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GLOSSARY OF TERMS
1. Consolidating Adjustments -- Eliminations of transactions between
Machinery and Engines and Financial Products.
2. Core Operating Costs -- Machinery and Engines variable manufacturing
cost change adjusted for volume and change in period costs. Excludes
the impact of currency and stock-based compensation.
3. Currency -- With respect to sales and revenues, currency represents
the translation impact on sales resulting from changes in foreign
currency exchange rates versus the U.S. dollar. With respect to
operating profit, currency represents the net translation impact on
sales and operating costs resulting from changes in foreign currency
exchange rates versus the U.S. dollar. Currency includes the impacts
on sales and operating profit for the Machinery and Engines lines of
business only; currency impacts on Financial Products revenues and
operating profit are included in the Financial Products portions of
the respective analyses. With respect to other income/expense,
currency represents the effects of forward and option contracts
entered into by the company to reduce the risk of fluctuations in
exchange rates and the net effect of changes in foreign currency
exchange rates on our foreign currency assets and liabilities for
consolidated results.
4. EAME -- Geographic region including Europe, Africa, the Middle East
and the Commonwealth of Independent States (CIS).
5. Earning Assets -- These assets consist primarily of total finance
receivables net of unearned income, plus equipment on operating
leases, less accumulated depreciation at Cat Financial.
6. Engines -- A principal line of business including the design,
manufacture, marketing and sales of engines for Caterpillar
machinery; electric power generation systems; on-highway vehicles and
locomotives; marine, petroleum, construction, industrial,
agricultural and other applications; and related parts.
Reciprocating engines meet power needs ranging from 5 to
21,500 horsepower (4 to over 16 000 kilowatts). Turbines range from
1,600 to 20,500 horsepower (1 200 to 15 000 kilowatts).
7. Financial Products -- A principal line of business consisting
primarily of Caterpillar Financial Services Corporation (Cat
Financial), Caterpillar Insurance Holdings, Inc. (Cat Insurance),
Caterpillar Power Ventures Corporation (Cat Power Ventures) and their
respective subsidiaries. Cat Financial provides a wide range of
financing alternatives to customers and dealers for Caterpillar
machinery and engines, Solar gas turbines as well as other equipment
and marine vessels. Cat Financial also extends loans to customers
and dealers. Cat Insurance provides various forms of insurance to
customers and dealers to help support the purchase and lease of our
equipment. Cat Power Ventures is an investor in independent power
projects using Caterpillar power generation equipment and services.
8. Latin America -- Geographic region including Central and South
American countries and Mexico.
9. Machinery -- A principal line of business which includes the design,
manufacture, marketing and sales of construction, mining and forestry
machinery -- track and wheel tractors, track and wheel loaders,
pipelayers, motor graders, wheel tractor-scrapers, track and wheel
excavators, backhoe loaders, log skidders, log loaders, off-highway
trucks, articulated trucks, paving products, telehandlers, skid steer
loaders and related parts. Also includes logistics services for
other companies and rail-related products and services.
10. Machinery and Engines (M&E) -- Due to the highly integrated nature of
operations, it represents the aggregate total of the Machinery and
Engines lines of business and includes primarily our manufacturing,
marketing and parts distribution operations.
11. Managed Distribution -- The process to provide a fair and equitable
allocation of available machine and engine production positions to
worldwide dealers on models where demand exceeds factory supply.
12. Manufacturing Costs -- Manufacturing costs represent the volume-
adjusted change for variable costs and the absolute dollar change for
period manufacturing costs. Variable manufacturing costs are defined
as having a direct relationship with the volume of production. This
includes material costs, direct labor and other costs that vary
directly with production volume such as freight, power to operate
machines and supplies that are consumed in the manufacturing process.
Period manufacturing costs support production but are defined as
generally not having a direct relationship to short-term changes in
volume. Examples include machine and equipment repair, depreciation
on manufacturing assets, facility support, procurement, factory
scheduling, manufacturing planning and operations management.
Excludes the impact of currency and stock-based compensation.
