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Annual Report International Harvester Company

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Annual Report International Harvester Company 1937 ANNUAL REPORT of the INTERNATIONAL HARVESTER COMPANY INTERNATIONAL HARVESTER COMPANY DIRECTORS HAROLD F. McCORMICK, Chairman TERM EXPIRES 1938 TERM EXPIRES 1939 TERM EXPIRES 1940 THOMAS E. DONNELLEY JOHN A. CHAPMAN RALPH BUDD MAURICE F. HOLAHAN WILLIAM S. ELLIOTT SYDNEY G. MCALLISTER ARNOLD B. KELLER JAMES R. LEAVELL CYRUS McCORMICK CHAUNCEY McCORMICK GEORGE A. RANNEY HAROLD F. McCORMICK FOWLER McCORMICK JOHN STUART ADDIS E. McKINSTRY JUDSON F. STONE JOHN P. WILSON ALBERT A. SPRAGUE EXECUTIVE COMMITTEE ADDIS E. McKINSTRY, Chairman SYDNEY G. MCALLISTER JOHN P. WILSON HAROLD F. McCORMICK JUDSON F. STONE GEORGE A. RANNEY MAURICE F. HOLAHAN ALBERT A. SPRAGUE OFFICERS SYDNEY G. MCALLISTER President MAURICE F. HOLAHAN First Vice-President FOWLER McCORMICK Second Vice-President WILLIAM S. ELLIOTT Vice-President and General Counsel EDWARD A. JOHNSTON Vice-President CHARLES R. MORRISON Vice-President JOHN MORROW, Jr. Vice-President CHARLES R. McDONALD Vice-President GEORGE E. ROSE Vice-President ARNOLD B. KELLER Treasurer SANFORD B. WHITE Secretary CHRISTIAN E. JARCHOW Comptroller TRANSFER OFFICES GUARANTY TRUST COMPANY OF NEW YORK, New York INTERNATIONAL HARVESTER COMPANY, Chicago REGISTRARS FOR STOCK THE NEW YORK TRUST COMPANY, New York CONTINENTAL ILLINOIS NATIONAL BANK AND TRUST COMPANY, Chicago GENERAL OFFICES Harvester Building, 180 North Michigan Avenue, Chicago To the service of the millions of farmers who till their fields, gather their crops and tend their livestock to supply the world with food and clothing, the resources and energies of the International Harvester Company are devoted. * iy||l • ||V *2L rTi Y/ Hn i r Ti M^flfl •I^WlL^H 4_ " steS| ^'lllll W0*^-*~-* ' • jl «*" . ^^jfc, , I! * '^ • :'•'•;• '••'ir... 1937 REPORT TO STOCKHOLDERS OF INTERNATIONAL HARVESTER COMPANY TO THE STOCKHOLDERS: The Company's trade during 1937 increased substantially. This was due to increased farm income, the need for replacement of farm implements, the introduction of improved machines, and the increased demand for the new line of motor trucks and for other products designed for industrial uses. A comparison of 1937 and 1936 sales is as follows: Fiscal Year Fiscal Period In the United States: 1937 1936 yj Tractors (including Repair Parts) <2> $ 89,318,000 $ 63,235,000 Farm Implements (including Repair Parts) 75,638,000 53,195,000 Motor Trucks (including Repair Parts) 76,100,000 61,305,000 Steel, Binder Twine, etc 29,198,000 18,417,000 Total United States $270,254,000 $196,152,000 In Foreign Countries: All Products 81,674,000 58,782,000 Grand Total $351,928,000 $254,934,000 (1) 1936 Fiscal Period covers 12 months' sales in the Southern Hemisphere and 11 months' sales in all other places. (2) Tractor sales include engines, and tractor motors converted into stationary and industrial power units. Profits and Dividends: The percentage of profit to sales proceeds was less in 1937 than in 1936, due to higher wage rates, higher costs of materials, higher taxes, etc. The net income from operations for the year was $36,343,000. The net income after providing for general inventory reserve and after making other adjustments was $32,493,000, equivalent to $6.31 per share of common stock, after allowing for preferred dividends. Dividends were paid on preferred stock at the regular rate of $1.75 per share quarterly. Dividends on common stock were paid at the rate of 6214? per share quarterly on January 15, April 15, July 15, and October 15, 1937. Also a final dividend of $1.50 per share was paid October 15, 1937, bringing the total common dividend disbursements during 1937 to $4 per share. Working Capital: The net working capital of the Company at October 31, 1937, amounted to $247,177,000, of which $192,507,000 was held in the United States, $12,171,000 in Canada, and $42,499,000 in other countries. The higher inventory at October 31, 1937, resulted from increased costs and from the greatly increased production during the year together with the necessity of forward buying to maintain continuity of operations and provide for future business as estimated at that time. Inventories have been valued at cost or market whichever is lower. In order to serve its customers promptly and to provide more regular employment, the Company must maintain at all times a large investment in inventories. Therefore, the effect of price fluctuations is more severe in this line of business than in many other lines. The policy of building up the general inventory reserve during periods of price advances has been followed and $7,500,000 has been provided out of 1937 income, bringing the general inventory reserve at the close of the year to $30,000,000, which is 16.1% of the total inventory. Foreign exchange rates at October 31,1937, were lower in certain countries than at October 31, 1936, and as a result the valuations