CAT Strategic Metals (CSE:CAT)
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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 retirement benefits for periods comparing
2005 to 2004. For periods comparing 2006 to 2005, 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 retained interests in
securitized trade receivables, 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 over
22,000 horsepower (4 to over 16 200 kilowatts). Turbines range from
1,200 to 20,500 horsepower (900 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 active investor in independent
power projects using Caterpillar power generation equipment and
services.
8. Latin America - Geographic region including the 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.
10. Machinery and Engines - Due to the highly integrated nature of
operations, 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.
For 2005, manufacturing costs exclude the impact of currency and
retirement benefits for periods comparing 2005 to 2004. For periods
comparing 2006 to 2005, excludes the impact of currency and stock
based compensation.
13. Period Costs - Comprised of Machinery and Engines period
manufacturing costs, SG&A expense, R&D expense and other operating
costs. Excludes the impact of currency and retirement benefits for
periods comparing 2005 to 2004. For periods comparing 2006 to 2005,
excludes the impact of currency and stock based compensation.
14. Price Realization - The impact of net price changes excluding
currency. Includes the impact of changes in the relative weighting
of sales between geographic regions.
15. Retirement Benefits - Cost of defined benefit pension plans, defined
contribution plans and retirement healthcare and life insurance.
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 Standard 123R, we will begin expensing stock-based
compensation awards in 2006. Compensation cost is based on the fair
value of the award on the date of grant.
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.
19. 2010 Goals - The Company's 2010 goals are a part of its enterprise
strategy to achieve its "Vision 2020," which was made public on
October 31, 2005. The 2010 goals are grouped under the "3Ps" of
people, performance, and profitable growth. The people goals include
a highly engaged workforce and world-class safety. The performance
goals are related to quality and market leadership and product and
service parts availability. Profitable growth goals include the 2010
sales and revenues target and a goal for earnings per share growth.
More information on Vision 2020 and the 2010 goals can be found in
the Company's 8-K filing with the SEC from October 31, 2005. A copy
is available on the Caterpillar's website under the SEC Filings
section at http://www.cat.com/investor.
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 37-42 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, 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 Twelve Months Ended
December 31, December 31,
2005 2004 2005 2004
Sales and revenues:
Sales of Machinery
and Engines $9,041 $8,059 $34,006 $28,336
Revenues of Financial
Products 622 525 2,333 1,970
Total sales and revenues 9,663 8,584 36,339 30,306
Operating costs:
Cost of goods sold 6,906 6,488 26,558 22,497
Selling, general and
administrative expenses 882 808 3,190 2,926
Research and development
expenses 290 243 1,084 928
Interest expense of
Financial Products 217 154 768 524
Other operating expenses 301 208 955 747
Total operating costs 8,596 7,901 32,555 27,622
Operating profit 1,067 683 3,784 2,684
Interest expense excluding
Financial Products 62 54 260 230
Other income (expense) 99 82 377 253
Consolidated profit
before taxes 1,104 711 3,901 2,707
Provision for income taxes 270 182 1,120 731
Profit of consolidated
companies 834 529 2,781 1,976
Equity in profit (loss) of
unconsolidated affiliated
companies 12 22 73 59
Profit $846 $551 $2,854 $2,035
Profit per common share $1.26 $.81 $4.21 $2.97
Profit per common share
- diluted (1) $1.20 $.77 $4.04 $2.88
Weighted average common
shares outstanding
(millions)
- Basic 673.6 684.0 678.4 684.5
- Diluted (1) 705.4 712.2 705.8 707.4
Cash dividends declared
per common share $.50 $.41 $.96 $.80
(1) Diluted by assumed exercise of stock options, using the treasury
stock method.
Certain amounts for prior periods have been reclassified to conform
to current financial statement presentation.
Caterpillar Inc.
