UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
| x | ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the fiscal year ended December 31, 2015
OR
| ¨ | TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission file number 000-14817
PACCAR INC SAVINGS INVESTMENT PLAN
(Full title of plan)
PACCAR Inc
777 106th Avenue, N.E.
Bellevue, Washington 98004
(Name of issue of securities held pursuant to the
plan and address of its principal executive officers)
REQUIRED INFORMATION
| A. | Financial Statements and Schedules |
Report of Independent Registered Public Accounting Firm
Financial Statements:
Statements of Net Assets Available for Benefits
Statement of Changes in Net Assets Available for Benefits
Notes to Financial Statements
Supplemental Schedules:
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
Schedule H, Line 4j – Schedule of Reportable Transactions
| B. | Exhibits |
| 23 | Consent of Independent Registered Public Accounting Firm |
SIGNATURE
The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
| PACCAR INC SAVINGS INVESTMENT PLAN | ||||||
| Date: June 10, 2016 | By: | /s/ J.K. LeVier | ||||
| J.K. LeVier | ||||||
| Vice President - Human Resources | ||||||
| PACCAR Inc | ||||||
FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES
PACCAR Inc Savings Investment Plan
December 31, 2015 and 2014
and for the Year Ended December 31, 2015
With Report of Independent Registered Public Accounting Firm
Savings Investment Plan
Financial Statements and Supplemental Schedules
December 31, 2015 and 2014 and
for the Year Ended December 31, 2015
Contents
| 1 | ||||
| Financial Statements |
||||
| 2 | ||||
| 3 | ||||
| 4 | ||||
| Supplemental Schedules |
||||
| Schedule H, Line 4i – Schedule of Assets (Held at End of Year) |
16 | |||
| 17 | ||||
Report of Independent Registered Public Accounting Firm
The Administrator
PACCAR Inc Savings Investment Plan
We have audited the accompanying statements of net assets available for benefits of the PACCAR Inc Savings Investment Plan (the Plan) as of December 31, 2015 and 2014, and the related statement of changes in net assets available for benefits for the year ended December 31, 2015. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. We were not engaged to perform an audit of the Plan’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the PACCAR Inc Savings Investment Plan at December 31, 2015 and 2014, and the changes in its net assets available for benefits for the year ended December 31, 2015, in conformity with U.S. generally accepted accounting principles.
The accompanying supplemental schedules of assets (held at end of year) as of December 31, 2015, and reportable transactions for the year then ended, have been subjected to audit procedures performed in conjunction with the audit of the PACCAR Inc Savings Investment Plan’s financial statements. The information in the supplemental schedules is the responsibility of the Plan’s management. Our audit procedures included determining whether the information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedules. In forming our opinion on the information, we evaluated whether such information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the information is fairly stated, in all material respects, in relation to the financial statements as a whole.
/s/ Ernst & Young LLP
Seattle, Washington
June 10, 2016
1
PACCAR Inc
Statements of Net Assets Available for Benefits
| December 31 | ||||||||
| 2015 | 2014 | |||||||
| Assets |
||||||||
| Investments, at fair value: |
||||||||
| Money market fund |
$ | 348,835 | $ | 366,120 | ||||
| Commingled trust funds |
422,848,193 | 453,860,658 | ||||||
| Mutual funds |
353,065,335 | 372,784,463 | ||||||
| PACCAR Inc common stock |
667,244,634 | 973,704,109 | ||||||
|
|
|
|
|
|||||
| Total investments, at fair value |
1,443,506,997 | 1,800,715,350 | ||||||
| Notes receivable from participants |
37,760,469 | 35,466,224 | ||||||
| Dividends and other receivables |
19,971,784 | 14,677,938 | ||||||
| Due from broker for securities sold |
935,857 | 1,158,136 | ||||||
|
|
|
|
|
|||||
| Total assets |
1,502,175,107 | 1,852,017,648 | ||||||
| Liabilities |
||||||||
| Accrued expenses |
12,856 | 75,618 | ||||||
|
|
|
|
|
|||||
| Net assets reflecting all investments at fair value |
1,502,162,251 | 1,851,942,030 | ||||||
| Adjustment from fair value to contract value for |
(837,661 | ) | (1,902,272 | ) | ||||
|
|
|
|
|
|||||
| Net assets available for benefits |
$ | 1,501,324,590 | $ | 1,850,039,758 | ||||
|
|
|
|
|
|||||
See accompanying notes.
