0000018230false00000182302022-10-272022-10-270000018230us-gaap:CommonStockMember2022-10-272022-10-270000018230cat:A8DebenturesDueFebruary152023Member2022-10-272022-10-270000018230cat:A5.3DebenturesDueSeptember152035Member2022-10-272022-10-27

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

FORM

8-K

Current Report

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

October 27, 2022

CATERPILLAR INC.

(Exact name of registrant as specified in its charter)

Delaware

1-768

37-0602744

(State or other jurisdiction of incorporation)

(Commission File Number)

(I.R.S Employer Identification No.)

510 Lake Cook Road,

Suite 100,

Deerfield,

Illinois

60015

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code:

(224)

551-4000

Former name or former address, if changed since last report:

N/A

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol (s)

Name of each exchange which registered

Common Stock ($1.00 par value)

CAT

The New York Stock Exchange

8% Debentures due February 15, 2023

CAT23

The New York Stock Exchange

5.3% Debentures due September 15, 2035

CAT35

The New York Stock Exchange

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Indicate by check mark whether the registrant is an emerging growth company as defined by Rule 405 of the Securities Act of

1933 (17 CFR §230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2 of this chapter).

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period

for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

☐

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Item 2.02. Results of Operations and Financial Condition.

On October 27, 2022, Caterpillar Inc. issued a press release reporting its financial results for the quarter ended September 30, 2022. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated into this Item 2.02 by reference.

Item 7.01. Regulation FD Disclosure.

Caterpillar Inc. 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"). This supplemental information is attached hereto as Exhibit 99.2 and incorporated into this Item 7.01 by reference.

The information in this Current Report on Form 8-K, including Exhibit 99.1, is being furnished in accordance with the provisions of General Instruction B.2 of Form 8-K.

Item 9.01. Financial Statements and Exhibits.

			(d)			Exhibits:
						The following is furnished as an exhibit to this report:
						99.1			Caterpillar Inc. press release dated October 27, 2022
						99.2			Retail Statistics
						104			The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.

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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
			CATERPILLAR INC.
October 27, 2022			By:			/s/ Suzette M. Long
						Suzette M. Long Chief Legal Officer and General Counsel

Exhibit 99.1

Caterpillar Inc.                                     

3Q 2022 Earnings Release

October 27, 2022

FOR IMMEDIATE RELEASE

Caterpillar Reports Third-Quarter 2022 Results

						Third Quarter
($ in billions except profit per share)						2022			2021
Sales and Revenues						$15.0			$12.4
Profit Per Share						$3.87			$2.60
Adjusted Profit Per Share						$3.95			$2.66

●			Third-quarter 2022 sales and revenues increased 21% to $15.0 billion
●			Third-quarter 2022 profit per share of $3.87; adjusted profit per share of $3.95
●			Returned $2.0 billion to shareholders through share repurchases and dividends in the quarter

IRVING, Texas – Caterpillar Inc. (NYSE: CAT) announced third-quarter 2022 sales and revenues of $15.0 billion, a 21% increase compared with $12.4 billion in the third quarter of 2021. The increase was primarily due to favorable price realization and higher sales volume.

Operating profit margin was 16.2% for the third quarter of 2022, compared with 13.4% for the third quarter of 2021. Third-quarter 2022 profit per share was $3.87, compared with third-quarter 2021 profit per share of $2.60. Adjusted profit per share in the third quarter of 2022 was $3.95, compared with third-quarter 2021 adjusted profit per share of $2.66. Adjusted profit per share for both quarters excluded restructuring costs. Please see a reconciliation of GAAP to non-GAAP financial measures in the appendix on page 13.

For the nine months ended September 30, 2022, enterprise operating cash flow was $5.0 billion, and the company ended the third quarter with $6.3 billion of enterprise cash. In the quarter, the company repurchased $1.4 billion of Caterpillar common stock and paid dividends of $0.6 billion.

“I’d like to thank our global Caterpillar team for delivering another quarter of double-digit top-line growth and record adjusted profit per share,” said Chairman and CEO Jim Umpleby. “Our team remains focused on serving our customers as we continued to see healthy demand across most of our end markets during the third quarter.”

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2

CONSOLIDATED RESULTS

Consolidated Sales and Revenues

The chart above graphically illustrates reasons for the change in consolidated sales and revenues between the third quarter of 2021 (at left) and the third quarter of 2022 (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 third quarter of 2022 were $14.994 billion, an increase of $2.597 billion, or 21%, compared with $12.397 billion in the third quarter of 2021. The increase was due to favorable price realization and higher sales volume, partially offset by unfavorable currency impacts primarily related to the euro, Japanese yen and Australian dollar. The increase in sales volume was driven by the impact from changes in dealer inventories, higher sales of equipment to end users and higher services. Dealers increased inventories by $700 million during the third quarter of 2022, compared with a decrease of $300 million during the third quarter of 2021.

Sales were higher across the three primary segments.

Sales and Revenues by Segment
(Millions of dollars)			Third Quarter 2021						Sales Volume						Price Realization						Currency						Inter-Segment / Other						Third Quarter 2022						$ Change						% Change
Construction Industries			$	5,255					$	423					$	781					$	(229)					$	46					$	6,276					$	1,021					19%
Resource Industries			2,366						338						443						(59)						(1)						3,087						721						30%
Energy & Transportation			5,077						618						409						(171)						253						6,186						1,109						22%
All Other Segment			119						2						—						(2)						(16)						103						(16)						(13%)
Corporate Items and Eliminations			(1,110)						16						2						—						(282)						(1,374)						(264)
Machinery, Energy & Transportation			11,707						1,397						1,635						(461)						—						14,278						2,571						22%
Financial Products Segment			762						—						—						—						57						819						57						7%
Corporate Items and Eliminations			(72)						—						—						—						(31)						(103)						(31)
Financial Products Revenues			690						—						—						—						26						716						26						4%
Consolidated Sales and Revenues			$	12,397					$	1,397					$	1,635					$	(461)					$	26					$	14,994					$	2,597					21%

