SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(Mark One)
[ X ] ANNUAL REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934 [Fee Required]
For the Fiscal Year Ended November 30, 1994
OR
TRANSITION REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934 (No Fee Required]
For the transition period from _____ to _____
Commission File Number 1-768
EMPLOYEES' INVESTMENT PLAN
(Full title of the Plan)
CATERPILLAR INC.
(Name of issuer of the securities held
pursuant to the Plan)
100 NE ADAMS STREET, PEORIA, ILLINOIS 61629
(Address of principal executive offices)
REQUIRED INFORMATION
ITEM 1.
The audited statement of financial condition as of the end of the latest two
fiscal years of the Plan is attached hereto as Exhibit A.
ITEM 2.
The audited statement of income and changes in plan equity for each of the
latest two fiscal years of the Plan is attached hereto as Exhibit B.
ITEM 3.
The statements required by Items 1 and 2 have been prepared in accordance with
the applicable provisions of Article 6A of Regulation S-X.
ITEM 4.
The Consent of Independent Accountants is attached hereto as Exhibit C.
CATERPILLAR INC.
----------------
EMPLOYEES' INVESTMENT PLAN
--------------------------
FINANCIAL STATEMENTS
--------------------
AND ADDITIONAL INFORMATION
--------------------------
NOVEMBER 30, 1994 AND 1993
--------------------------
REPORT OF INDEPENDENT ACCOUNTANTS
---------------------------------
March 31, 1995
To the Participants, Investment
Plan Committee and Benefits Funds
Committee of the Caterpillar Inc.
Employees' Investment Plan
In our opinion, the accompanying statements of net assets available for
plan benefits with fund information of the Caterpillar Inc. Employees'
Investment Plan and the related statements of changes in net assets
available for plan benefits with fund information present fairly, in all
material respects, the net assets available for plan benefits as of
November 30, 1994 and 1993, and the changes in net assets available for
plan benefits for the years ended November 30, 1994 and 1993, in
conformity with generally accepted accounting principles. These
financial statements are the responsibility of the plan's management; our
responsibility is to express an opinion on these financial statements
based on our audits. We conducted our audits of these statements in
accordance with generally accepted auditing standards which require that
we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management,
and evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable basis for the opinion expressed
above.
Our audits were performed for the purpose of forming an opinion on the
basic financial statements taken as a whole. The additional information
included in Schedule I is presented for purposes of additional analysis
and is not a required part of the basic financial statements but is
additional information required by ERISA. The Fund Information in the
statement of net assets available for plan benefits and the statement of
changes in net assets available for plan benefits is presented for
purposes of additional analysis rather than to present the net assets
available for plan benefits and changes in net assets available for plan
benefits of each fund. Schedule I and the Fund Information have been
subjected to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, are fairly stated in all
material respects in relation to the basic financial statements taken as
a whole.
Price Waterhouse LLP
EXHIBIT A
---------
CATERPILLAR INC.
----------------
EMPLOYEES' INVESTMENT PLAN
--------------------------
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION
-------------------------------------------------------------------------
NOVEMBER 30, 1994
-----------------
(Dollars in 000's)
PART I
----------------------------- -------------------------------------------
Caterpillar Caterpillar Guaranteed
Common Government Common Investment Stable
Stock Securities Stock Contract Principal
Fund Fund Fund Fund Fund
----------- ----------- ---------- ---------- ---------
Cash $ $ 154 $ $ $
Investments:
Caterpillar Inc. common
stock, 10,190,000
shares, at market 551,546
U.S. Government securi-
ties, 124 units, at
market 10,560
Investment in Cater-
pillar Inc. 401(k)
Master Trust (Note 4) 119,451 21,715 49,148
-------- ------- -------- ------- -------
Total cash and in-
vestments 551,546 10,714 119,451 21,715 49,148
-------- ------- -------- ------- -------
Employer and employee
contributions receivable 5,181 190
-------- ------- -------- ------- -------
Total net assets $556,727 $10,904 $119,451 $21,715 $49,148
======== ======= ======== ======= =======
PART II
----------------------------------------------------------------------------------------
Preferred Group of Mutual Funds
------------------------------------------------------------------------------
Short-
Term Money Asset Fixed Loan
Government Market Value International Growth Allocation Income Fund Total
---------- ------- ------- ------------- ------ ----------- ------ ------ ----------
Cash $ $ $ $ $ $ $ $ $ 154
Investments:
Caterpillar Inc.
common stock,
10,190,000 shares,
at market 551,546
U.S. Government
securi-
ties, 124 units, at
market 10,560
Investment in Cater-
pillar Inc. 401(k)
Master Trust (Note 4) 9,258 41,117 66,978 58,942 91,055 17,276 11,764 9,736 496,440
------ ------- ------- ------- ------- ------- ------- ------ ----------
Total cash and in-
vestments 9,258 41,117 66,978 58,942 91,055 17,276 11,764 9,736 1,058,700
------ ------- ------- ------- ------- ------- ------- ------ ----------
Employer and employee
contributions receivable 5,371
------ ------- ------- ------- ------- ------- ------- ------ ----------
Total net assets $9,258 $41,117 $66,978 $58,942 $91,055 $17,276 $11,764 $9,736 $1,064,071
====== ======= ======= ======= ======= ======= ======= ====== ==========
(See notes to financial statements)
-2-
CATERPILLAR INC.
----------------
EMPLOYEES' INVESTMENT PLAN
--------------------------
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION
-------------------------------------------------------------------------
NOVEMBER 30, 1993
-----------------
(Dollars in 000's)
PART I PART II
--------------------------- --------------------------------------
Caterpillar Caterpillar Guaranteed
Common Government Common Investment Stable
Stock Securities Stock Contract Principal
Fund Fund Fund Fund Fund
----------- ---------- ----------- ---------- ---------
Cash $ 9 $ 209 $ $ $
Investments:
Caterpillar Inc. common stock,
6,006,000 shares, at market 511,983
U.S. Government securities,
125 units, at market 10,515
Investment in Caterpillar Inc.
401(K) Master Trust (Note 4) 64,567 59,450 27,036
-------- ------- ------- ------- -------
Total cash and investments 511,992 10,724 64,567 59,450 27,036
-------- ------- ------- ------- -------
Employer and employee contribu-
tions receivable 4,079 172
-------- ------- ------- ------- -------
Total net assets $516,071 $10,896 $64,567 $59,450 $27,036
======== ======= ======= ======= =======
PART II
----------------------------------------------------------------------------------
Preferred Group of Mutual Funds
-------------------------------------------------------------------------
Short-
Term Money Asset Fixed Loan
Government Market Value International Growth Allocation Income Fund Total
---------- ------- ------- ------------- ------- ---------- ------- ------ -------
Cash $ $ $ $ $ $ $ $ $ 218
Investments:
Caterpillar Inc. common stock,
6,006,000 shares, at market 511,983
U.S. Government securities,
125 units, at market 10,515
Investment in Caterpillar Inc.
401(K) Master Trust (Note 4) 9,828 14,363 66,617 27,311 73,270 13,382 8,630 8,343 372,797
------- ------- ------- ------- ------- ------- ------ ------ --------
Total cash and investments 9,828 14,363 66,617 27,311 73,270 13,382 8,630 8,343 895,513
------ ------- ------- ------- ------- ------- ------- ------ --------
Employer and employee contribu-
tions receivable 4,251
------ ------- ------- ------- ------- ------- ------- ------ --------
Total net assets $9,828 $14,363 $66,617 $27,311 $73,270 $13,382 $8,630 $8,343 $899,764
====== ======= ======= ======= ======= ======= ======= ====== ========
(See notes to financial statements)
-3-
EXHIBIT B
CATERPILLAR INC.
----------------
EMPLOYEES' INVESTMENT PLAN
--------------------------
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND
------------------------------------------------------------------------
INFORMATION
-----------
FOR THE YEAR ENDED NOVEMBER 30, 1994
------------------------------------
(Dollars in 000's)
PART I PART II
------------------------------- --------------------------------------
Caterpillar Caterpillar Guaranteed
Common Government Common Investment Stable
Stock Securities Stock Contract Principal
Fund Fund Fund Fund Fund
------------ ----------- ----------- ---------- ---------
Contributions:
Employee (Note 1) $ 35,261 $2,215 $ 1,564 $ $ 4,780
Employer (Notes 1 and 2) 20,521
--------- ------- -------- -------- -------
55,782 2,215 1,564 4,780
--------- ------- -------- -------- -------
Investment income:-
Dividends and
interest 4,665 349
Net appreciation
in fair value of:
Common stock 137,095
Government obli-
gations 34
Plan interest in
net investment
income (loss) of
Master Trust
(Note 4) 17,018 1,440 1,257
--------- ------- -------- -------- -------
Net investment
income (loss) 141,760 383 17,018 1,440 1,257
--------- ------- -------- -------- -------
Withdrawals (85,666) (1,813) (3,712) (769) (3,295)
Interfund transfers,
net (71,220) (777) 40,014 (38,406) 19,370
--------- -------- -------- -------- -------
Withdrawals and
transfers, net (156,886) (2,590) 36,302 (39,175) 16,075
--------- -------- -------- -------- -------
Increase (decrease)
in net assets 40,656 8 54,884 (37,735) 22,112
Net assets:
Beginning of year 516,071 10,896 64,567 59,450 27,036
--------- ------- -------- -------- -------
End of year $ 556,727 $10,904 $119,451 $ 21,715 $49,148
========= ======= ======== ======== =======
PART II
---------------------------------------------------------------------------------------
Preferred Group of Mutual Funds
-------------------------------------------------------------------------------
Short-
Term Money Asset Fixed Loan
Government Market Value International Growth Allocation Income Fund Total
---------- ------- ------- ------------- ------ ---------- ------- ----- -----
Contributions:
Employee (Note 1) $ 807 $ 1,429 $ 5,990 $ 6,401 $11,142 $ 2,254 $ 1,300 $ $ 73,143
Employer (Notes 1 and 2) 20,521
------- ------- ------- ------- ------- ------- ------- ------ ----------
807 1,429 5,990 6,401 11,142 2,254 1,300 93,664
------- ------- ------- ------- ------- ------- ------- ------ ----------
Investment income:-
Dividends and
interest 5,014
Net appreciation
in fair value of:
Common stock 137,095
Government obli-
gations 34
Plan interest in
net investment
income (loss) of
Master Trust
(Note 4) (60) 1,160 1,612 5,381 3,016 (799) (343) 1,179 30,861
------- ------- ------- -------- ------- ------- ------- ----- ----------
Net investment
income (loss) (60) 1,160 1,612 5,381 3,016 (799) (343) 1,179 173,004
------- ------- ------- ------- ------- ------- ------- ------ ----------
Withdrawals (255) (2,533) (1,194) (835) (1,309) (549) (337) (94) (102,361)
Interfund transfers,
net (1,062) 26,698 (6,047) 20,684 4,936 2,988 2,514 308
------- ------- ------- ------- ------- ------- ------- ------ ----------
Withdrawals and
transfers, net (1,317) 24,165 (7,241) 19,849 3,627 2,439 2,177 214 (102,361)
------- ------- ------- ------- ------- ------- ------- ------ ----------
Increase (decrease)
in net assets (570) 26,754 361 31,631 17,785 3,894 3,134 1,393 164,307
Net assets:
Beginning of year 9,828 14,363 66,617 27,311 73,270 13,382 8,630 8,343 899,764
------- ------- ------- ------- ------- ------- ------- ------ ----------
End of year $ 9,258 $41,117 $66,978 $58,942 $91,055 $17,276 $11,764 $9,736 $1,064,071
======= ======= ======= ======= ======= ======= ======= ====== ==========
(See notes to financial statements)
-4-
CATERPILLAR INC.
