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Caterpillar Inc.

$CAT
$216.35
Капитализция: $121.1B
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Компания Caterpillar Inc. является ведущим мировым производителем строительного и горнодобывающего оборудования, дизельных и газотурбинных двигателей, промышленных газовых турбин и дизель-электрических локомотивов с выручкой 55,656 млрд. долларов США за 2013 год. показать больше
Компания ведет деятельность в трех продуктовых сегментах - ресурсодобывающая промышленность, строительная промышленность и энергетические системы, а также обеспечивает финансовые и сопутствующие услуги посредством сегмента финансовых продуктов на базе компании Cat Financial. Caterpillar также является ведущим экспортером США. Через глобальную сеть независимых дилеров и прямых продаж Caterpillar строит долгосрочные отношения с клиентами по всему миру. Компания была основана в 1925 году в штате Калифорния, и затем в 1986 году была зарегистрирована в качестве корпорации, учрежденной в соответствии с законодательством штата Делавэр.
Caterpillar Inc. manufactures and sells construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives worldwide. Its Construction Industries segment offers asphalt pavers, compactors, cold planers, motorgraders, pipelayers, road reclaimers, telehandlers, and utility vehicles backhoe, compact track, multi-terrain, skid steer, and track-type loaders forestry and wheel excavators and site prep and track-type tractors. The company's Resource Industries segment provides electric rope and hydraulic shovels, draglines, rotary drills, hard rock vehicles, track-type tractors, mining trucks, longwall miners, wheel loaders, off-highway and articulated trucks, wheel tractor scrapers, wheel dozers, landfill and soil compactors, machinery components, autonomous ready vehicles and solutions, and select work tools. Its Energy & Transportation segment offers reciprocating engine powered generator sets reciprocating engines and integrated systems for the power generation, marine, oil, and gas industries turbines, centrifugal gas compressors, and related services remanufactured reciprocating engines and components and diesel-electric locomotives and components, and other rail-related products. The company's Financial Products segment provides operating and finance leases, installment sale contracts, working capital loans, and wholesale financing and insurance and risk management, as well as other equipment-related loans. Its All Other Operating segment offers filters and fluids, undercarriage, ground engaging tools, fluid transfer products, precision seals, and rubber sealing and connecting components parts distribution integrated logistics solutions portfolio management brand management and marketing strategy and digital investments services. The company was formerly known as Caterpillar Tractor Co. The company was founded in 1925 and is headquartered in Deerfield, Illinois.
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Отчетность

03.11.2021, 23:08 EPS за 3 квартал составил ХХ, консенсус YY
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Caterpillar Reports First-Quarter 2022 Results

Caterpillar сообщает о результатах за первый квартал 2022 г.

28 апр. 2022 г.
  • First-quarter 2022 sales and revenues increased 14% to $13.6 billion
  • First-quarter 2022 profit per share of $2.86; adjusted profit per share of $2.88
  • Returned $1.4 billion to shareholders through share repurchases and dividends in the quarter

DEERFIELD, Ill., April 28, 2022 /PRNewswire/ -- 

First Quarter

($ in billions except profit per share)

2022

2021

Sales and Revenues

$13.6

$11.9

Profit Per Share

$2.86

$2.77

Adjusted Profit Per Share

$2.88

$2.87

Caterpillar Inc. (NYSE: CAT) announced first-quarter 2022 sales and revenues of $13.6 billion, a 14% increase compared with $11.9 billion in the first quarter of 2021. 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, as well as favorable price realization. Dealers increased inventories more during the first quarter of 2022 than during the first quarter of 2021.

Operating profit margin was 13.7% for the first quarter of 2022, compared with 15.3% for the first quarter of 2021. First-quarter 2022 profit per share was $2.86, compared with first-quarter 2021 profit per share of $2.77. Adjusted profit per share in the first quarter of 2022 was $2.88, compared with first-quarter 2021 adjusted profit per share of $2.87. Adjusted profit per share for both quarters excluded restructuring costs. Please see a reconciliation of GAAP to non-GAAP financial measures in the appendix on page 13.

For the three months ended March 31, 2022, enterprise operating cash flow was $0.3 billion and the company ended the first quarter with $6.5 billion of enterprise cash. The company paid about $1.3 billion of short-term incentive compensation in the quarter, which was reinstated in 2021. In the quarter, the company repurchased $0.8 billion of Caterpillar common stock and paid dividends of $0.6 billion.

"I'm proud of our global team's performance as they achieved double-digit sales growth despite ongoing supply chain challenges. We remain focused on supporting our customers and executing our strategy for long-term profitable growth," said Chairman and CEO Jim Umpleby. "Our strong balance sheet allowed us to repurchase shares and pay dividends totaling $1.4 billion in the quarter."

CONSOLIDATED RESULTS

Consolidated Sales and Revenues

Consolidated Sales and Revenues ComparisonFirst Quarter 2022  vs. First Quarter 2021 

To access this chart, go to https://investors.caterpillar.com/financials/quarterly-results/default.aspx for the downloadable version of Caterpillar first-quarter 2022 earnings.   

The chart above graphically illustrates reasons for the change in consolidated sales and revenues between the first quarter of 2021 (at left) and the first quarter of 2022 (at right). Caterpillar management utilizes these charts internally to visually communicate with the company's Board of Directors and employees.

Total sales and revenues for the first quarter of 2022 were $13.589 billion, an increase of $1.702 billion, or 14%, compared with $11.887 billion in the first quarter of 2021. The increase was due to higher sales volume and favorable price realization, partially offset by unfavorable currency impacts primarily related to the euro, Australian dollar and Japanese yen. The increase in sales volume was driven by higher end-user demand for equipment and services and the impact from changes in dealer inventories. Dealers increased inventories by $1.3 billion during the first quarter of 2022, compared with an increase of $700 million during the first quarter of 2021.

Sales were higher across the three primary segments.

Sales and Revenues by Segment

(Millions of dollars)

First
Quarter
2021

Sales

Volume

Price

Realization

Currency

Inter-
Segment /
Other

First
Quarter
2022

$

Change

%

Change
















Construction Industries

$        5,459

$           325

$           421

$          (101)

$            11

$        6,115

$           656

12%

Resource Industries

2,178

527

169

(34)

(10)

2,830

652

30%

Energy & Transportation

4,507

333

115

(74)

157

5,038

531

12%

All Other Segment

130

2

—

(1)

(13)

118

(12)

(9%)

Corporate Items and Eliminations

(1,083)

15

(1)

(1)

(145)

(1,215)

(132)

Machinery, Energy & Transportation

11,191

1,202

704

(211)

—

12,886

1,695

15%
















Financial Products Segment

761

—

—

—

22

783

22

3%

Corporate Items and Eliminations

(65)

—

—

—

(15)

(80)

(15)

Financial Products Revenues

696

—

—

—

7

703

7

1%
















Consolidated Sales and Revenues

$       11,887

$        1,202

$           704

$          (211)

$              7

$       13,589

$        1,702

14%
















Sales and Revenues by Geographic Region

North America

Latin America

EAME

Asia/Pacific

External Sales
and Revenues

Inter-Segment

Total Sales
and Revenues

(Millions of dollars)

$

% Chg

$

% Chg

$

% Chg

$

% Chg

$

% Chg

$

% Chg

$

% Chg

First Quarter 2022


























Construction Industries

$   2,720

28%

$     627

60%

$   1,277

18%

$   1,462

(21%)

$   6,086

12%

$       29

61%

$   6,115

12%

Resource Industries

1,018

55%

399

(1%)

594

25%

748

33%

2,759

32%

71

(12%)

2,830

30%

Energy & Transportation

1,938

9%

310

21%

1,184

8%

600

14%

4,032

10%

1,006

18%

5,038

12%

All Other Segment

18

38%

—

—%

5

67%

16

(27%)

39

3%

79

(14%)

118

(9%)

Corporate Items and Eliminations

(24)


1


(2)


(5)


(30)


(1,185)


(1,215)

Machinery, Energy & Transportation

5,670

25%

1,337

27%

3,058

15%

2,821

(4%)

12,886

15%

—

—%

12,886

15%




























Financial Products Segment

503

6%

73

18%

96

(4%)

111

(10%)

783

3%

—

—%

783

3%

Corporate Items and Eliminations

(36)


(17)


(9)


(18)


(80)


—


(80)

Financial Products Revenues

467

3%

56

10%

87

(5%)

93

(8%)

703

1%

—

—%

703

1%




























Consolidated Sales and Revenues

$   6,137

23%

$   1,393

26%

$   3,145

15%

$   2,914

(4%)

$ 13,589

14%

$        —

—%

$ 13,589

14%




























First Quarter 2021


























Construction Industries

$   2,126


$     392


$   1,081


$   1,842


$   5,441


$       18


$   5,459

Resource Industries

657


405


474


561


2,097


81


2,178

Energy & Transportation

1,782


256


1,093


527


3,658


849


4,507

All Other Segment

13


—


3


22


38


92


130

Corporate Items and Eliminations

(39)


—


—


(4)


(43)


(1,040)


(1,083)

Machinery, Energy & Transportation

4,539


1,053


2,651


2,948


11,191


—


11,191





























Financial Products Segment

476


62


100


123


761


—


761

Corporate Items and Eliminations

(24)


(11)


(8)


(22)


(65)


—


(65)

Financial Products Revenues

452


51


92


101


696


—


696





























Consolidated Sales and Revenues

$   4,991


$   1,104


$   2,743


$   3,049


$ 11,887


$        —


$ 11,887





























Consolidated Operating Profit

Consolidated Operating Profit ComparisonFirst Quarter 2022 vs. First Quarter 2021 

To access this chart, go to https://investors.caterpillar.com/financials/quarterly-results/default.aspx for the downloadable version of Caterpillar first-quarter 2022 earnings.

The chart above graphically illustrates reasons for the change in consolidated operating profit between the first quarter of 2021 (at left) and the first quarter of 2022 (at right). Caterpillar management utilizes these charts internally to visually communicate with the company's Board of Directors and employees. The bar titled Other includes consolidating adjustments and Machinery, Energy & Transportation's other operating (income) expenses.

Operating profit for the first quarter of 2022 was $1.855 billion, an increase of $41 million, or 2%, compared with $1.814 billion in the first quarter of 2021. Unfavorable manufacturing costs and higher selling, general and administrative (SG&A) and research and development (R&D) expenses were more than offset by favorable price realization and higher sales volume.

Unfavorable manufacturing costs primarily reflected higher material and freight costs. The increase in SG&A/R&D expenses was mainly driven by investments aligned with the company's strategy for profitable growth.

Profit by Segment

(Millions of dollars)

First Quarter
2022

First Quarter
2021

$

Change

%

 Change

Construction Industries

$                 1,057

$                 1,042

$                     15

1%

Resource Industries

361

312

49

16%

Energy & Transportation

538

675

(137)

(20%)

All Other Segment

3

3

—

—%

Corporate Items and Eliminations

(244)

(368)

124

Machinery, Energy & Transportation

1,715

1,664

51

3%








Financial Products Segment

238

244

(6)

(2%)

Corporate Items and Eliminations

(17)

(19)

2

Financial Products

221

225

(4)

(2%)








Consolidating Adjustments

(81)

(75)

(6)









Consolidated Operating Profit

$                 1,855

$                 1,814

$                     41

2%








Other Profit/Loss and Tax Items

  • Other income (expense) in the first quarter of 2022 was income of $253 million, compared with income of $325 million in the first quarter of 2021. Favorable impacts from higher gains on commodity hedges were more than offset by the unfavorable impacts from lower foreign currency exchange net gains, lower pension and other postemployment benefit (OPEB) plan income and the unfavorable impacts from unrealized gains (losses) on marketable securities.

  • The provision for income taxes for the first quarter of 2022 reflected an estimated annual global tax rate of 24%, compared with 26% for the first quarter of 2021, excluding the discrete items discussed below. The comparative tax rate for full-year 2021 was approximately 23%. The increase in the estimated annual global tax rate from full-year 2021 was primarily related to changes in the expected geographic mix of profits from a tax perspective for 2022.