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3

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
Third Quarter 2022
Construction Industries			$	3,106					29%						$	799					51%						$	1,247					1%						$	1,084					1%						$	6,236					19%						$	40					767%						$	6,276					19%
Resource Industries			1,122						66%						472						13%						526						15%						893						20%						3,013						32%						74						(1%)						3,087						30%
Energy & Transportation			2,422						26%						468						42%						1,280						12%						827						11%						4,997						21%						1,189						27%						6,186						22%
All Other Segment			16						(11%)						—						—%						4						33%						15						7%						35						—%						68						(19%)						103						(13%)
Corporate Items and Eliminations			1												—												—												(4)												(3)												(1,371)												(1,374)
Machinery, Energy & Transportation			6,667						33%						1,739						36%						3,057						8%						2,815						9%						14,278						22%						—						—%						14,278						22%
Financial Products Segment			522						9%						90						32%						100						(5%)						107						(4%)						819						7%						—						—%						819						7%
Corporate Items and Eliminations			(54)												(20)												(12)												(17)												(103)												—												(103)
Financial Products Revenues			468						6%						70						27%						88						(8%)						90						(8%)						716						4%						—						—%						716						4%
Consolidated Sales and Revenues			$	7,135					31%						$	1,809					36%						$	3,145					7%						$	2,905					9%						$	14,994					21%						$	—					—%						$	14,994					21%
Third Quarter 2021
Construction Industries			$	2,417											$	528											$	1,240											$	1,076											$	5,261											$	(6)											$	5,255
Resource Industries			674												417												456												744												2,291												75												2,366
Energy & Transportation			1,924												329												1,144												744												4,141												936												5,077
All Other Segment			18												—												3												14												35												84												119
Corporate Items and Eliminations			(19)												—												—												(2)												(21)												(1,089)												(1,110)
Machinery, Energy & Transportation			5,014												1,274												2,843												2,576												11,707												—												11,707
Financial Products Segment			478												68												105												111												762												—												762
Corporate Items and Eliminations			(37)												(13)												(9)												(13)												(72)												—												(72)
Financial Products Revenues			441												55												96												98												690												—												690
Consolidated Sales and Revenues			$	5,455											$	1,329											$	2,939											$	2,674											$	12,397											$	—											$	12,397

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Consolidated Operating Profit

The chart above graphically illustrates reasons for the change in consolidated operating profit between the third quarter of 2021 (at left) and the third quarter of 2022 (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 third quarter of 2022 was $2.425 billion, an increase of $761 million, or 46%, compared with $1.664 billion in the third quarter of 2021. The increase was primarily due to favorable price realization and higher sales volume, partially offset by higher manufacturing costs and higher selling, general and administrative (SG&A) and research and development (R&D) expenses. Unfavorable manufacturing costs largely reflected higher material costs, freight and the impact of manufacturing inefficiencies. SG&A/R&D expenses increased primarily due to investments aligned with the company's strategy for profitable growth and higher short-term incentive compensation expense.

Profit by Segment
(Millions of dollars)			Third Quarter 2022						Third Quarter 2021						$ Change						%  Change
Construction Industries			$	1,209					$	866					$	343					40		%
Resource Industries			506						280						226						81		%
Energy & Transportation			935						706						229						32		%
All Other Segment			8						5						3						60		%
Corporate Items and Eliminations			(373)						(286)						(87)
Machinery, Energy & Transportation			2,285						1,571						714						45		%
Financial Products Segment			220						173						47						27		%
Corporate Items and Eliminations			30						(7)						37
Financial Products			250						166						84						51		%
Consolidating Adjustments			(110)						(73)						(37)
Consolidated Operating Profit			$	2,425					$	1,664					$	761					46		%
Corporate Items and Eliminations included corporate-level expenses, timing differences (as some expenses are reported in segment profit on a cash basis), methodology differences between segment and consolidated external reporting (the company values segment inventories and cost of sales using a current cost methodology), certain restructuring costs and inter-segment eliminations.

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Other Profit/Loss and Tax Items

•Other income (expense) in the third quarter of 2022 was income of $242 million, compared with income of $225 million in the third quarter of 2021. The change was primarily driven by favorable impacts from foreign currency exchange and higher investment and interest income, partially offset by lower gains on marketable securities and lower pension and other postemployment benefit (OPEB) plan income.

•The provision for income taxes for the third quarter of 2022 reflected an estimated annual global tax rate of approximately 23%, compared with 25% for the third quarter of 2021, excluding the discrete items discussed below. The comparative tax rate for full-year 2021 was 23%.

In the third quarter of 2022, the company reached a settlement with the U.S. Internal Revenue Service (IRS) that resolves all issues for tax years 2007 through 2016, without any penalties. The company’s settlement includes, among other issues, the resolution of disputed tax treatment of profits earned by Caterpillar SARL (CSARL) from certain parts transactions. The company vigorously contested the IRS’s application of the “substance-over-form” or “assignment-of-income” judicial doctrines and its proposed increases to tax and imposition of accuracy related penalties. The settlement does not include any increases to tax in the United States based on those judicial doctrines and does not include any penalties. The final tax assessed by the IRS for all issues under the settlement was $490 million for the ten-year period. This amount was primarily paid in the third quarter of 2022, and the associated estimated interest of $250 million is expected to be paid by the end of 2022. The settlement was within the total amount of gross unrecognized tax benefits for uncertain tax positions and enables us to avoid the costs and burdens of further disputes with the IRS. As a result of the settlement, the company recorded a discrete tax benefit of $41 million to reflect changes in estimates of prior years’ taxes and related interest, net of tax. The company is subject to the continuous examination of our income tax returns by the IRS, and tax years subsequent to 2016 are not yet under examination.

The provision for income taxes in third quarter of 2022 also included a $20 million benefit due to a decrease in the estimated annual tax rate, compared to $39 million in the third quarter of 2021. The company also recorded a discrete tax benefit of $36 million to reflect changes in estimates related to the prior year’s U.S. taxes in the third quarter of 2021.

