28.10.2021 12:30

Caterpillar Reports Third-Quarter 2021 Results

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DEERFIELD, Ill., Oct. 28, 2021 /PRNewswire/ --

  • Third-quarter 2021 sales and revenues increased 25% to $12.4 billion
  • Third-quarter 2021 profit per share of $2.60; adjusted profit per share of $2.66
  • Strong balance sheet; returned $2.0 billion to shareholders through dividends and share repurchases in the quarter

 



Third Quarter

($ in billions except profit per share)


2021

2020

Sales and Revenues


$12.4

$9.9

Profit Per Share


$2.60

$1.22

Adjusted Profit Per Share


$2.66

$1.52

Caterpillar Inc. (NYSE: CAT) today announced third-quarter 2021 sales and revenues of $12.4 billion, a 25% increase compared with $9.9 billion in the third quarter of 2020. The increase was primarily due to higher sales volume, driven by higher end-user demand for equipment and services, and favorable price realization.

Operating profit margin was 13.4% for the third quarter of 2021, compared with 10.0% for the third quarter of 2020. Third-quarter 2021 profit per share was $2.60, compared with third-quarter 2020 profit per share of $1.22. Adjusted profit per share in the third quarter of 2021 was $2.66, compared with third-quarter 2020 adjusted profit per share of $1.52. Third-quarter 2021 adjusted profit per share of $2.66 reflected strong operational performance and a lower-than-expected effective tax rate. Adjusted profit per share for both quarters excluded restructuring costs, while the third quarter of 2020 also excluded remeasurement losses of $0.12 per share, resulting from the settlements of pension obligations. Please see a reconciliation of GAAP to non-GAAP financial measures in the appendix on page 13.

For the nine months ended September 30, 2021, enterprise operating cash flow was $5.8 billion and the company ended the third quarter with $9.4 billion of enterprise cash. In the quarter, the company repurchased $1.4 billion of Caterpillar common stock and paid dividends of $0.6 billion.

"Our global team continues to execute our long-term strategy for profitable growth while working to mitigate supply chain challenges as we serve our customers," said Chairman and CEO Jim Umpleby. "Our third-quarter results reflect higher sales and revenues across our three primary segments and in all regions."

CONSOLIDATED RESULTS

Consolidated Sales and Revenues

Consolidated Sales and Revenues Comparison
Third Quarter 2021 vs. Third Quarter 2020

To access this chart, go to https://investors.caterpillar.com/financials/quarterly-results/default.aspx for the downloadable version of Caterpillar third-quarter 2021 earnings.

The chart above graphically illustrates reasons for the change in consolidated sales and revenues between the third quarter of 2020 (at left) and the third quarter of 2021 (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 2021 were $12.397 billion, an increase of $2.516 billion, or 25%, compared with $9.881 billion in the third quarter of 2020. The increase was primarily due to higher sales volume driven by higher end-user demand for equipment and services and the impact from changes in dealer inventories, along with favorable price realization. Dealers decreased inventories by $600 million during the third quarter of 2020, compared with a decrease of $300 million during the third quarter of 2021.

Sales were higher across the three primary segments.

Sales and Revenues by Segment

(Millions of dollars)

Third
Quarter
2020


Sales

Volume


Price

Realization


Currency


Inter-
Segment /
Other


Third
Quarter
2021


$

Change


%

Change

















Construction Industries

$

4,056



$

957



$

218



$

38



$

(14)



$

5,255



$

1,199



30%

Resource Industries

1,816



522



43



22



3



2,406



590



32%

Energy & Transportation

4,161



628



(6)



44



250



5,077



916



22%

All Other Segment

106



10



(1)



1



3



119



13



12%

Corporate Items and Eliminations

(911)



1



2





(242)



(1,150)



(239)




Machinery, Energy & Transportation

9,228



2,118



256



105





11,707



2,479



27%

















Financial Products Segment

724









38



762



38



5%

Corporate Items and Eliminations

(71)









(1)



(72)



(1)




Financial Products Revenues

653









37



690



37



6%

















Consolidated Sales and Revenues

$

9,881



$

2,118



$

256



$

105



$

37



$

12,397



$

2,516



25%

















 

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 2021




























Construction Industries

$

2,417



36%


$

528



130%


$

1,240



56%


$

1,076



(13%)


$

5,261



30%


$

(6)



(175%)


$

5,255



30%

Resource Industries

674



38%


417



55%


456



19%


744



32%


2,291



34%


115



3%


2,406



32%

Energy & Transportation

1,924



21%


329



49%


1,144



3%


744



34%


4,141



19%


936



36%


5,077



22%

All Other Segment

18



80%




(100%)


3



200%


14



8%


35



40%


84



4%


119



12%

Corporate Items and Eliminations

(19)













(2)





(21)





(1,129)





(1,150)




Machinery, Energy & Transportation

5,014



31%


1,274



77%


2,843



24%


2,576



8%


11,707



27%




—%


11,707



27%





























Financial Products Segment

478



7%


68



8%


105



5%


111



(2%)


762



5%




—%


762



5%

Corporate Items and Eliminations

(37)





(13)





(9)





(13)





(72)









(72)




Financial Products Revenues

441



7%


55



4%


96



7%


98



(1%)


690



6%




—%


690



6%





























Consolidated Sales and Revenues

$

5,455



28%


$

1,329



72%


$

2,939



23%


$

2,674



8%


$

12,397



25%


$



—%


$

12,397



25%





























Third Quarter 2020




























Construction Industries

$

1,781





$

230





$

796





$

1,241





$

4,048





$

8





$

4,056




Resource Industries

487





269





384





564





1,704





112





1,816




Energy & Transportation

1,584





221





1,113





557





3,475





686





4,161




All Other Segment

10





1





1





13





25





81





106




Corporate Items and Eliminations

(22)





(2)













(24)





(887)





(911)




Machinery, Energy & Transportation

3,840





719





2,294





2,375





9,228









9,228
































Financial Products Segment

448





63





100





113





724









724




Corporate Items and Eliminations

(37)





(10)





(10)





(14)





(71)









(71)




Financial Products Revenues

411





53





90





99





653









653
































Consolidated Sales and Revenues

$

4,251





$

772





$

2,384





$

2,474





$

9,881





$





$

9,881
































Consolidated Operating Profit

Consolidated Operating Profit Comparison
Third Quarter 2021 vs. Third Quarter 2020

To access this chart, go to https://investors.caterpillar.com/financials/quarterly-results/default.aspx for the downloadable version of Caterpillar third-quarter 2021 earnings.

