• Third-quarter 2024 profit per share of $5.06; adjusted profit per share of $5.17
  • Enterprise operating cash flow was $3.6 billion in the third quarter of 2024
  • Deployed $1.5 billion of cash for share repurchases and dividends in the third quarter


Third Quarter

($ in billions except profit per share)


2024

2023

Sales and Revenues


$16.1

$16.8

Profit Per Share


$5.06

$5.45

Adjusted Profit Per Share


$5.17

$5.52





Please see a reconciliation of GAAP to non-GAAP financial measures in the appendix on pages 13 and 14.

 

IRVING, Texas, Oct. 30, 2024 /PRNewswire/ -- Caterpillar Inc. (NYSE: CAT) announced third-quarter 2024 results. Sales and revenues for the third quarter of 2024 were $16.1 billion, a 4% decrease compared with $16.8 billion in the third quarter of 2023. The decrease was primarily due to lower sales volume.

Operating profit margin was 19.5% for the third quarter of 2024, compared with 20.5% for the third quarter of 2023. Adjusted operating profit margin was 20.0% for the third quarter of 2024, compared with 20.8% for the third quarter of 2023. Third-quarter 2024 profit per share was $5.06, compared with third-quarter 2023 profit per share of $5.45. Adjusted profit per share in the third quarter of 2024 was $5.17, compared with third-quarter 2023 adjusted profit per share of $5.52. For the third quarter of 2024 and 2023, adjusted operating profit margin and adjusted profit per share excluded restructuring costs.

For the third quarter of 2024, enterprise operating cash flow was $3.6 billion, and the company ended the third quarter with $5.6 billion of enterprise cash. In the quarter, the company deployed $0.8 billion of cash for repurchases of Caterpillar common stock and $0.7 billion of cash for dividends.

"I'd like to thank our global team for delivering strong adjusted operating profit margin and adjusted profit per share while generating robust ME&T free cash flow," said Chairman and CEO Jim Umpleby. "Our third-quarter results reflect the benefit of the diversity of our end markets."

CONSOLIDATED RESULTS

Consolidated Sales and Revenues

Consolidated Sales and Revenues Comparison
Third Quarter 2024 vs. Third Quarter 2023

To access this chart, go to http://www.caterpillar.com/en/investors/quarterly-results.html for the downloadable version of Caterpillar third-quarter 2024 earnings. 

The chart above graphically illustrates reasons for the change in consolidated sales and revenues between the third quarter of 2023 (at left) and the third quarter of 2024 (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 2024 were $16.106 billion, a decrease of $704 million, or 4%, compared with $16.810 billion in the third quarter of 2023. The decrease was primarily due to lower sales volume of $759 million. The decrease in sales volume was mainly driven by lower sales of equipment to end users. In addition, changes in dealer inventories had an unfavorable impact to sales volume. Dealer inventory increased less during the third quarter of 2024 than during the third quarter of 2023.

In the three primary segments, sales were lower in Construction Industries and Resource Industries and higher in Energy & Transportation.

Sales and Revenues by Segment

(Millions of dollars)

Third
Quarter
2023


Sales

Volume


Price

Realization


Currency


Inter-
Segment /
Other


Third
Quarter
2024


$

Change


%

Change

















Construction Industries

$        6,999


$         (458)


$         (147)


$           (64)


$            15


$        6,345


$         (654)


(9 %)

Resource Industries

3,351


(352)


38


(11)


2


3,028


(323)


(10 %)

Energy & Transportation

6,859


57


213


(20)


78


7,187


328


5 %

All Other Segment

106


(2)


1



(13)


92


(14)


(13 %)

Corporate Items and Eliminations

(1,327)


(4)


(1)


(7)


(82)


(1,421)


(94)



Machinery, Energy & Transportation

15,988


(759)


104


(102)



15,231


(757)


(5 %)

















Financial Products Segment

979





55


1,034


55


6 %

Corporate Items and Eliminations

(157)





(2)


(159)


(2)



Financial Products Revenues

822





53


875


53


6 %

















Consolidated Sales and Revenues

$       16,810


$         (759)


$           104


$         (102)


$            53


$       16,106


$         (704)


(4 %)

















 

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 2024




























Construction Industries

$   3,629


(11 %)


$     658


19 %


$   1,150


(15 %)


$     875


(12 %)


$   6,312


(10 %)


$       33


83 %


$   6,345


(9 %)

Resource Industries

1,131


(17 %)


498


— %


442


(13 %)


863


(3 %)


2,934


(10 %)


94


2 %


3,028


(10 %)

Energy & Transportation

3,214


8 %


449


(2 %)


1,486


4 %


856


(5 %)


6,005


4 %


1,182


7 %


7,187


5 %

All Other Segment

12


(25 %)



100 %


3


(40 %)


14


40 %


29


(3 %)


63


(17 %)


92


(13 %)

Corporate Items and Eliminations

(43)




