Caterpillar (CAT) 10-Q 2 Nov 22 2022 Q3 Quarterly report Financial data

Cover Page

Cover Page	9 Months Ended
	Sep. 30, 2022 shares
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
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	520,409,355
Entity Central Index Key	0000018230
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock ($1.00 par value)
Trading Symbol	CAT
Security Exchange Name	NYSE
8% Debentures due February 15, 2023
Entity Information [Line Items]
Title of 12(b) Security	8% Debentures due February 15, 2023
Trading Symbol	CAT23
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				9 Months Ended
	Sep. 30, 2022		Sep. 30, 2021		Sep. 30, 2022		Sep. 30, 2021
Sales and revenues:
Sales and revenues	$ 14,994		$ 12,397		$ 42,830		$ 37,173
Operating costs:
Cost of goods sold	10,202		8,617		29,736		25,510
Selling, general and administrative expenses	1,401		1,340		4,172		3,943
Research and development expenses	476		427		1,413		1,247
Other operating (income) expenses	339		238		908		854
Total operating costs	12,569		10,733		36,606		31,906
Operating profit	2,425		1,664		6,224		5,267
Other income (expense)	242		225		755		751
Consolidated profit before taxes	2,558		1,775		6,653		5,642
Provision (benefit) for income taxes	527		368		1,423		1,313
Profit of consolidated companies	2,031		1,407		5,230		4,329
Equity in profit (loss) of unconsolidated affiliated companies	9		21		20		44
Profit of consolidated and affiliated companies	2,040		1,428		5,250		4,373
Less: Profit (loss) attributable to the noncontrolling interests	(1)		2		(1)		4
Profit	$ 2,041	[1]	$ 1,426	[1]	$ 5,251	[2]	$ 4,369	[2]
Profit per common share (in dollars per share)	$ 3.89		$ 2.62		$ 9.91		$ 8
Profit per common share - diluted (in dollars per share)	$ 3.87	[3]	$ 2.60	[3]	$ 9.85	[4]	$ 7.94	[4]
Weighted-average common shares outstanding (millions)
Basic (in shares)	525		544		530.1		545.8
Diluted (in shares)	527.6	[3]	547.6	[3]	533.2	[4]	550.2	[4]
Machinery, Energy & Transportation
Sales and revenues:
Sales and revenues	$ 14,278		$ 11,707		$ 40,703		$ 35,091
Financial Products
Sales and revenues:
Sales and revenues	716		690		2,127		2,082
Operating costs:
Interest expense of Financial Products	151		111		377		352
All other excluding Financial Products
Operating costs:
Interest expense excluding Financial Products	$ 109		$ 114		$ 326		$ 376
[1]Profit attributable to common shareholders.[2]Profit attributable to common shareholders.[3]Diluted by assumed exercise of stock-based compensation awards using the treasury stock method.[4]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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Profit of consolidated and affiliated companies	$ 2,040	$ 1,428	$ 5,250	$ 4,373
Foreign currency translation	(618)	(242)	(1,392)	(490)
Pension and other post retirement benefits	(1)	(8)	(3)	(23)
Derivative financial instruments	(191)	(31)	(254)	(19)
Available for sale securities	(44)	(5)	(151)	(20)
Total other comprehensive income (loss), net of tax	(854)	(286)	(1,800)	(552)
Comprehensive income	1,186	1,142	3,450	3,821
Less: comprehensive income attributable to the noncontrolling interests	(1)	2	(1)	4
Comprehensive income attributable to shareholders	$ 1,187	$ 1,140	$ 3,451	$ 3,817

Consolidated Statement of Finan

Consolidated Statement of Financial Position - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 6,346	$ 9,254
Receivables - trade and other	8,158	8,477
Receivables - finance	8,918	8,898
Prepaid expenses and other current assets	2,295	2,788
Inventories	16,860	14,038
Total current assets	42,577	43,455
Property, plant and equipment - net	11,643	12,090
Long-term receivables - trade and other	1,278	1,204
Long-term receivables - finance	11,859	12,707
Noncurrent deferred and refundable income taxes	2,218	1,840
Intangible assets	806	1,042
Goodwill	6,092	6,324
Other assets	4,434	4,131
Total assets	80,907	82,793
Short-term borrowings:
Accounts payable	8,260	8,154
Accrued expenses	4,013	3,757
Accrued wages, salaries and employee benefits	2,204	2,242
Customer advances	1,831	1,087
Dividends payable	0	595
Other current liabilities	2,878	2,256
Long-term debt due within one year:
Total current liabilities	30,202	29,847
Long-term debt due after one year:
Liability for postemployment benefits	5,038	5,592
Other liabilities	4,536	4,805
SPC liabilities in consolidated statement	65,285	66,277
Commitments and contingencies (Notes 11 and 14)
Shareholders' equity
Authorized shares: 2,000,000,000 Issued shares: (9/30/22 and 12/31/21 – 814,894,624) at paid-in amount	6,523	6,398
Treasury stock: (9/30/22 – 294,485,269 shares; 12/31/21 – 279,006,573 shares) at cost	(30,883)	(27,643)
Profit employed in the business	43,304	39,282
Accumulated other comprehensive income (loss)	(3,353)	(1,553)
Noncontrolling interests	31	32
Total shareholders' equity	15,622	16,516
Total liabilities and shareholders' equity	$ 80,907	$ 82,793
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, Authorized shares	2,000,000,000	2,000,000,000
Common stock, Issued shares	814,894,624	814,894,624
Treasury stock, shares	294,485,269	279,006,573
Machinery, Energy & Transportation
Short-term borrowings:
Short-term borrowings	$ 3	$ 9
Long-term debt due within one year:
Long-term debt due within one year	120	45
Long-term debt due after one year:
Long-term Debt due after one year	9,479	9,746
Financial Products
Short-term borrowings:
Short-term borrowings	4,199	5,395
Long-term debt due within one year:
Long-term debt due within one year	6,694	6,307
Long-term debt due after one year:
Long-term Debt due after one year	$ 16,030	$ 16,287

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
Balance at Dec. 31, 2020		$ 15,378	$ 6,230	$ (25,178)	$ 35,167	$ (888)	$ 47
Increase (Decrease) in Shareholders' Equity
Profit of consolidated and affiliated companies		4,373	0	0	4,369	0	4
Foreign currency translation		(490)	0	0	0	(490)	0
Pension and other post retirement benefits		(23)	0	0	0	(23)	0
Derivative financial instruments, net of tax		(19)	0	0	0	(19)	0
Available for sale securities		(20)	0	0	0	(20)	0
Dividends declared	[1]	1,175	0	0	1,175	0	0
Distribution to noncontrolling interests		(4)	0	0	0	0	(4)
Common shares issued from treasury stock for stock-based compensation		122	(70)	192	0	0	0
Stock-based compensation expense, before tax (in dollars)		169	169	0	0	0	0
Common shares repurchased	[2]	(1,622)	0	(1,622)	0	0	0
Other		22	23	0	0	0	(1)
Balance at Sep. 30, 2021		$ 16,695	6,352	(26,608)	38,361	(1,440)	30
Increase (Decrease) in Shareholders' Equity
Common shares issued, Shares, from treasury stock for stock-based compensation (in shares)		3,410,146
Common shares repurchased (in shares)		7,772,393
Common Stock, Dividends, Per Share, Declared		$ 2.14
Balance at Jun. 30, 2021		$ 16,880	6,293	(25,240)	36,934	(1,154)	47
Increase (Decrease) in Shareholders' Equity
Profit of consolidated and affiliated companies		1,428	0	0	1,426	0	2
Foreign currency translation		(242)	0	0	0	(242)	0
Pension and other post retirement benefits		(8)	0	0	0	(8)	0
Derivative financial instruments, net of tax		(31)	0	0	0	(31)	0
Available for sale securities		(5)	0	0	0	(5)	0
Change in ownership from noncontrolling interests		(16)	0	0	0	0	(16)
Dividends declared		1	0	0	1	0	0
Distribution to noncontrolling interests		(2)	0	0	0	0	(2)
Common shares issued from treasury stock for stock-based compensation		(1)	(5)	4	0	0	0
Stock-based compensation expense, before tax (in dollars)		58	58	0	0	0	0
Common shares repurchased	[3]	(1,371)	0	(1,371)	0	0	0
Other		4	6	(1)	0	0	(1)
Balance at Sep. 30, 2021		$ 16,695	6,352	(26,608)	38,361	(1,440)	30
Increase (Decrease) in Shareholders' Equity
Common shares issued, Shares, from treasury stock for stock-based compensation (in shares)		80,571
Common shares repurchased (in shares)		6,610,438
Balance at Dec. 31, 2021		$ 16,516	6,398	(27,643)	39,282	(1,553)	32
Increase (Decrease) in Shareholders' Equity
Profit of consolidated and affiliated companies		5,250	0	0	5,251	0	(1)
Foreign currency translation		(1,392)	0	0	0	(1,392)	0
Pension and other post retirement benefits		(3)	0	0	0	(3)	0
Derivative financial instruments, net of tax		(254)	0	0	0	(254)	0
Available for sale securities		(151)	0	0	0	(151)	0
Dividends declared	[1]	1,229	0	0	1,229	0	0
Common shares issued from treasury stock for stock-based compensation		2	(67)	69	0	0	0
Stock-based compensation expense, before tax (in dollars)		162	162	0	0	0	0
Common shares repurchased	[2]	(3,309)	0	(3,309)	0	0	0
Other		30	30	0	0	0	0
Balance at Sep. 30, 2022		$ 15,622	6,523	(30,883)	43,304	(3,353)	31
Increase (Decrease) in Shareholders' Equity
Common shares issued, Shares, from treasury stock for stock-based compensation (in shares)		1,529,753
Common shares repurchased (in shares)		17,007,819
Common Stock, Dividends, Per Share, Declared		$ 2.31
Balance at Jun. 30, 2022		$ 15,759	6,464	(29,501)	41,263	(2,499)	32
Increase (Decrease) in Shareholders' Equity
Profit of consolidated and affiliated companies		2,040	0	0	2,041	0	(1)
Foreign currency translation		(618)	0	0	0	(618)	0
Pension and other post retirement benefits		(1)	0	0	0	(1)	0
Derivative financial instruments, net of tax		(191)	0	0	0	(191)	0
Available for sale securities		(44)	0	0	0	(44)	0
Common shares issued from treasury stock for stock-based compensation		(1)	(5)	4	0	0	0
Stock-based compensation expense, before tax (in dollars)		55	55	0	0	0	0
Common shares repurchased	[4]	(1,385)	0	(1,385)	0	0	0
Other		8	9	(1)	0	0	0
Balance at Sep. 30, 2022		$ 15,622	$ 6,523	$ (30,883)	$ 43,304	$ (3,353)	$ 31
Increase (Decrease) in Shareholders' Equity
Common shares issued, Shares, from treasury stock for stock-based compensation (in shares)		75,534
Common shares repurchased (in shares)		7,575,322
[1]Dividends per share of common stock of $2.31 and $2.14 were declared in the nine months ended September 30, 2022 and 2021, respectively.[2] 2 See Note 12 for additional information. 1 See Note 12 for additional information.

Consolidated Statement of Cash

Consolidated Statement of Cash Flow - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flow from operating activities:
Profit of consolidated and affiliated companies	$ 5,250	$ 4,373
Adjustments for non-cash items:
Depreciation and amortization	1,661	1,766
Provision (benefit) for deferred income taxes	(349)	(321)
Other	132	102
Changes in assets and liabilities, net of acquisitions and divestitures:
Receivables - trade and other	365	(326)
Inventories	(3,088)	(2,195)
Accounts payable	786	1,232
Accrued expenses	70	46
Accrued wages, salaries and employee benefits	15	934
Customer advances	751	39
Other assets - net	57	138
Other liabilities - net	(623)	(2)
Net cash provided by (used for) operating activities	5,027	5,786
Cash flow from investing activities:
Payments to Acquire Property, Plant, and Equipment	(868)	(673)
Expenditures for equipment leased to others	(1,023)	(1,014)
Proceeds from disposals of leased assets and property, plant and equipment	666	877
Additions to finance receivables	(9,914)	(9,603)
Collections of finance receivables	9,738	9,221
Proceeds from sale of finance receivables	50	44
Investments and acquisitions (net of cash acquired)	(44)	(449)
Proceeds from sale of businesses and investments (net of cash sold)	1	23
Proceeds from sale of securities	2,080	424
Investments in securities	(2,399)	(934)
Other - net	15	(8)
Net Cash Provided by (Used in) Investing Activities	(1,698)	(2,092)
Cash flow from financing activities:
Dividends paid	(1,820)	(1,733)
Common stock issued, including treasury shares reissued	2	122
Common shares repurchased	(3,309)	(1,622)
Short-term borrowings - net (original maturities three months or less)	(1,311)	1,324
Other - net	(1)	(4)
Net cash provided by (used for) financing activities	(6,158)	(3,602)
Effect of exchange rate changes on cash	(79)	(9)
Increase (decrease) in cash, cash equivalents and restricted cash	(2,908)	83
Cash and short-term investments and restricted cash at beginning of period	9,263	9,366
Cash and short-term investments and restricted cash at end of period	6,355	9,449
Machinery, Energy & Transportation
Cash flow from financing activities:
Proceeds from debt issued (original maturities greater than three months)	0	494
Payments on debt (original maturities greater than three months)	(20)	(1,910)
Financial Products
Cash flow from financing activities:
Proceeds from debt issued (original maturities greater than three months)	5,570	6,437
Payments on debt (original maturities greater than three months)	$ (5,269)	$ (6,710)

Nature of Operations, Basis of

Nature of Operations, Basis of Presentation and Change in Accounting Principle	9 Months Ended
	Sep. 30, 2022
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 and nine months ended September 30, 2022 and 2021, (b) the consolidated comprehensive income for the three and nine months ended September 30, 2022 and 2021, (c) the consolidated financial position at September 30, 2022 and December 31, 2021, (d) the consolidated changes in shareholders’ equity for the three and nine months ended September 30, 2022 and 2021 and (e) the consolidated cash flow for the nine months ended September 30, 2022 and 2021. 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, 2021 (2021 Form 10-K). The December 31, 2021 financial position data included herein is derived from the audited consolidated financial statements included in the 2021 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	9 Months Ended
	Sep. 30, 2022
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, 2022, none of which had a material impact on our financial statements: ASU Description 2020-06 Debt with conversion and other options and derivatives and hedging 2021-05 Lessor - Variable lease payments 2021-10 Government assistance B. Accounting standards issued but not yet adopted We consider the applicability and impact of all ASUs. We assessed the ASUs and determined that they either were not applicable or were not expected to have a material impact on our financial statements.

Sales and revenue contract info

Sales and revenue contract information	9 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenue from contracts with customers	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 (including wholesale inventory financing) 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 $6,736 million, $7,267 million and $6,310 million as of September 30, 2022, December 31, 2021 and December 31, 2020, respectively. Long-term trade receivables from dealers and end users were $448 million, $624 million and $657 million as of September 30, 2022, December 31, 2021 and December 31, 2020, 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 $2,290 million, $1,557 million and $1,526 million as of September 30, 2022, December 31, 2021 and December 31, 2020, respectively. We reduce the contract liability when revenue is recognized. During the three and nine months ended September 30, 2022, we recognized $124 million and $781 million, respectively, of revenue that was recorded as a contract liability at the beginning of 2022. During the three and nine months ended September 30, 2021, we recognized $121 million and $795 million, respectively, of revenue that was recorded as a contract liability at the beginning of 2021. As of September 30, 2022, 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 $10.9 billion, with about one-half of the amount expected to be completed and revenue recognized in the twelve months following September 30, 2022. 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	9 Months Ended
	Sep. 30, 2021
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 $55 million and $162 million for the three and nine months ended September 30, 2022, respectively, and $58 million and $169 million for the three and nine months ended September 30, 2021, respectively. The following table illustrates the type and fair value of the stock-based compensation awards granted during the nine months ended September 30, 2022 and 2021, respectively: Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 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 1,029,202 $ 51.69 $ 196.70 1,084,821 $ 56.30 $ 219.76 RSUs 484,025 $ 196.70 $ 196.70 448,311 $ 219.76 $ 219.76 PRSUs 258,900 $ 196.70 $ 196.70 266,894 $ 219.76 $ 219.76 The following table provides the assumptions used in determining the fair value of the stock-based awards for the nine months ended September 30, 2022 and 2021, respectively: Grant Year 2022 2021 Weighted-average dividend yield 2.60% 2.60% Weighted-average volatility 31.7% 32.9% Range of volatilities 25.3% - 36.8% 29.2% - 45.8% Range of risk-free interest rates 1.03% - 2.00% 0.06% - 1.41% Weighted-average expected lives 8 years 8 years

