Segment Information (Tables)

9 Months Ended

Sep. 30, 2021

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


Sales and Revenues by Geographic Region
(Millions of dollars)	North America		Latin America		EAME		Asia/ Pacific		External Sales and Revenues			Intersegment Sales and Revenues		Total Sales and Revenues
Three Months Ended September 30, 2021
Construction Industries	$	2,417	$	528	$	1,240	$	1,076	$	5,261		$	(6)	$	5,255
Resource Industries	674		417		456		744		2,291			115		2,406
Energy & Transportation	1,924		329		1,144		744		4,141			936		5,077
Financial Products Segment	478		68		105		111		762		1	—		762
Total sales and revenues from reportable segments	5,493		1,342		2,945		2,675		12,455			1,045		13,500
All Other operating segment	18		—		3		14		35			84		119
Corporate Items and Eliminations	(56)		(13)		(9)		(15)		(93)			(1,129)		(1,222)
Total Sales and Revenues	$	5,455	$	1,329	$	2,939	$	2,674	$	12,397		$	—	$	12,397

Three Months Ended September 30, 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
Financial Products Segment	448		63		100		113		724		1	—		724
Total sales and revenues from reportable segments	4,300		783		2,393		2,475		9,951			806		10,757
All Other operating segment	10		1		1		13		25			81		106
Corporate Items and Eliminations	(59)		(12)		(10)		(14)		(95)			(887)		(982)
Total Sales and Revenues	$	4,251	$	772	$	2,384	$	2,474	$	9,881		$	—	$	9,881

1 Includes revenues from Construction Industries, Resource Industries, Energy & Transportation and All Other operating segment of $87 million and $81 million in the three months ended September 30, 2021 and 2020, respectively.


Sales and Revenues by Geographic Region
(Millions of dollars)	North America		Latin America		EAME		Asia/ Pacific		External Sales and Revenues			Intersegment Sales and Revenues		Total Sales and Revenues
Nine Months Ended September 30, 2021
Construction Industries	$	7,041	$	1,350	$	3,612	$	4,302	$	16,305		$	65	$	16,370
Resource Industries	2,130		1,309		1,455		1,965		6,859			342		7,201
Energy & Transportation	5,698		835		3,433		1,953		11,919			2,640		14,559
Financial Products Segment	1,442		195		301		359		2,297		1	—		2,297
Total sales and revenues from reportable segments	16,311		3,689		8,801		8,579		37,380			3,047		40,427
All Other operating segment	42		1		10		54		107			270		377
Corporate Items and Eliminations	(188)		(36)		(27)		(63)		(314)			(3,317)		(3,631)
Total Sales and Revenues	$	16,165	$	3,654	$	8,784	$	8,570	$	37,173		$	—	$	37,173

Nine Months Ended September 30, 2020
Construction Industries	$	5,470	$	707	$	2,618	$	3,597	$	12,392		$	18	$	12,410
Resource Industries	1,690		859		1,158		1,686		5,393			333		5,726
Energy & Transportation	5,138		667		3,095		1,734		10,634			2,025		12,659
Financial Products Segment	1,466		193		298		344		2,301		1	—		2,301
Total sales and revenues from reportable segments	13,764		2,426		7,169		7,361		30,720			2,376		33,096
All Other operating segment	22		4		17		38		81			249		330
Corporate Items and Eliminations	(169)		(36)		(32)		(51)		(288)			(2,625)		(2,913)
Total Sales and Revenues	$	13,617	$	2,394	$	7,154	$	7,348	$	30,513		$	—	$	30,513

1 Includes revenues from Construction Industries, Resource Industries, Energy & Transportation and All Other operating segment of $263 million and $274 million in the nine months ended September 30, 2021 and 2020, respectively.

