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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
June 12, 2024
CATERPILLAR
INC.
(Exact name of registrant as specified in its
charter)
Delaware |
|
1-768 |
|
37-0602744 |
(State
or other jurisdiction of
incorporation) |
|
(Commission
File Number) |
|
(I.R.S
Employer
Identification No.) |
5025
N. O'Connor Boulevard |
|
|
Suite 100,
Irving, Texas |
|
75039 |
(Address
of principal executive offices) |
|
(Zip
Code) |
Registrant’s telephone number, including
area code: (972) 891-7700
Former name or former address, if changed since
last report: N/A
¨ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
¨ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
¨ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
¨ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
Trading
Symbol (s) |
Name
of each exchange which
registered |
Common
Stock ($1.00 par value) |
CAT |
The
New York Stock Exchange |
5.3%
Debentures due September 15, 2035 |
CAT35 |
The
New York Stock Exchange |
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Indicate by check mark whether the registrant is an emerging growth
company as defined by Rule 405 of the Securities Act of 1933 (17 CFR §230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (17 CFR §240.12b-2 of this chapter).
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. ¨
Item 5.07 Submission of Matters to a Vote of Security Holders
On June 12, 2024, Caterpillar Inc. (the “Company”)
held a virtual 2024 Annual Shareholders Meeting (the “Annual Meeting”). Set forth below are the voting results for each of
the matters submitted to a vote of the Company’s shareholders at the Annual Meeting.
Proposal 1 - Company Proposal - Election of Directors
All
nominees for election to the Company’s Board of Directors named in the Proxy Statement were elected, each to a one-year term, with
the following vote:
Director |
For |
Against |
Abstain |
Broker Non-Votes |
Daniel M. Dickinson |
326,660,785 |
18,932,620 |
934,022 |
74,004,102 |
James C. Fish, Jr. |
341,428,127 |
4,271,250 |
828,049 |
74,004,102 |
Gerald Johnson |
340,106,896 |
5,605,381 |
815,150 |
74,004,102 |
David W. MacLennan |
327,003,152 |
18,718,624 |
805,651 |
74,004,102 |
Judith F. Marks |
341,824,512 |
3,873,416 |
829,499 |
74,004,102 |
Debra L. Reed-Klages |
336,570,392 |
9,183,291 |
773,744 |
74,004,102 |
Susan C. Schwab |
333,731,841 |
11,960,261 |
835,325 |
74,004,102 |
D. James Umpleby III |
325,887,710 |
19,643,492 |
996,225 |
74,004,102 |
Rayford Wilkins, Jr. |
333,800,457 |
11,879,631 |
847,339 |
74,004,102 |
Proposal 2 - Company Proposal - Ratification of Independent
Registered Public Accounting Firm
The proposal requesting ratification of the appointment of PricewaterhouseCoopers
LLP as the Company’s independent registered public accounting firm for 2024 was approved with the following vote:
For |
Against |
Abstain |
403,595,983 |
16,114,120 |
821,426 |
Proposal 3 - Company Proposal - Advisory Vote to Approve
Executive Compensation
The proposal requesting that the shareholders of the Company
approve executive compensation, on an advisory basis, was approved with the following vote:
For |
Against |
Abstain |
Broker Non-Votes |
321,850,327 |
22,746,919 |
1,930,181 |
74,004,102 |
Proposal 4 - Shareholder Proposal - Independent Board Chairman
The proposal requesting that the Board of Directors adopt
a policy, and amend governing documents as necessary, requiring that two separate people hold the offices of Chairman of the Board of
Directors and Chief Executive Officer was not approved based on the following vote:
For |
Against |
Abstain |
Broker Non-Votes |
108,014,627 |
236,756,305 |
1,756,038 |
74,004,102 |
Proposal 5 - Shareholder Proposal – Lobbying Disclosure
The proposal requesting that the Board of Directors issue
an annual report describing certain Company lobbying and policy influence activities was not approved based on the following vote:
For |
Against |
Abstain |
Broker Non-Votes |
79,632,882 |
263,694,581 |
3,199,944 |
74,004,102 |
Proposal 6 - Shareholder Proposal – Director Board Service
The proposal requesting that the Board of Directors adopt