Derivative Financial Instrument

Derivative Financial Instruments and Risk Management	9 Months Ended
	Sep. 30, 2022
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 and commodity prices. Our Risk Management Policy (policy) allows for the use of derivative financial instruments to prudently manage foreign currency exchange rate, interest rate and commodity price exposures. Our policy specifies that derivatives are not to be used for speculative purposes. Derivatives that we use are primarily foreign currency forward, option and cross currency contracts, interest rate contracts and commodity forward and option contracts. Our derivative activities are subject to the management, direction and control of our senior financial officers. We present at least annually to the Audit Committee of the Board of Directors on our risk management practices, including our use of financial derivative instruments. We recognize all derivatives at their fair value on the Consolidated Statement of Financial Position. On the date the derivative contract is entered into, we designate the derivative as (1) a hedge of the fair value of a recognized asset or liability (fair value hedge), (2) a hedge of a forecasted transaction or the variability of cash flow (cash flow hedge) or (3) an undesignated instrument. We record in current earnings changes in the fair value of a derivative that is qualified, designated and highly effective as a fair value hedge, along with the gain or loss on the hedged recognized asset or liability that is attributable to the hedged risk. We record in Accumulated other comprehensive income (loss) (AOCI) changes in the fair value of a derivative that is qualified, designated and highly effective as a cash flow hedge, to the extent effective, on the Consolidated Statement of Financial Position until we reclassify them to earnings in the same period or periods during which the hedged transaction affects earnings. We report changes in the fair value of undesignated derivative instruments in current earnings. We classify cash flows from designated derivative financial instruments within the same category as the item being hedged on the Consolidated Statement of Cash Flow. We include cash flows from undesignated derivative financial instruments in the investing category on the Consolidated Statement of Cash Flow. We formally document all relationships between hedging instruments and hedged items, as well as the risk-management objective and strategy for undertaking various hedge transactions. This process includes linking all derivatives that are designated as fair value hedges to specific assets and liabilities on the Consolidated Statement of Financial Position and linking cash flow hedges to specific forecasted transactions or variability of cash flow. 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 September 30, 2022, 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. The location and fair value of derivative instruments reported in the Consolidated Statement of Financial Position were as follows: (Millions of dollars) Fair Value September 30, 2022 December 31, 2021 Assets 1 Liabilities 2 Assets 1 Liabilities 2 Designated derivatives Foreign exchange contracts $ 692 $ (394) $ 228 $ (64) Interest rate contracts 94 (302) 38 (15) Total $ 786 $ (696) $ 266 $ (79) Undesignated derivatives Foreign exchange contracts $ 118 $ (78) $ 46 $ (42) Commodity contracts 9 (43) 30 (9) Total $ 127 $ (121) $ 76 $ (51) 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 September 30, 2022 and December 31, 2021 were $24.8 billion and $18.9 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 or commodity prices. Gains (Losses) on derivative instruments are categorized as follows: (Millions of dollars) Three Months Ended September 30 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 2022 2021 2022 2021 2022 2021 Foreign exchange contracts $ (2) $ 46 $ 18 $ 42 $ 289 $ 90 Interest rate contracts (5) 5 26 3 7 (5) Commodity contracts (42) (30) — — — — Total $ (49) $ 21 $ 44 $ 45 $ 296 $ 85 1 Foreign exchange contract and Commodity contract gains (losses) are included in Other income (expense). Interest rate contract gains (losses) are primarily included in Interest expense of Financial Products. 2 Foreign exchange contract gains (losses) are primarily included in Other income (expense) in the Consolidated Statement of Results of Operations. Interest rate contract gains (losses) are primarily included in Interest expense of Financial Products in the Consolidated Statement of Results of Operations. (Millions of dollars) Nine Months Ended September 30 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 2022 2021 2022 2021 2022 2021 Foreign exchange contracts $ (32) $ 77 $ 195 $ 130 $ 638 $ 187 Interest rate contracts 12 18 103 11 (2) (23) Commodity contract 3 35 — — — — Total $ (17) $ 130 $ 298 $ 141 $ 636 $ 164 1 Foreign exchange contract and Commodity contract gains (losses) are included in Other income (expense). Interest rate contract gains (losses) are primarily included in Interest expense excluding Financial Products. 2 Foreign exchange contract gains (losses) are primarily included in Other income (expense). Interest rate contract gains (losses) are primarily included in Interest expense excluding Financial Products. 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 September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 Long-term debt due within one year $ — $ 755 $ — $ 5 Long-term debt due after one year 3,796 1,304 (227) (2) Total $ 3,796 $ 2,059 $ (227) $ 3 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 September 30, 2022 and December 31, 2021, 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) September 30, 2022 December 31, 2021 Assets Liabilities Assets Liabilities Gross Amounts Recognized $ 913 $ (817) $ 342 $ (130) Financial Instruments Not Offset (282) 282 (114) 114 Cash Collateral Received — — — — Net Amount $ 631 $ (535) $ 228 $ (16)

Inventories

Inventories	9 Months Ended
	Sep. 30, 2022
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories (principally using the last-in, first-out (LIFO) method) were comprised of the following: (Millions of dollars) September 30, December 31, Raw materials $ 6,335 $ 5,528 Work-in-process 1,836 1,318 Finished goods 8,387 6,907 Supplies 302 285 Total inventories $ 16,860 $ 14,038

Intangible Assets and Goodwill

Intangible Assets and Goodwill	9 Months Ended
	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets and Goodwill	Intangible assets and goodwill A. Intangible assets Intangible assets were comprised of the following: September 30, 2022 (Millions of dollars) Weighted Gross Accumulated Net Customer relationships 16 $ 2,183 $ (1,604) $ 579 Intellectual property 12 1,470 (1,287) 183 Other 16 128 (84) 44 Total finite-lived intangible assets 14 $ 3,781 $ (2,975) $ 806 December 31, 2021 Weighted Gross Accumulated Net Customer relationships 15 $ 2,421 $ (1,709) $ 712 Intellectual property 12 1,472 (1,192) 280 Other 14 156 (106) 50 Total finite-lived intangible assets 14 $ 4,049 $ (3,007) $ 1,042 Amortization expense for the three and nine months ended September 30, 2022 was $70 million and $213 million, respectively. Amortization expense for the three and nine months ended September 30, 2021 was $75 million and $228 million, respectively. Amortization expense related to intangible assets is expected to be: (Millions of dollars) Remaining Three Months of 2022 2023 2024 2025 2026 Thereafter $70 $222 $163 $153 $85 $113 B. Goodwill No goodwill was impaired during the nine months ended September 30, 2022 or 2021. The changes in carrying amount of goodwill by reportable segment for the nine months ended September 30, 2022 were as follows: (Millions of dollars) December 31, Acquisitions Other Adjustments 1 September 30, Construction Industries Goodwill $ 302 $ — $ (39) $ 263 Impairments (22) — — (22) Net goodwill 280 — (39) 241 Resource Industries Goodwill 4,182 — (127) 4,055 Impairments (1,175) — — (1,175) Net goodwill 3,007 — (127) 2,880 Energy & Transportation Goodwill 2,985 25 (81) 2,929 All Other 2 Goodwill 52 — (10) 42 Consolidated total Goodwill 7,521 25 (257) 7,289 Impairments (1,197) — — (1,197) Net goodwill $ 6,324 $ 25 $ (257) $ 6,092 1 Other adjustments are comprised primarily of foreign currency translation. 2 Includes All Other operating segment (See Note 16).

Investments in Debt and Equity

Investments in Debt and Equity Securities	9 Months Ended
	Sep. 30, 2022
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 September 30, 2022 December 31, 2021 (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 51 (2) 49 61 — 61 Corporate debt securities Corporate bonds and other debt securities 2,156 (108) 2,048 1,027 19 1,046 Asset-backed securities 185 (5) 180 175 1 176 Mortgage-backed debt securities U.S. governmental agency 384 (36) 348 319 6 325 Residential 3 — 3 4 — 4 Commercial 139 (10) 129 98 1 99 Total available-for-sale debt securities $ 2,928 $ (161) $ 2,767 $ 1,694 $ 27 $ 1,721 Available-for-sale debt securities in an unrealized loss position: September 30, 2022 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 $ 31 $ 1 $ 15 $ 1 $ 46 $ 2 Corporate debt securities Corporate bonds 1,774 75 218 33 1,992 108 Asset-backed securities 102 4 35 1 137 5 Mortgage-backed debt securities U.S. governmental agency 293 27 51 9 344 36 Commercial 88 7 41 3 129 10 $ 2,288 $ 114 $ 360 $ 47 $ 2,648 $ 161 December 31, 2021 Less than 12 months 1 12 months or more 1 Total (Millions of dollars) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Corporate debt securities Corporate bonds $ 270 $ 4 $ 33 $ 1 $ 303 $ 5 Mortgage-backed debt securities U.S. governmental agency 89 1 22 — 111 1 Total $ 359 $ 5 $ 55 $ 1 $ 414 $ 6 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 interest rates and credit-related yield 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 September 30, 2022. The cost basis and fair value of available-for-sale debt securities at September 30, 2022, 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. September 30, 2022 (Millions of dollars) Cost Basis Fair Value Due in one year or less $ 696 $ 687 Due after one year through five years 1,354 1,277 Due after five years through ten years 282 256 Due after ten years 70 67 U.S. governmental agency mortgage-backed securities 384 348 Residential mortgage-backed securities 3 3 Commercial mortgage-backed securities 139 129 Total debt securities – available-for-sale $ 2,928 $ 2,767 Sales of available-for-sale debt securities: Three Months Ended September 30 Nine Months Ended September 30 (Millions of dollars) 2022 2021 2022 2021 Proceeds from the sale of available-for-sale securities $ 204 $ 97 $ 474 $ 322 Gross gains from the sale of available-for-sale securities — 1 1 3 Gross losses from the sale of available-for-sale securities — — 1 — We did not have any investments classified as held-to-maturity debt securities as of September 30, 2022. We had $964 million of investments in time deposits classified as held-to-maturity debt securities as of December 31, 2021. 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 September 30, 2022 and 2021, the net unrealized gains (losses) for equity securities held at September 30, 2022 and 2021 were $(12) million and $46 million, respectively. For the nine months ended September 30, 2022 and 2021, the net unrealized gains (losses) for equity securities held at September 30, 2022 and 2021 were $(97) million and $65 million, respectively.

Postretirement Benefits

Postretirement Benefits	9 Months Ended
	Sep. 30, 2022
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 September 30 September 30 September 30 (Millions of dollars) 2022 2021 2022 2021 2022 2021 For the three months ended: Components of net periodic benefit cost: Service cost $ — $ — $ 15 $ 15 $ 24 $ 25 Interest cost 100 82 17 16 20 16 Expected return on plan assets (167) (180) (33) (33) (3) (1) Amortization of prior service cost (credit) — — — — (1) (11) Net periodic benefit cost (benefit) 1 $ (67) $ (98) $ (1) $ (2) $ 40 $ 29 For the nine months ended: Components of net periodic benefit cost: Service cost $ — $ — $ 40 $ 44 $ 74 $ 75 Interest cost 301 247 53 43 60 48 Expected return on plan assets (502) (538) (100) (98) (9) (4) Amortization of prior service cost (credit) — — — — (4) (31) Net periodic benefit cost (benefit) 1 $ (201) $ (291) $ (7) $ (11) $ 121 $ 88 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 $44 million and $299 million of contributions to our pension and other postretirement plans during the three and nine months ended September 30, 2022. We currently anticipate full-year 2022 contributions of approximately $357 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 September 30 Nine Months Ended September 30 (Millions of dollars) 2022 2021 2022 2021 U.S. Plans $ 87 $ 81 $ 236 $ 321 Non-U.S. Plans 29 29 85 83 $ 116 $ 110 $ 321 $ 404 The decrease in the U.S. defined contribution benefit costs for the nine months ended September 30, 2022 was primarily due to the fair value adjustments related to our non-qualified deferred compensation plans.

Leases

Leases	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Revenue from finance and operating leases	Leases Revenues from finance and operating leases, primarily included in Revenues of Financial Products Three Months Ended September 30 Nine Months Ended September 30 (Millions of dollars) 2022 2021 2022 2021 Finance lease revenue $ 105 $ 120 $ 326 $ 369 Operating lease revenue 270 275 819 850 Total $ 375 $ 395 $ 1,145 $ 1,219

Guarantees and Product Warranty

Guarantees and Product Warranty	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Guarantees and Product Warranty	Guarantees and product warranty Caterpillar dealer performance guarantees We have provided an indemnity to a third-party insurance company for potential losses related to performance bonds issued on behalf of Caterpillar dealers. The bonds have varying terms and are issued to insure governmental agencies against nonperformance by certain dealers. We also provided guarantees to third-parties related to the performance of contractual obligations by certain Caterpillar dealers. These guarantees have varying terms and cover potential financial losses incurred by the third parties resulting from the dealers’ nonperformance. In 2016, we provided a guarantee to an end user related to the performance of contractual obligations by a Caterpillar dealer. Under the guarantee, which was set to expire in 2025, non-performance by the Caterpillar dealer could require Caterpillar to satisfy the contractual obligations by providing goods, services or financial compensation to the end user up to an annual designated cap. This guarantee was terminated during the first quarter of 2022. No payments were made under the guarantee. Supplier consortium performance guarantee We provided a guarantee to a customer in Europe related to the performance of contractual obligations by a supplier consortium to which one of our Caterpillar subsidiaries was a member. The guarantee covered potential damages incurred by the customer resulting from the supplier consortium's non-performance. The damages were capped except for failure of the consortium to meet certain obligations outlined in the contract in the normal course of business. The guarantee expired during the second quarter of 2022. 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. At September 30, 2022 and December 31, 2021, the related recorded liability was $3 million and $5 million, respectively. The maximum potential amount of future payments that we can estimate (undiscounted and without reduction for any amounts that may possibly be recovered under recourse or collateralized provisions) and we could be required to make under the guarantees was as follows: (Millions of dollars) September 30, December 31, Caterpillar dealer performance guarantees $ 137 $ 747 Supplier consortium performance guarantee 17 242 Other guarantees 284 232 Total guarantees $ 438 $ 1,221 Cat Financial provides guarantees to purchase certain loans of Caterpillar dealers from a special-purpose corporation (SPC) that qualifies as a variable interest entity. 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 receives a fee for providing this guarantee. 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 September 30, 2022 and December 31, 2021, the SPC’s assets of $1.09 billion and $888 million, respectively, were primarily comprised of loans to dealers, and the SPC’s liabilities of $1.09 billion and $888 million, 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 nine months ended September 30 was as follows: First Nine Months (Millions of dollars) 2022 2021 Warranty liability, beginning of period $ 1,689 $ 1,612 Reduction in liability (payments) (589) (638) Increase in liability (new warranties) 562 716 Warranty liability, end of period $ 1,662 $ 1,690

Profit Per Share

Profit Per Share	9 Months Ended
	Sep. 30, 2022
Earnings Per Share Reconciliation [Abstract]
Profit Per Share	Profit per share Computations of profit per share: Three Months Ended September 30 Nine Months Ended September 30 (Dollars in millions except per share data) 2022 2021 2022 2021 Profit for the period (A) 1 $ 2,041 $ 1,426 $ 5,251 $ 4,369 Determination of shares (in millions): Weighted-average number of common shares outstanding (B) 525.0 544.0 530.1 545.8 Shares issuable on exercise of stock awards, net of shares assumed to be purchased out of proceeds at average market price 2.6 3.6 3.1 4.4 Average common shares outstanding for fully diluted computation (C) 2 527.6 547.6 533.2 550.2 Profit per share of common stock: Assuming no dilution (A/B) $ 3.89 $ 2.62 $ 9.91 $ 8.00 Assuming full dilution (A/C) 2 $ 3.87 $ 2.60 $ 9.85 $ 7.94 Shares outstanding as of September 30 (in millions) 520.4 540.9 1 Profit attributable to common shareholders. 2 Diluted by assumed exercise of stock-based compensation awards using the treasury stock method. For the three and nine months ended September 30, 2022 and 2021, we excluded 2.1 million and 1.1 million of outstanding stock options, respectively, from the computation of diluted earnings per share because the effect would have been antidilutive. For the three and nine months ended September 30, 2022, we repurchased 7.6 million and 17.0 million shares of Caterpillar common stock, respectively, at an aggregate cost of $1.4 billion and $3.3 billion, respectively. For the three and nine months ended September 30, 2021, we repurchased 6.6 million and 7.8 million shares of Caterpillar common stock, respectively, at an aggregate cost of $1.4 billion and $1.6 billion, respectively. We made these purchases through a combination of accelerated stock repurchase agreements with third-party financial institutions and open market transactions. In July 2018, the Board approved a share repurchase authorization (the 2018 Authorization) of up to $10.0 billion of Caterpillar common stock effective January 1, 2019, with no expiration. In May 2022, the Board approved a new share repurchase authorization (the 2022 Authorization) of up to $15.0 billion of Caterpillar common stock effective August 1, 2022, with no expiration. Utilization of the 2022 Authorization for all share repurchases commenced on August 1, 2022, leaving approximately $70 million unutilized under the 2018 Authorization as of September 30, 2022. As of September 30, 2022, $13.7 billion remained available under the 2022 Authorization.

Accumulated other comprehensive

Accumulated other comprehensive income (loss)	9 Months Ended
	Sep. 30, 2022
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 September 30 Nine Months Ended September 30 (Millions of dollars) 2022 2021 2022 2021 Foreign currency translation: Beginning balance $ (2,282) $ (1,158) $ (1,508) $ (910) Gains (losses) on foreign currency translation (592) (230) (1,328) (461) Less: Tax provision /(benefit) 26 12 64 29 Net gains (losses) on foreign currency translation (618) (242) (1,392) (490) (Gains) losses reclassified to earnings — — — — Less: Tax provision /(benefit) — — — — Net (gains) losses reclassified to earnings — — — — Other comprehensive income (loss), net of tax (618) (242) (1,392) (490) Ending balance $ (2,900) $ (1,400) $ (2,900) $ (1,400) Pension and other postretirement benefits Beginning balance $ (64) $ (47) $ (62) $ (32) Current year prior service credit (cost) — — — — Less: Tax provision /(benefit) — — — — Net current year prior service credit (cost) — — — — Amortization of prior service (credit) cost (1) (11) (4) (31) Less: Tax provision /(benefit) — (3) (1) (8) Net amortization of prior service (credit) cost (1) (8) (3) (23) Other comprehensive income (loss), net of tax (1) (8) (3) (23) Ending balance $ (65) $ (55) $ (65) $ (55) Derivative financial instruments Beginning balance $ (66) $ 12 $ (3) $ — Gains (losses) deferred 44 45 298 141 Less: Tax provision /(benefit) 35 3 71 22 Net gains (losses) deferred 9 42 227 119 (Gains) losses reclassified to earnings (296) (85) (636) (164) Less: Tax provision /(benefit) (96) (12) (155) (26) Net (gains) losses reclassified to earnings (200) (73) (481) (138) Other comprehensive income (loss), net of tax (191) (31) (254) (19) Ending balance $ (257) $ (19) $ (257) $ (19) Available-for-sale securities Beginning balance $ (87) $ 39 $ 20 $ 54 Gains (losses) deferred (55) (4) (188) (22) Less: Tax provision /(benefit) (11) — (37) (4) Net gains (losses) deferred (44) (4) (151) (18) (Gains) losses reclassified to earnings — (1) — (3) Less: Tax provision /(benefit) — — — (1) Net (gains) losses reclassified to earnings — (1) — (2) Other comprehensive income (loss), net of tax (44) (5) (151) (20) Ending balance $ (131) $ 34 $ (131) $ 34 Total AOCI Ending Balance at September 30 $ (3,353) $ (1,440) $ (3,353) $ (1,440)

