• Third-quarter 2023 sales and revenues increased 12% to $16.8 billion
  • Third-quarter 2023 profit per share of $5.45; adjusted profit per share of $5.52
  • Returned $1.0 billion to shareholders through dividends and share repurchases in the quarter


Third Quarter

($ in billions except profit per share)


2023

2022

Sales and Revenues


$16.8

$15.0

Profit Per Share


$5.45

$3.87

Adjusted Profit Per Share


$5.52

$3.95

IRVING, Texas, Oct. 31, 2023 /PRNewswire/ -- Caterpillar Inc. (NYSE: CAT) announced third-quarter 2023 sales and revenues of $16.8 billion, a 12% increase compared with $15.0 billion in the third quarter of 2022. The increase was primarily due to favorable price realization and higher sales volume.

Operating profit margin was 20.5% for the third quarter of 2023, compared with 16.2% for the third quarter of 2022. Adjusted operating profit margin was 20.8% for the third quarter of 2023, compared with 16.5% for the third quarter of 2022. Third-quarter 2023 profit per share was $5.45, compared with third-quarter 2022 profit per share of $3.87. Adjusted profit per share in the third quarter of 2023 was $5.52, compared with third-quarter 2022 adjusted profit per share of $3.95. Adjusted operating profit margin and adjusted profit per share for both quarters excluded restructuring costs. Please see a reconciliation of GAAP to non-GAAP financial measures in the appendix on page 12.

For the nine months ended September 30, 2023, enterprise operating cash flow was $8.9 billion, and the company ended the third quarter with $6.5 billion of enterprise cash. In the quarter, the company paid dividends of $0.7 billion and repurchased $0.4 billion of Caterpillar common stock.

"I'd like to thank our global team for delivering another great quarter, as demonstrated by double-digit top-line growth, strong adjusted operating profit margin and robust ME&T free cash flow," said Chairman and CEO Jim Umpleby. "We remain focused on supporting our customers' success and executing our strategy for long-term profitable growth."

CONSOLIDATED RESULTS

Consolidated Sales and Revenues

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

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

The chart above graphically illustrates reasons for the change in consolidated sales and revenues between the third quarter of 2022 (at left) and the third 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 third quarter of 2023 were $16.810 billion, an increase of $1.816 billion, or 12%, compared with $14.994 billion in the third quarter of 2022. The increase was due to favorable price realization and higher sales volume. The increase in sales volume was driven by higher sales of equipment to end users, partially offset by the impact from changes in dealer inventories and lower services sales volume. Dealer inventory increased more during the third quarter of 2022 than during the third quarter of 2023.

Sales were higher across the three primary segments.

Sales and Revenues by Segment

(Millions of dollars)

Third
Quarter
2022


Sales

Volume


Price

Realization


Currency


Inter-
Segment /
Other


Third
Quarter
2023


$

Change


%

Change

















Construction Industries

$        6,276


$            62


$           662


$            21


$           (22)


$        6,999


$           723


12 %

Resource Industries

3,087


(81)


336


(9)


18


3,351


264


9 %

Energy & Transportation

6,186


415


298


45


(85)


6,859


673


11 %

All Other Segment

103


(7)


2



8


106


3


3 %

Corporate Items and Eliminations

(1,374)


(38)



4


81


(1,327)


47



Machinery, Energy & Transportation

14,278


351


1,298


61



15,988


1,710


12 %

















Financial Products Segment

819





160


979


160


20 %

Corporate Items and Eliminations

(103)





(54)


(157)


(54)



Financial Products Revenues

716





106


822


106


15 %

















Consolidated Sales and Revenues

$       14,994


$           351


$        1,298


$            61


$           106


$       16,810


$        1,816


12 %

















 

Sales and Revenues by Geographic Region


North America


Latin America


EAME


Asia/Pacific


External Sales
and Revenues


Inter-Segment


Total Sales
and Revenues

(Millions of dollars)

$


% Chg


$


% Chg


$


% Chg


$


% Chg


$


% Chg


$


% Chg


$


% Chg

Third Quarter 2023




























Construction Industries

$   4,078


31 %


$     555


(31 %)


$   1,351


8 %


$     997


(8 %)


$   6,981


12 %


$       18


(55 %)


$   6,999


12 %

Resource Industries

1,366


22 %


499


6 %


508


(3 %)


886


(1 %)


3,259


8 %


92


24 %


3,351


9 %

Energy & Transportation

2,966


22 %


460


(2 %)


1,428


12 %


901


9 %


5,755


15 %


1,104


(7 %)


6,859


11 %

All Other Segment

16


— %


(1)


— %


5


25 %


10


(33 %)


30


(14 %)


76


12 %


106


3 %

Corporate Items and Eliminations

(35)




1







(3)




(37)




(1,290)




(1,327)



Machinery, Energy & Transportation

8,391


26 %


1,514


(13 %)


3,292


8 %


2,791


(1 %)


