Caterpillar (CAT) 10-Q1 May 242024 Q1 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page	3 Months Ended
Cover Page	Mar. 31, 2024 shares
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	1-768
Entity Registrant Name	CATERPILLAR INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	37-0602744
Entity Address, Address Line One	5205 N. O'Connor Boulevard,
Entity Address, Address Line Two	Suite 100,
Entity Address, City or Town	Irving,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75039
City Area Code	972
Local Phone Number	891-7700
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	489,272,920
Entity Central Index Key	0000018230
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock ($1.00 par value)
Trading Symbol	CAT
Security Exchange Name	NYSE
5.3% Debentures due September 15, 2035
Entity Information [Line Items]
Title of 12(b) Security	5.3% Debentures due September 15, 2035
Trading Symbol	CAT35
Security Exchange Name	NYSE

Consolidated Statement of Resul

Consolidated Statement of Results of Operations - USD ($) shares in Millions, $ in Millions		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Sales and revenues:
Total sales and revenues		$ 15,799	$ 15,862
Operating costs:
Cost of goods sold		9,662	10,103
Selling, general and administrative expenses		1,577	1,463
Research and development expenses		520	472
Other operating (income) expenses		223	876
Total operating costs		12,280	13,131
Operating profit		3,519	2,731
Other income (expense)		156	32
Consolidated profit before taxes		3,532	2,634
Provision (benefit) for income taxes		688	708
Profit of consolidated companies		2,844	1,926
Equity in profit (loss) of unconsolidated affiliated companies		10	16
Profit of consolidated and affiliated companies		2,854	1,942
Less: Profit (loss) attributable to noncontrolling interests		(2)	(1)
Profit	[1]	$ 2,856	$ 1,943
Profit per common share (in dollars per share)		$ 5.78	$ 3.76
Profit per common share - diluted (in dollars per share)	[2]	$ 5.75	$ 3.74
Weighted-average common shares outstanding (millions)
Basic (in shares)		493.9	516.2
Diluted (in shares)	[2]	496.9	519.4
Machinery, Energy & Transportation
Sales and revenues:
Total sales and revenues		$ 14,960	$ 15,099
Financial Products
Sales and revenues:
Total sales and revenues		839	763
Operating costs:
Interest expense of Financial Products		298	217
All other excluding Financial Products
Operating costs:
Interest expense excluding Financial Products		$ 143	$ 129

[1]Profit attributable to common shareholders.[2]Diluted by assumed exercise of stock-based compensation awards using the treasury stock method.

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Profit of consolidated and affiliated companies	$ 2,854	$ 1,942
Other comprehensive income (loss), net of tax (Note 13):
Foreign currency translation, net of tax	(257)	607
Pension and other postretirement benefits, net of tax	(3)	(2)
Derivative financial instruments:	0	84
Available-for-sale securities, net of tax	(13)	22
Total other comprehensive income (loss), net of tax	(273)	711
Comprehensive income	2,581	2,653
Less: comprehensive income attributable to the noncontrolling interests	(2)	(1)
Comprehensive income attributable to shareholders	$ 2,583	$ 2,654

Consolidated Statement of Finan

Consolidated Statement of Financial Position - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 4,959	$ 6,978
Receivables – trade and other	9,296	9,310
Receivables – finance	9,446	9,510
Prepaid expenses and other current assets	3,010	4,586
Inventories	16,953	16,565
Total current assets	43,664	46,949
Property, plant and equipment – net	12,538	12,680
Long-term receivables – trade and other	1,200	1,238
Long-term receivables – finance	12,531	12,664
Noncurrent deferred and refundable income taxes	2,860	2,816
Intangible assets	516	564
Goodwill	5,277	5,308
Other assets	5,155	5,257
Total assets	83,741	87,476
Short-term borrowings:
Accounts payable	7,778	7,906
Accrued expenses	4,821	4,958
Accrued wages, salaries and employee benefits	1,291	2,757
Customer advances	2,194	1,929
Dividends payable	0	649
Other current liabilities	3,265	3,123
Long-term debt due within one year:
Total current liabilities	32,371	34,728
Long-term debt due after one year:
Liability for postemployment benefits	4,068	4,098
Other liabilities	4,826	4,675
Total liabilities	66,096	67,973
Commitments and contingencies (Notes 11 and 14)
Shareholders’ equity
Common stock, authorized and issued	5,663	6,403
Treasury stock: (3/31/24 – 325,621,704 shares; 12/31/23 – 315,517,355 shares) at cost	(40,039)	(36,339)
Profit employed in the business	54,108	51,250
Accumulated other comprehensive income (loss)	(2,093)	(1,820)
Noncontrolling interests	6	9
Total shareholders’ equity	17,645	19,503
Total liabilities and shareholders’ equity	83,741	87,476
Financial Products
Short-term borrowings:
Short-term borrowings	3,568	4,643
Long-term debt due within one year:
Long-term debt due within one year	8,409	7,719
Long-term debt due after one year:
Long-term debt due after one year	16,292	15,893
Machinery, Energy & Transportation
Long-term debt due within one year:
Long-term debt due within one year	1,045	1,044
Long-term debt due after one year:
Long-term debt due after one year	$ 8,539	$ 8,579

Consolidated Statement of Fin_2

Consolidated Statement of Financial Position (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, authorized (in shares)	2,000,000,000	2,000,000,000
Common stock, issued (in shares)	814,894,624	814,894,624
Treasury stock (in shares)	325,621,704	315,517,355

Consolidated Statement of Chang

Consolidated Statement of Changes in Shareholders' Equity - USD ($) $ in Millions		Total	Common stock	Treasury stock	Profit employed in the business	Accumulated other comprehensive income (loss)	Noncontrolling interests
Beginning balance at Dec. 31, 2022		$ 15,891	$ 6,560	$ (31,748)	$ 43,514	$ (2,457)	$ 22
Increase (Decrease) in Shareholders' Equity
Profit of consolidated and affiliated companies		1,942			1,943		(1)
Foreign currency translation, net of tax		607				607
Pension and other postretirement benefits, net of tax		(2)				(2)
Derivative financial instruments, net of tax		84				84
Available-for-sale securities, net of tax		22				22
Common shares issued from treasury stock for stock-based compensation		(25)	(66)	41
Stock-based compensation expense		44	44
Common shares repurchased	[1]	(400)		(400)
Other		7	8	(1)
Ending balance at Mar. 31, 2023		18,170	6,546	(32,108)	45,457	(1,746)	21
Beginning balance at Dec. 31, 2023		19,503	6,403	(36,339)	51,250	(1,820)	9
Increase (Decrease) in Shareholders' Equity
Profit of consolidated and affiliated companies		2,854			2,856		(2)
Foreign currency translation, net of tax		(257)				(257)
Pension and other postretirement benefits, net of tax		(3)				(3)
Available-for-sale securities, net of tax		(13)				(13)
Dividends declared		2			2
Common shares issued from treasury stock for stock-based compensation		(8)	(45)	37
Stock-based compensation expense		44	44
Common shares repurchased	[1]	(3,705)		(3,705)
Outstanding authorized accelerated share repurchase		(750)	(750)
Other		(22)	11	(32)			(1)
Ending balance at Mar. 31, 2024		$ 17,645	$ 5,663	$ (40,039)	$ 54,108	$ (2,093)	$ 6

[1]See Note 12 for additional information.

Consolidated Statement of Cha_2

Consolidated Statement of Changes in Shareholders' Equity (Parenthetical) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Common shares issued, Shares, from treasury stock for stock-based compensation (in shares)	1,224,138	1,276,331
Common shares repurchased (in shares)	11,328,487	1,701,760

Consolidated Statement of Cash

Consolidated Statement of Cash Flow - USD ($) $ in Millions	3 Months Ended
Consolidated Statement of Cash Flow - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Cash flow from operating activities:
Profit of consolidated and affiliated companies	$ 2,854	$ 1,942
Adjustments to reconcile profit to net cash provided by operating activities:
Depreciation and amortization	524	532
Provision (benefit) for deferred income taxes	(54)	(191)
(Gain) loss on divestiture	(64)	572
Other	(5)	117
Changes in assets and liabilities, net of acquisitions and divestitures:
Receivables – trade and other	(81)	(329)
Inventories	(439)	(1,403)
Accounts payable	203	477
Accrued expenses	(38)	38
Accrued wages, salaries and employee benefits	(1,454)	(950)
Customer advances	279	365
Other assets – net	60	107
Other liabilities – net	267	296
Net cash provided by (used for) operating activities	2,052	1,573
Cash flow from investing activities:
Capital expenditures – excluding equipment leased to others	(500)	(422)
Expenditures for equipment leased to others	(236)	(328)
Proceeds from disposals of leased assets and property, plant and equipment	155	184
Additions to finance receivables	(3,256)	(3,020)
Collections of finance receivables	3,140	3,169
Proceeds from sale of finance receivables	13	24
Investments and acquisitions (net of cash acquired)	0	(5)
Proceeds from sale of businesses and investments (net of cash sold)	42	(14)
Proceeds from maturities and sale of securities	1,867	239
Investments in securities	(275)	(536)
Other – net	8	26
Net cash provided by (used for) investing activities	958	(683)
Cash flow from financing activities:
Dividends paid	(648)	(620)
Common stock issued, including treasury shares reissued	(8)	(25)
Common shares repurchased	(4,455)	(400)
Proceeds from debt issued (original maturities greater than three months):	2,731	1,517
Short-term borrowings – net (original maturities three months or less)	(1,050)	(103)
Net cash provided by (used for) financing activities	(5,000)	(1,106)
Effect of exchange rate changes on cash	(30)	(1)
Increase (decrease) in cash, cash equivalents and restricted cash	(2,020)	(217)
Cash and short-term investments and restricted cash at beginning of period	6,985	7,013
Cash and short-term investments and restricted cash at end of period	4,965	6,796
Machinery, Energy & Transportation
Cash flow from financing activities:
Payments on debt (original maturities greater than three months):	(6)	(90)
Financial Products
Cash flow from financing activities:
Payments on debt (original maturities greater than three months):	$ (1,564)	$ (1,385)

Nature of Operations and Basis

Nature of Operations and Basis of Presentation	3 Months Ended
Nature of Operations and Basis of Presentation	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations and Basis of Presentation	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, 2024 and 2023, (b) the consolidated comprehensive income for the three months ended March 31, 2024 and 2023, (c) the consolidated financial position at March 31, 2024 and December 31, 2023, (d) the consolidated changes in shareholders’ equity for the three months ended March 31, 2024 and 2023 and (e) the consolidated cash flow for the three months ended March 31, 2024 and 2023. 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, 2023 (2023 Form 10-K). The December 31, 2023 financial position data included herein is derived from the audited consolidated financial statements included in the 2023 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.

New Accounting Guidance

New Accounting Guidance	3 Months Ended
New Accounting Guidance	Mar. 31, 2024
Accounting Changes and Error Corrections [Abstract]
New Accounting Guidance	New accounting guidance A. Adoption of new accounting standards We consider the applicability and impact of all ASUs. We adopted the following ASUs effective January 1, 2024, none of which had a material impact on our financial statements: ASU Description 2022-03 Fair value measurement – Equity securities subject to contractual sale restrictions 2023-01 Leases – Common control arrangements 2023-02 Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method B. Accounting standards issued but not yet adopted Segment reporting (ASU 2023-07) — In November 2023, the Financial Accounting Standards Board (FASB) issued accounting guidance that requires incremental disclosures related to reportable segments which includes significant segment expense categories and amounts for each reportable segment. The expanded annual disclosures are effective for our year ending December 31, 2024, and the expanded interim disclosures are effective in 2025 and will be applied retrospectively to all prior periods presented. We are in the process of evaluating the effect of this new guidance on the related disclosures. Income tax reporting (ASU 2023-09) — In December 2023, the FASB issued accounting guidance to expand the annual disclosure requirements for income taxes, primarily related to the rate reconciliation and income taxes paid. This guidance is effective January 1, 2025, with early adoption permitted. This guidance can be applied prospectively or retrospectively. We are in the process of evaluating the effect of this new guidance on the related disclosures. All other ASUs issued but not yet adopted were assessed and determined that they either were not applicable or were not expected to have a material impact on our financial statements.

Sales and Revenue Contract Info

Sales and Revenue Contract Information	3 Months Ended
Sales and Revenue Contract Information	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Sales and Revenue Contract Information	Sales and revenue contract information Trade receivables represent amounts due from dealers and end users for the sale of our products, and include amounts due from wholesale inventory financing provided by Cat Financial for a dealer’s purchase of inventory. We recognize trade receivables from dealers and end users in Receivables – trade and other and Long-term receivables – trade and other in the Consolidated Statement of Financial Position. Trade receivables from dealers and end users were $7,860 million, $7,923 million and $7,551 million as of March 31, 2024, December 31, 2023 and December 31, 2022, respectively. Long-term trade receivables from dealers and end users were $604 million, $589 million and $506 million as of March 31, 2024, December 31, 2023 and December 31, 2022, respectively. For certain contracts, we invoice for payment when contractual milestones are achieved. We recognize a contract asset when a sale is recognized before achieving the contractual milestones for invoicing. We reduce the contract asset when we invoice for payment and recognize a corresponding trade receivable. Contract assets are included in Prepaid expenses and other current assets in the Consolidated Statement of Financial Position. Contract assets were $196 million, $246 million and $247 million as of March 31, 2024, December 31, 2023 and December 31, 2022, respectively. 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 $2,664 million, $2,389 million and $2,314 million as of March 31, 2024, December 31, 2023 and December 31, 2022, respectively. We reduce the contract liability when revenue is recognized. During the three months ended March 31, 2024 and 2023, we recognized $813 million and $737 million, respectively, of revenue that was recorded as a contract liability at the beginning of 2024 and 2023. As of March 31, 2024, 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 $12.5 billion, with about one-half of the amount expected to be completed and revenue recognized in the twelve months following March 31, 2024. 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.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
Stock-Based Compensation	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	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 consists of stock options, restricted stock units (RSUs) and performance-based restricted stock units (PRSUs). We recognized pretax stock-based compensation expense of $44 million for both the three months ended March 31, 2024 and 2023, respectively. The following table illustrates the type and fair value of the stock-based compensation awards granted during the three months ended March 31, 2024 and 2023, respectively: Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Shares Granted Weighted-Average Fair Value Per Share Weighted-Average Grant Date Stock Price Shares Granted Weighted-Average Fair Value Per Share Weighted-Average Grant Date Stock Price Stock options 296,295 $ 104.27 $ 338.65 777,275 $ 75.79 $ 253.98 RSUs 379,621 $ 338.65 $ 338.65 379,426 $ 253.98 $ 253.98 PRSUs 169,120 $ 408.64 $ 338.65 221,869 $ 253.98 $ 253.98 The fair value of our stock options was estimated using the Black-Scholes option-pricing model. The following table provides the assumptions used in determining the fair value of the stock-options granted in the three months ended March 31, 2024 and 2023, respectively: Grant Year 2024 2023 Weighted-average dividend yield 2.40% 2.60% Weighted-average volatility 30.7% 31.0% Range of volatilities 26.3% - 32.3% 28.5% - 35.5% Range of risk-free interest rates 4.28% - 5.03% 3.92% - 5.03% Weighted-average expected lives 7 years 7 years The PRSUs granted in 2024 contain a market condition and a Monte Carlo simulation was utilized to estimate the fair value of the awards. The following table provides the assumptions used in determining the fair value of the PRSUs granted in the three months ended March 31, 2024: Grant Year 2024 Expected volatility of the Company's stock 29.8% Risk-free interest rate 4.38%

Derivative Financial Instrument

Derivative Financial Instruments and Risk Management	3 Months Ended
Derivative Financial Instruments and Risk Management	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments and Risk Management	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, commodity prices, and certain deferred compensation plan liabilities. Our Risk Management Policy (policy) allows for the use of derivative financial instruments to prudently manage foreign currency exchange rate, interest rate, commodity price and certain deferred compensation plan liability 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, commodity forward and option contracts and total return swap 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 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. 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, 2024, the maximum term of these outstanding contracts at inception was approximately 60 months. We generally designate as cash flow hedges at inception of the contract any foreign currency 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. 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. Deferred Compensation Plan Liability Risk We are also exposed to variability in compensation expense related to certain non-qualified deferred compensation obligations to employees. We utilize total return swaps to economically hedge this exposure to offset the related compensation expense. All such total return swap 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) Fair Value March 31, 2024 December 31, 2023 Assets 1 Liabilities 2 Assets 1 Liabilities 2 Designated derivatives Foreign exchange contracts $ 413 $ (101) $ 389 $ (155) Interest rate contracts 29 (246) 58 (209) Total $ 442 $ (347) $ 447 $ (364) Undesignated derivatives Foreign exchange contracts $ 32 $ (24) $ 55 $ (82) Commodity contracts 5 (10) 18 (9) Total return swap contracts 21 — — — Total $ 58 $ (34) $ 73 $ (91) 1 Assets are classified on the Consolidated Statement of Financial Position as Receivables - trade and other or Long-term receivables - trade and other. 2 Liabilities are classified on the Consolidated Statement of Financial Position as Accrued expenses or Other liabilities. The total notional amounts of the derivative instruments as of March 31, 2024 and December 31, 2023 were $24.2 billion and $25.6 billion, respectively. 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, commodity prices or certain deferred compensation plan liabilities. Gains (Losses) on derivative instruments are categorized as follows: (Millions of dollars) Three Months Ended March 31, Fair Value / Undesignated Hedges Cash Flow Hedges Gains (Losses) Recognized on the Consolidated Statement of Results of Operations 1 Gains (Losses) Recognized in AOCI Gains (Losses) Reclassified from AOCI 2 2024 2023 2024 2023 2024 2023 Foreign exchange contracts $ 29 $ (28) $ 95 $ 58 $ 91 $ (65) Interest rate contracts (36) (27) 11 (2) 15 13 Commodity contracts (10) 8 — — — — Total return swap contracts 30 — — — — — Total $ 13 $ (47) $ 106 $ 56 $ 106 $ (52) 1 Foreign exchange contract, Commodity contract and Total return swap contract gains (losses) are included in Other income (expense) in the Consolidated Statement of Financial Position. Interest rate contract gains (losses) are included in Interest expense of Financial Products and Interest expense excluding Financial Products on the Consolidated Statement of Financial Position. 2 Foreign exchange contract gains (losses) are primarily included in Other income (expense) on the Consolidated Statement of Financial Position. Interest rate contract gains (losses) are primarily included in Interest expense of Financial Products on the Consolidated Statement of Financial Position. The following amounts were recorded on the Consolidated Statement of Financial Position related to cumulative basis adjustments for fair value hedges: (Millions of dollars) Carrying Value of the Hedged Liabilities Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Value of the Hedged Liabilities March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Long-term debt due within one year $ 786 $ 982 $ (18) $ (23) Long-term debt due after one year 4,880 4,245 (220) (156) Total $ 5,666 $ 5,227 $ (238) $ (179) We enter into International Swaps and Derivatives Association (ISDA) master netting agreements within ME&T and Financial Products that permit the net settlement of amounts owed under their respective derivative contracts. Under these master netting agreements, net settlement generally permits the company or the counterparty to determine the net amount payable for contracts due on the same date and in the same currency for similar types of derivative transactions. The master netting agreements may also provide for net settlement of all outstanding contracts with a counterparty in the case of an event of default or a termination event. Collateral is typically not required of the counterparties or of our company under the master netting agreements. As of March 31, 2024 and December 31, 2023, no cash collateral was received or pledged under the master netting agreements. The effect of the net settlement provisions of the master netting agreements on our derivative balances upon an event of default or termination event was as follows: (Millions of dollars) March 31, 2024 December 31, 2023 Assets Liabilities Assets Liabilities Gross Amounts Recognized $ 500 $ (381) $ 520 $ (455) Financial Instruments Not Offset (136) 136 (202) 202 Net Amount $ 364 $ (245) $ 318 $ (253)

Inventories

Inventories	3 Months Ended
Inventories	Mar. 31, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories (principally using the last-in, first-out (LIFO) method) were comprised of the following: (Millions of dollars) March 31, December 31, Raw materials $ 6,605 $ 6,492 Work-in-process 1,614 1,411 Finished goods 8,372 8,308 Supplies 362 354 Total inventories $ 16,953 $ 16,565

Intangible Assets and Goodwill

Intangible Assets and Goodwill	3 Months Ended
Intangible Assets and Goodwill	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets and Goodwill	Intangible assets and goodwill A. Intangible assets Intangible assets were comprised of the following: March 31, 2024 (Millions of dollars) Gross Accumulated Net Customer relationships $ 2,226 $ (1,847) $ 379 Intellectual property 481 (384) 97 Other 117 (77) 40 Total finite-lived intangible assets $ 2,824 $ (2,308) $ 516 December 31, 2023 Gross Accumulated Net Customer relationships $ 2,232 $ (1,814) $ 418 Intellectual property 484 (380) 104 Other 117 (75) 42 Total finite-lived intangible assets $ 2,833 $ (2,269) $ 564 Amortization expense for the three months ended March 31, 2024 and 2023 was $44 million and $66 million, respectively. Amortization expense related to intangible assets is expected to be: (Millions of dollars) Remaining Nine Months of 2024 2025 2026 2027 2028 Thereafter $130 $165 $94 $31 $24 $72 B. Goodwill No goodwill was impaired during the three months ended March 31, 2024 or 2023. The changes in carrying amount of goodwill by reportable segment for the three months ended March 31, 2024 were as follows: (Millions of dollars) December 31, Other Adjustments 1 March 31, Construction Industries Goodwill $ 277 $ (9) $ 268 Impairments (22) — (22) Net goodwill 255 (9) 246 Resource Industries Goodwill 4,151 (12) 4,139 Impairments (1,175) — (1,175) Net goodwill 2,976 (12) 2,964 Energy & Transportation Goodwill 2,959 (7) 2,952 Impairments (925) — (925) Net goodwill 2,034 (7) 2,027 All Other 2 Goodwill 43 (3) 40 Consolidated total Goodwill 7,430 (31) 7,399 Impairments (2,122) — (2,122) Net goodwill $ 5,308 $ (31) $ 5,277 1 Other adjustments are comprised primarily of foreign currency translation. 2 Includes All Other Segment (See Note 16).