    In addition, a discrete tax benefit of $12 million was recorded in the first quarter of 2022, compared with a $43 million benefit in the first quarter of 2021, for the settlement of stock-based compensation awards with associated tax deductions in excess of cumulative U.S. GAAP compensation expense.

CONSTRUCTION INDUSTRIES

(Millions of dollars)















Segment Sales















First Quarter
2021

Sales
Volume

Price
Realization

Currency

Inter-
Segment

First Quarter
2022

$

 Change

%

 Change

Total Sales

$       5,459

$          325

$        421

$         (101)

$               11

$          6,115

$      656

12%

















Sales by Geographic Region









First Quarter
2022

First Quarter
2021

$

Change

%

Change







North America

$       2,720

$       2,126

$        594

28%







Latin America

627

392

235

60%







EAME

1,277

1,081

196

18%







Asia/Pacific

1,462

1,842

(380)

(21%)







External Sales

6,086

5,441

645

12%







Inter-segment

29

18

11

61%







Total Sales

$       6,115

$       5,459

$        656

12%
























Segment Profit









First Quarter
2022

First Quarter
2021

 

Change

%

Change







Segment Profit

$       1,057

$       1,042

$          15

1%







Segment Profit Margin

17.3 %

19.1 %

          (1.8 pts)


























Construction Industries' total sales were $6.115 billion in the first quarter of 2022, an increase of $656 million, or 12%, compared with $5.459 billion in the first quarter of 2021. The increase was due to favorable price realization and higher sales volume, partially offset by unfavorable currency impacts related to the euro, Japanese yen and Australian dollar. The increase in sales volume was driven by the impact from changes in dealer inventories and higher end-user demand for aftermarket parts. Across all regions, dealers increased inventories more during the first quarter of 2022 than during the first 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 for equipment and aftermarket parts from improving non-residential construction, as well as continued strength in residential construction and the impact from changes in dealer inventories.
  • Sales increased in Latin America primarily due to higher sales volume, led by higher end-user demand across the region and the impact from changes in dealer inventories, as well as favorable price realization.
  • In EAME, sales increased due to higher sales volume and favorable price realization, partially offset by unfavorable currency impacts related to a weaker euro. Higher sales volume was driven by higher end-user demand for equipment and aftermarket parts and the impact from changes in dealer inventories.
  • Sales decreased in Asia/Pacific mainly due to lower sales volume and unfavorable currency impacts driven by a weaker Japanese yen and Australian dollar, partially offset by favorable price realization. Lower sales volume was driven by lower end-user demand, partially offset by the impact from changes in dealer inventories. Lower sales in China primarily driven by lower end-user demand were partially offset by increased sales across the majority of the region.

Construction Industries' profit was $1.057 billion in the first quarter of 2022, an increase of $15 million, or 1%, compared with $1.042 billion in the first quarter of 2021. Unfavorable manufacturing costs were more than offset by favorable price realization and higher sales volume. Unfavorable manufacturing costs largely reflected higher material and freight costs.

RESOURCE INDUSTRIES

(Millions of dollars)















Segment Sales















First Quarter
2021

Sales
Volume

Price
Realization

Currency

Inter-
Segment

First Quarter
2022

$

 Change

%

 Change

Total Sales

$       2,178

$          527

$        169

$           (34)

$              (10)

$          2,830

$      652

30%

















Sales by Geographic Region









First Quarter
2022

First Quarter
2021

$

Change

%

Change







North America

$       1,018

$          657

$        361

55%







Latin America

399

405

(6)

(1%)







EAME

594

474

120

25%







Asia/Pacific

748

561

187

33%







External Sales

2,759

2,097

662

32%







Inter-segment

71

81

(10)

(12%)







Total Sales

$       2,830

$       2,178

$        652

30%
























Segment Profit











First Quarter
2022

First Quarter
2021

 

Change

%

Change







Segment Profit

$          361

$          312

$          49

16%







Segment Profit Margin

12.8 %

14.3 %

          (1.5 pts)


























Resource Industries' total sales were $2.830 billion in the first quarter of 2022, an increase of $652 million, or 30%, compared with $2.178 billion in the first quarter of 2021. The increase was primarily due to higher sales volume and favorable price realization. The increase in sales volume was driven by higher end-user demand for equipment and aftermarket parts and the impact from changes in dealer inventories. End-user demand was higher in heavy construction and quarry and aggregates as well as mining. Dealers increased inventories during the first quarter of 2022, compared to remaining about flat during the first quarter of 2021.

Resource Industries' profit was $361 million in the first quarter of 2022, an increase of $49 million, or 16%, compared with $312 million in the first quarter of 2021. Unfavorable manufacturing costs and higher SG&A/R&D expenses were more than offset by higher sales volume and favorable price realization. Unfavorable manufacturing costs largely reflected higher freight and material costs. The increase in SG&A/R&D expenses was driven by investments aligned with growth initiatives.

ENERGY & TRANSPORTATION

(Millions of dollars)















Segment Sales















First Quarter
2021

Sales
Volume

Price
Realization

Currency

Inter-
Segment

First Quarter
2022

$

 Change

%

 Change

Total Sales

$       4,507

$          333

$        115

$           (74)

$             157

$          5,038

$      531

12%

















Sales by Application









First Quarter
2022

First Quarter
2021

$

Change

%

Change







Oil and Gas

$          948

$          915

$          33

4%







Power Generation

1,012

963

49

5%







Industrial

1,020

813

207

25%







Transportation

1,052

967

85

9%







External Sales

4,032

3,658

374

10%







Inter-segment

1,006

849

157

18%







Total Sales

$       5,038

$       4,507

$        531

12%
























Segment Profit









First Quarter
2022

First Quarter
2021

 

Change

%

Change







Segment Profit

$          538

$          675

$       (137)

(20%)







Segment Profit Margin

10.7 %

15.0 %

          (4.3 pts)


























Energy & Transportation's total sales were $5.038 billion in the first quarter of 2022, an increase of $531 million, or 12%, compared with $4.507 billion in the first quarter of 2021. Sales increased across all applications and inter-segment sales.

  • Oil and Gas – Sales increased for reciprocating engines, primarily aftermarket parts, partially offset by lower sales for turbines and turbine-related services.
  • Power Generation – Sales rose due to higher sales volume in small reciprocating engine applications, partially offset by lower sales in turbines and turbine-related services.
  • Industrial – Sales were up due to higher demand across all regions.
  • Transportation – Sales increased in reciprocating engines, primarily aftermarket parts and marine applications.

Energy & Transportation's profit was $538 million in the first quarter of 2022, a decrease of $137 million, or 20%, compared with $675 million in the first quarter of 2021. The decrease was mainly due to unfavorable manufacturing costs and higher SG&A/R&D expenses, partially offset by higher sales volume and favorable price realization. Unfavorable manufacturing costs largely reflected higher freight and material costs. The increase in SG&A/R&D expenses was driven by investments aligned with growth initiatives.

FINANCIAL PRODUCTS SEGMENT

(Millions of dollars)















Revenues by Geographic Region









First Quarter
2022

First Quarter
2021

$

Change

%

Change







North America

$             503

$             476

$               27

6%







Latin America

73

62

11

18%







EAME

96

100

(4)

(4%)







Asia/Pacific

111

123

(12)

(10%)







Total Revenues

$             783

$             761

$               22

3%
























Segment Profit









First Quarter
2022

First Quarter
2021

 

Change

%

Change







Segment Profit

$             238

$             244

$                (6)

(2%)
























Financial Products' segment revenues were $783 million in the first quarter of 2022, an increase of $22 million, or 3%, from the first quarter of 2021. The increase was mostly in North America, driven by a favorable impact from returned or repossessed equipment and higher average earning assets, partially offset by lower average financing rates.

Financial Products' segment profit was $238 million in the first quarter of 2022, a decrease of $6 million, or 2%, compared with $244 million in the first quarter of 2021. The decrease was mainly due to higher provision for credit losses at Cat Financial and an increase in SG&A expenses, partially offset by a favorable impact from returned or repossessed equipment. The impact of lower average financing rates was mostly offset by lower interest expense.

At the end of the first quarter of 2022, past dues at Cat Financial were 2.05%, compared with 2.90% at the end of the first quarter of 2021. The decrease in past dues was mostly driven by the North America, Caterpillar Power Finance and EAME portfolios. Write-offs, net of recoveries, were $8 million for the first quarter of 2022, compared with $24 million for the first quarter of 2021. As of March 31, 2022, Cat Financial's allowance for credit losses totaled $357 million, or 1.29% of finance receivables, compared with $337 million, or 1.22% of finance receivables at December 31, 2021. The increase in allowance for credit losses included a higher reserve for the Russia and Ukraine portfolios.

Corporate Items and Eliminations

Expense for corporate items and eliminations was $261 million in the first quarter of 2022, a decrease of $126 million from the first quarter of 2021, primarily due to favorable impacts of segment reporting methodology differences and a favorable change in fair value adjustments related to deferred compensation plans.

i.        Glossary of terms is included on the Caterpillar website at https://investors.caterpillar.com/overview/default.aspx.ii.       End-user demand is demonstrated by the company's Rolling 3 Month Retail Sales Statistics filed in a Form 8-K on Thursday, April 28, 2022.iii.      Information on non-GAAP financial measures is included in the appendix on page 13.iv.      Some amounts within this report are rounded to the millions or billions and may not add.v.       Caterpillar will conduct a teleconference and live webcast, with a slide presentation, beginning at 7:30 a.m. Central Time on Thursday, April 28, 2022, to discuss its 2022 first-quarter results. The accompanying slides will be available before the webcast on the Caterpillar website at https://investors.caterpillar.com/events-presentations/default.aspx.

About Caterpillar

With 2021 sales and revenues of $51.0 billion, Caterpillar Inc. is the world's leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. For nearly 100 years, we've been helping customers build a better, more sustainable world and are committed and contributing to a reduced-carbon future. Our innovative products and services, backed by our global dealer network, provide exceptional value that helps customers succeed. Caterpillar does business on every continent, principally operating through three primary segments – Construction Industries, Resource Industries and Energy & Transportation – and providing financing and related services through our Financial Products segment. Visit us at caterpillar.com or join the conversation on our social media channels 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)

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.

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 costs, which were incurred to generate longer-term benefits. 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 2022, excluding mark-to-market gains or losses for remeasurement of pension and other postemployment benefit plans along with any other discrete items.

Reconciliations of adjusted results to the most directly comparable GAAP measure are as follows:

(Dollars in millions except per share data)

Operating
Profit

Operating
Profit
Margin

Profit
Before

Taxes

Provision
(Benefit)
for Income
Taxes

Effective
Tax Rate

Profit

Profit per
Share















Three Months Ended March 31, 2022 - U.S. GAAP

$        1,855

13.7%

$        1,999

$          469

23.4%

$        1,537

$         2.86

Restructuring costs

13

0.1%

13

2

13.0%

11

$         0.02

Three Months Ended March 31, 2022 - Adjusted

$        1,868

13.7%

$        2,012

$          471

23.4%

$        1,548

$         2.88















Three Months Ended March 31, 2021 - U.S. GAAP

$        1,814

15.3%

$        1,997

$          475

23.8%

$        1,530

$         2.77

Restructuring costs

64

0.5%

64

10

15.0%

54

$         0.10

Three Months Ended March 31, 2021 - Adjusted

$        1,878

15.8%

$        2,061

$          485

23.5%

$        1,584

$         2.87















Supplemental Consolidating Data

The company is providing supplemental consolidating data for the purpose of additional analysis. The data has been grouped as follows:

Consolidated – Caterpillar Inc. and its subsidiaries.

Machinery, Energy & Transportation (ME&T) – The company defines ME&T as it is presented in the supplemental data as Caterpillar Inc. and its subsidiaries, excluding Financial Products. ME&T's information relates to the design, manufacturing and marketing of its products.

Financial Products – The company defines Financial Products as it is presented in the supplemental data as its finance and insurance subsidiaries, primarily Caterpillar Financial Services Corporation (Cat Financial) and Caterpillar Insurance Holdings Inc. (Insurance Services). Financial Products' information relates to the financing to customers and dealers for the purchase and lease of Caterpillar and other equipment.