15,988


12 %



— %


15,988


12 %





























Financial Products Segment

627


20 %


110


22 %


132


32 %


110


3 %


979


20 %



— %


979


20 %

Corporate Items and Eliminations

(91)




(21)




(22)




(23)




(157)







(157)



Financial Products Revenues

536


15 %


89


27 %


110


25 %


87


(3 %)


822


15 %



— %


822


15 %





























Consolidated Sales and Revenues

$   8,927


25 %


$   1,603


(11 %)


$   3,402


8 %


$   2,878


(1 %)


$ 16,810


12 %


$        —


— %


$ 16,810


12 %





























Third Quarter 2022




























Construction Industries

$   3,106




$     799




$   1,247




$   1,084




$   6,236




$       40




$   6,276



Resource Industries

1,122




472




526




893




3,013




74




3,087



Energy & Transportation

2,422




468




1,280




827




4,997




1,189




6,186



All Other Segment

16







4




15




35




68




103



Corporate Items and Eliminations

1










(4)




(3)




(1,371)




(1,374)



Machinery, Energy & Transportation

6,667




1,739




3,057




2,815




14,278







14,278































Financial Products Segment

522




90




100




107




819







819



Corporate Items and Eliminations

(54)




(20)




(12)




(17)




(103)







(103)



Financial Products Revenues

468




70




88




90




716







716































Consolidated Sales and Revenues

$   7,135




$   1,809




$   3,145




$   2,905




$ 14,994




$        —




$ 14,994































Consolidated Operating Profit

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

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

The chart above graphically illustrates reasons for the change in consolidated operating profit between the third quarter of 2022 (at left) and the third 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 third quarter of 2023 was $3.449 billion, an increase of $1.024 billion, or 42%, compared with $2.425 billion in the third quarter of 2022. The increase was primarily due to favorable price realization, including a favorable geographic mix of sales, and higher sales volume, partially offset by higher selling, general and administrative (SG&A) and research and development (R&D) expenses, and higher manufacturing costs. The increase in SG&A/R&D expenses was primarily driven by investments aligned with strategic initiatives, higher short-term incentive compensation expense and an unfavorable change in fair value adjustments related to deferred compensation plans. Unfavorable manufacturing costs were driven by lower freight being more than offset by higher material costs, unfavorable cost absorption, increased period manufacturing costs and the impact of manufacturing inefficiencies. Cost absorption was unfavorable as inventory increased during the third quarter of 2022, compared with a decrease in the third quarter of 2023.

Profit (Loss) by Segment

(Millions of dollars)

Third Quarter
2023


Third Quarter
2022


$

Change


%

 Change

Construction Industries

$                 1,847


$                 1,209


$                    638


53 %

Resource Industries

730


506


224


44 %

Energy & Transportation

1,181


935


246


26 %

All Other Segment

21


8


13


163 %

Corporate Items and Eliminations

(386)


(373)


(13)



Machinery, Energy & Transportation

3,393


2,285


1,108


48 %









Financial Products Segment

203


220


(17)


(8 %)

Corporate Items and Eliminations

18


30


(12)



Financial Products

221


250


(29)


(12 %)









Consolidating Adjustments

(165)


(110)


(55)











Consolidated Operating Profit

$                 3,449


$                 2,425


$                 1,024


42 %









Other Profit/Loss and Tax Items

  • Other income (expense) in the third quarter of 2023 was income of $195 million, compared with income of $242 million in the third 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 favorable impacts from commodity hedges and unrealized gains on marketable securities.

  • The provision for income taxes for the third quarter of 2023 reflected an estimated annual global tax rate of 22.5%, excluding the discrete items discussed below. The comparative tax rate for the third quarter of 2022 and full-year 2022 was approximately 23%.

    The company recorded a $34 million benefit in the third quarter of 2023 compared to a $20 million benefit in the third quarter of 2022 due to a decrease from the second-quarter estimated annual tax rate. In the third quarter of 2023, the company also recorded a discrete tax benefit of $22 million for the settlement of stock-based compensation awards with associated tax deductions in excess of cumulative U.S. GAAP compensation expense. In the third quarter of 2022, the company also recorded a discrete benefit of $41 million to reflect changes in estimates related to prior years.

CONSTRUCTION INDUSTRIES

(Millions of dollars)

















Segment Sales

















Third Quarter
2022


Sales
Volume


Price
Realization


Currency


Inter-
Segment


Third
Quarter 2023


$

 Change


%

 Change

Total Sales


$       6,276


$            62


$        662


$            21


$             (22)


$          6,999


$      723


12 %


















Sales by Geographic Region











Third
Quarter 2023


Third
Quarter 2022


$

Change


%

Change









North America


$       4,078


$       3,106


$        972


31 %









Latin America


555


799


(244)


(31 %)









EAME


1,351


1,247


104


8 %









Asia/Pacific


997


1,084


(87)


(8 %)









External Sales


6,981


6,236


745


12 %









Inter-segment


18


40


(22)


(55 %)









Total Sales


$       6,999


$       6,276


$        723


12 %


























Segment Profit











Third
Quarter 2023


Third
Quarter 2022


 

Change


%

Change









Segment Profit


$       1,847


$       1,209


$        638


53 %









Segment Profit Margin


26.4 %


19.3 %


           7.1 pts  




























Construction Industries' total sales were $6.999 billion in the third quarter of 2023, an increase of $723 million, or 12%, compared with $6.276 billion in the third quarter of 2022. The increase was primarily due to favorable price realization.

