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.
- 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 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.
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 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.
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.
- 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.
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
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.
- 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 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.
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 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.
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.
- 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.
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
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 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 quarterly report filed with the SEC by The Black & Decker Corporation for the quarter ended March 30, 2008. It includes the consolidated statement of earnings, balance sheet, statement of stockholders' equity, and statement of cash flows for the quarter, as well as notes to the financial statements. The financial statements show that net earnings for the quarter were $67.4 million on sales of $1.495 billion, with basic earnings per share of $1.11. Cash flow from operating activities was negative $86.9 million for the quarter. Total stockholders' equity as of March 30, 2008 was $1.389 billion.
johnson controls FY2007 1st Quarter Form 10-Q finance8
This document is a Form 10-Q quarterly report filed by Johnson Controls with the SEC for the quarter ended December 31, 2006. It includes:
1) Financial statements such as the balance sheet, income statement, and cash flow statement for the quarter.
2) A discussion of the company's financial condition and results of operations for the quarter.
3) Information on legal proceedings, risks, shareholder votes, and certifications by management.
This document is Aetna Inc.'s quarterly report filed with the SEC for the quarter ended March 31, 2005. It provides financial statements and disclosures for the period. Specifically, it includes the consolidated statements of income, balance sheets, shareholders' equity, and cash flows for the quarters ended March 31, 2005 and 2004. It also provides notes to the financial statements and disclosures on the company's business segments, accounting policies, and recent acquisitions. The financial statements show increased revenues and net income compared to the prior year period.
This document is a quarterly report filed by The Black & Decker Corporation with the United States Securities and Exchange Commission for the quarter ended April 2, 2006. It includes the company's consolidated financial statements and notes for the quarter, including the statement of earnings, balance sheet, statement of cash flows, and stockholders' equity. It also provides information on the company's accounting policies, adoption of a new accounting standard for share-based payments, and selected financial data and operating results for the quarter.
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
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 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.
This document is Aetna Inc.'s Form 10-Q quarterly report filed with the SEC for the quarter ended March 31, 2006. The summary includes:
1) Aetna reported total revenue of $6.2 billion for Q1 2006, up from $5.4 billion in Q1 2005. Net income was $401.7 million compared to $389.3 million in Q1 2005.
2) As of March 31, 2006, Aetna's total assets were $45.7 billion and total liabilities were $35.2 billion, resulting in total shareholders' equity of $10.5 billion.
3) Aetna's cash flows from operating activities
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 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
johnson controls FY2009 First Quarter Form 10-Q Report finance8
This document is Johnson Controls' quarterly report filed with the SEC for the quarter ended December 31, 2008. It includes their condensed consolidated financial statements, notes to the financial statements, and other disclosures. The financial statements show a net loss of $608 million for the quarter on net sales of $7.3 billion, compared to net income of $235 million on net sales of $9.5 billion in the prior year quarter. Current assets decreased to $8.7 billion from $10.7 billion at the end of the previous fiscal year.
aetna Download Documentation Form 10-Q2008 1stfinance9
This document is Aetna Inc.'s Form 10-Q quarterly report filed with the SEC for the quarter ended March 31, 2008. It includes Aetna's consolidated financial statements and notes for the quarter. Some key details include:
- Total revenue for the quarter was $7.7 billion, with net income of $431.6 million.
- The Health Care segment had revenue of $6.3 billion from medical, pharmacy benefits management, dental and vision plans.
- Assets totaled $39.2 billion as of March 31, 2008, with liabilities of $29.3 billion resulting in total shareholders' equity of $9.9 billion.
This document provides the consolidated financial statements and management discussion and analysis for Avis Budget Car Rental for the first quarter of 2007. It includes the consolidated statements of income, balance sheets, cash flows, and stockholder's equity for the periods ended March 31, 2007 and 2006. The financial statements show that Avis Budget's net revenues increased slightly while net income decreased compared to the same period in 2006, as expenses also increased. The document also identifies several risks and uncertainties that could impact the company's future financial performance.
This document is a quarterly report filed with the SEC by Tenet Healthcare Corporation for the quarter ended March 31, 2003. It includes condensed consolidated financial statements and notes. Key details include: Tenet reported a net loss of $20 million for the quarter compared to net income of $278 million in the prior year quarter. It also announced a plan to dispose of 14 hospitals that no longer fit its core strategy. An impairment charge of $61 million was recorded related to assets held for sale for these hospitals. Restructuring charges of $9 million were incurred related to plans to reduce operating expenses.
johnson controls FY2006 2nd Quarter Form 10-Q finance8
This document is Johnson Controls' Form 10-Q quarterly report filed with the SEC for the quarter ended March 31, 2006. It includes an unaudited condensed consolidated statement of financial position, consolidated statements of income, condensed consolidated statements of cash flows, and notes to the condensed consolidated financial statements. The notes provide details on new accounting standards adopted, the acquisition of York International Corporation, and segment information.
Southern Company reported steady third quarter earnings of $762 million compared to $738 million in the third quarter of 2006. Earnings for the first nine months of 2007 were $1.53 billion compared to $1.38 billion for the same period in 2006. The positive earnings were driven by customer growth of 1.5% and regulatory actions, but were offset by higher expenses. Southern Company continues to focus on reliable operations, customer satisfaction, and earnings growth of 5% on average over the long term.
The document is a notice for the annual meeting of stockholders of Halliburton Company to be held on May 18, 2005. It invites stockholders to attend and informs them that items to be voted on include electing directors, ratifying the selection of an independent accounting firm, and considering two stockholder proposals. Stockholders are urged to vote by proxy via mail, phone or internet prior to the meeting.
PACCAR is a global technology company that manufactures commercial vehicles under the Kenworth, Peterbilt and DAF brands. In 2007, PACCAR delivered over 133,000 trucks globally and had record sales of aftermarket parts and new financing contracts. Net income was $1.23 billion on revenues of $15.2 billion, despite a weak North American truck market. PACCAR continues to invest heavily in new products, manufacturing technology, and expanding its global operations to position itself for long-term growth.
This policy outlines Office Depot's procedures for reviewing and approving related person transactions. It defines related persons as executives, directors, 5% shareholders or their family members. It requires these transactions be approved in advance by the Governance Committee if they exceed $120,000, unless they qualify as ordinary course transactions. The General Counsel determines if transactions require review. The committee must decide if proposed deals are in the company's best interest and on fair market terms.
Southern Company reported first quarter earnings of $323.0 million, down slightly from $331.1 million in the same period last year. Revenues increased 4.8% to $2.86 billion due to continued customer and economic growth in the Southeast, though mild weather reduced electricity demand. Kilowatt-hour sales decreased 0.8% overall with residential use down 3.5% and commercial use up 0.9%. The company reaffirmed its 2005 EPS guidance range of $2.04 - $2.09 and outlined capital expenditure plans of $7.9 billion from 2005-2007 focused on infrastructure investment and growing its competitive generation business.
