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):

January 30, 2025

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 January 30, 2025, Caterpillar Inc. issued a press release reporting its financial results for the quarter ended December 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 January 30, 2025
	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.


January 30, 2025	By:	/s/ Derek Owens
		Derek Owens Chief Legal Officer and General Counsel

EX-99.1 2 cat_exx991x4qx2024xearning.htm EX-99.1 Document

Exhibit 99.1

Caterpillar Inc.

4Q 2024 Earnings Release

FOR IMMEDIATE RELEASE

Caterpillar Reports Fourth-Quarter and Full-Year 2024 Results


●			Fourth-quarter 2024 sales and revenues were $16.2 billion; full-year sales and revenues were $64.8 billion
●			Fourth-quarter 2024 profit per share of $5.78; adjusted profit per share of $5.14
●			Full-year profit per share of $22.05; adjusted profit per share of $21.90
●			Strong enterprise operating cash flow of $12.0 billion; ended the year with $6.9 billion of enterprise cash
●			Deployed $10.3 billion of cash for share repurchases and dividends in 2024


	Fourth Quarter		Full Year
($ in billions except profit per share)	2024	2023	2024	2023
Sales and Revenues	$16.2	$17.1	$64.8	$67.1
Profit Per Share	$5.78	$5.28	$22.05	$20.12
Adjusted Profit Per Share	$5.14	$5.23	$21.90	$21.21

Please see a reconciliation of GAAP to non-GAAP financial measures in the appendix on pages 14 to 16.

IRVING, Texas, Jan. 30, 2025 – Caterpillar Inc. (NYSE: CAT) announced fourth-quarter and full-year results for 2024.

Sales and revenues for the fourth quarter of 2024 were $16.2 billion, a 5% decrease compared with $17.1 billion in the fourth quarter of 2023. Operating profit margin was 18.0% for the fourth quarter of 2024, compared with 18.4% for the fourth quarter of 2023. Adjusted operating profit margin was 18.3% for the fourth quarter of 2024, compared with 18.9% for the fourth quarter of 2023. Fourth-quarter 2024 profit per share was $5.78, compared with $5.28 profit per share in the fourth quarter of 2023. Adjusted profit per share in the fourth quarter of 2024 was $5.14, compared with fourth-quarter 2023 adjusted profit per share of $5.23.

Full-year sales and revenues in 2024 were $64.8 billion, down 3% compared with $67.1 billion in 2023. The decrease reflected lower sales volume of $3.5 billion, partially offset by favorable price realization of $1.2 billion. Lower sales volume was primarily driven by lower sales of equipment to end users. Operating profit margin was 20.2% in 2024, compared with 19.3% in 2023. Adjusted operating profit margin was 20.7% in 2024, compared with 20.5% in 2023. Full-year profit was $22.05 per share in 2024, compared with profit of $20.12 per share in 2023. Adjusted profit per share in 2024 was $21.90, compared with adjusted profit per share of $21.21 in 2023.

“I’m proud of our global team’s strong performance in 2024 as they delivered record adjusted profit per share and strong ME&T free cash flow,” said Caterpillar Chairman and CEO Jim Umpleby. “As we kick off our centennial year, we remain committed to serving our customers, executing our strategy and continuing to invest for long-term profitable growth.”

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In 2024, adjusted operating profit margin and adjusted profit per share excluded restructuring costs. 2024 adjusted profit per share also excluded a discrete tax benefit for a tax law change related to currency translation and excluded mark-to-market gains for remeasurement of pension and other postemployment benefit (OPEB) plans. In 2023, adjusted operating profit margin and adjusted profit per share excluded restructuring costs, which included the impact of the divestiture of the company's Longwall business and other restructuring costs. 2023 adjusted profit per share also excluded a benefit for certain deferred tax valuation allowance adjustments and mark-to-market gains for remeasurement of pension and OPEB plans. Please see a reconciliation of GAAP to non-GAAP financial measures in the appendix on pages 14 to 16.

For the full year 2024, enterprise operating cash flow was $12.0 billion, and the company ended the fourth quarter with $6.9 billion of enterprise cash. During the year, the company deployed $7.7 billion of cash for repurchases of Caterpillar common stock and $2.6 billion of cash for dividends.

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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 fourth quarter of 2023 (at left) and the fourth 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 fourth quarter of 2024 were $16.215 billion, a decrease of $855 million, or 5%, compared with $17.070 billion in the fourth quarter of 2023. The decrease was primarily due to lower sales volume of $859 million. The decrease in sales volume was mainly driven by the impact from changes in dealer inventories and lower sales of equipment to end users. Dealer inventory decreased by $1.3 billion during the fourth quarter of 2024, compared with a decrease of $900 million during the fourth quarter of 2023.

Sales were lower across the three primary segments.


Sales and Revenues by Segment
(Millions of dollars)	Fourth Quarter 2023		Sales Volume		Price Realization		Currency		Inter-Segment / Other		Fourth Quarter 2024		$ Change		% Change

Construction Industries	$	6,519	$	(227)	$	(300)	$	(2)	$	13	$	6,003	$	(516)	(8%)
Resource Industries	3,242		(316)		26		3		7		2,962		(280)		(9%)
Energy & Transportation	7,669		(301)		221		8		52		7,649		(20)		—%
All Other Segment	116		(7)		1		—		6		116		—		—%
Corporate Items and Eliminations	(1,309)		(8)		(2)		(1)		(78)		(1,398)		(89)
Machinery, Energy & Transportation	16,237		(859)		(54)		8		—		15,332		(905)		(6%)

Financial Products Segment	981		—		—		—		43		1,024		43		4%
Corporate Items and Eliminations	(148)		—		—		—		7		(141)		7
Financial Products Revenues	833		—		—		—		50		883		50		6%

Consolidated Sales and Revenues	$	17,070	$	(859)	$	(54)	$	8	$	50	$	16,215	$	(855)	(5%)

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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
Fourth Quarter 2024
Construction Industries	$	3,157	(14%)	$	623	6%	$	1,122	(1%)	$	1,057	(2%)	$	5,959	(8%)	$	44	42%	$	6,003	(8%)
Resource Industries	960		(23%)	579		9%	455		2%	872		(7%)	2,866		(9%)	96		8%	2,962		(9%)
Energy & Transportation	3,532		6%	467		(32%)	1,586		(3%)	931		(1%)	6,516		(1%)	1,133		5%	7,649		—%
All Other Segment	13		(13%)	1		—%	1		(80%)	11		(8%)	26		(19%)	90		7%	116		—%
Corporate Items and Eliminations	(29)			—			(2)			(4)			(35)			(1,363)			(1,398)
Machinery, Energy & Transportation	7,633		(7%)	1,670		(7%)	3,162		(2%)	2,867		(4%)	15,332		(6%)	—		—%	15,332		(6%)

