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Caterpillar

Financials

Price	126.59	EPS	9
Shares	571	P/E	14
MCap	72,258	P/FCF	19
Net Debt	16,543	EBIT	6,467
TEV	88,801	TEV/EBIT	14
TTM 2019-09-30, in MM, except price, ratios

Filings

10-Q	2020-03-31	Filed 2020-05-06
10-K	2019-12-31	Filed 2020-02-19
10-Q	2019-09-30	Filed 2019-10-31
10-Q	2019-06-30	Filed 2019-08-01
10-Q	2019-03-31	Filed 2019-05-06
10-K	2018-12-31	Filed 2019-02-14
10-Q	2018-09-30	Filed 2018-10-31
10-Q	2018-06-30	Filed 2018-08-07
10-Q	2018-03-31	Filed 2018-05-02
10-K	2017-12-31	Filed 2018-02-15
10-Q	2017-09-30	Filed 2017-11-01
10-Q	2017-06-30	Filed 2017-08-02
10-Q	2017-03-31	Filed 2017-05-03
10-K	2016-12-31	Filed 2017-02-15
10-Q	2016-09-30	Filed 2016-11-02
10-Q	2016-06-30	Filed 2016-08-03
10-Q	2016-03-31	Filed 2016-05-02
10-K	2015-12-31	Filed 2016-02-16
10-Q	2015-09-30	Filed 2015-10-30
10-Q	2015-06-30	Filed 2015-07-31
10-Q	2015-03-31	Filed 2015-05-01
10-K	2014-12-31	Filed 2015-02-17
10-Q	2014-09-30	Filed 2014-10-31
10-Q	2014-06-30	Filed 2014-08-01
10-Q	2014-03-31	Filed 2014-05-02
10-K	2013-12-31	Filed 2014-02-18
10-Q	2013-09-30	Filed 2013-11-01
10-Q	2013-06-30	Filed 2013-08-02
10-Q	2013-03-31	Filed 2013-05-02
10-K	2012-12-31	Filed 2013-02-19
10-Q	2012-09-30	Filed 2012-11-02
10-Q	2012-06-30	Filed 2012-08-06
10-Q	2012-03-31	Filed 2012-05-07
10-K	2011-12-31	Filed 2012-02-21
10-Q	2011-09-30	Filed 2011-11-04
10-Q	2011-06-30	Filed 2011-08-04
10-Q	2011-03-31	Filed 2011-05-09
10-K	2010-12-31	Filed 2011-02-22
10-Q	2010-09-30	Filed 2010-11-04
10-Q	2010-06-30	Filed 2010-07-30
10-Q	2010-03-31	Filed 2010-05-03
10-K	2009-12-31	Filed 2010-02-19

Reports

8-K	2020-07-31	Earnings, Exhibits
8-K	2020-07-31	Regulation FD, Exhibits
8-K	2020-06-15
8-K	2020-06-12
8-K	2020-05-13
8-K	2020-04-28
8-K	2020-04-28
8-K	2020-04-24
8-K	2020-04-08
8-K	2020-04-06
8-K	2020-03-26
8-K	2020-03-12
8-K	2020-02-13
8-K	2020-01-31
8-K	2020-01-31
8-K	2020-01-27
8-K	2019-12-12
8-K	2019-11-13
8-K	2019-10-23
8-K	2019-10-23
8-K	2019-09-16
8-K	2019-09-13
8-K	2019-09-05
8-K	2019-08-13
8-K	2019-07-24
8-K	2019-07-24
8-K	2019-06-14
8-K	2019-06-13
8-K	2019-05-13
8-K	2019-05-02
8-K	2019-04-24
8-K	2019-04-24
8-K	2019-03-13
8-K	2019-02-15
8-K	2019-02-13
8-K	2019-02-13
8-K	2019-01-28
8-K	2019-01-28
8-K	2018-12-13
8-K	2018-12-12
8-K	2018-12-11
8-K	2018-11-13
8-K	2018-10-23
8-K	2018-10-23
8-K	2018-10-22
8-K	2018-09-14
8-K	2018-09-06
8-K	2018-08-13
8-K	2018-07-30
8-K	2018-07-27
8-K	2018-06-13
8-K	2018-06-13
8-K	2018-06-13
8-K	2018-05-11
8-K	2018-04-30
8-K	2018-04-24
8-K	2018-04-23
8-K	2018-04-11
8-K	2018-04-06
8-K	2018-03-13
8-K	2018-02-13
8-K	2018-01-25
8-K	2018-01-24
8-K	2017-12-31

Caterpillar Earnings 2020-03-31

Balance Sheet	Income Statement	Cash Flow
Assets, Equity	Rev, G Profit, Net Income	Ops, Inv, Fin

Document

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2020

☐ 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,	Illinois	60015
(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 class	Trading Symbol (s)	Name of each exchange on which registered
Common Stock ($1.00 par value)	CAT	New York Stock Exchange	¹
9 3/8% Debentures due March 15, 2021	CAT21	New York Stock Exchange
8% Debentures due February 15, 2023	CAT23	New York Stock Exchange
5.3% Debentures due September 15, 2035	CAT35	New 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 filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller 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 March 31, 2020, 541,951,509 shares of common stock of the registrant were outstanding.

Table of Contents



Part I. Financial Information
Item 1.	Financial Statements	3
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	51
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	74
Item 4.	Controls and Procedures	74

Part II. Other Information
Item 1.	Legal Proceedings	75
Item 1A.	Risk Factors	75
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	76
Item 3.	Defaults Upon Senior Securities	*
Item 4.	Mine Safety Disclosures	*
Item 5.	Other Information	*
Item 6.	Exhibits	77

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

Table of Contents

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 March 31
	2020		2019
Sales and revenues:
Sales of Machinery, Energy & Transportation	$	9,914	$	12,724
Revenues of Financial Products	721		742
Total sales and revenues	10,635		13,466

Operating costs:
Cost of goods sold	7,266		9,003
Selling, general and administrative expenses	1,121		1,319
Research and development expenses	356		435
Interest expense of Financial Products	175		190
Other operating (income) expenses	313		312
Total operating costs	9,231		11,259

Operating profit	1,404		2,207

Interest expense excluding Financial Products	113		103
Other income (expense)	222		160

Consolidated profit before taxes	1,513		2,264

Provision (benefit) for income taxes	425		387
Profit of consolidated companies	1,088		1,877

Equity in profit (loss) of unconsolidated affiliated companies	5		7

Profit of consolidated and affiliated companies	1,093		1,884

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

Profit ¹	$	1,092	$	1,881

Profit per common share	$	2.00	$	3.29

Profit per common share – diluted ²	$	1.98	$	3.25

Weighted-average common shares outstanding (millions)
– Basic	546.8		572.4
– Diluted²

EX-31.1	catex3113312020.htm
EX-31.2	catex3123312020.htm
EX-32	catex323312020.htm

CAT 10Q Quarterly Report

Caterpillar Earnings 2020-03-31