UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 | |||||||||||||||||||||||||||||||||||
FORM | |||||||||||||||||||||||||||||||||||
Current Report | |||||||||||||||||||||||||||||||||||
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | |||||||||||||||||||||||||||||||||||
Date of Report (Date of earliest event reported): | |||||||||||||||||||||||||||||||||||
(Exact name of registrant as specified in its charter) | |||||||||||||||||||||||||||||||||||
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) | |||||||||||||||||||||||||||||||
Registrant’s telephone number, including area code: | ||||||||||||||||||||||||||||||||
Former name or former address, if changed since last report: | N/A |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||||||||||||||||||||||||||||||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||||||||||||||||||||||||||||||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||||||||||||||||||||||||||||||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||||||||||||||||||||||||||||||||
Securities registered pursuant to Section 12(b) of the Act: | |||||||||||||||||||||||||||||||||||
Title of each class | Trading Symbol (s) | Name of each exchange which registered | |||||||||||||||||||||||||||||||||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | |||||||||||||||||||||||||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined by Rule 405 of the Securities Act of | |||||||||||||||||||||||||||||||||||
1933 (17 CFR §230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2 of this chapter). | |||||||||||||||||||||||||||||||||||
Emerging growth company | |||||||||||||||||||||||||||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period | |||||||||||||||||||||||||||||||||||
for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ |
(d) | Exhibits: | ||||||||||
The following is furnished as an exhibit to this report: | |||||||||||
99.1 | |||||||||||
99.2 | |||||||||||
104 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL. |
SIGNATURES | ||||||||
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. | ||||||||
CATERPILLAR INC. | ||||||||
October 27, 2022 | By: | /s/ Suzette M. Long | ||||||
Suzette M. Long Chief Legal Officer and General Counsel | ||||||||
Third Quarter | |||||||||||
($ in billions except profit per share) | 2022 | 2021 | |||||||||
Sales and Revenues | $15.0 | $12.4 | |||||||||
Profit Per Share | $3.87 | $2.60 | |||||||||
Adjusted Profit Per Share | $3.95 | $2.66 |
● | Third-quarter 2022 sales and revenues increased 21% to $15.0 billion | ||||
● | Third-quarter 2022 profit per share of $3.87; adjusted profit per share of $3.95 | ||||
● | Returned $2.0 billion to shareholders through share repurchases and dividends in the quarter |
Sales and Revenues by Segment | |||||||||||||||||||||||||||||||||||||||||||||||
(Millions of dollars) | Third Quarter 2021 | Sales Volume | Price Realization | Currency | Inter-Segment / Other | Third Quarter 2022 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||
Construction Industries | $ | 5,255 | $ | 423 | $ | 781 | $ | (229) | $ | 46 | $ | 6,276 | $ | 1,021 | 19% | ||||||||||||||||||||||||||||||||
Resource Industries | 2,366 | 338 | 443 | (59) | (1) | 3,087 | 721 | 30% | |||||||||||||||||||||||||||||||||||||||
Energy & Transportation | 5,077 | 618 | 409 | (171) | 253 | 6,186 | 1,109 | 22% | |||||||||||||||||||||||||||||||||||||||
All Other Segment | 119 | 2 | — | (2) | (16) | 103 | (16) | (13%) | |||||||||||||||||||||||||||||||||||||||
Corporate Items and Eliminations | (1,110) | 16 | 2 | — | (282) | (1,374) | (264) | ||||||||||||||||||||||||||||||||||||||||
Machinery, Energy & Transportation | 11,707 | 1,397 | 1,635 | (461) | — | 14,278 | 2,571 | 22% | |||||||||||||||||||||||||||||||||||||||
Financial Products Segment | 762 | — | — | — | 57 | 819 | 57 | 7% | |||||||||||||||||||||||||||||||||||||||
Corporate Items and Eliminations | (72) | — | — | — | (31) | (103) | (31) | ||||||||||||||||||||||||||||||||||||||||
Financial Products Revenues | 690 | — | — | — | 26 | 716 | 26 | 4% | |||||||||||||||||||||||||||||||||||||||