Environmental and legal matters

Environmental and legal matters	9 Months Ended
	Sep. 30, 2022
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 in the Consolidated Statement of Financial Position. 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. On January 7, 2015, the Company received a grand jury subpoena from the U.S. District Court for the Central District of Illinois. The subpoena requested documents and information from the Company relating to, among other things, financial information concerning U.S. and non-U.S. Caterpillar subsidiaries (including undistributed profits of non-U.S. subsidiaries and the movement of cash among U.S. and non-U.S. subsidiaries). The Company has received additional subpoenas relating to this investigation requesting additional documents and information relating to, among other things, the purchase and resale of replacement parts by Caterpillar Inc. and non-U.S. Caterpillar subsidiaries, dividend distributions of certain non-U.S. Caterpillar subsidiaries, and Caterpillar SARL (CSARL) and related structures. On March 2-3, 2017, agents with the Department of Commerce, the Federal Deposit Insurance Corporation and the Internal Revenue Service executed search and seizure warrants at three facilities of the Company in the Peoria, Illinois area, including its former corporate headquarters. The warrants identify, and agents seized, documents and information related to, among other things, the export of products from the United States, the movement of products between the United States and Switzerland, the relationship between Caterpillar Inc. and CSARL, and sales outside the United States. It is the Company’s understanding that the warrants, which concern both tax and export activities, are related to the ongoing grand jury investigation. The Company is continuing to cooperate with this investigation. The Company is unable to predict the outcome or reasonably estimate any potential loss; however, we currently believe that this matter will not have a material adverse effect on the Company’s consolidated results of operations, financial position or liquidity. 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.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income taxes The provision for income taxes for the nine months ended September 30, 2022, reflected an estimated annual tax rate of 23 percent, compared with 25 percent for the nine months ended September 30, 2021, excluding the discrete items discussed below. The comparative tax rate for full-year 2021 was approximately 23 percent. On September 8, 2022, the company reached a settlement with the U.S. Internal Revenue Service (IRS) that resolves all issues for tax years 2007 through 2016, without any penalties. The company's settlement includes, among other issues, the resolution of disputed tax treatment of profits earned by Caterpillar SARL (CSARL) from certain parts transactions. We vigorously contested the IRS's application of the "substance-over-form" or "assignment-of-income" judicial doctrines and its proposed increases to tax and imposition of accuracy related penalties. The settlement does not include any increases to tax in the United States based on those judicial doctrines and does not include any penalties. The final tax assessed by the IRS for all issues under the settlement was $490 million for the ten-year period. This amount was primarily paid in the nine months ending September 30, 2022, and the associated estimated interest of $250 million is expected to be paid by the end of 2022. The settlement was within the total amount of gross unrecognized tax benefits for uncertain tax positions and enables us to avoid the costs and burdens of further disputes with the IRS. As a result of the settlement, we recorded a discrete tax benefit of $41 million to reflect changes in estimates of prior years' taxes and related interest, net of tax. We are subject to the continuous examination of our income tax returns by the IRS, and tax years subsequent to 2016 are not yet under examination. In the nine months ended September 30, 2022, the company also recorded discrete tax benefits of $49 million to reflect other changes in estimates related to prior years' U.S. taxes, compared to $36 million in the nine months ended September 30, 2021. In addition, the company recorded a discrete tax benefit of $18 million for the settlement of stock-based compensation awards with associated tax deductions in excess of cumulative U.S. GAAP compensation expense, compared with a $61 million benefit for the nine months ended September 30, 2021.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Segment Information	Segment information A. Basis for segment information Our Executive Office is comprised of a Chief Executive Officer (CEO), four Group Presidents, a Chief Financial Officer (CFO), a Chief Legal Officer and General Counsel and a Chief Human Resources Officer. The 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 Group President/CFO level. As such, the CEO serves as our Chief Operating Decision Maker, and operating segments are primarily based on the 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 operating 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. Segment information for 2021 has been recast due to a methodology change related to how we assign intersegment sales and segment profit from our technology products and services to Construction Industries, Resource Industries and Energy & Transportation. This methodology change did not have a material impact on our segment results. 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 operating 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; compactors; cold planers; compact track and multi-terrain loaders; mini, small, medium and large track excavators; forestry machines; material handlers; motor graders; pipelayers; road reclaimers; skid steer loaders; telehandlers; small and medium track-type tractors; track-type loaders; wheel excavators; compact, small and medium wheel loaders; 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; longwall miners; 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; 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 Cat 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. 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 Cat machinery; 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; and product support of on-highway vocational trucks for North America. 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 vehicles, power generation facilities and marine vessels that, in most cases, incorporate Caterpillar products. Financing plans include operating and finance leases, 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 operating segment : Primarily includes activities such as: business strategy; product management and development; manufacturing and sourcing of filters and fluids, undercarriage, ground-engaging tools, fluid transfer products, precision seals, rubber sealing and connecting 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 operating 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 30 to 33 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 and contract terminations. 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 and nine months ended September 30, 2022 and 2021, 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 September 30, 2022 Construction Industries $ 3,106 $ 799 $ 1,247 $ 1,084 $ 6,236 $ 40 $ 6,276 Resource Industries 1,122 472 526 893 3,013 74 3,087 Energy & Transportation 2,422 468 1,280 827 4,997 1,189 6,186 Financial Products Segment 522 90 100 107 819 1 — 819 Total sales and revenues from reportable segments 7,172 1,829 3,153 2,911 15,065 1,303 16,368 All Other operating segment 16 — 4 15 35 68 103 Corporate Items and Eliminations (53) (20) (12) (21) (106) (1,371) (1,477) Total Sales and Revenues $ 7,135 $ 1,809 $ 3,145 $ 2,905 $ 14,994 $ — $ 14,994 Three Months Ended September 30, 2021 Construction Industries $ 2,417 $ 528 $ 1,240 $ 1,076 $ 5,261 $ (6) $ 5,255 Resource Industries 674 417 456 744 2,291 75 2,366 Energy & Transportation 1,924 329 1,144 744 4,141 936 5,077 Financial Products Segment 478 68 105 111 762 1 — 762 Total sales and revenues from reportable segments 5,493 1,342 2,945 2,675 12,455 1,005 13,460 All Other operating segment 18 — 3 14 35 84 119 Corporate Items and Eliminations (56) (13) (9) (15) (93) (1,089) (1,182) Total Sales and Revenues $ 5,455 $ 1,329 $ 2,939 $ 2,674 $ 12,397 $ — $ 12,397 1 Includes revenues from Construction Industries, Resource Industries, Energy & Transportation and All Other operating segment of $124 million and $87 million in the three months ended September 30, 2022 and 2021, respectively. 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 Nine Months Ended September 30, 2022 Construction Industries $ 8,832 $ 2,061 $ 3,726 $ 3,694 $ 18,313 $ 111 $ 18,424 Resource Industries 3,167 1,337 1,609 2,554 8,667 211 8,878 Energy & Transportation 6,637 1,160 3,679 2,193 13,669 3,260 16,929 Financial Products Segment 1,530 250 293 327 2,400 1 — 2,400 Total sales and revenues from reportable segments 20,166 4,808 9,307 8,768 43,049 3,582 46,631 All Other operating segment 52 — 14 46 112 227 339 Corporate Items and Eliminations (175) (59) (33) (64) (331) (3,809) (4,140) Total Sales and Revenues $ 20,043 $ 4,749 $ 9,288 $ 8,750 $ 42,830 $ — $ 42,830 Nine Months Ended September 30, 2021 Construction Industries $ 7,041 $ 1,350 $ 3,612 $ 4,302 $ 16,305 $ 65 $ 16,370 Resource Industries 2,130 1,309 1,455 1,965 6,859 232 7,091 Energy & Transportation 5,698 835 3,433 1,953 11,919 2,640 14,559 Financial Products Segment 1,442 195 301 359 2,297 1 — 2,297 Total sales and revenues from reportable segments 16,311 3,689 8,801 8,579 37,380 2,937 40,317 All Other operating segment 42 1 10 54 107 270 377 Corporate Items and Eliminations (188) (36) (27) (63) (314) (3,207) (3,521) Total Sales and Revenues $ 16,165 $ 3,654 $ 8,784 $ 8,570 $ 37,173 $ — $ 37,173 1 Includes revenues from Construction Industries, Resource Industries, Energy & Transportation and All Other operating segment of $332 million and $263 million in the nine months ended September 30, 2022 and 2021, respectively. For the three and nine months ended September 30, 2022 and 2021, Energy & Transportation segment sales by end user application were as follows: Energy & Transportation External Sales Three Months Ended September 30 Nine Months Ended September 30 (Millions of dollars) 2022 2021 2022 2021 Oil and gas $ 1,323 $ 1,088 $ 3,503 $ 3,140 Power generation 1,320 1,010 3,518 3,025 Industrial 1,158 948 3,295 2,660 Transportation 1,196 1,095 3,353 3,094 Energy & Transportation External Sales $ 4,997 $ 4,141 $ 13,669 $ 11,919 Reconciliation of Consolidated profit before taxes: (Millions of dollars) Three Months Ended September 30 Nine Months Ended September 30 2022 2021 2022 2021 Profit from reportable segments: Construction Industries $ 1,209 $ 866 $ 3,255 $ 2,937 Resource Industries 506 280 1,222 941 Energy & Transportation 935 706 2,132 2,119 Financial Products Segment 220 173 675 660 Total profit from reportable segments 2,870 2,025 7,284 6,657 Profit from All Other operating segment 8 5 42 (2) Cost centers (37) 19 1 51 Corporate costs (168) (189) (670) (576) Timing (84) (40) (129) (230) Restructuring costs (49) (35) (90) (124) Methodology differences: Inventory/cost of sales 138 73 407 80 Postretirement benefit expense 82 116 293 270 Stock-based compensation expense (55) (58) (162) (169) Financing costs (75) (103) (269) (342) Currency 53 19 315 255 Other income/expense methodology differences (109) (80) (287) (201) Other methodology differences (16) 23 (82) (27) Total consolidated profit before taxes $ 2,558 $ 1,775 $ 6,653 $ 5,642 Reconciliation of Assets: (Millions of dollars) September 30, 2022 December 31, 2021 Assets from reportable segments: Construction Industries $ 5,439 $ 4,547 Resource Industries 5,841 5,962 Energy & Transportation 9,394 9,253 Financial Products Segment 33,982 34,860 Total assets from reportable segments 54,656 54,622 Assets from All Other operating segment 1,729 1,678 Items not included in segment assets: Cash and cash equivalents 5,403 8,428 Deferred income taxes 2,112 1,735 Goodwill and intangible assets 4,681 4,859 Property, plant and equipment – net and other assets 3,714 4,056 Inventory methodology differences (2,833) (2,656) Liabilities included in segment assets 11,973 10,777 Other (528) (706) Total assets $ 80,907 $ 82,793 Reconciliation of Depreciation and amortization: (Millions of dollars) Three Months Ended September 30 Nine Months Ended September 30 2022 2021 2022 2021 Depreciation and amortization from reportable segments: Construction Industries $ 57 $ 60 $ 172 $ 178 Resource Industries 92 101 275 301 Energy & Transportation 136 144 405 428 Financial Products Segment 183 195 556 582 Total depreciation and amortization from reportable segments 468 500 1,408 1,489 Items not included in segment depreciation and amortization: All Other operating segment 56 59 172 181 Cost centers 20 24 63 74 Other 7 10 18 22 Total depreciation and amortization $ 551 $ 593 $ 1,661 $ 1,766 Reconciliation of Capital expenditures: (Millions of dollars) Three Months Ended September 30 Nine Months Ended September 30 2022 2021 2022 2021 Capital expenditures from reportable segments: Construction Industries $ 74 $ 56 $ 149 $ 120 Resource Industries 65 44 129 101 Energy & Transportation 167 115 444 339 Financial Products Segment 295 311 870 900 Total capital expenditures from reportable segments 601 526 1,592 1,460 Items not included in segment capital expenditures: All Other operating segment 54 59 116 106 Cost centers 16 15 41 34 Timing (35) (13) 173 96 Other (19) — (31) (9) Total capital expenditures $ 617 $ 587 $ 1,891 $ 1,687

Cat Financial Financing Activit

Cat Financial Financing Activities Detail C	9 Months Ended
	Sep. 30, 2022
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, the majority of which operate in construction-related industries. Cat Financial also provides financing for vehicles, power generation facilities and marine vessels that, in most cases, incorporate Caterpillar products. The average original term of Cat Financial's customer finance receivable portfolio was approximately 50 months with an average remaining term of approximately 26 months as of September 30, 2022. Cat Financial typically maintains a security interest in financed equipment and 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 and nine months ended September 30, 2022, Cat Financial's forecasts for the markets in which it operates reflected a continuation of the trend of relatively low unemployment rates and delinquencies. However, high inflation rates and consequent central bank actions are weakening 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 and nine months ended September 30, 2022. 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 the Commonwealth of Independent States. • 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. • Caterpillar Power Finance - Finance receivables originated worldwide related to marine vessels with Caterpillar engines and 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). The amount of the write-off is determined by comparing the fair value of the collateral, less cost to sell, to the amortized cost. 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 September 30, 2022 Three Months Ended September 30, 2021 Customer Dealer Total Customer Dealer Total Beginning balance $ 290 $ 82 $ 372 $ 354 $ 44 $ 398 Write-offs (30) — (30) (91) — (91) Recoveries 17 — 17 15 — 15 Provision for credit losses 1 (2) (17) (19) 17 38 55 Other (5) — (5) (3) — (3) Ending balance $ 270 $ 65 $ 335 $ 292 $ 82 $ 374 Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 Allowance for Credit Losses: Customer Dealer Total Customer Dealer Total Beginning balance $ 251 $ 82 $ 333 $ 431 $ 44 $ 475 Write-offs (68) — (68) (193) — (193) Recoveries 47 — 47 39 — 39 Provision for credit losses 1 46 (17) 29 20 38 58 Other (6) — (6) (5) — (5) Ending balance $ 270 $ 65 $ 335 $ 292 $ 82 $ 374 Finance Receivables $ 19,363 $ 1,737 $ 21,100 $ 19,967 $ 1,931 $ 21,898 1 Excludes provision for credit losses on unfunded commitments and other miscellaneous receivables. 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) September 30, 2022 2022 2021 2020 2019 2018 Prior Revolving Total Finance Receivables North America Current $ 3,151 $ 3,632 $ 1,765 $ 811 $ 289 $ 64 $ 233 $ 9,945 31-60 days past due 18 25 19 13 6 2 4 87 61-90 days past due 5 9 4 2 1 1 2 24 91+ days past due 5 16 13 8 5 5 5 57 EAME Current 873 1,014 511 309 179 81 — 2,967 31-60 days past due 6 12 5 4 — — — 27 61-90 days past due 2 4 5 1 1 — — 13 91+ days past due 3 21 11 5 2 1 — 43 Asia/Pacific Current 805 765 385 95 23 4 — 2,077 31-60 days past due 5 13 11 2 1 — — 32 61-90 days past due 1 6 6 2 — — — 15 91+ days past due 1 8 6 6 1 — — 22 Mining Current 568 625 240 203 117 112 79 1,944 31-60 days past due — — — — — — — — 61-90 days past due — — — — — 3 — 3 91+ days past due — — 1 — 3 1 — 5 Latin America Current 584 443 176 86 24 14 — 1,327 31-60 days past due 5 9 5 2 12 — — 33 61-90 days past due 4 4 2 1 — — — 11 91+ days past due — 14 14 5 4 17 — 54 Caterpillar Power Finance Current 40 91 145 75 30 170 118 669 31-60 days past due — — — — — — — — 61-90 days past due — — — — — — — — 91+ days past due — — — — — 8 — 8 Totals by Aging Category Current $ 6,021 $ 6,570 $ 3,222 $ 1,579 $ 662 $ 445 $ 430 $ 18,929 31-60 days past due 34 59 40 21 19 2 4 179 61-90 days past due 12 23 17 6 2 4 2 66 91+ days past due 9 59 45 24 15 32 5 189 Total Customer $ 6,076 $ 6,711 $ 3,324 $ 1,630 $ 698 $ 483 $ 441 $ 19,363 (Millions of dollars) December 31, 2021 2021 2020 2019 2018 2017 Prior Revolving Total Finance Receivables North America Current $ 4,792 $ 2,596 $ 1,426 $ 630 $ 182 $ 32 $ 182 $ 9,840 31-60 days past due 27 32 20 12 4 1 5 101 61-90 days past due 7 8 5 3 1 1 5 30 91+ days past due 9 17 12 13 5 4 5 65 EAME Current 1,499 836 577 352 140 26 — 3,430 31-60 days past due 5 4 3 1 1 — — 14 61-90 days past due 3 3 3 1 — — — 10 91+ days past due 3 11 2 2 — 2 — 20 Asia/Pacific Current 1,271 803 307 71 16 2 — 2,470 31-60 days past due 10 14 10 2 — — — 36 61-90 days past due 3 7 4 1 — — — 15 91+ days past due 2 10 10 3 — — — 25 Mining Current 851 347 307 193 36 161 36 1,931 31-60 days past due 6 — — — — — — 6 61-90 days past due 1 — — — 4 — — 5 91+ days past due — 1 8 9 3 1 — 22 Latin America Current 617 299 160 70 17 18 — 1,181 31-60 days past due 4 7 3 3 1 — — 18 61-90 days past due 3 3 1 1 — — — 8 91+ days past due 4 9 9 7 7 14 — 50 Caterpillar Power Finance Current 117 145 97 70 180 104 101 814 31-60 days past due — — — — — — — — 61-90 days past due — — — — — — — — 91+ days past due — — — — — 44 — 44 Totals by Aging Category Current $ 9,147 $ 5,026 $ 2,874 $ 1,386 $ 571 $ 343 $ 319 $ 19,666 31-60 days past due 52 57 36 18 6 1 5 175 61-90 days past due 17 21 13 6 5 1 5 68 91+ days past due 18 48 41 34 15 65 5 226 Total Customer $ 9,234 $ 5,152 $ 2,964 $ 1,444 $ 597 $ 410 $ 334 $ 20,135 Finance receivables in the Customer portfolio segment are substantially secured by collateral, primarily in the form of Caterpillar and other machinery. 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 machinery. Dealer As of September 30, 2022 and December 31, 2021, Cat Financial's total amortized cost of finance receivables within the Dealer portfolio segment was current, with the exception of $58 million and $78 million, respectively, that were 91+ days past due in Latin America, all of which were originated in 2017. 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 or have been restructured in a troubled debt restructuring (TDR). 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: September 30, 2022 December 31, 2021 Amortized Cost Amortized Cost (Millions of dollars) Non-accrual Non-accrual 91+ Still Non-accrual Non-accrual 91+ Still North America $ 54 $ 5 $ 10 $ 47 $ 9 $ 12 EAME 42 — 4 18 1 2 Asia/Pacific 15 — 7 19 — 7 Mining 6 1 — 8 1 14 Latin America 57 — — 52 4 1 Caterpillar Power Finance 9 11 — 40 11 — Total $ 183 $ 17 $ 21 $ 184 $ 26 $ 36 There was $2 million and $1 million of interest income recognized during the three months ended September 30, 2022 and 2021, respectively, for customer finance receivables on non-accrual status. There was $11 million and $9 million of interest income recognized during the nine months ended September 30, 2022 and 2021, respectively, for customer finance receivables on non-accrual status. As of September 30, 2022 and December 31, 2021, finance receivables in Cat Financial's Dealer portfolio segment on non-accrual status were $58 million and $78 million, respectively, all of which was in Latin America. There were no finance receivables in Cat Financial's Dealer portfolio segment more than 90 days past due and still accruing income as of September 30, 2022 and December 31, 2021 and no interest income was recognized on dealer finance receivables on non-accrual status during the three and nine months ended September 30, 2022 and 2021. Troubled debt restructurings A restructuring of a finance receivable constitutes a TDR when the lender grants a concession it would not otherwise consider to a borrower experiencing financial difficulties. Concessions granted may include extended contract maturities, inclusion of interest only periods, below market interest rates, payment deferrals and reduction of principal and/or accrued interest. Cat Financial individually evaluates TDR contracts and establishes an allowance based on the present value of expected future cash flows discounted at the receivable's effective interest rate, the fair value of the collateral for collateral-dependent receivables or the observable market price of the receivable. There were no finance receivables modified as TDRs during the three and nine months ended September 30, 2022 and 2021 for the Dealer portfolio segment. Cat Financial’s finance receivables in the Customer portfolio segment modified as TDRs were as follows: (Millions of dollars) Three Months Ended September 30, 2022 Three Months Ended September 30, 2021 Pre-TDR Post-TDR Pre-TDR Post-TDR Customer North America $ 3 $ 3 $ 1 $ 1 EAME — — 1 1 Asia/Pacific — — 4 4 Mining 15 15 — — Latin America — — 4 4 Caterpillar Power Finance 11 11 7 3 Total $ 29 $ 29 $ 17 $ 13 Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 Pre-TDR Post-TDR Pre-TDR Post-TDR North America $ 4 $ 4 $ 5 $ 5 EAME 1 1 1 1 Asia/Pacific — — 4 4 Mining 15 15 11 5 Latin America — — 10 10 Caterpillar Power Finance 20 19 23 19 Total $ 40 $ 39 $ 54 $ 44 The Post-TDR amortized costs in the Customer portfolio segment with a payment default (defined as 91+ days past due) which had been modified within twelve months prior to the default date, were as follows: (Millions of dollars) Three Months Ended September 30 Nine Months Ended September 30 Customer 2022 2021 2022 2021 North America $ — $ — $ — $ 1 Asia/Pacific — — — 6 Mining — — 5 — Latin America — — — 15 Caterpillar Power Finance — — — 5 Total $ — $ — $ 5 $ 27

