- First-quarter 2023 sales and revenues increased 17% to
$15.9 billion
- First-quarter 2023 profit per share of $3.74; adjusted profit per share of $4.91
- Returned $1.0 billion to
shareholders through dividends and share repurchases in the
quarter
|
|
First
Quarter
|
($ in billions except
profit per share)
|
|
2023
|
2022
|
Sales and
Revenues
|
|
$15.9
|
$13.6
|
Profit Per
Share
|
|
$3.74
|
$2.86
|
Adjusted Profit Per
Share
|
|
$4.91
|
$2.88
|
IRVING,
Texas, April 27, 2023 /PRNewswire/ --
Caterpillar Inc. (NYSE: CAT) announced first-quarter 2023 sales
and revenues of $15.9 billion, a 17%
increase compared with $13.6 billion
in the first quarter of 2022. The increase was primarily due to
favorable price realization and higher sales volume.
Operating profit margin was 17.2% for the first quarter of 2023,
compared with 13.7% for the first quarter of 2022. Adjusted
operating profit margin was 21.1% for the first quarter of 2023,
compared with 13.7% for the first quarter of 2022.
First-quarter 2023 profit per share was $3.74, compared with first-quarter 2022 profit
per share of $2.86. Adjusted profit
per share in the first quarter of 2023 was $4.91, compared with first-quarter 2022 adjusted
profit per share of $2.88. In the
first quarter of 2023 and 2022, adjusted operating profit margin
and adjusted profit per share excluded restructuring costs.
First-quarter 2023 restructuring costs included the impact of the
divestiture of the company's Longwall business. Please see a
reconciliation of GAAP to non-GAAP financial measures in the
appendix on page 13.
For the three months ended March 31,
2023, enterprise operating cash flow was $1.6 billion, and the company ended the first
quarter with $6.8 billion of
enterprise cash. In the quarter, the company paid dividends of
$0.6 billion and repurchased
$0.4 billion of Caterpillar common
stock.
"I'd like to thank our global team for their strong operational
performance while serving healthy demand during the first quarter.
We achieved double-digit top-line growth and record adjusted profit
per share while generating strong ME&T free cash flow," said
Jim Umpleby, Chairman and CEO. "Our
team remains focused on supporting our customers as we execute our
strategy for long-term profitable growth."
CONSOLIDATED RESULTS
Consolidated Sales and Revenues
Consolidated Sales and Revenues Comparison
First
Quarter 2023 vs. First Quarter 2022
To access this chart, go to
https://investors.caterpillar.com/financials/quarterly-results/default.aspx
for the downloadable version of Caterpillar first-quarter 2023
earnings.
The chart above graphically illustrates reasons for the change
in consolidated sales and revenues between the first quarter of
2022 (at left) and the first 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 first quarter of 2023 were
$15.862 billion, an increase of
$2.273 billion, or 17%, compared with
$13.589 billion in the first quarter
of 2022. The increase was due to favorable price realization and
higher sales volume, partially offset by unfavorable currency
impacts primarily related to the euro, Japanese yen and Australian
dollar. The increase in sales volume was driven by higher sales of
equipment to end users, partially offset by lower services sales
volume.
Sales were higher across the three primary segments.
Sales and Revenues
by Segment
|
(Millions of dollars)
|
First
Quarter
2022
|
|
Sales
Volume
|
|
Price
Realization
|
|
Currency
|
|
Inter-
Segment /
Other
|
|
First
Quarter
2023
|
|
$
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction
Industries
|
$
6,115
|
|
$
(173)
|
|
$
942
|
|
$
(151)
|
|
$
13
|
|
$
6,746
|
|
$
631
|
|
10 %
|
Resource
Industries
|
2,830
|
|
157
|
|
472
|
|
(29)
|
|
(3)
|
|
3,427
|
|
597
|
|
21 %
|
Energy &
Transportation
|
5,038
|
|
621
|
|
480
|
|
(78)
|
|
193
|
|
6,254
|
|
1,216
|
|
24 %
|
All Other
Segment
|
118
|
|
(2)
|
|
—
|
|
(1)
|
|
(4)
|
|
111
|
|
(7)
|
|
(6 %)
|
Corporate Items and
Eliminations
|
(1,215)
|
|
(26)
|
|
—
|
|
1
|
|
(199)
|
|
(1,439)
|
|
(224)
|
|
|
Machinery, Energy
& Transportation
|
12,886
|
|
577
|
|
1,894
|
|
(258)
|
|
—
|
|
15,099
|
|
2,213
|
|
17 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Products
Segment
|
783
|
|
—
|
|
—
|
|
—
|
|
119
|
|
902
|
|
119
|
|
15 %
|
Corporate Items and
Eliminations
|
(80)
|
|
—
|
|
—
|
|
—
|
|
(59)
|
|
(139)
|
|
(59)
|
|
|
Financial
Products Revenues
|
703
|
|
—
|
|
—
|
|
—
|
|
60
|
|
763
|
|
60
|
|
9 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Sales
and Revenues
|
$
13,589
|
|
$
577
|
|
$
1,894
|
|
$
(258)
|
|
$
60
|
|
$
15,862
|
|
$
2,273
|
|
17 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction
Industries
|
$
3,608
|
|
33 %
|
|
$ 599
|
|
(4 %)
|
|
$
1,336
|
|
5 %
|
|
$
1,161
|
|
(21 %)
|
|
$
6,704
|
|
10 %
|
|
$ 42
|
|
45 %
|
|
$
6,746
|
|
10 %
|
Resource
Industries
|
1,308
|
|
28 %
|
|
474
|
|
19 %
|
|
599
|
|
1 %
|
|
978
|
|
31 %
|
|
3,359
|
|
22 %
|
|
68
|
|
(4 %)
|
|
3,427
|
|
21 %
|
Energy &
Transportation
|
2,572
|
|
33 %
|
|
380
|
|
23 %
|
|
1,384
|
|
17 %
|
|
719
|
|
20 %
|
|
5,055
|
|
25 %
|
|
1,199
|
|
19 %
|
|
6,254
|
|
24 %
|
All Other
Segment
