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CATERPILLAR INC.

(CAT)
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Caterpillar Inc.: Files Form 8-K Earnings Release for the Quarter Ended 30 September 2021

29/10/2021 | 18:12
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Caterpillar Inc.
Caterpillar Inc.: Files Form 8-K Earnings Release for the Quarter Ended 30 September 2021

29-Oct-2021 / 18:09 CET/CEST
Information réglementaire transmise par EQS Group.
Le contenu de ce communiqué est de la responsabilité de l'émetteur.


UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

Current Report

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 28, 2021

CATERPILLAR INC.

(Exact name of registrant as specified in its charter)

Delaware 1-768 37-0602744

(State or other jurisdiction of (Commission File (I.R.S Employer Identification No.)

incorporation) Number)

510 Lake Cook Road, Suite 100, Deerfield, Illinois 60015

(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: (224) 551-4000

Former name or former address, if changed since last report: N/A

? Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

? Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

? Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

? Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol (s)Name of each exchange which registered

Common Stock ($1.00 par value) CAT The New York Stock Exchange

8% Debentures due February 15, 2023 CAT23 The New York Stock Exchange

5.3% Debentures due September 15, 2035 CAT35 The New York Stock Exchange

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Indicate by check mark whether the registrant is an emerging growth company as defined by Rule 405 of the Securities Act of

1933 (17 CFR §230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2 of this chapter).

Emerging growth company ?

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period

for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange ? Act.

 

Item 2.02. Results of Operations and Financial Condition.

On October 28, 2021, Caterpillar Inc. issued a press release reporting its financial results for the quarter ended September 30, 2021. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated into this Item 2.02 by reference.

Item 7.01. Regulation FD Disclosure.

Caterpillar Inc. is furnishing supplemental information concerning (i) retail sales of machines to end users and (ii) retail sales of power systems (including reciprocating and turbine engines and locomotives) to end users and Original Equipment Manufacturers ("OEMs"). This supplemental information is attached hereto as Exhibit 99.2 and incorporated into this Item 7.01 by reference.

The information in this Current Report on Form 8-K, including Exhibit 99.1, is being furnished in accordance with the provisions of General Instruction B.2 of Form 8-K.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits:

The following is furnished as an exhibit to this report:

99.1 Caterpillar Inc. press release dated October 28, 2021

99.2 Retail Statistics

104 The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

CATERPILLAR INC.

October 28, 2021 By: /s/ Suzette M. Long

Suzette M. Long

Chief Legal Officer and General Counsel

 

Exhibit 99.1

Caterpillar Inc.

3Q 2021 Earnings Release

October 28, 2021

FOR IMMEDIATE RELEASE

Caterpillar Reports Third-Quarter 2021 Results

($ in billions except profit per share)

Third Quarter

 

2021

 

2020

 

 

 

  • Third-quarter 2021 sales and revenues increased

Sales and Revenues

$12.4

$9.9

25% to $12.4 billion

 

 

 

  • Third-quarter 2021 profit per share of $2.60; adjusted profit per share of $2.66

Profit Per Share

$2.60

$1.22

 

 

 

  • Strong balance sheet; returned $2.0 billion to

Adjusted Profit Per Share

$2.66

$1.52

shareholders through dividends and share repurchases in the quarter

 

DEERFIELD, Ill. - Caterpillar Inc. (NYSE: CAT) today announced third-quarter 2021 sales and revenues of $12.4 billion, a 25% increase compared with $9.9 billion in the third quarter of 2020. The increase was primarily due to higher sales volume, driven by higher end-user demand for equipment and services, and favorable price realization.

Operating profit margin was 13.4% for the third quarter of 2021, compared with 10.0% for the third quarter of 2020. Third-quarter 2021 profit per share was $2.60, compared with third-quarter 2020 profit per share of $1.22. Adjusted profit per share in the third quarter of 2021 was $2.66, compared with third-quarter 2020 adjusted profit per share of $1.52. Third-quarter 2021 adjusted profit per share of $2.66 reflected strong operational performance and a lower-than-expected effective tax rate. Adjusted profit per share for both quarters excluded restructuring costs, while the third quarter of 2020 also excluded remeasurement losses of $0.12 per share, resulting from the settlements of pension obligations. Please see a reconciliation of GAAP to non-GAAP financial measures in the appendix on page 13.

For the nine months ended September 30, 2021, enterprise operating cash flow was $5.8 billion and the company ended the third quarter with $9.4 billion of enterprise cash. In the quarter, the company repurchased $1.4 billion of Caterpillar common stock and paid dividends of $0.6 billion.

"Our global team continues to execute our long-term strategy for profitable growth while working to mitigate supply chain challenges as we serve our customers," said Chairman and CEO Jim Umpleby. "Our third-quarter results reflect higher sales and revenues across our three primary segments and in all regions."

(more)

 

2

CONSOLIDATED RESULTS

Consolidated Sales and Revenues

 

The chart above graphically illustrates reasons for the change in consolidated sales and revenues between the third quarter of 2020 (at left) and the third 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 third quarter of 2021 were $12.397 billion, an increase of $2.516 billion, or 25%, compared with $9.881 billion in the third quarter of 2020. The increase was primarily 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 by $600 million during the third quarter of 2020, compared with a decrease of $300 million during the third quarter of 2021.

Sales were higher across the three primary segments.

Sales and Revenues by Segment

 

(Millions of dollars)

Third
Quarter

2020

Sales
Volume

Price
Realization

Currency

Inter-
Segment /
Other

Third
Quarter

2021

$
Change

% Change

Construction Industries

$ 4,056

$ 957

$ 218

$ 38

$ (14)

$ 5,255

$ 1,199

30%

Resource Industries

1,816

522

43

22

3

2,406

590

32%

Energy & Transportation

4,161

628

(6)

44

250

5,077

916

22%

All Other Segment

106

10

(1)

1

3

119

13

12%

Corporate Items and Eliminations

(911)

1

2

-

(242)

(1,150)

(239)

 

Machinery, Energy & Transportation

9,228

2,118

256

105

-

11,707

2,479

27%

Financial Products Segment

724

-

-

-

38

762

38

5%

Corporate Items and Eliminations

(71)

-

-

-

(1)

(72)

(1)

 

Financial Products Revenues

653

-

-

-

37

690

37

6%

Consolidated Sales and Revenues

$ 9,881

$ 2,118

$ 256

$ 105

$ 37

$ 12,397

$ 2,516

25%

 

 

(more)

 

3

Sales and Revenues by Geographic Region

External Sales Total Sales

North America Latin America EAME Asia/Pacific and Revenues Inter-Segment and Revenues

 

(Millions of dollars) $    % Chg    $     % Chg    $    % Chg    $     % Chg   $     % Chg    $    % Chg   $      % Chg

Third Quarter 2021

Construction Industries $ 2,417 36% $ 528 130% $ 1,240 56% $ 1,076 (13%) $ 5,261 30% $ (6) (175%) $ 5,255 30%

Resource Industries 674 38% 417 55% 456 19% 744 32% 2,291 34% 115 3% 2,406 32%

Energy & Transportation 1,924 21% 329 49% 1,144 3% 744 34% 4,141 19% 936 36% 5,077 22%

All Other Segment 18 80% - (100%) 3 200% 14 8% 35 40% 84 4% 119 12%

Corporate Items and Eliminations (19) - - (2)           (21)         (1,129)        (1,150)

