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. | ||||||||
April 29, 2021 | By: | /s/ Suzette M. Long | ||||||
Suzette M. Long Chief Legal Officer and General Counsel | ||||||||
First Quarter | ||||||||||||||||||||
($ in billions except profit per share) | 2021 | 2020 | ||||||||||||||||||
Sales and Revenues | $11.9 | $10.6 | ● | Sales and revenues increased 12% | ||||||||||||||||
Profit Per Share | $2.77 | $1.98 | ● | First-quarter 2021 profit per share of $2.77; adjusted profit per share of $2.87 | ||||||||||||||||
Adjusted Profit Per Share | $2.87 | $1.65 | ● | Strong balance sheet with $11.3 billion of enterprise cash on hand |
Sales and Revenues by Segment | |||||||||||||||||||||||||||||||||||||||||||||||
(Millions of dollars) | First Quarter 2020 | Sales Volume | Price Realization | Currency | Inter-Segment / Other | First Quarter 2021 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||
Construction Industries | $ | 4,306 | $ | 1,006 | $ | (23) | $ | 146 | $ | 24 | $ | 5,459 | $ | 1,153 | 27% | ||||||||||||||||||||||||||||||||
Resource Industries | 2,084 | 132 | (47) | 33 | 14 | 2,216 | 132 | 6% | |||||||||||||||||||||||||||||||||||||||
Energy & Transportation | 4,349 | (41) | 7 | 74 | 118 | 4,507 | 158 | 4% | |||||||||||||||||||||||||||||||||||||||
All Other Segment | 109 | 9 | — | 1 | 11 | 130 | 21 | 19% | |||||||||||||||||||||||||||||||||||||||
Corporate Items and Eliminations | (934) | (19) | (1) | — | (167) | (1,121) | (187) | ||||||||||||||||||||||||||||||||||||||||
Machinery, Energy & Transportation | 9,914 | 1,087 | (64) | 254 | — | 11,191 | 1,277 | 13% | |||||||||||||||||||||||||||||||||||||||
Financial Products Segment | 814 | — | — | — | (53) | 761 | (53) | (7%) | |||||||||||||||||||||||||||||||||||||||
Corporate Items and Eliminations | (93) | — | — | — | 28 | (65) | 28 | ||||||||||||||||||||||||||||||||||||||||
Financial Products Revenues | 721 | — | — | — | (25) | 696 | (25) | (3%) | |||||||||||||||||||||||||||||||||||||||
Consolidated Sales and Revenues | $ | 10,635 | $ | 1,087 | $ | (64) | $ | 254 | $ | (25) | $ | 11,887 | $ | 1,252 | 12% | ||||||||||||||||||||||||||||||||
Sales and Revenues by Geographic Region | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
North America | Latin America | EAME | Asia/Pacific | External Sales and Revenues | Inter-Segment | Total Sales and Revenues | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Millions of dollars) | $ | % Chg | $ | % Chg | $ | % Chg | $ | % Chg | $ | % Chg | $ | % Chg | $ | % Chg | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Quarter 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction Industries | $ | 2,126 | 2% | $ | 392 | 48% | $ | 1,081 | 22% | $ | 1,842 | 72% | $ | 5,441 | 26% | $ | 18 | 400% | $ | 5,459 | 27% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Resource Industries | 657 | (6%) | 405 | 27% | 474 | 20% | 561 | (1%) | 2,097 | 6% | 119 | 13% | 2,216 | 6% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Energy & Transportation | 1,782 | 3% | 256 | 3% | 1,093 | 4% | 527 | (9%) | 3,658 | 1% | 849 | 16% | 4,507 | 4% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
All Other Segment | 13 | 160% | — | (100%) | 3 | (73%) | 22 | 120% | 38 | 36% | 92 | 14% | 130 | 19% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate Items and Eliminations | (39) | — | — | (4) | (43) | (1,078) | (1,121) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Machinery, Energy & Transportation | 4,539 | 1% | 1,053 | 26% | 2,651 | 13% | 2,948 | 32% | 11,191 | 13% | — | —% | 11,191 | 13% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Products Segment | 476 | (9%) | 62 | (11%) | 100 | (2%) | 123 | 5% | 761 | (7%) | — | —% | 761 | (7%) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate Items and Eliminations | (24) | (11) | (8) | (22) | (65) | — | (65) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Products Revenues | 452 | (4%) | 51 | (12%) | 92 | (1%) | 101 | 2% | 696 | (3%) | — | —% | 696 | (3%) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Sales and Revenues | $ | 4,991 | —% | $ | 1,104 | 24% | $ | 2,743 | 13% | $ | 3,049 | 31% | $ | 11,887 | 12% | $ | — | —% | $ | 11,887 | 12% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Quarter 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction Industries | $ | 2,085 | $ | 265 | $ | 889 | $ | 1,073 | $ | 4,312 | $ | (6) | $ | 4,306 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Resource Industries | 696 | 320 | 395 | 568 | 1,979 | 105 | 2,084 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Energy & Transportation | 1,738 | 249 | 1,053 | 578 | 3,618 | 731 | 4,349 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
All Other Segment | 5 | 2 | 11 | 10 | 28 | 81 | 109 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate Items and Eliminations | (15) | (2) | (4) | (2) | (23) | (911) | (934) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Machinery, Energy & Transportation | 4,509 | 834 | 2,344 | 2,227 | 9,914 | — | 9,914 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Products Segment | 525 | 70 | 102 | 117 | 814 | — | 814 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate Items and Eliminations | (54) | (12) | (9) | (18) | (93) | — | (93) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Products Revenues | 471 | 58 | 93 | 99 | 721 | — | 721 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Sales and Revenues | $ | 4,980 | $ | 892 | $ | 2,437 | $ | 2,326 | $ | 10,635 | $ | — | $ | 10,635 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Profit (Loss) by Segment | |||||||||||||||||||||||
