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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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37-0602744
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(State or other jurisdiction of incorporation)
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(IRS Employer I.D. No.)
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100 NE Adams Street, Peoria, Illinois
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61629
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(Address of principal executive offices)
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(Zip Code)
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Title of each class
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Name of each exchange
on which registered
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Common Stock ($1.00 par value)
(1)
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New York Stock Exchange
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9 3/8% Debentures due March 15, 2021
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New York Stock Exchange
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8% Debentures due February 15, 2023
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New York Stock Exchange
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5.3% Debentures due September 15, 2035
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New York Stock Exchange
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(1)
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In addition to the New York Stock Exchange, Caterpillar common stock is also listed on stock exchanges in Belgium, France, Germany, Great Britain and Switzerland.
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Large accelerated filer
x
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Accelerated filer
o
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Non-accelerated filer
o
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Smaller Reporting Company
o
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Part III
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2013 Annual Meeting Proxy Statement (Proxy Statement) to be filed with the Securities and Exchange Commission (SEC) within 120 days after the end of the calendar year.
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Parts I, II, IV
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General and Financial Information for 2012 containing the information required by SEC Rule 14a-3 for an annual report to security holders filed as Exhibit 13 to this Form 10-K (Exhibit 13).
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Item 1.
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Business.
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·
backhoe loaders
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·
compact wheel loaders
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·
small track-type tractors
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·
small wheel loaders
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·
track-type loaders
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· medium track-type tractors
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·
skid steer loaders
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·
mini excavators
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·
select work tools
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·
multi-terrain loaders
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·
small, medium and large track excavators
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·
motor graders
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· medium wheel loaders
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·
wheel excavators
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·
pipelayers
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·
electric rope shovels
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·
large electric drive mining trucks
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·
industrial swing machines
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·
draglines
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·
tunnel boring equipment
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·
select work tools
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·
hydraulic shovels
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·
large wheel loaders
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·
forestry products
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·
drills
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·
off-highway trucks
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·
paving products
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·
highwall miners
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articulated trucks
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machinery components
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underground mining equipment
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·
wheel tractor scrapers
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electronics and control systems
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·
large track-type tractors
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·
wheel dozers
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·
large mining trucks
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compactors
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•
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reciprocating engine powered generator sets
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•
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integrated systems used in the electric power generation industry
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•
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reciprocating engines and integrated systems and solutions for the marine and petroleum industries
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reciprocating engines supplied to the industrial industry as well as Caterpillar machinery
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turbines and turbine-related services
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diesel-electric locomotives and components and other rail-related products and services.
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Tax leases that are classified as either operating or finance leases for financial accounting purposes, depending on the characteristics of the lease. For tax purposes, Cat Financial is considered the owner of the equipment (14 percent*).
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Finance (non-tax) leases, where the lessee for tax purposes is considered to be the owner of the equipment during the term of the lease, that either require or allow the customer to purchase the equipment for a fixed price at the end of the term (19 percent*).
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•
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Installment sale contracts, which are equipment loans that enable customers to purchase equipment with a down payment or trade-in and structure payments over time (16 percent*).
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Governmental lease-purchase plans in the U.S. that offer low interest rates and flexible terms to qualified non-federal government agencies (1 percent*).
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Inventory/rental programs, which provide assistance to dealers by financing their new Caterpillar inventory and rental fleets (5 percent*).
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Short-term receivables Cat Financial purchased from Caterpillar at a discount (10 percent*).
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Loans that allow customers and dealers to use their Caterpillar equipment or other assets as collateral to obtain financing.
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Contractual Liability Insurance to Caterpillar and its affiliates, Caterpillar dealers and original equipment manufacturers (OEMs) for extended service contracts (parts and labor) offered by Caterpillar, third party dealers and OEMs.
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Cargo insurance for the worldwide cargo risks of Caterpillar products.
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Contractors’ Equipment Physical Damage Insurance for equipment manufactured by Caterpillar or OEMs, which is leased, rented or sold by third party dealers to customers.
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General liability, employer’s liability, auto liability and property insurance for Caterpillar.
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Retiree Medical Stop Loss Insurance for medical claims under the VEBA.
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Brokerage services for property and casualty and life and health business.
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phone our Information Hotline - (800) 228-7717 (U.S. or Canada) or (858) 764-9492 (outside U.S. or Canada) to request company publications by mail, listen to a summary of Caterpillar’s latest financial results and current outlook, or to request a copy of results by facsimile or mail
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request, view or download materials on-line or register for email alerts at www.Caterpillar.com/materialsrequest
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view/download on-line at www.Caterpillar.com/historical
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Item 1A.
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Risk Factors.
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multiple and potentially conflicting laws, regulations and policies that are subject to change;
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imposition of currency restrictions, restrictions on repatriation of earnings or other restraints;
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•
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imposition of burdensome tariffs or quotas;
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national and international conflict, including terrorist acts; and
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political and economic instability or civil unrest that may severely disrupt economic activity in affected countries.
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Market developments that may affect customer confidence levels and cause declines in the demand for financing and adverse changes in payment patterns, causing increases in delinquencies and default rates, which could impact Cat Financial’s write-offs and provision for credit losses.
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The process Cat Financial uses to estimate losses inherent in its credit exposure requires a high degree of management’s judgment regarding numerous subjective qualitative factors, including forecasts of economic conditions and how economic predictors might impair the ability of its borrowers to repay their loans. Financial market disruption and volatility may impact the accuracy of these judgments.
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Cat Financial’s ability to engage in routine funding transactions or borrow from other financial institutions on acceptable terms or at all could be adversely affected by disruptions in the capital markets or other events, including actions by rating agencies and deteriorating investor expectations.
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As Cat Financial’s counterparties are primarily financial institutions, their ability to perform in accordance with any of its underlying agreements could be adversely affected by market volatility and/or disruptions in financial markets.
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the business culture of the acquired business may not match well with our culture;
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technological and product synergies, economies of scale and cost reductions may not occur as expected;
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unforeseen expenses, delays or conditions may be imposed upon the acquisition, including due to required regulatory approvals or consents;
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we may acquire or assume unexpected liabilities or be subject to unexpected penalties or other enforcement actions;
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faulty assumptions may be made regarding the integration process;
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unforeseen difficulties may arise in integrating operations, processes and systems;
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higher than expected investments may be required to implement necessary compliance processes and related systems, including IT systems, accounting systems and internal controls over financial reporting;
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we may fail to retain, motivate and integrate key management and other employees of the acquired business;
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higher than expected costs may arise due to unforeseen changes in tax, trade, environmental, labor, safety, payroll or pension policies in any jurisdiction in which the acquired business conducts its operations; and
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we may experience problems in retaining customers and integrating customer bases.
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Item 1B.
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Unresolved Staff Comments.
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Item 1C.
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Executive Officers of the Registrant.
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Name
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Present Caterpillar Inc. position
and date of
initial election
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Principal positions held during the
past five years if other than
Caterpillar Inc. position currently held
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Douglas R. Oberhelman (59)
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Chairman and Chief Executive Officer (2010)
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Group President (2001-2010)
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Bradley M. Halverson (52)
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Group President and Chief Financial Officer (2013)
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Corporate Controller (2004-2010) Vice President (2010-2012)
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Stuart L. Levenick (60)
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Group President (2004)
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Edward J. Rapp (55)
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Group President (2007)
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Group President and Chief Financial Officer (2010 - 2012)
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D. James Umpleby III (54)
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Group President (2013)
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Solar Turbines Vice President (2007-2010) Vice President (2010-2012)
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Gerard R. Vittecoq (64)
(1)
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Group President (2004)
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Steven H. Wunning (61)
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Group President (2004)
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James B. Buda (65)
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Executive Vice President, Law and Public Policy (2012)
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Vice President, General Counsel and Secretary (2001- 2010) Vice President and Chief Legal Officer (2010 - 2011) Senior Vice President and Chief Legal Officer (2011 - 2012)
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Jananne A. Copeland (50)
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Chief Accounting Officer (2007)
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Chief Accounting Officer and Corporate Controller (2010 - 2012)
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(1)
will retire effective 6/1/2013
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Item 2.
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Properties.
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Segment
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U.S. Facilities
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Facilities Outside the U.S.
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Construction Industries
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Arkansas:
North Little Rock
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Belgium:
Gosselies
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Illinois:
Aurora, Decatur, East Peoria
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Brazil:
Campo Largo, Piracicaba
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North Carolina:
Clayton, Sanford
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China:
Suzhou, Wujiang, Xuzhou
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Texas:
Victoria
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France:
Grenoble
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India:
Thiruvallar
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Indonesia:
Jakarta
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Japan:
Akashi, Sagamihara
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Russia:
Tosno
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United Kingdom:
Desford
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Resource Industries
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Georgia:
LaGrange
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Australia:
Burnie
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Illinois:
Aurora, Decatur, East Peoria, Joliet
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Brazil:
Piracicaba
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Kansas:
Wamego
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Canada:
Toronto
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Minnesota:
Minneapolis
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China:
Tongzhou, Wuxi, Xuzhou, Zhengzhou
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North Carolina
: Winston-Salem
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Czech Republic:
Ostrava
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Pennsylvania:
Houston
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France:
Arras
,
Rantigny
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Tennessee:
Dyersburg
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Germany:
Dortmund, Lunen
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Texas:
Dennison, Kilgore, Waco
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India:
Hosur, Thiruvallur
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Virginia:
Hillsville, Pulaski, Tazewell
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Indonesia:
Jakarta
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West Virginia:
Beckley
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Italy:
Jesi, Minerbio
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Wisconsin:
South Milwaukee, Prentice
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Japan:
Akashi
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Mexico:
Acuna, Monterrey, Reynosa, Torreon
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Russia:
Tosno
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Thailand:
Rayong
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The Netherlands
: s’Hertogenbosch
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United Kingdom:
Peterlee, Wolverhampton
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Power Systems
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Alabama:
Albertville, Montgomery
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Belgium:
Gosselies
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California:
San Diego
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Brazil:
Curitiba, Hortolandia, Piracicaba, Sete Lagoas
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Georgia:
Griffin
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China
: Tianjin, Wuxi
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Illinois:
Chicago, LaGrange, Mapleton, Mossville, Pontiac
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Czech Republic:
Zatec
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Indiana:
Lafayette, Muncie
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Germany:
Kiel, Mannheim, Rostock
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Kentucky:
Decoursey, Louisville, Mayfield
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India:
Hosur, Pondicherry
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South Carolina:
Greenville, Newberry
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Mexico:
San Luis Potosi, Tijuana
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Texas:
Channelview, De Soto, Mabank, San Antonio, Schertz, Seguin
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Switzerland:
Riazzino
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United Kingdom:
Larne, Monkstown, Peterborough, Sandiacre, Shoreham, South Queensferry, Springvale, Stafford, Wimborne
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Item 3.
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Legal Proceedings.
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Item 4.
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Mine Safety Disclosures
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Item 5.
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Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
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Period
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Total number
of Shares
Purchased
(1)
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Average Price
Paid per Share
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Total Number
of Shares Purchased
Under the
Program
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Approximate Dollar
Value of Shares that
may yet be Purchased
under the Program
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October 1-31, 2012
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4,682
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$
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86.20
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N/A
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N/A
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November 1-30, 2012
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12,019
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86.34
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N/A
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N/A
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December 1-31, 2012
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2,118
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85.18
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N/A
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N/A
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Total
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18,819
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$
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86.17
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(1)
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Represents shares delivered back to issuer for the payment of taxes resulting from the exercise of stock options by employees and Directors.
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Item 6.
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Selected Financial Data.
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Item 7.
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Management’s Discussion and Analysis of Financial Condition and Results of Operations.
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Item 7A.
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Quantitative and Qualitative Disclosures About Market Risk.
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Item 8.
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Financial Statements and Supplementary Data.
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Item 9.
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Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
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Item 9A.
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Controls and Procedures.
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Item 9B.
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Other Information.
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Item 10.
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Directors, Executive Officers and Corporate Governance.
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Item 11.
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Executive Compensation.
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Item 12.
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Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
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Plan category
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(a)
Number of
securities to be
issued up on
exercise of
outstanding
options,
warrants
and rights
(1)
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(b)
Weighted-
average
exercise
price of
outstanding
options,
warrants and
rights
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(c)
Number of securities
remaining available for
future issuance under
equity compensation
plans (excluding
securities reflected in
column (a))
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Equity compensation plans approved by security holders
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50,083,097
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$
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59.4457
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19,631,511
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Equity compensation plans not approved by security holders
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N/A
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N/A
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N/A
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Total
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50,083,097
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$
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59.4457
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19,631,511
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(1)
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Excludes any cash payments in-lieu-of stock.
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Item 13.
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Certain Relationships and Related Transactions, and Director Independence.
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Item 14.
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Principal Accountant Fees and Services.
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(a)
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The following documents are incorporated by reference from Exhibit 13:
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1.
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Financial Statements:
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Report of Independent Registered Public Accounting Firm
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Statement 1 - Consolidated Results of Operations
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•
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Statement 2 - Consolidated Comprehensive Income
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•
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Statement 3 - Consolidated Financial Position
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•
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Statement 4 - Changes in Consolidated Stockholders’ Equity
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•
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Statement 5 - Consolidated Statement of Cash Flow
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Notes to Consolidated Financial Statements
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2.
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Financial Statement Schedules:
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•
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All schedules are omitted because the required information is shown in the financial statements or the notes thereto incorporated by reference from Exhibit 13 or considered to be immaterial.
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(b)
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Exhibits:
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3.1
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Restated Certificate of Incorporation, effective June 13, 2012 (incorporated by reference from Exhibit 3.1 to the Form 10-Q filed for the quarter ended June 30, 2012).
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3.2
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Bylaws amended and restated as of June 13, 2012 (incorporated by reference from Exhibit 3.2 to the Form 10-Q filed for the quarter ended June 30, 2012).
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4.1
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Indenture dated as of May 1, 1987, between Caterpillar Inc. and The First National Bank of Chicago, as Trustee (incorporated by reference from Exhibit 4.1 to Form S-3 (Registration No. 333-22041) filed February 19, 1997).
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4.2
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First Supplemental Indenture, dated as of June 1, 1989, between Caterpillar Inc. and The First National Bank of Chicago, as Trustee (incorporated by reference from Exhibit 4.2 to Form S-3 (Registration No. 333-22041) filed February 19, 1997).
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4.3
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Appointment of Citibank, N.A. as Successor Trustee, dated October 1, 1991, under the Indenture, as supplemented, dated as of May 1, 1987 (incorporated by reference from Exhibit 4.3 to Form S-3 (Registration No. 333-22041) filed February 19, 1997).
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4.4
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Second Supplemental Indenture, dated as of May 15, 1992, between Caterpillar Inc. and Citibank, N.A., as Successor Trustee (incorporated by reference from Exhibit 4.4 to Form S-3 (Registration No. 333-22041) filed February 19, 1997).
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4.5
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Third Supplemental Indenture, dated as of December 16, 1996, between Caterpillar Inc. and Citibank, N.A., as Successor Trustee (incorporated by reference from Exhibit 4.5 to Form S-3 (Registration No. 333-22041) filed February 19, 1997).
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4.6
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Tri-Party Agreement, dated as of November 2, 2006, between Caterpillar Inc., Citibank, N.A. and U.S. Bank National Association appointing U.S. Bank as Successor Trustee under the Indenture dated as of May 1, 1987, as amended and supplemented (incorporated by reference from Exhibit 4.6 to the 2006 Form 10-K).
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4.7
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Form of 0.950% Senior Note due 2015 (incorporated by reference from Exhibit 4.1 to Form 8-K filed June 21, 2012).
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4.8
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Form of 1.500% Senior Note due 2017 (incorporated by reference from Exhibit 4.2 to Form 8-K filed June 21, 2012).
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4.9
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Form of 2.600% Senior Note due 2022 (incorporated by reference from Exhibit 4.3 to Form 8-K filed June 21, 2012).
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4.10
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Form of 3.803% Rule 144A Global Debenture due 2042 (incorporated by reference from Exhibit 4.1 to Form 8-K filed August 28, 2012).
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4.11
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Form of 3.803% Regulation S Global Debenture due 2042 (incorporated by reference from Exhibit 4.2 to Form 8-K filed August 28, 2012).
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4.12
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Form of 3.803% Global Debenture due 2042 (incorporated by reference from Exhibit 4.9 to Form S-4 filed on September 7, 2012).
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10.1
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Caterpillar Inc. 1996 Stock Option and Long-Term Incentive Plan amended and restated through fourth amendment dated December 19, 2008 (incorporated by reference from Exhibit 10.1 to the 2008 Form 10-K).*
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10.2
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Caterpillar Inc. 2006 Long-Term Incentive Plan as amended and restated through first amendment dated December 6, 2010 (incorporated by reference from Exhibit 10.2 to the 2010 Form 10-K).*
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10.3
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Terms Applicable to Awards of Restricted Stock Units under Chairman’s Award Program pursuant to the 2006 Long-Term Incentive Plan, as of March 5, 2012.*
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10.4
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Terms Applicable to Awards of Stock Appreciation Rights pursuant to the 2006 Long-Term Incentive Plan, as of March 5, 2012.*
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10.5
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Terms Applicable to Awards of Nonqualified Stock Options pursuant to the 2006 Long-Term Incentive Plan, as of March 5, 2012.*
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10.6
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Caterpillar Inc. Supplemental Retirement Plan (formerly known as the Caterpillar Inc. Supplemental Pension Benefit Plan), as amended and restated through third amendment dated December 13, 2012.*
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10.7
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Caterpillar Inc. Supplemental Employees’ Investment Plan, as amended and restated through third amendment dated December 13, 2012.*
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10.8
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Caterpillar Inc. Executive Short-Term Incentive Plan, as amended and restated effective as of January 1, 2011 by a document dated December 13, 2010 (incorporated by reference to Appendix A to the Company’s Definitive Proxy Statement on Form DEF 14A filed on April 15, 2011).*
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10.9
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Caterpillar Inc. Directors’ Deferred Compensation Plan, as amended and restated effective as of January 1, 2005 by a document dated February 25, 2008 (incorporated by reference from Exhibit 10.6 to the 2006 Form 10-K).*
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10.10
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Caterpillar Inc. Directors’ Charitable Award Program, as amended and restated effective as of April 1, 2008 by a document dated March 31, 2008 (incorporated by reference from Exhibit 10.7 to the 2008 Form 10-K).*
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10.11
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Caterpillar Inc. Deferred Employees’ Investment Plan, as amended and restated through third amendment dated December 13, 2012.*
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10.12
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Caterpillar Inc. Supplemental Deferred Compensation Plan as amended and restated through second amendment dated December 13, 2012.*
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10.13
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Solar Turbines Incorporated Managerial Retirement Objective Plan, as amended and restated through third amendment dated December 13, 2012.*
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10.14
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Solar Turbines Incorporated Pension Plan for European Foreign Service Employees, as amended and restated through second amendment dated December 13, 2012.*
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10.15
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Time Share Agreement dated May 6, 2011 (incorporated by reference from Exhibit 10.3 to Form 10-Q for the quarter ended March 31, 2011).*
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10.16
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Equity Compensation and Supplemental Pension Agreement, dated November 2, 2012, between Caterpillar Inc. and Richard P. Lavin (incorporated by reference from Exhibit 10.1 to Form 8-K filed November 6, 2012).*
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10.17
|
Credit Agreement (Five-Year Facility) dated as of September 15, 2011 among Caterpillar Inc., Caterpillar Financial Services Corporation, Caterpillar International Finance Limited, Caterpillar Finance Corporation, certain financial institutions named therein, Citibank, N.A., as Agent, Citibank International plc, as Local Currency Agent, and The Bank of Tokyo-Mitsubishi UFJ, Ltd., as Japan Local Currency Agent (incorporated by reference from Exhibit 99.4 to Form 8-K filed September 16, 2011).
|
|
|
10.18
|
Local Currency Addendum to the Five-Year Facility dated as of September 15, 2011 (incorporated by reference from Exhibit 99.5 to Form 8-K filed September 16, 2011).
|
|
|
10.19
|
Japan Local Currency Addendum to the Five-Year Facility dated as of September 15, 2011 (incorporated by reference from Exhibit 99.6 to Form 8-K filed September 16, 2011).
|
|
|
10.20
|
Amendment No. 1 to the Five-Year Facility, dated as of September 13, 2012 (incorporated by reference from Exhibit 99.5 to the Company's Current Report on Form 8-K filed September 17, 2012).
|
|
|
10.21
|
Credit Agreement (Four-Year Facility), dated as of September 16, 2010, by and among the Company, Cat Financial, Caterpillar International Finance Limited and Caterpillar Finance Corporation, the Banks named therein, Local Currency Banks and Japan Local Currency Banks party thereto, Citibank, N.A., as Agent, Citibank International plc, as Local Currency Agent, and The Bank of Tokyo-Mitsubishi UFJ, Ltd., as Japan Local Currency Agent (incorporated by reference from Exhibit 99.4 to Form 8-K filed September 21, 2010).
|
|
|
10.22
|
Local Currency Addendum to the Four-Year Facility (incorporated by reference from Exhibit 99.5 to Form 8-K filed September 21, 2010).
|
|
|
10.23
|
Japan Local Currency Addendum to the Four-Year Facility (incorporated by reference from Exhibit 99.6 to Form 8-K filed September 21, 2010).
|
|
|
10.24
|
Amendment No. 1 to the Four-Year Facility, dated as of September 15, 2011 (incorporated by reference from Exhibit 99.7 to Form 8-K filed September 16, 2011)
|
|
|
10.25
|
Amendment No. 2 to the Four-Year Facility, dated as of September 13, 2012 (incorporated by reference from Exhibit 99.4 to Form 8-K filed September 17, 2012).
|
|
|
10.26
|
Credit Agreement (2012 364-Day Credit Agreement), dated as of September 13, 2012, among the Company, Cat Financial, Caterpillar International Finance Limited and Caterpillar Finance Corporation, certain financial institutions named therein, Citibank, N.A., as Agent, Citibank International plc, as Local Currency Agent, and The Bank of Tokyo-Mitsubishi UFJ, Ltd., as Japan Local Currency Agent (incorporated by reference from Exhibit 99.1 to Form 8-K filed September 17, 2012).
|
|
|
10.27
|
Local Currency Addendum, dated as of September 13, 2012, to the 2012 364-Day Credit Agreement (incorporated by reference from Exhibit 99.2 to Form 8-K filed September 17, 2012).
|
|
|
10.28
|
Japan Local Currency Addendum, dated as of September 13, 2012, to the 2012 364-Day Credit Agreement (incorporated by reference from Exhibit 99.3 to Form 8-K filed September 17, 2012).
|
|
|
11
|
Computations of Earnings per Share.
|
|
|
12
|
Computation of Ratios of Earnings to Fixed Charges.
|
|
|
13
|
General and Financial Information for 2012 containing the information required by SEC Rule 14a-3 for an annual report to security holders.
|
|
|
14
|
Caterpillar Worldwide Code of Conduct (incorporated by reference from Exhibit 14 to the Form 10-Q filed for the quarter ended June 30, 2010).
|
|
|
21
|
Subsidiaries and Affiliates of the Registrant.
|
|
|
23
|
Consent of Independent Registered Public Accounting Firm.
|
|
|
31.1
|
Certification of Douglas R. Oberhelman, Chairman and Chief Executive Officer of Caterpillar Inc., pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
31.2
|
Certification of Bradley M. Halverson, Group President and Chief Financial Officer of Caterpillar Inc., pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
32
|
Certification of Douglas R. Oberhelman, Chairman and Chief Executive Officer of Caterpillar Inc. and Bradley M. Halverson, Group President and Chief Financial Officer of Caterpillar Inc., pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
95
|
Mine Safety Disclosures.
|
|
|
101.INS
|
XBRL Instance Document.
|
|
|
101.SCH
|
XBRL Taxonomy Extension Schema Document.
|
|
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
|
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document.
|
|
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
*
|
Management contracts and compensatory plans and arrangements required to be filed as exhibits pursuant to Item 15(b) of this report.
|
|
CATERPILLAR INC.
|
|
|
(Registrant)
|
|
|
|
|
February 19, 2013
|
By:
|
/s/James B. Buda
|
|
|
James B. Buda, Executive Vice President, Law and Public Policy
|
|
|
Chairman of the Board
and Chief Executive Officer
|
February 19, 2013
|
/s/Douglas R. Oberhelman
|
|
|
(Douglas R. Oberhelman)
|
|
|
|
|
|
|
Group President and
|
February 19, 2013
|
/s/Bradley M. Halverson
|
Chief Financial Officer
|
|
(Bradley M. Halverson)
|
|
|
|
|
|
|
Chief Accounting Officer
|
February 19, 2013
|
/s/Jananne A. Copeland
|
|
|
(Jananne A. Copeland)
|
|
|
|
|
|
|
|
February 19, 2013
|
/s/David L. Calhoun
|
Director
|
|
(David L. Calhoun)
|
|
|
|
|
|
|
|
February 19, 2013
|
/s/Daniel M. Dickinson
|
Director
|
|
(Daniel M. Dickinson)
|
|
|
|
|
|
|
|
February 19, 2013
|
/s/Juan Gallardo
|
Director
|
|
(Juan Gallardo)
|
|
|
|
|
|
|
|
February 19, 2013
|
/s/David R. Goode
|
Director
|
|
(David R. Goode)
|
|
|
|
|
|
|
|
February 19, 2013
|
/s/Jesse J. Greene, Jr.
|
Director
|
|
(Jesse J. Greene, Jr.)
|
|
|
|
|
|
|
|
February 19, 2013
|
/s/Jon M. Huntsman, Jr.
|
Director
|
|
(Jon M. Huntsman, Jr.)
|
|
|
|
|
|
|
|
February 19, 2013
|
/s/Peter A. Magowan
|
Director
|
|
(Peter A. Magowan)
|
|
|
|
|
|
|
|
February 19, 2013
|
/s/Dennis A. Muilenburg
|
Director
|
|
(Dennis A. Muilenburg)
|
|
|
|
|
|
|
|
February 19, 2013
|
/s/William A. Osborn
|
Director
|
|
(William A. Osborn)
|
|
|
|
|
|
|
|
February 19, 2013
|
/s/Charles D. Powell
|
Director
|
|
(Charles D. Powell)
|
|
|
|
|
|
|
|
February 19, 2013
|
/s/Edward B. Rust, Jr.
|
Director
|
|
(Edward B. Rust, Jr.)
|
|
|
|
|
|
|
|
February 19, 2013
|
/s/Susan C. Schwab
|
Director
|
|
(Susan C. Schwab)
|
|
|
|
|
|
|
|
February 19, 2013
|
/s/Joshua I. Smith
|
Director
|
|
(Joshua I. Smith)
|
|
|
|
|
|
|
|
February 19, 2013
|
/s/Miles D. White
|
Director
|
|
(Miles D. White)
|
|
3.1
|
Restated Certificate of Incorporation, effective June 13, 2012 (incorporated by reference from Exhibit 3.1 to the Form 10-Q filed for the quarter ended June 30, 2012).
|
3.2
|
Bylaws amended and restated as of June 13, 2012 (incorporated by reference from Exhibit 3.2 to the Form 10-Q filed for the quarter ended June 30, 2012).
|
4.1
|
Indenture dated as of May 1, 1987, between Caterpillar Inc. and The First National Bank of Chicago, as Trustee (incorporated by reference from Exhibit 4.1 to Form S-3 (Registration No. 333-22041) filed February 19, 1997).
|
4.2
|
First Supplemental Indenture, dated as of June 1, 1989, between Caterpillar Inc. and The First National Bank of Chicago, as Trustee (incorporated by reference from Exhibit 4.2 to Form S-3 (Registration No. 333-22041) filed February 19, 1997).
|
4.3
|
Appointment of Citibank, N.A. as Successor Trustee, dated October 1, 1991, under the Indenture, as supplemented, dated as of May 1, 1987 (incorporated by reference from Exhibit 4.3 to Form S-3 (Registration No. 333-22041) filed February 19, 1997).
|
4.4
|
Second Supplemental Indenture, dated as of May 15, 1992, between Caterpillar Inc. and Citibank, N.A., as Successor Trustee (incorporated by reference from Exhibit 4.4 to Form S-3 (Registration No. 333-22041) filed February 19, 1997).
|
4.5
|
Third Supplemental Indenture, dated as of December 16, 1996, between Caterpillar Inc. and Citibank, N.A., as Successor Trustee (incorporated by reference from Exhibit 4.5 to Form S-3 (Registration No. 333-22041) filed February 19, 1997).
|
4.6
|
Tri-Party Agreement, dated as of November 2, 2006, between Caterpillar Inc., Citibank, N.A. and U.S. Bank National Association appointing U.S. Bank as Successor Trustee under the Indenture dated as of May 1, 1987, as amended and supplemented (incorporated by reference from Exhibit 4.6 to the 2006 Form 10-K).
|
4.7
|
Form of 0.950% Senior Note due 2015 (incorporated by reference from Exhibit 4.1 to Form 8-K filed June 21, 2012).
|
4.8
|
Form of 1.500% Senior Note due 2017 (incorporated by reference from Exhibit 4.2 to Form 8-K filed June 21, 2012).
|
4.9
|
Form of 2.600% Senior Note due 2022 (incorporated by reference from Exhibit 4.3 to Form 8-K filed June 21, 2012).
|
4.10
|
Form of 3.803% Rule 144A Global Debenture due 2042 (incorporated by reference from Exhibit 4.1 to Form 8-K filed August 28, 2012).
|
4.11
|
Form of 3.803% Regulation S Global Debenture due 2042 (incorporated by reference from Exhibit 4.2 to Form 8-K filed August 28, 2012).
|
4.12
|
Form of 3.803% Global Debenture due 2042 (incorporated by reference from Exhibit 4.9 to Form S-4 filed on September 7, 2012).
|
10.1
|
Caterpillar Inc. 1996 Stock Option and Long-Term Incentive Plan amended and restated through fourth amendment dated December 19, 2008 (incorporated by reference from Exhibit 10.1 to the 2008 Form 10-K).*
|
10.2
|
Caterpillar Inc. 2006 Long-Term Incentive Plan as amended and restated through first amendment dated December 6, 2010 (incorporated by reference from Exhibit 10.2 to the 2010 Form 10-K).*
|
10.3
|
Terms Applicable to Awards of Restricted Stock Units under Chairman’s Award Program pursuant to the 2006 Long-Term Incentive Plan, as of March 5, 2012.*
|
10.4
|
Terms Applicable to Awards of Stock Appreciation Rights pursuant to the 2006 Long-Term Incentive Plan, as of March 5, 2012.*
|
10.5
|
Terms Applicable to Awards of Nonqualified Stock Options pursuant to the 2006 Long-Term Incentive Plan, as of March 5, 2012.*
|
10.6
|
Caterpillar Inc. Supplemental Retirement Plan (formerly known as the Caterpillar Inc. Supplemental Pension Benefit Plan), as amended and restated through third amendment dated December 13, 2012.*
|
10.7
|
Caterpillar Inc. Supplemental Employees’ Investment Plan, as amended and restated through third amendment dated December 13, 2012.*
|
10.8
|
Caterpillar Inc. Executive Short-Term Incentive Plan, as amended and restated effective as of January 1, 2011 by a document dated December 13, 2010 (incorporated by reference to Appendix A to the Company’s Definitive Proxy Statement on Form DEF 14A filed on April 15, 2011).*
|
10.9
|
Caterpillar Inc. Directors’ Deferred Compensation Plan, as amended and restated effective as of January 1, 2005 by a document dated February 25, 2008 (incorporated by reference from Exhibit 10.6 to the 2006 Form 10-K).*
|
10.10
|
Caterpillar Inc. Directors’ Charitable Award Program, as amended and restated effective as of April 1, 2008 by a document dated March 31, 2008 (incorporated by reference from Exhibit 10.7 to the 2008 Form 10-K).*
|
10.11
|
Caterpillar Inc. Deferred Employees’ Investment Plan, as amended and restated through third amendment dated December 13, 2012.*
|
10.12
|
Caterpillar Inc. Supplemental Deferred Compensation Plan as amended and restated through second amendment dated December 13, 2012.*
|
10.13
|
Solar Turbines Incorporated Managerial Retirement Objective Plan, as amended and restated through third amendment dated December 13, 2012.*
|
10.14
|
Solar Turbines Incorporated Pension Plan for European Foreign Service Employees, as amended and restated through second amendment dated December 13, 2012.*
|
10.15
|
Time Share Agreement dated May 6, 2011 (incorporated by reference from Exhibit 10.3 to Form 10-Q for the quarter ended March 31, 2011).*
|
10.16
|
Equity Compensation and Supplemental Pension Agreement, dated November 2, 2012, between Caterpillar Inc. and Richard P. Lavin (incorporated by reference from Exhibit 10.1 to Form 8-K filed November 6, 2012).*
|
10.17
|
Credit Agreement (Five-Year Facility) dated as of September 15, 2011 among Caterpillar Inc., Caterpillar Financial Services Corporation, Caterpillar International Finance Limited, Caterpillar Finance Corporation, certain financial institutions named therein, Citibank, N.A., as Agent, Citibank International plc, as Local Currency Agent, and The Bank of Tokyo-Mitsubishi UFJ, Ltd., as Japan Local Currency Agent (incorporated by reference from Exhibit 99.4 to Form 8-K filed September 16, 2011).
|
10.18
|
Local Currency Addendum to the Five-Year Facility dated as of September 15, 2011 (incorporated by reference from Exhibit 99.5 to Form 8-K filed September 16, 2011).
|
10.19
|
Japan Local Currency Addendum to the Five-Year Facility dated as of September 15, 2011 (incorporated by reference from Exhibit 99.6 to Form 8-K filed September 16, 2011).
|
10.20
|
Amendment No. 1 to the Five-Year Facility, dated as of September 13, 2012 (incorporated by reference from Exhibit 99.5 to the Company's Current Report on Form 8-K filed September 17, 2012).
|
10.21
|
Credit Agreement (Four-Year Facility), dated as of September 16, 2010, by and among the Company, Cat Financial, Caterpillar International Finance Limited and Caterpillar Finance Corporation, the Banks named therein, Local Currency Banks and Japan Local Currency Banks party thereto, Citibank, N.A., as Agent, Citibank International plc, as Local Currency Agent, and The Bank of Tokyo-Mitsubishi UFJ, Ltd., as Japan Local Currency Agent (incorporated by reference from Exhibit 99.4 to Form 8-K filed September 21, 2010).
|
10.22
|
Local Currency Addendum to the Four-Year Facility (incorporated by reference from Exhibit 99.5 to Form 8-K filed September 21, 2010).
|
10.23
|
Japan Local Currency Addendum to the Four-Year Facility (incorporated by reference from Exhibit 99.6 to Form 8-K filed September 21, 2010).
|
10.24
|
Amendment No. 1 to the Four-Year Facility, dated as of September 15, 2011 (incorporated by reference from Exhibit 99.7 to Form 8-K filed September 16, 2011)
|
10.25
|
Amendment No. 2 to the Four-Year Facility, dated as of September 13, 2012 (incorporated by reference from Exhibit 99.4 to Form 8-K filed September 17, 2012).
|
10.26
|
Credit Agreement (2012 364-Day Credit Agreement), dated as of September 13, 2012, among the Company, Cat Financial, Caterpillar International Finance Limited and Caterpillar Finance Corporation, certain financial institutions named therein, Citibank, N.A., as Agent, Citibank International plc, as Local Currency Agent, and The Bank of Tokyo-Mitsubishi UFJ, Ltd., as Japan Local Currency Agent (incorporated by reference from Exhibit 99.1 to Form 8-K filed September 17, 2012).
|
10.27
|
Local Currency Addendum, dated as of September 13, 2012, to the 2012 364-Day Credit Agreement (incorporated by reference from Exhibit 99.2 to Form 8-K filed September 17, 2012).
|
10.28
|
Japan Local Currency Addendum, dated as of September 13, 2012, to the 2012 364-Day Credit Agreement (incorporated by reference from Exhibit 99.3 to Form 8-K filed September 17, 2012).
|
11
|
Computations of Earnings per Share.
|
12
|
Computation of Ratios of Earnings to Fixed Charges.
|
13
|
General and Financial Information for 2012 containing the information required by SEC Rule 14a-3 for an annual report to security holders.
|
14
|
Caterpillar Worldwide Code of Conduct (incorporated by reference from Exhibit 14 to the Form 10-Q filed for the quarter ended June 30, 2010).
|
21
|
Subsidiaries and Affiliates of the Registrant.
|
23
|
Consent of Independent Registered Public Accounting Firm.
|
31.1
|
Certification of Douglas R. Oberhelman, Chairman and Chief Executive Officer of Caterpillar Inc., pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
31.2
|
Certification of Bradley M. Halverson, Group President and Chief Financial Officer of Caterpillar Inc., pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
32
|
Certification of Douglas R. Oberhelman, Chairman and Chief Executive Officer of Caterpillar Inc. and Bradley M. Halverson, Group President and Chief Financial Officer of Caterpillar Inc., pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
95
|
Mine Safety Disclosures.
|
101.INS
|
XBRL Instance Document.
|
101.SCH
|
XBRL Taxonomy Extension Schema Document.
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document.
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
*
|
Management contracts and compensatory plans and arrangements required to be filed as exhibits pursuant to Item 15(b) of this report.
|
•
|
Long-Service Separation
|
•
|
Disability
|
•
|
Death
|
•
|
Change of Control
|
•
|
Other
|
•
|
Long-Service Separation
|
•
|
Disability
|
•
|
Death
|
•
|
Cause
|
•
|
Other
|
•
|
Long-Service Separation
|
•
|
Disability
|
•
|
Death
|
•
|
Cause
|
•
|
Other
|
|
|
ARTICLE I. DEFINITIONS
|
||
|
|
|
|
|
|
|
ARTICLE II. ELIGIBILITY; ADOPTION BY AFFILIATES
|
||
|
|
|
|
|
|
|
ARTICLE III. DETERMINATION OF BENEFIT
|
||
|
|
|
|
|
|
|
ARTICLE IV. VESTING
|
||
|
|
|
|
|
|
|
ARTICLE V. PAYMENT OF BENEFIT
|
||
|
|
|
|
|
|
|
ARTICLE VI. ADMINISTRATION OF THE PLAN
|
||
|
|
|
|
|
|
|
ARTICLE VII. AMENDMENT
|
||
|
|
|
|
|
|
|
ARTICLE VIII. GENERAL PROVISIONS
|
7.3
|
Termination
. The Company expressly reserves the right to terminate the Plan.
|
(c)
|
Benefits Frozen — Sunset Participants
.
|
(1)
|
The Plan is frozen with respect to any Participant who is a Sunset Participant on December 31, 2010, but who later loses his status as a Sunset Participant, on the date such Participant loses status as a Sunset Participant.
|
(2)
|
Effective January 1, 2020, the Plan is frozen for all employees including by way of example but not limitation, Sunset Participants.
|
8.12
|
Special Rules for Participants with Same-Sex Domestic Partners
.
|
|
|
ARTICLE I. DEFINITIONS
|
||
|
|
|
|
|
|
|
ARTICLE II. ELIGIBILITY AND PARTICIPATION
|
||
|
|
|
|
|
|
|
ARTICLE III. DEFERRAL CREDITS AND MATCHING CREDITS
|
||
|
|
|
|
|
|
|
ARTICLE IV. VESTING
|
||
|
|
|
|
|
|
|
ARTICLE V. INVESTMENT OF ACCOUNTS
|
||
|
|
|
|
|
|
|
ARTICLE VI. DISTRIBUTIONS
|
||
|
|
|
|
|
|
|
ARTICLE VII. SPIN-OFF TO SDCP
|
||
|
|
|
|
|
|
|
ARTICLE VIII. ADMINISTRATION OF THE PLAN
|
||
|
|
|
|
|
|
|
ARTICLE IX. AMENDMENT
|
||
|
|
|
|
|
|
|
ARTICLE X. GENERAL PROVISIONS
|
|
|
ARTICLE I. DEFINITIONS
|
||
|
|
|
|
|
|
|
ARTICLE II. ELIGIBILITY AND PARTICIPATION
|
||
|
|
|
|
|
|
|
ARTICLE III. DEFERRAL CREDITS AND MATCHING CREDITS
|
||
|
|
|
|
|
|
|
ARTICLE IV. VESTING
|
||
|
|
|
|
|
|
|
ARTICLE V. INVESTMENT OF ACCOUNTS
|
||
|
|
|
|
|
|
|
ARTICLE VI. DISTRIBUTIONS
|
||
|
|
|
|
|
|
|
ARTICLE VII. SPIN-OFF TO SDCP
|
||
|
|
|
|
|
|
|
ARTICLE VIII. ADMINISTRATION OF THE PLAN
|
||
|
|
|
|
|
|
|
ARTICLE IX. AMENDMENT
|
||
|
|
|
|
|
|
|
ARTICLE X. GENERAL PROVISIONS
|
|
|
ARTICLE I. DEFINITIONS
|
||
|
|
|
|
|
|
|
ARTICLE II. ELIGIBILITY; ADOPTION BY AFFILIATES
|
||
|
|
|
|
|
|
|
ARTICLE III. DEFERRALS, MATCHING AND NON-ELECTIVE CONTRIBUTION CREDITS
|
||
|
|
|
|
|
|
|
ARTICLE IV. VESTING
|
||
|
|
|
|
|
|
|
ARTICLE V. INVESTMENT OF ACCOUNTS
|
||
|
|
|
|
|
|
|
ARTICLE VI. DISTRIBUTIONS
|
||
|
|
|
|
|
|
|
ARTICLE VII. SPIN-OF FROM SEIP AND DEIP
|
||
|
|
|
|
|
|
|
ARTICLE VIII. ADMINISTRATION OF THE PLAN
|
||
|
|
|
|
|
|
|
ARTICLE IX. AMENDMENT
|
||
|
|
|
|
|
|
|
ARTICLE X. GENERAL PROVISIONS
|
Points
|
Applicable Percentage
|
44 or less
|
3%
|
45 to 64
|
4%
|
65 or more
|
5%
|
|
|
ARTICLE I. DEFINITIONS
|
||
|
|
|
|
|
|
|
ARTICLE II. ELIGIBILITY; ADOPTION BY AFFILIATES
|
||
|
|
|
|
|
|
|
ARTICLE III. DETERMINATION OF BENEFIT
|
||
|
|
|
|
|
|
|
ARTICLE IV. VESTING
|
||
|
|
|
|
|
|
|
ARTICLE V. PAYMENT OF BENEFIT
|
||
|
|
|
|
|
|
|
ARTICLE VI. ADMINISTRATION OF THE PLAN
|
||
|
|
|
|
|
|
|
ARTICLE VII. AMENDMENT
|
||
|
|
|
|
|
|
|
ARTICLE VIII. GENERAL PROVISIONS
|
|
|
ARTICLE I. DEFINITIONS
|
||
|
|
|
|
|
|
|
ARTICLE II. ELIGIBILITY
|
||
|
|
|
|
|
|
|
ARTICLE III. RETIREMENT DATES
|
||
|
|
|
|
|
|
|
ARTICLE IV. BENEFITS
|
||
|
|
|
|
|
|
|
ARTICLE V. DISABILITY PENSION
|
||
|
|
|
|
|
|
|
ARTICLE VI. PRERETIREMENT SURVIVOR'S BENEFITS
|
||
|
|
|
|
|
|
|
ARTICLE VII. MAXIMUM BENEFITS
|
||
|
|
|
|
|
|
|
ARTICLE VIII. MODES OF BENEFIT PAYMENT
|
||
|
|
|
|
|
|
|
ARTICLE IX. DEATH BENEFITS
|
||
|
|
|
|
|
|
|
ARTICLE X. VESTING
|
||
|
|
|
|
|
|
|
ARTICLE XI. CONTRIBUTIONS
|
||
|
|
|
|
|
|
|
ARTICLE XII. ADMINISTRATION OF THE PLAN
|
||
|
|
|
|
|
|
|
ARTICLE XIII. AMENDMENT OR TERMINATION
|
||
|
|
|
|
|
|
|
ARTICLE XIV. GENERAL PROVISIONS
|
(A)
|
chronic alcoholism; or
|
(B)
|
addiction to narcotics; or
|
(C)
|
injury suffered while engaged in a felonious or criminal act or enterprise; or
|
(D)
|
service in the armed forces; or
|
(E)
|
participation in war or act of war.
|
(A)
|
.0175 times Credited Service times Pensionable Earnings.
|
(i)
|
The retirement benefit as calculated in Article IV, V or VI.
|
(ii)
|
Other company sponsored plans.
|
(iii)
|
Social Security as defined in Section 1.18.
|
(iv)
|
Social benefits provided by the Company.
|
(v)
|
The monthly equivalent, on an actuarial basis, of any termination indemnity.
|
(A)
|
Joint and Survivor Annuity
:
|
(B)
|
Years Certain and Life Annuity
:
|
(C)
|
Lump Sum
:
|
(D)
|
The consent of the Beneficiary shall not be required for the election of an option.
|
Years of Credited Service
|
Vested %
|
less than 5
|
0
|
5 or more
|
100
|
14.8
|
Special Rules for Participants With Same-Sex Domestic Partners
.
|
|
2012
|
|
2011
|
|
2010
|
||||||
Profit for the peri
od (A)
(1)
|
$
|
5,681
|
|
|
$
|
4,928
|
|
|
$
|
2,700
|
|
|
|
|
|
|
|
||||||
Determination of shares (in millions):
|
|
|
|
|
|
|
|
|
|||
Weighted average number of common shares outstanding (B)
|
652.6
|
|
|
645.0
|
|
|
631.5
|
|
|||
Shares issuable on exercise of stock awards, net of shares assumed to be purchased out of proceeds at average market price
|
17.0
|
|
|
21.1
|
|
|
18.9
|
|
|||
Average common shares outstanding for fully diluted computation (C)
|
669.6
|
|
|
666.1
|
|
|
650.4
|
|
|||
|
|
|
|
|
|
||||||
Profit per share of common stock:
|
|
|
|
|
|
|
|
|
|||
Assuming no dilution (A/B)
|
$
|
8.71
|
|
|
$
|
7.64
|
|
|
$
|
4.28
|
|
Assuming full dilution (A/C)
|
$
|
8.48
|
|
|
$
|
7.40
|
|
|
$
|
4.15
|
|
|
|
|
|
|
|
||||||
Shares outstanding as of December 31 (in millions)
|
655.0
|
|
|
647.5
|
|
|
638.8
|
|
(1)
|
Profit attributable to common stockholders.
