i need help in finance valuation for psx company and i attached same paperwork from different company from last semester

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fin129-valuation.xlsx
Home>Business & Finance homework help>Financial markets homework help>i need help in finance valuation for psx company and i attached same paperwork from different company from last semester

NOPLAT,IC&FCF

Historical NOPLAT
2014 2013 2012 2011 2010
EBIT 5,461,400 6,224,700 4,734,400 4,222,800 3,025,200
Add amortization
Adjusted EBITA 5,461,400 6,224,700 4,734,400 4,222,800
Operating cash taxes -2,304,772 -1,094,467 -2,082,390 -1,946,528
NOPLAT 3,156,628 5,130,233 2,652,010 2,276,272
Operating Taxes on EBITA
Reported taxes 1,626,500 1,945,900 1,659,400 1,423,600
Tax shield on interest paid 225,096 263,903 273,980 253,640
Taxes on interest received 2,576 -36 -272,790 -256,512
Taxes on EBITA 1,854,172 2,209,767 1,660,590 1,420,728
Decrease/(increase) in deferred taxes 0 0 0 144,300
Decrease/(increase) in long-term deferred taxes 450,600 -1,115,300 421,800 381,500
Operating cash taxes 2,304,772 1,094,467 2,082,390 1,946,528
Reconciliation to net income 2014 2013 2012 2011
Net income 3,161,700 3,537,300 3,064,700 2,799,900
Increase/(decrease) in deferred taxes 0 0 0 -144,300
Increase/(decrease) in long-term deferred taxes -450,600 1,115,300 -421,800 -381,500
Adjusted net income 2,711,100 4,652,600 2,642,900 2,274,100
After-tax interest paid 438,904 477,397 508,820 505,760
Loss (gain) from discontinued operations 1,600 300 6,900 7,900
Total income available to all investors 3,151,604 5,130,297 3,158,620 2,787,760
After-tax interest received 5,024 -64 -506,610 -511,488
NOPLAT 3,156,628 5,130,233 2,652,010 2,276,272
check Row 7 = Row 27? 0.00 0.00 0.00 0.00 0.00
Historical Invested Capital
2014 2013 2012 2011 2010
Cash and cash equivalents 3,787,000 3,504,000 4,652,200 3,647,200 3,790,600
Accounts receivable 3,277,600 3,758,200 3,799,100 3,294,500 24,349,100
Inventories 4,209,700 4,934,700 5,170,000 4,370,600 3,063,000
Other current assets 33,555,000 31,281,000 27,627,300 24,207,100 1,936,200
Operating Current Assets 44,829,300 43,477,900 41,248,600 35,519,400 33,138,900
Accounts payable 0 0 2,481,000 2,351,000 2,383,000
Accrued expenses 0 0 3,712,000 4,571,000 3,817,700
Income taxes payable 0 0 0 166,000 154,000
Deferred revenues 0 0 452,000 345,000 0
Other current liabilities 8,655,100 9,080,500 2,479,100 489,500 330,500
Operating Current Liabilities 8,655,100 9,080,500 9,124,100 7,922,500 6,685,200
Operating working capital 36,174,200 34,397,400 32,124,500 27,596,900 26,453,700
Net property, plant and equipment 9,593,300 5,466,900 7,539,700 6,502,300 3,790,700
Other non-current assets 1,496,900 4,931,900 1,465,300 1,180,500 2,125,400
Intangible assets 68,800 77,100 105,000 127,400 117,000
Goodwill 791,200 844,800 921,200 999,800 998,600
Operating invested capital 48,124,400 45,718,100 42,155,700 36,406,900 33,485,400
Non-operating assets
Prepaid pension benefit 262,000 551,100 20,200 30,400 146,700
Short-term investments 1,215,100 1,624,800 1,470,400 787,300 227,900
Long-term investments 303,200 221,400 215,000 201,700 244,500
Total funds invested 49,904,700 48,115,400 43,861,300 37,426,300 34,104,500
2014 2013 2012 2011 2010
Short-term borrowings 12,577,700 12,898,000 9,967,300 9,629,700 7,534,500
Long-term liabilities 24,380,700 21,577,700 22,453,100 16,959,900 16,814,500
Pensions and other benefits 6,496,500 5,416,700 7,694,800 6,712,100 5,784,900
Other long-term liabilities 0 120,400 164,500 168,300 0
Debt & debt equivalents (interest-bearing debts) 43,454,900 40,012,800 40,279,700 33,470,000 30,133,900
Deferred income taxes (net of deferred taxes- assets) -2,615,700 -2,165,100 -3,280,400 -2,858,600 -2,332,800
Minority Interest 2,900 1,900 19,900 14,600 13,100
Net common stock and paid-in-capital 3,675,400 3,524,200 3,352,200 3,251,700 3,106,300
Retained earnings 22,004,400 19,645,600 16,875,200 14,519,400 12,353,100
Treasury stock -12,834,200 -10,210,900 -8,813,800 -7,292,800 -5,789,500
Accumulated comprehensive income -3,783,000 -2,693,100 -4,571,500 -3,678,000 -3,379,600
Equity & equity equivalents 6,449,800 8,102,600 3,581,600 3,956,300 3,970,600
Total funds invested 49,904,700 48,115,400 43,861,300 37,426,300 34,104,500
check Row 54 = Row 69? 0.00 0.00 0.00 0.00 0.00
2014 2013 2012 2011 2010
ROIC (including goodwill) 6.90% 12.17% 7.28% 6.80%
Stock's closing price 85.54 81.84 85.44 75.90 76.80
Shares outstanding 363,000 385,300 397,100 417,400 424,000
Market capitalization of equity 31,051,020 31,532,952 33,928,224 31,680,660 32,563,200
Interest-bearing debt 43,454,900 40,012,800 40,279,700 33,470,000 30,133,900
Enterprise value=interest-bearing debt+Market cap of equity 74,505,920 71,545,752 74,207,924 65,150,660 62,697,100
EBITDA multiple =EV/EBITDA 11.01 9.71 12.93 12.68 15.91
Historical Free Cash Flows
2014 2013 2012 2011 2010
NOPLAT 3,156,628 5,130,233 2,652,010 2,276,272
Depreciation 1,306,500 1,140,300 1,004,200 914,900 914,800
Gross cash flow 4,463,128 6,270,533 3,656,210 3,191,172
(Increase)/decrease in operating working capital -1,776,800 -2,272,900 -4,527,600 -1,143,200
Capital expenditures -5,432,900 932,500 -2,041,600 -3,626,500
(Increase)/decrease in other assets 3,435,000 -3,466,600 -284,800 944,900
(Increase)/decrease in intangibles and goodwill 61,900 104,300 101,000 -11,600
Increase (decrease) in accumulated comprehensive income -1,089,900 1,878,400 -893,500 -298,400
Gross investment -4,802,700 -2,824,300 -7,646,500 -4,134,800
Free Cash flow -339,572 3,446,233 -3,990,290 -943,628
After-tax interest received -5,024 64 506,610 511,488
(Increase)/decrease in prepaid pension benefit 289,100 -530,900 10,200 116,300
(Increase) /decrease in short-term investments 409,700 -154,400 -683,100 -559,400
(Increase) /decrease in long term investments -81,800 -6,400 -13,300 42,800
Discontinued operations ("-" for expense and "+" for income) -1,600 -300 -6,900 -7,900
Cash flows to investors 270,804 2,754,297 -4,176,780 -840,340
2,003 2,002 2,001 2,000
Financing flows
After-tax interest expense 438,904 477,397 508,820 505,760
Decrease/(increase) in debt -3,442,100 266,900 -6,809,700 -3,336,100
Flows to debt holders -3,003,196 744,297 -6,300,880 -2,830,340
Minority interests (gain) from income statement 0 0 0 0
Decrease (Increase) in minority interest -1,000 18,000 -5,300 -1,500
Dividends (or adjustments to retained earnings) 802,900 766,900 708,900 633,600
Net shares repurchased (issued) 2,472,100 1,225,100 1,420,500 1,357,900
Flows to equity holders 3,274,000 2,010,000 2,124,100 1,990,000
Cash flows available to investors 270,804 2,754,297 -4,176,780 -840,340
check Row 100 = Row 113? 0.00 0.00 0.00 0.00 0.00

