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{"sheet":"Page 162","index":0,"n_rows":40,"n_cols":6,"rows_kept":40,"cut":false,"hidden":false,"merged":[[0,0,0,5]]}
["CATERPILLAR PROFIT AND LOSS, 2007-2011"]
["Sales and revenues",2007,2008,2009,2010,2011]
["Sales of Machinery and Power Systems",41962,48044,29540,39867,57392]
["Revenues of Financial Products",2996,3280,2856,2721,2746]
["Total sales and revenues",{"$f":"SUM(B3:B4)","v":44958},{"$f":"SUM(C3:C4)","v":51324},{"$f":"SUM(D3:D4)","v":32396},{"$f":"SUM(E3:E4)","v":42588},{"$f":"SUM(F3:F4)","v":60138}]
[]
["Operating costs:"]
["Cost of goods sold",32626,38415,23886,30367,43578]
["Selling, general and administrative expenses",3821,4399,3645,4248,5203]
["Research and development expenses",1404,1728,1421,1905,2297]
["Interest expense of Financial Products",1132,1153,1045,914,826]
["Deferred income taxes",1054,1181,1822,1191,1081]
["Total operating costs",{"$f":"SUM(B8:B12)","v":40037},{"$f":"SUM(C8:C12)","v":46876},{"$f":"SUM(D8:D12)","v":31819},{"$f":"SUM(E8:E12)","v":38625},{"$f":"SUM(F8:F12)","v":52985}]
[]
["Operating profit",{"$f":"B5-B13","v":4921},{"$f":"C5-C13","v":4448},{"$f":"D5-D13","v":577},{"$f":"E5-E13","v":3963},{"$f":"F5-F13","v":7153}]
[]
["Interest expense excluding financial products",288,274,389,343,396]
["Other income (expense)",357,327,381,130,-32]
[]
["Consolidated profit before taxes",{"$f":"B15-B17+B18","v":4990},{"$f":"C15-C17+C18","v":4501},{"$f":"D15-D17+D18","v":569},{"$f":"E15-E17+E18","v":3750},{"$f":"F15-F17+F18","v":6725}]
[]
["Provision (benefit) for income taxes",1485,953,-270,968,1720]
["Profit of consolidated companies",{"$f":"B20-B22","v":3505},{"$f":"C20-C22","v":3548},{"$f":"D20-D22","v":839},{"$f":"E20-E22","v":2782},{"$f":"F20-F22","v":5005}]
[]
["Equity in profit (loss) of unconsolidated affiliated companies",73,37,-12,-24,-24]
[]
["Profit of consolidated and affiliated companies",{"$f":"B23+B25","v":3578},{"$f":"C23+C25","v":3585},{"$f":"D23+D25","v":827},{"$f":"E23+E25","v":2758},{"$f":"F23+F25","v":4981}]
["Less: Profit (loss) attributable to noncontrolling interests",37,28,-68,58,53]
[]
["Profit",{"$f":"B27-B28","v":3541},{"$f":"C27-C28","v":3557},{"$f":"D27-D28","v":895},{"$f":"E27-E28","v":2700},{"$f":"F27-F28","v":4928}]
[]
["Profit per common share",5.55,5.83,1.45,4.28,7.64]
[]
["Profit per common share — diluted 2 ",5.37,5.66,1.43,4.1500000000000004,7.4]
[]
["Weighted-average common shares outstanding (millions)"]
["Basic",638.20000000000005,610.5,615.20000000000005,631.5,645]
["Diluted 2 ",659.5,627.9,626,650.4,"666.1"]
[]
["Cash dividends declared per common share",1.38,1.62,1.68,1.74,1.82]

{"sheet":"Page 164","index":1,"n_rows":50,"n_cols":7,"rows_kept":50,"cut":false,"hidden":false,"merged":[[7,6,14,6],[32,6,45,6],[0,0,0,5]]}
["CATERPILLAR, CONSOLIDATED STATEMENT OF CASH FLOWS, 2007-2011"]
["Cash flow from operating activities",2007,2008,2009,2010,2011]
["Profit of consolidated and affiliated companies",3578,3585,827,2758,4981]
["Adjustments for non-cash items:"]
["Depreciation and amortization",1797,1980,2336,2296,2527,"<-- Add back depreciation"]
["Other",162,355,137,469,457]
["Changes in assets and liabilities, net of acquisitions and divestitures:"]
["Receivables—trade and other",899,-545,4014,-2320,-1345,"Changes in operating current assets and operating current liabilities:  All part of Caterpillar's net working capital (NWC)"]
["Inventories",-745,-833,2501,-2667,-2927]
["Accounts payable",387,-4,-2034,2570,1555]
["Accrued expenses",231,660,-505,117,308]
["Accrued wages, salaries and employee benefits",576,286,-534,847,619]
["Deferred income taxes",66,-470,-646,604,173]
["Other assets, net",1004,-217,235,358,-91]
["Other liabilities, net",null,null,12,-23,753]
["Net cash provided by (used for) operating activities",{"$f":"SUM(B3:B15)","v":7955},{"$f":"SUM(C3:C15)","v":4797},{"$f":"SUM(D3:D15)","v":6343},{"$f":"SUM(E3:E15)","v":5009},{"$f":"SUM(F3:F15)","v":7010}]
[]
["Cash flow from investing activities"]
["Capital expenditures—excluding equipment leased to others",-1700,-2445,-1348,-1575,-2515]
["Expenditures for equipment leased to others",-1340,-1566,-968,-1011,-1409,"<-- Is this part of operations?"]
["Proceeds from disposals of leased assets and property, plant and equipment",408,982,1242,1469,1354,"<-- Is this part of operations?"]
["Additions to finance receivables",-13946,-14031,-7107,-8498,-10001,"<-- Is this part of operations?"]
["Collections of finance receivables",10985,9717,9288,8987,8874,"<-- Is this part of operations?"]
["Proceeds from sale of finance receivables",866,949,100,16,207,"<-- Is this part of operations?"]
["Investments and acquisitions (net of cash acquired)",-229,-117,-19,-1126,-8184]
["Proceeds from sale of businesses and investments (net of cash sold)",290,0,0,0,376,"<-- Is this recurring or one-time?"]
["Proceeds from sale of available-for-sale securities",282,357,291,228,247,"<-- Clearly financing"]
["Investments in available-for-sale securities",-485,-339,-349,-217,-336,"<-- Clearly financing"]
["Other, net",461,197,-128,132,-40,"<-- Is this worth investigating?"]
["Net cash provided by (used for) investing activities",{"$f":"SUM(B19:B29)","v":-4408},{"$f":"SUM(C19:C29)","v":-6296},{"$f":"SUM(D19:D29)","v":1002},{"$f":"SUM(E19:E29)","v":-1595},{"$f":"SUM(F19:F29)","v":-11427}]
[]
["Cash flow from financing activities"]
["Dividends paid",-845,-953,-1029,-1084,-1159,"All items in this section are clearly financing, and not part of the firm's free cash flows."]
