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Caterpillar Inc.: Files Form 10-Q FQE 30 Sept 2022

Caterpillar Inc.
Caterpillar Inc.: Files Form 10-Q FQE 30 Sept 2022

02-Nov-2022 / 16:36 CET/CEST
Information réglementaire transmise par EQS Group.
Le contenu de ce communiqué est de la responsabilité de l’émetteur.

 

 

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

 

 

Part I. Financial Information

Item 1.

Financial Statements

3

Item 2.

Management’s Discussion and Analysis of Financial Con

Operations

dition and Results of                   45

Item 3.

Quantitative and Qualitative Disclosures About Market R

isk                                               75

Item 4.

Controls and Procedures

75

 

Part II. Other Information

Item 1.

Legal Proceedings

76

Item 1A.

Risk Factors

76

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

76

Item 3.

Defaults Upon Senior Securities

*

Item 4. Item 5.

Mine Safety Disclosures

Other Information

*

*

Item 6.

Exhibits

77

 

* 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

 

Operating profit ......................................................................................................................................

 

2,425

 

 

1,664

 

Interest expense excluding Financial Products.....................................................................................

109

 

114

Other income (expense)........................................................................................................................

242

 

225

 

Consolidated profit before taxes ............................................................................................................

 

2,558

 

 

1,775

 

Provision (benefit) for income taxes ....................................................................................................

527

 

368

Profit of consolidated companies .........................................................................................................

2,031

 

1,407

Equity in profit (loss) of unconsolidated affiliated companies.............................................................

9

 

21

 

Profit of consolidated and affiliated companies ...................................................................................

 

2,040

 

 

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)

 

 

 

– Basic ...............................................................................................................................................

525.0

 

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.

 

 

 

 

Caterpillar Inc.

Consolidated Statement of Comprehensive Income

(Unaudited) (Dollars in millions)

 

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

 

 

 

See accompanying notes to Consolidated Financial Statements.

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales and revenues:


Caterpillar Inc.

Consolidated Statement of Results of Operations

(Unaudited)

(Dollars in millions except per share data)

 

 

 

 

 

 

Nine Months Ended

September 30

2022           2021

 

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

 

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

 

Operating profit .........................................................................................................................................

 

6,224

 

5,267

 

Interest expense excluding Financial Products........................................................................................

 

326

 

376

Other income (expense)...........................................................................................................................

755

751

 

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

 

Equity in profit (loss) of unconsolidated affiliated companies................................................................

 

20

 

44

 

Profit of consolidated and affiliated companies ......................................................................................

 

5,250

 

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)

 

 

– Basic ..................................................................................................................................................

530.1

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.

 

 

 

 

Caterpillar Inc.

Consolidated Statement of Comprehensive Income

(Unaudited) (Dollars in millions)

 

 

Nine Months Ended

September 30

2022            2021

 

 

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 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.

 

 

 

 

 

 

 

 

 

 

 

 

Assets

Current assets:


Caterpillar Inc.

Consolidated Statement of Financial Position

(Unaudited) (Dollars in millions)

 

 

 

 

 

 

September 30,

2022

 

 

 

 

 

 

December 31,

2021

 

Cash and cash equivalents .............................................................................................................

$               6,346

 

$               9,254

Receivables – trade and other ........................................................................................................

8,158

 

8,477

Receivables – finance ....................................................................................................................

8,918

 

8,898

Prepaid expenses and other current assets .....................................................................................

2,295

 

2,788

Inventories......................................................................................................................................

16,860

 

14,038

Total current assets .............................................................................................................................

