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CAT · CATERPILLAR INC

44 filings

10-K

CAT 10-K Annual Reports

CATERPILLAR INC - 44 annual reports

Filing record · 2016–202610-K1110-Q328-K184

2025
CATERPILLAR INC Annual Report, Year Ended Dec 31, 2025
Caterpillar Inc. reported total sales and revenues of $67.589 billion for the fiscal year 2025, an increase of 4% compared to the prior year. This growth was primarily driven by higher sales volumes across its segments, particularly in Power & Energy, which saw a notable 12% increase in sales. However, operating profit margin decreased to 16.5% in 2025 from 20.2% in 2024, mainly due to unfavorable manufacturing costs, including the impact of higher tariffs, and unfavorable price realization. The company's outlook for 2026 anticipates continued sales growth, driven by robust demand in end markets such as construction, mining, and energy, supported by significant infrastructure spending and the growing demand for data center solutions. Caterpillar is also actively managing its financial position, with a strong cash flow and a focus on returning capital to shareholders through dividends and share repurchases, while maintaining its target credit rating. The company's strategic focus on commercial excellence and advanced technology positions it to address evolving customer needs and market dynamics.
Feb 13, 2026
2024
CATERPILLAR INC Annual Report, Year Ended Dec 31, 2024
Caterpillar Inc. reported total sales and revenues of $64.809 billion for the full year 2024, a decrease of 3% from 2023, primarily driven by lower sales volume across its Construction Industries and Resource Industries segments, partially offset by favorable price realization and growth in Energy & Transportation. Despite the revenue decline, operating profit margin improved to 20.2% in 2024 from 19.3% in 2023, reflecting effective price realization and manufacturing cost efficiencies. Profit per share increased to $22.05 from $20.12 in the prior year. The company maintained a strong financial position, with enterprise operating cash flow of $12.0 billion and ended the year with $6.9 billion in enterprise cash. Looking ahead to 2025, Caterpillar anticipates slightly lower sales and revenues, primarily due to anticipated unfavorable price realization and lower sales volume, though services revenue is expected to grow across all segments.
Feb 14, 2025
2023
CATERPILLAR INC Annual Report, Year Ended Dec 31, 2023
Caterpillar Inc. (CAT) reported robust financial performance for the fiscal year ending December 31, 2023. Sales and revenues reached $67.06 billion, a significant 13% increase over the previous year, driven primarily by favorable price realization and higher sales volumes across its key segments. The company demonstrated strong operational efficiency, with operating profit margin improving to 19.3% in 2023, up from 13.3% in 2022. Adjusted profit per share was $21.21, reflecting a substantial year-over-year increase. Caterpillar generated $12.9 billion in enterprise operating cash flow, underscoring its healthy liquidity position. The company also highlighted its ongoing commitment to strategic investments in services, technology (including autonomy, alternative fuels, and electrification), and sustainability as drivers for future profitable growth, while maintaining a strong financial position and returning capital to shareholders through dividends and share repurchases.
Feb 16, 2024
2022
CATERPILLAR INC Annual Report, Year Ended Dec 31, 2022
Caterpillar Inc. (CAT) reported strong sales and revenue growth for the fiscal year 2022, reaching $59.427 billion, a 17% increase over 2021, driven by favorable price realization and higher sales volumes across its Construction Industries, Resource Industries, and Energy & Transportation segments. Despite increased manufacturing costs and SG&A expenses, the company maintained a healthy operating profit margin of 13.3%. A significant event was a $925 million goodwill impairment charge related to the Rail division, impacting the overall profit per share. However, adjusted profit per share saw a notable increase, reflecting underlying operational strength. The company's outlook for 2023 remains positive, with expectations for continued sales growth driven by strong order backlogs and improving supply chain dynamics. Caterpillar is strategically investing in services, digital technologies, electrification, and autonomy to fuel long-term profitable growth. The company's robust operating cash flow and substantial liquidity position underscore its financial stability, enabling continued returns to shareholders through dividends and share repurchases, while maintaining a mid-A credit rating. Investors should monitor commodity price trends and global economic conditions, as these remain key factors influencing demand for Caterpillar's products.
Feb 15, 2023
2021
CATERPILLAR INC Annual Report, Year Ended Dec 31, 2021
Caterpillar Inc.'s (CAT) 2021 10-K filing reveals a strong financial performance, with sales and revenues increasing by 22% to $50.971 billion, driven by higher demand across all regions and segments. The company's operating profit margin improved to 13.5% from 10.9% in the previous year. This growth was fueled by higher sales volume, favorable price realization, and robust demand in key industries like construction and energy. The report highlights Caterpillar's ongoing commitment to operational efficiency and strategic growth initiatives, including investments in new product development and technology. Despite facing supply chain disruptions and rising costs, the company managed to navigate these challenges effectively. The Financial Products segment also showed significant improvement, with profit increasing by 54%, largely due to lower provisions for credit losses. Caterpillar ended the year with a solid liquidity position and a substantial order backlog of $23.1 billion, indicating positive outlook for future performance.
Feb 16, 2022
2020
CATERPILLAR INC Annual Report, Year Ended Dec 31, 2020
Caterpillar Inc. reported a significant year-over-year decline in sales and revenues for 2020, with a total of $41.748 billion, a 22% decrease from 2019. This downturn was primarily attributed to lower end-user demand for equipment and services, exacerbated by the global economic impact of the COVID-19 pandemic, and a reduction in dealer inventories. Profit per share also saw a substantial decrease, from $10.74 in 2019 to $5.46 in 2020. The company's primary segments, Construction Industries, Resource Industries, and Energy & Transportation, all experienced sales declines. The Financial Products segment also saw a revenue decrease. Despite the challenges, Caterpillar maintained a strong liquidity position, ending 2020 with $9.4 billion in enterprise cash and over $14 billion in available liquidity sources. The company's strategic priorities include maintaining a strong financial position, funding operational requirements, and returning capital to shareholders through dividends and share repurchases, though share repurchases were temporarily suspended in the latter half of 2020 due to economic uncertainty.
Feb 17, 2021
2019
CATERPILLAR INC Annual Report, Year Ended Dec 31, 2019
Caterpillar Inc.'s 2019 annual report (filed Feb 2020) shows a slight year-over-year decrease in sales and revenues to $53.8 billion, primarily driven by lower sales volume due to changes in dealer inventories, though end-user demand provided some offset. Despite the revenue dip, profit per share saw a modest increase to $10.74, benefiting from lower SG&A and R&D expenses, as well as a strong performance from the Financial Products segment. The company's core Machinery, Energy & Transportation (ME&T) segment experienced sales declines in Construction Industries and Energy & Transportation, while Resource Industries remained relatively flat. The company maintained a strong operating cash flow of $6.9 billion, which was sufficient to cover capital expenditures and dividends. Caterpillar's liquidity position remained robust, with $8.3 billion in cash and short-term investments at year-end. The company also continued its capital allocation strategy, repurchasing $4.05 billion in common stock and paying dividends, indicating a focus on returning value to shareholders while managing its financial health and maintaining its mid-A credit rating. The report highlights a commitment to strategic growth initiatives and operational efficiency.
Feb 19, 2020
2018
CATERPILLAR INC Annual Report, Year Ended Dec 31, 2018
Caterpillar Inc. reported robust performance in its 2018 10-K filing, with sales and revenues increasing by 20% to $54.72 billion, driven by broad-based demand across all three primary segments: Construction Industries, Resource Industries, and Energy & Transportation. This significant revenue growth translated into a substantial improvement in profitability, with profit per share rising from $1.26 in 2017 to $10.26 in 2018. The company also saw its operating profit margin improve significantly to 15.2% from 9.8% in the prior year, demonstrating effective cost management and price realization. Financially, Caterpillar maintained a strong liquidity position with $7.86 billion in cash and short-term investments. The company returned capital to shareholders through dividends and share repurchases, announcing a new $10 billion share repurchase authorization for 2019. The filing highlights Caterpillar's commitment to strategic growth initiatives, including investments in research and development, while navigating a complex global economic landscape and managing operational and financial risks. The company's diversified business segments and geographic presence contributed to its overall positive financial results.