Enterprise DCF Model

Spredasheet Valuation of Walco Company
t=0 t=1 t=2 t=3 t=4 t=5 t=6 t=7 t=8 t=9 t=10 t=11
2014 2015E 2016E 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E
Panel A. Operating Assumptions
EBIT/Sales 15.14% 15.30% 15.00% 14.50% 14.50% 14.50% 14.00% 14.00% 14.00% 14.00% 14.00% 14.00%
NOPLAT/Sales 9.72% 9.83% 9.63% 9.31% 9.31% 9.31% 8.99% 8.99% 8.99% 8.99% 8.99% 8.99%
Depreciaton/Sales 3.62% 3.62% 3.62% 3.62% 3.62% 3.62% 3.30% 3.30% 2.95% 2.95% 2.95% 2.95%
Working capital/Sales 100.30% 95.00% 95.00% 95.00% 95.00% 95.00% 93.50% 93.50% 93.50% 93.50% 93.50% 93.50%
Working capital 36,174,200 33,201,385 32,470,954 33,120,373 34,113,985 35,137,404 35,239,672 35,521,590 35,805,763 36,092,209 36,380,946 36,671,994
Capital expenditures/Sales 15.06% 10.00% 8.60% 6.20% 6.20% 5.40% 5.40% 4.80% 4.80% 4.80% 4.80% 4.80%
Other assets/Sales 4.15% 4.06% 4.06% 4.00% 4.00% 4.00% 4.00% 4.00% 3.94% 3.94% 3.94% 3.94%
Other assets 1,496,900 1,418,922 1,387,706 1,394,542 1,436,378 1,479,470 1,507,580 1,519,640 1,508,820 1,520,891 1,533,058 1,545,323
Free cash flow/Sales -16.17% 12.18% 6.88% 4.85% 3.85% 4.65% 6.54% 6.72% 6.43% 6.37% 6.37% 6.37%
Panel B. Inputs for Present Value Calculations
1 Sales 36,066,900 34,948,826 34,179,952 34,863,551 35,909,457 36,986,741 37,689,489 37,991,005 38,294,933 38,601,293 38,910,103 39,221,384
2 Sales growth rate -4.57% -3.10% -2.20% 2.00% 3.00% 3.00% 1.90% 0.80% 0.80% 0.80% 0.80% 0.80%
3 EBIT 5,461,400 5,347,170 5,126,993 5,055,215 5,206,871 5,363,077 5,276,529 5,318,741 5,361,291 5,404,181 5,447,414 5,490,994
4 Marginal tax rate 35.78% 35.78% 35.78% 35.78% 35.78% 35.78% 35.78% 35.78% 35.78% 35.78% 35.78% 35.78%
5 Income taxes 1,954,089 1,913,218 1,834,438 1,808,756 1,863,019 1,918,909 1,887,942 1,903,045 1,918,270 1,933,616 1,949,085 1,964,678
6 NOPLAT 3,507,311 3,433,953 3,292,555 3,246,459 3,343,853 3,444,168 3,388,587 3,415,695 3,443,021 3,470,565 3,498,330 3,526,316
7 + Depreciaiton 1,306,500 1,265,999 1,238,147 1,262,909 1,300,797 1,339,821 1,243,753 1,253,703 1,129,701 1,138,738 1,147,848 1,157,031
8 - Change in working capital -1,776,800 2,972,815 730,430 -649,419 -993,611 -1,023,420 -102,268 -281,917 -284,173 -286,446 -288,738 -291,048
9 - Capital expenditures -5,432,900 -3,494,883 -2,939,476 -2,161,540 -2,226,386 -1,997,284 -2,035,232 -1,823,568 -1,838,157 -1,852,862 -1,867,685 -1,882,626
10 + - Change in other assets -3,435,000 77,978 31,216 -6,836 -41,836 -43,091 -28,110 -12,061 10,820 -12,071 -12,167 -12,264
11 Free cash flow -5,830,889 4,255,862 2,352,872 1,691,573 1,382,816 1,720,194 2,466,729 2,551,852 2,461,212 2,457,924 2,477,588 2,497,409
12 WACC 5.54% 5.54% 5.54% 5.54% 5.54% 5.54% 5.54% 5.54% 5.54% 5.54% 5.54%
13 Discount factor 1.0554049965 1.1138797066 1.1755942078 1.2407280007 1.3094705312 1.3820217414 1.4585926511 1.5394059718 1.6246967542 1.7147130722
14 Present value 4032444.03 2112321.63 1438909.12 1114519.61 1313656.21 1784869.94 1749530.41 1598806.14 1512851.21 1444899.37
Panel C. Valuation Calculations
Risk-Free Rate 2.40% Survey
Beta Levered 1.65 1 PV of FCF, 2013-2022 18,102,808 Enterprise value 57,281,048 Unlevered beta 0.6874932603
Equity Risk Premium 5.70% Survey 2 PV of continuing value (CV10)) 37,397,940 Value of debt 43,454,900 cost of unlevered equity 6.32%
Cost of Equity 11.80% 3 Non-operating assets 1,780,300 Value of equity 13,826,148
Cost of Debt (Before Tax) 1.66% 4 Enterprise value 57,281,048 Shares outstanding 363,000
Cost of Debt (After Tax) 1.07% 5 RONIC 5.80% Intrinsic share price 38.09
Capital Structure, % Equity 41.68% Stock was undervalued -55%
Base WACC 5.54%
Relative valuation:
1 PV of FCF, 2013-2022 18,102,808 Enterprise value 58,345,884 2016 EPS Estimate= 5.4 ValueLine
Capital structure Total Weight 2 PV of continuing value (CV10) 38,462,776 Value of debt 43,454,900 Long-term average P/E= 14 ValueLine
Interest-bearing debt 43,454,900 58.32% 3 Non-operating assets 1,780,300 Value of equity 14,890,984 Estimated 2016 price = 75.6
MV of equity 31,051,020 41.68% 4 Enterprise value 58,345,884 Shares outstanding 363,000 Dividends in 2015 (year 1)= 2.52 ValueLine
Debt+equity=EV 74,505,920 100.00% Intrinsic share price 41.02 Dividends in 2016 (year 2)= 2.69 ValueLine
Stock was undervalued -52% Intrinsic Share Price 64.89
2012 EV/EBITDA multiple 11.01
2022 EV/EBITDA multiple 10.00 Stock price on Oct 31, 2014 = 85.54
Panel D. Sensitivity Analysis
Cuurent inputs:
Expected growth rate in perpetuity g= 0.80% 1. Enter the value of intrinsic share price in Cell N35 at Cell D54
RONIC = 5.80% 2. Enter a value range for two varaiables and block D54:K61
Market risk premium = 5.70% 3. Click Data|What-If Analysis|Data Table
Intrinsic value = 38.09 4. Insert both row and column inputs into Data Table
RONIC
38.09 8.5% 9.0% 9.5% 10.0% 10.5% 11.0% 11.5%
g 4.4% 190.07 205.40 219.11 231.45 242.61 252.76 262.03
4.6% 230.55 250.05 267.50 283.20 297.41 310.33 322.12
4.8% 292.81 318.75 341.97 362.86 381.76 398.95 414.64
5.0% 401.02 438.19 471.45 501.38 528.45 553.07 575.55
5.2% 636.18 697.77 752.88 802.48 847.35 888.15 925.40
5.4% 1540.36 1695.96 1835.18 1960.48 2073.84 2176.90 2271.00
5.6% -3632.87 -4015.35 -4357.57 -4665.56 -4944.22 -5197.55 -5428.86
Market Risk Premium
38.09 4.9% 5.1% 5.3% 5.5% 5.7% 5.9% 6.1%
g 4.4% 195.96 143.47 107.60 81.51 61.67 46.06 33.45
4.6% 274.65 182.40 128.18 92.47 67.14 48.22 33.54
4.8% 517.94 268.44 166.21 110.50 75.41 51.24 33.56
5.0% -9475.07 622.43 261.08 146.15 89.58 55.87 33.45
5.2% -387.30 -988.59 933.47 251.46 120.07 64.14 33.09
5.4% -176.28 -229.99 -392.96 14354.31 236.53 83.89 32.10
5.6% -103.55 -114.01 -132.85 -177.61 -427.96 203.43 28.76

