- First-quarter 2024 profit per share of $5.75; adjusted profit per share of $5.60
- Enterprise operating cash flow was $2.1
billion in the first quarter of 2024
- Deployed $5.1 billion of cash for
share repurchases and dividends in the first quarter
|
|
First
Quarter
|
($ in billions except
profit per share)
|
|
2024
|
2023
|
Sales and
Revenues
|
|
$15.8
|
$15.9
|
Profit Per
Share
|
|
$5.75
|
$3.74
|
Adjusted Profit Per
Share
|
|
$5.60
|
$4.91
|
|
|
|
|
Please see a
reconciliation of GAAP to non-GAAP financial measures in the
appendix on pages 12 and 13.
|
IRVING,
Texas, April 25, 2024 /PRNewswire/ -- Caterpillar
Inc. (NYSE: CAT) announced first-quarter 2024 results. Sales and
revenues for the first quarter of 2024 were $15.8 billion, about flat to the first quarter of
2023, due to lower sales volume, which was mostly offset by
favorable price realization.
Operating profit margin was 22.3% for the first quarter of 2024,
compared with 17.2% for the first quarter of 2023. Adjusted
operating profit margin was 22.2% for the first quarter of 2024,
compared with 21.1% for the first quarter of 2023. First-quarter
2024 profit per share was $5.75,
compared with first-quarter 2023 profit per share of $3.74. Adjusted profit per share in the first
quarter of 2024 was $5.60, compared
with first-quarter 2023 adjusted profit per share of $4.91. In the first quarter of 2024 and 2023,
adjusted operating profit margin and adjusted profit per share
excluded restructuring income/costs.
For the three months ended March 31,
2024, enterprise operating cash flow was $2.1 billion, and the company ended the first
quarter with $5.0 billion of
enterprise cash. In the quarter, the company deployed $4.5 billion of cash for repurchases of
Caterpillar common stock and $0.6
billion of cash for dividends.
"I'm pleased with our team's performance that resulted in higher
adjusted operating profit margin, record adjusted profit per share
and strong ME&T free cash flow. Our strong balance sheet and
ME&T free cash flow allowed us to deploy a record $5.1 billion of cash for share repurchases and
dividends in the first quarter," said Chairman and CEO Jim Umpleby. "We continue to execute our
strategy for long-term profitable growth."
CONSOLIDATED RESULTS
Consolidated Sales and Revenues
Consolidated Sales and Revenues Comparison
First Quarter 2024 vs. First Quarter 2023
To access this chart, go to
http://www.caterpillar.com/en/investors/quarterly-results.html for
the downloadable version of Caterpillar First-Quarter 2024
earnings.
The chart above graphically illustrates reasons for the change
in consolidated sales and revenues between the first quarter of
2023 (at left) and the first quarter of 2024 (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 2024 were
$15.799 billion, a decrease of
$63 million, or about flat, compared
with $15.862 billion in the first
quarter of 2023. Lower sales volume of $684
million and unfavorable currency impacts of $30 million, primarily related to the Australian
dollar, were mostly offset by favorable price realization of
$575 million and higher Financial
Products' revenues of $76 million.
The decrease in sales volume was primarily driven by lower sales of
equipment to end users; there was not a significant impact from
changes in dealer inventories.
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)
|
First
Quarter
2023
|
|
Sales
Volume
|
|
Price
Realization
|
|
Currency
|
|
Inter-
Segment /
Other
|
|
First
Quarter
2024
|
|
$
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction
Industries
|
$
6,746
|
|
$
(464)
|
|
$
199
|
|
$
(22)
|
|
$
(35)
|
|
$
6,424
|
|
$
(322)
|
|
(5 %)
|
Resource
Industries
|
3,427
|
|
(425)
|
|
173
|
|
(11)
|
|
29
|
|
3,193
|
|
(234)
|
|
(7 %)
|
Energy &
Transportation
|
6,254
|
|
231
|
|
202
|
|
(1)
|
|
(5)
|
|
6,681
|
|
427
|
|
7 %
|
All Other
Segment
|
111
|
|
(1)
|
|
—
|
|
—
|
|
(1)
|
|
109
|
|
(2)
|
|
(2 %)
|
Corporate Items and
Eliminations
|
(1,439)
|
|
(25)
|
|
1
|
|
4
|
|
12
|
|
(1,447)
|
|
(8)
|
|
|
Machinery, Energy
& Transportation
|
15,099
|
|
(684)
|
|
575
|
|
(30)
|
|
—
|
|
14,960
|
|
(139)
|
|
(1 %)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Products
Segment
|
902
|
|
—
|
|
—
|
|
—
|
|
89
|
|
991
|
|
89
|
|
10 %
|
Corporate Items and
Eliminations
|
(139)
|
|
—
|
|
—
|
|
—
|
|
(13)
|
|
(152)
|
|
(13)
|
|
|
Financial
Products Revenues
|
763
|
|
—
|
|
—
|
|
—
|
|
76
|
|
839
|
|
76
|
|
10 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Sales
and Revenues
|
$
15,862
|
|
$
(684)
|
|
$
575
|
|
$
(30)
|
|
$
76
|
|
$
15,799
|
|
$
(63)
|
|
— %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction
Industries
|
$
3,833
|
|
6 %
|
|
$ 595
|
|
(1 %)
|
|
$ 996
|
|
(25 %)
|
|
$ 993
|
|
(14 %)
|
|
$
6,417
|
|
(4 %)
|
|
$
7
|
|
(83 %)
|
|
$
6,424
|
|
(5 %)
|
Resource
Industries
|
1,264
|
|
(3 %)
|
|
476
|
|
— %
|
|
465
|
|
(22 %)
|
|
891
|
|
(9 %)
|
|
3,096
|
|
(8 %)
|
|
97
|
|
43 %
|
|
3,193
|
|
(7 %)
|
Energy &
Transportation
|
2,951
|
|
15 %
|
|
408
|
|
7 %
|
|
1,294
|
|
(7 %)
|
|
834
|
|
16 %
|
|
5,487
|
|
9 %
|
|
1,194
|
|
— %
|
|
6,681
|
|
7 %
|
All Other
Segment
|
18
|
|
— %
|
|
(1)
|
|
— %
|
|
4
|
|
— %
|
|
13
|
|
— %
|
|
34
|
|
(3 %)
|
|
75
|
|
(1 %)
|
|
109
|
|
(2 %)
|
Corporate Items and
Eliminations
|
(58)
|
|
|
|
(2)
|
|
|
|
(11)
|
|
|
|
(3)
