DEERFIELD, Ill., Oct. 28, 2021 /PRNewswire/ --
- Third-quarter 2021 sales and revenues increased 25% to
$12.4 billion
- Third-quarter 2021 profit per share of $2.60; adjusted profit per share of $2.66
- Strong balance sheet; returned $2.0
billion to shareholders through dividends and share
repurchases in the quarter
|
|
Third
Quarter
|
($ in billions except
profit per share)
|
|
2021
|
2020
|
Sales and
Revenues
|
|
$12.4
|
$9.9
|
Profit Per
Share
|
|
$2.60
|
$1.22
|
Adjusted Profit
Per Share
|
|
$2.66
|
$1.52
|
Caterpillar Inc. (NYSE: CAT) today announced third-quarter 2021
sales and revenues of $12.4 billion,
a 25% increase compared with $9.9
billion in the third quarter of 2020. The increase was
primarily due to higher sales volume, driven by higher end-user
demand for equipment and services, and favorable price
realization.
Operating profit margin was 13.4% for the third quarter of 2021,
compared with 10.0% for the third quarter of 2020. Third-quarter
2021 profit per share was $2.60,
compared with third-quarter 2020 profit per share of $1.22. Adjusted profit per share in the third
quarter of 2021 was $2.66, compared
with third-quarter 2020 adjusted profit per share of $1.52. Third-quarter 2021 adjusted profit per
share of $2.66 reflected strong
operational performance and a lower-than-expected effective tax
rate. Adjusted profit per share for both quarters excluded
restructuring costs, while the third quarter of 2020 also excluded
remeasurement losses of $0.12 per
share, resulting from the settlements of pension obligations.
Please see a reconciliation of GAAP to non-GAAP financial measures
in the appendix on page 13.
For the nine months ended September 30,
2021, enterprise operating cash flow was $5.8 billion and the company ended the third
quarter with $9.4 billion of
enterprise cash. In the quarter, the company repurchased
$1.4 billion of Caterpillar common
stock and paid dividends of $0.6
billion.
"Our global team continues to execute our long-term strategy for
profitable growth while working to mitigate supply chain challenges
as we serve our customers," said Chairman and CEO Jim Umpleby. "Our third-quarter results reflect
higher sales and revenues across our three primary segments and in
all regions."
CONSOLIDATED RESULTS
Consolidated Sales and Revenues
Consolidated Sales and Revenues Comparison
Third Quarter 2021 vs. Third Quarter 2020
To access this chart, go to
https://investors.caterpillar.com/financials/quarterly-results/default.aspx
for the downloadable version of Caterpillar third-quarter 2021
earnings.
The chart above graphically illustrates reasons for the change
in consolidated sales and revenues between the third quarter of
2020 (at left) and the third quarter of 2021 (at right).
Caterpillar management utilizes these charts internally to visually
communicate with the company's Board of Directors and
employees.
Total sales and revenues for the third quarter of 2021 were
$12.397 billion, an increase of
$2.516 billion, or 25%, compared with
$9.881 billion in the third quarter
of 2020. The increase was primarily due to higher sales volume
driven by higher end-user demand for equipment and services and the
impact from changes in dealer inventories, along with favorable
price realization. Dealers decreased inventories by $600 million during the third quarter of 2020,
compared with a decrease of $300
million during the third quarter of 2021.
Sales were higher across the three primary segments.
Sales and Revenues
by Segment
|
(Millions of dollars)
|
Third
Quarter
2020
|
|
Sales
Volume
|
|
Price
Realization
|
|
Currency
|
|
Inter-
Segment /
Other
|
|
Third
Quarter
2021
|
|
$
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction
Industries
|
$
|
4,056
|
|
|
$
|
957
|
|
|
$
|
218
|
|
|
$
|
38
|
|
|
$
|
(14)
|
|
|
$
|
5,255
|
|
|
$
|
1,199
|
|
|
30%
|
Resource
Industries
|
1,816
|
|
|
522
|
|
|
43
|
|
|
22
|
|
|
3
|
|
|
2,406
|
|
|
590
|
|
|
32%
|
Energy &
Transportation
|
4,161
|
|
|
628
|
|
|
(6)
|
|
|
44
|
|
|
250
|
|
|
5,077
|
|
|
916
|
|
|
22%
|
All Other
Segment
|
106
|
|
|
10
|
|
|
(1)
|
|
|
1
|
|
|
3
|
|
|
119
|
|
|
13
|
|
|
12%
|
Corporate Items and
Eliminations
|
(911)
|
|
|
1
|
|
|
2
|
|
|
—
|
|
|
(242)
|
|
|
(1,150)
|
|
|
(239)
|
|
|
|
Machinery, Energy
& Transportation
|
9,228
|
|
|
2,118
|
|
|
256
|
|
|
105
|
|
|
—
|
|
|
11,707
|
|
|
2,479
|
|
|
27%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Products
Segment
|
724
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
38
|
|
|
762
|
|
|
38
|
|
|
5%
|
Corporate Items and
Eliminations
|
(71)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1)
|
|
|
(72)
|
|
|
(1)
|
|
|
|
Financial
Products Revenues
|
653
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
37
|
|
|
690
|
|
|
37
|
|
|
6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Sales
and Revenues
|
$
|
9,881
|
|
|
$
|
2,118
|
|
|
$
|
256
|
|
|
$
|
105
|
|
|
$
|
37
|
|
|
$
|
12,397
|
|
|
$
|
2,516
|
|
|
25%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and Revenues
by Geographic Region
|
|
North
America
|
|
Latin
America
|
|
EAME
|
|
Asia/Pacific
|
|
External Sales
and Revenues
|
|
Inter-Segment
|
|
Total Sales
and Revenues
|
(Millions of dollars)
|
$
|
|
%
Chg
|
|
$
|
|
%
Chg
|
|
$
|
|
%
Chg
|
|
$
|
|
%
Chg
|
|
$
|
|
%
Chg
|
|
$
|
|
%
Chg
|
|
$
|
|
%
Chg
|
Third Quarter
2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction
Industries
|
$
|
2,417
|
|
|
36%
|
|
$
|
528
|
|
|
130%
|
|
$
|
1,240
|
|
|
56%
|
|
$
|
1,076
|
|
|
(13%)
|
|
$
|
5,261
|
|
|
30%
|
|
$
|
(6)
|
|
|
(175%)
|
|
$
|
5,255
|
|
|
30%
|
Resource
Industries
|
674
|
|
|
38%
|
|
417
|
|
|
55%
|
|
456
|
|
|
19%
|
|
744
|
|
|
32%
|
|
2,291
|
|
|
34%
|
|
115
|
|
|
3%
|
|
2,406
|
|
|
32%
|
Energy &
Transportation
|
1,924
|
|
|
21%
|
|
329
|
|
|
49%
|
|
1,144
|
|
|
3%
|
|
744
|
|
|
34%
|
|
4,141
|
|
|
19%
|
|
936
|
|
|
36%
|
|
5,077
|
|
|
22%
|
All Other
Segment
|
18
|
|
|
80%
|
|
—
|
|
|
(100%)
|
|
3
|
|
|
200%
|
|
14
|
|
|
8%
|
|
35
|
|
|
40%
|
|
84
|
|
|
4%
|
|
119
|
|
|
12%
|
Corporate Items and
Eliminations
|
(19)
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(2)
|
|
|
|
|
(21)
|
|
|
|
|
(1,129)
|
|
|
|
|
(1,150)
|
|
|
|
Machinery, Energy
& Transportation
|
5,014
|
|
|
31%
|
|
1,274
|
|
|
77%
|
|
2,843
|
|
|
24%
|
|
2,576
|
|
|
8%
|
|
11,707
|
|
|
27%
|
|
—
|
|
|
—%
|
|
11,707
|
|
|
27%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Products
Segment
|
478
|
|
|
7%
|
|
68
|
|
|
8%
|
|
105
|
|
|
5%
|
|
111
|
|
|
(2%)
|
|
762
|
|
|
5%
|
|
—
|
|
|
—%
|
|
762
|
|
|
5%
|
Corporate Items and
Eliminations
|
(37)
|
|
|
|
|
(13)
|
|
|
|
|
(9)
|
|
|
|
|
(13)
|
|
|
|
|
(72)
|
|
|
|
|
—
|
|
|
|
|
(72)
|
|
|
|
Financial
Products Revenues
|
441
|
|
|
7%
|
|
55
|
|
|
4%
|
|
96
|
|
|
7%
|
|
98
|
|
|
(1%)
|
|
690
|
|
|
6%
|
|
—
|
|
|
—%
|
|
690
|
|
|
6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Sales
and Revenues
|
$
|
5,455
|
|
|
28%
|
|
$
|
1,329
|
|
|
72%
|
|
$
|
2,939
|
|
|
23%
|
|
$
|
2,674
|
|
|
8%
|
|
$
|
12,397
|
|
|
25%
|
|
$
|
—
|
|
|
—%
|
|
$
|
12,397
|
|
|
25%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter
2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction
Industries
|
$
|
1,781
|
|
|
|
|
$
|
230
|
|
|
|
|
$
|
796
|
|
|
|
|
$
|
1,241
|
|
|
|
|
$
|
4,048
|
|
|
|
|
$
|
8
|
|
|
|
|
$
|
4,056
|
|
|
|
Resource
Industries
|
487
|
|
|
|
|
269
|
|
|
|
|
384
|
|
|
|
|
564
|
|
|
|
|
1,704
|
|
|
|
|
112
|
|
|
|
|
1,816
|
|
|
|
Energy &
Transportation
|
1,584
|
|
|
|
|
221
|
|
|
|
|
1,113
|
|
|
|
|
557
|
|
|
|
|
3,475
|
|
|
|
|
686
|
|
|
|
|
4,161
|
|
|
|
All Other
Segment
|
10
|
|
|
|
|
1
|
|
|
|
|
1
|
|
|
|
|
13
|
|
|
|
|
25
|
|
|
|
|
81
|
|
|
|
|
106
|
|
|
|
Corporate Items and
Eliminations
|
(22)
|
|
|
|
|
(2)
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(24)
|
|
|
|
|
(887)
|
|
|
|
|
(911)
|
|
|
|
Machinery, Energy
& Transportation
|
3,840
|
|
|
|
|
719
|
|
|
|
|
2,294
|
|
|
|
|
2,375
|
|
|
|
|
9,228
|
|
|
|
|
—
|
|
|
|
|
9,228
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Products
Segment
|
448
|
|
|
|
|
63
|
|
|
|
|
100
|
|
|
|
|
113
|
|
|
|
|
724
|
|
|
|
|
—
|
|
|
|
|
724
|
|
|
|
Corporate Items and
Eliminations
|
(37)
|
|
|
|
|
(10)
|
|
|
|
|
(10)
|
|
|
|
|
(14)
|
|
|
|
|
(71)
|
|
|
|
|
—
|
|
|
|
|
(71)
|
|
|
|
Financial
Products Revenues
|
411
|
|
|
|
|
53
|
|
|
|
|
90
|
|
|
|
|
99
|
|
|
|
|
653
|
|
|
|
|
—
|
|
|
|
|
653
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Sales
and Revenues
|
$
|
4,251
|
|
|
|
|
$
|
772
|
|
|
|
|
$
|
2,384
|
|
|
|
|
$
|
2,474
|
|
|
|
|
$
|
9,881
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
9,881
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Operating Profit
Consolidated Operating Profit Comparison
Third
Quarter 2021 vs. Third Quarter 2020
To access this chart, go to
https://investors.caterpillar.com/financials/quarterly-results/default.aspx
for the downloadable version of Caterpillar third-quarter 2021
earnings.
