| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
OPERATING ACTIVITIES: | ||||||||||||
Net Income | ||||||||||||
2,387 | 2,195 | 1,675 | 521 | 1,604 | 1,358 | 1,171 | 1,111 | 1,042 | 457 | 111 | 1,017 | 1,227 |
Adjustments to reconcile net income to cash provided by operations: | ||||||||||||
Depreciation and amortization, Property, plant and equipment | ||||||||||||
322 | 337 | 321 | 302 | 292 | 285 | 210 | 188 | 196 | 189 | 188 | 226 | 196 |
Depreciation and amortization, Equipment on operating leases and other | ||||||||||||
755 | 716 | 786 | 690 | 614 | 632 | 600 | 512 | 477 | - | - | 426 | 330 |
Provision for losses on financial services receivables | ||||||||||||
15 | 16 | 22 | 18 | 12 | 15 | 12 | 20 | 41 | - | - | 99 | 41 |
Curtailment gain | ||||||||||||
- | - | - | - | - | - | - | - | - | - | 66 | - | 0 |
Gain on sale of property | ||||||||||||
- | - | - | - | - | - | - | - | - | - | - | - | 21 |
Deferred taxes | ||||||||||||
70 | 17 | -173 | 30 | -55 | -98 | 97 | 151 | 224 | 46 | 159 | 131 | 38 |
Other, net | ||||||||||||
-26 | -35 | -43 | -30 | -46 | -40 | -36 | -34 | -28 | -11 | -38 | -1 | 5 |
Pension contributions | ||||||||||||
35 | 88 | 70 | 185 | 62 | 81 | 26 | 190 | 85 | 63 | 176 | 68 | 16 |
Change in operating assets and liabilities: | ||||||||||||
(Increase) decrease in assets other than cash and cash equivalents: | ||||||||||||
Trade and other receivables | ||||||||||||
72 | 299 | 193 | 61 | -105 | 71 | 115 | -75 | 408 | 42 | -163 | 55 | -143 |
Wholesale receivables on new trucks | ||||||||||||
520 | 512 | 272 | -401 | 273 | 232 | 82 | 6 | 551 | 1 | -641 | 246 | -81 |
Sales-type finance leases and dealer direct loans on new trucks | ||||||||||||
- | - | - | -116 | 6 | 133 | 101 | 186 | 141 | -67 | -81 | -52 | -40 |
Inventories | ||||||||||||
-24 | 332 | 149 | -64 | -64 | 189 | 39 | 61 | 187 | -96 | -53 | 85 | -114 |
Other assets, net | ||||||||||||
365 | 187 | -189 | -41 | 125 | 72 | 86 | 120 | -28 | 48 | -8 | -8 | -16 |
(Decrease) increase in liabilities: | ||||||||||||
Accounts payable and accrued expenses | ||||||||||||
-27 | 528 | 333 | -8 | -162 | 252 | 240 | -303 | 585 | 221 | -271 | -239 | -277 |
Residual value guarantees and deferred revenues | ||||||||||||
-179 | 275 | 166 | 155 | 242 | 123 | 261 | 204 | 231 | 79 | 48 | 118 | 85 |
Income taxes, warranty and other | ||||||||||||
458 | 290 | 37 | 183 | 260 | 293 | 196 | 90 | 110 | 42 | -160 | -80 | 51 |
Net Cash Provided by Operating Activities | ||||||||||||
2,860 | 2,992 | 2,715 | 2,300 | 2,556 | 2,123 | 2,375 | 1,519 | 1,592 | 1,551 | 1,373 | 1,304 | 2,055 |
INVESTING ACTIVITIES: | ||||||||||||
Originations of retail loans and finance leases | ||||||||||||
4,081 | 3,858 | 3,116 | 2,825 | 3,064 | 3,114 | 2,992 | 3,235 | 2,731 | 1,789 | 1,282 | 2,307 | 3,116 |
Collections on retail loans and finance leases | ||||||||||||
3,388 | 2,914 | 2,713 | 2,509 | 2,681 | 2,847 | 2,469 | 2,404 | 2,121 | 2,039 | 2,083 | 2,616 | 2,837 |
Net (increase) decrease in wholesale receivables on used equipment | ||||||||||||
47 | 0 | -5 | -9 | 24 | -1 | -6 | 5 | 18 | -8 | -3 | -10 | -13 |
Purchases of marketable debt securities | ||||||||||||
850 | 615 | 970 | 1,031 | 1,329 | 1,122 | 990 | 1,048 | 1,614 | 757 | 288 | 667 | 1,282 |
Proceeds from sales and maturities of marketable debt securities | ||||||||||||
715 | 931 | 779 | 1,304 | 1,035 | 997 | 888 | 768 | 1,142 | 523 | 245 | 1,239 | 1,345 |
Payments for property, plant and equipment | ||||||||||||
574 | 457 | 423 | 375 | 286 | 298 | 510 | 515 | 340 | 168 | 127 | 462 | 425 |
Acquisitions of equipment for operating leases | ||||||||||||
1,396 | 1,494 | 1,423 | 1,589 | 1,438 | 1,239 | 1,362 | 1,288 | 1,306 | 715 | 843 | 1,087 | 841 |
Proceeds from asset disposals | ||||||||||||
638 | 653 | 470 | 433 | 448 | 395 | 340 | 330 | 339 | 392 | 520 | 393 | 240 |
Other, net | ||||||||||||
-1 | 1 | - | -0 | -3 | - | - | -2 | 9 | - | - | -12 | 66 |
Net Cash Used in Investing Activities | ||||||||||||
-2,207 | -1,930 | -1,964 | -1,564 | -1,974 | -1,531 | -2,151 | -2,588 | -2,419 | -467 | 310 | -251 | -1,296 |
FINANCING ACTIVITIES: | ||||||||||||
Payments of cash dividends | ||||||||||||
1,138 | 804 | 558 | 829 | 680 | 623 | 283 | 809 | 217 | 251 | 232 | 629 | 736 |
Purchases of treasury stock | ||||||||||||
110 | 354 | - | 70 | 201 | 42 | - | 162 | 337 | - | - | 230 | 360 |
Proceeds from stock compensation transactions | ||||||||||||
60 | 19 | 39 | 29 | 21 | 29 | 31 | 13 | 10 | 22 | 17 | 11 | 30 |
Net decrease in commercial paper and short-term bank loans and other | ||||||||||||
557 | 625 | 352 | -322 | 250 | 349 | -1,039 | -365 | 1,642 | -548 | -789 | -482 | -366 |
Proceeds from term debt | ||||||||||||
2,504 | 2,339 | 1,670 | 1,994 | 1,993 | 1,650 | 2,134 | 2,201 | 1,165 | 707 | 1,373 | 1,190 | 879 |
Payments on term debt | ||||||||||||
1,790 | 1,755 | 1,897 | 1,625 | 1,580 | 1,883 | 568 | 668 | 1,317 | 889 | 2,184 | 728 | 285 |
Net Cash Used in Financing Activities | ||||||||||||
83 | 71 | -393 | -823 | -196 | -520 | 273 | 209 | 946 | -960 | -1,816 | -868 | -838 |
Effect of exchange rate changes on cash | ||||||||||||
2 | -61 | 91 | -13 | -105 | -83 | -20 | 25 | -53 | 4 | 89 | -87 | 85 |
Net Decrease in Cash and Cash Equivalents | ||||||||||||
739 | 1,071 | 449 | -100 | 278 | -12 | 477 | -834 | 65 | 128 | -43 | 97 | 5 |