Condensed Consolidated Statement of Financial Position
(Unaudited)
(Millions of dollars)
Assets Dec. 31, Dec. 31,
Current assets: 2005 2004
Cash and short-term investments $1,108 $445
Receivables - trade and other 7,526 7,463
Receivables - finance 6,442 5,182
Deferred and refundable income taxes 344 398
Prepaid expenses 2,146 1,369
Inventories 5,224 4,675
Total current assets 22,790 19,532
Property, plant and equipment - net 7,988 7,682
Long-term receivables - trade and other 1,037 764
Long-term receivables - finance 10,301 9,903
Investments in unconsolidated
affiliated companies 565 517
Deferred income taxes 768 674
Intangible assets 424 315
Goodwill 1,451 1,450
Other assets 1,745 2,258
Total assets $47,069 $43,095
Liabilities
Current liabilities:
Short-term borrowings:
-- Machinery and Engines $871 $93
-- Financial Products 4,665 4,064
Accounts payable 3,471 3,580
Accrued expenses 2,617 2,261
Accrued wages, salaries and
employee benefits 1,845 1,730
Customer advances 395 447
Dividends payable 168 141
Deferred and current income taxes payable 528 259
Long-term debt due within one year:
-- Machinery and Engines 340 6
-- Financial Products 4,000 3,525
Total current liabilities 18,900 16,106
Long-term debt due after one year:
-- Machinery and Engines 2,717 3,663
-- Financial Products 13,152 12,174
Liability for postemployment benefits 2,991 2,986
Deferred income taxes and other liabilities 877 699
Total liabilities 38,637 35,628
Stockholders' equity
Common stock 1,859 1,231
Treasury stock (4,637) (3,277)
Profit employed in the business 11,808 9,937
Accumulated other comprehensive income (598) (424)
Total stockholders' equity 8,432 7,467
Total liabilities and stockholders' equity $47,069 $43,095
Certain amounts for prior periods have been reclassified to conform to
current 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: 2005 2004
Profit $2,854 $2,035
Adjustments for non-cash items:
Depreciation and amortization 1,477 1,397
Other (20) (113)
Changes in assets and liabilities:
Receivables - trade and other (908) (7,616)
Inventories (568) (1,391)
Accounts payable and accrued expenses 532 1,457
Other assets - net (866) 337
Other liabilities - net 612 (97)
Net cash provided by (used for)
operating activities 3,113 (3,991)
Cash flow from investing activities:
Capital expenditures - excluding
equipment leased to others (1,201) (926)
Expenditures for equipment leased to others (1,214) (1,188)
Proceeds from disposals of property,
plant and equipment 637 486
Additions to finance receivables (10,334) (8,930)
Collections of finance receivables 7,057 6,216
Proceeds from the sale of finance receivables 900 700
Collections of retained interests in
securitized trade receivables - 5,722
Investments and acquisitions (net of
cash acquired) (13) (290)
Proceeds from sale of partnership investment - 290
Proceeds from release of security deposit 530 -
Proceeds from sale of available-for-sale
securities 646 408
Investments in available-for-sale securities (727) (609)
Other - net 194 198
Net cash provided by (used for)
investing activities (3,525) 2,077
Cash flow from financing activities:
Dividends paid (618) (534)
Common stock issued, including
treasury shares reissued 482 317
Treasury shares purchased (1,684) (539)
Proceeds from long-term debt issued 6,043 5,088
Payments on long-term debt (4,095) (3,008)
Short-term borrowings - net 1,025 550
Net cash provided by financing activities 1,153 1,874
Effect of exchange rate changes on cash (78) 143
Increase in cash and short-term investments 663 103
Cash and short-term investments
at beginning of period 445 342
Cash and short-term investments
at end of period $1,108 $445
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.
Certain amounts for prior periods have been reclassified to conform to
current financial statement presentation.
Caterpillar Inc.
