Caterpillar Inc. (“Caterpillar”, “we” or “our”) is furnishing supplemental information concerning (i) retail sales of machines to end users and (ii) retail sales of power systems (including reciprocating and turbine engines and locomotives) to end users and Original Equipment Manufacturers (“OEMs”). Caterpillar sells the majority of its machinery and power systems to independently owned and operated dealers and OEMs to meet the demands of their customers, the end users. Caterpillar believes that this supplemental information may help readers better understand Caterpillar’s business and the industries it serves, particularly in light of the time delay between Caterpillar’s sales to dealers and dealers’ sales to end users.

In this report we are providing information by geographic region for retail sales of machines in each of our Resource Industries and Construction Industries reportable segments, as well as information regarding total retail sales of our machines globally. For our Energy & Transportation reportable segment, we are providing retail sales information by major end use.

The information presented in this report is primarily based on unaudited reports that are voluntarily provided to Caterpillar by its independent dealers and which are not subject to Caterpillar’s internal controls over financial reporting. Accordingly, the data collected from such third parties may not be accurate and/or complete. As such, the information presented in this report is intended solely to convey an approximate indication of the trends, direction and magnitude of retail sales and is not intended to be an estimate, approximation or prediction of, or substitute for, Caterpillar’s audited financial statements filed with the U.S. Securities and Exchange Commission. This information is furnished under this report with the U.S. Securities and Exchange Commission. Caterpillar does not undertake to update or adjust prior period information.

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Caterpillar Reports First-Quarter 2021 Results

April 29, 2021

DEERFIELD, Ill., April 29, 2021 /PRNewswire/ --  

  • Sales and revenues increased 12%
  • First-quarter 2021 profit per share of $2.77; adjusted profit per share of $2.87
  • Strong balance sheet with $11.3 billion of enterprise cash on hand

 



First Quarter

($ in billions except profit per share)


2021

2020

Sales and Revenues


$11.9

$10.6

Profit Per Share


$2.77

$1.98

Adjusted Profit Per Share


$2.87

$1.65

Caterpillar Inc. (NYSE: CAT) today announced first-quarter 2021 sales and revenues of $11.9 billion, a 12% increase compared with $10.6 billion in the first quarter of 2020. The increase was due to higher sales volume driven by higher end-user demand and the impact from changes in dealer inventories. Dealers increased their inventories more during the first quarter of 2021 than during the first quarter of 2020.

Operating profit margin was 15.3% for the first quarter of 2021, compared with 13.2% for the first quarter of 2020. First-quarter 2021 profit per share was $2.77, compared with $1.98 profit per share in the first quarter of 2020. Adjusted profit per share in the first quarter of 2021 was $2.87, compared with first-quarter 2020 adjusted profit per share of $1.65. Adjusted profit per share for both quarters excluded restructuring costs, while the first quarter of 2020 also excluded a remeasurement gain of $0.38 per share resulting from the settlement of a non-U.S. pension obligation. Please see a reconciliation of GAAP to non-GAAP financial measures in the appendix on page 12.

For the three months ended March 31, 2021, enterprise operating cash flow was $1.9 billion. Caterpillar ended the first quarter with $11.3 billion of enterprise cash.

"I'm proud of our global team's strong performance as they continue to serve our customers," said Caterpillar Chairman and CEO Jim Umpleby. "We're encouraged by improving conditions in our end markets and are proactively managing supply chain risks. Our dedicated team continues to execute our strategy for long-term profitable growth."

CONSOLIDATED RESULTS

Consolidated Sales and Revenues

Consolidated Sales and Revenues Comparison  
First Quarter 2021 vs. First Quarter 2020

To access this chart, go to  https://investors.caterpillar.com/financials/quarterly-results/default.aspx   for the downloadable version of Caterpillar first-quarter 2021 earnings. 

The chart above graphically illustrates reasons for the change in consolidated sales and revenues between the first quarter of 2020 (at left) and the first quarter of 2021 (at right). Caterpillar management utilizes these charts internally to visually communicate with the company's Board of Directors and employees.

Total sales and revenues for the first quarter of 2021 were $11.887 billion, an increase of $1.252 billion, or 12%, compared with $10.635 billion in the first quarter of 2020. The increase was primarily due to higher sales volume and favorable currency impacts related to the euro and the Australian dollar. The increase in sales volume was driven by higher end-user demand and the impact from changes in dealer inventories. Dealers increased inventories by $700 million during the first quarter of 2021 compared to $100 million during the first quarter of 2020.

Sales were higher across the three primary segments. Sales increased in Asia/Pacific, Latin America and EAME while sales in North America were about flat.

Sales and Revenues by Segment

(Millions of dollars)

First
Quarter
2020


Sales

Volume


Price

Realization


Currency


Inter-
Segment /
Other


First
Quarter
2021


$

Change


%

Change

















Construction Industries

$

4,306



$

1,006



$

(23)



$

146



$

24



$

5,459



$

1,153



27%

Resource Industries

2,084



132



(47)



33



14



2,216



132



6%

Energy & Transportation

4,349



(41)



7



74



118



4,507



158



4%

All Other Segment

109



9





1



11



130



21



19%

Corporate Items and Eliminations

(934)



(19)



(1)





(167)



(1,121)



(187)




Machinery, Energy & Transportation

9,914



1,087



(64)



254





11,191



1,277



13%

















Financial Products Segment

814









(53)



761



(53)



(7%)

Corporate Items and Eliminations

(93)









28



(65)



28




Financial Products Revenues

721









(25)



696



(25)



(3%)

















Consolidated Sales and Revenues

$

10,635



$

1,087



$

(64)



$

254



$

(25)



$

11,887



$

1,252



12%

















 

Sales and Revenues by Geographic Region


North America


Latin America


EAME


Asia/Pacific


External Sales
and Revenues


Inter-Segment


Total Sales and
Revenues

(Millions of dollars)

$


% Chg


$


% Chg


$


% Chg


$


% Chg


$


% Chg


$


% Chg


$


% Chg

First Quarter 2021




























Construction Industries

$

2,126



2%


$

392



48%


$

1,081



22%


$

1,842



72%


$

5,441



26%


$

18



400%


$

5,459



27%

Resource Industries

657



(6%)


405



27%


474



20%


561



(1%)


2,097



6%


119



13%


2,216



6%

Energy & Transportation

1,782



3%


256



3%


1,093



4%


527



(9%)


