PACCAR (PCAR) 10-K risk factor changes: FY2024 vs FY2023

advancements in battery-electric, [added: hybrid,] hydrogen fuel cell, and hydrogen combustion technology

Although the financial assets of the Financial Services segment are secured by [added: the] underlying equipment [added: and sometimes other] collateral, in the event a customer cannot meet its obligations to the Company, there is a risk the value of the underlying collateral will not be sufficient to recover the amounts owed to the Company, resulting in credit losses.

These computer systems and networks may be subject to disruptions during the process of upgrading or replacing software, databases or components; power outages; hardware failures; computer [removed: viruses;] [added: viruses/malware;] or outside parties attempting to disrupt the Company’s business or gain unauthorized access to the Company’s electronic data.

The Company may be adversely affected by political instabilities, fuel shortages or interruptions in utility or transportation systems, natural calamities, recessions or slower economic growth, inflation, epidemics and [removed: pandemics (such as COVID-19),] [added: pandemics,] wars, geopolitical tensions and [removed: conflicts (such as conflicts in Ukraine and Israel),] [added: conflicts,] terrorism and labor strikes.

These include standards imposed by the U.S. Environmental Protection Agency (EPA), the European Union, U.S. state regulatory agencies (such as the California Air Resources Board), regulatory agencies in other international markets where the Company operates, and [removed: non-binding] international accords related to climate [removed: change.][added: change including the Paris Agreement.]

The ACT regulation, which has been adopted by several [removed: other] states, requires an increasing percentage of medium- and heavy-duty trucks sold into the state to be zero emission.

The Company’s product planning [removed: through 2030] is aligned with these statutory and regulatory requirements, and uses a climate change scenario analysis to limit global warming to below 2°C.

[removed: Litigation,] [added: Recalls, Litigation,] Product Liability and Regulatory. The Company’s products are subject to recall for environmental, performance and safety-related issues.

The EU regulations have set CO2 emission reduction targets and require a significant portion of vehicles sold to be zero or near zero emission.

Not meeting these targets would result in significant fines by the EU commission.

All of the Company’s finance contracts which used to reference LIBOR (London Inter-Bank Offered Rate), including dealer wholesale financing contracts, retail loan and lease contracts, medium-term notes, hedging instruments and line of credit arrangements, have been transitioned to alternative benchmark rates.

Changes to other benchmark interest rates, such as CDOR (Canadian Dollar Offered Rate), will have an uncertain impact on finance receivables and other financial obligations, the Company’s future cost of funds and/or access to capital markets.

The Company will attempt to minimize the impact of differences between the current and replacement benchmark rates through pricing adjustments on the financing provided by PFS, but it is not certain the Company will be able to do so.

The Company does not expect the cessation of CDOR or the anticipated changes to other benchmark rates will have a material impact on the results of operations.

PACCAR established its science-based greenhouse gas emission reduction targets to meet the goals of the Paris Agreement.

In [removed: North America,] [added: the U.S. and Canada,] trucks are sold under the Kenworth and Peterbilt nameplates, in Europe, under the DAF nameplate and in [added: Mexico,] Australia and South America, under the Kenworth and DAF nameplates.

[removed: 2023] [added: 2024] Financial Highlights

Worldwide net sales and revenues were [removed: $35.13] [added: $33.66] billion in [removed: 2023] [added: 2024] compared to [removed: $28.82] [added: $35.13] billion in [removed: 2022,] [added: 2023,] primarily due to [removed: higher] [added: lower] truck [removed: and] [added: revenues, partially offset by higher] parts [added: and financial services] revenues.

[removed: Truck] [added: Parts] sales were [removed: $26.85] [added: $6.67] billion in [removed: 2023] [added: 2024] compared to [removed: $21.49] [added: $6.41] billion in [removed: 2022, primarily due to] [added: 2023, reflecting] higher [removed: truck deliveries and] price realization in all markets.

Financial Services revenues were [removed: $1.81] [added: $2.10] billion in [removed: 2023] [added: 2024] compared to [removed: $1.51] [added: $1.81] billion in [removed: 2022,] [added: 2023,] primarily due to portfolio growth and higher portfolio yields.

In [removed: 2023,] [added: 2024,] PACCAR earned net income for the [removed: 85th] [added: 86th] consecutive year.

Net income was [removed: $4.60] [added: $4.16] billion [removed: ($8.76] [added: ($7.90] per diluted share) in [removed: 2023] [added: 2024] compared to [removed: $3.01] [added: $4.60] billion [removed: ($5.75] [added: ($8.76] per diluted share) in [removed: 2022 reflecting higher Truck and Parts operating results.][added: 2023.]

Capital investments were [removed: $698.3] [added: $795.8] million in [removed: 2023] [added: 2024] compared to [removed: $505.0] [added: $698.3] million in [removed: 2022.][added: 2023.]

Research and development (R&D) expenses were [removed: $410.9] [added: $452.9] million in [removed: 2023] [added: 2024] compared to [removed: $341.2] [added: $410.9] million in [removed: 2022.][added: 2023.]

PACCAR [removed: has begun construction of a new] [added: opened its new,] 240,000 square-foot [removed: PACCAR] Parts Distribution Center (PDC) [removed: to be opened] in Massbach, Germany, in [added: November] 2024.

The global breadth of PFS and its rigorous credit application process support a portfolio of loans and leases with total assets of [removed: $20.96] [added: $22.41] billion.

PFS issued [removed: $2.91] [added: $3.65] billion in medium-term notes during [removed: 2023] [added: 2024] to support new business volume and repay maturing debt.

[removed: Heavy-duty truck] [added: Truck] industry [added: heavy-duty] retail sales in the U.S. and Canada in [removed: 2024] [added: 2025] are expected to be [removed: 260,000] [added: 250,000] to [removed: 300,000] [added: 280,000] units compared to [removed: 297,000] [added: 268,100] in [removed: 2023.][added: 2024.]

In Europe, the [removed: 2024] [added: 2025] truck industry registrations for over 16-tonne vehicles are expected to be [removed: 260,000] [added: 270,000] to 300,000 units compared to [removed: 343,300] [added: 316,100] in [removed: 2023.][added: 2024.]

In South America, heavy-duty truck industry registrations in [removed: 2024] [added: 2025] are projected to be [removed: 105,000 to] 115,000 [added: to 125,000] compared to [removed: 105,000] [added: 119,000] in [removed: 2023.][added: 2024.]

In [removed: 2024,] [added: 2025,] PACCAR Parts sales are expected to increase [removed: 4-8%] [added: 2-4%] compared to [removed: 2023 levels reflecting strong freight demand.][added: 2024, depending on the economic conditions.]

In [removed: 2024,] [added: 2025,] average earning assets are expected to [removed: increase 3-5% compared] [added: be comparable] to [removed: 2023.][added: 2024.]

If [removed: current] freight transportation conditions decline due to [added: a] weaker [removed: economic conditions,] [added: economy,] then past due accounts, truck repossessions and credit losses would likely increase from the current [removed: low] levels and new business volume would likely decline.

Capital [removed: Spending] [added: Investments] and R&D Outlook

Capital investments in [removed: 2024] [added: 2025] are expected to be $700 to [removed: $750] [added: $800] million, and R&D is expected to be $460 to $500 million.

The Company’s results of operations for the years ended December 31, [removed: 2023] [added: 2024] and [removed: 2022] [added: 2023] are presented below.

For information on the year ended December 31, [removed: 2021,] [added: 2022,] refer to Part II, Item 7 in the [removed: 2022] [added: 2023] Annual Report on Form 10-K.

| [removed: (*$] [added: ($] in [removed: millions*,] [added: millions,] except per share amounts) | | | | | | | | |

| *Year Ended December 31,* | | [added: 2024] | [removed: 2023] | | | [added: 2023] | [removed: 2022] | |

| Truck | | $ | [removed: 26,846.4] [added: 24,838.4] | | | $ | [removed: 21,486.2] [added: 26,846.4] | |

| Parts | | | [removed: 6,414.4] [added: 6,666.4] | | | | [removed: 5,764.3] [added: 6,414.4] | |

| Other | | | [removed: 54.7] [added: 59.5] | | | | [removed: 63.8] [added: 54.7] | |

| Truck, Parts and Other | | | [removed: 33,315.5] [added: 31,564.3] | | | | [removed: 27,314.3] [added: 33,315.5] | |

| Financial Services | | | [removed: 1,811.9] [added: 2,099.5] | | | | [removed: 1,505.4] [added: 1,811.9] | |

| Truck | | $ | [removed: 3,799.9] [added: 2,852.6] | | | $ | [removed: 1,753.3] [added: 3,799.9] | |

| Parts | | | [removed: 1,702.6] [added: 1,704.5] | | | | [removed: 1,446.6] [added: 1,702.6] | |

| Other* | | | [removed: (616.8] [added: 13.5] | [removed: )] | | | [removed: (1.1] [added: (616.8] | ) |

| Truck, Parts and Other | | | [removed: 4,885.7] [added: 4,570.6] | | | | [removed: 3,198.8] [added: 4,885.7] | |

| Financial Services | | | [removed: 540.3] [added: 435.6] | | | | [removed: 588.9] [added: 540.3] | |

| Investment income | | | [removed: 292.2] [added: 394.7] | | | | [removed: 61.0] [added: 292.2] | |

| Income taxes | | | [removed: (1,117.4] [added: (1,238.9] | ) | | | [removed: (837.1] [added: (1,117.4] | ) |

| Net [removed: Income] [added: income] | | $ | [removed: 4,600.8] [added: 4,162.0] | | | $ | [removed: 3,011.6] [added: 4,600.8] | |

| Diluted earnings per share | | $ | [removed: 8.76] [added: 7.90] | | | $ | [removed: 5.75] [added: 8.76] | |

| After-tax return on revenues | | | [removed: 13.1] [added: 12.4] | % | | | [removed: 10.4] [added: 13.1] | % |

[removed: 2023] [added: 2024] Compared to [removed: 2022:][added: 2023:]

The Company’s Other business included the manufacturing and marketing of industrial winches through October 31, 2024, when PACCAR sold its industrial winch business.