----------------
EMPLOYEES' INVESTMENT PLAN
--------------------------
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND
------------------------------------------------------------------------
INFORMATION
-----------
FOR THE YEAR ENDED NOVEMBER 30, 1993
------------------------------------
(Dollars in 000's)
PART I PART II
------------------------ -------------------------------------
Caterpillar Caterpillar Guaranteed
Common Government Common Investment Stable
Stock Securities Stock Contract Principal
Fund Fund Fund Fund Fund
------------ ---------- ------- ----------- -----------
Contributions:
Employee (Note 1) $ 30,775 $ 2,022 $ 2,587 $ 662 $ 5,849
Employer (Notes 1 and 2) 18,615
--------- ------- ------- -------- -------
49,390 2,022 2,587 662 5,849
--------- ------- ------- -------- -------
Investment income:--
Dividends and
interest 4,184 361
Net appreciation
(depreciation) in
fair value of:
Common stock 199,405
Government obli-
gations (96)
Plan interest in net
investment income
of Master Trust
(Note 4) 11,100 4,703 1,119
--------- ------- ------- -------- -------
Net investment
income 203,589 265 11,100 4,703 1,119
--------- ------- ------- -------- -------
Withdrawals (102,295) (1,964) (753) (2,944) (1,074)
Interfund transfers,
net (64,341) (898) 30,275 (22,126) 21,142
--------- ------- ------- -------- -------
Withdrawals and
transfers, net (166,636) (2,862) 29,522 (25,070) 20,068
--------- ------- ------- -------- -------
Increase (decrease)
in net assets 86,343 (575) 43,209 (19,705) 27,036
Net assets:
Beginning of year 429,728 11,471 21,358 79,155
--------- ------- ------- -------- -------
End of year $ 516,071 $10,896 $64,567 $ 59,450 $27,036
========= ======= ======= ======== =======
PART II
-----------------------------------------------------------------------------------------
Preferred Group of Mutual Funds
--------------------------------------------------------------------------------
Short-
Term Money Asset Fixed Loan
Government Market Value International Growth Allocation Income Fund Total
---------- ------- ------- ------------- ------- ---------- ------- ------ --------
Contributions:
Employee (Note 1) $ 932 $ 1,128 $ 6,204 $ 2,554 $10,354 $ 1,879 $1,010 $ $ 65,956
Employer (Notes 1 and 2) 18,615
-------- ------- ------- ------- ------- ------- ------ ------ ---------
932 1,128 6,204 2,554 10,354 1,879 1,010 84,571
-------- ------- ------- ------- ------- ------- ------ ------ ---------
Investment income:--
Dividends and
interest 4,545
Net appreciation
(depreciation) in
fair value of:
Common stock 199,405
Government obli-
gations (96)
Plan interest in net
investment income
of Master Trust
(Note 4) 553 296 4,327 3,768 6,800 806 300 33,772
-------- ------- ------- ------- ------- ------- ------ ------ ---------
Net investment
income 553 296 4,327 3,768 6,800 806 300 237,626
-------- ------- ------- ------- ------- ------- ------ ------ ---------
Withdrawals (239) (530) (1,742) (207) (1,128) (268) (54) (65) (113,263)
Interfund transfers,
net 1,680 1,599 (1,701) 13,937 8,370 4,672 5,014 2,377
-------- ------- ------- ------- ------- ------- ------ ------ ---------
Withdrawals and
transfers, net 1,441 1,069 (3,443) 13,730 7,242 4,404 4,960 2,312 (113,263)
-------- ------- ------- ------- ------- ------- ------ ------ ---------
Increase (decrease)
in net assets 2,926 2,493 7,088 20,052 24,396 7,089 6,270 2,312 208,934
Net assets:
Beginning of year 6,902 11,870 59,529 7,259 48,874 6,293 2,360 6,031 690,830
-------- ------- ------- ------- ------- ------- ------ ------ ---------
End of year $9,828 $14,363 $66,617 $27,311 $73,270 $13,382 $8,630 $8,343 $ 899,764
======== ======= ======= ======= ======= ======= ====== ====== =========
(See notes to financial statements)
-5-
CATERPILLAR INC.
----------------
EMPLOYEES' INVESTMENT PLAN
--------------------------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
NOTE 1 - PLAN DESCRIPTION:
- -------------------------
The following description of the Caterpillar Inc. Employees' Investment Plan
(the Plan) provides only general information. Participants should refer to the
Plan agreement for a more complete description of the Plan's provisions.
General
- -------
The Plan is a defined contribution plan established by Caterpillar Inc. (the
Company) to enable eligible employees of the Company and its subsidiaries (the
employers) which adopt the Plan to accumulate funds. Participating employees
may acquire ownership interests in the Company through purchases of its common
stock (Part I). Additionally, eligible employees may elect to defer a portion
of their compensation until retirement under the Special Investment Supplement
of the Plan (Part II).
Participation
- -------------
Generally, employees of participating employer companies, other than those
employed under collective bargaining agreements, who meet certain age, service
and citizenship or residency requirements are eligible to participate in the
plan. Participation commences upon an eligible employee's filing of an
application with the Investment Plan Committee.
Participant accounts
- --------------------
Accounts are maintained separately for Part I and Part II for each participant.
The participant's separate account under Part I is credited with the
participant's contribution, the employer's contribution and an allocation of
Plan earnings. The participant's account under Part II of the Plan is credited
with the participant's contribution as defined below and an allocation of Plan
earnings. Allocations of earnings are based on participant account balances, as
defined. The benefit to which a participant is entitled is the benefit that can
be provided from the participant's accounts.
Loan provisions
- ---------------
The Plan provides for participant loans against eligible participants' Part II
separate account balances. Eligible employees obtain participant loans by
filing a loan application
-6-
with the Company and receiving approval thereof. Loan amounts are generally
limited to the lesser of $50,000 or 50% of the individual participant's account
balance. Loan repayment terms may range from 6 to 117 months depending on the
type of loan and bear interest at the prime interest rate plus 1% rounded to the
nearest whole per cent. Repayments, including interest, are made through after-
tax payroll deductions and are credited to the individual participant's account
balance. Loan transactions are treated as a transfer to (from) the applicable
investment fund (from) to the Loan fund.
Contributions
- -------------
PART I -
Employee contributions are made through after-tax payroll deductions based on a
percentage (2%-6%) of total earnings as elected by the employee. Employees with
25 or more years of service may contribute an additional 1%-4% of earnings.
Employer contributions are 50%, 66-2/3% or 80% of employee contributions (up to
6% of earnings) based on the employee's years of service.
PART II -
Employee contributions are made through a pretax compensation deferral as
elected by participating employees, and are contributed to the Plan by the
employer. During 1994, the compensation deferral was limited to (a) the greater
of $4,500 or 4% of the employee's compensation (limited by the Internal Revenue
Code to $9,240 in 1994) for participants earning in excess of $60,530 or (b)
$9,240 for participants earning less than $60,530.
Investment programs
- -------------------
PART I -
Employees may elect to have their contributions invested as follows: (1) 100%
in Caterpillar Inc. common stock or (2) 50% in Caterpillar Inc. common stock and
50% in government securities. Employer contributions are invested entirely in
Caterpillar Inc. common stock.
PART II -
Employees may elect to have their contributions invested in any combination of
the funds shown on the accompanying statements of changes in net assets
available for plan benefits with fund information.
-7-
Interfund transfers
- -------------------
Transfers of assets between investment funds are recorded net on the statement
of changes in net assets available for plan benefits with fund information.
Effective September 1, 1993, the Employees' Investment Plan was amended to allow
retirees or those participants eligible to retire to transfer funds from Part I
of the Employees' Investment Plan to Part II of the Employees' Investment Plan,
which maintains investments within the Master Trust.
Vesting and distribution provisions
- -----------------------------------
PART I -
Participants are fully vested at all times in Caterpillar Inc. common stock or
government securities purchased with employee contributions.
Participants begin vesting in shares purchased with employer contributions
generally after completing two years of service with the Company. Participants
generally vest at the rate of 33% per year, resulting in full vesting by
participants in employer contributions after five years of service with the
Company. Any amounts not vested at withdrawal which are forfeited will be
applied to reduce the amount of future employer contributions to the Plan.
Shares become fully vested upon retirement, permanent disability or death.
While an employee, a participant may elect to withdraw all employee purchased
shares of common stock, his share of the government securities fund and all
earnings on participant contributions as provided by the Plan. Employer
contributions may also be withdrawn based on vested status as provided by the
Plan. Upon termination of employment, participants may elect (with spousal
consent, if applicable) to receive their shares by immediate distribution or a
deferred distribution. If termination is due to retirement or disability,
participants may elect (with spousal consent, if applicable) various annuity
payments.
PART II -
Participants are fully vested in their employee contributions. Upon termination
of employment for any reason, including death, retirement or because of total
and permanent disability, the balance or balances in participants' accounts are
distributable.
Administration
- --------------
The Plan is administered by the Investment Plan Committee, which is responsible
for nonfinancial matters, and the Benefits Funds Committee, which is responsible
for financial aspects of the Plan.
-8-
Caterpillar Inc. and the Benefit Funds Committee have entered into trust
agreements with The First National Bank of Chicago and The Northern Trust
Company to receive contributions, administer the assets of the trusts and
distribute withdrawals pursuant to the Plan.
Plan termination
- ----------------
In the event the Plan is terminated or partially terminated, each participant in
Part I shall also have a fully vested interest in the assets attributable to
employer contributions.
Federal income tax status
- -------------------------
The Internal Revenue Service has determined and informed the Company by letter
dated March 8, 1990, that the Plan and related trust are designed in accordance
with applicable sections of the Internal Revenue Code (IRC). The Plan has been
amended since receiving the determination letter; however, the Plan
administrator and the Plan's legal counsel believe that the Plan is designed and
is currently being operated in compliance with the applicable requirements of
the IRC.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
- ---------------------------------------------------
Basis of accounting
- -------------------
The Plan is maintained on the accrual basis of accounting.
Investments
- -----------
The Guaranteed Investment Contracts are stated at contract value, which
approximates market, on November 30, 1994 and 1993, respectively. Other
investments are stated at quoted market prices or unit values based on quoted
market values at the close of business on November 30, 1994 and 1993,
respectively. Income from investments is recorded as earned.
Contributions
- -------------
Employer contributions to the Caterpillar Common Stock Fund under Part I of the
Plan are made in-kind, as shares of Caterpillar Inc. common stock in the amount
of such contributions are purchased by the Company in the open market and
transferred to the Plan. All in-kind contributions are recorded at fair value.
Administrative expenses
- -----------------------
Trustee fees and certain investment and administrative costs are paid by the
Company.
-9-
Reclassification
- ----------------
Certain amounts in the November 30, 1993 statement of changes in net assets
available for plan benefits with fund information and the November 30, 1993
Master Trust summary of net assets and Master Trust summary of changes in net
assets have been reclassified to conform with the November 30, 1994
presentation.
NOTE 3 - EIP II UNIT VALUES:
- ---------------------------
Part II of the Plan assigns units to participants directing investments to any
of the Preferred Group of Mutual Funds, the Caterpillar Common Stock Fund and
the Stable Principal Fund. The unit values assigned by the Plan reflect the
current values of the individual funds. Total units held (in thousands) by the
Plan and their respective unit values at each month end are shown on the
following page.
-10-
CATERPILLAR INC. - EMPLOYEES' INVESTMENT PLAN
---------------------------------------------
NOTE 3 - PART II UNIT VALUES
----------------------------
NOVEMBER 30, 1994
-----------------
(units in 000's)
December January February March April May June July August September October November
-------- ------- -------- ----- ----- --- ---- ------ ------- --------- ------- --------
CATERPILLAR COMMON
STOCK FUND:
Units 4,563 4,008 4,103 4,828 5,430 5,438 5,577 5,809 5,667 5,915 5,826 6,135
Unit value 16.15 18.78 19.50 20.21 19.81 18.13 19.56 20.77 19.53 21.42 19.47 19.87
STABLE PRINCIPAL FUND:
Units 5,271 5,124 4,993 5,178 5,062 5,032 5,050 5,013 5,113 5,007 5,083 4,915
Unit value 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
PREFERRED GROUP OF
MUTUAL FUNDS:-
Money Market:
Units 15,509 16,277 18,491 30,627 33,607 34,690 36,375 36,363 37,823 37,827 41,625 41,117
Unit value 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
Short-Term Govern-
ment:
Units 1,025 1,054 1,050 1,126 1,062 995 998 988 970 979 972 964
Unit value 10.06 10.09 9.88 9.88 9.81 9.78 9.77 9.80 9.78 9.73 9.70 9.60
Value:
Units 6,078 5,960 5,822 5,753 5,718 5,748 5,761 5,787 5,813 5,819 5,827 5,829
Unit value 11.56 11.87 11.68 11.27 11.54 11.59 11.33 11.50 12.09 11.87 11.99 11.49
Growth:
Units 5,900 6,138 6,333 6,339 6,424 6,557 6,608 6,579 6,599 6,567 6,586 6,603
Unit value 13.82 14.35 14.23 13.29 13.20 13.24 12.46 12.99 13.97 13.70 14.12 13.79
International:
Units 3,174 4,088 4,694 4,402 4,428 4,743 4,612 4,662 4,858 4,724 4,765 4,689
Unit value 11.75 12.90 12.58 12.04 12.43 12.42 12.02 12.73 13.04 12.63 12.93 12.57
Asset Allocation:
Units 1,419 1,548 1,684 1,700 1,684 1,713 1,733 1,736 1,752 1,735 1,731 1,679
Unit value 11.02 11.34 10.96 10.45 10.47 10.50 10.27 10.58 10.75 10.41 10.47 10.29
Fixed Income:
Units 1,010 1,145 1,220 1,215 1,217 1,250 1,254 1,246 1,288 1,250 1,221 1,231
Unit value 10.34 10.43 10.24 10.00 9.89 9.84 9.80 9.90 9.86 9.71 9.65 9.56
-11-
NOTE 4 - MASTER TRUST:
- ---------------------
Under a Master Trust agreement with The Northern Trust Company (the Trustee),
Part II of the Caterpillar Inc. Employees' Investment Plan, the Solar Turbines
Incorporated Savings and Investment Plan and the Caterpillar Inc. Tax Deferred
Savings Plan pool their investments in the Caterpillar Inc. 401(k) Master Trust
in exchange for a percentage of participation in the Trust.
