La bourse est fermée
  • CAC 40

    6 739,73
    -336,14 (-4,75 %)
     
  • Euro Stoxx 50

    4 089,58
    -203,66 (-4,74 %)
     
  • Dow Jones

    34 899,34
    -905,04 (-2,53 %)
     
  • EUR/USD

    1,1322
    +0,0110 (+0,99 %)
     
  • Gold future

    1 788,10
    +1,20 (+0,07 %)
     
  • BTC-EUR

    48 012,30
    -953,86 (-1,95 %)
     
  • CMC Crypto 200

    1 365,60
    -89,82 (-6,17 %)
     
  • Pétrole WTI

    68,15
    -10,24 (-13,06 %)
     
  • DAX

    15 257,04
    -660,94 (-4,15 %)
     
  • FTSE 100

    7 044,03
    -266,34 (-3,64 %)
     
  • Nasdaq

    15 491,66
    -353,57 (-2,23 %)
     
  • S&P 500

    4 594,62
    -106,84 (-2,27 %)
     
  • Nikkei 225

    28 751,62
    -747,66 (-2,53 %)
     
  • HANG SENG

    24 080,52
    -659,64 (-2,67 %)
     
  • GBP/USD

    1,3342
    +0,0022 (+0,16 %)
     

Caterpillar Inc.: Files Form 10-Q FQE 30 September 2021

·11 min de lecture

Caterpillar Inc.
Caterpillar Inc.: Files Form 10-Q FQE 30 September 2021

03-Nov-2021 / 22:49 CET/CEST
Information réglementaire transmise par EQS Group.
Le contenu de ce communiqué est de la responsabilité de l'émetteur.

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 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, 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

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

 

Table of Contents

Table of Contents

Part I. Financial Information

Item 1. Financial Statements 3

Management's Discussion and Analysis of Financial Condition and Results of

Item 2.  49
Operations

Item 3. Quantitative and Qualitative Disclosures About Market Risk 79

Item 4. Controls and Procedures 79

Part II. Other Information

Item 1. Legal Proceedings 80

Item 1A. Risk Factors 80

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 80

Item 3. Defaults Upon Senior Securities *

Item 4. Mine Safety Disclosures *

Item 5. Other Information *

Item 6. Exhibits 81

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

 

2

 

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)

Sales and revenues:

Three Months Ended September 30

2021 2020

 

 

Sales of Machinery, Energy & Transportation...................................

$ 11,707

$ 9,228

Revenues of Financial Products............................................

690

653

Total sales and revenues.................................................

12,397

9,881

Operating costs:

 

 

Cost of goods sold.....................................................

8,617

6,919

Selling, general and administrative expenses....................................

1,340

1,126

Research and development expenses.........................................

427

344

Interest expense of Financial Products........................................

111

137

Other operating (income) expenses..........................................

238

370

Total operating costs...................................................

10,733

8,896

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

1,664

985

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

114

136

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

225

14

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

1,775

863

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

368

187

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

1,407

676

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

21

(5)

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

1,428

671

Less: Profit (loss) attributable to noncontrolling interests..............................

2

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)

- Basic............................................................

544.0

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

 

Table of Contents

Caterpillar Inc.
Consolidated Statement of Comprehensive Income
(Unaudited)
(Dollars in millions)

 

Three Months Ended September 30

2021 2020

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 income........................................................

1,142

1,038

Less: comprehensive income attributable to the noncontrolling interests........................

2

3

Comprehensive income attributable to shareholders...................................

$ 1,140

$ 1,035

 

See accompanying notes to Consolidated Financial Statements.

 

4

 

Table of Contents

Caterpillar Inc.
Consolidated Statement of Results of Operations
(Unaudited)
(Dollars in millions except per share data)

Sales and revenues:

Nine Months Ended
September 30

2021 2020

 

 

Sales of Machinery, Energy & Transportation....................................

$ 35,091

$ 28,452

Revenues of Financial Products..............................................

2,082

2,061

Total sales and revenues..................................................

37,173

30,513

Operating costs:

 

 

Cost of goods sold......................................................

25,510

21,298

Selling, general and administrative expenses.....................................

3,943

3,426

Research and development expenses..........................................

1,247

1,041

Interest expense of Financial Products.........................................

352

461

Other operating (income) expenses...........................................

854

1,114

Total operating costs.....................................................

31,906

27,340

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

5,267

3,173

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

376

384

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

751

265

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

5,642

3,054

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

1,313

839

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

4,329

2,215

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

44

8

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

4,373

2,223

Less: Profit (loss) attributable to noncontrolling interests...............................

4

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)

 

 

- Basic............................................................

545.8

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

 

Table of Contents

Caterpillar Inc.
Consolidated Statement of Comprehensive Income
(Unaudited)
(Dollars in millions)

 

Nine Months Ended September 30

2021 2020

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 income........................................................

3,821

2,342

Less: comprehensive income attributable to the noncontrolling interests........................

4

5

Comprehensive income attributable to shareholders...................................