Financial Products Segment	680		5%	103		3%	128		1%	113		4%	1,024		4%	—		—%	1,024		4%
Corporate Items and Eliminations	(77)			(21)			(22)			(21)			(141)			—			(141)
Financial Products Revenues	603		8%	82		(1%)	106		1%	92		5%	883		6%	—		—%	883		6%

Consolidated Sales and Revenues	$	8,236	(6%)	$	1,752	(7%)	$	3,268	(2%)	$	2,959	(3%)	$	16,215	(5%)	$	—	—%	$	16,215	(5%)

Fourth Quarter 2023
Construction Industries	$	3,689		$	587		$	1,129		$	1,083		$	6,488		$	31		$	6,519
Resource Industries	1,240			529			445			939			3,153			89			3,242
Energy & Transportation	3,324			684			1,638			942			6,588			1,081			7,669
All Other Segment	15			—			5			12			32			84			116
Corporate Items and Eliminations	(18)			(2)			(2)			(2)			(24)			(1,285)			(1,309)
Machinery, Energy & Transportation	8,250			1,798			3,215			2,974			16,237			—			16,237

Financial Products Segment	645			100			127			109			981			—			981
Corporate Items and Eliminations	(88)			(17)			(22)			(21)			(148)			—			(148)
Financial Products Revenues	557			83			105			88			833			—			833

Consolidated Sales and Revenues	$	8,807		$	1,881		$	3,320		$	3,062		$	17,070		$	—		$	17,070

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Consolidated Operating Profit

The chart above graphically illustrates reasons for the change in consolidated operating profit between the fourth quarter of 2023 (at left) and the fourth 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 fourth quarter of 2024 was $2.924 billion, a decrease of $210 million, or 7%, compared with $3.134 billion in the fourth quarter of 2023. The decrease was primarily due to the profit impact of lower sales volume.

Operating profit margin was 18.0% for the fourth quarter of 2024, compared with 18.4% for the fourth quarter of 2023. Adjusted operating profit margin was 18.3% for the fourth quarter of 2024, compared with 18.9% for the fourth quarter of 2023.


Profit (Loss) by Segment
(Millions of dollars)	Fourth Quarter 2024		Fourth Quarter 2023		$ Change		% Change
Construction Industries	$	1,174	$	1,535	$	(361)	(24	%)
Resource Industries	466		600		(134)		(22	%)
Energy & Transportation	1,477		1,429		48		3	%
All Other Segment	16		(24)		40		167	%
Corporate Items and Eliminations	(198)		(438)		240
Machinery, Energy & Transportation	2,935		3,102		(167)		(5	%)

Financial Products Segment	166		234		(68)		(29	%)
Corporate Items and Eliminations	(29)		(46)		17
Financial Products	137		188		(51)		(27	%)

Consolidating Adjustments	(148)		(156)		8

Consolidated Operating Profit	$	2,924	$	3,134	$	(210)	(7	%)

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Other Profit/Loss and Tax Items

•Other income (expense) in the fourth quarter of 2024 was income of $426 million, compared with income of $241 million in the fourth quarter of 2023. The change was primarily driven by favorable foreign currency impacts.

•The effective tax rate for the fourth quarter of 2024 was 14.3% compared to 18.1% for the fourth quarter of 2023. Excluding the discrete items discussed below, the annual tax rate was 22.2% for the fourth quarter of 2024 compared to 21.4% for the fourth quarter of 2023. The increase from 2023 was primarily related to changes in the geographic mix of profits from a tax perspective.

In the fourth quarter of 2024, the company recorded a discrete tax benefit of $224 million for a tax law change related to currency translation. The company recorded a $33 million benefit in the fourth quarter of 2024 compared to a $112 million benefit in the fourth quarter of 2023 for the change in the estimated annual tax rate through the first nine months. The company also recorded a tax charge of $43 million related to $154 million of mark-to-market gains for remeasurement of pension and OPEB plans in the fourth quarter of 2024, compared to a tax charge of $26 million related to $97 million of mark-to-market gains in the fourth quarter of 2023. In addition, a discrete tax benefit of $8 million was recorded in the fourth quarter of 2024, compared with a $3 million benefit in the fourth 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 14 to 16.

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CONSTRUCTION INDUSTRIES
(Millions of dollars)
Segment Sales
	Fourth Quarter 2023			Sales Volume			Price Realization			Currency			Inter-Segment		Fourth Quarter 2024		$ Change		% Change
Total Sales	$	6,519		$	(227)		$	(300)		$	(2)		$	13	$	6,003	$	(516)	(8	%)

Sales by Geographic Region
	Fourth Quarter 2024			Fourth Quarter 2023			$ Change			% Change
North America	$	3,157		$	3,689		$	(532)		(14		%)
Latin America	623			587			36			6		%
EAME	1,122			1,129			(7)			(1		%)
Asia/Pacific	1,057			1,083			(26)			(2		%)
External Sales	5,959			6,488			(529)			(8		%)
Inter-segment	44			31			13			42		%
Total Sales	$	6,003		$	6,519		$	(516)		(8		%)

Segment Profit
	Fourth Quarter 2024			Fourth Quarter 2023			Change			% Change
Segment Profit	$	1,174		$	1,535		$	(361)		(24		%)
Segment Profit Margin	19.6		%	23.5		%	(3.9		pts)

Construction Industries’ total sales were $6.003 billion in the fourth quarter of 2024, a decrease of $516 million, or 8%, compared with $6.519 billion in the fourth quarter of 2023. The decrease was primarily due to unfavorable price realization of $300 million and lower sales volume of $227 million. The decrease in sales volume was mainly driven by lower sales of equipment to end users and by the impact from changes in dealer inventories. Dealer inventory decreased more during the fourth quarter of 2024 than during the fourth quarter of 2023.

•In North America, sales decreased due to lower sales volume and unfavorable price realization. Lower sales volume was mainly driven by the impact from changes in dealer inventories. Dealer inventory decreased more during the fourth quarter of 2024 than during the fourth quarter of 2023.

•Sales increased in Latin America due to higher sales volume, partially offset by unfavorable currency impacts, primarily related to the Brazilian real, and unfavorable price realization. Higher sales volume was mainly driven by the impact from changes in dealer inventories. Dealer inventory decreased less during the fourth quarter of 2024 than during the fourth quarter of 2023.