Supplemental Data for Results of Operations
For The Three Months Ended December 31, 2005
(Unaudited)
(Millions of dollars)
Supplemental Consolidating Data
Machinery Consoli-
and Financial dating
Consolidated 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 Three Months Ended December 31, 2004
(Unaudited)
(Millions of dollars)
Supplemental Consolidating Data
Machinery Consoli-
and Financial dating
Consolidated Engines(1) Products Adjustments
Sales and revenues:
Sales of Machinery
and Engines $8,059 $8,059 $- $-
Revenues of Financial
Products 525 - 582 (57)(2)
Total sales and revenues 8,584 8,059 582 (57)
Operating costs:
Cost of goods sold 6,488 6,488 - -
Selling, general and
administrative expenses 808 702 126 (20)(3)
Research and development
expenses 243 243 - -
Interest expense of
Financial Products 154 - 158 (4)(4)
Other operating expenses 208 16 185 7(3)
Total operating costs 7,901 7,449 469 (17)
Operating profit 683 610 113 (40)
Interest expense
excluding Financial
Products 54 55 - (1)(4)
Other income (expense) 82 28 15 39(5)
Consolidated profit before
taxes 711 583 128 -
Provision for income taxes 182 138 44 -
Profit of consolidated
companies 529 445 84 -
Equity in profit (loss) of
unconsolidated affiliated
companies 22 21 1 -
Equity in profit of
Financial Products'
subsidiaries - 85 - (85)(6)
Profit $551 $551 $85 $(85)
(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.
Certain amounts have been reclassified to conform to the 2005 financial
statement presentation.
Caterpillar Inc.
Supplemental Data for Results of Operations
For The Twelve Months Ended December 31, 2005
(Unaudited)
(Millions of dollars)
Supplemental Consolidating Data
Machinery Consoli-
and Financial dating
Consolidated 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 Results of Operations
For The Twelve Months Ended December 31, 2004
(Unaudited)
(Millions of dollars)
Supplemental Consolidating Data
Machinery Consoli-
and Financial dating
Consolidated Engines(1) Products Adjustments
Sales and revenues:
Sales of Machinery
and Engines $28,336 $28,336 $- $-
Revenues of Financial
Products 1,970 - 2,169 (199)(2)
Total sales and
revenues 30,306 28,336 2,169 (199)
Operating costs:
Cost of goods sold 22,497 22,497 - -
Selling, general and
administrative expenses 2,926 2,548 441 (63)(3)
Research and
development expenses 928 928 - -
Interest expense of
Financial Products 524 - 536 (12)(4)
Other operating expenses 747 18 722 7(3)
Total operating costs 27,622 25,991 1,699 (68)
Operating profit 2,684 2,345 470 (131)
Interest expense
excluding Financial
Products 230 235 - (5)(4)
Other income (expense) 253 92 35 126(5)
Consolidated profit before
taxes 2,707 2,202 505 -
Provision for income
taxes 731 566 165 -
Profit of consolidated
companies 1,976 1,636 340 -
Equity in profit (loss)
of unconsolidated
affiliated companies 59 56 3 -
Equity in profit of
Financial Products'
subsidiaries - 343 - (343)(6)
Profit $2,035 $2,035 $343 $(343)
(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.
Certain amounts have been reclassified to conform to the 2005 financial
statement presentation.
Caterpillar Inc.
Supplemental Data for Cash Flow
For The Twelve Months Ended December 31, 2005
(Unaudited)
(Millions of dollars)
Supplemental Consolidating Data
Machinery
and Financial Consolidating
Consolidated 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 646 29 617 -
Investments in
available-for-sale
securities (727) (34) (693) -
Other - net 194 10 197 (13)(7)
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(8)
Common stock issued,
including treasury
shares reissued 482 482 (14) 14(7)
Treasury shares
purchased (1,684) (1,684) - -
Net intercompany
borrowings - - (111) 111(6)
Proceeds from
long-term debt
issued 6,043 130 5,913 -
Payments on
long-term debt (4,095) (631) (3,464) -
Short-term
borrowings - net 1,025 738 287 -
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)(9)
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) Change in investment and common stock related to Financial Products.
(8) Elimination of dividend from Financial Products to Machinery and
Engines.
(9) Elimination of the effect of exchange on intercompany balances.
Caterpillar Inc.