&"Times New Roman,斜體"&10Attachment 2. Valuation FCFE

Financial Statements - DE

Deere & Company's Income Statements
for the Years Ended October 31 (Dollars in Thousands, except per share data) Common-Size Analysis
2014 2013 2012 2011 2010 2014 2013 2012 2011 2010 Morning Star (Non-Adjusted) Check
Revenue 36,066,900 37,795,400 36,157,100 32,012,500 26,004,600 100.00% 100.00% 100.00% 100.00% 100.00% 36066900 37795400 36157100 32012500 26004600 0 0 0 0 0
Cost of revenue 24,775,800 25,667,300 25,129,800 22,034,400 17,742,800 68.69% 67.91% 69.50% 68.83% 68.23% 24775800 25667300 25129800 22034400 17742800 0 0 0 0 0
Gross profit 11,291,100 12,128,100 11,027,300 9,978,100 8,261,800 31.31% 32.09% 30.50% 31.17% 31.77% 11291100 12128100 11027300 9978100 8261800 0 0 0 0 0
Research and development 1,452,000 1,477,300 1,433,600 1,226,200 1,052,400 4.03% 3.91% 3.96% 3.83% 4.05% 1452000 1477300 1433600 1226200 1052400 0 0 0 0 0
Sales, General and administrative 3,608,400 3,952,500 3,662,000 3,361,700 2,968,700 10.00% 10.46% 10.13% 10.50% 11.42% 3608400 3952500 3662000 3361700 2968700 0 0 0 0 0
Other operating expenses 769,300 473,600 1,197,300 1,167,400 1,215,500 2.13% 1.25% 3.31% 3.65% 4.67% 769300 473600 1197300 1167400 1215500 0 0 0 0 0
Total operating expenses 5,829,700 5,903,400 6,292,900 5,755,300 5,236,600 16.16% 15.62% 17.40% 17.98% 20.14% 5829700 5903400 6292900 5755300 5236600 0 0 0 0 0
EBIT= Operating income 5,461,400 6,224,700 4,734,400 4,222,800 3,025,200 15.14% 16.47% 13.09% 13.19% 11.63% 5461400 6224700 4734400 4222800 3025200 0 0 0 0 0
Interest Expense 664,000 741,300 782,800 759,400 811,400 1.84% 1.96% 2.16% 2.37% 3.12% 664000 741300 782800 759400 811400 0 0 0 0 0
Other income (expense) -7,600 100 779,400 768,000 822,100 -0.02% 0.00% 2.16% 2.40% 3.16% 782800 759400 811400 -7600 100 -3400 8600 10700
Net interest income -671,600 -741,200 -3,400 8,600 10,700 -1.86% -1.96% -0.01% 0.03% 0.04% -664000 -741300 0 0 0 -7600 100 -3400 8600 10700
Income before taxes 4,789,800 5,483,500 4,731,000 4,231,400 3,035,900 13.28% 14.51% 13.08% 13.22% 11.67% 4797400 5483400 4734400 4222800 3025200 -7600 100 -3400 8600 10700
Provision for income taxes 1,626,500 1,945,900 1,659,400 1,423,600 1,161,600 4.51% 5.15% 4.59% 4.45% 4.47% 1626500 1945900 1659400 1423600 1161600 0 0 0 0 0
Other income 0 0 0 0 0 0.00% 0.00% 0.00% 0.00% 0.00% -7600 100 -3400 8600 10700 7600 -100 3400 -8600 -10700
Net income from continuing operations 3,163,300 3,537,600 3,071,600 2,807,800 1,874,300 8.77% 9.36% 8.50% 8.77% 7.21% 3163300 3537600 3071600 2807800 1874300 0 0 0 0 0
Other -1,600 -300 -6,900 -7,900 -9,300 -0.00% -0.00% -0.02% -0.02% -0.04% -1600 -300 -6900 -7900 -9300 0 0 0 0 0
Net income 3,161,700 3,537,300 3,064,700 2,799,900 1,865,000 8.77% 9.36% 8.48% 8.75% 7.17% 3161700 3537300 3064700 2799900 1865000 0 0 0 0 0
Earnings per share:
Basic 8.71 9.18 7.72 6.71 4.4
Diluted 8.63 9.09 7.63 6.63 4.35
Sales growth rate -4.57% 4.53% 12.95% 23.10%
Marginal tax rate 33.90% 35.60% 35.00% 33.40% 41.00% ValueLine
Deere & Company's Balance Sheet
for the Years Ended October 31 (Dollars in Thousands) Common-Size Analysis - Divided by Sales
2014 2013 2012 2011 2010 2014 2013 2012 2011 2010 Morning Star (Non-Adjusted) Check
Cash and cash equivalents 3,787,000 3,504,000 4,652,200 3,647,200 3,790,600 10.50% 9.27% 12.87% 11.39% 14.58% 3787000 3504000 4652200 3647200 3790600 0 0 0 0 0
Short-term investments 1,215,100 1,624,800 1,470,400 787,300 227,900 3.37% 4.30% 4.07% 2.46% 0.88% 1215100 1624800 1470400 787300 227900 0 0 0 0 0
Total Cash 5,002,100 5,128,800 6,122,600 4,434,500 4,018,500 13.87% 13.57% 16.93% 13.85% 15.45% 5002100 5128800 6122600 4434500 4018500 0 0 0 0 0
Receivables 3,277,600 3,758,200 3,799,100 3,294,500 24,349,100 9.09% 9.94% 10.51% 10.29% 93.63% 3277600 3758200 3799100 3294500 24349100 0 0 0 0 0
Inventories 4,209,700 4,934,700 5,170,000 4,370,600 3,063,000 11.67% 13.06% 14.30% 13.65% 11.78% 4209700 4934700 5170000 4370600 3063000 0 0 0 0 0
Other current assets 33,555,000 31,281,000 27,627,300 24,207,100 1,936,200 93.04% 82.76% 76.41% 75.62% 7.45% 33555000 31281000 27627300 24207100 1936200 0 0 0 0 0
Total current assets 46,044,400 45,102,700 42,719,000 36,306,700 33,366,800 127.66% 119.33% 118.15% 113.41% 128.31% 46044400 45102700 42719000 36306700 33366800 0 0 0 0 0
Gross property, plant and equipment 15,344,500 11,126,000 12,838,800 11,658,300 8,690,700 42.54% 29.44% 35.51% 36.42% 33.42% 15344500 11126000 12838800 11658300 8690700 0 0 0 0 0
Accumulated Depreciation -5,751,200 -5,659,100 -5,299,100 -5,156,000 -4,900,000 -15.95% -14.97% -14.66% -16.11% -18.84% -5751200 -5659100 -5299100 -5156000 -4900000 0 0 0 0 0
Net property, plant and equipment 9,593,300 5,466,900 7,539,700 6,502,300 3,790,700 26.60% 14.46% 20.85% 20.31% 14.58% 9593300 5466900 7539700 6502300 3790700 0 0 0 0 0
Equity and other investments 303,200 221,400 215,000 201,700 244,500 0.84% 0.59% 0.59% 0.63% 0.94% 303200 221400 215000 201700 244500 0 0 0 0 0
Goodwill 791,200 844,800 921,200 999,800 998,600 2.19% 2.24% 2.55% 3.12% 3.84% 791200 844800 921200 999800 998600 0 0 0 0 0
Intangible assets 68,800 77,100 105,000 127,400 117,000 0.19% 0.20% 0.29% 0.40% 0.45% 68800 77100 105000 127400 117000 0 0 0 0 0
Deferred income taxes 2,776,600 2,325,400 3,280,400 2,858,600 2,477,100 7.70% 6.15% 9.07% 8.93% 9.53% 2776600 2325400 3280400 2858600 2477100 0 0 0 0 0
Prepaid pension benefit 262,000 551,100 20,200 30,400 146,700 0.73% 1.46% 0.06% 0.09% 0.56% 262000 551100 20200 30400 146700 0 0 0 0 0
Other long-term assets 1,496,900 4,931,900 1,465,300 1,180,500 2,125,400 4.15% 13.05% 4.05% 3.69% 8.17% 1496900 4931900 1465300 1180500 2125400 0 0 0 0 0
Total assets 61,336,400 59,521,300 56,265,800 48,207,400 43,266,800 170.06% 157.48% 155.61% 150.59% 166.38% 61336400 59521300 56265800 48207400 43266800 0 0 0 0 0
Short-term debt 12,577,700 12,898,000 9,967,300 9,629,700 7,534,500 34.87% 34.13% 27.57% 30.08% 28.97% 12577700 12898000 9967300 9629700 7534500 0 0 0 0 0
Accounts payable 2,481,000 2,351,000 2,383,000 0.00% 0.00% 6.86% 7.34% 9.16% 2481000 2351000 2383000 0 0 0 0 0
Deferred income taxes 144,300 0.00% 0.00% 0.00% 0.00% 0.55% 144300 0 0 0 0 0
Taxes payable 166,000 154,000 0.00% 0.00% 0.00% 0.52% 0.59% 166000 154000 0 0 0 0 0
Accrued liabilities 3,712,000 4,571,000 3,817,700 0.00% 0.00% 10.27% 14.28% 14.68% 3712000 4571000 3817700 0 0 0 0 0
Deferred revenues 452,000 345,000 0.00% 0.00% 1.25% 1.08% 0.00% 452000 345000 0 0 0 0 0
Other current liabilities 8,655,100 9,080,500 2,479,100 489,500 330,500 24.00% 24.03% 6.86% 1.53% 1.27% 8655100 9080500 2479100 489500 330500 0 0 0 0 0
Total current liabilities 21,232,800 21,978,500 19,091,400 17,552,200 14,364,000 58.87% 58.15% 52.80% 54.83% 55.24% 21232800 21978500 19091400 17552200 14364000 0 0 0 0 0
Long-term debt 24,380,700 21,577,700 22,453,100 16,959,900 16,814,500 67.60% 57.09% 62.10% 52.98% 64.66% 24380700 21577700 22453100 16959900 16814500 0 0 0 0 0
Deferred taxes liabilities 160,900 160,300 0.45% 0.42% 0.00% 0.00% 0.00% 160900 160300 0 0 0 0 0
Pensions and other benefits 6,496,500 5,416,700 7,694,800 6,712,100 5,784,900 18.01% 14.33% 21.28% 20.97% 22.25% 6496500 5416700 7694800 6712100 5784900 0 0 0 0 0