Feb 14, 2019
2017
CATERPILLAR INC Annual Report, Year Ended Dec 31, 2017
Caterpillar Inc. (CAT) reported a significant turnaround in 2017 compared to the previous year, with sales and revenues increasing by 18% to $45.462 billion. This growth was driven by improved end-user demand across all regions and key markets, coupled with favorable changes in dealer inventories. The company successfully returned to profitability, posting a profit per share of $1.26, a substantial improvement from a loss per share of $0.11 in 2016. This positive performance reflects the company's ability to navigate challenging economic conditions and leverage increasing demand in its core segments. The company's operational focus in 2017 included significant restructuring efforts, with $1.256 billion in costs mainly related to the closure of its Gosselies, Belgium facility. Looking ahead to 2018, Caterpillar anticipates continued growth, supported by expected increases in capital expenditures by mining companies and stabilization in construction activities. Management projects higher material costs in 2018 due to anticipated increases in commodity prices, but also expects improved operational efficiency and cost absorption to mitigate these impacts. The company remains committed to returning capital to shareholders while maintaining a strong financial position.
Feb 15, 2018
2016
CATERPILLAR INC Annual Report, Year Ended Dec 31, 2016
Caterpillar Inc. (CAT) reported a challenging year for 2016, with sales and revenues declining by 18% to $38.5 billion, reflecting weak demand across its key industries, including construction, oil and gas, and mining. The company incurred a net loss of $67 million, a significant drop from the $2.5 billion profit in 2015, impacted by lower sales volume, unfavorable market-to-market losses on pension and other post-employment benefit plans, and a substantial goodwill impairment charge in the Resource Industries segment. Despite these headwinds, Caterpillar emphasized its strong operating cash flow from its Machinery, Energy & Transportation segment, which was sufficient to cover capital expenditures and dividends, and maintained a robust liquidity position with $7.17 billion in cash at year-end. Management highlighted ongoing restructuring and cost reduction actions aimed at improving efficiency and optimizing the cost structure, with an expectation of further costs in 2017. The company also noted sequential improvements in aftermarket parts sales for Resource Industries and positive trends in quoting and order activity, suggesting potential stabilization in certain areas. Investors should monitor the company's ability to navigate the ongoing cyclical downturn in its core markets, manage restructuring impacts, and capitalize on any emerging signs of recovery, particularly in commodity-driven sectors.
Feb 15, 2017
2015
CATERPILLAR INC Annual Report, Year Ended Dec 31, 2015
Caterpillar Inc. (CAT) reported a challenging year in 2015, with sales and revenues declining 15% to $47.011 billion, primarily driven by weakening global economic growth and a significant drop in commodity prices, particularly oil. This impacted all segments, with Energy & Transportation and Construction Industries experiencing the most pronounced decreases in sales volume. The company incurred substantial restructuring costs of $908 million, reflecting efforts to align costs with lower demand, which significantly impacted profitability, resulting in a profit of $2.102 billion or $3.50 per diluted share, down from $3.695 billion or $5.88 per diluted share in 2014. Despite the downturn, Caterpillar's balance sheet remained strong, with total debt decreasing and the company ending the year with substantial cash reserves. The company also returned capital to shareholders through repurchases and dividends, demonstrating a commitment to shareholder value even amidst economic headwinds. Management anticipates continued weakness in 2016, expecting lower sales and revenues due to persistent economic challenges and commodity price pressures, though they are focused on operational improvements and cost management.
Feb 16, 2016
2014
CATERPILLAR INC Annual Report, Year Ended Dec 31, 2014
Caterpillar's 2014 10-K shows a year of top-line contraction and margin pressure, driven almost entirely by the collapse in mining demand at Resource Industries. Total sales and revenues fell 1% to $55.184 billion, and profit declined 2% to $3.695 billion, though profit per diluted share rose 2% to $5.88 thanks to heavy share repurchases ($4.2 billion during the year). Operating profit fell 5% to $5.328 billion, and restructuring charges of $441 million (about $0.50 per share) weighed on results. Resource Industries sales dropped 24%, offset by 8% growth at Energy & Transportation and 4% at Construction Industries. Balance-sheet and cash-flow signals are mixed. Consolidated operating cash flow fell to $8.06 billion from $10.19 billion, largely because 2013 benefited from a large inventory drawdown. The Machinery, Energy & Transportation debt-to-capital ratio rose sharply to 37.4% from 29.7%, reflecting $5.8 billion returned to shareholders and a $1.6 billion pension-related equity hit, though it remains within management's 30-45% target range. Backlog declined about $700 million to $17.3 billion, and management expects further restructuring charges of about $150 million in 2015 and continued weakness in oil, copper, coal and iron ore markets. For investors, the key issues are the durability of earnings outside mining, the cost and timing of restructuring, the leverage implied by buybacks, and open legal and tax exposure. The 10-K discloses a grand jury subpoena, SEC inquiries, and a January 2015 IRS Revenue Agent's Report proposing roughly $1 billion in additional taxes and penalties, which management intends to contest. Management believes none of these matters will have a material adverse effect, but the tax dispute in particular is a material contingency to monitor.
Feb 17, 2015
2013
CATERPILLAR INC Annual Report, Year Ended Dec 31, 2013
Caterpillar's 2013 Form 10-K (with Exhibit 13 annual report) shows a year of sharp cyclical contraction. Consolidated sales and revenues fell 16% to $55.656 billion from $65.875 billion, and profit declined 33% to $3.789 billion ($5.75 diluted EPS, down 32%). The decline was driven primarily by a $9.5 billion drop in sales volume, with Resource Industries (mining) down 37% as mining customers cut capital spending and dealers reduced machine inventories by more than $3 billion. Operating profit fell 34% to $5.628 billion, though management highlighted about $1.2 billion of cost reductions excluding cost absorption effects, and Power Systems held profit roughly flat near its 2012 record. Balance sheet and cash flow were the bright spots. Machinery and Power Systems operating cash flow reached a record $9.0 billion, and Caterpillar lowered its inventory by $2.9 billion, reversing the 2012 build. The Machinery and Power Systems debt-to-capital ratio improved to 29.7% from 37.4%, just below the company's 30-45% target range, and cash rose to $6.1 billion. Caterpillar repurchased $2 billion of stock in 2013 and, in January 2014, completed its $7.5 billion buyback program and authorized a new $10 billion repurchase program through 2018. The dividend was raised 15% during 2013. Forward-looking items include roughly $400-500 million of restructuring charges expected in 2014, including about $300 million tied to the Gosselies, Belgium facility, and a stated belief that the significant dealer inventory reductions are largely over. Risks flagged in the filing include exposure to mining and energy commodity cycles, Cat Financial credit and funding conditions, currency (notably the weaker Japanese yen), an ongoing criminal investigation involving Progress Rail that management does not expect to be material, and the Siwei accounting misconduct that led to a $580 million goodwill impairment in 2012.
Feb 18, 2014
2012
CATERPILLAR INC Annual Report, Year Ended Dec 31, 2012
Caterpillar's 2012 annual report shows record results: sales and revenues rose 10% to $65.875 billion and profit per diluted share rose 15% to $8.48, both all-time highs. Growth was driven largely by the Bucyrus acquisition (mining equipment, closed July 2011), favorable price realization of $1.5 billion, and higher volume, while the second half of the year brought a sharp slowdown as dealers cut inventories. Fourth-quarter sales fell 7% year over year and fourth-quarter profit dropped to $697 million, pulled down by a $580 million goodwill impairment tied to the Siwei acquisition after accounting misconduct was discovered at that Chinese mining equipment subsidiary. Backlog fell to $19.6 billion from $29.8 billion a year earlier, with the steepest decline in Resource Industries, where mining customers delayed or cancelled orders amid weaker commodity prices. Management reduced production rates and slowed capacity expansion, and Machinery and Power Systems operating cash flow dropped to $4.2 billion from $8.0 billion, largely due to lower accounts payable. The balance sheet remains solid, with a Machinery and Power Systems debt-to-capital ratio of 37.4% (down from 42.7%), cash of $5.49 billion, and total stockholders' equity up to $17.6 billion. For investors, the key questions are how quickly dealer inventory normalizes, whether mining demand recovers, and whether the Siwei write-down signals broader acquisition-integration or controls risk. The company also disclosed a $300 million tax benefit from an IRS settlement, which flatters 2012 earnings but is non-recurring.