(Millions of dollars) | First Quarter 2021 | First Quarter 2020 | $ Change | % Change | |||||||||||||||||||
Construction Industries | $ | 1,035 | $ | 640 | $ | 395 | 62 | % | |||||||||||||||
Resource Industries | 328 | 304 | 24 | 8 | % | ||||||||||||||||||
Energy & Transportation | 666 | 602 | 64 | 11 | % | ||||||||||||||||||
All Other Segment | 3 | 7 | (4) | (57 | %) | ||||||||||||||||||
Corporate Items and Eliminations | (368) | (212) | (156) | ||||||||||||||||||||
Machinery, Energy & Transportation | 1,664 | 1,341 | 323 | 24 | % | ||||||||||||||||||
Financial Products Segment | 244 | 105 | 139 | 132 | % | ||||||||||||||||||
Corporate Items and Eliminations | (19) | 47 | (66) | ||||||||||||||||||||
Financial Products | 225 | 152 | 73 | 48 | % | ||||||||||||||||||
Consolidating Adjustments | (75) | (89) | 14 | ||||||||||||||||||||
Consolidated Operating Profit | $ | 1,814 | $ | 1,404 | $ | 410 | 29 | % | |||||||||||||||
CONSTRUCTION INDUSTRIES | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Millions of dollars) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Sales | ||||||||||||||||||||||||||||||||||||||||||||||||||
First Quarter 2020 | Sales Volume | Price Realization | Currency | Inter-Segment | First Quarter 2021 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||||||
Total Sales | $ | 4,306 | $ | 1,006 | $ | (23) | $ | 146 | $ | 24 | $ | 5,459 | $ | 1,153 | 27 | % | ||||||||||||||||||||||||||||||||||
Sales by Geographic Region | ||||||||||||||||||||||||||||||||||||||||||||||||||
First Quarter 2021 | First Quarter 2020 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||||||||||
North America | $ | 2,126 | $ | 2,085 | $ | 41 | 2 | % | ||||||||||||||||||||||||||||||||||||||||||
Latin America | 392 | 265 | 127 | 48 | % | |||||||||||||||||||||||||||||||||||||||||||||
EAME | 1,081 | 889 | 192 | 22 | % | |||||||||||||||||||||||||||||||||||||||||||||
Asia/Pacific | 1,842 | 1,073 | 769 | 72 | % | |||||||||||||||||||||||||||||||||||||||||||||
External Sales | 5,441 | 4,312 | 1,129 | 26 | % | |||||||||||||||||||||||||||||||||||||||||||||
Inter-segment | 18 | (6) | 24 | 400 | % | |||||||||||||||||||||||||||||||||||||||||||||
Total Sales | $ | 5,459 | $ | 4,306 | $ | 1,153 | 27 | % | ||||||||||||||||||||||||||||||||||||||||||
Segment Profit | ||||||||||||||||||||||||||||||||||||||||||||||||||
First Quarter 2021 | First Quarter 2020 | Change | % Change | |||||||||||||||||||||||||||||||||||||||||||||||
Segment Profit | $ | 1,035 | $ | 640 | $ | 395 | 62 | % | ||||||||||||||||||||||||||||||||||||||||||
Segment Profit Margin | 19.0 | % | 14.9 | % | 4.1 | pts | ||||||||||||||||||||||||||||||||||||||||||||
RESOURCE INDUSTRIES | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Millions of dollars) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Sales | ||||||||||||||||||||||||||||||||||||||||||||||||||
First Quarter 2020 | Sales Volume | Price Realization | Currency | Inter-Segment | First Quarter 2021 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||||||
Total Sales | $ | 2,084 | $ | 132 | $ | (47) | $ | 33 | $ | 14 | $ | 2,216 | $ | 132 | 6 | % | ||||||||||||||||||||||||||||||||||
Sales by Geographic Region | ||||||||||||||||||||||||||||||||||||||||||||||||||
First Quarter 2021 | First Quarter 2020 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||||||||||
North America | $ | 657 | $ | 696 | $ | (39) | (6 | %) | ||||||||||||||||||||||||||||||||||||||||||
Latin America | 405 | 320 | 85 | 27 | % | |||||||||||||||||||||||||||||||||||||||||||||
EAME | 474 | 395 | 79 | 20 | % | |||||||||||||||||||||||||||||||||||||||||||||
Asia/Pacific | 561 | 568 | (7) | (1 | %) | |||||||||||||||||||||||||||||||||||||||||||||
External Sales | 2,097 | 1,979 | 118 | 6 | % | |||||||||||||||||||||||||||||||||||||||||||||
Inter-segment | 119 | 105 | 14 | 13 | % | |||||||||||||||||||||||||||||||||||||||||||||
Total Sales | $ | 2,216 | $ | 2,084 | $ | 132 | 6 | % | ||||||||||||||||||||||||||||||||||||||||||
Segment Profit | ||||||||||||||||||||||||||||||||||||||||||||||||||
First Quarter 2021 | First Quarter 2020 | Change | % Change | |||||||||||||||||||||||||||||||||||||||||||||||
Segment Profit | $ | 328 | $ | 304 | $ | 24 | 8 | % | ||||||||||||||||||||||||||||||||||||||||||
Segment Profit Margin | 14.8 | % | 14.6 | % | 0.2 | pts | ||||||||||||||||||||||||||||||||||||||||||||
ENERGY & TRANSPORTATION | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Millions of dollars) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Sales | ||||||||||||||||||||||||||||||||||||||||||||||||||
First Quarter 2020 | Sales Volume | Price Realization | Currency | Inter-Segment | First Quarter 2021 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||||||
Total Sales | $ | 4,349 | $ | (41) | $ | 7 | $ | 74 | $ | 118 | $ | 4,507 | $ | 158 | 4 | % | ||||||||||||||||||||||||||||||||||
Sales by Application | ||||||||||||||||||||||||||||||||||||||||||||||||||
