- Fourth-quarter 2023 sales and revenues up 3%; full-year sales
and revenues up 13%
- Fourth-quarter 2023 profit per share of $5.28; adjusted profit per share of $5.23
- Full-year profit per share of $20.12; adjusted profit per share of $21.21
- Strong operating cash flow of $12.9
billion; ended the year with $7.0
billion of enterprise cash
- Returned $7.5 billion to
shareholders through share repurchases and dividends in 2023
|
|
Fourth
Quarter
|
|
Full
Year
|
($ in billions except
profit per share)
|
|
2023
|
2022
|
|
2023
|
2022
|
Sales and
Revenues
|
|
$17.1
|
$16.6
|
|
$67.1
|
$59.4
|
Profit Per
Share
|
|
$5.28
|
$2.79
|
|
$20.12
|
$12.64
|
Adjusted Profit Per
Share
|
|
$5.23
|
$3.86
|
|
$21.21
|
$13.84
|
IRVING,
Texas, Feb. 5, 2024 /PRNewswire/
-- Caterpillar Inc. (NYSE: CAT) announced fourth-quarter and
full-year results for 2023.
Sales and revenues for the fourth quarter of 2023 were
$17.1 billion, a 3% increase compared
with $16.6 billion in the fourth
quarter of 2022. Operating profit margin was 18.4% for the fourth
quarter of 2023, compared with 10.1% for the fourth quarter of
2022. Adjusted operating profit margin was 18.9% for the fourth
quarter of 2023, compared with 17.0% for the fourth quarter of
2022. Fourth-quarter 2023 profit per share was $5.28, compared with $2.79 profit per share in the fourth quarter of
2022. Adjusted profit per share in the fourth quarter of 2023 was
$5.23, compared with fourth-quarter
2022 adjusted profit per share of $3.86.
Full-year sales and revenues in 2023 were $67.1 billion, up 13% compared with $59.4 billion in 2022. The increase reflected
favorable price realization and higher sales volume, driven by
higher sales of equipment to end users, partially offset by the
impact from changes in dealer inventories. Operating profit margin
was 19.3% in 2023, compared with 13.3% in 2022. Adjusted operating
profit margin was 20.5% in 2023, compared with 15.4% in 2022.
Full-year profit was $20.12 per share
in 2023, compared with profit of $12.64 per share in 2022. Adjusted profit per
share in 2023 was $21.21, compared
with adjusted profit per share of $13.84 in 2022.
"I'm very proud of our global team's strong performance as they
achieved the best year in our 98-year history, including record
full-year sales and revenues, record adjusted profit per share and
record ME&T free cash flow," said Caterpillar Chairman and CEO
Jim Umpleby. "We remain committed to
serving our customers, executing our strategy and investing for
long-term profitable growth."
In 2023, adjusted operating profit margin and adjusted profit
per share excluded restructuring costs, which included the impact
of the divestiture of the company's Longwall business and other
restructuring costs. 2023 adjusted profit per share also excluded a
benefit for certain deferred tax valuation allowance adjustments
and mark-to-market gains for remeasurement of pension and other
postemployment benefit (OPEB) plans. In 2022, adjusted operating
profit margin and adjusted profit per share excluded a goodwill
impairment charge and restructuring costs related to the Rail
division and other restructuring costs. 2022 adjusted profit per
share also excluded mark-to-market gains for remeasurement of
pension and OPEB plans. Please see a reconciliation of GAAP to
non-GAAP financial measures in the appendix on page 13.
For the full year of 2023, enterprise operating cash flow was
$12.9 billion. During the year, the
company repurchased $5.0 billion of
Caterpillar common stock and paid dividends of $2.6 billion. Liquidity remained strong with an
enterprise cash balance of $7.0
billion at the end of 2023.
CONSOLIDATED RESULTS
Consolidated Sales and Revenues
Consolidated Sales and Revenues
Comparison
Fourth Quarter 2023 vs.
Fourth Quarter 2022
To access this chart, go to
https://investors.caterpillar.com/financials/quarterly-results/default.aspx for
the downloadable version of Caterpillar fourth-quarter 2023
earnings.
The chart above graphically illustrates reasons for the change
in consolidated sales and revenues between the fourth quarter of
2022 (at left) and the fourth quarter of 2023 (at right).
Caterpillar management utilizes these charts internally to visually
communicate with the company's board of directors and
employees.
Total sales and revenues for the fourth quarter of 2023 were
$17.070 billion, an increase of
$473 million, or 3%, compared with
$16.597 billion in the fourth quarter
of 2022. The increase was due to favorable price realization,
higher Financial Products' segment revenues and favorable currency
impacts primarily related to the euro, partially offset by lower
sales volume. The decrease in sales volume was driven by the impact
from changes in dealer inventories, partially offset by higher
sales of equipment to end users. Dealer inventory decreased by
$900 million during the fourth
quarter of 2023, compared with an increase of $700 million during the fourth quarter of
2022.
In the three primary segments, sales were higher in Energy &
Transportation and lower in Construction Industries and Resource
Industries.
Sales and Revenues
by Segment
|
(Millions of dollars)
|
Fourth
Quarter
2022
|
|
Sales
Volume
|
|
Price
Realization
|
|
Currency
|
|
Inter-
Segment /
Other
|
|
Fourth
Quarter
2023
|
|
$
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction
Industries
|
$
6,845
|
|
$
(809)
|
|
$
445
|
|
$
38
|
|
$
—
|
|
$
6,519
|
|
$
(326)
|
|
(5 %)
|
Resource
Industries
|
3,436
|
|
(440)
|
|
239
|
|
8
|
|
(1)
|
|
3,242
|
|
(194)
|
|
(6 %)
|
Energy &
Transportation
|
6,823
|
|
561
|
|
305
|
|
54
|
|
(74)
|
|
7,669
|
|
846
|
|
12 %
|
All Other
Segment
|
111
|
|
5
|
|
(7)
|
|
1
|
|
6
|
|
116
|
|
5
|
|
5 %
|
Corporate Items and
Eliminations
|
(1,344)
|
|
(38)
|
|
—
|
|
4
|
|
69
|
|
(1,309)
|
|
35
|
|
|
Machinery, Energy
& Transportation
|
15,871
|
|
(721)
|
|
982
|
|
105
|
|
—
|
|
16,237
|
|
366
|
|
2 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Products
Segment
|
853
|
|
—
|
|
—
|
|
—
|
|
128
|
|
981
|
|
128
|
|
15 %
|
Corporate Items and
Eliminations
|
(127)
|
|
—
|
|
—
|
|
—
|
|
(21)
|
|
(148)
|
|
(21)
|
|
|
Financial
Products Revenues
|
726
|
|
—
|
|
—
|
|
—
|
|
107
|
|
833
|
|
107
|
|
15 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Sales
and Revenues
|
$
16,597
|
|
$
(721)
|
|
$
982
|
|
$
105
|
|
$
107
|
|
$
17,070
|
|
$
473
|
|
3 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and Revenues
by Geographic Region
|
|
North
America
|
|
Latin
America
|
|
EAME
|
|
Asia/Pacific
|
|
External Sales
and Revenues
|
|
Inter-Segment
|
|
Total Sales
and Revenues
|
(Millions of dollars)
|
$
|
|
% Chg
|
|
$
|
|
% Chg
|
|
$
|
|
% Chg
|
|
$
|
|
% Chg
|
|
$
|
|
% Chg
|
|
$
|
|
% Chg
|
|
$
|
|
% Chg
|
Fourth Quarter
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction
Industries
|
$
3,689
|
|
4 %
|
|
$ 587
|
|
(25 %)
|
|
$
1,129
|
|
(18 %)
|
|
$
1,083
|
|
(4 %)
|
|
$
6,488
|
|
(5 %)
|
|
$ 31
|
|
— %
|
|
$
6,519
|
|
(5 %)
|
Resource
Industries
|
1,240
|
|
(9 %)
|
|
529
|
|
5 %
|
|
445
|
|
(25 %)
|
|
939
|
|
6 %
|
|
3,153
|
|
(6 %)
|
|
89
|
|
(1 %)
|
|
3,242
|
|
(6 %)
|
Energy &
Transportation
|
3,324
|
|
31 %
|
|
684
|
|
10 %
|
|
1,638
|
|
5 %
|
|
942
|
|
(1 %)
|
|
6,588
|
|
16 %
|
|
1,081
|
|
(6 %)
|
|
7,669
|
|
12 %
|
All Other
Segment
|
15
|
|
25 %
|
|
—
|
|
(100 %)
|
|
5
|
|
106 %
|
|
12
|
|
(88 %)
|
|
32
|
|
(3 %)
|
|
84
|
|
8 %
|
|
116
|
|
5 %
|
Corporate Items and
Eliminations
|
(18)
|
|
|
|
(2)
|
|
|
|
(2)
|
|
|
|
(2)
|
|
|
|
(24)
|
|
|
|
(1,285)
|
|
|
|
(1,309)
|
|
|
Machinery, Energy
& Transportation
|
8,250
|
|
11 %
|
|
1,798
|
|
(6 %)
|
|
3,215
|
|
(7 %)
|
|
2,974
|
|
(3 %)
|
|
16,237
|
|
2 %
|
|
—
|
|
— %
|
|
16,237
|
|
2 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Products
Segment
|
645
|
|
18 %
|
|
100
|
|
2 %
|
|
127
|
|
23 %
|
|
109
|
|
5 %
|
|
981
|
|
15 %
|
|
|
|
— %
|
|
981
|
|
15 %
|
Corporate Items and
Eliminations
|
(88)
|
|
|
|
(17)
|
|
|
|
(22)
|
|
|
|
(21)
|
|
|
|
(148)
|
|
|
|
|
|
|
|
(148)
|
|
|
Financial
Products Revenues
|
557
|
|
17 %
|
|
83
|
|
6 %
|
|
105
|
|
21 %
|
|
88
|
|
2 %
|
|
833
|
|
15 %
|
|
—
|
|
— %
|
|
833
|
|
15 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Sales
and Revenues
|
$
8,807
|
|
11 %
|
|
$
1,881
|
|
(5 %)
|
|
$
3,320
|
|
(6 %)
|
|
$
3,062
|
|
(3 %)
|
|
$ 17,070
|
|
3 %
|
|
$
—
|
|
— %
|
|
$ 17,070
|
|
3 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction
Industries
|
$
3,535
|
|
|
|
$ 782
|
|
|
|
$
1,373
|
|
|
|
$
1,124
|
|
|
|
$
6,814
|
|
|
|
$ 31
|
|
|
|
$
6,845
|
|
|
Resource
Industries
|
1,364
|
|
|
|
503
|
|
|
|
596
|
|
|
|
883
|
|
|
|
3,346
|
|
|
|
90
|
|
|
|
3,436
|
|
|
Energy &
Transportation
|
2,538
|
|
|
|
624
|
|
|
|
1,553
|
|
|
|
953
|
|
|
|
5,668
|
|
|
|
1,155
|
|
|
|
6,823
|
|
|
All Other
Segment
|
12
|
|
|
|
2
|
|
|
|
(80)
|
|
|
|
99
|
|
|
|
33
|
|
|
|
78
|
|
|
|
111
|
|
|
Corporate Items and
Eliminations
|
14
|
|
|
|
—
|
|
|
|
(3)
|
|
|
|
(1)
|
|
|
|
10
|
|
|
|
(1,354)
|
|
|
|
(1,344)
|
|
|
Machinery, Energy
& Transportation
|
7,463
|
|
|
|
1,911
|
|
|
|
3,439
|
|
|
|
3,058
|
|
|
|
15,871
|
|
|
|
—
|
|
|
|
15,871
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Products
Segment
|
548
|
|
|
|
98
|
|
|
|
103
|
|
|
|
104
|
|
|
|
853
|
|
|
|
—
|
|
|
|
853
|
|
|
Corporate Items and
Eliminations
|
(73)
|
|
|
|
(20)
|
|
|
|
(16)
|
|
|
|
(18)
|
|
|
|
(127)
|
|
|
|
—
|
|
|
|
(127)
|
|
|
Financial
Products Revenues
|
475
|
|
|
|
78
|
|
|
|
87
|
|
|
|
86
|
|
|
|
726
|
|
|
|
—
|
|
|
|
726
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Sales
and Revenues
|
$
7,938
|
|
|
|
$
1,989
|
|
|
|
$
3,526
|
|
|
|
$
3,144
|
|
|
|
$ 16,597
|
|
|
|
$
—
|
|
|
|
$ 16,597
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Operating Profit
Consolidated Operating Profit
Comparison
Fourth Quarter 2023 vs.