Machinery, Energy & Transportation 5,014 31% 1,274 77% 2,843 24% 2,576 8% 11,707 27% - -% 11,707 27%

Financial Products Segment 478 7% 68 8% 105 5% 111 (2%) 762 5% - -% 762 5%

Corporate Items and Eliminations (37)           (13)           (9)           (13)           (72) - (72)

Financial Products Revenues 441 7% 55 4% 96 7% 98 (1%) 690 6% - -% 690 6%

Consolidated Sales and Revenues $ 5,455 28% $ 1,329 72% $ 2,939 23% $ 2,674 8% $ 12,397 25% $ - -% $ 12,397 25%

Third Quarter 2020

Construction Industries $ 1,781 $ 230 $ 796 $ 1,241 $ 4,048 $ 8 $ 4,056

Resource Industries 487 269 384 564 1,704 112 1,816

Energy & Transportation 1,584 221 1,113 557 3,475 686 4,161

All Other Segment 10 1 1 13 25 81 106

Corporate Items and Eliminations (22) (2) - - (24) (887) (911)

Machinery, Energy & Transportation 3,840 719 2,294 2,375 9,228 - 9,228

Financial Products Segment 448 63 100 113 724 - 724

Corporate Items and Eliminations (37) (10) (10) (14) (71) - (71)

Financial Products Revenues 411 53 90 99 653 - 653

Consolidated Sales and Revenues $ 4,251 $ 772 $ 2,384 $ 2,474 $ 9,881 $ - $ 9,881

 

 

 

(more)

 

4

Consolidated Operating Profit

 

The chart above graphically illustrates reasons for the change in consolidated operating profit between the third quarter of 2020 (at left) and the third 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 third quarter of 2021 was $1.664 billion, an increase of $679 million, or 69%, compared with $985 million in the third quarter of 2020. The increase was primarily due to higher sales volume and favorable price realization, partially offset by higher selling, general and administrative (SG&A) and research and development (R&D) expenses as well as higher manufacturing costs.

Unfavorable manufacturing costs reflected higher variable labor and burden, primarily freight, and higher period manufacturing and material costs, partially offset by favorable cost absorption and lower warranty expense. Cost absorption was favorable as inventory increased during the third quarter of 2021.

The increase in both SG&A/R&D expenses and period manufacturing costs was mainly driven by higher short-term incentive compensation expense, which was reinstated in 2021, and investments aligned with the company's strategy for profitable growth, including acquisition-related expenses.

 

(more)

 

 

 

5

 

 

 

 

 

 

Profit (Loss) by Segment

 

 

 

 

 

 

 

 

 

 

Third Quarter

 

Third Quarter

 

$

 

%

(Millions of dollars)

 

2021

 

2020

 

Change

 

Change

Construction Industries

$

859

$

585

$

 

274

47%

Resource Industries

 

297

 

167

 

 

130

78%

Energy & Transportation

 

696

 

492

 

 

204

41%

All Other Segment

 

5

 

27

 

 

(22)

(81%)

Corporate Items and Eliminations

 

(286)

 

(346)

 

 

60

 

Machinery, Energy & Transportation

 

1,571

 

925

 

 

646

70%

Financial Products Segment

 

173

 

142

 

 

31

22%

Corporate Items and Eliminations

 

(7)

 

(15)

 

 

8

 

Financial Products

 

166

 

127

 

 

39

31%

Consolidating Adjustments

 

(73)

 

(67)

 

 

(6)

 

Consolidated Operating Profit

$

1,664

$

985

$

 

679

69%

 

Other Profit/Loss and Tax Items

  • Other income (expense) in the third quarter of 2021 was income of $225 million, compared with income of $14 million in the third quarter of 2020. The change was primarily due to favorable impacts from foreign currency exchange gains (losses), the absence of remeasurement losses resulting from the settlements of pension obligations that occurred in the third quarter of 2020 and favorable pension and other postemployment benefit (OPEB) plan costs.

The company experienced foreign currency exchange net gains in the third quarter of 2021, primarily due to the euro, compared with net losses in the third quarter of 2020.

  • The provision for income taxes for the third quarter of 2021 reflected a lower estimated annual tax rate of 25%, compared with 31% for the third 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 was primarily related to changes in the expected geographic mix of profits from a tax perspective for 2021.

In the third quarter of 2021, the company recorded a $39 million benefit due to the change from the second-quarter estimated annual tax rate of 26%. In addition, the company recorded discrete tax benefits of $36 million to reflect changes in estimates related to prior year U.S. taxes in the third quarter of 2021 compared to $80 million in the third quarter of 2020. In the third quarter of 2020, a discrete tax benefit of $13 million was recorded for settlement of stock-based compensation awards along with a $12 million tax benefit related to the $77 million of remeasurement losses resulting from the settlements of pension obligations.

 

(more)

 

6

CONSTRUCTION INDUSTRIES

(Millions of dollars)

Segment Sales

Third Sales Price Inter- Third $ %

Quarter 2020 Volume Realization Currency Segment Quarter 2021 Change Change

Total Sales

Sales by Geographic

$ 4,056

Region

Third

Quarter 2021

$ 957

Third

Quarter 2020

$ 218

$

Change

$ 38 $ (14) $ 5,255 $ 1,199 30%

%
Change

North America

$ 2,417

$ 1,781

$ 636

36%

Latin America

528

230

298

130%

EAME

1,240

796

444

56%

Asia/Pacific

1,076

1,241

(165)

(13%)

External Sales

5,261

4,048

1,213

30%

Inter-segment

(6)

8

(14)

(175%)

Total Sales

$ 5,255

$ 4,056

$ 1,199

30%

 

Segment Profit

Third Third %

Quarter 2021 Quarter 2020 Change Change

Segment Profit $ 859 $ 585 $ 274 47%

Segment Profit Margin 16.3 % 14.4 % 1.9 pts

Construction Industries' total sales were $5.255 billion in the third quarter of 2021, an increase of $1.199 billion, or 30%, compared with $4.056 billion in the third quarter of 2020. The increase was due to higher sales volume and favorable price realization. The increase in sales volume was driven by higher end-user demand and the impact from changes in dealer inventories. Overall, dealers decreased inventories more during the third quarter of 2020 than during the third quarter of 2021.

  • In North America, sales increased due to higher sales volume and favorable price realization. Higher sales volume was driven by higher end-user demand from improving non-residential construction, as well as continued strength in residential construction and the impact from changes in dealer inventories. Dealers decreased inventories more during the third quarter of 2020 than during the third quarter of 2021.
  • Sales increased in Latin America mostly due to higher sales volume led by the impact of changes in dealer inventories and higher end-user demand across the region. Dealers decreased inventories during the third quarter of 2020, compared with an increase during the third quarter of 2021.
  • In EAME, sales increased due to higher sales volume from the impact of changes in dealer inventories and higher end-user demand. Dealers decreased inventories during the third quarter of 2020, compared with an increase during the third quarter of 2021.
  • Sales decreased in Asia/Pacific mainly due to lower sales volume, reflecting the impact of changes in dealer inventory. Dealers decreased inventories during the third quarter of 2021, compared with an increase during the third quarter of 2020. Lower sales in China, driven by lower end-user demand and impacts of changes in dealer inventory, were partially offset by increased sales across the rest of the region.

