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
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Date of Report (Date of earliest event reported): | October 30, 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:
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Title of each class | Trading Symbol (s) | Name of each exchange which registered | |||||||||||||||||||||||||||||||||
Common Stock ($1.00 par value) | CAT | The New York Stock Exchange | |||||||||||||||||||||||||||||||||
5.3% Debentures due September 15, 2035 | CAT35 | The New York Stock Exchange | |||||||||||||||||||||||||||||||||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | |||||||||||||||||||||||||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined by Rule 405 of the Securities Act of | |||||||||||||||||||||||||||||||||||
1933 (17 CFR §230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2 of this chapter). | |||||||||||||||||||||||||||||||||||
Emerging growth company | ☐ | ||||||||||||||||||||||||||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period | |||||||||||||||||||||||||||||||||||
for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ |
(d) | Exhibits: | ||||||||||
The following is furnished as an exhibit to this report: | |||||||||||
99.1 | |||||||||||
99.2 | |||||||||||
104 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL. |
SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. | ||||||||
CATERPILLAR INC. | ||||||||
October 30, 2024 |
By: | /s/ Derek Owens | ||||||
Derek Owens Chief Legal Officer and General Counsel |
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Third Quarter | |||||||||||
($ in billions except profit per share) | 2024 | 2023 | |||||||||
Sales and Revenues | $16.1 | $16.8 | |||||||||
Profit Per Share | $5.06 | $5.45 | |||||||||
Adjusted Profit Per Share | $5.17 | $5.52 | |||||||||
Please see a reconciliation of GAAP to non-GAAP financial measures in the appendix on pages 13 and 14. |
● | Third-quarter 2024 profit per share of $5.06; adjusted profit per share of $5.17 | ||||
● | Enterprise operating cash flow was $3.6 billion in the third quarter of 2024 | ||||
● | Deployed $1.5 billion of cash for share repurchases and dividends in the third quarter | ||||
Sales and Revenues by Segment | |||||||||||||||||||||||||||||||||||||||||||||||
(Millions of dollars) | Third Quarter 2023 | Sales Volume |
Price Realization |
Currency | Inter-Segment / Other | Third Quarter 2024 | $ Change |
% Change |
|||||||||||||||||||||||||||||||||||||||
Construction Industries | $ | 6,999 | $ | (458) | $ | (147) | $ | (64) | $ | 15 | $ | 6,345 | $ | (654) | (9%) | ||||||||||||||||||||||||||||||||
Resource Industries | 3,351 | (352) | 38 | (11) | 2 | 3,028 | (323) | (10%) | |||||||||||||||||||||||||||||||||||||||
Energy & Transportation | 6,859 | 57 | 213 | (20) | 78 | 7,187 | 328 | 5% | |||||||||||||||||||||||||||||||||||||||
All Other Segment | 106 | (2) | 1 | — | (13) | 92 | (14) | (13%) | |||||||||||||||||||||||||||||||||||||||
Corporate Items and Eliminations | (1,327) | (4) | (1) | (7) | (82) | (1,421) | (94) | ||||||||||||||||||||||||||||||||||||||||
Machinery, Energy & Transportation | 15,988 | (759) | 104 | (102) | — | 15,231 | (757) | (5%) | |||||||||||||||||||||||||||||||||||||||
Financial Products Segment | 979 | — | — | — | 55 | 1,034 | 55 | 6% | |||||||||||||||||||||||||||||||||||||||
Corporate Items and Eliminations | (157) | — | — | — | (2) | (159) | (2) | ||||||||||||||||||||||||||||||||||||||||
Financial Products Revenues | 822 | — | — | — | 53 | 875 | 53 | 6% | |||||||||||||||||||||||||||||||||||||||
Consolidated Sales and Revenues | $ | 16,810 | $ | (759) | $ | 104 | $ | (102) | $ | 53 | $ | 16,106 | $ | (704) | (4%) | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Third Quarter 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction Industries | $ | 3,629 | (11%) | $ | 658 | 19% | $ | 1,150 | (15%) | $ | 875 | (12%) | $ | 6,312 | (10%) | $ | 33 | 83% | $ | 6,345 | (9%) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Resource Industries | 1,131 | (17%) | 498 | —% | 442 | (13%) | 863 | (3%) | 2,934 | (10%) | 94 | 2% | 3,028 | (10%) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Energy & Transportation | 3,214 | 8% | 449 | (2%) | 1,486 | 4% | 856 | (5%) | 6,005 | 4% | 1,182 | 7% | 7,187 | 5% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
All Other Segment | 12 | (25%) | — | 100% | 3 | (40%) | 14 | 40% | 29 | (3%) | 63 | (17%) | 92 | (13%) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate Items and Eliminations | (43) | (3) | 9 | (12) | (49) | (1,372) | (1,421) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Machinery, Energy & Transportation | 7,943 | (5%) | 1,602 | 6% | 3,090 | (6%) | 2,596 | (7%) | 15,231 | (5%) | — | —% | 15,231 | (5%) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Products Segment | 695 | 11% | 97 | (12%) | 130 | (2%) | 112 | 2% | 1,034 | 6% | — | —% | 1,034 | 6% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate Items and Eliminations | (93) | (21) | (21) | (24) | (159) | — | (159) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Products Revenues | 602 | 12% | 76 | (15%) | 109 | (1%) | 88 | 1% | 875 | 6% | — | —% | 875 | 6% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Sales and Revenues | $ | 8,545 | (4%) | $ | 1,678 | 5% | $ | 3,199 | (6%) | $ | 2,684 | (7%) | $ | 16,106 | (4%) | $ | — | —% | $ | 16,106 | (4%) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Third Quarter 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction Industries | $ | 4,078 | $ | 555 | $ | 1,351 | $ | 997 | $ | 6,981 | $ | 18 | $ | 6,999 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Resource Industries | 1,366 | 499 | 508 | 886 | 3,259 | 92 | 3,351 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Energy & Transportation | 2,966 | 460 | 1,428 | 901 | 5,755 | 1,104 | 6,859 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
