REG-Caterpillar Inc: 1st Quarter Results <Origin Href="QuoteRef">CAT.N</Origin> - Part 3
22/04/2016 12:39
- Part 3: For the preceding part double click ID:nPRrMF794b
0.46 $ 2.03
Weighted-average common shares outstanding
(millions)
- Basic 582.8 604.9
- Diluted2 587.7 612.7
Cash dividends declared per common share $ - $ -
1 Profit attributable to common stockholders.
2 Diluted by assumed exercise of stock-based compensation awards using the
treasury stock method.
Caterpillar Inc.
Condensed Consolidated Statement of Financial Position
(Unaudited)
(Millions of dollars)
March 31, December 31,
2016 2015
Assets
Current assets:
Cash and short-term investments $ 5,886 $ 6,460
Receivables - trade and other 6,856 6,695
Receivables - finance 9,310 8,991
Prepaid expenses and other current assets 1,847 1,662
Inventories 9,849 9,700
Total current assets 33,748 33,508
Property, plant and equipment - net 15,935 16,090
Long-term receivables - trade and other 1,159 1,170
Long-term receivables - finance 13,527 13,651
Investments in unconsolidated affiliated companies 246 246
Noncurrent deferred and refundable income taxes 2,486 2,489
Intangible assets 2,741 2,821
Goodwill 6,710 6,615
Other assets 1,755 1,752
Total assets $ 78,307 $ 78,342
Liabilities
Current liabilities:
Short-term borrowings:
-- Machinery, Energy & Transportation $ 13 $ 9
-- Financial Products 7,804 6,958
Accounts payable 5,101 5,023
Accrued expenses 3,142 3,116
Accrued wages, salaries and employee benefits 1,158 1,994
Customer advances 1,328 1,146
Dividends Payable - 448
Other current liabilities 1,593 1,671
Long-term debt due within one year:
-- Machinery, Energy & Transportation 568 517
-- Financial Products 5,508 5,360
Total current liabilities 26,215 26,242
Long-term debt due after one year:
-- Machinery, Energy & Transportation 8,914 8,960
-- Financial Products 15,556 16,209
Liability for postemployment benefits 8,600 8,843
Other liabilities 3,269 3,203
Total liabilities 62,554 63,457
Stockholders' equity
Common stock 5,247 5,238
Treasury stock (17,595) (17,640)
Profit employed in the business 29,517 29,246
Accumulated other comprehensive income (loss) (1,493) (2,035)
Noncontrolling interests 77 76
Total stockholders' equity 15,753 14,885
Total liabilities and stockholders' equity $ 78,307 $ 78,342
Caterpillar Inc.
Condensed Consolidated Statement of Cash Flow
(Unaudited)
(Millions of dollars)
Three Months Ended
March 31,
2016 2015
Cash flow from operating activities:
Profit of consolidated and affiliated companies $ 272 $ 1,248
Adjustments for non-cash items:
Depreciation and amortization 740 753
Other 269 (88)
Changes in assets and liabilities, net of
acquisitions and divestitures:
Receivables - trade and other 14 6
Inventories (74) (89)
Accounts payable 211 228
Accrued expenses 33 35
Accrued wages, salaries and employee benefits (852) (1,027)
Customer advances 174 25
Other assets - net (145) 365
Other liabilities - net (153) (186)
Net cash provided by (used for) operating activities 489 1,270
Cash flow from investing activities:
Capital expenditures - excluding equipment leased to (357) (437)
others
Expenditures for equipment leased to others (383) (389)
Proceeds from disposals of leased assets and 173 167
property, plant and equipment
Additions to finance receivables (2,014) (2,122)
Collections of finance receivables 2,047 2,241
Proceeds from sale of finance receivables 10 43
Investments and acquisitions (net of cash acquired) (12) (29)
Proceeds from sale of businesses and investments (net - 167
of cash sold)
Proceeds from sale of securities 49 83
Investments in securities (62) (70)
Other - net (23) (38)
Net cash provided by (used for) investing activities (572) (384)
Cash flow from financing activities:
Dividends paid (448) (424)
Distribution to noncontrolling interests (1) (7)
Common stock issued, including treasury shares (45) 32
reissued
Treasury shares purchased - (400)
Excess tax benefit from stock-based compensation 1 17
Proceeds from debt issued (original maturities 1,211 1,529
greater than three months)
Payments on debt (original maturities greater than (1,706) (2,319)
three months)
Short-term borrowings - net (original maturities 486 950
three months or less)
Net cash provided by (used for) financing activities (502) (622)
Effect of exchange rate changes on cash 11 (42)
Increase (decrease) in cash and short-term investments (574) 222
Cash and short-term investments at beginning of period 6,460 7,341
Cash and short-term investments at end of period $ 5,886 $ 7,563
All short-term investments, which consist primarily of highly liquid
investments with original maturities of three months or less, are considered to
be cash equivalents.