Construction Industries' profit was $859 million in the third quarter of 2021, an increase of $274 million, or 47%, compared with $585 million in the third quarter of 2020. The increase was mainly due to higher sales volume and

 

(more)

 

7

 

favorable price realization, partially offset by unfavorable manufacturing costs, which largely reflected higher variable labor and burden, primarily freight, and material costs.

 

(more)

 

8

RESOURCE INDUSTRIES

(Millions of dollars)

Segment Sales

Third Sales Price Inter- Third $ %

Quarter 2020 Volume Realization Currency Segment Quarter 2021 Change Change

Total Sales

Sales by Geographic

$ 1,816

Region

Third

Quarter 2021

$ 522

Third

Quarter 2020

$ 43

$

Change

$ 22 $ 3 $ 2,406 $ 590 32%

%
Change

North America

$ 674

$ 487

$ 187

38%

Latin America

417

269

148

55%

EAME

456

384

72

19%

Asia/Pacific

744

564

180

32%

External Sales

2,291

1,704

587

34%

Inter-segment

115

112

3

3%

Total Sales

$ 2,406

$ 1,816

$ 590

32%

 

Segment Profit

Third Third %

Quarter 2021 Quarter 2020 Change Change

Segment Profit $ 297 $ 167 $ 130 78%

Segment Profit Margin 12.3 % 9.2 % 3.1 pts

Resource Industries' total sales were $2.406 billion in the third quarter of 2021, an increase of $590 million, or 32%, compared with $1.816 billion in the third quarter of 2020. The increase was primarily due to higher sales volume driven by higher end-user demand for equipment and aftermarket parts, partially offset by the impacts of changes in dealer inventories. Dealers decreased inventories more during the third quarter of 2021 than during the third quarter of 2020. End-user demand was higher in both mining and heavy construction and quarry and aggregates.

Resource Industries' profit was $297 million in the third quarter of 2021, an increase of $130 million, or 78%, compared with $167 million in the third quarter of 2020. The increase was mainly due to higher sales volume and favorable price realization, partially offset by unfavorable manufacturing costs. Increased manufacturing costs reflected higher variable labor and burden, primarily freight, and material costs.

 

(more)

 

9

ENERGY & TRANSPORTATION

(Millions of dollars)

Segment Sales

Third Sales Price Inter- Third $ %

Quarter 2020 Volume Realization Currency Segment Quarter 2021 Change Change

Total Sales

Sales by Application

$ 4,161

Third Quarter 2021

$ 628

Third

Quarter 2020

$ (6)

$

Change

$ 44 $ 250 $ 5,077 $ 916 22%

%
Change

Oil and Gas

$ 1,088

$ 734

$ 354

48%

Power Generation

1,010

1,034

(24)

(2%)

Industrial

948

730

218

30%

Transportation

1,095

977

118

12%

External Sales

4,141

3,475

666

19%

Inter-segment

936

686

250

36%

Total Sales

$ 5,077

$ 4,161

$ 916

22%

 

Segment Profit

Third Third %

Quarter 2021 Quarter 2020 Change Change

Segment Profit $ 696 $ 492 $ 204 41%

Segment Profit Margin 13.7 % 11.8 % 1.9 pts

Energy & Transportation's total sales were $5.077 billion in the third quarter of 2021, an increase of $916 million, or 22%, compared with $4.161 billion in the third quarter of 2020. Sales increased across all applications and inter-segment sales except Power Generation, which decreased slightly.

  • Oil and Gas - Sales increased for reciprocating engines aftermarket parts, primarily in North America, turbines and turbine-related services and reciprocating engines used in gas compression.
  • Power Generation - Sales decreased slightly due to timing of turbines and turbine-related services. Reciprocating engines were about flat compared to the third quarter of 2020, with aftermarket parts slightly higher offset by slightly lower engine sales.
  • Industrial - Sales were up due to higher demand across all regions.
  • Transportation - Sales increased in rail services and marine.

Energy & Transportation's profit was $696 million in the third quarter of 2021, an increase of $204 million, or 41%, compared with $492 million in the third quarter of 2020. The increase was due to higher sales volume, partially offset by unfavorable manufacturing costs and higher SG&A/R&D expenses. Increased manufacturing costs were mainly driven by higher variable labor and burden, primarily freight, period manufacturing costs and material, partially offset by the absence of inventory write-downs that occurred in the third quarter of 2020. In addition, segment profit was favorably impacted by other operating income/expense.

Both SG&A/R&D expenses and period manufacturing costs were driven by higher short-term incentive compensation expense and investments aligned with growth initiatives, including acquisition-related expenses.

 

(more)

 

10

FINANCIAL PRODUCTS SEGMENT

(Millions of dollars)

Revenues by Geographic Region

 

Third

Quarter 2021

Third Quarter 2020

$

Change

%
Change

North America

$ 478

$ 448

$ 30

7%

Latin America

68

63

5

8%

EAME

105

100

5

5%

Asia/Pacific

111

113

(2)

(2%)

Total Revenues

$ 762

$ 724

$ 38

5%

 

Segment Profit

Third Third %

Quarter 2021 Quarter 2020 Change Change

Segment Profit $ 173 $ 142 $ 31 22%

Financial Products' segment revenues were $762 million in the third quarter of 2021, an increase of $38 million, or 5%, from the third quarter of 2020.

Financial Products' segment profit was $173 million in the third quarter of 2021, an increase of $31 million, or 22%, compared with $142 million in the third quarter of 2020. The increase was mainly due to a favorable impact from returned or repossessed equipment, lower provision for credit losses at Cat Financial and higher net yield on average earning assets. These favorable impacts were partially offset by an increase in SG&A expenses primarily due to higher short-term incentive compensation expense.

At the end of the third quarter of 2021, past dues at Cat Financial were 2.41%, compared with 3.81% at the end of the third quarter of 2020. Past dues decreased across all portfolio segments as global markets generally improved. Write-offs, net of recoveries, were $76 million for the third quarter of 2021, compared with $125 million for the third quarter of 2020. As of September 30, 2021, Cat Financial's allowance for credit losses totaled $378 million, or 1.41% of finance receivables, compared with $402 million, or 1.46% of finance receivables, at June 30, 2021. The allowance for credit losses at year-end 2020 was $479 million, or 1.77% of finance receivables.

Corporate Items and Eliminations

Expense for corporate items and eliminations was $293 million in the third quarter of 2021, a decrease of $68 million from the third quarter of 2020. Higher corporate costs were more than offset by lower restructuring costs, favorable impacts of segment methodology differences and a favorable change in fair value adjustments related to deferred compensation plans.

 

(more)

 

11

Notes

  1. Glossary of terms is included on the Caterpillar website at https://investors.caterpillar.com/overview/default.aspx.
  2. End-user demand is demonstrated by the company's Rolling 3 Month Retail Sales Statistics filed in a Form 8-K on Thursday, October 28, 2021.
  3. Information on non-GAAP financial measures is included in the appendix on page 13.
  4. Some amounts within this report are rounded to the millions or billions and may not add.
  5. Caterpillar will conduct a teleconference and live webcast, with a slide presentation, beginning at 7:30 a.m. Central Time on Thursday, October 28, 2021, to discuss its 2021 third-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)

Caterpillar investor relations contact: Jennifer Driscoll, +1 224-551-4382 or Driscoll Jennifer@cat.com

Caterpillar media contact: Kate Kenny, +1 309-361-9333 or Kenny Kate@cat.com

 

(more)

 

12

 

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.