3,658



1%


849



16%


4,507



4%

All Other Segment

13



160%




(100%)


3



(73%)


22



120%


38



36%


92



14%


130



19%

Corporate Items and Eliminations

(39)













(4)





(43)





(1,078)





(1,121)




Machinery, Energy & Transportation

4,539



1%


1,053



26%


2,651



13%


2,948



32%


11,191



13%




—%


11,191



13%





























Financial Products Segment

476



(9%)


62



(11%)


100



(2%)


123



5%


761



(7%)




—%


761



(7%)

Corporate Items and Eliminations

(24)





(11)





(8)





(22)





(65)









(65)




Financial Products Revenues

452



(4%)


51



(12%)


92



(1%)


101



2%


696



(3%)




—%


696



(3%)





























Consolidated Sales and Revenues

$

4,991



—%


$

1,104



24%


$

2,743



13%


$

3,049



31%


$

11,887



12%


$



—%


$

11,887



12%





























First Quarter 2020




























Construction Industries

$

2,085





$

265





$

889





$

1,073





$

4,312





$

(6)





$

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




All Other Segment

5





2





11





10





28





81





109




Corporate Items and Eliminations

(15)





(2)





(4)





(2)





(23)





(911)





(934)




Machinery, Energy & Transportation

4,509





834





2,344





2,227





9,914









9,914
































Financial Products Segment

525





70





102





117





814









814




Corporate Items and Eliminations

(54)





(12)





(9)





(18)





(93)









(93)




Financial Products Revenues

471





58





93





99





721









721
































Consolidated Sales and Revenues

$

4,980





$

892





$

2,437





$

2,326





$

10,635





$





$

10,635
































Consolidated Operating Profit

Consolidated Operating Profit Comparison  
First Quarter 2021 vs. First Quarter 2020

To access this chart, go to  https://investors.caterpillar.com/financials/quarterly-results/default.aspx   for the downloadable version of Caterpillar first-quarter 2021 earnings.

The chart above graphically illustrates reasons for the change in consolidated operating profit between the first quarter of 2020 (at left) and the first quarter of 2021 (at right). Caterpillar management utilizes these charts internally to visually communicate with the company's Board of Directors and employees. The bar titled Other includes consolidating adjustments and Machinery, Energy & Transportation's other operating (income) expenses.

Operating profit for the first quarter of 2021 was $1.814 billion, an increase of $410 million, or 29%, compared with $1.404 billion in the first quarter of 2020. The increase was primarily due to higher sales volume and higher profit from Financial Products, partially offset by higher selling, general and administrative (SG&A) and research and development (R&D) expenses, unfavorable price realization and higher manufacturing costs.

The increase in SG&A/R&D expenses was driven by higher short-term incentive compensation expense, which was reinstated in 2021. Unfavorable manufacturing costs were driven by higher short-term incentive compensation expense, partially offset by favorable material costs and lower warranty expense.

Profit (Loss) by Segment

(Millions of dollars)

First Quarter
2021


First Quarter
2020


$

Change


%

 Change

Construction Industries

$

1,035



$

640



$

395



62%

Resource Industries

328



304



24



8%

Energy & Transportation

666



602



64



11%

All Other Segment

3



7



(4)



(57%)

Corporate Items and Eliminations

(368)



(212)



(156)




Machinery, Energy & Transportation

1,664



1,341



323



24%









Financial Products Segment

244



105



139



132%

Corporate Items and Eliminations

(19)



47



(66)




Financial Products

225



152



73



48%









Consolidating Adjustments

(75)



(89)



14












Consolidated Operating Profit

$

1,814



$

1,404



$

410



29%









Other Profit/Loss and Tax Items

  • Other income (expense) in the first quarter of 2021 was income of $325 million, compared with income of $222 million in the first quarter of 2020. The change was due to the absence of a remeasurement gain resulting from the settlement of a non-U.S. pension obligation that occurred in the first quarter of 2020, which was more than offset by the favorable impacts from foreign currency exchange gains (losses), unrealized gains (losses) on marketable securities at Insurance Services, gains (losses) on commodity hedges and favorable pension and other postemployment benefit (OPEB) plan costs.

    The company experienced foreign currency exchange net gains in the first quarter of 2021 across several currencies, compared with net losses in the first quarter of 2020. The favorable impact of unrealized gains (losses) on marketable securities was due to unrealized losses in the first quarter of 2020, compared with unrealized gains in the first quarter of 2021. The company experienced net losses in commodity hedges in the first quarter of 2020, compared with net gains in the first quarter of 2021. 

  • The provision for income taxes for the first quarter of 2021 reflected a lower estimated annual tax rate of 26%, compared with 31% for the first quarter of 2020, excluding the discrete items discussed below. The comparative tax rate for full year 2020 was approximately 28%. The decrease in the estimated annual tax rate from full-year 2020 is primarily related to changes in the expected geographic mix of profits from a tax perspective for 2021.

    In addition, a discrete tax benefit of $43 million was recorded in the first quarter of 2021, compared with an $8 million benefit in the first quarter of 2020, for the settlement of stock-based compensation awards with associated tax deductions in excess of cumulative U.S. GAAP compensation expense. A $43 million tax charge was also recorded in the first quarter of 2020 related to the $254 million remeasurement gain resulting from the settlement of a non-U.S. pension obligation.

 

CONSTRUCTION INDUSTRIES

(Millions of dollars)

















Segment Sales

















First Quarter
2020


Sales
Volume


Price
Realization


Currency


Inter-
Segment


First Quarter
2021


$

 Change


%

 Change

Total Sales


$

4,306



$

1,006



$

(23)



$

146



$

24



$

5,459



$

1,153



27%


















Sales by Geographic Region











First Quarter
2021


First Quarter
2020


$

Change


%

Change









North America


$

2,126



$

2,085



$

41



2%










Latin America


392



265



127



48%










EAME


1,081



889



192



22%










Asia/Pacific


1,842



1,073



769



72%










External Sales


5,441



4,312



1,129



26%










Inter-segment


18



(6)



24



400%










Total Sales


$

5,459



$

4,306



$

1,153



27%



























Segment Profit











First Quarter
2021


First Quarter
2020


 

Change


%

Change









Segment Profit


$

1,035



$

640



$

395



62%










Segment Profit Margin


19.0%



14.9%



4.1 pts





























































Construction Industries' total sales were $5.459 billion in the first quarter of 2021, an increase of $1.153 billion, or 27%, compared with $4.306 billion in the first quarter of 2020. The increase was due to higher sales volume driven by higher end-user demand and the impact from changes in dealer inventories. Overall, dealers increased inventories more during the first quarter of 2021 than during the first quarter of 2020.

