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1. Use the following information to answer the following. Cash Holdings ($) Unused Credit Line ($) Next Expected Cash Inflow ($) Stand. Dev. of Cash Inflow ($) Firm A 200 100 400 200 Firm B 300 100 450 750 a. Calculate the lambda for each firm. b. Which firm is more liquid? Justify your answer using probabilities. The Z Table maybe found in Moodle. c. All else constant, how much cash should Firm B hold so that firms A and B have the same degree of liquidity risk? Caterpillar Inc. (NYSE:CAT) > Financials > Key Stats In Millions of the trading currency, except per share items. Trading Currency Latest on Right Currency: Order: Decimals: Conversion: Units: Dilution: Capital IQ (Default) Historical S&P Capital IQ (Default) Basic Key Financials For the Fiscal Period Ending Currency 12 months Dec-31-2014A USD 12 months Dec-31-2015A USD Press Release 12 months Dec-31-2016A USD Total Revenue Growth Over Prior Year 55,184.0 (0.8%) 47,011.0 (14.8%) 38,537.0 (18.0%) Gross Profit Margin % 12,947.0 23.5% 10,918.0 23.2% 7,870.0 20.4% EBITDA Margin % 8,979.0 16.3% 7,264.0 15.5% 5,189.0 13.5% EBIT Margin % 5,816.0 10.5% 4,218.0 9.0% 2,155.0 5.6% Earnings from Cont. Ops. Margin % 3,711.0 6.7% 2,113.0 4.5% (59.0) (0.2%) Net Income Margin % 3,695.0 6.7% 2,102.0 4.5% (67.0) (0.2%) 5.88 2.3% 3.5 (40.5%) (0.11) NM USD 1.0 H USD 1.0 H USD 1.0 H Diluted EPS Excl. Extra Items Growth Over Prior Year Currency Exchange Rate Conversion Method All results are taken from the most recently filed statement for each period. When there has been more than one, earlier filings can be viewed on the individual statement pages All forward period figures are consensus mean estimates provided by the brokers and may not be on a comparable basis as financials. Growth rates for forward periods are calculated against prior period estimates or actual pro forma results as disclosed on the Estimates Consensus page. Growth Rates are calculated in originally reported currency only and will not reflect any currency conversion selected above. Current Capitalization (Millions of USD) Currency Share Price Shares Out. USD $98.5 585.1 Market Capitalization - Cash & Short Term Investments + Total Debt + Pref. Equity + Total Minority Interest = Total Enterprise Value (TEV) 57,629.6 5,257.0 36,783.0 76.0 89,231.6 Book Value of Common Equity + Pref. Equity + Total Minority Interest + Total Debt = Total Capital 13,137.0 76.0 36,783.0 49,996.0 **For companies that have multiple share classes that publicly trade, we are incorporating the different prices to calculate our company level market capitalization. Please click on the value to see the detailed calculation. Prices shown on this page are the close price of the company's primary stock class. Shares shown on this page are total company as-reported share values. Total Liability includes Total Debt, Minority Interest and Pref. Equity. Net Liability includes Total Liability, net of Cash and Short Term Investments. TEV includes Market Cap and Net Liability. Total Capital includes Common Equity and Total Liability. Valuation Multiples based on Current Capitalization 12 months Dec-31-2015A 1.9x Press Release 12 months Dec-31-2016A 2.3x 12 months Dec-31-2017E 2.36x 12 months Dec-31-2018E 2.23x 12 months Dec-31-2019E 2.11x TEV/EBITDA 12.3x 17.2x 19.05x 15.35x 12.47x TEV/EBIT 21.2x 41.5x 33.93x 25.65x 19.72x P/Diluted EPS Before Extra 28.1x NM 32.51x 22.56x 16.01x 3.9x 4.4x 3.69x 4.19x 4.24x 10.7x 12.1x - - - For the Fiscal Period Ending TEV/Total Revenue P/BV Price/Tang BV al statement pages. Caterpillar Inc. (NYSE:CAT) > Financials > Income Statement In Millions of the reported currency, except per share items. Standard Annual Reported Currency S&P Capital IQ (De Capital IQ & Propr Template: Period Type: Currency: Units: Source: RestatementLatest Filings Latest on Right Order: Conversion: Historical Decimals: Capital IQ (Default) Income Statement Reclassified 12 months Dec-31-2014 USD 12 months Dec-31-2015 USD Press Release 12 months Dec-31-2016 USD Revenue Finance Div. Revenue Other Revenue Total Revenue 52,142.0 3,042.0 55,184.0 44,147.0 2,864.0 47,011.0 35,773.0 2,764.0 38,537.0 Cost Of Goods Sold Finance Div. Operating Exp. Interest Expense - Finance Division Gross Profit 39,767.0 1,846.0 624.0 12,947.0 33,742.0 1,764.0 587.0 10,918.0 28,309.0 1,762.0 596.0 7,870.0 Selling General & Admin Exp. R & D Exp. Depreciation & Amort. Other Operating Expense/(Income) 5,062.0 2,135.0 (66.0) 4,611.0 2,165.0 (76.0) 4,113.0 1,951.0 (349.0) Other Operating Exp., Total 7,131.0 6,700.0 5,715.0 Operating Income 5,816.0 4,218.0 2,155.0 Interest Expense Interest and Invest. Income Net Interest Exp. (523.0) 66.0 (457.0) (532.0) 65.0 (467.0) (505.0) Income/(Loss) from Affiliates Currency Exchange Gains (Loss) Other Non-Operating Inc. (Exp.) EBT Excl. Unusual Items 8.0 54.0 98.0 5,519.0 (228.0) 70.0 3,593.0 (6.0) For the Fiscal Period Ending Currency (505.0) 103.0 1,747.0 Restructuring Charges Impairment of Goodwill Gain (Loss) On Sale Of Invest. Asset Writedown Other Unusual Items EBT Incl. Unusual Items (441.0) (908.0) 36.0 (22.0) (1.0) 5,091.0 176.0 (6.0) 2,855.0 Income Tax Expense Earnings from Cont. Ops. 1,380.0 3,711.0 742.0 2,113.0 192.0 (59.0) Earnings of Discontinued Ops. Extraord. Item & Account. Change Net Income to Company 3,711.0 2,113.0 (59.0) Minority Int. in Earnings Net Income (16.0) 3,695.0 (11.0) 2,102.0 (8.0) (67.0) - - 3,695.0 3,695.0 2,102.0 2,102.0 (67.0) (67.0) Per Share Items Basic EPS Basic EPS Excl. Extra Items Weighted Avg. Basic Shares Out. $5.99 5.99 617.2 $3.54 3.54 594.3 ($0.11) (0.11) 584.3 Diluted EPS Diluted EPS Excl. Extra Items Weighted Avg. Diluted Shares Out. $5.88 5.88 628.9 $3.5 3.5 601.3 ($0.11) (0.11) 584.3 Normalized Basic EPS Normalized Diluted EPS $5.56 5.46 $3.76 3.72 $1.85 1.85 $2.7 43.8% $3.01 83.6% $3.08 NM 1.0 1.0 1.0 8,979.0 6,181.0 5,816.0 9,370.0 55,184.0 7,264.0 4,555.0 4,218.0 7,635.0 47,011.0 5,189.0 2,155.0 2,155.0 NA 38,537.0 Pref. Dividends and Other Adj. NI to Common Incl Extra Items NI to Common Excl. Extra Items Dividends per Share Payout Ratio % Shares per Depository Receipt Supplemental Items EBITDA EBITA EBIT EBITDAR As Reported Total Revenue* (1,019.0) (595.0) 133.0 - Effective Tax Rate % Current Domestic Taxes Current Foreign Taxes Total Current Taxes Deferred Domestic Taxes Deferred Foreign Taxes Total Deferred Taxes Normalized Net Income Interest Capitalized Non-Cash Pension Expense Filing Date Restatement Type Calculation Type Supplemental Operating Expense Items R&D Exp. Net Rental Exp. Imputed Oper. Lease Interest Exp. Imputed Oper. Lease Depreciation Stock-Based Comp., Unallocated Stock-Based Comp., Total 27.1% 763.0 883.0 1,646.0 (189.0) (77.0) (266.0) 26.0% 567.0 656.0 1,223.0 (519.0) 38.0 (481.0) 144.4% NA NA NA NA - 3,433.4 13.0 199.0 Feb-16-2016 RC REP 2,234.6 14.0 271.0 Feb-16-2016 O REP 1,083.9 NA Jan-26-2017 P REP 2,135.0 391.0 178.5 212.5 2,165.0 371.0 165.8 205.2 1,951.0 NA - 254.0 254.0 283.0 283.0 - * Occasionally, certain items classified as Revenue by the company will be re-classified as other income if it is deemed to be non-recurring and unrelated to the core business of the firm. This field shows Total Revenue ex Note: For multiple class companies, per share items are primary class equivalent, and for foreign companies listed as primary ADRs, per share items are ADR-equivalent. al Revenue exactly as reported by the firm