Fourth Quarter 2022
To access this chart, go to
https://investors.caterpillar.com/financials/quarterly-results/default.aspx for
the downloadable version of Caterpillar fourth-quarter 2023
earnings.
The chart above graphically illustrates reasons for the change
in consolidated operating profit between the fourth quarter of 2022
(at left) and the fourth quarter of 2023 (at right). Caterpillar
management utilizes these charts internally to visually communicate
with the company's board of directors and employees. The bar titled
Other includes consolidating adjustments and Machinery, Energy
& Transportation's other operating (income) expenses.
Operating profit for the fourth quarter of 2023 was $3.134 billion, an increase of $1.454 billion, or 87%, compared with
$1.680 billion in the fourth quarter
of 2022. The increase was primarily due to favorable price
realization and the absence of a 2022 goodwill impairment charge
related to the Rail division, partially offset by higher selling,
general and administrative (SG&A) and research and development
(R&D) expenses. The increase in SG&A/R&D expenses was
primarily driven by higher short-term incentive compensation
expense and investments aligned with strategic initiatives.
Operating profit margin was 18.4% for the fourth quarter of
2023, compared with 10.1% for the fourth quarter of 2022. Adjusted
operating profit margin was 18.9% for the fourth quarter of 2023,
compared with 17.0% for the fourth quarter of 2022. Operating
profit margin was 19.3% for 2023, compared with 13.3% for 2022.
Adjusted operating profit margin was 20.5% for 2023, compared with
15.4% for 2022.
Profit (Loss) by
Segment
|
(Millions of dollars)
|
Fourth Quarter
2023
|
|
Fourth Quarter
2022
|
|
$
Change
|
|
%
Change
|
Construction
Industries
|
$
1,535
|
|
$
1,488
|
|
$
47
|
|
3 %
|
Resource
Industries
|
600
|
|
605
|
|
(5)
|
|
(1 %)
|
Energy &
Transportation
|
1,429
|
|
1,177
|
|
252
|
|
21 %
|
All Other
Segment
|
(24)
|
|
(53)
|
|
29
|
|
55 %
|
Corporate Items and
Eliminations
|
(438)
|
|
(1,588)
|
|
1,150
|
|
|
Machinery, Energy
& Transportation
|
3,102
|
|
1,629
|
|
1,473
|
|
90 %
|
|
|
|
|
|
|
|
|
Financial Products
Segment
|
234
|
|
189
|
|
45
|
|
24 %
|
Corporate Items and
Eliminations
|
(46)
|
|
(4)
|
|
(42)
|
|
|
Financial
Products
|
188
|
|
185
|
|
3
|
|
2 %
|
|
|
|
|
|
|
|
|
Consolidating
Adjustments
|
(156)
|
|
(134)
|
|
(22)
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Operating Profit
|
$
3,134
|
|
$
1,680
|
|
$
1,454
|
|
87 %
|
|
|
|
|
|
|
|
|
Other Profit/Loss and Tax Items
- Other income (expense) in the fourth quarter of 2023 was income
of $241 million, compared with income
of $536 million in the fourth quarter
of 2022. The change was primarily driven by lower mark-to-market
gains for remeasurement of pension and OPEB plans (see a
reconciliation of GAAP to non-GAAP financial measures in the
appendix on page 13) and unfavorable impacts from pension and OPEB
plan costs, partially offset by favorable impacts from foreign
currency exchange and higher investment and interest income.
- The provision for income taxes for the fourth quarter of 2023
reflected a global annual effective tax rate of 21.4%, excluding
discrete items. The comparative tax rate for the fourth quarter of
2022 and full-year 2022 was 23.2%. The decrease from 2022 was
primarily related to changes in the geographic mix of profits. In
addition, the company recorded a $112
million benefit in the fourth quarter of 2023 for the change
from the third-quarter estimated annual tax rate.
CONSTRUCTION
INDUSTRIES
|
(Millions of
dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter 2022
|
|
Sales
Volume
|
|
Price
Realization
|
|
Currency
|
|
Inter-
Segment
|
|
Fourth
Quarter 2023
|
|
$
Change
|
|
%
Change
|
Total Sales
|
|
$
6,845
|
|
$
(809)
|
|
$
445
|
|
$
38
|
|
$
—
|
|
$
6,519
|
|
$ (326)
|
|
(5 %)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales by Geographic
Region
|
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter 2023
|
|
Fourth
Quarter 2022
|
|
$
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
North
America
|
|
$
3,689
|
|
$
3,535
|
|
$
154
|
|
4 %
|
|
|
|
|
|
|
|
|
Latin
America
|
|
587
|
|
782
|
|
(195)
|
|
(25 %)
|
|
|
|
|
|
|
|
|
EAME
|
|
1,129
|
|
1,373
|
|
(244)
|
|
(18 %)
|
|
|
|
|
|
|
|
|
Asia/Pacific
|
|
1,083
|
|
1,124
|
|
(41)
|
|
(4 %)
|
|
|
|
|
|
|
|
|
External
Sales
|
|
6,488
|
|
6,814
|
|
(326)
|
|
(5 %)
|
|
|
|
|
|
|
|
|
Inter-segment
|
|
31
|
|
31
|
|
—
|
|
— %
|
|
|
|
|
|
|
|
|
Total Sales
|
|
$
6,519
|
|
$
6,845
|
|
$ (326)
|
|
(5 %)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter 2023
|
|
Fourth
Quarter 2022
|
|
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
$
1,535
|
|
$
1,488
|
|
$
47
|
|
3 %
|
|
|
|
|
|
|
|
|
Segment Profit
Margin
|
|
23.5 %
|
|
21.7 %
|
|
1.8 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction Industries' total sales were $6.519 billion in the fourth quarter of 2023, a
decrease of $326 million, or 5%,
compared with $6.845 billion in the
fourth quarter of 2022. The decrease was due to lower sales volume,
partially offset by favorable price realization. The decrease in
sales volume was driven by the impact from changes in dealer
inventories, partially offset by higher sales of equipment to end
users. Dealer inventory decreased during the fourth quarter of
2023, compared with an increase during the fourth quarter of
2022.
- In North America, sales
increased due to favorable price realization, partially offset by
lower sales volume. Lower sales volume was driven by the impact
from changes in dealer inventories, partially offset by higher
sales of equipment to end users. Dealer inventory increased during
the fourth quarter of 2022, compared with a decrease during the
fourth quarter of 2023.
- Sales decreased in Latin
America primarily due to lower sales volume. Lower sales
volume was driven by the impact from changes in dealer inventories.
Dealer inventory increased during the fourth quarter of 2022,
compared with a decrease during the fourth quarter of 2023.
- In EAME, sales decreased primarily due to lower sales volume,
partially offset by favorable price realization and favorable
currency impacts primarily related to the euro. Lower sales volume
was primarily due to the impact from changes in dealer inventories.
Dealer inventory decreased more during the fourth quarter of 2023
than during the fourth quarter of 2022.
- Sales decreased in Asia/Pacific primarily due to lower sales
volume. Decreased sales volume was driven by the impact from
changes in dealer inventories, partially offset by higher
aftermarket parts sales volume. Dealer inventory decreased more
during the fourth quarter of 2023 than during the fourth quarter of
2022.
Construction Industries' profit was $1.535 billion in the fourth quarter of 2023, an
increase of $47 million, or 3%,
compared with $1.488 billion in the
fourth quarter of 2022. The increase was primarily due to favorable
price realization, partially offset by the profit impact from lower
sales volume.