The chart above graphically illustrates reasons for the change
in consolidated operating profit between the third quarter of 2020
(at left) and the third quarter of 2021 (at right). Caterpillar
management utilizes these charts internally to visually communicate
with the company's Board of Directors and employees. The bar titled
Other includes consolidating adjustments and Machinery, Energy
& Transportation's other operating (income) expenses.
Operating profit for the third quarter of 2021 was $1.664 billion, an increase of $679 million, or 69%, compared with $985 million in the third quarter of 2020. The
increase was primarily due to higher sales volume and favorable
price realization, partially offset by higher selling, general and
administrative (SG&A) and research and development (R&D)
expenses as well as higher manufacturing costs.
Unfavorable manufacturing costs reflected higher variable labor
and burden, primarily freight, and higher period manufacturing and
material costs, partially offset by favorable cost absorption and
lower warranty expense. Cost absorption was favorable as inventory
increased during the third quarter of 2021.
The increase in both SG&A/R&D expenses and period
manufacturing costs was mainly driven by higher short-term
incentive compensation expense, which was reinstated in 2021, and
investments aligned with the company's strategy for profitable
growth, including acquisition-related expenses.
Profit (Loss) by
Segment
|
(Millions of dollars)
|
Third Quarter
2021
|
|
Third Quarter
2020
|
|
$
Change
|
|
%
Change
|
|
Construction
Industries
|
$
|
859
|
|
|
$
|
585
|
|
|
$
|
274
|
|
|
47%
|
|
Resource
Industries
|
297
|
|
|
167
|
|
|
130
|
|
|
78%
|
|
Energy &
Transportation
|
696
|
|
|
492
|
|
|
204
|
|
|
41%
|
|
All Other
Segment
|
5
|
|
|
27
|
|
|
(22)
|
|
|
(81%)
|
|
Corporate Items and
Eliminations
|
(286)
|
|
|
(346)
|
|
|
60
|
|
|
|
Machinery, Energy
& Transportation
|
1,571
|
|
|
925
|
|
|
646
|
|
|
70%
|
|
|
|
|
|
|
|
|
|
Financial Products
Segment
|
173
|
|
|
142
|
|
|
31
|
|
|
22%
|
|
Corporate Items and
Eliminations
|
(7)
|
|
|
(15)
|
|
|
8
|
|
|
|
Financial
Products
|
166
|
|
|
127
|
|
|
39
|
|
|
31%
|
|
|
|
|
|
|
|
|
|
Consolidating
Adjustments
|
(73)
|
|
|
(67)
|
|
|
(6)
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Operating Profit
|
$
|
1,664
|
|
|
$
|
985
|
|
|
$
|
679
|
|
|
69%
|
|
|
|
|
|
|
|
|
|
Other Profit/Loss and Tax Items
- Other income (expense) in the third quarter of 2021 was income
of $225 million, compared with income
of $14 million in the third quarter
of 2020. The change was primarily due to favorable impacts from
foreign currency exchange gains (losses), the absence of
remeasurement losses resulting from the settlements of pension
obligations that occurred in the third quarter of 2020 and
favorable pension and other postemployment benefit (OPEB) plan
costs.
The company experienced foreign currency exchange net gains in the
third quarter of 2021, primarily due to the euro, compared with net
losses in the third quarter of 2020.
- The provision for income taxes for the third quarter of 2021
reflected a lower estimated annual tax rate of 25%, compared with
31% for the third quarter of 2020, excluding the discrete items
discussed below. The comparative tax rate for full-year 2020 was
approximately 28%. The decrease in the estimated annual tax rate
from full-year 2020 was primarily related to changes in the
expected geographic mix of profits from a tax perspective for
2021.
In the third quarter of 2021, the company recorded a $39 million benefit due to the change from the
second-quarter estimated annual tax rate of 26%. In addition, the
company recorded discrete tax benefits of $36 million to reflect changes in estimates
related to prior year U.S. taxes in the third quarter of 2021
compared to $80 million in the third
quarter of 2020. In the third quarter of 2020, a discrete tax
benefit of $13 million was recorded
for settlement of stock-based compensation awards along with a
$12 million tax benefit related to
the $77 million of remeasurement
losses resulting from the settlements of pension obligations.
CONSTRUCTION
INDUSTRIES
|
(Millions of
dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter
2020
|
|
Sales
Volume
|
|
Price
Realization
|
|
Currency
|
|
Inter-
Segment
|
|
Third Quarter
2021
|
|
$
Change
|
|
%
Change
|
Total
Sales
|
|
$
|
4,056
|
|
|
$
|
957
|
|
|
$
|
218
|
|
|
$
|
38
|
|
|
$
|
(14)
|
|
|
$
|
5,255
|
|
|
$
|
1,199
|
|
|
30%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales by
Geographic Region
|
|
|
|
|
|
|
|
|
|
|
Third Quarter
2021
|
|
Third Quarter
2020
|
|
$
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
North
America
|
|
$
|
2,417
|
|
|
$
|
1,781
|
|
|
$
|
636
|
|
|
36%
|
|
|
|
|
|
|
|
|
Latin
America
|
|
528
|
|
|
230
|
|
|
298
|
|
|
130%
|
|
|
|
|
|
|
|
|
EAME
|
|
1,240
|
|
|
796
|
|
|
444
|
|
|
56%
|
|
|
|
|
|
|
|
|
Asia/Pacific
|
|
1,076
|
|
|
1,241
|
|
|
(165)
|
|
|
(13%)
|
|
|
|
|
|
|
|
|
External
Sales
|
|
5,261
|
|
|
4,048
|
|
|
1,213
|
|
|
30%
|
|
|
|
|
|
|
|
|
Inter-segment
|
|
(6)
|
|
|
8
|
|
|
(14)
|
|
|
(175%)
|
|
|
|
|
|
|
|
|
Total
Sales
|
|
$
|
5,255
|
|
|
$
|
4,056
|
|
|
$
|
1,199
|
|
|
30%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
|
|
|
|
|
|
|
|
|
Third Quarter
2021
|
|
Third Quarter
2020
|
|
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
$
|
859
|
|
|
$
|
585
|
|
|
$
|
274
|
|
|
47%
|
|
|
|
|
|
|
|
|
Segment Profit
Margin
|
|
16.3%
|
|
|
14.4%
|
|
|
1.9 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction Industries' total sales were $5.255 billion in the third quarter of 2021, an
increase of $1.199 billion, or 30%,
compared with $4.056 billion in the
third quarter of 2020. The increase was due to higher sales volume
and favorable price realization. The increase in sales volume was
driven by higher end-user demand and the impact from changes in
dealer inventories. Overall, dealers decreased inventories more
during the third quarter of 2020 than during the third quarter of
2021.
- In North America, sales
increased due to higher sales volume and favorable price
realization. Higher sales volume was driven by higher end-user
demand from improving non-residential construction, as well as
continued strength in residential construction and the impact from
changes in dealer inventories. Dealers decreased inventories more
during the third quarter of 2020 than during the third quarter of
2021.
- Sales increased in Latin
America mostly due to higher sales volume led by the impact
of changes in dealer inventories and higher end-user demand across
the region. Dealers decreased inventories during the third quarter
of 2020, compared with an increase during the third quarter of
2021.
- In EAME, sales increased due to higher sales volume from the
impact of changes in dealer inventories and higher end-user demand.
Dealers decreased inventories during the third quarter of 2020,
compared with an increase during the third quarter of 2021.
- Sales decreased in Asia/Pacific mainly due to lower sales volume,
reflecting the impact of changes in dealer inventory. Dealers
decreased inventories during the third quarter of 2021, compared
with an increase during the third quarter of 2020. Lower sales in
China, driven by lower end-user
demand and impacts of changes in dealer inventory, were partially
offset by increased sales across the rest of the region.
Construction Industries' profit was $859
million in the third quarter of 2021, an increase of
$274 million, or 47%, compared with
$585 million in the third quarter of
2020. The increase was mainly due to higher sales volume and
favorable price realization, partially offset by unfavorable
manufacturing costs, which largely reflected higher variable labor
and burden, primarily freight, and material costs.
RESOURCE
INDUSTRIES
|
(Millions of
dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter
2020
|
|
Sales
Volume
|
|
Price
Realization
|
|
Currency
|
|
Inter-
Segment
|
|
Third Quarter
2021
|
|
$
Change
|
|
%
Change
|
Total
Sales
|
|
$
|
1,816
|
|
|
$
|
522
|
|
|
$
|
43
|
|
|
$
|
22
|
|
|
$
|
3
|
|
|
$
|
2,406
|
|
|
$
|
590
|
|
|
32%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales by
Geographic Region
|
|
|
|
|
|
|
|
|
|
|
Third Quarter
2021
|
|
Third Quarter
2020
|
|
$
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
North
America
|
|
$
|
674
|
|
|
$
|
487
|
|
|
$
|
187
|
|
|
38%
|
|
|
|
|
|
|
|
|
Latin
America
|
|
417
|
|
|
269
|
|
|
148
|
|
|
55%
|
|
|
|
|
|
|
|
|
EAME
|
|
456
|
|
|
384
|
|
|
72
|
|
|
19%
|
|
|
|
|
|
|
|
|
Asia/Pacific
|
|
744
|
|
|
564
|
|
|
180
|
|
|
32%
|
|
|
|
|
|
|
|
|
External
Sales
|
|
2,291
|
|
|
1,704
|
|
|
587
|
|
|
34%
|
|
|
|
|
|
|
|
|
Inter-segment
|
|
115
|
|
|
112
|
|
|
3
|
|
|
3%
|
|
|
|
|
|
|
|
|
Total
Sales
|
|
$
|
2,406
|
|
|
$
|
1,816
|
|
|
$
|
590
|
|
|
32%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
|
|
|
|
|
|
|
|
|
Third Quarter
2021
|
|
Third Quarter
2020
|
|
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
$
|
297
|
|
|
$
|
167
|
|
|
$
|
130
|
|
|
78%
|
|
|
|
|
|
|
|
|
Segment Profit
Margin
|
|
12.3%
|
|
|
9.2%
|
|
|
3.1 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Resource Industries' total sales were $2.406 billion in the third quarter of 2021, an
increase of $590 million, or 32%,
compared with $1.816 billion in the
third quarter of 2020. The increase was primarily due to higher
sales volume driven by higher end-user demand for equipment and
aftermarket parts, partially offset by the impacts of changes in
dealer inventories. Dealers decreased inventories more during the
third quarter of 2021 than during the third quarter of 2020.
End-user demand was higher in both mining and heavy construction
and quarry and aggregates.
