UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 | |||||||||||||||||||||||||||||||||||
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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. | ||||||||
January 31, 2023 | By: | /s/ Suzette M. Long | ||||||
Suzette M. Long Chief Legal Officer and General Counsel | ||||||||
● | Fourth-quarter 2022 sales and revenues up 20%; full-year sales and revenues up 17% | ||||
● | Fourth-quarter 2022 profit per share of $2.79; adjusted profit per share of $3.86 | ||||
● | Fourth-quarter 2022 included an unfavorable ME&T foreign currency impact of $0.41 per share in other income (expense), which negatively impacted profit per share and adjusted profit per share | ||||
● | Full-year profit per share of $12.64; adjusted profit per share of $13.84 | ||||
● | Strong operating cash flow of $7.8 billion; ended the year with $7.0 billion of enterprise cash | ||||
● | Returned $6.7 billion to shareholders through share repurchases and dividends in 2022 |
Fourth Quarter | Full Year | |||||||||||||||||||
($ in billions except profit per share) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||
Sales and Revenues | $16.6 | $13.8 | $59.4 | $51.0 | ||||||||||||||||
Profit Per Share | $2.79 | $3.91 | $12.64 | $11.83 | ||||||||||||||||
Adjusted Profit Per Share | $3.86 | $2.69 | $13.84 | $10.81 |
Sales and Revenues by Segment | |||||||||||||||||||||||||||||||||||||||||||||||
(Millions of dollars) | Fourth Quarter 2021 | Sales Volume | Price Realization | Currency | Inter-Segment / Other | Fourth Quarter 2022 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||
Construction Industries | $ | 5,736 | $ | 508 | $ | 896 | $ | (279) | $ | (16) | $ | 6,845 | $ | 1,109 | 19% | ||||||||||||||||||||||||||||||||
Resource Industries | 2,719 | 367 | 404 | (68) | 14 | 3,436 | 717 | 26% | |||||||||||||||||||||||||||||||||||||||
Energy & Transportation | 5,728 | 658 | 432 | (173) | 178 | 6,823 | 1,095 | 19% | |||||||||||||||||||||||||||||||||||||||
All Other Segment | 134 | (5) | 3 | (3) | (18) | 111 | (23) | (17%) | |||||||||||||||||||||||||||||||||||||||
Corporate Items and Eliminations | (1,220) | 34 | — | — | (158) | (1,344) | (124) | ||||||||||||||||||||||||||||||||||||||||
Machinery, Energy & Transportation | 13,097 | 1,562 | 1,735 | (523) | — | 15,871 | 2,774 | 21% | |||||||||||||||||||||||||||||||||||||||
Financial Products Segment | 776 | — | — | — | 77 | 853 | 77 | 10% | |||||||||||||||||||||||||||||||||||||||
Corporate Items and Eliminations | (75) | — | — | — | (52) | (127) | (52) | ||||||||||||||||||||||||||||||||||||||||
Financial Products Revenues | 701 | — | — | — | 25 | 726 | 25 | 4% | |||||||||||||||||||||||||||||||||||||||
Consolidated Sales and Revenues | $ | 13,798 | $ | 1,562 | $ | 1,735 | $ | (523) | $ | 25 | $ | 16,597 | $ | 2,799 | 20% | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fourth Quarter 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction Industries | $ | 3,535 | 34% | $ | 782 | 39% | $ | 1,373 | 10% | $ | 1,124 | (10%) | $ | 6,814 | 20% | $ | 31 | (34%) | $ | 6,845 | 19% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Resource Industries | 1,364 | 59% | 503 | 21% | 596 | 12% | 883 | 5% | 3,346 | 27% | 90 | 18% | 3,436 | 26% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Energy & Transportation | 2,538 | 33% | 624 | 57% | 1,553 | 5% | 953 | (1%) | 5,668 | 19% | 1,155 | 18% | 6,823 | 19% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
All Other Segment | 12 | (14%) | 2 | 100% | (80) | (1,100%) | 99 | 560% | 33 | (13%) | 78 | (19%) | 111 | (17%) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate Items and Eliminations | 14 | — | (3) | (1) | 10 | (1,354) | (1,344) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Machinery, Energy & Transportation | 7,463 | 38% | 1,911 | 39% | 3,439 | 5% | 3,058 | —% | 15,871 | 21% | — | —% | 15,871 | 21% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Products Segment | 548 | 11% | 98 | 40% | 103 | 2% | 104 | (7%) | 853 | 10% | — | —% | 853 | 10% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate Items and Eliminations | (73) | (20) | (16) | (18) | (127) | — | (127) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Products Revenues | 475 | 4% | 78 | 42% | 87 | (5%) | 86 | (12%) | 726 | 4% | — | —% | 726 | 4% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Sales and Revenues | $ | 7,938 | 36% | $ | 1,989 | 39% | $ | 3,526 | 5% | $ | 3,144 | —% | $ | 16,597 | 20% | $ | — | —% | $ | 16,597 | 20% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fourth Quarter 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction Industries | $ | 2,635 | $ | 563 | $ | 1,246 | $ | 1,245 | $ | 5,689 | $ | 47 | $ | 5,736 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Resource Industries | 857 | 415 | 532 | 839 | 2,643 | 76 | 2,719 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Energy & Transportation | 1,913 | 398 | 1,475 | 965 | 4,751 | 977 | 5,728 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
All Other Segment | 14 | 1 | 8 | 15 | 38 | 96 | 134 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate Items and Eliminations | (17) | — | — | (7) | (24) | (1,196) | (1,220) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Machinery, Energy & Transportation | 5,402 | 1,377 | 3,261 | 3,057 | 13,097 | — | 13,097 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Products Segment | 493 | 70 | 101 | 112 | 776 | — | 776 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate Items and Eliminations | (37) | (15) | (9) | (14) | (75) | — | (75) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Products Revenues | 456 | 55 | 92 | 98 | 701 | — | 701 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Sales and Revenues | $ | 5,858 | $ | 1,432 | $ | 3,353 | $ | 3,155 | $ | 13,798 | $ | — | $ | 13,798 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Profit (Loss) by Segment | |||||||||||||||||||||||