RESOURCE
INDUSTRIES
|
(Millions of
dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter 2022
|
|
Sales
Volume
|
|
Price
Realization
|
|
Currency
|
|
Inter-
Segment
|
|
Fourth
Quarter 2023
|
|
$
Change
|
|
%
Change
|
Total Sales
|
|
$
3,436
|
|
$
(440)
|
|
$
239
|
|
$
8
|
|
$
(1)
|
|
$
3,242
|
|
$ (194)
|
|
(6 %)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales by Geographic
Region
|
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter 2023
|
|
Fourth
Quarter 2022
|
|
$
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
North
America
|
|
$
1,240
|
|
$
1,364
|
|
$ (124)
|
|
(9 %)
|
|
|
|
|
|
|
|
|
Latin
America
|
|
529
|
|
503
|
|
26
|
|
5 %
|
|
|
|
|
|
|
|
|
EAME
|
|
445
|
|
596
|
|
(151)
|
|
(25 %)
|
|
|
|
|
|
|
|
|
Asia/Pacific
|
|
939
|
|
883
|
|
56
|
|
6 %
|
|
|
|
|
|
|
|
|
External
Sales
|
|
3,153
|
|
3,346
|
|
(193)
|
|
(6 %)
|
|
|
|
|
|
|
|
|
Inter-segment
|
|
89
|
|
90
|
|
(1)
|
|
(1 %)
|
|
|
|
|
|
|
|
|
Total Sales
|
|
$
3,242
|
|
$
3,436
|
|
$ (194)
|
|
(6 %)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter 2023
|
|
Fourth
Quarter 2022
|
|
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
$
600
|
|
$
605
|
|
$
(5)
|
|
(1 %)
|
|
|
|
|
|
|
|
|
Segment Profit
Margin
|
|
18.5 %
|
|
17.6 %
|
|
0.9 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Resource Industries' total sales were $3.242 billion in the fourth quarter of 2023, a
decrease of $194 million, or 6%,
compared with $3.436 billion in the
fourth quarter of 2022. The decrease was primarily due to lower
sales volume, partially offset by favorable price realization. The
decrease in sales volume was driven by the impact from changes in
dealer inventories and lower aftermarket parts sales volume. Dealer
inventory increased during the fourth quarter of 2022, compared
with a decrease during the fourth quarter of 2023.
Resource Industries' profit was $600
million in the fourth quarter of 2023, a decrease of
$5 million, or 1%, compared with
$605 million in the fourth quarter of
2022. Favorable price realization and manufacturing costs were
offset by lower sales volume, higher SG&A/R&D expenses and
currency impacts. Favorable manufacturing costs largely reflected
lower freight. The increase in SG&A/R&D expenses was
primarily driven by higher short-term incentive compensation
expense and investments aligned with strategic initiatives.
ENERGY &
TRANSPORTATION
|
(Millions of
dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter 2022
|
|
Sales
Volume
|
|
Price
Realization
|
|
Currency
|
|
Inter-
Segment
|
|
Fourth
Quarter 2023
|
|
$
Change
|
|
%
Change
|
Total Sales
|
|
$
6,823
|
|
$
561
|
|
$
305
|
|
$
54
|
|
$
(74)
|
|
$
7,669
|
|
$ 846
|
|
12 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales by
Application
|
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter 2023
|
|
Fourth
Quarter 2022
|
|
$
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
Oil and Gas
|
|
$
2,247
|
|
$
1,827
|
|
$
420
|
|
23 %
|
|
|
|
|
|
|
|
|
Power
Generation
|
|
1,835
|
|
1,422
|
|
413
|
|
29 %
|
|
|
|
|
|
|
|
|
Industrial
|
|
1,078
|
|
1,131
|
|
(53)
|
|
(5 %)
|
|
|
|
|
|
|
|
|
Transportation
|
|
1,428
|
|
1,288
|
|
140
|
|
11 %
|
|
|
|
|
|
|
|
|
External
Sales
|
|
6,588
|
|
5,668
|
|
920
|
|
16 %
|
|
|
|
|
|
|
|
|
Inter-segment
|
|
1,081
|
|
1,155
|
|
(74)
|
|
(6 %)
|
|
|
|
|
|
|
|
|
Total Sales
|
|
$
7,669
|
|
$
6,823
|
|
$
846
|
|
12 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter 2023
|
|
Fourth
Quarter 2022
|
|
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
$
1,429
|
|
$
1,177
|
|
$
252
|
|
21 %
|
|
|
|
|
|
|
|
|
Segment Profit
Margin
|
|
18.6 %
|
|
17.3 %
|
|
1.3 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy & Transportation's total sales were $7.669 billion in the fourth quarter of 2023, an
increase of $846 million, or 12%,
compared with $6.823 billion in the
fourth quarter of 2022. Sales increased across all applications
except Industrial. The increase in sales was primarily due to
higher sales volume and favorable price realization.
- Oil and Gas – Sales increased for turbines and turbine-related
services. Sales also increased in reciprocating engines used in
well servicing and gas compression applications.
- Power Generation – Sales increased in large reciprocating
engines, primarily data center applications.
- Industrial – Sales decreased primarily in EAME, partially
offset by increased sales in Latin
America and Asia/Pacific.
- Transportation – Sales increased in rail services and marine.
International locomotive deliveries were also higher.
Energy & Transportation's profit was $1.429 billion in the fourth quarter of 2023, an
increase of $252 million, or 21%,
compared with $1.177 billion in the
fourth quarter of 2022. The increase was primarily due to favorable
price realization and higher sales volume, partially offset by
higher SG&A/R&D expenses, currency impacts and unfavorable
manufacturing costs. The increase in SG&A/R&D expenses was
primarily driven by investments aligned with strategic initiatives
and higher short-term incentive compensation expense. Unfavorable
manufacturing costs reflected lower freight being more than offset
by increased period manufacturing costs, higher material costs,
unfavorable cost absorption and the impact of manufacturing
inefficiencies. Cost absorption was unfavorable as inventory
decreased more during the fourth quarter of 2023 than during the
fourth quarter of 2022.
FINANCIAL PRODUCTS
SEGMENT
|
(Millions of
dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues by
Geographic Region
|
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter 2023
|
|
Fourth
Quarter 2022
|
|
$
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
North
America
|
|
$
645
|
|
$
548
|
|
$
97
|
|
18 %
|
|
|
|
|
|
|
|
|
Latin
America
|
|
100
|
|
98
|
|
2
|
|
2 %
|
|
|
|
|
|
|
|
|
EAME
|
|
127
|
|
103
|
|
24
|
|
23 %
|
|
|
|
|
|
|
|
|
Asia/Pacific
|
|
109
|
|
104
|
|
5
|
|
5 %
|
|
|
|
|
|
|
|
|
Total
Revenues
|
|
$
981
|
|
$
853
|
|
$
128
|
|
15 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter 2023
|
|
Fourth
Quarter 2022
|
|
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
$
234
|
|
$
189
|
|
$
45
|
|
24 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Products' segment revenues were $981 million in the fourth quarter of 2023, an
increase of $128 million, or 15%,
compared with $853 million in the
fourth quarter of 2022. The increase was primarily due to higher
average financing rates across all regions and higher average
earning assets in North
America.
Financial Products' segment profit was $234 million in the fourth quarter of 2023, an
increase of $45 million, or 24%,
compared with $189 million in the
fourth quarter of 2022. The increase was mainly due to lower
provision for credit losses at Cat Financial, higher average
earning assets and higher net yield on average earning assets.
These favorable impacts were partially offset by an increase in
SG&A expenses.
At the end of 2023, past dues at Cat Financial were 1.79%,
compared with 1.89% at the end of 2022. Write-offs, net of
recoveries, were $65 million for
2023, compared with $46 million for
2022. As of December 31, 2023, Cat
Financial's allowance for credit losses totaled $331 million, or 1.18% of finance receivables,
compared with $346 million, or 1.29%
of finance receivables, at December 31,
2022.
Corporate Items and Eliminations
Expense for corporate items and eliminations was $484 million in the fourth quarter of 2023, a
decrease of $1.108 billion from the
fourth quarter of 2022, primarily driven by the absence of a 2022
goodwill impairment charge related to the Rail division.
Notes
i. Glossary of terms is included on the
Caterpillar website at
https://investors.caterpillar.com/overview/default.aspx.
ii.
Sales of equipment to end users is demonstrated by the company's
Rolling 3 Month Retail Sales Statistics filed in a Form 8-K on
Monday, Feb. 5,
2024.
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
Monday, Feb. 5, 2024, to discuss its 2023 fourth-quarter and
full-year results. The accompanying slides will be available before
the webcast on the Caterpillar website at
https://investors.caterpillar.com/events-presentations/default.aspx.
About Caterpillar
With 2023 sales and revenues of $67.1
billion, Caterpillar Inc. is the world's leading
manufacturer of construction and mining equipment, off-highway
diesel and natural gas engines, industrial gas turbines and
diesel-electric locomotives. For nearly 100 years, we've been
helping customers build a better, more sustainable world and are
committed and contributing to a reduced-carbon future. Our
innovative products and services, backed by our global dealer
network, provide exceptional value that helps customers succeed.
Caterpillar does business on every continent, principally operating
through three primary segments – Construction Industries, Resource
Industries and Energy & Transportation – and providing
financing and related services through our Financial Products
segment. Visit us at caterpillar.com or join the
conversation on our social media channels at
caterpillar.com/en/news/social-media.html.
Caterpillar's latest financial results are also available
online:
https://investors.caterpillar.com/overview/default.aspx
https://investors.caterpillar.com/financials/quarterly-results/default.aspx
(live broadcast/replays of quarterly conference call)
Forward-Looking Statements
Certain statements in this press release relate to future events
and expectations and are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Words such as "believe," "estimate," "will be," "will," "would,"
"expect," "anticipate," "plan," "forecast," "target," "guide,"
"project," "intend," "could," "should" or other similar words or
expressions often identify forward-looking statements. All
statements other than statements of historical fact are
forward-looking statements, including, without limitation,
statements regarding our outlook, projections, forecasts or trend
descriptions. These statements do not guarantee future performance
and speak only as of the date they are made, and we do not
undertake to update our forward-looking statements.
