Final Results

Caterpillar Inc 18 January 2001 Caterpillar Reports 2000 Profit per Share of $3.02 PEORIA, III. -- Caterpillar Inc. (NYSE: CAT) today reported full year sales and revenues of $20.18 billion, 2 percent more than 1999. A 3 percent increase in physical sales volume and a 10 percent increase in Financial Products revenues were partially offset by the unfavorable impact of the stronger U.S. dollar on sales denominated in currencies other than U.S. dollars (primarily the euro). Profit of $1.05 billion or $3.02 per share was $107 million more than 1999. The increase was due primarily to higher physical volume, improved price realization (excluding currency), manufacturing efficiencies and a favorable income tax adjustment. These favorable changes were partially offset by foreign exchange losses, resulting from the strong U.S. dollar. Sales and revenues for fourth-quarter 2000 were $5.11 billion, $95 million higher than fourth-quarter 1999. The increase was primarily due to a 3 percent increase in physical sales volume and an 11 percent increase in Financial Products revenues. Profit of $264 million was $25 million more than fourth-quarter 1999. The increase was due primarily to improved price realization (excluding currency) and higher physical volume, partially offset by several smaller unfavorable items, the largest being currency effects. Profit per share of 76 cents was up 9 cents from fourth-quarter 1999. 'The strength of the electric power business and strong performance by Cat Financial Services, coupled with the continued dedication by Caterpillar employees to cost management, contributed significantly to our ability to deliver profit in line with expectations despite a difficult global business environment,' said Caterpillar Chairman and CEO Glen Barton. 'We expect 2001 to be another challenging year for our industry. In general, many of the markets we serve will continue to be cyclically depressed with excess capacity and ongoing price pressure. As a result, company sales and revenues are expected to be about flat, with declines in North America balanced by higher sales in all other regions of the world. During 2001, we will increase strategic investments and take tough actions to improve our long-term cost structure. These investments, combined with the challenging industry environment and higher income taxes, are expected to cause profits to be down 5 to 10 percent compared with 2000. However, actions taken in 2001 driven by the corporate-wide launch of 6 Sigma should help us grow, lower costs and reach unprecedented product quality, thus yielding higher profit levels,' Barton said. HIGHLIGHTS 2000 COMPARED WITH 1999 - Sales and revenues of $20.18 billion were $473 million or 2 percent higher. Revenues from Financial Products increased 10 percent. Sales inside the United States were 50 percent of worldwide sales, the same as a year ago. - Profit of $1.05 billion was $107 million or 11 percent higher than 1999. - Profit per share of $3.02 was up 15 percent. - 10.8 million shares were repurchased during the year under the program announced in October 1998 to reduce the number of shares outstanding to 320 million. On December 31, 2000 there were 343.4 million shares outstanding. FOURTH-QUARTER 2000 COMPARED WITH FOURTH-QUARTER 1999 - Sales and revenues of $5.11 billion were $95 million or 2 percent higher. Revenues from Financial Products increased 11 percent. Sales inside the United States were 46 percent of worldwide sales compared with 44 percent a year ago. - Profit of $264 million was up 10 percent. - Profit per share of 76 cents was up 13 percent. - 415,000 shares were repurchased during the quarter. OUTLOOK We expect full-year 2001 sales and revenues to be about flat with 2000, with a relatively weaker first half as a result of slowing Gross Domestic Product (GDP) in the U.S. Full-year profit is projected to be down about 5 to 10 percent. (Complete outlook begins on page 13) DETAILED ANALYSIS 2000 COMPARED WITH 1999 Sales and revenues for 2000 were $20.18 billion, $473 million higher than 1999. The increase was primarily due to a 3 percent increase in physical sales volume and a 10 percent increase in Financial Products revenues, partially offset by the unfavorable impact of the stronger U.S. dollar on sales denominated in currencies other than U.S. dollars (primarily the euro). Profit of $1.05 