 

(more)

 

13

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) restructuring costs, which were incurred to generate longer-term benefits and (ii) remeasurement losses resulting from the settlements of pension obligations in the third quarter of 2020. 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:

Three Months Ended September 30, 2020 - U.S. GAAP $ 985 10.0 % $ 863 $ 187 21.7 % $              668 $              1.22

Restructuring costs 112 1.1 % 112 13 12.0 % 99 $              0.18

Remeasurement losses of pension obligations - -% 77 12 15.6 % 65 $              0.12

Three Months Ended September 30, 2020 - Adjusted $ 1,097 11.1 % $ 1,052 $ 212 20.2 % $ 832 $ 1.52

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 24 reconcile ME&T and Financial Products to Caterpillar Inc. consolidated financial information.

(more)

 

14

Caterpillar Inc.
Condensed Consolidated Statement of Results of Operations
(Unaudited)
(Dollars in millions except per share data)

Sales and revenues:

Three Months Ended
September 30,

2021 2020

Nine Months Ended
September 30,

2021 2020

 

 

 

 

Sales of Machinery, Energy & Transportation

$ 11,707

$ 9,228

$ 35,091

$ 28,452

Revenues of Financial Products

690

653

2,082

2,061

Total sales and revenues

12,397

9,881

37,173

30,513

Operating costs:

 

 

 

 

Cost of goods sold

8,617

6,919

25,510

21,298

Selling, general and administrative expenses

1,340

1,126

3,943

3,426

Research and development expenses

427

344

1,247

1,041

Interest expense of Financial Products

111

137

352

461

Other operating (income) expenses

238

370

854

1,114

Total operating costs

10,733

8,896

31,906

27,340

Operating profit

1,664

985

5,267

3,173

Interest expense excluding Financial Products

114

136

376

384

Other income (expense)

225

14

751

265

Consolidated profit before taxes

1,775

863

5,642

3,054

Provision (benefit) for income taxes

368

187

1,313

839

Profit of consolidated companies

1,407

676

4,329

2,215

Equity in profit (loss) of unconsolidated affiliated companies

21

(5)

44

8

Profit of consolidated and affiliated companies

1,428

671

4,373

2,223

Less: Profit (loss) attributable to noncontrolling interests

2

3

4

5

Profit 1

$ 1,426

$ 668

$ 4,369

$ 2,218

 

 

 

 

 

Profit per common share

$ 2.62

$ 1.23

$ 8.00

$ 4.08

Profit per common share - diluted 2

$ 2.60

$ 1.22

$ 7.94

$ 4.05

Weighted-average common shares outstanding (millions) - Basic

544.0

542.3

545.8

543.9

- Diluted 2

547.6

546.4

550.2

547.8

 

 

 

 

 

1 Profit attributable to common shareholders.

 

 

 

 

2Diluted by assumed exercise of stock-based compensation awards using the treasury stock method.

 

 

 

(more)

 

15

Caterpillar Inc.
Condensed Consolidated Statement of Financial Position
(Unaudited)
(Millions of dollars)

Assets

Current assets:

Cash and cash equivalents

Receivables - trade and other

Receivables - finance

Prepaid expenses and other current assets

Inventories

Total current assets

 

September 30,

2021

December 31,

2020

$

9,446 $

7,647 8,919 2,215 13,666

9,352 7,317 9,463 1,930 11,402

 

41,893

39,464

Property, plant and equipment - net

 

11,904

12,401

Long-term receivables - trade and other

 

1,273

1,185

Long-term receivables - finance

 

12,605

12,222

Noncurrent deferred and refundable income taxes

 

1,744

1,523

Intangible assets

 

1,121

1,308

Goodwill

 

6,353

6,394

Other assets

 

3,891

3,827

Total assets

$

80,784 $

78,324

Liabilities

 

 

 

Current liabilities:

 

 

 

Short-term borrowings:

 

 

 

-- Machinery, Energy & Transportation

$

- $

10

-- Financial Products

 

3,247

2,005

Accounts payable

 

7,218

6,128

Accrued expenses

 

3,579

3,642

Accrued wages, salaries and employee benefits

 

2,075

1,096

Customer advances

 

1,155

1,108

Dividends payable

 

-

562

Other current liabilities

 

2,319

2,017

Long-term debt due within one year:

 

 

 

-- Machinery, Energy & Transportation

 

48

1,420

-- Financial Products

 

6,335

7,729

Total current liabilities

 

25,976

25,717

Long-term debt due after one year:

 

 

 

-- Machinery, Energy & Transportation

 

9,759

9,749

-- Financial Products

 

17,395

16,250

Liability for postemployment benefits

 

6,395

6,872

Other liabilities

 

4,564

4,358

Total liabilities

 

64,089

62,946

Shareholders' equity

 

 

 

Common stock

 

6,352

6,230

Treasury stock

 

(26,608)

(25,178)

Profit employed in the business

 

38,361

35,167

Accumulated other comprehensive income (loss)

 

(1,440)

(888)

Noncontrolling interests

 

30

47

Total shareholders' equity

 

16,695

15,378

Total liabilities and shareholders' equity

$

80,784 $

78,324

 

(more)

 

16

 

Caterpillar Inc.
Condensed Consolidated Statement of Cash Flow
(Unaudited)
(Millions of dollars)

Cash flow from operating activities:

Nine Months Ended September 30,

2021 2020

 

 

Profit of consolidated and affiliated companies

$ 4,373

$ 2,223

Adjustments for non-cash items:

 

 

Depreciation and amortization

1,766

1,815

Net gain on remeasurement of pension obligations

-

(55)

Provision (benefit) for deferred income taxes

(321)

(38)

Other

102

919

Changes in assets and liabilities, net of acquisitions and divestitures:

 

 

Receivables - trade and other

(326)

1,473

Inventories

(2,195)

(139)

Accounts payable

1,232

(596)

Accrued expenses

46

(286)

Accrued wages, salaries and employee benefits

934

(547)

Customer advances

39

13

Other assets - net

138

(15)

Other liabilities - net

(2)

(512)

Net cash provided by (used for) operating activities

5,786

4,255

Cash flow from investing activities:

 

 

Capital expenditures - excluding equipment leased to others

(673)

(686)

Expenditures for equipment leased to others

(1,014)

(805)

Proceeds from disposals of leased assets and property, plant and equipment

877

550

Additions to finance receivables

(9,603)

(9,278)

Collections of finance receivables

9,221

9,656

Proceeds from sale of finance receivables

44

37

Investments and acquisitions (net of cash acquired)

(449)

(93)

Proceeds from sale of businesses and investments (net of cash sold)

23

13

Proceeds from sale of securities

424

239

Investments in securities

(934)

(512)

Other - net

  1.                 

(80)

Net cash provided by (used for) investing activities

(2,092)

(959)

Cash flow from financing activities:

 

 

Dividends paid

(1,733)

(1,683)

Common stock issued, including treasury shares reissued

122

110

Common shares repurchased

(1,622)

(1,130)

Proceeds from debt issued (original maturities greater than three months)

6,931

9,418

Payments on debt (original maturities greater than three months)

(8,620)

(6,789)

Short-term borrowings - net (original maturities three months or less)

1,324

(2,138)

Other - net

(4)

(1)

Net cash provided by (used for) financing activities

(3,602)

(2,213)

Effect of exchange rate changes on cash

  1.                 