All Other Segment | 16 | (1) | 5 | 10 | 30 | 76 | 106 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate Items and Eliminations | (35) | 1 | — | (3) | (37) | (1,290) | (1,327) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Machinery, Energy & Transportation | 8,391 | 1,514 | 3,292 | 2,791 | 15,988 | — | 15,988 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Products Segment | 627 | 110 | 132 | 110 | 979 | — | 979 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate Items and Eliminations | (91) | (21) | (22) | (23) | (157) | — | (157) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Products Revenues | 536 | 89 | 110 | 87 | 822 | — | 822 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Sales and Revenues | $ | 8,927 | $ | 1,603 | $ | 3,402 | $ | 2,878 | $ | 16,810 | $ | — | $ | 16,810 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Profit (Loss) by Segment | |||||||||||||||||||||||
(Millions of dollars) | Third Quarter 2024 | Third Quarter 2023 | $ Change |
%
Change
|
|||||||||||||||||||
Construction Industries | $ | 1,486 | $ | 1,847 | $ | (361) | (20 | %) | |||||||||||||||
Resource Industries | 619 | 730 | (111) | (15 | %) | ||||||||||||||||||
Energy & Transportation | 1,433 | 1,181 | 252 | 21 | % | ||||||||||||||||||
All Other Segment | (13) | 21 | (34) | (162 | %) | ||||||||||||||||||
Corporate Items and Eliminations | (427) | (386) | (41) | ||||||||||||||||||||
Machinery, Energy & Transportation | 3,098 | 3,393 | (295) | (9 | %) | ||||||||||||||||||
Financial Products Segment | 246 | 203 | 43 | 21 | % | ||||||||||||||||||
Corporate Items and Eliminations | (30) | 18 | (48) | ||||||||||||||||||||
Financial Products | 216 | 221 | (5) | (2 | %) | ||||||||||||||||||
Consolidating Adjustments | (167) | (165) | (2) | ||||||||||||||||||||
Consolidated Operating Profit | $ | 3,147 | $ | 3,449 | $ | (302) | (9 | %) | |||||||||||||||
CONSTRUCTION INDUSTRIES | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Millions of dollars) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Sales | ||||||||||||||||||||||||||||||||||||||||||||||||||
Third Quarter 2023 | Sales Volume | Price Realization | Currency | Inter-Segment | Third Quarter 2024 | $ Change |
% Change |
|||||||||||||||||||||||||||||||||||||||||||
Total Sales | $ | 6,999 | $ | (458) | $ | (147) | $ | (64) | $ | 15 | $ | 6,345 | $ | (654) | (9 | %) | ||||||||||||||||||||||||||||||||||
Sales by Geographic Region | ||||||||||||||||||||||||||||||||||||||||||||||||||
Third Quarter 2024 | Third Quarter 2023 | $ Change |
% Change |
|||||||||||||||||||||||||||||||||||||||||||||||
North America | $ | 3,629 | $ | 4,078 | $ | (449) | (11 | %) | ||||||||||||||||||||||||||||||||||||||||||
Latin America | 658 | 555 | 103 | 19 | % | |||||||||||||||||||||||||||||||||||||||||||||
EAME | 1,150 | 1,351 | (201) | (15 | %) | |||||||||||||||||||||||||||||||||||||||||||||
Asia/Pacific | 875 | 997 | (122) | (12 | %) | |||||||||||||||||||||||||||||||||||||||||||||
External Sales | 6,312 | 6,981 | (669) | (10 | %) | |||||||||||||||||||||||||||||||||||||||||||||
Inter-segment | 33 | 18 | 15 | 83 | % | |||||||||||||||||||||||||||||||||||||||||||||
Total Sales | $ | 6,345 | $ | 6,999 | $ | (654) | (9 | %) | ||||||||||||||||||||||||||||||||||||||||||
Segment Profit | ||||||||||||||||||||||||||||||||||||||||||||||||||
Third Quarter 2024 | Third Quarter 2023 |
Change |
% Change |
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Segment Profit | $ | 1,486 | $ | 1,847 | $ | (361) | (20 | %) | ||||||||||||||||||||||||||||||||||||||||||
Segment Profit Margin | 23.4 | % | 26.4 | % | (3.0 | pts) | ||||||||||||||||||||||||||||||||||||||||||||
RESOURCE INDUSTRIES | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Millions of dollars) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Sales | ||||||||||||||||||||||||||||||||||||||||||||||||||
Third Quarter 2023 | Sales Volume | Price Realization | Currency | Inter-Segment | Third Quarter 2024 | $ Change |
% Change |
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Total Sales | $ | 3,351 | $ | (352) | $ | 38 | $ | (11) | $ | 2 | $ | 3,028 | $ | (323) | (10 | %) | ||||||||||||||||||||||||||||||||||
Sales by Geographic Region | ||||||||||||||||||||||||||||||||||||||||||||||||||
Third Quarter 2024 | Third Quarter 2023 | $ Change |
% Change |
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North America | $ | 1,131 | $ | 1,366 | $ | (235) | (17 | %) | ||||||||||||||||||||||||||||||||||||||||||
Latin America | 498 | 499 | (1) | — | % | |||||||||||||||||||||||||||||||||||||||||||||
EAME | 442 | 508 | (66) | (13 | %) | |||||||||||||||||||||||||||||||||||||||||||||
Asia/Pacific | 863 | 886 | (23) | (3 | %) | |||||||||||||||||||||||||||||||||||||||||||||
External Sales | 2,934 | 3,259 | (325) | (10 | %) | |||||||||||||||||||||||||||||||||||||||||||||
Inter-segment | 94 | 92 | 2 | 2 | % | |||||||||||||||||||||||||||||||||||||||||||||
Total Sales | $ | 3,028 | $ | 3,351 | $ | (323) | (10 | %) | ||||||||||||||||||||||||||||||||||||||||||
Segment Profit | ||||||||||||||||||||||||||||||||||||||||||||||||||
Third Quarter 2024 | Third Quarter 2023 |
Change |
% Change |
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Segment Profit | $ | 619 | $ | 730 | $ | (111) | (15 | %) | ||||||||||||||||||||||||||||||||||||||||||
Segment Profit Margin | 20.4 | % | 21.8 | % | (1.4 | pts) | ||||||||||||||||||||||||||||||||||||||||||||
ENERGY & TRANSPORTATION | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Millions of dollars) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Sales | ||||||||||||||||||||||||||||||||||||||||||||||||||
Third Quarter 2023 | Sales Volume | Price Realization | Currency | Inter-Segment | Third Quarter 2024 | $ Change |
