exo-is/governance-reporting-on-listed-companies huggingface dataset:
Keyword: governance
GOVERNANCE
OUR FOCUS
Enhanced oversight of relevant sustainability matters.
	
»
The Environmental, Health and Safety (EH&S) Committee of the Board oversees and reviews the status of HSE 
issues, including compliance with applicable laws and regulations. The Sustainability and Shareholder Engagement 
(S&SE) Committee provides oversight of key sustainability and social responsibility issues and oversees Oxy’s 
external reporting on ESG and sustainability matters, including climate-related risks and opportunities.  
	
»
These committees held a joint meeting in 2022 to discuss Oxy's GHG emissions and reporting.
	
»
In 2022, upon the recommendation of both committees, the Board approved updates to the company’s 	
longstanding HSE Principles (as revised,
Keyword: governance
Capitalism:  principles of governance, planet, people, and 
prosperity. Each pillar represents a key focus area as the 
company continues to implement and enhance sustainable 
business practices and programs. 

Oxy was the first U.S. oil and gas company to endorse 
WEF’s Stakeholder Capitalism Metrics, a global ESG 
framework that promotes transparency with investor and 
stakeholder engagement.   
RELEVANCE
The content represents stakeholder perspectives on the most 
relevant sustainability issues and the topics that Oxy considers most 
significant to our business operations and our stakeholders. We have 
also aligned performance indicators to the SASB Standards and with 
the Ipieca Sustainability Reporting Guidance, both of which were 
developed to establish consistent indust
Keyword: governance
1.	Principles of Governance 
2.	Planet
3.	People
4.	Prosperity
Our reporting process is also informed by Ipieca’s 
Sustainability Reporting Guidance. Oxy’s performance 
indicators are aligned with the Value Reporting Foundation, 
using the SASB standards for the oil and gas and chemical 
sectors, as well as the ACC’s Responsible Care® initiative 
and the API's Energy Excellence® program. 
 10
ADVANCING OUR SHARED FUTURE: OXY 2023 SUSTAINABILITY REPORT
STAKEHOLDER 
ENGAGEMENT
Stakeholder engagement is a central activity at Oxy and a 
catalyst for ongoing improvement in our policies, practices, 
and reporting. Oxy builds trust through regular and 
transparent communication and engagement with 
stakeholders, including our shareholders, employees, 
leaders in the communi
Keyword: governance
with shareholders to hear their views on governance, 
human capital, and Oxy’s Net-Zero Strategy, among other 
topics. Members of the Board’s S&SE Committee, among 
other Board members, communicate with shareholders and 
regularly report shareholder views to the Board. We look 
forward to continuing this dialogue on ESG and climate-
related risks and opportunities. 
The stakeholder engagement process includes the 
identification of key stakeholders, an assessment of 
stakeholder interests and issues, an evaluation of the 
community’s socioeconomic needs, if applicable, and the 
development and implementation of a stakeholder 
engagement plan. 
Oxy's President and CEO, members of Oxy's Board, our 
Corporate Secretary, and representatives of our investor 
relations, human resources, OLCV and
Keyword: governance
GOVERNANCE
Sustainability Strategy 
Board of Directors 
Corporate Governance 
Risk Management and Strategic Planning 
Business Ethics and Code of Business Conduct 
Public Policy Engagement and Lobbying 
 12
ADVANCING OUR SHARED FUTURE: OXY 2023 SUSTAINABILITY REPORT
SUSTAINABILITY STRATEGY
In 2020, Oxy was the first U.S. oil and gas company to 
announce goals to achieve net-zero GHG emissions for its 
total emissions inventory including use of sold products. 
These goals include achieving net-zero GHG emissions (i) 
from our operations and energy use before 2040, with an 
ambition to do so before 2035, and (ii) from our sold 
products, with an ambition to do so before 2050. In 2020, 
Oxy also set various interim targets, including 2025 carbon 
and me
Keyword: governance
PRINCIPLES OF GOVERNANCE
 13
ADVANCING OUR SHARED FUTURE: OXY 2023 SUSTAINABILITY REPORT
OxyChem’s approach to sustainability and stewardship 
aligns with Oxy’s company-wide sustainability priorities 
and values. OxyChem is a central contributor to the whole 
company’s role as an innovative and sustainable industry 
leader. 
We use a variety of methods and metrics, such as priority 
topics assessments and value chain impact mapping, to 
discern and assess important sustainability issues raised 
by internal and external stakeholders. This process informs 
our sustainability strategy and programs and helps us to 
improve transparency and report on the issues that matter 
most to our stakeholders. 
Engagements in recent years have resulted in 
enhancements to Oxy’s s
Keyword: governance
Matters related to corporate governance, including the 	
	
adoption of proxy access and the amendments to our 	
	
charter to, among other things, facilitate shareholders’ 	
	
ability to act by written consent and call special meetings 
	
»
The executive compensation program, including the 	
	
design of the short-term incentive program 
 14
ADVANCING OUR SHARED FUTURE: OXY 2023 SUSTAINABILITY REPORT