Fair Value Disclosures

Fair Value Disclosures	9 Months Ended
	Sep. 30, 2022
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. 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 September 30, 2022 and December 31, 2021 were as follows: September 30, 2022 (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 — 49 — — 49 Corporate debt securities Corporate bonds and other debt securities — 1,998 50 — 2,048 Asset-backed securities — 180 — — 180 Mortgage-backed debt securities U.S. governmental agency — 348 — — 348 Residential — 3 — — 3 Commercial — 129 — — 129 Total debt securities 10 2,707 50 — 2,767 Equity securities Large capitalization value 183 — — — 183 Smaller company growth 40 — — — 40 REIT — — — 208 208 Total equity securities 223 — — 208 431 Derivative financial instruments - assets Foreign currency contracts - net — 338 — — 338 Total assets $ 233 $ 3,045 $ 50 $ 208 $ 3,536 Liabilities Derivative financial instruments - liabilities Interest rate contracts - net $ — $ 208 $ — $ — $ 208 Commodity contracts - net — 34 — — 34 Total liabilities $ — $ 242 $ — $ — $ 242 December 31, 2021 (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 — 61 — — 61 Corporate debt securities Corporate bonds and other debt securities — 1,046 — — 1,046 Asset-backed securities — 176 — — 176 Mortgage-backed debt securities U.S. governmental agency — 325 — — 325 Residential — 4 — — 4 Commercial — 99 — — 99 Total debt securities 10 1,711 — — 1,721 Equity securities Large capitalization value 217 — — — 217 Smaller company growth 98 — — — 98 REIT — — — 167 167 Total equity securities 315 — — 167 482 Derivative financial instruments - assets Foreign currency contracts - net — 168 — — 168 Interest rate contracts - net — 23 — — 23 Commodity contracts - net — 21 — — 21 Total Assets $ 325 $ 1,923 $ — $ 167 $ 2,415 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 $90 million and $100 million as of September 30, 2022 and December 31, 2021, 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. Guarantees The fair value of guarantees is based upon our estimate of the premium a market participant would require to issue the same guarantee in a stand-alone arms-length transaction with an unrelated party. If quoted or observable market prices are not available, fair value is based upon internally developed models that utilize current market-based assumptions. We classify guarantees as Level 3. See Note 11 for additional information. Our financial instruments not carried at fair value were as follows: September 30, 2022 December 31, 2021 (Millions of dollars) Carrying Amount Fair Value Carrying Amount Fair Value Fair Value Levels Reference Assets Finance receivables – net (excluding finance leases 1 ) $ 13,931 $ 13,356 $ 13,837 $ 13,836 3 Note 17 Wholesale inventory receivables – net (excluding finance leases 1 ) 768 724 773 753 3 Liabilities Long-term debt (including amounts due within one year) Machinery, Energy & Transportation 9,599 9,072 9,791 12,420 2 Financial Products 22,724 21,886 22,594 22,797 2 1 Represents finance leases and failed sale leasebacks of $7,083 million and $8,083 million at September 30, 2022 and December 31, 2021, respectively.

Other Income (expense)

Other Income (expense)	9 Months Ended
	Sep. 30, 2022
Other Income and Expenses [Abstract]
Other income (expense)	Other income (expense) Three Months Ended September 30 Nine Months Ended September 30 (Millions of dollars) 2022 2021 2022 2021 Investment and interest income $ 52 $ 20 $ 98 $ 64 Foreign exchange gains (losses) 1 134 47 405 110 License fee income 37 31 106 88 Net periodic pension and OPEB income (cost), excluding service cost 67 111 201 333 Gains (losses) on securities — 50 (59) 92 Miscellaneous income (loss) (48) (34) 4 64 Total $ 242 $ 225 $ 755 $ 751 1 Includes gains (losses) from foreign exchange derivative contracts. See Note 5 for further details.

Restructuring Costs

Restructuring Costs	9 Months Ended
	Sep. 30, 2022
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 and nine months ended September 30, 2022 and 2021 were as follows: (Millions of dollars) Three Months Ended September 30 Nine Months Ended September 30 2022 2021 2022 2021 Employee separations 1 $ 39 $ 17 $ 62 $ 79 Contract terminations 1 1 1 1 1 Long-lived asset impairments 1 (4) 8 1 12 Other 2 13 9 26 32 Total restructuring costs $ 49 $ 35 $ 90 $ 124 1 Recognized in Other operating (income) expenses. 2 Represents costs related to our restructuring programs, primarily for accelerated depreciation, equipment relocation, inventory write-downs and project management, all of which are primarily included in Cost of goods sold. For both the nine months ended September 30, 2022 and 2021, the restructuring costs were primarily related to actions across the company including strategic actions to address a small number of products. In 2022 and 2021, all restructuring costs are excluded from segment profit. The following table summarizes the 2022 and 2021 employee separation activity: (Millions of dollars) Nine Months Ended September 30 2022 2021 Liability balance, beginning of period $ 61 $ 164 Increase in liability (separation charges) 62 79 Reduction in liability (payments) (63) (159) Liability balance, end of period $ 60 $ 84

Derivative Financial Instrume_2

Derivative Financial Instruments and Risk Management (Policies)	9 Months Ended
	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives, Policy	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 September 30, 2022, 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.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of type and fair value of the stock-based compensation awards granted during the period	The following table illustrates the type and fair value of the stock-based compensation awards granted during the nine months ended September 30, 2022 and 2021, respectively: Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 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 1,029,202 $ 51.69 $ 196.70 1,084,821 $ 56.30 $ 219.76 RSUs 484,025 $ 196.70 $ 196.70 448,311 $ 219.76 $ 219.76 PRSUs 258,900 $ 196.70 $ 196.70 266,894 $ 219.76 $ 219.76
Schedule providing assumptions used in determining the fair value of stock-based awards	The following table provides the assumptions used in determining the fair value of the stock-based awards for the nine months ended September 30, 2022 and 2021, respectively: Grant Year 2022 2021 Weighted-average dividend yield 2.60% 2.60% Weighted-average volatility 31.7% 32.9% Range of volatilities 25.3% - 36.8% 29.2% - 45.8% Range of risk-free interest rates 1.03% - 2.00% 0.06% - 1.41% Weighted-average expected lives 8 years 8 years

Derivative Financial Instrume_3

Derivative Financial Instruments and Risk Management (Tables)	9 Months Ended
	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Location and fair value of derivative instruments reported in the Consolidated Statement of Financial Position	The location and fair value of derivative instruments reported in the Consolidated Statement of Financial Position were as follows: (Millions of dollars) Fair Value September 30, 2022 December 31, 2021 Assets 1 Liabilities 2 Assets 1 Liabilities 2 Designated derivatives Foreign exchange contracts $ 692 $ (394) $ 228 $ (64) Interest rate contracts 94 (302) 38 (15) Total $ 786 $ (696) $ 266 $ (79) Undesignated derivatives Foreign exchange contracts $ 118 $ (78) $ 46 $ (42) Commodity contracts 9 (43) 30 (9) Total $ 127 $ (121) $ 76 $ (51) 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.
Derivative Instruments, Gain (Loss)	Gains (Losses) on derivative instruments are categorized as follows: (Millions of dollars) Three Months Ended September 30 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 2022 2021 2022 2021 2022 2021 Foreign exchange contracts $ (2) $ 46 $ 18 $ 42 $ 289 $ 90 Interest rate contracts (5) 5 26 3 7 (5) Commodity contracts (42) (30) — — — — Total $ (49) $ 21 $ 44 $ 45 $ 296 $ 85 1 Foreign exchange contract and Commodity contract gains (losses) are included in Other income (expense). Interest rate contract gains (losses) are primarily included in Interest expense of Financial Products. 2 Foreign exchange contract gains (losses) are primarily included in Other income (expense) in the Consolidated Statement of Results of Operations. Interest rate contract gains (losses) are primarily included in Interest expense of Financial Products in the Consolidated Statement of Results of Operations. (Millions of dollars) Nine Months Ended September 30 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 2022 2021 2022 2021 2022 2021 Foreign exchange contracts $ (32) $ 77 $ 195 $ 130 $ 638 $ 187 Interest rate contracts 12 18 103 11 (2) (23) Commodity contract 3 35 — — — — Total $ (17) $ 130 $ 298 $ 141 $ 636 $ 164 1 Foreign exchange contract and Commodity contract gains (losses) are included in Other income (expense). Interest rate contract gains (losses) are primarily included in Interest expense excluding Financial Products. 2 Foreign exchange contract gains (losses) are primarily included in Other income (expense). Interest rate contract gains (losses) are primarily included in Interest expense excluding Financial Products.
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 September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 Long-term debt due within one year $ — $ 755 $ — $ 5 Long-term debt due after one year 3,796 1,304 (227) (2) Total $ 3,796 $ 2,059 $ (227) $ 3
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) September 30, 2022 December 31, 2021 Assets Liabilities Assets Liabilities Gross Amounts Recognized $ 913 $ (817) $ 342 $ (130) Financial Instruments Not Offset (282) 282 (114) 114 Cash Collateral Received — — — — Net Amount $ 631 $ (535) $ 228 $ (16)

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2022
Inventory Disclosure [Abstract]
Inventories	Inventories (principally using the last-in, first-out (LIFO) method) were comprised of the following: (Millions of dollars) September 30, December 31, Raw materials $ 6,335 $ 5,528 Work-in-process 1,836 1,318 Finished goods 8,387 6,907 Supplies 302 285 Total inventories $ 16,860 $ 14,038

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	9 Months Ended
	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets	Intangible assets were comprised of the following: September 30, 2022 (Millions of dollars) Weighted Gross Accumulated Net Customer relationships 16 $ 2,183 $ (1,604) $ 579 Intellectual property 12 1,470 (1,287) 183 Other 16 128 (84) 44 Total finite-lived intangible assets 14 $ 3,781 $ (2,975) $ 806 December 31, 2021 Weighted Gross Accumulated Net Customer relationships 15 $ 2,421 $ (1,709) $ 712 Intellectual property 12 1,472 (1,192) 280 Other 14 156 (106) 50 Total finite-lived intangible assets 14 $ 4,049 $ (3,007) $ 1,042
Expected amortization expense related to intangible assets	Amortization expense related to intangible assets is expected to be: (Millions of dollars) Remaining Three Months of 2022 2023 2024 2025 2026 Thereafter $70 $222 $163 $153 $85 $113
Goodwill acquired	The changes in carrying amount of goodwill by reportable segment for the nine months ended September 30, 2022 were as follows: (Millions of dollars) December 31, Acquisitions Other Adjustments 1 September 30, Construction Industries Goodwill $ 302 $ — $ (39) $ 263 Impairments (22) — — (22) Net goodwill 280 — (39) 241 Resource Industries Goodwill 4,182 — (127) 4,055 Impairments (1,175) — — (1,175) Net goodwill 3,007 — (127) 2,880 Energy & Transportation Goodwill 2,985 25 (81) 2,929 All Other 2 Goodwill 52 — (10) 42 Consolidated total Goodwill 7,521 25 (257) 7,289 Impairments (1,197) — — (1,197) Net goodwill $ 6,324 $ 25 $ (257) $ 6,092 1 Other adjustments are comprised primarily of foreign currency translation. 2 Includes All Other operating segment (See Note 16).

Investments in Debt and Equit_2

Investments in Debt and Equity Securities (Tables)	9 Months Ended
	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
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 September 30, 2022 December 31, 2021 (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 51 (2) 49 61 — 61 Corporate debt securities Corporate bonds and other debt securities 2,156 (108) 2,048 1,027 19 1,046 Asset-backed securities 185 (5) 180 175 1 176 Mortgage-backed debt securities U.S. governmental agency 384 (36) 348 319 6 325 Residential 3 — 3 4 — 4 Commercial 139 (10) 129 98 1 99 Total available-for-sale debt securities $ 2,928 $ (161) $ 2,767 $ 1,694 $ 27 $ 1,721
Investments in an unrealized loss position that are not other-than-temporarily impaired:	Available-for-sale debt securities in an unrealized loss position: September 30, 2022 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 $ 31 $ 1 $ 15 $ 1 $ 46 $ 2 Corporate debt securities Corporate bonds 1,774 75 218 33 1,992 108 Asset-backed securities 102 4 35 1 137 5 Mortgage-backed debt securities U.S. governmental agency 293 27 51 9 344 36 Commercial 88 7 41 3 129 10 $ 2,288 $ 114 $ 360 $ 47 $ 2,648 $ 161 December 31, 2021 Less than 12 months 1 12 months or more 1 Total (Millions of dollars) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Corporate debt securities Corporate bonds $ 270 $ 4 $ 33 $ 1 $ 303 $ 5 Mortgage-backed debt securities U.S. governmental agency 89 1 22 — 111 1 Total $ 359 $ 5 $ 55 $ 1 $ 414 $ 6 1 Indicates the length of time that individual securities have been in a continuous unrealized loss position.
Cost basis and fair value of the available-for-sale debt securities by contractual maturity	The cost basis and fair value of available-for-sale debt securities at September 30, 2022, 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. September 30, 2022 (Millions of dollars) Cost Basis Fair Value Due in one year or less $ 696 $ 687 Due after one year through five years 1,354 1,277 Due after five years through ten years 282 256 Due after ten years 70 67 U.S. governmental agency mortgage-backed securities 384 348 Residential mortgage-backed securities 3 3 Commercial mortgage-backed securities 139 129 Total debt securities – available-for-sale $ 2,928 $ 2,767
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 September 30 Nine Months Ended September 30 (Millions of dollars) 2022 2021 2022 2021 Proceeds from the sale of available-for-sale securities $ 204 $ 97 $ 474 $ 322 Gross gains from the sale of available-for-sale securities — 1 1 3 Gross losses from the sale of available-for-sale securities — — 1 —

Postretirement Benefits (Tables

Postretirement Benefits (Tables)	9 Months Ended
	Sep. 30, 2022
Retirement Benefits [Abstract]
Schedule of net benefit costs	U.S. Pension Benefits Non-U.S. Pension Benefits Other Postretirement Benefits September 30 September 30 September 30 (Millions of dollars) 2022 2021 2022 2021 2022 2021 For the three months ended: Components of net periodic benefit cost: Service cost $ — $ — $ 15 $ 15 $ 24 $ 25 Interest cost 100 82 17 16 20 16 Expected return on plan assets (167) (180) (33) (33) (3) (1) Amortization of prior service cost (credit) — — — — (1) (11) Net periodic benefit cost (benefit) 1 $ (67) $ (98) $ (1) $ (2) $ 40 $ 29 For the nine months ended: Components of net periodic benefit cost: Service cost $ — $ — $ 40 $ 44 $ 74 $ 75 Interest cost 301 247 53 43 60 48 Expected return on plan assets (502) (538) (100) (98) (9) (4) Amortization of prior service cost (credit) — — — — (4) (31) Net periodic benefit cost (benefit) 1 $ (201) $ (291) $ (7) $ (11) $ 121 $ 88 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.
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 September 30 Nine Months Ended September 30 (Millions of dollars) 2022 2021 2022 2021 U.S. Plans $ 87 $ 81 $ 236 $ 321 Non-U.S. Plans 29 29 85 83 $ 116 $ 110 $ 321 $ 404

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Revenue from finance and operating leases	Revenues from finance and operating leases, primarily included in Revenues of Financial Products Three Months Ended September 30 Nine Months Ended September 30 (Millions of dollars) 2022 2021 2022 2021 Finance lease revenue $ 105 $ 120 $ 326 $ 369 Operating lease revenue 270 275 819 850 Total $ 375 $ 395 $ 1,145 $ 1,219

Guarantees and Product Warran_2

Guarantees and Product Warranty (Tables)	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Guarantees	The maximum potential amount of future payments that we can estimate (undiscounted and without reduction for any amounts that may possibly be recovered under recourse or collateralized provisions) and we could be required to make under the guarantees was as follows: (Millions of dollars) September 30, December 31, Caterpillar dealer performance guarantees $ 137 $ 747 Supplier consortium performance guarantee 17 242 Other guarantees 284 232 Total guarantees $ 438 $ 1,221
Product warranty	The reconciliation of the change in our product warranty liability balances for the nine months ended September 30 was as follows: First Nine Months (Millions of dollars) 2022 2021 Warranty liability, beginning of period $ 1,689 $ 1,612 Reduction in liability (payments) (589) (638) Increase in liability (new warranties) 562 716 Warranty liability, end of period $ 1,662 $ 1,690

Profit Per Share (Tables)

Profit Per Share (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share Reconciliation [Abstract]
Computations of profit per share	Computations of profit per share: Three Months Ended September 30 Nine Months Ended September 30 (Dollars in millions except per share data) 2022 2021 2022 2021 Profit for the period (A) 1 $ 2,041 $ 1,426 $ 5,251 $ 4,369 Determination of shares (in millions): Weighted-average number of common shares outstanding (B) 525.0 544.0 530.1 545.8 Shares issuable on exercise of stock awards, net of shares assumed to be purchased out of proceeds at average market price 2.6 3.6 3.1 4.4 Average common shares outstanding for fully diluted computation (C) 2 527.6 547.6 533.2 550.2 Profit per share of common stock: Assuming no dilution (A/B) $ 3.89 $ 2.62 $ 9.91 $ 8.00 Assuming full dilution (A/C) 2 $ 3.87 $ 2.60 $ 9.85 $ 7.94 Shares outstanding as of September 30 (in millions) 520.4 540.9 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)	9 Months Ended
	Sep. 30, 2022
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 September 30 Nine Months Ended September 30 (Millions of dollars) 2022 2021 2022 2021 Foreign currency translation: Beginning balance $ (2,282) $ (1,158) $ (1,508) $ (910) Gains (losses) on foreign currency translation (592) (230) (1,328) (461) Less: Tax provision /(benefit) 26 12 64 29 Net gains (losses) on foreign currency translation (618) (242) (1,392) (490) (Gains) losses reclassified to earnings — — — — Less: Tax provision /(benefit) — — — — Net (gains) losses reclassified to earnings — — — — Other comprehensive income (loss), net of tax (618) (242) (1,392) (490) Ending balance $ (2,900) $ (1,400) $ (2,900) $ (1,400) Pension and other postretirement benefits Beginning balance $ (64) $ (47) $ (62) $ (32) Current year prior service credit (cost) — — — — Less: Tax provision /(benefit) — — — — Net current year prior service credit (cost) — — — — Amortization of prior service (credit) cost (1) (11) (4) (31) Less: Tax provision /(benefit) — (3) (1) (8) Net amortization of prior service (credit) cost (1) (8) (3) (23) Other comprehensive income (loss), net of tax (1) (8) (3) (23) Ending balance $ (65) $ (55) $ (65) $ (55) Derivative financial instruments Beginning balance $ (66) $ 12 $ (3) $ — Gains (losses) deferred 44 45 298 141 Less: Tax provision /(benefit) 35 3 71 22 Net gains (losses) deferred 9 42 227 119 (Gains) losses reclassified to earnings (296) (85) (636) (164) Less: Tax provision /(benefit) (96) (12) (155) (26) Net (gains) losses reclassified to earnings (200) (73) (481) (138) Other comprehensive income (loss), net of tax (191) (31) (254) (19) Ending balance $ (257) $ (19) $ (257) $ (19) Available-for-sale securities Beginning balance $ (87) $ 39 $ 20 $ 54 Gains (losses) deferred (55) (4) (188) (22) Less: Tax provision /(benefit) (11) — (37) (4) Net gains (losses) deferred (44) (4) (151) (18) (Gains) losses reclassified to earnings — (1) — (3) Less: Tax provision /(benefit) — — — (1) Net (gains) losses reclassified to earnings — (1) — (2) Other comprehensive income (loss), net of tax (44) (5) (151) (20) Ending balance $ (131) $ 34 $ (131) $ 34 Total AOCI Ending Balance at September 30 $ (3,353) $ (1,440) $ (3,353) $ (1,440)