|
|
|
|
(74)
|
|
|
|
(1,373)
|
|
|
|
(1,447)
|
|
|
Machinery, Energy
& Transportation
|
8,008
|
|
7 %
|
|
1,476
|
|
2 %
|
|
2,748
|
|
(17 %)
|
|
2,728
|
|
(5 %)
|
|
14,960
|
|
(1 %)
|
|
—
|
|
— %
|
|
14,960
|
|
(1 %)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Products
Segment
|
659
|
|
15 %
|
|
101
|
|
(3 %)
|
|
123
|
|
8 %
|
|
108
|
|
(1 %)
|
|
991
|
|
10 %
|
|
—
|
|
— %
|
|
991
|
|
10 %
|
Corporate Items and
Eliminations
|
(94)
|
|
|
|
(18)
|
|
|
|
(19)
|
|
|
|
(21)
|
|
|
|
(152)
|
|
|
|
—
|
|
|
|
(152)
|
|
|
Financial
Products Revenues
|
565
|
|
15 %
|
|
83
|
|
(3 %)
|
|
104
|
|
8 %
|
|
87
|
|
(2 %)
|
|
839
|
|
10 %
|
|
—
|
|
— %
|
|
839
|
|
10 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Sales
and Revenues
|
$
8,573
|
|
8 %
|
|
$
1,559
|
|
1 %
|
|
$
2,852
|
|
(17 %)
|
|
$
2,815
|
|
(5 %)
|
|
$ 15,799
|
|
— %
|
|
$
—
|
|
— %
|
|
$ 15,799
|
|
— %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction
Industries
|
$
3,608
|
|
|
|
$ 599
|
|
|
|
$
1,336
|
|
|
|
$
1,161
|
|
|
|
$
6,704
|
|
|
|
$ 42
|
|
|
|
$
6,746
|
|
|
Resource
Industries
|
1,308
|
|
|
|
474
|
|
|
|
599
|
|
|
|
978
|
|
|
|
3,359
|
|
|
|
68
|
|
|
|
3,427
|
|
|
Energy &
Transportation
|
2,572
|
|
|
|
380
|
|
|
|
1,384
|
|
|
|
719
|
|
|
|
5,055
|
|
|
|
1,199
|
|
|
|
6,254
|
|
|
All Other
Segment
|
18
|
|
|
|
—
|
|
|
|
4
|
|
|
|
13
|
|
|
|
35
|
|
|
|
76
|
|
|
|
111
|
|
|
Corporate Items and
Eliminations
|
(48)
|
|
|
|
—
|
|
|
|
(1)
|
|
|
|
(5)
|
|
|
|
(54)
|
|
|
|
(1,385)
|
|
|
|
(1,439)
|
|
|
Machinery, Energy
& Transportation
|
7,458
|
|
|
|
1,453
|
|
|
|
3,322
|
|
|
|
2,866
|
|
|
|
15,099
|
|
|
|
—
|
|
|
|
15,099
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Products
Segment
|
575
|
|
|
|
104
|
|
|
|
114
|
|
|
|
109
|
|
|
|
902
|
|
|
|
—
|
|
|
|
902
|
|
|
Corporate Items and
Eliminations
|
(83)
|
|
|
|
(18)
|
|
|
|
(18)
|
|
|
|
(20)
|
|
|
|
(139)
|
|
|
|
—
|
|
|
|
(139)
|
|
|
Financial
Products Revenues
|
492
|
|
|
|
86
|
|
|
|
96
|
|
|
|
89
|
|
|
|
763
|
|
|
|
—
|
|
|
|
763
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Sales
and Revenues
|
$
7,950
|
|
|
|
$
1,539
|
|
|
|
$
3,418
|
|
|
|
$
2,955
|
|
|
|
$ 15,862
|
|
|
|
$
—
|
|
|
|
$ 15,862
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Operating Profit
Consolidated Operating Profit Comparison
First Quarter 2024 vs. First Quarter 2023
To access this chart, go to
http://www.caterpillar.com/en/investors/quarterly-results.html for
the downloadable version of Caterpillar First-Quarter 2024
earnings.
The chart above graphically illustrates reasons for the change
in consolidated operating profit between the first quarter of 2023
(at left) and the first quarter of 2024 (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 2024 was $3.519 billion, an increase of $788 million, or 29%, compared with $2.731 billion in the first quarter of 2023. The
increase was primarily due to the absence of the impact of the
divestiture of the company's Longwall business in 2023 of
$586 million and favorable price
realization of $575 million,
partially offset by the profit impact of lower sales volume of
$268 million.
Profit (Loss) by
Segment
|
(Millions of dollars)
|
First Quarter
2024
|
|
First Quarter
2023
|
|
$
Change
|
|
%
Change
|
Construction
Industries
|
$
1,764
|
|
$
1,790
|
|
$
(26)
|
|
(1 %)
|
Resource
Industries
|
730
|
|
764
|
|
(34)
|
|
(4 %)
|
Energy &
Transportation
|
1,301
|
|
1,057
|
|
244
|
|
23 %
|
All Other
Segment
|
24
|
|
11
|
|
13
|
|
118 %
|
Corporate Items and
Eliminations
|
(415)
|
|
(1,008)
|
|
593
|
|
|
Machinery, Energy
& Transportation
|
3,404
|
|
2,614
|
|
790
|
|
30 %
|
|
|
|
|
|
|
|
|
Financial Products
Segment
|
293
|
|
232
|
|
61
|
|
26 %
|
Corporate Items and
Eliminations
|
(25)
|
|
25
|
|
(50)
|
|
|
Financial
Products
|
268
|
|
257
|
|
11
|
|
4 %
|
|
|
|
|
|
|
|
|
Consolidating
Adjustments
|
(153)
|
|
(140)
|
|
(13)
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Operating Profit
|
$
3,519
|
|
$
2,731
|
|
$
788
|
|
29 %
|
|
|
|
|
|
|
|
|
Other Profit/Loss and Tax Items
- Other income (expense) in the first quarter of 2024 was income
of $156 million, compared with income
of $32 million in the first quarter
of 2023. The change was primarily driven by favorable impacts from
foreign currency exchange.
- The effective tax rate for the first quarter of 2024 was 19.5%
compared to 26.9% for the first quarter of 2023. Excluding the
discrete items discussed below, the first quarter 2024 estimated
annual tax rate was 22.5% compared with 23.0% for the first quarter
of 2023.
The 2024 estimated annual tax rate excludes the impact of
nontaxable gains of $64 million for
the divestiture of a non-U.S. mining entity along with a related
tax benefit of $54 million. The
estimated annual tax rate in the first quarter of 2023 excluded the
impact of the nondeductible loss of $586
million related to the divestiture of the company's Longwall
business. In addition, a discrete tax benefit of $38 million was recorded in the first quarter of
2024, compared with a $32 million
benefit in the first quarter of 2023, for the settlement of
stock-based compensation awards with associated tax deductions in
excess of cumulative U.S. GAAP compensation expense.
Please see a reconciliation of GAAP to non-GAAP financial
measures in the appendix on pages 12 and 13.