Supplemental Data for Cash Flow
For The Twelve Months Ended December 31, 2004
(Unaudited)
(Millions of dollars)
Supplemental Consolidating Data
Machinery
and Financial Consolidating
Consolidated Engines(1) Products Adjustments
Cash flow from
operating activities:
Profit $2,035 $2,035 $343 $(343)(2)
Adjustments for
non-cash items:
Depreciation and
amortization 1,397 795 602 -
Undistributed profit
of Financial Products - (328) - 328(3)
Other (113) (111) (145) 143(4)
Changes in assets
and liabilities:
Receivables - trade
and other (7,616) (531) 43 (7,128)(4/5)
Inventories (1,391) (1,391) - -
Accounts payable and
accrued expenses 1,457 1,325 11 121(4)
Other assets - net 337 240 7 90(4)
Other liabilities -
net (97) (116) 101 (82)(4)
Net cash provided by
(used for) operating
activities (3,991) 1,918 962 (6,871)
Cash flow from
investing activities:
Capital expenditures -
excluding equipment
leased to others (926) (841) (85) -
Expenditures for
equipment leased
to others (1,188) (2) (1,186) -
Proceeds from
disposals of property,
plant and equipment 486 27 459 -
Additions to finance
receivables (8,930) - (20,515) 11,585(5)
Collections of
finance receivables 6,216 - 16,963 (10,747)(5)
Proceeds from the
sale of finance
receivables 700 - 1,363 (663)(5)
Additions to retained
interests in
securitized trade
receivables - - (6,686) 6,686(10)
Collections of
retained interests in
securitized trade
receivables 5,722 - 5,722 -
Net intercompany
borrowings - 159 209 (368)(6)
Investments and
acquisitions (net of
cash acquired) (290) (295) - 5(4)
Proceeds from sale of
partnership investment 290 - 290 -
Proceeds from sale of
available-for-sale
securities 408 13 395 -
Investments in
available-for-sale
securities (609) (107) (502) -
Other - net 198 12 192 (6)(7)
Net cash provided by
(used for) investing
activities 2,077 (1,034) (3,381) 6,492
Cash flow from
financing activities:
Dividends paid (534) (534) (15) 15(8)
Common stock issued,
including treasury
shares reissued 317 317 (2) 2(7)
Treasury shares
purchased (539) (539) - -
Net intercompany
borrowings - (209) (159) 368(6)
Proceeds from
long-term debt
issued 5,088 9 5,079 -
Payments on long-term
debt (3,008) (35) (2,973) -
Short-term
borrowings - net 550 21 529 -
Net cash provided by
(used for) financing
activities 1,874 (970) 2,459 385
Effect of exchange rate
changes on cash 143 136 13 (6)(9)
Increase in cash and
short-term investments 103 50 53 -
Cash and short-term
investments at beginning
of period 342 220 122 -
Cash and short-term
investments at end
of period $445 $270 $175 $-
(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. Receivables amounts
include adjustment for consolidated non-cash receipt of retained
interests in securitized trade receivables.
(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.
(9) Elimination of the effect of exchange on intercompany balances.
(10) Elimination of Cat Financial's additions to retained interests in
securitized trade receivables that arose from an intercompany
purchase of receivables.
Certain amounts have been reclassified to conform to the 2005 financial
statement presentation.
SAFE HARBOR
Certain statements in this release relate to future events and expectations and as such constitute forward-looking statements involving known and unknown factors that may cause actual results of Caterpillar Inc. to be different from those expressed or implied in the forward-looking statements. In this context, words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "will," or other similar words and phrases often identify forward-looking statements made on behalf of Caterpillar. It is important to note that actual results of the company may differ materially from those described or implied in such forward looking statements based on a number of factors and uncertainties, including, but not limited to, changes in economic conditions, currency exchange rates or political stability; market acceptance of the company's products and services; significant changes in the competitive environment; changes in law, regulations and tax rates; and other general economic, business and financing conditions and factors described in more detail in the company's filings with the Securities and Exchange Commission, including in its Annual Report on Form 10-K for the year ended December 31, 2004. We do not undertake to update our forward-looking statements.
PRNewswire - Jan. 26
First Call Analyst:
FCMN Contact:
END FIRST AND FINAL ADD
DATASOURCE: Caterpillar Inc.
Web site: http://www.cat.com/