|
|
2012
|
|
2011
|
|
2010
|
|
2009
|
|
2008
|
||||||||||
Earnings
(1)
|
$
|
8,236
|
|
|
$
|
6,725
|
|
|
$
|
3,750
|
|
|
$
|
569
|
|
|
$
|
4,501
|
|
Plus: Interest expense
|
1,264
|
|
|
1,222
|
|
|
1,257
|
|
|
1,434
|
|
|
1,427
|
|
|||||
One-third of rental expense
(2)
|
158
|
|
|
143
|
|
|
120
|
|
|
127
|
|
|
133
|
|
|||||
Adjusted Earnings
|
9,658
|
|
|
8,090
|
|
|
5,127
|
|
|
2,130
|
|
|
6,061
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Fixed charges:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest expense
(3)
|
1,264
|
|
|
1,222
|
|
|
1,257
|
|
|
1,434
|
|
|
1,427
|
|
|||||
Capitalized interest
|
26
|
|
|
18
|
|
|
26
|
|
|
25
|
|
|
27
|
|
|||||
One-third of rental expense
(2)
|
158
|
|
|
143
|
|
|
120
|
|
|
127
|
|
|
133
|
|
|||||
Total fixed charges
|
$
|
1,448
|
|
|
$
|
1,383
|
|
|
$
|
1,403
|
|
|
$
|
1,586
|
|
|
$
|
1,587
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ratio of earnings to fixed charges
|
6.7
|
|
|
5.8
|
|
|
3.7
|
|
|
1.3
|
|
|
3.8
|
|
(1)
|
Consolidated profit before taxes
|
(2)
|
Considered to be representative of interest factor in rental expense
|
(3)
|
Does not include interest on income taxes and other non-third-party indebtedness
|
|
/s/Douglas R. Oberhelman
|
|
|
Douglas R. Oberhelman
|
|
|
Chairman of the Board
|
|
|
and Chief Executive Officer
|
|
|
|
|
|
|
|
|
/s/Bradley M. Halverson
|
|
|
Bradley M. Halverson
|
|
|
Group President
|
|
|
and Chief Financial Officer
|
|
|
|
|
|
|
|
|
February 19, 2013
|
|
STATEMENT 1
|
|
|
Caterpillar Inc.
|
|
|||||||
Consolidated Results of Operations for the Years Ended
December 31
|
|
|
|
|
|
||||||
(Dollars in millions except per share data)
|
|
|
|
|
|
||||||
|
2012
|
|
2011
|
|
2010
|
||||||
Sales and revenues:
|
|
|
|
|
|
|
|
|
|||
Sales of Machinery and Power Systems
|
$
|
63,068
|
|
|
$
|
57,392
|
|
|
$
|
39,867
|
|
Revenues of Financial Products
|
2,807
|
|
|
2,746
|
|
|
2,721
|
|
|||
Total sales and revenues
|
65,875
|
|
|
60,138
|
|
|
42,588
|
|
|||
|
|
|
|
|
|
||||||
Operating costs:
|
|
|
|
|
|
|
|
|
|||
Cost of goods sold
|
47,055
|
|
|
43,578
|
|
|
30,367
|
|
|||
Selling, general and administrative expenses
|
5,919
|
|
|
5,203
|
|
|
4,248
|
|
|||
Research and development expenses
|
2,466
|
|
|
2,297
|
|
|
1,905
|
|
|||
Interest expense of Financial Products
|
797
|
|
|
826
|
|
|
914
|
|
|||
Goodwill impairment charge
|
580
|
|
|
—
|
|
|
—
|
|
|||
Other operating (income) expenses
|
485
|
|
|
1,081
|
|
|
1,191
|
|
|||
Total operating costs
|
57,302
|
|
|
52,985
|
|
|
38,625
|
|
|||
|
|
|
|
|
|
||||||
Operating profit
|
8,573
|
|
|
7,153
|
|
|
3,963
|
|
|||
|
|
|
|
|
|
||||||
Interest expense excluding Financial Products
|
467
|
|
|
396
|
|
|
343
|
|
|||
Other income (expense)
|
130
|
|
|
(32
|
)
|
|
130
|
|
|||
|
|
|
|
|
|
||||||
Consolidated profit before taxes
|
8,236
|
|
|
6,725
|
|
|
3,750
|
|
|||
|
|
|
|
|
|
||||||
Provision (benefit) for income taxes
|
2,528
|
|
|
1,720
|
|
|
968
|
|
|||
Profit of consolidated companies
|
5,708
|
|
|
5,005
|
|
|
2,782
|
|
|||
|
|
|
|
|
|
||||||
Equity in profit (loss) of unconsolidated affiliated companies
|
14
|
|
|
(24
|
)
|
|
(24
|
)
|
|||
|
|
|
|
|
|
||||||
Profit of consolidated and affiliated companies
|
5,722
|
|
|
4,981
|
|
|
2,758
|
|
|||
|
|
|
|
|
|
||||||
Less: Profit (loss) attributable to noncontrolling interests
|
41
|
|
|
53
|
|
|
58
|
|
|||
|
|
|
|
|
|
||||||
Profit
1
|
$
|
5,681
|
|
|
$
|
4,928
|
|
|
$
|
2,700
|
|
|
|
|
|
|
|
||||||
Profit per common share
|
$
|
8.71
|
|
|
$
|
7.64
|
|
|
$
|
4.28
|
|
|
|
|
|
|
|
||||||
Profit per common share — diluted
2
|
$
|
8.48
|
|
|
$
|
7.40
|
|
|
$
|
4.15
|
|
|
|
|
|
|
|
||||||
Weighted-average common shares outstanding (millions)
|
|
|
|
|
|
|
|
|
|||
- Basic
|
652.6
|
|
|
645.0
|
|
|
631.5
|
|
|||
- Diluted
2
|
669.6
|
|
|
666.1
|
|
|
650.4
|
|
|||
|
|
|
|
|
|
||||||
Cash dividends declared per common share
|
$
|
2.02
|
|
|
$
|
1.82
|
|
|
$
|
1.74
|
|
See accompanying notes to Consolidated Financial Statements.
|
STATEMENT 2
|
|
|
Caterpillar Inc.
|
|
|||||||
Consolidated Comprehensive Income for the Years Ended December 31
|
|||||||||||
(Millions of dollars)
|
|
|
|
|
|
||||||
|
2012
|
|
2011
|
|
2010
|
||||||
|
|
|
|
|
|
||||||
Profit of consolidated and affiliated companies
|
$
|
5,722
|
|
|
$
|
4,981
|
|
|
$
|
2,758
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
||||||
Foreign currency translation, net of tax (expense)/benefit of: 2012 - $9; 2011 - $3; 2010 - ($73)
|
60
|
|
|
(312
|
)
|
|
(34
|
)
|
|||
|
|
|
|
|
|
||||||
Pension and other postretirement benefits:
|
|
|
|
|
|
||||||
Current year actuarial gain (loss), net of tax (expense)/benefit of: 2012 - $372; 2011 - $1,276; 2010 - $214
|
(731
|
)
|
|
(2,364
|
)
|
|
(540
|
)
|
|||
Amortization of actuarial (gain) loss, net of tax (expense)/benefit of: 2012 - ($243); 2011 - ($221); 2010 - ($173)
|
458
|
|
|
412
|
|
|
310
|
|
|||
Current year prior service credit (cost), net of tax (expense)/benefit of: 2012 - ($12); 2011 - ($51); 2010 - $3
|
23
|
|
|
95
|
|
|
(8
|
)
|
|||
Amortization of prior service (credit) cost, net of tax (expense)/benefit of: 2012 - $17; 2011 - $11; 2010 - $12
|
(31
|
)
|
|
(21
|
)
|
|
(17
|
)
|
|||
Amortization of transition (asset) obligation, net of tax (expense)/benefit of: 2012 - ($1); 2011 - ($1); 2010 - ($1)
|
1
|
|
|
1
|
|
|
1
|
|
|||
|
|
|
|
|
|
||||||
Derivative financial instruments:
|
|
|
|
|
|
||||||
Gains (losses) deferred, net of tax (expense)/benefit of: 2012 - $29; 2011 - $12; 2010 - $29
|
(48
|
)
|
|
(21
|
)
|
|
(50
|
)
|
|||
(Gains) losses reclassified to earnings, net of tax (expense)/benefit of: 2012 - ($10); 2011 - $21; 2010 - ($18)
|
16
|
|
|
(34
|
)
|
|
35
|
|
|||
|
|
|
|
|
|
||||||
Available-for-sale securities:
|
|
|
|
|
|
||||||
Gains (losses) deferred, net of tax (expense)/benefit of: 2012 - ($13); 2011 - $2; 2010 - ($25)
|
26
|
|
|
(5
|
)
|
|
37
|
|
|||
(Gains) losses reclassified to earnings, net of tax (expense)/benefit of: 2012 - $1; 2011 - ($1); 2010 - $2
|
(3
|
)
|
|
1
|
|
|
(4
|
)
|
|||
Total other comprehensive income (loss), net of tax
|
(229
|
)
|
|
(2,248
|
)
|
|
(270
|
)
|
|||
Comprehensive income
|
5,493
|
|
|
2,733
|
|
|
2,488
|
|
|||
Less: comprehensive income attributable to the noncontrolling interests
|
(24
|
)
|
|
(82
|
)
|
|
(78
|
)
|
|||
Comprehensive income attributable to stockholders
|
$
|
5,469
|
|
|
$
|
2,651
|
|
|
$
|
2,410
|
|
|
|
|
|
|
|
See accompanying notes to Consolidated Financial Statements.
|
STATEMENT 3
|
|
|
Caterpillar Inc.
|
|
|||||||
Consolidated Financial Position at
December 31
|
|
|
|
|
|
||||||
(Dollars in millions)
|
|
|
|
|
|
||||||
|
2012
|
|
2011
|
|
2010
|
||||||
Assets
|
|
|
|
|
|
|
|
|
|||
Current assets:
|
|
|
|
|
|
|
|
|
|||
Cash and short-term investments
|
$
|
5,490
|
|
|
$
|
3,057
|
|
|
$
|
3,592
|
|
Receivables - trade and other
|
10,092
|
|
|
10,285
|
|
|
8,494
|
|
|||
Receivables - finance
|
8,860
|
|
|
7,668
|
|
|
8,298
|
|
|||
Deferred and refundable income taxes
|
1,547
|
|
|
1,580
|
|
|
931
|
|
|||
Prepaid expenses and other current assets
|
988
|
|
|
994
|
|
|
908
|
|
|||
Inventories
|
15,547
|
|
|
14,544
|
|
|
9,587
|
|
|||
Total current assets
|
42,524
|
|
|
38,128
|
|
|
31,810
|
|
|||
|
|
|
|
|
|
||||||
Property, plant and equipment - net
|
16,461
|
|
|
14,395
|
|
|
12,539
|
|
|||
Long-term receivables - trade and other
|
1,316
|
|
|
1,130
|
|
|
793
|
|
|||
Long-term receivables - finance
|
14,029
|
|
|
11,948
|
|
|
11,264
|
|
|||
Investments in unconsolidated affiliated companies
|
272
|
|
|
133
|
|
|
164
|
|
|||
Noncurrent deferred and refundable income taxes
|
2,011
|
|
|
2,157
|
|
|
2,493
|
|
|||
Intangible assets
|
4,016
|
|
|
4,368
|
|
|
805
|
|
|||
Goodwill
|
6,942
|
|
|
7,080
|
|
|
2,614
|
|
|||
Other assets
|
1,785
|
|
|
2,107
|
|
|
1,538
|
|
|||
Total assets
|
$
|
89,356
|
|
|
$
|
81,446
|
|
|
$
|
64,020
|
|
|
|
|
|
|
|
||||||
Liabilities
|
|
|
|
|
|
|
|
|
|||
Current liabilities:
|
|
|
|
|
|
|
|
|
|||
Short-term borrowings:
|
|
|
|
|
|
|
|
|
|||
Machinery and Power Systems
|
$
|
636
|
|
|
$
|
93
|
|
|
$
|
204
|
|
Financial Products
|
4,651
|
|
|
3,895
|
|
|
3,852
|
|
|||
Accounts payable
|
6,753
|
|
|
8,161
|
|
|
5,856
|
|
|||
Accrued expenses
|
3,667
|
|
|
3,386
|
|
|
2,880
|
|
|||
Accrued wages, salaries and employee benefits
|
1,911
|
|
|
2,410
|
|
|
1,670
|
|
|||
Customer advances
|
2,978
|
|
|
2,691
|
|
|
1,831
|
|
|||
Dividends payable
|
—
|
|
|
298
|
|
|
281
|
|
|||
Other current liabilities
|
2,055
|
|
|
1,967
|
|
|
1,521
|
|
|||
Long-term debt due within one year:
|
|
|
|
|
|
|
|
|
|||
Machinery and Power Systems
|
1,113
|
|
|
558
|
|
|
495
|
|
|||
Financial Products
|
5,991
|
|
|
5,102
|
|
|
3,430
|
|
|||
Total current liabilities
|
29,755
|
|
|
28,561
|
|
|
22,020
|
|
|||
Long-term debt due after one year:
|
|
|
|
|
|
|
|
|
|||
Machinery and Power Systems
|
8,666
|
|
|
8,415
|
|
|
4,505
|
|
|||
Financial Products
|
19,086
|
|
|
16,529
|
|
|
15,932
|
|
|||
Liability for postemployment benefits
|
11,085
|
|
|
10,956
|
|
|
7,584
|
|
|||
Other liabilities
|
3,182
|
|
|
3,583
|
|
|
2,654
|
|
|||
Total liabilities
|
71,774
|
|
|
68,044
|
|
|
52,695
|
|
|||
Commitments and contingencies (Notes 20 and 21)
|
|
|
|
|
|
|
|
|
|||
Redeemable noncontrolling interest (Note 24)
|
—
|
|
|
473
|
|
|
461
|
|
|||
Stockholders’ equity
|
|
|
|
|
|
|
|
|
|||
Common stock of $1.00 par:
|
|
|
|
|
|
|
|
|
|||
Authorized shares: 2,000,000,000
Issued shares: (2012, 2011 and 2010 – 814,894,624) at paid-in amount |
4,481
|
|
|
4,273
|
|
|
3,888
|
|
|||
Treasury stock: (2012 – 159,846,131; 2011 – 167,361,280 shares; and 2010 – 176,071,910 shares) at cost
|
(10,074
|
)
|
|
(10,281
|
)
|
|
(10,397
|
)
|
|||
Profit employed in the business
|
29,558
|
|
|
25,219
|
|
|
21,384
|
|
|||
Accumulated other comprehensive income (loss)
|
(6,433
|
)
|
|
(6,328
|
)
|
|
(4,051
|
)
|
|||
Noncontrolling interests
|
50
|
|
|
46
|
|
|
40
|
|
|||
Total stockholders’ equity
|
17,582
|
|
|
12,929
|
|
|
10,864
|
|
|||
Total liabilities, redeemable noncontrolling interest and stockholders’ equity
|
$
|
89,356
|
|
|
$
|
81,446
|
|
|
$
|
64,020
|
|
|
|
|
|
|
|
See accompanying notes to Consolidated Financial Statements.
|
STATEMENT 4
|
|
Caterpillar Inc.
|
|
|
||||||||||||||||||||
Changes in Consolidated Stockholders’ Equity for the Years Ended December 31
|
|
|||||||||||||||||||||||
(Dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Common
stock
|
|
Treasury
stock
|
|
Profit
employed
in the
business
|
|
Accumulated
other
comprehensive
income (loss)
|
|
Noncontrolling
interests
|
|
Total
|
|
||||||||||||
Balance at January 1, 2010
|
$
|
3,439
|
|
|
$
|
(10,646
|
)
|
|
$
|
19,705
|
|
|
$
|
(3,761
|
)
|
|
$
|
83
|
|
|
$
|
8,820
|
|
|
Profit of consolidated and affiliated companies
|
—
|
|
|
—
|
|
|
2,700
|
|
|
—
|
|
|
58
|
|
|
2,758
|
|
|
||||||
Foreign currency translation, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
(52
|
)
|
|
18
|
|
|
(34
|
)
|
|
||||||
Pension and other postretirement benefits, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
(256
|
)
|
|
2
|
|
|
(254
|
)
|
|
||||||
Derivative financial instruments, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
(15
|
)
|
|
—
|
|
|
(15
|
)
|
|
||||||
Available-for-sale securities, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
33
|
|
|
—
|
|
|
33
|
|
|
||||||
Change in ownership from noncontrolling interests
|
(69
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(66
|
)
|
|
(135
|
)
|
|
||||||
Dividends declared
|
—
|
|
|
—
|
|
|
(1,103
|
)
|
|
—
|
|
|
—
|
|
|
(1,103
|
)
|
|
||||||
Common shares issued from treasury stock for stock-based compensation: 12,612,514
|
74
|
|
|
222
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
296
|
|
|
||||||
Common shares issued from treasury stock for benefit plans: 1,487,481
1
|
67
|
|
|
27
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
94
|
|
|
||||||
Stock-based compensation expense
|
226
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
226
|
|
|
||||||
Net excess tax benefits from stock-based compensation
|
151
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
151
|
|
|
||||||
Cat Japan share redemption
2
|
—
|
|
|
—
|
|
|
82
|
|
|
—
|
|
|
(55
|
)
|
|
27
|
|
|
||||||
Balance at December 31, 2010
|
$
|
3,888
|
|
|
$
|
(10,397
|
)
|
|
$
|
21,384
|
|
|
$
|
(4,051
|
)
|
|
$
|
40
|
|
|
$
|
10,864
|
|
|
Profit of consolidated and affiliated companies
|
—
|
|
|
—
|
|
|
4,928
|
|
|
—
|
|
|
53
|
|
|
4,981
|
|
|
||||||
Foreign currency translation, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
(345
|
)
|
|
33
|
|
|
(312
|
)
|
|
||||||
Pension and other postretirement benefits, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,873
|
)
|
|
(4
|
)
|
|
(1,877
|
)
|
|
||||||
Derivative financial instruments, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
(55
|
)
|
|
—
|
|
|
(55
|
)
|
|
||||||
Available-for-sale securities, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
(4
|
)
|
|
||||||
Change in ownership from noncontrolling interests
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
|
(8
|
)
|
|
||||||
Dividends declared
|
—
|
|
|
—
|
|
|
(1,176
|
)
|
|
—
|
|
|
—
|
|
|
(1,176
|
)
|
|
||||||
Distribution to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
(3
|
)
|
|
||||||
Common shares issued from treasury stock for stock-based compensation: 8,710,630
|
7
|
|
|
116
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
123
|
|
|
||||||
Stock-based compensation expense
|
193
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
193
|
|
|
||||||
Net excess tax benefits from stock-based compensation
|
186
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
186
|
|
|
||||||
Cat Japan share redemption
2
|
—
|
|
|
—
|
|
|
83
|
|
|
—
|
|
|
(66
|
)
|
|
17
|
|
|
||||||
Balance at December 31, 2011
|
$
|
4,273
|
|
|
$
|
(10,281
|
)
|
|
$
|
25,219
|
|
|
$
|
(6,328
|
)
|
|
$
|
46
|
|
|
$
|
12,929
|
|
|
STATEMENT 4
|
|
Caterpillar Inc.
|
|
|
||||||||||||||||||||
Changes in Consolidated Stockholders’ Equity for the Years Ended December 31
|
|
|||||||||||||||||||||||
(Dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Common
stock
|
|
Treasury
stock
|
|
Profit
employed
in the
business
|
|
Accumulated
other
comprehensive
income (loss)
|
|
Noncontrolling
interests
|
|
Total
|
|
||||||||||||
Balance at December 31, 2011
|
$
|
4,273
|
|
|
$
|
(10,281
|
)
|
|
$
|
25,219
|
|
|
$
|
(6,328
|
)
|
|
$
|
46
|
|
|
$
|
12,929
|
|
|
Profit of consolidated and affiliated companies
|
—
|
|
|
—
|
|
|
5,681
|
|
|
—
|
|
|
41
|
|
|
5,722
|
|
|
||||||
Foreign currency translation, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
83
|
|
|
(23
|
)
|
|
60
|
|
|
||||||
Pension and other postretirement benefits, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
(285
|
)
|
|
5
|
|
|
(280
|
)
|
|
||||||
Derivative financial instruments, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
(32
|
)
|
|
—
|
|
|
(32
|
)
|
|
||||||
Available-for-sale securities, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
22
|
|
|
1
|
|
|
23
|
|
|
||||||
Change in ownership from noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
(4
|
)
|
|
||||||
Dividends declared
|
—
|
|
|
—
|
|
|
(1,319
|
)
|
|
—
|
|
|
—
|
|
|
(1,319
|
)
|
|
||||||
Distribution to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
|
(6
|
)
|
|
||||||
Common shares issued from treasury stock for stock-based compensation: 7,515,149
|
(155
|
)
|
|
207
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
52
|
|
|
||||||
Stock-based compensation expense
|
245
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
245
|
|
|
||||||
Net excess tax benefits from stock-based compensation
|
192
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
192
|
|
|
||||||
Cat Japan share redemption
2
|
(74
|
)
|
|
—
|
|
|
(23
|
)
|
|
107
|
|
|
(10
|
)
|
|
—
|
|
|
||||||
Balance at December 31, 2012
|
$
|
4,481
|
|
|
$
|
(10,074
|
)
|
|
$
|
29,558
|
|
|
$
|
(6,433
|
)
|
|
$
|
50
|
|
|
$
|
17,582
|
|
|
1
|
See Note 12 regarding shares issued for benefit plans.
|
2
|
See Note 24 regarding the Cat Japan share redemption.
|
See accompanying notes to Consolidated Financial Statements.
|
STATEMENT 5
|
|
Caterpillar Inc.
|
|
||||||||
Consolidated Statement of Cash Flow for the Years Ended
December 31
|
|
|
|
|
|
||||||
(Millions of dollars)
|
|
|
|
|
|
||||||
|
2012
|
|
2011
|
|
2010
|
||||||
Cash flow from operating activities:
|
|
|
|
|
|
|
|
|
|||
Profit of consolidated and affiliated companies
|
$
|
5,722
|
|
|
$
|
4,981
|
|
|
$
|
2,758
|
|
Adjustments for non-cash items:
|
|
|
|
|
|
|
|
|
|||
Depreciation and amortization
|
2,813
|
|
|
2,527
|
|
|
2,296
|
|
|||
Net gain from sale of businesses and investments
|
(630
|
)
|
|
(128
|
)
|
|
—
|
|
|||
Goodwill impairment charge
|
580
|
|
|
—
|
|
|
—
|
|
|||
Other
|
439
|
|
|
585
|
|
|
469
|
|
|||
Changes in assets and liabilities, net of acquisitions and divestitures:
|
|
|
|
|
|
|
|
|
|||
Receivables - trade and other
|
(173
|
)
|
|
(1,345
|
)
|
|
(2,320
|
)
|
|||
Inventories
|
(1,149
|
)
|
|
(2,927
|
)
|
|
(2,667
|
)
|
|||
Accounts payable
|
(1,868
|
)
|
|
1,555
|
|
|
2,570
|
|
|||
Accrued expenses
|
183
|
|
|
308
|
|
|
117
|
|
|||
Accrued wages, salaries and employee benefits
|
(490
|
)
|
|
619
|
|
|
847
|
|
|||
Customer advances
|
241
|
|
|
173
|
|
|
604
|
|
|||
Other assets - net
|
252
|
|
|
(91
|
)
|
|
358
|
|
|||
Other liabilities - net
|
(679
|
)
|
|
753
|
|
|
(23
|
)
|
|||
Net cash provided by (used for) operating activities
|
5,241
|
|
|
7,010
|
|
|
5,009
|
|
|||
|
|
|
|
|
|
||||||
Cash flow from investing activities:
|
|
|
|
|
|
|
|
|
|||
Capital expenditures - excluding equipment leased to others
|
(3,350
|
)
|
|
(2,515
|
)
|
|
(1,575
|
)
|
|||
Expenditures for equipment leased to others
|
(1,726
|
)
|
|
(1,409
|
)
|
|
(1,011
|
)
|
|||
Proceeds from disposals of leased assets and property, plant and equipment
|
1,117
|
|
|
1,354
|
|
|
1,469
|
|
|||
Additions to finance receivables
|
(12,010
|
)
|
|
(10,001
|
)
|
|
(8,498
|
)
|
|||
Collections of finance receivables
|
8,995
|
|
|
8,874
|
|
|
8,987
|
|
|||
Proceeds from sale of finance receivables
|
132
|
|
|
207
|
|
|
16
|
|
|||
Investments and acquisitions (net of cash acquired)
|
(618
|
)
|
|
(8,184
|
)
|
|
(1,126
|
)
|
|||
Proceeds from sale of businesses and investments (net of cash sold)
|
1,199
|
|
|
376
|
|
|
—
|
|
|||
Proceeds from sale of available-for-sale securities
|
306
|
|
|
247
|
|
|
228
|
|
|||
Investments in available-for-sale securities
|
(402
|
)
|
|
(336
|
)
|
|
(217
|
)
|
|||
Other - net
|
167
|
|
|
(40
|
)
|
|
132
|
|
|||
Net cash provided by (used for) investing activities
|
(6,190
|
)
|
|
(11,427
|
)
|
|
(1,595
|
)
|
|||
|
|
|
|
|
|
||||||
Cash flow from financing activities:
|
|
|
|
|
|
|
|
|
|||
Dividends paid
|
(1,617
|
)
|
|
(1,159
|
)
|
|
(1,084
|
)
|
|||
Distribution to noncontrolling interests
|
(6
|
)
|
|
(3
|
)
|
|
—
|
|
|||
Common stock issued, including treasury shares reissued
|
52
|
|
|
123
|
|
|
296
|
|
|||
Excess tax benefit from stock-based compensation
|
192
|
|
|
189
|
|
|
153
|
|
|||
Acquisitions of redeemable noncontrolling interests
|
(444
|
)
|
|
—
|
|
|
—
|
|
|||
Acquisitions of noncontrolling interests
|
(5
|
)
|
|
(8
|
)
|
|
(132
|
)
|
|||
Proceeds from debt issued (original maturities greater than three months):
|
|
|
|
|
|
|
|
|
|||
- Machinery and Power Systems
|
2,209
|
|
|
4,587
|
|
|
216
|
|
|||
- Financial Products
|
13,806
|
|
|
10,873
|
|
|
8,108
|
|
|||
Payments on debt (original maturities greater than three months):
|
|
|
|
|
|
|
|
|
|||
- Machinery and Power Systems
|
(1,107
|
)
|
|
(2,269
|
)
|
|
(1,298
|
)
|
|||
- Financial Products
|
(9,992
|
)
|
|
(8,324
|
)
|
|
(11,163
|
)
|
|||
Short-term borrowings - net (original maturities three months or less)
|
461
|
|
|
(43
|
)
|
|
291
|
|
|||
Net cash provided by (used for) financing activities
|
3,549
|
|
|
3,966
|
|
|
(4,613
|
)
|
|||
Effect of exchange rate changes on cash
|
(167
|
)
|
|
(84
|
)
|
|
(76
|
)
|
|||
Increase (decrease) in cash and short-term investments
|
2,433
|
|
|
(535
|
)
|
|
(1,275
|
)
|
|||
Cash and short-term investments at beginning of period
|
3,057
|
|
|
3,592
|
|
|
4,867
|
|
|||
Cash and short-term investments at end of period
|
$
|
5,490
|
|
|
$
|
3,057
|
|
|
$
|
3,592
|
|
See accompanying notes to Consolidated Financial Statements.
|
1.
|
Operations and summary of significant accounting policies
|
A.
|
Nature of operations
|
B.
|
Basis of presentation
|
C.
|
Sales and revenue recognition
|
•
|
Retail finance revenue on finance leases and installment sale contracts is recognized over the term of the contract at a constant rate of return on the scheduled outstanding principal balance. Revenue on retail notes is recognized based on the daily balance of retail receivables outstanding and the applicable effective interest rate.
|
•
|
Operating lease revenue is recorded on a straight-line basis in the period earned over the life of the contract.
|
•
|
Cat Financial provides wholesale inventory financing to dealers. Wholesale finance revenue on installment sale contracts and finance leases is recognized over the term of the contract at a constant rate of return on the scheduled outstanding principal balance. Revenue on wholesale notes is recognized based on the daily balance of wholesale receivables outstanding and the applicable effective interest rate.
|
•
|
Loan origination and commitment fees are deferred and then amortized to revenue using the interest method over the life of the finance receivables.
|
D.
|
Inventories
|
E.
|
Depreciation and amortization
|
F.
|
Foreign currency translation
|
G.
|
Derivative financial instruments
|
H.
|
Income taxes
|
I.
|
Estimates in financial statements
|
J.
|
New accounting guidance
|
K.
|
Goodwill
|
L.
|
Accumulated other comprehensive income (loss)
|
|
|
|
|
|
|
|
||||||
|
|
December 31,
|
||||||||||
(Millions of dollars)
|
|
2012
|
|
2011
|
|
2010
|
||||||
Foreign currency translation
|
|
$
|
456
|
|
|
$
|
206
|
|
|
$
|
551
|
|
Pension and other postretirement benefits
|
|
(6,914
|
)
|
|
(6,568
|
)
|
|
(4,695
|
)
|
|||
Derivative financial instruments
|
|
(42
|
)
|
|
(10
|
)
|
|
45
|
|
|||
Available-for-sale securities
|
|
67
|
|
|
44
|
|
|
48
|
|
|||
Total accumulated other comprehensive income (loss)
|
|
$
|
(6,433
|
)
|
1
|
$
|
(6,328
|
)
|
|
$
|
(4,051
|
)
|
|
|
|
|
|
|
|
1
|
In conjunction with the Cat Japan share redemption, to reflect the increase in our ownership interest in Cat Japan from
67 percent
to
100 percent
,
$107 million
was reclassified to Accumulated other comprehensive income (loss) from other components of stockholders' equity and was not included in Comprehensive income during 2012. The amount was comprised of foreign currency translation of
$167 million
, pension and other postretirement benefits of
$(61) million
and available-for-sale securities of
$1 million
.
|
|
|
|
|
|
M.
|
Assets held for sale
|
2.
|
Stock-based compensation
|
TABLE I — Financial Information Related to Stock-based Compensation
|
||||||||||||||||||||
|
2012
|
|
2011
|
|
2010
|
|||||||||||||||
|
Shares
|
|
Weighted-
Average
Exercise
Price
|
|
Shares
|
|
Weighted-
Average
Exercise
Price
|
|
Shares
|
|
Weighted-
Average
Exercise
Price
|
|||||||||
Stock options/SARs activity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Outstanding at beginning of year
|
50,372,991
|
|
|
$
|
53.01
|
|
|
57,882,998
|
|
|
$
|
48.50
|
|
|
63,082,787
|
|
|
$
|
44.24
|
|
Granted to officers and key employees
1
|
3,318,188
|
|
|
$
|
110.09
|
|
|
2,960,595
|
|
|
$
|
102.13
|
|
|
7,556,481
|
|
|
$
|
57.85
|
|
Exercised
|
(7,708,343
|
)
|
|
$
|
38.73
|
|
|
(10,149,476
|
)
|
|
$
|
41.78
|
|
|
(12,568,232
|
)
|
|
$
|
32.83
|
|
Forfeited / expired
|
(155,237
|
)
|
|
$
|
67.50
|
|
|
(321,126
|
)
|
|
$
|
48.02
|
|
|
(188,038
|
)
|
|
$
|
43.64
|
|
Outstanding at end of year
|
45,827,599
|
|
|
$
|
59.45
|
|
|
50,372,991
|
|
|
$
|
53.01
|
|
|
57,882,998
|
|
|
$
|
48.50
|
|
Exercisable at year-end
|
33,962,000
|
|
|
$
|
51.75
|
|
|
35,523,057
|
|
|
$
|
52.66
|
|
|
41,658,033
|
|
|
$
|
48.23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
RSUs activity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Outstanding at beginning of year
|
4,281,490
|
|
|
|
|
|
4,650,241
|
|
|
|
|
|
4,531,545
|
|
|
|
|
|||
Granted to officers and key employees
|
1,429,939
|
|
|
|
|
|
1,082,032
|
|
|
|
|
|
1,711,771
|
|
|
|
|
|||
Vested
|
(2,077,485
|
)
|
|
|
|
|
(1,382,539
|
)
|
|
|
|
|
(1,538,047
|
)
|
|
|
|
|||
Forfeited
|
(53,724
|
)
|
|
|
|
|
(68,244
|
)
|
|
|
|
|
(55,028
|
)
|
|
|
|
|||
Outstanding at end of year
|
3,580,220
|
|
|
|
|
|
4,281,490
|
|
|
|
|
|
4,650,241
|
|
|
|
|
1
|
Of the
3,318,188
awards granted during the year ended December 31,
2012
,
none
were SARs. Of the
2,960,595
awards granted during the year ended December 31,
2011
,
2,722,689
were SARs. Of the
7,556,481
awards granted during the year ended December 31,
2010
,
7,125,210
were SARs.
|
2
|
The difference between a stock award’s exercise price and the underlying stock’s market price at December 31,
2012
, for awards with market price greater than the exercise price. Amounts are in millions of dollars.
|
|
|
|
|
|
TABLE II— Additional Stock-based Award Information
|
||||||||||||
|
|
|
|
|
|
|
||||||
(Dollars in millions except per share data)
|
|
2012
|
|
2011
|
|
2010
|
||||||
Stock Options/SARs activity:
|
|
|
|
|
|
|
|
|
|
|||
Weighted-average fair value per share of stock awards granted
|
|
$
|
39.20
|
|
|
$
|
36.73
|
|
|
$
|
22.31
|
|
Intrinsic value of stock awards exercised
|
|
$
|
488
|
|
|
$
|
618
|
|
|
$
|
518
|
|
Fair value of stock awards vested
|
|
$
|
66
|
|
|
$
|
96
|
|
|
$
|
124
|
|
Cash received from stock awards exercised
|
|
$
|
112
|
|
|
$
|
161
|
|
|
$
|
325
|
|
|
|
|
|
|
|
|
||||||
RSUs activity:
|
|
|
|
|
|
|
|
|
|
|||
Weighted-average fair value per share of stock awards granted
|
|
$
|
104.61
|
|
|
$
|
97.51
|
|
|
$
|
53.35
|
|
Fair value of stock awards vested
|
|
$
|
229
|
|
|
$
|
143
|
|
|
$
|
99
|
|
|
|
|
|
|
|
|
3.
|
Derivative financial instruments and risk management
|
A.
|
Foreign currency exchange rate risk
|
B.
|
Interest rate risk
|
C.
|
Commodity price risk
|
(Millions of dollars)
|
Consolidated Statement of Financial Position Location
|
|
Asset (Liability) Fair Value
|
||||||||||
|
|
|
Years ended December 31,
|
||||||||||
|
|
|
2012
|
|
2011
|
|
2010
|
||||||
Designated derivatives
|
|
|
|
|
|
|
|
|
|
|
|||
Foreign exchange contracts
|
|
|
|
|
|
|
|
|
|
|
|||
Machinery and Power Systems
|
Receivables — trade and other
|
|
$
|
28
|
|
|
$
|
54
|
|
|
$
|
65
|
|
Machinery and Power Systems
|
Long-term receivables — trade and other
|
|
—
|
|
|
19
|
|
|
52
|
|
|||
Machinery and Power Systems
|
Accrued expenses
|
|
(66
|
)
|
|
(73
|
)
|
|
(66
|
)
|
|||
Machinery and Power Systems
|
Other liabilities
|
|
—
|
|
|
(10
|
)
|
|
(1
|
)
|
|||
Interest rate contracts
|
|
|
|
|
|
|
|
|
|
|
|||
Machinery and Power Systems
|
Receivables — trade and other
|
|
—
|
|
|
—
|
|
|
1
|
|
|||
Financial Products
|
Receivables — trade and other
|
|
17
|
|
|
15
|
|
|
14
|
|
|||
Financial Products
|
Long-term receivables — trade and other
|
|
209
|
|
|
233
|
|
|
197
|
|
|||
Financial Products
|
Accrued expenses
|
|
(8
|
)
|
|
(6
|
)
|
|
(18
|
)
|
|||
|
|
|
$
|
180
|
|
|
$
|
232
|
|
|
$
|
244
|
|
|
|
|
|
|
|
|
|
||||||
Undesignated derivatives
|
|
|
|
|
|
|
|
|
|
|
|||
Foreign exchange contracts
|
|
|
|
|
|
|
|
|
|
|
|||
Machinery and Power Systems
|
Receivables — trade and other
|
|
$
|
31
|
|
|
$
|
27
|
|
|
$
|
120
|
|
Machinery and Power Systems
|
Accrued expenses
|
|
(63
|
)
|
|
(12
|
)
|
|
(46
|
)
|
|||
Machinery and Power Systems
|
Other liabilities
|
|
—
|
|
|
(85
|
)
|
|
(58
|
)
|
|||
Financial Products
|
Receivables — trade and other
|
|
10
|
|
|
7
|
|
|
6
|
|
|||
Financial Products
|
Accrued expenses
|
|
(6
|
)
|
|
(16
|
)
|
|
(9
|
)
|
|||
Interest rate contracts
|
|
|
|
|
|
|
|
|
|
|
|||
Machinery and Power Systems
|
Accrued expenses
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
|||
Financial Products
|
Receivables — trade and other
|
|
2
|
|
|
—
|
|
|
—
|
|
|||
Financial Products
|
Accrued expenses
|
|
(1
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|||
Commodity contracts
|
|
|
|
|
|
|
|
|
|
|
|||
Machinery and Power Systems
|
Receivables — trade and other
|
|
1
|
|
|
2
|
|
|
17
|
|
|||
Machinery and Power Systems
|
Accrued expenses
|
|
—
|
|
|
(9
|
)
|
|
—
|
|
|||
|
|
|
$
|
(26
|
)
|
|
$
|
(87
|
)
|
|
$
|
23
|
|
|
|
|
|
|
|
|
|
Fair Value Hedges
|
|
|
|
Year ended December 31, 2012
|
||||||
(Millions of dollars)
|
|
Classification
|
|
Gains (Losses)
on Derivatives
|
|
Gains (Losses)
on Borrowings
|
||||
Interest rate contracts
|
|
|
|
|
|
|
|
|
||
Financial Products
|
|
Other income (expense)
|
|
$
|
(20
|
)
|
|
$
|
36
|
|
|
|
|
|
$
|
(20
|
)
|
|
$
|
36
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
Year ended December 31, 2011
|
||||||
|
|
Classification
|
|
Gains (Losses)
on Derivatives
|
|
Gains (Losses)
on Borrowings
|
||||
Interest rate contracts
|
|
|
|
|
|
|
|
|
||
Machinery and Power Systems
|
|
Other income (expense)
|
|
$
|
(1
|
)
|
|
$
|
1
|
|
Financial Products
|
|
Other income (expense)
|
|
39
|
|
|
(44
|
)
|
||
|
|
|
|
$
|
38
|
|
|
$
|
(43
|
)
|
|
|
|
|
|
|
|
||||
|
|
|
|
Year ended December 31, 2010
|
||||||
|
|
Classification
|
|
Gains (Losses)
on Derivatives
|
|
Gains (Losses)
on Borrowings
|
||||
Interest rate contracts
|
|
|
|
|
|
|
|
|
||
Financial Products
|
|
Other income (expense)
|
|
$
|
107
|
|
|
$
|
(98
|
)
|
|
|
|
|
$
|
107
|
|
|
$
|
(98
|
)
|
|
|
|
|
|
|
|
Cash Flow Hedges
|
|
|
|
|
|
|
|
|
|
|||||||
(Millions of dollars)
|
|
Year ended December 31, 2012
|
|
|||||||||||||
|
|
|
|
Recognized in Earnings
|
|
|||||||||||
|
|
Amount of
Gains (Losses) Recognized in AOCI (Effective Portion) |
|
Classification of
Gains (Losses)
|
|
Amount of Gains (Losses) Reclassified from AOCI to Earnings
|
|
Recognized in Earnings (Ineffective Portion)
|
|
|||||||
Foreign exchange contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Machinery and Power Systems
|
|
$
|
(78
|
)
|
|
Other income (expense)
|
|
$
|
(30
|
)
|
2
|
|
$
|
—
|
|
|
Interest rate contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Financial Products
|
|
1
|
|
|
Interest expense of Financial Products
|
|
4
|
|
|
(1
|
)
|
1
|
||||
|
|
$
|
(77
|
)
|
|
|
|
$
|
(26
|
)
|
|
$
|
(1
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
Year ended December 31, 2011
|
|
|||||||||||||
|
|
|
|
Recognized in Earnings
|
|
|||||||||||
|
|
Amount of
Gains (Losses) Recognized in AOCI (Effective Portion) |
|
Classification of
Gains (Losses)
|
|
Amount of
Gains (Losses)
Reclassified
from AOCI to
Earnings
|
|
Recognized in Earnings (Ineffective Portion)
|
|
|||||||
Foreign exchange contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Machinery and Power Systems
|
|
$
|
34
|
|
|
Other income (expense)
|
|
$
|
70
|
|
|
$
|
—
|
|
|
|
Interest rate contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Machinery and Power Systems
|
|
—
|
|
|
Other income (expense)
|
|
(3
|
)
|
|
—
|
|
|
||||
Financial Products
|
|
(1
|
)
|
|
Interest expense of Financial Products
|
|
(12
|
)
|
|
(2
|
)
|
1
|
||||
|
|
$
|
33
|
|
|
|
|
$
|
55
|
|
|
$
|
(2
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
Year ended December 31, 2010
|
|
|||||||||||||
|
|
|
|
Recognized in Earnings
|
|
|||||||||||
|
|
Amount of
Gains (Losses) Recognized in AOCI (Effective Portion) |
|
Classification of
Gains (Losses)
|
|
Amount of
Gains (Losses)
Reclassified
from AOCI to
Earnings
|
|
Recognized in Earnings (Ineffective Portion)
|
|
|||||||
Foreign exchange contracts
|
|
|
|
|
|
|
|
|
|
|||||||
Machinery and Power Systems
|
|
$
|
(72
|
)
|
|
Other income (expense)
|
|
$
|
(1
|
)
|
|
$
|
2
|
|
|
|
Interest rate contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Machinery and Power Systems
|
|
—
|
|
|
Other income (expense)
|
|
(3
|
)
|
|
—
|
|
|
||||
Financial Products
|
|
(7
|
)
|
|
Interest expense of Financial Products
|
|
(49
|
)
|
|
(1
|
)
|
1
|
||||
|
|
$
|
(79
|
)
|
|
|
|
$
|
(53
|
)
|
|
$
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
The ineffective portion recognized in earnings is included in Other income (expense).
|
2
|
Includes
$7 million
loss reclassified from AOCI to Other income (expense) in 2012 as certain derivatives were dedesignated as the related transactions are no longer probable to occur.
|
|
|
|
|
|
|
|
|
|
Years ended December 31,
|
||||||||||
(Millions of dollars)
|
|
Classification of Gains (Losses)
|
|
2012
|
|
2011
|
|
2010
|
||||||
Foreign exchange contracts
|
|
|
|
|
|
|
|
|
|
|
|
|||
Machinery and Power Systems
|
|
Other income (expense)
|
|
$
|
62
|
|
|
$
|
62
|
|
|
$
|
(45
|
)
|
Financial Products
|
|
Other income (expense)
|
|
6
|
|
|
(15
|
)
|
|
16
|
|
|||
Interest rate contracts
|
|
|
|
|
|
|
|
|
|
|
|
|||
Machinery and Power Systems
|
|
Other income (expense)
|
|
2
|
|
|
(149
|
)
|
|
(8
|
)
|
|||
Financial Products
|
|
Other income (expense)
|
|
—
|
|
|
—
|
|
|
2
|
|
|||
Commodity contracts
|
|
|
|
|
|
|
|
|
|
|
|
|||
Machinery and Power Systems
|
|
Other income (expense)
|
|
2
|
|
|
(17
|
)
|
|
15
|
|
|||
|
|
|
|
$
|
72
|
|
|
$
|
(119
|
)
|
|
$
|
(20
|
)
|
|
|
|
|
|
|
|
|
|
4.
|
Other income (expense)
|
|
|
Years ended December 31,
|
||||||||||
(Millions of dollars)
|
|
2012
|
|
2011
|
|
2010
|
||||||
Investment and interest income
|
|
$
|
82
|
|
|
$
|
85
|
|
|
$
|
86
|
|
Foreign exchange gains (losses)
1
|
|
(116
|
)
|
|
21
|
|
|
(55
|
)
|
|||
License fee income
|
|
99
|
|
|
80
|
|
|
54
|
|
|||
Gains (losses) on sale of securities and affiliated companies
|
|
4
|
|
|
17
|
|
|
9
|
|
|||
Impairment of available-for-sale securities
|
|
(2
|
)
|
|
(5
|
)
|
|
(3
|
)
|
|||
Miscellaneous income (loss)
|
|
63
|
|
|
(230
|
)
|
2
|
39
|
|
|||
|
|
$
|
130
|
|
|
$
|
(32
|
)
|
|
$
|
130
|
|
|
|
|
|
|
5.
|
Income taxes
|
The components of the provision (benefit) for income taxes were:
|
|
|
|
|
|
|
||||||
|
|
Years ended December 31,
|
||||||||||
(Millions of dollars)
|
|
2012
|
|
2011
|
|
2010
|
||||||
Current tax provision (benefit):
|
|
|
|
|
|
|
|
|
|
|||
U.S.
|
|
$
|
971
|
|
|
$
|
750
|
|
|
$
|
247
|
|
Non-U.S.