% Change |
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Total Sales | $ | 6,859 | $ | 57 | $ | 213 | $ | (20) | $ | 78 | $ | 7,187 | $ | 328 | 5 | % | ||||||||||||||||||||||||||||||||||
Sales by Application | ||||||||||||||||||||||||||||||||||||||||||||||||||
Third Quarter 2024 | Third Quarter 2023 | $ Change |
% Change |
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Oil and Gas | $ | 1,656 | $ | 1,667 | $ | (11) | (1 | %) | ||||||||||||||||||||||||||||||||||||||||||
Power Generation | 2,011 | 1,598 | 413 | 26 | % | |||||||||||||||||||||||||||||||||||||||||||||
Industrial | 1,028 | 1,220 | (192) | (16 | %) | |||||||||||||||||||||||||||||||||||||||||||||
Transportation | 1,310 | 1,270 | 40 | 3 | % | |||||||||||||||||||||||||||||||||||||||||||||
External Sales | 6,005 | 5,755 | 250 | 4 | % | |||||||||||||||||||||||||||||||||||||||||||||
Inter-segment | 1,182 | 1,104 | 78 | 7 | % | |||||||||||||||||||||||||||||||||||||||||||||
Total Sales | $ | 7,187 | $ | 6,859 | $ | 328 | 5 | % | ||||||||||||||||||||||||||||||||||||||||||
Segment Profit | ||||||||||||||||||||||||||||||||||||||||||||||||||
Third Quarter 2024 | Third Quarter 2023 |
Change |
% Change |
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Segment Profit | $ | 1,433 | $ | 1,181 | $ | 252 | 21 | % | ||||||||||||||||||||||||||||||||||||||||||
Segment Profit Margin | 19.9 | % | 17.2 | % | 2.7 | pts | ||||||||||||||||||||||||||||||||||||||||||||
FINANCIAL PRODUCTS SEGMENT | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Millions of dollars) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues by Geographic Region | ||||||||||||||||||||||||||||||||||||||||||||||||||
Third Quarter 2024 | Third Quarter 2023 | $ Change |
% Change |
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North America | $ | 695 | $ | 627 | $ | 68 | 11 | % | ||||||||||||||||||||||||||||||||||||||||||
Latin America | 97 | 110 | (13) | (12 | %) | |||||||||||||||||||||||||||||||||||||||||||||
EAME | 130 | 132 | (2) | (2 | %) | |||||||||||||||||||||||||||||||||||||||||||||
Asia/Pacific | 112 | 110 | 2 | 2 | % | |||||||||||||||||||||||||||||||||||||||||||||
Total Revenues | $ | 1,034 | $ | 979 | $ | 55 | 6 | % | ||||||||||||||||||||||||||||||||||||||||||
Segment Profit | ||||||||||||||||||||||||||||||||||||||||||||||||||
Third Quarter 2024 | Third Quarter 2023 |
Change |
% Change |
|||||||||||||||||||||||||||||||||||||||||||||||
Segment Profit | $ | 246 | $ | 203 | $ | 43 | 21 | % | ||||||||||||||||||||||||||||||||||||||||||
(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 September 30, 2024 - U.S. GAAP |
$ | 3,147 | 19.5 | % | $ | 3,098 | $ | 642 | $ | 2,464 | $ | 5.06 | |||||||||||||||||||||||||||||
Restructuring (income) costs | 70 | 0.5 | % | 70 | 16 | 54 | 0.11 | ||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2024 - Adjusted |
$ | 3,217 | 20.0 | % | $ | 3,168 | $ | 658 | $ | 2,518 | $ | 5.17 | |||||||||||||||||||||||||||||
Three Months Ended September 30, 2023 - U.S. GAAP |
$ | 3,449 | 20.5 | % | $ | 3,515 | $ | 734 | $ | 2,794 | $ | 5.45 | |||||||||||||||||||||||||||||
Restructuring (income) costs | 46 | 0.3 | % | 46 | 10 | 36 | 0.07 | ||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2023 - Adjusted |
$ | 3,495 | 20.8 | % | $ | 3,561 | $ | 744 | $ | 2,830 | $ | 5.52 | |||||||||||||||||||||||||||||
(Dollars in millions) | Profit Before Taxes | Provision (Benefit) for Income Taxes | Effective Tax Rate | |||||||||||||||||
Three Months Ended September 30, 2024 - U.S. GAAP |
$ | 3,098 | $ | 642 | 20.7 | % | ||||||||||||||
Changes in estimates related to prior years | — | 47 | ||||||||||||||||||
Excess stock-based compensation | — | 7 | ||||||||||||||||||
Annual effective tax rate, excluding discrete items | $ | 3,098 | $ | 696 | 22.5 | % | ||||||||||||||
Changes in estimates related to prior years | — | (47) | ||||||||||||||||||
Excess stock-based compensation | — | (7) | ||||||||||||||||||
Restructuring (income) costs | 70 | 16 | ||||||||||||||||||
Three Months Ended September 30, 2024 - Adjusted |
$ | 3,168 | $ | 658 | ||||||||||||||||
Three Months Ended September 30, 2023 - U.S. GAAP |
$ | 3,515 | $ | 734 | 20.9 | % | ||||||||||||||
Decrease in annual effective tax rate | — | 34 | ||||||||||||||||||
Excess stock-based compensation | — | 22 | ||||||||||||||||||
Annual effective tax rate, excluding discrete items | $ | 3,515 | $ | 790 | 22.5 | % | ||||||||||||||
Decrease in annual effective tax rate | — | (34) | ||||||||||||||||||
Excess stock-based compensation | — | (22) | ||||||||||||||||||
Restructuring (income) costs | 46 | 10 | ||||||||||||||||||
Three Months Ended September 30, 2023 - Adjusted |
$ | 3,561 | $ | 744 | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Sales and revenues: | |||||||||||||||||||||||
Sales of Machinery, Energy & Transportation | $ | 15,231 | $ | 15,988 | $ | 46,031 | $ | 47,632 | |||||||||||||||
Revenues of Financial Products | 875 | 822 | 2,563 | 2,358 | |||||||||||||||||||
Total sales and revenues | 16,106 | 16,810 | 48,594 | 49,990 | |||||||||||||||||||
Operating costs: | |||||||||||||||||||||||
Cost of goods sold | 10,066 | 10,583 | 29,878 | 31,751 | |||||||||||||||||||
Selling, general and administrative expenses | 1,669 | 1,624 | 4,898 | 4,615 | |||||||||||||||||||
Research and development expenses | 533 | 554 | 1,588 | 1,554 | |||||||||||||||||||
Interest expense of Financial Products | 336 | 280 | 948 | 742 | |||||||||||||||||||
Other operating (income) expenses | 355 | 320 | 1,134 | 1,496 | |||||||||||||||||||
Total operating costs | 12,959 | 13,361 | 38,446 | 40,158 | |||||||||||||||||||
Operating profit | 3,147 | 3,449 | 10,148 | 9,832 | |||||||||||||||||||
Interest expense excluding Financial Products | 125 | 129 | 405 | 385 | |||||||||||||||||||