Consolidating Adjustments – Eliminations of transactions between ME&T and Financial Products.

The nature of the ME&T and Financial Products businesses is different, especially with regard to the financial position and cash flow items. Caterpillar management utilizes this presentation internally to highlight these differences. The company believes this presentation will assist readers in understanding its business.

Pages 14 to 22 reconcile ME&T and Financial Products to Caterpillar Inc. consolidated financial information.

Caterpillar Inc.

Condensed Consolidated Statement of Results of Operations

(Unaudited)

(Dollars in millions except per share data)


Three Months Ended

March 31,

2022

2021

Sales and revenues:


  Sales of Machinery, Energy & Transportation

$           12,886

$           11,191

  Revenues of Financial Products

703

696

  Total sales and revenues

13,589

11,887




Operating costs:


  Cost of goods sold

9,559

8,012

  Selling, general and administrative expenses

1,346

1,239

  Research and development expenses

457

374

  Interest expense of Financial Products

106

125

  Other operating (income) expenses

266

323

  Total operating costs

11,734

10,073




Operating profit

1,855

1,814




  Interest expense excluding Financial Products

109

142

  Other income (expense)

253

325




Consolidated profit before taxes

1,999

1,997




  Provision (benefit) for income taxes

469

475

  Profit of consolidated companies

1,530

1,522




  Equity in profit (loss) of unconsolidated affiliated companies

7

9




Profit of consolidated and affiliated companies

1,537

1,531




Less: Profit (loss) attributable to noncontrolling interests

—

1




Profit 1

$             1,537

$             1,530





Profit per common share

$               2.88

$               2.80

Profit per common share — diluted 2

$               2.86

$               2.77




Weighted-average common shares outstanding (millions)


  – Basic

534.5

546.4

  – Diluted 2

538.3

551.4


1

Profit attributable to common shareholders.

2

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

Caterpillar Inc.

Condensed Consolidated Statement of Financial Position

(Unaudited)

(Millions of dollars)


March 31,
2022

December 31,
2021

Assets


Current assets:


Cash and cash equivalents

$                     6,526

$                     9,254

Receivables – trade and other

9,135

8,477

Receivables – finance

9,003

8,898

Prepaid expenses and other current assets

2,868

2,788

Inventories

15,038

14,038

Total current assets

42,570

43,455




Property, plant and equipment – net

11,932

12,090

Long-term receivables – trade and other

1,204

1,204

Long-term receivables – finance

12,665

12,707

Noncurrent deferred and refundable income taxes

1,973

1,840

Intangible assets

967

1,042

Goodwill

6,293

6,324

Other assets

4,672

4,131

Total assets

$                   82,276

$                   82,793




Liabilities


Current liabilities:


Short-term borrowings:


-- Machinery, Energy & Transportation

$                           —

$                            9

-- Financial Products

4,501

5,395

Accounts payable

8,361

8,154

Accrued expenses

3,846

3,757

Accrued wages, salaries and employee benefits

1,275

2,242

Customer advances

1,388

1,087

Dividends payable

—

595

Other current liabilities

2,355

2,256

Long-term debt due within one year:


-- Machinery, Energy & Transportation

127

45

-- Financial Products

7,679

6,307

Total current liabilities

29,532

29,847




Long-term debt due after one year:


-- Machinery, Energy & Transportation

9,636

9,746

-- Financial Products

15,641

16,287

Liability for postemployment benefits

5,363

5,592

Other liabilities

5,007

4,805

Total liabilities

65,179

66,277




Shareholders' equity


Common stock

6,281

6,398

Treasury stock

(28,326)

(27,643)

Profit employed in the business

40,820

39,282

Accumulated other comprehensive income (loss)

(1,710)

(1,553)

Noncontrolling interests

32

32

Total shareholders' equity

17,097

16,516

Total liabilities and shareholders' equity

$                   82,276

$                   82,793

Caterpillar Inc.

Condensed Consolidated Statement of Cash Flow

(Unaudited)

(Millions of dollars)


Three Months Ended

March 31,

2022

2021

Cash flow from operating activities:


Profit of consolidated and affiliated companies

$             1,537

$              1,531

Adjustments for non-cash items:


Depreciation and amortization

557

586

Provision (benefit) for deferred income taxes

(99)

109

Other

(52)

(104)

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


Receivables – trade and other

(372)

(543)

Inventories

(1,032)

(657)

Accounts payable

452

733

Accrued expenses

(74)

84

Accrued wages, salaries and employee benefits

(965)

191

Customer advances

311

58

Other assets – net

99

56

Other liabilities – net

(49)

(116)

Net cash provided by (used for) operating activities

313

1,928

Cash flow from investing activities:


Capital expenditures – excluding equipment leased to others

(346)

(252)

Expenditures for equipment leased to others

(333)

(252)

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

269

309

Additions to finance receivables

(2,988)

(2,629)

Collections of finance receivables

2,966

2,770

Proceeds from sale of finance receivables

9

5

Investments and acquisitions (net of cash acquired)

(8)

(386)

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

—

28

Proceeds from sale of securities

571

126

Investments in securities

(1,438)

(148)

Other – net

(15)

(48)

Net cash provided by (used for) investing activities

(1,313)

(477)

Cash flow from financing activities:


Dividends paid

(595)

(562)

Common stock issued, including treasury shares reissued

(28)

65

Common shares repurchased

(820)

—

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

2,131

2,273

Payments on debt (original maturities greater than three months)

(1,387)

(2,887)

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

(1,016)

1,659

Other – net

—

(2)

Net cash provided by (used for) financing activities

(1,715)

546

Effect of exchange rate changes on cash

(16)

(12)

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

(2,731)

1,985

Cash, cash equivalents and restricted cash at beginning of period

9,263

9,366

Cash, cash equivalents and restricted cash at end of period

$             6,532

$            11,351

Cash equivalents primarily represent short-term, highly liquid investments with original maturities of generally three months or less.

Caterpillar Inc.

Supplemental Data for Results of Operations

For the Three Months Ended March 31, 2022

(Unaudited)

(Millions of dollars)




Supplemental Consolidating Data

Consolidated

Machinery,
Energy &
Transportation


Financial

Products

Consolidating

Adjustments

Sales and revenues:







Sales of Machinery, Energy & Transportation

$          12,886

$                12,886

$                —

$                 —

Revenues of Financial Products

703

—

813

(110)

1

Total sales and revenues

13,589

12,886

813

(110)









Operating costs:







Cost of goods sold

9,559

9,560

—

(1)

2

Selling, general and administrative expenses

1,346

1,182

172

(8)

2

Research and development expenses

457

457

—

—

Interest expense of Financial Products

106

—

106

—

Other operating (income) expenses

266

(28)

314

(20)

2

Total operating costs

11,734

11,171

592

(29)









Operating profit

1,855

1,715

221

(81)









Interest expense excluding Financial Products

109

109

—

—

Other income (expense)

253

157

15

81

3









Consolidated profit before taxes

1,999

1,763

236

—









Provision (benefit) for income taxes

469

412

57

—

Profit of consolidated companies

1,530

1,351

179

—









Equity in profit (loss) of unconsolidated affiliated companies

7

8

—

(1)

4









Profit of consolidated and affiliated companies

1,537

1,359

179

(1)









Less: Profit (loss) attributable to noncontrolling interests

—

—

1

(1)

5









Profit 6

$            1,537

$                  1,359

$              178

$                 —

1

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

2

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

3

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

4

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

5

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

6

Profit attributable to common shareholders.

Caterpillar Inc.

Supplemental Data for Results of Operations

For the Three Months Ended March 31, 2021

(Unaudited)

(Millions of dollars)




Supplemental Consolidating Data

Consolidated

Machinery,
Energy &
Transportation


Financial

Products

Consolidating

Adjustments

Sales and revenues:







Sales of Machinery, Energy & Transportation

$          11,191

$                11,191

$                —

$                 —

Revenues of Financial Products

696

—

788

(92)

1

Total sales and revenues

11,887

11,191

788

(92)









Operating costs:







Cost of goods sold

8,012

8,013

—

(1)

2

Selling, general and administrative expenses

1,239

1,114

124

1

2

Research and development expenses

374

374

—

—

Interest expense of Financial Products

125

—

125

—

Other operating (income) expenses

323

26

314

(17)

2

Total operating costs

10,073

9,527

563

(17)









Operating profit

1,814

1,664

225

(75)









Interest expense excluding Financial Products

142

142

—

—

Other income (expense)

325

231

19

75

3









Consolidated profit before taxes

1,997

1,753

244

—









Provision (benefit) for income taxes

475

412

63

—

Profit of consolidated companies

1,522

1,341

181

—









Equity in profit (loss) of unconsolidated affiliated companies

9

12

—

(3)

4









Profit of consolidated and affiliated companies

1,531

1,353

181

(3)









Less: Profit (loss) attributable to noncontrolling interests

1

1

3

(3)

5









Profit 6

$            1,530

$                  1,352

$              178

$                 —

1

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

2

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

3

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

4

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

5

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

6

Profit attributable to common shareholders.

Caterpillar Inc.

Supplemental Data for Financial Position

At March 31, 2022

(Unaudited)

(Millions of dollars)




Supplemental Consolidating Data

Consolidated

Machinery,

Energy &

Transportation


Financial

Products

Consolidating

Adjustments

Assets







Current assets:







Cash and cash equivalents

$             6,526

$                 5,662

$               864

$                 —

Receivables – trade and other

9,135

3,734

435

4,966

1,2

Receivables – finance

9,003

—

14,117

(5,114)

2

Prepaid expenses and other current assets

2,868

2,626

345

(103)

3

Inventories

15,038

15,038

—

—

Total current assets

42,570

27,060

15,761

(251)









Property, plant and equipment – net

11,932

8,010

3,922

—

Long-term receivables – trade and other

1,204

434

216

554

1,2

Long-term receivables – finance

12,665

—

13,247

(582)

2

Noncurrent deferred and refundable income taxes

1,973

2,506

111

(644)

4

Intangible assets

967

967

—

—

Goodwill

6,293

6,293

—

—

Other assets

4,672

3,919

1,960

(1,207)

5

Total assets

$           82,276

$               49,189

$           35,217

$            (2,130)









Liabilities







Current liabilities:







Short-term borrowings

$             4,501

$                     —

$             4,501

$                 —

Accounts payable

8,361

8,238

271

(148)

6

Accrued expenses

3,846

3,403

443

—

Accrued wages, salaries and employee benefits

1,275

1,247

28

—

Customer advances

1,388

1,387

1

—

Other current liabilities

2,355

1,780

701

(126)

4,7

Long-term debt due within one year

7,806

127

7,679

—

Total current liabilities

29,532

16,182

13,624

(274)









Long-term debt due after one year

25,277

9,664

15,641

(28)

8

Liability for postemployment benefits

5,363

5,363

—

—

Other liabilities

5,007

4,169

1,542

(704)

4

Total liabilities

65,179

35,378

30,807

(1,006)









Shareholders' equity







Common stock

6,281

6,281

919

(919)

9

Treasury stock

(28,326)

(28,326)

—

—

Profit employed in the business

40,820

36,750

4,059

11

9

Accumulated other comprehensive income (loss)

(1,710)

(928)

(782)

—

Noncontrolling interests

32

34

214

(216)

9

Total shareholders' equity

17,097

13,811

4,410

(1,124)

Total liabilities and shareholders' equity

$           82,276

$               49,189

$           35,217

$            (2,130)

1

Elimination of receivables between ME&T and Financial Products.

2

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

3

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

4

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

5

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

6

Elimination of payables between ME&T and Financial Products.

7

Elimination of prepaid insurance in Financial Products' other liabilities.

8

Elimination of debt between ME&T and Financial Products.

9

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

Caterpillar Inc.

