DEERFIELD, Ill., Jan. 31, 2020 /PRNewswire/ --
- Fourth-quarter sales and revenues down 8%; full-year sales and
revenues decreased 2%
- Strong operating cash flow; ended the year with $8.3 billion of enterprise cash
- Returned $1.3 billion to
shareholders in the fourth quarter through dividends and share
repurchases; returned about $6.2
billion in 2019
- 2020 profit per share outlook range of $8.50 to $10.00
|
|
Fourth
Quarter
|
|
Full
Year
|
($ in billions except
profit per share)
|
|
2019
|
2018
|
|
2019
|
2018
|
Sales and
Revenues
|
|
$13.1
|
$14.3
|
|
$53.8
|
$54.7
|
Profit Per
Share
|
|
$1.97
|
$1.78
|
|
$10.74
|
$10.26
|
Adjusted Profit
Per Share
|
|
$2.63
|
$2.55
|
|
$11.06
|
$11.22
|
Caterpillar Inc. (NYSE: CAT) today announced fourth-quarter and
full-year results for 2019.
Sales and revenues for the fourth quarter of 2019 were
$13.1 billion, an 8% decrease
compared with $14.3 billion in the
fourth quarter of 2018. Fourth-quarter 2019 profit per share was
$1.97, compared with $1.78 profit per share in the fourth quarter of
2018. Adjusted profit per share in the fourth quarter of 2019 was
$2.63, compared with fourth-quarter
2018 adjusted profit per share of $2.55.
"In the fourth quarter, strong cost control more than offset
lower-than-expected end-user demand," said Jim Umpleby, Caterpillar Chairman and CEO. "Our
margin performance reflected our diligent focus on maintaining a
flexible and competitive cost structure."
Full-year sales and revenues in 2019 were $53.8 billion, down 2% compared with $54.7 billion in 2018. Full-year profit was
$10.74 per share in 2019, compared
with profit of $10.26 per share in
2018. Adjusted profit per share in 2019 was $11.06, compared with adjusted profit per share
of $11.22 in 2018.
"While sales declined modestly in 2019, we delivered an
operating margin and free cash flow consistent with our long-term
targets and continued to invest in services and expanded
offerings," said Umpleby. "The team's focus on executing our
strategy for profitable growth also allowed us to increase our
dividend by 20% and return more than $6
billion in capital to shareholders through dividends and
share repurchases."
Operating profit margin was 14.1% for the fourth quarter of
2019, compared with 13.1% for the fourth quarter of 2018. Operating
profit margin was 15.4% for 2019, compared with 15.2% for 2018.
In 2019, adjusted profit per share excluded mark-to-market
losses for remeasurement of pension and other postemployment
benefit (OPEB) plans and a discrete tax benefit related to U.S. tax
reform. In 2018, adjusted profit per share excluded mark-to-market
losses for remeasurement of pension and OPEB plans, restructuring
costs, the impact of U.S. tax reform and certain deferred tax
valuation allowance adjustments.
For the full year of 2019, enterprise operating cash flow was
$6.9 billion. Full-year 2019 ME&T
operating cash flow was $4.9 billion
after a discretionary pension contribution of $1.5 billion financed from proceeds of a debt
issuance. In the fourth quarter of 2019, the company repurchased
about $760 million of Caterpillar
common stock and paid dividends of $568
million. During the year, the company repurchased
$4.0 billion of Caterpillar common
stock and paid dividends of $2.1
billion. After returning about $6.2
billion of capital to shareholders, the enterprise cash
balance was $8.3 billion at the end
of 2019, compared with $7.9 billion
at the end of 2018.
2020 Outlook
The company expects 2020 profit to be in a range of $8.50 to $10.00 per
share.
"We expect continued global economic uncertainty to pressure
sales to users in 2020 and cause dealers to further reduce
inventories," said Umpleby. "We have improved our lead times and
remain prepared to respond quickly to any positive or negative
changes in customer demand. We will continue to invest in services
and expanded offerings to advance our strategy for long term
profitable growth, while achieving our Investor Day targets."
The outlook does not include a mark-to-market gain or loss for
remeasurement of pension and OPEB plans.
CONSOLIDATED RESULTS
Consolidated Sales and Revenues
Consolidated Sales and Revenues
Comparison
Fourth Quarter 2019 vs. Fourth
Quarter 2018
To access this chart, go
to http://www.caterpillar.com/en/investors/quarterly-results.html for
the downloadable version of Caterpillar fourth-quarter and
full-year 2019 earnings.
The chart above graphically illustrates reasons for the change
in consolidated sales and revenues between the fourth quarter of
2018 (at left) and the fourth quarter of 2019 (at right).
Caterpillar management utilizes these charts internally to visually
communicate with the company's Board of Directors and
employees.
Total sales and revenues of $13.144
billion in the fourth quarter of 2019 decreased $1.198 billion, or 8%, compared with $14.342 billion in the fourth quarter of 2018.
The decline was due to lower sales volume driven by the impact from
changes in dealer inventories and lower end-user demand, primarily
in Construction Industries and Resource Industries. Dealers
decreased machine and engine inventories about $700 million during the fourth quarter of 2019,
compared with an increase of about $200
million during the fourth quarter of 2018. Sales declined
mainly in North America, along
with decreases in Latin America
and EAME.
Sales and Revenues
by Segment
|
|
(Millions of dollars)
|
Fourth
Quarter
2018
|
|
Sales
Volume
|
|
Price Realization
|
|
Currency
|
|
Inter-
Segment /
Other
|
|
Fourth
Quarter
2019
|
|
$ Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction
Industries
|
$
|
5,705
|
|
|
$
|
(565)
|
|
|
$
|
(86)
|
|
|
$
|
(32)
|
|
|
$
|
(2)
|
|
|
$
|
5,020
|
|
|
$
|
(685)
|
|
|
(12%)
|
Resource
Industries
|
2,797
|
|
|
(430)
|
|
|
17
|
|
|
(22)
|
|
|
33
|
|
|
2,395
|
|
|
(402)
|
|
|
(14%)
|
Energy &
Transportation
|
6,287
|
|
|
(25)
|
|
|
(27)
|
|
|
(47)
|
|
|
(239)
|
|
|
5,949
|
|
|
(338)
|
|
|
(5%)
|
All Other
Segment
|
129
|
|
|
(10)
|
|
|
—
|
|
|
—
|
|
|
24
|
|
|
143
|
|
|
14
|
|
|
11%
|
Corporate Items and
Eliminations
|
(1,288)
|
|
|
(16)
|
|
|
1
|
|
|
(2)
|
|
|
184
|
|
|
(1,121)
|
|
|
167
|
|
|
|
Machinery, Energy
& Transportation
|
13,630
|
|
|
(1,046)
|
|
|
(95)
|
|
|
(103)
|
|
|
—
|
|
|
12,386
|
|
|
(1,244)
|
|
|
(9%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Products
Segment
|
812
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
34
|
|
|
846
|
|
|
34
|
|
|
4%
|
Corporate Items and
Eliminations
|
(100)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|
(88)
|
|
|
12
|
|
|
|
Financial
Products Revenues
|
712
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
46
|
|
|
758
|
|
|
46
|
|
|
6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Sales
and Revenues
|
$
|
14,342
|
|
|
$
|
(1,046)
|
|
|
$
|
(95)
|
|
|
$
|
(103)
|
|
|
$
|
46
|
|
|
$
|
13,144
|
|
|
$
|
(1,198)
|
|
|
(8%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and Revenues
by Geographic Region
|
|
|
North
America
|
|
Latin
America
|
|
EAME
|
|
Asia/Pacific
|
|
External
Sales
and
Revenues
|
|
Inter-Segment
|
|
Total
Sales
and
Revenues
|
(Millions of dollars)
|
$
|
|
%
Chg
|
|
$
|
|
%
Chg
|
|
$
|
|
%
Chg
|
|
$
|
|
%
Chg
|
|
$
|
|
%
Chg
|
|
$
|
|
%
Chg
|
|
$
|
|
%
Chg
|
Fourth Quarter
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction
Industries
|
$
|
2,249
|
|
|
(18%)
|
|
$
|
409
|
|
|
9%
|
|
$
|
850
|
|
|
(20%)
|
|
$
|
1,475
|
|
|
—%
|
|
$
|
4,983
|
|
|
(12%)
|
|
$
|
37
|
|
|
(5%)
|
|
$
|
5,020
|
|
|
(12%)
|
Resource
Industries
|
834
|
|
|
(8%)
|
|
313
|
|
|
(33%)
|
|
526
|
|
|
(5%)
|
|
603
|
|
|
(23%)
|
|
2,276
|
|
|
(16%)
|
|
119
|
|
|
38%
|
|
2,395
|
|
|
(14%)
|
Energy &
Transportation
|
2,287
|
|
|
(11%)
|
|
354
|
|
|
(18%)
|
|
1,578
|
|
|
5%
|
|
947
|
|
|
26%
|
|
5,166
|
|
|
(2%)
|
|
783
|
|
|
(23%)
|
|
5,949
|
|
|
(5%)
|
All Other
Segment
|
2
|
|
|
(88%)
|
|
—
|
|
|
—%
|
|
5
|
|
|
(17%)
|
|
22
|
|
|
47%
|
|
29
|
|
|
(26%)
|
|
114
|
|
|
27%
|
|
143
|
|
|
11%
|
Corporate Items and
Eliminations
|
(50)
|
|
|
|
|
—
|
|
|
|
|
(5)
|
|
|
|
|
(13)
|
|
|
|
|
(68)
|
|
|
|
|
(1,053)
|
|
|
|
|
(1,121)
|
|
|
|
Machinery, Energy
& Transportation
|
5,322
|
|
|
(14%)
|
|
1,076
|
|
|
(16%)
|
|
2,954
|
|
|
(6%)
|
|
3,034
|
|
|
—%
|
|
12,386
|
|
|
(9%)
|
|
—
|
|
|
—%
|
|
12,386
|
|
|
(9%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Products
Segment
|
554
|
|
|
2%
|
|
74
|
|
|
9%
|
|
102
|
|
|
21%
|
|
116
|
|
|
1%
|
|
846
|
|
|
4%
|
|
—
|
|
|
—%
|
|
846
|
|
|
4%
|
Corporate Items and
Eliminations
|
(50)
|
|
|
|
|
(14)
|
|
|
|
|
(9)
|
|
|
|
|
(15)
|
|
|
|
|
(88)
|
|
|
|
|
—
|
|
|
|
|
(88)
|
|
|
|
Financial
Products Revenues