Other income (expense) | 76 | 195 | 387 | 354 | |||||||||||||||||||
Consolidated profit before taxes | 3,098 | 3,515 | 10,130 | 9,801 | |||||||||||||||||||
Provision (benefit) for income taxes | 642 | 734 | 2,166 | 2,194 | |||||||||||||||||||
Profit of consolidated companies | 2,456 | 2,781 | 7,964 | 7,607 | |||||||||||||||||||
Equity in profit (loss) of unconsolidated affiliated companies | 7 | 12 | 34 | 52 | |||||||||||||||||||
Profit of consolidated and affiliated companies | 2,463 | 2,793 | 7,998 | 7,659 | |||||||||||||||||||
Less: Profit (loss) attributable to noncontrolling interests | (1) | (1) | (3) | — | |||||||||||||||||||
Profit 1 |
$ | 2,464 | $ | 2,794 | $ | 8,001 | $ | 7,659 | |||||||||||||||
Profit per common share | $ | 5.09 | $ | 5.48 | $ | 16.36 | $ | 14.93 | |||||||||||||||
Profit per common share — diluted 2 |
$ | 5.06 | $ | 5.45 | $ | 16.27 | $ | 14.85 | |||||||||||||||
Weighted-average common shares outstanding (millions) | |||||||||||||||||||||||
– Basic | 484.2 | 509.8 | 489.0 | 513.0 | |||||||||||||||||||
– Diluted 2 |
486.7 | 512.6 | 491.7 | 515.7 | |||||||||||||||||||
1 | Profit attributable to common shareholders. | ||||
2 | Diluted by assumed exercise of stock-based compensation awards using the treasury stock method. |
September 30, 2024 |
December 31, 2023 |
||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 5,638 | $ | 6,978 | |||||||
Receivables – trade and other | 9,086 | 9,310 | |||||||||
Receivables – finance | 9,816 | 9,510 | |||||||||
Prepaid expenses and other current assets | 3,094 | 4,586 | |||||||||
Inventories | 17,312 | 16,565 | |||||||||
Total current assets | 44,946 | 46,949 | |||||||||
Property, plant and equipment – net | 12,837 | 12,680 | |||||||||
Long-term receivables – trade and other | 1,346 | 1,238 | |||||||||
Long-term receivables – finance | 13,263 | 12,664 | |||||||||
Noncurrent deferred and refundable income taxes | 3,050 | 2,816 | |||||||||
Intangible assets | 448 | 564 | |||||||||
Goodwill | 5,317 | 5,308 | |||||||||
Other assets | 5,066 | 5,257 | |||||||||
Total assets | $ | 86,273 | $ | 87,476 | |||||||
Liabilities | |||||||||||
Current liabilities: | |||||||||||
Short-term borrowings: | |||||||||||
-- Financial Products | $ | 3,725 | $ | 4,643 | |||||||
Accounts payable | 7,705 | 7,906 | |||||||||
Accrued expenses | 4,980 | 4,958 | |||||||||
Accrued wages, salaries and employee benefits | 2,078 | 2,757 | |||||||||
Customer advances | 2,404 | 1,929 | |||||||||
Dividends payable | — | 649 | |||||||||
Other current liabilities | 2,934 | 3,123 | |||||||||
Long-term debt due within one year: | |||||||||||
-- Machinery, Energy & Transportation | 46 | 1,044 | |||||||||
-- Financial Products | 8,346 | 7,719 | |||||||||
Total current liabilities | 32,218 | 34,728 | |||||||||
Long-term debt due after one year: | |||||||||||
-- Machinery, Energy & Transportation | 8,634 | 8,579 | |||||||||
-- Financial Products | 17,150 | 15,893 | |||||||||
Liability for postemployment benefits | 4,029 | 4,098 | |||||||||
Other liabilities | 4,839 | 4,675 | |||||||||
Total liabilities | 66,870 | 67,973 | |||||||||
Shareholders’ equity | |||||||||||
Common stock | 5,584 | 6,403 | |||||||||
Treasury stock | (42,390) | (36,339) | |||||||||
Profit employed in the business | 57,920 | 51,250 | |||||||||
Accumulated other comprehensive income (loss) | (1,717) | (1,820) | |||||||||
Noncontrolling interests | 6 | 9 | |||||||||
Total shareholders’ equity | 19,403 | 19,503 | |||||||||
Total liabilities and shareholders’ equity | $ | 86,273 | $ | 87,476 |
Nine Months Ended September 30, |
|||||||||||
2024 | 2023 | ||||||||||
Cash flow from operating activities: | |||||||||||
Profit of consolidated and affiliated companies | $ | 7,998 | $ | 7,659 | |||||||
Adjustments to reconcile profit to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 1,598 | 1,599 | |||||||||
Provision (benefit) for deferred income taxes | (329) | (448) | |||||||||
(Gain) loss on divestiture | 164 | 572 | |||||||||
Other | 221 | 205 | |||||||||
Changes in assets and liabilities, net of acquisitions and divestitures: | |||||||||||
Receivables – trade and other | (30) | (319) | |||||||||
Inventories | (781) | (1,424) | |||||||||
Accounts payable | (96) | (532) | |||||||||
Accrued expenses | 9 | 588 | |||||||||
Accrued wages, salaries and employee benefits | (671) | — | |||||||||
Customer advances | 476 | 516 | |||||||||
Other assets – net | 120 | 128 | |||||||||
Other liabilities – net | (37) | 338 | |||||||||
Net cash provided by (used for) operating activities | 8,642 | 8,882 | |||||||||
Cash flow from investing activities: | |||||||||||
Capital expenditures – excluding equipment leased to others | (1,285) | (1,061) | |||||||||
Expenditures for equipment leased to others | (893) | (1,177) | |||||||||
Proceeds from disposals of leased assets and property, plant and equipment | 541 | 563 | |||||||||
Additions to finance receivables | (11,457) | (11,082) | |||||||||
Collections of finance receivables | 10,234 | 10,391 | |||||||||
Proceeds from sale of finance receivables | 69 | 40 | |||||||||
Investments and acquisitions (net of cash acquired) | (32) | (67) | |||||||||
Proceeds from sale of businesses and investments (net of cash sold) | (67) | (14) | |||||||||
Proceeds from maturities and sale of securities | 2,841 | 747 | |||||||||
Investments in securities | (892) | (3,689) | |||||||||
Other – net | 137 | 32 | |||||||||
Net cash provided by (used for) investing activities | (804) | (5,317) | |||||||||
Cash flow from financing activities: | |||||||||||
Dividends paid | (1,966) | (1,901) | |||||||||
Common stock issued, including treasury shares reissued | 15 | 36 | |||||||||
Payments to purchase common stock | (7,057) | (2,209) | |||||||||
Proceeds from debt issued (original maturities greater than three months) | 7,579 | 6,360 | |||||||||