Resource Industries' profit was $297
million in the third quarter of 2021, an increase of
$130 million, or 78%, compared with
$167 million in the third quarter of
2020. The increase was mainly due to higher sales volume and
favorable price realization, partially offset by unfavorable
manufacturing costs. Increased manufacturing costs reflected higher
variable labor and burden, primarily freight, and material
costs.
ENERGY &
TRANSPORTATION
|
(Millions of
dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter
2020
|
|
Sales
Volume
|
|
Price
Realization
|
|
Currency
|
|
Inter-
Segment
|
|
Third Quarter
2021
|
|
$
Change
|
|
%
Change
|
Total
Sales
|
|
$
|
4,161
|
|
|
$
|
628
|
|
|
$
|
(6)
|
|
|
$
|
44
|
|
|
$
|
250
|
|
|
$
|
5,077
|
|
|
$
|
916
|
|
|
22%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales by
Application
|
|
|
|
|
|
|
|
|
|
|
Third Quarter
2021
|
|
Third Quarter
2020
|
|
$
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
Oil and
Gas
|
|
$
|
1,088
|
|
|
$
|
734
|
|
|
$
|
354
|
|
|
48%
|
|
|
|
|
|
|
|
|
|
Power
Generation
|
|
1,010
|
|
|
1,034
|
|
|
(24)
|
|
|
(2%)
|
|
|
|
|
|
|
|
|
|
Industrial
|
|
948
|
|
|
730
|
|
|
218
|
|
|
30%
|
|
|
|
|
|
|
|
|
|
Transportation
|
|
1,095
|
|
|
977
|
|
|
118
|
|
|
12%
|
|
|
|
|
|
|
|
|
|
External
Sales
|
|
4,141
|
|
|
3,475
|
|
|
666
|
|
|
19%
|
|
|
|
|
|
|
|
|
|
Inter-segment
|
|
936
|
|
|
686
|
|
|
250
|
|
|
36%
|
|
|
|
|
|
|
|
|
|
Total
Sales
|
|
$
|
5,077
|
|
|
$
|
4,161
|
|
|
$
|
916
|
|
|
22%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
|
|
|
|
|
|
|
|
|
Third Quarter
2021
|
|
Third Quarter
2020
|
|
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
$
|
696
|
|
|
$
|
492
|
|
|
$
|
204
|
|
|
41%
|
|
|
|
|
|
|
|
|
|
Segment Profit
Margin
|
|
13.7%
|
|
|
11.8%
|
|
|
1.9 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy & Transportation's total sales were $5.077 billion in the third quarter of 2021, an
increase of $916 million, or 22%,
compared with $4.161 billion in the
third quarter of 2020. Sales increased across all applications and
inter-segment sales except Power Generation, which decreased
slightly.
- Oil and Gas – Sales increased for reciprocating engines
aftermarket parts, primarily in North
America, turbines and turbine-related services and
reciprocating engines used in gas compression.
- Power Generation – Sales decreased slightly due to timing of
turbines and turbine-related services. Reciprocating engines were
about flat compared to the third quarter of 2020, with aftermarket
parts slightly higher offset by slightly lower engine sales.
- Industrial – Sales were up due to higher demand across all
regions.
- Transportation – Sales increased in rail services and
marine.
Energy & Transportation's profit was $696 million in the third quarter of 2021, an
increase of $204 million, or 41%,
compared with $492 million in the
third quarter of 2020. The increase was due to higher sales volume,
partially offset by unfavorable manufacturing costs and higher
SG&A/R&D expenses. Increased manufacturing costs were
mainly driven by higher variable labor and burden, primarily
freight, period manufacturing costs and material, partially offset
by the absence of inventory write-downs that occurred in the third
quarter of 2020. In addition, segment profit was favorably impacted
by other operating income/expense.
Both SG&A/R&D expenses and period manufacturing costs
were driven by higher short-term incentive compensation expense and
investments aligned with growth initiatives, including
acquisition-related expenses.
FINANCIAL PRODUCTS
SEGMENT
|
(Millions of
dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues by
Geographic Region
|
|
|
|
|
|
|
|
|
|
|
Third
Quarter 2021
|
|
Third
Quarter 2020
|
|
$
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
North
America
|
|
$
|
478
|
|
|
$
|
448
|
|
|
$
|
30
|
|
|
7%
|
|
|
|
|
|
|
|
|
Latin
America
|
|
68
|
|
|
63
|
|
|
5
|
|
|
8%
|
|
|
|
|
|
|
|
|
EAME
|
|
105
|
|
|
100
|
|
|
5
|
|
|
5%
|
|
|
|
|
|
|
|
|
Asia/Pacific
|
|
111
|
|
|
113
|
|
|
(2)
|
|
|
(2%)
|
|
|
|
|
|
|
|
|
Total
Revenues
|
|
$
|
762
|
|
|
$
|
724
|
|
|
$
|
38
|
|
|
5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
|
|
|
|
|
|
|
|
|
Third
Quarter 2021
|
|
Third
Quarter 2020
|
|
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
$
|
173
|
|
|
$
|
142
|
|
|
$
|
31
|
|
|
22%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Products' segment revenues were $762 million in the third quarter of 2021, an
increase of $38 million, or 5%, from
the third quarter of 2020.
Financial Products' segment profit was $173 million in the third quarter of 2021, an
increase of $31 million, or 22%,
compared with $142 million in the
third quarter of 2020. The increase was mainly due to a favorable
impact from returned or repossessed equipment, lower provision for
credit losses at Cat Financial and higher net yield on average
earning assets. These favorable impacts were partially offset by an
increase in SG&A expenses primarily due to higher short-term
incentive compensation expense.
At the end of the third quarter of 2021, past dues at Cat
Financial were 2.41%, compared with 3.81% at the end of the third
quarter of 2020. Past dues decreased across all portfolio segments
as global markets generally improved. Write-offs, net of
recoveries, were $76 million for the
third quarter of 2021, compared with $125
million for the third quarter of 2020. As of September 30, 2021, Cat Financial's allowance for
credit losses totaled $378 million,
or 1.41% of finance receivables, compared with $402 million, or 1.46% of finance receivables, at
June 30, 2021. The allowance for
credit losses at year-end 2020 was $479
million, or 1.77% of finance receivables.
Corporate Items and Eliminations
Expense for corporate items and eliminations was $293 million in the third quarter of 2021, a
decrease of $68 million from the
third quarter of 2020. Higher corporate costs were more than offset
by lower restructuring costs, favorable impacts of segment
methodology differences and a favorable change in fair value
adjustments related to deferred compensation plans.
Notes
i. Glossary of terms is included on
the Caterpillar website at
https://investors.caterpillar.com/overview/default.aspx.
ii. End-user demand is demonstrated by the
company's Rolling 3 Month Retail Sales Statistics filed in a Form
8-K on Thursday, October 28,
2021.
iii. Information on non-GAAP financial
measures is included in the appendix on page 13.
iv. Some amounts within this report are rounded to
the millions or billions and may not add.
v. Caterpillar will conduct a teleconference
and live webcast, with a slide presentation, beginning at
7:30 a.m. Central Time on Thursday,
October 28, 2021, to discuss its 2021 third-quarter results. The
accompanying slides will be available before the webcast on the
Caterpillar website at
https://investors.caterpillar.com/events-presentations/default.aspx.
About Caterpillar
With 2020 sales and revenues of $41.7
billion, Caterpillar Inc. is the world's leading
manufacturer of construction and mining equipment, diesel and
natural gas engines, industrial gas turbines and diesel-electric
locomotives. Since 1925, we've been driving sustainable progress
and helping customers build a better world through innovative
products and services. Throughout the product life cycle, we offer
services built on cutting-edge technology and decades of product
expertise. These products and services, backed by our global dealer
network, provide exceptional value to help our customers succeed.
We do business on every continent, principally operating through
three primary segments – Construction Industries, Resource
Industries and Energy & Transportation – and providing
financing and related services through our Financial Products
segment. Visit us at caterpillar.com or join the conversation
on our social media channels at caterpillar.com/social-media.
Caterpillar's latest financial results are also available
online:
https://investors.caterpillar.com/overview/default.aspx
https://investors.caterpillar.com/financials/quarterly-results/default.aspx
(live broadcast/replays of quarterly conference call)
Forward-Looking Statements
Certain statements in this press release relate to future events
and expectations and are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Words such as "believe," "estimate," "will be," "will," "would,"
"expect," "anticipate," "plan," "forecast," "target," "guide,"
"project," "intend," "could," "should" or other similar words or
expressions often identify forward-looking statements. All
statements other than statements of historical fact are
forward-looking statements, including, without limitation,
statements regarding our outlook, projections, forecasts or trend
descriptions. These statements do not guarantee future performance
and speak only as of the date they are made, and we do not
undertake to update our forward-looking statements.
Caterpillar's actual results may differ materially from those
described or implied in our forward-looking statements based on a
number of factors, including, but not limited to: (i) global and
regional economic conditions and economic conditions in the
industries we serve; (ii) commodity price changes, material price
increases, fluctuations in demand for our products or significant
shortages of material; (iii) government monetary or fiscal
policies; (iv) political and economic risks, commercial instability
and events beyond our control in the countries in which we operate;
(v) international trade policies and their impact on demand for our
products and our competitive position, including the imposition of
new tariffs or changes in existing tariff rates; (vi) our ability
to develop, produce and market quality products that meet our
customers' needs; (vii) the impact of the highly competitive
environment in which we operate on our sales and pricing; (viii)
information technology security threats and computer crime; (ix)
inventory management decisions and sourcing practices of our
dealers and our OEM customers; (x) a failure to realize, or a delay
in realizing, all of the anticipated benefits of our acquisitions,
joint ventures or divestitures; (xi) union disputes or other
employee relations issues; (xii) adverse effects of unexpected
events; (xiii) disruptions or volatility in global financial
markets limiting our sources of liquidity or the liquidity of our
customers, dealers and suppliers; (xiv) failure to maintain our
credit ratings and potential resulting increases to our cost of
borrowing and adverse effects on our cost of funds, liquidity,
competitive position and access to capital markets; (xv) our
Financial Products segment's risks associated with the financial
services industry; (xvi) changes in interest rates or market
liquidity conditions; (xvii) an increase in delinquencies,
repossessions or net losses of Cat Financial's customers; (xviii)
currency fluctuations; (xix) our or Cat Financial's compliance with
financial and other restrictive covenants in debt agreements; (xx)
increased pension plan funding obligations; (xxi) alleged or actual
violations of trade or anti-corruption laws and regulations; (xxii)
additional tax expense or exposure, including the impact of U.S.
tax reform; (xxiii) significant legal proceedings, claims, lawsuits
or government investigations; (xxiv) new regulations or changes in
financial services regulations; (xxv) compliance with environmental
laws and regulations; (xxvi) the duration and geographic spread of,
business disruptions caused by, and the overall global economic
impact of, the COVID-19 pandemic; and (xxvii) other factors
described in more detail in Caterpillar's Forms 10-Q, 10-K and
other filings with the Securities and Exchange Commission.
