- Third-quarter 2022 sales and revenues increased 21% to
$15.0 billion
- Third-quarter 2022 profit per share of $3.87; adjusted profit per share of $3.95
- Returned $2.0 billion to
shareholders through share repurchases and dividends in the
quarter
IRVING,
Texas, Oct. 27, 2022 /PRNewswire/ --
|
|
Third
Quarter
|
($ in billions except
profit per share)
|
|
2022
|
2021
|
Sales and
Revenues
|
|
$15.0
|
$12.4
|
Profit Per
Share
|
|
$3.87
|
$2.60
|
Adjusted Profit Per
Share
|
|
$3.95
|
$2.66
|
Caterpillar Inc. (NYSE: CAT) announced third-quarter 2022 sales
and revenues of $15.0 billion, a 21%
increase compared with $12.4 billion
in the third quarter of 2021. The increase was primarily due to
favorable price realization and higher sales volume.
Operating profit margin was 16.2% for the third quarter of 2022,
compared with 13.4% for the third quarter of 2021. Third-quarter
2022 profit per share was $3.87,
compared with third-quarter 2021 profit per share of $2.60. Adjusted profit per share in the third
quarter of 2022 was $3.95, compared
with third-quarter 2021 adjusted profit per share of $2.66. Adjusted profit per share for both
quarters excluded restructuring costs. Please see a reconciliation
of GAAP to non-GAAP financial measures in the appendix on page
13.
For the nine months ended September 30,
2022, enterprise operating cash flow was $5.0 billion, and the company ended the third
quarter with $6.3 billion of
enterprise cash. In the quarter, the company repurchased
$1.4 billion of Caterpillar common
stock and paid dividends of $0.6
billion.
"I'd like to thank our global Caterpillar team for delivering
another quarter of double-digit top-line growth and record adjusted
profit per share," said Chairman and CEO Jim Umpleby. "Our team remains focused on
serving our customers as we continued to see healthy demand across
most of our end markets during the third quarter."
CONSOLIDATED RESULTS
Consolidated Sales and Revenues
Consolidated Sales and Revenues Comparison
Third
Quarter 2022 vs. Third Quarter 2021
To access this chart, go to
https://investors.caterpillar.com/financials/quarterly-results/default.aspx
for the downloadable version of Caterpillar third-quarter 2022
earnings.
The chart above graphically illustrates reasons for the change
in consolidated sales and revenues between the third quarter of
2021 (at left) and the third quarter of 2022 (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 2022 were
$14.994 billion, an increase of
$2.597 billion, or 21%, compared with
$12.397 billion in the third quarter
of 2021. The increase was due to favorable price realization and
higher sales volume, partially offset by unfavorable currency
impacts primarily related to the euro, Japanese yen and Australian
dollar. The increase in sales volume was driven by the impact from
changes in dealer inventories, higher sales of equipment to end
users and higher services. Dealers increased inventories by
$700 million during the third quarter
of 2022, 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
2021
|
|
Sales
Volume
|
|
Price
Realization
|
|
Currency
|
|
Inter-
Segment /
Other
|
|
Third
Quarter
2022
|
|
$
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction
Industries
|
$
5,255
|
|
$
423
|
|
$
781
|
|
$
(229)
|
|
$
46
|
|
$
6,276
|
|
$
1,021
|
|
19 %
|
Resource
Industries
|
2,366
|
|
338
|
|
443
|
|
(59)
|
|
(1)
|
|
3,087
|
|
721
|
|
30 %
|
Energy &
Transportation
|
5,077
|
|
618
|
|
409
|
|
(171)
|
|
253
|
|
6,186
|
|
1,109
|
|
22 %
|
All Other
Segment
|
119
|
|
2
|
|
—
|
|
(2)
|
|
(16)
|
|
103
|
|
(16)
|
|
(13 %)
|
Corporate Items and
Eliminations
|
(1,110)
|
|
16
|
|
2
|
|
—
|
|
(282)
|
|
(1,374)
|
|
(264)
|
|
|
Machinery, Energy
& Transportation
|
11,707
|
|
1,397
|
|
1,635
|
|
(461)
|
|
—
|
|
14,278
|
|
2,571
|
|
22 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Products
Segment
|
762
|
|
—
|
|
—
|
|
—
|
|
57
|
|
819
|
|
57
|
|
7 %
|
Corporate Items and
Eliminations
|
(72)
|
|
—
|
|
—
|
|
—
|
|
(31)
|
|
(103)
|
|
(31)
|
|
|
Financial
Products Revenues
|
690
|
|
—
|
|
—
|
|
—
|
|
26
|
|
716
|
|
26
|
|
4 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Sales
and Revenues
|
$
12,397
|
|
$
1,397
|
|
$
1,635
|
|
$
(461)
|
|
$
26
|
|
$
14,994
|
|
$
2,597
|
|
21 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction
Industries
|
$
3,106
|
|
29 %
|
|
$ 799
|
|
51 %
|
|
$
1,247
|
|
1 %
|
|
$
1,084
|
|
1 %
|
|
$
6,236
|
|
19 %
|
|
$ 40
|
|
767 %
|
|
$
6,276
|
|
19 %
|
Resource
Industries
|
1,122
|
|
66 %
|
|
472
|
|
13 %
|
|
526
|
|
15 %
|
|
893
|
|
20 %
|
|
3,013
|
|
32 %
|
|
74
|
|
(1 %)
|
|
3,087
|
|
30 %
|
Energy &
Transportation
|
2,422
|
|
26 %
|
|
468
|
|
42 %
|
|
1,280
|
|
12 %
|
|
827
|
|
11 %
|
|
4,997
|
|
21 %
|
|
1,189
|
|
27 %
|
|
6,186
|
|
22 %
|
All Other
Segment
|
16
|
|
(11 %)
|
|
—
|
|
— %
|
|
4
|
|
33 %
|
|
15
|
|
7 %
|
|
35
|
|
— %
|
|
68
|
|
(19 %)
|
|
103
|
|
(13 %)
|
Corporate Items and
Eliminations
|
1
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(4)
|
|
|
|
(3)
|
|
|
|
(1,371)
|
|
|
|
(1,374)
|
|
|
Machinery, Energy
& Transportation
|
6,667
|
|
33 %
|
|
1,739
|
|
36 %
|
|
3,057
|
|
8 %
|
|
2,815
|
|
9 %
|
|
14,278
|
|
22 %
|
|
—
|
|
— %
|
|
14,278
|
|
22 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Products
Segment
|
522
|
|
9 %
|
|
90
|
|
32 %
|
|
100
|
|
(5 %)
|
|
107
|
|
(4 %)
|
|
819
|
|
7 %
|
|
—
|
|
— %
|
|
819
|
|
7 %
|
Corporate Items and
Eliminations
|
(54)
|
|
|
|
(20)
|
|
|
|
(12)
|
|
|
|
(17)
|
|
|
|
(103)
|
|
|
|
—
|
|
|
|
(103)
|
|
|
Financial
Products Revenues
|
468
|
|
6 %
|
|
70
|
|
27 %
|
|
88
|
|
(8 %)
|
|
90
|
|
(8 %)
|
|
716
|
|
4 %
|
|
—
|
|
— %
|
|
716
|
|
4 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Sales
and Revenues
|
$
7,135
|
|
31 %
|
|
$
1,809
|
|
36 %
|
|
$
3,145
|
|
7 %
|
|
$
2,905
|
|
9 %
|
|
$ 14,994
|
|
21 %
|
|
$
—
|
|
— %
|
|
$ 14,994
|
|
21 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter
2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction
