- Fourth-quarter 2022 sales and revenues up 20%; full-year sales
and revenues up 17%
- Fourth-quarter 2022 profit per share of $2.79; adjusted profit per share of $3.86
- Fourth-quarter 2022 included an unfavorable ME&T foreign
currency impact of $0.41 per share in
other income (expense), which negatively impacted profit per share
and adjusted profit per share
- Full-year profit per share of $12.64; adjusted profit per share of $13.84
- Strong operating cash flow of $7.8
billion; ended the year with $7.0
billion of enterprise cash
- Returned $6.7 billion to
shareholders through share repurchases and dividends in 2022
IRVING,
Texas, Jan. 31, 2023 /PRNewswire/ --
|
|
Fourth
Quarter
|
|
Full
Year
|
($ in billions except
profit per share)
|
|
2022
|
2021
|
|
2022
|
2021
|
Sales and
Revenues
|
|
$16.6
|
$13.8
|
|
$59.4
|
$51.0
|
Profit Per
Share
|
|
$2.79
|
$3.91
|
|
$12.64
|
$11.83
|
Adjusted Profit Per
Share
|
|
$3.86
|
$2.69
|
|
$13.84
|
$10.81
|
Caterpillar Inc. (NYSE: CAT) today announced fourth-quarter and
full-year results for 2022.
Sales and revenues for the fourth quarter of 2022 were
$16.6 billion, a 20% increase
compared with $13.8 billion in the
fourth quarter of 2021. Fourth-quarter 2022 profit per share was
$2.79, compared with $3.91 profit per share in the fourth quarter of
2021. Adjusted profit per share in the fourth quarter of 2022 was
$3.86, compared with fourth-quarter
2021 adjusted profit per share of $2.69. Profit per share in the fourth quarter of
2022 included an unfavorable ME&T foreign currency impact in
other income (expense) of $0.41 per
share mostly related to balance sheet translation, compared with a
favorable impact of $0.01 per share
in the fourth quarter of 2021.
Full-year sales and revenues in 2022 were $59.4 billion, up 17% compared with $51.0 billion in 2021. The increase reflected
favorable price realization and higher sales volume, driven by the
impact from changes in dealer inventories, increased services and
higher sales of equipment to end users. Dealers increased their
inventories $2.4 billion in 2022,
while remaining about flat in 2021. Full-year profit was
$12.64 per share in 2022, compared
with profit of $11.83 per share in
2021. Adjusted profit per share in 2022 was $13.84, compared with adjusted profit per share
of $10.81 in 2021.
"Our global team delivered one of the best years in our nearly
100-year history, including record full-year adjusted profit per
share," said Caterpillar Chairman and CEO, Jim Umpleby. "Despite supply chain challenges,
the team achieved double-digit top-line growth and generated strong
ME&T free cash flow. We remain committed to serving our
customers, executing our strategy and investing for long-term
profitable growth."
In 2022, adjusted profit per share excluded a goodwill
impairment charge and restructuring costs related to the Rail
division, mark-to-market gains for remeasurement of pension and
other postemployment benefit (OPEB) plans and other restructuring
costs. In 2021, adjusted profit per share excluded mark-to-market
gains for remeasurement of pension and OPEB plans and restructuring
costs. Please see a reconciliation of GAAP to non-GAAP financial
measures in the appendix on page 14.
For the full year of 2022, enterprise operating cash flow was
$7.8 billion. During the year, the
company repurchased $4.2 billion of
Caterpillar common stock and paid dividends of $2.4 billion. Liquidity remained strong with an
enterprise cash balance of $7.0
billion at the end of 2022.
CONSOLIDATED RESULTS
Consolidated Sales and Revenues
Consolidated Sales and Revenues
Comparison
Fourth Quarter
To access this chart, go to
https://investors.caterpillar.com/financials/quarterly-results/default.aspx
for the downloadable version of Caterpillar fourth-quarter and
full year 2022 earnings.
The chart above graphically illustrates reasons for the change
in consolidated sales and revenues between the fourth quarter of
2021 (at left) and the fourth 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 fourth quarter of 2022 were
$16.597 billion, an increase of
$2.799 billion, or 20%, compared with
$13.798 billion in the fourth 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 and higher sales of equipment to end
users. Dealers increased inventories by $700
million during the fourth quarter of 2022, compared to
remaining about flat during the fourth quarter of 2021.
Sales were higher across the three primary segments.
Sales and Revenues
by Segment
|
(Millions of dollars)
|
Fourth
Quarter
2021
|
|
Sales
Volume
|
|
Price
Realization
|
|
Currency
|
|
Inter-
Segment /
Other
|
|
Fourth
Quarter
2022
|
|
$
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction
Industries
|
$
5,736
|
|
$
508
|
|
$
896
|
|
$
(279)
|
|
$
(16)
|
|
$
6,845
|
|
$
1,109
|
|
19 %
|
Resource
Industries
|
2,719
|
|
367
|
|
404
|
|
(68)
|
|
14
|
|
3,436
|
|
717
|
|
26 %
|
Energy &
Transportation
|
5,728
|
|
658
|
|
432
|
|
(173)
|
|
178
|
|
6,823
|
|
1,095
|
|
19 %
|
All Other
Segment
|
134
|
|
(5)
|
|
3
|
|
(3)
|
|
(18)
|
|
111
|
|
(23)
|
|
(17 %)
|
Corporate Items and
Eliminations
|
(1,220)
|
|
34
|
|
—
|
|
—
|
|
(158)
|
|
(1,344)
|
|
(124)
|
|
|
Machinery, Energy
& Transportation
|
13,097
|
|
1,562
|
|
1,735
|
|
(523)
|
|
—
|
|
15,871
|
|
2,774
|
|
21 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Products
Segment
|
776
|
|
—
|
|
—
|
|
—
|
|
77
|
|
853
|
|
77
|
|
10 %
|
Corporate Items and
Eliminations
|
(75)
|
|
—
|
|
—
|
|
—
|
|
(52)
|
|
(127)
|
|
(52)
|
|
|
Financial
Products Revenues
|
701
|
|
—
|
|
—
|
|
—
|
|
25
|
|
726
|
|
25
|
|
4 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Sales
and Revenues
|
$
13,798
|
|
$
1,562
|
|
$
1,735
|
|
$
(523)
|
|
$
25
|
|
$
16,597
|
|
$
2,799
|
|
20 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
Fourth Quarter
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction
Industries
|
$
3,535
|
|
34 %
|
|
$ 782
|
|
39 %
|
|
$
1,373
|
|
10 %
|
|
$
1,124
|
|
(10 %)
|
|
$
6,814
|
|
20 %
|
|
$ 31
|
|
(34 %)
|
|
$
6,845
|
|
19 %
|
Resource
Industries
|
1,364
|
|
59 %
|
|
503
|
|
21 %
|
|
596
|
|
12 %
|
|
883
|
|
5 %
|
|
3,346
|
|
27 %
|
|
90
|
|
18 %
|
|
3,436
|
|
26 %
|
Energy &
Transportation
|
2,538
|
|
33 %
|
|
624
|
|
57 %
|
|
1,553
|
|
5 %
|
|
953
|
|
(1 %)
|
|
5,668
|
|
19 %
|
|
1,155
|
|
18 %
|
|
6,823
|
|
19 %
|
All Other
Segment
|
12
|
|
(14 %)
|
|
2
|
|
100 %
|
|
(80)
|
|
(1,100 %)
|
|
99
|
|
560 %
|
|
33
|
|
(13 %)
|
|
78
|
|
(19 %)
|
|
111
|
|
(17 %)
|
Corporate Items and
Eliminations
|
14
|
|
|
|
—
|
|
|
|
(3)
|
|
|
|
(1)
|
|
|
|
10
|
|
|
|
(1,354)
|
|
|
|
(1,344)
|
|
|
Machinery, Energy
& Transportation
|
7,463
|
|
38 %
|
|
1,911
|
|
39 %
|
|
3,439
|
|
5 %
|
|
3,058
|
|
— %
|
|
15,871
|
|
21 %
|
|
—
|
|
— %
|
|
15,871
|
|
