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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 and new product introductions. 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 as well as the incremental revenue
impact of new product introductions. With respect to operating
profit, sales volume represents the impact of changes in the
quantities sold for machines, engines and parts combined with
product mix -- 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 35-40 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 January 26, 2007. 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 Twelve Months Ended
December 31, December 31,
2006 2005 2006 2005
Sales and revenues:
Sales of Machinery and Engines $10,328 $9,041 $38,869 $34,006
Revenues of Financial Products 675 622 2,648 2,333
Total sales and revenues 11,003 9,663 41,517 36,339
Operating costs:
Cost of goods sold 7,971 6,906 29,549 26,558
Selling, general and
administrative expenses 1,016 882 3,706 3,190
Research and development expenses 368 290 1,347 1,084
Interest expense of Financial
Products 269 217 1,023 768
Other operating expenses 233 301 971 955
Total operating costs 9,857 8,596 36,596 32,555
Operating profit 1,146 1,067 4,921 3,784
Interest expense excluding
Financial Products 68 62 274 260
Other income (expense) 49 99 214 377
Consolidated profit before taxes 1,127 1,104 4,861 3,901
Provision for income taxes 252 270 1,405 1,120
Profit of consolidated companies 875 834 3,456 2,781
Equity in profit (loss) of
unconsolidated affiliated
companies 7 12 81 73
Profit $882 $846 $3,537 $2,854
Profit per common share $1.36 $1.26 $5.37 $4.21
Profit per common share -
diluted (1) $1.32 $1.20 $5.17 $4.04
Weighted average common shares
outstanding (millions)
- Basic 647.6 673.6 658.7 678.4
- Diluted (1) 669.5 705.4 683.8 705.8
Cash dividends declared per
common share $.60 $.50 $1.15 $.96
(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 Dec. 31, Dec. 31,
Current assets: 2006 2005
Cash and short-term investments $530 $1,108
Receivables - trade and other 8,168 7,526
Receivables - finance 6,809 6,442
Deferred and refundable income taxes 733 255
Prepaid expenses and other current assets 507 2,146
Inventories 6,351 5,224
Total current assets 23,098 22,701
Property, plant and equipment - net 8,851 7,988
Long-term receivables - trade and other 860 1,037
Long-term receivables - finance 11,590 10,301
Investments in unconsolidated affiliated companies 562 565
Deferred income taxes 1,949 857
Intangible assets 387 424
Goodwill 1,904 1,451
Other assets 1,742 1,745
Total assets $50,943 $47,069
Liabilities
Current liabilities:
Short-term borrowings:
-- Machinery and Engines $165 $871
-- Financial Products 4,990 4,698
Accounts payable 4,149 3,412
Accrued expenses 2,923 2,617
Accrued wages, salaries and employee benefits 938 1,601
Customer advances 921 454
Dividends payable 194 168
Deferred and current income taxes payable 575 528
Long-term debt due within one year:
-- Machinery and Engines 418 340
-- Financial Products 4,043 4,159
Total current liabilities 19,316 18,848
Long-term debt due after one year:
-- Machinery and Engines 3,694 2,717
-- Financial Products 13,986 12,960
Liability for postemployment benefits 5,879 3,161
Deferred income taxes and other liabilities 1,209 951
Total liabilities 44,084 38,637
Stockholders' equity
Common stock 2,465 1,859
Treasury stock (7,352) (4,637)
Profit employed in the business 14,593 11,808
Accumulated other comprehensive income (2,847) (598)
Total stockholders' equity 6,859 8,432
Total liabilities and stockholders' equity $50,943 $47,069
Certain amounts for prior periods have been reclassified to conform to the
current period financial statement presentation.
Caterpillar Inc.