Oxy strives to implement sustainable business 
practices across all of our business units. We value 
input from our stakeholders and use their feedback to 
refine our sustainability strategy. 
BOARD OF DIRECTORS
Oxy’s diverse and highly qualified Board is led by an 
independent Chairman. The structure and operation of the 
Board is defined by Oxy’s corporate governance policies, and
Keyword: governance
the Board is committed to strong corporate governance and 
board refreshment to help ensure diverse leadership and 
expertise. 
The Board oversees Oxy’s corporate governance, strategy 
and risk management, including ESG and climate-related 
risks and opportunities and our HSE performance. These 
matters are incorporated into regular Board and committee 
meetings, as well as the Board’s annual strategic review 
session, as central elements of the company’s strategic 
planning. In addition, the Board’s committee structure is 
designed to help ensure the Board and its committees have 
the appropriate oversight of relevant sustainability issues. 
In the past two years, Oxy’s Board added three new 
independent directors: Vicky A. Bailey, Claire O’Neill, and Ken 
Robinson. Ms. Bailey brings over 35
Keyword: governance
PRINCIPLES OF GOVERNANCE
BOARD DIVERSITY 
AS OF MARCH 23, 2023
50% 
Diverse
Racial/Ethnic Minorities: 3
Women: 3
ENGAGEMENT WITH SHAREHOLDERS, 
STAKEHOLDERS AND SUBJECT MATTER 
EXPERTS 
The company’s Board is accountable to our shareholders, 
and Oxy is committed to regular and transparent 
communication and engagement with shareholders and 
other stakeholders. Oxy proactively offers engagement 
meetings with shareholders collectively representing a 
majority of shares outstanding and responds to 
engagement requests as they are received. Feedback from 
these meetings is shared with directors through senior 
management reports to the Board and its committees and 
by virtue of independent director participation in various 
shareholder engagements throughout the yea
Keyword: governance
CORPORATE GOVERNANCE 
Oxy and its Board are committed to high standards of ethical 
conduct, institutional integrity and effective corporate 
governance in every part of our business as we work to 
benefit our shareholders, communities and society. We are 
dedicated to respecting the environment, operating safely 
and upholding high standards of ethics and sustainability 
throughout the company’s worldwide operations.
Oxy’s governance policies are reviewed and updated 
periodically to reflect changing laws and regulations, 
evolving best practices and shareholder feedback. They 
align with the Investor Stewardship Group’s Corporate 
Governance Framework for U.S. Listed Companies. 
For more information about Oxy's Governance Policies, 
please see oxy.com/invest
Keyword: governance
ors/governance.
 15
ADVANCING OUR SHARED FUTURE: OXY 2023 SUSTAINABILITY REPORT
BOARD COMMITTEES 
The S&SE Committee oversees external reporting on ESG 
and sustainability matters, including climate-related risks 
and opportunities. This committee’s responsibilities include: 
	
»
Oversight of Oxy’s shareholder engagement program 
	
»
Oversight of Oxy’s social responsibility programs, 	
	
policies and practices, including the Human Rights 	
	
Policy 
	
»
Review and monitoring of climate-related public policy 	
	
trends and related regulatory matters 
	
»
Oversight of Oxy’s Political Contributions Policy and 	
	
review of the company’s political activities and 	 	
	
expenditures 
	
»
Oversight of Oxy’s Charitable Contributions and 		
	
Matching Gift Progra
Keyword: governance
The Corporate Governance and Nominating Committee 
(Governance Committee) reviews and interprets Oxy’s 
Corporate Governance Policies, reviews and considers 
other governance issues. 
The Executive Compensation Committee reviews and 
approves the parameters and goals that determine 
executive compensation, including annual sustainability 
metrics that tie to Scope 1, 2 and 3 emissions and climate-
related targets. Additional details for each of the 
committees are available in their respective charters and 
described in Oxy’s Proxy Statement.
Led by the Governance Committee, the Board conducts a 
robust annual evaluation of its performance and the 
performance of each of the Board’s committees, as well as 
the individual directors, to assess the Board’s compositio
Keyword: governance
governance and direction of the ERM program), manages risks
	
»
Regularly reports to the Board on financial, operational, human capital, cyber security, 
HSE and sustainability matters
	
»
The Board and its committees provide strategic guidance to management and oversight 
of Occidental’s business strategy throughout the year
	