Truck sales were $24.84 billion in 2024 compared to $26.85 billion in 2023 from lower revenues in Europe and the U.S. and Canada.

After-tax return on beginning equity (ROE) was 26.2% in 2024 compared to 34.9% in 2023.

Equity increased 10.3% from $15.88 billion in 2023 to a record $17.51 billion in 2024.

This PDC supports DAF’s growth in Germany, Europe’s largest truck market, by enhancing parts delivery to dealers and customers.

The used truck market has normalized in North America, but remains soft in Europe.

PACCAR's excellent long-term profits, strong balance sheet and consistent focus on quality have enabled the Company to invest $8.6 billion in new and expanded facilities, innovative products and new technologies during the past decade.

PACCAR is investing in its truck factories, including expansions at Kenworth Chillicothe, Ohio, PACCAR Mexico, and the DAF truck assembly plant in Eindhoven, Netherlands.

Investments in PACCAR's global engine business include additional manufacturing and remanufacturing capacity.

In addition to the capital and R&D investments, the Company expects to invest another $400 to $700 million in its battery joint venture, Amplify Cell Technologies.

| | | $ | 33,663.8 | | | $ | 35,127.4 | |

In 2024, Other includes a $14.0 million gain on sale of the winch business.

Worldwide new truck deliveries decreased in 2024 compared to 2023, primarily due to lower deliveries in Europe.

| | | $ | 24,838.4 | | | $ | 26,846.4 | | | | (7 | ) |

Truck segment income before income taxes and pre-tax return on revenues decreased primarily due to lower truck unit deliveries in Europe and the U.S. and Canada, partially offset by higher truck unit deliveries in Mexico and South America.

| Truck sales volume | | | (2,107.6 | ) | | | (1,650.0 | ) | | | (457.6 | ) |

| Currency translation | | | (117.5 | ) | | | (82.8 | ) | | | (34.7 | ) |

| Total decrease | | | (2,008.0 | ) | | | (1,050.8 | ) | | | (957.2 | ) |

| 2024 | | $ | 24,838.4 | | | $ | 21,389.8 | | | $ | 3,448.6 | |

Truck sales volume decreased revenues by $2,107.6 million and costs by $1,650.0 million, primarily reflecting lower truck deliveries in Europe and the U.S. and Canada, partially offset by higher truck deliveries in Mexico and Brasil.

Average truck sales prices increased sales by $155.6 million from modest price realization, primarily in the U.S. and Canada, Mexico and Australia.

Extended warranties, operating leases and other increased revenues by $61.5 million primarily due to higher volume of repair and maintenance (R&M) contracts, extended warranty and dealer support services.

The increase in cost of sales by $106.3 million reflects higher costs from extended warranty, R&M contracts, dealer support services and lower used truck results.

| *Year Ended December 31,* | | | 2024 | | | | 2023 | | | % CHANGE | | |

| | | $ | 6,666.4 | | | $ | 6,414.4 | | | | 4 | |

| | | NET | | | | COST OF | | | | | | |

| ($ in millions) | | REVENUES | | | | REVENUES | | | | MARGIN | | |

| Aftermarket parts volume | | | 89.8 | | | | 81.2 | | | | 8.6 | |

| Currency translation | | | .6 | | | | (4.5 | ) | | | 5.1 | |

| Total increase | | | 252.0 | | | | 234.8 | | | | 17.2 | |

| 2024 | | $ | 6,666.4 | | | $ | 4,604.4 | | | $ | 2,062.0 | |

| *Year Ended December 31,* | | | 2024 | | | | 2023 | | | % CHANGE | | |

| | | $ | 7,499.8 | | | $ | 7,205.3 | | | | 4 | |

| | | $ | 7,499.8 | | | $ | 7,205.3 | | | | 4 | |

| | | | 54,350 | | | | 54,400 | | | | | |

| | | $ | 19,894.7 | | | $ | 17,540.9 | | | | 13 | |

| | | $ | 19,894.7 | | | $ | 17,540.9 | | | | 13 | |

| | | $ | 2,099.5 | | | $ | 1,811.9 | | | | 16 | |

| | | $ | 2,099.5 | | | $ | 1,811.9 | | | | 16 | |

The increase in new loan and finance lease volume reflected higher finance market share of new PACCAR truck sales, primarily in the U.S. and Canada and Brasil.

The Company’s Other business includes the manufacturing and marketing of industrial winches.

Parts sales were $6.41 billion in 2023 compared to $5.76 billion in 2022 reflecting higher price realization in all markets.

Adjusted net income (non-GAAP), excluding a $446.4 million after-tax non-recurring charge related to civil litigation in Europe was $5.05 billion ($9.61 per diluted share).

After-tax return on beginning equity (ROE) was 34.9% in 2023, which includes the $446.4 million after-tax non-recurring charge related to civil litigation in Europe in the first quarter of this year.

Excluding the one-time charge, adjusted ROE (non-GAAP) was 38.3%.

This compares to an ROE of 26.0% in 2022.

See Reconciliation of GAAP to Non-GAAP Financial Measures on page 30.

This PDC will improve parts delivery to dealers and customers in the region.

PACCAR, Cummins, Daimler Trucks and EVE Energy are partnering to create state-of-the-art commercial vehicle battery cell production.

The joint venture partners expect growing demand for zero emissions vehicles throughout the decade.

The planned factory in Marshall County, Mississippi, will provide cost effective scale and industry leading battery cell technology, which will benefit our commercial vehicle customers.

The total investment is expected to be in the range of $2-3 billion, with PACCAR, Cummins and Daimler Truck each owning 30% of the joint venture and EVE Energy having 10% ownership and contributing its industry leading battery cell design and manufacturing expertise.

Subject to regulatory approval, the 21-gigawatt hour (GWh) factory is expected to begin producing battery cells in 2027.

If economic conditions were to worsen, lower freight volumes could reduce the demand for replacement parts, resulting in lower parts revenues and operating results.

The Company is increasing its investment in fuel efficient diesel and electric powertrain technologies, connected vehicle services, and next-generation manufacturing and parts distribution capabilities.

| | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | $ | 35,127.4 | | | $ | 28,819.7 | |

The increase in new truck deliveries worldwide in 2023 compared to 2022 was driven by higher build rates and increased demand in all major markets.

| | | $ | 26,846.4 | | | $ | 21,486.2 | | | | 25 | |

Truck segment income before income taxes and pretax return on revenues reflect the impact of higher truck unit deliveries and improved margins.

| 2022 | | $ | 21,486.2 | | | $ | 19,205.4 | | | $ | 2,280.8 | |

| Truck sales volume | | | 2,465.8 | | | | 1,918.0 | | | | 547.8 | |

| Currency translation | | | 68.0 | | | | 62.0 | | | | 6.0 | |

| Total increase | | | 5,360.2 | | | | 3,235.2 | | | | 2,125.0 | |

Truck sales volume reflects higher truck deliveries in all major markets.

Average truck sales prices increased sales by $2.79 billion, primarily due to higher price realization worldwide reflecting the positive effect of new truck models as well as inflationary cost increases.

Extended warranties, operating leases and other increased revenues by $40.5 million and increased cost of sales by $134.2 million.

The increase in cost of sales was primarily due to higher costs from extended warranty and service contracts.

| | | $ | 6,414.4 | | | $ | 5,764.3 | | | | 11 | |

The increase in Parts segment income before income taxes and pre-tax return on revenues was primarily due to higher price realization in all markets.

| 2022 | | $ | 5,764.3 | | | $ | 4,009.6 | | | $ | 1,754.7 | |

| Aftermarket parts volume | | | 22.5 | | | | 9.2 | | | | 13.3 | |

| Currency translation | | | 13.4 | | | | 8.4 | | | | 5.0 | |

| Total increase | | | 650.1 | | | | 360.0 | | | | 290.1 | |

| | | $ | 7,205.3 | | | $ | 6,215.7 | | | | 16 | |

| | | | 54,400 | | | | 53,700 | | | | 1 | |

| | | $ | 17,540.9 | | | $ | 15,001.4 | | | | 17 | |

| | | $ | 1,811.9 | | | $ | 1,505.4 | | | | 20 | |

The decrease in equipment on operating leases new business volume reflected lower market demand, partially offset by a higher amount financed per truck in all major markets.

| Fair Value (Losses) Gains | | [removed: 2023] [added: 2024] | | | | [removed: 2022] [added: 2023] | | |

| Cash equivalents and marketable debt securities | | $ | [removed: (29.2] [added: (49.6] | ) | | $ | [removed: (26.7] [added: (29.2] | ) |

| Fixed rate loans | | | [removed: (146.5] [added: (157.7] | ) | | | [removed: (117.4] [added: (146.5] | ) |

| Fixed rate term debt | | | [removed: 156.8] [added: 198.9] | | | | [removed: 136.6] [added: 156.8] | |

| Interest-rate swaps | | | [removed: 1.2] | | | | [removed: 6.4] [added: 1.2] | |

| Total | | $ | [removed: (17.7] [added: (43.5] | ) | | $ | [removed: (1.1] [added: (17.7] | ) |

Based on the Company’s sensitivity analysis, the potential loss in fair value for such financial instruments from a 10% unfavorable change in quoted foreign currency exchange rates would be a loss of [removed: $259.7] [added: $126.3] related to contracts outstanding at December 31, [removed: 2023,] [added: 2024,] compared to a loss of [removed: $216.6] [added: $259.7] at December 31, [removed: 2022.][added: 2023.]