Minority interest 2,900 1,900 19,900 14,600 13,100 0.01% 0.01% 0.06% 0.05% 0.05% 2900 1900 19900 14600 13100 0 0 0 0 0
Other long-term liabilities 120,400 164,500 168,300 0.00% 0.32% 0.45% 0.53% 0.00% 120400 164500 168300 0 0 0 0 0
Total non-current liabilities 31,041,000 27,277,000 30,332,300 23,854,900 22,612,500 86.07% 72.17% 83.89% 74.52% 86.96% 31041000 27277000 30332300 23854900 22612500 0 0 0 0 0
Common stock 3,675,400 3,524,200 3,352,200 3,251,700 3,106,300 10.19% 9.32% 9.27% 10.16% 11.95% 3675400 3524200 3352200 3251700 3106300 0 0 0 0 0
Retained earnings 22,004,400 19,645,600 16,875,200 14,519,400 12,353,100 61.01% 51.98% 46.67% 45.36% 47.50% 22004400 19645600 16875200 14519400 12353100 0 0 0 0 0
Treasury stock -12,834,200 -10,210,900 -8,813,800 -7,292,800 -5,789,500 -35.58% -27.02% -24.38% -22.78% -22.26% -12834200 -10210900 -8813800 -7292800 -5789500 0 0 0 0 0
Accumulated other comprehensive income -3,783,000 -2,693,100 -4,571,500 -3,678,000 -3,379,600 -10.49% -7.13% -12.64% -11.49% -13.00% -3783000 -2693100 -4571500 -3678000 -3379600 0 0 0 0 0
Total stockholders' equity 9,062,600 10,265,800 6,842,100 6,800,300 6,290,300 25.13% 27.16% 18.92% 21.24% 24.19% 9062600 10265800 6842100 6800300 6290300 0 0 0 0 0
Total liabilities and stockholders' equity 61,336,400 59,521,300 56,265,800 48,207,400 43,266,800 170.06% 157.48% 155.61% 150.59% 166.38% 61336400 59521300 56265800 48207400 43266800 0 0 0 0 0
check 0.00 0.00 0.00 0.00 0.00
Deere & Company's Consolidated Statement of Cash Flows
for the Years Ended October 31 (Dollars in Thousands) Common-Size Analysis - Divided by Sales
2014 2013 2012 2011 2010 2014 2013 2012 2011 2010 Morning Star (Non-Adjusted) Check
Net income 3,163,300 3,537,600 3,071,600 2,807,800 1,874,300 8.77% 9.36% 8.50% 8.77% 7.21% 3163 3538 3072 2808 1874 3160137 3534062 3068528 2804992 1872426
Cash Flows From Operating Activities:
Depreciation & amortization 1,306,500 1,140,300 1,004,200 914,900 914,800 3.62% 3.02% 2.78% 2.86% 3.52% 1306500 1140300 1004200 914900 914800 0 0 0 0 0
Investment/asset impairment charges 95,900 102,000 33,400 27,200 0.27% 0.27% 0.09% 0.00% 0.10% 95900 102000 33400 27200 0 0 0 0 0
Deferred income taxes -280,100 -172,600 -91,800 175,000 -0.78% -0.46% -0.25% 0.00% 0.67% -280100 -172600 -91800 175000 0 0 0 0 0
Stock based compensation 78,500 80,700 74,500 69,000 71,200 0.22% 0.21% 0.21% 0.22% 0.27% 78500 80700 74500 69000 71200 0 0 0 0 0
Inventory -297,900 -728,400 -1,510,200 -1,730,500 -1,052,700 -0.83% -1.93% -4.18% -5.41% -4.05% -297900 -728400 -1510200 -1730500 -1052700 0 0 0 0 0
Income taxes payable 342,600 80,400 -72,300 1,200 22,100 0.95% 0.21% -0.20% 0.00% 0.08% 342600 80400 -72300 1200 22100 0 0 0 0 0
Other working capital -699,100 -815,300 -1,115,000 973,400 -197,000 -1.94% -2.16% -3.08% 3.04% -0.76% -699100 -815300 -1115000 973400 -197000 0 0 0 0 0
Other non-cash items -183,800 29,600 -226,700 -709,500 447,300 -0.51% 0.08% -0.63% -2.22% 1.72% -183800 29600 -226700 -709500 447300 0 0 0 0 0
Net cash provided by operating activities 3,525,900 3,254,300 1,167,700 2,326,300 2,282,200 9.78% 8.61% 3.23% 7.27% 8.78% 3525900 3254300 1167700 2326300 2282200 0 0 0 0 0
Cash Flows From Investing Activities:
Investments in property, plant, and equipment -2,659,300 -2,375,300 -2,121,000 -1,680,800 -1,312,800 -7.37% -6.28% -5.87% -5.25% -5.05% -2659300 -2375300 -2121000 -1680800 -1312800 0 0 0 0 0
Property, plant, and equipment reductions 1,091,500 936,700 799,500 683,400 714,200 3.03% 2.48% 2.21% 2.13% 2.75% 1091500 936700 799500 683400 714200 0 0 0 0 0
Acquisitions, net 345,800 -61,500 30,200 850,300 -10,600 0.96% -0.16% 0.08% 2.66% -0.04% 345800 -61500 30200 850300 -10600 0 0 0 0 0
Purchases of investments -17,855,000 -18,038,000 -922,200 -586,900 -12,557,300 -49.51% -47.73% -2.55% -1.83% -48.29% -17855000 -18038000 -922200 -586900 -12557300 0 0 0 0 0
Sales/Maturities of investments 1,022,500 843,900 240,300 32,400 11,091,800 2.84% 2.23% 0.66% 0.10% 42.65% 1022500 843900 240300 32400 11091800 0 0 0 0 0
Other investing activities 15,173,500 13,873,500 -2,030,900 -1,919,100 -34,400 42.07% 36.71% -5.62% -5.99% -0.13% 15173500 13873500 -2030900 -1919100 -34400 0 0 0 0 0
Net cash used for investing activities -2,881,000 -4,820,700 -4,004,100 -2,620,700 -2,109,100 -7.99% -12.75% -11.07% -8.19% -8.11% -2881000 -4820700 -4004100 -2620700 -2109100 0 0 0 0 0
Cash Flows From Financing Activities:
Debt issued 8,232,000 4,734,000 10,642,000 5,655,000 2,621,100 22.82% 12.53% 29.43% 17.66% 10.08% 8232000 4734000 10642000 5655000 2621100 0 0 0 0 0
Debt repayment -5,209,100 -4,958,500 -5,396,000 -3,220,800 -3,675,700 -14.44% -13.12% -14.92% -10.06% -14.13% -5209100 -4958500 -5396000 -3220800 -3675700 0 0 0 0 0
Common stock issued 149,500 174,500 61,000 170,000 129,100 0.41% 0.46% 0.17% 0.53% 0.50% 149500 174500 61000 170000 129100 0 0 0 0 0
Common stock repurchased -2,731,100 -1,531,400 -1,587,700 -1,667,000 -358,800 -7.57% -4.05% -4.39% -5.21% -1.38% -2731100 -1531400 -1587700 -1667000 -358800 0 0 0 0 0
Dividend paid -786,000 -752,900 -697,900 -593,100 -483,500 -2.18% -1.99% -1.93% -1.85% -1.86% -786000 -752900 -697900 -593100 -483500 0 0 0 0 0
Other financing activities 56,400 2,740,800 858,800 -204,500 758,100 0.16% 7.25% 2.38% -0.64% 2.92% 56400 2740800 858800 -204500 758100 0 0 0 0 0
Net cash provided by (used for) financing activities -288,300 406,500 3,880,200 139,600 -1,009,700 -0.80% 1.08% 10.73% 0.44% -3.88% -288300 406500 3880200 139600 -1009700 0 0 0 0 0
Effect of exchange rate changes -73,600 11,700 -38,800 11,400 -24,500 -0.20% 0.03% -0.11% 0.04% -0.09% -73600 11700 -38800 11400 -24500 0 0 0 0 0
Net change in cash 283,000 -1,148,200 1,005,000 -143,400 -861,100 0.78% -3.04% 2.78% -0.45% -3.31% 283000 -1148200 1005000 -143400 -861100 0 0 0 0 0
Cash at beginning of period 3,504,000 4,652,200 3,647,200 3,790,600 4,651,700 9.72% 12.31% 10.09% 11.84% 17.89% 3504000 4652200 3647200 3790600 4651700 0 0 0 0 0
Cash at end of period 3,787,000 3,504,000 4,652,200 3,647,200 3,790,600 10.50% 9.27% 12.87% 11.39% 14.58% 3787000 3504000 4652200 3647200 3790600 0 0 0 0 0
Free Cash Flow
Operating cash flow 3,525,900 3,254,300 1,167,700 2,326,300 2,282,200
Capital expenditure -2,659,300 -2,375,300 -2,121,000 -1,680,800 -1,312,800
Free cash flow 866,600 879,000 -953,300 645,500 969,400
2014 2013 2012 2011 2010
Working capital 36,174,200 34,397,400 32,124,500 27,596,900 26,453,700
WC/Sales 100.30% 91.01% 88.85% 86.21% 101.73%
change in WC 1,776,800 2,272,900 4,527,600 1,143,200
change in WC/Sales 4.93% 6.01% 12.52% 3.57%
Cap Exp 5,432,900 -932,500 2,041,600 3,626,500
Cap Exp/Sales 15.06% -2.47% 5.65% 11.33%
Depreciation expenses 1,306,500 1,140,300 1,004,200 914,900
Depreciation expenses/Sales 3.62% 3.02% 2.78% 2.86%
Other assets 1,496,900 4,931,900 1,465,300 1,180,500 2,125,400
Other assets/Sales 4.15% 13.05% 4.05% 3.69%
change in OA -3,435,000 3,466,600 284,800 -944,900
change in OA/Sales -9.52% 9.17% 0.79% -2.95%
Dividends 2.22 1.99 1.79 1.52
EPS 8.63 9.08 7.64 6.63
Retention ratio (RR) 74.28% 78.08% 76.57% 77.07%
Invested capital (IC) 48,124,400 45,718,100 42,155,700 36,406,900 33,485,400
NOPLAT=EBIT(1-tax rate) 3,156,628 5,130,233 2,652,010 2,276,272
ROIC=NOPLAT/IC 6.90% 12.17% 7.28% 6.80%
g=RR*ROIC 5.13% 9.50% 5.58% 5.24%