(3)




9




(12)




(49)




(1,372)




(1,421)



Machinery, Energy & Transportation

7,943


(5 %)


1,602


6 %


3,090


(6 %)


2,596


(7 %)


15,231


(5 %)



— %


15,231


(5 %)





























Financial Products Segment

695


11 %


97


(12 %)


130


(2 %)


112


2 %


1,034


6 %



— %


1,034


6 %

Corporate Items and Eliminations

(93)




(21)




(21)




(24)




(159)







(159)



Financial Products Revenues

602


12 %


76


(15 %)


109


(1 %)


88


1 %


875


6 %



— %


875


6 %





























Consolidated Sales and Revenues

$   8,545


(4 %)


$   1,678


5 %


$   3,199


(6 %)


$   2,684


(7 %)


$ 16,106


(4 %)


$        —


— %


$ 16,106


(4 %)





























Third Quarter 2023




























Construction Industries

$   4,078




$     555




$   1,351




$     997




$   6,981




$       18




$   6,999



Resource Industries

1,366




499




508




886




3,259




92




3,351



Energy & Transportation

2,966




460




1,428




901




5,755




1,104




6,859



All Other Segment

16




(1)




5




10




30




76




106



Corporate Items and Eliminations

(35)




1







(3)




(37)




(1,290)




(1,327)



Machinery, Energy & Transportation

8,391




1,514




3,292




2,791




15,988







15,988































Financial Products Segment

627




110




132




110




979







979



Corporate Items and Eliminations

(91)




(21)




(22)




(23)




(157)







(157)



Financial Products Revenues

536




89




110




87




822







822































Consolidated Sales and Revenues

$   8,927




$   1,603




$   3,402




$   2,878




$ 16,810




$        —




$ 16,810































Consolidated Operating Profit

Consolidated Operating Profit Comparison
Third Quarter 2024 vs. Third Quarter 2023 

To access this chart, go to http://www.caterpillar.com/en/investors/quarterly-results.html for the downloadable version of Caterpillar third-quarter 2024 earnings. 

The chart above graphically illustrates reasons for the change in consolidated operating profit between the third quarter of 2023 (at left) and the third quarter of 2024 (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 2024 was $3.147 billion, a decrease of $302 million, or 9%, compared with $3.449 billion in the third quarter of 2023. The decrease was mainly due to the profit impact of lower sales volume of $372 million, partially offset by favorable price realization of $104 million.

Profit (Loss) by Segment

(Millions of dollars)

Third Quarter
2024


Third Quarter
2023


$

Change


%

 Change

Construction Industries

$                 1,486


$                 1,847


$                  (361)


(20 %)

Resource Industries

619


730


(111)


(15 %)

Energy & Transportation

1,433


1,181


252


21 %

All Other Segment

(13)


21


(34)


(162 %)

Corporate Items and Eliminations

(427)


(386)


(41)



Machinery, Energy & Transportation

3,098


3,393


(295)


(9 %)









Financial Products Segment

246


203


43


21 %

Corporate Items and Eliminations

(30)


18


(48)



Financial Products

216


221


(5)


(2 %)









Consolidating Adjustments

(167)


(165)


(2)











Consolidated Operating Profit

$                 3,147


$                 3,449


$                  (302)


(9 %)









Other Profit/Loss and Tax Items

  • Other income (expense) in the third quarter of 2024 was income of $76 million, compared with income of $195 million in the third quarter of 2023. The change was primarily driven by unfavorable foreign currency impacts.

  • The effective tax rate for the third quarter of 2024 was 20.7% compared to 20.9% for the third quarter of 2023. Excluding the discrete items discussed below, the estimated annual tax rate was 22.5% for the third quarters of 2024 and 2023.

    In the third quarter of 2024, the company recorded discrete tax benefits of $47 million to reflect changes in estimates related to prior years. In addition, a discrete tax benefit of $7 million was recorded in the third quarter of 2024, compared with a $22 million benefit in the third quarter of 2023, for the settlement of stock-based compensation awards with associated tax deductions in excess of cumulative U.S. GAAP compensation expense. The company also recorded a $34 million benefit in the third quarter of 2023 due to a decrease from the second-quarter estimated annual tax rate. 

    Please see a reconciliation of GAAP to non-GAAP financial measures in the appendix on pages 13 and 14.