billion was $107 million more than 1999. Operating profit improved due primarily to higher physical volume, improved price realization (excluding currency) and manufacturing efficiencies. The unfavorable impact of currency on sales was offset by a favorable impact on costs, with no effect on operating profit. However, the change in other income was unfavorable $113 million primarily due to foreign exchange translation losses. Income taxes were favorably impacted by an adjustment at Caterpillar Brasil Ltda. in the third quarter. Profit per share of $3.02 was up 39 cents from 1999. MACHINERY AND ENGINES Sales (Millions of dollars) North Latin Asia/ Total America EAME* America Pacific 2000 Machinery $11,857 $6,607 $3,121 $893 $1,236 Engines** 7,056 3,885 1,920 538 713 $18,913 $10,492 $5,041 $1,431 $1,949 1999 Machinery $11,70 $ 6,725 $2,955 $851 $1,174 Engines 6,854 3,690 1,899 621 644 $18,559 $10,415 $4,854 $1,472 $1,818 *Europe, Africa & Middle East and Commonwealth of Independent States **Does not include internal engine transfers of $1.360 billion and $1.234 billion in 2000 and 1999, respectively. Internal engine transfers are valued at prices comparable to those for unrelated parties. Machinery sales were $11.86 billion, an increase of $152 million or 1 percent from 1999. A 4 percent increase in physical sales volume was largely offset by the effect of the stronger U.S. dollar on sales denominated in currencies other than U.S. dollars (primarily the euro). Higher sales in EAME, Asia/Pacific and Latin America more than offset lower sales in North America. Sales in North America declined due to lower industry demand, which more than offset the positive impact of a slower rate of inventory reduction by dealers compared to 1999. In EAME, sales were higher due to increased industry demand throughout the region and dealer inventory growth. Sales in Latin America improved as dealers held inventory steady compared to sharp cutbacks in 1999. Sales in Asia/Pacific were up as improved retail demand more than offset slower dealer inventory growth. Engine sales were $7.06 billion, an increase of $202 million or 3 percent from 1999. The increase was due to a 2 percent increase in physical sales volume and higher price realization. Higher sales in North America, Asia/Pacific and EAME more than offset lower sales in Latin America. Sales benefited from robust demand worldwide for electric power generation, and improved share of industry sales of engines to North American truck OEMs. These positive factors more than offset the impact of a sharply lower North American truck industry. Operating Profit (Millions of dollars) 2000 1999 Machinery $1,001 $867 Engines 667 506 $1,668 $1,373 Caterpillar operations are highly integrated; therefore, the company uses a number of allocations to determine lines of business operating profit. Machinery operating profit increased $134 million, or 15 percent, from 1999 due to higher sales volume and lower selling, general and administrative (SG&A) expenses. These favorable items were partially offset by unfavorable geographic mix. Engine operating profit increased $161 million, or 32 percent, from 1999 due to improved manufacturing efficiencies, better product mix related to increased demand for electric power and higher sales volume. These were partially offset by higher SG&A and research and development (R&D) expenses. Interest expense was $23 million higher than a year ago due to higher average debt levels. Other income/expense was expense of $126 million compared with income of $66 million last year. The adverse change was mostly due to discounts taken on the sales of trade receivables and unfavorable foreign currency results. The discounts on sales of trade receivables relate to the revolving program with Caterpillar Financial Services, which was implemented in 1998 as a cost-effective means of financing operations. FINANCIAL PRODUCTS Revenues for 2000 were a record $1.47 billion, up $188 million or 15 percent compared with 1999 (excluding revenue transactions with Machinery and Engines, revenues increased $119 million or 10 percent). The increase resulted primarily from continued growth in Cat Financial's portfolio. Before tax profit increased $27 million or 11 percent from 1999. Record profit at Cat Financial resulting from continued portfolio growth was partially offset by a reduction in favorable