The Master Trust invests in the Preferred Group of Mutual Funds which are
sponsored by Caterpillar Investment Management Ltd. (CIML), a wholly-owned
subsidiary of the Company. The Preferred Group of Mutual Funds are comprised of
the following:
Preferred Short-Term Government Fund
Preferred Money Market Fund
Preferred Value Fund
Preferred International Fund
Preferred Growth Fund
Preferred Asset Allocation Fund
Preferred Fixed Income Fund
CIML manages the Preferred Short-Term Government Fund. All other funds are
managed by unrelated investment managers. Caterpillar Securities, Inc., a
wholly-owned subsidiary of CIML, distributes the shares of the mutual funds to
the Master Trust.
The percentage of the Plan's participation in the Master Trust was determined
based on the November 30, 1994 and 1993 market values of net assets, as
accumulated by the Trustee for the investment funds of each plan. At November
30, 1994 and 1993, the Plan's pro rata interest in the quoted market values of
net assets of each of the funds of the Master Trust was as follows:
November 30,
--------------
1994 1993
------ ------
Caterpillar Inc. Common Stock Fund 88.57% 87.13%
Guaranteed Investment Contract Fund 68.91% 70.12%
Stable Principal Fund 67.87% 67.80%
Preferred Short-Term Government Fund 76.17% 75.32%
Preferred Money Market Fund 85.71% 75.61%
Preferred Value Fund 79.34% 79.70%
Preferred International Fund 84.82% 86.30%
Preferred Growth Fund 81.02% 80.77%
Preferred Asset Allocation Fund 86.51% 86.76%
Preferred Fixed Income Fund 86.22% 87.19%
Loan Fund 72.41% 71.25%
-12-
The net investment income or loss of the Master Trust is reflected in the
financial statements of the Plan based on the actual earnings of each investment
fund as allocated to the Plan based on average investment balances throughout
the year. Refer to pages 14 through 17 for an analyses of the net assets and
changes in net assets of the Master Trust as of November 30, 1994 and 1993.
-13-
CATERPILLAR INC. - EMPLOYEES' INVESTMENT PLAN
---------------------------------------------
NOTE 4 - MASTER TRUST - SUMMARY OF NET ASSETS
---------------------------------------------
NOVEMBER 30, 1994
-----------------
(Dollars in 000's)
Preferred Group of Mutual Funds
-------------------------------------------
Caterpillar Guaranteed
Common Investment Stable Short-
Stock Contract Principal Term Money
Fund Fund Fund Government Market Value
---- ---- ---- ---------- ------ -----
Investments, stated principally at
quoted market values or unit values
based on quoted market values:
Common stock $125,693 $ $ $ $ $
Registered investment companies 12,011 47,396 83,821
Common trust funds 7,342 10,295
Government obligations 43,058
Investment contracts with insurance companies 31,514 18,280
Participant loans
-------- ------- ------- ------- ------- -------
Total investments 133,035 31,514 71,633 12,011 47,396 83,821
Dividend and interest receivable 33 268
Transfers receivable from EIP I 1,121 5
Contributions receivable 319 479 80 185 491
Other receivable/(payable), net 361 30 64 387 104
-------- ------- ------- ------- ------- -------
Net assets $134,869 $31,514 $72,410 $12,155 $47,973 $84,416
======== ======= ======= ======= ======= =======
------------------------------------------------------
Asset Fixed Loan
International Growth Allocation Income Fund Total
------------- ------ ---------- ------ ---- -----
Investments, stated principally at
quoted market values or unit values
based on quoted market values:
Common stock $ $ $ $ $ $125,693
Registered investment companies 68,886 111,608 19,856 13,390 356,968
Common trust funds 17,637
Government obligations 43,058
Investment contracts with insurance companies 49,794
Participant loans 13,446 13,446
------- -------- ------- ------- ------- --------
Total investments 68,886 111,608 19,856 13,390 13,446 606,596
Dividend and interest receivable 1 302
Transfers receivable from EIP I 1,126
Contributions receivable 627 957 177 114 3,429
Other receivable/(payable), net (24) (175) (63) 140 824
------- -------- ------- ------- ------- --------
Net assets $69,489 $112,390 $19,971 $13,644 $13,446 $612,277
======= ======== ======= ======= ======= ========
-14-
CATERPILLAR INC. - EMPLOYEES' INVESTMENT PLAN
---------------------------------------------
NOTE 4 - MASTER TRUST - SUMMARY OF NET ASSETS
---------------------------------------------
NOVEMBER 30, 1993
-----------------
(Dollars in 000's)
Preferred Group of Mutual Funds
-------------------------------------------
Caterpillar Guaranteed
Common Investment Stable Short-
Stock Contract Principal Term Money
Fund Fund Fund Government Market Value
---- ---- ---- ---------- ------ -----
Investments, stated principally at
quoted market values or unit values
based on quoted market values:
Common stock $ 60,485 $ $ $ $ $
Registered investment companies 12,980 18,700 82,765
Common trust funds 3,973 2,648
Government obligations 16,593
Investment contracts with insurance companies 84,919 19,579
Participant loans
-------- ------- ------- ------- ------- -------
Total investments 64,758 84,919 38,820 12,980 18,700 82,765
Dividend and interest receivable 5 136
Transfers receivable from EIP I 8,311 156
Contributions receivable 170 897 118 144 798
Other receivable/(payable), net 859 (131) 25 (50) (4) 18
-------- ------- ------- ------- ------- -------
Net assets $ 74,103 $84,788 $39,878 $13,048 $18,996 $83,581
======== ======= ======= ======= ======= =======
---------------------------------------------------------
Asset Fixed Loan
International Growth Allocation Income Fund Total
------------- ------ ---------- ------ ---- -----
Investments, stated principally at
quoted market values or unit values
based on quoted market values:
Common stock $ $ $ $ $ $ 60,785
Registered investment companies 31,188 89,351 15,155 9,717 259,856
Common trust funds 464 7,085
Government obligations 16,593
Investment contracts with insurance companies 104,498
Participant loans 11,577 11,577
------- -------- ------- ------- ------- --------
Total investments 31,188 89,351 15,155 9,717 12,041 460,394
Dividend and interest receivable 141
Transfers receivable from EIP I 8,467
Contributions receivable 433 1,278 251 167 4,256
Other receivable/(payable), net 25 83 18 14 (332) 525
------- -------- ------- ------- ------- --------
Net assets $31,646 $ 90,712 $15,424 $ 9,898 $11,709 $473,783
======= ======== ======= ======= ======= ========
-15-
CATERPILLAR INC. - EMPLOYEES' INVESTMENT PLAN
---------------------------------------------
NOTE 4 - MASTER TRUST - SUMMARY OF CHANGES IN NET ASSETS
--------------------------------------------------------
FOR THE YEAR ENDED NOVEMBER 30, 1994
------------------------------------
(Dollars in 000's)
Preferred Group of Mutual Funds
-------------------------------------------
Caterpillar Guaranteed
Common Investment Stable Short-
Stock Contract Principal Term Money
Fund Fund Fund Government Market Value
---- ---- ---- ---------- ------ -----
Investment income (loss):-
Interest and dividends $ 1,178 $ 2,097 $ 3,900 $ $ $
Net appreciation (depreciation) in fair value of:
Common stock 18,281
Government obligations (2,134)
Registered investment companies (89) 1,214 2,025
-------- -------- ------- ------- ------- -------
Net investment income (loss) 19,459 2,097 1,856 (89) 1,214 2,025
-------- -------- ------- ------- ------- -------
Contributions to all plans 2,934 8,164 1,198 2,139 7,864
-------- -------- ------- ------- ------- -------
Withdrawals from all plans (4,364) (1,274) (4,908) (481) (2,842) (1,965)
-------- -------- ------- ------- ------- -------
Transfers from EIP I 71,220 777
-------- -------- ------- ------- ------- -------
Interfund transfers, net (28,483) (54,097) 27,420 (1,521) 27,689 (7,089)
-------- -------- ------- ------- ------- -------
Increase (decrease) in assets for the year 60,766 (53,274) 35,532 (893) 28,977 835
Net assets:
Beginning of year 74,103 84,788 39,878 13,048 18,996 83,581
-------- -------- ------- ------- ------- -------
End of year $134,869 $ 31,514 $72,410 $12,155 $47,973 $84,416
======== ======== ======= ======= ======= =======
--------------------------------------------------------
Asset Fixed Loan
International Growth Allocation Income Fund Total
------------- ------ ---------- ------ ---- -----
Investment income (loss):-
Interest and dividends $ $ $ $ $ 1,578 $ 8,843
Net appreciation (depreciation) in fair value of:
Common stock 18,281
Government obligations (2,134)
Registered investment companies 6,296 3,734 (909) (431) 11,840
-------- -------- ------- ------- ------- --------
Net investment income (loss) 6,296 3,734 (909) (431) 1,578 36,830
-------- -------- ------- ------- ------- --------
Contributions to all plans 8,301 14,677 2,888 1,767 49,932
-------- -------- ------- ------- ------- --------
Withdrawals from all plans (1,177) (1,998) (650) (392) (214) (20,265)
-------- -------- ------- ------- ------- --------
Transfers from EIP I 71,997
-------- -------- ------- ------- ------- --------
Interfund transfers, net 24,423 5,265 3,218 2,802 373
-------- -------- ------- ------- ------- --------
Increase (decrease) in assets for the year 37,843 21,678 4,547 3,746 1,737 138,494
Net assets:
Beginning of year 31,646 90,712 15,424 9,898 11,709 473,783
-------- -------- ------- ------- ------- --------
End of year $ 69,489 $112,390 $19,971 $13,644 $13,446 $612,277
======== ======== ======= ======= ======= ========
-16-
CATERPILLAR INC. - EMPLOYEES' INVESTMENT PLAN
---------------------------------------------
NOTE 4 - MASTER TRUST - SUMMARY OF CHANGES IN NET ASSETS
--------------------------------------------------------
FOR THE YEAR ENDED NOVEMBER 30, 1993
------------------------------------
(Dollars in 000's)
Preferred Group of Mutual Funds
-------------------------------------------
Caterpillar Guaranteed
Common Investment Stable Short-
Stock Contract Principal Term Money
Fund Fund Fund Government Market Value
---- ---- ---- ---------- ------ -----
Investment income:-
Interest and dividends $ 367 $ 6,717 $ 1,572 $ $ $
Net appreciation in fair value of:
Common stock 15,601
Government obligations 131
Registered investment companies 777 407 5,426
-------- -------- ------- ------- ------- -------
Net investment income 15,968 6,717 1,703 777 407 5,426
-------- -------- ------- ------- ------- -------
Contributions to all plans 3,427 1,370 10,311 1,412 1,768 8,330
-------- -------- ------- ------- ------- -------
Withdrawals from all plans (3,621) (2,752) (1,688) (428) (773) (2,187)
-------- -------- ------- ------- ------- -------
Transfers from EIP I 64,341 898
-------- -------- ------- ------- ------- -------
Interfund transfers, net (34,433) (34,490) 29,552 1,292 579 (2,017)
-------- -------- ------- ------- ------- -------
Increase (decrease) in assets for the year 45,682 (29,155) 39,878 3,053 2,879 9,552
Net assets:
Beginning of year 28,421 113,943 9,995 16,117 74,029
-------- -------- ------- ------- ------- -------
End of year $ 74,103 $ 84,788 $39,878 $13,048 $18,996 $83,581
======== ======== ======= ======= ======= =======
----------------------------------------------------------
Asset Fixed Loan
International Growth Allocation Income Fund Total
------------- ------ ---------- ------ ---- -----
Investment income:-
Interest and dividends $ $ $ $ $ $ 8,656
Net appreciation in fair value of:
Common stock 15,601
Government obligations 131
Registered investment companies 4,465 8,471 957 357 20,860
-------- -------- ------- ------- ------- --------
Net investment income 4,465 8,471 957 357 45,248
-------- -------- ------- ------- ------- --------
Contributions to all plans 3,329 13,943 2,407 1,304 47,601
-------- -------- ------- ------- ------- --------
Withdrawals from all plans (240) (1,460) (314) (56) (314) (13,833)
-------- -------- ------- ------- ------- --------
Transfers from EIP I 65,239
-------- -------- ------- ------- ------- --------
Interfund transfers, net 15,474 9,796 4,888 5,612 3,747
-------- -------- ------- ------- ------- --------
Increase (decrease) in assets for the year 23,028 30,750 7,938 7,217 3,433 144,255
Net assets:
Beginning of year 8,618 59,962 7,486 2,681 8,276 329,528
-------- -------- ------- ------- ------- --------
End of year $ 31,646 $ 90,712 $15,424 $ 9,898 $11,709 $473,783
======== ======== ======= ======= ======= ========
-17-
ADDITIONAL INFORMATION
----------------------
SCHEDULE I
----------
CATERPILLAR INC.