CONSTRUCTION
INDUSTRIES
|
(Millions of
dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
2023
|
|
Sales
Volume
|
|
Price
Realization
|
|
Currency
|
|
Inter-
Segment
|
|
First Quarter
2024
|
|
$
Change
|
|
%
Change
|
Total Sales
|
|
$
6,746
|
|
$
(464)
|
|
$
199
|
|
$
(22)
|
|
$
(35)
|
|
$
6,424
|
|
$ (322)
|
|
(5 %)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales by Geographic
Region
|
|
|
|
|
|
|
|
|
|
|
First Quarter
2024
|
|
First Quarter
2023
|
|
$
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
North
America
|
|
$
3,833
|
|
$
3,608
|
|
$
225
|
|
6 %
|
|
|
|
|
|
|
|
|
Latin
America
|
|
595
|
|
599
|
|
(4)
|
|
(1 %)
|
|
|
|
|
|
|
|
|
EAME
|
|
996
|
|
1,336
|
|
(340)
|
|
(25 %)
|
|
|
|
|
|
|
|
|
Asia/Pacific
|
|
993
|
|
1,161
|
|
(168)
|
|
(14 %)
|
|
|
|
|
|
|
|
|
External
Sales
|
|
6,417
|
|
6,704
|
|
(287)
|
|
(4 %)
|
|
|
|
|
|
|
|
|
Inter-segment
|
|
7
|
|
42
|
|
(35)
|
|
(83 %)
|
|
|
|
|
|
|
|
|
Total Sales
|
|
$
6,424
|
|
$
6,746
|
|
$ (322)
|
|
(5 %)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
|
|
|
|
|
|
|
|
|
First Quarter
2024
|
|
First Quarter
2023
|
|
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
$
1,764
|
|
$
1,790
|
|
$
(26)
|
|
(1 %)
|
|
|
|
|
|
|
|
|
Segment Profit
Margin
|
|
27.5 %
|
|
26.5 %
|
|
1.0 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction Industries' total sales were $6.424 billion in the first quarter of 2024, a
decrease of $322 million, or 5%,
compared with $6.746 billion in the
first quarter of 2023. The decrease was primarily due to lower
sales volume of $464 million,
partially offset by favorable price realization of $199 million. The decrease in sales volume was
mainly driven by lower sales of equipment to end users.
- In North America, sales
increased primarily due to favorable price realization.
- Sales in Latin America were
about flat.
- In EAME, sales decreased mainly due to lower sales volume.
Lower sales volume was primarily driven by lower sales of equipment
to end users.
- Sales decreased in Asia/Pacific primarily due to lower sales
volume. Lower sales volume was mainly driven by the impact from
changes in dealer inventories. Dealer inventory increased more
during the first quarter of 2023 than during the first quarter of
2024.
Construction Industries' profit was $1.764 billion in the first quarter of 2024, a
decrease of $26 million, or 1%,
compared with $1.790 billion in the
first quarter of 2023. The decrease was mainly due to the profit
impact of lower sales volume of $278
million, higher selling, general and administrative
(SG&A) and research and development (R&D) expenses of
$26 million and other unfavorable
segment items of $7 million,
partially offset by favorable price realization of $199 million and favorable manufacturing costs of
$86 million. Favorable manufacturing
costs largely reflected lower freight.
RESOURCE
INDUSTRIES
|
(Millions of
dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
2023
|
|
Sales
Volume
|
|
Price
Realization
|
|
Currency
|
|
Inter-
Segment
|
|
First Quarter
2024
|
|
$
Change
|
|
%
Change
|
Total Sales
|
|
$
3,427
|
|
$
(425)
|
|
$
173
|
|
$
(11)
|
|
$
29
|
|
$
3,193
|
|
$ (234)
|
|
(7 %)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales by Geographic
Region
|
|
|
|
|
|
|
|
|
|
|
First Quarter
2024
|
|
First Quarter
2023
|
|
$
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
North
America
|
|
$
1,264
|
|
$
1,308
|
|
$
(44)
|
|
(3 %)
|
|
|
|
|
|
|
|
|
Latin
America
|
|
476
|
|
474
|
|
2
|
|
— %
|
|
|
|
|
|
|
|
|
EAME
|
|
465
|
|
599
|
|
(134)
|
|
(22 %)
|
|
|
|
|
|
|
|
|
Asia/Pacific
|
|
891
|
|
978
|
|
(87)
|
|
(9 %)
|
|
|
|
|
|
|
|
|
External
Sales
|
|
3,096
|
|
3,359
|
|
(263)
|
|
(8 %)
|
|
|
|
|
|
|
|
|
Inter-segment
|
|
97
|
|
68
|
|
29
|
|
43 %
|
|
|
|
|
|
|
|
|
Total Sales
|
|
$
3,193
|
|
$
3,427
|
|
$ (234)
|
|
(7 %)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
|
|
|
|
|
|
|
|
|
First Quarter
2024
|
|
First Quarter
2023
|
|
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
$
730
|
|
$
764
|
|
$
(34)
|
|
(4 %)
|
|
|
|
|
|
|
|
|
Segment Profit
Margin
|
|
22.9 %
|
|
22.3 %
|
|
0.6 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Resource Industries' total sales were $3.193 billion in the first quarter of 2024, a
decrease of $234 million, or 7%,
compared with $3.427 billion in the
first quarter of 2023. The decrease was primarily due to lower
sales volume of $425 million,
partially offset by favorable price realization of $173 million. The decrease in sales volume was
mainly driven by lower sales of equipment to end users.
Resource Industries' profit was $730
million in the first quarter of 2024, a decrease of
$34 million, or 4%, compared with
$764 million in the first quarter of
2023. The decrease was mainly due to the profit impact of lower
sales volume of $217 million and
other unfavorable segment items of $24
million, partially offset by favorable price realization of
$173 million and favorable
manufacturing costs of $38 million.
Other unfavorable segment items primarily consisted of unfavorable
currency impacts. Favorable manufacturing costs largely reflected
lower freight.
ENERGY &
TRANSPORTATION
|
(Millions of
dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
2023
|
|
Sales
Volume
|
|
Price
Realization
|
|
Currency
|
|
Inter-
Segment
|
|
First Quarter
2024
|
|
$
Change
|
|
%
Change
|
Total Sales
|
|
$
6,254
|
|
$
231
|
|
$
202
|
|
$
(1)
|
|
$
(5)
|
|
$
6,681
|
|
$ 427
|
|
7 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales by
Application
|
|
|
|
|
|
|
|
|
|
|
First Quarter
2024
|
|
First Quarter
2023
|
|
$
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
Oil and Gas
|
|
$
1,568
|
|
$
1,314
|
|
$
254
|
|
19 %
|
|
|
|
|
|
|
|
|
Power
Generation
|
|
1,618
|
|
1,284
|
|
334
|
|
26 %
|
|
|
|
|
|
|
|
|
Industrial
|
|
989
|
|
1,255
|
|
(266)
|
|
(21 %)
|
|
|
|
|
|
|
|
|
Transportation
|
|
1,312
|
|
1,202
|
|
110
|
|
9 %
|
|
|
|
|
|
|
|
|
External
Sales
|
|
5,487
|
|
5,055
|
|
432
|
|
9 %
|
|
|
|
|
|
|
|
|
Inter-segment
|
|
1,194
|
|
1,199
|
|
(5)
|
|
— %
|
|
|
|
|
|
|
|
|
Total Sales
|
|
$
6,681
|
|
$
6,254
|
|
$
427
|
|
7 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
|
|
|
|
|
|
|
|
|
First Quarter
2024
|
|
First Quarter
2023
|
|
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
$
1,301
|
|
$
1,057
|
|
$
244
|
|
23 %
|
|
|
|
|
|
|
|
|
Segment Profit
Margin
|
|
19.5 %
|
|
16.9 %
|
|
2.6 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy & Transportation's total sales were $6.681 billion in the first quarter of 2024, an
increase of $427 million, or 7%,
compared with $6.254 billion in the
first quarter of 2023. Sales increased across all applications
except Industrial. The increase in sales was primarily due to
higher sales volume of $231 million
and favorable price realization of $202
million.
- Oil and Gas – Sales increased for turbines and turbine-related
services. Sales also increased in reciprocating engines used in gas
compression applications.