 

CONSTRUCTION INDUSTRIES

(Millions of dollars)

















Segment Sales

















Third
Quarter 2023


Sales
Volume


Price
Realization


Currency


Inter-
Segment


Third
Quarter 2024


$

 Change


%

 Change

Total Sales


$       6,999


$         (458)


$      (147)


$          (64)


$               15


$          6,345


$     (654)


(9 %)


















Sales by Geographic Region











Third
Quarter 2024


Third
Quarter 2023


$

Change


%

Change









North America


$       3,629


$       4,078


$      (449)


(11 %)









Latin America


658


555


103


19 %









EAME


1,150


1,351


(201)


(15 %)









Asia/Pacific


875


997


(122)


(12 %)









External Sales


6,312


6,981


(669)


(10 %)









Inter-segment


33


18


15


83 %









Total Sales


$       6,345


$       6,999


$      (654)


(9 %)


























Segment Profit











Third
Quarter 2024


Third
Quarter 2023


 

Change


%

Change









Segment Profit


$       1,486


$       1,847


$      (361)


(20 %)









Segment Profit Margin


23.4 %


26.4 %


          (3.0 pts)




























Construction Industries' total sales were $6.345 billion in the third quarter of 2024, a decrease of $654 million, or 9%, compared with $6.999 billion in the third quarter of 2023. The decrease was primarily due to lower sales volume of $458 million and unfavorable price realization of $147 million. The decrease in sales volume was mainly driven by lower sales of equipment to end users.

  • In North America, sales decreased primarily due to lower sales volume. Lower sales volume was mainly driven by lower sales of equipment to end users and the impact from changes in dealer inventories. Dealer inventory increased less during the third quarter of 2024 than during the third quarter of 2023.
  • Sales increased in Latin America mainly due to higher sales volume, partially offset by unfavorable currency impacts, primarily related to the Brazilian real, and unfavorable price realization. Higher sales volume was mainly driven by the impact from changes in dealer inventories. Dealer inventory increased during the third quarter of 2024, compared with a decrease during the third quarter of 2023.
  • In EAME, sales decreased primarily due to lower sales volume. Lower sales volume was mainly driven by lower sales of equipment to end users.
  • Sales decreased in Asia/Pacific mainly due to lower sales volume and unfavorable currency impacts primarily related to the Japanese yen. Lower sales volume was mainly driven by the impact from changes in dealer inventories. Dealer inventory decreased during the third quarter of 2024, compared with an increase during the third quarter of 2023.

Construction Industries' segment profit was $1.486 billion in the third quarter of 2024, a decrease of $361 million, or 20%, compared with $1.847 billion in the third quarter of 2023. The decrease was mainly due to the profit impact of lower sales volume of $276 million and unfavorable price realization of $147 million.

RESOURCE INDUSTRIES

(Millions of dollars)

















Segment Sales

















Third
Quarter 2023


Sales
Volume


Price
Realization


Currency


Inter-
Segment


Third
Quarter 2024


$

 Change


%

 Change

Total Sales


$       3,351


$         (352)


$          38


$          (11)


$                 2


$          3,028


$     (323)


(10 %)


















Sales by Geographic Region











Third
Quarter 2024


Third
Quarter 2023


$

Change


%

Change









North America


$       1,131


$       1,366


$      (235)


(17 %)









Latin America


498


499


(1)


— %









EAME


442


508


(66)


(13 %)









Asia/Pacific


863


886


(23)


(3 %)









External Sales


2,934


3,259


(325)


(10 %)









Inter-segment


94


92


2


2 %









Total Sales


$       3,028


$       3,351


$      (323)


(10 %)


























Segment Profit











Third
Quarter 2024


Third
Quarter 2023


 

Change


%

Change









Segment Profit


$          619


$          730


$      (111)


(15 %)









Segment Profit Margin


20.4 %


21.8 %


          (1.4 pts)




























Resource Industries' total sales were $3.028 billion in the third quarter of 2024, a decrease of $323 million, or 10%, compared with $3.351 billion in the third quarter of 2023. The decrease was primarily due to lower sales volume. The decrease in sales volume was mainly driven by lower sales of equipment to end users.

Resource Industries' segment profit was $619 million in the third quarter of 2024, a decrease of $111 million, or 15%, compared with $730 million in the third quarter of 2023. The decrease was mainly due to the profit impact of lower sales volume.

ENERGY & TRANSPORTATION

(Millions of dollars)

















Segment Sales

















Third
Quarter 2023


Sales
Volume


Price
Realization


Currency


Inter-
Segment


Third
Quarter 2024


$

 Change


%

 Change

Total Sales


$       6,859


$            57


$        213


$          (20)


$               78


$          7,187


$      328


5 %


















Sales by Application











Third
Quarter 2024


Third
Quarter 2023


$

Change


%

Change









Oil and Gas


$       1,656


$       1,667


$        (11)


(1 %)









Power Generation


2,011


1,598


413


26 %









Industrial


1,028


1,220


(192)


(16 %)









Transportation


1,310


1,270


40


3 %









External Sales


6,005


5,755


250


4 %









Inter-segment


1,182


1,104


78


7 %









Total Sales


$       7,187


$       6,859


$        328


5 %


























Segment Profit











Third
Quarter 2024


Third
Quarter 2023


 

Change


%

Change









Segment Profit


$       1,433


$       1,181


$        252


21 %









Segment Profit Margin


19.9 %


17.2 %


           2.7 pts  




























Energy & Transportation's total sales were $7.187 billion in the third quarter of 2024, an increase of $328 million, or 5%, compared with $6.859 billion in the third quarter of 2023. The increase in sales was primarily due to favorable price realization of $213 million and higher sales volume of $135 million, including inter-segment sales.

