DEERFIELD, Ill., Jan. 28, 2022 /PRNewswire/ --
- Fourth-quarter 2021 sales and revenues up 23%; full-year sales
and revenues up 22%
- Fourth-quarter 2021 profit per share of $3.91; adjusted profit per share of $2.69
- 2021 profit per share of $11.83;
adjusted profit per share of $10.81
- Strong operating cash flow; ended the year with $9.3 billion of enterprise cash
- Returned $5.0 billion to
shareholders through dividends and share repurchases in 2021
|
|
Fourth
Quarter
|
|
Full
Year
|
($ in billions except
profit per share)
|
|
2021
|
2020
|
|
2021
|
2020
|
Sales and
Revenues
|
|
$13.8
|
$11.2
|
|
$51.0
|
$41.7
|
Profit Per
Share
|
|
$3.91
|
$1.42
|
|
$11.83
|
$5.46
|
Adjusted Profit
Per Share
|
|
$2.69
|
$2.12
|
|
$10.81
|
$6.56
|
Caterpillar Inc. (NYSE: CAT) today announced fourth-quarter and
full-year results for 2021.
Sales and revenues for the fourth quarter of 2021 were
$13.8 billion, a 23% increase
compared with $11.2 billion in the
fourth quarter of 2020. Operating profit margin was 11.7% for the
fourth quarter of 2021, compared with 12.3% for the fourth quarter
of 2020. Fourth-quarter 2021 profit per share was $3.91, compared with $1.42 profit per share in the fourth quarter of
2020. Adjusted profit per share in the fourth quarter of 2021 was
$2.69, compared with fourth-quarter
2020 adjusted profit per share of $2.12. Fourth-quarter 2021 adjusted profit per
share also reflected a lower-than-expected effective tax rate.
Full-year sales and revenues in 2021 were $51.0 billion, up 22% compared with $41.7 billion in 2020. The increase reflected
higher end-user demand for equipment and services and the impact
from changes in dealer inventories. Dealers decreased their
inventories $2.9 billion in 2020,
while remaining about flat in 2021. Operating profit margin was
13.5% for 2021, compared with 10.9% for 2020. Full-year profit was
$11.83 per share in 2021, compared
with profit of $5.46 per share in
2020. Adjusted profit per share in 2021 was $10.81, compared with adjusted profit per share
of $6.56 in 2020.
"I'm proud of our global team's continued resilience in what
proved to be a challenging and dynamic operating environment. We
delivered adjusted operating profit margins and ME&T free cash
flows consistent with our long-term targets established during our
2019 Investor Day," said Chairman and CEO Jim Umpleby. "Amid ongoing supply chain
constraints, our team continues to execute our strategy for
long-term profitable growth while striving to meet customer
demand."
In 2021, adjusted profit per share excluded mark-to-market gains
for remeasurement of pension and other postemployment benefit
(OPEB) plans and restructuring costs. In 2020, adjusted profit per
share excluded mark-to-market losses for remeasurement of pension
and OPEB plans and restructuring costs. Please see a reconciliation
of GAAP to non-GAAP financial measures in the appendix on page
14.
For the full year of 2021, enterprise operating cash flow was
$7.2 billion. During the year, the
company repurchased $2.7 billion of
Caterpillar common stock and paid dividends of $2.3 billion. Liquidity remained strong with an
enterprise cash balance of $9.3
billion at the end of 2021.
CONSOLIDATED RESULTS
Consolidated Sales and Revenues
Consolidated Sales and Revenues Comparison
Fourth Quarter 2021 vs. Fourth Quarter
2020
To access this chart, go
to https://investors.caterpillar.com/financials/quarterly-results/default.aspx
for the downloadable version of Caterpillar fourth-quarter and
full-year 2021 earnings.
The chart above graphically illustrates reasons for the change
in consolidated sales and revenues between the fourth quarter of
2020 (at left) and the fourth 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 fourth quarter of 2021 were
$13.798 billion, an increase of
$2.563 billion, or 23%, compared with
$11.235 billion in the fourth quarter
of 2020. The increase was mostly due to higher sales volume, driven
by higher end-user demand for equipment and services and the impact
from changes in dealer inventories, along with favorable price
realization. Dealers decreased inventories during the fourth
quarter of 2020, compared to remaining about flat during the fourth
quarter of 2021.
Sales were higher across the three primary segments.
|
Sales and Revenues
by Segment
|
(Millions of dollars)
|
Fourth
Quarter
2020
|
|
Sales
Volume
|
|
Price
Realization
|
|
Currency
|
|
Inter-
Segment /
Other
|
|
Fourth
Quarter
2021
|
|
$
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction
Industries
|
$ 4,508
|
|
$ 929
|
|
$ 299
|
|
$ (23)
|
|
$ 23
|
|
$ 5,736
|
|
$ 1,228
|
|
27%
|
Resource
Industries
|
2,180
|
|
467
|
|
121
|
|
2
|
|
(8)
|
|
2,762
|
|
582
|
|
27%
|
Energy &
Transportation
|
4,811
|
|
640
|
|
88
|
|
(7)
|
|
196
|
|
5,728
|
|
917
|
|
19%
|
All Other
Segment
|
137
|
|
7
|
|
—
|
|
(1)
|
|
(9)
|
|
134
|
|
(3)
|
|
(2%)
|
Corporate Items and
Eliminations
|
(1,066)
|
|
6
|
|
(1)
|
|
—
|
|
(202)
|
|
(1,263)
|
|
(197)
|
|
|
Machinery, Energy
& Transportation
|
10,570
|
|
2,049
|
|
507
|
|
(29)
|
|
—
|
|
13,097
|
|
2,527
|
|
24%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Products
Segment
|
743
|
|
—
|
|
—
|
|
—
|
|
33
|
|
776
|
|
33
|
|
4%
|
Corporate Items and
Eliminations
|
(78)
|
|
—
|
|
—
|
|
—
|
|
3
|
|
(75)
|
|
3
|
|
|
Financial
Products Revenues
|
665
|
|
—
|
|
—
|
|
—
|
|
36
|
|
701
|
|
36
|
|
5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Sales
and Revenues
|
$ 11,235
|
|
$ 2,049
|
|
$ 507
|
|
$ (29)
|
|
$ 36
|
|
$ 13,798
|
|
$ 2,563
|
|
23%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction
Industries
|
$ 2,635
|
|
39%
|
|
$ 563
|
|
74%
|
|
$ 1,246
|
|
47%
|
|
$ 1,245
|
|
(12%)
|
|
$ 5,689
|
|
27%
|
|
$ 47
|
|
96%
|
|
$ 5,736
|
|
27%
|
Resource
Industries
|
857
|
|
44%
|
|
415
|
|
5%
|
|
532
|
|
29%
|
|
839
|
|
29%
|
|
2,643
|
|
29%
|
|
119
|
|
(6%)
|
|
2,762
|
|
27%
|
Energy &
Transportation
|
1,913
|
|
12%
|
|
398
|
|
50%
|
|
1,475
|
|
9%
|
|
965
|
|
36%
|
|
4,751
|
|
18%
|
|
977
|
|
25%
|
|
5,728
|
|
19%
|
All Other
Segment
|
14
|
|
180%
|
|
1
|
|
—%
|
|
8
|
|
(11%)
|
|
15
|
|
(17%)
|
|
38
|
|
19%
|
|
96
|
|
(9%)
|
|
134
|
|
(2%)
|
Corporate Items and
Eliminations
|
(17)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(7)
|
|
|
|
(24)
|
|
|
|
(1,239)
|
|
|
|
(1,263)
|
|
|
Machinery, Energy
& Transportation
|
5,402
|
|
29%
|
|
1,377
|
|
40%
|
|
3,261
|
|
24%
|
|
3,057
|
|
9%
|
|
13,097
|
|
24%
|
|
—
|
|
—%
|
|
13,097
|
|
24%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Products
Segment
|
493
|
|
6%
|
|
70
|
|
9%
|
|
101
|
|
7%
|
|
112
|
|
(7%)
|
|
776
|
|
4%
|
|
—
|
|
—%
|
|
776
|
|
4%
|
Corporate Items and
Eliminations
|
(37)
|
|
|
|
(15)
|
|
|
|
(9)
|
|
|
|
(14)
|
|
|
|
(75)
|
|
|
|
—
|
|
|
|
(75)
|
|
|
Financial
Products Revenues
|
456
|
|
8%
|
|
55
|
|
2%
|
|
92
|
|
10%
|
|
98
|
|
(6%)
|
|
701
|
|
5%
|
|
—
|
|
—%
|
|
701
|
|
5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Sales
and Revenues
|
$ 5,858
|
|
27%
|
|
$ 1,432
|
|
38%
|
|
$ 3,353
|
|
24%
|
|
$ 3,155
|
|
9%
|
|
$ 13,798
|
|
23%
|
|
$ —
|
|
—%
|
|
$ 13,798
|
|
23%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter
2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction
Industries
|
$ 1,895
|
|
|
|
$ 324
|
|
|
|
$ 848
|
|
|
|
$ 1,417
|
|
|
|
$ 4,484
|
|
|
|
$ 24
|
|
|
|
$ 4,508
|
|
|
Resource
Industries
|
596
|
|
|
|
394
|
|
|
|
412
|
|
|
|
651
|
|
|
|
2,053
|
|
|
|
127
|
|
|
|
2,180
|
|
|
Energy &
Transportation
|
1,705
|
|
|
|
265
|
|
|
|
1,353
|
|
|
|
707
|
|
|
|
4,030
|
|
|
|
781
|
|
|
|
4,811
|
|
|
All Other
Segment
|
5
|
|
|
|
—
|
|
|
|
9
|
|
|
|
18
|
|
|
|
32
|
|
|
|
105
|
|
|
|
137
|
|
|
Corporate Items and
Eliminations
|
(27)
|
|
|
|
1
|
|
|
|
(2)
|
|
|
|
(1)
|
|
|
|
(29)
|
|
|
|
(1,037)
|
|
|
|
(1,066)
|
|
|
Machinery, Energy
& Transportation
|
4,174
|
|
|
|
984
|
|
|
|
2,620
|
|
|
|
2,792
|
|
|
|
10,570
|
|
|
|
—
|
|
|
|
10,570
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Products
Segment
|
464
|
|
|
|
64
|
|
|
|
94
|
|
|
|
121
|
|
|
|
743
|
|
|
|
—
|
|
|
|
743
|
|
|
Corporate Items and
Eliminations
|
(41)
|
|
|
|
(10)
|
|
|
|
(10)
|
|
|
|
(17)
|
|
|
|
(78)
|
|
|
|
—
|
|
|
|
(78)
|
|
|
Financial
Products Revenues
|
423
|
|
|
|
54
|
|
|
|
84
|
|
|
|
104
|
|
|
|
665
|
|
|
|
—
|
|
|
|
665
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Sales
and Revenues
|
$ 4,597
|
|
|
|
$ 1,038
|
|
|
|
$ 2,704
|
|
|
|
$ 2,896
|
|
|
|
$ 11,235
|
|
|
|
$ —
|
|
|
|
$ 11,235
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Operating Profit
Consolidated Operating Profit Comparison
Fourth Quarter 2021 vs. Fourth Quarter
2020
To access this chart, go
to https://investors.caterpillar.com/financials/quarterly-results/default.aspx
for the downloadable version of Caterpillar fourth-quarter and
full-year 2021 earnings.
