01—Abstract
Summary
Summary of the 10-K/A filed May 30, 2001. Cited figures are marked; the original filing is the authoritative source.
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 billiona 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.
02—Key points
Key Highlights
- Amendment purpose: Filed to include PricewaterhouseCoopers' audit reports for three Caterpillar employee benefit plans, with no change to the company's consolidated financials.
- Employees' Investment Plan net assets fell to about $2.15 billion at November 30, 2000, from $2.26 billion in 1999, a decline of roughly $108 million.
- Net depreciation of about $123 million in Caterpillar common stock held by the Employees' Investment Plan drove much of the 2000 decline in plan assets.
- Caterpillar common stock held in the Part 1 fund was valued at about $728 million at November 30, 2000, versus $795 million a year earlier.
- Tax Deferred Savings Plan net assets rose to about $275 million at December 31, 2000, from $268 million, and the Solar Turbines plan held about $32 million.
- The 10-K/A reports 343,396,810 common shares outstanding as of December 31, 2000, with an aggregate non-affiliate market value of about $16.0 billion.
- Plan assets are largely held through a Master Trust invested mainly in mutual funds sponsored by Caterpillar Investment Management Ltd., a wholly owned subsidiary.
03—Questions
Frequently Asked Questions
Why was this 10-K/A filed?
It was filed to add PricewaterhouseCoopers' audit reports on the financial statements of the Employees' Investment Plan, the Solar Turbines Incorporated Savings and Investment Plan, and the Tax Deferred Savings Plan. The amendment does not change Caterpillar's own consolidated financial statements.
Does this filing show Caterpillar's 2000 revenue or earnings?
No. The filing contains only employee benefit plan financial statements and related schedules. Investors need the original fiscal 2000 Form 10-K for the company's revenue, earnings, and balance sheet.
Why did the Employees' Investment Plan's assets decline in 2000?
Net assets fell from about $2.26 billion to $2.15 billion, mainly because of a roughly $123 million net depreciation in Caterpillar common stock and about $132 million in withdrawals, partly offset by contributions. This reflects the weak share price and market conditions in 2000.
How much Caterpillar stock do the company's employee plans hold?
The Part 1 Caterpillar Common Stock Fund held about $728 million of Caterpillar common stock at November 30, 2000, about 18.5 million shares. The Caterpillar stock fund within the Part 2 options also appears among participant-directed investments.
04—Continue