The chart above graphically illustrates reasons for the change in consolidated operating profit between the third quarter of 2020 (at left) and the third quarter of 2021 (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 2021 was $1.664 billion, an increase of $679 million, or 69%, compared with $985 million in the third quarter of 2020. The increase was primarily due to higher sales volume and favorable price realization, partially offset by higher selling, general and administrative (SG&A) and research and development (R&D) expenses as well as higher manufacturing costs.

Unfavorable manufacturing costs reflected higher variable labor and burden, primarily freight, and higher period manufacturing and material costs, partially offset by favorable cost absorption and lower warranty expense. Cost absorption was favorable as inventory increased during the third quarter of 2021.

The increase in both SG&A/R&D expenses and period manufacturing costs was mainly driven by higher short-term incentive compensation expense, which was reinstated in 2021, and investments aligned with the company's strategy for profitable growth, including acquisition-related expenses.

Profit (Loss) by Segment

(Millions of dollars)

Third Quarter
2021


Third Quarter
2020


$

Change


%

 Change


Construction Industries

$

859



$

585



$

274



47%


Resource Industries

297



167



130



78%


Energy & Transportation

696



492



204



41%


All Other Segment

5



27



(22)



(81%)


Corporate Items and Eliminations

(286)



(346)



60




Machinery, Energy & Transportation

1,571



925



646



70%










Financial Products Segment

173



142



31



22%


Corporate Items and Eliminations

(7)



(15)



8




Financial Products

166



127



39



31%










Consolidating Adjustments

(73)



(67)



(6)












Consolidated Operating Profit

$

1,664



$

985



$

679



69%











Other Profit/Loss and Tax Items

  • Other income (expense) in the third quarter of 2021 was income of $225 million, compared with income of $14 million in the third quarter of 2020. The change was primarily due to favorable impacts from foreign currency exchange gains (losses), the absence of remeasurement losses resulting from the settlements of pension obligations that occurred in the third quarter of 2020 and favorable pension and other postemployment benefit (OPEB) plan costs.

    The company experienced foreign currency exchange net gains in the third quarter of 2021, primarily due to the euro, compared with net losses in the third quarter of 2020.

  • The provision for income taxes for the third quarter of 2021 reflected a lower estimated annual tax rate of 25%, compared with 31% for the third quarter of 2020, excluding the discrete items discussed below. The comparative tax rate for full-year 2020 was approximately 28%. The decrease in the estimated annual tax rate from full-year 2020 was primarily related to changes in the expected geographic mix of profits from a tax perspective for 2021.

    In the third quarter of 2021, the company recorded a $39 million benefit due to the change from the second-quarter estimated annual tax rate of 26%. In addition, the company recorded discrete tax benefits of $36 million to reflect changes in estimates related to prior year U.S. taxes in the third quarter of 2021 compared to $80 million in the third quarter of 2020. In the third quarter of 2020, a discrete tax benefit of $13 million was recorded for settlement of stock-based compensation awards along with a $12 million tax benefit related to the $77 million of remeasurement losses resulting from the settlements of pension obligations.

 

CONSTRUCTION INDUSTRIES

(Millions of dollars)

















Segment Sales

















Third Quarter
2020


Sales
Volume


Price
Realization


Currency


Inter-
Segment


Third Quarter
2021


$

 Change


%

 Change

Total Sales


$

4,056



$

957



$

218



$

38



$

(14)



$

5,255



$

1,199



30%


















Sales by Geographic Region











Third Quarter
2021


Third Quarter
2020


$

Change


%

Change









North America


$

2,417



$

1,781



$

636



36%









Latin America


528



230



298



130%









EAME


1,240



796



444



56%









Asia/Pacific


1,076



1,241



(165)



(13%)









External Sales


5,261



4,048



1,213



30%









Inter-segment


(6)



8



(14)



(175%)









Total Sales


$

5,255



$

4,056



$

1,199



30%


























Segment Profit











Third Quarter
2021


Third Quarter
2020


 

Change


%

Change









Segment Profit


$

859



$

585



$

274



47%









Segment Profit Margin


16.3%



14.4%



1.9 pts





























































Construction Industries' total sales were $5.255 billion in the third quarter of 2021, an increase of $1.199 billion, or 30%, compared with $4.056 billion in the third quarter of 2020. The increase was due to higher sales volume and favorable price realization. The increase in sales volume was driven by higher end-user demand and the impact from changes in dealer inventories. Overall, dealers decreased inventories more during the third quarter of 2020 than during the third quarter of 2021.

  • In North America, sales increased due to higher sales volume and favorable price realization. Higher sales volume was driven by higher end-user demand from improving non-residential construction, as well as continued strength in residential construction and the impact from changes in dealer inventories. Dealers decreased inventories more during the third quarter of 2020 than during the third quarter of 2021.
  • Sales increased in Latin America mostly due to higher sales volume led by the impact of changes in dealer inventories and higher end-user demand across the region. Dealers decreased inventories during the third quarter of 2020, compared with an increase during the third quarter of 2021.
  • In EAME, sales increased due to higher sales volume from the impact of changes in dealer inventories and higher end-user demand. Dealers decreased inventories during the third quarter of 2020, compared with an increase during the third quarter of 2021.
  • Sales decreased in Asia/Pacific mainly due to lower sales volume, reflecting the impact of changes in dealer inventory. Dealers decreased inventories during the third quarter of 2021, compared with an increase during the third quarter of 2020. Lower sales in China, driven by lower end-user demand and impacts of changes in dealer inventory, were partially offset by increased sales across the rest of the region.