Supplemental Data for Financial Position

At December 31, 2021

(Unaudited)

(Millions of dollars)




Supplemental Consolidating Data

Consolidated

Machinery,

Energy &

Transportation


Financial

Products

Consolidating

Adjustments

Assets







Current assets:







Cash and cash equivalents

$             9,254

$              8,428

$               826

$                   —

Receivables – trade and other

8,477

3,279

435

4,763

1,2

Receivables – finance

8,898

—

13,828

(4,930)

2

Prepaid expenses and other current assets

2,788

2,567

358

(137)

3

Inventories

14,038

14,038

—

—

Total current assets

43,455

28,312

15,447

(304)









Property, plant and equipment – net

12,090

8,172

3,918

—

Long-term receivables – trade and other

1,204

375

204

625

1,2

Long-term receivables – finance

12,707

—

13,358

(651)

2

Noncurrent deferred and refundable income taxes

1,840

2,396

105

(661)

4

Intangible assets

1,042

1,042

—

—

Goodwill

6,324

6,324

—

—

Other assets

4,131

3,388

1,952

(1,209)

5

Total assets

$           82,793

$             50,009

$           34,984

$             (2,200)









Liabilities







Current liabilities:







Short-term borrowings

$             5,404

$                    9

$            5,395

$                   —

Accounts payable

8,154

8,079

242

(167)

6

Accrued expenses

3,757

3,385

372

—

Accrued wages, salaries and employee benefits

2,242

2,186

56

—

Customer advances

1,087

1,086

1

—

Dividends payable

595

595

—

—

Other current liabilities

2,256

1,773

642

(159)

4,7

Long-term debt due within one year

6,352

45

6,307

—

Total current liabilities

29,847

17,158

13,015

(326)









Long-term debt due after one year

26,033

9,772

16,287

(26)

8

Liability for postemployment benefits

5,592

5,592

—

—

Other liabilities

4,805

4,106

1,425

(726)

4

Total liabilities

66,277

36,628

30,727

(1,078)









Shareholders' equity







Common stock

6,398

6,398

919

(919)

9

Treasury stock

(27,643)

(27,643)

—

—

Profit employed in the business

39,282

35,390

3,881

11

9

Accumulated other comprehensive income (loss)

(1,553)

(799)

(754)

—

Noncontrolling interests

32

35

211

(214)

9

Total shareholders' equity

16,516

13,381

4,257

(1,122)

Total liabilities and shareholders' equity

$           82,793

$             50,009

$           34,984

$             (2,200)

1

Elimination of receivables between ME&T and Financial Products.

2

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

3

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

4

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

5

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

6

Elimination of payables between ME&T and Financial Products.

7

Elimination of prepaid insurance in Financial Products' other liabilities.

8

Elimination of debt between ME&T and Financial Products.

9

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

Caterpillar Inc.

Supplemental Data for Cash Flow

For the Three Months Ended March 31, 2022

(Unaudited)

(Millions of dollars)




Supplemental Consolidating Data

Consolidated

Machinery,
Energy &
Transportation

Financial

Products

Consolidating

Adjustments

Cash flow from operating activities:







Profit of consolidated and affiliated companies

$              1,537

$              1,359

$                179

$                   (1)

1

Adjustments for non-cash items:







Depreciation and amortization

557

358

199

—

Provision (benefit) for deferred income taxes

(99)

(83)

(16)

—

Other

(52)

(46)

(89)

83

2

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







Receivables – trade and other

(372)

(257)

(7)

(108)

2,3

Inventories

(1,032)

(1,030)

—

(2)

2

Accounts payable

452

393

40

19

2

Accrued expenses

(74)

(1)

(73)

—

Accrued wages, salaries and employee benefits

(965)

(940)

(25)

—

Customer advances

311

311

—

—

Other assets – net

99

137

(17)

(21)

2

Other liabilities – net

(49)

(279)

202

28

2

Net cash provided by (used for) operating activities

313

(78)

393

(2)

Cash flow from investing activities:







Capital expenditures – excluding equipment leased to others

(346)

(344)

(3)

1

2

Expenditures for equipment leased to others

(333)

(4)

(335)

6

2

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

269

33

241

(5)

2

Additions to finance receivables

(2,988)

—

(3,139)

151

3

Collections of finance receivables

2,966

—

3,159

(193)

3

Net intercompany purchased receivables

—

—

(42)

42

3

Proceeds from sale of finance receivables

9

—

9

—

Net intercompany borrowings

—

—

1

(1)

4

Investments and acquisitions (net of cash acquired)

(8)

(8)

—

—

Proceeds from sale of securities

571

478

93

—

Investments in securities

(1,438)

(1,266)

(172)

—

Other – net

(15)

18

(33)

—

Net cash provided by (used for) investing activities

(1,313)

(1,093)

(221)

1

Cash flow from financing activities:







Dividends paid

(595)

(595)

—

—

Common stock issued, including treasury shares reissued

(28)

(28)

—

—

Common shares repurchased

(820)

(820)

—

—

Net intercompany borrowings

—

(1)

—

1

4

Proceeds from debt issued > 90 days

2,131

—

2,131

—

Payments on debt > 90 days

(1,387)

(6)

(1,381)

—

Short-term borrowings – net < 90 days

(1,016)

(124)

(892)

—

Net cash provided by (used for) financing activities

(1,715)

(1,574)

(142)

1

Effect of exchange rate changes on cash

(16)

(21)

5

—

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

(2,731)

(2,766)

35

—

Cash, cash equivalents and restricted cash at beginning of period

9,263

8,433

830

—

Cash, cash equivalents and restricted cash at end of period

$              6,532

$              5,667

$                865

$                  —

1

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

2

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

3

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

4

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

Caterpillar Inc.

Supplemental Data for Cash Flow

For the Three Months Ended March 31, 2021

(Unaudited)

(Millions of dollars)




Supplemental Consolidating Data

Consolidated

Machinery,
Energy &
Transportation

Financial

Products

Consolidating

Adjustments

Cash flow from operating activities:







Profit of consolidated and affiliated companies

$              1,531

$              1,353

$                181

$                   (3)

1

Adjustments for non-cash items:







Depreciation and amortization

586

383

203

—

Provision (benefit) for deferred income taxes

109

127

(18)

—

Other

(104)

(52)

(83)

31

2

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







Receivables – trade and other

(543)

(104)

(32)

(407)

2,3

Inventories

(657)

(657)

—

—

Accounts payable

733

706

13

14

2

Accrued expenses

84

58

26

—

Accrued wages, salaries and employee benefits

191

179

12

—

Customer advances

58

58

—

—

Other assets – net

56

(4)

(12)

72

2

Other liabilities – net

(116)

(131)

79

(64)

2

Net cash provided by (used for) operating activities

1,928

1,916

369

(357)

Cash flow from investing activities:







Capital expenditures – excluding equipment leased to others

(252)

(251)

(4)

3

2

Expenditures for equipment leased to others

(252)

(4)

(249)

1

2

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

309

27

286

(4)

2

Additions to finance receivables

(2,629)

—

(2,867)

238

3

Collections of finance receivables

2,770

—

3,062

(292)

3

Net intercompany purchased receivables

—

—

(411)

411

3

Proceeds from sale of finance receivables

5

—

5

—

Net intercompany borrowings

—

1,000

—

(1,000)

4

Investments and acquisitions (net of cash acquired)

(386)

(386)

—

—

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

28

28

—

—

Proceeds from sale of securities

126

11

115

—

Investments in securities

(148)

—

(148)

—

Other – net

(48)

2

(50)

—

Net cash provided by (used for) investing activities

(477)

427

(261)

(643)

Cash flow from financing activities:







Dividends paid

(562)

(562)

—

—

Common stock issued, including treasury shares reissued

65

65

—

—

Net intercompany borrowings

—

—

(1,000)

1,000

4

Proceeds from debt issued > 90 days

2,273

494

1,779

—

Payments on debt > 90 days

(2,887)

(644)

(2,243)

—

Short-term borrowings – net < 90 days

1,659

(10)

1,669

—

Other – net

(2)

(2)

—

—

Net cash provided by (used for) financing activities

546

(659)

205

1,000

Effect of exchange rate changes on cash

(12)

(14)

2

—

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

1,985

1,670

315

—

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

$            11,351

$            10,492

$                859

$                  —

1

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

2

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

3

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

4

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

SOURCE Caterpillar Inc.

  • Продажи и выручка в первом квартале 2022 года выросли на 14% и составили 13,6 миллиарда долларов
  • Прибыль на акцию за первый квартал 2022 года составила 2,86 доллара США; скорректированная прибыль на акцию составила 2,88 доллара США
  • Вернул акционерам 1,4 миллиарда долларов за счет выкупа акций и дивидендов за квартал

ДИРФИЛД, Иллинойс, 28 апреля 2022 г. /PRNewswire/ -- 

First Quarter

($ in billions except profit per share)

2022

2021

Sales and Revenues

$13.6

$11.9

Profit Per Share

$2.86

$2.77

Adjusted Profit Per Share

$2.88

$2.87

Caterpillar Inc. (NYSE: CAT) объявила о продажах и выручке в первом квартале 2022 года в размере 13,6 миллиарда долларов, что на 14% больше по сравнению с 11,9 миллиардами долларов в первом квартале 2021 года. Увеличение произошло в первую очередь за счет увеличения объема продаж, обусловленного более высоким спросом конечных пользователей на оборудование и услуги и влиянием изменений в запасах дилеров, а также благоприятной ценовой реализацией. Дилеры увеличили запасы больше в первом квартале 2022 года, чем в первом квартале 2021 года.

Рентабельность по операционной прибыли в первом квартале 2022 года составила 13,7% по сравнению с 15,3% в первом квартале 2021 года. Прибыль на акцию в первом квартале 2022 года составила 2,86 доллара по сравнению с прибылью на акцию в первом квартале 2021 года в 2,77 доллара. Скорректированная прибыль на акцию в первом квартале 2022 года составила 2,88 доллара по сравнению с скорректированной прибылью на акцию в первом квартале 2021 года в 2,87 доллара. Скорректированная прибыль на акцию за оба квартала исключала затраты на реструктуризацию. Пожалуйста, ознакомьтесь с сверкой финансовых показателей GAAP с финансовыми показателями, не относящимися к GAAP, в приложении на стр. 13.

За три месяца, закончившихся 31 марта 2022 года, операционный денежный поток предприятия составил 0,3 миллиарда долларов, а компания завершила первый квартал с 6,5 миллиардами долларов корпоративных денежных средств. За квартал компания выплатила около 1,3 миллиарда долларов краткосрочной стимулирующей компенсации, которая была восстановлена в 2021 году. В течение квартала компания выкупила обыкновенные акции Caterpillar на сумму 0,8 миллиарда долларов и выплатила дивиденды в размере 0,6 миллиарда долларов.

"Я горжусь работой нашей глобальной команды, которая добилась двузначного роста продаж, несмотря на продолжающиеся проблемы в цепочке поставок. Мы по-прежнему сосредоточены на поддержке наших клиентов и реализации нашей стратегии долгосрочного прибыльного роста", - сказал председатель правления и генеральный директор Джим Амплеби. "Наш сильный баланс позволил нам выкупить акции и выплатить дивиденды на общую сумму 1,4 миллиарда долларов за квартал".

консолидированные результаты

Консолидированные продажи и доходы

Сравнение консолидированных продаж и выручки в первом квартале 2022 года по сравнению с Первый квартал 2021 года 

Чтобы получить доступ к этой диаграмме, перейдите по ссылке https://investors .Caterpillar.com/financials/quarterly-results/default.aspx для загружаемой версии Caterpillar доходы за первый квартал 2022 года.   

На приведенной выше диаграмме наглядно показаны причины изменения консолидированных продаж и выручки в период с первого квартала 2021 года (слева) по первый квартал 2022 года (справа). Руководство Caterpillar использует эти диаграммы внутри компании для визуального общения с Советом директоров и сотрудниками компании.

Общий объем продаж и выручки за первый квартал 2022 года составил 13,589 миллиарда долларов, увеличившись на 1,702 миллиарда долларов, или на 14%, по сравнению с 11,887 миллиарда долларов в первом квартале 2021 года. Рост был обусловлен увеличением объема продаж и благоприятной ценовой реализацией, частично компенсированной неблагоприятным валютным воздействием, в первую очередь связанным с евро, австралийским долларом и японской иеной. Увеличение объема продаж было обусловлено более высоким спросом конечных пользователей на оборудование и услуги, а также влиянием изменений в запасах дилеров. Дилеры увеличили запасы на 1,3 миллиарда долларов в первом квартале 2022 года по сравнению с увеличением на 700 миллионов долларов в первом квартале 2021 года.

