Form 11-K
Table of Contents

 

 

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, 2014

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 issuer of securities held pursuant to the

plan and address of its principal executive office)

 

 

 


Table of Contents

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


Table of Contents

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 17, 2015 By:

/s/ J.K. LeVier

J.K. LeVier

Vice President - Human Resources

PACCAR Inc


Table of Contents

FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES

PACCAR Inc Savings Investment Plan

December 31, 2014 and 2013

and for the Year Ended December 31, 2014

With Report of Independent Registered Public Accounting Firm


Table of Contents

PACCAR Inc

Savings Investment Plan

Financial Statements and Supplemental Schedules

December 31, 2014 and 2013 and

for the Year Ended December 31, 2014

Contents

 

Report of Independent Registered Public Accounting Firm

  1   

Financial Statements

Statements of Net Assets Available for Benefits

  2   

Statement of Changes in Net Assets Available for Benefits

  3   

Notes to Financial Statements

  4   

Supplemental Schedules

Schedule H, Line 4i – Schedule of Assets (Held at End of Year)

  16   

Schedule H, Line 4j – Schedule of Reportable Transactions

  17   


Table of Contents

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 PACCAR Inc Savings Investment Plan (the Plan) as of December 31, 2014 and 2013, and the related statement of changes in net assets available for benefits for the year ended December 31, 2014. 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 PACCAR Inc Savings Investment Plan at December 31, 2014 and 2013, and the changes in its net assets available for benefits for the year ended December 31, 2014, in conformity with U.S. generally accepted accounting principles.

The accompanying supplemental schedules of assets (held at end of year) as of December 31, 2014, and reportable transactions for the year then ended, have been subjected to audit procedures performed in conjunction with the audit of 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 17, 2015

 

1


Table of Contents

PACCAR Inc

Savings Investment Plan

Statements of Net Assets Available for Benefits

 

     December 31  
     2014     2013  

Assets

    

Investments, at fair value:

    

Money market fund

   $ 366,120      $ 307,165   

Commingled trust funds

     453,860,658        252,788,735   

Mutual funds

     372,784,463        532,641,286   

PACCAR Inc common stock

     973,704,109        931,717,228   
  

 

 

   

 

 

 

Total investments, at fair value

  1,800,715,350      1,717,454,414   

Notes receivable from participants

  35,466,224      32,730,411   

Dividends and other receivables

  14,677,938      14,516,899   

Due from broker for securities sold

  1,158,136      2,033,503   
  

 

 

   

 

 

 

Total assets

  1,852,017,648      1,766,735,227   

Liabilities

Accrued expenses

  75,618      23,364   
  

 

 

   

 

 

 

Net assets reflecting all investments at fair value

  1,851,942,030      1,766,711,863   

Adjustment from fair value to contract value for investment contracts held by
commingled trust funds

  (1,902,272   (1,864,786
  

 

 

   

 

 

 

Net assets available for benefits

$ 1,850,039,758    $ 1,764,847,077   
  

 

 

   

 

 

 

See accompanying notes.

 

2


Table of Contents

PACCAR Inc

Savings Investment Plan

Statement of Changes in Net Assets Available for Benefits

Year Ended December 31, 2014

 

Additions to (deductions from) net assets attributed to:

Investment income:

Dividends and interest

$ 45,577,959   

Net appreciation of investments

  163,449,682   

Revenue credit

  214,367   

Contributions:

Company

  22,518,235   

Participants

  43,796,329   

Distributions to participants

  (189,944,082

Administrative expenses

  (419,809
  

 

 

 

Net increase

  85,192,681   

Net assets available for benefits at beginning of year

  1,764,847,077   
  

 

 

 

Net assets available for benefits at end of year

$ 1,850,039,758   
  

 

 

 

See accompanying notes.

 

3


Table of Contents

PACCAR Inc

Savings Investment Plan

Notes to Financial Statements

December 31, 2014

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 $17,500 for 2014. Participant contributions to the Plan are excluded from the participants’ current taxable earnings in accordance with the Code’s Section 401(k). Beginning in 2002, catch-up contributions were made available under the Plan for those participants age 50 and older. The maximum annual catch-up contribution for 2014 was $5,500.