Based on the Company’s sensitivity analysis, the potential loss in fair value for such financial instruments from a 10% unfavorable change in quoted commodity prices would be [removed: a loss of $3.3] [added: nil] related to contracts outstanding at December 31, [removed: 2023,] [added: 2024,] compared to a loss of [removed: $2.5] [added: $3.3] at December 31, [removed: 2022.][added: 2023.]

| Interest-rate swaps | | | (35.1 | ) | | | | |

The Company had no commodity contracts at December 31, 2024.

These amounts would be largely offset by changes in the values of the underlying hedged exposures.

PACCAR competes in the Australian medium and heavy truck markets with Kenworth conventional and COE models and certain DAF COE models assembled at its facility at Bayswater in the state of Victoria, Australia, and DAF COE models primarily assembled in the U.K. Commercial truck manufacturing comprises the largest segment of PACCAR’s business and accounted for [removed: 77%] [added: 74%] of total [removed: 2023] [added: 2024] net sales and revenues.

The DAF nameplate is marketed and distributed worldwide by a foreign subsidiary headquartered in the Netherlands and is also marketed and distributed by foreign subsidiaries in [removed: Brasil] [added: Brasil, Australia] and [removed: Australia.][added: Mexico.]

In [removed: 2023,] [added: 2024,] the Company installed PACCAR engines in approximately [removed: 37%] [added: 33%] of the Company’s Kenworth and Peterbilt heavy‑duty trucks in the U.S. and Canada and substantially all of the DAF heavy-duty trucks sold throughout the world.

The value of finished truck components manufactured by independent suppliers [removed: ranges from approximately 24%] [added: is lower] in Europe [added: due] to [removed: approximately 87% in] [added: a higher level of vertical integration as compared to] North America.

Sales of trucks manufactured with these cabs amounted to approximately [removed: 3%] [added: 2%] of consolidated revenues in [removed: 2023.][added: 2024.]

Manufacturing inventory levels are based upon production [removed: schedules,] [added: schedules] and orders are placed with suppliers accordingly.

The Company’s share of the U.S. and Canadian Class 8 market was [removed: 29.5%] [added: 30.7%] of retail sales in [removed: 2023,] [added: 2024,] and the Company’s medium-duty market share was [removed: 14.5%.][added: 18.0%.]

In Europe, there are six principal competitors in the commercial truck market, including parent companies to the four competitors of the Company in the U.S. In [removed: 2023,] [added: 2024,] DAF had a [removed: 15.6%] [added: 14.4%] share of the European heavy-duty market and a [removed: 9.1%] [added: 9.5%] share of the light/medium-duty market.

The Company had a total production backlog of [removed: $17.4] [added: $7.6] billion at the end of [removed: 2023.][added: 2024.]

The 90‑day backlog approximated [removed: $7.6] [added: $3.8] billion at December 31, [removed: 2023, $8.0] [added: 2024, $7.6] billion at December 31, [removed: 2022] [added: 2023] and [removed: $5.2] [added: $8.0] billion at December 31, [removed: 2021.][added: 2022.]

Production of the year-end [removed: 2023] [added: 2024] backlog is expected to be substantially completed during [removed: 2024.][added: 2025.]

The Parts segment includes the distribution of aftermarket parts for trucks and related commercial vehicles to over [removed: 2,300] [added: 2,000] Kenworth, Peterbilt and DAF dealers [added: and more than 350 TRP, PACCAR's aftermarket parts brand, stores] in 95 countries around the world.

Aftermarket truck parts are sold and delivered to the Company’s independent dealers through the Company’s [removed: 18] [added: 20] strategically located parts distribution centers (PDCs) in the U.S., Canada, Europe, Australia, Mexico and Central and South America.

The Parts segment accounted for [removed: 18%] [added: 20%] of total [removed: 2023] [added: 2024] net sales and revenues.

PFS also operates its own [removed: full service] [added: full-service] lease outlets.

PFS accounted for [removed: 5%] [added: 6%] of total net sales and revenues and [removed: 51%] [added: 52%] of total assets in [removed: 2023.][added: 2024.]

In the event of default, PFS will repossess the truck and sell it in the open market primarily through its dealer network [removed: as well as] [added: or] PFS used truck centers.

The amount of credit losses depends on the rate of default on loans and finance leases and, in the event of repossession, the ability to recover the amount owed from sale of the collateral which is affected by used truck [removed: prices.][added: prices and other factors.]

[removed: PFS’s experience] [added: For] over [removed: the last] sixty [removed: years financing truck sales] [added: years, PFS’s experience] has been that periods of economic weakness result in higher past dues and increased rates of repossession.

Other businesses [removed: include] [added: included] the manufacturing of industrial winches in two U.S. plants and marketing them under the [removed: Braden, Carco] [added: BRADEN, CARCO] and Gearmatic [removed: nameplates.][added: nameplates through October 31, 2024.]

Sales of industrial winches were less than 1% of total net sales and revenues in [removed: 2023, 2022] [added: 2024, 2023] and [removed: 2021.][added: 2022.]

As a manufacturer of highway trucks, the Company is subject to the National Traffic and Motor Vehicle Safety Act and Federal Motor Vehicle Safety Standards promulgated by the National Highway Traffic Safety Administration as well as environmental laws and regulations in the United States, and is subject to similar regulations in all countries where it has operations and where its trucks are [added: distributed.]

These include standards imposed by the U.S. Environmental Protection Agency (EPA), the European Union, U.S. state regulatory agencies (such as the California Air Resources Board), regulatory agencies in other international markets where the Company operates, and [removed: non-binding] international accords related to climate [removed: change.][added: change including the Paris Agreement.]

PACCAR is committed to a strong, [removed: diverse and] inclusive [added: and collaborative] culture and the Company’s excellent financial results reflect its [removed: human centered philosophy.][added: outstanding workforce.]

The Company provides its employees with robust benefit packages, comprehensive training programs, tuition assistance and a work environment that promotes [removed: safety] [added: safety, respect] and [removed: diversity.][added: belonging.]

On December 31, [removed: 2023,] [added: 2024,] the Company had approximately [removed: 32,400] [added: 30,100] employees.

Approximately [removed: 39% are] [added: 38% were] U.S. employees.

PACCAR has [added: publicly] disclosed greenhouse gas emissions [added: on its website and] through CDP (formerly Carbon Disclosure Project) since [removed: 2014.][added: 2014 and has established greenhouse gas emission reduction targets approved by the Science Based Targets Initiative (SBTi).]

Advanced Vehicles \- PACCAR [removed: began work on] [added: continued] its SuperTruck 3 program to [removed: continue the development of its] [added: develop and deploy next generation] Class 8 Kenworth and Peterbilt battery-electric [removed: and fuel cell] vehicles, along with its vehicle charging [removed: stations.][added: infrastructure.]

Battery Manufacturing - PACCAR, Cummins, Daimler Trucks and EVE Energy [removed: are partnering] [added: have partnered] to produce state-of-the-art commercial vehicle batteries in a 21-gigawatt hour (GWh) factory in Marshall County, [removed: Mississippi, subject to regulatory approval.][added: Mississippi.]

PACCAR's Other business included the manufacturing and marketing of industrial winches through October 31, 2024, when PACCAR sold 100% of the capital stock of PACCAR Winch Inc.

PACCAR expects to continue to significantly invest in technologies to improve fuel efficiency for its customers, which would also reduce greenhouse gas emissions.

PACCAR is investing in additional global engine manufacturing capacity, and in the construction of a new engine remanufacturing facility in Columbus, Mississippi.

The Company also has engine remanufacturing capacity on its Eindhoven Campus in the Netherlands.

The factory is expected to start production in the next few years.

PACCAR’s Other business includes the manufacturing and marketing of industrial winches.

The markets for these products are highly competitive, and the Company competes with a number of well established firms.

The Braden, Carco and Gearmatic trademarks and trade names are recognized internationally and play an important role in the marketing of those products.

distributed.

PACCAR established its science-based greenhouse gas emission reduction targets to meet the goals of the Paris Agreement.

The Company has diversity councils throughout its global business that set goals to enhance business success through diverse and inclusive workplaces.

PACCAR earned an "A-" score on its CDP environmental report in 2023, placing the Company in the Leadership tier of over 21,000 reporting companies worldwide.