- Power Generation – Sales increased in large reciprocating
engines, primarily data center applications.
- Industrial – Sales decreased primarily in EAME and North America.
- Transportation – Sales increased in rail services.
International locomotive deliveries were also higher.
Energy & Transportation's profit was $1.301 billion in the first quarter of 2024, an
increase of $244 million, or 23%,
compared with $1.057 billion in the
first quarter of 2023. The increase was mainly due to favorable
price realization of $202
million.
FINANCIAL PRODUCTS
SEGMENT
|
(Millions of
dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues by
Geographic Region
|
|
|
|
|
|
|
|
|
|
|
First Quarter
2024
|
|
First Quarter
2023
|
|
$
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
North
America
|
|
$
659
|
|
$
575
|
|
$
84
|
|
15 %
|
|
|
|
|
|
|
|
|
Latin
America
|
|
101
|
|
104
|
|
(3)
|
|
(3 %)
|
|
|
|
|
|
|
|
|
EAME
|
|
123
|
|
114
|
|
9
|
|
8 %
|
|
|
|
|
|
|
|
|
Asia/Pacific
|
|
108
|
|
109
|
|
(1)
|
|
(1 %)
|
|
|
|
|
|
|
|
|
Total
Revenues
|
|
$
991
|
|
$
902
|
|
$
89
|
|
10 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
|
|
|
|
|
|
|
|
|
First Quarter
2024
|
|
First Quarter
2023
|
|
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
$
293
|
|
$
232
|
|
$
61
|
|
26 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Products' segment revenues were $991 million in the first quarter of 2024, an
increase of $89 million, or 10%,
compared with $902 million in the
first quarter of 2023. The increase was primarily due to a
$69 million favorable impact from
higher average financing rates across all regions and a
$32 million favorable impact from
higher average earning assets driven by North America.
Financial Products' segment profit was $293 million in the first quarter of 2024, an
increase of $61 million, or 26%,
compared with $232 million in the
first quarter of 2023. The increase was mainly due to a
$33 million insurance settlement and
a $27 million favorable impact from
equity securities.
At the end of the first quarter of 2024, past dues at Cat
Financial were 1.78%, compared with 2.00% at the end of the first
quarter of 2023. Write-offs, net of recoveries, were $55 million for the first quarter of 2024,
compared with $10 million for the
first quarter of 2023. As of March 31,
2024, Cat Financial's allowance for credit losses totaled
$281 million, or 1.01% of finance
receivables, compared with $331
million, or 1.18% of finance receivables at December 31, 2023.
Corporate Items and Eliminations
Expense for corporate items and eliminations was $440 million in the first quarter of 2024, a
decrease of $543 million from the
first quarter of 2023, primarily driven by the absence of the
impact of the divestiture of the company's Longwall business in
2023.
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
Thursday, April 25,
2024.
iii. Information on non-GAAP
financial measures is included in the appendix on pages 12 and
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 25, 2024, to discuss its 2024 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 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 three significant items in order for the company's
results to be meaningful to readers. These items consist of (i)
restructuring income related to the divestiture of a non-US mining
entity, (ii) other restructuring income/costs and (iii)
restructuring costs related to the divestiture of the company's
Longwall business in 2023. The company does not consider these
items indicative of earnings from ongoing business activities and
believes the non-GAAP measure provides investors with useful
perspective on underlying business results and trends and aids with
assessing the company's period-over-period results. The company
intends to discuss adjusted profit per share for the fourth quarter
and full-year 2024, excluding mark-to-market gains or losses for
remeasurement of pension and other postemployment benefit
plans.
Reconciliations of adjusted results to the most directly
comparable GAAP measure are as follows:
(Dollars in millions
except per share data)
|
|
Operating
Profit
|
|
Operating
Profit
Margin
|
|
Profit
Before
Taxes
|
|
Provision
(Benefit) for
Income
Taxes
|
|
|
Profit
|
|
Profit per
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2024 - U.S. GAAP
|
|
$
3,519
|
|
22.3 %
|
|
$
3,532
|
|
$
688
|
|
|
$
2,856
|
|
$
5.75
|
Restructuring (income)
- non-US mining entity divestiture
|
|
(64)
|
|
(0.5) %
|
|
(64)
|
|
54
|
|
|
(118)
|
|
(0.24)
|
Other restructuring
(income) costs
|
|
58
|
|
0.4 %
|
|
58
|
|
14
|
|
|
44
|
|
0.09
|
Three Months Ended
March 31, 2024 -
Adjusted
|
|
$
3,513
|
|
22.2 %
|
|
$
3,526
|
|
$
756
|
|
|
$
2,782
|
|
$
5.60
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2023 - U.S. GAAP
|
|
$
2,731
|
|
17.2 %
|
|
$
2,634
|
|
$
708
|
|
|
$
1,943
|
|
$
3.74
|
Restructuring costs -
Longwall divestiture
|
|
586
|
|
3.7 %
|
|
586
|
|
—
|
|
|
586
|
|
1.13
|
Other restructuring
(income) costs
|
|
25
|
|
0.2 %
|
|
25
|
|
5
|
|
|
20
|
|
0.04
|
Three Months Ended
March 31, 2023 -
Adjusted
|
|
$
3,342
|
|
21.1 %
|
|
$
3,245
|
|
$
713
|
|
|
$
2,549
|
|
$
4.91
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The company believes it is important to separately disclose the
annual effective tax rate, excluding discrete items for the results
to be meaningful to readers. The annual effective tax rate,
excluding discrete items for the three months ended March 31, 2024, and 2023 is discussed using
non-GAAP financial measures that exclude the effects of amounts
associated with discrete items recorded fully in the quarter they
occur. These items consist of (i) restructuring income related to
the divestiture of a non-US mining entity, (ii) restructuring costs
related to the divestiture of the company's Longwall business in
2023 and (iii) settlement of stock-based compensation awards with
associated tax deductions in excess of cumulative U.S. GAAP
compensation expense. The company believes the non-GAAP measures
will provide investors with useful perspective on underlying
business results and trends and aids with assessing the company's
period-over-period results.
