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CATERPILLAR INC Annual Report (Amendment), Year Ended Dec 31, 1994

Filing Date
Filed May 31, 1995
Period End
December 31, 1994
Security
CAT
In the record · 2016–202610-K1110-Q328-K184

CAT filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 184 current reports (8-K) between 2016 and 2026.

  1. FY2016 annual report10-K · Feb ’17Feb ’17
  2. Material agreement8-K · Sep ’19Sep ’19
  3. Leadership change8-K · Feb ’22Feb ’22
  4. Leadership change8-K · Jan ’26Jan ’26

01—Abstract

Summary

Summary of the 10-K/A filed May 31, 1995. Cited figures are marked; the original filing is the authoritative source.

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 milliona 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 millionb 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 millionc 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 milliond 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.

02—Key points

Key Highlights

  1. Form 11-K filing covering Caterpillar's employee plans (EIP, Solar Turbines Savings and Investment Plan, and Tax Deferred Savings Plan), not Caterpillar's own 10-K financials.
  2. The Employees' Investment Plan had total net assets of $1,064.1 million at November 30, 1994, up from $899.8 million in 1993 (about 18% growth).
  3. The EIP Part I Caterpillar Common Stock Fund held 10,190,000 shares valued at $551.5 million at market, versus $300.3 million in cost, an unrealized gain of roughly $251 million.
  4. Net appreciation in the Caterpillar stock fund fell to $137.1 million in fiscal 1994 from $199.4 million in fiscal 1993, reflecting the weaker stock-price gains in the year.
  5. Employee contributions reached $73.1 million and employer contributions $20.5 million in fiscal 1994, both up from prior-year levels.
  6. Tax Deferred Savings Plan net assets were $105.2 million and Solar Turbines Savings and Investment Plan net assets were $11.0 million at December 31, 1994.
  7. Price Waterhouse LLP issued unqualified opinions on all plan financial statements, with the report dated March 31, 1995.

03—Questions

Frequently Asked Questions

  1. Does this filing show Caterpillar's own financial performance?

    No. The document is a Form 11-K that reports on employee benefit plans. Caterpillar's consolidated revenue, earnings, and balance sheet appear in its Form 10-K, which is a separate filing.

  2. How much Caterpillar stock do the employee plans hold?

    The Employees' Investment Plan's Part I Caterpillar Common Stock Fund held 10,190,000 shares at November 30, 1994, valued at $551.5 million at market. The Master Trust also holds Caterpillar stock through the Caterpillar Common Stock Fund, which was valued at $125.7 million at November 30, 1994 for the Master Trust. The share count in the EIP rose from 6,006,000 shares a year earlier, though the filing does not explain the change.

  3. Did the plan assets grow in fiscal 1994?

    Yes. Total net assets of the Employees' Investment Plan increased to $1,064.1 million from $899.8 million, a gain of $164.3 million. The increase came from net investment income of $173.0 million and contributions of $93.7 million, offset by withdrawals and net transfers of $102.4 million.

  4. Are there signs of participant withdrawals from the company stock fund?

    Yes. Withdrawals from the Part I Caterpillar Common Stock Fund were $85.7 million in fiscal 1994, and net withdrawals and transfers from that fund totaled $156.9 million. Participants were able to move funds out of company stock during the year.

04—Continue

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