Construction Industries' profit was $859 million in the third quarter of 2021, an increase of $274 million, or 47%, compared with $585 million in the third quarter of 2020. The increase was mainly due to higher sales volume and favorable price realization, partially offset by unfavorable manufacturing costs, which largely reflected higher variable labor and burden, primarily freight, and material costs.

RESOURCE INDUSTRIES

(Millions of dollars)

















Segment Sales

















Third Quarter
2020


Sales
Volume


Price
Realization


Currency


Inter-
Segment


Third Quarter
2021


$

 Change


%

 Change

Total Sales


$

1,816



$

522



$

43



$

22



$

3



$

2,406



$

590



32%


















Sales by Geographic Region











Third Quarter
2021


Third Quarter
2020


$

Change


%

Change









North America


$

674



$

487



$

187



38%









Latin America


417



269



148



55%









EAME


456



384



72



19%









Asia/Pacific


744



564



180



32%









External Sales


2,291



1,704



587



34%









Inter-segment


115



112



3



3%









Total Sales


$

2,406



$

1,816



$

590



32%


























Segment Profit











Third Quarter
2021


Third Quarter
2020


 

Change


%

Change









Segment Profit


$

297



$

167



$

130



78%









Segment Profit Margin


12.3%



9.2%



3.1 pts





























































Resource Industries' total sales were $2.406 billion in the third quarter of 2021, an increase of $590 million, or 32%, compared with $1.816 billion in the third quarter of 2020. The increase was primarily due to higher sales volume driven by higher end-user demand for equipment and aftermarket parts, partially offset by the impacts of changes in dealer inventories. Dealers decreased inventories more during the third quarter of 2021 than during the third quarter of 2020. End-user demand was higher in both mining and heavy construction and quarry and aggregates.

Resource Industries' profit was $297 million in the third quarter of 2021, an increase of $130 million, or 78%, compared with $167 million in the third quarter of 2020. The increase was mainly due to higher sales volume and favorable price realization, partially offset by unfavorable manufacturing costs. Increased manufacturing costs reflected higher variable labor and burden, primarily freight, and material costs.

ENERGY & TRANSPORTATION

(Millions of dollars)

















Segment Sales

















Third Quarter
2020


Sales
Volume


Price
Realization


Currency


Inter-
Segment


Third Quarter
2021


$

 Change


%

 Change

Total Sales


$

4,161



$

628



$

(6)



$

44



$

250



$

5,077



$

916



22%


















Sales by Application











Third Quarter
2021


Third Quarter
2020


$

Change


%

Change









Oil and Gas


$

1,088



$

734



$

354



48%










Power Generation


1,010



1,034



(24)



(2%)










Industrial


948



730



218



30%










Transportation


1,095



977



118



12%










External Sales


4,141



3,475



666



19%










Inter-segment


936



686



250



36%










Total Sales


$

5,077



$

4,161



$

916



22%



























Segment Profit











Third Quarter
2021


Third Quarter
2020


 

Change


%

Change









Segment Profit


$

696



$

492



$

204



41%










Segment Profit Margin


13.7%



11.8%



1.9 pts





























































Energy & Transportation's total sales were $5.077 billion in the third quarter of 2021, an increase of $916 million, or 22%, compared with $4.161 billion in the third quarter of 2020. Sales increased across all applications and inter-segment sales except Power Generation, which decreased slightly.

  • Oil and Gas – Sales increased for reciprocating engines aftermarket parts, primarily in North America, turbines and turbine-related services and reciprocating engines used in gas compression.
  • Power Generation – Sales decreased slightly due to timing of turbines and turbine-related services. Reciprocating engines were about flat compared to the third quarter of 2020, with aftermarket parts slightly higher offset by slightly lower engine sales.
  • Industrial – Sales were up due to higher demand across all regions.
  • Transportation – Sales increased in rail services and marine.

Energy & Transportation's profit was $696 million in the third quarter of 2021, an increase of $204 million, or 41%, compared with $492 million in the third quarter of 2020. The increase was due to higher sales volume, partially offset by unfavorable manufacturing costs and higher SG&A/R&D expenses. Increased manufacturing costs were mainly driven by higher variable labor and burden, primarily freight, period manufacturing costs and material, partially offset by the absence of inventory write-downs that occurred in the third quarter of 2020. In addition, segment profit was favorably impacted by other operating income/expense.

Both SG&A/R&D expenses and period manufacturing costs were driven by higher short-term incentive compensation expense and investments aligned with growth initiatives, including acquisition-related expenses.

FINANCIAL PRODUCTS SEGMENT

(Millions of dollars)

















Revenues by Geographic Region











Third
Quarter 2021


Third
Quarter 2020


$

Change


%

Change









North America


$

478



$

448



$

30



7%









Latin America


68



63



5



8%









EAME


105



100



5



5%









Asia/Pacific


111



113



(2)



(2%)









Total Revenues


$

762



$

724



$

38



5%


























Segment Profit











Third
Quarter 2021


Third
Quarter 2020


 

Change


%

Change









Segment Profit


$

173



$

142



$

31



22%


























Financial Products' segment revenues were $762 million in the third quarter of 2021, an increase of $38 million, or 5%, from the third quarter of 2020.

Financial Products' segment profit was $173 million in the third quarter of 2021, an increase of $31 million, or 22%, compared with $142 million in the third quarter of 2020. The increase was mainly due to a favorable impact from returned or repossessed equipment, lower provision for credit losses at Cat Financial and higher net yield on average earning assets. These favorable impacts were partially offset by an increase in SG&A expenses primarily due to higher short-term incentive compensation expense.

At the end of the third quarter of 2021, past dues at Cat Financial were 2.41%, compared with 3.81% at the end of the third quarter of 2020. Past dues decreased across all portfolio segments as global markets generally improved. Write-offs, net of recoveries, were $76 million for the third quarter of 2021, compared with $125 million for the third quarter of 2020. As of September 30, 2021, Cat Financial's allowance for credit losses totaled $378 million, or 1.41% of finance receivables, compared with $402 million, or 1.46% of finance receivables, at June 30, 2021. The allowance for credit losses at year-end 2020 was $479 million, or 1.77% of finance receivables.