Feb 19, 2013
2011
CATERPILLAR INC Annual Report, Year Ended Dec 31, 2011
Caterpillar's 2011 10-K reports record results: total sales and revenues rose 41% to $60.1 billion and profit attributable to common stockholders rose 83% to $4.93 billion, or $7.40 per diluted share. The increase was driven mainly by higher sales volume across all regions and segments, improved price realization, and the acquisitions of Bucyrus International (July 2011) and MWM (October 2011). Operating profit reached $7.15 billion, up from $3.96 billion, though the incremental operating margin of 18% was diluted by acquisition and currency effects. Excluding Bucyrus, 2011 profit per share was $7.79. The balance sheet expanded materially. Total assets grew to $81.4 billion from $64.0 billion, largely from roughly $8.8 billion of Bucyrus purchase consideration and related goodwill and intangibles. Total debt rose to $34.6 billion, including $4.5 billion of notes issued in May 2011 to fund Bucyrus. The Machinery and Power Systems debt-to-capital ratio climbed to 42.7%, within the company's 30–45% target range. Dealer inventories also built by about $2.5 billion during the year, and inventories rose to $14.5 billion, which warrants monitoring for future demand normalization. Key risks flagged include exposure to global economic cycles, commodity price swings, Tier 4 emissions product transitions, integration of Bucyrus and the planned sale of its distribution business to dealers, pension funding obligations (funded-status deficit of roughly $10.4 billion across plans), and Cat Financial's covenant headroom, which is tighter than in prior years. Management guided to about $4.0 billion of 2012 capital expenditures and roughly $1 billion of pension contributions.
Feb 21, 2012
2010
CATERPILLAR INC Annual Report, Year Ended Dec 31, 2010
Caterpillar's 2010 Form 10-K (filed February 22, 2011) reports a sharp recovery year. Total sales and revenues rose 31% to $42.588 billion from $32.396 billion in 2009, and profit more than tripled to $2.7 billion, or $4.15 per diluted share versus $1.43 in 2009. Machinery sales grew 53%, Engines sales 6%, and Financial Products revenues fell 5%. Operating profit reached $3.963 billion versus $577 million, helped by higher volume, better price realization and lower manufacturing costs, partly offset by higher SG&A and R&D spending. Machinery and Engines operating cash flow hit a record $5.638 billion, and the Machinery and Engines debt-to-capital ratio fell to 34.8% from 47.2%. The filing is also a growth-and-capacity story. Management plans about $3 billion of capital expenditures in 2011, up more than 80%, and has agreed to acquire Bucyrus International for roughly $8.6 billion (funded by cash, new debt and up to $2 billion of new equity) plus MWM for about euro 580 million. Its 2010 acquisitions included Electro-Motive Diesel, FCM Rail and others. Dealer inventories rose about $800 million in 2010 after a $3.4 billion reduction in 2009. Backlog was $18.7 billion at year-end, versus $9.6 billion a year earlier. The company suspended share buybacks, and the stock repurchase program was not expected to be used in 2011 given the size of the pending acquisitions. Key risks flagged include the pending Bucyrus integration and possible antitrust conditions, Tier 4 emissions compliance, pension and postretirement funding (the U.S. support pension plans move to defined contribution from 2011), reliance on Cat Financial's access to capital markets, covenant limits on its credit facilities, and the upcoming expiry of the U.S. UAW master labor agreement on March 1, 2011. Overall the filing presents a financially stronger company, but it carries higher leverage and integration risk as it ramps up investment.
Feb 22, 2011
2009
CATERPILLAR INC Annual Report, Year Ended Dec 31, 2009
Caterpillar's 2009 10-K (filed February 19, 2010) reports a severe downturn: total sales and revenues fell 37% to $32.396 billion from $51.324 billion, and profit fell 75% to $895 million, or $1.43 per diluted share. Management cites redundancy costs of $0.75 per share (about $706 million); excluding those costs, profit was $2.18 per share. The decline reflected the worst postwar recession, with machinery sales volume falling at an unprecedented rate and dealers cutting reported inventories by more than $3.3 billion for machines and $600 million for engines. Operating profit dropped to $577 million from $4.448 billion, although cost reductions, a $300 million LIFO inventory decrement benefit, and a lower tax provision cushioned the impact. Balance sheet and liquidity improved meaningfully. The Machinery and Engines debt-to-capital ratio fell to 47.2% from 57.5%, though still above the company's 35–45% target. Consolidated cash rose $2.1 billion to $4.9 billion, operating cash flow was $6.34 billion, and the dividend was maintained at $1.68 per share. The company suspended its stock repurchase program in January 2009 and has not resumed it. Pension funding reached 76% at year-end, up from 61%, after roughly $1.1 billion in contributions, including $650 million in Caterpillar stock. Credit ratings were maintained in the mid-A range, though S&P and Moody's moved outlooks to negative and Fitch and DBRS downgraded to 'A'. Management's 2010 outlook calls for sales and revenues up 10% to 25% and profit of about $2.50 per share at the midpoint, driven by volume recovery in mining and developing markets, lower redundancy costs, and improved factory efficiency. Headwinds include higher taxes (about 30% effective rate), an unfavorable product mix, R&D up about 20% for EPA Tier 4 compliance, and no LIFO decrement benefit. Risks disclosed include Cat Financial's funding and credit exposure, covenant requirements (consolidated net worth of at least $9 billion, with Cat Financial's interest coverage at 1.26x against a 1.15x minimum), a pending EPA Clean Air Act matter, and Tier 4 emissions execution risk.
Feb 19, 2010
2008
CATERPILLAR INC Annual Report, Year Ended Dec 31, 2008
Caterpillar's 2008 Form 10-K (filed February 20, 2009) reports record full-year sales and revenues of $51.324 billion, up 14 percent, and profit of $3.557 billion, or $5.66 per diluted share, roughly flat with 2007. Results were strong through the first three quarters, but fourth-quarter profit fell 28 percent to $1.08 per share as demand collapsed, manufacturing costs failed to fall with volume, and Financial Products earnings were hit by financial market turbulence. The company has entered a sharp downturn: management projects 2009 sales of about $40 billion (down roughly 25 percent) and profit near $2.00 per share, or $2.50 excluding about $500 million in redundancy costs, and warns that a first-quarter loss is possible. The balance sheet shows increased strain. Total debt rose to $35.5 billion, and the Machinery and Engines debt-to-capital ratio jumped to 57.9 percent from 31.2 percent, well above its 35 to 45 percent target range, largely due to a $3.4 billion after-tax pension and retiree benefit charge to other comprehensive income. Year-end stockholders' equity fell to $6.087 billion. Caterpillar fell below a consolidated net worth covenant in its credit facility and Cat Financial missed an interest coverage covenant in the fourth quarter. Lenders waived these for Q4 2008 and raised interest rate margins, and the company has temporarily suspended its $7.5 billion share repurchase program. Management is responding with a broad "trough" plan: about 20,000 workers removed, roughly 15 percent cuts in indirect spending, sharply reduced capital expenditures (about $1.5 billion in 2009, down 38 percent), and a planned pension contribution near $1 billion. Growth investments continue, including a $1 billion Illinois capacity expansion, a $200 million India investment, and acquisitions such as Lovat, Gremada, MGE and the consolidation of Caterpillar Japan Ltd. The dividend has been raised for 15 consecutive years, though management expects only modest increases in 2009.
Feb 20, 2009
2007
CATERPILLAR INC Annual Report, Year Ended Dec 31, 2007
Caterpillar's 2007 Form 10-K reports a record year: sales and revenues rose 8% to $44.958 billion and profit reached $3.541 billion, or $5.37 per diluted share (up 4%). Growth was driven by strong demand outside North America, with EAME sales up 34% and Asia/Pacific up 28%, while North American machinery sales fell 11% as the U.S. housing and construction markets weakened. Price realization (about 2%), currency (a $890 million tailwind, mostly from the stronger euro), and the Progress Rail acquisition helped offset weak U.S. volume. Operating profit was flat at $4.921 billion because higher core operating costs, driven mainly by manufacturing inefficiencies and supply-chain challenges, absorbed the benefit of higher prices and volume. Cash generation and balance sheet strength were key positives. Machinery and Engines operating cash flow reached a record $5.446 billion, and the Machinery and Engines debt-to-capital ratio improved to 31.2% from 38.6%. The company returned capital through $2.405 billion of buybacks (33.5 million shares) under a $7.5 billion authorization running through 2011, and dividends were raised to $1.38 per share. Backlog grew to $17.8 billion from $14.5 billion. Management guided to 2008 sales growth of 5–10% and profit per share growth of 5–15%, while expecting U.S. recession risk and stepped-up R&D spending of 15–20%. Risks flagged in the filing include the U.S. housing and nonresidential slowdown, an EPA Clean Air Act Notice of Violation (penalties could exceed $100 thousand), the Kruse patent litigation, and a February 2008 tornado that damaged the Oxford, Mississippi hose-coupling plant and could disrupt assembly for several months, with the impact not yet estimable.
