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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
 FORM 10-Q 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                    to
Commission File Number:  1-768
CATERPILLAR INC.
(Exact name of registrant as specified in its charter)
Delaware
37-0602744
(State or other jurisdiction of incorporation)(IRS Employer I.D. No.)
510 Lake Cook Road,Suite 100,Deerfield, Illinois60015
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (224) 551-4000 
Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report: N/A
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol (s)Name of each exchange on which registered
Common Stock ($1.00 par value)CATNew York Stock Exchange ¹
8% Debentures due February 15, 2023CAT23New York Stock Exchange
5.3% Debentures due September 15, 2035CAT35New York Stock Exchange
¹    In addition to the New York Stock Exchange, Caterpillar common stock is also listed on stock exchanges in France and Switzerland.
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes     No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes   No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company.  See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. 
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
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.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes   No

At March 31, 2021, 547,763,530 shares of common stock of the registrant were outstanding.


Table of Contents
Table of Contents
 
 
   
 
Item 3.Defaults Upon Senior Securities     *
Item 4.Mine Safety Disclosures*
Item 5.
 
* Item omitted because no answer is called for or item is not applicable.

2

Table of Contents
Part I.  FINANCIAL INFORMATION
 
Item 1.  Financial Statements
Caterpillar Inc.
Consolidated Statement of Results of Operations
(Unaudited)
(Dollars in millions except per share data)
 Three Months Ended March 31
 20212020
Sales and revenues:  
Sales of Machinery, Energy & Transportation$11,191 $9,914 
Revenues of Financial Products696 721 
Total sales and revenues11,887 10,635 
Operating costs:  
Cost of goods sold8,012 7,266 
Selling, general and administrative expenses1,239 1,121 
Research and development expenses374 356 
Interest expense of Financial Products125 175 
Other operating (income) expenses323 313 
Total operating costs10,073 9,231 
Operating profit1,814 1,404 
Interest expense excluding Financial Products142 113 
Other income (expense)325 222 
Consolidated profit before taxes1,997 1,513 
Provision (benefit) for income taxes475 425 
Profit of consolidated companies1,522 1,088 
Equity in profit (loss) of unconsolidated affiliated companies9 5 
Profit of consolidated and affiliated companies1,531 1,093 
Less: Profit (loss) attributable to noncontrolling interests1 1 
Profit 1
$1,530 $1,092 
Profit per common share$2.80 $2.00 
Profit per common share – diluted 2
$2.77 $1.98 
Weighted-average common shares outstanding (millions) 
– Basic546.4 546.8 
– Diluted 2
551.4 551.1 

1    Profit attributable to common shareholders.
2   Diluted by assumed exercise of stock-based compensation awards using the treasury stock method. 
See accompanying notes to Consolidated Financial Statements.

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Caterpillar Inc.
Consolidated Statement of Comprehensive Income
(Unaudited)
(Dollars in millions)
 Three Months Ended March 31
 20212020
Profit of consolidated and affiliated companies$1,531 $1,093 
Other comprehensive income (loss), net of tax (Note 13):
   Foreign currency translation:(347)(360)
Pension and other postretirement benefits:(8)(7)
Derivative financial instruments:(31)(60)
Available-for-sale securities:(16)(18)
Total other comprehensive income (loss), net of tax(402)(445)
Comprehensive income1,129 648 
Less: comprehensive income attributable to the noncontrolling interests1 1 
Comprehensive income attributable to shareholders$1,128 $647 

See accompanying notes to Consolidated Financial Statements.



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Caterpillar Inc.
Consolidated Statement of Financial Position
(Unaudited)
(Dollars in millions) 
 March 31,
2021
December 31,
2020
Assets  
Current assets:  
Cash and short-term investments$11,342 $9,352 
Receivables – trade and other7,955 7,317 
Receivables – finance9,333 9,463 
Prepaid expenses and other current assets1,802 1,930 
Inventories12,149 11,402 
Total current assets42,581 39,464 
Property, plant and equipment – net12,132 12,401 
Long-term receivables – trade and other1,115 1,185 
Long-term receivables – finance11,966 12,222 
Noncurrent deferred and refundable income taxes1,391 1,523 
Intangible assets1,246 1,308 
Goodwill6,343 6,394 
Other assets3,955 3,827 
Total assets$80,729 $78,324 
Liabilities  
Current liabilities:  
Short-term borrowings:  
Machinery, Energy & Transportation$ $10 
Financial Products3,625 2,005 
Accounts payable6,694 6,128 
Accrued expenses3,574 3,642 
Accrued wages, salaries and employee benefits1,283 1,096 
Customer advances1,168 1,108 
Dividends payable 562 
Other current liabilities2,035 2,017 
Long-term debt due within one year:  
Machinery, Energy & Transportation1,301 1,420 
Financial Products6,898 7,729 
Total current liabilities26,578 25,717 
Long-term debt due after one year:  
Machinery, Energy & Transportation9,751 9,749 
Financial Products16,605 16,250 
Liability for postemployment benefits6,698 6,872 
Other liabilities4,480 4,358 
Total liabilities64,112 62,946 
Commitments and contingencies (Notes 11 and 14)
Shareholders’ equity  
Common stock of $1.00 par value:
  