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CONSTRUCTION INDUSTRIES
(Millions of dollars)
Segment Sales
						Third Quarter 2021						Sales Volume						Price Realization						Currency						Inter-Segment						Third Quarter 2022						$  Change						%  Change
Total Sales						$	5,255					$	423					$	781					$	(229)					$	46					$	6,276					$	1,021					19		%
Sales by Geographic Region
						Third Quarter 2022						Third Quarter 2021						$ Change						% Change
North America						$	3,106					$	2,417					$	689					29		%
Latin America						799						528						271						51		%
EAME						1,247						1,240						7						1		%
Asia/Pacific						1,084						1,076						8						1		%
External Sales						6,236						5,261						975						19		%
Inter-segment						40						(6)						46						767		%
Total Sales						$	6,276					$	5,255					$	1,021					19		%
Segment Profit
						Third Quarter 2022						Third Quarter 2021						Change						% Change
Segment Profit						$	1,209					$	866					$	343					40		%
Segment Profit Margin						19.3		%				16.5		%				2.8		pts

Construction Industries’ total sales were $6.276 billion in the third quarter of 2022, an increase of $1.021 billion, or 19%, compared with $5.255 billion in the third quarter of 2021. The increase was due to favorable price realization and higher sales volume, partially offset by unfavorable currency impacts primarily related to the euro, Japanese yen and Australian dollar. The increase in sales volume was driven by the impact from changes in dealer inventories. Dealer inventory increased during the third quarter of 2022, compared with a decrease during the third quarter of 2021.

▪In North America, sales increased due to favorable price realization and higher sales volume. Higher sales volume was driven by the impact from changes in dealer inventories. Dealer inventory decreased during the third quarter of 2021, compared with an increase during the third quarter of 2022.

▪Sales increased in Latin America primarily due to higher sales volume and favorable price realization. Higher sales volume was driven by higher sales of equipment to end users and the impact from changes in dealer inventories. Dealer inventory increased more during the third quarter of 2022 than during the third quarter of 2021.

▪In EAME, sales were about flat. Unfavorable currency impacts, primarily related to the euro, were offset by favorable price realization.

▪Sales were about flat in Asia/Pacific. Favorable price realization was offset by unfavorable currency impacts, primarily related to the Japanese yen and Australian dollar.

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Construction Industries’ profit was $1.209 billion in the third quarter of 2022, an increase of $343 million, or 40%, compared with $866 million in the third quarter of 2021. The increase was mainly due to favorable price realization and higher sales volume, partially offset by unfavorable manufacturing costs and higher SG&A/R&D expenses. Unfavorable manufacturing costs largely reflected higher material costs, freight and the impact of manufacturing inefficiencies. The increase in SG&A/R&D expenses was primarily driven by investments aligned with strategic initiatives and higher short-term incentive compensation expense.

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RESOURCE INDUSTRIES
(Millions of dollars)
Segment Sales
						Third Quarter 2021						Sales Volume						Price Realization						Currency						Inter-Segment						Third Quarter 2022						$  Change						%  Change
Total Sales						$	2,366					$	338					$	443					$	(59)					$	(1)					$	3,087					$	721					30		%
Sales by Geographic Region
						Third Quarter 2022						Third Quarter 2021						$ Change						% Change
North America						$	1,122					$	674					$	448					66		%
Latin America						472						417						55						13		%
EAME						526						456						70						15		%
Asia/Pacific						893						744						149						20		%
External Sales						3,013						2,291						722						32		%
Inter-segment						74						75						(1)						(1		%)
Total Sales						$	3,087					$	2,366					$	721					30		%
Segment Profit
						Third Quarter 2022						Third Quarter 2021						Change						% Change
Segment Profit						$	506					$	280					$	226					81		%
Segment Profit Margin						16.4		%				11.8		%				4.6		pts

Resource Industries’ total sales were $3.087 billion in the third quarter of 2022, an increase of $721 million, or 30%, compared with $2.366 billion in the third quarter of 2021. The increase was primarily due to favorable price realization and higher sales volume. The increase in sales volume was due to the impact of changes in dealer inventories, higher sales of aftermarket parts and higher sales of equipment to end users. Dealer inventory decreased during the third quarter of 2021, compared with an increase during the third quarter of 2022.

Resource Industries’ profit was $506 million in the third quarter of 2022, an increase of $226 million, or 81%, compared with $280 million in the third quarter of 2021. The increase was mainly due to favorable price realization and higher sales volume, partially offset by unfavorable manufacturing costs and higher SG&A/R&D expenses. Unfavorable manufacturing costs largely reflected higher material costs, freight and the impact of manufacturing inefficiencies. The increase in SG&A/R&D expenses was primarily driven by investments aligned with strategic initiatives.

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ENERGY & TRANSPORTATION
(Millions of dollars)
Segment Sales
						Third Quarter 2021						Sales Volume						Price Realization						Currency						Inter-Segment						Third Quarter 2022						$  Change						%  Change
Total Sales						$	5,077					$	618					$	409					$	(171)					$	253					$	6,186					$	1,109					22		%
Sales by Application
						Third Quarter 2022						Third Quarter 2021						$ Change						% Change
Oil and Gas						$	1,323					$	1,088					$	235					22		%
Power Generation						1,320						1,010						310						31		%
Industrial						1,158						948						210						22		%
Transportation						1,196						1,095						101						9		%
External Sales						4,997						4,141						856						21		%
Inter-segment						1,189						936						253						27		%
Total Sales						$	6,186					$	5,077					$	1,109					22		%
Segment Profit
						Third Quarter 2022						Third Quarter 2021						Change						% Change
Segment Profit						$	935					$	706					$	229					32		%
Segment Profit Margin						15.1		%				13.9		%				1.2		pts

Energy & Transportation’s total sales were $6.186 billion in the third quarter of 2022, an increase of $1.109 billion, or 22%, compared with $5.077 billion in the third quarter of 2021. Sales increased across all applications and inter-segment sales. The increase in sales was primarily due to higher sales volume and favorable price realization, partially offset by unfavorable currency impacts.

▪Oil and Gas – Sales increased due to higher sales of reciprocating engine aftermarket parts and engines used in gas compression and well servicing applications.

▪Power Generation – Sales increased in large reciprocating engines, primarily data center applications, and small reciprocating engines. Turbines and turbine-related services increased as well.