Caterpillar's actual results may differ materially from those
described or implied in our forward-looking statements based on a
number of factors, including, but not limited to: (i) global and
regional economic conditions and economic conditions in the
industries we serve; (ii) commodity price changes, material price
increases, fluctuations in demand for our products or significant
shortages of material; (iii) government monetary or fiscal
policies; (iv) political and economic risks, commercial instability
and events beyond our control in the countries in which we operate;
(v) international trade policies and their impact on demand for our
products and our competitive position, including the imposition of
new tariffs or changes in existing tariff rates; (vi) our ability
to develop, produce and market quality products that meet our
customers' needs; (vii) the impact of the highly competitive
environment in which we operate on our sales and pricing; (viii)
information technology security threats and computer crime; (ix)
inventory management decisions and sourcing practices of our
dealers and our OEM customers; (x) a failure to realize, or a delay
in realizing, all of the anticipated benefits of our acquisitions,
joint ventures or divestitures; (xi) union disputes or other
employee relations issues; (xii) adverse effects of unexpected
events; (xiii) disruptions or volatility in global financial
markets limiting our sources of liquidity or the liquidity of our
customers, dealers and suppliers; (xiv) failure to maintain our
credit ratings and potential resulting increases to our cost of
borrowing and adverse effects on our cost of funds, liquidity,
competitive position and access to capital markets; (xv) our
Financial Products segment's risks associated with the financial
services industry; (xvi) changes in interest rates or market
liquidity conditions; (xvii) an increase in delinquencies,
repossessions or net losses of Cat Financial's customers; (xviii)
currency fluctuations; (xix) our or Cat Financial's compliance with
financial and other restrictive covenants in debt agreements; (xx)
increased pension plan funding obligations; (xxi)
alleged or actual violations of trade or
anti-corruption laws and regulations; (xxii) additional tax expense
or exposure, including the impact of U.S. tax reform; (xxiii)
significant legal proceedings, claims, lawsuits or government
investigations; (xxiv) new regulations or changes in financial
services regulations; (xxv) compliance with environmental laws and
regulations; (xxvi) catastrophic events, including global pandemics
such as the COVID-19 pandemic; and (xxvii) other factors described
in more detail in Caterpillar's Forms 10-Q, 10-K and other filings
with the Securities and Exchange Commission.
APPENDIX
NON-GAAP FINANCIAL MEASURES
The following definitions are provided for the non-GAAP
financial measures. These non-GAAP financial measures have no
standardized meaning prescribed by U.S. GAAP and therefore are
unlikely to be comparable to the calculation of similar measures
for other companies. Management does not intend these items to be
considered in isolation or as a substitute for the related GAAP
measures.
The company believes it is important to separately quantify the
profit impact of five significant items in order for the company's
results to be meaningful to readers. These items consist of (i)
restructuring costs related to the divestiture of the company's
Longwall business, (ii) other restructuring costs, (iii) pension
and OPEB mark-to-market gains/losses resulting from plan
remeasurements, (iv) certain deferred tax valuation allowance
adjustments and (v) goodwill impairment in 2022. The company does
not consider these items indicative of earnings from ongoing
business activities and believes the non-GAAP measure provides
investors with useful perspective on underlying business results
and trends and aids with assessing the company's period-over-period
results.
Reconciliations of adjusted results to the most directly
comparable GAAP measure are as follows:
(Dollars in millions
except per share data)
|
|
Operating
Profit
|
|
Operating
Profit
Margin
|
|
Profit
Before
Taxes
|
|
Provision
(Benefit) for
Income
Taxes
|
|
Effective
Tax Rate
|
|
Profit
|
|
Profit per
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2023 - U.S. GAAP
|
|
$
3,134
|
|
18.4 %
|
|
$
3,249
|
|
$
587
|
|
18.1 %
|
|
$
2,676
|
|
$
5.28
|
Restructuring
costs
|
|
92
|
|
0.5 %
|
|
92
|
|
27
|
|
29.3 %
|
|
65
|
|
0.13
|
Pension/OPEB
mark-to-market (gains) losses
|
|
—
|
|
— %
|
|
(97)
|
|
(26)
|
|
26.8 %
|
|
(71)
|
|
(0.14)
|
Deferred tax valuation
allowance adjustments
|
|
—
|
|
— %
|
|
—
|
|
18
|
|
— %
|
|
(18)
|
|
(0.04)
|
Three Months Ended
December 31, 2023 - Adjusted
|
|
$
3,226
|
|
18.9 %
|
|
$
3,244
|
|
$
606
|
|
18.7 %
|
|
$
2,652
|
|
$
5.23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2022 - U.S. GAAP
|
|
$
1,680
|
|
10.1 %
|
|
$
2,099
|
|
$
644
|
|
30.7 %
|
|
$
1,454
|
|
$
2.79
|
Goodwill
impairment
|
|
925
|
|
5.6 %
|
|
925
|
|
36
|
|
3.9 %
|
|
889
|
|
1.71
|
Restructuring
costs
|
|
209
|
|
1.3 %
|
|
209
|
|
59
|
|
28.2 %
|
|
150
|
|
0.29
|
Pension/OPEB
mark-to-market (gains) losses
|
|
—
|
|
— %
|
|
(606)
|
|
(124)
|
|
20.5 %
|
|
(482)
|
|
(0.93)
|
Three Months Ended
December 31, 2022 - Adjusted
|
|
$
2,814
|
|
17.0 %
|
|
$
2,627
|
|
$
615
|
|
23.4 %
|
|
$
2,011
|
|
$
3.86
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended
December 31, 2023 - U.S. GAAP
|
|
$
12,966
|
|
19.3 %
|
|
$
13,050
|
|
$
2,781
|
|
21.3 %
|
|
$
10,335
|
|
$
20.12
|
Restructuring costs -
Longwall divestiture
|
|
586
|
|
0.9 %
|
|
586
|
|
—
|
|
— %
|
|
586
|
|
1.14
|
Other restructuring
costs
|
|
194
|
|
0.3 %
|
|
194
|
|
48
|
|
25.0 %
|
|
146
|
|
0.30
|
Pension/OPEB
mark-to-market (gains) losses
|
|
—
|
|
— %
|
|
(97)
|
|
(26)
|
|
26.8 %
|
|
(71)
|
|
(0.14)
|
Deferred tax valuation
allowance adjustments
|
|
—
|
|
— %
|
|
—
|
|
106
|
|
— %
|
|
(106)
|
|
(0.21)
|
Twelve Months Ended
December 31, 2023 - Adjusted
|
|
$ 13,746
|
|
20.5 %
|
|
$ 13,733
|
|
$
2,909
|
|
21.2 %
|
|
$ 10,890
|
|
$
21.21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended
December 31, 2022 - U.S. GAAP
|
|
$
7,904
|
|
13.3 %
|
|
$
8,752
|
|
$
2,067
|
|
23.6 %
|
|
$
6,705
|
|
$
12.64
|
Goodwill
impairment
|
|
925
|
|
1.6 %
|
|
925
|
|
36
|
|
3.9 %
|
|
889
|
|
1.68
|
Restructuring
costs
|
|
299
|
|
0.5 %
|
|
299
|
|
72
|
|
24.0 %
|
|
227
|
|
0.43
|
Pension/OPEB
mark-to-market (gains) losses
|
|
—
|
|
— %
|
|
(606)
|
|
(124)
|
|
20.5 %
|
|
(482)
|
|
(0.91)
|
Twelve Months Ended
December 31, 2022 - Adjusted
|
|
$
9,128
|
|
15.4 %
|
|
$
9,370
|
|
$
2,051
|
|
21.9 %
|
|
$
7,339
|
|
$
13.84
|
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 15 to 25 reconcile ME&T and Financial Products to
Caterpillar Inc. consolidated financial information.
Caterpillar
Inc.
Condensed
Consolidated Statement of Results of Operations
(Unaudited)
(Dollars in
millions except per share data)
|
|
|
Three Months Ended
December 31,
|
|
Twelve Months Ended
December 31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Sales and revenues:
|
|
|
|
|
|
|
|
Sales of
Machinery, Energy & Transportation
|
$ 16,237
|
|
$ 15,871
|
|
$ 63,869
|
|
$ 56,574
|
Revenues of
Financial Products
|
833
|
|
726
|
|
3,191
|
|
2,853
|
Total sales and
revenues
|
17,070
|
|
16,597
|
|
67,060
|
|
59,427
|
|
|
|
|
|
|
|
|
Operating costs:
|
|
|
|
|
|
|
|
Cost of goods
sold
|
11,016
|
|
11,614
|
|
42,767
|
|
41,350
|
Selling,
general and administrative expenses
|
1,756
|
|
1,479
|
|
6,371
|
|
5,651
|
Research and
development expenses
|
554
|
|
401
|
|
2,108
|
|
1,814
|
Interest
expense of Financial Products
|
288
|
|
188
|
|
1,030
|
|
565
|
Goodwill
impairment charge
|
—
|
|
925
|
|
—
|
|
925
|
Other operating
(income) expenses
|
322
|
|
310
|
|
1,818
|
|
1,218
|
Total operating
costs
|
13,936
|
|
14,917
|
|
54,094
|
|
51,523
|
|
|
|
|
|
|
|
|
Operating profit
|
3,134
|
|
1,680
|
|
12,966
|
|
7,904
|
|
|
|
|
|
|
|
|
Interest
expense excluding Financial Products
|
126
|
|
117
|
|
511
|
|
443
|
Other income
(expense)
|
241
|
|
536
|
|
595
|
|
1,291
|
|
|
|
|
|
|
|
|
Consolidated profit before
taxes
|
3,249
|
|
2,099
|
|
13,050
|
|
8,752
|
|
|
|
|
|
|
|
|
Provision
(benefit) for income taxes
|
587
|
|
644
|
|
2,781
|
|
2,067
|
Profit of
consolidated companies
|
2,662
|
|
1,455
|
|
10,269
|
|
6,685
|
|
|
|
|
|
|
|
|
Equity in
profit (loss) of unconsolidated affiliated companies
|
11
|
|
(1)
|
|
63
|
|
19
|
|
|
|
|
|
|
|
|
Profit of consolidated and affiliated
companies
|
2,673
|
|
1,454
|
|
10,332
|
|
6,704
|
|
|
|
|
|
|
|
|
Less: Profit (loss)
attributable to noncontrolling interests
|
(3)
|
|
—
|
|
(3)
|
|
(1)
|
|
|
|
|
|
|
|
|
Profit 1
|
$
2,676
|
|
$
1,454
|
|
$ 10,335
|
|
$
6,705
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit per common share
|
$
5.31
|
|
$
2.81
|
|
$
20.24
|
|
$
12.72
|
Profit per common share — diluted
2
|
$
5.28
|
|
$
2.79
|
|
$
20.12
|
|
$
12.64
|
|
|
|
|
|
|
|
|
Weighted-average common shares outstanding
(millions)
|
|
|
|
|
|
|
|
– Basic
|
504.4
|
|
517.4
|
|
510.6
|
|
526.9
|
– Diluted 2
|
507.0
|
|
520.9
|
|
513.6
|
|
530.4
|
|
|
|
|
|
|
|
|
|
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)
|
|
|
December 31,
2023
|
|
December 31,
2022
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
6,978
|
|
$
7,004
|
Receivables – trade
and other
|
9,310
|
|
8,856
|
Receivables –
finance
|
9,510
|
|
9,013
|
Prepaid expenses and
other current assets
|
4,586
|
|
2,642
|
Inventories
|
16,565
|
|
16,270
|
Total current
assets
|
46,949
|
|
43,785
|
|
|
|
|
Property, plant and
equipment – net
|
12,680
|
|
12,028
|
Long-term receivables
– trade and other
|
1,238
|
|
1,265
|
Long-term receivables
– finance
|
12,664
|
|
12,013
|
Noncurrent deferred
and refundable income taxes
|
2,816
|
|
2,213
|
Intangible
assets
|
564
|
|
758
|
Goodwill
|
5,308
|
|
5,288
|
Other
assets
|
5,257
|
|
4,593
|
Total assets
|
$
87,476
|
|
$
81,943
|
|
|
|
|
Liabilities
|
|
|
|
Current
liabilities:
|
|
|
|
Short-term
borrowings:
|
|
|
|
-- Machinery, Energy
& Transportation
|
$
—
|
|
$
3
|
-- Financial
Products
|
4,643
|
|
5,954
|
Accounts
payable
|
7,906
|
|
8,689
|
Accrued
expenses
|
4,958
|
|
4,080
|
Accrued wages,
salaries and employee benefits
|
2,757
|
|
2,313
|
Customer
advances
|
1,929
|
|
1,860
|
Dividends
payable
|
649
|
|
620
|
Other current
liabilities
|
3,123
|
|
2,690
|
Long-term debt due
within one year:
|
|
|
|
-- Machinery, Energy
& Transportation
|
1,044
|
|
120
|
-- Financial
Products
|
7,719
|
|
5,202
|
Total current
liabilities
|
34,728
|
|
31,531
|
|
|
|
|
Long-term debt due
after one year:
|
|
|
|
-- Machinery, Energy
& Transportation
|
8,579
|
|
9,498
|
-- Financial
Products
|
15,893
|
|
16,216
|
Liability for
postemployment benefits
|
4,098
|
|
4,203
|
Other
liabilities
|
4,675
|
|
4,604
|
Total liabilities
|
67,973
|
|
66,052
|
|
|
|
|
Shareholders' equity
|
|
|
|
Common
stock
|
6,403
|
|
6,560
|
Treasury
stock
|
(36,339)
|
|
(31,748)
|
Profit employed in the
business
|
51,250
|
|
43,514
|
Accumulated other
comprehensive income (loss)
|
(1,820)
|
|
(2,457)
|
Noncontrolling
interests
|
9
|
|
22
|
Total shareholders' equity
|
19,503
|
|
15,891
|
Total liabilities and shareholders'
equity
|
$
87,476
|
|
$
81,943
|
Caterpillar
Inc.