Authorized shares: 2,000,000,000
Issued shares: (3/31/21 and 12/31/20 – 814,894,624) at paid-in amount
6,215 6,230 
Treasury stock (3/31/21 – 267,131,094 shares; 12/31/20 – 269,590,777 shares) at cost
(25,049)(25,178)
Profit employed in the business36,697 35,167 
Accumulated other comprehensive income (loss)(1,290)(888)
Noncontrolling interests44 47 
Total shareholders’ equity16,617 15,378 
Total liabilities and shareholders’ equity$80,729 $78,324 
 
See accompanying notes to Consolidated Financial Statements.
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Caterpillar Inc.
Consolidated Statement of Changes in Shareholders’ Equity
(Unaudited)
(Dollars in millions) 
 Common
stock
Treasury
stock
Profit
employed
in the
business
Accumulated
other
comprehensive
income (loss)
Noncontrolling
interests
Total
Three Months Ended March 31, 2020      
Balance at December 31, 2019$5,935 $(24,217)$34,437 $(1,567)$41 $14,629 
Adjustments to adopt new accounting guidance
Credit losses  (25)  (25)
Balance at January 1, 20205,935 (24,217)34,412 (1,567)41 14,604 
Profit of consolidated and affiliated companies  1,092  1 1,093 
Foreign currency translation, net of tax   (360) (360)
Pension and other postretirement benefits, net of tax   (7) (7)
Derivative financial instruments, net of tax   (60) (60)
Available-for-sale securities, net of tax   (18) (18)
Common shares issued from treasury stock for stock-based compensation: 1,197,083
(62)39    (23)
Stock-based compensation expense47     47 
Common shares repurchased: 9,328,184 1
 (1,163)   (1,163)
Other126     126 
Balance at March 31, 2020$6,046 $(25,341)$35,504 $(2,012)$42 $14,239 
Three Months Ended March 31, 2021      
Balance at December 31, 2020$6,230 $(25,178)$35,167 $(888)$47 $15,378 
Profit of consolidated and affiliated companies  1,530  1 1,531 
Foreign currency translation, net of tax   (347) (347)
Pension and other postretirement benefits, net of tax   (8) (8)
Derivative financial instruments, net of tax   (31) (31)
Available-for-sale securities, net of tax   (16) (16)
Distribution to noncontrolling interests    (2)(2)
Common shares issued from treasury stock for stock-based compensation: 2,459,683
(63)128    65 
Stock-based compensation expense42     42 
Other6 1   (2)5 
Balance at March 31, 2021$6,215 $(25,049)$36,697 $(1,290)$44 $16,617 

1 See Note 12 for additional information.


See accompanying notes to Consolidated Financial Statements.