  • 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 increased more during the third quarter of 2023 than during the third quarter of 2022.
  • 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 increased during the third quarter of 2022, compared with a decrease during the third quarter of 2023.
  • In EAME, sales increased mainly due to favorable price realization and favorable currency impacts primarily related to the euro.
  • Sales decreased in Asia/Pacific primarily due to lower sales volume. Lower sales volume was driven by lower sales of equipment to end users, partially offset by the impact from changes in dealer inventories. Dealer inventory increased during the third quarter of 2023, compared with a decrease during the third quarter of 2022.

Construction Industries' profit was $1.847 billion in the third quarter of 2023, an increase of $638 million, or 53%, compared with $1.209 billion in the third quarter of 2022. The increase was mainly due to favorable price realization.

RESOURCE INDUSTRIES

(Millions of dollars)

















Segment Sales

















Third
Quarter 2022


Sales
Volume


Price
Realization


Currency


Inter-
Segment


Third
Quarter 2023


$

 Change


%

 Change

Total Sales


$       3,087


$          (81)


$        336


$            (9)


$               18


$          3,351


$      264


9 %


















Sales by Geographic Region











Third
Quarter 2023


Third
Quarter 2022


$

Change


%

Change









North America


$       1,366


$       1,122


$        244


22 %









Latin America


499


472


27


6 %









EAME


508


526


(18)


(3 %)









Asia/Pacific


886


893


(7)


(1 %)









External Sales


3,259


3,013


246


8 %









Inter-segment


92


74


18


24 %









Total Sales


$       3,351


$       3,087


$        264


9 %


























Segment Profit











Third
Quarter 2023


Third
Quarter 2022


 

Change


%

Change









Segment Profit


$          730


$          506


$        224


44 %









Segment Profit Margin


21.8 %


16.4 %


           5.4 pts 




























Resource Industries' total sales were $3.351 billion in the third quarter of 2023, an increase of $264 million, or 9%, compared with $3.087 billion in the third quarter of 2022. The increase was primarily due to favorable price realization, partially offset by lower sales volume. Sales volume decreased as higher sales of equipment to end users were more than offset by lower aftermarket parts sales volume and the impact from changes in dealer inventories. Dealer inventory increased during the third quarter of 2022, while remaining about flat during the third quarter of 2023.

Resource Industries' profit was $730 million in the third quarter of 2023, an increase of $224 million, or 44%, compared with $506 million in the third quarter of 2022. The increase was mainly due to favorable price realization, partially offset by lower sales volume, including an unfavorable mix of products.

ENERGY & TRANSPORTATION

(Millions of dollars)

















Segment Sales

















Third
Quarter 2022


Sales
Volume


Price
Realization


Currency


Inter-
Segment


Third
Quarter 2023


$

 Change


%

 Change

Total Sales


$       6,186


$          415


$        298


$            45


$             (85)


$          6,859


$      673


11 %


















Sales by Application











Third
Quarter 2023


Third
Quarter 2022


$

Change


%

Change









Oil and Gas


$       1,667


$       1,323


$        344


26 %









Power Generation


1,598


1,320


278


21 %









Industrial


1,220


1,158


62


5 %









Transportation


1,270


1,196


74


6 %









External Sales


5,755


4,997


758


15 %









Inter-segment


1,104


1,189


(85)


(7 %)









Total Sales


$       6,859


$       6,186


$        673


11 %


























Segment Profit











Third
Quarter 2023


Third
Quarter 2022


 

Change


%

Change









Segment Profit


$       1,181


$          935


$        246


26 %









Segment Profit Margin


17.2 %


15.1 %


           2.1 pts  




























Energy & Transportation's total sales were $6.859 billion in the third quarter of 2023, an increase of $673 million, or 11%, compared with $6.186 billion in the third quarter of 2022. Sales increased across all applications. 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 well servicing applications.
  • Power Generation – Sales increased in large reciprocating engines, primarily data center applications.
  • Industrial – Sales increased primarily in EAME and Latin America.
  • Transportation – Sales increased in rail services.

Energy & Transportation's profit was $1.181 billion in the third quarter of 2023, an increase of $246 million, or 26%, compared with $935 million in the third quarter of 2022. The increase was mainly due to favorable price realization and higher sales volume, partially offset by higher SG&A/R&D expenses, unfavorable manufacturing costs and currency impacts. The increase in SG&A/R&D expenses was primarily driven by investments aligned with strategic initiatives and higher short-term incentive compensation expense. Unfavorable manufacturing costs reflected lower freight being more than offset by higher material costs, increased period manufacturing costs, the impact of manufacturing inefficiencies and the unfavorable impact from inventory write-downs.