reserve adjustments at Caterpillar Insurance Co. Ltd. (Cat Insurance). INCOME TAXES Both 2000 and 1999 tax expense reflect an estimated annual effective tax rate of 32 percent. However, 2000 income tax expense was favorably affected by a positive adjustment of $39 million at Caterpillar Brasil Ltda. in the third quarter. UNCONSOLIDATED AFFILIATED COMPANIES The company's share of unconsolidated affiliated companies' results declined $8 million from a year ago, primarily due to weaker results at Shin Caterpillar Mitsubishi Ltd. and the conversion of F.G. Wilson from an affiliated company to a consolidated subsidiary in July 1999. SUPPLEMENTAL INFORMATION Dealer Machine Sales to End Users and Deliveries to Dealer Rental Operations Sales (including both sales to end users and deliveries to dealer rental operations) in North America were lower than 1999 due to reduced industry demand in the United States, which more than offset higher industry sales in Canada. For the region, sales into general construction, industrial, mining, quarry & aggregates and waste declined. Sales increased into heavy construction, especially highways and streets. Sales into agriculture and forestry remained near 1999 levels. Sales increased in EAME. In Europe, higher sales in France, Spain and Italy more than offset lower retail demand in Germany, the United Kingdom and Sweden. In Africa & Middle East, sales increased in Turkey and Saudi Arabia, which more than offset lower sales in Egypt, the United Arab Emirates and South Africa. In the CIS, sales improved in Russia. For the region, sales into heavy construction, mining, industrial and quarry & aggregates increased. Sales declined into agriculture, forestry and waste. Sales into general construction remained near 1999 levels. In Latin America, sales were flat compared to 1999. Sales increased in Brazil, Venezuela, Colombia and Mexico. Sales declined in Peru and Argentina. For the region, sales were higher into heavy construction, forestry and quarry & aggregates. Sales into industrial, general construction, mining and waste declined. In Asia/Pacific, sales increased. Sales gained in China and New Zealand. Sales were lower in India, Australia and Indonesia. For the region, sales increased into heavy construction, general construction and industrial. Sales declined into quarry & aggregates, mining, forestry and agriculture. Dealer Inventories of New Machines Worldwide dealer new machine inventories at year-end 2000 were slightly below year earlier levels. Declines in North America offset increases in EAME and Asia/ Pacific. Inventories in Latin America at year end were even with 1999. Inventories compared to current selling rates were lower than year earlier in North America, EAME and Latin America. Inventories compared to current selling rates were higher than a year earlier in Asia/Pacific. Engine Sales to End Users and OEMs Sales were higher in North America due to strong growth in sales for electric power generation and improved sales to the petroleum sector. Sales of truck engines were sharply lower due to production cutbacks by North American truck OEMs. Caterpillar continued to improve its leadership position in the on-highway truck business. Sales in EAME improved due to higher demand for electric power generation. In Latin America, sales were lower due primarily to declines in petroleum. In Asia/Pacific, sales were higher primarily due to increases in the petroleum sector. FOURTH-QUARTER 2000 COMPARED WITH FOURTH-QUARTER 1999 Sales and revenues for fourth-quarter 2000 were $5.11 billion, $95 million or 2 percent higher than fourth-quarter 1999. The increase was primarily due to a 3 percent increase in physical sales volume and an 11 percent increase in Financial Products revenues. Profit of $264 million was $25 million or 10 percent more than fourth-quarter 1999. The increase was due primarily to improved price realization (excluding currency) and higher physical volume, partially offset by several smaller unfavorable items, the largest being currency effects. Profit per share of 76 cents was up 9 cents, or 13 percent, from fourth-quarter 1999. MACHINERY AND ENGINES Sales (Millions of dollars) North Latin Asia/ Total America EAME America Pacific Fourth-Ouarter 2000 Machinery $2,795 $1,402 $793 $270 $330 Engines*** 1,985 1,016 582 185 202 $4,780 $2,418 $1,375 $455 $532 Fourth-Ouarter-1999 