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Caterpillar Inc.
Consolidated Statement of Cash Flow
(Unaudited)
(Millions of dollars)
 Three Months Ended March 31
 20212020
Cash flow from operating activities:  
Profit of consolidated and affiliated companies$1,531 $1,093 
Adjustments for non-cash items:  
Depreciation and amortization586 614 
Gain on remeasurement of a non-U.S. pension obligation (254)
Provision (benefit) for deferred income taxes109 20 
Other(104)534 
Changes in assets and liabilities, net of acquisitions and divestitures:  
Receivables – trade and other(543)500 
Inventories(657)(541)
Accounts payable733 90 
Accrued expenses84 (97)
Accrued wages, salaries and employee benefits191 (722)
Customer advances58 116 
Other assets – net56 (50)
Other liabilities – net(116)(173)
Net cash provided by (used for) operating activities1,928 1,130 
Cash flow from investing activities:  
Capital expenditures – excluding equipment leased to others(252)(305)
Expenditures for equipment leased to others(252)(243)
Proceeds from disposals of leased assets and property, plant and equipment309 216 
Additions to finance receivables(2,629)(2,953)
Collections of finance receivables2,770 3,153 
Proceeds from sale of finance receivables5 31 
Investments and acquisitions (net of cash acquired)(386)(35)
Proceeds from sale of businesses and investments (net of cash sold)28  
Proceeds from sale of securities126 68 
Investments in securities(148)(180)
Other – net(48)35 
Net cash provided by (used for) investing activities(477)(213)
Cash flow from financing activities:  
Dividends paid(562)(567)
Common stock issued, including treasury shares reissued65 (23)
Common shares repurchased (1,043)
Proceeds from debt issued (original maturities greater than three months):  
        Machinery, Energy & Transportation494 15 
        Financial Products1,779 2,126 
Payments on debt (original maturities greater than three months):  
        Machinery, Energy & Transportation(644)(6)
        Financial Products(2,243)(2,460)
Short-term borrowings – net (original maturities three months or less)1,659 (40)
Other – net(2)(1)
Net cash provided by (used for) financing activities546 (1,999)
Effect of exchange rate changes on cash(12)(80)
Increase (decrease) in cash and short-term investments and restricted cash1,985 (1,162)
Cash and short-term investments and restricted cash at beginning of period9,366 8,292 
Cash and short-term investments and restricted cash at end of period$11,351 $7,130 

 All short-term investments, which consist primarily of highly liquid investments with original maturities of three months or less, are considered to be cash equivalents.
See accompanying notes to Consolidated Financial Statements.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
1.     A.  Nature of operations
 
Information in our financial statements and related commentary are presented in the following categories:
 
Machinery, Energy & Transportation (ME&T) – We define ME&T as Caterpillar Inc. and its subsidiaries, excluding Financial Products. ME&T’s information relates to the design, manufacturing and marketing of our products.
 
Financial Products – We define Financial Products as our 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.

B.  Basis of presentation
 
In the opinion of management, the accompanying unaudited financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of (a) the consolidated results of operations for the three months ended March 31, 2021 and 2020, (b) the consolidated comprehensive income for the three months ended March 31, 2021 and 2020, (c) the consolidated financial position at March 31, 2021 and December 31, 2020, (d) the consolidated changes in shareholders’ equity for the three months ended March 31, 2021 and 2020 and (e) the consolidated cash flow for the three months ended March 31, 2021 and 2020.  The financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (U.S. GAAP) and pursuant to the rules and regulations of the Securities and Exchange Commission (SEC).

Interim results are not necessarily indicative of results for a full year. The information included in this Form 10-Q should be read in conjunction with the audited financial statements and notes thereto included in our company’s annual report on Form 10-K for the year ended December 31, 2020 (2020 Form 10-K).
 
The December 31, 2020 financial position data included herein is derived from the audited consolidated financial statements included in the 2020 Form 10-K but does not include all disclosures required by U.S. GAAP. Certain amounts for prior periods have been reclassified to conform to the current period financial statement presentation.

Cat Financial has end-user customers that are VIEs of which we are not the primary beneficiary. Although we have provided financial support to these entities and therefore have a variable interest, we do not have the power to direct the activities that most significantly impact their economic performance. Our maximum exposure to loss from our involvement with these VIEs is limited to the credit risk inherently present in the financial support that we have provided. These risks were evaluated and reflected in our financial statements as part of our overall portfolio of finance receivables and related allowance for credit losses. See Note 11 for further discussions on a consolidated VIE.

2.                                   New accounting guidance

A. Adoption of new accounting standards

Reference rate reform (Accounting Standards Update (ASU) 2020-04) – In March 2020, the Financial Accounting Standards Board (FASB) issued accounting guidance to ease the potential burden in accounting for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance is optional and may be elected over time as reference rate reform activities occur between March 12, 2020 through December 31, 2022. In January 2021, we elected to adopt optional expedients impacting our derivative instruments. We continue to evaluate the impact of reference rate reform on our other contracts and assess the impacts of adopting this guidance on our financial statements.

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We adopted the following ASUs effective January 1, 2021, none of which had a material impact on our financial statements:
ASUDescription
2020-01Investments - Equity securities, equity method and joint ventures and derivatives and hedging
2020-08Codification improvements – Receivables - Nonrefundable fees and other costs
2021-01Reference rate reform - Scope

B. Accounting standards issued but not yet adopted

We consider the applicability and impact of all ASUs. We assessed the ASUs and determined that they either were not applicable or were not expected to have a material impact on our financial statements.