Condensed
Consolidated Statement of Cash Flow
(Unaudited)
(Millions of
dollars)
|
|
|
Twelve Months Ended
December 31,
|
|
2023
|
|
2022
|
Cash flow from operating
activities:
|
|
|
|
Profit of consolidated
and affiliated companies
|
$
10,332
|
|
$
6,704
|
Adjustments for
non-cash items:
|
|
|
|
Depreciation and
amortization
|
2,144
|
|
2,219
|
Actuarial (gain) loss
on pension and postretirement benefits
|
(97)
|
|
(606)
|
Provision (benefit)
for deferred income taxes
|
(592)
|
|
(377)
|
Loss on
divestiture
|
572
|
|
—
|
Goodwill impairment
charge
|
—
|
|
925
|
Other
|
375
|
|
701
|
Changes in assets and
liabilities, net of acquisitions and divestitures:
|
|
|
|
Receivables – trade
and other
|
(437)
|
|
(220)
|
Inventories
|
(364)
|
|
(2,589)
|
Accounts
payable
|
(754)
|
|
798
|
Accrued
expenses
|
796
|
|
317
|
Accrued wages,
salaries and employee benefits
|
486
|
|
90
|
Customer
advances
|
80
|
|
768
|
Other assets –
net
|
(95)
|
|
(210)
|
Other liabilities –
net
|
439
|
|
(754)
|
Net cash provided by
(used for) operating activities
|
12,885
|
|
7,766
|
Cash flow from investing
activities:
|
|
|
|
Capital expenditures –
excluding equipment leased to others
|
(1,597)
|
|
(1,296)
|
Expenditures for
equipment leased to others
|
(1,495)
|
|
(1,303)
|
Proceeds from
disposals of leased assets and property, plant and
equipment
|
781
|
|
830
|
Additions to finance
receivables
|
(15,161)
|
|
(13,239)
|
Collections of finance
receivables
|
14,034
|
|
13,177
|
Proceeds from sale of
finance receivables
|
63
|
|
57
|
Investments and
acquisitions (net of cash acquired)
|
(75)
|
|
(88)
|
Proceeds from sale of
businesses and investments (net of cash sold)
|
(4)
|
|
1
|
Proceeds from
maturities and sale of securities
|
1,891
|
|
2,383
|
Investments in
securities
|
(4,405)
|
|
(3,077)
|
Other – net
|
97
|
|
14
|
Net cash provided by
(used for) investing activities
|
(5,871)
|
|
(2,541)
|
Cash flow from financing
activities:
|
|
|
|
Dividends
paid
|
(2,563)
|
|
(2,440)
|
Common stock issued,
including treasury shares reissued
|
12
|
|
51
|
Common shares
repurchased
|
(4,975)
|
|
(4,230)
|
Proceeds from debt
issued (original maturities greater than three months)
|
8,257
|
|
6,674
|
Payments on debt
(original maturities greater than three months)
|
(6,318)
|
|
(7,728)
|
Short-term borrowings
– net (original maturities three months or less)
|
(1,345)
|
|
402
|
Other – net
|
—
|
|
(10)
|
Net cash provided by
(used for) financing activities
|
(6,932)
|
|
(7,281)
|
Effect of exchange rate
changes on cash
|
(110)
|
|
(194)
|
Increase (decrease) in cash, cash equivalents and
restricted cash
|
(28)
|
|
(2,250)
|
Cash, cash equivalents
and restricted cash at beginning of period
|
7,013
|
|
9,263
|
Cash, cash equivalents
and restricted cash at end of period
|
$
6,985
|
|
$
7,013
|
|
Cash equivalents primarily represent short-term,
highly liquid investments with original maturities of generally
three months or less.
|
Caterpillar
Inc.
Supplemental Data
for Results of Operations
For the Three
Months Ended December 31, 2023
(Unaudited)
(Millions of
dollars)
|
|
|
|
|
|
|
|
Supplemental Consolidating Data
|
|
|
Consolidated
|
|
Machinery,
Energy &
Transportation
|
|
Financial
Products
|
|
Consolidating
Adjustments
|
|
Sales and revenues:
|
|
|
|
|
|
|
|
|
Sales of Machinery,
Energy & Transportation
|
$
16,237
|
|
$
16,237
|
|
$
—
|
|
$
—
|
|
Revenues of Financial
Products
|
833
|
|
—
|
|
1,020
|
|
(187)
|
1
|
Total sales and
revenues
|
17,070
|
|
16,237
|
|
1,020
|
|
(187)
|
|
|
|
|
|
|
|
|
|
|
Operating costs:
|
|
|
|
|
|
|
|
|
Cost of goods
sold
|
11,016
|
|
11,018
|
|
—
|
|
(2)
|
2
|
Selling, general and
administrative expenses
|
1,756
|
|
1,557
|
|
197
|
|
2
|
2
|
Research and
development expenses
|
554
|
|
554
|
|
—
|
|
—
|
|
Interest expense of
Financial Products
|
288
|
|
—
|
|
290
|
|
(2)
|
2
|
Other operating
(income) expenses
|
322
|
|
6
|
|
345
|
|
(29)
|
2
|
Total operating
costs
|
13,936
|
|
13,135
|
|
832
|
|
(31)
|
|
|
|
|
|
|
|
|
|
|
Operating profit
|
3,134
|
|
3,102
|
|
188
|
|
(156)
|
|
|
|
|
|
|
|
|
|
|
Interest expense
excluding Financial Products
|
126
|
|
126
|
|
—
|
|
—
|
|
Other income
(expense)
|
241
|
|
322
|
|
33
|
|
(114)
|
3
|
|
|
|
|
|
|
|
|
|
Consolidated profit before
taxes
|
3,249
|
|
3,298
|
|
221
|
|
(270)
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit)
for income taxes
|
587
|
|
567
|
|
20
|
|
—
|
|
Profit of consolidated
companies
|
2,662
|
|
2,731
|
|
201
|
|
(270)
|
|
|
|
|
|
|
|
|
|
|
Equity in profit
(loss) of unconsolidated affiliated companies
|
11
|
|
12
|
|
—
|
|
(1)
|
4
|
|
|
|
|
|
|
|
|
|
Profit of consolidated and affiliated
companies
|
2,673
|
|
2,743
|
|
201
|
|
(271)
|
|
|
|
|
|
|
|
|
|
|
Less: Profit (loss)
attributable to noncontrolling interests
|
(3)
|
|
(2)
|
|
—
|
|
(1)
|
5
|
|
|
|
|
|
|
|
|
|
Profit 6
|
$
2,676
|
|
$
2,745
|
|
$
201
|
|
$
(270)
|
|
|
1
|
Elimination of
Financial Products' revenues earned from ME&T.
|
2
|
Elimination of net
expenses recorded between ME&T and Financial
Products.
|
3
|
Elimination of discount
recorded by ME&T on receivables sold to Financial Products and
of interest earned between ME&T and Financial Products as well
as dividends paid by Financial Products to ME&T.
|
4
|
Elimination of equity
profit (loss) earned from Financial Products' subsidiaries
partially owned by ME&T subsidiaries.
|
5
|
Elimination of
noncontrolling interest profit (loss) recorded by Financial
Products for subsidiaries partially owned by ME&T
subsidiaries.
|
6
|
Profit attributable to
common shareholders.
|
Caterpillar
Inc.
