This document is PACCAR Inc's quarterly report on Form 10-Q for the quarter ended June 30, 2007 filed with the SEC. It includes PACCAR's consolidated financial statements and notes. The financial statements show that for the quarter, PACCAR's net sales increased 12% to $3.9 billion, net income increased 24% to $370 million, and earnings per share increased 23% to $1.48. On the balance sheet, total assets increased slightly to $16.5 billion, with cash and marketable securities totaling $2.4 billion.
- PACCAR Inc. filed a quarterly report on Form 10-Q with the SEC for the quarter ended June 30, 2006.
- The report includes consolidated financial statements and notes covering PACCAR's truck and other operations as well as its financial services segment.
- Highlights include net sales of $3.94 billion for truck and other operations, and net income of $370 million for the company as a whole in the second quarter of 2006.
PACCAR Inc filed a quarterly report on Form 10-Q with the SEC for the period ending March 31, 2006. The report includes the company's consolidated financial statements and notes. It summarizes that PACCAR's net income increased to $342 million for Q1 2006 compared to $274 million for Q1 2005. Total revenues increased 16% to $3.9 billion. The report provides PACCAR's condensed consolidated financial position as of March 31, 2006 and December 31, 2005.
This document is PACCAR Inc's quarterly report filed with the SEC for the quarter ended September 30, 2006. It includes condensed financial statements and notes. The financial statements show that for the quarter, net sales increased 18% to $3.96 billion, net income increased 32% to $404 million, and earnings per share increased 36% to $1.62. For the first nine months of the year, net sales increased 17% to $11.53 billion, net income increased 36% to $1.12 billion, and earnings per share increased 40% to $4.45. The balance sheet shows total assets of $15.46 billion at quarter-end, with $6.18 billion in
This document is PACCAR Inc's quarterly report filed with the SEC for the quarter ended March 31, 2003. It includes:
1) Financial statements such as the consolidated balance sheet, income statement, and statement of cash flows for the quarter.
2) Notes to the financial statements providing additional details.
3) Disclosure of accounting changes related to stock-based compensation.
4) Details of comprehensive income and accumulated other comprehensive loss.
This document is PACCAR Inc's quarterly report (Form 10-Q) filed with the SEC for the quarter ended June 30, 2003. It includes:
1) Financial statements including income statements, balance sheets, and cash flow statements for the quarter and year-to-date.
2) Notes to the financial statements providing additional details on accounting policies, inventory valuation, and new accounting standards.
3) Certification by management of the accuracy of the financial statements and disclosure of any material changes to internal controls.
The report provides investors with PACCAR's consolidated financial position and operating results for the quarter in compliance with SEC regulations.
This document is McKesson Corporation's quarterly report filed with the SEC for the quarter ended December 31, 2001 on Form 10-Q. The summary includes:
1) McKesson provides condensed consolidated financial statements including the balance sheet, income statement, and cash flow statement for the quarter and nine months ended December 31, 2001 compared to the same periods in 2000.
2) Management's discussion and analysis is provided to discuss the company's financial condition, results of operations, liquidity, capital resources and critical accounting policies.
3) Disclosure is made regarding the company's exposure to market risks from foreign currency exchange rates and interest rates.
johnson controls FY2008 3rd Quarter Form 10-Q finance8
- The document is Johnson Controls' Form 10-Q quarterly report filed with the SEC for the quarter ended June 30, 2008.
- It includes the company's condensed consolidated financial statements and notes for the quarter, including the balance sheet, income statement, and cash flow statement.
- It provides key financial data such as net sales, costs, expenses, earnings, assets, liabilities, and cash flows for the quarter.
This document is Health Grades, Inc.'s quarterly report on Form 10-Q for the quarter ended March 31, 2009 filed with the SEC. It includes Health Grades' condensed consolidated balance sheets, statements of income, and statements of cash flows for the quarters ended March 31, 2009 and 2008. It also includes notes to the financial statements describing Health Grades' accounting policies and recently adopted accounting pronouncements. The financial statements show that for the quarter ended March 31, 2009, Health Grades had revenue of $12.4 million, net income of $1.6 million, and cash and cash equivalents of $14.8 million.
- PACCAR Inc. filed a quarterly report on Form 10-Q with the SEC for the quarter ended June 30, 2006.
- The report includes consolidated financial statements and notes covering PACCAR's truck and other operations as well as its financial services segment.
- Highlights include net sales of $3.94 billion for truck and other operations, and net income of $370 million for the company as a whole in the second quarter of 2006.
PACCAR Inc filed a quarterly report on Form 10-Q with the SEC for the period ending March 31, 2006. The report includes the company's consolidated financial statements and notes. It summarizes that PACCAR's net income increased to $342 million for Q1 2006 compared to $274 million for Q1 2005. Total revenues increased 16% to $3.9 billion. The report provides PACCAR's condensed consolidated financial position as of March 31, 2006 and December 31, 2005.
This document is PACCAR Inc's quarterly report filed with the SEC for the quarter ended September 30, 2006. It includes condensed financial statements and notes. The financial statements show that for the quarter, net sales increased 18% to $3.96 billion, net income increased 32% to $404 million, and earnings per share increased 36% to $1.62. For the first nine months of the year, net sales increased 17% to $11.53 billion, net income increased 36% to $1.12 billion, and earnings per share increased 40% to $4.45. The balance sheet shows total assets of $15.46 billion at quarter-end, with $6.18 billion in
This document is PACCAR Inc's quarterly report filed with the SEC for the quarter ended March 31, 2003. It includes:
1) Financial statements such as the consolidated balance sheet, income statement, and statement of cash flows for the quarter.
2) Notes to the financial statements providing additional details.
3) Disclosure of accounting changes related to stock-based compensation.
4) Details of comprehensive income and accumulated other comprehensive loss.
This document is PACCAR Inc's quarterly report (Form 10-Q) filed with the SEC for the quarter ended June 30, 2003. It includes:
1) Financial statements including income statements, balance sheets, and cash flow statements for the quarter and year-to-date.
2) Notes to the financial statements providing additional details on accounting policies, inventory valuation, and new accounting standards.
3) Certification by management of the accuracy of the financial statements and disclosure of any material changes to internal controls.
The report provides investors with PACCAR's consolidated financial position and operating results for the quarter in compliance with SEC regulations.
This document is McKesson Corporation's quarterly report filed with the SEC for the quarter ended December 31, 2001 on Form 10-Q. The summary includes:
1) McKesson provides condensed consolidated financial statements including the balance sheet, income statement, and cash flow statement for the quarter and nine months ended December 31, 2001 compared to the same periods in 2000.
2) Management's discussion and analysis is provided to discuss the company's financial condition, results of operations, liquidity, capital resources and critical accounting policies.
3) Disclosure is made regarding the company's exposure to market risks from foreign currency exchange rates and interest rates.
johnson controls FY2008 3rd Quarter Form 10-Q finance8
- The document is Johnson Controls' Form 10-Q quarterly report filed with the SEC for the quarter ended June 30, 2008.
- It includes the company's condensed consolidated financial statements and notes for the quarter, including the balance sheet, income statement, and cash flow statement.
- It provides key financial data such as net sales, costs, expenses, earnings, assets, liabilities, and cash flows for the quarter.
This document is Health Grades, Inc.'s quarterly report on Form 10-Q for the quarter ended March 31, 2009 filed with the SEC. It includes Health Grades' condensed consolidated balance sheets, statements of income, and statements of cash flows for the quarters ended March 31, 2009 and 2008. It also includes notes to the financial statements describing Health Grades' accounting policies and recently adopted accounting pronouncements. The financial statements show that for the quarter ended March 31, 2009, Health Grades had revenue of $12.4 million, net income of $1.6 million, and cash and cash equivalents of $14.8 million.
constellation energy 2008 First Quarter Form 10-Qfinance12
This document is Constellation Energy Group's quarterly report filed with the SEC for the quarter ending March 31, 2008. It includes financial statements and notes for Constellation Energy Group and its subsidiary Baltimore Gas and Electric. For the quarter, Constellation Energy reported revenues of $4.8 billion, net income of $145.7 million, and earnings per share of $0.82. Key highlights included nonregulated revenues of $3.7 billion, fuel and purchased energy expenses of $3.7 billion, and total assets of $27.4 billion as of March 31, 2008.
aetna Download Documentation Form 10-Q2008 3rdfinance9
This document is an SEC Form 10-Q quarterly report filed by Aetna Inc. for the quarterly period ended September 30, 2008. It includes Aetna's consolidated financial statements and notes. The financial statements show that for the quarter Aetna reported total revenue of $7.6 billion, net income of $277 million, and earnings per share of $0.58. For the nine months ended September 30, Aetna reported total revenue of $23.2 billion, net income of $1.2 billion, and earnings per share of $2.40. The balance sheet shows total assets of $37.3 billion and total liabilities of $28 billion.
johnson controls FY2007 3rd Quarter Form 10-Q finance8
This document is Johnson Controls' Form 10-Q quarterly report filed with the SEC for the quarter ended June 30, 2007. It includes their condensed consolidated financial statements and notes for the periods. The financial statements show that for the quarter ended June 30, 2007, Johnson Controls reported net income of $396 million on sales of $8.9 billion, with basic earnings per share of $2.01. Management's discussion and analysis and certifications by the CEO and CFO are also included.