|
|
1,250
|
|
|
1,014
|
|
|
645
|
|
|||
State (U.S.)
|
|
56
|
|
|
72
|
|
|
44
|
|
|||
|
|
2,277
|
|
|
1,836
|
|
|
936
|
|
|||
|
|
|
|
|
|
|
||||||
Deferred tax provision (benefit):
|
|
|
|
|
|
|
|
|
|
|||
U.S.
|
|
332
|
|
|
2
|
|
|
103
|
|
|||
Non-U.S.
|
|
(89
|
)
|
|
(92
|
)
|
|
(75
|
)
|
|||
State (U.S.)
|
|
8
|
|
|
(26
|
)
|
|
4
|
|
|||
|
|
251
|
|
|
(116
|
)
|
|
32
|
|
|||
Total provision (benefit) for income taxes
|
|
$
|
2,528
|
|
|
$
|
1,720
|
|
|
$
|
968
|
|
|
|
|
|
|
|
|
(Millions of dollars)
|
|
Years ended December 31,
|
|||||||||||||||||||
|
|
2012
|
|
2011
|
|
2010
|
|||||||||||||||
Taxes at U.S. statutory rate
|
|
$
|
2,882
|
|
|
35.0
|
%
|
|
$
|
2,354
|
|
|
35.0
|
%
|
|
$
|
1,313
|
|
|
35.0
|
%
|
(Decreases) increases in taxes resulting from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Non-U.S. subsidiaries taxed at other than 35%
|
|
(342
|
)
|
|
(4.2
|
)%
|
|
(467
|
)
|
|
(6.9
|
)%
|
|
(339
|
)
|
|
(9.0
|
)%
|
|||
State and local taxes, net of federal
|
|
55
|
|
|
0.7
|
%
|
|
30
|
|
|
0.4
|
%
|
|
27
|
|
|
0.7
|
%
|
|||
Interest and penalties, net of tax
|
|
22
|
|
|
0.3
|
%
|
|
25
|
|
|
0.4
|
%
|
|
16
|
|
|
0.4
|
%
|
|||
U.S. research and production incentives
|
|
(80
|
)
|
|
(1.0
|
)%
|
|
(152
|
)
|
|
(2.3
|
)%
|
|
(74
|
)
|
|
(2.0
|
)%
|
|||
Other—net
|
|
(27
|
)
|
|
(0.3
|
)%
|
|
(7
|
)
|
|
(0.1
|
)%
|
|
(5
|
)
|
|
(0.1
|
)%
|
|||
|
|
2,510
|
|
|
30.5
|
%
|
|
1,783
|
|
|
26.5
|
%
|
|
938
|
|
|
25.0
|
%
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Prior year tax and interest adjustments
|
|
(300
|
)
|
|
(3.7
|
)%
|
|
41
|
|
|
0.6
|
%
|
|
(34
|
)
|
|
(0.9
|
)%
|
|||
Nondeductible goodwill
|
|
318
|
|
|
3.9
|
%
|
|
33
|
|
|
0.5
|
%
|
|
—
|
|
|
—
|
%
|
|||
Release of valuation allowances
|
|
—
|
|
|
—
|
%
|
|
(24
|
)
|
|
(0.3
|
)%
|
|
(26
|
)
|
|
(0.7
|
)%
|
|||
Non-U.S. earnings reinvestment changes
|
|
—
|
|
|
—
|
%
|
|
(113
|
)
|
|
(1.7
|
)%
|
|
—
|
|
|
—
|
%
|
|||
Tax law change related to Medicare subsidies
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
90
|
|
|
2.4
|
%
|
|||
Provision (benefit) for income taxes
|
|
$
|
2,528
|
|
|
30.7
|
%
|
|
$
|
1,720
|
|
|
25.6
|
%
|
|
$
|
968
|
|
|
25.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
||||||||||
(Millions of dollars)
|
|
2012
|
|
2011
|
|
2010
|
||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|||
Deferred and refundable income taxes
|
|
$
|
979
|
|
|
$
|
1,044
|
|
|
$
|
579
|
|
Noncurrent deferred and refundable income taxes
|
|
1,863
|
|
|
2,005
|
|
|
2,337
|
|
|||
|
|
2,842
|
|
|
3,049
|
|
|
2,916
|
|
|||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|||
Other current liabilities
|
|
66
|
|
|
69
|
|
|
8
|
|
|||
Other liabilities
|
|
484
|
|
|
559
|
|
|
141
|
|
|||
Deferred income taxes—net
|
|
$
|
2,292
|
|
|
$
|
2,421
|
|
|
$
|
2,767
|
|
|
|
|
|
|
|
|
(Millions of dollars)
|
||||||||||||||||||||||||||
2013
|
|
2014
|
|
2015
|
|
2016
|
|
2017-2033
|
|
Unlimited
|
|
Total
|
||||||||||||||
$
|
6
|
|
|
$
|
11
|
|
|
$
|
10
|
|
|
$
|
8
|
|
|
$
|
576
|
|
|
$
|
1,135
|
|
|
$
|
1,746
|
|
Reconciliation of unrecognized tax benefits:
1
|
|
|
|
|
|
|
||||||
|
|
Years ended December 31,
|
||||||||||
(Millions of dollars)
|
|
2012
|
|
2011
|
|
2010
|
||||||
Balance at January 1,
|
|
$
|
958
|
|
|
$
|
789
|
|
|
$
|
761
|
|
|
|
|
|
|
|
|
||||||
Additions for tax positions related to current year
|
|
64
|
|
|
118
|
|
|
21
|
|
|||
Additions for tax positions related to prior years
|
|
178
|
|
|
108
|
|
|
59
|
|
|||
Reductions for tax positions related to prior years
|
|
(266
|
)
|
|
(30
|
)
|
|
(49
|
)
|
|||
Reductions for settlements
2
|
|
(191
|
)
|
|
—
|
|
|
—
|
|
|||
Reductions for expiration of statute of limitations
|
|
(28
|
)
|
|
(27
|
)
|
|
(3
|
)
|
|||
|
|
|
|
|
|
|
||||||
Balance at December 31,
|
|
$
|
715
|
|
|
$
|
958
|
|
|
$
|
789
|
|
|
|
|
|
|
|
|
||||||
Amount that, if recognized, would impact the effective tax rate
|
|
$
|
669
|
|
|
$
|
835
|
|
|
$
|
667
|
|
1
|
Foreign currency translation amounts are included within each line as applicable.
|
2
|
Includes cash payment or other reduction of assets to settle liability.
|
|
|
|
|
|
6.
|
Cat Financial Financing Activities
|
A.
|
Wholesale inventory receivables
|
B.
|
Finance receivables
|
C.
|
Credit quality of financing receivables and allowance for credit losses
|
•
|
Customer - Finance receivables with retail customers.
|
•
|
Dealer - Finance receivables with Caterpillar dealers.
|
•
|
North America - Finance receivables originated in the United States or Canada.
|
•
|
Europe - Finance receivables originated in Europe, Africa, Middle East and the Commonwealth of Independent States.
|
•
|
Asia Pacific - Finance receivables originated in Australia, New Zealand, China, Japan, South Korea and Southeast Asia.
|
•
|
Mining - Finance receivables related to large mining customers worldwide.
|
•
|
Latin America - Finance receivables originated in Central and South American countries and Mexico.
|
•
|
Caterpillar Power Finance - Finance receivables related to marine vessels with Caterpillar engines worldwide and Caterpillar electrical power generation, gas compression and co-generation systems and non-Caterpillar equipment that is powered by these systems worldwide.
|
|
December 31, 2012
|
||||||||||
(Millions of dollars)
|
Recorded
Investment
|
|
Unpaid
Principal
Balance
|
|
Related
Allowance
|
||||||
Impaired Loans and Finance Leases With No Allowance Recorded
|
|
|
|
|
|
|
|
|
|||
Customer
|
|
|
|
|
|
|
|
|
|||
North America
|
$
|
28
|
|
|
$
|
27
|
|
|
$
|
—
|
|
Europe
|
45
|
|
|
45
|
|
|
—
|
|
|||
Asia Pacific
|
2
|
|
|
2
|
|
|
—
|
|
|||
Mining
|
1
|
|
|
1
|
|
|
—
|
|
|||
Latin America
|
7
|
|
|
7
|
|
|
—
|
|
|||
Caterpillar Power Finance
|
295
|
|
|
295
|
|
|
—
|
|
|||
Total
|
$
|
378
|
|
|
$
|
377
|
|
|
$
|
—
|
|
|
|
|
|
|
|
||||||
Impaired Loans and Finance Leases With An Allowance Recorded
|
|
|
|
|
|
|
|
|
|||
Customer
|
|
|
|
|
|
|
|
|
|||
North America
|
$
|
47
|
|
|
$
|
43
|
|
|
$
|
10
|
|
Europe
|
40
|
|
|
37
|
|
|
14
|
|
|||
Asia Pacific
|
35
|
|
|
35
|
|
|
8
|
|
|||
Mining
|
23
|
|
|
23
|
|
|
5
|
|
|||
Latin America
|
43
|
|
|
43
|
|
|
12
|
|
|||
Caterpillar Power Finance
|
116
|
|
|
112
|
|
|
24
|
|
|||
Total
|
$
|
304
|
|
|
$
|
293
|
|
|
$
|
73
|
|
|
|
|
|
|
|
||||||
Total Impaired Loans and Finance Leases
|
|
|
|
|
|
|
|
|
|||
Customer
|
|
|
|
|
|
|
|
|
|||
North America
|
$
|
75
|
|
|
$
|
70
|
|
|
$
|
10
|
|
Europe
|
85
|
|
|
82
|
|
|
14
|
|
|||
Asia Pacific
|
37
|
|
|
37
|
|
|
8
|
|
|||
Mining
|
24
|
|
|
24
|
|
|
5
|
|
|||
Latin America
|
50
|
|
|
50
|
|
|
12
|
|
|||
Caterpillar Power Finance
|
411
|
|
|
407
|
|
|
24
|
|
|||
Total
|
$
|
682
|
|
|
$
|
670
|
|
|
$
|
73
|
|
|
|
|
|
|
|
|
December 31, 2011
|
||||||||||
(Millions of dollars)
|
Recorded
Investment
|
|
Unpaid
Principal
Balance
|
|
Related
Allowance
|
||||||
Impaired Loans and Finance Leases With No Allowance Recorded
|
|
|
|
|
|
|
|
|
|||
Customer
|
|
|
|
|
|
|
|
|
|||
North America
|
$
|
83
|
|
|
$
|
80
|
|
|
$
|
—
|
|
Europe
|
47
|
|
|
46
|
|
|
—
|
|
|||
Asia Pacific
|
4
|
|
|
4
|
|
|
—
|
|
|||
Mining
|
8
|
|
|
8
|
|
|
—
|
|
|||
Latin America
|
9
|
|
|
9
|
|
|
—
|
|
|||
Caterpillar Power Finance
|
175
|
|
|
170
|
|
|
—
|
|
|||
Total
|
$
|
326
|
|
|
$
|
317
|
|
|
$
|
—
|
|
|
|
|
|
|
|
||||||
Impaired Loans and Finance Leases With An Allowance Recorded
|
|
|
|
|
|
|
|
|
|||
Customer
|
|
|
|
|
|
|
|
|
|||
North America
|
$
|
69
|
|
|
$
|
64
|
|
|
$
|
15
|
|
Europe
|
36
|
|
|
33
|
|
|
12
|
|
|||
Asia Pacific
|
13
|
|
|
13
|
|
|
3
|
|
|||
Mining
|
13
|
|
|
13
|
|
|
4
|
|
|||
Latin America
|
25
|
|
|
25
|
|
|
6
|
|
|||
Caterpillar Power Finance
|
93
|
|
|
92
|
|
|
16
|
|
|||
Total
|
$
|
249
|
|
|
$
|
240
|
|
|
$
|
56
|
|
|
|
|
|
|
|
||||||
Total Impaired Loans and Finance Leases
|
|
|
|
|
|
|
|
|
|||
Customer
|
|
|
|
|
|
|
|
|
|||
North America
|
$
|
152
|
|
|
$
|
144
|
|
|
$
|
15
|
|
Europe
|
83
|
|
|
79
|
|
|
12
|
|
|||
Asia Pacific
|
17
|
|
|
17
|
|
|
3
|
|
|||
Mining
|
21
|
|
|
21
|
|
|
4
|
|
|||
Latin America
|
34
|
|
|
34
|
|
|
6
|
|
|||
Caterpillar Power Finance
|
268
|
|
|
262
|
|
|
16
|
|
|||
Total
|
$
|
575
|
|
|
$
|
557
|
|
|
$
|
56
|
|
|
|
|
|
|
|
|
December 31, 2010
|
||||||||||
(Millions of dollars)
|
Recorded
Investment
|
|
Unpaid
Principal
Balance
|
|
Related
Allowance
|
||||||
Impaired Loans and Finance Leases With No Allowance Recorded
|
|
|
|
|
|
|
|
|
|||
Customer
|
|
|
|
|
|
|
|
|
|||
North America
|
$
|
87
|
|
|
$
|
87
|
|
|
$
|
—
|
|
Europe
|
6
|
|
|
4
|
|
|
—
|
|
|||
Asia Pacific
|
5
|
|
|
5
|
|
|
—
|
|
|||
Mining
|
8
|
|
|
8
|
|
|
—
|
|
|||
Latin America
|
3
|
|
|
3
|
|
|
—
|
|
|||
Caterpillar Power Finance
|
174
|
|
|
174
|
|
|
—
|
|
|||
Total
|
$
|
283
|
|
|
$
|
281
|
|
|
$
|
—
|
|
|
|
|
|
|
|
||||||
Impaired Loans and Finance Leases With An Allowance Recorded
|
|
|
|
|
|
|
|
|
|||
Customer
|
|
|
|
|
|
|
|
|
|||
North America
|
$
|
191
|
|
|
$
|
185
|
|
|
$
|
44
|
|
Europe
|
62
|
|
|
57
|
|
|
15
|
|
|||
Asia Pacific
|
27
|
|
|
27
|
|
|
7
|
|
|||
Mining
|
—
|
|
|
—
|
|
|
—
|
|
|||
Latin America
|
44
|
|
|
43
|
|
|
9
|
|
|||
Caterpillar Power Finance
|
34
|
|
|
33
|
|
|
4
|
|
|||
Total
|
$
|
358
|
|
|
$
|
345
|
|
|
$
|
79
|
|
|
|
|
|
|
|
||||||
Total Impaired Loans and Finance Leases
|
|
|
|
|
|
|
|
|
|||
Customer
|
|
|
|
|
|
|
|
|
|||
North America
|
$
|
278
|
|
|
$
|
272
|
|
|
$
|
44
|
|
Europe
|
68
|
|
|
61
|
|
|
15
|
|
|||
Asia Pacific
|
32
|
|
|
32
|
|
|
7
|
|
|||
Mining
|
8
|
|
|
8
|
|
|
—
|
|
|||
Latin America
|
47
|
|
|
46
|
|
|
9
|
|
|||
Caterpillar Power Finance
|
208
|
|
|
207
|
|
|
4
|
|
|||
Total
|
$
|
641
|
|
|
$
|
626
|
|
|
$
|
79
|
|
|
|
|
|
|
|
|
|
Years ended December 31,
|
||||||||||||||||||||||
|
|
2012
|
|
2011
|
|
2010
|
||||||||||||||||||
(Millions of dollars)
|
|
Average
Recorded
Investment
|
|
Interest
Income Recognized |
|
Average
Recorded
Investment
|
|
Interest
Income Recognized |
|
Average
Recorded
Investment
|
|
Interest
Income Recognized |
||||||||||||
Impaired Loans and Finance Leases With No Allowance Recorded
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Customer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
North America
|
|
$
|
50
|
|
|
$
|
3
|
|
|
$
|
91
|
|
|
$
|
4
|
|
|
$
|
39
|
|
|
$
|
2
|
|
Europe
|
|
45
|
|
|
1
|
|
|
11
|
|
|
—
|
|
|
7
|
|
|
—
|
|
||||||
Asia Pacific
|
|
3
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
6
|
|
|
—
|
|
||||||
Mining
|
|
8
|
|
|
—
|
|
|
8
|
|
|
1
|
|
|
3
|
|
|
—
|
|
||||||
Latin America
|
|
6
|
|
|
—
|
|
|
9
|
|
|
1
|
|
|
5
|
|
|
—
|
|
||||||
Caterpillar Power Finance
|
|
220
|
|
|
2
|
|
|
221
|
|
|
6
|
|
|
92
|
|
|
—
|
|
||||||
Total
|
|
$
|
332
|
|
|
$
|
6
|
|
|
$
|
345
|
|
|
$
|
12
|
|
|
$
|
152
|
|
|
$
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Impaired Loans and Finance Leases With An Allowance Recorded
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Customer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
North America
|
|
$
|
58
|
|
|
$
|
1
|
|
|
$
|
142
|
|
|
$
|
5
|
|
|
$
|
271
|
|
|
$
|
11
|
|
Europe
|
|
43
|
|
|
2
|
|
|
50
|
|
|
2
|
|
|
85
|
|
|
4
|
|
||||||
Asia Pacific
|
|
27
|
|
|
2
|
|
|
17
|
|
|
1
|
|
|
34
|
|
|
3
|
|
||||||
Mining
|
|
38
|
|
|
2
|
|
|
6
|
|
|
—
|
|
|
6
|
|
|
—
|
|
||||||
Latin America
|
|
43
|
|
|
2
|
|
|
39
|
|
|
2
|
|
|
39
|
|
|
3
|
|
||||||
Caterpillar Power Finance
|
|
99
|
|
|
—
|
|
|
83
|
|
|
—
|
|
|
17
|
|
|
—
|
|
||||||
Total
|
|
$
|
308
|
|
|
$
|
9
|
|
|
$
|
337
|
|
|
$
|
10
|
|
|
$
|
452
|
|
|
$
|
21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total Impaired Loans and Finance Leases
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Customer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
North America
|
|
$
|
108
|
|
|
$
|
4
|
|
|
$
|
233
|
|
|
$
|
9
|
|
|
$
|
310
|
|
|
$
|
13
|
|
Europe
|
|
88
|
|
|
3
|
|
|
61
|
|
|
2
|
|
|
92
|
|
|
4
|
|
||||||
Asia Pacific
|
|
30
|
|
|
2
|
|
|
22
|
|
|
1
|
|
|
40
|
|
|
3
|
|
||||||
Mining
|
|
46
|
|
|
2
|
|
|
14
|
|
|
1
|
|
|
9
|
|
|
—
|
|
||||||
Latin America
|
|
49
|
|
|
2
|
|
|
48
|
|
|
3
|
|
|
44
|
|
|
3
|
|
||||||
Caterpillar Power Finance
|
|
319
|
|
|
2
|
|
|
304
|
|
|
6
|
|
|
109
|
|
|
—
|
|
||||||
Total
|
|
$
|
640
|
|
|
$
|
15
|
|
|
$
|
682
|
|
|
$
|
22
|
|
|
$
|
604
|
|
|
$
|
23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
||||||||||
(Millions of dollars)
|
|
2012
|
|
2011
|
|
2010
|
||||||
Customer
|
|
|
|
|
|
|
|
|
||||
North America
|
|
$
|
59
|
|
|
$
|
112
|
|
|
$
|
217
|
|
Europe
|
|
38
|
|
|
58
|
|
|
89
|
|
|||
Asia Pacific
|
|
36
|
|
|
24
|
|
|
24
|
|
|||
Mining
|
|
12
|
|
|
12
|
|
|
7
|
|
|||
Latin America
|
|
148
|
|
|
108
|
|
|
139
|
|
|||
Caterpillar Power Finance
|
|
220
|
|
|
158
|
|
|
163
|
|
|||
Total
|
|
$
|
513
|
|
|
$
|
472
|
|
|
$
|
639
|
|
|
|
|
|
|
|
|
(Millions of dollars)
|
|
December 31, 2012
|
||||||||||||||||||||||||||
|
|
31-60 Days Past Due
|
|
61-90 Days Past Due
|
|
91+
Days Past Due
|
|
Total Past
Due
|
|
Current
|
|
Total
Finance
Receivables
|
|
91+ Still
Accruing
|
||||||||||||||
Customer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
North America
|
|
$
|
35
|
|
|
$
|
8
|
|
|
$
|
52
|
|
|
$
|
95
|
|
|
$
|
5,872
|
|
|
$
|
5,967
|
|
|
$
|
—
|
|
Europe
|
|
23
|
|
|
9
|
|
|
36
|
|
|
68
|
|
|
2,487
|
|
|
2,555
|
|
|
6
|
|
|||||||
Asia Pacific
|
|
53
|
|
|
19
|
|
|
54
|
|
|
126
|
|
|
2,912
|
|
|
3,038
|
|
|
18
|
|
|||||||
Mining
|
|
—
|
|
|
1
|
|
|
12
|
|
|
13
|
|
|
1,960
|
|
|
1,973
|
|
|
—
|
|
|||||||
Latin America
|
|
62
|
|
|
19
|
|
|
138
|
|
|
219
|
|
|
2,500
|
|
|
2,719
|
|
|
—
|
|
|||||||
Caterpillar Power Finance
|
|
15
|
|
|
14
|
|
|
126
|
|
|
155
|
|
|
3,017
|
|
|
3,172
|
|
|
4
|
|
|||||||
Dealer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
North America
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,063
|
|
|
2,063
|
|
|
—
|
|
|||||||
Europe
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
185
|
|
|
185
|
|
|
—
|
|
|||||||
Asia Pacific
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
751
|
|
|
751
|
|
|
—
|
|
|||||||
Mining
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|||||||
Latin America
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
884
|
|
|
884
|
|
|
—
|
|
|||||||
Caterpillar Power Finance
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Total
|
|
$
|
188
|
|
|
$
|
70
|
|
|
$
|
418
|
|
|
$
|
676
|
|
|
$
|
22,632
|
|
|
$
|
23,308
|
|
|
$
|
28
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Millions of dollars)
|
|
December 31, 2011
|
||||||||||||||||||||||||||
|
|
31-60 Days Past Due
|
|
61-90 Days Past Due
|
|
91+
Days Past Due
|
|
Total Past
Due
|
|
Current
|
|
Total
Finance
Receivables
|
|
91+ Still
Accruing
|
||||||||||||||
Customer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
North America
|
|
$
|
74
|
|
|
$
|
39
|
|
|
$
|
111
|
|
|
$
|
224
|
|
|
$
|
5,378
|
|
|
$
|
5,602
|
|
|
$
|
9
|
|
Europe
|
|
27
|
|
|
11
|
|
|
57
|
|
|
95
|
|
|
2,129
|
|
|
2,224
|
|
|
10
|
|
|||||||
Asia Pacific
|
|
47
|
|
|
23
|
|
|
38
|
|
|
108
|
|
|
2,769
|
|
|
2,877
|
|
|
14
|
|
|||||||
Mining
|
|
—
|
|
|
—
|
|
|
12
|
|
|
12
|
|
|
1,473
|
|
|
1,485
|
|
|
—
|
|
|||||||
Latin America
|
|
32
|
|
|
15
|
|
|
99
|
|
|
146
|
|
|
2,339
|
|
|
2,485
|
|
|
—
|
|
|||||||
Caterpillar Power Finance
|
|
14
|
|
|
16
|
|
|
125
|
|
|
155
|
|
|
2,765
|
|
|
2,920
|
|
|
25
|
|
|||||||
Dealer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
North America
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,689
|
|
|
1,689
|
|
|
—
|
|
|||||||
Europe
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
57
|
|
|
57
|
|
|
—
|
|
|||||||
Asia Pacific
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
161
|
|
|
161
|
|
|
—
|
|
|||||||
Mining
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Latin America
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
480
|
|
|
480
|
|
|
—
|
|
|||||||
Caterpillar Power Finance
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Total
|
|
$
|
194
|
|
|
$
|
104
|
|
|
$
|
442
|
|
|
$
|
740
|
|
|
$
|
19,240
|
|
|
$
|
19,980
|
|
|
$
|
58
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Millions of dollars)
|
|
December 31, 2010
|
||||||||||||||||||||||||||
|
|
31-60 Days Past Due
|
|
61-90 Days Past Due
|
|
91+
Days Past Due
|
|
Total Past
Due
|
|
Current
|
|
Total
Finance
Receivables
|
|
91+ Still
Accruing
|
||||||||||||||
Customer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
North America
|
|
$
|
139
|
|
|
$
|
44
|
|
|
$
|
228
|
|
|
$
|
411
|
|
|
$
|
6,037
|
|
|
$
|
6,448
|
|
|
$
|
27
|
|
Europe
|
|
27
|
|
|
12
|
|
|
106
|
|
|
145
|
|
|
2,365
|
|
|
2,510
|
|
|
26
|
|
|||||||
Asia Pacific
|
|
63
|
|
|
17
|
|
|
37
|
|
|
117
|
|
|
2,537
|
|
|
2,654
|
|
|
12
|
|
|||||||
Mining
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
875
|
|
|
875
|
|
|
—
|
|
|||||||
Latin America
|
|
44
|
|
|
16
|
|
|
144
|
|
|
204
|
|
|
2,222
|
|
|
2,426
|
|
|
1
|
|
|||||||
Caterpillar Power Finance
|
|
18
|
|
|
17
|
|
|
54
|
|
|
89
|
|
|
2,978
|
|
|
3,067
|
|
|
25
|
|
|||||||
Dealer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
North America
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,291
|
|
|
1,291
|
|
|
—
|
|
|||||||
Europe
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
41
|
|
|
41
|
|
|
—
|
|
|||||||
Asia Pacific
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
151
|
|
|
151
|
|
|
—
|
|
|||||||
Mining
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Latin America
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
457
|
|
|
457
|
|
|
—
|
|
|||||||
Caterpillar Power Finance
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
3
|
|
|
—
|
|
|||||||
Total
|
|
$
|
291
|
|
|
$
|
106
|
|
|
$
|
569
|
|
|
$
|
966
|
|
|
$
|
18,957
|
|
|
$
|
19,923
|
|
|
$
|
91
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Millions of dollars)
|
|
December 31, 2012
|
||||||||||
|
|
Customer
|
|
Dealer
|
|
Total
|
||||||
Allowance for Credit Losses:
|
|
|
|
|
|
|
|
|
|
|||
Balance at beginning of year
|
|
$
|
360
|
|
|
$
|
6
|
|
|
$
|
366
|
|
Receivables written off
|
|
(149
|
)
|
|
—
|
|
|
(149
|
)
|
|||
Recoveries on receivables previously written off
|
|
47
|
|
|
—
|
|
|
47
|
|
|||
Provision for credit losses
|
|
157
|
|
|
3
|
|
|
160
|
|
|||
Other
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|||
Balance at end of year
|
|
$
|
414
|
|
|
$
|
9
|
|
|
$
|
423
|
|
|
|
|
|
|
|
|
||||||
Individually evaluated for impairment
|
|
$
|
73
|
|
|
$
|
—
|
|
|
$
|
73
|
|
Collectively evaluated for impairment
|
|
341
|
|
|
9
|
|
|
350
|
|
|||
Ending Balance
|
|
$
|
414
|
|
|
$
|
9
|
|
|
$
|
423
|
|
|
|
|
|
|
|
|
||||||
Recorded Investment in Finance Receivables:
|
|
|
|
|
|
|
|
|
|
|||
Individually evaluated for impairment
|
|
$
|
682
|
|
|
$
|
—
|
|
|
$
|
682
|
|
Collectively evaluated for impairment
|
|
18,742
|
|
|
3,884
|
|
|
22,626
|
|
|||
Ending Balance
|
|
$
|
19,424
|
|
|
$
|
3,884
|
|
|
$
|
23,308
|
|
|
|
|
|
|
|
|
(Millions of dollars)
|
|
December 31, 2011
|
||||||||||
|
|
Customer
|
|
Dealer
|
|
Total
|
||||||
Allowance for Credit Losses:
|
|
|
|
|
|
|
|
|
|
|||
Balance at beginning of year
|
|
$
|
357
|
|
|
$
|
5
|
|
|
$
|
362
|
|
Receivables written off
|
|
(210
|
)
|
|
—
|
|
|
(210
|
)
|
|||
Recoveries on receivables previously written off
|
|
52
|
|
|
—
|
|
|
52
|
|
|||
Provision for credit losses
|
|
167
|
|
|
1
|
|
|
168
|
|
|||
Other
|
|
(6
|
)
|
|
—
|
|
|
(6
|
)
|
|||
Balance at end of year
|
|
$
|
360
|
|
|
$
|
6
|
|
|
$
|
366
|
|
|
|
|
|
|
|
|
||||||
Individually evaluated for impairment
|
|
$
|
56
|
|
|
$
|
—
|
|
|
$
|
56
|
|
Collectively evaluated for impairment
|
|
304
|
|
|
6
|
|
|
310
|
|
|||
Ending Balance
|
|
$
|
360
|
|
|
$
|
6
|
|
|
$
|
366
|
|
|
|
|
|
|
|
|
||||||
Recorded Investment in Finance Receivables:
|
|
|
|
|
|
|
|
|
|
|||
Individually evaluated for impairment
|
|
$
|
575
|
|
|
$
|
—
|
|
|
$
|
575
|
|
Collectively evaluated for impairment
|
|
17,018
|
|
|
2,387
|
|
|
19,405
|
|
|||
Ending Balance
|
|
$
|
17,593
|
|
|
$
|
2,387
|
|
|
$
|
19,980
|
|
|
|
|
|
|
|
|
(Millions of dollars)
|
|
December 31, 2010
|
||
Allowance for Credit Losses:
|
|
|
|
|
Balance at beginning of year
|
|
$
|
376
|
|
Receivables written off
|
|
(288
|
)
|
|
Recoveries on receivables previously written off
|
|
51
|
|
|
Provision for credit losses
|
|
205
|
|
|
Adjustment to adopt consolidation of variable-interest entities
|
|
18
|
|
|
Other
–
net
|
|
—
|
|
|
Balance at end of year
|
|
$
|
362
|
|
|
|
|
(Millions of dollars)
|
|
December 31, 2010
|
||||||||||
|
|
Customer
|
|
Dealer
|
|
Total
|
||||||
Individually evaluated for impairment
|
|
$
|
79
|
|
|
$
|
—
|
|
|
$
|
79
|
|
Collectively evaluated for impairment
|
|
278
|
|
|
5
|
|
|
283
|
|
|||
Ending Balance
|
|
$
|
357
|
|
|
$
|
5
|
|
|
$
|
362
|
|
|
|
|
|
|
|
|
||||||
Recorded Investment in Finance Receivables:
|
|
|
|
|
|
|
|
|
|
|||
Individually evaluated for impairment
|
|
$
|
641
|
|
|
$
|
—
|
|
|
$
|
641
|
|
Collectively evaluated for impairment
|
|
17,339
|
|
|
1,943
|
|
|
19,282
|
|
|||
Ending Balance
|
|
$
|
17,980
|
|
|
$
|
1,943
|
|
|
$
|
19,923
|
|
|
(Millions of dollars)
|
|
December 31, 2012
|
||||||||||
|
|
Customer
|
|
Dealer
|
|
Total
|
||||||
Performing
|
|
|
|
|
|
|
|
|
|
|||
North America
|
|
$
|
5,908
|
|
|
$
|
2,063
|
|
|
$
|
7,971
|
|
Europe
|
|
2,517
|
|
|
185
|
|
|
2,702
|
|
|||
Asia Pacific
|
|
3,002
|
|
|
751
|
|
|
3,753
|
|
|||
Mining
|
|
1,961
|
|
|
1
|
|
|
1,962
|
|
|||
Latin America
|
|
2,571
|
|
|
884
|
|
|
3,455
|
|
|||
Caterpillar Power Finance
|
|
2,952
|
|
|
—
|
|
|
2,952
|
|
|||
Total Performing
|
|
$
|
18,911
|
|
|
$
|
3,884
|
|
|
$
|
22,795
|
|
|
|
|
|
|
|
|
||||||
Non-Performing
|
|
|
|
|
|
|
|
|
|
|||
North America
|
|
$
|
59
|
|
|
$
|
—
|
|
|
$
|
59
|
|
Europe
|
|
38
|
|
|
—
|
|
|
38
|
|
|||
Asia Pacific
|
|
36
|
|
|
—
|
|
|
36
|
|
|||
Mining
|
|
12
|
|
|
—
|
|
|
12
|
|
|||
Latin America
|
|
148
|
|
|
—
|
|
|
148
|
|
|||
Caterpillar Power Finance
|
|
220
|
|
|
—
|
|
|
220
|
|
|||
Total Non-Performing
|
|
$
|
513
|
|
|
$
|
—
|
|
|
$
|
513
|
|
|
|
|
|
|
|
|
||||||
Performing & Non-Performing
|
|
|
|
|
|
|
|
|
|
|||
North America
|
|
$
|
5,967
|
|
|
$
|
2,063
|
|
|
$
|
8,030
|
|
Europe
|
|
2,555
|
|
|
185
|
|
|
2,740
|
|
|||
Asia Pacific
|
|
3,038
|
|
|
751
|
|
|
3,789
|
|
|||
Mining
|
|
1,973
|
|
|
1
|
|
|
1,974
|
|
|||
Latin America
|
|
2,719
|
|
|
884
|
|
|
3,603
|
|
|||
Caterpillar Power Finance
|
|
3,172
|
|
|
—
|
|
|
3,172
|
|
|||
Total
|
|
$
|
19,424
|
|
|
$
|
3,884
|
|
|
$
|
23,308
|
|
|
|
|
|
|
|
|
(Millions of dollars)
|
|
December 31, 2011
|
||||||||||
|
|
Customer
|
|
Dealer
|
|
Total
|
||||||
Performing
|
|
|
|
|
|
|
|
|
|
|||
North America
|
|
$
|
5,490
|
|
|
$
|
1,689
|
|
|
$
|
7,179
|
|
Europe
|
|
2,166
|
|
|
57
|
|
|
2,223
|
|
|||
Asia Pacific
|
|
2,853
|
|
|
161
|
|
|
3,014
|
|
|||
Mining
|
|
1,473
|
|
|
—
|
|
|
1,473
|
|
|||
Latin America
|
|
2,377
|
|
|
480
|
|
|
2,857
|
|
|||
Caterpillar Power Finance
|
|
2,762
|
|
|
—
|
|
|
2,762
|
|
|||
Total Performing
|
|
$
|
17,121
|
|
|
$
|
2,387
|
|
|
$
|
19,508
|
|
|
|
|
|
|
|
|
||||||
Non-Performing
|
|
|
|
|
|
|
|
|
|
|||
North America
|
|
$
|
112
|
|
|
$
|
—
|
|
|
$
|
112
|
|
Europe
|
|
58
|
|
|
—
|
|
|
58
|
|
|||
Asia Pacific
|
|
24
|
|
|
—
|
|
|
24
|
|
|||
Mining
|
|
12
|
|
|
—
|
|
|
12
|
|
|||
Latin America
|
|
108
|
|
|
—
|
|
|
108
|
|
|||
Caterpillar Power Finance
|
|
158
|
|
|
—
|
|
|
158
|
|
|||
Total Non-Performing
|
|
$
|
472
|
|
|
$
|
—
|
|
|
$
|
472
|
|
|
|
|
|
|
|
|
||||||
Performing & Non-Performing
|
|
|
|
|
|
|
|
|
|
|||
North America
|
|
$
|
5,602
|
|
|
$
|
1,689
|
|
|
$
|
7,291
|
|
Europe
|
|
2,224
|
|
|
57
|
|
|
2,281
|
|
|||
Asia Pacific
|
|
2,877
|
|
|
161
|
|
|
3,038
|
|
|||
Mining
|
|
1,485
|
|
|
—
|
|
|
1,485
|
|
|||
Latin America
|
|
2,485
|
|
|
480
|
|
|
2,965
|
|
|||
Caterpillar Power Finance
|
|
2,920
|
|
|
—
|
|
|
2,920
|
|
|||
Total
|
|
$
|
17,593
|
|
|
$
|
2,387
|
|
|
$
|
19,980
|
|
|
|
|
|
|
|
|
(Millions of dollars)
|
|
December 31, 2010
|
||||||||||
|
|
Customer
|
|
Dealer
|
|
Total
|
||||||
Performing
|
|
|
|
|
|
|
|
|
|
|||
North America
|
|
$
|
6,231
|
|
|
$
|
1,291
|
|
|
$
|
7,522
|
|
Europe
|
|
2,421
|
|
|
41
|
|
|
2,462
|
|
|||
Asia Pacific
|
|
2,630
|
|
|
151
|
|
|
2,781
|
|
|||
Mining
|
|
868
|
|
|
—
|
|
|
868
|
|
|||
Latin America
|
|
2,287
|
|
|
457
|
|
|
2,744
|
|
|||
Caterpillar Power Finance
|
|
2,904
|
|
|
3
|
|
|
2,907
|
|
|||
Total Performing
|
|
$
|
17,341
|
|
|
$
|
1,943
|
|
|
$
|
19,284
|
|
|
|
|
|
|
|
|
||||||
Non-Performing
|
|
|
|
|
|
|
|
|
|
|||
North America
|
|
$
|
217
|
|
|
$
|
—
|
|
|
$
|
217
|
|
Europe
|
|
89
|
|
|
—
|
|
|
89
|
|
|||
Asia Pacific
|
|
24
|
|
|
—
|
|
|
24
|
|
|||
Mining
|
|
7
|
|
|
—
|
|
|
7
|
|
|||
Latin America
|
|
139
|
|
|
—
|
|
|
139
|
|
|||
Caterpillar Power Finance
|
|
163
|
|
|
—
|
|
|
163
|
|
|||
Total Non-Performing
|
|
$
|
639
|
|
|
$
|
—
|
|
|
$
|
639
|
|
|
|
|
|
|
|
|
||||||
Performing & Non-Performing
|
|
|
|
|
|
|
|
|
|
|||
North America
|
|
$
|
6,448
|
|
|
$
|
1,291
|
|
|
$
|
7,739
|
|
Europe
|
|
2,510
|
|
|
41
|
|
|
2,551
|
|
|||
Asia Pacific
|
|
2,654
|
|
|
151
|
|
|
2,805
|
|
|||
Mining
|
|
875
|
|
|
—
|
|
|
875
|
|
|||
Latin America
|
|
2,426
|
|
|
457
|
|
|
2,883
|
|
|||
Caterpillar Power Finance
|
|
3,067
|
|
|
3
|
|
|
3,070
|
|
|||
Total
|
|
$
|
17,980
|
|
|
$
|
1,943
|
|
|
$
|
19,923
|
|
|
|
|
|
|
|
|
(Dollars in millions)
|
|
Year ended December 31, 2012
|
|
Year ended December 31, 2011
|
||||||||||||||||||
|
|
Number
of Contracts
|
|
Pre-TDR
Outstanding Recorded Investment |
|
Post-TDR
Outstanding Recorded
Investment
|
|
Number
of Contracts
|
|
Pre-TDR
Outstanding Recorded Investment |
|
Post-TDR
Outstanding Recorded
Investment
|
||||||||||
Customer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
North America
|
|
98
|
|
|
$
|
15
|
|
|
$
|
15
|
|
|
71
|
|
|
$
|
13
|
|
|
$
|
13
|
|
Europe
1
|
|
21
|
|
|
8
|
|
|
8
|
|
|
7
|
|
|
44
|
|
|
44
|
|
||||
Asia Pacific
|
|
12
|
|
|
3
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Mining
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Latin America
|
|
41
|
|
|
5
|
|
|
5
|
|
|
12
|
|
|
10
|
|
|
10
|
|
||||
Caterpillar Power Finance
2,3
|
|
27
|
|
|
253
|
|
|
253
|
|
|
35
|
|
|
117
|
|
|
117
|
|
||||
Total
4
|
|
199
|
|
|
$
|
284
|
|
|
$
|
284
|
|
|
125
|
|
|
$
|
184
|
|
|
$
|
184
|
|
1
|
One
customer comprises
$43 million
of the
$44 million
pre-TDR and post-TDR outstanding recorded investment for the year ended December 31, 2011.
|
2
|
Ten
customers comprise
$248 million
of the
$253 million
pre-TDR and post-TDR outstanding recorded investment for the year ended December 31, 2012.
Three
customers comprise
$104 million
of the
$117 million
pre-TDR and post-TDR outstanding recorded investment for the year ended December 31, 2011.
|
3
|
During the years ended December 31, 2012 and 2011,
$24 million
and
$15 million
, respectively, of additional funds were subsequently loaned to a borrower whose terms had been modified in a TDR. The
$24 million
and
$15 million
of additional funds are not reflected in the table above as no incremental modifications have been made with the borrower during the periods presented. At December 31, 2012, remaining commitments to lend additional funds to a borrower whose terms have been modified in a TDR were
$1 million
.
|
4
|
Modifications include extended contract maturities, inclusion of interest only periods, below market interest rates, and extended skip payment periods.
|
|
|
|
|
|
(Dollars in millions)
|
|
Year ended December 31, 2012
|
|
Year ended December 31, 2011
|
||||||||||
|
|
Number
of Contracts |
|
Post-TDR
Recorded Investment |
|
Number
of Contracts |
|
Post-TDR
Recorded Investment |
||||||
Customer
|
|
|
|
|
|
|
|
|
|
|
||||
North America
|
|
49
|
|
|
$
|
4
|
|
|
48
|
|
|
$
|
26
|
|
Europe
|
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
||
Asia Pacific
|
|
2
|
|
|
1
|
|
|
—
|
|
|
—
|
|
||
Mining
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Latin America
|
|
—
|
|
|
—
|
|
|
7
|
|
|
4
|
|
||
Caterpillar Power Finance
1
|
|
16
|
|
|
21
|
|
|
14
|
|
|
70
|
|
||
Total
|
|
67
|
|
|
$
|
26
|
|
|
70
|
|
|
$
|
101
|
|
1
|
Two
customers comprise
$19 million
of the
$21 million
post-TDR recorded investment for the year ended December 31, 2012.
