Consolidated Results of Operations for the Years Ended December 31 (Dollars in millions except per share...
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Consolidated Results of Operations for the Years Ended December 31 (Dollars in millions except per share data) STATEMENT 3 Consolidated Financial Position at December 31 Caterpillar Inc. 2822 2021 2022 2021 2020 Assets Sales and revenues: Current assets Sales of Machinery, Energy & Transportation Revenues of Financial Products Total sales and revenues Operating costs: $ 56,574 $ 48,188 S 39,022 Cash and cash equivalents Receivables-trade and other 2,853 2,783 2,726 Receivables-finance Prepaid expenses and other current assets 59,427 50,971 41,748 Inventories Total current assets Cost of goods sold Property, plant and equipment-net 41,350 35.513 29,082 Long-term receivables-trade and other Selling, general and administrative expenses 5,651 5,365 4,642 Long term receivables-finance Noncument deferred and refundable income taxes Research and development expenses 1,814 1,686 1,415 Intangible assets Interest expense of Financial Products Goodwill 565 455 589 Other assets Goodwill impairment charge 925 Total assets 7,004 $ 9.254 8,856 8477 9,013 8,898 2,642 2,788 16.270 14,038 43,785 43,455 12,028 12,090 4 1,265 1204 12,013 12.707 2,213 1.840 758 1,042 5.288 6.324 4,593 4,131 81,943 S 82.793 Liabilities Other operating (income) expenses 1,218 1,074 1,467 Current liabilities: Total operating costs $1,523 44,093 37,195 Short-term borrowings Machinery, Energy & Transportation 3 S 9 Operating profit 7,904 6,878 4,553 Financial Products 5,954 5,395 Interest expense excluding Financial Products Accounts payable 8,689 8,154 443 488 514 Accrued expenses 4,080 3,757 Other income (expense) 1,291 1,814 (44) Accrued wages, salaries and employee benefits 2,313 2242 Customer advances 1,860 1,087 Consolidated profit before taxes 8,752 8.204 3,995 Dividends payable 620 595 Provision (benefit) for income taxes 2,067 1,742 Other current liabilities 2,690 2256 1,006 Long-term debt due within one year Profit of consolidated companies 6,685 6,462 2,989 Machinery, Energy & Transportation Equity in profit (loss) of unconsolidated affiliated companies Financial Products 19 31 14 Profit of consolidated and affiliated companies 6,704 6,493 3,003 Less: Profit (loss) attributable to noncontrolling interests Profit Total current liabilities Long-term debt due after one year Machinery, Energy & Transportation 120 45 5,202 6.307 31,531 29,847 (1) 4 5 Financial Products $ 6,705 $ 6,489 $ 2.998 Liability for postemployment benefits Other liabilities Total liabilities Profit per common share Profit per common share - diluted 9,498 9,746 16,216 16,287 4,203 5.592 4,604 4,805 66,052 66,277 $ 12.72 $ 11.93 $ 5.51 Commitments and contingencies (Notes 21 and 22) $ 12.64 $ 11.83 $ 5.46 Shareholders' equity Common stock of $1.00 par value: Weighted-average common shares outstanding (millions) Authorized shares: 2,000,000,000 -Basic Issued shares: (2022 and 2021-814,894,624 shares) at paid-in amount Treasury stock: 12022-298,549,134 shares; and 2021-279,006,573 shares) at cost - Diluted' ' Profit attributable to common shareholders I Diluted by assumed exercise of stock-based compensation awards using the treasury stock method See accompanying notes to Consolidated Financial Statements 6,560 526.9 544.0 544.1 (31,748) 530.4 548.5 548.6 Profit employed in the business 43,514 6,398 (27843) 39.282 Accumulated other comprehensive income (loss) (2,457) (1.553) Noncontrolling interests 22 32 Total shareholders' equity 15,891 16.516 Total liabilities and shareholders' equity $ 81.943 82,793 See accompanying notes to Consolidated Financial Statements. STATEMENT 2 Consolidated Comprehensive Income (Loss) for the Years Ended December 31 (Millions of dollars) Caterpillar Inc. Profit (loss) of consolidated and affiliated companies Other comprehensive income (loss), net of tax (Note 17): Foreign currency translation: Pension and other postretirement benefits: Derivative financial instruments: Available-for-sale securities: Total other comprehensive income (loss), net of tax 2022 2021 2020 $ 6,704 $ 6,493 $ 3,003 (820) (598) 577 23 (30) (29) 31 (3) 97 (138) (34) 34 (904) (665) 679 Comprehensive income (loss) 5,800 5,828 3,682 Less: comprehensive income attributable to the noncontrolling interests Comprehensive income (loss) attributable to shareholders (1) 4 5 5,801 $ 5,824 $ 3,677 See accompanying notes to Consolidated Financial Statements. Consolidated Results of Operations for