▪Industrial – Sales were up across all regions.

▪Transportation – Sales increased in reciprocating engine aftermarket parts and marine applications. International locomotive deliveries were also higher.

Energy & Transportation’s profit was $935 million in the third quarter of 2022, an increase of $229 million, or 32%, compared with $706 million in the third quarter of 2021. The increase was driven by favorable price realization and higher sales volume, partially offset by unfavorable manufacturing costs and higher SG&A/R&D expenses. Unfavorable manufacturing costs largely reflected higher material costs, freight and the impact of manufacturing inefficiencies. The increase in SG&A/R&D expenses was primarily driven by investments aligned with strategic initiatives, higher labor-related costs and higher short-term incentive compensation expense.

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FINANCIAL PRODUCTS SEGMENT
(Millions of dollars)
Revenues by Geographic Region
						Third Quarter 2022						Third Quarter 2021						$ Change						% Change
North America						$	522					$	478					$	44					9		%
Latin America						90						68						22						32		%
EAME						100						105						(5)						(5		%)
Asia/Pacific						107						111						(4)						(4		%)
Total Revenues						$	819					$	762					$	57					7		%
Segment Profit
						Third Quarter 2022						Third Quarter 2021						Change						% Change
Segment Profit						$	220					$	173					$	47					27		%

Financial Products’ segment revenues were $819 million in the third quarter of 2022, an increase of $57 million, or 7%, compared with $762 million in the third quarter of 2021. The increase was primarily due to higher average financing rates in North America and Latin America.

Financial Products’ segment profit was $220 million in the third quarter of 2022, an increase of $47 million, or 27%, compared with $173 million in the third quarter of 2021. The increase was mainly due to a favorable impact from a lower provision for credit losses at Cat Financial, partially offset by mark-to-market adjustments on derivative contracts.

At the end of the third quarter of 2022, past dues at Cat Financial were 2.00%, compared with 2.41% at the end of the third quarter of 2021. Past dues decreased across all our portfolio segments, with the exception of an increase in Latin America. Write-offs, net of recoveries, were $13 million for the third quarter of 2022, compared with $76 million for the third quarter of 2021. As of September 30, 2022, Cat Financial's allowance for credit losses totaled $339 million, or 1.30% of finance receivables, compared with $376 million, or 1.41% of finance receivables, at June 30, 2022. The allowance for credit losses at year-end 2021 was $337 million, or 1.22% of finance receivables.

Corporate Items and Eliminations

Expense for corporate items and eliminations was $343 million in the third quarter of 2022, an increase of $50 million from the third quarter of 2021, primarily driven by increased expenses due to timing differences, partially offset by favorable impacts of segment reporting methodology differences and lower corporate costs.

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Notes

i.Glossary of terms is included on the Caterpillar website at https://investors.caterpillar.com/overview/default.aspx.

ii.Sales of equipment to end users is demonstrated by the company’s Rolling 3 Month Retail Sales Statistics filed in a Form 8-K on Thursday, October 27, 2022.

iii.Information on non-GAAP financial measures is included in the appendix on page 13.

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, October 27, 2022, to discuss its 2022 third-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 2021 sales and revenues of $51.0 billion, Caterpillar Inc. is the world’s leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. For nearly 100 years, we’ve been helping customers build a better, more sustainable world and are committed and contributing to a reduced-carbon future. Our innovative products and services, backed by our global dealer network, provide exceptional value that helps customers succeed. Caterpillar does 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/en/news/social-media.html.

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)

Caterpillar investor relations contact: Ryan Fiedler, +1 224-551-4074 or [email protected]

Caterpillar media contact: Rachel Potts, +1 309-573-3444 or [email protected]

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12

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.

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13

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 one significant item in order for the company’s results to be meaningful to readers. This item consists of (i) restructuring costs, which were incurred to generate longer-term benefits. The company does not consider this item 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 2022, 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 September 30, 2022 - U.S. GAAP						$	2,425					16.2		%				$	2,558					$	527					20.6		%				$	2,041					$	3.87
Restructuring costs						49						0.3		%				49						9						18.4		%				40						$	0.08
Three Months Ended September 30, 2022 - Adjusted						$	2,474					16.5		%				$	2,607					$	536					20.6		%				$	2,081					$	3.95
Three Months Ended September 30, 2021 - U.S. GAAP						$	1,664					13.4		%				$	1,775					$	368					20.7		%				$	1,426					$	2.60
Restructuring costs						35						0.3		%				35						6						15.0		%				29						$	0.06
Three Months Ended September 30, 2021 - Adjusted						$	1,699					13.7		%				$	1,810					$	374					20.7		%				$	1,455					$	2.66

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 24 reconcile ME&T and Financial Products to Caterpillar Inc. consolidated financial information.

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14

Caterpillar Inc.

Condensed Consolidated Statement of Results of Operations

(Unaudited)

(Dollars in millions except per share data)

			Three Months Ended September 30,												Nine Months Ended September 30,
			2022						2021						2022						2021
Sales and revenues:
Sales of Machinery, Energy & Transportation			$	14,278					$	11,707					$	40,703					$	35,091
Revenues of Financial Products			716						690						2,127						2,082
Total sales and revenues			14,994						12,397						42,830						37,173
Operating costs:
Cost of goods sold			10,202						8,617						29,736						25,510
Selling, general and administrative expenses			1,401						1,340						4,172						3,943
Research and development expenses			476						427						1,413						1,247
Interest expense of Financial Products			151						111						377						352
Other operating (income) expenses			339						238						908						854
Total operating costs			12,569						10,733						36,606						31,906
Operating profit			2,425						1,664						6,224						5,267
Interest expense excluding Financial Products			109						114						326						376
Other income (expense)			242						225						755						751
Consolidated profit before taxes			2,558						1,775						6,653						5,642
Provision (benefit) for income taxes			527						368						1,423						1,313
Profit of consolidated companies			2,031						1,407						5,230						4,329
Equity in profit (loss) of unconsolidated affiliated companies			9						21						20						44
Profit of consolidated and affiliated companies			2,040						1,428						5,250						4,373
Less: Profit (loss) attributable to noncontrolling interests			(1)						2						(1)						4
Profit 1			$	2,041					$	1,426					$	5,251					$	4,369
Profit per common share			$	3.89					$	2.62					$	9.91					$	8.00
Profit per common share — diluted 2			$	3.87					$	2.60					$	9.85					$	7.94
Weighted-average common shares outstanding (millions)
– Basic			525.0						544.0						530.1						545.8
– Diluted 2			527.6						547.6						533.2						550.2

1			Profit attributable to common shareholders.
2			Diluted by assumed exercise of stock-based compensation awards using the treasury stock method.