FINANCIAL PRODUCTS SEGMENT

(Millions of dollars)

















Revenues by Geographic Region











Third
Quarter 2023


Third
Quarter 2022


$

Change


%

Change









North America


$             627


$             522


$             105


20 %









Latin America


110


90


20


22 %









EAME


132


100


32


32 %









Asia/Pacific


110


107


3


3 %









Total Revenues


$             979


$             819


$             160


20 %


























Segment Profit











Third
Quarter 2023


Third
Quarter 2022


 

Change


%

Change









Segment Profit


$             203


$             220


$             (17)


(8 %)


























Financial Products' segment revenues were $979 million in the third quarter of 2023, an increase of $160 million, or 20%, compared with $819 million in the third quarter of 2022. The increase was primarily due to higher average financing rates across all regions.

Financial Products' segment profit was $203 million in the third quarter of 2023, a decrease of $17 million, or 8%, compared with $220 million in the third quarter of 2022. The decrease was mainly due to the absence of prior year reserve releases for credit losses at Cat Financial, partially offset by a favorable impact from mark-to-market adjustments on derivative contracts.

At the end of the third quarter of 2023, past dues at Cat Financial were 1.96%, compared with 2.00% at the end of the third quarter of 2022. Write-offs, net of recoveries, were $9 million for the third quarter of 2023, compared with $13 million for the third quarter of 2022. As of September 30, 2023, Cat Financial's allowance for credit losses totaled $340 million, or 1.23% of finance receivables, compared with $320 million, or 1.15% of finance receivables at June 30, 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 $368 million in the third quarter of 2023, an increase of $25 million from the third quarter of 2022. Decreased expenses due to timing differences were more than offset by higher corporate costs, unfavorable impacts of segment reporting methodology differences and an unfavorable change in fair value adjustments related to deferred compensation plans.

Notes

i.  Glossary of terms is included on the Caterpillar website at https://investors.caterpillar.com/overview/default.aspx.
ii.  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, Oct. 31, 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, Oct. 31, 2023, to discuss its 2023 third-quarter results. The accompanying slides will be available before the webcast on the Caterpillar website at https://investors.caterpillar.com/events-presentations/default.aspx.

About Caterpillar

With 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 one significant item in order for the company's results to be meaningful to readers. This item consists of (i) restructuring costs. The company does not consider this item indicative of earnings from ongoing business activities and believes the non-GAAP measure provides investors with useful perspective on underlying business results and trends and aids with assessing the company's period-over-period results. The company intends to discuss adjusted profit per share for the fourth quarter and full-year 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 September 30, 2023 - U.S. GAAP


$        3,449


20.5 %


$        3,515


$          734


20.9 %


$        2,794


$         5.45

Restructuring costs


46


0.3 %


46


10


20.0 %


36


0.07

Three Months Ended September 30, 2023 - Adjusted


$        3,495


20.8 %


$        3,561


$          744


20.9 %


$        2,830


$         5.52
















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


$        2,425


16.2 %


$        2,558


$          527


20.6 %


$        2,041


$         3.87

Restructuring costs


49


0.3 %


49


9


18.4 %


40


0.08

Three Months Ended September 30, 2022 - Adjusted


$        2,474


16.5 %


$        2,607


$          536


20.6 %


$        2,081


$         3.95
















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
September 30,


Nine Months Ended
September 30,


2023


2022


2023


2022

Sales and revenues:








  Sales of Machinery, Energy & Transportation

$       15,988


$      14,278


$       47,632


$     40,703

  Revenues of Financial Products

822


716


2,358


2,127

  Total sales and revenues

16,810


14,994


49,990


42,830









Operating costs:








  Cost of goods sold

10,583


10,202


31,751


29,736

  Selling, general and administrative expenses

1,624


1,401


4,615


4,172

  Research and development expenses

554


476


1,554


1,413

  Interest expense of Financial Products

280


151


742


377

  Other operating (income) expenses

320


339


1,496


908

  Total operating costs

13,361


12,569


40,158


36,606









Operating profit

3,449


2,425


9,832


6,224









  Interest expense excluding Financial Products

129


109


385


326

  Other income (expense)

195


242


354


755









Consolidated profit before taxes

3,515


2,558


9,801


6,653









  Provision (benefit) for income taxes

734


527


2,194


1,423

  Profit of consolidated companies

2,781


2,031


7,607


5,230









  Equity in profit (loss) of unconsolidated affiliated companies

12


9


52


20









Profit of consolidated and affiliated companies

2,793


2,040


7,659


5,250









Less: Profit (loss) attributable to noncontrolling interests

(1)


(1)



(1)









Profit 1

$         2,794


$        2,041


$         7,659


$       5,251

















Profit per common share

$          5.48


$          3.89


$         14.93


$         9.91

Profit per common share — diluted 2

$          5.45


$          3.87


$         14.85


$         9.85









Weighted-average common shares outstanding (millions)








  – Basic

509.8


525.0


513.0


530.1

  – Diluted 2

512.6


527.6


515.7


533.2












1

Profit attributable to common shareholders.