A reconciliation of the effective tax rate to annual effective
tax rate, excluding discrete items is below:
(Dollars in
millions)
|
|
Profit Before
Taxes
|
|
Provision
(Benefit) for
Income Taxes
|
|
Effective Tax
Rate
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2024 - U.S. GAAP
|
|
$
3,532
|
|
$
688
|
|
19.5 %
|
Restructuring (income)
- non-US mining entity divestiture
|
|
(64)
|
|
54
|
|
|
Excess stock-based
compensation
|
|
—
|
|
38
|
|
|
Annual effective tax
rate, excluding discrete items
|
|
$
3,468
|
|
$
780
|
|
22.5 %
|
|
|
|
|
|
|
|
Excess stock-based
compensation
|
|
—
|
|
(38)
|
|
|
Other restructuring
(income) costs
|
|
58
|
|
14
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2024 -
Adjusted
|
|
$
3,526
|
|
$
756
|
|
|
|
Three Months Ended
March 31, 2023 - U.S. GAAP
|
|
$
2,634
|
|
$
708
|
|
26.9 %
|
Restructuring costs -
Longwall divestiture
|
|
586
|
|
—
|
|
|
Excess stock-based
compensation
|
|
—
|
|
32
|
|
|
Annual effective tax
rate, excluding discrete items
|
|
$
3,220
|
|
$
740
|
|
23.0 %
|
|
|
|
|
|
|
|
Excess stock-based
compensation
|
|
—
|
|
(32)
|
|
|
Other restructuring
(income) costs
|
|
25
|
|
5
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2023 -
Adjusted
|
|
$
3,245
|
|
$
713
|
|
|
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 23 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,
|
|
2024
|
|
2023
|
Sales and revenues:
|
|
|
|
Sales of Machinery,
Energy & Transportation
|
$
14,960
|
|
$ 15,099
|
Revenues of Financial
Products
|
839
|
|
763
|
Total sales and
revenues
|
15,799
|
|
15,862
|
|
|
|
|
Operating costs:
|
|
|
|
Cost of goods
sold
|
9,662
|
|
10,103
|
Selling, general and
administrative expenses
|
1,577
|
|
1,463
|
Research and
development expenses
|
520
|
|
472
|
Interest expense of
Financial Products
|
298
|
|
217
|
Other operating
(income) expenses
|
223
|
|
876
|
Total operating
costs
|
12,280
|
|
13,131
|
|
|
|
|
Operating profit
|
3,519
|
|
2,731
|
|
|
|
|
Interest expense
excluding Financial Products
|
143
|
|
129
|
Other income
(expense)
|
156
|
|
32
|
|
|
|
|
Consolidated profit before
taxes
|
3,532
|
|
2,634
|
|
|
|
|
Provision (benefit)
for income taxes
|
688
|
|
708
|
Profit of consolidated
companies
|
2,844
|
|
1,926
|
|
|
|
|
Equity in profit
(loss) of unconsolidated affiliated companies
|
10
|
|
16
|
|
|
|
|
Profit of consolidated and affiliated
companies
|
2,854
|
|
1,942
|
|
|
|
|
Less: Profit (loss)
attributable to noncontrolling interests
|
(2)
|
|
(1)
|
|
|
|
|
Profit 1
|
$
2,856
|
|
$
1,943
|
|
|
|
|
|
|
|
|
Profit per common share
|
$
5.78
|
|
$
3.76
|
Profit per common share — diluted
2
|
$
5.75
|
|
$
3.74
|
|
|
|
|
Weighted-average common shares outstanding
(millions)
|
|
|
|
– Basic
|
493.9
|
|
516.2
|
– Diluted 2
|
496.9
|
|
519.4
|
|
|
|
|
|
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,
2024
|
|
December 31,
2023
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
4,959
|
|
$
6,978
|
Receivables – trade
and other
|
9,296
|
|
9,310
|
Receivables –
finance
|
9,446
|
|
9,510
|
Prepaid expenses and
other current assets
|
3,010
|
|
4,586
|
Inventories
|
16,953
|
|
16,565
|
Total current
assets
|
43,664
|
|
46,949
|
|
|
|
|
Property, plant and
equipment – net
|
12,538
|
|
12,680
|
Long-term receivables
– trade and other
|
1,200
|
|
1,238
|
Long-term receivables
– finance
|
12,531
|
|
12,664
|
Noncurrent deferred
and refundable income taxes
|
2,860
|
|
2,816
|
Intangible
assets
|
516
|
|
564
|
Goodwill
|
5,277
|
|
5,308
|
Other
assets
|
5,155
|
|
5,257
|
Total assets
|
$
83,741
|
|
$
87,476
|
|
|
|
|
Liabilities
|
|
|
|
Current
liabilities:
|
|
|
|
Short-term
borrowings:
|
|
|
|
-- Machinery, Energy
& Transportation
|
$
—
|
|
$
—
|
-- Financial
Products
|
3,568
|
|
4,643
|
Accounts
payable
|
7,778
|
|
7,906
|
Accrued
expenses
|
4,821
|
|
4,958
|
Accrued wages,
salaries and employee benefits
|
1,291
|
|
2,757
|
Customer
advances
|
2,194
|
|
1,929
|
Dividends
payable
|
—
|
|
649
|
Other current
liabilities
|
3,265
|
|
3,123
|
Long-term debt due
within one year:
|
|
|
|
-- Machinery, Energy
& Transportation
|
1,045
|
|
1,044
|
-- Financial
Products
|
8,409
|
|
7,719
|
Total current
liabilities
|
32,371
|
|
34,728
|
|
|
|
|
Long-term debt due
after one year:
|
|
|
|
-- Machinery, Energy
& Transportation
|
8,539
|
|
8,579
|
-- Financial
Products
|
16,292
|
|
15,893
|
Liability for
postemployment benefits
|
4,068
|
|
4,098
|
Other
liabilities
|
4,826
|
|
4,675
|
Total liabilities
|
66,096
|
|
67,973
|
|
|
|
|
Shareholders' equity
|
|
|
|
Common
stock
|
5,663
|
|
6,403
|
Treasury
stock
|
(40,039)
|
|
(36,339)
|
Profit employed in the
business
|
54,108
|
|
51,250
|
Accumulated other
comprehensive income (loss)
|
(2,093)
|
|
(1,820)
|
Noncontrolling
interests
|
6
|
|
9
|
Total shareholders' equity
|
17,645
|
|
19,503
|
Total liabilities and shareholders'
equity
|
$
83,741
|
|
$
87,476
|
Caterpillar
Inc.