Machinery $2,537 $1,260 $ 734 $241 $302 Engines*** 2,181 1,076 676 235 194 $4,718 $2,336 $1,410 $476 $496 ***Does not include internal engine transfers of $327 million and $323 million in 2000 and 1999, respectively. Internal engine transfers are valued at prices comparable to those for unrelated parties. Machinery sales were $2.80 billion, an increase of $258 million or 10 percent from fourth-quarter 1999. Physical sales volume increased 11 percent reflecting higher retail sales and a significantly slower rate of inventory reduction compared to the same period a year ago. Price realization declined, primarily due to the effect of the stronger U.S. dollar on sales denominated in currencies other than U.S. dollars (primarily the euro). Sales improved in all regions. In North America, sales gained because dealer inventory reductions during the quarter were much less severe than the same period a year ago. Retail sales in North America remained even with fourth-quarter 1999 as higher share of industry sales offset lower industry demand. In EAME and Latin America, sales improved due to higher retail demand. In Asia/Pacific, dealers increased inventories during the quarter, which more than offset lower retail demand. Engine sales were S1.99 billion, a decrease of $196 million or 9 percent from fourth-quarter 1999. The decrease was due to a 7 percent decrease in physical sales volume and lower price realization. Sales were lower primarily due to sharp declines in engine sales to North American truck OEMs. Sales of electric power products were lower when compared to the fourth quarter of 1999, which benefited from the impact of Y2K uncertainties. Higher sales of electric power products in North America were more than offset by declines in EAME and Asia/Pacific. Operating Profit (Millions of dollars) Fourth-Ouarter Fourth-Quarter 2000 1999 Machinery $248 $131 Engines 192 217 $440 $348 Caterpillar operations are highly integrated; therefore, the company uses a number of allocations to determine lines of business operating profit. Machinery operating profit increased $ 117 million from fourth-quarter 1999. Higher physical sales volume and improved price realization (excluding currency) were partially offset by higher SG&A expenses. Engine operating profit decreased $25 million, or 12 percent from fourth-quarter 1999. The decrease was primarily due to lower sales volumes of truck engines and higher SG&A and R&D expenses, partially offset by better product mix related to increased demand for electric power in North America. Interest expense was $10 million higher than a year ago. Other income/expense was expense of $52 million compared with income of $35 million last year. The adverse change was mostly due to unfavorable foreign exchange results and to discounts taken on the sales of trade receivables. FINANCIAL PRODUCTS Revenues for the fourth quarter were $390 million, up $57 million or 17 percent compared with fourth-quarter 1999 (excluding revenue transactions with Machinery and Engines, revenues increased $33 million or 11 percent). The increase resulted primarily from continued growth in Cat Financial's portfolio. Before tax profit increased $37 million or 69 percent from fourth-quarter 1999. Profit increased at Cat Financial resulting from portfolio growth, and at Cat Insurance from higher investment income partially offset by a reduction in favorable reserve adjustments. INCOME TAXES Fourth-quarter tax expense reflects an effective annual tax rate of 32 percent for both 2000 and 1999. UNCONSOLIDATED AFFILIATED COMPANIES The company's share of unconsolidated affiliated companies' results increased $2 million from a year ago, primarily due to stronger results at Shin Caterpillar Mitsubishi Ltd. and Claas Caterpillar Europe. CONDENSED CASH FLOW Net free cash flow (profit after tax adjusted for depreciation, changes in working capital, capital expenditures and dividends) for Machinery and Engines was $703 million for 2000, a decrease of $205 million from 1999. This decrease was primarily due to a less favorable change in working capital, partially offset by higher profit after tax. For the Twelve Months Ended Consolidated Machinery & Financial Engines* Products (Millions of dollars) Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, 2000 1999 2000 1999 2000 1999 Profit after tax $1,053 $946 $1,053 $946 $184 $159 Depreciation