First Quarter 2021 | First Quarter 2020 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||||||||||
Oil and Gas | $ | 915 | $ | 861 | $ | 54 | 6 | % | ||||||||||||||||||||||||||||||||||||||||||
Power Generation | 963 | 854 | 109 | 13 | % | |||||||||||||||||||||||||||||||||||||||||||||
Industrial | 813 | 801 | 12 | 1 | % | |||||||||||||||||||||||||||||||||||||||||||||
Transportation | 967 | 1,102 | (135) | (12 | %) | |||||||||||||||||||||||||||||||||||||||||||||
External Sales | 3,658 | 3,618 | 40 | 1 | % | |||||||||||||||||||||||||||||||||||||||||||||
Inter-segment | 849 | 731 | 118 | 16 | % | |||||||||||||||||||||||||||||||||||||||||||||
Total Sales | $ | 4,507 | $ | 4,349 | $ | 158 | 4 | % | ||||||||||||||||||||||||||||||||||||||||||
Segment Profit | ||||||||||||||||||||||||||||||||||||||||||||||||||
First Quarter 2021 | First Quarter 2020 | Change | % Change | |||||||||||||||||||||||||||||||||||||||||||||||
Segment Profit | $ | 666 | $ | 602 | $ | 64 | 11 | % | ||||||||||||||||||||||||||||||||||||||||||
Segment Profit Margin | 14.8 | % | 13.8 | % | 1.0 | pts | ||||||||||||||||||||||||||||||||||||||||||||
FINANCIAL PRODUCTS SEGMENT | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Millions of dollars) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues by Geographic Region | ||||||||||||||||||||||||||||||||||||||||||||||||||
First Quarter 2021 | First Quarter 2020 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||||||||||
North America | $ | 476 | $ | 525 | $ | (49) | (9 | %) | ||||||||||||||||||||||||||||||||||||||||||
Latin America | 62 | 70 | (8) | (11 | %) | |||||||||||||||||||||||||||||||||||||||||||||
EAME | 100 | 102 | (2) | (2 | %) | |||||||||||||||||||||||||||||||||||||||||||||
Asia/Pacific | 123 | 117 | 6 | 5 | % | |||||||||||||||||||||||||||||||||||||||||||||
Total Revenues | $ | 761 | $ | 814 | $ | (53) | (7 | %) | ||||||||||||||||||||||||||||||||||||||||||
Segment Profit | ||||||||||||||||||||||||||||||||||||||||||||||||||
First Quarter 2021 | First Quarter 2020 | Change | % Change | |||||||||||||||||||||||||||||||||||||||||||||||
Segment Profit | $ | 244 | $ | 105 | $ | 139 | 132 | % | ||||||||||||||||||||||||||||||||||||||||||
(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 March 31, 2021 - US GAAP | $ | 1,814 | 15.3 | % | $ | 1,997 | $ | 475 | 23.8 | % | $ | 1,530 | $ | 2.77 | ||||||||||||||||||||||||||||||
Restructuring costs | 64 | 0.5 | % | 64 | 10 | 15.0 | % | 54 | $ | 0.10 | ||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2021 - Adjusted | $ | 1,878 | 15.8 | % | $ | 2,061 | $ | 485 | 23.5 | % | $ | 1,584 | $ | 2.87 | ||||||||||||||||||||||||||||||
Three Months Ended March 31, 2020 - US GAAP | $ | 1,404 | 13.2 | % | $ | 1,513 | $ | 425 | 28.1 | % | $ | 1,092 | $ | 1.98 | ||||||||||||||||||||||||||||||
Remeasurement gain of a non-U.S. pension obligation | — | — | % | (254) | (43) | 17.0 | % | (211) | $ | (0.38) | ||||||||||||||||||||||||||||||||||
Restructuring costs | 37 | 0.3 | % | 37 | 7 | 19.0 | % | 30 | $ | 0.05 | ||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2020 - Adjusted | $ | 1,441 | 13.5 | % | $ | 1,296 | $ | 389 | 30.0 | % | $ | 911 | $ | 1.65 | ||||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Sales and revenues: | |||||||||||
Sales of Machinery, Energy & Transportation | $ | 11,191 | $ | 9,914 | |||||||
Revenues of Financial Products | 696 | 721 | |||||||||
Total sales and revenues | 11,887 | 10,635 | |||||||||
Operating costs: | |||||||||||
Cost of goods sold | 8,012 | 7,266 | |||||||||
Selling, general and administrative expenses | 1,239 | 1,121 | |||||||||
Research and development expenses | 374 | 356 | |||||||||
Interest expense of Financial Products | 125 | 175 | |||||||||
Other operating (income) expenses | 323 | 313 | |||||||||
Total operating costs | 10,073 | 9,231 | |||||||||
Operating profit | 1,814 | 1,404 | |||||||||
Interest expense excluding Financial Products | 142 | 113 | |||||||||
Other income (expense) | 325 | 222 | |||||||||
Consolidated profit before taxes | 1,997 | 1,513 | |||||||||
Provision (benefit) for income taxes | 475 | 425 | |||||||||
Profit of consolidated companies | 1,522 | 1,088 | |||||||||
Equity in profit (loss) of unconsolidated affiliated companies | 9 | 5 | |||||||||
Profit of consolidated and affiliated companies | 1,531 | 1,093 | |||||||||
Less: Profit (loss) attributable to noncontrolling interests | 1 | 1 | |||||||||
Profit 1 | $ | 1,530 | $ | 1,092 | |||||||
Profit per common share | $ | 2.80 | $ | 2.00 | |||||||
Profit per common share — diluted 2 | $ | 2.77 | $ | 1.98 | |||||||
Weighted-average common shares outstanding (millions) | |||||||||||
– Basic | 546.4 | 546.8 | |||||||||
– Diluted 2 | 551.4 | 551.1 | |||||||||
1 | Profit attributable to common shareholders. | ||||
2 | Diluted by assumed exercise of stock-based compensation awards using the treasury stock method. |
March 31, 2021 | December 31, 2020 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and short-term investments | $ | 11,342 | $ | 9,352 | |||||||
Receivables – trade and other | 7,955 | 7,317 | |||||||||
Receivables – finance | 9,333 | 9,463 | |||||||||
Prepaid expenses and other current assets | 1,802 | 1,930 | |||||||||
Inventories | 12,149 | 11,402 | |||||||||