|
18
|
|
— %
|
|
—
|
|
— %
|
|
4
|
|
(20 %)
|
|
13
|
|
(19 %)
|
|
35
|
|
(10 %)
|
|
76
|
|
(4 %)
|
|
111
|
|
(6 %)
|
Corporate Items and
Eliminations
|
(48)
|
|
|
|
—
|
|
|
|
(1)
|
|
|
|
(5)
|
|
|
|
(54)
|
|
|
|
(1,385)
|
|
|
|
(1,439)
|
|
|
Machinery, Energy
& Transportation
|
7,458
|
|
32 %
|
|
1,453
|
|
9 %
|
|
3,322
|
|
9 %
|
|
2,866
|
|
2 %
|
|
15,099
|
|
17 %
|
|
—
|
|
— %
|
|
15,099
|
|
17 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Products
Segment
|
575
|
|
14 %
|
|
104
|
|
42 %
|
|
114
|
|
19 %
|
|
109
|
|
(2 %)
|
|
902
|
|
15 %
|
|
—
|
|
— %
|
|
902
|
|
15 %
|
Corporate Items and
Eliminations
|
(83)
|
|
|
|
(18)
|
|
|
|
(18)
|
|
|
|
(20)
|
|
|
|
(139)
|
|
|
|
—
|
|
|
|
(139)
|
|
|
Financial
Products Revenues
|
492
|
|
5 %
|
|
86
|
|
54 %
|
|
96
|
|
10 %
|
|
89
|
|
(4 %)
|
|
763
|
|
9 %
|
|
—
|
|
— %
|
|
763
|
|
9 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Sales
and Revenues
|
$
7,950
|
|
30 %
|
|
$
1,539
|
|
10 %
|
|
$
3,418
|
|
9 %
|
|
$
2,955
|
|
1 %
|
|
$ 15,862
|
|
17 %
|
|
$
—
|
|
— %
|
|
$ 15,862
|
|
17 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction
Industries
|
$
2,720
|
|
|
|
$ 627
|
|
|
|
$
1,277
|
|
|
|
$
1,462
|
|
|
|
$
6,086
|
|
|
|
$ 29
|
|
|
|
$
6,115
|
|
|
Resource
Industries
|
1,018
|
|
|
|
399
|
|
|
|
594
|
|
|
|
748
|
|
|
|
2,759
|
|
|
|
71
|
|
|
|
2,830
|
|
|
Energy &
Transportation
|
1,938
|
|
|
|
310
|
|
|
|
1,184
|
|
|
|
600
|
|
|
|
4,032
|
|
|
|
1,006
|
|
|
|
5,038
|
|
|
All Other
Segment
|
18
|
|
|
|
—
|
|
|
|
5
|
|
|
|
16
|
|
|
|
39
|
|
|
|
79
|
|
|
|
118
|
|
|
Corporate Items and
Eliminations
|
(24)
|
|
|
|
1
|
|
|
|
(2)
|
|
|
|
(5)
|
|
|
|
(30)
|
|
|
|
(1,185)
|
|
|
|
(1,215)
|
|
|
Machinery, Energy
& Transportation
|
5,670
|
|
|
|
1,337
|
|
|
|
3,058
|
|
|
|
2,821
|
|
|
|
12,886
|
|
|
|
—
|
|
|
|
12,886
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Products
Segment
|
503
|
|
|
|
73
|
|
|
|
96
|
|
|
|
111
|
|
|
|
783
|
|
|
|
—
|
|
|
|
783
|
|
|
Corporate Items and
Eliminations
|
(36)
|
|
|
|
(17)
|
|
|
|
(9)
|
|
|
|
(18)
|
|
|
|
(80)
|
|
|
|
—
|
|
|
|
(80)
|
|
|
Financial
Products Revenues
|
467
|
|
|
|
56
|
|
|
|
87
|
|
|
|
93
|
|
|
|
703
|
|
|
|
—
|
|
|
|
703
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Sales
and Revenues
|
$
6,137
|
|
|
|
$
1,393
|
|
|
|
$
3,145
|
|
|
|
$
2,914
|
|
|
|
$ 13,589
|
|
|
|
$
—
|
|
|
|
$ 13,589
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Operating Profit
Consolidated Operating Profit Comparison
First
Quarter 2023 vs. First Quarter 2022
To access this chart, go to
https://investors.caterpillar.com/financials/quarterly-results/default.aspx
for the downloadable version of Caterpillar first-quarter 2023
earnings.
The chart above graphically illustrates reasons for the change
in consolidated operating profit between the first quarter of 2022
(at left) and the first 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
Longwall Divestiture is included in total restructuring costs. The
bar titled Other includes consolidating adjustments and Machinery,
Energy & Transportation's other operating (income)
expenses.
Operating profit for the first quarter of 2023 was $2.731 billion, an increase of $876 million, or 47%, compared with $1.855 billion in the first quarter of 2022. The
increase was primarily due to favorable price realization and
higher sales volume, partially offset by the impact of the
divestiture of the company's Longwall business and higher
manufacturing costs. Unfavorable manufacturing costs largely
reflected higher material costs.
In the first quarter of 2023, the divestiture of the company's
Longwall business was finalized, resulting in an unfavorable impact
to operating profit of $586 million,
primarily a non-cash item driven by the release of accumulated
foreign currency translation. This impact was included in total
restructuring costs.
Profit by
Segment
|
(Millions of dollars)
|
First Quarter
2023
|
|
First Quarter
2022
|
|
$
Change
|
|
%
Change
|
Construction
Industries
|
$
1,790
|
|
$
1,057
|
|
$
733
|
|
69 %
|
Resource
Industries
|
764
|
|
361
|
|
403
|
|
112 %
|
Energy &
Transportation
|
1,057
|
|
538
|
|
519
|
|
96 %
|
All Other
Segment
|
11
|
|
3
|
|
8
|
|
267 %
|
Corporate Items and
Eliminations
|
(1,008)
|
|
(244)
|
|
(764)
|
|
|
Machinery, Energy
& Transportation
|
2,614
|
|
1,715
|
|
899
|
|
52 %
|
|
|
|
|
|
|
|
|
Financial Products
Segment
|
232
|
|
238
|
|
(6)
|
|
(3 %)
|
Corporate Items and
Eliminations
|
25
|
|
(17)
|
|
42
|
|
|
Financial
Products
|
257
|
|
221
|
|
36
|
|
16 %
|
|
|
|
|
|
|
|
|
Consolidating
Adjustments
|
(140)
|
|
(81)
|
|
(59)
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Operating Profit
|
$
2,731
|
|
$
1,855
|
|
$
876
|
|
47 %
|
|
|
|
|
|
|
|
|
Other Profit/Loss and Tax Items
- Other income (expense) in the first quarter of 2023 was income
of $32 million, compared with income
of $253 million in the first quarter
of 2022. The change was primarily driven by unfavorable impacts
from foreign currency exchange, commodity hedges and pension and
other postemployment benefit (OPEB) plan costs, all partially
offset by higher investment and interest income.