and amortization 1,022 945 779 745 243 200 Chance in working capital - excluding cash, debt and dividends payable (441) (220) 22 423 (372) (707) Capital expenditures excluding equipment leased to others (723) (790) (709) (770) (14) (20) Expenditures for equipment leased to others, net of disposals (402) (275) 20 9 (422) (284) Dividends paid (462) (445) (462) (445) (29) (36) Net Free Cash Flow 47 161 703 908 (410) (688) Other significant cash flow items: Treasury shares purchased (412) (260) (412) (260) - - Net (increase) decrease in long-term finance receivables (507) (530) - - (507) (530) Net increase (decrease) in debt 1,265 1,350 110 215 1,161 1,234 Investments and acquisitions - (net of cash acquired) (115) (302) (102) (275) (13) (27) Other (492) (231) (533) (451) (211) 62 Change in cash and short-term Investments $(214) $188 $(234) $137 $20 $51 *Represents Caterpillar Inc. and its subsidiaries, except for Financial Products which is accounted for on the equity basis. Note: Due to the acquisition of the remaining interests in companies previously accounted for on an equity basis, and the subsequent consolidation of these companies, certain amounts have been removed from 'Change in working capital -excluding cash, debt, and dividends payable' (2000 and 1999) and 'Capital expenditures excluding equipment leased to others' (1999) and included in 'Investments and acquisitions' or 'Other'. EMPLOYMENT At the end of 2000, Caterpillar's worldwide employment was 68,440 compared with 66,896 one year ago. Employment outside the United States increased by 2,263 including 748 resulting from acquisitions. OUTLOOK Summary World economic growth and industrial production are projected to moderate in 2001. The change in GDP is expected to decline from 4 percent in 2000 to about 3 percent in 2001, and world industrial production is projected to decelerate from about 8 percent in 2000 to 4 percent in 2001. This will be primarily driven by a slowdown in the major industrialized countries, impacting developing countries as well. With inflation in the industrialized countries relatively low (excluding the recent impact of higher energy prices), this slowdown is projected to lead to further interest rate reductions in the United States, which should reduce effective borrowing costs worldwide. Despite these expected interest rate reductions, we are projecting a moderate reduction in growth for the world economy in 2001. Should the expected U.S. rate reductions not succeed in reversing recent declines in business and consumer confidence by the second quarter of 2001, a more severe world economic slowdown would result. While world growth is expected to moderate, demand for energy commodities is expected to remain relatively strong. In this environment, company sales and revenues are expected to be about flat in 2001, with slightly higher sales expected in each region of the world except North America. In the United States. industry demand for construction machines is expected to decline 5 to 10 percent, agriculture machine demand is expected to be about flat, and demand for compact machines is expected to be up slightly. Year-end dealer machine inventories are projected to decline, and company machine sales are expected to be down slightly. Engine sales are expected to be about flat, as higher sales to petroleum and electric power generation are projected to offset lower truck engine sales. In summary, with world growth expected to moderate, company sales and revenues are forecast to be about flat in 2001. Slightly higher sales in EAME, Asia/Pacific and Latin America are expected to be offset by slightly lower sales in North America. Profit is expected to be down about 5 to 10 percent from 2000 because of the North American sales volume decrease, continuing global pricing pressures, absence of a favorable income tax adjustment and strategic investments. These investments, which relate to the updated strategy that was announced in 2000, are critical to achievement of our longer-term projected sales growth and cost reduction targets. North America In the United States. the increase in GDP is projected to slow from 5 percent in 2000 to about 2.5 percent in 2001. Growth early in the year is expected to be quite weak, but the pace of growth and capital spending is expected to pick up in the third and fourth quarters, boosted by lower interest