Investments in Debt and Equity

Investments in Debt and Equity Securities	3 Months Ended
Investments in Debt and Equity Securities	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Investments in Debt and Equity Securities	Investments in debt and equity securities We have investments in certain debt and equity securities, which we record at fair value and primarily include in Other assets in the Consolidated Statement of Financial Position. We classify debt securities primarily as available-for-sale. We include the unrealized gains and losses arising from the revaluation of available-for-sale debt securities, net of applicable deferred income taxes, in equity (AOCI in the Consolidated Statement of Financial Position). We include the unrealized gains and losses arising from the revaluation of the equity securities in Other income (expense) in the Consolidated Statement of Results of Operations. We generally determine realized gains and losses on sales of investments using the specific identification method for available-for-sale debt and equity securities and include them in Other income (expense) in the Consolidated Statement of Results of Operations. The cost basis and fair value of available-for-sale debt securities with unrealized gains and losses included in equity (AOCI in the Consolidated Statement of Financial Position) were as follows: Available-for-sale debt securities March 31, 2024 December 31, 2023 (Millions of dollars) Cost Basis Unrealized Pretax Net Gains (Losses) Fair Value Cost Basis Unrealized Pretax Net Gains (Losses) Fair Value Government debt securities U.S. treasury bonds $ 10 $ — $ 10 $ 10 $ — $ 10 Other U.S. and non-U.S. government bonds 62 (3) 59 62 (2) 60 Corporate debt securities Corporate bonds and other debt securities 2,927 (47) 2,880 3,031 (36) 2,995 Asset-backed securities 196 (2) 194 195 (3) 192 Mortgage-backed debt securities U.S. governmental agency 448 (30) 418 433 (23) 410 Residential 3 (1) 2 3 (1) 2 Commercial 135 (7) 128 137 (9) 128 Total available-for-sale debt securities $ 3,781 $ (90) $ 3,691 $ 3,871 $ (74) $ 3,797 Available-for-sale debt securities in an unrealized loss position: March 31, 2024 Less than 12 months 1 12 months or more 1 Total (Millions of dollars) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Government debt securities Other U.S. and non-U.S. government bonds $ 10 $ — $ 25 $ 3 $ 35 $ 3 Corporate debt securities Corporate bonds 939 5 874 46 1,813 51 Asset-backed securities 20 — 55 3 75 3 Mortgage-backed debt securities U.S. governmental agency 81 1 286 30 367 31 Commercial 6 — 114 8 120 8 Total $ 1,056 $ 6 $ 1,354 $ 90 $ 2,410 $ 96 December 31, 2023 Less than 12 months 1 12 months or more 1 Total (Millions of dollars) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Government debt securities Other U.S. and non-U.S. government bonds $ — $ — $ 25 $ 3 $ 25 $ 3 Corporate debt securities Corporate bonds 765 — 1,011 45 1,776 45 Asset-backed securities 9 — 97 3 106 3 Mortgage-backed debt securities U.S. governmental agency 33 — 287 25 320 25 Commercial 2 — 121 9 123 9 Total $ 809 $ — $ 1,541 $ 85 $ 2,350 $ 85 1 Indicates the length of time that individual securities have been in a continuous unrealized loss position. The unrealized losses on our investments in government debt securities, corporate debt securities, and mortgage-backed debt securities relate to changes in underlying interest rates and credit spreads since time of purchase. We do not intend to sell the investments, and it is not likely that we will be required to sell the investments before recovery of their respective amortized cost basis. In addition, we did not expect credit-related losses on these investments as of March 31, 2024. The cost basis and fair value of available-for-sale debt securities at March 31, 2024, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to prepay and creditors may have the right to call obligations. March 31, 2024 (Millions of dollars) Cost Basis Fair Value Due in one year or less $ 964 $ 953 Due after one year through five years 1,865 1,828 Due after five years through ten years 281 277 Due after ten years 85 85 U.S. governmental agency mortgage-backed securities 448 418 Residential mortgage-backed securities 3 2 Commercial mortgage-backed securities 135 128 Total debt securities – available-for-sale $ 3,781 $ 3,691 Sales of available-for-sale debt securities: Three Months Ended March 31, (Millions of dollars) 2024 2023 Proceeds from the sale of available-for-sale securities $ 361 $ 223 Gross gains from the sale of available-for-sale securities $ — $ — Gross losses from the sale of available-for-sale securities $ 1 $ — In addition, we had $400 million and $1,900 million of investments in time deposits classified as held-to-maturity debt securities as of March 31, 2024 and December 31, 2023. All these investments mature within one year and we include them in Prepaid expenses and other current assets in the Consolidated Statement of Financial Position. We record held-to-maturity debt securities at amortized cost, which approximates fair value. For the three months ended March 31, 2024 and 2023, the net unrealized gains (losses) for equity securities held at March 31, 2024 and 2023 were $17 million and $(8) million, respectively.

Postretirement Benefits

Postretirement Benefits	3 Months Ended
Postretirement Benefits	Mar. 31, 2024
Retirement Benefits [Abstract]
Postretirement Benefits	Postretirement benefits A. Pension and postretirement benefit costs U.S. Pension Benefits Non-U.S. Pension Benefits Other Postretirement Benefits March 31, March 31, March 31, (Millions of dollars) 2024 2023 2024 2023 2024 2023 For the three months ended: Components of net periodic benefit cost: Service cost $ — $ — $ 11 $ 10 $ 17 $ 17 Interest cost 156 164 30 31 33 36 Expected return on plan assets (175) (172) (42) (40) (2) (3) Amortization of prior service cost (credit) — — — — (3) (3) Net periodic benefit cost (benefit) 1 $ (19) $ (8) $ (1) $ 1 $ 45 $ 47 1 The service cost component is included in Operating costs in the Consolidated Statement of Results of Operations. All other components are included in Other income (expense) in the Consolidated Statement of Results of Operations. We made $113 million of contributions to our pension and other postretirement plans during the three months ended March 31, 2024, respectively. We currently anticipate full-year 2024 contributions of approximately $273 million. B. Defined contribution benefit costs Total company costs related to our defined contribution plans, which are included in Operating Costs in the Consolidated Statement of Results of Operations, were as follows: Three Months Ended March 31, (Millions of dollars) 2024 2023 U.S. Plans 1 $ 223 $ 149 Non-U.S. Plans 30 29 $ 253 $ 178 1 Includes costs related to our non-qualified deferred compensation plans. We utilize total return swaps to economically hedge this exposure to offset the related costs. See Note 5 for additional information.

Leases

Leases	3 Months Ended
Leases	Mar. 31, 2024
Leases [Abstract]
Leases	Leases Revenues from finance and operating leases, primarily included in Revenues of Financial Products Three Months Ended March 31, (Millions of dollars) 2024 2023 Finance lease revenue $ 108 $ 104 Operating lease revenue 313 275 Total $ 421 $ 379
Leases	Leases Revenues from finance and operating leases, primarily included in Revenues of Financial Products Three Months Ended March 31, (Millions of dollars) 2024 2023 Finance lease revenue $ 108 $ 104 Operating lease revenue 313 275 Total $ 421 $ 379

Guarantees and Product Warranty

Guarantees and Product Warranty	3 Months Ended
Guarantees and Product Warranty	Mar. 31, 2024
Guarantees and Product Warranties [Abstract]
Guarantees and Product Warranty	Guarantees and product warranty We have provided various guarantees that have varying terms and limit potential payment. Under the guarantees, non-performance by the third-parties could require Caterpillar to satisfy the contractual obligation by providing goods, services or financial compensation. The maximum potential amount of future payments (undiscounted and without reduction for any amounts possibly recoverable) that we could be required to make under the guarantees was $319 million and $353 million at March 31, 2024 and December 31, 2023, respectively. We have dealer performance guarantees and third-party performance guarantees that do not limit potential payment to end users related to indemnities and other commercial contractual obligations. In addition, we have entered into contracts involving industry standard indemnifications that do not limit potential payment. For these unlimited guarantees, we are unable to estimate a maximum potential amount of future payments that could result from claims made. No significant loss has been experienced or is anticipated under any of these guarantees. Cat Financial provides guarantees to purchase certain loans of Caterpillar dealers from a special-purpose corporation (SPC) that qualifies as a variable interest entity. Cat Financial receives a fee for providing this guarantee. The purpose of the SPC is to provide short-term working capital loans to Caterpillar dealers. This SPC issues commercial paper and uses the proceeds to fund its loan program. Cat Financial is the primary beneficiary of the SPC as its guarantees result in Cat Financial having both the power to direct the activities that most significantly impact the SPC’s economic performance and the obligation to absorb losses, and therefore Cat Financial has consolidated the financial statements of the SPC. As of March 31, 2024 and December 31, 2023, the SPC’s assets of $1.33 billion and $1.35 billion, respectively, were primarily comprised of loans to dealers, and the SPC’s liabilities of $1.33 billion and $1.35 billion, respectively, were primarily comprised of commercial paper. The assets of the SPC are not available to pay Cat Financial’s creditors. Cat Financial may be obligated to perform under the guarantee if the SPC experiences losses. No loss has been experienced or is anticipated under this loan purchase agreement. We determine our product warranty liability by applying historical claim rate experience to the current field population and dealer inventory. Generally, we base historical claim rates on actual warranty experience for each product by machine model/engine size by customer or dealer location (inside or outside North America). We develop specific rates for each product shipment month and update them monthly based on actual warranty claim experience. The reconciliation of the change in our product warranty liability balances for the three months ended March 31 was as follows: Three Months Ended March 31, (Millions of dollars) 2024 2023 Warranty liability, beginning of period $ 1,894 $ 1,761 Reduction in liability (payments) (199) (213) Increase in liability (new warranties) 133 246 Warranty liability, end of period $ 1,828 $ 1,794

Profit Per Share

Profit Per Share	3 Months Ended
Profit Per Share	Mar. 31, 2024
Earnings Per Share Reconciliation [Abstract]
Profit Per Share	Profit per share Computations of profit per share: Three Months Ended March 31, (Dollars in millions except per share data) 2024 2023 Profit for the period (A) 1 $ 2,856 $ 1,943 Determination of shares (in millions): Weighted-average number of common shares outstanding (B) 493.9 516.2 Shares issuable on exercise of stock awards, net of shares assumed to be purchased out of proceeds at average market price 3.0 3.2 Average common shares outstanding for fully diluted computation (C) 2 496.9 519.4 Profit per share of common stock: Assuming no dilution (A/B) $ 5.78 $ 3.76 Assuming full dilution (A/C) 2 $ 5.75 $ 3.74 Shares outstanding as of March 31, (in millions) 489.3 515.9 1 Profit attributable to common shareholders. 2 Diluted by assumed exercise of stock-based compensation awards using the treasury stock method. For the three months ended March 31, 2024 and 2023, we excluded 0.3 million and 0.8 million of outstanding stock options, respectively, from the computation of diluted earnings per share because the effect would have been antidilutive. For the three months ended March 31, 2024 and 2023, we repurchased 11.3 million and 1.7 million shares of Caterpillar common stock, respectively, at an aggregate cost of $3,705 million and $400 million, respectively. We made these purchases through the combination of accelerated stock repurchase (ASR) agreements with third-party financial institutions and open market transactions in 2024 and open market transactions in 2023. In February 2024, we entered into ASR agreements to repurchase an aggregate of $3.50 billion of common stock. We advanced the $3.50 billion and received approximately 7.6 million shares of Caterpillar common stock with a value of $2.45 billion. The ASR agreements may last for up to nine months. The final number of shares to ultimately be purchased will be based on the average of the daily volume-weighted average prices of our common stock during the term of the ASR agreements, less a discount and subject to adjustments pursuant to the terms and conditions of the ASR agreements. The remaining $1.05 billion was evaluated as an unsettled forward contract and was classified as a reduction to Common stock within the Consolidated Statement of Financial Position.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
Accumulated Other Comprehensive Income (Loss)	Mar. 31, 2024
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated other comprehensive income (loss) We present comprehensive income and its components in the Consolidated Statement of Comprehensive Income. Changes in the balances for each component of AOCI were as follows: Three Months Ended March 31, (Millions of dollars) 2024 2023 Foreign currency translation: Beginning balance $ (1,782) $ (2,328) Gains (losses) on foreign currency translation (213) 103 Less: Tax provision /(benefit) 11 (10) Net gains (losses) on foreign currency translation (224) 113 (Gains) losses reclassified to earnings (33) 494 Less: Tax provision /(benefit) — — Net (gains) losses reclassified to earnings (33) 494 Other comprehensive income (loss), net of tax (257) 607 Ending balance $ (2,039) $ (1,721) Pension and other postretirement benefits Beginning balance $ (49) $ (39) Current year prior service credit (cost) — — Less: Tax provision /(benefit) — — Net current year prior service credit (cost) — — Amortization of prior service (credit) cost (3) (3) Less: Tax provision /(benefit) — (1) Net amortization of prior service (credit) cost (3) (2) Other comprehensive income (loss), net of tax (3) (2) Ending balance $ (52) $ (41) Derivative financial instruments Beginning balance $ 67 $ 28 Gains (losses) deferred 106 56 Less: Tax provision /(benefit) 28 12 Net gains (losses) deferred 78 44 (Gains) losses reclassified to earnings (106) 52 Less: Tax provision /(benefit) (28) 12 Net (gains) losses reclassified to earnings (78) 40 Other comprehensive income (loss), net of tax — 84 Ending balance $ 67 $ 112 Available-for-sale securities Beginning balance $ (56) $ (118) Gains (losses) deferred (17) 26 Less: Tax provision /(benefit) (3) 4 Net gains (losses) deferred (14) 22 (Gains) losses reclassified to earnings 1 — Less: Tax provision /(benefit) — — Net (gains) losses reclassified to earnings 1 — Other comprehensive income (loss), net of tax (13) 22 Ending balance $ (69) $ (96) Total AOCI Ending Balance at March 31, $ (2,093) $ (1,746)

Environmental and Legal Matters

Environmental and Legal Matters	3 Months Ended
Environmental and Legal Matters	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Environmental and Legal Matters	Environmental and legal matters The Company is regulated by federal, state and international environmental laws governing its use, transport and disposal of substances and control of emissions. In addition to governing our manufacturing and other operations, these laws often impact the development of our products, including, but not limited to, required compliance with air emissions standards applicable to internal combustion engines. We have made, and will continue to make, significant research and development and capital expenditures to comply with these emissions standards. We are engaged in remedial activities at a number of locations, often with other companies, pursuant to federal and state laws. When it is probable we will pay remedial costs at a site, and those costs can be reasonably estimated, we accrue the investigation, remediation, and operating and maintenance costs against our earnings. We accrue costs based on consideration of currently available data and information with respect to each individual site, including available technologies, current applicable laws and regulations, and prior remediation experience. Where no amount within a range of estimates is more likely, we accrue the minimum. Where multiple potentially responsible parties are involved, we consider our proportionate share of the probable costs. In formulating the estimate of probable costs, we do not consider amounts expected to be recovered from insurance companies or others. We reassess these accrued amounts on a quarterly basis. The amount recorded for environmental remediation is not material and is included in Accrued expenses. We believe there is no more than a remote chance that a material amount for remedial activities at any individual site, or at all the sites in the aggregate, will be required. In addition, we are involved in other unresolved legal actions that arise in the normal course of business. The most prevalent of these unresolved actions involve disputes related to product design, manufacture and performance liability (including claimed asbestos exposure), contracts, employment issues, environmental matters, intellectual property rights, taxes (other than income taxes) and securities laws. The aggregate range of reasonably possible losses in excess of accrued liabilities, if any, associated with these unresolved legal actions is not material. In some cases, we cannot reasonably estimate a range of loss because there is insufficient information regarding the matter. However, we believe there is no more than a remote chance that any liability arising from these matters would be material. Although it is not possible to predict with certainty the outcome of these unresolved legal actions, we believe that these actions will not individually or in the aggregate have a material adverse effect on our consolidated results of operations, financial position or liquidity. Perkins Engines Company Limited (Perkins), a subsidiary of Caterpillar Inc., acquired the small diesel engine business of IHI Agri-Tech Corporation (IAT) in 2019. During the integration process, Perkins identified potential compliance concerns with engines manufactured and sold by IAT in California that failed to comply with the requirements of Cal. Code Regs. Tit. 13, § 2423. Perkins then submitted a voluntary self-disclosure to the California Air Resources Board (CARB) on October 15, 2019. On March 14, 2024, CARB and Perkins entered into a settlement agreement regarding the matter. Consistent with the terms of the settlement agreement, Perkins paid a civil penalty of $205,313 to CARB along with a contribution of $205,312 to a Supplemental Environmental Project entitled To Reduce Contaminated Waste & Emissions Throughout Bay View Hunters Point Community.

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income taxes The effective tax rate for the three months ended March 31, 2024 was 19.5 percent compared to 26.9 percent for the three months ended March 31, 2023. The decrease primarily resulted from nontaxable gains in the first quarter of 2024 compared to nondeductible losses in the first quarter of 2023 related to divestitures.

Segment Information

Segment Information	3 Months Ended
Segment Information	Mar. 31, 2024
Segment Reporting [Abstract]
Segment Information	Segment information A. Basis for segment information Our Executive Office is comprised of a Chief Executive Officer (CEO), Chief Operating Officer (COO), four Group Presidents, a Chief Financial Officer (CFO), a Chief Legal Officer and General Counsel and a Chief Human Resources Officer. The COO, Group Presidents and CFO are accountable for a related set of end-to-end businesses that they manage. The Chief Legal Officer and General Counsel leads the Law, Security and Public Policy Division. The Chief Human Resources Officer leads the Human Resources Organization. The CEO allocates resources and manages performance at the COO/Group President/CFO level. As such, the CEO serves as our Chief Operating Decision Maker, and operating segments are primarily based on the COO/Group President/CFO reporting structure. Three of our operating segments, Construction Industries, Resource Industries and Energy & Transportation are led by Group Presidents. One operating segment, Financial Products, is led by the CFO who also has responsibility for Corporate Services. Corporate Services is a cost center primarily responsible for the performance of certain support functions globally and to provide centralized services; it does not meet the definition of an operating segment. One Group President leads one smaller operating segment that is included in the All Other Segment. The Law, Security and Public Policy Division and the Human Resources Organization are cost centers and do not meet the definition of an operating segment. B. Description of segments We have five operating segments, of which four are reportable segments. Following is a brief description of our reportable segments and the business activities included in the All Other Segment: Construction Industries : A segment primarily responsible for supporting customers using machinery in infrastructure and building construction applications. Responsibilities include business strategy, product design, product management and development, manufacturing, marketing and sales and product support. The product portfolio includes asphalt pavers; backhoe loaders; cold planers; compactors; compact track loaders; forestry machines; material handlers; motor graders; pipelayers; road reclaimers; skid steer loaders; telehandlers; track-type loaders; track-type tractors (small, medium); track excavators (mini, small, medium, large); wheel excavators; wheel loaders (compact, small, medium); and related parts and work tools. Inter-segment sales are a source of revenue for this segment. Resource Industries : A segment primarily responsible for supporting customers using machinery in mining, heavy construction and quarry and aggregates. Responsibilities include business strategy, product design, product management and development, manufacturing, marketing and sales and product support. The product portfolio includes large track-type tractors; large mining trucks; hard rock vehicles; electric rope shovels; draglines; hydraulic shovels; rotary drills; large wheel loaders; off-highway trucks; articulated trucks; wheel tractor scrapers; wheel dozers; landfill compactors; soil compactors; wide-body trucks; select work tools; machinery components; electronics and control systems and related parts. In addition to equipment, Resource Industries also develops and sells technology products and services to provide customers fleet management, equipment management analytics, autonomous machine capabilities, safety services and mining performance solutions. Resource Industries also manages areas that provide services to other parts of the company, including strategic procurement, lean center of excellence, integrated manufacturing, research and development for hydraulic systems, automation, electronics and software for Caterpillar machines and engines. Inter-segment sales are a source of revenue for this segment. Energy & Transportation : A segment primarily responsible for supporting customers using reciprocating engines, turbines, diesel-electric locomotives and related services across industries serving Oil and Gas, Power Generation, Industrial and Transportation applications, including marine- and rail-related businesses as well as product support of on-highway engines. Responsibilities include business strategy, product design, product management, development and testing, manufacturing, marketing and sales and product support. The product and services portfolio includes turbines, centrifugal gas compressors, and turbine-related services; reciprocating engine-powered generator sets; integrated systems and solutions used in the electric power generation industry; reciprocating engines, drivetrain and integrated systems and solutions for the marine and oil and gas industries; reciprocating engines, drivetrain and integrated systems and solutions supplied to the industrial industry as well as Caterpillar machines; electrified powertrain and zero-emission power sources and service solutions development; and diesel-electric locomotives and components and other rail-related products and services, including remanufacturing and leasing. Responsibilities also include the remanufacturing of Caterpillar reciprocating engines and components and remanufacturing services for other companies. Inter-segment sales are a source of revenue for this segment. Financial Products Segment : Provides financing alternatives to customers and dealers around the world for Caterpillar products and services, as well as financing for power generation facilities that, in most cases, incorporate Caterpillar products. Financing plans include operating and finance leases, revolving charge accounts, installment sale contracts, repair/rebuild financing, working capital loans and wholesale financing plans. The segment also provides insurance and risk management products and services that help customers and dealers manage their business risk. Insurance and risk management products offered include physical damage insurance, inventory protection plans, extended service coverage and maintenance plans for machines and engines, and dealer property and casualty insurance. The various forms of financing, insurance and risk management products offered to customers and dealers help support the purchase and lease of Caterpillar equipment. The segment also earns revenues from ME&T, but the related costs are not allocated to operating segments. Financial Products’ segment profit is determined on a pretax basis and includes other income/expense items. All Other Segment : Primarily includes activities such as: business strategy; product management and development; manufacturing and sourcing of wear and maintenance components primarily for Cat® products; parts distribution; integrated logistics solutions; distribution services responsible for dealer development and administration, including a wholly owned dealer in Japan; dealer portfolio management and ensuring the most efficient and effective distribution of machines, engines and parts; brand management and marketing strategy; and digital investments for new customer and dealer solutions that integrate data analytics with state-of-the-art digital technologies while transforming the buying experience. Results for the All Other Segment are included as a reconciling item between reportable segments and consolidated external reporting. C. Segment measurement and reconciliations There are several methodology differences between our segment reporting and our external reporting. The following is a list of the more significant methodology differences: • ME&T segment net assets generally include inventories, receivables, property, plant and equipment, goodwill, intangibles, accounts payable and customer advances. We generally manage at the corporate level liabilities other than accounts payable and customer advances, and we do not include these in segment operations. Financial Products Segment assets generally include all categories of assets. • We value segment inventories and cost of sales using a current cost methodology. • We amortize goodwill allocated to segments using a fixed amount based on a 20-year useful life. This methodology difference only impacts segment assets. We do not include goodwill amortization expense in segment profit. In addition, we have allocated to segments only a portion of goodwill for certain acquisitions made in 2011 or later. • We generally manage currency exposures for ME&T at the corporate level and do not include in segment profit the effects of changes in exchange rates on results of operations within the year. We report the net difference created in the translation of revenues and costs between exchange rates used for U.S. GAAP reporting and exchange rates used for segment reporting as a methodology difference. • We do not include stock-based compensation expense in segment profit. • Postretirement benefit expenses are split; segments are generally responsible for service costs, with the remaining elements of net periodic benefit cost included as a methodology difference. • We determine ME&T segment profit on a pretax basis and exclude interest expense and most other income/expense items. We determine Financial Products Segment profit on a pretax basis and include other income/expense items. Reconciling items are created based on accounting differences between segment reporting and our consolidated external reporting. Please refer to pages 26 to 28 for financial information regarding significant reconciling items. Most of our reconciling items are self-explanatory given the above explanations. For the reconciliation of profit, we have grouped the reconciling items as follows: • Corporate costs: These costs are related to corporate requirements primarily for compliance and legal functions for the benefit of the entire organization. • Restructuring costs: May include costs for employee separation, long-lived asset impairments, contract terminations and (gains)/losses on divestitures. These costs are included in Other operating (income) expenses except for defined-benefit plan curtailment losses and special termination benefits, which are included in Other income (expense). Restructuring costs also include other exit-related costs, which may consist of accelerated depreciation, inventory write-downs, building demolition, equipment relocation and project management costs and LIFO inventory decrement benefits from inventory liquidations at closed facilities, all of which are primarily included in Cost of goods sold. See Note 20 for more information. • Methodology differences: See previous discussion of significant accounting differences between segment reporting and consolidated external reporting. • Timing: Timing differences in the recognition of costs between segment reporting and consolidated external reporting. For example, we report certain costs on the cash basis for segment reporting and the accrual basis for consolidated external reporting. For the three months ended March 31, 2024 and 2023, sales and revenues by geographic region reconciled to consolidated sales and revenues were as follows: Sales and Revenues by Geographic Region (Millions of dollars) North America Latin America EAME Asia/ Pacific External Sales and Revenues Intersegment Sales and Revenues Total Sales and Revenues Three Months Ended March 31, 2024 Construction Industries $ 3,833 $ 595 $ 996 $ 993 $ 6,417 $ 7 $ 6,424 Resource Industries 1,264 476 465 891 3,096 97 3,193 Energy & Transportation 2,951 408 1,294 834 5,487 1,194 6,681 Financial Products Segment 659 101 123 108 991 1 — 991 Total sales and revenues from reportable segments 8,707 1,580 2,878 2,826 15,991 1,298 17,289 All Other Segment 18 (1) 4 13 34 75 109 Corporate Items and Eliminations (152) (20) (30) (24) (226) (1,373) (1,599) Total Sales and Revenues $ 8,573 $ 1,559 $ 2,852 $ 2,815 $ 15,799 $ — $ 15,799 Three Months Ended March 31, 2023 Construction Industries $ 3,608 $ 599 $ 1,336 $ 1,161 $ 6,704 $ 42 $ 6,746 Resource Industries 1,308 474 599 978 3,359 68 3,427 Energy & Transportation 2,572 380 1,384 719 5,055 1,199 6,254 Financial Products Segment 575 104 114 109 902 1 — 902 Total sales and revenues from reportable segments 8,063 1,557 3,433 2,967 16,020 1,309 17,329 All Other Segment 18 — 4 13 35 76 111 Corporate Items and Eliminations (131) (18) (19) (25) (193) (1,385) (1,578) Total Sales and Revenues $ 7,950 $ 1,539 $ 3,418 $ 2,955 $ 15,862 $ — $ 15,862 1 Includes revenues from Construction Industries, Resource Industries, Energy & Transportation and All Other Segment of $177 million and $162 million in the three months ended March 31, 2024 and 2023, respectively. For the three months ended March 31, 2024 and 2023, Energy & Transportation segment sales by end user application were as follows: Energy & Transportation External Sales Three Months Ended March 31, (Millions of dollars) 2024 2023 Oil and gas $ 1,568 $ 1,314 Power generation 1,618 1,284 Industrial 989 1,255 Transportation 1,312 1,202 Energy & Transportation External Sales $ 5,487 $ 5,055 Reconciliation of Consolidated profit before taxes: (Millions of dollars) Three Months Ended March 31, 2024 2023 Profit from reportable segments: Construction Industries $ 1,764 $ 1,790 Resource Industries 730 764 Energy & Transportation 1,301 1,057 Financial Products Segment 293 232 Total profit from reportable segments 4,088 3,843 Profit from All Other Segment 24 11 Cost centers 14 30 Corporate costs (201) (238) Timing (67) (206) Restructuring costs 6 (611) Methodology differences: Inventory/cost of sales (6) 126 Postretirement benefit expense (56) (31) Stock-based compensation expense (44) (44) Financing costs (28) (50) Currency 87 (26) Other income/expense methodology differences (250) (146) Other methodology differences (35) (24) Total consolidated profit before taxes $ 3,532 $ 2,634 Reconciliation of Assets: (Millions of dollars) March 31, 2024 December 31, 2023 Assets from reportable segments: Construction Industries $ 5,578 $ 5,384 Resource Industries 5,603 5,742 Energy & Transportation 10,658 10,555 Financial Products Segment 35,752 35,685 Total assets from reportable segments 57,591 57,366 Assets from All Other Segment 1,926 1,890 Items not included in segment assets: Cash and cash equivalents 3,963 6,106 Deferred income taxes 2,722 2,668 Goodwill and intangible assets 4,519 4,452 Property, plant and equipment – net and other assets 4,808 6,548 Inventory methodology differences (3,557) (3,169) Liabilities included in segment assets 12,013 11,781 Other (244) (166) Total assets $ 83,741 $ 87,476 Reconciliation of Depreciation and amortization: (Millions of dollars) Three Months Ended March 31, 2024 2023 Depreciation and amortization from reportable segments: Construction Industries $ 56 $ 54 Resource Industries 63 87 Energy & Transportation 137 129 Financial Products Segment 185 178 Total depreciation and amortization from reportable segments 441 448 Items not included in segment depreciation and amortization: All Other Segment 61 57 Cost centers 23 20 Other (1) 7 Total depreciation and amortization $ 524 $ 532 Reconciliation of Capital expenditures: (Millions of dollars) Three Months Ended March 31, 2024 2023 Capital expenditures from reportable segments: Construction Industries $ 58 $ 32 Resource Industries 34 26 Energy & Transportation 122 169 Financial Products Segment 234 279 Total capital expenditures from reportable segments 448 506 Items not included in segment capital expenditures: All Other Segment 29 26 Cost centers 30 22 Timing 245 212 Other (16) (16) Total capital expenditures $ 736 $ 750