(Millions of dollars) | Fourth Quarter 2022 | Fourth Quarter 2021 | $ Change | % Change | |||||||||||||||||||
Construction Industries | $ | 1,488 | $ | 795 | $ | 693 | 87 | % | |||||||||||||||
Resource Industries | 605 | 288 | 317 | 110 | % | ||||||||||||||||||
Energy & Transportation | 1,177 | 685 | 492 | 72 | % | ||||||||||||||||||
All Other Segment | (53) | (12) | (41) | (342 | %) | ||||||||||||||||||
Corporate Items and Eliminations | (1,588) | (281) | (1,307) | ||||||||||||||||||||
Machinery, Energy & Transportation | 1,629 | 1,475 | 154 | 10 | % | ||||||||||||||||||
Financial Products Segment | 189 | 248 | (59) | (24 | %) | ||||||||||||||||||
Corporate Items and Eliminations | (4) | (37) | 33 | ||||||||||||||||||||
Financial Products | 185 | 211 | (26) | (12 | %) | ||||||||||||||||||
Consolidating Adjustments | (134) | (75) | (59) | ||||||||||||||||||||
Consolidated Operating Profit | $ | 1,680 | $ | 1,611 | $ | 69 | 4 | % | |||||||||||||||
CONSTRUCTION INDUSTRIES | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Millions of dollars) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Sales | ||||||||||||||||||||||||||||||||||||||||||||||||||
Fourth Quarter 2021 | Sales Volume | Price Realization | Currency | Inter-Segment | Fourth Quarter 2022 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||||||
Total Sales | $ | 5,736 | $ | 508 | $ | 896 | $ | (279) | $ | (16) | $ | 6,845 | $ | 1,109 | 19 | % | ||||||||||||||||||||||||||||||||||
Sales by Geographic Region | ||||||||||||||||||||||||||||||||||||||||||||||||||
Fourth Quarter 2022 | Fourth Quarter 2021 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||||||||||
North America | $ | 3,535 | $ | 2,635 | $ | 900 | 34 | % | ||||||||||||||||||||||||||||||||||||||||||
Latin America | 782 | 563 | 219 | 39 | % | |||||||||||||||||||||||||||||||||||||||||||||
EAME | 1,373 | 1,246 | 127 | 10 | % | |||||||||||||||||||||||||||||||||||||||||||||
Asia/Pacific | 1,124 | 1,245 | (121) | (10 | %) | |||||||||||||||||||||||||||||||||||||||||||||
External Sales | 6,814 | 5,689 | 1,125 | 20 | % | |||||||||||||||||||||||||||||||||||||||||||||
Inter-segment | 31 | 47 | (16) | (34 | %) | |||||||||||||||||||||||||||||||||||||||||||||
Total Sales | $ | 6,845 | $ | 5,736 | $ | 1,109 | 19 | % | ||||||||||||||||||||||||||||||||||||||||||
Segment Profit | ||||||||||||||||||||||||||||||||||||||||||||||||||
Fourth Quarter 2022 | Fourth Quarter 2021 | Change | % Change | |||||||||||||||||||||||||||||||||||||||||||||||
Segment Profit | $ | 1,488 | $ | 795 | $ | 693 | 87 | % | ||||||||||||||||||||||||||||||||||||||||||
Segment Profit Margin | 21.7 | % | 13.9 | % | 7.8 | pts | ||||||||||||||||||||||||||||||||||||||||||||
RESOURCE INDUSTRIES | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Millions of dollars) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Sales | ||||||||||||||||||||||||||||||||||||||||||||||||||
Fourth Quarter 2021 | Sales Volume | Price Realization | Currency | Inter-Segment | Fourth Quarter 2022 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||||||
Total Sales | $ | 2,719 | $ | 367 | $ | 404 | $ | (68) | $ | 14 | $ | 3,436 | $ | 717 | 26 | % | ||||||||||||||||||||||||||||||||||
Sales by Geographic Region | ||||||||||||||||||||||||||||||||||||||||||||||||||
Fourth Quarter 2022 | Fourth Quarter 2021 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||||||||||
North America | $ | 1,364 | $ | 857 | $ | 507 | 59 | % | ||||||||||||||||||||||||||||||||||||||||||
Latin America | 503 | 415 | 88 | 21 | % | |||||||||||||||||||||||||||||||||||||||||||||
EAME | 596 | 532 | 64 | 12 | % | |||||||||||||||||||||||||||||||||||||||||||||
Asia/Pacific | 883 | 839 | 44 | 5 | % | |||||||||||||||||||||||||||||||||||||||||||||
External Sales | 3,346 | 2,643 | 703 | 27 | % | |||||||||||||||||||||||||||||||||||||||||||||
Inter-segment | 90 | 76 | 14 | 18 | % | |||||||||||||||||||||||||||||||||||||||||||||
Total Sales | $ | 3,436 | $ | 2,719 | $ | 717 | 26 | % | ||||||||||||||||||||||||||||||||||||||||||
Segment Profit | ||||||||||||||||||||||||||||||||||||||||||||||||||
Fourth Quarter 2022 | Fourth Quarter 2021 | Change | % Change | |||||||||||||||||||||||||||||||||||||||||||||||
Segment Profit | $ | 605 | $ | 288 | $ | 317 | 110 | % | ||||||||||||||||||||||||||||||||||||||||||
Segment Profit Margin | 17.6 | % | 10.6 | % | 7.0 | pts | ||||||||||||||||||||||||||||||||||||||||||||
ENERGY & TRANSPORTATION | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Millions of dollars) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Sales | ||||||||||||||||||||||||||||||||||||||||||||||||||
Fourth Quarter 2021 | Sales Volume | Price Realization | Currency | Inter-Segment | Fourth Quarter 2022 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||||||
Total Sales | $ | 5,728 | $ | 658 | $ | 432 | $ | (173) | $ | 178 | $ | 6,823 | $ | 1,095 | 19 | % | ||||||||||||||||||||||||||||||||||
Sales by Application | ||||||||||||||||||||||||||||||||||||||||||||||||||
Fourth Quarter 2022 | Fourth Quarter 2021 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||||||||||
Oil and Gas | $ | 1,827 | $ | 1,320 | $ | 507 | 38 | % | ||||||||||||||||||||||||||||||||||||||||||