  • Oil and Gas – Sales decreased slightly as lower sales of reciprocating engines used in well servicing were primarily offset by higher sales for turbines and turbine-related services.
  • Power Generation – Sales increased in large reciprocating engines, primarily data center applications. Turbines and turbine-related services increased as well.
  • Industrial – Sales decreased in EAME and North America.
  • Transportation – Sales increased in marine applications, partially offset by lower deliveries of international locomotives.

Energy & Transportation's segment profit was $1.433 billion in the third quarter of 2024, an increase of $252 million, or 21%, compared with $1.181 billion in the third quarter of 2023. The increase was mainly due to favorable price realization.

FINANCIAL PRODUCTS SEGMENT

(Millions of dollars)

















Revenues by Geographic Region











Third
Quarter 2024


Third
Quarter 2023


$

Change


%

Change









North America


$             695


$             627


$               68


11 %









Latin America


97


110


(13)


(12 %)









EAME


130


132


(2)


(2 %)









Asia/Pacific


112


110


2


2 %









Total Revenues


$          1,034


$             979


$               55


6 %


























Segment Profit











Third
Quarter 2024


Third
Quarter 2023


 

Change


%

Change









Segment Profit


$             246


$             203


$               43


21 %


























Financial Products' segment revenues were $1.034 billion in the third quarter of 2024, an increase of $55 million, or 6%, compared with $979 million in the third quarter of 2023. The increase was primarily due to a favorable impact from higher average earning assets of $34 million driven by North America, and a favorable impact from higher average financing rates across all regions of $23 million.

Financial Products' segment profit was $246 million in the third quarter of 2024, an increase of $43 million, or 21%, compared with $203 million in the third quarter of 2023. The increase was mainly due to a favorable impact from equity securities of $29 million and lower provision for credit losses at Cat Financial of $16 million.

At the end of the third quarter of 2024, past dues at Cat Financial were 1.74%, compared with 1.96% at the end of the third quarter of 2023. Write-offs, net of recoveries, were $27 million for the third quarter of 2024, compared with $9 million for the third quarter of 2023. As of September 30, 2024, Cat Financial's allowance for credit losses totaled $255 million, or 0.87% of finance receivables, compared with $254 million, or 0.89% of finance receivables at June 30, 2024. The allowance for credit losses at year-end 2023 was $331 million, or 1.18% of finance receivables.

Corporate Items and Eliminations

Expense for corporate items and eliminations was $457 million in the third quarter of 2024, an increase of $89 million from the third quarter of 2023. Lower corporate costs were more than offset by an unfavorable change in fair value adjustments related to deferred compensation plans, increased expenses due to timing differences, unfavorable impacts of segment reporting methodology differences and higher restructuring costs.

Notes

i.  Glossary of terms is included on the Caterpillar website at https://investors.caterpillar.com/overview/default.aspx.
ii.  Sales of equipment to end users is demonstrated by the company's Rolling 3 Month Retail Sales Statistics filed in a Form 8-K on Wednesday, Oct. 30, 2024.
iii.  Information on non-GAAP financial measures is included in the appendix on pages 13 and 14.
iv.  Some amounts within this report are rounded to the millions or billions and may not add.
v.  Caterpillar will conduct a teleconference and live webcast, with a slide presentation, beginning at 7:30 a.m. Central Time on Wednesday, Oct. 30, 2024, to discuss its 2024 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 2023 sales and revenues of $67.1 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 income/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 2024, excluding mark-to-market gains or losses for remeasurement of pension and other postemployment benefit plans.

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



Profit


Profit per
Share















Three Months Ended September 30, 2024 - U.S. GAAP


$           3,147


19.5 %


$           3,098


$             642



$           2,464


$            5.06

Restructuring (income) costs


70


0.5 %


70


16



54


0.11

Three Months Ended September 30, 2024 - Adjusted


$           3,217


20.0 %


$           3,168


$             658



$           2,518


$            5.17















Three Months Ended September 30, 2023 - U.S. GAAP


$           3,449


20.5 %


$           3,515


$             734



$           2,794


$            5.45

Restructuring (income) costs


46


0.3 %


46


10



36


0.07

Three Months Ended September 30, 2023 - Adjusted


$           3,495


20.8 %


$           3,561


$             744



$           2,830


$            5.52















The company believes it is important to separately disclose the annual effective tax rate, excluding discrete items for the results to be meaningful to readers. The annual effective tax rate is discussed using non-GAAP financial measures that exclude the effects of amounts associated with discrete items recorded fully in the quarter they occur. For the three months ended September 30, 2024, and 2023, these items consist of (i) the impact of changes in estimates related to prior years in 2024, (ii) settlement of stock-based compensation awards with associated tax deductions in excess of cumulative U.S. GAAP compensation expense and (iii) the decrease in the annual effective tax rate in 2023. The company believes the non-GAAP measures will provide investors with useful perspective on underlying business results and trends and aids with assessing the company's period-over-period results.

