CAT Strategic Metals (CSE:CAT)
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Caterpillar Inc.
Condensed Consolidated Statement of Results of Operations
(Unaudited)
(Dollars in millions except per share data)
Three Months Ended Six Months Ended
June 30, June 30,
2008 2007 2008 2007
Sales and revenues:
Sales of Machinery
and Engines $12,797 $10,613 $23,776 $19,934
Revenues of Financial
Products 827 743 1,644 1,438
Total sales and
revenues 13,624 11,356 25,420 21,372
Operating costs:
Cost of goods sold 10,036 8,300 18,645 15,436
Selling, general and
administrative
expenses 1,074 968 2,033 1,858
Research and
development expenses 415 350 784 690
Interest expense of
Financial Products 279 279 563 550
Other operating
expenses 295 246 577 485
Total operating costs 12,099 10,143 22,602 19,019
Operating profit 1,525 1,213 2,818 2,353
Interest expense
excluding Financial
Products 70 80 144 159
Other income (expense) 75 70 187 181
Consolidated profit before
taxes 1,530 1,203 2,861 2,375
Provision for income
taxes 434 385 854 760
Profit of consolidated
companies 1,096 818 2,007 1,615
Equity in profit (loss)
of unconsolidated
affiliated companies 10 5 21 24
Profit $1,106 $823 $2,028 $1,639
Profit per common share $1.80 $1.28 $3.29 $2.55
Profit per common share
- diluted(1) $1.74 $1.24 $3.18 $2.47
Weighted average common
shares outstanding
(millions)
- Basic 614.3 640.5 616.0 642.4
- Diluted(1) 635.5 662.8 637.0 664.3
Cash dividends declared
per common share $.78 $.66 $.78 $.66
(1) Diluted by assumed exercise of stock-based compensation awards using
the treasury stock method.
Caterpillar Inc.
Condensed Consolidated Statement of Financial Position
(Unaudited)
(Millions of dollars)
Assets June 30, December 31,
Current assets: 2008 2007
Cash and short-term investments $782 $1,122
Receivables - trade and other 9,297 8,249
Receivables - finance 8,025 7,503
Deferred and refundable income taxes 866 816
Prepaid expenses and other current assets 585 583
Inventories 8,303 7,204
Total current assets 27,858 25,477
Property, plant and equipment - net 10,394 9,997
Long-term receivables - trade and other 705 685
Long-term receivables - finance 14,795 13,462
Investments in unconsolidated affiliated
companies 641 598
Noncurrent deferred and refundable income taxes 1,523 1,553
Intangible assets 492 475
Goodwill 1,994 1,963
Other assets 2,051 1,922
Total assets $60,453 $56,132
Liabilities
Current liabilities:
Short-term borrowings:
-- Machinery and Engines $130 $187
-- Financial Products 6,199 5,281
Accounts payable 5,357 4,723
Accrued expenses 3,633 3,178
Accrued wages, salaries and employee benefits 938 1,126
Customer advances 1,814 1,442
Dividends payable 256 225
Other current liabilities 1,043 951
Long-term debt due within one year:
-- Machinery and Engines 172 180
-- Financial Products 6,852 4,952
Total current liabilities 26,394 22,245
Long-term debt due after one year:
-- Machinery and Engines 3,637 3,639
-- Financial Products 14,006 14,190
Liability for postemployment benefits 4,836 5,059
Other liabilities 2,110 2,116
Total liabilities 50,983 47,249
Stockholders' equity
Common stock 2,897 2,744
Treasury stock (10,730) (9,451)
Profit employed in the business 18,918 17,398
Accumulated other comprehensive income (1,615) (1,808)
Total stockholders' equity 9,470 8,883
Total liabilities and stockholders' equity $60,453 $56,132
Caterpillar Inc.
