REG-Caterpillar Inc: Final Results <Origin Href="QuoteRef">CAT.N</Origin> - Part 3
01/04/2016 13:46
- Part 3: For the preceding part double click ID:nPRrSB6F4b
Long-term receivables - finance 13,651 14,644
Investments in unconsolidated affiliated companies 246 257
Noncurrent deferred and refundable income taxes 1,654 1,404
Intangible assets 2,821 3,076
Goodwill 6,615 6,694
Other assets 1,832 1,798
Total assets $ 78,497 $ 84,681
Liabilities
Current liabilities:
Short-term borrowings:
-- Machinery, Energy & Transportation $ 9 $ 9
-- Financial Products 6,958 4,699
Accounts payable 5,023 6,515
Accrued expenses 3,116 3,548
Accrued wages, salaries and employee benefits 1,994 2,438
Customer advances 1,146 1,697
Dividends payable 448 424
Other current liabilities 1,730 1,754
Long-term debt due within one year:
-- Machinery, Energy & Transportation 517 510
-- Financial Products 5,362 6,283
Total current liabilities 26,303 27,877
Long-term debt due after one year:
-- Machinery, Energy & Transportation 9,004 9,493
-- Financial Products 16,243 18,291
Liability for postemployment benefits 8,843 8,963
Other liabilities 3,219 3,231
Total liabilities 63,612 67,855
Stockholders' equity
Common stock 5,238 5,016
Treasury stock (17,640) (15,726)
Profit employed in the business 34,208 33,887
Accumulated other comprehensive income (loss) (6,997) (6,431)
Noncontrolling interests 76 80
Total stockholders' equity 14,885 16,826
Total liabilities and stockholders' equity $ 78,497 $ 84,681
Caterpillar Inc.
Condensed Consolidated Statement of Cash Flow
(Unaudited)
(Millions of dollars)
Twelve Months Ended
December 31,
2015 2014
Cash flow from operating activities:
Profit of consolidated and affiliated companies $ 2,113 $ 3,711
Adjustments for non-cash items:
Depreciation and amortization 3,046 3,163
Other 508 553
Changes in assets and liabilities, net of
acquisitions and divestitures:
Receivables - trade and other 764 163
Inventories 2,274 101
Accounts payable (1,165) 222
Accrued expenses (199) (10)
Accrued wages, salaries and employee benefits (389) 901
Customer advances (501) (593)
Other assets - net (220) (300)
Other liabilities - net 444 146
Net cash provided by (used for) operating activities 6,675 8,057
Cash flow from investing activities:
Capital expenditures - excluding equipment leased to (1,388) (1,539)
others
Expenditures for equipment leased to others (1,873) (1,840)
Proceeds from disposals of leased assets and 760 904
property, plant and equipment
Additions to finance receivables (9,929) (11,278)
Collections of finance receivables 9,247 9,841
Proceeds from sale of finance receivables 136 177
Investments and acquisitions (net of cash acquired) (400) (30)
Proceeds from sale of businesses and investments (net 178 199
of cash sold)
Proceeds from sale of securities 351 810
Investments in securities (485) (825)
Other - net (114) (46)
Net cash provided by (used for) investing activities (3,517) (3,627)
Cash flow from financing activities:
Dividends paid (1,757) (1,620)
Distribution to noncontrolling interests (7) (7)
Contribution from noncontrolling interests - 4
Common stock issued, including treasury shares 33 239
reissued
Treasury shares purchased (2,025) (4,238)
Excess tax benefit from stock-based compensation 24 182
Proceeds from debt issued (original maturities 5,132 10,649
greater than three months)
Payments on debt (original maturities greater than (8,292) (9,248)
three months)
Short-term borrowings - net (original maturities 3,022 1,043
three months or less)
Net cash provided by (used for) financing activities (3,870) (2,996)