2
PACCAR Inc
Statement of Changes in Net Assets Available for Benefits
Year Ended December 31, 2015
| Additions to (deductions from) net assets attributed to: |
||||
| Investment income: |
||||
| Dividends and interest |
$ | 43,418,828 | ||
| Net depreciation of investments |
(293,994,156 | ) | ||
| Revenue credit |
124,999 | |||
| Contributions: |
||||
| Company |
24,577,059 | |||
| Participants |
51,072,241 | |||
| Distributions to participants |
(173,643,002 | ) | ||
| Administrative expenses |
(271,137 | ) | ||
|
|
|
|||
| Net decrease |
(348,715,168 | ) | ||
| Net assets available for benefits at beginning of year |
1,850,039,758 | |||
|
|
|
|||
| Net assets available for benefits at end of year |
$ | 1,501,324,590 | ||
|
|
|
|||
See accompanying notes.
3
Savings Investment Plan
Notes to Financial Statements
December 31, 2015
1. Description of the Plan
The PACCAR Inc Savings Investment Plan (the Plan) is a defined contribution plan covering substantially all non-union U.S. employees of PACCAR Inc and its U.S. subsidiaries (collectively, the Company). Covered employees are eligible to participate in the Plan after completion of 30 days of service. Participants are eligible to receive employer contributions after one year of service. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code (the Code). This description of the Plan provides only general information. Participants should refer to the Plan document for a complete description of the Plan’s provisions.
Contributions
Participants may elect to contribute not less than 1% and not more than 35% of their respective annual compensation (as defined in the Plan document) subject to the Code’s annual maximum of $18,000 for 2015. Participant contributions to the Plan are excluded from the participants’ current taxable earnings in accordance with the Code’s Section 401(k). Catch-up contributions are made available under the Plan for those participants age 50 and older. The maximum annual catch-up contribution for 2015 was $6,000.
For eligible participants who were actively employed at December 31, 2015, the Company matched participant contributions (excluding age 50 catch-up deferrals) to the lesser of 5% of the participants’ respective annual compensation or their annual salary deferrals. In certain cases, as described in the Plan document, employees who terminated during the year will be eligible to receive matching contributions.
The Company’s matching contributions of $24,577,059 were unallocated at December 31, 2015. The matching contributions are allocated to participant accounts in January each year based on determination of eligibility as described above. The Company matches contributions in the form of PACCAR Inc common stock. The Company’s rate of contribution and the frequency and manner in which the Company makes its contribution shall be decided by the Company in its sole discretion with respect to each Plan year.
Participant Accounts
Individual accounts are maintained for all Plan participants that reflect their contributions and related Company matching contributions to the Plan, allocations from any revenue credits, and any earnings or losses on the Plan’s investments.
4
PACCAR Inc
Savings Investment Plan
Notes to Financial Statements (continued)
1. Description of the Plan (continued)
Vesting
Plan participants are immediately 100% vested in participant and Company matching contributions when made, plus any investment earnings thereon.
Investment Options
Upon enrollment in the Plan, participants may direct their contributions in whole percentage increments to any of the Plan’s fund options. Participants may subsequently change their investment options for either existing or future contributions, subject to trading limitations on certain of the Plan’s individual fund options.