Power Generation | 1,422 | 1,267 | 155 | 12 | % | |||||||||||||||||||||||||||||||||||||||||||||
Industrial | 1,131 | 952 | 179 | 19 | % | |||||||||||||||||||||||||||||||||||||||||||||
Transportation | 1,288 | 1,212 | 76 | 6 | % | |||||||||||||||||||||||||||||||||||||||||||||
External Sales | 5,668 | 4,751 | 917 | 19 | % | |||||||||||||||||||||||||||||||||||||||||||||
Inter-segment | 1,155 | 977 | 178 | 18 | % | |||||||||||||||||||||||||||||||||||||||||||||
Total Sales | $ | 6,823 | $ | 5,728 | $ | 1,095 | 19 | % | ||||||||||||||||||||||||||||||||||||||||||
Segment Profit | ||||||||||||||||||||||||||||||||||||||||||||||||||
Fourth Quarter 2022 | Fourth Quarter 2021 | Change | % Change | |||||||||||||||||||||||||||||||||||||||||||||||
Segment Profit | $ | 1,177 | $ | 685 | $ | 492 | 72 | % | ||||||||||||||||||||||||||||||||||||||||||
Segment Profit Margin | 17.3 | % | 12.0 | % | 5.3 | pts | ||||||||||||||||||||||||||||||||||||||||||||
FINANCIAL PRODUCTS SEGMENT | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Millions of dollars) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues by Geographic Region | ||||||||||||||||||||||||||||||||||||||||||||||||||
Fourth Quarter 2022 | Fourth Quarter 2021 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||||||||||
North America | $ | 548 | $ | 493 | $ | 55 | 11 | % | ||||||||||||||||||||||||||||||||||||||||||
Latin America | 98 | 70 | 28 | 40 | % | |||||||||||||||||||||||||||||||||||||||||||||
EAME | 103 | 101 | 2 | 2 | % | |||||||||||||||||||||||||||||||||||||||||||||
Asia/Pacific | 104 | 112 | (8) | (7 | %) | |||||||||||||||||||||||||||||||||||||||||||||
Total Revenues | $ | 853 | $ | 776 | $ | 77 | 10 | % | ||||||||||||||||||||||||||||||||||||||||||
Segment Profit | ||||||||||||||||||||||||||||||||||||||||||||||||||
Fourth Quarter 2022 | Fourth Quarter 2021 | Change | % Change | |||||||||||||||||||||||||||||||||||||||||||||||
Segment Profit | $ | 189 | $ | 248 | $ | (59) | (24 | %) | ||||||||||||||||||||||||||||||||||||||||||
(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 December 31, 2022 - U.S. GAAP | $ | 1,680 | 10.1 | % | $ | 2,099 | $ | 644 | 30.7 | % | $ | 1,454 | $ | 2.79 | ||||||||||||||||||||||||||||||
Goodwill impairment | 925 | 5.6 | % | 925 | 36 | 3.9 | % | 889 | 1.71 | |||||||||||||||||||||||||||||||||||
Restructuring (income) costs | 209 | 1.3 | % | 209 | 59 | 28.2 | % | 150 | 0.29 | |||||||||||||||||||||||||||||||||||
Pension/OPEB mark-to-market (gains) losses | — | — | % | (606) | (124) | 20.5 | % | (482) | (0.93) | |||||||||||||||||||||||||||||||||||
Three Months Ended December 31, 2022 - Adjusted | $ | 2,814 | 17.0 | % | $ | 2,627 | $ | 615 | 23.4 | % | $ | 2,011 | $ | 3.86 | ||||||||||||||||||||||||||||||
Three Months Ended December 31, 2021 - U.S. GAAP | $ | 1,611 | 11.7 | % | $ | 2,562 | $ | 429 | 16.7 | % | $ | 2,120 | $ | 3.91 | ||||||||||||||||||||||||||||||
Restructuring (income) costs | (34) | (0.2) | % | (34) | (15) | 44.1 | % | (19) | (0.03) | |||||||||||||||||||||||||||||||||||
Pension/OPEB mark-to-market (gains) losses | — | — | % | (833) | (190) | 22.8 | % | (643) | (1.19) | |||||||||||||||||||||||||||||||||||
Three Months Ended December 31, 2021 - Adjusted | $ | 1,577 | 11.4 | % | $ | 1,695 | $ | 224 | 13.2 | % | $ | 1,458 | $ | 2.69 | ||||||||||||||||||||||||||||||
Twelve Months Ended December 31, 2022 - U.S. GAAP | $ | 7,904 | 13.3 | % | $ | 8,752 | $ | 2,067 | 23.6 | % | $ | 6,705 | $ | 12.64 | ||||||||||||||||||||||||||||||
Goodwill impairment | 925 | 1.6 | % | 925 | 36 | 3.9 | % | 889 | 1.68 | |||||||||||||||||||||||||||||||||||
Restructuring (income) costs | 299 | 0.5 | % | 299 | 72 | 24.0 | % | 227 | 0.43 | |||||||||||||||||||||||||||||||||||
Pension/OPEB mark-to-market (gains) losses | — | — | % | (606) | $ | (124) | 20.5 | % | (482) | (0.91) | ||||||||||||||||||||||||||||||||||
Twelve Months Ended December 31, 2022 - Adjusted | $ | 9,128 | 15.4 | % | $ | 9,370 | $ | 2,051 | 21.9 | % | $ | 7,339 | $ | 13.84 | ||||||||||||||||||||||||||||||
Twelve Months Ended December 31, 2021 - U.S. GAAP | $ | 6,878 | 13.5 | % | $ | 8,204 | $ | 1,742 | 21.2 | % | $ | 6,489 | $ | 11.83 | ||||||||||||||||||||||||||||||
Restructuring (income) costs | 90 | 0.2 | % | 90 | 4 | 4.4 | % | 86 | 0.15 | |||||||||||||||||||||||||||||||||||
Pension/OPEB mark-to-market (gains) losses | — | — | % | (833) | (190) | 22.8 | % | (643) | (1.17) | |||||||||||||||||||||||||||||||||||
Twelve Months Ended December 31, 2021 - Adjusted | $ | 6,968 | 13.7 | % | $ | 7,461 | $ | 1,556 | 20.9 | % | $ | 5,932 | $ | 10.81 |
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Sales and revenues: | |||||||||||||||||||||||
Sales of Machinery, Energy & Transportation | $ | 15,871 | $ | 13,097 | $ | 56,574 | $ | 48,188 | |||||||||||||||
Revenues of Financial Products | 726 | 701 | 2,853 | 2,783 | |||||||||||||||||||
Total sales and revenues | 16,597 | 13,798 | 59,427 | 50,971 | |||||||||||||||||||
Operating costs: | |||||||||||||||||||||||
Cost of goods sold | 11,614 | 10,003 | 41,350 | 35,513 | |||||||||||||||||||
Selling, general and administrative expenses | 1,479 | 1,422 | 5,651 | 5,365 | |||||||||||||||||||
Research and development expenses | 401 | 439 | 1,814 | 1,686 | |||||||||||||||||||
Interest expense of Financial Products | 188 | 103 | 565 | 455 | |||||||||||||||||||
Goodwill impairment charge | 925 | — | 925 | — | |||||||||||||||||||
Other operating (income) expenses | 310 | 220 | 1,218 | 1,074 | |||||||||||||||||||
Total operating costs | 14,917 | 12,187 | 51,523 | 44,093 | |||||||||||||||||||