Продажи были выше в трех основных сегментах.

Sales and Revenues by Segment

(Millions of dollars)

First
Quarter
2021

Sales

Volume

Price

Realization

Currency

Inter-
Segment /
Other

First
Quarter
2022

$

Change

%

Change
















Construction Industries

$        5,459

$           325

$           421

$          (101)

$            11

$        6,115

$           656

12%

Resource Industries

2,178

527

169

(34)

(10)

2,830

652

30%

Energy & Transportation

4,507

333

115

(74)

157

5,038

531

12%

All Other Segment

130

2

—

(1)

(13)

118

(12)

(9%)

Corporate Items and Eliminations

(1,083)

15

(1)

(1)

(145)

(1,215)

(132)

Machinery, Energy & Transportation

11,191

1,202

704

(211)

—

12,886

1,695

15%
















Financial Products Segment

761

—

—

—

22

783

22

3%

Corporate Items and Eliminations

(65)

—

—

—

(15)

(80)

(15)

Financial Products Revenues

696

—

—

—

7

703

7

1%
















Consolidated Sales and Revenues

$       11,887

$        1,202

$           704

$          (211)

$              7

$       13,589

$        1,702

14%
















Sales and Revenues by Geographic Region

North America

Latin America

EAME

Asia/Pacific

External Sales
and Revenues

Inter-Segment

Total Sales
and Revenues

(Millions of dollars)

$

% Chg

$

% Chg

$

% Chg

$

% Chg

$

% Chg

$

% Chg

$

% Chg

First Quarter 2022


























Construction Industries

$   2,720

28%

$     627

60%

$   1,277

18%

$   1,462

(21%)

$   6,086

12%

$       29

61%

$   6,115

12%

Resource Industries

1,018

55%

399

(1%)

594

25%

748

33%

2,759

32%

71

(12%)

2,830

30%

Energy & Transportation

1,938

9%

310

21%

1,184

8%

600

14%

4,032

10%

1,006

18%

5,038

12%

All Other Segment

18

38%

—

—%

5

67%

16

(27%)

39

3%

79

(14%)

118

(9%)

Corporate Items and Eliminations

(24)


1


(2)


(5)


(30)


(1,185)


(1,215)

Machinery, Energy & Transportation

5,670

25%

1,337

27%

3,058

15%

2,821

(4%)

12,886

15%

—

—%

12,886

15%




























Financial Products Segment

503

6%

73

18%

96

(4%)

111

(10%)

783

3%

—

—%

783

3%

Corporate Items and Eliminations

(36)


(17)


(9)


(18)


(80)


—


(80)

Financial Products Revenues

467

3%

56

10%

87

(5%)

93

(8%)

703

1%

—

—%

703

1%




























Consolidated Sales and Revenues

$   6,137

23%

$   1,393

26%

$   3,145

15%

$   2,914

(4%)

$ 13,589

14%

$        —

—%

$ 13,589

14%




























First Quarter 2021


























Construction Industries

$   2,126


$     392


$   1,081


$   1,842


$   5,441


$       18


$   5,459

Resource Industries

657


405


474


561


2,097


81


2,178

Energy & Transportation

1,782


256


1,093


527


3,658


849


4,507

All Other Segment

13


—


3


22


38


92


130

Corporate Items and Eliminations

(39)


—


—


(4)


(43)


(1,040)


(1,083)

Machinery, Energy & Transportation

4,539


1,053


2,651


2,948


11,191


—


11,191





























Financial Products Segment

476


62


100


123


761


—


761

Corporate Items and Eliminations

(24)


(11)


(8)


(22)


(65)


—


(65)

Financial Products Revenues

452


51


92


101


696


—


696





























Consolidated Sales and Revenues

$   4,991


$   1,104


$   2,743


$   3,049


$ 11,887


$        —


$ 11,887





























Консолидированная Операционная Прибыль

Сравнение консолидированной операционной прибыли за первый квартал 2022 года с Первый квартал 2021 года 

Чтобы получить доступ к этой диаграмме, перейдите по ссылке https://investors .Caterpillar.com/financials/quarterly-results/default.aspx для загружаемой версии Caterpillar доходы за первый квартал 2022 года.

На приведенной выше диаграмме наглядно показаны причины изменения консолидированной операционной прибыли в период с первого квартала 2021 года (слева) по первый квартал 2022 года (справа). Руководство Caterpillar использует эти диаграммы внутри компании для визуального общения с Советом директоров и сотрудниками компании. Строка под названием "Прочее" включает консолидированные корректировки и прочие операционные (доходные) расходы компании "Энергия и транспорт".

Операционная прибыль за первый квартал 2022 года составила 1,855 миллиарда долларов, увеличившись на 41 миллион долларов, или на 2%, по сравнению с 1,814 миллиарда долларов в первом квартале 2021 года. Неблагоприятные производственные затраты и более высокие коммерческие, общие и административные расходы (SG& A), а также расходы на исследования и разработки (R & D) были более чем компенсированы благоприятной ценовой реализацией и более высоким объемом продаж.

Неблагоприятные производственные затраты в первую очередь отражали более высокие затраты на материалы и перевозку. Увеличение расходов на НИОКР/НИОКР в основном было обусловлено инвестициями, согласованными со стратегией прибыльного роста компании.

Profit by Segment

(Millions of dollars)

First Quarter
2022

First Quarter
2021

$

Change

%

 Change

Construction Industries

$                 1,057

$                 1,042

$                     15

1%

Resource Industries

361

312

49

16%

Energy & Transportation

538

675

(137)

(20%)

All Other Segment

3

3

—

—%

Corporate Items and Eliminations

(244)

(368)

124

Machinery, Energy & Transportation

1,715

1,664

51

3%








Financial Products Segment

238

244

(6)

(2%)

Corporate Items and Eliminations

(17)

(19)

2

Financial Products

221

225

(4)

(2%)








Consolidating Adjustments

(81)

(75)

(6)









Consolidated Operating Profit

$                 1,855

$                 1,814

$                     41

2%








Прочие статьи прибыли/Убытка и налогообложения

  • Прочие доходы (расходы) в первом квартале 2022 года составили доход в размере 253 миллионов долларов по сравнению с доходом в размере 325 миллионов долларов в первом квартале 2021 года. Благоприятное воздействие более высоких прибылей от хеджирования сырьевых товаров было более чем компенсировано неблагоприятными последствиями снижения чистой прибыли от обмена иностранной валюты, снижения доходов от пенсионных и других пособий по окончании трудовой деятельности (OPEB), а также неблагоприятными последствиями нереализованных прибылей (убытков) по рыночным ценным бумагам.

  • Резерв по налогу на прибыль за первый квартал 2022 года отражает предполагаемую годовую глобальную налоговую ставку в размере 24% по сравнению с 26% за первый квартал 2021 года, исключая отдельные статьи, обсуждаемые ниже. Сравнительная налоговая ставка за весь 2021 год составила примерно 23%. Увеличение предполагаемой годовой глобальной налоговой ставки по сравнению с 2021 годом было в первую очередь связано с изменениями в ожидаемом географическом распределении прибыли с точки зрения налогообложения на 2022 год.

    Кроме того, в первом квартале 2022 года была зафиксирована отдельная налоговая выгода в размере 12 миллионов долларов США по сравнению с выгодой в размере 43 миллионов долларов США в первом квартале 2021 года для выплаты компенсационных выплат на основе акций с соответствующими налоговыми вычетами, превышающими совокупные расходы на компенсацию по ОПБУ США.

CONSTRUCTION INDUSTRIES

(Millions of dollars)















Segment Sales















First Quarter
2021

Sales
Volume

Price
Realization

Currency

Inter-
Segment

First Quarter
2022

$

 Change

%

 Change

Total Sales

$       5,459

$          325

$        421

$         (101)

$               11

$          6,115

$      656

12%

















Sales by Geographic Region









First Quarter
2022

First Quarter
2021

$

Change

%

Change







North America

$       2,720

$       2,126

$        594

28%







Latin America

627

392

235

60%







EAME

1,277

1,081

196

18%







Asia/Pacific

1,462

1,842

(380)

(21%)







External Sales

6,086

5,441

645

12%







Inter-segment

29

18

11

61%







Total Sales

$       6,115

$       5,459

$        656

12%
























Segment Profit









First Quarter
2022

First Quarter
2021

 

Change

%

Change







Segment Profit

$       1,057

$       1,042

$          15

1%







Segment Profit Margin

17.3 %

19.1 %

          (1.8 pts)


























Общий объем продаж строительной отрасли в первом квартале 2022 года составил 6,115 миллиарда долларов, увеличившись на 656 миллионов долларов, или на 12%, по сравнению с 5,459 миллиарда долларов в первом квартале 2021 года. Рост был обусловлен благоприятной ценовой реализацией и увеличением объема продаж, частично компенсированным неблагоприятным валютным воздействием, связанным с евро, японской иеной и австралийским долларом. Увеличение объема продаж было обусловлено влиянием изменений в складских запасах дилеров и более высоким спросом конечных пользователей на запчасти вторичного рынка. Во всех регионах дилеры увеличили запасы в течение первого квартала 2022 года больше, чем в первом квартале 2021 года.

  • В Северной Америке продажи увеличились благодаря более высокому объему продаж и выгодной реализации по цене. Более высокий объем продаж был обусловлен более высоким спросом конечных пользователей на оборудование и запчасти вторичного рынка в связи с улучшением нежилого строительства, а также продолжающимся ростом жилищного строительства и влиянием изменений в запасах дилеров.
  • Продажи увеличились в Латинской Америке в первую очередь за счет увеличения объема продаж, чему способствовал более высокий спрос конечных пользователей по всему региону и влияние изменений в запасах дилеров, а также благоприятная реализация по цене.
  • В EAME продажи увеличились благодаря более высокому объему продаж и благоприятной ценовой реализации, что частично компенсировалось неблагоприятным валютным воздействием, связанным с ослаблением евро. Более высокий объем продаж был обусловлен более высоким спросом конечных пользователей на оборудование и запчасти вторичного рынка, а также влиянием изменений в запасах дилеров.
  • Продажи снизились в Азиатско-Тихоокеанском регионе в основном из-за снижения объема продаж и неблагоприятного влияния валютных курсов, вызванного ослаблением японской иены и австралийского доллара, что частично компенсировалось благоприятной ценовой реализацией. Снижение объема продаж было обусловлено снижением спроса со стороны конечных пользователей, что частично компенсировалось влиянием изменений в запасах дилеров. Снижение продаж в Китае, вызванное главным образом снижением спроса со стороны конечных пользователей, было частично компенсировано увеличением продаж в большинстве стран региона.

Прибыль строительной отрасли в первом квартале 2022 года составила 1,057 миллиарда долларов, увеличившись на 15 миллионов долларов, или на 1%, по сравнению с 1,042 миллиарда долларов в первом квартале 2021 года. Неблагоприятные производственные затраты были более чем компенсированы выгодной реализацией по цене и более высоким объемом продаж. Неблагоприятные производственные затраты в значительной степени отражали более высокие затраты на материалы и перевозку.