rates and projected reductions in federal tax withholdings. With the pace of economic growth slowing significantly, we expect further rate reductions by the Federal Reserve in early 2001, and assume the fed funds rate will move down from the current level of 6 percent to a range of 5 percent to 5.5 percent in the second half of the year. In this environment, industry demand for construction machines is expected to decline 5 to -10 percent - a decline in the demand for general construction machines is expected to be partially offset by higher sales to the heavy construction industry. Demand for agriculture machines is expected to be about flat, while compact machines should be up slightly. Engine sales are projected to be about flat, as higher sales to petroleum and electric power applications are forecast to offset a projected further decline in truck engines. In Canada, industry demand for machines is expected to increase due to higher demand in heavy construction, oil sands and petroleum. With projected reductions in dealer year-end inventories, company sales for North America as a whole are forecast to decline slightly. EAME In EAME, sales of machines and engines are expected to be up slightly. In Europe, sales should benefit from continued economic growth, although interest rate increases and higher oil prices in the second half of 2000 are slowing economic growth rates and continue to erode business confidence. However, business and consumer confidence in Europe is expected to improve over the course of 2001, as the euro is projected to be stronger on average than its weak levels in 2000 and oil prices moderate. Sales in oil exporting countries in Africa & Middle East should continue to benefit from strong cash flows related to higher production volumes, even though oil prices are expected to be lower than 2000. Sales elsewhere in Africa & Middle East are expected to decline. In the CIS, sales should increase as the Russian recovery continues and the oil exporting nations of the region continue to experience stronger economic growth. Asia/Facific For the Asia/Pacific region as a whole, sales of machines and engines are expected to be up in 2001. China should continue to register solid sales growth. However, instability in Indonesia and the Philippines and the aftermath of general elections in Thailand are concerns. Latin America In Latin America, continued economic growth in Mexico, Brazil and Chile is expected to lead to higher machine and engine sales. The outlook above does not consider the potential impacts in 2001 of the recently announced alliance with DaimlerChrysler to jointly develop medium-duty engines, fuel systems and other powertrain components. The information included in the Outlook section is forward looking and involves risks and uncertainties that could significantly affect expected results. A discussion of these risks and uncertainties is contained in Form 8-K filed with the Securities & Exchange Commission (SEC) on January 18, 2001. That filing is available from the SEC website at http://www.sec.gov/cgi-bin/srch-edgar Caterpillar's latest financial results and current outlook are also available via. Telephone: (800) 228-7717 (Inside the United States and Canada) (858) 431-7900 (Outside the United States and Canada) Internet: http://www.CAT.com Caterpillar contact: Marsha Hausser Corporate Public Affairs (309) 675-1307 E-mail: hausser_marsha_m@cat.com Note: Information contained on our website is not incorporated by reference into this release. CATERPILLAR INC. CONDENSED CONSOLIDATED RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED (Millions of dollars except per share data) Consolidated Machinery & Financial Products Engines * Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, 2000 1999 2000 1999 2000 1999 Sales and revenues: Sales of Machinery & Engines. $4,780 $4,718 $4,780 $4,718 $ - $ - Revenues of Financial Products 334 301 - - 390 333 Total sales and revenues 5,114 5,019 4,780 4,718 390 333 Operating costs: Cost of goods sold 3,628 3,690 3,628 3,690 - - Selling, general, and administrative expenses 670 640 536 512 145 137 Research and development expenses 176 168 176 168 - - Interest expense of Financial Products 179 153 - - 193 160 Total operating costs 4,653 4,651 4,340 4,370 338 297 Operating Profit 461 368 440 348 52 36 Interest expense excluding Financial Products 76 66 76 