»
Annual strategic planning meeting allows for dedicated, in-depth discussion of key 
risks and opportunities facing Oxy
ENVIRONMENTAL, 
HEALTH & SAFETY (EH&S)
EXECUTIVE 
COMPENSATION
• Compliance with applicable HSE laws and 
regulations
• Operating Management System
• Remediation projects
• Risk assessment related to the company’s 
compensation policies and programs applicable 
to executive officers and other employees
Keyword: governance
CORPORATE GOVERNANCE
& NOMINATING
• Corporate governance policies
• Composition and refreshment
• Board committee leadership and membership 
• Performance evaluations
• Related Party Transactions Policy
SUSTAINABILITY & 
SHAREHOLDER ENGAGEMENT
• ESG and sustainability reporting 
• Social responsibility programs, policies 
and practices
• Political contributions policy
• Charitable contributions program
• Shareholder engagement
 17
ADVANCING OUR SHARED FUTURE: OXY 2023 SUSTAINABILITY REPORT
RISK MANAGEMENT AND 
STRATEGIC PLANNING
Oxy’s proactive ERM program is integral to strategic and 
capital planning and promotes safe, reliable and 
sustainable operations. Oxy’s ERM program builds upon 
systematic risk assessment programs in functional 
disciplines, such as
Keyword: governance
PRINCIPLES OF GOVERNANCE
Other potential physical or resource risks that could arise 
from long-term shifts in climate, including water or raw 
material scarcity, changes or disruptions in energy markets, 
geopolitical risks or other supply and logistics challenges, 
are considered in our routine business planning and ERM 
processes. 
Significantly, our ERM program informs our engagement 
with shareholders, state and national regulators, industry 
associations, community and environmental groups and 
other stakeholders. 
For details on Oxy’s risk management, climate-related risks, 
review of various energy scenarios and how climate 
considerations are integrated into our risk management 
approach, please see Oxy's 2023 Climate Report. 
ESG performance is critical
Keyword: governance
PRINCIPLES OF GOVERNANCE
In addition, the status of reports, if they are open or closed, 
substantiated or not, is provided to the Audit Committee on 
an annual basis. 
ANTI-CORRUPTION AND BRIBERY 
Oxy prohibits bribery in all forms. Everyone subject to the 
Code must understand and comply with the Foreign 
Corrupt Practices Act, the UK Bribery Act and any other 
applicable anti-bribery laws, regardless of their location or 
nationality. 
ETHICAL BUSINESS STANDARDS WITH 
PARTNERS, SUPPLIERS AND CONTRACTORS 
Oxy strives to work with partners, suppliers and contractors 
who share our commitment to ethical business practices, 
health and safety, people and the environment. As a part of 
Oxy’s compliance program, Oxy evaluates prospective 
business partners, contracto
Keyword: governance
oxy.com/investors/governance.
 19
ADVANCING OUR SHARED FUTURE: OXY 2023 SUSTAINABILITY REPORT
PUBLIC POLICY ENGAGEMENT 
AND LOBBYING
Oxy often engages with governments, including 
internationally and at the federal, state and local levels, as 
well as a range of organizations and entities in the public 
and private sectors, to advance Oxy’s priorities. These 
ongoing engagements are an important driver of our 
business strategy. By working with these partners, we 
create value for the company and our key stakeholders, 
including host governments and local community 
members. 
In addition to engaging with host governments and local 
communities, Oxy engages in lobbying efforts on legislative 
and regulatory issues that impact the company and its 
stakeholders. Oxy's po
Keyword: governance
PRINCIPLES OF GOVERNANCE
President of Oxy Energy Services, Vice President of Land, 
Regulatory, Government Relations, and Corporate Affairs, 
and Executive Vice President of Essential Chemistry. 
On a quarterly basis, Oxy reports its federal lobbying 
activities to the U.S. Congress in lobbying disclosure 
reports publicly available on the U.S. Senate's Lobbying 
Disclosure Electronic Filing System website. These reports 
include Oxy’s direct lobbying expenses (e.g., salaries, office 
rent, etc.), as well as the portion of the dues paid to trade 
associations that is used for lobbying purposes. 
OXYPAC
Per federal election law, Oxy may not contribute corporate 
funds directly to federal candidates or political parties. The 
Occidental Petroleum Corporation Politic
Keyword: governance
www.oxy.com/investors/governance/political-
contributions-and-lobbying/
 20
ADVANCING OUR SHARED FUTURE: OXY 2023 SUSTAINABILITY REPORT
TRADE ASSOCIATIONS 
AND INDUSTRY GROUPS
Oxy is a member of and an active participant in several 
domestic and international trade, industry and professional 
associations. Membership in these groups is necessary to 
stay abreast of the wide range of issues impacting Oxy’s 
business segments. While generally not the primary 
purpose of these organizations, many actively engage in 
lobbying on shared industry issues. These organizations 
represent numerous members and interests, and Oxy does 
not always share the views of these organizations and their 
other members. 
Each year, Oxy publishes a list of U.S. trade associations of 
which Oxy
Keyword: governance
provides DIB governance and oversight to ensure that Oxy’s 
PEOPLE
integrated DIB strategy is executed in alignment with the 
organization’s mission, vision and strategic objectives. The 
DIB Ambassador Committee, which is chaired by Oxy’s Vice 
President of Diversity and Inclusion, consists of a diverse 
group of employee representatives from all business 
segments, domestic and international. This committee 
leads company-wide initiatives to raise DIB awareness 
through educational resources and programs. Robust 
educational sessions are available to our entire workforce 
for continued growth and development on topics such as 
inclusive leadership, diversity advocacy, recognizing and 
overcoming unconscious bias, microaggressions and 
psychological safety at wo
Keyword: governance
and Governance. 
EV: Enterprise Value. Measure of a 
company’s value, calculated as market 
capitalization plus debt, minority interest 
and preferred shares, minus total cash 
and cash equivalents.
F
FCPA: Foreign Corrupt Practices Act.
G
Generator capacity: The maximum 
output, commonly expressed in 
megawatts (MW), that generating 
equipment can supply.
GHG: Greenhouse gases—primarily 
comprised of carbon dioxide, methane, 
nitrous oxide, hydrofluorocarbons, 
perfluorocarbons, sulfur hexafluoride, and 
nitrogen trifluoride.
GoM: Gulf of Mexico.
H
HSE: Health, Safety and Environment.
I
IEA: International Energy Agency.
IOGP: The International Association of Oil 
and Gas Producers. 
Ipieca: A global oil and gas industry 
association focused on environme
Keyword: tax
the highest in the company’s history. The after-tax return on revenue increased to 13.1%. The company’s results reflect the 
performance of PACCAR’s outstanding employees who provide our customers with the highest quality, most efficient and 
most innovative trucks and transportation solutions in the industry.
	
PACCAR has earned an annual net income for 85 consecutive years due to the company’s industry leading trucks and 
powertrains, excellent aftermarket parts and financial services businesses and continued technology leadership. PACCAR’s 
financial strength enabled the company to invest $1.11 billion in capital projects and research and development to expand its 
range of trucks, enhance its manufacturing operations and grow its global aftermarket parts and financial services businesse
Keyword: tax
PACCAR Parts achieved record sales of $6.41 billion and record pre-tax profits of $1.70 billion. PACCAR’s A+/A1 
credit rating supported PACCAR Financial Services’ strong pre-tax profits of $540 million, including $7.21 billion of new 
loan and lease volume. 
	
PACCAR’s strong financial performance generated an industry leading after-tax return on beginning stockholders’ 
equity of 35% in 2023. Year-end stockholders’ equity was a record $15.88 billion. PACCAR’s financial performance has 
enabled the company to declare $10.5 billion in dividends during the last ten years.
INVESTING FOR THE FUTURE — PACCAR’s consistently strong profits and balance sheet have allowed the company to 
invest $7.8 billion in capital projects and research and development over the last decade. These investments have 
supported the de
Keyword: tax
PACCAR PARTS — PACCAR Parts increased annual revenues by 11% to a record $6.41 billion and achieved record pre-tax 
profits of $1.70 billion. Dealers and customers benefited from innovative technology solutions, including e-commerce, 
managed dealer inventory and global fleet service programs that offer online purchasing, national pricing and centralized 
billing. PACCAR Parts is the primary source for aftermarket parts and services for PACCAR vehicles and also offers its 
TRP-branded parts for all makes of trucks, trailers and buses. PACCAR dealers expanded TRP aftermarket parts retail 
stores to 300 locations in 45 countries. Over seven million heavy-duty trucks operate in North America and Europe. This 
large vehicle parc, combined with more than 352,000 PACCAR MX engines installed in Peterbilt and Kenworth trucks in 
North America, creates excellen
Keyword: tax
superb credit rating of A+/A1, excellent business growth and strong dealer network, enabled PFS to achieve a pre-tax profit 
of $540 million, the second-best year in the company’s history. PACCAR issued $2.9 billion in medium-term notes at 
attractive rates during the year. PFS has operations covering 26 countries on four continents. The global breadth of PFS and 
its rigorous credit application process support a portfolio of 233,000 trucks and trailers, with total assets of $21.0 billion. 
PACCAR Financial and PACCAR Leasing are the preferred funding sources for DAF, Peterbilt and Kenworth trucks in the 
markets where PFS operates. PFS opened a new retail used truck center in Madrid, Spain and now has thirteen strategically 
located centers around the world. PFS successfully sold over 12,500 premium DAF, Kenworth and Peterbilt used trucks in 2023.
	