Two
customers comprise
$65 million
of the
$70 million
post-TDR recorded investment for the year ended December 31, 2011.
|
|
|
|
|
|
D.
|
Securitized Retail Installment Sale Contracts and Finance Leases
|
7.
|
Inventories
|
|
|
December 31,
|
||||||||||
(Millions of dollars)
|
|
2012
|
|
2011
|
|
2010
|
||||||
Raw materials
|
|
$
|
3,573
|
|
|
$
|
3,766
|
|
|
$
|
2,766
|
|
Work-in-process
|
|
2,920
|
|
|
2,959
|
|
|
1,483
|
|
|||
Finished goods
|
|
8,767
|
|
|
7,562
|
|
|
5,098
|
|
|||
Supplies
|
|
287
|
|
|
257
|
|
|
240
|
|
|||
Total inventories
|
|
$
|
15,547
|
|
|
$
|
14,544
|
|
|
$
|
9,587
|
|
|
|
|
|
|
|
|
8.
|
Property, plant and equipment
|
|
|
|
|
December 31,
|
||||||||||
(Millions of dollars)
|
|
Useful
Lives (Years)
|
|
2012
|
|
2011
|
|
2010
|
||||||
Land
|
|
—
|
|
$
|
723
|
|
|
$
|
753
|
|
|
$
|
682
|
|
Buildings and land improvements
|
|
20-45
|
|
6,214
|
|
|
5,857
|
|
|
5,174
|
|
|||
Machinery, equipment and other
|
|
3-10
|
|
16,073
|
|
|
14,435
|
|
|
13,414
|
|
|||
Equipment leased to others
|
|
1-10
|
|
4,658
|
|
|
4,285
|
|
|
4,444
|
|
|||
Construction-in-process
|
|
—
|
|
2,264
|
|
|
1,996
|
|
|
1,192
|
|
|||
|
|
|
|
|
|
|
|
|
||||||
Total property, plant and equipment, at cost
|
|
|
|
29,932
|
|
|
27,326
|
|
|
24,906
|
|
|||
Less: Accumulated depreciation
|
|
|
|
(13,471
|
)
|
|
(12,931
|
)
|
|
(12,367
|
)
|
|||
Property, plant and equipment–net
|
|
|
|
$
|
16,461
|
|
|
$
|
14,395
|
|
|
$
|
12,539
|
|
|
|
|
|
|
|
|
|
|
1
|
Included in Property, plant and equipment table above.
|
2
|
Consists primarily of machinery and equipment.
|
|
|
|
|
|
(Millions of dollars)
|
||||||||||||||||||||||
2013
|
|
2014
|
|
2015
|
|
2016
|
|
2017
|
|
Thereafter
|
||||||||||||
$
|
15
|
|
|
$
|
10
|
|
|
$
|
7
|
|
|
$
|
18
|
|
|
$
|
4
|
|
|
$
|
34
|
|
Equipment leased to others (primarily by Cat Financial):
|
|
|
|
|
|
|
||||||
|
|
December 31,
|
||||||||||
(Millions of dollars)
|
|
2012
|
|
2011
|
|
2010
|
||||||
Equipment leased to others–at original cost
|
|
$
|
4,658
|
|
|
$
|
4,285
|
|
|
$
|
4,444
|
|
Less: Accumulated depreciation
|
|
(1,383
|
)
|
|
(1,406
|
)
|
|
(1,533
|
)
|
|||
Equipment leased to others–net
|
|
$
|
3,275
|
|
|
$
|
2,879
|
|
|
$
|
2,911
|
|
|
|
|
|
|
|
|
(Millions of dollars)
|
||||||||||||||||||||||
2013
|
|
2014
|
|
2015
|
|
2016
|
|
2017
|
|
Thereafter
|
||||||||||||
$
|
798
|
|
|
$
|
551
|
|
|
$
|
337
|
|
|
$
|
187
|
|
|
$
|
74
|
|
|
$
|
35
|
|
9.
|
Investments in unconsolidated affiliated companies
|
Results of Operations of unconsolidated affiliated companies:
|
|
|
|
|
|
|
||||||
|
|
Years ended December 31,
|
||||||||||
(Millions of dollars)
|
|
2012
|
|
2011
|
|
2010
|
||||||
Results of Operations:
|
|
|
|
|
|
|
|
|
|
|||
Sales
|
|
$
|
1,084
|
|
|
$
|
966
|
|
|
$
|
812
|
|
Cost of sales
|
|
872
|
|
|
797
|
|
|
627
|
|
|||
Gross profit
|
|
$
|
212
|
|
|
$
|
169
|
|
|
$
|
185
|
|
|
|
|
|
|
|
|
||||||
Profit (loss)
|
|
$
|
28
|
|
|
$
|
(46
|
)
|
|
$
|
(36
|
)
|
|
|
|
|
|
|
|
Caterpillar’s investments in unconsolidated affiliated companies:
|
|
|
|
|
|
|
||||||
|
|
December 31,
|
||||||||||
(Millions of dollars)
|
|
2012
|
|
2011
|
|
2010
|
||||||
Investments in equity method companies
|
|
$
|
256
|
|
|
$
|
111
|
|
|
$
|
135
|
|
Plus: Investments in cost method companies
|
|
16
|
|
|
22
|
|
|
29
|
|
|||
Total investments in unconsolidated affiliated companies
|
|
$
|
272
|
|
|
$
|
133
|
|
|
$
|
164
|
|
|
|
|
|
|
|
|
A.
|
Intangible assets
|
|
|
|
|
December 31, 2012
|
||||||||||
(Millions of dollars)
|
|
Weighted
Amortizable
Life (Years)
|
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net
|
||||||
Customer relationships
|
|
15
|
|
$
|
2,756
|
|
|
$
|
(377
|
)
|
|
$
|
2,379
|
|
Intellectual property
|
|
12
|
|
1,767
|
|
|
(342
|
)
|
|
1,425
|
|
|||
Other
|
|
10
|
|
299
|
|
|
(105
|
)
|
|
194
|
|
|||
Total finite-lived intangible assets
|
|
13
|
|
4,822
|
|
|
(824
|
)
|
|
3,998
|
|
|||
Indefinite-lived intangible assets - In-process research & development
|
|
|
|
18
|
|
|
—
|
|
|
18
|
|
|||
Total intangible assets
|
|
|
|
$
|
4,840
|
|
|
$
|
(824
|
)
|
|
$
|
4,016
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
December 31, 2011
|
||||||||||
|
|
Weighted
Amortizable
Life (Years)
|
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net
|
||||||
Customer relationships
|
|
15
|
|
$
|
2,811
|
|
|
$
|
(213
|
)
|
|
$
|
2,598
|
|
Intellectual property
|
|
11
|
|
1,794
|
|
|
(244
|
)
|
|
1,550
|
|
|||
Other
|
|
11
|
|
299
|
|
|
(97
|
)
|
|
202
|
|
|||
Total finite-lived intangible assets
|
|
13
|
|
4,904
|
|
|
(554
|
)
|
|
4,350
|
|
|||
Indefinite-lived intangible assets - In-process research & development
|
|
|
|
18
|
|
|
—
|
|
|
18
|
|
|||
Total intangible assets
|
|
|
|
$
|
4,922
|
|
|
$
|
(554
|
)
|
|
$
|
4,368
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
December 31, 2010
|
||||||||||
|
|
Weighted
Amortizable
Life (Years)
|
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net
|
||||||
Customer relationships
|
|
17
|
|
$
|
630
|
|
|
$
|
(108
|
)
|
|
$
|
522
|
|
Intellectual property
|
|
9
|
|
306
|
|
|
(166
|
)
|
|
140
|
|
|||
Other
|
|
13
|
|
197
|
|
|
(72
|
)
|
|
125
|
|
|||
Total finite-lived intangible assets
|
|
14
|
|
1,133
|
|
|
(346
|
)
|
|
787
|
|
|||
Indefinite-lived intangible assets - In-process research & development
|
|
|
|
18
|
|
|
—
|
|
|
18
|
|
|||
Total intangible assets
|
|
|
|
$
|
1,151
|
|
|
$
|
(346
|
)
|
|
$
|
805
|
|
|
|
|
|
|
|
|
|
|
(Millions of dollars)
|
||||||||||||||||||||||
2013
|
|
2014
|
|
2015
|
|
2016
|
|
2017
|
|
Thereafter
|
||||||||||||
$
|
380
|
|
|
$
|
375
|
|
|
$
|
371
|
|
|
$
|
365
|
|
|
$
|
359
|
|
|
$
|
2,166
|
|
|
|
|
|
|
|
|
|
|
|
|
B.
|
Goodwill
|
(Millions of dollars)
|
|
December 31, 2011
|
|
Acquisitions
|
|
Held for Sale and Business Divestitures
1
|
|
Impairment Loss
|
|
Other Adjustments
2
|
|
December 31, 2012
|
||||||||||||
Construction Industries
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Goodwill
|
|
$
|
378
|
|
|
$
|
22
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(18
|
)
|
|
$
|
382
|
|
Resource Industries
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Goodwill
|
|
4,121
|
|
|
597
|
|
|
(181
|
)
|
|
—
|
|
|
22
|
|
|
4,559
|
|
||||||
Impairments
|
|
(22
|
)
|
|
—
|
|
|
—
|
|
|
(580
|
)
|
|
—
|
|
|
(602
|
)
|
||||||
Net goodwill
|
|
4,099
|
|
|
597
|
|
|
(181
|
)
|
|
(580
|
)
|
|
22
|
|
|
3,957
|
|
||||||
Power Systems
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Goodwill
|
|
2,486
|
|
|
9
|
|
|
—
|
|
|
—
|
|
|
(9
|
)
|
|
2,486
|
|
||||||
All Other
3
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Goodwill
|
|
117
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
117
|
|
||||||
Consolidated total
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Goodwill
|
|
7,102
|
|
|
628
|
|
|
(181
|
)
|
|
—
|
|
|
(5
|
)
|
|
7,544
|
|
||||||
Impairments
|
|
(22
|
)
|
|
—
|
|
|
—
|
|
|
(580
|
)
|
|
—
|
|
|
(602
|
)
|
||||||
Net goodwill
|
|
$
|
7,080
|
|
|
$
|
628
|
|
|
$
|
(181
|
)
|
|
$
|
(580
|
)
|
|
$
|
(5
|
)
|
|
$
|
6,942
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
December 31, 2010
|
|
Acquisitions
|
|
Held for Sale and Business Divestitures
1
|
|
Impairment Loss
|
|
Other Adjustments
2
|
|
December 31, 2011
|
||||||||||||
Construction Industries
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Goodwill
|
|
$
|
357
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
21
|
|
|
$
|
378
|
|
Resource Industries
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Goodwill
|
|
73
|
|
|
4,616
|
|
|
(397
|
)
|
|
—
|
|
|
(171
|
)
|
|
4,121
|
|
||||||
Impairments
|
|
(22
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(22
|
)
|
||||||
Net goodwill
|
|
51
|
|
|
4,616
|
|
|
(397
|
)
|
|
—
|
|
|
(171
|
)
|
|
4,099
|
|
||||||
Power Systems
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Goodwill
|
|
2,077
|
|
|
410
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
2,486
|
|
||||||
All Other
3
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Goodwill
|
|
129
|
|
|
—
|
|
|
(12
|
)
|
|
—
|
|
|
—
|
|
|
117
|
|
||||||
Consolidated total
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Goodwill
|
|
2,636
|
|
|
5,026
|
|
|
(409
|
)
|
|
—
|
|
|
(151
|
)
|
|
7,102
|
|
||||||
Impairments
|
|
(22
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(22
|
)
|
||||||
Net goodwill
|
|
$
|
2,614
|
|
|
$
|
5,026
|
|
|
$
|
(409
|
)
|
|
$
|
—
|
|
|
$
|
(151
|
)
|
|
$
|
7,080
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
December 31, 2009
|
|
Acquisitions
|
|
Held for Sale and Business Divestitures
1
|
|
Impairment Loss
|
|
Other Adjustments
2
|
|
December 31, 2010
|
||||||||||||
Construction Industries
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Goodwill
|
|
$
|
342
|
|
|
$
|
5
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
10
|
|
|
$
|
357
|
|
Resource Industries
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Goodwill
|
|
69
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
73
|
|
||||||
Impairments
|
|
(22
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(22
|
)
|
||||||
Net goodwill
|
|
47
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
51
|
|
||||||
Power Systems
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Goodwill
|
|
1,751
|
|
|
326
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,077
|
|
||||||
All Other
3
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Goodwill
|
|
129
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
129
|
|
||||||
Consolidated total
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Goodwill
|
|
2,291
|
|
|
334
|
|
|
—
|
|
|
—
|
|
|
11
|
|
|
2,636
|
|
||||||
Impairments
|
|
(22
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(22
|
)
|
||||||
Net goodwill
|
|
$
|
2,269
|
|
|
$
|
334
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
11
|
|
|
$
|
2,614
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
See Note 25 for additional information.
|
2
|
Other adjustments are comprised primarily of foreign currency translation.
|
3
|
Includes All Other operating segment (See Note 22).
|
|
|
|
|
|
11.
|
Available-for-sale securities
|
|
|
December 31, 2012
|
|
December 31, 2011
|
|
December 31, 2010
|
||||||||||||||||||||||||||||||
(Millions of dollars)
|
|
Cost
Basis
|
|
Unrealized
Pretax Net
Gains
(Losses)
|
|
Fair
Value
|
|
Cost
Basis
|
|
Unrealized
Pretax Net
Gains
(Losses)
|
|
Fair
Value
|
|
Cost
Basis
|
|
Unrealized
Pretax Net
Gains
(Losses)
|
|
Fair
Value
|
||||||||||||||||||
Government debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
U.S. treasury bonds
|
|
$
|
10
|
|
|
$
|
—
|
|
|
$
|
10
|
|
|
$
|
10
|
|
|
$
|
—
|
|
|
$
|
10
|
|
|
$
|
12
|
|
|
$
|
—
|
|
|
$
|
12
|
|
Other U.S. and non-U.S. government bonds
|
|
144
|
|
|
2
|
|
|
146
|
|
|
90
|
|
|
2
|
|
|
92
|
|
|
76
|
|
|
1
|
|
|
77
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Corporate bonds
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Corporate bonds
|
|
626
|
|
|
38
|
|
|
664
|
|
|
542
|
|
|
30
|
|
|
572
|
|
|
481
|
|
|
30
|
|
|
511
|
|
|||||||||
Asset-backed securities
|
|
96
|
|
|
—
|
|
|
96
|
|
|
112
|
|
|
(1
|
)
|
|
111
|
|
|
136
|
|
|
—
|
|
|
136
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Mortgage-backed debt securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
U.S. governmental agency
|
|
291
|
|
|
8
|
|
|
299
|
|
|
297
|
|
|
13
|
|
|
310
|
|
|
258
|
|
|
15
|
|
|
273
|
|
|||||||||
Residential
|
|
26
|
|
|
(1
|
)
|
|
25
|
|
|
33
|
|
|
(3
|
)
|
|
30
|
|
|
43
|
|
|
(3
|
)
|
|
40
|
|
|||||||||
Commercial
|
|
117
|
|
|
10
|
|
|
127
|
|
|
142
|
|
|
3
|
|
|
145
|
|
|
164
|
|
|
4
|
|
|
168
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Equity securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Large capitalization value
|
|
147
|
|
|
38
|
|
|
185
|
|
|
127
|
|
|
21
|
|
|
148
|
|
|
100
|
|
|
22
|
|
|
122
|
|
|||||||||
Smaller company growth
|
|
22
|
|
|
12
|
|
|
34
|
|
|
22
|
|
|
7
|
|
|
29
|
|
|
23
|
|
|
8
|
|
|
31
|
|
|||||||||
Total
|
|
$
|
1,479
|
|
|
$
|
107
|
|
|
$
|
1,586
|
|
|
$
|
1,375
|
|
|
$
|
72
|
|
|
$
|
1,447
|
|
|
$
|
1,293
|
|
|
$
|
77
|
|
|
$
|
1,370
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
Indicates length of time that individual securities have been in a continuous unrealized loss position.
|
|
|
|
|
|
1
|
Indicates length of time that individual securities have been in a continuous unrealized loss position.
|
|
|
|
|
|
1
|
Indicates length of time that individual securities have been in a continuous unrealized loss position.
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
December 31, 2012
|
||||||
(Millions of dollars)
|
|
Cost Basis
|
|
Fair Value
|
||||
Due in one year or less
|
|
$
|
161
|
|
|
$
|
162
|
|
Due after one year through five years
|
|
595
|
|
|
623
|
|
||
Due after five years through ten years
|
|
78
|
|
|
90
|
|
||
Due after ten years
|
|
42
|
|
|
41
|
|
||
U.S. governmental agency mortgage-backed securities
|
|
291
|
|
|
299
|
|
||
Residential mortgage-backed securities
|
|
26
|
|
|
25
|
|
||
Commercial mortgage-backed securities
|
|
117
|
|
|
127
|
|
||
Total debt securities – available-for-sale
|
|
$
|
1,310
|
|
|
$
|
1,367
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Sales of Securities:
|
|
|
|
|
|
|
||||||
|
|
Years Ended December 31,
|
||||||||||
(Millions of dollars)
|
|
2012
|
|
2011
|
|
2010
|
||||||
Proceeds from the sale of available-for-sale securities
|
|
$
|
306
|
|
|
$
|
247
|
|
|
$
|
228
|
|
Gross gains from the sale of available-for-sale securities
|
|
$
|
6
|
|
|
$
|
4
|
|
|
$
|
10
|
|
Gross losses from the sale of available-for-sale securities
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
1
|
|
|
|
|
|
|
|
|
12.
|
Postemployment benefit plans
|
A.
|
Benefit obligations
|
|
|
U.S. Pension Benefits
|
|
Non-U.S. Pension Benefits
|
|
Other Postretirement
Benefits
|
||||||||||||||||||||||||||||||
(Millions of dollars)
|
|
2012
|
|
2011
|
|
2010
|
|
2012
|
|
2011
|
|
2010
|
|
2012
|
|
2011
|
|
2010
|
||||||||||||||||||
Change in benefit obligation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Benefit obligation, beginning of year
|
|
$
|
14,782
|
|
|
$
|
13,024
|
|
|
$
|
12,064
|
|
|
$
|
4,299
|
|
|
$
|
3,867
|
|
|
$
|
3,542
|
|
|
$
|
5,381
|
|
|
$
|
5,184
|
|
|
$
|
4,537
|
|
Service cost
|
|
185
|
|
|
158
|
|
|
210
|
|
|
108
|
|
|
115
|
|
|
92
|
|
|
92
|
|
|
84
|
|
|
68
|
|
|||||||||
Interest cost
|
|
609
|
|
|
651
|
|
|
652
|
|
|
182
|
|
|
182
|
|
|
162
|
|
|
221
|
|
|
253
|
|
|
245
|
|
|||||||||
Plan amendments
|
|
—
|
|
|
1
|
|
|
4
|
|
|
12
|
|
|
(24
|
)
|
|
35
|
|
|
(38
|
)
|
|
(121
|
)
|
|
—
|
|
|||||||||
Actuarial losses (gains)
|
|
1,168
|
|
|
1,635
|
|
|
1,140
|
|
|
385
|
|
|
312
|
|
|
153
|
|
|
186
|
|
|
306
|
|
|
602
|
|
|||||||||
Foreign currency exchange rates
|
|
—
|
|
|
—
|
|
|
—
|
|
|
49
|
|
|
(32
|
)
|
|
34
|
|
|
(11
|
)
|
|
(19
|
)
|
|
14
|
|
|||||||||
Participant contributions
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|
9
|
|
|
9
|
|
|
48
|
|
|
44
|
|
|
45
|
|
|||||||||
Benefits paid - gross
|
|
(831
|
)
|
|
(823
|
)
|
|
(820
|
)
|
|
(190
|
)
|
|
(187
|
)
|
|
(168
|
)
|
|
(394
|
)
|
|
(388
|
)
|
|
(379
|
)
|
|||||||||
Less: federal subsidy on benefits paid
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16
|
|
|
14
|
|
|
15
|
|
|||||||||
Curtailments, settlements and special termination benefits
|
|
—
|
|
|
(3
|
)
|
|
(235
|
)
|
|
(67
|
)
|
|
(83
|
)
|
|
(52
|
)
|
|
(48
|
)
|
|
(6
|
)
|
|
—
|
|
|||||||||
Acquisitions, divestitures and other
1
|
|
—
|
|
|
139
|
|
|
9
|
|
|
(50
|
)
|
|
140
|
|
|
60
|
|
|
—
|
|
|
30
|
|
|
37
|
|
|||||||||
Benefit obligation, end of year
|
|
$
|
15,913
|
|
|
$
|
14,782
|
|
|
$
|
13,024
|
|
|
$
|
4,737
|
|
|
$
|
4,299
|
|
|
$
|
3,867
|
|
|
$
|
5,453
|
|
|
$
|
5,381
|
|
|
$
|
5,184
|
|
Accumulated benefit obligation, end of year
|
|
$
|
15,132
|
|
|
$
|
14,055
|
|
|
$
|
12,558
|
|
|
$
|
4,329
|
|
|
$
|
3,744
|
|
|
$
|
3,504
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Weighted-average assumptions used to
determine benefit obligation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Discount rate
2
|
|
3.7
|
%
|
|
4.3
|
%
|
|
5.1
|
%
|
|
3.7
|
%
|
|
4.3
|
%
|
|
4.6
|
%
|
|
3.7
|
%
|
|
4.3
|
%
|
|
5.0
|
%
|
|||||||||
Rate of compensation increase
2
|
|
4.5
|
%
|
|
4.5
|
%
|
|
4.5
|
%
|
|
3.9
|
%
|
|
3.9
|
%
|
|
4.2
|
%
|
|
4.4
|
%
|
|
4.4
|
%
|
|
4.4
|
%
|
1
|
See Note 23 regarding the acquisitions of Electro-Motive Diesel in 2010 and Bucyrus International in 2011. See Note 25 regarding the divestiture of the third party logistics business in 2012.
|
2
|
End of year rates are used to determine net periodic cost for the subsequent year. See Note 12E.
|
|
|
|
|
|
(Millions of dollars)
|
|
One-percentage-
point increase
|
|
One-percentage-
point decrease
|
||||
Effect on 2012 service and interest cost components of other postretirement benefit cost
|
|
$
|
27
|
|
|
$
|
(22
|
)
|
Effect on accumulated postretirement benefit obligation
|
|
$
|
343
|
|
|
$
|
(285
|
)
|
B.
|
Plan assets
|
|
|
U.S. Pension Benefits
|
|
Non-U.S. Pension Benefits
|
|
Other Postretirement
Benefits
|
||||||||||||||||||||||||||||||
(Millions of dollars)
|
|
2012
|
|
2011
|
|
2010
|
|
2012
|
|
2011
|
|
2010
|
|
2012
|
|
2011
|
|
2010
|
||||||||||||||||||
Change in plan assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Fair value of plan assets, beginning of year
|
|
$
|
9,997
|
|
|
$
|
10,760
|
|
|
$
|
9,029
|
|
|
$
|
2,818
|
|
|
$
|
2,880
|
|
|
$
|
2,797
|
|
|
$
|
814
|
|
|
$
|
996
|
|
|
$
|
1,063
|
|
Actual return on plan assets
|
|
1,235
|
|
|
(270
|
)
|
|
1,628
|
|
|
368
|
|
|
(83
|
)
|
|
193
|
|
|
117
|
|
|
(45
|
)
|
|
129
|
|
|||||||||
Foreign currency exchange rates
|
|
—
|
|
|
—
|
|
|
—
|
|
|
47
|
|
|
(1
|
)
|
|
17
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Company contributions
|
|
580
|
|
|
212
|
|
|
919
|
|
|
446
|
|
|
234
|
|
|
58
|
|
|
204
|
|
|
207
|
|
|
138
|
|
|||||||||
Participant contributions
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|
9
|
|
|
9
|
|
|
48
|
|
|
44
|
|
|
45
|
|
|||||||||
Benefits paid
|
|
(831
|
)
|
|
(823
|
)
|
|
(820
|
)
|
|
(190
|
)
|
|
(187
|
)
|
|
(168
|
)
|
|
(394
|
)
|
|
(388
|
)
|
|
(379
|
)
|
|||||||||
Settlements and special termination benefits
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(72
|
)
|
|
(41
|
)
|
|
(51
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Acquisitions / other
1
|
|
—
|
|
|
118
|
|
|
4
|
|
|
—
|
|
|
7
|
|
|
25
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Fair value of plan assets, end of year
|
|
$
|
10,981
|
|
|
$
|
9,997
|
|
|
$
|
10,760
|
|
|
$
|
3,426
|
|
|
$
|
2,818
|
|
|
$
|
2,880
|
|
|
$
|
789
|
|
|
$
|
814
|
|
|
$
|
996
|
|
1
|
See Note 23 regarding the acquisitions of Electro-Motive Diesel in 2010 and Bucyrus International in 2011.
|
|
|
|
|
|
•
|
Equity securities are primarily based on valuations for identical instruments in active markets.
|
•
|
Fixed income securities are primarily based upon models that take into consideration such market-based factors as recent sales, risk-free yield curves and prices of similarly rated bonds.
|
•
|
Real estate is stated at the fund’s net asset value or at appraised value.
|
•
|
Cash, short-term instruments and other are based on the carrying amount, which approximates fair value, or at the fund’s net asset value.
|
|
|
December 31, 2012
|
||||||||||||||
(Millions of dollars)
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total Assets,
at Fair Value
|
||||||||
U.S. Pension
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Equity securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. equities
|
|
$
|
4,460
|
|
|
$
|
3
|
|
|
$
|
98
|
|
|
$
|
4,561
|
|
Non-U.S. equities
|
|
2,691
|
|
|
2
|
|
|
—
|
|
|
2,693
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Fixed income securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. corporate bonds
|
|
—
|
|
|
1,490
|
|
|
23
|
|
|
1,513
|
|
||||
Non-U.S. corporate bonds
|
|
—
|
|
|
231
|
|
|
10
|
|
|
241
|
|
||||
U.S. government bonds
|
|
—
|
|
|
694
|
|
|
8
|
|
|
702
|
|
||||
U.S. governmental agency mortgage-backed securities
|
|
—
|
|
|
794
|
|
|
1
|
|
|
795
|
|
||||
Non-U.S. government bonds
|
|
—
|
|
|
33
|
|
|
3
|
|
|
36
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Real estate
|
|
—
|
|
|
—
|
|
|
8
|
|
|
8
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Cash, short-term instruments and other
|
|
13
|
|
|
419
|
|
|
—
|
|
|
432
|
|
||||
Total U.S. pension assets
|
|
$
|
7,164
|
|
|
$
|
3,666
|
|
|
$
|
151
|
|
|
$
|
10,981
|
|
|
|
December 31, 2011
|
||||||||||||||
(Millions of dollars)
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total Assets,
at Fair Value
|
||||||||
U.S. Pension
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Equity securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. equities
|
|
$
|
4,314
|
|
|
$
|
—
|
|
|
$
|
77
|
|
|
$
|
4,391
|
|
Non-U.S. equities
|
|
2,366
|
|
|
—
|
|
|
—
|
|
|
2,366
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Fixed income securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. corporate bonds
|
|
—
|
|
|
1,178
|
|
|
35
|
|
|
1,213
|
|
||||
Non-U.S. corporate bonds
|
|
—
|
|
|
143
|
|
|
6
|
|
|
149
|
|
||||
U.S. government bonds
|
|
—
|
|
|
462
|
|
|
7
|
|
|
469
|
|
||||
U.S. governmental agency mortgage-backed securities
|
|
—
|
|
|
891
|
|
|
3
|
|
|
894
|
|
||||
Non-U.S. government bonds
|
|
—
|
|
|
31
|
|
|
—
|
|
|
31
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Real estate
|
|
—
|
|
|
—
|
|
|
8
|
|
|
8
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Cash, short-term instruments and other
|
|
48
|
|
|
428
|
|
|
—
|
|
|
476
|
|
||||
Total U.S. pension assets
|
|
$
|
6,728
|
|
|
$
|
3,133
|
|
|
$
|
136
|
|
|
$
|
9,997
|
|
|
|
December 31, 2010
|
||||||||||||||
(Millions of dollars)
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total Assets,
at Fair Value
|
||||||||
U.S. Pension
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Equity securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. equities
|
|
$
|
4,975
|
|
|
$
|
1
|
|
|
$
|
46
|
|
|
$
|
5,022
|
|
Non-U.S. equities
|
|
2,884
|
|
|
—
|
|
|
4
|
|
|
2,888
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Fixed income securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. corporate bonds
|
|
—
|
|
|
1,412
|
|
|
38
|
|
|
1,450
|
|
||||
Non-U.S. corporate bonds
|
|
—
|
|
|
92
|
|
|
1
|
|
|
93
|
|
||||
U.S. government bonds
|
|
—
|
|
|
299
|
|
|
5
|
|
|
304
|
|
||||
U.S. governmental agency mortgage-backed securities
|
|
—
|
|
|
634
|
|
|
4
|
|
|
638
|
|
||||
Non-U.S. government bonds
|
|
—
|
|
|
22
|
|
|
—
|
|
|
22
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Real estate
|
|
—
|
|
|
—
|
|
|
10
|
|
|
10
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Cash, short-term instruments and other
|
|
70
|
|
|
263
|
|
|
—
|
|
|
333
|
|
||||
Total U.S. pension assets
|
|
$
|
7,929
|
|
|
$
|
2,723
|
|
|
$
|
108
|
|
|
$
|
10,760
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2012
|
||||||||||||||
(Millions of dollars)
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total Assets,
at Fair Value
|
||||||||
Non-U.S. Pension
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Equity securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. equities
|
|
$
|
436
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
438
|
|
Non-U.S. equities
|
|
1,038
|
|
|
118
|
|
|
—
|
|
|
1,156
|
|
||||
Global equities
1
|
|
244
|
|
|
27
|
|
|
—
|
|
|
271
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Fixed income securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. corporate bonds
|
|
—
|
|
|
37
|
|
|
3
|
|
|
40
|
|
||||
Non-U.S. corporate bonds
|
|
—
|
|
|
494
|
|
|
2
|
|
|
496
|
|
||||
U.S. government bonds
|
|
—
|
|
|
3
|
|
|
—
|
|
|
3
|
|
||||
Non-U.S. government bonds
|
|
—
|
|
|
169
|
|
|
—
|
|
|
169
|
|
||||
Global fixed income
1
|
|
—
|
|
|
403
|
|
|
—
|
|
|
403
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Real estate
|
|
—
|
|
|
114
|
|
|
104
|
|
|
218
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Cash, short-term instruments and other
2
|
|
185
|
|
|
47
|
|
|
—
|
|
|
232
|
|
||||
Total non-U.S. pension assets
|
|
$
|
1,903
|
|
|
$
|
1,414
|
|
|
$
|
109
|
|
|
$
|
3,426
|
|
|
|
December 31, 2011
|
||||||||||||||
(Millions of dollars)
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total Assets,
at Fair Value
|
||||||||
Non-U.S. Pension
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Equity securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. equities
|
|
$
|
356
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
357
|
|
Non-U.S. equities
|
|
822
|
|
|
84
|
|
|
—
|
|
|
906
|
|
||||
Global equities
1
|
|
198
|
|
|
40
|
|
|
—
|
|
|
238
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Fixed income securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. corporate bonds
|
|
—
|
|
|
16
|
|
|
4
|
|
|
20
|
|
||||
Non-U.S. corporate bonds
|
|
—
|
|
|
395
|
|
|
5
|
|
|
400
|
|
||||
U.S. government bonds
|
|
—
|
|
|
3
|
|
|
—
|
|
|
3
|
|
||||
Non-U.S. government bonds
|
|
—
|
|
|
200
|
|
|
—
|
|
|
200
|
|
||||
Global fixed income
1
|
|
—
|
|
|
363
|
|
|
—
|
|
|
363
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Real estate
|
|
—
|
|
|
100
|
|
|
97
|
|
|
197
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Cash, short-term instruments and other
2
|
|
109
|
|
|
25
|
|
|
—
|
|
|
134
|
|
||||
Total non-U.S. pension assets
|
|
$
|
1,485
|
|
|
$
|
1,227
|
|
|
$
|
106
|
|
|
$
|
2,818
|
|
|
|
December 31, 2010
|
||||||||||||||
(Millions of dollars)
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total Assets,
at Fair Value
|
||||||||
Non-U.S. Pension
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Equity securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. equities
|
|
$
|
359
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
359
|
|
Non-U.S. equities
|
|
916
|
|
|
90
|
|
|
1
|
|
|
1,007
|
|
||||
Global equities
1
|
|
153
|
|
|
37
|
|
|
—
|
|
|
190
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Fixed income securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. corporate bonds
|
|
—
|
|
|
18
|
|
|
2
|
|
|
20
|
|
||||
Non-U.S. corporate bonds
|
|
—
|
|
|
374
|
|
|
5
|
|
|
379
|
|
||||
U.S. government bonds
|
|
—
|
|
|
5
|
|
|
—
|
|
|
5
|
|
||||
Non-U.S. government bonds
|
|
—
|
|
|
163
|
|
|
1
|
|
|
164
|
|
||||
Global fixed income
1
|
|
—
|
|
|
374
|
|
|
—
|
|
|
374
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Real estate
|
|
—
|
|
|
89
|
|
|
90
|
|
|
179
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Cash, short-term instruments and other
2
|
|
61
|
|
|
107
|
|
|
35
|
|
|
203
|
|
||||
Total non-U.S. pension assets
|
|
$
|
1,489
|
|
|
$
|
1,257
|
|
|
$
|
134
|
|
|
$
|
2,880
|
|
1
|
Includes funds that invest in both U.S. and non-U.S. securities.
|
2
|
Includes funds that invest in multiple asset classes, hedge funds and other.
|
|
|
|
|
|
|
|
December 31, 2012
|
||||||||||||||
(Millions of dollars)
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total Assets,
at Fair Value
|
||||||||
Other Postretirement Benefits
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Equity securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. equities
|
|
$
|
387
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
387
|
|
Non-U.S. equities
|
|
194
|
|
|
—
|
|
|
—
|
|
|
194
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Fixed income securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. corporate bonds
|
|
—
|
|
|
70
|
|
|
—
|
|
|
70
|
|
||||
Non-U.S. corporate bonds
|
|
—
|
|
|
11
|
|
|
—
|
|
|
11
|
|
||||
U.S. government bonds
|
|
—
|
|
|
27
|
|
|
—
|
|
|
27
|
|
||||
U.S. governmental agency mortgage-backed securities
|
|
—
|
|
|
33
|
|
|
—
|
|
|
33
|
|
||||
Non-U.S. government bonds
|
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Cash, short-term instruments and other
|
|
18
|
|
|
47
|
|
|
—
|
|
|
65
|
|
||||
Total other postretirement benefit assets
|
|
$
|
599
|
|
|
$
|
190
|
|
|
$
|
—
|
|
|
$
|
789
|
|
|
|
December 31, 2011
|
||||||||||||||
(Millions of dollars)
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total Assets,
at Fair Value
|
||||||||
Other Postretirement Benefits
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Equity securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. equities
|
|
$
|
410
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
410
|
|
Non-U.S. equities
|
|
191
|
|
|
—
|
|
|
—
|
|
|
191
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Fixed income securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. corporate bonds
|
|
—
|
|
|
67
|
|
|
—
|
|
|
67
|
|
||||
Non-U.S. corporate bonds
|
|
—
|
|
|
8
|
|
|
—
|
|
|
8
|
|
||||
U.S. government bonds
|
|
—
|
|
|
21
|
|
|
—
|
|
|
21
|
|
||||
U.S. governmental agency mortgage-backed securities
|
|
—
|
|
|
47
|
|
|
—
|
|
|
47
|
|
||||
Non-U.S. government bonds
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Cash, short-term instruments and other
|
|
4
|
|
|
65
|
|
|
—
|
|
|
69
|
|
||||
Total other postretirement benefit assets
|
|
$
|
605
|
|
|
$
|
209
|
|
|
$
|
—
|
|
|
$
|
814
|
|
|
|
December 31, 2010
|
||||||||||||||
(Millions of dollars)
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total Assets,
at Fair Value
|
||||||||
Other Postretirement Benefits
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Equity securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. equities
|
|
$
|
512
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
512
|
|
Non-U.S. equities
|
|
289
|
|
|
—
|
|
|
—
|
|
|
289
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Fixed income securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. corporate bonds
|
|
—
|
|
|
79
|
|
|
—
|
|
|
79
|
|
||||
Non-U.S. corporate bonds
|
|
—
|
|
|
6
|
|
|
—
|
|
|
6
|
|
||||
U.S. government bonds
|
|
—
|
|
|
14
|
|
|
—
|
|
|
14
|
|
||||
U.S. governmental agency mortgage-backed securities
|
|
—
|
|
|
43
|
|
|
—
|
|
|
43
|
|
||||
Non-U.S. government bonds
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Cash, short-term instruments and other
|
|
19
|
|
|
33
|
|
|
—
|
|
|
52
|
|
||||
Total other postretirement benefit assets
|
|
$
|
820
|
|
|
$
|
176
|
|
|
$
|
—
|
|
|
$
|
996
|
|
|
|
|
|
|
(Millions of dollars)
|
|
Equities
|
|
Fixed Income
|
|
Real Estate
|
|
Other
|
||||||||
U.S. Pension
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Balance at December 31, 2009
|
|
$
|
51
|
|
|
$
|
57
|
|
|
$
|
10
|
|
|
$
|
—
|
|
Unrealized gains (losses)
|
|
11
|
|
|
1
|
|
|
—
|
|
|
—
|
|
||||
Realized gains (losses)
|
|
(1
|
)
|
|
3
|
|
|
—
|
|
|
—
|
|
||||
Purchases, issuances and settlements, net
|
|
32
|
|
|
(9
|
)
|
|
—
|
|
|
—
|
|
||||
Transfers in and/or out of Level 3
|
|
(43
|
)
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
||||
Balance at December 31, 2010
|
|
$
|
50
|
|
|
$
|
48
|
|
|
$
|
10
|
|
|
$
|
—
|
|
Unrealized gains (losses)
|
|
(4
|
)
|
|
(2
|
)
|
|
(2
|
)
|
|
—
|
|
||||
Realized gains (losses)
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Purchases, issuances and settlements, net
|
|
30
|
|
|
17
|
|
|
—
|
|
|
—
|
|
||||
Transfers in and/or out of Level 3
|
|
—
|
|
|
(12
|
)
|
|
—
|
|
|
—
|
|
||||
Balance at December 31, 2011
|
|
$
|
77
|
|
|
$
|
51
|
|
|
$
|
8
|
|
|
$
|
—
|
|
Unrealized gains (losses)
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
||||
Realized gains (losses)
|
|
4
|
|
|
2
|
|
|
—
|
|
|
—
|
|
||||
Purchases, issuances and settlements, net
|
|
21
|
|
|
(4
|
)
|
|
—
|
|
|
1
|
|
||||
Transfers in and/or out of Level 3
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
||||
Balance at December 31, 2012
|
|
$
|
98
|
|
|
$
|
45
|
|
|
$
|
8
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
||||||||
Non-U.S. Pension
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Balance at December 31, 2009
|
|
$
|
5
|
|
|
$
|
14
|
|
|
$
|
71
|
|
|
$
|
51
|
|
Unrealized gains (losses)
|
|
(1
|
)
|
|
—
|
|
|
7
|
|
|
1
|
|
||||
Realized gains (losses)
|
|
1
|
|
|
—
|
|
|
—
|
|
|
5
|
|
||||
Purchases, issuances and settlements, net
|
|
(2
|
)
|
|
(3
|
)
|
|
12
|
|
|
(22
|
)
|
||||
Transfers in and/or out of Level 3
|
|
(2
|
)
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
||||
Balance at December 31, 2010
|
|
$
|
1
|
|
|
$
|
8
|
|
|
$
|
90
|
|
|
$
|
35
|
|
Unrealized gains (losses)
|
|
—
|
|
|
1
|
|
|
7
|
|
|
—
|
|
||||
Realized gains (losses)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
||||
Purchases, issuances and settlements, net
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(38
|
)
|
||||
Transfers in and/or out of Level 3
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Balance at December 31, 2011
|
|
$
|
—
|
|
|
$
|
9
|
|
|
$
|
97
|
|
|
$
|
—
|
|
Unrealized gains (losses)
|
|
—
|
|
|
—
|
|
|
8
|
|
|
—
|
|
||||
Realized gains (losses)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Purchases, issuances and settlements, net
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
||||
Transfers in and/or out of Level 3
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
||||
Balance at December 31, 2012
|
|
$
|
—
|
|
|
$
|
5
|
|
|
$
|
104
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
1
|
Amounts represent
5 percent
of total plan assets for 2012 and
7 percent
of total plan assets for 2011 and 2010.
|
|
|
|
|
|
C.
|
Funded status
|
|
|
U.S. Pension Benefits
|
|
Non-U.S. Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||||||||||||||||||||
(Millions of dollars)
|
|
2012
|
|
2011
|
|
2010
|
|
2012
|
|
2011
|
|
2010
|
|
2012
|
|
2011
|
|
2010
|
||||||||||||||||||
End of Year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Fair value of plan assets
|
|
$
|
10,981
|
|
|
$
|
9,997
|
|
|
$
|
10,760
|
|
|
$
|
3,426
|
|
|
$
|
2,818
|
|
|
$
|
2,880
|
|
|
$
|
789
|
|
|
$
|
814
|
|
|
$
|
996
|
|
Benefit obligations
|
|
15,913
|
|
|
14,782
|
|
|
13,024
|
|
|
4,737
|
|
|
4,299
|
|
|
3,867
|
|
|
5,453
|
|
|
5,381
|
|
|
5,184
|
|
|||||||||
Over (under) funded status recognized in financial position
|
|
$
|
(4,932
|
)
|
|
$
|
(4,785
|
)
|
|
$
|
(2,264
|
)
|
|
$
|
(1,311
|
)
|
|
$
|
(1,481
|
)
|
|
$
|
(987
|
)
|
|
$
|
(4,664
|
)
|
|
$
|
(4,567
|
)
|
|
$
|
(4,188
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Components of net amount recognized in financial position:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Other assets (non-current asset)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
30
|
|
|
$
|
3
|
|
|
$
|
4
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Accrued wages, salaries and employee benefits (current liability)
|
|
(23
|
)
|
|
(21
|
)
|
|
(18
|
)
|
|
(27
|
)
|
|
(26
|
)
|
|
(18
|
)
|
|
(169
|
)
|
|
(171
|
)
|
|
(171
|
)
|
|||||||||
Liability for postemployment benefits (non-current liability)
|
|
(4,909
|
)
|
|
(4,764
|
)
|
|
(2,246
|
)
|
|
(1,314
|
)
|
|
(1,458
|
)
|
|
(973
|
)
|
|
(4,495
|
)
|
|
(4,396
|
)
|
|
(4,017
|
)
|
|||||||||
Net liability recognized
|
|
$
|
(4,932
|
)
|
|
$
|
(4,785
|
)
|
|
$
|
(2,264
|
)
|
|
$
|
(1,311
|
)
|
|
$
|
(1,481
|
)
|
|
$
|
(987
|
)
|
|
$
|
(4,664
|
)
|
|
$
|
(4,567
|
)
|
|
$
|
(4,188
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Amounts recognized in Accumulated other comprehensive income (pre-tax) consist of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Net actuarial loss (gain)
|
|
$
|
7,286
|
|
|
$
|
7,044
|
|
|
$
|
4,795
|
|
|
$
|
1,907
|
|
|
$
|
1,712
|
|
|
$
|
1,273
|
|
|
$
|
1,528
|
|
|
$
|
1,495
|
|
|
$
|
1,195
|
|
Prior service cost (credit)
|
|
36
|
|
|
63
|
|
|
83
|
|
|
22
|
|
|
15
|
|
|
43
|
|
|
(159
|
)
|
|
(188
|
)
|
|
(122
|
)
|
|||||||||
Transition obligation (asset)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
5
|
|
|
7
|
|
|||||||||
Total
|
|
$
|
7,322
|
|
|
$
|
7,107
|
|
|
$
|
4,878
|
|
|
$
|
1,929
|
|
|
$
|
1,727
|
|
|
$
|
1,316
|
|
|
$
|
1,372
|
|
|
$
|
1,312
|
|
|
$
|
1,080
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Millions of dollars)
|
|
U.S.
Pension Benefits
|
|
Non-U.S.
Pension Benefits
|
|
Other
Postretirement
Benefits
|
||||||
Net actuarial loss (gain)
|
|
$
|
546
|
|
|
$
|
133
|
|
|
$
|
108
|
|
Prior service cost (credit)
|
|
18
|
|
|
1
|
|
|
(73
|
)
|
|||
Transition obligation (asset)
|
|
—
|
|
|
—
|
|
|
2
|
|
|||
Total
|
|
$
|
564
|
|
|
$
|
134
|
|
|
$
|
37
|
|
|
|
|
|
|
|
|
|
|
U.S. Pension Benefits at Year-end
|
|
Non-U.S. Pension Benefits at Year-end
|
||||||||||||||||||||
(Millions of dollars)
|
|
2012
|
|
2011
|
|
2010
|
|
2012
|
|
2011
|
|
2010
|
||||||||||||
Projected benefit obligation
|
|
$
|
15,913
|
|
|
$
|
14,782
|
|
|
$
|
13,024
|
|
|
$
|
4,310
|
|
|
$
|
4,293
|
|
|
$
|
3,846
|
|
Accumulated benefit obligation
|
|
$
|
15,132
|
|
|
$
|
14,055
|
|
|
$
|
12,558
|
|
|
$
|
3,903
|
|
|
$
|
3,738
|
|
|
$
|
3,485
|
|
Fair value of plan assets
|
|
$
|
10,981
|
|
|
$
|
9,997
|
|
|
$
|
10,760
|
|
|
$
|
2,969
|
|
|
$
|
2,809
|
|
|
$
|
2,855
|
|
|
|
U.S. Pension Benefits at Year-end
|
|
Non-U.S. Pension Benefits at Year-end
|
||||||||||||||||||||
(Millions of dollars)
|
|
2012
|
|
2011
|
|
2010
|
|
2012
|
|
2011
|
|
2010
|
||||||||||||
Projected benefit obligation
|
|
$
|
15,913
|
|
|
$
|
14,782
|
|
|
$
|
13,024
|
|
|
$
|
4,107
|
|
|
$
|
4,112
|
|
|
$
|
3,452
|
|
Accumulated benefit obligation
|
|
$
|
15,132
|
|
|
$
|
14,055
|
|
|
$
|
12,558
|
|
|
$
|
3,752
|
|
|
$
|
3,600
|
|
|
$
|
3,179
|
|
Fair value of plan assets
|
|
$
|
10,981
|
|
|
$
|
9,997
|
|
|
$
|
10,760
|
|
|
$
|
2,806
|
|
|
$
|
2,661
|
|
|
$
|
2,514
|
|
D.
|
Expected cash flow
|
(Millions of dollars)
|
|
U.S.
Pension Benefits
|
|
Non-U.S.
