● |
Fourth-quarter 2021 sales and revenues up 23%; full-year sales and revenues up 22%
|
● |
Fourth-quarter 2021 profit per share of $3.91; adjusted profit per share of $2.69
|
● |
2021 profit per share of $11.83; adjusted profit per share of $10.81
|
● |
Strong operating cash flow; ended the year with $9.3 billion of enterprise cash
|
● |
Returned $5.0 billion to shareholders through dividends and share repurchases in 2021
|
Fourth Quarter | Full Year | |||
($ in billions except profit per share) | 2021 | 2020 | 2021 | 2020 |
Sales and Revenues | $13.8 | $11.2 | $51.0 | $41.7 |
Profit Per Share | $3.91 | $1.42 | $11.83 | $5.46 |
Adjusted Profit Per Share | $2.69 | $2.12 | $10.81 | $6.56 |
Sales and Revenues by Segment | |||||||||||||||
(Millions of dollars) | Fourth Quarter 2020 |
Sales Volume |
Price Realization | Currency | Inter-Segment / Other | Fourth Quarter 2021 |
$ Change |
% Change | |||||||
Construction Industries | $ | 4,508 | $ | 929 | $ | 299 | $ | (23) | $ | 23 | $ | 5,736 | $ | 1,228 | 27% |
Resource Industries | 2,180 | 467 | 121 | 2 | (8) | 2,762 | 582 | 27% | |||||||
Energy & Transportation | 4,811 | 640 | 88 | (7) | 196 | 5,728 | 917 | 19% | |||||||
All Other Segment | 137 | 7 | - | (1) | (9) | 134 | (3) | (2%) | |||||||
Corporate Items and Eliminations | (1,066) | 6 | (1) | - | (202) | (1,263) | (197) | ||||||||
Machinery, Energy & Transportation | 10,570 | 2,049 | 507 | (29) | - | 13,097 | 2,527 | 24% | |||||||
Financial Products Segment | 743 | - | - | - | 33 | 776 | 33 | 4% | |||||||
Corporate Items and Eliminations | (78) | - | - | - | 3 | (75) | 3 | ||||||||
Financial Products Revenues | 665 | - | - | - | 36 | 701 | 36 | 5% | |||||||
Consolidated Sales and Revenues | $ | 11,235 | $ | 2,049 | $ | 507 | $ | (29) | $ | 36 | $ | 13,798 | $ | 2,563 | 23% |
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 | |||||||
Fourth Quarter 2021 | |||||||||||||||||||||
Construction Industries | $ | 2,635 | 39% | $ | 563 | 74% | $ | 1,246 | 47% | $ | 1,245 | (12%) | $ | 5,689 | 27% | $ | 47 | 96% | $ | 5,736 | 27% |
Resource Industries | 857 | 44% | 415 | 5% | 532 | 29% | 839 | 29% | 2,643 | 29% | 119 | (6%) | 2,762 | 27% | |||||||
Energy & Transportation | 1,913 | 12% | 398 | 50% | 1,475 | 9% | 965 | 36% | 4,751 | 18% | 977 | 25% | 5,728 | 19% | |||||||
All Other Segment | 14 | 180% | 1 | -% | 8 | (11%) | 15 | (17%) | 38 | 19% | 96 | (9%) | 134 | (2%) | |||||||
Corporate Items and Eliminations | (17) | - | - | (7) | (24) | (1,239) | (1,263) | ||||||||||||||
Machinery, Energy & Transportation | 5,402 | 29% | 1,377 | 40% | 3,261 | 24% | 3,057 | 9% | 13,097 | 24% | - | -% | 13,097 | 24% | |||||||
Financial Products Segment | 493 | 6% | 70 | 9% | 101 | 7% | 112 | (7%) | 776 | 4% | - | -% | 776 | 4% | |||||||
Corporate Items and Eliminations | (37) | (15) | (9) | (14) | (75) | - | (75) | ||||||||||||||
Financial Products Revenues | 456 | 8% | 55 | 2% | 92 | 10% | 98 | (6%) | 701 | 5% | - | -% | 701 | 5% | |||||||
Consolidated Sales and Revenues | $ | 5,858 | 27% | $ | 1,432 | 38% | $ | 3,353 | 24% | $ | 3,155 | 9% | $ | 13,798 | 23% | $ | - | -% | $ | 13,798 | 23% |
Fourth Quarter 2020 | |||||||||||||||||||||
Construction Industries | $ | 1,895 | $ | 324 | $ | 848 | $ | 1,417 | $ | 4,484 | $ | 24 | $ | 4,508 | |||||||
Resource Industries | 596 | 394 | 412 | 651 | 2,053 | 127 | 2,180 | ||||||||||||||
Energy & Transportation | 1,705 | 265 | 1,353 | 707 | 4,030 | 781 | 4,811 | ||||||||||||||
All Other Segment | 5 | - | 9 | 18 | 32 | 105 | 137 | ||||||||||||||
Corporate Items and Eliminations | (27) | 1 | (2) | (1) | (29) | (1,037) | (1,066) | ||||||||||||||
Machinery, Energy & Transportation | 4,174 | 984 | 2,620 | 2,792 | 10,570 | - | 10,570 | ||||||||||||||
Financial Products Segment | 464 | 64 | 94 | 121 | 743 | - | 743 | ||||||||||||||
Corporate Items and Eliminations | (41) | (10) | (10) | (17) | (78) | - | (78) | ||||||||||||||
Financial Products Revenues | 423 | 54 | 84 | 104 | 665 | - | 665 | ||||||||||||||
Consolidated Sales and Revenues | $ | 4,597 | $ | 1,038 | $ | 2,704 | $ | 2,896 | $ | 11,235 | $ | - | $ | 11,235 | |||||||
Profit (Loss) by Segment | ||||||||
(Millions of dollars) | Fourth Quarter 2021 | Fourth Quarter 2020 |
$ Change |
%
Change
| ||||
