• Second-quarter 2023 sales and revenues increased 22% to $17.3 billion
  • Second-quarter 2023 profit per share of $5.67; adjusted profit per share of $5.55
  • Returned $2.0 billion to shareholders through share repurchases and dividends in the quarter


Second Quarter

($ in billions except profit per share)


2023

2022

Sales and Revenues


$17.3

$14.2

Profit Per Share


$5.67

$3.13

Adjusted Profit Per Share


$5.55

$3.18

IRVING, Texas, Aug. 1, 2023 /PRNewswire/ -- Caterpillar Inc. (NYSE: CAT) announced second-quarter 2023 sales and revenues of $17.3 billion, a 22% increase compared with $14.2 billion in the second quarter of 2022. The increase was primarily due to higher sales volume and favorable price realization.

Operating profit margin was 21.1% for the second quarter of 2023, compared with 13.6% for the second quarter of 2022. Adjusted operating profit margin was 21.3% for the second quarter of 2023, compared with 13.8% for the second quarter of 2022. Second-quarter 2023 profit per share was $5.67, compared with second-quarter 2022 profit per share of $3.13. Adjusted profit per share in the second quarter of 2023 was $5.55, compared with second-quarter 2022 adjusted profit per share of $3.18. Second-quarter 2023 and 2022 adjusted operating profit margin and adjusted profit per share excluded restructuring costs. Second-quarter 2023 adjusted profit per share also excluded a discrete tax benefit to adjust deferred tax balances. Please see a reconciliation of GAAP to non-GAAP financial measures in the appendix on page 12.

For the first half of 2023, enterprise operating cash flow was $4.8 billion, and the company ended the second quarter with $7.4 billion of enterprise cash. In the quarter, the company repurchased $1.4 billion of Caterpillar common stock and paid dividends of $0.6 billion.

"I'm proud of our global team's strong operational performance in the second quarter. Our results reflect continued healthy demand as we achieved double-digit top-line growth and record adjusted profit per share while generating strong ME&T free cash flow," said Jim Umpleby, Chairman and CEO. "Our team remains committed to serving our customers, executing our strategy and continuing to invest for long-term profitable growth."

CONSOLIDATED RESULTS

Consolidated Sales and Revenues

Consolidated Sales and Revenues Comparison
Second Quarter 2023 vs. Second Quarter 2022

To access this chart, go to https://investors.caterpillar.com/financials/quarterly-results/default.aspx for the downloadable version of Caterpillar second-quarter 2023 earnings.

The chart above graphically illustrates reasons for the change in consolidated sales and revenues between the second quarter of 2022 (at left) and the second quarter of 2023 (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 second quarter of 2023 were $17.318 billion, an increase of $3.071 billion, or 22%, compared with $14.247 billion in the second quarter of 2022. The increase was due to higher sales volume and favorable price realization. The increase in sales volume was driven by higher sales of equipment to end users and the impact from changes in dealer inventories. Dealer inventory increased during the second quarter of 2023 (primarily Energy & Transportation), compared with a decrease during the second quarter of 2022 (primarily Construction Industries).

Sales were higher across the three primary segments.

Sales and Revenues by Segment

(Millions of dollars)

Second
Quarter
2022


Sales

Volume


Price

Realization


Currency


Inter-
Segment /
Other


Second
Quarter
2023


$

Change


%

Change

















Construction Industries

$        6,033


$           606


$           629


$         (105)


$             (9)


$        7,154


$        1,121


19 %

Resource Industries

2,961


250


375


(47)


24


3,563


602


20 %

Energy & Transportation

5,705


932


417


(32)


197


7,219


1,514


27 %

All Other Segment

118


(4)



(1)


3


116


(2)


(2 %)

Corporate Items and Eliminations

(1,278)


(13)


1


(2)


(215)


(1,507)


(229)



Machinery, Energy & Transportation

13,539


1,771


1,422


(187)



16,545


3,006


22 %

















Financial Products Segment

798





125


923


125


16 %

Corporate Items and Eliminations

(90)





(60)


(150)


(60)



Financial Products Revenues

708





65


773


65


9 %

















Consolidated Sales and Revenues

$       14,247


$        1,771


$        1,422


$         (187)


$            65


$       17,318


$        3,071


22 %

















 

Sales and Revenues by Geographic Region


North America


Latin America


EAME


Asia/Pacific


External Sale
s and Revenues


Inter-Segment


Total Sales
and Revenues

(Millions of dollars)

$


% Chg


$


% Chg


$


% Chg


$


% Chg


$


% Chg


$


% Chg


$


% Chg

Second Quarter 2023




























Construction Industries

$   3,968


32 %


$     566


(11 %)


$   1,438


20 %


$   1,149


— %


$   7,121


19 %


$       33


(21 %)