Consolidated Sales and Revenues | $ | 12,397 | $ | 1,397 | $ | 1,635 | $ | (461) | $ | 26 | $ | 14,994 | $ | 2,597 | 21% | ||||||||||||||||||||||||||||||||
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 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction Industries | $ | 3,106 | 29% | $ | 799 | 51% | $ | 1,247 | 1% | $ | 1,084 | 1% | $ | 6,236 | 19% | $ | 40 | 767% | $ | 6,276 | 19% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Resource Industries | 1,122 | 66% | 472 | 13% | 526 | 15% | 893 | 20% | 3,013 | 32% | 74 | (1%) | 3,087 | 30% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Energy & Transportation | 2,422 | 26% | 468 | 42% | 1,280 | 12% | 827 | 11% | 4,997 | 21% | 1,189 | 27% | 6,186 | 22% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
All Other Segment | 16 | (11%) | — | —% | 4 | 33% | 15 | 7% | 35 | —% | 68 | (19%) | 103 | (13%) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate Items and Eliminations | 1 | — | — | (4) | (3) | (1,371) | (1,374) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Machinery, Energy & Transportation | 6,667 | 33% | 1,739 | 36% | 3,057 | 8% | 2,815 | 9% | 14,278 | 22% | — | —% | 14,278 | 22% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Products Segment | 522 | 9% | 90 | 32% | 100 | (5%) | 107 | (4%) | 819 | 7% | — | —% | 819 | 7% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate Items and Eliminations | (54) | (20) | (12) | (17) | (103) | — | (103) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Products Revenues | 468 | 6% | 70 | 27% | 88 | (8%) | 90 | (8%) | 716 | 4% | — | —% | 716 | 4% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Sales and Revenues | $ | 7,135 | 31% | $ | 1,809 | 36% | $ | 3,145 | 7% | $ | 2,905 | 9% | $ | 14,994 | 21% | $ | — | —% | $ | 14,994 | 21% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Third Quarter 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction Industries | $ | 2,417 | $ | 528 | $ | 1,240 | $ | 1,076 | $ | 5,261 | $ | (6) | $ | 5,255 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Resource Industries | 674 | 417 | 456 | 744 | 2,291 | 75 | 2,366 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Energy & Transportation | 1,924 | 329 | 1,144 | 744 | 4,141 | 936 | 5,077 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
All Other Segment | 18 | — | 3 | 14 | 35 | 84 | 119 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate Items and Eliminations | (19) | — | — | (2) | (21) | (1,089) | (1,110) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Machinery, Energy & Transportation | 5,014 | 1,274 | 2,843 | 2,576 | 11,707 | — | 11,707 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Products Segment | 478 | 68 | 105 | 111 | 762 | — | 762 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate Items and Eliminations | (37) | (13) | (9) | (13) | (72) | — | (72) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Products Revenues | 441 | 55 | 96 | 98 | 690 | — | 690 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Sales and Revenues | $ | 5,455 | $ | 1,329 | $ | 2,939 | $ | 2,674 | $ | 12,397 | $ | — | $ | 12,397 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Profit by Segment | |||||||||||||||||||||||
(Millions of dollars) | Third Quarter 2022 | Third Quarter 2021 | $ Change | % Change | |||||||||||||||||||
Construction Industries | $ | 1,209 | $ | 866 | $ | 343 | 40 | % | |||||||||||||||
Resource Industries | 506 | 280 | 226 | 81 | % | ||||||||||||||||||
Energy & Transportation | 935 | 706 | 229 | 32 | % | ||||||||||||||||||
All Other Segment | 8 | 5 | 3 | 60 | % | ||||||||||||||||||
Corporate Items and Eliminations | (373) | (286) | (87) | ||||||||||||||||||||
Machinery, Energy & Transportation | 2,285 | 1,571 | 714 | 45 | % | ||||||||||||||||||
Financial Products Segment | 220 | 173 | 47 | 27 | % | ||||||||||||||||||
Corporate Items and Eliminations | 30 | (7) | 37 | ||||||||||||||||||||
Financial Products | 250 | 166 | 84 | 51 | % | ||||||||||||||||||
Consolidating Adjustments | (110) | (73) | (37) | ||||||||||||||||||||