Corporate Items and Eliminations

Expense for corporate items and eliminations was $293 million in the third quarter of 2021, a decrease of $68 million from the third quarter of 2020. Higher corporate costs were more than offset by lower restructuring costs, favorable impacts of segment methodology differences and a favorable 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.   End-user demand is demonstrated by the company's Rolling 3 Month Retail Sales Statistics filed in a Form 8-K on Thursday, October 28, 2021.
iii.   Information on non-GAAP financial measures is included in the appendix on page 13.
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 Thursday, October 28, 2021, to discuss its 2021 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 2020 sales and revenues of $41.7 billion, Caterpillar Inc. is the world's leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. Since 1925, we've been driving sustainable progress and helping customers build a better world through innovative products and services. Throughout the product life cycle, we offer services built on cutting-edge technology and decades of product expertise. These products and services, backed by our global dealer network, provide exceptional value to help our customers succeed. We do 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/social-media.

Caterpillar's latest financial results are also available online:

https://investors.caterpillar.com/overview/default.aspx

https://investors.caterpillar.com/financials/quarterly-results/default.aspx (live broadcast/replays of quarterly conference call)

Forward-Looking Statements

Certain statements in this press release relate to future events and expectations and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "believe," "estimate," "will be," "will," "would," "expect," "anticipate," "plan," "forecast," "target," "guide," "project," "intend," "could," "should" or other similar words or expressions often identify forward-looking statements. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding our outlook, projections, forecasts or trend descriptions. These statements do not guarantee future performance and speak only as of the date they are made, and we do not undertake to update our forward-looking statements.

Caterpillar's actual results may differ materially from those described or implied in our forward-looking statements based on a number of factors, including, but not limited to: (i) global and regional economic conditions and economic conditions in the industries we serve; (ii) commodity price changes, material price increases, fluctuations in demand for our products or significant shortages of material; (iii) government monetary or fiscal policies; (iv) political and economic risks, commercial instability and events beyond our control in the countries in which we operate; (v) international trade policies and their impact on demand for our products and our competitive position, including the imposition of new tariffs or changes in existing tariff rates; (vi) our ability to develop, produce and market quality products that meet our customers' needs; (vii) the impact of the highly competitive environment in which we operate on our sales and pricing; (viii) information technology security threats and computer crime; (ix) inventory management decisions and sourcing practices of our dealers and our OEM customers; (x) a failure to realize, or a delay in realizing, all of the anticipated benefits of our acquisitions, joint ventures or divestitures; (xi) union disputes or other employee relations issues; (xii) adverse effects of unexpected events; (xiii) disruptions or volatility in global financial markets limiting our sources of liquidity or the liquidity of our customers, dealers and suppliers; (xiv) failure to maintain our credit ratings and potential resulting increases to our cost of borrowing and adverse effects on our cost of funds, liquidity, competitive position and access to capital markets; (xv) our Financial Products segment's risks associated with the financial services industry; (xvi) changes in interest rates or market liquidity conditions; (xvii) an increase in delinquencies, repossessions or net losses of Cat Financial's customers; (xviii) currency fluctuations; (xix) our or Cat Financial's compliance with financial and other restrictive covenants in debt agreements; (xx) increased pension plan funding obligations; (xxi) alleged or actual violations of trade or anti-corruption laws and regulations; (xxii) additional tax expense or exposure, including the impact of U.S. tax reform; (xxiii) significant legal proceedings, claims, lawsuits or government investigations; (xxiv) new regulations or changes in financial services regulations; (xxv) compliance with environmental laws and regulations; (xxvi) the duration and geographic spread of, business disruptions caused by, and the overall global economic impact of, the COVID-19 pandemic; and (xxvii) other factors described in more detail in Caterpillar's Forms 10-Q, 10-K and other filings with the Securities and Exchange Commission.

APPENDIX

NON-GAAP FINANCIAL MEASURES

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

The company believes it is important to separately quantify the profit impact of two significant items in order for the company's results to be meaningful to readers. These items consist of (i) restructuring costs, which were incurred to generate longer-term benefits and (ii) remeasurement losses resulting from the settlements of pension obligations in the third quarter of 2020. The company does not consider these items indicative of earnings from ongoing business activities and believes the non-GAAP measure provides investors with useful perspective on underlying business results and trends and aids with assessing the company's period-over-period results. The company intends to discuss adjusted profit per share for the fourth quarter and full-year 2021, 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, 2021 - U.S. GAAP


$

1,664



13.4%


$

1,775



$

368



20.7%


$

1,426



$

2.60


Restructuring costs


35



0.3%


35



6



15.0%


29



$

0.06


Three Months Ended September 30, 2021 - Adjusted


$

1,699



13.7%


$

1,810



$

374



20.7%


$

1,455



$

2.66

















Three Months Ended September 30, 2020 - U.S. GAAP


$

985



10.0%


$

863



$

187



21.7%


$

668



$

1.22


Restructuring costs


112



1.1%


112



13



12.0%


99



$

0.18


Remeasurement losses of pension obligations




—%


77



12



15.6%


65



$

0.12


Three Months Ended September 30, 2020 - Adjusted


$

1,097



11.1%


$

1,052



$

212



20.2%


$

832



$

1.52

















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 14 to 24 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,


2021


2020


2021


2020

Sales and revenues:








  Sales of Machinery, Energy & Transportation

$

11,707



$

9,228



$

35,091



$

28,452


  Revenues of Financial Products

690



653



2,082



2,061


  Total sales and revenues

12,397



9,881



37,173



30,513










Operating costs:








  Cost of goods sold

8,617



6,919



25,510



21,298


  Selling, general and administrative expenses

1,340



1,126



3,943



3,426


  Research and development expenses

427



344



1,247



1,041


  Interest expense of Financial Products

111



137



352



461


  Other operating (income) expenses

238



370



854



1,114


  Total operating costs

10,733



8,896



31,906



27,340










Operating profit

1,664



985



5,267



3,173










  Interest expense excluding Financial Products

114



136



376



384


  Other income (expense)