$   7,154


19 %

Resource Industries

1,342


31 %


538


15 %


517


6 %


1,076


18 %


3,473


20 %


90


36 %


3,563


20 %

Energy & Transportation

3,120


37 %


459


20 %


1,479


22 %


899


17 %


5,957


28 %


1,262


18 %


7,219


27 %

All Other Segment

16


(11 %)



— %


4


(20 %)


14


(7 %)


34


(11 %)


82


3 %


116


(2 %)

Corporate Items and Eliminations

(32)




(2)




(2)




(4)




(40)




(1,467)




(1,507)



Machinery, Energy & Transportation

8,414


33 %


1,561


5 %


3,436


18 %


3,134


10 %


16,545


22 %



— %


16,545


22 %





























Financial Products Segment

593


17 %


102


17 %


118


22 %


110


1 %


923


16 %



— %


923


16 %

Corporate Items and Eliminations

(85)




(21)




(21)




(23)




(150)







(150)



Financial Products Revenues

508


10 %


81


23 %


97


11 %


87


(5 %)


773


9 %



— %


773


9 %





























Consolidated Sales and Revenues

$   8,922


32 %


$   1,642


6 %


$   3,533


18 %


$   3,221


10 %


$ 17,318


22 %


$        —


— %


$ 17,318


22 %





























Second Quarter 2022




























Construction Industries

$   3,006




$     635




$   1,202




$   1,148




$   5,991




$       42




$   6,033



Resource Industries

1,027




466




489




913




2,895




66




2,961



Energy & Transportation

2,277




382




1,215




766




4,640




1,065




5,705



All Other Segment

18







5




15




38




80




118



Corporate Items and Eliminations

(20)




(2)







(3)




(25)




(1,253)




(1,278)



Machinery, Energy & Transportation

6,308




1,481




2,911




2,839




13,539







13,539































Financial Products Segment

505




87




97




109




798







798



Corporate Items and Eliminations

(42)




(21)




(10)




(17)




(90)







(90)



Financial Products Revenues

463




66




87




92




708







708































Consolidated Sales and Revenues

$   6,771




$   1,547




$   2,998




$   2,931




$ 14,247




$        —




$ 14,247































Consolidated Operating Profit

Consolidated Operating Profit Comparison
Second Quarter 2023 vs. Second Quarter 2022 

To access this chart, go to https://investors.caterpillar.com/financials/quarterly-results/default.aspx for the downloadable version of Caterpillar second-quarter 2023 earnings.  

The chart above graphically illustrates reasons for the change in consolidated operating profit between the second quarter of 2022 (at left) and the second quarter of 2023 (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 second quarter of 2023 was $3.652 billion, an increase of $1.708 billion, or 88%, compared with $1.944 billion in the second quarter of 2022. 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. The increase in SG&A/R&D expenses was primarily driven by investments aligned with strategic initiatives and an unfavorable change in fair value adjustments related to deferred compensation plans.

Profit (Loss) by Segment

(Millions of dollars)

Second Quarter
2023


Second Quarter
2022


$

Change


%

 Change

Construction Industries

$                 1,803


$                    989


$                    814


82 %

Resource Industries

740


355


385


108 %

Energy & Transportation

1,269


659


610


93 %

All Other Segment

10


31


(21)


(68 %)

Corporate Items and Eliminations

(272)


(230)


(42)



Machinery, Energy & Transportation

3,550


1,804


1,746


97 %









Financial Products Segment

240


217


23


11 %

Corporate Items and Eliminations

17


17




Financial Products

257


234


23


10 %









Consolidating Adjustments

(155)


(94)


(61)











Consolidated Operating Profit

$                 3,652


$                 1,944


$                 1,708


88 %









Other Profit/Loss and Tax Items

  • Other income (expense) in the second quarter of 2023 was income of $127 million, compared with income of $260 million in the second quarter of 2022. The change was primarily driven by unfavorable impacts from foreign currency exchange and pension and other postemployment benefit (OPEB) plan costs, partially offset by higher investment and interest income and lower unrealized losses on marketable securities.

  • The provision for income taxes for the second quarter of 2023 reflected an estimated annual global tax rate of 23%, compared with approximately 24% for the second quarter of 2022, excluding the discrete items discussed below. The comparative tax rate for full-year 2022 was approximately 23%.

    In the second quarter of 2023, the company recorded a discrete tax benefit of $88 million due to a change in the valuation allowance for certain deferred tax assets compared to a benefit of $55 million in the second quarter of 2022 primarily for a prior year tax adjustment due to a change in estimate.

