the on for XX% discuss in and position. our morning by pandemic first actions to taking In Jim declined you, Operating by total, the billion. then our XX% everyone. good some and to of liquidity with COVID-XX sales and to profit before revenue begin cash first billion. turning X quarter quarter to $XX.X results decreased $X.X Slide we’re response I'll I’ll the Thank
share the rate currency per was negative the resulted included pension impacts $X.XX. XX% This of year's reductions quarter $X.XX quarter the share Last included movements. the by re-measurement to quarter year's benefit by gain settlement a that per $X.XX and tax obligation. volume discreet pandemic offset the from an were mitigate of decline taken the a item. higher international as cost from Profit by lower for The tax the driven decreased to
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impact a year You may expected with X% stronger expectations. to sales Demand the weaker to first second from small users In indicated a where than our a January, Asia half. recall on that expected, inventory was seasonal for we COVID-XX dealer quarter build in the sales we of decline Pacific in in that of including China. below direct users first we a expected we quarter. to X% Nevertheless,
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impact fell basis profits volume. compensation $X.X manufacturing operating incentive operating of and Moving quarter declines XX% points. only driver to offset profit. X, partially lower to lower billion. short-term Operating Volume $XXX decrease fell main first by the million by Favorable where Slide for costs the the of XXX in expense the margins the
was million. For year's in comparison, incentive first compensation $XXX quarter expense last
to individual the discuss driven I’ll America prices XX% for by Starting quarter. Within billion, sales the energy and as steady oil remain in significantly and Demand decline XX, $X.X transportation first quarter first Now, sales solar XX% oil North on in segments results prior year's first by of Slide and quarter. engines the for sales. with oil gas fell. gas, reciprocating slowed declined
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$X.X resource first increasing in decreased of industries industries the XXXX. decline. experienced in on mining, of in quarter amid after of quarter remain most year first Slide quarter by as Specific and the dealer Dealer the demand XX% this period deployment lower to across in sales Changes the commodity shown to inventories drove We sales sales decreased were end-user XX, As inventories lower first lower in same we demand end-user CapEx miners their volatility. serve. disciplined billion.
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current may and remain we delay prospects positive uncertainty in While replacements, mining long-term. medium we expect fleet in that this the
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became first Newmont's quarter, to Boddington autonomous first the completely gold mine the hauling. move During to
as Caterpillar Caterpillar using trucks autonomous for quarter the Recall favorable in profit volume hauling. margin, a benefits growth realization. of Currently of first the has high basis margin Newmont primary the finished point That Command next we is trucks Industries' in XXX Cat from decrease. very double-digit in XX.X%. shipping decrease XXX which profit the first begin to XX% expect that autonomously XXXX price was volume profit year. resulted its running saw at of We and XXXF Resource segment's the Lower driver
to Slide turning Now XX.
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quarter, to was much incentive Lower and This prior and due favorable by impact expense increase XX%, noticeable on the a period. sales points declined than cost provided margin a mix. short-term during The negative basis offset. material profit decrease the to America. the XXX decreased in lower inventories by The volume and particularly increased North the slight quarter compensation dealers in XX.X%. Although first had segment's period
lower by Moving mark-to-market taken the the impacts our average $XXX in Profitability the to Slide equity XX, by support Financial on million X% assets. million $XXX customers financial services Cat to important XX% during dealers by time. to quarter revenue decreased steps decreased products to insurance on this earning has and first in securities portfolio. led challenging
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took in When loan-loss and Past increased to the reserve quarter in associated loyalty. dues increase there was a risk customer due to we actions COVID-XX. our did we this X.XX%, in similar XXXX noticeable with quarter elevated boost moderately
two in are mind. to there However, points keep
their customers our financially downturn of and loans. current into most First, went the on healthy,
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by are they payments businesses, are normally machines. and our customers loans prioritize which These are working secured means our critical assets Cat to Second, to Financial.