["Distribution to noncontrolling interests",-20,-10,-10,0,-3]
["Common stock issued, including treasury shares reissued",328,135,89,296,123]
["Payment for stock repurchase derivative contracts",-56,-38]
["Treasury shares purchased",-2405,-1800]
["Excess tax benefit from stock-based compensation",155,56,21,153,189]
["Acquisitions of noncontrolling interests",0,0,-6,-132,-8]
["Proceeds from debt issued (original maturities greater than three months):"]
["- Machinery and Power Systems",224,1673,458,216,4587]
["- Financial Products",10815,16257,11833,8108,10873]
["Payments on debt (original maturities greater than three months):"]
["- Machinery and Power Systems",-598,-296,-918,-1298,-2269]
["- Financial Products",-10290,-14143,-11769,-11163,-8324]
["Short-term borrowings, net (original maturities three months or less)",-297,2074,-3884,291,-43]
["Net cash provided by (used for) financing activities",{"$f":"SUM(B33:B46)","v":-2989},{"$f":"SUM(C33:C46)","v":2955},{"$f":"SUM(D33:D46)","v":-5215},{"$f":"SUM(E33:E46)","v":-4613},{"$f":"SUM(F33:F46)","v":3966}]
[]
["Interest expense excluding financial products",{"$f":"'Page 162'!B17","v":288},{"$f":"'Page 162'!C17","v":274},{"$f":"'Page 162'!D17","v":389},{"$f":"'Page 162'!E17","v":343},{"$f":"'Page 162'!F17","v":396}]
["Tax rate",{"$f":"'Page 162'!B22/'Page 162'!B20","v":0.29759519038076154},{"$f":"'Page 162'!C22/'Page 162'!C20","v":0.21173072650522107},{"$f":"'Page 162'!D22/'Page 162'!D20","v":-0.47451669595782076},{"$f":"'Page 162'!E22/'Page 162'!E20","v":0.25813333333333333},{"$f":"'Page 162'!F22/'Page 162'!F20","v":0.25576208178438664}]

{"sheet":"Page 163","index":2,"n_rows":58,"n_cols":6,"rows_kept":58,"cut":false,"hidden":false,"merged":[[0,0,0,5]]}
["CATERPILLAR BALANCE SHEETS, 2007-2011"]
["Assets",2007,2008,2009,2010,2011]
["Current assets"]
["Cash and short-term investments",1122,2736,4867,3592,3057]
["Receivables--trade and other",8249,9397,5611,8494,10285]
["Receivables--finance",7503,8731,8301,8298,7668]
["Deferred and refundable income taxes",816,1223,1216,931,1580]
["Prepaid expenses and other current assets",583,765,862,908,994]
["Inventories",7204,8781,6360,9587,14544]
["Total current assets",{"$f":"SUM(B4:B9)","v":25477},{"$f":"SUM(C4:C9)","v":31633},{"$f":"SUM(D4:D9)","v":27217},{"$f":"SUM(E4:E9)","v":31810},{"$f":"SUM(F4:F9)","v":38128}]
[]
["Property, plant and equipment--net",9997,12524,12386,12539,14395]
["Long-term receivables--trade and other",685,1479,971,793,1130]
["Long-term receivables--finance",13462,14264,12279,11264,11948]
["Investments in unconsolidated affiliated companies",598,94,105,164,133]
["Noncurrent deferred and refundable income taxes",1553,3311,2714,2493,2157]
["Intangible assets",475,511,465,805,4368]
["Goodwill",1963,2261,2269,2614,7080]
["Other assets",1922,1705,1632,1538,2107]
["Total assets",{"$f":"B10+SUM(B12:B19)","v":56132},{"$f":"C10+SUM(C12:C19)","v":67782},{"$f":"D10+SUM(D12:D19)","v":60038},{"$f":"E10+SUM(E12:E19)","v":64020},{"$f":"F10+SUM(F12:F19)","v":81446}]
[]
["Liabilities",2007,2008,2009,2010,2011]
["Current liabilities"]
["Short-term borrowings"]
["Machine and power systems",187,1632,433,204,93]
["Financial products",5281,5577,3650,3852,3895]
["Accounts payable",4723,4827,2993,5856,8161]
["Accrued expenses",3178,4121,2641,2880,3386]
["Accrued wages, salaries and employee benefits",1126,1242,797,1670,2410]
["Customer advances",1442,1898,1217,1831,2691]
["Dividends payable",225,253,262,281,298]
["Other current liabilities",951,1027,1281,1521,1967]
["Long-term debt due within one year"]
["Machinery and power systems",180,456,302,495,558]
["Financial products",4952,5036,5399,3430,5102]
["Total current liabilities",{"$f":"SUM(B25:B35)","v":22245},{"$f":"SUM(C25:C35)","v":26069},{"$f":"SUM(D25:D35)","v":18975},{"$f":"SUM(E25:E35)","v":22020},{"$f":"SUM(F25:F35)","v":28561}]
[]
["Long-term debt due after one year"]
["Machinery and power systems",3639,5736,5652,4505,8415]
["Financial products",14190,17098,16195,15932,16529]
["Liability for postemployment benefits",5059,9975,7420,7584,10956]
["Other liabilities",2003,2190,2496,2654,3583]
["Total liabilities",{"$f":"B36+SUM(B39:B42)","v":47136},{"$f":"C36+SUM(C39:C42)","v":61068},{"$f":"D36+SUM(D39:D42)","v":50738},{"$f":"E36+SUM(E39:E42)","v":52695},{"$f":"F36+SUM(F39:F42)","v":68044}]
[]
["Redeemable noncontrolling interest",0,524,477,461,473]
["Stockholders' equity"]
["Common stock of $1.00 par"]
["Common stock (814,894,624 shares)",2744,3057,3439,3888,4273]
["Treasury stock at cost",-9451,-11217,-10646,-10397,-10281]
["Profit employed in the business",17398,19826,19711,21384,25219]
["Accumulated and other comprehensive income (loss)",-1808,-5579,-3764,-4051,-6328]
["Noncontrolling interests",113,103,83,40,46]
["Total shareholders equity",{"$f":"SUM(B47:B52)","v":8996},{"$f":"SUM(C47:C52)","v":6190},{"$f":"SUM(D47:D52)","v":8823},{"$f":"SUM(E47:E52)","v":10864},{"$f":"SUM(F47:F52)","v":12929}]
["Total liabilities and equity",{"$f":"B43+B53+B45","v":56132},{"$f":"C43+C53+C45","v":67782},{"$f":"D43+D53+D45","v":60038},{"$f":"E43+E53+E45","v":64020},{"$f":"F43+F53+F45","v":81446}]
[]
[]
["Treasury stock, shares",190908490,213267983,190171905,176071910,167361280]
["Net shares outstanding",{"$f":"814894624-B57","v":623986134},{"$f":"814894624-C57","v":601626641},{"$f":"814894624-D57","v":624722719},{"$f":"814894624-E57","v":638822714},{"$f":"814894624-F57","v":647533344}]

{"sheet":"Page 165","index":3,"n_rows":37,"n_cols":6,"rows_kept":37,"cut":false,"hidden":false,"merged":[[0,0,0,5]]}
["CATERPILLAR BALANCE SHEETS, 2007-2011\nRewritten:  Operating Current Assets, Operating Current Liabilities, Financial Debts together"]
["Assets",2007,2008,2009,2010,2011]
["Current assets"]
["Cash and short-term investments",1122,2736,4867,3592,3057]