on its consolidated statement of income. Caterpillar Inc. (NYSE:CAT) > Financials > Balance Sheet In Millions of the reported currency, except per share items. Standard Annual Reported Currency S&P Capital IQ (De Capital IQ & Propr Template: Period Type: Currency: Units: Source: RestatementLatest Filings Latest on Right Order: Conversion: Historical Decimals: Capital IQ (Default) Balance Sheet Balance Sheet as of: Dec-31-2014 USD Dec-31-2015 USD Press Release Dec-31-2016 USD 6,317.0 6,317.0 5,340.0 5,340.0 5,257.0 5,257.0 7,699.0 7,699.0 6,677.0 6,677.0 5,981.0 5,981.0 Inventory Prepaid Exp. Finance Div. Loans and Leases, ST Finance Div. Other Curr. Assets Deferred Tax Assets, Curr. Restricted Cash Other Current Assets Total Current Assets 12,205.0 756.0 9,027.0 1,130.0 1,644.0 62.0 27.0 38,867.0 9,700.0 994.0 8,991.0 1,274.0 1,376.0 52.0 14.0 34,418.0 8,614.0 1,682.0 8,522.0 1,911.0 31,967.0 Gross Property, Plant & Equipment Accumulated Depreciation Net Property, Plant & Equipment 31,572.0 (14,995.0) 16,577.0 31,977.0 (15,887.0) 16,090.0 15,322.0 Long-term Investments Goodwill Other Intangibles Finance Div. Loans and Leases, LT Finance Div. Other LT Assets Accounts Receivable Long-Term Loans Receivable Long-Term Deferred Tax Assets, LT Other Long-Term Assets Total Assets 257.0 6,677.0 3,076.0 14,644.0 1,514.0 1,274.0 1,267.0 528.0 84,681.0 246.0 6,598.0 2,821.0 13,651.0 104.0 1,073.0 10.0 1,532.0 1,954.0 78,497.0 6,020.0 2,349.0 13,556.0 1,029.0 2,790.0 1,671.0 74,704.0 Currency ASSETS Cash And Equivalents Total Cash & ST Investments Accounts Receivable Total Receivables LIABILITIES Accounts Payable Accrued Exp. Short-term Borrowings Curr. Port. of LT Debt Curr. Port. of Cap. Leases Finance Div. Debt Current Finance Div. Other Curr. Liab. Def. Tax Liability, Curr. Other Current Liabilities Total Current Liabilities 6,515.0 5,944.0 9.0 510.0 10,982.0 42.0 62.0 3,813.0 27,877.0 5,023.0 4,792.0 9.0 510.0 7.0 12,320.0 318.0 59.0 3,265.0 26,303.0 4,614.0 4,299.0 209.0 507.0 13,249.0 3,254.0 26,132.0 Long-Term Debt Capital Leases Finance Div. Debt Non-Curr. Pension & Other Post-Retire. Benefits Def. Tax Liability, Non-Curr. Other Non-Current Liabilities Total Liabilities 9,408.0 85.0 18,291.0 8,963.0 414.0 2,817.0 67,855.0 8,927.0 77.0 16,243.0 8,843.0 351.0 2,868.0 63,612.0 8,436.0 14,382.0 9,357.0 3,184.0 61,491.0 5,016.0 33,887.0 (15,726.0) (6,431.0) 16,746.0 5,238.0 34,208.0 (17,640.0) (6,997.0) 14,809.0 5,277.0 27,377.0 (17,478.0) (2,039.0) 13,137.0 80.0 76.0 76.0 Total Equity 16,826.0 14,885.0 13,213.0 Total Liabilities And Equity 84,681.0 78,497.0 74,704.0 Supplemental Items Total Shares Out. on Filing Date Total Shares Out. on Balance Sheet Date Book Value/Share Tangible Book Value Tangible Book Value/Share Total Debt Net Debt Debt Equiv. of Unfunded Proj. Benefit Obligation Debt Equivalent Oper. Leases Total Minority Interest 606.2 606.2 $27.62 6,976.0 $11.51 39,285.0 32,968.0 4,420.0 3,128.0 80.0 582.3 582.3 $25.43 5,373.0 $9.23 38,093.0 32,753.0 4,817.0 2,968.0 76.0 585.8 585.8 $22.43 4,768.0 $8.14 36,783.0 31,526.0 NA NA 76.0 Common Stock Additional Paid In Capital Retained Earnings Treasury Stock Comprehensive Inc. and Other Total Common Equity Minority Interest Equity Method Investments Inventory Method LIFO Reserve Raw Materials Inventory Work in Progress Inventory Finished Goods Inventory Other Inventory Accounts Land Buildings Machinery Construction in Progress Full Time Employees Assets on Oper. Lease, Gross Assets on Oper. Lease, Accum. Depr. Order Backlog Filing Date Restatement Type Calculation Type 248.0 LIFO (2,430.0) 2,986.0 2,455.0 6,504.0 260.0 665.0 7,119.0 15,516.0 1,221.0 114,233 5,596.0 (1,565.0) 17,300.0 Feb-16-2016 NC REP 203.0 LIFO (2,498.0) 2,467.0 1,857.0 5,122.0 254.0 644.0 7,242.0 15,686.0 1,041.0 105,700 5,728.0 (1,571.0) 13,000.0 Feb-16-2016 O REP NA NA NA NA NA NA NA NA NA NA 95,400 NA NA 12,100.0 Jan-26-2017 P REP Note: For multiple class companies, total share counts are primary class equivalent, and for foreign companies listed as primary ADRs, total share counts are ADR-equivalent. Caterpillar Inc. (NYSE:CAT) > Financials > Cash Flow In Millions of the reported currency, except per share items. Standard Annual Reported Currency S&P Capital IQ (De Capital IQ & Propr Template: Period Type: Currency: Units: Source: RestatementLatest Filings Latest on Right Order: Conversion: Historical Decimals: Capital IQ (Default) Cash Flow 12 months Dec-31-2014 USD 12 months Dec-31-2015 USD Press Release 12 months Dec-31-2016 USD Net Income Depreciation & Amort. Amort. of Goodwill and Intangibles Depreciation & Amort., Total 3,695.0 2,798.0 365.0 3,163.0 2,102.0 2,709.0 337.0 3,046.0 (67.0) 3,034.0 3,034.0 Asset Writedown & Restructuring Costs Other Operating Activities Change in Acc. Receivable Change In Inventories Change in Acc. Payable Change in Other Net Operating Assets Cash from Ops. 569.0 163.0 101.0 222.0 144.0 8,057.0 519.0 764.0 2,274.0 (1,165.0) (865.0) 6,675.0 595.0 1,418.0 829.0 1,109.0 (200.0) (1,110.0) 5,608.0 Capital Expenditure Sale of Property, Plant, and Equipment Cash Acquisitions Divestitures Invest. in Marketable & Equity Securt. Net (Inc.) Dec. in Loans Originated/Sold Other Investing Activities Cash from Investing (3,379.0) 904.0 199.0 (45.0) (1,260.0) (46.0) (3,627.0) (3,261.0) 760.0 (240.0) 178.0 (294.0) (546.0) (114.0) (3,517.0) (2,928.0) 899.0 112.0 157.0 (1,760.0) Short Term Debt Issued Long-Term Debt Issued Total Debt Issued Short Term Debt Repaid Long-Term Debt Repaid Total Debt Repaid 1,043.0 10,649.0 11,692.0 (9,248.0) (9,248.0) 3,022.0 5,132.0 8,154.0 (8,292.0) (8,292.0) 140.0 5,115.0 5,255.0 (6,565.0) (6,565.0) For the Fiscal Period Ending Currency Issuance of Common Stock Repurchase of Common Stock 239.0 (4,238.0) 33.0 (2,025.0) Common Dividends Paid Total Dividends Paid (1,620.0) (1,620.0) (1,757.0) (1,757.0) (1,799.0) (1,799.0) Special Dividend Paid Other Financing Activities Cash from Financing 179.0 (2,996.0) 17.0 (3,870.0) (3.0) (3,112.0) (174.0) 1,260.0 (169.0) (881.0) Foreign Exchange Rate Adj. Net Change in Cash Supplemental Items Cash Interest Paid Cash Taxes Paid Levered Free Cash Flow Unlevered Free Cash Flow Change in Net Working Capital Net Debt Issued Filing Date Restatement Type Calculation Type 1,109.0 1,595.0 5,371.1 5,698.0 (2,025.0) 2,444.0 Feb-16-2016 NC REP 1,047.0 1,143.0 4,262.8 4,595.3 (1,891.0) (138.0) Feb-16-2016 O REP - - (28.0) 708.0 NA NA 3,144.3 3,459.9 (2,007.0) (1,310.0) Jan-26-2017 P REP Caterpillar Inc. (NYSE:CAT) > Financials > Multiples Data Latest on Right Basic View: Order: Dilution: Quarterly Frequency: Decimals: Capital IQ (Default) Multiples Detail In Millions of the reported currency, except per share items. For Quarter Ending TEV/LTM Total Revenue Average High Low Close Mar-31-2014 1.67x 1.74x 1.58x 1.74x Jun-30-2014 1.79x 1.84x 1.74x 1.83x Sep-30-2014 1.81x 1.86x 1.74x 1.74x Dec-31-2014 1.70x 1.79x 1.60x 1.63x Mar-31-2015 1.52x 1.63x 1.46x 1.48x TEV/NTM Total Revenues Average High Low Close 1.68x 1.72x 1.63x 1.72x 1.75x 1.79x 1.71x 1.78x 1.77x 1.82x 1.70x 1.70x 1.68x 1.77x 1.59x 1.62x 1.63x 1.70x 1.50x 1.64x TEV/LTM EBITDA Average High Low Close 10.69x 11.08x 10.18x 11.08x 11.08x 11.34x 10.72x 11.21x 10.88x 11.39x 10.31x 10.31x 10.11x 10.99x 9.47x 9.61x 9.24x 9.63x 8.98x 9.09x TEV/NTM EBITDA Average High Low Close 12.89x 13.79x 12.28x 13.44x 12.95x 13.76x 12.34x 12.91x 12.01x 13.10x 11.29x 11.29x 10.94x 11.82x 10.25x 10.63x 