Operating profit | 1,680 | 1,611 | 7,904 | 6,878 | |||||||||||||||||||
Interest expense excluding Financial Products | 117 | 112 | 443 | 488 | |||||||||||||||||||
Other income (expense) | 536 | 1,063 | 1,291 | 1,814 | |||||||||||||||||||
Consolidated profit before taxes | 2,099 | 2,562 | 8,752 | 8,204 | |||||||||||||||||||
Provision (benefit) for income taxes | 644 | 429 | 2,067 | 1,742 | |||||||||||||||||||
Profit of consolidated companies | 1,455 | 2,133 | 6,685 | 6,462 | |||||||||||||||||||
Equity in profit (loss) of unconsolidated affiliated companies | (1) | (13) | 19 | 31 | |||||||||||||||||||
Profit of consolidated and affiliated companies | 1,454 | 2,120 | 6,704 | 6,493 | |||||||||||||||||||
Less: Profit (loss) attributable to noncontrolling interests | — | — | (1) | 4 | |||||||||||||||||||
Profit 1 | $ | 1,454 | $ | 2,120 | $ | 6,705 | $ | 6,489 | |||||||||||||||
Profit per common share | $ | 2.81 | $ | 3.94 | $ | 12.72 | $ | 11.93 | |||||||||||||||
Profit per common share — diluted 2 | $ | 2.79 | $ | 3.91 | $ | 12.64 | $ | 11.83 | |||||||||||||||
Weighted-average common shares outstanding (millions) | |||||||||||||||||||||||
– Basic | 517.4 | 538.7 | 526.9 | 544.0 | |||||||||||||||||||
– Diluted 2 | 520.9 | 542.6 | 530.4 | 548.5 | |||||||||||||||||||
1 | Profit attributable to common shareholders. | ||||
2 | Diluted by assumed exercise of stock-based compensation awards using the treasury stock method. |
December 31, 2022 | December 31, 2021 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 7,004 | $ | 9,254 | |||||||
Receivables – trade and other | 8,856 | 8,477 | |||||||||
Receivables – finance | 9,013 | 8,898 | |||||||||
Prepaid expenses and other current assets | 2,642 | 2,788 | |||||||||
Inventories | 16,270 | 14,038 | |||||||||
Total current assets | 43,785 | 43,455 | |||||||||
Property, plant and equipment – net | 12,028 | 12,090 | |||||||||
Long-term receivables – trade and other | 1,265 | 1,204 | |||||||||
Long-term receivables – finance | 12,013 | 12,707 | |||||||||
Noncurrent deferred and refundable income taxes | 2,213 | 1,840 | |||||||||
Intangible assets | 758 | 1,042 | |||||||||
Goodwill | 5,288 | 6,324 | |||||||||
Other assets | 4,593 | 4,131 | |||||||||
Total assets | $ | 81,943 | $ | 82,793 | |||||||
Liabilities | |||||||||||
Current liabilities: | |||||||||||
Short-term borrowings: | |||||||||||
-- Machinery, Energy & Transportation | $ | 3 | $ | 9 | |||||||
-- Financial Products | 5,954 | 5,395 | |||||||||
Accounts payable | 8,689 | 8,154 | |||||||||
Accrued expenses | 4,080 | 3,757 | |||||||||
Accrued wages, salaries and employee benefits | 2,313 | 2,242 | |||||||||
Customer advances | 1,860 | 1,087 | |||||||||
Dividends payable | 620 | 595 | |||||||||
Other current liabilities | 2,690 | 2,256 | |||||||||
Long-term debt due within one year: | |||||||||||
-- Machinery, Energy & Transportation | 120 | 45 | |||||||||
-- Financial Products | 5,202 | 6,307 | |||||||||
Total current liabilities | 31,531 | 29,847 | |||||||||
Long-term debt due after one year: | |||||||||||
-- Machinery, Energy & Transportation | 9,498 | 9,746 | |||||||||
-- Financial Products | 16,216 | 16,287 | |||||||||
Liability for postemployment benefits | 4,203 | 5,592 | |||||||||
Other liabilities | 4,604 | 4,805 | |||||||||
Total liabilities | 66,052 | 66,277 | |||||||||
Shareholders’ equity | |||||||||||
Common stock | 6,560 | 6,398 | |||||||||
Treasury stock | (31,748) | (27,643) | |||||||||
Profit employed in the business | 43,514 | 39,282 | |||||||||
Accumulated other comprehensive income (loss) | (2,457) | (1,553) | |||||||||
Noncontrolling interests | 22 | 32 | |||||||||
Total shareholders’ equity | 15,891 | 16,516 | |||||||||
Total liabilities and shareholders’ equity | $ | 81,943 | $ | 82,793 |
Twelve Months Ended December 31, | |||||||||||
2022 | 2021 | ||||||||||
Cash flow from operating activities: | |||||||||||
Profit of consolidated and affiliated companies | $ | 6,704 | $ | 6,493 | |||||||
Adjustments for non-cash items: | |||||||||||
Depreciation and amortization | 2,219 | 2,352 | |||||||||
Actuarial (gain) loss on pension and postretirement benefits | (606) | (833) | |||||||||
Provision (benefit) for deferred income taxes | (377) | (383) | |||||||||
Goodwill impairment charge | 925 | — | |||||||||
Other | 701 | 216 | |||||||||
Changes in assets and liabilities, net of acquisitions and divestitures: | |||||||||||
Receivables – trade and other | (220) | (1,259) | |||||||||
Inventories | (2,589) | (2,586) | |||||||||
Accounts payable | 798 | 2,041 | |||||||||
Accrued expenses | 317 | 196 | |||||||||
Accrued wages, salaries and employee benefits | 90 | 1,107 | |||||||||
Customer advances | 768 | 34 | |||||||||
Other assets – net | (210) | (97) | |||||||||
Other liabilities – net | (754) | (83) | |||||||||
Net cash provided by (used for) operating activities | 7,766 | 7,198 | |||||||||
Cash flow from investing activities: | |||||||||||
Capital expenditures – excluding equipment leased to others | (1,296) | (1,093) | |||||||||
Expenditures for equipment leased to others | (1,303) | (1,379) | |||||||||
Proceeds from disposals of leased assets and property, plant and equipment | 830 | 1,265 | |||||||||
Additions to finance receivables | (13,239) | (13,002) | |||||||||
Collections of finance receivables | 13,177 | 12,430 | |||||||||
Proceeds from sale of finance receivables | 57 | 51 | |||||||||
Investments and acquisitions (net of cash acquired) | (88) | (490) | |||||||||
Proceeds from sale of businesses and investments (net of cash sold) | 1 | 36 | |||||||||