Industries
|
$
2,417
|
|
|
|
$ 528
|
|
|
|
$
1,240
|
|
|
|
$
1,076
|
|
|
|
$
5,261
|
|
|
|
$ (6)
|
|
|
|
$
5,255
|
|
|
Resource
Industries
|
674
|
|
|
|
417
|
|
|
|
456
|
|
|
|
744
|
|
|
|
2,291
|
|
|
|
75
|
|
|
|
2,366
|
|
|
Energy &
Transportation
|
1,924
|
|
|
|
329
|
|
|
|
1,144
|
|
|
|
744
|
|
|
|
4,141
|
|
|
|
936
|
|
|
|
5,077
|
|
|
All Other
Segment
|
18
|
|
|
|
—
|
|
|
|
3
|
|
|
|
14
|
|
|
|
35
|
|
|
|
84
|
|
|
|
119
|
|
|
Corporate Items and
Eliminations
|
(19)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(2)
|
|
|
|
(21)
|
|
|
|
(1,089)
|
|
|
|
(1,110)
|
|
|
Machinery, Energy
& Transportation
|
5,014
|
|
|
|
1,274
|
|
|
|
2,843
|
|
|
|
2,576
|
|
|
|
11,707
|
|
|
|
—
|
|
|
|
11,707
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Products
Segment
|
478
|
|
|
|
68
|
|
|
|
105
|
|
|
|
111
|
|
|
|
762
|
|
|
|
—
|
|
|
|
762
|
|
|
Corporate Items and
Eliminations
|
(37)
|
|
|
|
(13)
|
|
|
|
(9)
|
|
|
|
(13)
|
|
|
|
(72)
|
|
|
|
—
|
|
|
|
(72)
|
|
|
Financial
Products Revenues
|
441
|
|
|
|
55
|
|
|
|
96
|
|
|
|
98
|
|
|
|
690
|
|
|
|
—
|
|
|
|
690
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Sales
and Revenues
|
$
5,455
|
|
|
|
$
1,329
|
|
|
|
$
2,939
|
|
|
|
$
2,674
|
|
|
|
$ 12,397
|
|
|
|
$
—
|
|
|
|
$ 12,397
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Operating Profit
Consolidated Operating Profit Comparison
Third
Quarter 2022 vs. Third Quarter 2021
To access this chart, go to
https://investors.caterpillar.com/financials/quarterly-results/default.aspx
for the downloadable version of Caterpillar third-quarter 2022
earnings.
The chart above graphically illustrates reasons for the change
in consolidated operating profit between the third quarter of 2021
(at left) and the third quarter of 2022 (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 2022 was $2.425 billion, an increase of $761 million, or 46%, compared with $1.664 billion in the third quarter of 2021. The
increase was primarily due to favorable price realization and
higher sales volume, partially offset by higher manufacturing costs
and higher selling, general and administrative (SG&A) and
research and development (R&D) expenses. Unfavorable
manufacturing costs largely reflected higher material costs,
freight and the impact of manufacturing inefficiencies.
SG&A/R&D expenses increased primarily due to investments
aligned with the company's strategy for profitable growth and
higher short-term incentive compensation expense.
Profit by
Segment
|
(Millions of dollars)
|
Third Quarter
2022
|
|
Third Quarter
2021
|
|
$
Change
|
|
%
Change
|
Construction
Industries
|
$
1,209
|
|
$
866
|
|
$
343
|
|
40 %
|
Resource
Industries
|
506
|
|
280
|
|
226
|
|
81 %
|
Energy &
Transportation
|
935
|
|
706
|
|
229
|
|
32 %
|
All Other
Segment
|
8
|
|
5
|
|
3
|
|
60 %
|
Corporate Items and
Eliminations
|
(373)
|
|
(286)
|
|
(87)
|
|
|
Machinery, Energy
& Transportation
|
2,285
|
|
1,571
|
|
714
|
|
45 %
|
|
|
|
|
|
|
|
|
Financial Products
Segment
|
220
|
|
173
|
|
47
|
|
27 %
|
Corporate Items and
Eliminations
|
30
|
|
(7)
|
|
37
|
|
|
Financial
Products
|
250
|
|
166
|
|
84
|
|
51 %
|
|
|
|
|
|
|
|
|
Consolidating
Adjustments
|
(110)
|
|
(73)
|
|
(37)
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Operating Profit
|
$
2,425
|
|
$
1,664
|
|
$
761
|
|
46 %
|
Corporate Items and
Eliminations included corporate-level expenses, timing differences
(as some expenses are reported in segment profit on a cash basis),
methodology differences between segment and consolidated external
reporting (the company values segment inventories and cost of sales
using a current cost methodology), certain restructuring costs and
inter-segment eliminations.
|
|
|
|
|
|
|
|
|
Other Profit/Loss and Tax Items
- Other income (expense) in the third quarter of 2022 was income
of $242 million, compared with income
of $225 million in the third quarter
of 2021. The change was primarily driven by favorable impacts from
foreign currency exchange and higher investment and interest
income, partially offset by lower gains on marketable securities
and lower pension and other postemployment benefit (OPEB) plan
income.
- The provision for income taxes for the third quarter of 2022
reflected an estimated annual global tax rate of approximately 23%,
compared with 25% for the third quarter of 2021, excluding the
discrete items discussed below. The comparative tax rate for
full-year 2021 was 23%.
In the third quarter of 2022, the company reached a settlement with
the U.S. Internal Revenue Service (IRS) that resolves all issues
for tax years 2007 through 2016, without any penalties. The
company's settlement includes, among other issues, the resolution
of disputed tax treatment of profits earned by Caterpillar SARL
(CSARL) from certain parts transactions. The company vigorously
contested the IRS's application of the "substance-over-form" or
"assignment-of-income" judicial doctrines and its proposed
increases to tax and imposition of accuracy related penalties. The
settlement does not include any increases to tax in the United States based on those judicial
doctrines and does not include any penalties. The final tax
assessed by the IRS for all issues under the settlement was
$490 million for the ten-year period.
This amount was primarily paid in the third quarter of 2022, and
the associated estimated interest of $250
million is expected to be paid by the end of 2022. The
settlement was within the total amount of gross unrecognized tax
benefits for uncertain tax positions and enables us to avoid the
costs and burdens of further disputes with the IRS. As a result of
the settlement, the company recorded a discrete tax benefit of
$41 million to reflect changes in
estimates of prior years' taxes and related interest, net of tax.
The company is subject to the continuous examination of our income
tax returns by the IRS, and tax years subsequent to 2016 are not
yet under examination.
