Stock Analysis on Net

Caterpillar Inc. (NYSE:CAT)

Adjustments to Financial Statements

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Adjustments to Current Assets

Caterpillar Inc., adjusted current assets

US$ in millions

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Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
As Reported
Current assets 39,464  39,193  38,603  36,244  31,967 
Adjustments
Add: LIFO reserve1 2,132  2,086  2,009  1,934  2,139 
After Adjustment
Adjusted current assets 41,596  41,279  40,612  38,178  34,106 

Based on: 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31).

1 LIFO reserve. See details »


Adjustments to Total Assets

Caterpillar Inc., adjusted total assets

US$ in millions

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Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
As Reported
Total assets 78,324  78,453  78,509  76,962  74,704 
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)1 —  —  676  670  708 
Add: LIFO reserve2 2,132  2,086  2,009  1,934  2,139 
Less: Deferred income tax assets (included in Noncurrent deferred and refundable income taxes)3 1,358  1,324  1,363  1,569  2,683 
After Adjustment
Adjusted total assets 79,098  79,215  79,831  77,997  74,868 

Based on: 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31).

1 Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

2 LIFO reserve. See details »

3 Deferred income tax assets (included in Noncurrent deferred and refundable income taxes). See details »


Adjustments to Total Liabilities

Caterpillar Inc., adjusted total liabilities

US$ in millions

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Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
As Reported
Total liabilities 62,946  63,824  64,429  63,196  61,491 
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)1 —  —  676  670  708 
Less: Deferred tax liabilities (included in Other liabilities)2 418  414  331  281  237 
Less: Product warranty liability 1,612  1,541  1,391  1,419  1,258 
Less: Employee separation liability 164  48  85  249  147 
After Adjustment
Adjusted total liabilities 60,752  61,821  63,298  61,917  60,557 

Based on: 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31).

1 Operating lease liability (before adoption of FASB Topic 842). See details »

2 Deferred tax liabilities (included in Other liabilities). See details »


Adjustments to Stockholders’ Equity

Caterpillar Inc., adjusted equity attributable to common stockholders

US$ in millions

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Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
As Reported
Equity attributable to common stockholders 15,331  14,588  14,039  13,697  13,137 
Adjustments
Less: Deferred income taxes, net1 940  910  1,032  1,288  2,446 
Add: LIFO reserve2 2,132  2,086  2,009  1,934  2,139 
Add: Product warranty liability 1,612  1,541  1,391  1,419  1,258 
Add: Employee separation liability 164  48  85  249  147 
Add: Noncontrolling interests 47  41  41  69  76 
After Adjustment
Adjusted total stockholders’ equity 18,346  17,394  16,533  16,080  14,311 

Based on: 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31).

1 Deferred income taxes, net. See details »

2 LIFO reserve. See details »


Adjustments to Capitalization Table

Caterpillar Inc., adjusted capitalization table

US$ in millions

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Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
As Reported
Short-term borrowings 2,015  5,166  5,723  4,837  7,303 
Long-term debt due within one year 9,149  6,210  5,830  6,194  6,662 
Long-term debt due after one year 25,999  26,281  25,000  23,847  22,818 
Total reported debt 37,163  37,657  36,553  34,878  36,783 
Equity attributable to common stockholders 15,331  14,588  14,039  13,697  13,137 
Total reported capital 52,494  52,245  50,592  48,575  49,920 
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)1 —  —  676  670  708 
Add: Current operating lease liabilities (recognized in Other current liabilities)2 163  173  —  —  — 
Add: Noncurrent operating lease liabilities (recognized in Other liabilities)3 457  461  —  —  — 
Adjusted total debt 37,783  38,291  37,229  35,548  37,491 
Adjustments to Equity
Less: Deferred income taxes, net4 940  910  1,032  1,288  2,446 
Add: LIFO reserve5 2,132  2,086  2,009  1,934  2,139 
Add: Product warranty liability 1,612  1,541  1,391  1,419  1,258 
Add: Employee separation liability 164  48  85  249  147 
Add: Noncontrolling interests 47  41  41  69  76 
Adjusted total stockholders’ equity 18,346  17,394  16,533  16,080  14,311 
After Adjustment
Adjusted total capital 56,129  55,685  53,762  51,628  51,802 

Based on: 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31).

1 Operating lease liability (before adoption of FASB Topic 842). See details »

2 Current operating lease liabilities (recognized in Other current liabilities). See details »

3 Noncurrent operating lease liabilities (recognized in Other liabilities). See details »

4 Deferred income taxes, net. See details »

5 LIFO reserve. See details »


Adjustments to Reported Income

Caterpillar Inc., adjusted profit (loss) attributable to common stockholders

US$ in millions

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12 months ended: Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
As Reported
Profit (loss) attributable to common stockholders 2,998  6,093  6,147  754  (67)
Adjustments
Add: Deferred income tax expense (benefit)1 (74) 28  220  1,213  (431)
Add: Increase (decrease) in LIFO reserve2 46  77  75  (205) (359)
Add: Increase (decrease) in product warranty liability 71  150  (28) 161  (96)
Add: Increase (decrease) in employee separation liability 116  (37) (164) 102  (336)
Add: Other comprehensive income (loss), net of tax 679  (481) 847  (4)
Add: Comprehensive income (loss), net of tax, attributable to noncontrolling interest
After Adjustment
Adjusted profit (loss) of consolidated and affiliated companies 3,841  6,321  5,770  2,877  (1,285)

Based on: 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31).

1 Deferred income tax expense (benefit). See details »

2 Increase (decrease) in LIFO reserve. See details »