Feb 22, 2008
2006
CATERPILLAR INC Annual Report, Year Ended Dec 31, 2006
Caterpillar's fiscal 2006 annual report (10-K filed February 23, 2007) shows a company at a cyclical high: sales and revenues rose 14% to a record $41.517 billion, operating profit climbed 30% to $4.921 billion, and profit reached $3.537 billion, or $5.17 per diluted share, up 28% year over year. Growth was driven by a 22% increase in sales volume and a $1.464 billion improvement in price realization, with Progress Rail (acquired June 2006 for roughly $1.0 billion) adding to Machinery volume and the company's Financial Products segment revenues rising 14% to $2.648 billion. Management highlighted a fourth straight year of double-digit profit growth and a long-term Vision 2020 target of $50+ billion in sales by 2010. The balance sheet and capital-return picture are notable for investors. Total assets reached $50.9 billion, but total debt rose to $27.3 billion and stockholders' equity fell to $6.9 billion, largely because adopting SFAS 158 reduced equity by about $2.7 billion. Machinery and Engines debt-to-capital rose to 38.6% (versus 31.1% excluding the SFAS 158 effect). Caterpillar repurchased $3.2 billion of stock in 2006, raised the dividend to $1.15 per share declared, and in February 2007 authorized a new $7.5 billion buyback through 2011. Cash flow from operations was $5.8 billion. The outlook for 2007 is more cautious. The company guided sales and revenues of $41.5 to $43.6 billion, with Machinery and Engines volume down 2 to 3 percent, North American Machinery and Engines sales down 8 percent, and on-highway truck engine units expected to fall roughly 50 percent following U.S. emissions changes. Profit per share is projected at $5.20 to $5.70, and the effective tax rate is expected to rise to about 32% as extraterritorial income benefits phase out. Risks flagged include U.S. housing weakness, tightening global liquidity, dependence on engine outsourcing by truck OEMs, and an unresolved IRS transfer-pricing dispute.
Feb 23, 2007
2005-A
CATERPILLAR INC Annual Report (Amendment), Year Ended Dec 31, 2005
Caterpillar's amended 2005 Form 10-K/A (filed May 31, 2006) reports a record year: sales and revenues rose 20% to $36.339 billion, and profit reached $2.854 billion, or $4.04 per diluted share, up 40%. Operating profit increased 41% to $3.784 billion, driven by price realization of $1.827 billion and sales volume growth of $3.715 billion, partially offset by higher material costs (primarily steel), higher core operating costs, and rising retirement benefit expense. Operating cash flow for Machinery and Engines was $2.81 billion, and consolidated operating cash flow was $3.11 billion, a sharp improvement from negative $3.99 billion in 2004, which had been distorted by receivables reclassifications. The amendment was filed to revise segment disclosures to reflect 2006 organizational changes; no individual segment was materially affected. Management guided to 2006 sales and revenues of about $40 billion (up roughly 10%) and profit per share of $4.65 to $5.00, with stock-based compensation expensing beginning in 2006 (roughly $125 million). Balance sheet strength is evident in total assets of $47.1 billion and stockholders' equity of $8.4 billion, though total debt rose to $25.7 billion, mostly from Financial Products growth at Cat Financial. The company also disclosed an agreement to acquire Progress Rail Services for about $1.0 billion in cash, stock and assumed debt, expected to close around the end of the second quarter of 2006. Key risks for investors include the significant increase in pension and postretirement obligations (unrecognized actuarial losses of $3.82 billion for pensions and $1.60 billion for other postretirement benefits), exposure to commodity costs, a pending Navistar lawsuit and a related International Truck suit with trial scheduled for Q3 2006, and an unresolved IRS dispute over 1995-1999 returns. The effective tax rate rose to 28.7% (29.5% excluding discrete items) as export-related tax benefits phase out.
May 31, 2006
2006
CATERPILLAR INC Annual Report, Year Ended Feb 22, 2006
Caterpillar's 2005 10-K shows a record year: total sales and revenues rose 20% to $36.339 billion and profit per diluted share rose 40% to $4.04 (profit of $2.854 billion, up from $2.035 billion). Growth was driven by $3.7 billion of higher sales volume and $1.8 billion of improved price realization, with Machinery sales up 22% and Engines up 17%. Operating profit grew 41% to $3.784 billion, though core operating costs rose $1.67 billion, mainly from higher material costs (notably steel), supply chain inefficiencies, and period manufacturing costs. Balance sheet metrics also strengthened: total assets reached $47.1 billion, the order backlog climbed to $12.2 billion from $9.1 billion, and operating cash flow was $3.1 billion versus negative $4.0 billion in 2004, which was distorted by a receivables reclassification. Management guided to 2006 sales and revenues of about $40 billion (roughly 10% growth) and profit per share of $4.65 to $5.00, an increase of 15% to 24%. The outlook assumes continued strong demand in construction, mining and energy, offset by higher core costs, expensing of stock-based compensation beginning in 2006 (about $125 million), and a higher effective tax rate as the Extraterritorial Income exclusion phases out. Key risks disclosed include Federal Reserve tightening, metals and energy price volatility, capacity constraints that could disrupt production, competitive price discounting, and a dispute with Navistar and International Truck and Engine over fuel injector pricing and a term-sheet claim. The company also began a $1.7 billion share buyback program in 2005, with 671 million shares outstanding at year-end. The filing also highlights strategic moves: the "Vision 2020" enterprise strategy with 2010 goals, the expansion of remanufacturing, and the Caterpillar-branded telehandler alliance with JLG. Cat Power Ventures will wind down its power project investments by the end of 2007, and the company is expanding manufacturing capacity in the U.S. and China.
Feb 22, 2006
2004-A
CATERPILLAR INC Annual Report (Amendment), Year Ended Dec 31, 2004
This filing is Amendment No. 1 to Caterpillar Inc.'s 10-K for fiscal year 2004, filed May 27, 2005. It does not contain new financial results, business description, or risk factors for the company. Its sole purpose is to add Form 11-K financial statements for four employee benefit plans (the Employees' Investment Plan, the Solar Turbines Savings and Investment Plan, the Tax Deferred Savings Plan, and the Caterpillar 401(k) Plan) as Exhibits 99.3 through 99.6, along with updated Section 302 and 906 certifications. The cover page reports 342,936,949 common shares outstanding at December 31, 2004, and a non-affiliate market value of about $32.8 billion. The most material item for investors is the continuing consolidation of Caterpillar's retirement plans into the Caterpillar 401(k) Plan. The Employees' Investment Plan's net assets fell from $86.5 million at November 30, 2003 to $13.7 million at November 30, 2004, and the plan is expected to terminate in 2005 after its remaining assets are transferred. The 401(k) Plan, the company's largest plan, grew to $3.56 billion at December 31, 2004, up from $3.00 billion, largely from transfers in and investment gains. Across the plans, a large share of assets is concentrated in Caterpillar common stock: roughly 52% of the 401(k) Plan, 26% of the Tax Deferred Savings Plan, and 61% of the Solar plan, with about 66% of the Employees' Investment Plan at year-end. The Master Trust held about $1.95 billion of Caterpillar stock at December 31, 2004. For investors, this amendment is largely administrative. It contains no revenue, earnings, cash flow, or balance sheet data for Caterpillar itself, and readers seeking the company's operating results or outlook should refer to the original 10-K filed February 24, 2005. The plan disclosures do, however, show employee retirement assets with significant exposure to the company's own stock, which is relevant to the company's governance and employee alignment.