the Years Ended December 31 (Dollars in millions except per share data) STATEMENT 3 Consolidated Financial Position at December 31 Caterpillar Inc. 2822 2021 2022 2021 2020 Assets Sales and revenues: Current assets Sales of Machinery, Energy & Transportation Revenues of Financial Products Total sales and revenues Operating costs: $ 56,574 $ 48,188 S 39,022 Cash and cash equivalents Receivables-trade and other 2,853 2,783 2,726 Receivables-finance Prepaid expenses and other current assets 59,427 50,971 41,748 Inventories Total current assets Cost of goods sold Property, plant and equipment-net 41,350 35.513 29,082 Long-term receivables-trade and other Selling, general and administrative expenses 5,651 5,365 4,642 Long term receivables-finance Noncument deferred and refundable income taxes Research and development expenses 1,814 1,686 1,415 Intangible assets Interest expense of Financial Products Goodwill 565 455 589 Other assets Goodwill impairment charge 925 Total assets 7,004 $ 9.254 8,856 8477 9,013 8,898 2,642 2,788 16.270 14,038 43,785 43,455 12,028 12,090 4 1,265 1204 12,013 12.707 2,213 1.840 758 1,042 5.288 6.324 4,593 4,131 81,943 S 82.793 Liabilities Other operating (income) expenses 1,218 1,074 1,467 Current liabilities: Total operating costs $1,523 44,093 37,195 Short-term borrowings Machinery, Energy & Transportation 3 S 9 Operating profit 7,904 6,878 4,553 Financial Products 5,954 5,395 Interest expense excluding Financial Products Accounts payable 8,689 8,154 443 488 514 Accrued expenses 4,080 3,757 Other income (expense) 1,291 1,814 (44) Accrued wages, salaries and employee benefits 2,313 2242 Customer advances 1,860 1,087 Consolidated profit before taxes 8,752 8.204 3,995 Dividends payable 620 595 Provision (benefit) for income taxes 2,067 1,742 Other current liabilities 2,690 2256 1,006 Long-term debt due within one year Profit of consolidated companies 6,685 6,462 2,989 Machinery, Energy & Transportation Equity in profit (loss) of unconsolidated affiliated companies Financial Products 19 31 14 Profit of consolidated and affiliated companies 6,704 6,493 3,003 Less: Profit (loss) attributable to noncontrolling interests Profit Total current liabilities Long-term debt due after one year Machinery, Energy & Transportation 120 45 5,202 6.307 31,531 29,847 (1) 4 5 Financial Products $ 6,705 $ 6,489 $ 2.998 Liability for postemployment benefits Other liabilities Total liabilities Profit per common share Profit per common share - diluted 9,498 9,746 16,216 16,287 4,203 5.592 4,604 4,805 66,052 66,277 $ 12.72 $ 11.93 $ 5.51 Commitments and contingencies (Notes 21 and 22) $ 12.64 $ 11.83 $ 5.46 Shareholders' equity Common stock of $1.00 par value: Weighted-average common shares outstanding (millions) Authorized shares: 2,000,000,000 -Basic Issued shares: (2022 and 2021-814,894,624 shares) at paid-in amount Treasury stock: 12022-298,549,134 shares; and 2021-279,006,573 shares) at cost - Diluted' ' Profit attributable to common shareholders I Diluted by assumed exercise of stock-based compensation awards using the treasury stock method See accompanying notes to Consolidated Financial Statements 6,560 526.9 544.0 544.1 (31,748) 530.4 548.5 548.6 Profit employed in the business 43,514 6,398 (27843) 39.282 Accumulated other comprehensive income (loss) (2,457) (1.553) Noncontrolling interests 22 32 Total shareholders' equity 15,891 16.516 Total liabilities and shareholders' equity $ 81.943 82,793 See accompanying notes to Consolidated Financial Statements. STATEMENT 2 Consolidated Comprehensive Income (Loss) for the Years Ended December 31 (Millions of dollars) Caterpillar Inc. Profit (loss) of consolidated and affiliated companies Other comprehensive income (loss), net of tax (Note 17): Foreign currency translation: Pension and other postretirement benefits: Derivative financial instruments: Available-for-sale securities: Total other comprehensive income (loss), net of tax 2022 2021 2020 $ 6,704 $ 6,493 $ 3,003 (820) (598) 577 23 (30) (29) 31 (3) 97 (138) (34) 34 (904) (665) 679 Comprehensive income (loss) 5,800 5,828 3,682 Less: comprehensive income attributable to the noncontrolling interests Comprehensive income (loss) attributable to shareholders (1) 4 5 5,801 $ 5,824 $ 3,677 See accompanying notes to Consolidated Financial Statements.
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Financial Reporting and Analysis
ISBN: 978-1259722653
7th edition
Authors: Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer
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