第99.1展示文本
CATerpillar Inc.
2024年第三季度收入發佈
立即發佈
卡特彼勒報告2024年第三季度業績
| 第三季度 | |||||||||||
| （以十億美元爲單位，除每股收益之外） | 2024 | 2023 | |||||||||
| 銷售額 | $16.1 | $16.8 | |||||||||
| 每股收益 | $5.06 | $5.45 | |||||||||
| 調整後的每股收益 | $5.17 | $5.52 | |||||||||
請參閱附錄第13頁和第14頁的財務指標 GAAP 和非 GAAP 的對比。 | |||||||||||
| ● | 2024年第三季度每股盈利爲$5.06；調整後每股盈利爲$5.17 | ||||
| ● | 2024年第三季度企業經營性現金流爲36億美元。 | ||||
| ● | 第三季度使用了15億現金進行股份回購和分紅派息 | ||||
2024年10月30日，德克薩斯州歐文市 - 卡特彼勒公司（紐交所：CAT）宣佈了2024年第三季度的業績。2024年第三季度的銷售收入爲161億美元，較2023年第三季度的168億美元下降了4%。銷售額下降主要是由於較低的銷售量。
2024年第三季度的營業利潤率爲19.5％，與2023年第三季度的20.5％相比。調整後的2024年第三季度營業利潤率爲20.0％，與2023年第三季度的20.8％相比。2024年第三季度每股利潤爲5.06美元，與2023年第三季度每股5.45美元的利潤相比。2024年第三季度調整後每股盈利爲5.17美元，與2023年第三季度每股調整後盈利5.52美元相比。在2024年和2023年的第三季度，調整後的營業利潤率和調整後的每股利潤都不包括重組成本。
2024年第三季度，企業經營現金流爲36億美元，公司第三季度末企業現金爲56億美元。在本季度，公司用於回購卡特彼勒普通股的現金爲8億美元，用於分紅的現金爲7億美元。
董事長兼首席執行官吉姆·安普爾比表示：「我要感謝我們的全球團隊，在創造強勁的調整後的營業利潤率和每份調整後的利潤的同時，產生了強勁的ME&t自由現金流。」 「我們第三季度的成果反映了我們終端市場多樣化的好處。」
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合併業績
合併銷售額和收入
上方圖表形象地說明了2023年第三季度（左側）和2024年第三季度（右側）合併銷售和收入變化的原因。卡特彼勒管理層內部使用這些圖表，與公司的董事會和員工進行視覺溝通。
2024年第三季度的總銷售額和營收爲161.06億美元，較2023年第三季度的168.1億美元減少了70400萬美元，降幅爲4%。這主要是由於銷售量減少了75900萬美元。銷售量下降主要是由於向最終用戶銷售設備的減少。此外，經銷商庫存的變化對銷售量產生了不利影響。2024年第三季度經銷商庫存增長幅度低於2023年第三季度。
在三個主要的板塊中，建築和資源行業的營業額下降，能源和運輸行業的營業額上升。
| 按細分市場劃分的銷售額和收入 | |||||||||||||||||||||||||||||||||||||||||||||||
| （百萬美元） | 2023 年第三季度 | 銷售 音量 | 價格 實現 | 貨幣 | 區間/其他 | 2024 年第三季度 | $ 改變 | % 改變 | |||||||||||||||||||||||||||||||||||||||
| 建築行業 | $ | 6,999 | $ | (458) | $ | (147) | $ | (64) | $ | 15 | $ | 6,345 | $ | (654) | (9%) | ||||||||||||||||||||||||||||||||
| 資源行業 | 3,351 | (352) | 38 | (11) | 2 | 3,028 | (323) | (10%) | |||||||||||||||||||||||||||||||||||||||
| 能源與運輸 | 6,859 | 57 | 213 | (20) | 78 | 7,187 | 328 | 5% | |||||||||||||||||||||||||||||||||||||||
| 所有其他細分市場 | 106 | (2) | 1 | — | (13) | 92 | (14) | (13%) | |||||||||||||||||||||||||||||||||||||||
| 公司物品與除項 | (1,327) | (4) | (1) | (7) | (82) | (1,421) | (94) | ||||||||||||||||||||||||||||||||||||||||
| 機械、能源和運輸 | 15,988 | (759) | 104 | (102) | — | 15,231 | (757) | (5%) | |||||||||||||||||||||||||||||||||||||||
| 金融產品板塊 | 979 | — | — | — | 55 | 1,034 | 55 | 6% | |||||||||||||||||||||||||||||||||||||||
| 公司物品與除項 | (157) | — | — | — | (2) | (159) | (2) | ||||||||||||||||||||||||||||||||||||||||
| 金融產品收入 | 822 | — | — | — | 53 | 875 | 53 | 6% | |||||||||||||||||||||||||||||||||||||||
| 合併銷售和收入 | $ | 16,810 | $ | (759) | $ | 104 | $ | (102) | $ | 53 | $ | 16,106 | $ | (704) | (4%) | ||||||||||||||||||||||||||||||||
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| 按地理區域劃分的銷售和收入 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 北美 | 拉丁美洲 | 無聊的 | 亞洲/太平洋 | 對外銷售和收入 | 分段間 | 總銷售額和收入 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| （百萬美元） | $ | % Chg | $ | % Chg | $ | % Chg | $ | % Chg | $ | % Chg | $ | % Chg | $ | % Chg | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2024 年第三季度 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 建築行業 | $ | 3,629 | (11%) | $ | 658 | 19% | $ | 1,150 | (15%) | $ | 875 | (12%) | $ | 6,312 | (10%) | $ | 33 | 83% | $ | 6,345 | (9%) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 資源行業 | 1,131 | (17%) | 498 | —% | 442 | (13%) | 863 | (3%) | 2,934 | (10%) | 94 | 2% | 3,028 | (10%) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 能源與運輸 | 3,214 | 8% | 449 | (2%) | 1,486 | 4% | 856 | (5%) | 6,005 | 4% | 1,182 | 7% | 7,187 | 5% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 所有其他細分市場 | 12 | (25%) | — | 100% | 3 | (40%) | 14 | 40% | 29 | (3%) | 63 | (17%) | 92 | (13%) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 公司物品與除項 | (43) | (3) | 9 | (12) | (49) | (1,372) | (1,421) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 機械、能源和運輸 | 7,943 | (5%) | 1,602 | 6% | 3,090 | (6%) | 2,596 | (7%) | 15,231 | (5%) | — | —% | 15,231 | (5%) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 金融產品板塊 | 695 | 11% | 97 | (12%) | 130 | (2%) | 112 | 2% | 1,034 | 6% | — | —% | 1,034 | 6% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 公司物品與除項 | (93) | (21) | (21) | (24) | (159) | — | (159) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 金融產品收入 | 602 | 12% | 76 | (15%) | 109 | (1%) | 88 | 1% | 875 | 6% | — | —% | 875 | 6% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 合併銷售和收入 | $ | 8,545 | (4%) | $ | 1,678 | 5% | $ | 3,199 | (6%) | $ | 2,684 | (7%) | $ | 16,106 | (4%) | $ | — | —% | $ | 16,106 | (4%) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2023 年第三季度 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 建築行業 | $ | 4,078 | $ | 555 | $ | 1,351 | $ | 997 | $ | 6,981 | $ | 18 | $ | 6,999 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 資源行業 | 1,366 | 499 | 508 | 886 | 3,259 | 92 | 3,351 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 能源與運輸 | 2,966 | 460 | 1,428 | 901 | 5,755 | 1,104 | 6,859 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 所有其他細分市場 | 16 | (1) | 5 | 10 | 30 | 76 | 106 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 公司物品與除項 | (35) | 1 | — | (3) | (37) | (1,290) | (1,327) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 機械、能源和運輸 | 8,391 | 1,514 | 3,292 | 2,791 | 15,988 | — | 15,988 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 金融產品板塊 | 627 | 110 | 132 | 110 | 979 | — | 979 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 公司物品與除項 | (91) | (21) | (22) | (23) | (157) | — | (157) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 金融產品收入 | 536 | 89 | 110 | 87 | 822 | — | 822 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 合併銷售和收入 | $ | 8,927 | $ | 1,603 | $ | 3,402 | $ | 2,878 | $ | 16,810 | $ | — | $ | 16,810 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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合併營業利潤
上圖形象地說明了2023年第三季度（左側）與2024年第三季度（右側）合併營業利潤變化的原因。卡特彼勒管理層利用這些圖表內部可視化地與公司董事會和僱員溝通其他欄包括合併調整和機械、能源與運輸的其他營業費用（收入）
2024年第三季度營業利潤爲31.47億美元，較2023年第三季度的34.49億美元減少3,0200萬美元，降幅爲9%。這主要是由於銷售成交量減少導致的利潤影響爲3,7200萬美元，部分抵消了價格實現的有利影響爲1,0400萬美元。
| 按分部劃分的利潤（虧損） | |||||||||||||||||||||||
| （百萬美元） | 2024 年第三季度 | 2023 年第三季度 | $ 改變 | % 改變 | |||||||||||||||||||
| 建築行業 | $ | 1,486 | $ | 1,847 | $ | (361) | (20 | %) | |||||||||||||||
| 資源行業 | 619 | 730 | (111) | (15 | %) | ||||||||||||||||||
| 能源與運輸 | 1,433 | 1,181 | 252 | 21 | % | ||||||||||||||||||
| 所有其他細分市場 | (13) | 21 | (34) | (162 | %) | ||||||||||||||||||
| 公司物品與除項 | (427) | (386) | (41) | ||||||||||||||||||||
| 機械、能源和運輸 | 3,098 | 3,393 | (295) | (9 | %) | ||||||||||||||||||