The Company has earned an “A” or “A-” score from CDP for the past nine years.

PACCAR has established emissions reduction targets in partnership with the Science Based Targets Initiative (SBTi).

SBTi works with more than 7,000 companies worldwide to create a clearly defined path to reduce greenhouse gas emissions in line with the Paris Agreement.

PACCAR announced in December 2023 that it will construct a new engine remanufacturing facility in Columbus, Mississippi to be opened in 2025.

Production is expected to begin in 2027.

For the fiscal year ended December 31, [removed: 2023][added: 2024]

[removed: (Exact] [added: (Exact] name of Registrant as specified in its [removed: charter)][added: charter)]

As of June 30, [removed: 2023,] [added: 2024,] the aggregate market value of the voting stock held by non-affiliates of the registrant was [removed: $42.96] [added: $53.00] billion.

As of [removed: February 9, 2024,] [added: January 31, 2025,] there were [removed: 523,883,677] [added: 524,802,603] shares of common stock, $1 par value, of the registrant outstanding.

Portions of the proxy statement for the annual stockholders meeting to be held on April [removed: 30, 2024] [added: 29, 2025] are incorporated by reference into Part III of this [removed: From] [added: Form] 10-K.

| ITEM 1A. | [RISK FACTORS](#item_1a_risk_factors) | [removed: 10] [added: 11] |

| ITEM 1C. | [CYBERSECURITY](#item_1c_cybersecurity) | [removed: 13] [added: 14] |

| ITEM 2. | [PROPERTIES](#item_2_properties) | [removed: 13] [added: 14] |

| ITEM 3. | [LEGAL PROCEEDINGS](#item_3_legal_proceedings) | [removed: 13] [added: 14] |

| ITEM 4. | [MINE SAFETY DISCLOSURES](#item_4_mine_safety_disclosures) | [removed: 13] [added: 14] |

| [PART II](#part_ii) | | [removed: 14] [added: 15] |

| ITEM 5. | [MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES](#item_5_market_for_registrants_common_equ) | [removed: 14] [added: 15] |

| ITEM 6. | [\[RESERVED\]](#item_6_reserved) | [removed: 16] [added: 17] |

| ITEM 7. | [MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#item_7_managements_discussion_analysis_f) | [removed: 17] [added: 18] |

| ITEM 7A. | [QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#item_7a_quantitative_qualitative_disclos) | [removed: 33] [added: 34] |

| ITEM 8. | [FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA](#item_8_financial_statements_supplementar) | [removed: 34] [added: 35] |

| ITEM 9. | [CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE](#item_9_changes_in_disagreements_with_acc) | [removed: 80] [added: 83] |

| ITEM 9A. | [CONTROLS AND PROCEDURES](#item_9a_controls_procedures) | [removed: 80] [added: 83] |

| ITEM 9B. | [OTHER INFORMATION](#item_9b_or_information) | [removed: 80] [added: 83] |

| ITEM 9C. | [DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS](#item_9c_disclosure_regarding_foreign) | [removed: 80] [added: 83] |

| [PART III](#part_iii) | | [removed: 81] [added: 84] |

| ITEM 10. | [DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE](#item_10_directors_executive_ficers_corpo) | [removed: 81] [added: 84] |

| ITEM 11. | [EXECUTIVE COMPENSATION](#item_11_executive_compensation) | [removed: 81] [added: 84] |

| ITEM 12. | [SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS](#item_12_security_ownership_certain_benef) | [removed: 81] [added: 85] |

| ITEM 13. | [CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE](#item_13_certain_relationships_related_tr) | [removed: 82] [added: 85] |

| ITEM 14. | [PRINCIPAL ACCOUNTING FEES AND SERVICES](#item_14_principal_accounting_fees_servic) | [removed: 82] [added: 85] |

| [PART IV](#part_iv) | | [removed: 83] [added: 86] |

| ITEM 15. | [EXHIBITS, FINANCIAL STATEMENT SCHEDULES](#item_15_exhibits_financial_statement_sch) | [removed: 83] [added: 86] |

| [SIGNATURES](#signatures) | | [removed: 86] [added: 89] |

————————————————————————————————————————————————————

Information about the Company’s Executive Officers as of February [removed: 21, 2024] [added: 19, 2025] is as follows:

| Mark C. Pigott [removed: (70)] [added: (71)] | | Executive Chairman of the Board of Directors since April 2014; Chairman and Chief Executive Officer from 1997 to April 2014. Mr. Pigott is the brother of John M. Pigott, a director of the Company. |

| R. Preston Feight [removed: (56)] [added: (57)] | | Chief Executive Officer since July [removed: 2019; Executive Vice President from September 2018 to June] 2019. |

| Harrie C.A.M. Schippers [removed: (61)] [added: (62)] | | President and Chief Financial Officer since January 2018. |

| [removed: C. Michael Dozier (58)] [added: Kevin D. Baney (54)] | | Executive Vice President since January [removed: 2023;] [added: 2025;] Senior Vice President from January [removed: 2020 to December 2022; Vice President of PACCAR from August 2019] [added: 2024] to December [removed: 2019;] [added: 2024;] Vice President of PACCAR and General [removed: Manager,] [added: Manager of] Kenworth [added: Truck Company] from [removed: April 2016] [added: August 2019] to [removed: July 2019.] [added: December 2023.] |

| Darrin C. Siver [removed: (57)] [added: (58)] | | Executive Vice President since January 2023; Senior Vice President from January 2017 to December 2022. |

| [removed: Kevin D. Baney (53)] [added: James W. Walenczak (50)] | | [removed: Senior] Vice President [removed: since January 2024; Vice President] of PACCAR and General Manager of Kenworth [removed: Truck Company] [added: since January 2024; Assistant General Manager – Sales and Marketing, Kenworth] from August [removed: 2019] [added: 2021] to December 2023; Assistant General Manager – [removed: Sales and Marketing, Kenworth] [added: Operations, PACCAR Parts] from [removed: January 2017] [added: February 2019] to July [removed: 2019.] [added: 2021.] |

| John N. Rich [removed: (55)] [added: (56)] | | Senior Vice President and Chief Technology Officer since January 2024; Vice President and Chief Technology Officer from March 2021 to December 2023; Prior to that, he worked for 30 years at Ford Motor Company in positions of increasing responsibility including Director of Autonomous Vehicles and Technology; Chief Operating Officer of AV LLC and Executive Director of Global Strategy. |

| Laura J. Bloch [removed: (47)] [added: (48)] | | [added: Senior] Vice President [added: since January 2025; Vice President] of PACCAR and General Manager of PACCAR Parts [removed: since] [added: from] March [removed: 2022;] [added: 2022 to December 2024;] Senior Assistant General Manager of Sales and Marketing, PACCAR Parts from August 2021 to February 2022; Assistant General Manager of Sales and Marketing, Kenworth from February 2019 to July 2021. |

| Paulo H. Bolgar [removed: (55)] [added: (56)] | | Vice President and Chief Human Resources Officer since June 2022; Served as Human Resources Vice President of Americas and Global Business Units and Global R&D for Baxter International, Inc. from January 2020 to May [removed: 2022; Human Resources Vice President of Global Operations and Quality for Baxter International, Inc. from April 2016 to December 2019.] [added: 2022.] |

| A. Lily Ley [removed: (58)] [added: (59)] | | Vice President and Chief Information Officer since January 2017. |

| Brice J. Poplawski [removed: (59)] [added: (60)] | | Vice President and Controller since May 2023; Senior Operations Controller from July 2020 to April 2023; Corporate Operations Controller from January 2007 to June 2020. |

| Harald P. Seidel [removed: (56)] [added: (57)] | | Vice President of PACCAR and President of DAF Trucks N.V. since August 2022; Director of Finance [added: of DAF Trucks N.V.] from October 2017 to July 2022. |

| [removed: James W. Walenczak (49)] [added: Jacob J. Montero (41)] | | Vice President of PACCAR and General Manager of [removed: Kenworth] [added: Peterbilt] since January [removed: 2024;] [added: 2025;] Assistant General Manager [removed: –] [added: of] Sales and Marketing, [removed: Kenworth] [added: Peterbilt] from [removed: August 2021] [added: July 2023] to December [removed: 2023; Assistant] [added: 2024;] General [removed: Manager – Operations, PACCAR Parts] [added: Sales Manager, Peterbilt] from [removed: February] [added: August] 2019 to [removed: August 2021.] [added: June 2023.] |

| Michael K. Walton [removed: (59)] [added: (60)] | | Vice President and General Counsel since August 2020; Senior Counsel from August 2007 to July 2020. |

| Harry M.B. Wolters [removed: (53)] [added: (54)] | | Vice President of PACCAR and General Manager Global Powertrain & Electrification since August 2022; Vice President of PACCAR and President of DAF Trucks N.V. from September 2018 to July 2022. |

| C. Michael Dozier (59) | | Executive Vice President since January 2023; Senior Vice President from January 2020 to December 2022. |

| Craig R. Gryniewicz (57) | | Vice President, Global Financial Services since February 2025; Vice President of PACCAR and President of PACCAR Financial Corp. from February 2019 to January 2024. |

| Bryan M. Sitko (48) | | Vice President and General Manager of PACCAR Parts since January 2025; Assistant General Manager of Operations, Kenworth from June 2022 to December 2024; Assistant General Manager of Sales and Marketing, PACCAR Financial Corp from January 2019 to May 2022. |

| Todd R. Hubbard (61) | | Vice President, Global Financial Services since February 2019. |

| Jason P. Skoog (52) | | Vice President of PACCAR and General Manager of Peterbilt since April 2018. |

The Company and its subsidiaries own and operate manufacturing plants in [removed: five] [added: four] U.S. states, three countries in Europe, and in Australia, Brasil, Canada and Mexico.

