Segment Information (Tables)

6 Months Ended

Jun. 30, 2021

For the three and six months ended June 30, 2021 and 2020, sales and revenues by geographic region reconciled to consolidated sales and revenues were as follows:


Sales and Revenues by Geographic Region
(Millions of dollars)	North America		Latin America		EAME		Asia/ Pacific		External Sales and Revenues			Intersegment Sales and Revenues		Total Sales and Revenues
Three Months Ended June 30, 2021
Construction Industries	$	2,498	$	430	$	1,291	$	1,384	$	5,603		$	53	$	5,656
Resource Industries	799		487		525		660		2,471			108		2,579
Energy & Transportation	1,992		250		1,196		682		4,120			855		4,975
Financial Products Segment	488		65		96		125		774		1	—		774
Total sales and revenues from reportable segments	5,777		1,232		3,108		2,851		12,968			1,016		13,984
All Other operating segment	11		1		4		18		34			94		128
Corporate Items and Eliminations	(69)		(12)		(10)		(22)		(113)			(1,110)		(1,223)
Total Sales and Revenues	$	5,719	$	1,221	$	3,102	$	2,847	$	12,889		$	—	$	12,889

Three Months Ended June 30, 2020
Construction Industries	$	1,604	$	212	$	933	$	1,283	$	4,032		$	16	$	4,048
Resource Industries	507		270		379		554		1,710			116		1,826
Energy & Transportation	1,816		197		929		599		3,541			608		4,149
Financial Products Segment	493		60		96		114		763		1	—		763
Total sales and revenues from reportable segments	4,420		739		2,337		2,550		10,046			740		10,786
All Other operating segment	7		1		5		15		28			87		115
Corporate Items and Eliminations	(41)		(10)		(9)		(17)		(77)			(827)		(904)
Total Sales and Revenues	$	4,386	$	730	$	2,333	$	2,548	$	9,997		$	—	$	9,997

1 Includes revenues from Construction Industries, Resource Industries, Energy & Transportation and All Other operating segment of $92 million and $88 million in the three months ended June 30, 2021 and 2020, respectively.


Sales and Revenues by Geographic Region
(Millions of dollars)	North America		Latin America		EAME		Asia/ Pacific		External Sales and Revenues			Intersegment Sales and Revenues		Total Sales and Revenues
Six Months Ended June 30, 2021
Construction Industries	$	4,624	$	822	$	2,372	$	3,226	$	11,044		$	71	$	11,115
Resource Industries	1,456		892		999		1,221		4,568			227		4,795
Energy & Transportation	3,774		506		2,289		1,209		7,778			1,704		9,482
Financial Products Segment	964		127		196		248		1,535		1	—		1,535
Total sales and revenues from reportable segments	10,818		2,347		5,856		5,904		24,925			2,002		26,927
All Other operating segment	24		1		7		40		72			186		258
Corporate Items and Eliminations	(132)		(23)		(18)		(48)		(221)			(2,188)		(2,409)
Total Sales and Revenues	$	10,710	$	2,325	$	5,845	$	5,896	$	24,776		$	—	$	24,776

Six Months Ended June 30, 2020
Construction Industries	$	3,689	$	477	$	1,822	$	2,356	$	8,344		$	10	$	8,354
Resource Industries	1,203		590		774		1,122		3,689			221		3,910
Energy & Transportation	3,554		446		1,982		1,177		7,159			1,339		8,498
Financial Products Segment	1,018		130		198		231		1,577		1	—		1,577
Total sales and revenues from reportable segments	9,464		1,643		4,776		4,886		20,769			1,570		22,339
All Other operating segment	12		3		16		25		56			168		224
Corporate Items and Eliminations	(110)		(24)		(22)		(37)		(193)			(1,738)		(1,931)
Total Sales and Revenues	$	9,366	$	1,622	$	4,770	$	4,874	$	20,632		$	—	$	20,632

1 Includes revenues from Construction Industries, Resource Industries, Energy & Transportation and All Other operating segment of $176 million and $193 million in the six months ended June 30, 2021 and 2020, respectively.