The chart above graphically illustrates reasons for the change
in consolidated operating profit between the fourth quarter of 2020
(at left) and the fourth 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 fourth quarter of 2021 was $1.611 billion, an increase of $231 million, or 17%, compared with $1.380 billion in the fourth quarter of 2020.
Higher manufacturing costs and selling, general and administrative
(SG&A) and research and development (R&D) expenses were
more than offset by higher sales volume, favorable price
realization and net restructuring income due to a gain on the sale
of a facility.
Unfavorable manufacturing costs primarily reflected higher
freight and material costs.
The increase in SG&A/R&D expenses was driven by higher
short-term incentive compensation expense, which was reinstated in
2021, higher labor costs due to increased headcount and investments
aligned with the company's strategy for profitable growth,
including acquisition-related expenses.
Profit (Loss) by
Segment
|
(Millions of dollars)
|
Fourth Quarter
2021
|
|
Fourth Quarter
2020
|
|
$
Change
|
|
%
Change
|
Construction
Industries
|
$ 788
|
|
$ 630
|
|
$ 158
|
|
25%
|
Resource
Industries
|
305
|
|
273
|
|
32
|
|
12%
|
Energy &
Transportation
|
675
|
|
687
|
|
(12)
|
|
(2%)
|
All Other
Segment
|
(12)
|
|
(3)
|
|
(9)
|
|
(300%)
|
Corporate Items and
Eliminations
|
(281)
|
|
(281)
|
|
—
|
|
|
Machinery, Energy
& Transportation
|
1,475
|
|
1,306
|
|
169
|
|
13%
|
|
|
|
|
|
|
|
|
Financial Products
Segment
|
248
|
|
195
|
|
53
|
|
27%
|
Corporate Items and
Eliminations
|
(37)
|
|
(47)
|
|
10
|
|
|
Financial
Products
|
211
|
|
148
|
|
63
|
|
43%
|
|
|
|
|
|
|
|
|
Consolidating
Adjustments
|
(75)
|
|
(74)
|
|
(1)
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Operating Profit
|
$ 1,611
|
|
$ 1,380
|
|
$ 231
|
|
17%
|
|
|
|
|
|
|
|
|
Other Profit/Loss and Tax Items
- Other income (expense) in the fourth quarter of 2021 was income
of $1.063 billion, compared with
expense of $309 million in the fourth
quarter of 2020. The change was primarily driven by mark-to-market
gains for remeasurement of pension and OPEB plans in the fourth
quarter of 2021, compared with mark-to-market losses in the fourth
quarter of 2020 (see a reconciliation of GAAP to non-GAAP financial
measures in the appendix on page 14).
- The provision for income taxes for the fourth quarter of 2021
reflected an annual effective tax rate of approximately 23%,
compared with approximately 28% for the fourth quarter of 2020,
excluding the discrete items discussed below. The decrease from
2020 was primarily related to changes in the geographic mix of
profits from a tax perspective.
In the fourth quarter of 2021, the company recorded a $118 million tax benefit due to the change from
the third-quarter estimated annual tax rate of 25%, compared to a
$96 million benefit for the reduction
in the annual effective tax rate in the fourth quarter of 2020. In
addition, the company recorded a tax charge of $190 million related to $833 million of pension and OPEB mark-to-market
gains in the fourth quarter of 2021, compared to a tax benefit of
$92 million related to $438 million of mark-to-market losses in the
fourth quarter of 2020. Finally, the company recorded a tax benefit
of $40 million in the fourth quarter
of 2021 primarily related to recognition of U.S. capital losses
compared to other discrete tax benefits of $28 million in the fourth quarter of 2020.
CONSTRUCTION
INDUSTRIES
|
(Millions of
dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter 2020
|
|
Sales
Volume
|
|
Price
Realization
|
|
Currency
|
|
Inter-
Segment
|
|
Fourth
Quarter 2021
|
|
$
Change
|
|
%
Change
|
Total
Sales
|
|
$ 4,508
|
|
$ 929
|
|
$ 299
|
|
$ (23)
|
|
$ 23
|
|
$ 5,736
|
|
$ 1,228
|
|
27%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales by
Geographic Region
|
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter 2021
|
|
Fourth
Quarter 2020
|
|
$
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
North
America
|
|
$ 2,635
|
|
$ 1,895
|
|
$ 740
|
|
39%
|
|
|
|
|
|
|
|
|
Latin
America
|
|
563
|
|
324
|
|
239
|
|
74%
|
|
|
|
|
|
|
|
|
EAME
|
|
1,246
|
|
848
|
|
398
|
|
47%
|
|
|
|
|
|
|
|
|
Asia/Pacific
|
|
1,245
|
|
1,417
|
|
(172)
|
|
(12%)
|
|
|
|
|
|
|
|
|
External
Sales
|
|
5,689
|
|
4,484
|
|
1,205
|
|
27%
|
|
|
|
|
|
|
|
|
Inter-segment
|
|
47
|
|
24
|
|
23
|
|
96%
|
|
|
|
|
|
|
|
|
Total
Sales
|
|
$ 5,736
|
|
$ 4,508
|
|
$ 1,228
|
|
27%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter 2021
|
|
Fourth
Quarter 2020
|
|
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
$ 788
|
|
$ 630
|
|
$ 158
|
|
25%
|
|
|
|
|
|
|
|
|
Segment Profit
Margin
|
|
13.7 %
|
|
14.0 %
|
|
(0.3
pts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction Industries' total sales were $5.736 billion in the fourth quarter of 2021, an
increase of $1.228 billion, or 27%,
compared with $4.508 billion in the
fourth quarter of 2020. The increase was due to higher sales
volume, driven by the impact from changes in dealer inventories and
higher end-user demand, along with favorable price realization.
Dealers decreased inventories more during the fourth quarter of
2020 than during the fourth quarter of 2021.
- In North America, sales
increased due to higher sales volume and favorable price
realization. Higher sales volume was driven by the impact from
changes in dealer inventories as dealers decreased inventories more
during the fourth quarter of 2020 than during the fourth quarter of
2021.
- Sales increased in Latin
America primarily due to higher sales volume and favorable
price realization. Higher sales volume was driven by higher
end-user demand and the impact from changes in dealer inventories.
Dealers increased inventories during the fourth quarter of 2021,
compared to a decrease during the fourth quarter of 2020.