•In EAME, sales decreased slightly due to unfavorable price realization, partially offset by higher sales volume and favorable currency impacts, primarily related to the euro. Higher sales volume was mainly due to the impact from changes in dealer inventories, partially offset by lower sales of equipment to end users. Dealer inventory decreased less during the fourth quarter of 2024 than during the fourth quarter of 2023.

•Sales decreased in Asia/Pacific due to unfavorable price realization and lower sales volume, partially offset by favorable currency impacts primarily related to the Australian dollar. Lower sales volume was mainly due to lower sales of equipment to end users, partially offset by the impact from changes in dealer inventories. Dealer inventory decreased less during the fourth quarter of 2024 than during the fourth quarter of 2023.

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Construction Industries’ segment profit was $1.174 billion in the fourth quarter of 2024, a decrease of $361 million, or 24%, compared with $1.535 billion in the fourth quarter of 2023. The decrease was primarily due to unfavorable price realization.

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RESOURCE INDUSTRIES
(Millions of dollars)
Segment Sales
	Fourth Quarter 2023			Sales Volume			Price Realization			Currency			Inter-Segment		Fourth Quarter 2024		$ Change		% Change
Total Sales	$	3,242		$	(316)		$	26		$	3		$	7	$	2,962	$	(280)	(9	%)

Sales by Geographic Region
	Fourth Quarter 2024			Fourth Quarter 2023			$ Change			% Change
North America	$	960		$	1,240		$	(280)		(23		%)
Latin America	579			529			50			9		%
EAME	455			445			10			2		%
Asia/Pacific	872			939			(67)			(7		%)
External Sales	2,866			3,153			(287)			(9		%)
Inter-segment	96			89			7			8		%
Total Sales	$	2,962		$	3,242		$	(280)		(9		%)

Segment Profit
	Fourth Quarter 2024			Fourth Quarter 2023			Change			% Change
Segment Profit	$	466		$	600		$	(134)		(22		%)
Segment Profit Margin	15.7		%	18.5		%	(2.8		pts)

Resource Industries’ total sales were $2.962 billion in the fourth quarter of 2024, a decrease of $280 million, or 9%, compared with $3.242 billion in the fourth quarter of 2023. The decrease was primarily due to lower sales volume. The decrease in sales volume was mainly driven by the impact from changes in dealer inventories. Dealer inventory decreased more during the fourth quarter of 2024 than during the fourth quarter of 2023.

Resource Industries’ segment profit was $466 million in the fourth quarter of 2024, a decrease of $134 million, or 22%, compared with $600 million in the fourth quarter of 2023. The decrease was primarily due to the profit impact of lower sales volume.

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ENERGY & TRANSPORTATION
(Millions of dollars)
Segment Sales
	Fourth Quarter 2023			Sales Volume			Price Realization			Currency			Inter-Segment		Fourth Quarter 2024		$ Change		% Change
Total Sales	$	7,669		$	(301)		$	221		$	8		$	52	$	7,649	$	(20)	—	%

Sales by Application
	Fourth Quarter 2024			Fourth Quarter 2023			$ Change			% Change
Oil and Gas	$	1,927		$	2,247		$	(320)		(14		%)
Power Generation	2,242			1,835			407			22		%
Industrial	928			1,078			(150)			(14		%)
Transportation	1,419			1,428			(9)			(1		%)
External Sales	6,516			6,588			(72)			(1		%)
Inter-segment	1,133			1,081			52			5		%
Total Sales	$	7,649		$	7,669		$	(20)		—		%

Segment Profit
	Fourth Quarter 2024			Fourth Quarter 2023			Change			% Change
Segment Profit	$	1,477		$	1,429		$	48		3		%
Segment Profit Margin	19.3		%	18.6		%	0.7		pts

Energy & Transportation’s total sales were $7.649 billion in the fourth quarter of 2024, a decrease of $20 million, compared with $7.669 billion in the fourth quarter of 2023. The decrease in sales was primarily due to lower sales volume of $301 million, partially offset by favorable price realization of $221 million and higher inter-segment sales of $52 million.

•Oil and Gas – Sales decreased in reciprocating engines used in well servicing and gas compression applications. Sales also decreased for turbines and turbine-related services.

•Power Generation – Sales increased in large reciprocating engines, primarily data center applications. Turbines and turbine-related services increased as well.

•Industrial – Sales decreased primarily in North America and Asia/Pacific.

•Transportation – Sales decreased slightly as lower sales of reciprocating engine aftermarket parts and international locomotive deliveries were mostly offset by increased sales in rail services and marine.

Energy & Transportation’s segment profit was $1.477 billion in the fourth quarter of 2024, an increase of $48 million, or 3%, compared with $1.429 billion in the fourth quarter of 2023. The increase was primarily due to favorable price realization of $221 million, partially offset by the profit impact of lower sales volume of $158 million and unfavorable manufacturing costs of $17 million. Unfavorable manufacturing costs largely reflected increased period manufacturing costs.

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FINANCIAL PRODUCTS SEGMENT
(Millions of dollars)
Revenues by Geographic Region
	Fourth Quarter 2024		Fourth Quarter 2023		$ Change		% Change
North America	$	680	$	645	$	35	5	%
Latin America	103		100		3		3	%
EAME	128		127		1		1	%
Asia/Pacific	113		109		4		4	%
Total Revenues	$	1,024	$	981	$	43	4	%

Segment Profit
	Fourth Quarter 2024		Fourth Quarter 2023		Change		% Change
Segment Profit	$	166	$	234	$	(68)	(29	%)

Financial Products’ segment revenues were $1.024 billion in the fourth quarter of 2024, an increase of $43 million, or 4%, compared with $981 million in the fourth quarter of 2023. The increase was primarily due to a favorable impact from higher average earning assets of $29 million driven by North America, and a favorable impact from higher average financing rates across all regions except North America of $11 million.

Financial Products’ segment profit was $166 million in the fourth quarter of 2024, a decrease of $68 million, or 29%, compared with $234 million in the fourth quarter of 2023. The decrease was mainly due to an unfavorable impact from equity securities of $23 million, an unfavorable impact from lower margin of $17 million and higher provision for credit losses at Cat Financial of $17 million.

At the end of 2024, past dues at Cat Financial were 1.56%, compared with 1.79% at the end of 2023. Write-offs, net of recoveries, were $115 million for 2024, compared with $65 million for 2023. As of December 31, 2024, Cat Financial's allowance for credit losses totaled $267 million, or 0.91% 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 $227 million in the fourth quarter of 2024, a decrease of $257 million from the fourth quarter of 2023, primarily driven by decreased expenses due to timing differences, a favorable change in fair value adjustments related to deferred compensation plans and lower restructuring costs.