| 金融產品板塊 | 246 | 203 | 43 | 21 | % | ||||||||||||||||||
| 公司物品與除項 | (30) | 18 | (48) | ||||||||||||||||||||
| 金融產品 | 216 | 221 | (5) | (2 | %) | ||||||||||||||||||
| 合併調整 | (167) | (165) | (2) | ||||||||||||||||||||
| 合併營業利潤 | $ | 3,147 | $ | 3,449 | $ | (302) | (9 | %) | |||||||||||||||
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其他利潤/虧損和稅務項目
•2024年第三季的其他收入（费用）为7600萬美元，相比于2023年第三季的收入19500萬美元。主要变化由不利的外币影响驱动。
•2024年第三季有效稅率為20.7%，較2023年第三季的20.9%略低。排除下面討論的離散項目，2024年和2023年第三季的預估年度稅率均為22.5%。
在2024年第三季度，公司錄得4700萬美元的離散稅收益，以反映與前幾年相關的估計變化。此外，在2024年第三季度還錄得了700萬美元的離散稅款收益，相比之下，2023年第三季度的受益為2200萬美元，用於支付與聯繫稅收減免的庫存為基礎的報酬獎勵，而超出了累積的美國GAAP報酬支出。由於2023年第三季度估計年度稅率較第二季度下降，該公司還錄得了3400萬美元的受益。
請參見附錄第13和第14頁的GAAP與非GAAP財務指標對照表。
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| 施工行業 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| (百萬美元) | ||||||||||||||||||||||||||||||||||||||||||||||||||
| 分段销售 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| 2023年第三季 | 銷售成交量 | 價格實現 | 貨幣 | 分部間 | 2024年第三季度 | $ 增減 | % 增減 | |||||||||||||||||||||||||||||||||||||||||||
| 總銷售額 | $ | 6,999 | $ | (458) | $ | (147) | $ | (64) | $ | 15 | $ | 6,345 | $ | (654) | (9 | %) | ||||||||||||||||||||||||||||||||||
| 地域板塊銷售 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| 2024年第三季度 | 2023年第三季 | $ 變化 | % 變化 | |||||||||||||||||||||||||||||||||||||||||||||||
| 北美 | $ | 3,629 | $ | 4,078 | $ | (449) | (11 | %) | ||||||||||||||||||||||||||||||||||||||||||
| 拉丁美洲 | 658 | 555 | 103 | 19 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 歐洲/非洲/中東 | 1,150 | 1,351 | (201) | (15 | %) | |||||||||||||||||||||||||||||||||||||||||||||
| 亞太地區 | 875 | 997 | (122) | (12 | %) | |||||||||||||||||||||||||||||||||||||||||||||
| 外部銷售 | 6,312 | 6,981 | (669) | (10 | %) | |||||||||||||||||||||||||||||||||||||||||||||
| 部門間 | 33 | 18 | 15 | 83 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 總銷售額 | $ | 6,345 | $ | 6,999 | $ | (654) | (9 | %) | ||||||||||||||||||||||||||||||||||||||||||
| 營業利潤 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| 2024年第三季度 | 2023年第三季 | 變化 | % 變化 | |||||||||||||||||||||||||||||||||||||||||||||||
| 營業利潤 | $ | 1,486 | $ | 1,847 | $ | (361) | (20 | %) | ||||||||||||||||||||||||||||||||||||||||||
| 業務利潤率 | 23.4 | % | 26.4 | % | (3.0 | 點) | ||||||||||||||||||||||||||||||||||||||||||||
Construction Industries’ total sales were $6.345 billion in the third quarter of 2024, a decrease of $654 million, or 9%, compared with $6.999 billion in the third quarter of 2023. The decrease was primarily due to lower sales volume of $458 million and unfavorable price realization of $147 million. The decrease in sales volume was mainly driven by lower sales of equipment to end users.
•In North America, sales decreased primarily due to lower sales volume. Lower sales volume was mainly driven by lower sales of equipment to end users and the impact from changes in dealer inventories. Dealer inventory increased less during the third quarter of 2024 than during the third quarter of 2023.
•Sales increased in Latin America mainly due to higher sales volume, partially offset by unfavorable currency impacts, primarily related to the Brazilian real, and unfavorable price realization. Higher sales volume was mainly driven by the impact from changes in dealer inventories. Dealer inventory increased during the third quarter of 2024, compared with a decrease during the third quarter of 2023.
•In EAME, sales decreased primarily due to lower sales volume. Lower sales volume was mainly driven by lower sales of equipment to end users.
•Sales decreased in Asia/Pacific mainly due to lower sales volume and unfavorable currency impacts primarily related to the Japanese yen. Lower sales volume was mainly driven by the impact from changes in dealer inventories. Dealer inventory decreased during the third quarter of 2024, compared with an increase during the third quarter of 2023.
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Construction Industries’ segment profit was $1.486 billion in the third quarter of 2024, a decrease of $361 million, or 20%, compared with $1.847 billion in the third quarter of 2023. The decrease was mainly due to the profit impact of lower sales volume of $276 million and unfavorable price realization of $147 million.
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| RESOURCE INDUSTRIES | ||||||||||||||||||||||||||||||||||||||||||||||||||
| (Millions of dollars) | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Sales | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Third Quarter 2023 | Sales Volume | Price Realization | Currency | Inter-Segment | Third Quarter 2024 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||||||
| Total Sales | $ | 3,351 | $ | (352) | $ | 38 | $ | (11) | $ | 2 | $ | 3,028 | $ | (323) | (10 | %) | ||||||||||||||||||||||||||||||||||
| Sales by Geographic Region | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Third Quarter 2024 | Third Quarter 2023 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||||||||||
| North America | $ | 1,131 | $ | 1,366 | $ | (235) | (17 | %) | ||||||||||||||||||||||||||||||||||||||||||
| Latin America | 498 | 499 | (1) | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| EAME | 442 | 508 | (66) | (13 | %) | |||||||||||||||||||||||||||||||||||||||||||||
| Asia/Pacific | 863 | 886 | (23) | (3 | %) | |||||||||||||||||||||||||||||||||||||||||||||
| External Sales | 2,934 | 3,259 | (325) | (10 | %) | |||||||||||||||||||||||||||||||||||||||||||||
| Inter-segment | 94 | 92 | 2 | 2 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Total Sales | $ | 3,028 | $ | 3,351 | $ | (323) | (10 | %) | ||||||||||||||||||||||||||||||||||||||||||
| Segment Profit | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Third Quarter 2024 | Third Quarter 2023 | Change | % Change | |||||||||||||||||||||||||||||||||||||||||||||||
| Segment Profit | $ | 619 | $ | 730 | $ | (111) | (15 | %) | ||||||||||||||||||||||||||||||||||||||||||
| Segment Profit Margin | 20.4 | % | 21.8 | % | (1.4 | pts) | ||||||||||||||||||||||||||||||||||||||||||||
Resource Industries’ total sales were $3.028 billion in the third quarter of 2024, a decrease of $323 million, or 10%, compared with $3.351 billion in the third quarter of 2023. The decrease was primarily due to lower sales volume. The decrease in sales volume was mainly driven by lower sales of equipment to end users.