All participants with three or more years of service have the ability to make an unlimited number of transfers-in or transfers-out, at any time, of some or all of their Company matching contribution balances held in the PACCAR Inc common stock fund into any of the other investment fund options within the Plan.
Notes Receivable from Participants
Actively employed participants may borrow from their individual accounts a minimum of $1,000, up to the lesser of $50,000 reduced by the highest outstanding loan balance during the previous 12 months, 50% of the participants’ total account balance, or the participants’ total account balance excluding Company matching contributions in the PACCAR Inc common stock fund and related earnings. Loan terms range from 1 to 5 years, or up to 15 years for the purchase of a primary residence, and early payoffs can be made without penalty. The loans are secured by the balance in the participant’s account and bear interest at a fixed rate equal to the prime rate plus 1%, determined as of the loan date. Interest rates ranged from 4.25% to 10.50% on loans outstanding as of December 31, 2015. Principal and interest are repaid either through after-tax payroll deductions or by personal disbursements sent directly to Fidelity Management Trust Company (the Trustee). Loans outstanding do not affect the amount of annual matching contributions the Company pays to participants’ accounts. The number of loans that a participant can take is limited to two new loans per calendar year.
5
PACCAR Inc
Savings Investment Plan
Notes to Financial Statements (continued)
1. Description of the Plan (continued)
Benefit Payments
Participants who leave the Company may choose a single cash payment or whole shares of PACCAR Inc common stock included in the participant’s account, plus a cash payment for the remaining balance, or have their account balance remain in the Plan until reaching age 70 1⁄2. Participants who leave the Company whose account balance is less than $1,000 will automatically receive a single cash payment. Also, active employees who reach age 70 1⁄2 have the additional options of electing to have their account balances distributed to them or to receive minimum required distributions.
Plan Termination
It is the intention of the Company that the Plan will continue indefinitely. However, should the Company elect to terminate the Plan subject to the provisions of ERISA, the termination date shall be treated as the valuation date, and the balances in the participants’ accounts will be distributed to them.
Expenses and Revenue Credit
Third-party management fees are charged to the Plan, and the Company pays certain other expenses relating to the Plan’s administration. Effective January 1, 2012, the Company amended its agreement with the Plan’s Trustee to provide a revenue credit arrangement. The revenue credit is funded by the Trustee to pay for Plan management fees and reimburse the Company for Plan administration expenses. If the Plan does not use the entire revenue credit, the excess may be allocated to the participants.
2. Summary of Accounting Policies
Basis of Accounting
The financial statements have been prepared on the accrual basis of accounting.
6
PACCAR Inc
Savings Investment Plan
Notes to Financial Statements (continued)
2. Summary of Accounting Policies (continued)
Investment Valuation and Income Recognition
The Plan’s investments are stated at fair value. Shares of mutual funds are valued based on a quoted market price to sell, which represents the net asset value of shares held by the Plan at year-end. The fair value of the participation units in commingled trust funds (other than the Fidelity Managed Income Portfolio II (MIP II Fund)) is based on the unadjusted net asset value per unit as determined by the sponsor of the fund based on the fair values of the underlying investments. There are currently no significant redemption restrictions on these investments.
Investment contracts held by a defined contribution plan are required to be reported at fair value. The Plan invests in investment contracts through the MIP II Fund. The statements of net assets available for benefits present the fair value of the MIP II Fund and the adjustment from fair value to contract value. The contract value of the MIP II Fund represents contributions plus earnings, less participant withdrawals and administrative expenses.
Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date.
Notes Receivable from Participants
Notes receivable from participants represent participant loans that are recorded at their unpaid principal balance plus any accrued but unpaid interest. Interest income on notes receivable from participants is recorded when it is earned. Notes receivable from participants that are determined to be uncollectible are recorded as a distribution based upon the terms of the Plan document. No allowance for credit losses has been recorded as of December 31, 2015 or 2014.
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates.