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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, Jan. 30, 2025.

iii.Information on non-GAAP financial measures is included in the appendix on pages 14 to 16.

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, Jan. 30, 2025, to discuss its 2024 fourth-quarter and full-year results. The accompanying slides will be available before the webcast on the Caterpillar website at https://investors.caterpillar.com/events-presentations/default.aspx.

About Caterpillar

With 2024 sales and revenues of $64.8 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 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: Alex Kapper, +1 773-250-2227 or Kapper_Alex@cat.com or 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 six significant items in order for the company’s results to be meaningful to readers. These items consist of (i) restructuring income/costs related to the divestitures of certain non-U.S. entities in 2024, (ii) other restructuring income/costs, (iii) pension and OPEB mark-to-market gains/losses resulting from plan remeasurements, (iv) a discrete tax benefit for a tax law change related to currency translation in 2024, (v) restructuring costs related to the divestiture of the company's Longwall business in 2023 and (vi) certain deferred tax valuation allowance adjustments 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.

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 December 31, 2024 - U.S. GAAP	$	2,924	18.0	%	$	3,243	$	463	$	2,791	$	5.78
Other restructuring (income) costs	37		0.3	%	37		10		27		0.05
Pension/OPEB mark-to-market (gains) losses	—		—	%	(154)		(43)		(111)		(0.23)
Tax law change related to currency translation	—		—	%	—		224		(224)		(0.46)
Three Months Ended December 31, 2024 - Adjusted	$	2,961	18.3	%	$	3,126	$	654	$	2,483	$	5.14

Three Months Ended December 31, 2023 - U.S. GAAP	$	3,134	18.4	%	$	3,249	$	587	$	2,676	$	5.28

Other restructuring (income) costs	92		0.5	%	92		27		65		0.13
Pension/OPEB mark-to-market (gains) losses	—		—	%	(97)		(26)		(71)		(0.14)
Deferred tax valuation allowance adjustments	—		—	%	—		18		(18)		(0.04)
Three Months Ended December 31, 2023 - Adjusted	$	3,226	18.9	%	$	3,244	$	606	$	2,652	$	5.23

Twelve Months Ended December 31, 2024 - U.S. GAAP	$	13,072	20.2	%	$	13,373	$	2,629	$	10,792	$	22.05
Restructuring (income) costs - divestitures of certain non-U.S. entities	164		0.2	%	164		54		110		0.22
Other restructuring (income) costs	195		0.3	%	195		46		149		0.32

Pension/OPEB mark-to-market (gains) losses	—		—	%	(154)		(43)		(111)		(0.23)
Tax law change related to currency translation	—		—	%	—		224		(224)		(0.46)
Twelve Months Ended December 31, 2024 - Adjusted	$	13,431	20.7	%	$	13,578	$	2,910	$	10,716	$	21.90

Twelve Months Ended December 31, 2023 - U.S. GAAP	$	12,966	19.3	%	$	13,050	$	2,781	$	10,335	$	20.12

Restructuring costs - Longwall divestiture	586		0.9	%	586		—		586		1.14
Other restructuring (income) costs	194		0.3	%	194		48		146		0.30
Pension/OPEB mark-to-market (gains) losses	—		—	%	(97)		(26)		(71)		(0.14)
Deferred tax valuation allowance adjustments	—		—	%	—		106		(106)		(0.21)
Twelve Months Ended December 31, 2023 - Adjusted	$	13,746	20.5	%	$	13,733	$	2,909	$	10,890	$	21.21

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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 is discussed using non-GAAP financial measures that exclude the effects of amounts associated with discrete items recorded fully in the quarter they occur. For the three and twelve months ended December 31, 2024, and 2023, these items consist of (i) pension and OPEB mark-to-market gains/losses resulting from plan remeasurements, (ii) the decrease in the annual effective tax rate, (iii) a discrete tax benefit for a tax law change related to currency translation in 2024, (iv) a settlement of stock-based compensation awards with associated tax deductions in excess of cumulative U.S. GAAP compensation expense, (v) restructuring income/costs related to the divestitures of certain non-U.S. entities in 2024, (vi) the impact of changes in estimates related to prior years in 2024, (vii) restructuring costs related to divestiture of the company's Longwall business in 2023 and (viii) deferred tax valuation allowance adjustments in 2023. 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 December 31, 2024 - U.S. GAAP	$	3,243	$	463	14.3	%

Pension/OPEB mark-to-market (gains) losses	(154)		(43)
Tax law change related to currency translation	—		224
Decrease in annual effective tax rate	—		33


Excess stock-based compensation	—		8
Annual effective tax rate, excluding discrete items	$	3,089	$	685	22.2	%
Decrease in annual effective tax rate	—		(33)

Excess stock-based compensation	—		(8)
Other restructuring (income) costs	37		10

Three Months Ended December 31, 2024 - Adjusted	$	3,126	$	654


Three Months Ended December 31, 2023 - U.S. GAAP	$	3,249	$	587	18.1	%

Pension/OPEB mark-to-market (gains) losses	(97)		(26)
Decrease in annual effective tax rate	—		112

Excess stock-based compensation	—		3
Annual effective tax rate, excluding discrete items	$	3,152	$	676	21.4	%

Decrease in annual effective tax rate	—		(112)
Deferred tax valuation allowance adjustments	—		18
Excess stock-based compensation	—		(3)
Other restructuring (income) costs	92		27

Three Months Ended December 31, 2023 - Adjusted	$	3,244	$	606

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Twelve Months Ended December 31, 2024 - U.S. GAAP	$	13,373	$	2,629	19.7	%
Restructuring (income) costs - divestitures of certain non-U.S. entities	164		54
Pension/OPEB mark-to-market (gains) losses	(154)		(43)
Tax law change related to currency translation	—		224
Changes in estimates related to prior years	—		47

Excess stock-based compensation	—		57
Annual effective tax rate, excluding discrete items	$	13,383	$	2,968	22.2	%
Changes in estimates related to prior years	—		(47)
Excess stock-based compensation	—		(57)
Other restructuring (income) costs	195		46

Twelve Months Ended December 31, 2024 - Adjusted	$	13,578	$	2,910




Twelve Months Ended December 31, 2023 - U.S. GAAP	$	13,050	$	2,781	21.3	%
Restructuring costs - Longwall divestiture	586		—
Pension/OPEB mark-to-market (gains) losses	(97)		(26)
Deferred tax valuation allowance adjustments	—		88
Excess stock-based compensation	—		57
Annual effective tax rate, excluding discrete items	$	13,539	$	2,900	21.4	%
Deferred tax valuation allowance adjustments	—		18
Excess stock-based compensation	—		(57)
Other restructuring (income) costs	194		48