Construction Industries | $ | 788 | $ | 630 | $ | 158 | 25 | % |
Resource Industries | 305 | 273 | 32 | 12 | % | |||
Energy & Transportation | 675 | 687 | (12) | (2 | %) | |||
All Other Segment | (12) | (3) | (9) | (300 | %) | |||
Corporate Items and Eliminations | (281) | (281) | - | |||||
Machinery, Energy & Transportation | 1,475 | 1,306 | 169 | 13 | % | |||
Financial Products Segment | 248 | 195 | 53 | 27 | % | |||
Corporate Items and Eliminations | (37) | (47) | 10 | |||||
Financial Products | 211 | 148 | 63 | 43 | % | |||
Consolidating Adjustments | (75) | (74) | (1) | |||||
Consolidated Operating Profit | $ | 1,611 | $ | 1,380 | $ | 231 | 17 | % |
CONSTRUCTION INDUSTRIES | ||||||||||||||||
(Millions of dollars) | ||||||||||||||||
Segment Sales | ||||||||||||||||
Fourth Quarter 2020 | Sales Volume | Price Realization | Currency | Inter-Segment | Fourth Quarter 2021 |
$ Change |
% Change | |||||||||
Total Sales | $ | 4,508 | $ | 929 | $ | 299 | $ | (23) | $ | 23 | $ | 5,736 | $ | 1,228 | 27 | % |
Sales by Geographic Region | ||||||||||||||||
Fourth Quarter 2021 | Fourth Quarter 2020 |
$ Change |
% Change | |||||||||||||
North America | $ | 2,635 | $ | 1,895 | $ | 740 | 39 | % | ||||||||
Latin America | 563 | 324 | 239 | 74 | % | |||||||||||
EAME | 1,246 | 848 | 398 | 47 | % | |||||||||||
Asia/Pacific | 1,245 | 1,417 | (172) | (12 | %) | |||||||||||
External Sales | 5,689 | 4,484 | 1,205 | 27 | % | |||||||||||
Inter-segment | 47 | 24 | 23 | 96 | % | |||||||||||
Total Sales | $ | 5,736 | $ | 4,508 | $ | 1,228 | 27 | % | ||||||||
Segment Profit | ||||||||||||||||
Fourth Quarter 2021 | Fourth Quarter 2020 | Change |
% Change | |||||||||||||
Segment Profit | $ | 788 | $ | 630 | $ | 158 | 25 | % | ||||||||
Segment Profit Margin | 13.7 | % | 14.0 | % | (0.3 | pts) | ||||||||||
RESOURCE INDUSTRIES | ||||||||||||||||
(Millions of dollars) | ||||||||||||||||
Segment Sales | ||||||||||||||||
Fourth Quarter 2020 | Sales Volume | Price Realization | Currency | Inter-Segment | Fourth Quarter 2021 |
$ Change |
% Change | |||||||||
Total Sales | $ | 2,180 | $ | 467 | $ | 121 | $ | 2 | $ | (8) | $ | 2,762 | $ | 582 | 27 | % |
Sales by Geographic Region | ||||||||||||||||
Fourth Quarter 2021 | Fourth Quarter 2020 |
$ Change |
% Change | |||||||||||||
North America | $ | 857 | $ | 596 | $ | 261 | 44 | % | ||||||||
Latin America | 415 | 394 | 21 | 5 | % | |||||||||||
EAME | 532 | 412 | 120 | 29 | % | |||||||||||
Asia/Pacific | 839 | 651 | 188 | 29 | % | |||||||||||
External Sales | 2,643 | 2,053 | 590 | 29 | % | |||||||||||
Inter-segment | 119 | 127 | (8) | (6 | %) | |||||||||||
Total Sales | $ | 2,762 | $ | 2,180 | $ | 582 | 27 | % | ||||||||
Segment Profit | ||||||||||||||||
Fourth Quarter 2021 | Fourth Quarter 2020 | Change |
% Change | |||||||||||||
Segment Profit | $ | 305 | $ | 273 | $ | 32 | 12 | % | ||||||||
Segment Profit Margin | 11.0 | % | 12.5 | % | (1.5 | pts) | ||||||||||
ENERGY & TRANSPORTATION | ||||||||||||||||
(Millions of dollars) | ||||||||||||||||
Segment Sales | ||||||||||||||||
Fourth Quarter 2020 | Sales Volume | Price Realization | Currency | Inter-Segment | Fourth Quarter 2021 |
$ Change |
% Change | |||||||||
Total Sales | $ | 4,811 | $ | 640 | $ | 88 | $ | (7) | $ | 196 | $ | 5,728 | $ | 917 | 19 | % |
Sales by Application | ||||||||||||||||
Fourth Quarter 2021 | Fourth Quarter 2020 |
$ Change |
% Change | |||||||||||||
Oil and Gas | $ | 1,320 | $ | 1,079 | $ | 241 | 22 | % | ||||||||
Power Generation | 1,267 | 1,180 | 87 | 7 | % | |||||||||||
Industrial | 952 | 736 | 216 | 29 | % | |||||||||||
Transportation | 1,212 | 1,035 | 177 | 17 | % | |||||||||||
External Sales | 4,751 | 4,030 | 721 | 18 | % | |||||||||||
Inter-segment | 977 | 781 | 196 | 25 | % | |||||||||||
Total Sales | $ | 5,728 | $ | 4,811 | $ | 917 | 19 | % | ||||||||
Segment Profit | ||||||||||||||||
Fourth Quarter 2021 | Fourth Quarter 2020 | Change |
% Change | |||||||||||||
Segment Profit | $ | 675 | $ | 687 | $ | (12) | (2 | %) | ||||||||
Segment Profit Margin | 11.8 | % | 14.3 | % | (2.5 | pts) | ||||||||||
FINANCIAL PRODUCTS SEGMENT | ||||||||
(Millions of dollars) | ||||||||
Revenues by Geographic Region | ||||||||
Fourth Quarter 2021 | Fourth Quarter 2020 |
$ Change |
% Change | |||||
North America | $ | 493 | $ | 464 | $ | 29 | 6 | % |