Payments on debt (original maturities greater than three months) | (6,862) | (4,459) | |||||||||
Short-term borrowings – net (original maturities three months or less) | (848) | (1,726) | |||||||||
Net cash provided by (used for) financing activities | (9,139) | (3,899) | |||||||||
Effect of exchange rate changes on cash | (39) | (119) | |||||||||
Increase (decrease) in cash, cash equivalents and restricted cash | (1,340) | (453) | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | 6,985 | 7,013 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 5,645 | $ | 6,560 |
Cash equivalents primarily represent short-term, highly liquid investments with original maturities of generally three months or less. |
Supplemental Consolidating Data | ||||||||||||||||||||||||||
Consolidated | Machinery, Energy & Transportation | Financial Products |
Consolidating Adjustments |
|||||||||||||||||||||||
Sales and revenues: | ||||||||||||||||||||||||||
Sales of Machinery, Energy & Transportation | $ | 15,231 | $ | 15,231 | $ | — | $ | — | ||||||||||||||||||
Revenues of Financial Products | 875 | — | 1,078 | (203) | 1 | |||||||||||||||||||||
Total sales and revenues | 16,106 | 15,231 | 1,078 | (203) | ||||||||||||||||||||||
Operating costs: | ||||||||||||||||||||||||||
Cost of goods sold | 10,066 | 10,067 | — | (1) | 2 | |||||||||||||||||||||
Selling, general and administrative expenses | 1,669 | 1,484 | 197 | (12) | 2 | |||||||||||||||||||||
Research and development expenses | 533 | 533 | — | — | ||||||||||||||||||||||
Interest expense of Financial Products | 336 | — | 336 | — | ||||||||||||||||||||||
Other operating (income) expenses | 355 | 49 | 329 | (23) | 2 | |||||||||||||||||||||
Total operating costs | 12,959 | 12,133 | 862 | (36) | ||||||||||||||||||||||
Operating profit | 3,147 | 3,098 | 216 | (167) | ||||||||||||||||||||||
Interest expense excluding Financial Products | 125 | 127 | — | (2) | 3 | |||||||||||||||||||||
Other income (expense) | 76 | (122) | 33 | 165 | 4 | |||||||||||||||||||||
Consolidated profit before taxes | 3,098 | 2,849 | 249 | — | ||||||||||||||||||||||
Provision (benefit) for income taxes | 642 | 582 | 60 | — | ||||||||||||||||||||||
Profit of consolidated companies | 2,456 | 2,267 | 189 | — | ||||||||||||||||||||||
Equity in profit (loss) of unconsolidated affiliated companies | 7 | 7 | — | — | ||||||||||||||||||||||
Profit of consolidated and affiliated companies | 2,463 | 2,274 | 189 | — | ||||||||||||||||||||||
Less: Profit (loss) attributable to noncontrolling interests | (1) | (1) | — | — | ||||||||||||||||||||||
Profit 5 |
$ | 2,464 | $ | 2,275 | $ | 189 | $ | — |
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 interest expense recorded between Financial Products and ME&T. | ||||
4 | Elimination of discount recorded by ME&T on receivables sold to Financial Products and of interest earned between ME&T and Financial Products as well as dividends paid by Financial Products to ME&T. |
||||
5 | Profit attributable to common shareholders. |
Supplemental Consolidating Data | ||||||||||||||||||||||||||
Consolidated | Machinery, Energy & Transportation | Financial Products |
Consolidating Adjustments |
|||||||||||||||||||||||
Sales and revenues: | ||||||||||||||||||||||||||
Sales of Machinery, Energy & Transportation | $ | 15,988 | $ | 15,988 | $ | — | $ | — | ||||||||||||||||||
Revenues of Financial Products | 822 | — | 1,017 | (195) | 1 | |||||||||||||||||||||
Total sales and revenues | 16,810 | 15,988 | 1,017 | (195) | ||||||||||||||||||||||
Operating costs: | ||||||||||||||||||||||||||
Cost of goods sold | 10,583 | 10,586 | — | (3) | 2 | |||||||||||||||||||||
Selling, general and administrative expenses | 1,624 | 1,430 | 206 | (12) | 2 | |||||||||||||||||||||
Research and development expenses | 554 | 554 | — | — | ||||||||||||||||||||||
Interest expense of Financial Products | 280 | — | 280 | — | ||||||||||||||||||||||
Other operating (income) expenses | 320 | 25 | 310 | (15) | 2 | |||||||||||||||||||||
Total operating costs | 13,361 | 12,595 | 796 | (30) | ||||||||||||||||||||||
Operating profit | 3,449 | 3,393 | 221 | (165) | ||||||||||||||||||||||
Interest expense excluding Financial Products | 129 | 129 | — | — | ||||||||||||||||||||||
Other income (expense) | 195 | 42 | (12) | 165 | 3 | |||||||||||||||||||||
Consolidated profit before taxes | 3,515 | 3,306 | 209 | — | ||||||||||||||||||||||
Provision (benefit) for income taxes | 734 | 654 | 80 | — | ||||||||||||||||||||||
Profit of consolidated companies | 2,781 | 2,652 | 129 | — | ||||||||||||||||||||||
Equity in profit (loss) of unconsolidated affiliated companies | 12 | 12 | — | — | ||||||||||||||||||||||
Profit of consolidated and affiliated companies | 2,793 | 2,664 | 129 | — | ||||||||||||||||||||||
Less: Profit (loss) attributable to noncontrolling interests | (1) | (1) | — | — | ||||||||||||||||||||||
Profit 4 |
$ | 2,794 | $ | 2,665 | $ | 129 | $ | — |
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 | Profit attributable to common shareholders. | ||||
Supplemental Consolidating Data | ||||||||||||||||||||||||||
Consolidated | Machinery, Energy & Transportation | Financial Products |
Consolidating Adjustments |
|||||||||||||||||||||||
Sales and revenues: | ||||||||||||||||||||||||||
Sales of Machinery, Energy & Transportation | $ | 46,031 | $ | 46,031 | $ | — | $ | — | ||||||||||||||||||
Revenues of Financial Products | 2,563 | — | 3,150 | (587) | 1 | |||||||||||||||||||||
Total sales and revenues | 48,594 | 46,031 | 3,150 | (587) | ||||||||||||||||||||||
Operating costs: | ||||||||||||||||||||||||||
Cost of goods sold | 29,878 | 29,883 | — | (5) | 2 | |||||||||||||||||||||
Selling, general and administrative expenses | 4,898 | 4,346 | 560 | (8) | 2 | |||||||||||||||||||||
Research and development expenses | 1,588 | 1,588 | — | — | ||||||||||||||||||||||