21 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Products
Segment
|
548
|
|
11 %
|
|
98
|
|
40 %
|
|
103
|
|
2 %
|
|
104
|
|
(7 %)
|
|
853
|
|
10 %
|
|
—
|
|
— %
|
|
853
|
|
10 %
|
Corporate Items and
Eliminations
|
(73)
|
|
|
|
(20)
|
|
|
|
(16)
|
|
|
|
(18)
|
|
|
|
(127)
|
|
|
|
—
|
|
|
|
(127)
|
|
|
Financial
Products Revenues
|
475
|
|
4 %
|
|
78
|
|
42 %
|
|
87
|
|
(5 %)
|
|
86
|
|
(12 %)
|
|
726
|
|
4 %
|
|
—
|
|
— %
|
|
726
|
|
4 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Sales
and Revenues
|
$
7,938
|
|
36 %
|
|
$
1,989
|
|
39 %
|
|
$
3,526
|
|
5 %
|
|
$
3,144
|
|
— %
|
|
$ 16,597
|
|
20 %
|
|
$
—
|
|
— %
|
|
$ 16,597
|
|
20 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter
2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction
Industries
|
$
2,635
|
|
|
|
$ 563
|
|
|
|
$
1,246
|
|
|
|
$
1,245
|
|
|
|
$
5,689
|
|
|
|
$ 47
|
|
|
|
$
5,736
|
|
|
Resource
Industries
|
857
|
|
|
|
415
|
|
|
|
532
|
|
|
|
839
|
|
|
|
2,643
|
|
|
|
76
|
|
|
|
2,719
|
|
|
Energy &
Transportation
|
1,913
|
|
|
|
398
|
|
|
|
1,475
|
|
|
|
965
|
|
|
|
4,751
|
|
|
|
977
|
|
|
|
5,728
|
|
|
All Other
Segment
|
14
|
|
|
|
1
|
|
|
|
8
|
|
|
|
15
|
|
|
|
38
|
|
|
|
96
|
|
|
|
134
|
|
|
Corporate Items and
Eliminations
|
(17)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(7)
|
|
|
|
(24)
|
|
|
|
(1,196)
|
|
|
|
(1,220)
|
|
|
Machinery, Energy
& Transportation
|
5,402
|
|
|
|
1,377
|
|
|
|
3,261
|
|
|
|
3,057
|
|
|
|
13,097
|
|
|
|
—
|
|
|
|
13,097
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Products
Segment
|
493
|
|
|
|
70
|
|
|
|
101
|
|
|
|
112
|
|
|
|
776
|
|
|
|
—
|
|
|
|
776
|
|
|
Corporate Items and
Eliminations
|
(37)
|
|
|
|
(15)
|
|
|
|
(9)
|
|
|
|
(14)
|
|
|
|
(75)
|
|
|
|
—
|
|
|
|
(75)
|
|
|
Financial
Products Revenues
|
456
|
|
|
|
55
|
|
|
|
92
|
|
|
|
98
|
|
|
|
701
|
|
|
|
—
|
|
|
|
701
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Sales
and Revenues
|
$
5,858
|
|
|
|
$
1,432
|
|
|
|
$
3,353
|
|
|
|
$
3,155
|
|
|
|
$ 13,798
|
|
|
|
$
—
|
|
|
|
$ 13,798
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Operating Profit
Consolidated Operating Profit Comparison
Fourth
Quarter
To access this chart, go to
https://investors.caterpillar.com/financials/quarterly-results/default.aspx
for the downloadable version of Caterpillar fourth-quarter and
full year 2022 earnings.
The chart above graphically illustrates reasons for the change
in consolidated operating profit between the fourth quarter of 2021
(at left) and the fourth 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 fourth quarter of 2022 was $1.680 billion, an increase of $69 million, or 4%, compared with $1.611 billion in the fourth quarter of 2021. The
increase was primarily due to favorable price realization and
higher sales volume, mostly offset by a goodwill impairment charge,
higher manufacturing costs and restructuring expenses.
Unfavorable manufacturing costs largely reflected higher
material costs, unfavorable cost absorption and increased period
manufacturing costs. Cost absorption was unfavorable as inventory
decreased during the fourth quarter of 2022, compared with an
increase during the fourth quarter of 2021.
In the fourth quarter of 2022, the company took a goodwill
impairment charge of $925 million and
restructuring costs of $180 million
related to the Rail division, both primarily non-cash items. The
goodwill impairment charge is related to a lower outlook for the
company's locomotive offerings. The restructuring costs were
primarily related to write-downs in the value of inventory.
Operating profit margin was 10.1% for the fourth quarter of
2022, compared with 11.7% for the fourth quarter of 2021. Adjusted
operating profit margin was 17.0% for the fourth quarter of 2022,
compared with 11.4% for the fourth quarter of 2021. Operating
profit margin was 13.3% for 2022, compared with 13.5% for 2021.
Adjusted operating profit margin was 15.4% for 2022, compared with
13.7% for 2021.
Profit (Loss) by
Segment
|
(Millions of dollars)
|
Fourth Quarter
2022
|
|
Fourth Quarter
2021
|
|
$
Change
|
|
%
Change
|
Construction
Industries
|
$
1,488
|
|
$
795
|
|
$
693
|
|
87 %
|
Resource
Industries
|
605
|
|
288
|
|
317
|
|
110 %
|
Energy &
Transportation
|
1,177
|
|
685
|
|
492
|
|
72 %
|
All Other
Segment
|
(53)
|
|
(12)
|
|
(41)
|
|
(342 %)
|
Corporate Items and
Eliminations
|
(1,588)
|
|
(281)
|
|
(1,307)
|
|
|
Machinery, Energy
& Transportation
|
1,629
|
|
1,475
|
|
154
|
|
10 %
|
|
|
|
|
|
|
|
|
Financial Products
Segment
|
189
|
|
248
|
|
(59)
|
|
(24 %)
|
Corporate Items and
Eliminations
|
(4)
|
|
(37)
|
|
33
|
|
|
Financial
Products
|
185
|
|
211
|
|
(26)
|
|
(12 %)
|
|
|
|
|
|
|
|
|
Consolidating
Adjustments
|
(134)
|
|
(75)
|
|
(59)
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Operating Profit
|
$
1,680
|
|
$
1,611
|
|
$
69
|
|
4 %
|
|
|
|
|
|
|
|
|
Other Profit/Loss and Tax Items
- Other income (expense) in the fourth quarter of 2022 was income
of $536 million, compared with income
of $1.063 billion in the fourth
quarter of 2021. The change was primarily driven by unfavorable
impacts from foreign currency exchange and lower mark-to-market
gains for remeasurement of pension and OPEB plans (see a
reconciliation of GAAP to non-GAAP financial measures in the
appendix on page 14).
The unfavorable impact of foreign exchange resulted in a loss of
$276 million for ME&T in the
fourth quarter of 2022, compared with a favorable impact of an
$8 million gain in the fourth quarter
of 2021. These losses were primarily driven by the weakening of the
U.S. dollar against the euro, Chinese yuan and Japanese yen.
- The provision for income taxes for the fourth quarters of 2022
and 2021 reflected a global annual effective tax rate of
approximately 23%, excluding the discrete items discussed
below.
The provision for income taxes in fourth quarter of 2022 also
included a $13 million charge for the
change from the third-quarter estimated annual tax rate, compared
to a $118 million benefit in the
fourth quarter of 2021. The company recorded a tax charge of
$124 million related to $606 million of pension and OPEB mark-to-market
gains in the fourth quarter of 2022, compared to a tax charge of
$190 million related to $833 million of mark-to-market gains in the
fourth quarter of 2021. In addition, the company recorded a tax
benefit of $36 million in the fourth
quarter of 2022 related to the goodwill impairment charge of
$925 million. Finally, the
company recorded a tax benefit of $15
million in the fourth quarter of 2022 for the settlement of
stock-based compensation awards with associated tax deductions in
excess of cumulative U.S. GAAP compensation expense and a
$40 million tax benefit in the fourth
quarter of 2021 primarily related to recognition of U.S. capital
losses.