May 27, 2005
2005
CATERPILLAR INC Annual Report, Year Ended Feb 22, 2005
Caterpillar's 2004 Form 10-K shows a year of record performance: sales and revenues rose 33% to $30.25 billion, the first time the company crossed the $30 billion milestone it had targeted in 1997, and profit more than doubled to $2.035 billion ($5.75 diluted EPS, up from $3.13). Machinery sales jumped 38% and engine sales 29%, driven by a sharp industry upturn, record North American and Latin American demand, and strong pricing. Management was candid that bottom-line results lagged its own expectations: steel and commodity costs, supply-chain inefficiencies from material shortages, and a record backlog that delayed price realization all compressed incremental margins. Balance sheet and cash flow need careful reading. Consolidated operating cash flow was negative $3.99 billion, largely because Cat Financial's receivables growth and trade receivables are classified in operating and investing activities, and the company restated 2002-2003 cash flows after SEC staff concerns about captive-finance classifications. Machinery and Engines operating cash flow improved to $1.92 billion. Total debt rose to $23.5 billion, almost all of it at Financial Products, and Cat Financial breached its debt-to-equity covenant at 8.23:1 (versus an 8.00:1 limit) and obtained a bank waiver. Stockholders' equity reached $7.47 billion, and the company repurchased 6.9 million shares. Looking ahead, management guided to another record 2005, with sales and revenues up 12-15%, profit per share up about 25%, and material cost pressure concentrated in the first half. Key risks include commodity price reversals, interest rate increases, currency moves (a 10% dollar weakening would cost roughly $200 million in 2005 cash flow), the phase-out of extraterritorial income tax benefits, and the outcome of the Navistar and International Truck litigation.
Feb 24, 2005
2003-A2
CATERPILLAR INC Annual Report (Amendment), Year Ended Dec 31, 2003
This is Amendment No. 2 to Caterpillar Inc.'s Form 10-K for fiscal year 2003. It does not contain Caterpillar's consolidated financial statements, business discussion, or management's analysis. Its purpose is to amend the Form 11-K for the Employees' Investment Plan (Exhibit 99.2) and to add Form 11-Ks for the Savings and Investment Plan (Exhibit 99.3), the Tax Deferred Savings Plan (Exhibit 99.4), and the 401(k) Plan (Exhibit 99.5). The filing reports 343,762,040 common shares outstanding at December 31, 2003, and an aggregate market value of non-affiliate voting stock of about $28.1 billion. Investors seeking the company's operating results, earnings, or balance sheet should consult the original 10-K filed March 10, 2004. The most significant content is the restructuring of employee savings plans effective January 1, 2003. Certain management, salaried, and non-bargaining hourly employees moved from the Employees' Investment Plan into the newly established Caterpillar 401(k) Plan. As a result, the Employees' Investment Plan's net assets fell from about $2.31 billion at November 30, 2002 to about $86.5 million at November 30, 2003, largely due to roughly $2.19 billion in transfers out. The Caterpillar 401(k) Plan reported net assets of about $3.00 billion at December 31, 2003, reflecting those transfers in. Caterpillar Common Stock Fund holdings and the Master Trust, in which several plans pool assets, also grew substantially with the stock's appreciation in 2003. The amendment also corrects an omission in the originally filed Employees' Investment Plan audit package. The Schedule H, Line 4i asset schedule did not originally show the historical cost of certain nonparticipant-directed assets. The corrected schedule, with the audit report reissued on June 14, 2004 for Note 7, addresses that omission. PricewaterhouseCoopers LLP audited the plan financial statements.
Jun 28, 2004
2003-A
CATERPILLAR INC Annual Report (Amendment), Year Ended Dec 31, 2003
This filing is an amendment (Form 10-K/A) to Caterpillar Inc.'s annual report for the fiscal year ended December 31, 2003. It was filed on May 28, 2004, and does not contain new company-wide financial statements, MD&A, or risk factors. Its sole purpose, per the explanatory note, is to add the Form 11-K annual report for the Caterpillar Inc. Employees' Investment Plan (Exhibit 99.2), along with the Sarbanes-Oxley Section 302 and 906 certifications. The original Form 10-K was filed March 10, 2004, and should be consulted for Caterpillar's operating results, balance sheet, and segment data. The only substantive financial content is the plan-level data for the year ended November 30, 2003. Net assets available for plan benefits fell from $2.31 billion to $86.5 million, a decline of roughly 96%. This was driven mainly by a $2.19 billion net transfer out of the plan, principally to the newly established Caterpillar Inc. Employees' 401(k) Plan, which took over contributions for salaried and certain hourly employees effective January 1, 2003. Plan-level investment income was positive at $74.5 million, reflecting appreciation in Caterpillar common stock. Plan-held Caterpillar stock fell from $959.7 million to $48.7 million, largely through the transfers. For investors, the filing offers little on Caterpillar's business performance. The shift of employee retirement assets out of the plan is primarily an administrative restructuring, and the amendment is largely procedural. Company-level results, guidance, and capital structure should be taken from the original 10-K filed March 10, 2004. As of December 31, 2003, Caterpillar had 343,762,040 common shares outstanding, and non-affiliate market value was approximately $28.1 billion.
May 28, 2004
2003
CATERPILLAR INC Annual Report, Year Ended Dec 31, 2003
Caterpillar's 2003 10-K shows a strong recovery year. Total sales and revenues rose 13% to $22.76 billion, and profit increased 38% to $1.10 billion ($3.13 diluted EPS, versus $2.30 in 2002). Operating profit climbed 27% to $1.69 billion. Machinery sales grew 14% and Engines sales grew 10%, driven by volume recovery in North America and Asia/Pacific, favorable currency (a stronger euro), and emissions-related price increases tied to the ACERT engine launch. Cat Financial revenues rose 14% as its earning assets grew. Management guided to roughly 12% sales growth and about 40% higher profit per share in 2004. The main risk and cost item was the EPA emissions consent decree. Non-conformance penalties (NCPs) rose to $153 million in 2003 from $40 million in 2002, and emissions-related items reduced 2003 pre-tax profit by a net $46 million. Caterpillar said it had completed the transition to fully compliant ACERT engines, so it does not expect to pay NCPs on engines built in 2004. Pension expense also rose sharply, by about $310 million in Machinery and Engines, and pension contributions of $720 million reduced operating cash flow to $2.07 billion, down from $2.37 billion. Balance sheet growth was driven mainly by Cat Financial, whose debt rose $2.4 billion to $16.3 billion. Consolidated total debt reached $19.8 billion. Cat Financial's financing needs and pension funding are the key items for investors to monitor. The company also repurchased 5.45 million shares for $405 million in Q4, under a program aimed at reducing outstanding shares to 320 million by 2008.
Mar 10, 2004
2002-A2
CATERPILLAR INC Annual Report (Amendment), Year Ended Dec 31, 2002
Caterpillar Inc.'s 2002 Form 10-K filing, amended for financial statements and non-GAAP disclosures, provides a comprehensive overview of its business operations, financial condition, and strategic positioning. The company operates across three main segments: Machinery, Engines, and Financial Products, serving global markets with a strong emphasis on construction, mining, and infrastructure. Despite facing challenging market conditions in 2002, including sluggish economic recovery and geopolitical uncertainty, Caterpillar demonstrated resilience. The report highlights Caterpillar's competitive strengths as a market leader in its core segments and its extensive global dealer network. However, it also notes intense competition, price discounting pressures, and the need for ongoing cost reduction and process improvement. A significant development impacting the Engines segment was the adaptation to new EPA emissions standards, which involved investment in new technology and temporary non-conformance penalties, partially offset by strategic product development and price adjustments. The Financial Products segment, primarily Cat Financial, continued its portfolio growth while navigating lower interest rates. Overall, the filing indicates a company focused on operational efficiency and technological advancement to maintain its competitive edge in a dynamic global economy. The outlook for 2003 suggests cautious optimism for moderate growth, contingent on various economic and geopolitical factors.
