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CATERPILLAR INC Annual Report (Amendment), Year Ended Dec 31, 2003

Filing Date
Filed May 28, 2004
Period End
December 31, 2003
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 28, 2004. 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 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 milliona, 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 millionb, 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 billionc.

02—Key points

Key Highlights

  1. Form 10-K/A amendment: its only purpose is to add the Form 11-K for the Employees' Investment Plan (Exhibit 99.2); it contains no new company-wide financial statements.
  2. Plan net assets available for benefits dropped from $2.31 billion (2002) to $86.5 million (November 30, 2003), a decline of about 96%.
  3. Net transfers out of the plan totaled $2.19 billion, mainly to the new Caterpillar Inc. Employees' 401(k) Plan, effective January 1, 2003 for salaried and certain hourly employees.
  4. Plan net investment income was $74.5 million in 2003, versus a loss of $2.7 million in 2002, driven by $111.3 million of appreciation in Caterpillar common stock.
  5. Plan holdings of Caterpillar common stock fell from $959.7 million to $48.7 million, reflecting the transfers.
  6. As of December 31, 2003, 343,762,040 common shares were outstanding, with non-affiliate market value of about $28.1 billion.
  7. Further plan changes were made in January 2004, when Caterpillar Paving Products, Caterpillar Work Tools, and Solar Turbines union employees moved out of Part 1 of the plan, with $50.5 million in balances transferred.

03—Questions

Frequently Asked Questions

  1. Why was this 10-K/A filed?

    The amendment adds the Form 11-K annual report for the Caterpillar Inc. Employees' Investment Plan as Exhibit 99.2 and includes the required SOX Section 302 and 906 certifications. The original Form 10-K had been filed on March 10, 2004.

  2. Does this filing contain Caterpillar's full financial statements?

    No. It contains only the plan-level financial statements for the Employees' Investment Plan, audited by PricewaterhouseCoopers, for the fiscal years ended November 30, 2003 and 2002. Company-wide results should be taken from the original 10-K.

  3. Why did the plan's net assets fall so sharply?

    Most of the decline reflects a $2.19 billion net transfer out of the plan. Salaried and certain hourly employees moved to the new Caterpillar Inc. Employees' 401(k) Plan effective January 1, 2003, and their Part 1 and Part 2 balances were transferred over during 2003. This is an administrative restructuring, not a loss of plan value.

  4. Did the plan perform well in 2003?

    Plan-level investment income was $74.5 million in 2003, compared with a loss of $2.7 million in 2002. Gains came mainly from $111.3 million of net appreciation in Caterpillar common stock, which rose during the year.

04—Continue

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