Consolidated Operating Profit | $ | 2,425 | $ | 1,664 | $ | 761 | 46 | % | |||||||||||||||
Corporate Items and Eliminations included corporate-level expenses, timing differences (as some expenses are reported in segment profit on a cash basis), methodology differences between segment and consolidated external reporting (the company values segment inventories and cost of sales using a current cost methodology), certain restructuring costs and inter-segment eliminations. | |||||||||||||||||||||||
CONSTRUCTION INDUSTRIES | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Millions of dollars) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Sales | ||||||||||||||||||||||||||||||||||||||||||||||||||
Third Quarter 2021 | Sales Volume | Price Realization | Currency | Inter-Segment | Third Quarter 2022 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||||||
Total Sales | $ | 5,255 | $ | 423 | $ | 781 | $ | (229) | $ | 46 | $ | 6,276 | $ | 1,021 | 19 | % | ||||||||||||||||||||||||||||||||||
Sales by Geographic Region | ||||||||||||||||||||||||||||||||||||||||||||||||||
Third Quarter 2022 | Third Quarter 2021 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||||||||||
North America | $ | 3,106 | $ | 2,417 | $ | 689 | 29 | % | ||||||||||||||||||||||||||||||||||||||||||
Latin America | 799 | 528 | 271 | 51 | % | |||||||||||||||||||||||||||||||||||||||||||||
EAME | 1,247 | 1,240 | 7 | 1 | % | |||||||||||||||||||||||||||||||||||||||||||||
Asia/Pacific | 1,084 | 1,076 | 8 | 1 | % | |||||||||||||||||||||||||||||||||||||||||||||
External Sales | 6,236 | 5,261 | 975 | 19 | % | |||||||||||||||||||||||||||||||||||||||||||||
Inter-segment | 40 | (6) | 46 | 767 | % | |||||||||||||||||||||||||||||||||||||||||||||
Total Sales | $ | 6,276 | $ | 5,255 | $ | 1,021 | 19 | % | ||||||||||||||||||||||||||||||||||||||||||
Segment Profit | ||||||||||||||||||||||||||||||||||||||||||||||||||
Third Quarter 2022 | Third Quarter 2021 | Change | % Change | |||||||||||||||||||||||||||||||||||||||||||||||
Segment Profit | $ | 1,209 | $ | 866 | $ | 343 | 40 | % | ||||||||||||||||||||||||||||||||||||||||||
Segment Profit Margin | 19.3 | % | 16.5 | % | 2.8 | pts | ||||||||||||||||||||||||||||||||||||||||||||
RESOURCE INDUSTRIES | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Millions of dollars) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Sales | ||||||||||||||||||||||||||||||||||||||||||||||||||
Third Quarter 2021 | Sales Volume | Price Realization | Currency | Inter-Segment | Third Quarter 2022 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||||||
Total Sales | $ | 2,366 | $ | 338 | $ | 443 | $ | (59) | $ | (1) | $ | 3,087 | $ | 721 | 30 | % | ||||||||||||||||||||||||||||||||||
Sales by Geographic Region | ||||||||||||||||||||||||||||||||||||||||||||||||||
Third Quarter 2022 | Third Quarter 2021 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||||||||||
North America | $ | 1,122 | $ | 674 | $ | 448 | 66 | % | ||||||||||||||||||||||||||||||||||||||||||
Latin America | 472 | 417 | 55 | 13 | % | |||||||||||||||||||||||||||||||||||||||||||||
EAME | 526 | 456 | 70 | 15 | % | |||||||||||||||||||||||||||||||||||||||||||||
Asia/Pacific | 893 | 744 | 149 | 20 | % | |||||||||||||||||||||||||||||||||||||||||||||
External Sales | 3,013 | 2,291 | 722 | 32 | % | |||||||||||||||||||||||||||||||||||||||||||||
Inter-segment | 74 | 75 | (1) | (1 | %) | |||||||||||||||||||||||||||||||||||||||||||||
Total Sales | $ | 3,087 | $ | 2,366 | $ | 721 | 30 | % | ||||||||||||||||||||||||||||||||||||||||||
Segment Profit | ||||||||||||||||||||||||||||||||||||||||||||||||||
Third Quarter 2022 | Third Quarter 2021 | Change | % Change | |||||||||||||||||||||||||||||||||||||||||||||||
Segment Profit | $ | 506 | $ | 280 | $ | 226 | 81 | % | ||||||||||||||||||||||||||||||||||||||||||
Segment Profit Margin | 16.4 | % | 11.8 | % | 4.6 | pts | ||||||||||||||||||||||||||||||||||||||||||||
ENERGY & TRANSPORTATION | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Millions of dollars) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Sales | ||||||||||||||||||||||||||||||||||||||||||||||||||