["Operating current assets",{"$f":"SUM('Page 163'!B5:B9)","v":24355},{"$f":"SUM('Page 163'!C5:C9)","v":28897},{"$f":"SUM('Page 163'!D5:D9)","v":22350},{"$f":"SUM('Page 163'!E5:E9)","v":28218},{"$f":"SUM('Page 163'!F5:F9)","v":35071}]
[]
["Property, plant and equipment--net",9997,12524,12386,12539,14395]
["Long-term receivables",{"$f":"685+13462","v":14147},{"$f":"1479+14264","v":15743},{"$f":"971+12279","v":13250},{"$f":"793+11264","v":12057},{"$f":"1130+11948","v":13078}]
["Investments in unconsolidated affiliated companies",598,94,105,164,133]
["Noncurrent deferred and refundable income taxes",1553,3311,2714,2493,2157]
["Intangible assets",475,511,465,805,4368]
["Goodwill",1963,2261,2269,2614,7080]
["Other assets",1922,1705,1632,1538,2107]
["Total assets",{"$f":"SUM(B4:B13)","v":56132},{"$f":"SUM(C4:C13)","v":67782},60038,64020,81446]
[]
["Liabilities",2007,2008,2009,2010,2011]
["Operating current liabilities",{"$f":"SUM('Page 163'!B27:B32)","v":11645},{"$f":"SUM('Page 163'!C27:C32)","v":13368},{"$f":"SUM('Page 163'!D27:D32)","v":9191},{"$f":"SUM('Page 163'!E27:E32)","v":14039},{"$f":"SUM('Page 163'!F27:F32)","v":18913}]
[]
["Financial debt",28429,35535,31631,28418,34592]
[]
["Liability for postemployment benefits",5059,9975,7420,7584,10956]
["Other liabilities",2003,2190,2496,2654,3583]
["Total liabilities",{"$f":"SUM(B17:B22)","v":47136},{"$f":"SUM(C17:C22)","v":61068},50738,52695,68044]
[]
["Redeemable noncontrolling interest",0,524,477,461,473]
["Stockholders' equity"]
["Common stock (814,894,624 shares)",2744,3057,3439,3888,4273]
["Treasury stock at cost",-9451,-11217,-10646,-10397,-10281]
["Profit employed in the business",17398,19826,19711,21384,25219]
["Accumulated and other comprehensive income (loss)",-1808,-5579,-3764,-4051,-6328]
["Noncontrolling interests",113,103,83,40,46]
["Total shareholders equity",{"$f":"SUM(B27:B31)","v":8996},{"$f":"SUM(C27:C31)","v":6190},{"$f":"SUM(D27:D31)","v":8823},{"$f":"SUM(E27:E31)","v":10864},{"$f":"SUM(F27:F31)","v":12929}]
["Total liabilities and equity",{"$f":"B23+B32+B25","v":56132},{"$f":"C23+C32+C25","v":67782},{"$f":"D23+D32+D25","v":60038},{"$f":"E23+E32+E25","v":64020},{"$f":"F23+F32+F25","v":81446}]
[]
[]
["Treasury stock, shares",190908490,213267983,190171905,176071910,167361280]
["Net shares outstanding",{"$f":"814894624-B36","v":623986134},{"$f":"814894624-C36","v":601626641},{"$f":"814894624-D36","v":624722719},{"$f":"814894624-E36","v":638822714},{"$f":"814894624-F36","v":647533344}]

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["ANALYSIS OF CATERPILLAR SALES"]
["Year","Sales of machinery","Revenues of financial products","Total sales and revenues","Year-on-year growth"]
[2000,18913,1262,{"$f":"SUM(B3:C3)","v":20175}]
[2001,19027,1423,20450,{"$f":"D4/D3-1","v":1.3630731102850069E-2}]
[2002,18648,1504,20152,{"$f":"D5/D4-1","v":-1.4572127139364288E-2}]
[2003,21048,1759,22807,0.13174870980547837]
[2004,28336,1970,30306,0.32880256061735436]
[2005,34006,2333,36339,0.19906949118986339]
[2006,28869,2648,31517,-0.13269490079528878]
[2007,41962,2996,44958,0.42646825522733756]
[2008,48044,3280,51324,0.14159882557053249]
[2009,29540,2856,32396,-0.36879432624113473]
[2010,39867,2721,42588,0.31460674157303381]
[2011,57392,2746,60138,0.41208791208791218]
[]
["Growth measures"]
["CAGR",{"$f":"(D14/D3)^(1/11)-1","v":0.10438729900138322},{"$f":"getformula(B17)","v":"<--  =(D14/D3)^(1/11)-1"}]
["Slope",{"$f":"SLOPE(D3:D14,A3:A14)","v":3168.7482517482517},{"$f":"getformula(B18)","v":"<--  =SLOPE(D3:D14,A3:A14)"}]
["Slope/2011 sales",{"$f":"B18/D14","v":5.2691280916363228E-2},{"$f":"getformula(B19)","v":"<--  =B18/D14"}]
[]
["Intercept",{"$f":"INTERCEPT(D3:D14,A3:A14)","v":-6320495.4522144515},{"$f":"getformula(B21)","v":"<--  =INTERCEPT(D3:D14,A3:A14)"}]
["R-squared",{"$f":"RSQ(D3:D14,A3:A14)","v":0.75787852985046211},{"$f":"getformula(B22)","v":"<--  =RSQ(D3:D14,A3:A14)"}]
[]
["CAGR is very affected by end points!"]
["2001-2011",{"$f":"(D14/D4)^(1/10)-1","v":0.11389836592013558},{"$f":"getformula(B25)","v":"<--  =(D14/D4)^(1/10)-1"}]
["2002-2011",{"$f":"(D14/D5)^(1/9)-1","v":0.1291690886541137},{"$f":"getformula(B26)","v":"<--  =(D14/D5)^(1/9)-1"}]
["2003-2011",{"$f":"(D14/D6)^(1/8)-1","v":0.12884704970809957},"<--  =(D14/D6)^(1/8)-1"]
["2006-2011",{"$f":"(D14/D9)^(1/5)-1","v":0.1379438205925172},"<--  =(D14/D9)^(1/5)-1"]
[]
["2001-2010",{"$f":"(D13/D4)^(1/9)-1","v":8.4924023489612699E-2},"<--  =(D13/D4)^(1/9)-1"]
["2002-2010",{"$f":"(D13/D5)^(1/8)-1","v":9.8047522427660461E-2},"<--  =(D13/D5)^(1/8)-1"]
["2003-2010",{"$f":"(D13/D6)^(1/7)-1","v":9.3315696598947895E-2},"<--  =(D13/D6)^(1/7)-1"]
["2005-2010",{"$f":"(D13/D8)^(1/5)-1","v":3.2245158723606115E-2},"<--  =(D13/D8)^(1/5)-1"]

{"sheet":"Page 168","index":5,"n_rows":7,"n_cols":7,"rows_kept":7,"cut":false,"hidden":false,"merged":[[0,0,0,5]]}
["CATERPILLAR ANALYSIS OF RATIOS"]
[null,2007,2008,2009,2010,2011]
["CA/Sales",{"$f":"SUM('Page 163'!B5:B9)/'Page 162'!B5","v":0.54172783486809917},{"$f":"SUM('Page 163'!C5:C9)/'Page 162'!C5","v":0.56303094069051518},{"$f":"SUM('Page 163'!D5:D9)/'Page 162'!D5","v":0.68989998765279659},{"$f":"SUM('Page 163'!E5:E9)/'Page 162'!E5","v":0.66258100873485493},{"$f":"SUM('Page 163'!F5:F9)/'Page 162'!F5","v":0.58317536333100539},{"$f":"getformula(F3)","v":"<--  =SUM('Page 163'!F5:F9)/'Page 162'!F5"}]
["CL/Sales",{"$f":"SUM('Page 163'!B27:B32)/'Page 162'!B5","v":0.2590195293384937},{"$f":"SUM('Page 163'!C27:C32)/'Page 162'!C5","v":0.26046294131400516},{"$f":"SUM('Page 163'!D27:D32)/'Page 162'!D5","v":0.28370786516853935},{"$f":"SUM('Page 163'!E27:E32)/'Page 162'!E5","v":0.32964684887761808},{"$f":"SUM('Page 163'!F27:F32)/'Page 162'!F5","v":0.31449333200305962},{"$f":"getformula(F4)","v":"<--  =SUM('Page 163'!F27:F32)/'Page 162'!F5"}]
["Model values"]
["CA/Sales",{"$f":"F3","v":0.58317536333100539},{"$f":"getformula(B6)","v":"<--  =F3"}]
["CL/Sales",{"$f":"F4","v":0.31449333200305962},{"$f":"getformula(B7)","v":"<--  =F4"}]