Resource Industries’ segment profit was $619 million in the third quarter of 2024, a decrease of $111 million, or 15%, compared with $730 million in the third quarter of 2023. The decrease was mainly due to the profit impact of lower sales volume.
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| ENERGY & TRANSPORTATION | ||||||||||||||||||||||||||||||||||||||||||||||||||
| (Millions of dollars) | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Sales | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Third Quarter 2023 | Sales Volume | Price Realization | Currency | Inter-Segment | Third Quarter 2024 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||||||
| Total Sales | $ | 6,859 | $ | 57 | $ | 213 | $ | (20) | $ | 78 | $ | 7,187 | $ | 328 | 5 | % | ||||||||||||||||||||||||||||||||||
| Sales by Application | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Third Quarter 2024 | Third Quarter 2023 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||||||||||
| Oil and Gas | $ | 1,656 | $ | 1,667 | $ | (11) | (1 | %) | ||||||||||||||||||||||||||||||||||||||||||
| Power Generation | 2,011 | 1,598 | 413 | 26 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Industrial | 1,028 | 1,220 | (192) | (16 | %) | |||||||||||||||||||||||||||||||||||||||||||||
| Transportation | 1,310 | 1,270 | 40 | 3 | % | |||||||||||||||||||||||||||||||||||||||||||||
| External Sales | 6,005 | 5,755 | 250 | 4 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Inter-segment | 1,182 | 1,104 | 78 | 7 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Total Sales | $ | 7,187 | $ | 6,859 | $ | 328 | 5 | % | ||||||||||||||||||||||||||||||||||||||||||
| Segment Profit | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Third Quarter 2024 | Third Quarter 2023 | Change | % Change | |||||||||||||||||||||||||||||||||||||||||||||||
| Segment Profit | $ | 1,433 | $ | 1,181 | $ | 252 | 21 | % | ||||||||||||||||||||||||||||||||||||||||||
| Segment Profit Margin | 19.9 | % | 17.2 | % | 2.7 | pts | ||||||||||||||||||||||||||||||||||||||||||||
Energy & Transportation’s total sales were $7.187 billion in the third quarter of 2024, an increase of $328 million, or 5%, compared with $6.859 billion in the third quarter of 2023. The increase in sales was primarily due to favorable price realization of $213 million and higher sales volume of $135 million, including inter-segment sales.
•Oil and Gas – Sales decreased slightly as lower sales of reciprocating engines used in well servicing were primarily offset by higher sales for turbines and turbine-related services.
•Power Generation – Sales increased in large reciprocating engines, primarily data center applications. Turbines and turbine-related services increased as well.
•Industrial – Sales decreased in EAME and North America.
•Transportation – Sales increased in marine applications, partially offset by lower deliveries of international locomotives.
Energy & Transportation’s segment profit was $1.433 billion in the third quarter of 2024, an increase of $252 million, or 21%, compared with $1.181 billion in the third quarter of 2023. The increase was mainly due to favorable price realization.
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| FINANCIAL PRODUCTS SEGMENT | ||||||||||||||||||||||||||||||||||||||||||||||||||
| (Millions of dollars) | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenues by Geographic Region | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Third Quarter 2024 | Third Quarter 2023 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||||||||||
| North America | $ | 695 | $ | 627 | $ | 68 | 11 | % | ||||||||||||||||||||||||||||||||||||||||||
| Latin America | 97 | 110 | (13) | (12 | %) | |||||||||||||||||||||||||||||||||||||||||||||
| EAME | 130 | 132 | (2) | (2 | %) | |||||||||||||||||||||||||||||||||||||||||||||
| Asia/Pacific | 112 | 110 | 2 | 2 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Total Revenues | $ | 1,034 | $ | 979 | $ | 55 | 6 | % | ||||||||||||||||||||||||||||||||||||||||||
| Segment Profit | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Third Quarter 2024 | Third Quarter 2023 | Change | % Change | |||||||||||||||||||||||||||||||||||||||||||||||
| Segment Profit | $ | 246 | $ | 203 | $ | 43 | 21 | % | ||||||||||||||||||||||||||||||||||||||||||
Financial Products’ segment revenues were $1.034 billion in the third quarter of 2024, an increase of $55 million, or 6%, compared with $979 million in the third quarter of 2023. The increase was primarily due to a favorable impact from higher average earning assets of $34 million driven by North America, and a favorable impact from higher average financing rates across all regions of $23 million.
Financial Products’ segment profit was $246 million in the third quarter of 2024, an increase of $43 million, or 21%, compared with $203 million in the third quarter of 2023. The increase was mainly due to a favorable impact from equity securities of $29 million and lower provision for credit losses at Cat Financial of $16 million.
At the end of the third quarter of 2024, past dues at Cat Financial were 1.74%, compared with 1.96% at the end of the third quarter of 2023. Write-offs, net of recoveries, were $27 million for the third quarter of 2024, compared with $9 million for the third quarter of 2023. As of September 30, 2024, Cat Financial's allowance for credit losses totaled $255 million, or 0.87% of finance receivables, compared with $254 million, or 0.89% of finance receivables at June 30, 2024. The allowance for credit losses at year-end 2023 was $331 million, or 1.18% of finance receivables.
Corporate Items and Eliminations
Expense for corporate items and eliminations was $457 million in the third quarter of 2024, an increase of $89 million from the third quarter of 2023. Lower corporate costs were more than offset by an unfavorable change in fair value adjustments related to deferred compensation plans, increased expenses due to timing differences, unfavorable impacts of segment reporting methodology differences and higher restructuring costs.
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Notes
i.Glossary of terms is included on the Caterpillar website at https://investors.caterpillar.com/overview/default.aspx.
ii.Sales of equipment to end users is demonstrated by the company’s Rolling 3 Month Retail Sales Statistics filed in a Form 8-K on Wednesday, Oct. 30, 2024.
iii.Information on non-GAAP financial measures is included in the appendix on pages 13 and 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 Wednesday, Oct. 30, 2024, to discuss its 2024 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 2023 sales and revenues of $67.1 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 at caterpillar.com/en/news/social-media.html.
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: Ryan Fiedler, +1 224-551-4074 or Fiedler_Ryan_S@cat.com
Caterpillar media contact: Tiffany Heikkila, +1 832-573-0958 or Tiffany.Heikkila@cat.com
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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) catastrophic events, including global pandemics such as 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.
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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 one significant item in order for the company’s results to be meaningful to readers. This item consists of (i) restructuring income/costs. The company does not consider this item 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 2024, excluding mark-to-market gains or losses for remeasurement of pension and other postemployment benefit plans.
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 | Profit | Profit per Share | |||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2024 - U.S. GAAP | $ | 3,147 | 19.5 | % | $ | 3,098 | $ | 642 | $ | 2,464 | $ | 5.06 | |||||||||||||||||||||||||||||
| Restructuring (income) costs | 70 | 0.5 | % | 70 | 16 | 54 | 0.11 | ||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2024 - Adjusted | $ | 3,217 | 20.0 | % | $ | 3,168 | $ | 658 | $ | 2,518 | $ | 5.17 | |||||||||||||||||||||||||||||
Three Months Ended September 30, 2023 - U.S. GAAP | $ | 3,449 | 20.5 | % | $ | 3,515 | $ | 734 | $ | 2,794 | $ | 5.45 | |||||||||||||||||||||||||||||
| Restructuring (income) costs | 46 | 0.3 | % | 46 | 10 | 36 | 0.07 | ||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2023 - Adjusted | $ | 3,495 | 20.8 | % | $ | 3,561 | $ | 744 | $ | 2,830 | $ | 5.52 | |||||||||||||||||||||||||||||
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The company believes it is important to separately disclose the annual effective tax rate, excluding discrete items for the results to be meaningful to readers. The annual effective tax rate is discussed using non-GAAP financial measures that exclude the effects of amounts associated with discrete items recorded fully in the quarter they occur. For the three months ended September 30, 2024, and 2023, these items consist of (i) the impact of changes in estimates related to prior years in 2024, (ii) settlement of stock-based compensation awards with associated tax deductions in excess of cumulative U.S. GAAP compensation expense and (iii) the decrease in the annual effective tax rate in 2023. The company believes the non-GAAP measures will provide investors with useful perspective on underlying business results and trends and aids with assessing the company's period-over-period results.