Cat Financial Financing Activit

Cat Financial Financing Activities	3 Months Ended
Cat Financial Financing Activities	Mar. 31, 2024
Receivables [Abstract]
Cat Financial Financing Activities	Cat Financial financing activities Allowance for credit losses Portfolio segments A portfolio segment is the level at which Cat Financial develops a systematic methodology for determining its allowance for credit losses. Cat Financial's portfolio segments and related methods for estimating expected credit losses are as follows: Customer Cat Financial provides loans and finance leases to end-user customers primarily for the purpose of financing new and used Caterpillar machinery, engines and equipment for commercial use. Cat Financial also provides financing for power generation facilities that, in most cases, incorporate Caterpillar products. The average original term of Cat Financial's customer finance receivable portfolio was approximately 51 months with an average remaining term of approximately 27 months as of March 31, 2024. Cat Financial typically maintains a security interest in financed equipment and generally requires physical damage insurance coverage on the financed equipment, both of which provide Cat Financial with certain rights and protections. If Cat Financial's collection efforts fail to bring a defaulted account current, Cat Financial generally can repossess the financed equipment, after satisfying local legal requirements, and sell it within the Caterpillar dealer network or through third-party auctions. Cat Financial estimates the allowance for credit losses related to its customer finance receivables based on loss forecast models utilizing probabilities of default and the estimated loss given default based on past loss experience adjusted for current conditions and reasonable and supportable forecasts capturing country and industry-specific economic factors. During the three months ended March 31, 2024, Cat Financial's forecasts reflected a continuation of the trend of relatively low unemployment rates as well as low delinquencies within their portfolio. However, industry delinquencies show an increasing trend as the central bank actions aimed at reducing inflation have weakened global economic growth. The company believes the economic forecasts employed represent reasonable and supportable forecasts, followed by a reversion to long-term trends. Dealer Cat Financial provides financing to Caterpillar dealers in the form of wholesale financing plans. Cat Financial's wholesale financing plans provide assistance to dealers by financing their mostly new Caterpillar equipment inventory and rental fleets on a secured and unsecured basis. In addition, Cat Financial provides a variety of secured and unsecured loans to Caterpillar dealers. Cat Financial estimates the allowance for credit losses for dealer finance receivables based on historical loss rates with consideration of current economic conditions and reasonable and supportable forecasts. In general, Cat Financial's Dealer portfolio segment has not historically experienced large increases or decreases in credit losses based on changes in economic conditions due to its close working relationships with the dealers and their financial strength. Therefore, Cat Financial made no adjustments to historical loss rates during the three months ended March 31, 2024. Classes of finance receivables Cat Financial further evaluates portfolio segments by the class of finance receivables, which is defined as a level of information (below a portfolio segment) in which the finance receivables have the same initial measurement attribute and a similar method for assessing and monitoring credit risk. Cat Financial's classes, which align with management reporting for credit losses, are as follows: • North America - Finance receivables originated in the United States and Canada. • EAME - Finance receivables originated in Europe, Africa, the Middle East and Eurasia. • Asia/Pacific - Finance receivables originated in Australia, New Zealand, China, Japan, Southeast Asia and India. • Mining - Finance receivables related to large mining customers worldwide. • Latin America - Finance receivables originated in Mexico and Central and South American countries. • Power - Finance receivables originated worldwide related to Caterpillar electrical power generation, gas compression and co-generation systems and non-Caterpillar equipment that is powered by these systems. Receivable balances, including accrued interest, are written off against the allowance for credit losses when, in the judgment of management, they are considered uncollectible (generally upon repossession of the collateral). Generally, the amount of the write-off is determined by comparing the fair value of the collateral, less cost to sell, to the amortized cost of the receivable. Subsequent recoveries, if any, are credited to the allowance for credit losses when received. An analysis of the allowance for credit losses was as follows: (Millions of dollars) Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Customer Dealer Total Customer Dealer Total Beginning balance $ 276 $ 51 $ 327 $ 277 $ 65 $ 342 Write-offs (23) (47) (70) (20) — (20) Recoveries 15 — 15 10 — 10 Provision for credit losses 1 9 — 9 10 — 10 Other (4) — (4) 1 — 1 Ending balance $ 273 $ 4 $ 277 $ 278 $ 65 $ 343 Finance Receivables $ 20,413 $ 1,794 $ 22,207 $ 19,573 $ 1,721 $ 21,294 1 Excludes provision for credit losses on unfunded commitments and other miscellaneous receivables. Gross write-offs by origination year for the Customer portfolio segment were as follows: (Millions of dollars) Three Months Ended March 31, 2024 2024 2023 2022 2021 2020 Prior Revolving Total North America $ — $ 3 $ 4 $ 2 $ 1 $ — $ 3 $ 13 EAME — 1 1 1 — — — 3 Asia/Pacific — 1 2 1 1 — — 5 Latin America — — 1 1 — — — 2 Total $ — $ 5 $ 8 $ 5 $ 2 $ — $ 3 $ 23 Three Months Ended March 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Total North America $ — $ 3 $ 3 $ — $ — $ — $ 4 $ 10 EAME — 1 — 1 — — — 2 Asia/Pacific — — 2 1 1 — — 4 Latin America — — 1 2 1 — — 4 Total $ — $ 4 $ 6 $ 4 $ 2 $ — $ 4 $ 20 All $47 million of gross write-offs in the Dealer portfolio segment for the three months ended March 31, 2024 were in Latin America and originated prior to 2019. Credit quality of finance receivables At origination, Cat Financial evaluates credit risk based on a variety of credit quality factors including prior payment experience, customer financial information, credit ratings, loan-to-value ratios, probabilities of default, industry trends, macroeconomic factors and other internal metrics. On an ongoing basis, Cat Financial monitors credit quality based on past-due status as there is a meaningful correlation between the past-due status of customers and the risk of loss. In determining past-due status, Cat Financial considers the entire finance receivable past due when any installment is over 30 days past due. Customer The tables below summarize the aging category of Cat Financial's amortized cost of finance receivables in the Customer portfolio segment by origination year: (Millions of dollars) March 31, 2024 2024 2023 2022 2021 2020 Prior Revolving Total Finance Receivables North America Current $ 1,277 $ 4,101 $ 2,346 $ 1,718 $ 596 $ 176 $ 313 $ 10,527 31-60 days past due 5 37 40 27 14 5 3 131 61-90 days past due — 16 12 7 4 1 1 41 91+ days past due — 19 23 17 7 5 2 73 EAME Current 282 1,224 791 493 210 170 — 3,170 31-60 days past due — 17 9 6 2 2 — 36 61-90 days past due 1 8 4 3 1 1 — 18 91+ days past due — 13 15 20 8 3 — 59 Asia/Pacific Current 245 798 481 212 49 12 — 1,797 31-60 days past due — 12 10 7 2 — — 31 61-90 days past due — 2 3 2 1 — — 8 91+ days past due — 3 3 3 2 — — 11 Mining Current 150 1,001 629 333 113 68 70 2,364 31-60 days past due — — — — — — — — 61-90 days past due — — — — — — — — 91+ days past due — — 1 1 — 7 — 9 Latin America Current 205 643 438 164 34 15 — 1,499 31-60 days past due — 5 7 5 2 2 — 21 61-90 days past due — 3 6 3 — 1 — 13 91+ days past due — 4 9 7 5 18 — 43 Power Current 8 162 48 58 72 76 135 559 31-60 days past due — — — — — — — — 61-90 days past due — — — — — — — — 91+ days past due — — — — — 3 — 3 Totals by Aging Category Current $ 2,167 $ 7,929 $ 4,733 $ 2,978 $ 1,074 $ 517 $ 518 $ 19,916 31-60 days past due 5 71 66 45 20 9 3 219 61-90 days past due 1 29 25 15 6 3 1 80 91+ days past due — 39 51 48 22 36 2 198 Total Customer $ 2,173 $ 8,068 $ 4,875 $ 3,086 $ 1,122 $ 565 $ 524 $ 20,413 (Millions of dollars) December 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Total Finance Receivables North America Current $ 4,430 $ 2,628 $ 2,000 $ 745 $ 220 $ 32 $ 312 $ 10,367 31-60 days past due 28 31 24 14 7 1 4 109 61-90 days past due 10 11 8 4 1 — 2 36 91+ days past due 12 23 18 9 4 1 2 69 EAME Current 1,336 895 588 258 111 105 — 3,293 31-60 days past due 10 9 7 3 1 — — 30 61-90 days past due 4 3 3 1 1 — — 12 91+ days past due 7 17 15 8 3 1 — 51 Asia/Pacific Current 943 594 293 73 16 4 — 1,923 31-60 days past due 5 6 7 2 — — — 20 61-90 days past due 2 3 3 2 — — — 10 91+ days past due 1 5 3 3 1 — — 13 Mining Current 1,039 686 381 121 68 27 66 2,388 31-60 days past due — — — — — — — — 61-90 days past due — — — — 1 1 — 2 91+ days past due — — 1 — — 1 — 2 Latin America Current 750 520 219 59 23 6 — 1,577 31-60 days past due 9 10 6 1 — — — 26 61-90 days past due 2 4 1 — — — — 7 91+ days past due 2 10 8 5 8 11 — 44 Power Current 152 49 64 75 28 59 162 589 31-60 days past due — — — — — — — — 61-90 days past due — — — — — — — — 91+ days past due — — — — — 3 — 3 Totals by Aging Category Current $ 8,650 $ 5,372 $ 3,545 $ 1,331 $ 466 $ 233 $ 540 $ 20,137 31-60 days past due 52 56 44 20 8 1 4 185 61-90 days past due 18 21 15 7 3 1 2 67 91+ days past due 22 55 45 25 16 17 2 182 Total Customer $ 8,742 $ 5,504 $ 3,649 $ 1,383 $ 493 $ 252 $ 548 $ 20,571 Finance receivables in the Customer portfolio segment are substantially secured by collateral, primarily in the form of Caterpillar and other equipment. For those contracts where the borrower is experiencing financial difficulty, repayment of the outstanding amounts is generally expected to be provided through the operation or repossession and sale of the equipment. Dealer As of March 31, 2024, Cat Financial's total amortized cost of finance receivables within the Dealer portfolio segment was current. As of December 31, 2023, Cat Financial's total amortized cost of finance receivables within the Dealer portfolio segment was current, with the exception of $44 million that was 91+ days past due in Latin America, all of which originated prior to 2019. Non-accrual finance receivables Recognition of income is suspended and the finance receivable is placed on non-accrual status when management determines that collection of future income is not probable. Contracts on non-accrual status are generally more than 120 days past due. Recognition is resumed and previously suspended income is recognized when collection is considered probable. Payments received while the finance receivable is on non-accrual status are applied to interest and principal in accordance with the contractual terms. Interest earned but uncollected prior to the receivable being placed on non-accrual status is written off through Provision for credit losses when, in the judgment of management, it is considered uncollectible. In Cat Financial's Customer portfolio segment, finance receivables which were on non-accrual status and finance receivables over 90 days past due and still accruing income were as follows: (Millions of dollars) March 31, 2024 December 31, 2023 Amortized Cost Amortized Cost Non-accrual 91+ Still Non-accrual 91+ Still North America $ 58 $ 18 $ 52 $ 20 EAME 52 12 34 18 Asia/Pacific 6 6 8 5 Mining 9 — 2 — Latin America 54 — 48 1 Power 3 — 8 — Total $ 182 $ 36 $ 152 $ 44 There were no finance receivables in Cat Financial's Dealer portfolio segment on non-accrual status as of March 31, 2024. There were $44 million in finance receivables in Cat Financial's Dealer portfolio segment on non-accrual status as of December 31, 2023, all of which were in Latin America. Modifications Cat Financial periodically modifies the terms of their finance receivable agreements in response to borrowers’ financial difficulty. Typically, the types of modifications granted are payment deferrals, interest-only payment periods and/or term extensions. Many modifications Cat Financial grants are for commercial reasons or for borrowers experiencing some form of short-term financial stress and may result in insignificant payment delays. Cat Financial does not consider these borrowers to be experiencing financial difficulty. Modifications for borrowers Cat Financial does consider to be experiencing financial difficulty typically result in payment deferrals and/or reduced payments for a period of four months or longer, term extension of six months or longer or a combination of both. During the three months ended March 31, 2024 and 2023, there were no finance receivable modifications granted to borrowers experiencing financial difficulty in Cat Financial's Dealer portfolio segment. The amortized cost basis of finance receivables modified for borrowers experiencing financial difficulty in the Customer portfolio segment during the three months ended March 31, 2024 and 2023, was $3 million and $8 million, respectively. Total modifications with borrowers experiencing financial difficulty represented 0.01 percent and 0.04 percent of Cat Financial's finance receivable portfolio for the same periods, respectively. For the three months ended March 31, 2024 and 2023, the financial effects of term extensions for borrowers experiencing financial difficulty added a weighted average of 10 and 28 months, respectively, to the terms of modified contracts. For both the three months ended March 31, 2024 and 2023, the financial effects of payment delays for borrowers experiencing financial difficulty resulted in weighted average paymen t deferrals and/or interest only payment periods of 9 months, respectively. After Cat Financial modifies a finance receivable, they continue to track its performance under its most recent modified terms. As of March 31, 2024, all finance receivables modified with borrowers experiencing financial difficulty in the past 12 months are current except for in EAME where there was $2 million past due and Asia/Pacific where there was $1 million past due. As of March 31, 2023, all finance receivables modified with borrowers experiencing financial difficulty in the past 12 months were current. The effect of most modifications made to finance receivables for borrowers experiencing financial difficulty is already included in the allowance for credit losses based on the methodologies used to estimate the allowance; therefore, a change to the allowance for credit losses is generally not recorded upon modification. On rare occasions when principal forgiveness is provided, the amount forgiven is written off against the allowance for credit losses.

Fair Value Disclosures

Fair Value Disclosures	3 Months Ended
Fair Value Disclosures	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Disclosures	Fair value disclosures A. Fair value measurements The guidance on fair value measurements defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. This guidance also specifies a fair value hierarchy based upon the observability of inputs used in valuation techniques. Observable inputs (highest level) reflect market data obtained from independent sources, while unobservable inputs (lowest level) reflect internally developed market assumptions. In accordance with this guidance, fair value measurements are classified under the following hierarchy: • Level 1 — Quoted prices for identical instruments in active markets. • Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs or significant value-drivers are observable in active markets. • Level 3 — Model-derived valuations in which one or more significant inputs or significant value-drivers are unobservable. When available, we use quoted market prices to determine fair value, and we classify such measurements within Level 1. In some cases where market prices are not available, we make use of observable market based inputs to calculate fair value, in which case the measurements are classified within Level 2. If quoted or observable market prices are not available, fair value is based upon valuations in which one or more significant inputs are unobservable, including internally developed models that use, where possible, current market-based parameters such as interest rates, yield curves and currency rates. These measurements are classified within Level 3. We classify fair value measurements according to the lowest level input or value-driver that is significant to the valuation. We may therefore classify a measurement within Level 3 even though there may be significant inputs that are readily observable. Fair value measurement includes the consideration of nonperformance risk. Nonperformance risk refers to the risk that an obligation (either by a counterparty or Caterpillar) will not be fulfilled. For financial assets traded in an active market (Level 1 and certain Level 2), the nonperformance risk is included in the market price. For certain other financial assets and liabilities (certain Level 2 and Level 3), our fair value calculations have been adjusted accordingly. Investments in debt and equity securities We have investments in certain debt and equity securities that are recorded at fair value. Fair values for our U.S. treasury bonds and large capitalization value and smaller company growth equity securities are based upon valuations for identical instruments in active markets. Fair values for other government debt securities, corporate debt securities and mortgage-backed debt securities are based upon models that take into consideration such market-based factors as recent sales, risk-free yield curves and prices of similarly rated bonds. We also have investments in time deposits classified as held-to-maturity debt securities. The fair value of these investments is based upon valuations observed in less active markets than Level 1. These investments have a maturity of less than one year and are recorded at amortized costs, which approximate fair value. In addition, Insurance Services has an equity investment in a real estate investment trust (REIT) which is recorded at fair value based on the net asset value (NAV) of the investment and is not classified within the fair value hierarchy. See Note 8 for additional information on our investments in debt and equity securities. Derivative financial instruments The fair value of interest rate contracts is primarily based on a standard industry accepted valuation model that utilizes the appropriate market-based forward swap curves and zero-coupon interest rates to determine discounted cash flows. The fair value of foreign currency and commodity forward, option and cross currency contracts is based on standard industry accepted valuation models that discount cash flows resulting from the differential between the contract price and the market-based forward rate. The fair value of total return swap contracts is primarily based on valuing the underlying securities or funds using pricing by industry providers and the average Secured Overnight Financing Rate (SOFR) plus a spread. See Note 5 for additional information. Assets and liabilities measured on a recurring basis at fair value included in our Consolidated Statement of Financial Position as of March 31, 2024 and December 31, 2023 were as follows: March 31, 2024 (Millions of dollars) Level 1 Level 2 Level 3 Measured at NAV Total Assets Debt securities Government debt securities U.S. treasury bonds $ 10 $ — $ — $ — $ 10 Other U.S. and non-U.S. government bonds — 59 — — 59 Corporate debt securities Corporate bonds and other debt securities — 2,880 — — 2,880 Asset-backed securities — 194 — — 194 Mortgage-backed debt securities U.S. governmental agency — 418 — — 418 Residential — 2 — — 2 Commercial — 128 — — 128 Total debt securities 10 3,681 — — 3,691 Equity securities Large capitalization value 249 — — — 249 Smaller company growth 38 — — — 38 REIT — — — 169 169 Total equity securities 287 — — 169 456 Derivative financial instruments - assets Foreign currency contracts - net — 320 — — 320 Total return swap contracts - net — 21 — — 21 Total assets $ 297 $ 4,022 $ — $ 169 $ 4,488 Liabilities Derivative financial instruments - liabilities Interest rate contracts - net $ — $ 217 $ — $ — $ 217 Commodity contracts - net — 5 — — 5 Total liabilities $ — $ 222 $ — $ — $ 222 December 31, 2023 (Millions of dollars) Level 1 Level 2 Level 3 Measured at NAV Total Assets Debt securities Government debt securities U.S. treasury bonds $ 10 $ — $ — $ — $ 10 Other U.S. and non-U.S. government bonds — 60 — — 60 Corporate debt securities Corporate bonds and other debt securities — 2,995 — — 2,995 Asset-backed securities — 192 — — 192 Mortgage-backed debt securities U.S. governmental agency — 410 — — 410 Residential — 2 — — 2 Commercial — 128 — — 128 Total debt securities 10 3,787 — — 3,797 Equity securities Large capitalization value 223 — — — 223 Smaller company growth 35 — — — 35 REIT — — — 180 180 Total equity securities 258 — — 180 438 Derivative financial instruments - assets Foreign currency contracts - net — 207 — — 207 Commodity contracts - net — 9 — — 9 Total Assets $ 268 $ 4,003 $ — $ 180 $ 4,451 Liabilities Derivative financial instruments - liabilities Interest rate contracts - net $ — $ 151 $ — $ — $ 151 Total liabilities $ — $ 151 $ — $ — $ 151 In addition to the amounts above, certain Cat Financial loans are subject to measurement at fair value on a nonrecurring basis and are classified as Level 3 measurements. A loan is measured at fair value when management determines that collection of contractual amounts due is not probable and the loan is individually evaluated. In these cases, an allowance for credit losses may be established based either on the present value of expected future cash flows discounted at the receivables’ effective interest rate, the fair value of the collateral for collateral-dependent receivables, or the observable market price of the receivable. In determining collateral value, Cat Financial estimates the current fair market value of the collateral less selling costs. Cat Financial had loans carried at fair value of $52 million and $55 million as of March 31, 2024 and December 31, 2023, respectively. B. Fair values of financial instruments In addition to the methods and assumptions we use to record the fair value of financial instruments as discussed in the Fair value measurements section above, we use the following methods and assumptions to estimate the fair value of our financial instruments: Cash and cash equivalents Carrying amount approximates fair value. We classify cash and cash equivalents as Level 1. See Consolidated Statement of Financial Position. Restricted cash and short-term investments Carrying amount approximates fair value. We include restricted cash and short-term investments in Prepaid expenses and other current assets in the Consolidated Statement of Financial Position. We classify these instruments as Level 1 except for time deposits which are Level 2, and certain corporate debt securities which are Level 3. See Note 8 for additional information. Finance receivables We estimate fair value by discounting the future cash flows using current rates, representative of receivables with similar remaining maturities. Wholesale inventory receivables We estimate fair value by discounting the future cash flows using current rates, representative of receivables with similar remaining maturities. Short-term borrowings Carrying amount approximates fair value. We classify short-term borrowings as Level 1. See Consolidated Statement of Financial Position. Long-term debt We estimate fair value for fixed and floating rate debt based on quoted market prices. Our financial instruments not carried at fair value were as follows: March 31, 2024 December 31, 2023 (Millions of dollars) Carrying Amount Fair Value Carrying Amount Fair Value Fair Value Levels Reference Assets Finance receivables – net (excluding finance leases 1 ) $ 15,413 $ 14,953 $ 15,386 $ 15,017 3 Note 17 Wholesale inventory receivables – net (excluding finance leases 1 ) 1,276 1,227 1,415 1,368 3 Liabilities Long-term debt (including amounts due within one year) Machinery, Energy & Transportation 9,584 9,164 9,623 9,550 2 Financial Products 24,701 24,373 23,612 23,299 2 1 Represents finance leases and failed sale leasebacks of $6,715 million and $6,953 million at March 31, 2024 and December 31, 2023, respectively.