- The provision for income taxes for the first quarter of 2023
reflected an estimated annual global tax rate of 23%, compared with
24% for the first quarter of 2022, excluding the discrete items
discussed below. The comparative tax rate for full-year 2022 was
approximately 23%.
The estimated annual global tax rate excludes the impact of the
nondeductible loss of $586 million
related to the divestiture of the company's Longwall business in
the first quarter of 2023. In addition, a discrete tax benefit of
$32 million was recorded in the first
quarter of 2023, compared with a $12
million benefit in the first quarter of 2022, for the
settlement of stock-based compensation awards with associated tax
deductions in excess of cumulative U.S. GAAP compensation
expense.
CONSTRUCTION
INDUSTRIES
|
(Millions of
dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
2022
|
|
Sales
Volume
|
|
Price
Realization
|
|
Currency
|
|
Inter-
Segment
|
|
First Quarter
2023
|
|
$
Change
|
|
%
Change
|
Total Sales
|
|
$
6,115
|
|
$
(173)
|
|
$
942
|
|
$
(151)
|
|
$
13
|
|
$
6,746
|
|
$ 631
|
|
10 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales by Geographic
Region
|
|
|
|
|
|
|
|
|
|
|
First Quarter
2023
|
|
First Quarter
2022
|
|
$
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
North
America
|
|
$
3,608
|
|
$
2,720
|
|
$
888
|
|
33 %
|
|
|
|
|
|
|
|
|
Latin
America
|
|
599
|
|
627
|
|
(28)
|
|
(4 %)
|
|
|
|
|
|
|
|
|
EAME
|
|
1,336
|
|
1,277
|
|
59
|
|
5 %
|
|
|
|
|
|
|
|
|
Asia/Pacific
|
|
1,161
|
|
1,462
|
|
(301)
|
|
(21 %)
|
|
|
|
|
|
|
|
|
External
Sales
|
|
6,704
|
|
6,086
|
|
618
|
|
10 %
|
|
|
|
|
|
|
|
|
Inter-segment
|
|
42
|
|
29
|
|
13
|
|
45 %
|
|
|
|
|
|
|
|
|
Total Sales
|
|
$
6,746
|
|
$
6,115
|
|
$
631
|
|
10 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
|
|
|
|
|
|
|
|
|
First Quarter
2023
|
|
First Quarter
2022
|
|
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
$
1,790
|
|
$
1,057
|
|
$
733
|
|
69 %
|
|
|
|
|
|
|
|
|
Segment Profit
Margin
|
|
26.5 %
|
|
17.3 %
|
|
9.2 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction Industries' total sales were $6.746 billion in the first quarter of 2023, an
increase of $631 million, or 10%,
compared with $6.115 billion in the
first quarter of 2022. The increase was due to favorable price
realization, partially offset by lower sales volume and unfavorable
currency impacts primarily related to the Japanese yen, euro and
Chinese yuan. The decrease in sales volume was driven by the impact
from changes in dealer inventories. Dealer inventory increased more
during the first quarter of 2022 than during the first quarter of
2023.
- In North America, sales
increased due to favorable price realization and higher sales
volume. Higher sales volume was 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 2022.
- Sales decreased in Latin
America primarily due to lower sales volume, partially
offset by favorable price realization. Lower sales volume was
driven by the impact from changes in dealer inventories. Dealer
inventory increased during the first quarter of 2022, compared with
a decrease during the first quarter of 2023.
- In EAME, sales increased primarily due to favorable price
realization, partially offset by unfavorable currency impacts,
mainly related to the euro.
- Sales decreased in Asia/Pacific primarily due to lower sales
volume and unfavorable currency impacts, primarily related to the
Japanese yen and Chinese yuan, partially offset by favorable price
realization. Lower sales volume was driven by the impact from
changes in dealer inventories and lower sales of equipment to end
users. Dealer inventory increased more during the first quarter of
2022 than during the first quarter of 2023.
Construction Industries' profit was $1.790 billion in the first quarter of 2023, an
increase of $733 million, or 69%,
compared with $1.057 billion in the
first quarter of 2022. The increase was mainly due to favorable
price realization, partially offset by lower sales volume,
including an unfavorable mix of products, and unfavorable
manufacturing costs. Unfavorable manufacturing costs largely
reflected higher material costs.
RESOURCE
INDUSTRIES
|
(Millions of
dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
2022
|
|
Sales
Volume
|
|
Price
Realization
|
|
Currency
|
|
Inter-
Segment
|
|
First Quarter
2023
|
|
$
Change
|
|
%
Change
|
Total Sales
|
|
$
2,830
|
|
$
157
|
|
$
472
|
|
$
(29)
|
|
$
(3)
|
|
$
3,427
|
|
$ 597
|
|
21 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales by Geographic
Region
|
|
|
|
|
|
|
|
|
|
|
First Quarter
2023
|
|
First Quarter
2022
|
|
$
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
North
America
|
|
$
1,308
|
|
$
1,018
|
|
$
290
|
|
28 %
|
|
|
|
|
|
|
|
|
Latin
America
|
|
474
|
|
399
|
|
75
|
|
19 %
|
|
|
|
|
|
|
|
|
EAME
|
|
599
|
|
594
|
|
5
|
|
1 %
|
|
|
|
|
|
|
|
|
Asia/Pacific
|
|
978
|
|
748
|
|
230
|
|
31 %
|
|
|
|
|
|
|
|
|
External
Sales
|
|
3,359
|
|
2,759
|
|
600
|
|
22 %
|
|
|
|
|
|
|
|
|
Inter-segment
|
|
68
|
|
71
|
|
(3)
|
|
(4 %)
|
|
|
|
|
|
|
|
|
Total Sales
|
|
$
3,427
|
|
$
2,830
|
|
$
597
|
|
21 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
|
|
|
|
|
|
|
|
|
First Quarter
2023
|
|
First Quarter
2022
|
|
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
$
764
|
|
$
361
|
|
$
403
|
|
112 %
|
|
|
|
|
|
|
|
|
Segment Profit
Margin
|
|
22.3 %
|
|
12.8 %
|
|
9.5 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Resource Industries' total sales were $3.427 billion in the first quarter of 2023, an
increase of $597 million, or 21%,
compared with $2.830 billion in the
first quarter of 2022. The increase was primarily due to favorable
price realization and higher sales volume. The increase in sales
volume was due to higher sales of equipment to end users, partially
offset by lower aftermarket parts sales volume.