Total current assets | 42,581 | 39,464 | |||||||||
Property, plant and equipment – net | 12,132 | 12,401 | |||||||||
Long-term receivables – trade and other | 1,115 | 1,185 | |||||||||
Long-term receivables – finance | 11,966 | 12,222 | |||||||||
Noncurrent deferred and refundable income taxes | 1,391 | 1,523 | |||||||||
Intangible assets | 1,246 | 1,308 | |||||||||
Goodwill | 6,343 | 6,394 | |||||||||
Other assets | 3,955 | 3,827 | |||||||||
Total assets | $ | 80,729 | $ | 78,324 | |||||||
Liabilities | |||||||||||
Current liabilities: | |||||||||||
Short-term borrowings: | |||||||||||
-- Machinery, Energy & Transportation | $ | — | $ | 10 | |||||||
-- Financial Products | 3,625 | 2,005 | |||||||||
Accounts payable | 6,694 | 6,128 | |||||||||
Accrued expenses | 3,574 | 3,642 | |||||||||
Accrued wages, salaries and employee benefits | 1,283 | 1,096 | |||||||||
Customer advances | 1,168 | 1,108 | |||||||||
Dividends payable | — | 562 | |||||||||
Other current liabilities | 2,035 | 2,017 | |||||||||
Long-term debt due within one year: | |||||||||||
-- Machinery, Energy & Transportation | 1,301 | 1,420 | |||||||||
-- Financial Products | 6,898 | 7,729 | |||||||||
Total current liabilities | 26,578 | 25,717 | |||||||||
Long-term debt due after one year: | |||||||||||
-- Machinery, Energy & Transportation | 9,751 | 9,749 | |||||||||
-- Financial Products | 16,605 | 16,250 | |||||||||
Liability for postemployment benefits | 6,698 | 6,872 | |||||||||
Other liabilities | 4,480 | 4,358 | |||||||||
Total liabilities | 64,112 | 62,946 | |||||||||
Shareholders’ equity | |||||||||||
Common stock | 6,215 | 6,230 | |||||||||
Treasury stock | (25,049) | (25,178) | |||||||||
Profit employed in the business | 36,697 | 35,167 | |||||||||
Accumulated other comprehensive income (loss) | (1,290) | (888) | |||||||||
Noncontrolling interests | 44 | 47 | |||||||||
Total shareholders’ equity | 16,617 | 15,378 | |||||||||
Total liabilities and shareholders’ equity | $ | 80,729 | $ | 78,324 |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Cash flow from operating activities: | |||||||||||
Profit of consolidated and affiliated companies | $ | 1,531 | $ | 1,093 | |||||||
Adjustments for non-cash items: | |||||||||||
Depreciation and amortization | 586 | 614 | |||||||||
Gain on remeasurement of a non-U.S. pension obligation | — | (254) | |||||||||
Provision (benefit) for deferred income taxes | 109 | 20 | |||||||||
Other | (104) | 534 | |||||||||
Changes in assets and liabilities, net of acquisitions and divestitures: | |||||||||||
Receivables – trade and other | (543) | 500 | |||||||||
Inventories | (657) | (541) | |||||||||
Accounts payable | 733 | 90 | |||||||||
Accrued expenses | 84 | (97) | |||||||||
Accrued wages, salaries and employee benefits | 191 | (722) | |||||||||
Customer advances | 58 | 116 | |||||||||
Other assets – net | 56 | (50) | |||||||||
Other liabilities – net | (116) | (173) | |||||||||
Net cash provided by (used for) operating activities | 1,928 | 1,130 | |||||||||
Cash flow from investing activities: | |||||||||||
Capital expenditures – excluding equipment leased to others | (252) | (305) | |||||||||
Expenditures for equipment leased to others | (252) | (243) | |||||||||
Proceeds from disposals of leased assets and property, plant and equipment | 309 | 216 | |||||||||
Additions to finance receivables | (2,629) | (2,953) | |||||||||
Collections of finance receivables | 2,770 | 3,153 | |||||||||
Proceeds from sale of finance receivables | 5 | 31 | |||||||||
Investments and acquisitions (net of cash acquired) | (386) | (35) | |||||||||
Proceeds from sale of businesses and investments (net of cash sold) | 28 | — | |||||||||
Proceeds from sale of securities | 126 | 68 | |||||||||
Investments in securities | (148) | (180) | |||||||||
Other – net | (48) | 35 | |||||||||
Net cash provided by (used for) investing activities | (477) | (213) | |||||||||
Cash flow from financing activities: | |||||||||||
Dividends paid | (562) | (567) | |||||||||
Common stock issued, including treasury shares reissued | 65 | (23) | |||||||||
Common shares repurchased | — | (1,043) | |||||||||
Proceeds from debt issued (original maturities greater than three months) | 2,273 | 2,141 | |||||||||
Payments on debt (original maturities greater than three months) | (2,887) | (2,466) | |||||||||
Short-term borrowings – net (original maturities three months or less) | 1,659 | (40) | |||||||||
Other – net | (2) | (1) | |||||||||
Net cash provided by (used for) financing activities | 546 | (1,999) | |||||||||
Effect of exchange rate changes on cash | (12) | (80) | |||||||||
Increase (decrease) in cash and short-term investments and restricted cash | 1,985 | (1,162) | |||||||||
Cash and short-term investments and restricted cash at beginning of period | 9,366 | 8,292 | |||||||||
Cash and short-term investments and restricted cash at end of period | $ | 11,351 | $ | 7,130 |
All short-term investments, which consist primarily of highly liquid investments with original maturities of three months or less, are considered to be cash equivalents. |
Supplemental Consolidating Data | ||||||||||||||||||||||||||
Consolidated | Machinery, Energy & Transportation | Financial Products | Consolidating Adjustments | |||||||||||||||||||||||