Third Quarter 2021 | Sales Volume | Price Realization | Currency | Inter-Segment | Third Quarter 2022 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||||||
Total Sales | $ | 5,077 | $ | 618 | $ | 409 | $ | (171) | $ | 253 | $ | 6,186 | $ | 1,109 | 22 | % | ||||||||||||||||||||||||||||||||||
Sales by Application | ||||||||||||||||||||||||||||||||||||||||||||||||||
Third Quarter 2022 | Third Quarter 2021 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||||||||||
Oil and Gas | $ | 1,323 | $ | 1,088 | $ | 235 | 22 | % | ||||||||||||||||||||||||||||||||||||||||||
Power Generation | 1,320 | 1,010 | 310 | 31 | % | |||||||||||||||||||||||||||||||||||||||||||||
Industrial | 1,158 | 948 | 210 | 22 | % | |||||||||||||||||||||||||||||||||||||||||||||
Transportation | 1,196 | 1,095 | 101 | 9 | % | |||||||||||||||||||||||||||||||||||||||||||||
External Sales | 4,997 | 4,141 | 856 | 21 | % | |||||||||||||||||||||||||||||||||||||||||||||
Inter-segment | 1,189 | 936 | 253 | 27 | % | |||||||||||||||||||||||||||||||||||||||||||||
Total Sales | $ | 6,186 | $ | 5,077 | $ | 1,109 | 22 | % | ||||||||||||||||||||||||||||||||||||||||||
Segment Profit | ||||||||||||||||||||||||||||||||||||||||||||||||||
Third Quarter 2022 | Third Quarter 2021 | Change | % Change | |||||||||||||||||||||||||||||||||||||||||||||||
Segment Profit | $ | 935 | $ | 706 | $ | 229 | 32 | % | ||||||||||||||||||||||||||||||||||||||||||
Segment Profit Margin | 15.1 | % | 13.9 | % | 1.2 | pts | ||||||||||||||||||||||||||||||||||||||||||||
FINANCIAL PRODUCTS SEGMENT | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Millions of dollars) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues by Geographic Region | ||||||||||||||||||||||||||||||||||||||||||||||||||
Third Quarter 2022 | Third Quarter 2021 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||||||||||
North America | $ | 522 | $ | 478 | $ | 44 | 9 | % | ||||||||||||||||||||||||||||||||||||||||||
Latin America | 90 | 68 | 22 | 32 | % | |||||||||||||||||||||||||||||||||||||||||||||
EAME | 100 | 105 | (5) | (5 | %) | |||||||||||||||||||||||||||||||||||||||||||||
Asia/Pacific | 107 | 111 | (4) | (4 | %) | |||||||||||||||||||||||||||||||||||||||||||||
Total Revenues | $ | 819 | $ | 762 | $ | 57 | 7 | % | ||||||||||||||||||||||||||||||||||||||||||
Segment Profit | ||||||||||||||||||||||||||||||||||||||||||||||||||
Third Quarter 2022 | Third Quarter 2021 | Change | % Change | |||||||||||||||||||||||||||||||||||||||||||||||
Segment Profit | $ | 220 | $ | 173 | $ | 47 | 27 | % | ||||||||||||||||||||||||||||||||||||||||||
(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, 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 | ||||||||||||||||||||||||||||||
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, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Sales and revenues: | |||||||||||||||||||||||
Sales of Machinery, Energy & Transportation | $ | 14,278 | $ | 11,707 | $ | 40,703 | $ | 35,091 | |||||||||||||||
Revenues of Financial Products | 716 | 690 | 2,127 | 2,082 | |||||||||||||||||||
Total sales and revenues | 14,994 | 12,397 | 42,830 | 37,173 | |||||||||||||||||||
Operating costs: | |||||||||||||||||||||||
Cost of goods sold | 10,202 | 8,617 | 29,736 | 25,510 | |||||||||||||||||||
Selling, general and administrative expenses | 1,401 | 1,340 | 4,172 | 3,943 | |||||||||||||||||||
Research and development expenses | 476 | 427 | 1,413 | 1,247 | |||||||||||||||||||
Interest expense of Financial Products | 151 | 111 | 377 | 352 | |||||||||||||||||||
Other operating (income) expenses | 339 | 238 | 908 | 854 | |||||||||||||||||||
Total operating costs | 12,569 | 10,733 | 36,606 | 31,906 | |||||||||||||||||||
Operating profit | 2,425 | 1,664 | 6,224 | 5,267 | |||||||||||||||||||
Interest expense excluding Financial Products | 109 | 114 | 326 | 376 | |||||||||||||||||||
Other income (expense) | 242 | 225 | 755 | 751 | |||||||||||||||||||