Resource Industries' profit was $764
million in the first quarter of 2023, an increase of
$403 million, or 112%, compared with
$361 million in the first quarter of
2022. The increase was mainly due to favorable price realization
and higher sales volume, partially offset by unfavorable
manufacturing costs. Unfavorable manufacturing costs largely
reflected higher material costs.
ENERGY &
TRANSPORTATION
|
(Millions of
dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
2022
|
|
Sales
Volume
|
|
Price
Realization
|
|
Currency
|
|
Inter-
Segment
|
|
First Quarter
2023
|
|
$
Change
|
|
%
Change
|
Total Sales
|
|
$
5,038
|
|
$
621
|
|
$
480
|
|
$
(78)
|
|
$
193
|
|
$
6,254
|
|
$
1,216
|
|
24 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales by
Application
|
|
|
|
|
|
|
|
|
|
|
First Quarter
2023
|
|
First Quarter
2022
|
|
$
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
Oil and Gas
|
|
$
1,314
|
|
$
948
|
|
$
366
|
|
39 %
|
|
|
|
|
|
|
|
|
Power
Generation
|
|
1,284
|
|
1,012
|
|
272
|
|
27 %
|
|
|
|
|
|
|
|
|
Industrial
|
|
1,255
|
|
1,020
|
|
235
|
|
23 %
|
|
|
|
|
|
|
|
|
Transportation
|
|
1,202
|
|
1,052
|
|
150
|
|
14 %
|
|
|
|
|
|
|
|
|
External
Sales
|
|
5,055
|
|
4,032
|
|
1,023
|
|
25 %
|
|
|
|
|
|
|
|
|
Inter-segment
|
|
1,199
|
|
1,006
|
|
193
|
|
19 %
|
|
|
|
|
|
|
|
|
Total Sales
|
|
$
6,254
|
|
$
5,038
|
|
$ 1,216
|
|
24 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
|
|
|
|
|
|
|
|
|
First Quarter
2023
|
|
First Quarter
2022
|
|
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
$
1,057
|
|
$
538
|
|
$
519
|
|
96 %
|
|
|
|
|
|
|
|
|
Segment Profit
Margin
|
|
16.9 %
|
|
10.7 %
|
|
6.2 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy & Transportation's total sales were $6.254 billion in the first quarter of 2023, an
increase of $1.216 billion, or 24%,
compared with $5.038 billion in the
first quarter of 2022. Sales increased across all applications and
inter-segment sales. The increase in sales was primarily due to
higher sales volume and favorable price realization.
- Oil and Gas – Sales increased for reciprocating engine
aftermarket parts and engines used in well servicing and gas
compression applications. Turbines and turbine-related services
increased as well.
- Power Generation – Sales increased in large reciprocating
engines, primarily data center applications, and small
reciprocating engines. Turbines and turbine-related services
increased as well.
- Industrial – Sales were up across all regions.
- Transportation – Sales increased in rail services and marine.
International locomotive deliveries were also higher.
Energy & Transportation's profit was $1.057 billion in the first quarter of 2023, an
increase of $519 million, or 96%,
compared with $538 million in the
first quarter of 2022. The increase was mainly due to favorable
price realization and higher sales volume, partially offset by
unfavorable manufacturing costs and higher SG&A/R&D
expenses. Unfavorable manufacturing costs were driven by higher
material costs. The increase in SG&A/R&D expenses was
primarily driven by investments aligned with strategic
initiatives.
FINANCIAL PRODUCTS
SEGMENT
|
(Millions of
dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues by
Geographic Region
|
|
|
|
|
|
|
|
|
|
|
First Quarter
2023
|
|
First Quarter
2022
|
|
$
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
North
America
|
|
$
575
|
|
$
503
|
|
$
72
|
|
14 %
|
|
|
|
|
|
|
|
|
Latin
America
|
|
104
|
|
73
|
|
31
|
|
42 %
|
|
|
|
|
|
|
|
|
EAME
|
|
114
|
|
96
|
|
18
|
|
19 %
|
|
|
|
|
|
|
|
|
Asia/Pacific
|
|
109
|
|
111
|
|
(2)
|
|
(2 %)
|
|
|
|
|
|
|
|
|
Total
Revenues
|
|
$
902
|
|
$
783
|
|
$
119
|
|
15 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
|
|
|
|
|
|
|
|
|
First Quarter
2023
|
|
First Quarter
2022
|
|
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
Segment
Profit
|
|
$
232
|
|
$
238
|
|
$
(6)
|
|
(3 %)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Products' segment revenues were $902 million in the first quarter of 2023, an
increase of $119 million, or 15%,
compared with $783 million in the
first quarter of 2022. The increase was primarily due to higher
average financing rates across all regions.
Financial Products' segment profit was $232 million in the first quarter of 2023, a
decrease of $6 million, or 3%,
compared with $238 million in the
first quarter of 2022. The decrease was mainly due to unfavorable
impacts from equity securities, currency exchange losses and
mark-to-market adjustments on derivative contracts. These
unfavorable impacts were partially offset by higher net yield on
average earning assets and lower provision for credit losses at Cat
Financial.
At the end of the first quarter of 2023, past dues at Cat
Financial were 2.00%, compared with 2.05% at the end of the first
quarter of 2022. Write-offs, net of recoveries, were $10 million for the first quarter of 2023,
compared with $8 million for the
first quarter of 2022. As of March 31,
2023, Cat Financial's allowance for credit losses totaled
$348 million, or 1.27% 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 $983 million in the first quarter of 2023, an
increase of $722 million from the
first quarter of 2022, primarily driven by the impact of the
divestiture of the company's Longwall business and increased
expenses due to timing differences.
In the first quarter of 2023, the divestiture of the company's
Longwall business was finalized, resulting in an unfavorable impact
to operating profit of $586 million,
primarily a non-cash item driven by the release of accumulated
foreign currency translation. This impact was included in total
restructuring costs.