Other Income (Expense)

Other Income (Expense)	3 Months Ended
Other Income (Expense)	Mar. 31, 2024
Other Income and Expenses [Abstract]
Other Income (Expense)	Other income (expense) Three Months Ended March 31, (Millions of dollars) 2024 2023 Investment and interest income $ 136 $ 93 Foreign exchange gains (losses) 1 42 (72) License fee income 34 31 Net periodic pension and OPEB income (cost), excluding service cost 3 (13) Gains (losses) on securities 17 (11) Miscellaneous income (loss) (76) 4 Total $ 156 $ 32 1 Includes gains (losses) from foreign exchange derivative contracts. See Note 5 for further details.

Restructuring Costs

Restructuring Costs	3 Months Ended
Restructuring Costs	Mar. 31, 2024
Restructuring Charges [Abstract]
Restructuring Costs	Restructuring costs Our accounting for employee separations is dependent upon how the particular program is designed. For voluntary programs, we recognize eligible separation costs at the time of employee acceptance unless the acceptance requires explicit approval by the company. For involuntary programs, we recognize eligible costs when management has approved the program, the affected employees have been properly notified and the costs are estimable. Restructuring costs for the three months ended March 31, 2024 and 2023 were as follows: (Millions of dollars) Three Months Ended March 31, 2024 2023 Employee separations 1 $ 13 $ 12 Divestitures 1 (64) 586 Long-lived asset impairments 1 7 — Other 2 38 13 Total restructuring (income) costs $ (6) $ 611 1 Recognized in Other operating (income) expenses. 2 Represents costs related to our restructuring programs, primarily for inventory write-downs, accelerated depreciation, project management and equipment relocation, all of which are primarily included in Cost of goods sold. The restructuring income for the three months ended March 31, 2024 was primarily related to the divestiture of a non-US mining entity. The restructuring costs for the three months ended March 31, 2023 were primarily related to the divestiture of the company's Longwall business within Resource Industries. The divestiture closed on February 1, 2023 and resulted in a pre-tax loss of approximately $586 million, primarily a non-cash item driven by the release of $494 million of accumulated foreign currency translation. In 2024 and 2023, all restructuring costs are excluded from segment profit.

Supplier Finance Programs

Supplier Finance Programs	3 Months Ended
Supplier Finance Programs	Mar. 31, 2024
Payables and Accruals [Abstract]
Supplier Finance Programs	Supplier finance programs We facilitate voluntary supplier finance programs (the “Programs”) through participating financial institutions. The Programs are available to a wide range of suppliers and allow them the option to manage their cash flow. We are not a party to the agreements between the participating financial institutions and the suppliers in connection with the Programs. The range of payment terms, typically 60-90 days, we negotiate with our suppliers is consistent, irrespective of whether a supplier participates in the Programs. The amount of obligations outstanding that are confirmed as valid to the participating financial institutions for suppliers who voluntarily participate in the Programs, included in Accounts payable in the Consolidated Statement of Financial Position, were $833 million and $803 million at March 31, 2024 and December 31, 2023, respectively.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Cheryl Johnson [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On February 29, 2024, Cheryl Johnson, the Company's Chief Human Resources Officer, entered into a Rule 10b5-1 sales plan intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended. The sales plan will be in effect until the earlier of (1) August 29, 2024 and (2) the date on which an aggregate of 3,016 shares of our common stock have been sold under the plan.
Name	Cheryl Johnson
Title	Chief Human Resources Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	February 29, 2024
Arrangement Duration	182 days
Aggregate Available	3,016

Nature of Operations and Basi_2

Nature of Operations and Basis of Presentation (Policies)	3 Months Ended
Nature of Operations and Basis of Presentation (Policies)	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations and Basis of Presentation	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, 2024 and 2023, (b) the consolidated comprehensive income for the three months ended March 31, 2024 and 2023, (c) the consolidated financial position at March 31, 2024 and December 31, 2023, (d) the consolidated changes in shareholders’ equity for the three months ended March 31, 2024 and 2023 and (e) the consolidated cash flow for the three months ended March 31, 2024 and 2023. 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, 2023 (2023 Form 10-K). The December 31, 2023 financial position data included herein is derived from the audited consolidated financial statements included in the 2023 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.
Revenue	Trade receivables represent amounts due from dealers and end users for the sale of our products, and include amounts due from wholesale inventory financing provided by Cat Financial for a dealer’s purchase of inventory. We recognize trade receivables from dealers and end users in Receivables – trade and other and Long-term receivables – trade and other in the Consolidated Statement of Financial Position. Trade receivables from dealers and end users were $7,860 million, $7,923 million and $7,551 million as of March 31, 2024, December 31, 2023 and December 31, 2022, respectively. Long-term trade receivables from dealers and end users were $604 million, $589 million and $506 million as of March 31, 2024, December 31, 2023 and December 31, 2022, respectively. For certain contracts, we invoice for payment when contractual milestones are achieved. We recognize a contract asset when a sale is recognized before achieving the contractual milestones for invoicing. We reduce the contract asset when we invoice for payment and recognize a corresponding trade receivable. Contract assets are included in Prepaid expenses and other current assets in the Consolidated Statement of Financial Position. Contract assets were $196 million, $246 million and $247 million as of March 31, 2024, December 31, 2023 and December 31, 2022, respectively.
Share-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 consists of stock options, restricted stock units (RSUs) and performance-based restricted stock units (PRSUs).
Derivatives	Our earnings and cash flow are subject to fluctuations due to changes in foreign currency exchange rates, interest rates, commodity prices, and certain deferred compensation plan liabilities. Our Risk Management Policy (policy) allows for the use of derivative financial instruments to prudently manage foreign currency exchange rate, interest rate, commodity price and certain deferred compensation plan liability 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, commodity forward and option contracts and total return swap 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 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. 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, 2024, the maximum term of these outstanding contracts at inception was approximately 60 months. We generally designate as cash flow hedges at inception of the contract any foreign currency 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. 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. Deferred Compensation Plan Liability Risk We are also exposed to variability in compensation expense related to certain non-qualified deferred compensation obligations to employees. We utilize total return swaps to economically hedge this exposure to offset the related compensation expense. All such total return swap contracts are undesignated.
Investments	We have investments in certain debt and equity securities, which we record at fair value and primarily include in Other assets in the Consolidated Statement of Financial Position. We classify debt securities primarily as available-for-sale. We include the unrealized gains and losses arising from the revaluation of available-for-sale debt securities, net of applicable deferred income taxes, in equity (AOCI in the Consolidated Statement of Financial Position). We include the unrealized gains and losses arising from the revaluation of the equity securities in Other income (expense) in the Consolidated Statement of Results of Operations. We generally determine realized gains and losses on sales of investments using the specific identification method for available-for-sale debt and equity securities and include them in Other income (expense) in the Consolidated Statement of Results of Operations.
Guarantees and Product Warranty	We have dealer performance guarantees and third-party performance guarantees that do not limit potential payment to end users related to indemnities and other commercial contractual obligations. In addition, we have entered into contracts involving industry standard indemnifications that do not limit potential payment. For these unlimited guarantees, we are unable to estimate a maximum potential amount of future payments that could result from claims made.
Segments	Our Executive Office is comprised of a Chief Executive Officer (CEO), Chief Operating Officer (COO), four Group Presidents, a Chief Financial Officer (CFO), a Chief Legal Officer and General Counsel and a Chief Human Resources Officer. The COO, Group Presidents and CFO are accountable for a related set of end-to-end businesses that they manage. The Chief Legal Officer and General Counsel leads the Law, Security and Public Policy Division. The Chief Human Resources Officer leads the Human Resources Organization. The CEO allocates resources and manages performance at the COO/Group President/CFO level. As such, the CEO serves as our Chief Operating Decision Maker, and operating segments are primarily based on the COO/Group President/CFO reporting structure. Three of our operating segments, Construction Industries, Resource Industries and Energy & Transportation are led by Group Presidents. One operating segment, Financial Products, is led by the CFO who also has responsibility for Corporate Services. Corporate Services is a cost center primarily responsible for the performance of certain support functions globally and to provide centralized services; it does not meet the definition of an operating segment. One Group President leads one smaller operating segment that is included in the All Other Segment. The Law, Security and Public Policy Division and the Human Resources Organization are cost centers and do not meet the definition of an operating segment. B. Description of segments We have five operating segments, of which four are reportable segments. Following is a brief description of our reportable segments and the business activities included in the All Other Segment: Construction Industries : A segment primarily responsible for supporting customers using machinery in infrastructure and building construction applications. Responsibilities include business strategy, product design, product management and development, manufacturing, marketing and sales and product support. The product portfolio includes asphalt pavers; backhoe loaders; cold planers; compactors; compact track loaders; forestry machines; material handlers; motor graders; pipelayers; road reclaimers; skid steer loaders; telehandlers; track-type loaders; track-type tractors (small, medium); track excavators (mini, small, medium, large); wheel excavators; wheel loaders (compact, small, medium); and related parts and work tools. Inter-segment sales are a source of revenue for this segment. Resource Industries : A segment primarily responsible for supporting customers using machinery in mining, heavy construction and quarry and aggregates. Responsibilities include business strategy, product design, product management and development, manufacturing, marketing and sales and product support. The product portfolio includes large track-type tractors; large mining trucks; hard rock vehicles; electric rope shovels; draglines; hydraulic shovels; rotary drills; large wheel loaders; off-highway trucks; articulated trucks; wheel tractor scrapers; wheel dozers; landfill compactors; soil compactors; wide-body trucks; select work tools; machinery components; electronics and control systems and related parts. In addition to equipment, Resource Industries also develops and sells technology products and services to provide customers fleet management, equipment management analytics, autonomous machine capabilities, safety services and mining performance solutions. Resource Industries also manages areas that provide services to other parts of the company, including strategic procurement, lean center of excellence, integrated manufacturing, research and development for hydraulic systems, automation, electronics and software for Caterpillar machines and engines. Inter-segment sales are a source of revenue for this segment. Energy & Transportation : A segment primarily responsible for supporting customers using reciprocating engines, turbines, diesel-electric locomotives and related services across industries serving Oil and Gas, Power Generation, Industrial and Transportation applications, including marine- and rail-related businesses as well as product support of on-highway engines. Responsibilities include business strategy, product design, product management, development and testing, manufacturing, marketing and sales and product support. The product and services portfolio includes turbines, centrifugal gas compressors, and turbine-related services; reciprocating engine-powered generator sets; integrated systems and solutions used in the electric power generation industry; reciprocating engines, drivetrain and integrated systems and solutions for the marine and oil and gas industries; reciprocating engines, drivetrain and integrated systems and solutions supplied to the industrial industry as well as Caterpillar machines; electrified powertrain and zero-emission power sources and service solutions development; and diesel-electric locomotives and components and other rail-related products and services, including remanufacturing and leasing. Responsibilities also include the remanufacturing of Caterpillar reciprocating engines and components and remanufacturing services for other companies. Inter-segment sales are a source of revenue for this segment. Financial Products Segment : Provides financing alternatives to customers and dealers around the world for Caterpillar products and services, as well as financing for power generation facilities that, in most cases, incorporate Caterpillar products. Financing plans include operating and finance leases, revolving charge accounts, installment sale contracts, repair/rebuild financing, working capital loans and wholesale financing plans. The segment also provides insurance and risk management products and services that help customers and dealers manage their business risk. Insurance and risk management products offered include physical damage insurance, inventory protection plans, extended service coverage and maintenance plans for machines and engines, and dealer property and casualty insurance. The various forms of financing, insurance and risk management products offered to customers and dealers help support the purchase and lease of Caterpillar equipment. The segment also earns revenues from ME&T, but the related costs are not allocated to operating segments. Financial Products’ segment profit is determined on a pretax basis and includes other income/expense items. All Other Segment : Primarily includes activities such as: business strategy; product management and development; manufacturing and sourcing of wear and maintenance components primarily for Cat® products; parts distribution; integrated logistics solutions; distribution services responsible for dealer development and administration, including a wholly owned dealer in Japan; dealer portfolio management and ensuring the most efficient and effective distribution of machines, engines and parts; brand management and marketing strategy; and digital investments for new customer and dealer solutions that integrate data analytics with state-of-the-art digital technologies while transforming the buying experience. Results for the All Other Segment are included as a reconciling item between reportable segments and consolidated external reporting. C. Segment measurement and reconciliations There are several methodology differences between our segment reporting and our external reporting. The following is a list of the more significant methodology differences: • ME&T segment net assets generally include inventories, receivables, property, plant and equipment, goodwill, intangibles, accounts payable and customer advances. We generally manage at the corporate level liabilities other than accounts payable and customer advances, and we do not include these in segment operations. Financial Products Segment assets generally include all categories of assets. • We value segment inventories and cost of sales using a current cost methodology. • We amortize goodwill allocated to segments using a fixed amount based on a 20-year useful life. This methodology difference only impacts segment assets. We do not include goodwill amortization expense in segment profit. In addition, we have allocated to segments only a portion of goodwill for certain acquisitions made in 2011 or later. • We generally manage currency exposures for ME&T at the corporate level and do not include in segment profit the effects of changes in exchange rates on results of operations within the year. We report the net difference created in the translation of revenues and costs between exchange rates used for U.S. GAAP reporting and exchange rates used for segment reporting as a methodology difference. • We do not include stock-based compensation expense in segment profit. • Postretirement benefit expenses are split; segments are generally responsible for service costs, with the remaining elements of net periodic benefit cost included as a methodology difference. • We determine ME&T segment profit on a pretax basis and exclude interest expense and most other income/expense items. We determine Financial Products Segment profit on a pretax basis and include other income/expense items. Reconciling items are created based on accounting differences between segment reporting and our consolidated external reporting. Please refer to pages 26 to 28 for financial information regarding significant reconciling items. Most of our reconciling items are self-explanatory given the above explanations. For the reconciliation of profit, we have grouped the reconciling items as follows: • Corporate costs: These costs are related to corporate requirements primarily for compliance and legal functions for the benefit of the entire organization. • Restructuring costs: May include costs for employee separation, long-lived asset impairments, contract terminations and (gains)/losses on divestitures. These costs are included in Other operating (income) expenses except for defined-benefit plan curtailment losses and special termination benefits, which are included in Other income (expense). Restructuring costs also include other exit-related costs, which may consist of accelerated depreciation, inventory write-downs, building demolition, equipment relocation and project management costs and LIFO inventory decrement benefits from inventory liquidations at closed facilities, all of which are primarily included in Cost of goods sold. See Note 20 for more information. • Methodology differences: See previous discussion of significant accounting differences between segment reporting and consolidated external reporting. • Timing:
Allowance for Credit Losses	Allowance for credit losses Portfolio segments A portfolio segment is the level at which Cat Financial develops a systematic methodology for determining its allowance for credit losses. Cat Financial's portfolio segments and related methods for estimating expected credit losses are as follows: Customer Cat Financial provides loans and finance leases to end-user customers primarily for the purpose of financing new and used Caterpillar machinery, engines and equipment for commercial use. Cat Financial also provides financing for power generation facilities that, in most cases, incorporate Caterpillar products. The average original term of Cat Financial's customer finance receivable portfolio was approximately 51 months with an average remaining term of approximately 27 months as of March 31, 2024. Cat Financial typically maintains a security interest in financed equipment and generally requires physical damage insurance coverage on the financed equipment, both of which provide Cat Financial with certain rights and protections. If Cat Financial's collection efforts fail to bring a defaulted account current, Cat Financial generally can repossess the financed equipment, after satisfying local legal requirements, and sell it within the Caterpillar dealer network or through third-party auctions. Cat Financial estimates the allowance for credit losses related to its customer finance receivables based on loss forecast models utilizing probabilities of default and the estimated loss given default based on past loss experience adjusted for current conditions and reasonable and supportable forecasts capturing country and industry-specific economic factors. During the three months ended March 31, 2024, Cat Financial's forecasts reflected a continuation of the trend of relatively low unemployment rates as well as low delinquencies within their portfolio. However, industry delinquencies show an increasing trend as the central bank actions aimed at reducing inflation have weakened global economic growth. The company believes the economic forecasts employed represent reasonable and supportable forecasts, followed by a reversion to long-term trends. Dealer Cat Financial provides financing to Caterpillar dealers in the form of wholesale financing plans. Cat Financial's wholesale financing plans provide assistance to dealers by financing their mostly new Caterpillar equipment inventory and rental fleets on a secured and unsecured basis. In addition, Cat Financial provides a variety of secured and unsecured loans to Caterpillar dealers. Cat Financial estimates the allowance for credit losses for dealer finance receivables based on historical loss rates with consideration of current economic conditions and reasonable and supportable forecasts. In general, Cat Financial's Dealer portfolio segment has not historically experienced large increases or decreases in credit losses based on changes in economic conditions due to its close working relationships with the dealers and their financial strength. Therefore, Cat Financial made no adjustments to historical loss rates during the three months ended March 31, 2024. Classes of finance receivables Cat Financial further evaluates portfolio segments by the class of finance receivables, which is defined as a level of information (below a portfolio segment) in which the finance receivables have the same initial measurement attribute and a similar method for assessing and monitoring credit risk. Cat Financial's classes, which align with management reporting for credit losses, are as follows: • North America - Finance receivables originated in the United States and Canada. • EAME - Finance receivables originated in Europe, Africa, the Middle East and Eurasia. • Asia/Pacific - Finance receivables originated in Australia, New Zealand, China, Japan, Southeast Asia and India. • Mining - Finance receivables related to large mining customers worldwide. • Latin America - Finance receivables originated in Mexico and Central and South American countries. • Power - Finance receivables originated worldwide related to Caterpillar electrical power generation, gas compression and co-generation systems and non-Caterpillar equipment that is powered by these systems. Receivable balances, including accrued interest, are written off against the allowance for credit losses when, in the judgment of management, they are considered uncollectible (generally upon repossession of the collateral). Generally, the amount of the write-off is determined by comparing the fair value of the collateral, less cost to sell, to the amortized cost of the receivable. Subsequent recoveries, if any, are credited to the allowance for credit losses when received.
Fair Value Measurement	Fair value measurements The guidance on fair value measurements defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. This guidance also specifies a fair value hierarchy based upon the observability of inputs used in valuation techniques. Observable inputs (highest level) reflect market data obtained from independent sources, while unobservable inputs (lowest level) reflect internally developed market assumptions. In accordance with this guidance, fair value measurements are classified under the following hierarchy: • Level 1 — Quoted prices for identical instruments in active markets. • Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs or significant value-drivers are observable in active markets. • Level 3 — Model-derived valuations in which one or more significant inputs or significant value-drivers are unobservable. When available, we use quoted market prices to determine fair value, and we classify such measurements within Level 1. In some cases where market prices are not available, we make use of observable market based inputs to calculate fair value, in which case the measurements are classified within Level 2. If quoted or observable market prices are not available, fair value is based upon valuations in which one or more significant inputs are unobservable, including internally developed models that use, where possible, current market-based parameters such as interest rates, yield curves and currency rates. These measurements are classified within Level 3. We classify fair value measurements according to the lowest level input or value-driver that is significant to the valuation. We may therefore classify a measurement within Level 3 even though there may be significant inputs that are readily observable. Fair value measurement includes the consideration of nonperformance risk. Nonperformance risk refers to the risk that an obligation (either by a counterparty or Caterpillar) will not be fulfilled. For financial assets traded in an active market (Level 1 and certain Level 2), the nonperformance risk is included in the market price. For certain other financial assets and liabilities (certain Level 2 and Level 3), our fair value calculations have been adjusted accordingly. Investments in debt and equity securities We have investments in certain debt and equity securities that are recorded at fair value. Fair values for our U.S. treasury bonds and large capitalization value and smaller company growth equity securities are based upon valuations for identical instruments in active markets. Fair values for other government debt securities, corporate debt securities and mortgage-backed debt securities are based upon models that take into consideration such market-based factors as recent sales, risk-free yield curves and prices of similarly rated bonds. We also have investments in time deposits classified as held-to-maturity debt securities. The fair value of these investments is based upon valuations observed in less active markets than Level 1. These investments have a maturity of less than one year and are recorded at amortized costs, which approximate fair value. In addition, Insurance Services has an equity investment in a real estate investment trust (REIT) which is recorded at fair value based on the net asset value (NAV) of the investment and is not classified within the fair value hierarchy. See Note 8 for additional information on our investments in debt and equity securities. Derivative financial instruments The fair value of interest rate contracts is primarily based on a standard industry accepted valuation model that utilizes the appropriate market-based forward swap curves and zero-coupon interest rates to determine discounted cash flows. The fair value of foreign currency and commodity forward, option and cross currency contracts is based on standard industry accepted valuation models that discount cash flows resulting from the differential between the contract price and the market-based forward rate. The fair value of total return swap contracts is primarily based on valuing the underlying securities or funds using pricing by industry providers and the average Secured Overnight Financing Rate (SOFR) plus a spread. In addition to the methods and assumptions we use to record the fair value of financial instruments as discussed in the Fair value measurements section above, we use the following methods and assumptions to estimate the fair value of our financial instruments: Cash and cash equivalents Carrying amount approximates fair value. We classify cash and cash equivalents as Level 1. See Consolidated Statement of Financial Position. Restricted cash and short-term investments Carrying amount approximates fair value. We include restricted cash and short-term investments in Prepaid expenses and other current assets in the Consolidated Statement of Financial Position. We classify these instruments as Level 1 except for time deposits which are Level 2, and certain corporate debt securities which are Level 3. See Note 8 for additional information. Finance receivables We estimate fair value by discounting the future cash flows using current rates, representative of receivables with similar remaining maturities. Wholesale inventory receivables We estimate fair value by discounting the future cash flows using current rates, representative of receivables with similar remaining maturities. Short-term borrowings Carrying amount approximates fair value. We classify short-term borrowings as Level 1. See Consolidated Statement of Financial Position. Long-term debt We estimate fair value for fixed and floating rate debt based on quoted market prices.
Restructuring Costs	Our accounting for employee separations is dependent upon how the particular program is designed. For voluntary programs, we recognize eligible separation costs at the time of employee acceptance unless the acceptance requires explicit approval by the company. For involuntary programs, we recognize eligible costs when management has approved the program, the affected employees have been properly notified and the costs are estimable.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
Stock-Based Compensation (Tables)	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Type and Fair Value of Stock-Based Compensation Awards	The following table illustrates the type and fair value of the stock-based compensation awards granted during the three months ended March 31, 2024 and 2023, respectively: Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Shares Granted Weighted-Average Fair Value Per Share Weighted-Average Grant Date Stock Price Shares Granted Weighted-Average Fair Value Per Share Weighted-Average Grant Date Stock Price Stock options 296,295 $ 104.27 $ 338.65 777,275 $ 75.79 $ 253.98 RSUs 379,621 $ 338.65 $ 338.65 379,426 $ 253.98 $ 253.98 PRSUs 169,120 $ 408.64 $ 338.65 221,869 $ 253.98 $ 253.98
Schedule of Assumptions Used for Fair Value of Stock Options	The following table provides the assumptions used in determining the fair value of the stock-options granted in the three months ended March 31, 2024 and 2023, respectively: Grant Year 2024 2023 Weighted-average dividend yield 2.40% 2.60% Weighted-average volatility 30.7% 31.0% Range of volatilities 26.3% - 32.3% 28.5% - 35.5% Range of risk-free interest rates 4.28% - 5.03% 3.92% - 5.03% Weighted-average expected lives 7 years 7 years
Schedule of Assumptions Used for Fair Value of PRSUs	The following table provides the assumptions used in determining the fair value of the PRSUs granted in the three months ended March 31, 2024: Grant Year 2024 Expected volatility of the Company's stock 29.8% Risk-free interest rate 4.38%