PAC
Keyword: tax
PACCAR Parts celebrated its 50th anniversary with a record pre-tax profit of $1.70 
billion and record worldwide revenue of $6.41 billion in 2023. PACCAR Parts delivered 
3.0 million parts shipments to over 2,300 DAF, Kenworth, Peterbilt and TRP locations.
	
PACCAR Parts celebrated 50 years of supporting customer uptime with industry leading aftermarket 
transportation solutions. PACCAR Parts’ 365 Customer Experience Center and Fleet Services program provide 
exceptional customer support to 2,400 commercial fleets operating 1.4 million vehicles.
	
PACCAR Parts’ data analytics tools use connected truck data and machine learning to increase part 
availability and optimize dealer inventory. PACCAR Parts’ global e-commerce program offers 24/7 access to 
1.7 million aftermarket parts. PACCAR Parts’ successful
Keyword: tax
PFS earned excellent pre-tax profits of $540 million and achieved retail market 
share of 24.0 percent in 2023.
	
The PFS portfolio is comprised of 233,000 trucks and trailers, with record total assets of $21.0 billion. 
PACCAR’s excellent balance sheet, complemented by its industry leading A+/A1 credit rating, enabled PFS to 
issue $2.9 billion in three- and five-year medium-term notes in 2023. PFS supports the sale of Kenworth, 
Peterbilt and DAF trucks in 26 countries on four continents. PFS sold 12,500 pre-owned PACCAR trucks 
worldwide in 2023 by leveraging its network of 13 used truck centers.
	
PACCAR Financial Corp. (PFC) financed 71 percent of dealers’ new truck inventory and 15.1 percent of 
Kenworth and Peterbilt Class 8 trucks sold in the U.S. and Canada.
Keyword: tax
•	 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 42.
•	 Capital investments were $698.3 million in 2023 compared to $505.0 million in 2022.
•	 Research and development (R&D) expenses were $410.9 million in 2023 compared to $341.2 million in 2022.
PACCAR has begun construction of a new 240,000 square-foot PACCAR Pa
Keyword: tax
Income before income taxes:
	
Truck 
$ 3,799.9
$
1,753.3
	
Parts
1,702.6
1,446.6
	
Other*
(616.8)
(1.1)
Truck, Parts and Other
4,885.7
3,198.8
Financial Services
540.3
588.9
Investment income
292.2
61.0
Income taxes
(1,117.4)
(837.1)
Net Income
$ 4,600.8
$
3,011.6
Diluted earnings per share
$	
8.76
$	
5.75
After-tax return on revenues
13.1%
10.4%
*	
In 2023, Other includes a $600.0 million non-recurring charge related to civil litigation in Europe (EC-related 
claims) in the first quarter 2023.
30
The following provides an analysis of the results of operations for the Company’s three reportable segments - Truck, 
Parts and Financial Services. Where possible, the Company has quantified the impact of factors identified in the 
following discussion and analysis. In ca
Keyword: tax
Truck income before income taxes
$ 3,799.9
$
1,753.3
117
Pre-tax return on revenues
	
14.2%
	
8.2%
The Company’s worldwide truck net sales and revenues increased to $26.85 billion in 2023 from $21.49 billion in 
2022 primarily due to higher truck unit deliveries, improved price realization in all markets and favorable currency 
translation effects, primarily the euro. Truck segment income before income taxes and pretax return on revenues 
reflect the impact of higher truck unit deliveries and improved margins. 
31
The major factors for the Truck segment changes in net sales and revenues, cost of sales and revenues and gross 
margin between 2023 and 2022 are as follows:

($ in millions)
	
net 
	
sales and 
	
revenues
	
cost of 
	
sales and 
	
revenues

	
gross 
	
margin
20
Keyword: tax
Parts income before income taxes
$ 1,702.6
$
1,446.6
18
Pre-tax return on revenues

	
26.5%

	
25.1%
32
The Company’s worldwide parts net sales and revenues increased to $6.41 billion in 2023 from $5.76 billion in 2022 
primarily due to higher price realization in all markets. 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.
The major factors for the Parts segment changes in net sales and revenues, cost of sales and revenues and gross 
margin between 2023 and 2022 are as follows:

($ in millions)
	
net 
	
sales and 
	
revenues
	
cost of 
	
sales and 
	
revenues

	
gross 
	
margin
2022
 $ 5,764.3
 $ 4,009.6
 $ 1,754.7
Increase (decrease)
	
Aftermarket parts volume 
22.5
9.
Keyword: tax
Income before income taxes
$
540.3
$
588.9
 