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 27,
2023.
iii. Information on non-GAAP
financial measures is included in the appendix on page
13.
iv. Some amounts within this report are
rounded to the millions or billions and may not
add.
v. Caterpillar will conduct a
teleconference and live webcast, with a slide presentation,
beginning at 7:30 a.m. Central Time on
Thursday, April 27, 2023, to discuss its 2023 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 2022 sales and revenues of $59.4
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 two 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 and (ii) other restructuring costs.
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 2023,
excluding mark-to-market gains or losses for remeasurement of
pension and other postemployment benefit plans along with any other
discrete items.
Reconciliations of adjusted results to the most directly
comparable GAAP measure are as follows:
(Dollars in millions
except per share data)
|
|
Operating
Profit
|
|
Operating
Profit
Margin
|
|
Profit
Before
Taxes
|
|
Provision
(Benefit)
for Income
Taxes
|
|
Effective
Tax Rate
|
|
Profit
|
|
Profit per
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2023 - U.S. GAAP
|
|
$
2,731
|
|
17.2 %
|
|
$
2,634
|
|
$
708
|
|
26.9 %
|
|
$
1,943
|
|
$
3.74
|
Restructuring costs -
Longwall divestiture
|
|
586
|
|
3.7 %
|
|
586
|
|
—
|
|
— %
|
|
586
|
|
1.13
|
Other restructuring
costs
|
|
25
|
|
0.2 %
|
|
25
|
|
5
|
|
20.0 %
|
|
20
|
|
0.04
|
Three Months Ended
March 31, 2023 -
Adjusted
|
|
$
3,342
|
|
21.1 %
|
|
$
3,245
|
|
$
713
|
|
22.0 %
|
|
$
2,549
|
|
$
4.91
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2022 - U.S. GAAP
|
|
$
1,855
|
|
13.7 %
|
|
$
1,999
|
|
$
469
|
|
23.4 %
|
|
$
1,537
|
|
$
2.86
|
Restructuring
costs
|
|
13
|
|
0.1 %
|
|
13
|
|
2
|
|
13.0 %
|
|
11
|
|
0.02
|
Three Months Ended
March 31, 2022 -
Adjusted
|
|
$
1,868
|
|
13.7 %
|
|
$
2,012
|
|
$
471
|
|
23.4 %
|
|
$
1,548
|
|
$
2.88
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Consolidating Data
The company is providing supplemental consolidating data for the
purpose of additional analysis. The data has been grouped as
follows:
Consolidated – Caterpillar Inc. and its subsidiaries.
Machinery, Energy & Transportation (ME&T) – The
company defines ME&T as it is presented in the supplemental
data as Caterpillar Inc. and its subsidiaries, excluding Financial
Products. ME&T's information relates to the design,
manufacturing and marketing of its products.
Financial Products – The company defines Financial
Products as it is presented in the supplemental data as its finance
and insurance subsidiaries, primarily Caterpillar Financial
Services Corporation (Cat Financial) and Caterpillar Insurance
Holdings Inc. (Insurance Services). Financial Products' information
relates to the financing to customers and dealers for the purchase
and lease of Caterpillar and other equipment.
Consolidating Adjustments – Eliminations of
transactions between ME&T and Financial Products.
The nature of the ME&T and Financial Products businesses is
different, especially with regard to the financial position and
cash flow items. Caterpillar management utilizes this presentation
internally to highlight these differences. The company believes
this presentation will assist readers in understanding its
business.
Pages 14 to 22 reconcile ME&T and Financial Products to
Caterpillar Inc. consolidated financial information.
Caterpillar
Inc.
Condensed
Consolidated Statement of Results of Operations
(Unaudited)
(Dollars in millions
except per share data)
|
|
|
Three Months
Ended
March 31,
|
|
2023
|
|
2022
|
Sales and
revenues:
|
|
|
|
Sales of
Machinery, Energy & Transportation
|
$
15,099
|
|
$ 12,886
|
Revenues of
Financial Products
|
763
|
|
703
|
Total sales and
revenues
|
15,862
|
|
13,589
|
|
|
|
|
Operating
costs:
|
|
|
|
Cost of goods
sold
|
10,103
|
|
9,559
|
Selling,
general and administrative expenses
|
1,463
|
|
1,346
|
Research and
development expenses
|
472
|
|
457
|
Interest
expense of Financial Products
|
217
|
|
106
|
Other operating
(income) expenses
|
876
|
|
266
|
Total operating
costs
|
13,131
|
|
11,734
|
|
|
|
|
Operating
profit
|
2,731
|
|
1,855
|
|
|
|
|
Interest
expense excluding Financial Products
|
129
|
|
109
|
Other income
(expense)
|
32
|
|
253
|
|
|
|
|
Consolidated profit
before taxes
|
2,634
|
|
1,999
|
|
|
|
|
Provision
(benefit) for income taxes
|
708
|
|
469
|
Profit of
consolidated companies
|
1,926
|
|
1,530
|
|
|
|
|
Equity in
profit (loss) of unconsolidated affiliated companies
|
16
|
|
7
|
|
|
|
|
Profit of
consolidated and affiliated companies
|
1,942
|
|
1,537
|
|
|
|
|
Less: Profit (loss)
attributable to noncontrolling interests
|
(1)
|
|
—
|
|
|
|
|
Profit
1
|
$
1,943
|
|
$
1,537
|
|
|
|
|
|
|
|
|
Profit per common
share
|
$
3.76
|
|
$
2.88
|
Profit per common
share — diluted 2
|
$
3.74
|
|
$
2.86
|
|
|
|
|
Weighted-average
common shares outstanding (millions)
|
|
|
|
–
Basic
|
516.2
|
|
534.5
|
– Diluted
2
|
519.4
|
|
538.3
|
|
|
|
|
|
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,
2023
|
|
December 31,
2022