Derivative Financial Instrume_2

Derivative Financial Instruments and Risk Management (Tables)	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Location and Fair Value of Derivative Instruments	The location and fair value of derivative instruments reported in the Consolidated Statement of Financial Position were as follows: (Millions of dollars) Fair Value March 31, 2024 December 31, 2023 Assets 1 Liabilities 2 Assets 1 Liabilities 2 Designated derivatives Foreign exchange contracts $ 413 $ (101) $ 389 $ (155) Interest rate contracts 29 (246) 58 (209) Total $ 442 $ (347) $ 447 $ (364) Undesignated derivatives Foreign exchange contracts $ 32 $ (24) $ 55 $ (82) Commodity contracts 5 (10) 18 (9) Total return swap contracts 21 — — — Total $ 58 $ (34) $ 73 $ (91) 1 Assets are classified on the Consolidated Statement of Financial Position as Receivables - trade and other or Long-term receivables - trade and other. 2 Liabilities are classified on the Consolidated Statement of Financial Position as Accrued expenses or Other liabilities.
Schedule of Gains (Losses) on Derivative Instruments	Gains (Losses) on derivative instruments are categorized as follows: (Millions of dollars) Three Months Ended March 31, Fair Value / Undesignated Hedges Cash Flow Hedges Gains (Losses) Recognized on the Consolidated Statement of Results of Operations 1 Gains (Losses) Recognized in AOCI Gains (Losses) Reclassified from AOCI 2 2024 2023 2024 2023 2024 2023 Foreign exchange contracts $ 29 $ (28) $ 95 $ 58 $ 91 $ (65) Interest rate contracts (36) (27) 11 (2) 15 13 Commodity contracts (10) 8 — — — — Total return swap contracts 30 — — — — — Total $ 13 $ (47) $ 106 $ 56 $ 106 $ (52) 1 Foreign exchange contract, Commodity contract and Total return swap contract gains (losses) are included in Other income (expense) in the Consolidated Statement of Financial Position. Interest rate contract gains (losses) are included in Interest expense of Financial Products and Interest expense excluding Financial Products on the Consolidated Statement of Financial Position. 2 Foreign exchange contract gains (losses) are primarily included in Other income (expense) on the Consolidated Statement of Financial Position. Interest rate contract gains (losses) are primarily included in Interest expense of Financial Products on the Consolidated Statement of Financial Position.
Summary of Cumulative Basis Adjustments for Fair Value Hedges	The following amounts were recorded on the Consolidated Statement of Financial Position related to cumulative basis adjustments for fair value hedges: (Millions of dollars) Carrying Value of the Hedged Liabilities Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Value of the Hedged Liabilities March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Long-term debt due within one year $ 786 $ 982 $ (18) $ (23) Long-term debt due after one year 4,880 4,245 (220) (156) Total $ 5,666 $ 5,227 $ (238) $ (179)
Summary Offsetting Assets and Liabilities	The effect of the net settlement provisions of the master netting agreements on our derivative balances upon an event of default or termination event was as follows: (Millions of dollars) March 31, 2024 December 31, 2023 Assets Liabilities Assets Liabilities Gross Amounts Recognized $ 500 $ (381) $ 520 $ (455) Financial Instruments Not Offset (136) 136 (202) 202 Net Amount $ 364 $ (245) $ 318 $ (253)

Inventories (Tables)

Inventories (Tables)	3 Months Ended
Inventories (Tables)	Mar. 31, 2024
Inventory Disclosure [Abstract]
Summary of Inventories	Inventories (principally using the last-in, first-out (LIFO) method) were comprised of the following: (Millions of dollars) March 31, December 31, Raw materials $ 6,605 $ 6,492 Work-in-process 1,614 1,411 Finished goods 8,372 8,308 Supplies 362 354 Total inventories $ 16,953 $ 16,565

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	3 Months Ended
Intangible Assets and Goodwill (Tables)	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Intangible assets	Intangible assets were comprised of the following: March 31, 2024 (Millions of dollars) Gross Accumulated Net Customer relationships $ 2,226 $ (1,847) $ 379 Intellectual property 481 (384) 97 Other 117 (77) 40 Total finite-lived intangible assets $ 2,824 $ (2,308) $ 516 December 31, 2023 Gross Accumulated Net Customer relationships $ 2,232 $ (1,814) $ 418 Intellectual property 484 (380) 104 Other 117 (75) 42 Total finite-lived intangible assets $ 2,833 $ (2,269) $ 564
Summary of expected amortization expense related to intangible assets	Amortization expense related to intangible assets is expected to be: (Millions of dollars) Remaining Nine Months of 2024 2025 2026 2027 2028 Thereafter $130 $165 $94 $31 $24 $72
Summary of Goodwill acquired	The changes in carrying amount of goodwill by reportable segment for the three months ended March 31, 2024 were as follows: (Millions of dollars) December 31, Other Adjustments 1 March 31, Construction Industries Goodwill $ 277 $ (9) $ 268 Impairments (22) — (22) Net goodwill 255 (9) 246 Resource Industries Goodwill 4,151 (12) 4,139 Impairments (1,175) — (1,175) Net goodwill 2,976 (12) 2,964 Energy & Transportation Goodwill 2,959 (7) 2,952 Impairments (925) — (925) Net goodwill 2,034 (7) 2,027 All Other 2 Goodwill 43 (3) 40 Consolidated total Goodwill 7,430 (31) 7,399 Impairments (2,122) — (2,122) Net goodwill $ 5,308 $ (31) $ 5,277 1 Other adjustments are comprised primarily of foreign currency translation. 2 Includes All Other Segment (See Note 16).

Investments in Debt and Equit_2

Investments in Debt and Equity Securities (Tables)	3 Months Ended
Investments in Debt and Equity Securities (Tables)	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Schedule of cost basis and fair value of available-for-sale securities	The cost basis and fair value of available-for-sale debt securities with unrealized gains and losses included in equity (AOCI in the Consolidated Statement of Financial Position) were as follows: Available-for-sale debt securities March 31, 2024 December 31, 2023 (Millions of dollars) Cost Basis Unrealized Pretax Net Gains (Losses) Fair Value Cost Basis Unrealized Pretax Net Gains (Losses) Fair Value Government debt securities U.S. treasury bonds $ 10 $ — $ 10 $ 10 $ — $ 10 Other U.S. and non-U.S. government bonds 62 (3) 59 62 (2) 60 Corporate debt securities Corporate bonds and other debt securities 2,927 (47) 2,880 3,031 (36) 2,995 Asset-backed securities 196 (2) 194 195 (3) 192 Mortgage-backed debt securities U.S. governmental agency 448 (30) 418 433 (23) 410 Residential 3 (1) 2 3 (1) 2 Commercial 135 (7) 128 137 (9) 128 Total available-for-sale debt securities $ 3,781 $ (90) $ 3,691 $ 3,871 $ (74) $ 3,797
Summary of investments in an unrealized loss position that are not other-than-temporarily impaired	Available-for-sale debt securities in an unrealized loss position: March 31, 2024 Less than 12 months 1 12 months or more 1 Total (Millions of dollars) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Government debt securities Other U.S. and non-U.S. government bonds $ 10 $ — $ 25 $ 3 $ 35 $ 3 Corporate debt securities Corporate bonds 939 5 874 46 1,813 51 Asset-backed securities 20 — 55 3 75 3 Mortgage-backed debt securities U.S. governmental agency 81 1 286 30 367 31 Commercial 6 — 114 8 120 8 Total $ 1,056 $ 6 $ 1,354 $ 90 $ 2,410 $ 96 December 31, 2023 Less than 12 months 1 12 months or more 1 Total (Millions of dollars) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Government debt securities Other U.S. and non-U.S. government bonds $ — $ — $ 25 $ 3 $ 25 $ 3 Corporate debt securities Corporate bonds 765 — 1,011 45 1,776 45 Asset-backed securities 9 — 97 3 106 3 Mortgage-backed debt securities U.S. governmental agency 33 — 287 25 320 25 Commercial 2 — 121 9 123 9 Total $ 809 $ — $ 1,541 $ 85 $ 2,350 $ 85 1 Indicates the length of time that individual securities have been in a continuous unrealized loss position.
Summary of cost basis and fair value of the available-for-sale debt securities by contractual maturity	Expected maturities will differ from contractual maturities because borrowers may have the right to prepay and creditors may have the right to call obligations. March 31, 2024 (Millions of dollars) Cost Basis Fair Value Due in one year or less $ 964 $ 953 Due after one year through five years 1,865 1,828 Due after five years through ten years 281 277 Due after ten years 85 85 U.S. governmental agency mortgage-backed securities 448 418 Residential mortgage-backed securities 3 2 Commercial mortgage-backed securities 135 128 Total debt securities – available-for-sale $ 3,781 $ 3,691
Schedule of proceeds and gross gain and losses from the sale of available-for-sale securities	Sales of available-for-sale debt securities: Three Months Ended March 31, (Millions of dollars) 2024 2023 Proceeds from the sale of available-for-sale securities $ 361 $ 223 Gross gains from the sale of available-for-sale securities $ — $ — Gross losses from the sale of available-for-sale securities $ 1 $ —

Postretirement Benefits (Tables

Postretirement Benefits (Tables)	3 Months Ended
Postretirement Benefits (Tables)	Mar. 31, 2024
Retirement Benefits [Abstract]
Schedule of net benefit costs	U.S. Pension Benefits Non-U.S. Pension Benefits Other Postretirement Benefits March 31, March 31, March 31, (Millions of dollars) 2024 2023 2024 2023 2024 2023 For the three months ended: Components of net periodic benefit cost: Service cost $ — $ — $ 11 $ 10 $ 17 $ 17 Interest cost 156 164 30 31 33 36 Expected return on plan assets (175) (172) (42) (40) (2) (3) Amortization of prior service cost (credit) — — — — (3) (3) Net periodic benefit cost (benefit) 1 $ (19) $ (8) $ (1) $ 1 $ 45 $ 47 1 The service cost component is included in Operating costs in the Consolidated Statement of Results of Operations. All other components are included in Other income (expense) in the Consolidated Statement of Results of Operations.
Summary of company costs related to U.S. and non-U.S. defined contribution plans	Total company costs related to our defined contribution plans, which are included in Operating Costs in the Consolidated Statement of Results of Operations, were as follows: Three Months Ended March 31, (Millions of dollars) 2024 2023 U.S. Plans 1 $ 223 $ 149 Non-U.S. Plans 30 29 $ 253 $ 178 1 Includes costs related to our non-qualified deferred compensation plans. We utilize total return swaps to economically hedge this exposure to offset the related costs. See Note 5 for additional information.

Leases (Tables)

Leases (Tables)	3 Months Ended
Leases (Tables)	Mar. 31, 2024
Leases [Abstract]
Revenue from finance and operating leases	Revenues from finance and operating leases, primarily included in Revenues of Financial Products Three Months Ended March 31, (Millions of dollars) 2024 2023 Finance lease revenue $ 108 $ 104 Operating lease revenue 313 275 Total $ 421 $ 379

Guarantees and Product Warran_2

Guarantees and Product Warranty (Tables)	3 Months Ended
Guarantees and Product Warranty (Tables)	Mar. 31, 2024
Guarantees and Product Warranties [Abstract]
Summary of product warranty	The reconciliation of the change in our product warranty liability balances for the three months ended March 31 was as follows: Three Months Ended March 31, (Millions of dollars) 2024 2023 Warranty liability, beginning of period $ 1,894 $ 1,761 Reduction in liability (payments) (199) (213) Increase in liability (new warranties) 133 246 Warranty liability, end of period $ 1,828 $ 1,794

Profit Per Share (Tables)

Profit Per Share (Tables)	3 Months Ended
Profit Per Share (Tables)	Mar. 31, 2024
Earnings Per Share Reconciliation [Abstract]
Computations of profit per share	Computations of profit per share: Three Months Ended March 31, (Dollars in millions except per share data) 2024 2023 Profit for the period (A) 1 $ 2,856 $ 1,943 Determination of shares (in millions): Weighted-average number of common shares outstanding (B) 493.9 516.2 Shares issuable on exercise of stock awards, net of shares assumed to be purchased out of proceeds at average market price 3.0 3.2 Average common shares outstanding for fully diluted computation (C) 2 496.9 519.4 Profit per share of common stock: Assuming no dilution (A/B) $ 5.78 $ 3.76 Assuming full dilution (A/C) 2 $ 5.75 $ 3.74 Shares outstanding as of March 31, (in millions) 489.3 515.9 1 Profit attributable to common shareholders. 2 Diluted by assumed exercise of stock-based compensation awards using the treasury stock method.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
Accumulated Other Comprehensive Income (Loss) (Tables)	Mar. 31, 2024
Equity [Abstract]
Changes in Accumulated other comprehensive income (loss), net of tax	We present comprehensive income and its components in the Consolidated Statement of Comprehensive Income. Changes in the balances for each component of AOCI were as follows: Three Months Ended March 31, (Millions of dollars) 2024 2023 Foreign currency translation: Beginning balance $ (1,782) $ (2,328) Gains (losses) on foreign currency translation (213) 103 Less: Tax provision /(benefit) 11 (10) Net gains (losses) on foreign currency translation (224) 113 (Gains) losses reclassified to earnings (33) 494 Less: Tax provision /(benefit) — — Net (gains) losses reclassified to earnings (33) 494 Other comprehensive income (loss), net of tax (257) 607 Ending balance $ (2,039) $ (1,721) Pension and other postretirement benefits Beginning balance $ (49) $ (39) Current year prior service credit (cost) — — Less: Tax provision /(benefit) — — Net current year prior service credit (cost) — — Amortization of prior service (credit) cost (3) (3) Less: Tax provision /(benefit) — (1) Net amortization of prior service (credit) cost (3) (2) Other comprehensive income (loss), net of tax (3) (2) Ending balance $ (52) $ (41) Derivative financial instruments Beginning balance $ 67 $ 28 Gains (losses) deferred 106 56 Less: Tax provision /(benefit) 28 12 Net gains (losses) deferred 78 44 (Gains) losses reclassified to earnings (106) 52 Less: Tax provision /(benefit) (28) 12 Net (gains) losses reclassified to earnings (78) 40 Other comprehensive income (loss), net of tax — 84 Ending balance $ 67 $ 112 Available-for-sale securities Beginning balance $ (56) $ (118) Gains (losses) deferred (17) 26 Less: Tax provision /(benefit) (3) 4 Net gains (losses) deferred (14) 22 (Gains) losses reclassified to earnings 1 — Less: Tax provision /(benefit) — — Net (gains) losses reclassified to earnings 1 — Other comprehensive income (loss), net of tax (13) 22 Ending balance $ (69) $ (96) Total AOCI Ending Balance at March 31, $ (2,093) $ (1,746)

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
Segment Information (Tables)	Mar. 31, 2024
Segment Reporting [Abstract]
Disaggregation of Revenue	For the three months ended March 31, 2024 and 2023, sales and revenues by geographic region reconciled to consolidated sales and revenues were as follows: Sales and Revenues by Geographic Region (Millions of dollars) North America Latin America EAME Asia/ Pacific External Sales and Revenues Intersegment Sales and Revenues Total Sales and Revenues Three Months Ended March 31, 2024 Construction Industries $ 3,833 $ 595 $ 996 $ 993 $ 6,417 $ 7 $ 6,424 Resource Industries 1,264 476 465 891 3,096 97 3,193 Energy & Transportation 2,951 408 1,294 834 5,487 1,194 6,681 Financial Products Segment 659 101 123 108 991 1 — 991 Total sales and revenues from reportable segments 8,707 1,580 2,878 2,826 15,991 1,298 17,289 All Other Segment 18 (1) 4 13 34 75 109 Corporate Items and Eliminations (152) (20) (30) (24) (226) (1,373) (1,599) Total Sales and Revenues $ 8,573 $ 1,559 $ 2,852 $ 2,815 $ 15,799 $ — $ 15,799 Three Months Ended March 31, 2023 Construction Industries $ 3,608 $ 599 $ 1,336 $ 1,161 $ 6,704 $ 42 $ 6,746 Resource Industries 1,308 474 599 978 3,359 68 3,427 Energy & Transportation 2,572 380 1,384 719 5,055 1,199 6,254 Financial Products Segment 575 104 114 109 902 1 — 902 Total sales and revenues from reportable segments 8,063 1,557 3,433 2,967 16,020 1,309 17,329 All Other Segment 18 — 4 13 35 76 111 Corporate Items and Eliminations (131) (18) (19) (25) (193) (1,385) (1,578) Total Sales and Revenues $ 7,950 $ 1,539 $ 3,418 $ 2,955 $ 15,862 $ — $ 15,862 1 Includes revenues from Construction Industries, Resource Industries, Energy & Transportation and All Other Segment of $177 million and $162 million in the three months ended March 31, 2024 and 2023, respectively. For the three months ended March 31, 2024 and 2023, Energy & Transportation segment sales by end user application were as follows: Energy & Transportation External Sales Three Months Ended March 31, (Millions of dollars) 2024 2023 Oil and gas $ 1,568 $ 1,314 Power generation 1,618 1,284 Industrial 989 1,255 Transportation 1,312 1,202 Energy & Transportation External Sales $ 5,487 $ 5,055
Reconciliation of Consolidated profit before taxes	Reconciliation of Consolidated profit before taxes: (Millions of dollars) Three Months Ended March 31, 2024 2023 Profit from reportable segments: Construction Industries $ 1,764 $ 1,790 Resource Industries 730 764 Energy & Transportation 1,301 1,057 Financial Products Segment 293 232 Total profit from reportable segments 4,088 3,843 Profit from All Other Segment 24 11 Cost centers 14 30 Corporate costs (201) (238) Timing (67) (206) Restructuring costs 6 (611) Methodology differences: Inventory/cost of sales (6) 126 Postretirement benefit expense (56) (31) Stock-based compensation expense (44) (44) Financing costs (28) (50) Currency 87 (26) Other income/expense methodology differences (250) (146) Other methodology differences (35) (24) Total consolidated profit before taxes $ 3,532 $ 2,634
Reconciliation of Assets:	Reconciliation of Assets: (Millions of dollars) March 31, 2024 December 31, 2023 Assets from reportable segments: Construction Industries $ 5,578 $ 5,384 Resource Industries 5,603 5,742 Energy & Transportation 10,658 10,555 Financial Products Segment 35,752 35,685 Total assets from reportable segments 57,591 57,366 Assets from All Other Segment 1,926 1,890 Items not included in segment assets: Cash and cash equivalents 3,963 6,106 Deferred income taxes 2,722 2,668 Goodwill and intangible assets 4,519 4,452 Property, plant and equipment – net and other assets 4,808 6,548 Inventory methodology differences (3,557) (3,169) Liabilities included in segment assets 12,013 11,781 Other (244) (166) Total assets $ 83,741 $ 87,476
Reconciliation of Depreciation and amortization:	Reconciliation of Depreciation and amortization: (Millions of dollars) Three Months Ended March 31, 2024 2023 Depreciation and amortization from reportable segments: Construction Industries $ 56 $ 54 Resource Industries 63 87 Energy & Transportation 137 129 Financial Products Segment 185 178 Total depreciation and amortization from reportable segments 441 448 Items not included in segment depreciation and amortization: All Other Segment 61 57 Cost centers 23 20 Other (1) 7 Total depreciation and amortization $ 524 $ 532
Reconciliation of Capital expenditures:	Reconciliation of Capital expenditures: (Millions of dollars) Three Months Ended March 31, 2024 2023 Capital expenditures from reportable segments: Construction Industries $ 58 $ 32 Resource Industries 34 26 Energy & Transportation 122 169 Financial Products Segment 234 279 Total capital expenditures from reportable segments 448 506 Items not included in segment capital expenditures: All Other Segment 29 26 Cost centers 30 22 Timing 245 212 Other (16) (16) Total capital expenditures $ 736 $ 750