Latin America | 70 | 64 | 6 | 9 | % | |||
EAME | 101 | 94 | 7 | 7 | % | |||
Asia/Pacific | 112 | 121 | (9) | (7 | %) | |||
Total Revenues | $ | 776 | $ | 743 | $ | 33 | 4 | % |
Segment Profit | ||||||||
Fourth Quarter 2021 | Fourth Quarter 2020 | Change |
% Change | |||||
Segment Profit | $ | 248 | $ | 195 | $ | 53 | 27 | % |
(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 December 31, 2021 - U.S. GAAP | $ | 1,611 | 11.7 | % | $ | 2,562 | $ | 429 | 16.7 | % | $ | 2,120 | $ | 3.91 |
Pension/OPEB mark-to-market (gains) losses | - | - | % | (833) | (190) | 22.8 | % | (643) | $ | (1.19) | ||||
Restructuring (income) costs | (34) | (0.2) | % | (34) | (15) | 44.1 | % | (19) | $ | (0.03) | ||||
Three Months Ended December 31, 2021 - Adjusted | $ | 1,577 | 11.4 | % | $ | 1,695 | $ | 224 | 13.2 | % | $ | 1,458 | $ | 2.69 |
Three Months Ended December 31, 2020 - U.S. GAAP | $ | 1,380 | 12.3 | % | $ | 941 | $ | 167 | 17.7 | % | $ | 780 | $ | 1.42 |
Pension/OPEB mark-to-market (gains) losses | - | - | % | 438 | 92 | 21.0 | % | 346 | $ | 0.63 | ||||
Restructuring (income) costs | 58 | 0.5 | % | 58 | 18 | 31.0 | % | 40 | $ | 0.07 | ||||
Three Months Ended December 31, 2020 - Adjusted | $ | 1,438 | 12.8 | % | $ | 1,437 | $ | 277 | 19.3 | % | $ | 1,166 | $ | 2.12 |
Twelve Months Ended December 31, 2021 - U.S. GAAP | $ | 6,878 | 13.5 | % | $ | 8,204 | $ | 1,742 | 21.2 | % | $ | 6,489 | $ | 11.83 |
Pension/OPEB mark-to-market (gains) losses | - | - | % | (833) | (190) | 22.8 | % | (643) | $ | (1.17) | ||||
Restructuring (income) costs | 90 | 0.2 | % | 90 | 4 | 4.4 | % | 86 | $ | 0.15 | ||||
Twelve Months Ended December 31, 2021 - Adjusted | $ | 6,968 | 13.7 | % | $ | 7,461 | $ | 1,556 | 20.9 | % | $ | 5,932 | $ | 10.81 |
Twelve Months Ended December 31, 2020 - U.S. GAAP | $ | 4,553 | 10.9 | % | $ | 3,995 | $ | 1,006 | 25.2 | % | $ | 2,998 | $ | 5.46 |
Pension/OPEB mark-to-market (gains) losses | - | - | % | 383 | 82 | 21.4 | % | 301 | $ | 0.55 | ||||
Restructuring (income) costs | 354 | 0.8 | % | 354 | 53 | 15.0 | % | 301 | $ | 0.55 | ||||
Twelve Months Ended December 31, 2020 - Adjusted | $ | 4,907 | 11.8 | % | $ | 4,732 | $ | 1,141 | 24.1 | % | $ | 3,600 | $ | 6.56 |
Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Sales and revenues: | ||||||||
Sales of Machinery, Energy & Transportation | $ | 13,097 | $ | 10,570 | $ | 48,188 | $ | 39,022 |
Revenues of Financial Products | 701 | 665 | 2,783 | 2,726 | ||||
Total sales and revenues | 13,798 | 11,235 | 50,971 | 41,748 | ||||
Operating costs: | ||||||||
Cost of goods sold | 10,003 | 7,784 | 35,513 | 29,082 | ||||
Selling, general and administrative expenses | 1,422 | 1,216 | 5,365 | 4,642 | ||||
Research and development expenses | 439 | 374 | 1,686 | 1,415 | ||||
Interest expense of Financial Products | 103 | 128 | 455 | 589 | ||||
Other operating (income) expenses | 220 | 353 | 1,074 | 1,467 | ||||
Total operating costs | 12,187 | 9,855 | 44,093 | 37,195 | ||||
Operating profit | 1,611 | 1,380 | 6,878 | 4,553 | ||||
Interest expense excluding Financial Products | 112 | 130 | 488 | 514 | ||||
Other income (expense) | 1,063 | (309) | 1,814 | (44) | ||||
Consolidated profit before taxes | 2,562 | 941 | 8,204 | 3,995 | ||||
Provision (benefit) for income taxes | 429 | 167 | 1,742 | 1,006 | ||||
Profit of consolidated companies | 2,133 | 774 | 6,462 | 2,989 | ||||
Equity in profit (loss) of unconsolidated affiliated companies | (13) | 6 | 31 | 14 | ||||
Profit of consolidated and affiliated companies | 2,120 | 780 | 6,493 | 3,003 | ||||
Less: Profit (loss) attributable to noncontrolling interests | - | - | 4 | 5 | ||||
Profit 1
| $ | 2,120 | $ | 780 | $ | 6,489 | $ | 2,998 |
Profit per common share | $ | 3.94 | $ | 1.43 | $ | 11.93 | $ | 5.51 |
Profit per common share - diluted 2
| $ | 3.91 | $ | 1.42 | $ | 11.83 | $ | 5.46 |
Weighted-average common shares outstanding (millions) | ||||||||
- Basic | 538.7 | 544.5 | 544.0 | 544.1 | ||||
- Diluted 2
| 542.6 | 549.5 | 548.5 | 548.6 | ||||
1 | Profit attributable to common shareholders. |
2 | Diluted by assumed exercise of stock-based compensation awards using the treasury stock method. |
December 31, 2021 |
December 31, 2020 | |||
Assets | ||||
Current assets: | ||||
Cash and cash equivalents | $ | 9,254 | $ | 9,352 |