  • In North America, sales increased slightly due to higher end-user demand partially offset by the impact from changes in dealer inventories and unfavorable price realization. The higher end-user demand was driven primarily by residential construction. Dealers increased inventories more during the first quarter of 2020 than during the first quarter of 2021.
  • Sales increased in Latin America mostly due to higher sales volume driven by higher end-user demand across the region and the impact of changes in dealer inventories, partially offset by unfavorable currency impacts from a weaker Brazilian real. Dealers decreased inventories during the first quarter of 2020, compared with an increase during the first quarter of 2021.
  • In EAME, sales increased due to higher sales volume and favorable currency impacts from a stronger euro. Higher sales volume was driven by higher end-user demand and the impact from changes in dealer inventories. Dealers increased inventories more during the first quarter of 2021 than during the first quarter of 2020.
  • Sales increased in Asia/Pacific primarily due to higher sales volume and favorable currency impacts from a stronger Chinese yuan. The increase in sales was primarily due to higher end-user demand across the region driven mainly by China, reflecting the impact of the pandemic in the first quarter of 2020, and the impact from changes in dealer inventories. Dealers increased inventories during the first quarter of 2021, compared with a decrease during the first quarter of 2020 due to the timing of Chinese New Year.

Construction Industries' profit was $1.035 billion in the first quarter of 2021, an increase of $395 million, or 62%, compared with $640 million in the first quarter of 2020. The increase was mainly due to higher sales volume.

RESOURCE INDUSTRIES

(Millions of dollars)

















Segment Sales

















First Quarter
2020


Sales
Volume


Price
Realization


Currency


Inter-
Segment


First Quarter
2021


$

 Change


%

 Change

Total Sales


$

2,084



$

132



$

(47)



$

33



$

14



$

2,216



$

132



6%


















Sales by Geographic Region











First Quarter
2021


First Quarter
2020


$

Change


%

Change









North America


$

657



$

696



$

(39)



(6%)










Latin America


405



320



85



27%










EAME


474



395



79



20%










Asia/Pacific


561



568



(7)



(1%)










External Sales


2,097



1,979



118



6%










Inter-segment


119



105



14



13%










Total Sales


$

2,216



$

2,084



$

132



6%



























Segment Profit











First Quarter
2021


First Quarter
2020


 

Change


%

Change









Segment Profit


$

328



$

304



$

24



8%










Segment Profit Margin


14.8%



14.6%



0.2 pts





























































Resource Industries' total sales were $2.216 billion in the first quarter of 2021, an increase of $132 million, or 6%, compared with $2.084 billion in the first quarter of 2020. The increase was due to higher sales volume driven by the impacts of changes in dealer inventories, higher end-user demand for equipment and aftermarket parts and favorable currency impact from the Australian dollar, partially offset by unfavorable price realization. Dealers decreased inventories during the first quarter of 2020, compared to remaining about flat during the first quarter of 2021. End-user demand was higher in mining, offset by lower end-user demand in heavy construction and quarry and aggregates.

Resource Industries' profit was $328 million in the first quarter of 2021, an increase of $24 million, or 8%, compared with $304 million in the first quarter of 2020. The increase was mainly due to favorable manufacturing costs and higher sales volume, partially offset by unfavorable price realization and higher SG&A/R&D expenses. Favorable manufacturing costs reflected favorable cost absorption, lower warranty expense and favorable variable labor and burden. Cost absorption was favorable as company inventory increased more in the first quarter of 2021 than in the first quarter of 2020. The increase in SG&A/R&D expenses was driven by higher short-term incentive compensation expense, partially offset by other cost-reduction actions.

ENERGY & TRANSPORTATION

(Millions of dollars)

















Segment Sales

















First Quarter
2020


Sales
Volume


Price
Realization


Currency


Inter-
Segment


First Quarter
2021


$

 Change


%

 Change

Total Sales


$

4,349



$

(41)



$

7



$

74



$

118



$

4,507



$

158



4%


















Sales by Application











First Quarter
2021


First Quarter
2020


$

Change


%

Change









Oil and Gas


$

915



$

861



$

54



6%










Power Generation


963



854



109



13%










Industrial


813



801



12



1%










Transportation


967



1,102



(135)



(12%)










External Sales


3,658



3,618



40



1%










Inter-segment


849



731



118



16%










Total Sales


$

4,507



$

4,349



$

158



4%



























Segment Profit











First Quarter
2021


First Quarter
2020


 

Change


%

Change









Segment Profit


$

666



$

602



$

64



11%










Segment Profit Margin


14.8%



13.8%



1.0 pts





























































Energy & Transportation's total sales were $4.507 billion in the first quarter of 2021, an increase of $158 million, or 4%, compared with $4.349 billion in the first quarter of 2020. Sales growth was driven by Power Generation and Oil and Gas, partially offset by a decrease in Transportation. Inter-segment sales also increased.

  • Oil and Gas – Sales increased mainly due to higher sales of reciprocating engine aftermarket parts primarily driven by North America and EAME.
  • Power Generation – Sales increased due to turbines, turbine-related services and large reciprocating engine applications, including data centers.
  • Industrial – Sales were about flat.
  • Transportation – Sales declined in rail due to lower deliveries of locomotives and related services, primarily in North America, and in marine.

Energy & Transportation's profit was $666 million in the first quarter of 2021, an increase of $64 million, or 11%, compared with $602 million in the first quarter of 2020. The increase was due to higher sales volume including inter-segment sales and favorable variable manufacturing costs, partially offset by higher SG&A/R&D expenses. Favorable variable manufacturing costs reflected lower material costs and variable labor and burden. The increase in SG&A/R&D expenses was driven by higher short-term compensation expense, partially offset by other cost reduction actions. 

