DEERFIELD, Ill., April 29, 2021 /PRNewswire/ --
- Sales and revenues increased 12%
- First-quarter 2021 profit per share of $2.77; adjusted profit per share of $2.87
- Strong balance sheet with $11.3
billion of enterprise cash on hand
|
|
First
Quarter
|
($ in billions except
profit per share)
|
|
2021
|
2020
|
Sales and
Revenues
|
|
$11.9
|
$10.6
|
Profit Per
Share
|
|
$2.77
|
$1.98
|
Adjusted Profit
Per Share
|
|
$2.87
|
$1.65
|
Caterpillar Inc. (NYSE: CAT) today announced first-quarter 2021
sales and revenues of $11.9 billion,
a 12% increase compared with $10.6
billion in the first quarter of 2020. The increase was due
to higher sales volume driven by higher end-user demand and the
impact from changes in dealer inventories. Dealers increased their
inventories more during the first quarter of 2021 than during the
first quarter of 2020.
Operating profit margin was 15.3% for the first quarter of 2021,
compared with 13.2% for the first quarter of 2020. First-quarter
2021 profit per share was $2.77,
compared with $1.98 profit per share
in the first quarter of 2020. Adjusted profit per share in the
first quarter of 2021 was $2.87,
compared with first-quarter 2020 adjusted profit per share of
$1.65. Adjusted profit per share for
both quarters excluded restructuring costs, while the first quarter
of 2020 also excluded a remeasurement gain of $0.38 per share resulting from the settlement of
a non-U.S. pension obligation. Please see a reconciliation of GAAP
to non-GAAP financial measures in the appendix on page 12.
For the three months ended March 31,
2021, enterprise operating cash flow was $1.9 billion. Caterpillar ended the first quarter
with $11.3 billion of enterprise
cash.
"I'm proud of our global team's strong performance as they
continue to serve our customers," said Caterpillar Chairman and CEO
Jim Umpleby. "We're encouraged by
improving conditions in our end markets and are proactively
managing supply chain risks. Our dedicated team continues to
execute our strategy for long-term profitable growth."
CONSOLIDATED RESULTS
Consolidated Sales and Revenues
Consolidated Sales and Revenues Comparison
First Quarter 2021 vs. First Quarter
2020
To access this chart, go
to https://investors.caterpillar.com/financials/quarterly-results/default.aspx for
the downloadable version of
Caterpillar first-quarter 2021 earnings.
The chart above graphically illustrates reasons for the change
in consolidated sales and revenues between the first quarter of
2020 (at left) and the first quarter of 2021 (at right).
Caterpillar management utilizes these charts internally to visually
communicate with the company's Board of Directors and
employees.
Total sales and revenues for the first quarter of 2021 were
$11.887 billion, an increase of
$1.252 billion, or 12%, compared with
$10.635 billion in the first quarter
of 2020. The increase was primarily due to higher sales volume and
favorable currency impacts related to the euro and the Australian
dollar. The increase in sales volume was driven by higher end-user
demand and the impact from changes in dealer inventories. Dealers
increased inventories by $700 million
during the first quarter of 2021 compared to $100 million during the first quarter of
2020.
Sales were higher across the three primary segments. Sales
increased in Asia/Pacific,
Latin America and EAME while sales
in North America were about
flat.
Sales and Revenues
by Segment
|
(Millions of dollars)
|
First
Quarter
2020
|
|
Sales
Volume
|
|
Price
Realization
|
|
Currency
|
|
Inter-
Segment /
Other
|
|
First
Quarter
2021
|
|
$
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction
Industries
|
$
|
4,306
|
|
|
$
|
1,006
|
|
|
$
|
(23)
|
|
|
$
|
146
|
|
|
$
|
24
|
|
|
$
|
5,459
|
|
|
$
|
1,153
|
|
|
27%
|
Resource
Industries
|
2,084
|
|
|
132
|
|
|
(47)
|
|
|
33
|
|
|
14
|
|
|
2,216
|
|
|
132
|
|
|
6%
|
Energy &
Transportation
|
4,349
|
|
|
(41)
|
|
|
7
|
|
|
74
|
|
|
118
|
|
|
4,507
|
|
|
158
|
|
|
4%
|
All Other
Segment
|
109
|
|
|
9
|
|
|
—
|
|
|
1
|
|
|
11
|
|
|
130
|
|
|
21
|
|
|
19%
|
Corporate Items and
Eliminations
|
(934)
|
|
|
(19)
|
|
|
(1)
|
|
|
—
|
|
|
(167)
|
|
|
(1,121)
|
|
|
(187)
|
|
|
|
Machinery, Energy
& Transportation
|
9,914
|
|
|
1,087
|
|
|
(64)
|
|
|
254
|
|
|
—
|
|
|
11,191
|
|
|
1,277
|
|
|
13%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Products
Segment
|
814
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(53)
|
|
|
761
|
|
|
(53)
|
|
|
(7%)
|
Corporate Items and
Eliminations
|
(93)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
28
|
|
|
(65)
|
|
|
28
|
|
|
|
Financial
Products Revenues
|
721
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(25)
|
|
|
696
|
|
|
(25)
|
|
|
(3%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Sales
and Revenues
|
$
|
10,635
|
|
|
$
|
1,087
|
|
|
$
|
(64)
|
|
|
$
|
254
|
|
|
$
|
(25)
|
|
|
$
|
11,887
|
|
|
$
|
1,252
|
|
|
12%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and Revenues
by Geographic Region
|
|
North
America
|
|
Latin
America
|
|
EAME
|
|
Asia/Pacific
|
|
External Sales
and Revenues
|
|
Inter-Segment
|
|
Total Sales
and
Revenues
|
(Millions of dollars)
|
$
|
|
%
Chg
|
|
$
|
|
%
Chg
|
|
$
|
|
%
Chg
|
|
$
|
|
%
Chg
|
|
$
|
|
%
Chg
|
|
$
|
|
%
Chg
|
|
$
|
|
%
Chg
|
First Quarter
2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction
Industries
|
$
|
2,126
|
|
|
2%
|
|
$
|
392
|
|
|
48%
|
|
$
|
1,081
|
|
|
22%
|
|
$
|
1,842
|
|
|
72%
|
|
$
|
5,441
|
|
|
26%
|
|
$
|
18
|
|
|
400%
|
|
$
|
5,459
|
|
|
27%
|
Resource
Industries
|
657
|
|
|
(6%)
|
|
405
|
|
|
27%
|
|
474
|
|
|
20%
|
|
561
|
|
|
(1%)
|
|
2,097
|
|
|
6%
|
|
119
|
|
|
13%
|
|
2,216
|
|
|
6%
|
Energy &
Transportation
|
1,782
|
|
|
3%
|
|
256
|
|
|
3%
|
|
1,093
|
|
|
4%
|
|
527
|
|
|
(9%)
|
|
3,658
|
|
|
1%
|
|
849
|
|
|
16%
|
|
4,507
|
|
|
4%
|
All Other
Segment
|
13
|
|
|
160%
|
|
—
|
|
|
(100%)
|
|
3
|
|
|
(73%)
|
|
22
|
|
|
120%
|
|
38
|
|
|
36%
|
|
92
|
|
|
14%
|
|
130
|
|
|
19%
|
Corporate Items and
Eliminations
|
(39)
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(4)
|
|
|
|
|
(43)
|
|
|
|
|
(1,078)
|
|
|
|
|
(1,121)
|
|
|
|
Machinery, Energy
& Transportation
|
4,539
|
|
|
1%
|
|
1,053
|
|
|
26%
|
|
2,651
|
|
|
13%
|
|
2,948
|
|
|
32%
|
|
11,191
|
|
|
13%
|
|
—
|
|
|
—%
|
|
11,191
|
|
|
13%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Products
Segment
|
476
|
|
|
(9%)
|
|
62
|
|
|
(11%)
|
|
100
|
|
|
(2%)
|
|
123
|
|
|
5%
|
|
761
|
|
|
(7%)
|
|
—
|
|
|
—%
|
|
761
|
|
|
(7%)
|
Corporate Items and
Eliminations
|
(24)
|
|
|
|
|
(11)
|
|
|
|
|
(8)
|
|
|
|
|
(22)
|
|
|
|
|
(65)
|
|
|
|
|
—
|
|
|
|
|
(65)
|
|
|
|
Financial
Products Revenues
|
452
|
|
|
(4%)
|
|
51
|
|
|
(12%)
|
|
92
|
|
|
(1%)
|
|
101
|
|
|
2%
|
|
696
|
|
|
(3%)
|
|
—
|
|
|
—%
|
|
696
|
|
|
(3%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Sales
and Revenues
|
$
|
4,991
|
|
|
—%
|
|
$
|
1,104
|
|
|
24%
|
|
$
|
2,743
|
|
|
13%
|
|
$
|
3,049
|
|
|
31%
|
|
$
|
11,887
|
|
|
12%
|
|
$
|
—
|
|
|
—%
|
|
$
|
11,887
|
|
|
12%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction
Industries
|
$
|
2,085
|
|
|
|
|
$
|
265
|
|
|
|
|
$
|
889
|
|
|
|
|
$
|
1,073
|
|
|
|
|
$
|
4,312
|
|
|
|
|
$
|
(6)
|
|
|
|
|
$
|
4,306
|
|
|
|
Resource
Industries
|
696
|
|
|
|
|
320
|
|
|
|
|
395
|
|
|
|
|
568
|
|
|
|
|
1,979
|
|
|
|
|
105
|
|
|
|
|
2,084
|
|
|
|
Energy &
Transportation
|
1,738
|
|
|
|
|
249
|
|
|
|
|
1,053
|
|
|
|
|
578
|
|
|
|
|
3,618
|
|
|
|
|
731
|
|
|
|
|
4,349
|
|
|
|
All Other
Segment
|
5
|
|
|
|
|
2
|
|
|
|
|
11
|
|
|
|
|
10
|
|
|
|
|
28
|
|
|
|
|
81
|
|
|
|
|
109
|
|
|
|
Corporate Items and
Eliminations
|
(15)
|
|
|
|
|
(2)
|
|
|
|
|
(4)
|
|
|
|
|
(2)
|
|
|
|
|
(23)
|
|
|
|
|
(911)
|
|
|
|
|
(934)
|
|
|
|
Machinery, Energy
& Transportation
|
4,509
|
|
|
|
|
834
|
|
|
|
|
2,344
|
|
|
|
|
2,227
|
|
|
|
|
9,914
|
|
|
|
|
—
|
|
|
|
|
9,914
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Products
Segment
|
525
|
|
|
|
|
70
|
|
|
|
|
102
|
|
|
|
|
117
|
|
|
|
|
814
|
|
|
|
|
—
|
|
|
|
|
814
|
|
|
|
Corporate Items and
Eliminations
|
(54)
|
|
|
|
|
(12)
|
|
|
|
|
(9)
|
|
|
|
|
(18)
|
|
|
|
|
(93)
|
|
|
|
|
—
|
|
|
|
|
(93)
|
|
|
|
Financial
Products Revenues
|
471
|
|
|
|
|
58
|
|
|
|
|
93
|
|
|
|
|
99
|
|
|
|
|
721
|
|
|
|
|
—
|
|
|
|
|
721
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Sales
and Revenues
|
$
|
4,980
|
|
|
|
|
$
|
892
|
|
|
|
|
$
|
2,437
|
|
|
|
|
$
|
2,326
|
|
|
|
|
$
|
10,635
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
10,635
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Operating Profit
Consolidated Operating Profit Comparison
First Quarter 2021 vs. First Quarter
2020
To access this chart, go
to https://investors.caterpillar.com/financials/quarterly-results/default.aspx for
the downloadable version of Caterpillar first-quarter
2021 earnings.