Sales and revenues: | ||||||||||||||||||||||||||
Sales of Machinery, Energy & Transportation | $ | 11,191 | $ | 11,191 | $ | — | $ | — | ||||||||||||||||||
Revenues of Financial Products | 696 | — | 788 | (92) | 1 | |||||||||||||||||||||
Total sales and revenues | 11,887 | 11,191 | 788 | (92) | ||||||||||||||||||||||
Operating costs: | ||||||||||||||||||||||||||
Cost of goods sold | 8,012 | 8,013 | — | (1) | 2 | |||||||||||||||||||||
Selling, general and administrative expenses | 1,239 | 1,114 | 124 | 1 | 2 | |||||||||||||||||||||
Research and development expenses | 374 | 374 | — | — | ||||||||||||||||||||||
Interest expense of Financial Products | 125 | — | 125 | — | ||||||||||||||||||||||
Other operating (income) expenses | 323 | 26 | 314 | (17) | 2 | |||||||||||||||||||||
Total operating costs | 10,073 | 9,527 | 563 | (17) | ||||||||||||||||||||||
Operating profit | 1,814 | 1,664 | 225 | (75) | ||||||||||||||||||||||
Interest expense excluding Financial Products | 142 | 142 | — | — | ||||||||||||||||||||||
Other income (expense) | 325 | 231 | 19 | 75 | 3 | |||||||||||||||||||||
Consolidated profit before taxes | 1,997 | 1,753 | 244 | — | ||||||||||||||||||||||
Provision (benefit) for income taxes | 475 | 412 | 63 | — | ||||||||||||||||||||||
Profit of consolidated companies | 1,522 | 1,341 | 181 | — | ||||||||||||||||||||||
Equity in profit (loss) of unconsolidated affiliated companies | 9 | 12 | — | (3) | 4 | |||||||||||||||||||||
Profit of consolidated and affiliated companies | 1,531 | 1,353 | 181 | (3) | ||||||||||||||||||||||
Less: Profit (loss) attributable to noncontrolling interests | 1 | 1 | 3 | (3) | 5 | |||||||||||||||||||||
Profit 6 | $ | 1,530 | $ | 1,352 | $ | 178 | $ | — |
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 | $ | 9,914 | $ | 9,914 | $ | — | $ | — | ||||||||||||||||||
Revenues of Financial Products | 721 | — | 830 | (109) | 1 | |||||||||||||||||||||
Total sales and revenues | 10,635 | 9,914 | 830 | (109) | ||||||||||||||||||||||
Operating costs: | ||||||||||||||||||||||||||
Cost of goods sold | 7,266 | 7,267 | — | (1) | 2 | |||||||||||||||||||||
Selling, general and administrative expenses | 1,121 | 940 | 182 | (1) | 2 | |||||||||||||||||||||
Research and development expenses | 356 | 356 | — | — | ||||||||||||||||||||||
Interest expense of Financial Products | 175 | — | 176 | (1) | 3 | |||||||||||||||||||||
Other operating (income) expenses | 313 | 10 | 320 | (17) | 2 | |||||||||||||||||||||
Total operating costs | 9,231 | 8,573 | 678 | (20) | ||||||||||||||||||||||
Operating profit | 1,404 | 1,341 | 152 | (89) | ||||||||||||||||||||||
Interest expense excluding Financial Products | 113 | 112 | — | 1 | 3 | |||||||||||||||||||||
Other income (expense) | 222 | 179 | (47) | 90 | 4 | |||||||||||||||||||||
Consolidated profit before taxes | 1,513 | 1,408 | 105 | — | ||||||||||||||||||||||
Provision (benefit) for income taxes | 425 | 397 | 28 | — | ||||||||||||||||||||||
Profit of consolidated companies | 1,088 | 1,011 | 77 | — | ||||||||||||||||||||||
Equity in profit (loss) of unconsolidated affiliated companies | 5 | 9 | — | (4) | 5 | |||||||||||||||||||||
Profit of consolidated and affiliated companies | 1,093 | 1,020 | 77 | (4) | ||||||||||||||||||||||
Less: Profit (loss) attributable to noncontrolling interests | 1 | 1 | 4 | (4) | 6 | |||||||||||||||||||||
Profit 7 | $ | 1,092 | $ | 1,019 | $ | 73 | $ | — |
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 | |||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||||
Cash and short-term investments | $ | 11,342 | $ | 10,492 | $ | 850 | $ | — | ||||||||||||||||||
Receivables – trade and other | 7,955 | 3,020 | 501 | 4,434 | 1,2 | |||||||||||||||||||||
Receivables – finance | 9,333 | — | 13,896 | (4,563) | 2 | |||||||||||||||||||||
Prepaid expenses and other current assets | 1,802 | 1,399 | 544 | (141) | 3 | |||||||||||||||||||||
Inventories | 12,149 | 12,149 | — | — | ||||||||||||||||||||||
Total current assets | 42,581 | 27,060 | 15,791 | (270) | ||||||||||||||||||||||
Property, plant and equipment – net | 12,132 | 8,185 | 3,947 | — | ||||||||||||||||||||||
Long-term receivables – trade and other | 1,115 | 333 | 169 | 613 | 1,2 | |||||||||||||||||||||
Long-term receivables – finance | 11,966 | — | 12,604 | (638) | 2 | |||||||||||||||||||||
Noncurrent deferred and refundable income taxes | 1,391 | 1,933 | 103 | (645) | 4 | |||||||||||||||||||||
Intangible assets | 1,246 | 1,246 | — | — | ||||||||||||||||||||||
Goodwill | 6,343 | 6,343 | — | — | ||||||||||||||||||||||
Other assets | 3,955 | 3,260 | 1,899 | (1,204) | 5 | |||||||||||||||||||||
Total assets | $ | 80,729 | $ | 48,360 | $ | 34,513 | $ | (2,144) | ||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||
Short-term borrowings | $ | 3,625 | $ | — | $ | 3,625 | $ | — | ||||||||||||||||||
Short-term borrowings with consolidated companies | — | — | — | — | ||||||||||||||||||||||
Accounts payable | 6,694 | 6,597 | 226 | (129) | 6 | |||||||||||||||||||||
Accrued expenses | 3,574 | 3,174 | 400 | — | ||||||||||||||||||||||
Accrued wages, salaries and employee benefits | 1,283 | 1,256 | 27 | — | ||||||||||||||||||||||
Customer advances | 1,168 | 1,168 | — | — | ||||||||||||||||||||||
Dividends payable | — | — | — | — | ||||||||||||||||||||||
