キャタピラーの適時開示・決算・その他

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM

8-K

Current Report

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

April 25, 2024

CATERPILLAR INC.

(Exact name of registrant as specified in its charter)

Delaware

1-768

37-0602744

(State or other jurisdiction of incorporation)

(Commission File Number)

(I.R.S Employer Identification No.)

5205 N. O'Connor Blvd.,

Suite 100,

Irving,

Texas

75039

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code:

(972)

891-7700

Former name or former address, if changed since last report:

N/A

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol (s)

Name of each exchange which registered

Common Stock ($1.00 par value)

CAT

The New York Stock Exchange

5.3% Debentures due September 15, 2035

CAT35

The New York Stock Exchange

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Indicate by check mark whether the registrant is an emerging growth company as defined by Rule 405 of the Securities Act of

1933 (17 CFR §230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2 of this chapter).

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period

for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

☐

Item 2.02. Results of Operations and Financial Condition.

On April 25, 2024, Caterpillar Inc. issued a press release reporting its financial results for the quarter ended March 31, 2024. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated into this Item 2.02 by reference.

Item 7.01. Regulation FD Disclosure.

Caterpillar Inc. is furnishing supplemental information concerning (i) retail sales of machines to end users and (ii) retail sales of power systems (including reciprocating and turbine engines and locomotives) to end users and Original Equipment Manufacturers ("OEMs"). This supplemental information is attached hereto as Exhibit 99.2 and incorporated into this Item 7.01 by reference.

The information in this Current Report on Form 8-K, including Exhibit 99.1, is being furnished in accordance with the provisions of General Instruction B.2 of Form 8-K.

Item 9.01. Financial Statements and Exhibits.


(d)	Exhibits:
	The following is furnished as an exhibit to this report:
	99.1	Caterpillar Inc. press release dated April 25, 2024
	99.2	Retail Statistics
	104	The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	CATERPILLAR INC.


April 25, 2024	By:	/s/ Derek Owens
		Derek Owens Chief Legal Officer and General Counsel

EX-99.1 2 ex991toformcat1q2024earnin.htm EX-99.1 Document

Exhibit 99.1

Caterpillar Inc.

1Q 2024 Earnings Release

FOR IMMEDIATE RELEASE

Caterpillar Reports First-Quarter 2024 Results


	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.


●			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

IRVING, Texas, April 25, 2024 – 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.”

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CONSOLIDATED RESULTS

Consolidated Sales and Revenues

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)	—%

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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

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Consolidated Operating Profit

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	%

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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.

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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.

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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.

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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.

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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.

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Notes

i.Glossary of terms is included on the Caterpillar website at https://investors.caterpillar.com/overview/default.aspx.

ii.Sales of equipment to end users is demonstrated by the company’s Rolling 3 Month Retail Sales Statistics filed in a Form 8-K on 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)

Caterpillar investor relations contact: Ryan Fiedler, +1 224-551-4074 or Fiedler_Ryan_S@cat.com

Caterpillar media contact: Tiffany Heikkila, +1 832-573-0958 or Tiffany.Heikkila@cat.com 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.

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Forward-Looking Statements

Words such as “believe,” “estimate,” “will be,” “will,” “would,” “expect,” “anticipate,” “plan,” “forecast,” “target,” “guide,” “project,” “intend,” “could,” “should” or other similar words or expressions often identify forward-looking statements. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding our outlook, projections, forecasts or trend descriptions. These statements do not guarantee future performance and speak only as of the date they are made, and we do not undertake to update our forward-looking statements.

