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CATERPILLAR INC Annual Report (Amendment), Year Ended Dec 31, 2004

Filing Date
Filed May 27, 2005
Period End
December 31, 2004
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 27, 2005. Cited figures are marked; the original filing is the authoritative source.

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 billiona.

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 millionb 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 billionc 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.

02—Key points

Key Highlights

  1. Amendment No. 1 is limited to adding Form 11-K financial statements for four employee benefit plans (Exhibits 99.3–99.6) and updated SOX 302/906 certifications; it contains no new consolidated financial results for Caterpillar.
  2. The Caterpillar 401(k) Plan is the largest plan, with net assets of $3.56 billion at December 31, 2004, up from $3.00 billion a year earlier, driven by $240 million in contributions and $427 million in net investment income.
  3. The Employees' Investment Plan's net assets dropped from $86.5 million to $13.7 million, reflecting transfers to the 401(k) Plan, and the plan is expected to be terminated in 2005 after its remaining assets are moved.
  4. Caterpillar common stock is a major plan holding: about 66% of the Employees' Investment Plan, 61% of the Solar Turbines plan, 52% of the 401(k) Plan, and 26% of the Tax Deferred Savings Plan.
  5. The Master Trust held about 20.2 million Caterpillar shares valued at $1.85 billion at November 30, 2004, and about 20.0 million shares valued at $1.95 billion at December 31, 2004.
  6. The Tax Deferred Savings Plan's net assets rose to $318.5 million and the Solar Turbines Savings and Investment Plan's to $76.6 million, with Solar's increase largely due to a $29.6 million transfer from the Employees' Investment Plan on January 14, 2004.
  7. The company's auditor, PricewaterhouseCoopers LLP, issued unqualified opinions on all four plans' financial statements dated May 24, 2005, and consented to incorporation by reference in the relevant Form S-8 registration statements.

03—Questions

Frequently Asked Questions

  1. Does this amendment contain Caterpillar's financial results for 2004?

    No. The amendment only adds Form 11-K filings for four employee benefit plans and updated certifications. Caterpillar's consolidated financial results, business overview, and risk factors appear in the original 10-K filed February 24, 2005, which this amendment does not restate.

  2. Why was the 10-K amended?

    The explanatory note states that the amendment was filed to add the 11-K annual reports for the company's benefit plans, which are required to be filed as exhibits. The original 10-K did not include these plan reports.

  3. How much of employees' retirement savings is invested in Caterpillar stock?

    The disclosures show a meaningful concentration. Caterpillar stock represents about 52% of the 401(k) Plan's investments, 66% of the Employees' Investment Plan's, 61% of the Solar Turbines plan's, and 26% of the Tax Deferred Savings Plan's. Investors may want to consider this concentration when assessing employee alignment and retirement-plan risk.

  4. What happened to the Employees' Investment Plan?

    Its net assets fell from $86.5 million to $13.7 million during fiscal 2004, mainly because balances were transferred to the Caterpillar 401(k) Plan and other plans. The plan's auditor notes that the remaining assets are expected to be transferred in 2005, after which the plan will be terminated.

04—Continue

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