3.     Sales and revenue contract information

Trade receivables represent amounts due from dealers and end users for the sale of our products. In addition, Cat Financial provides wholesale inventory financing for a dealer’s purchase of inventory. We include wholesale inventory receivables in Receivables – trade and other and Long-term receivables – trade and other in the Consolidated Statement of Financial Position. Short-term trade receivables from dealers and end users were $6,889 million, $6,310 million and $7,648 million as of March 31, 2021, December 31, 2020 and December 31, 2019, respectively. We recognize short-term trade receivables from dealers and end users in Receivables – trade and other in the Consolidated Statement of Financial Position. Long-term trade receivables from dealers and end users were $612 million, $657 million and $693 million as of March 31, 2021, December 31, 2020 and December 31, 2019, respectively. We recognize long-term trade receivables from dealers and end users in Long-term receivables – trade and other in the Consolidated Statement of Financial Position.

We invoice in advance of recognizing the sale of certain products. We recognize advanced customer payments as a contract liability in Customer advances and Other liabilities in the Consolidated Statement of Financial Position. Contract liabilities were $1,584 million, $1,526 million and $1,654 million as of March 31, 2021, December 31, 2020 and December 31, 2019, respectively. We reduce the contract liability when revenue is recognized. During the three months ended March 31, 2021 and 2020, we recognized $433 million and $368 million of revenue that was recorded as a contract liability at the beginning of 2021 and 2020, respectively.

As of March 31, 2021, we have entered into contracts with dealers and end users for which sales have not been recognized as we have not satisfied our performance obligations and transferred control of the products. The dollar amount of unsatisfied performance obligations for contracts with an original duration greater than one year is $6.0 billion, with about one-third of the amount expected to be completed and revenue recognized in the twelve months following March 31, 2021. We have elected the practical expedient not to disclose unsatisfied performance obligations with an original contract duration of one year or less. Contracts with an original duration of one year or less are primarily sales to dealers for machinery, engines and replacement parts.

See Note 16 for further disaggregated sales and revenues information.

4.                                     Stock-based compensation
 
Accounting for stock-based compensation requires that the cost resulting from all stock-based payments be recognized in the financial statements based on the grant date fair value of the award.  Our stock-based compensation primarily consists of stock options, restricted stock units (RSUs) and performance-based restricted stock units (PRSUs).

We recognized pretax stock-based compensation expense of $42 million and $47 million for the three months ended March 31, 2021 and 2020, respectively.

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The following table illustrates the type and fair value of the stock-based compensation awards granted during the three months ended March 31, 2021 and 2020, respectively:
 Three Months Ended March 31, 2021Three Months Ended March 31, 2020
 Shares GrantedWeighted-Average Fair Value Per ShareWeighted-Average Grant Date Stock PriceShares GrantedWeighted-Average Fair Value Per ShareWeighted-Average Grant Date Stock Price
Stock options1,084,821 $56.30 $219.76 1,913,888 $25.98 $127.60 
RSUs448,311 $219.76 $219.76 705,287 $127.60 $127.60 
PRSUs266,894 $219.76 $219.76 371,641 $127.60 $127.60 
 
The following table provides the assumptions used in determining the fair value of the stock-based awards for the three months ended March 31, 2021 and 2020, respectively:
 
 Grant Year
 20212020
Weighted-average dividend yield2.60%2.47%
Weighted-average volatility32.9%25.7%
Range of volatilities
29.2% - 45.8%
24.5% - 29.7%
Range of risk-free interest rates
0.06% - 1.41%
1.21% - 1.39%
Weighted-average expected lives8 years8 years
 
As of March 31, 2021, the total remaining unrecognized compensation expense related to nonvested stock-based compensation awards was $306 million, which will be amortized over the weighted-average remaining requisite service periods of approximately 1.9 years.
 
5.                                     Derivative financial instruments and risk management
 
Our earnings and cash flow are subject to fluctuations due to changes in foreign currency exchange rates, interest rates and commodity prices.  Our Risk Management Policy (policy) allows for the use of derivative financial instruments to prudently manage foreign currency exchange rate, interest rate and commodity price exposures.  Our policy specifies that derivatives are not to be used for speculative purposes.  Derivatives that we use are primarily foreign currency forward, option and cross currency contracts, interest rate contracts and commodity forward and option contracts.  Our derivative activities are subject to the management, direction and control of our senior financial officers.  We present at least annually to the Audit Committee of the Board of Directors on our risk management practices, including our use of financial derivative instruments.
 