FINANCIAL PRODUCTS SEGMENT

(Millions of dollars)

















Revenues by Geographic Region











First Quarter
2021


First Quarter
2020


$

Change


%

Change









North America


$

476



$

525



$

(49)



(9%)










Latin America


62



70



(8)



(11%)










EAME


100



102



(2)



(2%)










Asia/Pacific


123



117



6



5%










Total Revenues


$

761



$

814



$

(53)



(7%)



























Segment Profit











First Quarter
2021


First Quarter
2020


 

Change


%

Change









Segment Profit


$

244



$

105



$

139



132%



























Financial Products' segment revenues were $761 million in the first quarter of 2021, a decrease of $53 million, or 7%, from the first quarter of 2020. The decrease was primarily because of lower average financing rates and lower average earning assets in North America.

Financial Products' segment profit was $244 million in the first quarter of 2021, compared with $105 million in the first quarter of 2020. The increase was primarily due to a favorable impact from equity securities in Insurance Services and lower provision for credit losses at Cat Financial, partially offset by an increase in SG&A expenses primarily due to higher incentive compensation. The impact of lower average financing rates was offset by lower interest expense.

At the end of the first quarter of 2021, past dues at Cat Financial were 2.90%, compared with 4.13% at the end of the first quarter of 2020. Past dues decreased across all portfolio segments as global markets generally improved. Write-offs, net of recoveries, were $24 million for the first quarter of 2021, compared with $30 million for the first quarter of 2020.  As of March 31, 2021, Cat Financial's allowance for credit losses totaled $441 million, or 1.64% of finance receivables, compared with $479 million, or 1.77% of finance receivables at December 31, 2020.

Corporate Items and Eliminations

Expense for corporate items and eliminations was $387 million in the first quarter of 2021, an increase of $222 million from the first quarter of 2020, primarily due to an unfavorable change in fair value adjustments related to deferred compensation plans and segment reporting methodology differences.

Notes

i.  Glossary of terms is included on the Caterpillar website at https://investors.caterpillar.com/overview/default.aspx.
ii.  End-user demand is demonstrated by the company's Rolling 3 Month Retail Sales Statistics filed in a Form 8-K on Thursday, April 29, 2021.
iii.  Information on non-GAAP financial measures is included in the appendix on page 12.
iv.  Some amounts within this report are rounded to the millions or billions and may not add.
v.  Caterpillar will conduct a teleconference and live webcast, with a slide presentation, beginning at 7:30 a.m. Central Time on Thursday, April 29, 2021, to discuss its 2021 first-quarter results. The accompanying slides will be available before the webcast on the Caterpillar website at https://investors.caterpillar.com/events-presentations/default.aspx.

About Caterpillar

With 2020 sales and revenues of $41.7 billion, Caterpillar Inc. is the world's leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. Since 1925, we've been driving sustainable progress and helping customers build a better world through innovative products and services. Throughout the product life cycle, we offer services built on cutting-edge technology and decades of product expertise. These products and services, backed by our global dealer network, provide exceptional value to help our customers succeed. We do business on every continent, principally operating through three primary segments – Construction Industries, Resource Industries, and Energy & Transportation – and providing financing and related services through our Financial Products segment. Visit us at caterpillar.com or join the conversation on our social media channels at caterpillar.com/social-media.

Caterpillar's latest financial results are also available online:

https://investors.caterpillar.com/overview/default.aspx

https://investors.caterpillar.com/financials/quarterly-results/default.aspx  (live broadcast/replays of quarterly conference call)

Forward-Looking Statements

Certain statements in this press release relate to future events and expectations and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "believe," "estimate," "will be," "will," "would," "expect," "anticipate," "plan," "forecast," "target," "guide," "project," "intend," "could," "should" or other similar words or expressions often identify forward-looking statements. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding our outlook, projections, forecasts or trend descriptions. These statements do not guarantee future performance and speak only as of the date they are made, and we do not undertake to update our forward-looking statements.

Caterpillar's actual results may differ materially from those described or implied in our forward-looking statements based on a number of factors, including, but not limited to: (i) global and regional economic conditions and economic conditions in the industries we serve; (ii) commodity price changes, material price increases, fluctuations in demand for our products or significant shortages of material; (iii) government monetary or fiscal policies; (iv) political and economic risks, commercial instability and events beyond our control in the countries in which we operate; (v) international trade policies and their impact on demand for our products and our competitive position, including the imposition of new tariffs or changes in existing tariff rates; (vi) our ability to develop, produce and market quality products that meet our customers' needs; (vii) the impact of the highly competitive environment in which we operate on our sales and pricing; (viii) information technology security threats and computer crime; (ix) inventory management decisions and sourcing practices of our dealers and our OEM customers; (x) a failure to realize, or a delay in realizing, all of the anticipated benefits of our acquisitions, joint ventures or divestitures; (xi) union disputes or other employee relations issues; (xii) adverse effects of unexpected events; (xiii) disruptions or volatility in global financial markets limiting our sources of liquidity or the liquidity of our customers, dealers and suppliers; (xiv) failure to maintain our credit ratings and potential resulting increases to our cost of borrowing and adverse effects on our cost of funds, liquidity, competitive position and access to capital markets; (xv) our Financial Products segment's risks associated with the financial services industry; (xvi) changes in interest rates or market liquidity conditions; (xvii) an increase in delinquencies, repossessions or net losses of Cat Financial's customers; (xviii) currency fluctuations; (xix) our or Cat Financial's compliance with financial and other restrictive covenants in debt agreements; (xx) increased pension plan funding obligations; (xxi) alleged or actual violations of trade or anti-corruption laws and regulations; (xxii) additional tax expense or exposure, including the impact of U.S. tax reform; (xxiii) significant legal proceedings, claims, lawsuits or government investigations; (xxiv) new regulations or changes in financial services regulations; (xxv) compliance with environmental laws and regulations; (xxvi) the duration and geographic spread of, business disruptions caused by, and the overall global economic impact of, the COVID-19 pandemic; and (xxvii) other factors described in more detail in Caterpillar's Forms 10-Q, 10-K and other filings with the Securities and Exchange Commission.

APPENDIX

NON-GAAP FINANCIAL MEASURES

The following definitions are provided for the non-GAAP financial measures. These non-GAAP financial measures have no standardized meaning prescribed by U.S. GAAP and therefore are unlikely to be comparable to the calculation of similar measures for other companies. Management does not intend these items to be considered in isolation or as a substitute for the related GAAP measures.

