UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 | |||||||||||||||||||||||||||||||||||
FORM | |||||||||||||||||||||||||||||||||||
Current Report | |||||||||||||||||||||||||||||||||||
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | |||||||||||||||||||||||||||||||||||
Date of Report (Date of earliest event reported): | |||||||||||||||||||||||||||||||||||
(Exact name of registrant as specified in its charter) | |||||||||||||||||||||||||||||||||||
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) | |||||||||||||||||||||||||||||||
Registrant’s telephone number, including area code: | ||||||||||||||||||||||||||||||||
Former name or former address, if changed since last report: | N/A |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||||||||||||||||||||||||||||||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||||||||||||||||||||||||||||||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||||||||||||||||||||||||||||||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||||||||||||||||||||||||||||||||
Securities registered pursuant to Section 12(b) of the Act: | |||||||||||||||||||||||||||||||||||
Title of each class | Trading Symbol (s) | Name of each exchange which registered | |||||||||||||||||||||||||||||||||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | |||||||||||||||||||||||||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined by Rule 405 of the Securities Act of | |||||||||||||||||||||||||||||||||||
1933 (17 CFR §230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2 of this chapter). | |||||||||||||||||||||||||||||||||||
Emerging growth company | |||||||||||||||||||||||||||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period | |||||||||||||||||||||||||||||||||||
for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ |
(d) | Exhibits: | ||||||||||
The following is furnished as an exhibit to this report: | |||||||||||
99.1 | |||||||||||
99.2 | |||||||||||
104 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL. |
SIGNATURES | ||||||||
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. | ||||||||
CATERPILLAR INC. | ||||||||
October 28, 2021 | By: | /s/ Suzette M. Long | ||||||
Suzette M. Long Chief Legal Officer and General Counsel | ||||||||
Third Quarter | |||||||||||
($ in billions except profit per share) | 2021 | 2020 | |||||||||
Sales and Revenues | $12.4 | $9.9 | |||||||||
Profit Per Share | $2.60 | $1.22 | |||||||||
Adjusted Profit Per Share | $2.66 | $1.52 |
● | Third-quarter 2021 sales and revenues increased 25% to $12.4 billion | ||||
● | Third-quarter 2021 profit per share of $2.60; adjusted profit per share of $2.66 | ||||
● | Strong balance sheet; returned $2.0 billion to shareholders through dividends and share repurchases in the quarter |
Sales and Revenues by Segment | |||||||||||||||||||||||||||||||||||||||||||||||
(Millions of dollars) | Third Quarter 2020 | Sales Volume | Price Realization | Currency | Inter-Segment / Other | Third Quarter 2021 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||
Construction Industries | $ | 4,056 | $ | 957 | $ | 218 | $ | 38 | $ | (14) | $ | 5,255 | $ | 1,199 | 30% | ||||||||||||||||||||||||||||||||
Resource Industries | 1,816 | 522 | 43 | 22 | 3 | 2,406 | 590 | 32% | |||||||||||||||||||||||||||||||||||||||
Energy & Transportation | 4,161 | 628 | (6) | 44 | 250 | 5,077 | 916 | 22% | |||||||||||||||||||||||||||||||||||||||
All Other Segment | 106 | 10 | (1) | 1 | 3 | 119 | 13 | 12% | |||||||||||||||||||||||||||||||||||||||
Corporate Items and Eliminations | (911) | 1 | 2 | — | (242) | (1,150) | (239) | ||||||||||||||||||||||||||||||||||||||||
Machinery, Energy & Transportation | 9,228 | 2,118 | 256 | 105 | — | 11,707 | 2,479 | 27% | |||||||||||||||||||||||||||||||||||||||
Financial Products Segment | 724 | — | — | — | 38 | 762 | 38 | 5% | |||||||||||||||||||||||||||||||||||||||
Corporate Items and Eliminations | (71) | — | — | — | (1) | (72) | (1) | ||||||||||||||||||||||||||||||||||||||||
Financial Products Revenues | 653 | — | — | — | 37 | 690 | 37 | 6% | |||||||||||||||||||||||||||||||||||||||
Consolidated Sales and Revenues | $ | 9,881 | $ | 2,118 | $ | 256 | $ | 105 | $ | 37 | $ | 12,397 | $ | 2,516 | 25% | ||||||||||||||||||||||||||||||||
Sales and Revenues by Geographic Region | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
North America | Latin America | EAME | Asia/Pacific | External Sales and Revenues | Inter-Segment | Total Sales and Revenues | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Millions of dollars) | $ | % Chg | $ | % Chg | $ | % Chg | $ | % Chg | $ | % Chg | $ | % Chg | $ | % Chg | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Third Quarter 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction Industries | $ | 2,417 | 36% | $ | 528 | 130% | $ | 1,240 | 56% | $ | 1,076 | (13%) | $ | 5,261 | 30% | $ | (6) | (175%) | $ | 5,255 | 30% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Resource Industries | 674 | 38% | 417 | 55% | 456 | 19% | 744 | 32% | 2,291 | 34% | 115 | 3% | 2,406 | 32% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Energy & Transportation | 1,924 | 21% | 329 | 49% | 1,144 | 3% | 744 | 34% | 4,141 | 19% | 936 | 36% | 5,077 | 22% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
All Other Segment | 18 | 80% | — | (100%) | 3 | 200% | 14 | 8% | 35 | 40% | 84 | 4% | 119 | 12% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate Items and Eliminations | (19) | — | — | (2) | (21) | (1,129) | (1,150) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Machinery, Energy & Transportation | 5,014 | 31% | 1,274 | 77% | 2,843 | 24% | 2,576 | 8% | 11,707 | 27% | — | —% | 11,707 | 27% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Products Segment | 478 | 7% | 68 | 8% | 105 | 5% | 111 | (2%) | 762 | 5% | — | —% | 762 | 5% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate Items and Eliminations | (37) | (13) | (9) | (13) | (72) | — | (72) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Products Revenues | 441 | 7% | 55 | 4% | 96 | 7% | 98 | (1%) | 690 | 6% | — | —% | 690 | 6% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Sales and Revenues | $ | 5,455 | 28% | $ | 1,329 | 72% | $ | 2,939 | 23% | $ | 2,674 | 8% | $ | 12,397 | 25% | $ | — | —% | $ | 12,397 | 25% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Third Quarter 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction Industries | $ | 1,781 | $ | 230 | $ | 796 | $ | 1,241 | $ | 4,048 | $ | 8 | $ | 4,056 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Resource Industries | 487 | 269 | 384 | 564 | 1,704 | 112 | 1,816 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Energy & Transportation | 1,584 | 221 | 1,113 | 557 | 3,475 | 686 | 4,161 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