7
PACCAR Inc
Savings Investment Plan
Notes to Financial Statements (continued)
2. Summary of Accounting Policies (continued)
Risks and Uncertainties
The Plan provides for various investment options. Investment securities, in general, are exposed to various risks, such as interest rate, market volatility, and credit. Due to the level of risk associated with certain investment securities and the level of uncertainty related to changes in the value of investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the value of participants’ account balances and the amounts reported in the financial statements.
New Accounting Pronouncements
In May 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). This ASU eliminates the requirement to include investments in the fair value hierarchy for which fair value is measured using the net asset value per share practical expedient under Topic 820. The ASU is effective for annual periods beginning after December 15, 2015, and early adoption is permitted. The adoption of this ASU will not affect the Plan’s financial statements but will result in changes to footnote disclosures. The Plan expects to adopt this ASU in 2016.
In July 2015, the FASB issued ASU 2015-12, Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962) and Health and Welfare Benefit Plans (Topic 965): Part (I) Fully Benefit-Responsive Investment Contracts, Part (II) Plan Investment Disclosures, Part (III) Measurement Date Practical Expedient. This three-part standard simplifies employee benefit plan reporting with respect to fully benefit-responsive investment contracts and plan investment disclosures, and provides a measurement date practical expedient. The ASU is effective for annual periods beginning after December 15, 2015, and early adoption is permitted. The adoption of this ASU will not materially affect the Plan’s financial statements but will result in changes to footnote disclosures. The Plan expects to adopt this ASU in 2016.
8
PACCAR Inc
Savings Investment Plan
Notes to Financial Statements (continued)
3. Investments
Assets held in the Plan are managed and investment transactions are executed by the Trustee or other outside mutual fund companies.
During the year ended December 31, 2015, the Plan’s investments (including investments purchased, sold, as well as held during the year) (depreciated) appreciated in fair value as determined by quoted market prices as follows:
| Year Ended December 31, 2015 |
Net (Depreciation) Appreciation in Fair Value of Investments |
|||
| PACCAR Inc common stock |
$ | (288,369,491 | ) | |
| Mutual funds |
(18,526,488 | ) | ||
| Commingled trust funds |
12,901,823 | |||
|
|
|
|||
| $ | (293,994,156 | ) | ||
|
|
|
|||
The fair value of investments that represent 5% or more of the Plan’s net assets is as follows:
| December 31 | ||||||||
| 2015 | 2014 | |||||||
| PACCAR Inc common stock* |
$ | 667,244,634 | $ | 937,704,109 | ||||
| Fidelity Contrafund Pool |
187,027,877 | 195,657,663 | ||||||
| Fidelity Managed Income Portfolio II Class 4 |
117,513,158 | 132,171,083 | ||||||
| Fidelity U.S. Equity Index Commingled Pool |
95,248,806 | 101,445,346 | ||||||
*Includes Company matching contributions, some of which are nonparticipant-directed.
9
PACCAR Inc
Savings Investment Plan
Notes to Financial Statements (continued)
4. Fair Value of Financial Instruments
Fair value represents the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. The hierarchy of fair value measurement is described below.
Level 1 – Valuations are based on quoted prices that the Plan has the ability to obtain in actively traded markets for identical assets. Since valuations are based on quoted prices that are readily and regularly available in an active market or exchange traded market, valuation of these instruments does not require a significant degree of judgment.
Level 2 – Valuations are based on quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market.
Level 3 – Valuations are based on model-based techniques for which some or all of the assumptions are obtained from indirect market information that is significant to the overall fair value measurement and which require a significant degree of management judgment. The Plan had no financial instruments requiring Level 3 valuation.
There were no transfers of assets between Level 1 and Level 2 of the fair value hierarchy during the year ended December 31, 2015. The Plan’s policy is to recognize transfers between levels at the end of the reporting period.
The following methods and assumptions are used to measure fair value for assets subject to recurring fair value measurements.