Condensed Consolidated Statement of Cash Flow
(Unaudited)
(Millions of dollars)
Six Months Ended
June 30,
Cash flow from operating activities: 2008 2007
Profit $2,028 $1,639
Adjustments for non-cash items:
Depreciation and amortization 952 849
Other 202 71
Changes in assets and liabilities:
Receivables - trade and other (1,137) 927
Inventories (1,009) (691)
Accounts payable and accrued expenses 1,023 14
Customer advances 210 352
Other assets - net (93) (300)
Other liabilities - net (271) 375
Net cash provided by (used for) operating
activities 1,905 3,236
Cash flow from investing activities:
Capital expenditures - excluding equipment
leased to others (814) (582)
Expenditures for equipment leased to others (699) (621)
Proceeds from disposals of property, plant and
equipment 449 208
Additions to finance receivables (7,099) (6,356)
Collections of finance receivables 4,748 5,233
Proceeds from the sale of finance receivables 696 84
Investments and acquisitions (net of cash
acquired) (111) (174)
Proceeds from sale of available-for-sale
securities 173 119
Investments in available-for-sale securities (230) (217)
Other - net 56 285
Net cash provided by (used for) investing
activities (2,831) (2,021)
Cash flow from financing activities:
Dividends paid (444) (386)
Common stock issued, including treasury shares
reissued 116 223
Payment for stock repurchase derivative contracts (38) -
Treasury shares purchased (1,362) (1,017)
Excess tax benefit from stock-based compensation 53 97
Proceeds from debt issued (original maturities
greater than three months) 9,158 5,259
Payments on debt (original maturities greater
than three months) (6,530) (5,453)
Short-term borrowings (original maturities
three months or less)-net (393) 86
Net cash provided by (used for) financing
activities 560 (1,191)
Effect of exchange rate changes on cash 26 8
Increase (decrease) in cash and short-term
investments (340) 32
Cash and short-term investments at beginning of
period 1,122 530
Cash and short-term investments at end of period $782 $562
Certain amounts for prior periods have been reclassified to conform to the
current period financial statement presentation.
All short-term investments, which consist primarily of highly liquid
investments with original maturities of three months or less, are
considered to be cash equivalents.
Caterpillar Inc.
Supplemental Data for Results of Operations
For The Three Months Ended June 30, 2008
(Unaudited)
(Millions of dollars)
Supplemental Consolidating Data
Machinery
and Financial Consolidating
Consolidated Engines(1) Products Adjustments
Sales and revenues:
Sales of Machinery
and Engines $12,797 $12,797 $- $-
Revenues of Financial
Products 827 - 910 (83)(2)
Total sales and
revenues 13,624 12,797 910 (83)
Operating costs:
Cost of goods sold 10,036 10,036 - -
Selling, general and
administrative
expenses 1,074 925 154 (5)(3)
Research and
development expenses 415 415 - -
Interest expense of
Financial Products 279 - 279 - (4)
Other operating
expenses 295 (9) 311 (7)(3)
Total operating
costs 12,099 11,367 744 (12)
Operating profit 1,525 1,430 166 (71)
Interest expense
excluding Financial
Products 70 70 - - (4)
Other income (expense) 75 (18) 22 71 (5)
Consolidated profit
before taxes 1,530 1,342 188 -
Provision for income
taxes 434 386 48 -
Profit of consolidated
companies 1,096 956 140 -
Equity in profit (loss)
of unconsolidated
affiliated companies 10 10 - -
Equity in profit of
Financial Products'
subsidiaries - 140 - (140)(6)
Profit $1,106 $1,106 $140 $(140)
(1) Represents Caterpillar Inc. and its subsidiaries with Financial
Products accounted for on the equity basis.
(2) Elimination of Financial Products' revenues earned from Machinery and
Engines.
(3) Elimination of net expenses recorded by Machinery and Engines paid to
Financial Products.
(4) Elimination of interest expense recorded between Financial Products
and Machinery and Engines.
(5) Elimination of discount recorded by Machinery and Engines on
receivables sold to Financial Products and of interest earned between
Machinery and Engines and Financial Products.
(6) Elimination of Financial Products' profit due to equity method of
accounting.
Caterpillar Inc.