The Company also has [removed: 18] [added: 20] parts distribution centers, many sales and service offices, and finance and administrative offices which are operated in owned or leased premises in these and other [removed: locations.][added: locations, including a service office in India.]

| | | [removed: U.S] [added: U.S.] | | | | Canada | | | | Australia | | | | Mexico | | | | Europe | | | | Central and So. America | | |

| Parts | | | 7 | | | | 2 | | | | 2 | | | | 1 | | | | [removed: 4] [added: 5] | | | | [removed: 2] [added: 3] | |

| Other | | | 2 | | | | — | | | | — | | | | — | | | | — | | | | — | |

There were [removed: 1,426] [added: 1,392] record holders of the common stock at December 31, [removed: 2023.][added: 2024.]

The following table provides information as of December 31, [removed: 2023] [added: 2024] regarding compensation plans under which PACCAR equity securities are authorized for issuance.

Securities to be issued include [removed: 650,075] [added: 682,514] shares that represent deferred cash awards payable in stock.

Securities available for future grant are authorized under the following two plans: (i) [removed: 14,072,474] [added: 13,321,465] shares under the LTI Plan, and (ii) [removed: 945,936] [added: 925,589] shares under the RSDC Plan.

The following line graph compares the yearly percentage change in the cumulative total stockholder return on the Company’s common stock, to the cumulative total return of the Standard & Poor’s Composite 500 Stock Index and the return of the industry peer group of companies identified below (the [removed: “Current Peer Group Index” and “Prior Peer] [added: “Peer] Group Index”) for the last five fiscal years ended December 31, [removed: 2023.][added: 2024.]

The [removed: Current] Peer [added: Group] Index [removed: also] includes AGCO Corporation, Caterpillar Inc., Cummins Inc., [added: Daimler Truck Holdings AG (effective January 1, 2022),] Deere & Company, Eaton Corporation, [added: Iveco Group N.V. (effective January 1, 2022),] Oshkosh Corporation, TRATON SE (effective January 1, 2021), Navistar International Corporation (from [removed: 2018] [added: 2019] through [removed: 2020)] [added: 2020), Terex Corporation] and AB Volvo.

The comparison assumes that $100 was invested December 31, [removed: 2018,] [added: 2019,] in the Company’s common stock and in the stated indices and assumes reinvestment of dividends.

[removed: ][added: ]

| | | [removed: 2018 | | | |] 2019 | | | | 2020 | | | | 2021 | | | | 2022 | | | | 2023 | | | [added: | 2024 | | |]

As of December 31, [removed: 2023,] [added: 2024,] the Company has repurchased $110.0 million of shares under this plan.

There were no repurchases made during the fourth quarter of [removed: 2023.][added: 2024.]

| Stock compensation plans approved by stockholders | | | 4,564,123 | | | $ | 68.77 | | | | 14,247,054 | |

| PACCAR Inc | | | 100 | | | | 111.74 | | | | 118.03 | | | | 138.09 | | | | 214.05 | | | | 237.19 | |

| S&P 500 Index | | | 100 | | | | 118.40 | | | | 152.39 | | | | 124.79 | | | | 157.59 | | | | 197.02 | |

| Peer Group Index | | | 100 | | | | 133.64 | | | | 162.88 | | | | 177.56 | | | | 214.49 | | | | 260.91 | |

| Stock compensation plans approved by stockholders | | | 4,917,291 | | | $ | 57.77 | | | | 15,018,410 | |

Effective January 1, 2023, the Company revised its peer group to include Daimler Truck Holdings AG (effective January 1, 2022) and Iveco Group N.V. (effective January 1, 2022), direct competitors and publicly traded companies, and Terex Corporation (effective January 1, 2019), a more representative Company peer.

The Company removed CNH Industrial N.V., which spun-off Iveco, and Dana Incorporated.

The Prior Peer Group Index consisted of AGCO Corporation, Caterpillar Inc., CNH Industrial N.V., Cummins Inc., Dana Incorporated, Deere & Company, Eaton Corporation, Navistar International Corporation, Oshkosh Corporation, TRATON SE and AB Volvo.

| PACCAR Inc | | | 100 | | | | 145.05 | | | | 162.08 | | | | 171.19 | | | | 200.29 | | | | 310.48 | |

| S&P 500 Index | | | 100 | | | | 131.49 | | | | 155.68 | | | | 200.37 | | | | 164.08 | | | | 207.21 | |

| Current Peer Group Index | | | 100 | | | | 128.46 | | | | 171.67 | | | | 209.23 | | | | 228.09 | | | | 275.53 | |

| Prior Peer Group Index | | | 100 | | | | 128.32 | | | | 170.13 | | | | 209.74 | | | | 230.29 | | | | 272.34 | |

| *Year Ended December 31,* | | [removed: 2023] [added: 2024] | | | | [removed: 2022] [added: 2023] | | | | [removed: 2021] [added: 2022] | | |

| Net sales and revenues | | $ | [removed: 33,315.5] [added: 31,564.3] | | | $ | [removed: 27,314.3] [added: 33,315.5] | | | $ | [removed: 21,834.5] [added: 27,314.3] | |

| Cost of sales and revenues | | | [removed: 26,894.2] [added: 26,069.6] | | | | [removed: 23,291.0] [added: 26,894.2] | | | | [removed: 19,092.4] [added: 23,291.0] | |

| Research and development | | | [removed: 410.9] [added: 452.9] | | | | [removed: 341.2] [added: 410.9] | | | | [removed: 324.1] [added: 341.2] | |

| Selling, general and administrative | | | [removed: 604.3] [added: 585.0] | | | | [removed: 592.4] [added: 604.3] | | | | [removed: 547.4] [added: 592.4] | |

| Interest and other [removed: expenses (income),] [added: (income) expenses,] net | | | [removed: 520.4] [added: (113.8] | [added: )] | | | [removed: (109.1] [added: 520.4] | [removed: )] | | | [removed: (72.6] [added: (109.1] | ) |

| | | | [removed: 28,429.8] [added: 26,993.7] | | | | [removed: 24,115.5] [added: 28,429.8] | | | | [removed: 19,891.3] [added: 24,115.5] | |

| *Truck, Parts and Other Income Before Income Taxes* | | | [removed: 4,885.7] [added: 4,570.6] | | | | [removed: 3,198.8] [added: 4,885.7] | | | | [removed: 1,943.2] [added: 3,198.8] | |

| Interest and fees | | | [removed: 1,009.3] [added: 1,295.9] | | | | [removed: 628.7] [added: 1,009.3] | | | | [removed: 524.4] [added: 628.7] | |

| Operating lease, rental and other revenues | | | [removed: 802.6] [added: 803.6] | | | | [removed: 876.7] [added: 802.6] | | | | [removed: 1,163.4] [added: 876.7] | |

| Revenues | | | [removed: 1,811.9] [added: 2,099.5] | | | | [removed: 1,505.4] [added: 1,811.9] | | | | [removed: 1,687.8] [added: 1,505.4] | |

| Interest and other borrowing expenses | | | [removed: 500.6] [added: 710.8] | | | | [removed: 216.3] [added: 500.6] | | | | [removed: 150.9] [added: 216.3] | |

| Depreciation and other expenses | | | [removed: 590.7] [added: 718.5] | | | | [removed: 560.8] [added: 590.7] | | | | [removed: 969.4] [added: 560.8] | |

| Selling, general and administrative | | | [removed: 149.0] [added: 159.0] | | | | [removed: 133.9] [added: 149.0] | | | | [removed: 129.4] [added: 133.9] | |

| Provision for losses on receivables | | | [removed: 31.3] [added: 75.6] | | | | [removed: 5.5] [added: 31.3] | | | | [removed: .5] [added: 5.5] | |

| | | | [removed: 1,271.6] [added: 1,663.9] | | | | [removed: 916.5] [added: 1,271.6] | | | | [removed: 1,250.2] [added: 916.5] | |

| *Financial Services Income Before Income Taxes* | | | [removed: 540.3] [added: 435.6] | | | | [removed: 588.9] [added: 540.3] | | | | [removed: 437.6] [added: 588.9] | |

| Investment income | | | [removed: 292.2] [added: 394.7] | | | | [removed: 61.0] [added: 292.2] | | | | [removed: 15.5] [added: 61.0] | |

| *Total Income Before Income Taxes* | | | [removed: 5,718.2] [added: 5,400.9] | | | | [removed: 3,848.7] [added: 5,718.2] | | | | [removed: 2,396.3] [added: 3,848.7] | |

| Income taxes | | | [removed: 1,117.4] [added: 1,238.9] | | | | [removed: 837.1] [added: 1,117.4] | | | | [removed: 530.8] [added: 837.1] | |