(8)
New loan and lease volume increased to $7.21 billion in 2023 from $6.22 billion in 2022. The increase in new loan 
and finance lease volume reflected higher retail sales of PACCAR trucks and a higher amount financed per truck in 
all major markets. 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. The effect of currency 
translation increased new loan and lease volume by $98.7 million, primarily due to the stronger Mexican peso and 
euro relative to the U.S. dollar. PFS finance market share of new PACCAR truck sales was 24.0% in 2023 compared 
to 25.6% in 2022. 
PFS revenues increased to $1.81 b
Keyword: tax
PFS income before income taxes decreased to $540.3 million in 2023 from $588.9 million in 2022, primarily due to 
lower operating lease margins, reflecting lower results on returned lease assets, partially offset by higher finance 
margins. The effect of currency translation increased PFS income before income taxes by $15.0 million in 2023, 
primarily due to a stronger Mexican peso and euro relative to the U.S. dollar. 
Included in Financial Services “Other Assets” on the Company’s Consolidated Balance Sheets are used trucks held 
for sale, net of impairments, of $309.8 million at December 31, 2023 and $141.7 million at December 31, 2022. 
These trucks are primarily units returned from matured operating leases in the ordinary course of business, and 
also include trucks
Keyword: tax
The Company’s annualized pre-tax return on average total assets for Financial Services was 2.9% in 2023 compared 
to 3.7% in 2022, respectively. 
Other
Other includes the winch business as well as sales, income and expenses not attributable to a reportable segment. 
Other also includes non-service cost components of pension expense and a portion of corporate expense. Other 
sales represent less than 1% of consolidated net sales and revenues for 2023 and 2022. Other SG&A decreased to 
$87.8 million in 2023 from $96.1 million in 2022 primarily due to lower corporate expenses. 
38
Other loss before tax was $616.8 million in 2023 compared to $1.1 million in 2022. The increase was primarily due 
to the EC-related charge in the first quarter 2023 which is discussed in Note L of
Keyword: tax
Income Taxes
In 2023, the effective tax rate was 19.5% compared to 21.8% in 2022. The lower effective tax rate in 2023 was 
primarily due to a $119.7 million discrete tax benefit for the release of a valuation allowance on deferred tax assets in 
Brasil, and the change in mix of income generated in jurisdictions with lower tax rates in 2023 as compared to 2022.
($ in millions)
Year Ended December 31,
	
	
2023
	
	
2022
Domestic income before taxes
$ 3,913.7
$
2,322.9
Foreign income before taxes
1,804.5
1,525.8
Total income before taxes
$ 5,718.2
$
3,848.7
Domestic pre-tax return on revenues
20.4%
14.7%
Foreign pre-tax return on revenues
11.3%
11.7%
Total pre-tax return on revenues
16.3%
13.4%
In 2023, both domestic and foreign income before income taxes
Keyword: tax
and domestic pre-tax return on revenues increased 
primarily due to the improved results from Truck and Parts operations. In 2023, foreign income before income taxes 
and pre-tax return on revenues includes a one-time expense for the EC-related charge of $600.0 million in the first 
quarter 2023.
LIQUIDITY AND CAPITAL RESOURCES:
($ in millions)
At December 31,
	
	
2023
	
	
2022
Cash and cash equivalents
$ 7,181.7
$
4,690.9
Marketable securities
1,822.6
1,614.2
$ 9,004.3
$
6,305.1
The Company’s total cash and marketable securities at December 31, 2023, increased $2.70 billion from the balances 
at December 31, 2022. Total cash and marketable securities are primarily intended to provide liquidity while 
preserving capital. 
39
The change in cash and cash equival
Keyword: tax
expenses. Additionally, there were higher cash outflows for income taxes of $567.2 million and higher cash used of 
$331.0 million for wholesale receivables. 
Investing activities: Cash used in investing activities increased by $838.0 million to $2.87 billion in 2023 from $2.03 
billion in 2022. Higher net cash used in investing activities primarily reflects higher net originations for retail loans 
and financing leases of $877.1 million and higher cash used in the acquisition of property, plant and equipment of 
$170.0 million. The higher net cash usage was partially offset by lower acquisitions of equipment for operating leases 
of $298.0 million.
Financing activities: Cash provided by financing activities was $1.10 billion in 2023 compared to $304.9 million in 
2022. The Company paid $1.52 billion in dividen
Keyword: tax
Adjustment for the EC-related claims relates to a pre-tax charge of $600.0 million ($446.4 million after-tax) for 
estimable total costs recorded in Interest and other expenses (income), net in the year ended December 31, 2023 
(recorded in the first quarter 2023). 
43
Management utilizes these non-GAAP measures to evaluate the Company’s performance and believes these 
measures allow investors and management to evaluate operating trends by excluding a significant non-recurring 
charge that is not representative of underlying operating trends. 
Reconciliations from the most directly comparable GAAP measures to adjusted net income (non-GAAP) and 
adjusted net income per diluted shares (non-GAAP) are as follows:
($ in millions, except per share amounts)
Year Ended December 31, 2023
	
	
	
	
Net income
$
4,600.8
EC-related claims, net of taxes
446.4
A
Keyword: tax
EC-related claims, net of taxes
.85
	
Adjusted net income (non-GAAP)
$
9.61
After-tax return on revenues
13.1%
EC-related claims, net of taxes
1.3%
After-tax adjusted return on revenues (non-GAAP) *
14.4%
After-tax return on beginning equity
34.9%
EC-related claims, net of taxes
3.4%
After-tax adjusted return on beginning equity (non-GAAP)*
38.3%
*	
Calculated using adjusted net income.
CRITICAL ACCOUNTING POLICIES:
The Company’s significant accounting policies are disclosed in Note A of the consolidated financial statements. In 
the preparation of the Company’s financial statements, in accordance with U.S. generally accepted accounting 
principles, management uses estimates and makes judgments and assumptions that affect asset and liability values 
and the amounts repor
Keyword: tax
Truck, Parts and Other Income Before Income Taxes
4,885.7
3,198.8
1,943.2
 
 
FINANCIAL SERVICES:
 
 
Interest and fees
1,009.3
628.7
524.4
Operating lease, rental and other revenues
802.6
876.7
1,163.4
Revenues
1,811.9
1,505.4
1,687.8
 