All Other Segment | 10 | 1 | 1 | 13 | 25 | 81 | 106 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate Items and Eliminations | (22) | (2) | — | — | (24) | (887) | (911) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Machinery, Energy & Transportation | 3,840 | 719 | 2,294 | 2,375 | 9,228 | — | 9,228 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Products Segment | 448 | 63 | 100 | 113 | 724 | — | 724 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate Items and Eliminations | (37) | (10) | (10) | (14) | (71) | — | (71) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Products Revenues | 411 | 53 | 90 | 99 | 653 | — | 653 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Sales and Revenues | $ | 4,251 | $ | 772 | $ | 2,384 | $ | 2,474 | $ | 9,881 | $ | — | $ | 9,881 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Profit (Loss) by Segment | |||||||||||||||||||||||
(Millions of dollars) | Third Quarter 2021 | Third Quarter 2020 | $ Change | % Change | |||||||||||||||||||
Construction Industries | $ | 859 | $ | 585 | $ | 274 | 47 | % | |||||||||||||||
Resource Industries | 297 | 167 | 130 | 78 | % | ||||||||||||||||||
Energy & Transportation | 696 | 492 | 204 | 41 | % | ||||||||||||||||||
All Other Segment | 5 | 27 | (22) | (81 | %) | ||||||||||||||||||
Corporate Items and Eliminations | (286) | (346) | 60 | ||||||||||||||||||||
Machinery, Energy & Transportation | 1,571 | 925 | 646 | 70 | % | ||||||||||||||||||
Financial Products Segment | 173 | 142 | 31 | 22 | % | ||||||||||||||||||
Corporate Items and Eliminations | (7) | (15) | 8 | ||||||||||||||||||||
Financial Products | 166 | 127 | 39 | 31 | % | ||||||||||||||||||
Consolidating Adjustments | (73) | (67) | (6) | ||||||||||||||||||||
Consolidated Operating Profit | $ | 1,664 | $ | 985 | $ | 679 | 69 | % | |||||||||||||||
CONSTRUCTION INDUSTRIES | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Millions of dollars) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Sales | ||||||||||||||||||||||||||||||||||||||||||||||||||
Third Quarter 2020 | Sales Volume | Price Realization | Currency | Inter-Segment | Third Quarter 2021 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||||||
Total Sales | $ | 4,056 | $ | 957 | $ | 218 | $ | 38 | $ | (14) | $ | 5,255 | $ | 1,199 | 30 | % | ||||||||||||||||||||||||||||||||||
Sales by Geographic Region | ||||||||||||||||||||||||||||||||||||||||||||||||||
Third Quarter 2021 | Third Quarter 2020 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||||||||||
North America | $ | 2,417 | $ | 1,781 | $ | 636 | 36 | % | ||||||||||||||||||||||||||||||||||||||||||
Latin America | 528 | 230 | 298 | 130 | % | |||||||||||||||||||||||||||||||||||||||||||||
EAME | 1,240 | 796 | 444 | 56 | % | |||||||||||||||||||||||||||||||||||||||||||||
Asia/Pacific | 1,076 | 1,241 | (165) | (13 | %) | |||||||||||||||||||||||||||||||||||||||||||||
External Sales | 5,261 | 4,048 | 1,213 | 30 | % | |||||||||||||||||||||||||||||||||||||||||||||
Inter-segment | (6) | 8 | (14) | (175 | %) | |||||||||||||||||||||||||||||||||||||||||||||
Total Sales | $ | 5,255 | $ | 4,056 | $ | 1,199 | 30 | % | ||||||||||||||||||||||||||||||||||||||||||
Segment Profit | ||||||||||||||||||||||||||||||||||||||||||||||||||
Third Quarter 2021 | Third Quarter 2020 | Change | % Change | |||||||||||||||||||||||||||||||||||||||||||||||
Segment Profit | $ | 859 | $ | 585 | $ | 274 | 47 | % | ||||||||||||||||||||||||||||||||||||||||||
Segment Profit Margin | 16.3 | % | 14.4 | % | 1.9 | pts | ||||||||||||||||||||||||||||||||||||||||||||
RESOURCE INDUSTRIES | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Millions of dollars) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Sales | ||||||||||||||||||||||||||||||||||||||||||||||||||
Third Quarter 2020 | Sales Volume | Price Realization | Currency | Inter-Segment | Third Quarter 2021 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||||||
Total Sales | $ | 1,816 | $ | 522 | $ | 43 | $ | 22 | $ | 3 | $ | 2,406 | $ | 590 | 32 | % | ||||||||||||||||||||||||||||||||||
Sales by Geographic Region | ||||||||||||||||||||||||||||||||||||||||||||||||||
Third Quarter 2021 | Third Quarter 2020 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||||||||||
North America | $ | 674 | $ | 487 | $ | 187 | 38 | % | ||||||||||||||||||||||||||||||||||||||||||
Latin America | 417 | 269 | 148 | 55 | % | |||||||||||||||||||||||||||||||||||||||||||||
EAME | 456 | 384 | 72 | 19 | % | |||||||||||||||||||||||||||||||||||||||||||||
Asia/Pacific | 744 | 564 | 180 | 32 | % | |||||||||||||||||||||||||||||||||||||||||||||
External Sales | 2,291 | 1,704 | 587 | 34 | % | |||||||||||||||||||||||||||||||||||||||||||||
Inter-segment | 115 | 112 | 3 | 3 | % | |||||||||||||||||||||||||||||||||||||||||||||
Total Sales | $ | 2,406 | $ | 1,816 | $ | 590 | 32 | % | ||||||||||||||||||||||||||||||||||||||||||
Segment Profit | ||||||||||||||||||||||||||||||||||||||||||||||||||
Third Quarter 2021 | Third Quarter 2020 | Change | % Change | |||||||||||||||||||||||||||||||||||||||||||||||
Segment Profit | $ | 297 | $ | 167 | $ | 130 | 78 | % | ||||||||||||||||||||||||||||||||||||||||||
Segment Profit Margin | 12.3 | % | 9.2 | % | 3.1 | pts | ||||||||||||||||||||||||||||||||||||||||||||
ENERGY & TRANSPORTATION | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Millions of dollars) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Sales | ||||||||||||||||||||||||||||||||||||||||||||||||||
Third Quarter 2020 | Sales Volume | Price Realization | Currency | Inter-Segment | Third Quarter 2021 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||||||
Total Sales | $ | 4,161 | $ | 628 | $ | (6) | $ | 44 | $ | 250 | $ | 5,077 | $ | 916 | 22 | % | ||||||||||||||||||||||||||||||||||
Sales by Application | ||||||||||||||||||||||||||||||||||||||||||||||||||
Third Quarter 2021 | Third Quarter 2020 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||||||||||
Oil and Gas | $ | 1,088 | $ | 734 | $ | 354 | 48 | % | ||||||||||||||||||||||||||||||||||||||||||
Power Generation | 1,010 | 1,034 | (24) | (2 | %) | |||||||||||||||||||||||||||||||||||||||||||||
Industrial | 948 | 730 | 218 | 30 | % | |||||||||||||||||||||||||||||||||||||||||||||
Transportation | 1,095 | 977 | 118 | 12 | % | |||||||||||||||||||||||||||||||||||||||||||||
External Sales | 4,141 | 3,475 | 666 | 19 | % | |||||||||||||||||||||||||||||||||||||||||||||
Inter-segment | 936 | 686 | 250 | 36 | % | |||||||||||||||||||||||||||||||||||||||||||||
Total Sales | $ | 5,077 | $ | 4,161 | $ | 916 | 22 | % | ||||||||||||||||||||||||||||||||||||||||||
Segment Profit | ||||||||||||||||||||||||||||||||||||||||||||||||||
Third Quarter 2021 | Third Quarter 2020 | Change | % Change | |||||||||||||||||||||||||||||||||||||||||||||||