Supplemental Data
for Results of Operations
For the Three
Months Ended December 31, 2022
(Unaudited)
(Millions of
dollars)
|
|
|
|
|
|
|
Supplemental Consolidating Data
|
|
|
Consolidated
|
|
Machinery,
Energy &
Transportation
|
|
Financial
Products
|
|
Consolidating
Adjustments
|
|
Sales and revenues:
|
|
|
|
|
|
|
|
|
Sales of Machinery,
Energy & Transportation
|
$
15,871
|
|
$
15,871
|
|
$
—
|
|
$
—
|
|
Revenues of Financial
Products
|
726
|
|
—
|
|
883
|
|
(157)
|
1
|
Total sales and
revenues
|
16,597
|
|
15,871
|
|
883
|
|
(157)
|
|
|
|
|
|
|
|
|
|
|
Operating costs:
|
|
|
|
|
|
|
|
|
Cost of goods
sold
|
11,614
|
|
11,615
|
|
—
|
|
(1)
|
2
|
Selling, general and
administrative expenses
|
1,479
|
|
1,285
|
|
197
|
|
(3)
|
2
|
Research and
development expenses
|
401
|
|
401
|
|
—
|
|
—
|
|
Interest expense of
Financial Products
|
188
|
|
—
|
|
188
|
|
—
|
|
Goodwill impairment
charge
|
925
|
|
925
|
|
—
|
|
—
|
|
Other operating
(income) expenses
|
310
|
|
16
|
|
313
|
|
(19)
|
2
|
Total operating
costs
|
14,917
|
|
14,242
|
|
698
|
|
(23)
|
|
|
|
|
|
|
|
|
|
|
Operating profit
|
1,680
|
|
1,629
|
|
185
|
|
(134)
|
|
|
|
|
|
|
|
|
|
|
Interest expense
excluding Financial Products
|
117
|
|
117
|
|
—
|
|
—
|
|
Other income
(expense)
|
536
|
|
877
|
|
—
|
|
(341)
|
3
|
|
|
|
|
|
|
|
|
|
Consolidated profit before
taxes
|
2,099
|
|
2,389
|
|
185
|
|
(475)
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit)
for income taxes
|
644
|
|
608
|
|
36
|
|
—
|
|
Profit of consolidated
companies
|
1,455
|
|
1,781
|
|
149
|
|
(475)
|
|
|
|
|
|
|
|
|
|
|
Equity in profit
(loss) of unconsolidated affiliated companies
|
(1)
|
|
—
|
|
—
|
|
(1)
|
4
|
|
|
|
|
|
|
|
|
|
Profit of consolidated and affiliated
companies
|
1,454
|
|
1,781
|
|
149
|
|
(476)
|
|
|
|
|
|
|
|
|
|
|
Less: Profit (loss)
attributable to noncontrolling interests
|
—
|
|
—
|
|
1
|
|
(1)
|
5
|
|
|
|
|
|
|
|
|
|
Profit 6
|
$
1,454
|
|
$
1,781
|
|
$
148
|
|
$
(475)
|
|
|
|
|
|
|
|
|
|
|
|
1
|
Elimination of
Financial Products' revenues earned from ME&T.
|
2
|
Elimination of net
expenses recorded by ME&T paid to Financial
Products.
|
3
|
Elimination of
discount recorded by ME&T on receivables sold to Financial
Products and of interest earned between ME&T and Financial
Products as well as dividends paid by Financial Products to
ME&T.
|
4
|
Elimination of equity
profit (loss) earned from Financial Products' subsidiaries
partially owned by ME&T subsidiaries.
|
5
|
Elimination of
noncontrolling interest profit (loss) recorded by Financial
Products for subsidiaries partially owned by ME&T
subsidiaries.
|
6
|
Profit attributable to
common shareholders.
|
Caterpillar
Inc.
Supplemental Data
for Results of Operations
For the Twelve
Months Ended December 31, 2023
(Unaudited)
(Millions of
dollars)
|
|
|
|
|
Supplemental Consolidating Data
|
|
|
Consolidated
|
|
Machinery,
Energy &
Transportation
|
|
Financial
Products
|
|
Consolidating
Adjustments
|
|
Sales and revenues:
|
|
|
|
|
|
|
|
|
Sales of Machinery,
Energy & Transportation
|
$
63,869
|
|
$
63,869
|
|
$
—
|
|
$
—
|
|
Revenues of Financial
Products
|
3,191
|
|
—
|
|
3,927
|
|
(736)
|
1
|
Total sales and
revenues
|
67,060
|
|
63,869
|
|
3,927
|
|
(736)
|
|
|
|
|
|
|
|
|
|
|
Operating costs:
|
|
|
|
|
|
|
|
|
Cost of goods
sold
|
42,767
|
|
42,776
|
|
—
|
|
(9)
|
2
|
Selling, general and
administrative expenses
|
6,371
|
|
5,696
|
|
704
|
|
(29)
|
2
|
Research and
development expenses
|
2,108
|
|
2,108
|
|
—
|
|
—
|
|
Interest expense of
Financial Products
|
1,030
|
|
—
|
|
1,032
|
|
(2)
|
2
|
Other operating
(income) expenses
|
1,818
|
|
630
|
|
1,268
|
|
(80)
|
2
|
Total operating
costs
|
54,094
|
|
51,210
|
|
3,004
|
|
(120)
|
|
|
|
|
|
|
|
|
|
|
Operating profit
|
12,966
|
|
12,659
|
|
923
|
|
(616)
|
|
|
|
|
|
|
|
|
|
|
Interest expense
excluding Financial Products
|
511
|
|
511
|
|
—
|
|
—
|
|
Other income
(expense)
|
595
|
|
340
|
|
(16)
|
|
271
|
3
|
|
|
|
|
|
|
|
|
|
Consolidated profit before
taxes
|
13,050
|
|
12,488
|
|
907
|
|
(345)
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit)
for income taxes
|
2,781
|
|
2,560
|
|
221
|
|
—
|
|
Profit of consolidated
companies
|
10,269
|
|
9,928
|
|
686
|
|
(345)
|
|
|
|
|
|
|
|
|
|
|
Equity in profit
(loss) of unconsolidated affiliated companies
|
63
|
|
67
|
|
—
|
|
(4)
|
4
|
|
|
|
|
|
|
|
|
|
Profit of consolidated and affiliated
companies
|
10,332
|
|
9,995
|
|
686
|
|
(349)
|
|
|
|
|
|
|
|
|
|
|
Less: Profit (loss)
attributable to noncontrolling interests
|
(3)
|
|
(4)
|
|
5
|
|
(4)
|
5
|
|
|
|
|
|
|
|
|
|
Profit 6
|
$
10,335
|
|
$
9,999
|
|
$
681
|
|
$
(345)
|
|
|
1
|
Elimination of
Financial Products' revenues earned from ME&T.
|
2
|
Elimination of net
expenses recorded between ME&T and Financial
Products.
|
3
|
Elimination of
discount recorded by ME&T on receivables sold to Financial
Products and of interest earned between ME&T and Financial
Products as well as dividends paid by Financial Products to
ME&T.
|
4
|
Elimination of equity
profit (loss) earned from Financial Products' subsidiaries
partially owned by ME&T subsidiaries.
|
5
|
Elimination of
noncontrolling interest profit (loss) recorded by Financial
Products for subsidiaries partially owned by ME&T
subsidiaries.
|
6
|
Profit attributable
to common shareholders.
|
Caterpillar
Inc.
Supplemental Data
for Results of Operations
For the Twelve
Months Ended December 31, 2022
(Unaudited)
(Millions of
dollars)
|
|
|
|
|
|
|
Supplemental Consolidating Data
|
|
|
Consolidated
|
|
Machinery,
Energy &
Transportation
|
|
Financial
Products
|
|
Consolidating
Adjustments
|
|
Sales and revenues:
|
|
|
|
|
|
|
|
|
Sales of Machinery,
Energy & Transportation
|
$
56,574
|
|
$
56,574
|
|
$
—
|
|
$
—
|
|
Revenues of Financial
Products
|
2,853
|
|
—
|
|
3,376
|
|
(523)
|
1
|
Total sales and
revenues
|
59,427
|
|
56,574
|
|
3,376
|
|
(523)
|
|
|
|
|
|
|
|
|
|
|
Operating costs:
|
|
|
|
|
|
|
|
|
Cost of goods
sold
|
41,350
|
|
41,356
|
|
—
|
|
(6)
|
2
|
Selling, general and
administrative expenses
|
5,651
|
|
4,999
|
|
672
|
|
(20)
|
2
|
Research and
development expenses
|
1,814
|
|
1,814
|
|
—
|
|
—
|
|
Interest expense of
Financial Products
|
565
|
|
—
|
|
565
|
|
—
|
|
Goodwill impairment
charge
|
925
|
|
925
|
|
—
|
|
—
|
|
Other operating
(income) expenses
|
1,218
|
|
47
|
|
1,249
|
|
(78)
|
2
|
Total operating
costs
|
51,523
|
|
49,141
|
|
2,486
|
|
(104)
|
|
|
|
|
|
|
|
|
|
|
Operating profit
|
7,904
|
|
7,433
|
|
890
|
|
(419)
|
|
|
|
|
|
|
|
|
|
|
Interest expense
excluding Financial Products
|
443
|
|
444
|
|
—
|
|
(1)
|
3
|
Other income
(expense)
|
1,291
|
|
1,374
|
|
(26)
|
|
(57)
|
4
|
|
|
|
|
|
|
|
|
|
Consolidated profit before
taxes
|
8,752
|
|
8,363
|
|
864
|
|
(475)
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit)
for income taxes
|
2,067
|
|
1,858
|
|
209
|
|
—
|
|
Profit of consolidated
companies
|
6,685
|
|
6,505
|
|
655
|
|
(475)
|
|
|
|
|
|
|
|
|
|
|
Equity in profit
(loss) of unconsolidated affiliated companies
|
19
|
|
26
|
|
—
|
|
(7)
|
5
|
|
|
|
|
|
|
|
|
|
Profit of consolidated and affiliated
companies
|
6,704
|
|
6,531
|
|
655
|
|
(482)
|
|
|
|
|
|
|
|
|
|
|
Less: Profit (loss)
attributable to noncontrolling interests
|
(1)
|
|
(1)
|
|
7
|
|
(7)
|
6
|
|
|
|
|
|
|
|
|
|
Profit 7
|
$
6,705
|
|
$
6,532
|
|
$
648
|
|
$
(475)
|
|
|
|
1
|
Elimination of
Financial Products' revenues earned from ME&T.
|
2
|
Elimination of net
expenses recorded by ME&T paid to Financial
Products.
|
3
|
Elimination of
interest expense recorded between Financial Products and
ME&T.
|
4
|
Elimination of
discount recorded by ME&T on receivables sold to Financial
Products and of interest earned between ME&T and Financial
Products as well as dividends paid by Financial Products to
ME&T.
|
5
|
Elimination of equity
profit (loss) earned from Financial Products' subsidiaries
partially owned by ME&T subsidiaries.
|
6
|
Elimination of
noncontrolling interest profit (loss) recorded by Financial
Products for subsidiaries partially owned by ME&T
subsidiaries.
|
7
|
Profit attributable
to common shareholders.
|
Caterpillar
Inc.