A reconciliation of the effective tax rate to annual effective tax rate, excluding discrete items is below:
| (Dollars in millions) | Profit Before Taxes | Provision (Benefit) for Income Taxes | Effective Tax Rate | |||||||||||||||||
Three Months Ended September 30, 2024 - U.S. GAAP | $ | 3,098 | $ | 642 | 20.7 | % | ||||||||||||||
| Changes in estimates related to prior years | — | 47 | ||||||||||||||||||
| Excess stock-based compensation | — | 7 | ||||||||||||||||||
| Annual effective tax rate, excluding discrete items | $ | 3,098 | $ | 696 | 22.5 | % | ||||||||||||||
| Changes in estimates related to prior years | — | (47) | ||||||||||||||||||
| Excess stock-based compensation | — | (7) | ||||||||||||||||||
| Restructuring (income) costs | 70 | 16 | ||||||||||||||||||
Three Months Ended September 30, 2024 - Adjusted | $ | 3,168 | $ | 658 | ||||||||||||||||
Three Months Ended September 30, 2023 - U.S. GAAP | $ | 3,515 | $ | 734 | 20.9 | % | ||||||||||||||
| Decrease in annual effective tax rate | — | 34 | ||||||||||||||||||
| Excess stock-based compensation | — | 22 | ||||||||||||||||||
| Annual effective tax rate, excluding discrete items | $ | 3,515 | $ | 790 | 22.5 | % | ||||||||||||||
| Decrease in annual effective tax rate | — | (34) | ||||||||||||||||||
| Excess stock-based compensation | — | (22) | ||||||||||||||||||
| Restructuring (income) costs | 46 | 10 | ||||||||||||||||||
Three Months Ended September 30, 2023 - Adjusted | $ | 3,561 | $ | 744 | ||||||||||||||||
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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.
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Caterpillar Inc.
Condensed Consolidated Statement of Results of Operations
(Unaudited)
(Dollars in millions except per share data)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| Sales and revenues: | |||||||||||||||||||||||
| Sales of Machinery, Energy & Transportation | $ | 15,231 | $ | 15,988 | $ | 46,031 | $ | 47,632 | |||||||||||||||
| Revenues of Financial Products | 875 | 822 | 2,563 | 2,358 | |||||||||||||||||||
| Total sales and revenues | 16,106 | 16,810 | 48,594 | 49,990 | |||||||||||||||||||
| Operating costs: | |||||||||||||||||||||||
| Cost of goods sold | 10,066 | 10,583 | 29,878 | 31,751 | |||||||||||||||||||
| Selling, general and administrative expenses | 1,669 | 1,624 | 4,898 | 4,615 | |||||||||||||||||||
| Research and development expenses | 533 | 554 | 1,588 | 1,554 | |||||||||||||||||||
| Interest expense of Financial Products | 336 | 280 | 948 | 742 | |||||||||||||||||||
| Other operating (income) expenses | 355 | 320 | 1,134 | 1,496 | |||||||||||||||||||
| Total operating costs | 12,959 | 13,361 | 38,446 | 40,158 | |||||||||||||||||||
| Operating profit | 3,147 | 3,449 | 10,148 | 9,832 | |||||||||||||||||||
| Interest expense excluding Financial Products | 125 | 129 | 405 | 385 | |||||||||||||||||||
| Other income (expense) | 76 | 195 | 387 | 354 | |||||||||||||||||||
| Consolidated profit before taxes | 3,098 | 3,515 | 10,130 | 9,801 | |||||||||||||||||||
| Provision (benefit) for income taxes | 642 | 734 | 2,166 | 2,194 | |||||||||||||||||||
| Profit of consolidated companies | 2,456 | 2,781 | 7,964 | 7,607 | |||||||||||||||||||
| Equity in profit (loss) of unconsolidated affiliated companies | 7 | 12 | 34 | 52 | |||||||||||||||||||
| Profit of consolidated and affiliated companies | 2,463 | 2,793 | 7,998 | 7,659 | |||||||||||||||||||
| Less: Profit (loss) attributable to noncontrolling interests | (1) | (1) | (3) | — | |||||||||||||||||||
Profit 1 | $ | 2,464 | $ | 2,794 | $ | 8,001 | $ | 7,659 | |||||||||||||||
| Profit per common share | $ | 5.09 | $ | 5.48 | $ | 16.36 | $ | 14.93 | |||||||||||||||
Profit per common share — diluted 2 | $ | 5.06 | $ | 5.45 | $ | 16.27 | $ | 14.85 | |||||||||||||||
| Weighted-average common shares outstanding (millions) | |||||||||||||||||||||||
| – Basic | 484.2 | 509.8 | 489.0 | 513.0 | |||||||||||||||||||
– Diluted 2 | 486.7 | 512.6 | 491.7 | 515.7 | |||||||||||||||||||
| 1 | Profit attributable to common shareholders. | ||||
| 2 | Diluted by assumed exercise of stock-based compensation awards using the treasury stock method. | ||||
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Caterpillar Inc.
Condensed Consolidated Statement of Financial Position
(Unaudited)
(Millions of dollars)
| September 30, 2024 | December 31, 2023 | ||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 5,638 | $ | 6,978 | |||||||
| Receivables – trade and other | 9,086 | 9,310 | |||||||||
| Receivables – finance | 9,816 | 9,510 | |||||||||
| Prepaid expenses and other current assets | 3,094 | 4,586 | |||||||||
| Inventories | 17,312 | 16,565 | |||||||||
| Total current assets | 44,946 | 46,949 | |||||||||
| Property, plant and equipment – net | 12,837 | 12,680 | |||||||||
| Long-term receivables – trade and other | 1,346 | 1,238 | |||||||||
| Long-term receivables – finance | 13,263 | 12,664 | |||||||||
| Noncurrent deferred and refundable income taxes | 3,050 | 2,816 | |||||||||
| Intangible assets | 448 | 564 | |||||||||
| Goodwill | 5,317 | 5,308 | |||||||||
| Other assets | 5,066 | 5,257 | |||||||||
| Total assets | $ | 86,273 | $ | 87,476 | |||||||
| Liabilities | |||||||||||
| Current liabilities: | |||||||||||
| Short-term borrowings: | |||||||||||
| -- Financial Products | $ | 3,725 | $ | 4,643 | |||||||
| Accounts payable | 7,705 | 7,906 | |||||||||
| Accrued expenses | 4,980 | 4,958 | |||||||||
| Accrued wages, salaries and employee benefits | 2,078 | 2,757 | |||||||||
| Customer advances | 2,404 | 1,929 | |||||||||
| Dividends payable | — | 649 | |||||||||
| Other current liabilities | 2,934 | 3,123 | |||||||||
| Long-term debt due within one year: | |||||||||||
| -- Machinery, Energy & Transportation | 46 | 1,044 | |||||||||
| -- Financial Products | 8,346 | 7,719 | |||||||||
| Total current liabilities | 32,218 | 34,728 | |||||||||
| Long-term debt due after one year: | |||||||||||
| -- Machinery, Energy & Transportation | 8,634 | 8,579 | |||||||||
| -- Financial Products | 17,150 | 15,893 | |||||||||
| Liability for postemployment benefits | 4,029 | 4,098 | |||||||||
| Other liabilities | 4,839 | 4,675 | |||||||||
| Total liabilities | 66,870 | 67,973 | |||||||||
| Shareholders’ equity | |||||||||||
| Common stock | 5,584 | 6,403 | |||||||||
| Treasury stock | (42,390) | (36,339) | |||||||||
| Profit employed in the business | 57,920 | 51,250 | |||||||||
| Accumulated other comprehensive income (loss) | (1,717) | (1,820) | |||||||||
| Noncontrolling interests | 6 | 9 | |||||||||
| Total shareholders’ equity | 19,403 | 19,503 | |||||||||
| Total liabilities and shareholders’ equity | $ | 86,273 | $ | 87,476 | |||||||
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Caterpillar Inc.