11.65x 12.57x 9.86x 12.14x TEV/LTM EBIT Average High Low Close 16.41x 17.16x 15.39x 17.15x 16.99x 17.56x 16.38x 17.13x 16.59x 17.41x 15.65x 15.65x 15.38x 17.12x 14.36x 14.58x 14.21x 14.64x 13.83x 14.04x TEV/NTM EBIT Average High Low Close 18.86x 19.37x 18.03x 19.37x 18.83x 19.94x 17.97x 18.76x 18.10x 19.04x 17.22x 17.22x 16.61x 17.33x 15.64x 16.19x 19.20x 20.95x 15.20x 20.36x P/LTM EPS Average High Low 16.80x 17.62x 15.76x 17.94x 18.59x 17.26x 17.77x 18.93x 16.52x 15.87x 17.22x 14.45x 13.94x 14.86x 13.34x Close 17.28x 18.47x 16.52x 14.81x 13.61x P/NTM EPS Average High Low Close 16.35x 16.99x 15.47x 16.99x 16.88x 17.71x 16.00x 17.12x 16.38x 17.50x 15.22x 15.22x 14.52x 15.71x 13.23x 13.58x 15.89x 17.73x 12.67x 16.63x P/LTM Normalized EPS Average High Low Close 19.25x 20.58x 17.31x 20.57x 20.51x 21.47x 19.46x 20.82x 19.53x 21.35x 17.84x 17.84x 17.14x 18.75x 15.48x 15.86x 14.97x 15.92x 14.34x 14.63x P/BV Average High Low Close 3.00x 3.25x 2.77x 3.05x 3.23x 3.36x 3.06x 3.34x 3.21x 3.42x 2.98x 2.98x 3.08x 3.42x 2.76x 2.94x 2.92x 3.09x 2.70x 2.90x P/Tangible BV Average High Low Close 6.42x 7.92x 5.63x 6.18x 6.64x 6.96x 6.21x 6.91x 6.45x 7.09x 5.93x 5.93x 6.48x 7.31x 5.49x 6.29x 6.81x 7.42x 5.76x 6.95x P/NTM CFPS Average High Low Close 10.35x 11.57x 8.77x 11.57x 10.96x 12.34x 10.17x 10.88x 10.29x 11.16x 9.50x 9.50x 9.38x 10.40x 8.77x 9.08x 8.19x 9.11x 6.67x 7.91x TEV/LTM Unlevered FCF Average High Low Close 15.57x 17.66x 14.50x 15.23x 14.50x 15.59x 13.78x 14.41x 15.30x 16.08x 14.39x 14.93x 18.73x 22.11x 14.21x 19.05x 15.72x 19.10x 14.17x 14.34x Market Cap/LTM Levered FCF Average High Low Close 10.55x 11.82x 9.65x 10.59x 10.10x 10.98x 9.43x 10.09x 10.71x 11.28x 10.07x 10.24x 12.84x 15.60x 9.48x 12.74x 10.09x 12.79x 8.87x 9.05x Average multiples are calculated using positive close values on each trading day within the frequency periods selected. Negative values are excluded from the calculation. When the Multiples are not meaningful, due to n When a mismatch exists between the currency of the equity listing and the reported financial results such results are translated into the currency of the listing at the exchange rate applicable on the financial period end da Historical Equity Pricing Data supplied by Jun-30-2015 1.55x 1.58x 1.47x 1.53x Sep-30-2015 1.47x 1.53x 1.33x 1.35x Dec-31-2015 1.45x 1.52x 1.34x 1.44x Mar-31-2016 1.50x 1.65x 1.32x 1.65x Jun-30-2016 1.74x 1.82x 1.62x 1.78x Sep-30-2016 1.91x 2.03x 1.76x 2.03x Dec-30-2016 2.11x 2.23x 1.99x 2.16x 1.74x 1.79x 1.63x 1.73x 1.66x 1.73x 1.55x 1.57x 1.66x 1.73x 1.56x 1.65x 1.71x 1.87x 1.52x 1.87x 1.91x 1.98x 1.84x 1.94x 2.02x 2.11x 1.92x 2.11x 2.21x 2.33x 2.06x 2.27x 9.46x 9.68x 9.06x 9.37x 9.04x 9.40x 8.24x 8.35x 9.21x 9.74x 8.28x 9.23x 9.70x 10.66x 8.48x 10.66x 12.13x 12.95x 10.47x 12.72x 14.11x 15.06x 12.59x 15.06x 15.84x 16.66x 14.77x 16.16x 13.36x 14.75x 12.10x 14.37x 14.79x 15.67x 12.20x 12.36x 13.12x 13.84x 12.26x 13.63x 13.63x 15.08x 11.64x 14.70x 14.49x 15.50x 13.80x 14.56x 14.79x 15.57x 14.41x 15.57x 15.25x 19.17x 12.41x 18.94x 14.57x 14.90x 14.00x 14.43x 14.13x 14.77x 12.95x 13.13x 14.97x 15.99x 13.02x 15.16x 16.52x 18.35x 13.94x 18.35x 23.35x 25.64x 18.02x 25.19x 30.04x 33.01x 24.92x 32.62x 36.24x 40.30x 31.99x 37.18x 24.12x 26.67x 20.30x 24.51x 24.38x 26.12x 23.46x 26.12x 27.13x 28.11x 25.90x 27.68x 24.61x 28.75x 21.46x 28.75x 27.21x 29.36x 25.79x 26.97x 27.59x 28.50x 26.68x 28.50x 31.62x 34.68x 26.78x 34.26x 13.96x 14.48x 13.54x 12.85x 13.69x 10.89x 13.82x 15.40x 10.99x 17.79x 21.87x 11.93x 35.07x 41.39x 21.19x 51.79x 59.17x 39.13x 81.35x 94.69x 57.32x 13.58x 11.16x 14.00x 21.87x 39.88x 59.17x 90.22x 19.65x 20.96x 16.55x 19.90x 18.94x 20.02x 17.05x 18.11x 19.99x 21.22x 17.84x 20.02x 18.45x 20.96x 16.12x 20.96x 20.75x 22.29x 19.21x 21.08x 23.01x 24.59x 20.68x 24.59x 27.74x 31.11x 24.11x 30.52x 15.61x 16.19x 14.56x 15.37x 14.59x 15.65x 12.45x 12.76x 15.60x 17.43x 12.57x 15.85x 17.28x 20.60x 13.51x 20.60x 27.52x 31.23x 19.96x 30.27x 37.94x 44.83x 29.70x 42.34x 47.85x 57.96x 41.02x 48.78x 3.07x 3.18x 2.88x 3.02x 2.70x 3.01x 2.25x 2.30x 2.54x 2.74x 2.27x 2.49x 2.59x 3.01x 2.12x 3.01x 2.83x 3.16x 2.59x 2.82x 3.12x 3.40x 2.77x 3.40x 3.41x 3.64x 3.03x 3.47x 6.99x 7.40x 6.75x 6.76x 6.03x 6.73x 5.01x 5.13x 6.08x 6.69x 5.05x 6.08x 6.94x 8.30x 5.18x 8.30x 7.29x 8.71x 6.51x 7.11x 8.00x 8.79x 6.98x 8.79x 8.39x 8.85x 7.34x 8.39x 10.08x 10.98x 7.88x 10.43x 8.60x 10.38x 7.00x 8.79x 8.57x 10.88x 7.69x 8.23x 8.06x 9.62x 6.87x 9.62x 10.37x 11.20x 9.35x 10.85x 11.32x 11.93x 10.37x 11.48x 11.43x 13.34x 8.38x 8.40x 16.93x 17.98x 14.29x 17.34x 25.30x 29.08x 16.71x 25.85x 17.25x 27.26x 13.74x 14.08x 15.40x 16.84x 12.95x 16.84x 15.98x 17.33x 15.15x 15.91x 15.12x 16.49x 14.46x 15.36x 20.00x 22.36x 15.07x 21.69x 11.15x 12.00x 9.00x 11.39x 16.83x 20.01x 10.71x 16.31x 10.59x 17.93x 7.86x 8.23x 9.01x 10.46x 7.02x 10.46x 9.72x 10.98x 8.87x 9.69x 9.53x 10.31x 9.05x 10.02x 13.50x 15.58x 9.70x 14.84x gful, due to negative values, then they will not be displayed in the chart. eriod end date. Caterpillar Inc. (NYSE:CAT) > Financials > Historical Capitalization In Millions of the trading currency, except per share items. Quarterly Trading Currency S&P Capital IQ (De Basic Frequency: Currency: Units: Dilution: Latest on Right Historical Order: Conversion: Decimals: Capital IQ (Default) Historical Capitalization Balance Sheet as of: Mar-31-2014 May-02-2014 USD Jun-30-2014 Aug-01-2014 USD Sep-30-2014 Oct-31-2014 USD Dec-31-2014 Feb-17-2015 USD Mar-31-2015 May-01-2015 USD Jun-30-2015 Jul-31-2015 USD $105.01 624.2 $100.52 627.8 $101.41 605.4 $85.38 606.2 $87.37 603.6 $78.63 602.6 Market Capitalization - Cash & Short Term Investments + Total Debt + Pref. Equity + Total Minority Interest = Total Enterprise Value (TEV) 65,550.8 4,057.0 38,135.0 64.0 99,692.8 63,111.2 6,615.0 40,251.0 67.0 96,814.2 61,393.5 4,805.0 39,291.0 73.0 95,952.5 51,754.5 6,317.0 39,293.0 80.0 84,810.5 52,740.4 6,218.0 38,781.0 76.0 85,379.4 47,385.0 6,466.0 38,325.0 69.0 79,313.0 Book Value of Common Equity + Pref. Equity + Total Minority Interest + Total Debt = Total Capital 20,305.0 64.0 38,135.0 58,504.0 20,856.0 67.0 40,251.0 61,174.0 18,823.0 73.0 39,291.0 58,187.0 16,746.0 80.0 39,293.0 56,119.0 16,962.0 76.0 38,781.0 55,819.0 17,092.0 69.0 38,325.0 55,486.0 Pricing as of* Currency Capitalization Detail Share Price Shares Out. * Pricing as of the filing date of the balance sheet period end date. For TEV calculation purposes on this page Capital IQ only uses balance sheet components from the original filing that is publicly available as of a given pricing date and does not use restated balance sheet data from a later filing. In the cases where a company did not disclose balance sheet values for a particular period, TEV is calculated using balance sheet components from the last reported balance sheet as of this date. The table above is organized along period end dates. ** For companies that have multiple share classes that publicly trade, we are incorporating the different prices to calculate our company level market capitalization. Please click on the value to see the detailed calculation. Prices shown on this page are the close price of the company's primary stock class. Shares shown on this page are total company as-reported share values. Historical Equity Pricing Data supplied by Sep-30-2015 Oct-30-2015 USD Dec-31-2015 Feb-16-2016 USD Mar-31-2016 May-02-2016 USD Jun-30-2016 Aug-03-2016 USD Sep-30-2016 Nov-02-2016 USD $72.99 582.2 $65.21 582.3 $77.84 583.9 $82.03 584.2 $81.11 585.1 42,497.2 4,808.0 37,547.0 72.0 75,308.2 37,973.2 5,340.0 38,093.0 76.0 70,802.2 45,448.3 4,744.0 38,366.0 77.0 79,147.3 47,924.5 5,579.0 38,327.0 71.0 80,743.5 47,455.2 4,894.0 37,112.0 70.0 79,743.2 15,896.0 72.0 37,547.0 53,515.0 14,809.0 76.0 38,093.0 52,978.0 15,676.0 77.0 38,366.0 54,119.0 15,232.0 71.0 38,327.0 53,630.0 15,645.0 70.0 37,112.0 52,827.0 Caterpillar Inc. (NYSE:CAT) > Financials > Capital Structure Summary In Millions of the reported currency, except ratios and % of Total values. Latest Filings Reported Currency S&P Capital IQ (De Latest on Right Restatement: Currency: Units: Order: Annual Historical Period Type: Conversion: Decimals: Capital IQ (Default) Capital Structure Data For the Fiscal Period Ending Currency Units Total Debt Total Common Equity Total Minority Interest Total Capital 12 months Dec-31-2014 USD Millions % of Total 39,285.0 16,746.0 80.0 56,111.0 70.0% 29.8% 0.1% 100.0% 12 months Dec-31-2015 USD Millions % of Total 38,093.0 14,809.0 76.0 52,978.0 71.9% 28.0% 0.1% 100.0% Debt Summary Data For the Fiscal Period Ending Currency Units 12 months Dec-31-2014 USD Millions % of Total 12 months Dec-31-2015 USD Millions % of Total Total Commercial Paper Total Revolving Credit Total Term Loans Total Senior Bonds and Notes Total Capital Leases General/Other Borrowings Total Principal Due 3,688.0 420.0 27,257.0 93.0 7,827.0 39,285.0 9.4% 1.1% 69.4% 0.2% 19.9% 100.0% 5,811.0 0 449.0 25,302.0 84.0 6,447.0 38,093.0 15.3% 0.0% 1.2% 66.4% 0.2% 16.9% 100.0% Total Adjustments Total Debt Outstanding 0 39,285.0 0.0% 100.0% 0 38,093.0 0.0% 100.0% Available Credit Undrawn Revolving Credit Total Undrawn Credit - - 6,990.0 6,990.0 - Additional Totals Total Cash & ST Investments Net Debt Total Senior Debt Total Short-Term Borrowings Curr. Port. of LT Debt/Cap. Leases Long-Term Debt (Incl. Cap. Leases) Total Bank Debt Total Secured Debt Total Senior Secured Debt Total Unsecured Debt Senior Unsecured Bonds and Notes Fixed Rate Debt Hedging Activities 6,317.0 32,968.0 39,285.0 9.0 510.0 9,493.0 420.0 93.0 93.0 39,192.0 27,257.0 9,962.0 8.0 100.0% 0.0% 1.3% 24.2% 1.1% 0.2% 0.2% 99.8% 69.4% 25.4% 0.0% 5,340.0 32,753.0 38,093.0 9.0 517.0 9,004.0 449.0 84.0 84.0 38,009.0 25,302.0 9,589.0 4.0 100.0% 0.0% 1.4% 23.6% 1.2% 0.2% 0.2% 99.8% 66.4% 25.2% 0.0% 3.7x 4.4x 4.4x 0.0x 5.9x 7.0x 7.0x 0.0x - 4.5x 5.2x 5.2x 0.0x 8.2x 9.5x 9.5x 0.0x - 6,793.0 6,050.0 5,996.0 3,317.0 2,388.0 24,544.0 10,033.0 17.3% 15.4% 15.3% 8.4% 6.1% 62.5% 25.5% 5,879.0 6,397.0 5,061.0 2,538.0 1,133.0 21,008.0 10,118.0 15.4% 16.8% 13.3% 6.7% 3.0% 55.1% 26.6% Cap. Lease Payment Due +1 Cap. Lease Payment Due +2 Cap. Lease Payment Due +3 Cap. Lease Payment Due +4 Cap. Lease Payment Due +5 Cap. Lease Payment Due, Next 5 Yrs Cap. Lease Payment Due, After 5 Yrs 8.0 26.0 10.0 7.0 7.0 58.0 35.0 - 7.0 24.0 7.0 7.0 8.0 53.0 31.0 - Operating Lease Commitment Due +1 Operating Lease Commitment Due +2 Operating Lease Commitment Due +3 229.0 174.0 125.0 - 237.0 183.0 140.0 - Credit Ratios Net Debt/EBITDA Total Debt/EBITDA Total Senior Debt/EBITDA Total Senior Secured/EBITDA Net Debt/(EBITDA-CAPEX) Total Debt/(EBITDA-CAPEX) Total Senior Debt/(EBITDA-CAPEX) Total Senior Secured/(EBITDA-CAPEX) Fixed Payment Schedule LT Debt (Incl. Cap. Leases) Due +1 LT Debt (Incl. Cap. Leases) Due +2 LT Debt (Incl. Cap. Leases) Due +3 LT Debt (Incl. Cap. Leases) Due +4 LT Debt (Incl. Cap. Leases) Due +5 LT Debt (Incl. Cap. Leases) Due, Next 5 Yrs LT Debt (Incl. Cap. Leases) Due, After 5 Yrs Operating Lease Commitment Due +4 Operating Lease Commitment Due +5 Operating Lease Commitment Due, Next 5 Yrs Operating Lease Commitment Due, After 5 Yrs Contractual Obligations Due +1 Contractual Obligations Due + 2 Contractual Obligations Due + 3 Contractual Obligations Due + 4 Contractual Obligations Due + 5 Contractual Obligations Due, Next 5 Yrs Contractual Obligations Due, After 5 Yrs Total Contractual Obligations Interest Rate Data Filing Date 92.0 65.0 685.0 189.0 - 93.0 68.0 721.0 205.0 - 16,209.0 1,964.0 1,640.0 1,951.0 1,683.0 23,447.0 10,383.0 33,830.0 - 12,336.0 2,386.5 2,386.5 1,634.5 1,634.5 20,378.0 11,452.0 31,830.0 - Feb-16-2016 - Feb-16-2016 - Caterpillar Inc. (NYSE:CAT) > Financials > Capital Structure Details Principal Due in Millions of the reported currency. Period Type: Currency: Units: Annual Reported Currency S&P Capital IQ (Defa Source: Conversion: Decimals: A 2015 filed Feb-16-2016 Historical Floating Rate NA NA Maturity Capital IQ (Default) FY 2015 (Dec-31-2015) Capital Structure As Reported Details Description Type 1.500% Notes Due 2017 Bonds and Notes 2.600% Senior Note Due 2022 Bonds and Notes 3.40% Senior Note Due 2024 Principal Due (USD) 500.0 499.0 Coupon/Base Rate 1.500% 2.600% 2017 2022 Seniority Senior Senior Secured No No Bonds and Notes 1,000.0 3.400% NA 2024 Senior No 3.803% Debentures Due 2042 Bonds and Notes 1,207.0 3.803% NA 2042 Senior No 3.900% Notes Due 2021 Bonds and Notes 364-Day Facility Revolving Credit 4.300% Senior Notes Due 2044 Bonds and Notes 1,247.0 497.0 3.900% NA 4.300% NA NA NA 2021 2044 Senior Senior Senior No No No 4.750% Senior Notes Due 2064 Bonds and Notes 498.0 4.750% NA 2064 Senior No 5.200% Notes Due 2041 5.300% Debentures Due September 15, 2035 Bonds and Notes Bonds and Notes 757.0 213.0 5.200% 5.300% NA NA 2041 Sep-15-2035 Senior Senior No No 5.700% Notes Due 2016 Bonds and Notes 6.050% Debentures Due 2036 Bonds and Notes 459.0 5.700% 6.050% NA NA 2016 2036 Senior Senior No No 6.625% Debentures Due 2028 Bonds and Notes 193.0 6.625% NA Jul-15-2028 Senior No 6.950% Debentures Due 2042 Bonds and Notes 160.0 6.950% NA 2042 Senior No 7.300% Debentures Due 2031 Bonds and Notes 241.0 7.300% NA 2031 Senior No 7.375% Debentures Due 2097 Bonds and Notes 244.0 7.375% NA Mar-01-2097 Senior No 7.900% Debentures Due 2018 Bonds and Notes 900.0 7.900% NA 2018 Senior No 8.000% Debentures Due February 15, 2023 Bonds and Notes 82.0 8.000% NA Feb-15-2023 Senior No 8.250% Debentures Due 2038 Bonds and Notes 65.0 8.250% NA 2038 Senior No 9.375% Debentures Due March Bonds and Notes 15, 2021 120.0 9.375% NA Mar-15-2021 Senior No 84.0 5,811.0 NA 0.500% NA NA - Senior Senior Yes No Capital Lease Obligations Capital Lease Commercial Paper Outstanding Commercial Paper Committed and Uncommitted Credit Lines Revolving Credit - NA NA - Senior No Five-Year Facility Long-Term Debt Due within One Year - Financial Products Revolving Credit Other Borrowings 5,362.0 NA NA NA NA Dec-31-2016 Senior Senior No No 510.0 NA NA Dec-31-2016 Senior No Long-Term Debt Due within Other Borrowings One Year - Machinery Energy & Transportation Medium-Term Notes Other Long-Term Debt Other Long-Term Debt Short-Term Demand Notes Short-Term Notes Payable to Banks Bonds and Notes Other Borrowings Other Borrowings Bonds and Notes Term Loans 15,713.0 45.0 530.0 707.0 449.0 2.400% NA NA 0.800% 9.200% NA NA NA NA NA Dec-01-2027 Dec-31-2016 Dec-31-2016 Senior Senior Senior Senior Senior No No No No No Three-Year Facility Revolving Credit - NA NA - Senior No 2017 2022 Seniority Senior Senior Secured No No FY 2014 (Dec-31-2014) Capital Structure As Reported Details Description Type 1.500% Notes Due 2017 Bonds and Notes 2.600% Senior Note Due 2022 Bonds and Notes 3.40% Senior Note Due 2024 Principal Due (USD) 500.0 498.0 Coupon/Base Rate 1.500% 2.600% Floating Rate NA NA Maturity Bonds and Notes 1,000.0 3.400% NA 2024 Senior No 3.803% Debentures