13. M&E Other Operating Expenses -- Comprised primarily of gains (losses)
on disposal of long-lived assets, long-lived asset impairment charges
and impairment of goodwill.
14. Period Costs -- Comprised of Machinery and Engines period
manufacturing costs, SG&A expense and R&D expense. Excludes the
impact of currency and stock-based compensation.
15. Price Realization -- The impact of net price changes excluding
currency. Includes the impact of changes in the relative weighting
of sales between geographic regions.
16. Sales Volume -- With respect to sales and revenues, sales volume
represents the impact of changes in the quantities sold for machines,
engines and parts. With respect to operating profit, sales volume
represents the impact of changes in the quantities sold for machines,
engines and parts combined with the net operating profit impact of
changes in the relative weighting of machines, engines and parts
sales with respect to total sales.
17. Stock-Based Compensation -- As required by Statement of Financial
Accounting Standards 123R, we began expensing stock-based
compensation awards in 2006. Compensation cost is based on the fair
value of the award on the date of grant. Our awards consist of stock
options and stock-settled stock appreciation rights (SARs).
18. 6 Sigma -- On a technical level, 6 Sigma represents a measure of
variation that achieves 3.4 defects per million opportunities. At
Caterpillar, 6 Sigma represents a much broader cultural philosophy to
drive continuous improvement throughout the value chain. It is a
fact-based, data-driven methodology that we are using to improve
processes, enhance quality, cut costs, grow our business and deliver
greater value to our customers through Black Belt-led project teams.
At Caterpillar, 6 Sigma goes beyond mere process improvement -- it
has become the way we work as teams to process business information,
solve problems and manage our business successfully.
NON-GAAP FINANCIAL MEASURES
The following definition is provided for "non-GAAP financial measures" in connection with Regulation G issued by the Securities and Exchange Commission. This non-GAAP financial measure has no standardized meaning prescribed by U.S. GAAP and therefore is unlikely to be comparable to the calculation of similar measures for other companies. Management does not intend this item to be considered in isolation or as a substitute for the related GAAP measure.
Machinery and Engines
Caterpillar defines Machinery and Engines as it is presented in the supplemental data as Caterpillar Inc. and its subsidiaries with Financial Products accounted for on the equity basis. Machinery and Engines information relates to the design, manufacture and marketing of our products. Financial Products information relates to the financing to customers and dealers for the purchase and lease of Caterpillar and other equipment. The nature of these businesses is different, especially with regard to the financial position and cash flow items. Caterpillar management utilizes this presentation internally to highlight these differences. We also believe this presentation will assist readers in understanding our business. Pages 29-34 reconcile Machinery and Engines with Financial Products on the equity basis to Caterpillar Inc. Consolidated financial information.
The information included in the Outlook section is forward-looking and involves risks and uncertainties that could significantly affect expected results. A discussion of these risks and uncertainties is contained in Form 8-K filed with the Securities & Exchange Commission (SEC) on October 20, 2006. This filing is available on our website at http://www.cat.com/sec_filings .
Caterpillar's latest financial results and current outlook are also available via:
Telephone:
(800) 228-7717 (Inside the United States and Canada)
(858) 244-2080 (Outside the United States and Canada)
Internet:
http://www.cat.com/investor
http://www.cat.com/irwebcast (live broadcast/replays of quarterly
conference call)
Caterpillar Inc.