Pension Benefits
|
|
Other
Postretirement
Benefits
|
||||||
Employer contributions:
|
|
|
|
|
|
|
|
|
|
|||
2013 (expected)
|
|
$
|
160
|
|
|
$
|
320
|
|
|
$
|
200
|
|
|
|
|
|
|
|
|
||||||
Expected benefit payments:
|
|
|
|
|
|
|
|
|
|
|||
2013
|
|
$
|
850
|
|
|
$
|
220
|
|
|
$
|
350
|
|
2014
|
|
870
|
|
|
210
|
|
|
350
|
|
|||
2015
|
|
880
|
|
|
220
|
|
|
360
|
|
|||
2016
|
|
900
|
|
|
230
|
|
|
370
|
|
|||
2017
|
|
910
|
|
|
220
|
|
|
370
|
|
|||
2018-2022
|
|
4,680
|
|
|
1,120
|
|
|
1,890
|
|
|||
Total
|
|
$
|
9,090
|
|
|
$
|
2,220
|
|
|
$
|
3,690
|
|
|
|
|
|
|
|
|
(Millions of dollars)
|
|
2013
|
|
2014
|
|
2015
|
|
2016
|
|
2017
|
|
2018-2022
|
|
Total
|
||||||||||||||
Other postretirement benefits
|
|
$
|
15
|
|
|
$
|
20
|
|
|
$
|
20
|
|
|
$
|
20
|
|
|
$
|
20
|
|
|
$
|
110
|
|
|
$
|
205
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
E.
|
Net periodic cost
|
|
|
U.S. Pension Benefits
|
|
Non-U.S. Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||||||||||||||||||||
(Millions of dollars)
|
|
2012
|
|
2011
|
|
2010
|
|
2012
|
|
2011
|
|
2010
|
|
2012
|
|
2011
|
|
2010
|
||||||||||||||||||
Components of net periodic benefit cost:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Service cost
|
|
$
|
185
|
|
|
$
|
158
|
|
|
$
|
210
|
|
|
$
|
108
|
|
|
$
|
115
|
|
|
$
|
92
|
|
|
$
|
92
|
|
|
$
|
84
|
|
|
$
|
68
|
|
Interest cost
|
|
609
|
|
|
651
|
|
|
652
|
|
|
182
|
|
|
182
|
|
|
162
|
|
|
221
|
|
|
253
|
|
|
245
|
|
|||||||||
Expected return on plan assets
|
|
(812
|
)
|
|
(798
|
)
|
|
(773
|
)
|
|
(215
|
)
|
|
(210
|
)
|
|
(192
|
)
|
|
(63
|
)
|
|
(70
|
)
|
|
(93
|
)
|
|||||||||
Curtailments, settlements and special termination benefits
1
|
|
7
|
|
|
—
|
|
|
28
|
|
|
38
|
|
|
19
|
|
|
22
|
|
|
(40
|
)
|
|
—
|
|
|
—
|
|
|||||||||
Amortization of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Transition obligation (asset)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
2
|
|
|
2
|
|
|||||||||
Prior service cost (credit)
2
|
|
19
|
|
|
20
|
|
|
25
|
|
|
1
|
|
|
3
|
|
|
1
|
|
|
(68
|
)
|
|
(55
|
)
|
|
(55
|
)
|
|||||||||
Net actuarial loss (gain)
|
|
504
|
|
|
451
|
|
|
385
|
|
|
97
|
|
|
74
|
|
|
65
|
|
|
100
|
|
|
108
|
|
|
33
|
|
|||||||||
Total cost included in operating profit
|
|
$
|
512
|
|
|
$
|
482
|
|
|
$
|
527
|
|
|
$
|
211
|
|
|
$
|
183
|
|
|
$
|
150
|
|
|
$
|
244
|
|
|
$
|
322
|
|
|
$
|
200
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive income (pre-tax):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Current year actuarial loss (gain)
|
|
$
|
745
|
|
|
$
|
2,700
|
|
|
$
|
47
|
|
|
$
|
225
|
|
|
$
|
526
|
|
|
$
|
136
|
|
|
$
|
133
|
|
|
$
|
408
|
|
|
$
|
570
|
|
Amortization of actuarial (loss) gain
|
|
(504
|
)
|
|
(451
|
)
|
|
(385
|
)
|
|
(97
|
)
|
|
(72
|
)
|
|
(62
|
)
|
|
(100
|
)
|
|
(108
|
)
|
|
(33
|
)
|
|||||||||
Current year prior service cost (credit)
|
|
(7
|
)
|
|
—
|
|
|
(24
|
)
|
|
10
|
|
|
(25
|
)
|
|
35
|
|
|
(38
|
)
|
|
(121
|
)
|
|
—
|
|
|||||||||
Amortization of prior service (cost) credit
|
|
(19
|
)
|
|
(20
|
)
|
|
(25
|
)
|
|
(1
|
)
|
|
(3
|
)
|
|
(1
|
)
|
|
68
|
|
|
55
|
|
|
55
|
|
|||||||||
Amortization of transition (obligation) asset
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
(2
|
)
|
|
(2
|
)
|
|||||||||
Total recognized in other comprehensive income
|
|
215
|
|
|
2,229
|
|
|
(387
|
)
|
|
137
|
|
|
426
|
|
|
108
|
|
|
61
|
|
|
232
|
|
|
590
|
|
|||||||||
Total recognized in net periodic cost and other comprehensive income
|
|
$
|
727
|
|
|
$
|
2,711
|
|
|
$
|
140
|
|
|
$
|
348
|
|
|
$
|
609
|
|
|
$
|
258
|
|
|
$
|
305
|
|
|
$
|
554
|
|
|
$
|
790
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Weighted-average assumptions used to determine net cost:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Discount rate
|
|
4.3
|
%
|
|
5.1
|
%
|
|
5.4
|
%
|
|
4.3
|
%
|
|
4.6
|
%
|
|
4.8
|
%
|
|
4.3
|
%
|
|
5.0
|
%
|
|
5.6
|
%
|
|||||||||
Expected return on plan assets
3
|
|
8.0
|
%
|
|
8.5
|
%
|
|
8.5
|
%
|
|
7.1
|
%
|
|
7.1
|
%
|
|
7.0
|
%
|
|
8.0
|
%
|
|
8.5
|
%
|
|
8.5
|
%
|
|||||||||
Rate of compensation increase
|
|
4.5
|
%
|
|
4.5
|
%
|
|
4.5
|
%
|
|
3.9
|
%
|
|
4.1
|
%
|
|
4.2
|
%
|
|
4.4
|
%
|
|
4.4
|
%
|
|
4.4
|
%
|
1
|
Curtailments, settlements and special termination benefits were recognized in Other operating (income) expenses in Statement 1.
|
2
|
Prior service cost (credit) and net actuarial loss (gain) for both pension and other postretirement benefits are generally amortized using the straight-line method over the average remaining service period to the full retirement eligibility date of employees expected to receive benefits from the plan. For other postretirement benefit plans in which all or almost all of the plan's participants are fully eligible for benefits under the plan, prior service cost (credit) and net actuarial loss (gain) are amortized using the straight-line method over the remaining life expectancy of those participants.
|
3
|
The weighted-average rates for 2013 are
7.8 percent
and
6.7 percent
for U.S. and non-U.S. pension plans, respectively.
|
|
|
|
|
|
F.
|
Other postemployment benefit plans
|
G.
|
Defined contribution plans
|
(Millions of dollars)
|
|
2012
|
|
2011
|
|
2010
|
||||||
U.S. plans
|
|
$
|
260
|
|
|
$
|
219
|
|
|
$
|
231
|
|
Non-U.S. plans
|
|
60
|
|
|
54
|
|
|
39
|
|
|||
|
|
$
|
320
|
|
|
$
|
273
|
|
|
$
|
270
|
|
|
|
|
|
|
|
|
H.
|
Summary of long-term liability:
|
|
|
December 31,
|
||||||||||
(Millions of dollars)
|
|
2012
|
|
2011
|
|
2010
|
||||||
Pensions:
|
|
|
|
|
|
|
|
|
|
|||
U.S. pensions
|
|
$
|
4,909
|
|
|
$
|
4,764
|
|
|
$
|
2,246
|
|
Non-U.S. pensions
|
|
1,314
|
|
|
1,458
|
|
|
973
|
|
|||
Total pensions
|
|
6,223
|
|
|
6,222
|
|
|
3,219
|
|
|||
Postretirement benefits other than pensions
|
|
4,495
|
|
|
4,396
|
|
|
4,017
|
|
|||
Other postemployment benefits
|
|
81
|
|
|
73
|
|
|
69
|
|
|||
Defined contribution
|
|
286
|
|
|
265
|
|
|
279
|
|
|||
|
|
$
|
11,085
|
|
|
$
|
10,956
|
|
|
$
|
7,584
|
|
|
|
|
|
|
|
|
13.
|
Short-term borrowings
|
|
|
December 31,
|
||||||||||
(Millions of dollars)
|
|
2012
|
|
2011
|
|
2010
|
||||||
Machinery and Power Systems:
|
|
|
|
|
|
|
|
|
|
|||
Notes payable to banks
|
|
$
|
484
|
|
|
$
|
93
|
|
|
$
|
204
|
|
Notes payable to certain former shareholders of Siwei
|
|
152
|
|
|
—
|
|
|
—
|
|
|||
Commercial paper
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
|
|
636
|
|
|
93
|
|
|
204
|
|
|||
Financial Products:
|
|
|
|
|
|
|
|
|
|
|||
Notes payable to banks
|
|
418
|
|
|
527
|
|
|
479
|
|
|||
Commercial paper
|
|
3,654
|
|
|
2,818
|
|
|
2,710
|
|
|||
Demand notes
|
|
579
|
|
|
550
|
|
|
663
|
|
|||
|
|
4,651
|
|
|
3,895
|
|
|
3,852
|
|
|||
Total short-term borrowings
|
|
$
|
5,287
|
|
|
$
|
3,988
|
|
|
$
|
4,056
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|||||||
|
|
2012
|
|
2011
|
|
2010
|
|||
Notes payable to banks
|
|
5.8
|
%
|
|
7.2
|
%
|
|
4.1
|
%
|
Commercial paper
|
|
0.6
|
%
|
|
1.0
|
%
|
|
1.5
|
%
|
Demand notes
|
|
0.8
|
%
|
|
0.9
|
%
|
|
1.1
|
%
|
|
|
|
|
|
|
|
14.
|
Long-term debt
|
|
|
December 31,
|
||||||||||
(Millions of dollars)
|
|
2012
|
|
2011
|
|
2010
|
||||||
Machinery and Power Systems:
|
|
|
|
|
|
|
|
|
|
|||
Notes—Floating Rate (Three-month USD LIBOR plus 0.17%) due 2013
|
|
$
|
—
|
|
|
$
|
750
|
|
|
$
|
—
|
|
Notes—1.375% due 2014
|
|
750
|
|
|
750
|
|
|
—
|
|
|||
Notes—5.700% due 2016
|
|
508
|
|
|
510
|
|
|
512
|
|
|||
Notes—3.900% due 2021
|
|
1,245
|
|
|
1,245
|
|
|
—
|
|
|||
Notes—5.200% due 2041
|
|
757
|
|
|
1,247
|
|
|
—
|
|
|||
Debentures—7.000% due 2013
|
|
—
|
|
|
350
|
|
|
350
|
|
|||
Debentures—0.950% due 2015
|
|
500
|
|
|
—
|
|
|
—
|
|
|||
Debentures—1.500% due 2017
|
|
499
|
|
|
—
|
|
|
—
|
|
|||
Debentures—7.900% due 2018
|
|
899
|
|
|
899
|
|
|
899
|
|
|||
Debentures—9.375% due 2021
|
|
120
|
|
|
120
|
|
|
120
|
|
|||
Debentures—2.600% due 2022
|
|
498
|
|
|
—
|
|
|
—
|
|
|||
Debentures—8.000% due 2023
|
|
82
|
|
|
82
|
|
|
82
|
|
|||
Debentures—6.625% due 2028
|
|
193
|
|
|
299
|
|
|
299
|
|
|||
Debentures—7.300% due 2031
|
|
241
|
|
|
349
|
|
|
349
|
|
|||
Debentures—5.300% due 2035
1
|
|
208
|
|
|
206
|
|
|
205
|
|
|||
Debentures—6.050% due 2036
|
|
459
|
|
|
748
|
|
|
748
|
|
|||
Debentures—8.250% due 2038
|
|
65
|
|
|
248
|
|
|
248
|
|
|||
Debentures—6.950% due 2042
|
|
160
|
|
|
250
|
|
|
249
|
|
|||
Debentures—3.803% due 2042
2
|
|
1,149
|
|
|
—
|
|
|
—
|
|
|||
Debentures—7.375% due 2097
|
|
244
|
|
|
297
|
|
|
297
|
|
|||
Capital lease obligations
|
|
73
|
|
|
46
|
|
|
81
|
|
|||
Other
|
|
16
|
|
|
19
|
|
|
66
|
|
|||
Total Machinery and Power Systems
|
|
8,666
|
|
|
8,415
|
|
|
4,505
|
|
|||
Financial Products:
|
|
|
|
|
|
|
|
|
|
|||
Medium-term notes
|
|
18,036
|
|
|
15,701
|
|
|
14,993
|
|
|||
Other
|
|
1,050
|
|
|
828
|
|
|
939
|
|
|||
Total Financial Products
|
|
19,086
|
|
|
16,529
|
|
|
15,932
|
|
|||
Total long-term debt due after one year
|
|
$
|
27,752
|
|
|
$
|
24,944
|
|
|
$
|
20,437
|
|
|
|
|
|
|
|
|
December 31,
|
||||||||||||||||||
(Millions of dollars)
|
|
2013
|
|
2014
|
|
2015
|
|
2016
|
|
2017
|
||||||||||
Machinery and Power Systems
|
|
$
|
1,113
|
|
|
$
|
762
|
|
|
$
|
507
|
|
|
$
|
533
|
|
|
$
|
505
|
|
Financial Products
|
|
5,991
|
|
|
6,559
|
|
|
4,648
|
|
|
2,027
|
|
|
2,693
|
|
|||||
|
|
$
|
7,104
|
|
|
$
|
7,321
|
|
|
$
|
5,155
|
|
|
$
|
2,560
|
|
|
$
|
3,198
|
|
|
|
|
|
|
|
|
|
|
|
|
15.
|
Credit commitments
|
|
|
December 31, 2012
|
||||||||||
(Millions of dollars)
|
|
Consolidated
|
|
Machinery
and Power
Systems
|
|
Financial
Products
|
||||||
Credit lines available:
|
|
|
|
|
|
|
|
|
|
|||
Global credit facilities
|
|
$
|
10,000
|
|
|
$
|
2,750
|
|
|
$
|
7,250
|
|
Other external
|
|
5,125
|
|
|
728
|
|
|
4,397
|
|
|||
Total credit lines available
|
|
15,125
|
|
|
3,478
|
|
|
11,647
|
|
|||
Less: Commercial paper outstanding
|
|
(3,654
|
)
|
|
—
|
|
|
(3,654
|
)
|
|||
Less: Utilized credit
|
|
(2,501
|
)
|
|
(481
|
)
|
|
(2,020
|
)
|
|||
Available credit
|
|
$
|
8,970
|
|
|
$
|
2,997
|
|
|
$
|
5,973
|
|
|
|
|
|
|
|
|
•
|
The
364
-day facility of
$3.00 billion
(of which
$0.82 billion
is available to Machinery and Power Systems) expires in September 2013.
|
•
|
The 2010
four
-year facility of
$2.60 billion
(of which
$0.72 billion
is available to Machinery and Power Systems) expires in September 2015.
|
•
|
The 2011
five
-year facility of
$4.40 billion
(of which
$1.21 billion
is available to Machinery and Power Systems) expires in September 2017.
|
16.
|
Profit per share
|
1
|
Profit attributable to common stockholders.
|
|
|
|
|
|
17.
|
Fair value disclosures
|
A.
|
Fair value measurements
|
•
|
Level 1
–
Quoted prices for identical instruments in active markets.
|
•
|
Level 2
– Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs or significant value-drivers are observable in active markets.
|
•
|
Level 3
– Model-derived valuations in which one or more significant inputs or significant value-drivers are unobservable.
|
|
|
December 31, 2012
|
||||||||||||||
(Millions of dollars)
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
Assets / Liabilities,
at Fair Value
|
||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Available-for-sale securities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Government debt
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. treasury bonds
|
|
$
|
10
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
10
|
|
Other U.S. and non-U.S. government bonds
|
|
—
|
|
|
146
|
|
|
—
|
|
|
146
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Corporate bonds
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Corporate bonds
|
|
—
|
|
|
664
|
|
|
—
|
|
|
664
|
|
||||
Asset-backed securities
|
|
—
|
|
|
96
|
|
|
—
|
|
|
96
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Mortgage-backed debt securities
|
|
|
|
|
|
|
|
|
|
|
|
|||||
U.S. governmental agency
|
|
—
|
|
|
299
|
|
|
—
|
|
|
299
|
|
||||
Residential
|
|
—
|
|
|
25
|
|
|
—
|
|
|
25
|
|
||||
Commercial
|
|
—
|
|
|
127
|
|
|
—
|
|
|
127
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Equity securities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Large capitalization value
|
|
185
|
|
|
—
|
|
|
—
|
|
|
185
|
|
||||
Smaller company growth
|
|
34
|
|
|
—
|
|
|
—
|
|
|
34
|
|
||||
Total available-for-sale securities
|
|
229
|
|
|
1,357
|
|
|
—
|
|
|
1,586
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Derivative financial instruments, net
|
|
—
|
|
|
154
|
|
|
—
|
|
|
154
|
|
||||
Total Assets
|
|
$
|
229
|
|
|
$
|
1,511
|
|
|
$
|
—
|
|
|
$
|
1,740
|
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Guarantees
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
14
|
|
|
$
|
14
|
|
Total Liabilities
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
14
|
|
|
$
|
14
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2011
|
||||||||||||||
(Millions of dollars)
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
Assets / Liabilities,
at Fair Value
|
||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Available-for-sale securities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Government debt
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. treasury bonds
|
|
$
|
10
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
10
|
|
Other U.S. and non-U.S. government bonds
|
|
—
|
|
|
92
|
|
|
—
|
|
|
92
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Corporate bonds
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Corporate bonds
|
|
—
|
|
|
572
|
|
|
—
|
|
|
572
|
|
||||
Asset-backed securities
|
|
—
|
|
|
111
|
|
|
—
|
|
|
111
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Mortgage-backed debt securities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. governmental agency
|
|
—
|
|
|
310
|
|
|
—
|
|
|
310
|
|
||||
Residential
|
|
—
|
|
|
30
|
|
|
—
|
|
|
30
|
|
||||
Commercial
|
|
—
|
|
|
145
|
|
|
—
|
|
|
145
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Equity securities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Large capitalization value
|
|
148
|
|
|
—
|
|
|
—
|
|
|
148
|
|
||||
Smaller company growth
|
|
29
|
|
|
—
|
|
|
—
|
|
|
29
|
|
||||
Total available-for-sale securities
|
|
187
|
|
|
1,260
|
|
|
—
|
|
|
1,447
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Derivative financial instruments, net
|
|
—
|
|
|
145
|
|
|
—
|
|
|
145
|
|
||||
Total Assets
|
|
$
|
187
|
|
|
$
|
1,405
|
|
|
$
|
—
|
|
|
$
|
1,592
|
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Guarantees
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7
|
|
|
$
|
7
|
|
Total Liabilities
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7
|
|
|
$
|
7
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2010
|
||||||||||||||
(Millions of dollars)
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
Assets / Liabilities,
at Fair Value
|
||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Available-for-sale securities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Government debt
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. treasury bonds
|
|
$
|
12
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
12
|
|
Other U.S. and non-U.S. government bonds
|
|
—
|
|
|
77
|
|
|
—
|
|
|
77
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Corporate bonds
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Corporate bonds
|
|
—
|
|
|
511
|
|
|
—
|
|
|
511
|
|
||||
Asset-backed securities
|
|
—
|
|
|
136
|
|
|
—
|
|
|
136
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Mortgage-backed debt securities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. governmental agency
|
|
—
|
|
|
273
|
|
|
—
|
|
|
273
|
|
||||
Residential
|
|
—
|
|
|
40
|
|
|
—
|
|
|
40
|
|
||||
Commercial
|
|
—
|
|
|
168
|
|
|
—
|
|
|
168
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Equity securities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Large capitalization value
|
|
122
|
|
|
—
|
|
|
—
|
|
|
122
|
|
||||
Smaller company growth
|
|
31
|
|
|
—
|
|
|
—
|
|
|
31
|
|
||||
Total available-for-sale securities
|
|
165
|
|
|
1,205
|
|
|
—
|
|
|
1,370
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Derivative financial instruments, net
|
|
—
|
|
|
267
|
|
|
—
|
|
|
267
|
|
||||
Total Assets
|
|
$
|
165
|
|
|
$
|
1,472
|
|
|
$
|
—
|
|
|
$
|
1,637
|
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Guarantees
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
10
|
|
|
$
|
10
|
|
Total Liabilities
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
10
|
|
|
$
|
10
|
|
|
|
|
|
|
|
|
|
|
(Millions of dollars)
|
|
Guarantees
|
||
Balance at December 31, 2009
|
|
$
|
17
|
|
Valuation adjustment
|
|
(6
|
)
|
|
Issuance of guarantees
|
|
7
|
|
|
Expiration of guarantees
|
|
(8
|
)
|
|
Balance at December 31, 2010
|
|
$
|
10
|
|
Issuance of guarantees
|
|
4
|
|
|
Expiration of guarantees
|
|
(7
|
)
|
|
Balance at December 31, 2011
|
|
$
|
7
|
|
Acquisitions
|
|
6
|
|
|
Issuance of guarantees
|
|
7
|
|
|
Expiration of guarantees
|
|
(6
|
)
|
|
Balance at December 31, 2012
|
|
$
|
14
|
|
|
|
|
B.
|
Fair values of financial instruments
|
TABLE III—Fair Values of Financial Instruments
|
||||||||||||||||||||||||||||
|
|
2012
|
|
2011
|
|
2010
|
|
|
|
|
||||||||||||||||||
(Millions of dollars)
|
|
Carrying
Amount
|
|
Fair
Value
|
|
Carrying
Amount
|
|
Fair
Value
|
|
Carrying
Amount
|
|
Fair
Value
|
|
Fair Value Levels
|
|
Reference
|
||||||||||||
Assets at December 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cash and short-term investments
|
|
$
|
5,490
|
|
|
$
|
5,490
|
|
|
$
|
3,057
|
|
|
$
|
3,057
|
|
|
$
|
3,592
|
|
|
$
|
3,592
|
|
|
1
|
|
Statement 3
|
Restricted cash and short-term investments
|
|
53
|
|
|
53
|
|
|
87
|
|
|
87
|
|
|
91
|
|
|
91
|
|
|
1
|
|
Statement 3
|
||||||
Available-for-sale securities
|
|
1,586
|
|
|
1,586
|
|
|
1,447
|
|
|
1,447
|
|
|
1,370
|
|
|
1,370
|
|
|
1 & 2
|
|
Notes 11 & 18
|
||||||
Finance receivables–net (excluding finance leases
1
)
|
|
15,404
|
|
|
15,359
|
|
|
12,689
|
|
|
12,516
|
|
|
12,568
|
|
|
12,480
|
|
|
2
|
|
Note 6
|
||||||
Wholesale inventory receivables–net (excluding finance leases
1
)
|
|
1,674
|
|
|
1,609
|
|
|
1,591
|
|
|
1,505
|
|
|
1,062
|
|
|
1,017
|
|
|
2
|
|
Note 6
|
||||||
Foreign currency contracts–net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
63
|
|
|
63
|
|
|
2
|
|
Notes 3 & 18
|
||||||
Interest rate swaps–net
|
|
219
|
|
|
219
|
|
|
241
|
|
|
241
|
|
|
187
|
|
|
187
|
|
|
2
|
|
Notes 3 & 18
|
||||||
Commodity contracts–net
|
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
17
|
|
|
17
|
|
|
2
|
|
Notes 3 & 18
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Liabilities at December 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Short-term borrowings
|
|
5,287
|
|
|
5,287
|
|
|
3,988
|
|
|
3,988
|
|
|
4,056
|
|
|
4,056
|
|
|
1
|
|
Note 13
|
||||||
Long-term debt (including amounts due within one year):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Machinery and Power Systems
|
|
9,779
|
|
|
11,969
|
|
|
8,973
|
|
|
10,737
|
|
|
5,000
|
|
|
5,968
|
|
|
2
|
|
Note 14
|
||||||
Financial Products
|
|
25,077
|
|
|
26,063
|
|
|
21,631
|
|
|
22,674
|
|
|
19,362
|
|
|
20,364
|
|
|
2
|
|
Note 14
|
||||||
Foreign currency contracts–net
|
|
66
|
|
|
66
|
|
|
89
|
|
|
89
|
|
|
—
|
|
|
—
|
|
|
2
|
|
Notes 3 & 18
|
||||||
Commodity contracts–net
|
|
—
|
|
|
—
|
|
|
7
|
|
|
7
|
|
|
—
|
|
|
—
|
|
|
2
|
|
Notes 3 & 18
|
||||||
Guarantees
|
|
14
|
|
|
14
|
|
|
7
|
|
|
7
|
|
|
10
|
|
|
10
|
|
|
3
|
|
Note 20
|
1
|
Total excluded items have a net carrying value at December 31,
2012
,
2011
and
2010
of
$7,959 million
,
$7,324 million
and
$7,292 million
, respectively.
|
|
|
|
|
|
18.
|
Concentration of credit risk
|
19.
|
Operating leases
|
Years ended December 31,
|
||||||||||||||||||||||||||
(Millions of dollars)
|
||||||||||||||||||||||||||
2013
|
|
2014
|
|
2015
|
|
2016
|
|
2017
|
|
Thereafter
|
|
Total
|
||||||||||||||
$
|
254
|
|
|
$
|
193
|
|
|
$
|
139
|
|
|
$
|
104
|
|
|
$
|
74
|
|
|
$
|
239
|
|
|
$
|
1,003
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20.
|
Guarantees and product warranty
|
(Millions of dollars)
|
|
2012
|
|
2011
|
|
2010
|
||||||
Caterpillar dealer guarantees
|
|
$
|
180
|
|
|
$
|
140
|
|
|
$
|
185
|
|
Customer guarantees
|
|
167
|
|
|
186
|
|
|
170
|
|
|||
Limited indemnity
|
|
—
|
|
|
11
|
|
|
17
|
|
|||
Third party logistics business guarantees
|
|
176
|
|
|
—
|
|
|
—
|
|
|||
Other guarantees
|
|
53
|
|
|
28
|
|
|
48
|
|
|||
Total guarantees
|
|
$
|
576
|
|
|
$
|
365
|
|
|
$
|
420
|
|
|
|
|
|
|
|
|
(Millions of dollars)
|
|
2012
|
|
2011
|
|
2010
|
||||||
Warranty liability, January 1
|
|
$
|
1,308
|
|
|
$
|
1,035
|
|
|
$
|
1,049
|
|
Reduction in liability (payments)
|
|
(920
|
)
|
|
(926
|
)
|
|
(855
|
)
|
|||
Increase in liability (new warranties)
|
|
1,089
|
|
|
1,199
|
|
|
841
|
|
|||
Warranty liability, December 31
|
|
$
|
1,477
|
|
|
$
|
1,308
|
|
|
$
|
1,035
|
|
|
|
|
|
|
|
|
21.
|
Environmental and legal matters
|
22.
|
Segment information
|
A.
|
Basis for segment information
|
▪
|
Machinery and Power Systems segment net assets generally include inventories, receivables, property, plant and equipment, goodwill, intangibles and accounts payable. Liabilities other than accounts payable are generally managed at the corporate level and are not included in segment operations. Financial Products Segment assets generally include all categories of assets.
|
▪
|
Segment inventories and cost of sales are valued using a current cost methodology.
|
▪
|
Goodwill allocated to segments is amortized using a fixed amount based on a
20
year useful life. This methodology difference only impacts segment assets; no goodwill amortization expense is included in segment profit.
|
▪
|
The present value of future lease payments for certain Machinery and Power Systems operating leases is included in segment assets. The estimated financing component of the lease payments is excluded.
|
▪
|
Currency exposures for Machinery and Power Systems are generally managed at the corporate level and the effects of changes in exchange rates on results of operations within the year are not included in segment profit. The net difference created in the translation of revenues and costs between exchange rates used for U.S. GAAP reporting and exchange rates used for segment reporting are recorded as a methodology difference.
|
▪
|
Postretirement benefit expenses are split; segments are generally responsible for service and prior service costs, with the remaining elements of net periodic benefit cost included as a methodology difference.
|
▪
|
Machinery and Power Systems segment profit is determined on a pretax basis and excludes interest expense, gains and losses on interest rate swaps and other income/expense items. Financial Products Segment profit is determined on a pretax basis and includes other income/expense items.
|
▪
|
Corporate costs:
These costs are related to corporate requirements and strategies that are considered to be for the benefit of the entire organization.
|
▪
|
Methodology differences:
See previous discussion of significant accounting differences between segment reporting and consolidated external reporting.
|
▪
|
Timing:
Timing differences in the recognition of costs between segment reporting and consolidated external reporting.
|
Table IV — Segment Information
|
||||||||||||||||||||||||||||
(Millions of dollars)
|
||||||||||||||||||||||||||||
Reportable Segments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
External
sales and
revenues
|
|
Inter-
segment
sales and
revenues
|
|
Total sales
and
revenues
|
|
Depreciation
and
amortization
|
|
Segment
profit
|
|
Segment
assets at
December 31
|
|
Capital
expenditures
|
||||||||||||||
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Construction Industries
|
|
$
|
19,334
|
|
|
$
|
470
|
|
|
$
|
19,804
|
|
|
$
|
565
|
|
|
$
|
1,789
|
|
|
$
|
10,393
|
|
|
$
|
1,045
|
|
Resource Industries
|
|
21,158
|
|
|
1,117
|
|
|
22,275
|
|
|
694
|
|
|
4,318
|
|
|
13,455
|
|
|
1,143
|
|
|||||||
Power Systems
|
|
21,122
|
|
|
2,407
|
|
|
23,529
|
|
|
604
|
|
|
3,434
|
|
|
9,323
|
|
|
960
|
|
|||||||
Machinery and Power Systems
|
|
$
|
61,614
|
|
|
$
|
3,994
|
|
|
$
|
65,608
|
|
|
$
|
1,863
|
|
|
$
|
9,541
|
|
|
$
|
33,171
|
|
|
$
|
3,148
|
|
Financial Products Segment
|
|
3,090
|
|
|
—
|
|
|
3,090
|
|
|
708
|
|
|
763
|
|
|
36,563
|
|
|
1,660
|
|
|||||||
Total
|
|
$
|
64,704
|
|
|
$
|
3,994
|
|
|
$
|
68,698
|
|
|
$
|
2,571
|
|
|
$
|
10,304
|
|
|
$
|
69,734
|
|
|
$
|
4,808
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Construction Industries
|
|
$
|
19,667
|
|
|
$
|
575
|
|
|
$
|
20,242
|
|
|
$
|
526
|
|
|
$
|
2,056
|
|
|
$
|
7,942
|
|
|
$
|
915
|
|
Resource Industries
|
|
15,629
|
|
|
1,162
|
|
|
16,791
|
|
|
463
|
|
|
3,334
|
|
|
12,292
|
|
|
717
|
|
|||||||
Power Systems
|
|
20,114
|
|
|
2,339
|
|
|
22,453
|
|
|
544
|
|
|
3,053
|
|
|
8,748
|
|
|
834
|
|
|||||||
Machinery and Power Systems
|
|
$
|
55,410
|
|
|
$
|
4,076
|
|
|
$
|
59,486
|
|
|
$
|
1,533
|
|
|
$
|
8,443
|
|
|
$
|
28,982
|
|
|
$
|
2,466
|
|
Financial Products Segment
|
|
3,003
|
|
|
—
|
|
|
3,003
|
|
|
710
|
|
|
587
|
|
|
31,747
|
|
|
1,191
|
|
|||||||
Total
|
|
$
|
58,413
|
|
|
$
|
4,076
|
|
|
$
|
62,489
|
|
|
$
|
2,243
|
|
|
$
|
9,030
|
|
|
$
|
60,729
|
|
|
$
|
3,657
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Construction Industries
|
|
$
|
13,572
|
|
|
$
|
674
|
|
|
$
|
14,246
|
|
|
$
|
515
|
|
|
$
|
783
|
|
|
$
|
6,927
|
|
|
$
|
576
|
|
Resource Industries
|
|
8,667
|
|
|
894
|
|
|
9,561
|
|
|
281
|
|
|
1,789
|
|
|
3,892
|
|
|
339
|
|
|||||||
Power Systems
|
|
15,537
|
|
|
1,684
|
|
|
17,221
|
|
|
502
|
|
|
2,288
|
|
|
8,321
|
|
|
567
|
|
|||||||
Machinery and Power Systems
|
|
$
|
37,776
|
|
|
$
|
3,252
|
|
|
$
|
41,028
|
|
|
$
|
1,298
|
|
|
$
|
4,860
|
|
|
$
|
19,140
|
|
|
$
|
1,482
|
|
Financial Products Segment
|
|
2,946
|
|
|
—
|
|
|
2,946
|
|
|
715
|
|
|
429
|
|
|
30,346
|
|
|
960
|
|
|||||||
Total
|
|
$
|
40,722
|
|
|
$
|
3,252
|
|
|
$
|
43,974
|
|
|
$
|
2,013
|
|
|
$
|
5,289
|
|
|
$
|
49,486
|
|
|
$
|
2,442
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
Elimination of Financial Products revenues from Machinery and Power Systems.
|
|
|
|
|
|
Reconciliation of consolidated profit before taxes:
|
|
|
|
|
|
|
||||||
(Millions of dollars)
|
|
Machinery
and Power
Systems
|
|
Financial
Products
|
|
Consolidated
Total
|
||||||
2012
|
|
|
|
|
|
|
|
|
|
|||
Total profit from reportable segments
|
|
$
|
9,541
|
|
|
$
|
763
|
|
|
$
|
10,304
|
|
All other operating segment
|
|
1,014
|
|
|
—
|
|
|
1,014
|
|
|||
Cost centers
|
|
17
|
|
|
—
|
|
|
17
|
|
|||
Corporate costs
|
|
(1,517
|
)
|
|
—
|
|
|
(1,517
|
)
|
|||
Timing
|
|
(298
|
)
|
|
—
|
|
|
(298
|
)
|
|||
Methodology differences:
|
|
|
|
|
|
|
|
|
|
|||
Inventory/cost of sales
|
|
43
|
|
|
—
|
|
|
43
|
|
|||
Postretirement benefit expense
|
|
(696
|
)
|
|
—
|
|
|
(696
|
)
|
|||
Financing costs
|
|
(474
|
)
|
|
—
|
|
|
(474
|
)
|
|||
Equity in profit of unconsolidated affiliated companies
|
|
(14
|
)
|
|
—
|
|
|
(14
|
)
|
|||
Currency
|
|
108
|
|
|
—
|
|
|
108
|
|
|||
Interest rate swap
|
|
2
|
|
|
—
|
|
|
2
|
|
|||
Other income/expense methodology differences
|
|
(251
|
)
|
|
—
|
|
|
(251
|
)
|
|||
Other methodology differences
|
|
(19
|
)
|
|
17
|
|
|
(2
|
)
|
|||
Total consolidated profit before taxes
|
|
$
|
7,456
|
|
|
$
|
780
|
|
|
$
|
8,236
|
|
|
|
|
|
|
|
|
||||||
2011
|
|
|
|
|
|
|
|
|
|
|||
Total profit from reportable segments
|
|
$
|
8,443
|
|
|
$
|
587
|
|
|
$
|
9,030
|
|
All other operating segment
|
|
837
|
|
|
—
|
|
|
837
|
|
|||
Cost centers
|
|
14
|
|
|
—
|
|
|
14
|
|
|||
Corporate costs
|
|
(1,174
|
)
|
|
—
|
|
|
(1,174
|
)
|
|||
Timing
|
|
(203
|
)
|
|
—
|
|
|
(203
|
)
|
|||
Methodology differences:
|
|
|
|
|
|
|
|
|
|
|||
Inventory/cost of sales
|
|
21
|
|
|
—
|
|
|
21
|
|
|||
Postretirement benefit expense
|
|
(670
|
)
|
|
—
|
|
|
(670
|
)
|
|||
Financing costs
|
|
(408
|
)
|
|
—
|
|
|
(408
|
)
|
|||
Equity in profit of unconsolidated affiliated companies
|
|
24
|
|
|
—
|
|
|
24
|
|
|||
Currency
|
|
(315
|
)
|
|
—
|
|
|
(315
|
)
|
|||
Interest rate swap
|
|
(149
|
)
|
|
—
|
|
|
(149
|
)
|
|||
Other income/expense methodology differences
|
|
(273
|
)
|
|
—
|
|
|
(273
|
)
|
|||
Other methodology differences
|
|
(42
|
)
|
|
33
|
|
|
(9
|
)
|
|||
Total consolidated profit before taxes
|
|
$
|
6,105
|
|
|
$
|
620
|
|
|
$
|
6,725
|
|
|
|
|
|
|
|
|
||||||
2010
|
|
|
|
|
|
|
|
|
|
|||
Total profit from reportable segments
|
|
$
|
4,860
|
|
|
$
|
429
|
|
|
$
|
5,289
|
|
All other operating segment
|
|
720
|
|
|
—
|
|
|
720
|
|
|||
Cost centers
|
|
(11
|
)
|
|
—
|
|
|
(11
|
)
|
|||
Corporate costs
|
|
(987
|
)
|
|
—
|
|
|
(987
|
)
|
|||
Timing
|
|
(185
|
)
|
|
—
|
|
|
(185
|
)
|
|||
Methodology differences:
|
|
|
|
|
|
|
|
|
|
|||
Inventory/cost of sales
|
|
(13
|
)
|
|
—
|
|
|
(13
|
)
|
|||
Postretirement benefit expense
|
|
(640
|
)
|
|
—
|
|
|
(640
|
)
|
|||
Financing costs
|
|
(314
|
)
|
|
—
|
|
|
(314
|
)
|
|||
Equity in profit of unconsolidated affiliated companies
|
|
24
|
|
|
—
|
|
|
24
|
|
|||
Currency
|
|
6
|
|
|
—
|
|
|
6
|
|
|||
Interest rate swap
|
|
(10
|
)
|
|
—
|
|
|
(10
|
)
|
|||
Other income/expense methodology differences
|
|
(131
|
)
|
|
—
|
|
|
(131
|
)
|
|||
Other methodology differences
|
|
(16
|
)
|
|
18
|
|
|
2
|
|
|||
Total consolidated profit before taxes
|
|
$
|
3,303
|
|
|
$
|
447
|
|
|
$
|
3,750
|
|
|
|
|
|
|
|
|
Reconciliation of Assets:
|
|
|
|
|
|
|
|
|
||||||||
(Millions of dollars)
|
|
Machinery
and Power
Systems
|
|
Financial
Products
|
|
Consolidating
Adjustments
|
|
Consolidated
Total
|
||||||||
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total assets from reportable segments
|
|
$
|
33,171
|
|
|
$
|
36,563
|
|
|
$
|
—
|
|
|
$
|
69,734
|
|
All other operating segment
|
|
1,499
|
|
|
—
|
|
|
—
|
|
|
1,499
|
|
||||
Items not included in segment assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash and short-term investments
|
|
3,306
|
|
|
—
|
|
|
—
|
|
|
3,306
|
|
||||
Intercompany receivables
|
|
303
|
|
|
—
|
|
|
(303
|
)
|
|
—
|
|
||||
Investment in Financial Products
|
|
4,433
|
|
|
—
|
|
|
(4,433
|
)
|
|
—
|
|
||||
Deferred income taxes
|
|
3,926
|
|
|
—
|
|
|
(516
|
)
|
|
3,410
|
|
||||
Goodwill, intangible assets and other assets
|
|
3,813
|
|
|
—
|
|
|
—
|
|
|
3,813
|
|
||||
Operating lease methodology difference
|
|
(329
|
)
|
|
—
|
|
|
—
|
|
|
(329
|
)
|
||||
Liabilities included in segment assets
|
|
11,293
|
|
|
—
|
|
|
—
|
|
|
11,293
|
|
||||
Inventory methodology differences
|
|
(2,949
|
)
|
|
—
|
|
|
—
|
|
|
(2,949
|
)
|
||||
Other
|
|
(182
|
)
|
|
(107
|
)
|
|
(132
|
)
|
|
(421
|
)
|
||||
Total assets
|
|
$
|
58,284
|
|
|
$
|
36,456
|
|
|
$
|
(5,384
|
)
|
|
$
|
89,356
|
|
|
|
|
|
|
|
|
|
|
||||||||
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total assets from reportable segments
|
|
$
|
28,982
|
|
|
$
|
31,747
|
|
|
$
|
—
|
|
|
$
|
60,729
|
|
All other operating segment
|
|
2,035
|
|
|
—
|
|
|
—
|
|
|
2,035
|
|
||||
Items not included in segment assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash and short-term investments
|
|
1,829
|
|
|
—
|
|
|
—
|
|
|
1,829
|
|
||||
Intercompany receivables
|
|
75
|
|
|
—
|
|
|
(75
|
)
|
|
—
|
|
||||
Investment in Financial Products
|
|
4,035
|
|
|
—
|
|
|
(4,035
|
)
|
|
—
|
|
||||
Deferred income taxes
|
|
4,109
|
|
|
—
|
|
|
(533
|
)
|
|
3,576
|
|
||||
Goodwill, intangible assets and other assets
|
|
4,461
|
|
|
—
|
|
|
—
|
|
|
4,461
|
|
||||
Operating lease methodology difference
|
|
(511
|
)
|
|
—
|
|
|
—
|
|
|
(511
|
)
|
||||
Liabilities included in segment assets
|
|
12,088
|
|
|
—
|
|
|
—
|
|
|
12,088
|
|
||||
Inventory methodology differences
|
|
(2,786
|
)
|
|
—
|
|
|
—
|
|
|
(2,786
|
)
|
||||
Other
|
|
362
|
|
|
(194
|
)
|
|
(143
|
)
|
|
25
|
|
||||
Total assets
|
|
$
|
54,679
|
|
|
$
|
31,553
|
|
|
$
|
(4,786
|
)
|
|
$
|
81,446
|
|
|
|
|
|
|
|
|
|
|
||||||||
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total assets from reportable segments
|
|
$
|
19,140
|
|
|
$
|
30,346
|
|
|
$
|
—
|
|
|
$
|
49,486
|
|
All other operating segment
|
|
2,472
|
|
|
—
|
|
|
—
|
|
|
2,472
|
|
||||
Items not included in segment assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash and short-term investments
|
|
1,825
|
|
|
—
|
|
|
—
|
|
|
1,825
|
|
||||
Intercompany receivables
|
|
618
|
|
|
—
|
|
|
(618
|
)
|
|
—
|
|
||||
Investment in Financial Products
|
|
4,275
|
|
|
—
|
|
|
(4,275
|
)
|
|
—
|
|
||||
Deferred income taxes
|
|
3,745
|
|
|
—
|
|
|
(519
|
)
|
|
3,226
|
|
||||
Goodwill, intangible assets and other assets
|
|
1,511
|
|
|
—
|
|
|
—
|
|
|
1,511
|
|
||||
Operating lease methodology difference
|
|
(567
|
)
|
|
—
|
|
|
—
|
|
|
(567
|
)
|
||||
Liabilities included in segment assets
|
|
8,758
|
|
|
—
|
|
|
—
|
|
|
8,758
|
|
||||
Inventory methodology differences
|
|
(2,913
|
)
|
|
—
|
|
|
—
|
|
|
(2,913
|
)
|
||||
Other
|
|
627
|
|
|
(233
|
)
|
|
(172
|
)
|
|
222
|
|
||||
Total assets
|
|
$
|
39,491
|
|
|
$
|
30,113
|
|
|
$
|
(5,584
|
)
|
|
$
|
64,020
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Depreciation and amortization:
|
|
|
|
|
|
|
||||||
(Millions of dollars)
|
|
Machinery
and Power
Systems
|
|
Financial
Products
|
|
Consolidated
Total
|
||||||
2012
|
|
|
|
|
|
|
|
|
|
|||
Total depreciation and amortization from reportable segments
|
|
$
|
1,863
|
|
|
$
|
708
|
|
|
$
|
2,571
|
|
Items not included in segment depreciation and amortization:
|
|
|
|
|
|
|
|
|
|
|||
All other operating segment
|
|
168
|
|
|
—
|
|
|
168
|
|
|||
Cost centers
|
|
89
|
|
|
—
|
|
|
89
|
|
|||
Other
|
|
(38
|
)
|
|
23
|
|
|
(15
|
)
|
|||
Total depreciation and amortization
|
|
$
|
2,082
|
|
|
$
|
731
|
|
|
$
|
2,813
|
|
|
|
|
|
|
|
|
||||||
2011
|
|
|
|
|
|
|
|
|
|
|||
Total depreciation and amortization from reportable segments
|
|
$
|
1,533
|
|
|
$
|
710
|
|
|
$
|
2,243
|
|
Items not included in segment depreciation and amortization:
|
|
|
|
|
|
|
|
|
|
|||
All other operating segment
|
|
172
|
|
|
—
|
|
|
172
|
|
|||
Cost centers
|
|
77
|
|
|
—
|
|
|
77
|
|
|||
Other
|
|
20
|
|
|
15
|
|
|
35
|
|
|||
Total depreciation and amortization
|
|
$
|
1,802
|
|
|
$
|
725
|
|
|
$
|
2,527
|
|
|
|
|
|
|
|
|
||||||
2010
|
|
|
|
|
|
|
|
|
|
|||
Total depreciation and amortization from reportable segments
|
|
$
|
1,298
|
|
|
$
|
715
|
|
|
$
|
2,013
|
|
Items not included in segment depreciation and amortization:
|
|
|
|
|
|
|
|
|
|
|||
All other operating segment
|
|
194
|
|
|
—
|
|
|
194
|
|
|||
Cost centers
|
|
97
|
|
|
—
|
|
|
97
|
|
|||
Other
|
|
(16
|
)
|
|
8
|
|
|
(8
|
)
|
|||
Total depreciation and amortization
|
|
$
|
1,573
|
|
|
$
|
723
|
|
|
$
|
2,296
|
|
|
|
|
|
|
|
|
Reconciliation of Capital expenditures:
|
|
|
|
|
|
|
|
|
||||||||
(Millions of dollars)
|
|
Machinery
and Power
Systems
|
|
Financial
Products
|
|
Consolidating
Adjustments
|
|
Consolidated
Total
|
||||||||
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total
capital expenditures from reportable segments
|
|
$
|
3,148
|
|
|
$
|
1,660
|
|
|
$
|
—
|
|
|
$
|
4,808
|
|
Items not included in segment capital expenditures:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
All other operating segment
|
|
359
|
|
|
—
|
|
|
—
|
|
|
359
|
|
||||
Cost centers
|
|
175
|
|
|
—
|
|
|
—
|
|
|
175
|
|
||||
Timing
|
|
(71
|
)
|
|
—
|
|
|
—
|
|
|
(71
|
)
|
||||
Other
|
|
(176
|
)
|
|
136
|
|
|
(155
|
)
|
|
(195
|
)
|
||||
Total capital expenditures
|
|
$
|
3,435
|
|
|
$
|
1,796
|
|
|
$
|
(155
|
)
|
|
$
|
5,076
|
|
|
|
|
|
|
|
|
|
|
||||||||
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total capital expenditures from reportable segments
|
|
$
|
2,466
|
|
|
$
|
1,191
|
|
|
$
|
—
|
|
|
$
|
3,657
|
|
Items not included in segment capital expenditures:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
All other operating segment
|
|
343
|
|
|
—
|
|
|
—
|
|
|
343
|
|
||||
Cost centers
|
|
146
|
|
|
—
|
|
|
—
|
|
|
146
|
|
||||
Timing
|
|
(211
|
)
|
|
—
|
|
|
—
|
|
|
(211
|
)
|
||||
Other
|
|
(98
|
)
|
|
163
|
|
|
(76
|
)
|
|
(11
|
)
|
||||
Total capital expenditures
|
|
$
|
2,646
|
|
|
$
|
1,354
|
|
|
$
|
(76
|
)
|
|
$
|
3,924
|
|
|
|
|
|
|
|
|
|
|
||||||||
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total capital expenditures from reportable segments
|
|
$
|
1,482
|
|
|
$
|
960
|
|
|
$
|
—
|
|
|
$
|
2,442
|
|
Items not included in segment capital expenditures:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
All other operating segment
|
|
285
|
|
|
—
|
|
|
—
|
|
|
285
|
|
||||
Cost centers
|
|
105
|
|
|
—
|
|
|
—
|
|
|
105
|
|
||||
Timing
|
|
(180
|
)
|
|
—
|
|
|
—
|
|
|
(180
|
)
|
||||
Other
|
|
(29
|
)
|
|
32
|
|
|
(69
|
)
|
|
(66
|
)
|
||||
Total capital expenditures
|
|
$
|
1,663
|
|
|
$
|
992
|
|
|
$
|
(69
|
)
|
|
$
|
2,586
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment - net
|
|
||||||||||||||||
|
|
External sales and revenues
1
|
|
December 31,
|
|
||||||||||||||||||||
(Millions of dollars)
|
|
2012
|
|
2011
|
|
2010
|
|
2012
|
|
2011
|
|
2010
|
|
||||||||||||
Inside United States
|
|
$
|
20,305
|
|
|
$
|
18,004
|
|
|
$
|
13,674
|
|
|
$
|
8,573
|
|
|
$
|
7,388
|
|
|
$
|
6,427
|
|
|
Outside United States
|
|
45,570
|
|
2
|
42,134
|
|
|
28,914
|
|
|
7,888
|
|
|
7,007
|
|
|
6,112
|
|
3
|
||||||
Total
|
|
$
|
65,875
|
|
|
$
|
60,138
|
|
|
$
|
42,588
|
|
|
$
|
16,461
|
|
|
$
|
14,395
|
|
|
$
|
12,539
|
|
|
1
|
Sales of machinery and power systems are based on dealer or customer location. Revenues from services provided are based on where service is rendered.