Supplemental Data for Results of Operations
For The Three Months Ended June 30, 2007
(Unaudited)
(Millions of dollars)
Supplemental Consolidating Data
Machinery
and Financial Consolidating
Consolidated Engines(1) Products Adjustments
Sales and revenues:
Sales of Machinery
and Engines $10,613 $10,613 $- $-
Revenues of Financial
Products 743 - 846 (103)(2)
Total sales and
revenues 11,356 10,613 846 (103)
Operating costs:
Cost of goods sold 8,300 8,300 - -
Selling, general and
administrative expenses 968 853 120 (5)(3)
Research and development
expenses 350 350 - -
Interest expense of
Financial Products 279 - 279 - (4)
Other operating
expenses 246 (10) 263 (7)(3)
Total operating costs 10,143 9,493 662 (12)
Operating profit 1,213 1,120 184 (91)
Interest expense
excluding Financial
Products 80 83 - (3)(4)
Other income (expense) 70 (36) 18 88 (5)
Consolidated profit
before taxes 1,203 1,001 202 -
Provision for income
taxes 385 316 69 -
Profit of consolidated
companies 818 685 133 -
Equity in profit (loss)
of unconsolidated
affiliated companies 5 4 1 -
Equity in profit of
Financial Products'
subsidiaries - 134 - (134)(6)
Profit $823 $823 $134 $(134)
(1) Represents Caterpillar Inc. and its subsidiaries with Financial
Products accounted for on the equity basis.
(2) Elimination of Financial Products' revenues earned from Machinery and
Engines.
(3) Elimination of net expenses recorded by Machinery and Engines paid to
Financial Products.
(4) Elimination of interest expense recorded between Financial Products
and Machinery and Engines.
(5) Elimination of discount recorded by Machinery and Engines on
receivables sold to Financial Products and of interest earned between
Machinery and Engines and Financial Products.
(6) Elimination of Financial Products' profit due to equity method of
accounting.
Caterpillar Inc.
Supplemental Data for Results of Operations
For The Six Months Ended June 30, 2008
(Unaudited)
(Millions of dollars)
Supplemental Consolidating Data
Machinery
and Financial Consolidating
Consolidated Engines(1) Products Adjustments
Sales and revenues:
Sales of Machinery
and Engines $23,776 $23,776 $- $-
Revenues of Financial
Products 1,644 - 1,822 (178)(2)
Total sales and
revenues 25,420 23,776 1,822 (178)
Operating costs:
Cost of goods sold 18,645 18,645 - -
Selling, general and
administrative
expenses 2,033 1,757 288 (12)(3)
Research and
development expenses 784 784 - -
Interest expense of
Financial Products 563 - 565 (2)(4)
Other operating expenses 577 (20) 608 (11)(3)
Total operating costs 22,602 21,166 1,461 (25)
Operating profit 2,818 2,610 361 (153)
Interest expense
excluding Financial
Products 144 144 - - (4)
Other income (expense) 187 (2) 36 153 (5)
Consolidated profit
before taxes 2,861 2,464 397 -
Provision for income
taxes 854 736 118 -
Profit of consolidated
companies 2,007 1,728 279 -
Equity in profit (loss)
of unconsolidated
affiliated companies 21 21 - -
Equity in profit of
Financial Products'
subsidiaries - 279 - (279)(6)
Profit $2,028 $2,028 $279 $(279)
(1) Represents Caterpillar Inc. and its subsidiaries with Financial
Products accounted for on the equity basis.
(2) Elimination of Financial Products' revenues earned from Machinery and
Engines.
(3) Elimination of net expenses recorded by Machinery and Engines paid to
Financial Products.
(4) Elimination of interest expense recorded between Financial Products
and Machinery and Engines.
(5) Elimination of discount recorded by Machinery and Engines on
receivables sold to Financial Products and of interest earned between
Machinery and Engines and Financial Products.
(6) Elimination of Financial Products' profit due to equity method of
accounting.
Caterpillar Inc.