----------------
EMPLOYEES' INVESTMENT PLAN
--------------------------
ITEM 27a - SCHEDULE OF ASSETS
-----------------------------
HELD FOR INVESTMENT PURPOSES
----------------------------
NOVEMBER 30, 1994
-----------------
(Dollars in 000's)
(A) (B) (C) (D) (E)
Identity of issue, Description of investment, including
borrower, lessor maturity date, rate of interest, Current
or similar party collateral, par or maturity value Cost value
------------------- ------------------------------------------- --------- --------
* Caterpillar Inc. Common stock, 10,190,000 shares $300,297 $551,546
======== ========
U.S. Treasury Bill 1,000 maturity value, due December 15, 1994 $ 978 $ 998
U.S. Treasury Bill 100 maturity value, due December 8, 1994 98 100
U.S. Treasury Bill 275 maturity value, due December 22, 1994 269 274
U.S. Treasury Bill 1,180 maturity value, due December 29, 1994 1,153 1,176
U.S. Treasury Bill 700 maturity value, due January 12, 1995 684 696
U.S. Treasury Bill 2,500 maturity value, due February 2, 1995 2,440 2,476
U.S. Treasury Bill 1,230 maturity value, due March 16, 1995 1,199 1,210
U.S. Treasury Bill 1,600 maturity value, due March 23, 1995 1,558 1,572
U.S. Treasury Bill 225 maturity value, due April 6, 1995 219 220
U.S. Treasury Bill 185 maturity value, due April 20, 1995 180 181
U.S. Treasury Bill 113 maturity value, due April 27, 1995 110 110
U.S. Treasury Bill 1,590 maturity value, due May 11, 1995 1,545 1,547
-------- --------
$ 10,433 $ 10,560
======== ========
* Caterpillar Inc. 401(k) Master Trust $419,911 $496,440
======== ========
-18-
EXHIBIT C
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the incorporation by reference in the Registration
Statement on Forms S-8 (No. 33-3718, as amended, and No. 33-39280) of
Caterpillar Inc. of our report dated March 31, 1995 related to the financial
statements of the Employees' Investment Plan, which is included in this Annual
Report on Form 11-K.
We hereby consent to the incorporation by reference in the Registration
Statement on Forms S-8 (No. 2-97450, as amended, and No. 33-37353) of
Caterpillar Inc. of our report dated March 31, 1995 related to the financial
statements of the Savings and Investment Plan, which is included in this Annual
Report on Form 11-K.
We hereby consent to the incorporation by reference in the Registration
Statement on Form S-8 (No. 33-8003) of Caterpillar Inc. of our report dated
March 31, 1995 related to the financial statements of the Tax Deferred
Savings Plan, which is included in this Annual Report on Form 11-K.
PRICE WATERHOUSE LLP
Peoria, Illinois
March 31, 1995
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934 [Fee Required]
For the Fiscal Year Ended December 31, 1994
OR
TRANSITION REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934 [No Fee Required]
For the transition period from _____ to _____
Commission File Number 1-768
SAVINGS AND INVESTMENT PLAN
(Full title of the Plan)
CATERPILLAR INC.
(Name of issuer of the securities held
pursuant to the Plan)
100 NE ADAMS STREET, PEORIA, ILLINOIS 61629
(Address of principal executive offices)
REQUIRED INFORMATION
Item 1.
The audited statement of financial condition as of the end of the latest two
fiscal years of the Plan is attached hereto as Exhibit A.
Item 2.
The audited statement of income and changes in plan equity for each of the
latest two fiscal years of the Plan is attached hereto as Exhibit B.
Item 3.
The statements required by Items 1 and 2 have been prepared in accordance with
the applicable provisions of Article 6A of Regulation S-X.
Item 4.
The Consent of Independent Accountants is attached hereto as Exhibit C.
SOLAR TURBINES INCORPORATED
---------------------------
SAVINGS AND INVESTMENT PLAN
---------------------------
FINANCIAL STATEMENTS
--------------------
DECEMBER 31, 1994 AND 1993
--------------------------
REPORT OF INDEPENDENT ACCOUNTANTS
---------------------------------
March 31, 1995
To the Participants and
Plan Administrator of the
Solar Turbines Incorporated
Savings and Investment Plan
In our opinion, the accompanying statements of net assets available for
plan benefits with fund information of the Solar Turbines Incorporated
Savings and Investment Plan and the related statements of changes in net
assets available for plan benefits with fund information present fairly,
in all material respects, the net assets available for plan benefits as
of December 31, 1994 and 1993, and the changes in net assets available
for plan benefits for the years ended December 31, 1994 and 1993 in
conformity with generally accepted accounting principles. These financial
statements are the responsibility of the plan's management; our
responsibility is to express an opinion on these financial statements
based on our audits. We conducted our audits of these statements in
accordance with generally accepted auditing standards which require that
we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management,
and evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable basis for the opinion expressed
above.
Our audits were performed for the purpose of forming an opinion on the
basic financial statements taken as a whole. The Fund Information in the
statement of net assets available for plan benefits and the statement of
changes in net assets available for plan benefits is presented for
purposes of additional analysis rather than to present the net assets
available for plan benefits and changes in net assets available for plan
benefits of each fund. The Fund Information has been subjected to the
auditing procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly stated in all material respects
in relation to the basic financial statements taken as a whole.
Price Waterhouse LLP
EXHIBIT A
SOLAR TURBINES INCORPORATED
---------------------------
SAVINGS AND INVESTMENT PLAN
---------------------------
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION
-------------------------------------------------------------------------
DECEMBER 31, 1994
-----------------
(Dollars in 000's)
Preferred Group of Mutual Funds
---------------------------------------------------------------------
Catepillar Guaranteed
Common Investment Stable Short-
Stock Contract Principal Term Money Inter- Asset Fixed Loan
Fund Fund Fund Government Market Value national Growth Allocation Income Fund Total
---------- ---------- --------- ---------- ---------- ----- -------- ------- ---------- ------ ---- ------
Investment in
Caterpillar
Inc. 401(K)
Master Trust
(Note 4) $1,795 $883 $2,271 $382 $1,199 $929 $664 $1,816 $179 $131 $750 $10,999
====== ==== ====== ==== ====== ==== ==== ====== ==== ==== ==== =======
(See notes to financial statements)
- 2 -
SOLAR TURBINES INCORPORATED
---------------------------
SAVINGS AND INVESTMENT PLAN
---------------------------
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION
-------------------------------------------------------------------------
DECEMBER 31, 1993
-----------------
(Dollars in 000's)
Preferred Group of Mutual Funds
---------------------------------------------------------------------
Catepillar Guaranteed
Common Investment Stable Short-
Stock Contract Principal Term Money Inter- Asset Fixed Loan
Fund Fund Fund Government Market Value national Growth Allocation Income Fund Total
---------- ---------- --------- ---------- ---------- ----- -------- ------- ---------- ------ ---- ------
Investment in
Caterpillar
Inc. 401(K)
Master Trust
(Note 4) $701 $2,523 $1,104 $372 $819 $953 $442 $1,602 $131 $109 $485 $9,241
==== ====== ====== ==== ==== ==== ==== ====== ==== ==== ==== ======
(See notes to financial statements)
- 3 -
SOLAR TURBINES INCORPORATED
---------------------------
SAVINGS AND INVESTMENT PLAN
---------------------------
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND
------------------------------------------------------------------------
INFORMATION
-----------
FOR THE YEAR ENDED DECEMBER 31, 1994
------------------------------------
(Dollars in 000's)
Preferred Group of Mutual Funds
-------------------------------------------------------
Caterpillar Guaranteed
Common Investment Stable Short-
Stock Contract Principal Term Money Inter- Asset Fixed Loan
Fund Fund Fund Government Market Value national Growth Allocation Income Fund Total
---------- ---------- --------- ---------- ------ ----- -------- ------ ---------- ------ ---- -----
Employee contributions $ 435 $ $ 531 $ 83 $ 134 $ 167 $238 $ 437 $ 48 $ 34 $ $ 2,107
------ -------- ------ ---- ------ ----- ---- ------ ---- ---- ---- -------
Plan interest in net
investment gain (loss)
of Master Trust (Note 4) 185 85 55 (2) 38 5 6 (24) (5) (2) 79 420
------ -------- ------ ---- ------ ----- ---- ------ ---- ---- ---- -------
Withdrawals (136) (68) (253) (20) (98) (71) (23) (66) (16) (5) (13) (769)
Interfund transfers, net 610 (1,657) 834 (51) 306 (125) 1 (133) 21 (5) 199
------ -------- ------ ---- ------ ----- ---- ------ ---- ---- ---- -------
Withdrawals and
transfers, net 474 (1,725) 581 (71) 208 (196) (22) (199) 5 (10) 186 (769)
------ -------- ------ ---- ------ ----- ---- ------ ---- ---- ---- -------
Increase (decrease) in
net assets 1,094 (1,640) 1,167 10 380 (24) 222 214 48 22 265 1,758
Net assets:
Beginning of year 701 2,523 1,104 372 819 953 442 1,602 131 109 485 9,241
------ -------- ------ ---- ------ ----- ---- ------ ---- ---- ---- -------
End of year $1,795 $ 883 $2,271 $382 $1,199 $ 929 $664 $1,816 $179 $131 $750 $10,999
====== ======== ====== ==== ====== ===== ==== ====== ==== ==== ==== =======
(See notes to financial statements)
-4-
SOLAR TURBINES INCORPORATED
---------------------------
SAVINGS AND INVESTMENT PLAN
---------------------------
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND
------------------------------------------------------------------------
INFORMATION
-----------
FOR THE YEAR ENDED DECEMBER 31, 1993
------------------------------------
(Dollars in 000's)
Preferred Group of Mutual Funds
--------------------------------------------------------------------
Catepillar Guaranteed
Common Investment Stable Short-
Stock Contract Principal Term Money Inter- Asset Fixed Loan
Fund Fund Fund Government Market Value national Growth Allocation Income Fund Total
---------- ---------- --------- ---------- ---------- ----- -------- ------- ---------- ------ ---- ------
Employee
contri-
butions $ 145 $ $ 617 $ 94 $ 88 $ 166 $ 80 $ 368 $ 25 $ 21 $ $1,604
----- ------- ------ ---- ---- ----- ---- ------ ---- ---- ---- ------
Plan interest
in net invest-
ment gain of
Master Trust
(Note 4) 351 211 49 23 22 83 105 197 11 4 1,056
----- ------- ------ ---- ---- ----- ---- ------ ---- ---- ---- ------
Withdrawals (155) (313) (122) (43) (43) (69) (37) (78) (21) (39) (920)
Interfund
transfers,
net (30) (1,042) 560 1 (10) (85) 152 163 10 77 204
----- ------- ------ ---- ---- ----- ---- ------ ---- ---- --- ------
Withdrawals
and trans-
fers, net (185) (1,355) 438 (42) (53) (154) 115 85 (11) 77 165 (920)
----- ------- ------ ---- ---- ----- ---- ------ ---- ---- --- ------
Increase
(decrease)
in net
assets 311 (1,144) 1,104 75 57 95 300 650 25 102 165 1,740
Net assets:
Beginning
of year 390 3,667 297 762 858 142 952 106 7 320 7,501
----- ------- ------ ---- ---- ----- ---- ------ ---- ---- --- ------
End of year $ 701 $ 2,523 $1,104 $372 $819 $ 953 $442 $1,602 $131 $109 $485 $9,241
===== ======= ====== ==== ==== ===== ==== ====== ==== ==== ==== ======
(See notes to financial statements)
-5-
SOLAR TURBINES INCORPORATED
---------------------------
SAVINGS AND INVESTMENT PLAN
---------------------------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
NOTE 1 - PLAN DESCRIPTION:
- -------------------------
The following description of the Solar Turbines Incorporated Savings and
Investment Plan (the Plan) provides only general information. Participants
should refer to the Plan agreement for a more complete description of the Plan's
provisions.
General
- -------
The Plan is a defined contribution plan established by Solar Turbines
Incorporated (the Company) to enable eligible employees to defer a portion of
their compensation until retirement.
Participation
- -------------
Employees of the Company who meet certain age, service and citizenship or
residency requirements are eligible to participate in the Plan. Participation
commences upon an eligible employee's filing of an application with the Company.