Segment Profit | $ | 696 | $ | 492 | $ | 204 | 41 | % | ||||||||||||||||||||||||||||||||||||||||||
Segment Profit Margin | 13.7 | % | 11.8 | % | 1.9 | pts | ||||||||||||||||||||||||||||||||||||||||||||
FINANCIAL PRODUCTS SEGMENT | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Millions of dollars) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues by Geographic Region | ||||||||||||||||||||||||||||||||||||||||||||||||||
Third Quarter 2021 | Third Quarter 2020 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||||||||||
North America | $ | 478 | $ | 448 | $ | 30 | 7 | % | ||||||||||||||||||||||||||||||||||||||||||
Latin America | 68 | 63 | 5 | 8 | % | |||||||||||||||||||||||||||||||||||||||||||||
EAME | 105 | 100 | 5 | 5 | % | |||||||||||||||||||||||||||||||||||||||||||||
Asia/Pacific | 111 | 113 | (2) | (2 | %) | |||||||||||||||||||||||||||||||||||||||||||||
Total Revenues | $ | 762 | $ | 724 | $ | 38 | 5 | % | ||||||||||||||||||||||||||||||||||||||||||
Segment Profit | ||||||||||||||||||||||||||||||||||||||||||||||||||
Third Quarter 2021 | Third Quarter 2020 | Change | % Change | |||||||||||||||||||||||||||||||||||||||||||||||
Segment Profit | $ | 173 | $ | 142 | $ | 31 | 22 | % | ||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions except per share data) | Operating Profit | Operating Profit Margin | Profit Before Taxes | Provision (Benefit) for Income Taxes | Effective Tax Rate | Profit | Profit per Share | |||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2021 - U.S. GAAP | $ | 1,664 | 13.4 | % | $ | 1,775 | $ | 368 | 20.7 | % | $ | 1,426 | $ | 2.60 | ||||||||||||||||||||||||||||||
Restructuring costs | 35 | 0.3 | % | 35 | 6 | 15.0 | % | 29 | $ | 0.06 | ||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2021 - Adjusted | $ | 1,699 | 13.7 | % | $ | 1,810 | $ | 374 | 20.7 | % | $ | 1,455 | $ | 2.66 | ||||||||||||||||||||||||||||||
Three Months Ended September 30, 2020 - U.S. GAAP | $ | 985 | 10.0 | % | $ | 863 | $ | 187 | 21.7 | % | $ | 668 | $ | 1.22 | ||||||||||||||||||||||||||||||
Restructuring costs | 112 | 1.1 | % | 112 | 13 | 12.0 | % | 99 | $ | 0.18 | ||||||||||||||||||||||||||||||||||
Remeasurement losses of pension obligations | — | — | % | 77 | 12 | 15.6 | % | 65 | $ | 0.12 | ||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2020 - Adjusted | $ | 1,097 | 11.1 | % | $ | 1,052 | $ | 212 | 20.2 | % | $ | 832 | $ | 1.52 | ||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Sales and revenues: | |||||||||||||||||||||||
Sales of Machinery, Energy & Transportation | $ | 11,707 | $ | 9,228 | $ | 35,091 | $ | 28,452 | |||||||||||||||
Revenues of Financial Products | 690 | 653 | 2,082 | 2,061 | |||||||||||||||||||
Total sales and revenues | 12,397 | 9,881 | 37,173 | 30,513 | |||||||||||||||||||
Operating costs: | |||||||||||||||||||||||
Cost of goods sold | 8,617 | 6,919 | 25,510 | 21,298 | |||||||||||||||||||
Selling, general and administrative expenses | 1,340 | 1,126 | 3,943 | 3,426 | |||||||||||||||||||
Research and development expenses | 427 | 344 | 1,247 | 1,041 | |||||||||||||||||||
Interest expense of Financial Products | 111 | 137 | 352 | 461 | |||||||||||||||||||
Other operating (income) expenses | 238 | 370 | 854 | 1,114 | |||||||||||||||||||
Total operating costs | 10,733 | 8,896 | 31,906 | 27,340 | |||||||||||||||||||
Operating profit | 1,664 | 985 | 5,267 | 3,173 | |||||||||||||||||||
Interest expense excluding Financial Products | 114 | 136 | 376 | 384 | |||||||||||||||||||
Other income (expense) | 225 | 14 | 751 | 265 | |||||||||||||||||||
Consolidated profit before taxes | 1,775 | 863 | 5,642 | 3,054 | |||||||||||||||||||
Provision (benefit) for income taxes | 368 | 187 | 1,313 | 839 | |||||||||||||||||||
Profit of consolidated companies | 1,407 | 676 | 4,329 | 2,215 | |||||||||||||||||||
Equity in profit (loss) of unconsolidated affiliated companies | 21 | (5) | 44 | 8 | |||||||||||||||||||
Profit of consolidated and affiliated companies | 1,428 | 671 | 4,373 | 2,223 | |||||||||||||||||||
Less: Profit (loss) attributable to noncontrolling interests | 2 | 3 | 4 | 5 | |||||||||||||||||||
Profit 1 | $ | 1,426 | $ | 668 | $ | 4,369 | $ | 2,218 | |||||||||||||||
Profit per common share | $ | 2.62 | $ | 1.23 | $ | 8.00 | $ | 4.08 | |||||||||||||||
Profit per common share — diluted 2 | $ | 2.60 | $ | 1.22 | $ | 7.94 | $ | 4.05 | |||||||||||||||
Weighted-average common shares outstanding (millions) | |||||||||||||||||||||||
– Basic | 544.0 | 542.3 | 545.8 | 543.9 | |||||||||||||||||||
– Diluted 2 | 547.6 | 546.4 | 550.2 | 547.8 | |||||||||||||||||||
1 | Profit attributable to common shareholders. | ||||
2 | Diluted by assumed exercise of stock-based compensation awards using the treasury stock method. |
September 30, 2021 | December 31, 2020 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 9,446 | $ | 9,352 | |||||||
Receivables – trade and other | 7,647 | 7,317 | |||||||||
Receivables – finance | 8,919 | 9,463 | |||||||||
Prepaid expenses and other current assets | 2,215 | 1,930 | |||||||||
Inventories | 13,666 | 11,402 | |||||||||
Total current assets | 41,893 | 39,464 | |||||||||
Property, plant and equipment – net | 11,904 | 12,401 | |||||||||
Long-term receivables – trade and other | 1,273 | 1,185 | |||||||||
Long-term receivables – finance | 12,605 | 12,222 | |||||||||
Noncurrent deferred and refundable income taxes | 1,744 | 1,523 | |||||||||
Intangible assets | 1,121 | 1,308 | |||||||||
Goodwill | 6,353 | 6,394 | |||||||||
Other assets | 3,891 | 3,827 | |||||||||
Total assets | $ | 80,784 | $ | 78,324 | |||||||
Liabilities | |||||||||||
Current liabilities: | |||||||||||
Short-term borrowings: | |||||||||||
-- Machinery, Energy & Transportation | $ | — | $ | 10 | |||||||
-- Financial Products | 3,247 | 2,005 | |||||||||
Accounts payable | 7,218 | 6,128 | |||||||||
Accrued expenses | 3,579 | 3,642 | |||||||||
Accrued wages, salaries and employee benefits | 2,075 | 1,096 | |||||||||
Customer advances | 1,155 | 1,108 | |||||||||
Dividends payable | — | 562 | |||||||||
Other current liabilities | 2,319 | 2,017 | |||||||||
Long-term debt due within one year: | |||||||||||
-- Machinery, Energy & Transportation | 48 | 1,420 | |||||||||
-- Financial Products | 6,335 | 7,729 | |||||||||
Total current liabilities | 25,976 | 25,717 | |||||||||
Long-term debt due after one year: | |||||||||||
-- Machinery, Energy & Transportation | 9,759 | 9,749 | |||||||||
-- Financial Products | 17,395 | 16,250 | |||||||||
Liability for postemployment benefits | 6,395 | 6,872 | |||||||||
Other liabilities | 4,564 | 4,358 | |||||||||
Total liabilities | 64,089 | 62,946 | |||||||||
Shareholders’ equity | |||||||||||
Common stock | 6,352 | 6,230 | |||||||||
Treasury stock | (26,608) | (25,178) | |||||||||