For eligible participants who were actively employed at December 31, 2014, 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 $22,518,235 were unallocated at December 31, 2014. 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


Table of Contents

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, 2014. 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


Table of Contents

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 12. 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 12 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. In January 2013, the Company amended its agreement with the Plan’s Trustee to provide a revenue credit arrangement effective January 1, 2012. 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


Table of Contents

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, 2014 or 2013.

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


Table of Contents

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 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. This ASU will not affect the Plan’s financial statements but will result in changes to footnote disclosures.

3. Investments

Assets held in the Plan are managed and investment transactions are executed by the Trustee or other outside mutual fund companies.

 

8


Table of Contents

PACCAR Inc

Savings Investment Plan

Notes to Financial Statements (continued)

 

3. Investments (continued)

 

During the year ended December 31, 2014, the Plan’s investments (including investments purchased, sold, as well as held during the year) appreciated (depreciated) in fair value as determined by quoted market prices as follows:

 

Year Ended December 31, 2014

   Net
Appreciation
(Depreciation)
in Fair Value of
Investments
 

PACCAR Inc common stock

   $ 133,337,221   

Commingled trust funds

     30,929,441   

Mutual funds

     (816,980
  

 

 

 
$ 163,449,682   
  

 

 

 

The fair value of investments that represent 5% or more of the Plan’s net assets is as follows:

 

     December 31  
     2014      2013  

PACCAR Inc common stock*

   $ 973,704,109       $ 931,717,228   

Fidelity Contrafund Pool

     195,657,663         —     

Fidelity Managed Income Portfolio II Class 4

     132,171,083         —     

Fidelity U.S. Equity Index Commingled Pool

     101,445,346         92,438,270   

Fidelity Contrafund K

     —           194,163,166   

Fidelity Managed Income Portfolio II Class 2

     —           132,476,077   

* Includes Company matching contributions, some of which are nonparticipant-directed.

 

9


Table of Contents

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.

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


Table of Contents

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, 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   
  

 

 

    

 

 

    

 

 

 

The Plan’s assets subject to recurring fair value measurements at December 31, 2013, are as follows:

 

     Level 1      Level 2      Total  

Financial instruments, at fair value:

        

U.S. money market fund

   $ 307,165       $ —         $ 307,165   

Commingled trust funds:

        

U.S.

     —           224,914,347         224,914,347   

International

     —           27,874,388         27,874,388   

U.S. mutual funds:

        

Equity

     268,482,909         —           268,482,909   

Fixed income

     62,799,184         —           62,799,184   

Asset allocation

     201,359,193         —           201,359,193   

PACCAR Inc common stock

     931,717,228         —           931,717,228   
  

 

 

    

 

 

    

 

 

 
$ 1,464,665,679    $ 252,788,735    $ 1,717,454,414   
  

 

 

    

 

 

    

 

 

 

 

11


Table of Contents

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 also are 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  
     2014      2013  

Investments in PACCAR Inc common stock at fair value

   $ 973,704,109       $ 931,717,228   

Dividends receivable on PACCAR Inc common stock

     14,424,746         14,245,378   
  

 

 

    

 

 

 
$ 988,128,855    $ 945,962,606   
  

 

 

    

 

 

 

 

     Year Ended
December 31,
2014
 

Changes in net assets:

  

Contributions

   $ 34,730,148   

Dividends

     27,260,528   

Net appreciation in fair value

     133,337,221   

Net transfers to other participant-directed investments

     (83,766,050

Benefits paid to participants

     (68,982,471

Net participant loan withdrawals

     (413,127
  

 

 

 
$ 42,166,249   
  

 

 

 

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


Table of Contents

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, 2014 and 2013, 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 2011.

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 $133,372,818 and sales totaling $322,383,824 of PACCAR Inc common stock during 2014. The Plan received dividends on this stock totaling $27,081,160 in 2014. Dividends receivable were $14,424,746 and $14,245,378 at December 31, 2014 and 2013, 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, 2014, the Plan recognized $214,367 of revenue credits and used $172,975 of the revenue credits to pay for certain administrative fees. Unallocated revenue credits were $368,634 and $327,242 at December 31, 2014 and 2013, respectively.