|
504
|
|
|
5%
|
|
60
|
|
|
3%
|
|
93
|
|
|
22%
|
|
101
|
|
|
2%
|
|
758
|
|
|
6%
|
|
—
|
|
|
—%
|
|
758
|
|
|
6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Sales
and Revenues
|
$
|
5,826
|
|
|
(13%)
|
|
$
|
1,136
|
|
|
(15%)
|
|
$
|
3,047
|
|
|
(5%)
|
|
$
|
3,135
|
|
|
—%
|
|
$
|
13,144
|
|
|
(8%)
|
|
$
|
—
|
|
|
—%
|
|
$
|
13,144
|
|
|
(8%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction
Industries
|
$
|
2,749
|
|
|
|
|
$
|
374
|
|
|
|
|
$
|
1,063
|
|
|
|
|
$
|
1,480
|
|
|
|
|
$
|
5,666
|
|
|
|
|
$
|
39
|
|
|
|
|
$
|
5,705
|
|
|
|
Resource
Industries
|
906
|
|
|
|
|
466
|
|
|
|
|
554
|
|
|
|
|
785
|
|
|
|
|
2,711
|
|
|
|
|
86
|
|
|
|
|
2,797
|
|
|
|
Energy &
Transportation
|
2,569
|
|
|
|
|
434
|
|
|
|
|
1,509
|
|
|
|
|
753
|
|
|
|
|
5,265
|
|
|
|
|
1,022
|
|
|
|
|
6,287
|
|
|
|
All Other
Segment
|
16
|
|
|
|
|
2
|
|
|
|
|
6
|
|
|
|
|
15
|
|
|
|
|
39
|
|
|
|
|
90
|
|
|
|
|
129
|
|
|
|
Corporate Items and
Eliminations
|
(47)
|
|
|
|
|
1
|
|
|
|
|
(3)
|
|
|
|
|
(2)
|
|
|
|
|
(51)
|
|
|
|
|
(1,237)
|
|
|
|
|
(1,288)
|
|
|
|
Machinery, Energy
& Transportation
|
6,193
|
|
|
|
|
1,277
|
|
|
|
|
3,129
|
|
|
|
|
3,031
|
|
|
|
|
13,630
|
|
|
|
|
—
|
|
|
|
|
13,630
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Products
Segment
|
545
|
|
|
|
|
68
|
|
|
|
|
84
|
|
|
|
|
115
|
|
|
|
|
812
|
|
|
|
|
—
|
|
|
|
|
812
|
|
|
|
Corporate Items and
Eliminations
|
(66)
|
|
|
|
|
(10)
|
|
|
|
|
(8)
|
|
|
|
|
(16)
|
|
|
|
|
(100)
|
|
|
|
|
—
|
|
|
|
|
(100)
|
|
|
|
Financial
Products Revenues
|
479
|
|
|
|
|
58
|
|
|
|
|
76
|
|
|
|
|
99
|
|
|
|
|
712
|
|
|
|
|
—
|
|
|
|
|
712
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Sales
and Revenues
|
$
|
6,672
|
|
|
|
|
$
|
1,335
|
|
|
|
|
$
|
3,205
|
|
|
|
|
$
|
3,130
|
|
|
|
|
$
|
14,342
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
14,342
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Operating Profit
Consolidated Operating Profit Comparison
Fourth Quarter 2019 vs. Fourth Quarter
2018
To access this chart, go
to http://www.caterpillar.com/en/investors/quarterly-results.html for
the downloadable version of Caterpillar fourth-quarter and
full-year 2019 earnings.
The chart above graphically illustrates reasons for the change
in consolidated operating profit between the fourth quarter of 2018
(at left) and the fourth quarter of 2019 (at right). Caterpillar
management utilizes these charts internally to visually communicate
with the company's Board of Directors and employees. The bar titled
Other includes consolidating adjustments and Machinery, Energy
& Transportation's other operating (income) expenses.
Operating profit for the fourth quarter of 2019 was $1.850 billion, a decrease of $33 million, or 2%, compared with $1.883 billion in the fourth quarter of 2018. The
decrease was primarily due to lower sales volume, mostly offset by
lower selling, general and administrative (SG&A) and research
and development (R&D) expenses and higher profit from Financial
Products.
Lower SG&A/R&D expenses were mostly due to a reduction
in short-term incentive compensation expense and timing of R&D
expenses.
Financial Products' operating profit was higher, primarily due
to lower provisions for credit losses related to the Cat Power
Finance portfolio compared with the fourth quarter of 2018.
In addition, favorable manufacturing costs were mostly offset by
unfavorable price realization. Manufacturing costs decreased
primarily due to lower period manufacturing and material costs,
partially offset by higher warranty expense. Period manufacturing
costs declined mainly due to lower short-term incentive
compensation and the favorable impact of restructuring and
cost-reduction actions.
Profit (Loss) by
Segment
|
|
(Millions of dollars)
|
Fourth
Quarter
2019
|
|
Fourth Quarter
2018
|
|
$
Change
|
|
%
Change
|
Construction
Industries
|
$
|
659
|
|
|
$
|
845
|
|
|
$
|
(186)
|
|
|
(22)
|
%
|
Resource
Industries
|
261
|
|
|
400
|
|
|
(139)
|
|
|
(35)
|
%
|
Energy &
Transportation
|
1,165
|
|
|
1,079
|
|
|
86
|
|
|
8
|
%
|
All Other
Segment
|
(11)
|
|
|
(47)
|
|
|
36
|
|
|
77
|
%
|
Corporate Items and
Eliminations
|
(325)
|
|
|
(375)
|
|
|
50
|
|
|
|
Machinery, Energy
& Transportation
|
1,749
|
|
|
1,902
|
|
|
(153)
|
|
|
(8)
|
%
|
|
|
|
|
|
|
|
|
Financial Products
Segment
|
210
|
|
|
29
|
|
|
181
|
|
|
624
|
%
|
Corporate Items and
Eliminations
|
(6)
|
|
|
54
|
|
|
(60)
|
|
|
|
Financial
Products
|
204
|
|
|
83
|
|
|
121
|
|
|
146
|
%
|
|
|
|
|
|
|
|
|
Consolidating
Adjustments
|
(103)
|
|
|
(102)
|
|
|
(1)
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Operating Profit
|
$
|
1,850
|
|
|
$
|
1,883
|
|
|
$
|
(33)
|
|
|
(2)
|
%
|
|
|
|
|
|
|
|
|
Other Profit/Loss and Tax Items
- Other income (expense) in the fourth quarter of 2019 was
expense of $373 million, compared
with expense of $417 million in the
fourth quarter of 2018. The decrease in expense was due to the
favorable impact of commodity hedges, higher realized gains and
lower unrealized losses on marketable securities at Insurance
Services, which were partially offset by unfavorable pension and
OPEB costs.
- The provision for income taxes for the fourth quarter of 2019
reflected an annual effective tax rate of approximately 25% and a
discrete tax benefit of $13 million,
compared with approximately 24% and a net discrete tax benefit of
$17 million for the fourth quarter of
2018. The increase from 2018 was largely driven by the application
of U.S. tax reform provisions to the earnings of certain non-U.S.
subsidiaries, which do not have a calendar fiscal year-end. These
provisions did not apply to these subsidiaries in 2018. The change
from the third-quarter 2019 estimated annual tax rate of 26% to the
annual effective tax rate of approximately 25% resulted in a
$54 million tax benefit in the fourth
quarter of 2019.
CONSTRUCTION
INDUSTRIES
|
(Millions of
dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter 2018
|
|
Sales
Volume
|
|
Price
Realization
|
|
Currency
|
|
Inter-
Segment
|
|
Fourth
Quarter
2019
|
|
$
Change
|
|
%
Change
|
Total
Sales
|
|
$
|
5,705
|
|
|
$
|
(565)
|
|
|
$
|
(86)
|
|
|
$
|
(32)
|
|
|
$
|
(2)
|
|
|
$
|
5,020
|
|
|
$
|
(685)
|
|
|
(12)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales by
Geographic Region
|
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter 2019
|
|
Fourth
Quarter 2018
|
|
$
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
North
America
|
|
$
|
2,249
|
|
|
$
|
2,749
|
|
|
$
|
(500)
|
|
|
(18)
|
%
|
|
|
|
|
|
|
|
|
Latin
America
|
|
409
|
|
|
374
|
|
|
35
|
|
|
9
|
%
|
|
|
|
|
|
|
|
|
EAME
|
|
850
|
|
|
1,063
|
|
|
(213)
|
|
|
(20)
|
%
|
|
|
|
|
|
|
|
|
Asia/Pacific
|
|
1,475
|
|
|
1,480
|
|
|
(5)
|
|
|
—
|
%
|
|
|
|
|
|
|
|
|
External
Sales
|
|
4,983
|
|
|
5,666
|
|
|
(683)
|
|
|
(12)
|
%
|
|
|
|
|
|
|
|
|
Inter-segment
|
|
37
|
|
|
39
|
|
|
(2)
|
|
|
(5)
|
%
|
|
|
|
|
|
|
|
|
Total
Sales
|
|
$
|
5,020
|
|
|
$
|
5,705
|
|
|
$
|
(685)
|
|
|
(12)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter 2019
|
|
Fourth
Quarter 2018
|
|
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
$
|
659
|
|
|
$
|
845
|
|
|
$
|
(186)
|
|
|
(22)
|
%
|
|
|
|
|
|
|
|
|
Segment Profit
Margin
|
|
13.1
|
%
|
|
14.8
|
%
|
|
(1.7
|
pts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction Industries' total sales were $5.020 billion in the fourth quarter of 2019, a
decrease of $685 million, or 12%,
compared with $5.705 billion in the
fourth quarter of 2018. The decrease was due to lower sales volume,
driven mostly by the impact from changes in dealer inventories.
Dealers decreased inventories during the fourth quarter of 2019,
compared with dealer inventories that were about flat during the
fourth quarter of 2018. Unfavorable price realization also
contributed to the decline in sales.
- In North America, sales
decreased due to lower demand driven by the impact from changes in
dealer inventories, while end-user demand was about flat. Dealers
decreased inventories during the fourth quarter of 2019, compared
with an increase during the fourth quarter of 2018.
- Sales were higher in Latin
America. While construction activities remained at low
levels, the increase was driven by road and residential
construction activities.
- In EAME, the sales decrease was primarily due to the impact
from changes in dealer inventories and lower end-user demand across
most of the region. Dealers decreased inventories more during the
fourth quarter of 2019 than during the fourth quarter of 2018.
- Sales in Asia/Pacific were
about flat as unfavorable price realization was mostly offset by a
few countries' higher sales volume.