|
2
|
The only country with greater than
10 percent
of external sales and revenues for any of the periods presented, other than the United States, is Australia with
$6,822 million
as of December 31, 2012.
|
3
|
The only country with greater than
10 percent
of total property, plant and equipment - net for any of the periods presented, other than the United States, is Japan with
$1,266 million
as of December 31, 2010.
|
|
|
|
|
|
23.
|
Acquisitions
|
(Millions of dollars)
|
|
Year Ended December 31, 2012
|
|
July 8, 2011 to December 31, 2011
|
||||
Sales
|
|
$
|
4,758
|
|
|
$
|
2,524
|
|
Profit (loss) before taxes
|
|
$
|
115
|
|
|
$
|
(403
|
)
|
|
|
|
|
|
|
|
July 8, 2011
|
||||||
(Millions of dollars)
|
|
Initial
|
|
Final
|
||||
Assets
|
|
|
|
|
|
|
||
Cash
|
|
$
|
203
|
|
|
$
|
204
|
|
Receivables - trade and other
|
|
693
|
|
|
705
|
|
||
Prepaid expenses
|
|
154
|
|
|
174
|
|
||
Inventories
|
|
2,305
|
|
|
2,223
|
|
||
Property, plant and equipment - net
|
|
692
|
|
|
694
|
|
||
Intangible assets
|
|
3,901
|
|
|
3,901
|
|
||
Goodwill
|
|
5,263
|
|
|
4,588
|
|
||
Other assets
|
|
48
|
|
|
141
|
|
||
Liabilities
|
|
|
|
|
|
|
||
Short-term borrowings
|
|
24
|
|
|
24
|
|
||
Long-term debt due within one year
|
|
16
|
|
|
16
|
|
||
Accounts payable
|
|
444
|
|
|
465
|
|
||
Accrued expenses
|
|
405
|
|
|
433
|
|
||
Customer advances
|
|
668
|
|
|
668
|
|
||
Other current liabilities
|
|
426
|
|
|
76
|
|
||
Long-term debt due after one year
|
|
1,514
|
|
|
1,528
|
|
||
Noncurrent deferred income tax liabilities
|
|
1,874
|
|
|
1,449
|
|
||
Other liabilities
|
|
434
|
|
|
517
|
|
||
Net assets acquired
|
|
$
|
7,454
|
|
|
$
|
7,454
|
|
|
|
|
|
|
(Millions of dollars)
|
|
|
|
|
|
Accumulated amortization
|
||||||||
|
|
Fair Value
|
|
Weighted-average
useful life (in years) |
|
2012
|
|
2011
|
||||||
Customer relationships
|
|
$
|
2,337
|
|
|
15
|
|
$
|
231
|
|
|
$
|
75
|
|
Intellectual property
|
|
1,489
|
|
|
12
|
|
182
|
|
|
58
|
|
|||
Other
|
|
75
|
|
|
4
|
|
29
|
|
|
10
|
|
|||
Total
|
|
$
|
3,901
|
|
|
14
|
|
$
|
442
|
|
|
$
|
143
|
|
|
|
|
|
|
|
|
|
|
(Millions of dollars)
|
||||||||||||||||||||||
2013
|
|
2014
|
|
2015
|
|
2016
|
|
2017
|
|
Thereafter
|
||||||||||||
$
|
299
|
|
|
$
|
299
|
|
|
$
|
290
|
|
|
$
|
280
|
|
|
$
|
280
|
|
|
$
|
2,011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years ended December 31,
|
||||||
(Dollars in millions except per share data)
|
|
2011
|
|
2010
|
||||
Total Sales and revenues
|
|
$
|
62,281
|
|
|
$
|
46,239
|
|
Profit
|
|
$
|
5,401
|
|
|
$
|
2,385
|
|
Profit per common share
|
|
$
|
8.37
|
|
|
$
|
3.78
|
|
Profit per common share – diluted
|
|
$
|
8.11
|
|
|
$
|
3.67
|
|
24.
|
Redeemable Noncontrolling Interest – Caterpillar Japan Ltd.
|
25.
|
Divestitures and Assets held for sale
|
|
December 31,
|
||||||
(Millions of dollars)
|
2012
|
|
2011
|
||||
Receivables – trade and other
|
$
|
—
|
|
|
$
|
25
|
|
Inventories
|
30
|
|
|
109
|
|
||
Current assets held for sale
|
$
|
30
|
|
|
$
|
134
|
|
|
|
|
|
|
|
||
Property, plant and equipment – net
|
$
|
—
|
|
|
$
|
28
|
|
Intangible assets
|
32
|
|
|
186
|
|
||
Goodwill
|
52
|
|
|
296
|
|
||
Non-current assets held for sale
|
$
|
84
|
|
|
$
|
510
|
|
|
|
|
|
(Millions of dollars)
|
July 31, 2012
|
||
|
|
||
Cash and short-term investments
|
$
|
8
|
|
Receivables – trade and other
|
204
|
|
|
Prepaid expenses and other current assets
|
5
|
|
|
Inventories
|
8
|
|
|
Current assets
|
$
|
225
|
|
|
|
||
Property, plant and equipment – net
|
$
|
163
|
|
Intangible assets
|
1
|
|
|
Other assets
|
59
|
|
|
Non-current assets
|
$
|
223
|
|
|
|
||
Accounts payable
|
$
|
18
|
|
Accrued expenses
|
17
|
|
|
Accrued wages, salaries and employee benefits
|
15
|
|
|
Current liabilities
|
$
|
50
|
|
|
|
||
Liability for postemployment benefits
|
$
|
58
|
|
Other liabilities
|
40
|
|
|
Long-term liabilities
|
$
|
98
|
|
|
|
26.
|
Employee separation charges
|
(Millions of dollars)
|
Total
|
||
Liability balance at December 31, 2009
|
$
|
49
|
|
Increase in liability (separation charges)
|
33
|
|
|
Reduction in liability (payments and other adjustments)
|
(60
|
)
|
|
Liability balance at December 31, 2010
|
$
|
22
|
|
Increase in liability (separation charges)
|
112
|
|
|
Reduction in liability (payments and other adjustments)
|
(44
|
)
|
|
Liability balance at December 31, 2011
|
$
|
90
|
|
Increase in liability (separation charges)
|
94
|
|
|
Reduction in liability (payments and other adjustments)
|
(155
|
)
|
|
Liability balance at December 31, 2012
|
$
|
29
|
|
|
|
27.
|
Selected quarterly financial results (unaudited)
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
2012 Quarter
3
|
||||||||||||||
(Dollars in millions except per share data)
|
|
1st
|
|
2nd
|
|
3rd
|
|
4th
|
||||||||
Sales and revenues
|
|
$
|
15,981
|
|
|
$
|
17,374
|
|
|
$
|
16,445
|
|
|
$
|
16,075
|
|
Less: Revenues
|
|
(693
|
)
|
|
(690
|
)
|
|
(706
|
)
|
|
(718
|
)
|
||||
Sales
|
|
15,288
|
|
|
16,684
|
|
|
15,739
|
|
|
15,357
|
|
||||
Cost of goods sold
|
|
11,237
|
|
|
12,280
|
|
|
11,639
|
|
|
11,899
|
|
||||
Gross margin
|
|
4,051
|
|
|
4,404
|
|
|
4,100
|
|
|
3,458
|
|
||||
Profit
1, 4
|
|
$
|
1,586
|
|
|
$
|
1,699
|
|
|
$
|
1,699
|
|
|
$
|
697
|
|
Profit per common share
4
|
|
$
|
2.44
|
|
|
$
|
2.60
|
|
|
$
|
2.60
|
|
|
$
|
1.07
|
|
Profit per common share–diluted
2, 4
|
|
$
|
2.37
|
|
|
$
|
2.54
|
|
|
$
|
2.54
|
|
|
$
|
1.04
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
2011 Quarter
3
|
||||||||||||||
|
|
1st
|
|
2nd
|
|
3rd
|
|
4th
|
||||||||
Sales and revenues
|
|
$
|
12,949
|
|
|
$
|
14,230
|
|
|
$
|
15,716
|
|
|
$
|
17,243
|
|
Less: Revenues
|
|
(672
|
)
|
|
(695
|
)
|
|
(693
|
)
|
|
(686
|
)
|
||||
Sales
|
|
12,277
|
|
|
13,535
|
|
|
15,023
|
|
|
16,557
|
|
||||
Cost of goods sold
|
|
9,057
|
|
|
10,303
|
|
|
11,455
|
|
|
12,763
|
|
||||
Gross margin
|
|
3,220
|
|
|
3,232
|
|
|
3,568
|
|
|
3,794
|
|
||||
Profit
1
|
|
$
|
1,225
|
|
|
$
|
1,015
|
|
|
$
|
1,141
|
|
|
$
|
1,547
|
|
Profit per common share
|
|
$
|
1.91
|
|
|
$
|
1.57
|
|
|
$
|
1.76
|
|
|
$
|
2.39
|
|
Profit per common share–diluted
2
|
|
$
|
1.84
|
|
|
$
|
1.52
|
|
|
$
|
1.71
|
|
|
$
|
2.32
|
|
1
|
Profit attributable to common stockholders.
|
2
|
Diluted by assumed exercise of stock-based compensation awards using the treasury stock method.
|
3
|
See Note 23 - Acquisitions and Note 25 - Divestitures and Assets held for sale for additional information.
|
4
|
The fourth quarter 2012 includes a goodwill impairment charge related to Siwei of
$580 million
.
|
|
|
|
|
|
Five-year Financial Summary
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(Dollars in millions except per share data)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
2012
|
|
2011
|
|
2010
|
|
2009
|
|
2008
|
||||||||||
Years ended December 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Sales and revenues
|
|
$
|
65,875
|
|
|
$
|
60,138
|
|
|
$
|
42,588
|
|
|
$
|
32,396
|
|
|
$
|
51,324
|
|
Percent inside the United States
|
|
31
|
%
|
|
30
|
%
|
|
32
|
%
|
|
31
|
%
|
|
33
|
%
|
|||||
Percent outside the United States
|
|
69
|
%
|
|
70
|
%
|
|
68
|
%
|
|
69
|
%
|
|
67
|
%
|
|||||
Sales
|
|
$
|
63,068
|
|
|
$
|
57,392
|
|
|
$
|
39,867
|
|
|
$
|
29,540
|
|
|
$
|
48,044
|
|
Revenues
|
|
$
|
2,807
|
|
|
$
|
2,746
|
|
|
$
|
2,721
|
|
|
$
|
2,856
|
|
|
$
|
3,280
|
|
Profit
4
|
|
$
|
5,681
|
|
|
$
|
4,928
|
|
|
$
|
2,700
|
|
|
$
|
895
|
|
|
$
|
3,557
|
|
Profit per common share
1
|
|
$
|
8.71
|
|
|
$
|
7.64
|
|
|
$
|
4.28
|
|
|
$
|
1.45
|
|
|
$
|
5.83
|
|
Profit per common share–diluted
2
|
|
$
|
8.48
|
|
|
$
|
7.40
|
|
|
$
|
4.15
|
|
|
$
|
1.43
|
|
|
$
|
5.66
|
|
Dividends declared per share of common stock
|
|
$
|
2.020
|
|
|
$
|
1.820
|
|
|
$
|
1.740
|
|
|
$
|
1.680
|
|
|
$
|
1.620
|
|
Return on average common stockholders’ equity
3, 5
|
|
37.2
|
%
|
|
41.4
|
%
|
|
27.4
|
%
|
|
11.9
|
%
|
|
46.8
|
%
|
|||||
Capital expenditures:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Property, plant and equipment
|
|
$
|
3,350
|
|
|
$
|
2,515
|
|
|
$
|
1,575
|
|
|
$
|
1,504
|
|
|
$
|
2,320
|
|
Equipment leased to others
|
|
$
|
1,726
|
|
|
$
|
1,409
|
|
|
$
|
1,011
|
|
|
$
|
968
|
|
|
$
|
1,566
|
|
Depreciation and amortization
|
|
$
|
2,813
|
|
|
$
|
2,527
|
|
|
$
|
2,296
|
|
|
$
|
2,336
|
|
|
$
|
1,980
|
|
Research and development expenses
|
|
$
|
2,466
|
|
|
$
|
2,297
|
|
|
$
|
1,905
|
|
|
$
|
1,421
|
|
|
$
|
1,728
|
|
As a percent of sales and revenues
|
|
3.7
|
%
|
|
3.8
|
%
|
|
4.5
|
%
|
|
4.4
|
%
|
|
3.4
|
%
|
|||||
Wages, salaries and employee benefits
|
|
$
|
11,756
|
|
|
$
|
10,994
|
|
|
$
|
9,187
|
|
|
$
|
7,416
|
|
|
$
|
9,076
|
|
Average number of employees
|
|
127,758
|
|
|
113,620
|
|
|
98,554
|
|
|
99,359
|
|
|
106,518
|
|
|||||
December 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total assets
|
|
$
|
89,356
|
|
|
$
|
81,446
|
|
|
$
|
64,020
|
|
|
$
|
60,038
|
|
|
$
|
67,782
|
|
Long-term debt due after one year:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Consolidated
|
|
$
|
27,752
|
|
|
$
|
24,944
|
|
|
$
|
20,437
|
|
|
$
|
21,847
|
|
|
$
|
22,834
|
|
Machinery and Power Systems
|
|
$
|
8,666
|
|
|
$
|
8,415
|
|
|
$
|
4,505
|
|
|
$
|
5,652
|
|
|
$
|
5,736
|
|
Financial Products
|
|
$
|
19,086
|
|
|
$
|
16,529
|
|
|
$
|
15,932
|
|
|
$
|
16,195
|
|
|
$
|
17,098
|
|
Total debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Consolidated
|
|
$
|
40,143
|
|
|
$
|
34,592
|
|
|
$
|
28,418
|
|
|
$
|
31,631
|
|
|
$
|
35,535
|
|
Machinery and Power Systems
|
|
$
|
10,415
|
|
|
$
|
9,066
|
|
|
$
|
5,204
|
|
|
$
|
6,387
|
|
|
$
|
7,824
|
|
Financial Products
|
|
$
|
29,728
|
|
|
$
|
25,526
|
|
|
$
|
23,214
|
|
|
$
|
25,244
|
|
|
$
|
27,711
|
|
1
|
Computed on weighted-average number of shares outstanding.
|
2
|
Computed on weighted-average number of shares outstanding diluted by assumed exercise of stock-based compensation awards, using the treasury stock method.
|
3
|
Represents profit divided by average stockholders’ equity (beginning of year stockholders’ equity plus end of year stockholders’ equity divided by two).
|
4
|
Profit attributable to common stockholders.
|
5
|
Effective January 1, 2009, we changed the manner in which we accounted for noncontrolling interests. Prior periods have been revised, as applicable.
|
|
|
|
|
|
•
|
2012 sales and revenues of $65.875 billion and profit per share of $8.48 were both all-time records.
|
•
|
Inventory was significantly reduced during the fourth quarter of 2012, down about $2 billion from the third quarter of 2012.
|
•
|
Machinery and Power Systems (M&PS)
operating cash flow was $4.198 billion in 2012, compared with $7.972 billion in 2011.
|
•
|
M&PS
debt-to-capital ratio
was 37.4 percent, down from 42.7 percent a year earlier.
|
▪
|
Reason for the change: The net impact of acquisitions and divestitures added $2.668 billion,
sales volume
improved $2.059 billion,
price realization
was favorable $1.531 billion and Financial Products revenues were up $61 million.
Currency
partially offset these increases by $582 million. While sales of both new equipment and aftermarket parts increased, the more significant increase was new equipment.
|
▪
|
Sales by geographic region: Excluding acquisitions and divestitures, sales increased in all geographic regions except
Latin America
, with the most significant improvement in North America. The sales increase in North America was driven by improvements in the United States. Within Asia/Pacific, increases in Australia and other parts of Asia/Pacific more than offset a decrease in China. Within
EAME
, increased sales in Africa, the Middle East and CIS were partially offset by lower sales in Europe.
|
▪
|
Segment: Excluding acquisitions and divestitures, the sales increase was primarily due to
Resource Industries
, with sales up 24 percent from 2011. Sales for both
Construction Industries
and
Power Systems
were about flat.
|
▪
|
Interest expense excluding Financial Products
increased $71 million from 2011, due to long-term debt issued in 2011 relating to the acquisition of Bucyrus and underwriting expense related to our debt exchange in the third quarter of 2012.
|
▪
|
Other income/expense
was income of $130 million compared with expense of $32 million in 2011. The change was primarily due to the absence of losses on interest rate swaps and credit facility fees associated with the debt issuance for the Bucyrus acquisition in 2011, partially offset by the unfavorable impact of currency gains and losses.
|
▪
|
The provision for income taxes
for 2012 reflects an effective tax rate of 30.5 percent compared with 26.5 percent for 2011, excluding the items discussed below. The increase from 26.5 percent to 30.5 percent is primarily due to changes in our geographic mix of profits from a tax perspective and the expiration of the U.S. research and development tax credit. While the American Taxpayer Relief Act of 2012 extended this credit, the related benefit will be reported in 2013 due to the law's enactment in January of 2013.
|
Sales and Revenues by Geographic Region
|
||||||||||||||||||||||||||||||||||
(Millions of dollars)
|
Total
|
|
%
Change
|
|
North
America
|
|
%
Change
|
|
Latin
America
|
|
%
Change
|
|
EAME
|
|
%
Change
|
|
Asia/
Pacific
|
|
%
Change
|
|||||||||||||||
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Construction Industries
1
|
$
|
19,334
|
|
|
(2
|
)%
|
|
$
|
7,101
|
|
|
19
|
%
|
|
$
|
2,650
|
|
|
(13
|
)%
|
|
$
|
4,633
|
|
|
(3
|
)%
|
|
$
|
4,950
|
|
|
(16
|
)%
|
Resource Industries
2
|
21,158
|
|
|
35
|
%
|
|
6,037
|
|
|
22
|
%
|
|
3,662
|
|
|
29
|
%
|
|
4,374
|
|
|
36
|
%
|
|
7,085
|
|
|
54
|
%
|
|||||
Power Systems
3
|
21,122
|
|
|
5
|
%
|
|
8,720
|
|
|
5
|
%
|
|
2,191
|
|
|
(7
|
)%
|
|
6,043
|
|
|
5
|
%
|
|
4,168
|
|
|
14
|
%
|
|||||
All Other Segment
4
|
1,501
|
|
|
(26
|
)%
|
|
777
|
|
|
(20
|
)%
|
|
65
|
|
|
(37
|
)%
|
|
395
|
|
|
(32
|
)%
|
|
264
|
|
|
(27
|
)%
|
|||||
Corporate Items and Eliminations
|
(47
|
)
|
|
|
|
(50
|
)
|
|
|
|
1
|
|
|
|
|
1
|
|
|
|
|
1
|
|
|
|
||||||||||
Machinery & Power Systems Sales
|
63,068
|
|
|
10
|
%
|
|
22,585
|
|
|
12
|
%
|
|
8,569
|
|
|
3
|
%
|
|
15,446
|
|
|
8
|
%
|
|
16,468
|
|
|
14
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Financial Products Segment
|
3,090
|
|
|
3
|
%
|
|
1,675
|
|
|
(1
|
)%
|
|
397
|
|
|
10
|
%
|
|
408
|
|
|
(7
|
)%
|
|
610
|
|
|
18
|
%
|
|||||
Corporate Items and Eliminations
|
(283
|
)
|
|
|
|
(181
|
)
|
|
|
|
(30
|
)
|
|
|
|
(27
|
)
|
|
|
|
(45
|
)
|
|
|
||||||||||
Financial Products Revenues
|
2,807
|
|
|
2
|
%
|
|
1,494
|
|
|
(1
|
)%
|
|
367
|
|
|
11
|
%
|
|
381
|
|
|
(7
|
)%
|
|
565
|
|
|
16
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Consolidated Sales and Revenues
|
$
|
65,875
|
|
|
10
|
%
|
|
$
|
24,079
|
|
|
11
|
%
|
|
$
|
8,936
|
|
|
3
|
%
|
|
$
|
15,827
|
|
|
7
|
%
|
|
$
|
17,033
|
|
|
14
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Construction Industries
1
|
$
|
19,667
|
|
|
|
|
$
|
5,985
|
|
|
|
|
$
|
3,045
|
|
|
|
|
$
|
4,768
|
|
|
|
|
$
|
5,869
|
|
|
|
|
||||
Resource Industries
2
|
15,629
|
|
|
|
|
4,963
|
|
|
|
|
2,831
|
|
|
|
|
3,228
|
|
|
|
|
4,607
|
|
|
|
|
|||||||||
Power Systems
3
|
20,114
|
|
|
|
|
8,331
|
|
|
|
|
2,363
|
|
|
|
|
5,752
|
|
|
|
|
3,668
|
|
|
|
|
|||||||||
All Other Segment
4
|
2,021
|
|
|
|
|
970
|
|
|
|
|
103
|
|
|
|
|
585
|
|
|
|
|
363
|
|
|
|
|
|||||||||
Corporate Items and Eliminations
|
(39
|
)
|
|
|
|
(32
|
)
|
|
|
|
(1
|
)
|
|
|
|
(4
|
)
|
|
|
|
(2
|
)
|
|
|
||||||||||
Machinery & Power Systems Sales
|
57,392
|
|
|
|
|
|
20,217
|
|
|
|
|
|
8,341
|
|
|
|
|
|
14,329
|
|
|
|
|
|
14,505
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Financial Products Segment
|
3,003
|
|
|
|
|
1,687
|
|
|
|
|
361
|
|
|
|
|
438
|
|
|
|
|
517
|
|
|
|
|
|||||||||
Corporate Items and Eliminations
|
(257
|
)
|
|
|
|
(171
|
)
|
|
|
|
(29
|
)
|
|
|
|
(28
|
)
|
|
|
|
(29
|
)
|
|
|
|
|||||||||
Financial Products Revenues
|
2,746
|
|
|
|
|
|
1,516
|
|
|
|
|
|
332
|
|
|
|
|
|
410
|
|
|
|
|
|
488
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Consolidated Sales and Revenues
|
$
|
60,138
|
|
|
|
|
|
$
|
21,733
|
|
|
|
|
|
$
|
8,673
|
|
|
|
|
|
$
|
14,739
|
|
|
|
|
|
$
|
14,993
|
|
|
|
|
|
Sales and Revenues by Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
(Millions of dollars)
|
2011
|
|
Sales
Volume
|
|
Price
Realization
|
|
Currency
|
|
Acquisitions/Divestitures
|
|
Other
|
|
2012
|
|
$
Change
|
|
%
Change
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Construction Industries
|
$
|
19,667
|
|
|
$
|
(301
|
)
|
|
$
|
264
|
|
|
$
|
(296
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
19,334
|
|
|
$
|
(333
|
)
|
|
(2
|
)%
|
Resource Industries
|
15,629
|
|
|
2,414
|
|
|
850
|
|
|
(71
|
)
|
|
2,336
|
|
|
—
|
|
|
21,158
|
|
|
5,529
|
|
|
35
|
%
|
||||||||
Power Systems
|
20,114
|
|
|
251
|
|
|
342
|
|
|
(194
|
)
|
|
609
|
|
|
—
|
|
|
21,122
|
|
|
1,008
|
|
|
5
|
%
|
||||||||
All Other Segment
|
2,021
|
|
|
(224
|
)
|
|
—
|
|
|
(19
|
)
|
|
(277
|
)
|
|
—
|
|
|
1,501
|
|
|
(520
|
)
|
|
(26
|
)%
|
||||||||
Corporate Items and Eliminations
|
(39
|
)
|
|
(81
|
)
|
|
75
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
(47
|
)
|
|
(8
|
)
|
|
|
|
||||||||
Machinery & Power Systems Sales
|
57,392
|
|
|
2,059
|
|
|
1,531
|
|
|
(582
|
)
|
|
2,668
|
|
|
—
|
|
|
63,068
|
|
|
5,676
|
|
|
10
|
%
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Financial Products Segment
|
3,003
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
87
|
|
|
3,090
|
|
|
87
|
|
|
3
|
%
|
||||||||
Corporate Items and Eliminations
|
(257
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(26
|
)
|
|
(283
|
)
|
|
(26
|
)
|
|
|
|
||||||||
Financial Products Revenues
|
2,746
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
61
|
|
|
2,807
|
|
|
61
|
|
|
2
|
%
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Consolidated Sales and Revenues
|
$
|
60,138
|
|
|
$
|
2,059
|
|
|
$
|
1,531
|
|
|
$
|
(582
|
)
|
|
$
|
2,668
|
|
|
$
|
61
|
|
|
$
|
65,875
|
|
|
$
|
5,737
|
|
|
10
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Profit by Segment
|
|
|
|
|
|
|
|
|||||||
(Millions of dollars)
|
2012
|
|
2011
|
|
$
Change
|
|
%
Change
|
|||||||
Construction Industries
|
$
|
1,789
|
|
|
$
|
2,056
|
|
|
$
|
(267
|
)
|
|
(13
|
)%
|
Resource Industries
|
4,318
|
|
|
3,334
|
|
|
984
|
|
|
30
|
%
|
|||
Power Systems
|
3,434
|
|
|
3,053
|
|
|
381
|
|
|
12
|
%
|
|||
All Other Segment
|
1,014
|
|
|
837
|
|
|
177
|
|
|
21
|
%
|
|||
Corporate Items and Eliminations
|
(2,441
|
)
|
|
(2,457
|
)
|
|
16
|
|
|
|
|
|||
Machinery & Power Systems
|
8,114
|
|
|
6,823
|
|
|
1,291
|
|
|
19
|
%
|
|||
|
|
|
|
|
|
|
|
|||||||
Financial Products Segment
|
763
|
|
|
587
|
|
|
176
|
|
|
30
|
%
|
|||
Corporate Items and Eliminations
|
(22
|
)
|
|
(4
|
)
|
|
(18
|
)
|
|
|
|
|||
Financial Products
|
741
|
|
|
583
|
|
|
158
|
|
|
27
|
%
|
|||
Consolidating Adjustments
|
(282
|
)
|
|
(253
|
)
|
|
(29
|
)
|
|
|
|
|||
Consolidated Operating Profit
|
$
|
8,573
|
|
|
$
|
7,153
|
|
|
$
|
1,420
|
|
|
20
|
%
|
|
|
|
|
|
|
|
|
▪
|
Reason for the change: Sales volume decreased $1.655 billion, and the impact of currency was unfavorable $82 million. The majority of the sales volume decrease was related to changes in dealer new machine inventories. These decreases were partially offset by increased price realization of $421 million and the favorable net impact of acquisitions and divestitures of $116 million. Financial Products revenues were $32 million higher.
|
▪
|
Sales by geographic region: Excluding acquisitions and divestitures, sales decreased in all geographic regions except Latin America, with the most significant decrease in North America. Within Asia/Pacific, decreases in China and other parts of Asia/Pacific more than offset sales increases in Australia and Japan. Within EAME, lower sales in Europe and CIS were partially offset by increased sales in the Middle East and Africa.
|
▪
|
Segment: The decrease in sales was primarily due to Construction Industries, with sales down 25 percent. Excluding acquisitions and divestitures, Resource Industries' sales improved 16 percent, and Power Systems' sales decreased 9 percent. Financial Products' revenues were up 5 percent.
|
•
|
Interest expense excluding Financial Products
increased $8 million from the fourth quarter of 2011.
|
•
|
Other income/expense
was expense of
$11 million compared with income of $125 million in the fourth quarter of 2011. The decrease was due to the unfavorable impact of currency gains and losses.
|
•
|
The provision for income taxes
in the fourth quarter of 2012 reflects an effective tax rate of 30.5 percent compared with 26.5 percent for the fourth quarter of 2011, excluding the items discussed in the next paragraph. The increase from 26.5 percent to 30.5 percent is primarily due to changes in our geographic mix of profits from a tax perspective and the expiration of the U.S. research and development tax credit. While the American Taxpayer Relief Act of 2012 extended this credit, the related benefit will be reported in 2013 due to the law's enactment in January of 2013.
|
•
|
Profit/loss attributable to noncontrolling interests
favorably impacted profit by $12 million compared with the fourth quarter of 2011.
|
Sales and Revenues by Geographic Region
|
||||||||||||||||||||||||||||||||||
(Millions of dollars)
|
Total
|
|
%
Change
|
|
North
America
|
|
%
Change
|
|
Latin
America
|
|
%
Change
|
|
EAME
|
|
%
Change
|
|
Asia/
Pacific
|
|
%
Change
|
|||||||||||||||
Fourth Quarter 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Construction Industries
1
|
$
|
4,028
|
|
|
(25
|
)%
|
|
$
|
1,445
|
|
|
(17
|
)%
|
|
$
|
600
|
|
|
(23
|
)%
|
|
$
|
882
|
|
|
(28
|
)%
|
|
$
|
1,101
|
|
|
(32
|
)%
|
Resource Industries
2
|
5,776
|
|
|
14
|
%
|
|
1,467
|
|
|
(13
|
)%
|
|
1,095
|
|
|
42
|
%
|
|
1,266
|
|
|
32
|
%
|
|
1,948
|
|
|
20
|
%
|
|||||
Power Systems
3
|
5,307
|
|
|
(6
|
)%
|
|
1,994
|
|
|
(9
|
)%
|
|
539
|
|
|
(25
|
)%
|
|
1,628
|
|
|
(4
|
)%
|
|
1,146
|
|
|
9
|
%
|
|||||
All Other Segment
4
|
255
|
|
|
(49
|
)%
|
|
153
|
|
|
(35
|
)%
|
|
16
|
|
|
(38
|
)%
|
|
48
|
|
|
(67
|
)%
|
|
38
|
|
|
(58
|
)%
|
|||||
Corporate Items and Eliminations
|
(9
|
)
|
|
—
|
|
|
(12
|
)
|
|
|
|
1
|
|
|
|
|
1
|
|
|
|
|
1
|
|
|
|
|||||||||
Machinery & Power Systems Sales
|
15,357
|
|
|
(7
|
)%
|
|
5,047
|
|
|
(14
|
)%
|
|
2,251
|
|
|
(2
|
)%
|
|
3,825
|
|
|
(5
|
)%
|
|
4,234
|
|
|
(3
|
)%
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Financial Products Segment
|
789
|
|
|
5
|
%
|
|
422
|
|
|
2
|
%
|
|
103
|
|
|
10
|
%
|
|
104
|
|
|
(5
|
)%
|
|
160
|
|
|
19
|
%
|
|||||
Corporate Items and Eliminations
|
(71
|
)
|
|
|
|
(41
|
)
|
|
|
|
(8
|
)
|
|
|
|
(6
|
)
|
|
|
|
(16
|
)
|
|
|
||||||||||
Financial Products Revenues
|
718
|
|
|
5
|
%
|
|
381
|
|
|
2
|
%
|
|
95
|
|
|
9
|
%
|
|
98
|
|
|
1
|
%
|
|
144
|
|
|
13
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Consolidated Sales and Revenues
|
$
|
16,075
|
|
|
(7
|
)%
|
|
$
|
5,428
|
|
|
(13
|
)%
|
|
$
|
2,346
|
|
|
(2
|
)%
|
|
$
|
3,923
|
|
|
(5
|
)%
|
|
$
|
4,378
|
|
|
(3
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Fourth Quarter 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Construction Industries
1
|
$
|
5,355
|
|
|
|
|
$
|
1,743
|
|
|
|
|
$
|
777
|
|
|
|
|
$
|
1,222
|
|
|
|
|
$
|
1,613
|
|
|
|
|
||||
Resource Industries
2
|
5,056
|
|
|
|
|
1,694
|
|
|
|
|
771
|
|
|
|
|
962
|
|
|
|
|
1,629
|
|
|
|
|
|||||||||
Power Systems
3
|
5,672
|
|
|
|
|
2,203
|
|
|
|
|
722
|
|
|
|
|
1,693
|
|
|
|
|
1,054
|
|
|
|
|
|||||||||
All Other Segment
4
|
496
|
|
|
|
|
235
|
|
|
|
|
26
|
|
|
|
|
145
|
|
|
|
|
90
|
|
|
|
|
|||||||||
Corporate Items and Eliminations
|
(22
|
)
|
|
|
|
(15
|
)
|
|
|
|
(1
|
)
|
|
|
|
(4
|
)
|
|
|
|
(2
|
)
|
|
|
||||||||||
Machinery & Power Systems Sales
|
16,557
|
|
|
|
|
|
5,860
|
|
|
|
|
|
2,295
|
|
|
|
|
|
4,018
|
|
|
|
|
|
4,384
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Financial Products Segment
|
752
|
|
|
|
|
413
|
|
|
|
|
94
|
|
|
|
|
110
|
|
|
|
|
135
|
|
|
|
|
|||||||||
Corporate Items and Eliminations
|
(66
|
)
|
|
|
|
(38
|
)
|
|
|
|
(7
|
)
|
|
|
|
(13
|
)
|
|
|
|
(8
|
)
|
|
|
|
|||||||||
Financial Products Revenues
|
686
|
|
|
|
|
|
375
|
|
|
|
|
|
87
|
|
|
|
|
|
97
|
|
|
|
|
|
127
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Consolidated Sales and Revenues
|
$
|
17,243
|
|
|
|
|
|
$
|
6,235
|
|
|
|
|
|
$
|
2,382
|
|
|
|
|
|
$
|
4,115
|
|
|
|
|
|
$
|
4,511
|
|
|
|
|
|
Sales and Revenues by Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
(Millions of dollars)
|
Fourth Quarter 2011
|
|
Sales
Volume
|
|
Price
Realization
|
|
Currency
|
|
Acquisitions/Divestitures
|
|
Other
|
|
Fourth Quarter 2012
|
|
$
Change
|
|
%
Change
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Construction Industries
|
$
|
5,355
|
|
|
$
|
(1,306
|
)
|
|
$
|
32
|
|
|
$
|
(53
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,028
|
|
|
$
|
(1,327
|
)
|
|
(25
|
)%
|
Resource Industries
|
5,056
|
|
|
301
|
|
|
267
|
|
|
1
|
|
|
151
|
|
|
—
|
|
|
5,776
|
|
|
720
|
|
|
14
|
%
|
||||||||
Power Systems
|
5,672
|
|
|
(559
|
)
|
|
94
|
|
|
(27
|
)
|
|
127
|
|
|
—
|
|
|
5,307
|
|
|
(365
|
)
|
|
(6
|
)%
|
||||||||
All Other Segment
|
496
|
|
|
(78
|
)
|
|
1
|
|
|
(2
|
)
|
|
(162
|
)
|
|
—
|
|
|
255
|
|
|
(241
|
)
|
|
(49
|
)%
|
||||||||
Corporate Items and Eliminations
|
(22
|
)
|
|
(13
|
)
|
|
27
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(9
|
)
|
|
13
|
|
|
|
|
||||||||
Machinery & Power Systems Sales
|
16,557
|
|
|
(1,655
|
)
|
|
421
|
|
|
(82
|
)
|
|
116
|
|
|
—
|
|
|
15,357
|
|
|
(1,200
|
)
|
|
(7
|
)%
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Financial Products Segment
|
752
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
37
|
|
|
789
|
|
|
37
|
|
|
5
|
%
|
||||||||
Corporate Items and Eliminations
|
(66
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
|
(71
|
)
|
|
(5
|
)
|
|
|
|
||||||||
Financial Products Revenues
|
686
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
32
|
|
|
718
|
|
|
32
|
|
|
5
|
%
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Consolidated Sales and Revenues
|
$
|
17,243
|
|
|
$
|
(1,655
|
)
|
|
$
|
421
|
|
|
$
|
(82
|
)
|
|
$
|
116
|
|
|
$
|
32
|
|
|
$
|
16,075
|
|
|
$
|
(1,168
|
)
|
|
(7
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Profit by Segment
|
|
|
|
|
|
|
|
|||||||
(Millions of dollars)
|
Fourth Quarter 2012
|
|
Fourth Quarter 2011
|
|
$
Change
|
|
%
Change
|
|||||||
Construction Industries
|
$
|
26
|
|
|
$
|
534
|
|
|
$
|
(508
|
)
|
|
(95
|
)%
|
Resource Industries
|
611
|
|
|
997
|
|
|
(386
|
)
|
|
(39
|
)%
|
|||
Power Systems
|
697
|
|
|
823
|
|
|
(126
|
)
|
|
(15
|
)%
|
|||
All Other Segment
|
126
|
|
|
236
|
|
|
(110
|
)
|
|
(47
|
)%
|
|||
Corporate Items and Eliminations
|
(534
|
)
|
|
(721
|
)
|
|
187
|
|
|
|
|
|||
Machinery & Power Systems
|
926
|
|
|
1,869
|
|
|
(943
|
)
|
|
(50
|
)%
|
|||
|
|
|
|
|
|
|
|
|||||||
Financial Products Segment
|
180
|
|
|
134
|
|
|
46
|
|
|
34
|
%
|
|||
Corporate Items and Eliminations
|
2
|
|
|
22
|
|
|
(20
|
)
|
|
|
|
|||
Financial Products
|
182
|
|
|
156
|
|
|
26
|
|
|
17
|
%
|
|||
Consolidating Adjustments
|
(70
|
)
|
|
(65
|
)
|
|
(5
|
)
|
|
|
|
|||
Consolidated Operating Profit
|
$
|
1,038
|
|
|
$
|
1,960
|
|
|
$
|
(922
|
)
|
|
(47
|
)%
|
|
|
|
|
|
|
|
|
•
|
Interest expense excluding Financial Products
increased $53 million from 2010 due to debt issued to complete the acquisition
|
•
|
Other income/expense
was expense of $32 million compared with income of $130 million in 2010. The unfavorable change was primarily a result of losses on interest rate swaps put in place in anticipation of issuing debt for the acquisition of Bucyrus.
|
•
|
The provision for income taxes
for 2011 reflects an effective tax rate of 26.5 percent compared with 25 percent for 2010, excluding the items discussed below. The 2011 effective tax rate is higher than 2010 primarily due to changes in our geographic mix of profits from a tax perspective.
|
Sales and Revenues by Geographic Region
|
|||||||||||||||||||||||||||||||||||
(Millions of dollars)
|
|
Total
|
|
%
Change
|
|
North
America
|
|
%
Change
|
|
Latin
America
|
|
%
Change
|
|
EAME
|
|
%
Change
|
|
Asia/
Pacific
|
|
%
Change
|
|||||||||||||||
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Construction Industries
1
|
|
$
|
19,667
|
|
|
45
|
%
|
|
$
|
5,985
|
|
|
46
|
%
|
|
$
|
3,045
|
|
|
49
|
%
|
|
$
|
4,768
|
|
|
62
|
%
|
|
$
|
5,869
|
|
|
31
|
%
|
Resource Industries
2
|
|
15,629
|
|
|
80
|
%
|
|
4,963
|
|
|
73
|
%
|
|
2,831
|
|
|
56
|
%
|
|
3,228
|
|
|
86
|
%
|
|
4,607
|
|
|
104
|
%
|
|||||
Power Systems
3
|
|
20,114
|
|
|
29
|
%
|
|
8,331
|
|
|
31
|
%
|
|
2,363
|
|
|
24
|
%
|
|
5,752
|
|
|
31
|
%
|
|
3,668
|
|
|
28
|
%
|
|||||
All Other Segment
4
|
|
2,021
|
|
|
(6
|
)%
|
|
970
|
|
|
(20
|
)%
|
|
103
|
|
|
(5
|
)%
|
|
585
|
|
|
9
|
%
|
|
363
|
|
|
20
|
%
|
|||||
Corporate Items and Eliminations
|
|
(39
|
)
|
|
|
|
|
(32
|
)
|
|
|
|
|
(1
|
)
|
|
|
|
|
(4
|
)
|
|
|
|
|
(2
|
)
|
|
|
|
|||||
Machinery & Power Systems Sales
|
|
57,392
|
|
|
44
|
%
|
|
20,217
|
|
|
39
|
%
|
|
8,341
|
|
|
42
|
%
|
|
14,329
|
|
|
49
|
%
|
|
14,505
|
|
|
47
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Financial Products Segment
|
|
3,003
|
|
|
2
|
%
|
|
1,687
|
|
|
(5
|
)%
|
|
361
|
|
|
17
|
%
|
|
438
|
|
|
3
|
%
|
|
517
|
|
|
18
|
%
|
|||||
Corporate Items and Eliminations
|
|
(257
|
)
|
|
|
|
|
(171
|
)
|
|
|
|
|
(29
|
)
|
|
|
|
|
(28
|
)
|
|
|
|
|
(29
|
)
|
|
|
|
|||||
Financial Products Revenues
|
|
2,746
|
|
|
1
|
%
|
|
1,516
|
|
|
(4
|
)%
|
|
332
|
|
|
12
|
%
|
|
410
|
|
|
(4
|
)%
|
|
488
|
|
|
15
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Consolidated Sales and Revenues
|
|
$
|
60,138
|
|
|
41
|
%
|
|
$
|
21,733
|
|
|
35
|
%
|
|
$
|
8,673
|
|
|
41
|
%
|
|
$
|
14,739
|
|
|
47
|
%
|
|
$
|
14,993
|
|
|
45
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Construction Industries
1
|
|
$
|
13,572
|
|
|
|
|
|
$
|
4,108
|
|
|
|
|
|
$
|
2,048
|
|
|
|
|
|
$
|
2,941
|
|
|
|
|
|
$
|
4,475
|
|
|
|
|
Resource Industries
2
|
|
8,667
|
|
|
|
|
|
2,866
|
|
|
|
|
|
1,809
|
|
|
|
|
|
1,737
|
|
|
|
|
|
2,255
|
|
|
|
|
|||||
Power Systems
3
|
|
15,537
|
|
|
|
|
|
6,376
|
|
|
|
|
|
1,900
|
|
|
|
|
|
4,393
|
|
|
|
|
|
2,868
|
|
|
|
|
|||||
All Other Segment
4
|
|
2,156
|
|
|
|
|
|
1,208
|
|
|
|
|
|
108
|
|
|
|
|
|
538
|
|
|
|
|
|
302
|
|
|
|
|
|||||
Corporate Items and Eliminations
|
|
(65
|
)
|
|
|
|
|
(36
|
)
|
|
|
|
|
(8
|
)
|
|
|
|
|
(14
|
)
|
|
|
|
|
(7
|
)
|
|
|
|
|||||
Machinery & Power Systems Sales
|
|
39,867
|
|
|
|
|
|
14,522
|
|
|
|
|
|
5,857
|
|
|
|
|
|
9,595
|
|
|
|
|
|
9,893
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Financial Products Segment
|
|
2,946
|
|
|
|
|
|
1,773
|
|
|
|
|
|
308
|
|
|
|
|
|
427
|
|
|
|
|
|
438
|
|
|
|
|
|||||
Corporate Items and Eliminations
|
|
(225
|
)
|
|
|
|
|
(202
|
)
|
|
|
|
|
(11
|
)
|
|
|
|
|
—
|
|
|
|
|
|
(12
|
)
|
|
|
|
|||||
Financial Products Revenues
|
|
2,721
|
|
|
|
|
|
1,571
|
|
|
|
|
|
297
|
|
|
|
|
|
427
|
|
|
|
|
|
426
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Consolidated Sales and Revenues
|
|
$
|
42,588
|
|
|
|
|
|
$
|
16,093
|
|
|
|
|
|
$
|
6,154
|
|
|
|
|
|
$
|
10,022
|
|
|
|
|
|
$
|
10,319
|
|
|
|
|
1
|
Does not include inter-segment sales of $575 million and $674 million in 2011 and 2010, respectively.
|
2
|
Does not include inter-segment sales of $1,162 million and $894 million in 2011 and 2010, respectively.
|
3
|
Does not include inter-segment sales of $2,339 million and $1,684 million in 2011 and 2010, respectively.
|
4
|
Does not include inter-segment sales of $3,413 million and $2,808 million in 2011 and 2010, respectively.