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partly Caterpillar by which compensation was incentive the the quarter cash free flow. cash inventory slightly last lower profits, from increased ME&T Lower as positive from offset lower levels, as short-term year-end, benefits than payouts. flow higher was year. to were Turning well for
typically of The our first the cash payout annual short-term a incentive. quarter perspective, is year of weakest to the from flow due
higher in short-term in Caterpillar anticipation as the about stores We in paid out production to XXXX. of levels production half the this approximately levels amount million quarter we compensation in paid $XXX brought quarter. inventory incentive rose
will We work down. these now
to Slide XX. turning Now,
level impacts mentioned, their in the unprecedented speed, and Jim pandemic its of depth, As were complexity. and
taken From on areas more strong, demand executed availability demand as actions far. the business relatively and optimize is perspective, Here work where a in have such some plans continuity we for parks. to thus of color we’ve remains
We customer produce not we take to ensure our and are as segment our needs. do care over managing we by production dealers while of
also We different depth and adjusting moment taken capital strengthen potential less expenditures are to our returns. we by projects and segment. with workforce by cash stewardship for our have to describe a of and facility scenario more in we’re We've position this reducing prepared From completed perspective, visible a a those that pandemic. delaying about and whilst aiming steps ensure R&D I’ll lengths analysis
cost-control travel, and entertainment. reduced discretionary perspective, a expenses, we From including consulting,
we and executives. COVID-XX Given the salary suspended for environment many compensation employees and incentive plans all short-term our XXXX-based senior increases,
cost ways competitive. will continue for look We to structure and our to make more flexible
suppliers their suppliers, support our to through faces to also we can financial flow solutions to our provide them keep products. commitments working will whilst identify to with access banks. health help the supplier cash to financial their we a This ensuring closer well. support as partnership payment capital to all third one Caterpillar's a distress, of that on In quick risk event Turning a for Caterpillar. will have eye no In supply at party particular, cover our access them
we meet recently process as address a our to Separately, to of normal challenged facilities closing Germany. don't contemplation a last mining for two those goals in potentially began continue the our OPACC. stated products addition We result in restructuring we could quarter, programs, that in that
forward these a addressing higher challenged performance, portfolio and challenged also have a cash products, charge flows. of impairment we against By margins an better level the better taken We deliver smaller including move can slightly of with one other and products.
as reduction in the said ongoing certain office to in be back benefits these to cost will program procurement and strive launching reduce XXXX. functions we January, including Meanwhile, preparing efforts, although outsourcing continue our a for cost, of impactful more we
turn XXXX. optimize I’ll We few remain to aren’t guidance XX while a focused working Let’s talk profit Slide inventory about with providing share for and per their levels. key thoughts to on we dealers
inventory billion. in at tax to decline of on billion well will impact changes prior the provisions the income. higher as profits expected a U.S. the $X.X which $X.X of geographic year-end, XXXX was Our to anticipate and higher-end the certain in range, be of tax in expectation, We non-U.S. rate the now dealer our due by mix
be As quarter, $XXX million grew dealer you model a will year last setting different the the second that quarter. normal Also fluid, the it by impact provide virus up quarter greater clearer able the remember Jim guidance the said, the please practice. do All-in-all, second of inventory not being in remains the to comparison short-term. second becomes per we very situation in as in our until anticipate
we Turning Due completion we that on our cash declared XX, through in allocation recently consistent shareholders of liquidity our return Investor Slide flow dividends I’ll free share and quarterly our We and capital to Day more upon We our share to in will and XXXX touch temporarily said at established suspended that program January. repurchase position. associated our uncertainties mid-April all with XXbXX the COVID-XX, annual program substantially we repurchases. May in and to cash dividend.
the cash. quarter and strong $X.X financial share with repurchases. through profile, in the ended to enterprise we shareholders We a In billion including first dividends first billion $X.X quarter, returned
incremental credit liquidity remain have billion we existing billion facility revolving these resources environment, addition to in our undrawn. Both $X.X of had credit short-term the facility. Given $XX.X
After cash supplemental in balance registered $X leveraged strong provide now commercial need United the we’ve at in issuing $X.X States very our paper Canada, rates. addition, billion sheet billion In should incremental support available quarter-end, raise the bonds of the by liquidity the attractive to we arise. and could which programs,
X.XX%, in as Specifically, XX-year coupon debt million we billion $X.X at and at issuance. issued X.X% $XXX notes XX-year our same bonds XXXX in the
the billion debt until in XXXX. with long-term the to Also, we’re We plans U.S. maturities foreseeable currently future. no to for make contributions $XX.X not have pension required
retain our earlier Following agencies ratings. month, credit strong meetings with this the we credit rating
to gives the an stronger it weather All of even emerge and our us this storm confidence ability from company. in
XX finally, turn Slide today’s So recap to let’s key and points.
our a financial ability during to difficult customers strong this continue are have We in position time. our serving global and confident
our $XX.X Our committed enterprise billion in through substantially free billion dividends the and hand first $X.X billion flow total in cash repurchases available cycle, cash remain we a including of returned quarter. have and on to We liquidity. through is $X.X returning all the
on their We’re and actively working inventory dealers monitoring demand customer closely needs. with
agile, factories lean remain leveraging Our principles.
our changes to or operations to negative respond We continue in manage to demand. positive
unchanged, focusing strategy and on excellence, Our expanded services, operational offerings. is
and our food And again, they a as of company by energized pandemic role needs we well critical our serving energy. and customers. essentials this global global for how the that our have as are enabling for supports We satisfying infrastructure the medicine such been thank navigating from and transportation employees once
Q&A I’ll that, With the to session. operator to over the it hand start