The chart above graphically illustrates reasons for the change
in consolidated operating profit between the first quarter of 2020
(at left) and the first quarter of 2021 (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 first quarter of 2021 was $1.814 billion, an increase of $410 million, or 29%, compared with $1.404 billion in the first quarter of 2020. The
increase was primarily due to higher sales volume and higher profit
from Financial Products, partially offset by higher selling,
general and administrative (SG&A) and research and development
(R&D) expenses, unfavorable price realization and higher
manufacturing costs.
The increase in SG&A/R&D expenses was driven by higher
short-term incentive compensation expense, which was reinstated in
2021. Unfavorable manufacturing costs were driven by higher
short-term incentive compensation expense, partially offset by
favorable material costs and lower warranty expense.
Profit (Loss) by
Segment
|
(Millions of dollars)
|
First Quarter
2021
|
|
First Quarter
2020
|
|
$
Change
|
|
%
Change
|
Construction
Industries
|
$
|
1,035
|
|
|
$
|
640
|
|
|
$
|
395
|
|
|
62%
|
Resource
Industries
|
328
|
|
|
304
|
|
|
24
|
|
|
8%
|
Energy &
Transportation
|
666
|
|
|
602
|
|
|
64
|
|
|
11%
|
All Other
Segment
|
3
|
|
|
7
|
|
|
(4)
|
|
|
(57%)
|
Corporate Items and
Eliminations
|
(368)
|
|
|
(212)
|
|
|
(156)
|
|
|
|
Machinery, Energy
& Transportation
|
1,664
|
|
|
1,341
|
|
|
323
|
|
|
24%
|
|
|
|
|
|
|
|
|
Financial Products
Segment
|
244
|
|
|
105
|
|
|
139
|
|
|
132%
|
Corporate Items and
Eliminations
|
(19)
|
|
|
47
|
|
|
(66)
|
|
|
|
Financial
Products
|
225
|
|
|
152
|
|
|
73
|
|
|
48%
|
|
|
|
|
|
|
|
|
Consolidating
Adjustments
|
(75)
|
|
|
(89)
|
|
|
14
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Operating Profit
|
$
|
1,814
|
|
|
$
|
1,404
|
|
|
$
|
410
|
|
|
29%
|
|
|
|
|
|
|
|
|
Other Profit/Loss and Tax Items
- Other income (expense) in the first quarter of 2021 was income
of $325 million, compared with income
of $222 million in the first quarter
of 2020. The change was due to the absence of a remeasurement gain
resulting from the settlement of a non-U.S. pension obligation that
occurred in the first quarter of 2020, which was more than offset
by the favorable impacts from foreign currency exchange gains
(losses), unrealized gains (losses) on marketable securities at
Insurance Services, gains (losses) on commodity hedges and
favorable pension and other postemployment benefit (OPEB) plan
costs.
The company experienced foreign currency exchange net gains in the
first quarter of 2021 across several currencies, compared with net
losses in the first quarter of 2020. The favorable impact of
unrealized gains (losses) on marketable securities was due to
unrealized losses in the first quarter of 2020, compared with
unrealized gains in the first quarter of 2021. The company
experienced net losses in commodity hedges in the first quarter of
2020, compared with net gains in the first quarter of
2021.
- The provision for income taxes for the first quarter of 2021
reflected a lower estimated annual tax rate of 26%, compared with
31% for the first quarter of 2020, excluding the discrete items
discussed below. The comparative tax rate for full year 2020 was
approximately 28%. The decrease in the estimated annual tax rate
from full-year 2020 is primarily related to changes in the expected
geographic mix of profits from a tax perspective for 2021.
In addition, a discrete tax benefit of $43
million was recorded in the first quarter of 2021, compared
with an $8 million benefit in the
first quarter of 2020, for the settlement of stock-based
compensation awards with associated tax deductions in excess of
cumulative U.S. GAAP compensation expense. A $43 million tax charge was also recorded in the
first quarter of 2020 related to the $254
million remeasurement gain resulting from the settlement of
a non-U.S. pension obligation.
CONSTRUCTION
INDUSTRIES
|
(Millions of
dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
2020
|
|
Sales
Volume
|
|
Price
Realization
|
|
Currency
|
|
Inter-
Segment
|
|
First Quarter
2021
|
|
$
Change
|
|
%
Change
|
Total
Sales
|
|
$
|
4,306
|
|
|
$
|
1,006
|
|
|
$
|
(23)
|
|
|
$
|
146
|
|
|
$
|
24
|
|
|
$
|
5,459
|
|
|
$
|
1,153
|
|
|
27%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales by
Geographic Region
|
|
|
|
|
|
|
|
|
|
|
First Quarter
2021
|
|
First Quarter
2020
|
|
$
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
North
America
|
|
$
|
2,126
|
|
|
$
|
2,085
|
|
|
$
|
41
|
|
|
2%
|
|
|
|
|
|
|
|
|
|
Latin
America
|
|
392
|
|
|
265
|
|
|
127
|
|
|
48%
|
|
|
|
|
|
|
|
|
|
EAME
|
|
1,081
|
|
|
889
|
|
|
192
|
|
|
22%
|
|
|
|
|
|
|
|
|
|
Asia/Pacific
|
|
1,842
|
|
|
1,073
|
|
|
769
|
|
|
72%
|
|
|
|
|
|
|
|
|
|
External
Sales
|
|
5,441
|
|
|
4,312
|
|
|
1,129
|
|
|
26%
|
|
|
|
|
|
|
|
|
|
Inter-segment
|
|
18
|
|
|
(6)
|
|
|
24
|
|
|
400%
|
|
|
|
|
|
|
|
|
|
Total
Sales
|
|
$
|
5,459
|
|
|
$
|
4,306
|
|
|
$
|
1,153
|
|
|
27%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
|
|
|
|
|
|
|
|
|
First Quarter
2021
|
|
First Quarter
2020
|
|
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
$
|
1,035
|
|
|
$
|
640
|
|
|
$
|
395
|
|
|
62%
|
|
|
|
|
|
|
|
|
|
Segment Profit
Margin
|
|
19.0%
|
|
|
14.9%
|
|
|
4.1 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction Industries' total sales were $5.459 billion in the first quarter of 2021, an
increase of $1.153 billion, or 27%,
compared with $4.306 billion in the
first quarter of 2020. The increase was due to higher sales volume
driven by higher end-user demand and the impact from changes in
dealer inventories. Overall, dealers increased inventories more
during the first quarter of 2021 than during the first quarter of
2020.
- In North America, sales
increased slightly due to higher end-user demand partially offset
by the impact from changes in dealer inventories and unfavorable
price realization. The higher end-user demand was driven primarily
by residential construction. Dealers increased inventories more
during the first quarter of 2020 than during the first quarter of
2021.
- Sales increased in Latin
America mostly due to higher sales volume driven by higher
end-user demand across the region and the impact of changes in
dealer inventories, partially offset by unfavorable currency
impacts from a weaker Brazilian real. Dealers decreased inventories
during the first quarter of 2020, compared with an increase during
the first quarter of 2021.
- In EAME, sales increased due to higher sales volume and
favorable currency impacts from a stronger euro. Higher sales
volume was driven by higher end-user demand and the impact from
changes in dealer inventories. Dealers increased inventories more
during the first quarter of 2021 than during the first quarter of
2020.