Proceeds from sale of securities | 2,383 | 785 | |||||||||
Investments in securities | (3,077) | (1,766) | |||||||||
Other – net | 14 | 79 | |||||||||
Net cash provided by (used for) investing activities | (2,541) | (3,084) | |||||||||
Cash flow from financing activities: | |||||||||||
Dividends paid | (2,440) | (2,332) | |||||||||
Common stock issued, including treasury shares reissued | 51 | 135 | |||||||||
Common shares repurchased | (4,230) | (2,668) | |||||||||
Proceeds from debt issued (original maturities greater than three months) | 6,674 | 6,989 | |||||||||
Payments on debt (original maturities greater than three months) | (7,728) | (9,796) | |||||||||
Short-term borrowings – net (original maturities three months or less) | 402 | 3,488 | |||||||||
Other – net | (10) | (4) | |||||||||
Net cash provided by (used for) financing activities | (7,281) | (4,188) | |||||||||
Effect of exchange rate changes on cash | (194) | (29) | |||||||||
Increase (decrease) in cash, cash equivalents and restricted cash | (2,250) | (103) | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | 9,263 | 9,366 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 7,013 | $ | 9,263 | |||||||
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 | $ | 15,871 | $ | 15,871 | $ | — | $ | — | ||||||||||||||||||
Revenues of Financial Products | 726 | — | 883 | (157) | 1 | |||||||||||||||||||||
Total sales and revenues | 16,597 | 15,871 | 883 | (157) | ||||||||||||||||||||||
Operating costs: | ||||||||||||||||||||||||||
Cost of goods sold | 11,614 | 11,615 | — | (1) | 2 | |||||||||||||||||||||
Selling, general and administrative expenses | 1,479 | 1,285 | 197 | (3) | 2 | |||||||||||||||||||||
Research and development expenses | 401 | 401 | — | — | ||||||||||||||||||||||
Interest expense of Financial Products | 188 | — | 188 | — | ||||||||||||||||||||||
Goodwill impairment charge | 925 | 925 | — | — | ||||||||||||||||||||||
Other operating (income) expenses | 310 | 16 | 313 | (19) | 2 | |||||||||||||||||||||
Total operating costs | 14,917 | 14,242 | 698 | (23) | ||||||||||||||||||||||
Operating profit | 1,680 | 1,629 | 185 | (134) | ||||||||||||||||||||||
Interest expense excluding Financial Products | 117 | 117 | — | — | ||||||||||||||||||||||
Other income (expense) | 536 | 877 | — | (341) | 3 | |||||||||||||||||||||
Consolidated profit before taxes | 2,099 | 2,389 | 185 | (475) | ||||||||||||||||||||||
Provision (benefit) for income taxes | 644 | 608 | 36 | — | ||||||||||||||||||||||
Profit of consolidated companies | 1,455 | 1,781 | 149 | (475) | ||||||||||||||||||||||
Equity in profit (loss) of unconsolidated affiliated companies | (1) | — | — | (1) | 4 | |||||||||||||||||||||
Profit of consolidated and affiliated companies | 1,454 | 1,781 | 149 | (476) | ||||||||||||||||||||||
Less: Profit (loss) attributable to noncontrolling interests | — | — | 1 | (1) | 5 | |||||||||||||||||||||
Profit 6 | $ | 1,454 | $ | 1,781 | $ | 148 | $ | (475) |
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 | $ | 13,097 | $ | 13,097 | $ | — | $ | — | ||||||||||||||||||
Revenues of Financial Products | 701 | — | 801 | (100) | 1 | |||||||||||||||||||||
Total sales and revenues | 13,798 | 13,097 | 801 | (100) | ||||||||||||||||||||||
Operating costs: | ||||||||||||||||||||||||||
Cost of goods sold | 10,003 | 10,006 | — | (3) | 2 | |||||||||||||||||||||
Selling, general and administrative expenses | 1,422 | 1,253 | 171 | (2) | 2 | |||||||||||||||||||||
Research and development expenses | 439 | 439 | — | — | ||||||||||||||||||||||
Interest expense of Financial Products | 103 | — | 103 | — | ||||||||||||||||||||||
Other operating (income) expenses | 220 | (76) | 316 | (20) | 2 | |||||||||||||||||||||
Total operating costs | 12,187 | 11,622 | 590 | (25) | ||||||||||||||||||||||
Operating profit | 1,611 | 1,475 | 211 | (75) | ||||||||||||||||||||||
Interest expense excluding Financial Products | 112 | 112 | — | — | ||||||||||||||||||||||
Other income (expense) | 1,063 | 1,457 | 31 | (425) | 3 | |||||||||||||||||||||
Consolidated profit before taxes | 2,562 | 2,820 | 242 | (500) | ||||||||||||||||||||||
Provision (benefit) for income taxes | 429 | 359 | 70 | — | ||||||||||||||||||||||
Profit of consolidated companies | 2,133 | 2,461 | 172 | (500) | ||||||||||||||||||||||
Equity in profit (loss) of unconsolidated affiliated companies | (13) | (10) | — | (3) | 4 | |||||||||||||||||||||
Profit of consolidated and affiliated companies | 2,120 | 2,451 | 172 | (503) | ||||||||||||||||||||||
Less: Profit (loss) attributable to noncontrolling interests | — | — | 3 | (3) | 5 | |||||||||||||||||||||
Profit 6 | $ | 2,120 | $ | 2,451 | $ | 169 | $ | (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 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 | $ | 56,574 | $ | 56,574 | $ | — | $ | — | ||||||||||||||||||
Revenues of Financial Products | 2,853 | — | 3,376 | (523) | 1 | |||||||||||||||||||||
Total sales and revenues | 59,427 | 56,574 | 3,376 | (523) | ||||||||||||||||||||||
Operating costs: | ||||||||||||||||||||||||||
Cost of goods sold | 41,350 | 41,356 | — | (6) | 2 | |||||||||||||||||||||
Selling, general and administrative expenses | 5,651 | 4,999 | 672 | (20) | 2 | |||||||||||||||||||||
Research and development expenses | 1,814 | 1,814 | — | — | ||||||||||||||||||||||
Interest expense of Financial Products | 565 | — | 565 | — | ||||||||||||||||||||||
Goodwill impairment charge | 925 | 925 | — | — | ||||||||||||||||||||||
Other operating (income) expenses | 1,218 | 47 | 1,249 | (78) | 2 | |||||||||||||||||||||