225



14



751



265










Consolidated profit before taxes

1,775



863



5,642



3,054










  Provision (benefit) for income taxes

368



187



1,313



839


  Profit of consolidated companies

1,407



676



4,329



2,215










  Equity in profit (loss) of unconsolidated affiliated companies

21



(5)



44



8










Profit of consolidated and affiliated companies

1,428



671



4,373



2,223










Less: Profit (loss) attributable to noncontrolling interests

2



3



4



5










Profit 1

$

1,426



$

668



$

4,369



$

2,218


















Profit per common share

$

2.62



$

1.23



$

8.00



$

4.08


Profit per common share — diluted 2

$

2.60



$

1.22



$

7.94



$

4.05










Weighted-average common shares outstanding (millions)








– Basic

544.0



542.3



545.8



543.9


– Diluted 2

547.6



546.4



550.2



547.8











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,
2021


December 31,
2020

Assets




Current assets:




Cash and cash equivalents

$

9,446



$

9,352


Receivables – trade and other

7,647



7,317


Receivables – finance

8,919



9,463


Prepaid expenses and other current assets

2,215



1,930


Inventories

13,666



11,402


Total current assets

41,893



39,464






Property, plant and equipment – net

11,904



12,401


Long-term receivables – trade and other

1,273



1,185


Long-term receivables – finance

12,605



12,222


Noncurrent deferred and refundable income taxes

1,744



1,523


Intangible assets

1,121



1,308


Goodwill

6,353



6,394


Other assets

3,891



3,827


Total assets

$

80,784



$

78,324






Liabilities




Current liabilities:




Short-term borrowings:




-- Machinery, Energy & Transportation

$



$

10


-- Financial Products

3,247



2,005


Accounts payable

7,218



6,128


Accrued expenses

3,579



3,642


Accrued wages, salaries and employee benefits

2,075



1,096


Customer advances

1,155



1,108


Dividends payable



562


Other current liabilities

2,319



2,017


Long-term debt due within one year:




-- Machinery, Energy & Transportation

48



1,420


-- Financial Products

6,335



7,729


Total current liabilities

25,976



25,717






Long-term debt due after one year:




-- Machinery, Energy & Transportation

9,759



9,749


-- Financial Products

17,395



16,250


Liability for postemployment benefits

6,395



6,872


Other liabilities

4,564



4,358


Total liabilities

64,089



62,946






Shareholders' equity




Common stock

6,352



6,230


Treasury stock

(26,608)



(25,178)


Profit employed in the business

38,361



35,167


Accumulated other comprehensive income (loss)

(1,440)



(888)


Noncontrolling interests

30



47


Total shareholders' equity

16,695



15,378


Total liabilities and shareholders' equity

$

80,784



$

78,324


 

Caterpillar Inc.

Condensed Consolidated Statement of Cash Flow

(Unaudited)

(Millions of dollars)



Nine Months Ended

September 30,


2021


2020

Cash flow from operating activities:




Profit of consolidated and affiliated companies

$

4,373



$

2,223


Adjustments for non-cash items:




Depreciation and amortization

1,766



1,815


Net gain on remeasurement of pension obligations



(55)


Provision (benefit) for deferred income taxes

(321)



(38)


Other

102



919


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




Receivables – trade and other

(326)



1,473


Inventories

(2,195)



(139)


Accounts payable

1,232



(596)


Accrued expenses

46



(286)


Accrued wages, salaries and employee benefits

934



(547)


Customer advances

39



13


Other assets – net

138



(15)


Other liabilities – net

(2)



(512)


Net cash provided by (used for) operating activities

5,786



4,255


Cash flow from investing activities:




Capital expenditures – excluding equipment leased to others

(673)



(686)


Expenditures for equipment leased to others

(1,014)



(805)


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

877



550


Additions to finance receivables

(9,603)



(9,278)


Collections of finance receivables

9,221



9,656


Proceeds from sale of finance receivables

44



37


Investments and acquisitions (net of cash acquired)

(449)



(93)


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

23



13


Proceeds from sale of securities

424



239


Investments in securities

(934)



(512)


Other – net

(8)



(80)


Net cash provided by (used for) investing activities

(2,092)



(959)


Cash flow from financing activities:




Dividends paid

(1,733)



(1,683)


Common stock issued, including treasury shares reissued

122



110


Common shares repurchased

(1,622)



(1,130)


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

6,931



9,418


Payments on debt (original maturities greater than three months)

(8,620)



(6,789)


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

1,324



(2,138)


Other – net

(4)



(1)


Net cash provided by (used for) financing activities

(3,602)



(2,213)


Effect of exchange rate changes on cash

(9)



(56)


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

83



1,027


Cash, cash equivalents and restricted cash at beginning of period

9,366



8,292


Cash, cash equivalents and restricted cash at end of period

$

9,449



$

9,319



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, 2021

(Unaudited)

(Millions of dollars)





Supplemental Consolidating Data



Consolidated


Machinery,

Energy &
Transportation


Financial

Products


Consolidating

Adjustments


Sales and revenues:









Sales of Machinery, Energy & Transportation

$

11,707



$

11,707



$



$



Revenues of Financial Products

690





787



(97)


1

Total sales and revenues

12,397



11,707



787



(97)












Operating costs:









Cost of goods sold

8,617



8,618





(1)


2

Selling, general and administrative expenses

1,340



1,147



200



(7)


2

Research and development expenses

427



427







Interest expense of Financial Products

111





111





Other operating (income) expenses

238



(56)



310



(16)


2

Total operating costs

10,733



10,136



621



(24)












Operating profit

1,664



1,571



166



(73)












Interest expense excluding Financial Products

114



114







Other income (expense)

225



143



9



73


3










Consolidated profit before taxes

1,775



1,600



175














Provision (benefit) for income taxes

368



331



37





Profit of consolidated companies

1,407



1,269



138














Equity in profit (loss) of unconsolidated affiliated companies

21



23





(2)


4










Profit of consolidated and affiliated companies

1,428



1,292



138



(2)












Less: Profit (loss) attributable to noncontrolling interests

2



1



3



(2)


5










Profit 6

$

1,426



$

1,291



$

135



$




1

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

2

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

3

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

4

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

5

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

6

Profit attributable to common shareholders.