Twelve Months Ended December 31, 2023 - Adjusted	$	13,733	$	2,909

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 17 to 27 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 December 31,				Twelve Months Ended December 31,
	2024		2023		2024		2023
Sales and revenues:
Sales of Machinery, Energy & Transportation	$	15,332	$	16,237	$	61,363	$	63,869
Revenues of Financial Products	883		833		3,446		3,191
Total sales and revenues	16,215		17,070		64,809		67,060

Operating costs:
Cost of goods sold	10,321		11,016		40,199		42,767
Selling, general and administrative expenses	1,769		1,756		6,667		6,371
Research and development expenses	519		554		2,107		2,108
Interest expense of Financial Products	338		288		1,286		1,030

Other operating (income) expenses	344		322		1,478		1,818
Total operating costs	13,291		13,936		51,737		54,094

Operating profit	2,924		3,134		13,072		12,966

Interest expense excluding Financial Products	107		126		512		511
Other income (expense)	426		241		813		595

Consolidated profit before taxes	3,243		3,249		13,373		13,050

Provision (benefit) for income taxes	463		587		2,629		2,781
Profit of consolidated companies	2,780		2,662		10,744		10,269

Equity in profit (loss) of unconsolidated affiliated companies	10		11		44		63

Profit of consolidated and affiliated companies	2,790		2,673		10,788		10,332

Less: Profit (loss) attributable to noncontrolling interests	(1)		(3)		(4)		(3)

Profit 1	$	2,791	$	2,676	$	10,792	$	10,335


Profit per common share	$	5.81	$	5.31	$	22.17	$	20.24
Profit per common share — diluted 2	$	5.78	$	5.28	$	22.05	$	20.12

Weighted-average common shares outstanding (millions)
– Basic	480.0		504.4		486.7		510.6
– Diluted 2	482.6		507.0		489.4		513.6


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)


	December 31, 2024		December 31, 2023
Assets
Current assets:
Cash and cash equivalents	$	6,889	$	6,978
Receivables – trade and other	9,282		9,310
Receivables – finance	9,565		9,510
Prepaid expenses and other current assets	3,119		4,586
Inventories	16,827		16,565
Total current assets	45,682		46,949

Property, plant and equipment – net	13,361		12,680
Long-term receivables – trade and other	1,225		1,238
Long-term receivables – finance	13,242		12,664
Noncurrent deferred and refundable income taxes	3,312		2,816
Intangible assets	399		564
Goodwill	5,241		5,308
Other assets	5,302		5,257
Total assets	$	87,764	$	87,476

Liabilities
Current liabilities:
Short-term borrowings:

-- Financial Products	$	4,393	$	4,643
Accounts payable	7,675		7,906
Accrued expenses	5,243		4,958
Accrued wages, salaries and employee benefits	2,391		2,757
Customer advances	2,322		1,929
Dividends payable	674		649
Other current liabilities	2,909		3,123
Long-term debt due within one year:
-- Machinery, Energy & Transportation	46		1,044
-- Financial Products	6,619		7,719
Total current liabilities	32,272		34,728

Long-term debt due after one year:
-- Machinery, Energy & Transportation	8,564		8,579
-- Financial Products	18,787		15,893
Liability for postemployment benefits	3,757		4,098
Other liabilities	4,890		4,675
Total liabilities	68,270		67,973

Shareholders’ equity
Common stock	6,941		6,403
Treasury stock	(44,331)		(36,339)
Profit employed in the business	59,352		51,250
Accumulated other comprehensive income (loss)	(2,471)		(1,820)
Noncontrolling interests	3		9
Total shareholders’ equity	19,494		19,503
Total liabilities and shareholders’ equity	$	87,764	$	87,476

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Caterpillar Inc.

Condensed Consolidated Statement of Cash Flow

(Unaudited)

(Millions of dollars)


	Twelve Months Ended December 31,
	2024		2023
Cash flow from operating activities:
Profit of consolidated and affiliated companies	$	10,788	$	10,332
Adjustments to reconcile profit to net cash provided by operating activities:
Depreciation and amortization	2,153		2,144
Actuarial (gain) loss on pension and postretirement benefits	(154)		(97)
Provision (benefit) for deferred income taxes	(621)		(592)
(Gain) loss on divestiture	164		572

Other	564		375
Changes in assets and liabilities, net of acquisitions and divestitures:
Receivables – trade and other	(160)		(437)
Inventories	(414)		(364)
Accounts payable	(282)		(754)
Accrued expenses	191		796
Accrued wages, salaries and employee benefits	(363)		486
Customer advances	370		80
Other assets – net	(97)		(95)
Other liabilities – net	(104)		439
Net cash provided by (used for) operating activities	12,035		12,885
Cash flow from investing activities:
Capital expenditures – excluding equipment leased to others	(1,988)		(1,597)
Expenditures for equipment leased to others	(1,227)		(1,495)
Proceeds from disposals of leased assets and property, plant and equipment	722		781
Additions to finance receivables	(15,409)		(15,161)
Collections of finance receivables	13,608		14,034
Proceeds from sale of finance receivables	83		63
Investments and acquisitions (net of cash acquired)	(34)		(75)
Proceeds from sale of businesses and investments (net of cash sold)	(61)		(4)
Proceeds from maturities and sale of securities	3,155		1,891
Investments in securities	(1,495)		(4,405)
Other – net	193		97
Net cash provided by (used for) investing activities	(2,453)		(5,871)
Cash flow from financing activities:
Dividends paid	(2,646)		(2,563)
Common stock issued, including treasury shares reissued	20		12
Payments to purchase common stock	(7,697)		(4,975)
Excise tax paid on purchases of common stock	(40)		—
Proceeds from debt issued (original maturities greater than three months)	10,283		8,257
Payments on debt (original maturities greater than three months)	(9,316)		(6,318)
Short-term borrowings – net (original maturities three months or less)	(168)		(1,345)
Other – net	(1)		—
Net cash provided by (used for) financing activities	(9,565)		(6,932)
Effect of exchange rate changes on cash	(106)		(110)
Increase (decrease) in cash, cash equivalents and restricted cash	(89)		(28)
Cash, cash equivalents and restricted cash at beginning of period	6,985		7,013
Cash, cash equivalents and restricted cash at end of period	$	6,896	$	6,985


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 December 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	$	15,332	$	15,332	$	—	$	—
Revenues of Financial Products	883		—		1,062		(179)		1
Total sales and revenues	16,215		15,332		1,062		(179)

Operating costs:
Cost of goods sold	10,321		10,323		—		(2)		2
Selling, general and administrative expenses	1,769		1,535		226		8		2
Research and development expenses	519		519		—		—
Interest expense of Financial Products	338		—		338		—

Other operating (income) expenses	344		20		361		(37)		2
Total operating costs	13,291		12,397		925		(31)

Operating profit	2,924		2,935		137		(148)

Interest expense excluding Financial Products	107		111		—		(4)		3
Other income (expense)	426		891		16		(481)		4

Consolidated profit before taxes	3,243		3,715		153		(625)

Provision (benefit) for income taxes	463		680		(217)		—
Profit of consolidated companies	2,780		3,035		370		(625)

Equity in profit (loss) of unconsolidated affiliated companies	10		10		—		—

Profit of consolidated and affiliated companies	2,790		3,045		370		(625)

Less: Profit (loss) attributable to noncontrolling interests	(1)		(1)		—		—

Profit 5	$	2,791	$	3,046	$	370	$	(625)


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.

