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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 September 30, 2022
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.) |
5205 N. O'Connor Boulevard, | Suite 100, | Irving, | Texas | 75039 |
(Address of principal executive offices) | | (Zip Code) |
Registrant’s telephone number, including area code: (972) 891-7700
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 |
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 September 30, 2022, 520,409,355 shares of common stock of the registrant were outstanding.
Table of Contents
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Item 3. | Defaults Upon Senior Securities | * |
Item 4. | Mine Safety Disclosures | * |
Item 5. | Other Information | * |
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* Item omitted because no answer is called for or item is not applicable.
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 |
| 2022 | | 2021 |
Sales and revenues: | | | |
Sales of Machinery, Energy & Transportation | $ | 14,278 | | | $ | 11,707 | |
Revenues of Financial Products | 716 | | | 690 | |
Total sales and revenues | 14,994 | | | 12,397 | |
| | | |
Operating costs: | | | |
Cost of goods sold | 10,202 | | | 8,617 | |
Selling, general and administrative expenses | 1,401 | | | 1,340 | |
Research and development expenses | 476 | | | 427 | |
Interest expense of Financial Products | 151 | | | 111 | |
Other operating (income) expenses | 339 | | | 238 | |
Total operating costs | 12,569 | | | 10,733 | |
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Operating profit | 2,425 | | | 1,664 | |
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Interest expense excluding Financial Products | 109 | | | 114 | |
Other income (expense) | 242 | | | 225 | |
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Consolidated profit before taxes | 2,558 | | | 1,775 | |
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Provision (benefit) for income taxes | 527 | | | 368 | |
Profit of consolidated companies | 2,031 | | | 1,407 | |
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Equity in profit (loss) of unconsolidated affiliated companies | 9 | | | 21 | |
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Profit of consolidated and affiliated companies | 2,040 | | | 1,428 | |
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Less: Profit (loss) attributable to noncontrolling interests | (1) | | | 2 | |
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Profit 1 | $ | 2,041 | | | $ | 1,426 | |
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Profit per common share | $ | 3.89 | | | $ | 2.62 | |
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Profit per common share – diluted 2 | $ | 3.87 | | | $ | 2.60 | |
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Weighted-average common shares outstanding (millions) | | | |
– Basic | 525.0 | | | 544.0 | |
– Diluted 2 | 527.6 | | | 547.6 | |
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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.
Caterpillar Inc.
Consolidated Statement of Comprehensive Income
(Unaudited)
(Dollars in millions)
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| Three Months Ended September 30 |
| 2022 | | 2021 |
| | | |
Profit of consolidated and affiliated companies | $ | 2,040 | | | $ | 1,428 | |
Other comprehensive income (loss), net of tax (Note 13): | | | |
Foreign currency translation: | (618) | | | (242) | |
Pension and other postretirement benefits: | (1) | | | (8) | |
Derivative financial instruments: | (191) | | | (31) | |
Available-for-sale securities: | (44) | | | (5) | |
| | | |
Total other comprehensive income (loss), net of tax | (854) | | | (286) | |
Comprehensive income | 1,186 | | | 1,142 | |
Less: comprehensive income attributable to the noncontrolling interests | (1) | | | 2 | |
Comprehensive income attributable to shareholders | $ | 1,187 | | | $ | 1,140 | |
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See accompanying notes to Consolidated Financial Statements.
Caterpillar Inc.