This document is PACCAR Inc's quarterly report on Form 10-Q for the period ending March 31, 2005. It provides condensed financial statements and notes for the company, including consolidated statements of income and cash flows for the quarters ending March 31, 2005 and 2004, and consolidated balance sheets as of March 31, 2005 and December 31, 2004. It also provides information on accounting policies, inventory valuations, and product support liabilities.
aetna Download Documentation Form 10-Q 2005 3rdfinance9
This document is a quarterly report filed with the SEC by Aetna Inc. for the quarter ended September 30, 2005. It includes Aetna's consolidated financial statements and notes. The financial statements show that for the quarter, Aetna reported total revenue of $5.7 billion and net income of $377.8 million. For the nine months ended September 30, 2005, Aetna reported total revenue of $16.6 billion and net income of $1.2 billion. The balance sheet shows that as of September 30, 2005, Aetna had total assets of $43.3 billion and total liabilities of $33.9 billion.
This document is the Form 10-Q quarterly report filed by Southwestern Public Service Company (SPS) with the Securities and Exchange Commission for the quarter ended June 30, 2008. The summary includes SPS's financial statements for the quarter, including statements of income, cash flows, and balance sheets. It also provides notes on SPS's significant accounting policies and recently issued accounting pronouncements. Key information includes operating revenues of $537.9 million for the quarter and net income of $4 million. Total assets were $2.77 billion and total liabilities and equity were also $2.77 billion as of June 30, 2008.
- Southwestern Public Service Company (SPS) filed a quarterly report on Form 10-Q with the SEC for the quarter ended March 31, 2008.
- SPS operates as a public utility in Texas and New Mexico, providing electricity to residential, commercial, and industrial customers.
- For the quarter, SPS reported a net loss of $1.3 million compared to net income of $1.7 million in the prior year quarter. Total operating revenues increased 14.4% to $418.8 million due to higher electric fuel and purchased power costs.
This document is a quarterly report filed with the SEC by Southwestern Public Service Company (SPS) for the quarter ending March 31, 2006. It includes SPS's financial statements and notes. SPS is a wholly owned subsidiary of Xcel Energy Inc. that provides electric service in parts of Texas and New Mexico. The report indicates that SPS is currently involved in several regulatory proceedings regarding its wholesale transmission and power rates.
This document is a quarterly report filed by Southwestern Public Service Company (SPS) with the Securities and Exchange Commission for the quarter ended March 31, 2007. It includes SPS's unaudited financial statements and notes. The financial statements show that SPS had operating revenues of $365.9 million for the quarter, with net income of $1.7 million. Cash provided by operating activities was $16.7 million. Total assets as of March 31, 2007 were $2.58 billion, with long-term debt of $773.9 million and common stockholder's equity of $779.5 million.
This document is PACCAR Inc's quarterly report on Form 10-Q for the period ending September 30, 2002 filed with the SEC. It includes PACCAR's consolidated financial statements and notes. The financial statements show that net sales for PACCAR's Truck and Other segment increased 35% to $1.9 billion for the third quarter of 2002 compared to $1.4 billion for the same period of 2001. Net income increased to $128.9 million for the third quarter of 2002 from $39.4 million in the third quarter of 2001. For the first nine months of the year, net income increased to $249.8 million from $123.2 million in the same period of 2001.
aetna Download Documentation Form 10-Q2007 3rdfinance9
This document is a quarterly report filed by Aetna Inc. with the Securities and Exchange Commission for the quarterly period ended September 30, 2007. It includes Aetna's consolidated financial statements and notes. The financial statements show that for the quarter, Aetna reported total revenue of $6.96 billion, income from continuing operations of $496.7 million, and net income of $496.7 million. For the nine months ended September 30, 2007, Aetna reported total revenue of $20.46 billion, income from continuing operations of $1.38 billion, and net income of $1.38 billion. The balance sheet shows total assets of $50.06 billion and total liabilities
- PACCAR Inc filed a quarterly report on Form 10-Q with the SEC for the quarter ended March 31, 2004.
- The report includes consolidated financial statements and notes for PACCAR and its subsidiaries for the quarter.
- Highlights include net income of $182.2 million for the quarter, up from $110.8 million in the same quarter of the previous year, with net income per share of $1.04.
This document is McKesson Corporation's Form 10-Q quarterly report filed with the SEC for the quarter ended December 31, 2002. It includes condensed financial statements and notes. The financial statements show that for the quarter, McKesson reported revenues of $14.9 billion, net income of $134.3 million, and basic earnings per share of $0.46. For the nine months ended December 31, 2002, revenues were $42.2 billion, net income was $376.4 million, and basic EPS was $1.30. The notes provide additional details on new accounting pronouncements and the company's adoption of new standards.
This document is Unisys Corporation's quarterly report filed with the SEC for the period ending March 31, 2006. It includes:
1) Financial statements showing a net loss of $27.9 million for the quarter, as well as balance sheets, cash flow statements, and notes to the financial statements.
2) Details of a $145.9 million restructuring charge to reduce headcount by 3,600 employees worldwide.
3) Changes to US pension plans that will stop future benefit accruals and increase company matching contributions to retirement plans.
This document is a Form 10-Q quarterly report filed by Northern States Power Company (NSP-Wisconsin) with the Securities and Exchange Commission for the quarter ended March 31, 2008. It includes NSP-Wisconsin's unaudited consolidated financial statements and notes. The financial statements show that for the quarter ended March 31, 2008, NSP-Wisconsin had operating revenues of $244 million, operating income of $26 million, and net income of $13 million. As of March 31, 2008, NSP-Wisconsin had total assets of $1.3 billion and common stockholder's equity of $474 million.
johnson controls FY2005 3rd Quarter Form 10-QA finance8
This document is Johnson Controls' Form 10-Q/A for the quarterly period ended June 30, 2005. It provides restated financial statements and disclosure items related to the deconsolidation of a North American joint venture and guarantor financial information. Key details include total assets of $15.2 billion as of June 30, 2005, revenues and expenses related to a joint venture that are now reported on an equity basis rather than consolidated, and additional disclosures regarding guarantor subsidiaries as required by Regulation S-X. The restatement does not impact previously reported income, net income, or earnings per share.
This document is Berkshire Hathaway's quarterly report on Form 10-Q for the period ending March 31, 2007. It provides financial statements and disclosures for the company, including consolidated balance sheets, statements of earnings, and statements of cash flows for the quarters ended March 31, 2007 and 2006. Berkshire Hathaway reports $4.1 billion in earnings before taxes for the first quarter of 2007, up from $3.6 billion in the prior year period. Total revenues increased to $32.9 billion compared to $22.8 billion in the first quarter of 2006.
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.
CSC's 2001 annual report summarizes the company's financial performance and key initiatives for the fiscal year. Revenues reached a record $10.5 billion, up 12.3% from the previous year, however earnings declined due to reduced demand for consulting services and some performance issues. CSC took actions to restructure operations and reduce costs in response. The company also completed acquisitions to expand its offerings in insurance, financial services, and banking to capitalize on growing markets. CSC continued to strengthen relationships with major clients and win new contracts, positioning itself for future success despite challenging market conditions.
This document summarizes PACCAR's financial performance in 2007 compared to 2006 and 2005. Key points include:
- Net income was $1.23 billion in 2007, down from $1.5 billion in 2006 due to lower truck sales and margins in the US and Canada offset by growth outside North America.
- Truck sales fell to $13.85 billion in 2007 from $15.37 billion in 2006 as US/Canada truck sales dropped 45% due to a weak market, while international sales rose.
- Financial services income rose 15% to a record $284.1 million in 2007 due to strong asset growth and stable finance margins.
This document is PACCAR's quarterly report filed with the SEC for the quarter ended June 30, 2005. It includes PACCAR's consolidated financial statements and notes. The financial statements show revenues of $3.4 billion and net income of $241.5 million for the quarter. For the six months ended June 30, 2005, revenues were $6.5 billion and net income was $515.5 million. The report also discusses PACCAR's truck manufacturing and financial services businesses, accounting policies, and compliance with SEC filing requirements.
fpl group library.corporate-4Q08%20 Script_FINAL%20_APfinance17
FPL Group held a conference call to discuss its financial results for the fourth quarter and full year of 2008. The call began with introductions from senior management. Lew Hay, the CEO, then provided an overview of FPL Group's performance in 2008, highlighting record adjusted earnings of over $1.5 billion. Armando Pimentel, the CFO, discussed the financial results in more detail, noting lower than expected earnings for Florida Power & Light due to the economic downturn. Pimentel provided analysis of FPL's customer growth, usage, and other key operating metrics for the quarter and year.
constellation energy 2008 First Quarter Form 10-Qfinance12
This document is Constellation Energy Group's quarterly report filed with the SEC for the quarter ending March 31, 2008. It includes financial statements and notes for Constellation Energy Group and its subsidiary Baltimore Gas and Electric. For the quarter, Constellation Energy reported revenues of $4.8 billion, net income of $145.7 million, and earnings per share of $0.82. Key highlights included nonregulated revenues of $3.7 billion, fuel and purchased energy expenses of $3.7 billion, and total assets of $27.4 billion as of March 31, 2008.
aetna Download Documentation Form 10-Q2008 3rdfinance9
This document is an SEC Form 10-Q quarterly report filed by Aetna Inc. for the quarterly period ended September 30, 2008. It includes Aetna's consolidated financial statements and notes. The financial statements show that for the quarter Aetna reported total revenue of $7.6 billion, net income of $277 million, and earnings per share of $0.58. For the nine months ended September 30, Aetna reported total revenue of $23.2 billion, net income of $1.2 billion, and earnings per share of $2.40. The balance sheet shows total assets of $37.3 billion and total liabilities of $28 billion.
johnson controls FY2007 3rd Quarter Form 10-Q finance8
This document is Johnson Controls' Form 10-Q quarterly report filed with the SEC for the quarter ended June 30, 2007. It includes their condensed consolidated financial statements and notes for the periods. The financial statements show that for the quarter ended June 30, 2007, Johnson Controls reported net income of $396 million on sales of $8.9 billion, with basic earnings per share of $2.01. Management's discussion and analysis and certifications by the CEO and CFO are also included.