- In EAME, sales increased due to higher sales volume from higher
end-user demand and the impact of changes in dealer inventories.
Dealers decreased inventories more during the fourth quarter of
2020 than during the fourth quarter of 2021.
- Sales decreased in Asia/Pacific primarily due to lower sales
volume, partially offset by favorable price realization. Decreased
sales volume reflected lower end-user demand, partially offset by
the impact from changes in dealer inventories. Lower sales in
China, driven by lower end-user
demand, were partially offset by higher sales across most of the
rest of the region. Dealers decreased inventories during the fourth
quarter of 2020, compared to an increase during the fourth quarter
of 2021.
Construction Industries' profit was $788
million in the fourth quarter of 2021, an increase of
$158 million, or 25%, compared with
$630 million in the fourth quarter of
2020. Higher manufacturing costs and SG&A/R&D expenses were
more than offset by higher sales volume and favorable price
realization. Unfavorable manufacturing costs primarily reflected
higher freight, material and labor costs.
The increase in SG&A/R&D expenses was driven by higher
short-term incentive compensation expense.
RESOURCE
INDUSTRIES
|
(Millions of
dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter 2020
|
|
Sales
Volume
|
|
Price
Realization
|
|
Currency
|
|
Inter-
Segment
|
|
Fourth
Quarter 2021
|
|
$
Change
|
|
%
Change
|
Total
Sales
|
|
$ 2,180
|
|
$ 467
|
|
$ 121
|
|
$ 2
|
|
$ (8)
|
|
$ 2,762
|
|
$ 582
|
|
27%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales by
Geographic Region
|
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter 2021
|
|
Fourth
Quarter 2020
|
|
$
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
North
America
|
|
$ 857
|
|
$ 596
|
|
$ 261
|
|
44%
|
|
|
|
|
|
|
|
|
Latin
America
|
|
415
|
|
394
|
|
21
|
|
5%
|
|
|
|
|
|
|
|
|
EAME
|
|
532
|
|
412
|
|
120
|
|
29%
|
|
|
|
|
|
|
|
|
Asia/Pacific
|
|
839
|
|
651
|
|
188
|
|
29%
|
|
|
|
|
|
|
|
|
External
Sales
|
|
2,643
|
|
2,053
|
|
590
|
|
29%
|
|
|
|
|
|
|
|
|
Inter-segment
|
|
119
|
|
127
|
|
(8)
|
|
(6%)
|
|
|
|
|
|
|
|
|
Total
Sales
|
|
$ 2,762
|
|
$ 2,180
|
|
$ 582
|
|
27%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter 2021
|
|
Fourth
Quarter 2020
|
|
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
$ 305
|
|
$ 273
|
|
$ 32
|
|
12%
|
|
|
|
|
|
|
|
|
Segment Profit
Margin
|
|
11.0 %
|
|
12.5 %
|
|
(1.5
pts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Resource Industries' total sales were $2.762 billion in the fourth quarter of 2021, an
increase of $582 million, or 27%,
compared with $2.180 billion in the
fourth quarter of 2020. The increase was primarily due to higher
sales volume, driven by higher end-user demand for equipment and
aftermarket parts, and favorable price realization. End-user demand
was higher in mining as well as heavy construction and quarry and
aggregates.
Resource Industries' profit was $305
million in the fourth quarter of 2021, an increase of
$32 million, or 12%, compared with
$273 million in the fourth quarter of
2020. Increased manufacturing costs and SG&A/R&D expenses
were more than offset by higher sales volume and favorable price
realization. Unfavorable manufacturing costs primarily reflected
higher freight and material costs.
The increase in SG&A/R&D expenses was driven by
investments aligned with growth initiatives, primarily labor, and
higher short-term incentive compensation expense.
ENERGY &
TRANSPORTATION
|
(Millions of
dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter 2020
|
|
Sales
Volume
|
|
Price
Realization
|
|
Currency
|
|
Inter-
Segment
|
|
Fourth
Quarter 2021
|
|
$
Change
|
|
%
Change
|
Total
Sales
|
|
$ 4,811
|
|
$ 640
|
|
$ 88
|
|
$ (7)
|
|
$ 196
|
|
$ 5,728
|
|
$ 917
|
|
19%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales by
Application
|
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter 2021
|
|
Fourth
Quarter 2020
|
|
$
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
Oil and
Gas
|
|
$ 1,320
|
|
$ 1,079
|
|
$ 241
|
|
22%
|
|
|
|
|
|
|
|
|
Power
Generation
|
|
1,267
|
|
1,180
|
|
87
|
|
7%
|
|
|
|
|
|
|
|
|
Industrial
|
|
952
|
|
736
|
|
216
|
|
29%
|
|
|
|
|
|
|
|
|
Transportation
|
|
1,212
|
|
1,035
|
|
177
|
|
17%
|
|
|
|
|
|
|
|
|
External
Sales
|
|
4,751
|
|
4,030
|
|
721
|
|
18%
|
|
|
|
|
|
|
|
|
Inter-segment
|
|
977
|
|
781
|
|
196
|
|
25%
|
|
|
|
|
|
|
|
|
Total
Sales
|
|
$ 5,728
|
|
$ 4,811
|
|
$ 917
|
|
19%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter 2021
|
|
Fourth
Quarter 2020
|
|
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
$ 675
|
|
$ 687
|
|
$ (12)
|
|
(2%)
|
|
|
|
|
|
|
|
|
Segment Profit
Margin
|
|
11.8 %
|
|
14.3 %
|
|
(2.5
pts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy & Transportation's total sales were $5.728 billion in the fourth quarter of 2021, an
increase of $917 million, or 19%,
compared with $4.811 billion in the
fourth quarter of 2020. Sales increased across all applications and
inter-segment sales.
- Oil and Gas – Sales increased for reciprocating engines
aftermarket parts across all regions, turbines and turbine-related
services and reciprocating engines used in gas compression.
- Power Generation – Sales rose due to higher sales volume in
reciprocating engines aftermarket parts and small reciprocating
engine applications.
- Industrial – Sales were up due to higher demand across all
regions.
- Transportation – Sales increased due to higher deliveries of
locomotives, which were primarily international, and rail
services.
Energy & Transportation's profit was $675 million in the fourth quarter of 2021, a
decrease of $12 million, or 2%,
compared with $687 million in the
fourth quarter of 2020. The decrease was due to unfavorable
manufacturing costs and higher SG&A/R&D expenses, mostly
offset by higher sales volume and favorable price realization.
Unfavorable manufacturing costs reflected higher freight and
material costs, as well as increased period manufacturing
costs.
Both SG&A/R&D expenses and period manufacturing costs
increased primarily due to higher short-term incentive compensation
expense and investments aligned with growth initiatives, including
acquisition-related expenses.
FINANCIAL PRODUCTS
SEGMENT
|
(Millions of
dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues by
Geographic Region
|
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter 2021
|
|
Fourth
Quarter 2020
|
|
$
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
North
America
|
|
$ 493
|
|
$ 464
|
|
$ 29
|
|
6%
|
|
|
|
|
|
|
|
|
Latin
America
|
|
70
|
|
64
|
|
6
|
|
9%
|
|
|
|
|
|
|
|
|
EAME
|
|
101
|
|
94
|
|
7
|
|
7%
|
|
|
|
|
|
|
|
|
Asia/Pacific
|
|
112
|
|
121
|
|
(9)
|
|
(7%)
|
|
|
|
|
|
|
|
|
Total
Revenues
|
|
$ 776
|
|
$ 743
|
|
$ 33
|
|
4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter 2021
|
|
Fourth
Quarter 2020
|
|
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
$ 248
|
|
$ 195
|
|
$ 53
|
|
27%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Products' segment revenues were $776 million in the fourth quarter of 2021, an
increase of $33 million, or 4%, from
the fourth quarter of 2020.
Financial Products' segment profit was $248 million in the fourth quarter of 2021, an
increase of $53 million, or 27%,
compared with $195 million in the
fourth quarter of 2020. The increase was mainly due to a favorable
impact from returned or repossessed equipment and lower provision
for credit losses at Cat Financial, partially offset by an increase
in SG&A expenses primarily due to higher short-term incentive
compensation expense.
At the end of 2021, past dues at Cat Financial were 1.95%,
compared with 3.49% at the end of 2020. Past dues decreased across
all portfolio segments as global markets generally improved.
Write-offs, net of recoveries, were $205
million for 2021, compared with $222
million for 2020. As of December 31,
2021, Cat Financial's allowance for credit losses totaled
$337 million, or 1.22% 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 $318 million in the fourth quarter of 2021, about
flat to the fourth quarter of 2020.
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 Friday, January 28, 2022.
iii. Information on
non-GAAP financial measures is included in the appendix on page
14.