Total operating costs | 51,523 | 49,141 | 2,486 | (104) | ||||||||||||||||||||||
Operating profit | 7,904 | 7,433 | 890 | (419) | ||||||||||||||||||||||
Interest expense excluding Financial Products | 443 | 444 | — | (1) | 3 | |||||||||||||||||||||
Other income (expense) | 1,291 | 1,374 | (26) | (57) | 4 | |||||||||||||||||||||
Consolidated profit before taxes | 8,752 | 8,363 | 864 | (475) | ||||||||||||||||||||||
Provision (benefit) for income taxes | 2,067 | 1,858 | 209 | — | ||||||||||||||||||||||
Profit of consolidated companies | 6,685 | 6,505 | 655 | (475) | ||||||||||||||||||||||
Equity in profit (loss) of unconsolidated affiliated companies | 19 | 26 | — | (7) | 5 | |||||||||||||||||||||
Profit of consolidated and affiliated companies | 6,704 | 6,531 | 655 | (482) | ||||||||||||||||||||||
Less: Profit (loss) attributable to noncontrolling interests | (1) | (1) | 7 | (7) | 6 | |||||||||||||||||||||
Profit 7 | $ | 6,705 | $ | 6,532 | $ | 648 | $ | (475) |
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 | $ | 48,188 | $ | 48,188 | $ | — | $ | — | ||||||||||||||||||
Revenues of Financial Products | 2,783 | — | 3,172 | (389) | 1 | |||||||||||||||||||||
Total sales and revenues | 50,971 | 48,188 | 3,172 | (389) | ||||||||||||||||||||||
Operating costs: | ||||||||||||||||||||||||||
Cost of goods sold | 35,513 | 35,521 | — | (8) | 2 | |||||||||||||||||||||
Selling, general and administrative expenses | 5,365 | 4,724 | 654 | (13) | 2 | |||||||||||||||||||||
Research and development expenses | 1,686 | 1,686 | — | — | ||||||||||||||||||||||
Interest expense of Financial Products | 455 | — | 455 | — | ||||||||||||||||||||||
Other operating (income) expenses | 1,074 | (106) | 1,247 | (67) | 2 | |||||||||||||||||||||
Total operating costs | 44,093 | 41,825 | 2,356 | (88) | ||||||||||||||||||||||
Operating profit | 6,878 | 6,363 | 816 | (301) | ||||||||||||||||||||||
Interest expense excluding Financial Products | 488 | 488 | — | — | ||||||||||||||||||||||
Other income (expense) | 1,814 | 2,276 | 87 | (549) | 3 | |||||||||||||||||||||
Consolidated profit before taxes | 8,204 | 8,151 | 903 | (850) | ||||||||||||||||||||||
Provision (benefit) for income taxes | 1,742 | 1,517 | 225 | — | ||||||||||||||||||||||
Profit of consolidated companies | 6,462 | 6,634 | 678 | (850) | ||||||||||||||||||||||
Equity in profit (loss) of unconsolidated affiliated companies | 31 | 42 | — | (11) | 4 | |||||||||||||||||||||
Profit of consolidated and affiliated companies | 6,493 | 6,676 | 678 | (861) | ||||||||||||||||||||||
Less: Profit (loss) attributable to noncontrolling interests | 4 | 3 | 12 | (11) | 5 | |||||||||||||||||||||
Profit 6 | $ | 6,489 | $ | 6,673 | $ | 666 | $ | (850) |
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 | $ | 7,004 | $ | 6,042 | $ | 962 | $ | — | ||||||||||||||||||
Receivables – trade and other | 8,856 | 3,710 | 519 | 4,627 | 1,2 | |||||||||||||||||||||
Receivables – finance | 9,013 | — | 13,902 | (4,889) | 2 | |||||||||||||||||||||
Prepaid expenses and other current assets | 2,642 | 2,488 | 290 | (136) | 3 | |||||||||||||||||||||
Inventories | 16,270 | 16,270 | — | — | ||||||||||||||||||||||
Total current assets | 43,785 | 28,510 | 15,673 | (398) | ||||||||||||||||||||||
Property, plant and equipment – net | 12,028 | 8,186 | 3,842 | — | ||||||||||||||||||||||
Long-term receivables – trade and other | 1,265 | 418 | 339 | 508 | 1,2 | |||||||||||||||||||||
Long-term receivables – finance | 12,013 | — | 12,552 | (539) | 2 | |||||||||||||||||||||
Noncurrent deferred and refundable income taxes | 2,213 | 2,755 | 115 | (657) | 4 | |||||||||||||||||||||
Intangible assets | 758 | 758 | — | — | ||||||||||||||||||||||
Goodwill | 5,288 | 5,288 | — | — | ||||||||||||||||||||||
Other assets | 4,593 | 3,882 | 1,892 | (1,181) | 5 | |||||||||||||||||||||
Total assets | $ | 81,943 | $ | 49,797 | $ | 34,413 | $ | (2,267) | ||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||
Short-term borrowings | $ | 5,957 | $ | 3 | $ | 5,954 | $ | — | ||||||||||||||||||
Accounts payable | 8,689 | 8,657 | 294 | (262) | 6 | |||||||||||||||||||||
Accrued expenses | 4,080 | 3,687 | 393 | — | ||||||||||||||||||||||
Accrued wages, salaries and employee benefits | 2,313 | 2,264 | 49 | — | ||||||||||||||||||||||
Customer advances | 1,860 | 1,860 | — | — | ||||||||||||||||||||||
Dividends payable | 620 | 620 | — | — | ||||||||||||||||||||||
Other current liabilities | 2,690 | 2,215 | 635 | (160) | 4,7 | |||||||||||||||||||||
Long-term debt due within one year | 5,322 | 120 | 5,202 | — | ||||||||||||||||||||||
Total current liabilities | 31,531 | 19,426 | 12,527 | (422) | ||||||||||||||||||||||
Long-term debt due after one year | 25,714 | 9,529 | 16,216 | (31) | 8 | |||||||||||||||||||||
Liability for postemployment benefits | 4,203 | 4,203 | — | — | ||||||||||||||||||||||
Other liabilities | 4,604 | 3,677 | 1,638 | (711) | 4 | |||||||||||||||||||||
Total liabilities | 66,052 | 36,835 | 30,381 | (1,164) | ||||||||||||||||||||||
Shareholders’ equity | ||||||||||||||||||||||||||
Common stock | 6,560 | 6,560 | 905 | (905) | 9 | |||||||||||||||||||||
Treasury stock | (31,748) | (31,748) | — | — | ||||||||||||||||||||||
Profit employed in the business | 43,514 | 39,435 | 4,068 | 11 | 9 | |||||||||||||||||||||
Accumulated other comprehensive income (loss) | (2,457) | (1,310) | (1,147) | — | ||||||||||||||||||||||
Noncontrolling interests | 22 | 25 | 206 | (209) | 9 | |||||||||||||||||||||
Total shareholders’ equity | 15,891 | 12,962 | 4,032 | (1,103) | ||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 81,943 | $ | 49,797 | $ | 34,413 | $ | (2,267) |