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["CATERPILLAR OPERATING COSTS"]
[null,2007,2008,2009,2010,2011]
["Operating costs from P&L",{"$f":"'Page 162'!B13","v":40037},{"$f":"'Page 162'!C13","v":46876},{"$f":"'Page 162'!D13","v":31819},{"$f":"'Page 162'!E13","v":38625},{"$f":"'Page 162'!F13","v":52985},{"$f":"getformula(F3)","v":"<--  ='Page 162'!F13"}]
["Depreciation",{"$f":"'Page 164'!B5","v":1797},{"$f":"'Page 164'!C5","v":1980},{"$f":"'Page 164'!D5","v":2336},{"$f":"'Page 164'!E5","v":2296},{"$f":"'Page 164'!F5","v":2527},{"$f":"getformula(F4)","v":"<--  ='Page 164'!F5"}]
["Operating costs net of depreciation",{"$f":"B3-B4","v":38240},{"$f":"C3-C4","v":44896},{"$f":"D3-D4","v":29483},{"$f":"E3-E4","v":36329},{"$f":"F3-F4","v":50458},{"$f":"getformula(F5)","v":"<--  =F3-F4"}]
["Sales",{"$f":"'Page 162'!B5","v":44958},{"$f":"'Page 162'!C5","v":51324},{"$f":"'Page 162'!D5","v":32396},{"$f":"'Page 162'!E5","v":42588},{"$f":"'Page 162'!F5","v":60138},{"$f":"getformula(F6)","v":"<--  ='Page 162'!F5"}]
["Net operating costs/Sales",{"$f":"B5/B6","v":0.85057164464611412},{"$f":"C5/C6","v":0.87475644922453433},{"$f":"D5/D6","v":0.91008149154216567},{"$f":"E5/E6","v":0.85303371841833375},{"$f":"F5/F6","v":0.83903688183843828},{"$f":"getformula(F7)","v":"<--  =F5/F6"}]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
["Regressing net operating costs on sales"]
["Intercept",{"$f":"INTERCEPT(B5:F5,B6:F6)","v":3833.339570927259},{"$f":"getformula(B26)","v":"<--  =INTERCEPT(B5:F5,B6:F6)"}]
["Slope",{"$f":"SLOPE(B5:F5,B6:F6)","v":0.77889449683395129},{"$f":"getformula(B27)","v":"<--  =SLOPE(B5:F5,B6:F6)"}]
["R-squared",{"$f":"RSQ(B5:F5,B6:F6)","v":0.99143292468471711},{"$f":"getformula(B28)","v":"<--  =RSQ(B5:F5,B6:F6)"}]

{"sheet":"Page 171-173","index":7,"n_rows":42,"n_cols":8,"rows_kept":42,"cut":false,"hidden":false,"merged":[[0,0,0,5],[27,6,29,6]]}
["CATERPILLAR—ANALYSIS OF FIXED ASSETS"]
[null,2007,2008,2009,2010,2011,null,"Lifetime"]
["Land",189,575,639,682,753]
["Buildings and land improvements",3625,4647,4914,5174,5857,null,"20 - 45"]
["Machinery, equipment and other",9756,12173,12917,13414,14435,null,"3 - 10"]
["Equipment leased to others",4556,4561,4717,4444,4285,null," 1 - 10"]
["Construction-in-process",1082,1531,1034,1192,1996,null,"—"]
[]
["Total property, plant and equipment, at cost",{"$f":"SUM(B3:B7)","v":19208},{"$f":"SUM(C3:C7)","v":23487},{"$f":"SUM(D3:D7)","v":24221},{"$f":"SUM(E3:E7)","v":24906},{"$f":"SUM(F3:F7)","v":27326}]
["Less: Accumulated depreciation",-9211,-10963,-11835,-12367,-12931]
["Property, plant and equipment—net",{"$f":"B9+B10","v":9997},{"$f":"C9+C10","v":12524},{"$f":"D9+D10","v":12386},{"$f":"E9+E10","v":12539},{"$f":"F9+F10","v":14395}]
[]
["Sales",{"$f":"'Page 162'!B5","v":44958},{"$f":"'Page 162'!C5","v":51324},{"$f":"'Page 162'!D5","v":32396},{"$f":"'Page 162'!E5","v":42588},{"$f":"'Page 162'!F5","v":60138}]
[]
["Net PPE/Sales",{"$f":"B11/B13","v":0.222363094443703},{"$f":"C11/C13","v":0.24401839295456318},{"$f":"D11/D13","v":0.38233115199407336},{"$f":"E11/E13","v":0.29442565981027519},{"$f":"F11/F13","v":0.23936612458013237}]
["Gross PPE/Sales",{"$f":"B9/B13","v":0.42724320476889543},{"$f":"C9/C13","v":0.45762216506897357},{"$f":"D9/D13","v":0.74765403136189656},{"$f":"E9/E13","v":0.58481262327416172},{"$f":"F9/F13","v":0.45438824038045827}]
["Model value:  Net PPE/Sales",{"$f":"AVERAGE(B15,C15,E15,F15)","v":0.25004331794716844},{"$f":"getformula(B17)","v":"<--  =AVERAGE(B15,C15,E15,F15)"}]
[]
["Depreciation analysis"]
["%Buildings and land improvements",{"$f":"B4/SUM(B$4:B$6)","v":0.20209622567876456},0.21734250035077873,0.21793507184672697,0.22464397360194513,0.23831224315416852,{"$f":"getformula(F20)","v":"<--  =F4/SUM(F$4:F$6)"}]
["%Machinery, equipment and other",0.54390366281986957,0.56933726205509561,0.57286677310626222,0.58240708579367839,0.58733775481140904,{"$f":"getformula(F21)","v":"<--  =F5/SUM(F$4:F$6)"}]
["%Equipment leased to others",0.25400011150136587,0.21332023759412563,0.20919815504701081,0.19294894060437651,0.17435000203442244,{"$f":"getformula(F22)","v":"<--  =F6/SUM(F$4:F$6)"}]
[]
["Depreciation rates"]
["Buildings and land improvements",{"$f":"1/32.5","v":3.0769230769230771E-2},{"$f":"getformula(B25)","v":"<--  =1/32.5"}]
["Machinery, equipment and other",{"$f":"1/6.5","v":0.15384615384615385},{"$f":"getformula(B26)","v":"<--  =1/6.5"}]
["Equipment leased to others",{"$f":"1/5.5","v":0.18181818181818182},{"$f":"getformula(B27)","v":"<--  =1/5.5"}]
["Average depreciation rate",{"$f":"SUMPRODUCT($B$25:$B$27,B20:B22)","v":0.13607767044796648},{"$f":"SUMPRODUCT($B$25:$B$27,C20:C22)","v":0.13306330730211746},{"$f":"SUMPRODUCT($B$25:$B$27,D20:D22)","v":0.13287507241738217},{"$f":"SUMPRODUCT($B$25:$B$27,E20:E22)","v":0.13159483795121171},{"$f":"SUMPRODUCT($B$25:$B$27,F20:F22)","v":0.12939233936100927},{"$f":"getformula(F28)","v":"<--  =SUMPRODUCT($B$25:$B$27,F20:F22)"}]
["Model depreciation rate",{"$f":"AVERAGE(B28:F28)","v":0.13260064549593742},{"$f":"getformula(B29)","v":"<--  =AVERAGE(B28:F28)"}]
[]
[]
[]
[]
["Depreciation from CSCF",{"$f":"'Page 164'!B5","v":1797},{"$f":"'Page 164'!C5","v":1980},{"$f":"'Page 164'!D5","v":2336},{"$f":"'Page 164'!E5","v":2296},{"$f":"'Page 164'!F5","v":2527}]
["D(Accumulated depreciation)",null,{"$f":"B10-C10","v":1752},{"$f":"C10-D10","v":872},{"$f":"D10-E10","v":532},{"$f":"E10-F10","v":564}]
["Asset disposal",null,{"$f":"C34-C35","v":228},{"$f":"D34-D35","v":1464},{"$f":"E34-E35","v":1764},{"$f":"F34-F35","v":1963}]
["Proceeds from disposals of PPE",{"$f":"'Page 164'!B21","v":408},{"$f":"'Page 164'!C21","v":982},{"$f":"'Page 164'!D21","v":1242},{"$f":"'Page 164'!E21","v":1469},{"$f":"'Page 164'!F21","v":1354}]
["%",null,{"$f":"C37/C36","v":4.307017543859649},{"$f":"D37/D36","v":0.84836065573770492},{"$f":"E37/E36","v":0.83276643990929711},{"$f":"F37/F36","v":0.68976057055527251}]
[]
["Depreciation rate?"]