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15

Caterpillar Inc.

Condensed Consolidated Statement of Financial Position

(Unaudited)

(Millions of dollars)

			September 30, 2022						December 31, 2021
Assets
Current assets:
Cash and cash equivalents			$	6,346					$	9,254
Receivables – trade and other			8,158						8,477
Receivables – finance			8,918						8,898
Prepaid expenses and other current assets			2,295						2,788
Inventories			16,860						14,038
Total current assets			42,577						43,455
Property, plant and equipment – net			11,643						12,090
Long-term receivables – trade and other			1,278						1,204
Long-term receivables – finance			11,859						12,707
Noncurrent deferred and refundable income taxes			2,218						1,840
Intangible assets			806						1,042
Goodwill			6,092						6,324
Other assets			4,434						4,131
Total assets			$	80,907					$	82,793
Liabilities
Current liabilities:
Short-term borrowings:
-- Machinery, Energy & Transportation			$	3					$	9
-- Financial Products			4,199						5,395
Accounts payable			8,260						8,154
Accrued expenses			4,013						3,757
Accrued wages, salaries and employee benefits			2,204						2,242
Customer advances			1,831						1,087
Dividends payable			—						595
Other current liabilities			2,878						2,256
Long-term debt due within one year:
-- Machinery, Energy & Transportation			120						45
-- Financial Products			6,694						6,307
Total current liabilities			30,202						29,847
Long-term debt due after one year:
-- Machinery, Energy & Transportation			9,479						9,746
-- Financial Products			16,030						16,287
Liability for postemployment benefits			5,038						5,592
Other liabilities			4,536						4,805
Total liabilities			65,285						66,277
Shareholders’ equity
Common stock			6,523						6,398
Treasury stock			(30,883)						(27,643)
Profit employed in the business			43,304						39,282
Accumulated other comprehensive income (loss)			(3,353)						(1,553)
Noncontrolling interests			31						32
Total shareholders’ equity			15,622						16,516
Total liabilities and shareholders’ equity			$	80,907					$	82,793

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16

Caterpillar Inc.

Condensed Consolidated Statement of Cash Flow

(Unaudited)

(Millions of dollars)

			Nine Months Ended September 30,
			2022						2021
Cash flow from operating activities:
Profit of consolidated and affiliated companies			$	5,250					$	4,373
Adjustments for non-cash items:
Depreciation and amortization			1,661						1,766
Provision (benefit) for deferred income taxes			(349)						(321)
Other			132						102
Changes in assets and liabilities, net of acquisitions and divestitures:
Receivables – trade and other			365						(326)
Inventories			(3,088)						(2,195)
Accounts payable			786						1,232
Accrued expenses			70						46
Accrued wages, salaries and employee benefits			15						934
Customer advances			751						39
Other assets – net			57						138
Other liabilities – net			(623)						(2)
Net cash provided by (used for) operating activities			5,027						5,786
Cash flow from investing activities:
Capital expenditures – excluding equipment leased to others			(868)						(673)
Expenditures for equipment leased to others			(1,023)						(1,014)
Proceeds from disposals of leased assets and property, plant and equipment			666						877
Additions to finance receivables			(9,914)						(9,603)
Collections of finance receivables			9,738						9,221
Proceeds from sale of finance receivables			50						44
Investments and acquisitions (net of cash acquired)			(44)						(449)
Proceeds from sale of businesses and investments (net of cash sold)			1						23
Proceeds from sale of securities			2,080						424
Investments in securities			(2,399)						(934)
Other – net			15						(8)
Net cash provided by (used for) investing activities			(1,698)						(2,092)
Cash flow from financing activities:
Dividends paid			(1,820)						(1,733)
Common stock issued, including treasury shares reissued			2						122
Common shares repurchased			(3,309)						(1,622)
Proceeds from debt issued (original maturities greater than three months)			5,570						6,931
Payments on debt (original maturities greater than three months)			(5,289)						(8,620)
Short-term borrowings – net (original maturities three months or less)			(1,311)						1,324
Other – net			(1)						(4)
Net cash provided by (used for) financing activities			(6,158)						(3,602)
Effect of exchange rate changes on cash			(79)						(9)
Increase (decrease) in cash, cash equivalents and restricted cash			(2,908)						83
Cash, cash equivalents and restricted cash at beginning of period			9,263						9,366
Cash, cash equivalents and restricted cash at end of period			$	6,355					$	9,449

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

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17

Caterpillar Inc.

Supplemental Data for Results of Operations

For the Three Months Ended September 30, 2022

(Unaudited)

(Millions of dollars)

									Supplemental Consolidating Data
			Consolidated						Machinery, Energy & Transportation						Financial Products						Consolidating Adjustments
Sales and revenues:
Sales of Machinery, Energy & Transportation			$	14,278					$	14,278					$	—					$	—
Revenues of Financial Products			716						—						852						(136)			1
Total sales and revenues			14,994						14,278						852						(136)
Operating costs:
Cost of goods sold			10,202						10,203						—						(1)			2
Selling, general and administrative expenses			1,401						1,271						136						(6)			2
Research and development expenses			476						476						—						—
Interest expense of Financial Products			151						—						151						—
Other operating (income) expenses			339						43						315						(19)			2
Total operating costs			12,569						11,993						602						(26)
Operating profit			2,425						2,285						250						(110)
Interest expense excluding Financial Products			109						110						—						(1)			3
Other income (expense)			242						160						(27)						109			4
Consolidated profit before taxes			2,558						2,335						223						—
Provision (benefit) for income taxes			527						464						63						—
Profit of consolidated companies			2,031						1,871						160						—
Equity in profit (loss) of unconsolidated affiliated companies			9						11						—						(2)			5
Profit of consolidated and affiliated companies			2,040						1,882						160						(2)
Less: Profit (loss) attributable to noncontrolling interests			(1)						(1)						2						(2)			6
Profit 7			$	2,041					$	1,883					$	158					$	—

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.

