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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
cat-20210930_g1.jpg
 FORM 10-Q 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                    to
Commission File Number:  1-768
CATERPILLAR INC.
(Exact name of registrant as specified in its charter)
Delaware
37-0602744
(State or other jurisdiction of incorporation)(IRS Employer I.D. No.)
510 Lake Cook Road,Suite 100,Deerfield, Illinois60015
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (224) 551-4000 
Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report: N/A
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol (s)Name of each exchange on which registered
Common Stock ($1.00 par value)CATNew York Stock Exchange ¹
8% Debentures due February 15, 2023CAT23New York Stock Exchange
5.3% Debentures due September 15, 2035CAT35New York Stock Exchange
¹    In addition to the New York Stock Exchange, Caterpillar common stock is also listed on stock exchanges in France and Switzerland.
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes     No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes   No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company.  See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. 
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
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.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes   No

At September 30, 2021, 540,941,600 shares of common stock of the registrant were outstanding.


Table of Contents
 
 
* Item omitted because no answer is called for or item is not applicable.

2

Part I.  FINANCIAL INFORMATION
 
Item 1.  Financial Statements
Caterpillar Inc.
Consolidated Statement of Results of Operations
(Unaudited)
(Dollars in millions except per share data)
 Three Months Ended September 30
 20212020
Sales and revenues:  
Sales of Machinery, Energy & Transportation$11,707 $9,228 
Revenues of Financial Products690 653 
Total sales and revenues12,397 9,881 
Operating costs:  
Cost of goods sold8,617 6,919 
Selling, general and administrative expenses1,340 1,126 
Research and development expenses427 344 
Interest expense of Financial Products111 137 
Other operating (income) expenses238 370 
Total operating costs10,733 8,896 
Operating profit1,664 985 
Interest expense excluding Financial Products114 136 
Other income (expense)225 14 
Consolidated profit before taxes1,775 863 
Provision (benefit) for income taxes368 187 
Profit of consolidated companies1,407 676 
Equity in profit (loss) of unconsolidated affiliated companies21 (5)
Profit of consolidated and affiliated companies1,428 671 
Less: Profit (loss) attributable to noncontrolling interests2 3 
Profit 1
$1,426 $668 
Profit per common share$2.62 $1.23 
Profit per common share – diluted 2
$2.60 $1.22 
Weighted-average common shares outstanding (millions)  
– Basic544.0 542.3 
– Diluted 2
547.6 546.4 
 
1    Profit attributable to common shareholders.
2   Diluted by assumed exercise of stock-based compensation awards using the treasury stock method.
 
See accompanying notes to Consolidated Financial Statements.
3

Caterpillar Inc.
Consolidated Statement of Comprehensive Income
(Unaudited)
(Dollars in millions)
 Three Months Ended September 30
 20212020
Profit of consolidated and affiliated companies$1,428 $671 
Other comprehensive income (loss), net of tax (Note 13):
   Foreign currency translation:(242)291 
Pension and other postretirement benefits:(8)(8)
Derivative financial instruments:(31)76 
Available-for-sale securities:(5)8 
Total other comprehensive income (loss), net of tax(286)367 
Comprehensive income1,142 1,038 
Less: comprehensive income attributable to the noncontrolling interests2 3 
Comprehensive income attributable to shareholders$1,140 $1,035 

See accompanying notes to Consolidated Financial Statements.

4

Caterpillar Inc.
Consolidated Statement of Results of Operations
(Unaudited)
(Dollars in millions except per share data)
 Nine Months Ended September 30
 20212020
Sales and revenues:  
Sales of Machinery, Energy & Transportation$35,091 $28,452 
Revenues of Financial Products2,082 2,061 
Total sales and revenues37,173 30,513 
Operating costs:  
Cost of goods sold25,510 21,298 
Selling, general and administrative expenses3,943 3,426 
Research and development expenses1,247 1,041 
Interest expense of Financial Products352 461 
Other operating (income) expenses854 1,114 
Total operating costs31,906 27,340 
Operating profit5,267 3,173 
Interest expense excluding Financial Products376 384 
Other income (expense)751 265 
Consolidated profit before taxes5,642 3,054 
Provision (benefit) for income taxes1,313 839 
Profit of consolidated companies4,329 2,215 
Equity in profit (loss) of unconsolidated affiliated companies44 8 
Profit of consolidated and affiliated companies4,373 2,223 
Less: Profit (loss) attributable to noncontrolling interests4 5 
Profit 1
$4,369 $2,218 
Profit per common share$8.00 $4.08 
Profit per common share – diluted 2
$7.94 $4.05 
Weighted-average common shares outstanding (millions) 
– Basic545.8 543.9 
– Diluted 2
550.2 547.8 

1    Profit attributable to common shareholders.
2   Diluted by assumed exercise of stock-based compensation awards using the treasury stock method. 
See accompanying notes to Consolidated Financial Statements.