Condensed Consolidated Statement of Cash Flow
(Unaudited)
(Millions of dollars)
| Nine Months Ended September 30, | |||||||||||
| 2024 | 2023 | ||||||||||
| Cash flow from operating activities: | |||||||||||
| Profit of consolidated and affiliated companies | $ | 7,998 | $ | 7,659 | |||||||
| Adjustments to reconcile profit to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | 1,598 | 1,599 | |||||||||
| Provision (benefit) for deferred income taxes | (329) | (448) | |||||||||
| (Gain) loss on divestiture | 164 | 572 | |||||||||
| Other | 221 | 205 | |||||||||
| Changes in assets and liabilities, net of acquisitions and divestitures: | |||||||||||
| Receivables – trade and other | (30) | (319) | |||||||||
| Inventories | (781) | (1,424) | |||||||||
| Accounts payable | (96) | (532) | |||||||||
| Accrued expenses | 9 | 588 | |||||||||
| Accrued wages, salaries and employee benefits | (671) | — | |||||||||
| Customer advances | 476 | 516 | |||||||||
| Other assets – net | 120 | 128 | |||||||||
| Other liabilities – net | (37) | 338 | |||||||||
| Net cash provided by (used for) operating activities | 8,642 | 8,882 | |||||||||
| Cash flow from investing activities: | |||||||||||
| Capital expenditures – excluding equipment leased to others | (1,285) | (1,061) | |||||||||
| Expenditures for equipment leased to others | (893) | (1,177) | |||||||||
| Proceeds from disposals of leased assets and property, plant and equipment | 541 | 563 | |||||||||
| Additions to finance receivables | (11,457) | (11,082) | |||||||||
| Collections of finance receivables | 10,234 | 10,391 | |||||||||
| Proceeds from sale of finance receivables | 69 | 40 | |||||||||
| Investments and acquisitions (net of cash acquired) | (32) | (67) | |||||||||
| Proceeds from sale of businesses and investments (net of cash sold) | (67) | (14) | |||||||||
| Proceeds from maturities and sale of securities | 2,841 | 747 | |||||||||
| Investments in securities | (892) | (3,689) | |||||||||
| Other – net | 137 | 32 | |||||||||
| Net cash provided by (used for) investing activities | (804) | (5,317) | |||||||||
| Cash flow from financing activities: | |||||||||||
| Dividends paid | (1,966) | (1,901) | |||||||||
| Common stock issued, including treasury shares reissued | 15 | 36 | |||||||||
| Payments to purchase common stock | (7,057) | (2,209) | |||||||||
| Proceeds from debt issued (original maturities greater than three months) | 7,579 | 6,360 | |||||||||
| Payments on debt (original maturities greater than three months) | (6,862) | (4,459) | |||||||||
| Short-term borrowings – net (original maturities three months or less) | (848) | (1,726) | |||||||||
| Net cash provided by (used for) financing activities | (9,139) | (3,899) | |||||||||
| Effect of exchange rate changes on cash | (39) | (119) | |||||||||
| Increase (decrease) in cash, cash equivalents and restricted cash | (1,340) | (453) | |||||||||
| Cash, cash equivalents and restricted cash at beginning of period | 6,985 | 7,013 | |||||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 5,645 | $ | 6,560 | |||||||
Cash equivalents primarily represent short-term, highly liquid investments with original maturities of generally three months or less. | ||
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Caterpillar Inc.
Supplemental Data for Results of Operations
For the Three Months Ended September 30, 2024
(Unaudited)
(Millions of dollars)
| Supplemental Consolidating Data | ||||||||||||||||||||||||||
| Consolidated | Machinery, Energy & Transportation | Financial Products | Consolidating Adjustments | |||||||||||||||||||||||
| Sales and revenues: | ||||||||||||||||||||||||||
| Sales of Machinery, Energy & Transportation | $ | 15,231 | $ | 15,231 | $ | — | $ | — | ||||||||||||||||||
| Revenues of Financial Products | 875 | — | 1,078 | (203) | 1 | |||||||||||||||||||||
| Total sales and revenues | 16,106 | 15,231 | 1,078 | (203) | ||||||||||||||||||||||
| Operating costs: | ||||||||||||||||||||||||||
| Cost of goods sold | 10,066 | 10,067 | — | (1) | 2 | |||||||||||||||||||||
| Selling, general and administrative expenses | 1,669 | 1,484 | 197 | (12) | 2 | |||||||||||||||||||||
| Research and development expenses | 533 | 533 | — | — | ||||||||||||||||||||||
| Interest expense of Financial Products | 336 | — | 336 | — | ||||||||||||||||||||||
| Other operating (income) expenses | 355 | 49 | 329 | (23) | 2 | |||||||||||||||||||||
| Total operating costs | 12,959 | 12,133 | 862 | (36) | ||||||||||||||||||||||
| Operating profit | 3,147 | 3,098 | 216 | (167) | ||||||||||||||||||||||
| Interest expense excluding Financial Products | 125 | 127 | — | (2) | 3 | |||||||||||||||||||||
| Other income (expense) | 76 | (122) | 33 | 165 | 4 | |||||||||||||||||||||
| Consolidated profit before taxes | 3,098 | 2,849 | 249 | — | ||||||||||||||||||||||
| Provision (benefit) for income taxes | 642 | 582 | 60 | — | ||||||||||||||||||||||
| Profit of consolidated companies | 2,456 | 2,267 | 189 | — | ||||||||||||||||||||||
| Equity in profit (loss) of unconsolidated affiliated companies | 7 | 7 | — | — | ||||||||||||||||||||||
| Profit of consolidated and affiliated companies | 2,463 | 2,274 | 189 | — | ||||||||||||||||||||||
| Less: Profit (loss) attributable to noncontrolling interests | (1) | (1) | — | — | ||||||||||||||||||||||
Profit 5 | $ | 2,464 | $ | 2,275 | $ | 189 | $ | — | ||||||||||||||||||
| 1 | Elimination of Financial Products’ revenues earned from ME&T. | ||||
| 2 | Elimination of net expenses recorded between ME&T and 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 | Profit attributable to common shareholders. | ||||
(more)
20
Caterpillar Inc.
Supplemental Data for Results of Operations
For the Three Months Ended September 30, 2023
(Unaudited)
(Millions of dollars)
| Supplemental Consolidating Data | ||||||||||||||||||||||||||
| Consolidated | Machinery, Energy & Transportation | Financial Products | Consolidating Adjustments | |||||||||||||||||||||||
| Sales and revenues: | ||||||||||||||||||||||||||
| Sales of Machinery, Energy & Transportation | $ | 15,988 | $ | 15,988 | $ | — | $ | — | ||||||||||||||||||
| Revenues of Financial Products | 822 | — | 1,017 | (195) | 1 | |||||||||||||||||||||
| Total sales and revenues | 16,810 | 15,988 | 1,017 | (195) | ||||||||||||||||||||||
| Operating costs: | ||||||||||||||||||||||||||
| Cost of goods sold | 10,583 | 10,586 | — | (3) | 2 | |||||||||||||||||||||
| Selling, general and administrative expenses | 1,624 | 1,430 | 206 | (12) | 2 | |||||||||||||||||||||
| Research and development expenses | 554 | 554 | — | — | ||||||||||||||||||||||
| Interest expense of Financial Products | 280 | — | 280 | — | ||||||||||||||||||||||
| Other operating (income) expenses | 320 | 25 | 310 | (15) | 2 | |||||||||||||||||||||
| Total operating costs | 13,361 | 12,595 | 796 | (30) | ||||||||||||||||||||||
| Operating profit | 3,449 | 3,393 | 221 | (165) | ||||||||||||||||||||||
| Interest expense excluding Financial Products | 129 | 129 | — | — | ||||||||||||||||||||||
| Other income (expense) | 195 | 42 | (12) | 165 | 3 | |||||||||||||||||||||
| Consolidated profit before taxes | 3,515 | 3,306 | 209 | — | ||||||||||||||||||||||
| Provision (benefit) for income taxes | 734 | 654 | 80 | — | ||||||||||||||||||||||
| Profit of consolidated companies | 2,781 | 2,652 | 129 | — | ||||||||||||||||||||||
| Equity in profit (loss) of unconsolidated affiliated companies | 12 | 12 | — | — | ||||||||||||||||||||||
| Profit of consolidated and affiliated companies | 2,793 | 2,664 | 129 | — | ||||||||||||||||||||||
| Less: Profit (loss) attributable to noncontrolling interests | (1) | (1) | — | — | ||||||||||||||||||||||
Profit 4 | $ | 2,794 | $ | 2,665 | $ | 129 | $ | — | ||||||||||||||||||
| 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 | Profit attributable to common shareholders. | ||||
(more)
21
Caterpillar Inc.