RESOURCE INDUSTRIES

(Millions of dollars)















Segment Sales















First Quarter
2021

Sales
Volume

Price
Realization

Currency

Inter-
Segment

First Quarter
2022

$

 Change

%

 Change

Total Sales

$       2,178

$          527

$        169

$           (34)

$              (10)

$          2,830

$      652

30%

















Sales by Geographic Region









First Quarter
2022

First Quarter
2021

$

Change

%

Change







North America

$       1,018

$          657

$        361

55%







Latin America

399

405

(6)

(1%)







EAME

594

474

120

25%







Asia/Pacific

748

561

187

33%







External Sales

2,759

2,097

662

32%







Inter-segment

71

81

(10)

(12%)







Total Sales

$       2,830

$       2,178

$        652

30%
























Segment Profit











First Quarter
2022

First Quarter
2021

 

Change

%

Change







Segment Profit

$          361

$          312

$          49

16%







Segment Profit Margin

12.8 %

14.3 %

          (1.5 pts)


























Общий объем продаж Resource Industries в первом квартале 2022 года составил 2,830 миллиарда долларов, увеличившись на 652 миллиона долларов, или на 30%, по сравнению с 2,178 миллиарда долларов в первом квартале 2021 года. Увеличение произошло в первую очередь за счет увеличения объема продаж и выгодной реализации по цене. Увеличение объема продаж было обусловлено более высоким спросом конечных пользователей на оборудование и запчасти вторичного рынка, а также влиянием изменений в запасах дилеров. Спрос конечных пользователей был выше в тяжелом строительстве, карьерах и агрегатах, а также в горнодобывающей промышленности. Дилеры увеличили запасы в первом квартале 2022 года по сравнению с тем, что в первом квартале 2021 года они оставались примерно на прежнем уровне.

Прибыль Resource Industries в первом квартале 2022 года составила 361 миллион долларов, увеличившись на 49 миллионов долларов, или на 16%, по сравнению с 312 миллионами долларов в первом квартале 2021 года. Неблагоприятные производственные затраты и более высокие затраты на НИОКР/НИОКР были более чем компенсированы более высоким объемом продаж и выгодной реализацией по цене. Неблагоприятные производственные затраты в значительной степени отражали более высокие транспортные и материальные затраты. Увеличение расходов на НИОКР/НИОКР было обусловлено инвестициями, согласованными с инициативами по росту.

ENERGY & TRANSPORTATION

(Millions of dollars)















Segment Sales















First Quarter
2021

Sales
Volume

Price
Realization

Currency

Inter-
Segment

First Quarter
2022

$

 Change

%

 Change

Total Sales

$       4,507

$          333

$        115

$           (74)

$             157

$          5,038

$      531

12%

















Sales by Application









First Quarter
2022

First Quarter
2021

$

Change

%

Change







Oil and Gas

$          948

$          915

$          33

4%







Power Generation

1,012

963

49

5%







Industrial

1,020

813

207

25%







Transportation

1,052

967

85

9%







External Sales

4,032

3,658

374

10%







Inter-segment

1,006

849

157

18%







Total Sales

$       5,038

$       4,507

$        531

12%
























Segment Profit









First Quarter
2022

First Quarter
2021

 

Change

%

Change







Segment Profit

$          538

$          675

$       (137)

(20%)







Segment Profit Margin

10.7 %

15.0 %

          (4.3 pts)


























Общий объем продаж Energy & Transportation в первом квартале 2022 года составил 5,038 миллиарда долларов, увеличившись на 531 миллион долларов, или на 12%, по сравнению с 4,507 миллиарда долларов в первом квартале 2021 года. Продажи увеличились по всем приложениям и межсегментным продажам.

  • Нефть и газ – Увеличились продажи поршневых двигателей, в первую очередь запасных частей, частично компенсированные снижением продаж турбин и услуг, связанных с турбинами.
  • Производство электроэнергии – Продажи выросли из-за увеличения объема продаж небольших поршневых двигателей, что частично компенсировалось снижением продаж турбин и услуг, связанных с турбинами.
  • Промышленные продажи выросли из–за более высокого спроса во всех регионах.
  • Транспортировка – Увеличились продажи поршневых двигателей, в первую очередь запчастей для вторичного рынка и судового применения.

Прибыль Energy & Transportation в первом квартале 2022 года составила 538 миллионов долларов, что на 137 миллионов долларов меньше, или на 20%, по сравнению с 675 миллионами долларов в первом квартале 2021 года. Снижение произошло в основном из-за неблагоприятных производственных затрат и более высоких затрат на НИОКР/НИОКР, частично компенсированных увеличением объема продаж и выгодной реализацией по цене. Неблагоприятные производственные затраты в значительной степени отражали более высокие транспортные и материальные затраты. Увеличение расходов на НИОКР/НИОКР было обусловлено инвестициями, согласованными с инициативами по росту.

FINANCIAL PRODUCTS SEGMENT

(Millions of dollars)















Revenues by Geographic Region









First Quarter
2022

First Quarter
2021

$

Change

%

Change







North America

$             503

$             476

$               27

6%







Latin America

73

62

11

18%







EAME

96

100

(4)

(4%)







Asia/Pacific

111

123

(12)

(10%)







Total Revenues

$             783

$             761

$               22

3%
























Segment Profit









First Quarter
2022

First Quarter
2021

 

Change

%

Change







Segment Profit

$             238

$             244

$                (6)

(2%)
























Выручка сегмента финансовых продуктов в первом квартале 2022 года составила 783 миллиона долларов, увеличившись на 22 миллиона долларов, или на 3%, по сравнению с первым кварталом 2021 года. Рост произошел в основном в Северной Америке, что было обусловлено благоприятным воздействием возвращенного или возвращенного оборудования и более высокими средними доходными активами, частично компенсируемыми более низкими средними ставками финансирования.

Прибыль сегмента финансовых продуктов в первом квартале 2022 года составила 238 миллионов долларов, что на 6 миллионов долларов меньше, или на 2%, по сравнению с 244 миллионами долларов в первом квартале 2021 года. Снижение произошло в основном за счет увеличения резерва на возможные потери по кредитам в Cat Financial и увеличения расходов на НИОКР, частично компенсированных благоприятным воздействием возвращенного или возвращенного оборудования. Влияние более низких средних ставок финансирования было в основном компенсировано более низкими процентными расходами.

В конце первого квартала 2022 года прошлые взносы в Cat Financial составили 2,05% по сравнению с 2,90% в конце первого квартала 2021 года. Снижение прошлых взносов было в основном обусловлено портфелями Северной Америки, Caterpillar Power Finance и EAME. Списания за вычетом возмещения составили 8 миллионов долларов в первом квартале 2022 года по сравнению с 24 миллионами долларов в первом квартале 2021 года. По состоянию на 31 марта 2022 года резерв Cat Financial на возможные потери по кредитам составил 357 миллионов долларов, или 1,29% от финансовой дебиторской задолженности, по сравнению с 337 миллионами долларов, или 1,22% от финансовой дебиторской задолженности на 31 декабря 2021 года. Увеличение резерва на возможные потери по кредитам включало увеличение резерва по портфелям в России и Украине.

Корпоративные элементы и исключения

Расходы по корпоративным статьям и ликвидации составили 261 миллион долларов США в первом квартале 2022 года, что на 126 миллионов долларов меньше, чем в первом квартале 2021 года, в основном из-за благоприятного влияния различий в методологии отчетности по сегментам и благоприятного изменения корректировок справедливой стоимости, связанных с отложенными компенсационными планами.

i.        Глоссарий терминов включен на веб-сайте Caterpillar по адресу https://investors .Caterpillar.com/overview/default.aspx.ii . Спрос конечных пользователей демонстрируется Текущей статистикой розничных продаж компании за 3 месяца, поданной в форме 8-K в четверг, 28 апреля 2022 года.iii.      Информация о финансовых показателях, не относящихся к GAAP, включена в приложение на стр. 13.iv. Некоторые суммы в этом отчете округлены до миллионов или миллиардов и могут не добавляться.v. Caterpillar проведет телеконференцию и прямую веб-трансляцию со слайдовой презентацией, начало в 7:30 утра по Центральному времени на Четверг, 28 апреля 2022 года, для обсуждения результатов первого квартала 2022 года. Сопроводительные слайды будут доступны перед веб-трансляцией на веб-сайте Caterpillar по адресу https://investors .Caterpillar.com/events-presentations/default.aspx .

Об Caterpillar

С объемом продаж в 2021 году и выручкой в 51,0 миллиарда долларов Caterpillar Inc. является ведущим мировым производителем строительного и горнодобывающего оборудования, внедорожных дизельных и газовых двигателей, промышленных газовых турбин и дизель-электрических локомотивов. Вот уже почти 100 лет мы помогаем клиентам строить лучший, более устойчивый мир и стремимся внести свой вклад в будущее с низким уровнем выбросов углерода. Наши инновационные продукты и услуги, поддерживаемые нашей глобальной дилерской сетью, обеспечивают исключительную ценность, которая помогает клиентам добиться успеха. Caterpillar ведет бизнес на всех континентах, в основном работая в трех основных сегментах – Строительная промышленность, Сырьевая промышленность и Энергетика и Транспорт – и предоставляя финансирование и сопутствующие услуги через наш сегмент Финансовых продуктов. Посетите нас по адресу Caterpillar.com или присоединяйтесь к разговору на наших каналах в социальных сетях по адресу Caterpillar.com/en/news/social-media.html .

Последние финансовые результаты Caterpillar также доступны онлайн:

         https://investors .Caterpillar.com/overview/default.aspx

         https://investors .Caterpillar.com/financials/quarterly-results/default.aspx (прямая трансляция/повторы ежеквартальной телефонной конференции)

Прогнозные заявления

Некоторые заявления в этом пресс-релизе касаются будущих событий и ожиданий и являются прогнозными заявлениями по смыслу Закона о реформе судебных разбирательств по частным ценным бумагам 1995 года. Такие слова, как "верить", "оценивать", "будет", "будет", "будет", "ожидать", "предвидеть", "планировать", "прогнозировать", "цель", "направлять", "проект", "намереваться", "мог бы", "должен" или другие подобные слова или выражения часто обозначают прогнозные заявления. Все заявления, кроме заявлений об исторических фактах, являются прогнозными заявлениями, включая, помимо прочего, заявления относительно наших перспектив, прогнозов, прогнозов или описаний тенденций. Эти заявления не гарантируют будущих результатов и действуют только на дату их составления, и мы не берем на себя обязательство обновлять наши прогнозные заявления.

Caterpillar фактические результаты могут существенно отличаться от описанных или подразумеваемых в наши прогнозные заявления основаны на ряде факторов, включая, но не ограничиваясь: (I) в глобальных и региональных экономических условий и экономических условий в отрасли, которые мы обслуживаем; (II в) товар, цена изменениями, цена материала увеличивается, колебания спроса на нашу продукцию или значительные перебои с материалом; (III) государственные кредитно-денежной или фискальной политики; (IV) все политические и экономические риски, коммерческие нестабильности и событий, не зависящих от нашего контроля в странах, в которых мы работаем; (в) международной торговой политики и их влияние на спрос на нашу продукцию и нашу конкурентоспособность, в том числе введение новых тарифов или изменения действующих тарифов; (ви) наша способность разрабатывать, производить и поставлять на рынок качественную продукцию, удовлетворяющую потребности наших клиентов; и (VII) влияние высоко конкурентной среде, в которой мы работаем на продажи и ценообразование; (VIII вида) "информационные технологии" угрозы безопасности и компьютерной преступности; (іх) управление запасами решений и поиске практики наших дилеров и наших клиентов OEM; (х) неспособность осознать, или задержка в реализации, все ожидаемые преимущества нашего поглощений, создания совместных предприятий или выбытий; (Си) Союз споров или другой работник отношений; (ХІІ) отрицательного воздействия неожиданных событий; (XIII в) нарушения или волатильность на глобальных финансовых рынках ограничивает наши источники ликвидность или платежеспособность наших клиентов, дилеров и поставщиков; (XIV век) неспособность поддерживать наши кредитные рейтинги и потенциал, в результате повышается до наших стоимости заимствований и неблагоприятного воздействия на наши затраты средств, ликвидности, конкурентоспособности и доступа на рынки капитала; (ХV) наших финансовых продуктов сегмента риски, связанные с индустрией финансовых услуг; (XVI в.) в результате изменения процентных ставок и ликвидности на рынке условий; (XVII в) увеличение правонарушениях, конфискации или чистые убытки от финансовых кот клиентов; (XVIII в.) колебания валютных курсов; (XIX в.) наши или кошка финансовых соблюдения финансовые и прочие ограничительные условия, в долг соглашений; (ХХ) увеличение пенсионного плана финансирования обязательств; (XXI) от предполагаемых или фактических нарушений правил торговли или антикоррупционных законов и нормативных актов; (ХХІІ) дополнительных налоговых расходов или воздействия, включая влияние США налоговая реформа; (ХХІІІ) существенных процессуальных действий, претензий, исков или административным расследованием; (XXIV), то новых правил или изменений в сфере финансовых услуг, правил; (XXV) Генеральной Ассамблеи соблюдения экологических законов и нормативных актов; (XXVI) Генеральной Ассамблеи продолжительность и география, бизнес сбоев, вызванных, и в целом глобальных экономических последствий, на COVID-19 пандемией; и (ХХVII) иные факторы, более подробно описано в Caterpillar форм, в 10-М, 10-K и других документах по ценным бумагам и биржам.