1 | Elimination of receivables between ME&T and Financial Products. | ||||
2 | Reclassification of ME&T’s trade receivables purchased by Financial Products and Financial Products’ wholesale inventory receivables. | ||||
3 | Elimination of ME&T's insurance premiums that are prepaid to Financial Products. | ||||
4 | Reclassification reflecting required netting of deferred tax assets/liabilities by taxing jurisdiction. | ||||
5 | Elimination of other intercompany assets between ME&T and Financial Products. | ||||
6 | Elimination of payables between ME&T and Financial Products. | ||||
7 | Elimination of prepaid insurance in Financial Products’ other liabilities. | ||||
8 | Elimination of debt between ME&T and Financial Products. | ||||
9 | Eliminations associated with ME&T’s investments in Financial Products’ subsidiaries. | ||||
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 | $ | 6,704 | $ | 6,531 | $ | 655 | $ | (482) | 1,5 | |||||||||||||||||
Adjustments for non-cash items: | ||||||||||||||||||||||||||
Depreciation and amortization | 2,219 | 1,439 | 780 | — | ||||||||||||||||||||||
Actuarial (gain) loss on pension and postretirement benefits | (606) | (606) | — | — | ||||||||||||||||||||||
Provision (benefit) for deferred income taxes | (377) | (368) | (9) | — | ||||||||||||||||||||||
Goodwill impairment charge | 925 | 925 | — | — | ||||||||||||||||||||||
Other | 701 | 452 | (205) | 454 | 2 | |||||||||||||||||||||
Changes in assets and liabilities, net of acquisitions and divestitures: | ||||||||||||||||||||||||||
Receivables – trade and other | (220) | (390) | 143 | 27 | 2,3 | |||||||||||||||||||||
Inventories | (2,589) | (2,572) | — | (17) | 2 | |||||||||||||||||||||
Accounts payable | 798 | 811 | 82 | (95) | 2 | |||||||||||||||||||||
Accrued expenses | 317 | 274 | 43 | — | ||||||||||||||||||||||
Accrued wages, salaries and employee benefits | 90 | 97 | (7) | — | ||||||||||||||||||||||
Customer advances | 768 | 769 | (1) | — | ||||||||||||||||||||||
Other assets – net | (210) | (183) | (35) | 8 | 2 | |||||||||||||||||||||
Other liabilities – net | (754) | (821) | 71 | (4) | 2 | |||||||||||||||||||||
Net cash provided by (used for) operating activities | 7,766 | 6,358 | 1,517 | (109) | ||||||||||||||||||||||
Cash flow from investing activities: | ||||||||||||||||||||||||||
Capital expenditures – excluding equipment leased to others | (1,296) | (1,279) | (20) | 3 | 2 | |||||||||||||||||||||
Expenditures for equipment leased to others | (1,303) | (19) | (1,310) | 26 | 2 | |||||||||||||||||||||
Proceeds from disposals of leased assets and property, plant and equipment | 830 | 78 | 764 | (12) | 2 | |||||||||||||||||||||
Additions to finance receivables | (13,239) | — | (14,223) | 984 | 3 | |||||||||||||||||||||
Collections of finance receivables | 13,177 | — | 14,052 | (875) | 3 | |||||||||||||||||||||
Net intercompany purchased receivables | — | — | 492 | (492) | 3 | |||||||||||||||||||||
Proceeds from sale of finance receivables | 57 | — | 57 | — | ||||||||||||||||||||||
Net intercompany borrowings | — | — | 9 | (9) | 4 | |||||||||||||||||||||
Investments and acquisitions (net of cash acquired) | (88) | (88) | — | — | ||||||||||||||||||||||
Proceeds from sale of businesses and investments (net of cash sold) | 1 | 1 | — | — | ||||||||||||||||||||||
Proceeds from sale of securities | 2,383 | 1,948 | 435 | — | ||||||||||||||||||||||
Investments in securities | (3,077) | (2,549) | (528) | — | ||||||||||||||||||||||
Other – net | 14 | 98 | (84) | — | ||||||||||||||||||||||
Net cash provided by (used for) investing activities | (2,541) | (1,810) | (356) | (375) | ||||||||||||||||||||||
Cash flow from financing activities: | ||||||||||||||||||||||||||
Dividends paid | (2,440) | (2,440) | (475) | 475 | 5 | |||||||||||||||||||||
Common stock issued, including treasury shares reissued | 51 | 51 | — | — | ||||||||||||||||||||||
Common shares repurchased | (4,230) | (4,230) | — | — | ||||||||||||||||||||||
Net intercompany borrowings | — | (9) | — | 9 | 4 | |||||||||||||||||||||
Proceeds from debt issued > 90 days | 6,674 | — | 6,674 | — | ||||||||||||||||||||||
Payments on debt > 90 days | (7,728) | (25) | (7,703) | — | ||||||||||||||||||||||
Short-term borrowings – net < 90 days | 402 | (138) | 540 | — | ||||||||||||||||||||||
Other – net | (10) | (10) | — | — | ||||||||||||||||||||||
Net cash provided by (used for) financing activities | (7,281) | (6,801) | (964) | 484 | ||||||||||||||||||||||
Effect of exchange rate changes on cash | (194) | (131) | (63) | — | ||||||||||||||||||||||
Increase (decrease) in cash, cash equivalents and restricted cash | (2,250) | (2,384) | 134 | — | ||||||||||||||||||||||
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 | $ | 7,013 | $ | 6,049 | $ | 964 | $ | — | ||||||||||||||||||
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. | ||||
Supplemental Consolidating Data | ||||||||||||||||||||||||||
Consolidated | Machinery, Energy & Transportation | Financial Products | Consolidating Adjustments | |||||||||||||||||||||||
Cash flow from operating activities: | ||||||||||||||||||||||||||
Profit of consolidated and affiliated companies | $ | 6,493 | $ | 6,676 | $ | 678 | $ | (861) | 1,5 | |||||||||||||||||
Adjustments for non-cash items: | ||||||||||||||||||||||||||
Depreciation and amortization | 2,352 | 1,550 | 802 | — | ||||||||||||||||||||||
Actuarial (gain) loss on pension and postretirement benefits | (833) | (833) | — | — | ||||||||||||||||||||||