Condensed
Consolidated Statement of Cash Flow
(Unaudited)
(Millions of
dollars)
|
|
|
Three Months Ended
March 31,
|
|
2024
|
|
2023
|
Cash flow from operating
activities:
|
|
|
|
Profit of consolidated
and affiliated companies
|
$
2,854
|
|
$
1,942
|
Adjustments to
reconcile profit to net cash provided by operating
activities:
|
|
|
|
Depreciation and
amortization
|
524
|
|
532
|
Provision (benefit)
for deferred income taxes
|
(54)
|
|
(191)
|
(Gain) loss on
divestiture
|
(64)
|
|
572
|
Other
|
(5)
|
|
117
|
Changes in assets and
liabilities, net of acquisitions and divestitures:
|
|
|
|
Receivables – trade
and other
|
(81)
|
|
(329)
|
Inventories
|
(439)
|
|
(1,403)
|
Accounts
payable
|
203
|
|
477
|
Accrued
expenses
|
(38)
|
|
38
|
Accrued wages,
salaries and employee benefits
|
(1,454)
|
|
(950)
|
Customer
advances
|
279
|
|
365
|
Other assets –
net
|
60
|
|
107
|
Other liabilities –
net
|
267
|
|
296
|
Net cash provided by
(used for) operating activities
|
2,052
|
|
1,573
|
Cash flow from investing
activities:
|
|
|
|
Capital expenditures –
excluding equipment leased to others
|
(500)
|
|
(422)
|
Expenditures for
equipment leased to others
|
(236)
|
|
(328)
|
Proceeds from
disposals of leased assets and property, plant and
equipment
|
155
|
|
184
|
Additions to finance
receivables
|
(3,256)
|
|
(3,020)
|
Collections of finance
receivables
|
3,140
|
|
3,169
|
Proceeds from sale of
finance receivables
|
13
|
|
24
|
Investments and
acquisitions (net of cash acquired)
|
—
|
|
(5)
|
Proceeds from sale of
businesses and investments (net of cash sold)
|
42
|
|
(14)
|
Proceeds from
maturities and sale of securities
|
1,867
|
|
239
|
Investments in
securities
|
(275)
|
|
(536)
|
Other – net
|
8
|
|
26
|
Net cash provided by
(used for) investing activities
|
958
|
|
(683)
|
Cash flow from financing
activities:
|
|
|
|
Dividends
paid
|
(648)
|
|
(620)
|
Common stock issued,
including treasury shares reissued
|
(8)
|
|
(25)
|
Common shares
repurchased
|
(4,455)
|
|
(400)
|
Proceeds from debt
issued (original maturities greater than three months)
|
2,731
|
|
1,517
|
Payments on debt
(original maturities greater than three months)
|
(1,570)
|
|
(1,475)
|
Short-term borrowings
– net (original maturities three months or less)
|
(1,050)
|
|
(103)
|
Net cash provided by
(used for) financing activities
|
(5,000)
|
|
(1,106)
|
Effect of exchange rate
changes on cash
|
(30)
|
|
(1)
|
Increase (decrease) in cash, cash equivalents and
restricted cash
|
(2,020)
|
|
(217)
|
Cash, cash equivalents
and restricted cash at beginning of period
|
6,985
|
|
7,013
|
Cash, cash equivalents
and restricted cash at end of period
|
$
4,965
|
|
$
6,796
|
|
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, 2024
(Unaudited)
(Millions of
dollars)
|
|
|
|
|
Supplemental Consolidating Data
|
|
|
Consolidated
|
|
Machinery,
Energy &
Transportation
|
|
Financial
Products
|
|
Consolidating
Adjustments
|
|
Sales and revenues:
|
|
|
|
|
|
|
|
|
Sales of Machinery,
Energy & Transportation
|
$
14,960
|
|
$
14,960
|
|
$
—
|
|
$
—
|
|
Revenues of Financial
Products
|
839
|
|
—
|
|
1,029
|
|
(190)
|
1
|
Total sales and
revenues
|
15,799
|
|
14,960
|
|
1,029
|
|
(190)
|
|
|
|
|
|
|
|
|
|
|
Operating costs:
|
|
|
|
|
|
|
|
|
Cost of goods
sold
|
9,662
|
|
9,664
|
|
—
|
|
(2)
|
2
|
Selling, general and
administrative expenses
|
1,577
|
|
1,413
|
|
178
|
|
(14)
|
2
|
Research and
development expenses
|
520
|
|
520
|
|
—
|
|
—
|
|
Interest expense of
Financial Products
|
298
|
|
—
|
|
298
|
|
—
|
|
Other operating
(income) expenses
|
223
|
|
(41)
|
|
285
|
|
(21)
|
2
|
Total operating
costs
|
12,280
|
|
11,556
|
|
761
|
|
(37)
|
|
|
|
|
|
|
|
|
|
|
Operating profit
|
3,519
|
|
3,404
|
|
268
|
|
(153)
|
|
|
|
|
|
|
|
|
|
|
Interest expense
excluding Financial Products
|
143
|
|
143
|
|
—
|
|
—
|
|
Other income
(expense)
|
156
|
|
(20)
|
|
23
|
|
153
|
3
|
|
|
|
|
|
|
|
|
|
Consolidated profit before
taxes
|
3,532
|
|
3,241
|
|
291
|
|
—
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit)
for income taxes
|
688
|
|
615
|
|
73
|
|
—
|
|
Profit of consolidated
companies
|
2,844
|
|
2,626
|
|
218
|
|
—
|
|
|
|
|
|
|
|
|
|
|
Equity in profit
(loss) of unconsolidated affiliated companies
|
10
|
|
10
|
|
—
|
|
—
|
|
|
|
|
|
|
|
|
|
|
Profit of consolidated and affiliated
companies
|
2,854
|
|
2,636
|
|
218
|
|
—
|
|
|
|
|
|
|
|
|
|
|
Less: Profit (loss)
attributable to noncontrolling interests
|
(2)
|
|
(3)
|
|
1
|
|
—
|
|
|
|
|
|
|
|
|
|
|
Profit 4
|
$
2,856
|
|
$
2,639
|
|
$
217
|
|
$
—
|
|
|
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
|
Profit attributable
to common shareholders.
|
Caterpillar
Inc.
Supplemental Data
for Results of Operations
For the Three
Months Ended March 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
|
$
15,099
|
|
$
15,099
|
|
$
—
|
|
$
—
|
|
Revenues of Financial
Products
|
763
|
|
—
|
|
935
|
|
(172)
|
1
|
Total sales and
revenues
|
15,862
|
|
15,099
|
|
935
|
|
(172)
|
|
|
|
|
|
|
|
|
|
|
Operating costs:
|
|
|
|
|
|
|
|
|
Cost of goods
sold
|
10,103
|
|
10,104
|
|
—
|
|
(1)
|
2
|
Selling, general and
administrative expenses
|
1,463
|
|
1,320
|
|
158
|
|
(15)
|
2
|
Research and
development expenses
|
472
|
|
472
|
|
—
|
|
—
|
|
Interest expense of
Financial Products
|
217
|
|
—
|
|
217
|
|
—
|
|
Other operating
(income) expenses
|
876
|
|
589
|
|
303
|
|
(16)
|
2
|
Total operating
costs
|
13,131
|
|
12,485
|
|
678
|
|
(32)
|
|
|
|
|
|
|
|
|
|
|
Operating profit
|
2,731
|
|
2,614
|
|
257
|
|
(140)
|
|
|
|
|
|
|
|
|
|
|
Interest expense
excluding Financial Products
|
129
|
|
129
|
|
—
|
|
—
|
|
Other income
(expense)
|
32
|
|
(14)
|
|
(19)
|
|
65
|
3
|
|
|
|
|
|
|
|
|
|
Consolidated profit before
taxes
|
2,634
|
|
2,471
|
|
238
|
|
(75)
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit)
for income taxes
|
708
|
|
648
|
|
60
|
|
—
|
|
Profit of consolidated
companies
|
1,926
|
|
1,823
|
|
178
|
|
(75)
|
|
|
|
|
|
|
|
|
|
|
Equity in profit
(loss) of unconsolidated affiliated companies
|
16
|
|
19
|
|
—
|
|
(3)
|
4
|
|
|
|
|
|
|
|
|
|
Profit of consolidated and affiliated
companies
|
1,942
|
|
1,842
|
|
178
|
|
(78)
|
|
|
|
|
|
|
|
|
|
|
Less: Profit (loss)
attributable to noncontrolling interests
|
(1)
|
|
—
|
|
2
|
|
(3)
|
5
|
|
|
|
|
|
|
|
|
|
Profit 6
|
$
1,943
|
|
$
1,842
|
|
$
176
|
|
$
(75)
|
|
|
1
|
Elimination of
Financial Products' revenues earned from ME&T.
|
2
|
Elimination of net
expenses recorded by ME&T paid to Financial
Products.
|
3
|
Elimination of
discount recorded by ME&T on receivables sold to Financial
Products and of interest earned between ME&T and Financial
Products as well as dividends paid by Financial Products to
ME&T.
|
4
|
Elimination of equity
profit (loss) earned from Financial Products' subsidiaries
partially owned by ME&T subsidiaries.
|
5
|
Elimination of
noncontrolling interest profit (loss) recorded by Financial
Products for subsidiaries partially owned by ME&T
subsidiaries.
|
6
|
Profit attributable
to common shareholders.
|
Caterpillar
Inc.