Participant accounts
- --------------------
Accounts are maintained separately for each participant. The participant's
separate account is credited with the Participant's contribution as defined
below and an allocation of Plan earnings. Allocations of earnings are based on
participant account balances, as defined. The benefit to which a participant is
entitled is the benefit that can be provided from the participant's account.
Loan provisions
- ---------------
The Plan provides for participant loans against eligible participants' separate
account balances. Eligible employees obtain participant loans by filing a loan
application with the Company and receiving approval thereof. Loan amounts are
generally limited to the lesser of $50,000 or 50% of the individual
participant's account balance. Loan repayment terms may range from 6 to 117
months depending on the type of loan and bear interest at the prime interest
rate plus 1% rounded to the nearest whole per cent. Repayments, including
interest, are made through after-tax payroll deductions and are credited to the
individual participant's account balance. Loan transactions are treated as a
transfer to (from) the investment fund (from) to the Loan Fund.
-6-
Contributions
- -------------
Employee contributions are made through a pretax compensation deferral as
elected by participating employees, and are contributed to the Plan by the
employer. During 1994, the compensation deferral was limited to (a) the greater
of $4,500 or 4% of the employee's compensation (limited by the Internal Revenue
Code to $9,240 in 1994) for participants earning in excess of $60,530 or (b)
$9,240 for participants earning less than $60,530.
In 1993, the Plan was amended whereby the Company was not required to contribute
an additional amount equal to 1% of each employee's gross earnings. As such, no
employer contributions were made in 1994 or 1993.
Investment programs
- -------------------
Employees may elect to have their contributions invested in any combination of
the funds shown on the accompanying statements of changes in net assets
available for plan benefits with fund information.
Interfund transfers
- -------------------
Transfers of assets between investment funds are recorded net on the statement
of changes in net assets available for plan benefits with fund information.
Vesting, distribution and
- -------------------------
plan termination
- ----------------
Participants are fully vested in their employee contributions. Upon termination
of employment for any reason, including death, retirement or because of total
and permanent disability, or upon Plan termination, the balance or balances in
participants' accounts are distributable.
Administration
- --------------
The Plan is administered by the Vice President - Human Services Division of
Caterpillar Inc., and the Benefits Funds Committee of Caterpillar Inc. is
responsible for financial aspects of the Plan. Caterpillar Inc. and the Benefit
Funds Committee have entered into a trust agreement with The Northern Trust
Company to receive contributions, administer the assets of the trust and
distribute withdrawals pursuant to the Plan.
-7-
Federal income tax status
- -------------------------
The Internal Revenue Service has determined and informed the Company by letter
dated May 30, 1986, that the Plan and related trust are designed in accordance
with applicable sections of the Internal Revenue Code (IRC). The Plan has been
amended since receiving the determination letter; however, the Plan
administrator and the Plan's legal counsel believe that the Plan is designed and
is currently being operated in compliance with the applicable requirements of
the IRC.
NOTE 2 - SUMMARY OF SIGNIFICANT
- -------------------------------
ACCOUNTING POLICIES:
-------------------
Basis of accounting
- -------------------
The Plan is maintained on the accrual basis of accounting.
Investments
- -----------
The Guaranteed Investment Contracts are stated at contract value, which
approximates market, on December 31, 1994 and 1993, respectively. Other
investments are stated at quoted market prices or unit values based on quoted
market values at the close of business on December 31, 1994 and 1993,
respectively. Income from investments is recorded as earned.
Administrative expenses
- -----------------------
Trustee fees and certain investment costs are paid by Caterpillar Inc.
Administrative costs are paid by the Company.
Reclassification
- ----------------
Certain amounts in the December 31, 1993 statement of changes in net assets
available for plan benefits with fund information and the December 31, 1993
Master Trust summary of net assets and Master Trust summary of changes in net
assets have been reclassified to conform with the December 31, 1994
presentation.
NOTE 3 - UNIT VALUES:
- --------------------
The Plan assigns units to participants directing investments to any of the
Preferred Group of Mutual Funds, the Caterpillar Common Stock Fund and the
Stable Principal Fund. The unit values assigned by the Plan reflect the current
values of the individual funds. Total units held (in thousands) by the Plan and
their respective unit values at each month end are shown on the accompanying
schedule on the following page.
-8-
SOLAR TURBINES INCORPORATED - SAVINGS AND INVESTMENT PLAN
---------------------------------------------------------
NOTE 3 - UNIT VALUES
--------------------
DECEMBER 31, 1994
-----------------
(units in 000's)
January February March April May June July August September October November December
------- -------- ----- ----- ----- ----- ----- ------ --------- ------- -------- --------
CATERPILLAR COMMON
STOCK FUND:
Units 48 53 59 62 68 71 73 74 78 80 86 90
Unit value 18.78 19.50 20.21 19.81 19.32 18.13 19.56 20.77 19.53 21.42 19.47 19.87
STABLE PRINCIPAL FUND:
Units 197 200 186 181 185 191 201 200 201 200 200 227
Unit value 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
PREFERRED GROUP OF
MUTUAL FUNDS:-
Money Market:
Units 854 805 886 886 920 980 1,019 1,047 1,052 1,112 1,133 1,199
Unit value 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
Short-Term Govern-
ment:
Units 37 37 37 36 37 37 36 36 36 37 38 40
Unit value 10.09 9.98 9.98 9.81 9.78 9.77 9.80 9.78 9.73 9.70 9.60 9.57
Value:
Units 84 86 85 83 77 79 78 79 77 78 78 82
Unit value 11.87 11.68 11.27 11.54 11.59 11.33 11.50 12.09 11.87 11.99 11.49 11.27
Growth:
Units 129 132 123 121 123 126 123 125 126 123 125 134
Unit value 14.35 14.23 13.29 13.20 13.24 12.46 12.99 13.97 13.70 14.12 13.79 13.59
International:
Units 50 55 50 50 54 55 56 60 58 60 61 57
Unit value 12.90 12.58 12.04 12.43 12.42 12.02 12.73 13.04 12.63 12.93 12.57 11.58
Asset Allocation:
Units 14 15 17 17 17 18 18 18 18 20 17 17
Unit value 11.34 10.96 10.45 10.47 10.50 10.27 10.58 10.75 10.41 10.47 10.29 10.32
Fixed Income:
Units 9 9 12 12 12 13 12 11 13 13 13 14
Unit value 10.43 10.24 10.00 9.89 9.84 9.80 9.90 9.86 9.71 9.65 9.56 9.58
-9-
NOTE 4 - MASTER TRUST:
- ---------------------
Under a Master Trust agreement with The Northern Trust Company (the Trustee),
Part II of the Caterpillar Inc. Employees' Investment Plan, the Solar Turbines
Incorporated Savings and Investment Plan and the Caterpillar Inc. Tax Deferred
Savings Plan pool their investments in the Caterpillar Inc. 401(k) Master Trust
in exchange for a percentage of participation in the Master Trust.
The Master Trust invests in the Preferred Group of Mutual Funds which are
sponsored by Caterpillar Investment Management Ltd. (CIML), a wholly-owned
subsidiary of the Company. The Preferred Group of Mutual Funds are comprised of
the following:
Preferred Short-Term Government Fund
Preferred Money Market Fund
Preferred Value Fund
Preferred International Fund
Preferred Growth Fund
Preferred Asset Allocation Fund
Preferred Fixed Income Fund
CIML manages the Preferred Short-Term Government Fund. All other funds are
managed by unrelated investment managers. Caterpillar Securities, Inc., a
wholly-owned subsidiary of CIML, distributes the shares of the mutual funds to
the Master Trust.
The percentage of the Plan's participation in the Master Trust was determined
based on the December 31, 1994 and 1993 market values of net assets, as
accumulated by the Trustee for the investment funds of each plan. At December
31, 1994 and 1993, the Plan's pro rata interest in the quoted market values of
net assets of each of the funds of the Master Trust was as follows:
December 31,
--------------
1994 1993
------ ------
Caterpillar Inc. Common Stock Fund 1.29% 0.84%
Guaranteed Investment Contract Fund 2.82% 2.97%
Stable Principal Fund 3.16% 2.71%
Preferred Short-Term Government Fund 3.13% 2.78%
Preferred Money Market Fund 2.39% 4.15%
Preferred Value Fund 1.09% 1.11%
Preferred International Fund 1.00% 1.10%
Preferred Growth Fund 1.62% 1.68%
Preferred Asset Allocation Fund 0.87% 0.83%
Preferred Fixed Income Fund 0.95% 1.04%
Loan Fund 5.50% 4.09%
-10-
The net investment income or loss of the Master Trust is reflected in the
financial statements of the Plan based on the actual earnings of each investment
fund as allocated to the Plan based on average investment balances throughout
the year. Refer to pages 12 through 15 for an analyses of the net assets and
changes in net assets of the investments of the Master Trust as of December 31,
1994 and 1993.
Effective September 1, 1993, the Employees' Investment Plan was amended to allow
retirees or those participants eligible to retire to transfer funds from Part I
of the Employees' Investment Plan to Part II of the Employees' Investment Plan,
which maintains investments within the Master Trust.