The company believes it is important to separately quantify the profit impact of two significant items in order for the company's results to be meaningful to readers. These items consist of (i) a remeasurement gain resulting from the settlement of a non-U.S. pension obligation in the first quarter of 2020 and (ii) restructuring costs, which were incurred to generate longer-term benefits. The company does not consider these items indicative of earnings from ongoing business activities and believes the non-GAAP measure provides investors with useful perspective on underlying business results and trends and aids with assessing the company's period-over-period results. The company intends to discuss adjusted profit per share for the fourth quarter and full-year 2021, excluding mark-to-market gains or losses for remeasurement of pension and other postemployment benefit plans along with any other discrete items.

Reconciliations of adjusted results to the most directly comparable GAAP measure are as follows:

(Dollars in millions except per share data)


Operating
Profit


Operating
Profit
Margin


Profit
Before
Taxes


Provision
(Benefit)
for Income
Taxes


Effective
Tax Rate


Profit


Profit per
Share
















Three Months Ended March 31, 2021 - US GAAP


$

1,814



15.3%



$

1,997



$

475



23.8%



$

1,530



$

2.77


Restructuring costs


64



0.5%



64



10



15.0%



54



$

0.10


Three Months Ended March 31, 2021 - Adjusted


$

1,878



15.8%



$

2,061



$

485



23.5%



$

1,584



$

2.87

















Three Months Ended March 31, 2020 - US GAAP


$

1,404



13.2%



$

1,513



$

425



28.1%



$

1,092



$

1.98


Remeasurement gain of a non-U.S. pension obligation




—%



(254)



(43)



17.0%



(211)



$

(0.38)


Restructuring costs


37



0.3%



37



7



19.0%



30



$

0.05


Three Months Ended March 31, 2020 - Adjusted


$

1,441



13.5%



$

1,296



$

389



30.0%



$

911



$

1.65

















Supplemental Consolidating Data

The company is providing supplemental consolidating data for the purpose of additional analysis. The data has been grouped as follows:

Consolidated – Caterpillar Inc. and its subsidiaries.

Machinery, Energy & Transportation (ME&T) – The company defines ME&T as it is presented in the supplemental data as Caterpillar Inc. and its subsidiaries, excluding Financial Products. ME&T's information relates to the design, manufacturing and marketing of its products.

Financial Products – The company defines Financial Products as it is presented in the supplemental data as its 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.

Consolidating Adjustments – Eliminations of transactions between ME&T and Financial Products.

The nature of the ME&T and Financial Products businesses is different, especially with regard to the financial position and cash flow items. Caterpillar management utilizes this presentation internally to highlight these differences. The company believes this presentation will assist readers in understanding its business.

Pages 14 to 22 reconcile ME&T and Financial Products to Caterpillar Inc. consolidated financial information.

 

Caterpillar Inc.

Condensed Consolidated Statement of Results of Operations

(Unaudited)

(Dollars in millions except per share data)



Three Months Ended

March 31,


2021


2020

Sales and revenues:




Sales of Machinery, Energy & Transportation

$

11,191



$

9,914


Revenues of Financial Products

696



721


Total sales and revenues

11,887



10,635






Operating costs:




Cost of goods sold

8,012



7,266


Selling, general and administrative expenses

1,239



1,121


Research and development expenses

374



356


Interest expense of Financial Products

125



175


Other operating (income) expenses

323



313


Total operating costs

10,073



9,231






Operating profit

1,814



1,404






Interest expense excluding Financial Products

142



113


Other income (expense)

325



222






Consolidated profit before taxes

1,997



1,513






Provision (benefit) for income taxes

475



425


Profit of consolidated companies

1,522



1,088






Equity in profit (loss) of unconsolidated affiliated companies

9



5






Profit of consolidated and affiliated companies

1,531



1,093






Less: Profit (loss) attributable to noncontrolling interests

1



1






Profit 1

$

1,530



$

1,092










Profit per common share

$

2.80



$

2.00


Profit per common share — diluted 2

$

2.77



$

1.98






Weighted-average common shares outstanding (millions)




– Basic

546.4



546.8


– Diluted 2

551.4



551.1




1

Profit attributable to common shareholders.

2

Diluted by assumed exercise of stock-based compensation awards using the treasury stock method.

 

Caterpillar Inc.

Condensed Consolidated Statement of Financial Position

(Unaudited)

(Millions of dollars)



March 31,
2021


December 31,
2020

Assets




Current assets:




Cash and short-term investments

$

11,342



$

9,352


Receivables – trade and other

7,955



7,317


Receivables – finance

9,333



9,463


Prepaid expenses and other current assets

1,802



1,930


Inventories

12,149



11,402


Total current assets

42,581



39,464






Property, plant and equipment – net

12,132



12,401


Long-term receivables – trade and other

1,115



1,185


Long-term receivables – finance

11,966



12,222


Noncurrent deferred and refundable income taxes

1,391



1,523


Intangible assets

1,246



1,308


Goodwill

6,343



6,394


Other assets

3,955



3,827


Total assets

$

80,729



$

78,324






Liabilities




Current liabilities:




Short-term borrowings:




-- Machinery, Energy & Transportation

$



$

10


-- Financial Products

3,625



2,005


Accounts payable

6,694



6,128


Accrued expenses

3,574



3,642


Accrued wages, salaries and employee benefits

1,283



1,096


Customer advances

1,168



1,108


Dividends payable



562


Other current liabilities

2,035



2,017


Long-term debt due within one year:




-- Machinery, Energy & Transportation

1,301



1,420


-- Financial Products

6,898



7,729


Total current liabilities

26,578



25,717






Long-term debt due after one year:




-- Machinery, Energy & Transportation

9,751



9,749


-- Financial Products

16,605



16,250


Liability for postemployment benefits

6,698



6,872


Other liabilities

4,480



4,358


Total liabilities

64,112



62,946






Shareholders' equity




Common stock

6,215



6,230


Treasury stock

(25,049)



(25,178)


Profit employed in the business

36,697



35,167


Accumulated other comprehensive income (loss)

(1,290)



(888)


Noncontrolling interests

44



47


Total shareholders' equity

16,617



15,378


Total liabilities and shareholders' equity

$

80,729



$

78,324


 

Caterpillar Inc.