2

Diluted by assumed exercise of stock-based compensation awards using the treasury stock method.

 

Caterpillar Inc.

Condensed Consolidated Statement of Financial Position

(Unaudited)

(Millions of dollars)



September 30,
2023


December 31,
2022

Assets




Current assets:




Cash and cash equivalents

$                     6,545


$                     7,004

Receivables – trade and other

9,134


8,856

Receivables – finance

9,608


9,013

Prepaid expenses and other current assets

5,138


2,642

Inventories

17,580


16,270

Total current assets

48,005


43,785





Property, plant and equipment – net

12,287


12,028

Long-term receivables – trade and other

1,110


1,265

Long-term receivables – finance

11,907


12,013

Noncurrent deferred and refundable income taxes

2,719


2,213

Intangible assets

604


758

Goodwill

5,268


5,288

Other assets

4,891


4,593

Total assets

$                   86,791


$                   81,943





Liabilities




Current liabilities:




Short-term borrowings:




-- Machinery, Energy & Transportation

$                           —


$                            3

-- Financial Products

4,218


5,954

Accounts payable

7,827


8,689

Accrued expenses

4,669


4,080

Accrued wages, salaries and employee benefits

2,300


2,313

Customer advances

2,333


1,860

Dividends payable


620

Other current liabilities

3,115


2,690

Long-term debt due within one year:




-- Machinery, Energy & Transportation

1,043


120

-- Financial Products

7,619


5,202

Total current liabilities

33,124


31,531





Long-term debt due after one year:




-- Machinery, Energy & Transportation

8,470


9,498

-- Financial Products

15,789


16,216

Liability for postemployment benefits

4,060


4,203

Other liabilities

4,841


4,604

Total liabilities

66,284


66,052





Shareholders' equity




Common stock

6,698


6,560

Treasury stock

(33,865)


(31,748)

Profit employed in the business

49,888


43,514

Accumulated other comprehensive income (loss)

(2,232)


(2,457)

Noncontrolling interests

18


22

Total shareholders' equity

20,507


15,891

Total liabilities and shareholders' equity

$                   86,791


$                   81,943

 

Caterpillar Inc.

Condensed Consolidated Statement of Cash Flow

(Unaudited)

(Millions of dollars)



Nine Months Ended
September 30,


2023


2022

Cash flow from operating activities:




Profit of consolidated and affiliated companies

$              7,659


$              5,250

Adjustments for non-cash items:




Depreciation and amortization

1,599


1,661

Provision (benefit) for deferred income taxes

(448)


(349)

Loss on divestiture

572


Other

205


132

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




Receivables – trade and other

(319)


365

Inventories

(1,424)


(3,088)

Accounts payable

(532)


786

Accrued expenses

588


70

Accrued wages, salaries and employee benefits


15

Customer advances

516


751

Other assets – net

128


57

Other liabilities – net

338


(623)

Net cash provided by (used for) operating activities

8,882


5,027

Cash flow from investing activities:




Capital expenditures – excluding equipment leased to others

(1,061)


(868)

Expenditures for equipment leased to others

(1,177)


(1,023)

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

563


666

Additions to finance receivables

(11,082)


(9,914)

Collections of finance receivables

10,391


9,738

Proceeds from sale of finance receivables

40


50

Investments and acquisitions (net of cash acquired)

(67)


(44)

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

(14)


1

Proceeds from sale of securities

747


2,080

Investments in securities

(3,689)


(2,399)

Other – net

32


15

Net cash provided by (used for) investing activities

(5,317)


(1,698)

Cash flow from financing activities:




Dividends paid

(1,901)


(1,820)

Common stock issued, including treasury shares reissued

36


2

Common shares repurchased

(2,209)


(3,309)

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

6,360


5,570

Payments on debt (original maturities greater than three months)

(4,459)


(5,289)

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

(1,726)


(1,311)

Other – net


(1)

Net cash provided by (used for) financing activities

(3,899)


(6,158)

Effect of exchange rate changes on cash

(119)


(79)

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

(453)


(2,908)

Cash, cash equivalents and restricted cash at beginning of period

7,013


9,263

Cash, cash equivalents and restricted cash at end of period

$              6,560


$              6,355


Cash equivalents primarily represent short-term, highly liquid investments with original maturities of generally three months or less.

 

Caterpillar Inc.