CONSTRUCTION INDUSTRIES

(Millions of dollars)

















Segment Sales

















Second
Quarter 2022


Sales
Volume


Price
Realization


Currency


Inter-
Segment


Second
Quarter 2023


$

 Change


%

 Change

Total Sales


$       6,033


$          606


$        629


$         (105)


$               (9)


$          7,154


$    1,121


19 %


















Sales by Geographic Region











Second
Quarter 2023


Second
Quarter 2022


$

Change


%

Change









North America


$       3,968


$       3,006


$        962


32 %









Latin America


566


635


(69)


(11 %)









EAME


1,438


1,202


236


20 %









Asia/Pacific


1,149


1,148


1


— %









External Sales


7,121


5,991


1,130


19 %









Inter-segment


33


42


(9)


(21 %)









Total Sales


$       7,154


$       6,033


$     1,121


19 %


























Segment Profit











Second
Quarter 2023


Second
Quarter 2022


 

Change


%

Change









Segment Profit


$       1,803


$          989


$        814


82 %









Segment Profit Margin


25.2 %


16.4 %


           8.8 pts 




























Construction Industries' total sales were $7.154 billion in the second quarter of 2023, an increase of $1.121 billion, or 19%, compared with $6.033 billion in the second quarter of 2022. The increase was 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 decreased during the second quarter of 2022, compared with a modest increase during the second quarter of 2023.

  • In North America, sales increased 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 decreased during the second quarter of 2022, compared with an increase during the second quarter of 2023.
  • Sales decreased in Latin America primarily due to lower sales volume, partially offset by favorable price realization. Lower sales volume was driven by the impact from changes in dealer inventories and lower sales of equipment to end users. Dealer inventory decreased more during the second quarter of 2023 than during the second quarter of 2022.
  • In EAME, sales increased primarily due to higher sales volume and favorable price realization. Higher sales volume was primarily due to the impact from changes in dealer inventories, partially offset by lower sales of equipment to end users. Dealer inventory decreased during the second quarter of 2022, compared with an increase during the second quarter of 2023.
  • Sales were about flat in Asia/Pacific.

Construction Industries' profit was $1.803 billion in the second quarter of 2023, an increase of $814 million, or 82%, compared with $989 million in the second quarter of 2022. The increase was mainly due to favorable price realization and higher sales volume.

RESOURCE INDUSTRIES

(Millions of dollars)

















Segment Sales

















Second
Quarter 2022


Sales
Volume


Price
Realization


Currency


Inter-
Segment


Second
Quarter 2023


$

 Change


%

 Change

Total Sales


$       2,961


$          250


$        375


$          (47)


$               24


$          3,563


$      602


20 %


















Sales by Geographic Region











Second
Quarter 2023


Second
Quarter 2022


$

Change


%

Change









North America


$       1,342


$       1,027


$        315


31 %









Latin America


538


466


72


15 %









EAME


517


489


28


6 %









Asia/Pacific


1,076


913


163


18 %









External Sales


3,473


2,895


578


20 %









Inter-segment


90


66


24


36 %









Total Sales


$       3,563


$       2,961


$        602


20 %


























Segment Profit











Second
Quarter 2023


Second
Quarter 2022


 

Change


%

Change









Segment Profit


$          740


$          355


$        385


108 %









Segment Profit Margin


20.8 %


12.0 %


           8.8 pts 




























Resource Industries' total sales were $3.563 billion in the second quarter of 2023, an increase of $602 million, or 20%, compared with $2.961 billion in the second quarter of 2022. The increase was primarily due to favorable price realization and higher sales volume. The increase in sales volume was due to higher sales of equipment to end users, partially offset by lower aftermarket parts sales volume.

Resource Industries' profit was $740 million in the second quarter of 2023, an increase of $385 million, or 108%, compared with $355 million in the second quarter of 2022. The increase was mainly due to favorable price realization and higher sales volume, partially offset by unfavorable manufacturing costs. Unfavorable manufacturing costs largely reflected higher material costs.

ENERGY & TRANSPORTATION

(Millions of dollars)

















Segment Sales

















Second
Quarter 2022


Sales
Volume


Price
Realization


Currency


Inter-
Segment


Second
Quarter 2023


$

 Change


%

 Change

Total Sales


$       5,705


$          932


$        417


$          (32)


$             197


$          7,219


$    1,514


27 %


















Sales by Application











Second
Quarter 2023


Second
Quarter 2022


$

Change


%

Change









Oil and Gas


$       1,760


$       1,232


$        528


43 %









Power Generation


1,645


1,186


459


39 %









Industrial


1,318


1,117


201


18 %









Transportation


1,234


1,105


129


12 %









External Sales


5,957


4,640


1,317


28 %









Inter-segment


1,262


1,065


197


18 %









Total Sales


$       7,219


$       5,705


$     1,514


27 %


























Segment Profit











Second
Quarter 2023


Second
Quarter 2022


 

Change


%

Change









Segment Profit


$       1,269


$          659


$        610


93 %









Segment Profit Margin


17.6 %


11.6 %


           6.0 pts 




























Energy & Transportation's total sales were $7.219 billion in the second quarter of 2023, an increase of $1.514 billion, or 27%, compared with $5.705 billion in the second quarter of 2022. Sales increased across all applications and inter-segment sales. The increase in sales was primarily due to higher sales volume and favorable price realization.