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Disaggregation of Revenue	For the three and nine months ended September 30, 2022 and 2021, 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 September 30, 2022 Construction Industries $ 3,106 $ 799 $ 1,247 $ 1,084 $ 6,236 $ 40 $ 6,276 Resource Industries 1,122 472 526 893 3,013 74 3,087 Energy & Transportation 2,422 468 1,280 827 4,997 1,189 6,186 Financial Products Segment 522 90 100 107 819 1 — 819 Total sales and revenues from reportable segments 7,172 1,829 3,153 2,911 15,065 1,303 16,368 All Other operating segment 16 — 4 15 35 68 103 Corporate Items and Eliminations (53) (20) (12) (21) (106) (1,371) (1,477) Total Sales and Revenues $ 7,135 $ 1,809 $ 3,145 $ 2,905 $ 14,994 $ — $ 14,994 Three Months Ended September 30, 2021 Construction Industries $ 2,417 $ 528 $ 1,240 $ 1,076 $ 5,261 $ (6) $ 5,255 Resource Industries 674 417 456 744 2,291 75 2,366 Energy & Transportation 1,924 329 1,144 744 4,141 936 5,077 Financial Products Segment 478 68 105 111 762 1 — 762 Total sales and revenues from reportable segments 5,493 1,342 2,945 2,675 12,455 1,005 13,460 All Other operating segment 18 — 3 14 35 84 119 Corporate Items and Eliminations (56) (13) (9) (15) (93) (1,089) (1,182) Total Sales and Revenues $ 5,455 $ 1,329 $ 2,939 $ 2,674 $ 12,397 $ — $ 12,397 1 Includes revenues from Construction Industries, Resource Industries, Energy & Transportation and All Other operating segment of $124 million and $87 million in the three months ended September 30, 2022 and 2021, respectively. 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 Nine Months Ended September 30, 2022 Construction Industries $ 8,832 $ 2,061 $ 3,726 $ 3,694 $ 18,313 $ 111 $ 18,424 Resource Industries 3,167 1,337 1,609 2,554 8,667 211 8,878 Energy & Transportation 6,637 1,160 3,679 2,193 13,669 3,260 16,929 Financial Products Segment 1,530 250 293 327 2,400 1 — 2,400 Total sales and revenues from reportable segments 20,166 4,808 9,307 8,768 43,049 3,582 46,631 All Other operating segment 52 — 14 46 112 227 339 Corporate Items and Eliminations (175) (59) (33) (64) (331) (3,809) (4,140) Total Sales and Revenues $ 20,043 $ 4,749 $ 9,288 $ 8,750 $ 42,830 $ — $ 42,830 Nine Months Ended September 30, 2021 Construction Industries $ 7,041 $ 1,350 $ 3,612 $ 4,302 $ 16,305 $ 65 $ 16,370 Resource Industries 2,130 1,309 1,455 1,965 6,859 232 7,091 Energy & Transportation 5,698 835 3,433 1,953 11,919 2,640 14,559 Financial Products Segment 1,442 195 301 359 2,297 1 — 2,297 Total sales and revenues from reportable segments 16,311 3,689 8,801 8,579 37,380 2,937 40,317 All Other operating segment 42 1 10 54 107 270 377 Corporate Items and Eliminations (188) (36) (27) (63) (314) (3,207) (3,521) Total Sales and Revenues $ 16,165 $ 3,654 $ 8,784 $ 8,570 $ 37,173 $ — $ 37,173 1 Includes revenues from Construction Industries, Resource Industries, Energy & Transportation and All Other operating segment of $332 million and $263 million in the nine months ended September 30, 2022 and 2021, respectively. For the three and nine months ended September 30, 2022 and 2021, Energy & Transportation segment sales by end user application were as follows: Energy & Transportation External Sales Three Months Ended September 30 Nine Months Ended September 30 (Millions of dollars) 2022 2021 2022 2021 Oil and gas $ 1,323 $ 1,088 $ 3,503 $ 3,140 Power generation 1,320 1,010 3,518 3,025 Industrial 1,158 948 3,295 2,660 Transportation 1,196 1,095 3,353 3,094 Energy & Transportation External Sales $ 4,997 $ 4,141 $ 13,669 $ 11,919
Reconciliation of Consolidated profit before taxes	Reconciliation of Consolidated profit before taxes: (Millions of dollars) Three Months Ended September 30 Nine Months Ended September 30 2022 2021 2022 2021 Profit from reportable segments: Construction Industries $ 1,209 $ 866 $ 3,255 $ 2,937 Resource Industries 506 280 1,222 941 Energy & Transportation 935 706 2,132 2,119 Financial Products Segment 220 173 675 660 Total profit from reportable segments 2,870 2,025 7,284 6,657 Profit from All Other operating segment 8 5 42 (2) Cost centers (37) 19 1 51 Corporate costs (168) (189) (670) (576) Timing (84) (40) (129) (230) Restructuring costs (49) (35) (90) (124) Methodology differences: Inventory/cost of sales 138 73 407 80 Postretirement benefit expense 82 116 293 270 Stock-based compensation expense (55) (58) (162) (169) Financing costs (75) (103) (269) (342) Currency 53 19 315 255 Other income/expense methodology differences (109) (80) (287) (201) Other methodology differences (16) 23 (82) (27) Total consolidated profit before taxes $ 2,558 $ 1,775 $ 6,653 $ 5,642
Reconciliation of Assets:	Reconciliation of Assets: (Millions of dollars) September 30, 2022 December 31, 2021 Assets from reportable segments: Construction Industries $ 5,439 $ 4,547 Resource Industries 5,841 5,962 Energy & Transportation 9,394 9,253 Financial Products Segment 33,982 34,860 Total assets from reportable segments 54,656 54,622 Assets from All Other operating segment 1,729 1,678 Items not included in segment assets: Cash and cash equivalents 5,403 8,428 Deferred income taxes 2,112 1,735 Goodwill and intangible assets 4,681 4,859 Property, plant and equipment – net and other assets 3,714 4,056 Inventory methodology differences (2,833) (2,656) Liabilities included in segment assets 11,973 10,777 Other (528) (706) Total assets $ 80,907 $ 82,793
Reconciliation of Depreciation and amortization:	Reconciliation of Depreciation and amortization: (Millions of dollars) Three Months Ended September 30 Nine Months Ended September 30 2022 2021 2022 2021 Depreciation and amortization from reportable segments: Construction Industries $ 57 $ 60 $ 172 $ 178 Resource Industries 92 101 275 301 Energy & Transportation 136 144 405 428 Financial Products Segment 183 195 556 582 Total depreciation and amortization from reportable segments 468 500 1,408 1,489 Items not included in segment depreciation and amortization: All Other operating segment 56 59 172 181 Cost centers 20 24 63 74 Other 7 10 18 22 Total depreciation and amortization $ 551 $ 593 $ 1,661 $ 1,766
Reconciliation of Capital expenditures:	Reconciliation of Capital expenditures: (Millions of dollars) Three Months Ended September 30 Nine Months Ended September 30 2022 2021 2022 2021 Capital expenditures from reportable segments: Construction Industries $ 74 $ 56 $ 149 $ 120 Resource Industries 65 44 129 101 Energy & Transportation 167 115 444 339 Financial Products Segment 295 311 870 900 Total capital expenditures from reportable segments 601 526 1,592 1,460 Items not included in segment capital expenditures: All Other operating segment 54 59 116 106 Cost centers 16 15 41 34 Timing (35) (13) 173 96 Other (19) — (31) (9) Total capital expenditures $ 617 $ 587 $ 1,891 $ 1,687

Cat Financial Financing Activ_2

Cat Financial Financing Activities (Tables)	9 Months Ended
	Sep. 30, 2022
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 September 30, 2022 Three Months Ended September 30, 2021 Customer Dealer Total Customer Dealer Total Beginning balance $ 290 $ 82 $ 372 $ 354 $ 44 $ 398 Write-offs (30) — (30) (91) — (91) Recoveries 17 — 17 15 — 15 Provision for credit losses 1 (2) (17) (19) 17 38 55 Other (5) — (5) (3) — (3) Ending balance $ 270 $ 65 $ 335 $ 292 $ 82 $ 374 Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 Allowance for Credit Losses: Customer Dealer Total Customer Dealer Total Beginning balance $ 251 $ 82 $ 333 $ 431 $ 44 $ 475 Write-offs (68) — (68) (193) — (193) Recoveries 47 — 47 39 — 39 Provision for credit losses 1 46 (17) 29 20 38 58 Other (6) — (6) (5) — (5) Ending balance $ 270 $ 65 $ 335 $ 292 $ 82 $ 374 Finance Receivables $ 19,363 $ 1,737 $ 21,100 $ 19,967 $ 1,931 $ 21,898 1 Excludes provision for credit losses on unfunded commitments and other miscellaneous receivables.
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) September 30, 2022 2022 2021 2020 2019 2018 Prior Revolving Total Finance Receivables North America Current $ 3,151 $ 3,632 $ 1,765 $ 811 $ 289 $ 64 $ 233 $ 9,945 31-60 days past due 18 25 19 13 6 2 4 87 61-90 days past due 5 9 4 2 1 1 2 24 91+ days past due 5 16 13 8 5 5 5 57 EAME Current 873 1,014 511 309 179 81 — 2,967 31-60 days past due 6 12 5 4 — — — 27 61-90 days past due 2 4 5 1 1 — — 13 91+ days past due 3 21 11 5 2 1 — 43 Asia/Pacific Current 805 765 385 95 23 4 — 2,077 31-60 days past due 5 13 11 2 1 — — 32 61-90 days past due 1 6 6 2 — — — 15 91+ days past due 1 8 6 6 1 — — 22 Mining Current 568 625 240 203 117 112 79 1,944 31-60 days past due — — — — — — — — 61-90 days past due — — — — — 3 — 3 91+ days past due — — 1 — 3 1 — 5 Latin America Current 584 443 176 86 24 14 — 1,327 31-60 days past due 5 9 5 2 12 — — 33 61-90 days past due 4 4 2 1 — — — 11 91+ days past due — 14 14 5 4 17 — 54 Caterpillar Power Finance Current 40 91 145 75 30 170 118 669 31-60 days past due — — — — — — — — 61-90 days past due — — — — — — — — 91+ days past due — — — — — 8 — 8 Totals by Aging Category Current $ 6,021 $ 6,570 $ 3,222 $ 1,579 $ 662 $ 445 $ 430 $ 18,929 31-60 days past due 34 59 40 21 19 2 4 179 61-90 days past due 12 23 17 6 2 4 2 66 91+ days past due 9 59 45 24 15 32 5 189 Total Customer $ 6,076 $ 6,711 $ 3,324 $ 1,630 $ 698 $ 483 $ 441 $ 19,363 (Millions of dollars) December 31, 2021 2021 2020 2019 2018 2017 Prior Revolving Total Finance Receivables North America Current $ 4,792 $ 2,596 $ 1,426 $ 630 $ 182 $ 32 $ 182 $ 9,840 31-60 days past due 27 32 20 12 4 1 5 101 61-90 days past due 7 8 5 3 1 1 5 30 91+ days past due 9 17 12 13 5 4 5 65 EAME Current 1,499 836 577 352 140 26 — 3,430 31-60 days past due 5 4 3 1 1 — — 14 61-90 days past due 3 3 3 1 — — — 10 91+ days past due 3 11 2 2 — 2 — 20 Asia/Pacific Current 1,271 803 307 71 16 2 — 2,470 31-60 days past due 10 14 10 2 — — — 36 61-90 days past due 3 7 4 1 — — — 15 91+ days past due 2 10 10 3 — — — 25 Mining Current 851 347 307 193 36 161 36 1,931 31-60 days past due 6 — — — — — — 6 61-90 days past due 1 — — — 4 — — 5 91+ days past due — 1 8 9 3 1 — 22 Latin America Current 617 299 160 70 17 18 — 1,181 31-60 days past due 4 7 3 3 1 — — 18 61-90 days past due 3 3 1 1 — — — 8 91+ days past due 4 9 9 7 7 14 — 50 Caterpillar Power Finance Current 117 145 97 70 180 104 101 814 31-60 days past due — — — — — — — — 61-90 days past due — — — — — — — — 91+ days past due — — — — — 44 — 44 Totals by Aging Category Current $ 9,147 $ 5,026 $ 2,874 $ 1,386 $ 571 $ 343 $ 319 $ 19,666 31-60 days past due 52 57 36 18 6 1 5 175 61-90 days past due 17 21 13 6 5 1 5 68 91+ days past due 18 48 41 34 15 65 5 226 Total Customer $ 9,234 $ 5,152 $ 2,964 $ 1,444 $ 597 $ 410 $ 334 $ 20,135
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: September 30, 2022 December 31, 2021 Amortized Cost Amortized Cost (Millions of dollars) Non-accrual Non-accrual 91+ Still Non-accrual Non-accrual 91+ Still North America $ 54 $ 5 $ 10 $ 47 $ 9 $ 12 EAME 42 — 4 18 1 2 Asia/Pacific 15 — 7 19 — 7 Mining 6 1 — 8 1 14 Latin America 57 — — 52 4 1 Caterpillar Power Finance 9 11 — 40 11 — Total $ 183 $ 17 $ 21 $ 184 $ 26 $ 36
Finance receivables modified as TDRs	Cat Financial’s finance receivables in the Customer portfolio segment modified as TDRs were as follows: (Millions of dollars) Three Months Ended September 30, 2022 Three Months Ended September 30, 2021 Pre-TDR Post-TDR Pre-TDR Post-TDR Customer North America $ 3 $ 3 $ 1 $ 1 EAME — — 1 1 Asia/Pacific — — 4 4 Mining 15 15 — — Latin America — — 4 4 Caterpillar Power Finance 11 11 7 3 Total $ 29 $ 29 $ 17 $ 13 Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 Pre-TDR Post-TDR Pre-TDR Post-TDR North America $ 4 $ 4 $ 5 $ 5 EAME 1 1 1 1 Asia/Pacific — — 4 4 Mining 15 15 11 5 Latin America — — 10 10 Caterpillar Power Finance 20 19 23 19 Total $ 40 $ 39 $ 54 $ 44 The Post-TDR amortized costs in the Customer portfolio segment with a payment default (defined as 91+ days past due) which had been modified within twelve months prior to the default date, were as follows: (Millions of dollars) Three Months Ended September 30 Nine Months Ended September 30 Customer 2022 2021 2022 2021 North America $ — $ — $ — $ 1 Asia/Pacific — — — 6 Mining — — 5 — Latin America — — — 15 Caterpillar Power Finance — — — 5 Total $ — $ — $ 5 $ 27

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	9 Months Ended
	Sep. 30, 2022
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 September 30, 2022 and December 31, 2021 were as follows: September 30, 2022 (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 — 49 — — 49 Corporate debt securities Corporate bonds and other debt securities — 1,998 50 — 2,048 Asset-backed securities — 180 — — 180 Mortgage-backed debt securities U.S. governmental agency — 348 — — 348 Residential — 3 — — 3 Commercial — 129 — — 129 Total debt securities 10 2,707 50 — 2,767 Equity securities Large capitalization value 183 — — — 183 Smaller company growth 40 — — — 40 REIT — — — 208 208 Total equity securities 223 — — 208 431 Derivative financial instruments - assets Foreign currency contracts - net — 338 — — 338 Total assets $ 233 $ 3,045 $ 50 $ 208 $ 3,536 Liabilities Derivative financial instruments - liabilities Interest rate contracts - net $ — $ 208 $ — $ — $ 208 Commodity contracts - net — 34 — — 34 Total liabilities $ — $ 242 $ — $ — $ 242 December 31, 2021 (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 — 61 — — 61 Corporate debt securities Corporate bonds and other debt securities — 1,046 — — 1,046 Asset-backed securities — 176 — — 176 Mortgage-backed debt securities U.S. governmental agency — 325 — — 325 Residential — 4 — — 4 Commercial — 99 — — 99 Total debt securities 10 1,711 — — 1,721 Equity securities Large capitalization value 217 — — — 217 Smaller company growth 98 — — — 98 REIT — — — 167 167 Total equity securities 315 — — 167 482 Derivative financial instruments - assets Foreign currency contracts - net — 168 — — 168 Interest rate contracts - net — 23 — — 23 Commodity contracts - net — 21 — — 21 Total Assets $ 325 $ 1,923 $ — $ 167 $ 2,415
Fair values of financial instruments	Our financial instruments not carried at fair value were as follows: September 30, 2022 December 31, 2021 (Millions of dollars) Carrying Amount Fair Value Carrying Amount Fair Value Fair Value Levels Reference Assets Finance receivables – net (excluding finance leases 1 ) $ 13,931 $ 13,356 $ 13,837 $ 13,836 3 Note 17 Wholesale inventory receivables – net (excluding finance leases 1 ) 768 724 773 753 3 Liabilities Long-term debt (including amounts due within one year) Machinery, Energy & Transportation 9,599 9,072 9,791 12,420 2 Financial Products 22,724 21,886 22,594 22,797 2 1 Represents finance leases and failed sale leasebacks of $7,083 million and $8,083 million at September 30, 2022 and December 31, 2021, respectively.