Profit employed in the business | 38,361 | 35,167 | |||||||||
Accumulated other comprehensive income (loss) | (1,440) | (888) | |||||||||
Noncontrolling interests | 30 | 47 | |||||||||
Total shareholders’ equity | 16,695 | 15,378 | |||||||||
Total liabilities and shareholders’ equity | $ | 80,784 | $ | 78,324 |
Nine Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
Cash flow from operating activities: | |||||||||||
Profit of consolidated and affiliated companies | $ | 4,373 | $ | 2,223 | |||||||
Adjustments for non-cash items: | |||||||||||
Depreciation and amortization | 1,766 | 1,815 | |||||||||
Net gain on remeasurement of pension obligations | — | (55) | |||||||||
Provision (benefit) for deferred income taxes | (321) | (38) | |||||||||
Other | 102 | 919 | |||||||||
Changes in assets and liabilities, net of acquisitions and divestitures: | |||||||||||
Receivables – trade and other | (326) | 1,473 | |||||||||
Inventories | (2,195) | (139) | |||||||||
Accounts payable | 1,232 | (596) | |||||||||
Accrued expenses | 46 | (286) | |||||||||
Accrued wages, salaries and employee benefits | 934 | (547) | |||||||||
Customer advances | 39 | 13 | |||||||||
Other assets – net | 138 | (15) | |||||||||
Other liabilities – net | (2) | (512) | |||||||||
Net cash provided by (used for) operating activities | 5,786 | 4,255 | |||||||||
Cash flow from investing activities: | |||||||||||
Capital expenditures – excluding equipment leased to others | (673) | (686) | |||||||||
Expenditures for equipment leased to others | (1,014) | (805) | |||||||||
Proceeds from disposals of leased assets and property, plant and equipment | 877 | 550 | |||||||||
Additions to finance receivables | (9,603) | (9,278) | |||||||||
Collections of finance receivables | 9,221 | 9,656 | |||||||||
Proceeds from sale of finance receivables | 44 | 37 | |||||||||
Investments and acquisitions (net of cash acquired) | (449) | (93) | |||||||||
Proceeds from sale of businesses and investments (net of cash sold) | 23 | 13 | |||||||||
Proceeds from sale of securities | 424 | 239 | |||||||||
Investments in securities | (934) | (512) | |||||||||
Other – net | (8) | (80) | |||||||||
Net cash provided by (used for) investing activities | (2,092) | (959) | |||||||||
Cash flow from financing activities: | |||||||||||
Dividends paid | (1,733) | (1,683) | |||||||||
Common stock issued, including treasury shares reissued | 122 | 110 | |||||||||
Common shares repurchased | (1,622) | (1,130) | |||||||||
Proceeds from debt issued (original maturities greater than three months) | 6,931 | 9,418 | |||||||||
Payments on debt (original maturities greater than three months) | (8,620) | (6,789) | |||||||||
Short-term borrowings – net (original maturities three months or less) | 1,324 | (2,138) | |||||||||
Other – net | (4) | (1) | |||||||||
Net cash provided by (used for) financing activities | (3,602) | (2,213) | |||||||||
Effect of exchange rate changes on cash | (9) | (56) | |||||||||
Increase (decrease) in cash, cash equivalents and restricted cash | 83 | 1,027 | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | 9,366 | 8,292 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 9,449 | $ | 9,319 |
Cash equivalents primarily represent short-term, highly liquid investments with original maturities of generally three months or less. |
Supplemental Consolidating Data | ||||||||||||||||||||||||||
Consolidated | Machinery, Energy & Transportation | Financial Products | Consolidating Adjustments | |||||||||||||||||||||||
Sales and revenues: | ||||||||||||||||||||||||||
Sales of Machinery, Energy & Transportation | $ | 11,707 | $ | 11,707 | $ | — | $ | — | ||||||||||||||||||
Revenues of Financial Products | 690 | — | 787 | (97) | 1 | |||||||||||||||||||||
Total sales and revenues | 12,397 | 11,707 | 787 | (97) | ||||||||||||||||||||||
Operating costs: | ||||||||||||||||||||||||||
Cost of goods sold | 8,617 | 8,618 | — | (1) | 2 | |||||||||||||||||||||
Selling, general and administrative expenses | 1,340 | 1,147 | 200 | (7) | 2 | |||||||||||||||||||||
Research and development expenses | 427 | 427 | — | — | ||||||||||||||||||||||
Interest expense of Financial Products | 111 | — | 111 | — | ||||||||||||||||||||||
Other operating (income) expenses | 238 | (56) | 310 | (16) | 2 | |||||||||||||||||||||
Total operating costs | 10,733 | 10,136 | 621 | (24) | ||||||||||||||||||||||
Operating profit | 1,664 | 1,571 | 166 | (73) | ||||||||||||||||||||||
Interest expense excluding Financial Products | 114 | 114 | — | — | ||||||||||||||||||||||
Other income (expense) | 225 | 143 | 9 | 73 | 3 | |||||||||||||||||||||
Consolidated profit before taxes | 1,775 | 1,600 | 175 | — | ||||||||||||||||||||||
Provision (benefit) for income taxes | 368 | 331 | 37 | — | ||||||||||||||||||||||
Profit of consolidated companies | 1,407 | 1,269 | 138 | — | ||||||||||||||||||||||
Equity in profit (loss) of unconsolidated affiliated companies | 21 | 23 | — | (2) | 4 | |||||||||||||||||||||
Profit of consolidated and affiliated companies | 1,428 | 1,292 | 138 | (2) | ||||||||||||||||||||||
Less: Profit (loss) attributable to noncontrolling interests | 2 | 1 | 3 | (2) | 5 | |||||||||||||||||||||
Profit 6 | $ | 1,426 | $ | 1,291 | $ | 135 | $ | — |
1 | Elimination of Financial Products’ revenues earned from ME&T. | ||||
2 | Elimination of net expenses recorded by ME&T paid to Financial Products. | ||||
3 | Elimination of discount recorded by ME&T on receivables sold to Financial Products and of interest earned between ME&T and Financial Products as well as dividends paid by Financial Products to ME&T. | ||||
4 | Elimination of equity profit (loss) earned from Financial Products’ subsidiaries partially owned by ME&T subsidiaries. | ||||
5 | Elimination of noncontrolling interest profit (loss) recorded by Financial Products for subsidiaries partially owned by ME&T subsidiaries. | ||||
6 | Profit attributable to common shareholders. |
Supplemental Consolidating Data | ||||||||||||||||||||||||||
Consolidated | Machinery, Energy & Transportation | Financial Products | Consolidating Adjustments | |||||||||||||||||||||||
Sales and revenues: | ||||||||||||||||||||||||||
Sales of Machinery, Energy & Transportation | $ | 9,228 | $ | 9,228 | $ | — | $ | — | ||||||||||||||||||
Revenues of Financial Products | 653 | — | 740 | (87) | 1 | |||||||||||||||||||||
Total sales and revenues | 9,881 | 9,228 | 740 | (87) | ||||||||||||||||||||||
Operating costs: | ||||||||||||||||||||||||||
Cost of goods sold | 6,919 | 6,921 | — | (2) | 2 | |||||||||||||||||||||
Selling, general and administrative expenses | 1,126 | 943 | 189 | (6) | 2 | |||||||||||||||||||||
Research and development expenses | 344 | 344 | — | — | ||||||||||||||||||||||
Interest expense of Financial Products | 137 | — | 137 | — | ||||||||||||||||||||||