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18

Caterpillar Inc.

Supplemental Data for Results of Operations

For the Three Months Ended September 30, 2021

(Unaudited)

(Millions of dollars)

									Supplemental Consolidating Data
			Consolidated						Machinery, Energy & Transportation						Financial Products						Consolidating Adjustments
Sales and revenues:
Sales of Machinery, Energy & Transportation			$	11,707					$	11,707					$	—					$	—
Revenues of Financial Products			690						—						787						(97)			1
Total sales and revenues			12,397						11,707						787						(97)
Operating costs:
Cost of goods sold			8,617						8,618						—						(1)			2
Selling, general and administrative expenses			1,340						1,147						200						(7)			2
Research and development expenses			427						427						—						—
Interest expense of Financial Products			111						—						111						—
Other operating (income) expenses			238						(56)						310						(16)			2
Total operating costs			10,733						10,136						621						(24)
Operating profit			1,664						1,571						166						(73)
Interest expense excluding Financial Products			114						114						—						—
Other income (expense)			225						143						9						73			3
Consolidated profit before taxes			1,775						1,600						175						—
Provision (benefit) for income taxes			368						331						37						—
Profit of consolidated companies			1,407						1,269						138						—
Equity in profit (loss) of unconsolidated affiliated companies			21						23						—						(2)			4
Profit of consolidated and affiliated companies			1,428						1,292						138						(2)
Less: Profit (loss) attributable to noncontrolling interests			2						1						3						(2)			5
Profit 6			$	1,426					$	1,291					$	135					$	—

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.

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19

Caterpillar Inc.

Supplemental Data for Results of Operations

For the Nine Months Ended September 30, 2022

(Unaudited)

(Millions of dollars)

									Supplemental Consolidating Data
			Consolidated						Machinery, Energy & Transportation						Financial Products						Consolidating Adjustments
Sales and revenues:
Sales of Machinery, Energy & Transportation			$	40,703					$	40,703					$	—					$	—
Revenues of Financial Products			2,127						—						2,493						(366)			1
Total sales and revenues			42,830						40,703						2,493						(366)
Operating costs:
Cost of goods sold			29,736						29,741						—						(5)			2
Selling, general and administrative expenses			4,172						3,714						475						(17)			2
Research and development expenses			1,413						1,413						—						—
Interest expense of Financial Products			377						—						377						—
Other operating (income) expenses			908						31						936						(59)			2
Total operating costs			36,606						34,899						1,788						(81)
Operating profit			6,224						5,804						705						(285)
Interest expense excluding Financial Products			326						327						—						(1)			3
Other income (expense)			755						497						(26)						284			4
Consolidated profit before taxes			6,653						5,974						679						—
Provision (benefit) for income taxes			1,423						1,250						173						—
Profit of consolidated companies			5,230						4,724						506						—
Equity in profit (loss) of unconsolidated affiliated companies			20						26						—						(6)			5
Profit of consolidated and affiliated companies			5,250						4,750						506						(6)
Less: Profit (loss) attributable to noncontrolling interests			(1)						(1)						6						(6)			6
Profit 7			$	5,251					$	4,751					$	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 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.

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20

Caterpillar Inc.

Supplemental Data for Results of Operations

For the Nine Months Ended September 30, 2021

(Unaudited)

(Millions of dollars)

									Supplemental Consolidating Data
			Consolidated						Machinery, Energy & Transportation						Financial Products						Consolidating Adjustments
Sales and revenues:
Sales of Machinery, Energy & Transportation			$	35,091					$	35,091					$	—					$	—
Revenues of Financial Products			2,082						—						2,371						(289)			1
Total sales and revenues			37,173						35,091						2,371						(289)
Operating costs:
Cost of goods sold			25,510						25,515						—						(5)			2
Selling, general and administrative expenses			3,943						3,471						483						(11)			2
Research and development expenses			1,247						1,247						—						—
Interest expense of Financial Products			352						—						352						—
Other operating (income) expenses			854						(30)						931						(47)			2
Total operating costs			31,906						30,203						1,766						(63)
Operating profit			5,267						4,888						605						(226)
Interest expense excluding Financial Products			376						376						—						—
Other income (expense)			751						819						56						(124)			3
Consolidated profit before taxes			5,642						5,331						661						(350)
Provision (benefit) for income taxes			1,313						1,158						155						—
Profit of consolidated companies			4,329						4,173						506						(350)
Equity in profit (loss) of unconsolidated affiliated companies			44						52						—						(8)			4
Profit of consolidated and affiliated companies			4,373						4,225						506						(358)
Less: Profit (loss) attributable to noncontrolling interests			4						3						9						(8)			5
Profit 6			$	4,369					$	4,222					$	497					$	(350)

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.

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21

Caterpillar Inc.

Supplemental Data for Financial Position

At September 30, 2022

(Unaudited)

(Millions of dollars)

