencies and strong demand for the Company’s
2.0%, up from 1.2% at the end of 2006, primarily due
products.
to increased past due accounts in the U.S. and Canada.
During the year, PFS expanded its financing
Truck Outlook
operations into Poland and now operates in 18
Continued economic softness in the U.S. and Canada
countries worldwide.
is currently forecast to dampen demand for heavy-
duty trucks for at least the first half of 2008. Industry
2006 Compared to 2005:
retail sales are expected to remain level to slightly
PACCAR Financial Services revenues increased 25% to
higher than 2007 at 175,000–215,000 trucks. Western
$950.8 million due to higher earning assets worldwide
and Central European heavy-duty registrations for
and higher interest rates. New business volume was a
2008 are projected to remain strong at 330,000–
record $4.24 billion, up 14% on higher truck sales
350,000 units. Demand for the Company’s products
levels and solid market share.
in Mexico, Australia and international markets is
Income before taxes increased 24% to a record
expected to remain strong.
$247.4 million from $199.9 million in 2005. This
improvement was primarily due to higher finance
Financial Services
gross profit and lower credit losses, partly offset by an
The Financial Services segment, which includes wholly
increase in selling, general and administrative expenses
owned subsidiaries in North America, Europe and
to support business growth. The increase in finance
Australia, derives its earnings primarily from financing
gross profit was due to higher asset levels and higher
or leasing PACCAR products. Over the last ten years,
interest rates, offset partly by a higher cost of debt.
the asset portfolio and income before taxes have
The lower provision for losses resulted from lower net
grown at a compound annual rate of 14%.
portfolio charge-offs.
2007
2006 2005
Financial Services Outlook
Financial Services:
The outlook for the Financial Services segment is
Average earning
principally dependent on the generation of new
$10,158.0
assets $8,746.0 $7,389.0
business volume and the related spread between the
1,191.3
Revenues 950.8 759.0
asset yields and the borrowing costs on new business,
Income before
as well as the level of credit losses experienced. Assets
284.1
taxes 247.4 199.9
in the U.S. and Canada are not likely to increase until
the new truck market recovers. Asset growth is likely
2007 Compared to 2006:
in Europe due to an expected increase in DAF truck
PACCAR Financial Services (PFS) revenues increased
deliveries due to a strong market.
25% to $1.19 billion due to higher earning assets
The segment is exposed to reduced liquidity in
worldwide and higher interest rates. New business
the public debt markets. PFS does not anticipate the
volume was $3.94 billion in 2007 compared to $4.24
impact of reduced liquidity to materially impact its
billion in 2006. PFS provided loan and lease financing
ability to generate new business volume.
for 29% of PACCAR new trucks delivered in 2007
The segment continues to be impacted by the risk
compared to 25% in 2006.
that serious economic weakness in North America
Income before taxes increased 15% to a record
and higher fuel costs may continue to exert negative
$284.1 million from $247.4 million in 2006. This
pressure on the profit margins of truck operators and
improvement was primarily due to higher finance
result in higher past-due accounts and increased
gross profit, partly offset by an increase in selling,
repossessions.
general and administrative expenses to support
business growth and a higher provision for losses on
receivables. The increase in finance gross profit was
29. Other Business Truck and Other
Included in Truck and Other is the Company’s winch The Company provides funding for working capital,
manufacturing business. Sales from this business capital expenditures, research and development,
represent approximately 1% of net sales for 2007, 2006 dividends, stock repurchases and other business
and 2005. initiatives and commitments primarily from cash
provided by operations. Management expects this
method of funding to continue in the future. Long‑
l i q u i d i t y a n d c a p i ta l r e s o u r c e s :
term debt was $23.6 million at December 31, 2007.