- Sales increased in Asia/Pacific primarily due to higher sales
volume and favorable currency impacts from a stronger Chinese yuan.
The increase in sales was primarily due to higher end-user demand
across the region driven mainly by China, reflecting the impact of the pandemic
in the first quarter of 2020, and the impact from changes in dealer
inventories. Dealers increased inventories during the first quarter
of 2021, compared with a decrease during the first quarter of 2020
due to the timing of Chinese New Year.
Construction Industries' profit was $1.035 billion in the first quarter of 2021, an
increase of $395 million, or 62%,
compared with $640 million in the
first quarter of 2020. The increase was mainly due to higher sales
volume.
RESOURCE
INDUSTRIES
|
(Millions of
dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
2020
|
|
Sales
Volume
|
|
Price
Realization
|
|
Currency
|
|
Inter-
Segment
|
|
First Quarter
2021
|
|
$
Change
|
|
%
Change
|
Total
Sales
|
|
$
|
2,084
|
|
|
$
|
132
|
|
|
$
|
(47)
|
|
|
$
|
33
|
|
|
$
|
14
|
|
|
$
|
2,216
|
|
|
$
|
132
|
|
|
6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales by
Geographic Region
|
|
|
|
|
|
|
|
|
|
|
First Quarter
2021
|
|
First Quarter
2020
|
|
$
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
North
America
|
|
$
|
657
|
|
|
$
|
696
|
|
|
$
|
(39)
|
|
|
(6%)
|
|
|
|
|
|
|
|
|
|
Latin
America
|
|
405
|
|
|
320
|
|
|
85
|
|
|
27%
|
|
|
|
|
|
|
|
|
|
EAME
|
|
474
|
|
|
395
|
|
|
79
|
|
|
20%
|
|
|
|
|
|
|
|
|
|
Asia/Pacific
|
|
561
|
|
|
568
|
|
|
(7)
|
|
|
(1%)
|
|
|
|
|
|
|
|
|
|
External
Sales
|
|
2,097
|
|
|
1,979
|
|
|
118
|
|
|
6%
|
|
|
|
|
|
|
|
|
|
Inter-segment
|
|
119
|
|
|
105
|
|
|
14
|
|
|
13%
|
|
|
|
|
|
|
|
|
|
Total
Sales
|
|
$
|
2,216
|
|
|
$
|
2,084
|
|
|
$
|
132
|
|
|
6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
|
|
|
|
|
|
|
|
|
First Quarter
2021
|
|
First Quarter
2020
|
|
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
$
|
328
|
|
|
$
|
304
|
|
|
$
|
24
|
|
|
8%
|
|
|
|
|
|
|
|
|
|
Segment Profit
Margin
|
|
14.8%
|
|
|
14.6%
|
|
|
0.2 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Resource Industries' total sales were $2.216 billion in the first quarter of 2021, an
increase of $132 million, or 6%,
compared with $2.084 billion in the
first quarter of 2020. The increase was due to higher sales volume
driven by the impacts of changes in dealer inventories, higher
end-user demand for equipment and aftermarket parts and favorable
currency impact from the Australian dollar, partially offset by
unfavorable price realization. Dealers decreased inventories during
the first quarter of 2020, compared to remaining about flat during
the first quarter of 2021. End-user demand was higher in mining,
offset by lower end-user demand in heavy construction and quarry
and aggregates.
Resource Industries' profit was $328
million in the first quarter of 2021, an increase of
$24 million, or 8%, compared with
$304 million in the first quarter of
2020. The increase was mainly due to favorable manufacturing costs
and higher sales volume, partially offset by unfavorable price
realization and higher SG&A/R&D expenses. Favorable
manufacturing costs reflected favorable cost absorption, lower
warranty expense and favorable variable labor and burden. Cost
absorption was favorable as company inventory increased more in the
first quarter of 2021 than in the first quarter of 2020. The
increase in SG&A/R&D expenses was driven by higher
short-term incentive compensation expense, partially offset by
other cost-reduction actions.
ENERGY &
TRANSPORTATION
|
(Millions of
dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
2020
|
|
Sales
Volume
|
|
Price
Realization
|
|
Currency
|
|
Inter-
Segment
|
|
First Quarter
2021
|
|
$
Change
|
|
%
Change
|
Total
Sales
|
|
$
|
4,349
|
|
|
$
|
(41)
|
|
|
$
|
7
|
|
|
$
|
74
|
|
|
$
|
118
|
|
|
$
|
4,507
|
|
|
$
|
158
|
|
|
4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales by
Application
|
|
|
|
|
|
|
|
|
|
|
First Quarter
2021
|
|
First Quarter
2020
|
|
$
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
Oil and
Gas
|
|
$
|
915
|
|
|
$
|
861
|
|
|
$
|
54
|
|
|
6%
|
|
|
|
|
|
|
|
|
|
Power
Generation
|
|
963
|
|
|
854
|
|
|
109
|
|
|
13%
|
|
|
|
|
|
|
|
|
|
Industrial
|
|
813
|
|
|
801
|
|
|
12
|
|
|
1%
|
|
|
|
|
|
|
|
|
|
Transportation
|
|
967
|
|
|
1,102
|
|
|
(135)
|
|
|
(12%)
|
|
|
|
|
|
|
|
|
|
External
Sales
|
|
3,658
|
|
|
3,618
|
|
|
40
|
|
|
1%
|
|
|
|
|
|
|
|
|
|
Inter-segment
|
|
849
|
|
|
731
|
|
|
118
|
|
|
16%
|
|
|
|
|
|
|
|
|
|
Total
Sales
|
|
$
|
4,507
|
|
|
$
|
4,349
|
|
|
$
|
158
|
|
|
4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
|
|
|
|
|
|
|
|
|
First Quarter
2021
|
|
First Quarter
2020
|
|
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
$
|
666
|
|
|
$
|
602
|
|
|
$
|
64
|
|
|
11%
|
|
|
|
|
|
|
|
|
|
Segment Profit
Margin
|
|
14.8%
|
|
|
13.8%
|
|
|
1.0 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy & Transportation's total sales were $4.507 billion in the first quarter of 2021, an
increase of $158 million, or 4%,
compared with $4.349 billion in the
first quarter of 2020. Sales growth was driven by Power Generation
and Oil and Gas, partially offset by a decrease in Transportation.
Inter-segment sales also increased.
- Oil and Gas – Sales increased mainly due to higher sales of
reciprocating engine aftermarket parts primarily driven by
North America and EAME.
- Power Generation – Sales increased due to turbines,
turbine-related services and large reciprocating engine
applications, including data centers.
- Industrial – Sales were about flat.
- Transportation – Sales declined in rail due to lower deliveries
of locomotives and related services, primarily in North America, and in marine.
Energy & Transportation's profit was $666 million in the first quarter of 2021, an
increase of $64 million, or 11%,
compared with $602 million in the
first quarter of 2020. The increase was due to higher sales volume
including inter-segment sales and favorable variable manufacturing
costs, partially offset by higher SG&A/R&D expenses.
Favorable variable manufacturing costs reflected lower material
costs and variable labor and burden. The increase in
SG&A/R&D expenses was driven by higher short-term
compensation expense, partially offset by other cost reduction
actions.
FINANCIAL PRODUCTS
SEGMENT
|
(Millions of
dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues by
Geographic Region
|
|
|
|
|
|
|
|
|
|
|
First Quarter
2021
|
|
First Quarter
2020
|
|
$
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
North
America
|
|
$
|
476
|
|
|
$
|
525
|
|
|
$
|
(49)
|
|
|
(9%)
|
|
|
|
|
|
|
|
|
|
Latin
America
|
|
62
|
|
|
70
|
|
|
(8)
|
|
|
(11%)
|
|
|
|
|
|
|
|
|
|
EAME
|
|
100
|
|
|
102
|
|
|
(2)
|
|
|
(2%)
|
|
|
|
|
|
|
|
|
|
Asia/Pacific
|
|
123
|
|
|
117
|
|
|
6
|
|
|
5%
|
|
|
|
|
|
|
|
|
|
Total
Revenues
|
|
$
|
761
|
|
|
$
|
814
|
|
|
$
|
(53)
|
|
|
(7%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
|
|
|
|
|
|
|
|
|
First Quarter
2021
|
|
First Quarter
2020
|
|
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
$
|
244
|
|
|
$
|
105
|
|
|
$
|
139
|
|
|
132%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Products' segment revenues were $761 million in the first quarter of 2021, a
decrease of $53 million, or 7%, from
the first quarter of 2020. The decrease was primarily because of
lower average financing rates and lower average earning assets in
North America.
Financial Products' segment profit was $244 million in the first quarter of 2021,
compared with $105 million in the
first quarter of 2020. The increase was primarily due to a
favorable impact from equity securities in Insurance Services and
lower provision for credit losses at Cat Financial, partially
offset by an increase in SG&A expenses primarily due to higher
incentive compensation. The impact of lower average financing rates
was offset by lower interest expense.
At the end of the first quarter of 2021, past dues at Cat
Financial were 2.90%, compared with 4.13% at the end of the first
quarter of 2020. Past dues decreased across all portfolio segments
as global markets generally improved. Write-offs, net of
recoveries, were $24 million for the
first quarter of 2021, compared with $30
million for the first quarter of 2020. As of
March 31, 2021, Cat Financial's
allowance for credit losses totaled $441
million, or 1.64% of finance receivables, compared with
$479 million, or 1.77% of finance
receivables at December 31, 2020.