Construction Industries' profit was $659
million in the fourth quarter of 2019, a decrease of
$186 million, or 22%, compared with
$845 million in the fourth quarter of
2018. The decrease was primarily due to lower sales volume. In
addition, favorable manufacturing costs were mostly offset by
unfavorable price realization. Manufacturing costs decreased due to
lower period manufacturing and material costs. Period manufacturing
costs declined mainly due to the favorable impact of restructuring
and cost-reduction actions as well as lower short-term incentive
compensation.
RESOURCE
INDUSTRIES
|
(Millions of
dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter 2018
|
|
Sales
Volume
|
|
Price
Realization
|
|
Currency
|
|
Inter-
Segment
|
|
Fourth
Quarter
2019
|
|
$
Change
|
|
%
Change
|
Total
Sales
|
|
$
|
2,797
|
|
|
$
|
(430)
|
|
|
$
|
17
|
|
|
$
|
(22)
|
|
|
$
|
33
|
|
|
$
|
2,395
|
|
|
$
|
(402)
|
|
|
(14)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales by
Geographic Region
|
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter 2019
|
|
Fourth
Quarter 2018
|
|
$
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
North
America
|
|
$
|
834
|
|
|
$
|
906
|
|
|
$
|
(72)
|
|
|
(8)
|
%
|
|
|
|
|
|
|
|
|
Latin
America
|
|
313
|
|
|
466
|
|
|
(153)
|
|
|
(33)
|
%
|
|
|
|
|
|
|
|
|
EAME
|
|
526
|
|
|
554
|
|
|
(28)
|
|
|
(5)
|
%
|
|
|
|
|
|
|
|
|
Asia/Pacific
|
|
603
|
|
|
785
|
|
|
(182)
|
|
|
(23)
|
%
|
|
|
|
|
|
|
|
|
External
Sales
|
|
2,276
|
|
|
2,711
|
|
|
(435)
|
|
|
(16)
|
%
|
|
|
|
|
|
|
|
|
Inter-segment
|
|
119
|
|
|
86
|
|
|
33
|
|
|
38
|
%
|
|
|
|
|
|
|
|
|
Total
Sales
|
|
$
|
2,395
|
|
|
$
|
2,797
|
|
|
$
|
(402)
|
|
|
(14)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter 2019
|
|
Fourth
Quarter 2018
|
|
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
$
|
261
|
|
|
$
|
400
|
|
|
$
|
(139)
|
|
|
(35)
|
%
|
|
|
|
|
|
|
|
|
Segment Profit
Margin
|
|
10.9
|
%
|
|
14.3
|
%
|
|
(3.4
|
pts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Resource Industries' total sales were $2.395 billion in the fourth quarter of 2019, a
decrease of $402 million, or 14%,
compared with $2.797 billion in the
fourth quarter of 2018. The decrease was due to lower sales volume,
driven by changes in dealer inventories and lower end-user demand.
Dealers increased inventories during the fourth quarter of 2018,
compared with a decrease during the fourth quarter of
2019. While commodity prices are generally supportive of
reinvestment, the company continues to believe mining customers
remained disciplined in their capital expenditures due to economic
uncertainty, resulting in lower sales in the quarter. In addition,
end-user demand decreased for equipment supporting non-residential
construction.
Resource Industries' profit was $261
million in the fourth quarter of 2019, a decrease of
$139 million, or 35%, compared with
$400 million in the fourth quarter of
2018. The decrease was mainly due to lower sales volume, partially
offset by lower SG&A/R&D expenses and favorable price
realization. The decrease in SG&A/R&D expenses reflected a
reduction in short-term incentive compensation expense and timing
of R&D expenses.
ENERGY &
TRANSPORTATION
|
(Millions of
dollars)
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter
2018
|
|
Sales
Volume
|
|
Price
Realization
|
|
Currency
|
|
Inter-
Segment
|
|
Fourth
Quarter 2019
|
|
$
Change
|
|
%
Change
|
Total
Sales
|
|
$
|
6,287
|
|
|
$
|
(25)
|
|
|
$
|
(27)
|
|
|
$
|
(47)
|
|
|
$
|
(239)
|
|
|
$
|
5,949
|
|
|
$
|
(338)
|
|
|
(5)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales by
Application
|
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter 2019
|
|
Fourth
Quarter 2018
|
|
$
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
Oil and
Gas
|
|
$
|
1,523
|
|
|
$
|
1,719
|
|
|
$
|
(196)
|
|
|
(11)
|
%
|
|
|
|
|
|
|
|
|
Power
Generation
|
|
1,294
|
|
|
1,271
|
|
|
23
|
|
|
2
|
%
|
|
|
|
|
|
|
|
|
Industrial
|
|
908
|
|
|
902
|
|
|
6
|
|
|
1
|
%
|
|
|
|
|
|
|
|
|
Transportation
|
|
1,441
|
|
|
1,373
|
|
|
68
|
|
|
5
|
%
|
|
|
|
|
|
|
|
|
External
Sales
|
|
5,166
|
|
|
5,265
|
|
|
(99)
|
|
|
(2)
|
%
|
|
|
|
|
|
|
|
|
Inter-segment
|
|
783
|
|
|
1,022
|
|
|
(239)
|
|
|
(23)
|
%
|
|
|
|
|
|
|
|
|
Total
Sales
|
|
$
|
5,949
|
|
|
$
|
6,287
|
|
|
$
|
(338)
|
|
|
(5)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter 2019
|
|
Fourth
Quarter
2018
|
|
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
$
|
1,165
|
|
|
$
|
1,079
|
|
|
$
|
86
|
|
|
8
|
%
|
|
|
|
|
|
|
|
|
Segment Profit
Margin
|
|
19.6
|
%
|
|
17.2
|
%
|
|
2.4
|
pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy & Transportation's total sales were $5.949 billion in the fourth quarter of 2019, a
decrease of $338 million, or 5%,
compared with $6.287 billion in the
fourth quarter of 2018. Sales declined primarily due to lower
inter-segment engine sales and unfavorable currency impacts.
- Oil and Gas – Sales were lower mainly in North America. The sales decline was largely
due to lower demand for reciprocating engines used in gas
compression and lower turbine project deliveries.
- Power Generation – Sales increased slightly primarily due to
higher deliveries for turbines in EAME.
- Industrial – Sales were about flat as slightly higher sales in
North America were partially
offset by lower sales in Latin
America and EAME.
- Transportation – Sales were higher mainly due to stronger
marine demand in EAME.
Energy & Transportation's profit was $1.165 billion in the fourth quarter of 2019, an
increase of $86 million, or 8%,
compared with $1.079 billion in the
fourth quarter of 2018. The increase was mostly due to lower
SG&A/R&D expenses, primarily due to a reduction in
short-term incentive compensation expense and lower R&D project
expenses. Lower manufacturing costs were mostly offset by lower
sales volume.
FINANCIAL PRODUCTS
SEGMENT
|
(Millions of
dollars)
|
Revenues by
Geographic Region
|
|
|
Fourth
Quarter
2019
|
|
Fourth
Quarter 2018
|
|
$
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
North
America
|
|
$
|
554
|
|
|
$
|
545
|
|
|
$
|
9
|
|
|
2
|
%
|
|
|
|
|
|
|
|
|
Latin
America
|
|
74
|
|
|
68
|
|
|
6
|
|
|
9
|
%
|
|
|
|
|
|
|
|
|
EAME
|
|
102
|
|
|
84
|
|
|
18
|
|
|
21
|
%
|
|
|
|
|
|
|
|
|
Asia/Pacific
|
|
116
|
|
|
115
|
|
|
1
|
|
|
1
|
%
|
|
|
|
|
|
|
|
|
Total
Revenues
|
|
$
|
846
|
|
|
$
|
812
|
|
|
$
|
34
|
|
|
4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter 2019
|
|
Fourth
Quarter 2018
|
|
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
$
|
210
|
|
|
$
|
29
|
|
|
$
|
181
|
|
|
624
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Products' segment revenues were $846 million in the fourth quarter of 2019, an
increase of $34 million, or 4%, from
the fourth quarter of 2018. The increase was primarily due to a
favorable impact from returned or repossessed equipment in
Europe and higher average
financing rates in North
America.
Financial Products' segment profit was $210 million in the fourth quarter of 2019,
compared with $29 million in the
fourth quarter of 2018. Most of the increase was due to lower
provision for credit losses at Cat Financial, driven by a lower
allowance rate compared with 2018. The lower allowance rate was due
to write-offs of accounts in 2019 that were reserved for in 2018,
primarily in the Cat Power Finance portfolio. In addition, there
was a favorable impact from equity securities in Insurance
Services, as well as favorable impacts from an increase in net
yield on average earning assets and returned or repossessed
equipment. These favorable impacts were partially offset by higher
SG&A expenses.
At the end of 2019, past dues at Cat Financial were 3.14%,
compared with 3.55% at the end of 2018. Write-offs, net of
recoveries, were $237 million for
2019, an increase from $189 million
for 2018, primarily due to Mining, Caterpillar Power Finance and
EAME, partially offset by a decrease in Latin America. The
increase in Mining was due to a small number of customer balances
written off in 2019, while the increases in Caterpillar Power
Finance and EAME were concentrated in the marine portfolio and the
Middle East, respectively.
As of December 31, 2019, Cat
Financial's allowance for credit losses totaled $424 million, or 1.50% of finance receivables,
compared with $511 million, or 1.80%
of finance receivables, at December 31,
2018.
Dealer Inventories and Order Backlog
Dealers decreased machine and engine inventories about
$700 million during the fourth
quarter of 2019, compared with an increase of about $200 million during the fourth quarter of 2018.
The changes in dealer inventories mostly impacted sales in
Construction Industries and Resource Industries. For the full year
of 2019, dealer inventories increased about $800 million, compared with an increase of about
$2.3 billion during 2018.
At the end of the fourth quarter of 2019, the order backlog was
$13.7 billion, about $900 million lower than the third quarter of
2019, primarily in Energy & Transportation. The order backlog
decreased across the three primary segments by about $2.9 billion since the end of 2018.
Notes
- Glossary of terms is included on the Caterpillar website at
http://www.caterpillar.com/investors/.
- Information on non-GAAP financial measures is included in
the appendix on page 12.
- Some amounts within this report are rounded to the millions
or billions and may not add. In addition, the sum of the components
reported across periods may not equal the total amount reported
year-to-date due to rounding.
- Caterpillar will conduct a teleconference and live webcast,
with a slide presentation, beginning at 7:30
a.m. Central Time on Friday, January 31, 2020, to discuss
its 2019 fourth-quarter and full-year financial results. The
accompanying slides will be available before the webcast on the
Caterpillar website at
http://www.caterpillar.com/investors/events-and-presentations.