Condensed Consolidated Statement of Cash Flow

(Unaudited)

(Millions of dollars)



Three Months Ended

March 31,


2021


2020

Cash flow from operating activities:




Profit of consolidated and affiliated companies

$

1,531



$

1,093


Adjustments for non-cash items:




Depreciation and amortization

586



614


Gain on remeasurement of a non-U.S. pension obligation



(254)


Provision (benefit) for deferred income taxes

109



20


Other

(104)



534


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




Receivables – trade and other

(543)



500


Inventories

(657)



(541)


Accounts payable

733



90


Accrued expenses

84



(97)


Accrued wages, salaries and employee benefits

191



(722)


Customer advances

58



116


Other assets – net

56



(50)


Other liabilities – net

(116)



(173)


Net cash provided by (used for) operating activities

1,928



1,130


Cash flow from investing activities:




Capital expenditures – excluding equipment leased to others

(252)



(305)


Expenditures for equipment leased to others

(252)



(243)


Proceeds from disposals of leased assets and property, plant and equipment

309



216


Additions to finance receivables

(2,629)



(2,953)


Collections of finance receivables

2,770



3,153


Proceeds from sale of finance receivables

5



31


Investments and acquisitions (net of cash acquired)

(386)



(35)


Proceeds from sale of businesses and investments (net of cash sold)

28




Proceeds from sale of securities

126



68


Investments in securities

(148)



(180)


Other – net

(48)



35


Net cash provided by (used for) investing activities

(477)



(213)


Cash flow from financing activities:




Dividends paid

(562)



(567)


Common stock issued, including treasury shares reissued

65



(23)


Common shares repurchased



(1,043)


Proceeds from debt issued (original maturities greater than three months)

2,273



2,141


Payments on debt (original maturities greater than three months)

(2,887)



(2,466)


Short-term borrowings – net (original maturities three months or less)

1,659



(40)


Other – net

(2)



(1)


Net cash provided by (used for) financing activities

546



(1,999)


Effect of exchange rate changes on cash

(12)



(80)


Increase (decrease) in cash and short-term investments and restricted cash

1,985



(1,162)


Cash and short-term investments and restricted cash at beginning of period

9,366



8,292


Cash and short-term investments and restricted cash at end of period

$

11,351



$

7,130



All short-term investments, which consist primarily of highly liquid investments with original maturities of three months or less, are considered to be cash equivalents.

 

Caterpillar Inc.

Supplemental Data for Results of Operations

For the Three Months Ended March 31, 2021

(Unaudited)

(Millions of dollars)





Supplemental Consolidating Data



Consolidated


Machinery,
Energy &
Transportation


Financial

Products


Consolidating

Adjustments


Sales and revenues:









Sales of Machinery, Energy & Transportation

$

11,191



$

11,191



$



$



Revenues of Financial Products

696





788



(92)


1

Total sales and revenues

11,887



11,191



788



(92)












Operating costs:









Cost of goods sold

8,012



8,013





(1)


2

Selling, general and administrative expenses

1,239



1,114



124



1


2

Research and development expenses

374



374







Interest expense of Financial Products

125





125





Other operating (income) expenses

323



26



314



(17)


2

Total operating costs

10,073



9,527



563



(17)












Operating profit

1,814



1,664



225



(75)












Interest expense excluding Financial Products

142



142







Other income (expense)

325



231



19



75


3










Consolidated profit before taxes

1,997



1,753



244














Provision (benefit) for income taxes

475



412



63





Profit of consolidated companies

1,522



1,341



181














Equity in profit (loss) of unconsolidated affiliated companies

9



12





(3)


4










Profit of consolidated and affiliated companies

1,531



1,353



181



(3)












Less: Profit (loss) attributable to noncontrolling interests

1



1



3



(3)


5










Profit 6

$

1,530



$

1,352



$

178



$




1

Elimination of Financial Products' revenues earned from ME&T.

2

Elimination of net expenses recorded by ME&T paid to Financial Products.

3

Elimination of discount recorded by ME&T on receivables sold to Financial Products and of interest earned between ME&T and Financial Products as well as dividends paid by Financial Products to ME&T.

4

Elimination of equity profit (loss) earned from Financial Products' subsidiaries partially owned by ME&T subsidiaries.

5

Elimination of noncontrolling interest profit (loss) recorded by Financial Products for subsidiaries partially owned by ME&T subsidiaries.

6

Profit attributable to common shareholders.

 

Caterpillar Inc.

Supplemental Data for Results of Operations

For the Three Months Ended March 31, 2020

(Unaudited)

(Millions of dollars)





Supplemental Consolidating Data



Consolidated


Machinery,
Energy &
Transportation


Financial

Products


Consolidating

Adjustments


Sales and revenues:









Sales of Machinery, Energy & Transportation

$

9,914



$

9,914



$



$



Revenues of Financial Products

721





830



(109)


1

Total sales and revenues

10,635



9,914



830



(109)












Operating costs:









Cost of goods sold

7,266



7,267





(1)


2

Selling, general and administrative expenses

1,121



940



182



(1)


2

Research and development expenses

356



356







Interest expense of Financial Products

175





176



(1)


3

Other operating (income) expenses

313



10



320



(17)


2

Total operating costs

9,231



8,573



678



(20)












Operating profit

1,404



1,341



152



(89)












Interest expense excluding Financial Products

113



112





1


3

Other income (expense)

222



179



(47)



90


4










Consolidated profit before taxes

1,513



1,408



105














Provision (benefit) for income taxes

425



397



28





Profit of consolidated companies

1,088



1,011



77














Equity in profit (loss) of unconsolidated affiliated companies

5



9





(4)


5










Profit of consolidated and affiliated companies

1,093



1,020



77



(4)












Less: Profit (loss) attributable to noncontrolling interests

1



1



4



(4)


6










Profit 7

$

1,092



$

1,019



$

73



$




1

Elimination of Financial Products' revenues earned from ME&T.

2

Elimination of net expenses recorded by ME&T paid to Financial Products.

3

Elimination of interest expense recorded between Financial Products and ME&T.

4

Elimination of discount recorded by ME&T on receivables sold to Financial Products and of interest earned between ME&T and Financial Products as well as dividends paid by Financial Products to ME&T.

5

Elimination of equity profit (loss) earned from Financial Products' subsidiaries partially owned by ME&T subsidiaries.

6

Elimination of noncontrolling interest profit (loss) recorded by Financial Products for subsidiaries partially owned by ME&T subsidiaries.

7

Profit attributable to common shareholders.


 

Caterpillar Inc.