Condensed Consolidated Statement of Results of Operations
(Unaudited)
(Dollars in millions except per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
2006 2005 2006 2005
Sales and revenues:
Sales of Machinery
and Engines $9,842 $8,392 $28,541 $24,965
Revenues of
Financial Products 675 585 1,973 1,711
Total sales
and revenues 10,517 8,977 30,514 26,676
Operating costs:
Cost of goods sold 7,610 6,547 21,578 19,652
Selling, general
and administrative
expenses 988 775 2,690 2,308
Research and
development expenses 329 285 979 794
Interest expense of
Financial Products 266 197 754 551
Other operating
expenses 246 233 738 654
Total operating costs 9,439 8,037 26,739 23,959
Operating profit 1,078 940 3,775 2,717
Interest expense
excluding Financial
Products 72 68 206 198
Other income (expense) 72 80 165 278
Consolidated profit
before taxes 1,078 952 3,734 2,797
Provision for
income taxes 334 303 1,153 850
Profit of
consolidated
companies 744 649 2,581 1,947
Equity in profit
(loss) of
unconsolidated
affiliated companies 25 18 74 61
Profit $769 $667 $2,655 $2,008
Profit per common share $1.18 $.98 $4.01 $2.95
Profit per common
share - diluted (1) $1.14 $.94 $3.86 $2.84
Weighted average
common shares
outstanding (millions)
- Basic 653.2 678.8 662.4 680.5
- Diluted (1) 677.2 710.7 688.5 707.4
Cash dividends declared
per common share $- $- $.55 $.46
(1) Diluted by assumed exercise of stock options and SARs, using the
treasury stock method.
Caterpillar Inc.
Condensed Consolidated Statement of Financial Position
(Unaudited)
(Millions of dollars)
Assets Sep. 30, Dec. 31,
Current assets: 2006 2005
Cash and short-term investments $553 $1,108
Receivables - trade and other 8,246 7,526
Receivables - finance 6,376 6,442
Deferred and refundable income taxes 403 255
Prepaid expenses 2,107 2,146
Inventories 6,411 5,224
Total current assets 24,096 22,701
Property, plant and equipment - net 8,424 7,988
Long-term receivables - trade and other 742 1,037
Long-term receivables - finance 11,178 10,301
Investments in unconsolidated
affiliated companies 606 565
Deferred income taxes 986 857
Intangible assets 646 424
Goodwill 1,877 1,451
Other assets 1,928 1,745
Total assets $50,483 $47,069
Liabilities
Current liabilities:
Short-term borrowings:
-- Machinery and Engines $745 $871
-- Financial Products 4,930 4,698
Accounts payable 3,857 3,412
Accrued expenses 2,747 2,617
Accrued wages, salaries and employee benefits 1,388 1,601
Customer advances 742 454
Dividends payable - 168
Deferred and current income taxes payable 685 528
Long-term debt due within one year:
-- Machinery and Engines 99 340
-- Financial Products 3,492 4,159
Total current liabilities 18,685 18,848
Long-term debt due after one year:
-- Machinery and Engines 4,007 2,717
-- Financial Products 14,138 12,960
Liability for postemployment benefits 3,510 3,161
Deferred income taxes and other liabilities 1,115 951
Total liabilities 41,455 38,637
Stockholders' equity
Common stock 2,441 1,859
Treasury stock (7,031) (4,637)
Profit employed in the business 14,100 11,808
Accumulated other comprehensive income (482) (598)
Total stockholders' equity 9,028 8,432
Total liabilities and stockholders' equity $50,483 $47,069
Caterpillar Inc.