CONSTRUCTION
INDUSTRIES
|
(Millions of
dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter 2021
|
|
Sales
Volume
|
|
Price
Realization
|
|
Currency
|
|
Inter-
Segment
|
|
Fourth
Quarter 2022
|
|
$
Change
|
|
%
Change
|
Total Sales
|
|
$
5,736
|
|
$
508
|
|
$
896
|
|
$
(279)
|
|
$
(16)
|
|
$
6,845
|
|
$
1,109
|
|
19 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales by Geographic
Region
|
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter 2022
|
|
Fourth
Quarter 2021
|
|
$
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
North
America
|
|
$
3,535
|
|
$
2,635
|
|
$
900
|
|
34 %
|
|
|
|
|
|
|
|
|
Latin
America
|
|
782
|
|
563
|
|
219
|
|
39 %
|
|
|
|
|
|
|
|
|
EAME
|
|
1,373
|
|
1,246
|
|
127
|
|
10 %
|
|
|
|
|
|
|
|
|
Asia/Pacific
|
|
1,124
|
|
1,245
|
|
(121)
|
|
(10 %)
|
|
|
|
|
|
|
|
|
External
Sales
|
|
6,814
|
|
5,689
|
|
1,125
|
|
20 %
|
|
|
|
|
|
|
|
|
Inter-segment
|
|
31
|
|
47
|
|
(16)
|
|
(34 %)
|
|
|
|
|
|
|
|
|
Total Sales
|
|
$
6,845
|
|
$
5,736
|
|
$ 1,109
|
|
19 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter 2022
|
|
Fourth
Quarter 2021
|
|
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
$
1,488
|
|
$
795
|
|
$
693
|
|
87 %
|
|
|
|
|
|
|
|
|
Segment Profit
Margin
|
|
21.7 %
|
|
13.9 %
|
|
7.8 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction Industries' total sales were $6.845 billion in the fourth quarter of 2022, an
increase of $1.109 billion, or 19%,
compared with $5.736 billion in the
fourth quarter of 2021. The increase was due to favorable price
realization and higher sales volume, partially offset by
unfavorable currency impacts related to the euro, Japanese yen and
Australian dollar. The increase in sales volume was driven by the
impact from changes in dealer inventories and higher sales of
equipment to end users. Dealer inventory increased during the
fourth quarter of 2022, compared with a decrease during the fourth
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 and higher sales of equipment to end users.
Dealer inventory increased during the fourth quarter of 2022,
compared with a decrease during the fourth quarter of 2021.
- Sales increased in Latin
America primarily due to favorable price realization and
higher sales volume. Higher sales volume was driven by the impact
from changes in dealer inventories. Dealer inventory increased more
during the fourth quarter of 2022 than during the fourth quarter of
2021.
- In EAME, sales increased due to favorable price realization and
higher sales volume, partially offset by unfavorable currency
impacts related to the euro and British pound. Higher sales volume
was primarily due to the impact from changes in dealer inventories.
Dealer inventory decreased more during the fourth quarter of 2021
than during the fourth quarter of 2022.
- Sales decreased in Asia/Pacific primarily due to unfavorable
currency impacts, related to the Japanese yen and Australian
dollar, as well as lower sales volume, partially offset by
favorable price realization. Decreased sales volume was driven by
the impact from changes in dealer inventories. Dealer inventory
decreased during the fourth quarter of 2022, compared with an
increase during the fourth quarter of 2021.
Construction Industries' profit was $1.488 billion in the fourth quarter of 2022, an
increase of $693 million, or 87%,
compared with $795 million in the
fourth quarter of 2021. The increase was primarily due to favorable
price realization and higher sales volume, partially offset by
unfavorable manufacturing costs. Unfavorable manufacturing costs
were primarily driven by higher material costs, unfavorable cost
absorption and increased freight. Cost absorption was unfavorable
as inventory decreased during the fourth quarter of 2022, compared
with an increase during the fourth quarter of 2021.
RESOURCE
INDUSTRIES
|
(Millions of
dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter 2021
|
|
Sales
Volume
|
|
Price
Realization
|
|
Currency
|
|
Inter-
Segment
|
|
Fourth
Quarter 2022
|
|
$
Change
|
|
%
Change
|
Total Sales
|
|
$
2,719
|
|
$
367
|
|
$
404
|
|
$
(68)
|
|
$
14
|
|
$
3,436
|
|
$ 717
|
|
26 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales by Geographic
Region
|
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter 2022
|
|
Fourth
Quarter 2021
|
|
$
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
North
America
|
|
$
1,364
|
|
$
857
|
|
$
507
|
|
59 %
|
|
|
|
|
|
|
|
|
Latin
America
|
|
503
|
|
415
|
|
88
|
|
21 %
|
|
|
|
|
|
|
|
|
EAME
|
|
596
|
|
532
|
|
64
|
|
12 %
|
|
|
|
|
|
|
|
|
Asia/Pacific
|
|
883
|
|
839
|
|
44
|
|
5 %
|
|
|
|
|
|
|
|
|
External
Sales
|
|
3,346
|
|
2,643
|
|
703
|
|
27 %
|
|
|
|
|
|
|
|
|
Inter-segment
|
|
90
|
|
76
|
|
14
|
|
18 %
|
|
|
|
|
|
|
|
|
Total Sales
|
|
$
3,436
|
|
$
2,719
|
|
$
717
|
|
26 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter 2022
|
|
Fourth
Quarter 2021
|
|
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
$
605
|
|
$
288
|
|
$
317
|
|
110 %
|
|
|
|
|
|
|
|
|
Segment Profit
Margin
|
|
17.6 %
|
|
10.6 %
|
|
7.0 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Resource Industries' total sales were $3.436 billion in the fourth quarter of 2022, an
increase of $717 million, or 26%,
compared with $2.719 billion in the
fourth quarter of 2021. The increase was primarily due to favorable
price realization and higher sales volume. The increase in sales
volume was driven by the impact from changes in dealer inventories
and higher sales of equipment to end users. Dealer inventory
increased more during the fourth quarter of 2022 than during the
fourth quarter of 2021. Higher sales of equipment to end users was
driven by heavy construction and quarry and aggregates.
Resource Industries' profit was $605
million in the fourth quarter of 2022, an increase of
$317 million, or 110%, compared with
$288 million in the fourth quarter of
2021. The increase was mainly due to favorable price realization
and higher sales volume, partially offset by unfavorable
manufacturing costs. Unfavorable manufacturing costs were primarily
driven by higher material costs, increased freight and higher
period manufacturing costs.
ENERGY &
TRANSPORTATION
|
(Millions of
dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter 2021
|
|
Sales
Volume
|
|
Price
Realization
|
|
Currency
|
|
Inter-
Segment
|
|
Fourth
Quarter 2022
|
|
$
Change
|
|
%
Change
|
Total Sales
|
|
$
5,728
|
|
$
658
|
|
$
432
|
|
$
(173)
|
|
$
178
|
|
$
6,823
|
|
$
1,095
|
|
19 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales by
Application
|
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter 2022
|
|
Fourth
Quarter 2021
|
|
$
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
Oil and Gas
|
|
$
1,827
|
|
$
1,320
|
|
$
507
|
|
38 %
|
|
|
|
|
|
|
|
|
Power
Generation
|
|
1,422
|
|
1,267
|
|
155
|
|
12 %
|
|
|
|
|
|
|
|
|
Industrial
|
|
1,131
|
|
952
|
|
179
|
|
19 %
|
|
|
|
|
|
|
|
|
Transportation
|
|
1,288
|
|
1,212
|
|
76
|
|
6 %
|
|
|
|
|
|
|
|
|
External
Sales
|
|
5,668
|
|
4,751
|
|
917
|
|
19 %
|
|
|
|
|
|
|
|
|
Inter-segment
|
|
1,155
|
|
977
|
|
178
|
|
18 %
|
|
|
|
|
|
|
|
|
Total Sales
|
|
$
6,823
|
|
$
5,728
|
|
$ 1,095
|
|
19 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter 2022
|
|
Fourth
Quarter 2021
|
|
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
$
1,177
|
|
$
685
|
|
$
492
|
|
72 %
|
|
|
|
|
|
|
|
|
Segment Profit
Margin
|
|
17.3 %
|
|
12.0 %
|
|
5.3 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy & Transportation's total sales were $6.823 billion in the fourth quarter of 2022, an
increase of $1.095 billion, or 19%,
compared with $5.728 billion in the
fourth 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 related to the euro and
British pound.
- Oil and Gas – Sales increased for turbines and turbine-related
services, reciprocating engines and aftermarket parts.
- 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 due to higher demand across all
regions.
- Transportation – Sales increased in marine applications,
reciprocating engine aftermarket parts and rail services; these
increases were partially offset by lower deliveries of
locomotives.
Energy & Transportation's profit was $1.177 billion in the fourth quarter of 2022, an
increase of $492 million, or 72%,
compared with $685 million in the
fourth quarter of 2021. The increase was primarily due to higher
sales volume and favorable price realization, partially offset by
unfavorable manufacturing costs and higher SG&A/R&D
expenses. Unfavorable manufacturing costs were mainly driven by
higher material costs and increased period manufacturing costs.