 
Interest and other borrowing expenses
500.6
216.3
150.9
Depreciation and other expenses
590.7
560.8
969.4
Selling, general and administrative
149.0
133.9
129.4
Provision for losses on receivables
31.3
5.5
.5
1,271.6
916.5
1,250.2
Financial Services Income Before Income Taxes
540.3
588.9
437.6
 
 
Investment income
292.2
61.0
15.5
Total Income Before Income Taxes
5,718.2
3,848.7
2,396.3
Income taxes
1,117.4
837.1
530.8
Net Income
$ 4,600.8
$
3,011.6
$
1,865.5
 
 
Net Income Per Share
 
 
	
Basic
$	
8.78
$	
5.76
$	
3.58
	
Diluted
$	
8.76
$	
5.75
$	
3.57
Keyword: tax
Tax effect
37.0
(9.1)
(14.3)
	
	
Reclassification adjustment
111.8
48.0
(33.7)
	
	
	
Tax effect
(20.0)
(8.0)
9.5
(46.1)
48.6
15.7
	
Unrealized gains (losses) on marketable debt securities
 
 
	
	
Net holding gain (loss)
43.2
(54.9)
(18.8)
	
	
	
Tax effect
(10.8)
13.6
4.7
	
	
Reclassification adjustment
(3.6)
(1.6)
(2.1)
	
	
	
Tax effect
.9
.4
.5
29.7
(42.5)
(15.7)
	
Pension plans
 
 
	
	
Net (loss) gain arising during the period
(5.8)
170.5
343.2
	
	
	
Tax effect
1.8
(34.1)
(80.3)
	
	
Reclassification adjustment
6.1
29.6
59.5
	
	
	
Tax effect
(1.5)
(7.1)
(14.1)
.6
158.9
308.3
	
Foreign currency translation gain (loss)
275.3
(197.3)
(179.1)
Net other comprehensive income (loss)
259.5
(32.3)
129.2
Comprehensive Income
$ 4,860.3
$
2,979.3
$
1,994
Keyword: tax
Deferred taxes and other liabilities
702.0
624.4
Total Financial Services Liabilities
15,928.8
12,922.8
 
 
STOCKHOLDERS’ EQUITY:
 
 
Preferred stock, no par value - authorized 1.0 million shares, none issued
Common stock, $1 par value - authorized 1.2 billion shares;
   issued 523.3 million and 522.0 million shares
523.3
522.0
Additional paid-in capital
269.1
196.1
Retained earnings
15,780.3
13,402.4
Accumulated other comprehensive loss
(693.9)
(953.4)
Total Stockholders’ Equity
15,878.8
13,167.1
$ 40,823.4
$ 33,275.5
See notes to consolidated financial statements.
C O N S O L I D A T E D  B A L A N C E  S H E E T S
50
C O N S O L I D A T E D  S T A T E M E N T S  O F  C A S H  F L O W S
Year Ended December 31,
	
2023
	
2022
	
2021
	
(millions)
OPERATIN
Keyword: tax
Deferred taxes
(303.7)
(208.0)
(208.6)
	
Other, net
46.5
13.9
20.3
Pension contributions
(27.3)
(39.1)
(25.1)
Change in operating assets and liabilities:
 
 
 
	
(Increase) decrease in assets other than cash and cash equivalents:
 
 
 
	
	
Receivables:
 
 
 
	
	
	
Trade and other receivables
(430.7)
(441.7)
(412.9)
	
	
	
Wholesale receivables on new trucks
(1,266.4)
(935.4)
90.8
	
	
Inventories
(350.7)
(272.7)
(628.0)
	
	
Other assets, net
(127.2)
(31.9)
(129.8)
	
Increase (decrease) in liabilities:
 
 
	
	
Accounts payable and accrued expenses
375.8
840.3
693.4
	
	
Residual value guarantees and deferred revenues
(36.8)
(44.3)
(82.4)
	
	
Other liabilities, net
754.5
338.6
99.7
Net Cash Provided by Operating Activities
4,190.0
3,027.0
2,186.7
 
 
 