Cat Financial Financing Activ_2

Cat Financial Financing Activities (Tables)	3 Months Ended
Cat Financial Financing Activities (Tables)	Mar. 31, 2024
Receivables [Abstract]
Allowance for credit losses and total finance receivables	An analysis of the allowance for credit losses was as follows: (Millions of dollars) Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Customer Dealer Total Customer Dealer Total Beginning balance $ 276 $ 51 $ 327 $ 277 $ 65 $ 342 Write-offs (23) (47) (70) (20) — (20) Recoveries 15 — 15 10 — 10 Provision for credit losses 1 9 — 9 10 — 10 Other (4) — (4) 1 — 1 Ending balance $ 273 $ 4 $ 277 $ 278 $ 65 $ 343 Finance Receivables $ 20,413 $ 1,794 $ 22,207 $ 19,573 $ 1,721 $ 21,294 1 Excludes provision for credit losses on unfunded commitments and other miscellaneous receivables.
Write-offs by origination year	Gross write-offs by origination year for the Customer portfolio segment were as follows: (Millions of dollars) Three Months Ended March 31, 2024 2024 2023 2022 2021 2020 Prior Revolving Total North America $ — $ 3 $ 4 $ 2 $ 1 $ — $ 3 $ 13 EAME — 1 1 1 — — — 3 Asia/Pacific — 1 2 1 1 — — 5 Latin America — — 1 1 — — — 2 Total $ — $ 5 $ 8 $ 5 $ 2 $ — $ 3 $ 23 Three Months Ended March 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Total North America $ — $ 3 $ 3 $ — $ — $ — $ 4 $ 10 EAME — 1 — 1 — — — 2 Asia/Pacific — — 2 1 1 — — 4 Latin America — — 1 2 1 — — 4 Total $ — $ 4 $ 6 $ 4 $ 2 $ — $ 4 $ 20
Financing receivable credit quality indicators	The tables below summarize the aging category of Cat Financial's amortized cost of finance receivables in the Customer portfolio segment by origination year: (Millions of dollars) March 31, 2024 2024 2023 2022 2021 2020 Prior Revolving Total Finance Receivables North America Current $ 1,277 $ 4,101 $ 2,346 $ 1,718 $ 596 $ 176 $ 313 $ 10,527 31-60 days past due 5 37 40 27 14 5 3 131 61-90 days past due — 16 12 7 4 1 1 41 91+ days past due — 19 23 17 7 5 2 73 EAME Current 282 1,224 791 493 210 170 — 3,170 31-60 days past due — 17 9 6 2 2 — 36 61-90 days past due 1 8 4 3 1 1 — 18 91+ days past due — 13 15 20 8 3 — 59 Asia/Pacific Current 245 798 481 212 49 12 — 1,797 31-60 days past due — 12 10 7 2 — — 31 61-90 days past due — 2 3 2 1 — — 8 91+ days past due — 3 3 3 2 — — 11 Mining Current 150 1,001 629 333 113 68 70 2,364 31-60 days past due — — — — — — — — 61-90 days past due — — — — — — — — 91+ days past due — — 1 1 — 7 — 9 Latin America Current 205 643 438 164 34 15 — 1,499 31-60 days past due — 5 7 5 2 2 — 21 61-90 days past due — 3 6 3 — 1 — 13 91+ days past due — 4 9 7 5 18 — 43 Power Current 8 162 48 58 72 76 135 559 31-60 days past due — — — — — — — — 61-90 days past due — — — — — — — — 91+ days past due — — — — — 3 — 3 Totals by Aging Category Current $ 2,167 $ 7,929 $ 4,733 $ 2,978 $ 1,074 $ 517 $ 518 $ 19,916 31-60 days past due 5 71 66 45 20 9 3 219 61-90 days past due 1 29 25 15 6 3 1 80 91+ days past due — 39 51 48 22 36 2 198 Total Customer $ 2,173 $ 8,068 $ 4,875 $ 3,086 $ 1,122 $ 565 $ 524 $ 20,413 (Millions of dollars) December 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Total Finance Receivables North America Current $ 4,430 $ 2,628 $ 2,000 $ 745 $ 220 $ 32 $ 312 $ 10,367 31-60 days past due 28 31 24 14 7 1 4 109 61-90 days past due 10 11 8 4 1 — 2 36 91+ days past due 12 23 18 9 4 1 2 69 EAME Current 1,336 895 588 258 111 105 — 3,293 31-60 days past due 10 9 7 3 1 — — 30 61-90 days past due 4 3 3 1 1 — — 12 91+ days past due 7 17 15 8 3 1 — 51 Asia/Pacific Current 943 594 293 73 16 4 — 1,923 31-60 days past due 5 6 7 2 — — — 20 61-90 days past due 2 3 3 2 — — — 10 91+ days past due 1 5 3 3 1 — — 13 Mining Current 1,039 686 381 121 68 27 66 2,388 31-60 days past due — — — — — — — — 61-90 days past due — — — — 1 1 — 2 91+ days past due — — 1 — — 1 — 2 Latin America Current 750 520 219 59 23 6 — 1,577 31-60 days past due 9 10 6 1 — — — 26 61-90 days past due 2 4 1 — — — — 7 91+ days past due 2 10 8 5 8 11 — 44 Power Current 152 49 64 75 28 59 162 589 31-60 days past due — — — — — — — — 61-90 days past due — — — — — — — — 91+ days past due — — — — — 3 — 3 Totals by Aging Category Current $ 8,650 $ 5,372 $ 3,545 $ 1,331 $ 466 $ 233 $ 540 $ 20,137 31-60 days past due 52 56 44 20 8 1 4 185 61-90 days past due 18 21 15 7 3 1 2 67 91+ days past due 22 55 45 25 16 17 2 182 Total Customer $ 8,742 $ 5,504 $ 3,649 $ 1,383 $ 493 $ 252 $ 548 $ 20,571
Investment in finance receivables on non-accrual status	In Cat Financial's Customer portfolio segment, finance receivables which were on non-accrual status and finance receivables over 90 days past due and still accruing income were as follows: (Millions of dollars) March 31, 2024 December 31, 2023 Amortized Cost Amortized Cost Non-accrual 91+ Still Non-accrual 91+ Still North America $ 58 $ 18 $ 52 $ 20 EAME 52 12 34 18 Asia/Pacific 6 6 8 5 Mining 9 — 2 — Latin America 54 — 48 1 Power 3 — 8 — Total $ 182 $ 36 $ 152 $ 44

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	3 Months Ended
Fair Value Disclosures (Tables)	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Assets and liabilities measured on a recurring basis at fair value	Assets and liabilities measured on a recurring basis at fair value included in our Consolidated Statement of Financial Position as of March 31, 2024 and December 31, 2023 were as follows: March 31, 2024 (Millions of dollars) Level 1 Level 2 Level 3 Measured at NAV Total Assets Debt securities Government debt securities U.S. treasury bonds $ 10 $ — $ — $ — $ 10 Other U.S. and non-U.S. government bonds — 59 — — 59 Corporate debt securities Corporate bonds and other debt securities — 2,880 — — 2,880 Asset-backed securities — 194 — — 194 Mortgage-backed debt securities U.S. governmental agency — 418 — — 418 Residential — 2 — — 2 Commercial — 128 — — 128 Total debt securities 10 3,681 — — 3,691 Equity securities Large capitalization value 249 — — — 249 Smaller company growth 38 — — — 38 REIT — — — 169 169 Total equity securities 287 — — 169 456 Derivative financial instruments - assets Foreign currency contracts - net — 320 — — 320 Total return swap contracts - net — 21 — — 21 Total assets $ 297 $ 4,022 $ — $ 169 $ 4,488 Liabilities Derivative financial instruments - liabilities Interest rate contracts - net $ — $ 217 $ — $ — $ 217 Commodity contracts - net — 5 — — 5 Total liabilities $ — $ 222 $ — $ — $ 222 December 31, 2023 (Millions of dollars) Level 1 Level 2 Level 3 Measured at NAV Total Assets Debt securities Government debt securities U.S. treasury bonds $ 10 $ — $ — $ — $ 10 Other U.S. and non-U.S. government bonds — 60 — — 60 Corporate debt securities Corporate bonds and other debt securities — 2,995 — — 2,995 Asset-backed securities — 192 — — 192 Mortgage-backed debt securities U.S. governmental agency — 410 — — 410 Residential — 2 — — 2 Commercial — 128 — — 128 Total debt securities 10 3,787 — — 3,797 Equity securities Large capitalization value 223 — — — 223 Smaller company growth 35 — — — 35 REIT — — — 180 180 Total equity securities 258 — — 180 438 Derivative financial instruments - assets Foreign currency contracts - net — 207 — — 207 Commodity contracts - net — 9 — — 9 Total Assets $ 268 $ 4,003 $ — $ 180 $ 4,451 Liabilities Derivative financial instruments - liabilities Interest rate contracts - net $ — $ 151 $ — $ — $ 151 Total liabilities $ — $ 151 $ — $ — $ 151
Fair values of financial instruments	Our financial instruments not carried at fair value were as follows: March 31, 2024 December 31, 2023 (Millions of dollars) Carrying Amount Fair Value Carrying Amount Fair Value Fair Value Levels Reference Assets Finance receivables – net (excluding finance leases 1 ) $ 15,413 $ 14,953 $ 15,386 $ 15,017 3 Note 17 Wholesale inventory receivables – net (excluding finance leases 1 ) 1,276 1,227 1,415 1,368 3 Liabilities Long-term debt (including amounts due within one year) Machinery, Energy & Transportation 9,584 9,164 9,623 9,550 2 Financial Products 24,701 24,373 23,612 23,299 2 1 Represents finance leases and failed sale leasebacks of $6,715 million and $6,953 million at March 31, 2024 and December 31, 2023, respectively.

Other Income (Expense) (Tables)

Other Income (Expense) (Tables)	3 Months Ended
Other Income (Expense) (Tables)	Mar. 31, 2024
Other Income and Expenses [Abstract]
Other income (expense)	Three Months Ended March 31, (Millions of dollars) 2024 2023 Investment and interest income $ 136 $ 93 Foreign exchange gains (losses) 1 42 (72) License fee income 34 31 Net periodic pension and OPEB income (cost), excluding service cost 3 (13) Gains (losses) on securities 17 (11) Miscellaneous income (loss) (76) 4 Total $ 156 $ 32 1 Includes gains (losses) from foreign exchange derivative contracts. See Note 5 for further details.

Restructuring Costs (Tables)

Restructuring Costs (Tables)	3 Months Ended
Restructuring Costs (Tables)	Mar. 31, 2024
Restructuring Charges [Abstract]
Restructuring and related costs	Restructuring costs for the three months ended March 31, 2024 and 2023 were as follows: (Millions of dollars) Three Months Ended March 31, 2024 2023 Employee separations 1 $ 13 $ 12 Divestitures 1 (64) 586 Long-lived asset impairments 1 7 — Other 2 38 13 Total restructuring (income) costs $ (6) $ 611 1 Recognized in Other operating (income) expenses. 2 Represents costs related to our restructuring programs, primarily for inventory write-downs, accelerated depreciation, project management and equipment relocation, all of which are primarily included in Cost of goods sold.

Sales and Revenue Contract In_2

Sales and Revenue Contract Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Trade receivables from dealers and end users	$ 7,860		$ 7,923	$ 7,551
Long term trade receivables from dealers and end users	604		589	506
Contract assets	196		246	247
Contract liabilities	2,664		$ 2,389	$ 2,314
Revenue recognized from contract liability balance at beginning of period	813	$ 737
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Unsatisfied performance obligations with an original contract duration greater than one year	$ 12,500
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Expected period of performance satisfaction	12 months
Remaining performance obligation, percentage	50%

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ in Millions	3 Months Ended
Stock-Based Compensation (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock-based compensation expense	$ 44	$ 44
Unrecognized compensation expense	$ 318
Term of amortization of unrecognized compensation cost over weighted-average remaining requisite service periods (in years)	1 year 9 months 18 days

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Type and Fair Value of Stock-Based Compensation Awards (Details) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Stock options
Stock-based compensation awards
Shares Granted, stock options (in shares)	296,295	777,275
Weighted-Average Fair Value Per Share, stock options (in dollars per share)	$ 104.27	$ 75.79
Weighted-Average Grant Date Stock Price (in dollars per share)	338.65	253.98
RSUs
Stock-based compensation awards
Weighted-Average Grant Date Stock Price (in dollars per share)	$ 338.65	$ 253.98
Shares Granted, RSUs & PRSUs (in shares)	379,621	379,426
Weighted-Average Fair Value Per Share, RSUs & PRSUs (in dollars per share)	$ 338.65	$ 253.98
PRSUs
Stock-based compensation awards
Weighted-Average Grant Date Stock Price (in dollars per share)	$ 338.65	$ 253.98
Shares Granted, RSUs & PRSUs (in shares)	169,120	221,869
Weighted-Average Fair Value Per Share, RSUs & PRSUs (in dollars per share)	$ 408.64	$ 253.98

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule of Assumptions Used for Fair Value (Details)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Stock options
Stock-based compensation awards
Weighted-average dividend yield	2.40%	2.60%
Weighted-average volatility	30.70%	31%
Rate of volatilities, minimum	26.30%	28.50%
Rate of volatilities, maximum	32.30%	35.50%
Risk-free interest rates, minimum	4.28%	3.92%
Risk-free interest rates, maximum	5.03%	5.03%
Weighted-average expected lives	7 years	7 years
PRSUs
Stock-based compensation awards
Expected volatility of the Company's stock	29.80%
Risk-free interest rate	4.38%

Derivative Financial Instrume_3

Derivative Financial Instruments and Risk Management (Details) - USD ($) $ in Billions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Foreign currency cash flow hedges, maximum allowable period (in years)	5 years
Foreign currency cash flow hedges, maximum period (in months)	60 months
Commodity forward and option contracts, maximum period (in years)	5 years
Notional amount	$ 24.2	$ 25.6

Derivative Financial instrume_4

Derivative Financial instruments and Risk Management- Summary of Location and Fair Value of Derivative Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Derivatives Fair Value
Assets	$ 500	$ 520
Liabilities	(381)	(455)
Designated derivatives
Derivatives Fair Value
Assets	442	447
Liabilities	(347)	(364)
Designated derivatives \| Foreign exchange contracts
Derivatives Fair Value
Assets	413	389
Liabilities	(101)	(155)
Designated derivatives \| Interest rate contracts
Derivatives Fair Value
Assets	29	58
Liabilities	(246)	(209)
Undesignated derivatives
Derivatives Fair Value
Assets	58	73
Liabilities	(34)	(91)
Undesignated derivatives \| Foreign exchange contracts
Derivatives Fair Value
Assets	32	55
Liabilities	(24)	(82)
Undesignated derivatives \| Commodity contracts
Derivatives Fair Value
Assets	5	18
Liabilities	(10)	(9)
Undesignated derivatives \| Total return swap contracts
Derivatives Fair Value
Assets	21	0
Liabilities	$ 0	$ 0

Derivative Financial instrume_5

Derivative Financial instruments and Risk Management- Schedule of Gains (Losses) on Derivative Instruments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative Instruments, Gain (Loss)
Gains (Losses) recognized on the consolidated statement of results of operations	$ 13	$ (47)
Foreign exchange contracts
Derivative Instruments, Gain (Loss)
Gains (Losses) recognized on the consolidated statement of results of operations	29	(28)
Interest rate contracts
Derivative Instruments, Gain (Loss)
Gains (Losses) recognized on the consolidated statement of results of operations	(36)	(27)
Commodity contracts
Derivative Instruments, Gain (Loss)
Gains (Losses) recognized on the consolidated statement of results of operations	(10)	8
Total return swap contracts
Derivative Instruments, Gain (Loss)
Gains (Losses) recognized on the consolidated statement of results of operations	30	0
Designated derivatives \| Cash Flow Hedges
Derivative Instruments, Gain (Loss)
Gains (losses) deferred	106	56
(Gains) losses reclassified to earnings	106	(52)
Designated derivatives \| Cash Flow Hedges \| Foreign exchange contracts
Derivative Instruments, Gain (Loss)
Gains (losses) deferred	95	58
(Gains) losses reclassified to earnings	91	(65)
Designated derivatives \| Cash Flow Hedges \| Interest rate contracts
Derivative Instruments, Gain (Loss)
Gains (losses) deferred	11	(2)
(Gains) losses reclassified to earnings	15	13
Designated derivatives \| Cash Flow Hedges \| Commodity contracts
Derivative Instruments, Gain (Loss)
Gains (losses) deferred	0	0
(Gains) losses reclassified to earnings	0	0
Designated derivatives \| Cash Flow Hedges \| Total return swap contracts
Derivative Instruments, Gain (Loss)
Gains (losses) deferred	0	0
(Gains) losses reclassified to earnings	$ 0	$ 0

Derivative Financial Instrume_6

Derivative Financial Instruments and Risk Management- Summary of Cumulative Basis Adjustments for Fair Value Hedges (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Derivatives Fair Value
Carrying Value of the Hedged Liabilities	$ 5,666	$ 5,227
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Value of the Hedged Liabilities	(238)	(179)
Long-term debt due within one year
Derivatives Fair Value
Carrying Value of the Hedged Liabilities	786	982
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Value of the Hedged Liabilities	(18)	(23)
Long-term debt due after one year
Derivatives Fair Value
Carrying Value of the Hedged Liabilities	4,880	4,245
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Value of the Hedged Liabilities	$ (220)	$ (156)

Derivative Financial instrume_7

Derivative Financial instruments and Risk Management - Summary Offsetting Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Assets
Gross Amounts Recognized	$ 500	$ 520
Financial Instruments Not Offset	(136)	(202)
Net Amount	364	318
Liabilities
Gross Amounts Recognized	(381)	(455)
Financial Instruments Not Offset	136	202
Net Amount	$ (245)	$ (253)

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 6,605	$ 6,492
Work-in-process	1,614	1,411
Finished goods	8,372	8,308
Supplies	362	354
Total inventories	$ 16,953	$ 16,565

Intangible Assets and Goodwil_2

Intangible Assets and Goodwill - Summary of Intangible Assets (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Intangible assets
Gross carrying amount	$ 2,824	$ 2,833
Accumulated Amortization	(2,308)	(2,269)
Net	516	564
Customer relationships
Intangible assets
Gross carrying amount	2,226	2,232
Accumulated Amortization	(1,847)	(1,814)
Net	379	418
Intellectual property
Intangible assets
Gross carrying amount	481	484
Accumulated Amortization	(384)	(380)
Net	97	104
Other
Intangible assets
Gross carrying amount	117	117
Accumulated Amortization	(77)	(75)
Net	$ 40	$ 42

Intangible Assets and Goodwil_3

Intangible Assets and Goodwill (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 44	$ 66
Goodwill, impairment loss	$ 0	$ 0

Intangible Assets and Goodwil_4

Intangible Assets and Goodwill - Summary Of Expected Amortization Expense Related To Intangible Assets (Details) $ in Millions	Mar. 31, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remaining Nine Months of 2024	$ 130
2025	165
2026	94
2027	31
2028	24
Thereafter	$ 72

Intangible Assets and Goodwil_5

Intangible Assets and Goodwill - Summary of Goodwill Acquired (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Goodwill
Goodwill	$ 7,399	$ 7,430
Impairments	(2,122)	(2,122)
Net goodwill	5,277	5,308
Changes in carrying amount of goodwill by reportable segment:
Goodwill, beginning of period	7,430
Other adjustments	(31)
Goodwill, end of period	7,399
Net goodwill, beginning of period	5,308
Other adjustments	(31)
Net goodwill, end of period	5,277
Construction Industries
Goodwill
Goodwill	268	277
Impairments	(22)	(22)
Net goodwill	246	255
Changes in carrying amount of goodwill by reportable segment:
Goodwill, beginning of period	277
Other adjustments	(9)
Goodwill, end of period	268
Net goodwill, beginning of period	255
Other adjustments	(9)
Net goodwill, end of period	246
Resource Industries
Goodwill
Goodwill	4,139	4,151
Impairments	(1,175)	(1,175)
Net goodwill	2,964	2,976
Changes in carrying amount of goodwill by reportable segment:
Goodwill, beginning of period	4,151
Other adjustments	(12)
Goodwill, end of period	4,139
Net goodwill, beginning of period	2,976
Other adjustments	(12)
Net goodwill, end of period	2,964
Energy & Transportation
Goodwill
Goodwill	2,952	2,959
Impairments	(925)	(925)
Net goodwill	2,027	2,034
Changes in carrying amount of goodwill by reportable segment:
Goodwill, beginning of period	2,959
Other adjustments	(7)
Goodwill, end of period	2,952
Net goodwill, beginning of period	2,034
Other adjustments	(7)
Net goodwill, end of period	2,027
Other Segments
Goodwill
Goodwill	40	$ 43
Changes in carrying amount of goodwill by reportable segment:
Goodwill, beginning of period	43
Other adjustments	(3)
Goodwill, end of period	40
Other adjustments	$ (3)

Investments in Debt and Equit_3

Investments in Debt and Equity Securities - Schedule of Cost Basis and Fair Value of Available-for-Sale Securities (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Schedule of Investments in Debt and Equity Securities
Cost Basis	$ 3,781	$ 3,871
Unrealized Pretax Net Gains (Losses)	(90)	(74)
Fair Value	3,691	3,797
U.S. treasury bonds
Schedule of Investments in Debt and Equity Securities
Cost Basis	10	10
Unrealized Pretax Net Gains (Losses)	0	0
Fair Value	10	10
Other U.S. and non-U.S. government bonds
Schedule of Investments in Debt and Equity Securities
Cost Basis	62	62
Unrealized Pretax Net Gains (Losses)	(3)	(2)
Fair Value	59	60
Corporate bonds and other debt securities
Schedule of Investments in Debt and Equity Securities
Cost Basis	2,927	3,031
Unrealized Pretax Net Gains (Losses)	(47)	(36)
Fair Value	2,880	2,995
Asset-backed securities
Schedule of Investments in Debt and Equity Securities
Cost Basis	196	195
Unrealized Pretax Net Gains (Losses)	(2)	(3)
Fair Value	194	192
U.S. governmental agency
Schedule of Investments in Debt and Equity Securities
Cost Basis	448	433
Unrealized Pretax Net Gains (Losses)	(30)	(23)
Fair Value	418	410
Residential
Schedule of Investments in Debt and Equity Securities
Cost Basis	3	3
Unrealized Pretax Net Gains (Losses)	(1)	(1)
Fair Value	2	2
Commercial
Schedule of Investments in Debt and Equity Securities
Cost Basis	135	137
Unrealized Pretax Net Gains (Losses)	(7)	(9)
Fair Value	$ 128	$ 128

Investments in Debt and Equit_4

Investments in Debt and Equity Securities - Summary of Investments In An Unrealized Loss Position That Are Not Other-Than-Temporarily Impaired (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Available-for-sale Securities, Continuous Unrealized Loss Position
Less than 12 months - Fair Value	$ 1,056	$ 809
Less than 12 months - Unrealized losses	6	0
12 months or more - Fair Value	1,354	1,541
12 months or more - Unrealized losses	90	85
Fair Value	2,410	2,350
Unrealized Losses	96	85
Other U.S. and non-U.S. government bonds
Available-for-sale Securities, Continuous Unrealized Loss Position
Less than 12 months - Fair Value	10	0
Less than 12 months - Unrealized losses	0	0
12 months or more - Fair Value	25	25
12 months or more - Unrealized losses	3	3
Fair Value	35	25
Unrealized Losses	3	3
Asset-backed securities
Available-for-sale Securities, Continuous Unrealized Loss Position
Less than 12 months - Fair Value	20	9
Less than 12 months - Unrealized losses	0	0
12 months or more - Fair Value	55	97
12 months or more - Unrealized losses	3	3
Fair Value	75	106
Unrealized Losses	3	3
Corporate bonds and other debt securities
Available-for-sale Securities, Continuous Unrealized Loss Position
Less than 12 months - Fair Value	939	765
Less than 12 months - Unrealized losses	5	0
12 months or more - Fair Value	874	1,011
12 months or more - Unrealized losses	46	45
Fair Value	1,813	1,776
Unrealized Losses	51	45
U.S. governmental agency
Available-for-sale Securities, Continuous Unrealized Loss Position
Less than 12 months - Fair Value	81	33
Less than 12 months - Unrealized losses	1	0
12 months or more - Fair Value	286	287
12 months or more - Unrealized losses	30	25
Fair Value	367	320
Unrealized Losses	31	25
Commercial
Available-for-sale Securities, Continuous Unrealized Loss Position
Less than 12 months - Fair Value	6	2
Less than 12 months - Unrealized losses	0	0
12 months or more - Fair Value	114	121
12 months or more - Unrealized losses	8	9
Fair Value	120	123
Unrealized Losses	$ 8	$ 9

Investments in Debt and Equit_5

Investments in Debt and Equity Securities - Summary of Cost Basis And Fair Value Of The Available-For-Sale Debt Securities By Contractual Maturity (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Cost Basis
Due in one year or less	$ 964
Due after one year through five years	1,865
Due after five years through ten years	281
Due after ten years	85
Debt securities, available-for-sale, cost basis	3,781		$ 3,871
Fair Value
Due in one year or less	953
Due after one year through five years	1,828
Due after five years through ten years	277
Due after ten years	85
Debt securities	3,691		3,797
Available-for-sale Securities, Proceeds, Gains and Losses
Proceeds from the sale of available-for-sale securities	361	$ 223
Gross gains from the sale of available-for-sale securities	0	0
Gross losses from the sale of available-for-sale securities	1	$ 0
U.S. governmental agency
Cost Basis
Debt securities, available-for-sale, cost basis	448		433
Fair Value
Debt securities	418		410
Residential
Cost Basis
Debt securities, available-for-sale, cost basis	3		3
Fair Value
Debt securities	2		2
Commercial
Cost Basis
Debt securities, available-for-sale, cost basis	135		137
Fair Value
Debt securities	$ 128		$ 128

