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OFFON

CATERPILLAR INC.

(CAT)
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Caterpillar Inc.: Files Form 10-Q FQE 31 March -10-

05/12/2021 | 05:45pm EDT

Energy & Transportation: A segment primarily responsible for supporting customers using reciprocating engines, turbines, diesel-electric locomotives and related services across industries serving Oil and Gas, Power Generation, Industrial and Transportation applications, including marine- and rail-related businesses. Responsibilities include business strategy, product design, product management and development, manufacturing, marketing and sales and product support. The product and services portfolio includes turbines, centrifugal gas compressors, and turbine-related services; reciprocating engine-powered generator sets; integrated systems used in the electric power generation industry; reciprocating engines and integrated systems and solutions for the marine and oil and gas industries; reciprocating engines supplied to the industrial industry as well as Cat machinery; and diesel-electric locomotives and components and other rail-related products and services, including remanufacturing and leasing. Responsibilities also include the remanufacturing of Caterpillar reciprocating engines and components and remanufacturing services for other companies; and product support of on-highway vocational trucks for North America. Inter-segment sales are a source of revenue for this segment.

Financial Products Segment: Provides financing alternatives to customers and dealers around the world for Caterpillar products, as well as financing for vehicles, power generation facilities and marine vessels that, in most cases, incorporate Caterpillar products. Financing plans include operating and finance leases, installment sale contracts, repair/rebuild financing, working capital loans and wholesale financing plans. The segment also provides insurance and risk management products and services that help customers and dealers manage their business risk. Insurance and risk management products offered include physical damage insurance, inventory protection plans, extended service coverage and maintenance plans for machines and engines, and dealer property and casualty insurance. The various forms of financing, insurance and risk management products offered to customers and dealers help support the purchase and lease of Caterpillar equipment. The segment also earns revenues from ME&T, but the related costs are not allocated to operating segments. Financial Products' segment profit is determined on a pretax basis and includes other income/expense items.

All Other operating segment: Primarily includes activities such as: business strategy; product management and development; manufacturing and sourcing of filters and fluids, undercarriage, ground-engaging tools, fluid transfer products, precision seals, rubber sealing and connecting components primarily for Cat(R) products; parts distribution; integrated logistics solutions; distribution services responsible for dealer development and administration, including a wholly owned dealer in Japan; dealer portfolio management and ensuring the most efficient and effective distribution of machines, engines and parts; brand management and marketing strategy; and digital investments for new customer and dealer solutions that integrate data analytics with state-of-the-art digital technologies while transforming the buying experience. Results for the All Other operating segment are included as a reconciling item between reportable segments and consolidated external reporting.

C. Segment measurement and reconciliations

There are several methodology differences between our segment reporting and our external reporting. The following is a list of the more significant methodology differences: ? ME&T segment net assets generally include inventories, receivables, property, plant and equipment, goodwill,

intangibles, accounts payable and customer advances. We generally manage at the corporate level liabilities other

than accounts payable and customer advances, and we do not include these in segment operations. Financial Products

Segment assets generally include all categories of assets. ? We value segment inventories and cost of sales using a current cost methodology. 26

Table of Contents ? We amortize goodwill allocated to segments using a fixed amount based on a 20-year useful life. This methodology

difference only impacts segment assets. We do not include goodwill amortization expense in segment profit. In

addition, we have allocated to segments only a portion of goodwill for certain acquisitions made in 2011 or later. ? We generally manage currency exposures for ME&T at the corporate level and do not include in segment profit the

effects of changes in exchange rates on results of operations within the year. We report the net difference created

in the translation of revenues and costs between exchange rates used for U.S. GAAP reporting and exchange rates

used for segment reporting as a methodology difference. ? We do not include stock-based compensation expense in segment profit. ? Postretirement benefit expenses are split; segments are generally responsible for service costs, with the remaining

elements of net periodic benefit cost included as a methodology difference. ? We determine ME&T segment profit on a pretax basis and exclude interest expense and most other income/ expense

items. We determine Financial Products Segment profit on a pretax basis and include other income/ expense items.