Other operating (income) expenses | 370 | 95 | 287 | (12) | 2 | |||||||||||||||||||||
Total operating costs | 8,896 | 8,303 | 613 | (20) | ||||||||||||||||||||||
Operating profit | 985 | 925 | 127 | (67) | ||||||||||||||||||||||
Interest expense excluding Financial Products | 136 | 136 | — | — | ||||||||||||||||||||||
Other income (expense) | 14 | (62) | 9 | 67 | 3 | |||||||||||||||||||||
Consolidated profit before taxes | 863 | 727 | 136 | — | ||||||||||||||||||||||
Provision (benefit) for income taxes | 187 | 133 | 54 | — | ||||||||||||||||||||||
Profit of consolidated companies | 676 | 594 | 82 | — | ||||||||||||||||||||||
Equity in profit (loss) of unconsolidated affiliated companies | (5) | (4) | — | (1) | 4 | |||||||||||||||||||||
Profit of consolidated and affiliated companies | 671 | 590 | 82 | (1) | ||||||||||||||||||||||
Less: Profit (loss) attributable to noncontrolling interests | 3 | — | 4 | (1) | 5 | |||||||||||||||||||||
Profit 6 | $ | 668 | $ | 590 | $ | 78 | $ | — |
1 | Elimination of Financial Products’ revenues earned from ME&T. | ||||
2 | Elimination of net expenses recorded by ME&T paid to Financial Products. | ||||
3 | Elimination of discount recorded by ME&T on receivables sold to Financial Products and of interest earned between ME&T and Financial Products as well as dividends paid by Financial Products to ME&T. | ||||
4 | Elimination of equity profit (loss) earned from Financial Products’ subsidiaries partially owned by ME&T subsidiaries. | ||||
5 | Elimination of noncontrolling interest profit (loss) recorded by Financial Products for subsidiaries partially owned by ME&T subsidiaries. | ||||
6 | Profit attributable to common shareholders. | ||||
Supplemental Consolidating Data | ||||||||||||||||||||||||||
Consolidated | Machinery, Energy & Transportation | Financial Products | Consolidating Adjustments | |||||||||||||||||||||||
Sales and revenues: | ||||||||||||||||||||||||||
Sales of Machinery, Energy & Transportation | $ | 35,091 | $ | 35,091 | $ | — | $ | — | ||||||||||||||||||
Revenues of Financial Products | 2,082 | — | 2,371 | (289) | 1 | |||||||||||||||||||||
Total sales and revenues | 37,173 | 35,091 | 2,371 | (289) | ||||||||||||||||||||||
Operating costs: | ||||||||||||||||||||||||||
Cost of goods sold | 25,510 | 25,515 | — | (5) | 2 | |||||||||||||||||||||
Selling, general and administrative expenses | 3,943 | 3,471 | 483 | (11) | 2 | |||||||||||||||||||||
Research and development expenses | 1,247 | 1,247 | — | — | ||||||||||||||||||||||
Interest expense of Financial Products | 352 | — | 352 | — | ||||||||||||||||||||||
Other operating (income) expenses | 854 | (30) | 931 | (47) | 2 | |||||||||||||||||||||
Total operating costs | 31,906 | 30,203 | 1,766 | (63) | ||||||||||||||||||||||
Operating profit | 5,267 | 4,888 | 605 | (226) | ||||||||||||||||||||||
Interest expense excluding Financial Products | 376 | 376 | — | — | ||||||||||||||||||||||
Other income (expense) | 751 | 819 | 56 | (124) | 3 | |||||||||||||||||||||
Consolidated profit before taxes | 5,642 | 5,331 | 661 | (350) | ||||||||||||||||||||||
Provision (benefit) for income taxes | 1,313 | 1,158 | 155 | — | ||||||||||||||||||||||
Profit of consolidated companies | 4,329 | 4,173 | 506 | (350) | ||||||||||||||||||||||
Equity in profit (loss) of unconsolidated affiliated companies | 44 | 52 | — | (8) | 4 | |||||||||||||||||||||
Profit of consolidated and affiliated companies | 4,373 | 4,225 | 506 | (358) | ||||||||||||||||||||||
Less: Profit (loss) attributable to noncontrolling interests | 4 | 3 | 9 | (8) | 5 | |||||||||||||||||||||
Profit 6 | $ | 4,369 | $ | 4,222 | $ | 497 | $ | (350) |
1 | Elimination of Financial Products’ revenues earned from ME&T. | ||||
2 | Elimination of net expenses recorded by ME&T paid to Financial Products. | ||||
3 | Elimination of discount recorded by ME&T on receivables sold to Financial Products and of interest earned between ME&T and Financial Products as well as dividends paid by Financial Products to ME&T. | ||||
4 | Elimination of equity profit (loss) earned from Financial Products’ subsidiaries partially owned by ME&T subsidiaries. | ||||
5 | Elimination of noncontrolling interest profit (loss) recorded by Financial Products for subsidiaries partially owned by ME&T subsidiaries. | ||||
6 | Profit attributable to common shareholders. | ||||
Supplemental Consolidating Data | ||||||||||||||||||||||||||
Consolidated | Machinery, Energy & Transportation | Financial Products | Consolidating Adjustments | |||||||||||||||||||||||
Sales and revenues: | ||||||||||||||||||||||||||
Sales of Machinery, Energy & Transportation | $ | 28,452 | $ | 28,452 | $ | — | $ | — | ||||||||||||||||||
Revenues of Financial Products | 2,061 | — | 2,350 | (289) | 1 | |||||||||||||||||||||
Total sales and revenues | 30,513 | 28,452 | 2,350 | (289) | ||||||||||||||||||||||
Operating costs: | ||||||||||||||||||||||||||
Cost of goods sold | 21,298 | 21,302 | — | (4) | 2 | |||||||||||||||||||||
Selling, general and administrative expenses | 3,426 | 2,867 | 572 | (13) | 2 | |||||||||||||||||||||
Research and development expenses | 1,041 | 1,041 | — | — | ||||||||||||||||||||||
Interest expense of Financial Products | 461 | — | 462 | (1) | 3 | |||||||||||||||||||||
Other operating (income) expenses | 1,114 | 227 | 927 | (40) | 2 | |||||||||||||||||||||
Total operating costs | 27,340 | 25,437 | 1,961 | (58) | ||||||||||||||||||||||
Operating profit | 3,173 | 3,015 | 389 | (231) | ||||||||||||||||||||||
Interest expense excluding Financial Products | 384 | 383 | — | 1 | 3 | |||||||||||||||||||||
Other income (expense) | 265 | 60 | (7) | 212 | 4 | |||||||||||||||||||||
Consolidated profit before taxes | 3,054 | 2,692 | 382 | (20) | ||||||||||||||||||||||
Provision (benefit) for income taxes | 839 | 720 | 119 | — | ||||||||||||||||||||||
Profit of consolidated companies | 2,215 | 1,972 | 263 | (20) | ||||||||||||||||||||||
Equity in profit (loss) of unconsolidated affiliated companies | 8 | 18 | — | (10) | 5 | |||||||||||||||||||||
Profit of consolidated and affiliated companies | 2,223 | 1,990 | 263 | (30) | ||||||||||||||||||||||
Less: Profit (loss) attributable to noncontrolling interests | 5 | 2 | 13 | (10) | 6 | |||||||||||||||||||||
Profit 7 | $ | 2,218 | $ | 1,988 | $ | 250 | $ | (20) |
1 | Elimination of Financial Products’ revenues earned from ME&T. | ||||
2 | Elimination of net expenses recorded by ME&T paid to Financial Products. | ||||
3 | Elimination of interest expense recorded between Financial Products and ME&T. | ||||
4 | Elimination of discount recorded by ME&T on receivables sold to Financial Products and of interest earned between ME&T and Financial Products as well as dividends paid by Financial Products to ME&T. | ||||