Receivables - trade and other | 8,477 | 7,317 | ||
Receivables - finance | 8,898 | 9,463 | ||
Prepaid expenses and other current assets | 2,788 | 1,930 | ||
Inventories | 14,038 | 11,402 | ||
Total current assets | 43,455 | 39,464 | ||
Property, plant and equipment - net | 12,090 | 12,401 | ||
Long-term receivables - trade and other | 1,204 | 1,185 | ||
Long-term receivables - finance | 12,707 | 12,222 | ||
Noncurrent deferred and refundable income taxes | 1,840 | 1,523 | ||
Intangible assets | 1,042 | 1,308 | ||
Goodwill | 6,324 | 6,394 | ||
Other assets | 4,131 | 3,827 | ||
Total assets | $ | 82,793 | $ | 78,324 |
Liabilities | ||||
Current liabilities: | ||||
Short-term borrowings: | ||||
-- Machinery, Energy & Transportation | $ | 9 | $ | 10 |
-- Financial Products | 5,395 | 2,005 | ||
Accounts payable | 8,154 | 6,128 | ||
Accrued expenses | 3,757 | 3,642 | ||
Accrued wages, salaries and employee benefits | 2,242 | 1,096 | ||
Customer advances | 1,087 | 1,108 | ||
Dividends payable | 595 | 562 | ||
Other current liabilities | 2,256 | 2,017 | ||
Long-term debt due within one year: | ||||
-- Machinery, Energy & Transportation | 45 | 1,420 | ||
-- Financial Products | 6,307 | 7,729 | ||
Total current liabilities | 29,847 | 25,717 | ||
Long-term debt due after one year: | ||||
-- Machinery, Energy & Transportation | 9,746 | 9,749 | ||
-- Financial Products | 16,287 | 16,250 | ||
Liability for postemployment benefits | 5,592 | 6,872 | ||
Other liabilities | 4,805 | 4,358 | ||
Total liabilities | 66,277 | 62,946 | ||
Shareholders' equity | ||||
Common stock | 6,398 | 6,230 | ||
Treasury stock | (27,643) | (25,178) | ||
Profit employed in the business | 39,282 | 35,167 | ||
Accumulated other comprehensive income (loss) | (1,553) | (888) | ||
Noncontrolling interests | 32 | 47 | ||
Total shareholders' equity | 16,516 | 15,378 | ||
Total liabilities and shareholders' equity | $ | 82,793 | $ | 78,324 |
Twelve Months Ended December 31, | ||||
2021 | 2020 | |||
Cash flow from operating activities: | ||||
Profit of consolidated and affiliated companies | $ | 6,493 | $ | 3,003 |
Adjustments for non-cash items: | ||||
Depreciation and amortization | 2,352 | 2,432 | ||
Actuarial (gain) loss on pension and postretirement benefits | (833) | 383 | ||
Provision (benefit) for deferred income taxes | (383) | (74) | ||
Other | 216 | 1,000 | ||
Changes in assets and liabilities, net of acquisitions and divestitures: | ||||
Receivables - trade and other | (1,259) | 1,442 | ||
Inventories | (2,586) | (34) | ||
Accounts payable | 2,041 | 98 | ||
Accrued expenses | 196 | (366) | ||
Accrued wages, salaries and employee benefits | 1,107 | (544) | ||
Customer advances | 34 | (126) | ||
Other assets - net | (97) | (201) | ||
Other liabilities - net | (83) | (686) | ||
Net cash provided by (used for) operating activities | 7,198 | 6,327 | ||
Cash flow from investing activities: | ||||
Capital expenditures - excluding equipment leased to others | (1,093) | (978) | ||
Expenditures for equipment leased to others | (1,379) | (1,137) | ||
Proceeds from disposals of leased assets and property, plant and equipment | 1,265 | 772 | ||
Additions to finance receivables | (13,002) | (12,385) | ||
Collections of finance receivables | 12,430 | 12,646 | ||
Proceeds from sale of finance receivables | 51 | 42 | ||
Investments and acquisitions (net of cash acquired) | (490) | (111) | ||
Proceeds from sale of businesses and investments (net of cash sold) | 36 | 25 | ||
Proceeds from sale of securities | 785 | 345 | ||
Investments in securities | (1,766) | (638) | ||
Other - net | 79 | (66) | ||
Net cash provided by (used for) investing activities | (3,084) | (1,485) | ||
Cash flow from financing activities: | ||||
Dividends paid | (2,332) | (2,243) | ||
Common stock issued, including treasury shares reissued | 135 | 229 | ||
Common shares repurchased | (2,668) | (1,130) | ||
Proceeds from debt issued (original maturities greater than three months) | 6,989 | 10,431 | ||
Payments on debt (original maturities greater than three months) | (9,796) | (8,237) | ||
Short-term borrowings - net (original maturities three months or less) | 3,488 | (2,804) | ||
Other - net | (4) | (1) | ||
Net cash provided by (used for) financing activities | (4,188) | (3,755) | ||