$ 3,817

$ 2,337

 

See accompanying notes to Consolidated Financial Statements.

 

6

 

Table of Contents

Caterpillar Inc.
Consolidated Statement of Financial Position
(Unaudited)
(Dollars in millions)

Assets

Current assets:

September 30,

2021

December 31,

2020

 

 

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

$ 9,446

$ 9,352

Receivables - trade and other...........................................

7,647

7,317

Receivables - finance................................................

8,919

9,463

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

2,215

1,930

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

13,666

11,402

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

41,893

39,464

Property, plant and equipment - net.........................................

11,904

12,401

Long-term receivables - trade and other......................................

1,273

1,185

Long-term receivables - finance...........................................

12,605

12,222

Noncurrent deferred and refundable income taxes................................

1,744

1,523

Intangible assets......................................................

1,121

1,308

Goodwill..........................................................

6,353

6,394

Other assets........................................................

3,891

3,827

Total assets............................................................

$ 80,784

$ 78,324

Liabilities

 

 

Current liabilities:

 

 

Short-term borrowings:

 

 

Machinery, Energy & Transportation...................................

$ -

$ 10

Financial Products...............................................

3,247

2,005

Accounts payable...................................................

7,218

6,128

Accrued expenses...................................................

3,579

3,642

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

2,075

1,096

Customer advances..................................................

1,155

1,108

Dividends payable...................................................

-

562

Other current liabilities...............................................

2,319

2,017

Long-term debt due within one year:

 

 

Machinery, Energy & Transportation...................................

48

1,420

Financial Products...............................................

6,335

7,729

Total current liabilities.................................................

25,976

25,717

Long-term debt due after one year:

 

 

Machinery, Energy & Transportation...................................

9,759

9,749

Financial Products...............................................

17,395

16,250

Liability for postemployment benefits.......................................

6,395

6,872

Other liabilities......................................................

4,564

4,358

Total liabilities.........................................................

64,089

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 business............................................

38,361

35,167

Accumulated other comprehensive income (loss)................................

(1,440)

(888)

Noncontrolling interests................................................

30

47

Total shareholders' equity.................................................

16,695

15,378

Total liabilities and shareholders' equity.......................................

$ 80,784

$ 78,324

 

See accompanying notes to Consolidated Financial Statements.

 

7

 

Table of Contents

Caterpillar Inc.
Consolidated Statement of Changes in Shareholders' Equity
(Unaudited)
(Dollars in millions)

Three Months Ended September 30, 2020

Common stock

Treasury stock

Profit employed in the business

Accumulated
other
comprehensive
income (loss)

Noncontrolling interests

Total

 

 

 

 

 

 

 

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 expense..................

55

-

-

-

 

-

55

Other......................................

6

 

(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)

Common shares issued from treasury stock for stock-based

compensation: 80,571...........................

(5)

4

-

-

 

-

(1)

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

58

 

 

 

 

 

58

Common shares repurchased: 6,610,4381

-

(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

 

1 See Note 12 for additional information.

See accompanying notes to Consolidated Financial Statements.

 

8

 

Table of Contents

Caterpillar Inc.
Consolidated Statement of Changes in Shareholders' Equity
(Unaudited)
(Dollars in millions)

Nine Months Ended September 30, 2020

Common stock

Treasury stock

Profit employed in the business

Accumulated
other
comprehensive
income (loss)

Noncontrolling interests

Total

 

 

 

 

 

 

 

Balance at December 31, 2019......................

$ 5,935

$ (24,217)

$ 34,437

$ (1,567)

$

41

$ 14,629

Adjustments to adopt new accounting guidance

 

 

 

 

 

 

 

Credit losses................................

-

-

(25)

-

 

-

(25)

Balance at January 1, 2020........................

5,935

(24,217)

34,412

(1,567)

 

41

14,604

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

-

-

2,218

-

 

5

2,223

Foreign currency translation, net of tax...............

-

-

-

106

 

-

106

Pension and other postretirement benefits, net of tax......

-

-

-

(20)

 

-

(20)

Derivative financial instruments, net of tax............

-

-

-

4

 

-

4

Available-for-sale securities, net of tax...............

...

-

-

29

 

-

29

Dividends declared 1

-

-

(1,121)

-

 

-

(1,121)

Common shares issued from treasury stock for stock-based

compensation: 3,271,679........................

(43)

153

-

-

 

-

110

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

169

-

-

-

 

-

169

Common shares repurchased: 10,096,006 2

-

(1,250)

-

-

 

-

(1,250)

Other.....................................

143

(1)

(1)

 

 

(1)

140

Balance at September 30, 2020......................

$ 6,204

$ (25,315)

$ 35,508

$ (1,448)

$

45

Notre objectif est de créer un endroit sûr et engageant pour que les utilisateurs communiquent entre eux en fonction de leurs centres d’intérêt et de leurs passions. Afin d'améliorer l’expérience dans notre communauté, nous suspendons temporairement les commentaires d'articles