 

Caterpillar Inc.

Supplemental Data for Results of Operations

For the Three Months Ended September 30, 2020

(Unaudited)

(Millions of dollars)





Supplemental Consolidating Data



Consolidated


Machinery,
Energy &
Transportation


Financial

Products


Consolidating

Adjustments


Sales and revenues:









Sales of Machinery, Energy & Transportation

$

9,228



$

9,228



$



$



Revenues of Financial Products

653





740



(87)


1

Total sales and revenues

9,881



9,228



740



(87)












Operating costs:









Cost of goods sold

6,919



6,921





(2)


2

Selling, general and administrative expenses

1,126



943



189



(6)


2

Research and development expenses

344



344







Interest expense of Financial Products

137





137





Other operating (income) expenses

370



95



287



(12)


2

Total operating costs

8,896



8,303



613



(20)












Operating profit

985



925



127



(67)












Interest expense excluding Financial Products

136



136







Other income (expense)

14



(62)



9



67


3










Consolidated profit before taxes

863



727



136














Provision (benefit) for income taxes

187



133



54





Profit of consolidated companies

676



594



82














Equity in profit (loss) of unconsolidated affiliated companies

(5)



(4)





(1)


4










Profit of consolidated and affiliated companies

671



590



82



(1)












Less: Profit (loss) attributable to noncontrolling interests

3





4



(1)


5










Profit 6

$

668



$

590



$

78



$




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, 2021

(Unaudited)

(Millions of dollars)





Supplemental Consolidating Data



Consolidated


Machinery,

Energy &
Transportation


Financial

Products


Consolidating

Adjustments


Sales and revenues:









Sales of Machinery, Energy & Transportation

$

35,091



$

35,091



$



$



Revenues of Financial Products

2,082





2,371



(289)


1

Total sales and revenues

37,173



35,091



2,371



(289)












Operating costs:









Cost of goods sold

25,510



25,515





(5)


2

Selling, general and administrative expenses

3,943



3,471



483



(11)


2

Research and development expenses

1,247



1,247







Interest expense of Financial Products

352





352





Other operating (income) expenses

854



(30)



931



(47)


2

Total operating costs

31,906



30,203



1,766



(63)












Operating profit

5,267



4,888



605



(226)












Interest expense excluding Financial Products

376



376







Other income (expense)

751



819



56



(124)


3










Consolidated profit before taxes

5,642



5,331



661



(350)












Provision (benefit) for income taxes

1,313



1,158



155





Profit of consolidated companies

4,329



4,173



506



(350)












Equity in profit (loss) of unconsolidated affiliated companies

44



52





(8)


4










Profit of consolidated and affiliated companies

4,373



4,225



506



(358)












Less: Profit (loss) attributable to noncontrolling interests

4



3



9



(8)


5










Profit 6

$

4,369



$

4,222



$

497



$

(350)




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, 2020

(Unaudited)

(Millions of dollars)





Supplemental Consolidating Data



Consolidated


Machinery,

Energy &
Transportation


Financial

Products


Consolidating

Adjustments


Sales and revenues:









Sales of Machinery, Energy & Transportation

$

28,452



$

28,452



$



$



Revenues of Financial Products

2,061





2,350



(289)


1

Total sales and revenues

30,513



28,452



2,350



(289)












Operating costs:









Cost of goods sold

21,298



21,302





(4)


2

Selling, general and administrative expenses

3,426



2,867



572



(13)


2

Research and development expenses

1,041



1,041







Interest expense of Financial Products

461





462



(1)


3

Other operating (income) expenses

1,114



227



927



(40)


2

Total operating costs

27,340



25,437



1,961



(58)












Operating profit

3,173



3,015



389



(231)












Interest expense excluding Financial Products

384



383





1


3

Other income (expense)

265



60



(7)



212


4










Consolidated profit before taxes

3,054



2,692



382



(20)












Provision (benefit) for income taxes

839



720



119





Profit of consolidated companies

2,215



1,972



263



(20)












Equity in profit (loss) of unconsolidated affiliated companies

8



18





(10)


5










Profit of consolidated and affiliated companies

2,223



1,990



263



(30)












Less: Profit (loss) attributable to noncontrolling interests

5



2



13



(10)


6










Profit 7

$

2,218



$

1,988



$

250



$

(20)




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, 2021

(Unaudited)

(Millions of dollars)





Supplemental Consolidating Data



Consolidated


Machinery,

Energy &

Transportation


Financial

Products


Consolidating

Adjustments


Assets









Current assets:









Cash and cash equivalents

$

9,446



$

8,554



$

892



$



Receivables – trade and other

7,647



3,175



430



4,042


1,2

Receivables – finance

8,919





13,095



(4,176)


2

Prepaid expenses and other current assets

2,215



1,831



425



(41)


3

Inventories

13,666



13,666







Total current assets

41,893



27,226



14,842



(175)












Property, plant and equipment – net

11,904



7,957



3,947





Long-term receivables – trade and other

1,273



389



215



669


1,2

Long-term receivables – finance

12,605





13,301



(696)


2

Noncurrent deferred and refundable income taxes

1,744



2,279



105



(640)


4

Intangible assets

1,121



1,121







Goodwill

6,353



6,353







Other assets

3,891



3,233



1,869



(1,211)


5

Total assets

$

80,784



$

48,558



$

34,279



$

(2,053)












Liabilities









Current liabilities:









Short-term borrowings

$

3,247



$



$

3,247



$



Accounts payable

7,218



7,112



240



(134)


6

Accrued expenses

3,579



3,234



345





Accrued wages, salaries and employee benefits

2,075



2,031



44





Customer advances

1,155



1,155







Dividends payable









Other current liabilities

2,319



1,694



689



(64)


4,7

Long-term debt due within one year

6,383



48



6,335





Total current liabilities

25,976



15,274



10,900



(198)












Long-term debt due after one year

27,154



9,786



17,395



(27)


8

Liability for postemployment benefits

6,395



6,394



1





Other liabilities

4,564



3,905



1,371



(712)


4

Total liabilities

64,089



35,359



29,667



(937)












Shareholders' equity









Common stock

6,352



6,352



919



(919)


9

Treasury stock

(26,608)



(26,608)







Profit employed in the business

38,361



34,138



4,212



11


9

Accumulated other comprehensive income (loss)

(1,440)



(715)



(725)





Noncontrolling interests

30



32



206



(208)


9

Total shareholders' equity

16,695



13,199



4,612



(1,116)



Total liabilities and shareholders' equity

$

80,784



$

48,558



$

34,279



$

(2,053)




1

Elimination of receivables between ME&T and Financial Products.