This document is PACCAR Inc's quarterly report on Form 10-Q for the period ending March 31, 2005. It provides condensed financial statements and notes for the company, including consolidated statements of income and cash flows for the quarters ending March 31, 2005 and 2004, and consolidated balance sheets as of March 31, 2005 and December 31, 2004. It also provides information on accounting policies, inventory valuations, and product support liabilities.
aetna Download Documentation Form 10-Q 2005 3rdfinance9
This document is a quarterly report filed with the SEC by Aetna Inc. for the quarter ended September 30, 2005. It includes Aetna's consolidated financial statements and notes. The financial statements show that for the quarter, Aetna reported total revenue of $5.7 billion and net income of $377.8 million. For the nine months ended September 30, 2005, Aetna reported total revenue of $16.6 billion and net income of $1.2 billion. The balance sheet shows that as of September 30, 2005, Aetna had total assets of $43.3 billion and total liabilities of $33.9 billion.
This document is the Form 10-Q quarterly report filed by Southwestern Public Service Company (SPS) with the Securities and Exchange Commission for the quarter ended June 30, 2008. The summary includes SPS's financial statements for the quarter, including statements of income, cash flows, and balance sheets. It also provides notes on SPS's significant accounting policies and recently issued accounting pronouncements. Key information includes operating revenues of $537.9 million for the quarter and net income of $4 million. Total assets were $2.77 billion and total liabilities and equity were also $2.77 billion as of June 30, 2008.
- Southwestern Public Service Company (SPS) filed a quarterly report on Form 10-Q with the SEC for the quarter ended March 31, 2008.
- SPS operates as a public utility in Texas and New Mexico, providing electricity to residential, commercial, and industrial customers.
- For the quarter, SPS reported a net loss of $1.3 million compared to net income of $1.7 million in the prior year quarter. Total operating revenues increased 14.4% to $418.8 million due to higher electric fuel and purchased power costs.
This document is a quarterly report filed with the SEC by Southwestern Public Service Company (SPS) for the quarter ending March 31, 2006. It includes SPS's financial statements and notes. SPS is a wholly owned subsidiary of Xcel Energy Inc. that provides electric service in parts of Texas and New Mexico. The report indicates that SPS is currently involved in several regulatory proceedings regarding its wholesale transmission and power rates.
This document is a quarterly report filed by Southwestern Public Service Company (SPS) with the Securities and Exchange Commission for the quarter ended March 31, 2007. It includes SPS's unaudited financial statements and notes. The financial statements show that SPS had operating revenues of $365.9 million for the quarter, with net income of $1.7 million. Cash provided by operating activities was $16.7 million. Total assets as of March 31, 2007 were $2.58 billion, with long-term debt of $773.9 million and common stockholder's equity of $779.5 million.
This document is PACCAR Inc's quarterly report on Form 10-Q for the period ending September 30, 2002 filed with the SEC. It includes PACCAR's consolidated financial statements and notes. The financial statements show that net sales for PACCAR's Truck and Other segment increased 35% to $1.9 billion for the third quarter of 2002 compared to $1.4 billion for the same period of 2001. Net income increased to $128.9 million for the third quarter of 2002 from $39.4 million in the third quarter of 2001. For the first nine months of the year, net income increased to $249.8 million from $123.2 million in the same period of 2001.
aetna Download Documentation Form 10-Q2007 3rdfinance9
This document is a quarterly report filed by Aetna Inc. with the Securities and Exchange Commission for the quarterly period ended September 30, 2007. It includes Aetna's consolidated financial statements and notes. The financial statements show that for the quarter, Aetna reported total revenue of $6.96 billion, income from continuing operations of $496.7 million, and net income of $496.7 million. For the nine months ended September 30, 2007, Aetna reported total revenue of $20.46 billion, income from continuing operations of $1.38 billion, and net income of $1.38 billion. The balance sheet shows total assets of $50.06 billion and total liabilities
- PACCAR Inc filed a quarterly report on Form 10-Q with the SEC for the quarter ended March 31, 2004.
- The report includes consolidated financial statements and notes for PACCAR and its subsidiaries for the quarter.
- Highlights include net income of $182.2 million for the quarter, up from $110.8 million in the same quarter of the previous year, with net income per share of $1.04.
This document is McKesson Corporation's Form 10-Q quarterly report filed with the SEC for the quarter ended December 31, 2002. It includes condensed financial statements and notes. The financial statements show that for the quarter, McKesson reported revenues of $14.9 billion, net income of $134.3 million, and basic earnings per share of $0.46. For the nine months ended December 31, 2002, revenues were $42.2 billion, net income was $376.4 million, and basic EPS was $1.30. The notes provide additional details on new accounting pronouncements and the company's adoption of new standards.
This document is Unisys Corporation's quarterly report filed with the SEC for the period ending March 31, 2006. It includes:
1) Financial statements showing a net loss of $27.9 million for the quarter, as well as balance sheets, cash flow statements, and notes to the financial statements.
2) Details of a $145.9 million restructuring charge to reduce headcount by 3,600 employees worldwide.
3) Changes to US pension plans that will stop future benefit accruals and increase company matching contributions to retirement plans.
This document is a Form 10-Q quarterly report filed by Northern States Power Company (NSP-Wisconsin) with the Securities and Exchange Commission for the quarter ended March 31, 2008. It includes NSP-Wisconsin's unaudited consolidated financial statements and notes. The financial statements show that for the quarter ended March 31, 2008, NSP-Wisconsin had operating revenues of $244 million, operating income of $26 million, and net income of $13 million. As of March 31, 2008, NSP-Wisconsin had total assets of $1.3 billion and common stockholder's equity of $474 million.
johnson controls FY2005 3rd Quarter Form 10-QA finance8
This document is Johnson Controls' Form 10-Q/A for the quarterly period ended June 30, 2005. It provides restated financial statements and disclosure items related to the deconsolidation of a North American joint venture and guarantor financial information. Key details include total assets of $15.2 billion as of June 30, 2005, revenues and expenses related to a joint venture that are now reported on an equity basis rather than consolidated, and additional disclosures regarding guarantor subsidiaries as required by Regulation S-X. The restatement does not impact previously reported income, net income, or earnings per share.
This document is Berkshire Hathaway's quarterly report on Form 10-Q for the period ending March 31, 2007. It provides financial statements and disclosures for the company, including consolidated balance sheets, statements of earnings, and statements of cash flows for the quarters ended March 31, 2007 and 2006. Berkshire Hathaway reports $4.1 billion in earnings before taxes for the first quarter of 2007, up from $3.6 billion in the prior year period. Total revenues increased to $32.9 billion compared to $22.8 billion in the first quarter of 2006.
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.
CSC's 2001 annual report summarizes the company's financial performance and key initiatives for the fiscal year. Revenues reached a record $10.5 billion, up 12.3% from the previous year, however earnings declined due to reduced demand for consulting services and some performance issues. CSC took actions to restructure operations and reduce costs in response. The company also completed acquisitions to expand its offerings in insurance, financial services, and banking to capitalize on growing markets. CSC continued to strengthen relationships with major clients and win new contracts, positioning itself for future success despite challenging market conditions.
This document summarizes PACCAR's financial performance in 2007 compared to 2006 and 2005. Key points include:
- Net income was $1.23 billion in 2007, down from $1.5 billion in 2006 due to lower truck sales and margins in the US and Canada offset by growth outside North America.
- Truck sales fell to $13.85 billion in 2007 from $15.37 billion in 2006 as US/Canada truck sales dropped 45% due to a weak market, while international sales rose.
- Financial services income rose 15% to a record $284.1 million in 2007 due to strong asset growth and stable finance margins.
This document is PACCAR's quarterly report filed with the SEC for the quarter ended June 30, 2005. It includes PACCAR's consolidated financial statements and notes. The financial statements show revenues of $3.4 billion and net income of $241.5 million for the quarter. For the six months ended June 30, 2005, revenues were $6.5 billion and net income was $515.5 million. The report also discusses PACCAR's truck manufacturing and financial services businesses, accounting policies, and compliance with SEC filing requirements.
fpl group library.corporate-4Q08%20 Script_FINAL%20_APfinance17
FPL Group held a conference call to discuss its financial results for the fourth quarter and full year of 2008. The call began with introductions from senior management. Lew Hay, the CEO, then provided an overview of FPL Group's performance in 2008, highlighting record adjusted earnings of over $1.5 billion. Armando Pimentel, the CFO, discussed the financial results in more detail, noting lower than expected earnings for Florida Power & Light due to the economic downturn. Pimentel provided analysis of FPL's customer growth, usage, and other key operating metrics for the quarter and year.
Southern Company reported third quarter earnings of $619 million, up slightly from the third quarter of 2002. Earnings for the first nine months of 2003 were $1.35 billion, which includes a one-time gain of $88 million from terminating wholesale power contracts. Revenue increased due to customer growth of 1.6% despite mild weather reducing electricity usage. Southern Company remains focused on operating efficiently and reliably while keeping prices low and maintaining high customer satisfaction.