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 quarterly report filed with the SEC by The Black & Decker Corporation for the quarter ended March 30, 2008. It includes the consolidated statement of earnings, balance sheet, statement of stockholders' equity, and statement of cash flows for the quarter, as well as notes to the financial statements. The financial statements show that net earnings for the quarter were $67.4 million on sales of $1.495 billion, with basic earnings per share of $1.11. Cash flow from operating activities was negative $86.9 million for the quarter. Total stockholders' equity as of March 30, 2008 was $1.389 billion.
johnson controls FY2007 1st Quarter Form 10-Q finance8
This document is a Form 10-Q quarterly report filed by Johnson Controls with the SEC for the quarter ended December 31, 2006. It includes:
1) Financial statements such as the balance sheet, income statement, and cash flow statement for the quarter.
2) A discussion of the company's financial condition and results of operations for the quarter.
3) Information on legal proceedings, risks, shareholder votes, and certifications by management.
This document is Aetna Inc.'s quarterly report filed with the SEC for the quarter ended March 31, 2005. It provides financial statements and disclosures for the period. Specifically, it includes the consolidated statements of income, balance sheets, shareholders' equity, and cash flows for the quarters ended March 31, 2005 and 2004. It also provides notes to the financial statements and disclosures on the company's business segments, accounting policies, and recent acquisitions. The financial statements show increased revenues and net income compared to the prior year period.
This document is a quarterly report filed by The Black & Decker Corporation with the United States Securities and Exchange Commission for the quarter ended April 2, 2006. It includes the company's consolidated financial statements and notes for the quarter, including the statement of earnings, balance sheet, statement of cash flows, and stockholders' equity. It also provides information on the company's accounting policies, adoption of a new accounting standard for share-based payments, and selected financial data and operating results for the quarter.
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
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 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.
This document is Aetna Inc.'s Form 10-Q quarterly report filed with the SEC for the quarter ended March 31, 2006. The summary includes:
1) Aetna reported total revenue of $6.2 billion for Q1 2006, up from $5.4 billion in Q1 2005. Net income was $401.7 million compared to $389.3 million in Q1 2005.
2) As of March 31, 2006, Aetna's total assets were $45.7 billion and total liabilities were $35.2 billion, resulting in total shareholders' equity of $10.5 billion.
3) Aetna's cash flows from operating activities
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 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
johnson controls FY2009 First Quarter Form 10-Q Report finance8
This document is Johnson Controls' quarterly report filed with the SEC for the quarter ended December 31, 2008. It includes their condensed consolidated financial statements, notes to the financial statements, and other disclosures. The financial statements show a net loss of $608 million for the quarter on net sales of $7.3 billion, compared to net income of $235 million on net sales of $9.5 billion in the prior year quarter. Current assets decreased to $8.7 billion from $10.7 billion at the end of the previous fiscal year.
aetna Download Documentation Form 10-Q2008 1stfinance9
This document is Aetna Inc.'s Form 10-Q quarterly report filed with the SEC for the quarter ended March 31, 2008. It includes Aetna's consolidated financial statements and notes for the quarter. Some key details include:
- Total revenue for the quarter was $7.7 billion, with net income of $431.6 million.
- The Health Care segment had revenue of $6.3 billion from medical, pharmacy benefits management, dental and vision plans.
- Assets totaled $39.2 billion as of March 31, 2008, with liabilities of $29.3 billion resulting in total shareholders' equity of $9.9 billion.
This document provides the consolidated financial statements and management discussion and analysis for Avis Budget Car Rental for the first quarter of 2007. It includes the consolidated statements of income, balance sheets, cash flows, and stockholder's equity for the periods ended March 31, 2007 and 2006. The financial statements show that Avis Budget's net revenues increased slightly while net income decreased compared to the same period in 2006, as expenses also increased. The document also identifies several risks and uncertainties that could impact the company's future financial performance.
This document is a quarterly report filed with the SEC by Tenet Healthcare Corporation for the quarter ended March 31, 2003. It includes condensed consolidated financial statements and notes. Key details include: Tenet reported a net loss of $20 million for the quarter compared to net income of $278 million in the prior year quarter. It also announced a plan to dispose of 14 hospitals that no longer fit its core strategy. An impairment charge of $61 million was recorded related to assets held for sale for these hospitals. Restructuring charges of $9 million were incurred related to plans to reduce operating expenses.
johnson controls FY2006 2nd Quarter Form 10-Q finance8
This document is Johnson Controls' Form 10-Q quarterly report filed with the SEC for the quarter ended March 31, 2006. It includes an unaudited condensed consolidated statement of financial position, consolidated statements of income, condensed consolidated statements of cash flows, and notes to the condensed consolidated financial statements. The notes provide details on new accounting standards adopted, the acquisition of York International Corporation, and segment information.
Southern Company reported steady third quarter earnings of $762 million compared to $738 million in the third quarter of 2006. Earnings for the first nine months of 2007 were $1.53 billion compared to $1.38 billion for the same period in 2006. The positive earnings were driven by customer growth of 1.5% and regulatory actions, but were offset by higher expenses. Southern Company continues to focus on reliable operations, customer satisfaction, and earnings growth of 5% on average over the long term.
The document is a notice for the annual meeting of stockholders of Halliburton Company to be held on May 18, 2005. It invites stockholders to attend and informs them that items to be voted on include electing directors, ratifying the selection of an independent accounting firm, and considering two stockholder proposals. Stockholders are urged to vote by proxy via mail, phone or internet prior to the meeting.
PACCAR is a global technology company that manufactures commercial vehicles under the Kenworth, Peterbilt and DAF brands. In 2007, PACCAR delivered over 133,000 trucks globally and had record sales of aftermarket parts and new financing contracts. Net income was $1.23 billion on revenues of $15.2 billion, despite a weak North American truck market. PACCAR continues to invest heavily in new products, manufacturing technology, and expanding its global operations to position itself for long-term growth.
This policy outlines Office Depot's procedures for reviewing and approving related person transactions. It defines related persons as executives, directors, 5% shareholders or their family members. It requires these transactions be approved in advance by the Governance Committee if they exceed $120,000, unless they qualify as ordinary course transactions. The General Counsel determines if transactions require review. The committee must decide if proposed deals are in the company's best interest and on fair market terms.
Southern Company reported first quarter earnings of $323.0 million, down slightly from $331.1 million in the same period last year. Revenues increased 4.8% to $2.86 billion due to continued customer and economic growth in the Southeast, though mild weather reduced electricity demand. Kilowatt-hour sales decreased 0.8% overall with residential use down 3.5% and commercial use up 0.9%. The company reaffirmed its 2005 EPS guidance range of $2.04 - $2.09 and outlined capital expenditure plans of $7.9 billion from 2005-2007 focused on infrastructure investment and growing its competitive generation business.
Southern Company reported third quarter earnings of $619 million, or $0.85 per share, up slightly from $595 million, or $0.84 per share in the third quarter of 2002. For the first nine months of 2003, earnings were $1.266 billion or $1.75 per share. However, excluding a one-time gain from terminating contracts with Dynegy, earnings for the first nine months were $1.349 billion or $1.86 per share. Revenues increased slightly in the third quarter to $3.337 billion from $3.248 billion in the prior year. Southern Company continues to focus on growing its regulated infrastructure, competitive generation, and energy products and services businesses.
fpl group library.corporate-4Q08%20 Slides_FINALfinance17
- FPL Group reported record adjusted earnings per share for 2008, driven by strong performance at NextEra Energy Resources. However, FPL experienced challenges from the difficult economic environment in Florida.