For the three and six months ended June 30, 2021 and 2020, Energy & Transportation segment sales by end user application were as follows:


Energy & Transportation External Sales
	Three Months Ended June 30				Six Months Ended June 30
(Millions of dollars)	2021		2020		2021		2020
Oil and gas	$	1,137	$	1,027	$	2,052	$	1,888
Power generation	1,052		895		2,015		1,749
Industrial	899		678		1,712		1,479
Transportation	1,032		941		1,999		2,043
Energy & Transportation External Sales	$	4,120	$	3,541	$	7,778	$	7,159

Reconciliation of Consolidated profit before taxes


Reconciliation of Consolidated profit before taxes:

(Millions of dollars)	Three Months Ended June 30				Six Months Ended June 30
	2021		2020		2021		2020
Profit from reportable segments:
Construction Industries	$	1,024	$	518	$	2,059	$	1,158
Resource Industries	361		152		689		456
Energy & Transportation	731		624		1,397		1,226
Financial Products Segment	243		148		487		253
Total profit from reportable segments	2,359		1,442		4,632		3,093
Profit from All Other operating segment	(10)		(3)		(7)		4
Cost centers	11		(23)		32		9
Corporate costs	(202)		(120)		(387)		(287)
Timing	(124)		(24)		(190)		(51)
Restructuring costs	(25)		(96)		(89)		(124)
Methodology differences:
Inventory/cost of sales	7		(38)		7		(18)
Postretirement benefit expense	86		(118)		154		285
Stock-based compensation expense	(69)		(67)		(111)		(114)
Financing costs	(109)		(119)		(239)		(199)
Currency	50		(60)		236		(208)
Other income/expense methodology differences	(72)		(80)		(121)		(172)
Other methodology differences	(32)		(16)		(50)		(27)
Total consolidated profit before taxes	$	1,870	$	678	$	3,867	$	2,191

Reconciliation of Assets:


Reconciliation of Assets:

(Millions of dollars)	June 30, 2021		December 31, 2020
Assets from reportable segments:
Construction Industries	$	4,416	$	4,259
Resource Industries	5,848		6,035
Energy & Transportation	9,179		8,582
Financial Products Segment	34,933		34,278
Total assets from reportable segments	54,376		53,154
Assets from All Other operating segment	1,583		1,717
Items not included in segment assets:
Cash and short-term investments	10,028		8,822


Deferred income taxes	1,352		1,413
Goodwill and intangible assets	4,924		4,847
Property, plant and equipment – net and other assets	3,110		2,833
Inventory methodology differences	(2,707)		(2,536)
Liabilities included in segment assets	9,387		8,466
Other	(356)		(392)
Total assets	$	81,697	$	78,324

Reconciliation of Depreciation and amortization:


Reconciliation of Depreciation and amortization:
(Millions of dollars)
	Three Months Ended June 30				Six Months Ended June 30
	2021		2020		2021		2020
Depreciation and amortization from reportable segments:
Construction Industries	$	59	$	61	$	118	$	122
Resource Industries	101		104		200		207
Energy & Transportation	142		149		284		295
Financial Products Segment	191		198		387		403
Total depreciation and amortization from reportable segments	493		512		989		1,027
Items not included in segment depreciation and amortization:
All Other operating segment	60		63		122		125
Cost centers	24		32		50		65
Other	10		1		12		5
Total depreciation and amortization	$	587	$	608	$	1,173	$	1,222

Reconciliation of Capital expenditures:


Reconciliation of Capital expenditures:
(Millions of dollars)
	Three Months Ended June 30				Six Months Ended June 30
	2021		2020		2021		2020
Capital expenditures from reportable segments:
Construction Industries	$	36	$	28	$	64	$	48
Resource Industries	34		36		57		53
Energy & Transportation	143		144		224		231
Financial Products Segment	361		256		589		503
Total capital expenditures from reportable segments	574		464		934		835
Items not included in segment capital expenditures:
All Other operating segment	32		23		47		38
Cost centers	—		6		19		15
Timing	(15)		(14)		109		146
Other	5		(29)		(9)		(36)
Total capital expenditures	$	596	$	450	$	1,100	$	998