2007 2006 2005 Expenditures for property, plant and equipment in
Cash and cash 2007 totaled a record $425.7 million compared to
$1,858.1
equivalents $1,852.5 $1,698.9 $312.0 million in 2006. Major capital projects included
Marketable debt the substantial completion of construction of a new
778.5
securities 821.7 591.4 parts distribution center in Hungary, completion of
a parts distribution facility in Oklahoma and the
$2,636.6 $2,674.2 $2,290.3
completion of a new engine test facility at DAF in
the Netherlands. In addition, the Company made
The Company’s total cash and marketable debt
significant investments related to new product
securities decreased $37.6 million in 2007. Cash
development and plant capacity. Over the last ten
provided by operations of $2,055.4 million was used
years, the Company’s combined investments in
primarily to pay dividends of $736.7 million, make
worldwide capital projects and research and
capital additions totaling $425.7 million and
development totaled $3.33 billion.
repurchase PACCAR stock for $360.5 million. Cash
Spending for capital investments and research and
required to originate new loans and leases was funded
development in 2008 is expected to increase from 2007
by repayments of existing loans and leases as well as
levels. In 2008, major projects will include the start of
Financial Services borrowings.
construction on an engine production and technology
The Company has line of credit arrangements of
facility in Mississippi and continued focus on engine
$3.08 billion. The unused portion of these credit lines
development, new product introductions and
was $3.04 billion at December 31, 2007. Included in
manufacturing efficiency improvements.
these arrangements is a $2.7 billion bank facility, of
which $1.7 billion matures in 2008 and $1.0 billion
matures in 2012 and is primarily maintained to
provide backup liquidity for commercial paper
borrowings of the financial services companies.
During the second half of 2007, PACCAR’s strong
cash position and credit ratings enabled PFS to meet
its funding requirements despite a decline in liquidity
in the public debt markets. The Company believes its
strong liquidity position and AA‑ investment grade
credit rating will continue to provide financial stability
and access to public debt markets at competitive
interest rates.
In October 2007, PACCAR’s Board of Directors
approved the repurchase of $300 million of the
Company’s common stock.
PACCAR Inc and Subsidiaries
30. Financial Services PACCAR believes its Financial Services companies
The Company funds its financial services activities will be able to continue funding receivables, servicing
primarily from collections on existing finance debt and paying dividends through internally
receivables and borrowings in the capital markets. generated funds, access to public and private debt
An additional source of funds is loans from other markets and lines of credit.
PACCAR companies.
Commitments
The primary sources of borrowings in the capital
market are commercial paper and medium-term notes The following summarizes the Company’s contractual
issued in the public markets and, to a lesser extent, cash commitments at December 31, 2007:
bank loans. The majority of the medium-term notes
Maturity
are issued by PACCAR’s largest financial services
Within More than
subsidiary, PACCAR Financial Corp. (PFC). PFC filed
One Year One Year Total
a shelf registration under the Securities Act of 1933 in
2006. The registration expires in 2009 and does not Borrowings $4,836.8 $3,039.0 $7,875.8
limit the principal amount of debt securities that may Operating leases 28.0 42.1 70.1
be issued during the period. Purchase obligations 261.0 50.5 311.5
In June 2007, PACCAR’s European finance Other obligations 5.5 29.3 34.8
subsidiary, PACCAR Financial Europe, renewed and Total $5,131.3 $3,160.9 $8,292.2
increased the registration of a €1.2 billion medium-
term note program with the London Stock Exchange.
The Company had $8.29 billion of cash commit-
On December 31, 2007, €448 million remained
ments, substantially all of which mature within three
available for issuance. This program is renewable
years. Of the total cash commitments for borrowings,
annually through the filing of a new prospectus.
$7.86 billion were related to the Financial Services
To reduce exposure to fluctuations in interest rates,
segment. As described in Note K of the consolidated
the Financial Services companies pursue a policy of
financial statements, borrowings consist primarily of
structuring borrowings with interest-rate character-
term debt and commercial paper issued by the
istics similar to the assets being funded. As part of
Financial Services segment. The Company expects to
this policy, the companies use interest-rate contracts.
fund its maturing Financial Services debt obligations
The permitted types of interest-rate contracts and
principally from funds provided by collections from
transaction limits have been established by the
customers on loans and lease contracts, as well as from
Company’s senior management, who receive periodic
the proceeds of commercial paper and medium-term
reports on the contracts outstanding.
note borrowings. Purchase obligations are the
Company’s contractual commitment to acquire future
production inventory. Other obligations include
deferred cash compensation.