Southern Company reported higher than expected earnings for the 4th quarter and full year of 2004. Earnings for the 4th quarter were $204.5 million compared to $125 million in 2003. For the full year, earnings were $1.53 billion compared to $1.47 billion in 2003. Strong economic growth in the Southeast contributed to increased electricity sales and better than expected results. Looking ahead, Southern Company expects earnings per share growth of 5% annually and provided guidance of $2.04-$2.09 per share for 2005.
This document is PACCAR Inc's quarterly report (Form 10-Q) for the period ending June 30, 2004 filed with the SEC. It includes:
1) Financial statements such as the consolidated balance sheet, income statement, and cash flow statement for the quarter.
2) Notes to the financial statements providing additional information and disclosure.
3) Certification by management of the accuracy of the financial statements and internal controls.
The summary highlights that this is PACCAR's regulatory filing, includes their quarterly financial statements, and notes to those statements as required by the SEC. It covers the essential information in 3 sentences as requested.
Southern Company reported first quarter 2006 earnings of $261.6 million, down from $323 million in the first quarter of 2005. Earnings per share were $0.35 compared to $0.43 in 2005. The decrease was due to expensing of stock options, a reserve related to synthetic fuels tax credits, and increased operation and maintenance costs. However, economic and customer growth in the Southeast remained strong, with over 53,000 additional customers served compared to the previous year. For the full year, Southern Company expects continued growth in its regulated retail business, driven by projected long-term demand and customer increases of 2.0% and 1.8%, respectively.
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) is an information technology services company that saw record revenues and earnings in fiscal year 1997. Some key events included winning $9 billion in new contracts, acquiring companies in the financial services and healthcare industries to expand its capabilities, and forming new vertical market organizations in financial services and healthcare. CSC also is well-positioned to help clients address the upcoming "Year 2000" computer issue. The company's chairman expressed optimism about CSC's prospects given its world-class offerings and talented employees.
This document is Computer Sciences Corporation's (CSC) 2005 Annual Report. It highlights CSC's financial performance for fiscal year 2005, including record revenues of $14.1 billion, earnings per share of $2.59, and new business awards of $16 billion. It discusses strategic transactions undertaken in 2005 and CSC's focus on information technology services. The report also outlines CSC's continued growth in offshore capabilities and innovative service offerings that helped capture major contracts.
The document is a proxy statement for Halliburton's annual stockholders meeting. It invites stockholders to attend the meeting on May 18, 2005 to vote on electing directors, ratifying an independent accounting firm, and considering two stockholder proposals. Stockholders are urged to vote by proxy via internet, phone or mail prior to the meeting.
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.
The document is a proxy statement from Halliburton Company informing stockholders of the upcoming annual meeting. It invites stockholders to attend the meeting on May 16, 2007 to vote on electing directors, ratifying an auditor, and considering three stockholder proposals. It provides details on these voting items and includes information on Halliburton's corporate governance policies and executive compensation.
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.
This document is PACCAR Inc's quarterly report on Form 10-Q for the quarter ended September 30, 2003. It provides condensed financial statements and notes for the company, including consolidated balance sheets, income statements, and cash flow statements. Some key details include that net income for the quarter was $132.5 million and $367.4 million for the nine months. Total assets were $9.486 billion and stockholders' equity was $3.092 billion. Accounting changes related to consolidation of variable interest entities and the adoption of fair value accounting for stock options were also noted.
This document is PACCAR Inc's quarterly report on Form 10-Q for the quarter ended September 30, 2004. It includes PACCAR's consolidated financial statements and notes to the financial statements for the third quarter of 2004. The financial statements show that PACCAR's net income for the third quarter was $246.7 million, up from $132.5 million in the third quarter of 2003. For the first nine months of 2004, net income was $665.4 million compared to $367.4 million for the same period in 2003. The balance sheet provides details on PACCAR's assets and liabilities as of September 30, 2004, including cash, receivables, inventory, property and equipment
This document provides a quarterly financial report for PACCAR Inc for the period ending June 30, 2002. It includes an unaudited consolidated balance sheet, income statement, and statement of cash flows. It also provides notes to the financial statements regarding the basis of presentation, new accounting standards, inventory valuation, stockholders' equity, comprehensive income, and segment information. In summary, it presents PACCAR's financial position and operating results for the second quarter of 2002.
This document is PACCAR Inc's quarterly report filed with the SEC for the quarter ended September 30, 2005. It includes PACCAR's consolidated financial statements and notes. The financial statements show that for the quarter, PACCAR's net sales increased 20% to $3.35 billion, net income increased 23% to $304.8 million, and earnings per share increased 26% to $1.79. For the nine months, net sales increased 27% to $9.87 billion, net income increased 23% to $820.3 million, and earnings per share increased 25% to $4.76. The balance sheet shows total assets of $13.04 billion, with $5.13
This document is a Form 10-Q quarterly report filed by Southwestern Public Service Company (SPS) with the Securities and Exchange Commission for the quarter ended June 30, 2006. SPS is a wholly owned subsidiary of Xcel Energy Inc. The report provides SPS's unaudited financial statements and notes for the quarter, including statements of income, cash flows, and balance sheets. It also discusses ongoing regulatory proceedings involving SPS's transmission and wholesale rates.
This document is a Form 10-Q quarterly report filed by Southwestern Public Service Company (SPS) with the Securities and Exchange Commission for the quarter ended June 30, 2006. SPS is a wholly owned subsidiary of Xcel Energy Inc. The report provides SPS's unaudited financial statements and notes for the quarter, including statements of income, cash flows, and balance sheets. It also discusses ongoing regulatory proceedings involving SPS's transmission and wholesale rates.
PACCAR reported net income of $47.2 million for the first quarter of 2002, compared to $44.3 million for the same period in 2001. Truck segment revenues declined slightly to $1.38 billion due to lower industry truck sales in Europe, which decreased 15% from near-record levels in 2001, though PACCAR's European subsidiary DAF increased its market share to a record high of 13%. Financial services income declined from $11.7 million to $9.7 million. Overall consolidated revenues fell 2% to $1.50 billion due to lower financial services results partially offsetting improved profits from truck operations.
- The document is Northern States Power Company's (NSP-Wisconsin) Form 10-Q quarterly report filed with the SEC for the quarter ended June 30, 2006.
- It provides financial statements and notes for the company, including income statements, balance sheets, cash flow statements, and notes on accounting policies.
- Key details include operating revenues of $151.9 million for the quarter and $367 million for the six months, net income of $9.3 million for the quarter and $23.4 million for the six months.
- The document is Northern States Power Company's (NSP-Wisconsin) Form 10-Q quarterly report filed with the SEC for the quarter ended June 30, 2006.
- It provides financial statements and notes for the company, including income statements, balance sheets, cash flow statements, and notes on accounting policies.
- Key details include operating revenues of $151.9 million for the quarter and $367 million for the six months, net income of $9.3 million for the quarter and $23.4 million for the six months.
johnson controls FY2005 2nd Quarter Form 10-QA finance8
This document is Johnson Controls' Form 10-Q/A for the quarterly period ending March 31, 2005. It provides restated financial statements and notes to correct for the improper consolidation of a North American joint venture. The restatement impacts the presentation of certain financial data but does not change previously reported income, net income, or earnings per share. The document includes unaudited consolidated statements of financial position, income, and cash flows for the periods presented. It also provides notes to the financial statements and management's discussion and analysis of financial condition and results of operations.
This document is the Form 10-Q quarterly report filed by Southwestern Public Service Company (SPS) with the Securities and Exchange Commission for the quarter ended June 30, 2008. The summary includes SPS's financial statements for the quarter, including statements of income, cash flows, and balance sheets. It also provides notes on SPS's significant accounting policies and recently issued accounting pronouncements. Key information includes operating revenues of $537.9 million for the quarter and net income of $4 million. Total assets were $2.77 billion and total liabilities and equity were also $2.77 billion as of June 30, 2008.
- Southwestern Public Service Company filed a quarterly report on Form 10-Q with the SEC for the quarterly period ended June 30, 2007.
- The report includes the company's unaudited financial statements and management's discussion and analysis of financial condition and results of operations for the reporting period.
- For the six months ended June 30, 2007, the company reported net income of $7.3 million on operating revenues of $767 million.
This document is Johnson Controls' quarterly report filed with the SEC for the period ending June 30, 2004. It includes their consolidated statement of financial position, income statement, cash flows statement, and notes. The income statement shows net sales of $6.8 billion for the quarter and $19.8 billion for the nine months. Net income was $222 million for the quarter and $545 million for the nine months.
This document is a Form 10-Q quarterly report filed by Aetna Inc with the SEC for the quarter ended June 30, 2005. It includes financial statements such as the consolidated statements of income, balance sheets, shareholders' equity, and cash flows. The financial statements show that for the quarter Aetna's revenue increased to $5.5 billion, net income increased to $409.7 million, and basic earnings per share increased to $1.41. Total assets increased to $43.1 billion and shareholders' equity increased to $9.4 billion. Cash flows from operations for the first six months of the year were $747.3 million.