Consolidated profit before taxes | 2,558 | 1,775 | 6,653 | 5,642 | |||||||||||||||||||
Provision (benefit) for income taxes | 527 | 368 | 1,423 | 1,313 | |||||||||||||||||||
Profit of consolidated companies | 2,031 | 1,407 | 5,230 | 4,329 | |||||||||||||||||||
Equity in profit (loss) of unconsolidated affiliated companies | 9 | 21 | 20 | 44 | |||||||||||||||||||
Profit of consolidated and affiliated companies | 2,040 | 1,428 | 5,250 | 4,373 | |||||||||||||||||||
Less: Profit (loss) attributable to noncontrolling interests | (1) | 2 | (1) | 4 | |||||||||||||||||||
Profit 1 | $ | 2,041 | $ | 1,426 | $ | 5,251 | $ | 4,369 | |||||||||||||||
Profit per common share | $ | 3.89 | $ | 2.62 | $ | 9.91 | $ | 8.00 | |||||||||||||||
Profit per common share — diluted 2 | $ | 3.87 | $ | 2.60 | $ | 9.85 | $ | 7.94 | |||||||||||||||
Weighted-average common shares outstanding (millions) | |||||||||||||||||||||||
– Basic | 525.0 | 544.0 | 530.1 | 545.8 | |||||||||||||||||||
– Diluted 2 | 527.6 | 547.6 | 533.2 | 550.2 | |||||||||||||||||||
1 | Profit attributable to common shareholders. | ||||
2 | Diluted by assumed exercise of stock-based compensation awards using the treasury stock method. |
September 30, 2022 | December 31, 2021 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 6,346 | $ | 9,254 | |||||||
Receivables – trade and other | 8,158 | 8,477 | |||||||||
Receivables – finance | 8,918 | 8,898 | |||||||||
Prepaid expenses and other current assets | 2,295 | 2,788 | |||||||||
Inventories | 16,860 | 14,038 | |||||||||
Total current assets | 42,577 | 43,455 | |||||||||
Property, plant and equipment – net | 11,643 | 12,090 | |||||||||
Long-term receivables – trade and other | 1,278 | 1,204 | |||||||||
Long-term receivables – finance | 11,859 | 12,707 | |||||||||
Noncurrent deferred and refundable income taxes | 2,218 | 1,840 | |||||||||
Intangible assets | 806 | 1,042 | |||||||||
Goodwill | 6,092 | 6,324 | |||||||||
Other assets | 4,434 | 4,131 | |||||||||
Total assets | $ | 80,907 | $ | 82,793 | |||||||
Liabilities | |||||||||||
Current liabilities: | |||||||||||
Short-term borrowings: | |||||||||||
-- Machinery, Energy & Transportation | $ | 3 | $ | 9 | |||||||
-- Financial Products | 4,199 | 5,395 | |||||||||
Accounts payable | 8,260 | 8,154 | |||||||||
Accrued expenses | 4,013 | 3,757 | |||||||||
Accrued wages, salaries and employee benefits | 2,204 | 2,242 | |||||||||
Customer advances | 1,831 | 1,087 | |||||||||
Dividends payable | — | 595 | |||||||||
Other current liabilities | 2,878 | 2,256 | |||||||||
Long-term debt due within one year: | |||||||||||
-- Machinery, Energy & Transportation | 120 | 45 | |||||||||
-- Financial Products | 6,694 | 6,307 | |||||||||
Total current liabilities | 30,202 | 29,847 | |||||||||
Long-term debt due after one year: | |||||||||||
-- Machinery, Energy & Transportation | 9,479 | 9,746 | |||||||||
-- Financial Products | 16,030 | 16,287 | |||||||||
Liability for postemployment benefits | 5,038 | 5,592 | |||||||||
Other liabilities | 4,536 | 4,805 | |||||||||
Total liabilities | 65,285 | 66,277 | |||||||||
Shareholders’ equity | |||||||||||
Common stock | 6,523 | 6,398 | |||||||||
Treasury stock | (30,883) | (27,643) | |||||||||
Profit employed in the business | 43,304 | 39,282 | |||||||||
Accumulated other comprehensive income (loss) | (3,353) | (1,553) | |||||||||
Noncontrolling interests | 31 | 32 | |||||||||
Total shareholders’ equity | 15,622 | 16,516 | |||||||||
Total liabilities and shareholders’ equity | $ | 80,907 | $ | 82,793 |
Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Cash flow from operating activities: | |||||||||||
Profit of consolidated and affiliated companies | $ | 5,250 | $ | 4,373 | |||||||
Adjustments for non-cash items: | |||||||||||
Depreciation and amortization | 1,661 | 1,766 | |||||||||
Provision (benefit) for deferred income taxes | (349) | (321) | |||||||||
Other | 132 | 102 | |||||||||
Changes in assets and liabilities, net of acquisitions and divestitures: | |||||||||||
Receivables – trade and other | 365 | (326) | |||||||||
Inventories | (3,088) | (2,195) | |||||||||