Supplemental Data for Results of Operations
For The Six Months Ended June 30, 2007
(Unaudited)
(Millions of dollars)
Supplemental Consolidating Data
Machinery
and Financial Consolidating
Consolidated Engines(1) Products Adjustments
Sales and revenues:
Sales of Machinery
and Engines $19,934 $19,934 $- $-
Revenues of
Financial Products 1,438 - 1,645 (207)(2)
Total sales and
revenues 21,372 19,934 1,645 (207)
Operating costs:
Cost of goods sold 15,436 15,436 - -
Selling, general and
administrative
expenses 1,858 1,638 230 (10)(3)
Research and
development expenses 690 690 - -
Interest expense of
Financial Products 550 - 551 (1)(4)
Other operating
expenses 485 (14) 513 (14)(3)
Total operating costs 19,019 17,750 1,294 (25)
Operating profit 2,353 2,184 351 (182)
Interest expense
excluding Financial
Products 159 163 - (4)(4)
Other income (expense) 181 (36) 39 178 (5)
Consolidated profit
before taxes 2,375 1,985 390 -
Provision for income
taxes 760 629 131 -
Profit of consolidated
companies 1,615 1,356 259 -
Equity in profit (loss)
of unconsolidated
affiliated companies 24 22 2 -
Equity in profit of
Financial Products'
subsidiaries - 261 - (261)(6)
Profit $1,639 $1,639 $261 $(261)
(1) Represents Caterpillar Inc. and its subsidiaries with Financial
Products accounted for on the equity basis.
(2) Elimination of Financial Products' revenues earned from Machinery and
Engines.
(3) Elimination of net expenses recorded by Machinery and Engines paid to
Financial Products.
(4) Elimination of interest expense recorded between Financial Products
and Machinery and Engines.
(5) Elimination of discount recorded by Machinery and Engines on
receivables sold to Financial Products and of interest earned between
Machinery and Engines and Financial Products.
(6) Elimination of Financial Products' profit due to equity method of
accounting.
Caterpillar Inc.
Supplemental Data for Cash Flow
For The Six Months Ended June 30, 2008
(Unaudited)
(Millions of dollars)
Supplemental Consolidating Data
Machinery
and Financial Consolidating
Consolidated Engines(1) Products Adjustments
Cash flow from operating
activities:
Profit $2,028 $2,028 $279 $(279)(2)
Adjustments for non-
cash items:
Depreciation and
amortization 952 573 379 -
Undistributed profit
of Financial Products - (279) - 279 (3)
Other 202 192 (146) 156 (4)
Changes in assets and
liabilities:
Receivables - trade
and other (1,137) (657) (20) (460)(4/5)
Inventories (1,009) (1,009) - -
Accounts payable and
accrued expenses 1,023 748 159 116 (4)
Customer advances 210 210 - -
Other assets - net (93) (48) (19) (26)(4)
Other liabilities -
net (271) (278) (4) 11 (4)
Net cash provided by
(used for) operating
activities 1,905 1,480 628 (203)
Cash flow from investing
activities:
Capital expenditures -
excluding equipment
leased to others (814) (804) (10) -
Expenditures for
equipment leased to
others (699) - (710) 11 (4)
Proceeds from disposals
of property, plant
and equipment 449 18 431 -
Additions to finance
receivables (7,099) - (19,164) 12,065 (5)
Collections of finance
receivables 4,748 - 15,846 (11,098)(5)
Proceeds from sale of
finance receivables 696 - 1,471 (775)(5)
Net intercompany
borrowings - 220 (433) 213 (6)
Investments and
acquisitions (net
of cash acquired) (111) (111) - -
Proceeds from sale of
available-for-sale
securities 173 12 161 -
Investments in available-
for-sale securities (230) (11) (219) -
Other - net 56 116 (60) -
Net cash provided by
(used for) investing
activities (2,831) (560) (2,687) 416
Cash flow from financing
activities:
Dividends paid (444) (444) - -
Common stock issued,
including treasury
shares reissued 116 116 - -
Payment for stock
repurchase derivative
contracts (38) (38) - -
Treasury shares
purchased (1,362) (1,362) - -
Excess tax benefit
from stock-based
compensation 53 53 - -
Net intercompany
borrowings - 433 (220) (213)(6)
Proceeds from debt
issued (original
maturities greater
than three months) 9,158 110 9,048 -
Payments on debt
(original maturities
greater than three
months) (6,530) (133) (6,397) -
Short-term borrowings
(original maturities
three months or less)
-net (393) (62) (331) -
Net cash provided by
(used for) financing
activities 560 (1,327) 2,100 (213)
Effect of exchange rate
changes on cash 26 23 3 -
Increase (decrease) in
cash and short-term
investments (340) (384) 44 -
Cash and short-term
investments at
beginning of period 1,122 862 260 -
Cash and short-term
investments at end of
period $782 $478 $304 $-
(1) Represents Caterpillar Inc. and its subsidiaries with Financial
Products accounted for on the equity basis.