["CSCF depreciation/(net assets)",null,{"$f":"C34/(C9-C3-C7)","v":9.2605584397362148E-2},{"$f":"D34/(D9-D3-D7)","v":0.103601206315416},{"$f":"E34/(E9-E3-E7)","v":9.9687391455366453E-2},{"$f":"F34/(F9-F3-F7)","v":0.10281970948447736}]
["D(Accumulated depreciation)/(net assets)",null,{"$f":"C35/(C9-C3-C7)","v":8.1941911042514387E-2},{"$f":"D35/(D9-D3-D7)","v":3.8673053042398438E-2},{"$f":"E35/(E9-E3-E7)","v":2.3098298020145885E-2},{"$f":"F35/(F9-F3-F7)","v":2.2948284981893639E-2}]

{"sheet":"Page 173","index":8,"n_rows":12,"n_cols":7,"rows_kept":12,"cut":false,"hidden":false,"merged":[[0,0,0,5]]}
["CATERPILLAR DIVIDENDS"]
[null,2007,2008,2009,2010,2011]
["Dividends",{"$f":"-'Page 164'!B33","v":845},{"$f":"-'Page 164'!C33","v":953},{"$f":"-'Page 164'!D33","v":1029},{"$f":"-'Page 164'!E33","v":1084},{"$f":"-'Page 164'!F33","v":1159}]
["Year-on-year growth",null,{"$f":"C3/B3-1","v":0.12781065088757404},{"$f":"D3/C3-1","v":7.974816369359905E-2},{"$f":"E3/D3-1","v":5.344995140913511E-2},{"$f":"F3/E3-1","v":6.9188191881918826E-2}]
["Total dividend CAGR"]
["2007-2011",{"$f":"(F3/B3)^(1/4)-1","v":8.2197887297832617E-2},{"$f":"getformula(B6)","v":"<--  =(F3/B3)^(1/4)-1"}]
["2008-2011",{"$f":"(F3/C3)^(1/3)-1","v":6.7407324144085345E-2},{"$f":"getformula(B7)","v":"<--  =(F3/C3)^(1/3)-1"}]
[]
["Dividends per share",{"$f":"'Page 162'!B40","v":1.38},{"$f":"'Page 162'!C40","v":1.62},{"$f":"'Page 162'!D40","v":1.68},{"$f":"'Page 162'!E40","v":1.74},{"$f":"'Page 162'!F40","v":1.82},{"$f":"getformula(F9)","v":"<--  ='Page 162'!F40"}]
["Dividend per share CAGR"]
["2007-2011",{"$f":"(F9/B9)^(1/4)-1","v":7.1637926514998007E-2},{"$f":"getformula(B11)","v":"<--  =(F9/B9)^(1/4)-1"}]
["2008-2011",{"$f":"(F9/C9)^(1/3)-1","v":3.9566137483565633E-2},{"$f":"getformula(B12)","v":"<--  =(F9/C9)^(1/3)-1"}]

{"sheet":"Page 174","index":9,"n_rows":12,"n_cols":7,"rows_kept":12,"cut":false,"hidden":false,"merged":[[0,0,0,5]]}
["OTHER LIABILITIES AND PENSIONS"]
[null,2007,2008,2009,2010,2011]
["Other liabilities",{"$f":"'Page 163'!B42","v":2003},{"$f":"'Page 163'!C42","v":2190},{"$f":"'Page 163'!D42","v":2496},{"$f":"'Page 163'!E42","v":2654},{"$f":"'Page 163'!F42","v":3583}]
["Year-on-year growth",null,{"$f":"C3/B3-1","v":9.3359960059910208E-2},{"$f":"D3/C3-1","v":0.13972602739726026},{"$f":"E3/D3-1","v":6.3301282051282159E-2},{"$f":"F3/E3-1","v":0.35003767897513183}]
["Whole period",{"$f":"(F3/B3)^(1/4)-1","v":0.15648888923454618},{"$f":"getformula(B5)","v":"<--  =(F3/B3)^(1/4)-1"}]
["Excluding 2011",{"$f":"(E3/B3)^(1/3)-1","v":9.8348066243822529E-2},{"$f":"getformula(B6)","v":"<--  =(E3/B3)^(1/3)-1"}]
[]
["Pension liabilities",{"$f":"'Page 163'!B41","v":5059},{"$f":"'Page 163'!C41","v":9975},{"$f":"'Page 163'!D41","v":7420},{"$f":"'Page 163'!E41","v":7584},{"$f":"'Page 163'!F41","v":10956},{"$f":"getformula(F8)","v":"<--  ='Page 163'!F41"}]
["Year-on-year growth",null,{"$f":"C8/B8-1","v":0.9717335441786914},{"$f":"D8/C8-1","v":-0.256140350877193},{"$f":"E8/D8-1","v":2.2102425876010745E-2},{"$f":"F8/E8-1","v":0.44462025316455689},{"$f":"getformula(F9)","v":"<--  =F8/E8-1"}]
["Whole period",{"$f":"(F8/B8)^(1/4)-1","v":0.21310065171148795},{"$f":"getformula(B10)","v":"<--  =(F8/B8)^(1/4)-1"}]
["Excluding 2011",{"$f":"(E8/B8)^(1/3)-1","v":0.14448792498267427},{"$f":"getformula(B11)","v":"<--  =(E8/B8)^(1/3)-1"}]
["Model value",{"$f":"AVERAGE(B10:B11)","v":0.17879428834708111},{"$f":"getformula(B12)","v":"<--  =AVERAGE(B10:B11)"}]

{"sheet":"Page 174, middle","index":10,"n_rows":6,"n_cols":7,"rows_kept":6,"cut":false,"hidden":false,"merged":[[0,0,0,5]]}
["CATERPILLAR ANALYSIS OF TAX RATE"]
[null,2007,2008,2009,2010,2011]
["Profits before taxes",{"$f":"'Page 162'!B20","v":4990},{"$f":"'Page 162'!C20","v":4501},{"$f":"'Page 162'!D20","v":569},{"$f":"'Page 162'!E20","v":3750},{"$f":"'Page 162'!F20","v":6725},{"$f":"getformula(F3)","v":"<--  ='Page 162'!F20"}]
["Taxes",{"$f":"'Page 162'!B22","v":1485},{"$f":"'Page 162'!C22","v":953},{"$f":"'Page 162'!D22","v":-270},{"$f":"'Page 162'!E22","v":968},{"$f":"'Page 162'!F22","v":1720},{"$f":"getformula(F4)","v":"<--  ='Page 162'!F22"}]
["Tax rate",{"$f":"B4/B3","v":0.29759519038076154},{"$f":"C4/C3","v":0.21173072650522107},{"$f":"D4/D3","v":-0.47451669595782076},{"$f":"E4/E3","v":0.25813333333333333},{"$f":"F4/F3","v":0.25576208178438664},{"$f":"getformula(F5)","v":"<--  =F4/F3"}]
["Model value",{"$f":"AVERAGEIF(B5:F5,\">0\")","v":0.25580533300092567},{"$f":"getformula(B6)","v":"<--  =AVERAGEIF(B5:F5,\">0\")"}]

{"sheet":"Page 175","index":11,"n_rows":13,"n_cols":7,"rows_kept":13,"cut":false,"hidden":false,"merged":[[0,0,0,6]]}
["CATERPILLAR:  VARIOUS PLUGS vs SALES AND OTHER"]
[null,2007,2008,2009,2010,2011]
["Sales",{"$f":"'Page 162'!B5","v":44958},{"$f":"'Page 162'!C5","v":51324},{"$f":"'Page 162'!D5","v":32396},{"$f":"'Page 162'!E5","v":42588},{"$f":"'Page 162'!F5","v":60138},{"$f":"getformula(F3)","v":"<--  ='Page 162'!F5"}]