Corporate Items and Eliminations
Expense for corporate items and eliminations was $387 million in the first quarter of 2021, an
increase of $222 million from the
first quarter of 2020, primarily due to an unfavorable change in
fair value adjustments related to deferred compensation plans and
segment reporting methodology differences.
Notes
i. Glossary of terms is included on the
Caterpillar website at
https://investors.caterpillar.com/overview/default.aspx.
ii. End-user demand is demonstrated by the
company's Rolling 3 Month Retail Sales Statistics filed in a Form
8-K on Thursday, April 29,
2021.
iii. Information on non-GAAP financial measures is
included in the appendix on page 12.
iv. Some amounts within this report are rounded to
the millions or billions and may not add.
v. Caterpillar will conduct a teleconference and
live webcast, with a slide presentation, beginning at 7:30 a.m. Central Time on Thursday, April 29,
2021, to discuss its 2021 first-quarter results. The accompanying
slides will be available before the webcast on the Caterpillar
website at
https://investors.caterpillar.com/events-presentations/default.aspx.
About Caterpillar
With 2020 sales and revenues of $41.7
billion, Caterpillar Inc. is the world's leading
manufacturer of construction and mining equipment, diesel and
natural gas engines, industrial gas turbines, and diesel-electric
locomotives. Since 1925, we've been driving sustainable progress
and helping customers build a better world through innovative
products and services. Throughout the product life cycle, we offer
services built on cutting-edge technology and decades of product
expertise. These products and services, backed by our global dealer
network, provide exceptional value to help our customers succeed.
We do business on every continent, principally operating through
three primary segments – Construction Industries, Resource
Industries, and Energy & Transportation – and providing
financing and related services through our Financial Products
segment. Visit us at caterpillar.com or join the conversation
on our social media channels at caterpillar.com/social-media.
Caterpillar's latest financial results are also available
online:
https://investors.caterpillar.com/overview/default.aspx
https://investors.caterpillar.com/financials/quarterly-results/default.aspx (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; (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; (xxvi) the duration and geographic spread of,
business disruptions caused by, and the overall global economic
impact of, the COVID-19 pandemic; and (xxvii) 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.
The company believes it is important to separately quantify the
profit impact of two significant items in order for the company's
results to be meaningful to readers. These items consist of (i) a
remeasurement gain resulting from the settlement of a non-U.S.
pension obligation in the first quarter of 2020 and (ii)
restructuring costs, which were incurred to generate longer-term
benefits. 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. The company intends to discuss adjusted
profit per share for the fourth quarter and full-year 2021,
excluding mark-to-market gains or losses for remeasurement of
pension and other postemployment benefit plans along with any other
discrete items.
Reconciliations of adjusted results to the most directly
comparable GAAP measure are as follows:
(Dollars in millions
except per share data)
|
|
Operating
Profit
|
|
Operating
Profit
Margin
|
|
Profit
Before
Taxes
|
|
Provision
(Benefit)
for Income
Taxes
|
|
Effective
Tax Rate
|
|
Profit
|
|
Profit per
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2021 - US GAAP
|
|
$
|
1,814
|
|
|
15.3%
|
|
|
$
|
1,997
|
|
|
$
|
475
|
|
|
23.8%
|
|
|
$
|
1,530
|
|
|
$
|
2.77
|
|
Restructuring
costs
|
|
64
|
|
|
0.5%
|
|
|
64
|
|
|
10
|
|
|
15.0%
|
|
|
54
|
|
|
$
|
0.10
|
|
Three Months Ended
March 31, 2021 - Adjusted
|
|
$
|
1,878
|
|
|
15.8%
|
|
|
$
|
2,061
|
|
|
$
|
485
|
|
|
23.5%
|
|
|
$
|
1,584
|
|
|
$
|
2.87
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2020 - US GAAP
|
|
$
|
1,404
|
|
|
13.2%
|
|
|
$
|
1,513
|
|
|
$
|
425
|
|
|
28.1%
|
|
|
$
|
1,092
|
|
|
$
|
1.98
|
|
Remeasurement gain of
a non-U.S. pension obligation
|
|
—
|
|
|
—%
|
|
|
(254)
|
|
|
(43)
|
|
|
17.0%
|
|
|
(211)
|
|
|
$
|
(0.38)
|
|
Restructuring
costs
|
|
37
|
|
|
0.3%
|
|
|
37
|
|
|
7
|
|
|
19.0%
|
|
|
30
|
|
|
$
|
0.05
|
|
Three Months Ended
March 31, 2020 - Adjusted
|
|
$
|
1,441
|
|
|
13.5%
|
|
|
$
|
1,296
|
|
|
$
|
389
|
|
|
30.0%
|
|
|
$
|
911
|
|
|
$
|
1.65
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Consolidating Data
The company is providing supplemental consolidating data for the
purpose of additional analysis. The data has been grouped as
follows:
Consolidated – Caterpillar Inc. and its subsidiaries.
Machinery, Energy & Transportation (ME&T) –
The company defines ME&T as it is presented in the supplemental
data as Caterpillar Inc. and its subsidiaries, excluding Financial
Products. ME&T's information relates to the design,
manufacturing and marketing of its products.
Financial Products – The company defines Financial
Products as it is presented in the supplemental data as its finance
and insurance subsidiaries, primarily Caterpillar Financial
Services Corporation (Cat Financial) and Caterpillar Insurance
Holdings Inc. (Insurance Services). Financial Products' information
relates to the financing to customers and dealers for the purchase
and lease of Caterpillar and other equipment.
Consolidating Adjustments – Eliminations of
transactions between ME&T and Financial Products.
The nature of the ME&T and Financial Products 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 believes
this presentation will assist readers in understanding its
business.
Pages 14 to 22 reconcile ME&T and Financial Products 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
March
31,
|
|
2021
|
|
2020
|
Sales and
revenues:
|
|
|
|
Sales of Machinery,
Energy & Transportation
|
$
|
11,191
|
|
|
$
|
9,914
|
|
Revenues of Financial
Products
|
696
|
|
|
721
|
|
Total sales and
revenues
|
11,887
|
|
|
10,635
|
|
|
|
|
|
Operating
costs:
|
|
|
|
Cost of goods
sold
|
8,012
|
|
|
7,266
|
|
Selling, general and
administrative expenses
|
1,239
|
|
|
1,121
|
|
Research and
development expenses
|
374
|
|
|
356
|
|
Interest expense of
Financial Products
|
125
|
|
|
175
|
|
Other operating
(income) expenses
|
323
|
|
|
313
|
|
Total operating
costs
|
10,073
|
|
|
9,231
|
|
|
|
|
|
Operating
profit
|
1,814
|
|
|
1,404
|
|
|
|
|
|
Interest expense
excluding Financial Products
|
142
|
|
|
113
|
|
Other income
(expense)
|
325
|
|
|
222
|
|
|
|
|
|
Consolidated profit
before taxes
|
1,997
|
|
|
1,513
|
|
|
|
|
|
Provision (benefit)
for income taxes
|
475
|
|
|
425
|
|
Profit of consolidated
companies
|
1,522
|
|
|
1,088
|
|
|
|
|
|
Equity in profit
(loss) of unconsolidated affiliated companies
|
9
|
|
|
5
|
|
|
|
|
|
Profit of
consolidated and affiliated companies
|
1,531
|
|
|
1,093
|
|
|
|
|
|
Less: Profit (loss)
attributable to noncontrolling interests
|
1
|
|
|
1
|
|
|
|
|
|
Profit
1
|
$
|
1,530
|
|
|
$
|
1,092
|
|
|
|
|
|
|
|
|
|
Profit per common
share
|
$
|
2.80
|
|
|
$
|
2.00
|
|
Profit per common
share — diluted 2
|
$
|
2.77
|
|
|
$
|
1.98
|
|
|
|
|
|
Weighted-average
common shares outstanding (millions)
|
|
|
|
–
Basic
|
546.4
|
|
|
546.8
|
|
– Diluted
2
|
551.4
|
|
|
551.1
|
|
|
|
1
|
Profit attributable
to common shareholders.
|
2
|
Diluted by assumed
exercise of stock-based compensation awards using the treasury
stock method.
|
Caterpillar
Inc.
