PACCAR INC | 2013 | FY | 3


N. STOCKHOLDERS’ EQUITY

Accumulated Other Comprehensive Income (Loss): The components of accumulated other comprehensive income (loss) (AOCI) as of December 31, 2013 and 2012 and the changes in AOCI, net of tax, included in the Consolidated Balance Sheets, consisted of the following:

 

     UNREALIZED
GAINS AND
(LOSSES) ON
DERIVATIVE
CONTRACTS
    UNREALIZED
GAINS AND
(LOSSES) ON
MARKETABLE
DEBT SECURITIES
    PENSION
PLANS
    FOREIGN
CURRENCY
TRANSLATION
    TOTAL  

Balance at December 31, 2012

   $ (27.2   $ 6.6      $ (496.5   $ 357.6      $ (159.5

Recorded into AOCI

     36.9        (6.1     204.8        (71.3     164.3   

Reclassified out of AOCI

     (24.8     1.2        29.5        (2.0     3.9   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net other comprehensive income (loss)

     12.1        (4.9     234.3        (73.3     168.2   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance at December 31, 2013

   $ (15.1   $ 1.7      $ (262.2   $ 284.3      $ 8.7   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Reclassifications out of AOCI during the year ended December 31, 2013 are as follows:

 

AOCI COMPONENTS

  

LINE ITEM IN THE CONSOLIDATED STATEMENT OF INCOME

   AMOUNT
RECLASSIFIED
OUT OF AOCI
 

Unrealized gains and losses on derivative contracts:

  

Truck, Parts and Other

     

Foreign-exchange contracts

   Cost of sales and revenues    $ 1.0   
   Interest and other expense (income), net      (.6

Financial Services

     

Interest-rate contracts

   Interest and other borrowing expenses      (36.0
     

 

 

 
   Pre-tax expense reduction      (35.6
   Tax expense      10.8   
     

 

 

 
   After-tax expense reduction      (24.8
     

 

 

 

Unrealized gains and losses on marketable debt securities:

  

Marketable debt securities

   Investment income      1.7   
   Tax expense      (.5
     

 

 

 
   After-tax income increase      1.2   
     

 

 

 

Pension plans:

     

Truck, Parts and Other

     

Prior service costs

   Cost of sales and revenues $.4, SG&A $.6, R&D $.3      1.3   

Actuarial loss

   Cost of sales and revenues $21.4, SG&A $20.3      41.7   

Financial Services

     

Actuarial loss

   SG&A      2.3   
     

 

 

 
   Pre-tax expense increase      45.3   
   Tax benefit      (15.8
     

 

 

 
   After-tax expense increase      29.5   
     

 

 

 

Foreign currency translation:

     

Truck, Parts and Other

   Interest and other expense (income), net      (1.1

Financial Services

   Interest and other borrowing expenses      (.9
     

 

 

 
   Expense reduction      (2.0
     

 

 

 

Total reclassifications out of AOCI

      $ 3.9   
     

 

 

 

Other Capital Stock Changes: In 2012 and 2011, the Company purchased and retired 4.2 million and 9.2 million treasury shares, respectively. In 2013, there were no purchases or retirements of treasury shares.


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