of foreign assets decreased $1,407,000 which amount was charged to the Reserve for Foreign Losses and Exchange Fluctuations, leaving a balance of $13,515,000 for the protection of the foreign business. Collections and Losses on Receivables: The terms offered by the Company on time payment sales have been conservative and the increase in receivables outstanding at October 31, 1937, as compared with October 31, 1936, was somewhat less proportionately than the increase in sales. Collections were good in 1937. During the past year $2,133,000 of uncollectible receivables was charged against the Reserve for Losses on Receivables. In addition, $610,000 of uncollected receivables in the United States and Canada of 1932 origin remaining on the books at October 31, 1937, was charged off in accordance with the Company's established policy of writing off receiv­ ables more than five years old. There was charged to 1937 earnings and credited to the reserve the sum of $6,546,000 to cover the estimated losses on receivables arising from 1937 business. During the fiscal year $4,929,000 was collected on receivables which had been previously charged off. After crediting these collections to the Reserve for Losses on Receivables, the reserve applicable to receivables of prior years was believed to be in excess of requirements, and accordingly, $3,500,000 was transferred out of this reserve to income. Capital Additions: Capital expenditures during the fiscal year ended October 31, 1937, amounted to $15,136,000 compared with $10,005,000 for the ten-month period ended October 31, 1936. These expenditures were: for additional facilities for the production of tractors and motor trucks, $6,001,000; for modernization of merchant mills and the completion of blooming mill additions at the steel mills, and expenditures at iron ore and coal mines, $4,694,000; for buildings, machinery and equipment at implement plants, $2,883,000; for additional branch warehouse and service station facilities, $1,558,000. Depreciation has been provided by charges to 1937 operations at regular rates plus an additional amount to cover increased use of machinery and equipment during 1937. General: During 1937 there was no stoppage or interruption of work at any of the Company's manu­ facturing plants. Two general wage increases were made at all of the Company's U. S. operations. During 1937, the Company had an average of 59,347 employes in the United States as compared with 50,400 during 1936 and 47,800 during 1929. The Company paid extra compensation during the year equal to three weeks' wages to all employes (other than the managerial and supervisory group) in the United States and Canada having three or more years of service, two weeks' wages to those having two years' service, and one week's wages to those having one year's service. Employes in the managerial and super­ visory group, numbering about 2,900, received extra compensation on a variable basis recognizing individual merit. WCTnTTTiilitl'l! I'I 111 I IrlBWllllMMlMlllP I /rador and /-row corn picker gathers the crop from 8 to 9 acres a day From plowing to harvesting, many kinds of row-crops are tended with Farmall equipment. Farm Implements Historically, the founda­ tion of the business of the International Harvester Company was machines for the farm, built to reduce the cost of the farmer's operations and lighten his burden of toil. The Company makes many different types of machines for the farm, some -'-•*#: of which are shown on this page. •oring a seed bed with Farmall power. International Harvester mowers are built in many types and sizes. McCormick-Deering harvester-threshers range in Farmall tractor and McCormick-Deering 2-row potato digger. size from 6 to 16-foot cut. The total amount received in wages, salaries and extra compensation during the fiscal year 1937 by all employes (exclusive of the executive officers) in the United States and abroad was $125,000,000. The total compensation received by the fourteen executive officers of the Company amounted to $719,000. During this same period the preferred stockholders of the Company received $5,717,000 in dividends, and the common stockholders received $16,981,000. The amount of taxes for 1937 was $19,400,000 (federal, state, local, and foreign), and in addition $3,046,000 for old age benefit and unemployment insurance under federal and state social security laws. Production schedules for some time after the end of each fiscal year must be based largely on estimates of spring demand which this year involve more than the usual uncertainties. The Company continued production on a five-day per week schedule until December 15th. Since that date most departments have been reduced to a four-day per week schedule. It was the judgment of the Management that inventories should not be built up to a point where heavy layoffs might be necessary in the future, and that a curtailed schedule was the best method of conserving work for the largest number of employes.
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