|
Condensed
Consolidated Statement of Financial Position
|
(Unaudited)
|
(Millions of
dollars)
|
|
|
March 31,
2021
|
|
December
31,
2020
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and short-term
investments
|
$
|
11,342
|
|
|
$
|
9,352
|
|
Receivables – trade
and other
|
7,955
|
|
|
7,317
|
|
Receivables –
finance
|
9,333
|
|
|
9,463
|
|
Prepaid expenses and
other current assets
|
1,802
|
|
|
1,930
|
|
Inventories
|
12,149
|
|
|
11,402
|
|
Total current
assets
|
42,581
|
|
|
39,464
|
|
|
|
|
|
Property, plant and
equipment – net
|
12,132
|
|
|
12,401
|
|
Long-term receivables
– trade and other
|
1,115
|
|
|
1,185
|
|
Long-term receivables
– finance
|
11,966
|
|
|
12,222
|
|
Noncurrent deferred
and refundable income taxes
|
1,391
|
|
|
1,523
|
|
Intangible
assets
|
1,246
|
|
|
1,308
|
|
Goodwill
|
6,343
|
|
|
6,394
|
|
Other
assets
|
3,955
|
|
|
3,827
|
|
Total
assets
|
$
|
80,729
|
|
|
$
|
78,324
|
|
|
|
|
|
Liabilities
|
|
|
|
Current
liabilities:
|
|
|
|
Short-term
borrowings:
|
|
|
|
-- Machinery, Energy
& Transportation
|
$
|
—
|
|
|
$
|
10
|
|
-- Financial
Products
|
3,625
|
|
|
2,005
|
|
Accounts
payable
|
6,694
|
|
|
6,128
|
|
Accrued
expenses
|
3,574
|
|
|
3,642
|
|
Accrued wages,
salaries and employee benefits
|
1,283
|
|
|
1,096
|
|
Customer
advances
|
1,168
|
|
|
1,108
|
|
Dividends
payable
|
—
|
|
|
562
|
|
Other current
liabilities
|
2,035
|
|
|
2,017
|
|
Long-term debt due
within one year:
|
|
|
|
-- Machinery, Energy
& Transportation
|
1,301
|
|
|
1,420
|
|
-- Financial
Products
|
6,898
|
|
|
7,729
|
|
Total current
liabilities
|
26,578
|
|
|
25,717
|
|
|
|
|
|
Long-term debt due
after one year:
|
|
|
|
-- Machinery, Energy
& Transportation
|
9,751
|
|
|
9,749
|
|
-- Financial
Products
|
16,605
|
|
|
16,250
|
|
Liability for
postemployment benefits
|
6,698
|
|
|
6,872
|
|
Other
liabilities
|
4,480
|
|
|
4,358
|
|
Total
liabilities
|
64,112
|
|
|
62,946
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
Common
stock
|
6,215
|
|
|
6,230
|
|
Treasury
stock
|
(25,049)
|
|
|
(25,178)
|
|
Profit employed in the
business
|
36,697
|
|
|
35,167
|
|
Accumulated other
comprehensive income (loss)
|
(1,290)
|
|
|
(888)
|
|
Noncontrolling
interests
|
44
|
|
|
47
|
|
Total
shareholders' equity
|
16,617
|
|
|
15,378
|
|
Total liabilities
and shareholders' equity
|
$
|
80,729
|
|
|
$
|
78,324
|
|
Caterpillar
Inc.
|
Condensed
Consolidated Statement of Cash Flow
|
(Unaudited)
|
(Millions of
dollars)
|
|
|
Three Months
Ended
March
31,
|
|
2021
|
|
2020
|
Cash flow from
operating activities:
|
|
|
|
Profit of consolidated
and affiliated companies
|
$
|
1,531
|
|
|
$
|
1,093
|
|
Adjustments for
non-cash items:
|
|
|
|
Depreciation and
amortization
|
586
|
|
|
614
|
|
Gain on remeasurement
of a non-U.S. pension obligation
|
—
|
|
|
(254)
|
|
Provision (benefit)
for deferred income taxes
|
109
|
|
|
20
|
|
Other
|
(104)
|
|
|
534
|
|
Changes in assets and
liabilities, net of acquisitions and divestitures:
|
|
|
|
Receivables – trade
and other
|
(543)
|
|
|
500
|
|
Inventories
|
(657)
|
|
|
(541)
|
|
Accounts
payable
|
733
|
|
|
90
|
|
Accrued
expenses
|
84
|
|
|
(97)
|
|
Accrued wages,
salaries and employee benefits
|
191
|
|
|
(722)
|
|
Customer
advances
|
58
|
|
|
116
|
|
Other assets –
net
|
56
|
|
|
(50)
|
|
Other liabilities –
net
|
(116)
|
|
|
(173)
|
|
Net cash provided by
(used for) operating activities
|
1,928
|
|
|
1,130
|
|
Cash flow from
investing activities:
|
|
|
|
Capital expenditures –
excluding equipment leased to others
|
(252)
|
|
|
(305)
|
|
Expenditures for
equipment leased to others
|
(252)
|
|
|
(243)
|
|
Proceeds from
disposals of leased assets and property, plant and
equipment
|
309
|
|
|
216
|
|
Additions to finance
receivables
|
(2,629)
|
|
|
(2,953)
|
|
Collections of finance
receivables
|
2,770
|
|
|
3,153
|
|
Proceeds from sale of
finance receivables
|
5
|
|
|
31
|
|
Investments and
acquisitions (net of cash acquired)
|
(386)
|
|
|
(35)
|
|
Proceeds from sale of
businesses and investments (net of cash sold)
|
28
|
|
|
—
|
|
Proceeds from sale of
securities
|
126
|
|
|
68
|
|
Investments in
securities
|
(148)
|
|
|
(180)
|
|
Other – net
|
(48)
|
|
|
35
|
|
Net cash provided by
(used for) investing activities
|
(477)
|
|
|
(213)
|
|
Cash flow from
financing activities:
|
|
|
|
Dividends
paid
|
(562)
|
|
|
(567)
|
|
Common stock issued,
including treasury shares reissued
|
65
|
|
|
(23)
|
|
Common shares
repurchased
|
—
|
|
|
(1,043)
|
|
Proceeds from debt
issued (original maturities greater than three months)
|
2,273
|
|
|
2,141
|
|
Payments on debt
(original maturities greater than three months)
|
(2,887)
|
|
|
(2,466)
|
|
Short-term borrowings
– net (original maturities three months or less)
|
1,659
|
|
|
(40)
|
|
Other – net
|
(2)
|
|
|
(1)
|
|
Net cash provided by
(used for) financing activities
|
546
|
|
|
(1,999)
|
|
Effect of exchange
rate changes on cash
|
(12)
|
|
|
(80)
|
|
Increase
(decrease) in cash and short-term investments and restricted
cash
|
1,985
|
|
|
(1,162)
|
|
Cash and short-term
investments and restricted cash at beginning of period
|
9,366
|
|
|
8,292
|
|
Cash and short-term
investments and restricted cash at end of period
|
$
|
11,351
|
|
|
$
|
7,130
|
|
|
All short-term
investments, which consist primarily of highly liquid investments
with original maturities of three months or less, are considered to
be cash equivalents.
|
Caterpillar
Inc.
|
Supplemental Data
for Results of Operations
|
For the Three
Months Ended March 31, 2021
|
(Unaudited)
|
(Millions of
dollars)
|
|
|
|
|
Supplemental
Consolidating Data
|
|
|
Consolidated
|
|
Machinery,
Energy &
Transportation
|
|
Financial
Products
|
|
Consolidating
Adjustments
|
|
Sales and
revenues:
|
|
|
|
|
|
|
|
|
Sales of Machinery,
Energy & Transportation
|
$
|
11,191
|
|
|
$
|
11,191
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Revenues of Financial
Products
|
696
|
|
|
—
|
|
|
788
|
|
|
(92)
|
|
1
|
Total sales and
revenues
|
11,887
|
|
|
11,191
|
|
|
788
|
|
|
(92)
|
|
|
|
|
|
|
|
|
|
|
|
Operating
costs:
|
|
|
|
|
|
|
|
|
Cost of goods
sold
|
8,012
|
|
|
8,013
|
|
|
—
|
|
|
(1)
|
|
2
|
Selling, general and
administrative expenses
|
1,239
|
|
|
1,114
|
|
|
124
|
|
|
1
|
|
2
|
Research and
development expenses
|
374
|
|
|
374
|
|
|
—
|
|
|
—
|
|
|
Interest expense of
Financial Products
|
125
|
|
|
—
|
|
|
125
|
|
|
—
|
|
|
Other operating
(income) expenses
|
323
|
|
|
26
|
|
|
314
|
|
|
(17)
|
|
2
|
Total operating
costs
|
10,073
|
|
|
9,527
|
|
|
563
|
|
|
(17)
|
|
|
|
|
|
|
|
|
|
|
|
Operating
profit
|
1,814
|
|
|
1,664
|
|
|
225
|
|
|
(75)
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
excluding Financial Products
|
142
|
|
|
142
|
|
|
—
|
|
|
—
|
|
|
Other income
(expense)
|
325
|
|
|
231
|
|
|
19
|
|
|
75
|
|
3
|
|
|
|
|
|
|
|
|
|
Consolidated
profit before taxes
|
1,997
|
|
|
1,753
|
|
|
244
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit)
for income taxes
|
475
|
|
|
412
|
|
|
63
|
|
|
—
|
|
|
Profit of consolidated
companies
|
1,522
|
|
|
1,341
|
|
|
181
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
Equity in profit
(loss) of unconsolidated affiliated companies
|
9
|
|
|
12
|
|
|
—
|
|
|
(3)
|
|
4
|
|
|
|
|
|
|
|
|
|
Profit of
consolidated and affiliated companies
|
1,531
|
|
|
1,353
|
|
|
181
|
|
|
(3)
|
|
|
|
|
|
|
|
|
|
|
|
Less: Profit (loss)
attributable to noncontrolling interests
|
1
|
|
|
1
|
|
|
3
|
|
|
(3)
|
|
5
|
|
|
|
|
|
|
|
|
|
Profit
6
|
$
|
1,530
|
|
|
$
|
1,352
|
|
|
$
|
178
|
|
|
$
|
—
|
|
|
|
1
|
Elimination of
Financial Products' revenues earned from ME&T.
|
2
|
Elimination of net
expenses recorded by ME&T paid to Financial
Products.
|
3
|
Elimination of
discount recorded by ME&T on receivables sold to Financial
Products and of interest earned between ME&T and Financial
Products as well as dividends paid by Financial Products to
ME&T.