									Supplemental Consolidating Data
			Consolidated						Machinery, Energy & Transportation						Financial Products						Consolidating Adjustments
Assets
Current assets:
Cash and cash equivalents			$	6,346					$	5,403					$	943					$	—
Receivables – trade and other			8,158						3,134						652						4,372			1,2
Receivables – finance			8,918						—						13,446						(4,528)			2
Prepaid expenses and other current assets			2,295						2,013						316						(34)			3
Inventories			16,860						16,860						—						—
Total current assets			42,577						27,410						15,357						(190)
Property, plant and equipment – net			11,643						7,810						3,833						—
Long-term receivables – trade and other			1,278						319						512						447			1,2
Long-term receivables – finance			11,859						—						12,338						(479)			2
Noncurrent deferred and refundable income taxes			2,218						2,745						106						(633)			4
Intangible assets			806						806						—						—
Goodwill			6,092						6,092						—						—
Other assets			4,434						3,663						1,946						(1,175)			5
Total assets			$	80,907					$	48,845					$	34,092					$	(2,030)
Liabilities
Current liabilities:
Short-term borrowings			$	4,202					$	3					$	4,199					$	—
Accounts payable			8,260						8,149						267						(156)			6
Accrued expenses			4,013						3,622						391						—
Accrued wages, salaries and employee benefits			2,204						2,160						44						—
Customer advances			1,831						1,831						—						—
Other current liabilities			2,878						2,126						807						(55)			4,7
Long-term debt due within one year			6,814						120						6,694						—
Total current liabilities			30,202						18,011						12,402						(211)
Long-term debt due after one year			25,509						9,511						16,030						(32)			8
Liability for postemployment benefits			5,038						5,038						—						—
Other liabilities			4,536						3,659						1,565						(688)			4
Total liabilities			65,285						36,219						29,997						(931)
Shareholders’ equity
Common stock			6,523						6,523						905						(905)			9
Treasury stock			(30,883)						(30,883)						—						—
Profit employed in the business			43,304						38,898						4,395						11			9
Accumulated other comprehensive income (loss)			(3,353)						(1,946)						(1,407)						—
Noncontrolling interests			31						34						202						(205)			9
Total shareholders’ equity			15,622						12,626						4,095						(1,099)
Total liabilities and shareholders’ equity			$	80,907					$	48,845					$	34,092					$	(2,030)

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.

(more)

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22

Caterpillar Inc.

Supplemental Data for Financial Position

At December 31, 2021

(Unaudited)

(Millions of dollars)

									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.

(more)

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23

Caterpillar Inc.

Supplemental Data for Cash Flow

For the Nine Months Ended September 30, 2022

(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			$	5,250					$	4,750					$	506					$	(6)		1
Adjustments for non-cash items:
Depreciation and amortization			1,661						1,072						589						—
Provision (benefit) for deferred income taxes			(349)						(294)						(55)						—
Other			132						(83)						(123)						338			2
Changes in assets and liabilities, net of acquisitions and divestitures:
Receivables – trade and other			365						97						21						247			2,3
Inventories			(3,088)						(3,074)						—						(14)			2
Accounts payable			786						701						74						11			2
Accrued expenses			70						28						42						—
Accrued wages, salaries and employee benefits			15						27						(12)						—
Customer advances			751						752						(1)						—
Other assets – net			57						128						(28)						(43)			2
Other liabilities – net			(623)						(913)						239						51			2
Net cash provided by (used for) operating activities			5,027						3,191						1,252						584
Cash flow from investing activities:
Capital expenditures – excluding equipment leased to others			(868)						(860)						(10)						2			2
Expenditures for equipment leased to others			(1,023)						(20)						(1,024)						21			2
Proceeds from disposals of leased assets and property, plant and equipment			666						63						612						(9)			2
Additions to finance receivables			(9,914)						—						(10,584)						670			3
Collections of finance receivables			9,738						—						10,328						(590)			3
Net intercompany purchased receivables			—						—						678						(678)			3
Proceeds from sale of finance receivables			50						—						50						—
Net intercompany borrowings			—						—						5						(5)			4
Investments and acquisitions (net of cash acquired)			(44)						(44)						—						—
Proceeds from sale of businesses and investments (net of cash sold)			1						1						—						—
Proceeds from sale of securities			2,080						1,820						260						—
Investments in securities			(2,399)						(1,925)						(474)						—
Other – net			15						84						(69)						—
Net cash provided by (used for) investing activities			(1,698)						(881)						(228)						(589)
Cash flow from financing activities:
Dividends paid			(1,820)						(1,820)						—						—
Common stock issued, including treasury shares reissued			2						2						—						—
Common shares repurchased			(3,309)						(3,309)						—						—
Net intercompany borrowings			—						(5)						—						5			4
Proceeds from debt issued > 90 days			5,570						—						5,570						—
Payments on debt > 90 days			(5,289)						(20)						(5,269)						—
Short-term borrowings – net < 90 days			(1,311)						(138)						(1,173)						—
Other – net			(1)						(1)						—						—
Net cash provided by (used for) financing activities			(6,158)						(5,291)						(872)						5
Effect of exchange rate changes on cash			(79)						(42)						(37)						—
Increase (decrease) in cash, cash equivalents and restricted cash			(2,908)						(3,023)						115						—
Cash, cash equivalents and restricted cash at beginning of period			9,263						8,433						830						—
Cash, cash equivalents and restricted cash at end of period			$	6,355					$	5,410					$	945					$	—

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.

(more)

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24

Caterpillar Inc.

Supplemental Data for Cash Flow

For the Nine Months Ended September 30, 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			$	4,373					$	4,225					$	506					$	(358)		1,5
Adjustments for non-cash items:
Depreciation and amortization			1,766						1,162						604						—
Provision (benefit) for deferred income taxes			(321)						(255)						(66)						—
Other			102						104						(135)						133			2
Changes in assets and liabilities, net of acquisitions and divestitures:
Receivables – trade and other			(326)						(338)						40						(28)			2,3
Inventories			(2,195)						(2,194)						—						(1)			2
Accounts payable			1,232						1,194						28						10			2
Accrued expenses			46						117						(71)						—
Accrued wages, salaries and employee benefits			934						905						29						—
Customer advances			39						39						—						—
Other assets – net			138						133						24						(19)			2
Other liabilities – net			(2)						(193)						144						47			2
Net cash provided by (used for) operating activities			5,786						4,899						1,103						(216)
Cash flow from investing activities:
Capital expenditures – excluding equipment leased to others			(673)						(670)						(11)						8			2
Expenditures for equipment leased to others			(1,014)						(23)						(997)						6			2
Proceeds from disposals of leased assets and property, plant and equipment			877						71						818						(12)			2
Additions to finance receivables			(9,603)						—						(10,292)						689			3
Collections of finance receivables			9,221						—						9,946						(725)			3
Net intercompany purchased receivables			—						—						100						(100)			3
Proceeds from sale of finance receivables			44						—						44						—
Net intercompany borrowings			—						1,000						3						(1,003)			4
Investments and acquisitions (net of cash acquired)			(449)						(449)						—						—
Proceeds from sale of businesses and investments (net of cash sold)			23						23						—						—
Proceeds from sale of securities			424						44						380						—
Investments in securities			(934)						(542)						(392)						—
Other – net			(8)						59						(67)						—
Net cash provided by (used for) investing activities			(2,092)						(487)						(468)						(1,137)
Cash flow from financing activities:
Dividends paid			(1,733)						(1,733)						(350)						350			5
Common stock issued, including treasury shares reissued			122						122						—						—
Common shares repurchased			(1,622)						(1,622)						—						—
Net intercompany borrowings			—						(3)						(1,000)						1,003			4
Proceeds from debt issued > 90 days			6,931						494						6,437						—
Payments on debt > 90 days			(8,620)						(1,910)						(6,710)						—
Short-term borrowings – net < 90 days			1,324						(10)						1,334						—
Other – net			(4)						(4)						—						—
Net cash provided by (used for) financing activities			(3,602)						(4,666)						(289)						1,353
Effect of exchange rate changes on cash			(9)						(14)						5						—
Increase (decrease) in cash, cash equivalents and restricted cash			83						(268)						351						—
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			$	9,449					$	8,554					$	895					$	—