This document is a Form 10-Q quarterly report filed by Aetna Inc with the SEC for the quarter ended June 30, 2005. It includes financial statements such as the consolidated statements of income, balance sheets, shareholders' equity, and cash flows. The financial statements show that for the quarter Aetna's revenue increased to $5.5 billion, net income increased to $409.7 million, and basic earnings per share increased to $1.41. Total assets increased to $43.1 billion and shareholders' equity increased to $9.4 billion. Cash flows from operations for the first six months of the year were $747.3 million.
aetna Download Documentation Form 10-Q2008 2ndfinance9
This document is Aetna Inc.'s Form 10-Q filing for the quarterly period ended June 30, 2008. It includes Aetna's consolidated statements of income and balance sheets for the periods. The filing reports that Aetna's total revenue for the quarter increased to $7.8 billion, up from $6.8 billion in the prior year. Net income for the quarter was $480.5 million, compared to $451.3 million in the prior year. As of June 30, 2008, Aetna's current assets included $830.8 million in cash and cash equivalents, $493.6 million in investments, and $692.7 million in premiums receivable.
This document is the Form 10-Q quarterly report filed by Xcel Energy Inc. with the SEC for the quarter ended June 30, 2008. The summary includes:
- Xcel Energy Inc. reported operating revenues of $2.6 billion for the quarter and $5.6 billion for the six months ended June 30, 2008.
- Net income for the quarter was $105.6 million and $258.7 million for the six months ended June 30, 2008.
- As of June 30, 2008, Xcel Energy had total assets of $23.7 billion and total liabilities and equity of $23.7 billion.
This document is the quarterly report filed by Xcel Energy Inc. with the Securities and Exchange Commission for the quarter ended June 30, 2008. It includes Xcel Energy's consolidated financial statements and notes. The financial statements show that for the quarter, Xcel Energy had operating revenues of $2.6 billion, operating income of $260 million, net income of $106 million, and basic earnings per share of $0.24. For the six months ended June 30, 2008, Xcel Energy had operating revenues of $5.6 billion, operating income of $590 million, net income of $259 million, and basic earnings per share of $0.60.
- This document is Northern States Power Company's (NSP-Minnesota) quarterly report filed with the SEC for the quarter ending September 30, 2006.
- It provides NSP-Minnesota's consolidated financial statements and notes for the periods, including statements of income, cash flows, and balance sheets.
- Key details include operating revenues of $1.08 billion for the quarter and $2.997 billion for the nine months, and net income of $130.7 million for the quarter and $219.8 million for the nine months.
This document is a Form 10-Q quarterly report filed by Aetna Inc. with the US Securities and Exchange Commission for the quarter ended June 30, 2006. The summary includes:
- Aetna reported total revenue of $6.25 billion for the quarter, up from $5.5 billion in the prior year quarter.
- Net income was $389.5 million for the quarter, down slightly from $394.9 million in the prior year quarter.
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 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 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.
Computer Sciences Corporation (CSC) reported financial results for the first quarter of fiscal year 2002, ended June 29, 2001. Revenue grew 10.2% to $2.7 billion due to strong growth in global outsourcing. Net income was $47.7 million. Commercial revenue grew 17% internationally due to outsourcing contracts in the UK and Scandinavia. Federal government revenue rose 3.9% despite some contract completions, with growth in civil agencies and GSA work. CSC will focus on larger outsourcing engagements and adjusting to reduced consulting demand, while progressing on improving recent outsourcing contracts.
Computer Sciences Corporation (CSC) reported financial results for the third quarter of fiscal year 2002, ended December 28, 2001. Revenues increased 8.9% year-over-year to $2.9 billion. Net income was $87.1 million and earnings per share were $0.51. Revenue growth was driven by strong performance in global commercial outsourcing, U.S. federal government contracts, and new opportunities in financial services. CSC also announced $3.2 billion in new business awards for the quarter.
Computer Sciences Corporation (CSC) reported financial results for the second quarter of fiscal year 2002. Revenues increased 10.7% to $2.8 billion due to growth in global commercial outsourcing and U.S. federal government activities. Net income was $68.2 million. CSC also secured $5.3 billion in new business awards during the quarter. The company is well positioned in the robust U.S. federal market with $23 billion in opportunities over the next 29 months. CSC provides information technology services to commercial and government clients worldwide.
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Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
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 Poonawalla Fincorp and IndusInd Bank’s Co-Branded RuPay Credit Card Cater...beulahfernandes8
The eLITE RuPay Platinum Credit Card, a strategic collaboration between Poonawalla Fincorp and IndusInd Bank, represents a significant advancement in India's digital financial landscape. Spearheaded by Abhay Bhutada, MD of Poonawalla Fincorp, the card leverages deep customer insights to offer tailored features such as no joining fees, movie ticket offers, and rewards on UPI transactions. IndusInd Bank's solid banking infrastructure and digital integration expertise ensure seamless service delivery in today's fast-paced digital economy. With a focus on meeting the growing demand for digital financial services, the card aims to cater to tech-savvy consumers and differentiate itself through unique features and superior customer service, ultimately poised to make a substantial impact in India's digital financial services space.
Madhya Pradesh, the "Heart of India," boasts a rich tapestry of culture and heritage, from ancient dynasties to modern developments. Explore its land records, historical landmarks, and vibrant traditions. From agricultural expanses to urban growth, Madhya Pradesh offers a unique blend of the ancient and modern.
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China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
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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.
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1. CONFORMED COPY
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[x] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended June 30, 2007
or
[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from _________ to _________
Commission File No. 001-14817
PACCAR Inc
(Exact name of registrant as specified in its charter)
Delaware 91-0351110
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
777 - 106th Ave. N.E., Bellevue, WA 98004
(Address of principal executive offices) (Zip Code)
(425) 468-7400
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section
13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such
shorter period that the registrant was required to file such reports), and (2) has been subject to such
filing requirements for at least the past 90 days. Yes X No___
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-
accelerated filer.
Large accelerated filer X Accelerated filer Non-accelerated filer
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the
Exchange Act). Yes ___ No X
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the
latest practicable date.
Common Stock, $1 par value—248,585,822 shares as of June 30, 2007
2. FORM 10-Q
PACCAR Inc AND SUBSIDIARIES
INDEX
Page
PART I. FINANCIAL INFORMATION:
ITEM 1. FINANCIAL STATEMENTS:
Consolidated Statements of Income --
Three and Six Months Ended June 30, 2007 and 2006 (Unaudited) ................................ 3
Consolidated Balance Sheets --
June 30, 2007 (Unaudited) and December 31, 2006........................................................ 4
Condensed Consolidated Statements of Cash Flows --
Six Months Ended June 30, 2007 and 2006 (Unaudited) ................................................. 6
Notes to Consolidated Financial Statements (Unaudited) ...................................................... 7
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS ........................................................................... 12
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK ........ 14
ITEM 4. CONTROLS AND PROCEDURES ............................................................................. 14
PART II. OTHER INFORMATION:
ITEM 1A. RISK FACTORS......................................................................................................... 15
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS ...................... 15
ITEM 6. EXHIBITS................................................................................................................... 15
SIGNATURE ................................................................................................................................... 16
INDEX TO EXHIBITS ...................................................................................................................... 17
-2-
3. FORM 10-Q
PACCAR Inc AND SUBSIDIARIES
PART I--FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Consolidated Statements of Income (Unaudited)
(Millions Except Per Share Amounts)
Three Months Ended Six Months Ended
June 30 June 30
2006 2006
2007 2007
TRUCK AND OTHER:
Net sales and revenues $ 3,936.6 $ 7,575.8
$ 3,429.4 $ 7,149.9
Cost of sales and revenues 3,353.9 6,452.8
2,970.7 6,143.4
Selling, general and administrative 112.6 222.2
120.3 240.4
Interest and other (income) expense, net .2 .6
.9 (21.5)
3,466.7 6,675.6
3,091.9 6,362.3
Truck and Other Income
469.9 900.2
Before Income Taxes 337.5 787.6
FINANCIAL SERVICES:
Revenues 231.4 443.9
286.8 550.8
Interest and other 138.9 266.8
180.5 346.7
Selling, general and administrative 23.4 46.6
28.4 52.9
Provision for losses on receivables 9.4 16.0
9.0 16.7
171.7 329.4
217.9 416.3
Financial Services Income
59.7 114.5
Before Income Taxes 68.9 134.5
Investment income 18.6 34.2
23.7 45.7
548.2 1,048.9
Total Income Before Income Taxes 430.1 967.8
Income taxes 178.3 337.0
131.8 303.9
$ 369.9 $ 711.9
Net Income $ 298.3 $ 663.9
Net Income Per Share:
Basic $ 1.48 $ 2.83
$ 1.20 $ 2.67
Diluted $ 1.47 $ 2.82
$ 1.19 $ 2.65
Weighted Average Common Shares Outstanding:
Basic 250.1 251.2
248.7 248.7
Diluted 251.4 252.5
250.2 250.1
Dividends declared per share $ .20 $ .37
$ .25 $ .45
See Notes to Consolidated Financial Statements.