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Caterpillar Inc.

Supplemental Data for Results of Operations

For the Three Months Ended December 31, 2023

(Unaudited)

(Millions of dollars)


			Supplemental Consolidating Data
	Consolidated		Machinery, Energy & Transportation		Financial Products		Consolidating Adjustments
Sales and revenues:
Sales of Machinery, Energy & Transportation	$	16,237	$	16,237	$	—	$	—
Revenues of Financial Products	833		—		1,020		(187)		1
Total sales and revenues	17,070		16,237		1,020		(187)

Operating costs:
Cost of goods sold	11,016		11,018		—		(2)		2
Selling, general and administrative expenses	1,756		1,557		197		2		2
Research and development expenses	554		554		—		—
Interest expense of Financial Products	288		—		290		(2)		2

Other operating (income) expenses	322		6		345		(29)		2
Total operating costs	13,936		13,135		832		(31)

Operating profit	3,134		3,102		188		(156)

Interest expense excluding Financial Products	126		126		—		—
Other income (expense)	241		322		33		(114)		3

Consolidated profit before taxes	3,249		3,298		221		(270)

Provision (benefit) for income taxes	587		567		20		—
Profit of consolidated companies	2,662		2,731		201		(270)

Equity in profit (loss) of unconsolidated affiliated companies	11		12		—		(1)		4

Profit of consolidated and affiliated companies	2,673		2,743		201		(271)

Less: Profit (loss) attributable to noncontrolling interests	(3)		(2)		—		(1)		5

Profit 6	$	2,676	$	2,745	$	201	$	(270)


1			Elimination of Financial Products’ revenues earned from ME&T.
2			Elimination of net expenses recorded between ME&T 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 Results of Operations

For the Twelve Months Ended December 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	$	61,363	$	61,363	$	—	$	—
Revenues of Financial Products	3,446		—		4,212		(766)		1
Total sales and revenues	64,809		61,363		4,212		(766)

Operating costs:
Cost of goods sold	40,199		40,206		—		(7)		2
Selling, general and administrative expenses	6,667		5,881		786		—
Research and development expenses	2,107		2,107		—		—
Interest expense of Financial Products	1,286		—		1,286		—

Other operating (income) expenses	1,478		71		1,535		(128)		2
Total operating costs	51,737		48,265		3,607		(135)

Operating profit	13,072		13,098		605		(631)

Interest expense excluding Financial Products	512		518		—		(6)		3
Other income (expense)	813		728		85		—

Consolidated profit before taxes	13,373		13,308		690		(625)

Provision (benefit) for income taxes	2,629		2,663		(34)		—
Profit of consolidated companies	10,744		10,645		724		(625)

Equity in profit (loss) of unconsolidated affiliated companies	44		44		—		—


Profit of consolidated and affiliated companies	10,788		10,689		724		(625)

Less: Profit (loss) attributable to noncontrolling interests	(4)		(5)		1		—

Profit 4	$	10,792	$	10,694	$	723	$	(625)


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			Profit attributable to common shareholders.

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Caterpillar Inc.

Supplemental Data for Results of Operations

For the Twelve Months Ended December 31, 2023

(Unaudited)

(Millions of dollars)


			Supplemental Consolidating Data
	Consolidated		Machinery, Energy & Transportation		Financial Products		Consolidating Adjustments
Sales and revenues:
Sales of Machinery, Energy & Transportation	$	63,869	$	63,869	$	—	$	—
Revenues of Financial Products	3,191		—		3,927		(736)		1
Total sales and revenues	67,060		63,869		3,927		(736)

Operating costs:
Cost of goods sold	42,767		42,776		—		(9)		2
Selling, general and administrative expenses	6,371		5,696		704		(29)		2
Research and development expenses	2,108		2,108		—		—
Interest expense of Financial Products	1,030		—		1,032		(2)		2

Other operating (income) expenses	1,818		630		1,268		(80)		2
Total operating costs	54,094		51,210		3,004		(120)

Operating profit	12,966		12,659		923		(616)

Interest expense excluding Financial Products	511		511		—		—
Other income (expense)	595		340		(16)		271		3

Consolidated profit before taxes	13,050		12,488		907		(345)

Provision (benefit) for income taxes	2,781		2,560		221		—
Profit of consolidated companies	10,269		9,928		686		(345)

Equity in profit (loss) of unconsolidated affiliated companies	63		67		—		(4)		4


Profit of consolidated and affiliated companies	10,332		9,995		686		(349)

Less: Profit (loss) attributable to noncontrolling interests	(3)		(4)		5		(4)		5

Profit 6	$	10,335	$	9,999	$	681	$	(345)


1			Elimination of Financial Products’ revenues earned from ME&T.
2			Elimination of net expenses recorded between ME&T and Financial Products.

3			Elimination of discount recorded by ME&T on receivables sold to Financial Products and of interest earned between ME&T and Financial Products as well as dividends paid by Financial Products to ME&T.
4			Elimination of equity profit (loss) earned from Financial Products’ subsidiaries partially owned by ME&T subsidiaries.
5			Elimination of noncontrolling interest profit (loss) recorded by Financial Products for subsidiaries partially owned by ME&T subsidiaries.
6			Profit attributable to common shareholders.

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Caterpillar Inc.