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 Friday, January 28, 2022, to discuss its 2021
fourth-quarter and full-year 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 2021 sales and revenues of $51.0
billion, Caterpillar Inc. is the world's leading
manufacturer of construction and mining equipment, off-highway
diesel and natural gas engines, industrial gas turbines and
diesel-electric locomotives. For nearly 100 years, we've been
helping customers build a better, more sustainable world and are
committed and contributing to a reduced-carbon future. Our
innovative products and services, backed by our global dealer
network, provide exceptional value that helps customers succeed.
Caterpillar does 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.
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)
pension and OPEB mark-to-market gains/losses resulting from plan
remeasurements and (ii) restructuring income/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.
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
December 31, 2021 - U.S. GAAP
|
|
$
1,611
|
|
11.7
%
|
|
$
2,562
|
|
$
429
|
|
16.7
%
|
|
$
2,120
|
|
$
3.91
|
Pension/OPEB
mark-to-market (gains) losses
|
|
—
|
|
—%
|
|
(833)
|
|
(190)
|
|
22.8 %
|
|
(643)
|
|
$ (1.19)
|
Restructuring (income)
costs
|
|
(34)
|
|
(0.2) %
|
|
(34)
|
|
(15)
|
|
44.1 %
|
|
(19)
|
|
$ (0.03)
|
Three Months Ended
December 31, 2021 - Adjusted
|
|
$ 1,577
|
|
11.4 %
|
|
$ 1,695
|
|
$ 224
|
|
13.2 %
|
|
$ 1,458
|
|
$ 2.69
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2020 - U.S. GAAP
|
|
$
1,380
|
|
12.3
%
|
|
$
941
|
|
$
167
|
|
17.7
%
|
|
$
780
|
|
$
1.42
|
Pension/OPEB
mark-to-market (gains) losses
|
|
—
|
|
—%
|
|
438
|
|
92
|
|
21.0 %
|
|
346
|
|
$ 0.63
|
Restructuring (income)
costs
|
|
58
|
|
0.5 %
|
|
58
|
|
18
|
|
31.0 %
|
|
40
|
|
$ 0.07
|
Three Months Ended
December 31, 2020 - Adjusted
|
|
$ 1,438
|
|
12.8 %
|
|
$ 1,437
|
|
$ 277
|
|
19.3 %
|
|
$ 1,166
|
|
$ 2.12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months
Ended December 31, 2021 - U.S. GAAP
|
|
$
6,878
|
|
13.5
%
|
|
$
8,204
|
|
$
1,742
|
|
21.2
%
|
|
$
6,489
|
|
$
11.83
|
Pension/OPEB
mark-to-market (gains) losses
|
|
—
|
|
—%
|
|
(833)
|
|
(190)
|
|
22.8 %
|
|
(643)
|
|
$ (1.17)
|
Restructuring (income)
costs
|
|
90
|
|
0.2 %
|
|
90
|
|
4
|
|
4.4 %
|
|
86
|
|
$ 0.15
|
Twelve Months Ended
December 31, 2021 - Adjusted
|
|
$ 6,968
|
|
13.7 %
|
|
$ 7,461
|
|
$ 1,556
|
|
20.9 %
|
|
$ 5,932
|
|
$ 10.81
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months
Ended December 31, 2020 - U.S. GAAP
|
|
$
4,553
|
|
10.9
%
|
|
$
3,995
|
|
$
1,006
|
|
25.2
%
|
|
$
2,998
|
|
$
5.46
|
Pension/OPEB
mark-to-market (gains) losses
|
|
—
|
|
—%
|
|
383
|
|
82
|
|
21.4 %
|
|
301
|
|
$ 0.55
|
Restructuring (income)
costs
|
|
354
|
|
0.8%
|
|
354
|
|
53
|
|
15.0%
|
|
301
|
|
$ 0.55
|
Twelve Months Ended
December 31, 2020 - Adjusted
|
|
$ 4,907
|
|
11.8 %
|
|
$ 4,732
|
|
$ 1,141
|
|
24.1 %
|
|
$ 3,600
|
|
$ 6.56
|
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 16 to 26 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
December 31,
|
|
Twelve Months
Ended
December 31,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Sales and
revenues:
|
|
|
|
|
|
|
|
Sales of
Machinery, Energy & Transportation
|
$ 13,097
|
|
$ 10,570
|
|
$ 48,188
|
|
$ 39,022
|
Revenues
of Financial Products
|
701
|
|
665
|
|
2,783
|
|
2,726
|
Total sales and
revenues
|
13,798
|
|
11,235
|
|
50,971
|
|
41,748
|
|
|
|
|
|
|
|
|
Operating
costs:
|
|
|
|
|
|
|
|
Cost of
goods sold
|
10,003
|
|
7,784
|
|
35,513
|
|
29,082
|
Selling,
general and administrative expenses
|
1,422
|
|
1,216
|
|
5,365
|
|
4,642
|
Research
and development expenses
|
439
|
|
374
|
|
1,686
|
|
1,415
|
Interest
expense of Financial Products
|
103
|
|
128
|
|
455
|
|
589
|
Other
operating (income) expenses
|
220
|
|
353
|
|
1,074
|
|
1,467
|
Total
operating costs
|
12,187
|
|
9,855
|
|
44,093
|
|
37,195
|
|
|
|
|
|
|
|
|
Operating
profit
|
1,611
|
|
1,380
|
|
6,878
|
|
4,553
|
|
|
|
|
|
|
|
|
Interest
expense excluding Financial Products
|
112
|
|
130
|
|
488
|
|
514
|
Other
income (expense)
|
1,063
|
|
(309)
|
|
1,814
|
|
(44)
|
|
|
|
|
|
|
|
|
Consolidated profit
before taxes
|
2,562
|
|
941
|
|
8,204
|
|
3,995
|
|
|
|
|
|
|
|
|
Provision
(benefit) for income taxes
|
429
|
|
167
|
|
1,742
|
|
1,006
|
Profit of
consolidated companies
|
2,133
|
|
774
|
|
6,462
|
|
2,989
|
|
|
|
|
|
|
|
|
Equity in
profit (loss) of unconsolidated affiliated companies
|
(13)
|
|
6
|
|
31
|
|
14
|
|
|
|
|
|
|
|
|
Profit of
consolidated and affiliated companies
|
2,120
|
|
780
|
|
6,493
|
|
3,003
|
|
|
|
|
|
|
|
|
Less: Profit (loss)
attributable to noncontrolling interests
|
—
|
|
—
|
|
4
|
|
5
|
|
|
|
|
|
|
|
|
Profit
1
|
$ 2,120
|
|
$ 780
|
|
$ 6,489
|
|
$ 2,998
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit per common
share
|
$ 3.94
|
|
$ 1.43
|
|
$ 11.93
|
|
$ 5.51
|
Profit per common
share — diluted 2
|
$ 3.91
|
|
$ 1.42
|
|
$ 11.83
|
|
$ 5.46
|
|
|
|
|
|
|
|
|
Weighted-average
common shares outstanding (millions)
|
|
|
|
|
|
|
|
–
Basic
|
538.7
|
|
544.5
|
|
544.0
|
|
544.1
|
– Diluted
2
|
542.6
|
|
549.5
|
|
548.5
|
|
548.6
|
|
|
|
|
|
|
|
|
|
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,
2021
|
|
December
31,
2020
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$ 9,254
|
|
$ 9,352
|
Receivables – trade
and other
|
8,477
|
|
7,317
|
Receivables –
finance
|
8,898
|
|
9,463
|
Prepaid expenses and
other current assets
|
2,788
|
|
1,930
|
Inventories
|
14,038
|
|
11,402
|
Total current
assets
|
43,455
|
|
39,464
|
|
|
|
|
Property, plant and
equipment – net
|
12,090
|
|
12,401
|
Long-term receivables
– trade and other
|
1,204
|
|
1,185
|
Long-term receivables
– finance
|
12,707
|
|
12,222
|
Noncurrent deferred
and refundable income taxes
|
1,840
|
|
1,523
|
Intangible
assets
|
1,042
|
|
1,308
|
Goodwill
|
6,324
|
|
6,394
|
Other
assets
|
4,131
|
|
3,827
|
Total
assets
|
$ 82,793
|
|
$ 78,324
|
|
|
|
|
Liabilities
|
|
|
|
Current
liabilities:
|
|
|
|
Short-term
borrowings:
|
|
|
|
-- Machinery, Energy
& Transportation
|
$ 9
|
|
$ 10
|
-- Financial
Products
|
5,395
|
|
2,005
|
Accounts
payable
|
8,154
|
|
6,128
|
Accrued
expenses
|
3,757
|
|
3,642
|
Accrued wages,
salaries and employee benefits
|
2,242
|
|
1,096
|
Customer
advances
|
1,087
|
|
1,108
|
Dividends
payable
|
595
|
|
562
|
Other current
liabilities
|
2,256
|
|
2,017
|
Long-term debt due
within one year:
|
|
|
|
-- Machinery, Energy
& Transportation
|
45
|
|
1,420
|
-- Financial
Products
|
6,307
|
|
7,729
|
Total current
liabilities
|
29,847
|
|
25,717
|
|
|
|
|
Long-term debt due
after one year:
|
|
|
|
-- Machinery, Energy
& Transportation
|
9,746
|
|
9,749
|
-- Financial
Products
|
16,287
|
|
16,250
|
Liability for
postemployment benefits
|
5,592
|
|
6,872
|
Other
liabilities
|
4,805
|
|
4,358
|
Total
liabilities
|
66,277
|
|
62,946
|
|
|
|
|
Shareholders'
equity
|
|
|
|
Common
stock
|
6,398
|
|
6,230
|
Treasury
stock
|
(27,643)
|
|
(25,178)
|
Profit employed in the
business
|
39,282
|
|
35,167
|
Accumulated other
comprehensive income (loss)
|
(1,553)
|
|
(888)
|
Noncontrolling
interests
|
32
|
|
47
|
Total
shareholders' equity
|
16,516
|
|
15,378
|
Total liabilities
and shareholders' equity
|
$ 82,793
|
|
$ 78,324
|
Caterpillar
Inc.