Due 2042 Bonds and Notes 1,188.0 3.803% NA 2042 Senior No 3.900% Notes Due 2021 Bonds and Notes 4.300% Senior Notes Due 2044 Bonds and Notes 1,246.0 497.0 3.900% 4.300% NA NA 2021 2044 Senior Senior No No 4.750% Senior Notes Due 2064 Bonds and Notes 498.0 4.750% NA 2064 Senior No 5.200% Notes Due 2041 5.300% Debentures Due September 15, 2035 Bonds and Notes Bonds and Notes 757.0 211.0 5.200% 5.300% NA NA 2041 Sep-15-2035 Senior Senior No No 5.700% Notes Due 2016 Bonds and Notes 6.050% Debentures Due 2036 Bonds and Notes 504.0 459.0 5.700% 6.050% NA NA 2016 2036 Senior Senior No No 6.625% Debentures Due 2028 Bonds and Notes 193.0 6.625% NA Jul-15-2028 Senior No 6.950% Debentures Due 2042 Bonds and Notes 160.0 6.950% NA 2042 Senior No 7.300% Debentures Due 2031 Bonds and Notes 241.0 7.300% NA 2031 Senior No 7.375% Debentures Due 2097 Bonds and Notes 244.0 7.375% NA Mar-01-2097 Senior No 7.900% Debentures Due 2018 Bonds and Notes 899.0 7.900% NA 2018 Senior No 8.000% Debentures Due February 15, 2023 Bonds and Notes 82.0 8.000% NA Feb-15-2023 Senior No 8.250% Debentures Due 2038 Bonds and Notes 65.0 8.250% NA 2038 Senior No 9.375% Debentures Due March Bonds and Notes 15, 2021 120.0 9.375% NA Mar-15-2021 Senior No Capital Lease Obligations * Capital Lease Commercial Paper Outstanding Commercial Paper 93.0 3,688.0 NA 0.500% NA NA - Senior Senior Yes No Long Term Debt Due within Other Borrowings One Year - Machinery,Energy & Transportation * 502.0 NA NA Dec-31-2015 Senior No Long-Term Debt Due within One Year - Financial Products Other Borrowings 6,283.0 NA NA Dec-31-2016 Senior No Medium-Term Notes Other Long-Term Debt Other Long-Term Debt Short-Term Demand Notes Short-Term Notes Payable to Banks Bonds and Notes Other Borrowings Other Borrowings Bonds and Notes Term Loans 17,295.0 46.0 996.0 600.0 420.0 2.400% NA NA 0.800% 9.200% NA NA NA NA NA Dec-01-2027 Dec-31-2016 Dec-31-2016 Senior Senior Senior Senior Senior No No No No No Convertible No No Repaymen t Currency USD USD No USD No USD No No No USD USD USD No USD No No USD USD No No USD USD No USD No USD No USD No USD No USD No USD No USD No USD No No USD USD No USD No No USD USD No USD No No No No No USD USD USD USD USD No USD Convertible No No Repaymen t Currency USD USD No USD No USD No No USD USD No USD No No USD USD No No USD USD No USD No USD No USD No USD No USD No USD No USD No USD No No USD USD No USD No USD No No No No No USD USD USD USD USD Caterpillar Inc. (NYSE:CAT) > Financials > Ratios Latest Filings Latest on Right Capital IQ & Propr Restatement: Order: Source: Period Type: Annual Decimals: Capital IQ (Default) Ratios 12 months Dec-31-2014 12 months Dec-31-2015 Press Release 12 months Dec-31-2016 Profitability Return on Assets % Return on Capital % Return on Equity % Return on Common Equity % 4.3% 6.3% 19.7% 19.7% 3.2% 4.8% 13.3% 13.3% 1.8% 2.6% (0.4%) (0.5%) Margin Analysis Gross Margin % SG&A Margin % EBITDA Margin % EBITA Margin % EBIT Margin % Earnings from Cont. Ops Margin % Net Income Margin % Net Income Avail. for Common Margin % Normalized Net Income Margin % Levered Free Cash Flow Margin % Unlevered Free Cash Flow Margin % 23.5% 9.2% 16.3% 11.2% 10.5% 6.7% 6.7% 6.7% 6.2% 9.7% 10.3% 23.2% 9.8% 15.5% 9.7% 9.0% 4.5% 4.5% 4.5% 4.8% 9.1% 9.8% 20.4% 10.7% 13.5% 5.6% 5.6% (0.2%) (0.2%) (0.2%) 2.8% 8.2% 9.0% 0.7x 3.3x 6.5x 3.2x 0.6x 2.9x 6.1x 3.1x 0.5x 2.5x 5.7x 3.1x 1.4x 0.9x 0.3x 56.1 114.0 60.6 1.3x 0.8x 0.3x 59.4 118.5 67.4 1.2x 0.8x 0.2x 64.8 118.4 64.8 For the Fiscal Period Ending Asset Turnover Total Asset Turnover Fixed Asset Turnover Accounts Receivable Turnover Inventory Turnover Short Term Liquidity Current Ratio Quick Ratio Cash from Ops. to Curr. Liab. Avg. Days Sales Out. Avg. Days Inventory Out. Avg. Days Payable Out. Avg. Cash Conversion Cycle 109.4 110.5 118.4 233.5% 70.0% 165.1% 49.5% 80.1% 255.9% 71.9% 169.6% 47.7% 81.0% 278.4% 73.6% 172.7% 45.6% 82.3% EBIT / Interest Exp. EBITDA / Interest Exp. (EBITDA-CAPEX) / Interest Exp. Total Debt/EBITDA Net Debt/EBITDA Total Debt/(EBITDA-CAPEX) Net Debt/(EBITDA-CAPEX) 11.1x 17.2x 10.7x 4.4x 3.7x 7.0x 5.9x 7.9x 13.7x 7.5x 5.2x 4.5x 9.5x 8.2x 4.3x 10.3x 4.5x 7.1x 6.1x 16.3x 13.9x Altman Z Score 2.15 1.96 1.67 (0.8%) 2.3% 0.9% 0.0% 0.1% (2.4%) (2.5%) 5.2% 2.3% (14.8%) (15.7%) (19.1%) (26.3%) (27.5%) (43.1%) (43.1%) (34.9%) (40.5%) (18.0%) (27.9%) (28.6%) (52.7%) (48.9%) NM NM (51.5%) NM (7.5%) (3.3%) (2.9%) (0.3%) (13.3%) (20.5%) (2.9%) (7.3%) (10.4%) (11.2%) (4.8%) (4.8%) (32.0%) (19.5%) (20.9%) (24.0%) (11.8%) (11.7%) 16.4% (23.0%) (11.6%) (17.2%) (3.5%) (20.6%) (19.4%) 11.5% (11.3%) (11.3%) (16.0%) (10.2%) (26.2%) (24.7%) 2.3% (8.5%) (8.1%) (16.4%) Long Term Solvency Total Debt/Equity Total Debt/Capital LT Debt/Equity LT Debt/Capital Total Liabilities/Total Assets Growth Over Prior Year Total Revenue Gross Profit EBITDA EBITA EBIT Earnings from Cont. Ops. Net Income Normalized Net Income Diluted EPS before Extra Accounts Receivable Inventory Net PP&E Total Assets Tangible Book Value Common Equity Cash from Ops. Capital Expenditures Levered Free Cash Flow Unlevered Free Cash Flow Dividend per Share Compound Annual Growth Rate Over Two Years Total Revenue Gross Profit EBITDA EBITA EBIT Earnings from Cont. Ops. Net Income Normalized Net Income Diluted EPS before Extra (11.2%) (12.9%) (18.9%) (19.7%) (19.5%) (19.4%) (20.2%) (16.7%) (7.1%) (9.6%) (14.2%) (14.8%) (25.5%) (25.5%) (17.3%) (22.0%) (22.0%) (24.0%) (41.0%) (39.1%) NM NM (43.8%) NM Accounts Receivable Inventory Net PP&E Total Assets (10.5%) (11.4%) 0.4% (2.4%) (10.4%) (12.3%) (2.9%) (3.8%) (11.9%) (16.0%) (3.9%) (6.1%) Tangible Book Value Common Equity Cash from Ops. Capital Expenditures Levered Free Cash Flow Unlevered Free Cash Flow Dividend per Share 3.0% (2.3%) 24.7% (18.4%) 223.6% 164.1% 15.6% (27.6%) (15.6%) (19.1%) (14.4%) (16.3%) (15.6%) 13.9% (17.3%) (11.4%) (16.6%) (6.9%) (23.5%) (22.1%) 6.8% (2.8%) (2.8%) (2.8%) (6.2%) (7.1%) (9.3%) (9.2%) (7.4%) (7.4%) (10.6%) (12.7%) (15.0%) (21.5%) (22.4%) (28.3%) (28.2%) (25.4%) (25.5%) (11.5%) (14.6%) (16.5%) (29.6%) (28.2%) NM NM (30.8%) NM Accounts Receivable Inventory Net PP&E Total Assets (8.2%) (5.7%) 12.9% 1.4% (11.5%) (14.6%) (0.8%) (4.1%) (10.4%) (12.0%) (3.5%) (4.2%) Tangible Book Value Common Equity Cash from Ops. Capital Expenditures Levered Free Cash Flow Unlevered Free Cash Flow Dividend per Share 69.4% 9.1% 5.0% (4.9%) 16.3% 16.1% 14.1% (6.5%) (5.5%) 8.8% (13.7%) 102.6% 77.9% 14.2% (22.5%) (14.2%) (18.1%) (13.0%) (19.8%) (18.8%) 9.9% Compound Annual Growth Rate Over Three Years Total Revenue Gross Profit EBITDA EBITA EBIT Earnings from Cont. Ops. Net Income Normalized Net Income Diluted EPS before Extra Compound Annual Growth Rate Over Five Years Total Revenue Gross Profit EBITDA EBITA EBIT Earnings from Cont. Ops. Net Income Normalized Net Income Diluted EPS before Extra 11.2% 17.7% 19.8% 35.2% 34.8% 35.0% 32.8% 31.3% 32.7% 2.0% 2.6% 2.8% 2.0% 0.8% (5.2%) (4.9%) (0.7%) (3.3%) (8.5%) (11.0%) (11.9%) (22.1%) (21.6%) NM NM (24.2%) NM Accounts Receivable Inventory Net PP&E Total Assets 6.8% 13.9% 12.3% 7.1% (4.2%) 0.2% 10.8% 4.2% (9.7%) (9.9%) 5.9% (1.7%) Tangible Book Value Common Equity Cash from Ops. Capital Expenditures Levered Free Cash Flow Unlevered Free Cash Flow Dividend per Share 3.0% 13.9% 4.4% 6.5% 42.3% 34.6% 10.0% (6.2%) 6.5% 5.9% 4.7% NM 98.1% 11.6% 27.1% 0.4% (4.2%) (5.7%) (1.6%) (1.0%) 11.1% Caterpillar Inc. (NYSE:CAT) > Financials > Supplemental In Millions of the reported