| *Net Income* | | $ | [removed: 4,600.8] [added: 4,162.0] | | | $ | [removed: 3,011.6] [added: 4,600.8] | | | $ | [removed: 1,865.5] [added: 3,011.6] | |

| Basic | | $ | [removed: 8.78] [added: 7.92] | | | $ | [removed: 5.76] [added: 8.78] | | | $ | [removed: 3.58] [added: 5.76] | |

| Diluted | | $ | [removed: 8.76] [added: 7.90] | | | $ | [removed: 5.75] [added: 8.76] | | | $ | [removed: 3.57] [added: 5.75] | |

| Basic | | | [removed: 523.9] [added: 525.3] | | | | [removed: 522.6] [added: 523.9] | | | | [removed: 521.7] [added: 522.6] | |

| Diluted | | | [removed: 525.0] [added: 526.6] | | | | [removed: 523.4] [added: 525.0] | | | | [removed: 522.7] [added: 523.4] | |

| *Year Ended December 31,* | | | [removed: 2023] [added: 2024] | | | | [removed: 2022] [added: 2023] | | | | [removed: 2021] [added: 2022] | |

| Net income | | $ | [removed: 4,600.8] [added: 4,162.0] | | | $ | [removed: 3,011.6] [added: 4,600.8] | | | $ | [removed: 1,865.5] [added: 3,011.6] | |

| Unrealized [removed: (losses)] gains [added: (losses)] on derivative contracts | | | | | | | | | | | | |

| Net [removed: (loss)] gain [added: (loss)] arising during the period | | | [removed: (174.9] [added: 261.1] | [removed: )] | | | [removed: 17.7] [added: (174.9] | [added: )] | | | [removed: 54.2] [added: 17.7] | |

| Tax effect | | | [removed: 37.0] [added: (56.9] | [added: )] | | | [removed: (9.1] [added: 37.0] | [removed: )] | | | [removed: (14.3] [added: (9.1] | ) |

| Reclassification adjustment | | | [removed: 111.8] [added: (200.2] | [added: )] | | | [removed: 48.0] [added: 111.8] | | | | [removed: (33.7] [added: 48.0] | [removed: )] |

| Tax effect | | | [removed: (20.0] [added: 39.5] | [removed: )] | | | [removed: (8.0] [added: (20.0] | ) | | | [removed: 9.5] [added: (8.0] | [added: )] |

| | | | [removed: (46.1] [added: 43.5] | [removed: )] | | | [removed: 48.6] [added: (46.1] | [added: )] | | | [removed: 15.7] [added: 48.6] | |

| Net holding gain (loss) | | | [removed: 43.2] [added: 20.6] | | | | [removed: (54.9] [added: 43.2] | [removed: )] | | | [removed: (18.8] [added: (54.9] | ) |

| Tax effect | | | [removed: (10.8] [added: (5.1] | ) | | | [removed: 13.6] [added: (10.8] | [added: )] | | | [removed: 4.7] [added: 13.6] | |

| Reclassification adjustment | | | [removed: (3.6] [added: (3.0] | ) | | | [removed: (1.6] [added: (3.6] | ) | | | [removed: (2.1] [added: (1.6] | ) |

| Tax effect | | | [removed: .9] [added: .7] | | | | [removed: .4] [added: .9] | | | | [removed: .5] [added: .4] | |

| | | | [removed: 29.7] [added: 13.2] | | | | [removed: (42.5] [added: 29.7] | [removed: )] | | | [removed: (15.7] [added: (42.5] | ) |

| Net [removed: (loss)] gain [added: (loss)] arising during the period | | | [removed: (5.8] [added: 230.3] | [removed: )] | | | [removed: 170.5] [added: (5.8] | [added: )] | | | [removed: 343.2] [added: 170.5] | |

| Tax effect | | | [removed: 1.8] [added: (57.2] | [added: )] | | | [removed: (34.1] [added: 1.8] | [removed: )] | | | [removed: (80.3] [added: (34.1] | ) |

| | | | 180.0 | | | | .6 | | | | 158.9 | |

| | | $ | 43,418.9 | | | $ | 40,823.4 | |

| | | $ | 43,418.9 | | | $ | 40,823.4 | |

| Contributions to joint venture | | | (207.6 | ) | | | | | | | | |

| Net income | | | 4,162.0 | | | | 4,600.8 | | | | 3,011.6 | |

*December 31, 2024, 2023 and 2022 (currencies in millions)*

| | | $ | 252.6 | | | $ | 266.4 | | | $ | 334.0 | | | $ | 345.9 | |

| | | $ | 101.7 | | | $ | 244.4 | | | $ | 86.8 | | | $ | 216.3 | |

*December 31, 2024, 2023 and 2022 (currencies in millions)*

*December 31, 2024, 2023 and 2022 (currencies in millions)*

Equity Method Investment:

In the second quarter of 2024, PACCAR and three partners completed the formation of a U.S. battery manufacturing joint venture, Amplify Cell Technologies, with PACCAR owning a 30 percent interest.

The joint venture meets the definition of a variable interest entity since the equity-at-risk is not currently sufficient to support the future operations of the joint venture.

All significant decisions require majority or super-majority approval of the board.

As a result, PACCAR is not the primary beneficiary and the Company uses the equity method to account for the investment.

Under the equity method, the original investments in the joint venture are recorded at cost and subsequently adjusted by the Company's share of equity in income or losses.

The investment is included in Truck, Parts and Other "Other noncurrent assets, net" on the Company’s Consolidated Balance Sheets.

PACCAR's share of the loss is included in Truck, Parts and Other "Interest and other (income) expenses, net" on the Company's Consolidated Statements of Income.

PACCAR contributed $207.6 through December 31, 2024 and the maximum required contribution is $830.0.

The Company's equity method investment was $196.9 at December 31, 2024.

*December 31, 2024, 2023 and 2022 (currencies in millions)*

*December 31, 2024, 2023 and 2022 (currencies in millions)*

*December 31, 2024, 2023 and 2022 (currencies in millions)*

In November 2024, the FASB issued ASU 2024-03, *Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.* The amendments in this ASU expand the disclosures in the notes to the financial statements about specific cost and expense categories presented on the face of the income statement.

The Company is currently evaluating the impact of this update on the related notes to the financial statements.

| | | | |

| 2023-07 | | *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* | |

*December 31, 2024, 2023 and 2022 (currencies in millions)*

*Includes industrial winch business sales through October 31, 2024.

| U.S. corporate securities | | | 864.3 | | | | 3.1 | | | | 3.2 | | | | 864.2 | |

| Total marketable securities | | $ | 2,783.5 | | | $ | 10.7 | | | $ | 15.4 | | | $ | 2,778.8 | |

*December 31, 2024, 2023 and 2022 (currencies in millions)*

| | | $ | 2,773.5 | | | $ | 2,772.5 | |

*December 31, 2024, 2023 and 2022 (currencies in millions)*

| | | | | | | | | |

| | | $ | 2,367.1 | | | $ | 2,576.7 | |

| | | | | | | | | |

| | | | 19,459.5 | | | | 17,704.7 | |

| | | $ | 19,314.3 | | | $ | 17,571.7 | |

Dealer wholesale financing increased $796.3 to $4,944.1 at December 31, 2024, mainly due to new dealer groups added in the U.S. and Canada during the year.

| | | | .6 | | | | 158.9 | | | | 308.3 | |

| | | $ | 334.0 | | | $ | 345.9 | | | $ | 467.6 | | | $ | 483.9 | |

| | | $ | 86.8 | | | $ | 216.3 | | | $ | 77.7 | | | $ | 181.4 | |

The determination of reserves for large balance receivables on non-accrual status considers the fair value of the associated collateral.

When the underlying collateral fair value exceeds the Company’s amortized cost basis, no reserve is recorded.

New Accounting Pronouncements: In November 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.* The amendments in this ASU improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses.

The implementation of this ASU will result in additional disclosures and will not have an impact on the Company’s consolidated financial statements.

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| 2022-02 | | *Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures* |

The FASB also issued the following standard, which is not expected to have a material impact on the Company’s consolidated financial statements.

| STANDARD | | DESCRIPTION | EFFECTIVE DATE |

* The Company will adopt on the effective date.

| Total marketable securities | | $ | 1,681.1 | | | $ | .9 | | | $ | 67.8 | | | $ | 1,614.2 | |

| | | | | | | $ | 1,836.9 | | | $ | 1,818.2 | |

| | | $ | 2,576.7 | | | $ | 2,198.8 | |

| | | $ | 17,704.7 | | | $ | 13,913.0 | |

| | | $ | 17,571.7 | | | $ | 13,791.9 | |

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| --- | --- | --- | --- | --- | --- | --- |

| 2025 | | | | | 2,126.0 | |

| 2026 | | | | | 1,679.9 | |

| 2027 | | | | | 1,181.3 | |

| 2028 | | | | | 619.3 | |

| Thereafter | | | | | 148.2 | |

| | | | | $ | 8,594.7 | |

| | | | | FINANCE | | |

| 2024 | | | | $ | 1,651.1 | |

| 2025 | | | | | 1,359.9 | |

| 2026 | | | | | 1,036.1 | |

| 2027 | | | | | 714.6 | |

| 2028 | | | | | 367.0 | |

| Thereafter | | | | | 162.2 | |

| | | | | $ | 5,290.9 | |

| | | 2021 | | | | | | | | | | | | | | | | | | |

| Balance at January 1 | | $ | 3.4 | | | $ | 8.4 | | | $ | 112.0 | | | $ | 3.2 | | | $ | 127.0 | |

| Charge-offs | | | | | | | | | | | (12.3 | ) | | | (2.5 | ) | | | (14.8 | ) |

| Recoveries | | | | | | | | | | | 6.2 | | | | .3 | | | | 6.5 | |

| Balance at December 31 | | $ | 3.3 | | | $ | 7.1 | | | $ | 104.4 | | | $ | 2.1 | | | $ | 116.9 | |

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Management’s Report on Internal Control over Financial Reporting on page [removed: 77] [added: 80] and Report of Independent Registered Public Accounting Firm on the Company’s internal control over financial reporting on page [removed: 79] [added: 82] for the year ended December 31, [removed: 2023,] [added: 2024,] are included in this Form 10-K.