Caterpillar’s actual results may differ materially from those described or implied in our forward-looking statements based on a number of factors, including, but not limited to: (i) global and regional economic conditions and economic conditions in the industries we serve; (ii) commodity price changes, material price increases, fluctuations in demand for our products or significant shortages of material; (iii) government monetary or fiscal policies; (iv) political and economic risks, commercial instability and events beyond our control in the countries in which we operate; (v) international trade policies and their impact on demand for our products and our competitive position, including the imposition of new tariffs or changes in existing tariff rates; (vi) our ability to develop, produce and market quality products that meet our customers’ needs; (vii) the impact of the highly competitive environment in which we operate on our sales and pricing; (viii) information technology security threats and computer crime; (ix) inventory management decisions and sourcing practices of our dealers and our OEM customers; (x) a failure to realize, or a delay in realizing, all of the anticipated benefits of our acquisitions, joint ventures or divestitures; (xi) union disputes or other employee relations issues; (xii) adverse effects of unexpected events; (xiii) disruptions or volatility in global financial markets limiting our sources of liquidity or the liquidity of our customers, dealers and suppliers; (xiv) failure to maintain our credit ratings and potential resulting increases to our cost of borrowing and adverse effects on our cost of funds, liquidity, competitive position and access to capital markets; (xv) our Financial Products segment’s risks associated with the financial services industry; (xvi) changes in interest rates or market liquidity conditions; (xvii) an increase in delinquencies, repossessions or net losses of Cat Financial’s customers; (xviii) currency fluctuations; (xix) our or Cat Financial’s compliance with financial and other restrictive covenants in debt agreements; (xx) increased pension plan funding obligations; (xxi) alleged or actual violations of trade or anti-corruption laws and regulations; (xxii) additional tax expense or exposure, including the impact of U.S. tax reform; (xxiii) significant legal proceedings, claims, lawsuits or government investigations; (xxiv) new regulations or changes in financial services regulations; (xxv) compliance with environmental laws and regulations; (xxvi) catastrophic events, including global pandemics such as the COVID-19 pandemic; and (xxvii) other factors described in more detail in Caterpillar’s Forms 10-Q, 10-K and other filings with the Securities and Exchange Commission.

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APPENDIX

NON-GAAP FINANCIAL MEASURES

The following definitions are provided for the non-GAAP financial measures. These non-GAAP financial measures have no standardized meaning prescribed by U.S. GAAP and therefore are unlikely to be comparable to the calculation of similar measures for other companies. Management does not intend these items to be considered in isolation or as a substitute for the related GAAP measures.

The company believes it is important to separately quantify the profit impact of 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

(more)

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

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Supplemental Consolidating Data

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

Consolidated – Caterpillar Inc. and its subsidiaries.

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

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

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

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

Pages 15 to 23 reconcile ME&T and Financial Products to Caterpillar Inc. consolidated financial information.

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Caterpillar Inc.

Condensed Consolidated Statement of Results of Operations

(Unaudited)

(Dollars in millions except per share data)


	Three Months Ended 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.

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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

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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.

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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.

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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.

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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.

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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.

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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.

(more)

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.

EX-99.2 3 ex992toformcat1q2024retail.htm EX-99.2 Document

EXHIBIT 99.2

Caterpillar Inc. (“Caterpillar”, “we” or “our”) is furnishing supplemental information concerning (i) retail sales of machines to end users and (ii) retail sales of power systems (including reciprocating and turbine engines and locomotives) to end users and Original Equipment Manufacturers (“OEMs”). Caterpillar sells the majority of its machinery and power systems to independently owned and operated dealers and OEMs to meet the demands of their customers, the end users. Caterpillar believes that this supplemental information may help readers better understand Caterpillar’s business and the industries it serves, particularly in light of the time delay between Caterpillar’s sales to dealers and dealers’ sales to end users.

In this report, we are providing information by geographic region for retail sales of machines in each of our Resource Industries and Construction Industries reportable segments, as well as information regarding retail sales of our machines globally. For our Energy & Transportation reportable segment, we are providing retail sales information by major end use.

The information presented in this report is primarily based on unaudited reports that are voluntarily provided to Caterpillar by its independent dealers and which are not subject to Caterpillar’s internal controls over financial reporting. Accordingly, the data collected from such third parties may not be accurate and/or complete. As such, the information presented in this report is intended solely to convey an approximate indication of the trends, direction and magnitude of retail sales and is not intended to be an estimate, approximation or prediction of, or substitute for, Caterpillar’s audited financial statements filed with the U.S. Securities and Exchange Commission. This information is furnished under this report with the U.S. Securities and Exchange Commission. Caterpillar does not undertake to update or adjust prior period information.

Caterpillar Inc.
Quarterly Retail Sales Statistics

Machines and E&T Combined

1st Quarter 2024

4th Quarter 2023

3rd Quarter 2023

2nd Quarter 2023

World

DOWN 5%

UP 8%

UP 13%

UP 16%

Machines

1st Quarter 2024

4th Quarter 2023

3rd Quarter 2023

2nd Quarter 2023

Asia/Pacific

DOWN 10%

DOWN 5%

DOWN 14%

UP 2%

EAME

DOWN 29%

DOWN 3%

DOWN 1%

DOWN 10%

Latin America

UP 4%

DOWN 1%

DOWN 5%

UNCHANGED

North America

DOWN 1%

UP 11%

UP 25%

UP 21%

World

DOWN 9%

UP 3%

UP 7%

UP 8%

Resource Industries (RI)