[]
["Cash",{"$f":"'Page 163'!B4","v":1122},{"$f":"'Page 163'!C4","v":2736},{"$f":"'Page 163'!D4","v":4867},{"$f":"'Page 163'!E4","v":3592},{"$f":"'Page 163'!F4","v":3057},{"$f":"getformula(F5)","v":"<--  ='Page 163'!F4"}]
["Cash/Sales",{"$f":"B5/B3","v":2.4956626184438811E-2},{"$f":"C5/C3","v":5.3308393733925652E-2},0.15023459686381035,8.4343007419930491E-2,5.0833083907013868E-2,{"$f":"getformula(F6)","v":"<--  =F5/F3"}]
["Debt",{"$f":"'Page 165'!B19","v":28429},{"$f":"'Page 165'!C19","v":35535},{"$f":"'Page 165'!D19","v":31631},{"$f":"'Page 165'!E19","v":28418},{"$f":"'Page 165'!F19","v":34592},{"$f":"getformula(F7)","v":"<--  ='Page 165'!F19"}]
["Debt/Sales",{"$f":"B7/B3","v":0.63234574491747852},{"$f":"C7/C3","v":0.69236614449380407},0.97638597357698487,0.66727716727716724,0.57521034952941563,"<--  =F7/F3"]
["Debt/Total assets",{"$f":"B7/'Page 163'!B20","v":0.50646689945129342},{"$f":"C7/'Page 163'!C20","v":0.5242542267858723},{"$f":"D7/'Page 163'!D20","v":0.52684966188080884},{"$f":"E7/'Page 163'!E20","v":0.44389253358325526},{"$f":"F7/'Page 163'!F20","v":0.42472312943545415},"<--  =F7/'Page 163'!F20"]
[]
["Model values"]
["Cash/Sales",{"$f":"F6","v":5.0833083907013868E-2},{"$f":"getformula(B12)","v":"<--  =F6"}]
["Debt/Assets",{"$f":"F9","v":0.42472312943545415},{"$f":"getformula(B13)","v":"<--  =F9"}]

{"sheet":"Page 176","index":12,"n_rows":98,"n_cols":8,"rows_kept":98,"cut":false,"hidden":false,"merged":[[0,0,0,7]]}
["CATERPILLAR PRO FORMA MODEL"]
["Sales growth",{"$f":"'Page 167'!B19","v":5.2691280916363228E-2},{"$f":"getformula(B2)","v":"<--  ='Page 167'!B19"}]
["Current assets/Sales",{"$f":"'Page 168'!B6","v":0.58317536333100539},"<--  ='Page 168'!B6"]
["Current liabilities/Sales",{"$f":"'Page 168'!B7","v":0.31449333200305962},"<--  ='Page 168'!B7"]
["Net fixed assets/Sales",{"$f":"AVERAGE('Page 171-173'!B15:F15)","v":0.27650088475654944},"<--  =AVERAGE('Page 171-173'!B15:F15)"]
["Cost of goods sold/Sales",{"$f":"'Page 169-170'!F7","v":0.83903688183843828},{"$f":"getformula(B6)","v":"<--  ='Page 169-170'!F7"}]
["Long-term receivables, growth",{"$f":"B2","v":5.2691280916363228E-2},"<-- Assume this grows at the same rate as sales"]
["Depreciation rate",{"$f":"'Page 171-173'!B29","v":0.13260064549593742},{"$f":"getformula(B8)","v":"<--  ='Page 171-173'!B29"}]
["Pension liabilities, growth",{"$f":"'Page 174'!B12","v":0.17879428834708111},"<--  ='Page 174'!B12"]
["Other liabilities, growth",{"$f":"'Page 174'!B6","v":9.8348066243822529E-2},"<--  ='Page 174'!B6"]
["Cash/Sales",{"$f":"'Page 175'!B12","v":5.0833083907013868E-2},"<--  ='Page 175'!B12"]
["Debt/Assets",{"$f":"'Page 175'!B13","v":0.42472312943545415},"<--  ='Page 175'!B13"]
["Interest rate on debt",{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"getformula(B13)","v":"<--  =#REF!F18"}]
["Interest paid on cash & mkt. sec.",0,"<-- Author guesstimate"]
["Tax rate",{"$f":"'Page 174, middle'!B6","v":0.25580533300092567},"<--  ='Page 174, middle'!B6"]
["Dividend growth",{"$f":"'Page 173'!B6","v":8.2197887297832617E-2},"<--  ='Page 173'!B6"]
[]
["Year",2011,2012,2013,2014,2015,2016]
["Income statement"]
["Sales",{"$f":"'Page 162'!F5","v":60138},{"$f":"B20*(1+$B$2)","v":63306.748251748257},{"$f":"C20*(1+$B$2)","v":66642.461907782621},{"$f":"D20*(1+$B$2)","v":70153.938589123631},{"$f":"E20*(1+$B$2)","v":73850.439474712446},{"$f":"F20*(1+$B$2)","v":77741.7137268714},{"$f":"getformula(G20)","v":"<--  =F20*(1+$B$2)"}]
["Costs of goods sold",{"$f":"-'Page 162'!F13+'Page 164'!F5","v":-50458},{"$f":"-$B$6*C20","v":-53116.696652477862},{"$f":"-$B$6*D20","v":-55915.48343714283},-58861.741882503578,-61963.242459261048,-65228.165074170691,{"$f":"getformula(G21)","v":"<--  =-$B$6*G20"}]
["Interest payments on debt",null,{"$f":"-$B$13*C50","v":{"$error":"#REF!"}},{"$f":"-$B$13*D50","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},"<--  =-$B$13*G50"]
["Interest earned on cash & marketable securities",null,{"$f":"$B$14*AVERAGE(B32:C32)","v":0},{"$f":"$B$14*AVERAGE(C32:D32)","v":0},{"$f":"$B$14*AVERAGE(D32:E32)","v":0},{"$f":"$B$14*AVERAGE(E32:F32)","v":0},{"$f":"$B$14*AVERAGE(F32:G32)","v":0},"<--  =$B$14*AVERAGE(F32:G32)"]
["Depreciation",{"$f":"-'Page 164'!F5","v":-2527},{"$f":"C38-B38","v":-3711.1273672516472},{"$f":"D38-C38","v":-4524.4519221530354},{"$f":"E38-D38","v":-5301.4347429342743},{"$f":"F38-E38","v":-6195.8454830552764},{"$f":"G38-F38","v":-7224.7340759461258},"<--  =G38-F38"]
["Profit before tax",{"$f":"SUM(B20:B24)","v":7153},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},"<--  =SUM(G20:G24)"]
["Taxes",{"$f":"-'Page 162'!F22","v":-1720},{"$f":"-$B$15*C25","v":{"$error":"#REF!"}},{"$f":"-$B$15*D25","v":{"$error":"#REF!"}},{"$f":"-$B$15*E25","v":{"$error":"#REF!"}},{"$f":"-$B$15*F25","v":{"$error":"#REF!"}},{"$f":"-$B$15*G25","v":{"$error":"#REF!"}},"<--  =-$B$15*G25"]