There have been no changes in the Company’s internal controls over financial reporting during the fourth quarter of [removed: 2023] [added: 2024] that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

None of the Company’s directors or officers adopted, modified or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the Company’s year-ended December 31, [removed: 2023,] [added: 2024,] as such terms are defined under Item 408(a) of Regulation S-K.

The following information is included in the proxy statement for the annual stockholders meeting of April [removed: 30, 2024] [added: 29, 2025] and is incorporated herein by reference:

The information required by this item is included in the proxy statement for the annual stockholders meeting of April [removed: 30, 2024] [added: 29, 2025] and is incorporated herein by reference.

The following information is included in the proxy statement for the annual stockholders meeting of April 29, 2025 and is incorporated herein by reference:

Item 408(b) of Regulation S-K:

The Company has adopted insider trading policies and procedures governing the purchase and sale of the Company’s securities by directors, officers and employees that are reasonably designed to promote compliance with applicable insider trading laws, rules and regulations and Nasdaq listing standards.

The Company’s insider trading policies and procedures are filed as Exhibit 19 to this Form 10-K.

The following information is included in the proxy statement for the annual stockholders meeting of April [removed: 30, 2024] [added: 29, 2025] and is incorporated herein by reference:

Stock ownership information is included under the captions “STOCK OWNERSHIP OF CERTAIN BENEFICIAL OWNERS” and “STOCK OWNERSHIP OF DIRECTORS AND EXECUTIVE OFFICERS” in the proxy statement for the annual stockholders meeting of April [removed: 30, 2024] [added: 29, 2025] and is incorporated herein by reference.

No transactions with management and others as defined by Item 404 of Regulation S‑K occurred in [removed: 2023.][added: 2024.]

Information concerning director independence is included under the caption “BOARD GOVERNANCE” in the proxy statement for the annual stockholders meeting of April [removed: 30, 2024] [added: 29, 2025] and is incorporated herein by reference.

Principal accounting fees and services information is included under the caption “INDEPENDENT AUDITORS” in the proxy statement for the annual stockholders meeting of April [removed: 30, 2024] [added: 29, 2025] and is incorporated herein by reference.

— Years Ended December 31, [removed: 2023, 2022] [added: 2024, 2023] and [removed: 2021][added: 2022]

— December 31, [added: 2024,] 2023 and 2022

— [added: Years Ended] December 31, [removed: 2023, 2022] [added: 2024, 2023] and [removed: 2021][added: 2022]

| Exhibit Number | | Exhibit Description | | | | Form | | [removed: |] Date of First Filing | | | Exhibit Number | | File Number |

| (3) (i) | | | | Articles of Incorporation: | | | | | | | | | | [removed: |]

| | | | | [Amended and Restated Certificate of Incorporation of PACCAR Inc](https://www.sec.gov/Archives/edgar/data/75362/000119312518152947/d555135dex3i.htm) | | 8-K | | | [removed: |] May 4, 2018 | | 3(i) | | 001-14817 |

| | | | | [Certificate of Amendment of Amended and Restated Certificate of Incorporation of PACCAR Inc](https://www.sec.gov/Archives/edgar/data/75362/000119312520118696/d920234dex3i.htm) | | 8-K | | | [removed: |] April 24, 2020 | | 3(i) | | 001-14817 |

| | | | | [Certificate of Amendment of the Amended and Restated Certificate of Incorporation of PACCAR Inc](https://www.sec.gov/Archives/edgar/data/75362/000119312522134022/d352167dex3.htm) | | 8-K | | | [removed: |] April 29, 2022 | | 3(i) | | 001-14817 |

| (ii) | | | | Bylaws: | | | | | | | | | | [removed: |]

| | | | | [Seventh Amended and Restated Bylaws of PACCAR Inc](https://www.sec.gov/Archives/edgar/data/75362/000119312522202114/d380342dex993ii.htm) | | 8-K | | | [removed: |] July 26, 2022 | | 3(ii) | | 001-14817 |

| (4) | | | | Instruments defining the rights of security holders, including indentures: | | | | | | | | | | [removed: |]

| | | (a) | | [Indenture for Senior Debt Securities dated as of November 20, 2009 between PACCAR Financial Corp. and [added: U.S. Bank Trust Company, National Association (as a successor to] The Bank of New York Mellon Trust Company, [removed: N.A.](https://www.sec.gov/Archives/edgar/data/731288/000119312509239324/dex41.htm)] [added: N.A.)](https://www.sec.gov/Archives/edgar/data/731288/000119312509239324/dex41.htm)] | | S-3 | | | [removed: |] November 20, 2009 | | 4.1 | | 333-163273 |

| | | (b) | | Forms of Medium-Term Note, Series P (PACCAR Financial Corp.) | | S-3 | | | [removed: |] November 2, 2018 | | [4.2](https://www.sec.gov/Archives/edgar/data/731288/000119312518317201/d622793dex42.htm) and [4.3](https://www.sec.gov/Archives/edgar/data/731288/000119312518317201/d622793dex43.htm) | | 333-228141 |

| | | (c) | | Forms of Medium-Term Note, Series Q (PACCAR Financial Corp.) | | S-3 | | | [removed: |] November 1, 2021 | | [4.3](https://www.sec.gov/Archives/edgar/data/731288/000119312521315542/d403723dex43.htm) and [4.4](https://www.sec.gov/Archives/edgar/data/731288/000119312521315542/d403723dex44.htm) | | 333-260663 |

| Exhibit Number | | Exhibit Description | | | | Form | | [removed: | |] Date of First Filing | | | [removed: |] Exhibit Number | | File Number | [removed: |]

| | | [removed: (d)] [added: (e)] | | [Terms and Conditions of the Notes applicable to the €2,500,000,000 Medium Term Note Programme of PACCAR Financial Europe B.V. set forth in the Information Memorandum dated May 29, 2020](https://www.sec.gov/Archives/edgar/data/75362/000156459020035572/pcar-ex4h_179.htm) | | 10-Q | | | [removed: | |] August 3, 2020 | | [removed: |] 4(h) | | 001-14817 | [removed: |]

| | | [removed: (e)] [added: (f)] | | [Terms and Conditions of the Notes applicable to the €2,500,000,000 Medium Term Note Programme of PACCAR Financial Europe B.V. set forth in the Information Memorandum dated July 15, 2021](https://www.sec.gov/Archives/edgar/data/75362/000156459021039777/pcar-ex4g_63.htm) | | 10-Q | | | [removed: | |] August 2, 2021 | | [removed: |] 4(g) | | [removed: 01-14817 |] [added: 001-14817] |

| | | [removed: (f)] [added: (g)] | | [Terms and Conditions of the Notes applicable to the €2,500,000,000 Medium Term Note Programme of PACCAR Financial Europe B.V. set forth in the Information Memorandum dated July 13, 2022](https://www.sec.gov/Archives/edgar/data/75362/000156459022027473/pcar-ex4h_303.htm) | | 10-Q | | | [removed: | |] August 2, 2022 | | [removed: |] 4(h) | | 001-14817 | [removed: |]

| | | [removed: (g)] [added: (h)] | | [Terms and Conditions of the Notes applicable to the €2,500,000,000 Medium Term Note Programme of PACCAR Financial Europe B.V. set forth in the Information Memorandum dated September 20, 2023](https://www.sec.gov/Archives/edgar/data/75362/000095017023058179/pcar-ex4_g.htm) | | 10-Q | | | [removed: | |] November 2, 2023 | | [removed: |] 4(g) | | 001-14817 | [removed: |]

| | | [removed: (h)] [added: (j)] | | [Description of the Registrant’s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934](https://www.sec.gov/Archives/edgar/data/75362/000156459020005276/pcar-ex4j_578.htm) | | 10-K | | | [removed: | |] February 19, 2020 | | [removed: |] 4(j) | | 001-14817 | [removed: |]

| | | | | Pursuant to the Instructions to Exhibits, certain instruments defining the rights of holders of long-term debt securities of the Company and its wholly owned subsidiaries are not filed because the total amount of securities authorized under any such instrument does not exceed 10 percent of the Company’s total assets. The Company will file copies of such instruments upon request of the Commission. | | | | | | | | | | [removed: | | | |]

| (10) | | | | Material Contracts: | | | | | | | | | | [removed: | | | |]