Investments in Debt and Equit_6

Investments in Debt and Equity Securities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Time deposit	$ 400		$ 1,900
Unrealized gain (loss) on equity securities	$ 17	$ (8)

Postretirement Benefits - Sched

Postretirement Benefits - Schedule Of Net Benefit Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pension Benefits \| U.S. Pension Benefits
Components of net periodic benefit cost:
Service cost	$ 0	$ 0
Interest cost	156	164
Expected return on plan assets	(175)	(172)
Amortization of prior service cost (credit)	0	0
Net periodic benefit cost (benefit)	(19)	(8)
Pension Benefits \| Non-U.S. Pension Benefits
Components of net periodic benefit cost:
Service cost	11	10
Interest cost	30	31
Expected return on plan assets	(42)	(40)
Amortization of prior service cost (credit)	0	0
Net periodic benefit cost (benefit)	(1)	1
Other Postretirement Benefits
Components of net periodic benefit cost:
Service cost	17	17
Interest cost	33	36
Expected return on plan assets	(2)	(3)
Amortization of prior service cost (credit)	(3)	(3)
Net periodic benefit cost (benefit)	$ 45	$ 47

Postretirement Benefits (Detail

Postretirement Benefits (Details) $ in Millions	3 Months Ended
Postretirement Benefits (Details) $ in Millions	Mar. 31, 2024 USD ($)
Defined Benefit Plan Disclosure
Expected full year contributions to pension and other postretirement benefit plans during the year	$ 273
Pension Benefits
Defined Benefit Plan Disclosure
Contributions to pension and other postretirement benefit plans	$ 113

Postretirement Benefits - Summa

Postretirement Benefits - Summary Of Company Costs Related To U.S. And Non-U.S. Defined Contribution Plans (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Defined Contribution Plan
Costs related to defined contribution plans	$ 253	$ 178
U.S. Pension Benefits
Defined Contribution Plan
Costs related to defined contribution plans	223	149
Non-U.S. Pension Benefits
Defined Contribution Plan
Costs related to defined contribution plans	$ 30	$ 29

Leases - Lease Revenue (Details

Leases - Lease Revenue (Details) - USD ($) $ in Millions	3 Months Ended
Leases - Lease Revenue (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Finance lease revenue	$ 108	$ 104
Operating lease revenue	313	275
Total	$ 421	$ 379
Financial Products
Lessor, Lease, Description
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Sales and revenues	Sales and revenues

Guarantees and Product Warran_3

Guarantees and Product Warranty (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Guarantor Obligations
Guarantees, maximum potential amount of future payments	$ 319	$ 353
SPC assets in consolidated statement	83,741	87,476
SPC liabilities in consolidated statement	66,096	67,973
Variable Interest Entity, Primary Beneficiary
Guarantor Obligations
SPC assets in consolidated statement	1,330	1,350
SPC liabilities in consolidated statement	$ 1,330	$ 1,350

Guarantees and Product Warran_4

Guarantees and Product Warranty - Summary Of Product Warranty (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Change in product warranty liability balances
Warranty liability, beginning of period	$ 1,894	$ 1,761
Reduction in liability (payments)	(199)	(213)
Increase in liability (new warranties)	133	246
Warranty liability, end of period	$ 1,828	$ 1,794

Profit Per Share - Computations

Profit Per Share - Computations of profit per share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share Reconciliation [Abstract]
Profit for the period (A) (in dollars)	[1]	$ 2,856	$ 1,943
Determination of shares (in millions):
Weighted-average number of common shares outstanding (B) (in shares)		493.9	516.2
Shares issuable on exercise of stock awards, net of shares assumed to be purchased out of proceeds at average market price (in shares)		3	3.2
Average common shares outstanding for fully diluted computation (C) (in shares)	[2]	496.9	519.4
Profit per share of common stock:
Assuming no dilution (A/B) (in dollars per share)		$ 5.78	$ 3.76
Assuming full dilution (A/C) (in dollars per share)	[2]	$ 5.75	$ 3.74
Shares outstanding as of end of period (in shares)		489.3	515.9

[1]Profit attributable to common shareholders.[2]Diluted by assumed exercise of stock-based compensation awards using the treasury stock method.

Profit Per Share (Details)

Profit Per Share (Details) - USD ($) $ in Millions		3 Months Ended
Profit Per Share (Details) - USD ($) $ in Millions		Mar. 31, 2024	Mar. 31, 2023
Stock Repurchase
Common shares under SARs and stock options not included in the computation of diluted earnings per share (in shares)		300,000	800,000
Common shares repurchased (in shares)		11,328,487	1,701,760
Common shares repurchased	[1]	$ 3,705	$ 400
Cost of repurchase		$ 4,455	$ 400
ASR Agreements
Stock Repurchase
Common shares repurchased (in shares)		7,600,000
Common shares repurchased		$ 2,450
Cost of repurchase		$ 3,500
Stock repurchase program, term		9 months
Stock repurchase program, unsettled forward contract, reduction to common stock		$ 1,050

[1]See Note 12 for additional information.

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 19,503	$ 15,891
Total other comprehensive income (loss), net of tax	(273)	711
Ending balance	17,645	18,170
Foreign currency translation
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(1,782)	(2,328)
Gains (losses) on foreign currency translation	(213)	103
Less: Tax provision /(benefit)	11	(10)
Net gains (losses) on foreign currency translation	(224)	113
(Gains) losses reclassified to earnings	(33)	494
Less: Tax provision /(benefit)	0	0
Net (gains) losses reclassified to earnings	(33)	494
Total other comprehensive income (loss), net of tax	(257)	607
Ending balance	(2,039)	(1,721)
Pension and other postretirement benefits
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(49)	(39)
Gains (losses) on foreign currency translation	0	0
Less: Tax provision /(benefit)	0	0
Net gains (losses) on foreign currency translation	0	0
(Gains) losses reclassified to earnings	(3)	(3)
Less: Tax provision /(benefit)	0	(1)
Net (gains) losses reclassified to earnings	(3)	(2)
Total other comprehensive income (loss), net of tax	(3)	(2)
Ending balance	(52)	(41)
Derivative financial instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	67	28
Gains (losses) on foreign currency translation	106	56
Less: Tax provision /(benefit)	28	12
Net gains (losses) on foreign currency translation	78	44
(Gains) losses reclassified to earnings	(106)	52
Less: Tax provision /(benefit)	(28)	12
Net (gains) losses reclassified to earnings	(78)	40
Total other comprehensive income (loss), net of tax	0	84
Ending balance	67	112
Available-for-sale securities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(56)	(118)
Gains (losses) on foreign currency translation	(17)	26
Less: Tax provision /(benefit)	(3)	4
Net gains (losses) on foreign currency translation	(14)	22
(Gains) losses reclassified to earnings	1	0
Less: Tax provision /(benefit)	0	0
Net (gains) losses reclassified to earnings	1	0
Total other comprehensive income (loss), net of tax	(13)	22
Ending balance	(69)	(96)
Accumulated other comprehensive income (loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(1,820)	(2,457)
Ending balance	$ (2,093)	$ (1,746)

Environmental and Legal Matte_2

Environmental and Legal Matters (Details)	Mar. 14, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Civil penalty paid	$ 205,313
Additional contribution	$ 205,312

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
Income Taxes (Details)	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Effective tax rate	19.50%	26.90%

Segment Information (Details)

Segment Information (Details)	3 Months Ended
Segment Information (Details)	Mar. 31, 2024 segment group_president
Segment Reporting Information
Number of group presidents \| group_president	4
Number of operating segments	5
Useful life to amortize goodwill for segment assets	20 years
Reportable Segments
Segment Reporting Information
Number of operating segments led by Group Presidents	3
Number of operating segments led by Group President responsible for corporate services	1
Number of reportable segments	4
All Other operating segments
Segment Reporting Information
Number of group presidents \| group_president	1
Number of smaller operating segments led by Group President	1

Segment Information - Revenue B

Segment Information - Revenue By Geographic Region (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Sales and revenues by geographic region
Sales and revenues	$ 15,799	$ 15,862
Intersegment Sales and Revenues
Sales and revenues by geographic region
Sales and revenues	(1,373)	(1,385)
Corporate Items
Sales and revenues by geographic region
Sales and revenues	(226)	(193)
Corporate Reconciling Items and Eliminations
Sales and revenues by geographic region
Sales and revenues	(1,599)	(1,578)
North America
Sales and revenues by geographic region
Sales and revenues	8,573	7,950
North America \| Corporate Items
Sales and revenues by geographic region
Sales and revenues	(152)	(131)
Latin America
Sales and revenues by geographic region
Sales and revenues	1,559	1,539
Latin America \| Corporate Items
Sales and revenues by geographic region
Sales and revenues	(20)	(18)
EAME
Sales and revenues by geographic region
Sales and revenues	2,852	3,418
EAME \| Corporate Items
Sales and revenues by geographic region
Sales and revenues	(30)	(19)
Asia/ Pacific
Sales and revenues by geographic region
Sales and revenues	2,815	2,955
Asia/ Pacific \| Corporate Items
Sales and revenues by geographic region
Sales and revenues	(24)	(25)
Segments Excluding All Other Segments \| Operating Segments Excluding Intersegment Eliminations
Sales and revenues by geographic region
Sales and revenues	15,991	16,020
Segments Excluding All Other Segments \| Intersegment Sales and Revenues
Sales and revenues by geographic region
Sales and revenues	(1,298)	(1,309)
Segments Excluding All Other Segments \| Operating Segments
Sales and revenues by geographic region
Sales and revenues	17,289	17,329
Segments Excluding All Other Segments \| North America \| Operating Segments Excluding Intersegment Eliminations
Sales and revenues by geographic region
Sales and revenues	8,707	8,063
Segments Excluding All Other Segments \| Latin America \| Operating Segments Excluding Intersegment Eliminations
Sales and revenues by geographic region
Sales and revenues	1,580	1,557
Segments Excluding All Other Segments \| EAME \| Operating Segments Excluding Intersegment Eliminations
Sales and revenues by geographic region
Sales and revenues	2,878	3,433
Segments Excluding All Other Segments \| Asia/ Pacific \| Operating Segments Excluding Intersegment Eliminations
Sales and revenues by geographic region
Sales and revenues	2,826	2,967
Construction Industries \| Operating Segments Excluding Intersegment Eliminations
Sales and revenues by geographic region
Sales and revenues	6,417	6,704
Construction Industries \| Intersegment Sales and Revenues
Sales and revenues by geographic region
Sales and revenues	(7)	(42)
Construction Industries \| Operating Segments
Sales and revenues by geographic region
Sales and revenues	6,424	6,746
Construction Industries \| North America \| Operating Segments Excluding Intersegment Eliminations
Sales and revenues by geographic region
Sales and revenues	3,833	3,608
Construction Industries \| Latin America \| Operating Segments Excluding Intersegment Eliminations
Sales and revenues by geographic region
Sales and revenues	595	599
Construction Industries \| EAME \| Operating Segments Excluding Intersegment Eliminations
Sales and revenues by geographic region
Sales and revenues	996	1,336
Construction Industries \| Asia/ Pacific \| Operating Segments Excluding Intersegment Eliminations
Sales and revenues by geographic region
Sales and revenues	993	1,161
Resource Industries \| Operating Segments Excluding Intersegment Eliminations
Sales and revenues by geographic region
Sales and revenues	3,096	3,359
Resource Industries \| Intersegment Sales and Revenues
Sales and revenues by geographic region
Sales and revenues	(97)	(68)
Resource Industries \| Operating Segments
Sales and revenues by geographic region
Sales and revenues	3,193	3,427
Resource Industries \| North America \| Operating Segments Excluding Intersegment Eliminations
Sales and revenues by geographic region
Sales and revenues	1,264	1,308
Resource Industries \| Latin America \| Operating Segments Excluding Intersegment Eliminations
Sales and revenues by geographic region
Sales and revenues	476	474
Resource Industries \| EAME \| Operating Segments Excluding Intersegment Eliminations
Sales and revenues by geographic region
Sales and revenues	465	599
Resource Industries \| Asia/ Pacific \| Operating Segments Excluding Intersegment Eliminations
Sales and revenues by geographic region
Sales and revenues	891	978
Energy & Transportation
Sales and revenues by geographic region
Sales and revenues	5,487	5,055
Energy & Transportation \| Operating Segments Excluding Intersegment Eliminations
Sales and revenues by geographic region
Sales and revenues	5,487	5,055
Energy & Transportation \| Intersegment Sales and Revenues
Sales and revenues by geographic region
Sales and revenues	(1,194)	(1,199)
Energy & Transportation \| Operating Segments
Sales and revenues by geographic region
Sales and revenues	6,681	6,254
Energy & Transportation \| North America \| Operating Segments Excluding Intersegment Eliminations
Sales and revenues by geographic region
Sales and revenues	2,951	2,572
Energy & Transportation \| Latin America \| Operating Segments Excluding Intersegment Eliminations
Sales and revenues by geographic region
Sales and revenues	408	380
Energy & Transportation \| EAME \| Operating Segments Excluding Intersegment Eliminations
Sales and revenues by geographic region
Sales and revenues	1,294	1,384
Energy & Transportation \| Asia/ Pacific \| Operating Segments Excluding Intersegment Eliminations
Sales and revenues by geographic region
Sales and revenues	834	719
Financial Products Segment \| Related Party
Sales and revenues by geographic region
Sales and revenues	177	162
Financial Products Segment \| Operating Segments Excluding Intersegment Eliminations
Sales and revenues by geographic region
Sales and revenues	991	902
Financial Products Segment \| Intersegment Sales and Revenues
Sales and revenues by geographic region
Sales and revenues	0	0
Financial Products Segment \| Operating Segments
Sales and revenues by geographic region
Sales and revenues	991	902
Financial Products Segment \| North America \| Operating Segments Excluding Intersegment Eliminations
Sales and revenues by geographic region
Sales and revenues	659	575
Financial Products Segment \| Latin America \| Operating Segments Excluding Intersegment Eliminations
Sales and revenues by geographic region
Sales and revenues	101	104
Financial Products Segment \| EAME \| Operating Segments Excluding Intersegment Eliminations
Sales and revenues by geographic region
Sales and revenues	123	114
Financial Products Segment \| Asia/ Pacific \| Operating Segments Excluding Intersegment Eliminations
Sales and revenues by geographic region
Sales and revenues	108	109
Other Segments \| Operating Segments Excluding Intersegment Eliminations
Sales and revenues by geographic region
Sales and revenues	34	35
Other Segments \| Intersegment Sales and Revenues
Sales and revenues by geographic region
Sales and revenues	(75)	(76)
Other Segments \| Operating Segments
Sales and revenues by geographic region
Sales and revenues	109	111
Other Segments \| North America \| Operating Segments Excluding Intersegment Eliminations
Sales and revenues by geographic region
Sales and revenues	18	18
Other Segments \| Latin America \| Operating Segments Excluding Intersegment Eliminations
Sales and revenues by geographic region
Sales and revenues	(1)	0
Other Segments \| EAME \| Operating Segments Excluding Intersegment Eliminations
Sales and revenues by geographic region
Sales and revenues	4	4
Other Segments \| Asia/ Pacific \| Operating Segments Excluding Intersegment Eliminations
Sales and revenues by geographic region
Sales and revenues	$ 13	$ 13

Segment Information - Energy &

Segment Information - Energy & Transportation Sales (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Energy and transportation sales
Sales and revenues	$ 15,799	$ 15,862
Energy & Transportation
Energy and transportation sales
Sales and revenues	5,487	5,055
Energy & Transportation \| Oil and gas
Energy and transportation sales
Sales and revenues	1,568	1,314
Energy & Transportation \| Power generation
Energy and transportation sales
Sales and revenues	1,618	1,284
Energy & Transportation \| Industrial
Energy and transportation sales
Sales and revenues	989	1,255
Energy & Transportation \| Transportation
Energy and transportation sales
Sales and revenues	$ 1,312	$ 1,202

Segment Information - Reconcili

Segment Information - Reconciliations of Consolidated Profit Before Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	$ 3,532	$ 2,634
Operating Segments \| Reportable Segments
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	4,088	3,843
Operating Segments \| Reportable Segments \| Construction Industries
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	1,764	1,790
Operating Segments \| Reportable Segments \| Resource Industries
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	730	764
Operating Segments \| Reportable Segments \| Energy & Transportation
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	1,301	1,057
Operating Segments \| Reportable Segments \| Financial Products Segment
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	293	232
Operating Segments \| All Other operating segments
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	24	11
Intersegment Sales and Revenues \| Cost centers
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	14	30
Intersegment Sales and Revenues \| Corporate costs
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	(201)	(238)
Intersegment Sales and Revenues \| Timing
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	(67)	(206)
Intersegment Sales and Revenues \| Restructuring costs
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	6	(611)
Intersegment Sales and Revenues \| Inventory/cost of sales
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	(6)	126
Intersegment Sales and Revenues \| Postretirement benefit expense
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	(56)	(31)
Intersegment Sales and Revenues \| Stock-based compensation expense
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	(44)	(44)
Intersegment Sales and Revenues \| Financing costs
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	(28)	(50)
Intersegment Sales and Revenues \| Currency
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	87	(26)
Intersegment Sales and Revenues \| Other income/expense methodology differences
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	(250)	(146)
Intersegment Sales and Revenues \| Other methodology differences
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	$ (35)	$ (24)

Segment Information - Reconci_2

Segment Information - Reconciliation Of Assets (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Reconciliation of Assets
Assets	$ 83,741	$ 87,476
Intersegment Sales and Revenues
Reconciliation of Assets
Inventory Methodology Difference	(3,557)	(3,169)
Intersegment Sales and Revenues \| Cash and cash equivalents
Reconciliation of Assets
Assets	3,963	6,106
Intersegment Sales and Revenues \| Deferred income taxes
Reconciliation of Assets
Assets	2,722	2,668
Intersegment Sales and Revenues \| Goodwill and intangible assets
Reconciliation of Assets
Assets	4,519	4,452
Intersegment Sales and Revenues \| Property, plant and equipment – net and other assets
Reconciliation of Assets
Assets	4,808	6,548
Intersegment Sales and Revenues \| Liabilities included in segment assets
Reconciliation of Assets
Assets	12,013	11,781
Intersegment Sales and Revenues \| Other methodology differences
Reconciliation of Assets
Assets	(244)	(166)
Operating Segments \| Reportable Segments
Reconciliation of Assets
Assets	57,591	57,366
Operating Segments \| Reportable Segments \| Construction Industries
Reconciliation of Assets
Assets	5,578	5,384
Operating Segments \| Reportable Segments \| Resource Industries
Reconciliation of Assets
Assets	5,603	5,742
Operating Segments \| Reportable Segments \| Energy & Transportation
Reconciliation of Assets
Assets	10,658	10,555
Operating Segments \| Reportable Segments \| Financial Products Segment
Reconciliation of Assets
Assets	35,752	35,685
Operating Segments \| All Other operating segments
Reconciliation of Assets
Assets	$ 1,926	$ 1,890

Segment Information - Reconci_3

Segment Information - Reconciliations of Depreciation And Amortization (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Reconciliation of Depreciation and amortization
Depreciation and amortization	$ 524	$ 532
Operating Segments \| Reportable Segments
Reconciliation of Depreciation and amortization
Depreciation and amortization	441	448
Operating Segments \| Reportable Segments \| Construction Industries
Reconciliation of Depreciation and amortization
Depreciation and amortization	56	54
Operating Segments \| Reportable Segments \| Resource Industries
Reconciliation of Depreciation and amortization
Depreciation and amortization	63	87
Operating Segments \| Reportable Segments \| Energy & Transportation
Reconciliation of Depreciation and amortization
Depreciation and amortization	137	129
Operating Segments \| Reportable Segments \| Financial Products Segment
Reconciliation of Depreciation and amortization
Depreciation and amortization	185	178
Intersegment Sales and Revenues \| All Other operating segments
Reconciliation of Depreciation and amortization
Depreciation and amortization	61	57
Intersegment Sales and Revenues \| Cost centers
Reconciliation of Depreciation and amortization
Depreciation and amortization	23	20
Intersegment Sales and Revenues \| Other methodology differences
Reconciliation of Depreciation and amortization
Depreciation and amortization	$ (1)	$ 7

Segment Information - Reconci_4

Segment Information - Reconciliations Of Capital Expenditures (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Reconciliation of Capital expenditures
Capital expenditures	$ 736	$ 750
Operating Segments \| Reportable Segments
Reconciliation of Capital expenditures
Capital expenditures	448	506
Operating Segments \| Reportable Segments \| Construction Industries
Reconciliation of Capital expenditures
Capital expenditures	58	32
Operating Segments \| Reportable Segments \| Resource Industries
Reconciliation of Capital expenditures
Capital expenditures	34	26
Operating Segments \| Reportable Segments \| Energy & Transportation
Reconciliation of Capital expenditures
Capital expenditures	122	169
Operating Segments \| Reportable Segments \| Financial Products Segment
Reconciliation of Capital expenditures
Capital expenditures	234	279
Intersegment Sales and Revenues \| All Other operating segments
Reconciliation of Capital expenditures
Capital expenditures	29	26
Intersegment Sales and Revenues \| Cost centers
Reconciliation of Capital expenditures
Capital expenditures	30	22
Intersegment Sales and Revenues \| Timing
Reconciliation of Capital expenditures
Capital expenditures	245	212
Intersegment Sales and Revenues \| Other methodology differences
Reconciliation of Capital expenditures
Capital expenditures	$ (16)	$ (16)

Cat Financial Financing Activ_3

Cat Financial Financing Activities - Allowance For Credit Losses (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Receivables [Abstract]
Average term	51 months
Average remaining term	27 months
Allowance for Credit Loss Activity
Beginning balance	$ 327	$ 342
Write-offs	(70)	(20)
Recoveries	15	10
Provision for credit losses	9	10
Other	(4)	1
Ending balance	277	343
Total Finance Receivables	22,207	21,294
Customer
Allowance for Credit Loss Activity
Beginning balance	276	277
Write-offs	(23)	(20)
Recoveries	15	10
Provision for credit losses	9	10
Other	(4)	1
Ending balance	273	278
Total Finance Receivables	20,413	19,573	$ 20,571
Customer \| Latin America
Allowance for Credit Loss Activity
Write-offs	(2)	(4)
Dealer
Allowance for Credit Loss Activity
Beginning balance	51	65
Write-offs	(47)	0
Recoveries	0	0
Provision for credit losses	0	0
Other	0	0
Ending balance	4	65
Total Finance Receivables	1,794	$ 1,721
Dealer \| Latin America
Allowance for Credit Loss Activity
Write-offs	$ (47)