The provision for income taxes in third quarter of 2022 also
included a $20 million benefit due to
a decrease in the estimated annual tax rate, compared to
$39 million in the third quarter of
2021. The company also recorded a discrete tax benefit of
$36 million to reflect changes in
estimates related to the prior year's U.S. taxes in the third
quarter of 2021.
CONSTRUCTION
INDUSTRIES
|
(Millions of
dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third
Quarter 2021
|
|
Sales
Volume
|
|
Price
Realization
|
|
Currency
|
|
Inter-
Segment
|
|
Third
Quarter 2022
|
|
$
Change
|
|
%
Change
|
Total Sales
|
|
$
5,255
|
|
$
423
|
|
$
781
|
|
$
(229)
|
|
$
46
|
|
$
6,276
|
|
$
1,021
|
|
19 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales by Geographic
Region
|
|
|
|
|
|
|
|
|
|
|
Third
Quarter 2022
|
|
Third
Quarter 2021
|
|
$
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
North
America
|
|
$
3,106
|
|
$
2,417
|
|
$
689
|
|
29 %
|
|
|
|
|
|
|
|
|
Latin
America
|
|
799
|
|
528
|
|
271
|
|
51 %
|
|
|
|
|
|
|
|
|
EAME
|
|
1,247
|
|
1,240
|
|
7
|
|
1 %
|
|
|
|
|
|
|
|
|
Asia/Pacific
|
|
1,084
|
|
1,076
|
|
8
|
|
1 %
|
|
|
|
|
|
|
|
|
External
Sales
|
|
6,236
|
|
5,261
|
|
975
|
|
19 %
|
|
|
|
|
|
|
|
|
Inter-segment
|
|
40
|
|
(6)
|
|
46
|
|
767 %
|
|
|
|
|
|
|
|
|
Total Sales
|
|
$
6,276
|
|
$
5,255
|
|
$ 1,021
|
|
19 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
|
|
|
|
|
|
|
|
|
Third
Quarter 2022
|
|
Third
Quarter 2021
|
|
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
$
1,209
|
|
$
866
|
|
$
343
|
|
40 %
|
|
|
|
|
|
|
|
|
Segment Profit
Margin
|
|
19.3 %
|
|
16.5 %
|
|
2.8 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction Industries' total sales were $6.276 billion in the third quarter of 2022, an
increase of $1.021 billion, or 19%,
compared with $5.255 billion in the
third quarter of 2021. The increase was due to favorable price
realization and higher sales volume, partially offset by
unfavorable currency impacts primarily related to the euro,
Japanese yen and Australian dollar. The increase in sales volume
was driven by the impact from changes in dealer inventories. Dealer
inventory increased during the third quarter of 2022, compared with
a decrease during the third quarter of 2021.
- In North America, sales
increased due to favorable price realization and higher sales
volume. Higher sales volume was driven by the impact from changes
in dealer inventories. Dealer inventory decreased during the third
quarter of 2021, compared with an increase during the third quarter
of 2022.
- Sales increased in Latin
America primarily due to higher sales volume and favorable
price realization. Higher sales volume was driven by higher sales
of equipment to end users and the impact from changes in dealer
inventories. Dealer inventory increased more during the third
quarter of 2022 than during the third quarter of 2021.
- In EAME, sales were about flat. Unfavorable currency impacts,
primarily related to the euro, were offset by favorable price
realization.
- Sales were about flat in Asia/Pacific. Favorable price realization was
offset by unfavorable currency impacts, primarily related to the
Japanese yen and Australian dollar.
Construction Industries' profit was $1.209 billion in the third quarter of 2022, an
increase of $343 million, or 40%,
compared with $866 million in the
third quarter of 2021. The increase was mainly due to favorable
price realization and higher sales volume, partially offset by
unfavorable manufacturing costs and higher SG&A/R&D
expenses. Unfavorable manufacturing costs largely reflected higher
material costs, freight and the impact of manufacturing
inefficiencies. The increase in SG&A/R&D expenses was
primarily driven by investments aligned with strategic initiatives
and higher short-term incentive compensation expense.
RESOURCE
INDUSTRIES
|
(Millions of
dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third
Quarter 2021
|
|
Sales
Volume
|
|
Price
Realization
|
|
Currency
|
|
Inter-
Segment
|
|
Third
Quarter 2022
|
|
$
Change
|
|
%
Change
|
Total Sales
|
|
$
2,366
|
|
$
338
|
|
$
443
|
|
$
(59)
|
|
$
(1)
|
|
$
3,087
|
|
$ 721
|
|
30 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales by Geographic
Region
|
|
|
|
|
|
|
|
|
|
|
Third
Quarter 2022
|
|
Third
Quarter 2021
|
|
$
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
North
America
|
|
$
1,122
|
|
$
674
|
|
$
448
|
|
66 %
|
|
|
|
|
|
|
|
|
Latin
America
|
|
472
|
|
417
|
|
55
|
|
13 %
|
|
|
|
|
|
|
|
|
EAME
|
|
526
|
|
456
|
|
70
|
|
15 %
|
|
|
|
|
|
|
|
|
Asia/Pacific
|
|
893
|
|
744
|
|
149
|
|
20 %
|
|
|
|
|
|
|
|
|
External
Sales
|
|
3,013
|
|
2,291
|
|
722
|
|
32 %
|
|
|
|
|
|
|
|
|
Inter-segment
|
|
74
|
|
75
|
|
(1)
|
|
(1 %)
|
|
|
|
|
|
|
|
|
Total Sales
|
|
$
3,087
|
|
$
2,366
|
|
$
721
|
|
30 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
|
|
|
|
|
|
|
|
|
Third
Quarter 2022
|
|
Third
Quarter 2021
|
|
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
$
506
|
|
$
280
|
|
$
226
|
|
81 %
|
|
|
|
|
|
|
|
|
Segment Profit
Margin
|
|
16.4 %
|
|
11.8 %
|
|
4.6 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Resource Industries' total sales were $3.087 billion in the third quarter of 2022, an
increase of $721 million, or 30%,
compared with $2.366 billion in the
third quarter of 2021. The increase was primarily due to favorable
price realization and higher sales volume. The increase in sales
volume was due to the impact of changes in dealer inventories,
higher sales of aftermarket parts and higher sales of equipment to
end users. Dealer inventory decreased during the third quarter of
2021, compared with an increase during the third quarter of
2022.
Resource Industries' profit was $506
million in the third quarter of 2022, an increase of
$226 million, or 81%, compared with
$280 million in the third quarter of
2021. The increase was mainly due to favorable price realization
and higher sales volume, partially offset by unfavorable
manufacturing costs and higher SG&A/R&D expenses.
Unfavorable manufacturing costs largely reflected higher material
costs, freight and the impact of manufacturing inefficiencies. The
increase in SG&A/R&D expenses was primarily driven by
investments aligned with strategic initiatives.