- NextEra Energy Resources had another strong quarter and year, with adjusted EPS up over 60% for Q4 2008 and 30% for full year 2008, driven by new project additions and existing asset contributions.
- For 2009, FPL Group expects adjusted EPS to remain flat compared to 2008, assuming normal weather and economic conditions. FPL Group is well positioned to benefit from policies supporting renewable energy and a transition to a lower carbon future.
This document outlines amended and restated bylaws for Office Depot, Inc. Key points include:
- It establishes procedures for stockholder meetings, including annual meetings, special meetings, notice requirements, and quorum.
- It details voting procedures for stockholders, including majority vote requirements for most matters and plurality vote for contested director elections.
- It includes a resignation policy requiring directors who do not receive a majority of votes to resign, subject to board review.
- It allows for stockholder action by written consent without a meeting under certain conditions.
southern 2000 Financial Section, black typefinance17
This annual report summarizes Southern Company's financial performance in 2000. Key points include:
- Reported earnings per share were $2.13 in 2000 and $1.90 in 1999, though both years had significant unusual items. Earnings per share from normal business operations were $2.13 in 2000 and $1.90 in 1999.
- In 2000, Southern Company announced an initial public offering to spin off up to 19.9% of Mirant Corporation, formerly Southern Energy, which contributed unusual transition costs.
- Asset impairment charges were also recorded in 2000 and 1999 related to Mobile Energy Services, which affected reported earnings.
- The traditional utilities business in the Southeast saw strong earnings growth
This document is PACCAR's 2005 annual report. It summarizes that 2005 was a record year for PACCAR with revenues of $14.06 billion and net income of $1.13 billion, both increases from 2004. It discusses PACCAR's main business segments of manufacturing trucks under the Kenworth, Peterbilt and DAF brands, and providing financing through its financial services subsidiaries. It highlights several accomplishments in 2005 including record truck deliveries and aftermarket part sales, new product launches, and investments in manufacturing facilities and information technology.
The document is the proxy statement for PACCAR Inc's annual stockholder meeting to be held on April 27, 2004. It provides details on voting procedures, items to be voted on, recommendations by the board of directors, and other required disclosures. The principal items of business are the election of three directors, an increase in authorized common shares, and amendments to the restricted stock plan for non-employee directors. Stockholders are requested to vote by proxy and provide voting instructions by mail, phone or internet.
This document is a notice and proxy statement for The Southern Company's 2007 Annual Meeting of Stockholders. It provides information on the date, time, and location of the meeting, as well as the items of business to be voted on, including the election of directors. It also summarizes the company's corporate governance policies and practices, including director independence and compensation.
The document is a proxy statement for Southern Company's 2001 Annual Meeting of Stockholders. It provides information about the meeting, including the date, time, location, and items to be voted on. Stockholders are being asked to elect 10 members of the Board of Directors, approve the Company's Omnibus Incentive Compensation Plan, and consider a stockholder proposal if presented. The proxy statement also summarizes the Company's corporate governance practices, including board committees and director compensation.
The document is a notice for the annual meeting of PACCAR Inc stockholders to be held on April 22, 2008. It includes:
1) An invitation for stockholders to attend the annual meeting to elect directors, vote on increasing authorized common shares, and consider two stockholder proposals.
2) A recommendation by the Board of Directors to vote for increasing authorized shares and against the two stockholder proposals.
3) A notice of the matters to be voted on at the meeting, including electing directors, increasing authorized shares, and the two stockholder proposals regarding supermajority vote provisions and director vote thresholds.
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.
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 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.
This document is a quarterly report filed with the SEC by The Black & Decker Corporation for the quarter ended March 30, 2008. It includes the consolidated statement of earnings, balance sheet, statement of stockholders' equity, and statement of cash flows for the quarter, as well as notes to the financial statements. The financial statements show that for the quarter, net earnings were $67.4 million on sales of $1.495 billion, with basic earnings per share of $1.11. Total assets as of March 30, 2008 were $5.555 billion, with stockholders' equity of $1.389 billion.
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 a quarterly report filed by The Black & Decker Corporation with the United States Securities and Exchange Commission for the quarter ended April 2, 2006. It includes financial statements such as the consolidated statement of earnings, balance sheet, and cash flows for the quarter. It also provides notes to the financial statements regarding accounting policies, the adoption of a new accounting standard for share-based payments, and segment information. The report indicates that for the quarter ended April 2, 2006, Black & Decker reported net earnings of $113.1 million on sales of $1.528.9 million.
This document is a quarterly report filed by The Black & Decker Corporation with the United States Securities and Exchange Commission for the quarter ending April 1, 2007. It includes financial statements such as the consolidated statement of earnings, balance sheet, and cash flows. The report provides key financial information about Black & Decker's performance for the quarter, including sales, costs, expenses, earnings, assets, liabilities, and cash flows. It also includes notes to the financial statements regarding accounting policies and the adoption of a new accounting standard related to uncertainty in income taxes.
This document is a Form 10-Q quarterly report filed by The Black & Decker Corporation with the US Securities and Exchange Commission for the quarter ended April 1, 2007. It includes financial statements such as the consolidated statement of earnings, balance sheet, and cash flows for the quarter, as well as notes to the financial statements. The report indicates that net earnings for the quarter were $108.1 million on sales of $1.577.2 million, and provides details on the company's assets, liabilities, and stockholders' equity as of the end of the reported quarter.
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.
The document is a Form 10-Q quarterly report filed by The Black & Decker Corporation with the SEC for the quarter ended October 1, 2006. It includes financial statements such as the consolidated statement of earnings, balance sheet, and cash flows. The report indicates that total sales for the quarter were $1.61 billion, with net earnings of $125.1 million. As of October 1, 2006, the company held $261.9 million in cash and had total current assets of $2.93 billion according to its consolidated balance sheet.
The document is a Form 10-Q quarterly report filed by The Black & Decker Corporation with the SEC for the quarter ended October 1, 2006. It includes the company's consolidated financial statements such as the income statement, balance sheet, and statement of cash flows. It also notes that the financial statements have been prepared following the instructions of Form 10-Q and do not include all information required for complete annual financial statements under GAAP. The report provides the company's key financial results for the quarter including net earnings of $125.1 million and earnings per share of $1.79.
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 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.
- The document is Goodyear Tire & Rubber Company's Form 10-Q/A for the quarterly period ended March 31, 2004, which includes restated financial statements and notes for that period as well as the comparable period in 2003.
- Goodyear is restating its financial statements for 2003 and prior periods due to accounting errors. The restatement adjustments are described in Note 1A and Note 2.
- For the quarter ended March 31, 2004, Goodyear reported a net loss of $78.1 million compared to a net loss of $200.5 million in the comparable period of 2003.
johnson controls FY2006 1st Quarter Form 10-Q finance8
This document is Johnson Controls' quarterly report filed with the SEC for the quarter ending December 31, 2005. It includes their consolidated statement of financial position, income, and cash flows for the periods ended December 31, 2005 and 2004. A key event disclosed is Johnson Controls' acquisition of York International Corporation on December 9, 2005 for approximately $3.1 billion, financed initially with commercial paper that was later refinanced with long-term debt. The acquisition enhanced Johnson Controls' building products and services capabilities.
