Business

Caterpillar Says US is Investigating Its Movement of Cash

Published

11 years ago

February 19, 2015

This file photo shows Caterpillar logos on earth moving tractors and equipment in Clinton, Ill. on June 20, 2012. (AP Photo)

NEW YORK (AP) — The U.S. government is investigating how Caterpillar has been moving cash between its business units in the U.S. and overseas, the construction equipment company said Wednesday.

Caterpillar said it received a grand jury subpoena from the U.S. District Court for the Central District of Illinois on Jan. 8 that asked for financial information related to undistributed profits of non-U.S. subsidiaries and cash movements. Caterpillar did not give further details but said it is cooperating with the investigation and that it should not affect its business or finances.

The company disclosed the investigation in a filing with the U.S. Securities and Exchange Commission.

The filing also said, separately, that the SEC told Caterpillar in September that it was conducting an “informal investigation” of the company’s affiliate in Switzerland called Caterpillar SARL. The SEC declined to comment Wednesday.

There has previously been criticism of Caterpillar’s tax strategy related to Caterpillar SARL. Last year, a congressional report said that the Peoria, Illinois-based company avoided paying $2.4 billion in U.S. taxes since 2000 by shifting profits overseas. It said Caterpillar was using the Swiss affiliate to transfer the rights to profits from its parts business in order to avoid taxes.

At the time, Caterpillar said it followed all tax laws.

A spokeswoman for Caterpillar did not immediately respond to a request for comment Wednesday.

The company, which had revenue of $55 billion last year, makes mining drills, tractors and other heavy machinery. It has 114,000 employees around the world, with about 51,000 of them in the U.S.

Its shares fell 58 cents to close at $84.80 Wednesday.

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Art

After 10-Year Wait, Fillmore Heritage Center Reopens in San Francisco

After serving as the economic and cultural hub of the Fillmore’s historically Black community for more than a decade, the center’s closure ended what was called the “Rebirth of the Cool,” referring to the neighborhood’s role during the height of Black Jazz in the United States.

Published

4 hours ago

June 10, 2026

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Rev. Amos Brown of Third Baptist Church addresses community members at the Fillmore Heritage Center ribbon cutting. Photo by Linda Parker Pennington.

By Linda Parker Pennington, Special to The Post

Last Saturday morning, the cloudy skies cleared just as the highly anticipated ribbon-cutting ceremony began, marking the reopening of the Fillmore Heritage Center at 1330 Fillmore and Eddy.

The complex – which had once included Yoshi’s Jazz Club, the Lush Life Art Gallery, the Koret Heritage Lobby, a 54-seat microcinema, and the Black-owned 1300 On Fillmore restaurant – shuttered in 2015.

San Francisco Mayor Daniel Lurie announcing the reopening of the Fillmore Heritage Center. Erika Scott, owner of Honey Art Studio, looks on with pride. Photo by Linda Parker Pennington.

“The Fillmore is the most important neighborhood in San Francisco’s history for centering Black culture, music, business, and community, and has shaped this City and influenced the entire country,” said San Francisco Mayor Daniel Lurie to the gathering of more than 100 community leaders, business owners, and public officials. “This building reflects the deep roots of the Fillmore. Urban renewal left deep scars that are still felt today. This Center celebrates a strong Black community that continues to shape San Francisco. I am proud to join the community as we reopen the Fillmore Heritage Center.”

Although the previous stakeholders will not be returning to the center, spaces are available for nonprofit organizations and ventures, such as Fillmore native Ericka Johnson’s Honey Art Studio.

“This Center will be an economic engine and a thriving venue that shines a light on the Black-owned businesses in this neighborhood and lifts the entire district,” Lurie continued. “Our City is committed to this community for the long term.”

“We’re excited to collaborate with the City to finally reopen these doors,” said Ken Johnson, a videographer and community leader who’d been lobbying for the reopening of the center. “It’s an opportunity to showcase the entrepreneurship and creative spirit of this ‘Harlem of the West’ and the ‘Rebirth of the Cool,’ grounded in our uniquely gifted Fillmore community.”

This month, through its Office of Economic and Workforce Development, the city will begin renting the building’s noncommercial spaces for pop-up events celebrating local talent, arts, and entertainment primarily centered in the Fillmore.