(2) Elimination of Financial Products' profit after tax due to equity
method of accounting.
(3) Non-cash adjustment for the undistributed earnings from Financial
Products.
(4) Elimination of non-cash adjustments and changes in assets and
liabilities related to consolidated reporting.
(5) Reclassification of Cat Financial's cash flow activity from investing
to operating for receivables that arose from the sale of inventory.
(6) Net proceeds and payments to/from Machinery and Engines and Financial
Products.
Caterpillar Inc.
Supplemental Data for Cash Flow
For The Six Months Ended June 30, 2007
(Unaudited)
(Millions of dollars)
Supplemental Consolidating Data
Machinery
and Financial Consolidating
Consolidated Engines(1) Products Adjustments
Cash flow from operating
activities:
Profit $1,639 $1,639 $261 $(261)(2)
Adjustments for non-
cash items:
Depreciation and
amortization 849 512 337 -
Undistributed profit
of Financial Products - (261) - 261 (3)
Other 71 47 (146) 170 (4)
Changes in assets and
liabilities:
Receivables - trade
and other 927 (117) (20) 1,064 (4/5)
Inventories (691) (691) - -
Accounts payable
and accrued expenses 14 (86) 36 64 (4)
Customer advances 352 352 - -
Other assets - net (300) (255) 2 (47)(4)
Other liabilities -
net 375 337 8 30 (4)
Net cash provided by
(used for) operating
activities 3,236 1,477 478 1,281
Cash flow from
investing activities:
Capital expenditures -
excluding equipment
leased to others (582) (575) (7) -
Expenditures for
equipment leased to
others (621) - (627) 6 (4)
Proceeds from disposals
of property, plant
and equipment 208 13 196 (1)(4)
Additions to
finance receivables (6,356) - (17,369) 11,013 (5)
Collections of finance
receivables 5,233 - 16,846 (11,613)(5)
Proceeds from the sale
of finance receivables 84 - 777 (693)(5)
Net intercompany
borrowings - 35 (29) (6)(6)
Investments and
acquisitions (net of
cash acquired) (174) (181) - 7 (7)
Proceeds from sale of
available-for-sale
securities 119 7 112 -
Investments in available-
for-sale securities (217) (8) (209) -
Other - net 285 81 206 (2)(7)
Net cash provided by
(used for) investing
activities (2,021) (628) (104) (1,289)
Cash flow from financing
activities:
Dividends paid (386) (386) - -
Common stock issued,
including treasury
shares reissued 223 223 (2) 2 (7)
Treasury shares
purchased (1,017) (1,017) - -
Excess tax benefit
from stock-based
compensation 97 97 - -
Net intercompany
borrowings - 29 (35) 6 (6)
Proceeds from debt
issued (original
maturities greater
than three months) 5,259 43 5,216 -
Payments on debt
(original maturities
greater than three
months) (5,453) (49) (5,404) -
Short-term borrowings
(original maturities
three months or
less)-net 86 267 (181) -
Net cash provided by
(used for) financing
activities (1,191) (793) (406) 8
Effect of exchange rate
changes on cash 8 4 4 -
Increase (decrease) in cash
and short-term investments 32 60 (28) -
Cash and short-term
investments at beginning
of period 530 319 211 -
Cash and short-term
investments at end of
period $562 $379 $183 $-
Certain amounts for prior periods have been reclassified to conform to the
current period financial statement presentation.
(1) Represents Caterpillar Inc. and its subsidiaries with Financial
Products accounted for on the equity basis.
(2) Elimination of Financial Products' profit after tax due to equity
method of accounting.
(3) Non-cash adjustments for the undistributed earnings from Financial
Products.
(4) Elimination of non-cash adjustments and changes in assets and
liabilities related to consolidated reporting.
(5) Reclassification of Cat Financial's cash flow activity from investing
to operating for receivables that arose from the sale of inventory.
(6) Net proceeds and payments to/from Machinery and Engines and Financial
Products.
(7) Change in investment and common stock related to Financial Products.
DATASOURCE: Caterpillar Inc.
Web site: http://www.cat.com/