66 - - Other income (expense) 18 69 (52) 35 39 18 Consolidated profit before taxes 403 371 312 317 91 54 Provision for income taxes 128 119 96 98 32 21 Profit of consolidated companies 275 252 216 219 59 33 Equity in profit of unconsolidated affiliates (11) (13) (12) (14) 1 1 Equity in profit of Financial Products subsidiaries - - 60 34 - - Profit $264 $239 $264 $239 $60 $34 EPS of common stock $0.77 $0.67 EPS of common stock - assuming dilution $0.76 $0.67 Weighted average shares outstanding (thousands) Basic 343,524 354,236 Assuming dilution 345,433 357,864 *Represents Caterpillar Inc. and its subsidiaries, except for Financial Products which is accounted for on the equity basis. Transactions between Machinery and Engines and Financial Products have been eliminated to arrive at the Consolidated data. CATERPILLAR INC. CONDENSED CONSOLIDATED RESULTS OF OPERATIONS FOR THE YEAR ENDED (Millions of dollars except per share data) Consolidated Machinery & Financial Products Engines * Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, 2000 1999 2000 1999 2000 1999 Sales and revenues: Sales of Machinery & Engines $18,913 $18,559 $18,913 $18,559 $ - $ - Revenues of Financial Products 1,262 1,143 - - 1,465 1,277 Total sales and revenues 20,175 19,702 18,913 18,559 1,465 1,277 Operating costs: Cost of goods sold 14,497 14,481 14,497 14,481 - - Selling, general, and administrative expenses 2,604 2,541 2,099 2,079 544 493 Research and development expenses 649 626 649 626 - - Interest expense of Financial Products 688 560 - - 739 585 Total operating costs 18,438 18,208 17,245 17,186 1,283 1,078 Operating Profit 1,737 1,494 1,668 1,373 182 199 Interest expense excluding Financial Products 292 269 292 269 - - Other income (expense) 83 196 (126) 66 96 52 Consolidated profit before taxes 1,528 1,421 1,250 1,170 278 251 Provision for income taxes 447 455 350 362 97 93 Profit of consolidated companies 1,081 966 900 808 181 158 Equity in profit of unconsolidated affiliates (28) (20) (31) (21) 3 1 Equity in profit of Financial Products subsidiaries - - 184 159 - - Profit $1,053 $946 $1,053 $946 $184 $159 EPS of common stock $3.04 $2.66 EPS of common stock - assuming dilution $3.02 $2.63 Weighted average shares outstanding (thousands) Basic 346,818 355,392 Assuming dilution 348,898 359,367 *Represents Caterpillar Inc. and its subsidiaries, except for Financial Products which is accounted for on the equity basis. Transactions between Machinery and Engines and Financial Products have been eliminated to arrive at the Consolidated data. CATERPILLAR INC. CONDENSED FINANCIAL POSITION (Millions of dollars except per share data) Consolidated (Caterpillar Inc. and Subsidiaries) Dec. 31, Dec. 31, 2000 1999 Assets Current assets: Cash and short-term investments $334 $548 Receivables - trade and other 2,608 3,233 Receivables - finance 5,471 4,206 Deferred income taxes 397 405 Prepaid expenses 1,019 824 Inventories 2,692 2,594 Total current assets 12,521 11,810 Property, plant, and equipment - net 5,588 5,201 Long-term receivables - trade and other 76 95 Long-term receivables - finance 6,095 5,588 Investments in unconsolidated affiliated companies 551 553 Deferred income taxes 907 954 Intangible assets 1,507 1,543 Other assets 1,219 967 Total Assets $28,464 $26,711 Liabilities Current liabilities: Short-term borrowings: - Machinery & Engines $369 $51 - Financial Products 602 719 Accounts payable 2,339 2,003 Accrued expenses 1,048 1,048 Accrued wages, salaries, and employee benefits 1,274 1,191 Dividends payable 117 115 Deferred and current income taxes payable 57 23 Long-term debt due within one year: - Machinery & Engines 204 167 - Financial Products 2,558 2,937 Total current liabilities 8,568 8,254 Long-term debt due after one year: - Machinery & Engines 2,854 3,099 - Financial Products 8,480 6,829 Liability for post-employment benefits 2,514 2,536 Deferred income taxes and other liabilities 448 528 Total Liabilities 22,864 21,246 Stockholders' Equity Common stock 1,048 1,045 Profit employed in the business 7,205 6,617 Accumulated other comprehensive income 23 78 Treasury stock (2,676) (2,275) Total Stockholders' Equity 5,600 5,465 Total Liabilities and Stockholders' Equity $28,464 $26,711 Certain amounts for 1999 have been reclassified to conform with the 2000 financial statement presentation.

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