Supplemental Data for Financial Position

At March 31, 2021

(Unaudited)

(Millions of dollars)





Supplemental Consolidating Data



Consolidated


Machinery,

Energy &

Transportation


Financial

Products


Consolidating

Adjustments


Assets









Current assets:









Cash and short-term investments

$

11,342



$

10,492



$

850



$



Receivables – trade and other

7,955



3,020



501



4,434


1,2

Receivables – finance

9,333





13,896



(4,563)


2

Prepaid expenses and other current assets

1,802



1,399



544



(141)


3

Inventories

12,149



12,149







Total current assets

42,581



27,060



15,791



(270)












Property, plant and equipment – net

12,132



8,185



3,947





Long-term receivables – trade and other

1,115



333



169



613


1,2

Long-term receivables – finance

11,966





12,604



(638)


2

Noncurrent deferred and refundable income taxes

1,391



1,933



103



(645)


4

Intangible assets

1,246



1,246







Goodwill

6,343



6,343







Other assets

3,955



3,260



1,899



(1,204)


5

Total assets

$

80,729



$

48,360



$

34,513



$

(2,144)












Liabilities









Current liabilities:









Short-term borrowings

$

3,625



$



$

3,625



$



Short-term borrowings with consolidated companies









Accounts payable

6,694



6,597



226



(129)


6

Accrued expenses

3,574



3,174



400





Accrued wages, salaries and employee benefits

1,283



1,256



27





Customer advances

1,168



1,168







Dividends payable









Other current liabilities

2,035



1,558



640



(163)


4,7

Long-term debt due within one year

8,199



1,301



6,898





Total current liabilities

26,578



15,054



11,816



(292)












Long-term debt due after one year

26,356



9,776



16,605



(25)


8

Liability for postemployment benefits

6,698



6,697



1





Other liabilities

4,480



3,804



1,394



(718)


4

Total liabilities

64,112



35,331



29,816



(1,035)












Shareholders' equity









Common stock

6,215



6,215



919



(919)


9

Treasury stock

(25,049)



(25,049)







Profit employed in the business

36,697



32,443



4,243



11


9

Accumulated other comprehensive income (loss)

(1,290)



(627)



(663)





Noncontrolling interests

44



47



198



(201)


9

Total shareholders' equity

16,617



13,029



4,697



(1,109)



Total liabilities and shareholders' equity

$

80,729



$

48,360



$

34,513



$

(2,144)




1

Elimination of receivables between ME&T and Financial Products.

2

Reclassification of ME&T's trade receivables purchased by Financial Products and Financial Products' wholesale inventory receivables.

3

Elimination of ME&T's insurance premiums that are prepaid to Financial Products.

4

Reclassification reflecting required netting of deferred tax assets/liabilities by taxing jurisdiction.

5

Elimination of other intercompany assets between ME&T and Financial Products.

6

Elimination of payables between ME&T and Financial Products.

7

Elimination of prepaid insurance in Financial Products' other liabilities.

8

Elimination of debt between ME&T and Financial Products.

9

Eliminations associated with ME&T's investments in Financial Products' subsidiaries.


 

Caterpillar Inc.

Supplemental Data for Financial Position

At December 31, 2020

(Unaudited)

(Millions of dollars)





Supplemental Consolidating Data



Consolidated


Machinery,

Energy &

Transportation


Financial

Products


Consolidating

Adjustments


Assets









Current assets:









Cash and short-term investments

$

9,352



$

8,822



$

530



$



Receivables – trade and other

7,317



3,846



397



3,074


1,2

Receivables – finance

9,463





13,681



(4,218)


2

Prepaid expenses and other current assets

1,930



1,376



624



(70)


3

Inventories

11,402



11,402







Total current assets

39,464



25,446



15,232



(1,214)












Property, plant and equipment – net

12,401



8,309



4,092





Long-term receivables – trade and other

1,185



363



164



658


1,2

Long-term receivables – finance

12,222





12,895



(673)


2

Noncurrent deferred and refundable income taxes

1,523



2,058



110



(645)


4

Intangible assets

1,308



1,308







Goodwill

6,394



6,394







Other assets

3,827



3,158



1,871



(1,202)


5

Total assets

$

78,324



$

47,036



$

34,364



$

(3,076)












Liabilities









Current liabilities:









Short-term borrowings

$

2,015



$

10



$

2,005



$



Short-term borrowings with consolidated companies





1,000



(1,000)


6

Accounts payable

6,128



6,060



212



(144)


7

Accrued expenses

3,642



3,099



543





Accrued wages, salaries and employee benefits

1,096



1,081



15





Customer advances

1,108



1,108







Dividends payable

562



562







Other current liabilities

2,017



1,530



580



(93)


4,8

Long-term debt due within one year

9,149



1,420



7,729





Total current liabilities

25,717



14,870



12,084



(1,237)












Long-term debt due after one year

25,999



9,764



16,250



(15)


6

Liability for postemployment benefits

6,872



6,872







Other liabilities

4,358



3,691



1,385



(718)


4

Total liabilities

62,946



35,197



29,719



(1,970)












Shareholders' equity









Common stock

6,230



6,230



919



(919)


9

Treasury stock

(25,178)



(25,178)







Profit employed in the business

35,167



31,091



4,065



11


9

Accumulated other comprehensive income (loss)

(888)



(352)



(536)





Noncontrolling interests

47



48



197



(198)


9

Total shareholders' equity

15,378



11,839



4,645



(1,106)



Total liabilities and shareholders' equity

$

78,324



$

47,036



$

34,364



$

(3,076)




1

Elimination of receivables between ME&T and Financial Products.

2

Reclassification of ME&T's trade receivables purchased by Financial Products and Financial Products' wholesale inventory receivables.

3

Elimination of ME&T's insurance premiums that are prepaid to Financial Products.

4

Reclassification reflecting required netting of deferred tax assets/liabilities by taxing jurisdiction.

5

Elimination of other intercompany assets between ME&T and Financial Products.

6

Elimination of debt between ME&T and Financial Products.

7

Elimination of payables between ME&T and Financial Products.

8

Elimination of prepaid insurance in Financial Products' other liabilities.

9

Eliminations associated with ME&T's investments in Financial Products' subsidiaries.


 

Caterpillar Inc.