Financial Statements - CAT

Caterpillar Inc.'s Income Statements
for the Years Ended October 31 (Dollars in Millions, except per share data) Common-Size Analysis
2014 2013 2012 2011 2010 2014 2013 2012 2011 2010 Morning Star (Non-Adjusted) Check
Revenue 55,184 55,656 65,875 60,138 42,588 100.00% 100.00% 100.00% 100.00% 100.00% 55184 55656 65875 60138 42588 0 0 0 0 0
Cost of revenue 39,767 40,727 47,055 43,578 30,367 72.06% 73.18% 71.43% 72.46% 71.30% 39767 40727 47055 43578 30367 0 0 0 0 0
Gross profit 15,417 14,929 18,820 16,560 12,221 27.94% 26.82% 28.57% 27.54% 28.70% 15417 14929 18820 16560 12221 0 0 0 0 0
Research and development 2,135 2,046 2,466 2,297 1,905 3.87% 3.68% 3.74% 3.82% 4.47% 2135 2046 2466 2297 1905 0 0 0 0 0
Sales, General and administrative 5,697 5,547 5,919 5,203 4,248 10.32% 9.97% 8.99% 8.65% 9.97% 5697 5547 5919 5203 4248 0 0 0 0 0
Other operating expenses 2,257 1,708 1,862 1,907 2,105 4.09% 3.07% 2.83% 3.17% 4.94% 2257 1708 1862 1907 2105 0 0 0 0 0
Total operating expenses 10,089 9,301 10,247 9,407 8,258 18.28% 16.71% 15.56% 15.64% 19.39% 10089 9301 10247 9407 8258 0 0 0 0 0
EBIT= Operating income 5,328 5,628 8,573 7,153 3,963 9.65% 10.11% 13.01% 11.89% 9.31% 5328 5628 8573 7153 3963 0 0 0 0 0
Interest Expense 484 465 467 396 343 0.88% 0.84% 0.71% 0.66% 0.81% 484 465 467 396 343 0 0 0 0 0
Other income (expense) 239 -35 130 -32 130 0.43% -0.06% 0.20% -0.05% 0.31% 239 -35 130 -32 130 0 0 0 0 0
Net interest income -245 -500 -337 -428 -213 -0.44% -0.90% -0.51% -0.71% -0.50% -245 -500 -337 -428 -213 0 0 0 0 0
Income before taxes 5,083 5,128 8,236 6,725 3,750 9.21% 9.21% 12.50% 11.18% 8.81% 5083 5128 8236 6725 3750 0 0 0 0 0
Provision for income taxes 1,380 1,319 2,528 1,720 968 2.50% 2.37% 3.84% 2.86% 2.27% 1380 1319 2528 1720 968 0 0 0 0 0
Other income 8 -6 14 -24 -24 0.01% -0.01% 0.02% -0.04% -0.06% 8 -6 14 -24 -24 0 0 0 0 0
Net income from continuing operations 3,711 3,803 5,722 4,981 2,758 6.72% 6.83% 8.69% 8.28% 6.48% 3711 3803 5722 4981 2758 0 0 0 0 0
Other -16 -14 -41 -53 -58 -0.03% -0.03% -0.06% -0.09% -0.14% -16 -14 -41 -53 -58 0 0 0 0 0
Net income 3,695 3,789 5,681 4,928 2,700 6.70% 6.81% 8.62% 8.19% 6.34% 3695 3789 5681 4928 2700 0 0 0 0 0
Earnings per share:
Basic 8.71 9.18 7.72 6.71 4.4
Diluted 8.63 9.09 7.63 6.63 4.35
Sales growth rate -0.85% -15.51% 9.54% 41.21%
Marginal tax rate 27.10% 25.80% 30.60% 25.70% 26.00% ValueLine
Caterpillar Inc.'s Balance Sheet
for the Years Ended October 31 (Dollars in Millions) Common-Size Analysis - Divided by Sales
2014 2013 2012 2011 2010 2014 2013 2012 2011 2010 Morning Star (Non-Adjusted) Check
Cash and cash equivalents 7,341 6,081 5,490 3,057 3,592 13.30% 10.93% 8.33% 5.08% 8.43% 7341 6081 5490 3057 3592 0 0 0 0 0
Total Cash 7,341 6,081 5,490 3,057 3,592 13.30% 10.93% 8.33% 5.08% 8.43% 7341 6081 5490 3057 3592 0 0 0 0 0
Receivables 16,764 17,176 18,952 17,953 16,792 30.38% 30.86% 28.77% 29.85% 39.43% 16764 17176 18952 17953 16792 0 0 0 0 0
Inventories 12,205 12,625 15,547 14,544 9,587 22.12% 22.88% 28.17% 26.36% 17.37% 12205 12625 15547 14544 9587 0 0 0 0 0
Deferred income taxes 1,739 1,553 1,547 1,580 931 3.15% 2.81% 2.80% 2.86% 1.69% 1739 1553 1547 1580 931 0 0 0 0 0
Prepaid expenses 818 900 988 994 908 1.48% 1.62% 1.50% 1.65% 2.13% 818 900 988 994 908 0 0 0 0 0
Total current assets 38,867 38,335 42,524 38,128 31,810 70.43% 68.88% 64.55% 63.40% 74.69% 38867 38335 42524 38128 31810 0 0 0 0 0
Gross property, plant and equipment 31,572 31,316 29,932 27,326 24,906 57.21% 56.27% 45.44% 45.44% 58.48% 31572 31316 29932 27326 24906 0 0 0 0 0
Accumulated Depreciation -14,995 -14,241 -13,471 -12,931 -12,367 -27.17% -25.59% -20.45% -21.50% -29.04% -14995 -14241 -13471 -12931 -12367 0 0 0 0 0
Net property, plant and equipment 16,577 17,075 16,461 14,395 12,539 30.04% 30.68% 24.99% 23.94% 29.44% 16577 17075 16461 14395 12539 0 0 0 0 0
Equity and other investments 257 272 272 133 164 0.47% 0.49% 0.41% 0.22% 0.39% 257 272 272 133 164 0 0 0 0 0
Goodwill 6,694 6,956 6,942 7,080 2,614 12.13% 12.50% 10.54% 11.77% 6.14% 6694 6956 6942 7080 2614 0 0 0 0 0
Intangible assets 3,076 3,596 4,016 4,368 805 5.57% 6.46% 6.10% 7.26% 1.89% 3076 3596 4016 4368 805 0 0 0 0 0
Deferred income taxes 1,404 594 2,011 2,157 2,493 2.54% 1.07% 3.05% 3.59% 5.85% 1404 594 2011 2157 2493 0 0 0 0 0
Other long-term assets 17,806 18,068 17,130 15,185 13,595 32.27% 32.46% 26.00% 25.25% 31.92% 17806 18068 17130 15185 13595 0 0 0 0 0
Total assets 84,681 84,896 89,356 81,446 64,020 153.45% 152.54% 135.64% 135.43% 150.32% 84681 84896 89356 81446 64020 0 0 0 0 0
Short-term debt 11,501 11,031 12,391 9,648 7,981 20.84% 19.82% 18.81% 16.04% 18.74% 11501 11031 12391 9648 7981 0 0 0 0 0
Accounts payable 6,515 6,560 6,753 8,161 5,856 11.81% 11.79% 10.25% 13.57% 13.75% 6515 6560 6753 8161 5856 0 0 0 0 0
Accrued liabilities 5,986 5,115 5,578 5,796 4,550 10.85% 9.19% 8.47% 9.64% 10.68% 5986 5115 5578 5796 4550 0 0 0 0 0
Deferred revenues 1,697 2,360 2,978 2,691 1,831 3.08% 4.24% 4.52% 4.47% 4.30% 1697 2360 2978 2691 1831 0 0 0 0 0
Other current liabilities 2,178 2,231 2,055 2,265 1,802 3.95% 4.01% 3.12% 3.77% 4.23% 2178 2231 2055 2265 1802 0 0 0 0 0
Total current liabilities 27,877 27,297 29,755 28,561 22,020 50.52% 49.05% 45.17% 47.49% 51.70% 27877 27297 29755 28561 22020 0 0 0 0 0
Long-term debt 27,784 26,719 27,752 24,944 20,437 50.35% 48.01% 42.13% 41.48% 47.99% 27784 26719 27752 24944 20437 0 0 0 0 0
Pensions and other benefits 8,963 6,973 11,085 10,956 7,584 16.24% 12.53% 16.83% 18.22% 17.81% 8963 6973 11085 10956 7584 0 0 0 0 0
Minority interest 80 67 50 46 40 0.14% 0.12% 0.08% 0.08% 0.09% 80 67 50 46 40 0 0 0 0 0
Other long-term liabilities 3,231 3,029 3,182 4,056 3,115 5.85% 5.44% 4.83% 6.74% 7.31% 3231 3029 3182 4056 3115 0 0 0 0 0
Total non-current liabilities 40,058 36,788 42,069 40,002 31,176 72.59% 66.10% 63.86% 66.52% 73.20% 40058 36788 42069 40002 31176 0 0 0 0 0
Common stock 5,016 4,709 4,481 4,273 3,888 9.09% 8.46% 6.80% 7.11% 9.13% 5016 4709 4481 4273 3888 0 0 0 0 0
Retained earnings 33,887 31,854 29,558 25,219 21,384 61.41% 57.23% 44.87% 41.94% 50.21% 33887 31854 29558 25219 21384 0 0 0 0 0
Treasury stock -15,726 -11,854 -10,074 -10,281 -10,397 -28.50% -21.30% -15.29% -17.10% -24.41% -15726 -11854 -10074 -10281 -10397 0 0 0 0 0
Accumulated other comprehensive income -6,431 -3,898 -6,433 -6,328 -4,051 -11.65% -7.00% -9.77% -10.52% -9.51% -6431 -3898 -6433 -6328 -4051 0 0 0 0 0
Total stockholders' equity 16,746 20,811 17,532 12,883 10,824 30.35% 37.39% 26.61% 21.42% 25.42% 16746 20811 17532 12883 10824 0 0 0 0 0
Total liabilities and stockholders' equity 84,681 84,896 89,356 81,446 64,020 153.45% 152.54% 135.64% 135.43% 150.32% 84681 84896 89356 81446 64020 0 0 0 0 0
check 0.00 0.00 0.00 0.00 0.00
Caterpillar Inc.'s Consolidated Statement of Cash Flows
for the Years Ended October 31 (Dollars in Millions) Common-Size Analysis - Divided by Sales
2014 2013 2012 2011 2010 2014 2013 2012 2011 2010 Morning Star (Non-Adjusted) Check
Net income 3,711 3,803 5,722 4,981 2,758 6.72% 6.83% 8.69% 8.28% 6.48% 3711 3803 5722 4981 2758 0 0 0 0 0
Cash Flows From Operating Activities:
Depreciation & amortization 3,163 3,087 2,813 2,527 2,296 5.73% 5.55% 4.27% 4.20% 5.39% 3163 3087 2813 2527 2296 0 0 0 0 0
Investment/asset impairment charges 0 0 580 0 0 0.00% 0.00% 0.88% 0.00% 0.00% 580 0 0 0 0 0
Inventory 101 2,658 -1,149 -2,927 -2,667 0.18% 4.78% -1.74% -4.87% -6.26% 101 2658 -1149 -2927 -2667 0 0 0 0 0
Accounts payable 222 134 -1,868 1,555 2,570 0.40% 0.24% -2.84% 2.59% 6.03% 222 134 -1868 1555 2570 0 0 0 0 0
Accrued liabilities 891 -108 183 308 964 1.61% -0.19% 0.28% 0.51% 2.26% 891 -108 183 308 964 0 0 0 0 0
Other working capital -584 135 -849 109 -1,381 -1.06% 0.24% -1.29% 0.18% -3.24% -584 135 -849 109 -1381 0 0 0 0 0
Other non-cash items 553 482 -191 457 469 1.00% 0.87% -0.29% 0.76% 1.10% 553 482 -191 457 469 0 0 0 0 0
Net cash provided by operating activities 8,057 10,191 5,241 7,010 5,009 14.60% 18.31% 7.96% 11.66% 11.76% 8057 10191 5241 7010 5009 0 0 0 0 0
Cash Flows From Investing Activities:
Investments in property, plant, and equipment -1,840 -1,924 -1,726 -1,409 -1,011 -3.33% -3.46% -2.62% -2.34% -2.37% -1840 -1924 -1726 -1409 -1011 0 0 0 0 0
Property, plant, and equipment reductions 904 844 1,117 1,354 1,469 1.64% 1.52% 1.70% 2.25% 3.45% 904 844 1117 1354 1469 0 0 0 0 0
Acquisitions, net 169 170 581 -7,808 -1,126 0.31% 0.31% 0.88% -12.98% -2.64% 169 170 581 -7808 -1126 0 0 0 0 0
Purchases of investments -825 -402 -12,412 -336 -217 -1.49% -0.72% -18.84% -0.56% -0.51% -825 -402 -12412 -336 -217 0 0 0 0 0
Sales/Maturities of investments 810 449 9,433 247 228 1.47% 0.81% 14.32% 0.41% 0.54% 810 449 9433 247 228 0 0 0 0 0
Other investing activities -2,845 -4,183 -3,183 -3,475 -938 -5.16% -7.52% -4.83% -5.78% -2.20% -2845 -4183 -3183 -3475 -938 0 0 0 0 0
Net cash used for investing activities -3,627 -5,046 -6,190 -11,427 -1,595 -6.57% -9.07% -9.40% -19.00% -3.75% -3627 -5046 -6190 -11427 -1595 0 0 0 0 0
Cash Flows From Financing Activities:
Debt issued 10,649 9,328 16,015 15,460 8,324 19.30% 16.76% 24.31% 25.71% 19.55% 10649 9328 16015 15460 8324 0 0 0 0 0
Debt repayment -9,248 -10,870 -11,099 -10,593 -12,461 -16.76% -19.53% -16.85% -17.61% -29.26% -9248 -10870 -11099 -10593 -12461 0 0 0 0 0
Common stock issued 239 128 52 123 296 0.43% 0.23% 0.08% 0.20% 0.70% 239 128 52 123 296 0 0 0 0 0
Common stock repurchased -4,238 -2,000 -7.68% -3.59% 0.00% 0.00% 0.00% -4238 -2000 0 0 0 0 0
Dividend paid -1,627 -1,124 -1,623 -1,162 -1,084 -2.95% -2.02% -2.46% -1.93% -2.55% -1627 -1124 -1623 -1162 -1084 0 0 0 0 0
Other financing activities 1,229 27 204 138 312 2.23% 0.05% 0.31% 0.23% 0.73% 1229 27 204 138 312 0 0 0 0 0
Net cash provided by (used for) financing activities -2,996 -4,511 3,549 3,966 -4,613 -5.43% -8.11% 5.39% 6.59% -10.83% -2996 -4511 3549 3966 -4613 0 0 0 0 0
Effect of exchange rate changes -174 -43 -167 -84 -76 -0.32% -0.08% -0.25% -0.14% -0.18% -174 -43 -167 -84 -76 0 0 0 0 0
Net change in cash 1,260 591 2,433 -535 -1,275 2.28% 1.06% 3.69% -0.89% -2.99% 1260 591 2433 -535 -1275 0 0 0 0 0
Cash at beginning of period 6,081 5,490 3,057 3,592 4,867 11.02% 9.86% 4.64% 5.97% 11.43% 6081 5490 3057 3592 4867 0 0 0 0 0
Cash at end of period 7,341 6,081 5,490 3,057 3,592 13.30% 10.93% 8.33% 5.08% 8.43% 7341 6081 5490 3057 3592 0 0 0 0 0
Free Cash Flow
Operating cash flow 8,057 10,191 5,241 7,010 5,009
Capital expenditure -3,379 -4,446 -5,076 -3,924 -2,586
Free cash flow 4,678 5,745 165 3,086 2,423