This document is a Form 10-Q quarterly report filed by The Black & Decker Corporation with the SEC for the quarter ended September 30, 2007. It includes an unaudited consolidated statement of earnings, balance sheet, statement of cash flows, and notes to the financial statements. The financial statements show that for the quarter ended September 30, 2007, Black & Decker had sales of $1.63 billion, net earnings of $104.6 million, and earnings per share of $1.59 on a diluted basis. Total assets as of September 30, 2007 were $5.58 billion, with stockholders' equity of $1.06 billion.
This document is a Form 10-Q quarterly report filed by The Black & Decker Corporation with the SEC for the quarter ended September 30, 2007. It includes an unaudited consolidated statement of earnings, balance sheet, statement of cash flows, and notes to the financial statements. The financial statements show that for the quarter ended September 30, 2007, Black & Decker had sales of $1.63 billion, net earnings of $104.6 million, and earnings per share of $1.59 on a diluted basis. Total assets as of September 30, 2007 were $5.58 billion, with stockholders' equity of $1.06 billion.
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.
This document is a quarterly report filed by The Black & Decker Corporation with the US Securities and Exchange Commission for the quarter ended September 28, 2008. It includes the company's consolidated financial statements and notes. The financial statements show that for the quarter, net earnings were $85.8 million on sales of $1.57 billion, compared to net earnings of $104.6 million on sales of $1.63 billion in the same quarter last year. For the nine months, net earnings were $249.9 million on sales of $4.71 billion, compared to net earnings of $330.7 million on sales of $4.91 billion in the same period last year. The notes provide accounting policies and
This document is a Form 10-Q quarterly report filed by The Black & Decker Corporation with the SEC for the quarter ended September 28, 2008. It includes the company's consolidated financial statements and notes. The financial statements show that for the quarter, net earnings were $85.8 million on sales of $1.57 billion, compared to net earnings of $104.6 million on sales of $1.63 billion in the same quarter of the previous year. For the nine months, net earnings were $249.9 million on sales of $4.71 billion, compared to net earnings of $330.7 million on sales of $4.91 billion in the previous year. The notes provide accounting policies and
This document outlines Computer Sciences Corporation's equity grant policy, including the types of equity grants awarded, grant dates, approval process, and reporting requirements. It states that CSC issues equity grants to directors and employees to attract, retain, and motivate them. Equity grants include stock options, restricted stock, and restricted stock units. Grant dates depend on whether the recipient is a director, new hire, promotion, or current employee. Senior executive grants require higher levels of approval than non-senior grants. The company must stay within an approved annual equity grant budget.
The document outlines the bylaws of Computer Sciences Corporation. It details the principal office location, procedures for annual and special stockholder meetings, requirements for submitting items and nominations for consideration at meetings, and election of directors. Key details include timelines for submitting proposals/nominations, information required to be provided, and requirements for stockholders to present submitted items at meetings.
This document restates the articles of incorporation of Computer Sciences Corporation. It outlines the corporation's name, principal office location, nature of business, capital stock structure including 750 million shares of common stock and 1 million shares of preferred stock. It provides the board of directors authority to establish terms for preferred stock series and outlines shareholder rights and restrictions.
This document outlines a supplemental code of ethics specifically for a company's Chairman and Chief Executive Officer, Vice President and Chief Financial Officer, and Vice President and Chief Accounting Officer. The code builds upon the company's existing code of ethics and standards of conduct applicable to all directors, officers, and employees. It requires these executives to act with honesty and integrity, avoid conflicts of interest, ensure full financial disclosure, comply with all applicable laws and regulations, and promptly report any unethical or illegal conduct. Violations will be reported to the board of directors who will determine appropriate accountability actions.
This document outlines the Code of Ethics and Standards of Conduct for Computer Sciences Corporation (CSC). It discusses CSC's commitment to ethics, integrity and social responsibility. It also summarizes the principles of avoiding conflicts of interest, protecting company and customer property, providing accurate records and reports, maintaining a professional work environment, and procedures for reporting violations. Adherence to the Code is required by all CSC directors, employees and representatives.
This document outlines the corporate governance guidelines for Computer Sciences Corporation. It addresses the role of the board of directors in overseeing management and acting in good faith. It also covers the composition of the board, including the size, selection process, and independence of directors. The document provides qualifications for directors, including limits on other board service and procedures for changes in job responsibilities. It describes board committees, conduct of meetings, access to management and advisors, performance evaluations, director compensation, orientation, education, and succession planning.
This document provides an investor highlights report for Computer Sciences Corporation (CSC) for the first quarter of fiscal year 1997. It summarizes that CSC reported a 20% increase in net income and 20.5% increase in revenue compared to the same quarter the previous year. It also announces three acquisitions that further expanded CSC's industry-specific consulting services. CSC operates in strong markets for information technology services and sees continued growth opportunities.
CSC reported $1.36 billion in revenue for the second quarter of FY1997, a 20.1% increase over the previous year. CSC earned $49.3 million excluding a one-time $48.9 million charge related to an acquisition. For the first six months of FY1997, CSC reported $2.66 billion in revenue and $94.6 million in net income excluding the charge. CSC operates in commercial and government IT markets, with growing demand for outsourcing and consulting services.
Computer Sciences Corporation reported a 15.5% increase in earnings per share for the first quarter of fiscal year 1998. Revenue rose 14.2% to $1.488 billion, with growth in commercial, European, and other international sectors. While US federal revenue declined slightly due to contract completions, the company expects this sector to improve over the fiscal year as new contracts are implemented. Overall, CSC's business continues to demonstrate strong growth trends across its consulting, systems integration, and outsourcing services.
Computer Sciences Corporation reported financial results for the second quarter of fiscal year 1998, ended September 26, 1997. Revenue increased 16.5% to $1.58 billion compared to the previous year. Net income grew 18.8% to $58.6 million. The company provides management consulting, systems integration, and outsourcing services worldwide to industry and government clients. New contracts were announced during the quarter, and the company expects continued revenue growth for the remainder of the fiscal year.
The document is a quarterly report from Computer Sciences Corporation (CSC) providing key financial information and highlights for investors. It summarizes that CSC's revenue increased 17.1% in the third quarter of fiscal year 1998 compared to the previous year. Net income also rose 20.5% over the same period. The report further outlines CSC's business segments and global operations, as well as new contracts and growth in key market sectors during the quarter.
Computer Sciences Corporation (CSC) reported higher revenue and earnings for the first quarter of fiscal year 1999 compared to the same period the previous year. Revenue increased 17.8% to $1.75 billion while net income rose 22.2% to $64.3 million. The company also announced $2.8 billion in new contract awards during the quarter and saw growth across all of its major service categories. CSC's chairman attributed the strong results to continued expansion in key markets like financial services and healthcare as well as new strategic partnerships.
Computer Sciences Corporation (CSC) reported a 21.6% increase in earnings per share for the second quarter of fiscal year 1999 compared to the previous year. Revenue increased 17% to $1.85 billion driven by strong growth in Europe and the federal sector. For the first half of the fiscal year, net income rose 23.6% and revenues increased 17.4% over the previous year. CSC also acquired a majority stake in a French consulting firm, increasing its presence in that country.