About Caterpillar
Since 1925, Caterpillar Inc. has been helping our customers
build a better world – making sustainable progress possible
and driving positive change on every continent. With 2019
sales and revenues of $53.8 billion,
Caterpillar is the world's leading manufacturer of construction and
mining equipment, diesel and natural gas engines, industrial gas
turbines and diesel-electric locomotives. Services offered
throughout the product life cycle, cutting-edge technology and
decades of product expertise set Caterpillar apart, providing
exceptional value to help our customers succeed. The
company principally operates through three primary segments -
Construction Industries, Resource Industries and Energy &
Transportation - and provides financing and related services
through its Financial Products segment. For more information,
visit caterpillar.com. To connect on social media, visit
caterpillar.com/social-media.
Caterpillar's latest financial results and outlook are also
available online:
http://www.caterpillar.com/en/investors.html
http://www.caterpillar.com/en/investors/quarterly-results.html (live
broadcast/replays of quarterly conference call)
Forward-Looking Statements
Certain statements in this press release relate to future events
and expectations and are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Words such as "believe," "estimate," "will be," "will," "would,"
"expect," "anticipate," "plan," "forecast," "target," "guide,"
"project," "intend," "could," "should" or other similar words or
expressions often identify forward-looking statements. All
statements other than statements of historical fact are
forward-looking statements, including, without limitation,
statements regarding our outlook, projections, forecasts or trend
descriptions. These statements do not guarantee future performance
and speak only as of the date they are made, and we do not
undertake to update our forward-looking statements.
Caterpillar's actual results may differ materially from those
described or implied in our forward-looking statements based on a
number of factors, including, but not limited to: (i) global and
regional economic conditions and economic conditions in the
industries we serve; (ii) commodity price changes, material price
increases, fluctuations in demand for our products or significant
shortages of material; (iii) government monetary or fiscal
policies; (iv) political and economic risks, commercial instability
and events beyond our control in the countries in which we operate;
(v) international trade policies and their impact on demand for our
products and our competitive position, including the imposition of
new tariffs or changes in existing tariff rates; (vi) our ability
to develop, produce and market quality products that meet our
customers' needs; (vii) the impact of the highly competitive
environment in which we operate on our sales and pricing; (viii)
information technology security threats and computer crime; (ix)
inventory management decisions and sourcing practices of our
dealers and our OEM customers; (x) a failure to realize, or a delay
in realizing, all of the anticipated benefits of our acquisitions,
joint ventures or divestitures; (xi) union disputes or other
employee relations issues; (xii) adverse effects of unexpected
events including natural disasters; (xiii) disruptions or
volatility in global financial markets limiting our sources of
liquidity or the liquidity of our customers, dealers and suppliers;
(xiv) failure to maintain our credit ratings and potential
resulting increases to our cost of borrowing and adverse effects on
our cost of funds, liquidity, competitive position and access to
capital markets; (xv) our Financial Products segment's risks
associated with the financial services industry; (xvi) changes in
interest rates or market liquidity conditions; (xvii) an increase
in delinquencies, repossessions or net losses of Cat Financial's
customers; (xviii) currency fluctuations; (xix) our or Cat
Financial's compliance with financial and other restrictive
covenants in debt agreements; (xx) increased pension plan funding
obligations; (xxi) alleged or actual violations of trade or
anti-corruption laws and regulations; (xxii) additional tax expense
or exposure, including the impact of U.S. tax reform; (xxiii)
significant legal proceedings, claims, lawsuits or government
investigations; (xxiv) new regulations or changes in financial
services regulations; (xxv) compliance with environmental laws and
regulations; and (xxvi) other factors described in more detail in
Caterpillar's Forms 10-Q, 10-K and other filings with the
Securities and Exchange Commission.
APPENDIX
NON-GAAP FINANCIAL MEASURES
The following definitions are provided for the non-GAAP
financial measures. These non-GAAP financial measures have no
standardized meaning prescribed by U.S. GAAP and therefore are
unlikely to be comparable to the calculation of similar measures
for other companies. Management does not intend these items to
be considered in isolation or as a substitute for the related GAAP
measures.
Adjusted Profit
The company believes it is important to separately quantify the
profit impact of four significant items in order for the company's
results to be meaningful to readers. These items consist of (i)
pension and OPEB mark-to-market losses resulting from plan
remeasurements, (ii) U.S. tax reform impact, (iii) restructuring
costs in 2018, which were incurred to generate longer-term benefits
and (iv) certain deferred tax valuation allowance adjustments. The
company does not consider these items indicative of earnings from
ongoing business activities and believes the non-GAAP measure
provides investors with useful perspective on underlying business
results and trends and aids with assessing the company's
period-over-period results.
Reconciliations of adjusted profit before taxes to the most
directly comparable GAAP measure, consolidated profit before taxes,
are as follows:
|
Fourth
Quarter
|
|
Full
Year
|
|
(Millions of
dollars)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
Profit before
taxes
|
$
|
1,365
|
|
|
$
|
1,367
|
|
|
$
|
7,812
|
|
|
$
|
7,822
|
|
|
Mark-to-market
losses
|
468
|
|
|
495
|
|
|
468
|
|
|
495
|
|
|
Restructuring
costs
|
—
|
|
|
93
|
|
|
—
|
|
|
386
|
|
|
Adjusted profit
before taxes
|
$
|
1,833
|
|
|
$
|
1,955
|
|
|
$
|
8,280
|
|
|
$
|
8,703
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliations of adjusted profit per share to the most
directly comparable GAAP measure, diluted profit per share, are as
follows:
|
Fourth
Quarter
|
|
Full
Year
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
Profit per
share
|
$
|
1.97
|
|
|
$
|
1.78
|
|
|
$
|
10.74
|
|
|
$
|
10.26
|
|
|
Per share
mark-to-market losses1
|
$
|
0.65
|
|
|
$
|
0.66
|
|
|
$
|
0.64
|
|
|
$
|
0.64
|
|
|
Per share U.S. tax
reform impact
|
$
|
—
|
|
|
$
|
0.09
|
|
|
$
|
(0.31)
|
|
|
$
|
(0.17)
|
|
|
Per share
restructuring costs2
|
$
|
—
|
|
|
$
|
0.13
|
|
|
$
|
—
|
|
|
$
|
0.50
|
|
|
Per share deferred
tax valuation allowance adjustment
|
$
|
—
|
|
|
$
|
(0.11)
|
|
|
$
|
—
|
|
|
$
|
(0.01)
|
|
|
Adjusted profit per
share
|
$
|
2.63
|
|
|
$
|
2.55
|
|
|
$
|
11.06
|
|
|
$
|
11.22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 At
statutory tax rates
|
2 2018 restructuring costs at
statutory tax rates. 2019 restructuring costs are not
material
|
|
Machinery, Energy & Transportation
Caterpillar defines Machinery, Energy & Transportation as it
is presented in the supplemental data as Caterpillar Inc. and its
subsidiaries with Financial Products accounted for on the equity
basis. Machinery, Energy & Transportation information relates
to the design, manufacture and marketing of Caterpillar products.
Financial Products' information relates to the financing to
customers and dealers for the purchase and lease of Caterpillar and
other equipment. The nature of these businesses is different,
especially with regard to the financial position and cash flow
items. Caterpillar management utilizes this presentation internally
to highlight these differences. The company also believes this
presentation will assist readers in understanding Caterpillar's
business. Pages 13-21 reconcile Machinery, Energy &
Transportation with Financial Products on the equity basis to
Caterpillar Inc. consolidated financial information.
Caterpillar
Inc.
Condensed
Consolidated Statement of Results of Operations
(Unaudited)
(Dollars in
millions except per share data)
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Sales and
revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales of Machinery,
Energy & Transportation
|
$
|
12,386
|
|
|
|
$
|
13,630
|
|
|
|
$
|
50,755
|
|
|
|
$
|
51,822
|
|
|
|
Revenues of Financial
Products
|
|
758
|
|
|
|
|
712
|
|
|
|
|
3,045
|
|
|
|
|
2,900
|
|
|
|
Total sales and
revenues
|
|
13,144
|
|
|
|
|
14,342
|
|
|
|
|
53,800
|
|
|
|
|
54,722
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
costs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods
sold
|
|
9,117
|
|
|
|
|
9,987
|
|
|
|
|
36,630
|
|
|
|
|
36,997
|
|
|
|
Selling, general and
administrative expenses
|
|
1,283
|
|
|
|
|
1,463
|
|
|
|
|
5,162
|
|
|
|
|
5,478
|
|
|
|
Research and
development expenses
|
|
386
|
|
|
|
|
466
|
|
|
|
|
1,693
|
|
|
|
|
1,850
|
|
|
|
Interest expense of
Financial Products
|
|
183
|
|
|
|
|
189
|
|
|
|
|
754
|
|
|
|
|
722
|
|
|
|
Other operating
(income) expenses
|
|
325
|
|
|
|
|
354
|
|
|
|
|
1,271
|
|
|
|
|
1,382
|
|
|
|
Total operating
costs
|
|
11,294
|
|
|
|
|
12,459
|
|
|
|
|
45,510
|
|
|
|
|
46,429
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
profit
|
|
1,850
|
|
|
|
|
1,883
|
|
|
|
|
8,290
|
|
|
|
|
8,293
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
excluding Financial Products
|
|
112
|
|
|
|
|
99
|
|
|
|
|
421
|
|
|
|
|
404
|
|
|
|
Other income
(expense)
|
|
(373)
|
|
|
|
|
(417)
|
|
|
|
|
(57)
|
|
|
|
|
(67)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
profit before taxes
|
|
1,365
|
|
|
|
|
1,367
|
|
|
|
|
7,812
|
|
|
|
|
7,822
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit)
for income taxes
|
|
276
|
|
|
|
|
321
|
|
|
|
|
1,746
|
|
|
|
|
1,698
|
|
|
|
Profit of
consolidated companies
|
|
1,089
|
|
|
|
|
1,046
|
|
|
|
|
6,066
|
|
|
|
|
6,124
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in profit
(loss) of unconsolidated affiliated companies
|
|
8
|
|
|
|
|
3
|
|
|
|
|
28
|
|
|
|
|
24
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit of
consolidated and affiliated companies
|
|
1,097
|
|
|
|
|
1,049
|
|
|
|
|
6,094
|
|
|
|
|
6,148
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Profit
(loss) attributable to noncontrolling interests
|
|
(1)
|
|
|
|
|
1
|
|
|
|
|
1
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit
1
|
$
|
1,098
|
|
|
|
$
|
1,048
|
|
|
|
$
|
6,093
|
|
|
|
$
|
6,147
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit per common
share
|
$
|
2.00
|
|
|
|
$
|
1.80
|
|
|
|
$
|
10.85
|
|
|
|
$
|
10.39
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit per common
share – diluted 2
|
$
|
1.97
|
|
|
|
$
|
1.78
|
|
|
|
$
|
10.74
|
|
|
|
$
|
10.26
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
common shares
outstanding (millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
Basic
|
|
550.3
|
|
|
|
|
581.4
|
|
|
|
|
561.6
|
|
|
|
|
591.4
|
|
|
|
-
Diluted2
|
|
556.1
|
|
|
|
|
587.6
|
|
|
|
|
567.5
|
|
|
|
|
599.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
Profit attributable
to common shareholders.
|
2
|
Diluted by assumed
exercise of stock-based compensation awards using the treasury
stock method.
|
Caterpillar
Inc.