Other current liabilities | 2,035 | 1,558 | 640 | (163) | 4,7 | |||||||||||||||||||||
Long-term debt due within one year | 8,199 | 1,301 | 6,898 | — | ||||||||||||||||||||||
Total current liabilities | 26,578 | 15,054 | 11,816 | (292) | ||||||||||||||||||||||
Long-term debt due after one year | 26,356 | 9,776 | 16,605 | (25) | 8 | |||||||||||||||||||||
Liability for postemployment benefits | 6,698 | 6,697 | 1 | — | ||||||||||||||||||||||
Other liabilities | 4,480 | 3,804 | 1,394 | (718) | 4 | |||||||||||||||||||||
Total liabilities | 64,112 | 35,331 | 29,816 | (1,035) | ||||||||||||||||||||||
Shareholders’ equity | ||||||||||||||||||||||||||
Common stock | 6,215 | 6,215 | 919 | (919) | 9 | |||||||||||||||||||||
Treasury stock | (25,049) | (25,049) | — | — | ||||||||||||||||||||||
Profit employed in the business | 36,697 | 32,443 | 4,243 | 11 | 9 | |||||||||||||||||||||
Accumulated other comprehensive income (loss) | (1,290) | (627) | (663) | — | ||||||||||||||||||||||
Noncontrolling interests | 44 | 47 | 198 | (201) | 9 | |||||||||||||||||||||
Total shareholders’ equity | 16,617 | 13,029 | 4,697 | (1,109) | ||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 80,729 | $ | 48,360 | $ | 34,513 | $ | (2,144) |
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 short-term investments | $ | 9,352 | $ | 8,822 | $ | 530 | $ | — | ||||||||||||||||||
Receivables – trade and other | 7,317 | 3,846 | 397 | 3,074 | 1,2 | |||||||||||||||||||||
Receivables – finance | 9,463 | — | 13,681 | (4,218) | 2 | |||||||||||||||||||||
Prepaid expenses and other current assets | 1,930 | 1,376 | 624 | (70) | 3 | |||||||||||||||||||||
Inventories | 11,402 | 11,402 | — | — | ||||||||||||||||||||||
Total current assets | 39,464 | 25,446 | 15,232 | (1,214) | ||||||||||||||||||||||
Property, plant and equipment – net | 12,401 | 8,309 | 4,092 | — | ||||||||||||||||||||||
Long-term receivables – trade and other | 1,185 | 363 | 164 | 658 | 1,2 | |||||||||||||||||||||
Long-term receivables – finance | 12,222 | — | 12,895 | (673) | 2 | |||||||||||||||||||||
Noncurrent deferred and refundable income taxes | 1,523 | 2,058 | 110 | (645) | 4 | |||||||||||||||||||||
Intangible assets | 1,308 | 1,308 | — | — | ||||||||||||||||||||||
Goodwill | 6,394 | 6,394 | — | — | ||||||||||||||||||||||
Other assets | 3,827 | 3,158 | 1,871 | (1,202) | 5 | |||||||||||||||||||||
Total assets | $ | 78,324 | $ | 47,036 | $ | 34,364 | $ | (3,076) | ||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||
Short-term borrowings | $ | 2,015 | $ | 10 | $ | 2,005 | $ | — | ||||||||||||||||||
Short-term borrowings with consolidated companies | — | — | 1,000 | (1,000) | 6 | |||||||||||||||||||||
Accounts payable | 6,128 | 6,060 | 212 | (144) | 7 | |||||||||||||||||||||
Accrued expenses | 3,642 | 3,099 | 543 | — | ||||||||||||||||||||||
Accrued wages, salaries and employee benefits | 1,096 | 1,081 | 15 | — | ||||||||||||||||||||||
Customer advances | 1,108 | 1,108 | — | — | ||||||||||||||||||||||
Dividends payable | 562 | 562 | — | — | ||||||||||||||||||||||
Other current liabilities | 2,017 | 1,530 | 580 | (93) | 4,8 | |||||||||||||||||||||
Long-term debt due within one year | 9,149 | 1,420 | 7,729 | — | ||||||||||||||||||||||
Total current liabilities | 25,717 | 14,870 | 12,084 | (1,237) | ||||||||||||||||||||||
Long-term debt due after one year | 25,999 | 9,764 | 16,250 | (15) | 6 | |||||||||||||||||||||
Liability for postemployment benefits | 6,872 | 6,872 | — | — | ||||||||||||||||||||||
Other liabilities | 4,358 | 3,691 | 1,385 | (718) | 4 | |||||||||||||||||||||
Total liabilities | 62,946 | 35,197 | 29,719 | (1,970) | ||||||||||||||||||||||
Shareholders’ equity | ||||||||||||||||||||||||||
Common stock | 6,230 | 6,230 | 919 | (919) | 9 | |||||||||||||||||||||
Treasury stock | (25,178) | (25,178) | — | — | ||||||||||||||||||||||
Profit employed in the business | 35,167 | 31,091 | 4,065 | 11 | 9 | |||||||||||||||||||||
Accumulated other comprehensive income (loss) | (888) | (352) | (536) | — | ||||||||||||||||||||||
Noncontrolling interests | 47 | 48 | 197 | (198) | 9 | |||||||||||||||||||||
Total shareholders’ equity | 15,378 | 11,839 | 4,645 | (1,106) | ||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 78,324 | $ | 47,036 | $ | 34,364 | $ | (3,076) |
1 | Elimination of receivables between ME&T and Financial Products. | ||||
2 | Reclassification of ME&T’s trade receivables purchased by Financial Products and Financial Products’ wholesale inventory receivables. | ||||
3 | Elimination of ME&T’s insurance premiums that are prepaid to Financial Products. | ||||
4 | Reclassification reflecting required netting of deferred tax assets/liabilities by taxing jurisdiction. | ||||
5 | Elimination of other intercompany assets between ME&T and Financial Products. | ||||
6 | Elimination of debt between ME&T and Financial Products. | ||||
7 | Elimination of payables between ME&T and Financial Products. | ||||
8 | Elimination of prepaid insurance in Financial Products’ other liabilities. | ||||
9 | Eliminations associated with ME&T’s investments in Financial Products’ subsidiaries. | ||||
Supplemental Consolidating Data | ||||||||||||||||||||||||||
Consolidated | Machinery, Energy & Transportation | Financial Products | Consolidating Adjustments | |||||||||||||||||||||||