A reconciliation of the effective tax rate to annual effective tax rate, excluding discrete items is below: 

(Dollars in millions)


Profit Before
Taxes


Provision
(Benefit) for
Income Taxes


Effective Tax
Rate








Three Months Ended September 30, 2024 - U.S. GAAP


$           3,098


$             642


20.7 %

Changes in estimates related to prior years



47



Excess stock-based compensation



7



Annual effective tax rate, excluding discrete items


$           3,098


$             696


22.5 %

Changes in estimates related to prior years



(47)



Excess stock-based compensation



(7)



Restructuring (income) costs


70


16










Three Months Ended September 30, 2024 - Adjusted


$           3,168


$             658










Three Months Ended September 30, 2023 - U.S. GAAP


$           3,515


$             734


20.9 %

Decrease in annual effective tax rate



34



Excess stock-based compensation



22



Annual effective tax rate, excluding discrete items


$           3,515


$             790


22.5 %








Decrease in annual effective tax rate



(34)



Excess stock-based compensation



(22)



Restructuring (income) costs


46


10










Three Months Ended September 30, 2023 - Adjusted


$           3,561


$             744



Supplemental Consolidating Data

The company is providing supplemental consolidating data for the purpose of additional analysis. The data has been grouped as follows:

Consolidated – Caterpillar Inc. and its subsidiaries.

Machinery, Energy & Transportation (ME&T) – The company defines ME&T as it is presented in the supplemental data as Caterpillar Inc. and its subsidiaries, excluding Financial Products. ME&T's information relates to the design, manufacturing and marketing of its products.

Financial Products – The company defines Financial Products as it is presented in the supplemental data as its finance and insurance subsidiaries, primarily Caterpillar Financial Services Corporation (Cat Financial) and Caterpillar Insurance Holdings Inc. (Insurance Services). Financial Products' information relates to the financing to customers and dealers for the purchase and lease of Caterpillar and other equipment.

Consolidating Adjustments – Eliminations of transactions between ME&T and Financial Products.

The nature of the ME&T and Financial Products businesses is different, especially with regard to the financial position and cash flow items. Caterpillar management utilizes this presentation internally to highlight these differences. The company believes this presentation will assist readers in understanding its business.

Pages 16 to 26 reconcile ME&T and Financial Products to Caterpillar Inc. consolidated financial information.

 

Caterpillar Inc.

Condensed Consolidated Statement of Results of Operations

(Unaudited)

(Dollars in millions except per share data)



Three Months Ended
September 30,


Nine Months Ended
September 30,


2024


2023


2024


2023

Sales and revenues:








  Sales of Machinery, Energy & Transportation

$       15,231


$      15,988


$       46,031


$     47,632

  Revenues of Financial Products

875


822


2,563


2,358

  Total sales and revenues

16,106


16,810


48,594


49,990









Operating costs:








  Cost of goods sold

10,066


10,583


29,878


31,751

  Selling, general and administrative expenses

1,669


1,624


4,898


4,615

  Research and development expenses

533


554


1,588


1,554

  Interest expense of Financial Products

336


280


948


742

  Other operating (income) expenses

355


320


1,134


1,496

  Total operating costs

12,959


13,361


38,446


40,158









Operating profit

3,147


3,449


10,148


9,832









  Interest expense excluding Financial Products

125


129


405


385

  Other income (expense)

76


195


387


354









Consolidated profit before taxes

3,098


3,515


10,130


9,801









  Provision (benefit) for income taxes

642


734


2,166


2,194

  Profit of consolidated companies

2,456


2,781


7,964


7,607









  Equity in profit (loss) of unconsolidated affiliated companies

7


12


34


52









Profit of consolidated and affiliated companies

2,463


2,793


7,998


7,659









Less: Profit (loss) attributable to noncontrolling interests

(1)


(1)


(3)










Profit 1

$         2,464


$        2,794


$         8,001


$       7,659

















Profit per common share

$          5.09


$          5.48


$         16.36


$       14.93

Profit per common share — diluted 2

$          5.06


$          5.45


$         16.27


$       14.85









Weighted-average common shares outstanding (millions)








  – Basic

484.2


509.8


489.0


513.0

  – Diluted 2

486.7


512.6


491.7


515.7











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,
2024


December 31,
2023

Assets




Current assets:




Cash and cash equivalents

$                     5,638


$                     6,978

Receivables – trade and other

9,086


9,310

Receivables – finance

9,816


9,510

Prepaid expenses and other current assets

3,094


4,586

Inventories

17,312


16,565

Total current assets

44,946


46,949





Property, plant and equipment – net

12,837


12,680

Long-term receivables – trade and other

1,346


1,238

Long-term receivables – finance

13,263


12,664

Noncurrent deferred and refundable income taxes

3,050


2,816

Intangible assets

448


564

Goodwill

5,317


5,308

Other assets

5,066


5,257

Total assets

$                   86,273


$                   87,476





Liabilities




Current liabilities:




Short-term borrowings:




-- Financial Products

$                     3,725


$                     4,643

Accounts payable

7,705


7,906

Accrued expenses

4,980


4,958

Accrued wages, salaries and employee benefits

2,078


2,757

Customer advances

2,404


1,929

Dividends payable


649

Other current liabilities

2,934


3,123

Long-term debt due within one year:




-- Machinery, Energy & Transportation

46


1,044

-- Financial Products

8,346


7,719

Total current liabilities

32,218


34,728





Long-term debt due after one year:




-- Machinery, Energy & Transportation

8,634


8,579

-- Financial Products

17,150


15,893

Liability for postemployment benefits

4,029


4,098

Other liabilities

4,839


4,675

Total liabilities

66,870


67,973





Shareholders' equity




Common stock

5,584


6,403

Treasury stock

(42,390)


(36,339)

Profit employed in the business

57,920


51,250

Accumulated other comprehensive income (loss)

(1,717)


(1,820)

Noncontrolling interests

6


9

Total shareholders' equity

19,403


19,503

Total liabilities and shareholders' equity

$                   86,273


$                   87,476

 

Caterpillar Inc.

Condensed Consolidated Statement of Cash Flow

(Unaudited)

(Millions of dollars)



Nine Months Ended

September 30,


2024


2023

Cash flow from operating activities:




Profit of consolidated and affiliated companies

$              7,998


$              7,659

Adjustments to reconcile profit to net cash provided by operating activities:




Depreciation and amortization

1,598


1,599

Provision (benefit) for deferred income taxes

(329)


(448)

(Gain) loss on divestiture

164


572

Other

221


205

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




Receivables – trade and other

(30)


(319)

Inventories

(781)


(1,424)

Accounts payable

(96)


(532)

Accrued expenses

9


588

Accrued wages, salaries and employee benefits

(671)


Customer advances

476


516

Other assets – net

120


128

Other liabilities – net

(37)


338

Net cash provided by (used for) operating activities

8,642


8,882

Cash flow from investing activities:




Capital expenditures – excluding equipment leased to others

(1,285)


(1,061)

Expenditures for equipment leased to others

(893)


(1,177)

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

541


563

Additions to finance receivables

(11,457)


(11,082)

Collections of finance receivables

10,234


10,391

Proceeds from sale of finance receivables

69


40

Investments and acquisitions (net of cash acquired)

(32)


(67)

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

(67)


(14)

Proceeds from maturities and sale of securities

2,841


747

Investments in securities

(892)


(3,689)

Other – net

137


32

Net cash provided by (used for) investing activities

(804)


(5,317)

Cash flow from financing activities:




Dividends paid

(1,966)


(1,901)

Common stock issued, including treasury shares reissued

15


36

Payments to purchase common stock

(7,057)


(2,209)

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

7,579


6,360

Payments on debt (original maturities greater than three months)

(6,862)


(4,459)

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

(848)


(1,726)

Net cash provided by (used for) financing activities

(9,139)


(3,899)

Effect of exchange rate changes on cash

(39)


(119)

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

(1,340)


(453)

Cash, cash equivalents and restricted cash at beginning of period

6,985


7,013

Cash, cash equivalents and restricted cash at end of period

$              5,645


$              6,560


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, 2024

(Unaudited)

(Millions of dollars)







Supplemental Consolidating Data



Consolidated


Machinery,
Energy &
Transportation


Financial

Products


Consolidating

Adjustments


Sales and revenues:









Sales of Machinery, Energy & Transportation

$          15,231


$                15,231


$                —


$                 —


Revenues of Financial Products

875



1,078


(203)

1

Total sales and revenues

16,106


15,231


1,078


(203)











Operating costs:









Cost of goods sold

10,066


10,067



(1)

2

Selling, general and administrative expenses

1,669


1,484


197


(12)

2

Research and development expenses

533


533




Interest expense of Financial Products

336



336



Other operating (income) expenses

355


49


329


(23)

2

Total operating costs

12,959


12,133


862


(36)











Operating profit

3,147


3,098


216


(167)











Interest expense excluding Financial Products

125


127



(2)

3

Other income (expense)

76


(122)


33


165

4










Consolidated profit before taxes

3,098


2,849


249












Provision (benefit) for income taxes

642


582


60



Profit of consolidated companies

2,456


2,267


189












Equity in profit (loss) of unconsolidated affiliated companies

7


7













Profit of consolidated and affiliated companies

2,463


2,274


189












Less: Profit (loss) attributable to noncontrolling interests

(1)


(1)













Profit 5

$            2,464


$                  2,275


$              189


$                 —



1

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

2

Elimination of net expenses recorded between ME&T and 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

Profit attributable to common shareholders.