5 | Elimination of equity profit (loss) earned from Financial Products’ subsidiaries partially owned by ME&T subsidiaries. | ||||
6 | Elimination of noncontrolling interest profit (loss) recorded by Financial Products for subsidiaries partially owned by ME&T subsidiaries. | ||||
7 | Profit attributable to common shareholders. | ||||
Supplemental Consolidating Data | ||||||||||||||||||||||||||
Consolidated | Machinery, Energy & Transportation | Financial Products | Consolidating Adjustments | |||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||||
Cash and cash equivalents | $ | 9,446 | $ | 8,554 | $ | 892 | $ | — | ||||||||||||||||||
Receivables – trade and other | 7,647 | 3,175 | 430 | 4,042 | 1,2 | |||||||||||||||||||||
Receivables – finance | 8,919 | — | 13,095 | (4,176) | 2 | |||||||||||||||||||||
Prepaid expenses and other current assets | 2,215 | 1,831 | 425 | (41) | 3 | |||||||||||||||||||||
Inventories | 13,666 | 13,666 | — | — | ||||||||||||||||||||||
Total current assets | 41,893 | 27,226 | 14,842 | (175) | ||||||||||||||||||||||
Property, plant and equipment – net | 11,904 | 7,957 | 3,947 | — | ||||||||||||||||||||||
Long-term receivables – trade and other | 1,273 | 389 | 215 | 669 | 1,2 | |||||||||||||||||||||
Long-term receivables – finance | 12,605 | — | 13,301 | (696) | 2 | |||||||||||||||||||||
Noncurrent deferred and refundable income taxes | 1,744 | 2,279 | 105 | (640) | 4 | |||||||||||||||||||||
Intangible assets | 1,121 | 1,121 | — | — | ||||||||||||||||||||||
Goodwill | 6,353 | 6,353 | — | — | ||||||||||||||||||||||
Other assets | 3,891 | 3,233 | 1,869 | (1,211) | 5 | |||||||||||||||||||||
Total assets | $ | 80,784 | $ | 48,558 | $ | 34,279 | $ | (2,053) | ||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||
Short-term borrowings | $ | 3,247 | $ | — | $ | 3,247 | $ | — | ||||||||||||||||||
Accounts payable | 7,218 | 7,112 | 240 | (134) | 6 | |||||||||||||||||||||
Accrued expenses | 3,579 | 3,234 | 345 | — | ||||||||||||||||||||||
Accrued wages, salaries and employee benefits | 2,075 | 2,031 | 44 | — | ||||||||||||||||||||||
Customer advances | 1,155 | 1,155 | — | — | ||||||||||||||||||||||
Dividends payable | — | — | — | — | ||||||||||||||||||||||
Other current liabilities | 2,319 | 1,694 | 689 | (64) | 4,7 | |||||||||||||||||||||
Long-term debt due within one year | 6,383 | 48 | 6,335 | — | ||||||||||||||||||||||
Total current liabilities | 25,976 | 15,274 | 10,900 | (198) | ||||||||||||||||||||||
Long-term debt due after one year | 27,154 | 9,786 | 17,395 | (27) | 8 | |||||||||||||||||||||
Liability for postemployment benefits | 6,395 | 6,394 | 1 | — | ||||||||||||||||||||||
Other liabilities | 4,564 | 3,905 | 1,371 | (712) | 4 | |||||||||||||||||||||
Total liabilities | 64,089 | 35,359 | 29,667 | (937) | ||||||||||||||||||||||
Shareholders’ equity | ||||||||||||||||||||||||||
Common stock | 6,352 | 6,352 | 919 | (919) | 9 | |||||||||||||||||||||
Treasury stock | (26,608) | (26,608) | — | — | ||||||||||||||||||||||
Profit employed in the business | 38,361 | 34,138 | 4,212 | 11 | 9 | |||||||||||||||||||||
Accumulated other comprehensive income (loss) | (1,440) | (715) | (725) | — | ||||||||||||||||||||||
Noncontrolling interests | 30 | 32 | 206 | (208) | 9 | |||||||||||||||||||||
Total shareholders’ equity | 16,695 | 13,199 | 4,612 | (1,116) | ||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 80,784 | $ | 48,558 | $ | 34,279 | $ | (2,053) |
1 | Elimination of receivables between ME&T and Financial Products. | ||||
2 | Reclassification of ME&T’s trade receivables purchased by Financial Products and Financial Products’ wholesale inventory receivables. | ||||
3 | Elimination of ME&T's insurance premiums that are prepaid to Financial Products. | ||||
4 | Reclassification reflecting required netting of deferred tax assets/liabilities by taxing jurisdiction. | ||||
5 | Elimination of other intercompany assets between ME&T and Financial Products. | ||||
6 | Elimination of payables between ME&T and Financial Products. | ||||
7 | Elimination of prepaid insurance in Financial Products’ other liabilities. | ||||
8 | Elimination of debt between ME&T and Financial Products. | ||||
9 | Eliminations associated with ME&T’s investments in Financial Products’ subsidiaries. | ||||
Supplemental Consolidating Data | ||||||||||||||||||||||||||
Consolidated | Machinery, Energy & Transportation | Financial Products | Consolidating Adjustments | |||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||||
Cash and cash equivalents | $ | 9,352 | $ | 8,822 | $ | 530 | $ | — | ||||||||||||||||||
Receivables – trade and other | 7,317 | 3,846 | 397 | 3,074 | 1,2 | |||||||||||||||||||||
Receivables – finance | 9,463 | — | 13,681 | (4,218) | 2 | |||||||||||||||||||||
Prepaid expenses and other current assets | 1,930 | 1,376 | 624 | (70) | 3 | |||||||||||||||||||||
Inventories | 11,402 | 11,402 | — | — | ||||||||||||||||||||||
Total current assets | 39,464 | 25,446 | 15,232 | (1,214) | ||||||||||||||||||||||
Property, plant and equipment – net | 12,401 | 8,309 | 4,092 | — | ||||||||||||||||||||||
Long-term receivables – trade and other | 1,185 | 363 | 164 | 658 | 1,2 | |||||||||||||||||||||
Long-term receivables – finance | 12,222 | — | 12,895 | (673) | 2 | |||||||||||||||||||||
Noncurrent deferred and refundable income taxes | 1,523 | 2,058 | 110 | (645) | 4 | |||||||||||||||||||||
Intangible assets | 1,308 | 1,308 | — | — | ||||||||||||||||||||||
Goodwill | 6,394 | 6,394 | — | — | ||||||||||||||||||||||
Other assets | 3,827 | 3,158 | 1,871 | (1,202) | 5 | |||||||||||||||||||||
Total assets | $ | 78,324 | $ | 47,036 | $ | 34,364 | $ | (3,076) | ||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||
Short-term borrowings | $ | 2,015 | $ | 10 | $ | 2,005 | $ | — | ||||||||||||||||||
Short-term borrowings with consolidated companies | — | — | 1,000 | (1,000) | 6 | |||||||||||||||||||||
Accounts payable | 6,128 | 6,060 | 212 | (144) | 7 | |||||||||||||||||||||
Accrued expenses | 3,642 | 3,099 | 543 | — | ||||||||||||||||||||||
Accrued wages, salaries and employee benefits | 1,096 | 1,081 | 15 | — | ||||||||||||||||||||||
Customer advances | 1,108 | 1,108 | — | — | ||||||||||||||||||||||
Dividends payable | 562 | 562 | — | — | ||||||||||||||||||||||
Other current liabilities | 2,017 | 1,530 | 580 | (93) | 4,8 | |||||||||||||||||||||
Long-term debt due within one year | 9,149 | 1,420 | 7,729 | — | ||||||||||||||||||||||
Total current liabilities | 25,717 | 14,870 | 12,084 | (1,237) | ||||||||||||||||||||||
Long-term debt due after one year | 25,999 | 9,764 | 16,250 | (15) | 6 | |||||||||||||||||||||
Liability for postemployment benefits | 6,872 | 6,872 | — | — | ||||||||||||||||||||||
Other liabilities | 4,358 | 3,691 | 1,385 | (718) | 4 | |||||||||||||||||||||