Cash flow from operating activities: | ||||||||||||||||||||||||||
Profit of consolidated and affiliated companies | $ | 1,531 | $ | 1,353 | $ | 181 | $ | (3) | 1 | |||||||||||||||||
Adjustments for non-cash items: | ||||||||||||||||||||||||||
Depreciation and amortization | 586 | 383 | 203 | — | ||||||||||||||||||||||
Provision (benefit) for deferred income taxes | 109 | 127 | (18) | — | ||||||||||||||||||||||
Other | (104) | (52) | (83) | 31 | 2 | |||||||||||||||||||||
Changes in assets and liabilities, net of acquisitions and divestitures: | ||||||||||||||||||||||||||
Receivables – trade and other | (543) | (104) | (32) | (407) | 2, 3 | |||||||||||||||||||||
Inventories | (657) | (657) | — | — | ||||||||||||||||||||||
Accounts payable | 733 | 706 | 13 | 14 | 2 | |||||||||||||||||||||
Accrued expenses | 84 | 58 | 26 | — | ||||||||||||||||||||||
Accrued wages, salaries and employee benefits | 191 | 179 | 12 | — | ||||||||||||||||||||||
Customer advances | 58 | 58 | — | — | ||||||||||||||||||||||
Other assets – net | 56 | (4) | (12) | 72 | 2 | |||||||||||||||||||||
Other liabilities – net | (116) | (131) | 79 | (64) | 2 | |||||||||||||||||||||
Net cash provided by (used for) operating activities | 1,928 | 1,916 | 369 | (357) | ||||||||||||||||||||||
Cash flow from investing activities: | ||||||||||||||||||||||||||
Capital expenditures – excluding equipment leased to others | (252) | (251) | (4) | 3 | 2 | |||||||||||||||||||||
Expenditures for equipment leased to others | (252) | (4) | (249) | 1 | 2 | |||||||||||||||||||||
Proceeds from disposals of leased assets and property, plant and equipment | 309 | 27 | 286 | (4) | 2 | |||||||||||||||||||||
Additions to finance receivables | (2,629) | — | (2,867) | 238 | 3 | |||||||||||||||||||||
Collections of finance receivables | 2,770 | — | 3,062 | (292) | 3 | |||||||||||||||||||||
Net intercompany purchased receivables | — | — | (411) | 411 | 3 | |||||||||||||||||||||
Proceeds from sale of finance receivables | 5 | — | 5 | — | ||||||||||||||||||||||
Net intercompany borrowings | — | 1,000 | — | (1,000) | 4 | |||||||||||||||||||||
Investments and acquisitions (net of cash acquired) | (386) | (386) | — | — | ||||||||||||||||||||||
Proceeds from sale of businesses and investments (net of cash sold) | 28 | 28 | — | — | ||||||||||||||||||||||
Proceeds from sale of securities | 126 | 11 | 115 | — | ||||||||||||||||||||||
Investments in securities | (148) | — | (148) | — | ||||||||||||||||||||||
Other – net | (48) | 2 | (50) | — | ||||||||||||||||||||||
Net cash provided by (used for) investing activities | (477) | 427 | (261) | (643) | ||||||||||||||||||||||
Cash flow from financing activities: | ||||||||||||||||||||||||||
Dividends paid | (562) | (562) | — | — | ||||||||||||||||||||||
Common stock issued, including treasury shares reissued | 65 | 65 | — | — | ||||||||||||||||||||||
Net intercompany borrowings | — | — | (1,000) | 1,000 | 4 | |||||||||||||||||||||
Proceeds from debt issued > 90 days | 2,273 | 494 | 1,779 | — | ||||||||||||||||||||||
Payments on debt > 90 days | (2,887) | (644) | (2,243) | — | ||||||||||||||||||||||
Short-term borrowings – net < 90 days | 1,659 | (10) | 1,669 | — | ||||||||||||||||||||||
Other – net | (2) | (2) | — | — | ||||||||||||||||||||||
Net cash provided by (used for) financing activities | 546 | (659) | 205 | 1,000 | ||||||||||||||||||||||
Effect of exchange rate changes on cash | (12) | (14) | 2 | — | ||||||||||||||||||||||
Increase (decrease) in cash and short-term investments and restricted cash | 1,985 | 1,670 | 315 | — | ||||||||||||||||||||||
Cash and short-term investments and restricted cash at beginning of period | 9,366 | 8,822 | 544 | — | ||||||||||||||||||||||
Cash and short-term investments and restricted cash at end of period | $ | 11,351 | $ | 10,492 | $ | 859 | $ | — |
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 | $ | 1,093 | $ | 1,020 | $ | 77 | $ | (4) | 1 | |||||||||||||||||
Adjustments for non-cash items: | ||||||||||||||||||||||||||
Depreciation and amortization | 614 | 402 | 212 | — | ||||||||||||||||||||||
Gain on remeasurement of a non-U.S. pension obligation | (254) | (254) | — | — | ||||||||||||||||||||||
Provision (benefit) for deferred income taxes | 20 | 75 | (55) | — | ||||||||||||||||||||||
Other | 534 | 245 | 170 | 119 | 2 | |||||||||||||||||||||
Changes in assets and liabilities, net of acquisitions and divestitures: | ||||||||||||||||||||||||||
Receivables – trade and other | 500 | 328 | (56) | 228 | 2, 3 | |||||||||||||||||||||
Inventories | (541) | (538) | — | (3) | 2 | |||||||||||||||||||||
Accounts payable | 90 | 2 | 51 | 37 | 2 | |||||||||||||||||||||
Accrued expenses | (97) | (105) | 8 | — | ||||||||||||||||||||||
Accrued wages, salaries and employee benefits | (722) | (689) | (33) | — | ||||||||||||||||||||||
Customer advances | 116 | 116 | — | — | ||||||||||||||||||||||
Other assets – net | (50) | 15 | (16) | (49) | 2 | |||||||||||||||||||||
Other liabilities – net | (173) | (299) | 73 | 53 | 2 | |||||||||||||||||||||
Net cash provided by (used for) operating activities | 1,130 | 318 | 431 | 381 | ||||||||||||||||||||||
Cash flow from investing activities: | ||||||||||||||||||||||||||