Supplemental Data for Results of Operations
For the Nine Months Ended September 30, 2024
(Unaudited)
(Millions of dollars)
| Supplemental Consolidating Data | ||||||||||||||||||||||||||
| Consolidated | Machinery, Energy & Transportation | Financial Products | Consolidating Adjustments | |||||||||||||||||||||||
| Sales and revenues: | ||||||||||||||||||||||||||
| Sales of Machinery, Energy & Transportation | $ | 46,031 | $ | 46,031 | $ | — | $ | — | ||||||||||||||||||
| Revenues of Financial Products | 2,563 | — | 3,150 | (587) | 1 | |||||||||||||||||||||
| Total sales and revenues | 48,594 | 46,031 | 3,150 | (587) | ||||||||||||||||||||||
| Operating costs: | ||||||||||||||||||||||||||
| Cost of goods sold | 29,878 | 29,883 | — | (5) | 2 | |||||||||||||||||||||
| Selling, general and administrative expenses | 4,898 | 4,346 | 560 | (8) | 2 | |||||||||||||||||||||
| Research and development expenses | 1,588 | 1,588 | — | — | ||||||||||||||||||||||
| Interest expense of Financial Products | 948 | — | 948 | — | ||||||||||||||||||||||
| Other operating (income) expenses | 1,134 | 51 | 1,174 | (91) | 2 | |||||||||||||||||||||
| Total operating costs | 38,446 | 35,868 | 2,682 | (104) | ||||||||||||||||||||||
| Operating profit | 10,148 | 10,163 | 468 | (483) | ||||||||||||||||||||||
| Interest expense excluding Financial Products | 405 | 407 | — | (2) | 3 | |||||||||||||||||||||
| Other income (expense) | 387 | (163) | 69 | 481 | 4 | |||||||||||||||||||||
| Consolidated profit before taxes | 10,130 | 9,593 | 537 | — | ||||||||||||||||||||||
| Provision (benefit) for income taxes | 2,166 | 1,983 | 183 | — | ||||||||||||||||||||||
| Profit of consolidated companies | 7,964 | 7,610 | 354 | — | ||||||||||||||||||||||
| Equity in profit (loss) of unconsolidated affiliated companies | 34 | 34 | — | — | ||||||||||||||||||||||
| Profit of consolidated and affiliated companies | 7,998 | 7,644 | 354 | — | ||||||||||||||||||||||
| Less: Profit (loss) attributable to noncontrolling interests | (3) | (4) | 1 | — | ||||||||||||||||||||||
Profit 5 | $ | 8,001 | $ | 7,648 | $ | 353 | $ | — | ||||||||||||||||||
| 1 | Elimination of Financial Products’ revenues earned from ME&T. | ||||
| 2 | Elimination of net expenses recorded between ME&T and 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 | Profit attributable to common shareholders. | ||||
(more)
22
Caterpillar Inc.
Supplemental Data for Results of Operations
For the Nine Months Ended September 30, 2023
(Unaudited)
(Millions of dollars)
| Supplemental Consolidating Data | ||||||||||||||||||||||||||
| Consolidated | Machinery, Energy & Transportation | Financial Products | Consolidating Adjustments | |||||||||||||||||||||||
| Sales and revenues: | ||||||||||||||||||||||||||
| Sales of Machinery, Energy & Transportation | $ | 47,632 | $ | 47,632 | $ | — | $ | — | ||||||||||||||||||
| Revenues of Financial Products | 2,358 | — | 2,907 | (549) | 1 | |||||||||||||||||||||
| Total sales and revenues | 49,990 | 47,632 | 2,907 | (549) | ||||||||||||||||||||||
| Operating costs: | ||||||||||||||||||||||||||
| Cost of goods sold | 31,751 | 31,758 | — | (7) | 2 | |||||||||||||||||||||
| Selling, general and administrative expenses | 4,615 | 4,139 | 507 | (31) | 2 | |||||||||||||||||||||
| Research and development expenses | 1,554 | 1,554 | — | — | ||||||||||||||||||||||
| Interest expense of Financial Products | 742 | — | 742 | — | ||||||||||||||||||||||
| Other operating (income) expenses | 1,496 | 624 | 923 | (51) | 2 | |||||||||||||||||||||
| Total operating costs | 40,158 | 38,075 | 2,172 | (89) | ||||||||||||||||||||||
| Operating profit | 9,832 | 9,557 | 735 | (460) | ||||||||||||||||||||||
| Interest expense excluding Financial Products | 385 | 385 | — | — | ||||||||||||||||||||||
| Other income (expense) | 354 | 18 | (49) | 385 | 3 | |||||||||||||||||||||
| Consolidated profit before taxes | 9,801 | 9,190 | 686 | (75) | ||||||||||||||||||||||
| Provision (benefit) for income taxes | 2,194 | 1,993 | 201 | — | ||||||||||||||||||||||
| Profit of consolidated companies | 7,607 | 7,197 | 485 | (75) | ||||||||||||||||||||||
| Equity in profit (loss) of unconsolidated affiliated companies | 52 | 55 | — | (3) | 4 | |||||||||||||||||||||
| Profit of consolidated and affiliated companies | 7,659 | 7,252 | 485 | (78) | ||||||||||||||||||||||
| Less: Profit (loss) attributable to noncontrolling interests | — | (2) | 5 | (3) | 5 | |||||||||||||||||||||
Profit 6 | $ | 7,659 | $ | 7,254 | $ | 480 | $ | (75) | ||||||||||||||||||
| 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)
23
Caterpillar Inc.
Supplemental Data for Financial Position
At September 30, 2024
(Unaudited)
(Millions of dollars)
| Supplemental Consolidating Data | ||||||||||||||||||||||||||
| Consolidated | Machinery, Energy & Transportation | Financial Products | Consolidating Adjustments | |||||||||||||||||||||||
| Assets | ||||||||||||||||||||||||||
| Current assets: | ||||||||||||||||||||||||||
| Cash and cash equivalents | $ | 5,638 | $ | 4,760 | $ | 878 | $ | — | ||||||||||||||||||
| Receivables – trade and other | 9,086 | 3,421 | 489 | 5,176 | 1,2 | |||||||||||||||||||||
| Receivables – finance | 9,816 | — | 15,188 | (5,372) | 2 | |||||||||||||||||||||
| Prepaid expenses and other current assets | 3,094 | 2,941 | 417 | (264) | 3 | |||||||||||||||||||||
| Inventories | 17,312 | 17,312 | — | — | ||||||||||||||||||||||
| Total current assets | 44,946 | 28,434 | 16,972 | (460) | ||||||||||||||||||||||
| Property, plant and equipment – net | 12,837 | 8,943 | 3,894 | — | ||||||||||||||||||||||
| Long-term receivables – trade and other | 1,346 | 582 | 128 | 636 | 1,2 | |||||||||||||||||||||
| Long-term receivables – finance | 13,263 | — | 14,003 | (740) | 2 | |||||||||||||||||||||
| Noncurrent deferred and refundable income taxes | 3,050 | 3,553 | 112 | (615) | 4 | |||||||||||||||||||||
| Intangible assets | 448 | 448 | — | — | ||||||||||||||||||||||
| Goodwill | 5,317 | 5,317 | — | — | ||||||||||||||||||||||
| Other assets | 5,066 | 3,828 | 2,271 | (1,033) | 5 | |||||||||||||||||||||
| Total assets | $ | 86,273 | $ | 51,105 | $ | 37,380 | $ | (2,212) | ||||||||||||||||||
| Liabilities | ||||||||||||||||||||||||||
| Current liabilities: | ||||||||||||||||||||||||||
| Short-term borrowings | $ | 3,725 | $ | — | $ | 3,725 | $ | — | ||||||||||||||||||
| Accounts payable | 7,705 | 7,630 | 287 | (212) | 6,7 | |||||||||||||||||||||
| Accrued expenses | 4,980 | 4,351 | 629 | — | ||||||||||||||||||||||
| Accrued wages, salaries and employee benefits | 2,078 | 2,028 | 50 | — | ||||||||||||||||||||||
| Customer advances | 2,404 | 2,385 | 3 | 16 | 7 | |||||||||||||||||||||
| Other current liabilities | 2,934 | 2,407 | 813 | (286) | 4,5,8 | |||||||||||||||||||||
| Long-term debt due within one year | 8,392 | 46 | 8,346 | — | ||||||||||||||||||||||
| Total current liabilities | 32,218 | 18,847 | 13,853 | (482) | ||||||||||||||||||||||
| Long-term debt due after one year | 25,784 | 8,738 | 17,150 | (104) | 9 | |||||||||||||||||||||
| Liability for postemployment benefits | 4,029 | 4,029 | — | — | ||||||||||||||||||||||
| Other liabilities | 4,839 | 3,970 | 1,522 | (653) | 4,5 | |||||||||||||||||||||
| Total liabilities | 66,870 | 35,584 | 32,525 | (1,239) | ||||||||||||||||||||||
| Shareholders’ equity | ||||||||||||||||||||||||||
| Common stock | 5,584 | 5,584 | 905 | (905) | 10 | |||||||||||||||||||||
| Treasury stock | (42,390) | (42,390) | — | — | ||||||||||||||||||||||
| Profit employed in the business | 57,920 | 53,100 | 4,810 | 10 | 10 | |||||||||||||||||||||
| Accumulated other comprehensive income (loss) | (1,717) | (781) | (936) | — | ||||||||||||||||||||||
| Noncontrolling interests | 6 | 8 | 76 | (78) | 10 | |||||||||||||||||||||
| Total shareholders’ equity | 19,403 | 15,521 | 4,855 | (973) | ||||||||||||||||||||||
| Total liabilities and shareholders’ equity | $ | 86,273 | $ | 51,105 | $ | 37,380 | $ | (2,212) | ||||||||||||||||||
| 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 and liabilities between ME&T and Financial Products. | ||||
| 6 | Elimination of payables between ME&T and Financial Products. | ||||
| 7 | Reclassification of Financial Products' payables to customer advances. | ||||
| 8 | Elimination of prepaid insurance in Financial Products’ other liabilities. | ||||
| 9 | Elimination of debt between ME&T and Financial Products. | ||||
| 10 | Eliminations associated with ME&T’s investments in Financial Products’ subsidiaries. | ||||
(more)
24
Caterpillar Inc.