ENERGY &
TRANSPORTATION
|
(Millions of
dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third
Quarter 2021
|
|
Sales
Volume
|
|
Price
Realization
|
|
Currency
|
|
Inter-
Segment
|
|
Third
Quarter 2022
|
|
$
Change
|
|
%
Change
|
Total Sales
|
|
$
5,077
|
|
$
618
|
|
$
409
|
|
$
(171)
|
|
$
253
|
|
$
6,186
|
|
$
1,109
|
|
22 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales by
Application
|
|
|
|
|
|
|
|
|
|
|
Third
Quarter 2022
|
|
Third
Quarter 2021
|
|
$
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
Oil and Gas
|
|
$
1,323
|
|
$
1,088
|
|
$
235
|
|
22 %
|
|
|
|
|
|
|
|
|
Power
Generation
|
|
1,320
|
|
1,010
|
|
310
|
|
31 %
|
|
|
|
|
|
|
|
|
Industrial
|
|
1,158
|
|
948
|
|
210
|
|
22 %
|
|
|
|
|
|
|
|
|
Transportation
|
|
1,196
|
|
1,095
|
|
101
|
|
9 %
|
|
|
|
|
|
|
|
|
External
Sales
|
|
4,997
|
|
4,141
|
|
856
|
|
21 %
|
|
|
|
|
|
|
|
|
Inter-segment
|
|
1,189
|
|
936
|
|
253
|
|
27 %
|
|
|
|
|
|
|
|
|
Total Sales
|
|
$
6,186
|
|
$
5,077
|
|
$ 1,109
|
|
22 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
|
|
|
|
|
|
|
|
|
Third
Quarter 2022
|
|
Third
Quarter 2021
|
|
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
$
935
|
|
$
706
|
|
$
229
|
|
32 %
|
|
|
|
|
|
|
|
|
Segment Profit
Margin
|
|
15.1 %
|
|
13.9 %
|
|
1.2 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy & Transportation's total sales were $6.186 billion in the third quarter of 2022, an
increase of $1.109 billion, or 22%,
compared with $5.077 billion in the
third quarter of 2021. Sales increased across all applications and
inter-segment sales. The increase in sales was primarily due to
higher sales volume and favorable price realization, partially
offset by unfavorable currency impacts.
- Oil and Gas – Sales increased due to higher sales of
reciprocating engine aftermarket parts and engines used in gas
compression and well servicing applications.
- Power Generation – Sales increased in large reciprocating
engines, primarily data center applications, and small
reciprocating engines. Turbines and turbine-related services
increased as well.
- Industrial – Sales were up across all regions.
- Transportation – Sales increased in reciprocating engine
aftermarket parts and marine applications. International locomotive
deliveries were also higher.
Energy & Transportation's profit was $935 million in the third quarter of 2022, an
increase of $229 million, or 32%,
compared with $706 million in the
third quarter of 2021. The increase was driven by favorable price
realization and higher sales volume, partially offset by
unfavorable manufacturing costs and higher SG&A/R&D
expenses. Unfavorable manufacturing costs largely reflected higher
material costs, freight and the impact of manufacturing
inefficiencies. The increase in SG&A/R&D expenses was
primarily driven by investments aligned with strategic initiatives,
higher labor-related costs and higher short-term incentive
compensation expense.
FINANCIAL PRODUCTS
SEGMENT
|
(Millions of
dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues by
Geographic Region
|
|
|
|
|
|
|
|
|
|
|
Third
Quarter 2022
|
|
Third
Quarter 2021
|
|
$
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
North
America
|
|
$
522
|
|
$
478
|
|
$
44
|
|
9 %
|
|
|
|
|
|
|
|
|
Latin
America
|
|
90
|
|
68
|
|
22
|
|
32 %
|
|
|
|
|
|
|
|
|
EAME
|
|
100
|
|
105
|
|
(5)
|
|
(5 %)
|
|
|
|
|
|
|
|
|
Asia/Pacific
|
|
107
|
|
111
|
|
(4)
|
|
(4 %)
|
|
|
|
|
|
|
|
|
Total
Revenues
|
|
$
819
|
|
$
762
|
|
$
57
|
|
7 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
|
|
|
|
|
|
|
|
|
Third
Quarter 2022
|
|
Third
Quarter 2021
|
|
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
$
220
|
|
$
173
|
|
$
47
|
|
27 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Products' segment revenues were $819 million in the third quarter of 2022, an
increase of $57 million, or 7%,
compared with $762 million in the
third quarter of 2021. The increase was primarily due to higher
average financing rates in North
America and Latin
America.
Financial Products' segment profit was $220 million in the third quarter of 2022, an
increase of $47 million, or 27%,
compared with $173 million in the
third quarter of 2021. The increase was mainly due to a favorable
impact from a lower provision for credit losses at Cat Financial,
partially offset by mark-to-market adjustments on derivative
contracts.
At the end of the third quarter of 2022, past dues at Cat
Financial were 2.00%, compared with 2.41% at the end of the third
quarter of 2021. Past dues decreased across all our portfolio
segments, with the exception of an increase in Latin America. Write-offs, net of recoveries,
were $13 million for the third
quarter of 2022, compared with $76
million for the third quarter of 2021. As of September 30, 2022, Cat Financial's allowance for
credit losses totaled $339 million,
or 1.30% of finance receivables, compared with $376 million, or 1.41% of finance receivables, at
June 30, 2022. The allowance for
credit losses at year-end 2021 was $337
million, or 1.22% of finance receivables.
Corporate Items and Eliminations
Expense for corporate items and eliminations was $343 million in the third quarter of 2022, an
increase of $50 million from the
third quarter of 2021, primarily driven by increased expenses due
to timing differences, partially offset by favorable impacts of
segment reporting methodology differences and lower corporate
costs.
Notes
i.
Glossary of terms is included on the Caterpillar website at
https://investors.caterpillar.com/overview/default.aspx.
ii.
Sales of equipment to end users is demonstrated by the company's
Rolling 3 Month Retail Sales Statistics filed in a Form 8-K on
Thursday, October 27,
2022.
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 27, 2022, to discuss its
2022 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 2021 sales and revenues of
$51.0 billion, Caterpillar Inc. is
the world's leading manufacturer of construction and mining
equipment, off-highway diesel and natural gas engines, industrial
gas turbines and diesel-electric locomotives. For nearly 100 years,
we've been helping customers build a better, more sustainable world
and are committed and contributing to a reduced-carbon future. Our
innovative products and services, backed by our global dealer
network, provide exceptional value that helps customers succeed.
Caterpillar does 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/en/news/social-media.html.