|
4
|
Elimination of equity
profit (loss) earned from Financial Products' subsidiaries
partially owned by ME&T subsidiaries.
|
5
|
Elimination of
noncontrolling interest profit (loss) recorded by Financial
Products for subsidiaries partially owned by ME&T
subsidiaries.
|
6
|
Profit attributable
to common shareholders.
|
Caterpillar
Inc.
|
Supplemental Data
for Results of Operations
|
For the Three
Months Ended March 31, 2020
|
(Unaudited)
|
(Millions of
dollars)
|
|
|
|
|
Supplemental
Consolidating Data
|
|
|
Consolidated
|
|
Machinery,
Energy &
Transportation
|
|
Financial
Products
|
|
Consolidating
Adjustments
|
|
Sales and
revenues:
|
|
|
|
|
|
|
|
|
Sales of Machinery,
Energy & Transportation
|
$
|
9,914
|
|
|
$
|
9,914
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Revenues of Financial
Products
|
721
|
|
|
—
|
|
|
830
|
|
|
(109)
|
|
1
|
Total sales and
revenues
|
10,635
|
|
|
9,914
|
|
|
830
|
|
|
(109)
|
|
|
|
|
|
|
|
|
|
|
|
Operating
costs:
|
|
|
|
|
|
|
|
|
Cost of goods
sold
|
7,266
|
|
|
7,267
|
|
|
—
|
|
|
(1)
|
|
2
|
Selling, general and
administrative expenses
|
1,121
|
|
|
940
|
|
|
182
|
|
|
(1)
|
|
2
|
Research and
development expenses
|
356
|
|
|
356
|
|
|
—
|
|
|
—
|
|
|
Interest expense of
Financial Products
|
175
|
|
|
—
|
|
|
176
|
|
|
(1)
|
|
3
|
Other operating
(income) expenses
|
313
|
|
|
10
|
|
|
320
|
|
|
(17)
|
|
2
|
Total operating
costs
|
9,231
|
|
|
8,573
|
|
|
678
|
|
|
(20)
|
|
|
|
|
|
|
|
|
|
|
|
Operating
profit
|
1,404
|
|
|
1,341
|
|
|
152
|
|
|
(89)
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
excluding Financial Products
|
113
|
|
|
112
|
|
|
—
|
|
|
1
|
|
3
|
Other income
(expense)
|
222
|
|
|
179
|
|
|
(47)
|
|
|
90
|
|
4
|
|
|
|
|
|
|
|
|
|
Consolidated
profit before taxes
|
1,513
|
|
|
1,408
|
|
|
105
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit)
for income taxes
|
425
|
|
|
397
|
|
|
28
|
|
|
—
|
|
|
Profit of consolidated
companies
|
1,088
|
|
|
1,011
|
|
|
77
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
Equity in profit
(loss) of unconsolidated affiliated companies
|
5
|
|
|
9
|
|
|
—
|
|
|
(4)
|
|
5
|
|
|
|
|
|
|
|
|
|
Profit of
consolidated and affiliated companies
|
1,093
|
|
|
1,020
|
|
|
77
|
|
|
(4)
|
|
|
|
|
|
|
|
|
|
|
|
Less: Profit (loss)
attributable to noncontrolling interests
|
1
|
|
|
1
|
|
|
4
|
|
|
(4)
|
|
6
|
|
|
|
|
|
|
|
|
|
Profit
7
|
$
|
1,092
|
|
|
$
|
1,019
|
|
|
$
|
73
|
|
|
$
|
—
|
|
|
|
1
|
Elimination of
Financial Products' revenues earned from ME&T.
|
2
|
Elimination of net
expenses recorded by ME&T paid to Financial
Products.
|
3
|
Elimination of
interest expense recorded between Financial Products and
ME&T.
|
4
|
Elimination of
discount recorded by ME&T on receivables sold to Financial
Products and of interest earned between ME&T and Financial
Products as well as dividends paid by Financial Products to
ME&T.
|
5
|
Elimination of equity
profit (loss) earned from Financial Products' subsidiaries
partially owned by ME&T subsidiaries.
|
6
|
Elimination of
noncontrolling interest profit (loss) recorded by Financial
Products for subsidiaries partially owned by ME&T
subsidiaries.
|
7
|
Profit attributable
to common shareholders.
|
Caterpillar
Inc.
|
Supplemental Data
for Financial Position
|
At March 31,
2021
|
(Unaudited)
|
(Millions of
dollars)
|
|
|
|
|
Supplemental Consolidating Data
|
|
|
Consolidated
|
|
Machinery,
Energy
&
Transportation
|
|
Financial
Products
|
|
Consolidating
Adjustments
|
|
Assets
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and short-term
investments
|
$
|
11,342
|
|
|
$
|
10,492
|
|
|
$
|
850
|
|
|
$
|
—
|
|
|
Receivables – trade
and other
|
7,955
|
|
|
3,020
|
|
|
501
|
|
|
4,434
|
|
1,2
|
Receivables –
finance
|
9,333
|
|
|
—
|
|
|
13,896
|
|
|
(4,563)
|
|
2
|
Prepaid expenses and
other current assets
|
1,802
|
|
|
1,399
|
|
|
544
|
|
|
(141)
|
|
3
|
Inventories
|
12,149
|
|
|
12,149
|
|
|
—
|
|
|
—
|
|
|
Total current
assets
|
42,581
|
|
|
27,060
|
|
|
15,791
|
|
|
(270)
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and
equipment – net
|
12,132
|
|
|
8,185
|
|
|
3,947
|
|
|
—
|
|
|
Long-term receivables
– trade and other
|
1,115
|
|
|
333
|
|
|
169
|
|
|
613
|
|
1,2
|
Long-term receivables
– finance
|
11,966
|
|
|
—
|
|
|
12,604
|
|
|
(638)
|
|
2
|
Noncurrent deferred
and refundable income taxes
|
1,391
|
|
|
1,933
|
|
|
103
|
|
|
(645)
|
|
4
|
Intangible
assets
|
1,246
|
|
|
1,246
|
|
|
—
|
|
|
—
|
|
|
Goodwill
|
6,343
|
|
|
6,343
|
|
|
—
|
|
|
—
|
|
|
Other
assets
|
3,955
|
|
|
3,260
|
|
|
1,899
|
|
|
(1,204)
|
|
5
|
Total
assets
|
$
|
80,729
|
|
|
$
|
48,360
|
|
|
$
|
34,513
|
|
|
$
|
(2,144)
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Short-term
borrowings
|
$
|
3,625
|
|
|
$
|
—
|
|
|
$
|
3,625
|
|
|
$
|
—
|
|
|
Short-term borrowings
with consolidated companies
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Accounts
payable
|
6,694
|
|
|
6,597
|
|
|
226
|
|
|
(129)
|
|
6
|
Accrued
expenses
|
3,574
|
|
|
3,174
|
|
|
400
|
|
|
—
|
|
|
Accrued wages,
salaries and employee benefits
|
1,283
|
|
|
1,256
|
|
|
27
|
|
|
—
|
|
|
Customer
advances
|
1,168
|
|
|
1,168
|
|
|
—
|
|
|
—
|
|
|
Dividends
payable
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Other current
liabilities
|
2,035
|
|
|
1,558
|
|
|
640
|
|
|
(163)
|
|
4,7
|
Long-term debt due
within one year
|
8,199
|
|
|
1,301
|
|
|
6,898
|
|
|
—
|
|
|
Total current
liabilities
|
26,578
|
|
|
15,054
|
|
|
11,816
|
|
|
(292)
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt due
after one year
|
26,356
|
|
|
9,776
|
|
|
16,605
|
|
|
(25)
|
|
8
|
Liability for
postemployment benefits
|
6,698
|
|
|
6,697
|
|
|
1
|
|
|
—
|
|
|
Other
liabilities
|
4,480
|
|
|
3,804
|
|
|
1,394
|
|
|
(718)
|
|
4
|
Total
liabilities
|
64,112
|
|
|
35,331
|
|
|
29,816
|
|
|
(1,035)
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
|
Common
stock
|
6,215
|
|
|
6,215
|
|
|
919
|
|
|
(919)
|
|
9
|
Treasury
stock
|
(25,049)
|
|
|
(25,049)
|
|
|
—
|
|
|
—
|
|
|
Profit employed in the
business
|
36,697
|
|
|
32,443
|
|
|
4,243
|
|
|
11
|
|
9
|
Accumulated other
comprehensive income (loss)
|
(1,290)
|
|
|
(627)
|
|
|
(663)
|
|
|
—
|
|
|
Noncontrolling
interests
|
44
|
|
|
47
|
|
|
198
|
|
|
(201)
|
|
9
|
Total
shareholders' equity
|
16,617
|
|
|
13,029
|
|
|
4,697
|
|
|
(1,109)
|
|
|
Total liabilities
and shareholders' equity
|
$
|
80,729
|
|
|
$
|
48,360
|
|
|
$
|
34,513
|
|
|
$
|
(2,144)
|
|
|
|
1
|
Elimination of
receivables between ME&T and Financial Products.
|
2
|
Reclassification of
ME&T's trade receivables purchased by Financial Products and
Financial Products' wholesale inventory receivables.
|
3
|
Elimination of
ME&T's insurance premiums that are prepaid to Financial
Products.
|
4
|
Reclassification
reflecting required netting of deferred tax assets/liabilities by
taxing jurisdiction.
|
5
|
Elimination of other
intercompany assets between ME&T and Financial
Products.