Accounts payable | 786 | 1,232 | |||||||||
Accrued expenses | 70 | 46 | |||||||||
Accrued wages, salaries and employee benefits | 15 | 934 | |||||||||
Customer advances | 751 | 39 | |||||||||
Other assets – net | 57 | 138 | |||||||||
Other liabilities – net | (623) | (2) | |||||||||
Net cash provided by (used for) operating activities | 5,027 | 5,786 | |||||||||
Cash flow from investing activities: | |||||||||||
Capital expenditures – excluding equipment leased to others | (868) | (673) | |||||||||
Expenditures for equipment leased to others | (1,023) | (1,014) | |||||||||
Proceeds from disposals of leased assets and property, plant and equipment | 666 | 877 | |||||||||
Additions to finance receivables | (9,914) | (9,603) | |||||||||
Collections of finance receivables | 9,738 | 9,221 | |||||||||
Proceeds from sale of finance receivables | 50 | 44 | |||||||||
Investments and acquisitions (net of cash acquired) | (44) | (449) | |||||||||
Proceeds from sale of businesses and investments (net of cash sold) | 1 | 23 | |||||||||
Proceeds from sale of securities | 2,080 | 424 | |||||||||
Investments in securities | (2,399) | (934) | |||||||||
Other – net | 15 | (8) | |||||||||
Net cash provided by (used for) investing activities | (1,698) | (2,092) | |||||||||
Cash flow from financing activities: | |||||||||||
Dividends paid | (1,820) | (1,733) | |||||||||
Common stock issued, including treasury shares reissued | 2 | 122 | |||||||||
Common shares repurchased | (3,309) | (1,622) | |||||||||
Proceeds from debt issued (original maturities greater than three months) | 5,570 | 6,931 | |||||||||
Payments on debt (original maturities greater than three months) | (5,289) | (8,620) | |||||||||
Short-term borrowings – net (original maturities three months or less) | (1,311) | 1,324 | |||||||||
Other – net | (1) | (4) | |||||||||
Net cash provided by (used for) financing activities | (6,158) | (3,602) | |||||||||
Effect of exchange rate changes on cash | (79) | (9) | |||||||||
Increase (decrease) in cash, cash equivalents and restricted cash | (2,908) | 83 | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | 9,263 | 9,366 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 6,355 | $ | 9,449 |
Cash equivalents primarily represent short-term, highly liquid investments with original maturities of generally three months or less. |
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. |
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. | ||||
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. | ||||
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. | ||||
Supplemental Consolidating Data | ||||||||||||||||||||||||||
Consolidated | Machinery, Energy & Transportation | Financial Products | Consolidating Adjustments | |||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||||
Cash and cash equivalents | $ | 6,346 | $ | 5,403 | $ | 943 | $ | — | ||||||||||||||||||
Receivables – trade and other | 8,158 | 3,134 | 652 | 4,372 | 1,2 | |||||||||||||||||||||
Receivables – finance | 8,918 | — | 13,446 | (4,528) | 2 | |||||||||||||||||||||
Prepaid expenses and other current assets | 2,295 | 2,013 | 316 | (34) | 3 | |||||||||||||||||||||
Inventories | 16,860 | 16,860 | — | — | ||||||||||||||||||||||
Total current assets | 42,577 | 27,410 | 15,357 | (190) | ||||||||||||||||||||||
Property, plant and equipment – net | 11,643 | 7,810 | 3,833 | — | ||||||||||||||||||||||
Long-term receivables – trade and other | 1,278 | 319 | 512 | 447 | 1,2 | |||||||||||||||||||||
Long-term receivables – finance | 11,859 | — | 12,338 | (479) | 2 | |||||||||||||||||||||
Noncurrent deferred and refundable income taxes | 2,218 | 2,745 | 106 | (633) | 4 | |||||||||||||||||||||
Intangible assets | 806 | 806 | — | — | ||||||||||||||||||||||
Goodwill | 6,092 | 6,092 | — | — | ||||||||||||||||||||||
Other assets | 4,434 | 3,663 | 1,946 | (1,175) | 5 | |||||||||||||||||||||
Total assets | $ | 80,907 | $ | 48,845 | $ | 34,092 | $ | (2,030) | ||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||