The fair value of a money market fund, mutual funds, and PACCAR Inc common stock is based on quoted prices in active markets. These are categorized as Level 1.
The fair value of commingled trust funds is based on the unadjusted net asset value per unit as determined by the sponsor of the fund based on the fair values of the underlying investments. These commingled funds are categorized as Level 2.
10
PACCAR Inc
Savings Investment Plan
Notes to Financial Statements (continued)
4. Fair Value of Financial Instruments (continued)
The Plan’s assets subject to recurring fair value measurements at December 31, 2015, are as follows:
| Level 1 | Level 2 | Total | ||||||||||
| Financial instruments, at fair value: |
||||||||||||
| U.S. money market fund |
$ | 348,835 | $ | — | $ | 348,835 | ||||||
| Commingled trust funds: |
||||||||||||
| U.S. |
— | 399,789,841 | 399,789,841 | |||||||||
| International |
— | 23,058,352 | 23,058,352 | |||||||||
| U.S. mutual funds: |
||||||||||||
| Equity |
71,386,696 | — | 71,386,696 | |||||||||
| Fixed income |
50,120,691 | — | 50,120,691 | |||||||||
| Asset allocation |
231,557,948 | — | 231,557,948 | |||||||||
| PACCAR Inc common stock |
667,244,634 | — | 667,244,634 | |||||||||
|
|
|
|
|
|
|
|||||||
| $ | 1,020,658,804 | $ | 422,848,193 | $ | 1,443,506,997 | |||||||
|
|
|
|
|
|
|
|||||||
The Plan’s assets subject to recurring fair value measurements at December 31, 2014, are as follows:
| Level 1 | Level 2 | Total | ||||||||||
| Financial instruments, at fair value: |
||||||||||||
| U.S. money market fund |
$ | 366,120 | $ | — | $ | 366,120 | ||||||
| Commingled trust funds: |
||||||||||||
| U.S. |
— | 429,274,092 | 429,274,092 | |||||||||
| International |
— | 24,586,566 | 24,586,566 | |||||||||
| U.S. mutual funds: |
||||||||||||
| Equity |
80,094,193 | — | 80,094,193 | |||||||||
| Fixed income |
56,812,787 | — | 56,812,787 | |||||||||
| Asset allocation |
235,877,483 | — | 235,877,483 | |||||||||
| PACCAR Inc common stock |
973,704,109 | — | 973,704,109 | |||||||||
|
|
|
|
|
|
|
|||||||
| $ | 1,346,854,692 | $ | 453,860,658 | $ | 1,800,715,350 | |||||||
|
|
|
|
|
|
|
|||||||
11
PACCAR Inc
Savings Investment Plan
Notes to Financial Statements (continued)
5. Nonparticipant-Directed Investments
The only nonparticipant-directed investments in the Plan are held in PACCAR Inc common stock, in which participant-directed investments are also made. The investment activity cannot be segregated between participant-directed and nonparticipant-directed transactions. The information below regarding net assets and the significant changes in net assets relates to the nonparticipant-directed and participant-directed transactions in PACCAR Inc common stock.
| December 31 | ||||||||
| 2015 | 2014 | |||||||
| Investments in PACCAR Inc common stock at fair value |
$ | 667,244,634 | $ | 973,704,109 | ||||
| Dividends receivable on PACCAR Inc common stock |
19,675,185 | 14,424,746 | ||||||
|
|
|
|
|
|||||
| $ | 686,919,819 | $ | 988,128,855 | |||||
|
|
|
|
|
|||||
| Year Ended December 31 2015 |
||||
| Changes in net assets: |
||||
| Contributions |
$ | 37,917,178 | ||
| Dividends |
32,649,875 | |||
| Net depreciation in fair value |
(288,369,491 | ) | ||
| Net transfers to other participant-directed investments |
(34,572,581 | ) | ||
| Benefits paid to participants |
(49,077,352 | ) | ||
| Net participant loan repayments |
243,335 | |||
|
|
|
|||
| $ | (301,209,036 | ) | ||
|
|
|
|||
6. Income Tax Status
The Plan has received a determination letter from the Internal Revenue Service (the IRS) dated September 24, 2013, stating that the Plan is qualified under Section 401(a) of the Code and, therefore, the related trust is exempt from taxation. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualification. The plan administrator believes the Plan is being operated in compliance with the applicable requirements of the Code and, therefore, believes that the Plan, as amended and restated, is qualified and the related trust is tax-exempt.