Other income (expense) (Tables)

Other income (expense) (Tables)	9 Months Ended
	Sep. 30, 2022
Other Income and Expenses [Abstract]
Other income (expense)	Three Months Ended September 30 Nine Months Ended September 30 (Millions of dollars) 2022 2021 2022 2021 Investment and interest income $ 52 $ 20 $ 98 $ 64 Foreign exchange gains (losses) 1 134 47 405 110 License fee income 37 31 106 88 Net periodic pension and OPEB income (cost), excluding service cost 67 111 201 333 Gains (losses) on securities — 50 (59) 92 Miscellaneous income (loss) (48) (34) 4 64 Total $ 242 $ 225 $ 755 $ 751 1 Includes gains (losses) from foreign exchange derivative contracts. See Note 5 for further details.

Restructuring Costs (Tables)

Restructuring Costs (Tables)	9 Months Ended
	Sep. 30, 2022
Restructuring Charges [Abstract]
Restructuring and related costs	Restructuring costs for the three and nine months ended September 30, 2022 and 2021 were as follows: (Millions of dollars) Three Months Ended September 30 Nine Months Ended September 30 2022 2021 2022 2021 Employee separations 1 $ 39 $ 17 $ 62 $ 79 Contract terminations 1 1 1 1 1 Long-lived asset impairments 1 (4) 8 1 12 Other 2 13 9 26 32 Total restructuring costs $ 49 $ 35 $ 90 $ 124 1 Recognized in Other operating (income) expenses. 2 Represents costs related to our restructuring programs, primarily for accelerated depreciation, equipment relocation, inventory write-downs and project management, all of which are primarily included in Cost of goods sold.
Summary of separation activity	The following table summarizes the 2022 and 2021 employee separation activity: (Millions of dollars) Nine Months Ended September 30 2022 2021 Liability balance, beginning of period $ 61 $ 164 Increase in liability (separation charges) 62 79 Reduction in liability (payments) (63) (159) Liability balance, end of period $ 60 $ 84

Sales and revenue contract in_2

Sales and revenue contract information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Trade receivables from dealers and end users	$ 6,736		$ 6,736		$ 7,267	$ 6,310
Long term trade receivables from dealers and end users	448		448		624	657
Contract liabilities	2,290		2,290		$ 1,557	$ 1,526
Revenue recognized from contract liability balance at beginning of period	124	$ 121	781	$ 795
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Unsatisfied performance obligations with an original contract duration greater than one year	$ 10,900		$ 10,900
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Expected period of performance satisfaction	12 months		12 months
Revenue, Remaining Performance Obligation, Percentage	50%		50%

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Stock-based compensation awards
Stock-based compensation expense, before tax (in dollars)	$ 55	$ 58	$ 162	$ 169
Risk-free interest rates, low end of range (as a percent)			1.03%	0.06%
Risk-free interest rates, high end of range (as a percent)			2%	1.41%
Rate of volatilities, Minimum			25.30%	29.20%
Rate of volatilities, Maximum			36.80%	45.80%
Assumptions used in determining the fair value of the stock-based awards
Weighted-average dividend yield (as a percent)			2.60%	2.60%
Weighted-average volatility (as a percent)			31.70%	32.90%
Rate of volatilities, Minimum			25.30%	29.20%
Rate of volatilities, Maximum			36.80%	45.80%
Risk-free interest rates, low end of range (as a percent)			1.03%	0.06%
Risk-free interest rates, high end of range (as a percent)			2%	1.41%
Weighted-average expected lives (in years)			8 years	8 years
Unrecognized compensation cost related to nonvested stock-based compensation awards (in dollars)	$ 173		$ 173
Term of amortization of unrecognized compensation cost over weighted-average remaining requisite service periods (in years)			1 year 9 months 18 days
Stock Options
Stock-based compensation awards
Shares Granted (in shares)			1,029,202	1,084,821
Weighted-Average Fair Value Per Share (in dollars per share)			$ 51.69	$ 56.30
Weighted-Average Grant Date Stock Price (in dollars per share)	$ 196.70	$ 219.76	196.70	219.76
RSUs
Stock-based compensation awards
Weighted-Average Grant Date Stock Price (in dollars per share)	196.70	219.76	$ 196.70	$ 219.76
Shares Granted (in shares)			484,025	448,311
Weighted-Average Fair Value Per Share (in dollars per share)			$ 196.70	$ 219.76
PRSUs
Stock-based compensation awards
Weighted-Average Grant Date Stock Price (in dollars per share)	$ 196.70	$ 219.76	$ 196.70	$ 219.76
Shares Granted (in shares)			258,900	266,894
Weighted-Average Fair Value Per Share (in dollars per share)			$ 196.70	$ 219.76

Derivative Financial Instrume_4

Derivative Financial Instruments and Risk Management (Details)	9 Months Ended
	Sep. 30, 2022
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

Derivative Financial instrume_5

Derivative Financial instruments and Risk Management- Location and fair value (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Derivatives Fair Value
Assets	$ 913	$ 342
Liabilities	(817)	(130)
Designated Derivatives
Derivatives Fair Value
Assets	786	266
Liabilities	(696)	(79)
Designated Derivatives | Foreign exchange contracts
Derivatives Fair Value
Assets	692	228
Liabilities	(394)	(64)
Designated Derivatives | Interest rate contracts
Derivatives Fair Value
Assets	94	38
Liabilities	(302)	(15)
Undesignated Derivatives
Derivatives Fair Value
Assets	127	76
Liabilities	(121)	(51)
Undesignated Derivatives | Foreign exchange contracts
Derivatives Fair Value
Assets	118	46
Liabilities	(78)	(42)
Undesignated Derivatives | Commodity contracts
Derivatives Fair Value
Assets	9	30
Liabilities	$ (43)	$ (9)

Derivative Financial instrume_6

Derivative Financial instruments and Risk Management- Notional amounts (Details) - USD ($) $ in Billions	Sep. 30, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative, Notional Amount	$ 24.8	$ 18.9

Derivative Financial instrume_7

Derivative Financial instruments and Risk Management- Gain and Loss on Hedging instruments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivative Instruments, Gain (Loss)
Amount of gains (losses) recognized in AOCI	$ 44	$ 45	$ 298	$ 141
Amount of gain (losses) reclassified from AOCI	(296)	(85)	(636)	(164)
Fair Value / Undesignated Hedges
Derivative Instruments, Gain (Loss)
Gains (Losses) recognized on the consolidated statement of results of operations	(49)	21	(17)	130
Fair Value / Undesignated Hedges | Foreign exchange contracts
Derivative Instruments, Gain (Loss)
Gains (Losses) recognized on the consolidated statement of results of operations	(2)	46	(32)	77
Fair Value / Undesignated Hedges | Interest rate contracts
Derivative Instruments, Gain (Loss)
Gains (Losses) recognized on the consolidated statement of results of operations	(5)	5	12	18
Fair Value / Undesignated Hedges | Commodity contracts
Derivative Instruments, Gain (Loss)
Gains (Losses) recognized on the consolidated statement of results of operations	(42)	(30)	3	35
Designated Derivatives | Cash Flow Hedges
Derivative Instruments, Gain (Loss)
Amount of gains (losses) recognized in AOCI	44	45	298	141
Amount of gain (losses) reclassified from AOCI	296	85	636	164
Designated Derivatives | Cash Flow Hedges | Foreign exchange contracts
Derivative Instruments, Gain (Loss)
Amount of gains (losses) recognized in AOCI	18	42	195	130
Amount of gain (losses) reclassified from AOCI	289	90	638	187
Designated Derivatives | Cash Flow Hedges | Interest rate contracts
Derivative Instruments, Gain (Loss)
Amount of gains (losses) recognized in AOCI	26	3	103	11
Amount of gain (losses) reclassified from AOCI	7	(5)	(2)	(23)
Designated Derivatives | Cash Flow Hedges | Commodity contracts
Derivative Instruments, Gain (Loss)
Amount of gains (losses) recognized in AOCI	0	0	0	0
Amount of gain (losses) reclassified from AOCI	$ 0	$ 0	$ 0	$ 0

Derivative Financial Instrume_8

Derivative Financial Instruments and Risk Management- Fair value hedges (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Derivatives Fair Value
Carrying Value of the Hedged Liabilities	$ 3,796	$ 2,059
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Value of the Hedged Liabilities	(227)	3
Long-term debt due after one year
Derivatives Fair Value
Carrying Value of the Hedged Liabilities	3,796	1,304
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Value of the Hedged Liabilities	(227)	(2)
Long-term debt due within one year
Derivatives Fair Value
Carrying Value of the Hedged Liabilities	0	755
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Value of the Hedged Liabilities	$ 0	$ 5

Derivative Financial instrume_9

Derivative Financial instruments and Risk Management-Effect of net settlement provisions upon default or termination (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Assets
Gross Amount of Recognized Assets	$ 913	$ 342
Financial Instruments Not Offset- Assets	(282)	(114)
Cash collateral received	0	0
Net Amount of Assets	631	228
Liabilities
Gross Amount of Recognized Liabilities	(817)	(130)
Financial Instruments Not Offset-Liabilities	282	114
Cash collateral pledged	0	0
Net Amount of Liabilities	$ (535)	$ (16)

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 6,335	$ 5,528
Work-in-process	1,836	1,318
Finished goods	8,387	6,907
Supplies	302	285
Total inventories	$ 16,860	$ 14,038

Intangible Assets and Goodwil_2

Intangible Assets and Goodwill (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Intangible assets
Weighted Amortizable Life (in years)			14 years		14 years
Finite-Lived Intangible Assets, Gross	$ 3,781		$ 3,781		$ 4,049
Finite-Lived Intangible Assets, Accumulated Amortization	(2,975)		(2,975)		(3,007)
Net	806		806		$ 1,042
Amortization expense	70	$ 75	213	$ 228
Remaining Three Months of 2022	70		70
2023	222		222
2024	163		163
2025	153		153
2026	85		85
Thereafter	113		$ 113
Customer Relationships
Intangible assets
Weighted Amortizable Life (in years)			16 years		15 years
Finite-Lived Intangible Assets, Gross	2,183		$ 2,183		$ 2,421
Finite-Lived Intangible Assets, Accumulated Amortization	(1,604)		(1,604)		(1,709)
Net	579		$ 579		$ 712
Intellectual Property
Intangible assets
Weighted Amortizable Life (in years)			12 years		12 years
Finite-Lived Intangible Assets, Gross	1,470		$ 1,470		$ 1,472
Finite-Lived Intangible Assets, Accumulated Amortization	(1,287)		(1,287)		(1,192)
Net	183		$ 183		$ 280
Other
Intangible assets
Weighted Amortizable Life (in years)			16 years		14 years
Finite-Lived Intangible Assets, Gross	128		$ 128		$ 156
Finite-Lived Intangible Assets, Accumulated Amortization	(84)		(84)		(106)
Net	$ 44		$ 44		$ 50

Intangible Assets and Goodwil_3

Intangible Assets and Goodwill (Details 2) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Changes in carrying amount of goodwill by reportable segment:
Goodwill, beginning of period	$ 7,521
Impairments, beginning of period	(1,197)
Net goodwill, beginning of period	6,324
Goodwill Acquired	25
Goodwill impairment charge	0	$ 0
Other adjustments	(257)
Goodwill, end of period	7,289
Impairments, end of period	(1,197)
Net goodwill, end of period	6,092
Construction Industries
Changes in carrying amount of goodwill by reportable segment:
Goodwill, beginning of period	302
Impairments, beginning of period	(22)
Net goodwill, beginning of period	280
Goodwill Acquired	0
Other adjustments	(39)
Goodwill, end of period	263
Impairments, end of period	(22)
Net goodwill, end of period	241
Resource Industries
Changes in carrying amount of goodwill by reportable segment:
Goodwill, beginning of period	4,182
Impairments, beginning of period	(1,175)
Net goodwill, beginning of period	3,007
Goodwill Acquired	0
Other adjustments	(127)
Goodwill, end of period	4,055
Impairments, end of period	(1,175)
Net goodwill, end of period	2,880
Energy & Transportation
Changes in carrying amount of goodwill by reportable segment:
Goodwill, beginning of period	2,985
Goodwill Acquired	25
Other adjustments	(81)
Goodwill, end of period	2,929
All Other Operating Segments
Changes in carrying amount of goodwill by reportable segment:
Goodwill, beginning of period	52
Other adjustments	(10)
Goodwill, end of period	$ 42

Investments in Debt and Equit_3

Investments in Debt and Equity Securities (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Schedule of Investments in Debt and Equity Securities
Cost basis	$ 2,928	$ 1,694
Unrealized pretax net gains (losses)	(161)	27
Fair Value	2,767	1,721
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	51	61
Unrealized pretax net gains (losses)	(2)	0
Fair Value	49	61
Corporate bonds
Schedule of Investments in Debt and Equity Securities
Cost basis	2,156	1,027
Unrealized pretax net gains (losses)	(108)	19
Fair Value	2,048	1,046
Asset-backed securities
Schedule of Investments in Debt and Equity Securities
Cost basis	185	175
Unrealized pretax net gains (losses)	(5)	1
Fair Value	180	176
U.S. governmental agency mortgage-backed securities
Schedule of Investments in Debt and Equity Securities
Cost basis	384	319
Unrealized pretax net gains (losses)	(36)	6
Fair Value	348	325
Residential
Schedule of Investments in Debt and Equity Securities
Cost basis	3	4
Unrealized pretax net gains (losses)	0	0
Fair Value	3	4
Commercial
Schedule of Investments in Debt and Equity Securities
Cost basis	139	98
Unrealized pretax net gains (losses)	(10)	1
Fair Value	$ 129	$ 99

Investments in Debt and Equit_4

Investments in Debt and Equity Securities (Details 2) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Available-for-sale Securities, Continuous Unrealized Loss Position
Less than 12 months - Fair Value	$ 2,288	$ 359
Less than 12 months - Unrealized losses	114	5
12 months or more - Fair Value	360	55
12 months or more - Unrealized losses	47	1
Total - Fair Value	2,648	414
Total - Unrealized losses	161	6
Other U.S. and non-U.S. government bonds
Available-for-sale Securities, Continuous Unrealized Loss Position
Less than 12 months - Fair Value	31
Less than 12 months - Unrealized losses	1
12 months or more - Fair Value	15
12 months or more - Unrealized losses	1
Total - Fair Value	46
Total - Unrealized losses	2
Corporate bonds
Available-for-sale Securities, Continuous Unrealized Loss Position
Less than 12 months - Fair Value	1,774	270
Less than 12 months - Unrealized losses	75	4
12 months or more - Fair Value	218	33
12 months or more - Unrealized losses	33	1
Total - Fair Value	1,992	303
Total - Unrealized losses	108	5
Asset-backed securities
Available-for-sale Securities, Continuous Unrealized Loss Position
Less than 12 months - Fair Value	102
Less than 12 months - Unrealized losses	4
12 months or more - Fair Value	35
12 months or more - Unrealized losses	1
Total - Fair Value	137
Total - Unrealized losses	5
U.S. governmental agency mortgage-backed securities
Available-for-sale Securities, Continuous Unrealized Loss Position
Less than 12 months - Fair Value	293	89
Less than 12 months - Unrealized losses	27	1
12 months or more - Fair Value	51	22
12 months or more - Unrealized losses	9	0
Total - Fair Value	344	111
Total - Unrealized losses	36	$ 1
Commercial
Available-for-sale Securities, Continuous Unrealized Loss Position
Less than 12 months - Fair Value	88
Less than 12 months - Unrealized losses	7
12 months or more - Fair Value	41
12 months or more - Unrealized losses	3
Total - Fair Value	129
Total - Unrealized losses	$ 10

Investments in Debt and Equit_5

Investments in Debt and Equity Securities (Details 3) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Schedule of Investments in Debt and Equity Securities
Due in one year or less, Cost Basis	$ 696		$ 696
Due in one year or less, Fair Value	687		687
Due after one year through five years, Cost Basis	1,354		1,354
Due after one year through five years, Fair Value	1,277		1,277
Due after five through ten years, Cost Basis	282		282
Due after five years through ten years, Fair Value	256		256
Due after ten years, Cost Basis	70		70
Due after ten years, Fair Value	67		67
Debt Securities, Available-for-sale, Amortized Cost	2,928		2,928		$ 1,694
Debt securities, Available-for-sale, Fair value	2,767		2,767		1,721
Available-for-sale Securities, Proceeds, Gains and Losses
Proceeds from the sale of available-for-sale securities	204	$ 97	474	$ 322
Gross gains from the sale of available-for-sale securities	0	1	1	3
Gross losses from the sale of available-for-sale securities	0	0	1	0
Schedule of Held-to-maturity Securities
Unrealized gain (loss) on equity securities	(12)	$ 46	(97)	$ 65
Bank Time Deposits
Schedule of Held-to-maturity Securities
Time deposit	0		0		964
U.S. governmental agency mortgage-backed securities
Schedule of Investments in Debt and Equity Securities
Debt Securities, Available-for-sale, Amortized Cost	384		384		319
Debt securities, Available-for-sale, Fair value	348		348		325
Residential
Schedule of Investments in Debt and Equity Securities
Debt Securities, Available-for-sale, Amortized Cost	3		3		4
Debt securities, Available-for-sale, Fair value	3		3		4
Commercial
Schedule of Investments in Debt and Equity Securities
Debt Securities, Available-for-sale, Amortized Cost	139		139		98
Debt securities, Available-for-sale, Fair value	$ 129		$ 129		$ 99

Postretirement Benefits (Detail

Postretirement Benefits (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Pension and other postretirement benefit contributions
Expected full year contributions to pension and other postretirement benefit plans during the year	$ 357		$ 357
Pension and Other Postretirement Benefits
Pension and other postretirement benefit contributions
Contributions to pension and other postretirement benefit plans	44		299
Other Postretirement Benefits Plan
Components of net periodic benefit cost:
Service cost	24	$ 25	74	$ 75
Interest cost	20	16	60	48
Expected return on plan assets	(3)	(1)	(9)	(4)
Amortization of prior service cost / (credit)	(1)	(11)	(4)	(31)
Net periodic benefit cost (benefit)	40	29	121	88
UNITED STATES
Components of net periodic benefit cost:
Service cost	0	0	0	0
Interest cost	100	82	301	247
Expected return on plan assets	(167)	(180)	(502)	(538)
Amortization of prior service cost / (credit)	0	0	0	0
Net periodic benefit cost (benefit)	(67)	(98)	(201)	(291)
Foreign Plan
Components of net periodic benefit cost:
Service cost	15	15	40	44
Interest cost	17	16	53	43
Expected return on plan assets	(33)	(33)	(100)	(98)
Amortization of prior service cost / (credit)	0	0	0	0
Net periodic benefit cost (benefit)	$ (1)	$ (2)	$ (7)	$ (11)

Postretirement Benefits (Deta_2

Postretirement Benefits (Details 2) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Defined Contribution Plan
Costs related to defined contribution plans	$ 116	$ 110	$ 321	$ 404
U.S. Plans
Defined Contribution Plan
Costs related to defined contribution plans	87	81	236	321
Non-U.S. Plans
Defined Contribution Plan
Costs related to defined contribution plans	$ 29	$ 29	$ 85	$ 83

Leases Lease revenue (Details)