APPENDIX
NON-GAAP FINANCIAL MEASURES
The following definitions are provided for the non-GAAP
financial measures. These non-GAAP financial measures have no
standardized meaning prescribed by U.S. GAAP and therefore are
unlikely to be comparable to the calculation of similar measures
for other companies. Management does not intend these items to
be considered in isolation or as a substitute for the related GAAP
measures.
The company believes it is important to separately quantify the
profit impact of two significant items in order for the company's
results to be meaningful to readers. These items consist of (i)
restructuring costs, which were incurred to generate longer-term
benefits and (ii) remeasurement losses resulting from the
settlements of pension obligations in the third quarter of 2020.
The company does not consider these items indicative of earnings
from ongoing business activities and believes the non-GAAP measure
provides investors with useful perspective on underlying business
results and trends and aids with assessing the company's
period-over-period results. The company intends to discuss adjusted
profit per share for the fourth quarter and full-year 2021,
excluding mark-to-market gains or losses for remeasurement of
pension and other postemployment benefit plans along with any other
discrete items.
Reconciliations of adjusted results to the most directly
comparable GAAP measure are as follows:
(Dollars in millions
except per share data)
|
|
Operating
Profit
|
|
Operating
Profit
Margin
|
|
Profit
Before
Taxes
|
|
Provision
(Benefit)
for Income
Taxes
|
|
Effective
Tax Rate
|
|
Profit
|
|
Profit per
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2021 - U.S. GAAP
|
|
$
|
1,664
|
|
|
13.4%
|
|
$
|
1,775
|
|
|
$
|
368
|
|
|
20.7%
|
|
$
|
1,426
|
|
|
$
|
2.60
|
|
Restructuring
costs
|
|
35
|
|
|
0.3%
|
|
35
|
|
|
6
|
|
|
15.0%
|
|
29
|
|
|
$
|
0.06
|
|
Three Months Ended
September 30, 2021 - Adjusted
|
|
$
|
1,699
|
|
|
13.7%
|
|
$
|
1,810
|
|
|
$
|
374
|
|
|
20.7%
|
|
$
|
1,455
|
|
|
$
|
2.66
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2020 - U.S. GAAP
|
|
$
|
985
|
|
|
10.0%
|
|
$
|
863
|
|
|
$
|
187
|
|
|
21.7%
|
|
$
|
668
|
|
|
$
|
1.22
|
|
Restructuring
costs
|
|
112
|
|
|
1.1%
|
|
112
|
|
|
13
|
|
|
12.0%
|
|
99
|
|
|
$
|
0.18
|
|
Remeasurement losses
of pension obligations
|
|
—
|
|
|
—%
|
|
77
|
|
|
12
|
|
|
15.6%
|
|
65
|
|
|
$
|
0.12
|
|
Three Months Ended
September 30, 2020 - Adjusted
|
|
$
|
1,097
|
|
|
11.1%
|
|
$
|
1,052
|
|
|
$
|
212
|
|
|
20.2%
|
|
$
|
832
|
|
|
$
|
1.52
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Consolidating Data
The company is providing supplemental consolidating data for the
purpose of additional analysis. The data has been grouped as
follows:
Consolidated – Caterpillar Inc. and its subsidiaries.
Machinery, Energy & Transportation (ME&T) –
The company defines ME&T as it is presented in the supplemental
data as Caterpillar Inc. and its subsidiaries, excluding Financial
Products. ME&T's information relates to the design,
manufacturing and marketing of its products.
Financial Products – The company defines Financial
Products as it is presented in the supplemental data as its finance
and insurance subsidiaries, primarily Caterpillar Financial
Services Corporation (Cat Financial) and Caterpillar Insurance
Holdings Inc. (Insurance Services). Financial Products' information
relates to the financing to customers and dealers for the purchase
and lease of Caterpillar and other equipment.
Consolidating Adjustments – Eliminations of
transactions between ME&T and Financial Products.
The nature of the ME&T and Financial Products businesses is
different, especially with regard to the financial position and
cash flow items. Caterpillar management utilizes this presentation
internally to highlight these differences. The company believes
this presentation will assist readers in understanding its
business.
Pages 14 to 24 reconcile ME&T and Financial Products to
Caterpillar Inc. consolidated financial information.
Caterpillar
Inc.
|
Condensed
Consolidated Statement of Results of Operations
|
(Unaudited)
|
(Dollars in
millions except per share data)
|
|
|
Three Months
Ended September
30,
|
|
Nine Months
Ended September
30,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Sales and
revenues:
|
|
|
|
|
|
|
|
Sales of
Machinery, Energy & Transportation
|
$
|
11,707
|
|
|
$
|
9,228
|
|
|
$
|
35,091
|
|
|
$
|
28,452
|
|
Revenues of
Financial Products
|
690
|
|
|
653
|
|
|
2,082
|
|
|
2,061
|
|
Total sales and
revenues
|
12,397
|
|
|
9,881
|
|
|
37,173
|
|
|
30,513
|
|
|
|
|
|
|
|
|
|
Operating
costs:
|
|
|
|
|
|
|
|
Cost of goods
sold
|
8,617
|
|
|
6,919
|
|
|
25,510
|
|
|
21,298
|
|
Selling,
general and administrative expenses
|
1,340
|
|
|
1,126
|
|
|
3,943
|
|
|
3,426
|
|
Research and
development expenses
|
427
|
|
|
344
|
|
|
1,247
|
|
|
1,041
|
|
Interest
expense of Financial Products
|
111
|
|
|
137
|
|
|
352
|
|
|
461
|
|
Other operating
(income) expenses
|
238
|
|
|
370
|
|
|
854
|
|
|
1,114
|
|
Total operating
costs
|
10,733
|
|
|
8,896
|
|
|
31,906
|
|
|
27,340
|
|
|
|
|
|
|
|
|
|
Operating
profit
|
1,664
|
|
|
985
|
|
|
5,267
|
|
|
3,173
|
|
|
|
|
|
|
|
|
|
Interest
expense excluding Financial Products
|
114
|
|
|
136
|
|
|
376
|
|
|
384
|
|
Other income
(expense)
|
225
|
|
|
14
|
|
|
751
|
|
|
265
|
|
|
|
|
|
|
|
|
|
Consolidated profit
before taxes
|
1,775
|
|
|
863
|
|
|
5,642
|
|
|
3,054
|
|
|
|
|
|
|
|
|
|
Provision
(benefit) for income taxes
|
368
|
|
|
187
|
|
|
1,313
|
|
|
839
|
|
Profit of
consolidated companies
|
1,407
|
|
|
676
|
|
|
4,329
|
|
|
2,215
|
|
|
|
|
|
|
|
|
|
Equity in
profit (loss) of unconsolidated affiliated companies
|
21
|
|
|
(5)
|
|
|
44
|
|
|
8
|
|
|
|
|
|
|
|
|
|
Profit of
consolidated and affiliated companies
|
1,428
|
|
|
671
|
|
|
4,373
|
|
|
2,223
|
|
|
|
|
|
|
|
|
|
Less: Profit (loss)
attributable to noncontrolling interests
|
2
|
|
|
3
|
|
|
4
|
|
|
5
|
|
|
|
|
|
|
|
|
|
Profit
1
|
$
|
1,426
|
|
|
$
|
668
|
|
|
$
|
4,369
|
|
|
$
|
2,218
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit per common
share
|
$
|
2.62
|
|
|
$
|
1.23
|
|
|
$
|
8.00
|
|
|
$
|
4.08
|
|
Profit per common
share — diluted 2
|
$
|
2.60
|
|
|
$
|
1.22
|
|
|
$
|
7.94
|
|
|
$
|
4.05
|
|
|
|
|
|
|
|
|
|
Weighted-average
common shares outstanding (millions)
|
|
|
|
|
|
|
|
–
Basic
|
544.0
|
|
|
542.3
|
|
|
545.8
|
|
|
543.9
|
|
– Diluted
2
|
547.6
|
|
|
546.4
|
|
|
550.2
|
|
|
547.8
|
|
|
|
|
|
|
|
|
|
|
1
|
Profit attributable
to common shareholders.
|
2
|
Diluted by assumed
exercise of stock-based compensation awards using the treasury
stock method.
|
Caterpillar
Inc.
|
Condensed
Consolidated Statement of Financial Position
|
(Unaudited)
|
(Millions of
dollars)
|
|
|
September
30,
2021
|
|
December
31,
2020
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
9,446
|
|
|
$
|
9,352
|
|
Receivables – trade
and other
|
7,647
|
|
|
7,317
|
|
Receivables –
finance
|
8,919
|
|
|
9,463
|
|
Prepaid expenses and
other current assets
|
2,215
|
|
|
1,930
|
|
Inventories
|
13,666
|
|
|
11,402
|
|
Total current
assets
|
41,893
|
|
|
39,464
|
|
|
|
|
|
Property, plant and
equipment – net
|
11,904
|
|
|
12,401
|
|
Long-term receivables
– trade and other
|
1,273
|
|
|
1,185
|
|
Long-term receivables
– finance
|
12,605
|
|
|
12,222
|
|
Noncurrent deferred
and refundable income taxes
|
1,744
|
|
|
1,523
|
|
Intangible
assets
|
1,121
|
|
|
1,308
|
|
Goodwill
|
6,353
|
|
|
6,394
|
|
Other
assets
|
3,891
|
|
|
3,827
|
|
Total
assets
|
$
|
80,784
|
|
|
$
|
78,324
|
|
|
|
|
|
Liabilities
|
|
|
|
Current
liabilities:
|
|
|
|
Short-term
borrowings:
|
|
|
|
-- Machinery, Energy
& Transportation
|
$
|
—
|
|
|
$
|
10
|
|
-- Financial
Products
|
3,247
|
|
|
2,005
|
|
Accounts
payable
|
7,218
|
|
|
6,128
|
|
Accrued
expenses
|
3,579
|
|
|
3,642
|
|
Accrued wages,
salaries and employee benefits
|
2,075
|
|
|
1,096
|
|
Customer
advances
|
1,155
|
|
|
1,108
|
|
Dividends
payable
|
—
|
|
|
562
|
|
Other current
liabilities
|
2,319
|
|
|
2,017
|
|
Long-term debt due
within one year:
|
|
|
|
-- Machinery, Energy
& Transportation
|
48
|
|
|
1,420
|
|
-- Financial
Products
|
6,335
|
|
|
7,729
|
|
Total current
liabilities
|
25,976
|
|
|
25,717
|
|
|
|
|
|
Long-term debt due
after one year:
|
|
|
|
-- Machinery, Energy
& Transportation
|
9,759
|
|
|
9,749
|
|
-- Financial
Products
|
17,395
|
|
|
16,250
|
|
Liability for
postemployment benefits
|
6,395
|
|
|
6,872
|
|
Other
liabilities
|
4,564
|
|
|
4,358
|
|
Total
liabilities
|
64,089
|
|
|
62,946
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
Common
stock
|
6,352
|
|
|
6,230
|
|
Treasury
stock
|
(26,608)
|
|
|
(25,178)
|
|
Profit employed in the
business
|
38,361
|
|
|
35,167
|
|
Accumulated other
comprehensive income (loss)
|
(1,440)
|
|
|
(888)
|
|
Noncontrolling
interests
|
30
|
|
|
47
|
|
Total
shareholders' equity
|
16,695
|
|
|
15,378
|
|
Total liabilities
and shareholders' equity
|
$
|
80,784
|
|
|
$
|
78,324
|
|
Caterpillar
Inc.