2

Reclassification of ME&T's trade receivables purchased by Financial Products and Financial Products' wholesale inventory receivables.

3

Elimination of ME&T's insurance premiums that are prepaid to Financial Products.

4

Reclassification reflecting required netting of deferred tax assets/liabilities by taxing jurisdiction.

5

Elimination of other intercompany assets between ME&T and Financial Products.

6

Elimination of payables between ME&T and Financial Products.

7

Elimination of prepaid insurance in Financial Products' other liabilities.

8

Elimination of debt between ME&T and Financial Products.

9

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

 

Caterpillar Inc.

Supplemental Data for Financial Position

At December 31, 2020

(Unaudited)

(Millions of dollars)





Supplemental Consolidating Data



Consolidated


Machinery,

Energy &

Transportation


Financial

Products


Consolidating

Adjustments


Assets









Current assets:









Cash and cash equivalents

$

9,352



$

8,822



$

530



$



Receivables – trade and other

7,317



3,846



397



3,074


1,2

Receivables – finance

9,463





13,681



(4,218)


2

Prepaid expenses and other current assets

1,930



1,376



624



(70)


3

Inventories

11,402



11,402







Total current assets

39,464



25,446



15,232



(1,214)












Property, plant and equipment – net

12,401



8,309



4,092





Long-term receivables – trade and other

1,185



363



164



658


1,2

Long-term receivables – finance

12,222





12,895



(673)


2

Noncurrent deferred and refundable income taxes

1,523



2,058



110



(645)


4

Intangible assets

1,308



1,308







Goodwill

6,394



6,394







Other assets

3,827



3,158



1,871



(1,202)


5

Total assets

$

78,324



$

47,036



$

34,364



$

(3,076)












Liabilities









Current liabilities:









Short-term borrowings

$

2,015



$

10



$

2,005



$



Short-term borrowings with consolidated companies





1,000



(1,000)


6

Accounts payable

6,128



6,060



212



(144)


7

Accrued expenses

3,642



3,099



543





Accrued wages, salaries and employee benefits

1,096



1,081



15





Customer advances

1,108



1,108







Dividends payable

562



562







Other current liabilities

2,017



1,530



580



(93)


4,8

Long-term debt due within one year

9,149



1,420



7,729





Total current liabilities

25,717



14,870



12,084



(1,237)












Long-term debt due after one year

25,999



9,764



16,250



(15)


6

Liability for postemployment benefits

6,872



6,872







Other liabilities

4,358



3,691



1,385



(718)


4

Total liabilities

62,946



35,197



29,719



(1,970)












Shareholders' equity









Common stock

6,230



6,230



919



(919)


9

Treasury stock

(25,178)



(25,178)







Profit employed in the business

35,167



31,091



4,065



11


9

Accumulated other comprehensive income (loss)

(888)



(352)



(536)





Noncontrolling interests

47



48



197



(198)


9

Total shareholders' equity

15,378



11,839



4,645



(1,106)



Total liabilities and shareholders' equity

$

78,324



$

47,036



$

34,364



$

(3,076)




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 debt between ME&T and Financial Products.

7

Elimination of payables between ME&T and Financial Products.

8

Elimination of prepaid insurance in Financial Products' other liabilities.

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, 2021

(Unaudited)

(Millions of dollars)





Supplemental Consolidating Data



Consolidated


Machinery,
Energy & Transportation


Financial

Products


Consolidating

Adjustments


Cash flow from operating activities:









Profit of consolidated and affiliated companies

$

4,373



$

4,225



$

506



$

(358)


1, 5

Adjustments for non-cash items:









Depreciation and amortization

1,766



1,162



604





Provision (benefit) for deferred income taxes

(321)



(255)



(66)





Other

102



104



(135)



133


2

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









Receivables – trade and other

(326)



(338)



40



(28)


2, 3

Inventories

(2,195)



(2,194)





(1)


2

Accounts payable

1,232



1,194



28



10


2

Accrued expenses

46



117



(71)





Accrued wages, salaries and employee benefits

934



905



29





Customer advances

39



39







Other assets – net

138



133



24



(19)


2

Other liabilities – net

(2)



(193)



144



47


2

Net cash provided by (used for) operating activities

5,786



4,899



1,103



(216)



Cash flow from investing activities:









Capital expenditures – excluding equipment leased to others

(673)



(670)



(11)



8


2

Expenditures for equipment leased to others

(1,014)



(23)



(997)



6


2

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

877



71



818



(12)


2

Additions to finance receivables

(9,603)





(10,292)



689


3

Collections of finance receivables

9,221





9,946



(725)


3

Net intercompany purchased receivables





100



(100)


3

Proceeds from sale of finance receivables

44





44





Net intercompany borrowings



1,000



3



(1,003)


4

Investments and acquisitions (net of cash acquired)

(449)



(449)







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

23



23







Proceeds from sale of securities

424



44



380





Investments in securities

(934)



(542)



(392)





Other – net

(8)



59



(67)





Net cash provided by (used for) investing activities

(2,092)



(487)



(468)



(1,137)



Cash flow from financing activities:









Dividends paid

(1,733)



(1,733)



(350)



350


5

Common stock issued, including treasury shares reissued

122



122







Common shares repurchased

(1,622)



(1,622)







Net intercompany borrowings



(3)