Effect of exchange rate changes on cash (169) (174)
Increase (decrease) in cash and short-term investments (881) 1,260
Cash and short-term investments at beginning of period 7,341 6,081
Cash and short-term investments at end of period $ 6,460 $ 7,341
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 December 31, 2015
(Unaudited)
(Millions of dollars)
Supplemental Consolidating Data
Machinery,
Consolidated Energy & Financial Consolidating
Transportation 1 Products Adjustments
Sales and
revenues:
Sales of $ 10,318 $ 10,318 $ - $ -
Machinery,
Energy &
Transportation
Revenues of 712 - 789 (77)2
Financial
Products
Total sales and 11,030 10,318 789 (77)
revenues
Operating costs:
Cost of goods 8,183 8,185 - (2)3
sold
Selling, general 1,267 1,132 144 (9)3
and
administrative
expenses
Research and 553 553 - -
development
expenses
Interest expense 147 - 148 (1)4
of Financial
Products
Other operating 994 675 321 (2)3
(income)
expenses
Total operating 11,144 10,545 613 (14)
costs
Operating profit (114) (227) 176 (63)
(loss)
Interest expense 126 137 - (11)4
excluding
Financial
Products
Other income 30 (48) 26 525
(expense)
Consolidated (210) (412) 202 -
profit (loss)
before taxes
Provision (128) (169) 41 -
(benefit) for
income taxes
Profit (loss) of (82) (243) 161 -
consolidated
companies
Equity in profit (1) (1) - -
(loss) of
unconsolidated
affiliated
companies
Equity in profit - 162 - (162)6
of Financial
Products'
subsidiaries
Profit (loss) of (83) (82) 161 (162)
consolidated and
affiliated
companies
Less: Profit 4 5 (1) -
(loss)
attributable to
noncontrolling
interests
Profit (loss) 7 $ (87) $ (87) $ 162 $ (162)
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 (loss) attributable to common stockholders.
Caterpillar Inc.
Supplemental Data for Results of Operations
For the Three Months Ended December 31, 2014
(Unaudited)
(Millions of dollars)
Supplemental Consolidating Data
Machinery,
Consolidated Energy & Financial Consolidating
Transportation 1 Products Adjustments
Sales and
revenues:
Sales of $ 13,500 $ 13,500 $ - $ -
Machinery,
Energy &
Transportation
Revenues of 744 - 829 (85)2
Financial
Products
Total sales and 14,244 13,500 829 (85)
revenues
Operating costs:
Cost of goods 10,499 10,501 - (2)3
sold
Selling, general 1,522 1,381 158 (17)3
and
administrative
expenses
Research and 578 578 - -
development
expenses
Interest expense 154 - 156 (2)4
of Financial
Products
Other operating 428 119 306 33
(income)
expenses
Total operating 13,181 12,579 620 (18)
costs
Operating profit 1,063 921 209 (67)
Interest expense 126 136 - (10)4
excluding
Financial
Products
Other income 3 (51) (3) 575
(expense)
Consolidated 940 734 206 -
profit before
taxes
Provision 179 117 62 -
(benefit) for
income taxes
Profit of 761 617 144 -
consolidated
companies
Equity in profit 2 2 - -
(loss) of
unconsolidated
affiliated
companies
Equity in profit - 142 - (142)6
of Financial
Products'
subsidiaries
Profit of 763 761 144 (142)
consolidated and
affiliated
companies
Less: Profit 6 4 2 -
(loss)
attributable to
noncontrolling
interests
Profit 7 $ 757 $ 757 $ 142 $ (142)
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 Twelve Months Ended December 31, 2015
(Unaudited)
(Millions of dollars)
Supplemental Consolidating Data
Machinery,
Consolidated Energy & Financial Consolidating
Transportation Products Adjustments
1
Sales and
revenues:
Sales of $ 44,147 $ 44,147 $ - $ -
Machinery, Energy
& Transportation
Revenues of 2,864 - 3,179 (315)2
Financial
Products
Total sales and 47,011 44,147 3,179 (315)
revenues
Operating costs:
Cost of goods 33,742 33,744 - (2)3
sold
Selling, general 5,199 4,637 588 (26)3
and
administrative
expenses
Research and 2,165 2,165 - -
development
expenses
Interest expense 587 - 593 (6)4
of Financial
Products
Other operating 2,062 860 1,224 (22)3
(income) expenses
Total operating 43,755 41,406 2,405 (56)
costs
Operating profit 3,256 2,741 774 (259)
Interest expense 507 550 - (43)4
excluding
Financial
Products
Other income 106 (158) 48 2165
(expense)
Consolidated 2,855 2,033 822 -
profit before
taxes
Provision 742 512 230 -
(benefit) for
income taxes
Profit of 2,113 1,521 592 -
consolidated
companies
Equity in profit - - - -
(loss) of
unconsolidated
affiliated
companies
Equity in profit - 591 - (591)6
of Financial
Products'
subsidiaries
Profit of 2,113 2,112 592 (591)
consolidated and
affiliated
companies
Less: Profit 11 10 1 -
(loss)
attributable to
noncontrolling
interests
Profit 7 $ 2,102 $ 2,102 $ 591 $ (591)
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 Twelve Months Ended December 31, 2014
(Unaudited)
(Millions of dollars)
Supplemental Consolidating Data
Machinery,
Consolidated Energy & Financial Consolidating
Transportation Products Adjustments
1
Sales and
revenues:
Sales of $ 52,142 $ 52,142 $ - $ -
Machinery, Energy
& Transportation
Revenues of 3,042 - 3,386 (344)2
Financial
Products
Total sales and 55,184 52,142 3,386 (344)
revenues
Operating costs:
Cost of goods 39,767 39,769 - (2)3
sold
Selling, general 5,697 5,098 635 (36)3
and
administrative
expenses
Research and 2,135 2,135 - -
development
expenses
Interest expense 624 - 631 (7)4
of Financial
Products
Other operating 1,633 419 1,235 (21)3
(income) expenses
Total operating 49,856 47,421 2,501 (66)
costs
Operating profit 5,328 4,721 885 (278)
Interest expense 484 526 - (42)4
excluding
Financial
Products
Other income 239 (21) 24 2365
(expense)
Consolidated 5,083 4,174 909 -
profit before
taxes
Provision 1,380 1,120 260 -
(benefit) for
income taxes
Profit of 3,703 3,054 649 -
consolidated
companies
Equity in profit 8 8 - -
(loss) of
unconsolidated
affiliated
companies
Equity in profit - 640 - (640)6
of Financial
Products'
subsidiaries
Profit of 3,711 3,702 649 (640)
consolidated and
affiliated
companies
Less: Profit 16 7 9 -
(loss)
attributable to
noncontrolling
interests
Profit 7 $ 3,695 $ 3,695 $ 640 $ (640)
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 Twelve Months Ended December 31, 2015
(Unaudited)
(Millions of dollars)
Supplemental Consolidating Data
Machinery,
Consolidated Energy & Financial Consolidating
Transportation Products Adjustments
1
Cash flow from
operating activities:
Profit of $ 2,113 $ 2,112 $ 592 $ (591)2
consolidated and
affiliated companies
Adjustments for
non-cash items:
Depreciation and 3,046 2,164 882 -
amortization
Other 508 398 (138) 2484
Financial Products' - 9 - (9)3
dividend in excess
of profit
Changes in assets
and liabilities, net
of acquisitions and
divestitures:
Receivables - trade 764 461 (85) 3884,5
and other
Inventories 2,274 2,280 - (6)4
Accounts payable (1,165) (1,343) 95 834
Accrued expenses (199) (223) 11 134
Accrued wages, (389) (390) 1 -
salaries and
employee benefits
Customer advances (501) (501) - -
Other assets - net (220) (370) (34) 1844
Other liabilities - 444 578 63 (197)4
net
Net cash provided by 6,675 5,175 1,387 113
(used for) operating
activities
Cash flow from
investing activities:
Capital expenditures (1,388) (1,373) (16) 14
- excluding
equipment leased to
others
Expenditures for (1,873) (257) (1,643) 274
equipment leased to
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