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 one significant item in order for the company's
results to be meaningful to readers. This item consists of (i)
restructuring costs, which were incurred to generate longer-term
benefits. The company does not consider this item 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 2022,
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, 2022 - U.S. GAAP
|
|
$
2,425
|
|
16.2 %
|
|
$
2,558
|
|
$
527
|
|
20.6 %
|
|
$
2,041
|
|
$
3.87
|
Restructuring
costs
|
|
49
|
|
0.3 %
|
|
49
|
|
9
|
|
18.4 %
|
|
40
|
|
$
0.08
|
Three Months Ended
September 30, 2022 -
Adjusted
|
|
$
2,474
|
|
16.5 %
|
|
$
2,607
|
|
$
536
|
|
20.6 %
|
|
$
2,081
|
|
$
3.95
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Sales and
revenues:
|
|
|
|
|
|
|
|
Sales of
Machinery, Energy & Transportation
|
$
14,278
|
|
$ 11,707
|
|
$
40,703
|
|
$ 35,091
|
Revenues of
Financial Products
|
716
|
|
690
|
|
2,127
|
|
2,082
|
Total sales and
revenues
|
14,994
|
|
12,397
|
|
42,830
|
|
37,173
|
|
|
|
|
|
|
|
|
Operating
costs:
|
|
|
|
|
|
|
|
Cost of goods
sold
|
10,202
|
|
8,617
|
|
29,736
|
|
25,510
|
Selling,
general and administrative expenses
|
1,401
|
|
1,340
|
|
4,172
|
|
3,943
|
Research and
development expenses
|
476
|
|
427
|
|
1,413
|
|
1,247
|
Interest
expense of Financial Products
|
151
|
|
111
|
|
377
|
|
352
|
Other operating
(income) expenses
|
339
|
|
238
|
|
908
|
|
854
|
Total operating
costs
|
12,569
|
|
10,733
|
|
36,606
|
|
31,906
|
|
|
|
|
|
|
|
|
Operating
profit
|
2,425
|
|
1,664
|
|
6,224
|
|
5,267
|
|
|
|
|
|
|
|
|
Interest
expense excluding Financial Products
|
109
|
|
114
|
|
326
|
|
376
|
Other income
(expense)
|
242
|
|
225
|
|
755
|
|
751
|
|
|
|
|
|
|
|
|
Consolidated profit
before taxes
|
2,558
|
|
1,775
|
|
6,653
|
|
5,642
|
|
|
|
|
|
|
|
|
Provision
(benefit) for income taxes
|
527
|
|
368
|
|
1,423
|
|
1,313
|
Profit of
consolidated companies
|
2,031
|
|
1,407
|
|
5,230
|
|
4,329
|
|
|
|
|
|
|
|
|
Equity in
profit (loss) of unconsolidated affiliated companies
|
9
|
|
21
|
|
20
|
|
44
|
|
|
|
|
|
|
|
|
Profit of
consolidated and affiliated companies
|
2,040
|
|
1,428
|
|
5,250
|
|
4,373
|
|
|
|
|
|
|
|
|
Less: Profit (loss)
attributable to noncontrolling interests
|
(1)
|
|
2
|
|
(1)
|
|
4
|
|
|
|
|
|
|
|
|
Profit
1
|
$
2,041
|
|
$
1,426
|
|
$
5,251
|
|
$
4,369
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit per common
share
|
$
3.89
|
|
$
2.62
|
|
$
9.91
|
|
$
8.00
|
Profit per common
share — diluted 2
|
$
3.87
|
|
$
2.60
|
|
$
9.85
|
|
$
7.94
|
|
|
|
|
|
|
|
|
Weighted-average
common shares outstanding (millions)
|
|
|
|
|
|
|
|
–
Basic
|
525.0
|
|
544.0
|
|
530.1
|
|
545.8
|
– Diluted
2
|
527.6
|
|
547.6
|
|
533.2
|
|
550.2
|
|
|
|
|
|
|
|
|
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,
2022
|
|
December 31,
2021
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
6,346
|
|
$
9,254
|
Receivables – trade
and other
|
8,158
|
|
8,477
|
Receivables –
finance
|
8,918
|
|
8,898
|
Prepaid expenses and
other current assets
|
2,295
|
|
2,788
|
Inventories
|
16,860
|
|
14,038
|
Total current
assets
|
42,577
|
|
43,455
|
|
|
|
|
Property, plant and
equipment – net
|
11,643
|
|
12,090
|
Long-term receivables
– trade and other
|
1,278
|
|
1,204
|
Long-term receivables
– finance
|
11,859
|
|
12,707
|
Noncurrent deferred
and refundable income taxes
|
2,218
|
|
1,840
|
Intangible
assets
|
806
|
|
1,042
|
Goodwill
|
6,092
|
|
6,324
|
Other
assets
|
4,434
|
|
4,131
|
Total
assets
|
$
80,907
|
|
$
82,793
|
|
|
|
|
Liabilities
|
|
|
|
Current
liabilities:
|
|
|
|
Short-term
borrowings:
|
|
|
|
-- Machinery, Energy
& Transportation
|
$
3
|
|
$
9
|
-- Financial
Products
|
4,199
|
|
5,395
|
Accounts
payable
|
8,260
|
|
8,154
|
Accrued
expenses
|
4,013
|
|
3,757
|
Accrued wages,
salaries and employee benefits
|
2,204
|
|
2,242
|
Customer
advances
|
1,831
|
|
1,087
|
Dividends
payable
|
—
|
|
595
|
Other current
liabilities
|
2,878
|
|
2,256
|
Long-term debt due
within one year:
|
|
|
|
-- Machinery, Energy
& Transportation
|
120
|
|
45
|
-- Financial
Products
|
6,694
|
|
6,307
|
Total current
liabilities
|
30,202
|
|
29,847
|
|
|
|
|
Long-term debt due
after one year:
|
|
|
|
-- Machinery, Energy
& Transportation
|
9,479
|
|
9,746
|
-- Financial
Products
|
16,030
|
|
16,287
|
Liability for
postemployment benefits
|
5,038
|
|
5,592
|
Other
liabilities
|
4,536
|
|
4,805
|
Total
liabilities
|
65,285
|
|
66,277
|
|
|
|
|
Shareholders'
equity
|
|
|
|
Common
stock
|
6,523
|
|
6,398
|
Treasury
stock
|
(30,883)
|
|
(27,643)
|
Profit employed in the
business
|
43,304
|
|
39,282
|
Accumulated other
comprehensive income (loss)
|
(3,353)
|
|
(1,553)
|
Noncontrolling
interests
|
31
|
|
32
|
Total shareholders'
equity
|
15,622
|
|
16,516
|
Total liabilities
and shareholders' equity
|
$
80,907
|
|
$
82,793
|
Caterpillar
Inc. Condensed Consolidated Statement of Cash
Flow (Unaudited) (Millions of
dollars)
|
|
|
Nine Months
Ended
September 30,
|
|
2022
|
|
2021
|
Cash flow from
operating activities:
|
|
|
|
Profit of consolidated
and affiliated companies
|
$
5,250