Interest expense of Financial Products | 948 | — | 948 | — | ||||||||||||||||||||||
Other operating (income) expenses | 1,134 | 51 | 1,174 | (91) | 2 | |||||||||||||||||||||
Total operating costs | 38,446 | 35,868 | 2,682 | (104) | ||||||||||||||||||||||
Operating profit | 10,148 | 10,163 | 468 | (483) | ||||||||||||||||||||||
Interest expense excluding Financial Products | 405 | 407 | — | (2) | 3 | |||||||||||||||||||||
Other income (expense) | 387 | (163) | 69 | 481 | 4 | |||||||||||||||||||||
Consolidated profit before taxes | 10,130 | 9,593 | 537 | — | ||||||||||||||||||||||
Provision (benefit) for income taxes | 2,166 | 1,983 | 183 | — | ||||||||||||||||||||||
Profit of consolidated companies | 7,964 | 7,610 | 354 | — | ||||||||||||||||||||||
Equity in profit (loss) of unconsolidated affiliated companies | 34 | 34 | — | — | ||||||||||||||||||||||
Profit of consolidated and affiliated companies | 7,998 | 7,644 | 354 | — | ||||||||||||||||||||||
Less: Profit (loss) attributable to noncontrolling interests | (3) | (4) | 1 | — | ||||||||||||||||||||||
Profit 5 |
$ | 8,001 | $ | 7,648 | $ | 353 | $ | — |
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 interest expense recorded between Financial Products and ME&T. | ||||
4 | Elimination of discount recorded by ME&T on receivables sold to Financial Products and of interest earned between ME&T and Financial Products as well as dividends paid by Financial Products to ME&T. |
||||
5 | Profit attributable to common shareholders. | ||||
Supplemental Consolidating Data | ||||||||||||||||||||||||||
Consolidated | Machinery, Energy & Transportation | Financial Products |
Consolidating Adjustments |
|||||||||||||||||||||||
Sales and revenues: | ||||||||||||||||||||||||||
Sales of Machinery, Energy & Transportation | $ | 47,632 | $ | 47,632 | $ | — | $ | — | ||||||||||||||||||
Revenues of Financial Products | 2,358 | — | 2,907 | (549) | 1 | |||||||||||||||||||||
Total sales and revenues | 49,990 | 47,632 | 2,907 | (549) | ||||||||||||||||||||||
Operating costs: | ||||||||||||||||||||||||||
Cost of goods sold | 31,751 | 31,758 | — | (7) | 2 | |||||||||||||||||||||
Selling, general and administrative expenses | 4,615 | 4,139 | 507 | (31) | 2 | |||||||||||||||||||||
Research and development expenses | 1,554 | 1,554 | — | — | ||||||||||||||||||||||
Interest expense of Financial Products | 742 | — | 742 | — | ||||||||||||||||||||||
Other operating (income) expenses | 1,496 | 624 | 923 | (51) | 2 | |||||||||||||||||||||
Total operating costs | 40,158 | 38,075 | 2,172 | (89) | ||||||||||||||||||||||
Operating profit | 9,832 | 9,557 | 735 | (460) | ||||||||||||||||||||||
Interest expense excluding Financial Products | 385 | 385 | — | — | ||||||||||||||||||||||
Other income (expense) | 354 | 18 | (49) | 385 | 3 | |||||||||||||||||||||
Consolidated profit before taxes | 9,801 | 9,190 | 686 | (75) | ||||||||||||||||||||||
Provision (benefit) for income taxes | 2,194 | 1,993 | 201 | — | ||||||||||||||||||||||
Profit of consolidated companies | 7,607 | 7,197 | 485 | (75) | ||||||||||||||||||||||
Equity in profit (loss) of unconsolidated affiliated companies | 52 | 55 | — | (3) | 4 | |||||||||||||||||||||
Profit of consolidated and affiliated companies | 7,659 | 7,252 | 485 | (78) | ||||||||||||||||||||||
Less: Profit (loss) attributable to noncontrolling interests | — | (2) | 5 | (3) | 5 | |||||||||||||||||||||
Profit 6 |
$ | 7,659 | $ | 7,254 | $ | 480 | $ | (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. | ||||
Supplemental Consolidating Data | ||||||||||||||||||||||||||
Consolidated | Machinery, Energy & Transportation |
Financial Products |
Consolidating Adjustments |
|||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||||
Cash and cash equivalents | $ | 5,638 | $ | 4,760 | $ | 878 | $ | — | ||||||||||||||||||
Receivables – trade and other | 9,086 | 3,421 | 489 | 5,176 | 1,2 |
|||||||||||||||||||||
Receivables – finance | 9,816 | — | 15,188 | (5,372) | 2 | |||||||||||||||||||||
Prepaid expenses and other current assets | 3,094 | 2,941 | 417 | (264) | 3 | |||||||||||||||||||||
Inventories | 17,312 | 17,312 | — | — | ||||||||||||||||||||||
Total current assets | 44,946 | 28,434 | 16,972 | (460) | ||||||||||||||||||||||
Property, plant and equipment – net | 12,837 | 8,943 | 3,894 | — | ||||||||||||||||||||||
Long-term receivables – trade and other | 1,346 | 582 | 128 | 636 | 1,2 |
|||||||||||||||||||||
Long-term receivables – finance | 13,263 | — | 14,003 | (740) | 2 | |||||||||||||||||||||
Noncurrent deferred and refundable income taxes | 3,050 | 3,553 | 112 | (615) | 4 | |||||||||||||||||||||
Intangible assets | 448 | 448 | — | — | ||||||||||||||||||||||
Goodwill | 5,317 | 5,317 | — | — | ||||||||||||||||||||||
Other assets | 5,066 | 3,828 | 2,271 | (1,033) | 5 | |||||||||||||||||||||
Total assets | $ | 86,273 | $ | 51,105 | $ | 37,380 | $ | (2,212) | ||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||
Short-term borrowings | $ | 3,725 | $ | — | $ | 3,725 | $ | — | ||||||||||||||||||
Accounts payable | 7,705 | 7,630 | 287 | (212) | 6,7 | |||||||||||||||||||||
Accrued expenses | 4,980 | 4,351 | 629 | — | ||||||||||||||||||||||
Accrued wages, salaries and employee benefits | 2,078 | 2,028 | 50 | — | ||||||||||||||||||||||
Customer advances | 2,404 | 2,385 | 3 | 16 | 7 | |||||||||||||||||||||
Other current liabilities | 2,934 | 2,407 | 813 | (286) | 4,5,8 |
|||||||||||||||||||||
Long-term debt due within one year | 8,392 | 46 | 8,346 | — | ||||||||||||||||||||||
Total current liabilities | 32,218 | 18,847 | 13,853 | (482) | ||||||||||||||||||||||
Long-term debt due after one year | 25,784 | 8,738 | 17,150 | (104) | 9 | |||||||||||||||||||||
Liability for postemployment benefits | 4,029 | 4,029 | — | — | ||||||||||||||||||||||
