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