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
6,789
|
|
$
7,004
|
Receivables – trade
and other
|
9,230
|
|
8,856
|
Receivables –
finance
|
9,119
|
|
9,013
|
Prepaid expenses and
other current assets
|
2,889
|
|
2,642
|
Inventories
|
17,633
|
|
16,270
|
Total current
assets
|
45,660
|
|
43,785
|
|
|
|
|
Property, plant and
equipment – net
|
11,973
|
|
12,028
|
Long-term receivables
– trade and other
|
1,209
|
|
1,265
|
Long-term receivables
– finance
|
11,845
|
|
12,013
|
Noncurrent deferred
and refundable income taxes
|
2,405
|
|
2,213
|
Intangible
assets
|
694
|
|
758
|
Goodwill
|
5,309
|
|
5,288
|
Other
assets
|
4,554
|
|
4,593
|
Total
assets
|
$
83,649
|
|
$
81,943
|
|
|
|
|
Liabilities
|
|
|
|
Current
liabilities:
|
|
|
|
Short-term
borrowings:
|
|
|
|
-- Machinery, Energy
& Transportation
|
$
—
|
|
$
3
|
-- Financial
Products
|
5,841
|
|
5,954
|
Accounts
payable
|
8,951
|
|
8,689
|
Accrued
expenses
|
4,121
|
|
4,080
|
Accrued wages,
salaries and employee benefits
|
1,368
|
|
2,313
|
Customer
advances
|
2,202
|
|
1,860
|
Dividends
payable
|
—
|
|
620
|
Other current
liabilities
|
3,035
|
|
2,690
|
Long-term debt due
within one year:
|
|
|
|
-- Machinery, Energy
& Transportation
|
37
|
|
120
|
-- Financial
Products
|
6,287
|
|
5,202
|
Total current
liabilities
|
31,842
|
|
31,531
|
|
|
|
|
Long-term debt due
after one year:
|
|
|
|
-- Machinery, Energy
& Transportation
|
9,558
|
|
9,498
|
-- Financial
Products
|
15,315
|
|
16,216
|
Liability for
postemployment benefits
|
4,069
|
|
4,203
|
Other
liabilities
|
4,695
|
|
4,604
|
Total
liabilities
|
65,479
|
|
66,052
|
|
|
|
|
Shareholders'
equity
|
|
|
|
Common
stock
|
6,546
|
|
6,560
|
Treasury
stock
|
(32,108)
|
|
(31,748)
|
Profit employed in the
business
|
45,457
|
|
43,514
|
Accumulated other
comprehensive income (loss)
|
(1,746)
|
|
(2,457)
|
Noncontrolling
interests
|
21
|
|
22
|
Total shareholders'
equity
|
18,170
|
|
15,891
|
Total liabilities
and shareholders' equity
|
$
83,649
|
|
$
81,943
|
Caterpillar
Inc.
Condensed
Consolidated Statement of Cash Flow
(Unaudited)
(Millions of
dollars)
|
|
|
Three Months Ended
March 31,
|
|
2023
|
|
2022
|
Cash flow from
operating activities:
|
|
|
|
Profit of consolidated
and affiliated companies
|
$
1,942
|
|
$
1,537
|
Adjustments for
non-cash items:
|
|
|
|
Depreciation and
amortization
|
532
|
|
557
|
Provision (benefit)
for deferred income taxes
|
(191)
|
|
(99)
|
Loss on
divestiture
|
572
|
|
—
|
Other
|
117
|
|
(52)
|
Changes in assets and
liabilities, net of acquisitions and divestitures:
|
|
|
|
Receivables – trade
and other
|
(329)
|
|
(372)
|
Inventories
|
(1,403)
|
|
(1,032)
|
Accounts
payable
|
477
|
|
452
|
Accrued
expenses
|
38
|
|
(74)
|
Accrued wages,
salaries and employee benefits
|
(950)
|
|
(965)
|
Customer
advances
|
365
|
|
311
|
Other assets –
net
|
107
|
|
99
|
Other liabilities –
net
|
296
|
|
(49)
|
Net cash provided by
(used for) operating activities
|
1,573
|
|
313
|
Cash flow from
investing activities:
|
|
|
|
Capital expenditures –
excluding equipment leased to others
|
(422)
|
|
(346)
|
Expenditures for
equipment leased to others
|
(328)
|
|
(333)
|
Proceeds from
disposals of leased assets and property, plant and
equipment
|
184
|
|
269
|
Additions to finance
receivables
|
(3,020)
|
|
(2,988)
|
Collections of finance
receivables
|
3,169
|
|
2,966
|
Proceeds from sale of
finance receivables
|
24
|
|
9
|
Investments and
acquisitions (net of cash acquired)
|
(5)
|
|
(8)
|
Proceeds from sale of
businesses and investments (net of cash sold)
|
(14)
|
|
—
|
Proceeds from sale of
securities
|
239
|
|
571
|
Investments in
securities
|
(536)
|
|
(1,438)
|
Other – net
|
26
|
|
(15)
|
Net cash provided by
(used for) investing activities
|
(683)
|
|
(1,313)
|
Cash flow from
financing activities:
|
|
|
|
Dividends
paid
|
(620)
|
|
(595)
|
Common stock issued,
including treasury shares reissued
|
(25)
|
|
(28)
|
Common shares
repurchased
|
(400)
|
|
(820)
|
Proceeds from debt
issued (original maturities greater than three months)
|
1,517
|
|
2,131
|
Payments on debt
(original maturities greater than three months)
|
(1,475)
|
|
(1,387)
|
Short-term borrowings
– net (original maturities three months or less)
|
(103)
|
|
(1,016)
|
Net cash provided by
(used for) financing activities
|
(1,106)
|
|
(1,715)
|
Effect of exchange rate
changes on cash
|
(1)
|
|
(16)
|
Increase (decrease)
in cash, cash equivalents and restricted cash
|
(217)
|
|
(2,731)
|
Cash, cash equivalents
and restricted cash at beginning of period
|
7,013
|
|
9,263
|
Cash, cash equivalents
and restricted cash at end of period
|
$
6,796
|
|
$
6,532
|
|
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, 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 Results of Operations
For the Three Months
Ended March 31, 2022
(Unaudited)
(Millions of
dollars)
|
|
|
|
|
Supplemental Consolidating Data
|
|
|
Consolidated
|
|
Machinery,
Energy &
Transportation
|
|
Financial
Products
|
|
Consolidating
Adjustments
|
|
Sales and revenues:
|
|
|
|
|
|
|
|
|
Sales of Machinery,
Energy & Transportation
|
$
12,886
|
|
$
12,886
|
|
$
—
|
|
$
—
|
|
Revenues of Financial
Products
|
703
|
|
—
|
|
813
|
|
(110)
|
1
|