Condensed
Consolidated Statement of Financial Position
(Unaudited)
(Millions of
dollars)
|
|
|
December
31,
|
|
December
31,
|
|
2019
|
|
2018
|
Assets
|
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
|
|
|
Cash and short-term
investments
|
$
|
8,284
|
|
|
|
$
|
7,857
|
|
|
|
|
Receivables - trade
and other
|
|
8,568
|
|
|
|
|
8,802
|
|
|
|
|
Receivables -
finance
|
|
9,336
|
|
|
|
|
8,650
|
|
|
|
|
Prepaid expenses and
other current assets
|
|
1,739
|
|
|
|
|
1,765
|
|
|
|
|
Inventories
|
|
11,266
|
|
|
|
|
11,529
|
|
|
|
Total current
assets
|
|
39,193
|
|
|
|
|
38,603
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and
equipment – net
|
|
12,904
|
|
|
|
|
13,574
|
|
|
|
Long-term receivables
- trade and other
|
|
1,193
|
|
|
|
|
1,161
|
|
|
|
Long-term receivables
- finance
|
|
12,651
|
|
|
|
|
13,286
|
|
|
|
Noncurrent deferred
and refundable income taxes
|
|
1,411
|
|
|
|
|
1,439
|
|
|
|
Intangible
assets
|
|
1,565
|
|
|
|
|
1,897
|
|
|
|
Goodwill
|
|
6,196
|
|
|
|
|
6,217
|
|
|
|
Other
assets
|
|
3,340
|
|
|
|
|
2,332
|
|
|
Total
assets
|
$
|
78,453
|
|
|
|
$
|
78,509
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Short-term
borrowings:
|
|
|
|
|
|
|
|
|
|
|
|
|
-- Machinery, Energy
& Transportation
|
$
|
5
|
|
|
|
$
|
—
|
|
|
|
|
|
-- Financial
Products
|
|
5,161
|
|
|
|
|
5,723
|
|
|
|
|
Accounts
payable
|
|
5,957
|
|
|
|
|
7,051
|
|
|
|
|
Accrued
expenses
|
|
3,750
|
|
|
|
|
3,573
|
|
|
|
|
Accrued wages,
salaries and employee benefits
|
|
1,629
|
|
|
|
|
2,384
|
|
|
|
|
Customer
advances
|
|
1,187
|
|
|
|
|
1,243
|
|
|
|
|
Dividends
payable
|
|
567
|
|
|
|
|
495
|
|
|
|
|
Other current
liabilities
|
|
2,155
|
|
|
|
|
1,919
|
|
|
|
|
Long-term debt due
within one year:
|
|
|
|
|
|
|
|
|
|
|
|
|
-- Machinery, Energy
& Transportation
|
|
16
|
|
|
|
|
10
|
|
|
|
|
|
-- Financial
Products
|
|
6,194
|
|
|
|
|
5,820
|
|
|
|
Total current
liabilities
|
|
26,621
|
|
|
|
|
28,218
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt due
after one year:
|
|
|
|
|
|
|
|
|
|
|
|
|
-- Machinery, Energy
& Transportation
|
|
9,141
|
|
|
|
|
8,005
|
|
|
|
|
|
-- Financial
Products
|
|
17,140
|
|
|
|
|
16,995
|
|
|
|
Liability for
postemployment benefits
|
|
6,599
|
|
|
|
|
7,455
|
|
|
|
Other
liabilities
|
|
4,323
|
|
|
|
|
3,756
|
|
|
Total
liabilities
|
|
63,824
|
|
|
|
|
64,429
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
|
|
|
Common
stock
|
|
5,935
|
|
|
|
|
5,827
|
|
|
|
Treasury
stock
|
|
(24,217)
|
|
|
|
|
(20,531)
|
|
|
|
Profit employed in
the business
|
|
34,437
|
|
|
|
|
30,427
|
|
|
|
Accumulated other
comprehensive income (loss)
|
|
(1,567)
|
|
|
|
|
(1,684)
|
|
|
|
Noncontrolling
interests
|
|
41
|
|
|
|
|
41
|
|
|
Total
shareholders' equity
|
|
14,629
|
|
|
|
|
14,080
|
|
|
Total liabilities
and shareholders' equity
|
$
|
78,453
|
|
|
|
$
|
78,509
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Caterpillar
Inc.
Condensed
Consolidated Statement of Cash Flow
(Unaudited)
(Millions of
dollars)
|
|
|
Twelve Months
Ended
|
|
December
31,
|
|
2019
|
|
2018
|
Cash flow from
operating activities:
|
|
|
|
|
|
|
|
|
Profit of
consolidated and affiliated companies
|
$
|
6,094
|
|
|
$
|
6,148
|
|
|
Adjustments for
non-cash items:
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
2,577
|
|
|
|
2,766
|
|
|
|
Actuarial (gain) loss
on pension and postretirement benefits
|
|
468
|
|
|
|
495
|
|
|
|
Provision (benefit)
for deferred income taxes
|
|
28
|
|
|
|
220
|
|
|
|
Other
|
|
675
|
|
|
|
1,006
|
|
|
Changes in assets and
liabilities, net of acquisitions and divestitures:
|
|
|
|
|
|
|
|
|
|
Receivables – trade
and other
|
|
171
|
|
|
|
(1,619)
|
|
|
|
Inventories
|
|
274
|
|
|
|
(1,579)
|
|
|
|
Accounts
payable
|
|
(1,025)
|
|
|
|
709
|
|
|
|
Accrued
expenses
|
|
172
|
|
|
|
101
|
|
|
|
Accrued wages,
salaries and employee benefits
|
|
(757)
|
|
|
|
(162)
|
|
|
|
Customer
advances
|
|
(10)
|
|
|
|
(183)
|
|
|
|
Other assets –
net
|
|
(93)
|
|
|
|
41
|
|
|
|
Other liabilities –
net
|
|
(1,662)
|
|
|
|
(1,385)
|
|
Net cash provided by
(used for) operating activities
|
|
6,912
|
|
|
|
6,558
|
|
Cash flow from
investing activities:
|
|
|
|
|
|
|
|
|
Capital expenditures
– excluding equipment leased to others
|
|
(1,056)
|
|
|
|
(1,276)
|
|
|
Expenditures for
equipment leased to others
|
|
(1,613)
|
|
|
|
(1,640)
|
|
|
Proceeds from
disposals of leased assets and property, plant and
equipment
|
|
1,153
|
|
|
|
936
|
|
|
Additions to finance
receivables
|
|
(12,777)
|
|
|
|
(12,183)
|
|
|
Collections of
finance receivables
|
|
12,183
|
|
|
|
10,901
|
|
|
Proceeds from sale of
finance receivables
|
|
235
|
|
|
|
477
|
|
|
Investments and
acquisitions (net of cash acquired)
|
|
(47)
|
|
|
|
(392)
|
|
|
Proceeds from sale of
businesses and investments (net of cash sold)
|
|
41
|
|
|
|
16
|
|
|
Proceeds from sale of
securities
|
|
574
|
|
|
|
442
|
|
|
Investments in
securities
|
|
(597)
|
|
|
|
(506)
|
|
|
Other –
net
|
|
(24)
|
|
|
|
13
|
|
Net cash provided by
(used for) investing activities
|
|
(1,928)
|
|
|
|
(3,212)
|
|
Cash flow from
financing activities:
|
|
|
|
|
|
|
|
|
Dividends
paid
|
|
(2,132)
|
|
|
|
(1,951)
|
|
|
Common stock issued,
including treasury shares reissued
|
|
238
|
|
|
|
313
|
|
|
Common shares
repurchased
|
|
(4,047)
|
|
|
|
(3,798)
|
|
|
Proceeds from debt
issued (original maturities greater than three months)
|
|
9,841
|
|
|
|
8,907
|
|
|
Payments on debt
(original maturities greater than three months)
|
|
(8,297)
|
|
|
|
(7,829)
|
|
|
Short-term borrowings
– net (original maturities three months or less)
|
|
(138)
|
|
|
|
762
|
|
|
Other –
net
|
|
(3)
|
|
|
|
(54)
|
|
Net cash provided by
(used for) financing activities
|
|
(4,538)
|
|
|
|
(3,650)
|
|
Effect of exchange
rate changes on cash
|
|
(44)
|
|
|
|
(126)
|
|
Increase
(decrease) in cash and short-term investments and restricted
cash
|
|
402
|
|
|
|
(430)
|
|
Cash and short-term
investments and restricted cash at beginning of period
|
|
7,890
|
|
|
|
8,320
|
|
Cash and short-term
investments and restricted cash at end of period
|
$
|
8,292
|
|
|
$
|
7,890
|
|
|
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.
|
Caterpillar
Inc.