Supplemental Data
for Financial Position
At
December 31, 2023
(Unaudited)
(Millions of
dollars)
|
|
|
|
|
|
|
Supplemental Consolidating Data
|
|
|
Consolidated
|
|
Machinery,
Energy &
Transportation
|
|
Financial
Products
|
|
Consolidating
Adjustments
|
|
Assets
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
6,978
|
|
$
6,106
|
|
$
872
|
|
$
—
|
|
Receivables – trade
and other
|
9,310
|
|
3,971
|
|
570
|
|
4,769
|
1,2
|
Receivables –
finance
|
9,510
|
|
—
|
|
14,499
|
|
(4,989)
|
2
|
Prepaid expenses and
other current assets
|
4,586
|
|
4,327
|
|
341
|
|
(82)
|
3
|
Inventories
|
16,565
|
|
16,565
|
|
—
|
|
—
|
|
Total current
assets
|
46,949
|
|
30,969
|
|
16,282
|
|
(302)
|
|
|
|
|
|
|
|
|
|
|
Property, plant and
equipment – net
|
12,680
|
|
8,694
|
|
3,986
|
|
—
|
|
Long-term receivables
– trade and other
|
1,238
|
|
565
|
|
85
|
|
588
|
1,2
|
Long-term receivables
– finance
|
12,664
|
|
—
|
|
13,299
|
|
(635)
|
2
|
Noncurrent deferred
and refundable income taxes
|
2,816
|
|
3,360
|
|
148
|
|
(692)
|
4
|
Intangible
assets
|
564
|
|
564
|
|
—
|
|
—
|
|
Goodwill
|
5,308
|
|
5,308
|
|
—
|
|
—
|
|
Other
assets
|
5,257
|
|
4,218
|
|
2,082
|
|
(1,043)
|
5
|
Total assets
|
$
87,476
|
|
$
53,678
|
|
$
35,882
|
|
$
(2,084)
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Short-term
borrowings
|
$
4,643
|
|
$
—
|
|
$
4,643
|
|
$
—
|
|
Accounts
payable
|
7,906
|
|
7,827
|
|
314
|
|
(235)
|
6,7
|
Accrued
expenses
|
4,958
|
|
4,361
|
|
597
|
|
—
|
|
Accrued wages,
salaries and employee benefits
|
2,757
|
|
2,696
|
|
61
|
|
—
|
|
Customer
advances
|
1,929
|
|
1,912
|
|
2
|
|
15
|
7
|
Dividends
payable
|
649
|
|
649
|
|
—
|
|
—
|
|
Other current
liabilities
|
3,123
|
|
2,583
|
|
647
|
|
(107)
|
4,8
|
Long-term debt due
within one year
|
8,763
|
|
1,044
|
|
7,719
|
|
—
|
|
Total current
liabilities
|
34,728
|
|
21,072
|
|
13,983
|
|
(327)
|
|
|
|
|
|
|
|
|
|
|
Long-term debt due
after one year
|
24,472
|
|
8,626
|
|
15,893
|
|
(47)
|
9
|
Liability for
postemployment benefits
|
4,098
|
|
4,098
|
|
—
|
|
—
|
|
Other
liabilities
|
4,675
|
|
3,806
|
|
1,607
|
|
(738)
|
4
|
Total liabilities
|
67,973
|
|
37,602
|
|
31,483
|
|
(1,112)
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
|
|
|
|
|
|
|
|
Common
stock
|
6,403
|
|
6,403
|
|
905
|
|
(905)
|
10
|
Treasury
stock
|
(36,339)
|
|
(36,339)
|
|
—
|
|
—
|
|
Profit employed in the
business
|
51,250
|
|
46,783
|
|
4,457
|
|
10
|
10
|
Accumulated other
comprehensive income (loss)
|
(1,820)
|
|
(783)
|
|
(1,037)
|
|
—
|
|
Noncontrolling
interests
|
9
|
|
12
|
|
74
|
|
(77)
|
10
|
Total shareholders' equity
|
19,503
|
|
16,076
|
|
4,399
|
|
(972)
|
|
Total liabilities and shareholders'
equity
|
$
87,476
|
|
$
53,678
|
|
$
35,882
|
|
$
(2,084)
|
|
|
|
1
|
Elimination of
receivables between ME&T and Financial Products.
|
2
|
Reclassification of
ME&T's trade receivables purchased by Financial Products and
Financial Products' wholesale inventory receivables.
|
3
|
Elimination of
ME&T's insurance premiums that are prepaid to Financial
Products.
|
4
|
Reclassification
reflecting required netting of deferred tax assets/liabilities by
taxing jurisdiction.
|
5
|
Elimination of other
intercompany assets between ME&T and Financial
Products.
|
6
|
Elimination of payables
between ME&T and Financial Products.
|
7
|
Reclassification of
Financial Products' payables to accrued expenses or customer
advances
|
8
|
Elimination of
prepaid insurance in Financial Products' other
liabilities.
|
9
|
Elimination of debt
between ME&T and Financial Products.
|
10
|
Eliminations associated
with ME&T's investments in Financial Products'
subsidiaries.
|
Caterpillar
Inc.
Supplemental Data
for Financial Position
At
December 31, 2022
(Unaudited)
(Millions of
dollars)
|
|
|
|
|
|
|
Supplemental Consolidating Data
|
|
|
Consolidated
|
|
Machinery,
Energy &
Transportation
|
|
Financial
Products
|
|
Consolidating
Adjustments
|
|
Assets
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
7,004
|
|
$
6,042
|
|
$
962
|
|
$
—
|
|
Receivables – trade
and other
|
8,856
|
|
3,710
|
|
519
|
|
4,627
|
1,2
|
Receivables –
finance
|
9,013
|
|
—
|
|
13,902
|
|
(4,889)
|
2
|
Prepaid expenses and
other current assets
|
2,642
|
|
2,488
|
|
290
|
|
(136)
|
3
|
Inventories
|
16,270
|
|
16,270
|
|
—
|
|
—
|
|
Total current
assets
|
43,785
|
|
28,510
|
|
15,673
|
|
(398)
|
|
|
|
|
|
|
|
|
|
|
Property, plant and
equipment – net
|
12,028
|
|
8,186
|
|
3,842
|
|
—
|
|
Long-term receivables
– trade and other
|
1,265
|
|
418
|
|
339
|
|
508
|
1,2
|
Long-term receivables
– finance
|
12,013
|
|
—
|
|
12,552
|
|
(539)
|
2
|
Noncurrent deferred
and refundable income taxes
|
2,213
|
|
2,755
|
|
115
|
|
(657)
|
4
|
Intangible
assets
|
758
|
|
758
|
|
—
|
|
—
|
|
Goodwill
|
5,288
|
|
5,288
|
|
—
|
|
—
|
|
Other
assets
|
4,593
|
|
3,882
|
|
1,892
|
|
(1,181)
|
5
|
Total assets
|
$
81,943
|
|
$
49,797
|
|
$
34,413
|
|
$
(2,267)
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Short-term
borrowings
|
$
5,957
|
|
$
3
|
|
$
5,954
|
|
$
—
|
|
Accounts
payable
|
8,689
|
|
8,657
|
|
294
|
|
(262)
|
6
|
Accrued
expenses
|
4,080
|
|
3,687
|
|
393
|
|
—
|
|
Accrued wages,
salaries and employee benefits
|
2,313
|
|
2,264
|
|
49
|
|
—
|
|
Customer
advances
|
1,860
|
|
1,860
|
|
—
|
|
—
|
|
Dividends
payable
|
620
|
|
620
|
|
—
|
|
—
|
|
Other current
liabilities
|
2,690
|
|
2,215
|
|
635
|
|
(160)
|
4,7
|
Long-term debt due
within one year
|
5,322
|
|
120
|
|
5,202
|
|
—
|
|
Total current
liabilities
|
31,531
|
|
19,426
|
|
12,527
|
|
(422)
|
|
|
|
|
|
|
|
|
|
|
Long-term debt due
after one year
|
25,714
|
|
9,529
|
|
16,216
|
|
(31)
|
8
|
Liability for
postemployment benefits
|
4,203
|
|
4,203
|
|
—
|
|
—
|
|
Other
liabilities
|
4,604
|
|
3,677
|
|
1,638
|
|
(711)
|
4
|
Total liabilities
|
66,052
|
|
36,835
|
|
30,381
|
|
(1,164)
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
|
|
|
|
|
|
|
|
Common
stock
|
6,560
|
|
6,560
|
|
905
|
|
(905)
|
9
|
Treasury
stock
|
(31,748)
|
|
(31,748)
|
|
—
|
|
—
|
|
Profit employed in the
business
|
43,514
|
|
39,435
|
|
4,068
|
|
11
|
9
|
Accumulated other
comprehensive income (loss)
|
(2,457)
|
|
(1,310)
|
|
(1,147)
|
|
—
|
|
Noncontrolling
interests
|
22
|
|
25
|
|
206
|
|
(209)
|
9
|
Total shareholders' equity
|
15,891
|
|
12,962
|
|
4,032
|
|
(1,103)
|
|
Total liabilities and shareholders'
equity
|
$
81,943
|
|
$
49,797
|
|
$
34,413
|
|
$
(2,267)
|
|
|
|
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 Twelve
Months Ended December 31, 2023
(Unaudited)
(Millions of
dollars)
|
|
|
|
|
|
Supplemental Consolidating Data
|
|
|
Consolidated
|
|
Machinery,
Energy &
Transportation
|
|
Financial
Products
|
|
Consolidating
Adjustments
|
|
Cash flow from operating
activities:
|
|
|
|
|
|
|
|
|
Profit of consolidated
and affiliated companies
|
$
10,332
|
|
$
9,995
|
|
$
686
|
|
$
(349)
|
1,5
|
Adjustments for
non-cash items:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
2,144
|
|
1,361
|
|
783
|
|
—
|
|
Actuarial (gain) loss
on pension and postretirement benefits
|
(97)
|
|
(97)
|
|
—
|
|
—
|
|
Provision (benefit)
for deferred income taxes
|
(592)
|
|
(576)
|
|
(16)
|
|
—
|
|
Loss on
divestiture
|
572
|
|
572
|
|
—
|
|
—
|
|
Other
|
375
|
|
444
|
|
(577)
|
|
508
|
2
|
Changes in assets and
liabilities, net of acquisitions and divestitures:
|
|
|
|
|
|
|
|
|
Receivables – trade
and other
|
(437)
|
|