5

Caterpillar Inc.
Consolidated Statement of Comprehensive Income
(Unaudited)
(Dollars in millions)
 Nine Months Ended September 30
 20212020
Profit of consolidated and affiliated companies$4,373 $2,223 
Other comprehensive income (loss), net of tax (Note 13):
   Foreign currency translation:(490)106 
Pension and other postretirement benefits:(23)(20)
Derivative financial instruments:(19)4 
Available-for-sale securities:(20)29 
Total other comprehensive income (loss), net of tax(552)119 
Comprehensive income3,821 2,342 
Less: comprehensive income attributable to the noncontrolling interests4 5 
Comprehensive income attributable to shareholders$3,817 $2,337 

See accompanying notes to Consolidated Financial Statements.



6

Caterpillar Inc.
Consolidated Statement of Financial Position
(Unaudited)
(Dollars in millions) 
 September 30,
2021
December 31,
2020
Assets  
Current assets:  
Cash and cash equivalents$9,446 $9,352 
Receivables – trade and other7,647 7,317 
Receivables – finance8,919 9,463 
Prepaid expenses and other current assets2,215 1,930 
Inventories13,666 11,402 
Total current assets41,893 39,464 
Property, plant and equipment – net11,904 12,401 
Long-term receivables – trade and other1,273 1,185 
Long-term receivables – finance12,605 12,222 
Noncurrent deferred and refundable income taxes1,744 1,523 
Intangible assets1,121 1,308 
Goodwill6,353 6,394 
Other assets3,891 3,827 
Total assets$80,784 $78,324 
Liabilities  
Current liabilities:  
Short-term borrowings:  
Machinery, Energy & Transportation$ $10 
Financial Products3,247 2,005 
Accounts payable7,218 6,128 
Accrued expenses3,579 3,642 
Accrued wages, salaries and employee benefits2,075 1,096 
Customer advances1,155 1,108 
Dividends payable 562 
Other current liabilities2,319 2,017 
Long-term debt due within one year:  
Machinery, Energy & Transportation48 1,420 
Financial Products6,335 7,729 
Total current liabilities25,976 25,717 
Long-term debt due after one year:  
Machinery, Energy & Transportation9,759 9,749 
Financial Products17,395 16,250 
Liability for postemployment benefits6,395 6,872 
Other liabilities4,564 4,358 
Total liabilities64,089 62,946 
Commitments and contingencies (Notes 11 and 14)
Shareholders’ equity  
Common stock of $1.00 par value:
  
Authorized shares: 2,000,000,000
Issued shares: (9/30/21 and 12/31/20 – 814,894,624) at paid-in amount
6,352 6,230 
Treasury stock (9/30/21 – 273,953,024 shares; 12/31/20 – 269,590,777 shares) at cost
(26,608)(25,178)
Profit employed in the business38,361 35,167 
Accumulated other comprehensive income (loss)(1,440)(888)
Noncontrolling interests30 47 
Total shareholders’ equity16,695 15,378 
Total liabilities and shareholders’ equity$80,784 $78,324 
 
See accompanying notes to Consolidated Financial Statements.
7

Caterpillar Inc.
Consolidated Statement of Changes in Shareholders’ Equity
(Unaudited)
(Dollars in millions) 
 Common
stock
Treasury
stock
Profit
employed
in the
business
Accumulated
other
comprehensive
income (loss)
Noncontrolling
interests
Total
Three Months Ended September 30, 2020      
Balance at June 30, 2020$6,120 $(25,412)$34,841 $(1,815)$43 $13,777 
Profit of consolidated and affiliated companies  668  3 671 
Foreign currency translation, net of tax   291  291 
Pension and other postretirement benefits, net of tax   (8) (8)
Derivative financial instruments, net of tax   76  76 
Available-for-sale securities, net of tax   8  8 
Common shares issued from treasury stock for stock-based compensation: 1,751,708
23 97    120 
Stock-based compensation expense55     55 
Other6  (1) (1)4 
Balance at September 30, 2020$6,204 $(25,315)$35,508 $(1,448)$45 $14,994 
Three Months Ended September 30, 2021      
Balance at June 30, 2021$6,293 $(25,240)$36,934 $(1,154)$47 $16,880 
Profit of consolidated and affiliated companies  1,426  2 1,428 
Foreign currency translation, net of tax   (242) (242)
Pension and other postretirement benefits, net of tax   (8) (8)
Derivative financial instruments, net of tax   (31) (31)
Available-for-sale securities, net of tax   (5) (5)
Change in ownership from noncontrolling interests    (16)(16)
Dividends declared   1   1 
Distribution to noncontrolling interests    (2)(2)
Common shares issued from treasury stock for stock-based compensation: 80,571
(5)4    (1)
Stock-based compensation expense58     58 
Common shares repurchased: 6,610,4381
 (1,371)   (1,371)
Other6 (1)  (1)4 
Balance at September 30, 2021$6,352 $(26,608)$38,361 $(1,440)$30 $16,695 

1 See Note 12 for additional information.
  

See accompanying notes to Consolidated Financial Statements.

8

Caterpillar Inc.
Consolidated Statement of Changes in Shareholders’ Equity
(Unaudited)
(Dollars in millions) 
 Common
stock
Treasury
stock
Profit
employed
in the
business
Accumulated
other
comprehensive
income (loss)
Noncontrolling
interests
Total
Nine Months Ended September 30, 2020      
Balance at December 31, 2019$