Total liabilities | 62,946 | 35,197 | 29,719 | (1,970) | ||||||||||||||||||||||
Shareholders’ equity | ||||||||||||||||||||||||||
Common stock | 6,230 | 6,230 | 919 | (919) | 9 | |||||||||||||||||||||
Treasury stock | (25,178) | (25,178) | — | — | ||||||||||||||||||||||
Profit employed in the business | 35,167 | 31,091 | 4,065 | 11 | 9 | |||||||||||||||||||||
Accumulated other comprehensive income (loss) | (888) | (352) | (536) | — | ||||||||||||||||||||||
Noncontrolling interests | 47 | 48 | 197 | (198) | 9 | |||||||||||||||||||||
Total shareholders’ equity | 15,378 | 11,839 | 4,645 | (1,106) | ||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 78,324 | $ | 47,036 | $ | 34,364 | $ | (3,076) |
1 | Elimination of receivables between ME&T and Financial Products. | ||||
2 | Reclassification of ME&T’s trade receivables purchased by Financial Products and Financial Products’ wholesale inventory receivables. | ||||
3 | Elimination of ME&T’s insurance premiums that are prepaid to Financial Products. | ||||
4 | Reclassification reflecting required netting of deferred tax assets/liabilities by taxing jurisdiction. | ||||
5 | Elimination of other intercompany assets between ME&T and Financial Products. | ||||
6 | Elimination of debt between ME&T and Financial Products. | ||||
7 | Elimination of payables between ME&T and Financial Products. | ||||
8 | Elimination of prepaid insurance in Financial Products’ other liabilities. | ||||
9 | Eliminations associated with ME&T’s investments in Financial Products’ subsidiaries. | ||||
Supplemental Consolidating Data | ||||||||||||||||||||||||||
Consolidated | Machinery, Energy & Transportation | Financial Products | Consolidating Adjustments | |||||||||||||||||||||||
Cash flow from operating activities: | ||||||||||||||||||||||||||
Profit of consolidated and affiliated companies | $ | 4,373 | $ | 4,225 | $ | 506 | $ | (358) | 1, 5 | |||||||||||||||||
Adjustments for non-cash items: | ||||||||||||||||||||||||||
Depreciation and amortization | 1,766 | 1,162 | 604 | — | ||||||||||||||||||||||
Provision (benefit) for deferred income taxes | (321) | (255) | (66) | — | ||||||||||||||||||||||
Other | 102 | 104 | (135) | 133 | 2 | |||||||||||||||||||||
Changes in assets and liabilities, net of acquisitions and divestitures: | ||||||||||||||||||||||||||
Receivables – trade and other | (326) | (338) | 40 | (28) | 2, 3 | |||||||||||||||||||||
Inventories | (2,195) | (2,194) | — | (1) | 2 | |||||||||||||||||||||
Accounts payable | 1,232 | 1,194 | 28 | 10 | 2 | |||||||||||||||||||||
Accrued expenses | 46 | 117 | (71) | — | ||||||||||||||||||||||
Accrued wages, salaries and employee benefits | 934 | 905 | 29 | — | ||||||||||||||||||||||
Customer advances | 39 | 39 | — | — | ||||||||||||||||||||||
Other assets – net | 138 | 133 | 24 | (19) | 2 | |||||||||||||||||||||
Other liabilities – net | (2) | (193) | 144 | 47 | 2 | |||||||||||||||||||||
Net cash provided by (used for) operating activities | 5,786 | 4,899 | 1,103 | (216) | ||||||||||||||||||||||
Cash flow from investing activities: | ||||||||||||||||||||||||||
Capital expenditures – excluding equipment leased to others | (673) | (670) | (11) | 8 | 2 | |||||||||||||||||||||
Expenditures for equipment leased to others | (1,014) | (23) | (997) | 6 | 2 | |||||||||||||||||||||
Proceeds from disposals of leased assets and property, plant and equipment | 877 | 71 | 818 | (12) | 2 | |||||||||||||||||||||
Additions to finance receivables | (9,603) | — | (10,292) | 689 | 3 | |||||||||||||||||||||
Collections of finance receivables | 9,221 | — | 9,946 | (725) | 3 | |||||||||||||||||||||
Net intercompany purchased receivables | — | — | 100 | (100) | 3 | |||||||||||||||||||||
Proceeds from sale of finance receivables | 44 | — | 44 | — | ||||||||||||||||||||||
Net intercompany borrowings | — | 1,000 | 3 | (1,003) | 4 | |||||||||||||||||||||
Investments and acquisitions (net of cash acquired) | (449) | (449) | — | — | ||||||||||||||||||||||
Proceeds from sale of businesses and investments (net of cash sold) | 23 | 23 | — | — | ||||||||||||||||||||||
Proceeds from sale of securities | 424 | 44 | 380 | — | ||||||||||||||||||||||
Investments in securities | (934) | (542) | (392) | — | ||||||||||||||||||||||
Other – net | (8) | 59 | (67) | — | ||||||||||||||||||||||
Net cash provided by (used for) investing activities | (2,092) | (487) | (468) | (1,137) | ||||||||||||||||||||||
Cash flow from financing activities: | ||||||||||||||||||||||||||
Dividends paid | (1,733) | (1,733) | (350) | 350 | 5 | |||||||||||||||||||||
Common stock issued, including treasury shares reissued | 122 | 122 | — | — | ||||||||||||||||||||||
Common shares repurchased | (1,622) | (1,622) | — | — | ||||||||||||||||||||||
Net intercompany borrowings | — | (3) | (1,000) | 1,003 | 4 | |||||||||||||||||||||
Proceeds from debt issued > 90 days | 6,931 | 494 | 6,437 | — | ||||||||||||||||||||||
Payments on debt > 90 days | (8,620) | (1,910) | (6,710) | — | ||||||||||||||||||||||
Short-term borrowings – net < 90 days | 1,324 | (10) | 1,334 | — | ||||||||||||||||||||||
Other – net | (4) | (4) | — | — | ||||||||||||||||||||||
Net cash provided by (used for) financing activities | (3,602) | (4,666) | (289) | 1,353 | ||||||||||||||||||||||
Effect of exchange rate changes on cash | (9) | (14) | 5 | — | ||||||||||||||||||||||
Increase (decrease) in cash, cash equivalents and restricted cash | 83 | (268) | 351 | — | ||||||||||||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 9,366 | 8,822 | 544 | — | ||||||||||||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 9,449 | $ | 8,554 | $ | 895 | $ | — |
1 | Elimination of equity profit earned from Financial Products' subsidiaries partially owned by ME&T subsidiaries. | ||||
2 | Elimination of non-cash adjustments and changes in assets and liabilities related to consolidated reporting. | ||||
3 | Reclassification of Financial Products’ cash flow activity from investing to operating for receivables that arose from the sale of inventory. | ||||
4 | Elimination of net proceeds and payments to/from ME&T and Financial Products. | ||||
5 | Elimination of dividend activity between Financial Products and ME&T. |
Supplemental Consolidating Data | ||||||||||||||||||||||||||
Consolidated | Machinery, Energy & Transportation | Financial Products | Consolidating Adjustments | |||||||||||||||||||||||
Cash flow from operating activities: | ||||||||||||||||||||||||||
Profit of consolidated and affiliated companies | $ | 2,223 | $ | 1,990 | $ | 263 | $ | (30) | 1, 5 | |||||||||||||||||
Adjustments for non-cash items: | ||||||||||||||||||||||||||
Depreciation and amortization | 1,815 | 1,217 | 598 | — | ||||||||||||||||||||||
Net gain on remeasurement of pension obligations | (55) | (55) | — | — | ||||||||||||||||||||||