Supplemental Data for Financial Position
At December 31, 2023
(Unaudited)
(Millions of dollars)
| Supplemental Consolidating Data | ||||||||||||||||||||||||||
| Consolidated | Machinery, Energy & Transportation | Financial Products | Consolidating Adjustments | |||||||||||||||||||||||
| Assets | ||||||||||||||||||||||||||
| Current assets: | ||||||||||||||||||||||||||
| Cash and cash equivalents | $ | 6,978 | $ | 6,106 | $ | 872 | $ | — | ||||||||||||||||||
| Receivables – trade and other | 9,310 | 3,971 | 570 | 4,769 | 1,2 | |||||||||||||||||||||
| Receivables – finance | 9,510 | — | 14,499 | (4,989) | 2 | |||||||||||||||||||||
| Prepaid expenses and other current assets | 4,586 | 4,327 | 341 | (82) | 3 | |||||||||||||||||||||
| Inventories | 16,565 | 16,565 | — | — | ||||||||||||||||||||||
| Total current assets | 46,949 | 30,969 | 16,282 | (302) | ||||||||||||||||||||||
| Property, plant and equipment – net | 12,680 | 8,694 | 3,986 | — | ||||||||||||||||||||||
| Long-term receivables – trade and other | 1,238 | 565 | 85 | 588 | 1,2 | |||||||||||||||||||||
| Long-term receivables – finance | 12,664 | — | 13,299 | (635) | 2 | |||||||||||||||||||||
| Noncurrent deferred and refundable income taxes | 2,816 | 3,360 | 148 | (692) | 4 | |||||||||||||||||||||
| Intangible assets | 564 | 564 | — | — | ||||||||||||||||||||||
| Goodwill | 5,308 | 5,308 | — | — | ||||||||||||||||||||||
| Other assets | 5,257 | 4,218 | 2,082 | (1,043) | 5 | |||||||||||||||||||||
| Total assets | $ | 87,476 | $ | 53,678 | $ | 35,882 | $ | (2,084) | ||||||||||||||||||
| Liabilities | ||||||||||||||||||||||||||
| Current liabilities: | ||||||||||||||||||||||||||
| Short-term borrowings | $ | 4,643 | $ | — | $ | 4,643 | $ | — | ||||||||||||||||||
| Accounts payable | 7,906 | 7,827 | 314 | (235) | 6,7 | |||||||||||||||||||||
| Accrued expenses | 4,958 | 4,361 | 597 | — | ||||||||||||||||||||||
| Accrued wages, salaries and employee benefits | 2,757 | 2,696 | 61 | — | ||||||||||||||||||||||
| Customer advances | 1,929 | 1,912 | 2 | 15 | 7 | |||||||||||||||||||||
| Dividends payable | 649 | 649 | — | — | ||||||||||||||||||||||
| Other current liabilities | 3,123 | 2,583 | 647 | (107) | 4,8 | |||||||||||||||||||||
| Long-term debt due within one year | 8,763 | 1,044 | 7,719 | — | ||||||||||||||||||||||
| Total current liabilities | 34,728 | 21,072 | 13,983 | (327) | ||||||||||||||||||||||
| Long-term debt due after one year | 24,472 | 8,626 | 15,893 | (47) | 9 | |||||||||||||||||||||
| Liability for postemployment benefits | 4,098 | 4,098 | — | — | ||||||||||||||||||||||
| Other liabilities | 4,675 | 3,806 | 1,607 | (738) | 4 | |||||||||||||||||||||
| Total liabilities | 67,973 | 37,602 | 31,483 | (1,112) | ||||||||||||||||||||||
| Shareholders’ equity | ||||||||||||||||||||||||||
| Common stock | 6,403 | 6,403 | 905 | (905) | 10 | |||||||||||||||||||||
| Treasury stock | (36,339) | (36,339) | — | — | ||||||||||||||||||||||
| Profit employed in the business | 51,250 | 46,783 | 4,457 | 10 | 10 | |||||||||||||||||||||
| Accumulated other comprehensive income (loss) | (1,820) | (783) | (1,037) | — | ||||||||||||||||||||||
| Noncontrolling interests | 9 | 12 | 74 | (77) | 10 | |||||||||||||||||||||
| Total shareholders’ equity | 19,503 | 16,076 | 4,399 | (972) | ||||||||||||||||||||||
| Total liabilities and shareholders’ equity | $ | 87,476 | $ | 53,678 | $ | 35,882 | $ | (2,084) | ||||||||||||||||||
| 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 | Reclassification of Financial Products' payables to customer advances. | ||||
| 8 | Elimination of prepaid insurance in Financial Products’ other liabilities. | ||||
| 9 | Elimination of debt between ME&T and Financial Products. | ||||
| 10 | Eliminations associated with ME&T’s investments in Financial Products’ subsidiaries. | ||||
(more)
25
Caterpillar Inc.