 

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 Nine Months Ended September 30, 2024

(Unaudited)

(Millions of dollars)







Supplemental Consolidating Data



Consolidated


Machinery,
Energy &
Transportation


Financial

Products


Consolidating

Adjustments


Sales and revenues:









Sales of Machinery, Energy & Transportation

$          46,031


$                46,031


$                —


$                 —


Revenues of Financial Products

2,563



3,150


(587)

1

Total sales and revenues

48,594


46,031


3,150


(587)











Operating costs:









Cost of goods sold

29,878


29,883



(5)

2

Selling, general and administrative expenses

4,898


4,346


560


(8)

2

Research and development expenses

1,588


1,588




Interest expense of Financial Products

948



948



Other operating (income) expenses

1,134


51


1,174


(91)

2

Total operating costs

38,446


35,868


2,682


(104)











Operating profit

10,148


10,163


468


(483)











Interest expense excluding Financial Products

405


407



(2)

3

Other income (expense)

387


(163)


69


481

4










Consolidated profit before taxes

10,130


9,593


537












Provision (benefit) for income taxes

2,166


1,983


183



Profit of consolidated companies

7,964


7,610


354












Equity in profit (loss) of unconsolidated affiliated companies

34


34













Profit of consolidated and affiliated companies

7,998


7,644


354












Less: Profit (loss) attributable to noncontrolling interests

(3)


(4)


1












Profit 5

$            8,001


$                  7,648


$              353


$                 —



1

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

2

Elimination of net expenses recorded between ME&T and 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

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 Financial Position

At September 30, 2024

(Unaudited)

(Millions of dollars)







Supplemental Consolidating Data



Consolidated


Machinery,

Energy &

Transportation


Financial

Products


Consolidating

Adjustments


Assets









Current assets:









Cash and cash equivalents

$             5,638


$                 4,760


$               878


$                 —


Receivables – trade and other

9,086


3,421


489


5,176

1,2

Receivables – finance

9,816



15,188


(5,372)

2

Prepaid expenses and other current assets

3,094


2,941


417


(264)

3

Inventories

17,312


17,312




Total current assets

44,946


28,434


16,972


(460)











Property, plant and equipment – net

12,837


8,943


3,894



Long-term receivables – trade and other

1,346


582


128


636

1,2

Long-term receivables – finance

13,263



14,003


(740)

2

Noncurrent deferred and refundable income taxes

3,050


3,553


112


(615)

4

Intangible assets

448


448




Goodwill

5,317


5,317




Other assets

5,066


3,828


2,271


(1,033)

5

Total assets

$           86,273


$               51,105


$           37,380


$            (2,212)











Liabilities









Current liabilities:









Short-term borrowings

$             3,725


$                     —


$             3,725


$                 —


Accounts payable

7,705


7,630


287


(212)

6,7

Accrued expenses

4,980


4,351


629



Accrued wages, salaries and employee benefits

2,078


2,028


50



Customer advances

2,404


2,385


3


16

7

Other current liabilities

2,934


2,407


813


(286)

4,5,8

Long-term debt due within one year

8,392


46


8,346



Total current liabilities

32,218


18,847


13,853


(482)











Long-term debt due after one year

25,784


8,738


17,150


(104)

9

Liability for postemployment benefits

4,029


4,029




Other liabilities

4,839


3,970


1,522


(653)

4,5

Total liabilities

66,870


35,584


32,525


(1,239)











Shareholders' equity









Common stock

5,584


5,584


905


(905)

10

Treasury stock

(42,390)


(42,390)




Profit employed in the business

57,920


53,100


4,810


10

10

Accumulated other comprehensive income (loss)

(1,717)


(781)


(936)



Noncontrolling interests

6


8


76


(78)

10

Total shareholders' equity

19,403


15,521


4,855


(973)


Total liabilities and shareholders' equity

$           86,273


$               51,105


$           37,380


$            (2,212)



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 and liabilities between ME&T and Financial Products.

6

Elimination of payables between ME&T and Financial Products.

7

Reclassification of Financial Products' payables to 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, 2023

(Unaudited)

(Millions of dollars)







Supplemental Consolidating Data



Consolidated


Machinery,

Energy &

Transportation


Financial

Products


Consolidating

Adjustments


Assets









Current assets:









Cash and cash equivalents

$             6,978


$              6,106


$               872


$                   —


Receivables – trade and other

9,310


3,971


570


4,769

1,2

Receivables – finance

9,510



14,499


(4,989)

2

Prepaid expenses and other current assets

4,586


4,327


341


(82)

3

Inventories

16,565


16,565




Total current assets

46,949


30,969


16,282


(302)











Property, plant and equipment – net

12,680


8,694


3,986



Long-term receivables – trade and other

1,238


565


85


588

1,2

Long-term receivables – finance

12,664



13,299


(635)