SG&A/R&D expenses increased primarily due to investments
aligned with strategic initiatives.
FINANCIAL PRODUCTS
SEGMENT
|
(Millions of
dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues by
Geographic Region
|
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter 2022
|
|
Fourth
Quarter 2021
|
|
$
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
North
America
|
|
$
548
|
|
$
493
|
|
$
55
|
|
11 %
|
|
|
|
|
|
|
|
|
Latin
America
|
|
98
|
|
70
|
|
28
|
|
40 %
|
|
|
|
|
|
|
|
|
EAME
|
|
103
|
|
101
|
|
2
|
|
2 %
|
|
|
|
|
|
|
|
|
Asia/Pacific
|
|
104
|
|
112
|
|
(8)
|
|
(7 %)
|
|
|
|
|
|
|
|
|
Total
Revenues
|
|
$
853
|
|
$
776
|
|
$
77
|
|
10 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter 2022
|
|
Fourth
Quarter 2021
|
|
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
$
189
|
|
$
248
|
|
$
(59)
|
|
(24 %)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Products' segment revenues were $853 million in the fourth quarter of 2022, an
increase of $77 million, or 10%,
compared with $776 million in the
fourth quarter of 2021. The increase was primarily due to higher
average financing rates across all regions.
Financial Products' segment profit was $189 million in the fourth quarter of 2022, a
decrease of $59 million, or 24%,
compared with $248 million in the
fourth quarter of 2021. The decrease was mainly due to a higher
provision for credit losses at Cat Financial and an unfavorable
impact from equity securities in Insurance Services.
At the end of 2022, past dues at Cat Financial were 1.89%,
compared with 1.95% at the end of 2021. Write-offs, net of
recoveries, were $46 million for
2022, compared with $205 million for
2021. As of December 31, 2022,
Cat Financial's allowance for credit losses totaled $346 million, or 1.29% of finance receivables,
compared with $337 million, or 1.22%
of finance receivables, at December 31,
2021.
Corporate Items and Eliminations
Expense for corporate items and eliminations was $1.592 billion in the fourth quarter of 2022, an
increase of $1.274 billion from the
fourth quarter of 2021, primarily driven by a goodwill impairment
charge, higher restructuring costs and increased expenses due to
timing differences.
In the fourth quarter of 2022, the company took a goodwill
impairment charge of $925 million and
restructuring costs of $180 million
related to the Rail division, both primarily non-cash items. The
goodwill impairment charge is related to a lower outlook for the
company's locomotive offerings. The restructuring costs were
primarily related to write-downs in the value of inventory.
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
Tuesday, January 31,
2023.
iii. Information on non-GAAP
financial measures is included in the appendix on page
14.
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
Tuesday, January 31, 2023, to discuss its 2022
fourth-quarter and full-year 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 2022 sales and revenues of $59.4
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 three significant items in order for the company's
results to be meaningful to readers. These items consist of (i)
goodwill impairment, (ii) restructuring income/costs and (iii)
pension and OPEB mark-to-market gains/losses resulting from plan
remeasurements. 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.
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
December 31, 2022 - U.S. GAAP
|
|
$
1,680
|
|
10.1 %
|
|
$
2,099
|
|
$
644
|
|
30.7 %
|
|
$
1,454
|
|
$
2.79
|
Goodwill
impairment
|
|
925
|
|
5.6 %
|
|
925
|
|
36
|
|
3.9 %
|
|
889
|
|
1.71
|
Restructuring (income)
costs
|
|
209
|
|
1.3 %
|
|
209
|
|
59
|
|
28.2 %
|
|
150
|
|
0.29
|
Pension/OPEB
mark-to-market (gains) losses
|
|
—
|
|
— %
|
|
(606)
|
|
(124)
|
|
20.5 %
|
|
(482)
|
|
(0.93)
|
Three Months Ended
December 31, 2022 - Adjusted
|
|
$
2,814
|
|
17.0 %
|
|
$
2,627
|
|
$
615
|
|
23.4 %
|
|
$
2,011
|
|
$
3.86
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2021 - U.S. GAAP
|
|
$
1,611
|
|
11.7 %
|
|
$
2,562
|
|
$
429
|
|
16.7 %
|
|
$
2,120
|
|
$
3.91
|
Restructuring (income)
costs
|
|
(34)
|
|
(0.2) %
|
|
(34)
|
|
(15)
|
|
44.1 %
|
|
(19)
|
|
(0.03)
|
Pension/OPEB
mark-to-market (gains) losses
|
|
—
|
|
— %
|
|
(833)
|
|
(190)
|
|
22.8 %
|
|
(643)
|
|
(1.19)
|
Three Months Ended
December 31, 2021 - Adjusted
|
|
$
1,577
|
|
11.4 %
|
|
$
1,695
|
|
$
224
|
|
13.2 %
|
|
$
1,458
|
|
$
2.69
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended
December 31, 2022 - U.S. GAAP
|
|
$
7,904
|
|
13.3 %
|
|
$
8,752
|
|
$
2,067
|
|
23.6 %
|
|
$
6,705
|
|
$
12.64
|
Goodwill
impairment
|
|
925
|
|
1.6 %
|
|
925
|
|
36
|
|
3.9 %
|
|
889
|
|
1.68
|
Restructuring (income)
costs
|
|
299
|
|
0.5 %
|
|
299
|
|
72
|
|
24.0 %
|
|
227
|
|
0.43
|
Pension/OPEB
mark-to-market (gains) losses
|
|
—
|
|
— %
|
|
(606)
|
|
$
(124)
|
|
20.5 %
|
|
(482)
|
|
(0.91)
|
Twelve Months Ended
December 31, 2022 - Adjusted
|
|
$
9,128
|
|
15.4 %
|
|
$
9,370
|
|
$
2,051
|
|
21.9 %
|
|
$
7,339
|
|
$
13.84
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended
December 31, 2021 - U.S. GAAP
|
|
$
6,878
|
|
13.5 %
|
|
$
8,204
|
|
$
1,742
|
|
21.2 %
|
|
$
6,489
|
|
$
11.83
|
Restructuring (income)
costs
|
|
90
|
|
0.2 %
|
|
90
|
|
4
|
|
4.4 %
|
|
86
|
|
0.15
|
Pension/OPEB
mark-to-market (gains) losses
|
|
—
|
|
— %
|
|
(833)
|
|
(190)
|
|
22.8 %
|
|
(643)
|
|
(1.17)
|
Twelve Months Ended
December 31, 2021 - Adjusted
|
|
$
6,968
|
|
13.7 %
|
|
$
7,461
|
|
$
1,556
|
|
20.9 %
|
|
$
5,932
|
|
$
10.81
|
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 16 to 26 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
December 31,
|
|
Twelve Months
Ended
December 31,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Sales and
revenues:
|
|
|
|
|
|
|
|
Sales of
Machinery, Energy & Transportation
|
$ 15,871
|
|
$ 13,097
|
|
$ 56,574
|
|
$ 48,188
|
Revenues of
Financial Products
|
726
|
|
701
|
|
2,853
|
|
2,783
|
Total sales and
revenues
|
16,597
|
|
13,798
|
|
59,427
|
|
50,971
|
|
|
|
|
|
|
|
|
Operating
costs:
|
|
|
|
|