Computer Sciences Corporation reported a 22.7% increase in earnings per share for the third quarter of fiscal year 1999 compared to the previous year. Net income increased 25.9% while revenues rose 15.9%. Growth was driven by strong performance in European operations, consulting, financial services, and lower interest costs. For the first nine months of the fiscal year, net income increased 24.5% while revenues were up 16.9% year-over-year.
Computer Sciences Corporation (CSC) reported a 20% increase in earnings per share and a 21.7% increase in net income for the first quarter of fiscal year 2000 compared to the same quarter the previous year. Revenue increased 17.6% to $2.06 billion driven by increased demand for outsourcing, enterprise solutions, e-business, and systems integration. CSC also announced over $4.7 billion in new business awards during the quarter and expects e-business revenue to triple to nearly $600 million for the full fiscal year.
Computer Sciences Corporation (CSC) reported higher earnings and revenue for the second quarter of fiscal year 2000 compared to the same period last year. Earnings per share rose 22.2% and net income increased 22.7% due to strong global commercial growth and improved operating performance. CSC continues to see significant demand for outsourcing and other services and rapid growth in requests for e-business solutions.
Computer Sciences Corporation (CSC) reported financial results for the third quarter of fiscal year 2000, ending December 31, 1999. Revenue was up 14.9% to $2.4 billion compared to the previous year. Earnings per share, excluding special items, were 66 cents, a 20% increase over the previous year. CSC received $3.5 billion in new business awards during the quarter and $9.6 billion year-to-date. Research analysts from various firms cover CSC stock, which trades on the New York Stock Exchange.
Computer Sciences Corporation (CSC) reported financial results for the first quarter of fiscal year 2001, ended June 30, 2000. Revenues increased 11.8% to $2.46 billion due to strong growth in the U.S. federal government, Asia-Pacific, and commercial outsourcing sectors. Net income grew 13.5% to $96 million and earnings per share increased to 56 cents. CSC also secured $3.3 billion in new business awards during the quarter and remains on track to achieve its target of $1 billion in e-business revenue for the fiscal year.
Computer Sciences Corporation (CSC) reported strong financial results for the second quarter of fiscal year 2001, with revenues increasing 12% to $2.5 billion and net income growing 17.1% to $109 million. For the first six months of the fiscal year, revenues were up 11.9% to $5 billion and net income increased 15.4% to $205 million. The company secured $7.7 billion in new contracts for the first half, fueling anticipated growth in the second half of the year.
Computer Sciences Corporation (CSC) reported financial results for the third quarter of fiscal year 2001, ended December 29, 2000. Revenues increased 12.9% to $2.7 billion due to growth in the federal government vertical market and commercial outsourcing. Earnings before special items increased 9.6% to $122.9 million. Major new business awards totaled $1.8 billion for the quarter. For the nine-month period, revenues increased 12.2% to $7.6 billion and earnings before special items increased 13.1% to $327.9 million, though results were impacted by currency effects and restructuring costs. CSC also discussed several new contracts and engagements.
South Dakota State University degree offer diploma Transcriptynfqplhm
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In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
New Visa Rules for Tourists and Students in Thailand | Amit Kakkar Easy VisaAmit Kakkar
Discover essential details about Thailand's recent visa policy changes, tailored for tourists and students. Amit Kakkar Easy Visa provides a comprehensive overview of new requirements, application processes, and tips to ensure a smooth transition for all travelers.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...Donc Test
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting, 8th Canadian Edition by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Ebook Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Pdf Solution Manual For Financial Accounting 8th Canadian Edition Pdf Download Stuvia Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Financial Accounting 8th Canadian Edition Ebook Download Stuvia Financial Accounting 8th Canadian Edition Pdf Financial Accounting 8th Canadian Edition Pdf Download Stuvia
Unlock Your Potential with NCVT MIS.pptxcosmo-soil
The NCVT MIS Certificate, issued by the National Council for Vocational Training (NCVT), is a crucial credential for skill development in India. Recognized nationwide, it verifies vocational training across diverse trades, enhancing employment prospects, standardizing training quality, and promoting self-employment. This certification is integral to India's growing labor force, fostering skill development and economic growth.
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?
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
Bridging the gap: Online job postings, survey data and the assessment of job ...
PCAR Mar 2005_10-Q
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 March 31, 2005
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 an accelerated filer (as defined in Rule 12b-2 of the
Exchange Act). Yes X No___
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—173,845,692 shares as of March 31, 2005
2. FORM 10-Q
PACCAR Inc AND SUBSIDIARIES
INDEX
Page
PART I. FINANCIAL INFORMATION:
ITEM 1. FINANCIAL STATEMENTS:
Consolidated Statements of Income --
Three Months Ended March 31, 2005 and 2004 (unaudited) ............................................ 3
Consolidated Balance Sheets --
March 31, 2005 (unaudited) and December 31, 2004 ....................................................... 4
Condensed Consolidated Statements of Cash Flows --
Three Months Ended March 31, 2005 and 2004 (unaudited) ............................................ 6
Notes to Consolidated Financial Statements (unaudited)........................................................ 7
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF
OPERATIONS AND FINANCIAL CONDITION ............................................................ 12
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK......... 13
ITEM 4. CONTROLS AND PROCEDURES .............................................................................. 14
PART II. OTHER INFORMATION:
ITEM 2. UNREGISTERED SALES OF SECURITIES AND USE OF PROCEEDS ................... 14
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS....................... 14
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 March 31 2005 2004
TRUCK AND OTHER:
Net sales and revenues $ 3,154.6 $ 2,374.3
Cost of sales and revenues 2,689.7 2,043.5
Selling, general and administrative 107.1 97.5
Interest and other expense, net .8 3.7
2,797.6 2,144.7
Truck and Other Income Before Income Taxes 357.0 229.6
FINANCIAL SERVICES:
Revenues 171.4 127.0
Interest and other 96.3 67.4
Selling, general and administrative 21.5 19.4
Provision for losses on receivables 6.3 2.7
124.1 89.5
Financial Services Income Before Income Taxes 47.3 37.5
Investment income 11.8 11.5
Total Income Before Income Taxes 416.1 278.6
Income taxes 142.1 96.4
Net Income $ 274.0 $ 182.2
Net Income Per Share:
Basic $ 1.57 $ 1.04
Diluted $ 1.56 $ 1.03
Weighted Average Number of Common Shares Outstanding:
Basic 174.0 175.5
Diluted 175.1 176.7
Dividends declared per share $ .20 $ .15
See Notes to Consolidated Financial Statements.