Leases Lease revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Finance lease revenue	$ 105	$ 120	$ 326	$ 369
Operating lease revenue	270	275	819	850
Total	$ 375	$ 395	$ 1,145	$ 1,219
Financial Products
Leases [Abstract]
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Sales and revenues	Sales and revenues	Sales and revenues	Sales and revenues
Lessor, Lease, Description
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Sales and revenues	Sales and revenues	Sales and revenues	Sales and revenues

Guarantees and Product Warran_3

Guarantees and Product Warranty (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Related liability	$ 3	$ 5
Guarantor Obligations
Guarantees, maximum potential amount of future payments	438	1,221
SPC assets in consolidated statement	80,907	82,793
SPC liabilities in consolidated statement	65,285	66,277
Caterpillar dealer performance guarantees
Guarantor Obligations
Guarantees, maximum potential amount of future payments	137	747
Supplier consortium performance guarantees
Guarantor Obligations
Guarantees, maximum potential amount of future payments	17	242
Other guarantees
Guarantor Obligations
Guarantees, maximum potential amount of future payments	284	232
Variable Interest Entity, Primary Beneficiary
Guarantor Obligations
SPC assets in consolidated statement	1,090	888
SPC liabilities in consolidated statement	$ 1,090	$ 888

Guarantees and Product Warran_4

Guarantees and Product Warranty (Details 2) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Change in product warranty liability balances
Warranty liability, beginning balance	$ 1,689	$ 1,612
Reduction in liability (payments)	(589)	(638)
Increase in liability (new warranties)	562	716
Warranty liability, ending balance	$ 1,662	$ 1,690

Profit Per Share (Details)

Profit Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended				9 Months Ended
	Sep. 30, 2022		Sep. 30, 2021		Sep. 30, 2022		Sep. 30, 2021		May 12, 2022	Jul. 01, 2018
Earnings Per Share Reconciliation [Abstract]
Profit for the period (A) (in dollars)	$ 2,041	[1]	$ 1,426	[1]	$ 5,251	[2]	$ 4,369	[2]
Determination of shares (in millions)
Weighted-average number of common shares outstanding (B) (in shares)	525,000,000		544,000,000		530,100,000		545,800,000
Shares issuable on exercise of stock awards, net of shares assumed to be purchased out of proceeds at average market price (in shares)	2,600,000		3,600,000		3,100,000		4,400,000
Average common shares outstanding for fully diluted computation (C) (in shares)	527,600,000	[3]	547,600,000	[3]	533,200,000	[4]	550,200,000	[4]
Assuming no dilution (A/B) (in dollars per share)	$ 3.89		$ 2.62		$ 9.91		$ 8
Assuming full dilution (A/C) (in dollars per share)	$ 3.87	[3]	$ 2.60	[3]	$ 9.85	[4]	$ 7.94	[4]
Common Stock, Shares, Outstanding	520,400,000		540,900,000		520,400,000		540,900,000
Common shares under SARs and stock options not included in the computation of diluted earnings per share (in shares)	2,100,000		1,100,000		2,100,000		1,100,000
Stock repurchase
Common shares repurchased (in shares)	7,575,322		6,610,438		17,007,819		7,772,393
Cost of repurchase	$ 1,385	[1]	$ 1,371	[5]	$ 3,309	[6]	$ 1,622	[6]
2018 Authorization Program
Stock repurchase
Stock repurchase program, authorized amount										$ 10,000
Stock repurchase program, remaining authorized repurchase amount	70				70
Stock Repurchase
Stock repurchase program, remaining authorized repurchase amount	70				70
Stock repurchase program, authorized amount										$ 10,000
2022 Authorization Program
Stock repurchase
Stock repurchase program, authorized amount									$ 15,000
Stock repurchase program, remaining authorized repurchase amount	13,700				13,700
Stock Repurchase
Stock repurchase program, remaining authorized repurchase amount	$ 13,700				$ 13,700
Stock repurchase program, authorized amount									$ 15,000
[1]Profit attributable to common shareholders.[2]Profit attributable to common shareholders.[3]Diluted by assumed exercise of stock-based compensation awards using the treasury stock method.[4]Diluted by assumed exercise of stock-based compensation awards using the treasury stock method.[5] 1 See Note 12 for additional information. 2 See Note 12 for additional information.

Accumulated other comprehensi_3

Accumulated other comprehensive income (loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Foreign currency translation
Beginning balance	$ (2,282)	$ (1,158)	$ (1,508)	$ (910)
Gains (losses) on foreign currency translation	(592)	(230)	(1,328)	(461)
Less: Tax provision /(benefit)	26	12	64	29
Net gains (losses) on foreign currency translation	(618)	(242)	(1,392)	(490)
(Gains) losses reclassified to earnings	0	0	0	0
Less: Tax provision /(benefit)	0	0	0	0
Net (gains) losses reclassified to earnings	0	0	0	0
Other comprehensive income (loss), net of tax	(618)	(242)	(1,392)	(490)
Ending balance	(2,900)	(1,400)	(2,900)	(1,400)
Pension and other postretirement benefits:
Beginning balance	(64)	(47)	(62)	(32)
Current year prior service credit (cost)	0	0	0	0
Pension and other postretirement benefits, Current year prior service credit (cost), tax (provision)/benefit	0	0	0	0
Net current year prior service credit (cost)	0	0	0	0
Amortization of prior service credit (cost)	(1)	(11)	(4)	(31)
Less: Tax provision /(benefit)	0	(3)	(1)	(8)
Net amortization of prior service (credit) cost	(1)	(8)	(3)	(23)
Pension and other post retirement benefits	(1)	(8)	(3)	(23)
Ending balance	(65)	(55)	(65)	(55)
Derivative financial instruments:
Beginning balance	(66)	12	(3)	0
Amount of gains (losses) recognized in AOCI	44	45	298	141
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax	35	3	71	22
Gains (losses) deferred, net of tax	9	42	227	119
Amount of gain (losses) reclassified from AOCI	(296)	(85)	(636)	(164)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax	(96)	(12)	(155)	(26)
Net (gains) losses reclassified to earnings	(200)	(73)	(481)	(138)
Other comprehensive income (loss), net of tax	(191)	(31)	(254)	(19)
Ending balance	(257)	(19)	(257)	(19)
Available-for-sale securities:
Beginning balance	(87)	39	20	54
Gains (losses) deferred	(55)	(4)	(188)	(22)
Less: Tax provision /(benefit)	(11)	0	(37)	(4)
Net gains (losses) deferred	(44)	(4)	(151)	(18)
(Gains) losses reclassified to earnings	0	(1)	0	(3)
Available-for-sale securities, (Gains) losses reclassified to earnings, tax (provision)/benefit	0	0	0	(1)
Net (gains) losses reclassified to earnings	0	(1)	0	(2)
Other comprehensive income (loss), net of tax	(44)	(5)	(151)	(20)
Ending balance	(131)	34	(131)	34
Accumulated other comprehensive income (loss)	$ (3,353)	$ (1,440)	$ (3,353)	$ (1,440)	$ (1,553)

Environmental and legal matte_2

Environmental and legal matters Environmental and legal matters (Details)	Mar. 03, 2017
IRS investigation
Loss Contingencies
Number of facilities served search and seizure warrants	3

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Estimated annual effective tax rate (as a percent)	23%	25%	23%
Prior year tax adjustment expense (benefit)	$ (49)	$ (36)
Tax benefit for settlement of stock-based compensation awards	18	$ 61
Internal Revenue Service (IRS)
Income Tax Examination
Income Tax Examination, Amount Assessed by Taxing Authorities	490
Income Tax Examination, Interest Accrued	250
Tax adjustment expense (benefit), Tax settlement	$ (41)
Minimum | Internal Revenue Service (IRS)
Income Tax Examination
Income Tax Examination, Year under Examination	2007
Maximum | Internal Revenue Service (IRS)
Income Tax Examination
Income Tax Examination, Year under Examination	2016

Segment Information (Details)

Segment Information (Details)	9 Months Ended
	Sep. 30, 2022 segments group_presidents
Segment Reporting Information
Number of group presidents | group_presidents	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_presidents	1
Number of smaller operating segments led by Group President | group_presidents	1

Sales and revenues by geographi

Sales and revenues by geographic region (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Sales and revenues by geographic region
Sales and revenues	$ 14,994	$ 12,397	$ 42,830	$ 37,173
Reportable Segments
Sales and revenues by geographic region
Sales and revenues	16,368	13,460	46,631	40,317
Reportable Segments | Operating Segments
Sales and revenues by geographic region
Sales and revenues	15,065	12,455	43,049	37,380
Reportable Segments | Segment Reconciling Items
Sales and revenues by geographic region
Sales and revenues	1,303	1,005	3,582	2,937
Corporate Items and Eliminations
Sales and revenues by geographic region
Sales and revenues	(1,477)	(1,182)	(4,140)	(3,521)
Corporate Items and Eliminations | Corporate, Non-Segment
Sales and revenues by geographic region
Sales and revenues	(106)	(93)	(331)	(314)
Corporate Items and Eliminations | Intersegment Eliminations
Sales and revenues by geographic region
Sales and revenues	(1,371)	(1,089)	(3,809)	(3,207)
North America
Sales and revenues by geographic region
Sales and revenues	7,135	5,455	20,043	16,165
North America | Reportable Segments | Operating Segments
Sales and revenues by geographic region
Sales and revenues	7,172	5,493	20,166	16,311
North America | Corporate Items and Eliminations | Corporate, Non-Segment
Sales and revenues by geographic region
Sales and revenues	(53)	(56)	(175)	(188)
Latin America
Sales and revenues by geographic region
Sales and revenues	1,809	1,329	4,749	3,654
Latin America | Reportable Segments | Operating Segments
Sales and revenues by geographic region
Sales and revenues	1,829	1,342	4,808	3,689
Latin America | Corporate Items and Eliminations | Corporate, Non-Segment
Sales and revenues by geographic region
Sales and revenues	(20)	(13)	(59)	(36)
EAME
Sales and revenues by geographic region
Sales and revenues	3,145	2,939	9,288	8,784
EAME | Reportable Segments | Operating Segments
Sales and revenues by geographic region
Sales and revenues	3,153	2,945	9,307	8,801
EAME | Corporate Items and Eliminations | Corporate, Non-Segment
Sales and revenues by geographic region
Sales and revenues	(12)	(9)	(33)	(27)
Asia/Pacific
Sales and revenues by geographic region
Sales and revenues	2,905	2,674	8,750	8,570
Asia/Pacific | Reportable Segments | Operating Segments
Sales and revenues by geographic region
Sales and revenues	2,911	2,675	8,768	8,579
Asia/Pacific | Corporate Items and Eliminations | Corporate, Non-Segment
Sales and revenues by geographic region
Sales and revenues	(21)	(15)	(64)	(63)
Construction Industries | Reportable Segments
Sales and revenues by geographic region
Sales and revenues	6,276	5,255	18,424	16,370
Construction Industries | Reportable Segments | Operating Segments
Sales and revenues by geographic region
Sales and revenues	6,236	5,261	18,313	16,305
Construction Industries | Reportable Segments | Segment Reconciling Items
Sales and revenues by geographic region
Sales and revenues	40	(6)	111	65
Construction Industries | North America | Reportable Segments | Operating Segments
Sales and revenues by geographic region
Sales and revenues	3,106	2,417	8,832	7,041
Construction Industries | Latin America | Reportable Segments | Operating Segments
Sales and revenues by geographic region
Sales and revenues	799	528	2,061	1,350
Construction Industries | EAME | Reportable Segments | Operating Segments
Sales and revenues by geographic region
Sales and revenues	1,247	1,240	3,726	3,612
Construction Industries | Asia/Pacific | Reportable Segments | Operating Segments
Sales and revenues by geographic region
Sales and revenues	1,084	1,076	3,694	4,302
Resource Industries | Reportable Segments
Sales and revenues by geographic region
Sales and revenues	3,087	2,366	8,878	7,091
Resource Industries | Reportable Segments | Operating Segments
Sales and revenues by geographic region
Sales and revenues	3,013	2,291	8,667	6,859
Resource Industries | Reportable Segments | Segment Reconciling Items
Sales and revenues by geographic region
Sales and revenues	74	75	211	232
Resource Industries | North America | Reportable Segments | Operating Segments
Sales and revenues by geographic region
Sales and revenues	1,122	674	3,167	2,130
Resource Industries | Latin America | Reportable Segments | Operating Segments
Sales and revenues by geographic region
Sales and revenues	472	417	1,337	1,309
Resource Industries | EAME | Reportable Segments | Operating Segments
Sales and revenues by geographic region
Sales and revenues	526	456	1,609	1,455
Resource Industries | Asia/Pacific | Reportable Segments | Operating Segments
Sales and revenues by geographic region
Sales and revenues	893	744	2,554	1,965
Energy & Transportation
Sales and revenues by geographic region
Sales and revenues	4,997	4,141	13,669	11,919
Energy & Transportation | Reportable Segments
Sales and revenues by geographic region
Sales and revenues	6,186	5,077	16,929	14,559
Energy & Transportation | Reportable Segments | Operating Segments
Sales and revenues by geographic region
Sales and revenues	4,997	4,141	13,669	11,919
Energy & Transportation | Reportable Segments | Segment Reconciling Items
Sales and revenues by geographic region
Sales and revenues	1,189	936	3,260	2,640
Energy & Transportation | North America | Reportable Segments | Operating Segments
Sales and revenues by geographic region
Sales and revenues	2,422	1,924	6,637	5,698
Energy & Transportation | Latin America | Reportable Segments | Operating Segments
Sales and revenues by geographic region
Sales and revenues	468	329	1,160	835
Energy & Transportation | EAME | Reportable Segments | Operating Segments
Sales and revenues by geographic region
Sales and revenues	1,280	1,144	3,679	3,433
Energy & Transportation | Asia/Pacific | Reportable Segments | Operating Segments
Sales and revenues by geographic region
Sales and revenues	827	744	2,193	1,953
Financial Products Segment
Sales and revenues by geographic region
Revenue from Related Parties	124	87	332	263
Financial Products Segment | Reportable Segments
Sales and revenues by geographic region
Sales and revenues	819	762	2,400	2,297
Financial Products Segment | Reportable Segments | Operating Segments
Sales and revenues by geographic region
Sales and revenues	819	762	2,400	2,297
Financial Products Segment | Reportable Segments | Segment Reconciling Items
Sales and revenues by geographic region
Sales and revenues	0	0	0	0
Financial Products Segment | North America | Reportable Segments | Operating Segments
Sales and revenues by geographic region
Sales and revenues	522	478	1,530	1,442
Financial Products Segment | Latin America | Reportable Segments | Operating Segments
Sales and revenues by geographic region
Sales and revenues	90	68	250	195
Financial Products Segment | EAME | Reportable Segments | Operating Segments
Sales and revenues by geographic region
Sales and revenues	100	105	293	301
Financial Products Segment | Asia/Pacific | Reportable Segments | Operating Segments
Sales and revenues by geographic region
Sales and revenues	107	111	327	359
All Other Operating Segments
Sales and revenues by geographic region
Sales and revenues	103	119	339	377
All Other Operating Segments | Operating Segments
Sales and revenues by geographic region
Sales and revenues	35	35	112	107
All Other Operating Segments | Segment Reconciling Items
Sales and revenues by geographic region
Sales and revenues	68	84	227	270
All Other Operating Segments | North America | Operating Segments
Sales and revenues by geographic region
Sales and revenues	16	18	52	42
All Other Operating Segments | Latin America | Operating Segments
Sales and revenues by geographic region
Sales and revenues	0	0	0	1
All Other Operating Segments | EAME | Operating Segments
Sales and revenues by geographic region
Sales and revenues	4	3	14	10
All Other Operating Segments | Asia/Pacific | Operating Segments
Sales and revenues by geographic region
Sales and revenues	$ 15	$ 14	$ 46	$ 54

Energy & Transportation sales (

Energy & Transportation sales (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Energy and transportation sales
Sales and revenues	$ 14,994	$ 12,397	$ 42,830	$ 37,173
Energy & Transportation
Energy and transportation sales
Sales and revenues	4,997	4,141	13,669	11,919
Energy & Transportation | Oil And Gas Customer
Energy and transportation sales
Sales and revenues	1,323	1,088	3,503	3,140
Energy & Transportation | Power generation
Energy and transportation sales
Sales and revenues	1,320	1,010	3,518	3,025
Energy & Transportation | Industrial
Energy and transportation sales
Sales and revenues	1,158	948	3,295	2,660
Energy & Transportation | Transportation
Energy and transportation sales
Sales and revenues	$ 1,196	$ 1,095	$ 3,353	$ 3,094

Reconciliations of consolidated

Reconciliations of consolidated profit before taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	$ 2,558	$ 1,775	$ 6,653	$ 5,642
Operating Segments | Reportable Segments
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	2,870	2,025	7,284	6,657
Operating Segments | Reportable Segments | Construction Industries
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	1,209	866	3,255	2,937
Operating Segments | Reportable Segments | Resource Industries
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	506	280	1,222	941
Operating Segments | Reportable Segments | Energy & Transportation
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	935	706	2,132	2,119
Operating Segments | Reportable Segments | Financial Products Segment
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	220	173	675	660
Operating Segments | All Other operating segments
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	8	5	42	(2)
Intersegment Eliminations | Cost Centers
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	(37)	19	1	51
Intersegment Eliminations | Corporate Costs
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	(168)	(189)	(670)	(576)
Intersegment Eliminations | Timing
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	(84)	(40)	(129)	(230)
Intersegment Eliminations | Restructuring Costs
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	(49)	(35)	(90)	(124)
Intersegment Eliminations | Inventory/cost of sales
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	138	73	407	80
Intersegment Eliminations | Postretirement Benefits Expense
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	82	116	293	270
Intersegment Eliminations | Stock-Based Compensation Expense
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	(55)	(58)	(162)	(169)
Intersegment Eliminations | Financing Costs
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	(75)	(103)	(269)	(342)
Intersegment Eliminations | Currency
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	53	19	315	255
Intersegment Eliminations | Other Income Expense Methodology Differences
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	(109)	(80)	(287)	(201)
Intersegment Eliminations | Other
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	$ (16)	$ 23	$ (82)	$ (27)

Reconciliation of assets (Detai

Reconciliation of assets (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Reconciliation of Assets
Assets	$ 80,907	$ 82,793
Intersegment Eliminations
Reconciliation of Assets
Inventory Methodology Difference	(2,833)	(2,656)
Intersegment Eliminations | Cash and Short Term Investments
Reconciliation of Assets
Assets	5,403	8,428
Intersegment Eliminations | Deferred Income Taxes
Reconciliation of Assets
Assets	2,112	1,735
Intersegment Eliminations | Goodwill and Intangible Assets
Reconciliation of Assets
Assets	4,681	4,859
Intersegment Eliminations | Property Plant and Equipment-Net and Other Assets
Reconciliation of Assets
Assets	3,714	4,056
Intersegment Eliminations | Liabilities Included in Segment Assets
Reconciliation of Assets
Assets	11,973	10,777
Intersegment Eliminations | Other
Reconciliation of Assets
Assets	(528)	(706)
Operating Segments | Reportable Segments
Reconciliation of Assets
Assets	54,656	54,622
Operating Segments | Reportable Segments | Construction Industries
Reconciliation of Assets
Assets	5,439	4,547
Operating Segments | Reportable Segments | Resource Industries
Reconciliation of Assets
Assets	5,841	5,962
Operating Segments | Reportable Segments | Energy & Transportation
Reconciliation of Assets
Assets	9,394	9,253
Operating Segments | Reportable Segments | Financial Products Segment
Reconciliation of Assets
Assets	33,982	34,860
Operating Segments | All Other operating segments
Reconciliation of Assets
Assets	$ 1,729	$ 1,678