|
|
$
4,373
|
Adjustments for
non-cash items:
|
|
|
|
Depreciation and
amortization
|
1,661
|
|
1,766
|
Provision (benefit)
for deferred income taxes
|
(349)
|
|
(321)
|
Other
|
132
|
|
102
|
Changes in assets and
liabilities, net of acquisitions and divestitures:
|
|
|
|
Receivables – trade
and other
|
365
|
|
(326)
|
Inventories
|
(3,088)
|
|
(2,195)
|
Accounts
payable
|
786
|
|
1,232
|
Accrued
expenses
|
70
|
|
46
|
Accrued wages,
salaries and employee benefits
|
15
|
|
934
|
Customer
advances
|
751
|
|
39
|
Other assets –
net
|
57
|
|
138
|
Other liabilities –
net
|
(623)
|
|
(2)
|
Net cash provided by
(used for) operating activities
|
5,027
|
|
5,786
|
Cash flow from
investing activities:
|
|
|
|
Capital expenditures –
excluding equipment leased to others
|
(868)
|
|
(673)
|
Expenditures for
equipment leased to others
|
(1,023)
|
|
(1,014)
|
Proceeds from
disposals of leased assets and property, plant and
equipment
|
666
|
|
877
|
Additions to finance
receivables
|
(9,914)
|
|
(9,603)
|
Collections of finance
receivables
|
9,738
|
|
9,221
|
Proceeds from sale of
finance receivables
|
50
|
|
44
|
Investments and
acquisitions (net of cash acquired)
|
(44)
|
|
(449)
|
Proceeds from sale of
businesses and investments (net of cash sold)
|
1
|
|
23
|
Proceeds from sale of
securities
|
2,080
|
|
424
|
Investments in
securities
|
(2,399)
|
|
(934)
|
Other – net
|
15
|
|
(8)
|
Net cash provided by
(used for) investing activities
|
(1,698)
|
|
(2,092)
|
Cash flow from
financing activities:
|
|
|
|
Dividends
paid
|
(1,820)
|
|
(1,733)
|
Common stock issued,
including treasury shares reissued
|
2
|
|
122
|
Common shares
repurchased
|
(3,309)
|
|
(1,622)
|
Proceeds from debt
issued (original maturities greater than three months)
|
5,570
|
|
6,931
|
Payments on debt
(original maturities greater than three months)
|
(5,289)
|
|
(8,620)
|
Short-term borrowings
– net (original maturities three months or less)
|
(1,311)
|
|
1,324
|
Other – net
|
(1)
|
|
(4)
|
Net cash provided by
(used for) financing activities
|
(6,158)
|
|
(3,602)
|
Effect of exchange rate
changes on cash
|
(79)
|
|
(9)
|
Increase (decrease)
in cash, cash equivalents and restricted cash
|
(2,908)
|
|
83
|
Cash, cash equivalents
and restricted cash at beginning of period
|
9,263
|
|
9,366
|
Cash, cash equivalents
and restricted cash at end of period
|
$
6,355
|
|
$
9,449
|
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,
2022 (Unaudited) (Millions of
dollars)
|
|
|
|
|
|
|
Supplemental
Consolidating Data
|
|
|
Consolidated
|
|
Machinery,
Energy &
Transportation
|
|
Financial
Products
|
|
Consolidating
Adjustments
|
|
Sales and
revenues:
|
|
|
|
|
|
|
|
|
Sales of Machinery,
Energy & Transportation
|
$
14,278
|
|
$
14,278
|
|
$
—
|
|
$
—
|
|
Revenues of Financial
Products
|
716
|
|
—
|
|
852
|
|
(136)
|
1
|
Total sales and
revenues
|
14,994
|
|
14,278
|
|
852
|
|
(136)
|
|
|
|
|
|
|
|
|
|
|
Operating
costs:
|
|
|
|
|
|
|
|
|
Cost of goods
sold
|
10,202
|
|
10,203
|
|
—
|
|
(1)
|
2
|
Selling, general and
administrative expenses
|
1,401
|
|
1,271
|
|
136
|
|
(6)
|
2
|
Research and
development expenses
|
476
|
|
476
|
|
—
|
|
—
|
|
Interest expense of
Financial Products
|
151
|
|
—
|
|
151
|
|
—
|
|
Other operating
(income) expenses
|
339
|
|
43
|
|
315
|
|
(19)
|
2
|
Total operating
costs
|
12,569
|
|
11,993
|
|
602
|
|
(26)
|
|
|
|
|
|
|
|
|
|
|
Operating
profit
|
2,425
|
|
2,285
|
|
250
|
|
(110)
|
|
|
|
|
|
|
|
|
|
|
Interest expense
excluding Financial Products
|
109
|
|
110
|
|
—
|
|
(1)
|
3
|
Other income
(expense)
|
242
|
|
160
|
|
(27)
|
|
109
|
4
|
|
|
|
|
|
|
|
|
|
Consolidated profit
before taxes
|
2,558
|
|
2,335
|
|
223
|
|
—
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit)
for income taxes
|
527
|
|
464
|
|
63
|
|
—
|
|
Profit of consolidated
companies
|
2,031
|
|
1,871
|
|
160
|
|
—
|
|
|
|
|
|
|
|
|
|
|
Equity in profit
(loss) of unconsolidated affiliated companies
|
9
|
|
11
|
|
—
|
|
(2)
|
5
|
|
|
|
|
|
|
|
|
|
Profit of
consolidated and affiliated companies
|
2,040
|
|
1,882
|
|
160
|
|
(2)
|
|
|
|
|
|
|
|
|
|
|
Less: Profit (loss)
attributable to noncontrolling interests
|
(1)
|
|
(1)
|
|
2
|
|
(2)
|
6
|
|
|
|
|
|
|
|
|
|
Profit
7
|
$
2,041
|
|
$
1,883
|
|
$
158
|
|
$
—
|
|
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 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 Nine Months Ended September 30,
2022 (Unaudited) (Millions of
dollars)
|
|
|
|
|
Supplemental
Consolidating Data
|
|
|
Consolidated
|
|
Machinery,
Energy &
Transportation
|
|
Financial
Products
|
|
Consolidating
Adjustments
|
|
Sales and
revenues:
|
|
|
|
|
|
|
|
|
Sales of Machinery,
Energy & Transportation
|
$
40,703
|
|
$
40,703
|
|
$
—
|
|
$
—
|
|
Revenues of Financial
Products
|
2,127
|
|
—
|
|
2,493
|
|
(366)
|
1
|
Total sales and
revenues
|
42,830
|
|
40,703
|
|
2,493
|
|
(366)
|
|
|
|
|
|
|
|
|
|
|
Operating
costs:
|
|
|
|
|
|
|
|
|
Cost of goods
sold
|
29,736
|
|
29,741
|
|
—
|
|
(5)
|
2
|
Selling, general and
administrative expenses
|
4,172
|
|
3,714
|
|
475
|
|
(17)
|
2
|
Research and
development expenses
|
1,413
|
|