финансовые показатели, не относящиеся к ОПБУ

Следующие определения даны для финансовых показателей, не относящихся к ОПБУ. Эти финансовые показатели, не относящиеся к ОПБУ, не имеют стандартизированного значения, предписанного ОПБУ США, и поэтому вряд ли будут сопоставимы с расчетом аналогичных показателей для других компаний. Руководство не намерено рассматривать эти статьи отдельно или в качестве замены соответствующих показателей GAAP.

Компания считает важным отдельно количественно оценить влияние на прибыль одной значимой статьи, чтобы результаты компании были значимыми для читателей. Эта статья включает (i) расходы на реструктуризацию, которые были понесены для получения долгосрочных выгод. Компания не считает эту статью показателем доходов от текущей коммерческой деятельности и считает, что показатель, не относящийся к GAAP, дает инвесторам полезную информацию о базовых результатах бизнеса и тенденциях и помогает оценить результаты компании за отчетный период. Компания намерена обсудить скорректированную прибыль на акцию за четвертый квартал и весь 2022 год, исключая прибыль или убытки от переоценки пенсионных и других планов пособий по окончании трудовой деятельности, а также любые другие отдельные статьи.

Сверка скорректированных результатов с наиболее непосредственно сопоставимым показателем GAAP выглядит следующим образом:

(Dollars in millions except per share data)

Operating
Profit

Operating
Profit
Margin

Profit
Before

Taxes

Provision
(Benefit)
for Income
Taxes

Effective
Tax Rate

Profit

Profit per
Share















Three Months Ended March 31, 2022 - U.S. GAAP

$        1,855

13.7%

$        1,999

$          469

23.4%

$        1,537

$         2.86

Restructuring costs

13

0.1%

13

2

13.0%

11

$         0.02

Three Months Ended March 31, 2022 - Adjusted

$        1,868

13.7%

$        2,012

$          471

23.4%

$        1,548

$         2.88















Three Months Ended March 31, 2021 - U.S. GAAP

$        1,814

15.3%

$        1,997

$          475

23.8%

$        1,530

$         2.77

Restructuring costs

64

0.5%

64

10

15.0%

54

$         0.10

Three Months Ended March 31, 2021 - Adjusted

$        1,878

15.8%

$        2,061

$          485

23.5%

$        1,584

$         2.87















Дополнительные Консолидирующие Данные

Компания предоставляет дополнительные консолидированные данные с целью дополнительного анализа. Данные были сгруппированы следующим образом:

Консолидированный – Caterpillar Inc. и ее дочерние компании.

Машиностроение, энергетика и транспорт (ME&T) – Компания определяет ME&T в том виде, в каком она представлена в дополнительных данных, как Caterpillar Inc. и ее дочерние компании, исключая Финансовые продукты. Информация ME&T относится к разработке, производству и маркетингу ее продуктов.

Финансовые продукты – Компания определяет Финансовые продукты в том виде, в каком они представлены в дополнительных данных, как свои финансовые и страховые дочерние компании, в первую очередь Caterpillar Financial Services Corporation (Cat Financial) и Caterpillar Insurance Holdings Inc. (Страховые услуги). Информация о финансовых продуктах относится к финансированию клиентов и дилеров для покупки и аренды Caterpillar и другого оборудования.

Консолидация корректировок – Устранение транзакций между ME&T и Финансовыми продуктами.

Характер бизнеса в области информационных технологий и финансовых продуктов отличается, особенно в том, что касается финансового положения и статей движения денежных средств. Управление Caterpillar использует эту презентацию внутри компании, чтобы подчеркнуть эти различия. Компания считает, что эта презентация поможет читателям понять ее бизнес.

Страницы с 14 по 22 сверяют ME&T и Финансовые продукты с консолидированной финансовой информацией Caterpillar Inc.

Caterpillar Inc.

Condensed Consolidated Statement of Results of Operations

(Unaudited)

(Dollars in millions except per share data)


Three Months Ended

March 31,

2022

2021

Sales and revenues:


  Sales of Machinery, Energy & Transportation

$           12,886

$           11,191

  Revenues of Financial Products

703

696

  Total sales and revenues

13,589

11,887




Operating costs:


  Cost of goods sold

9,559

8,012

  Selling, general and administrative expenses

1,346

1,239

  Research and development expenses

457

374

  Interest expense of Financial Products

106

125

  Other operating (income) expenses

266

323

  Total operating costs

11,734

10,073




Operating profit

1,855

1,814




  Interest expense excluding Financial Products

109

142

  Other income (expense)

253

325




Consolidated profit before taxes

1,999

1,997




  Provision (benefit) for income taxes

469

475

  Profit of consolidated companies

1,530

1,522




  Equity in profit (loss) of unconsolidated affiliated companies

7

9




Profit of consolidated and affiliated companies

1,537

1,531




Less: Profit (loss) attributable to noncontrolling interests

—

1




Profit 1

$             1,537

$             1,530





Profit per common share

$               2.88

$               2.80

Profit per common share — diluted 2

$               2.86

$               2.77




Weighted-average common shares outstanding (millions)


  – Basic

534.5

546.4

  – Diluted 2

538.3

551.4


1

Profit attributable to common shareholders.

2

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

Caterpillar Inc.

Condensed Consolidated Statement of Financial Position

(Unaudited)

(Millions of dollars)


March 31,
2022

December 31,
2021

Assets


Current assets:


Cash and cash equivalents

$                     6,526

$                     9,254

Receivables – trade and other

9,135

8,477

Receivables – finance

9,003

8,898

Prepaid expenses and other current assets

2,868

2,788

Inventories

15,038

14,038

Total current assets

42,570

43,455




Property, plant and equipment – net

11,932

12,090

Long-term receivables – trade and other

1,204

1,204

Long-term receivables – finance

12,665

12,707

Noncurrent deferred and refundable income taxes

1,973

1,840

Intangible assets

967

1,042

Goodwill

6,293

6,324

Other assets

4,672

4,131

Total assets

$                   82,276

$                   82,793




Liabilities


Current liabilities:


Short-term borrowings:


-- Machinery, Energy & Transportation

$                           —

$                            9

-- Financial Products

4,501

5,395

Accounts payable

8,361

8,154

Accrued expenses

3,846

3,757

Accrued wages, salaries and employee benefits

1,275

2,242

Customer advances

1,388

1,087

Dividends payable

—

595

Other current liabilities

2,355

2,256

Long-term debt due within one year:


-- Machinery, Energy & Transportation

127

45

-- Financial Products

7,679

6,307

Total current liabilities

29,532

29,847




Long-term debt due after one year:


-- Machinery, Energy & Transportation

9,636

9,746

-- Financial Products

15,641

16,287

Liability for postemployment benefits

5,363

5,592

Other liabilities

5,007

4,805

Total liabilities

65,179

66,277




Shareholders' equity


Common stock

6,281

6,398

Treasury stock

(28,326)

(27,643)

Profit employed in the business

40,820

39,282

Accumulated other comprehensive income (loss)

(1,710)

(1,553)

Noncontrolling interests

32

32

Total shareholders' equity

17,097

16,516

Total liabilities and shareholders' equity

$                   82,276

$                   82,793

Caterpillar Inc.

Condensed Consolidated Statement of Cash Flow

(Unaudited)

(Millions of dollars)


Three Months Ended

March 31,

2022

2021

Cash flow from operating activities:


Profit of consolidated and affiliated companies

$             1,537

$              1,531

Adjustments for non-cash items:


Depreciation and amortization

557

586

Provision (benefit) for deferred income taxes

(99)

109

Other

(52)

(104)

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


Receivables – trade and other

(372)

(543)

Inventories

(1,032)

(657)

Accounts payable

452

733

Accrued expenses

(74)

84

Accrued wages, salaries and employee benefits

(965)

191

Customer advances

311

58

Other assets – net

99

56

Other liabilities – net

(49)

(116)

Net cash provided by (used for) operating activities

313

1,928

Cash flow from investing activities:


Capital expenditures – excluding equipment leased to others

(346)

(252)

Expenditures for equipment leased to others

(333)

(252)

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

269

309

Additions to finance receivables

(2,988)

(2,629)

Collections of finance receivables

2,966

2,770

Proceeds from sale of finance receivables

9

5

Investments and acquisitions (net of cash acquired)

(8)

(386)

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

—

28

Proceeds from sale of securities

571

126

Investments in securities

(1,438)

(148)

Other – net

(15)

(48)

Net cash provided by (used for) investing activities

(1,313)

(477)

Cash flow from financing activities:


Dividends paid

(595)

(562)

Common stock issued, including treasury shares reissued

(28)

65

Common shares repurchased

(820)

—

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

2,131

2,273

Payments on debt (original maturities greater than three months)

(1,387)

(2,887)

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

(1,016)

1,659

Other – net

—

(2)

Net cash provided by (used for) financing activities

(1,715)

546

Effect of exchange rate changes on cash

(16)

(12)

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

(2,731)

1,985

Cash, cash equivalents and restricted cash at beginning of period

9,263

9,366

Cash, cash equivalents and restricted cash at end of period

$             6,532

$            11,351

Cash equivalents primarily represent short-term, highly liquid investments with original maturities of generally three months or less.

Caterpillar Inc.

Supplemental Data for Results of Operations

For the Three Months Ended March 31, 2022

(Unaudited)

(Millions of dollars)




Supplemental Consolidating Data

Consolidated

Machinery,
Energy &
Transportation


Financial

Products

Consolidating

Adjustments

Sales and revenues:







Sales of Machinery, Energy & Transportation

$          12,886

$                12,886

$                —

$                 —

Revenues of Financial Products

703

—

813

(110)

1

Total sales and revenues

13,589

12,886

813

(110)









Operating costs:







Cost of goods sold

9,559

9,560

—

(1)

2

Selling, general and administrative expenses

1,346

1,182

172

(8)

2

Research and development expenses

457

457

—

—

Interest expense of Financial Products

106

—

106

—

Other operating (income) expenses

266

(28)

314

(20)

2

Total operating costs

11,734

11,171

592

(29)









Operating profit

1,855

1,715

221

(81)









Interest expense excluding Financial Products

109

109

—

—

Other income (expense)

253

157

15

81

3









Consolidated profit before taxes

1,999

1,763

236

—









Provision (benefit) for income taxes

469

412

57

—

Profit of consolidated companies

1,530

1,351

179

—









Equity in profit (loss) of unconsolidated affiliated companies

7

8

—

(1)

4









Profit of consolidated and affiliated companies

1,537

1,359

179

(1)









Less: Profit (loss) attributable to noncontrolling interests

—

—

1

(1)

5









Profit 6

$            1,537

$                  1,359

$              178

$                 —

1

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

2

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

3

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

4

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

5

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

6

Profit attributable to common shareholders.

Caterpillar Inc.