Caterpillar Inc.
Supplemental Data for Results of Operations
For the Three Months Ended March 31, 2016
(Unaudited)
(Millions of dollars)
Supplemental Consolidating Data
Machinery,
Consolidated Energy & Financial Consolidating
Transportation 1 Products Adjustments
Sales and
revenues:
Sales of $ 8,780 $ 8,780 $ - $ -
Machinery,
Energy &
Transportation
Revenues of 681 - 759 (78) 2
Financial
Products
Total sales 9,461 8,780 759 (78)
and revenues
Operating
costs:
Cost of goods 6,822 6,822 - -
sold
Selling, 1,088 955 139 (6) 3
general and
administrative
expenses
Research and 508 508 - -
development
expenses
Interest 152 - 155 (3) 4
expense of
Financial
Products
Other 397 105 298 (6) 3
operating
(income)
expenses
Total 8,967 8,390 592 (15)
operating
costs
Operating 494 390 167 (63)
profit
Interest 129 140 - (11) 4
expense
excluding
Financial
Products
Other income - (52) - 52 5
(expense)
Consolidated 365 198 167 -
profit before
taxes
Provision 92 40 52 -
(benefit) for
income taxes
Profit of 273 158 115 -
consolidated
companies
Equity in (1) (1) - -
profit (loss)
of
unconsolidated
affiliated
companies
Equity in - 114 - (114) 6
profit of
Financial
Products'
subsidiaries
Profit of 272 271 115 (114)
consolidated
and affiliated
companies
Less: Profit 1 - 1 -
(loss)
attributable to
noncontrolling
interests
Profit 7 $ 271 $ 271 $ 114 $ (114)
1 Represents Caterpillar Inc. and its subsidiaries with Financial Products
accounted for on the equity basis.
2 Elimination of Financial Products' revenues earned from Machinery, Energy &
Transportation.
3 Elimination of net expenses recorded by Machinery, Energy & Transportation paid
to Financial Products.
4 Elimination of interest expense recorded between Financial Products and
Machinery, Energy & Transportation.
5 Elimination of discount recorded by Machinery, Energy & Transportation on
receivables sold to Financial Products and of interest earned between
Machinery, Energy & Transportation and Financial Products.
6 Elimination of Financial Products' profit due to equity method of accounting.
7 Profit attributable to common stockholders.
Caterpillar Inc.
Supplemental Data for Results of Operations
For the Three Months Ended March 31, 2015
(Unaudited)
(Millions of dollars)
Supplemental Consolidating Data
Machinery,
Consolidated Energy & Financial Consolidating
Transportation 1 Products Adjustments
Sales and
revenues:
Sales of $ 11,961 $ 11,961 $ - $ -
Machinery,
Energy &
Transportation
Revenues of 741 - 813 (72) 2
Financial
Products
Total sales 12,702 11,961 813 (72)
and revenues
Operating
costs:
Cost of goods 8,760 8,760 - -
sold
Selling, 1,249 1,114 133 2 3
general and
administrative
expenses
Research and 524 524 - -
development
expenses
Interest 150 - 151 (1) 4
expense of
Financial
Products
Other 317 24 299 (6) 3
operating
(income)
expenses
Total 11,000 10,422 583 (5)
operating
costs
Operating 1,702 1,539 230 (67)
profit
Interest 129 139 - (10) 4
expense
excluding
Financial
Products
Other income 194 138 (1) 57 5
(expense)
Consolidated 1,767 1,538 229 -
profit before
taxes
Provision 521 453 68 -
(benefit) for
income taxes
Profit of 1,246 1,085 161 -
consolidated
companies
Equity in 2 2 - -
profit (loss)
of
unconsolidated
affiliated
companies
Equity in - 159 - (159) 6
profit of
Financial
Products'
subsidiaries
Profit of 1,248 1,246 161 (159)
consolidated
and affiliated
companies
Less: Profit 3 1 2 -
(loss)
attributable to
noncontrolling
interests
Profit 7 $ 1,245 $ 1,245 $ 159 $ (159)
1 Represents Caterpillar Inc. and its subsidiaries with Financial Products
accounted for on the equity basis.
2 Elimination of Financial Products' revenues earned from Machinery, Energy &
Transportation.
3 Elimination of net expenses recorded by Machinery, Energy & Transportation paid
to Financial Products.
4 Elimination of interest expense recorded between Financial Products and
Machinery, Energy & Transportation.