Jul 17, 2003
2002-A
CATERPILLAR INC Annual Report (Amendment), Year Ended Dec 31, 2002
This Form 10-K/A for fiscal year 2002 is an exhibit-only amendment. It does not contain Caterpillar's audited consolidated financial statements, segment results, management discussion, or risk factors, so it gives investors no direct view of the company's 2002 revenue, profitability, or cash flow. The filing revises previously filed Exhibit 99.2 (Form 11-K/A for the Foreign Service Employees' Stock Purchase Plan) and adds Exhibits 99.3 through 99.5, which are Forms 11-K for the Employees' Investment Plan, the Savings and Investment Plan, and the Tax Deferred Savings Plan. It also includes Section 302 and Section 906 Sarbanes-Oxley certifications. Investors should rely on the original 10-K for company-level performance. The exhibits show employee benefit plan activity tied to Caterpillar stock. Net assets fell across the plans in 2002, driven by market depreciation and withdrawals. The Foreign Service Employees' Stock Purchase Plan held about $1.04 million in assets at year-end, down from $1.38 million. The Employees' Investment Plan had net assets of about $2.31 billion at November 30, 2002, versus $2.33 billion a year earlier, and held roughly 19.2 million Caterpillar shares valued at about $959.7 million. The Tax Deferred Savings Plan fell from about $267.7 million to $232.6 million. The Master Trust that pools these plans recorded a 2002 net investment loss of about $80.6 million, compared with income of about $10.2 million in 2001. The most forward-looking item is a subsequent event disclosed in the Employees' Investment Plan notes. Effective January 1, 2003, no new contributions were permitted into Part 1 of that plan. Part 2 instead gets an employer match of 100% of employee contributions up to 6% of base pay, with immediate vesting. This is a benefit-design change that affects employee savings structure and potentially the company's future contribution expense, but the filing does not quantify that impact.
May 29, 2003
2002
CATERPILLAR INC Annual Report, Year Ended Dec 31, 2002
Caterpillar's fiscal 2002 10-K shows a company under cyclical pressure but with improving cash generation and a strategic emissions transition underway. Consolidated sales and revenues were $20.15 billion, down about 1% from $20.45 billion, as lower sales volume (about $680 million) was largely offset by price realization (about $300 million, half from a weaker dollar). Profit fell less than 1% to $798 million, or $2.30 per diluted share, versus $805 million, but excluding 2001 unusual charges, profit declined about 12%. Operating cash flow rose to $2.37 billion from $1.99 billion, driven by inventory and working capital reductions, and Machinery and Engines operating cash flow improved to $1.70 billion. The most important investor issues are the engine business and emissions compliance. Engine operating profit fell 50% to $175 million, with Engine segment profit pressured by lower large reciprocating engine volume and non-conformance penalties (NCPs) on bridge engines. Caterpillar estimates the net 2003 emissions impact will be no worse than 2002's roughly $17 million after tax, with ACERT engines expected to reduce NCP exposure after 2003. Management also projects 2003 company sales roughly flat versus 2002, with profit down about 5%, reflecting roughly $300 million of higher pension, health care and related benefit costs. Management guided to about 3% worldwide economic growth in 2003, with weakness in North America and Latin America offset by gains in Asia/Pacific and EAME. Balance sheet and financing activity remained significant. Total debt reached $17.7 billion, with Financial Products debt up $1.14 billion to $13.96 billion to support Cat Financial's portfolio growth. Total stockholders' equity was $5.47 billion, and the company faces material legal exposure from its dispute with Navistar, including a $104 million past-due receivable and claims that International Truck and Engine has framed as exceeding $500 million, which management says it will vigorously contest. Pension and postretirement obligations also weighed on equity, with the additional minimum pension liability reducing accumulated other comprehensive income by $610 million after tax.
Mar 31, 2003
2001-A2
CATERPILLAR INC Annual Report (Amendment), Year Ended Dec 31, 2001
This filing is not a full annual report. It is Amendment No. 1 to Caterpillar Inc.'s Form 10-K for fiscal year 2001, submitted January 21, 2003. Its stated purpose is to add signature pages to a previously filed 10-K/A and to add signature pages to the Form 11-K filings for four employee benefit plans. It contains no operating results, segment data, balance sheet, income statement, or management discussion for Caterpillar itself, so it offers little for assessing the company's financial performance or outlook. The filing also includes a Section 302 Sarbanes-Oxley certification. The substantive content is the exhibits, which are financial statements of Caterpillar's employee savings and investment plans for fiscal 2001. These show that the Employees' Investment Plan held about $2.33 billion in net assets at November 30, 2001, up from $2.15 billion a year earlier. About $910 million of that was invested in Caterpillar common stock (roughly 19.2 million shares). The Solar Turbines plan (about $32.8 million) and the Tax Deferred Savings Plan (about $267.7 million) are much smaller. The plans' 2001 investment results were mixed: Caterpillar stock appreciated, while registered investment companies (mutual funds) declined. For investors, the practical takeaways are limited. The cover page reports 343,376,444 common shares outstanding and a non-affiliate market value of about $17.67 billion as of December 31, 2001. Investors seeking Caterpillar's 2001 revenue, earnings, debt, or segment performance should consult the original Form 10-K for fiscal 2001 rather than this amendment.
Jan 21, 2003
2001-A
CATERPILLAR INC Annual Report (Amendment), Year Ended Dec 31, 2001
This is an amendment (Form 10-K/A) to Caterpillar Inc.'s annual report for fiscal year 2001, filed May 24, 2002. It contains no new consolidated financial statements, MD&A, or business discussion. Its stated purpose is to add Form 11-K exhibits for three employee savings plans (Employees' Investment Plan, Solar Turbines Incorporated Savings and Investment Plan, and Tax Deferred Savings Plan) and to revise Exhibit 21 (Subsidiaries and Affiliates). The filing's cover data show 343,376,444 common shares outstanding at December 31, 2001, and an aggregate market value of non-affiliate voting stock of about $17.67 billion. Because the document does not discuss operating results, segment performance, or outlook, it offers little direct information for evaluating Caterpillar's business. The most investor-relevant content is the employee plan data. The Employees' Investment Plan (EIP) reported net assets available for benefits of $2.33 billion at November 30, 2001, up from $2.15 billion a year earlier. Roughly $910 million of that total was Caterpillar common stock (19.2 million shares), which reflects a $149 million net appreciation in the company stock fund during the period. Plan participation is a meaningful indicator of employee ownership, though these figures describe plan assets rather than company results. The Solar Turbines plan held $32.8 million and the Tax Deferred Savings Plan held $267.7 million at December 31, 2001. Both feed into a 401(k) Master Trust with $1.70 billion in net assets, of which the EIP holds about 82%. The filing does not include Exhibit 21's revised content, so any changes to the list of subsidiaries cannot be assessed from this document. Investors seeking Caterpillar's 2001 revenue, earnings, debt, or outlook should consult the original 10-K filing rather than this amendment.
May 24, 2002
2000-A2
CATERPILLAR INC Annual Report (Amendment), Year Ended Dec 31, 2000
This Form 10-K/A for fiscal 2000 is a narrow amendment, not a full annual report. It adds PricewaterhouseCoopers' audit report covering three employee savings plans (the Employees' Investment Plan, the Tax Deferred Savings Plan, and the Solar Turbines Savings and Investment Plan) and replaces the prior 10-K/A in its entirety. The filing contains no consolidated Caterpillar income statement, balance sheet, segment data, or management discussion. The only company-level figures are the 343,396,810 common shares outstanding at December 31, 2000 and an aggregate non-affiliate market value of about $16.04 billion. The plan financials show a weaker year for employee holdings of Caterpillar stock. The Employees' Investment Plan's net assets fell to $2.15 billion at November 30, 2000, from $2.26 billion a year earlier, a decline of about $108 million. The main driver was a $123.3 million net depreciation in Caterpillar common stock held by the plan. Withdrawals of $131.8 million exceeded contributions of $157.4 million, but the market decline was the larger factor. The Caterpillar Common Stock Fund (Part 1) held $728.1 million, or 18.5 million shares, at year-end. For investors, the amendment's relevance is limited. It is mainly a compliance and disclosure correction that adds the auditor's report needed for the Form 11-K exhibits. Investors seeking Caterpillar's operating performance, earnings, or balance sheet should consult the original 10-K for fiscal 2000 rather than this amendment.
Jun 13, 2001
2000-A
CATERPILLAR INC Annual Report (Amendment), Year Ended Dec 31, 2000
This filing is a Form 10-K/A amendment to Caterpillar Inc.'s annual report for fiscal year 2000 (ended December 31, 2000). It was filed solely to add PricewaterhouseCoopers' audit reports on the financial statements of three employee benefit plans: the Employees' Investment Plan, the Solar Turbines Incorporated Savings and Investment Plan, and the Tax Deferred Savings Plan. It does not contain Caterpillar's consolidated financial statements, revenue, earnings, or operating results, so it offers no direct read on the company's 2000 business performance. The retirement plan data is the substance of the amendment. Caterpillar's Employees' Investment Plan held net assets available for benefits of about $2.15 billion at November 30, 2000, down from $2.26 billion a year earlier, driven by a roughly $123 million net depreciation in Caterpillar common stock. The Tax Deferred Savings Plan held about $275 million at year-end 2000, up from $268 million, and the Solar Turbines plan held about $32 million. Caterpillar common stock was the largest single holding in the Part 1 fund, valued at about $728 million, and the Plan's Master Trust pools assets mainly in mutual funds sponsored by a Caterpillar subsidiary. For investors, the amendment is administrative rather than material to valuation. Its significance lies in the employee plan disclosures, which show modest asset declines tied to equity market weakness in 2000 and the company's own share price. Investors seeking Caterpillar's operating results, balance sheet, or outlook should consult the original 10-K for fiscal 2000.