INVEST
Keyword: tax
The Company excludes sales taxes, value added taxes and other related taxes assessed by government agencies from 
revenue. There are no significant financing components included in product or services revenue since generally 
customers pay shortly after the products or services are transferred. In the Truck and Parts segments, when the 
Company grants extended payment terms on selected receivables and charges interest, interest income is recognized 
when earned.
The Company recognizes truck and parts sales as revenues when control of the products is transferred to customers 
which generally occurs upon shipment, except for certain truck sales which are subject to a residual value guarantee 
(RVG) by the Company. The standard payment term for trucks and aftermarket parts is typically within 30 days, but the 
Compan
Keyword: tax
each component. Taxes, such as sales and use and value added, which are collected by the Company from a customer, 
are excluded from the measurement of lease income and expenses. Rental revenues for the years ended December 31, 
2023, 2022 and 2021 were $736.9, $788.8 and $831.6, respectively. Depreciation and related leased unit operating 
expenses were $551.9, $490.0 and $665.7 for the years ended December 31, 2023, 2022 and 2021, respectively. 
N O T E S  T O  C O N S O L I D A T E D  F I N A N C I A L  S T A T E M E N T S
December 31, 2023, 2022 and 2021 (currencies in millions)
54
Recognition of interest income and rental revenue is suspended (put on non-accrual status) when the receivable 
becomes more than 90 days past the contractual due date or earlier
Keyword: tax
credit losses are recognized in the current period earnings and any unrealized gains or losses, net of tax, are 
included as a component of accumulated other comprehensive income (loss) (AOCI).
The Company utilizes third-party pricing services for all of its marketable debt security valuations. The Company 
reviews the pricing methodology used by the third-party pricing services, including the manner employed to collect 
market information. On a quarterly basis, the Company also performs review and validation procedures on the 
pricing information received from the third-party providers. These procedures help ensure the fair value 
information used by the Company is determined in accordance with applicable accounting guidance.
The Company evaluates its investment in marketable debt securities at the end of each reporting period to 
determine if
Keyword: tax
customers of $1,822.7 and $1,600.1 and other receivables of $375.4 and $319.7 relating primarily to value added tax 
receivables and supplier allowances and rebates.
N O T E S  T O  C O N S O L I D A T E D  F I N A N C I A L  S T A T E M E N T S
December 31, 2023, 2022 and 2021 (currencies in millions)
55
Finance and Other Receivables:  
Loans – Loans represent fixed or floating-rate loans to customers collateralized by the vehicles purchased and are 
recorded at amortized cost. 
Finance leases – Finance leases are sales-type finance leases, which lease equipment to retail customers and dealers. 
These leases are reported as the sum of minimum lease payments receivable and estimated residual value of the 
property subject to the contracts, reduced by unearned interest. 
Dealer wholesale financing – Dealer wholesale financing is floating-rate wholesale l
Keyword: tax
tax rebates or credits, grants, and loans. The benefit is generally recorded when all conditions attached to the 
incentive have been met and there is reasonable assurance of the receipt. Government incentives are recorded in 
accordance with their purpose as a reduction of expense, a reduction of the cost of the capital investment, or other 
income. The amount of government incentives recorded as a reduction of expenses and the amount of grants 
receivable for the years ended December 31, 2023, 2022 and 2021 are immaterial.
Foreign Currency Translation: For most of the Company’s foreign subsidiaries, the local currency is the functional 
currency. All assets and liabilities are translated at year-end exchange rates and all income statement am
Keyword: tax
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax 
Disclosures. The amendments in this ASU require entities to disclose certain, specific categories within the rate 
reconciliation and enhance disclosures regarding income taxes paid and income tax expense. This ASU is effective for 
annual periods beginning after December 15, 2024. Early adoption is permitted. The amendments in this ASU should 
be applied on a prospective basis; however, retrospective application is permitted. The implementation of this ASU 
will result in additional disclosures and will not have an impact on the Company’s consolidated financial statements.
The Company adopted the following standard on January 1, 2023, which had no material impact on the Company’s 
consolidated financial statements. 
standard
description
Keyword: tax
U.S. tax-exempt securities
$
312.5
$
1.2
$
3.0
$
310.7
	
U.S. taxable municipal / non-U.S.
	
	
provincial bonds
244.9
.8
5.6
240.1
	
U.S. corporate securities
357.1
1.4
5.2
353.3
	
U.S. government securities
159.2
.6
1.7
158.1
	
Non-U.S. corporate securities
529.4
2.3
7.5
524.2
	
Non-U.S. government securities
141.0
1.5
1.3
141.2
	
Other debt securities
92.8
.3
2.5
90.6
Marketable equity securities
10.0
5.6
4.4
	
Total marketable securities
$ 1,846.9
$
8.1
$
32.4
$ 1,822.6
2022
	

	
cost
	
unrealized 
	
gains
	
unrealized
	
losses
	
fair
	
value
Marketable debt securities
	
U.S. tax-exempt securities
$
452.8
$
.5
$
8.2
$
445.1
	
U.S. taxable municipal / non-U.S.
	
	
provincial bonds
191.6
10.8
180.8
	
U.S. corporate securities
262.5
.1
11.6
251.0
Keyword: tax
Deferred taxes and other liabilities
 
 
8.2
7.5
$
767.0
$
437.7
$ 1,229.1
$
904.9
J.	
BORROWINGS AND CREDIT ARRANGEMENTS 
Financial Services borrowings include the following:
At December 31,
	
2023
	
2022
	
effective 
	
rate
	
borrowings
	
effective 
	
rate
	
borrowings
Commercial paper
5.2%
$ 5,068.9
3.7%
$
3,265.5
Bank loans
8.6%
541.0
6.7%
339.4
5,609.9
3,604.9
Term notes
3.4%
8,624.6
2.2%
7,866.7
4.3%
$ 14,234.5
2.7%
$ 11,471.6
N O T E S  T O  C O N S O L I D A T E D  F I N A N C I A L  S T A T E M E N T S
December 31, 2023, 2022 and 2021 (currencies in millions)
69
Commercial paper and term notes borrowings were $13,693.5 and $11,132.2 at December 31, 2023 and 2022, 
respectively. Unamortized debt issuance costs, unamortized discounts and the net e
Keyword: tax
Deferred taxes and other liabilities
3.9
4.4
	
Total lease liabilities
$
71.5
$
2.4
$
42.9
$
2.6
N O T E S  T O  C O N S O L I D A T E D  F I N A N C I A L  S T A T E M E N T S
December 31, 2023, 2022 and 2021 (currencies in millions)
71
The weighted-average remaining lease term and discount rate were as follows at December 31:
2023
2022
	
operating 
	
leases
	
finance
	
leases
	
operating
	
leases
	
finance
	
leases
Weighted-average remaining lease term
	
5.7 years
	
3.1 years
	
4.8 years
	
3.8 years
Weighted-average discount rate
4.0%
2.3%
1.6%
1.7%
Maturities of lease liabilities are as follows:
Beginning January 1, 
	