5 Elimination of discount recorded by Machinery, Energy & Transportation on
receivables sold to Financial Products and of interest earned between
Machinery, Energy & Transportation and Financial Products.
6 Elimination of Financial Products' profit due to equity method of accounting.
7 Profit attributable to common stockholders.
Caterpillar Inc.
Supplemental Data for Cash Flow
For the Three Months Ended March 31, 2016
(Unaudited)
(Millions of dollars)
Supplemental Consolidating Data
Machinery,
Consolidated Energy & Financial Consolidating
Transportation 1 Products Adjustments
Cash flow from
operating
activities:
Profit of $ 272 $ 271 $ 115 $ (114) 2
consolidated and
affiliated
companies
Adjustments for
non-cash items:
Depreciation and 740 525 215 -
amortization
Undistributed - (107) - 107 3
profit of
Financial
Products
Other 269 204 16 49 4
Changes in assets
and liabilities,
net of
acquisitions and
divestitures:
Receivables - 14 41 20 (47) 4,5
trade and other
Inventories (74) (74) - -
Accounts payable 211 288 2 (79) 4
Accrued expenses 33 34 (1) -
Accrued wages, (852) (831) (21) -
salaries and
employee
benefits
Customer 174 174 - -
advances
Other assets - (145) (118) 17 (44) 4
net
Other (153) (189) (8) 44 4
liabilities -
net
Net cash provided 489 218 355 (84)
by (used for)
operating
activities
Cash flow from
investing
activities:
Capital (357) (356) (1) -
expenditures -
excluding
equipment leased
to others
Expenditures for (383) (23) (369) 9 4
equipment leased
to others
Proceeds from 173 21 159 (7) 4
disposals of
leased assets and
property, plant
and equipment
Additions to (2,014) - (2,662) 648 5
finance
receivables
Collections of 2,047 - 2,849 (802) 5
finance
receivables
Net intercompany - - (229) 229 5
purchased
receivables
Proceeds from sale 10 - 10 -
of finance
receivables
Net intercompany - (927) (1,000) 1,927 6
borrowings
Investments and (12) (12) - -
acquisitions (net
of cash acquired)
Proceeds from sale 49 4 45 -
of securities
Investments in (62) (5) (57) -
securities
Other - net (23) (23) (7) 7 8
Net cash provided (572) (1,321) (1,262) 2,011
by (used for)
investing
activities
Cash flow from
financing
activities:
Dividends paid (448) (448) (7) 7 7
Distribution to (1) (1) - -
noncontrolling
interests
Common stock (45) (45) 7 (7) 8
issued, including
treasury shares
reissued
Excess tax benefit 1 1 - -
from stock-based
compensation
Net intercompany - 1,000 927 (1,927) 6
borrowings
Proceeds from debt 1,211 1 1,210 -
issued (original
maturities greater
than three months)
Payments on debt (1,706) (3) (1,703) -
(original
maturities greater
than three months)
Short-term 486 4 482 -
borrowings - net
(original
maturities three
months or less)
Net cash provided (502) 509 916 (1,927)
by (used for)
financing
activities
Effect of exchange 11 (2) 13 -
rate changes on
cash
Increase (decrease) (574) (596) 22 -
in cash and
short-term
investments
Cash and short-term 6,460 5,340 1,120 -
investments at
beginning of period
Cash and short-term $ 5,886 $ 4,744 $ 1,142 $ -
investments at end
of period
1 Represents Caterpillar Inc. and its subsidiaries with Financial Products
accounted for on the equity basis.
2 Elimination of Financial Products' profit after tax due to equity method of
accounting.
3 Elimination of non-cash adjustment for the undistributed earnings from
Financial Products.
4 Elimination of non-cash adjustments and changes in assets and liabilities
related to consolidated reporting.
5 Reclassification of Financial Products' cash flow activity from investing to
operating for receivables that arose from the sale of inventory.
6 Elimination of net proceeds and payments to/from Machinery, Energy &
Transportation and Financial Products.
7 Elimination of dividend from Financial Products to Machinery, Energy &
Transportation.
8 Elimination of change in investment and common stock related to Financial
Products.
Caterpillar Inc.
Supplemental Data for Cash Flow
For the Three Months Ended March 31, 2015
(Unaudited)
(Millions of dollars)
Supplemental Consolidating Data
Machinery,
Consolidated Energy & Financial Consolidating
Transportation 1 Products Adjustments
Cash flow from
operating
activities:
Profit of $ 1,248 $ 1,246 $ 161 $ (159) 2
consolidated and
affiliated
companies
Adjustments for
non-cash items:
Depreciation and 753 530 223 -
amortization
Undistributed - (59) - 59 3
profit of
Financial
Products
Other (88) (55) (87)
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