["Profit after tax",{"$f":"B25+B26","v":5433},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},"<--  =G25+G26"]
["Dividends",{"$f":"'Page 173'!F3","v":1159},{"$f":"B28*(1+$B$16)","v":1254.2673513781881},{"$f":"C28*(1+$B$16)","v":1357.3654777681234},{"$f":"D28*(1+$B$16)","v":1468.9380523316763},{"$f":"E28*(1+$B$16)","v":1589.6816568047332},{"$f":"F28*(1+$B$16)","v":1720.3501304702004},"<--  =F28*(1+$B$16)"]
["Retained earnings",null,{"$f":"C27+C28","v":{"$error":"#REF!"}},{"$f":"D27+D28","v":{"$error":"#REF!"}},{"$f":"E27+E28","v":{"$error":"#REF!"}},{"$f":"F27+F28","v":{"$error":"#REF!"}},{"$f":"G27+G28","v":{"$error":"#REF!"}},"<--  =G27+G28"]
[]
["Balance sheet",2011,2012,2013,2014,2015,2016,"<--  2016"]
["Cash and marketable securities",{"$f":"'Page 163'!F4","v":3057},{"$f":"$B$11*C20","v":3218.0772457613225},{"$f":"$B$11*D20","v":3387.6418579282895},3566.1410467084197,3754.045586387907,3951.8510569531059,"<--  =$B$11*G20"]
["Current assets",{"$f":"SUM('Page 163'!F5:F9)","v":35071},{"$f":"$B$3*C20","v":36918.935913017784},{"$f":"$B$3*D20","v":38864.241936343817},{"$f":"$B$3*E20","v":40912.048625813215},{"$f":"$B$3*F20","v":43067.756872819853},{"$f":"$B$3*G20","v":45337.052148643241},"<--  =$B$3*G20"]
["Fixed assets",null,null,null,null,null,null,"<--  "]
["Land",{"$f":"'Page 171-173'!F3","v":753},{"$f":"B35","v":753},753,753,753,753,"<--  =F35"]
["Construction in progress",{"$f":"'Page 171-173'!F7","v":1996},1996,1996,1996,1996,1996,"<--  =F36"]
["Depreciable assets at cost",{"$f":"SUM('Page 171-173'!F4:F6)","v":24577},{"$f":"C39-C38-C36-C35","v":31397.499269920183},{"$f":"D39-D38-D36-D35","v":36844.27896926122},{"$f":"E39-E38-E36-E35","v":43116.640121388278},{"$f":"F39-F38-F36-F35","v":50334.571369812227},{"$f":"G39-G38-G36-G35","v":58635.246219310684},"<--  =G39-G38-G36-G35"]
["Accumulated depreciation",{"$f":"'Page 171-173'!F10","v":-12931},{"$f":"B38-$B$8*AVERAGE(B37:C37)","v":-16642.127367251647},{"$f":"C38-$B$8*AVERAGE(C37:D37)","v":-21166.579289404683},{"$f":"D38-$B$8*AVERAGE(D37:E37)","v":-26468.014032338957},{"$f":"E38-$B$8*AVERAGE(E37:F37)","v":-32663.859515394233},{"$f":"F38-$B$8*AVERAGE(F37:G37)","v":-39888.593591340359},"<--  =F38-$B$8*AVERAGE(F37:G37)"]
["Net PPE",{"$f":"SUM(B35:B38)","v":14395},{"$f":"$B$5*C20","v":17504.371902668532},{"$f":"$B$5*D20","v":18426.699679856538},{"$f":"$B$5*E20","v":19397.626089049318},{"$f":"$B$5*F20","v":20419.711854417994},{"$f":"$B$5*G20","v":21495.652627970325},"<--  =$B$5*G20"]
[null,null,null,null,null,null,null,"<--  "]
["Long-term receivables",{"$f":"1130+11948","v":13078},{"$f":"B41*(1+$B$7)","v":13767.096571824199},{"$f":"C41*(1+$B$7)","v":14492.502524692891},15256.131046402588,16059.996133065439,16906.217900828498,"<--  =F41*(1+$B$7)"]
["Investments in unconsolidated affiliated companies",{"$f":"'Page 163'!F15","v":133},{"$f":"B42","v":133},133,133,133,133,"<--  =F42"]
["Noncurrent deferred and refundable income taxes",{"$f":"'Page 163'!F16","v":2157},2157,2157,2157,2157,2157,"<--  =F43"]
["Intangibles and other",{"$f":"SUM('Page 163'!F17:F19)","v":13555},13555,13555,13555,13555,13555,"<--  =F44"]
["Total assets",{"$f":"B32+B33+B39+SUM(B41:B44)","v":81446},87253.481633271847,91016.085998821538,94976.946807973538,99146.510446691187,103535.77373439517,"<--  =G32+G33+G39+SUM(G41:G44)"]
[null,null,null,null,null,null,null,"<--  "]
["Current liabilities",{"$f":"SUM('Page 163'!F27:F32)","v":18913},{"$f":"$B$4*C20","v":19909.55019597118},{"$f":"$B$4*D20","v":20958.609898265535},{"$f":"$B$4*E20","v":22062.945900031515},{"$f":"$B$4*F20","v":23225.470780292602},{"$f":"$B$4*G20","v":24449.250585591784},"<--  =$B$4*G20"]
["Pension liabilities",{"$f":"'Page 163'!F41","v":10956},{"$f":"B48*(1+$B$9)","v":12914.870223130622},{"$f":"C48*(1+$B$9)","v":15223.975253770172},{"$f":"D48*(1+$B$9)","v":17945.935075081583},{"$f":"E48*(1+$B$9)","v":21154.565765553718},{"$f":"F48*(1+$B$9)","v":24936.881296897423},"<--  =F48*(1+$B$9)"]
["Other liabilities",{"$f":"'Page 163'!F42","v":3583},{"$f":"B49*(1+$B$10)","v":3935.381121351616},{"$f":"C49*(1+$B$10)","v":4322.418244568993},{"$f":"D49*(1+$B$10)","v":4747.5197204193719},{"$f":"E49*(1+$B$10)","v":5214.4291043770299},{"$f":"F49*(1+$B$10)","v":5727.2581233580186},"<--  =F49*(1+$B$10)"]
["Debt",{"$f":"SUM('Page 163'!F25:F26)+SUM('Page 163'!F34:F35)+SUM('Page 163'!F39:F40)","v":34592},{"$f":"$B$12*C45","v":37058.57177342214},{"$f":"$B$12*D45","v":38656.636874385906},40338.90607250719,42109.816189523626,43974.037828993416,"<--  =$B$12*G45"]
["Redeemable noncontrolling interest",{"$f":"'Page 163'!F45","v":473},{"$f":"B51","v":473},473,473,473,473,"<--  =F51"]
["Stock",{"$f":"'Page 165'!B27","v":2744},2744,2744,2744,2744,2744,"<--  =F52"]