May 30, 2001
2000
CATERPILLAR INC Annual Report, Year Ended Dec 31, 2000
Caterpillar's 2000 Form 10-K shows a company whose full-year results held up reasonably well, with sales and revenues of $20.18 billion (up 2% from $19.70 billion in 1999) and profit of $1.053 billion, or $3.02 per diluted share, up 39 cents from 1999. Growth came from a 3% increase in physical sales volume and a 10% rise in Financial Products revenues, partly offset by the stronger U.S. dollar. Machinery and Engines sales were $18.91 billion, with engines growing 3% while truck engine demand in North America fell sharply. Operating profit rose 24% to $1.74 billion, helped by higher volume, better price realization ex-currency, and manufacturing efficiencies. Returns on average common equity were 19.0%, compared with 17.9% in 1999. The balance sheet and funding profile deserve attention. Total debt rose to $15.07 billion, driven mainly by Financial Products (Cat Financial), whose debt reached $11.96 billion. Machinery and Engines debt was $3.43 billion, with a debt-to-capital ratio of 38.0%. Operating cash flow fell to $2.06 billion from $2.59 billion, mainly because of higher inventories and trade receivables. Share repurchases continued, with 10.8 million shares bought in 2000 and 343.4 million shares outstanding at year-end. Management's 2001 outlook is cautious. It projects roughly flat company sales and revenues, with North American sales slipping while other regions grow slightly. It also expects profit to fall about 5% to 10% because of weaker North American volumes, continued pricing pressure, the absence of a 2000 tax benefit, and strategic investments. The filing identifies a pending medium-duty engine alliance with DaimlerChrysler, expected to close in Q2 2001, and flags macroeconomic, currency, dealer-inventory, and political risks in its forward-looking statements.
Mar 15, 2001
1999-A3
CATERPILLAR INC Annual Report (Amendment), Year Ended Dec 31, 1999
This filing is an amendment (Form 10-K/A) to Caterpillar Inc.'s annual report for fiscal year 1999, and it contains no operating or financial results for the company itself. Its sole stated purpose is to add the name and signature of auditor PricewaterhouseCoopers to three Reports and Consents of Independent Accountants that cover the financial statements of Caterpillar's employee benefit plans (Employees' Investment Plan, Tax Deferred Savings Plan, and Solar Turbines Incorporated Savings and Investment Plan), which were included in amended Form 11-K filings. The substantive content is therefore limited to the benefit plan exhibits. The Employees' Investment Plan had net assets available for benefits of about $2.26 billion at November 30, 1999, up from $2.14 billion, with a 1999 net increase of roughly $115 million. Caterpillar common stock made up about $795 million of that plan's assets, and the plan recorded a $46.6 million net depreciation on Caterpillar stock during the year. The Tax Deferred Savings Plan held about $268 million and the Solar Turbines plan about $32 million at December 31, 1999. All three plans invest through a shared 401(k) Master Trust, which grew to about $1.70 billion. For investors, the filing offers little on Caterpillar's business performance, revenue, earnings, or outlook. Readers seeking those items should consult the original 10-K for fiscal 1999. The only disclosed compliance item is a clerical error that delayed roughly $2,660 in employee contributions to the plan trust, which the company said it would correct with lost earnings.
Jun 14, 2000
1999-A2
CATERPILLAR INC Annual Report (Amendment), Year Ended Dec 31, 1999
This filing is an amendment (Form 10-K/A) to Caterpillar Inc.'s annual report for fiscal year 1999, and it does not contain the company's operating or financial results. Its sole stated purpose is to add the name and signature of auditor PricewaterhouseCoopers to three Reports and Consents of Independent Accountants that accompany the Forms 11-K for Caterpillar's employee savings plans. The attached material is therefore limited to the plans' own financial statements: the Employees' Investment Plan, the Solar Turbines Incorporated Savings and Investment Plan, and the Caterpillar Inc. Tax Deferred Savings Plan. The headline plan figures show the Employees' Investment Plan with net assets of about $2.26 billion at November 30, 1999, up from $2.14 billion a year earlier. Its Part 1 Caterpillar Common Stock Fund held roughly $795 million of company stock, down from $892 million, as net appreciation was negative and withdrawals rose. The Tax Deferred Savings Plan had net assets of about $268 million at December 31, 1999, and the Solar Turbines plan about $32 million. These plans hold their assets largely through the Caterpillar 401(k) Master Trust, which grew to about $1.7 billion in net assets. For investors, the amendment carries little financial significance. The most notable item is a disclosed nonexempt transaction: a clerical error delayed roughly $2,660 of employee contributions from March to December 1999, with lost earnings still to be calculated and contributed. The filing does not provide Caterpillar's consolidated revenue, earnings, debt, or segment data, which would appear in the original 10-K.
Jun 9, 2000
1999-A
CATERPILLAR INC Annual Report (Amendment), Year Ended Dec 31, 1999
This is an amended annual report (Form 10-K/A) for Caterpillar Inc. for fiscal year 1999. Its stated purpose is to replace in its entirety the Exhibit 21 list of subsidiaries and affiliates. The filing contains no consolidated income statement, balance sheet, cash flow statement, segment results, or management discussion, so it cannot be used to assess Caterpillar's 1999 revenue, profitability, or financial condition. The only financial data is for the company's employee benefit plans, which are filed under Form 11-K. The filing reports 353,777,881 common shares outstanding at December 31, 1999, and an aggregate market value of voting stock held by non-affiliates of about $16.4 billion. The most substantive content is the 11-K financial statements for three plans. The Employees' Investment Plan had net assets available for benefits of $2.26 billion at November 30, 1999, up from $2.14 billion a year earlier. Its Part 1 Caterpillar Common Stock Fund held about 17.1 million shares valued at roughly $795 million, and that fund's net assets fell by about $98 million during the year, reflecting a $46.6 million net depreciation in CAT stock, withdrawals, and transfers. The Solar Turbines Savings and Investment Plan held $32.5 million, and the Tax Deferred Savings Plan held $268.4 million, both at December 31, 1999. The auditor, PricewaterhouseCoopers, issued unqualified opinions dated May 26, 2000. The filing also discloses one compliance matter. A clerical error caused employee contributions of about $2,660.71 for a March 1999 payroll period to reach the Employees' Investment Plan trust only in December 1999. The company stated it would contribute the lost earnings to participant accounts once calculated. The amount is immaterial to the company as a whole. Investors seeking Caterpillar's operating performance should consult the original 10-K for fiscal 1999.
May 31, 2000
1995-A
CATERPILLAR INC Annual Report (Amendment), Year Ended Dec 31, 1995
This filing is not a Caterpillar Inc. 10-K. It is a set of Form 11-K annual reports for Caterpillar-sponsored employee savings and retirement plans, covering the Solar Turbines Incorporated Savings and Investment Plan (fiscal year ended December 31, 1995), the Caterpillar Inc. Employees' Investment Plan (fiscal year ended November 30, 1995), and the Caterpillar Inc. Tax Deferred Savings Plan (fiscal year ended December 31, 1995). The Caterpillar Foreign Service Employees' Stock Purchase Plan was exempt from financial statement filing. The filing contains no company-level revenue, earnings, or balance sheet data. Its investor relevance is limited to Caterpillar's stock and the plans' holdings of its shares, and to the scale and performance of its employee retirement assets. The largest plan, the Employees' Investment Plan, grew its net assets from $1,064.1 million to $1,262.9 million in the year ended November 30, 1995, an increase of $198.9 million. Its Caterpillar Common Stock Fund held 9,942,402 shares valued at $610.2 million at year-end, roughly $61 per share, and represented about half of the plan's assets. The Tax Deferred Savings Plan rose from $105.2 million to $126.4 million, and the Solar Turbines plan rose from $11.0 million to $14.2 million. Across the plans, the Caterpillar Common Stock Fund unit value rose from $19.87 in December 1994 to $21.20 in December 1995, about a 7% gain, and the Preferred Growth and Value mutual funds posted strong gains during the year. The audits were performed by Price Waterhouse LLP, which issued unqualified opinions dated May 3, 1996, stating the statements fairly present plan net assets in conformity with GAAP. Plan administrative costs and trustee fees are paid by Caterpillar, and the plans pool assets in a common 401(k) Master Trust administered by Northern Trust Company. Notable operational changes include the elimination of the Guaranteed Investment Contract Fund, whose balance was reallocated to other funds during 1995. Investors seeking Caterpillar's corporate financial performance should consult its primary annual report on Form 10-K.