  • Oil and Gas – Sales increased for turbines and turbine-related services. Sales also increased in reciprocating 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 marine and rail services.

Energy & Transportation's profit was $1.269 billion in the second quarter of 2023, an increase of $610 million, or 93%, compared with $659 million in the second quarter of 2022. The increase was mainly 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 driven by higher material costs and increased period manufacturing costs. The increase in SG&A/R&D expenses was primarily driven by investments aligned with strategic initiatives.

FINANCIAL PRODUCTS SEGMENT

(Millions of dollars)

















Revenues by Geographic Region











Second
Quarter 2023


Second
Quarter 2022


$

Change


%

Change









North America


$             593


$             505


$               88


17 %









Latin America


102


87


15


17 %









EAME


118


97


21


22 %









Asia/Pacific


110


109


1


1 %









Total Revenues


$             923


$             798


$             125


16 %


























Segment Profit











Second
Quarter 2023


Second
Quarter 2022


 

Change


%

Change









Segment Profit


$             240


$             217


$               23


11 %


























Financial Products' segment revenues were $923 million in the second quarter of 2023, an increase of $125 million, or 16%, compared with $798 million in the second quarter of 2022. The increase was primarily due to higher average financing rates across all regions.

Financial Products' segment profit was $240 million in the second quarter of 2023, an increase of $23 million, or 11%, compared with $217 million in the second quarter of 2022. The increase was mainly due to lower provision for credit losses at Cat Financial, partially offset by an increase in SG&A expenses.

At the end of the second quarter of 2023, past dues at Cat Financial were 2.15%, compared with 2.19% at the end of the second quarter of 2022. Write-offs, net of recoveries, were $8 million for the second quarter of 2023, compared with less than $1 million for the second quarter of 2022. As of June 30, 2023, Cat Financial's allowance for credit losses totaled $320 million, or 1.15% of finance receivables, compared with $348 million, or 1.27% of finance receivables at March 31, 2023. The allowance for credit losses at year-end 2022 was $346 million, or 1.29% of finance receivables.

Corporate Items and Eliminations

Expense for corporate items and eliminations was $255 million in the second quarter of 2023, an increase of $42 million from the second quarter of 2022. Lower corporate costs and decreased expenses due to timing differences were more than offset by an unfavorable change in fair value adjustments related to deferred compensation plans and unfavorable impacts of segment reporting methodology differences.

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, August 1, 2023.
iii.  Information on non-GAAP financial measures is included in the appendix on page 12.
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, August 1, 2023, to discuss its 2023 second-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 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) catastrophic events, including global pandemics such as the COVID-19 pandemic; and (xxvii) other factors described in more detail in Caterpillar's Forms 10-Q, 10-K and other filings with the Securities and Exchange Commission.

APPENDIX

NON-GAAP FINANCIAL MEASURES

The following definitions are provided for the non-GAAP financial measures. These non-GAAP financial measures have no standardized meaning prescribed by U.S. GAAP and therefore are unlikely to be comparable to the calculation of similar measures for other companies. Management does not intend these items to be considered in isolation or as a substitute for the related GAAP measures.

The company believes it is important to separately quantify the profit impact of two significant items in order for the company's results to be meaningful to readers. These items consist of (i) restructuring costs and (ii) certain deferred tax valuation allowance adjustments. The company does not consider these items indicative of earnings from ongoing business activities and believes the non-GAAP measure provides investors with useful perspective on underlying business results and trends and aids with assessing the company's period-over-period results. The company intends to discuss adjusted profit per share for the fourth quarter and full-year 2023, 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 June 30, 2023 - U.S. GAAP


$        3,652


21.1 %


$        3,652


$          752


20.6 %


$        2,922


$         5.67

Restructuring costs


31


0.2 %


31


6


20.0 %


25


0.05

Deferred tax valuation allowance adjustments



— %



88


— %


(88)


(0.17)

Three Months Ended June 30, 2023 - Adjusted


$        3,683


21.3 %


$        3,683


$          846


23.0 %


$        2,859


$         5.55
















Three Months Ended June 30, 2022 - U.S. GAAP


$        1,944


13.6 %


$        2,096


$          427


20.4 %


$        1,673


$         3.13

Restructuring costs


28


0.2 %


28


2


10.0 %


26


0.05

Three Months Ended June 30, 2022 - Adjusted


$        1,972


13.8 %


$        2,124


$          429


20.2 %


$        1,699


$         3.18
















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 13 to 23 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
June 30,


Six Months Ended
June 30,


2023


2022


2023


2022

Sales and revenues:








  Sales of Machinery, Energy & Transportation

$       16,545


$      13,539


$       31,644


$     26,425

  Revenues of Financial Products

773


708


1,536


1,411

  Total sales and revenues

17,318


14,247


33,180


27,836









Operating costs:








  Cost of goods sold

11,065


9,975


21,168


19,534

  Selling, general and administrative expenses

1,528


1,425


2,991


2,771

  Research and development expenses

528


480


1,000


937

  Interest expense of Financial Products

245


120


462


226

  Other operating (income) expenses

300


303


1,176


569

  Total operating costs

13,666


12,303


26,797


24,037









Operating profit

3,652


1,944


6,383


3,799









  Interest expense excluding Financial Products

127


108


256


217

  Other income (expense)

127


260


159


513









Consolidated profit before taxes

3,652


2,096


6,286


4,095









  Provision (benefit) for income taxes

752


427


1,460


896

  Profit of consolidated companies

2,900


1,669


4,826


3,199









  Equity in profit (loss) of unconsolidated affiliated companies

24


4


40


11









Profit of consolidated and affiliated companies

2,924


1,673


4,866


3,210









Less: Profit (loss) attributable to noncontrolling interests

2



1










Profit 1

$         2,922


$        1,673


$         4,865


$       3,210

















Profit per common share

$          5.70


$          3.15


$          9.46


$         6.03

Profit per common share — diluted 2

$          5.67


$          3.13


$          9.41


$         5.99









Weighted-average common shares outstanding (millions)








– Basic

512.9


531.0


514.3


532.6

– Diluted 2

515.0


534.1


517.1


536.1











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)



June 30,
2023


December 31,
2022

Assets




Current assets:




Cash and cash equivalents

$                     7,387


$                     7,004

Receivables – trade and other

9,416


8,856

Receivables – finance

9,288


9,013

Prepaid expenses and other current assets

3,163


2,642

Inventories

17,746


16,270

Total current assets

47,000


43,785





Property, plant and equipment – net

12,124


12,028

Long-term receivables – trade and other

1,161


1,265

Long-term receivables – finance

12,022


12,013

Noncurrent deferred and refundable income taxes

2,607


2,213

Intangible assets

630


758

Goodwill

5,293


5,288

Other assets

4,590


4,593

Total assets

$                   85,427


$                   81,943





Liabilities




Current liabilities:




Short-term borrowings:




-- Machinery, Energy & Transportation

$                           —


$                            3

-- Financial Products

5,548


5,954

Accounts payable

8,443


8,689

Accrued expenses

4,493


4,080

Accrued wages, salaries and employee benefits

1,755


2,313

Customer advances

2,137


1,860

Dividends payable

663


620

Other current liabilities

3,109


2,690

Long-term debt due within one year:




-- Machinery, Energy & Transportation

1,043


120

-- Financial Products

8,123


5,202

Total current liabilities

35,314


31,531





Long-term debt due after one year:




-- Machinery, Energy & Transportation

8,535


9,498

-- Financial Products

14,450


16,216

Liability for postemployment benefits

4,084


4,203

Other liabilities

4,788


4,604

Total liabilities

67,171


66,052





Shareholders' equity




Common stock

6,478


6,560

Treasury stock

(33,391)


(31,748)

Profit employed in the business

47,094


43,514

Accumulated other comprehensive income (loss)

(1,946)


(2,457)

Noncontrolling interests

21


22

Total shareholders' equity

18,256


15,891

Total liabilities and shareholders' equity

$                   85,427


$                   81,943

 

Caterpillar Inc.

Condensed Consolidated Statement of Cash Flow

(Unaudited)

(Millions of dollars)



Six Months Ended June 30,


2023


2022

Cash flow from operating activities:




Profit of consolidated and affiliated companies

$              4,866


$              3,210

Adjustments for non-cash items:




Depreciation and amortization

1,074


1,110

Provision (benefit) for deferred income taxes

(355)


(283)

Loss on divestiture

572


Other

106


49

Changes in assets and liabilities, net of acquisitions and divestitures:




Receivables – trade and other

(465)


283

Inventories

(1,560)


(2,003)

Accounts payable

34


427

Accrued expenses

381


(80)

Accrued wages, salaries and employee benefits

(562)


(445)

Customer advances

284


514

Other assets – net

81


86

Other liabilities – net

366


(322)

Net cash provided by (used for) operating activities

4,822


2,546

Cash flow from investing activities:




Capital expenditures – excluding equipment leased to others

(683)


(586)

Expenditures for equipment leased to others

(774)


(688)

Proceeds from disposals of leased assets and property, plant and equipment

368


468

Additions to finance receivables

(6,973)


(6,705)

Collections of finance receivables

6,759


6,519

Proceeds from sale of finance receivables

29


21

Investments and acquisitions (net of cash acquired)