["Treasury stock",{"$f":"'Page 165'!B28","v":-9451},{"$f":"C45-SUM(C47:C52)-C54","v":{"$error":"#REF!"}},{"$f":"D45-SUM(D47:D52)-D54","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},"<--  =G45-SUM(G47:G52)-G54"]
["Accumulated retained earnings",{"$f":"'Page 165'!B29","v":17398},{"$f":"B54+C29","v":{"$error":"#REF!"}},{"$f":"C54+D29","v":{"$error":"#REF!"}},{"$f":"D54+E29","v":{"$error":"#REF!"}},{"$f":"E54+F29","v":{"$error":"#REF!"}},{"$f":"F54+G29","v":{"$error":"#REF!"}},"<--  =F54+G29"]
["Total liabilities and equity",{"$f":"SUM(B47:B54)","v":79208},{"$f":"SUM(C47:C54)","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},"<--  =SUM(G47:G54)"]
[]
[]
["Year",2011,2012,2013,2014,2015,2016]
["Free Cash Flow"]
["PAT",null,{"$f":"C27","v":{"$error":"#REF!"}},{"$f":"D27","v":{"$error":"#REF!"}},{"$f":"E27","v":{"$error":"#REF!"}},{"$f":"F27","v":{"$error":"#REF!"}},{"$f":"G27","v":{"$error":"#REF!"}},"<--  =G27"]
["Add back depreciation",null,{"$f":"-C24","v":3711.1273672516472},{"$f":"-D24","v":4524.4519221530354},{"$f":"-E24","v":5301.4347429342743},{"$f":"-F24","v":6195.8454830552764},{"$f":"-G24","v":7224.7340759461258},"<--  =-G24"]
["Minus NWC"]
["    Minus increase in CA",null,{"$f":"B33-C33","v":-1847.9359130177836},{"$f":"C33-D33","v":-1945.306023326033},{"$f":"D33-E33","v":-2047.8066894693984},{"$f":"E33-F33","v":-2155.708247006638},{"$f":"F33-G33","v":-2269.2952758233878},"<--  =F33-G33"]
["    Add back increase in CL",null,{"$f":"C47-B47","v":996.55019597118007},{"$f":"D47-C47","v":1049.0597022943548},{"$f":"E47-D47","v":1104.3360017659797},{"$f":"F47-E47","v":1162.5248802610877},{"$f":"G47-F47","v":1223.779805299182},"<--  =G47-F47"]
["Subtract CAPEX",null,{"$f":"-(SUM(C35:C37)-SUM(B35:B37))","v":-6820.499269920183},{"$f":"-(SUM(D35:D37)-SUM(C35:C37))","v":-5446.7796993410375},{"$f":"-(SUM(E35:E37)-SUM(D35:D37))","v":-6272.3611521270577},{"$f":"-(SUM(F35:F37)-SUM(E35:E37))","v":-7217.931248423949},{"$f":"-(SUM(G35:G37)-SUM(F35:F37))","v":-8300.6748494984568},"<--  =-(SUM(G35:G37)-SUM(F35:F37))"]
["Add back net interest after taxes",null,{"$f":"-(1-$B$15)*(C22-C23)","v":{"$error":"#REF!"}},{"$f":"-(1-$B$15)*(D22-D23)","v":{"$error":"#REF!"}},{"$f":"-(1-$B$15)*(E22-E23)","v":{"$error":"#REF!"}},{"$f":"-(1-$B$15)*(F22-F23)","v":{"$error":"#REF!"}},{"$f":"-(1-$B$15)*(G22-G23)","v":{"$error":"#REF!"}},"<--  =-(1-$B$15)*(G22-G23)"]
["Free Cash Flow",null,{"$f":"SUM(C60:C66)","v":{"$error":"#REF!"}},{"$f":"SUM(D60:D66)","v":{"$error":"#REF!"}},{"$f":"SUM(E60:E66)","v":{"$error":"#REF!"}},{"$f":"SUM(F60:F66)","v":{"$error":"#REF!"}},{"$f":"SUM(G60:G66)","v":{"$error":"#REF!"}},"<--  =SUM(G60:G66)"]
[]
[]
["WACC",0.1084]
["Long-term FCF growth",0.09]
[]
["Year",2011,2012,2013,2014,2015,2016]
["FCF",null,{"$f":"C67","v":{"$error":"#REF!"}},{"$f":"D67","v":{"$error":"#REF!"}},{"$f":"E67","v":{"$error":"#REF!"}},{"$f":"F67","v":{"$error":"#REF!"}},{"$f":"G67","v":{"$error":"#REF!"}},"<--  =G67"]
["Terminal value",null,null,null,null,null,{"$f":"G74*(1+B71)/(B70-B71)","v":{"$error":"#REF!"}},"<--  =G74*(1+B71)/(B70-B71)"]
["Total",null,{"$f":"C74+C75","v":{"$error":"#REF!"}},{"$f":"D74+D75","v":{"$error":"#REF!"}},{"$f":"E74+E75","v":{"$error":"#REF!"}},{"$f":"F74+F75","v":{"$error":"#REF!"}},{"$f":"G74+G75","v":{"$error":"#REF!"}},"<--  =G74+G75"]
[]
["Enterprise value:  \nPV of FCFs and terminal value",{"$f":"NPV(B70,C76:G76)*(1+B70)^0.5","v":{"$error":"#REF!"}},{"$f":"getformula(B78)","v":"<--  =NPV(B70,C76:G76)*(1+B70)^0.5"}]
["Add back initial cash",{"$f":"B32","v":3057},"<--  =B32"]
["Asset value",{"$f":"B78+B79","v":{"$error":"#REF!"}},"<--  =B78+B79"]
["Subtract year 0 debt",{"$f":"-SUM(B48:B51)","v":-49604},"<--  =-SUM(B48:B51)"]
["Imputed equity value",{"$f":"B80+B81","v":{"$error":"#REF!"}},"<--  =B80+B81"]
["Divide by # shares outstanding",{"$f":"'Page 163'!F58","v":647533344},"<--  ='Page 163'!F58"]
["Share value",{"$f":"B82/B83*1000000","v":{"$error":"#REF!"}},"<--  =B82/B83*1000000"]
["Current market value per share",90.6]
[]
[null,null,"LT growth rate ↓"]
[null,{"$f":"IF(B70>B71,B84,\"\")","v":{"$error":"#REF!"}},0.06,7.0000000000000007E-2,0.08,0.09,0.1]
["WACC-->",0.06,"","","","",""]
[null,6.5000000000000002E-2,{"$error":"#REF!"},"","","",""]
[null,7.0000000000000007E-2,{"$error":"#REF!"},"","","",""]
[null,7.4999999999999997E-2,{"$error":"#REF!"},{"$error":"#REF!"},"","",""]
[{"$f":"ggetformula(B88)","v":" =IF(B70>B71,B84,\"\")"},0.08,{"$error":"#REF!"},{"$error":"#REF!"},"","",""]
[null,8.5000000000000006E-2,{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},"",""]
[null,0.09,{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},"",""]
[null,9.5000000000000001E-2,{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},""]
[null,0.1,{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},""]
[null,0.105,{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"}]