(1,000)



1,003


4

Proceeds from debt issued > 90 days

6,931



494



6,437





Payments on debt > 90 days

(8,620)



(1,910)



(6,710)





Short-term borrowings – net < 90 days

1,324



(10)



1,334





Other – net

(4)



(4)







Net cash provided by (used for) financing activities

(3,602)



(4,666)



(289)



1,353



Effect of exchange rate changes on cash

(9)



(14)



5





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

83



(268)



351





Cash, cash equivalents and restricted cash at beginning of period

9,366



8,822



544





Cash, cash equivalents and restricted cash at end of period

$

9,449



$

8,554



$

895



$




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, 2020

(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

$

2,223



$

1,990



$

263



$

(30)


1, 5

Adjustments for non-cash items:









Depreciation and amortization

1,815



1,217



598





Net gain on remeasurement of pension obligations

(55)



(55)







Provision (benefit) for deferred income taxes

(38)



(5)



(33)





Other

919



494



167



258


2

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









Receivables – trade and other

1,473



616



(54)



911


2, 3

Inventories

(139)



(130)





(9)


2

Accounts payable

(596)



(599)



(6)



9


2

Accrued expenses

(286)



(314)



28





Accrued wages, salaries and employee benefits

(547)



(512)



(35)





Customer advances

13



13







Other assets – net

(15)



(136)



26



95


2

Other liabilities – net

(512)



(514)



83



(81)


2

Net cash provided by (used for) operating activities

4,255



2,065



1,037



1,153



Cash flow from investing activities:









Capital expenditures – excluding equipment leased to others

(686)



(687)



(11)



12


2

Expenditures for equipment leased to others

(805)



2



(823)



16


2

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

550



119



451



(20)


2

Additions to finance receivables

(9,278)





(10,234)



956


3

Collections of finance receivables

9,656





10,822



(1,166)


3

Net intercompany purchased receivables





971



(971)


3

Proceeds from sale of finance receivables

37





37





Net intercompany borrowings



599



6



(605)


4

Investments and acquisitions (net of cash acquired)

(93)



(93)







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

13



13







Proceeds from sale of securities

239



17



222





Investments in securities

(512)



(15)



(497)





Other – net

(80)



(21)



(59)





Net cash provided by (used for) investing activities

(959)



(66)



885



(1,778)



Cash flow from financing activities:









Dividends paid

(1,683)



(1,683)



(20)



20


5

Common stock issued, including treasury shares reissued

110



110







Common shares repurchased

(1,130)



(1,130)







Net intercompany borrowings



(6)



(599)



605


4

Proceeds from debt issued > 90 days

9,418



1,991



7,427





Payments on debt > 90 days

(6,789)



(18)



(6,771)





Short-term borrowings – net < 90 days

(2,138)



(5)



(2,133)





Other – net

(1)



(1)







Net cash provided by (used for) financing activities

(2,213)



(742)



(2,096)



625



Effect of exchange rate changes on cash

(56)



(47)



(9)





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

1,027



1,210



(183)





Cash, cash equivalents and restricted cash at beginning of period

8,292



7,302



990





Cash, cash equivalents and restricted cash at end of period

$

9,319



$

8,512



$

807



$




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-2021-results-301410775.html

SOURCE Caterpillar Inc.

Nachrichten zu Caterpillar Inc.

  • Relevant
  • Alle
  • vom Unternehmen
  • Peer Group
  • ?

Um Ihnen die Übersicht über die große Anzahl an Nachrichten, die jeden Tag für ein Unternehmen erscheinen, etwas zu erleichtern, haben wir den Nachrichtenfeed in folgende Kategorien aufgeteilt:

Relevant: Nachrichten von ausgesuchten Quellen, die sich im Speziellen mit diesem Unternehmen befassen

Alle: Alle Nachrichten, die dieses Unternehmen betreffen. Z.B. auch Marktberichte die außerdem auch andere Unternehmen betreffen

vom Unternehmen: Nachrichten und Adhoc-Meldungen, die vom Unternehmen selbst veröffentlicht werden

Peer Group: Nachrichten von Unternehmen, die zur Peer Group gehören

Analysen zu Caterpillar Inc.

  • Alle
  • Buy
  • Hold
  • Sell
  • ?
01.07.2020Caterpillar buyDeutsche Bank AG
29.04.2020Caterpillar overweightJP Morgan Chase & Co.
28.04.2020Caterpillar buyGoldman Sachs Group Inc.
24.10.2019Caterpillar overweightJP Morgan Chase & Co.
25.07.2019Caterpillar buyGoldman Sachs Group Inc.
01.07.2020Caterpillar buyDeutsche Bank AG
29.04.2020Caterpillar overweightJP Morgan Chase & Co.
28.04.2020Caterpillar buyGoldman Sachs Group Inc.
24.10.2019Caterpillar overweightJP Morgan Chase & Co.
25.07.2019Caterpillar buyGoldman Sachs Group Inc.
03.04.2019Caterpillar HoldDeutsche Bank AG
26.12.2018Caterpillar AccumulateStandpoint Research
07.09.2018Caterpillar PerformOppenheimer & Co. Inc.
31.07.2018Caterpillar Equal WeightBarclays Capital
25.10.2017Caterpillar Sector PerformRBC Capital Markets
26.02.2019Caterpillar SellUBS AG
26.01.2017Caterpillar SellStandpoint Research
25.01.2016Caterpillar SellGoldman Sachs Group Inc.
05.01.2015Caterpillar UnderweightJP Morgan Chase & Co.
01.02.2010Caterpillar nicht anfassenFrankfurter Tagesdienst

Um die Übersicht zu verbessern, haben Sie die Möglichkeit, die Analysen für Caterpillar Inc. nach folgenden Kriterien zu filtern.

Alle: Alle Empfehlungen

Buy: Kaufempfehlungen wie z.B. "kaufen" oder "buy"

Hold: Halten-Empfehlungen wie z.B. "halten" oder "neutral"

Sell: Verkaufsempfehlungn wie z.B. "verkaufen" oder "reduce"
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