Capital expenditures – excluding equipment leased to others | (305) | (304) | (1) | — | ||||||||||||||||||||||
Expenditures for equipment leased to others | (243) | 2 | (249) | 4 | 2 | |||||||||||||||||||||
Proceeds from disposals of leased assets and property, plant and equipment | 216 | 61 | 156 | (1) | 2 | |||||||||||||||||||||
Additions to finance receivables | (2,953) | — | (3,213) | 260 | 3 | |||||||||||||||||||||
Collections of finance receivables | 3,153 | — | 3,421 | (268) | 3 | |||||||||||||||||||||
Net intercompany purchased receivables | — | — | 376 | (376) | 3 | |||||||||||||||||||||
Proceeds from sale of finance receivables | 31 | — | 31 | — | ||||||||||||||||||||||
Net intercompany borrowings | — | 599 | 1 | (600) | 4 | |||||||||||||||||||||
Investments and acquisitions (net of cash acquired) | (35) | (35) | — | — | ||||||||||||||||||||||
Proceeds from sale of securities | 68 | 6 | 62 | — | ||||||||||||||||||||||
Investments in securities | (180) | (5) | (175) | — | ||||||||||||||||||||||
Other – net | 35 | — | 35 | — | ||||||||||||||||||||||
Net cash provided by (used for) investing activities | (213) | 324 | 444 | (981) | ||||||||||||||||||||||
Cash flow from financing activities: | ||||||||||||||||||||||||||
Dividends paid | (567) | (567) | — | — | ||||||||||||||||||||||
Common stock issued, including treasury shares reissued | (23) | (23) | — | — | ||||||||||||||||||||||
Common shares repurchased | (1,043) | (1,043) | — | — | ||||||||||||||||||||||
Net intercompany borrowings | — | (1) | (599) | 600 | 4 | |||||||||||||||||||||
Proceeds from debt issued > 90 days | 2,141 | 15 | 2,126 | — | ||||||||||||||||||||||
Payments on debt > 90 days | (2,466) | (6) | (2,460) | — | ||||||||||||||||||||||
Short-term borrowings – net < 90 days | (40) | (5) | (35) | — | ||||||||||||||||||||||
Other – net | (1) | (1) | — | — | ||||||||||||||||||||||
Net cash provided by (used for) financing activities | (1,999) | (1,631) | (968) | 600 | ||||||||||||||||||||||
Effect of exchange rate changes on cash | (80) | (59) | (21) | — | ||||||||||||||||||||||
Increase (decrease) in cash and short-term investments and restricted cash | (1,162) | (1,048) | (114) | — | ||||||||||||||||||||||
Cash and short-term investments and restricted cash at beginning of period | 8,292 | 7,302 | 990 | — | ||||||||||||||||||||||
Cash and short-term investments and restricted cash at end of period | $ | 7,130 | $ | 6,254 | $ | 876 | $ | — |
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. | ||||
Caterpillar Inc. Quarterly Retail Sales Statistics | ||||||||||||||
Total Machines | 1st Quarter 2021 | 4th Quarter 2020 | 3rd Quarter 2020 | 2nd Quarter 2020 | ||||||||||
Asia/Pacific | UP 27% | UP 7% | UNCHANGED | UP 7% | ||||||||||
EAME | UP 5% | DOWN 5% | DOWN 13% | DOWN 9% | ||||||||||
Latin America | UP 54% | UP 31% | DOWN 17% | DOWN 22% | ||||||||||
North America | DOWN 1% | DOWN 9% | DOWN 31% | DOWN 40% | ||||||||||
World | UP 13% | DOWN 2% | DOWN 20% | DOWN 23% | ||||||||||
Resource Industries | 1st Quarter 2021 | 4th Quarter 2020 | 3rd Quarter 2020 | 2nd Quarter 2020 | ||||||||||
Asia/Pacific | UP 1% | DOWN 18% | DOWN 10% | DOWN 14% | ||||||||||
EAME | DOWN 9% | UP 1% | DOWN 13% | UP 21% | ||||||||||
Latin America | UP 85% | UP 77% | DOWN 54% | DOWN 18% | ||||||||||
North America | DOWN 21% | DOWN 13% | DOWN 46% | DOWN 46% | ||||||||||
World | UNCHANGED | DOWN 3% | DOWN 31% | DOWN 21% | ||||||||||
Construction Industries | 1st Quarter 2021 | 4th Quarter 2020 | 3rd Quarter 2020 | 2nd Quarter 2020 | ||||||||||
Asia/Pacific | UP 36% | UP 16% | UP 4% | UP 14% | ||||||||||
EAME | UP 11% | DOWN 7% | DOWN 13% | DOWN 18% | ||||||||||
Latin America | UP 38% | UP 11% | UP 10% | DOWN 25% | ||||||||||
North America | UP 5% | DOWN 8% | DOWN 27% | DOWN 38% | ||||||||||
World | UP 17% | DOWN 1% | DOWN 15% | DOWN 23% | ||||||||||
Reported in constant dollars and based on unit sales as reported primarily by dealers. | ||||||||||||||
Energy & Transportation Retail Sales by industry for the quarter ended as indicated compared with the same period of the prior year: | ||||||||||||||
1st Quarter 2021 | 4th Quarter 2020 | 3rd Quarter 2020 | 2nd Quarter 2020 | |||||||||||
Power Gen | UP 7% | DOWN 10% | DOWN 6% | UNCHANGED | ||||||||||
Industrial | DOWN 4% | DOWN 31% | DOWN 39% | DOWN 40% | ||||||||||
Transportation | DOWN 40% | DOWN 47% | DOWN 15% | DOWN 47% | ||||||||||
Oil & Gas | DOWN 9% | DOWN 29% | DOWN 42% | DOWN 18% | ||||||||||
Total | DOWN 5% | DOWN 25% | DOWN 27% | DOWN 18% | ||||||||||
Reported in constant dollars based on reporting from dealers and direct sales. | ||||||||||||||
· asphalt pavers | · forestry excavators | · small and medium | ||||||
· backhoe loaders | · motorgraders | track-type tractors | ||||||
· compactors | · pipelayers | · track-type loaders | ||||||
· cold planers | · road reclaimers | · wheel excavators | ||||||
· compact track and | · site prep tractors | · compact, small and | ||||||
multi-terrain loaders | · skid steer loaders | medium wheel loaders | ||||||
· mini, small, medium | · telehandlers | · utility vehicles | ||||||
and large 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 | · select work tools | ||||||
· large mining trucks |
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