Supplemental Data for Results of Operations
For the Three Months Ended December 31, 2019
(Unaudited)
(Millions of dollars)
|
|
|
|
Supplemental
Consolidating Data
|
|
|
|
Machinery,
|
|
|
|
|
|
Consolidated
|
|
Energy &
Transportation 1
|
|
Financial
Products
|
|
Consolidating
Adjustments
|
Sales and
revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales of Machinery,
Energy & Transportation
|
$
|
12,386
|
|
|
|
$
|
12,386
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
Revenues of Financial
Products
|
|
758
|
|
|
|
|
—
|
|
|
|
|
887
|
|
|
|
|
(129)
|
2
|
|
|
Total sales and
revenues
|
|
13,144
|
|
|
|
|
12,386
|
|
|
|
|
887
|
|
|
|
|
(129)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
costs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods
sold
|
|
9,117
|
|
|
|
|
9,119
|
|
|
|
|
—
|
|
|
|
|
(2)
|
3
|
|
|
Selling, general and
administrative expenses
|
|
1,283
|
|
|
|
|
1,120
|
|
|
|
|
173
|
|
|
|
|
(10)
|
3
|
|
|
Research and
development expenses
|
|
386
|
|
|
|
|
386
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
Interest expense of
Financial Products
|
|
183
|
|
|
|
|
—
|
|
|
|
|
187
|
|
|
|
|
(4)
|
4
|
|
|
Other operating
(income) expenses
|
|
325
|
|
|
|
|
12
|
|
|
|
|
323
|
|
|
|
|
(10)
|
3
|
|
|
Total operating
costs
|
|
11,294
|
|
|
|
|
10,637
|
|
|
|
|
683
|
|
|
|
|
(26)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
profit
|
|
1,850
|
|
|
|
|
1,749
|
|
|
|
|
204
|
|
|
|
|
(103)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
excluding Financial Products
|
|
112
|
|
|
|
|
111
|
|
|
|
|
—
|
|
|
|
|
1
|
4
|
|
|
Other income
(expense)
|
|
(373)
|
|
|
|
|
(489)
|
|
|
|
|
12
|
|
|
|
|
104
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
profit before taxes
|
|
1,365
|
|
|
|
|
1,149
|
|
|
|
|
216
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit)
for income taxes
|
|
276
|
|
|
|
|
218
|
|
|
|
|
58
|
|
|
|
|
—
|
|
|
|
Profit of
consolidated companies
|
|
1,089
|
|
|
|
|
931
|
|
|
|
|
158
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in profit
(loss) of unconsolidated affiliated companies
|
|
8
|
|
|
|
|
8
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
Equity in profit of
Financial Products' subsidiaries
|
|
—
|
|
|
|
|
153
|
|
|
|
|
—
|
|
|
|
|
(153)
|
6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit of
consolidated and affiliated companies
|
|
1,097
|
|
|
|
|
1,092
|
|
|
|
|
158
|
|
|
|
|
(153)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Profit
(loss) attributable to noncontrolling interests
|
|
(1)
|
|
|
|
|
(6)
|
|
|
|
|
5
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit
7
|
$
|
1,098
|
|
|
|
$
|
1,098
|
|
|
|
$
|
153
|
|
|
|
$
|
(153)
|
|
|
|
1
|
Represents
Caterpillar Inc. and its subsidiaries with Financial Products
accounted for on the equity basis.
|
2
|
Elimination of
Financial Products' revenues earned from Machinery, Energy &
Transportation.
|
3
|
Elimination of net
expenses recorded by Machinery, Energy & Transportation paid to
Financial Products.
|
4
|
Elimination of
interest expense recorded between Financial Products and Machinery,
Energy & Transportation.
|
5
|
Elimination of
discount recorded by Machinery, Energy & Transportation on
receivables sold to Financial Products and of
interest earned
between Machinery, Energy & Transportation and Financial
Products.
|
6
|
Elimination of
Financial Products' profit due to equity method of
accounting.
|
7
|
Profit attributable
to common shareholders.
|
Caterpillar
Inc.
Supplemental Data for Results of Operations
For the Three Months Ended December 31, 2018
(Unaudited)
(Millions of dollars)
|
|
|
|
|
Supplemental
Consolidating Data
|
|
|
|
Machinery,
|
|
|
|
|
|
Consolidated
|
|
Energy &
Transportation 1
|
|
Financial
Products
|
|
Consolidating
Adjustments
|
Sales and
revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales of Machinery,
Energy & Transportation
|
$
|
13,630
|
|
|
|
$
|
13,630
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
Revenues of Financial
Products
|
|
712
|
|
|
|
|
—
|
|
|
|
|
835
|
|
|
|
|
(123)
|
2
|
|
|
Total sales and
revenues
|
|
14,342
|
|
|
|
|
13,630
|
|
|
|
|
835
|
|
|
|
|
(123)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
costs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods
sold
|
|
9,987
|
|
|
|
|
9,988
|
|
|
|
|
—
|
|
|
|
|
(1)
|
3
|
|
|
Selling, general and
administrative expenses
|
|
1,463
|
|
|
|
|
1,230
|
|
|
|
|
244
|
|
|
|
|
(11)
|
3
|
|
|
Research and
development expenses
|
|
466
|
|
|
|
|
466
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
Interest expense of
Financial Products
|
|
189
|
|
|
|
|
—
|
|
|
|
|
198
|
|
|
|
|
(9)
|
4
|
|
|
Other operating
(income) expenses
|
|
354
|
|
|
|
|
44
|
|
|
|
|
310
|
|
|
|
|
—
|
|
|
|
Total operating
costs
|
|
12,459
|
|
|
|
|
11,728
|
|
|
|
|
752
|
|
|
|
|
(21)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
profit
|
|
1,883
|
|
|
|
|
1,902
|
|
|
|
|
83
|
|
|
|
|
(102)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
excluding Financial Products
|
|
99
|
|
|
|
|
111
|
|
|
|
|
—
|
|
|
|
|
(12)
|
4
|
|
|
Other income
(expense)
|
|
(417)
|
|
|
|
|
(467)
|
|
|
|
|
(40)
|
|
|
|
|
90
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
profit before taxes
|
|
1,367
|
|
|
|
|
1,324
|
|
|
|
|
43
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit)
for income taxes
|
|
321
|
|
|
|
|
300
|
|
|
|
|
21
|
|
|
|
|
—
|
|
|
|
Profit of
consolidated companies
|
|
1,046
|
|
|
|
|
1,024
|
|
|
|
|
22
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in profit
(loss) of unconsolidated affiliated companies
|
|
3
|
|
|
|
|
3
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
Equity in profit of
Financial Products' subsidiaries
|
|
—
|
|
|
|
|
17
|
|
|
|
|
—
|
|
|
|
|
(17)
|
6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit of
consolidated and affiliated companies
|
|
1,049
|
|
|
|
|
1,044
|
|
|
|
|
22
|
|
|
|
|
(17)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Profit
(loss) attributable to noncontrolling interests
|
|
1
|
|
|
|
|
(4)
|
|
|
|
|
5
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit
7
|
$
|
1,048
|
|
|
|
$
|
1,048
|
|
|
|
$
|
17
|
|
|
|
$
|
(17)
|
|
|
|
1
|
Represents
Caterpillar Inc. and its subsidiaries with Financial Products
accounted for on the equity basis.
|
2
|
Elimination of
Financial Products' revenues earned from Machinery, Energy &
Transportation.
|
3
|
Elimination of net
expenses recorded by Machinery, Energy & Transportation paid to
Financial Products.
|
4
|
Elimination of
interest expense recorded between Financial Products and Machinery,
Energy & Transportation.
|
5
|
Elimination of
discount recorded by Machinery, Energy & Transportation on
receivables sold to Financial Products and of
interest earned
between Machinery, Energy & Transportation and Financial
Products.
|
6
|
Elimination of
Financial Products' profit due to equity method of
accounting.
|
7
|
Profit attributable
to common shareholders.
|
Caterpillar
Inc.
Supplemental Data for Results of Operations
For the Twelve Months Ended December 31, 2019
(Unaudited)
(Millions of dollars)
|
|
|
|
|
|
Supplemental
Consolidating Data
|
|
|
|
|
Machinery,
|
|
|
|
|
|
|
Consolidated
|
|
Energy &
Transportation 1
|
|
Financial
Products
|
|
Consolidating
Adjustments
|
Sales and
revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales of Machinery,
Energy & Transportation
|
$
|
50,755
|
|
|
|
$
|
50,755
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
Revenues of Financial
Products
|
|
3,045
|
|
|
|
|
—
|
|
|
|
|
3,571
|
|
|
|
|
(526)
|
2
|
|
|
Total sales and
revenues
|
|
53,800
|
|
|
|
|
50,755
|
|
|
|
|
3,571
|
|
|
|
|
(526)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
costs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods
sold
|
|
36,630
|
|
|
|
|
36,634
|
|
|
|
|
—
|
|
|
|
|
(4)
|
3
|
|
|
Selling, general and
administrative expenses
|
|
5,162
|
|
|
|
|
4,444
|
|
|
|
|
737
|
|
|
|
|
(19)
|
3
|
|
|
Research and
development expenses
|
|
1,693
|
|
|
|
|
1,693
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
Interest expense of
Financial Products
|
|
754
|
|
|
|
|
—
|
|
|
|
|
786
|
|
|
|
|
(32)
|
4
|
|
|
Other operating
(income) expenses
|
|
1,271
|
|
|
|
|
14
|
|
|
|
|
1,297
|
|
|
|
|
(40)
|
3
|
|
|
Total operating
costs
|
|
45,510
|
|
|
|
|
42,785
|
|
|
|
|
2,820
|
|
|
|
|
(95)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
profit
|
|
8,290
|
|
|
|
|
7,970
|
|
|
|
|
751
|
|
|
|
|
(431)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
excluding Financial Products
|
|
421
|
|
|
|
|
429
|
|
|
|
|
—
|
|
|
|
|
(8)
|
4
|
|
|
Other income
(expense)
|
|
(57)
|
|
|
|
|
(560)
|
|
|
|
|
80
|
|
|
|
|
423
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
profit before taxes
|
|
7,812
|
|
|
|
|
6,981
|
|
|
|
|
831
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit)
for income taxes
|
|
1,746
|
|
|
|
|
1,512
|
|
|
|
|
234
|
|
|
|
|
—
|
|
|
|
Profit of
consolidated companies
|
|
6,066
|
|
|
|
|
5,469
|
|
|
|
|
597
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in profit
(loss) of unconsolidated affiliated companies
|
|
28
|
|
|
|
|
28
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
Equity in profit of
Financial Products' subsidiaries
|
|
—
|
|
|
|
|
575
|
|
|
|
|
—
|
|
|
|
|
(575)
|
6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit of
consolidated and affiliated companies
|
|
6,094
|
|
|
|
|
6,072
|
|
|
|
|
597
|
|
|
|
|
(575)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Profit
(loss) attributable to noncontrolling interests
|
|
1
|
|
|
|
|
(21)
|
|
|
|
|
22
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit
7
|
$
|
6,093
|
|
|
|
$
|
6,093
|
|
|
|
$
|
575
|
|
|
|
$
|
(575)
|
|
|
|
1
|
Represents
Caterpillar Inc. and its subsidiaries with Financial Products
accounted for on the equity basis.
|
2
|
Elimination of
Financial Products' revenues earned from Machinery, Energy &
Transportation.
|
3
|
Elimination of net
expenses recorded by Machinery, Energy & Transportation paid to
Financial Products.
|
4
|
Elimination of
interest expense recorded between Financial Products and Machinery,
Energy & Transportation.
|
5
|
Elimination of
discount recorded by Machinery, Energy & Transportation on
receivables sold to Financial Products and of interest earned
between Machinery, Energy & Transportation and Financial
Products.
|
6
|
Elimination of
Financial Products' profit due to equity method of
accounting.
|
7
|
Profit attributable
to common shareholders.
|
Caterpillar
Inc.