Condensed Consolidated Statement of Cash Flow
(Unaudited)
(Millions of dollars)
Twelve Months Ended
December 31,
Cash flow from operating activities: 2006 2005
Profit $3,537 $2,854
Adjustments for non-cash items:
Depreciation and amortization 1,602 1,477
Other 157 (20)
Changes in assets and liabilities:
Receivables - trade and other (89) (908)
Inventories (827) (568)
Accounts payable and accrued expenses 734 532
Other assets - net (235) (866)
Other liabilities - net 944 612
Net cash provided by (used for) operating
activities 5,823 3,113
Cash flow from investing activities:
Capital expenditures - excluding equipment
leased to others (1,593) (1,201)
Expenditures for equipment leased to others (1,082) (1,214)
Proceeds from disposals of property, plant
and equipment 572 637
Additions to finance receivables (10,586) (10,334)
Collections of finance receivables 8,094 7,057
Proceeds from the sale of finance receivables 1,107 900
Investments and acquisitions (net of cash
acquired) (513) (13)
Proceeds from release of security deposit - 530
Proceeds from sale of available-for-sale
securities 539 257
Investments in available-for-sale securities (681) (338)
Other - net 323 194
Net cash provided by (used for) investing
activities (3,820) (3,525)
Cash flow from financing activities:
Dividends paid (726) (618)
Common stock issued, including treasury
shares reissued 414 482
Treasury shares purchased (3,208) (1,684)
Excess tax benefit from stock-based
compensation 169 -
Proceeds from debt issued (original maturities
greater than three months) 11,269 14,574
Payments on debt (original maturities greater
than three months) (10,375) (11,620)
Short-term borrowings (original maturities
three months or less) - net (136) 19
Net cash provided by (used for) financing
activities (2,593) 1,153
Effect of exchange rate changes on cash 12 (78)
Increase (decrease) in cash and short-term
investments (578) 663
Cash and short-term investments at beginning
of period 1,108 445
Cash and short-term investments at end of period $530 $1,108
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 December 31, 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 $10,328 $10,328 $- $-
Revenues of
Financial Products 675 - 799 (124)(2)
Total sales
and revenues 11,003 10,328 799 (124)
Operating costs:
Cost of goods sold 7,971 7,971 - -
Selling, general
and administrative
expenses 1,016 916 120 (20)(3)
Research and
development
expenses 368 368 - -
Interest expense of
Financial Products 269 - 272 (3)(4)
Other operating
expenses 233 (8) 235 6 (3)
Total operating
costs 9,857 9,247 627 (17)
Operating profit 1,146 1,081 172 (107)
Interest expense
excluding Financial
Products 68 71 - (3)(4)
Other income (expense) 49 (62) 7 104 (5)
Consolidated profit
before taxes 1,127 948 179 -
Provision for
income taxes 252 196 56 -
Profit of
consolidated
companies 875 752 123 -
Equity in profit
(loss) of
unconsolidated
affiliated
companies 7 7 - -
Equity in profit of
Financial Products'
subsidiaries - 123 - (123)(6)
Profit $882 $882 $123 $(123)
(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 December 31, 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 $9,041 $9,041 $- $-
Revenues of
Financial Products 622 - 715 (93)(2)
Total sales and
revenues 9,663 9,041 715 (93)
Operating costs:
Cost of goods sold 6,906 6,906 - -
Selling, general
and administrative
expenses 882 773 118 (9)(3)
Research and
development expenses 290 290 - -
Interest expense of
Financial Products 217 - 221 (4)(4)
Other operating
expenses 301 70 234 (3)(3)
Total operating
costs 8,596 8,039 573 (16)
Operating profit 1,067 1,002 142 (77)
Interest expense
excluding Financial
Products 62 64 - (2)(4)
Other income (expense) 99 9 15 75 (5)
Consolidated profit
before taxes 1,104 947 157 -
Provision for
income taxes 270 222 48 -
Profit of
consolidated
companies 834 725 109 -
Equity in profit
(loss) of
unconsolidated
affiliated
companies 12 10 2 -
Equity in profit of
Financial Products'
subsidiaries - 111 - (111)(6)
Profit $846 $846 $111 $(111)
(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 Twelve Months Ended December 31, 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 $38,869 $38,869 $- $-
Revenues of
Financial Products 2,648 - 3,114 (466)(2)
Total sales and
revenues 41,517 38,869 3,114 (466)
Operating costs:
Cost of goods sold 29,549 29,549 - -
Selling, general
and administrative