(56)

Increase (decrease) in cash, cash equivalents and restricted cash

83

1,027

Cash, cash equivalents and restricted cash at beginning of period

9,366

8,292

Cash, cash equivalents and restricted cash at end of period

$ 9,449

$ 9,319

 

 

 

 

(more)

 

17

Caterpillar Inc.
Supplemental Data for Results of Operations
For the Three Months Ended September 30, 2021
(Unaudited)
(Millions of dollars)

Sales and revenues:

Consolidated

 

Supplemental Consolidating Data

 

 

Machinery,
Energy &
Transportation

Financial Consolidating

Products Adjustments

 

 

 

 

 

Sales of Machinery, Energy & Transportation

$ 11,707

$ 11,707

$ - $

-

Revenues of Financial Products

690

 

-

787

(97) 1

Total sales and revenues

12,397

 

11,707

787

(97)

Operating costs:

 

 

 

 

 

Cost of goods sold

8,617

 

8,618

-

  1. 2

Selling, general and administrative expenses

1,340

 

1,147

200

(7) 2

Research and development expenses

427

 

427

-

-

Interest expense of Financial Products

111

 

-

111

-

Other operating (income) expenses

238

 

(56)

310

(16) 2

Total operating costs

10,733

 

10,136

621

(24)

Operating profit

1,664

 

1,571

166

(73)

Interest expense excluding Financial Products

114

 

114

-

-

Other income (expense)

225

 

143

9

73 3

Consolidated profit before taxes

1,775

 

1,600

175

-

Provision (benefit) for income taxes

368

 

331

37

-

Profit of consolidated companies

1,407

 

1,269

138

-

Equity in profit (loss) of unconsolidated affiliated companies

21

 

23

-

  1. 4

Profit of consolidated and affiliated companies

1,428

 

1,292

138

(2)

Less: Profit (loss) attributable to noncontrolling interests

2

 

1

3

(2) 5

Profit 6

$ 1,426

$

1,291

$ 135 $

-

 

 

 

 

 

 

1 Elimination of Financial Products' revenues earned from ME&T.

 

 

 

 

 

 

2 Elimination of net expenses recorded by ME&T paid to Financial Products.

3 Elimination of discount recorded by ME&T on receivables sold to Financial Products and of interest earned between ME&T and Financial Products as well as dividends paid by Financial Products to ME&T.

4 Elimination of equity profit (loss) earned from Financial Products' subsidiaries partially owned by ME&T subsidiaries.

5 Elimination of noncontrolling interest profit (loss) recorded by Financial Products for subsidiaries partially owned by ME&T subsidiaries.

6 Profit attributable to common shareholders.

(more)

 

18

Caterpillar Inc.
Supplemental Data for Results of Operations
For the Three Months Ended September 30, 2020
(Unaudited)
(Millions of dollars)

Sales and revenues:

Consolidated

 

Supplemental Consolidating Data

 

Machinery,
Energy &
Transportation

Financial Consolidating

Products Adjustments

 

 

 

 

 

Sales of Machinery, Energy & Transportation

$ 9,228

$ 9,228

$ - $

-

Revenues of Financial Products

653

 

-

740

(87) 1

Total sales and revenues

9,881

 

9,228

740

(87)

Operating costs:

 

 

 

 

 

Cost of goods sold

6,919

 

6,921

-

(2) 2

Selling, general and administrative expenses

1,126

 

943

189

(6) 2

Research and development expenses

344

 

344

-

-

Interest expense of Financial Products

137

 

-

137

-

Other operating (income) expenses

370

 

95

287

(12) 2

Total operating costs

8,896

 

8,303

613

(20)

Operating profit

985

 

925

127

(67)

Interest expense excluding Financial Products

136

 

136

-

-

Other income (expense)

14

 

(62)

9

67 3

Consolidated profit before taxes

863

 

727

136

-

Provision (benefit) for income taxes

187

 

133

54

-

Profit of consolidated companies

676

 

594

82

-

Equity in profit (loss) of unconsolidated affiliated companies

(5)

 

(4)

-

(1) 4

Profit of consolidated and affiliated companies

671

 

590

82

(1)

Less: Profit (loss) attributable to noncontrolling interests

3

 

-

4

(1) 5

Profit 6

$ 668

$

590

$ 78 $

-

 

1 Elimination of Financial Products' revenues earned from ME&T.

2 Elimination of net expenses recorded by ME&T paid to Financial Products.

3 Elimination of discount recorded by ME&T on receivables sold to Financial Products and of interest earned between ME&T and Financial Products as well as dividends paid by Financial Products to ME&T.

4 Elimination of equity profit (loss) earned from Financial Products' subsidiaries partially owned by ME&T subsidiaries.

5 Elimination of noncontrolling interest profit (loss) recorded by Financial Products for subsidiaries partially owned by ME&T subsidiaries.

6 Profit attributable to common shareholders.

(more)

 

19

Caterpillar Inc.
Supplemental Data for Results of Operations
For the Nine Months Ended September 30, 2021
(Unaudited)
(Millions of dollars)

Sales and revenues:

Consolidated

 

Supplemental Consolidating Data

 

Machinery,
Energy &
Transportation

Financial
Products

Consolidating Adjustments

 

 

 

 

 

Sales of Machinery, Energy & Transportation

$ 35,091

$ 35,091

$ - $ -

Revenues of Financial Products

2,082

 

-

2,371

(289) 1

Total sales and revenues

37,173

 

35,091

2,371

(289)

Operating costs:

 

 

 

 

 

Cost of goods sold

25,510

 

25,515

-

(5) 2

Selling, general and administrative expenses

3,943

 

3,471

483

(11) 2

Research and development expenses

1,247

 

1,247

-

-

Interest expense of Financial Products

352

 

-

352

-

Other operating (income) expenses

854

 

(30)

931

(47) 2

Total operating costs

31,906

 

30,203

1,766

(63)

Operating profit

5,267

 

4,888

605

(226)

Interest expense excluding Financial Products

376

 

376

-

-

Other income (expense)

751

 

819

56

(124) 3

Consolidated profit before taxes

5,642

 

5,331

661

(350)

Provision (benefit) for income taxes

1,313

 

1,158

155

-

Profit of consolidated companies

4,329

 

4,173

506

(350)

Equity in profit (loss) of unconsolidated affiliated companies

44

 

52

-

(8) 4

Profit of consolidated and affiliated companies

4,373

 

4,225

506

(358)

Less: Profit (loss) attributable to noncontrolling interests

4

 

3

9

(8) 5

Profit 6

$ 4,369

$

4,222

$ 497

$ (350)

 

 

 

 

 

 

1 Elimination of Financial Products' revenues earned from ME&T.

 

 

 

 

 

 

2 Elimination of net expenses recorded by ME&T paid to Financial Products.

3 Elimination of discount recorded by ME&T on receivables sold to Financial Products and of interest earned between ME&T and Financial Products as well as dividends paid by Financial Products to ME&T.

4 Elimination of equity profit (loss) earned from Financial Products' subsidiaries partially owned by ME&T subsidiaries.

5 Elimination of noncontrolling interest profit (loss) recorded by Financial Products for subsidiaries partially owned by ME&T subsidiaries.