|
Condensed
Consolidated Statement of Cash Flow
|
(Unaudited)
|
(Millions of
dollars)
|
|
|
Nine Months
Ended
September
30,
|
|
2021
|
|
2020
|
Cash flow from
operating activities:
|
|
|
|
Profit of consolidated
and affiliated companies
|
$
|
4,373
|
|
|
$
|
2,223
|
|
Adjustments for
non-cash items:
|
|
|
|
Depreciation and
amortization
|
1,766
|
|
|
1,815
|
|
Net gain on
remeasurement of pension obligations
|
—
|
|
|
(55)
|
|
Provision (benefit)
for deferred income taxes
|
(321)
|
|
|
(38)
|
|
Other
|
102
|
|
|
919
|
|
Changes in assets and
liabilities, net of acquisitions and divestitures:
|
|
|
|
Receivables – trade
and other
|
(326)
|
|
|
1,473
|
|
Inventories
|
(2,195)
|
|
|
(139)
|
|
Accounts
payable
|
1,232
|
|
|
(596)
|
|
Accrued
expenses
|
46
|
|
|
(286)
|
|
Accrued wages,
salaries and employee benefits
|
934
|
|
|
(547)
|
|
Customer
advances
|
39
|
|
|
13
|
|
Other assets –
net
|
138
|
|
|
(15)
|
|
Other liabilities –
net
|
(2)
|
|
|
(512)
|
|
Net cash provided by
(used for) operating activities
|
5,786
|
|
|
4,255
|
|
Cash flow from
investing activities:
|
|
|
|
Capital expenditures –
excluding equipment leased to others
|
(673)
|
|
|
(686)
|
|
Expenditures for
equipment leased to others
|
(1,014)
|
|
|
(805)
|
|
Proceeds from
disposals of leased assets and property, plant and
equipment
|
877
|
|
|
550
|
|
Additions to finance
receivables
|
(9,603)
|
|
|
(9,278)
|
|
Collections of finance
receivables
|
9,221
|
|
|
9,656
|
|
Proceeds from sale of
finance receivables
|
44
|
|
|
37
|
|
Investments and
acquisitions (net of cash acquired)
|
(449)
|
|
|
(93)
|
|
Proceeds from sale of
businesses and investments (net of cash sold)
|
23
|
|
|
13
|
|
Proceeds from sale of
securities
|
424
|
|
|
239
|
|
Investments in
securities
|
(934)
|
|
|
(512)
|
|
Other – net
|
(8)
|
|
|
(80)
|
|
Net cash provided by
(used for) investing activities
|
(2,092)
|
|
|
(959)
|
|
Cash flow from
financing activities:
|
|
|
|
Dividends
paid
|
(1,733)
|
|
|
(1,683)
|
|
Common stock issued,
including treasury shares reissued
|
122
|
|
|
110
|
|
Common shares
repurchased
|
(1,622)
|
|
|
(1,130)
|
|
Proceeds from debt
issued (original maturities greater than three months)
|
6,931
|
|
|
9,418
|
|
Payments on debt
(original maturities greater than three months)
|
(8,620)
|
|
|
(6,789)
|
|
Short-term borrowings
– net (original maturities three months or less)
|
1,324
|
|
|
(2,138)
|
|
Other – net
|
(4)
|
|
|
(1)
|
|
Net cash provided by
(used for) financing activities
|
(3,602)
|
|
|
(2,213)
|
|
Effect of exchange
rate changes on cash
|
(9)
|
|
|
(56)
|
|
Increase
(decrease) in cash, cash equivalents and restricted
cash
|
83
|
|
|
1,027
|
|
Cash, cash
equivalents and restricted cash at beginning of period
|
9,366
|
|
|
8,292
|
|
Cash, cash
equivalents and restricted cash at end of period
|
$
|
9,449
|
|
|
$
|
9,319
|
|
|
Cash equivalents
primarily represent short-term, highly liquid investments with
original maturities of generally three months or
less.
|
Caterpillar
Inc.
|
Supplemental Data
for Results of Operations
|
For the Three
Months Ended September 30, 2021
|
(Unaudited)
|
(Millions of
dollars)
|
|
|
|
|
Supplemental
Consolidating Data
|
|
|
Consolidated
|
|
Machinery,
Energy &
Transportation
|
|
Financial
Products
|
|
Consolidating
Adjustments
|
|
Sales and
revenues:
|
|
|
|
|
|
|
|
|
Sales of Machinery,
Energy & Transportation
|
$
|
11,707
|
|
|
$
|
11,707
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Revenues of Financial
Products
|
690
|
|
|
—
|
|
|
787
|
|
|
(97)
|
|
1
|
Total sales and
revenues
|
12,397
|
|
|
11,707
|
|
|
787
|
|
|
(97)
|
|
|
|
|
|
|
|
|
|
|
|
Operating
costs:
|
|
|
|
|
|
|
|
|
Cost of goods
sold
|
8,617
|
|
|
8,618
|
|
|
—
|
|
|
(1)
|
|
2
|
Selling, general and
administrative expenses
|
1,340
|
|
|
1,147
|
|
|
200
|
|
|
(7)
|
|
2
|
Research and
development expenses
|
427
|
|
|
427
|
|
|
—
|
|
|
—
|
|
|
Interest expense of
Financial Products
|
111
|
|
|
—
|
|
|
111
|
|
|
—
|
|
|
Other operating
(income) expenses
|
238
|
|
|
(56)
|
|
|
310
|
|
|
(16)
|
|
2
|
Total operating
costs
|
10,733
|
|
|
10,136
|
|
|
621
|
|
|
(24)
|
|
|
|
|
|
|
|
|
|
|
|
Operating
profit
|
1,664
|
|
|
1,571
|
|
|
166
|
|
|
(73)
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
excluding Financial Products
|
114
|
|
|
114
|
|
|
—
|
|
|
—
|
|
|
Other income
(expense)
|
225
|
|
|
143
|
|
|
9
|
|
|
73
|
|
3
|
|
|
|
|
|
|
|
|
|
Consolidated
profit before taxes
|
1,775
|
|
|
1,600
|
|
|
175
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit)
for income taxes
|
368
|
|
|
331
|
|
|
37
|
|
|
—
|
|
|
Profit of consolidated
companies
|
1,407
|
|
|
1,269
|
|
|
138
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
Equity in profit
(loss) of unconsolidated affiliated companies
|
21
|
|
|
23
|
|
|
—
|
|
|
(2)
|
|
4
|
|
|
|
|
|
|
|
|
|
Profit of
consolidated and affiliated companies
|
1,428
|
|
|
1,292
|
|
|
138
|
|
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|
Less: Profit (loss)
attributable to noncontrolling interests
|
2
|
|
|
1
|
|
|
3
|
|
|
(2)
|
|
5
|
|
|
|
|
|
|
|
|
|
Profit
6
|
$
|
1,426
|
|
|
$
|
1,291
|
|
|
$
|
135
|
|
|
$
|
—
|
|
|
|
1
|
Elimination of
Financial Products' revenues earned from ME&T.
|
2
|
Elimination of net
expenses recorded by ME&T paid to Financial
Products.
|
3
|
Elimination of
discount recorded by ME&T on receivables sold to Financial
Products and of interest earned between ME&T and Financial
Products as well as dividends paid by Financial Products to
ME&T.
|
4
|
Elimination of equity
profit (loss) earned from Financial Products' subsidiaries
partially owned by ME&T subsidiaries.
|
5
|
Elimination of
noncontrolling interest profit (loss) recorded by Financial
Products for subsidiaries partially owned by ME&T
subsidiaries.
|
6
|
Profit attributable
to common shareholders.
|
Caterpillar
Inc.
|
Supplemental Data
for Results of Operations
|
For the Three
Months Ended September 30, 2020
|
(Unaudited)
|
(Millions of
dollars)
|
|
|
|
|
Supplemental
Consolidating Data
|
|
|
Consolidated
|
|
Machinery,
Energy &
Transportation
|
|
Financial
Products
|
|
Consolidating
Adjustments
|
|
Sales and
revenues:
|
|
|
|
|
|
|
|
|
Sales of Machinery,
Energy & Transportation
|
$
|
9,228
|
|
|
$
|
9,228
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Revenues of Financial
Products
|
653
|
|
|
—
|
|
|
740
|
|
|
(87)
|
|
1
|
Total sales and
revenues
|
9,881
|
|
|
9,228
|
|
|
740
|
|
|
(87)
|
|
|
|
|
|
|
|
|
|
|
|
Operating
costs:
|
|
|
|
|
|
|
|
|
Cost of goods
sold
|
6,919
|
|
|
6,921
|
|
|
—
|
|
|
(2)
|
|
2
|
Selling, general and
administrative expenses
|
1,126
|
|
|
943
|
|
|
189
|
|
|
(6)
|
|
2
|
Research and
development expenses
|
344
|
|
|
344
|
|
|
—
|
|
|
—
|
|
|
Interest expense of
Financial Products
|
137
|
|
|
—
|
|
|
137
|
|
|
—
|
|
|
Other operating
(income) expenses
|
370
|
|
|
95
|
|
|
287
|
|
|
(12)
|
|
2
|
Total operating
costs
|
8,896
|
|
|
8,303
|
|
|
613
|
|
|
(20)
|
|
|
|
|
|
|
|
|
|
|
|
Operating
profit
|
985
|
|
|
925
|
|
|
127
|
|
|
(67)
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
excluding Financial Products
|
136
|
|
|
136
|
|
|
—
|
|
|
—
|
|
|
Other income
(expense)
|
14
|
|
|
(62)
|
|
|
9
|
|
|
67
|
|
3
|
|
|
|
|
|
|
|
|
|
Consolidated
profit before taxes
|
863
|
|
|
727
|
|
|
136
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit)
for income taxes
|
187
|
|
|
133
|
|
|
54
|
|
|
—
|
|
|
Profit of consolidated
companies
|
676
|
|
|
594
|
|
|
82
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
Equity in profit
(loss) of unconsolidated affiliated companies
|
(5)
|
|
|
(4)
|
|
|
—
|
|
|
(1)
|
|
4
|
|
|
|
|
|
|
|
|
|
Profit of
consolidated and affiliated companies
|
671
|
|
|
590
|
|
|
82
|
|
|
(1)
|
|
|
|
|
|
|
|
|
|
|
|
Less: Profit (loss)
attributable to noncontrolling interests
|
3
|
|
|
—
|
|
|
4
|
|
|
(1)
|
|
5
|
|
|
|
|
|
|
|
|
|
Profit
6
|
$
|
668
|
|
|
$
|
590
|
|
|
$
|
78
|
|
|
$
|
—
|
|
|
|
1
|
Elimination of
Financial Products' revenues earned from ME&T.
