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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
cat-20220930_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, 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, Texas75039
(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 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, 2022, 520,409,355 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
 20222021
Sales and revenues:  
Sales of Machinery, Energy & Transportation$14,278 $11,707 
Revenues of Financial Products716 690 
Total sales and revenues14,994 12,397 
Operating costs:  
Cost of goods sold10,202 8,617 
Selling, general and administrative expenses1,401 1,340 
Research and development expenses476 427 
Interest expense of Financial Products151 111 
Other operating (income) expenses339 238 
Total operating costs12,569 10,733 
Operating profit2,425 1,664 
Interest expense excluding Financial Products109 114 
Other income (expense)242 225 
Consolidated profit before taxes2,558 1,775 
Provision (benefit) for income taxes527 368 
Profit of consolidated companies2,031 1,407 
Equity in profit (loss) of unconsolidated affiliated companies9 21 
Profit of consolidated and affiliated companies2,040 1,428 
Less: Profit (loss) attributable to noncontrolling interests(1)2 
Profit 1
$2,041 $1,426 
Profit per common share$3.89 $2.62 
Profit per common share – diluted 2
$3.87 $2.60 
Weighted-average common shares outstanding (millions)  
– Basic525.0 544.0 
– Diluted 2
527.6 547.6 
 
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
 20222021
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 income1,186 1,142 
Less: comprehensive income attributable to the noncontrolling interests(1)2 
Comprehensive income attributable to shareholders$1,187 $1,140 

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
 20222021
Sales and revenues:  
Sales of Machinery, Energy & Transportation$40,703 $35,091 
Revenues of Financial Products2,127 2,082 
Total sales and revenues42,830 37,173 
Operating costs:  
Cost of goods sold29,736 25,510 
Selling, general and administrative expenses4,172 3,943 
Research and development expenses1,413 1,247 
Interest expense of Financial Products377 352 
Other operating (income) expenses908 854 
Total operating costs36,606 31,906 
Operating profit6,224 5,267 
Interest expense excluding Financial Products326 376 
Other income (expense)755 751 
Consolidated profit before taxes6,653 5,642 
Provision (benefit) for income taxes1,423 1,313 
Profit of consolidated companies5,230 4,329 
Equity in profit (loss) of unconsolidated affiliated companies20 44 
Profit of consolidated and affiliated companies5,250 4,373 
Less: Profit (loss) attributable to noncontrolling interests(1)4 
Profit 1
$5,251 $4,369 
Profit per common share$9.91 $8.00 
Profit per common share – diluted 2
$9.85 $7.94 
Weighted-average common shares outstanding (millions) 
– Basic530.1 545.8 
– Diluted 2
533.2 550.2 

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
 20222021
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)
Total other comprehensive income (loss), net of tax(1,800)(552)
Comprehensive income3,450 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.



6

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 other8,158 8,477 
Receivables – finance8,918 8,898 
Prepaid expenses and other current assets2,295 2,788 
Inventories16,860 14,038 
Total current assets42,577 43,455 
Property, plant and equipment – net11,643 12,090 
Long-term receivables – trade and other1,278 1,204 
Long-term receivables – finance11,859 12,707 
Noncurrent deferred and refundable income taxes2,218 1,840 
Intangible assets806 1,042 
Goodwill6,092 6,324 
Other assets4,434 4,131 
Total assets$80,907 $82,793 
Liabilities  
Current liabilities:  
Short-term borrowings:  
Machinery, Energy & Transportation$3 $9 
Financial Products4,199 5,395 
Accounts payable8,260 8,154 
Accrued expenses4,013 3,757 
Accrued wages, salaries and employee benefits2,204 2,242 
Customer advances1,831 1,087 
Dividends payable 595 
Other current liabilities2,878 2,256 
Long-term debt due within one year:  
Machinery, Energy & Transportation120 45 
Financial Products6,694 6,307 
Total current liabilities30,202 29,847 
Long-term debt due after one year:  
Machinery, Energy & Transportation9,479 9,746 
Financial Products16,030 16,287 
Liability for postemployment benefits5,038 5,592 
Other liabilities4,536 4,805 
Total liabilities65,285 66,277 
Commitments and contingencies (Notes 11 and 14)
Shareholders’ equity  
Common stock of $1.00 par value:
  
Authorized shares: 2,000,000,000
Issued shares: (9/30/22 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 business43,304 39,282 
Accumulated other comprehensive income (loss)(3,353)(1,553)
Noncontrolling interests31 32 
Total shareholders’ equity15,622 16,516 
Total liabilities and shareholders’ equity$80,907 $82,793 
 
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, 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: 6,610,438 1
 (1,371)   (1,371)
Other6 (1)  (1)4 
Balance at September 30, 2021$6,352 $(26,608)$38,361 $(1,440)$30 $16,695 
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)
Common shares issued from treasury stock for stock-based compensation: 75,534
(5)4    (1)
Stock-based compensation expense55     55 
Common shares repurchased: 7,575,322 1
 (1,385)   (1,385)
Other9 (1)   8 
Balance at September 30, 2022$6,523 $(30,883)$43,304 $(3,353)$31 $15,622 

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, 2021      
Balance at December 31, 2020$6,230 $(25,178)$35,167 $(888)$47 $15,378 
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)