6 Profit attributable to common shareholders.

(more)

 

20

Caterpillar Inc.
Supplemental Data for Results of Operations
For the Nine Months Ended September 30, 2020
(Unaudited)
(Millions of dollars)

Sales and revenues:

Consolidated

 

Supplemental Consolidating Data

 

Machinery,
Energy &
Transportation

Financial
Products

Consolidating Adjustments

 

 

 

 

 

Sales of Machinery, Energy & Transportation

$ 28,452

$ 28,452

$ - $ -

Revenues of Financial Products

2,061

 

-

2,350

(289) 1

Total sales and revenues

30,513

 

28,452

2,350

(289)

Operating costs:

 

 

 

 

 

Cost of goods sold

21,298

 

21,302

-

(4) 2

Selling, general and administrative expenses

3,426

 

2,867

572

(13) 2

Research and development expenses

1,041

 

1,041

-

-

Interest expense of Financial Products

461

 

-

462

(1) 3

Other operating (income) expenses

1,114

 

227

927

(40) 2

Total operating costs

27,340

 

25,437

1,961

(58)

Operating profit

3,173

 

3,015

389

(231)

Interest expense excluding Financial Products

384

 

383

-

1 3

Other income (expense)

265

 

60

(7)

212 4

Consolidated profit before taxes

3,054

 

2,692

382

(20)

Provision (benefit) for income taxes

839

 

720

119

-

Profit of consolidated companies

2,215

 

1,972

263

(20)

Equity in profit (loss) of unconsolidated affiliated companies

8

 

18

-

(10) 5

Profit of consolidated and affiliated companies

2,223

 

1,990

263

(30)

Less: Profit (loss) attributable to noncontrolling interests

5

 

2

13

(10) 6

Profit 7

$ 2,218

$

1,988

$ 250

$ (20)

 

 

 

 

 

 

1 Elimination of Financial Products' revenues earned from ME&T.

 

 

 

 

 

 

2 Elimination of net expenses recorded by ME&T paid to Financial Products.

3 Elimination of interest expense recorded between Financial Products and ME&T.

4 Elimination of discount recorded by ME&T on receivables sold to Financial Products and of interest earned between ME&T and Financial Products as well as dividends paid by Financial Products to ME&T.

5 Elimination of equity profit (loss) earned from Financial Products' subsidiaries partially owned by ME&T subsidiaries.

6 Elimination of noncontrolling interest profit (loss) recorded by Financial Products for subsidiaries partially owned by ME&T subsidiaries.

7 Profit attributable to common shareholders.

(more)

 

21

Caterpillar Inc.
Supplemental Data for Financial Position
At September 30, 2021
(Unaudited)
(Millions of dollars)

Assets

Current assets:

 

Supplemental Consolidating Data

Consolidated

Machinery,
Energy &
Transportation

Financial
Products

Consolidating
Adjustments

 

 

 

 

Cash and cash equivalents

$ 9,446 $

8,554

$ 892

$ -

Receivables - trade and other

7,647

3,175

430

4,042 1,2

Receivables - finance

8,919

-

13,095

(4,176) 2

Prepaid expenses and other current assets

2,215

1,831

425

(41) 3

Inventories

13,666

13,666

-

-

Total current assets

41,893

27,226

14,842

(175)

Property, plant and equipment - net

11,904

7,957

3,947

-

Long-term receivables - trade and other

1,273

389

215

669 1,2

Long-term receivables - finance

12,605

-

13,301

(696) 2

Noncurrent deferred and refundable income taxes

1,744

2,279

105

(640) 4

Intangible assets

1,121

1,121

-

-

Goodwill

6,353

6,353

-

-

Other assets

3,891

3,233

1,869

(1,211) 5

Total assets

$ 80,784 $

48,558

$ 34,279

$ (2,053)

Liabilities

 

 

 

 

Current liabilities:

 

 

 

 

Short-term borrowings

$ 3,247 $

- $ 3,247

$ -

Accounts payable

7,218

7,112

240

(134) 6

Accrued expenses

3,579

3,234

345

-

Accrued wages, salaries and employee benefits

2,075

2,031

44

-

Customer advances

1,155

1,155

-

-

Dividends payable

-

-

-

-

Other current liabilities

2,319

1,694

689

(64) 4,7

Long-term debt due within one year

6,383

48

6,335

-

Total current liabilities

25,976

15,274

10,900

(198)

Long-term debt due after one year

27,154

9,786

17,395

(27) 8

Liability for postemployment benefits

6,395

6,394

1

-

Other liabilities

4,564

3,905

1,371

(712) 4

Total liabilities

64,089

35,359

29,667

(937)

Shareholders' equity

 

 

 

 

Common stock

6,352

6,352

919

(919) 9

Treasury stock

(26,608)

(26,608)

-

-

Profit employed in the business

38,361

34,138

4,212

11 9

Accumulated other comprehensive income (loss)

(1,440)

(715)

(725)

-

Noncontrolling interests

30

32

206

(208) 9

Total shareholders' equity

16,695

13,199

4,612

(1,116)

Total liabilities and shareholders' equity

$ 80,784 $

48,558

$ 34,279

$ (2,053)

 

1 Elimination of receivables between ME&T and Financial Products.

2 Reclassification of ME&T's trade receivables purchased by Financial Products and Financial Products' wholesale inventory receivables.

3 Elimination of ME&T's insurance premiums that are prepaid to Financial Products.

4 Reclassification reflecting required netting of deferred tax assets/liabilities by taxing jurisdiction.

5 Elimination of other intercompany assets between ME&T and Financial Products.

6 Elimination of payables between ME&T and Financial Products.

7 Elimination of prepaid insurance in Financial Products' other liabilities.

8 Elimination of debt between ME&T and Financial Products.

9 Eliminations associated with ME&T's investments in Financial Products' subsidiaries.

(more)

 

22

Caterpillar Inc.
Supplemental Data for Financial Position
At December 31, 2020
(Unaudited)
(Millions of dollars)

Assets

Current assets:

Consolidated

Supplemental Consolidating Data

Machinery,
Energy &
Transportation

Financial
Products

Consolidating
Adjustments

 

 

 

 

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.

(more)

 

23

Caterpillar Inc.
Supplemental Data for Cash Flow
For the Nine Months Ended September 30, 2021
(Unaudited)
(Millions of dollars)

Cash flow from operating activities:

Consolidated

Supplemental Consolidating Data

 

Machinery,
Energy &
Transportation

 

Financial Products

Consolidating Adjustments

 

 

 

 

 

 

 

Profit of consolidated and affiliated companies

$ 4,373

$ 4,225

$

506 $

(358)

1, 5

Adjustments for non-cash items:

 

 

 

 

 

 

Depreciation and amortization

1,766

1,162

 

604

-

 

Provision (benefit) for deferred income taxes

(321)

(255)

 

(66)

-

 

Other

102

104

 

(135)

133

2

Changes in assets and liabilities, net of acquisitions and divestitures:

 

 

 

 

 

 

Receivables - trade and other

(326)

(338)

 

40

(28)

2, 3

Inventories

(2,195)

(2,194)

 

-

(1)

2

Accounts payable

1,232

1,194

 

28

10

2

Accrued expenses

46

117

 

(71)

-

 

Accrued wages, salaries and employee benefits

934

905

 

29

-

 

Customer advances

39

39

 