(20)


(36)

Proceeds from sale of businesses and investments (net of cash sold)

(14)


1

Proceeds from sale of securities

463


1,204

Investments in securities

(1,078)


(2,118)

Other – net

41


32

Net cash provided by (used for) investing activities

(1,882)


(1,888)

Cash flow from financing activities:




Dividends paid

(1,238)


(1,187)

Common stock issued, including treasury shares reissued

(22)


4

Common shares repurchased

(1,829)


(1,924)

Proceeds from debt issued (original maturities greater than three months)

3,299


4,015

Payments on debt (original maturities greater than three months)

(2,303)


(4,246)

Short-term borrowings – net (original maturities three months or less)

(406)


(553)

Net cash provided by (used for) financing activities

(2,499)


(3,891)

Effect of exchange rate changes on cash

(60)


(7)

Increase (decrease) in cash, cash equivalents and restricted cash

381


(3,240)

Cash, cash equivalents and restricted cash at beginning of period

7,013


9,263

Cash, cash equivalents and restricted cash at end of period

$              7,394


$              6,023


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 June 30, 2023

(Unaudited)

(Millions of dollars)





Supplemental Consolidating Data



Consolidated


Machinery,
Energy &
Transportation


Financial

Products


Consolidating

Adjustments


Sales and revenues:









Sales of Machinery, Energy & Transportation

$          16,545


$                16,545


$                —


$                 —


Revenues of Financial Products

773



955


(182)

1

Total sales and revenues

17,318


16,545


955


(182)











Operating costs:









Cost of goods sold

11,065


11,068



(3)

2

Selling, general and administrative expenses

1,528


1,389


143


(4)

2

Research and development expenses

528


528




Interest expense of Financial Products

245



245



Other operating (income) expenses

300


10


310


(20)

2

Total operating costs

13,666


12,995


698


(27)











Operating profit

3,652


3,550


257


(155)











Interest expense excluding Financial Products

127


127




Other income (expense)

127


(10)


(18)


155

3










Consolidated profit before taxes

3,652


3,413


239












Provision (benefit) for income taxes

752


691


61



Profit of consolidated companies

2,900


2,722


178












Equity in profit (loss) of unconsolidated affiliated companies

24


24













Profit of consolidated and affiliated companies

2,924


2,746


178












Less: Profit (loss) attributable to noncontrolling interests

2


(1)


3












Profit 4

$            2,922


$                  2,747


$              175


$                 —



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

Profit attributable to common shareholders.

 

Caterpillar Inc.

Supplemental Data for Results of Operations

For the Three Months Ended June 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

$          13,539


$              13,539


$                —


$                 —


Revenues of Financial Products

708



828


(120)

1

Total sales and revenues

14,247


13,539


828


(120)











Operating costs:









Cost of goods sold

9,975


9,978



(3)

2

Selling, general and administrative expenses

1,425


1,261


167


(3)

2

Research and development expenses

480


480




Interest expense of Financial Products

120



120



Other operating (income) expenses

303


16


307


(20)

2

Total operating costs

12,303


11,735


594


(26)











Operating profit

1,944


1,804


234


(94)











Interest expense excluding Financial Products

108


108




Other income (expense)

260


180


(14)


94

3










Consolidated profit before taxes

2,096


1,876


220












Provision (benefit) for income taxes

427


374


53



Profit of consolidated companies

1,669


1,502


167












Equity in profit (loss) of unconsolidated affiliated companies

4


7



(3)

4










Profit of consolidated and affiliated companies

1,673


1,509


167


(3)











Less: Profit (loss) attributable to noncontrolling interests



3


(3)

5










Profit 6

$            1,673


$                1,509


$              164


$                 —



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 Six Months Ended June 30,2023

(Unaudited)

(Millions of dollars)





Supplemental Consolidating Data



Consolidated


Machinery,
Energy &
Transportation


Financial

Products


Consolidating

Adjustments


Sales and revenues:









Sales of Machinery, Energy & Transportation

$          31,644


$                31,644


$                —


$                 —


Revenues of Financial Products

1,536



1,890


(354)

1

Total sales and revenues

33,180


31,644


1,890


(354)











Operating costs:









Cost of goods sold

21,168


21,172



(4)

2

Selling, general and administrative expenses

2,991


2,709


301


(19)

2

Research and development expenses

1,000


1,000




Interest expense of Financial Products

462



462



Other operating (income) expenses

1,176


599


613


(36)

2

Total operating costs

26,797


25,480


1,376


(59)











Operating profit

6,383


6,164


514


(295)











Interest expense excluding Financial Products

256


256




Other income (expense)

159


(24)


(37)


220

3










Consolidated profit before taxes

6,286


5,884


477


(75)











Provision (benefit) for income taxes

1,460


1,339


121



Profit of consolidated companies

4,826


4,545


356


(75)











