Table of Contents 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. STATEMENT 5 Caterpillar Inc. Consolidated Statement of Cash Flow for the Years Ended December 31 (Millions of dollars) 2020 2019 2018 Cash flow from operating activities: Profit (loss) of consolidated and affiliated companies $ 3,003 $ 6,094  $ 6,148  Adjustments for non-cash items: Depreciation and amortization 2,432 2,577  2,766  Actuarial (gain) loss on pension and postretirement benefits 383 468  495  Provision (benefit) for deferred income taxes (74) 28  220  Other 1,000 675  1,006  Changes in assets and liabilities, net of acquisitions and divestitures: Receivables – trade and other 1,442 171  (1,619) Inventories (34) 274  (1,579) Accounts payable 98 (1,025) 709  Accrued expenses (366) 172  101  Accrued wages, salaries and employee benefits (544) (757) (162) Customer advances (126) (10) (183) Other assets – net (201) (93) 41  Other liabilities – net (686) (1,662) (1,385) Net cash provided by (used for) operating activities 6,327 6,912  6,558  Cash flow from investing activities: Capital expenditures – excluding equipment leased to others (978) (1,056) (1,276) Expenditures for equipment leased to others (1,137) (1,613) (1,640) Proceeds from disposals of leased assets and property, plant and equipment 772 1,153  936  Additions to finance receivables (12,385) (12,777) (12,183) Collections of finance receivables 12,646 12,183  10,901  Proceeds from sale of finance receivables 42 235  477  Investments and acquisitions (net of cash acquired) (111) (47) (392) Proceeds from sale of businesses and investments (net of cash sold) 25 41  16  Proceeds from sale of securities 345 529  442  Investments in securities (638) (552) (506) Other – net (66) (24) 13  Net cash provided by (used for) investing activities (1,485) (1,928) (3,212) Cash flow from financing activities: Dividends paid (2,243) (2,132) (1,951) Common stock issued, including treasury shares reissued 229 238  313  Common shares repurchased (1,130) (4,047) (3,798) Proceeds from debt issued (original maturities greater than three months): - Machinery, Energy & Transportation 1,991 1,479  57  - Financial Products 8,440 8,362  8,850  Payments on debt (original maturities greater than three months): - Machinery, Energy & Transportation (26) (12) (7) - Financial Products (8,211) (8,285) (7,822) Short-term borrowings – net (original maturities three months or less) (2,804) (138) 762  Other – net (1) (3) (54) Net cash provided by (used for) financing activities (3,755) (4,538) (3,650) Effect of exchange rate changes on cash (13) (44) (126) Increase (decrease) in cash and short-term investments and restricted cash 1,074 402  (430) Cash and short-term investments and restricted cash at beginning of period 8,292 7,890  8,320  Cash and short-term investments and restricted cash at end of period $ 9,366 $ 8,292  $ 7,890  75