-

-

 

Other assets - net

138

133

 

24

(19)

2

Other liabilities - net

(2)

(193)

 

144

47

2

Net cash provided by (used for) operating activities

5,786

4,899

 

1,103

(216)

 

Cash flow from investing activities:

 

 

 

 

 

 

Capital expenditures - excluding equipment leased to others

(673)

(670)

 

(11)

8

2

Expenditures for equipment leased to others

(1,014)

(23)

 

(997)

6

2

Proceeds from disposals of leased assets and property, plant and equipment

877

71

 

818

(12)

2

Additions to finance receivables

(9,603)

-

 

(10,292)

689

3

Collections of finance receivables

9,221

-

 

9,946

(725)

3

Net intercompany purchased receivables

-

-

 

100

(100)

3

Proceeds from sale of finance receivables

44

-

 

44

-

 

Net intercompany borrowings

-

1,000

 

3

(1,003)

4

Investments and acquisitions (net of cash acquired)

(449)

(449)

 

-

-

 

Proceeds from sale of businesses and investments (net of cash sold)

23

23

 

-

-

 

Proceeds from sale of securities

424

44

 

380

-

 

Investments in securities

(934)

(542)

 

(392)

-

 

Other - net

(8)

59

 

(67)

-

 

Net cash provided by (used for) investing activities

(2,092)

(487)

 

(468)

(1,137)

 

Cash flow from financing activities:

 

 

 

 

 

 

Dividends paid

(1,733)

(1,733)

 

(350)

350

5

Common stock issued, including treasury shares reissued

122

122

 

-

-

 

Common shares repurchased

(1,622)

(1,622)

 

-

-

 

Net intercompany borrowings

-

(3)

 

(1,000)

1,003

4

Proceeds from debt issued > 90 days

6,931

494

 

6,437

-

 

Payments on debt > 90 days

(8,620)

(1,910)

 

(6,710)

-

 

Short-term borrowings - net < 90 days

1,324

(10)

 

1,334

-

 

Other - net

(4)

(4)

 

-

-

 

Net cash provided by (used for) financing activities

(3,602)

(4,666)

 

(289)

1,353

 

Effect of exchange rate changes on cash

(9)

(14)

 

5

-

 

Increase (decrease) in cash, cash equivalents and restricted cash

83

(268)

 

351

-

 

Cash, cash equivalents and restricted cash at beginning of period

9,366

8,822

 

544

-

 

Cash, cash equivalents and restricted cash at end of period

$ 9,449

$ 8,554

$

895 $

-

 

 

1 Elimination of equity profit earned from Financial Products' subsidiaries partially owned by ME&T subsidiaries.

2 Elimination of non-cash adjustments and changes in assets and liabilities related to consolidated reporting.

3 Reclassification of Financial Products' cash flow activity from investing to operating for receivables that arose from the sale of inventory.

4 Elimination of net proceeds and payments to/from ME&T and Financial Products.

5 Elimination of dividend activity between Financial Products and ME&T.

(more)

 

24

Caterpillar Inc.
Supplemental Data for Cash Flow
For the Nine Months Ended September 30, 2020
(Unaudited)
(Millions of dollars)

Cash flow from operating activities:

Consolidated

Supplemental Consolidating Data

 

Machinery,
Energy &
Transportation

 

Financial Products

Consolidating Adjustments

 

 

 

 

 

 

 

Profit of consolidated and affiliated companies

$ 2,223

$ 1,990

$

263 $

(30)

1, 5

Adjustments for non-cash items:

 

 

 

 

 

 

Depreciation and amortization

1,815

1,217

 

598

-

 

Net gain on remeasurement of pension obligations

(55)

(55)

 

-

-

 

Provision (benefit) for deferred income taxes

(38)

(5)

 

(33)

-

 

Other

919

494

 

167

258

2

Changes in assets and liabilities, net of acquisitions and divestitures:

 

 

 

 

 

 

Receivables - trade and other

1,473

616

 

(54)

911

2, 3

Inventories

(139)

(130)

 

-

(9)

2

Accounts payable

(596)

(599)

 

(6)

9

2

Accrued expenses

(286)

(314)

 

28

-

 

Accrued wages, salaries and employee benefits

(547)

(512)

 

(35)

-

 

Customer advances

13

13

 

-

-

 

Other assets - net

(15)

(136)

 

26

95

2

Other liabilities - net

(512)

(514)

 

83

(81)

2

Net cash provided by (used for) operating activities

4,255

2,065

 

1,037

1,153

 

Cash flow from investing activities:

 

 

 

 

 

 

Capital expenditures - excluding equipment leased to others

(686)

(687)

 

(11)

12

2

Expenditures for equipment leased to others

(805)

2

 

(823)

16

2

Proceeds from disposals of leased assets and property, plant and equipment

550

119

 

451

(20)

2

Additions to finance receivables

(9,278)

-

 

(10,234)

956

3

Collections of finance receivables

9,656

-

 

10,822

(1,166)

3

Net intercompany purchased receivables

-

-

 

971

(971)

3

Proceeds from sale of finance receivables

37

-

 

37

-

 

Net intercompany borrowings

-

599

 

6

(605)

4

Investments and acquisitions (net of cash acquired)

(93)

(93)

 

-

-

 

Proceeds from sale of businesses and investments (net of cash sold)

13

13

 

-

-

 

Proceeds from sale of securities

239

17

 

222

-

 

Investments in securities

(512)

(15)

 

(497)

-

 

Other - net

(80)

(21)

 

(59)

-

 

Net cash provided by (used for) investing activities

(959)

(66)

 

885

(1,778)

 

Cash flow from financing activities:

 

 

 

 

 

 

Dividends paid

(1,683)

(1,683)

 

(20)

20

5

Common stock issued, including treasury shares reissued

110

110

 

-

-

 

Common shares repurchased

(1,130)

(1,130)

 

-

-

 

Net intercompany borrowings

-

(6)

 

(599)

605

4

Proceeds from debt issued > 90 days

9,418

1,991

 

7,427

-

 

Payments on debt > 90 days

(6,789)

(18)

 

(6,771)

-

 

Short-term borrowings - net < 90 days

(2,138)

(5)

 

(2,133)

-

 

Other - net

(1)

(1)

 

-

-

 

Net cash provided by (used for) financing activities

(2,213)

(742)

 

(2,096)

625

 

Effect of exchange rate changes on cash

(56)

(47)

 

(9)

-

 

Increase (decrease) in cash, cash equivalents and restricted cash

1,027

1,210

 

(183)

-

 

Cash, cash equivalents and restricted cash at beginning of period

8,292

7,302

 

990

-

 

Cash, cash equivalents and restricted cash at end of period

$ 9,319

$ 8,512

$

807 $

-

 

 

1 Elimination of equity profit earned from Financial Products' subsidiaries partially owned by ME&T subsidiaries.

2 Elimination of non-cash adjustments and changes in assets and liabilities related to consolidated reporting.

3 Reclassification of Financial Products' cash flow activity from investing to operating for receivables that arose from the sale of inventory.

