Today, Caterpillar has released its 10-K report, resulting in a -0.2% movement in the company's shares, now trading at $322.35. The annual report for the fiscal year ended December 31, 2022, provides a comprehensive overview of the company's financial condition and performance.
In 2024, Caterpillar expects to incur approximately $300 to $450 million in restructuring costs. However, the company anticipates prior restructuring actions to yield an incremental benefit to operating costs, primarily Costs of goods sold and SG&A expenses, amounting to about $25 million in 2024 compared with 2023.
The company defines various terms in its report, such as Adjusted Operating Profit Margin, Adjusted Profit Per Share, and others, to provide clarity on its financial metrics.
Caterpillar's consolidated operating cash flow for 2023 was $12.89 billion, representing a significant increase of $5.12 billion compared to 2022. This increase was primarily driven by higher profit before taxes adjusted for non-cash items and lower working capital requirements. Notably, the company ended 2023 with $6.98 billion in cash, a decrease of $26 million from the previous year.
Total debt as of December 31, 2023, stood at $37.88 billion, reflecting an increase of $885 million from year-end 2022. The company also holds three global credit facilities with a syndicate of banks totaling $10.50 billion available for general liquidity purposes.
At the end of 2023, Caterpillar's consolidated net worth amounted to $19.55 billion, surpassing the $9.00 billion required under the Credit Facility. This consolidated net worth excludes the pension and other postretirement benefits balance within AOCI.
For more detailed information, you can read the company's full 10-K submission here.