expenses 3,706 3,294 446 (34)(3)
Research and
development
expenses 1,347 1,347 - -
Interest expense of
Financial Products 1,023 - 1,033 (10)(4)
Other operating
expenses 971 22 965 (16)(3)
Total operating
costs 36,596 34,212 2,444 (60)
Operating profit 4,921 4,657 670 (406)
Interest expense
excluding Financial
Products 274 285 - (11)(4)
Other income
(expense) 214 (256) 75 395 (5)
Consolidated profit
before taxes 4,861 4,116 745 -
Provision for
income taxes 1,405 1,158 247 -
Profit of
consolidated
companies 3,456 2,958 498 -
Equity in profit
(loss) of
unconsolidated
affiliated
companies 81 79 2 -
Equity in profit of
Financial Products'
subsidiaries - 500 - (500)(6)
Profit $3,537 $3,537 $500 $(500)
(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 Twelve Months Ended December 31, 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 $34,006 $34,006 $- $-
Revenues of
Financial Products 2,333 - 2,650 (317)(2)
Total sales and
revenues 36,339 34,006 2,650 (317)
Operating costs:
Cost of goods sold 26,558 26,558 - -
Selling, general
and administrative
expenses 3,190 2,786 446 (42)(3)
Research and
development
expenses 1,084 1,084 - -
Interest expense of
Financial Products 768 - 786 (18)(4)
Other operating
expenses 955 76 887 (8)(3)
Total operating
costs 32,555 30,504 2,119 (68)
Operating profit 3,784 3,502 531 (249)
Interest expense
excluding
Financial Products 260 266 - (6)(4)
Other income
(expense) 377 85 49 243 (5)
Consolidated profit
before taxes 3,901 3,321 580 -
Provision for
income taxes 1,120 926 194 -
Profit of
consolidated
companies 2,781 2,395 386 -
Equity in profit
(loss) of
unconsolidated
affiliated
companies 73 64 9 -
Equity in profit of
Financial Products'
subsidiaries - 395 - (395)(6)
Profit $2,854 $2,854 $395 $(395)
(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 Twelve Months Ended December 31, 2006
(Unaudited)
(Millions of dollars)
Supplemental Consolidating Data
Machinery Financial Consolidating
Consolidated and Engines(1) Products Adjustments
Cash flow from
operating activities:
Profit $3,537 $3,537 $500 $(500)(2)
Adjustments for
non-cash items:
Depreciation and
amortization 1,602 943 659 -
Undistributed
profit of
Financial
Products - (128) - 128 (3)
Other 157 140 (330) 347 (4)
Changes in assets and
liabilities:
Receivables - trade
and other (89) (292) 6 197 (4/5)
Inventories (827) (827) - -
Accounts payable
and accrued
expenses 734 507 249 (22)(4)
Other assets - net (235) (178) (44) (13)(4)
Other liabilities -
net 944 911 30 3 (4)
Net cash provided by
(used for) operating
activities 5,823 4,613 1,070 140
Cash flow from
investing activities:
Capital expenditures
- excluding
equipment leased to
others (1,593) (1,580) (41) 28 (4)
Expenditures for
equipment leased to
others (1,082) - (1,111) 29 (4)
Proceeds from
disposals of
property, plant and
equipment 572 29 581 (38)(4)
Additions to finance
receivables (10,586) - (35,625) 25,039 (5)
Collections of
finance receivables 8,094 - 32,670 (24,576)(5)
Proceeds from the
sale of finance
receivables 1,107 - 2,110 (1,003)(5)
Net intercompany
borrowings - 123 (2) (121)(6)
Investments and
acquisitions (net of
cash acquired) (513) (513) - -
Proceeds from sale of
available-for-sale
securities 539 26 513 -
Investments in
available-for-sale
securities (681) (35) (646) -
Other - net 323 33 294 (4)(7)
Net cash provided by
(used for) investing
activities (3,820) (1,917) (1,257) (646)
Cash flow from financing
activities:
Dividends paid (726) (726) (372) 372 (8)
Common stock issued,
including treasury
shares reissued 414 414 (13) 13 (7)
Treasury shares
purchased (3,208) (3,208) - -
Excess tax benefit
from stock-based
compensation 169 169 - -
Net intercompany
borrowings - 2 (123) 121 (6)
Proceeds from debt
issued (original
maturities greater
than three months) 11,269 1,445 9,824 -
Payments on debt
(original maturities
greater than three
months) (10,375) (839) (9,536) -
Short-term borrowings
(original maturities
three months or
less)- net (136) (593) 457 -
Net cash provided by
(used for) financing
activities (2,593) (3,336) 237 506
Effect of exchange rate
changes on cash 12 8 4 -
Increase (decrease) in
cash and short-term
investments (578) (632) 54 -
Cash and short-term
investments at
beginning of period 1,108 951 157 -
Cash and short-term
investments at end of
period $530 $319 $211 $-
(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.