Effect of exchange rate changes on cash | (29) | (13) | ||
Increase (decrease) in cash, cash equivalents and restricted cash | (103) | 1,074 | ||
Cash, cash equivalents and restricted cash at beginning of period | 9,366 | 8,292 | ||
Cash, cash equivalents and restricted cash at end of period | $ | 9,263 | $ | 9,366 |
Cash equivalents primarily represent short-term, highly liquid investments with original maturities of generally three months or less. |
Supplemental Consolidating Data | ||||||||
Consolidated |
Machinery, Energy & Transportation
|
Financial Products |
Consolidating Adjustments | |||||
Sales and revenues: | ||||||||
Sales of Machinery, Energy & Transportation | $ | 13,097 | $ | 13,097 | $ | - | $ | - |
Revenues of Financial Products | 701 | - | 801 | (100) | 1 | |||
Total sales and revenues | 13,798 | 13,097 | 801 | (100) | ||||
Operating costs: | ||||||||
Cost of goods sold | 10,003 | 10,006 | - | (3) | 2 | |||
Selling, general and administrative expenses | 1,422 | 1,253 | 171 | (2) | 2 | |||
Research and development expenses | 439 | 439 | - | - | ||||
Interest expense of Financial Products | 103 | - | 103 | - | ||||
Other operating (income) expenses | 220 | (76) | 316 | (20) | 2 | |||
Total operating costs | 12,187 | 11,622 | 590 | (25) | ||||
Operating profit | 1,611 | 1,475 | 211 | (75) | ||||
Interest expense excluding Financial Products | 112 | 112 | - | - | ||||
Other income (expense) | 1,063 | 1,457 | 31 | (425) | 3 | |||
Consolidated profit before taxes | 2,562 | 2,820 | 242 | (500) | ||||
Provision (benefit) for income taxes | 429 | 359 | 70 | - | ||||
Profit of consolidated companies | 2,133 | 2,461 | 172 | (500) | ||||
Equity in profit (loss) of unconsolidated affiliated companies | (13) | (10) | - | (3) | 4 | |||
Profit of consolidated and affiliated companies | 2,120 | 2,451 | 172 | (503) | ||||
Less: Profit (loss) attributable to noncontrolling interests | - | - | 3 | (3) | 5 | |||
Profit 6
| $ | 2,120 | $ | 2,451 | $ | 169 | $ | (500) |
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. |
Supplemental Consolidating Data | ||||||||
Consolidated | Machinery, Energy & Transportation |
Financial Products |
Consolidating Adjustments | |||||
Sales and revenues: | ||||||||
Sales of Machinery, Energy & Transportation | $ | 10,570 | $ | 10,570 | $ | - | $ | - |
Revenues of Financial Products | 665 | - | 760 | (95) | 1 | |||
Total sales and revenues | 11,235 | 10,570 | 760 | (95) | ||||
Operating costs: | ||||||||
Cost of goods sold | 7,784 | 7,786 | - | (2) | 2 | |||
Selling, general and administrative expenses | 1,216 | 1,048 | 174 | (6) | 2 | |||
Research and development expenses | 374 | 374 | - | - | ||||
Interest expense of Financial Products | 128 | - | 129 | (1) | 3 | |||
Other operating (income) expenses | 353 | 56 | 309 | (12) | 2 | |||
Total operating costs | 9,855 | 9,264 | 612 | (21) | ||||
Operating profit | 1,380 | 1,306 | 148 | (74) | ||||
Interest expense excluding Financial Products | 130 | 130 | - | - | ||||
Other income (expense) | (309) | (122) | 39 | (226) | 4 | |||
Consolidated profit before taxes | 941 | 1,054 | 187 | (300) | ||||
Provision (benefit) for income taxes | 167 | 133 | 34 | - | ||||
Profit of consolidated companies | 774 | 921 | 153 | (300) | ||||
Equity in profit (loss) of unconsolidated affiliated companies | 6 | 11 | - | (5) | 5 | |||
Profit of consolidated and affiliated companies | 780 | 932 | 153 | (305) | ||||
Less: Profit (loss) attributable to noncontrolling interests | - | 3 | 2 | (5) | 6 | |||
Profit 7
| $ | 780 | $ | 929 | $ | 151 | $ | (300) |
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. |
Supplemental Consolidating Data | ||||||||
Consolidated | Machinery, Energy & Transportation |
Financial Products |
Consolidating Adjustments | |||||
Sales and revenues: | ||||||||
Sales of Machinery, Energy & Transportation | $ | 48,188 | $ | 48,188 | $ | - | $ | - |
Revenues of Financial Products | 2,783 | - | 3,172 | (389) | 1 | |||
Total sales and revenues | 50,971 | 48,188 | 3,172 | (389) | ||||
Operating costs: | ||||||||
Cost of goods sold | 35,513 | 35,521 | - | (8) | 2 | |||
Selling, general and administrative expenses | 5,365 | 4,724 | 654 | (13) | 2 | |||
Research and development expenses | 1,686 | 1,686 | - | - | ||||
