CATERPILLAR INC.

(CAT)
  Report
Real-time Estimate Cboe BZX  -  05/23 02:59:20 pm EDT
204.40 USD   +3.33%
02:40pINSIDER SELL : Caterpillar
MT
10:33aWALL STREET STOCK EXCHANGE : Biden comments reassure investors
06:02aANALYST RECOMMANDATIONS : AbbVie, Amgen, Caterpillar, HP, Nike...
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Caterpillar Inc. : Files Form 10-Q FQE 30 -4-

11/03/2021 | 05:03pm EDT

Caterpillar Inc. Consolidated Statement of Cash Flow (Unaudited) (Millions of dollars)

Cash flow from operating activities:                                        Nine Months Ended September 30 
 
Profit of consolidated and affiliated companies                             2021 2020 
Adjustments for non-cash items: 
                                                                            4,373                               2,223 
Depreciation and amortization....................................         USD                                   USD 
                                                                            1,766                               1,815 
Net gain on remeasurement of pension obligations......................      -                                   (55) 
Provision (benefit) for deferred income taxes..........................     (321)                               (38) 
Other....................................................                   102                                 919 
Changes in assets and liabilities, net of acquisitions and divestitures: 
Receivables - trade and other....................................           (326)                               1,473 
Inventories................................................                 (2,195)                             (139) 
Accounts payable............................................                1,232                               (596) 
Accrued expenses...........................................                 46                                  (286) 
Accrued wages, salaries and employee benefits........................       934                                 (547) 
Customer advances...........................................                39                                  13 
Other assets - net............................................              138                                 (15) 
Other liabilities - net.........................................            (2)                                 (512) 
Net cash provided by (used for) operating activities                        5,786                               4,255 
.......................... 
Cash flow from investing activities: 
Capital expenditures - excluding equipment leased to others                 (673)                               (686) 
................... 
Expenditures for equipment leased to others..............................   (1,014)                             (805) 
Proceeds from disposals of leased assets and property, plant and            877                                 550 
equipment......... 
Additions to finance receivables.....................................       (9,603)                             (9,278) 
Collections of finance receivables....................................      9,221                               9,656 
Proceeds from sale of finance receivables...............................    44                                  37 
Investments and acquisitions (net of cash acquired)                         (449)                               (93) 
......................... 
Proceeds from sale of businesses and investments (net of cash sold)         23                                  13 
.............. 
Proceeds from sale of securities......................................      424                                 239 
Investments in securities..........................................         (934)                               (512) 
Other - net...................................................               8.                       (80) 
 
Net cash provided by (used for) investing activities                        (2,092)                             (959) 
........................... 
Cash flow from financing activities: 
Dividends paid.................................................             (1,733)                             (1,683) 
Common stock issued, including treasury shares reissued                     122                                 110 
..................... 
Common shares repurchased........................................           (1,622)                             (1,130) 
Proceeds from debt issued (original maturities greater than three 
months): 
Machinery, Energy & Transportation...............................           494                                 1,991 
Financial Products...........................................               6,437                               7,427 
Payments on debt (original maturities greater than three months): 
Machinery, Energy & Transportation...............................           (1,910)                             (18) 
Financial Products...........................................               (6,710)                             (6,771) 
Short-term borrowings - net (original maturities three months or less)      1,324                               (2,138) 
............ 
Other - net                                                                 (4)                                 (1) 
Net cash provided by (used for) financing activities                        (3,602)                             (2,213) 
.......................... 
Effect of exchange rate changes on cash..................................    1.                       (56) 
 
Increase (decrease) in cash, cash equivalents and restricted cash           83                                  1,027 
............... 
Cash, cash equivalents and restricted cash at beginning of period           9,366                               8,292 
.................. 
Cash, cash equivalents and restricted cash at end of period               USD 9,449                             USD 9,319 
...................... 

Cash equivalents primarily represent short-term, highly liquid investments with original maturities of generally three months or less.

See accompanying notes to Consolidated Financial Statements.

10

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited) 1. A. Nature of operations

Information in our financial statements and related commentary are presented in the following categories:

Machinery, Energy & Transportation (ME&T) - We define ME&T as Caterpillar Inc. and its subsidiaries, excluding Financial Products. ME&T's information relates to the design, manufacturing and marketing of our products.

Financial Products - We define Financial Products as our finance and insurance subsidiaries, primarily Caterpillar Financial Services Corporation (Cat Financial) and Caterpillar Insurance Holdings Inc. (Insurance Services). Financial Products' information relates to the financing to customers and dealers for the purchase and lease of Caterpillar and other equipment.