42,577

 

43,455

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

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

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

 

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) 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)

 

 

 

 

 

Three Months Ended September 30, 2021

 

 

Common stock

 

 

Treasury stock

 

Profit employed in the business

 

Accumulated other comprehensive income (loss)

 

 

Noncontrolling

interests             Total

 

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

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

 

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 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

 

 

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)

 

 

 

 

 

Nine Months Ended September 30, 2021

 

 

Common stock

 

 

Treasury stock

 

Profit employed in the business

 

Accumulated other comprehensive income (loss)

 

 

Noncontrolling

interests             Total

 

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)                                                             (1,175) Distribution to noncontrolling interests...........................................                                                                                                       (4)              (4)

Common shares issued from treasury stock for stock-based

compensation: 3,410,146 ................................................................             (70)               192                                                                                   122

Stock-based compensation expense.................................................            169                                                                                                     169

Common shares repurchased: 7,772,393 2.......................................                          (1,622)                                                                              (1,622) Other ................................................................................................              23                                                                                         (1)              22

Balance at September 30, 2021 .....................................................  $     6,352    $   (26,608)   $   38,361    $              (1,440)   $                   30    $ 16,695

 

Nine Months Ended September 30, 2022

Balance at December 31, 2021 ......................................................  $     6,398    $   (27,643)   $   39,282    $              (1,553)   $                   32    $ 16,516

Profit of consolidated and affiliated companies ..............................                                            5,251                                                      (1)         5,250

Foreign currency translation, net of tax...........................................                                                                      (1,392)                                  (1,392) Pension and other postretirement benefits, net of tax......................                                                                             (3)                                         (3) Derivative financial instruments, net of tax.....................................                                                                         (254)                                     (254) Available-for-sale securities, net of tax ...........................................                                                                         (151)                                     (151) Dividends declared 1 ........................................................................                                           (1,229)                                                             (1,229)

Common shares issued from treasury stock for stock-based

compensation: 1,529,753 .................................................................             (67)                 69                                                                                       2

Stock-based compensation expense.................................................            162                                                                                                     162

Common shares repurchased: 17,007,819 2 ....................................                          (3,309)                                                                              (3,309) Other ................................................................................................              30                                                                                                       30

Balance at September 30, 2022 .....................................................  $     6,523    $   (30,883)   $   43,304    $              (3,353)   $                   31    $ 15,622

 

 

1   Dividends per share of common stock of $2.31 and $2.14 were declared in the nine months ended September 30, 2022 and 2021, respectively.

2   See Note 12 for additional information.

 

See accompanying notes to Consolidated Financial Statements.

 

 

 

 

 

 

 

 

 

 

 

 

Cash flow from operating activities:


Caterpillar Inc. Consolidated Statement of Cash Flow (Unaudited)

(Millions of dollars)

 

 

 

 

 

Nine Months Ended September 30

2022                             2021

 

Profit of consolidated and affiliated companies ...................................................................  $                     5,250    $                       4,373

Adjustments for non-cash items:

Depreciation and amortization......................................................................................                         1,661                              1,766

Provision (benefit) for deferred income taxes ..............................................................                           (349)                              (321) Other .............................................................................................................................                            132                                 102

Changes in assets and liabilities, net of acquisitions and divestitures:

Receivables – trade and other.......................................................................................                            365                               (326) Inventories ....................................................................................................................                        (3,088)                           (2,195) Accounts payable..........................................................................................................                            786                              1,232

Accrued expenses .........................................................................................................                              70                                   46

Accrued wages, salaries and employee benefits...........................................................                              15                                 934

Customer advances .......................................................................................................                            751                                   39

Other assets – net..........................................................................................................                              57                                 138

Other liabilities – net ....................................................................................................                           (623)                                  (2) Net cash provided by (used for) operating activities.................................................................                         5,027                              5,786

 

Cash flow from investing activities:

Capital expenditures – excluding equipment leased to others..............................................                           (868)                              (673) Expenditures for equipment leased to others........................................................................                        (1,023)                           (1,014) Proceeds from disposals of leased assets and property, plant and equipment......................                            666                                 877

Additions to finance receivables...........................................................................................                        (9,914)                           (9,603) Collections of finance receivables........................................................................................                         9,738                              9,221

Proceeds from sale of finance receivables............................................................................                              50                                   44

Investments and acquisitions (net of cash acquired) ............................................................                             (44)                              (449) Proceeds from sale of businesses and investments (net of cash sold) ..................................                                1                                   23

Proceeds from sale of securities ...........................................................................................                         2,080                                 424

Investments in securities.......................................................................................................                        (2,399)                              (934) Other – net ............