|
|
|
|
|
|
Sales and Revenues by Segment
|
|||||||||||||||||||||||||||||||||||
(Millions of dollars)
|
|
2010
|
|
Sales
Volume
|
|
|
Price
Realization
|
|
|
Currency
|
|
Acquisitions
|
|
Other
|
|
2011
|
|
$
Change
|
|
|
%
Change
|
||||||||||||||
Construction Industries
|
|
$
|
13,572
|
|
|
$
|
5,379
|
|
|
$
|
243
|
|
|
$
|
473
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
19,667
|
|
|
$
|
6,095
|
|
|
45
|
%
|
Resource Industries
|
|
8,667
|
|
|
4,115
|
|
|
224
|
|
|
99
|
|
|
2,524
|
|
|
—
|
|
|
15,629
|
|
|
6,962
|
|
|
80
|
%
|
||||||||
Power Systems
|
|
15,537
|
|
|
3,193
|
|
|
256
|
|
|
215
|
|
|
913
|
|
|
—
|
|
|
20,114
|
|
|
4,577
|
|
|
29
|
%
|
||||||||
All Other Segment
|
|
2,156
|
|
|
(184
|
)
|
|
5
|
|
|
44
|
|
|
—
|
|
|
—
|
|
|
2,021
|
|
|
(135
|
)
|
|
(6
|
)%
|
||||||||
Corporate Items and Eliminations
|
|
(65
|
)
|
|
30
|
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(39
|
)
|
|
26
|
|
|
|
|
||||||||
Machinery & Power Systems Sales
|
|
39,867
|
|
|
12,533
|
|
|
724
|
|
|
831
|
|
|
3,437
|
|
|
—
|
|
|
57,392
|
|
|
17,525
|
|
|
44
|
%
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Financial Products Segment
|
|
2,946
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
57
|
|
|
3,003
|
|
|
57
|
|
|
2
|
%
|
||||||||
Corporate Items and Eliminations
|
|
(225
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(32
|
)
|
|
(257
|
)
|
|
(32
|
)
|
|
|
|
||||||||
Financial Products Revenues
|
|
2,721
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
25
|
|
|
2,746
|
|
|
25
|
|
|
1
|
%
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Consolidated Sales and Revenues
|
|
$
|
42,588
|
|
|
$
|
12,533
|
|
|
$
|
724
|
|
|
$
|
831
|
|
|
$
|
3,437
|
|
|
$
|
25
|
|
|
$
|
60,138
|
|
|
$
|
17,550
|
|
|
41
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Profit by Segment
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|||||||
(Millions of dollars)
|
|
2011
|
|
2010
|
|
$ Change
|
|
% Change
|
|||||||
Construction Industries
|
|
$
|
2,056
|
|
|
$
|
783
|
|
|
$
|
1,273
|
|
|
163
|
%
|
Resource Industries
|
|
3,334
|
|
|
1,789
|
|
|
1,545
|
|
|
86
|
%
|
|||
Power Systems
|
|
3,053
|
|
|
2,288
|
|
|
765
|
|
|
33
|
%
|
|||
All Other Segment
|
|
837
|
|
|
720
|
|
|
117
|
|
|
16
|
%
|
|||
Corporate Items and Eliminations
|
|
(2,457
|
)
|
|
(1,793
|
)
|
|
(664
|
)
|
|
|
|
|||
Machinery & Power Systems
|
|
6,823
|
|
|
3,787
|
|
|
3,036
|
|
|
80
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Financial Products Segment
|
|
587
|
|
|
429
|
|
|
158
|
|
|
37
|
%
|
|||
Corporate Items and Eliminations
|
|
(4
|
)
|
|
(42
|
)
|
|
38
|
|
|
|
|
|||
Financial Products
|
|
583
|
|
|
387
|
|
|
196
|
|
|
51
|
%
|
|||
Consolidating Adjustments
|
|
(253
|
)
|
|
(211
|
)
|
|
(42
|
)
|
|
|
|
|||
Consolidated Operating Profit
|
|
$
|
7,153
|
|
|
$
|
3,963
|
|
|
$
|
3,190
|
|
|
80
|
%
|
|
|
|
|
|
|
|
|
|
(Millions of dollars)
|
|
Year Ended December 31, 2012
|
|
July 8, 2011 to December 31, 2011
|
||||
Sales
|
|
$
|
4,758
|
|
|
$
|
2,524
|
|
Profit (loss) before taxes
|
|
$
|
115
|
|
|
$
|
(403
|
)
|
|
|
|
|
|
|
|
July 8, 2011
|
||||||
(Millions of dollars)
|
|
Initial
|
|
Final
|
||||
Assets
|
|
|
|
|
|
|
||
Cash
|
|
$
|
203
|
|
|
$
|
204
|
|
Receivables - trade and other
|
|
693
|
|
|
705
|
|
||
Prepaid expenses
|
|
154
|
|
|
174
|
|
||
Inventories
|
|
2,305
|
|
|
2,223
|
|
||
Property, plant and equipment - net
|
|
692
|
|
|
694
|
|
||
Intangible assets
|
|
3,901
|
|
|
3,901
|
|
||
Goodwill
|
|
5,263
|
|
|
4,588
|
|
||
Other assets
|
|
48
|
|
|
141
|
|
||
Liabilities
|
|
|
|
|
|
|
||
Short-term borrowings
|
|
24
|
|
|
24
|
|
||
Long-term debt due within one year
|
|
16
|
|
|
16
|
|
||
Accounts payable
|
|
444
|
|
|
465
|
|
||
Accrued expenses
|
|
405
|
|
|
433
|
|
||
Customer advances
|
|
668
|
|
|
668
|
|
||
Other current liabilities
|
|
426
|
|
|
76
|
|
||
Long-term debt due after one year
|
|
1,514
|
|
|
1,528
|
|
||
Noncurrent deferred income tax liabilities
|
|
1,874
|
|
|
1,449
|
|
||
Other liabilities
|
|
434
|
|
|
517
|
|
||
Net assets acquired
|
|
$
|
7,454
|
|
|
$
|
7,454
|
|
|
|
|
|
|
(Millions of dollars)
|
|
|
|
|
|
Accumulated amortization
|
||||||||
|
|
Fair Value
|
|
Weighted-average
useful life (in years) |
|
2012
|
|
2011
|
||||||
Customer relationships
|
|
$
|
2,337
|
|
|
15
|
|
$
|
231
|
|
|
$
|
75
|
|
Intellectual property
|
|
1,489
|
|
|
12
|
|
182
|
|
|
58
|
|
|||
Other
|
|
75
|
|
|
4
|
|
29
|
|
|
10
|
|
|||
Total
|
|
$
|
3,901
|
|
|
14
|
|
$
|
442
|
|
|
$
|
143
|
|
|
|
|
|
|
|
|
|
|
(Millions of dollars)
|
||||||||||||||||||||||
2013
|
|
2014
|
|
2015
|
|
2016
|
|
2017
|
|
Thereafter
|
||||||||||||
$
|
299
|
|
|
$
|
299
|
|
|
$
|
290
|
|
|
$
|
280
|
|
|
$
|
280
|
|
|
$
|
2,011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years ended December 31,
|
||||||
(Dollars in millions except per share data)
|
|
2011
|
|
2010
|
||||
Total Sales and revenues
|
|
$
|
62,281
|
|
|
$
|
46,239
|
|
Profit
|
|
$
|
5,401
|
|
|
$
|
2,385
|
|
Profit per common share
|
|
$
|
8.37
|
|
|
$
|
3.78
|
|
Profit per common share – diluted
|
|
$
|
8.11
|
|
|
$
|
3.67
|
|
Impact of Bucyrus on Profit
|
||||||||||||||||
(Millions of dollars)
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
Impact Excluding Divestitures Gain/(Loss)
|
|
Fourth Quarter 2012
|
|
Fourth Quarter 2011
|
|
Full Year
2012
|
|
Full Year
2011
|
||||||||
Sales
|
|
$
|
1,491
|
|
|
$
|
1,389
|
|
|
$
|
4,758
|
|
|
$
|
2,524
|
|
Cost of goods sold
|
|
(1,269
|
)
|
|
(1,140
|
)
|
|
(3,716
|
)
|
|
(2,159
|
)
|
||||
SG&A
|
|
(161
|
)
|
|
(161
|
)
|
|
(635
|
)
|
|
(351
|
)
|
||||
R&D
|
|
(40
|
)
|
|
(14
|
)
|
|
(153
|
)
|
|
(26
|
)
|
||||
Other operating income (costs)
|
|
5
|
|
|
(7
|
)
|
|
3
|
|
|
(84
|
)
|
||||
Operating profit (loss)
|
|
26
|
|
|
67
|
|
|
257
|
|
|
(96
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Interest expense
|
|
(28
|
)
|
|
(35
|
)
|
|
(130
|
)
|
|
(79
|
)
|
||||
Other income (expense)
|
|
(9
|
)
|
|
(1
|
)
|
|
(12
|
)
|
|
(228
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Profit (loss) before tax
|
|
(11
|
)
|
|
31
|
|
|
115
|
|
|
(403
|
)
|
||||
Income tax (provision)/benefit
|
|
5
|
|
|
(3
|
)
|
|
(40
|
)
|
|
133
|
|
||||
Profit (loss) after tax of consolidated companies
|
|
(6
|
)
|
|
28
|
|
|
75
|
|
|
(270
|
)
|
||||
Profit (loss) attributable to non-controlling interest
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
|
(1
|
)
|
||||
Profit/(loss)
|
|
$
|
(6
|
)
|
|
$
|
27
|
|
|
$
|
74
|
|
|
$
|
(271
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
Distribution Business Divestiture Gain/(Loss)
|
|
|
|
|
|
|
|
|
||||||||
SG&A
|
|
$
|
(44
|
)
|
|
$
|
(17
|
)
|
|
$
|
(177
|
)
|
|
$
|
(32
|
)
|
Other operating income (costs)
|
|
124
|
|
|
96
|
|
|
310
|
|
|
96
|
|
||||
Impact on operating profit
|
|
80
|
|
|
79
|
|
|
133
|
|
|
64
|
|
||||
Income tax (provision)/benefit
|
|
(62
|
)
|
|
(61
|
)
|
|
(161
|
)
|
|
(55
|
)
|
||||
Profit/(loss)
|
|
$
|
18
|
|
|
$
|
18
|
|
|
$
|
(28
|
)
|
|
$
|
9
|
|
|
|
|
|
|
|
|
|
|
1.
|
All Other Segment
- Primarily includes activities such as: the remanufacturing of Cat engines and components and remanufacturing services for other companies as well as the product management, development, manufacturing, marketing and product support of undercarriage, specialty products, hardened bar stock components and ground engaging tools primarily for Caterpillar products; logistics services; the product management, development, marketing, sales and product support of on-highway vocational trucks for North America (U.S. & Canada only); distribution services responsible for dealer development and administration, dealer portfolio management and ensuring the most efficient and effective distribution of machines, engines and parts; and the 50/50 joint venture with Navistar (NC2) until it became a wholly owned subsidiary of Navistar effective September 29, 2011. On July 31, 2012, we sold a majority interest in Caterpillar's third party logistics business.
|
2.
|
Consolidating Adjustments
- Eliminations of transactions between Machinery and Power Systems and Financial Products.
|
3.
|
Construction Industries
- A segment responsible for small and core construction machines. Responsibility includes business strategy, product design, product management and development, manufacturing, marketing, and sales and product support. The product portfolio includes backhoe loaders, small wheel loaders, small track-type tractors, skid steer loaders, multi-terrain loaders, mini excavators, compact wheel loaders, select work tools, small, medium and large track excavators, wheel excavators, medium wheel loaders, medium track-type tractors, track-type loaders, motor graders and pipe layers. In addition, Construction Industries has responsibility for Power Systems and components in Japan and an integrated manufacturing cost center that supports Machinery and Power Systems businesses.
|
4.
|
Currency
- With respect to sales and revenues, currency represents the translation impact on sales resulting from changes in foreign currency exchange rates versus the U.S. dollar. With respect to operating profit, currency represents the net translation impact on sales and operating costs resulting from changes in foreign currency exchange rates versus the U.S. dollar. Currency includes the impact on sales and operating profit for the Machinery and Power Systems lines of business only; currency impacts on Financial Products revenues and operating profit are included in the Financial Products portions of the respective analyses. With respect to other income/expense, currency represents the effects of forward, option and cross currency contracts entered into by the company to reduce the risk of fluctuations in exchange rates and the net effect of changes in foreign currency exchange rates on our foreign currency assets and liabilities for consolidated results.
|
5.
|
Debt-to-Capital Ratio
- A key measure of financial strength used by both management and our credit rating agencies. The metric is a ratio of Machinery and Power Systems debt (short-term borrowings plus long-term debt) and redeemable noncontrolling interest to the sum of Machinery and Power Systems debt, redeemable noncontrolling interest and stockholders' equity.
|
6.
|
EAME
- A geographic region including Europe, Africa, the Middle East and the Commonwealth of Independent States (CIS).
|
7.
|
Earning Assets
- Assets consisting primarily of total finance receivables net of unearned income, plus equipment on operating leases, less accumulated depreciation at Cat Financial.
|
8.
|
Financial Products Segment
-
Provides financing to customers and dealers for the purchase and lease of Caterpillar and other equipment, as well as some financing for Caterpillar sales to dealers. Financing plans include operating and finance leases, installment sale contracts, working capital loans and wholesale financing plans. The segment also provides various forms of insurance to customers and dealers to help support the purchase and lease of our equipment.
|
9.
|
Latin America
- Geographic region including Central and South American countries and Mexico.
|
10.
|
Machinery and Power Systems (M&PS)
- Represents the aggregate total of Construction Industries, Resource Industries, Power Systems, and All Other Segment and related corporate items and eliminations.
|
11.
|
Machinery and Power Systems Other Operating (Income) Expenses
- Comprised primarily of gains/losses on disposal of long-lived assets, long-lived asset impairment charges, pension curtailment charges and employee redundancy costs.
|
12.
|
Manufacturing Costs
- Manufacturing costs exclude the impacts of currency and represent the volume-adjusted change for variable costs and the absolute dollar change for period manufacturing costs. Variable manufacturing costs are defined as having a direct relationship with the volume of production. This includes material costs, direct labor and other costs that vary directly with production volume such as freight, power to operate machines and supplies that are consumed in the manufacturing
|
13.
|
Power Systems
- A segment responsible for the product management, development, manufacturing, marketing, sales and product support of reciprocating engine powered generator sets, integrated systems used in the electric power generation industry, reciprocating engines and integrated systems and solutions for the marine and petroleum industries; reciprocating engines supplied to the industrial industry as well as Caterpillar machinery; the product management, development, manufacturing, marketing, sales and product support of turbines and turbine-related services; the development, manufacturing, remanufacturing, maintenance, leasing and service of diesel-electric locomotives and components and other rail-related products and services.
|
14.
|
Price Realization
- The impact of net price changes excluding currency and new product introductions. Consolidated price realization includes the impact of changes in the relative weighting of sales between geographic regions.
|
15.
|
Resource Industries
- A segment responsible for business strategy, product design, product management and development, manufacturing, marketing and sales and product support for large track-type tractors, large mining trucks, underground mining equipment, tunnel boring equipment, large wheel loaders, off-highway trucks, articulated trucks, wheel tractor scrapers, wheel dozers, compactors, select work tools, forestry products, paving products, machinery components and electronics and control systems. In addition, Resource Industries manages areas that provide services to other parts of the company, including integrated manufacturing, research and development and coordination of the Caterpillar Production System. During the third quarter of 2011, the acquisition of Bucyrus International, Inc. was completed. This added the responsibility for business strategy, product design, product management and development, manufacturing, marketing and sales and product support for electric rope shovels, draglines, hydraulic shovels, drills, highwall miners and electric drive off-highway trucks to Resource Industries. In addition, Resource Industries segment profit includes Bucyrus acquisition-related costs and the impact from divestiture of portions of the Bucyrus distribution business.
|
16.
|
Sales Volume
- With respect to sales and revenues, sales volume represents the impact of changes in the quantities sold for Machinery and Power Systems as well as the incremental revenue impact of new product introductions, including emissions-related product updates. With respect to operating profit, sales volume represents the impact of changes in the quantities sold for Machinery and Power Systems combined with product mix as well as the net operating profit impact of new product introductions, including emissions-related product updates. Product mix represents the net operating profit impact of changes in the relative weighting of Machinery and Power Systems sales with respect to total sales.
|
17.
|
Siwei
- ERA Mining Machinery Limited (ERA), including its wholly-owned subsidiary Zhengzhou Siwei Mechanical & Electrical Manufacturing Co., Ltd., which was acquired during the second quarter of 2012. Siwei primarily designs, manufactures, sells and supports underground coal mining equipment in China and is included in our Resource Industries segment.
|
•
|
The 364-day facility of $3.00 billion (of which $0.82 billion is available to Machinery and Power Systems) expires in September 2013.
|
•
|
The 2010 four-year facility of $2.60 billion (of which $0.72 billion is available to Machinery and Power Systems) expires in September 2015.
|
•
|
The 2011 five-year facility of $4.40 billion (of which $1.21 billion is available to Machinery and Power Systems) expires in September 2017.
|
|
|
|
|
|
|
|
||||||
|
|
December 31, 2012
|
||||||||||
(Millions of dollars)
|
|
Consolidated
|
|
Machinery
and Power
Systems
|
|
Financial
Products
|
||||||
Credit lines available:
|
|
|
|
|
|
|
|
|
|
|||
Global credit facilities
|
|
$
|
10,000
|
|
|
$
|
2,750
|
|
|
$
|
7,250
|
|
Other external
|
|
5,125
|
|
|
728
|
|
|
4,397
|
|
|||
Total credit lines available
|
|
15,125
|
|
|
3,478
|
|
|
11,647
|
|
|||
Less: Commercial paper outstanding
|
|
(3,654
|
)
|
|
—
|
|
|
(3,654
|
)
|
|||
Less: Utilized credit
|
|
(2,501
|
)
|
|
(481
|
)
|
|
(2,020
|
)
|
|||
Available credit
|
|
$
|
8,970
|
|
|
$
|
2,997
|
|
|
$
|
5,973
|
|
|
|
|
|
|
|
|
(Millions of dollars)
|
|
2013
|
|
2014
|
|
2015
|
|
2016
|
|
2017
|
|
After 2017
|
|
Total
|
||||||||||||||
Long-term debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Machinery and Power Systems (excluding capital leases)
|
|
$
|
1,098
|
|
|
$
|
752
|
|
|
$
|
500
|
|
|
$
|
515
|
|
|
$
|
501
|
|
|
$
|
6,325
|
|
|
$
|
9,691
|
|
Machinery and Power Systems-capital leases
|
|
15
|
|
|
10
|
|
|
7
|
|
|
18
|
|
|
4
|
|
|
34
|
|
|
88
|
|
|||||||
Financial Products
|
|
5,991
|
|
|
6,559
|
|
|
4,648
|
|
|
2,027
|
|
|
2,693
|
|
|
3,159
|
|
|
25,077
|
|
|||||||
Total long-term debt
|
|
7,104
|
|
|
7,321
|
|
|
5,155
|
|
|
2,560
|
|
|
3,198
|
|
|
9,518
|
|
|
34,856
|
|
|||||||
Operating leases
|
|
254
|
|
|
193
|
|
|
139
|
|
|
104
|
|
|
74
|
|
|
239
|
|
|
1,003
|
|
|||||||
Postretirement obligations
1
|
|
665
|
|
|
790
|
|
|
1,300
|
|
|
1,350
|
|
|
1,330
|
|
|
4,250
|
|
|
9,685
|
|
|||||||
Purchase obligations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Accounts payable
2
|
|
6,753
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,753
|
|
|||||||
Purchase orders
3
|
|
8,667
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,668
|
|
|||||||
Other contractual obligations
4
|
|
578
|
|
|
545
|
|
|
540
|
|
|
312
|
|
|
197
|
|
|
249
|
|
|
2,421
|
|
|||||||
Total purchase obligations
|
|
15,998
|
|
|
546
|
|
|
540
|
|
|
312
|
|
|
197
|
|
|
249
|
|
|
17,842
|
|
|||||||
Interest on long-term debt
5
|
|
1,048
|
|
|
837
|
|
|
691
|
|
|
636
|
|
|
550
|
|
|
4,622
|
|
|
8,384
|
|
|||||||
Other long-term obligations
6
|
|
268
|
|
|
228
|
|
|
180
|
|
|
112
|
|
|
100
|
|
|
382
|
|
|
1,270
|
|
|||||||
Total contractual obligations
|
|
$
|
25,337
|
|
|
$
|
9,915
|
|
|
$
|
8,005
|
|
|
$
|
5,074
|
|
|
$
|
5,449
|
|
|
$
|
19,260
|
|
|
$
|
73,040
|
|
1
|
Amounts represent expected contributions to our pension and other postretirement benefit plans through 2022, offset by expected Medicare Part D subsidy receipts.
|
2
|
Amount represents invoices received and recorded as liabilities in 2012, but scheduled for payment in 2013. These represent short-term obligations made in the ordinary course of business.
|
3
|
Amount represents contractual obligations for material and services on order at December 31, 2012 but not yet delivered. These represent short-term obligations made in the ordinary course of business.
|
4
|
Amounts represent long-term commitments entered into with key suppliers for minimum purchases quantities.
|
5
|
Amounts represent estimated contractual interest payments on long-term debt, including capital lease interest payments.
|
6
|
Amounts represent contractual obligations primarily related to logistics services agreements with the third party logistics business in which Caterpillar sold a majority interest in during 2012, software license contracts, IT consulting contracts and outsourcing contracts for benefit plan administration and software system support.
|
|
|
|
|
|
•
|
Volatility is a measure of the amount by which the stock price is expected to fluctuate each year during the expected term of the award and is based on historical and current implied volatilities from traded options on Caterpillar stock. The implied volatilities from traded options are impacted by changes in market conditions. An increase in the volatility would result in an increase in our expense.
|
•
|
The expected term represents the period of time that awards granted are expected to be outstanding and is an output of the lattice-based option-pricing model. In determining the expected term of the award, future exercise and forfeiture patterns are estimated from Caterpillar employee historical exercise behavior. These patterns are also affected by the vesting conditions of the award. Changes in the future exercise behavior of employees or in the vesting period of the award could result in a change in the expected term. An increase in the expected term would result in an increase to our expense.
|
•
|
The weighted-average dividend yield is based on Caterpillar’s historical dividend yields. As holders of stock-based awards do not receive dividend payments, this could result in employees retaining the award for a longer period of time if dividend yields decrease or exercising the award sooner if dividend yields increase. A decrease in the dividend yield would result in an increase in our expense.
|
•
|
The risk-free interest rate is based on the U.S. Treasury yield curve in effect at time of grant. As the risk-free interest rate increases, the expected term increases, resulting in an increase in our expense.
|
•
|
The U.S. expected long-term rate of return on plan assets is based on our estimate of long-term passive returns for equities and fixed income securities weighted by the allocation of our plan assets. Based on historical performance, we increase the passive returns due to our active management of the plan assets. A similar process is used to determine the rate for our non-U.S. pension plans. This rate is impacted by changes in general market conditions, but because it represents a long-term rate, it is not significantly impacted by short-term market swings. Changes in our allocation of plan assets would also impact this rate. For example, a shift to more fixed income securities would lower the rate. A decrease in the rate would increase our expense.
|
•
|
The assumed discount rate is used to discount future benefit obligations back to today’s dollars. The U.S. discount rate is based on a benefit cash flow-matching approach and represents the rate at which our benefit obligations could effectively be settled as of our measurement date, December 31. The benefit cash flow-matching approach involves analyzing Caterpillar’s projected cash flows against a high quality bond yield curve, calculated using a wide population of corporate Aa bonds available on the measurement date. The very highest and lowest yielding bonds (top and bottom 10 percent) are excluded from the analysis. A similar approach is used to determine the assumed discount rate for our most significant non-U.S. plans. This rate is sensitive to changes in interest rates. A decrease in the discount rate would increase our obligation and future expense.
|
•
|
The expected rate of compensation increase is used to develop benefit obligations using projected pay at retirement. It represents average long-term salary increases. This rate is influenced by our long-term compensation policies. An increase in the rate would increase our obligation and expense.
|
•
|
The assumed health care trend rate represents the rate at which health care costs are assumed to increase and is based on historical and expected experience. Changes in our projections of future health care costs due to general economic conditions and those specific to health care (e.g., technology driven cost changes) will impact this trend rate. An increase in the trend rate would increase our obligation and expense.
|
|
|
|
|
|
|
|
2012 Benefit Cost
|
|
Year-end Benefit Obligation
|
||||||||||||
(Millions of dollars)
|
|
One percentage-
point increase
|
|
One percentage-
point decrease
|
|
One percentage-
point increase
|
|
One percentage-
point decrease
|
||||||||
Pension benefits:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Assumed discount rate
|
|
$
|
(162
|
)
|
|
$
|
170
|
|
|
$
|
(2,424
|
)
|
|
$
|
2,952
|
|
Expected rate of compensation increase
|
|
49
|
|
|
(42
|
)
|
|
272
|
|
|
(242
|
)
|
||||
Expected long-term rate of return on plan assets
|
|
(130
|
)
|
|
130
|
|
|
—
|
|
|
—
|
|
||||
Other postretirement benefits:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Assumed discount rate
|
|
(47
|
)
|
|
49
|
|
|
(584
|
)
|
|
664
|
|
||||
Expected rate of compensation increase
|
|
—
|
|
|
—
|
|
|
1
|
|
|
(1
|
)
|
||||
Expected long-term rate of return on plan assets
|
|
(8
|
)
|
|
8
|
|
|
—
|
|
|
—
|
|
||||
Assumed health care cost trend rate
|
|
56
|
|
|
(45
|
)
|
|
321
|
|
|
(268
|
)
|
||||
|
|
|
|
|
|
|
|
|
Primary Actuarial Assumptions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
U.S. Pension Benefits
|
|
Non-U.S. Pension Benefits
|
|
Other Postretirement Benefits
|
|||||||||||||||||||||
|
|
2012
|
|
2011
|
|
2010
|
|
2012
|
|
2011
|
|
2010
|
|
2012
|
|
2011
|
|
2010
|
|||||||||
Weighted-average assumptions used to determine benefit obligations, end of year:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount rate
|
|
3.7
|
%
|
|
4.3
|
%
|
|
5.1
|
%
|
|
3.7
|
%
|
|
4.3
|
%
|
|
4.6
|
%
|
|
3.7
|
%
|
|
4.3
|
%
|
|
5.0
|
%
|
Rate of compensation increase
|
|
4.5
|
%
|
|
4.5
|
%
|
|
4.5
|
%
|
|
3.9
|
%
|
|
3.9
|
%
|
|
4.2
|
%
|
|
4.4
|
%
|
|
4.4
|
%
|
|
4.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Weighted-average assumptions used to determine net cost:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount rate
|
|
4.3
|
%
|
|
5.1
|
%
|
|
5.4
|
%
|
|
4.3
|
%
|
|
4.6
|
%
|
|
4.8
|
%
|
|
4.3
|
%
|
|
5.0
|
%
|
|
5.6
|
%
|
Expected return on plan assets
|
|
8.0
|
%
|
|
8.5
|
%
|
|
8.5
|
%
|
|
7.1
|
%
|
|
7.1
|
%
|
|
7.0
|
%
|
|
8.0
|
%
|
|
8.5
|
%
|
|
8.5
|
%
|
Rate of compensation increase
|
|
4.5
|
%
|
|
4.5
|
%
|
|
4.5
|
%
|
|
3.9
|
%
|
|
4.1
|
%
|
|
4.2
|
%
|
|
4.4
|
%
|
|
4.4
|
%
|
|
4.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Health care cost trend rates at year-end:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Health care trend rate assumed for next year
|
|
7.1
|
%
|
|
7.4
|
%
|
|
7.9
|
%
|
||||||||||||||||||
Rate that the cost trend rate gradually declines to
|
|
5.0
|
%
|
|
5.0
|
%
|
|
5.0
|
%
|
||||||||||||||||||
Year that the cost trend rate reaches ultimate rate
|
|
2019
|
|
|
2019
|
|
|
2019
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 and Power Systems.
|
3
|
Elimination of net expenses recorded by Machinery and Power Systems paid to Financial Products.
|
4
|
Elimination of interest expense recorded between Financial Products and Machinery and Power Systems.
|
5
|
Elimination of discount recorded by Machinery and Power Systems on receivables sold to Financial Products and of interest earned between Machinery and Power Systems and Financial Products.
|
6
|
Elimination of Financial Products’ profit due to equity method of accounting.
|
7
|
Profit attributable to common stockholders.
|
|
|
|
|
|
Supplemental Data for Financial Position
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
At December 31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
Supplemental consolidating data
|
|
||||||||||||||||||||||||||||
|
|
Consolidated
|
|
Machinery
& Power Systems
1
|
|
Financial
Products
|
|
Consolidating
Adjustments
|
|
||||||||||||||||||||||||
(Millions of dollars)
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Current assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Cash and short-term investments
|
|
$
|
5,490
|
|
|
$
|
3,057
|
|
|
$
|
3,306
|
|
|
$
|
1,829
|
|
|
$
|
2,184
|
|
|
$
|
1,228
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Receivables - trade and other
|
|
10,092
|
|
|
10,285
|
|
|
5,634
|
|
|
5,497
|
|
|
445
|
|
|
430
|
|
|
4,013
|
|
2,3
|
4,358
|
|
2,3
|
||||||||
Receivables - finance
|
|
8,860
|
|
|
7,668
|
|
|
—
|
|
|
—
|
|
|
13,259
|
|
|
12,202
|
|
|
(4,399
|
)
|
3
|
(4,534
|
)
|
3
|
||||||||
Deferred and refundable income taxes
|
|
1,547
|
|
|
1,580
|
|
|
1,501
|
|
|
1,515
|
|
|
46
|
|
|
65
|
|
|
—
|
|
|
—
|
|
|
||||||||
Prepaid expenses and other current assets
|
|
988
|
|
|
994
|
|
|
547
|
|
|
525
|
|
|
454
|
|
|
481
|
|
|
(13
|
)
|
4
|
(12
|
)
|
4
|
||||||||
Inventories
|
|
15,547
|
|
|
14,544
|
|
|
15,547
|
|
|
14,544
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
||||||||
Total current assets
|
|
42,524
|
|
|
38,128
|
|
|
26,535
|
|
|
23,910
|
|
|
16,388
|
|
|
14,406
|
|
|
(399
|
)
|
|
(188
|
)
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Property, plant and equipment - net
|
|
16,461
|
|
|
14,395
|
|
|
13,058
|
|
|
11,492
|
|
|
3,403
|
|
|
2,903
|
|
|
—
|
|
|
—
|
|
|
||||||||
Long-term receivables - trade and other
|
|
1,316
|
|
|
1,130
|
|
|
195
|
|
|
281
|
|
|
284
|
|
|
271
|
|
|
837
|
|
2,3
|
578
|
|
2,3
|
||||||||
Long-term receivables - finance
|
|
14,029
|
|
|
11,948
|
|
|
—
|
|
|
—
|
|
|
14,902
|
|
|
12,556
|
|
|
(873
|
)
|
3
|
(608
|
)
|
3
|
||||||||
Investments in unconsolidated affiliated companies
|
|
272
|
|
|
133
|
|
|
272
|
|
|
133
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
||||||||
Investments in Financial Products subsidiaries
|
|
—
|
|
|
—
|
|
|
4,433
|
|
|
4,035
|
|
|
—
|
|
|
—
|
|
|
(4,433
|
)
|
5
|
(4,035
|
)
|
5
|
||||||||
Noncurrent deferred and refundable income taxes
|
|
2,011
|
|
|
2,157
|
|
|
2,422
|
|
|
2,593
|
|
|
105
|
|
|
97
|
|
|
(516
|
)
|
6
|
(533
|
)
|
6
|
||||||||
Intangible assets
|
|
4,016
|
|
|
4,368
|
|
|
4,008
|
|
|
4,359
|
|
|
8
|
|
|
9
|
|
|
—
|
|
|
—
|
|
|
||||||||
Goodwill
|
|
6,942
|
|
|
7,080
|
|
|
6,925
|
|
|
7,063
|
|
|
17
|
|
|
17
|
|
|
—
|
|
|
—
|
|
|
||||||||
Other assets
|
|
1,785
|
|
|
2,107
|
|
|
436
|
|
|
813
|
|
|
1,349
|
|
|
1,294
|
|
|
—
|
|
|
—
|
|
|
||||||||
Total assets
|
|
$
|
89,356
|
|
|
$
|
81,446
|
|
|
$
|
58,284
|
|
|
$
|
54,679
|
|
|
$
|
36,456
|
|
|
$
|
31,553
|
|
|
$
|
(5,384
|
)
|
|
$
|
(4,786
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Short-term borrowings
|
|
$
|
5,287
|
|
|
$
|
3,988
|
|
|
$
|
668
|
|
|
$
|
157
|
|
|
$
|
4,859
|
|
|
$
|
3,895
|
|
|
$
|
(240
|
)
|
7
|
$
|
(64
|
)
|
7
|
Accounts payable
|
|
6,753
|
|
|
8,161
|
|
|
6,718
|
|
|
8,106
|
|
|
178
|
|
|
165
|
|
|
(143
|
)
|
8
|
(110
|
)
|
8
|
||||||||
Accrued expenses
|
|
3,667
|
|
|
3,386
|
|
|
3,258
|
|
|
2,957
|
|
|
422
|
|
|
443
|
|
|
(13
|
)
|
9
|
(14
|
)
|
9
|
||||||||
Accrued wages, salaries and employee benefits
|
|
1,911
|
|
|
2,410
|
|
|
1,876
|
|
|
2,373
|
|
|
35
|
|
|
37
|
|
|
—
|
|
|
—
|
|
|
||||||||
Customer advances
|
|
2,978
|
|
|
2,691
|
|
|
2,978
|
|
|
2,691
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
||||||||
Dividends payable
|
|
—
|
|
|
298
|
|
|
—
|
|
|
298
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
||||||||
Other current liabilities
|
|
2,055
|
|
|
1,967
|
|
|
1,561
|
|
|
1,590
|
|
|
502
|
|
|
382
|
|
|
(8
|
)
|
6
|
(5
|
)
|
6
|
||||||||
Long-term debt due within one year
|
|
7,104
|
|
|
5,660
|
|
|
1,113
|
|
|
558
|
|
|
5,991
|
|
|
5,102
|
|
|
—
|
|
|
—
|
|
|
||||||||
Total current liabilities
|
|
29,755
|
|
|
28,561
|
|
|
18,172
|
|
|
18,730
|
|
|
11,987
|
|
|
10,024
|
|
|
(404
|
)
|
|
(193
|
)
|
|
||||||||
Long-term debt due after one year
|
|
27,752
|
|
|
24,944
|
|
|
8,705
|
|
|
8,446
|
|
|
19,086
|
|
|
16,529
|
|
|
(39
|
)
|
7
|
(31
|
)
|
7
|
||||||||
Liability for postemployment benefits
|
|
11,085
|
|
|
10,956
|
|
|
11,085
|
|
|
10,956
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
||||||||
Other liabilities
|
|
3,182
|
|
|
3,583
|
|
|
2,740
|
|
|
3,145
|
|
|
950
|
|
|
965
|
|
|
(508
|
)
|
6
|
(527
|
)
|
6
|
||||||||
Total liabilities
|
|
71,774
|
|
|
68,044
|
|
|
40,702
|
|
|
41,277
|
|
|
32,023
|
|
|
27,518
|
|
|
(951
|
)
|
|
(751
|
)
|
|
||||||||
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Redeemable noncontrolling interest
|
|
—
|
|
|
473
|
|
|
—
|
|
|
473
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
||||||||
Stockholders’ equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Common stock
|
|
4,481
|
|
|
4,273
|
|
|
4,481
|
|
|
4,273
|
|
|
906
|
|
|
906
|
|
|
(906
|
)
|
5
|
(906
|
)
|
5
|
||||||||
Treasury stock
|
|
(10,074
|
)
|
|
(10,281
|
)
|
|
(10,074
|
)
|
|
(10,281
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
||||||||
Profit employed in the business
|
|
29,558
|
|
|
25,219
|
|
|
29,558
|
|
|
25,219
|
|
|
3,185
|
|
|
2,880
|
|
|
(3,185
|
)
|
5
|
(2,880
|
)
|
5
|
||||||||
Accumulated other comprehensive income (loss)
|
|
(6,433
|
)
|
|
(6,328
|
)
|
|
(6,433
|
)
|
|
(6,328
|
)
|
|
236
|
|
|
154
|
|
|
(236
|
)
|
5
|
(154
|
)
|
5
|
||||||||
Noncontrolling interests
|
|
50
|
|
|
46
|
|
|
50
|
|
|
46
|
|
|
106
|
|
|
95
|
|
|
(106
|
)
|
5
|
(95
|
)
|
5
|
||||||||
Total stockholders’ equity
|
|
17,582
|
|
|
12,929
|
|
|
17,582
|
|
|
12,929
|
|
|
4,433
|
|
|
4,035
|
|
|
(4,433
|
)
|
|
(4,035
|
)
|
|
||||||||
Total liabilities, redeemable noncontrolling interest and stockholders’ equity
|
|
$
|
89,356
|
|
|
$
|
81,446
|
|
|
$
|
58,284
|
|
|
$
|
54,679
|
|
|
$
|
36,456
|
|
|
$
|
31,553
|
|
|
$
|
(5,384
|
)
|
|
$
|
(4,786
|
)
|
|
1
|
Represents Caterpillar Inc. and its subsidiaries with Financial Products accounted for on the equity basis.
|
2
|
Elimination of receivables between Machinery and Power Systems and Financial Products.
|
3
|
Reclassification of Machinery and Power Systems’ trade receivables purchased by Financial Products and Financial Products' wholesale inventory receivables.
|
4
|
Elimination of Machinery and Power Systems’ insurance premiums that are prepaid to Financial Products.
|
5
|
Elimination of Financial Products’ equity which is accounted for on Machinery and Power Systems on the equity basis.
|
6
|
Reclassification reflecting required netting of deferred tax assets/liabilities by taxing jurisdiction.
|
7
|
Elimination of debt between Machinery and Power Systems and Financial Products.
|
8
|
Elimination of payables between Machinery and Power Systems and Financial Products.
|
9
|
Elimination of prepaid insurance in Financial Products’ accrued expenses.
|
|
|
|
|
|
Supplemental Data for Statement of Cash Flow
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
For the Years Ended December 31
|
|
|
|
Supplemental consolidating data
|
|
||||||||||||||||||||||||||||
|
|
Consolidated
|
|
Machinery
& Power Systems
1
|
|
Financial
Products
|
|
Consolidating
Adjustments
|
|
||||||||||||||||||||||||
(Millions of dollars)
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
||||||||||||||||
Cash flow from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Profit of consolidated and affiliated companies
|
|
$
|
5,722
|
|
|
$
|
4,981
|
|
|
$
|
5,711
|
|
|
$
|
4,966
|
|
|
$
|
566
|
|
|
$
|
468
|
|
|
$
|
(555
|
)
|
2
|
$
|
(453
|
)
|
2
|
Adjustments for non-cash items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Depreciation and amortization
|
|
2,813
|
|
|
2,527
|
|
|
2,082
|
|
|
1,802
|
|
|
731
|
|
|
725
|
|
|
—
|
|
|
—
|
|
|
||||||||
Undistributed Profit of Financial Products
|
|
—
|
|
|
—
|
|
|
(305
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
305
|
|
12
|
—
|
|
|
||||||||
Net gain from sale of businesses and investments
|
|
(630
|
)
|
|
(128
|
)
|
|
(630
|
)
|
|
(125
|
)
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
||||||||
Goodwill impairment charge
|
|
580
|
|
|
—
|
|
|
580
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
||||||||
Other
|
|
439
|
|
|
585
|
|
|
332
|
|
|
467
|
|
|
(88
|
)
|
|
(109
|
)
|
|
195
|
|
4
|
227
|
|
4
|
||||||||
Financial Products' dividend in excess of profit
|
|
—
|
|
|
—
|
|
|
—
|
|
|
147
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(147
|
)
|
3
|
||||||||
Changes in assets and liabilities, net of acquisitions and divestitures:
|
|
0
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Receivables - trade and other
|
|
(173
|
)
|
|
(1,345
|
)
|
|
—
|
|
|
286
|
|
|
(37
|
)
|
|
5
|
|
|
(136
|
)
|
4,5
|
(1,636
|
)
|
4,5
|
||||||||
Inventories
|
|
(1,149
|
)
|
|
(2,927
|
)
|
|
(1,094
|
)
|
|
(2,924
|
)
|
|
—
|
|
|
—
|
|
|
(55
|
)
|
4
|
(3
|
)
|
4
|
||||||||
Accounts payable
|
|
(1,868
|
)
|
|
1,555
|
|
|
(1,821
|
)
|
|
1,635
|
|
|
(15
|
)
|
|
(8
|
)
|
|
(32
|
)
|
4
|
(72
|
)
|
4
|
||||||||
Accrued expenses
|
|
183
|
|
|
308
|
|
|
134
|
|
|
282
|
|
|
48
|
|
|
28
|
|
|
1
|
|
4
|
(2
|
)
|
4
|
||||||||
Accrued wages, salaries and employee benefits
|
|
(490
|
)
|
|
619
|
|
|
(488
|
)
|
|
610
|
|
|
(2
|
)
|
|
9
|
|
|
—
|
|
|
—
|
|
|
||||||||
Customer advances
|
|
241
|
|
|
173
|
|
|
241
|
|
|
173
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
||||||||
Other assets—net
|
|
252
|
|
|
(91
|
)
|
|
275
|
|
|
(139
|
)
|
|
(7
|
)
|
|
35
|
|
|
(16
|
)
|
4
|
13
|
|
4
|
||||||||
Other liabilities—net
|
|
(679
|
)
|
|
753
|
|
|
(819
|
)
|
|
792
|
|
|
124
|
|
|
(26
|
)
|
|
16
|
|
4
|
(13
|
)
|
4
|
||||||||
Net cash provided by (used for) operating activities
|
|
5,241
|
|
|
7,010
|
|
|
4,198
|
|
|
7,972
|
|
|
1,320
|
|
|
1,124
|
|
|
(277
|
)
|
|
(2,086
|
)
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Cash flow from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Capital expenditures—excluding equipment leased to others
|
|
(3,350
|
)
|
|
(2,515
|
)
|
|
(3,335
|
)
|
|
(2,503
|
)
|
|
(15
|
)
|
|
(12
|
)
|
|
—
|
|
|
—
|
|
|
||||||||
Expenditures for equipment leased to others
|
|
(1,726
|
)
|
|
(1,409
|
)
|
|
(100
|
)
|
|
(143
|
)
|
|
(1,781
|
)
|
|
(1,342
|
)
|
|
155
|
|
4,11
|
76
|
|
4
|
||||||||
Proceeds from disposals of leased assets and property, plant and equipment
|
|
1,117
|
|
|
1,354
|
|
|
244
|
|
|
259
|
|
|
891
|
|
|
1,173
|
|
|
(18
|
)
|
4
|
(78
|
)
|
4
|
||||||||
Additions to finance receivables
|
|
(12,010
|
)
|
|
(10,001
|
)
|
|
—
|
|
|
—
|
|
|
(18,754
|
)
|
|
(17,058
|
)
|
|
6,744
|
|
5,10,11
|
7,057
|
|
5,9
|
||||||||
Collections of finance receivables
|
|
8,995
|
|
|
8,874
|
|
|
—
|
|
|
—
|
|
|
14,787
|
|
|
15,260
|
|
|
(5,792
|
)
|
5,11
|
(6,386
|
)
|
5
|
||||||||
Net intercompany purchased receivables
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
250
|
|
|
(1,164
|
)
|
|
(250
|
)
|
5
|
1,164
|
|
5
|
||||||||
Proceeds from sale of finance receivables
|
|
132
|
|
|
207
|
|
|
—
|
|
|
—
|
|
|
144
|
|
|
207
|
|
|
(12
|
)
|
5
|
—
|
|
|
||||||||
Net intercompany borrowings
|
|
—
|
|
|
—
|
|
|
(203
|
)
|
|
600
|
|
|
33
|
|
|
41
|
|
|
170
|
|
6
|
(641
|
)
|
6
|
||||||||
Investments and acquisitions (net of cash acquired)
|
|
(618
|
)
|
|
(8,184
|
)
|
|
(562
|
)
|
|
(8,184
|
)
|
|
—
|
|
|
—
|
|
|
(56
|
)
|
11
|
—
|
|
|
||||||||
Proceeds from sale of businesses and investments (net of cash sold)
|
|
1,199
|
|
|
376
|
|
|
1,943
|
|
|
712
|
|
|
—
|
|
|
11
|
|
|
(744
|
)
|
10
|
(347
|
)
|
9
|
||||||||
Proceeds from sale of available-for-sale securities
|
|
306
|
|
|
247
|
|
|
27
|
|
|
13
|
|
|
279
|
|
|
234
|
|
|
—
|
|
|
—
|
|
|
||||||||
Investments in available-for-sale securities
|
|
(402
|
)
|
|
(336
|
)
|
|
(8
|
)
|
|
(15
|
)
|
|
(394
|
)
|
|
(321
|
)
|
|
—
|
|
|
—
|
|
|
||||||||
Other—net
|
|
167
|
|
|
(40
|
)
|
|
126
|
|
|
(70
|
)
|
|
41
|
|
|
26
|
|
|
—
|
|
|
4
|
|
7
|
||||||||
Net cash provided by (used for) investing activities
|
|
(6,190
|
)
|
|
(11,427
|
)
|
|
(1,868
|
)
|
|
(9,331
|
)
|
|
(4,519
|
)
|
|
(2,945
|
)
|
|
197
|
|
|
849
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Cash flow from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Dividends paid
|
|
(1,617
|
)
|
|
(1,159
|
)
|
|
(1,617
|
)
|
|
(1,159
|
)
|
|
(250
|
)
|
|
(600
|
)
|
|
250
|
|
8
|
600
|
|
8
|
||||||||
Distribution to noncontrolling interests
|
|
(6
|
)
|
|
(3
|
)
|
|
(6
|
)
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
||||||||
Common stock issued, including treasury shares reissued
|
|
52
|
|
|
123
|
|
|
52
|
|
|
123
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
(4
|
)
|
7
|
||||||||
Excess tax benefit from stock-based compensation
|
|
192
|
|
|
189
|
|
|
192
|
|
|
189
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
||||||||
Acquisitions of redeemable noncontrolling interests
|
|
(444
|
)
|
|
—
|
|
|
(444
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
||||||||
Acquisitions of noncontrolling interests
|
|
(5
|
)
|
|
(8
|
)
|
|
(5
|
)
|
|
(1
|
)
|
|
—
|
|
|
(7
|
)
|
|
—
|
|
|
—
|
|
|
||||||||
Net intercompany borrowings
|
|
—
|
|
|
—
|
|
|
(33
|
)
|
|
(41
|
)
|
|
203
|
|
|
(600
|
)
|
|
(170
|
)
|
6
|
641
|
|
6
|
||||||||
Proceeds from debt issued (original maturities greater than three months)
|
|
16,015
|
|
|
15,460
|
|
|
2,209
|
|
|
4,587
|
|
|
13,806
|
|
|
10,873
|
|
|
—
|
|
|
—
|
|
|
||||||||
Payments on debt (original maturities greater than three months)
|
|
(11,099
|
)
|
|
(10,593
|
)
|
|
(1,107
|
)
|
|
(2,269
|
)
|
|
(9,992
|
)
|
|
(8,324
|
)
|
|
—
|
|
|
—
|
|
|
||||||||
Short-term borrowings - net (original maturities three months or less)
|
|
461
|
|
|
(43
|
)
|
|
(14
|
)
|
|
60
|
|
|
475
|
|
|
(103
|
)
|
|
—
|
|
|
—
|
|
|
||||||||
Net cash provided by (used for) financing activities
|
|
3,549
|
|
|
3,966
|
|
|
(773
|
)
|
|
1,486
|
|
|
4,242
|
|
|
1,243
|
|
|
80
|
|
|
1,237
|
|
|
||||||||
Effect of exchange rate changes on cash
|
|
(167
|
)
|
|
(84
|
)
|
|
(80
|
)
|
|
(123
|
)
|
|
(87
|
)
|
|
39
|
|
|
—
|
|
|
—
|
|
|
||||||||
Increase (decrease) in cash and short-term investments
|
|
2,433
|
|
|
(535
|
)
|
|
1,477
|
|
|
4
|
|
|
956
|
|
|
(539
|
)
|
|
—
|
|
|
—
|
|
|
||||||||
Cash and short-term investments at beginning of period
|
|
3,057
|
|
|
3,592
|
|
|
1,829
|
|
|
1,825
|
|
|
1,228
|
|
|
1,767
|
|
|
—
|
|
|
—
|
|
|
||||||||
Cash and short-term investments at end of period
|
|
$
|
5,490
|
|
|
$
|
3,057
|
|
|
$
|
3,306
|
|
|
$
|
1,829
|
|
|
$
|
2,184
|
|
|
$
|
1,228
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
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 Financial Products’ dividend to Machinery and Power Systems in excess of Financial Products’ profit.
|
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 and Power Systems and Financial Products.
|
7
|
Elimination of change in investment and common stock related to Financial Products.
|
8
|
Elimination of dividend from Financial Products to Machinery and Power Systems.
|
9
|
Elimination of proceeds received from Financial Products related to Machinery and Power Systems’ sale of Carter Machinery.
|
10
|
Elimination of proceeds received from Financial Products related to Machinery and Power Systems’ sale of portions of the Bucyrus distribution businesses to Cat dealers.
|
11
|
Reclassification of Financial Products' payments related to Machinery and Power Systems' acquisition of Caterpillar Tohoku Limited.
|
12
|
Elimination of non-cash adjustment for the undistributed earnings from Financial Products.
|
|
|
|
|
|
Stockholder Services
|
Stock Transfer Agent
|
|
Caterpillar Corporate Secretary
|
|||
Computershare Shareowner Services LLC
|
|
Christopher M. Reitz
|
|||
(formerly BNY Mellon Shareowner Services)
|
|
Corporate Secretary
|
|||
P.O. Box 43006
|
|
Caterpillar Inc.
|
|||
Providence, RI 02940-3006
|
|
100 N.E. Adams Street
|
|||
|
Phone:
|
(866) 203-6622 (U.S. and Canada)
|
|
Peoria, IL 61629-6490
|
|
|
|
+1 (201) 680-6578 (Outside U.S. and Canada)
|
|
Phone:
|
(309) 675-4619
|
|
Hearing Impaired:
|
(800) 231-5469 (U.S. or Canada)
|
|
Fax:
|
(309) 494-1467
|
|
|
(201) 680-6610 (Outside U.S. or Canada)
|
|
E-mail:
|
CATshareservices@CAT.com
|
|
Internet:
|
https://www-us.computershare.com/Investor/
|
|
|
|
Stock Purchase Plan
|
Investor Relations
|
Senior Manager of Investor Relations
|
|
|
Rich Moore
|
Phone:
|
(309) 675-4549
|
Caterpillar Inc.
|
Fax:
|
(309) 675-4457
|
100 N.E. Adams Street
|
E-mail:
|
CATir@CAT.com
|
Peoria, IL 61629-5310
|
Internet:
|
www.caterpillar.com/investors
|
Company Information
|
•
|
phone our Information Hotline - (800) 228-7717 (U.S. or Canada) or (858) 764-9492 (Outside U.S. or Canada) to request company publications by mail, listen to a summary of Caterpillar’s latest financial results and current outlook, or to request a copy of results by fax or mail
|
•
|
request, view, or download materials on-line by visiting
www.caterpillar.com/materialsrequest
or register for e-mail alerts by visiting
www.caterpillar.com/investors
|
•
|
view/download on-line at
www.caterpillar.com/historical
|
Annual Meeting
|
Internet
|
|
|
|
|
Common Stock (NYSE: CAT)
|
|
|
2012
|
|
2011
|
||||||||||||
Quarter
|
|
High
|
|
Low
|
|
High
|
|
Low
|
||||||||
First
|
|
$
|
116.95
|
|
|
$
|
92.77
|
|
|
$
|
111.98
|
|
|
$
|
92.30
|
|
Second
|
|
$
|
109.77
|
|
|
$
|
80.96
|
|
|
$
|
116.55
|
|
|
$
|
94.21
|
|
Third
|
|
$
|
94.28
|
|
|
$
|
78.25
|
|
|
$
|
112.65
|
|
|
$
|
72.60
|
|
Fourth
|
|
$
|
91.83
|
|
|
$
|
80.16
|
|
|
$
|
98.20
|
|
|
$
|
67.54
|
|
Performance Graph: Total Cumulative Stockholder Return for Five-Year Period Ending December 31, 2012
|
|
2007
|
|
2008
|
|
2009
|
|
2010
|
|
2011
|
|
2012
|
||||||||||||
Caterpillar Inc.
|
$
|
100.00
|
|
|
$
|
63.21
|
|
|
$
|
84.13
|
|
|
$
|
141.91
|
|
|
$
|
139.75
|
|
|
$
|
141.96
|
|
S&P 500
|
$
|
100.00
|
|
|
$
|
63.01
|
|
|
$
|
79.69
|
|
|
$
|
91.71
|
|
|
$
|
93.62
|
|
|
$
|
108.59
|
|
S&P 500 Machinery
|
$
|
100.00
|
|
|
$
|
54.12
|
|
|
$
|
75.78
|
|
|
$
|
116.97
|
|
|
$
|
105.50
|
|
|
$
|
123.67
|
|
EXHIBIT 21
|
|
CATERPILLAR INC.