|
Condensed
Consolidated Statement of Cash Flow
|
(Unaudited)
|
(Millions of
dollars)
|
|
|
Twelve Months
Ended
December
31,
|
|
2021
|
|
2020
|
Cash flow from
operating activities:
|
|
|
|
Profit of consolidated
and affiliated companies
|
$ 6,493
|
|
$ 3,003
|
Adjustments for
non-cash items:
|
|
|
|
Depreciation and
amortization
|
2,352
|
|
2,432
|
Actuarial (gain) loss
on pension and postretirement benefits
|
(833)
|
|
383
|
Provision (benefit)
for deferred income taxes
|
(383)
|
|
(74)
|
Other
|
216
|
|
1,000
|
Changes in assets and
liabilities, net of acquisitions and divestitures:
|
|
|
|
Receivables – trade
and other
|
(1,259)
|
|
1,442
|
Inventories
|
(2,586)
|
|
(34)
|
Accounts
payable
|
2,041
|
|
98
|
Accrued
expenses
|
196
|
|
(366)
|
Accrued wages,
salaries and employee benefits
|
1,107
|
|
(544)
|
Customer
advances
|
34
|
|
(126)
|
Other assets –
net
|
(97)
|
|
(201)
|
Other liabilities –
net
|
(83)
|
|
(686)
|
Net cash provided by
(used for) operating activities
|
7,198
|
|
6,327
|
Cash flow from
investing activities:
|
|
|
|
Capital expenditures –
excluding equipment leased to others
|
(1,093)
|
|
(978)
|
Expenditures for
equipment leased to others
|
(1,379)
|
|
(1,137)
|
Proceeds from
disposals of leased assets and property, plant and
equipment
|
1,265
|
|
772
|
Additions to finance
receivables
|
(13,002)
|
|
(12,385)
|
Collections of finance
receivables
|
12,430
|
|
12,646
|
Proceeds from sale of
finance receivables
|
51
|
|
42
|
Investments and
acquisitions (net of cash acquired)
|
(490)
|
|
(111)
|
Proceeds from sale of
businesses and investments (net of cash sold)
|
36
|
|
25
|
Proceeds from sale of
securities
|
785
|
|
345
|
Investments in
securities
|
(1,766)
|
|
(638)
|
Other – net
|
79
|
|
(66)
|
Net cash provided by
(used for) investing activities
|
(3,084)
|
|
(1,485)
|
Cash flow from
financing activities:
|
|
|
|
Dividends
paid
|
(2,332)
|
|
(2,243)
|
Common stock issued,
including treasury shares reissued
|
135
|
|
229
|
Common shares
repurchased
|
(2,668)
|
|
(1,130)
|
Proceeds from debt
issued (original maturities greater than three months)
|
6,989
|
|
10,431
|
Payments on debt
(original maturities greater than three months)
|
(9,796)
|
|
(8,237)
|
Short-term borrowings
– net (original maturities three months or less)
|
3,488
|
|
(2,804)
|
Other – net
|
(4)
|
|
(1)
|
Net cash provided by
(used for) financing activities
|
(4,188)
|
|
(3,755)
|
Effect of exchange
rate changes on cash
|
(29)
|
|
(13)
|
Increase
(decrease) in cash, cash equivalents and restricted
cash
|
(103)
|
|
1,074
|
Cash, cash
equivalents and restricted cash at beginning of period
|
9,366
|
|
8,292
|
Cash, cash
equivalents and restricted cash at end of period
|
$ 9,263
|
|
$ 9,366
|
|
|
|
|
Cash equivalents
primarily represent short-term, highly liquid investments with
original maturities of generally three months or
less.
|
Caterpillar
Inc.
|
Supplemental Data
for Results of Operations
|
For the Three
Months Ended December 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
|
$ 13,097
|
|
$ 13,097
|
|
$ —
|
|
$ —
|
|
Revenues of Financial
Products
|
701
|
|
—
|
|
801
|
|
(100)
|
1
|
Total sales and
revenues
|
13,798
|
|
13,097
|
|
801
|
|
(100)
|
|
|
|
|
|
|
|
|
|
|
Operating
costs:
|
|
|
|
|
|
|
|
|
Cost of goods
sold
|
10,003
|
|
10,006
|
|
—
|
|
(3)
|
2
|
Selling, general and
administrative expenses
|
1,422
|
|
1,253
|
|
171
|
|
(2)
|
2
|
Research and
development expenses
|
439
|
|
439
|
|
—
|
|
—
|
|
Interest expense of
Financial Products
|
103
|
|
—
|
|
103
|
|
—
|
|
Other operating
(income) expenses
|
220
|
|
(76)
|
|
316
|
|
(20)
|
2
|
Total operating
costs
|
12,187
|
|
11,622
|
|
590
|
|
(25)
|
|
|
|
|
|
|
|
|
|
|
Operating
profit
|
1,611
|
|
1,475
|
|
211
|
|
(75)
|
|
|
|
|
|
|
|
|
|
|
Interest expense
excluding Financial Products
|
112
|
|
112
|
|
—
|
|
—
|
|
Other income
(expense)
|
1,063
|
|
1,457
|
|
31
|
|
(425)
|
3
|
|
|
|
|
|
|
|
|
|
Consolidated
profit before taxes
|
2,562
|
|
2,820
|
|
242
|
|
(500)
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit)
for income taxes
|
429
|
|
359
|
|
70
|
|
—
|
|
Profit of consolidated
companies
|
2,133
|
|
2,461
|
|
172
|
|
(500)
|
|
|
|
|
|
|
|
|
|
|
Equity in profit
(loss) of unconsolidated affiliated companies
|
(13)
|
|
(10)
|
|
—
|
|
(3)
|
4
|
|
|
|
|
|
|
|
|
|
Profit of
consolidated and affiliated companies
|
2,120
|
|
2,451
|
|
172
|
|
(503)
|
|
|
|
|
|
|
|
|
|
|
Less: Profit (loss)
attributable to noncontrolling interests
|
—
|
|
—
|
|
3
|
|
(3)
|
5
|
|
|
|
|
|
|
|
|
|
Profit
6
|
$ 2,120
|
|
$ 2,451
|
|
$ 169
|
|
$ (500)
|
|
|
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 December 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
|
$ 10,570
|
|
$ 10,570
|
|
$ —
|
|
$ —
|
|
Revenues of Financial
Products
|
665
|
|
—
|
|
760
|
|
(95)
|
1
|
Total sales and
revenues
|
11,235
|
|
10,570
|
|
760
|
|
(95)
|
|
|
|
|
|
|
|
|
|
|
Operating
costs:
|
|
|
|
|
|
|
|
|
Cost of goods
sold
|
7,784
|
|
7,786
|
|
—
|
|
(2)
|
2
|
Selling, general and
administrative expenses
|
1,216
|
|
1,048
|
|
174
|
|
(6)
|
2
|
Research and
development expenses
|
374
|
|
374
|
|
—
|
|
—
|
|
Interest expense of
Financial Products
|
128
|
|
—
|
|
129
|
|
(1)
|
3
|
Other operating
(income) expenses
|
353
|
|
56
|
|
309
|
|
(12)