|
6
|
Elimination of
payables between ME&T and Financial Products.
|
7
|
Elimination of
prepaid insurance in Financial Products' other
liabilities.
|
8
|
Elimination of debt
between ME&T and Financial Products.
|
9
|
Eliminations
associated with ME&T's investments in Financial Products'
subsidiaries.
|
Caterpillar
Inc.
|
Supplemental Data
for Financial Position
|
At
December 31, 2020
|
(Unaudited)
|
(Millions of
dollars)
|
|
|
|
|
Supplemental Consolidating Data
|
|
|
Consolidated
|
|
Machinery,
Energy
&
Transportation
|
|
Financial
Products
|
|
Consolidating
Adjustments
|
|
Assets
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and short-term
investments
|
$
|
9,352
|
|
|
$
|
8,822
|
|
|
$
|
530
|
|
|
$
|
—
|
|
|
Receivables – trade
and other
|
7,317
|
|
|
3,846
|
|
|
397
|
|
|
3,074
|
|
1,2
|
Receivables –
finance
|
9,463
|
|
|
—
|
|
|
13,681
|
|
|
(4,218)
|
|
2
|
Prepaid expenses and
other current assets
|
1,930
|
|
|
1,376
|
|
|
624
|
|
|
(70)
|
|
3
|
Inventories
|
11,402
|
|
|
11,402
|
|
|
—
|
|
|
—
|
|
|
Total current
assets
|
39,464
|
|
|
25,446
|
|
|
15,232
|
|
|
(1,214)
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and
equipment – net
|
12,401
|
|
|
8,309
|
|
|
4,092
|
|
|
—
|
|
|
Long-term receivables
– trade and other
|
1,185
|
|
|
363
|
|
|
164
|
|
|
658
|
|
1,2
|
Long-term receivables
– finance
|
12,222
|
|
|
—
|
|
|
12,895
|
|
|
(673)
|
|
2
|
Noncurrent deferred
and refundable income taxes
|
1,523
|
|
|
2,058
|
|
|
110
|
|
|
(645)
|
|
4
|
Intangible
assets
|
1,308
|
|
|
1,308
|
|
|
—
|
|
|
—
|
|
|
Goodwill
|
6,394
|
|
|
6,394
|
|
|
—
|
|
|
—
|
|
|
Other
assets
|
3,827
|
|
|
3,158
|
|
|
1,871
|
|
|
(1,202)
|
|
5
|
Total
assets
|
$
|
78,324
|
|
|
$
|
47,036
|
|
|
$
|
34,364
|
|
|
$
|
(3,076)
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Short-term
borrowings
|
$
|
2,015
|
|
|
$
|
10
|
|
|
$
|
2,005
|
|
|
$
|
—
|
|
|
Short-term borrowings
with consolidated companies
|
—
|
|
|
—
|
|
|
1,000
|
|
|
(1,000)
|
|
6
|
Accounts
payable
|
6,128
|
|
|
6,060
|
|
|
212
|
|
|
(144)
|
|
7
|
Accrued
expenses
|
3,642
|
|
|
3,099
|
|
|
543
|
|
|
—
|
|
|
Accrued wages,
salaries and employee benefits
|
1,096
|
|
|
1,081
|
|
|
15
|
|
|
—
|
|
|
Customer
advances
|
1,108
|
|
|
1,108
|
|
|
—
|
|
|
—
|
|
|
Dividends
payable
|
562
|
|
|
562
|
|
|
—
|
|
|
—
|
|
|
Other current
liabilities
|
2,017
|
|
|
1,530
|
|
|
580
|
|
|
(93)
|
|
4,8
|
Long-term debt due
within one year
|
9,149
|
|
|
1,420
|
|
|
7,729
|
|
|
—
|
|
|
Total current
liabilities
|
25,717
|
|
|
14,870
|
|
|
12,084
|
|
|
(1,237)
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt due
after one year
|
25,999
|
|
|
9,764
|
|
|
16,250
|
|
|
(15)
|
|
6
|
Liability for
postemployment benefits
|
6,872
|
|
|
6,872
|
|
|
—
|
|
|
—
|
|
|
Other
liabilities
|
4,358
|
|
|
3,691
|
|
|
1,385
|
|
|
(718)
|
|
4
|
Total
liabilities
|
62,946
|
|
|
35,197
|
|
|
29,719
|
|
|
(1,970)
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
|
Common
stock
|
6,230
|
|
|
6,230
|
|
|
919
|
|
|
(919)
|
|
9
|
Treasury
stock
|
(25,178)
|
|
|
(25,178)
|
|
|
—
|
|
|
—
|
|
|
Profit employed in the
business
|
35,167
|
|
|
31,091
|
|
|
4,065
|
|
|
11
|
|
9
|
Accumulated other
comprehensive income (loss)
|
(888)
|
|
|
(352)
|
|
|
(536)
|
|
|
—
|
|
|
Noncontrolling
interests
|
47
|
|
|
48
|
|
|
197
|
|
|
(198)
|
|
9
|
Total
shareholders' equity
|
15,378
|
|
|
11,839
|
|
|
4,645
|
|
|
(1,106)
|
|
|
Total liabilities
and shareholders' equity
|
$
|
78,324
|
|
|
$
|
47,036
|
|
|
$
|
34,364
|
|
|
$
|
(3,076)
|
|
|
|
1
|
Elimination of
receivables between ME&T and Financial Products.
|
2
|
Reclassification of
ME&T's trade receivables purchased by Financial Products and
Financial Products' wholesale inventory receivables.
|
3
|
Elimination of
ME&T's insurance premiums that are prepaid to Financial
Products.
|
4
|
Reclassification
reflecting required netting of deferred tax assets/liabilities by
taxing jurisdiction.
|
5
|
Elimination of other
intercompany assets between ME&T and Financial
Products.
|
6
|
Elimination of debt
between ME&T and Financial Products.
|
7
|
Elimination of
payables between ME&T and Financial Products.
|
8
|
Elimination of
prepaid insurance in Financial Products' other
liabilities.
|
9
|
Eliminations
associated with ME&T's investments in Financial Products'
subsidiaries.
|
Caterpillar
Inc.
|
Supplemental Data
for Cash Flow
|
For the Three
Months Ended March 31, 2021
|
(Unaudited)
|
(Millions of
dollars)
|
|
|
|
|
Supplemental Consolidating Data
|
|
|
Consolidated
|
|
Machinery,
Energy &
Transportation
|
|
Financial
Products
|
|
Consolidating
Adjustments
|
|
Cash flow from
operating activities:
|
|
|
|
|
|
|
|
|
Profit of consolidated
and affiliated companies
|
$
|
1,531
|
|
|
$
|
1,353
|
|
|
$
|
181
|
|
|
$
|
(3)
|
|
1
|
Adjustments for
non-cash items:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
586
|
|
|
383
|
|
|
203
|
|
|
—
|
|
|
Provision (benefit)
for deferred income taxes
|
109
|
|
|
127
|
|
|
(18)
|
|
|
—
|
|
|
Other
|
(104)
|
|
|
(52)
|
|
|
(83)
|
|
|
31
|
|
2
|
Changes in assets and
liabilities, net of acquisitions and divestitures:
|
|
|
|
|
|
|
|
|
Receivables – trade
and other
|
(543)
|
|
|
(104)
|
|
|
(32)
|
|
|
(407)
|
|
2,
3
|
Inventories
|
(657)
|
|
|
(657)
|
|
|
—
|
|
|
—
|
|
|
Accounts
payable
|
733
|
|
|
706
|
|
|
13
|
|
|
14
|
|
2
|
Accrued
expenses
|
84
|
|
|
58
|
|
|
26
|
|
|
—
|
|
|
Accrued wages,
salaries and employee benefits
|
191
|
|
|
179
|
|
|
12
|
|
|
—
|
|
|
Customer
advances
|
58
|
|
|
58
|
|
|
—
|
|
|
—
|
|
|
Other assets –
net
|
56
|
|
|
(4)
|
|
|
(12)
|
|
|
72
|
|
2
|
Other liabilities –
net
|
(116)
|
|
|
(131)
|
|
|
79
|
|
|
(64)
|
|
2
|
Net cash provided by
(used for) operating activities
|
1,928
|
|
|
1,916
|
|
|
369
|
|
|
(357)
|
|
|
Cash flow from
investing activities:
|
|
|
|
|
|
|
|
|
Capital expenditures –
excluding equipment leased to others
|
(252)
|
|
|
(251)
|
|
|
(4)
|
|
|
3
|
|
2
|
Expenditures for
equipment leased to others
|
(252)
|
|
|
(4)
|
|
|
(249)
|
|
|
1
|
|
2
|
Proceeds from
disposals of leased assets and property, plant and
equipment
|
309
|
|
|
27
|
|
|
286
|
|
|
(4)
|
|
2
|
Additions to finance
receivables
|
(2,629)
|
|
|
—
|
|
|
(2,867)
|
|
|
238
|
|
3
|
Collections of finance
receivables
|
2,770
|
|
|
—
|
|
|
3,062
|
|
|
(292)
|
|
3
|
Net intercompany
purchased receivables
|
—
|
|
|
—
|
|
|
(411)
|
|
|
411
|
|
3
|
Proceeds from sale of
finance receivables
|
5
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
Net intercompany
borrowings
|
—
|
|
|
1,000
|
|
|
—
|
|
|
(1,000)
|
|
4
|
Investments and
acquisitions (net of cash acquired)
|
(386)
|
|
|
(386)
|
|
|
—
|
|
|
—
|
|
|
Proceeds from sale of
businesses and investments (net of cash sold)
|
28
|
|
|
28
|
|
|
—
|
|
|
—
|
|
|
Proceeds from sale of
securities
|
126
|
|
|
11
|
|
|
115
|
|
|
—
|
|
|
Investments in
securities
|
(148)
|
|
|
—
|
|
|
(148)
|
|
|
—
|
|
|
Other – net
|
(48)
|
|
|
2
|
|
|
(50)
|
|
|
—
|
|
|
Net cash provided by
(used for) investing activities
|
(477)
|
|
|
427
|
|
|
(261)
|
|
|
(643)
|
|
|
Cash flow from
financing activities:
|
|
|
|
|
|
|
|
|
Dividends
paid
|
(562)
|
|
|
(562)
|
|
|
—
|
|
|
—
|
|
|
Common stock issued,
including treasury shares reissued
|
65
|
|
|
65
|
|
|
—
|
|
|
—
|
|
|
Net intercompany
borrowings
|
—
|
|
|
—
|
|
|
(1,000)
|
|
|
1,000
|
|
4
|
Proceeds from debt
issued > 90 days
|
2,273
|
|
|
494
|
|
|
1,779
|
|
|
—
|
|
|
Payments on debt >
90 days
|
(2,887)
|
|
|
(644)
|
|
|
(2,243)
|
|
|
—
|
|
|
Short-term borrowings
– net < 90 days
|
1,659
|
|
|
(10)
|
|
|
1,669
|
|
|
—
|
|
|
Other – net
|
(2)
|
|
|
(2)
|
|
|
—
|
|
|
—
|
|
|
Net cash provided by
(used for) financing activities
|
546
|
|
|
(659)
|
|
|
205
|
|
|
1,000
|
|
|
Effect of exchange
rate changes on cash
|
(12)
|
|
|
(14)
|
|
|
2
|
|
|
—
|
|
|
Increase
(decrease) in cash and short-term investments and restricted
cash
|
1,985
|
|
|
1,670
|
|
|
315
|
|
|
—
|
|
|
Cash and short-term
investments and restricted cash at beginning of period
|
9,366
|
|
|
8,822
|
|
|
544
|
|
|
—
|
|
|
Cash and short-term
investments and restricted cash at end of period
|
$
|
11,351
|
|
|
$
|
10,492
|
|
|
$
|
859
|
|
|
$
|
—
|
|
|
|
1
|
Elimination of equity
profit earned from Financial Products' subsidiaries partially owned
by ME&T subsidiaries.