(as of December 31, 2012)
|
|
Subsidiaries (51% or more ownership)
|
|
Name of Company
|
Where Organized
|
|
|
Acefun S.A. de C.V.
|
Mexico
|
Aceros Fundidos Internacionales LLC
|
Delaware
|
Aceros Fundidos Internacionales S. de R.L. de C.V.
|
Mexico
|
Adex Zonex Pte. Ltd.
|
Singapore
|
Advanced Tri-Gen Power Systems, LLC
|
Delaware
|
Anchor Coupling Inc.
|
Delaware
|
Ankexin Ex Consulting (Beijing) Co., Ltd.
|
China
|
Asia Power Systems (Tianjin) Ltd.
|
China
|
AsiaTrak (Tianjin) Ltd.
|
China
|
Banco Caterpillar S.A.
|
Brazil
|
BI Hong Kong AFC Manufacturing Co. Limited
|
Hong Kong
|
Broadland Radiators and Heat Exchangers Limited
|
England and Wales
|
Bucyrus (Huainan) Machinery Co., Ltd.
|
China
|
Bucyrus (Langfang) Machinery Co., Ltd.
|
China
|
Bucyrus Africa Underground (Proprietary) Limited
|
South Africa
|
Bucyrus Australia Surface Pty. Ltd.
|
Australia
|
Bucyrus Australia Underground Holdings Pty Ltd
|
Australia
|
Bucyrus Australia Underground LAD Proprietary Limited
|
Australia
|
Bucyrus Botswana (Proprietary) Limited
|
Botswana
|
Bucyrus Central Asia LLC
|
Mongolia
|
Bucyrus Colombia S.A.S.
|
Columbia
|
Bucyrus Equipment LLC
|
Delaware
|
Bucyrus Europe Holdings, Ltd.
|
England and Wales
|
Bucyrus Europe Limited
|
England and Wales
|
Bucyrus India Private Limited
|
India
|
Bucyrus Industries LLC
|
Delaware
|
Bucyrus International (Chile) Limitada
|
Chile
|
Bucyrus International (Peru) S.A.
|
Peru
|
Bucyrus International Hong Kong Limited
|
Hong Kong
|
Bucyrus Mexico S. de R.L. de C.V.
|
Mexico
|
Bucyrus Mining Australia Pty. Ltd.
|
Australia
|
Bucyrus Mining China LLC
|
Delaware
|
Bucyrus MT LLC
|
Delaware
|
Bucyrus Services Mexico S. de R.L. de C.V.
|
Mexico
|
Bucyrus Wisconsin Property, LLC
|
Delaware
|
Cat Rental Kyushu Ltd.
|
Japan
|
Caterpillar (Africa) (Proprietary) Limited
|
South Africa
|
Caterpillar (Bermuda) Holding Company
|
Bermuda
|
Caterpillar (China) Financial Leasing Co., Ltd.
|
China
|
Caterpillar (China) Investment Co., Ltd.
|
China
|
Caterpillar (China) Machinery Components Co., Ltd.
|
China
|
Caterpillar (HK) Limited
|
Hong Kong
|
Caterpillar (Luxembourg) Investment Co. SA
|
Luxembourg
|
Caterpillar (NI) Limited
|
Northern Ireland
|
Caterpillar (Shanghai) Trading Co., Ltd.
|
China
|
Caterpillar (Suzhou) Co., Ltd.
|
China
|
Caterpillar (Suzhou) Logistics Co., Ltd.
|
China
|
Caterpillar (Thailand) Limited
|
Thailand
|
Caterpillar (Tongzhou) Co., Ltd.
|
China
|
Caterpillar (U.K.) Limited
|
England
|
Caterpillar (Wujiang) Ltd.
|
China
|
Caterpillar (Xuzhou) Design Center Ltd.
|
China
|
Caterpillar Acquisition Holding Corp.
|
Delaware
|
Caterpillar Americas C.V.
|
Netherlands
|
Caterpillar Americas Co.
|
Delaware
|
Caterpillar Americas Funding Inc.
|
Delaware
|
Caterpillar Americas Mexico, S. de R.L. de C.V.
|
Mexico
|
Caterpillar Americas Services LLC
|
Delaware
|
Caterpillar Asia Limited
|
Hong Kong
|
Caterpillar Asia Pacific L.P.
|
Bermuda
|
Caterpillar Asia Pte. Ltd.
|
Singapore
|
Caterpillar Belgium S. A.
|
Belgium
|
Caterpillar Brasil Comercio de Maquinas e Pecas Ltda.
|
Brazil
|
Caterpillar Brasil Ltda.
|
Brazil
|
Caterpillar Brazil LLC
|
Delaware
|
Caterpillar Centro de Formacion, S.L.
|
Spain
|
Caterpillar China Limited
|
Hong Kong
|
Caterpillar CleanAIR Systems Inc
|
Delaware
|
Caterpillar Commercial Australia Pty. Ltd.
|
Australia
|
Caterpillar Commercial Holding S.A.R.L.
|
Switzerland
|
Caterpillar Commercial LLC
|
Delaware
|
Caterpillar Commercial Northern Europe Limited
|
England and Wales
|
Caterpillar Commercial S.A.
|
Belgium
|
Caterpillar Commercial S.A.R.L.
|
France
|
Caterpillar Commercial Services S.A.R.L.
|
France
|
Caterpillar Commerciale S.r.L.
|
Italy
|
Caterpillar Communications LLC
|
Delaware
|
Caterpillar Corporativo Mexico, S. de R.L. de C.V.
|
Mexico
|
Caterpillar Credito, S.A. de C.V., SOFOM, E.N.R.
|
Mexico
|
Caterpillar DC Pension Trust Limited
|
England and Wales
|
Caterpillar Distribution International LLC
|
Russia
|
Caterpillar Distribution Mexico, S. de R.L. de C.V.
|
Mexico
|
Caterpillar Distribution Services Europe B.V.B.A.
|
Belgium
|
Caterpillar East Japan Ltd.
|
Japan
|
Caterpillar East Real Estate Holding Ltd.
|
Japan
|
Caterpillar Elkader LLC
|
Delaware
|
Caterpillar Engine Systems Inc.
|
Delaware
|
Caterpillar Equipos Mexico, S. de R.L. de C.V.
|
Mexico
|
Caterpillar Eurasia LLC
|
Russia
|
Caterpillar Finance Corporation
|
Japan
|
Caterpillar Finance France S.A.
|
France
|
Caterpillar Financial Acquisition Funding LLC
|
Delaware
|
Caterpillar Financial Australia Limited
|
Australia
|
Caterpillar Financial Commercial Account Corporation
|
Nevada
|
Caterpillar Financial Corporacion Financiera, S.A., E.F.C.
|
Spain
|
Caterpillar Financial Dealer Funding LLC
|
Delaware
|
Caterpillar Financial Funding Corporation
|
Nevada
|
Caterpillar Financial New Zealand Limited
|
New Zealand
|
Caterpillar Financial Nordic Services AB
|
Sweden
|
Caterpillar Financial Nova Scotia Corporation
|
Nova Scotia
|
Caterpillar Financial OOO
|
Russia
|
Caterpillar Financial Receivables Corporation
|
Nevada
|
Caterpillar Financial Renting, S.A.
|
Spain
|
Caterpillar Financial SARL
|
Switzerland
|
Caterpillar Financial Services (Dubai) Limited
|
United Arab Emirates
|
Caterpillar Financial Services (Ireland) plc
|
Ireland
|
Caterpillar Financial Services (UK) Limited
|
England
|
Caterpillar Financial Services Argentina S.A.
|
Argentina
|
Caterpillar Financial Services Asia Pte. Ltd.
|
Singapore
|
Caterpillar Financial Services Belgium S.P.R.L.
|
Belgium
|
Caterpillar Financial Services Corporation
|
Delaware
|
Caterpillar Financial Services CR, s.r.o.
|
Czech Republic
|
Caterpillar Financial Services GmbH
|
Germany
|
Caterpillar Financial Services Korea, Ltd.
|
Korea
|
Caterpillar Financial Services Limited Les Services Financiers Caterpillar Limitee
|
Canada
|
Caterpillar Financial Services Malaysia Sdn Bhd
|
Malaysia
|
Caterpillar Financial Services Netherlands B.V.
|
Netherlands
|
Caterpillar Financial Services Norway AS
|
Norway
|
Caterpillar Financial Services Philippines Inc.
|
Philippines
|
Caterpillar Financial Services Poland Sp. z o.o.
|
Poland
|
Caterpillar Financial UK Acquisition Funding Partners
|
England and Wales
|
Caterpillar Financial Ukraine LLC
|
Ukraine
|
Caterpillar Fluid Systems S.r.l.
|
Italy
|
Caterpillar Fomento Comercial Ltda.
|
Brazil
|
Caterpillar Forest Products Inc.
|
Delaware
|
Caterpillar France S.A.S.
|
France
|
Caterpillar GB, L.L.C.
|
Delaware
|
Caterpillar Global Mining America LLC
|
Delaware
|
Caterpillar Global Mining Czech Republic, a.s.
|
Czech Republic
|
Caterpillar Global Mining Equipamentos De Mineracao do Brasil Ltda.
|
Brazil
|
Caterpillar Global Mining Equipment LLC
|
Delaware
|
Caterpillar Global Mining Europe GmbH
|
Germany
|
Caterpillar Global Mining Expanded Products Pty Ltd
|
Australia
|
Caterpillar Global Mining Field Services LLC
|
Delaware
|
Caterpillar Global Mining Germany Holdings GmbH
|
Germany
|
Caterpillar Global Mining Highwall Miners LLC
|
Delaware
|
Caterpillar Global Mining HMS GmbH
|
Germany
|
Caterpillar Global Mining Holdings GmbH
|
Germany
|
Caterpillar Global Mining LLC
|
Delaware
|
Caterpillar Global Mining Mexico LLC
|
Delaware
|
Caterpillar Global Mining Polska Sp. z.o.o.
|
Poland
|
Caterpillar Global Mining Pty. Ltd.
|
Australia
|
Caterpillar Global Mining SARL
|
Switzerland
|
Caterpillar Global Mining U.S. Parts LLC
|
Delaware
|
Caterpillar Global Mining Ukraine LLC
|
Ukraine
|
Caterpillar Global Mining Virginia LLC
|
Virginia
|
Caterpillar Global Services LLC
|
Delaware
|
Caterpillar Group Services S.A.
|
Belgium
|
Caterpillar Holding (France) S.A.S.
|
France
|
Caterpillar Holding Germany GmbH
|
Germany
|
Caterpillar Holding Ltd.
|
Bermuda
|
Caterpillar Hungary Components Manufacturing Ltd.
|
Hungary
|
Caterpillar Hydraulics Italia S.r.l.
|
Italy
|
Caterpillar Impact Products Limited
|
England and Wales
|
Caterpillar India Private Limited
|
India
|
Caterpillar Industrias Mexico, S. de R.L. de C.V.
|
Mexico
|
Caterpillar Insurance Co. Ltd.
|
Bermuda
|
Caterpillar Insurance Company
|
Missouri
|
Caterpillar Insurance Holdings Inc.
|
Delaware
|
Caterpillar Insurance Services Corporation
|
Tennessee
|
Caterpillar International Finance Limited
|
Ireland
|
Caterpillar International Finance Luxembourg Holding S.a.r.l.
|
Luxembourg
|
Caterpillar International Finance Luxembourg, S.a.r.l.
|
Luxembourg
|
Caterpillar International Investments Coöperatie U.A.
|
Netherlands
|
Caterpillar International Ltd.
|
Bermuda
|
Caterpillar International Luxembourg I S.a.r.l.
|
Luxembourg
|
Caterpillar International Product SARL
|
Switzerland
|
Caterpillar International Services Corporation
|
Nevada
|
Caterpillar International Services del Peru S.A.
|
Peru
|
Caterpillar Investment Limited
|
Germany
|
Caterpillar Investment One SARL
|
Switzerland
|
Caterpillar Investment Two SARL
|
Switzerland
|
Caterpillar Investments
|
England and Wales
|
Caterpillar IPX LLC
|
Delaware
|
Caterpillar IRB LLC
|
Delaware
|
Caterpillar Japan General Services Ltd.
|
Japan
|
Caterpillar Japan Ltd.
|
Japan
|
Caterpillar Latin America Services de Mexico, S. de R.L. de C.V.
|
Mexico
|
Caterpillar Latin America Services de Panama, S. de R.L.
|
Panama
|
Caterpillar Latin America Services, S.R.L.
|
Costa Rica
|
Caterpillar Latin America Servicios de Chile Limitada
|
Chile
|
Caterpillar Latin America Support Services, S. DE R.L.
|
Panama
|
Caterpillar Leasing (Thailand) Limited
|
Thailand
|
Caterpillar Leasing Chile, S.A.
|
Chile
|
Caterpillar Leasing GmbH (Leipzig)
|
Germany
|
Caterpillar Leasing Operativo Limitada
|
Chile
|
Caterpillar Life Insurance Company
|
Missouri
|
Caterpillar Logistics (Shanghai) Co. Ltd.
|
China
|
Caterpillar Logistics (UK) Limited
|
England and Wales
|
Caterpillar Logistics Inc.
|
Delaware
|
Caterpillar Logistics ML Services France S.A.S.
|
France
|
Caterpillar Logistics Services (Tianjin) Ltd.
|
China
|
Caterpillar Logistics Services China Limited
|
Hong Kong
|
Caterpillar Luxembourg Group S.a.r.l.
|
Luxembourg
|
Caterpillar Luxembourg LLC
|
Luxembourg
|
Caterpillar Luxembourg Mexico S.a.r.l.
|
Luxembourg
|
Caterpillar Luxembourg S.a.r.l.
|
Luxembourg
|
Caterpillar Marine Asia Pacific Pte. Ltd.
|
Singapore
|
Caterpillar Marine Power UK Limited
|
England and Wales
|
Caterpillar Marine Trading (Shanghai) Co., Ltd.
|
China
|
Caterpillar Maroc SARL
|
Morocco
|
Caterpillar Materiels Routiers SAS
|
France
|
Caterpillar Mexico, S.A. de C.V.
|
Mexico
|
Caterpillar Mining Canada ULC
|
Canada
|
Caterpillar Mining Chile Servicios Limitada
|
Chile
|
Caterpillar Motoren (Guangdong) Co. Ltd.
|
China
|
Caterpillar Motoren GmbH & Co. KG
|
Germany
|
Caterpillar Motoren Henstedt-Ulzburg GmbH
|
Germany
|
Caterpillar Motoren Rostock GmbH
|
Germany
|
Caterpillar Motoren Verwaltungs-GmbH
|
Germany
|
Caterpillar North America C.V.
|
Netherlands
|
Caterpillar NZ Funding Parent Limited
|
Bermuda
|
Caterpillar of Australia Pty. Ltd.
|
Australia
|
Caterpillar of Canada Corporation
|
Canada
|
Caterpillar of Delaware, Inc.
|
Delaware
|
Caterpillar Operator Training Ltd.
|
Japan
|
Caterpillar Overseas Credit Corporation SARL
|
Switzerland
|
Caterpillar Overseas Investment Holding SARL
|
Switzerland
|
Caterpillar Overseas Limited
|
England and Wales
|
Caterpillar Overseas SARL
|
Switzerland
|
Caterpillar Panama Services S.A.
|
Panama
|
Caterpillar Paving Products Inc.
|
Oklahoma
|
Caterpillar Paving Products Xuzhou Ltd.
|
China
|
Caterpillar Pension Trust Limited
|
England and Wales
|
Caterpillar Poland Sp. z o.o.
|
Poland
|
Caterpillar Power Generations Systems (Chile) SpA
|
Chile
|
Caterpillar Power Generations Systems L.L.C.
|
Delaware
|
Caterpillar Power Systems Inc.
|
Delaware
|
Caterpillar Power Systems y Compañia Limitada
|
Nicaragua
|
Caterpillar Power Ventures Corporation
|
Delaware
|
Caterpillar Power Ventures Europe B.V.
|
Netherlands
|
Caterpillar Power Ventures International, Ltd.
|
Bermuda
|
Caterpillar Precision Seals Korea
|
Korea
|
Caterpillar Prodotti Stradali S.r.l.
|
Italy
|
Caterpillar Product Development SARL
|
Switzerland
|
Caterpillar Product Services Corporation
|
Missouri
|
Caterpillar R&D Center (China) Co., Ltd.
|
China
|
Caterpillar Reman Powertrain Indiana LLC
|
Delaware
|
Caterpillar Reman Powertrain Services, Inc.
|
South Carolina
|
Caterpillar Remanufacturing Drivetrain LLC
|
Delaware
|
Caterpillar Remanufacturing Services (Shanghai) Co., Ltd.
|
China
|
Caterpillar Remanufacturing Services Chaumont France
|
France
|
Caterpillar Remanufacturing Services Radom Poland
|
Poland
|
Caterpillar Renting France S.A.S.
|
France
|
Caterpillar Sales Inc.
|
Delaware
|
Caterpillar SARL
|
Switzerland
|
Caterpillar Services Limited
|
Delaware
|
Caterpillar Servicios Limitada
|
Chile
|
Caterpillar Servicios Mexico, S. de R.L. de C.V.
|
Mexico
|
Caterpillar Servizi Italia Srl
|
Italy
|
Caterpillar Shrewsbury Limited
|
England and Wales
|
Caterpillar Sistemas De Geracao De Energia Do Brasil Ltda.
|
Brazil
|
Caterpillar Skinningrove Limited
|
England and Wales
|
Caterpillar Solution Engineering Ltd.
|
Japan
|
Caterpillar Special Services Belgium S.P.R.L.
|
Belgium
|
Caterpillar Switchgear Holding Inc.
|
Georgia
|
Caterpillar Tianjin Ltd.
|
China
|
Caterpillar Tohuku Ltd.
|
Japan
|
Caterpillar Torreon S. de R.L. de C.V.
|
Mexico
|
Caterpillar Tosno, L.L.C.
|
Russia
|
Caterpillar Transmissions France S.A.R.L.
|
France
|
Caterpillar Tunnelling Canada Corporation
|
Canada
|
Caterpillar Tunnelling Canada Holdings Ltd.
|
Ontario
|
Caterpillar Tunnelling Europe Limited
|
England and Wales
|
Caterpillar UK Acquisition Partners LP
|
United Kingdom
|
Caterpillar UK Employee Trust Limited
|
England and Wales
|
Caterpillar UK Engines Company Limited
|
England and Wales
|
Caterpillar UK Group Limited
|
England and Wales
|
Caterpillar UK Holdings Limited
|
England and Wales
|
Caterpillar Undercarriage (Xuzhou) Co. Ltd.
|
China
|
Caterpillar Underground Mining Pty. Ltd.
|
Australia
|
Caterpillar Used Equipment Services Inc.
|
Delaware
|
Caterpillar Used Equipment Services International SARL
|
Switzerland
|
Caterpillar West Japan Ltd.
|
Japan
|
Caterpillar West Real Estate Holding Ltd.
|
Japan
|
Caterpillar Work Tools B.V.
|
Netherlands
|
Caterpillar Work Tools, Inc.
|
Kansas
|
Caterpillar World Trading Corporation
|
Delaware
|
Caterpillar Xuzhou Ltd.
|
China
|
Caterpillar/SCB Investments LP
|
Delaware
|
Caterpillar/SCB Receivables Finance LP
|
Nevada
|
Centre de Distribution de Wallonie SPRL
|
Belgium
|
CFRC/CFMC Investments, LLC
|
Delaware
|
Chemetron-Railway Canada Corporation
|
Ontario
|
Chemetron-Railway Products, Inc.
|
Delaware
|
DEUTZ Power Systems Verwaltungs GmbH
|
Germany
|
EDC European Excavator Design Center Beteiligungs-GmbH
|
Germany
|
EDC European Excavator Design Center GmbH & Co. KG
|
Germany
|
EDC European Excavator Design Center Verwaltungs GmbH
|
Germany
|
Electro-Motive Canada Co.
|
Canada
|
Electro-Motive Diesel and Locomotive Company (Proprietary) Limited
|
South Africa
|
Electro-Motive Diesel International Corp.
|
Delaware
|
Electro-Motive Diesel Limited
|
England and Wales
|
Electro-Motive Diesel, Inc.
|
Delaware
|
Electro-Motive Maintenance Operations Pty. Ltda.
|
Australia
|
Electro-Motive Technical Consulting Co. (Beijing) Ltd.
|
China
|
EMC Holding Corp.
|
Delaware
|
EMD Europe GmbH
|
Germany
|
EMD International Holdings, Inc.
|
Delaware
|
EMD Locomotive Company de Mexico, S.A. de C.V.
|
Mexico
|
EMD Locomotive Maintenance de Mexico, S.A. de C.V.
|
Mexico
|
EMD Locomotive Maintenance Services, S.A. de C.V.
|
Mexico
|
EMD Locomotive Technologies Private Limited
|
India
|
Energy Services International Limited
|
Bermuda
|
Ensambladora Tecnologica de Mexico, S.A. de C.V.
|
Mexico
|
Equipment Assurance Limited
|
Cayman Islands
|
Equipos de Acuna, S.A. de C.V.
|
Mexico
|
ERA Digital Media Limited
|
Hong Kong
|
ERA Films (HK) Limited
|
Hong Kong
|
ERA Home Entertainment Limited
|
Hong Kong
|
ERA Information & Entertainment (BVI) Limited
|
Hong Kong
|
ERA Mining Machinery Limited
|
Hong Kong
|
Erduosi Siwei Dibite Mechanical and Electrical Equipment Co., Ltd.
|
China
|
F. Perkins Limited
|
England
|
F.G. Wilson (USA) LLC
|
Delaware
|
FG Wilson (Engineering) Limited
|
Northern Ireland
|
GB Holdco (China), Inc.
|
Delaware
|
GFCM Servicios, S.A. de C.V.
|
Mexico
|
Halco America LLC
|
Georgia
|
Halco Drilling (Ireland) Limited
|
Northern Ireland
|
Halco Group Limited
|
England and Wales
|
Halco Holdings Limited
|
United Kingdom
|
Halco Rock Tools Limited
|
England and Wales
|
Hong Kong Siwei Holdings Limited
|
Hong Kong
|
HSA Drilling Equipment (Pty) Limited
|
South Africa
|
Hypac (Tianjin) International Trading Company Limited
|
China
|
Hypac Holdings LLC
|
Delaware
|
Inmobiliaria Conek, S.A.
|
Mexico
|
Kentuckiana Railcar Repair & Storage Facility, LLC
|
Indiana
|
Locomotoras Progress Mexico, S. de R.L. de C.V.
|
Mexico
|
Magnum Power Products, LLC
|
Delaware
|
MaK Americas Inc.
|
Illinois
|
MaK Beteiligungs GmbH
|
Germany
|
Mec-Track S.r.l.
|
Italy
|
Metalmark Financial Services Limited
|
England
|
MGE Equipamentos e Servicos Ferroviarios Ltda.
|
Brazil
|
Motoren Steffens GmbH
|
Germany
|
MWM (Beijing) Co., Ltd.
|
China
|
MWM Asia Pacific Pte. Ltd.
|
Singapore
|
MWM Austria GmbH
|
Austria
|
MWM Benelux B.V.
|
Netherlands
|
MWM Canada Inc.
|
Canada
|
MWM Energy Australia Pty Ltd
|
Austalia
|
MWM Energy Espana, S.A.
|
Spain
|
MWM Energy Hungaria Kft.
|
Hungary
|
MWM France S.A.S.
|
France
|
MWM GmbH
|
Germany
|
MWM Holding GmbH
|
Germany
|
MWM Latin America Solucoes Energeticas Ltda.
|
Brazil
|
MWM of America, Inc.
|
Delaware
|
MWM Real Estate GmbH
|
Germany
|
Necoles Investments B.V.
|
Netherlands
|
O & K Australia Pty. Ltd.
|
Australia
|
OOO Bucyrus Service
|
Russian Federation
|
Overseas Rail Holdings, B.V.
|
Netherlands
|
P. T. Caterpillar Finance Indonesia
|
Indonesia
|
P.T. Solar Services Indonesia
|
Indonesia
|
Perkins Engines (Asia Pacific) Pte Ltd
|
Singapore
|
Perkins Engines Company Limited
|
England and Wales
|
Perkins Engines, Inc.
|
Maryland
|
Perkins France (S.A.S.)
|
France
|
Perkins Group Limited
|
England and Wales
|
Perkins Holdings Limited LLC
|
Delaware and
England and Wales |
Perkins India Private Limited
|
India
|
Perkins International Inc.
|
Delaware
|
Perkins Limited
|
England
|
Perkins Motoren GmbH
|
Germany
|
Perkins Motores do Brasil Ltda.
|
Brazil
|
Perkins Power Systems Technology (Wuxi) Co., Ltd.
|
China
|
Perkins Shibaura Engines (Wuxi) Co., Ltd.
|
China
|
Perkins Shibaura Engines Limited
|
England
|
Perkins Shibaura Engines LLC
|
Delaware
|
Perkins Technology Inc.
|
Delaware
|
Progress Metal Reclamation Company
|
Kentucky
|
Progress Rail Canada Corporation
|
Canada
|
Progress Rail Equipment Leasing Corporation
|
Michigan
|
Progress Rail Holdings, Inc.
|
Alabama
|
Progress Rail Inspection & Information Systems GmbH
|
Germany
|
Progress Rail Inspection & Information Systems S.r.l.
|
Italy
|
Progress Rail Leasing Canada Corporation
|
Canada
|
Progress Rail Leasing Corporation
|
Delaware
|
Progress Rail Manufacturing Corporation
|
Delaware
|
Progress Rail Raceland Corporation
|
Delaware
|
Progress Rail Services Corporation
|
Alabama
|
Progress Rail Services de Mexico S.A. de C.V.
|
Mexico
|
Progress Rail Services Holdings Corp.
|
Delaware
|
Progress Rail Services LLC
|
Delaware
|
Progress Rail Services UK Limited
|
England and Wales
|
Progress Rail Switching Services LLC
|
Delaware
|
Progress Rail TransCanada Corporation
|
Nova Scotia
|
Progress Rail Wildwood, LLC
|
Florida
|
Progress Vanguard Corporation
|
Delaware
|
PT. Bucyrus Indonesia
|
Indonesia
|
PT. Caterpillar Indonesia
|
Indonesia
|
PT. Caterpillar Indonesia Batam
|
Indonesia
|
Pyroban (Suzhou) Safety Systems Co., Ltd.
|
China
|
Pyroban Benelux B.V.
|
Netherlands
|
Pyroban Corporation
|
New Jersey
|
Pyroban Envirosafe B.V.
|
Netherlands
|
Pyroban Envirosafe Limited
|
England and Wales
|
Pyroban France SARL
|
France
|
Pyroban Group Limited
|
England and Wales
|
Pyroban Limited
|
England and Wales
|
Pyropress Engineering Company Limited (The)
|
England and Wales
|
Pyrrha Investments B.V.
|
Netherlands
|
Pyrrha Investments Limited
|
England and Wales
|
Qingzhou Aoweier Engineering Machinery Co., Ltd.
|
China
|
Railcar, Ltd.
|
Georgia
|
S & L Railroad, LLC
|
Nebraska
|
SCM Singapore Holdings Pte. Ltd.
|
Singapore
|
Servicios Administrativos Progress S. de R.L. de C.V.
|
Mexico
|
Servicios de Turbinas Solar, S. de R.L. de C.V.
|
Mexico
|
Servicios Ejecutivos Progress S. de R.L. de C.V.
|
Mexico
|
Shandong SEM Machinery Co. Ltd.
|
China
|
Solar Turbines (Beijing) Trading & Services Co., Ltd.
|
China
|
Solar Turbines (Thailand) Ltd.
|
Thailand
|
Solar Turbines Canada Ltd./Ltee.
|
Canada
|
Solar Turbines Central Asia Limited Liability Partnership
|
Kazakhstan
|
Solar Turbines CIS Limited Liability Company
|
Russia
|
Solar Turbines EAME s.r.o.
|
Czech Republic
|
Solar Turbines Egypt L.L.C.
|
Egypt
|
Solar Turbines Europe S.A.
|
Belgium
|
Solar Turbines Incorporated
|
Delaware
|
Solar Turbines India Private Limited
|
India
|
Solar Turbines International Company
|
Delaware
|
Solar Turbines Malaysia Sdn Bhd
|
Malaysia
|
Solar Turbines Services Company
|
California
|
Solar Turbines Services Nigeria Limited
|
Nigeria
|
Solar Turbines Services of Argentina S.R.L.
|
Argentina
|
Solar Turbines Trinidad & Tobago Limited
|
Trinidad and Tobago
|
SPL Software Alliance LLC
|
Delaware
|
Superior Highwall Holding LLC
|
Delaware
|
Superior Highwall Miners B.V.
|
Netherlands
|
Taiyuan Siwei Mechanical and Electrical Equipment Co., Ltd.
|
China
|
Tangshan DBT Machinery Co., Ltd.
|
China
|
Tecnologia Modificada, S.A. de C.V.
|
Mexico
|
Tokyo Rental Ltd.
|
Japan
|
Turbinas Solar de Venezuela, C.A.
|
Venezuela
|
Turbinas Solar S.A. de C.V.
|
Mexico
|
Turbo Tecnologia de Reparaciones S.A. de C.V.
|
Mexico
|
Turbomach Endustriyel Gaz Turbinleri Sanayi Ve Ticaret Limited
|
Turkey
|
Turbomach France SARL
|
France
|
Turbomach GmbH
|
Germany
|
Turbomach Netherlands B.V.
|
Netherlands
|
Turbomach Pakistan (Private) Limited
|
Pakistan
|
Turbomach S.A., Unipersonal
|
Spain
|
Turbomach S.r.L.
|
Italy
|
Turbomach SA
|
Switzerland
|
Turbomach Sp. Z o.o.
|
Poland
|
Turbomach-Solar de Colombia S.A.
|
Columbia
|
Turner Powertrain Systems Limited
|
England and Wales
|
UK Hose Assembly Limited
|
England and Wales
|
Underground Imaging Technologies LLC
|
Delaware
|
United Industries Corporation
|
Kentucky
|
VALA (UK) LP
|
England and Wales
|
VALA Inc.
|
Delaware
|
VALA LLC
|
Delaware
|
Vasky Energy Ltd.
|
Hong Kong
|
Veratech Holding B.V.
|
Netherlands
|
West Virginia Auto Shredding Inc.
|
West Virginia
|
Western Gear Machinery LLC
|
Delaware
|
Wisconsin Holdings Pty. Ltd.
|
Australia
|
Zeit Comercia e Montagem de Equipamentos Ltda.
|
Brazil
|
Zhengzhou Chengjin Mechanical and Electrical Equipment Co., Ltd.
|
China
|
Zhengzhou Jingchuang Mechanical and Electrical Equipment Co., Ltd.
|
China
|
Zhengzhou Siwei Coal Mining Machinery Rebuild Co., Ltd.
|
China
|
Zhengzhou Siwei Marco Automatic Control System Co., Ltd.
|
China
|
Zhengzhou Siwei Mechanical & Electrical Equipment Manufacturing Co., Ltd.
|
China
|
Zhengzhou Siwei Mechanical and Electrical Equipment Sales Co., Ltd.
|
China
|
Zhengzhou Siwei Xingyang Machinery Manufacturing Co., Ltd.
|
China
|
Zhengzhou Yushen Mechanical and Electrical Equipment Co., Ltd.
|
China
|
Affiliated Companies (50% and less ownership)
|
|
Name of Company
|
Where Organized
|
10G LLC
|
Delaware
|
Advanced Filtration Services, Inc.
|
Delaware
|
Advanced Filtration Systems Inc.
|
Delaware
|
AFSI Europe s.r.o.
|
Czech Republic
|
Akoya, Inc.
|
Delaware
|
AP Operation & Maintenance Limited
|
Jersey
|
ARCH Development Fund I, L.P.
|
Delaware
|
Asia Power (Private) Limited
|
Sri Lanka
|
Associated Auction Services, LLC
|
Delaware
|
Atlas Heavy Engineering Pty Ltd
|
Australia
|
Black Horse LLC
|
Delaware
|
Caterpillar Logistics Services India Private Limited
|
India
|
Caterpillar Logistics Supply Chain Services GmbH
|
Germany
|
Caterpillar Logistics Supply Chain Services Italia S.r.l.
|
Italy
|
Caterpillar Logistics Supply Chain Services Limited Liability Company
|
Hungary
|
Caterpillar Trimble Control Technologies LLC
|
Delaware
|
Datong Tongbi Machinery Company Limited
|
China
|
Electro-Motive Diesel Africa (Pty) Ltd.
|
South Africa
|
Energy Technologies Institute LLP
|
England and Wales
|
Energyst B.V.
|
Netherlands
|
Evercompounds S.p.a.
|
Italy
|
Exodus Machines, LLC
|
Delaware
|
Exodus Real Estate Holdings, LLC
|
Wisconsin
|
FMS Equipment Rentals Inc.
|
Delaware
|
Heavy Haul Track Systems Joint Venture
|
Australia
|
Intelligent Switchgear Organization LLC
|
Delaware
|
IronPlanet Australia Pty Limited
|
Australia
|
IRONPLANET, INC.
|
Delaware
|
Kiden Lease Co., Ltd.
|
Japan
|
Leading Edge Hydraulic Systems Co., Ltd.
|
China
|
M.O.P.E.S.A. Motores Power, S.A.
|
Mexico
|
Mitsubishi Caterpillar Forklift America Inc.
|
Delaware
|
Mitsubishi Caterpillar Forklift Asia Pte. Ltd.
|
Singapore
|
Nagano Kouki Co., Ltd.
|
Japan
|
Neovia Logistics Administrative Services de Mexico, S. de R.L. de C.V.
|
China
|
Neovia Logistics Finance Corporation
|
United States
|
Neovia Logistics France S.A.S.
|
Mexico
|
Neovia Logistics Germany GmbH
|
Egypt
|
Neovia Logistics Holdings I S.a r l.
|
Luxembourg
|
Neovia Logistics Holdings II S.a r l.
|
Luxembourg
|
Neovia Logistics IP Holdings, LLC
|
United States
|
Neovia Logistics Real Estate Holdings, LLC
|
United States
|
Neovia Logistics Services (France) S.A.S.
|
France
|
Neovia Logistics Services (UK) Limited
|
England and Wales
|
Neovia Logistics Services Australia Pty Ltd
|
Australia
|
Neovia Logistics Services Canada Ltd.
|
Canada
|
Neovia Logistics Services de Mexico S. de R.L. de C.V.
|
Mexico
|
Neovia Logistics Services Egypt Ltd.
|
Egypt
|
Neovia Logistics Services International LLC
|
Russia
|
Neovia Logistics Services International N.V.
|
Belgium
|
Neovia Logistics Services Polska Sp. z o.o.
|
Delaware
|
Neovia Logistics Services South Africa (Pty) Ltd.
|
Poland
|
Neovia Logistics Services Spain, S.A.
|
South Africa
|
Neovia Logistics Services, LLC
|
Belgium
|
Neovia Logistics, LLC
|
United States
|
Neovia Solutions Brasil Servicos De Logistica Ltda.
|
Brazil
|
Polyhose India (Rubber) Private Limited
|
India
|
Rapidparts Inc.
|
Delaware
|
Rensel Co.
|
Japan
|
Shanghai Supply Chain Solutions Co., Ltd.
|
China
|
Shanxi Xishan Siwei Mechanical & Electrical Equipment Manufacturing Co., Ltd.
|
China
|
Southern California Material Handling Inc.
|
Malaysia
|
SPL Logistics France Sarl
|
France
|
SPL Logistics Germany GmbH
|
Germany
|
SPL Logistics Holdings, LLC
|
United States
|
SPL Logistics Intermediate Holdings, LLC
|
United States
|
SPL Logistics UK Holdings Limited
|
England and Wales
|
SPL UK Holdings, LLC
|
United States
|
Tech Itoh Co., Ltd.
|
Japan
|
Terex NHL Mining Equipment Co. Ltd.
|
China
|
Tri-County Venture Capital Fund I, LLC
|
Delaware
|
Turboservices SDN BHD
|
Malaysia
|
VirtualSite Solutions LLC
|
Delaware
|
Xi’an FC Intelligence Transmission Co., Ltd.
|
China
|
Yaita Jusyaryou Co., Ltd.
|
Japan
|
Yeep Co.
|
Japan
|
Yuchai Remanufacturing Services (Suzhou) Co., Ltd.
|
China
|
(1)
|
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities and Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
|
|
|
Chairman of the Board and
|
February 19, 2013
|
/s/Douglas R. Oberhelman
|
|
Chief Executive Officer
|
|
(Douglas R. Oberhelman)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Group President and
|
February 19, 2013
|
/s/Bradley M. Halverson
|
|
Chief Financial Officer
|
|
(Bradley M. Halverson)
|
|
|
Mine or Operating
Name/MSHA Identification
Number
|
|
Contractor ID
|
|
Section 104
S&S
Citations
(#)
|
|
Section
104(b)
Orders
(#)
|
|
Section
104(d)
Citations
and Orders
(#)
|
|
Section
110(b)(2)
Violations
(#)
|
|
Section
107(a)
Orders
(#)
|
|
Total Dollar
Value of
MSHA
Assessments
Proposed ($)
|
|
Total
Number of
Mining
Related
Fatalities
(#)
|
|
Received
Notice of
Pattern
Violations
Under Section
104(e)
(yes/no)
|
|
Received
Notice of
Potential to
Have Pattern
Under Section
104(e)
(yes/no)
|
|
Legal
Actions
Pending as
of Last Day
of Period
(#)
|
|
Legal Actions
Initiated
During Period
(#)
|
|
Legal Actions
Resolved
During Period
(#)
|
|
Notes
|
||||
Bear Run, 1202422
|
|
Z8T
|
|
|
|
|
|
|
|
|
|
|
|
26,679
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Dolet Hills, 1601031
|
|
Z8T
|
|
1
|
|
|
|
|
|
|
|
|
|
1,657
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
El Segundo, 2902257
|
|
Z620
|
|
1
|
|
|
|
|
|
|
|
|
|
276
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
El Segundo, 2902257
|
|
Z8T
|
|
|
|
|
|
|
|
|
|
|
|
100
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Four Corners, 0801117
|
|
Z8T
|
|
|
|
|
|
|
|
|
|
|
|
3,405
|
|
|
|
|
|
|
|
|
1
|
|
1
|
|
1
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Jim Bridger Mine, 4800677
|
|
Z8T
|
|
1
|
|
|
|
|
|
|
|
1
|
|
3,803
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Lee Ranch, 2901879
|
|
Z8T
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
North Antelope Rochelle Mine, 4801353
|
|
Z8T
|
|
1
|
|
|
|
|
|
|
|
|
|
63,807
|
|
|
|
|
|
|
|
|
1
|
|
1
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Republic Energy, 4609054
|
|
Z8T
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Twilight, 4608645
|
|
Z8T
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total
|
|
|
|
4
|
|
|
|
|
|
|
|
|
1
|
|
$99,727
|
|
|
|
|
|
|
|
4
|
|
2
|
|
|
4*
|
|
|
|
|
*Total number of Legal Actions Resolved in 2012 does not include two items included in error in the 1Q period ending March 31, 2012. Those two items were citations paid.
|