Equity in profit (loss) of unconsolidated affiliated companies

40


43



(3)

4










Profit of consolidated and affiliated companies

4,866


4,588


356


(78)











Less: Profit (loss) attributable to noncontrolling interests

1


(1)


5


(3)

5










Profit 6

$            4,865


$                  4,589


$              351


$                (75)



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 Six Months Ended June 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

$          26,425


$                26,425


$                —


$                 —


Revenues of Financial Products

1,411



1,641


(230)

1

Total sales and revenues

27,836


26,425


1,641


(230)











Operating costs:









Cost of goods sold

19,534


19,538



(4)

2

Selling, general and administrative expenses

2,771


2,443


339


(11)

2

Research and development expenses

937


937




Interest expense of Financial Products

226



226



Other operating (income) expenses

569


(12)


621


(40)

2

Total operating costs

24,037


22,906


1,186


(55)











Operating profit

3,799


3,519


455


(175)











Interest expense excluding Financial Products

217


217




Other income (expense)

513


337


1


175

3










Consolidated profit before taxes

4,095


3,639


456












Provision (benefit) for income taxes

896


786


110



Profit of consolidated companies

3,199


2,853


346












Equity in profit (loss) of unconsolidated affiliated companies

11


15



(4)

4










Profit of consolidated and affiliated companies

3,210


2,868


346


(4)











Less: Profit (loss) attributable to noncontrolling interests



4


(4)

5










Profit 6

$            3,210


$                  2,868


$              342


$                 —



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 June 30, 2023

(Unaudited)

(Millions of dollars)





Supplemental Consolidating Data



Consolidated


Machinery,

Energy &

Transportation


Financial

Products


Consolidating

Adjustments


Assets









Current assets:









Cash and cash equivalents

$             7,387


$                 6,323


$             1,064


$                 —


Receivables – trade and other

9,416


3,467


591


5,358

1,2

Receivables – finance

9,288



14,850


(5,562)

2

Prepaid expenses and other current assets

3,163


2,936


308


(81)

3

Inventories

17,746


17,746




Total current assets

47,000


30,472


16,813


(285)











Property, plant and equipment – net

12,124


8,102


4,022



Long-term receivables – trade and other

1,161


523


155


483

1,2

Long-term receivables – finance

12,022



12,544


(522)

2

Noncurrent deferred and refundable income taxes

2,607


3,122


116


(631)

4

Intangible assets

630


630




Goodwill

5,293


5,293




Other assets

4,590


3,802


1,966


(1,178)

5

Total assets

$           85,427


$               51,944


$           35,616


$            (2,133)











Liabilities









Current liabilities:









Short-term borrowings

$             5,548


$                     —


$             5,548


$                 —


Accounts payable

8,443


8,364


298


(219)

6,7

Accrued expenses

4,493


4,003


490



Accrued wages, salaries and employee benefits

1,755


1,718


37



Customer advances

2,137


2,121


1


15

7

Dividends payable

663


663




Other current liabilities

3,109


2,484


729


(104)

4,8

Long-term debt due within one year

9,166


1,043


8,123



Total current liabilities

35,314


20,396


15,226


(308)











Long-term debt due after one year

22,985


8,574


14,450


(39)

9

Liability for postemployment benefits

4,084


4,084




Other liabilities

4,788


3,855


1,617


(684)

4

Total liabilities

67,171


36,909


31,293


(1,031)











Shareholders' equity









Common stock

6,478


6,478


905


(905)

10

Treasury stock

(33,391)


(33,391)




Profit employed in the business

47,094


42,739


4,344


11

10

Accumulated other comprehensive income (loss)

(1,946)


(815)


(1,131)



Noncontrolling interests

21


24


205


(208)

10

Total shareholders' equity

18,256


15,035


4,323


(1,102)


Total liabilities and shareholders' equity

$           85,427


$               51,944


$           35,616


$            (2,133)



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

Reclassification of Financial Products' payables to accrued expenses or customer advances.

8

Elimination of prepaid insurance in Financial Products' other liabilities.

9

Elimination of debt between ME&T and Financial Products.

10

Eliminations associated with ME&T's investments in Financial Products' subsidiaries.