Consolidated Statement of Results of Operations
(Unaudited)
(Dollars in millions except per share data)
| | | | | | | | | | | |
| Nine Months Ended September 30 |
| 2022 | | 2021 |
Sales and revenues: | | | |
Sales of Machinery, Energy & Transportation | $ | 40,703 | | | $ | 35,091 | |
Revenues of Financial Products | 2,127 | | | 2,082 | |
Total sales and revenues | 42,830 | | | 37,173 | |
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Operating costs: | | | |
Cost of goods sold | 29,736 | | | 25,510 | |
Selling, general and administrative expenses | 4,172 | | | 3,943 | |
Research and development expenses | 1,413 | | | 1,247 | |
Interest expense of Financial Products | 377 | | | 352 | |
Other operating (income) expenses | 908 | | | 854 | |
Total operating costs | 36,606 | | | 31,906 | |
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Operating profit | 6,224 | | | 5,267 | |
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Interest expense excluding Financial Products | 326 | | | 376 | |
Other income (expense) | 755 | | | 751 | |
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Consolidated profit before taxes | 6,653 | | | 5,642 | |
| | | |
Provision (benefit) for income taxes | 1,423 | | | 1,313 | |
Profit of consolidated companies | 5,230 | | | 4,329 | |
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Equity in profit (loss) of unconsolidated affiliated companies | 20 | | | 44 | |
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Profit of consolidated and affiliated companies | 5,250 | | | 4,373 | |
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Less: Profit (loss) attributable to noncontrolling interests | (1) | | | 4 | |
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Profit 1 | $ | 5,251 | | | $ | 4,369 | |
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Profit per common share | $ | 9.91 | | | $ | 8.00 | |
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Profit per common share – diluted 2 | $ | 9.85 | | | $ | 7.94 | |
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Weighted-average common shares outstanding (millions) | | | |
– Basic | 530.1 | | | 545.8 | |
– Diluted 2 | 533.2 | | | 550.2 | |
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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.
Caterpillar Inc.
Consolidated Statement of Comprehensive Income
(Unaudited)
(Dollars in millions)
| | | | | | | | | | | |
| Nine Months Ended September 30 |
| 2022 | | 2021 |
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Profit of consolidated and affiliated companies | $ | 5,250 | | | $ | 4,373 | |
Other comprehensive income (loss), net of tax (Note 13): | | | |
Foreign currency translation: | (1,392) | | | (490) | |
Pension and other postretirement benefits: | (3) | | | (23) | |
Derivative financial instruments: | (254) | | | (19) | |
Available-for-sale securities: | (151) | | | (20) | |
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Total other comprehensive income (loss), net of tax | (1,800) | | | (552) | |
Comprehensive income | 3,450 | | | 3,821 | |
Less: comprehensive income attributable to the noncontrolling interests | (1) | | | 4 | |
Comprehensive income attributable to shareholders | $ | 3,451 | | | $ | 3,817 | |
| | | |
See accompanying notes to Consolidated Financial Statements.
Caterpillar Inc.
Consolidated Statement of Financial Position
(Unaudited)
(Dollars in millions)
| | | | | | | | | | | |
| September 30, 2022 | | December 31, 2021 |
Assets | | | |
Current assets: | | | |
Cash and cash equivalents | $ | 6,346 | | | $ | 9,254 | |
Receivables – trade and other | 8,158 | | | 8,477 | |
Receivables – finance | 8,918 | | | 8,898 | |
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Prepaid expenses and other current assets | 2,295 | | | 2,788 | |
Inventories | 16,860 | | | 14,038 | |
Total current assets | 42,577 | | | 43,455 | |
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Property, plant and equipment – net | 11,643 | | | 12,090 | |
Long-term receivables – trade and other | 1,278 | | | 1,204 | |
Long-term receivables – finance | 11,859 | | | 12,707 | |
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Noncurrent deferred and refundable income taxes | 2,218 | | | 1,840 | |
Intangible assets | 806 | | | 1,042 | |
Goodwill | 6,092 | | | 6,324 | |
Other assets | 4,434 | | | 4,131 | |
Total assets | $ | 80,907 | | | $ | 82,793 | |
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Liabilities | | | |
Current liabilities: | | | |
Short-term borrowings: | | | |
Machinery, Energy & Transportation | $ | 3 | | | $ | 9 | |
Financial Products | 4,199 | | | 5,395 | |
Accounts payable | 8,260 | | | 8,154 | |
Accrued expenses | 4,013 | | | 3,757 | |
Accrued wages, salaries and employee benefits | 2,204 | | | 2,242 | |
Customer advances | 1,831 | | | 1,087 | |
Dividends payable | — | | | 595 | |
Other current liabilities | 2,878 | | | 2,256 | |
Long-term debt due within one year: | | | |
Machinery, Energy & Transportation | 120 | | | 45 | |
Financial Products | 6,694 | | | 6,307 | |
Total current liabilities | 30,202 | | | 29,847 | |
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Long-term debt due after one year: | | | |
Machinery, Energy & Transportation | 9,479 | | | 9,746 | |
Financial Products | 16,030 | | | 16,287 | |
Liability for postemployment benefits | 5,038 | | | 5,592 | |
Other liabilities | 4,536 | | | 4,805 | |
Total liabilities | 65,285 | | | 66,277 | |
Commitments and contingencies (Notes 11 and 14) | | | |
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Shareholders’ equity | | | |
Common stock of $1.00 par value: | | | |
Authorized shares: 2,000,000,000 Issued shares: (9/30/22 and 12/31/21 – 814,894,624) at paid-in amount | 6,523 | | | 6,398 | |
Treasury stock: (9/30/22 – 294,485,269 shares; 12/31/21 – 279,006,573 shares) at cost | (30,883) | | | (27,643) | |
Profit employed in the business | 43,304 | | | 39,282 | |
Accumulated other comprehensive income (loss) | (3,353) | | | (1,553) | |
Noncontrolling interests | 31 | | | 32 | |
Total shareholders’ equity | 15,622 | | | 16,516 | |
Total liabilities and shareholders’ equity | $ | 80,907 | | | $ | 82,793 | |
See accompanying notes to Consolidated Financial Statements.