1,413
|
|
—
|
|
—
|
|
Interest expense of
Financial Products
|
377
|
|
—
|
|
377
|
|
—
|
|
Other operating
(income) expenses
|
908
|
|
31
|
|
936
|
|
(59)
|
2
|
Total operating
costs
|
36,606
|
|
34,899
|
|
1,788
|
|
(81)
|
|
|
|
|
|
|
|
|
|
|
Operating
profit
|
6,224
|
|
5,804
|
|
705
|
|
(285)
|
|
|
|
|
|
|
|
|
|
|
Interest expense
excluding Financial Products
|
326
|
|
327
|
|
—
|
|
(1)
|
3
|
Other income
(expense)
|
755
|
|
497
|
|
(26)
|
|
284
|
4
|
|
|
|
|
|
|
|
|
|
Consolidated profit
before taxes
|
6,653
|
|
5,974
|
|
679
|
|
—
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit)
for income taxes
|
1,423
|
|
1,250
|
|
173
|
|
—
|
|
Profit of consolidated
companies
|
5,230
|
|
4,724
|
|
506
|
|
—
|
|
|
|
|
|
|
|
|
|
|
Equity in profit
(loss) of unconsolidated affiliated companies
|
20
|
|
26
|
|
—
|
|
(6)
|
5
|
|
|
|
|
|
|
|
|
|
Profit of
consolidated and affiliated companies
|
5,250
|
|
4,750
|
|
506
|
|
(6)
|
|
|
|
|
|
|
|
|
|
|
Less: Profit (loss)
attributable to noncontrolling interests
|
(1)
|
|
(1)
|
|
6
|
|
(6)
|
6
|
|
|
|
|
|
|
|
|
|
Profit
7
|
$
5,251
|
|
$
4,751
|
|
$
500
|
|
$
—
|
|
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 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 Financial
Position At September 30,
2022 (Unaudited) (Millions of
dollars)
|
|
|
|
|
Supplemental Consolidating Data
|
|
|
Consolidated
|
|
Machinery,
Energy
&
Transportation
|
|
Financial
Products
|
|
Consolidating
Adjustments
|
|
Assets
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
6,346
|
|
$
5,403
|
|
$
943
|
|
$
—
|
|
Receivables – trade
and other
|
8,158
|
|
3,134
|
|
652
|
|
4,372
|
1,2
|
Receivables –
finance
|
8,918
|
|
—
|
|
13,446
|
|
(4,528)
|
2
|
Prepaid expenses and
other current assets
|
2,295
|
|
2,013
|
|
316
|
|
(34)
|
3
|
Inventories
|
16,860
|
|
16,860
|
|
—
|
|
—
|
|
Total current
assets
|
42,577
|
|
27,410
|
|
15,357
|
|
(190)
|
|
|
|
|
|
|
|
|
|
|
Property, plant and
equipment – net
|
11,643
|
|
7,810
|
|
3,833
|
|
—
|
|
Long-term receivables
– trade and other
|
1,278
|
|
319
|
|
512
|
|
447
|
1,2
|
Long-term receivables
– finance
|
11,859
|
|
—
|
|
12,338
|
|
(479)
|
2
|
Noncurrent deferred
and refundable income taxes
|
2,218
|
|
2,745
|
|
106
|
|
(633)
|
4
|
Intangible
assets
|
806
|
|
806
|
|
—
|
|
—
|
|
Goodwill
|
6,092
|
|
6,092
|
|
—
|
|
—
|
|
Other
assets
|
4,434
|
|
3,663
|
|
1,946
|
|
(1,175)
|
5
|
Total
assets
|
$
80,907
|
|
$
48,845
|
|
$
34,092
|
|
$
(2,030)
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Short-term
borrowings
|
$
4,202
|
|
$
3
|
|
$
4,199
|
|
$
—
|
|
Accounts
payable
|
8,260
|
|
8,149
|
|
267
|
|
(156)
|
6
|
Accrued
expenses
|
4,013
|
|
3,622
|
|
391
|
|
—
|
|
Accrued wages,
salaries and employee benefits
|
2,204
|
|
2,160
|
|
44
|
|
—
|
|
Customer
advances
|
1,831
|
|
1,831
|
|
—
|
|
—
|
|
Other current
liabilities
|
2,878
|
|
2,126
|
|
807
|
|
(55)
|
4,7
|
Long-term debt due
within one year
|
6,814
|
|
120
|
|
6,694
|
|
—
|
|
Total current
liabilities
|
30,202
|
|
18,011
|
|
12,402
|
|
(211)
|
|
|
|
|
|
|
|
|
|
|
Long-term debt due
after one year
|
25,509
|
|
9,511
|
|
16,030
|
|
(32)
|
8
|
Liability for
postemployment benefits
|
5,038
|
|
5,038
|
|
—
|
|
—
|
|
Other
liabilities
|
4,536
|
|
3,659
|
|
1,565
|
|
(688)
|
4
|
Total
liabilities
|
65,285
|
|
36,219
|
|
29,997
|
|
(931)
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
|
Common
stock
|
6,523
|
|
6,523
|
|
905
|
|
(905)
|
9
|
Treasury
stock
|
(30,883)
|
|
(30,883)
|
|
—
|
|
—
|
|
Profit employed in the
business
|
43,304
|
|
38,898
|
|
4,395
|
|
11
|
9
|
Accumulated other
comprehensive income (loss)
|
(3,353)
|
|
(1,946)
|
|
(1,407)
|
|
—
|
|
Noncontrolling
interests
|
31
|
|
34
|
|
202
|
|
(205)
|
9
|
Total shareholders'
equity
|
15,622
|
|
12,626
|
|
4,095
|
|
(1,099)
|
|
Total liabilities
and shareholders' equity
|
$
80,907
|
|
$
48,845
|
|
$
34,092
|
|
$
(2,030)
|
|
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,
2021 (Unaudited) (Millions of
dollars)
|
|
|
|
|
Supplemental Consolidating Data
|
|
|
Consolidated
|
|
Machinery,
Energy
&
Transportation
|
|
Financial
Products
|
|
Consolidating
Adjustments
|
|
Assets
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
9,254
|
|
$
8,428
|
|
$
826
|
|
$
—
|
|
Receivables – trade
and other
|
8,477
|
|
3,279
|
|
435
|
|
4,763
|
1,2
|
Receivables –
finance
|
8,898
|
|
—
|
|
13,828
|
|
(4,930)
|
2
|
Prepaid expenses and
other current assets
|
2,788
|
|
2,567
|
|
358
|
|
(137)
|
3
|
Inventories
|
14,038
|
|
14,038
|
|
—
|
|
—
|
|
Total current
assets
|
43,455
|
|
28,312
|
|
15,447
|
|
(304)
|
|
|
|
|
|
|
|
|
|
|
Property, plant and
equipment – net
|
12,090
|
|
8,172
|
|
3,918
|
|
—
|
|
Long-term receivables
– trade and other
|
1,204
|
|
375
|
|
204
|
|
625
|
1,2
|
Long-term receivables
– finance
|
12,707
|
|
—
|
|
13,358
|
|
(651)
|
2
|
Noncurrent deferred
and refundable income taxes
|
1,840
|
|
2,396
|
|
105
|
|
(661)
|
4
|
Intangible
assets
|
1,042
|
|
1,042
|
|
—
|
|
—
|
|
Goodwill
|
6,324
|
|
6,324
|
|
—
|
|
—
|
|
Other
assets
|
4,131
|
|
3,388
|
|
1,952
|
|
(1,209)
|
5
|
Total
assets
|
$
82,793
|
|
$