Condensed Consolidated Statement of Cash Flow
(Unaudited)
(Millions of dollars)
Nine Months Ended
September 30,
Cash flow from operating activities: 2006 2005
Profit $2,655 $2,008
Adjustments for non-cash items:
Depreciation and amortization 1,220 1,113
Other 110 (89)
Changes in assets and liabilities:
Receivables - trade and other (165) (521)
Inventories (902) (794)
Accounts payable and accrued expenses 327 313
Other assets - net (345) 69
Other liabilities - net 666 31
Net cash provided by (used for)
operating activities 3,566 2,130
Cash flow from investing activities:
Capital expenditures - excluding
equipment leased to others (905) (709)
Expenditures for equipment leased to others (798) (965)
Proceeds from disposals of property,
plant and equipment 440 447
Additions to finance receivables (7,817) (7,310)
Collections of finance receivables 6,204 4,889
Proceeds from the sale of finance receivables 1,004 916
Investments and acquisitions
(net of cash acquired) (512) (12)
Proceeds from sale of
available-for-sale securities 255 443
Investments in available-for-sale securities (357) (508)
Other - net 201 145
Net cash provided by (used for)
investing activities (2,285) (2,664)
Cash flow from financing activities:
Dividends paid (531) (449)
Common stock issued, including
treasury shares reissued 383 412
Treasury shares purchased (2,858) (1,039)
Excess tax benefit from
stock-based compensation 159 -
Proceeds from debt issued (original
maturities greater than three months) 8,629 9,796
Payments on debt (original maturities
greater than three months) (8,517) (7,619)
Short-term borrowings (original maturities
three months or less) - net 905 (58)
Net cash provided by (used for)
financing activities (1,830) 1,043
Effect of exchange rate changes on cash (6) 13
Increase (decrease) in cash and
short-term investments (555) 522
Cash and short-term investments
at beginning of period 1,108 445
Cash and short-term investments at end of period $553 $967
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 September 30, 2006
(Unaudited)
(Millions of dollars)
Supplemental Consolidating Data
Machinery Financial Consolidating
Consolidated and Engines(1) Products Adjustments
Sales and revenues:
Sales of Machinery
and Engines $9,842 $9,842 $- $-
Revenues of
Financial Products 675 - 801 (126)(2)
Total sales
and revenues 10,517 9,842 801 (126)
Operating costs:
Cost of goods sold 7,610 7,610 - -
Selling, general and
administrative
expenses 988 877 110 1 (3)
Research and
development expenses 329 329 - -
Interest expense of
Financial Products 266 - 269 (3)(4)
Other operating
expenses 246 2 251 (7)(3)
Total operating costs 9,439 8,818 630 (9)
Operating profit 1,078 1,024 171 (117)
Interest expense
excluding Financial
Products 72 76 - (4)(4)
Other income (expense) 72 (63) 22 113 (5)
Consolidated profit
before taxes 1,078 885 193 -
Provision for
income taxes 334 269 65 -
Profit of
consolidated
companies 744 616 128 -
Equity in profit
(loss) of
unconsolidated
affiliated companies 25 24 1 -
Equity in profit of
Financial Products'
subsidiaries - 129 - (129)(6)
Profit $769 $769 $129 $(129)
(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 September 30, 2005
(Unaudited)
(Millions of dollars)
Supplemental Consolidating Data
Machinery Financial Consolidating
Consolidated and Engines(1) Products Adjustments
Sales and revenues:
Sales of Machinery
and Engines $8,392 $8,392 $- $-
Revenues of
Financial Products 585 - 667 (82)(2)
Total sales
and revenues 8,977 8,392 667 (82)
Operating costs:
Cost of goods sold 6,547 6,547 - -
Selling, general and
administrative
expenses 775 676 110 (11)(3)
Research and
development expenses 285 285 - -
Interest expense of
Financial Products 197 - 203 (6)(4)
Other operating
expenses 233 4 231 (2)(3)
Total operating costs 8,037 7,512 544 (19)
Operating profit 940 880 123 (63)
Interest expense
excluding
Financial Products 68 69 - (1)(4)
Other income (expense) 80 1 17 62 (5)
Consolidated profit
before taxes 952 812 140 -
Provision for
income taxes 303 256 47 -
Profit of
consolidated
companies 649 556 93 -
Equity in profit
(loss) of
unconsolidated
affiliated companies 18 16 2 -
Equity in profit of
Financial Products'
subsidiaries - 95 - (95)(6)
Profit $667 $667 $95 $(95)
(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 Nine Months Ended September 30, 2006
(Unaudited)
(Millions of dollars)
Supplemental Consolidating Data
Machinery Financial Consolidating
Consolidated and Engines(1) Products Adjustments
Sales and revenues:
Sales of Machinery
and Engines $28,541 $28,541 $- $-
Revenues of
Financial Products 1,973 - 2,315 (342)(2)
Total sales