|
2
|
Elimination of net
expenses recorded by ME&T paid to Financial
Products.
|
3
|
Elimination of
discount recorded by ME&T on receivables sold to Financial
Products and of interest earned between ME&T and Financial
Products as well as dividends paid by Financial Products to
ME&T.
|
4
|
Elimination of equity
profit (loss) earned from Financial Products' subsidiaries
partially owned by ME&T subsidiaries.
|
5
|
Elimination of
noncontrolling interest profit (loss) recorded by Financial
Products for subsidiaries partially owned by ME&T
subsidiaries.
|
6
|
Profit attributable
to common shareholders.
|
Caterpillar
Inc.
|
Supplemental Data
for Results of Operations
|
For the Nine
Months Ended September 30, 2021
|
(Unaudited)
|
(Millions of
dollars)
|
|
|
|
|
Supplemental
Consolidating Data
|
|
|
Consolidated
|
|
Machinery,
Energy &
Transportation
|
|
Financial
Products
|
|
Consolidating
Adjustments
|
|
Sales and
revenues:
|
|
|
|
|
|
|
|
|
Sales of Machinery,
Energy & Transportation
|
$
|
35,091
|
|
|
$
|
35,091
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Revenues of Financial
Products
|
2,082
|
|
|
—
|
|
|
2,371
|
|
|
(289)
|
|
1
|
Total sales and
revenues
|
37,173
|
|
|
35,091
|
|
|
2,371
|
|
|
(289)
|
|
|
|
|
|
|
|
|
|
|
|
Operating
costs:
|
|
|
|
|
|
|
|
|
Cost of goods
sold
|
25,510
|
|
|
25,515
|
|
|
—
|
|
|
(5)
|
|
2
|
Selling, general and
administrative expenses
|
3,943
|
|
|
3,471
|
|
|
483
|
|
|
(11)
|
|
2
|
Research and
development expenses
|
1,247
|
|
|
1,247
|
|
|
—
|
|
|
—
|
|
|
Interest expense of
Financial Products
|
352
|
|
|
—
|
|
|
352
|
|
|
—
|
|
|
Other operating
(income) expenses
|
854
|
|
|
(30)
|
|
|
931
|
|
|
(47)
|
|
2
|
Total operating
costs
|
31,906
|
|
|
30,203
|
|
|
1,766
|
|
|
(63)
|
|
|
|
|
|
|
|
|
|
|
|
Operating
profit
|
5,267
|
|
|
4,888
|
|
|
605
|
|
|
(226)
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
excluding Financial Products
|
376
|
|
|
376
|
|
|
—
|
|
|
—
|
|
|
Other income
(expense)
|
751
|
|
|
819
|
|
|
56
|
|
|
(124)
|
|
3
|
|
|
|
|
|
|
|
|
|
Consolidated
profit before taxes
|
5,642
|
|
|
5,331
|
|
|
661
|
|
|
(350)
|
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit)
for income taxes
|
1,313
|
|
|
1,158
|
|
|
155
|
|
|
—
|
|
|
Profit of consolidated
companies
|
4,329
|
|
|
4,173
|
|
|
506
|
|
|
(350)
|
|
|
|
|
|
|
|
|
|
|
|
Equity in profit
(loss) of unconsolidated affiliated companies
|
44
|
|
|
52
|
|
|
—
|
|
|
(8)
|
|
4
|
|
|
|
|
|
|
|
|
|
Profit of
consolidated and affiliated companies
|
4,373
|
|
|
4,225
|
|
|
506
|
|
|
(358)
|
|
|
|
|
|
|
|
|
|
|
|
Less: Profit (loss)
attributable to noncontrolling interests
|
4
|
|
|
3
|
|
|
9
|
|
|
(8)
|
|
5
|
|
|
|
|
|
|
|
|
|
Profit
6
|
$
|
4,369
|
|
|
$
|
4,222
|
|
|
$
|
497
|
|
|
$
|
(350)
|
|
|
|
1
|
Elimination of
Financial Products' revenues earned from ME&T.
|
2
|
Elimination of net
expenses recorded by ME&T paid to Financial
Products.
|
3
|
Elimination of
discount recorded by ME&T on receivables sold to Financial
Products and of interest earned between ME&T and Financial
Products as well as dividends paid by Financial Products to
ME&T.
|
4
|
Elimination of equity
profit (loss) earned from Financial Products' subsidiaries
partially owned by ME&T subsidiaries.
|
5
|
Elimination of
noncontrolling interest profit (loss) recorded by Financial
Products for subsidiaries partially owned by ME&T
subsidiaries.
|
6
|
Profit attributable
to common shareholders.
|
Caterpillar
Inc.
|
Supplemental Data
for Results of Operations
|
For the Nine
Months Ended September 30, 2020
|
(Unaudited)
|
(Millions of
dollars)
|
|
|
|
|
Supplemental
Consolidating Data
|
|
|
Consolidated
|
|
Machinery,
Energy &
Transportation
|
|
Financial
Products
|
|
Consolidating
Adjustments
|
|
Sales and
revenues:
|
|
|
|
|
|
|
|
|
Sales of Machinery,
Energy & Transportation
|
$
|
28,452
|
|
|
$
|
28,452
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Revenues of Financial
Products
|
2,061
|
|
|
—
|
|
|
2,350
|
|
|
(289)
|
|
1
|
Total sales and
revenues
|
30,513
|
|
|
28,452
|
|
|
2,350
|
|
|
(289)
|
|
|
|
|
|
|
|
|
|
|
|
Operating
costs:
|
|
|
|
|
|
|
|
|
Cost of goods
sold
|
21,298
|
|
|
21,302
|
|
|
—
|
|
|
(4)
|
|
2
|
Selling, general and
administrative expenses
|
3,426
|
|
|
2,867
|
|
|
572
|
|
|
(13)
|
|
2
|
Research and
development expenses
|
1,041
|
|
|
1,041
|
|
|
—
|
|
|
—
|
|
|
Interest expense of
Financial Products
|
461
|
|
|
—
|
|
|
462
|
|
|
(1)
|
|
3
|
Other operating
(income) expenses
|
1,114
|
|
|
227
|
|
|
927
|
|
|
(40)
|
|
2
|
Total operating
costs
|
27,340
|
|
|
25,437
|
|
|
1,961
|
|
|
(58)
|
|
|
|
|
|
|
|
|
|
|
|
Operating
profit
|
3,173
|
|
|
3,015
|
|
|
389
|
|
|
(231)
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
excluding Financial Products
|
384
|
|
|
383
|
|
|
—
|
|
|
1
|
|
3
|
Other income
(expense)
|
265
|
|
|
60
|
|
|
(7)
|
|
|
212
|
|
4
|
|
|
|
|
|
|
|
|
|
Consolidated
profit before taxes
|
3,054
|
|
|
2,692
|
|
|
382
|
|
|
(20)
|
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit)
for income taxes
|
839
|
|
|
720
|
|
|
119
|
|
|
—
|
|
|
Profit of consolidated
companies
|
2,215
|
|
|
1,972
|
|
|
263
|
|
|
(20)
|
|
|
|
|
|
|
|
|
|
|
|
Equity in profit
(loss) of unconsolidated affiliated companies
|
8
|
|
|
18
|
|
|
—
|
|
|
(10)
|
|
5
|
|
|
|
|
|
|
|
|
|
Profit of
consolidated and affiliated companies
|
2,223
|
|
|
1,990
|
|
|
263
|
|
|
(30)
|
|
|
|
|
|
|
|
|
|
|
|
Less: Profit (loss)
attributable to noncontrolling interests
|
5
|
|
|
2
|
|
|
13
|
|
|
(10)
|
|
6
|
|
|
|
|
|
|
|
|
|
Profit
7
|
$
|
2,218
|
|
|
$
|
1,988
|
|
|
$
|
250
|
|
|
$
|
(20)
|
|
|
|
1
|
Elimination of
Financial Products' revenues earned from ME&T.
|
2
|
Elimination of net
expenses recorded by ME&T paid to Financial
Products.
|
3
|
Elimination of
interest expense recorded between Financial Products and
ME&T.
|
4
|
Elimination of
discount recorded by ME&T on receivables sold to Financial
Products and of interest earned between ME&T and Financial
Products as well as dividends paid by Financial Products to
ME&T.
|
5
|
Elimination of equity
profit (loss) earned from Financial Products' subsidiaries
partially owned by ME&T subsidiaries.
|
6
|
Elimination of
noncontrolling interest profit (loss) recorded by Financial
Products for subsidiaries partially owned by ME&T
subsidiaries.
|
7
|
Profit attributable
to common shareholders.
|
Caterpillar
Inc.
|
Supplemental Data
for Financial Position
|
At
September 30, 2021
|
(Unaudited)
|
(Millions of
dollars)
|
|
|
|
|
Supplemental Consolidating Data
|
|
|
Consolidated
|
|
Machinery,
Energy
&
Transportation
|
|
Financial
Products
|
|
Consolidating
Adjustments
|
|
Assets
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
9,446
|
|
|
$
|
8,554
|
|
|
$
|
892
|
|
|
$
|
—
|
|
|
Receivables – trade
and other
|
7,647
|
|
|
3,175
|
|
|
430
|
|
|
4,042
|
|
1,2
|
Receivables –
finance
|
8,919
|
|
|
—
|
|
|
13,095
|
|
|
(4,176)
|
|
2
|
Prepaid expenses and
other current assets
|
2,215
|
|
|
1,831
|
|
|
425
|
|
|
(41)
|
|
3
|
Inventories
|
13,666
|
|
|
13,666
|
|
|
—
|
|
|
—
|
|
|
Total current
assets
|
41,893
|
|
|
27,226
|
|
|
14,842
|
|
|
(175)
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and
equipment – net
|
11,904
|
|
|
7,957
|
|
|
3,947
|
|
|
—
|
|
|
Long-term receivables
– trade and other
|
1,273
|
|
|
389
|
|
|
215
|
|
|
669
|
|
1,2
|
Long-term receivables
– finance
|
12,605
|
|
|
—
|
|
|
13,301
|
|
|
(696)
|
|
2
|
Noncurrent deferred
and refundable income taxes
|
1,744
|
|
|
2,279
|
|
|
105
|
|
|
(640)
|
|
4
|
Intangible
assets
|
1,121
|
|
|
1,121
|
|
|
—
|
|
|
—
|
|
|
Goodwill
|
6,353
|
|
|
6,353
|
|
|
—
|
|
|
—
|
|
|
Other
assets
|
3,891
|
|
|
3,233
|
|
|
1,869
|
|
|
(1,211)
|
|
5
|
Total
assets
|
$
|
80,784
|
|
|
$
|
48,558
|
|
|
$
|
34,279
|
|
|
$
|
(2,053)
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Short-term
borrowings
|
$
|
3,247
|
|
|
$
|
—
|
|
|
$
|
3,247
|
|
|
$
|
—
|
|
|
Accounts
payable
|
7,218
|
|
|
7,112
|
|
|
240
|
|
|
(134)
|
|
6
|
Accrued
expenses
|
3,579
|
|
|
3,234
|
|
|
345
|
|
|
—
|
|
|
Accrued wages,
salaries and employee benefits
|
2,075
|
|
|
2,031
|
|
|
44
|
|
|
—
|
|
|
Customer
advances
|
1,155
|
|
|
1,155
|
|
|
—
|
|
|
—
|
|
|
Dividends
payable
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Other current
liabilities
|
2,319
|
|
|
1,694
|
|
|
689
|
|
|
(64)
|
|
4,7
|
Long-term debt due
within one year
|
6,383
|
|
|
48
|
|
|
6,335
|
|
|
—
|
|
|
Total current
liabilities
|
25,976
|
|
|
15,274
|
|
|
10,900
|
|
|
(198)
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt due
after one year
|
27,154
|
|
|
9,786
|
|
|
17,395
|
|
|
(27)
|
|
8
|
Liability for
postemployment benefits
|
6,395
|
|
|
6,394
|
|
|
1
|
|
|
—
|
|
|
Other
liabilities
|
4,564
|
|
|
3,905
|
|
|
1,371
|
|
|
(712)
|
|
4
|
Total
liabilities
|
64,089
|
|
|
35,359
|
|
|
29,667
|
|
|
(937)
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
|
Common
stock
|
6,352
|
|
|
6,352
|
|
|
919
|
|
|
(919)
|
|
9
|
Treasury
stock
|
(26,608)
|
|
|
(26,608)
|
|
|
—
|
|
|
—
|
|
|
Profit employed in the
business
|
38,361
|
|
|
34,138
|
|
|
4,212
|
|
|
11
|
|
9
|
Accumulated other
comprehensive income (loss)
|
(1,440)
|
|
|
(715)
|
|
|
(725)
|
|
|
—
|
|
|
Noncontrolling
interests
|
30
|
|
|
32
|
|
|
206
|
|
|
(208)
|
|
9
|
Total
shareholders' equity
|
16,695
|
|
|
13,199
|
|
|
4,612
|
|
|
(1,116)
|
|
|
Total liabilities
and shareholders' equity
|
$
|
80,784
|
|
|
$
|
48,558
|
|
|
$
|
34,279
|
|
|
$
|
(2,053)
|
|
|
|
1
|
Elimination of
receivables between ME&T and Financial Products.