Total sales and
revenues
|
13,589
|
|
12,886
|
|
813
|
|
(110)
|
|
|
|
|
|
|
|
|
|
|
Operating costs:
|
|
|
|
|
|
|
|
|
Cost of goods
sold
|
9,559
|
|
9,560
|
|
—
|
|
(1)
|
2
|
Selling, general and
administrative expenses
|
1,346
|
|
1,182
|
|
172
|
|
(8)
|
2
|
Research and
development expenses
|
457
|
|
457
|
|
—
|
|
—
|
|
Interest expense of
Financial Products
|
106
|
|
—
|
|
106
|
|
—
|
|
Other operating
(income) expenses
|
266
|
|
(28)
|
|
314
|
|
(20)
|
2
|
Total operating
costs
|
11,734
|
|
11,171
|
|
592
|
|
(29)
|
|
|
|
|
|
|
|
|
|
|
Operating profit
|
1,855
|
|
1,715
|
|
221
|
|
(81)
|
|
|
|
|
|
|
|
|
|
|
Interest expense
excluding Financial Products
|
109
|
|
109
|
|
—
|
|
—
|
|
Other income
(expense)
|
253
|
|
157
|
|
15
|
|
81
|
3
|
|
|
|
|
|
|
|
|
|
Consolidated profit before
taxes
|
1,999
|
|
1,763
|
|
236
|
|
—
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit)
for income taxes
|
469
|
|
412
|
|
57
|
|
—
|
|
Profit of consolidated
companies
|
1,530
|
|
1,351
|
|
179
|
|
—
|
|
|
|
|
|
|
|
|
|
|
Equity in profit
(loss) of unconsolidated affiliated companies
|
7
|
|
8
|
|
—
|
|
(1)
|
4
|
|
|
|
|
|
|
|
|
|
Profit of consolidated and affiliated
companies
|
1,537
|
|
1,359
|
|
179
|
|
(1)
|
|
|
|
|
|
|
|
|
|
|
Less: Profit (loss)
attributable to noncontrolling interests
|
—
|
|
—
|
|
1
|
|
(1)
|
5
|
|
|
|
|
|
|
|
|
|
Profit 6
|
$
1,537
|
|
$
1,359
|
|
$
178
|
|
$
—
|
|
|
|
1
|
Elimination of
Financial Products' revenues earned from ME&T.
|
2
|
Elimination of net
expenses recorded by ME&T paid to Financial
Products.
|
3
|
Elimination of
discount recorded by ME&T on receivables sold to Financial
Products and of interest earned between ME&T and Financial
Products as well as dividends paid by Financial Products to
ME&T.
|
4
|
Elimination of equity
profit (loss) earned from Financial Products' subsidiaries
partially owned by ME&T subsidiaries.
|
5
|
Elimination of
noncontrolling interest profit (loss) recorded by Financial
Products for subsidiaries partially owned by ME&T
subsidiaries.
|
6
|
Profit attributable
to common shareholders.
|
Caterpillar
Inc.
Supplemental Data
for Financial Position
At March 31,
2023
(Unaudited)
(Millions of
dollars)
|
|
|
|
|
Supplemental Consolidating Data
|
|
|
Consolidated
|
|
Machinery,
Energy &
Transportation
|
|
Financial
Products
|
|
Consolidating
Adjustments
|
|
Assets
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
6,789
|
|
$
6,017
|
|
$
772
|
|
$
—
|
|
Receivables – trade
and other
|
9,230
|
|
3,481
|
|
477
|
|
5,272
|
1,2
|
Receivables –
finance
|
9,119
|
|
—
|
|
14,655
|
|
(5,536)
|
2
|
Prepaid expenses and
other current assets
|
2,889
|
|
2,629
|
|
289
|
|
(29)
|
3
|
Inventories
|
17,633
|
|
17,633
|
|
—
|
|
—
|
|
Total current
assets
|
45,660
|
|
29,760
|
|
16,193
|
|
(293)
|
|
|
|
|
|
|
|
|
|
|
Property, plant and
equipment – net
|
11,973
|
|
8,090
|
|
3,883
|
|
—
|
|
Long-term receivables
– trade and other
|
1,209
|
|
463
|
|
276
|
|
470
|
1,2
|
Long-term receivables
– finance
|
11,845
|
|
—
|
|
12,346
|
|
(501)
|
2
|
Noncurrent deferred
and refundable income taxes
|
2,405
|
|
2,923
|
|
118
|
|
(636)
|
4
|
Intangible
assets
|
694
|
|
694
|
|
—
|
|
—
|
|
Goodwill
|
5,309
|
|
5,309
|
|
—
|
|
—
|
|
Other
assets
|
4,554
|
|
3,795
|
|
1,940
|
|
(1,181)
|
5
|
Total assets
|
$
83,649
|
|
$
51,034
|
|
$
34,756
|
|
$
(2,141)
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Short-term
borrowings
|
$
5,841
|
|
$
—
|
|
$
5,841
|
|
$
—
|
|
Accounts
payable
|
8,951
|
|
8,893
|
|
342
|
|
(284)
|
6,7
|
Accrued
expenses
|
4,121
|
|
3,646
|
|
461
|
|
14
|
7
|
Accrued wages,
salaries and employee benefits
|
1,368
|
|
1,341
|
|
27
|
|
—
|
|
Customer
advances
|
2,202
|
|
2,196
|
|
—
|
|
6
|
7
|
Other current
liabilities
|
3,035
|
|
2,400
|
|
687
|
|
(52)
|
4,8
|
Long-term debt due
within one year
|
6,324
|
|
37
|
|
6,287
|
|
—
|
|
Total current
liabilities
|
31,842
|
|
18,513
|
|
13,645
|
|
(316)
|
|
|
|
|
|
|
|
|
|
|
Long-term debt due
after one year
|
24,873
|
|
9,589
|
|
15,315
|
|
(31)
|
9
|
Liability for
postemployment benefits
|
4,069
|
|
4,069
|
|
—
|
|
—
|
|
Other
liabilities
|
4,695
|
|
3,786
|
|
1,601
|
|
(692)
|
4
|
Total liabilities
|
65,479
|
|
35,957
|
|
30,561
|
|
(1,039)
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
|
|
|
|
|
|
|
|
Common
stock
|
6,546
|
|
6,546
|
|
905
|
|
(905)
|
10
|
Treasury
stock
|
(32,108)
|
|
(32,108)
|
|
—
|
|
—
|
|
Profit employed in the
business
|
45,457
|
|
41,277
|
|
4,169
|
|
11
|
10
|
Accumulated other
comprehensive income (loss)
|
(1,746)
|
|
(657)
|
|
(1,089)
|
|
—
|
|
Noncontrolling
interests
|
21
|
|
19
|
|
210
|
|
(208)
|
10
|
Total shareholders' equity
|
18,170
|
|
15,077
|
|
4,195
|
|
(1,102)
|
|
Total liabilities and shareholders'
equity
|
$
83,649
|
|
$
51,034
|
|
$
34,756
|
|
$
(2,141)
|
|
|
|
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 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 for
non-cash items:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
532
|
|
342
|
|
190
|
|
—
|
|
Provision (benefit)
for deferred income taxes
|
(191)
|
|
(169)
|
|
(22)
|
|
—
|
|
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.
|
Caterpillar
Inc.