Supplemental Data
for Financial Position
At March 31,
2024
(Unaudited)
(Millions of
dollars)
|
|
|
|
|
Supplemental Consolidating Data
|
|
|
Consolidated
|
|
Machinery,
Energy &
Transportation
|
|
Financial
Products
|
|
Consolidating
Adjustments
|
|
Assets
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
4,959
|
|
$
3,963
|
|
$
996
|
|
$
—
|
|
Receivables – trade
and other
|
9,296
|
|
3,814
|
|
658
|
|
4,824
|
1,2
|
Receivables –
finance
|
9,446
|
|
—
|
|
14,509
|
|
(5,063)
|
2
|
Prepaid expenses and
other current assets
|
3,010
|
|
2,665
|
|
379
|
|
(34)
|
3
|
Inventories
|
16,953
|
|
16,953
|
|
—
|
|
—
|
|
Total current
assets
|
43,664
|
|
27,395
|
|
16,542
|
|
(273)
|
|
|
|
|
|
|
|
|
|
|
Property, plant and
equipment – net
|
12,538
|
|
8,647
|
|
3,891
|
|
—
|
|
Long-term receivables
– trade and other
|
1,200
|
|
538
|
|
57
|
|
605
|
1,2
|
Long-term receivables
– finance
|
12,531
|
|
—
|
|
13,191
|
|
(660)
|
2
|
Noncurrent deferred
and refundable income taxes
|
2,860
|
|
3,382
|
|
138
|
|
(660)
|
4
|
Intangible
assets
|
516
|
|
516
|
|
—
|
|
—
|
|
Goodwill
|
5,277
|
|
5,277
|
|
—
|
|
—
|
|
Other
assets
|
5,155
|
|
4,081
|
|
2,117
|
|
(1,043)
|
5
|
Total assets
|
$
83,741
|
|
$
49,836
|
|
$
35,936
|
|
$
(2,031)
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Short-term
borrowings
|
$
3,568
|
|
$
—
|
|
$
3,568
|
|
$
—
|
|
Accounts
payable
|
7,778
|
|
7,699
|
|
337
|
|
(258)
|
6,7
|
Accrued
expenses
|
4,821
|
|
4,287
|
|
534
|
|
—
|
|
Accrued wages,
salaries and employee benefits
|
1,291
|
|
1,262
|
|
29
|
|
—
|
|
Customer
advances
|
2,194
|
|
2,173
|
|
2
|
|
19
|
7
|
Other current
liabilities
|
3,265
|
|
2,601
|
|
725
|
|
(61)
|
4,8
|
Long-term debt due
within one year
|
9,454
|
|
1,045
|
|
8,409
|
|
—
|
|
Total current
liabilities
|
32,371
|
|
19,067
|
|
13,604
|
|
(300)
|
|
|
|
|
|
|
|
|
|
|
Long-term debt due
after one year
|
24,831
|
|
8,594
|
|
16,292
|
|
(55)
|
9
|
Liability for
postemployment benefits
|
4,068
|
|
4,068
|
|
—
|
|
—
|
|
Other
liabilities
|
4,826
|
|
3,979
|
|
1,553
|
|
(706)
|
4
|
Total liabilities
|
66,096
|
|
35,708
|
|
31,449
|
|
(1,061)
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
|
|
|
|
|
|
|
|
Common
stock
|
5,663
|
|
5,663
|
|
905
|
|
(905)
|
10
|
Treasury
stock
|
(40,039)
|
|
(40,039)
|
|
—
|
|
—
|
|
Profit employed in the
business
|
54,108
|
|
49,422
|
|
4,674
|
|
12
|
10
|
Accumulated other
comprehensive income (loss)
|
(2,093)
|
|
(926)
|
|
(1,167)
|
|
—
|
|
Noncontrolling
interests
|
6
|
|
8
|
|
75
|
|
(77)
|
10
|
Total shareholders' equity
|
17,645
|
|
14,128
|
|
4,487
|
|
(970)
|
|
Total liabilities and shareholders'
equity
|
$
83,741
|
|
$
49,836
|
|
$
35,936
|
|
$
(2,031)
|
|
|
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, 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 Cash Flow
For the Three
Months Ended March 31, 2024
(Unaudited)
(Millions of
dollars)
|
|
|
|
|
Supplemental Consolidating Data
|
|
|
Consolidated
|
|
Machinery,
Energy &
Transportation
|
|
Financial
Products
|
|
Consolidating
Adjustments
|
|
Cash flow from operating
activities:
|
|
|
|
|
|
|
|
|
Profit of consolidated
and affiliated companies
|
$
2,854
|
|
$
2,636
|
|
$
218
|
|
$
—
|
|
Adjustments to
reconcile profit to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
524
|
|
328
|
|
196
|
|
—
|
|
Provision (benefit)
for deferred income taxes
|
(54)
|
|
(23)
|
|
(31)
|
|
—
|
|
(Gain) loss on
divestiture
|
(64)
|
|
(64)
|
|
—
|
|
—
|
|
Other
|
(5)
|
|
(16)
|
|
(120)
|
|
131
|
1
|
Changes in assets and
liabilities, net of acquisitions and divestitures:
|
|
|
|
|
|
|
|
|
Receivables – trade
and other
|
(81)
|
|
111
|
|
(40)
|
|
(152)
|
1,2
|
Inventories
|
(439)
|
|
(434)
|
|
—
|
|
(5)
|
1
|
Accounts
payable
|
203
|
|
179
|
|
30
|
|
(6)
|
1
|
Accrued
expenses
|
(38)
|
|
(47)
|
|
9
|
|
—
|
|
Accrued wages,
salaries and employee benefits
|
(1,454)
|
|
(1,422)
|
|
(32)
|
|
—
|
|
Customer
advances
|
279
|
|
279
|
|
—
|
|
—
|
|
Other assets –
net
|
60
|
|
102
|
|
3
|
|
(45)
|
1
|
Other liabilities –
net
|
267
|
|
142
|
|
75
|
|
50
|
1
|
Net cash provided by
(used for) operating activities
|
2,052
|
|
1,771
|
|
308
|
|
(27)
|
|
Cash flow from investing
activities:
|
|
|
|
|
|
|
|
|
Capital expenditures –
excluding equipment leased to others
|
(500)
|
|
(493)
|
|
(8)
|
|
1
|
1
|
Expenditures for
equipment leased to others
|
(236)
|
|
(9)
|
|
(233)
|
|
6
|
1
|
Proceeds from
disposals of leased assets and property, plant and
equipment
|
155
|
|
5
|
|
152
|
|
(2)
|
1
|
Additions to finance
receivables
|
(3,256)
|
|
—
|
|
(3,573)
|
|
317
|
2
|
Collections of finance
receivables
|
3,140
|
|
—
|
|
3,572
|
|
(432)
|
2
|
Net intercompany
purchased receivables
|
—
|
|
—
|
|
(137)
|
|
137
|
2
|
Proceeds from sale of
finance receivables
|
13
|
|
—
|
|
13
|
|
—
|
|
Net intercompany
borrowings
|
—
|
|
—
|
|
3
|
|
(3)
|
3
|
Investments and
acquisitions (net of cash acquired)
|
—
|
|
—
|
|
—
|
|
—
|
|
Proceeds from sale of