|
|
|
Cost of goods
sold
|
11,614
|
|
10,003
|
|
41,350
|
|
35,513
|
Selling,
general and administrative expenses
|
1,479
|
|
1,422
|
|
5,651
|
|
5,365
|
Research and
development expenses
|
401
|
|
439
|
|
1,814
|
|
1,686
|
Interest
expense of Financial Products
|
188
|
|
103
|
|
565
|
|
455
|
Goodwill
impairment charge
|
925
|
|
—
|
|
925
|
|
—
|
Other operating
(income) expenses
|
310
|
|
220
|
|
1,218
|
|
1,074
|
Total operating
costs
|
14,917
|
|
12,187
|
|
51,523
|
|
44,093
|
|
|
|
|
|
|
|
|
Operating
profit
|
1,680
|
|
1,611
|
|
7,904
|
|
6,878
|
|
|
|
|
|
|
|
|
Interest
expense excluding Financial Products
|
117
|
|
112
|
|
443
|
|
488
|
Other income
(expense)
|
536
|
|
1,063
|
|
1,291
|
|
1,814
|
|
|
|
|
|
|
|
|
Consolidated profit
before taxes
|
2,099
|
|
2,562
|
|
8,752
|
|
8,204
|
|
|
|
|
|
|
|
|
Provision
(benefit) for income taxes
|
644
|
|
429
|
|
2,067
|
|
1,742
|
Profit of
consolidated companies
|
1,455
|
|
2,133
|
|
6,685
|
|
6,462
|
|
|
|
|
|
|
|
|
Equity in
profit (loss) of unconsolidated affiliated companies
|
(1)
|
|
(13)
|
|
19
|
|
31
|
|
|
|
|
|
|
|
|
Profit of
consolidated and affiliated companies
|
1,454
|
|
2,120
|
|
6,704
|
|
6,493
|
|
|
|
|
|
|
|
|
Less: Profit (loss)
attributable to noncontrolling interests
|
—
|
|
—
|
|
(1)
|
|
4
|
|
|
|
|
|
|
|
|
Profit
1
|
$
1,454
|
|
$
2,120
|
|
$
6,705
|
|
$
6,489
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit per common
share
|
$
2.81
|
|
$
3.94
|
|
$
12.72
|
|
$
11.93
|
Profit per common
share — diluted 2
|
$
2.79
|
|
$
3.91
|
|
$
12.64
|
|
$
11.83
|
|
|
|
|
|
|
|
|
Weighted-average
common shares outstanding (millions)
|
|
|
|
|
|
|
|
–
Basic
|
517.4
|
|
538.7
|
|
526.9
|
|
544.0
|
– Diluted
2
|
520.9
|
|
542.6
|
|
530.4
|
|
548.5
|
|
|
|
|
|
|
|
|
|
|
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)
|
|
|
December 31,
2022
|
|
December 31,
2021
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
7,004
|
|
$
9,254
|
Receivables – trade
and other
|
8,856
|
|
8,477
|
Receivables –
finance
|
9,013
|
|
8,898
|
Prepaid expenses and
other current assets
|
2,642
|
|
2,788
|
Inventories
|
16,270
|
|
14,038
|
Total current
assets
|
43,785
|
|
43,455
|
|
|
|
|
Property, plant and
equipment – net
|
12,028
|
|
12,090
|
Long-term receivables
– trade and other
|
1,265
|
|
1,204
|
Long-term receivables
– finance
|
12,013
|
|
12,707
|
Noncurrent deferred
and refundable income taxes
|
2,213
|
|
1,840
|
Intangible
assets
|
758
|
|
1,042
|
Goodwill
|
5,288
|
|
6,324
|
Other
assets
|
4,593
|
|
4,131
|
Total
assets
|
$
81,943
|
|
$
82,793
|
|
|
|
|
Liabilities
|
|
|
|
Current
liabilities:
|
|
|
|
Short-term
borrowings:
|
|
|
|
-- Machinery, Energy
& Transportation
|
$
3
|
|
$
9
|
-- Financial
Products
|
5,954
|
|
5,395
|
Accounts
payable
|
8,689
|
|
8,154
|
Accrued
expenses
|
4,080
|
|
3,757
|
Accrued wages,
salaries and employee benefits
|
2,313
|
|
2,242
|
Customer
advances
|
1,860
|
|
1,087
|
Dividends
payable
|
620
|
|
595
|
Other current
liabilities
|
2,690
|
|
2,256
|
Long-term debt due
within one year:
|
|
|
|
-- Machinery, Energy
& Transportation
|
120
|
|
45
|
-- Financial
Products
|
5,202
|
|
6,307
|
Total current
liabilities
|
31,531
|
|
29,847
|
|
|
|
|
Long-term debt due
after one year:
|
|
|
|
-- Machinery, Energy
& Transportation
|
9,498
|
|
9,746
|
-- Financial
Products
|
16,216
|
|
16,287
|
Liability for
postemployment benefits
|
4,203
|
|
5,592
|
Other
liabilities
|
4,604
|
|
4,805
|
Total
liabilities
|
66,052
|
|
66,277
|
|
|
|
|
Shareholders'
equity
|
|
|
|
Common
stock
|
6,560
|
|
6,398
|
Treasury
stock
|
(31,748)
|
|
(27,643)
|
Profit employed in the
business
|
43,514
|
|
39,282
|
Accumulated other
comprehensive income (loss)
|
(2,457)
|
|
(1,553)
|
Noncontrolling
interests
|
22
|
|
32
|
Total shareholders'
equity
|
15,891
|
|
16,516
|
Total liabilities
and shareholders' equity
|
$
81,943
|
|
$
82,793
|
Caterpillar
Inc. Condensed Consolidated Statement of Cash
Flow (Unaudited) (Millions of
dollars)
|
|
|
Twelve Months
Ended
December
31,
|
|
2022
|
|
2021
|
Cash flow from
operating activities:
|
|
|
|
Profit of consolidated
and affiliated companies
|
$
6,704
|
|
$
6,493
|
Adjustments for
non-cash items:
|
|
|
|
Depreciation and
amortization
|
2,219
|
|
2,352
|
Actuarial (gain) loss
on pension and postretirement benefits
|
(606)
|
|
(833)
|
Provision (benefit)
for deferred income taxes
|
(377)
|
|
(383)
|
Goodwill impairment
charge
|
925
|
|
—
|
Other
|
701
|
|
216
|
Changes in assets and
liabilities, net of acquisitions and divestitures:
|
|
|
|
Receivables – trade
and other
|
(220)
|
|
(1,259)
|
Inventories
|
(2,589)
|
|
(2,586)
|
Accounts
payable
|
798
|
|
2,041
|
Accrued
expenses
|
317
|
|
196
|
Accrued wages,
salaries and employee benefits
|
90
|
|
1,107
|
Customer
advances
|
768
|
|
34
|
Other assets –
net
|
(210)
|
|
(97)
|
Other liabilities –
net
|
(754)
|
|
(83)
|
Net cash provided by
(used for) operating activities
|
7,766
|
|
7,198
|
Cash flow from
investing activities:
|
|
|
|
Capital expenditures –
excluding equipment leased to others
|
(1,296)
|
|
(1,093)
|
Expenditures for
equipment leased to others
|
(1,303)
|
|
(1,379)
|
Proceeds from
disposals of leased assets and property, plant and
equipment
|
830
|
|
1,265
|
Additions to finance
receivables
|
(13,239)
|
|
(13,002)
|
Collections of finance
receivables
|
13,177
|
|
12,430
|
Proceeds from sale of
finance receivables
|
57
|
|
51
|
Investments and
acquisitions (net of cash acquired)
|
(88)
|
|
(490)
|
Proceeds from sale of
businesses and investments (net of cash sold)
|
1
|
|
36
|
Proceeds from sale of
securities
|
2,383
|
|
785
|
Investments in
securities
|
(3,077)
|
|
(1,766)
|
Other – net
|
14
|
|
79
|
Net cash provided by
(used for) investing activities
|
(2,541)
|
|
(3,084)
|
Cash flow from
financing activities:
|
|
|
|
Dividends
paid
|
(2,440)
|
|
(2,332)
|
Common stock issued,
including treasury shares reissued
|
51
|
|
135
|
Common shares
repurchased
|
(4,230)
|
|
(2,668)
|
Proceeds from debt
issued (original maturities greater than three months)
|
6,674
|
|
6,989