Supplemental Data for Financial Position

At December 31, 2024

(Unaudited)

(Millions of dollars)


			Supplemental Consolidating Data
	Consolidated		Machinery, Energy & Transportation		Financial Products		Consolidating Adjustments
Assets
Current assets:
Cash and cash equivalents	$	6,889	$	6,165	$	724	$	—
Receivables – trade and other	9,282		3,463		688		5,131		1,2
Receivables – finance	9,565		—		14,957		(5,392)		2

Prepaid expenses and other current assets	3,119		2,872		401		(154)		3
Inventories	16,827		16,827		—		—
Total current assets	45,682		29,327		16,770		(415)

Property, plant and equipment – net	13,361		9,531		3,830		—
Long-term receivables – trade and other	1,225		500		86		639		1,2
Long-term receivables – finance	13,242		—		14,048		(806)		2


Noncurrent deferred and refundable income taxes	3,312		3,594		118		(400)		4
Intangible assets	399		399		—		—
Goodwill	5,241		5,241		—		—
Other assets	5,302		4,050		2,277		(1,025)		5
Total assets	$	87,764	$	52,642	$	37,129	$	(2,007)

Liabilities
Current liabilities:
Short-term borrowings	$	4,393	$	—	$	4,393	$	—

Accounts payable	7,675		7,619		331		(275)		6,7
Accrued expenses	5,243		4,589		654		—
Accrued wages, salaries and employee benefits	2,391		2,335		56		—
Customer advances	2,322		2,305		3		14		7
Dividends payable	674		674		—		—
Other current liabilities	2,909		2,388		696		(175)		4,8
Long-term debt due within one year	6,665		46		6,619		—
Total current liabilities	32,272		19,956		12,752		(436)

Long-term debt due after one year	27,351		8,731		18,787		(167)		9
Liability for postemployment benefits	3,757		3,757		—		—
Other liabilities	4,890		3,977		1,344		(431)		4
Total liabilities	68,270		36,421		32,883		(1,034)

Shareholders’ equity
Common stock	6,941		6,941		905		(905)		10
Treasury stock	(44,331)		(44,331)		—		—
Profit employed in the business	59,352		54,787		4,555		10		10
Accumulated other comprehensive income (loss)	(2,471)		(1,182)		(1,289)		—
Noncontrolling interests	3		6		75		(78)		10
Total shareholders’ equity	19,494		16,221		4,246		(973)
Total liabilities and shareholders’ equity	$	87,764	$	52,642	$	37,129	$	(2,007)


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.

(more)

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 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.

(more)

Caterpillar Inc.

Supplemental Data for Cash Flow

For the Twelve Months Ended December 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	$	10,788	$	10,689	$	724	$	(625)	1,5
Adjustments to reconcile profit to net cash provided by operating activities:
Depreciation and amortization	2,153		1,368		785		—

Actuarial (gain) loss on pension and postretirement benefits	(154)		(154)		—		—
Provision (benefit) for deferred income taxes	(621)		(327)		(294)		—
(Gain) loss on divestiture	164		(46)		210		—

Other	564		355		(388)		597		2

Changes in assets and liabilities, net of acquisitions and divestitures:
Receivables – trade and other	(160)		413		207		(780)		2,3
Inventories	(414)		(400)		—		(14)		2
Accounts payable	(282)		(200)		(41)		(41)		2
Accrued expenses	191		78		113		—
Accrued wages, salaries and employee benefits	(363)		(358)		(5)		—
Customer advances	370		369		1		—
Other assets – net	(97)		(188)		48		43		2
Other liabilities – net	(104)		(162)		85		(27)		2
Net cash provided by (used for) operating activities	12,035		11,437		1,445		(847)
Cash flow from investing activities:
Capital expenditures – excluding equipment leased to others	(1,988)		(1,952)		(41)		5		2
Expenditures for equipment leased to others	(1,227)		(36)		(1,211)		20		2
Proceeds from disposals of leased assets and property, plant and equipment	722		35		698		(11)		2
Additions to finance receivables	(15,409)		—		(16,845)		1,436		3
Collections of finance receivables	13,608		—		14,707		(1,099)		3
Net intercompany purchased receivables	—		—		129		(129)		3
Proceeds from sale of finance receivables	83		—		83		—
Net intercompany borrowings	—		—		21		(21)		4
Investments and acquisitions (net of cash acquired)	(34)		(34)		—		—
Proceeds from sale of businesses and investments (net of cash sold)	(61)		92		(153)		—
Proceeds from maturities and sale of securities	3,155		2,795		360		—
Investments in securities	(1,495)		(909)		(586)		—
Other – net	193		142		51		—
Net cash provided by (used for) investing activities	(2,453)		133		(2,787)		201
Cash flow from financing activities:
Dividends paid	(2,646)		(2,646)		(625)		625		5

Common stock issued, including treasury shares reissued	20		20		—		—
Payments to purchase common stock	(7,697)		(7,697)		—		—
Excise tax paid on purchases of common stock	(40)		(40)		—		—
Net intercompany borrowings	—		(21)		—		21		4
Proceeds from debt issued (original maturities greater than three months)	10,283		—		10,283		—
Payments on debt (original maturities greater than three months)	(9,316)		(1,032)		(8,284)		—
Short-term borrowings – net (original maturities three months or less)	(168)		—		(168)		—
Other – net	(1)		(1)		—		—
Net cash provided by (used for) financing activities	(9,565)		(11,417)		1,206		646
Effect of exchange rate changes on cash	(106)		(94)		(12)		—
Increase (decrease) in cash, cash equivalents and restricted cash	(89)		59		(148)		—
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	$	6,896	$	6,170	$	726	$	—


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.

(more)

Caterpillar Inc.

Supplemental Data for Cash Flow

For the Twelve Months Ended December 31, 2023

(Unaudited)

(Millions of dollars)


			Supplemental Consolidating Data
	Consolidated		Machinery, Energy & Transportation		Financial Products		Consolidating Adjustments
Cash flow from operating activities:
Profit of consolidated and affiliated companies	$	10,332	$	9,995	$	686	$	(349)	1,5
Adjustments to reconcile profit to net cash provided by operating activities:
Depreciation and amortization	2,144		1,361		783		—

Actuarial (gain) loss on pension and postretirement benefits	(97)		(97)		—		—
Provision (benefit) for deferred income taxes	(592)		(576)		(16)		—