-11-
SOLAR TURBINES INCORPORATED - SAVINGS AND INVESTMENT PLAN
---------------------------------------------------------
NOTE 4 - MASTER TRUST - SUMMARY OF NET ASSETS
---------------------------------------------
DECEMBER 31, 1994
-----------------
(Dollars in 000's)
Preferred Group of Mutual Funds
-------------------------------------------
Caterpillar Guaranteed
Common Investment Stable Short-
Stock Contract Principal Term Money
Fund Fund Fund Government Market Value
---- ---- ---- ---------- ------ -----
Investments, stated principally at
quoted market values or unit values
based on quoted market values:
Common stock $132,326 $ $ $ $ $
Registered investment companies 12,023 49,764 82,196
Common trust funds 5,494 11,502
Government obligations 43,267
Investment contracts with insurance companies 31,443 16,143
Participant loans
-------- ------- ------- ------- ------- -------
Total investments 137,820 31,443 70,912 12,023 49,764 82,196
Dividend and interest receivable 31 118 2,519
Transfers receivable from EIP I 1,062 16
Contributions receivable 380 634 98 240 631
Other receivable/(payable), net (4) (57) 200 57 138 7
-------- ------- ------- ------- ------- -------
Net assets $139,289 $31,386 $71,864 $12,178 $50,158 $85,353
======== ======= ======= ======= ======= =======
----------------------------------------------------------
Asset Fixed Loan
International Growth Allocation Income Fund Total
------------- ------ ---------- ------ ---- -----
Investments, stated principally at
quoted market values or unit values
based on quoted market values:
Common stock $ $ $ $ $ $132,326
Registered investment companies 62,475 110,183 19,684 13,611 349,936
Common trust funds 16,996
Government obligations 43,267
Investment contracts with insurance companies 47,586
Participant loans 13,627 13,627
------- -------- ------- ------- ------- --------
Total investments 62,475 110,183 19,684 13,611 13,627 603,738
Dividend and interest receivable 3,003 615 163 6,449
Transfers receivable from EIP I 1,078
Contributions receivable 769 1,199 213 138 4,302
Other receivable/(payable), net 57 122 361 76 957
------- -------- ------- ------- ------- --------
Net assets $66,304 $112,119 $20,421 $13,825 $13,627 $616,524
======= ======== ======= ======= ======= ========
-12-
SOLAR TURBINES INCORPORATED - SAVINGS AND INVESTMENT PLAN
---------------------------------------------------------
NOTE 4 - MASTER TRUST - SUMMARY OF NET ASSETS
---------------------------------------------
DECEMBER 31, 1993
-----------------
(Dollars in 000's)
Preferred Group of Mutual Funds
------------------------------------------------------
Caterpillar Guaranteed Short-
Common Investment Stable Term
Stock Contract Principal Govern- Money Inter- Asset Fixed Loan
Fund Fund Fund ment Market Value national Growth Allocation Income Fund Total
---- ---- ---- ------- ------ ----- -------- ------ ---------- ------ ---- -----
Investments, stated
principally at
quoted market values or
unit values based on
quoted market values:
Common stock $69,018 $ $ $ $ $ $ $ $ $ $ $ 69,018
Registered investment
companies 13,247 19,338 85,181 39,600 93,661 15,572 10,187 276,786
Common trust funds 3,707 2,763 612 7,082
Government obligations 16,939 16,939
Investment contracts
with insurance
companies 84,869 19,676 104,545
Participant loans 11,861 11,861
------- ------- -------- ------- ------- ------- ------- ------- ------- ------ ------ -------
Total investments 72,725 84,869 39,378 13,247 19,338 85,181 39,600 93,661 15,572 10,187 12,473 486,231
Dividend and interest
receivable 8 204 212
Transfers receivable
from EIP I 10,378 227 10,605
Contributions receivable 208 973 126 149 864 510 1,424 277 174 4,705
Other receivable/
(payable), net 60 (1) 179 12 13 89 39 180 15 22 (603) 5
------- ------- ------- ------- ------- ------- ------- ------ ------- ------- ------ -------
Net assets $83,379 $84,868 $40,734 $13,385 $19,727 $86,134 $40,149 $95,265 $15,864 $10,383 $11,870 $501,758
======= ======= ======= ======= ======= ======= ======= ======= ======= ======= ====== ========
-13-
SOLAR TURBINES INCORPORATED - SAVINGS AND INVESTMENT PLAN
---------------------------------------------------------
NOTE 4 - MASTER TRUST - SUMMARY OF CHANGES IN NET ASSETS
--------------------------------------------------------
FOR THE YEAR ENDED DECEMBER 31, 1994
------------------------------------
(Dollars in 000's)
Preferred Group of Mutual Funds
---------------------------------------------------------------
Caterpillar Guaranteed
Common Investment Stable Short-
Stock Contract Principal Term Money Inter- Asset Fixed Loan
Fund Fund Fund Government Market Value national Growth Allocation Income Fund Total
----------- ---------- --------- ---------- ------ ----- -------- ------ ---------- ------ ---- -----
Investment income
(loss):--
Interest and
dividends $ 1,212 $ 2,093 $ 4,170 $ $ $ $ $ $ $ $ 1,575 $ 9,050
Net
appreciation
(depreciation)
in fair value of:
Common stock 18,117 18,117
Government
obligations (2,101) (2,101)
Registered
investment
companies (158) 1,325 427 391 (1,616) (800) (424) (855)
-------- -------- ------- ------- ------- ------- ------- -------- ------- ------- ------- --------
Net investment
income (loss) 19,329 2,093 2,069 (158) 1,325 427 391 (1,616) (800) (424) 1,575 24,211
-------- -------- ------- ------- ------- ------- ------- -------- ------- ------- ------- --------
Contributions to
all plans 3,097 7,827 1,169 2,229 7,630 8,559 14,452 2,825 1,731 49,519
-------- -------- ------- ------- ------- ------- ------- -------- ------- ------- ------- --------
Withdrawals from
all plans (4,247) (1,430) (5,668) (510) (3,278) (1,997) (1,260) (1,904) (581) (362) (197) (21,434)
-------- -------- ------- ------- ------- ------- ------- -------- ------- ------- ------- --------
Transfers from
EIP I 61,904 566 62,470
-------- -------- ------- ------- ------- ------- ------- -------- ------- ------- ------- --------
Interfund transfers,
net (24,173) (54,145) 26,902 (1,708) 29,589 (6,841) 18,465 5,922 3,113 2,497 379
-------- -------- ------- ------- ------- ------- ------- -------- ------- ------- ------- --------
Increase (decrease)
in assets for
the year 55,910 (53,482) 31,130 (1,207) 30,431 (781) 26,155 16,854 4,557 3,442 1,757 114,766
Net assets:
Beginning of year 83,379 84,868 40,734 13,385 19,727 86,134 40,149 95,265 15,864 10,383 11,870 501,758
-------- -------- ------- ------- ------- ------- ------- -------- ------- ------- ------- --------
End of year $139,289 $ 31,386 $71,864 $12,178 $50,158 $85,353 $66,304 $112,119 $20,421 $13,825 $13,627 $616,524
======== ======== ======= ======= ======= ======= ======= ======== ======= ======= ======= ========
-14-
SOLAR TURBINES INCORPORATED - SAVINGS AND INVESTMENT PLAN
---------------------------------------------------------
NOTE 4 - MASTER TRUST - SUMMARY OF CHANGES IN NET ASSETS
--------------------------------------------------------
FOR THE YEAR ENDED DECEMBER 31, 1993
------------------------------------
(Dollars in 000's)
Preferred Group of Mutual Funds
-------------------------------------------
Caterpillar Guaranteed
Common Investment Stable Short-
Stock Contract Principal Term Money
Fund Fund Fund Government Market Value
---- ---- ---- ---------- ------ -----
Investment income:-
Interest and dividends $ 376 $ 6,511 $ 1,764 $ $ $
Net appreciation in fair value of:
Common stock 17,751
Government obligations 107
Registered investment companies 741 456 7,457
-------- -------- ------- ------- ------- -------
Net investment income 18,127 6,511 1,871 741 456 7,457
-------- -------- ------- ------- ------- -------
Contributions to all plans 3,358 662 11,285 1,390 1,932 8,485
-------- -------- ------- ------- ------- -------
Withdrawals from all plans (2,670) (4,102) (1,988) (429) (791) (2,345)
-------- -------- ------- ------- ------- -------
Transfers from EIP I 74,749 898
-------- -------- ------- ------- ------- -------
Interfund transfers, net (36,735) (34,403) 29,566 1,739 1,664 (3,104)
-------- -------- ------- ------- ------- -------
Increase (decrease) in assets for the year 56,829 (31,332) 40,734 3,441 4,159 10,493
Net assets:
Beginning of year 26,550 116,200 9,944 15,568 75,641
-------- -------- ------- ------- ------- -------
End of year $ 83,379 $ 84,868 $40,734 $13,385 $19,727 $86,134
======== ======== ======= ======= ======= =======
---------------------------------------------------
Asset Fixed Loan
International Growth Allocation Income Fund Total
------------- ------ ---------- ------ ---- -----
Investment income:-
Interest and dividends $ $ $ $ $ $ 8,651
Net appreciation in fair value of:
Common stock 17,751
Government obligations 107
Registered investment companies 7,534 11,818 1,034 433 29,473
-------- -------- ------- ------- ------- --------
Net investment income 7,534 11,818 1,034 433 55,982
-------- -------- ------- ------- ------- --------
Contributions to all plans 3,642 14,192 2,510 1,413 48,869
-------- -------- ------- ------- ------- --------
Withdrawals from all plans (311) (1,559) (403) (73) (174) (14,845)
-------- -------- ------- ------- ------- --------
Transfers from EIP I 75,647
-------- -------- ------- ------- ------- --------
Interfund transfers, net 19,575 7,320 4,904 5,952 3,522
-------- -------- ------- ------- ------- --------
Increase (decrease) in assets for the year 30,440 31,771 8,045 7,725 3,348 165,653
Net assets:
Beginning of year 9,709 63,494 7,819 2,658 8,522 336,105
-------- -------- ------- ------- ------- --------
End of year $ 40,149 $ 95,265 $15,864 $10,383 $11,870 $501,758
======== ======== ======= ======= ======= ========
-15-
EXHIBIT C
---------
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the incorporation by reference in the Registration
Statement on Forms S-8 (No. 33-3718, as amended, and No. 33-39280) of
Caterpillar Inc. of our report dated March 31, 1995 related to the financial
statements of the Employees' Investment Plan, which is included in this Annual
Report on Form 11-K.
We hereby consent to the incorporation by reference in the Registration
Statement on Forms S-8 (No. 2-97450, as amended, and No. 33-37353) of
Caterpillar Inc. of our report dated March 31, 1995 related to the financial
statements of the Savings and Investment Plan, which is included in this Annual
Report on Form 11-K.
We hereby consent to the incorporation by reference in the Registration
Statement on Form S-8 (No. 33-8003) of Caterpillar Inc. of our report dated
March 31, 1995 related to the financial statements of the Tax Deferred
Savings Plan, which is included in this Annual Report on Form 11-K.
PRICE WATERHOUSE LLP
Peoria, Illinois
March 31, 1995
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934 [Fee Required]
For the Fiscal Year Ended December 31, 1994
OR
TRANSITION REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934 [No Fee Required]
For the transition period from _____ to _____
Commission File Number 1-768
TAX DEFERRED SAVINGS PLAN
(Full title of the Plan)
CATERPILLAR INC.
(Name of issuer of the securities held
pursuant to the Plan)
100 NE ADAMS STREET, PEORIA, ILLINOIS 61629
(Address of principal executive offices)
REQUIRED INFORMATION
ITEM 1.
The audited statement of financial condition as of the end of the latest two
fiscal years of the Plan is attached hereto as Exhibit A.
ITEM 2.
The audited statement of income and changes in plan equity for each of the
latest two fiscal years of the Plan is attached hereto as Exhibit B.
ITEM 3.
The statements required by Items 1 and 2 have been prepared in accordance with
the applicable provisions of Article 6A of Regulation S-X.
ITEM 4.
The Consent of Independent Accountants is attached hereto as Exhibit C.
CATERPILLAR INC.
----------------
TAX DEFERRED SAVINGS PLAN
-------------------------
FINANCIAL STATEMENTS
--------------------
DECEMBER 31, 1994 AND 1993
--------------------------
REPORT OF INDEPENDENT ACCOUNTANTS
---------------------------------
March 31, 1995
To the Participants and
Plan Administrator of the
Caterpillar Inc.
Tax Deferred Savings Plan
In our opinion, the accompanying statements of net assets available for
plan benefits with fund information of the Caterpillar Inc. Tax Deferred
Savings Plan and the related statements of changes in net assets
available for plan benefits with fund information present fairly, in all
material respects, the net assets available for plan benefits as of
December 31, 1994 and 1993, and the changes in net assets available for
plan benefits for the years ended December 31, 1994 and 1993 in
conformity with generally accepted accounting principles. These financial
statements are the responsibility of the plan's management; our
responsibility is to express an opinion on these financial statements
based on our audits. We conducted our audits of these statements in
accordance with generally accepted auditing standards which require that
we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management,
and evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable basis for the opinion expressed
above.
Our audits were performed for the purpose of forming an opinion on the
basic financial statements taken as a whole. The Fund Information in the
statement of net assets available for plan benefits and the statement of
changes in net assets available for plan benefits is presented for
purposes of additional analysis rather than to present the net assets
available for plan benefits and changes in net assets available for plan
benefits of each fund. The Fund Information has been subject to the
auditing procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly stated in all material respects
in relation to the basic financial statements taken as a whole.
Price Waterhouse LLP
EXHIBIT A
---------
CATERPILLAR INC.
----------------
TAX DEFERRED SAVINGS PLAN
-------------------------
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION
-------------------------------------------------------------------------
DECEMBER 31, 1994
-----------------
(Dollars in 000's)
Preferred Group of Mutual Funds
----------------------------------------------------------------
Caterpillar Guaranteed
Common Investment Stable Short-
Stock Contract Principal Term Money Inter- Asset Fixed Loan
Fund Fund Fund Government Market Value national Growth Allocation Income Fund Total
----------- ---------- --------- ---------- ------ ----- -------- ------ ---------- ------ ---- -----
Investment in
Caterpillar
Inc. 401(K)
Master Trust
(Note 4) $14,425 $8,150 $20,744 $2,561 $6,058 $16,757 $9,467 $19,718 $2,628 $1,781 $2,950 $105,239
======= ====== ======= ====== ====== ======= ====== ======= ====== ====== ====== ========
(See notes to financial statements)
-2-
CATERPILLAR INC.
TAX DEFERRED SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION
DECEMBER 31, 1993
(Dollars in 000's)
[CAPTION]
Preferred Group of Mutual Funds
----------------------------------------------------------------
Caterpillar Guaranteed
Common Investment Stable Short-
Stock Contract Principal Term Money Asset Fixed Loan
Fund Fund Fund Government Market Value International Growth Allocation Income Fund Total
----------- ---------- ---------- ---------- ------ ----- ------------ ------ ----------- ------ ---- -----
Investment in
Caterpillar
Inc. 401(K)
Master Trust
(Note 4) $9,301 $21,896 $11,783 $2,884 $3,935 $16,625 $5,430 $17,148 $2,053 $1,494 $2,831 $95,380
====== ======= ======= ====== ====== ======= ====== ======= ====== ====== ====== =======
(See notes to financial statements)
-3-
EXHIBIT B
---------
CATERPILLAR INC.