|
Payments on debt
(original maturities greater than three months)
|
(7,728)
|
|
(9,796)
|
Short-term borrowings
– net (original maturities three months or less)
|
402
|
|
3,488
|
Other – net
|
(10)
|
|
(4)
|
Net cash provided by
(used for) financing activities
|
(7,281)
|
|
(4,188)
|
Effect of exchange rate
changes on cash
|
(194)
|
|
(29)
|
Increase (decrease)
in cash, cash equivalents and restricted cash
|
(2,250)
|
|
(103)
|
Cash, cash equivalents
and restricted cash at beginning of period
|
9,263
|
|
9,366
|
Cash, cash equivalents
and restricted cash at end of period
|
$
7,013
|
|
$
9,263
|
|
|
|
|
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 December 31,
2022 (Unaudited) (Millions of
dollars)
|
|
|
|
|
|
|
Supplemental Consolidating Data
|
|
|
Consolidated
|
|
Machinery,
Energy &
Transportation
|
|
Financial
Products
|
|
Consolidating
Adjustments
|
|
Sales and revenues:
|
|
|
|
|
|
|
|
|
Sales of Machinery,
Energy & Transportation
|
$
15,871
|
|
$
15,871
|
|
$
—
|
|
$
—
|
|
Revenues of Financial
Products
|
726
|
|
—
|
|
883
|
|
(157)
|
1
|
Total sales and
revenues
|
16,597
|
|
15,871
|
|
883
|
|
(157)
|
|
|
|
|
|
|
|
|
|
|
Operating costs:
|
|
|
|
|
|
|
|
|
Cost of goods
sold
|
11,614
|
|
11,615
|
|
—
|
|
(1)
|
2
|
Selling, general and
administrative expenses
|
1,479
|
|
1,285
|
|
197
|
|
(3)
|
2
|
Research and
development expenses
|
401
|
|
401
|
|
—
|
|
—
|
|
Interest expense of
Financial Products
|
188
|
|
—
|
|
188
|
|
—
|
|
Goodwill impairment
charge
|
925
|
|
925
|
|
—
|
|
—
|
|
Other operating
(income) expenses
|
310
|
|
16
|
|
313
|
|
(19)
|
2
|
Total operating
costs
|
14,917
|
|
14,242
|
|
698
|
|
(23)
|
|
|
|
|
|
|
|
|
|
|
Operating profit
|
1,680
|
|
1,629
|
|
185
|
|
(134)
|
|
|
|
|
|
|
|
|
|
|
Interest expense
excluding Financial Products
|
117
|
|
117
|
|
—
|
|
—
|
|
Other income
(expense)
|
536
|
|
877
|
|
—
|
|
(341)
|
3
|
|
|
|
|
|
|
|
|
|
Consolidated profit before
taxes
|
2,099
|
|
2,389
|
|
185
|
|
(475)
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit)
for income taxes
|
644
|
|
608
|
|
36
|
|
—
|
|
Profit of consolidated
companies
|
1,455
|
|
1,781
|
|
149
|
|
(475)
|
|
|
|
|
|
|
|
|
|
|
Equity in profit
(loss) of unconsolidated affiliated companies
|
(1)
|
|
—
|
|
—
|
|
(1)
|
4
|
|
|
|
|
|
|
|
|
|
Profit of consolidated and affiliated
companies
|
1,454
|
|
1,781
|
|
149
|
|
(476)
|
|
|
|
|
|
|
|
|
|
|
Less: Profit (loss)
attributable to noncontrolling interests
|
—
|
|
—
|
|
1
|
|
(1)
|
5
|
|
|
|
|
|
|
|
|
|
Profit 6
|
$
1,454
|
|
$
1,781
|
|
$
148
|
|
$
(475)
|
|
|
|
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 December 31,
2021 (Unaudited) (Millions of
dollars)
|
|
|
|
|
|
|
Supplemental Consolidating Data
|
|
|
Consolidated
|
|
Machinery,
Energy &
Transportation
|
|
Financial
Products
|
|
Consolidating
Adjustments
|
|
Sales and revenues:
|
|
|
|
|
|
|
|
|
Sales of Machinery,
Energy & Transportation
|
$
13,097
|
|
$
13,097
|
|
$
—
|
|
$
—
|
|
Revenues of Financial
Products
|
701
|
|
—
|
|
801
|
|
(100)
|
1
|
Total sales and
revenues
|
13,798
|
|
13,097
|
|
801
|
|
(100)
|
|
|
|
|
|
|
|
|
|
|
Operating costs:
|
|
|
|
|
|
|
|
|
Cost of goods
sold
|
10,003
|
|
10,006
|
|
—
|
|
(3)
|
2
|
Selling, general and
administrative expenses
|
1,422
|
|
1,253
|
|
171
|
|
(2)
|
2
|
Research and
development expenses
|
439
|
|
439
|
|
—
|
|
—
|
|
Interest expense of
Financial Products
|
103
|
|
—
|
|
103
|
|
—
|
|
Other operating
(income) expenses
|
220
|
|
(76)
|
|
316
|
|
(20)
|
2
|
Total operating
costs
|
12,187
|
|
11,622
|
|
590
|
|
(25)
|
|
|
|
|
|
|
|
|
|
|
Operating profit
|
1,611
|
|
1,475
|
|
211
|
|
(75)
|
|
|
|
|
|
|
|
|
|
|
Interest expense
excluding Financial Products
|
112
|
|
112
|
|
—
|
|
—
|
|
Other income
(expense)
|
1,063
|
|
1,457
|
|
31
|
|
(425)
|
3
|
|
|
|
|
|
|
|
|
|
Consolidated profit before
taxes
|
2,562
|
|
2,820
|
|
242
|
|
(500)
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit)
for income taxes
|
429
|
|
359
|
|
70
|
|
—
|
|
Profit of consolidated
companies
|
2,133
|
|
2,461
|
|
172
|
|
(500)
|
|
|
|
|
|
|
|
|
|
|
Equity in profit
(loss) of unconsolidated affiliated companies
|
(13)
|
|
(10)
|
|
—
|
|
(3)
|
4
|
|
|
|
|
|
|
|
|
|
Profit of consolidated and affiliated
companies
|
2,120
|
|
2,451
|
|
172
|
|
(503)
|
|
|
|
|
|
|
|
|
|
|
Less: Profit (loss)
attributable to noncontrolling interests
|
—
|
|
—
|
|
3
|
|
(3)
|
5
|
|
|
|
|
|
|
|
|
|
Profit 6
|
$
2,120
|
|
$
2,451
|
|
$
169
|
|
$
(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
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 Twelve Months Ended December 31,
2022 (Unaudited) (Millions of
dollars)
|
|
|
|
|
|
|
Supplemental Consolidating Data
|
|
|
Consolidated
|
|
Machinery,
Energy &
Transportation
|
|
Financial
Products
|
|
Consolidating
Adjustments
|
|
Sales and revenues:
|
|
|
|
|
|
|
|
|
Sales of Machinery,
Energy & Transportation
|
$
56,574
|
|
$
56,574
|
|
$
—
|
|
$
—
|
|
Revenues of Financial
Products
|
2,853
|
|
—
|
|
3,376
|
|
(523)
|
1
|
Total sales and
revenues
|
59,427
|
|
56,574
|
|
3,376
|
|
(523)
|
|
|
|
|
|
|
|
|
|
|
Operating costs:
|
|
|
|
|
|
|
|
|
Cost of goods
sold
|
41,350
|
|
41,356
|
|
—
|
|
(6)
|
2
|
Selling, general and
administrative expenses
|
5,651
|
|
4,999
|
|
672
|
|
(20)
|
2
|
Research and
development expenses
|
1,814
|
|
1,814
|
|
—
|
|
—
|
|
Interest expense of
Financial Products
|
565
|
|
—
|
|
565
|
|
—
|
|
Goodwill impairment
charge
|
925
|
|
925
|
|
—
|
|
—
|
|
Other operating
(income) expenses
|
1,218
|
|
47
|
|
1,249
|
|
(78)
|
2
|
Total operating
costs
|
51,523
|
|
49,141
|
|
2,486
|
|
(104)
|
|
|
|
|
|
|
|
|
|
|
Operating profit
|
7,904
|
|
7,433
|
|
890
|
|
(419)
|
|
|
|
|
|
|
|
|
|
|
Interest expense
excluding Financial Products
|
443
|
|
444
|
|
—
|
|
(1)
|
3
|
Other income
(expense)
|
1,291
|
|
1,374
|
|
(26)
|
|
(57)
|
4
|
|
|
|
|
|
|
|
|
|
Consolidated profit before
taxes
|
8,752
|
|
8,363
|
|
864
|
|
(475)
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit)
for income taxes
|
2,067
|
|
1,858
|
|
209
|
|
—
|
|
Profit of consolidated