Other liabilities | 4,839 | 3,970 | 1,522 | (653) | 4,5 | |||||||||||||||||||||
Total liabilities | 66,870 | 35,584 | 32,525 | (1,239) | ||||||||||||||||||||||
Shareholders’ equity | ||||||||||||||||||||||||||
Common stock | 5,584 | 5,584 | 905 | (905) | 10 | |||||||||||||||||||||
Treasury stock | (42,390) | (42,390) | — | — | ||||||||||||||||||||||
Profit employed in the business | 57,920 | 53,100 | 4,810 | 10 | 10 | |||||||||||||||||||||
Accumulated other comprehensive income (loss) | (1,717) | (781) | (936) | — | ||||||||||||||||||||||
Noncontrolling interests | 6 | 8 | 76 | (78) | 10 | |||||||||||||||||||||
Total shareholders’ equity | 19,403 | 15,521 | 4,855 | (973) | ||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 86,273 | $ | 51,105 | $ | 37,380 | $ | (2,212) |
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 and liabilities between ME&T and Financial Products. |
||||
6 | Elimination of payables between ME&T and Financial Products. |
||||
7 | Reclassification of Financial Products' payables to 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. |
||||
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 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. |
||||
Supplemental Consolidating Data | ||||||||||||||||||||||||||
Consolidated | Machinery, Energy & Transportation | Financial Products |
Consolidating Adjustments |
|||||||||||||||||||||||
Cash flow from operating activities: | ||||||||||||||||||||||||||
Profit of consolidated and affiliated companies | $ | 7,998 | $ | 7,644 | $ | 354 | $ | — | ||||||||||||||||||
Adjustments to reconcile profit to net cash provided by operating activities: | ||||||||||||||||||||||||||
Depreciation and amortization | 1,598 | 1,010 | 588 | — | ||||||||||||||||||||||
Provision (benefit) for deferred income taxes | (329) | (277) | (52) | — | ||||||||||||||||||||||
(Gain) loss on divestiture | 164 | (46) | 210 | — | ||||||||||||||||||||||
Other | 221 | 236 | (447) | 432 | 1 | |||||||||||||||||||||
Changes in assets and liabilities, net of acquisitions and divestitures: | ||||||||||||||||||||||||||
Receivables – trade and other | (30) | 554 | (17) | (567) | 1,2 |
|||||||||||||||||||||
Inventories | (781) | (770) | — | (11) | 1 | |||||||||||||||||||||
Accounts payable | (96) | (79) | (40) | 23 | 1 | |||||||||||||||||||||
Accrued expenses | 9 | — | 9 | — | ||||||||||||||||||||||
Accrued wages, salaries and employee benefits | (671) | (660) | (11) | — | ||||||||||||||||||||||
Customer advances | 476 | 475 | 1 | — | ||||||||||||||||||||||
Other assets – net | 120 | (226) | 191 | 155 | 1 | |||||||||||||||||||||
Other liabilities – net | (37) | (135) | 232 | (134) | 1 | |||||||||||||||||||||
Net cash provided by (used for) operating activities | 8,642 | 7,726 | 1,018 | (102) | ||||||||||||||||||||||
Cash flow from investing activities: | ||||||||||||||||||||||||||
Capital expenditures – excluding equipment leased to others | (1,285) | (1,264) | (25) | 4 | 1 | |||||||||||||||||||||
Expenditures for equipment leased to others | (893) | (20) | (889) | 16 | 1 | |||||||||||||||||||||
Proceeds from disposals of leased assets and property, plant and equipment | 541 | 25 | 525 | (9) | 1 | |||||||||||||||||||||
Additions to finance receivables | (11,457) | — | (12,271) | 814 | 2 | |||||||||||||||||||||
Collections of finance receivables | 10,234 | — | 10,889 | (655) | 2 | |||||||||||||||||||||
Net intercompany purchased receivables | — | — | 68 | (68) | 2 | |||||||||||||||||||||
Proceeds from sale of finance receivables | 69 | — | 69 | — | ||||||||||||||||||||||
Net intercompany borrowings | — | — | 15 | (15) | 3 | |||||||||||||||||||||
Investments and acquisitions (net of cash acquired) | (32) | (32) | — | — | ||||||||||||||||||||||
Proceeds from sale of businesses and investments (net of cash sold) | (67) | 86 | (153) | — | ||||||||||||||||||||||
Proceeds from maturities and sale of securities | 2,841 | 2,565 | 276 | — | ||||||||||||||||||||||
Investments in securities | (892) | (469) | (423) | — | ||||||||||||||||||||||
Other – net | 137 | 118 | 19 | — | ||||||||||||||||||||||
Net cash provided by (used for) investing activities | (804) | 1,009 | (1,900) | 87 | ||||||||||||||||||||||
Cash flow from financing activities: | ||||||||||||||||||||||||||
Dividends paid | (1,966) | (1,966) | — | — | ||||||||||||||||||||||
Common stock issued, including treasury shares reissued | 15 | 15 | — | — | ||||||||||||||||||||||
Payments to purchase common stock | (7,057) | (7,057) | — | — | ||||||||||||||||||||||
Net intercompany borrowings | — | (15) | — | 15 | 3 | |||||||||||||||||||||
Proceeds from debt issued (original maturities greater than three months) | 7,579 | — | 7,579 | — | ||||||||||||||||||||||
Payments on debt (original maturities greater than three months) | (6,862) | (1,021) | (5,841) | — | ||||||||||||||||||||||
Short-term borrowings – net (original maturities three months or less) | (848) | — | (848) | — | ||||||||||||||||||||||
Net cash provided by (used for) financing activities | (9,139) | (10,044) | 890 | 15 | ||||||||||||||||||||||
Effect of exchange rate changes on cash | (39) | (37) | (2) | — | ||||||||||||||||||||||
Increase (decrease) in cash, cash equivalents and restricted cash | (1,340) | (1,346) | 6 | — | ||||||||||||||||||||||
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 | $ | 5,645 | $ | 4,765 | $ | 880 | $ | — |
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. | ||||
Supplemental Consolidating Data | ||||||||||||||||||||||||||
Consolidated | Machinery, Energy & Transportation | Financial Products |
Consolidating Adjustments |
|||||||||||||||||||||||
Cash flow from operating activities: | ||||||||||||||||||||||||||
Profit of consolidated and affiliated companies | $ | 7,659 | $ | 7,252 | $ | 485 | $ | (78) | 1,5 | |||||||||||||||||