Beta Estimation - DE

Month Deere Market Ret Rm
10/1/09 45.55 1036.19
11/2/09 53.51 1095.63 17.48% 5.74%
12/1/09 54.09 1115.10 1.08% 1.78%
1/4/10 49.95 1073.87 -7.65% -3.70%
2/1/10 57.3 1104.49 14.71% 2.85%
3/1/10 59.46 1169.43 3.77% 5.88%
4/1/10 59.82 1186.69 0.61% 1.48%
5/3/10 57.68 1089.41 -3.58% -8.20%
6/1/10 55.68 1030.71 -3.47% -5.39%
7/1/10 66.68 1101.60 19.76% 6.88%
8/2/10 63.27 1049.33 -5.11% -4.74%
9/1/10 69.78 1141.20 10.29% 8.76%
10/1/10 76.8 1183.26 10.06% 3.69%
11/1/10 74.7 1180.55 -2.73% -0.23%
12/1/10 83.05 1257.64 11.18% 6.53%
1/3/11 90.9 1286.12 9.45% 2.26%
2/1/11 90.15 1327.22 -0.83% 3.20%
3/1/11 96.89 1325.83 7.48% -0.10%
4/1/11 97.5 1363.61 0.63% 2.85%
5/2/11 86.08 1345.20 -11.71% -1.35%
6/1/11 82.45 1320.64 -4.22% -1.83%
7/1/11 78.51 1292.28 -4.78% -2.15%
8/1/11 80.82 1218.89 2.94% -5.68%
9/1/11 64.57 1131.42 -20.11% -7.18%
10/3/11 75.9 1253.30 17.55% 10.77%
11/1/11 79.25 1246.96 4.41% -0.51%
12/1/11 77.35 1257.60 -2.40% 0.85%
1/3/12 86.15 1312.41 11.38% 4.36%
2/1/12 82.93 1365.68 -3.74% 4.06%
3/1/12 80.9 1408.47 -2.45% 3.13%
4/2/12 82.36 1397.91 1.80% -0.75%
5/1/12 73.87 1310.33 -10.31% -6.27%
6/1/12 80.87 1362.16 9.48% 3.96%
7/2/12 76.82 1379.32 -5.01% 1.26%
8/1/12 75.11 1406.58 -2.23% 1.98%
9/4/12 82.47 1440.67 9.80% 2.42%
10/1/12 85.44 1412.16 3.60% -1.98%
11/1/12 84.05 1416.18 -1.63% 0.28%
12/3/12 86.42 1426.19 2.82% 0.71%
1/2/13 94.06 1498.11 8.84% 5.04%
2/1/13 87.83 1514.68 -6.62% 1.11%
3/1/13 85.98 1569.19 -2.11% 3.60%
4/1/13 89.3 1597.57 3.86% 1.81%
5/1/13 87.11 1630.74 -2.45% 2.08%
6/3/13 81.25 1606.28 -6.73% -1.50%
7/1/13 83.07 1685.73 2.24% 4.95%
8/1/13 83.64 1632.97 0.69% -3.13%
9/3/13 81.39 1681.55 -2.69% 2.97%
10/1/13 81.84 1756.54 0.55% 4.46%
11/1/13 84.24 1805.81 2.93% 2.80%
12/2/13 91.33 1848.36 8.42% 2.36%
1/2/14 85.96 1782.59 -5.88% -3.56%
2/3/14 85.93 1859.45 -0.03% 4.31%
3/3/14 90.8 1872.34 5.67% 0.69%
4/1/14 93.34 1883.95 2.80% 0.62%
5/1/14 91.17 1923.57 -2.32% 2.10% Systematic Risk 0.030164216
6/2/14 90.55 1960.23 -0.68% 1.91% Unsystematic Risk 0.0363108192
7/1/14 85.11 1930.67 -6.01% -1.51% Total Risk 0.0664750353
8/1/14 84.09 2003.37 -1.20% 3.77%
9/2/14 81.99 1972.29 -2.50% -1.55% Systematic Risk 45.38% = R Square
10/1/14 85.54 2018.05 4.33% 2.32% Unsystematic Risk 54.62%
Std Dev. 25.78% 13.15% Total Risk 100.00%
SUMMARY OUTPUT
Regression Statistics
Multiple R 0.6736227301
R Square 0.4537675825
Adjusted R Square 0.4443497822
Standard Error 0.0554803778
Observations 60
ANOVA
df SS MS F Significance F
Regression 1 0.1483073956 0.1483073956 48.1819074409 0.0000000037
Residual 58 0.1785281945 0.0030780723
Total 59 0.3268355901
Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0%
Intercept -0.0024522506 0.0075107446 -0.3264989989 0.7452221226 -0.0174866392 0.012582138 -0.0174866392 0.012582138
X Variable 1 1.3210316536 0.1903142157 6.9413188546 0.0000000037 0.9400763637 1.7019869436 0.9400763637 1.7019869436
Smoothing Beta 1.2150912079
Unlevered Beta 0.5064003156
Industry Beta 0.6874932603
Relevered Beta 1.6496178821
2014 2013 2012 2011 2010
Total debt ratio 0.852242529 0.8275230591 0.878412484 0.8589802099 0.8545773915 Consistent Variance: 0.03%
Interest-bearing debt 43,454,900.00
Market cap (10/31/2014) 31051020.00