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.

#

EXHIBIT 99.2

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 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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EXHIBIT 99.2

Caterpillar Inc. Quarterly Retail Sales Statistics

Machines and E&T Combined

3rd Quarter 2022

2nd Quarter 2022

1st Quarter 2022

4th Quarter 2021

World

UP 7%

DOWN 3%

UP 2%

UP 7%

Machines

3rd Quarter 2022

2nd Quarter 2022

1st Quarter 2022

4th Quarter 2021

Asia/Pacific

UP 4%

DOWN 14%

DOWN 18%

DOWN 8%

EAME

DOWN 2%

DOWN 3%

UP 10%

UP 24%

Latin America

UP 9%

UP 18%

DOWN 1%

UP 15%

North America

UP 2%

DOWN 3%

UP 17%

UP 1%

World

UP 2%

DOWN 4%

UP 3%

UP 5%

Resource Industries (RI)

3rd Quarter 2022

2nd Quarter 2022

1st Quarter 2022

4th Quarter 2021

Asia/Pacific

UP 30%

UP 3%

UP 23%

UP 47%

EAME

UP 5%

DOWN 1%

UP 17%

UP 13%

Latin America

DOWN 11%

DOWN 4%

DOWN 34%

DOWN 20%

North America

UP 8%

DOWN 7%

UP 36%

DOWN 7%

World

UP 10%

DOWN 2%

UP 13%

UP 10%

Construction Industries (CI)

3rd Quarter 2022

2nd Quarter 2022

1st Quarter 2022

4th Quarter 2021

Asia/Pacific

DOWN 7%

DOWN 21%

DOWN 31%

DOWN 23%

EAME

DOWN 5%

DOWN 3%

UP 8%

UP 29%

Latin America

UP 20%

UP 28%

UP 25%

UP 40%

North America

UP 1%

DOWN 3%

UP 14%

UP 3%

World

UNCHANGED

DOWN 4%

UNCHANGED

UP 4%

Reported in dollars and based on unit sales as reported primarily by dealers.

Energy & Transportation (E&T) Retail Sales by industry for the quarter ended as indicated compared with the same period of the prior year:

Energy & Transportation (E&T)

3rd Quarter 2022

2nd Quarter 2022

1st Quarter 2022

4th Quarter 2021

Power Gen

UP 26%

UP 7%

DOWN 10%

UP 3%

Industrial

UP 31%

UP 19%

UP 26%

UP 30%

Transportation

UP 30%

DOWN 9%

UP 50%

UP 42%

Oil & Gas

UP 11%

DOWN 13%

DOWN 12%

UP 9%

Total

UP 22%

UNCHANGED

DOWN 1%

UP 12%

Reported in dollars based on reporting from dealers and direct sales.

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EXHIBIT 99.2

Glossary of Terms

Construction Industries: Our Construction Industries segment is primarily responsible for supporting customers using machinery in infrastructure, forestry and building construction. The majority of machine sales in this segment are made in the heavy and general construction, rental, quarry and aggregates markets and mining. The Construction Industries product portfolio primarily includes the following machines:

· asphalt pavers			· forestry machines			· small and medium
· backhoe loaders			· material handlers			track-type tractors
· compactors			· motorgraders			· track-type loaders
· cold planers			· pipelayers			· wheel excavators
· compact track and			· road reclaimers			· compact, small and medium
multi-terrain loaders			· skid steer loaders			wheel loaders
· mini, small, medium			· telehandlers
and large track excavators

Effective September 2019, Caterpillar has divested its Forestry product segment. Those products have been removed from the Construction Industries product portfolio where any remaining product Dealer Inventory will be reported in Machines as they are depleted.

EAME: Europe, Africa, Commonwealth of Independent States and Middle East.

Energy & Transportation: Our Energy & Transportation segment is primarily responsible for supporting customers using reciprocating engines, generator sets, turbines, diesel-electric locomotives, integrated systems and solutions, and certain related parts across industries serving oil and gas, power generation, industrial and marine applications as well as rail-related businesses.

Resource Industries: Our Resource Industries segment is primarily responsible for supporting customers using machinery in mining, heavy construction, and quarry and aggregates. The Resource Industries product portfolio primarily includes the following machines:

· electric rope shovels			· longwall miners			· landfill compactors
· draglines			· large wheel loaders			· soil compactors
· hydraulic shovels			· off-highway trucks			· machinery components
· rotary drills			· articulated trucks			· autonomous ready vehicles and
· hard rock vehicles			· wheel tractor scrapers			solutions
· large track-type tractors			· wheel dozers
· large mining trucks

For purposes of this report, retail sales of longwall miners are not included in the information presented above for Resource Industries or Machines or Machines and E&T Combined figures.

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EXHIBIT 99.2

FORWARD-LOOKING STATEMENTS

Certain statements in this report 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.