businesses and investments (net of cash sold)
|
42
|
|
42
|
|
—
|
|
—
|
|
Proceeds from
maturities and sale of securities
|
1,867
|
|
1,797
|
|
70
|
|
—
|
|
Investments in
securities
|
(275)
|
|
(148)
|
|
(127)
|
|
—
|
|
Other – net
|
8
|
|
31
|
|
(23)
|
|
—
|
|
Net cash provided by
(used for) investing activities
|
958
|
|
1,225
|
|
(291)
|
|
24
|
|
Cash flow from financing
activities:
|
|
|
|
|
|
|
|
|
Dividends
paid
|
(648)
|
|
(648)
|
|
—
|
|
—
|
|
Common stock issued,
including treasury shares reissued
|
(8)
|
|
(8)
|
|
—
|
|
—
|
|
Common shares
repurchased
|
(4,455)
|
|
(4,455)
|
|
—
|
|
—
|
|
Net intercompany
borrowings
|
—
|
|
(3)
|
|
—
|
|
3
|
3
|
Proceeds from debt
issued > 90 days
|
2,731
|
|
—
|
|
2,731
|
|
—
|
|
Payments on debt >
90 days
|
(1,570)
|
|
(6)
|
|
(1,564)
|
|
—
|
|
Short-term borrowings
– net < 90 days
|
(1,050)
|
|
—
|
|
(1,050)
|
|
—
|
|
Net cash provided by
(used for) financing activities
|
(5,000)
|
|
(5,120)
|
|
117
|
|
3
|
|
Effect of exchange rate
changes on cash
|
(30)
|
|
(20)
|
|
(10)
|
|
—
|
|
Increase (decrease) in cash, cash equivalents and
restricted cash
|
(2,020)
|
|
(2,144)
|
|
124
|
|
—
|
|
Cash, cash equivalents
and restricted cash at beginning of period
|
6,985
|
|
6,111
|
|
874
|
|
—
|
|
Cash, cash equivalents
and restricted cash at end of period
|
$
4,965
|
|
$
3,967
|
|
$
998
|
|
$
—
|
|
|
1
|
Elimination of non-cash
adjustments and changes in assets and liabilities related to
consolidated reporting.
|
2
|
Reclassification of
Financial Products' cash flow activity from investing to operating
for receivables that arose from the sale of inventory.
|
3
|
Elimination of net
proceeds and payments to/from ME&T and Financial
Products.
|
Caterpillar
Inc.
Supplemental Data
for Cash Flow
For the Three
Months Ended March 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
|
$
1,942
|
|
$
1,842
|
|
$
178
|
|
$
(78)
|
1,5
|
Adjustments to
reconcile profit to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
532
|
|
342
|
|
190
|
|
—
|
|
Provision (benefit)
for deferred income taxes
|
(191)
|
|
(169)
|
|
(22)
|
|
—
|
|
(Gain) loss on
divestiture
|
572
|
|
572
|
|
—
|
|
—
|
|
Other
|
117
|
|
124
|
|
(143)
|
|
136
|
2
|
Changes in assets and
liabilities, net of acquisitions and divestitures:
|
|
|
|
|
|
|
|
|
Receivables – trade
and other
|
(329)
|
|
205
|
|
14
|
|
(548)
|
2,3
|
Inventories
|
(1,403)
|
|
(1,402)
|
|
—
|
|
(1)
|
2
|
Accounts
payable
|
477
|
|
465
|
|
34
|
|
(22)
|
2
|
Accrued
expenses
|
38
|
|
6
|
|
32
|
|
—
|
|
Accrued wages,
salaries and employee benefits
|
(950)
|
|
(928)
|
|
(22)
|
|
—
|
|
Customer
advances
|
365
|
|
365
|
|
—
|
|
—
|
|
Other assets –
net
|
107
|
|
223
|
|
4
|
|
(120)
|
2
|
Other liabilities –
net
|
296
|
|
134
|
|
37
|
|
125
|
2
|
Net cash provided by
(used for) operating activities
|
1,573
|
|
1,779
|
|
302
|
|
(508)
|
|
Cash flow from investing
activities:
|
|
|
|
|
|
|
|
|
Capital expenditures –
excluding equipment leased to others
|
(422)
|
|
(414)
|
|
(9)
|
|
1
|
2
|
Expenditures for
equipment leased to others
|
(328)
|
|
—
|
|
(330)
|
|
2
|
2
|
Proceeds from
disposals of leased assets and property, plant and
equipment
|
184
|
|
7
|
|
179
|
|
(2)
|
2
|
Additions to finance
receivables
|
(3,020)
|
|
—
|
|
(3,462)
|
|
442
|
3
|
Collections of finance
receivables
|
3,169
|
|
—
|
|
3,437
|
|
(268)
|
3
|
Net intercompany
purchased receivables
|
—
|
|
—
|
|
(258)
|
|
258
|
3
|
Proceeds from sale of
finance receivables
|
24
|
|
—
|
|
24
|
|
—
|
|
Net intercompany
borrowings
|
—
|
|
—
|
|
2
|
|
(2)
|
4
|
Investments and
acquisitions (net of cash acquired)
|
(5)
|
|
(5)
|
|
—
|
|
—
|
|
Proceeds from sale of
businesses and investments (net of cash sold)
|
(14)
|
|
(14)
|
|
—
|
|
—
|
|
Proceeds from sale of
securities
|
239
|
|
162
|
|
77
|
|
—
|
|
Investments in
securities
|
(536)
|
|
(433)
|
|
(103)
|
|
—
|
|
Other – net
|
26
|
|
27
|
|
(1)
|
|
—
|
|
Net cash provided by
(used for) investing activities
|
(683)
|
|
(670)
|
|
(444)
|
|
431
|
|
Cash flow from financing
activities:
|
|
|
|
|
|
|
|
|
Dividends
paid
|
(620)
|
|
(620)
|
|
(75)
|
|
75
|
5
|
Common stock issued,
including treasury shares reissued
|
(25)
|
|
(25)
|
|
—
|
|
—
|
|
Common shares
repurchased
|
(400)
|
|
(400)
|
|
—
|
|
—
|
|
Net intercompany
borrowings
|
—
|
|
(2)
|
|
—
|
|
2
|
4
|
Proceeds from debt
issued > 90 days
|
1,517
|
|
—
|
|
1,517
|
|
—
|
|
Payments on debt >
90 days
|
(1,475)
|
|
(90)
|
|
(1,385)
|
|
—
|
|
Short-term borrowings
– net < 90 days
|
(103)
|
|
(3)
|
|
(100)
|
|
—
|
|
Net cash provided by
(used for) financing activities
|
(1,106)
|
|
(1,140)
|
|
(43)
|
|
77
|
|
Effect of exchange rate
changes on cash
|
(1)
|
|
4
|
|
(5)
|
|
—
|
|
Increase (decrease) in cash, cash equivalents and
restricted cash
|
(217)
|
|
(27)
|
|
(190)
|
|
—
|
|
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
|
$
6,796
|
|
$
6,022
|
|
$
774
|
|
$
—
|
|
|
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.