Supplemental Data for Results of Operations
For the Twelve Months Ended December 31, 2018
(Unaudited)
(Millions of dollars)
|
|
|
|
|
|
Supplemental
Consolidating Data
|
|
|
|
|
Machinery,
|
|
|
|
|
|
|
Consolidated
|
|
Energy &
Transportation 1
|
|
Financial
Products
|
|
Consolidating
Adjustments
|
Sales and
revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales of Machinery,
Energy & Transportation
|
$
|
51,822
|
|
|
|
$
|
51,822
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
Revenues of Financial
Products
|
|
2,900
|
|
|
|
|
—
|
|
|
|
|
3,362
|
|
|
|
|
(462)
|
2
|
|
|
Total sales and
revenues
|
|
54,722
|
|
|
|
|
51,822
|
|
|
|
|
3,362
|
|
|
|
|
(462)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
costs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods
sold
|
|
36,997
|
|
|
|
|
36,998
|
|
|
|
|
—
|
|
|
|
|
(1)
|
3
|
|
|
Selling, general and
administrative expenses
|
|
5,478
|
|
|
|
|
4,675
|
|
|
|
|
825
|
|
|
|
|
(22)
|
3
|
|
|
Research and
development expenses
|
|
1,850
|
|
|
|
|
1,850
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
Interest expense of
Financial Products
|
|
722
|
|
|
|
|
—
|
|
|
|
|
756
|
|
|
|
|
(34)
|
4
|
|
|
Other operating
(income) expenses
|
|
1,382
|
|
|
|
|
144
|
|
|
|
|
1,259
|
|
|
|
|
(21)
|
3
|
|
|
Total operating
costs
|
|
46,429
|
|
|
|
|
43,667
|
|
|
|
|
2,840
|
|
|
|
|
(78)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
profit
|
|
8,293
|
|
|
|
|
8,155
|
|
|
|
|
522
|
|
|
|
|
(384)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
excluding Financial Products
|
|
404
|
|
|
|
|
448
|
|
|
|
|
—
|
|
|
|
|
(44)
|
4
|
|
|
Other income
(expense)
|
|
(67)
|
|
|
|
|
(391)
|
|
|
|
|
(16)
|
|
|
|
|
340
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
profit before taxes
|
|
7,822
|
|
|
|
|
7,316
|
|
|
|
|
506
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit)
for income taxes
|
|
1,698
|
|
|
|
|
1,574
|
|
|
|
|
124
|
|
|
|
|
—
|
|
|
|
Profit of
consolidated companies
|
|
6,124
|
|
|
|
|
5,742
|
|
|
|
|
382
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in profit
(loss) of unconsolidated affiliated companies
|
|
24
|
|
|
|
|
24
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
Equity in profit of
Financial Products' subsidiaries
|
|
—
|
|
|
|
|
362
|
|
|
|
|
—
|
|
|
|
|
(362)
|
6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit of
consolidated and affiliated companies
|
|
6,148
|
|
|
|
|
6,128
|
|
|
|
|
382
|
|
|
|
|
(362)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Profit
(loss) attributable to noncontrolling interests
|
|
1
|
|
|
|
|
(19)
|
|
|
|
|
20
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit
7
|
$
|
6,147
|
|
|
|
$
|
6,147
|
|
|
|
$
|
362
|
|
|
|
$
|
(362)
|
|
|
|
1
|
Represents
Caterpillar Inc. and its subsidiaries with Financial Products
accounted for on the equity basis.
|
2
|
Elimination of
Financial Products' revenues earned from Machinery, Energy &
Transportation.
|
3
|
Elimination of net
expenses recorded by Machinery, Energy & Transportation paid to
Financial Products.
|
4
|
Elimination of
interest expense recorded between Financial Products and Machinery,
Energy & Transportation.
|
5
|
Elimination of
discount recorded by Machinery, Energy & Transportation on
receivables sold to Financial Products and of interest earned
between Machinery, Energy & Transportation and Financial
Products.
|
6
|
Elimination of
Financial Products' profit due to equity method of
accounting.
|
7
|
Profit attributable
to common shareholders.
|
Caterpillar
Inc. Supplemental Data
for Cash Flow For the
Twelve Months Ended December 31, 2019 (Unaudited) (Millions of dollars)
|
|
|
|
|
Supplemental
Consolidating Data
|
|
|
|
Machinery,
|
|
|
|
|
|
Consolidated
|
|
Energy &
Transportation 1
|
|
Financial
Products
|
|
Consolidating
Adjustments
|
Cash flow from
operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit of
consolidated and affiliated companies
|
$
|
6,094
|
|
|
|
$
|
6,072
|
|
|
|
$
|
597
|
|
|
|
$
|
(575)
|
2
|
|
|
Adjustments for
non-cash items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
2,577
|
|
|
|
|
1,713
|
|
|
|
|
864
|
|
|
|
|
—
|
|
|
|
|
Undistributed profit
of Financial Products
|
|
—
|
|
|
|
|
(550)
|
|
|
|
|
—
|
|
|
|
|
550
|
3
|
|
|
|
Actuarial (gain) loss
on pension and postretirement benefits
|
|
468
|
|
|
|
|
468
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
Provision (benefit)
for deferred income taxes
|
|
28
|
|
|
|
|
15
|
|
|
|
|
13
|
|
|
|
|
—
|
|
|
|
|
Other
|
|
675
|
|
|
|
|
456
|
|
|
|
|
(215)
|
|
|
|
|
434
|
4
|
|
|
Changes in assets and
liabilities, net of acquisitions and divestitures:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Receivables – trade
and other
|
|
171
|
|
|
|
|
4
|
|
|
|
|
15
|
|
|
|
|
152
|
4,5
|
|
|
|
Inventories
|
|
274
|
|
|
|
|
250
|
|
|
|
|
—
|
|
|
|
|
24
|
4
|
|
|
|
Accounts
payable
|
|
(1,025)
|
|
|
|
|
(983)
|
|
|
|
|
20
|
|
|
|
|
(62)
|
4
|
|
|
|
Accrued
expenses
|
|
172
|
|
|
|
|
187
|
|
|
|
|
(13)
|
|
|
|
|
(2)
|
4
|
|
|
|
Accrued wages,
salaries and employee benefits
|
|
(757)
|
|
|
|
|
(772)
|
|
|
|
|
15
|
|
|
|
|
—
|
|
|
|
|
Customer
advances
|
|
(10)
|
|
|
|
|
(8)
|
|
|
|
|
—
|
|
|
|
|
(2)
|
4
|
|
|
|
Other assets –
net
|
|
(93)
|
|
|
|
|
(166)
|
|
|
|
|
38
|
|
|
|
|
35
|
4
|
|
|
|
Other liabilities –
net
|
|
(1,662)
|
|
|
|
|
(1,815)
|
|
|
|
|
169
|
|
|
|
|
(16)
|
4
|
|
Net cash provided by
(used for) operating activities
|
|
6,912
|
|
|
|
|
4,871
|
|
|
|
|
1,503
|
|
|
|
|
538
|
|
|
Cash flow from
investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures
– excluding equipment leased to others
|
|
(1,056)
|
|
|
|
|
(1,036)
|
|
|
|
|
(20)
|
|
|
|
|
—
|
|
|
|
Expenditures for
equipment leased to others
|
|
(1,613)
|
|
|
|
|
(38)
|
|
|
|
|
(1,616)
|
|
|
|
|
41
|
4
|
|
|
Proceeds from
disposals of leased assets and property, plant and
equipment
|
|
1,153
|
|
|
|
|
164
|
|
|
|
|
1,092
|
|
|
|
|
(103)
|
4
|
|
|
Additions to finance
receivables
|
|
(12,777)
|
|
|
|
|
—
|
|
|
|
|
(14,270)
|
|
|
|
|
1,493
|
5
|
|
|
Collections of
finance receivables
|
|
12,183
|
|
|
|
|
—
|
|
|
|
|
13,537
|
|
|
|
|
(1,354)
|
5
|
|
|
Net intercompany
purchased receivables
|
|
—
|
|
|
|
|
—
|
|
|
|
|
640
|
|
|
|
|
(640)
|
5
|
|
|
Proceeds from sale of
finance receivables
|
|
235
|
|
|
|
|
—
|
|
|
|
|
235
|
|
|
|
|
—
|
|
|
|
Net intercompany
borrowings
|
|
—
|
|
|
|
|
900
|
|
|
|
|
3
|
|
|
|
|
(903)
|
6
|
|
|
Investments and
acquisitions (net of cash acquired)
|
|
(47)
|
|
|
|
|
(47)
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
Proceeds from sale of
businesses and investments (net of cash sold)
|
|
41
|
|
|
|
|
3
|
|
|
|
|
38
|
|
|
|
|
—
|
|
|
|
Proceeds from sale of
securities
|
|
574
|
|
|
|
|
33
|
|
|
|
|
541
|
|
|
|
|
—
|
|
|
|
Investments in
securities
|
|
(597)
|
|
|
|
|
(28)
|
|
|
|
|
(569)
|
|
|
|
|
—
|
|
|
|
Other –
net
|
|
(24)
|
|
|
|
|
1
|
|
|
|
|
(25)
|
|
|
|
|
—
|
|
|
Net cash provided by
(used for) investing activities
|
|
(1,928)
|
|
|
|
|
(48)
|
|
|
|
|
(414)
|
|
|
|
|
(1,466)
|
|
|
Cash flow from
financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
paid
|
|
(2,132)
|
|
|
|
|
(2,132)
|
|
|
|
|
(25)
|
|
|
|
|
25
|
7
|
|
|
Common stock issued,
including treasury shares reissued
|
|
238
|
|
|
|
|
238
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
Common shares
repurchased
|
|
(4,047)
|
|
|
|
|
(4,047)
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
Net intercompany
borrowings
|
|
—
|
|
|
|
|
(3)
|
|
|
|
|
(900)
|
|
|
|
|
903
|
6
|
|
|
Proceeds from debt
issued > 90 days
|
|
9,841
|
|
|
|
|
1,479
|
|
|
|
|
8,362
|
|
|
|
|
—
|
|
|
|
Payments on debt >
90 days
|
|
(8,297)
|
|
|
|
|
(12)
|
|
|
|
|
(8,285)
|
|
|
|
|
—
|
|
|
|
Short-term borrowings