a policy, and amend governing documents as necessary, forbidding directors from simultaneously sitting on the board of directors of two
or more other companies and two or more non-corporate organizations was not approved based on the following vote:
For |
Against |
Abstain |
Broker Non-Votes |
5,325,304 |
339,010,066 |
2,192,057 |
74,004,102 |
Item 7.01 Regulation FD Disclosure
On
June 12, 2024, the Board of Directors declared a quarterly cash dividend of one dollar and forty-one cents ($1.41) per share of Company
common stock, payable on August 20, 2024 to shareholders of record at the close of business on July 22, 2024. The per share dividend of
$1.41 is an increase of eleven cents from the previous quarterly dividend of $1.30 per share. On the same date, the Board added $20.0
billion to the Company’s current share repurchase authorization, which was launched in 2022 with no expiration date. With the new
authorization, the Company may repurchase up to approximately $21.8 billion of its common stock. On the same date, the Company issued
a press release announcing the dividend increase and updated repurchase authorization. A copy of the press release is attached hereto
as Exhibit 99.1.
The information
in this Current Report on Form 8-K, including Exhibit 99.1 is being furnished in accordance with the provisions of General Instructions
B.2 of Form 8-K.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
CATERPILLAR
INC. |
|
|
|
June 14, 2024 |
By: |
/s/
Derek Owens |
|
|
Derek Owens |
|
|
Chief Legal Officer and General
Counsel |
Exhibit 99.1
Caterpillar contact:
Tiffany Heikkila
Global Government & Corporate Affairs
832-573-0958
Tiffany.Heikkila@cat.com
FOR IMMEDIATE RELEASE
Caterpillar
Inc. Increases Dividend and
Increases
Share Repurchase Authorization
IRVING, Texas, June 12, 2024 – The Board
of Directors of Caterpillar Inc. (NYSE: CAT) voted today to raise the quarterly dividend by eleven cents, an 8% increase, to one dollar
and forty-one cents ($1.41) per share of common stock, payable August 20, 2024, to shareholders of record at the close of business on
July 22, 2024. The Board of Directors also added $20 billion to its current share repurchase authorization, which was launched in 2022
with no expiration date. With the new authorization, Caterpillar Inc. may repurchase up to approximately $21.8 billion of its common
stock. Caterpillar expects to continue to return substantially all Machinery, Energy & Transportation (ME&T) free cash flow to
shareholders over time through dividends and share repurchases.
“We continue to generate robust ME&T free cash
flow through the execution of our enterprise strategy for long-term profitable growth,” said Caterpillar Chairman and CEO Jim Umpleby.
“Our strong financial performance supports increasing
our quarterly dividend and share repurchase authorization, which aligns with our commitment to return substantially all ME&T free
cash flow to shareholders over time.”
Caterpillar has paid a cash dividend every year since the
company was formed and has paid a quarterly dividend since 1933. Caterpillar has paid higher annual dividends to shareholders for 30 consecutive
years and is recognized as a member of the S&P 500 Dividend Aristocrats Index.
Caterpillar: Confidential
Green
# # #
About Caterpillar
With 2023 sales and revenues of $67.1 billion, Caterpillar Inc. is
the world’s leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas
turbines and diesel-electric locomotives. For nearly 100 years, we’ve been helping customers build a better, more sustainable world
and are committed and contributing to a reduced-carbon future. Our innovative products and services, backed by our global dealer network,
provide exceptional value that helps customers succeed. Caterpillar does business on every continent, principally operating through three
primary segments – Construction Industries, Resource Industries and Energy & Transportation – and providing financing
and related services through our Financial Products segment. Visit us at caterpillar.com or join the conversation on our social
media channels at caterpillar.com/en/news/social-media.html.
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