 

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 Cash Flow

For the Six Months Ended June 30,2023

(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

$              4,866


$              4,588


$                356


$                 (78)

1,5

Adjustments for non-cash items:









Depreciation and amortization

1,074


690


384



Provision (benefit) for deferred income taxes

(355)


(338)


(17)



Loss on divestiture

572


572




Other

106


198


(368)


276

2

Changes in assets and liabilities, net of acquisitions and divestitures:









Receivables – trade and other

(465)


132


57


(654)

2,3

Inventories

(1,560)


(1,558)



(2)

2

Accounts payable

34


(28)


2


60

2

Accrued expenses

381


318


63



Accrued wages, salaries and employee benefits

(562)


(550)


(12)



Customer advances

284


283


1



Other assets – net

81


149


5


(73)

2

Other liabilities – net

366


211


71


84

2

Net cash provided by (used for) operating activities

4,822


4,667


542


(387)


Cash flow from investing activities:









Capital expenditures – excluding equipment leased to others

(683)


(678)


(11)


6

2

Expenditures for equipment leased to others

(774)


(7)


(772)


5

2

Proceeds from disposals of leased assets and property, plant and equipment

368


27


350


(9)

2

Additions to finance receivables

(6,973)



(7,957)


984

3

Collections of finance receivables

6,759



7,516


(757)

3

Net intercompany purchased receivables



(83)


83

3

Proceeds from sale of finance receivables

29



29



Net intercompany borrowings



4


(4)

4

Investments and acquisitions (net of cash acquired)

(20)


(20)




Proceeds from sale of businesses and investments (net of cash sold)

(14)


(14)




Proceeds from sale of securities

463


332


131



Investments in securities

(1,078)


(866)


(212)



Other – net

41


41




Net cash provided by (used for) investing activities

(1,882)


(1,185)


(1,005)


308


Cash flow from financing activities:









Dividends paid

(1,238)


(1,238)


(75)


75

5

Common stock issued, including treasury shares reissued

(22)


(22)




Common shares repurchased

(1,829)


(1,829)




Net intercompany borrowings


(4)



4

4

Proceeds from debt issued > 90 days

3,299



3,299



Payments on debt > 90 days

(2,303)


(95)


(2,208)



Short-term borrowings – net < 90 days

(406)


(3)


(403)



Net cash provided by (used for) financing activities

(2,499)


(3,191)


613


79


Effect of exchange rate changes on cash

(60)


(12)


(48)



Increase (decrease) in cash, cash equivalents and restricted cash

381


279


102



Cash, cash equivalents and restricted cash at beginning of period

7,013


6,049


964



Cash, cash equivalents and restricted cash at end of period

$              7,394


$              6,328


$              1,066


$                  —



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 Six Months Ended June 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

$              3,210


$              2,868


$                346


$                  (4)

1

Adjustments for non-cash items:









Depreciation and amortization

1,110


715


395



Provision (benefit) for deferred income taxes

(283)


(232)


(51)



Other

49


(54)


(93)


196

2

Changes in assets and liabilities, net of acquisitions and divestitures:









Receivables – trade and other

283


(32)


12


303

2,3

Inventories

(2,003)


(2,003)



2

Accounts payable

427


396


11


20

2

Accrued expenses

(80)


(89)


9



Accrued wages, salaries and employee benefits

(445)


(428)


(17)



Customer advances

514


515


(1)



Other assets – net

86


(44)


(25)


155

2

Other liabilities – net

(322)


(323)


149


(148)

2

Net cash provided by (used for) operating activities

2,546


1,289


735


522


Cash flow from investing activities:









Capital expenditures – excluding equipment leased to others

(586)


(583)


(5)


2

2

Expenditures for equipment leased to others

(688)


(11)


(683)


6

2

Proceeds from disposals of leased assets and property, plant and equipment

468


43


433


(8)

2

Additions to finance receivables

(6,705)



(7,175)


470

3

Collections of finance receivables

6,519



6,896


(377)

3

Net intercompany purchased receivables



615


(615)

3

Proceeds from sale of finance receivables

21



21



Net intercompany borrowings



3


(3)

4

Investments and acquisitions (net of cash acquired)

(36)


(36)




Proceeds from sale of businesses and investments (net of cash sold)

1


1




Proceeds from sale of securities

1,204


1,014


190



Investments in securities

(2,118)


(1,724)


(394)



Other – net

32


58


(26)



Net cash provided by (used for) investing activities

(1,888)


(1,238)


(125)


(525)


Cash flow from financing activities:









Dividends paid

(1,187)


(1,187)




Common stock issued, including treasury shares reissued

4


4




Common shares repurchased

(1,924)


(1,924)




Net intercompany borrowings


(3)



3

4

Proceeds from debt issued > 90 days

4,015



4,015



Payments on debt > 90 days

(4,246)


(13)


(4,233)



Short-term borrowings – net < 90 days

(553)


(141)


(412)



Net cash provided by (used for) financing activities

(3,891)


(3,264)


(630)


3


Effect of exchange rate changes on cash

(7)



(7)



Increase (decrease) in cash, cash equivalents and restricted cash

(3,240)


(3,213)


(27)



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

$              6,023


$              5,220


$                803


$                  —



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.

 

Cision View original content:https://www.prnewswire.com/news-releases/caterpillar-reports-second-quarter-2023-results-301890156.html

SOURCE Caterpillar Inc.

Copyright 2023 PR Newswire

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