-3-
4. FORM 10-Q
PACCAR Inc AND SUBSIDIARIES
December 31
Consolidated Balance Sheets June 30
ASSETS 2006*
2007
(Millions of Dollars)
TRUCK AND OTHER:
Current Assets (Unaudited)
Cash and cash equivalents $ 1,806.3
$ 1,369.7
Trade and other receivables, net 665.0
784.7
Marketable debt securities 821.7
1,066.0
Inventories 693.7
566.4
Deferred taxes and other current assets 212.8
200.3
4,199.5
Total Truck and Other Current Assets 3,987.1
Equipment on operating leases, net 418.2
429.2
Property, plant and equipment, net 1,347.2
1,392.3
Other noncurrent assets ___332.4 331.3
6,296.2
Total Truck and Other Assets 6,141.0
FINANCIAL SERVICES:
Cash and cash equivalents 46.2
44.5
Finance and other receivables, net 8,542.7
8,884.6
Equipment on operating leases, net 1,033.1
1,102.2
Other assets ___291.8 189.2
9,811.2
Total Financial Services Assets 10,323.1
$ 16,107.4
$16,464.1
-4-
5. FORM 10-Q
PACCAR Inc AND SUBSIDIARIES
December 31
June 30
LIABILITIES AND STOCKHOLDERS' EQUITY 2006*
2007
(Millions of Dollars)
TRUCK AND OTHER:
Current Liabilities (Unaudited)
Accounts payable and accrued expenses $ 2,240.5
$ 2,183.2
Dividend payable 497.0
2,737.5
Total Truck and Other Current Liabilities 2,183.2
Long-term debt 20.2
22.1
Residual value guarantees and deferred revenues 477.5
491.9
Deferred taxes and other liabilities 383.7
400.4
3,618.9
Total Truck and Other Liabilities 3,097.6
FINANCIAL SERVICES:
Accounts payable, accrued expenses and other 243.2
239.6
Commercial paper and bank loans 4,222.6
4,309.2
Term debt 3,037.2
3,190.1
Deferred taxes and other liabilities 529.3
534.7
8,032.3
Total Financial Services Liabilities 8,273.6
STOCKHOLDERS' EQUITY
Preferred stock, no par value: Authorized 1.0 million shares,
none issued
Common stock, $1 par value: Authorized 400.0 million shares,
249.3 million shares issued 248.5
249.3
Additional paid-in capital 27.5
63.4
Treasury stock - at cost - .752 million shares (2.1)
(50.3)
Retained earnings 4,026.1
4,577.9
Accumulated other comprehensive income 156.2
252.6
4,456.2
Total Stockholders' Equity 5,092.9
$16,107.4
$16,464.1
* The December 31, 2006 consolidated balance sheet has been derived from audited financial
statements.
See Notes to Consolidated Financial Statements.
-5-
6. FORM 10-Q
PACCAR Inc AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows (Unaudited)
(Millions)
Six Months Ended June 30 2006
2007
OPERATING ACTIVITIES:
Net income $ 711.9
$ 663.9
Adjustments to reconcile net income to cash provided by operations:
Depreciation and amortization:
Property, plant and equipment 76.4
92.8
Equipment on operating leases and other 131.8
154.4
Provision for losses on financial services receivables 16.0
16.7
Gain on sale of property (21.7)
Other 9.2
3.5
Change in operating assets and liabilities:
Wholesale receivables on new trucks 34.8
58.4
Sales-type finance leases and dealer direct loans on new trucks (32.0)
37.3
Other (12.6)
(22.7)
935.5
Net Cash Provided by Operating Activities 982.6
INVESTING ACTIVITIES:
Retail loans and direct financing leases originated (1,590.4)
(1,610.2)
Collections on retail loans and direct financing leases 1,223.6
1,302.0
Marketable securities purchases (886.8)
(905.2)
Marketable securities maturities and sales 664.9
660.9
Acquisition of property, plant and equipment (111.8)
(118.7)
Acquisition of equipment for operating leases (260.2)
(321.1)
Proceeds from asset disposals 85.0
106.3
Other (1.1)
(16.1)
(876.8)
Net Cash Used in Investing Activities (902.1)
FINANCING ACTIVITIES:
Cash dividends paid (430.8)
(608.9)
Purchase of treasury stock (251.4)
(49.1)
Stock compensation transactions 29.0
29.2
Net decrease in commercial paper and bank loans (157.1)
(30.9)
Proceeds from term debt 1,117.0
292.8
Payment of term debt (745.3)
(174.1)
(438.6)
Net Cash Used in Financing Activities (541.0)
Effect of exchange rate changes on cash 39.7
22.2
(340.2)
Net Decrease in Cash and Cash Equivalents (438.3)
Cash and cash equivalents at beginning of period 1,698.9
1,852.5
Cash and cash equivalents at end of period $ 1,358.7
$ 1,414.2
See Notes to Consolidated Financial Statements.
-6-
7. FORM 10-Q
PACCAR Inc AND SUBSIDIARIES
(Millions)
Notes to Consolidated Financial Statements (Unaudited)
NOTE A—Basis of Presentation
The accompanying unaudited consolidated financial statements have been prepared in accordance
with generally accepted accounting principles for interim financial information and with the instructions
to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information
and footnotes required by generally accepted accounting principles for complete financial statements.
In the opinion of management, all adjustments (consisting of normal recurring accruals) considered
necessary for a fair presentation have been included. Operating results for the three and six month
periods ended June 30, 2007, are not necessarily indicative of the results that may be expected
for the year ended December 31, 2007. For further information, refer to the consolidated financial
statements and footnotes included in the Company's Annual Report on Form 10-K for the year ended
December 31, 2006.
PACCAR paid a 50% common stock dividend to stockholders in August 2006. All share and per
share figures presented are adjusted for the effects of the dividend.
Reclassifications: Certain prior year amounts have been reclassified to conform to the 2007
presentation.
NOTE B—Inventories
December 31
June 30
2006
2007
Inventories at cost:
Finished products $ 365.4
$ 400.2
Work in process and raw materials 472.1
311.0
837.5
711.2
Less LIFO reserve (143.8)
(144.8)
$ 693.7
$ 566.4
Under the LIFO method of accounting (used for approximately 38% of June 30, 2007, inventories),
an actual valuation can be made only at the end of each year based on year-end inventory levels
and costs. Accordingly, interim valuations are based on management's estimates of those year-end
amounts.
-7-
8. FORM 10-Q
PACCAR Inc AND SUBSIDIARIES
(Millions)
Notes to Consolidated Financial Statements (Unaudited)
NOTE C—Finance Receivables
December 31
June 30
2006
2007
Loans $4,226.7
$ 4,425.7
Retail direct financing leases 2,322.1
2,574.5
Sales-type finance leases 909.2
904.2
Dealer wholesale financing 1,562.6
1,515.7
Interest and other receivables 112.1
105.1
Unearned interest:
Finance leases (421.0)
(458.0)
8,711.7
9,067.2
Less allowance for losses (169.0)
(182.6)
$8,542.7
$ 8,884.6
NOTE D—Product Support Liabilities
Product support liabilities consist of amounts accrued to meet product warranty obligations and
deferred revenue and accrued costs associated with optional extended warranty and repair and
maintenance contracts. PACCAR periodically assesses the adequacy of its recorded liabilities and
adjusts them as appropriate to reflect actual experience.
Changes in product support liabilities are summarized as follows:
2006
2007
Beginning balance, January 1 $ 391.5
$ 458.3
Cost accruals and revenue deferrals 146.5
157.2
Payments and revenue recognized (127.6)
(165.9)
Currency translation 18.5
8.5
Ending balance, June 30 $ 428.9
$ 458.1
NOTE E—Stockholders' Equity
Comprehensive Income
The components of comprehensive income, net of any related tax, were as follows:
Three Months Ended Six Months Ended
June 30 June 30
2006 2006
2007 2007
Net income $ 369.9 $ 711.9
$ 298.3 $ 663.9
Other comprehensive income:
Foreign currency translation gains 70.6 92.4
76.7 88.0
Derivative contracts increase 3.5 17.8
14.8 9.2
Marketable securities decrease (1.0) (2.7)
(2.5) (2.8)
Employee benefit plans, net (.2) 2.0
Net other comprehensive income 73.1 107.5
88.8 96.4
Comprehensive Income $ 443.0 $ 819.4
$ 387.1 $ 760.3
-8-
9. FORM 10-Q
PACCAR Inc AND SUBSIDIARIES
(Millions Except Share Amounts)
Notes to Consolidated Financial Statements (Unaudited)
Total comprehensive income decreased for the three and six month periods ended June 30, 2007
compared to the corresponding periods in 2006, due primarily to lower net income. Foreign currency
translation adjustments in 2007 and 2006 resulted from changes in the value of foreign currencies,
particularly the euro and Canadian dollar, relative to the U.S. dollar.
Accumulated Other Comprehensive Income
Accumulated other comprehensive income was comprised of the following:
December 31
June 30
2006
2007
Foreign currency translation gains $ 304.7
$ 392.7
Net unrealized gains on derivative contracts 17.6
26.8
Net unrealized investment losses (1.3)
(4.1)
Employee benefit plans (164.8)
(162.8)
Total accumulated other comprehensive income $ 156.2
$ 252.6
Other Capital Stock Changes
In the six months ended June 30, 2007, PACCAR issued 838,636 additional common shares under
deferred and stock compensation arrangements.
Realized tax benefits of $12.9 in 2007 and $11.4 in 2006 related to the excess of deductible amounts
over the compensation cost recognized have been classified as financing activities in the
accompanying consolidated statements of cash flows.
Diluted Earnings Per Share
The following table shows the additional amounts added to weighted average basic shares out-
standing to calculate diluted earnings per share. These amounts primarily represent the dilutive
effect of stock options. Antidilutive shares are excluded from the diluted earnings per share
calculation and are shown separately in the table below.