(8) Elimination of dividend from Financial Products to Machinery and
Engines.
Caterpillar Inc.
Supplemental Data for Cash Flow
For The Twelve Months Ended December 31, 2005
(Unaudited)
(Millions of dollars)
Supplemental Consolidating Data
Machinery Financial Consolidating
Consolidated and Engines(1) Products Adjustments
Cash flow from
operating activities:
Profit $2,854 $2,854 $395 $(395)(2)
Adjustments for
non-cash items:
Depreciation and
amortization 1,477 835 642 -
Undistributed
profit of
Financial
Products - (373) - 373 (3)
Other (20) 7 (205) 178 (4)
Changes in assets
and liabilities:
Receivables - trade
and other (908) (39) 7 (876)(4/5)
Inventories (568) (568) - -
Accounts payable
and accrued
expenses 532 353 238 (59)(4)
Other assets - net (866) (854) (34) 22 (4)
Other liabilities
- net 612 595 34 (17)(4)
Net cash provided by
(used for) operating
activities 3,113 2,810 1,077 (774)
Cash flow from
investing activities:
Capital expenditures
- excluding
equipment leased
to others (1,201) (1,162) (39) -
Expenditures for
equipment leased to
others (1,214) - (1,265) 51 (4)
Proceeds from
disposals of
property, plant and
equipment 637 45 592 -
Additions to finance
receivables (10,334) - (33,961) 23,627 (5)
Collections of
finance receivables 7,057 - 29,449 (22,392)(5)
Proceeds from the
sale of finance
receivables 900 - 1,430 (530)(5)
Net intercompany
borrowings - 111 - (111)(6)
Investments and
acquisitions (net
of cash acquired) (13) (13) - -
Proceeds from release
of security deposit 530 530 - -
Proceeds from sale of
available-for-sale
securities 257 15 242 -
Investments in
available-for-sale
securities (338) (20) (318) -
Other - net 194 10 197 (13)(8)
Net cash provided by
(used for) investing
activities (3,525) (484) (3,673) 632
Cash flow from
financing activities:
Dividends paid (618) (618) (22) 22 (9)
Common stock issued,
including treasury
shares reissued 482 482 (14) 14 (8)
Treasury shares
purchased (1,684) (1,684) - -
Net intercompany
borrowings - - (111) 111 (6)
Proceeds from debt
issued (original
maturities greater
than three months) 14,574 574 14,000 -
Payments on debt
(original maturities
greater than three
months) (11,620) (654) (10,966) -
Short-term borrowings
(original maturities
three months or
less) - net 19 317 (298) -
Net cash provided by
(used for) financing
activities 1,153 (1,583) 2,589 147
Effect of exchange rate
changes on cash (78) (62) (11) (5)(7)
Increase (decrease) in
cash and short-term
investments 663 681 (18) -
Cash and short-term
investments at
beginning of period 445 270 175 -
Cash and short-term
investments at end of
period $1,108 $951 $157 $-
(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.
(8) Change in investment and common stock related to Financial Products.
(9) Elimination of dividends from Financial Products to Machinery and
Engines.
DATASOURCE: Caterpillar Inc.
Web site: http://www.cat.com/