Interest expense of Financial Products | 455 | - | 455 | - | ||||
Other operating (income) expenses | 1,074 | (106) | 1,247 | (67) | 2 | |||
Total operating costs | 44,093 | 41,825 | 2,356 | (88) | ||||
Operating profit | 6,878 | 6,363 | 816 | (301) | ||||
Interest expense excluding Financial Products | 488 | 488 | - | - | ||||
Other income (expense) | 1,814 | 2,276 | 87 | (549) | 3 | |||
Consolidated profit before taxes | 8,204 | 8,151 | 903 | (850) | ||||
Provision (benefit) for income taxes | 1,742 | 1,517 | 225 | - | ||||
Profit of consolidated companies | 6,462 | 6,634 | 678 | (850) | ||||
Equity in profit (loss) of unconsolidated affiliated companies | 31 | 42 | - | (11) | 4 | |||
Profit of consolidated and affiliated companies | 6,493 | 6,676 | 678 | (861) | ||||
Less: Profit (loss) attributable to noncontrolling interests | 4 | 3 | 12 | (11) | 5 | |||
Profit 6
| $ | 6,489 | $ | 6,673 | $ | 666 | $ | (850) |
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. |
Supplemental Consolidating Data | ||||||||
Consolidated | Machinery, Energy & Transportation |
Financial Products |
Consolidating Adjustments | |||||
Sales and revenues: | ||||||||
Sales of Machinery, Energy & Transportation | $ | 39,022 | $ | 39,022 | $ | - | $ | - |
Revenues of Financial Products | 2,726 | - | 3,110 | (384) | 1 | |||
Total sales and revenues | 41,748 | 39,022 | 3,110 | (384) | ||||
Operating costs: | ||||||||
Cost of goods sold | 29,082 | 29,088 | - | (6) | 2 | |||
Selling, general and administrative expenses | 4,642 | 3,915 | 746 | (19) | 2 | |||
Research and development expenses | 1,415 | 1,415 | - | - | ||||
Interest expense of Financial Products | 589 | - | 591 | (2) | 3 | |||
Other operating (income) expenses | 1,467 | 283 | 1,236 | (52) | 2 | |||
Total operating costs | 37,195 | 34,701 | 2,573 | (79) | ||||
Operating profit | 4,553 | 4,321 | 537 | (305) | ||||
Interest expense excluding Financial Products | 514 | 513 | - | 1 | 3 | |||
Other income (expense) | (44) | (62) | 32 | (14) | 4 | |||
Consolidated profit before taxes | 3,995 | 3,746 | 569 | (320) | ||||
Provision (benefit) for income taxes | 1,006 | 853 | 153 | - | ||||
Profit of consolidated companies | 2,989 | 2,893 | 416 | (320) | ||||
Equity in profit (loss) of unconsolidated affiliated companies | 14 | 29 | - | (15) | 5 | |||
Profit of consolidated and affiliated companies | 3,003 | 2,922 | 416 | (335) | ||||
Less: Profit (loss) attributable to noncontrolling interests | 5 | 5 | 15 | (15) | 6 | |||
Profit 7
| $ | 2,998 | $ | 2,917 | $ | 401 | $ | (320) |
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. |
Supplemental Consolidating Data | ||||||||
Consolidated |
Machinery, Energy & Transportation |
Financial Products |
Consolidating Adjustments | |||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 9,254 | $ | 8,428 | $ | 826 | $ | - |
Receivables - trade and other | 8,477 | 3,279 | 435 | 4,763 |
1,2
| |||
Receivables - finance | 8,898 | - | 13,828 | (4,930) | 2 | |||
Prepaid expenses and other current assets | 2,788 | 2,567 | 358 | (137) | 3 | |||
Inventories | 14,038 | 14,038 | - | - | ||||
Total current assets | 43,455 | 28,312 | 15,447 | (304) | ||||
Property, plant and equipment - net | 12,090 | 8,172 | 3,918 | - | ||||
Long-term receivables - trade and other | 1,204 | 375 | 204 | 625 |
1,2
| |||
Long-term receivables - finance | 12,707 | - | 13,358 | (651) | 2 | |||
Noncurrent deferred and refundable income taxes | 1,840 | 2,396 | 105 | (661) | 4 | |||
Intangible assets | 1,042 | 1,042 | - | - | ||||
Goodwill | 6,324 | 6,324 | - | - | ||||
Other assets | 4,131 | 3,388 | 1,952 | (1,209) | 5 | |||
Total assets | $ | 82,793 | $ | 50,009 | $ | 34,984 | $ | (2,200) |
Liabilities | ||||||||
Current liabilities: | ||||||||
Short-term borrowings | $ | 5,404 | $ | 9 | $ | 5,395 | $ | - |
Accounts payable | 8,154 | 8,079 | 242 | (167) | 6 | |||
Accrued expenses | 3,757 | 3,385 | 372 | - | ||||
Accrued wages, salaries and employee benefits | 2,242 | 2,186 | 56 | - | ||||
Customer advances | 1,087 | 1,086 | 1 | - | ||||
Dividends payable | 595 | 595 | - | - | ||||
Other current liabilities | 2,256 | 1,773 | 642 | (159) |
4,7
| |||
Long-term debt due within one year | 6,352 | 45 | 6,307 | - | ||||