Cat Financial Financing Activ_4

Cat Financial Financing Activities - Write Offs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Write-offs by origination year
Total	$ 70	$ 20
Customer
Write-offs by origination year
2024/2023	0	0
2023/2022	5	4
2022/2021	8	6
2021/2020	5	4
2020/2019	2	2
Prior	0	0
Revolving Finance Receivables	3	4
Total	23	20
Customer \| North America
Write-offs by origination year
2024/2023	0	0
2023/2022	3	3
2022/2021	4	3
2021/2020	2	0
2020/2019	1	0
Prior	0	0
Revolving Finance Receivables	3	4
Total	13	10
Customer \| EAME
Write-offs by origination year
2024/2023	0	0
2023/2022	1	1
2022/2021	1	0
2021/2020	1	1
2020/2019	0	0
Prior	0	0
Revolving Finance Receivables	0	0
Total	3	2
Customer \| Asia/ Pacific
Write-offs by origination year
2024/2023	0	0
2023/2022	1	0
2022/2021	2	2
2021/2020	1	1
2020/2019	1	1
Prior	0	0
Revolving Finance Receivables	0	0
Total	5	4
Customer \| Latin America
Write-offs by origination year
2024/2023	0	0
2023/2022	0	0
2022/2021	1	1
2021/2020	1	2
2020/2019	0	1
Prior	0	0
Revolving Finance Receivables	0	0
Total	2	4
Dealer
Write-offs by origination year
Total	47	$ 0
Dealer \| Latin America
Write-offs by origination year
Total	$ 47

Cat Financial Financing Activ_5

Cat Financial Financing Activities - Financing Receivable Credit Quality Indicator (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Receivables [Abstract]
Period after which Unpaid Installments are Considered as Past Due	30 days
Financing Receivable, Credit Quality Indicator
Total Finance Receivables	$ 22,207		$ 21,294
Customer
Financing Receivable, Credit Quality Indicator
2024 and 2023, respectively	2,173	$ 8,742
2023 and 2022, respectively	8,068	5,504
2022 and 2021, respectively	4,875	3,649
2021 and 2020, respectively	3,086	1,383
2020 and 2019, respectively	1,122	493
Prior	565	252
Revolving Finance Receivables	524	548
Total Finance Receivables	20,413	20,571	19,573
Customer \| Current
Financing Receivable, Credit Quality Indicator
2024 and 2023, respectively	2,167	8,650
2023 and 2022, respectively	7,929	5,372
2022 and 2021, respectively	4,733	3,545
2021 and 2020, respectively	2,978	1,331
2020 and 2019, respectively	1,074	466
Prior	517	233
Revolving Finance Receivables	518	540
Total Finance Receivables	19,916	20,137
Customer \| 31-60 days past due
Financing Receivable, Credit Quality Indicator
2024 and 2023, respectively	5	52
2023 and 2022, respectively	71	56
2022 and 2021, respectively	66	44
2021 and 2020, respectively	45	20
2020 and 2019, respectively	20	8
Prior	9	1
Revolving Finance Receivables	3	4
Total Finance Receivables	219	185
Customer \| 61-90 days past due
Financing Receivable, Credit Quality Indicator
2024 and 2023, respectively	1	18
2023 and 2022, respectively	29	21
2022 and 2021, respectively	25	15
2021 and 2020, respectively	15	7
2020 and 2019, respectively	6	3
Prior	3	1
Revolving Finance Receivables	1	2
Total Finance Receivables	80	67
Customer \| 91+ days past due
Financing Receivable, Credit Quality Indicator
2024 and 2023, respectively	0	22
2023 and 2022, respectively	39	55
2022 and 2021, respectively	51	45
2021 and 2020, respectively	48	25
2020 and 2019, respectively	22	16
Prior	36	17
Revolving Finance Receivables	2	2
Total Finance Receivables	198	182
Customer \| North America \| Current
Financing Receivable, Credit Quality Indicator
2024 and 2023, respectively	1,277	4,430
2023 and 2022, respectively	4,101	2,628
2022 and 2021, respectively	2,346	2,000
2021 and 2020, respectively	1,718	745
2020 and 2019, respectively	596	220
Prior	176	32
Revolving Finance Receivables	313	312
Total Finance Receivables	10,527	10,367
Customer \| North America \| 31-60 days past due
Financing Receivable, Credit Quality Indicator
2024 and 2023, respectively	5	28
2023 and 2022, respectively	37	31
2022 and 2021, respectively	40	24
2021 and 2020, respectively	27	14
2020 and 2019, respectively	14	7
Prior	5	1
Revolving Finance Receivables	3	4
Total Finance Receivables	131	109
Customer \| North America \| 61-90 days past due
Financing Receivable, Credit Quality Indicator
2024 and 2023, respectively	0	10
2023 and 2022, respectively	16	11
2022 and 2021, respectively	12	8
2021 and 2020, respectively	7	4
2020 and 2019, respectively	4	1
Prior	1	0
Revolving Finance Receivables	1	2
Total Finance Receivables	41	36
Customer \| North America \| 91+ days past due
Financing Receivable, Credit Quality Indicator
2024 and 2023, respectively	0	12
2023 and 2022, respectively	19	23
2022 and 2021, respectively	23	18
2021 and 2020, respectively	17	9
2020 and 2019, respectively	7	4
Prior	5	1
Revolving Finance Receivables	2	2
Total Finance Receivables	73	69
Customer \| EAME \| Current
Financing Receivable, Credit Quality Indicator
2024 and 2023, respectively	282	1,336
2023 and 2022, respectively	1,224	895
2022 and 2021, respectively	791	588
2021 and 2020, respectively	493	258
2020 and 2019, respectively	210	111
Prior	170	105
Revolving Finance Receivables	0	0
Total Finance Receivables	3,170	3,293
Customer \| EAME \| 31-60 days past due
Financing Receivable, Credit Quality Indicator
2024 and 2023, respectively	0	10
2023 and 2022, respectively	17	9
2022 and 2021, respectively	9	7
2021 and 2020, respectively	6	3
2020 and 2019, respectively	2	1
Prior	2	0
Revolving Finance Receivables	0	0
Total Finance Receivables	36	30
Customer \| EAME \| 61-90 days past due
Financing Receivable, Credit Quality Indicator
2024 and 2023, respectively	1	4
2023 and 2022, respectively	8	3
2022 and 2021, respectively	4	3
2021 and 2020, respectively	3	1
2020 and 2019, respectively	1	1
Prior	1	0
Revolving Finance Receivables	0	0
Total Finance Receivables	18	12
Customer \| EAME \| 91+ days past due
Financing Receivable, Credit Quality Indicator
2024 and 2023, respectively	0	7
2023 and 2022, respectively	13	17
2022 and 2021, respectively	15	15
2021 and 2020, respectively	20	8
2020 and 2019, respectively	8	3
Prior	3	1
Revolving Finance Receivables	0	0
Total Finance Receivables	59	51
Customer \| Asia/ Pacific \| Current
Financing Receivable, Credit Quality Indicator
2024 and 2023, respectively	245	943
2023 and 2022, respectively	798	594
2022 and 2021, respectively	481	293
2021 and 2020, respectively	212	73
2020 and 2019, respectively	49	16
Prior	12	4
Revolving Finance Receivables	0	0
Total Finance Receivables	1,797	1,923
Customer \| Asia/ Pacific \| 31-60 days past due
Financing Receivable, Credit Quality Indicator
2024 and 2023, respectively	0	5
2023 and 2022, respectively	12	6
2022 and 2021, respectively	10	7
2021 and 2020, respectively	7	2
2020 and 2019, respectively	2	0
Prior	0	0
Revolving Finance Receivables	0	0
Total Finance Receivables	31	20
Customer \| Asia/ Pacific \| 61-90 days past due
Financing Receivable, Credit Quality Indicator
2024 and 2023, respectively	0	2
2023 and 2022, respectively	2	3
2022 and 2021, respectively	3	3
2021 and 2020, respectively	2	2
2020 and 2019, respectively	1	0
Prior	0	0
Revolving Finance Receivables	0	0
Total Finance Receivables	8	10
Customer \| Asia/ Pacific \| 91+ days past due
Financing Receivable, Credit Quality Indicator
2024 and 2023, respectively	0	1
2023 and 2022, respectively	3	5
2022 and 2021, respectively	3	3
2021 and 2020, respectively	3	3
2020 and 2019, respectively	2	1
Prior	0	0
Revolving Finance Receivables	0	0
Total Finance Receivables	11	13
Customer \| Mining \| Current
Financing Receivable, Credit Quality Indicator
2024 and 2023, respectively	150	1,039
2023 and 2022, respectively	1,001	686
2022 and 2021, respectively	629	381
2021 and 2020, respectively	333	121
2020 and 2019, respectively	113	68
Prior	68	27
Revolving Finance Receivables	70	66
Total Finance Receivables	2,364	2,388
Customer \| Mining \| 31-60 days past due
Financing Receivable, Credit Quality Indicator
2024 and 2023, respectively	0	0
2023 and 2022, respectively	0	0
2022 and 2021, respectively	0	0
2021 and 2020, respectively	0	0
2020 and 2019, respectively	0	0
Prior	0	0
Revolving Finance Receivables	0	0
Total Finance Receivables	0	0
Customer \| Mining \| 61-90 days past due
Financing Receivable, Credit Quality Indicator
2024 and 2023, respectively	0	0
2023 and 2022, respectively	0	0
2022 and 2021, respectively	0	0
2021 and 2020, respectively	0	0
2020 and 2019, respectively	0	1
Prior	0	1
Revolving Finance Receivables	0	0
Total Finance Receivables	0	2
Customer \| Mining \| 91+ days past due
Financing Receivable, Credit Quality Indicator
2024 and 2023, respectively	0	0
2023 and 2022, respectively	0	0
2022 and 2021, respectively	1	1
2021 and 2020, respectively	1	0
2020 and 2019, respectively	0	0
Prior	7	1
Revolving Finance Receivables	0	0
Total Finance Receivables	9	2
Customer \| Latin America \| Current
Financing Receivable, Credit Quality Indicator
2024 and 2023, respectively	205	750
2023 and 2022, respectively	643	520
2022 and 2021, respectively	438	219
2021 and 2020, respectively	164	59
2020 and 2019, respectively	34	23
Prior	15	6
Revolving Finance Receivables	0	0
Total Finance Receivables	1,499	1,577
Customer \| Latin America \| 31-60 days past due
Financing Receivable, Credit Quality Indicator
2024 and 2023, respectively	0	9
2023 and 2022, respectively	5	10
2022 and 2021, respectively	7	6
2021 and 2020, respectively	5	1
2020 and 2019, respectively	2	0
Prior	2	0
Revolving Finance Receivables	0	0
Total Finance Receivables	21	26
Customer \| Latin America \| 61-90 days past due
Financing Receivable, Credit Quality Indicator
2024 and 2023, respectively	0	2
2023 and 2022, respectively	3	4
2022 and 2021, respectively	6	1
2021 and 2020, respectively	3	0
2020 and 2019, respectively	0	0
Prior	1	0
Revolving Finance Receivables	0	0
Total Finance Receivables	13	7
Customer \| Latin America \| 91+ days past due
Financing Receivable, Credit Quality Indicator
2024 and 2023, respectively	0	2
2023 and 2022, respectively	4	10
2022 and 2021, respectively	9	8
2021 and 2020, respectively	7	5
2020 and 2019, respectively	5	8
Prior	18	11
Revolving Finance Receivables	0	0
Total Finance Receivables	43	44
Customer \| Power \| Current
Financing Receivable, Credit Quality Indicator
2024 and 2023, respectively	8	152
2023 and 2022, respectively	162	49
2022 and 2021, respectively	48	64
2021 and 2020, respectively	58	75
2020 and 2019, respectively	72	28
Prior	76	59
Revolving Finance Receivables	135	162
Total Finance Receivables	559	589
Customer \| Power \| 31-60 days past due
Financing Receivable, Credit Quality Indicator
2024 and 2023, respectively	0	0
2023 and 2022, respectively	0	0
2022 and 2021, respectively	0	0
2021 and 2020, respectively	0	0
2020 and 2019, respectively	0	0
Prior	0	0
Revolving Finance Receivables	0	0
Total Finance Receivables	0	0
Customer \| Power \| 61-90 days past due
Financing Receivable, Credit Quality Indicator
2024 and 2023, respectively	0	0
2023 and 2022, respectively	0	0
2022 and 2021, respectively	0	0
2021 and 2020, respectively	0	0
2020 and 2019, respectively	0	0
Prior	0	0
Revolving Finance Receivables	0	0
Total Finance Receivables	0	0
Customer \| Power \| 91+ days past due
Financing Receivable, Credit Quality Indicator
2024 and 2023, respectively	0	0
2023 and 2022, respectively	0	0
2022 and 2021, respectively	0	0
2021 and 2020, respectively	0	0
2020 and 2019, respectively	0	0
Prior	3	3
Revolving Finance Receivables	0	0
Total Finance Receivables	3	3
Dealer
Financing Receivable, Credit Quality Indicator
Total Finance Receivables	$ 1,794		$ 1,721
Dealer \| Latin America \| 91+ days past due
Financing Receivable, Credit Quality Indicator
Prior		$ 44

Cat Financial Financing Activ_6

Cat Financial Financing Activities - Investment In Finance Receivables On Non-Accrual Status (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Financing Receivable, Nonaccrual
Period after which collection of future income is considered not probable	120 days
Customer
Financing Receivable, Nonaccrual
Non-accrual With an Allowance	$ 182	$ 152
91+ Still Accruing	36	44
North America \| Customer
Financing Receivable, Nonaccrual
Non-accrual With an Allowance	58	52
91+ Still Accruing	18	20
EAME \| Customer
Financing Receivable, Nonaccrual
Non-accrual With an Allowance	52	34
91+ Still Accruing	12	18
Asia/ Pacific \| Customer
Financing Receivable, Nonaccrual
Non-accrual With an Allowance	6	8
91+ Still Accruing	6	5
Mining \| Customer
Financing Receivable, Nonaccrual
Non-accrual With an Allowance	9	2
91+ Still Accruing	0	0
Latin America \| Dealer
Financing Receivable, Nonaccrual
Non-accrual With an Allowance	0	44
Latin America \| Customer
Financing Receivable, Nonaccrual
Non-accrual With an Allowance	54	48
91+ Still Accruing	0	1
Power \| Customer
Financing Receivable, Nonaccrual
Non-accrual With an Allowance	3	8
91+ Still Accruing	$ 0	$ 0

Cat Financial Financing Activ_7

Cat Financial Financing Activities - Modifications (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Finance receivable, modifications
Financing receivables in relation to total financing receivables, percentage	0.01%	0.04%
Weighted average term increase from modification	10 months	28 months
Weighted average term increase due to payment deferrals or interest only payment periods	9 months	9 months
Payment Deferral
Finance receivable, modifications
Financing receivable, borrowers not considered to be experiencing financial difficulty, maximum period	4 months
Extended Maturity
Finance receivable, modifications
Financing receivable, borrowers not considered to be experiencing financial difficulty, maximum period	6 months
Dealer
Finance receivable, modifications
Financing receivables, modified	$ 0	$ 0
Customer
Finance receivable, modifications
Financing receivables, modified	3	$ 8
31-60 days past due \| EAME
Finance receivable, modifications
Financing receivable, modified after 12 months	2
31-60 days past due \| Asia/ Pacific
Finance receivable, modifications
Financing receivable, modified after 12 months	$ 1

Fair Value Disclosures - Assets

Fair Value Disclosures - Assets And Liabilities Measured On A Recurring Basis (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	$ 3,691	$ 3,797
Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	3,691	3,797
Equity securities	456	438
Total Assets	4,488	4,451
Total liabilities	222	151
Recurring basis \| Foreign exchange contracts
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Derivate financial instruments - assets/liabilities	320	207
Recurring basis \| Interest rate contracts
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Derivate financial instruments - assets/liabilities	(217)	(151)
Recurring basis \| Commodity contracts
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Derivate financial instruments - assets/liabilities	(5)	9
Recurring basis \| Total return swap contracts
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Derivate financial instruments - assets/liabilities	21
U.S. treasury bonds
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	10	10
U.S. treasury bonds \| Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	10	10
Other U.S. and non-U.S. government bonds
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	59	60
Other U.S. and non-U.S. government bonds \| Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	59	60
Corporate bonds and other debt securities
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	2,880	2,995
Corporate bonds and other debt securities \| Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	2,880	2,995
Asset-backed securities
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	194	192
Asset-backed securities \| Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	194	192
U.S. governmental agency \| Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	418	410
Residential
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	2	2
Residential \| Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	2	2
Commercial
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	128	128
Commercial \| Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	128	128
Large capitalization value \| Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Equity securities	249	223
Smaller company growth \| Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Equity securities	38	35
REIT \| Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Equity securities	169	180
Level 1 \| Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	10	10
Equity securities	287	258
Total Assets	297	268
Total liabilities	0	0
Level 1 \| Recurring basis \| Foreign exchange contracts
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Derivate financial instruments - assets/liabilities	0	0
Level 1 \| Recurring basis \| Interest rate contracts
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Derivate financial instruments - assets/liabilities	0	0
Level 1 \| Recurring basis \| Commodity contracts
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Derivate financial instruments - assets/liabilities	0	0
Level 1 \| Recurring basis \| Total return swap contracts
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Derivate financial instruments - assets/liabilities	0
Level 1 \| U.S. treasury bonds \| Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	10	10
Level 1 \| Other U.S. and non-U.S. government bonds \| Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	0	0
Level 1 \| Corporate bonds and other debt securities \| Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	0	0
Level 1 \| Asset-backed securities \| Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	0	0
Level 1 \| U.S. governmental agency \| Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	0	0
Level 1 \| Residential \| Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	0	0
Level 1 \| Commercial \| Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	0	0
Level 1 \| Large capitalization value \| Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Equity securities	249	223
Level 1 \| Smaller company growth \| Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Equity securities	38	35
Level 1 \| REIT \| Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Equity securities	0	0
Level 2 \| Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	3,681	3,787
Equity securities	0	0
Total Assets	4,022	4,003
Total liabilities	222	151
Level 2 \| Recurring basis \| Foreign exchange contracts
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Derivate financial instruments - assets/liabilities	320	207
Level 2 \| Recurring basis \| Interest rate contracts
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Derivate financial instruments - assets/liabilities	(217)	(151)
Level 2 \| Recurring basis \| Commodity contracts
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Derivate financial instruments - assets/liabilities	(5)	9
Level 2 \| Recurring basis \| Total return swap contracts
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Derivate financial instruments - assets/liabilities	21
Level 2 \| U.S. treasury bonds \| Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	0	0
Level 2 \| Other U.S. and non-U.S. government bonds \| Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	59	60
Level 2 \| Corporate bonds and other debt securities \| Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	2,880	2,995
Level 2 \| Asset-backed securities \| Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	194	192
Level 2 \| U.S. governmental agency \| Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	418	410
Level 2 \| Residential \| Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	2	2
Level 2 \| Commercial \| Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	128	128
Level 2 \| Large capitalization value \| Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Equity securities	0	0
Level 2 \| Smaller company growth \| Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Equity securities	0	0
Level 2 \| REIT \| Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Equity securities	0	0
Level 3 \| Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	0	0
Equity securities	0	0
Total Assets	0	0
Total liabilities	0	0
Level 3 \| Recurring basis \| Foreign exchange contracts
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Derivate financial instruments - assets/liabilities	0	0
Level 3 \| Recurring basis \| Interest rate contracts
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Derivate financial instruments - assets/liabilities	0	0
Level 3 \| Recurring basis \| Commodity contracts
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Derivate financial instruments - assets/liabilities	0	0
Level 3 \| Recurring basis \| Total return swap contracts
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Derivate financial instruments - assets/liabilities	0
Level 3 \| U.S. treasury bonds \| Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	0	0
Level 3 \| Other U.S. and non-U.S. government bonds \| Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	0	0
Level 3 \| Corporate bonds and other debt securities \| Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	0	0
Level 3 \| Asset-backed securities \| Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	0	0
Level 3 \| U.S. governmental agency \| Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	0	0
Level 3 \| Residential \| Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	0	0
Level 3 \| Commercial \| Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	0	0
Level 3 \| Large capitalization value \| Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Equity securities	0	0
Level 3 \| Smaller company growth \| Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Equity securities	0	0
Level 3 \| REIT \| Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Equity securities	0	0
Measured at NAV \| Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	0	0
Equity securities	169	180
Total Assets	169	180
Total liabilities	0	0
Measured at NAV \| Recurring basis \| Foreign exchange contracts
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Derivate financial instruments - assets/liabilities	0	0
Measured at NAV \| Recurring basis \| Interest rate contracts
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Derivate financial instruments - assets/liabilities	0	0
Measured at NAV \| Recurring basis \| Commodity contracts
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Derivate financial instruments - assets/liabilities	0	0
Measured at NAV \| Recurring basis \| Total return swap contracts
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Derivate financial instruments - assets/liabilities	0
Measured at NAV \| U.S. treasury bonds \| Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	0	0
Measured at NAV \| Other U.S. and non-U.S. government bonds \| Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	0	0
Measured at NAV \| Corporate bonds and other debt securities \| Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	0	0
Measured at NAV \| Asset-backed securities \| Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	0	0
Measured at NAV \| U.S. governmental agency \| Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	0	0
Measured at NAV \| Residential \| Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	0	0
Measured at NAV \| Commercial \| Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	0	0
Measured at NAV \| Large capitalization value \| Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Equity securities	0	0
Measured at NAV \| Smaller company growth \| Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Equity securities	0	0
Measured at NAV \| REIT \| Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Equity securities	$ 169	$ 180

Fair Value Disclosures - Fair V

Fair Value Disclosures - Fair Value Of Financial Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Carrying Amount
Assets
Finance receivables-net (excluding finance leases)	$ 15,413	$ 15,386
Wholesale inventory receivables-net (excluding finance leases)	1,276	1,415
Carrying Amount \| Machinery, Energy & Transportation
Liabilities
Long-term debt (including amounts due within one year)	9,584	9,623
Carrying Amount \| Financial Products
Liabilities
Long-term debt (including amounts due within one year)	24,701	23,612
Carrying amount of assets excluded from measurement at fair value
Assets
Excluded items: Finance leases and failed sale leasebacks, Carrying Value	6,715	6,953
Level 3 \| Financial Products \| Nonrecurring basis
Liabilities
Loans carried at fair value	52	55
Level 3 \| Fair Value
Assets
Finance receivables-net (excluding finance leases)	14,953	15,017
Wholesale inventory receivables-net (excluding finance leases)	1,227	1,368
Level 2 \| Fair Value \| Machinery, Energy & Transportation
Liabilities
Long-term debt (including amounts due within one year)	9,164	9,550
Level 2 \| Fair Value \| Financial Products
Liabilities
Long-term debt (including amounts due within one year)	$ 24,373	$ 23,299

Other Income (Expense) (Details

Other Income (Expense) (Details) - USD ($) $ in Millions	3 Months Ended
Other Income (Expense) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Other Income and Expenses [Abstract]
Investment and interest income	$ 136	$ 93
Foreign exchange gains (losses)	42	(72)
License fee income	34	31
Net periodic pension and OPEB income (cost), excluding service cost	3	(13)
Gains (losses) on securities	17	(11)
Miscellaneous income (loss)	(76)	4
Total	$ 156	$ 32

Restructuring Costs - Restructu

Restructuring Costs - Restructuring And Related Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Restructuring Charges [Abstract]
Gain (loss) on divestiture		$ (586)
(Gains) losses reclassified to earnings		494
Restructuring and Related Cost
Restructuring costs	$ (6)	611
Gain (loss) on divestiture		(586)
(Gains) losses reclassified to earnings		494
Employee separations \| Other Operating Income (Expense)
Restructuring and Related Cost
Restructuring costs	13	12
Divestitures \| Other Operating Income (Expense)
Restructuring and Related Cost
Restructuring costs	(64)	586
Long-lived asset impairments \| Other Operating Income (Expense)
Restructuring and Related Cost
Restructuring costs	7	0
Other \| Cost of Sales
Restructuring and Related Cost
Restructuring costs	$ 38	$ 13

Supplier Finance Programs (Deta

Supplier Finance Programs (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Supplier Finance Program [Line Items]
Supplier finance program, obligation outstanding	$ 833	$ 803
Minimum
Supplier Finance Program [Line Items]
Supplier finance program, payment terms	60 days
Maximum
Supplier Finance Program [Line Items]
Supplier finance program, payment terms	90 days