|
2
|
Reclassification of
ME&T's trade receivables purchased by Financial Products and
Financial Products' wholesale inventory receivables.
|
3
|
Elimination of
ME&T's insurance premiums that are prepaid to Financial
Products.
|
4
|
Reclassification
reflecting required netting of deferred tax assets/liabilities by
taxing jurisdiction.
|
5
|
Elimination of other
intercompany assets between ME&T and Financial
Products.
|
6
|
Elimination of
payables between ME&T and Financial Products.
|
7
|
Elimination of
prepaid insurance in Financial Products' other
liabilities.
|
8
|
Elimination of debt
between ME&T and Financial Products.
|
9
|
Eliminations
associated with ME&T's investments in Financial Products'
subsidiaries.
|
Caterpillar
Inc.
|
Supplemental Data
for Financial Position
|
At
December 31, 2020
|
(Unaudited)
|
(Millions of
dollars)
|
|
|
|
|
Supplemental Consolidating Data
|
|
|
Consolidated
|
|
Machinery,
Energy
&
Transportation
|
|
Financial
Products
|
|
Consolidating
Adjustments
|
|
Assets
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
9,352
|
|
|
$
|
8,822
|
|
|
$
|
530
|
|
|
$
|
—
|
|
|
Receivables – trade
and other
|
7,317
|
|
|
3,846
|
|
|
397
|
|
|
3,074
|
|
1,2
|
Receivables –
finance
|
9,463
|
|
|
—
|
|
|
13,681
|
|
|
(4,218)
|
|
2
|
Prepaid expenses and
other current assets
|
1,930
|
|
|
1,376
|
|
|
624
|
|
|
(70)
|
|
3
|
Inventories
|
11,402
|
|
|
11,402
|
|
|
—
|
|
|
—
|
|
|
Total current
assets
|
39,464
|
|
|
25,446
|
|
|
15,232
|
|
|
(1,214)
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and
equipment – net
|
12,401
|
|
|
8,309
|
|
|
4,092
|
|
|
—
|
|
|
Long-term receivables
– trade and other
|
1,185
|
|
|
363
|
|
|
164
|
|
|
658
|
|
1,2
|
Long-term receivables
– finance
|
12,222
|
|
|
—
|
|
|
12,895
|
|
|
(673)
|
|
2
|
Noncurrent deferred
and refundable income taxes
|
1,523
|
|
|
2,058
|
|
|
110
|
|
|
(645)
|
|
4
|
Intangible
assets
|
1,308
|
|
|
1,308
|
|
|
—
|
|
|
—
|
|
|
Goodwill
|
6,394
|
|
|
6,394
|
|
|
—
|
|
|
—
|
|
|
Other
assets
|
3,827
|
|
|
3,158
|
|
|
1,871
|
|
|
(1,202)
|
|
5
|
Total
assets
|
$
|
78,324
|
|
|
$
|
47,036
|
|
|
$
|
34,364
|
|
|
$
|
(3,076)
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Short-term
borrowings
|
$
|
2,015
|
|
|
$
|
10
|
|
|
$
|
2,005
|
|
|
$
|
—
|
|
|
Short-term borrowings
with consolidated companies
|
—
|
|
|
—
|
|
|
1,000
|
|
|
(1,000)
|
|
6
|
Accounts
payable
|
6,128
|
|
|
6,060
|
|
|
212
|
|
|
(144)
|
|
7
|
Accrued
expenses
|
3,642
|
|
|
3,099
|
|
|
543
|
|
|
—
|
|
|
Accrued wages,
salaries and employee benefits
|
1,096
|
|
|
1,081
|
|
|
15
|
|
|
—
|
|
|
Customer
advances
|
1,108
|
|
|
1,108
|
|
|
—
|
|
|
—
|
|
|
Dividends
payable
|
562
|
|
|
562
|
|
|
—
|
|
|
—
|
|
|
Other current
liabilities
|
2,017
|
|
|
1,530
|
|
|
580
|
|
|
(93)
|
|
4,8
|
Long-term debt due
within one year
|
9,149
|
|
|
1,420
|
|
|
7,729
|
|
|
—
|
|
|
Total current
liabilities
|
25,717
|
|
|
14,870
|
|
|
12,084
|
|
|
(1,237)
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt due
after one year
|
25,999
|
|
|
9,764
|
|
|
16,250
|
|
|
(15)
|
|
6
|
Liability for
postemployment benefits
|
6,872
|
|
|
6,872
|
|
|
—
|
|
|
—
|
|
|
Other
liabilities
|
4,358
|
|
|
3,691
|
|
|
1,385
|
|
|
(718)
|
|
4
|
Total
liabilities
|
62,946
|
|
|
35,197
|
|
|
29,719
|
|
|
(1,970)
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
|
Common
stock
|
6,230
|
|
|
6,230
|
|
|
919
|
|
|
(919)
|
|
9
|
Treasury
stock
|
(25,178)
|
|
|
(25,178)
|
|
|
—
|
|
|
—
|
|
|
Profit employed in the
business
|
35,167
|
|
|
31,091
|
|
|
4,065
|
|
|
11
|
|
9
|
Accumulated other
comprehensive income (loss)
|
(888)
|
|
|
(352)
|
|
|
(536)
|
|
|
—
|
|
|
Noncontrolling
interests
|
47
|
|
|
48
|
|
|
197
|
|
|
(198)
|
|
9
|
Total
shareholders' equity
|
15,378
|
|
|
11,839
|
|
|
4,645
|
|
|
(1,106)
|
|
|
Total liabilities
and shareholders' equity
|
$
|
78,324
|
|
|
$
|
47,036
|
|
|
$
|
34,364
|
|
|
$
|
(3,076)
|
|
|
|
1
|
Elimination of
receivables between ME&T and Financial Products.
|
2
|
Reclassification of
ME&T's trade receivables purchased by Financial Products and
Financial Products' wholesale inventory receivables.
|
3
|
Elimination of
ME&T's insurance premiums that are prepaid to Financial
Products.
|
4
|
Reclassification
reflecting required netting of deferred tax assets/liabilities by
taxing jurisdiction.
|
5
|
Elimination of other
intercompany assets between ME&T and Financial
Products.
|
6
|
Elimination of debt
between ME&T and Financial Products.
|
7
|
Elimination of
payables between ME&T and Financial Products.
|
8
|
Elimination of
prepaid insurance in Financial Products' other
liabilities.
|
9
|
Eliminations
associated with ME&T's investments in Financial Products'
subsidiaries.
|
Caterpillar
Inc.