Beta Estimation - CAT

Date CAT Market Ret Rm
12/1/09 56.99 1115.1
1/4/10 52.24 1073.87 -8.33% -3.70%
2/1/10 57.05 1104.49 9.21% 2.85%
3/1/10 62.85 1169.43 10.17% 5.88%
4/1/10 68.09 1186.69 8.34% 1.48%
5/3/10 60.76 1089.41 -10.77% -8.20%
6/1/10 60.07 1030.71 -1.14% -5.39%
7/1/10 69.75 1101.6 16.11% 6.88%
8/2/10 65.16 1049.33 -6.58% -4.74%
9/1/10 78.68 1141.2 20.75% 8.76%
10/1/10 78.6 1183.26 -0.10% 3.69%
11/1/10 84.6 1180.55 7.63% -0.23%
12/1/10 93.66 1257.64 10.71% 6.53%
1/3/11 97.01 1286.12 3.58% 2.26%
2/1/11 102.93 1327.22 6.10% 3.20%
3/1/11 111.35 1325.83 8.18% -0.10%
4/1/11 115.41 1363.61 3.65% 2.85%
5/2/11 105.8 1345.2 -8.33% -1.35%
6/1/11 106.46 1320.64 0.62% -1.83%
7/1/11 98.79 1292.28 -7.20% -2.15%
8/1/11 91 1218.89 -7.89% -5.68%
9/1/11 73.84 1131.42 -18.86% -7.18%
10/3/11 94.46 1253.3 27.93% 10.77%
11/1/11 97.88 1246.96 3.62% -0.51%
12/1/11 90.6 1257.6 -7.44% 0.85%
1/3/12 109.12 1312.41 20.44% 4.36%
2/1/12 114.21 1365.68 4.66% 4.06%
3/1/12 106.52 1408.47 -6.73% 3.13%
4/2/12 102.77 1397.91 -3.52% -0.75%
5/1/12 87.62 1310.33 -14.74% -6.27%
6/1/12 84.91 1362.16 -3.09% 3.96%
7/2/12 84.21 1379.32 -0.82% 1.26%
8/1/12 85.33 1406.58 1.33% 1.98%
9/4/12 86.04 1440.67 0.83% 2.42%
10/1/12 84.81 1412.16 -1.43% -1.98%
11/1/12 85.24 1416.18 0.51% 0.28%
12/3/12 89.61 1426.19 5.13% 0.71%
1/2/13 98.39 1498.11 9.80% 5.04%
2/1/13 92.37 1514.68 -6.12% 1.11%
3/1/13 86.97 1569.19 -5.85% 3.60%
4/1/13 84.67 1597.57 -2.64% 1.81%
5/1/13 85.8 1630.74 1.33% 2.08%
6/3/13 82.49 1606.28 -3.86% -1.50%
7/1/13 82.91 1685.73 0.51% 4.95%
8/1/13 82.54 1632.97 -0.45% -3.13%
9/3/13 83.4 1681.55 1.04% 2.97%
10/1/13 83.36 1756.54 -0.05% 4.46%
11/1/13 84.6 1805.81 1.49% 2.80%
12/2/13 90.81 1848.36 7.34% 2.36%
1/2/14 93.91 1782.59 3.41% -3.56%
2/3/14 96.97 1859.45 3.26% 4.31%
3/3/14 99.37 1872.34 2.47% 0.69%
4/1/14 105.4 1883.95 6.07% 0.62%
5/1/14 102.23 1923.57 -3.01% 2.10%
6/2/14 108.67 1960.23 6.30% 1.91%
7/1/14 100.75 1930.67 -7.29% -1.51% Systematic Risk 0.0469583619
8/1/14 109.07 2003.37 8.26% 3.77% Unsystematic Risk 0.0385528321
9/2/14 99.03 1972.29 -9.21% -1.55% Total Risk 0.085511194
10/1/14 101.41 2018.05 2.40% 2.32%
11/3/14 100.6 2067.56 -0.80% 2.45% Systematic Risk 54.91% = R Square
12/1/14 91.53 2058.9 -9.02% -0.42% Unsystematic Risk 45.09%
Std Dev. 29.24% 13.01% Total Risk 100.00%
SUMMARY OUTPUT
Regression Statistics
Multiple R 0.7410456868
R Square 0.54914871
Adjusted R Square 0.5413754119
Standard Error 0.0571675433
Observations 60
ANOVA
df SS MS F Significance F
Regression 1 0.2308786126 0.2308786126 70.6455230046 0
Residual 58 0.1895514247 0.003268128
Total 59 0.4204300373
Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0%
Intercept -0.0069378034 0.0076934146 -0.9017846827 0.3709009326 -0.0223378458 0.0084622389 -0.0223378458 0.0084622389
X Variable 1 1.6653438345 0.1981351788 8.4050891134 0 1.268733186 2.061954483 1.268733186 2.061954483
Smoothing Beta 1.4457803691
Unlevered Beta 0.8685862049
2014 2013 2012 2011 2010
Total debt ratio 0.8022460765 0.7548647757 0.8037960517 0.841821575 0.8309278351 Inconsistent
Interest-bearing debt 51479
Market cap (12/31/2014) 56474.01