(Gain) loss on divestiture	572		572		—		—
Other	375		444		(577)		508		2

Changes in assets and liabilities, net of acquisitions and divestitures:
Receivables – trade and other	(437)		(367)		61		(131)		2,3
Inventories	(364)		(360)		—		(4)		2
Accounts payable	(754)		(836)		41		41		2
Accrued expenses	796		690		106		—
Accrued wages, salaries and employee benefits	486		474		12		—
Customer advances	80		78		2		—
Other assets – net	(95)		94		(110)		(79)		2
Other liabilities – net	439		216		118		105		2
Net cash provided by (used for) operating activities	12,885		11,688		1,106		91
Cash flow from investing activities:
Capital expenditures – excluding equipment leased to others	(1,597)		(1,624)		(22)		49		2
Expenditures for equipment leased to others	(1,495)		(39)		(1,466)		10		2
Proceeds from disposals of leased assets and property, plant and equipment	781		55		781		(55)		2
Additions to finance receivables	(15,161)		—		(17,321)		2,160		3
Collections of finance receivables	14,034		—		15,634		(1,600)		3
Net intercompany purchased receivables	—		—		1,080		(1,080)		3
Proceeds from sale of finance receivables	63		—		63		—
Net intercompany borrowings	—		—		10		(10)		4
Investments and acquisitions (net of cash acquired)	(75)		(75)		—		—
Proceeds from sale of businesses and investments (net of cash sold)	(4)		(4)		—		—
Proceeds from maturities and sale of securities	1,891		1,642		249		—
Investments in securities	(4,405)		(3,982)		(423)		—
Other – net	97		106		(9)		—
Net cash provided by (used for) investing activities	(5,871)		(3,921)		(1,424)		(526)
Cash flow from financing activities:
Dividends paid	(2,563)		(2,563)		(425)		425		5

Common stock issued, including treasury shares reissued	12		12		—		—
Payments to purchase common stock	(4,975)		(4,975)		—		—
Net intercompany borrowings	—		(10)		—		10		4
Proceeds from debt issued (original maturities greater than three months)	8,257		—		8,257		—
Payments on debt (original maturities greater than three months)	(6,318)		(106)		(6,212)		—
Short-term borrowings – net (original maturities three months or less)	(1,345)		(3)		(1,342)		—

Net cash provided by (used for) financing activities	(6,932)		(7,645)		278		435
Effect of exchange rate changes on cash	(110)		(60)		(50)		—
Increase (decrease) in cash, cash equivalents and restricted cash	(28)		62		(90)		—
Cash, cash equivalents and restricted cash at beginning of period	7,013		6,049		964		—
Cash, cash equivalents and restricted cash at end of period	$	6,985	$	6,111	$	874	$	—


1			Elimination of equity profit earned from Financial Products' subsidiaries partially owned by ME&T subsidiaries.
2			Elimination of non-cash adjustments and changes in assets and liabilities related to consolidated reporting.
3			Reclassification of Financial Products’ cash flow activity from investing to operating for receivables that arose from the sale of inventory.
4			Elimination of net proceeds and payments to/from ME&T and Financial Products.
5			Elimination of dividend activity between Financial Products and ME&T.

EX-99.2 3 ex992toformxretailstatisti.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

4th Quarter 2024

3rd Quarter 2024

2nd Quarter 2024

1st Quarter 2024

World

DOWN 2%

DOWN 6%

DOWN 3%

DOWN 5%

Machines

4th Quarter 2024

3rd Quarter 2024

2nd Quarter 2024

1st Quarter 2024

Asia/Pacific

DOWN 8%

DOWN 9%

DOWN 24%

DOWN 10%

EAME

DOWN 2%

DOWN 20%

DOWN 12%

DOWN 29%

Latin America

UP 1%

UNCHANGED

UP 6%

UP 4%

North America

DOWN 3%

DOWN 9%

DOWN 3%

DOWN 1%

World

DOWN 3%

DOWN 10%

DOWN 8%

DOWN 9%

Resource Industries (RI)

4th Quarter 2024

3rd Quarter 2024

2nd Quarter 2024

1st Quarter 2024

Asia/Pacific

DOWN 4%

DOWN 13%

DOWN 37%

DOWN 16%

EAME

UP 15%

DOWN 38%

DOWN 19%

DOWN 39%

Latin America

DOWN 5%

DOWN 10%

UP 11%

UP 38%

North America

DOWN 11%

DOWN 12%

DOWN 2%

DOWN 17%

World

DOWN 3%

DOWN 18%

DOWN 15%

DOWN 17%

Construction Industries (CI)

4th Quarter 2024

3rd Quarter 2024

2nd Quarter 2024

1st Quarter 2024

Asia/Pacific

DOWN 11%

DOWN 7%

DOWN 12%

DOWN 6%

EAME

DOWN 8%

DOWN 12%

DOWN 10%

DOWN 24%

Latin America

UP 5%

UP 6%

UP 4%

DOWN 10%

North America

DOWN 1%

DOWN 8%

DOWN 3%

UP 4%

World

DOWN 3%

DOWN 7%

DOWN 5%

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)

4th Quarter 2024

3rd Quarter 2024

2nd Quarter 2024

1st Quarter 2024

Power Gen

UP 27%

UP 11%

UP 28%

UP 9%

Industrial

DOWN 22%

DOWN 29%

DOWN 40%

DOWN 39%

Transportation

UP 6%

UP 25%

UP 68%

UP 45%

Oil & Gas

DOWN 13%

UP 10%

UP 9%

UP 35%

Total

UP 2%

UP 5%

UP 10%

UP 9%

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

Glossary of Terms

Construction Industries: A segment primarily responsible for supporting customers using machinery in infrastructure and building construction applications. Responsibilities include business strategy, product design, product management and development, manufacturing, marketing and sales and product support. The product portfolio includes asphalt pavers; backhoe loaders; cold planers; compactors; compact track loaders; forestry machines; material handlers; motor graders; pipelayers; road reclaimers; skid steer loaders; telehandlers; track-type loaders; track-type tractors (small, medium); track excavators (mini, small, medium, large); wheel excavators; wheel loaders (compact, small, medium); and related parts and work tools.

EAME: A geographic region including Europe, Africa, the Middle East and Eurasia.

Energy & Transportation: A segment primarily responsible for supporting customers using reciprocating engines, turbines, diesel-electric locomotives and related services across industries serving Oil and Gas, Power Generation, Industrial and Transportation applications, including marine- and rail-related businesses as well as product support of on-highway engines. Responsibilities include business strategy, product design, product management, development and testing, manufacturing, marketing and sales and product support. The product and services portfolio includes turbines, centrifugal gas compressors, and turbine-related services; reciprocating engine-powered generator sets; integrated systems and solutions used in the electric power generation industry; reciprocating engines, drivetrain and integrated systems and solutions for the marine and oil and gas industries; reciprocating engines, drivetrain and integrated systems and solutions supplied to the industrial industry as well as Caterpillar machines; electrified powertrain and zero-emission power sources and service solutions development; and diesel-electric locomotives and components and other rail-related products and services, including remanufacturing and leasing. Responsibilities also include the remanufacturing of Caterpillar reciprocating engines and components and remanufacturing services for other companies.

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; wide-body trucks; 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 Caterpillar machines and engines.

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.