Supplemental Data
for Cash Flow
For the Three Months
Ended March 31, 2022
(Unaudited)
(Millions of
dollars)
|
|
|
|
|
Supplemental Consolidating Data
|
|
|
Consolidated
|
|
Machinery,
Energy &
Transportation
|
|
Financial
Products
|
|
Consolidating
Adjustments
|
|
Cash flow from operating
activities:
|
|
|
|
|
|
|
|
|
Profit of consolidated
and affiliated companies
|
$
1,537
|
|
$
1,359
|
|
$
179
|
|
$
(1)
|
1
|
Adjustments for
non-cash items:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
557
|
|
358
|
|
199
|
|
—
|
|
Provision (benefit)
for deferred income taxes
|
(99)
|
|
(83)
|
|
(16)
|
|
—
|
|
Other
|
(52)
|
|
(46)
|
|
(89)
|
|
83
|
2
|
Changes in assets and
liabilities, net of acquisitions and divestitures:
|
|
|
|
|
|
|
|
|
Receivables – trade
and other
|
(372)
|
|
(257)
|
|
(7)
|
|
(108)
|
2,3
|
Inventories
|
(1,032)
|
|
(1,030)
|
|
—
|
|
(2)
|
2
|
Accounts
payable
|
452
|
|
393
|
|
40
|
|
19
|
2
|
Accrued
expenses
|
(74)
|
|
(1)
|
|
(73)
|
|
—
|
|
Accrued wages,
salaries and employee benefits
|
(965)
|
|
(940)
|
|
(25)
|
|
—
|
|
Customer
advances
|
311
|
|
311
|
|
—
|
|
—
|
|
Other assets –
net
|
99
|
|
137
|
|
(17)
|
|
(21)
|
2
|
Other liabilities –
net
|
(49)
|
|
(279)
|
|
202
|
|
28
|
2
|
Net cash provided by
(used for) operating activities
|
313
|
|
(78)
|
|
393
|
|
(2)
|
|
Cash flow from investing
activities:
|
|
|
|
|
|
|
|
|
Capital expenditures –
excluding equipment leased to others
|
(346)
|
|
(344)
|
|
(3)
|
|
1
|
2
|
Expenditures for
equipment leased to others
|
(333)
|
|
(4)
|
|
(335)
|
|
6
|
2
|
Proceeds from
disposals of leased assets and property, plant and
equipment
|
269
|
|
33
|
|
241
|
|
(5)
|
2
|
Additions to finance
receivables
|
(2,988)
|
|
—
|
|
(3,139)
|
|
151
|
3
|
Collections of finance
receivables
|
2,966
|
|
—
|
|
3,159
|
|
(193)
|
3
|
Net intercompany
purchased receivables
|
—
|
|
—
|
|
(42)
|
|
42
|
3
|
Proceeds from sale of
finance receivables
|
9
|
|
—
|
|
9
|
|
—
|
|
Net intercompany
borrowings
|
—
|
|
—
|
|
1
|
|
(1)
|
4
|
Investments and
acquisitions (net of cash acquired)
|
(8)
|
|
(8)
|
|
—
|
|
—
|
|
Proceeds from sale of
securities
|
571
|
|
478
|
|
93
|
|
—
|
|
Investments in
securities
|
(1,438)
|
|
(1,266)
|
|
(172)
|
|
—
|
|
Other – net
|
(15)
|
|
18
|
|
(33)
|
|
—
|
|
Net cash provided by
(used for) investing activities
|
(1,313)
|
|
(1,093)
|
|
(221)
|
|
1
|
|
Cash flow from financing
activities:
|
|
|
|
|
|
|
|
|
Dividends
paid
|
(595)
|
|
(595)
|
|
—
|
|
—
|
|
Common stock issued,
including treasury shares reissued
|
(28)
|
|
(28)
|
|
—
|
|
—
|
|
Common shares
repurchased
|
(820)
|
|
(820)
|
|
—
|
|
—
|
|
Net intercompany
borrowings
|
—
|
|
(1)
|
|
—
|
|
1
|
4
|
Proceeds from debt
issued > 90 days
|
2,131
|
|
—
|
|
2,131
|
|
—
|
|
Payments on debt >
90 days
|
(1,387)
|
|
(6)
|
|
(1,381)
|
|
—
|
|
Short-term borrowings
– net < 90 days
|
(1,016)
|
|
(124)
|
|
(892)
|
|
—
|
|
Net cash provided by
(used for) financing activities
|
(1,715)
|
|
(1,574)
|
|
(142)
|
|
1
|
|
Effect of exchange rate
changes on cash
|
(16)
|
|
(21)
|
|
5
|
|
—
|
|
Increase (decrease) in cash, cash equivalents and
restricted cash
|
(2,731)
|
|
(2,766)
|
|
35
|
|
—
|
|
Cash, cash equivalents
and restricted cash at beginning of period
|
9,263
|
|
8,433
|
|
830
|
|
—
|
|
Cash, cash equivalents
and restricted cash at end of period
|
$
6,532
|
|
$
5,667
|
|
$
865
|
|
$
—
|
|
|
|
1
|
Elimination of equity
profit earned from Financial Products' subsidiaries partially owned
by ME&T subsidiaries.
|
2
|
Elimination of non-cash
adjustments and changes in assets and liabilities related to
consolidated reporting.
|
3
|
Reclassification of
Financial Products' cash flow activity from investing to operating
for receivables that arose from the sale of inventory.
|
4
|
Elimination of net
proceeds and payments to/from ME&T and Financial
Products.
|
View original
content:https://www.prnewswire.com/news-releases/caterpillar-reports-first-quarter-2023-results-301809458.html
SOURCE Caterpillar Inc.