Supplemental Data for Results of Operations

For the Three Months Ended March 31, 2021

(Unaudited)

(Millions of dollars)




Supplemental Consolidating Data

Consolidated

Machinery,
Energy &
Transportation


Financial

Products

Consolidating

Adjustments

Sales and revenues:







Sales of Machinery, Energy & Transportation

$          11,191

$                11,191

$                —

$                 —

Revenues of Financial Products

696

—

788

(92)

1

Total sales and revenues

11,887

11,191

788

(92)









Operating costs:







Cost of goods sold

8,012

8,013

—

(1)

2

Selling, general and administrative expenses

1,239

1,114

124

1

2

Research and development expenses

374

374

—

—

Interest expense of Financial Products

125

—

125

—

Other operating (income) expenses

323

26

314

(17)

2

Total operating costs

10,073

9,527

563

(17)









Operating profit

1,814

1,664

225

(75)









Interest expense excluding Financial Products

142

142

—

—

Other income (expense)

325

231

19

75

3









Consolidated profit before taxes

1,997

1,753

244

—









Provision (benefit) for income taxes

475

412

63

—

Profit of consolidated companies

1,522

1,341

181

—









Equity in profit (loss) of unconsolidated affiliated companies

9

12

—

(3)

4









Profit of consolidated and affiliated companies

1,531

1,353

181

(3)









Less: Profit (loss) attributable to noncontrolling interests

1

1

3

(3)

5









Profit 6

$            1,530

$                  1,352

$              178

$                 —

1

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

2

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

3

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

4

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

5

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

6

Profit attributable to common shareholders.

Caterpillar Inc.

Supplemental Data for Financial Position

At March 31, 2022

(Unaudited)

(Millions of dollars)




Supplemental Consolidating Data

Consolidated

Machinery,

Energy &

Transportation


Financial

Products

Consolidating

Adjustments

Assets







Current assets:







Cash and cash equivalents

$             6,526

$                 5,662

$               864

$                 —

Receivables – trade and other

9,135

3,734

435

4,966

1,2

Receivables – finance

9,003

—

14,117

(5,114)

2

Prepaid expenses and other current assets

2,868

2,626

345

(103)

3

Inventories

15,038

15,038

—

—

Total current assets

42,570

27,060

15,761

(251)









Property, plant and equipment – net

11,932

8,010

3,922

—

Long-term receivables – trade and other

1,204

434

216

554

1,2

Long-term receivables – finance

12,665

—

13,247

(582)

2

Noncurrent deferred and refundable income taxes

1,973

2,506

111

(644)

4

Intangible assets

967

967

—

—

Goodwill

6,293

6,293

—

—

Other assets

4,672

3,919

1,960

(1,207)

5

Total assets

$           82,276

$               49,189

$           35,217

$            (2,130)









Liabilities







Current liabilities:







Short-term borrowings

$             4,501

$                     —

$             4,501

$                 —

Accounts payable

8,361

8,238

271

(148)

6

Accrued expenses

3,846

3,403

443

—

Accrued wages, salaries and employee benefits

1,275

1,247

28

—

Customer advances

1,388

1,387

1

—

Other current liabilities

2,355

1,780

701

(126)

4,7

Long-term debt due within one year

7,806

127

7,679

—

Total current liabilities

29,532

16,182

13,624

(274)









Long-term debt due after one year

25,277

9,664

15,641

(28)

8

Liability for postemployment benefits

5,363

5,363

—

—

Other liabilities

5,007

4,169

1,542

(704)

4

Total liabilities

65,179

35,378

30,807

(1,006)









Shareholders' equity







Common stock

6,281

6,281

919

(919)

9

Treasury stock

(28,326)

(28,326)

—

—

Profit employed in the business

40,820

36,750

4,059

11

9

Accumulated other comprehensive income (loss)

(1,710)

(928)

(782)

—

Noncontrolling interests

32

34

214

(216)

9

Total shareholders' equity

17,097

13,811

4,410

(1,124)

Total liabilities and shareholders' equity

$           82,276

$               49,189

$           35,217

$            (2,130)

1

Elimination of receivables between ME&T and Financial Products.

2

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

3

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

4

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

5

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

6

Elimination of payables between ME&T and Financial Products.

7

Elimination of prepaid insurance in Financial Products' other liabilities.

8

Elimination of debt between ME&T and Financial Products.

9

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

Caterpillar Inc.

Supplemental Data for Financial Position

At December 31, 2021

(Unaudited)

(Millions of dollars)




Supplemental Consolidating Data

Consolidated

Machinery,

Energy &

Transportation


Financial

Products

Consolidating

Adjustments

Assets







Current assets:







Cash and cash equivalents

$             9,254

$              8,428

$               826

$                   —

Receivables – trade and other

8,477

3,279

435

4,763

1,2

Receivables – finance

8,898

—

13,828

(4,930)

2

Prepaid expenses and other current assets

2,788

2,567

358

(137)

3

Inventories

14,038

14,038

—

—

Total current assets

43,455

28,312

15,447

(304)









Property, plant and equipment – net

12,090

8,172

3,918

—

Long-term receivables – trade and other

1,204

375

204

625

1,2

Long-term receivables – finance

12,707

—

13,358

(651)

2

Noncurrent deferred and refundable income taxes

1,840

2,396

105

(661)

4

Intangible assets

1,042

1,042

—

—

Goodwill

6,324

6,324

—

—

Other assets

4,131

3,388

1,952

(1,209)

5

Total assets

$           82,793

$             50,009

$           34,984

$             (2,200)









Liabilities







Current liabilities:







Short-term borrowings

$             5,404

$                    9

$            5,395

$                   —

Accounts payable

8,154

8,079

242

(167)

6

Accrued expenses

3,757

3,385

372

—

Accrued wages, salaries and employee benefits

2,242

2,186

56

—

Customer advances

1,087

1,086

1

—

Dividends payable

595

595

—

—

Other current liabilities

2,256

1,773

642

(159)

4,7

Long-term debt due within one year

6,352

45

6,307

—

Total current liabilities

29,847

17,158

13,015

(326)









Long-term debt due after one year

26,033

9,772

16,287

(26)

8

Liability for postemployment benefits

5,592

5,592

—

—

Other liabilities

4,805

4,106

1,425

(726)

4

Total liabilities

66,277

36,628

30,727

(1,078)









Shareholders' equity







Common stock

6,398

6,398

919

(919)

9

Treasury stock

(27,643)

(27,643)

—

—

Profit employed in the business

39,282

35,390

3,881

11

9

Accumulated other comprehensive income (loss)

(1,553)

(799)

(754)

—

Noncontrolling interests

32

35

211

(214)

9

Total shareholders' equity

16,516

13,381

4,257

(1,122)

Total liabilities and shareholders' equity

$           82,793

$             50,009

$           34,984

$             (2,200)

1

Elimination of receivables between ME&T and Financial Products.

2

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

3

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

4

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

5

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

6

Elimination of payables between ME&T and Financial Products.

7

Elimination of prepaid insurance in Financial Products' other liabilities.

8

Elimination of debt between ME&T and Financial Products.

9

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

Caterpillar Inc.

Supplemental Data for Cash Flow

For the Three Months Ended March 31, 2022

(Unaudited)

(Millions of dollars)




Supplemental Consolidating Data

Consolidated

Machinery,
Energy &
Transportation

Financial

Products

Consolidating

Adjustments

Cash flow from operating activities:







Profit of consolidated and affiliated companies

$              1,537

$              1,359

$                179

$                   (1)

1

Adjustments for non-cash items:







Depreciation and amortization

557

358

199

—

Provision (benefit) for deferred income taxes

(99)

(83)

(16)

—

Other

(52)

(46)

(89)

83

2

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







Receivables – trade and other

(372)

(257)

(7)

(108)

2,3

Inventories

(1,032)

(1,030)

—

(2)

2

Accounts payable

452

393

40

19

2

Accrued expenses

(74)

(1)

(73)

—

Accrued wages, salaries and employee benefits

(965)

(940)

(25)

—

Customer advances

311

311

—

—

Other assets – net

99

137

(17)

(21)

2

Other liabilities – net

(49)

(279)

202

28

2

Net cash provided by (used for) operating activities

313

(78)

393

(2)

Cash flow from investing activities:







Capital expenditures – excluding equipment leased to others

(346)

(344)

(3)

1

2

Expenditures for equipment leased to others

(333)

(4)

(335)

6

2

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

269

33

241

(5)

2

Additions to finance receivables

(2,988)

—

(3,139)

151

3

Collections of finance receivables

2,966

—

3,159

(193)

3

Net intercompany purchased receivables

—

—

(42)

42

3

Proceeds from sale of finance receivables

9

—

9

—

Net intercompany borrowings

—

—

1

(1)

4

Investments and acquisitions (net of cash acquired)

(8)

(8)

—

—

Proceeds from sale of securities

571

478

93

—

Investments in securities

(1,438)

(1,266)

(172)

—

Other – net

(15)

18

(33)

—

Net cash provided by (used for) investing activities

(1,313)

(1,093)

(221)

1

Cash flow from financing activities:







Dividends paid

(595)

(595)

—

—

Common stock issued, including treasury shares reissued

(28)

(28)

—

—

Common shares repurchased

(820)

(820)

—

—

Net intercompany borrowings

—

(1)

—

1

4

Proceeds from debt issued > 90 days

2,131

—

2,131

—

Payments on debt > 90 days

(1,387)

(6)

(1,381)

—

Short-term borrowings – net < 90 days

(1,016)

(124)

(892)

—

Net cash provided by (used for) financing activities

(1,715)

(1,574)

(142)

1

Effect of exchange rate changes on cash

(16)

(21)

5

—

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

(2,731)

(2,766)

35

—

Cash, cash equivalents and restricted cash at beginning of period

9,263

8,433

830

—

Cash, cash equivalents and restricted cash at end of period

$              6,532

$              5,667

$                865

$                  —

1

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

2

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

3

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

4

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

Caterpillar Inc.

Supplemental Data for Cash Flow

For the Three Months Ended March 31, 2021

(Unaudited)

(Millions of dollars)




Supplemental Consolidating Data

Consolidated

Machinery,
Energy &
Transportation

Financial

Products

Consolidating

Adjustments

Cash flow from operating activities:







Profit of consolidated and affiliated companies

$              1,531

$              1,353

$                181

$                   (3)

1

Adjustments for non-cash items:







Depreciation and amortization

586

383

203

—

Provision (benefit) for deferred income taxes

109

127

(18)

—

Other

(104)

(52)

(83)

31

2

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







Receivables – trade and other

(543)

(104)

(32)

(407)

2,3

Inventories

(657)

(657)

—

—

Accounts payable

733

706

13

14

2

Accrued expenses

84

58

26

—

Accrued wages, salaries and employee benefits

191

179

12

—

Customer advances

58

58

—

—

Other assets – net

56

(4)

(12)

72

2

Other liabilities – net

(116)

(131)

79

(64)

2

Net cash provided by (used for) operating activities

1,928

1,916

369

(357)

Cash flow from investing activities:







Capital expenditures – excluding equipment leased to others

(252)

(251)

(4)

3

2

Expenditures for equipment leased to others

(252)

(4)

(249)

1

2

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

309

27

286

(4)

2

Additions to finance receivables

(2,629)

—

(2,867)

238

3

Collections of finance receivables

2,770

—

3,062

(292)

3

Net intercompany purchased receivables

—

—

(411)

411

3

Proceeds from sale of finance receivables

5

—

5

—

Net intercompany borrowings

—

1,000

—

(1,000)

4

Investments and acquisitions (net of cash acquired)

(386)

(386)

—

—

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

28

28

—

—

Proceeds from sale of securities

126

11

115

—

Investments in securities

(148)

—

(148)

—

Other – net

(48)

2

(50)

—

Net cash provided by (used for) investing activities

(477)

427

(261)

(643)

Cash flow from financing activities:







Dividends paid

(562)

(562)

—

—

Common stock issued, including treasury shares reissued

65

65

—

—

Net intercompany borrowings

—

—

(1,000)

1,000

4

Proceeds from debt issued > 90 days

2,273

494

1,779

—

Payments on debt > 90 days

(2,887)

(644)

(2,243)

—

Short-term borrowings – net < 90 days

1,659

(10)

1,669

—

Other – net

(2)

(2)

—

—

Net cash provided by (used for) financing activities

546

(659)

205

1,000

Effect of exchange rate changes on cash

(12)

(14)

2

—

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

1,985

1,670

315

—

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

$            11,351

$            10,492

$                859

$                  —

1

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

2

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

3

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

4

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

ИСТОЧНИК Caterpillar Inc.

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