operating 
	
leases
	
finance
	
leases
2024
$
17.8
$
1.0
2025
16.1
.7
2026
13.7
.6
2027
10.4
.1
2028
7.8
.1
Thereafter
14.6
Total leas
Keyword: tax
on these settlements and judgments, the Company recorded in the first quarter 2023, a non-recurring pre-tax 
charge of $600.0 million ($446.4 million after-tax) for the estimable total cost. The estimate may be adjusted as the 
legal process continues, which could have a material impact on the Company’s financial results.
PACCAR is also a defendant in various other legal proceedings and, in addition, there are various other contingent 
liabilities arising in the normal course of business. After consultation with legal counsel, management does not 
anticipate that disposition of these various other proceedings and contingent liabilities will have a material effect on 
the consolidated financial statements.
M.	
EMPLOYEE BENEFITS
Severance Costs: The Company incurred severance expense in 2023, 2022 and 2021 of $.6, $.6 and $2.6, respectively.
Defin
Keyword: tax
The Company funds its pensions in accordance with applicable employee benefit and tax laws. The Company 
contributed $27.3 to its pension plans in 2023 and $39.1 in 2022. The Company expects to contribute in the range 
of $25 to $75 to its pension plans in 2024, of which $23.3 is estimated to satisfy minimum funding requirements. 
Annual benefits expected to be paid beginning January 1, 2024 are $135.6, $130.0, $134.9, $136.4, $147.3 and a total 
of $854.3 for the five years thereafter.
Plan assets are invested in global equity and debt securities through professional investment managers with the 
objective to achieve targeted risk adjusted returns and maintain liquidity sufficient to fund current benefit 
payments. Typically, each defined benefit plan has an investment policy that includes a target for asset mix, 
includin
Keyword: tax
INCOME TAXES
The Company’s tax rate is based on income and statutory tax rates in the various jurisdictions in which the 
Company operates. Tax law requires certain items to be included in the Company’s tax returns at different times 
than the items reflected in the Company’s financial statements. As a result, the Company’s annual tax rate reflected 
in its financial statements is different than that reported in its tax returns. Some of these differences are permanent, 
such as expenses that are not deductible in the Company’s tax return, and some differences reverse over time, such 
as depreciation expense. These temporary differences create deferred tax assets and liabilities. The Company 
establishes valuation allowances for its deferred tax assets
Keyword: tax
not that some portion or all of the deferred tax assets will not be realized. 
The components of the Company’s income before income taxes include the following:
Year Ended December 31,
	
2023	 	
2022	
	
2021	
	
Domestic
$ 3,913.7
$
2,322.9
$
1,391.4
Foreign
1,804.5
1,525.8
1,004.9
$ 5,718.2
$
3,848.7
$
2,396.3
The components of the Company’s provision for income taxes include the following:
Year Ended December 31,
	
2023	 	
2022	
	
2021	
Current provision:
	
Federal
$
845.5
$
567.0
$
410.0
	
State
179.8
143.1
85.9
	
Foreign
395.8
335.0
243.5
1,421.1
1,045.1
739.4
Deferred (benefit) provision:
	
Federal
(141.5)
(173.2)
(176.0)
	
State
(24.4)
(42.0)
(29.6)
	
Foreign
(137.8)
7.2
(3.0)
(303.7)
(208.0)
(208.6)
$ 1,117.4
$
837.1
$
530.8
Tax benefits recognized for net operating loss carryforwa
Keyword: tax
A reconciliation of the statutory U.S. federal tax rate to the effective income tax rate is as follows:
	
2023	 	
2022
	
2021
Statutory rate
21.0%
21.0%
21.0%
Effect of:
 
 
 
	
State
2.3
2.1
2.0
	
Research and development tax credit
(.8)
(1.0)
(1.2)
	
Tax on foreign earnings
.1
.5
1.1
	
Brasil valuation allowance release
(2.1)
	
Other, net
(1.0)
(.8)
(.7)
19.5%
21.8%
22.2%
N O T E S  T O  C O N S O L I D A T E D  F I N A N C I A L  S T A T E M E N T S
December 31, 2023, 2022 and 2021 (currencies in millions)
77
Based on the Company’s current operations, the Company does not expect that the repatriation of future foreign 
earnings will be subject to significant income tax as a result of the U.S. modified territorial system.
At December 31, 2023, the Company had net operating loss carryforwards of $460.8, of which $400.0 r
Keyword: tax
foreign subsidiaries and $60.8 related to states in the U.S. The related deferred tax asset was $135.8, for which a $2.3 
valuation allowance has been provided. The carryforward periods range from four years to indefinite, subject to 
certain limitations under applicable laws. The future tax benefits of net operating loss carryforwards are evaluated 
on a regular basis, including a review of historical and projected operating results.
The tax effects of temporary differences representing deferred tax assets and liabilities are as follows:
At December 31,
	
2023
	
2022
Assets:
	
Accrued liabilities
$
314.3
$
252.2
	
R&D expense capitalization
257.1
153.6
	
Net operating loss and tax credit carryforwards
144.8
128.0
	
Inventory adjustments
64.6
59.5
	
Allowance for losses on receivables
53.2
43.8
	
Other
132.2
95.6
966.2
732.
Keyword: tax
Net deferred tax liability
$
(31.8)
$
(349.4)
The balance sheet classifications of the Company’s deferred tax assets and liabilities are as follows:
At December 31,
	
2023
	
2022
Truck, Parts and Other:
 
 
	
Other noncurrent assets, net
$
502.6
$
199.0
	
Other liabilities
(78.8)
(75.5)
Financial Services:
	
Other assets
88.3
51.0
	
Deferred taxes and other liabilities
(543.9)
(523.9)
Net deferred tax liability
$
(31.8)
$
(349.4)
Cash paid for income taxes was $1,499.3, $932.1 and $761.1 in 2023, 2022 and 2021, respectively.
A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:
	
2023
	
2022
	
2021
Balance at January 1
$
27.8
$
26.0
$
24.5
	
Additions for tax positions related to the current year
7.7
7.4
6.1
	
Add
Keyword: tax
itions for tax positions related to prior years
2.6
1.8
.8
	
Reductions for tax positions related to prior years
(1.6)
(1.6)
	
Lapse of statute of limitations
(5.3)
(5.8)
(5.4)
Balance at December 31
$
31.2
$
27.8
$
26.0
N O T E S  T O  C O N S O L I D A T E D  F I N A N C I A L  S T A T E M E N T S
December 31, 2023, 2022 and 2021 (currencies in millions)
78
The Company had $31.2, $27.8 and $26.0 of unrecognized tax benefits, of which $31.2, $27.8 and $25.3 would 
impact the effective tax rate, if recognized, as of December 31, 2023, 2022 and 2021, respectively. 
The Company recognized $.8, $.1 and $(.4) of expense (income) related to interest in 2023, 2022 and 2021, 
respectively. Accrued interest expense and penalties were $1.7, $.9 and $.8 as of Dece