|
2
|
Total operating
costs
|
9,855
|
|
9,264
|
|
612
|
|
(21)
|
|
|
|
|
|
|
|
|
|
|
Operating
profit
|
1,380
|
|
1,306
|
|
148
|
|
(74)
|
|
|
|
|
|
|
|
|
|
|
Interest expense
excluding Financial Products
|
130
|
|
130
|
|
—
|
|
—
|
|
Other income
(expense)
|
(309)
|
|
(122)
|
|
39
|
|
(226)
|
4
|
|
|
|
|
|
|
|
|
|
Consolidated
profit before taxes
|
941
|
|
1,054
|
|
187
|
|
(300)
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit)
for income taxes
|
167
|
|
133
|
|
34
|
|
—
|
|
Profit of consolidated
companies
|
774
|
|
921
|
|
153
|
|
(300)
|
|
|
|
|
|
|
|
|
|
|
Equity in profit
(loss) of unconsolidated affiliated companies
|
6
|
|
11
|
|
—
|
|
(5)
|
5
|
|
|
|
|
|
|
|
|
|
Profit of
consolidated and affiliated companies
|
780
|
|
932
|
|
153
|
|
(305)
|
|
|
|
|
|
|
|
|
|
|
Less: Profit (loss)
attributable to noncontrolling interests
|
—
|
|
3
|
|
2
|
|
(5)
|
6
|
|
|
|
|
|
|
|
|
|
Profit
7
|
$ 780
|
|
$ 929
|
|
$ 151
|
|
$ (300)
|
|
|
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 Results of Operations
|
For the Twelve
Months Ended December 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
|
$ 48,188
|
|
$ 48,188
|
|
$ —
|
|
$ —
|
|
Revenues of Financial
Products
|
2,783
|
|
—
|
|
3,172
|
|
(389)
|
1
|
Total sales and
revenues
|
50,971
|
|
48,188
|
|
3,172
|
|
(389)
|
|
|
|
|
|
|
|
|
|
|
Operating
costs:
|
|
|
|
|
|
|
|
|
Cost of goods
sold
|
35,513
|
|
35,521
|
|
—
|
|
(8)
|
2
|
Selling, general and
administrative expenses
|
5,365
|
|
4,724
|
|
654
|
|
(13)
|
2
|
Research and
development expenses
|
1,686
|
|
1,686
|
|
—
|
|
—
|
|
Interest expense of
Financial Products
|
455
|
|
—
|
|
455
|
|
—
|
|
Other operating
(income) expenses
|
1,074
|
|
(106)
|
|
1,247
|
|
(67)
|
2
|
Total operating
costs
|
44,093
|
|
41,825
|
|
2,356
|
|
(88)
|
|
|
|
|
|
|
|
|
|
|
Operating
profit
|
6,878
|
|
6,363
|
|
816
|
|
(301)
|
|
|
|
|
|
|
|
|
|
|
Interest expense
excluding Financial Products
|
488
|
|
488
|
|
—
|
|
—
|
|
Other income
(expense)
|
1,814
|
|
2,276
|
|
87
|
|
(549)
|
3
|
|
|
|
|
|
|
|
|
|
Consolidated
profit before taxes
|
8,204
|
|
8,151
|
|
903
|
|
(850)
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit)
for income taxes
|
1,742
|
|
1,517
|
|
225
|
|
—
|
|
Profit of consolidated
companies
|
6,462
|
|
6,634
|
|
678
|
|
(850)
|
|
|
|
|
|
|
|
|
|
|
Equity in profit
(loss) of unconsolidated affiliated companies
|
31
|
|
42
|
|
—
|
|
(11)
|
4
|
|
|
|
|
|
|
|
|
|
Profit of
consolidated and affiliated companies
|
6,493
|
|
6,676
|
|
678
|
|
(861)
|
|
|
|
|
|
|
|
|
|
|
Less: Profit (loss)
attributable to noncontrolling interests
|
4
|
|
3
|
|
12
|
|
(11)
|
5
|
|
|
|
|
|
|
|
|
|
Profit
6
|
$ 6,489
|
|
$ 6,673
|
|
$ 666
|
|
$ (850)
|
|
|
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 Twelve
Months Ended December 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
|
$ 39,022
|
|
$ 39,022
|
|
$ —
|
|
$ —
|
|
Revenues of Financial
Products
|
2,726
|
|
—
|
|
3,110
|
|
(384)
|
1
|
Total sales and
revenues
|
41,748
|
|
39,022
|
|
3,110
|
|
(384)
|
|
|
|
|
|
|
|
|
|
|
Operating
costs:
|
|
|
|
|
|
|
|
|
Cost of goods
sold
|
29,082
|
|
29,088
|
|
—
|
|
(6)
|
2
|
Selling, general and
administrative expenses
|
4,642
|
|
3,915
|
|
746
|
|
(19)
|
2
|
Research and
development expenses
|
1,415
|
|
1,415
|
|
—
|
|
—
|
|
Interest expense of
Financial Products
|
589
|
|
—
|
|
591
|
|
(2)
|
3
|
Other operating
(income) expenses
|
1,467
|
|
283
|
|
1,236
|
|
(52)
|
2
|
Total operating
costs
|
37,195
|
|
34,701
|
|
2,573
|
|
(79)
|
|
|
|
|
|
|
|
|
|
|
Operating
profit
|
4,553
|
|
4,321
|
|
537
|
|
(305)
|
|
|
|
|
|
|
|
|
|
|
Interest expense
excluding Financial Products
|
514
|
|
513
|
|
—
|
|
1
|
3
|
Other income
(expense)
|
(44)
|
|
(62)
|
|
32
|
|
(14)
|
4
|
|
|
|
|
|
|
|
|
|
Consolidated
profit before taxes
|
3,995
|
|
3,746
|
|
569
|
|
(320)
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit)
for income taxes
|
1,006
|
|
853
|
|
153
|
|
—
|
|
Profit of consolidated
companies
|
2,989
|
|
2,893
|
|
416
|
|
(320)
|
|
|
|
|
|
|
|
|
|
|
Equity in profit
(loss) of unconsolidated affiliated companies
|
14
|
|
29
|
|
—
|
|
(15)
|
5
|
|
|
|
|
|
|
|
|
|
Profit of
consolidated and affiliated companies
|
3,003
|
|
2,922
|
|
416
|
|
(335)
|
|
|
|
|
|
|
|
|
|
|
Less: Profit (loss)
attributable to noncontrolling interests
|
5
|
|
5
|
|
15
|
|
(15)
|
6
|
|
|
|
|
|
|
|
|
|
Profit
7
|
$ 2,998
|
|
$ 2,917
|
|
$ 401
|
|
$ (320)
|
|
|
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
December 31, 2021
|
(Unaudited)
|
(Millions of
dollars)
|
|
|
|
|
Supplemental Consolidating Data
|
|
|
Consolidated
|
|
Machinery,
Energy
&
Transportation
|
|
Financial
Products
|
|
Consolidating
Adjustments
|
|
Assets
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$ 9,254
|
|
$ 8,428
|
|
$ 826
|
|
$ —
|
|
Receivables – trade
and other
|
8,477
|
|
3,279
|
|
435
|
|
4,763
|
1,2
|
Receivables –
finance
|
8,898
|
|
—
|
|
13,828
|
|
(4,930)
|
2
|
Prepaid expenses and
other current assets
|
2,788
|
|
2,567
|
|
358
|
|
(137)
|
3
|
Inventories
|
14,038
|
|
14,038
|
|
—
|
|
—
|
|
Total current
assets
|
43,455
|
|
28,312
|
|
15,447
|
|
(304)
|
|
|
|
|
|
|
|
|
|
|
Property, plant and
equipment – net
|
12,090
|
|
8,172
|
|
3,918
|
|
—
|
|
Long-term receivables
– trade and other
|
1,204
|
|
375
|
|