Provision (benefit) for deferred income taxes | (38) | (5) | (33) | — | ||||||||||||||||||||||
Other | 919 | 494 | 167 | 258 | 2 | |||||||||||||||||||||
Changes in assets and liabilities, net of acquisitions and divestitures: | ||||||||||||||||||||||||||
Receivables – trade and other | 1,473 | 616 | (54) | 911 | 2, 3 | |||||||||||||||||||||
Inventories | (139) | (130) | — | (9) | 2 | |||||||||||||||||||||
Accounts payable | (596) | (599) | (6) | 9 | 2 | |||||||||||||||||||||
Accrued expenses | (286) | (314) | 28 | — | ||||||||||||||||||||||
Accrued wages, salaries and employee benefits | (547) | (512) | (35) | — | ||||||||||||||||||||||
Customer advances | 13 | 13 | — | — | ||||||||||||||||||||||
Other assets – net | (15) | (136) | 26 | 95 | 2 | |||||||||||||||||||||
Other liabilities – net | (512) | (514) | 83 | (81) | 2 | |||||||||||||||||||||
Net cash provided by (used for) operating activities | 4,255 | 2,065 | 1,037 | 1,153 | ||||||||||||||||||||||
Cash flow from investing activities: | ||||||||||||||||||||||||||
Capital expenditures – excluding equipment leased to others | (686) | (687) | (11) | 12 | 2 | |||||||||||||||||||||
Expenditures for equipment leased to others | (805) | 2 | (823) | 16 | 2 | |||||||||||||||||||||
Proceeds from disposals of leased assets and property, plant and equipment | 550 | 119 | 451 | (20) | 2 | |||||||||||||||||||||
Additions to finance receivables | (9,278) | — | (10,234) | 956 | 3 | |||||||||||||||||||||
Collections of finance receivables | 9,656 | — | 10,822 | (1,166) | 3 | |||||||||||||||||||||
Net intercompany purchased receivables | — | — | 971 | (971) | 3 | |||||||||||||||||||||
Proceeds from sale of finance receivables | 37 | — | 37 | — | ||||||||||||||||||||||
Net intercompany borrowings | — | 599 | 6 | (605) | 4 | |||||||||||||||||||||
Investments and acquisitions (net of cash acquired) | (93) | (93) | — | — | ||||||||||||||||||||||
Proceeds from sale of businesses and investments (net of cash sold) | 13 | 13 | — | — | ||||||||||||||||||||||
Proceeds from sale of securities | 239 | 17 | 222 | — | ||||||||||||||||||||||
Investments in securities | (512) | (15) | (497) | — | ||||||||||||||||||||||
Other – net | (80) | (21) | (59) | — | ||||||||||||||||||||||
Net cash provided by (used for) investing activities | (959) | (66) | 885 | (1,778) | ||||||||||||||||||||||
Cash flow from financing activities: | ||||||||||||||||||||||||||
Dividends paid | (1,683) | (1,683) | (20) | 20 | 5 | |||||||||||||||||||||
Common stock issued, including treasury shares reissued | 110 | 110 | — | — | ||||||||||||||||||||||
Common shares repurchased | (1,130) | (1,130) | — | — | ||||||||||||||||||||||
Net intercompany borrowings | — | (6) | (599) | 605 | 4 | |||||||||||||||||||||
Proceeds from debt issued > 90 days | 9,418 | 1,991 | 7,427 | — | ||||||||||||||||||||||
Payments on debt > 90 days | (6,789) | (18) | (6,771) | — | ||||||||||||||||||||||
Short-term borrowings – net < 90 days | (2,138) | (5) | (2,133) | — | ||||||||||||||||||||||
Other – net | (1) | (1) | — | — | ||||||||||||||||||||||
Net cash provided by (used for) financing activities | (2,213) | (742) | (2,096) | 625 | ||||||||||||||||||||||
Effect of exchange rate changes on cash | (56) | (47) | (9) | — | ||||||||||||||||||||||
Increase (decrease) in cash, cash equivalents and restricted cash | 1,027 | 1,210 | (183) | — | ||||||||||||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 8,292 | 7,302 | 990 | — | ||||||||||||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 9,319 | $ | 8,512 | $ | 807 | $ | — |
1 | Elimination of equity profit earned from Financial Products' subsidiaries partially owned by ME&T subsidiaries. | ||||
2 | Elimination of non-cash adjustments and changes in assets and liabilities related to consolidated reporting. | ||||
3 | Reclassification of Financial Products’ cash flow activity from investing to operating for receivables that arose from the sale of inventory. | ||||
4 | Elimination of net proceeds and payments to/from ME&T and Financial Products. | ||||
5 | Elimination of dividend activity between Financial Products and ME&T. | ||||
Caterpillar Inc. Quarterly Retail Sales Statistics | ||||||||||||||
Machines and E&T Combined | 3rd Quarter 2021 | 2nd Quarter 2021 | 1st Quarter 2021 | 4th Quarter 2020 | ||||||||||
World | UP 14% | UP 15% | UP 8% | DOWN 10% | ||||||||||
Machines | 3rd Quarter 2021 | 2nd Quarter 2021 | 1st Quarter 2021 | 4th Quarter 2020 | ||||||||||
Asia/Pacific | DOWN 4% | UP 1% | UP 27% | UP 7% | ||||||||||
EAME | UP 22% | UP 16% | UP 5% | DOWN 5% | ||||||||||
Latin America | UP 57% | UP 55% | UP 54% | UP 31% | ||||||||||
North America | UP 19% | UP 32% | DOWN 1% | DOWN 9% | ||||||||||
World | UP 17% | UP 20% | UP 13% | DOWN 2% | ||||||||||
Resource Industries (RI) | 3rd Quarter 2021 | 2nd Quarter 2021 | 1st Quarter 2021 | 4th Quarter 2020 | ||||||||||
Asia/Pacific | UP 18% | UP 31% | UP 1% | DOWN 18% | ||||||||||
EAME | UP 20% | DOWN 9% | DOWN 9% | UP 1% | ||||||||||
Latin America | UP 130% | UP 23% | UP 85% | UP 77% | ||||||||||
North America | UP 30% | UP 44% | DOWN 21% | DOWN 13% | ||||||||||
World | UP 33% | UP 21% | UNCHANGED | DOWN 3% | ||||||||||
Construction Industries (CI) | 3rd Quarter 2021 | 2nd Quarter 2021 | 1st Quarter 2021 | 4th Quarter 2020 | ||||||||||
Asia/Pacific | DOWN 10% | DOWN 7% | UP 36% | UP 16% | ||||||||||
EAME | UP 23% | UP 27% | UP 11% | DOWN 7% | ||||||||||
Latin America | UP 31% | UP 76% | UP 38% | UP 11% | ||||||||||
North America | UP 17% | UP 30% | UP 5% | DOWN 8% | ||||||||||
World | UP 12% | UP 20% | UP 17% | DOWN 1% | ||||||||||
Reported in dollars and based on unit sales as reported primarily by dealers. | ||||||||||||||
Energy & Transportation (E&T) Retail Sales by industry for the quarter ended as indicated compared with the same period of the prior year: | ||||||||||||||
Energy & Transportation (E&T) | 3rd Quarter 2021 | 2nd Quarter 2021 | 1st Quarter 2021 | 4th Quarter 2020 | ||||||||||
Power Gen | DOWN 8% | DOWN 6% | UP 7% | DOWN 10% | ||||||||||
Industrial | UP 36% | UP 44% | DOWN 4% | DOWN 31% | ||||||||||
Transportation | DOWN 12% | UP 5% | DOWN 40% | DOWN 47% | ||||||||||
Oil & Gas | UP 21% | DOWN 6% | DOWN 9% | DOWN 29% | ||||||||||
Total | UP 8% | UP 1% | DOWN 5% | DOWN 25% | ||||||||||
Reported in 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 | · utility vehicles | ||||||
· compact track and | · site prep tractors | · wheel excavators | ||||||
multi-terrain loaders | · skid steer loaders | · compact, small and medium | ||||||
· mini, small, medium | · telehandlers | wheel loaders | ||||||
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 | |||||||
· large mining trucks |
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