| | | (a) | | [PACCAR Inc Amended and Restated Supplemental Retirement Plan](https://www.sec.gov/Archives/edgar/data/75362/000110465909012954/a09-1261_1ex10da.htm) | | 10-K | [removed: | | | | |] February 27, 2009 | | 10(a) | | [removed: |] 001-14817 | [added: | |]

| | | (b) | | [Amended and Restated Deferred Compensation Plan](https://www.sec.gov/Archives/edgar/data/0000075362/000119312512224972/d311298dex10b.htm) | | 10-Q | [removed: | | | | |] May 10, 2012 | | 10(b) | | [removed: |] 001-14817 | [added: | |]

| | | [removed: (d)] [added: (c)] | | [removed: [Second] [added: [Third] Amended and Restated PACCAR Inc Restricted Stock and Deferred Compensation Plan for Non-Employee [removed: Directors](https://www.sec.gov/Archives/edgar/data/75362/000156459023002203/pcar-ex10d_926.htm) | | 10-K | | |] [added: Directors](https://www.sec.gov/Archives/edgar/data/75362/000095017024052081/pcar-ex10_d.htm)] | | [added: 10-Q] | [removed: February 22, 2023] [added: May 2, 2024] | | 10(d) | | [removed: |] 001-14817 | [added: | |]

| | | [removed: (e)] [added: (d)] | | [removed: [PACCAR Inc Restricted Stock and Deferred Compensation Plan for Non-Employee Directors, Form] [added: [Form] of Deferred Restricted Stock Unit [added: Grant] Agreement for Non-Employee [removed: Directors](https://www.sec.gov/Archives/edgar/data/0000075362/000095013407025148/v36361exv99w3.htm) | | 8-K | |] [added: Directors](https://www.sec.gov/Archives/edgar/data/75362/000095017024088553/pcar-ex10_e.htm)] | | [added: 10-Q] | [added: July 31, 2024] | [removed: December 10, 2007] | [added: 10(e)] | [removed: 99.3] | [added: 001-14817] | | [removed: 001-14817] |

| | | [removed: (g)] [added: (f)] | | [PACCAR Inc Senior Executive Yearly Incentive Compensation Plan](https://www.sec.gov/Archives/edgar/data/75362/000156459020005276/pcar-ex10g_464.htm) | | 10-K | [removed: | | | | |] February 19, 2020 | | 10(g) | | [removed: |] 001-14817 | [added: | |]

| | | [removed: (h)] [added: (g)] | | [PACCAR Inc Long Term Incentive Plan](https://www.sec.gov/Archives/edgar/data/75362/000156459023002203/pcar-ex10h_925.htm) | | 10-K | [removed: | | | | |] February 22, 2023 | | 10(h) | | [removed: |] 001-14817 | [added: | |]

| | | [removed: (i)] [added: (h)] | | [removed: [Amendment One to PACCAR] [added: [PACCAR] Inc Long Term Incentive Plan, [removed: Nonstatutory Stock Option Agreement and] Form of [added: Stock] Option [removed: Grant Agreement](https://www.sec.gov/Archives/edgar/data/75362/000119312513324177/d542389dex10k.htm) | | 10-Q | |] [added: Agreement](https://www.sec.gov/Archives/edgar/data/75362/000095017025023145/pcar-ex10_h.htm)*] | | [added: 10-K] | | [removed: August 7, 2013] | | [removed: 10(k)] | | | [removed: 001-14817] |

| | | [removed: (j)] [added: (i)] | | [PACCAR Inc Long Term Incentive Plan, [removed: 2018] Form of Restricted Stock Award Agreement](https://www.sec.gov/Archives/edgar/data/75362/000156459019003670/pcar-ex10m_938.htm) | | 10-K | [removed: | | | | |] February 21, 2019 | | 10(m) | | [removed: |] 001-14817 | [added: | |]

| | | [removed: (k)] [added: (j)] | | [PACCAR Inc Long Term Incentive Plan, Form of Restricted Stock Unit Agreement](https://www.sec.gov/Archives/edgar/data/75362/000156459019003670/pcar-ex10n_939.htm) | | 10-K | [removed: | | | | |] February 21, 2019 | | 10(n) | | [removed: |] 001-14817 | [added: | |]

| | | [removed: (l)] [added: (k)] | | [PACCAR Inc Savings Investment Plan, Amendment and Restatement effective September 1, 2016](https://www.sec.gov/Archives/edgar/data/75362/000119312516760179/d245955dex10q.htm) | | 10-Q | [removed: | | | | |] November 4, 2016 | | 10(q) | | [removed: |] 001-14817 | [added: | |]

| Exhibit Number | | Exhibit Description | | | | Form | | [removed: | |] Date of First Filing | | | [removed: |] Exhibit Number | | File Number | [removed: | |]

| | | [removed: (m)] [added: (e)] | | [removed: [Second Amended and Restated PACCAR Inc Restricted Stock and Deferred Compensation Plan for Non-Employee Directors, Form] [added: [Form] of [removed: Amended Deferred] Restricted Stock [removed: Unit] Grant [removed: Agreement](https://www.sec.gov/Archives/edgar/data/75362/000119312515065702/d823556dex10t.htm) | | 10-K | | | |] [added: Agreement for Non-Employee Directors](https://www.sec.gov/Archives/edgar/data/75362/000095017024088553/pcar-ex10_f.htm)] | | [removed: February 26, 2015] [added: 10-Q] | [added: July 31, 2024] | [removed: 10(t)] | [added: 10(f)] | | 001-14817 | | [added: |]

| (21) | | | | [Subsidiaries of the [removed: registrant*](https://www.sec.gov/Archives/edgar/data/75362/000095017024017900/pcar-ex21.htm) | | | | |] [added: registrant](https://www.sec.gov/Archives/edgar/data/75362/000095017025023145/pcar-ex21.htm)*] | | | | | | | | | |

| (23) | | | | [Consent of the independent registered public accounting [removed: firm*](https://www.sec.gov/Archives/edgar/data/75362/000095017024017900/pcar-ex23.htm) | | | | |] [added: firm](https://www.sec.gov/Archives/edgar/data/75362/000095017025023145/pcar-ex23.htm)*] | | | | | | | | | |

| (24) | | | | [Power of attorney – Powers of attorney of certain [removed: directors*](https://www.sec.gov/Archives/edgar/data/75362/000095017024017900/pcar-ex24.htm) | | | | |] [added: directors](https://www.sec.gov/Archives/edgar/data/75362/000095017025023145/pcar-ex24.htm)*] | | | | | | | | | |

| (31) | | | | Rule 13a-14(a)/15d-14(a) Certifications: | | | | | | | | | | [removed: | | | | |]

| | | (a) | | [Certification of Principal Executive [removed: Officer*](https://www.sec.gov/Archives/edgar/data/75362/000095017024017900/pcar-ex31_a.htm) | | | | |] [added: Officer](https://www.sec.gov/Archives/edgar/data/75362/000095017025023145/pcar-ex31_a.htm)*] | | | | | | | | | |

| | | (b) | | [Certification of Principal Financial [removed: Officer*](https://www.sec.gov/Archives/edgar/data/75362/000095017024017900/pcar-ex31_b.htm) | | | | |] [added: Officer](https://www.sec.gov/Archives/edgar/data/75362/000095017025023145/pcar-ex31_b.htm)*] | | | | | | | | | |

— December 31, 2024 and 2023

— Years Ended December 31, 2024, 2023 and 2022

— Years Ended December 31, 2024, 2023 and 2022

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| | | (d) | | Forms of Medium-Term Note, Series R (PACCAR Financial Corp.) | | S-3 | | | November 7, 2024 | | [4.4](https://www.sec.gov/Archives/edgar/data/731288/000119312524253113/d868620dex44.htm) and [4.5](https://www.sec.gov/Archives/edgar/data/731288/000119312524253113/d868620dex45.htm) | | 333-283056 |

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| | | (i) | | [Terms and Conditions of the Notes applicable to the €2,500,000,000 Medium Term Note Programme of PACCAR Financial Europe B.V. set forth in the Information Memorandum dated July 17, 2024](https://www.sec.gov/Archives/edgar/data/75362/000095017024118960/pcar-ex4_h.htm) | | 10-Q | | | October 30, 2024 | | 4(h) | | 001-14817 |

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| | | (c) | | [Deferred Incentive Compensation Plan (Amended and Restated as of December 31, 2004)](https://www.sec.gov/Archives/edgar/data/75362/000110465906012138/a06-2326_1ex10db.htm) | | 10-K | | | | | | February 27, 2006 | | 10(b) | | | 001-14817 |

| | | (f) | | [Amendment to Compensatory Arrangement with Non-Employee Directors](https://www.sec.gov/Archives/edgar/data/0000075362/000119312515065702/d823556dex10g.htm) | | 10-K | | | | | | February 26, 2015 | | 10(g) | | | 001-14817 |

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| | | (n) | | [Second Amended and Restated PACCAR Inc Restricted Stock and Deferred Compensation Plan for Non-Employee Directors, Form of Amended Restricted Stock Grant Agreement](https://www.sec.gov/Archives/edgar/data/75362/000119312515065702/d823556dex10u.htm) | | 10-K | | | | | | February 26, 2015 | | 10(u) | | | 001-14817 | |

| */s/ F. L. Feder | | Director |

| F. L. Feder | | |

| */s/ M. A. Schulz | | Director |

| M. A. Schulz | | |