Supplemental Data for Results of Operations

For the Three Months Ended September 30, 2023

(Unaudited)

(Millions of dollars)







Supplemental Consolidating Data



Consolidated


Machinery,
Energy &
Transportation


Financial

Products


Consolidating

Adjustments


Sales and revenues:









Sales of Machinery, Energy & Transportation

$          15,988


$                15,988


$                —


$                 —


Revenues of Financial Products

822



1,017


(195)

1

Total sales and revenues

16,810


15,988


1,017


(195)











Operating costs:









Cost of goods sold

10,583


10,586



(3)

2

Selling, general and administrative expenses

1,624


1,430


206


(12)

2

Research and development expenses

554


554




Interest expense of Financial Products

280



280



Other operating (income) expenses

320


25


310


(15)

2

Total operating costs

13,361


12,595


796


(30)











Operating profit

3,449


3,393


221


(165)











Interest expense excluding Financial Products

129


129




Other income (expense)

195


42


(12)


165

3










Consolidated profit before taxes

3,515


3,306


209












Provision (benefit) for income taxes

734


654


80



Profit of consolidated companies

2,781


2,652


129












Equity in profit (loss) of unconsolidated affiliated companies

12


12













Profit of consolidated and affiliated companies

2,793


2,664


129












Less: Profit (loss) attributable to noncontrolling interests

(1)


(1)













Profit 4

$            2,794


$                  2,665


$              129


$                 —



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 September 30, 2022

(Unaudited)

(Millions of dollars)







Supplemental Consolidating Data



Consolidated


Machinery,
Energy &
Transportation


Financial

Products


Consolidating

Adjustments


Sales and revenues:









Sales of Machinery, Energy & Transportation

$          14,278


$              14,278


$                —


$                 —


Revenues of Financial Products

716



852


(136)

1

Total sales and revenues

14,994


14,278


852


(136)











Operating costs:









Cost of goods sold

10,202


10,203



(1)

2

Selling, general and administrative expenses

1,401


1,271


136


(6)

2

Research and development expenses

476


476




Interest expense of Financial Products

151



151



Other operating (income) expenses

339


43


315


(19)

2

Total operating costs

12,569


11,993


602


(26)











Operating profit

2,425


2,285


250


(110)











Interest expense excluding Financial Products

109


110



(1)

3

Other income (expense)

242


160


(27)


109

4










Consolidated profit before taxes

2,558


2,335


223












Provision (benefit) for income taxes

527


464


63



Profit of consolidated companies

2,031


1,871


160












Equity in profit (loss) of unconsolidated affiliated companies

9


11



(2)

5










Profit of consolidated and affiliated companies

2,040


1,882


160


(2)











Less: Profit (loss) attributable to noncontrolling interests

(1)


(1)


2


(2)

6










Profit 7

$            2,041


$                1,883


$              158


$                 —



1

Elimination of Financial Products' revenues earned from ME&T.

2

Elimination of net expenses recorded by ME&T paid to Financial Products.

3

Elimination of interest expense recorded between Financial Products and ME&T.

4

Elimination of discount recorded by ME&T on receivables sold to Financial Products and of interest earned between ME&T and Financial Products as well as dividends paid by Financial Products to ME&T.

5

Elimination of equity profit (loss) earned from Financial Products' subsidiaries partially owned by ME&T subsidiaries.

6

Elimination of noncontrolling interest profit (loss) recorded by Financial Products for subsidiaries partially owned by ME&T subsidiaries.

7

Profit attributable to common shareholders.

 

Caterpillar Inc.

Supplemental Data for Results of Operations

For the Nine Months Ended September 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

$          47,632


$                47,632


$                —


$                 —


Revenues of Financial Products

2,358



2,907


(549)

1

Total sales and revenues

49,990


47,632


2,907


(549)











Operating costs:









Cost of goods sold

31,751


31,758



(7)

2

Selling, general and administrative expenses

4,615


4,139


507


(31)

2

Research and development expenses

1,554


1,554




Interest expense of Financial Products

742



742



Other operating (income) expenses

1,496


624


923


(51)

2

Total operating costs

40,158


38,075


2,172


(89)











Operating profit

9,832


9,557


735


(460)











Interest expense excluding Financial Products

385


385




Other income (expense)

354


18


(49)


385

3










Consolidated profit before taxes

9,801


9,190


686


(75)











Provision (benefit) for income taxes

2,194


1,993


201



Profit of consolidated companies

7,607


7,197


485


(75)











Equity in profit (loss) of unconsolidated affiliated companies

52


55



(3)

4










Profit of consolidated and affiliated companies

7,659


7,252


485


(78)











Less: Profit (loss) attributable to noncontrolling interests


(2)


5


(3)

5










Profit 6

$            7,659


$                  7,254


$              480


$                (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 Nine Months Ended September 30, 2022

(Unaudited)

(Millions of dollars)







Supplemental Consolidating Data



Consolidated


Machinery,
Energy &
Transportation


Financial

Products


Consolidating

Adjustments


Sales and revenues:









Sales of Machinery, Energy & Transportation

$          40,703


$                40,703


$                —


$                 —


Revenues of Financial Products

2,127



2,493


(366)

1

Total sales and revenues

42,830


40,703


2,493


(366)











Operating costs:









Cost of goods sold

29,736


29,741



(5)

2

Selling, general and administrative expenses

4,172


3,714


475


(17)

2

Research and development expenses

1,413


1,413




Interest expense of Financial Products

377



377



Other operating (income) expenses

908


31


936


(59)