50,009
|
|
$
34,984
|
|
$
(2,200)
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Short-term
borrowings
|
$
5,404
|
|
$
9
|
|
$
5,395
|
|
$
—
|
|
Accounts
payable
|
8,154
|
|
8,079
|
|
242
|
|
(167)
|
6
|
Accrued
expenses
|
3,757
|
|
3,385
|
|
372
|
|
—
|
|
Accrued wages,
salaries and employee benefits
|
2,242
|
|
2,186
|
|
56
|
|
—
|
|
Customer
advances
|
1,087
|
|
1,086
|
|
1
|
|
—
|
|
Dividends
payable
|
595
|
|
595
|
|
—
|
|
—
|
|
Other current
liabilities
|
2,256
|
|
1,773
|
|
642
|
|
(159)
|
4,7
|
Long-term debt due
within one year
|
6,352
|
|
45
|
|
6,307
|
|
—
|
|
Total current
liabilities
|
29,847
|
|
17,158
|
|
13,015
|
|
(326)
|
|
|
|
|
|
|
|
|
|
|
Long-term debt due
after one year
|
26,033
|
|
9,772
|
|
16,287
|
|
(26)
|
8
|
Liability for
postemployment benefits
|
5,592
|
|
5,592
|
|
—
|
|
—
|
|
Other
liabilities
|
4,805
|
|
4,106
|
|
1,425
|
|
(726)
|
4
|
Total
liabilities
|
66,277
|
|
36,628
|
|
30,727
|
|
(1,078)
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
|
Common
stock
|
6,398
|
|
6,398
|
|
919
|
|
(919)
|
9
|
Treasury
stock
|
(27,643)
|
|
(27,643)
|
|
—
|
|
—
|
|
Profit employed in the
business
|
39,282
|
|
35,390
|
|
3,881
|
|
11
|
9
|
Accumulated other
comprehensive income (loss)
|
(1,553)
|
|
(799)
|
|
(754)
|
|
—
|
|
Noncontrolling
interests
|
32
|
|
35
|
|
211
|
|
(214)
|
9
|
Total shareholders'
equity
|
16,516
|
|
13,381
|
|
4,257
|
|
(1,122)
|
|
Total liabilities
and shareholders' equity
|
$
82,793
|
|
$
50,009
|
|
$
34,984
|
|
$
(2,200)
|
|
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 Cash Flow For the
Nine Months Ended September 30,
2022 (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
|
$
5,250
|
|
$
4,750
|
|
$
506
|
|
$
(6)
|
1
|
Adjustments for
non-cash items:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
1,661
|
|
1,072
|
|
589
|
|
—
|
|
Provision (benefit)
for deferred income taxes
|
(349)
|
|
(294)
|
|
(55)
|
|
—
|
|
Other
|
132
|
|
(83)
|
|
(123)
|
|
338
|
2
|
Changes in assets and
liabilities, net of acquisitions and divestitures:
|
|
|
|
|
|
|
|
|
Receivables – trade
and other
|
365
|
|
97
|
|
21
|
|
247
|
2,3
|
Inventories
|
(3,088)
|
|
(3,074)
|
|
—
|
|
(14)
|
2
|
Accounts
payable
|
786
|
|
701
|
|
74
|
|
11
|
2
|
Accrued
expenses
|
70
|
|
28
|
|
42
|
|
—
|
|
Accrued wages,
salaries and employee benefits
|
15
|
|
27
|
|
(12)
|
|
—
|
|
Customer
advances
|
751
|
|
752
|
|
(1)
|
|
—
|
|
Other assets –
net
|
57
|
|
128
|
|
(28)
|
|
(43)
|
2
|
Other liabilities –
net
|
(623)
|
|
(913)
|
|
239
|
|
51
|
2
|
Net cash provided by
(used for) operating activities
|
5,027
|
|
3,191
|
|
1,252
|
|
584
|
|
Cash flow from
investing activities:
|
|
|
|
|
|
|
|
|
Capital expenditures –
excluding equipment leased to others
|
(868)
|
|
(860)
|
|
(10)
|
|
2
|
2
|
Expenditures for
equipment leased to others
|
(1,023)
|
|
(20)
|
|
(1,024)
|
|
21
|
2
|
Proceeds from
disposals of leased assets and property, plant and
equipment
|
666
|
|
63
|
|
612
|
|
(9)
|
2
|
Additions to finance
receivables
|
(9,914)
|
|
—
|
|
(10,584)
|
|
670
|
3
|
Collections of finance
receivables
|
9,738
|
|
—
|
|
10,328
|
|
(590)
|
3
|
Net intercompany
purchased receivables
|
—
|
|
—
|
|
678
|
|
(678)
|
3
|
Proceeds from sale of
finance receivables
|
50
|
|
—
|
|
50
|
|
—
|
|
Net intercompany
borrowings
|
—
|
|
—
|
|
5
|
|
(5)
|
4
|
Investments and
acquisitions (net of cash acquired)
|
(44)
|
|
(44)
|
|
—
|
|
—
|
|
Proceeds from sale of
businesses and investments (net of cash sold)
|
1
|
|
1
|
|
—
|
|
—
|
|
Proceeds from sale of
securities
|
2,080
|
|
1,820
|
|
260
|
|
—
|
|
Investments in
securities
|
(2,399)
|
|
(1,925)
|
|
(474)
|
|
—
|
|
Other – net
|
15
|
|
84
|
|
(69)
|
|
—
|
|
Net cash provided by
(used for) investing activities
|
(1,698)
|
|
(881)
|
|
(228)
|
|
(589)
|
|
Cash flow from
financing activities:
|
|
|
|
|
|
|
|
|
Dividends
paid
|
(1,820)
|
|
(1,820)
|
|
—
|
|
—
|
|
Common stock issued,
including treasury shares reissued
|
2
|
|
2
|
|
—
|
|
—
|
|
Common shares
repurchased
|
(3,309)
|
|
(3,309)
|
|
—
|
|
—
|
|
Net intercompany
borrowings
|
—
|
|
(5)
|
|
—
|
|
5
|
4
|
Proceeds from debt
issued > 90 days
|
5,570
|
|
—
|
|
5,570
|
|
—
|
|
Payments on debt >
90 days
|
(5,289)
|
|
(20)
|
|
(5,269)
|
|
—
|
|
Short-term borrowings
– net < 90 days
|
(1,311)
|
|
(138)
|
|
(1,173)
|
|
—
|
|
Other – net
|
(1)
|
|
(1)
|
|
—
|
|
—
|
|
Net cash provided by
(used for) financing activities
|
(6,158)
|
|
(5,291)
|
|
(872)
|
|
5
|
|
Effect of exchange rate
changes on cash
|
(79)
|
|
(42)
|
|
(37)
|
|
—
|
|
Increase (decrease)
in cash, cash equivalents and restricted cash
|
(2,908)
|
|
(3,023)
|
|
115
|
|
—
|
|
Cash, cash equivalents
and restricted cash at beginning of period
|
9,263
|
|
8,433
|
|
830
|
|
—
|
|
Cash, cash equivalents
and restricted cash at end of period
|
$
6,355
|
|
$
5,410
|
|
$
945
|
|
$
—
|
|
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.
|
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.
|
View original
content:https://www.prnewswire.com/news-releases/caterpillar-reports-third-quarter-2022-results-301661021.html
SOURCE Caterpillar Inc.