and revenues 30,514 28,541 2,315 (342)
Operating costs:
Cost of goods sold 21,578 21,578 - -
Selling, general
and administrative
expenses 2,690 2,378 326 (14)(3)
Research and
development expenses 979 979 - -
Interest expense of
Financial Products 754 - 761 (7)(4)
Other operating
expenses 738 30 730 (22)(3)
Total operating costs 26,739 24,965 1,817 (43)
Operating profit 3,775 3,576 498 (299)
Interest expense
excluding Financial
Products 206 214 - (8)(4)
Other income (expense) 165 (194) 68 291 (5)
Consolidated profit
before taxes 3,734 3,168 566 -
Provision for
income taxes 1,153 962 191 -
Profit of
consolidated
companies 2,581 2,206 375 -
Equity in profit
(loss) of
unconsolidated
affiliated companies 74 72 2 -
Equity in profit of
Financial Products'
subsidiaries - 377 - (377)(6)
Profit $2,655 $2,655 $377 $(377)
(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 Nine Months Ended September 30, 2005
(Unaudited)
(Millions of dollars)
Supplemental Consolidating Data
Machinery Financial Consolidating
Consolidated and Engines(1) Products Adjustments
Sales and revenues:
Sales of Machinery
and Engines $24,965 $24,965 $- $-
Revenues of
Financial Products 1,711 - 1,935 (224)(2)
Total sales
and revenues 26,676 24,965 1,935 (224)
Operating costs:
Cost of goods sold 19,652 19,652 - -
Selling, general and
administrative
expenses 2,308 2,013 328 (33)(3)
Research and
development expenses 794 794 - -
Interest expense of
Financial Products 551 - 565 (14)(4)
Other operating
expenses 654 6 653 (5)(3)
Total operating costs 23,959 22,465 1,546 (52)
Operating profit 2,717 2,500 389 (172)
Interest expense
excluding Financial
Products 198 202 - (4)(4)
Other income (expense) 278 76 34 168 (5)
Consolidated profit
before taxes 2,797 2,374 423 -
Provision for
income taxes 850 704 146 -
Profit of
consolidated
companies 1,947 1,670 277 -
Equity in profit
(loss) of
unconsolidated
affiliated companies 61 54 7 -
Equity in profit of
Financial Products'
subsidiaries - 284 - (284)(6)
Profit $2,008 $2,008 $284 $(284)
(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 Nine Months Ended September 30, 2006
(Unaudited)
(Millions of dollars)
Supplemental Consolidating Data
Machinery Financial Consolidating
Consolidated and Engines(1) Products Adjustments
Cash flow from
operating activities:
Profit $2,655 $2,655 $377 $(377)(2)
Adjustments for
non-cash items:
Depreciation and
amortization 1,220 721 499 -
Undistributed
profit of
Financial Products - (377) - 377 (3)
Other 110 113 (279) 276 (4)
Changes in assets
and liabilities:
Receivables - trade
and other (165) 15 78 (258)(4/5)
Inventories (902) (902) - -
Accounts payable and
accrued expenses 327 258 51 18 (4)
Other assets - net (345) (280) (27) (38)(4)
Other liabilities
- net 666 571 73 22 (4)
Net cash provided by
(used for) operating
activities 3,566 2,774 772 20
Cash flow from
investing activities:
Capital expenditures
- excluding equipment
leased to others (905) (900) (33) 28 (4)
Expenditures for
equipment leased
to others (798) - (822) 24 (4)
Proceeds from
disposals of
property, plant
and equipment 440 22 456 (38)(4)
Additions to finance
receivables (7,817) - (26,783) 18,966 (5)
Collections of
finance receivables 6,204 - 24,465 (18,261)(5)
Proceeds from the
sale of finance
receivables 1,004 - 1,747 (743)(5)
Net intercompany
borrowings - 36 (235) 199 (6)
Investments and
acquisitions (net
of cash acquired) (512) (512) - -
Proceeds from sale of
available-for-sale
securities 255 17 238 -
Investments in
available-for-sale
securities (357) (34) (323) -
Other - net 201 5 204 (8)(7)
Net cash provided by
(used for) investing
activities (2,285) (1,366) (1,086) 167
Cash flow from
financing activities:
Dividends paid (531) (531) - -
Common stock issued,
including treasury
shares reissued 383 383 (12) 12 (7)
Treasury shares
purchased (2,858) (2,858) - -
Excess tax benefit
from stock-based
compensation 159 159 - -
Net intercompany
borrowings - 235 (36) (199)(6)
Proceeds from debt
issued (original
maturities greater
than three months) 8,629 1,378 7,251 -
Payments on debt
(original maturities
greater than three
months) (8,517) (766) (7,751) -
Short-term borrowings
(original maturities
three months or less)
- net 905 (10) 915 -
Net cash provided by
(used for) financing
activities (1,830) (2,010) 367 (187)
Effect of exchange
rate changes on cash (6) 12 (18) -
Increase (decrease) in
cash and short-term
investments (555) (590) 35 -
Cash and short-term
investments at
beginning of period 1,108 951 157 -
Cash and short-term
investments at end
of period $553 $361 $192 $-
(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.