May 28, 1996
1995
CATERPILLAR INC Annual Report, Year Ended Dec 31, 1995
Caterpillar Inc.'s 10-K for fiscal year 1995 is a short, largely incorporated-by-reference filing. The company's financial statements, MD&A, and selected financial data sit in an appendix to the 1996 proxy statement, so this document itself contains no revenue, profit, or EPS figures. What it does show is a global industrial company with three segments (Machinery, Engines, and Financial Products), 194.0 million common shares outstanding, and non-affiliate equity market value of about $11.3 billion as of December 31, 1995. Investors should pull the proxy appendix (Notes and Statements 1-4) for the actual financial results. Operationally, the company is heavily international. Sales outside the United States were 52% of consolidated sales in 1995, up from 49% in 1994 and 1993. The company employed 54,352 people at year-end, with 14,374 outside the U.S. Research and engineering spending rose to $532 million in 1995 from $435 million in 1994, of which $375 million went to new prime products and major component development. The product distribution network includes more than 1,300 dealer locations worldwide, and the company operates 30 U.S. and 13 non-U.S. manufacturing locations. The main risk items are legal and environmental. Two European Commission antitrust matters (a May 1993 Statement of Objections and a November 1993 complaint) concern dealer service fees, parts policies, and export pricing, and management says it has strong defenses. A UAW and environmental group complaint in Illinois is also pending. Environmental capital spending was about $11 million in 1995 and is expected to rise moderately in 1996 and 1997, while environmental-related operating costs were about $131 million. Management said the likelihood of material environmental liability beyond accrued amounts is remote. The York, Pennsylvania plant could close in 1996 if labor negotiations with the UAW fail.
Mar 5, 1996
1994-A2
CATERPILLAR INC Annual Report (Amendment), Year Ended Dec 31, 1994
This filing is a Form 11-K, not a 10-K, and it reports on Caterpillar Inc.'s employee savings and investment plans rather than on the company's own operations or financial position. It covers four plans: the Employees' Investment Plan (EIP, with Part I and Part II), the Solar Turbines Savings and Investment Plan, and the Tax Deferred Savings Plan. The statements are audited by Price Waterhouse LLP, with a report dated March 31, 1995. The EIP is the largest, with total net assets of $1,064.1 million at November 30, 1994, up from $899.8 million a year earlier. Its Part I Caterpillar Common Stock Fund held 10,190,000 Caterpillar shares valued at $551.5 million at market, compared with $300.3 million in cost, implying a large unrealized gain. The fund's net appreciation was $137.1 million in fiscal 1994, down from $199.4 million in fiscal 1993. For investors, the main signal is the scale of employee ownership of Caterpillar stock and its recent trend. Employee contributions rose to $73.1 million from $66.0 million, and employer contributions rose to $20.5 million from $18.6 million. Net assets in the EIP grew about 18% over the year, driven mostly by investment gains and contributions. Participants can also move money between funds, and the plan holds sizable allocations to money market, value, growth, and international mutual funds. Withdrawals from the Caterpillar stock fund were $85.7 million in fiscal 1994, which shows some ongoing liquidity demand from participants. The filing has limited bearing on Caterpillar's consolidated financial health, since plan assets are held separately from corporate assets. The plans' Caterpillar stock holdings do matter to the company's shareholder base, and the plans' concentration in company stock is a relevant governance and risk factor. Readers seeking company-level results should consult Caterpillar's annual report on Form 10-K for the same period.
May 31, 1995
1994-A
CATERPILLAR INC Annual Report (Amendment), Year Ended Dec 31, 1994
This document is not a 10-K annual report from Caterpillar Inc. It is a Form 11-K for the Caterpillar Foreign Service Employees' Stock Purchase Plan, an employee benefit plan, for the fiscal year ended November 30, 1994. Form 11-K is the annual report used for employee stock plans, so it does not contain the company's consolidated financial statements, revenue, earnings, debt, or segment data that investors typically rely on. The filing omits the plan's financial statements. Item 1 states that they are not enclosed because the SEC's January 26, 1973 letter deemed such statements inapplicable. Items 2 and 3 cross-reference Item 1, and Item 4 is marked Not Applicable. The filing therefore provides no quantitative information on plan assets, participant contributions, company matching, or stock purchases. For investors, this filing offers little company-level insight. It confirms that Caterpillar Inc. (Commission File Number 1-768, headquartered at 100 NE Adams Street, Peoria, Illinois) maintained a foreign-employee stock purchase program. Investors seeking Caterpillar's financial performance for 1994 should consult the company's full Form 10-K.
Mar 30, 1995
1994
CATERPILLAR INC Annual Report, Year Ended Dec 31, 1994
Caterpillar's 1994 10-K reports a record year. Consolidated sales and revenues rose 23% to $14.33 billion, and profit reached $955 million, or $4.70 per share, versus $652 million ($3.21) in 1993. Machinery and Engines sales grew 25% in physical volume terms (about 19% overall volume), driven by strong worldwide industry demand, higher price realization of roughly 4%, and gains in North America, Europe, and Asia/Pacific. Operating profit for Machinery and Engines improved sharply, and the return on average common equity rose to 37.4% from 34.6%. Management also said that its operations continued at high rates during a UAW strike that began June 21, 1994, at eight U.S. facilities, with production at struck plants running 14% higher in the second half than in the first. The balance sheet strengthened. Stockholders' equity rose to $2.91 billion from $2.20 billion, and the Machinery and Engines debt-to-capital ratio improved to 41% from 52%. Consolidated operating cash flow reached $1.76 billion. Financial Products debt grew to $3.87 billion as Cat Financial expanded its receivables portfolio, which is a point investors should watch in terms of leverage and credit quality. Management guided to moderately higher worldwide machine and engine sales in 1995, with profits also expected to be higher. It expects U.S. industry demand to remain near 1994 levels. The filing also flags several risks. These include environmental exposure (17 CERCLA sites with accruals below 1% of the relevant liability line), an Illinois Pollution Control Board complaint seeking up to $199 million in penalties (which the company says is without merit), and two European Commission competition complaints. The company considers none of these likely to have a material effect on its financial position.
Feb 23, 1995
1993
CATERPILLAR INC Annual Report, Year Ended Dec 31, 1993
Caterpillar's 1993 Form 10-K is a short wrapper document. Its core financial statements, Management's Discussion and Analysis, and the eleven-year financial summary are incorporated by reference from the Appendix to the 1994 Annual Meeting Proxy Statement, so this filing alone does not disclose 1993 revenue, net profit, or EPS. What it does show is a company with 101.9 million common shares outstanding and a non-affiliate market value of about $9.0 billion as of December 31, 1993. It operates three segments (Machinery, Engines, and Financial Products) and employed 51,250 people, about 26% of them outside the U.S. The filing points to a recovery from losses. The ratio of profit to fixed charges was 2.4x in 1993, while pretax losses in 1992 and 1991 left coverage deficiencies of roughly $341 million and $529 million. Sales outside the U.S. fell to 49% of consolidated sales from 55% in 1992, and total short-term borrowings declined to $1.28 billion from $1.74 billion. Capital spending was constrained, with net property investment falling by $127 million in 1993, and R&D rose modestly to $455 million from $446 million. The main risk items are legal and environmental. Caterpillar faces a European Community Statement of Objections on dealer and export practices, a new EC complaint, and a securities class action settlement that is contingent on court approval and a pending coverage dispute with its D&O insurer. The Solar Turbines Harbor Drive contamination in San Diego is estimated at $30 to $50 million over 25 years, against a $13 million reserve, and the company is a potentially responsible party at 18 active CERCLA sites. Management says none of these is expected to have a materially adverse effect on consolidated financial position.
Mar 2, 1994