Adjustments to reconcile profit to net cash provided by operating activities: | ||||||||||||||||||||||||||
Depreciation and amortization | 1,599 | 1,015 | 584 | — | ||||||||||||||||||||||
Provision (benefit) for deferred income taxes | (448) | (456) | 8 | — | ||||||||||||||||||||||
(Gain) loss on divestiture | 572 | 572 | — | — | ||||||||||||||||||||||
Other | 205 | 309 | (463) | 359 | 2 | |||||||||||||||||||||
Changes in assets and liabilities, net of acquisitions and divestitures: | ||||||||||||||||||||||||||
Receivables – trade and other | (319) | (46) | 70 | (343) | 2,3 |
|||||||||||||||||||||
Inventories | (1,424) | (1,420) | — | (4) | 2 | |||||||||||||||||||||
Accounts payable | (532) | (628) | 26 | 70 | 2 | |||||||||||||||||||||
Accrued expenses | 588 | 557 | 31 | — | ||||||||||||||||||||||
Accrued wages, salaries and employee benefits | — | 1 | (1) | — | ||||||||||||||||||||||
Customer advances | 516 | 515 | 1 | — | ||||||||||||||||||||||
Other assets – net | 128 | 107 | 17 | 4 | 2 | |||||||||||||||||||||
Other liabilities – net | 338 | 177 | 147 | 14 | 2 | |||||||||||||||||||||
Net cash provided by (used for) operating activities | 8,882 | 7,955 | 905 | 22 | ||||||||||||||||||||||
Cash flow from investing activities: | ||||||||||||||||||||||||||
Capital expenditures – excluding equipment leased to others | (1,061) | (1,088) | (16) | 43 | 2 | |||||||||||||||||||||
Expenditures for equipment leased to others | (1,177) | (20) | (1,165) | 8 | 2 | |||||||||||||||||||||
Proceeds from disposals of leased assets and property, plant and equipment | 563 | 46 | 564 | (47) | 2 | |||||||||||||||||||||
Additions to finance receivables | (11,082) | — | (12,493) | 1,411 | 3 | |||||||||||||||||||||
Collections of finance receivables | 10,391 | — | 11,554 | (1,163) | 3 | |||||||||||||||||||||
Net intercompany purchased receivables | — | — | 429 | (429) | 3 | |||||||||||||||||||||
Proceeds from sale of finance receivables | 40 | — | 40 | — | ||||||||||||||||||||||
Net intercompany borrowings | — | — | 7 | (7) | 4 | |||||||||||||||||||||
Investments and acquisitions (net of cash acquired) | (67) | (67) | — | — | ||||||||||||||||||||||
Proceeds from sale of businesses and investments (net of cash sold) | (14) | (14) | — | — | ||||||||||||||||||||||
Proceeds from sale of securities | 747 | 553 | 194 | — | ||||||||||||||||||||||
Investments in securities | (3,689) | (3,340) | (349) | — | ||||||||||||||||||||||
Other – net | 32 | 43 | (11) | — | ||||||||||||||||||||||
Net cash provided by (used for) investing activities | (5,317) | (3,887) | (1,246) | (184) | ||||||||||||||||||||||
Cash flow from financing activities: | ||||||||||||||||||||||||||
Dividends paid | (1,901) | (1,901) | (155) | 155 | 5 | |||||||||||||||||||||
Common stock issued, including treasury shares reissued | 36 | 36 | — | — | ||||||||||||||||||||||
Payments to purchase common stock | (2,209) | (2,209) | — | — | ||||||||||||||||||||||
Net intercompany borrowings | — | (7) | — | 7 | 4 | |||||||||||||||||||||
Proceeds from debt issued (original maturities greater than three months) | 6,360 | — | 6,360 | — | ||||||||||||||||||||||
Payments on debt (original maturities greater than three months) | (4,459) | (99) | (4,360) | — | ||||||||||||||||||||||
Short-term borrowings – net (original maturities three months or less) | (1,726) | (3) | (1,723) | — | ||||||||||||||||||||||
Net cash provided by (used for) financing activities | (3,899) | (4,183) | 122 | 162 | ||||||||||||||||||||||
Effect of exchange rate changes on cash | (119) | (55) | (64) | — | ||||||||||||||||||||||
Increase (decrease) in cash, cash equivalents and restricted cash | (453) | (170) | (283) | — | ||||||||||||||||||||||
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 | $ | 6,560 | $ | 5,879 | $ | 681 | $ | — |
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. Quarterly Retail Sales Statistics | ||||||||||||||
Machines and E&T Combined | 3rd Quarter 2024 | 2nd Quarter 2024 | 1st Quarter 2024 | 4th Quarter 2023 | ||||||||||
World | DOWN 6% | DOWN 3% | DOWN 5% | UP 8% | ||||||||||
Machines | 3rd Quarter 2024 | 2nd Quarter 2024 | 1st Quarter 2024 | 4th Quarter 2023 | ||||||||||
Asia/Pacific | DOWN 9% | DOWN 24% | DOWN 10% | DOWN 5% | ||||||||||
EAME | DOWN 20% | DOWN 12% | DOWN 29% | DOWN 3% | ||||||||||
Latin America | UNCHANGED | UP 6% | UP 4% | DOWN 1% | ||||||||||
North America | DOWN 9% | DOWN 3% | DOWN 1% | UP 11% | ||||||||||
World | DOWN 10% | DOWN 8% | DOWN 9% | UP 3% | ||||||||||
Resource Industries (RI) | 3rd Quarter 2024 | 2nd Quarter 2024 | 1st Quarter 2024 | 4th Quarter 2023 | ||||||||||
Asia/Pacific | DOWN 13% | DOWN 37% | DOWN 16% | DOWN 1% | ||||||||||
EAME | DOWN 38% | DOWN 19% | DOWN 39% | UP 1% | ||||||||||
Latin America | DOWN 10% | UP 11% | UP 38% | UP 1% | ||||||||||
North America | DOWN 12% | DOWN 2% | DOWN 17% | UP 3% | ||||||||||
World | DOWN 18% | DOWN 15% | DOWN 17% | UP 1% | ||||||||||
Construction Industries (CI) | 3rd Quarter 2024 | 2nd Quarter 2024 | 1st Quarter 2024 | 4th Quarter 2023 | ||||||||||
Asia/Pacific | DOWN 7% | DOWN 12% | DOWN 6% | DOWN 8% | ||||||||||
EAME | DOWN 12% | DOWN 10% | DOWN 24% | DOWN 5% | ||||||||||
Latin America | UP 6% | UP 4% | DOWN 10% | DOWN 1% | ||||||||||
North America | DOWN 8% | DOWN 3% | UP 4% | UP 13% | ||||||||||
World | DOWN 7% | DOWN 5% | DOWN 5% | UP 4% | ||||||||||
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) | 3rd Quarter 2024 | 2nd Quarter 2024 | 1st Quarter 2024 | 4th Quarter 2023 | ||||||||||
Power Gen | UP 11% | UP 28% | UP 9% | UP 26% | ||||||||||
Industrial | DOWN 29% | DOWN 40% | DOWN 39% | DOWN 21% | ||||||||||
Transportation | UP 25% | UP 68% | UP 45% | UP 54% | ||||||||||
Oil & Gas | UP 10% | UP 9% | UP 35% | UP 25% | ||||||||||
Total | UP 5% | UP 10% | UP 9% | UP 20% | ||||||||||
Reported in dollars based on reporting from dealers and direct sales. |