 

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Table of Contents

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, 2014 and 2013, to the Form 5500:

 

     December 31  
     2014      2013  

Net assets available for benefits per the financial statements

   $ 1,850,039,758       $ 1,764,847,077   

Adjustment from fair value to contract value for investment contracts held by commingled trust funds

     1,902,272         1,864,786   
  

 

 

    

 

 

 

Net assets available for benefits per the Form 5500

$ 1,851,942,030    $ 1,766,711,863   
  

 

 

    

 

 

 

The following is a reconciliation of changes in net assets per the financial statements for the year ended December 31, 2014, to the Form 5500:

 

     Year Ended
December 31,
2014
 

Increase in net assets per the financial statements

   $ 85,192,681   

Adjustment from fair value to contract value for investment contracts held by commingled trust funds – December 31, 2014

     1,902,272   

Adjustment from fair value to contract value for investment contracts held by commingled trust funds – December 31, 2013

     (1,864,786
  

 

 

 

Net increase per the Form 5500

$ 85,230,167   
  

 

 

 

 

14


Table of Contents

Supplemental Schedules


Table of Contents

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, 2014

 

(a)

  

(b)

Identity of Issue, Fund or Borrower

  

(c)

Description of

Investment

   (d)
Cost
    (e)
Current Value
 
  

Money market fund:

       

*

  

Fidelity Management Trust Company:

       
  

Retirement Money Market

   366,120 shares      (1 )    $ 366,120   
  

Commingled trust funds:

       

*

  

Fidelity Management Trust Company:

       
  

Contrafund Pool

   17,900,976 units      (1 )      195,657,663   
  

Managed Income Portfolio II Class 4

   130,268,811 units      (1 )      132,171,083   
  

U.S. Equity Index Commingled Pool

   1,298,750 units      (1 )      101,445,346   
  

Russell Fund:

       
  

International

   466,273 units      (1 )      24,586,566   
          

 

 

 
  453,860,658   

Mutual funds:

*

Fidelity Management Trust Company:

Asset Manager 70%

2,296,460 shares   (1 )    45,355,090   

Asset Manager 50%

2,338,781 shares   (1 )    39,852,827   

Asset Manager 20%

1,802,846 shares   (1 )    23,869,681   

Freedom Index Income

531,765 shares   (1 )    6,056,806   

Freedom Index 2010 W

743,434 shares   (1 )    9,768,718   

Freedom Index 2020 W

4,244,765 shares   (1 )    58,705,103   

Freedom Index 2030 W

1,797,777 shares   (1 )    26,643,060   

Freedom Index 2040 W

1,213,731 shares   (1 )    18,703,599   

Freedom Index 2050 W

442,339 shares   (1 )    6,922,599   

JP Morgan Mid Cap Value Fund:

Institutional Class

2,155,968 shares   (1 )    80,094,193   

PIMCO Total Return Fund:

Institutional Class

5,329,530 shares   (1 )    56,812,787   
          

 

 

 
  372,784,463   

Other investments:

*

PACCAR Inc common stock

14,317,046 shares $ 416,950,458      973,704,109   
          

 

 

 

Total investments

$ 1,800,715,350   
          

 

 

 

*

Participant loans

Maturing through 2029, with interest rates ranging from 4.25% to 10.50%

  (1 )  $ 35,466,224   
          

 

 

 

 

* Indicates party in interest to the Plan.
(1) Cost information is omitted, as investments are participant-directed.

 

16


Table of Contents

PACCAR Inc

Savings Investment Plan

EIN: 91-0351110 Plan Number: 002

Schedule H, Line 4j – Schedule of Reportable Transactions

Year Ended December 31, 2014

 

           (a)           

Identity of Party
      Involved      

   (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 transactions aggregating in excess of 5% of Plan assets.

  

PACCAR Inc

     Common stock       $ 133,372,818       $ —         $ —         $ 133,372,818       $ —     

PACCAR Inc

     Common stock         —           322,383,824         224,723,350         322,383,824         97,660,474   

There were no category (i), (ii), or (iv) reportable transactions during the year.

Columns (e) and (f) are not applicable.

 

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