Supplemental Data for Cash Flow

For the Three Months Ended March 31, 2021

(Unaudited)

(Millions of dollars)





Supplemental Consolidating Data



Consolidated


Machinery,
Energy &
Transportation


Financial

Products


Consolidating

Adjustments


Cash flow from operating activities:









Profit of consolidated and affiliated companies

$

1,531



$

1,353



$

181



$

(3)


1

Adjustments for non-cash items:









Depreciation and amortization

586



383



203





Provision (benefit) for deferred income taxes

109



127



(18)





Other

(104)



(52)



(83)



31


2

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









Receivables – trade and other

(543)



(104)



(32)



(407)


2, 3

Inventories

(657)



(657)







Accounts payable

733



706



13



14


2

Accrued expenses

84



58



26





Accrued wages, salaries and employee benefits

191



179



12





Customer advances

58



58







Other assets – net

56



(4)



(12)



72


2

Other liabilities – net

(116)



(131)



79



(64)


2

Net cash provided by (used for) operating activities

1,928



1,916



369



(357)



Cash flow from investing activities:









Capital expenditures – excluding equipment leased to others

(252)



(251)



(4)



3


2

Expenditures for equipment leased to others

(252)



(4)



(249)



1


2

Proceeds from disposals of leased assets and property, plant and equipment

309



27



286



(4)


2

Additions to finance receivables

(2,629)





(2,867)



238


3

Collections of finance receivables

2,770





3,062



(292)


3

Net intercompany purchased receivables





(411)



411


3

Proceeds from sale of finance receivables

5





5





Net intercompany borrowings



1,000





(1,000)


4

Investments and acquisitions (net of cash acquired)

(386)



(386)







Proceeds from sale of businesses and investments (net of cash sold)

28



28







Proceeds from sale of securities

126



11



115





Investments in securities

(148)





(148)





Other – net

(48)



2



(50)





Net cash provided by (used for) investing activities

(477)



427



(261)



(643)



Cash flow from financing activities:









Dividends paid

(562)



(562)







Common stock issued, including treasury shares reissued

65



65







Net intercompany borrowings





(1,000)



1,000


4

Proceeds from debt issued > 90 days

2,273



494



1,779





Payments on debt > 90 days

(2,887)



(644)



(2,243)





Short-term borrowings – net < 90 days

1,659



(10)



1,669





Other – net

(2)



(2)







Net cash provided by (used for) financing activities

546



(659)



205



1,000



Effect of exchange rate changes on cash

(12)



(14)



2





Increase (decrease) in cash and short-term investments and restricted cash

1,985



1,670



315





Cash and short-term investments and restricted cash at beginning of period

9,366



8,822



544





Cash and short-term investments and restricted cash at end of period

$

11,351



$

10,492



$

859



$




1

Elimination of equity profit earned from Financial Products' subsidiaries partially owned by ME&T subsidiaries.

2

Elimination of non-cash adjustments and changes in assets and liabilities related to consolidated reporting.

3

Reclassification of Financial Products' cash flow activity from investing to operating for receivables that arose from the sale of inventory.

4

Elimination of net proceeds and payments to/from ME&T and Financial Products.

 

Caterpillar Inc.

Supplemental Data for Cash Flow

For the Three Months Ended March 31, 2020

(Unaudited)

(Millions of dollars)





Supplemental Consolidating Data



Consolidated


Machinery,
Energy &
Transportation


Financial

Products


Consolidating

Adjustments


Cash flow from operating activities:









Profit of consolidated and affiliated companies

$

1,093



$

1,020



$

77



$

(4)


1

Adjustments for non-cash items:









Depreciation and amortization

614



402



212





Gain on remeasurement of a non-U.S. pension obligation

(254)



(254)







Provision (benefit) for deferred income taxes

20



75



(55)





Other

534



245



170



119


2

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









Receivables – trade and other

500



328



(56)



228


2, 3

Inventories

(541)



(538)





(3)


2

Accounts payable

90



2



51



37


2

Accrued expenses

(97)



(105)



8





Accrued wages, salaries and employee benefits

(722)



(689)



(33)





Customer advances

116



116







Other assets – net

(50)



15



(16)



(49)


2

Other liabilities – net

(173)



(299)



73



53


2

Net cash provided by (used for) operating activities

1,130



318



431



381



Cash flow from investing activities:









Capital expenditures – excluding equipment leased to others

(305)



(304)



(1)





Expenditures for equipment leased to others

(243)



2



(249)



4


2

Proceeds from disposals of leased assets and property, plant and equipment

216



61



156



(1)


2

Additions to finance receivables

(2,953)





(3,213)



260


3

Collections of finance receivables

3,153





3,421



(268)


3

Net intercompany purchased receivables





376



(376)


3

Proceeds from sale of finance receivables

31





31





Net intercompany borrowings



599



1



(600)


4

Investments and acquisitions (net of cash acquired)

(35)



(35)







Proceeds from sale of securities

68



6



62





Investments in securities

(180)



(5)



(175)





Other – net

35





35





Net cash provided by (used for) investing activities

(213)



324



444



(981)



Cash flow from financing activities:









Dividends paid

(567)



(567)







Common stock issued, including treasury shares reissued

(23)



(23)







Common shares repurchased

(1,043)



(1,043)







Net intercompany borrowings



(1)



(599)



600


4

Proceeds from debt issued > 90 days

2,141



15



2,126





Payments on debt > 90 days

(2,466)



(6)



(2,460)





Short-term borrowings – net < 90 days

(40)



(5)



(35)





Other – net

(1)



(1)







Net cash provided by (used for) financing activities

(1,999)



(1,631)



(968)



600



Effect of exchange rate changes on cash

(80)



(59)



(21)





Increase (decrease) in cash and short-term investments and restricted cash

(1,162)



(1,048)



(114)





Cash and short-term investments and restricted cash at beginning of period

8,292



7,302



990





Cash and short-term investments and restricted cash at end of period

$

7,130



$

6,254



$

876



$




1

Elimination of equity profit earned from Financial Products' subsidiaries partially owned by ME&T subsidiaries.

2

Elimination of non-cash adjustments and changes in assets and liabilities related to consolidated reporting.

3

Reclassification of Financial Products' cash flow activity from investing to operating for receivables that arose from the sale of inventory.

4

Elimination of net proceeds and payments to/from ME&T and Financial Products.

 

Cision View original content:http://www.prnewswire.com/news-releases/caterpillar-reports-first-quarter-2021-results-301279971.html

SOURCE Caterpillar Inc.

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