Reconciling items are created based on accounting differences between segment reporting and our consolidated external reporting. Please refer to pages 28 to 30 for financial information regarding significant reconciling items. Most of our reconciling items are self-explanatory given the above explanations. For the reconciliation of profit, we have grouped the reconciling items as follows: ? Corporate costs: These costs are related to corporate requirements primarily for compliance and legal functions for

the benefit of the entire organization. ? Restructuring costs: May include costs for employee separation, long-lived asset impairments and contract

terminations. These costs are included in Other operating (income) expenses except for defined-benefit plan

curtailment losses and special termination benefits, which are included in Other income (expense). Restructuring

costs also include other exit-related costs, which may consist of accelerated depreciation, inventory write-downs,

building demolition, equipment relocation and project management costs and LIFO inventory decrement benefits from

inventory liquidations at closed facilities, all of which are primarily included in Cost of goods sold. Only

certain restructuring costs in 2020 are excluded from segment profit. See Note 20 for more information. ? Methodology differences: See previous discussion of significant accounting differences between segment reporting

and consolidated external reporting. ? Timing: Timing differences in the recognition of costs between segment reporting and consolidated external

reporting. For example, we report certain costs on the cash basis for segment reporting and the accrual basis for

consolidated external reporting.

27

Table of Contents

For the three months ended March 31, 2021 and 2020, sales and revenues by geographic region reconciled to consolidated sales and revenues were as follows:

                                                                                               Intersegment Total Sales 
Sales and Revenues by Geographic Region                                      Asia/   External 
                                         North America Latin America EAME    Pacific Sales and Sales and and 
(Millions of dollars)                                                                Revenues 
                                                                                               Revenues Revenues 
Three Months Ended March 31, 2021 
 
Construction Industries.............     USD 2,126       USD 392         USD 1,081 USD 1,842 USD 5,441   USD 18 USD 5,459 
Resource Industries...............       657           405           474     561     2,097       119 2,216 
Energy & Transportation...........       1,782         256           1,093   527     3,658       849 4,507 
Financial Products Segment.........      476           62            100     123     761 1       - 761 
Total sales and revenues from reportable 
                                         5,041         1,115         2,748   3,053   11,957      986 12,943 
segments....................... 
All Other operating segment.........     13            -             3       22      38          92 130 
Corporate Items and Eliminations.....    (63)          (11)          (8)     (26)    (108)       (1,078) (1,186) 
Total Sales and Revenues............     USD 4,991       USD 1,104       USD 2,743 USD 3,049 USD 11,887  USD - USD 11,887 
Three Months Ended March 31, 2020 
Construction Industries.............     USD 2,085       USD 265         USD 889   USD 1,073 USD 4,312   USD (6) USD 4,306 
Resource Industries...............       696           320           395     568     1,979       105 2,084 
Energy & Transportation...........       1,738         249           1,053   578     3,618       731 4,349 
Financial Products Segment.........      525           70            102     117     814 1       - 814 
Total sales and revenues from reportable 
                                         5,044         904           2,439   2,336   10,723      830 11,553 
segments....................... 
All Other operating segment.........     5             2             11      10      28          81 109 
Corporate Items and Eliminations.....    (69)          (14)          (13)    (20)    (116)       (911) (1,027) 
Total Sales and Revenues............     USD 4,980       USD 892         USD 2,437 USD 2,326 USD 10,635  USD - USD 10,635 

(MORE TO FOLLOW) Dow Jones Newswires

May 12, 2021 19:45 ET (23:45 GMT)

Stocks mentioned in the article
ChangeLast1st jan.
CATERPILLAR INC. 0.31% 213.79 Delayed Quote.17.14%
DJ INDUSTRIAL -0.21% 33874.24 Delayed Quote.10.91%
LONDON BRENT OIL 0.09% 75.34 Delayed Quote.44.72%
WTI 0.08% 73.215 Delayed Quote.51.56%
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Financials (USD)
Sales 2021 48 953 M - -
Net income 2021 5 103 M - -
Net Debt 2021 25 201 M - -
P/E ratio 2021 23,3x
Yield 2021 2,08%
Capitalization 117 B 117 B -
EV / Sales 2021 2,91x
EV / Sales 2022 2,63x
Nbr of Employees 97 300
Free-Float 67,1%
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Mean consensus HOLD
Number of Analysts 28
Last Close Price 213,79 $
Average target price 239,64 $
Spread / Average Target 12,1%
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Managers and Directors
NameTitle
Donald James Umpleby Chairman & Chief Executive Officer
Andrew Robert John Bonfield Chief Financial Officer
Karl E. Weiss Chief Technology Officer
Jamie Engstrom Chief Information Officer & Vice president
Eric A. Braun Chief Compliance Officer