Supplemental Data for Cash Flow
For the Nine Months Ended September 30, 2024
(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 | $ | 7,998 | $ | 7,644 | $ | 354 | $ | — | ||||||||||||||||||
| Adjustments to reconcile profit to net cash provided by operating activities: | ||||||||||||||||||||||||||
| Depreciation and amortization | 1,598 | 1,010 | 588 | — | ||||||||||||||||||||||
| Provision (benefit) for deferred income taxes | (329) | (277) | (52) | — | ||||||||||||||||||||||
| (Gain) loss on divestiture | 164 | (46) | 210 | — | ||||||||||||||||||||||
| Other | 221 | 236 | (447) | 432 | 1 | |||||||||||||||||||||
| Changes in assets and liabilities, net of acquisitions and divestitures: | ||||||||||||||||||||||||||
| Receivables – trade and other | (30) | 554 | (17) | (567) | 1,2 | |||||||||||||||||||||
| Inventories | (781) | (770) | — | (11) | 1 | |||||||||||||||||||||
| Accounts payable | (96) | (79) | (40) | 23 | 1 | |||||||||||||||||||||
| Accrued expenses | 9 | — | 9 | — | ||||||||||||||||||||||
| Accrued wages, salaries and employee benefits | (671) | (660) | (11) | — | ||||||||||||||||||||||
| Customer advances | 476 | 475 | 1 | — | ||||||||||||||||||||||
| Other assets – net | 120 | (226) | 191 | 155 | 1 | |||||||||||||||||||||
| Other liabilities – net | (37) | (135) | 232 | (134) | 1 | |||||||||||||||||||||
| Net cash provided by (used for) operating activities | 8,642 | 7,726 | 1,018 | (102) | ||||||||||||||||||||||
| Cash flow from investing activities: | ||||||||||||||||||||||||||
| Capital expenditures – excluding equipment leased to others | (1,285) | (1,264) | (25) | 4 | 1 | |||||||||||||||||||||
| Expenditures for equipment leased to others | (893) | (20) | (889) | 16 | 1 | |||||||||||||||||||||
| Proceeds from disposals of leased assets and property, plant and equipment | 541 | 25 | 525 | (9) | 1 | |||||||||||||||||||||
| Additions to finance receivables | (11,457) | — | (12,271) | 814 | 2 | |||||||||||||||||||||
| Collections of finance receivables | 10,234 | — | 10,889 | (655) | 2 | |||||||||||||||||||||
| Net intercompany purchased receivables | — | — | 68 | (68) | 2 | |||||||||||||||||||||
| Proceeds from sale of finance receivables | 69 | — | 69 | — | ||||||||||||||||||||||
| Net intercompany borrowings | — | — | 15 | (15) | 3 | |||||||||||||||||||||
| Investments and acquisitions (net of cash acquired) | (32) | (32) | — | — | ||||||||||||||||||||||
| Proceeds from sale of businesses and investments (net of cash sold) | (67) | 86 | (153) | — | ||||||||||||||||||||||
| Proceeds from maturities and sale of securities | 2,841 | 2,565 | 276 | — | ||||||||||||||||||||||
| Investments in securities | (892) | (469) | (423) | — | ||||||||||||||||||||||
| Other – net | 137 | 118 | 19 | — | ||||||||||||||||||||||
| Net cash provided by (used for) investing activities | (804) | 1,009 | (1,900) | 87 | ||||||||||||||||||||||
| Cash flow from financing activities: | ||||||||||||||||||||||||||
| Dividends paid | (1,966) | (1,966) | — | — | ||||||||||||||||||||||
| Common stock issued, including treasury shares reissued | 15 | 15 | — | — | ||||||||||||||||||||||
| Payments to purchase common stock | (7,057) | (7,057) | — | — | ||||||||||||||||||||||
| Net intercompany borrowings | — | (15) | — | 15 | 3 | |||||||||||||||||||||
| Proceeds from debt issued (original maturities greater than three months) | 7,579 | — | 7,579 | — | ||||||||||||||||||||||
| Payments on debt (original maturities greater than three months) | (6,862) | (1,021) | (5,841) | — | ||||||||||||||||||||||
| Short-term borrowings – net (original maturities three months or less) | (848) | — | (848) | — | ||||||||||||||||||||||
| Net cash provided by (used for) financing activities | (9,139) | (10,044) | 890 | 15 | ||||||||||||||||||||||
| Effect of exchange rate changes on cash | (39) | (37) | (2) | — | ||||||||||||||||||||||
| Increase (decrease) in cash, cash equivalents and restricted cash | (1,340) | (1,346) | 6 | — | ||||||||||||||||||||||
| Cash, cash equivalents and restricted cash at beginning of period | 6,985 | 6,111 | 874 | — | ||||||||||||||||||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 5,645 | $ | 4,765 | $ | 880 | $ | — | ||||||||||||||||||
| 1 | Elimination of non-cash adjustments and changes in assets and liabilities related to consolidated reporting. | ||||
| 2 | Reclassification of Financial Products’ cash flow activity from investing to operating for receivables that arose from the sale of inventory. | ||||
| 3 | Elimination of net proceeds and payments to/from ME&T and Financial Products. | ||||
(more)
26
Caterpillar Inc.
Supplemental Data for Cash Flow
For the Nine Months Ended September 30, 2023
(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 | $ | 7,659 | $ | 7,252 | $ | 485 | $ | (78) | 1,5 | |||||||||||||||||
| Adjustments to reconcile profit to net cash provided by operating activities: | ||||||||||||||||||||||||||
| Depreciation and amortization | 1,599 | 1,015 | 584 | — | ||||||||||||||||||||||
| Provision (benefit) for deferred income taxes | (448) | (456) | 8 | — | ||||||||||||||||||||||
| (Gain) loss on divestiture | 572 | 572 | — | — | ||||||||||||||||||||||
| Other | 205 | 309 | (463) | 359 | 2 | |||||||||||||||||||||
| Changes in assets and liabilities, net of acquisitions and divestitures: | ||||||||||||||||||||||||||
| Receivables – trade and other | (319) | (46) | 70 | (343) | 2,3 | |||||||||||||||||||||
| Inventories | (1,424) | (1,420) | — | (4) | 2 | |||||||||||||||||||||
| Accounts payable | (532) | (628) | 26 | 70 | 2 | |||||||||||||||||||||
| Accrued expenses | 588 | 557 | 31 | — | ||||||||||||||||||||||
| Accrued wages, salaries and employee benefits | — | 1 | (1) | — | ||||||||||||||||||||||
| Customer advances | 516 | 515 | 1 | — | ||||||||||||||||||||||
| Other assets – net | 128 | 107 | 17 | 4 | 2 | |||||||||||||||||||||
| Other liabilities – net | 338 | 177 | 147 | 14 | 2 | |||||||||||||||||||||
| Net cash provided by (used for) operating activities | 8,882 | 7,955 | 905 | 22 | ||||||||||||||||||||||
| Cash flow from investing activities: | ||||||||||||||||||||||||||
| Capital expenditures – excluding equipment leased to others | (1,061) | (1,088) | (16) | 43 | 2 | |||||||||||||||||||||
| Expenditures for equipment leased to others | (1,177) | (20) | (1,165) | 8 | 2 | |||||||||||||||||||||
| Proceeds from disposals of leased assets and property, plant and equipment | 563 | 46 | 564 | (47) | 2 | |||||||||||||||||||||
| Additions to finance receivables | (11,082) | — | (12,493) | 1,411 | 3 | |||||||||||||||||||||
| Collections of finance receivables | 10,391 | — | 11,554 | (1,163) | 3 | |||||||||||||||||||||
| Net intercompany purchased receivables | — | — | 429 | (429) | 3 | |||||||||||||||||||||
| Proceeds from sale of finance receivables | 40 | — | 40 | — | ||||||||||||||||||||||
| Net intercompany borrowings | — | — | 7 | (7) | 4 | |||||||||||||||||||||
| Investments and acquisitions (net of cash acquired) | (67) | (67) | — | — | ||||||||||||||||||||||
| Proceeds from sale of businesses and investments (net of cash sold) | (14) | (14) | — | — | ||||||||||||||||||||||
| Proceeds from sale of securities | 747 | 553 | 194 | — | ||||||||||||||||||||||
| Investments in securities | (3,689) | (3,340) | (349) | — | ||||||||||||||||||||||
| Other – net | 32 | 43 | (11) | — | ||||||||||||||||||||||
| Net cash provided by (used for) investing activities | (5,317) | (3,887) | (1,246) | (184) | ||||||||||||||||||||||
| Cash flow from financing activities: | ||||||||||||||||||||||||||
| Dividends paid | (1,901) | (1,901) | (155) | 155 | 5 | |||||||||||||||||||||
| Common stock issued, including treasury shares reissued | 36 | 36 | — | — | ||||||||||||||||||||||
| Payments to purchase common stock | (2,209) | (2,209) | — | — | ||||||||||||||||||||||
| Net intercompany borrowings | — | (7) | — | 7 | 4 | |||||||||||||||||||||
| Proceeds from debt issued (original maturities greater than three months) | 6,360 | — | 6,360 | — | ||||||||||||||||||||||
| Payments on debt (original maturities greater than three months) | (4,459) | (99) | (4,360) | — | ||||||||||||||||||||||
| Short-term borrowings – net (original maturities three months or less) | (1,726) | (3) | (1,723) | — | ||||||||||||||||||||||
| Net cash provided by (used for) financing activities | (3,899) | (4,183) | 122 | 162 | ||||||||||||||||||||||
| Effect of exchange rate changes on cash | (119) | (55) | (64) | — | ||||||||||||||||||||||
| Increase (decrease) in cash, cash equivalents and restricted cash | (453) | (170) | (283) | — | ||||||||||||||||||||||
| Cash, cash equivalents and restricted cash at beginning of period | 7,013 | 6,049 | 964 | — | ||||||||||||||||||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 6,560 | $ | 5,879 | $ | 681 | $ | — | ||||||||||||||||||
| 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. | ||||
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