2

Total operating costs

36,606


34,899


1,788


(81)











Operating profit

6,224


5,804


705


(285)











Interest expense excluding Financial Products

326


327



(1)

3

Other income (expense)

755


497


(26)


284

4










Consolidated profit before taxes

6,653


5,974


679












Provision (benefit) for income taxes

1,423


1,250


173



Profit of consolidated companies

5,230


4,724


506












Equity in profit (loss) of unconsolidated affiliated companies

20


26



(6)

5










Profit of consolidated and affiliated companies

5,250


4,750


506


(6)











Less: Profit (loss) attributable to noncontrolling interests

(1)


(1)


6


(6)

6










Profit 7

$            5,251


$                  4,751


$              500


$                 —



1

Elimination of Financial Products' revenues earned from ME&T.

2

Elimination of net expenses recorded by ME&T paid to Financial Products.

3

Elimination of interest expense recorded between Financial Products and ME&T.

4

Elimination of discount recorded by ME&T on receivables sold to Financial Products and of interest earned between ME&T and Financial Products as well as dividends paid by Financial Products to ME&T.

5

Elimination of equity profit (loss) earned from Financial Products' subsidiaries partially owned by ME&T subsidiaries.

6

Elimination of noncontrolling interest profit (loss) recorded by Financial Products for subsidiaries partially owned by ME&T subsidiaries.

7

Profit attributable to common shareholders.

 

Caterpillar Inc.

Supplemental Data for Financial Position

At September 30, 2023

(Unaudited)

(Millions of dollars)







Supplemental Consolidating Data



Consolidated


Machinery,

Energy &

Transportation


Financial

Products


Consolidating

Adjustments


Assets









Current assets:









Cash and cash equivalents

$             6,545


$                 5,874


$               671


$                 —


Receivables – trade and other

9,134


3,550


602


4,982

1,2

Receivables – finance

9,608



14,782


(5,174)

2

Prepaid expenses and other current assets

5,138


4,957


332


(151)

3

Inventories

17,580


17,580




Total current assets

48,005


31,961


16,387


(343)











Property, plant and equipment – net

12,287


8,243


4,044



Long-term receivables – trade and other

1,110


497


119


494

1,2

Long-term receivables – finance

11,907



12,441


(534)

2

Noncurrent deferred and refundable income taxes

2,719


3,265


118


(664)

4

Intangible assets

604


604




Goodwill

5,268


5,268




Other assets

4,891


3,936


1,998


(1,043)

5

Total assets

$           86,791


$               53,774


$           35,107


$            (2,090)











Liabilities









Current liabilities:









Short-term borrowings

$             4,218


$                     —


$             4,218


$                 —


Accounts payable

7,827


7,734


297


(204)

6,7

Accrued expenses

4,669


4,218


451



Accrued wages, salaries and employee benefits

2,300


2,252


48



Customer advances

2,333


2,320


1


12

7

Other current liabilities

3,115


2,515


775


(175)

4,8

Long-term debt due within one year

8,662


1,043


7,619



Total current liabilities

33,124


20,082


13,409


(367)











Long-term debt due after one year

24,259


8,510


15,789


(40)

9

Liability for postemployment benefits

4,060


4,060




Other liabilities

4,841


3,895


1,659


(713)

4

Total liabilities

66,284


36,547


30,857


(1,120)











Shareholders' equity









Common stock

6,698


6,698


905


(905)

10

Treasury stock

(33,865)


(33,865)




Profit employed in the business

49,888


45,352


4,526


10

10

Accumulated other comprehensive income (loss)

(2,232)


(978)


(1,254)



Noncontrolling interests

18


20


73


(75)

10

Total shareholders' equity

20,507


17,227


4,250


(970)


Total liabilities and shareholders' equity

$           86,791


$               53,774


$           35,107


$            (2,090)




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 Nine Months Ended September 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

$              7,659


$              7,252


$                485


$                 (78)

1,5

Adjustments for non-cash items:









Depreciation and amortization

1,599


1,015


584



Provision (benefit) for deferred income taxes

(448)


(456)


8



Loss on divestiture

572


572




Other

205


309


(463)


359

2

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









Receivables – trade and other

(319)


(46)


70


(343)

2,3

Inventories

(1,424)


(1,420)



(4)

2

Accounts payable

(532)


(628)


26


70

2

Accrued expenses

588


557


31



Accrued wages, salaries and employee benefits


1


(1)



Customer advances

516


515


1



Other assets – net

128


107


17


4

2

Other liabilities – net

338


177


147


14

2

Net cash provided by (used for) operating activities

8,882


7,955


905


22


Cash flow from investing activities:









Capital expenditures – excluding equipment leased to others

(1,061)


(1,088)


(16)


43

2

Expenditures for equipment leased to others

(1,177)


(20)


(1,165)


8

2

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

563


46


564


(47)

2

Additions to finance receivables

(11,082)



(12,493)


1,411

3

Collections of finance receivables

10,391



11,554


(1,163)