204
|
|
625
|
1,2
|
Long-term receivables
– finance
|
12,707
|
|
—
|
|
13,358
|
|
(651)
|
2
|
Noncurrent deferred
and refundable income taxes
|
1,840
|
|
2,396
|
|
105
|
|
(661)
|
4
|
Intangible
assets
|
1,042
|
|
1,042
|
|
—
|
|
—
|
|
Goodwill
|
6,324
|
|
6,324
|
|
—
|
|
—
|
|
Other
assets
|
4,131
|
|
3,388
|
|
1,952
|
|
(1,209)
|
5
|
Total
assets
|
$ 82,793
|
|
$ 50,009
|
|
$ 34,984
|
|
$ (2,200)
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Short-term
borrowings
|
$ 5,404
|
|
$ 9
|
|
$ 5,395
|
|
$ —
|
|
Accounts
payable
|
8,154
|
|
8,079
|
|
242
|
|
(167)
|
6
|
Accrued
expenses
|
3,757
|
|
3,385
|
|
372
|
|
—
|
|
Accrued wages,
salaries and employee benefits
|
2,242
|
|
2,186
|
|
56
|
|
—
|
|
Customer
advances
|
1,087
|
|
1,086
|
|
1
|
|
—
|
|
Dividends
payable
|
595
|
|
595
|
|
—
|
|
—
|
|
Other current
liabilities
|
2,256
|
|
1,773
|
|
642
|
|
(159)
|
4,7
|
Long-term debt due
within one year
|
6,352
|
|
45
|
|
6,307
|
|
—
|
|
Total current
liabilities
|
29,847
|
|
17,158
|
|
13,015
|
|
(326)
|
|
|
|
|
|
|
|
|
|
|
Long-term debt due
after one year
|
26,033
|
|
9,772
|
|
16,287
|
|
(26)
|
8
|
Liability for
postemployment benefits
|
5,592
|
|
5,592
|
|
—
|
|
—
|
|
Other
liabilities
|
4,805
|
|
4,106
|
|
1,425
|
|
(726)
|
4
|
Total
liabilities
|
66,277
|
|
36,628
|
|
30,727
|
|
(1,078)
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
|
Common
stock
|
6,398
|
|
6,398
|
|
919
|
|
(919)
|
9
|
Treasury
stock
|
(27,643)
|
|
(27,643)
|
|
—
|
|
—
|
|
Profit employed in the
business
|
39,282
|
|
35,390
|
|
3,881
|
|
11
|
9
|
Accumulated other
comprehensive income (loss)
|
(1,553)
|
|
(799)
|
|
(754)
|
|
—
|
|
Noncontrolling
interests
|
32
|
|
35
|
|
211
|
|
(214)
|
9
|
Total
shareholders' equity
|
16,516
|
|
13,381
|
|
4,257
|
|
(1,122)
|
|
Total liabilities
and shareholders' equity
|
$ 82,793
|
|
$ 50,009
|
|
$ 34,984
|
|
$ (2,200)
|
|
|
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 cash
equivalents
|
$ 9,352
|
|
$ 8,822
|
|
$ 530
|
|
$ —
|
|
Receivables – trade
and other
|
7,317
|
|
3,846
|
|
397
|
|
3,074
|
1,2
|
Receivables –
finance
|
9,463
|
|
—
|
|
13,681
|
|
(4,218)
|
2
|
Prepaid expenses and
other current assets
|
1,930
|
|
1,376
|
|
624
|
|
(70)
|
3
|
Inventories
|
11,402
|
|
11,402
|
|
—
|
|
—
|
|
Total current
assets
|
39,464
|
|
25,446
|
|
15,232
|
|
(1,214)
|
|
|
|
|
|
|
|
|
|
|
Property, plant and
equipment – net
|
12,401
|
|
8,309
|
|
4,092
|
|
—
|
|
Long-term receivables
– trade and other
|
1,185
|
|
363
|
|
164
|
|
658
|
1,2
|
Long-term receivables
– finance
|
12,222
|
|
—
|
|
12,895
|
|
(673)
|
2
|
Noncurrent deferred
and refundable income taxes
|
1,523
|
|
2,058
|
|
110
|
|
(645)
|
4
|
Intangible
assets
|
1,308
|
|
1,308
|
|
—
|
|
—
|
|
Goodwill
|
6,394
|
|
6,394
|
|
—
|
|
—
|
|
Other
assets
|
3,827
|
|
3,158
|
|
1,871
|
|
(1,202)
|
5
|
Total
assets
|
$ 78,324
|
|
$ 47,036
|
|
$ 34,364
|
|
$ (3,076)
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Short-term
borrowings
|
$ 2,015
|
|
$ 10
|
|
$ 2,005
|
|
$ —
|
|
Short-term borrowings
with consolidated companies
|
—
|
|
—
|
|
1,000
|
|
(1,000)
|
6
|
Accounts
payable
|
6,128
|
|
6,060
|
|
212
|
|
(144)
|
7
|
Accrued
expenses
|
3,642
|
|
3,099
|
|
543
|
|
—
|
|
Accrued wages,
salaries and employee benefits
|
1,096
|
|
1,081
|
|
15
|
|
—
|
|
Customer
advances
|
1,108
|
|
1,108
|
|
—
|
|
—
|
|
Dividends
payable
|
562
|
|
562
|
|
—
|
|
—
|
|
Other current
liabilities
|
2,017
|
|
1,530
|
|
580
|
|
(93)
|
4,8
|
Long-term debt due
within one year
|
9,149
|
|
1,420
|
|
7,729
|
|
—
|
|
Total current
liabilities
|
25,717
|
|
14,870
|
|
12,084
|
|
(1,237)
|
|
|
|
|
|
|
|
|
|
|
Long-term debt due
after one year
|
25,999
|
|
9,764
|
|
16,250
|
|
(15)
|
6
|
Liability for
postemployment benefits
|
6,872
|
|
6,872
|
|
—
|
|
—
|
|
Other
liabilities
|
4,358
|
|
3,691
|
|
1,385
|
|
(718)
|
4
|
Total
liabilities
|
62,946
|
|
35,197
|
|
29,719
|
|
(1,970)
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
|
Common
stock
|
6,230
|
|
6,230
|
|
919
|
|
(919)
|
9
|
Treasury
stock
|
(25,178)
|
|
(25,178)
|
|
—
|
|
—
|
|
Profit employed in the
business
|
35,167
|
|
31,091
|
|
4,065
|
|
11
|
9
|
Accumulated other
comprehensive income (loss)
|
(888)
|
|
(352)
|
|
(536)
|
|
—
|
|
Noncontrolling
interests
|
47
|
|
48
|
|
197
|
|
(198)
|
9
|
Total
shareholders' equity
|
15,378
|
|
11,839
|
|
4,645
|
|
(1,106)
|
|
Total liabilities
and shareholders' equity
|
$ 78,324
|
|
$ 47,036
|
|
$ 34,364
|
|
$ (3,076)
|
|
|
1
|
Elimination of
receivables between ME&T and Financial Products.
|
2
|
Reclassification of
ME&T's trade receivables purchased by Financial Products and
Financial Products' wholesale inventory receivables.
|
3
|
Elimination of
ME&T's insurance premiums that are prepaid to Financial
Products.
|
4
|
Reclassification
reflecting required netting of deferred tax assets/liabilities by
taxing jurisdiction.
|
5
|
Elimination of other
intercompany assets between ME&T and Financial
Products.
|
6
|
Elimination of debt
between ME&T and Financial Products.
|
7
|
Elimination of
payables between ME&T and Financial Products.
|
8
|
Elimination of
prepaid insurance in Financial Products' other
liabilities.
|
9
|
Eliminations
associated with ME&T's investments in Financial Products'
subsidiaries.
|
|
|
Caterpillar
Inc.