----------------
TAX DEFERRED SAVINGS PLAN
-------------------------
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND
------------------------------------------------------------------------
INFORMATION
-----------
FOR THE YEAR ENDED DECEMBER 31, 1994
------------------------------------
(Dollars in 000's)
Caterpillar Guaranteed
Common Investment Stable
Stock Contract Principal
Fund Fund Fund
----------- ---------- ---------
Employee contri-
butions $ 996 $ $ 2,672
------- -------- -------
Plan interest in
net investment
income (loss) of
Master Trust
(Note 4) 2,311 569 596
------- -------- -------
Withdrawals (620) (605) (1,887)
Interfund trans-
fers, net 2,437 (13,710) 7,580
------- -------- -------
Withdrawals
and trans-
fers, net 1,817 (14,315) 5,693
------- -------- -------
Increase (decrease)
in net assets 5,124 (13,746) 8,961
Net assets:
Beginning of
year 9,301 21,896 11,783
------- -------- -------
End of year $14,425 $ 8,150 $20,744
======= ======== =======
Preferred Group of Mutual Funds
-----------------------------------------------------------------------
Short-
Term Money Asset Fixed Loan
Government Market Value International Growth Allocation Income Fund Total
---------- ------ ------- ------------- ------- ---------- ------ ------ --------
Employee contri-
butions $ 301 $ 605 $ 1,628 $1,723 $ 3,005 $ 572 $ 422 $ $ 11,924
------ ------ ------- ------ ------- ------ ------ ------ --------
Plan interest in
net investment
income (loss) of
Master Trust
(Note 4) (18) 204 95 69 (261) (59) (43) 308 3,771
------ ------ ------- ------ ------- ------ ------ ------ --------
Withdrawals (216) (345) (833) (373) (690) (83) (60) (124) (5,836)
Interfund trans-
fers, net (390) 1,659 (758) 2,618 516 145 (32) (65)
------ ------ ------- ------ ------- ------ ------ ------ --------
Withdrawals
and trans-
fers, net (606) 1,314 (1,591) 2,245 (174) 62 (92) (189) (5,836)
------ ------ ------- ------ ------- ------ ------ ------ --------
Increase (decrease)
in net assets (323) 2,123 132 4,037 2,570 575 287 119 9,859
Net assets:
Beginning of
year 2,884 3,935 16,625 5,430 17,148 2,053 1,494 2,831 95,380
------ ------ ------- ------ ------- ------ ------ ------ --------
End of year $2,561 $6,058 $16,757 $9,467 $19,718 $2,628 $1,781 $2,950 $105,239
====== ====== ======= ====== ======= ====== ====== ====== ========
(See notes to financial statements)
-4-
CATERPILLAR INC.
----------------
TAX DEFERRED SAVINGS PLAN
-------------------------
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND
------------------------------------------------------------------------
INFORMATION
-----------
FOR THE YEAR ENDED DECEMBER 31, 1993
------------------------------------
(Dollars in 000's)
Caterpillar Guaranteed
Common Investment Stable
Stock Contract Principal
Fund Fund Fund
----------- ---------- ---------
Employee contri-
butions $ 712 $ $ 4,313
------- -------- -------
Plan interest in
net investment
income of Master
Trust (Note 4) 5,046 1,744 585
------- -------- -------
Withdrawals (1,842) (845) (503)
Interfund trans-
fers, net (948) (11,114) 7,388
------- -------- -------
Withdrawals
and trans-
fers, net (2,790) (11,959) 6,885
------- -------- -------
Increase (decrease)
in net assets 2,968 (10,215) 11,783
Net assets:
Beginning of
year 6,333 32,111
------- -------- -------
End of year $ 9,301 $ 21,896 $11,783
======= ======== =======
Preferred Group of Mutual Funds
-----------------------------------------------------------------------------
Short-
Term Money Asset Fixed Loan
Government Market Value International Growth Allocation Income Fund Total
---------- ------ ------- ------------- ------- ---------- ------ ------ -------
Employee contri-
butions $ 365 $ 539 $ 1,981 $ 766 $ 3,265 $ 524 $ 303 $ $12,768
------ ------ ------- ------ ------- ------ ------ ------ -------
Plan interest in
net investment
income of Master
Trust (Note 4) 186 102 1,431 1,057 2,142 148 65 12,506
------ ------ ------- ------ ------- ------ ------ ------ -------
Withdrawals (146) (195) (380) (29) (299) (50) (2) (58) (4,349)
Interfund trans-
fers, net (257) 75 (484) 2,214 1,118 281 789 938
------ ------ ------- ------ ------- ------ ------ ------ -------
Withdrawals
and trans-
fers, net (403) (120) (864) 2,185 819 231 787 880 (4,349)
------ ------ ------- ------ ------- ------ ------ ------ -------
Increase (decrease)
in net assets 148 521 2,548 4,008 6,226 903 1,155 880 20,925
Net assets:
Beginning of
year 2,736 3,414 14,077 1,422 10,922 1,150 339 1,951 74,455
------ ------ ------- ------ ------- ------ ------ ------ -------
End of year $2,884 $3,935 $16,625 $5,430 $17,148 $2,053 $1,494 $2,831 $95,380
====== ====== ======= ====== ======= ====== ====== ====== =======
(See notes to financial statements)
-5-
CATERPILLAR INC.
----------------
TAX DEFERRED SAVINGS PLAN
-------------------------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
NOTE 1 - PLAN DESCRIPTION:
- -------------------------
The following description of the Caterpillar Inc. Tax Deferred Savings Plan
(the Plan) provides only general information. Participants should refer to the
Plan agreement for a more complete description of the Plan's provisions.
General
- -------
The Plan is a defined contribution plan established by Caterpillar Inc. (the
Company) to enable eligible employees of the Company and its subsidiaries (the
employers) which adopt the Plan to defer a portion of their compensation until
retirement.
Participation
- -------------
Employees under collective bargaining agreements to which the Plan is extended
who meet certain age, service and citizenship or residency requirements are
eligible to participate in the Plan. Participation commences upon an eligible
employee's filing of an application with the Company.
Participant accounts
- --------------------
Accounts are maintained separately for each participant. The participant's
separate account is credited with the participant's contribution as defined
below and an allocation of Plan earnings. Allocations of earnings are based on
participant account balances, as defined. The benefit to which a participant is
entitled is the benefit that can be provided from the participant's account.
Loan provisions
- ---------------
The Plan provides for participant loans against eligible participants' separate
account balances. Eligible employees obtain participant loans by filing a loan
application with the Company and receiving approval thereof. Loan amounts are
generally limited to the lesser of $50,000 or 50% of the individual
participant's account balance. Loan repayment terms may range from 6 to 117
months depending on the type of loan and bear interest at the prime interest
rate plus 1% rounded to the nearest whole per cent. Repayments, including
interest, are made through after-tax payroll deductions and are credited to the
individual participant's account balance. Loan transactions are treated as a
transfer to (from) the investment fund (from) to the Loan Fund.
Contributions
- -------------
Employee contributions are made through a pretax compensation deferral as
elected by participating employees, and are contributed to the Plan by the
employer. During 1994, the compensation deferral was limited to (a) the greater
of $4,500 or 4% of the employee's compensation (limited by the Internal Revenue
Code to $9,240 in 1994) for participants earning in excess of $60,530 or (b)
$9,240 for participants earning less than $60,530.
Investment programs
- -------------------
Employees may elect to have their contributions invested in any combination of
the funds shown on the accompanying statements of changes in net assets
available for plan benefits with fund information.
Interfund transfers
- -------------------
Transfers of assets between investment funds are recorded net on the statement
of changes in net assets available for plan benefits with fund information.
Vesting, distribution and
- -------------------------
plan termination
- ----------------
Participants are fully vested in their employee contributions. Upon
termination of employment for any reason, including death, retirement or because
of total and permanent disability, or upon Plan termination, the balance or
balances in participants' accounts are distributable.
Administration
- --------------
The Plan is administered by the Vice President - Human Services Division of
Caterpillar Inc., and the Benefits Funds Committee of Caterpillar Inc. is
responsible for financial aspects of the Plan. Caterpillar Inc. and the Benefit
Funds Committee have entered into a trust agreement with The Northern Trust
Company to receive contributions, administer the assets of the trust and
distribute withdrawals pursuant to the Plan.
Federal income tax status
- -------------------------
The Internal Revenue Service has determined and informed the Company by letter
in February 1988, that the Plan and related trust are designed in accordance
with applicable sections of the Internal Revenue Code (IRC). The Plan has been
amended since receiving the determination letter; however, the Plan
administrator and the Plan's legal counsel believe that the Plan is designed and
is currently being operated in compliance with the applicable requirements of
the IRC.
-7-
NOTE 2 - SUMMARY OF SIGNIFICANT
- -------------------------------
ACCOUNTING POLICIES:
-------------------
Basis of accounting
- -------------------
The Plan is maintained on the accrual basis of accounting.
Investments
- -----------
The Guaranteed Investment Contracts are stated at contract value, which
approximates market, on December 31, 1994 and 1993, respectively. Other
investments are stated at quoted market prices or unit values based on quoted
market values at the close of business on December 31, 1994 and 1993,
respectively. Income from investments is recorded as earned.
Administrative expenses
- -----------------------
Trustee fees and certain investment and administrative costs are paid by the
Company.
Reclassification
- ----------------
Certain amounts in the December 31, 1993 statement of changes in net assets
available for plan benefits with fund information and the December 31, 1993
Master Trust summary of net assets and Master Trust summary of changes in net
assets have been reclassified to conform with the December 31, 1994
presentation.
NOTE 3 - UNIT VALUES:
- --------------------
The Plan assigns units to participants directing investments to any of the
Preferred Group of Mutual Funds, the Caterpillar Common Stock Fund and the
Stable Principal Fund. The unit values assigned by the Plan reflect the current
values of the individual funds. Total units held (in thousands) by the Plan and
their respective unit values at each month end are shown on the accompanying
schedule on the following page.
-8-
CATERPILLAR INC. - TAX DEFERRED SAVINGS PLAN
--------------------------------------------
NOTE 3 - UNIT VALUES
--------------------
DECEMBER 31, 1994
-----------------
(units in 000's)
January February March April May June July August September October November December
------- -------- ----- ----- ----- ----- ----- ------ --------- ------- -------- --------
CATERPILLAR COMMON
STOCK FUND:
Units 571 591 570 619 628 623 635 626 652 648 706 726
Unit value 18.78 19.50 20.21 19.81 19.32 18.13 19.56 20.77 19.53 21.42 19.47 19.87
STABLE PRINCIPAL FUND:
Units 2,157 2,069 2,101 2,091 2,090 2,125 2,162 2,172 2,163 2,160 2,126 2,074
Unit value 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
PREFERRED GROUP OF
MUTUAL FUNDS:-
Money Market:
Units 3,971 3,917 4,931 5,081 5,106 5,431 5,526 5,928 5,690 6,135 5,723 6,058
Unit value 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
Short-Term Govern-
ment:
Units 287 277 278 270 272 275 272 275 273 272 264 268
Unit value 10.09 9.98 9.98 9.81 9.78 9.77 9.80 9.78 9.73 9.70 9.60 9.57
Value:
Units 1,476 1,436 1,439 1,436 1,440 1,454 1,458 1,447 1,446 1,450 1,440 1,487
Unit value 11.87 11.68 11.27 11.54 11.59 11.33 11.50 12.09 11.87 11.99 11.49 11.27
Growth:
Units 1,335 1,376 1,405 1,401 1,417 1,438 1,419 1,416 1,412 1,408 1,422 1,451
Unit value 14.35 14.23 13.29 13.20 13.24 12.46 12.99 13.97 13.70 14.12 13.79 13.59
International:
Units 632 735 724 742 769 780 798 803 788 795 779 818
Unit value 12.90 12.58 12.04 12.43 12.42 12.02 12.73 13.04 12.63 12.93 12.57 11.58
Asset Allocation:
Units 214 223 227 228 233 244 245 241 241 244 245 255
Unit value 11.34 10.96 10.45 10.47 10.50 10.27 10.58 10.75 10.41 10.47 10.29 10.32
Fixed Income:
Units 175 178 187 177 175 189 186 185 181 180 184 186
Unit value 10.43 10.24 10.00 9.89 9.84 9.80 9.90 9.86 9.71 9.65 9.56 9.58
-9-
NOTE 4 - MASTER TRUST:
- ---------------------
Under a Master Trust agreement with The Northern Trust Company (the Trustee),
Part II of the Caterpillar Inc. Employees' Investment Plan, the Solar Turbines
Incorporated Savings and Investment Plan and the Caterpillar Inc. Tax Deferred
Savings Plan pool their investments in the Caterpillar Inc. 401(k) Master Trust
in exchange for a percentage of participation in the Master Trust.
The Master Trust invests in the Preferred Group of Mutual Funds which are
sponsored by Caterpillar Investment Management Ltd. (CIML), a wholly-owned
subsidiary of the Company. The Preferred Group of Mutual Funds are comprised of
the following:
Preferred Short-Term Government Fund
Preferred Money Market Fund
Preferred Value Fund
Preferred International Fund
Preferred Growth Fund
Preferred Asset Allocation Fund
Preferred Fixed Income Fund
CIML manages the Preferred Short-Term Government Fund. All other funds are
managed by unrelated investment managers. Caterpillar Securities, Inc., a
wholly-owned subsidiary of CIML, distributes the shares of the mutual funds to
the Master Trust.