Total current liabilities | 29,847 | 17,158 | 13,015 | (326) | ||||
Long-term debt due after one year | 26,033 | 9,772 | 16,287 | (26) | 8 | |||
Liability for postemployment benefits | 5,592 | 5,592 | - | - | ||||
Other liabilities | 4,805 | 4,106 | 1,425 | (726) | 4 | |||
Total liabilities | 66,277 | 36,628 | 30,727 | (1,078) | ||||
Shareholders' equity | ||||||||
Common stock | 6,398 | 6,398 | 919 | (919) | 9 | |||
Treasury stock | (27,643) | (27,643) | - | - | ||||
Profit employed in the business | 39,282 | 35,390 | 3,881 | 11 | 9 | |||
Accumulated other comprehensive income (loss) | (1,553) | (799) | (754) | - | ||||
Noncontrolling interests | 32 | 35 | 211 | (214) | 9 | |||
Total shareholders' equity | 16,516 | 13,381 | 4,257 | (1,122) | ||||
Total liabilities and shareholders' equity | $ | 82,793 | $ | 50,009 | $ | 34,984 | $ | (2,200) |
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.
|
Supplemental Consolidating Data | ||||||||
Consolidated |
Machinery, Energy & Transportation |
Financial Products |
Consolidating Adjustments | |||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 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.
|
Supplemental Consolidating Data | |||||||||
Consolidated | Machinery, Energy & Transportation |
Financial Products |
Consolidating Adjustments | ||||||
Cash flow from operating activities: | |||||||||
Profit of consolidated and affiliated companies | $ | 6,493 | $ | 6,676 | $ | 678 | $ | (861) | 1,5 |
Adjustments for non-cash items: | |||||||||
Depreciation and amortization | 2,352 | 1,550 | 802 | - | |||||
Actuarial (gain) loss on pension and postretirement benefits | (833) | (833) | - | - | |||||
Provision (benefit) for deferred income taxes | (383) | (329) | (54) | - | |||||
Other | 216 | 131 | (209) | 294 | 2 | ||||
Changes in assets and liabilities, net of acquisitions and divestitures: | |||||||||
Receivables - trade and other | (1,259) | (463) | 47 | (843) |
2,3
| ||||
Inventories | (2,586) | (2,581) | - | (5) | 2 | ||||
Accounts payable | 2,041 | 2,015 | 49 | (23) | 2 | ||||
Accrued expenses | 196 | 288 | (92) | - | |||||
Accrued wages, salaries and employee benefits | 1,107 | 1,066 | 41 | - | |||||
Customer advances | 34 | 33 | 1 | - | |||||
Other assets - net | (97) | (200) | 25 | 78 | 2 | ||||
Other liabilities - net | (83) | (176) | 132 | (39) | 2 | ||||
Net cash provided by (used for) operating activities | 7,198 | 7,177 | 1,420 | (1,399) | |||||
Cash flow from investing activities: | |||||||||
Capital expenditures - excluding equipment leased to others | (1,093) | (1,088) | (16) | 11 | 2 | ||||
Expenditures for equipment leased to others | (1,379) | (41) | (1,347) | 9 | 2 | ||||
Proceeds from disposals of leased assets and property, plant and equipment | 1,265 | 186 | 1,095 | (16) | 2 | ||||
Additions to finance receivables | (13,002) | - | (13,845) | 843 | 3 | ||||
Collections of finance receivables | 12,430 | - | 13,337 | (907) | 3 | ||||
Net intercompany purchased receivables | - | - | (609) | 609 | 3 | ||||
Proceeds from sale of finance receivables | 51 | - | 51 | - | |||||
Net intercompany borrowings | - | 1,000 | 5 | (1,005) | 4 | ||||
Investments and acquisitions (net of cash acquired) | (490) | (490) | - | - | |||||
Proceeds from sale of businesses and investments (net of cash sold) | 36 | 36 | - | - | |||||
Proceeds from sale of securities | 785 | 274 | 511 | - | |||||
Investments in securities | (1,766) | (1,189) | (577) | - | |||||
Other - net | 79 | 81 | (2) | - | |||||
Net cash provided by (used for) investing activities | (3,084) | (1,231) | (1,397) | (456) | |||||
Cash flow from financing activities: | |||||||||
Dividends paid | (2,332) | (2,332) | (850) | 850 | 5 | ||||
Common stock issued, including treasury shares reissued | 135 | 135 | - | - | |||||
Common shares repurchased | (2,668) | (2,668) | - | - | |||||
Net intercompany borrowings | - | (5) | (1,000) | 1,005 | 4 | ||||
Proceeds from debt issued > 90 days | 6,989 | 494 | 6,495 | - | |||||
Payments on debt > 90 days | (9,796) | (1,919) | (7,877) | - | |||||
Short-term borrowings - net < 90 days | 3,488 | (1) | 3,489 | - | |||||
Other - net | (4) | (4) | - | - | |||||
Net cash provided by (used for) financing activities | (4,188) | (6,300) | 257 | 1,855 | |||||