Financial Statements - DE OLD

Deere & Company's Income Statements
for the Years Ended October 31 (Dollars in Millions, except per share data) Common-Size Analysis
2014 2013 2012 2011 2010 2014 2013 2012 2011 2010 Morning Star (Non-Adjusted) Check
Revenue 36067 37795 36157 32012 26005 100.00% 100.00% 100.00% 100.00% 100.00% 36067 37795 36157 32012 26005 0 0 0 0 0
Cost of revenue 24776 25667 25130 22034 17743 68.69% 67.91% 69.50% 68.83% 68.23% 24776 25667 25130 22034 17743 0 0 0 0 0
Gross profit 11291 12128 11027 9978 8262 31.31% 32.09% 30.50% 31.17% 31.77% 11291 12128 11027 9978 8262 0 0 0 0 0
Research and development 1452 1477 1434 1226 1052 4.03% 3.91% 3.97% 3.83% 4.05% 1452 1477 1434 1226 1052 0 0 0 0 0
Sales, General and administrative 3608 3952 3662 3362 2969 10.00% 10.46% 10.13% 10.50% 11.42% 3608 3952 3662 3362 2969 0 0 0 0 0
Other operating expenses 769 474 1197 1167 1216 2.13% 1.25% 3.31% 3.65% 4.68% 769 474 1197 1167 1216 0 0 0 0 0
Total operating expenses 5829 5903 6293 5755 5237 16.16% 15.62% 17.40% 17.98% 20.14% 5830 5903 6293 5755 5237 -1 0 0 0 0
EBIT= Operating income 5462 6225 4734 4223 3025 15.14% 16.47% 13.09% 13.19% 11.63% 5461 6225 4734 4223 3025 1 0 0 0 0
Interest Expense 664 741 783 759 811 1.84% 1.96% 2.17% 2.37% 3.12% 664 741 783 759 811 0 0 0 0 0
Other income (expense) 0 0 783 759 811 0.00% 0.00% 2.17% 2.37% 3.12% 783 759 811 0 0 0 0 0
Net interest income -664 -741 0 0 0 -1.84% -1.96% 0.00% 0.00% 0.00% -664 -741 0 0 0 0 0 0 0 0
Income before taxes 4798 5484 4734 4223 3025 13.30% 14.51% 13.09% 13.19% 11.63% 4797 5483 4734 4223 3025 1 1 0 0 0
Provision for income taxes 1626 1946 1659 1424 1162 4.51% 5.15% 4.59% 4.45% 4.47% 1626 1946 1659 1424 1162 0 0 0 0 0
Other income -8 0 -3 9 11 -0.02% 0.00% -0.01% 0.03% 0.04% -8 0 -3 9 11 0 0 0 0 0
Net income from continuing operations 3164 3538 3072 2808 1874 8.77% 9.36% 8.50% 8.77% 7.21% 3163 3538 3072 2808 1874 1 0 0 0 0
Other -2 0 -7 -8 -9 -0.01% 0.00% -0.02% -0.02% -0.03% -2 0 -7 -8 -9 0 0 0 0 0
Net income 3162 3538 3065 2800 1865 8.77% 9.36% 8.48% 8.75% 7.17% 3162 3537 3065 2800 1865 0 1 0 0 0
Earnings per share:
Basic 8.71 9.18 7.72 6.71 4.4
Diluted 8.63 9.09 7.63 6.63 4.35
Sales growth rate -4.57% 4.53% 12.95% 23.10%
Marginal tax rate 33.90% 35.60% 35.00% 33.40% 41.00% ValueLine
Deere & Company's Balance Sheet
for the Years Ended October 31 (Dollars in Millions) Common-Size Analysis - Divided by Sales
2014 2013 2012 2011 2010 2014 2013 2012 2011 2010 Morning Star (Non-Adjusted) Check
Cash and cash equivalents 3787 3504 4652 3647 3791 10.50% 9.27% 12.87% 11.39% 14.58% 3787 3504 4652 3647 3791 0 0 0 0 0
Short-term investments 1215 1625 1470 787 228 3.37% 4.30% 4.07% 2.46% 0.88% 1215 1625 1470 787 228 0 0 0 0 0
Total Cash 5002 5129 6122 4434 4019 13.87% 13.57% 16.93% 13.85% 15.45% 5002 5129 6123 4434 4018 0 0 -1 0 1
Receivables 3278 3758 3799 3294 24349 9.09% 9.94% 10.51% 10.29% 93.63% 3278 3758 3799 3294 24349 0 0 0 0 0
Inventories 4210 4935 5170 4371 3063 11.67% 13.06% 14.30% 13.65% 11.78% 4210 4935 5170 4371 3063 0 0 0 0 0
Other current assets 33555 31281 27627 24207 1936 93.04% 82.76% 76.41% 75.62% 7.44% 33555 31281 27627 24207 1936 0 0 0 0 0
Total current assets 46045 45103 42718 36306 33367 127.67% 119.34% 118.15% 113.41% 128.31% 46044 45103 42719 36307 33367 1 0 -1 -1 0
Gross property, plant and equipment 15344 11126 12839 11658 8691 42.54% 29.44% 35.51% 36.42% 33.42% 15344 11126 12839 11658 8691 0 0 0 0 0
Accumulated Depreciation -5751 -5659 -5299 -5156 -4900 -15.95% -14.97% -14.66% -16.11% -18.84% -5751 -5659 -5299 -5156 -4900 0 0 0 0 0
Net property, plant and equipment 9593 5467 7540 6502 3791 26.60% 14.46% 20.85% 20.31% 14.58% 9593 5467 7540 6502 3791 0 0 0 0 0
Equity and other investments 303 221 215 202 244 0.84% 0.58% 0.59% 0.63% 0.94% 303 221 215 202 244 0 0 0 0 0
Goodwill 791 845 921 1000 999 2.19% 2.24% 2.55% 3.12% 3.84% 791 845 921 1000 999 0 0 0 0 0
Intangible assets 69 77 105 127 117 0.19% 0.20% 0.29% 0.40% 0.45% 69 77 105 127 117 0 0 0 0 0
Deferred income taxes 2777 2325 3280 2859 2477 7.70% 6.15% 9.07% 8.93% 9.53% 2777 2325 3280 2859 2477 0 0 0 0 0
Prepaid pension benefit 262 551 20 30 147 0.73% 1.46% 0.06% 0.09% 0.57% 262 551 20 30 147 0 0 0 0 0
Other long-term assets 1497 4932 1465 1180 2125 4.15% 13.05% 4.05% 3.69% 8.17% 1497 4932 1465 1180 2125 0 0 0 0 0
Total assets 61337 59521 56264 48206 43267 170.06% 157.48% 155.61% 150.59% 166.38% 61336 59521 56266 48207 43267 1 0 -2 -1 0
Short-term debt 12578 12898 9967 9630 7534 34.87% 34.13% 27.57% 30.08% 28.97% 12578 12898 9967 9630 7534 0 0 0 0 0
Accounts payable 0 0 2481 2351 2383 0.00% 0.00% 6.86% 7.34% 9.16% 2481 2351 2383 0 0 0 0 0
Deferred income taxes 0 0 0 0 144 0.00% 0.00% 0.00% 0.00% 0.55% 144 0 0 0 0 0
Taxes payable 0 0 0 166 154 0.00% 0.00% 0.00% 0.52% 0.59% 166 154 0 0 0 0 0
Accrued liabilities 0 0 3712 4571 3818 0.00% 0.00% 10.27% 14.28% 14.68% 3712 4571 3818 0 0 0 0 0
Deferred revenues 0 0 452 345 0 0.00% 0.00% 1.25% 1.08% 0.00% 452 345 0 0 0 0 0
Other current liabilities 8655 9080 2479 490 330 24.00% 24.02% 6.86% 1.53% 1.27% 8655 9080 2479 490 330 0 0 0 0 0
Total current liabilities 21233 21978 19091 17553 14363 58.87% 58.15% 52.80% 54.83% 55.23% 21233 21978 19091 17552 14364 0 0 0 1 -1
Long-term debt 24381 21578 22453 16960 16814 67.60% 57.09% 62.10% 52.98% 64.66% 24381 21578 22453 16960 16814 0 0 0 0 0
Deferred taxes liabilities 161 160 0 0 0 0.45% 0.42% 0.00% 0.00% 0.00% 161 160 0 0 0 0 0
Pensions and other benefits 6496 5417 7695 6712 5785 18.01% 14.33% 21.28% 20.97% 22.25% 6496 5417 7695 6712 5785 0 0 0 0 0
Minority interest 3 2 20 15 13 0.01% 0.01% 0.06% 0.05% 0.05% 3 2 20 15 13 0 0 0 0 0
Other long-term liabilities 0 120 164 168 0 0.00% 0.32% 0.45% 0.52% 0.00% 120 164 168 0 0 0 0 0
Total non-current liabilities 31041 27277 30332 23855 22612 86.06% 72.17% 83.89% 74.52% 86.95% 31041 27277 30332 23855 22612 0 0 0 0 0
Common stock 3675 3524 3352 3252 3106 10.19% 9.32% 9.27% 10.16% 11.94% 3675 3524 3352 3252 3106 0 0 0 0 0
Retained earnings 22004 19646 16875 14519 12353 61.01% 51.98% 46.67% 45.35% 47.50% 22004 19646 16875 14519 12353 0 0 0 0 0
Treasury stock -12834 -10211 -8814 -7293 -5790 -35.58% -27.02% -24.38% -22.78% -22.26% -12834 -10211 -8814 -7293 -5790 0 0 0 0 0
Accumulated other comprehensive income -3782 -2693 -4572 -3680 -3377 -10.49% -7.13% -12.64% -11.50% -12.99% -3783 -2693 -4572 -3678 -3380 1 0 0 -2 3
Total stockholders' equity 9063 10266 6841 6798 6292 25.13% 27.16% 18.92% 21.24% 24.20% 9063 10266 6842 6800 6290 0 0 -1 -2 2
Total liabilities and stockholders' equity 61337 59521 56264 48206 43267 170.06% 157.48% 155.61% 150.59% 166.38% 61336 59521 56266 48207 43267 1 0 -2 -1 0
check 0.00 0.00 0.00 0.00 0.00
Deere & Company's Consolidated Statement of Cash Flows
for the Years Ended October 31 (Dollars in Millions) Common-Size Analysis - Divided by Sales
2014 2013 2012 2011 2010 2014 2013 2012 2011 2010 Morning Star (Non-Adjusted) Check
Net income 3164 3538 3072 2808 1874 8.77% 9.36% 8.50% 8.77% 7.21% 3163 3538 3072 2808 1874 1 0 0 0 0
Cash Flows From Operating Activities:
Depreciation & amortization 1306 1140 1004 915 915 3.62% 3.02% 2.78% 2.86% 3.52% 1306 1140 1004 915 915 0 0 0 0 0
Investment/asset impairment charges 96 102 33 27 0.27% 0.27% 0.09% 0.00% 0.10% 96 102 33 27 0 0 0 0 0
Deferred income taxes -280 -173 -92 175 -0.78% -0.46% -0.25% 0.00% 0.67% -280 -173 -92 175 0 0 0 0 0
Stock based compensation 78 81 74 69 71 0.22% 0.21% 0.20% 0.22% 0.27% 78 81 74 69 71 0 0 0 0 0
Inventory -298 -728 -1510 -1730 -1053 -0.83% -1.93% -4.18% -5.40% -4.05% -298 -728 -1510 -1730 -1053 0 0 0 0 0
Income taxes payable 343 80 -72 1 22 0.95% 0.21% -0.20% 0.00% 0.08% 343 80 -72 1 22 0 0 0 0 0
Other working capital -699 -815 -1115 973 -197 -1.94% -2.16% -3.08% 3.04% -0.76% -699 -815 -1115 973 -197 0 0 0 0 0
Other non-cash items -184 30 -227 -710 447 -0.51% 0.08% -0.63% -2.22% 1.72% -184 30 -227 -710 447 0 0 0 0 0
Net cash provided by operating activities 3526 3255 1167 2326 2281 9.78% 8.61% 3.23% 7.27% 8.77% 3526 3254 1168 2326 2282 0 1 -1 0 -1
Cash Flows From Investing Activities:
Investments in property, plant, and equipment -2659 -2375 -2121 -1681 -1313 -7.37% -6.28% -5.87% -5.25% -5.05% -2659 -2375 -2121 -1681 -1313 0 0 0 0 0
Property, plant, and equipment reductions 1092 937 800 683 714 3.03% 2.48% 2.21% 2.13% 2.75% 1092 937 800 683 714 0 0 0 0 0
Acquisitions, net 346 -62 30 850 -11 0.96% -0.16% 0.08% 2.66% -0.04% 346 -62 30 850 -11 0 0 0 0 0
Purchases of investments -17855 -18038 -922 -587 -12557 -49.51% -47.73% -2.55% -1.83% -48.29% -17855 -18038 -922 -587 -12557 0 0 0 0 0
Sales/Maturities of investments 1022 844 240 32 11092 2.83% 2.23% 0.66% 0.10% 42.65% 1022 844 240 32 11092 0 0 0 0 0
Other investing activities 15174 13874 -2031 -1919 -34 42.07% 36.71% -5.62% -5.99% -0.13% 15174 13874 -2031 -1919 -34 0 0 0 0 0
Net cash used for investing activities -2880 -4820 -4004 -2622 -2109 -7.99% -12.75% -11.07% -8.19% -8.11% -2881 -4821 -4004 -2621 -2109 1 1 0 -1 0
Cash Flows From Financing Activities:
Debt issued 8232 4734 10642 5655 2621 22.82% 12.53% 29.43% 17.67% 10.08% 8232 4734 10642 5655 2621 0 0 0 0 0
Debt repayment -5209 -4958 -5396 -3221 -3676 -14.44% -13.12% -14.92% -10.06% -14.14% -5209 -4958 -5396 -3221 -3676 0 0 0 0 0
Common stock issued 150 174 61 170 129 0.42% 0.46% 0.17% 0.53% 0.50% 150 174 61 170 129 0 0 0 0 0
Common stock repurchased -2731 -1531 -1588 -1667 -359 -7.57% -4.05% -4.39% -5.21% -1.38% -2731 -1531 -1588 -1667 -359 0 0 0 0 0
Dividend paid -786 -753 -698 -593 -484 -2.18% -1.99% -1.93% -1.85% -1.86% -786 -753 -698 -593 -484 0 0 0 0 0
Other financing activities 56 2741 859 -204 758 0.16% 7.25% 2.38% -0.64% 2.91% 56 2741 859 -204 758 0 0 0 0 0
Net cash provided by (used for) financing activities -288 407 3880 140 -1011 -0.80% 1.08% 10.73% 0.44% -3.89% -288 406 3880 140 -1010 0 1 0 0 -1
Effect of exchange rate changes -74 12 -39 11 -24 -0.21% 0.03% -0.11% 0.03% -0.09% -74 12 -39 11 -24 0 0 0 0 0
Net change in cash 284 -1146 1004 -145 -863 0.79% -3.03% 2.78% -0.45% -3.32% 283 -1148 1005 -143 -861 1 2 -1 -2 -2
Cash at beginning of period 3504 4652 3647 3791 4652 9.72% 12.31% 10.09% 11.84% 17.89% 3504 4652 3647 3791 4652 0 0 0 0 0
Cash at end of period 3787 3504 4652 3647 3791 10.50% 9.27% 12.87% 11.39% 14.58% 3787 3504 4652 3647 3791 0 0 0 0 0
Free Cash Flow
Operating cash flow 3526 3254 1168 2326 2282
Capital expenditure -2659 -2375 -2121 -1681 -1313
Free cash flow 867 879 -953 646 969

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