Short-term borrowings | $ | 4,202 | $ | 3 | $ | 4,199 | $ | — | ||||||||||||||||||
Accounts payable | 8,260 | 8,149 | 267 | (156) | 6 | |||||||||||||||||||||
Accrued expenses | 4,013 | 3,622 | 391 | — | ||||||||||||||||||||||
Accrued wages, salaries and employee benefits | 2,204 | 2,160 | 44 | — | ||||||||||||||||||||||
Customer advances | 1,831 | 1,831 | — | — | ||||||||||||||||||||||
Other current liabilities | 2,878 | 2,126 | 807 | (55) | 4,7 | |||||||||||||||||||||
Long-term debt due within one year | 6,814 | 120 | 6,694 | — | ||||||||||||||||||||||
Total current liabilities | 30,202 | 18,011 | 12,402 | (211) | ||||||||||||||||||||||
Long-term debt due after one year | 25,509 | 9,511 | 16,030 | (32) | 8 | |||||||||||||||||||||
Liability for postemployment benefits | 5,038 | 5,038 | — | — | ||||||||||||||||||||||
Other liabilities | 4,536 | 3,659 | 1,565 | (688) | 4 | |||||||||||||||||||||
Total liabilities | 65,285 | 36,219 | 29,997 | (931) | ||||||||||||||||||||||
Shareholders’ equity | ||||||||||||||||||||||||||
Common stock | 6,523 | 6,523 | 905 | (905) | 9 | |||||||||||||||||||||
Treasury stock | (30,883) | (30,883) | — | — | ||||||||||||||||||||||
Profit employed in the business | 43,304 | 38,898 | 4,395 | 11 | 9 | |||||||||||||||||||||
Accumulated other comprehensive income (loss) | (3,353) | (1,946) | (1,407) | — | ||||||||||||||||||||||
Noncontrolling interests | 31 | 34 | 202 | (205) | 9 | |||||||||||||||||||||
Total shareholders’ equity | 15,622 | 12,626 | 4,095 | (1,099) | ||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 80,907 | $ | 48,845 | $ | 34,092 | $ | (2,030) |
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. | ||||
Supplemental Consolidating Data | ||||||||||||||||||||||||||
Consolidated | Machinery, Energy & Transportation | Financial Products | Consolidating Adjustments | |||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||||
Cash and cash equivalents | $ | 9,254 | $ | 8,428 | $ | 826 | $ | — | ||||||||||||||||||
Receivables – trade and other | 8,477 | 3,279 | 435 | 4,763 | 1,2 | |||||||||||||||||||||
Receivables – finance | 8,898 | — | 13,828 | (4,930) | 2 | |||||||||||||||||||||
Prepaid expenses and other current assets | 2,788 | 2,567 | 358 | (137) | 3 | |||||||||||||||||||||
Inventories | 14,038 | 14,038 | — | — | ||||||||||||||||||||||
Total current assets | 43,455 | 28,312 | 15,447 | (304) | ||||||||||||||||||||||
Property, plant and equipment – net | 12,090 | 8,172 | 3,918 | — | ||||||||||||||||||||||
Long-term receivables – trade and other | 1,204 | 375 | 204 | 625 | 1,2 | |||||||||||||||||||||
Long-term receivables – finance | 12,707 | — | 13,358 | (651) | 2 | |||||||||||||||||||||
Noncurrent deferred and refundable income taxes | 1,840 | 2,396 | 105 | (661) | 4 | |||||||||||||||||||||
Intangible assets | 1,042 | 1,042 | — | — | ||||||||||||||||||||||
Goodwill | 6,324 | 6,324 | — | — | ||||||||||||||||||||||
Other assets | 4,131 | 3,388 | 1,952 | (1,209) | 5 | |||||||||||||||||||||
Total assets | $ | 82,793 | $ | 50,009 | $ | 34,984 | $ | (2,200) | ||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||
Short-term borrowings | $ | 5,404 | $ | 9 | $ | 5,395 | $ | — | ||||||||||||||||||
Accounts payable | 8,154 | 8,079 | 242 | (167) | 6 | |||||||||||||||||||||
Accrued expenses | 3,757 | 3,385 | 372 | — | ||||||||||||||||||||||
Accrued wages, salaries and employee benefits | 2,242 | 2,186 | 56 | — | ||||||||||||||||||||||
Customer advances | 1,087 | 1,086 | 1 | — | ||||||||||||||||||||||
Dividends payable | 595 | 595 | — | — | ||||||||||||||||||||||
Other current liabilities | 2,256 | 1,773 | 642 | (159) | 4,7 | |||||||||||||||||||||
Long-term debt due within one year | 6,352 | 45 | 6,307 | — | ||||||||||||||||||||||
Total current liabilities | 29,847 | 17,158 | 13,015 | (326) | ||||||||||||||||||||||
Long-term debt due after one year | 26,033 | 9,772 | 16,287 | (26) | 8 | |||||||||||||||||||||
Liability for postemployment benefits | 5,592 | 5,592 | — | — | ||||||||||||||||||||||
Other liabilities | 4,805 | 4,106 | 1,425 | (726) | 4 | |||||||||||||||||||||