12
PACCAR Inc
Savings Investment Plan
Notes to Financial Statements (continued)
6. Income Tax Status (continued)
Accounting principles generally accepted in the United States require Plan management to evaluate uncertain tax positions taken by the Plan. The financial statement effects of a tax position are recognized when the position is more likely than not, based on the technical merits, to be sustained upon examination by the IRS. The plan administrator has analyzed the tax positions taken by the Plan and has concluded that as of December 31, 2015 and 2014, there are no uncertain positions taken or expected to be taken. The Plan has recognized no interest or penalties related to uncertain tax positions. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The Plan is not subject to income tax examinations for years prior to 2012.
7. Transactions with Parties in Interest
The Plan invests in the common stock of the Plan’s sponsor, PACCAR Inc, which is purchased by the Trustee on the open market at fair value. The Plan made purchases totaling $141,613,332 and sales totaling $209,774,375 of PACCAR Inc common stock during 2015. The Plan received dividends on this stock totaling $27,399,437 in 2015. Dividends receivable were $19,675,185 and $14,424,746 at December 31, 2015 and 2014, respectively.
Effective January 1, 2012, a revenue credit program was entered into with the Trustee. The revenue credits are used to pay certain Plan administrative fees. During the year ended December 31, 2015, the Plan recognized $125,000 of revenue credits and used $147,630 of the revenue credits to pay for certain administrative fees. Unallocated revenue credits were $346,004 and $368,634 at December 31, 2015 and 2014, respectively.
13
PACCAR Inc
Savings Investment Plan
Notes to Financial Statements (continued)
8. Reconciliation of Financial Statements to Form 5500
The following is a reconciliation of net assets available for benefits per the financial statements at December 31, 2015 and 2014, to the Form 5500:
| December 31 | ||||||||
| 2015 | 2014 | |||||||
| Net assets available for benefits per the financial statements |
$ | 1,501,324,590 | $ | 1,850,039,758 | ||||
| Adjustment from fair value to contract value for investment contracts |
837,661 | 1,902,272 | ||||||
|
|
|
|
|
|||||
| Net assets available for benefits per the Form 5500 |
$ | 1,502,162,251 | $ | 1,851,942,030 | ||||
|
|
|
|
|
|||||
The following is a reconciliation of changes in net assets per the financial statements for the year ended December 31, 2015, to the Form 5500:
| Year Ended December 31 2015 |
||||
| Decrease in net assets per the financial statements |
$ | (348,715,168 | ) | |
| Adjustment from fair value to contract value for investment contracts |
837,661 | |||
| Adjustment from fair value to contract value for investment contracts |
(1,902,272 | ) | ||
|
|
|
|||
| Net decrease per the Form 5500 |
$ | (349,779,779 | ) | |
|
|
|
|||
14
Supplemental Schedules
PACCAR Inc
Savings Investment Plan
EIN: 91-0351110 Plan Number: 002
Schedule H, Line 4i – Schedule of Assets
(Held at End of Year)
As of December 31, 2015
| (a) |
(b) Identity of Issue, Fund or Borrower |