currency, except per share items. Latest Filings Reported Currency Latest on Right Restatement: Currency: Order: Decimals: Period Type: Annual Conversion: Historical S&P Capital Units: Capital IQ & Source: Capital IQ (Default) Supplemental 12 months Dec-31-2014 USD 12 months Dec-31-2015 USD Press Release 12 months Dec-31-2016 USD - 34.6 7.9 3.5 0.7 38.3 $77.84 $83.34 - - 34.6 7.9 3.5 0.7 38.3 - Stock Based Compensation Stock Based Comp. Exp., Before Tax Stock Based Comp. Exp. Tax Effect Stock Based Comp. Exp., After Tax 254.0 (79.0) 175.0 283.0 (87.0) 196.0 - Loss Carry Forward Related Items NOL C/F, Current Year NOL C/F, Current Year + 1 NOL C/F, Current Year + 2 NOL C/F, Current Year + 3 NOL C/F, After Five Years NOL C/F, No Expiration Total NOL C/F 7.0 5.0 14.0 96.0 1,268.0 1,389.0 2,779.0 1.0 3.0 84.0 1,326.0 1,780.0 3,194.0 - For the Fiscal Period Ending Currency Options Outstanding Options Out. at the Beginning of the Period Options Granted During the Period Options Exercised During the Period Options Cancelled During the Period Options Out. at the End of the Period W/Avg. Strike Price of Out. at the End of the Period W/Avg. Strike Price of Granted Options Outstanding - All Classes Options Out. at the Beginning of the Period Options Granted During the Period Options Exercised During the Period Options Cancelled During the Period Options Out. at the End of the Period IQ (Default) Proprietary Data Tax Benefit C/F, After Five Years Total Tax Benefit C/F 219.0 219.0 452.0 452.0 - Adoption of FIN 48 Related Items Unrecognized Tax Benefits - Beginning of Period Increase in Unrecog. Tax Benefits - Current Yr. Increase in Unrecog. Tax Benefits - Prior Yrs. Decrease in Unrecog. Tax Benefits - Prior Yrs. Settlements with Tax Authorities Lapse of Statute of Limitations Unrecognized Tax Benefits - End of Period 759.0 58.0 84.0 (31.0) (18.0) (6.0) 846.0 846.0 73.0 118.0 (30.0) (30.0) (9.0) 968.0 - Interest and Penalties Recog. on IS - Before Tax Interest and Penalties Recog. on BS - Before Tax 3.0 61.0 20.0 79.0 - Unrecog. Tax Benefit Impacting Effective Tax Rate 804.0 934.0 - 13.0 14.0 - Fair Value Measurements Level 1 Assets - Quoted Prices Level 2 Assets - Observable Prices Level 3 Assets - Unobservable Prices Fair Value of Assets 7,689.0 1,339.0 17,859.0 26,887.0 6,848.0 1,335.0 18,351.0 26,534.0 - Level 1 Liabilities - Quoted Prices Level 2 Liabilities - Observable Prices Level 3 Liabilities - Unobservable Prices Fair Value of Liabilities 4,708.0 37,233.0 12.0 41,953.0 6,967.0 32,607.0 12.0 39,586.0 - Feb-16-2016 Feb-16-2016 Jan-26-2017 Capitalized Interest Data Interest Capitalized Filing Date Caterpillar Inc. (NYSE:CAT) > Financials > Industry Specific In Millions of the reported currency, except per share items. Restatement: Latest Filin Reported C Currency: Latest on R Order: Decimals: Capital IQ (De Industry Specific No Data Available Period Type: Annual Conversion: Historical S&P Capital Units: Capital IQ & Source: IQ (Default) Proprietary Data Caterpillar Inc. (NYSE:CAT) > Financials > Pension/OPEB In Millions of the reported currency, except per share items. Latest Filings Reported Currency Latest on Right Restatement: Currency: Order: Decimals: Period Type: Annual Conversion: Historical S&P Capital Units: Capital IQ & Source: Capital IQ (Default) Pension/OPEB For the Fiscal Period Ending Currency Pension Information - Total Defined Benefit Net Periodic Cost Def. Benefit Service Cost Def. Benefit Plan Interest Cost Def. Benefit Plan Return on Assets Def. Benefit Plan Other Cost Def. Benefit Plan Total Cost Def. Contribution Plan Cost Total Pension Expense Defined Benefit Obligation Beg. Def. Benefit Obligation Def. Benefit Service Cost Def. Benefit Interest Cost Def. Benefit Employee Contributions Def. Benefit Actuarial Gain/Losses Def. Benefits Paid Foreign Exchange Adj. Other Adj. To Def. Benefit Obligation Proj. Benefit Obligation (Pension) Accum. Benefit Obligation Plan Assets Beg. Plan Assets Actual Return on Plan Assets Employer Contributions Participant Contributions Benefits Paid 12 months Dec-31-2014 USD 12 months Dec-31-2015 USD Press Release 12 months Dec-31-2016 USD 266.0 833.0 (1,143.0) 509.0 465.0 291.0 754.0 (1,139.0) 656.0 562.0 - 386.0 851.0 343.0 905.0 - 19,028.0 266.0 833.0 9.0 2,598.0 (1,169.0) (436.0) (79.0) 21,050.0 21,050.0 291.0 754.0 8.0 (551.0) (1,081.0) (292.0) (32.0) 20,147.0 - 20,109.0 19,574.0 - 16,344.0 1,356.0 520.0 9.0 (1,169.0) 16,630.0 (120.0) 186.0 8.0 (1,081.0) - IQ (Default) Proprietary Data Foreign Exchange Adjustments Other Plan Adjustments Total Plan Assets (352.0) (78.0) 16,630.0 (232.0) (61.0) 15,330.0 - Breakdown of Plan Assets Plan Assets - Equities (%) Plan Assets - Fixed Income (%) Plan Assets- Real Estate (%) Other Plan Assets (%) 48.4% 46.3% 1.4% 3.9% 44.7% 51.3% 1.0% 3.0% - Breakdown of Plan Assets Plan Assets - Equities Plan Assets - Fixed Income Plan Assets- Real Estate Other Plan Assets 8,045.0 7,703.0 239.0 643.0 6,857.3 7,857.2 155.6 459.9 - Estimated Future Benefits Paid Est. Future Benefits Paid - 1st Yr Est. Future Benefits Paid - 2nd Yr Est. Future Benefits Paid - 3rd Yr Est. Future Benefits Paid - 4th Yr Est. Future Benefits Paid - 5th Yr Est. Future Benefits Paid - Thereafter 1,110.0 1,110.0 1,110.0 1,120.0 1,140.0 5,930.0 1,210.0 1,160.0 1,150.0 1,150.0 1,150.0 5,880.0 - Balance Sheet Reconciliation Items Accrued Benefit Liability (52.0) (51.0) - (4,420.0) (4,817.0) - 7,528.0 11.0 7,539.0 7,545.0 2.0 7,547.0 - 147.0 (52.0) (4,515.0) 169.0 (51.0) (4,935.0) - 1.0 608.0 609.0 - - Adj. for Liability Recognized on Balance Sheet Net Asset/Liability Recognized on Balance Sheet Other Compr. Income Components Recognized on the BS Net Actuarial Loss/Gain Prior Service Cost/Benefit Net Amount Recognized Consolidated Balance Sheet Amounts Long Term Assets Current Liabilities Long Term Liabilities Net Periodic Benefit Cost to be Recognized in the Subsequent Period Prior Service Cost/Credit Net Actuarial Loss/Gain Total Amount to be Recognized Other Pension Related Items Est. Contributions - Next Year Benefit Info Date 190.0 Dec-31-2014 150.0 Dec-31-2015 - 82.0 213.0 (52.0) (16.0) 227.0 101.0 181.0 (53.0) 30.0 259.0 - 227.0 259.0 - Defined Benefit Obligation Beg. Def. Benefit Obligation Def. Benefit Service Cost Def. Benefit Interest Cost Def. Benefit Employee Contributions Def. Benefit Actuarial Gain/Losses Def. Benefits Paid Foreign Exchange Adj. Other Adj. To Def. Benefit Obligation Proj. Benefit Obligation 4,784.0 82.0 213.0 61.0 196.0 (363.0) (30.0) (5.0) 4,938.0 4,938.0 101.0 181.0 52.0 (626.0) (334.0) (42.0) 43.0 4,313.0 - Plan Assets Beg. Plan Assets Actual Return on Plan Assets Employer Contributions Participant Contributions Benefits Paid Total Plan Assets 822.0 75.0 195.0 61.0 (377.0) 776.0 776.0 3.0 164.0 52.0 (345.0) 650.0 - 4.6% 4.6% 4.0% 4.0% 7.8% 7.8% 3.9% 3.9% 4.0% 4.0% 7.8% 7.8% - 71.0% 26.2% 2.8% 66.6% 28.5% 4.9% - OPEB Information - Total Defined Benefit Net Periodic Cost Def. Benefit Service Cost Def. Benefit Interest Cost Def. Benefit Expected Return on Assets Def. Benefit Other Cost Def. Benefit Total Cost Total OPEB Expense Weighted Avg. Assumptions on Net Periodic Cost Net Periodic Cost Disc. Rate - Min Net Periodic Cost Disc. Rate - Max Rate of Comp. Increase - Min Rate of Comp. Increase - Max Exp. Long-Term Rate of Return on Assets - Min Exp. Long-Term Rate of Return on Assets - Max Breakdown of Plan Assets Plan Assets - Equities (%) Plan Assets - Fixed Income (%) Other Plan Assets (%) Breakdown of Plan Assets Plan Assets - Equities Plan Assets - Fixed Income Other Plan Assets 551.0 203.0 22.0 433.0 185.0 32.0 - Weighted Avg. Assumptions on Def. Benefit Obligation PBO Assumed Rate of Return - Min PBO Assumed Rate of Return - Max Rate of PBO Compensation Increase - Min Rate of PBO Compensation Increase - Max 3.9% 3.9% 4.0% 4.0% 4.1% 4.1% 4.0% 4.0% - Estimated Future Benefits Paid Est. Future Benefits Paid - 1st Yr Est. Future Benefits Paid - 2nd Yr Est. Future Benefits Paid - 3rd Yr Est. Future Benefits Paid - 4th Yr Est. Future Benefits Paid - 5th Yr Est. Future Benefits Paid - Thereafter 305.0 305.0 305.0 315.0 310.0 1,535.0 295.0 305.0 290.0 290.0 280.0 1,380.0 - Balance Sheet Reconciliation Items Accrued Benefit Liability (160.0) (161.0) - (4,274.0) (3,767.0) - - 37.0 244.0 (6.0) (202.0) - 800.0 (31.0) 769.0 171.0 39.0 210.0 - (160.0) (4,114.0) (161.0) (3,606.0) - (55.0) 53.0 (2.0) (30.0) Adj. for Liability Recognized on Balance Sheet Net Asset/Liability Recognized on Balance Sheet Benefits Sensitivity Analysis 1% Increase - Effect on Service and Interest Cost 1% Increase - Effect on PBO 1% Decrease - Effect on Service and Interest Cost 1% Decrease - Effect on PBO Other Compr. Income Components Recognized on the BS Net Actuarial Loss/Gain Prior Service Cost/Benefit Net Amount Recognized Consolidated Balance Sheet Amounts Current Liabilities Long Term Liabilities Net Periodic Benefit Cost to be Recognized in the Subsequent Period Prior Service Cost/Benefit Net Actuarial Loss/Gain Total Amount to be Recognized (30.0) - Other Post-Retirement Benefit Related Items Health Care Cost Trend Rate, Initial Health Care Cost Trend Rate, Ultimate Benefit Info Date 6.6% 5.0% Dec-31-2014 6.5% 5.0% Dec-31-2015 - 157.0 648.0 (885.0) 409.0 329.0 181.0 608.0 (879.0) 543.0 453.0 - Defined Benefit Obligation Beg. Def. Benefit Obligation Def. Benefit Service Cost Def. Benefit Interest Cost Def. Benefit Actuarial Gain/Losses Def. Benefits Paid Other Adj. To Def. Benefit Obligation Proj. Benefit Obligation (Pension) - Domestic 14,419.0 157.0 648.0 1,994.0 (963.0) (6.0) 16,249.0 16,249.0 181.0 608.0 (384.0) (890.0) 28.0 15,792.0 - Accum. Benefit Obligation 15,701.0 15,550.0 - Plan Assets Beg. Plan Assets Actual Return on Plan Assets Employer Contributions Benefits Paid Other Plan Adjustments Total Plan Assets 12,395.0 849.0 255.0 (963.0) (6.0) 12,530.0 12,530.0 (225.0) 30.0 (890.0) (5.0) 11,440.0 - 4.6% 4.6% 4.0% 4.0% 7.8% 7.8% 3.8% 3.8% 4.0% 4.0% 7.4% 7.4% - 49.3% 47.2% 0.1% 46.0% 51.0% - - Pension Information - Domestic Defined Benefit Net Periodic Cost Def. Benefit Service Cost Def. Benefit Interest Cost Def. Benefit Return On Assets Def. Benefit Other Cost Def. Benefit Total Cost Weighted Avg. Assumptions on Net Periodic Cost Net Periodic Cost Disc. Rate - Min Net Periodic Cost Disc. Rate - Max Rate of Comp. Increase - Min Rate of Comp. Increase - Max Exp. Long-Term Rate of Return on Assets - Min Exp. Long-Term Rate of Return on Assets - Max Breakdown of Plan Assets Plan Assets - Equities (%) Plan Assets - Fixed Income (%) Plan Assets- Real Estate (%) Other Plan Assets (%) 3.5% 3.0% - 6,179.0 5,908.0 9.0 434.0 5,262.4 5,834.4 343.2 - 3.8% 3.8% 4.0% 4.0% 4.2% 4.2% 4.0% 4.0% - Estimated Future Benefits Paid Est. Future Benefits Paid - 1st Yr Est. Future Benefits Paid - 2nd Yr Est. Future Benefits Paid - 3rd Yr Est. Future Benefits Paid - 4th Yr Est. Future Benefits Paid - 5th Yr Est. Future Benefits Paid - Thereafter 890.0 910.0 920.0 930.0 940.0 4,790.0 990.0 990.0 980.0 980.0 980.0 4,890.0 - Balance Sheet Reconciliation Items Accrued Benefit Liability (28.0) (32.0) - (3,719.0) (4,352.0) - 6,034.0 2.0 6,036.0 6,245.0 1.0 6,246.0 - 3.0 (28.0) (3,694.0) 6.0 (32.0) (4,326.0) - 1.0 507.0 508.0 - - 30.0 30.0 - Breakdown of Plan Assets Plan Assets - Equities Plan Assets - Fixed Income Plan Assets- Real Estate Other Plan Assets Weighted Avg. Assumptions on Def. Benefit Obligation PBO Assumed Rate of Return - Min PBO Assumed Rate of Return - Max Rate of PBO Compensation Increase - Min Rate of PBO Compensation Increase - Max Adj. for Liability Recognized on Balance Sheet Net Asset/Liability Recognized on Balance Sheet Other Compr. Income Components Recognized on the BS Net Actuarial Loss/Gain Prior Service Cost/Benefit Net Amount Recognized Consolidated Balance Sheet Amounts Long Term Assets Current Liabilities Long Term Liabilities Net Periodic Benefit Cost to be Recognized in the Subsequent Period Prior Service Cost/Credit Net Actuarial Loss/Gain Total Amount to be Recognized Other Pension Related Items Est. Contributions - Next Year Benefit Info Date Dec-31-2014 Dec-31-2015 - 82.0 213.0 (52.0) (16.0) 227.0 101.0 181.0 (53.0) 30.0 259.0 - Defined Benefit Obligation Beg. Def. Benefit Obligation Def. Benefit Service Cost Def. Benefit Interest Cost Def. Benefit Employee Contributions Def. Benefit Actuarial Gain/Losses Def. Benefits Paid Foreign Exchange Adj. Other Adj. To Def. Benefit Obligation Proj. Benefit Obligation 4,784.0 82.0 213.0 61.0 196.0 (363.0) (30.0) (5.0) 4,938.0 4,938.0 101.0 181.0 52.0 (626.0) (334.0) (42.0) 43.0 4,313.0 - Plan Assets Beg. Plan Assets Actual Return on Plan Assets Employer Contributions Participant Contributions Benefits Paid Total Plan Assets 822.0 75.0 195.0 61.0 (377.0) 776.0 776.0 3.0 164.0 52.0 (345.0) 650.0 - 4.6% 4.6% 4.0% 4.0% 7.8% 7.8% 3.9% 3.9% 4.0% 4.0% 7.8% 7.8% - 71.0% 26.2% 2.8% 66.6% 28.5% 4.9% - 551.0 203.0 433.0 185.0 - OPEB Information - Domestic Defined Benefit Net Periodic Cost Def. Benefit Service Cost Def. Benefit Interest Cost Def. Benefit Expected Return on Assets Def. Benefit Other Cost Def. Benefit Total Cost Weighted Avg. Assumptions on Net Periodic Cost Net Periodic Cost Disc. Rate - Min Net Periodic Cost Disc. Rate - Max Rate of Comp. Increase - Min Rate of Comp. Increase - Max Exp. Long-Term Rate of Return on Assets - Min Exp. Long-Term Rate of Return on Assets - Max Breakdown of Plan Assets Plan Assets - Equities (%) Plan Assets - Fixed Income (%) Other Plan Assets (%) Breakdown of Plan Assets Plan Assets - Equities Plan Assets - Fixed Income Other Plan Assets 22.0 32.0 - 3.9% 3.9% 4.0% 4.0% 4.1% 4.1% 4.0% 4.0% - Estimated Future Benefits Paid Est. Future Benefits Paid - 1st Yr Est. Future Benefits Paid - 2nd Yr Est. Future Benefits Paid - 3rd Yr Est. Future Benefits Paid - 4th Yr Est. Future Benefits Paid - 5th Yr Est. Future Benefits Paid - Thereafter 305.0 305.0 305.0 315.0 310.0 1,535.0 295.0 305.0 290.0 290.0 280.0 1,380.0 - Balance Sheet Reconciliation Items Accrued Benefit Liability (160.0) (161.0) - (4,274.0) (3,767.0) - - 37.0 244.0 (6.0) (202.0) - 800.0 (31.0) 769.0 171.0 39.0 210.0 - (160.0) (4,114.0) (161.0) (3,606.0) - (55.0) 53.0 (2.0) (30.0) (30.0) - 6.6% 5.0% 6.5% 5.0% - Weighted Avg. Assumptions on Def. Benefit Obligation PBO Assumed Rate of Return - Min PBO Assumed Rate of Return - Max Rate of PBO Compensation Increase - Min Rate of PBO Compensation Increase - Max Adj. for Liability Recognized on Balance Sheet Net Asset/Liability Recognized on Balance Sheet Benefits Sensitivity Analysis 1% Increase - Effect on Service and Interest Cost 1% Increase - Effect on PBO 1% Decrease - Effect on Service and Interest Cost 1% Decrease - Effect on PBO Other Compr. Income Components Recognized on the BS Net Actuarial Loss/Gain Prior Service Cost/Benefit Net Amount Recognized Consolidated Balance Sheet Amounts Current Liabilities