3

Net intercompany purchased receivables



429


(429)

3

Proceeds from sale of finance receivables

40



40



Net intercompany borrowings



7


(7)

4

Investments and acquisitions (net of cash acquired)

(67)


(67)




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

(14)


(14)




Proceeds from sale of securities

747


553


194



Investments in securities

(3,689)


(3,340)


(349)



Other – net

32


43


(11)



Net cash provided by (used for) investing activities

(5,317)


(3,887)


(1,246)


(184)


Cash flow from financing activities:









Dividends paid

(1,901)


(1,901)


(155)


155

5

Common stock issued, including treasury shares reissued

36


36




Common shares repurchased

(2,209)


(2,209)




Net intercompany borrowings


(7)



7

4

Proceeds from debt issued > 90 days

6,360



6,360



Payments on debt > 90 days

(4,459)


(99)


(4,360)



Short-term borrowings – net < 90 days

(1,726)


(3)


(1,723)



Net cash provided by (used for) financing activities

(3,899)


(4,183)


122


162


Effect of exchange rate changes on cash

(119)


(55)


(64)



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

(453)


(170)


(283)



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

$              6,560


$              5,879


$                681


$                  —




1

Elimination of equity profit earned from Financial Products' subsidiaries partially owned by ME&T subsidiaries.

2

Elimination of non-cash adjustments and changes in assets and liabilities related to consolidated reporting.

3

Reclassification of Financial Products' cash flow activity from investing to operating for receivables that arose from the sale of inventory.

4

Elimination of net proceeds and payments to/from ME&T and Financial Products.

5

Elimination of dividend activity between Financial Products and ME&T.

 

Caterpillar Inc.

Supplemental Data for Cash Flow

For the Nine Months Ended September 30, 2022

(Unaudited)

 (Millions of dollars)







Supplemental Consolidating Data



Consolidated


Machinery,
Energy &
Transportation


Financial

Products


Consolidating

Adjustments


Cash flow from operating activities:









Profit of consolidated and affiliated companies

$              5,250


$              4,750


$                506


$                  (6)

1

Adjustments for non-cash items:









Depreciation and amortization

1,661


1,072


589



Provision (benefit) for deferred income taxes

(349)


(294)


(55)



Other

132


(83)


(123)


338

2

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









Receivables – trade and other

365


97


21


247

2,3

Inventories

(3,088)


(3,074)



(14)

2

Accounts payable

786


701


74


11

2

Accrued expenses

70


28


42



Accrued wages, salaries and employee benefits

15


27


(12)



Customer advances

751


752


(1)



Other assets – net

57


128


(28)


(43)

2

Other liabilities – net

(623)


(913)


239


51

2

Net cash provided by (used for) operating activities

5,027


3,191


1,252


584


Cash flow from investing activities:









Capital expenditures – excluding equipment leased to others

(868)


(860)


(10)


2

2

Expenditures for equipment leased to others

(1,023)


(20)


(1,024)


21

2

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

666


63


612


(9)

2

Additions to finance receivables

(9,914)



(10,584)


670

3

Collections of finance receivables

9,738



10,328


(590)

3

Net intercompany purchased receivables



678


(678)

3

Proceeds from sale of finance receivables

50



50



Net intercompany borrowings



5


(5)

4

Investments and acquisitions (net of cash acquired)

(44)


(44)




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

1


1




Proceeds from sale of securities

2,080


1,820


260



Investments in securities

(2,399)


(1,925)


(474)



Other – net

15


84


(69)



Net cash provided by (used for) investing activities

(1,698)


(881)


(228)


(589)


Cash flow from financing activities:









Dividends paid

(1,820)


(1,820)




Common stock issued, including treasury shares reissued

2


2




Common shares repurchased

(3,309)


(3,309)




Net intercompany borrowings


(5)



5

4

Proceeds from debt issued > 90 days

5,570



5,570



Payments on debt > 90 days

(5,289)


(20)


(5,269)



Short-term borrowings – net < 90 days

(1,311)


(138)


(1,173)



Other – net

(1)


(1)




Net cash provided by (used for) financing activities

(6,158)


(5,291)


(872)


5


Effect of exchange rate changes on cash

(79)


(42)


(37)



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

(2,908)


(3,023)


115



Cash, cash equivalents and restricted cash at beginning of period

9,263


8,433


830



Cash, cash equivalents and restricted cash at end of period

$              6,355


$              5,410


$                945


$                  —




1

Elimination of equity profit earned from Financial Products' subsidiaries partially owned by ME&T subsidiaries.

2

Elimination of non-cash adjustments and changes in assets and liabilities related to consolidated reporting.

3

Reclassification of Financial Products' cash flow activity from investing to operating for receivables that arose from the sale of inventory.

4

Elimination of net proceeds and payments to/from ME&T and Financial Products.

 

Cision View original content:https://www.prnewswire.com/news-releases/caterpillar-reports-third-quarter-2023-results-301972597.html

SOURCE Caterpillar Inc.

Copyright 2023 PR Newswire

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