(7) Change in investment and common stock related to Financial Products.
Caterpillar Inc.
Supplemental Data for Cash Flow
For The Nine Months Ended September 30, 2005
(Unaudited)
(Millions of dollars)
Supplemental Consolidating Data
Machinery Financial Consolidating
Consolidated and Engines(1) Products Adjustments
Cash flow from
operating activities:
Profit $2,008 $2,008 $284 $(284)(2)
Adjustments for
non-cash items:
Depreciation and
amortization 1,113 633 480 -
Undistributed
profit of
Financial Products - (284) - 284 (3)
Other (89) (150) (141) 202 (4)
Changes in assets
and liabilities:
Receivables - trade
and other (521) 248 10 (779)(4/5)
Inventories (794) (794) - -
Accounts payable and
accrued expenses 313 207 114 (8)(4)
Other assets - net 69 100 (23) (8)(4)
Other liabilities
- net 31 (26) 58 (1)(4)
Net cash provided by
(used for) operating
activities 2,130 1,942 782 (594)
Cash flow from
investing activities:
Capital expenditures
- excluding equipment
leased to others (709) (677) (32) -
Expenditures for
equipment leased
to others (965) - (965) -
Proceeds from
disposals of
property, plant
and equipment 447 31 416 -
Additions to finance
receivables (7,310) - (24,898) 17,588 (5)
Collections of
finance receivables 4,889 - 21,589 (16,700)(5)
Proceeds from the
sale of finance
receivables 916 - 1,178 (262)(5)
Net intercompany
borrowings - (315) (11) 326 (6)
Investments and
acquisitions
(net of cash
acquired) (12) (12) - -
Proceeds from sale of
available-for-sale
securities 443 17 426 -
Investments in
available-for-sale
securities (508) (19) (489) -
Other - net 145 (5) 150 -
Net cash provided by
(used for) investing
activities (2,664) (980) (2,636) 952
Cash flow from
financing activities:
Dividends paid (449) (449) - -
Common stock issued,
including treasury
shares reissued 412 412 - -
Treasury shares
purchased (1,039) (1,039) - -
Net intercompany
borrowings - 11 315 (326)(6)
Proceeds from debt
issued (original
maturities greater
than three months) 9,796 146 9,650 -
Payments on debt
(original maturities
greater than three
months) (7,619) (85) (7,534) -
Short-term borrowings
(original maturities
three months or less)
- net (58) 474 (532) -
Net cash provided by
(used for) financing
activities 1,043 (530) 1,899 (326)
Effect of exchange
rate changes on cash 13 52 (7) (32)(7)
Increase (decrease) in
cash and short-term
investments 522 484 38 -
Cash and short-term
investments at
beginning of period 445 270 175 -
Cash and short-term
investments at end
of period $967 $754 $213 $-
(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.
(7) Elimination of the effect of exchange on intercompany balances.
DATASOURCE: Caterpillar Inc.
Web site: http://www.cat.com/