-3-
4. FORM 10-Q
PACCAR Inc AND SUBSIDIARIES
Consolidated Balance Sheets March 31 December 31
ASSETS (Millions Except Per Share Amount) 2005 2004*
TRUCK AND OTHER: (Unaudited)
Current Assets
Cash and cash equivalents $ 1,389.3 $ 1,579.3
Trade and other receivables, net of allowance for losses 648.4 538.7
Marketable debt securities 436.9 604.8
Inventories 556.2 495.6
Deferred taxes and other current assets 215.1 113.3
Total Truck and Other Current Assets 3,245.9 3,331.7
Equipment on operating leases, net 437.8 472.1
Property, plant and equipment, net 1,043.7 1,037.8
Other noncurrent assets 389.3 406.3
Total Truck and Other Assets 5,116.7 5,247.9
FINANCIAL SERVICES:
Cash and cash equivalents 40.1 35.4
Finance and other receivables, net of allowance for losses 6,292.2 6,106.1
Equipment on operating leases, net 698.8 716.4
Other assets 201.0 122.2
Total Financial Services Assets 7,232.1 6,980.1
$12,348.8 $ 12,228.0
-4-
5. FORM 10-Q
PACCAR Inc AND SUBSIDIARIES
March 31 December 31
LIABILITIES AND STOCKHOLDERS' EQUITY 2005 2004*
TRUCK AND OTHER: (Unaudited)
Current Liabilities
Accounts payable and accrued expenses $ 1,947.9 $ 1,794.4
Current portion of long-term debt and commercial paper 8.3 8.4
Dividend payable 347.8
Total Truck and Other Current Liabilities 1,956.2 2,150.6
Long-term debt and commercial paper 27.7 27.8
Residual value guarantees and deferred revenues 488.4 526.2
Deferred taxes and other liabilities 372.1 372.9
Total Truck and Other Liabilities 2,844.4 3,077.5
FINANCIAL SERVICES:
Accounts payable, accrued expenses and other 183.3 148.8
Commercial paper and bank loans 2,663.9 2,502.0
Term debt 2,282.0 2,286.6
Deferred taxes and other liabilities 444.2 ___450.7
Total Financial Services Liabilities 5,573.4 5,388.1
STOCKHOLDERS' EQUITY
Preferred stock, no par value:
Authorized 1.0 million shares, none issued
Common stock, $1 par value: Authorized 400.0 million shares,
174.2 million shares issued 174.2 173.9
Additional paid-in capital 465.4 450.5
Retained earnings 3,066.1 2,826.9
Less treasury shares (.4 million)—at cost (26.9)
Accumulated other comprehensive income 252.2 311.1
Total Stockholders' Equity 3,931.0 3,762.4
$12,348.8 $12,228.0
* The December 31, 2004 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)
Three Months Ended March 31 2005 2004
OPERATING ACTIVITIES:
Net income $ 274.0 $ 182.2
Adjustments to reconcile net income to cash provided by operations:
Depreciation and amortization:
Property, plant and equipment 33.0 31.2
Equipment on operating leases and other 58.5 44.4
Provision for losses on financial services receivables 6.3 2.7
Other (1.2) (1.9)
Change in operating assets and liabilities:
Wholesale receivables on new trucks (138.5) (63.4)
Other (48.0) (25.8)
Net Cash Provided by Operating Activities 184.1 169.4
INVESTING ACTIVITIES:
Retail loans and direct financing leases originated (641.9) (485.6)
Collections on retail loans and direct financing leases 476.3 449.1
Net decrease in wholesale receivables on used equipment 3.2 10.4
Marketable securities purchases (130.0) (132.7)
Marketable securities sales and maturities 283.2 137.6
Acquisition of property, plant and equipment (56.9) (28.6)
Acquisition of equipment on operating leases (92.9) (26.0)
Proceeds from asset disposals 22.0 6.0
Other (.1)
Net Cash Used in Investing Activities (137.0) (69.9)
FINANCING ACTIVITIES:
Cash dividends (382.6) (166.4)
Purchase of treasury stock (26.9)
Stock option transactions 13.9 7.1
Net increase (decrease) in commercial paper and bank loans 195.2 (7.9)
Proceeds from long-term debt 212.7 254.1
Payments on long-term debt (200.3) (155.8)
Net Cash Used in Financing Activities (188.0) (68.9)
Effect of exchange rate changes on cash (44.4) (19.0)
Net (Decrease) Increase in Cash and Cash Equivalents (185.3) 11.6
Cash and cash equivalents at beginning of period 1,614.7 1,347.0
Cash and cash equivalents at end of period $ 1,429.4 $ 1,358.6
See Notes to Consolidated Financial Statements.
-6-
7. FORM 10-Q
PACCAR Inc AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited) (Millions)
NOTE A—Basis of Presentation
The accompanying unaudited consolidated financial statements have been prepared in accordance
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 month period ended March 31, 2005 are not necessarily indicative of the results that may be
expected for the year ended December 31, 2005. 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, 2004.
Reclassifications: As more fully explained in Note B in the 2004 notes to consolidated financial
statements, PACCAR changed the classification of the cash flow effects of some lending activities
in the consolidated statements of cash flows. The statement of cash flows for the first quarter of 2004
has been reclassified to be consistent with the 2005 presentation as follows:
As As Previously
Three Months Ended March 31, 2004 Reclassified Reported
OPERATING ACTIVITIES:
Change in operating assets and liabilties:
Wholesale receivables on new trucks $(63.4)
Other (25.8) $(23.7)
INVESTING ACTIVITIES:
Retail loans and direct financing leases originated (485.6)
Finance receivables originated (516.6)
Collections on retail loans and direct financing leases 449.1
Collections on finance receivables 478.0
Net decrease in wholesale receivables on used equipment 10.4
Net increase in wholesale receivables (53.0)
Accounting Change: Under provisions of FAS No. 148, Accounting for Stock Based Compensation-
Transition and Disclosure, effective January 1, 2003, PACCAR adopted prospectively the fair value
recognition provisions of FAS No. 123, Accounting for Stock-Based Compensation, for all new
employee stock option awards. Under these provisions, expense is recognized for the estimated
fair value over the option vesting period, generally three years for the Company. The expense related
to stock-based employee compensation included in the determination of net income for the first
quarter of 2004 was less than that which would be recognized if the fair value method were applied to
all awards since the original effective date of FAS No. 123. Through the end of 2002, the Company
used the intrinsic value method of accounting for these awards. Under the intrinsic value method,
when the exercise price of option grants equals the market value of the underlying common stock at
the date of grant, no compensation expense is reflected in the Company’s net income.
-7-
8. FORM 10-Q
PACCAR Inc AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited) (Millions, Except Per Share Amounts)
The following table illustrates the effect on net income and earnings per share as if the fair value
method had been applied to all outstanding and unvested awards in 2004.
Three Months Ended March 31 2004
Net income, as reported $182.2
Add: stock-based employee compensation expense included in reported net income,
net of related tax effects .7
Deduct: total stock-based employee compensation expense determined under the
fair value method for all awards, net of related tax effects (.8)
Pro forma net income $182.1
Earnings per share:
Basic—as reported $ 1.04
Basic—pro forma 1.04
Diluted—as reported $ 1.03
Diluted—pro forma 1.03
NOTE B—Inventories
March 31 December 31
2005 2004
Inventories at cost:
Finished products $ 287.4 $ 270.6
Work in process and raw materials 398.1 353.1
685.5 623.7
Less LIFO reserve (129.3) (128.1)
$ 556.2 $ 495.6
Under the LIFO method of accounting (used for approximately 54% of March 31, 2005 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.
NOTE C—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.