1st Quarter 2024

4th Quarter 2023

3rd Quarter 2023

2nd Quarter 2023

Asia/Pacific

DOWN 16%

DOWN 1%

DOWN 10%

UP 31%

EAME

DOWN 39%

UP 1%

DOWN 6%

DOWN 10%

Latin America

UP 38%

UP 1%

UP 3%

UP 28%

North America

DOWN 17%

UP 3%

UP 49%

UP 47%

World

DOWN 17%

UP 1%

UP 10%

UP 26%

Construction Industries (CI)

1st Quarter 2024

4th Quarter 2023

3rd Quarter 2023

2nd Quarter 2023

Asia/Pacific

DOWN 6%

DOWN 8%

DOWN 17%

DOWN 14%

EAME

DOWN 24%

DOWN 5%

UP 1%

DOWN 9%

Latin America

DOWN 10%

DOWN 1%

DOWN 9%

DOWN 8%

North America

UP 4%

UP 13%

UP 20%

UP 16%

World

DOWN 5%

UP 4%

UP 6%

UP 3%

Reported in dollars and based on unit sales as reported primarily by dealers.

Energy & Transportation (E&T) Retail Sales by industry for the quarter ended as indicated compared with the same period of the prior year:

Energy & Transportation (E&T)

1st Quarter 2024

4th Quarter 2023

3rd Quarter 2023

2nd Quarter 2023

Power Gen

UP 9%

UP 26%

UP 44%

UP 30%

Industrial

DOWN 39%

DOWN 21%

UP 6%

UP 39%

Transportation

UP 45%

UP 54%

UP 3%

UP 48%

Oil & Gas

UP 35%

UP 25%

UP 45%

UP 71%

Total

UP 9%

UP 20%

UP 34%

UP 47%

Reported in dollars based on reporting from dealers and direct sales.

Glossary of Terms

Construction Industries: Our Construction Industries segment is primarily responsible for supporting customers using machinery in infrastructure and building construction. The majority of machine sales in this segment are made in the heavy and general construction, rental, quarry and aggregates, and mining. The Construction Industries product portfolio primarily includes the following machines:


· Asphalt Pavers	· Motor Graders	· Track-Type Tractors (small, medium)
· Backhoe Loaders	· Pipelayers	· Track Excavators (mini, small,
· Cold Planers	· Road Reclaimers	medium, large)
· Compactors	· Skid Steer Loaders	· Wheel Excavators
· Compact Track Loaders	· Telehandlers	· Wheel Loaders (compact, small,
· Forestry Machines	· Track-Type Loaders	medium)
· Material Handlers

Effective September 2019, Caterpillar has divested its Forestry product segment. Those products have been removed from the Construction Industries product portfolio where any remaining product Dealer Inventory will be reported in Machines as they are depleted.

EAME: Europe, Africa, Commonwealth of Independent States and Middle East.

Energy & Transportation: Our Energy & Transportation segment is primarily responsible for supporting customers using reciprocating engines, generator sets, turbines, diesel-electric locomotives, integrated systems and solutions, and certain related parts across industries serving oil and gas, power generation, industrial and marine applications as well as rail-related businesses.

Resource Industries: A segment primarily responsible for supporting customers using machinery in mining, heavy construction and quarry and aggregates. Responsibilities include business strategy, product design, product management and development, manufacturing, marketing and sales and product support. The product portfolio includes large track-type tractors; large mining trucks; hard rock vehicles; electric rope shovels; draglines; hydraulic shovels; rotary drills; large wheel loaders; off-highway trucks; articulated trucks; wheel tractor scrapers; wheel dozers; landfill compactors; soil compactors; select work tools; machinery components; electronics and control systems and related parts. In addition to equipment, Resource Industries also develops and sells technology products and services to provide customers fleet management, equipment management analytics, autonomous machine capabilities, safety services and mining performance solutions. Resource Industries also manages areas that provide services to other parts of the company, including strategic procurement, lean center of excellence, integrated manufacturing, research and development for hydraulic systems, automation, electronics and software for Cat machines and engines.

Retail statistics for Resource Industries include the following machine types:


· Large Track-Type tractors	· Hydraulic Shovels	· Wheel Tractor Scrapers
· Large Mining Trucks	· Rotary Drills	· Wheel Dozers
· Hard Rock Vehicles	· Large Wheel Loaders	· Landfill Compactors
· Electric Rope Shovels	· Off-Highway Trucks	· Soil Compactors
· Draglines	· Articulated Trucks

FORWARD-LOOKING STATEMENTS

Certain statements in this report 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.