The percentage of the Plan's participation in the Master Trust was determined
based on the December 31, 1994 and 1993 market values of net assets, as
accumulated by the Trustee for the investment funds of each plan. At December
31, 1994 and 1993, the Plan's pro rata interest in the quoted market values of
net assets of each of the funds of the Master Trust was as follows:
December 31,
--------------
1994 1993
------ ------
Caterpillar Inc. Common Stock Fund 10.36% 11.15%
Guaranteed Investment Contract Fund 25.97% 25.80%
Stable Principal Fund 28.87% 28.93%
Preferred Short-Term Government Fund 21.03% 21.54%
Preferred Money Market Fund 12.08% 19.94%
Preferred Value Fund 19.63% 19.30%
Preferred International Fund 14.28% 13.53%
Preferred Growth Fund 17.59% 18.00%
Preferred Asset Allocation Fund 12.87% 12.94%
Preferred Fixed Income Fund 12.88% 14.39%
Loan Fund 21.65% 23.85%
-10-
The net investment income or loss of the Master Trust is reflected in the
financial statements of the Plan based on the actual earnings of each investment
fund as allocated to the Plan based on average investment balances throughout
the year. Refer to pages 12 through 15 for an analyses of the net assets and
changes in net assets of the investments of the Master Trust as of December 31,
1994 and 1993.
Effective September 1, 1993, the Employees' Investment Plan was amended to
allow retirees or those participants eligible to retire to transfer funds from
Part I of the Employees' Investment Plan to Part II of the Employees' Investment
Plan, which maintains investment funds within the Master Trust.
-11-
CATERPILLAR INC. - TAX DEFERRED SAVINGS PLAN
--------------------------------------------
NOTE 4 - MASTER TRUST - SUMMARY OF NET ASSETS
---------------------------------------------
DECEMBER 31, 1994
-----------------
(Dollars in 000's)
Preferred Group of Mutual Funds
-------------------------------------------
Caterpillar Guaranteed
Common Investment Stable Short-
Stock Contract Principal Term Money
Fund Fund Fund Government Market Value
---- ---- ---- ---------- ------ -----
Investments, stated principally at
quoted market values or unit values
based on quoted market values:
Common stock $132,326 $ $ $ $ $
Registered investment companies 12,023 49,764 82,196
Common trust funds 5,494 11,502
Government obligations 43,267
Investment contracts with insurance companies 31,443 16,143
Participant loans
-------- ------- ------- ------- ------- -------
Total investments 137,820 31,443 70,912 12,023 49,764 82,196
Dividend and interest receivable 31 118 2,519
Transfers receivable from EIP I 1,062 16
Contributions receivable 380 634 98 240 631
Other receivable/(payable), net (4) (57) 200 57 138 7
-------- ------- ------- ------- ------- -------
Net assets $139,289 $31,386 $71,864 $12,178 $50,158 $85,353
======== ======= ======= ======= ======= =======
---------------------------------------------------
Asset Fixed Loan
International Growth Allocation Income Fund Total
------------- ------ ---------- ------ ---- -----
Investments, stated principally at
quoted market values or unit values
based on quoted market values:
Common stock $ $ $ $ $ $132,326
Registered investment companies 62,475 110,183 19,684 13,611 349,936
Common trust funds 16,996
Government obligations 43,267
Investment contracts with insurance companies 47,586
Participant loans 13,627 13,627
------- -------- ------- ------- ------- --------
Total investments 62,475 110,183 19,684 13,611 13,627 603,738
Dividend and interest receivable 3,003 615 163 6,449
Transfers receivable from EIP I 1,078
Contributions receivable 769 1,199 213 138 4,302
Other receivable/(payable), net 57 122 361 76 957
------- -------- ------- ------- ------- --------
Net assets $66,304 $112,119 $20,421 $13,825 $13,627 $616,524
======= ======== ======= ======= ======= ========
-12-
CATERPILLAR INC. - TAX DEFERRED SAVINGS PLAN
--------------------------------------------
NOTE 4 - MASTER TRUST - SUMMARY OF NET ASSETS
---------------------------------------------
DECEMBER 31, 1993
-----------------
(Dollars in 000's)
Caterpillar Guaranteed
Common Investment Stable
Stock Contract Principal
Fund Fund Fund
----------- ---------- ---------
Investments, stated
principally at
quoted market values or
unit values
based on quoted market
values:
Common stock $69,018 $ $
Registered investment
companies
Common trust funds 3,707 2,763
Government obligations 16,939
Investment contracts with
insurance companies 84,869 19,676
Participant loans ------- -------- -------
Total investments 72,725 84,869 39,378
Dividend and interest
receivable 8 204
Transfers receivable from
EIP I 10,378
Contributions receivable 208 973
Other receivable/(payable),
net 60 (1) 179
------- ------- -------
Net assets $83,379 $84,868 $40,734
======= ======= =======
Preferred Group of Mutual Funds
---------------------------------------------------------------------------
Short-
Term Money Asset Fixed Loan
Government Market Value International Growth Allocation Income Fund Total
---------- ------ ----- ------------- ------ ---------- ------ ---- -----
Investments, stated
principally at
quoted market values or
unit values
based on quoted market
values:
Common stock $ $ $ $ $ $ $ $ $ 69,018
Registered investment
companies 13,247 19,338 85,181 39,600 93,661 15,572 10,187 276,786
Common trust funds 612 7,082
Government obligations 16,939
Investment contracts with
insurance companies 104,545
Participant loans 11,861 11,861
------- ------- ------- ------- ------- ------- ------- ------- --------
Total investments 13,247 19,338 85,181 39,600 93,661 15,572 10,187 12,473 486,231
Dividend and interest
receivable 212
Transfers receivable from
EIP I 227 10,605
Contributions receivable 126 149 864 510 1,424 277 174 4,705
Other receivable/(payable),
net 12 13 89 39 180 15 22 (603) 5
------- ------- ------- ------- ------- ------- ------- ------- --------
Net assets $13,385 $19,727 $86,134 $40,149 $95,265 $15,864 $10,383 $11,870 $501,758
======= ======= ======= ======= ======= ======= ======= ======= ========
-13-
CATERPILLAR INC. - TAX DEFERRED SAVINGS PLAN
--------------------------------------------
NOTE 4 - MASTER TRUST - SUMMARY OF CHANGES IN NET ASSETS
--------------------------------------------------------
FOR THE YEAR ENDED DECEMBER 31, 1994
------------------------------------
(Dollars in 000's)
Caterpillar Guaranteed
Common Investment Stable
Stock Contract Principal
Fund Fund Fund
----------- ----------- ---------
Investment income
(loss):-
Interest and dividends $ 1,212 $ 2,093 $ 4,170
Net appreciation
(depreciation)
in fair value of:
Common stock 18,117
Government obligations (2,101)
Registered
investment companies -------- ------- -------
Net investment
income (loss) 19,329 2,093 2,069
-------- ------- -------
Contributions to all
plans 3,097 7,827
-------- ------- -------
Withdrawals from all
plans (4,247) (1,430) (5,668)
-------- ------- -------
Transfers from EIP I 61,904
-------- ------- -------
Interfund transfers, net (24,173) (54,145) 26,902
-------- ------- -------
Increase (decrease) in
assets for the year 55,910 (53,482) 31,130
Net assets:
Beginning of year 83,379 84,868 40,734
-------- ------- -------
End of year $139,289 $31,386 $71,864
======== ======= =======
Preferred Group of Mutual Funds
--------------------------------------------------------------------------------
Short-
Term Money Asset Fixed Loan
Government Market Value International Growth Allocation Income Fund Total
---------- ------ ----- ------------- ------ ---------- ------ ---- -----
Investment income
(loss):-
Interest and dividends $ $ $ $ $ $ $ $ 1,575 $ 9,050
Net appreciation
(depreciation)
in fair value of:
Common stock 18,117
Government obligations (2,101)
Registered
investment companies (158) 1,325 427 391 (1,616) (800) (424) (855)
------- ------- ------- ------- -------- ------- -------- ------- --------
Net investment
income (loss) (158) 1,325 427 391 (1,616) (800) (424) 1,575 24,211
------- ------- ------- ------- -------- ------- -------- ------- --------
Contributions to all
plans 1,169 2,229 7,630 8,559 14,452 2,825 1,731 49,519
------- ------- ------- ------- -------- ------- -------- ------- --------
Withdrawals from all
plans (510) (3,278) (1,997) (1,260) (1,904) (581) (362) (197) (21,434)
------- ------- ------- ------- -------- ------- -------- ------- --------
Transfers from EIP I 566 62,470
------- ------- ------- ------- -------- ------- -------- ------- --------
Interfund transfers, net (1,708) 29,589 (6,841) 18,465 5,922 3,113 2,497 379
------- ------- ------- ------- -------- ------- -------- ------- --------
Increase (decrease) in
assets for the year (1,207) 30,431 (781) 26,155 16,854 4,557 3,442 1,757 114,766
Net assets:
Beginning of year 13,385 19,727 86,134 40,149 95,265 15,864 10,383 11,870 501,758
------- ------- ------- ------- -------- ------- -------- ------- --------
End of year $12,178 $50,158 $85,353 $66,304 $112,119 $20,421 $13,825 $13,627 $616,524
======= ======= ======= ======= ======== ======= ======= ======= ========
-14-
CATERPILLAR INC. - TAX DEFERRED SAVINGS PLAN
--------------------------------------------
NOTE 4 - MASTER TRUST - SUMMARY OF CHANGES IN NET ASSETS
--------------------------------------------------------
FOR THE YEAR ENDED DECEMBER 31, 1993
------------------------------------
(Dollars in 000's)
Preferred Group of Mutual Funds
-------------------------------------------
Caterpillar Guaranteed
Common Investment Stable Short-
Stock Contract Principal Term Money
Fund Fund Fund Government Market Value
---- ---- ---- ---------- ------ -----
Investment income:-
Interest and dividends $ 376 $ 6,511 $ 1,764 $ $ $
Net appreciation in fair value of:
Common stock 17,751
Government obligations 107
Registered investment companies 741 456 7,457
-------- -------- ------- ------- ------- -------
Net investment income 18,127 6,511 1,871 741 456 7,457
-------- -------- ------- ------- ------- -------
Contributions to all plans 3,358 662 11,285 1,390 1,932 8,485
-------- -------- ------- ------- ------- -------
Withdrawals from all plans (2,670) (4,102) (1,988) (429) (791) (2,345)
-------- -------- ------- ------- ------- -------
Transfers from EIP I 74,749 898
-------- -------- ------- ------- ------- -------
Interfund transfers, net (36,735) (34,403) 29,566 1,739 1,664 (3,104)
-------- -------- ------- ------- ------- -------
Increase (decrease) in assets for the year 56,829 (31,332) 40,734 3,441 4,159 10,493
Net assets:
Beginning of year 26,550 116,200 9,944 15,568 75,641
-------- -------- ------- ------- ------- -------
End of year $ 83,379 $ 84,868 $40,734 $13,385 $19,727 $86,134
======== ======== ======= ======= ======= =======
---------------------------------------------------
Asset Fixed Loan
International Growth Allocation Income Fund Total
------------- ------ ---------- ------ ---- -----
Investment income:-
Interest and dividends $ $ $ $ $ $ 8,651
Net appreciation in fair value of:
Common stock 17,751
Government obligations 107
Registered investment companies 7,534 11,818 1,034 433 29,473
-------- -------- ------- ------- ------- --------
Net investment income 7,534 11,818 1,034 433 55,982
-------- -------- ------- ------- ------- --------
Contributions to all plans 3,642 14,192 2,510 1,413 48,869
-------- -------- ------- ------- ------- --------
Withdrawals from all plans (311) (1,559) (403) (73) (174) (14,845)
-------- -------- ------- ------- ------- --------
Transfers from EIP I 75,647
-------- -------- ------- ------- ------- --------
Interfund transfers, net 19,575 7,320 4,904 5,952 3,522
-------- -------- ------- ------- ------- --------
Increase (decrease) in assets for the year 30,440 31,771 8,045 7,725 3,348 165,653
Net assets:
Beginning of year 9,709 63,494 7,819 2,658 8,522 336,105
-------- -------- ------- ------- ------- --------
End of year $ 40,149 $ 95,265 $15,864 $10,383 $11,870 $501,758
======== ======== ======= ======= ======= ========
-15-
EXHIBIT C
---------
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the incorporation by reference in the Registration
Statement on Forms S-8 (No. 33-3718, as amended, and No. 33-39280) of
Caterpillar Inc. of our report dated March 31, 1995 related to the financial
statements of the Employees' Investment Plan, which is included in this Annual
Report on Form 11-K.
We hereby consent to the incorporation by reference in the Registration
Statement on Forms S-8 (No. 2-97450, as amended, and No. 33-37353) of
Caterpillar Inc. of our report dated March 31, 1995 related to the financial
statements of the Savings and Investment Plan, which is included in this Annual
Report on Form 11-K.
We hereby consent to the incorporation by reference in the Registration
Statement on Form S-8 (No. 33-8003) of Caterpillar Inc. of our report dated
March 31, 1995 related to the financial statements of the Tax Deferred
Savings Plan, which is included in this Annual Report on Form 11-K.
PRICE WATERHOUSE LLP
Peoria, Illinois
March 31, 1995