|
2
|
Elimination of
non-cash adjustments and changes in assets and liabilities related
to consolidated reporting.
|
3
|
Reclassification of
Financial Products' cash flow activity from investing to operating
for receivables that arose from the sale of inventory.
|
4
|
Elimination of net
proceeds and payments to/from ME&T and Financial
Products.
|
Caterpillar
Inc.
|
Supplemental Data
for Cash Flow
|
For the Three
Months Ended March 31, 2020
|
(Unaudited)
|
(Millions of
dollars)
|
|
|
|
|
Supplemental Consolidating Data
|
|
|
Consolidated
|
|
Machinery,
Energy &
Transportation
|
|
Financial
Products
|
|
Consolidating
Adjustments
|
|
Cash flow from
operating activities:
|
|
|
|
|
|
|
|
|
Profit of consolidated
and affiliated companies
|
$
|
1,093
|
|
|
$
|
1,020
|
|
|
$
|
77
|
|
|
$
|
(4)
|
|
1
|
Adjustments for
non-cash items:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
614
|
|
|
402
|
|
|
212
|
|
|
—
|
|
|
Gain on remeasurement
of a non-U.S. pension obligation
|
(254)
|
|
|
(254)
|
|
|
—
|
|
|
—
|
|
|
Provision (benefit)
for deferred income taxes
|
20
|
|
|
75
|
|
|
(55)
|
|
|
—
|
|
|
Other
|
534
|
|
|
245
|
|
|
170
|
|
|
119
|
|
2
|
Changes in assets and
liabilities, net of acquisitions and divestitures:
|
|
|
|
|
|
|
|
|
Receivables – trade
and other
|
500
|
|
|
328
|
|
|
(56)
|
|
|
228
|
|
2,
3
|
Inventories
|
(541)
|
|
|
(538)
|
|
|
—
|
|
|
(3)
|
|
2
|
Accounts
payable
|
90
|
|
|
2
|
|
|
51
|
|
|
37
|
|
2
|
Accrued
expenses
|
(97)
|
|
|
(105)
|
|
|
8
|
|
|
—
|
|
|
Accrued wages,
salaries and employee benefits
|
(722)
|
|
|
(689)
|
|
|
(33)
|
|
|
—
|
|
|
Customer
advances
|
116
|
|
|
116
|
|
|
—
|
|
|
—
|
|
|
Other assets –
net
|
(50)
|
|
|
15
|
|
|
(16)
|
|
|
(49)
|
|
2
|
Other liabilities –
net
|
(173)
|
|
|
(299)
|
|
|
73
|
|
|
53
|
|
2
|
Net cash provided by
(used for) operating activities
|
1,130
|
|
|
318
|
|
|
431
|
|
|
381
|
|
|
Cash flow from
investing activities:
|
|
|
|
|
|
|
|
|
Capital expenditures –
excluding equipment leased to others
|
(305)
|
|
|
(304)
|
|
|
(1)
|
|
|
—
|
|
|
Expenditures for
equipment leased to others
|
(243)
|
|
|
2
|
|
|
(249)
|
|
|
4
|
|
2
|
Proceeds from
disposals of leased assets and property, plant and
equipment
|
216
|
|
|
61
|
|
|
156
|
|
|
(1)
|
|
2
|
Additions to finance
receivables
|
(2,953)
|
|
|
—
|
|
|
(3,213)
|
|
|
260
|
|
3
|
Collections of finance
receivables
|
3,153
|
|
|
—
|
|
|
3,421
|
|
|
(268)
|
|
3
|
Net intercompany
purchased receivables
|
—
|
|
|
—
|
|
|
376
|
|
|
(376)
|
|
3
|
Proceeds from sale of
finance receivables
|
31
|
|
|
—
|
|
|
31
|
|
|
—
|
|
|
Net intercompany
borrowings
|
—
|
|
|
599
|
|
|
1
|
|
|
(600)
|
|
4
|
Investments and
acquisitions (net of cash acquired)
|
(35)
|
|
|
(35)
|
|
|
—
|
|
|
—
|
|
|
Proceeds from sale of
securities
|
68
|
|
|
6
|
|
|
62
|
|
|
—
|
|
|
Investments in
securities
|
(180)
|
|
|
(5)
|
|
|
(175)
|
|
|
—
|
|
|
Other – net
|
35
|
|
|
—
|
|
|
35
|
|
|
—
|
|
|
Net cash provided by
(used for) investing activities
|
(213)
|
|
|
324
|
|
|
444
|
|
|
(981)
|
|
|
Cash flow from
financing activities:
|
|
|
|
|
|
|
|
|
Dividends
paid
|
(567)
|
|
|
(567)
|
|
|
—
|
|
|
—
|
|
|
Common stock issued,
including treasury shares reissued
|
(23)
|
|
|
(23)
|
|
|
—
|
|
|
—
|
|
|
Common shares
repurchased
|
(1,043)
|
|
|
(1,043)
|
|
|
—
|
|
|
—
|
|
|
Net intercompany
borrowings
|
—
|
|
|
(1)
|
|
|
(599)
|
|
|
600
|
|
4
|
Proceeds from debt
issued > 90 days
|
2,141
|
|
|
15
|
|
|
2,126
|
|
|
—
|
|
|
Payments on debt >
90 days
|
(2,466)
|
|
|
(6)
|
|
|
(2,460)
|
|
|
—
|
|
|
Short-term borrowings
– net < 90 days
|
(40)
|
|
|
(5)
|
|
|
(35)
|
|
|
—
|
|
|
Other – net
|
(1)
|
|
|
(1)
|
|
|
—
|
|
|
—
|
|
|
Net cash provided by
(used for) financing activities
|
(1,999)
|
|
|
(1,631)
|
|
|
(968)
|
|
|
600
|
|
|
Effect of exchange
rate changes on cash
|
(80)
|
|
|
(59)
|
|
|
(21)
|
|
|
—
|
|
|
Increase
(decrease) in cash and short-term investments and restricted
cash
|
(1,162)
|
|
|
(1,048)
|
|
|
(114)
|
|
|
—
|
|
|
Cash and short-term
investments and restricted cash at beginning of period
|
8,292
|
|
|
7,302
|
|
|
990
|
|
|
—
|
|
|
Cash and short-term
investments and restricted cash at end of period
|
$
|
7,130
|
|
|
$
|
6,254
|
|
|
$
|
876
|
|
|
$
|
—
|
|
|
|
1
|
Elimination of equity
profit earned from Financial Products' subsidiaries partially owned
by ME&T subsidiaries.
|
2
|
Elimination of
non-cash adjustments and changes in assets and liabilities related
to consolidated reporting.
|
3
|
Reclassification of
Financial Products' cash flow activity from investing to operating
for receivables that arose from the sale of inventory.
|
4
|
Elimination of net
proceeds and payments to/from ME&T and Financial
Products.
|
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content:http://www.prnewswire.com/news-releases/caterpillar-reports-first-quarter-2021-results-301279971.html
SOURCE Caterpillar Inc.