|
Supplemental Data
for Cash Flow
|
For the Twelve
Months Ended December 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
|
$ 6,493
|
|
$ 6,676
|
|
$ 678
|
|
$ (861)
|
1,5
|
Adjustments for
non-cash items:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
2,352
|
|
1,550
|
|
802
|
|
—
|
|
Actuarial (gain) loss
on pension and postretirement benefits
|
(833)
|
|
(833)
|
|
—
|
|
—
|
|
Provision (benefit)
for deferred income taxes
|
(383)
|
|
(329)
|
|
(54)
|
|
—
|
|
Other
|
216
|
|
131
|
|
(209)
|
|
294
|
2
|
Changes in assets and
liabilities, net of acquisitions and divestitures:
|
|
|
|
|
|
|
|
|
Receivables – trade
and other
|
(1,259)
|
|
(463)
|
|
47
|
|
(843)
|
2,3
|
Inventories
|
(2,586)
|
|
(2,581)
|
|
—
|
|
(5)
|
2
|
Accounts
payable
|
2,041
|
|
2,015
|
|
49
|
|
(23)
|
2
|
Accrued
expenses
|
196
|
|
288
|
|
(92)
|
|
—
|
|
Accrued wages,
salaries and employee benefits
|
1,107
|
|
1,066
|
|
41
|
|
—
|
|
Customer
advances
|
34
|
|
33
|
|
1
|
|
—
|
|
Other assets –
net
|
(97)
|
|
(200)
|
|
25
|
|
78
|
2
|
Other liabilities –
net
|
(83)
|
|
(176)
|
|
132
|
|
(39)
|
2
|
Net cash provided by
(used for) operating activities
|
7,198
|
|
7,177
|
|
1,420
|
|
(1,399)
|
|
Cash flow from
investing activities:
|
|
|
|
|
|
|
|
|
Capital expenditures –
excluding equipment leased to others
|
(1,093)
|
|
(1,088)
|
|
(16)
|
|
11
|
2
|
Expenditures for
equipment leased to others
|
(1,379)
|
|
(41)
|
|
(1,347)
|
|
9
|
2
|
Proceeds from
disposals of leased assets and property, plant and
equipment
|
1,265
|
|
186
|
|
1,095
|
|
(16)
|
2
|
Additions to finance
receivables
|
(13,002)
|
|
—
|
|
(13,845)
|
|
843
|
3
|
Collections of finance
receivables
|
12,430
|
|
—
|
|
13,337
|
|
(907)
|
3
|
Net intercompany
purchased receivables
|
—
|
|
—
|
|
(609)
|
|
609
|
3
|
Proceeds from sale of
finance receivables
|
51
|
|
—
|
|
51
|
|
—
|
|
Net intercompany
borrowings
|
—
|
|
1,000
|
|
5
|
|
(1,005)
|
4
|
Investments and
acquisitions (net of cash acquired)
|
(490)
|
|
(490)
|
|
—
|
|
—
|
|
Proceeds from sale of
businesses and investments (net of cash sold)
|
36
|
|
36
|
|
—
|
|
—
|
|
Proceeds from sale of
securities
|
785
|
|
274
|
|
511
|
|
—
|
|
Investments in
securities
|
(1,766)
|
|
(1,189)
|
|
(577)
|
|
—
|
|
Other – net
|
79
|
|
81
|
|
(2)
|
|
—
|
|
Net cash provided by
(used for) investing activities
|
(3,084)
|
|
(1,231)
|
|
(1,397)
|
|
(456)
|
|
Cash flow from
financing activities:
|
|
|
|
|
|
|
|
|
Dividends
paid
|
(2,332)
|
|
(2,332)
|
|
(850)
|
|
850
|
5
|
Common stock issued,
including treasury shares reissued
|
135
|
|
135
|
|
—
|
|
—
|
|
Common shares
repurchased
|
(2,668)
|
|
(2,668)
|
|
—
|
|
—
|
|
Net intercompany
borrowings
|
—
|
|
(5)
|
|
(1,000)
|
|
1,005
|
4
|
Proceeds from debt
issued > 90 days
|
6,989
|
|
494
|
|
6,495
|
|
—
|
|
Payments on debt >
90 days
|
(9,796)
|
|
(1,919)
|
|
(7,877)
|
|
—
|
|
Short-term borrowings
– net < 90 days
|
3,488
|
|
(1)
|
|
3,489
|
|
—
|
|
Other – net
|
(4)
|
|
(4)
|
|
—
|
|
—
|
|
Net cash provided by
(used for) financing activities
|
(4,188)
|
|
(6,300)
|
|
257
|
|
1,855
|
|
Effect of exchange
rate changes on cash
|
(29)
|
|
(35)
|
|
6
|
|
—
|
|
Increase
(decrease) in cash, cash equivalents and restricted
cash
|
(103)
|
|
(389)
|
|
286
|
|
—
|
|
Cash, cash
equivalents and restricted cash at beginning of period
|
9,366
|
|
8,822
|
|
544
|
|
—
|
|
Cash, cash
equivalents and restricted cash at end of period
|
$ 9,263
|
|
$ 8,433
|
|
$ 830
|
|
$ —
|
|
|
|
|
|
|
|
|
|
|
1
|
Elimination of equity
profit earned from Financial Products' subsidiaries partially owned
by ME&T subsidiaries.
|
2
|
Elimination of
non-cash adjustments and changes in assets and liabilities related
to consolidated reporting.
|
3
|
Reclassification of
Financial Products' cash flow activity from investing to operating
for receivables that arose from the sale of inventory.
|
4
|
Elimination of net
proceeds and payments to/from ME&T and Financial
Products.
|
5
|
Elimination of
dividend activity between Financial Products and
ME&T.
|
|
|
Caterpillar
Inc.
|
Supplemental Data
for Cash Flow
|
For the Twelve
Months Ended December 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
|
$ 3,003
|
|
$ 2,922
|
|
$ 416
|
|
$ (335)
|
1,5
|
Adjustments for
non-cash items:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
2,432
|
|
1,630
|
|
802
|
|
—
|
|
Actuarial (gain) loss
on pension and postretirement benefits
|
383
|
|
384
|
|
(1)
|
|
—
|
|
Provision (benefit)
for deferred income taxes
|
(74)
|
|
(85)
|
|
11
|
|
—
|
|
Other
|
1,000
|
|
613
|
|
98
|
|
289
|
2
|
Changes in assets and
liabilities, net of acquisitions and divestitures:
|
|
|
|
|
|
|
|
|
Receivables – trade
and other
|
1,442
|
|
395
|
|
50
|
|
997
|
2,3
|
Inventories
|
(34)
|
|
(29)
|
|
—
|
|
(5)
|
2
|
Accounts
payable
|
98
|
|
51
|
|
18
|
|
29
|
2
|
Accrued
expenses
|
(366)
|
|
(364)
|
|
(2)
|
|
—
|
|
Accrued wages,
salaries and employee benefits
|
(544)
|
|
(510)
|
|
(34)
|
|
—
|
|
Customer
advances
|
(126)
|
|
(126)
|
|
—
|
|
—
|
|
Other assets –
net
|
(201)
|
|
(133)
|
|
(71)
|
|
3
|
2
|
Other liabilities –
net
|
(686)
|
|
(694)
|
|
(22)
|
|
30
|
2
|
Net cash provided by
(used for) operating activities
|
6,327
|
|
4,054
|
|
1,265
|
|
1,008
|
|
Cash flow from
investing activities:
|
|
|
|
|
|
|
|
|
Capital expenditures –
excluding equipment leased to others
|
(978)
|
|
(976)
|
|
(14)
|
|
12
|
2
|
Expenditures for
equipment leased to others
|
(1,137)
|
|
(18)
|
|
(1,139)
|
|
20
|
2
|
Proceeds from
disposals of leased assets and property, plant and
equipment
|
772
|
|
147
|
|
651
|
|
(26)
|
2
|
Additions to finance
receivables
|
(12,385)
|
|
—
|
|
(13,525)
|
|
1,140
|
3
|
Collections of finance
receivables
|
12,646
|
|
—
|
|
14,077
|
|
(1,431)
|
3
|
Net intercompany
purchased receivables
|
—
|
|
—
|
|
1,043
|
|
(1,043)
|
3
|
Proceeds from sale of
finance receivables
|
42
|
|
—
|
|
42
|
|
—
|
|
Net intercompany
borrowings
|
—
|
|
(401)
|
|
7
|
|
394
|
4
|
Investments and
acquisitions (net of cash acquired)
|
(111)
|
|
(111)
|
|
—
|
|
—
|
|
Proceeds from sale of
businesses and investments (net of cash sold)
|
25
|
|
25
|
|
—
|
|
—
|
|
Proceeds from sale of
securities
|
345
|
|
24
|
|
321
|
|
—
|
|
Investments in
securities
|
(638)
|
|
(21)
|
|
(617)
|
|
—
|
|
Other – net
|
(66)
|
|
(11)
|
|
(55)
|
|
—
|
|
Net cash provided by
(used for) investing activities
|
(1,485)
|
|
(1,342)
|
|
791
|
|
(934)
|
|
Cash flow from
financing activities:
|
|
|
|
|
|
|
|
|
Dividends
paid
|
(2,243)
|
|
(2,243)
|
|
(320)
|
|
320
|
5
|
Common stock issued,
including treasury shares reissued
|
229
|
|
229
|
|
—
|
|
—
|
|
Common shares
repurchased
|
(1,130)
|
|
(1,130)
|
|
—
|
|
—
|
|
Net intercompany
borrowings
|
—
|
|
(7)
|
|
401
|
|
(394)
|
4
|
Proceeds from debt
issued > 90 days
|
10,431
|
|
1,991
|
|
8,440
|
|
—
|
|
Payments on debt >
90 days
|
(8,237)
|
|
(26)
|
|
(8,211)
|
|
—
|
|
Short-term borrowings
– net < 90 days
|
(2,804)
|
|
5
|
|
(2,809)
|
|
—
|
|
Other – net
|
(1)
|
|
(1)
|
|
—
|
|
—
|
|
Net cash provided by
(used for) financing activities
|
(3,755)
|
|
(1,182)
|
|
(2,499)
|
|
(74)
|
|
Effect of exchange
rate changes on cash
|
(13)
|
|
(10)
|
|
(3)
|
|
—
|
|
Increase
(decrease) in cash, cash equivalents and restricted
cash
|
1,074
|
|
1,520
|
|
(446)
|
|
—
|
|
Cash, cash
equivalents and restricted cash at beginning of period
|
8,292
|
|
7,302
|
|
990
|
|
—
|
|
Cash, cash
equivalents and restricted cash at end of period
|
$ 9,366
|
|
$ 8,822
|
|
$ 544
|
|
$ —
|
|
|
1
|
Elimination of equity
profit earned from Financial Products' subsidiaries partially owned
by ME&T subsidiaries.
|
2
|
Elimination of
non-cash adjustments and changes in assets and liabilities related
to consolidated reporting.
|
3
|
Reclassification of
Financial Products' cash flow activity from investing to operating
for receivables that arose from the sale of inventory.
|
4
|
Elimination of net
proceeds and payments to/from ME&T and Financial
Products.
|
5
|
Elimination of
dividend activity between Financial Products and
ME&T.
|
View original
content:https://www.prnewswire.com/news-releases/caterpillar-reports-fourth-quarter-and-full-year-2021-results-301470543.html
SOURCE Caterpillar Inc.