Provision (benefit) for deferred income taxes | (383) | (329) | (54) | — | ||||||||||||||||||||||
Other | 216 | 131 | (209) | 294 | 2 | |||||||||||||||||||||
Changes in assets and liabilities, net of acquisitions and divestitures: | ||||||||||||||||||||||||||
Receivables – trade and other | (1,259) | (463) | 47 | (843) | 2,3 | |||||||||||||||||||||
Inventories | (2,586) | (2,581) | — | (5) | 2 | |||||||||||||||||||||
Accounts payable | 2,041 | 2,015 | 49 | (23) | 2 | |||||||||||||||||||||
Accrued expenses | 196 | 288 | (92) | — | ||||||||||||||||||||||
Accrued wages, salaries and employee benefits | 1,107 | 1,066 | 41 | — | ||||||||||||||||||||||
Customer advances | 34 | 33 | 1 | — | ||||||||||||||||||||||
Other assets – net | (97) | (200) | 25 | 78 | 2 | |||||||||||||||||||||
Other liabilities – net | (83) | (176) | 132 | (39) | 2 | |||||||||||||||||||||
Net cash provided by (used for) operating activities | 7,198 | 7,177 | 1,420 | (1,399) | ||||||||||||||||||||||
Cash flow from investing activities: | ||||||||||||||||||||||||||
Capital expenditures – excluding equipment leased to others | (1,093) | (1,088) | (16) | 11 | 2 | |||||||||||||||||||||
Expenditures for equipment leased to others | (1,379) | (41) | (1,347) | 9 | 2 | |||||||||||||||||||||
Proceeds from disposals of leased assets and property, plant and equipment | 1,265 | 186 | 1,095 | (16) | 2 | |||||||||||||||||||||
Additions to finance receivables | (13,002) | — | (13,845) | 843 | 3 | |||||||||||||||||||||
Collections of finance receivables | 12,430 | — | 13,337 | (907) | 3 | |||||||||||||||||||||
Net intercompany purchased receivables | — | — | (609) | 609 | 3 | |||||||||||||||||||||
Proceeds from sale of finance receivables | 51 | — | 51 | — | ||||||||||||||||||||||
Net intercompany borrowings | — | 1,000 | 5 | (1,005) | 4 | |||||||||||||||||||||
Investments and acquisitions (net of cash acquired) | (490) | (490) | — | — | ||||||||||||||||||||||
Proceeds from sale of businesses and investments (net of cash sold) | 36 | 36 | — | — | ||||||||||||||||||||||
Proceeds from sale of securities | 785 | 274 | 511 | — | ||||||||||||||||||||||
Investments in securities | (1,766) | (1,189) | (577) | — | ||||||||||||||||||||||
Other – net | 79 | 81 | (2) | — | ||||||||||||||||||||||
Net cash provided by (used for) investing activities | (3,084) | (1,231) | (1,397) | (456) | ||||||||||||||||||||||
Cash flow from financing activities: | ||||||||||||||||||||||||||
Dividends paid | (2,332) | (2,332) | (850) | 850 | 5 | |||||||||||||||||||||
Common stock issued, including treasury shares reissued | 135 | 135 | — | — | ||||||||||||||||||||||
Common shares repurchased | (2,668) | (2,668) | — | — | ||||||||||||||||||||||
Net intercompany borrowings | — | (5) | (1,000) | 1,005 | 4 | |||||||||||||||||||||
Proceeds from debt issued > 90 days | 6,989 | 494 | 6,495 | — | ||||||||||||||||||||||
Payments on debt > 90 days | (9,796) | (1,919) | (7,877) | — | ||||||||||||||||||||||
Short-term borrowings – net < 90 days | 3,488 | (1) | 3,489 | — | ||||||||||||||||||||||
Other – net | (4) | (4) | — | — | ||||||||||||||||||||||
Net cash provided by (used for) financing activities | (4,188) | (6,300) | 257 | 1,855 | ||||||||||||||||||||||
Effect of exchange rate changes on cash | (29) | (35) | 6 | — | ||||||||||||||||||||||
Increase (decrease) in cash, cash equivalents and restricted cash | (103) | (389) | 286 | — | ||||||||||||||||||||||
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 | $ | 9,263 | $ | 8,433 | $ | 830 | $ | — |
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 | 4th Quarter 2022 | 3rd Quarter 2022 | 2nd Quarter 2022 | 1st Quarter 2022 | |||||||||||||
World | UP 8% | UP 7% | DOWN 3% | UP 2% | |||||||||||||
Machines | 4th Quarter 2022 | 3rd Quarter 2022 | 2nd Quarter 2022 | 1st Quarter 2022 | |||||||||||||
Asia/Pacific | UNCHANGED | UP 4% | DOWN 14% | DOWN 18% | |||||||||||||
EAME | DOWN 6% | DOWN 2% | DOWN 3% | UP 10% | |||||||||||||
Latin America | UP 5% | UP 9% | UP 18% | DOWN 1% | |||||||||||||
North America | UP 13% | UP 2% | DOWN 3% | UP 17% | |||||||||||||
World | UP 4% | UP 2% | DOWN 4% | UP 3% | |||||||||||||
Resource Industries (RI) | 4th Quarter 2022 | 3rd Quarter 2022 | 2nd Quarter 2022 | 1st Quarter 2022 | |||||||||||||
Asia/Pacific | UP 1% | UP 30% | UP 3% | UP 23% | |||||||||||||
EAME | DOWN 18% | UP 5% | DOWN 1% | UP 17% | |||||||||||||
Latin America | UP 13% | DOWN 11% | DOWN 4% | DOWN 34% | |||||||||||||
North America | UP 61% | UP 8% | DOWN 7% | UP 36% | |||||||||||||
World | UP 13% | UP 10% | DOWN 2% | UP 13% | |||||||||||||
Construction Industries (CI) | 4th Quarter 2022 | 3rd Quarter 2022 | 2nd Quarter 2022 | 1st Quarter 2022 | |||||||||||||
Asia/Pacific | DOWN 1% | DOWN 7% | DOWN 21% | DOWN 31% | |||||||||||||
EAME | DOWN 2% | DOWN 5% | DOWN 3% | UP 8% | |||||||||||||
Latin America | UP 2% | UP 20% | UP 28% | UP 25% | |||||||||||||
North America | UP 4% | UP 1% | DOWN 3% | UP 14% | |||||||||||||
World | UP 1% | UNCHANGED | DOWN 4% | UNCHANGED | |||||||||||||
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) | 4th Quarter 2022 | 3rd Quarter 2022 | 2nd Quarter 2022 | 1st Quarter 2022 | |||||||||||||
Power Gen | UP 14% | UP 26% | UP 7% | DOWN 10% | |||||||||||||
Industrial | UP 27% | UP 31% | UP 19% | UP 26% | |||||||||||||
Transportation | DOWN 36% | UP 30% | DOWN 9% | UP 50% | |||||||||||||
Oil & Gas | UP 38% | UP 11% | DOWN 13% | DOWN 12% | |||||||||||||
Total | UP 19% | UP 22% | UNCHANGED | DOWN 1% | |||||||||||||
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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