Long Term Liabilities Net Periodic Benefit Cost to be Recognized in the Subsequent Period Prior Service Cost/Credit Net Actuarial Loss/Gain Total Amount to be Recognized Other Post-Retirement Benefit Related Items Health Care Cost Trend Rate, Initial Health Care Cost Trend Rate, Ultimate Benefit Info Date Dec-31-2014 Dec-31-2015 - Pension Information - Foreign Defined Benefit Net Periodic Cost Def. Benefit Service Cost Def. Benefit Interest Cost Def. Benefit Return on Assets Def. Benefit Other Cost Def. Benefit Total Cost 109.0 185.0 (258.0) 100.0 136.0 110.0 146.0 (260.0) 113.0 109.0 - Defined Benefit Obligation Beg. Def. Benefit Obligation Def. Benefit Service Cost Def. Benefit Interest Cost Def. Benefit Employee Contributions Def. Benefit Actuarial Gain/Losses Def. Benefits Paid Foreign Exchange Adj. Other Adj. To Def. Benefit Obligation Proj. Benefit Obligation (Pension) - Foreign 4,609.0 109.0 185.0 9.0 604.0 (206.0) (436.0) (73.0) 4,801.0 4,801.0 110.0 146.0 8.0 (167.0) (191.0) (292.0) (60.0) 4,355.0 - Accum. Benefit Obligation 4,408.0 4,024.0 - Plan Assets Beg. Plan Assets Actual Return on Plan Assets Employer Contributions Participant Contributions Benefits Paid Foreign Exchange Adjustments Other Plan Adjustments Total Plan Assets 3,949.0 507.0 265.0 9.0 (206.0) (352.0) (72.0) 4,100.0 4,100.0 105.0 156.0 8.0 (191.0) (232.0) (56.0) 3,890.0 - 4.1% 4.1% 4.2% 4.2% 6.9% 6.9% 3.3% 3.3% 4.0% 4.0% 6.8% 6.8% - 45.5% 43.8% 5.6% 41.0% 52.0% 4.0% - Weighted Avg. Assumptions on Net Periodic Cost Net Periodic Cost Disc. Rate - Min Net Periodic Cost Disc. Rate - Max Rate of Comp. Increase - Min Rate of Comp. Increase - Max Exp. Long-Term Rate of Return on Assets - Min Exp. Long-Term Rate of Return on Assets - Max Breakdown of Plan Assets Plan Assets - Equities (%) Plan Assets - Fixed Income (%) Plan Assets- Real Estate (%) Other Plan Assets (%) 5.1% 3.0% - 1,866.0 1,795.0 230.0 209.0 1,594.9 2,022.8 155.6 116.7 - 3.3% 3.3% 4.0% 4.0% 3.2% 3.2% 3.8% 3.8% - Estimated Future Benefits Paid Est. Future Benefits Paid - 1st Yr Est. Future Benefits Paid - 2nd Yr Est. Future Benefits Paid - 3rd Yr Est. Future Benefits Paid - 4th Yr Est. Future Benefits Paid - 5th Yr Est. Future Benefits Paid - Thereafter 220.0 200.0 190.0 190.0 200.0 1,140.0 220.0 170.0 170.0 170.0 170.0 990.0 - Balance Sheet Reconciliation Items Accrued Benefit Liability (24.0) (19.0) - Adj. for Liability Recognized on Balance Sheet Net Asset/Liability Recognized on Balance Sheet (701.0) (465.0) - Other Compr. Income Components Recognized on the BS Net Actuarial Loss/Gain Prior Service Cost/Benefit Net Amount Recognized 1,494.0 9.0 1,503.0 1,300.0 1.0 1,301.0 - Consolidated Balance Sheet Amounts Long Term Assets Current Liabilities Long Term Liabilities 144.0 (24.0) (821.0) 163.0 (19.0) (609.0) - 101.0 101.0 - - 160.0 Dec-31-2014 120.0 Dec-31-2015 - Breakdown of Plan Assets Plan Assets - Equities Plan Assets - Fixed Income Plan Assets- Real Estate Other Plan Assets Weighted Avg. Assumptions on Def. Benefit Obligation PBO Assumed Rate of Return - Min PBO Assumed Rate of Return - Max Rate of PBO Compensation Increase - Min Rate of PBO Compensation Increase - Max Net Periodic Benefit Cost to be Recognized in the Subsequent Period Net Actuarial Loss/Gain Total Amount to be Recognized Other Pension Related Items Est. Contributions - Next Year Benefit Info Date Caterpillar Inc. (NYSE:CAT) > Financials > Segments In Millions of the reported currency. Line Items Annual Reported Currency S&P Capital IQ (De View By: Period Type: Currency: Units: RestatementLatest Filings Latest on Right Order: Conversion: Historical Decimals: Capital IQ (Default) Business Segments For the Fiscal Period Ending Currency Revenues Machinery, Energy & Transportation Machinery, Energy & Transportation - Energy & Transportation Financial Products Machinery, Energy & Transportation - ALL Other Consolidating Adjustments Machinery, Energy & Transportation - Construction Industries Machinery, Energy & Transportation - Resource Industries Corporate Total Revenues Operating Profit Before Tax Machinery, Energy & Transportation Machinery, Energy & Transportation - Energy & Transportation Financial Products Machinery, Energy & Transportation - ALL Other Consolidating Adjustments Machinery, Energy & Transportation - Construction Industries Machinery, Energy & Transportation - Resource Industries Total Operating Profit Before Tax Reclassified 12 months Dec-31-2014 USD 12 months Dec-31-2015 USD Press Release 12 months Dec-31-2016 USD 23,975.0 3,313.0 2,251.0 19,612.0 9,352.0 (3,319.0) 55,184.0 19,738.0 3,078.0 2,197.0 16,761.0 7,904.0 (2,667.0) 47,011.0 35,773.0 3,065.0 (301.0) 38,537.0 4,135.0 901.0 850.0 2,207.0 404.0 8,497.0 3,239.0 809.0 779.0 1,925.0 (88.0) 6,664.0 89.0 649.0 (240.0) 498.0 (553.0) Interest Expense Machinery, Energy & Transportation Financial Products Consolidating Adjustments Corporate Total Interest Expense (526.0) (631.0) (550.0) (593.0) 49.0 (1,108.0) 49.0 (1,094.0) Net Profit Before Tax Machinery, Energy & Transportation 4,174.0 2,033.0 48.0 (505.0) (553.0) Financial Products Total Net Profit Before Tax 909.0 5,083.0 822.0 2,855.0 692.0 139.0 Tax Expense Machinery, Energy & Transportation Financial Products Total Tax Expense 1,120.0 260.0 1,380.0 512.0 230.0 742.0 (24.0) 216.0 192.0 Net Profit After Tax Machinery, Energy & Transportation Financial Products Consolidating Adjustments Corporate Total Net Profit After Tax 3,695.0 640.0 (640.0) 3,695.0 2,102.0 591.0 (591.0) 2,102.0 (67.0) 470.0 (470.0) (67.0) Assets Machinery, Energy & Transportation - Energy & Transportation Financial Products Machinery, Energy & Transportation - ALL Other Machinery, Energy & Transportation - Construction Industries Machinery, Energy & Transportation - Resource Industries Corporate Total Assets 8,470.0 36,909.0 2,810.0 6,596.0 9,497.0 20,399.0 84,681.0 8,547.0 35,731.0 2,616.0 5,480.0 8,602.0 17,521.0 78,497.0 - Depreciation & Amortization Machinery, Energy & Transportation Machinery, Energy & Transportation - Energy & Transportation Financial Products Machinery, Energy & Transportation - ALL Other Machinery, Energy & Transportation - Construction Industries Machinery, Energy & Transportation - Resource Industries Corporate Total Depreciation & Amortization 652.0 910.0 279.0 522.0 685.0 115.0 3,163.0 645.0 882.0 276.0 481.0 641.0 121.0 3,046.0 2,144.0 890.0 3,034.0 Capital Expenditure Machinery, Energy & Transportation Machinery, Energy & Transportation - Energy & Transportation Financial Products Machinery, Energy & Transportation - ALL Other Consolidating Adjustments Machinery, Energy & Transportation - Construction Industries Machinery, Energy & Transportation - Resource Industries Corporate Total Capital Expenditure (608.0) (1,817.0) (331.0) (814.0) (1,659.0) (276.0) (1,206.0) (1,771.0) - - (369.0) (277.0) 23.0 (3,379.0) (246.0) (281.0) 15.0 (3,261.0) 49.0 (2,928.0) Filing Date Feb-16-2016 Feb-16-2016 Jan-26-2017 Reclassified 12 months Dec-31-2014 USD 12 months Dec-31-2015 USD Press Release 12 months Dec-31-2016 USD 24,196.0 6,589.0 13,459.0 10,940.0 55,184.0 21,825.0 4,802.0 11,502.0 8,882.0 47,011.0 - 8,714.0 7,863.0 16,577.0 8,842.0 7,248.0 16,090.0 - Feb-16-2016 Feb-16-2016 Jan-26-2017 Geographic Segments For the Fiscal Period Ending Currency Revenues North America Latin America Europe, Africa, Middle East (EAME) Asia/Pacific Total Revenues Assets United States Outside United States Total Assets Filing Date