companies
|
6,685
|
|
6,505
|
|
655
|
|
(475)
|
|
|
|
|
|
|
|
|
|
|
Equity in profit
(loss) of unconsolidated affiliated companies
|
19
|
|
26
|
|
—
|
|
(7)
|
5
|
|
|
|
|
|
|
|
|
|
Profit of consolidated and affiliated
companies
|
6,704
|
|
6,531
|
|
655
|
|
(482)
|
|
|
|
|
|
|
|
|
|
|
Less: Profit (loss)
attributable to noncontrolling interests
|
(1)
|
|
(1)
|
|
7
|
|
(7)
|
6
|
|
|
|
|
|
|
|
|
|
Profit 7
|
$
6,705
|
|
$
6,532
|
|
$
648
|
|
$
(475)
|
|
|
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 Twelve Months Ended December 31,
2021 (Unaudited) (Millions of
dollars)
|
|
|
|
|
|
|
Supplemental Consolidating Data
|
|
|
Consolidated
|
|
Machinery,
Energy &
Transportation
|
|
Financial
Products
|
|
Consolidating
Adjustments
|
|
Sales and revenues:
|
|
|
|
|
|
|
|
|
Sales of Machinery,
Energy & Transportation
|
$
48,188
|
|
$
48,188
|
|
$
—
|
|
$
—
|
|
Revenues of Financial
Products
|
2,783
|
|
—
|
|
3,172
|
|
(389)
|
1
|
Total sales and
revenues
|
50,971
|
|
48,188
|
|
3,172
|
|
(389)
|
|
|
|
|
|
|
|
|
|
|
Operating costs:
|
|
|
|
|
|
|
|
|
Cost of goods
sold
|
35,513
|
|
35,521
|
|
—
|
|
(8)
|
2
|
Selling, general and
administrative expenses
|
5,365
|
|
4,724
|
|
654
|
|
(13)
|
2
|
Research and
development expenses
|
1,686
|
|
1,686
|
|
—
|
|
—
|
|
Interest expense of
Financial Products
|
455
|
|
—
|
|
455
|
|
—
|
|
Other operating
(income) expenses
|
1,074
|
|
(106)
|
|
1,247
|
|
(67)
|
2
|
Total operating
costs
|
44,093
|
|
41,825
|
|
2,356
|
|
(88)
|
|
|
|
|
|
|
|
|
|
|
Operating profit
|
6,878
|
|
6,363
|
|
816
|
|
(301)
|
|
|
|
|
|
|
|
|
|
|
Interest expense
excluding Financial Products
|
488
|
|
488
|
|
—
|
|
—
|
|
Other income
(expense)
|
1,814
|
|
2,276
|
|
87
|
|
(549)
|
3
|
|
|
|
|
|
|
|
|
|
Consolidated profit before
taxes
|
8,204
|
|
8,151
|
|
903
|
|
(850)
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit)
for income taxes
|
1,742
|
|
1,517
|
|
225
|
|
—
|
|
Profit of consolidated
companies
|
6,462
|
|
6,634
|
|
678
|
|
(850)
|
|
|
|
|
|
|
|
|
|
|
Equity in profit
(loss) of unconsolidated affiliated companies
|
31
|
|
42
|
|
—
|
|
(11)
|
4
|
|
|
|
|
|
|
|
|
|
Profit of consolidated and affiliated
companies
|
6,493
|
|
6,676
|
|
678
|
|
(861)
|
|
|
|
|
|
|
|
|
|
|
Less: Profit (loss)
attributable to noncontrolling interests
|
4
|
|
3
|
|
12
|
|
(11)
|
5
|
|
|
|
|
|
|
|
|
|
Profit 6
|
$
6,489
|
|
$
6,673
|
|
$
666
|
|
$
(850)
|
|
|
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 December 31,
2022 (Unaudited) (Millions of
dollars)
|
|
|
|
|
|
|
Supplemental Consolidating Data
|
|
|
Consolidated
|
|
Machinery,
Energy &
Transportation
|
|
Financial
Products
|
|
Consolidating
Adjustments
|
|
Assets
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
7,004
|
|
$
6,042
|
|
$
962
|
|
$
—
|
|
Receivables – trade
and other
|
8,856
|
|
3,710
|
|
519
|
|
4,627
|
1,2
|
Receivables –
finance
|
9,013
|
|
—
|
|
13,902
|
|
(4,889)
|
2
|
Prepaid expenses and
other current assets
|
2,642
|
|
2,488
|
|
290
|
|
(136)
|
3
|
Inventories
|
16,270
|
|
16,270
|
|
—
|
|
—
|
|
Total current
assets
|
43,785
|
|
28,510
|
|
15,673
|
|
(398)
|
|
|
|
|
|
|
|
|
|
|
Property, plant and
equipment – net
|
12,028
|
|
8,186
|
|
3,842
|
|
—
|
|
Long-term receivables
– trade and other
|
1,265
|
|
418
|
|
339
|
|
508
|
1,2
|
Long-term receivables
– finance
|
12,013
|
|
—
|
|
12,552
|
|
(539)
|
2
|
Noncurrent deferred
and refundable income taxes
|
2,213
|
|
2,755
|
|
115
|
|
(657)
|
4
|
Intangible
assets
|
758
|
|
758
|
|
—
|
|
—
|
|
Goodwill
|
5,288
|
|
5,288
|
|
—
|
|
—
|
|
Other
assets
|
4,593
|
|
3,882
|
|
1,892
|
|
(1,181)
|
5
|
Total assets
|
$
81,943
|
|
$
49,797
|
|
$
34,413
|
|
$
(2,267)
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Short-term
borrowings
|
$
5,957
|
|
$
3
|
|
$
5,954
|
|
$
—
|
|
Accounts
payable
|
8,689
|
|
8,657
|
|
294
|
|
(262)
|
6
|
Accrued
expenses
|
4,080
|
|
3,687
|
|
393
|
|
—
|
|
Accrued wages,
salaries and employee benefits
|
2,313
|
|
2,264
|
|
49
|
|
—
|
|
Customer
advances
|
1,860
|
|
1,860
|
|
—
|
|
—
|
|
Dividends
payable
|
620
|
|
620
|
|
—
|
|
—
|
|
Other current
liabilities
|
2,690
|
|
2,215
|
|
635
|
|
(160)
|
4,7
|
Long-term debt due
within one year
|
5,322
|
|
120
|
|
5,202
|
|
—
|
|
Total current
liabilities
|
31,531
|
|
19,426
|
|
12,527
|
|
(422)
|
|
|
|
|
|
|
|
|
|
|
Long-term debt due
after one year
|
25,714
|
|
9,529
|
|
16,216
|
|
(31)
|
8
|
Liability for
postemployment benefits
|
4,203
|
|
4,203
|
|
—
|
|
—
|
|
Other
liabilities
|
4,604
|
|
3,677
|
|
1,638
|
|
(711)
|
4
|
Total liabilities
|
66,052
|
|
36,835
|
|
30,381
|
|
(1,164)
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
|
|
|
|
|
|
|
|
Common
stock
|
6,560
|
|
6,560
|
|
905
|
|
(905)
|
9
|
Treasury
stock
|
(31,748)
|
|
(31,748)
|
|
—
|
|
—
|
|
Profit employed in the
business
|
43,514
|
|
39,435
|
|
4,068
|
|
11
|
9
|
Accumulated other
comprehensive income (loss)
|
(2,457)
|
|
(1,310)
|
|
(1,147)
|
|
—
|
|
Noncontrolling
interests
|
22
|
|
25
|
|
206
|
|
(209)
|
9
|
Total shareholders' equity
|
15,891
|
|
12,962
|
|
4,032
|
|
(1,103)
|
|
Total liabilities and shareholders'
equity
|
$
81,943
|
|
$
49,797
|
|
$
34,413
|
|
$
(2,267)
|
|
|
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
Twelve Months Ended December 31,
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
|
$
6,704
|
|
$
6,531
|
|
$
655
|
|
$
(482)
|
1,5
|
Adjustments for
non-cash items:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
2,219
|
|
1,439
|
|
780
|
|
—
|
|
Actuarial (gain) loss
on pension and postretirement benefits
|
(606)
|
|
(606)
|
|
—
|
|
—
|
|
Provision (benefit)
for deferred income taxes
|
(377)
|
|
(368)
|
|
(9)
|
|
—
|
|
Goodwill impairment
charge
|
925
|
|
925
|
|
—
|
|
—
|
|
Other
|
701
|
|
452
|
|
(205)
|
|
454
|
2
|
Changes in assets and
liabilities, net of acquisitions and divestitures:
|
|
|
|
|
|
|
|
|
Receivables – trade
and other
|
(220)
|
|
(390)
|
|
143
|
|
27
|
2,3
|
Inventories
|
(2,589)
|
|
(2,572)
|
|
—
|
|
(17)
|
2
|
Accounts
payable
|
798
|
|
811
|
|
82
|
|
(95)
|
2
|
Accrued
expenses