Caterpillar Inc.
Consolidated Statement of Changes in Shareholders’ Equity
(Unaudited)
(Dollars in millions)
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| Common stock | | Treasury stock | | Profit employed in the business | | Accumulated other comprehensive income (loss) | | Noncontrolling interests | | Total | |
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 expense | 58 | | | — | | | — | | | — | | | — | | | 58 | | |
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Common shares repurchased: 6,610,438 1 | — | | | (1,371) | | | — | | | — | | | — | | | (1,371) | | |
Other | 6 | | | (1) | | | — | | | — | | | (1) | | | 4 | | |
Balance at September 30, 2021 | $ | 6,352 | | | $ | (26,608) | | | $ | 38,361 | | | $ | (1,440) | | | $ | 30 | | | $ | 16,695 | | |
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Three Months Ended September 30, 2022 | | | | | | | | | | | | |
Balance at June 30, 2022 | $ | 6,464 | | | $ | (29,501) | | | $ | 41,263 | | | $ | (2,499) | | | $ | 32 | | | $ | 15,759 | | |
Profit of consolidated and affiliated companies | — | | | — | | | 2,041 | | | — | | | (1) | | | 2,040 | | |
Foreign currency translation, net of tax | — | | | — | | | — | | | (618) | | | — | | | (618) | | |
Pension and other postretirement benefits, net of tax | — | | | — | | | — | | | (1) | | | — | | | (1) | | |
Derivative financial instruments, net of tax | — | | | — | | | — | | | (191) | | | — | | | (191) | | |
Available-for-sale securities, net of tax | — | | | — | | | — | | | (44) | | | — | | | (44) | | |
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Common shares issued from treasury stock for stock-based compensation: 75,534 | (5) | | | 4 | | | — | | | — | | | — | | | (1) | | |
Stock-based compensation expense | 55 | | | — | | | — | | | — | | | — | | | 55 | | |
Common shares repurchased: 7,575,322 1 | — | | | (1,385) | | | — | | | — | | | — | | | (1,385) | | |
| | | | | | | | | | | | |
Other | 9 | | | (1) | | | — | | | — | | | — | | | 8 | | |
Balance at September 30, 2022 | $ | 6,523 | | | $ | (30,883) | | | $ | 43,304 | | | $ | (3,353) | | | $ | 31 | | | $ | 15,622 | | |
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1 See Note 12 for additional information.
See accompanying notes to Consolidated Financial Statements.
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, 2021 | | | | | | | | | | | | |
Balance at December 31, 2020 | $ | 6,230 | | | $ | (25,178) | | | $ | 35,167 | | | $ | (888) | | | $ | 47 | | | $ | 15,378 | | |
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Profit of consolidated and affiliated companies | — | | | — | | | 4,369 | | | — | | | 4 | | | 4,373 | | |
Foreign currency translation, net of tax | — | | | — | | | — | | | (490) | | | — | | | (490) | | |
Pension and other postretirement benefits, net of tax | — | | | — | | | — | | | (23) | | | — | | | (23) | | |
Derivative financial instruments, net of tax | — | | | — | | | — | | | (19) | | | — | | | (19) | | |
Available-for-sale securities, net of tax | — | | | — | | | — | | | (20) | | | — | | | (20) | | |
Change in ownership from noncontrolling interests | — | | | — | | | — | | | — | | | (16) | | | (16) | | |
Dividends declared 1 | — | | | — | | | (1,175) | | | |