Total liabilities | 66,277 | 36,628 | 30,727 | (1,078) | ||||||||||||||||||||||
Shareholders’ equity | ||||||||||||||||||||||||||
Common stock | 6,398 | 6,398 | 919 | (919) | 9 | |||||||||||||||||||||
Treasury stock | (27,643) | (27,643) | — | — | ||||||||||||||||||||||
Profit employed in the business | 39,282 | 35,390 | 3,881 | 11 | 9 | |||||||||||||||||||||
Accumulated other comprehensive income (loss) | (1,553) | (799) | (754) | — | ||||||||||||||||||||||
Noncontrolling interests | 32 | 35 | 211 | (214) | 9 | |||||||||||||||||||||
Total shareholders’ equity | 16,516 | 13,381 | 4,257 | (1,122) | ||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 82,793 | $ | 50,009 | $ | 34,984 | $ | (2,200) |
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. | ||||
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. | ||||
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. Quarterly Retail Sales Statistics | ||||||||||||||
Machines and E&T Combined | 3rd Quarter 2022 | 2nd Quarter 2022 | 1st Quarter 2022 | 4th Quarter 2021 | ||||||||||
World | UP 7% | DOWN 3% | UP 2% | UP 7% | ||||||||||
Machines | 3rd Quarter 2022 | 2nd Quarter 2022 | 1st Quarter 2022 | 4th Quarter 2021 | ||||||||||
Asia/Pacific | UP 4% | DOWN 14% | DOWN 18% | DOWN 8% | ||||||||||
EAME | DOWN 2% | DOWN 3% | UP 10% | UP 24% | ||||||||||
Latin America | UP 9% | UP 18% | DOWN 1% | UP 15% | ||||||||||
North America | UP 2% | DOWN 3% | UP 17% | UP 1% | ||||||||||
World | UP 2% | DOWN 4% | UP 3% | UP 5% | ||||||||||
Resource Industries (RI) | 3rd Quarter 2022 | 2nd Quarter 2022 | 1st Quarter 2022 | 4th Quarter 2021 | ||||||||||
Asia/Pacific | UP 30% | UP 3% | UP 23% | UP 47% | ||||||||||
EAME | UP 5% | DOWN 1% | UP 17% | UP 13% | ||||||||||
Latin America | DOWN 11% | DOWN 4% | DOWN 34% | DOWN 20% | ||||||||||
North America | UP 8% | DOWN 7% | UP 36% | DOWN 7% | ||||||||||
World | UP 10% | DOWN 2% | UP 13% | UP 10% | ||||||||||
Construction Industries (CI) | 3rd Quarter 2022 | 2nd Quarter 2022 | 1st Quarter 2022 | 4th Quarter 2021 | ||||||||||
Asia/Pacific | DOWN 7% | DOWN 21% | DOWN 31% | DOWN 23% | ||||||||||
EAME | DOWN 5% | DOWN 3% | UP 8% | UP 29% | ||||||||||
Latin America | UP 20% | UP 28% | UP 25% | UP 40% | ||||||||||
North America | UP 1% | DOWN 3% | UP 14% | UP 3% | ||||||||||
World | UNCHANGED | DOWN 4% | UNCHANGED | UP 4% | ||||||||||
Reported in dollars and based on unit sales as reported primarily by dealers. | ||||||||||||||
Energy & Transportation (E&T) Retail Sales by industry for the quarter ended as indicated compared with the same period of the prior year: | ||||||||||||||
Energy & Transportation (E&T) | 3rd Quarter 2022 | 2nd Quarter 2022 | 1st Quarter 2022 | 4th Quarter 2021 | ||||||||||
Power Gen | UP 26% | UP 7% | DOWN 10% | UP 3% | ||||||||||
Industrial | UP 31% | UP 19% | UP 26% | UP 30% | ||||||||||
Transportation | UP 30% | DOWN 9% | UP 50% | UP 42% | ||||||||||
Oil & Gas | UP 11% | DOWN 13% | DOWN 12% | UP 9% | ||||||||||
Total | UP 22% | UNCHANGED | DOWN 1% | UP 12% | ||||||||||
Reported in dollars based on reporting from dealers and direct sales. |
· asphalt pavers | · forestry machines | · small and medium | ||||||
· backhoe loaders | · material handlers | track-type tractors | ||||||
· compactors | · motorgraders | · track-type loaders | ||||||
· cold planers | · pipelayers | · wheel excavators | ||||||
· compact track and | · road reclaimers | · compact, small and medium | ||||||
multi-terrain loaders | · skid steer loaders | wheel loaders | ||||||
· mini, small, medium | · telehandlers | |||||||
and large track excavators |
· electric rope shovels | · longwall miners | · landfill compactors | ||||||
· draglines | · large wheel loaders | · soil compactors | ||||||
· hydraulic shovels | · off-highway trucks | · machinery components | ||||||
· rotary drills | · articulated trucks | · autonomous ready vehicles and | ||||||
· hard rock vehicles | · wheel tractor scrapers | solutions | ||||||
· large track-type tractors | · wheel dozers | |||||||
· large mining trucks |
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