We recognize all derivatives at their fair value on the Consolidated Statement of Financial Position. On the date the derivative contract is entered into, we designate the derivative as (1) a hedge of the fair value of a recognized asset or liability (fair value hedge), (2) a hedge of a forecasted transaction or the variability of cash flow (cash flow hedge) or (3) an undesignated instrument. We record in current earnings changes in the fair value of a derivative that is qualified, designated and highly effective as a fair value hedge, along with the gain or loss on the hedged recognized asset or liability that is attributable to the hedged risk. We record in Accumulated other comprehensive income (loss) (AOCI) changes in the fair value of a derivative that is qualified, designated and highly effective as a cash flow hedge, to the extent effective, on the Consolidated Statement of Financial Position until we reclassify them to earnings in the same period or periods during which the hedged transaction affects earnings.  We report changes in the fair value of undesignated derivative instruments in current earnings. We classify cash flows from designated derivative financial instruments within the same category as the item being hedged on the Consolidated Statement of Cash Flow.  We include cash flows from undesignated derivative financial instruments in the investing category on the Consolidated Statement of Cash Flow.
 
We formally document all relationships between hedging instruments and hedged items, as well as the risk-management objective and strategy for undertaking various hedge transactions.  This process includes linking all derivatives that are designated as fair value hedges to specific assets and liabilities on the Consolidated Statement of Financial Position and linking cash flow hedges to specific forecasted transactions or variability of cash flow.

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We also formally assess, both at the hedge’s inception and on an ongoing basis, whether the designated derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flow of hedged items.  When a derivative is determined not to be highly effective as a hedge or the underlying hedged transaction is no longer probable, we discontinue hedge accounting prospectively, in accordance with the derecognition criteria for hedge accounting.
 
Foreign Currency Exchange Rate Risk
 
Foreign currency exchange rate movements create a degree of risk by affecting the U.S. dollar value of sales made and costs incurred in foreign currencies. Movements in foreign currency rates also affect our competitive position as these changes may affect business practices and/or pricing strategies of non-U.S.-based competitors. Additionally, we have balance sheet positions denominated in foreign currencies, thereby creating exposure to movements in exchange rates.
 
Our ME&T operations purchase, manufacture and sell products in many locations around the world. As we have a diversified revenue and cost base, we manage our future foreign currency cash flow exposure on a net basis. We use foreign currency forward and option contracts to manage unmatched foreign currency cash inflow and outflow. Our objective is to minimize the risk of exchange rate movements that would reduce the U.S. dollar value of our foreign currency cash flow. Our policy allows for managing anticipated foreign currency cash flow for up to approximately five years. As of March 31, 2021, the maximum term of these outstanding contracts was approximately 60 months.
 
We generally designate as cash flow hedges at inception of the contract any Australian dollar, Brazilian real, British pound, Canadian dollar, Chinese yuan, Indian rupee, Japanese yen, Mexican peso, Norwegian Krona, Singapore dollar or Thailand baht forward or option contracts that meet the requirements for hedge accounting and the maturity extends beyond the current quarter-end. We perform designation on a specific exposure basis to support hedge accounting. The remainder of ME&T foreign currency contracts are undesignated.  
 
In managing foreign currency risk for our Financial Products operations, our objective is to minimize earnings volatility resulting from conversion and the remeasurement of net foreign currency balance sheet positions and future transactions denominated in foreign currencies. Our policy allows the use of foreign currency forward, option and cross currency contracts to offset the risk of currency mismatch between our assets and liabilities and exchange rate risk associated with future transactions denominated in foreign currencies. Our foreign currency forward and option contracts are primarily undesignated. We designate fixed-to-fixed cross currency contracts as cash flow hedges to protect against movements in exchange rates on foreign currency fixed-rate assets and liabilities.
 
Interest Rate Risk
 
Interest rate movements create a degree of risk by affecting the amount of our interest payments and the value of our fixed-rate debt. Our practice is to use interest rate contracts to manage our exposure to interest rate changes.
 
Our ME&T operations generally use fixed-rate debt as a source of funding.  Our objective is to minimize the cost of borrowed funds.  Our policy allows us to enter into fixed-to-floating interest rate contracts and forward rate agreements to meet that objective. We designate fixed-to-floating interest rate contracts as fair value hedges at inception of the contract, and we designate certain forward rate agreements as cash flow hedges at inception of the contract.