– net < 90 days
|
|
(138)
|
|
|
|
|
5
|
|
|
|
|
(143)
|
|
|
|
|
—
|
|
|
|
Other –
net
|
|
(3)
|
|
|
|
|
(3)
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
Net cash provided by
(used for) financing activities
|
|
(4,538)
|
|
|
|
|
(4,475)
|
|
|
|
|
(991)
|
|
|
|
|
928
|
|
|
Effect of exchange
rate changes on cash
|
|
(44)
|
|
|
|
|
(40)
|
|
|
|
|
(4)
|
|
|
|
|
—
|
|
|
Increase
(decrease) in cash and short-term investments and
restricted cash
|
|
402
|
|
|
|
|
308
|
|
|
|
|
94
|
|
|
|
|
—
|
|
|
Cash and short-term
investments and restricted cash at beginning of
period
|
|
7,890
|
|
|
|
|
6,994
|
|
|
|
|
896
|
|
|
|
|
—
|
|
|
Cash and short-term
investments and restricted cash at end of period
|
$
|
8,292
|
|
|
|
$
|
7,302
|
|
|
|
$
|
990
|
|
|
|
$
|
—
|
|
|
|
1
|
Represents
Caterpillar Inc. and its subsidiaries with Financial Products
accounted for on the equity basis
|
2
|
Elimination of
Financial Products' profit after tax due to equity method of
accounting
|
3
|
Elimination of
non-cash adjustment for the undistributed earnings from Financial
Products
|
4
|
Elimination of
non-cash adjustments and changes in assets and liabilities related
to consolidated reporting
|
5
|
Reclassification of
Financial Products' cash flow activity from investing to operating
for receivables that arose from the sale of inventory
|
6
|
Elimination of net
proceeds and payments to/from Machinery, Energy &
Transportation and Financial Products
|
7
|
Elimination of
dividend from Financial Products to Machinery, Energy &
Transportation
|
|
|
Caterpillar
Inc. Supplemental Data
for Cash Flow For the
Twelve Months Ended December 31, 2018 (Unaudited) (Millions of dollars)
|
|
|
|
|
Supplemental
Consolidating Data
|
|
|
|
Machinery,
|
|
|
|
|
|
Consolidated
|
|
Energy
&
Transportation
1
|
|
Financial
Products
|
|
Consolidating
Adjustments
|
Cash flow from
operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit of
consolidated and affiliated companies
|
$
|
6,148
|
|
|
|
$
|
6,128
|
|
|
|
$
|
382
|
|
|
|
$
|
(362)
|
2
|
|
|
Adjustments for
non-cash items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
2,766
|
|
|
|
|
1,895
|
|
|
|
|
871
|
|
|
|
|
—
|
|
|
|
|
Actuarial (gain) loss
on pension and postretirement benefits
|
|
495
|
|
|
|
|
495
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
Provision (benefit)
for deferred income taxes
|
|
220
|
|
|
|
|
149
|
|
|
|
|
71
|
|
|
|
|
—
|
|
|
|
|
Other
|
|
1,006
|
|
|
|
|
434
|
|
|
|
|
178
|
|
|
|
|
394
|
3
|
|
|
|
Financial Products'
dividend in excess of profit
|
|
—
|
|
|
|
|
57
|
|
|
|
|
—
|
|
|
|
|
(57)
|
4
|
|
|
Changes in assets and
liabilities, net of acquisitions and divestitures:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Receivables – trade
and other
|
|
(1,619)
|
|
|
|
|
(396)
|
|
|
|
|
6
|
|
|
|
|
(1,229)
|
3,5
|
|
|
|
Inventories
|
|
(1,579)
|
|
|
|
|
(1,528)
|
|
|
|
|
—
|
|
|
|
|
(51)
|
3
|
|
|
|
Accounts
payable
|
|
709
|
|
|
|
|
771
|
|
|
|
|
(55)
|
|
|
|
|
(7)
|
3
|
|
|
|
Accrued
expenses
|
|
101
|
|
|
|
|
71
|
|
|
|
|
30
|
|
|
|
|
—
|
|
|
|
|
Accrued wages,
salaries and employee benefits
|
|
(162)
|
|
|
|
|
(141)
|
|
|
|
|
(21)
|
|
|
|
|
—
|
|
|
|
|
Customer
advances
|
|
(183)
|
|
|
|
|
(183)
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
Other assets –
net
|
|
41
|
|
|
|
|
16
|
|
|
|
|
(14)
|
|
|
|
|
39
|
3
|
|
|
|
Other liabilities –
net
|
|
(1,385)
|
|
|
|
|
(1,421)
|
|
|
|
|
75
|
|
|
|
|
(39)
|
3
|
|
Net cash provided by
(used for) operating activities
|
|
6,558
|
|
|
|
|
6,347
|
|
|
|
|
1,523
|
|
|
|
|
(1,312)
|
|
|
Cash flow from
investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures
- excluding equipment leased to others
|
|
(1,276)
|
|
|
|
|
(1,168)
|
|
|
|
|
(108)
|
|
|
|
|
—
|
|
|
|
Expenditures for
equipment leased to others
|
|
(1,640)
|
|
|
|
|
(53)
|
|
|
|
|
(1,667)
|
|
|
|
|
80
|
3
|
|
|
Proceeds from
disposals of leased assets and property, plant and
equipment
|
|
936
|
|
|
|
|
152
|
|
|
|
|
811
|
|
|
|
|
(27)
|
3
|
|
|
Additions to finance
receivables
|
|
(12,183)
|
|
|
|
|
—
|
|
|
|
|
(13,595)
|
|
|
|
|
1,412
|
5,6
|
|
|
Collections of
finance receivables
|
|
10,901
|
|
|
|
|
—
|
|
|
|
|
12,513
|
|
|
|
|
(1,612)
|
5
|
|
|
Net intercompany
purchased receivables
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(1,046)
|
|
|
|
|
1,046
|
5
|
|
|
Proceeds from sale of
finance receivables
|
|
477
|
|
|
|
|
—
|
|
|
|
|
477
|
|
|
|
|
—
|
|
|
|
Net intercompany
borrowings
|
|
—
|
|
|
|
|
112
|
|
|
|
|
31
|
|
|
|
|
(143)
|
7
|
|
|
Investments and
acquisitions (net of cash acquired)
|
|
(392)
|
|
|
|
|
(392)
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
Proceeds from sale of
businesses and investments (net of cash sold)
|
|
16
|
|
|
|
|
22
|
|
|
|
|
—
|
|
|
|
|
(6)
|
6
|
|
|
Proceeds from sale of
securities
|
|
442
|
|
|
|
|
162
|
|
|
|
|
280
|
|
|
|
|
—
|
|
|
|
Investments in
securities
|
|
(506)
|
|
|
|
|
(24)
|
|
|
|
|
(482)
|
|
|
|
|
—
|
|
|
|
Other –
net
|
|
13
|
|
|
|
|
2
|
|
|
|
|
10
|
|
|
|
|
1
|
8
|
|
Net cash provided by
(used for) investing activities
|
|
(3,212)
|
|
|
|
|
(1,187)
|
|
|
|
|
(2,776)
|
|
|
|
|
751
|
|
|
Cash flow from
financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
paid
|
|
(1,951)
|
|
|
|
|
(1,951)
|
|
|
|
|
(419)
|
|
|
|
|
419
|
9
|
|
|
Common stock issued,
including treasury shares reissued
|
|
313
|
|
|
|
|
313
|
|
|
|
|
1
|
|
|
|
|
(1)
|
8
|
|
|
Common shares
repurchased
|
|
(3,798)
|
|
|
|
|
(3,798)
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
Net intercompany
borrowings
|
|
—
|
|
|
|
|
(31)
|
|
|
|
|
(112)
|
|
|
|
|
143
|
7
|
|
|
Proceeds from debt
issued > 90 days
|
|
8,907
|
|
|
|
|
57
|
|
|
|
|
8,850
|
|
|
|
|
—
|
|
|
|
Payments on debt >
90 days
|
|
(7,829)
|
|
|
|
|
(7)
|
|
|
|
|
(7,822)
|
|
|
|
|
—
|
|
|
|
Short-term borrowings
– net < 90 days
|
|
762
|
|
|
|
|
—
|
|
|
|
|
762
|
|
|
|
|
—
|
|
|
|
Other –
net
|
|
(54)
|
|
|
|
|
(54)
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
Net cash provided by
(used for) financing activities
|
|
(3,650)
|
|
|
|
|
(5,471)
|
|
|
|
|
1,260
|
|
|
|
|
561
|
|
|
Effect of exchange
rate changes on cash
|
|
(126)
|
|
|
|
|
(111)
|
|
|
|
|
(15)
|
|
|
|
|
—
|
|
|
Increase
(decrease) in cash and short-term investments and
restricted cash
|
|
(430)
|
|
|
|
|
(422)
|
|
|
|
|
(8)
|
|
|
|
|
—
|
|
|
Cash and short-term
investments and restricted cash at beginning of
period
|
|
8,320
|
|
|
|
|
7,416
|
|
|
|
|
904
|
|
|
|
|
—
|
|
|
Cash and short-term
investments and restricted cash at end of period
|
$
|
7,890
|
|
|
|
$
|
6,994
|
|
|
|
$
|
896
|
|
|
|
$
|
—
|
|
|
|
|
|
|
1
|
Represents
Caterpillar Inc. and its subsidiaries with Financial Products
accounted for on the equity basis
|
|
2
|
Elimination of
Financial Products' profit after tax due to equity method of
accounting
|
|
3
|
Elimination of
non-cash adjustment and changes in assets and liabilities related
to consolidated reporting
|
|
4
|
Elimination of
Financial Products' dividend to Machinery, Energy &
Transportation in excess of Financial Products' profit
|
|
5
|
Reclassification of
Financial Products' cash flow activity from investing to operating
for receivables that arose from the sale of inventory
|
|
6
|
Elimination of
proceeds received from Financial Products related to Machinery,
Energy & Transportation's sale of businesses and
investments
|
|
7
|
Elimination of net
proceeds and payments to/from Machinery, Energy &
Transportation and Financial Products
|
|
8
|
Elimination of change
in investment and common stock related to Financial
Products
|
|
9
|
Elimination of
dividend from Financial Products to Machinery, Energy &
Transportation
|
|
|
|
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SOURCE Caterpillar Inc.