(367)
|
|
61
|
|
(131)
|
2,3
|
Inventories
|
(364)
|
|
(360)
|
|
—
|
|
(4)
|
2
|
Accounts
payable
|
(754)
|
|
(836)
|
|
41
|
|
41
|
2
|
Accrued
expenses
|
796
|
|
690
|
|
106
|
|
—
|
|
Accrued wages,
salaries and employee benefits
|
486
|
|
474
|
|
12
|
|
—
|
|
Customer
advances
|
80
|
|
78
|
|
2
|
|
—
|
|
Other assets –
net
|
(95)
|
|
94
|
|
(110)
|
|
(79)
|
2
|
Other liabilities –
net
|
439
|
|
216
|
|
118
|
|
105
|
2
|
Net cash provided by
(used for) operating activities
|
12,885
|
|
11,688
|
|
1,106
|
|
91
|
|
Cash flow from investing
activities:
|
|
|
|
|
|
|
|
|
Capital expenditures –
excluding equipment leased to others
|
(1,597)
|
|
(1,624)
|
|
(22)
|
|
49
|
2
|
Expenditures for
equipment leased to others
|
(1,495)
|
|
(39)
|
|
(1,466)
|
|
10
|
2
|
Proceeds from
disposals of leased assets and property, plant and
equipment
|
781
|
|
55
|
|
781
|
|
(55)
|
2
|
Additions to finance
receivables
|
(15,161)
|
|
—
|
|
(17,321)
|
|
2,160
|
3
|
Collections of finance
receivables
|
14,034
|
|
—
|
|
15,634
|
|
(1,600)
|
3
|
Net intercompany
purchased receivables
|
—
|
|
—
|
|
1,080
|
|
(1,080)
|
3
|
Proceeds from sale of
finance receivables
|
63
|
|
—
|
|
63
|
|
—
|
|
Net intercompany
borrowings
|
—
|
|
—
|
|
10
|
|
(10)
|
4
|
Investments and
acquisitions (net of cash acquired)
|
(75)
|
|
(75)
|
|
—
|
|
—
|
|
Proceeds from sale of
businesses and investments (net of cash sold)
|
(4)
|
|
(4)
|
|
—
|
|
—
|
|
Proceeds from
maturities and sale of securities
|
1,891
|
|
1,642
|
|
249
|
|
—
|
|
Investments in
securities
|
(4,405)
|
|
(3,982)
|
|
(423)
|
|
—
|
|
Other – net
|
97
|
|
106
|
|
(9)
|
|
—
|
|
Net cash provided by
(used for) investing activities
|
(5,871)
|
|
(3,921)
|
|
(1,424)
|
|
(526)
|
|
Cash flow from financing
activities:
|
|
|
|
|
|
|
|
|
Dividends
paid
|
(2,563)
|
|
(2,563)
|
|
(425)
|
|
425
|
5
|
Common stock issued,
including treasury shares reissued
|
12
|
|
12
|
|
—
|
|
—
|
|
Common shares
repurchased
|
(4,975)
|
|
(4,975)
|
|
—
|
|
—
|
|
Net intercompany
borrowings
|
—
|
|
(10)
|
|
—
|
|
10
|
4
|
Proceeds from debt
issued > 90 days
|
8,257
|
|
—
|
|
8,257
|
|
—
|
|
Payments on debt >
90 days
|
(6,318)
|
|
(106)
|
|
(6,212)
|
|
—
|
|
Short-term borrowings
– net < 90 days
|
(1,345)
|
|
(3)
|
|
(1,342)
|
|
—
|
|
Net cash provided by
(used for) financing activities
|
(6,932)
|
|
(7,645)
|
|
278
|
|
435
|
|
Effect of exchange rate
changes on cash
|
(110)
|
|
(60)
|
|
(50)
|
|
—
|
|
Increase (decrease) in cash, cash equivalents and
restricted cash
|
(28)
|
|
62
|
|
(90)
|
|
—
|
|
Cash, cash equivalents
and restricted cash at beginning of period
|
7,013
|
|
6,049
|
|
964
|
|
—
|
|
Cash, cash equivalents
and restricted cash at end of period
|
$
6,985
|
|
$
6,111
|
|
$
874
|
|
$
—
|
|
|
|
|
|
|
|
|
|
|
1
|
Elimination of equity
profit earned from Financial Products' subsidiaries partially owned
by ME&T subsidiaries.
|
2
|
Elimination of
non-cash adjustments and changes in assets and liabilities related
to consolidated reporting.
|
3
|
Reclassification of
Financial Products' cash flow activity from investing to operating
for receivables that arose from the sale of inventory.
|
4
|
Elimination of net
proceeds and payments to/from ME&T and Financial
Products.
|
5
|
Elimination of
dividend activity between Financial Products and
ME&T.
|
Caterpillar
Inc.
Supplemental Data
for Cash Flow
For the Twelve
Months Ended December 31, 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
|
$
6,704
|
|
$
6,531
|
|
$
655
|
|
$
(482)
|
1,5
|
Adjustments for
non-cash items:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
2,219
|
|
1,439
|
|
780
|
|
—
|
|
Actuarial (gain) loss
on pension and postretirement benefits
|
(606)
|
|
(606)
|
|
—
|
|
—
|
|
Provision (benefit)
for deferred income taxes
Provision (benefit)
for deferred income taxes
|
(377)
|
|
(368)
|
|
(9)
|
|
—
|
|
Goodwill impairment
charge
|
925
|
|
925
|
|
—
|
|
—
|
|
Other
|
701
|
|
452
|
|
(205)
|
|
454
|
2
|
Changes in assets and
liabilities, net of acquisitions and divestitures:
|
|
|
|
|
|
|
|
|
Receivables – trade
and other
|
(220)
|
|
(390)
|
|
143
|
|
27
|
2,3
|
Inventories
|
(2,589)
|
|
(2,572)
|
|
—
|
|
(17)
|
2
|
Accounts
payable
|
798
|
|
811
|
|
82
|
|
(95)
|
2
|
Accrued
expenses
|
317
|
|
274
|
|
43
|
|
—
|
|
Accrued wages,
salaries and employee benefits
|
90
|
|
97
|
|
(7)
|
|
—
|
|
Customer
advances
|
768
|
|
769
|
|
(1)
|
|
—
|
|
Other assets –
net
|
(210)
|
|
(183)
|
|
(35)
|
|
8
|
2
|
Other liabilities –
net
|
(754)
|
|
(821)
|
|
71
|
|
(4)
|
2
|
Net cash provided by
(used for) operating activities
|
7,766
|
|
6,358
|
|
1,517
|
|
(109)
|
|
Cash flow from investing
activities:
|
|
|
|
|
|
|
|
|
Capital expenditures –
excluding equipment leased to others
|
(1,296)
|
|
(1,279)
|
|
(20)
|
|
3
|
2
|
Expenditures for
equipment leased to others
|
(1,303)
|
|
(19)
|
|
(1,310)
|
|
26
|
2
|
Proceeds from
disposals of leased assets and property, plant and
equipment
|
830
|
|
78
|
|
764
|
|
(12)
|
2
|
Additions to finance
receivables
|
(13,239)
|
|
—
|
|
(14,223)
|
|
984
|
3
|
Collections of finance
receivables
|
13,177
|
|
—
|
|
14,052
|
|
(875)
|
3
|
Net intercompany
purchased receivables
|
—
|
|
—
|
|
492
|
|
(492)
|
3
|
Proceeds from sale of
finance receivables
|
57
|
|
—
|
|
57
|
|
—
|
|
Net intercompany
borrowings
|
—
|
|
—
|
|
9
|
|
(9)
|
4
|
Investments and
acquisitions (net of cash acquired)
|
(88)
|
|
(88)
|
|
—
|
|
—
|
|
Proceeds from sale of
businesses and investments (net of cash sold)
|
1
|
|
1
|
|
—
|
|
—
|
|
Proceeds from
maturities and sale of securities
|
2,383
|
|
1,948
|
|
435
|
|
—
|
|
Investments in
securities
|
(3,077)
|
|
(2,549)
|
|
(528)
|
|
—
|
|
Other – net
|
14
|
|
98
|
|
(84)
|
|
—
|
|
Net cash provided by
(used for) investing activities
|
(2,541)
|
|
(1,810)
|
|
(356)
|
|
(375)
|
|
Cash flow from financing
activities:
|
|
|
|
|
|
|
|
|
Dividends
paid
|
(2,440)
|
|
(2,440)
|
|
(475)
|
|
475
|
5
|
Common stock issued,
including treasury shares reissued
|
51
|
|
51
|
|
—
|
|
—
|
|
Common shares
repurchased
|
(4,230)
|
|
(4,230)
|
|
—
|
|
—
|
|
Net intercompany
borrowings
|
—
|
|
(9)
|
|
—
|
|
9
|
4
|
Proceeds from debt
issued > 90 days
|
6,674
|
|
—
|
|
6,674
|
|
—
|
|
Payments on debt >
90 days
|
(7,728)
|
|
(25)
|
|
(7,703)
|
|
—
|
|
Short-term borrowings
– net < 90 days
|
402
|
|
(138)
|
|
540
|
|
—
|
|
Other – net
|
(10)
|
|
(10)
|
|
—
|
|
—
|
|
Net cash provided by
(used for) financing activities
|
(7,281)
|
|
(6,801)
|
|
(964)
|
|
484
|
|
Effect of exchange rate
changes on cash
|
(194)
|
|
(131)
|
|
(63)
|
|
—
|
|
Increase (decrease) in cash, cash equivalents and
restricted cash
|
(2,250)
|
|
(2,384)
|
|
134
|
|
—
|
|
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
|
$
7,013
|
|
$
6,049
|
|
$
964
|
|
$
—
|
|
|
|
1
|
Elimination of equity
profit earned from Financial Products' subsidiaries partially owned
by ME&T subsidiaries.
|
2
|
Elimination of
non-cash adjustments and changes in assets and liabilities related
to consolidated reporting.
|
3
|
Reclassification of
Financial Products' cash flow activity from investing to operating
for receivables that arose from the sale of inventory.
|
4
|
Elimination of net
proceeds and payments to/from ME&T and Financial
Products.
|
5
|
Elimination of
dividend activity between Financial Products and
ME&T.
|
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SOURCE Caterpillar Inc.