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


Energy & Transportation External Sales
	Three Months Ended September 30				Nine Months Ended September 30
(Millions of dollars)	2021		2020		2021		2020
Oil and gas	$	1,088	$	734	$	3,140	$	2,622
Power generation	1,010		1,034		3,025		2,783
Industrial	948		730		2,660		2,209
Transportation	1,095		977		3,094		3,020
Energy & Transportation External Sales	$	4,141	$	3,475	$	11,919	$	10,634

Reconciliation of Consolidated profit before taxes


Reconciliation of Consolidated profit before taxes:

(Millions of dollars)	Three Months Ended September 30				Nine Months Ended September 30
	2021		2020		2021		2020
Profit from reportable segments:
Construction Industries	$	859	$	585	$	2,918	$	1,743
Resource Industries	297		167		986		623
Energy & Transportation	696		492		2,093		1,718
Financial Products Segment	173		142		660		395
Total profit from reportable segments	2,025		1,386		6,657		4,479
Profit from All Other operating segment	5		27		(2)		31
Cost centers	19		9		51		18
Corporate costs	(189)		(122)		(576)		(409)
Timing	(40)		(39)		(230)		(90)
Restructuring costs	(35)		(87)		(124)		(211)
Methodology differences:
Inventory/cost of sales	73		(7)		80		(25)
Postretirement benefit expense	116		(32)		270		253
Stock-based compensation expense	(58)		(55)		(169)		(169)
Financing costs	(103)		(125)		(342)		(324)
Currency	19		(22)		255		(230)
Other income/expense methodology differences	(80)		(72)		(201)		(244)
Other methodology differences	23		2		(27)		(25)
Total consolidated profit before taxes	$	1,775	$	863	$	5,642	$	3,054

Reconciliation of Assets:


Reconciliation of Assets:

(Millions of dollars)	September 30, 2021		December 31, 2020
Assets from reportable segments:
Construction Industries	$	4,592	$	4,259
Resource Industries	5,985		6,035
Energy & Transportation	9,305		8,582
Financial Products Segment	34,182		34,278
Total assets from reportable segments	54,064		53,154
Assets from All Other operating segment	1,622		1,717
Items not included in segment assets:
Cash and cash equivalents	8,554		8,822


Deferred income taxes	1,639		1,413
Goodwill and intangible assets	4,894		4,847
Property, plant and equipment – net and other assets	3,208		2,833
Inventory methodology differences	(2,648)		(2,536)
Liabilities included in segment assets	9,810		8,466
Other	(359)		(392)
Total assets	$	80,784	$	78,324

Reconciliation of Depreciation and amortization:


Reconciliation of Depreciation and amortization:
(Millions of dollars)
	Three Months Ended September 30				Nine Months Ended September 30
	2021		2020		2021		2020
Depreciation and amortization from reportable segments:
Construction Industries	$	60	$	61	$	178	$	183
Resource Industries	101		105		301		312
Energy & Transportation	144		147		428		442
Financial Products Segment	195		174		582		577
Total depreciation and amortization from reportable segments	500		487		1,489		1,514
Items not included in segment depreciation and amortization:
All Other operating segment	59		71		181		196
Cost centers	24		31		74		96
Other	10		4		22		9
Total depreciation and amortization	$	593	$	593	$	1,766	$	1,815

Reconciliation of Capital expenditures:


Reconciliation of Capital expenditures:
(Millions of dollars)
	Three Months Ended September 30				Nine Months Ended September 30
	2021		2020		2021		2020
Capital expenditures from reportable segments:
Construction Industries	$	56	$	37	$	120	$	85
Resource Industries	44		10		101		63
Energy & Transportation	115		100		339		331
Financial Products Segment	311		280		900		783
Total capital expenditures from reportable segments	526		427		1,460		1,262
Items not included in segment capital expenditures:
All Other operating segment	59		46		106		84
Cost centers	15		8		34		23
Timing	(13)		1		96		147
Other	—		11		(9)		(25)
Total capital expenditures	$	587	$	493	$	1,687	$	1,491