B. Basis of presentation

In the opinion of management, the accompanying unaudited financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of (a) the consolidated results of operations for the three and nine months ended September 30, 2021 and 2020, (b) the consolidated comprehensive income for the three and nine months ended September 30, 2021 and 2020, (c) the consolidated financial position at September 30, 2021 and December 31, 2020, (d) the consolidated changes in shareholders' equity for the three and nine months ended September 30, 2021 and 2020 and (e) the consolidated cash flow for the nine months ended September 30, 2021 and 2020. The financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (U.S. GAAP) and pursuant to the rules and regulations of the Securities and Exchange Commission (SEC).

Interim results are not necessarily indicative of results for a full year. The information included in this Form 10-Q should be read in conjunction with the audited financial statements and notes thereto included in our company's annual report on Form 10-K for the year ended December 31, 2020 (2020 Form 10-K).

The December 31, 2020 financial position data included herein is derived from the audited consolidated financial statements included in the 2020 Form 10-K but does not include all disclosures required by U.S. GAAP. Certain amounts for prior periods have been reclassified to conform to the current period financial statement presentation.

Cat Financial has end-user customers that are variable interest entities (VIEs) of which we are not the primary beneficiary. Although we have provided financial support to these entities and therefore have a variable interest, we do not have the power to direct the activities that most significantly impact their economic performance. Our maximum exposure to loss from our involvement with these VIEs is limited to the credit risk inherently present in the financial support that we have provided. These risks were evaluated and reflected in our financial statements as part of our overall portfolio of finance receivables and related allowance for credit losses. See Note 11 for further discussions on a consolidated VIE. 2. New accounting guidance

A. Adoption of new accounting standards

Reference rate reform (Accounting Standards Update (ASU) 2020-04) - In March 2020, the Financial Accounting Standards Board (FASB) issued accounting guidance to ease the potential burden in accounting for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance is optional and may be elected over time as reference rate reform activities occur between March 12, 2020 through December 31, 2022. In January 2021, we elected to adopt optional expedients impacting our derivative instruments. In addition, in October 2021, we elected to adopt optional expedients for contract modifications. The adoption of the optional expedients will not have a material impact on our financial statements.

11

Table of Contents

We adopted the following ASUs effective January 1, 2021, none of which had a material impact on our financial statements:

ASU Description

(MORE TO FOLLOW) Dow Jones Newswires

November 03, 2021 18:02 ET (22:02 GMT)

All news about CATERPILLAR INC.
02:40pINSIDER SELL : Caterpillar
MT
10:33aWALL STREET STOCK EXCHANGE : Biden comments reassure investors
06:02aANALYST RECOMMANDATIONS : AbbVie, Amgen, Caterpillar, HP, Nike...
05:50aTigress Financial Lifts Caterpillar's Price Target to $282 From $278, Citing 'Strong Tr..
MT
05/20Caterpillar to Benefit From Equipment Spending by Energy, Mining Companies, Tigress say..
MT
05/18Caterpillar 'Confident' in Achieving 2026 Services Revenue Target, UBS Says
MT
05/18GLOBAL MARKETS LIVE : Aviva, Burberry, Target, Netflix, Meta...
05/18WALL STREET STOCK EXCHANGE : Powell and Target dampen the mood
05/18Myra K. Young Files Notice of Exempt Solicitation to Caterpillar
CI
05/18MARKETSCREENER'S WORLD PRESS REVIEW : May 18, 2022
More news
Analyst Recommendations on CATERPILLAR INC.
More recommendations
Financials (USD)
Sales 2022 57 580 M - -
Net income 2022 6 514 M - -
Net Debt 2022 28 774 M - -
P/E ratio 2022 16,4x
Yield 2022 2,30%
Capitalization 106 B 106 B -
EV / Sales 2022 2,33x
EV / Sales 2023 2,16x
Nbr of Employees 107 700
Free-Float 65,3%
Chart CATERPILLAR INC.
Duration : Period :
Caterpillar Inc. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends CATERPILLAR INC.
Short TermMid-TermLong Term
TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 30
Last Close Price 197,82 $
Average target price 240,72 $
Spread / Average Target 21,7%
EPS Revisions
Managers and Directors
Donald James Umpleby Chairman & Chief Executive Officer
Andrew Robert John Bonfield Chief Financial Officer
Karl E. Weiss Chief Technology Officer
Jamie L. Engstrom Chief Information Officer & Vice President
Eric A. Braun Chief Compliance Officer