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CATERPILLAR INC Annual Report (Amendment), Year Ended Dec 31, 1999

Filing Date
Filed June 14, 2000
Period End
December 31, 1999
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 June 14, 2000. Cited figures are marked; the original filing is the authoritative source.

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 billiona 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 millionb 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 $2,660c in employee contributions to the plan trust, which the company said it would correct with lost earnings.

02—Key points

Key Highlights

  1. Amendment purpose: The 10-K/A adds the auditor's (PricewaterhouseCoopers) name and signature to Reports and Consents of Independent Accountants tied to employee benefit plan financial statements; it does not restate Caterpillar's corporate financials.
  2. Employees' Investment Plan: Net assets available for benefits were $2,256.9 million at November 30, 1999, up about 5.4% from $2,141.6 million a year earlier.
  3. Caterpillar stock exposure: About $795.3 million (roughly 35% of the Employees' Investment Plan's investments) was held in Caterpillar common stock, with 17.1 million shares, and the plan recorded a $46.6 million net depreciation on that stock in 1999.
  4. Shared Master Trust: The Employees' Investment Plan (83.59%), Tax Deferred Savings Plan (14.67%), and Solar Turbines plan (1.78%) pool assets in a 401(k) Master Trust that totaled $1,786.5 million at December 31, 1999 (Tax Deferred and Solar figures) and $1,697.6 million at November 30, 1999 (Employees' Investment Plan figures).
  5. Tax Deferred Savings Plan: Net assets rose to $268.4 million at December 31, 1999, from $228.5 million, with a 1999 net increase of about $40.0 million.
  6. Compliance note: A clerical error delayed about $2,660 in employee contributions from March 1999 until December 1999; the company said it would contribute lost earnings to the trust.
  7. Market exposure disclosed: Plan notes state that investment securities are subject to interest rate, market, and credit risks that could materially change participant account balances.

03—Questions

Frequently Asked Questions

  1. Does this filing report Caterpillar's 1999 revenue, earnings, or financial position?

    No. This 10-K/A only amends the filing to add auditor name and signature to consents covering employee benefit plan financial statements. Caterpillar's own corporate financial results for fiscal 1999 must be found in the original 10-K.

  2. Why was this amendment filed?

    Caterpillar amended its Form 10-K to include PricewaterhouseCoopers' name and signature on three Reports and Consents of Independent Accountants. These reports relate to the company's Employees' Investment Plan, Tax Deferred Savings Plan, and Solar Turbines Incorporated Savings and Investment Plan, which were included in amended Form 11-K filings.

  3. How much of the Employees' Investment Plan is invested in Caterpillar stock?

    About $795.3 million at November 30, 1999, representing 17,149,935 shares. This was down from $892.7 million a year earlier, largely due to a $46.6 million net depreciation and $85.2 million in withdrawals.

  4. Is there any compliance issue disclosed in the plan filings?

    Yes. A clerical error with payroll deferrals for certain U.S. expatriate employees caused $2,660.71 in contributions for the payroll period ended March 15, 1999 to reach the trust only on December 9, 1999. The company is calculating lost earnings and will contribute that amount to the trust.

04—Continue

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