-8-
9. FORM 10-Q
PACCAR Inc AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited) (Millions, Except Share Amounts)
Changes in product support liabilities are summarized as follows:
2005 2004
Beginning balance, January 1 $ 348.8 $ 300.5
Cost accruals and revenue deferrals 64.2 62.3
Payments and revenue recognized (57.1) (52.2)
Translation (7.5) .1
Ending balance, March 31 $ 348.4 $ 310.7
NOTE D—Stockholders' Equity
Comprehensive Income
The components of comprehensive income, net of any related tax, are as follows:
Three Months Ended March 31 2005 2004
Net income $ 274.0 $ 182.2
Other comprehensive income (loss):
Foreign currency translation losses (73.0) (19.7)
Derivative contracts increase (decrease) 14.1 (5.1)
Marketable securities increase .9
Net other comprehensive loss (58.9) (23.9)
Comprehensive Income $ 215.1 $ 158.3
Foreign currency translation losses in both years primarily resulted from the change in the value of
the euro relative to the U.S. dollar.
Accumulated Other Comprehensive Income
Accumulated other comprehensive income was comprised of the following:
March 31 December 31
2005 2004
Foreign currency translation gains $ 250.4 $ 323.4
Net unrealized gain (loss) on derivative contracts 10.0 (4.1)
Net unrealized investment gains .3 .3
Minimum pension liability (8.5) (8.5)
Total accumulated other comprehensive income $252.2 $311.1
Other Capital Stock Changes
On January 1, 2005, approximately 752,800 stock options previously granted to PACCAR employees
became exercisable. In the three months ended March 31, 2005, PACCAR issued 331,900 additional
common shares under terms of employee deferred compensation, stock option and non-employee
directors’ stock compensation arrangements.
-9-
10. FORM 10-Q
PACCAR Inc AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited) (Millions, Except Share Amounts)
Diluted Earnings Per Share
The following table shows the additional amounts added to weighted average basic shares
outstanding to calculate diluted earnings per share. These amounts primarily represent the dilutive
effect of stock options. Antidilutive options (where assumed per share proceeds exceed common
stock market price averages for the period) are excluded from the diluted earnings per share
calculation and are shown separately.
Three Months Ended March 31 2005 2004
Additional shares 1,112,000 1,185,000
Excluded antidilutive shares 408,000 458,000
NOTE E—Segment Information
Three Months Ended March 31 2005 2004
Net sales and revenues:
Truck
Total $ 3,192.8 $ 2,405.5
Less intersegment (60.5) (48.0)
External customers 3,132.3 2,357.5
All other 22.3 16.8
3,154.6 2,374.3
Financial Services 171.4 127.0
$ 3,326.0 $ 2,501.3
Income (loss) before income taxes:
Truck $ 358.9 $ 233.5
All other (1.9) (3.9)
357.0 229.6
Financial Services 47.3 37.5
Investment income 11.8 11.5
$ 416.1 $ 278.6
Included in “All other” is PACCAR’s industrial winch manufacturing business and other sales, income
and expense not attributable to a reportable segment, including a portion of corporate expense.
-10-
11. FORM 10-Q
PACCAR Inc AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited) (Millions)
NOTE F—Employee Benefit Plans
PACCAR has several defined benefit pension plans, which cover a majority of its employees. The
Company also maintains postretirement medical and life insurance plans covering the majority of its
U.S. employees.
The following information details the components of net periodic pension cost for the Company’s
defined benefit plans:
Three Months Ended March 31 2005 2004
Components of Pension Expense:
Service Cost $ 11.0 $ 7.5
Interest on projected benefit obligation 13.3 11.7
Expected return on assets (16.0) (13.6)
Amortization of prior service costs .9 .8
Recognized actuarial loss 2.4 1.0
Net pension expense $ 11.6 $ 7.4
During the first quarter of 2005, the Company contributed $2.3 million to its pension plans.
The following information details the components of net periodic retiree cost for the Company’s
unfunded postretirement medical and life insurance plans:
Three Months Ended March 31 2005 2004
Components of Retiree Expense:
Service Cost $ .8 $ .5
Interest Cost 1.0 .8
Recognized actuarial loss .3
Recognized net initial obligation .1 .1
Net retiree expense $ 2.2 $ 1.4
NOTE G—Subsequent Event
The American Jobs Creation Act (the AJCA), which was signed into law on October 22, 2004, created
a special 85% tax deduction during 2005 for certain repatriated foreign earnings that are reinvested in
qualifying domestic activities, as defined in the AJCA. In its meeting on April 26, 2005, PACCAR’s
Board of Directors authorized the Company to repatriate, by the end of the current year,
approximately $1.5 billion of foreign earnings. The currently estimated tax provision of $70 million
on the repatriated earnings will be recorded in the second quarter of 2005.
-11-
12. FORM 10-Q
PACCAR Inc AND SUBSIDIARIES
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND
FINANCIAL CONDITION
RESULTS OF OPERATIONS:
PACCAR set new records for quarterly revenues and net income due to improved margins,
excellent production efficiency, and increased truck demand in all of the Company’s
markets. First quarter 2005 total net sales and revenues increased 33% to $3.33 billion
compared to the $2.50 billion reported for the first quarter in 2004. First quarter 2005 net in-
come of $274.0 million increased 50% from the $182.2 million earned in the first quarter
of 2004. Both the Truck and Financial Services segments contributed to the improved
financial results.
Truck segment net sales and revenues increased 33% to $3.13 billion in the first quarter of
2005 from $2.36 billion in the first quarter of 2004. Truck segment income before income
taxes of $358.9 million increased 54% compared to the $233.5 million recorded in the first
quarter of 2004.
Truck segment results in the first quarter of 2005 benefited from higher heavy-duty truck
production rates in all of the Company’s primary markets. Gross margins improved to
14.7% in the first quarter of 2005 from 13.9% in the first quarter of 2004 from higher sales
prices due to increased customer demand and greater utilization of factory capacity. Higher
material costs from suppliers due to increases in steel, aluminum, crude oil and other
commodities have generally been reflected in new truck sales prices. Selling, general
and administrative expense (SG&A) increased $9.6 million compared to the first quarter
of 2004, however, as a percent of sales, SG&A decreased to 3.4% from 4.1%. The SG&A
increase is attributable to costs incurred to support higher sales activities and project costs.
The value of foreign currencies compared to the U.S. dollar increased from the prior year.
The translation effect from stronger foreign currencies increased first quarter 2005 sales
by $57 million and pretax income by $7.2 million compared to the first quarter of 2004.
Demand for heavy-duty trucks in the U.S. and Canada is expected to improve 15% to
20% in 2005 compared to 2004, with industry retail sales expected to be 270,000–280,000
trucks. European heavy-duty registrations for 2005 are projected to be up slightly from
2004 at 240,000–250,000 units.
Financial Services segment revenues increased 35% to $171.4 million from $127.0 million
last year due to higher asset levels. Financial Services income before income taxes of
$47.3 million in the first quarter of 2005 increased 26% compared to the $37.5 million
earned in the first quarter of 2004. The improvement was due primarily to higher finance
margins resulting from portfolio growth.
-12-
13. FORM 10-Q
PACCAR Inc AND SUBSIDIARIES
LIQUIDITY AND CAPITAL RESOURCES:
PACCAR's Truck and Other working capital (current assets minus current liabilities)
increased $108.6 million during the first quarter of 2005 due to the positive operating
results during the period. Total Truck and Other cash and marketable debt securities
decreased $357.9 million to $1.83 billion at the end of the first quarter of 2005 due to
$382.6 million of dividend payments.