2

Noncurrent deferred and refundable income taxes

2,816


3,360


148


(692)

4

Intangible assets

564


564




Goodwill

5,308


5,308




Other assets

5,257


4,218


2,082


(1,043)

5

Total assets

$           87,476


$             53,678


$           35,882


$             (2,084)











Liabilities









Current liabilities:









Short-term borrowings

$             4,643


$                   —


$            4,643


$                   —


Accounts payable

7,906


7,827


314


(235)

6,7

Accrued expenses

4,958


4,361


597



Accrued wages, salaries and employee benefits

2,757


2,696


61



Customer advances

1,929


1,912


2


15

7

Dividends payable

649


649




Other current liabilities

3,123


2,583


647


(107)

4,8

Long-term debt due within one year

8,763


1,044


7,719



Total current liabilities

34,728


21,072


13,983


(327)











Long-term debt due after one year

24,472


8,626


15,893


(47)

9

Liability for postemployment benefits

4,098


4,098




Other liabilities

4,675


3,806


1,607


(738)

4

Total liabilities

67,973


37,602


31,483


(1,112)











Shareholders' equity









Common stock

6,403


6,403


905


(905)

10

Treasury stock

(36,339)


(36,339)




Profit employed in the business

51,250


46,783


4,457


10

10

Accumulated other comprehensive income (loss)

(1,820)


(783)


(1,037)



Noncontrolling interests

9


12


74


(77)

10

Total shareholders' equity

19,503


16,076


4,399


(972)


Total liabilities and shareholders' equity

$           87,476


$             53,678


$           35,882


$             (2,084)



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 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 Cash Flow

For the Nine Months Ended September 30, 2024

(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

$              7,998


$              7,644


$                354


$                  —


Adjustments to reconcile profit to net cash provided by operating activities:









Depreciation and amortization

1,598


1,010


588



Provision (benefit) for deferred income taxes

(329)


(277)


(52)



(Gain) loss on divestiture

164


(46)


210



Other

221


236


(447)


432

1

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









Receivables – trade and other

(30)


554


(17)


(567)

1,2

Inventories

(781)


(770)



(11)

1

Accounts payable

(96)


(79)


(40)


23

1

Accrued expenses

9



9



Accrued wages, salaries and employee benefits

(671)


(660)


(11)



Customer advances

476


475


1



Other assets – net

120


(226)


191


155

1

Other liabilities – net

(37)


(135)


232


(134)

1

Net cash provided by (used for) operating activities

8,642


7,726


1,018


(102)


Cash flow from investing activities:









Capital expenditures – excluding equipment leased to others

(1,285)


(1,264)


(25)


4

1

Expenditures for equipment leased to others

(893)


(20)


(889)


16

1

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

541


25


525


(9)

1

Additions to finance receivables

(11,457)



(12,271)


814

2

Collections of finance receivables

10,234



10,889


(655)

2

Net intercompany purchased receivables



68


(68)

2

Proceeds from sale of finance receivables

69



69



Net intercompany borrowings



15


(15)

3

Investments and acquisitions (net of cash acquired)

(32)


(32)




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

(67)


86


(153)



Proceeds from maturities and sale of securities

2,841


2,565


276



Investments in securities

(892)


(469)


(423)



Other – net

137


118


19



Net cash provided by (used for) investing activities

(804)


1,009


(1,900)


87


Cash flow from financing activities:









Dividends paid

(1,966)


(1,966)




Common stock issued, including treasury shares reissued

15


15




Payments to purchase common stock

(7,057)


(7,057)




Net intercompany borrowings


(15)



15

3

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

7,579



7,579



Payments on debt (original maturities greater than three months)

(6,862)


(1,021)


(5,841)



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

(848)



(848)



Net cash provided by (used for) financing activities

(9,139)


(10,044)


890


15


Effect of exchange rate changes on cash

(39)


(37)


(2)



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

(1,340)


(1,346)


6



Cash, cash equivalents and restricted cash at beginning of period

6,985


6,111


874



Cash, cash equivalents and restricted cash at end of period

$              5,645


$              4,765


$                880


$                  —



1

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

2

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

3

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

 

Caterpillar Inc.

Supplemental Data for Cash Flow

For the Nine Months Ended September 30, 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 to reconcile profit to net cash provided by operating activities:









Depreciation and amortization

1,599


1,015


584



Provision (benefit) for deferred income taxes

(448)


(456)


8



(Gain) 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




Payments to purchase common stock

(2,209)


(2,209)




Net intercompany borrowings


(7)



7

4

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

6,360



6,360



Payments on debt (original maturities greater than three months)

(4,459)


(99)


(4,360)



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

(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.

 

Cision View original content:https://www.prnewswire.com/news-releases/caterpillar-reports-third-quarter-2024-results-302291382.html

SOURCE Caterpillar Inc.

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