(c) Description of Investment |
(d) Cost |
(e) Current Value |
||||||||
| Money market fund: | ||||||||||||
| * |
Fidelity Management Trust Company: |
|||||||||||
| Government Money Market II Portfolio |
348,835 shares | (1 | ) | $ | 348,835 | |||||||
| Commingled trust funds: | ||||||||||||
| * |
Fidelity Management Trust Company: |
|||||||||||
| Contrafund Pool |
16,109,206 units | (1 | ) | 187,027,877 | ||||||||
| Managed Income Portfolio II Class 4 |
116,675,496 units | (1 | ) | 117,513,158 | ||||||||
| U.S. Equity Index Commingled Pool |
1,202,636 units | (1 | ) | 95,248,806 | ||||||||
| Russell Fund: |
||||||||||||
| International |
438,205 units | (1 | ) | 23,058,352 | ||||||||
|
|
|
|||||||||||
| 422,848,193 | ||||||||||||
| Mutual funds: | ||||||||||||
| * |
Fidelity Management Trust Company: |
|||||||||||
| Asset Manager 70% |
2,179,284 shares | (1 | ) | 40,512,892 | ||||||||
| Asset Manager 50% |
2,147,983 shares | (1 | ) | 34,453,642 | ||||||||
| Asset Manager 20% |
1,293,720 shares | (1 | ) | 16,430,245 | ||||||||
| Freedom Index Income W |
560,699 shares | (1 | ) | 6,268,615 | ||||||||
| Freedom Index 2010 W |
746,054 shares | (1 | ) | 9,571,869 | ||||||||
| Freedom Index 2020 W |
4,738,221 shares | (1 | ) | 63,729,072 | ||||||||
| Freedom Index 2030 W |
2,047,829 shares | (1 | ) | 29,345,396 | ||||||||
| Freedom Index 2040 W |
1,504,276 shares | (1 | ) | 22,368,578 | ||||||||
| Freedom Index 2050 W |
584,321 shares | (1 | ) | 8,829,088 | ||||||||
| Freedom Index 2060 W |
4,974 shares | (1 | ) | 48,551 | ||||||||
| JP Morgan Mid Cap Value Fund: |
||||||||||||
| Institutional Class |
2,101,463 shares | (1 | ) | 71,386,696 | ||||||||
| PIMCO Total Return Fund: |
||||||||||||
| Institutional Class |
4,977,229 shares | (1 | ) | 50,120,691 | ||||||||
|
|
|
|||||||||||
| 353,065,335 | ||||||||||||
| Other investments: | ||||||||||||
| * |
PACCAR Inc common stock |
14,076,850 shares | $ | 448,952,542 | 667,244,634 | |||||||
|
|
|
|||||||||||
| Total Investments | $ | 1,443,506,997 | ||||||||||
|
|
|
|||||||||||
| * |
Participant loans | Maturing through 2030, with interest rates ranging from 4.25% to 10.50% |
(1 | ) | $ | 37,760,469 | ||||||
|
|
|
|||||||||||
| * | Indicates party in interest to the Plan. |
| (1) | Cost information is omitted, as investments are participant-directed. |
16
PACCAR Inc
Savings Investment Plan
EIN: 91-0351110 Plan Number: 002
Schedule H, Line 4j – Schedule of Reportable Transactions
Year Ended December 31, 2015
|
(a) Identity of
Party |
(b) Description of Asset |
(c) Purchase Price |
(d) Selling Price |
(g) Cost of Asset |
(h) Current Value of Asset on Transaction Date |
(i) Net Gain |
||||||||||||||||||
| Category (iii) – Series of securities transaction aggregating in excess of 5% of Plan assets. |
| |||||||||||||||||||||||
| PACCAR Inc |
Common stock | $ | 141,613,332 | $ | — | $ | — | $ | 141,613,332 | $ | — | |||||||||||||
| PACCAR Inc |
Common stock | — | 209,774,375 | 159,703,546 | 209,774,375 | 50,070,829 | ||||||||||||||||||
There were no category (i), (ii), or (iv) reportable transactions during the year.
Columns (e) and (f) are not applicable.
17