Financial Products operations has a match-funding policy that addresses interest rate risk by aligning the interest rate profile (fixed or floating rate and duration) of Cat Financial’s debt portfolio with the interest rate profile of our receivables portfolio within predetermined ranges on an ongoing basis. In connection with that policy, we use interest rate derivative instruments to modify the debt structure to match assets within the receivables portfolio. This matched funding reduces the volatility of margins between interest-bearing assets and interest-bearing liabilities, regardless of which direction interest rates move.
 
Our policy allows us to use fixed-to-floating, floating-to-fixed and floating-to-floating interest rate contracts to meet the match-funding objective.  We designate fixed-to-floating interest rate contracts as fair value hedges to protect debt against changes in fair value due to changes in the benchmark interest rate.  We designate most floating-to-fixed interest rate contracts as cash flow hedges to protect against the variability of cash flows due to changes in the benchmark interest rate.
 
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We have, at certain times, liquidated fixed-to-floating and floating-to-fixed interest rate contracts at both ME&T and Financial Products. We amortize the gains or losses associated with these contracts at the time of liquidation into earnings over the original term of the previously designated hedged item.
 
Commodity Price Risk
 
Commodity price movements create a degree of risk by affecting the price we must pay for certain raw materials. Our policy is to use commodity forward and option contracts to manage the commodity risk and reduce the cost of purchased materials.
 
Our ME&T operations purchase base and precious metals embedded in the components we purchase from suppliers.  Our suppliers pass on to us price changes in the commodity portion of the component cost. In addition, we are subject to price changes on energy products such as natural gas and diesel fuel purchased for operational use.
 
Our objective is to minimize volatility in the price of these commodities. Our policy allows us to enter into commodity forward and option contracts to lock in the purchase price of a portion of these commodities within a five-year horizon. All such commodity forward and option contracts are undesignated.

The location and fair value of derivative instruments reported in the Consolidated Statement of Financial Position were as follows:
 
 (Millions of dollars)
Consolidated Statement of FinancialAsset (Liability) Fair Value
 Position LocationMarch 31, 2021December 31, 2020
Designated derivatives   
Foreign exchange contracts   
Machinery, Energy & TransportationReceivables – trade and other$47 $74 
Machinery, Energy & TransportationLong-term receivables – trade and other60 71 
Machinery, Energy & TransportationAccrued expenses(48)(36)
Machinery, Energy & TransportationOther liabilities(13)(1)
Financial ProductsReceivables – trade and other 1 
Financial ProductsLong-term receivables – trade and other34 1 
Financial ProductsAccrued expenses(64)(148)
Interest rate contracts 
Machinery, Energy & TransportationLong-term receivables – trade and other 4 
Financial ProductsReceivables – trade and other 2 
Financial ProductsLong-term receivables – trade and other41 57 
Financial ProductsAccrued expenses(10)(5)
  $47 $20 
Undesignated derivatives   
Foreign exchange contracts   
Machinery, Energy & TransportationReceivables – trade and other$8 $10 
Machinery, Energy & TransportationAccrued expenses(6)(1)
Financial ProductsReceivables – trade and other60 17 
Financial ProductsLong-term receivables – trade and other7 7 
Financial ProductsAccrued expenses(15)(107)
Commodity contracts  
Machinery, Energy & TransportationReceivables – trade and other40 35 
Machinery, Energy & TransportationLong-term receivables – trade and other3 2 
Machinery, Energy & TransportationAccrued expenses(2) 
  $95 $(37)

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The total notional amounts of the derivative instruments were as follows:
(Millions of dollars)March 31, 2021December 31, 2020
Machinery, Energy & Transportation$3,857 $3,553 
Financial Products$10,638 $11,260 

The notional amounts of the derivative financial instruments do not represent amounts exchanged by the parties. We calculate the amounts exchanged by the parties by referencing the notional amounts and by other terms of the derivatives, such as foreign currency exchange rates, interest rates or commodity prices.

The effect of derivatives designated as hedging instruments on the Consolidated Statement of Results of Operations was as follows:
Cash Flow Hedges    
 Three Months Ended March 31, 2021
  Recognized in Earnings
 (Millions of dollars)
Amount of Gains
(Losses) Recognized
in AOCI
Classification of
Gains (Losses)
Amount of Gains
(Losses) Reclassified
from AOCI
Amount of the line items in the Consolidated Statement of Results of Operations
Foreign exchange contracts    
Machinery, Energy & Transportation$(47)Sales of Machinery, Energy & Transportation$(13)$11,191 
Cost of goods sold28 8,012 
Financial Products119