4 Elimination of net proceeds and payments to/from ME&T and Financial Products.

5 Elimination of dividend activity between Financial Products and ME&T.

#

 

Exhibit 99.2

Caterpillar Inc. ("Caterpillar", "we" or "our") is furnishing supplemental information concerning (i) retail sales of machines to end users and (ii) retail sales of power systems (including reciprocating and turbine engines and locomotives) to end users and Original Equipment Manufacturers ("OEMs"). Caterpillar sells the majority of its machinery and power systems to independently owned and operated dealers and OEMs to meet the demands of their customers, the end users. Caterpillar believes that this supplemental information may help readers better understand Caterpillar's business and the industries it serves, particularly in light of the time delay between Caterpillar's sales to dealers and dealers' sales to end users.

In this report, we are providing information by geographic region for retail sales of machines in each of our Resource Industries and Construction Industries reportable segments, as well as information regarding retail sales of our machines globally. For our Energy & Transportation reportable segment, we are providing retail sales information by major end use.

The information presented in this report is primarily based on unaudited reports that are voluntarily provided to Caterpillar by its independent dealers and which are not subject to Caterpillar's internal controls over financial reporting. Accordingly, the data collected from such third parties may not be accurate and/or complete. As such, the information presented in this report is intended solely to convey an approximate indication of the trends, direction and magnitude of retail sales and is not intended to be an estimate, approximation or prediction of, or substitute for, Caterpillar's audited financial statements filed with the U.S. Securities and Exchange Commission. This information is furnished under this report with the U.S. Securities and Exchange Commission. Caterpillar does not undertake to update or adjust prior period information.

 

Caterpillar Inc.

Quarterly Retail Sales Statistics

Machines and E&T Combined

3rd Quarter 2021

2nd Quarter 2021 1st Quarter 2021

4th Quarter 2020

World

UP 14%

UP 15% UP 8%

DOWN 10%

 

Machines

3rd Quarter 2021

2nd Quarter 2021 1st Quarter 2021

4th Quarter 2020

Asia/Pacific

DOWN 4%

UP 1%

UP 27%

UP 7%

EAME

UP 22%

UP 16%

UP 5%

DOWN 5%

Latin America

UP 57%

UP 55%

UP 54%

UP 31%

North America

UP 19%

UP 32%

DOWN 1%

DOWN 9%

World

UP 17%

UP 20%

UP 13%

DOWN 2%

Resource Industries (RI)

3rd Quarter 2021 2nd Quarter 2021

1st Quarter 2021

4th Quarter 2020

Asia/Pacific

UP 18%

UP 31%

UP 1%

DOWN 18%

EAME

UP 20%

DOWN 9%

DOWN 9%

UP 1%

Latin America

UP 130%

UP 23%

UP 85%

UP 77%

North America

UP 30%

UP 44%

DOWN 21%

DOWN 13%

World

UP 33%

UP 21%

UNCHANGED

DOWN 3%

Construction Industries (CI)

3rd Quarter 2021 2nd Quarter 2021

1st Quarter 2021

4th Quarter 2020

Asia/Pacific

DOWN 10%

DOWN 7%

UP 36%

UP 16%

EAME

UP 23%

UP 27%

UP 11%

DOWN 7%

Latin America

UP 31%

UP 76%

UP 38%

UP 11%

North America

UP 17%

UP 30%

UP 5%

DOWN 8%

World

UP 12%

UP 20%

UP 17%

DOWN 1%

 

Reported in dollars and based on unit sales as reported primarily by dealers.

Energy & Transportation (E&T) Retail Sales by industry for the quarter ended as indicated compared with the same period of the prior year:

Energy & Transportation (E&T)

3rd Quarter 2021

2nd Quarter 2021

1st Quarter 2021

4th Quarter 2020

Power Gen

DOWN 8%

DOWN 6%

UP 7%

DOWN 10%

Industrial

UP 36%

UP 44%

DOWN 4%

DOWN 31%

Transportation

DOWN 12%

UP 5%

DOWN 40%

DOWN 47%

Oil & Gas

UP 21%

DOWN 6%

DOWN 9%

DOWN 29%

Total

UP 8%

UP 1%

DOWN 5%

DOWN 25%

 

Reported in dollars based on reporting from dealers and direct sales.

 

Glossary of Terms

Construction Industries: Our Construction Industries segment is primarily responsible for supporting customers using machinery in infrastructure, forestry and building construction. The majority of machine sales in this segment are made in the heavy and general construction, rental, quarry and aggregates markets and mining. The Construction Industries product portfolio primarily includes the following machines:

  • asphalt pavers · forestry excavators · small and medium
  • backhoe loaders · motorgraders track-type tractors
  • compactors · pipelayers · track-type loaders
  • cold planers · road reclaimers · utility vehicles
  • compact track and · site prep tractors · wheel excavators

multi-terrain loaders · skid steer loaders · compact, small and medium

  • mini, small, medium · telehandlers wheel loaders
    and large excavators

Effective September 2019, Caterpillar has divested its Forestry product segment. Those products have been removed from the Construction Industries product portfolio where any remaining product Dealer Inventory will be reported in Machines as they are depleted.

EAME: Europe, Africa, Commonwealth of Independent States and Middle East.

Energy & Transportation: Our Energy & Transportation segment is primarily responsible for supporting customers using reciprocating engines, turbines, diesel-electric locomotives, integrated systems and solutions, and certain related parts across industries serving oil and gas, power generation, industrial and marine applications as well as rail-related businesses.

Resource Industries: Our Resource Industries segment is primarily responsible for supporting customers using machinery in mining, heavy construction, and quarry and aggregates. The Resource Industries product portfolio primarily includes the following machines:

  • electric rope shovels · longwall miners · landfill compactors
  • draglines · large wheel loaders · soil compactors
  • hydraulic shovels · off-highway trucks · machinery components
  • rotary drills · articulated trucks · autonomous ready vehicles and
  • hard rock vehicles · wheel tractor scrapers solutions
  • large track-type tractors · wheel dozers
  • large mining trucks

For purposes of this report, retail sales of longwall miners are not included in the information presented above for Resource Industries or Machines or Machines and E&T Combined figures.

 

FORWARD-LOOKING STATEMENTS

Certain statements in this report 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.


Fichier PDF dépôt réglementaire

Document : Caterpillar Inc.: Files Form 8-K Earnings Release for the Quarter Ended 30 September 2021


Langue : Français
Entreprise : Caterpillar Inc.
510 Lake Cook Road, Suite 100
60015 Deerfield, Illinois
États-Unis
Téléphone : 224-551-4000
Internet : www.caterpillar.com
ISIN : US1491231015
Ticker Euronext : CATR
Catégorie AMF : Informations privilégiées / Communiqué sur comptes, résultats
EQS News ID : 1244968
 
Fin du communiqué EQS News-Service

1244968  29-Oct-2021 CET/CEST

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CA 2021 50 413 M - 44 426 M
Résultat net 2021 5 488 M - 4 836 M
Dette nette 2021 27 385 M - 24 133 M
PER 2021 22,9x
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Nbr Employés 97 300
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Recommandation moyenne ACCUMULER
Nombre d'Analystes 29
Dernier Cours de Cloture 229,87 $
Objectif de cours Moyen 235,93 $
Ecart / Objectif Moyen 2,64%
Révisions de BNA
Dirigeants et Administrateurs
Donald James Umpleby Chairman & Chief Executive Officer
Andrew Robert John Bonfield Chief Financial Officer
Karl E. Weiss Chief Technology Officer
Jamie Engstrom Chief Information Officer & Vice president
Eric A. Braun Chief Compliance Officer