|
317
|
|
274
|
|
43
|
|
—
|
|
Accrued wages,
salaries and employee benefits
|
90
|
|
97
|
|
(7)
|
|
—
|
|
Customer
advances
|
768
|
|
769
|
|
(1)
|
|
—
|
|
Other assets –
net
|
(210)
|
|
(183)
|
|
(35)
|
|
8
|
2
|
Other liabilities –
net
|
(754)
|
|
(821)
|
|
71
|
|
(4)
|
2
|
Net cash provided by
(used for) operating activities
|
7,766
|
|
6,358
|
|
1,517
|
|
(109)
|
|
Cash flow from investing
activities:
|
|
|
|
|
|
|
|
|
Capital expenditures –
excluding equipment leased to others
|
(1,296)
|
|
(1,279)
|
|
(20)
|
|
3
|
2
|
Expenditures for
equipment leased to others
|
(1,303)
|
|
(19)
|
|
(1,310)
|
|
26
|
2
|
Proceeds from
disposals of leased assets and property, plant and
equipment
|
830
|
|
78
|
|
764
|
|
(12)
|
2
|
Additions to finance
receivables
|
(13,239)
|
|
—
|
|
(14,223)
|
|
984
|
3
|
Collections of finance
receivables
|
13,177
|
|
—
|
|
14,052
|
|
(875)
|
3
|
Net intercompany
purchased receivables
|
—
|
|
—
|
|
492
|
|
(492)
|
3
|
Proceeds from sale of
finance receivables
|
57
|
|
—
|
|
57
|
|
—
|
|
Net intercompany
borrowings
|
—
|
|
—
|
|
9
|
|
(9)
|
4
|
Investments and
acquisitions (net of cash acquired)
|
(88)
|
|
(88)
|
|
—
|
|
—
|
|
Proceeds from sale of
businesses and investments (net of cash sold)
|
1
|
|
1
|
|
—
|
|
—
|
|
Proceeds from sale of
securities
|
2,383
|
|
1,948
|
|
435
|
|
—
|
|
Investments in
securities
|
(3,077)
|
|
(2,549)
|
|
(528)
|
|
—
|
|
Other – net
|
14
|
|
98
|
|
(84)
|
|
—
|
|
Net cash provided by
(used for) investing activities
|
(2,541)
|
|
(1,810)
|
|
(356)
|
|
(375)
|
|
Cash flow from financing
activities:
|
|
|
|
|
|
|
|
|
Dividends
paid
|
(2,440)
|
|
(2,440)
|
|
(475)
|
|
475
|
5
|
Common stock issued,
including treasury shares reissued
|
51
|
|
51
|
|
—
|
|
—
|
|
Common shares
repurchased
|
(4,230)
|
|
(4,230)
|
|
—
|
|
—
|
|
Net intercompany
borrowings
|
—
|
|
(9)
|
|
—
|
|
9
|
4
|
Proceeds from debt
issued > 90 days
|
6,674
|
|
—
|
|
6,674
|
|
—
|
|
Payments on debt >
90 days
|
(7,728)
|
|
(25)
|
|
(7,703)
|
|
—
|
|
Short-term borrowings
– net < 90 days
|
402
|
|
(138)
|
|
540
|
|
—
|
|
Other – net
|
(10)
|
|
(10)
|
|
—
|
|
—
|
|
Net cash provided by
(used for) financing activities
|
(7,281)
|
|
(6,801)
|
|
(964)
|
|
484
|
|
Effect of exchange rate
changes on cash
|
(194)
|
|
(131)
|
|
(63)
|
|
—
|
|
Increase (decrease) in cash, cash equivalents and
restricted cash
|
(2,250)
|
|
(2,384)
|
|
134
|
|
—
|
|
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
|
$
7,013
|
|
$
6,049
|
|
$
964
|
|
$
—
|
|
|
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
Twelve Months Ended December 31,
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
|
$
6,493
|
|
$
6,676
|
|
$
678
|
|
$
(861)
|
1,5
|
Adjustments for
non-cash items:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
2,352
|
|
1,550
|
|
802
|
|
—
|
|
Actuarial (gain) loss
on pension and postretirement benefits
|
(833)
|
|
(833)
|
|
—
|
|
—
|
|
Provision (benefit)
for deferred income taxes
Provision (benefit)
for deferred income taxes
|
(383)
|
|
(329)
|
|
(54)
|
|
—
|
|
Other
|
216
|
|
131
|
|
(209)
|
|
294
|
2
|
Changes in assets and
liabilities, net of acquisitions and divestitures:
|
|
|
|
|
|
|
|
|
Receivables – trade
and other
|
(1,259)
|
|
(463)
|
|
47
|
|
(843)
|
2,3
|
Inventories
|
(2,586)
|
|
(2,581)
|
|
—
|
|
(5)
|
2
|
Accounts
payable
|
2,041
|
|
2,015
|
|
49
|
|
(23)
|
2
|
Accrued
expenses
|
196
|
|
288
|
|
(92)
|
|
—
|
|
Accrued wages,
salaries and employee benefits
|
1,107
|
|
1,066
|
|
41
|
|
—
|
|
Customer
advances
|
34
|
|
33
|
|
1
|
|
—
|
|
Other assets –
net
|
(97)
|
|
(200)
|
|
25
|
|
78
|
2
|
Other liabilities –
net
|
(83)
|
|
(176)
|
|
132
|
|
(39)
|
2
|
Net cash provided by
(used for) operating activities
|
7,198
|
|
7,177
|
|
1,420
|
|
(1,399)
|
|
Cash flow from investing
activities:
|
|
|
|
|
|
|
|
|
Capital expenditures –
excluding equipment leased to others
|
(1,093)
|
|
(1,088)
|
|
(16)
|
|
11
|
2
|
Expenditures for
equipment leased to others
|
(1,379)
|
|
(41)
|
|
(1,347)
|
|
9
|
2
|
Proceeds from
disposals of leased assets and property, plant and
equipment
|
1,265
|
|
186
|
|
1,095
|
|
(16)
|
2
|
Additions to finance
receivables
|
(13,002)
|
|
—
|
|
(13,845)
|
|
843
|
3
|
Collections of finance
receivables
|
12,430
|
|
—
|
|
13,337
|
|
(907)
|
3
|
Net intercompany
purchased receivables
|
—
|
|
—
|
|
(609)
|
|
609
|
3
|
Proceeds from sale of
finance receivables
|
51
|
|
—
|
|
51
|
|
—
|
|
Net intercompany
borrowings
|
—
|
|
1,000
|
|
5
|
|
(1,005)
|
4
|
Investments and
acquisitions (net of cash acquired)
|
(490)
|
|
(490)
|
|
—
|
|
—
|
|
Proceeds from sale of
businesses and investments (net of cash sold)
|
36
|
|
36
|
|
—
|
|
—
|
|
Proceeds from sale of
securities
|
785
|
|
274
|
|
511
|
|
—
|
|
Investments in
securities
|
(1,766)
|
|
(1,189)
|
|
(577)
|
|
—
|
|
Other – net
|
79
|
|
81
|
|
(2)
|
|
—
|
|
Net cash provided by
(used for) investing activities
|
(3,084)
|
|
(1,231)
|
|
(1,397)
|
|
(456)
|
|
Cash flow from financing
activities:
|
|
|
|
|
|
|
|
|
Dividends
paid
|
(2,332)
|
|
(2,332)
|
|
(850)
|
|
850
|
5
|
Common stock issued,
including treasury shares reissued
|
135
|
|
135
|
|
—
|
|
—
|
|
Common shares
repurchased
|
(2,668)
|
|
(2,668)
|
|
—
|
|
—
|
|
Net intercompany
borrowings
|
—
|
|
(5)
|
|
(1,000)
|
|
1,005
|
4
|
Proceeds from debt
issued > 90 days
|
6,989
|
|
494
|
|
6,495
|
|
—
|
|
Payments on debt >
90 days
|
(9,796)
|
|
(1,919)
|
|
(7,877)
|
|
—
|
|
Short-term borrowings
– net < 90 days
|
3,488
|
|
(1)
|
|
3,489
|
|
—
|
|
Other – net
|
(4)
|
|
(4)
|
|
—
|
|
—
|
|
Net cash provided by
(used for) financing activities
|
(4,188)
|
|
(6,300)
|
|
257
|
|
1,855
|
|
Effect of exchange rate
changes on cash
|
(29)
|
|
(35)
|
|
6
|
|
—
|
|
Increase (decrease) in cash, cash equivalents and
restricted cash
|
(103)
|
|
(389)
|
|
286
|
|
—
|
|
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
|
$
9,263
|
|
$
8,433
|
|
$
830
|
|
$
—
|
|
|
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-fourth-quarter-and-full-year-2022-results-301734585.html
SOURCE Caterpillar Inc.