Effect of exchange rate changes on cash | (29) | (35) | 6 | - | |||||
Increase (decrease) in cash, cash equivalents and restricted cash | (103) | (389) | 286 | - | |||||
Cash, cash equivalents and restricted cash at beginning of period | 9,366 | 8,822 | 544 | - | |||||
Cash, cash equivalents and restricted cash at end of period | $ | 9,263 | $ | 8,433 | $ | 830 | $ | - | |
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. |
5 | Elimination of dividend activity between Financial Products and ME&T. |
Supplemental Consolidating Data | |||||||||
Consolidated | Machinery, Energy & Transportation |
Financial Products |
Consolidating Adjustments | ||||||
Cash flow from operating activities: | |||||||||
Profit of consolidated and affiliated companies | $ | 3,003 | $ | 2,922 | $ | 416 | $ | (335) | 1,5 |
Adjustments for non-cash items: | |||||||||
Depreciation and amortization | 2,432 | 1,630 | 802 | - | |||||
Actuarial (gain) loss on pension and postretirement benefits | 383 | 384 | (1) | - | |||||
Provision (benefit) for deferred income taxes | (74) | (85) | 11 | - | |||||
Other | 1,000 | 613 | 98 | 289 | 2 | ||||
Changes in assets and liabilities, net of acquisitions and divestitures: | |||||||||
Receivables - trade and other | 1,442 | 395 | 50 | 997 |
2,3
| ||||
Inventories | (34) | (29) | - | (5) | 2 | ||||
Accounts payable | 98 | 51 | 18 | 29 | 2 | ||||
Accrued expenses | (366) | (364) | (2) | - | |||||
Accrued wages, salaries and employee benefits | (544) | (510) | (34) | - | |||||
Customer advances | (126) | (126) | - | - | |||||
Other assets - net | (201) | (133) | (71) | 3 | 2 | ||||
Other liabilities - net | (686) | (694) | (22) | 30 | 2 | ||||
Net cash provided by (used for) operating activities | 6,327 | 4,054 | 1,265 | 1,008 | |||||
Cash flow from investing activities: | |||||||||
Capital expenditures - excluding equipment leased to others | (978) | (976) | (14) | 12 | 2 | ||||
Expenditures for equipment leased to others | (1,137) | (18) | (1,139) | 20 | 2 | ||||
Proceeds from disposals of leased assets and property, plant and equipment | 772 | 147 | 651 | (26) | 2 | ||||
Additions to finance receivables | (12,385) | - | (13,525) | 1,140 | 3 | ||||
Collections of finance receivables | 12,646 | - | 14,077 | (1,431) | 3 | ||||
Net intercompany purchased receivables | - | - | 1,043 | (1,043) | 3 | ||||
Proceeds from sale of finance receivables | 42 | - | 42 | - | |||||
Net intercompany borrowings | - | (401) | 7 | 394 | 4 | ||||
Investments and acquisitions (net of cash acquired) | (111) | (111) | - | - | |||||
Proceeds from sale of businesses and investments (net of cash sold) | 25 | 25 | - | - | |||||
Proceeds from sale of securities | 345 | 24 | 321 | - | |||||
Investments in securities | (638) | (21) | (617) | - | |||||
Other - net | (66) | (11) | (55) | - | |||||
Net cash provided by (used for) investing activities | (1,485) | (1,342) | 791 | (934) | |||||
Cash flow from financing activities: | |||||||||
Dividends paid | (2,243) | (2,243) | (320) | 320 | 5 | ||||
Common stock issued, including treasury shares reissued | 229 | 229 | - | - | |||||
Common shares repurchased | (1,130) | (1,130) | - | - | |||||
Net intercompany borrowings | - | (7) | 401 | (394) | 4 | ||||
Proceeds from debt issued > 90 days | 10,431 | 1,991 | 8,440 | - | |||||
Payments on debt > 90 days | (8,237) | (26) | (8,211) | - | |||||
Short-term borrowings - net < 90 days | (2,804) | 5 | (2,809) | - | |||||
Other - net | (1) | (1) | - | - | |||||
Net cash provided by (used for) financing activities | (3,755) | (1,182) | (2,499) | (74) | |||||
Effect of exchange rate changes on cash | (13) | (10) | (3) | - | |||||
Increase (decrease) in cash, cash equivalents and restricted cash | 1,074 | 1,520 | (446) | - | |||||
Cash, cash equivalents and restricted cash at beginning of period | 8,292 | 7,302 | 990 | - | |||||
Cash, cash equivalents and restricted cash at end of period | $ | 9,366 | $ | 8,822 | $ | 544 | $ | - |
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. |
5 | Elimination of dividend activity between Financial Products and ME&T. |
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Caterpillar Inc. published this content on 28 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 January 2022 11:42:06 UTC.