Three Months Ended Six Months Ended
June 30 June 30
2006 2006
2007 2007
Additional shares 1,494,100 1,309,200 1,469,800 1,374,500
Excluded antidilutive shares 1,226,200 542,300 1,231,500
––
-9-
10. FORM 10-Q
PACCAR Inc AND SUBSIDIARIES
(Millions)
Notes to Consolidated Financial Statements (Unaudited)
NOTE F—Segment Information
Three Months Ended Six Months Ended
June 30 June 30
2006 2006
2007 2007
Net sales and revenues:
Truck
Total $3,980.6 $7,718.9
$3,499.0 $7,272.0
Less intersegment (76.3) (205.6)
(114.4) (210.3)
External customers 3,904.3 7,513.3
3,384.6 7,061.7
All other 32.3 62.5
44.8 88.2
3,936.6 7,575.8
3,429.4 7,149.9
Financial Services 231.4 443.9
286.8 550.8
$4,168.0 $8,019.7
$3,716.2 $7,700.7
Income before income taxes:
Truck $ 468.5 $ 896.6
$ 329.9 $ 753.1
All other 1.4 3.6
7.6 34.5
469.9 900.2
337.5 787.6
Financial Services 59.7 114.5
68.9 134.5
Investment income 18.6 34.2
23.7 45.7
$ 548.2 $ 1,048.9
$ 430.1 $ 967.8
Included in “All other” are PACCAR’s industrial winch manufacturing business and other sales,
income and expense not attributable to a reportable segment, including a portion of corporate
expense. For the six months ended June 30, 2007, “All other” income before income taxes included
a $21.7 gain on sale of property in the United Kingdom.
NOTE G—Income Taxes
Adoption of FIN 48
The Company adopted FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes
(FIN 48) effective January 1, 2007 with no effect on the Company's consolidated financial statements.
As of the date of adoption, the Company had $29.3 of unrecognized tax benefits, all of which would
impact the effective tax rate if recognized. The Company does not currently anticipate that any
significant increase or decrease to these unrecognized tax benefits will be recorded during the
next 12 months. The Company is not currently under examination by the U.S. Internal Revenue
Service and has completed examinations for all years through 2003. Open tax years for other major
jurisdictions, including The Netherlands, United Kingdom, Canada, Mexico and Australia, range
from 2001 to 2006. Tax interest and penalties are classified as income taxes in the accompanying
statements of income and were insignificant for all periods presented.
-10-
11. FORM 10-Q
PACCAR Inc AND SUBSIDIARIES
(Millions)
Notes to Consolidated Financial Statements (Unaudited)
NOTE H—Employee Benefit Plans
PACCAR has several defined benefit pension plans, which cover a majority of its employees. The
Company also provides coverage of approximately 50% of medical costs for the majority of its U.S.
employees from retirement until age 65.
The following information details the components of net pension expense for the Company’s defined
benefit plans:
Three Months Ended Six Months Ended
June 30 June 30
2006 2006
2007 2007
Components of Pension Expense:
Service cost $ 13.3 $ 24.9
$ 12.3 $ 24.8
Interest on projected benefit obligation 15.7 29.9
16.9 33.4
Expected return on assets (19.4) (37.1)
(22.3) (43.9)
Curtailment charge .8 3.6
Amortization of:
Actuarial loss 3.4 6.0
2.1 4.0
Prior service costs 1.0 2.0
.7 1.6
Net pension expense $ 14.0 $ 25.7
$ 10.5 $ 23.5
During the first six months of 2007, the Company contributed $5.2 to its pension plans. The
curtailment charge in 2007 related to a production workforce reduction in the United States.
The following information details the components of net retiree expense for the Company’s unfunded
postretirement medical and life insurance plans:
Three Months Ended Six Months Ended
June 30 June 30
2006 2006
2007 2007
Components of Retiree Expense:
Service cost $ 1.0 $ 1.9
$ 1.2 $ 2.6
Interest cost 1.0 2.1
1.3 2.6
Amortization of:
Actuarial loss .3 .6
.3 .6
Net initial obligation .1 .2
.1 .2
Net retiree expense $ 2.4 $ 4.8
$ 2.9 $ 6.0
-11-
12. FORM 10-Q
PACCAR Inc AND SUBSIDIARIES
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
RESULTS OF OPERATIONS:
Second quarter net sales and revenues were $3.72 billion compared to $4.17 billion in
the second quarter of 2006. Second quarter net income of $298.3 million ($1.19 per
share diluted) was down from the $369.9 million ($1.47 per share diluted) earned in
2006. First half net sales and revenues were $7.70 billion compared to $8.02 billion in
the first half of 2006. First half net income was $663.9 million compared to $711.9 million
earned in the year-earlier period.
Second quarter Truck segment net sales were $3.38 billion compared to $3.90 billion in
the second quarter of 2006. First half Truck segment net sales in 2007 were $7.06 billion
compared to $7.51 billion in the first half of 2006. Truck segment income before taxes
was $329.9 million in the second quarter of 2007 compared to $468.5 million earned in the
second quarter of 2006. First half 2007 income before taxes was $753.1 million compared
to $896.6 million earned in the first half of 2006. The translation effect of stronger
foreign currencies, primarily the euro, increased second quarter 2007 sales and income
before taxes by $87.3 million and $12.5 million, respectively. For the first half, the impact
of foreign currencies increased 2007 sales and income before taxes by $186.4 million and
$30.4 million compared to the year-earlier periods in 2006.
Truck segment results in the second quarter and first half of 2007 reflected the impact of
lower new-truck market demand in the U.S. and Canada, partially offset by increased truck
demand in Europe, Mexico and Australia and higher aftermarket parts sales worldwide.
Lower overall truck production and higher spending on new product development resulted
in gross margins of 13.4% and 14.1% in the second quarter and first half, respectively,
compared to 14.8% in the comparable periods in 2006.
Truck demand in the U.S. and Canadian truck markets has continued at low levels, as
anticipated, as the ‘prebuy’ experienced in the second half of 2006 dampens the market
for new model vehicles. The Company expects industry Class 8 heavy-duty retail sales to
be in the range of 180,000 to 210,000 units for 2007 compared to a record 322,500 units
in 2006. PACCAR’s Peterbilt and Kenworth truck divisions in the U.S. and Canada have
adjusted production levels accordingly.
In Western Europe, industry sales in the above 15 tonne truck market are strong and
could be in the range of 265,000 to 280,000 units for 2007 compared to a record 268,500
in 2006. PACCAR’s DAF truck operations in Europe are also benefiting from strong growth
in Central and Eastern Europe. Truck demand in Australia, Mexico and other international
markets is at record levels.
-12-
13. FORM 10-Q
PACCAR Inc AND SUBSIDIARIES
Selling, general and administrative (SG&A) expense increased to $120.3 million and
$240.4 million in the second quarter and first half of 2007, respectively, to support higher
sales in Europe, Mexico and Australia, partially offset by lower spending in North American
truck operations.
Financial Services segment revenues increased 24% in both the second quarter and
first half of 2007 to $286.8 million and $550.8 million, respectively, compared to the
same periods in the prior year due to higher portfolio levels and interest rates. Financial
Services income before income taxes for the second quarter increased 15% to $68.9
million compared to $59.7 million earned in 2006. First half pretax income increased
17% to $134.5 million from $114.5 million in 2006. The improvement was due primarily
to higher finance gross profit from higher portfolio balances.
The effective tax rate was 30.6% and 31.4% for the second quarter and first half of 2007
compared to 32.5% and 32.1% for the second quarter and first half of 2006. The lower
effective tax rate in 2007 reflects a higher proportion of income from foreign operations.
LIQUIDITY AND CAPITAL RESOURCES:
PACCAR's Truck and Other working capital (current assets minus current liabilities)
increased $341.9 million during the first half of 2007. Truck and Other cash and marketable
debt securities decreased in the first half of 2007 by $192.3 million to $2.44 billion.
Cash provided by operations was $982.6 million in the first half of 2007 compared to
$935.5 million in the first half of 2006. The increase in cash provided by operations
resulted from higher depreciation and changes in net operating assets and liabilities,
which more than offset the decline in net income. During the first half of 2007, in addition
to dividend payments, the Company used cash to purchase marketable securities, fund
finance receivables and equipment on operating leases in excess of net borrowings, make
capital additions and repurchase PACCAR common stock.
At June 30, 2007, PACCAR’s European finance subsidiary, PACCAR Financial Europe
(PFE), had €438.7 million available for issuance under a €1.2 billion medium term-note
program registered with the London Stock Exchange under a prospectus filed on June 29,
2007.
At the end of June 2007, the Company had lines of credit arrangements of $2.51 billion.
The unused portion of these credit lines was $2.47 billion and is primarily maintained
to provide backup liquidity for commercial paper borrowings of the financial services
companies. Included in these arrangements were $2.20 billion of committed bank
facilities, of which $1.20 billion matures in June 2008 and $1.00 billion matures in 2012.
Other information on liquidity and capital resources as presented in the 2006 Annual
Report to Stockholders continues to be relevant.
-13-
14. FORM 10-Q
PACCAR Inc AND SUBSIDIARIES
FORWARD-LOOKING STATEMENTS:
Certain information presented in this report contains forward-looking statements made
pursuant to the Private Securities Litigation Reform Act of 1995, which are subject to risks
and uncertainties that may affect actual results. Risks and uncertainties include, but are
not limited to: a significant decline in industry sales; competitive pressures; reduced market
share; reduced availability of or higher prices for fuel; increased safety, emissions, or other
regulations resulting in higher costs and/or sales restrictions; currency or commodity price
fluctuations; lower used truck prices; insufficient or under-utilization of manufacturing
capacity; supplier interruptions; insufficient supplier capacity or access to raw materials;
labor disruptions; shortages of commercial truck drivers; increased warranty costs or
litigation; or legislative and governmental regulations.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
There have been no material changes in the Company’s market risk during the six months
ended June 30, 2007. For additional information, refer to the market risk disclosure in Item
7A as presented in the Company’s 2006 Annual Report on Form 10-K.