|
Supplemental Data
for Cash Flow
|
For the Nine
Months Ended September 30, 2021
|
(Unaudited)
|
(Millions of
dollars)
|
|
|
|
|
Supplemental Consolidating Data
|
|
|
Consolidated
|
|
Machinery,
Energy & Transportation
|
|
Financial
Products
|
|
Consolidating
Adjustments
|
|
Cash flow from
operating activities:
|
|
|
|
|
|
|
|
|
Profit of consolidated
and affiliated companies
|
$
|
4,373
|
|
|
$
|
4,225
|
|
|
$
|
506
|
|
|
$
|
(358)
|
|
1,
5
|
Adjustments for
non-cash items:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
1,766
|
|
|
1,162
|
|
|
604
|
|
|
—
|
|
|
Provision (benefit)
for deferred income taxes
|
(321)
|
|
|
(255)
|
|
|
(66)
|
|
|
—
|
|
|
Other
|
102
|
|
|
104
|
|
|
(135)
|
|
|
133
|
|
2
|
Changes in assets and
liabilities, net of acquisitions and divestitures:
|
|
|
|
|
|
|
|
|
Receivables – trade
and other
|
(326)
|
|
|
(338)
|
|
|
40
|
|
|
(28)
|
|
2,
3
|
Inventories
|
(2,195)
|
|
|
(2,194)
|
|
|
—
|
|
|
(1)
|
|
2
|
Accounts
payable
|
1,232
|
|
|
1,194
|
|
|
28
|
|
|
10
|
|
2
|
Accrued
expenses
|
46
|
|
|
117
|
|
|
(71)
|
|
|
—
|
|
|
Accrued wages,
salaries and employee benefits
|
934
|
|
|
905
|
|
|
29
|
|
|
—
|
|
|
Customer
advances
|
39
|
|
|
39
|
|
|
—
|
|
|
—
|
|
|
Other assets –
net
|
138
|
|
|
133
|
|
|
24
|
|
|
(19)
|
|
2
|
Other liabilities –
net
|
(2)
|
|
|
(193)
|
|
|
144
|
|
|
47
|
|
2
|
Net cash provided by
(used for) operating activities
|
5,786
|
|
|
4,899
|
|
|
1,103
|
|
|
(216)
|
|
|
Cash flow from
investing activities:
|
|
|
|
|
|
|
|
|
Capital expenditures –
excluding equipment leased to others
|
(673)
|
|
|
(670)
|
|
|
(11)
|
|
|
8
|
|
2
|
Expenditures for
equipment leased to others
|
(1,014)
|
|
|
(23)
|
|
|
(997)
|
|
|
6
|
|
2
|
Proceeds from
disposals of leased assets and property, plant and
equipment
|
877
|
|
|
71
|
|
|
818
|
|
|
(12)
|
|
2
|
Additions to finance
receivables
|
(9,603)
|
|
|
—
|
|
|
(10,292)
|
|
|
689
|
|
3
|
Collections of finance
receivables
|
9,221
|
|
|
—
|
|
|
9,946
|
|
|
(725)
|
|
3
|
Net intercompany
purchased receivables
|
—
|
|
|
—
|
|
|
100
|
|
|
(100)
|
|
3
|
Proceeds from sale of
finance receivables
|
44
|
|
|
—
|
|
|
44
|
|
|
—
|
|
|
Net intercompany
borrowings
|
—
|
|
|
1,000
|
|
|
3
|
|
|
(1,003)
|
|
4
|
Investments and
acquisitions (net of cash acquired)
|
(449)
|
|
|
(449)
|
|
|
—
|
|
|
—
|
|
|
Proceeds from sale of
businesses and investments (net of cash sold)
|
23
|
|
|
23
|
|
|
—
|
|
|
—
|
|
|
Proceeds from sale of
securities
|
424
|
|
|
44
|
|
|
380
|
|
|
—
|
|
|
Investments in
securities
|
(934)
|
|
|
(542)
|
|
|
(392)
|
|
|
—
|
|
|
Other – net
|
(8)
|
|
|
59
|
|
|
(67)
|
|
|
—
|
|
|
Net cash provided by
(used for) investing activities
|
(2,092)
|
|
|
(487)
|
|
|
(468)
|
|
|
(1,137)
|
|
|
Cash flow from
financing activities:
|
|
|
|
|
|
|
|
|
Dividends
paid
|
(1,733)
|
|
|
(1,733)
|
|
|
(350)
|
|
|
350
|
|
5
|
Common stock issued,
including treasury shares reissued
|
122
|
|
|
122
|
|
|
—
|
|
|
—
|
|
|
Common shares
repurchased
|
(1,622)
|
|
|
(1,622)
|
|
|
—
|
|
|
—
|
|
|
Net intercompany
borrowings
|
—
|
|
|
(3)
|
|
|
(1,000)
|
|
|
1,003
|
|
4
|
Proceeds from debt
issued > 90 days
|
6,931
|
|
|
494
|
|
|
6,437
|
|
|
—
|
|
|
Payments on debt >
90 days
|
(8,620)
|
|
|
(1,910)
|
|
|
(6,710)
|
|
|
—
|
|
|
Short-term borrowings
– net < 90 days
|
1,324
|
|
|
(10)
|
|
|
1,334
|
|
|
—
|
|
|
Other – net
|
(4)
|
|
|
(4)
|
|
|
—
|
|
|
—
|
|
|
Net cash provided by
(used for) financing activities
|
(3,602)
|
|
|
(4,666)
|
|
|
(289)
|
|
|
1,353
|
|
|
Effect of exchange
rate changes on cash
|
(9)
|
|
|
(14)
|
|
|
5
|
|
|
—
|
|
|
Increase
(decrease) in cash, cash equivalents and restricted
cash
|
83
|
|
|
(268)
|
|
|
351
|
|
|
—
|
|
|
Cash, cash
equivalents and restricted cash at beginning of period
|
9,366
|
|
|
8,822
|
|
|
544
|
|
|
—
|
|
|
Cash, cash
equivalents and restricted cash at end of period
|
$
|
9,449
|
|
|
$
|
8,554
|
|
|
$
|
895
|
|
|
$
|
—
|
|
|
|
1
|
Elimination of equity
profit earned from Financial Products' subsidiaries partially owned
by ME&T subsidiaries.
|
2
|
Elimination of
non-cash adjustments and changes in assets and liabilities related
to consolidated reporting.
|
3
|
Reclassification of
Financial Products' cash flow activity from investing to operating
for receivables that arose from the sale of inventory.
|
4
|
Elimination of net
proceeds and payments to/from ME&T and Financial
Products.
|
5
|
Elimination of
dividend activity between Financial Products and
ME&T.
|
Caterpillar
Inc.
|
Supplemental Data
for Cash Flow
|
For the Nine
Months Ended September 30, 2020
|
(Unaudited)
|
(Millions of
dollars)
|
|
|
|
|
Supplemental Consolidating Data
|
|
|
Consolidated
|
|
Machinery,
Energy & Transportation
|
|
Financial
Products
|
|
Consolidating
Adjustments
|
|
Cash flow from
operating activities:
|
|
|
|
|
|
|
|
|
Profit of consolidated
and affiliated companies
|
$
|
2,223
|
|
|
$
|
1,990
|
|
|
$
|
263
|
|
|
$
|
(30)
|
|
1,
5
|
Adjustments for
non-cash items:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
1,815
|
|
|
1,217
|
|
|
598
|
|
|
—
|
|
|
Net gain on
remeasurement of pension obligations
|
(55)
|
|
|
(55)
|
|
|
—
|
|
|
—
|
|
|
Provision (benefit)
for deferred income taxes
|
(38)
|
|
|
(5)
|
|
|
(33)
|
|
|
—
|
|
|
Other
|
919
|
|
|
494
|
|
|
167
|
|
|
258
|
|
2
|
Changes in assets and
liabilities, net of acquisitions and divestitures:
|
|
|
|
|
|
|
|
|
Receivables – trade
and other
|
1,473
|
|
|
616
|
|
|
(54)
|
|
|
911
|
|
2,
3
|
Inventories
|
(139)
|
|
|
(130)
|
|
|
—
|
|
|
(9)
|
|
2
|
Accounts
payable
|
(596)
|
|
|
(599)
|
|
|
(6)
|
|
|
9
|
|
2
|
Accrued
expenses
|
(286)
|
|
|
(314)
|
|
|
28
|
|
|
—
|
|
|
Accrued wages,
salaries and employee benefits
|
(547)
|
|
|
(512)
|
|
|
(35)
|
|
|
—
|
|
|
Customer
advances
|
13
|
|
|
13
|
|
|
—
|
|
|
—
|
|
|
Other assets –
net
|
(15)
|
|
|
(136)
|
|
|
26
|
|
|
95
|
|
2
|
Other liabilities –
net
|
(512)
|
|
|
(514)
|
|
|
83
|
|
|
(81)
|
|
2
|
Net cash provided by
(used for) operating activities
|
4,255
|
|
|
2,065
|
|
|
1,037
|
|
|
1,153
|
|
|
Cash flow from
investing activities:
|
|
|
|
|
|
|
|
|
Capital expenditures –
excluding equipment leased to others
|
(686)
|
|
|
(687)
|
|
|
(11)
|
|
|
12
|
|
2
|
Expenditures for
equipment leased to others
|
(805)
|
|
|
2
|
|
|
(823)
|
|
|
16
|
|
2
|
Proceeds from
disposals of leased assets and property, plant and
equipment
|
550
|
|
|
119
|
|
|
451
|
|
|
(20)
|
|
2
|
Additions to finance
receivables
|
(9,278)
|
|
|
—
|
|
|
(10,234)
|
|
|
956
|
|
3
|
Collections of finance
receivables
|
9,656
|
|
|
—
|
|
|
10,822
|
|
|
(1,166)
|
|
3
|
Net intercompany
purchased receivables
|
—
|
|
|
—
|
|
|
971
|
|
|
(971)
|
|
3
|
Proceeds from sale of
finance receivables
|
37
|
|
|
—
|
|
|
37
|
|
|
—
|
|
|
Net intercompany
borrowings
|
—
|
|
|
599
|
|
|
6
|
|
|
(605)
|
|
4
|
Investments and
acquisitions (net of cash acquired)
|
(93)
|
|
|
(93)
|
|
|
—
|
|
|
—
|
|
|
Proceeds from sale of
businesses and investments (net of cash sold)
|
13
|
|
|
13
|
|
|
—
|
|
|
—
|
|
|
Proceeds from sale of
securities
|
239
|
|
|
17
|
|
|
222
|
|
|
—
|
|
|
Investments in
securities
|
(512)
|
|
|
(15)
|
|
|
(497)
|
|
|
—
|
|
|
Other – net
|
(80)
|
|
|
(21)
|
|
|
(59)
|
|
|
—
|
|
|
Net cash provided by
(used for) investing activities
|
(959)
|
|
|
(66)
|
|
|
885
|
|
|
(1,778)
|
|
|
Cash flow from
financing activities:
|
|
|
|
|
|
|
|
|
Dividends
paid
|
(1,683)
|
|
|
(1,683)
|
|
|
(20)
|
|
|
20
|
|
5
|
Common stock issued,
including treasury shares reissued
|
110
|
|
|
110
|
|
|
—
|
|
|
—
|
|
|
Common shares
repurchased
|
(1,130)
|
|
|
(1,130)
|
|
|
—
|
|
|
—
|
|
|
Net intercompany
borrowings
|
—
|
|
|
(6)
|
|
|
(599)
|
|
|
605
|
|
4
|
Proceeds from debt
issued > 90 days
|
9,418
|
|
|
1,991
|
|
|
7,427
|
|
|
—
|
|
|
Payments on debt >
90 days
|
(6,789)
|
|
|
(18)
|
|
|
(6,771)
|
|
|
—
|
|
|
Short-term borrowings
– net < 90 days
|
(2,138)
|
|
|
(5)
|
|
|
(2,133)
|
|
|
—
|
|
|
Other – net
|
(1)
|
|
|
(1)
|
|
|
—
|
|
|
—
|
|
|
Net cash provided by
(used for) financing activities
|
(2,213)
|
|
|
(742)
|
|
|
(2,096)
|
|
|
625
|
|
|
Effect of exchange
rate changes on cash
|
(56)
|
|
|
(47)
|
|
|
(9)
|
|
|
—
|
|
|
Increase
(decrease) in cash, cash equivalents and restricted
cash
|
1,027
|
|
|
1,210
|
|
|
(183)
|
|
|
—
|
|
|
Cash, cash
equivalents and restricted cash at beginning of period
|
8,292
|
|
|
7,302
|
|
|
990
|
|
|
—
|
|
|
Cash, cash
equivalents and restricted cash at end of period
|
$
|
9,319
|
|
|
$
|
8,512
|
|
|
$
|
807
|
|
|
$
|
—
|
|
|
|
1
|
Elimination of equity
profit earned from Financial Products' subsidiaries partially owned
by ME&T subsidiaries.
|
2
|
Elimination of
non-cash adjustments and changes in assets and liabilities related
to consolidated reporting.
|
3
|
Reclassification of
Financial Products' cash flow activity from investing to operating
for receivables that arose from the sale of inventory.
|
4
|
Elimination of net
proceeds and payments to/from ME&T and Financial
Products.
|
5
|
Elimination of
dividend activity between Financial Products and
ME&T.
|
View original
content:https://www.prnewswire.com/news-releases/caterpillar-reports-third-quarter-2021-results-301410775.html
SOURCE Caterpillar Inc.