The increase in cash provided by operations in 2005 resulted from higher net income
partially offset by an increase in new truck wholesale receivables. During the first quarter
of 2005, in addition to dividend payments, the Company used cash to make capital
additions and purchase treasury stock.
The Company’s largest financial services subsidiary, PACCAR Financial Corp., periodically
files shelf registrations under the Securities Act of 1933. The current registration provides
for the issuance of up to $3.0 billion of senior debt securities to the public. At the end of
March 2005, $1.65 billion of such securities remained available for issuance.
PACCAR’s European finance subsidiary, PACCAR Financial Europe, has a €750 million
Euro Medium Term Note Program registered with the Luxembourg Exchange. As of March
31, 2005, €450 million was available for issuance. In April, an additional €100 million was
issued under this program.
The American Jobs Creation Act (the AJCA), which was signed into law on October 22,
2004, created a special 85% tax deduction during 2005 for certain repatriated foreign
earnings that are reinvested in qualifying domestic activities, as defined in the AJCA. In
its meeting on April 26, 2005, PACCAR’s Board of Directors authorized the Company to
repatriate, by the end of the current year, approximately $1.5 billion of foreign earnings.
The currently estimated tax provision of $70 million on the repatriated earnings will be
recorded in the second quarter of 2005.
Other information on liquidity and sources of capital as presented in the 2004 Annual
Report to Stockholders continues to be relevant.
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; insufficient or under-utilization of manufacturing capacity; insufficient supplier
capacity or access to raw materials; 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 were no material changes in the Company’s market risk during the three months
ended March 31, 2005. For additional information, refer to Item 7a as presented in the 2004
Annual Report on Form 10-K.
-13-
14. FORM 10-Q
PACCAR Inc AND SUBSIDIARIES
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 March 31, 2005. 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 were
adequate 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. 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.
PART II--OTHER INFORMATION
For Items 1, 3 and 5, there was no reportable information for the three months ended March 31, 2005.
ITEM 2. UNREGISTERED SALES OF SECURITIES AND USE OF PROCEEDS
For items 2(a) and (b), there was no reportable information for the three months ended
March 31, 2005.
(c) In January 2005 PACCAR purchased, on the open market, 369,000 shares of its
common stock at an average price of $72.85. These are the first shares purchased
under the previously announced plan approved by the Board of Directors on December
7, 2004 to repurchase from time to time on the open market, up to 5 million shares of
PACCAR’s outstanding common stock.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
(a) The annual meeting of stockholders was held on April 26, 2005.
(b) The following persons were elected to serve as directors:
Class I - Term Expiring in 2008
John M. Fluke, Jr.
Stephen F. Page
Michael A. Tembreull
Other persons whose term of office as a director continued after the meeting:
Class II - Term Expiring in 2006
James C. Pigott
Mark C. Pigott
William G. Reed, Jr.
-14-
15. FORM 10-Q
PACCAR Inc AND SUBSIDIARIES
Class III - Term Expiring in 2007
David K. Newbigging
Robert T. Parry
Harold A. Wagner
(c) Following is a brief description and vote count of all items voted upon at the annual
meeting:
ITEM NO. 1: ELECTION OF DIRECTORS
Directors were elected with the following vote:
Shares Voted Shares Broker
quot;Forquot; quot;Withheldquot; Nonvotes
John M. Fluke, Jr. 155,326,149 4,382,879 -
Stephen F. Page 157,620,702 2,088,326 -
Michael A. Tembreull 156,436,760 3,272,268 -
ITEM NO. 2: STOCKHOLDER PROPOSAL REGARDING ANNUAL ELECTION OF ALL
DIRECTORS
Item No. 2 was not approved with the following vote:
Shares Voted Shares Voted Broker
quot;Forquot; “Against” Abstentions Nonvotes
63,236,977 83,299,150 1,246,847 11,926,054
ITEM NO. 3: STOCKHOLDER PROPOSAL REGARDING A DIRECTOR VOTE
THRESHOLD
Item No. 3 was not approved with the following vote:
Shares Voted Shares Voted Broker
quot;Forquot; “Against” Abstentions Nonvotes
43,578,597 102,679,228 1,525,706 11,925,497
(d) None
ITEM 6. EXHIBITS
Any exhibits filed herewith are listed in the accompanying index to exhibits.
Certain instruments relating to medium-term debt constituting less than 10% of the
registrant’s total assets are not filed as exhibits herewith pursuant to Item 601(b)(4)(iii)(A)
of Regulation S-K. The registrant will file copies of such instruments upon request of the
Commission.
-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 April 29, 2005 By /s/ R. E. Armstrong
R. E. Armstrong
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) PACCAR Inc Certificate of Incorporation, as amended to April 27, 2004 (incorporated by
reference to the Quarterly Report on Form 10-Q for the quarter ended June 30, 2004).
(b) PACCAR Inc Bylaws, as amended to April 26, 1994 (incorporated by reference to the
Quarterly Report on Form 10-Q for the quarter ended March 31, 1994), and Bylaw Article
III, as amended to July 10, 2001 (incorporated by reference to the Quarterly Report on
Form 10-Q for the quarter ended June 30, 2001).
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 Citibank,
N.A., Trustee (incorporated by reference to Exhibit 4.1 of the Annual Report on Form 10-K
of PACCAR Financial Corp. dated March 26, 1984, File Number 0-12553 and Exhibit 4.2
to PACCAR Financial Corp.'s registration statement on Form S-3 dated June 23, 1989,
Registration Number 33-29434).
(d) Forms of Medium-Term Note, Series J (incorporated by reference to Exhibits 4.2A and
4.2B to PACCAR Financial Corp.'s Registration Statement on Form S-3 dated March 2,
2000, Registration Number 333-31502).
Form of Letter of Representation among PACCAR Financial Corp., Citibank, N.A. and the
Depository Trust Company, Series J (incorporated by reference to Exhibit 4.3 to PACCAR
Financial Corp.'s Registration Statement on Form S-3 dated March 2, 2000, Registration
Number 333-31502)
(e) 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).
-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 Incentive Compensation Plan (incorporated by reference to Exhibit (10)(a) of
the Annual Report on Form 10-K for the year ended December 31, 1980).
(b) Amended and Restated Supplemental Retirement Plan (incorporated by reference to
Exhibit (10)(b) of the Quarterly Report on Form 10-Q for the quarter ended September 30,
2000).
(c) Amended and Restated Deferred Incentive Compensation Plan (incorporated by reference
to Exhibit (10)(g) of the Quarterly Report on Form 10-Q for the quarter ended September
30, 2000).
(d) PACCAR Inc Restricted Stock and Deferred Compensation Plan for Non-employee
Directors (incorporated by reference to Appendix C of the 2004 Proxy Statement,
dated March 15, 2004).
(e) PACCAR Inc Long Term Incentive Plan (incorporated by reference to Appendix A of the
2002 Proxy Statement, dated March 19, 2002).
(f) PACCAR Inc Senior Executive Yearly Incentive Compensation Plan (incorporated by
reference to Appendix B of the 2002 Proxy Statement, dated March 19, 2002).
(g) 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).
(h) 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).
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).
-18-