ITEM 4. CONTROLS AND PROCEDURES
An evaluation was performed under the supervision and with the participation of the
Company’s management, including the principal executive officer and principal financial
officer, of the effectiveness of the design and operation of the Company’s disclosure
controls and procedures (as defined in rules 13a-15(e) and 15d-15(e) promulgated under
the Securities Exchange Act of 1934, as amended) as of June 30, 2007. Based on that
evaluation, the principal executive officer and principal financial officer of the Company
concluded that the disclosure controls and procedures in place at the Company are
effective to ensure that information required to be disclosed by the Company, including
its consolidated subsidiaries, in reports that the Company files or submits under the
Exchange Act, is recorded, processed, summarized and reported on a timely basis in
accordance with applicable rules and regulations. The Company is implementing a new
global treasury system which supports debt, cash and risk management processes and
was used to produce certain information contained in this quarterly report. There have
been no significant changes in the Company’s internal controls over financial reporting
that occurred during the fiscal quarter covered by this quarterly report that have materially
affected, or are reasonably likely to materially affect, the Company’s internal control over
financial reporting.
ITEM 4T. CONTROLS AND PROCEDURES
Not applicable.
-14-
15. FORM 10-Q
PACCAR Inc AND SUBSIDIARIES
PART II—OTHER INFORMATION
For Items 1, 2, 3 and 5, there was no reportable information for any of the three months ended
June 30, 2007.
ITEM 1A. RISK FACTORS
For information regarding risk factors, refer to Part I, Item 1A as presented in the 2006
Annual Report on Form 10-K. There have been no material changes in the Company’s
risk factors during the three months ended June 30, 2007.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
Reportable information in response to Item 4 was previously reported in the Quarterly
Report on Form 10-Q for the quarter ended March 31, 2007.
ITEM 6. EXHIBITS
Any exhibits filed herewith are listed in the accompanying index to exhibits.
-15-
16. FORM 10-Q
PACCAR Inc AND SUBSIDIARIES
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused
this report to be signed on its behalf by the undersigned thereunto duly authorized.
PACCAR Inc
(Registrant)
Date August 3, 2007 By /s/ M. T. Barkley
M. T. Barkley
Vice President and Controller
(Authorized Officer and
Chief Accounting Officer)
-16-
17. FORM 10-Q
PACCAR Inc AND SUBSIDIARIES
INDEX TO EXHIBITS
Exhibit (in order of assigned index numbers)
3 Articles of incorporation and bylaws:
(a) Restated Certificate of Incorporation of PACCAR Inc (incorporated by reference to Exhibit
99.3 of the Current Report on Form 8-K of PACCAR Inc dated September 19, 2005).
(b) Amended and Restated Bylaws of PACCAR Inc (incorporated by reference to Exhibit 99.4
of the Current Report on Form 8-K of PACCAR Inc dated September 19, 2005).
4 Instruments defining the rights of security holders, including indentures:
(a) Rights agreement dated as of December 10, 1998, between PACCAR Inc and First Chicago
Trust Company of New York setting forth the terms of the Series A Junior Participating
Preferred Stock, no par value per share (incorporated by reference to Exhibit 4.1 of the
Current Report on Form 8-K of PACCAR Inc dated December 21, 1998).
(b) Amendment Number 1 to rights agreement dated as of December 10, 1998, between
PACCAR Inc and First Chicago Trust Company of New York appointing Wells Fargo Bank
N.A. as successor rights agent, effective as of the close of business September 15, 2000
(incorporated by reference to Exhibit (4)(b) of the Quarterly Report on Form 10-Q for the
quarter ended September 30, 2000).
(c) Indenture for Senior Debt Securities dated as of December 1, 1983 and first Supplemental
Indenture dated as of June 19, 1989 between PACCAR Financial Corp. and Wilmington
Trust Company (incorporated by reference to Exhibit 4.1 of PACCAR Financial Corp.’s
Annual Report on Form 10-K dated March 26, 1984, File Number 001-11677 and Exhibit
4.2 of PACCAR Financial Corp.’s Registration Statement on Form S-3 dated June 23,
1989, Registration Number 33-29434), and the Agreement of Resignation, Appointment
and Acceptance, dated as of October 31, 2006 (incorporated by reference to PACCAR
Financial Corp.’s Form 8-K dated November 3, 2006).
(d) Forms of Medium-Term Note, Series K (incorporated by reference to Exhibits 4.2A and
4.2B to PACCAR Financial Corp.'s Registration Statement on Form S-3 dated December
23, 2003, Registration Number 333-111504).
Form of Letter of Representation among PACCAR Financial Corp., Citibank, N.A. and the
Depository Trust Company, Series K (incorporated by reference to Exhibit 4.3 to PACCAR
Financial Corp.'s Registration Statement on Form S-3 dated December 23, 2003,
Registration Number 333-111504).
(e) Forms of Medium-Term Note, Series L (incorporated by reference to Exhibits 4.2A and
4.2B to PACCAR Financial Corp.'s Registration Statement on Form S-3 dated November
7, 2006, Registration Number 333-138464).
Form of Letter of Representation among PACCAR Financial Corp., Citibank, N.A. and the
Depository Trust Company, Series L (incorporated by reference to Exhibit 4.3 to PACCAR
Financial Corp.'s Registration Statement on Form S-3 dated November 7, 2006, Registra-
tion Number 333-138464).
-17-
18. FORM 10-Q
PACCAR Inc AND SUBSIDIARIES
INDEX TO EXHIBITS
Exhibit (in order of assigned index numbers)
10 Material contracts:
(a) PACCAR Inc Amended and Restated Supplemental Retirement Plan (incorporated
by reference to Exhibit (10)(a) of the Annual Report on Form 10-K for the year ended
December 31, 2006).
(b) Deferred Incentive Compensation Plan (Amended and Restated as of December 31,
2004) (incorporated by reference to Exhibit (10)(b) of the Annual Report on Form 10-K
for the year ended December 31, 2005).
(c) Amended and Restated PACCAR Inc Restricted Stock and Deferred Compensation Plan
for Non-employee Directors (incorporated by reference to Exhibit (10)(c) of the Annual
Report on Form 10-K for the year ended December 31, 2006).
(d) PACCAR Inc Long Term Incentive Plan (incorporated by reference to Appendix A of the
2006 Proxy Statement, dated March 14, 2006).
(e) PACCAR Inc Senior Executive Yearly Incentive Compensation Plan (incorporated by
reference to Appendix B of the 2006 Proxy Statement, dated March 14, 2006).
(f) Compensatory arrangement with K. R. Gangl dated February 1, 1999 and attached
amendment dated February 18, 1999 (incorporated by reference to Exhibit (10)(g) of
the Annual Report on Form 10-K for the year ended December 31, 2004).
(g) PACCAR Inc Long Term Incentive Plan, Nonstatutory Stock Option Agreement and Form
of Option Grant Agreement (incorporated by reference to Exhibit 99.1 of Form 8-K dated
January 20, 2005 and filed January 25, 2005).
(h) PACCAR Inc Long Term Incentive Plan, Amended Form of 2006 Restricted Stock Award
Agreement (incorporated by reference as Exhibit 99.2 of Form 8-K dated January 31,
2007 and filed February 5, 2007).
(i) PACCAR Inc Long Term Incentive Plan, Form of Restricted Stock Award Agreement
(incorporated by reference as Exhibit 99.1 of Form 8-K dated January 31, 2007 and filed
February 5, 2007).
(j) PACCAR Inc Long Term Incentive Plan, Amended Form of Share Match Restricted Stock
Award Agreement (incorporated by reference as Exhibit 99.3 of Form 8-K dated January
31, 2007 and filed February 5, 2007).
(k) Amendment to compensatory arrangement with non-employee directors (incorporated by
reference to Exhibit (10)(h) of the Quarterly Report on Form 10-Q for the quarter ended
September 30, 2005).
(l) PACCAR Inc Savings Investment Plan, Amendment and Restatement Effective January 1,
2006 (incorporated by reference as Exhibit (10)(l) of the Quarterly Report on Form 10-Q
for the quarter ended March 31, 2007.
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19. FORM 10-Q
PACCAR Inc AND SUBSIDIARIES
INDEX TO EXHIBITS
Exhibit (in order of assigned index numbers)
(m) Deferred Compensation Plan (incorporated by reference as Exhibit 99.1 of Form 8-K
dated September 12, 2006 and filed September 15, 2006).
(n) Memorandum of Understanding, dated as of May 11, 2007, by and among PACCAR
Engine Company, the State of Mississippi and certain state and local supporting
government entities (incorporated by reference as Exhibit 10.1 to Current Report
on Form 8-K filed May 16, 2007).
Certain instruments relating to long-term debt constituting less than 10 percent of the
Company’s total assets are not filed as exhibits herewith pursuant to Item 601(b)(4)(iii)(A)
of Regulations S-K. The Company will file copies of such instruments upon request of the
Commission.
31 Rule 13a-14(a)/15d-14(a) Certifications:
(a) Certification of Principal Executive Officer.
(b) Certification of Principal Financial Officer.
32 Section 1350 Certifications:
(a) Certification pursuant to rule 13a-14(b) and section 906 of the Sarbanes-Oxley Act of
2002 (18 U.S.C. section 1350).
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