Reconciliations of depreciation

Reconciliations of depreciation and amortization (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Reconciliation of Depreciation and amortization
Depreciation and amortization	$ 551	$ 593	$ 1,661	$ 1,766
Operating Segments | Reportable Segments
Reconciliation of Depreciation and amortization
Depreciation and amortization	468	500	1,408	1,489
Operating Segments | Reportable Segments | Construction Industries
Reconciliation of Depreciation and amortization
Depreciation and amortization	57	60	172	178
Operating Segments | Reportable Segments | Resource Industries
Reconciliation of Depreciation and amortization
Depreciation and amortization	92	101	275	301
Operating Segments | Reportable Segments | Energy & Transportation
Reconciliation of Depreciation and amortization
Depreciation and amortization	136	144	405	428
Operating Segments | Reportable Segments | Financial Products Segment
Reconciliation of Depreciation and amortization
Depreciation and amortization	183	195	556	582
Intersegment Eliminations | All Other operating segments
Reconciliation of Depreciation and amortization
Depreciation and amortization	56	59	172	181
Intersegment Eliminations | Cost Centers
Reconciliation of Depreciation and amortization
Depreciation and amortization	20	24	63	74
Intersegment Eliminations | Other
Reconciliation of Depreciation and amortization
Depreciation and amortization	$ 7	$ 10	$ 18	$ 22

Reconciliations of capital expe

Reconciliations of capital expenditures (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Reconciliation of Capital expenditures
Segment Reporting Information, Expenditure for Additions Long-Lived Assets	$ 617	$ 587	$ 1,891	$ 1,687
Operating Segments | Reportable Segments
Reconciliation of Capital expenditures
Segment Reporting Information, Expenditure for Additions Long-Lived Assets	601	526	1,592	1,460
Operating Segments | Reportable Segments | Construction Industries
Reconciliation of Capital expenditures
Segment Reporting Information, Expenditure for Additions Long-Lived Assets	74	56	149	120
Operating Segments | Reportable Segments | Resource Industries
Reconciliation of Capital expenditures
Segment Reporting Information, Expenditure for Additions Long-Lived Assets	65	44	129	101
Operating Segments | Reportable Segments | Energy & Transportation
Reconciliation of Capital expenditures
Segment Reporting Information, Expenditure for Additions Long-Lived Assets	167	115	444	339
Operating Segments | Reportable Segments | Financial Products Segment
Reconciliation of Capital expenditures
Segment Reporting Information, Expenditure for Additions Long-Lived Assets	295	311	870	900
Intersegment Eliminations | All Other operating segments
Reconciliation of Capital expenditures
Segment Reporting Information, Expenditure for Additions Long-Lived Assets	54	59	116	106
Intersegment Eliminations | Cost Centers
Reconciliation of Capital expenditures
Segment Reporting Information, Expenditure for Additions Long-Lived Assets	16	15	41	34
Intersegment Eliminations | Timing
Reconciliation of Capital expenditures
Segment Reporting Information, Expenditure for Additions Long-Lived Assets	(35)	(13)	173	96
Intersegment Eliminations | Other
Reconciliation of Capital expenditures
Segment Reporting Information, Expenditure for Additions Long-Lived Assets	$ (19)	$ 0	$ (31)	$ (9)

Cat Financial Financing Activ_3

Cat Financial Financing Activities (Details-Allowance for credit losses) - Finance Receivables - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Allowance for Credit Loss Activity
Beginning balance	$ 372	$ 398	$ 333	$ 475
Write-offs	(30)	(91)	(68)	(193)
Recoveries	17	15	47	39
Provision for credit losses	(19)	55	29	58
Other	(5)	(3)	(6)	(5)
Ending balance	335	374	335	374
Total Finance Receivables	21,100	21,898	21,100	21,898
Customer
Allowance for Credit Loss Activity
Beginning balance	290	354	251	431
Write-offs	(30)	(91)	(68)	(193)
Recoveries	17	15	47	39
Provision for credit losses	(2)	17	46	20
Other	(5)	(3)	(6)	(5)
Ending balance	270	292	270	292
Total Finance Receivables	19,363	19,967	19,363	19,967
Dealer
Allowance for Credit Loss Activity
Beginning balance	82	44	82	44
Write-offs	0	0	0	0
Recoveries	0	0	0	0
Provision for credit losses	(17)	38	(17)	38
Other	0	0	0	0
Ending balance	65	82	65	82
Total Finance Receivables	$ 1,737	$ 1,931	$ 1,737	$ 1,931

Cat Financial Financing Activ_4

Cat Financial Financing Activities Cat Financing Activities (Details Credit quality- Customer Receivables Aging by origination year -Vintage disclosure) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Receivables [Abstract]
Period after which Unpaid Installments are Considered as Past Due	30 days
Dealer | Latin America | Financing Receivables, Equal to or Greater than 30 Days Past Due
Financing Receivable, Credit Quality Indicator
2018 and 2017, respectively		$ 78
Prior	$ 58
Finance Receivables | Customer
Financing Receivable, Credit Quality Indicator
2022 and 2021, respectively	6,076	9,234
2021 and 2020, respectively	6,711	5,152
2020 and 2019, respectively	3,324	2,964
2019 and 2018, respectively	1,630	1,444
2018 and 2017, respectively	698	597
Prior	483	410
Revolving Finance Receivables	441	334
Total Finance Receivables	19,363	20,135
Finance Receivables | Customer | Current
Financing Receivable, Credit Quality Indicator
2022 and 2021, respectively	6,021	9,147
2021 and 2020, respectively	6,570	5,026
2020 and 2019, respectively	3,222	2,874
2019 and 2018, respectively	1,579	1,386
2018 and 2017, respectively	662	571
Prior	445	343
Revolving Finance Receivables	430	319
Total Finance Receivables	18,929	19,666
Finance Receivables | Customer | 31-60 days past due
Financing Receivable, Credit Quality Indicator
2022 and 2021, respectively	34	52
2021 and 2020, respectively	59	57
2020 and 2019, respectively	40	36
2019 and 2018, respectively	21	18
2018 and 2017, respectively	19	6
Prior	2	1
Revolving Finance Receivables	4	5
Total Finance Receivables	179	175
Finance Receivables | Customer | 61-90 days past due
Financing Receivable, Credit Quality Indicator
2022 and 2021, respectively	12	17
2021 and 2020, respectively	23	21
2020 and 2019, respectively	17	13
2019 and 2018, respectively	6	6
2018 and 2017, respectively	2	5
Prior	4	1
Revolving Finance Receivables	2	5
Total Finance Receivables	66	68
Finance Receivables | Customer | 91+ days past due
Financing Receivable, Credit Quality Indicator
2022 and 2021, respectively	9	18
2021 and 2020, respectively	59	48
2020 and 2019, respectively	45	41
2019 and 2018, respectively	24	34
2018 and 2017, respectively	15	15
Prior	32	65
Revolving Finance Receivables	5	5
Total Finance Receivables	189	226
Finance Receivables | Customer | North America | Current
Financing Receivable, Credit Quality Indicator
2022 and 2021, respectively	3,151	4,792
2021 and 2020, respectively	3,632	2,596
2020 and 2019, respectively	1,765	1,426
2019 and 2018, respectively	811	630
2018 and 2017, respectively	289	182
Prior	64	32
Revolving Finance Receivables	233	182
Total Finance Receivables	9,945	9,840
Finance Receivables | Customer | North America | 31-60 days past due
Financing Receivable, Credit Quality Indicator
2022 and 2021, respectively	18	27
2021 and 2020, respectively	25	32
2020 and 2019, respectively	19	20
2019 and 2018, respectively	13	12
2018 and 2017, respectively	6	4
Prior	2	1
Revolving Finance Receivables	4	5
Total Finance Receivables	87	101
Finance Receivables | Customer | North America | 61-90 days past due
Financing Receivable, Credit Quality Indicator
2022 and 2021, respectively	5	7
2021 and 2020, respectively	9	8
2020 and 2019, respectively	4	5
2019 and 2018, respectively	2	3
2018 and 2017, respectively	1	1
Prior	1	1
Revolving Finance Receivables	2	5
Total Finance Receivables	24	30
Finance Receivables | Customer | North America | 91+ days past due
Financing Receivable, Credit Quality Indicator
2022 and 2021, respectively	5	9
2021 and 2020, respectively	16	17
2020 and 2019, respectively	13	12
2019 and 2018, respectively	8	13
2018 and 2017, respectively	5	5
Prior	5	4
Revolving Finance Receivables	5	5
Total Finance Receivables	57	65
Finance Receivables | Customer | EAME | Current
Financing Receivable, Credit Quality Indicator
2022 and 2021, respectively	873	1,499
2021 and 2020, respectively	1,014	836
2020 and 2019, respectively	511	577
2019 and 2018, respectively	309	352
2018 and 2017, respectively	179	140
Prior	81	26
Revolving Finance Receivables	0	0
Total Finance Receivables	2,967	3,430
Finance Receivables | Customer | EAME | 31-60 days past due
Financing Receivable, Credit Quality Indicator
2022 and 2021, respectively	6	5
2021 and 2020, respectively	12	4
2020 and 2019, respectively	5	3
2019 and 2018, respectively	4	1
2018 and 2017, respectively	0	1
Prior	0	0
Revolving Finance Receivables	0	0
Total Finance Receivables	27	14
Finance Receivables | Customer | EAME | 61-90 days past due
Financing Receivable, Credit Quality Indicator
2022 and 2021, respectively	2	3
2021 and 2020, respectively	4	3
2020 and 2019, respectively	5	3
2019 and 2018, respectively	1	1
2018 and 2017, respectively	1	0
Prior	0	0
Revolving Finance Receivables	0	0
Total Finance Receivables	13	10
Finance Receivables | Customer | EAME | 91+ days past due
Financing Receivable, Credit Quality Indicator
2022 and 2021, respectively	3	3
2021 and 2020, respectively	21	11
2020 and 2019, respectively	11	2
2019 and 2018, respectively	5	2
2018 and 2017, respectively	2	0
Prior	1	2
Revolving Finance Receivables	0	0
Total Finance Receivables	43	20
Finance Receivables | Customer | Asia/Pacific | Current
Financing Receivable, Credit Quality Indicator
2022 and 2021, respectively	805	1,271
2021 and 2020, respectively	765	803
2020 and 2019, respectively	385	307
2019 and 2018, respectively	95	71
2018 and 2017, respectively	23	16
Prior	4	2
Revolving Finance Receivables	0	0
Total Finance Receivables	2,077	2,470
Finance Receivables | Customer | Asia/Pacific | 31-60 days past due
Financing Receivable, Credit Quality Indicator
2022 and 2021, respectively	5	10
2021 and 2020, respectively	13	14
2020 and 2019, respectively	11	10
2019 and 2018, respectively	2	2
2018 and 2017, respectively	1	0
Prior	0	0
Revolving Finance Receivables	0	0
Total Finance Receivables	32	36
Finance Receivables | Customer | Asia/Pacific | 61-90 days past due
Financing Receivable, Credit Quality Indicator
2022 and 2021, respectively	1	3
2021 and 2020, respectively	6	7
2020 and 2019, respectively	6	4
2019 and 2018, respectively	2	1
2018 and 2017, respectively	0	0
Prior	0	0
Revolving Finance Receivables	0	0
Total Finance Receivables	15	15
Finance Receivables | Customer | Asia/Pacific | 91+ days past due
Financing Receivable, Credit Quality Indicator
2022 and 2021, respectively	1	2
2021 and 2020, respectively	8	10
2020 and 2019, respectively	6	10
2019 and 2018, respectively	6	3
2018 and 2017, respectively	1	0
Prior	0	0
Revolving Finance Receivables	0	0
Total Finance Receivables	22	25
Finance Receivables | Customer | Mining | Current
Financing Receivable, Credit Quality Indicator
2022 and 2021, respectively	568	851
2021 and 2020, respectively	625	347
2020 and 2019, respectively	240	307
2019 and 2018, respectively	203	193
2018 and 2017, respectively	117	36
Prior	112	161
Revolving Finance Receivables	79	36
Total Finance Receivables	1,944	1,931
Finance Receivables | Customer | Mining | 31-60 days past due
Financing Receivable, Credit Quality Indicator
2022 and 2021, respectively	0	6
2021 and 2020, respectively	0	0
2020 and 2019, respectively	0	0
2019 and 2018, respectively	0	0
2018 and 2017, respectively	0	0
Prior	0	0
Revolving Finance Receivables	0	0
Total Finance Receivables	0	6
Finance Receivables | Customer | Mining | 61-90 days past due
Financing Receivable, Credit Quality Indicator
2022 and 2021, respectively	0	1
2021 and 2020, respectively	0	0
2020 and 2019, respectively	0	0
2019 and 2018, respectively	0	0
2018 and 2017, respectively	0	4
Prior	3	0
Revolving Finance Receivables	0	0
Total Finance Receivables	3	5
Finance Receivables | Customer | Mining | 91+ days past due
Financing Receivable, Credit Quality Indicator
2022 and 2021, respectively	0	0
2021 and 2020, respectively	0	1
2020 and 2019, respectively	1	8
2019 and 2018, respectively	0	9
2018 and 2017, respectively	3	3
Prior	1	1
Revolving Finance Receivables	0	0
Total Finance Receivables	5	22
Finance Receivables | Customer | Latin America | Current
Financing Receivable, Credit Quality Indicator
2022 and 2021, respectively	584	617
2021 and 2020, respectively	443	299
2020 and 2019, respectively	176	160
2019 and 2018, respectively	86	70
2018 and 2017, respectively	24	17
Prior	14	18
Revolving Finance Receivables	0	0
Total Finance Receivables	1,327	1,181
Finance Receivables | Customer | Latin America | 31-60 days past due
Financing Receivable, Credit Quality Indicator
2022 and 2021, respectively	5	4
2021 and 2020, respectively	9	7
2020 and 2019, respectively	5	3
2019 and 2018, respectively	2	3
2018 and 2017, respectively	12	1
Prior	0	0
Revolving Finance Receivables	0	0
Total Finance Receivables	33	18
Finance Receivables | Customer | Latin America | 61-90 days past due
Financing Receivable, Credit Quality Indicator
2022 and 2021, respectively	4	3
2021 and 2020, respectively	4	3
2020 and 2019, respectively	2	1
2019 and 2018, respectively	1	1
2018 and 2017, respectively	0	0
Prior	0	0
Revolving Finance Receivables	0	0
Total Finance Receivables	11	8
Finance Receivables | Customer | Latin America | 91+ days past due
Financing Receivable, Credit Quality Indicator
2022 and 2021, respectively	0	4
2021 and 2020, respectively	14	9
2020 and 2019, respectively	14	9
2019 and 2018, respectively	5	7
2018 and 2017, respectively	4	7
Prior	17	14
Revolving Finance Receivables	0	0
Total Finance Receivables	54	50
Finance Receivables | Customer | Caterpillar Power Finance | Current
Financing Receivable, Credit Quality Indicator
2022 and 2021, respectively	40	117
2021 and 2020, respectively	91	145
2020 and 2019, respectively	145	97
2019 and 2018, respectively	75	70
2018 and 2017, respectively	30	180
Prior	170	104
Revolving Finance Receivables	118	101
Total Finance Receivables	669	814
Finance Receivables | Customer | Caterpillar Power Finance | 31-60 days past due
Financing Receivable, Credit Quality Indicator
2022 and 2021, respectively	0	0
2021 and 2020, respectively	0	0
2020 and 2019, respectively	0	0
2019 and 2018, respectively	0	0
2018 and 2017, respectively	0	0
Prior	0	0
Revolving Finance Receivables	0	0
Total Finance Receivables	0	0
Finance Receivables | Customer | Caterpillar Power Finance | 61-90 days past due
Financing Receivable, Credit Quality Indicator
2022 and 2021, respectively	0	0
2021 and 2020, respectively	0	0
2020 and 2019, respectively	0	0
2019 and 2018, respectively	0	0
2018 and 2017, respectively	0	0
Prior	0	0
Revolving Finance Receivables	0	0
Total Finance Receivables	0	0
Finance Receivables | Customer | Caterpillar Power Finance | 91+ days past due
Financing Receivable, Credit Quality Indicator
2022 and 2021, respectively	0	0
2021 and 2020, respectively	0	0
2020 and 2019, respectively	0	0
2019 and 2018, respectively	0	0
2018 and 2017, respectively	0	0
Prior	8	44
Revolving Finance Receivables	0	0
Total Finance Receivables	$ 8	$ 44

Cat Financial Financing Activ_5

Cat Financial Financing Activities (Details Non-accrual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Receivables [Abstract]
Period after which Collection of Future Income is Considered as Not Probable			120 days
Dealer
Financing Receivable, Nonaccrual
Interest income recognized for finance receivables on non-accrual status	$ 0	$ 0	$ 0	$ 0
Customer
Financing Receivable, Nonaccrual
Interest income recognized for finance receivables on non-accrual status	2	$ 1	11	$ 9
Finance Receivables | Dealer
Financing Receivable, Nonaccrual
Financing Receivable, 91 days past due and still accruing	0		0		$ 0
Finance Receivables | Customer
Financing Receivable, Nonaccrual
Amortized Cost, Non-accrual With an Allowance	183		183		184
Amortized Cost, Non-accrual Without an Allowance	17		17		26
Financing Receivable, 91 days past due and still accruing	21		21		36
Finance Receivables | North America | Customer
Financing Receivable, Nonaccrual
Amortized Cost, Non-accrual With an Allowance	54		54		47
Amortized Cost, Non-accrual Without an Allowance	5		5		9
Financing Receivable, 91 days past due and still accruing	10		10		12
Finance Receivables | EAME | Customer
Financing Receivable, Nonaccrual
Amortized Cost, Non-accrual With an Allowance	42		42		18
Amortized Cost, Non-accrual Without an Allowance	0		0		1
Financing Receivable, 91 days past due and still accruing	4		4		2
Finance Receivables | Asia/Pacific | Customer
Financing Receivable, Nonaccrual
Amortized Cost, Non-accrual With an Allowance	15		15		19
Amortized Cost, Non-accrual Without an Allowance	0		0		0
Financing Receivable, 91 days past due and still accruing	7		7		7
Finance Receivables | Mining | Customer
Financing Receivable, Nonaccrual
Amortized Cost, Non-accrual With an Allowance	6		6		8
Amortized Cost, Non-accrual Without an Allowance	1		1		1
Financing Receivable, 91 days past due and still accruing	0		0		14
Finance Receivables | Latin America | Dealer
Financing Receivable, Nonaccrual
Amortized Cost, Non-accrual With an Allowance	58		58		78
Finance Receivables | Latin America | Customer
Financing Receivable, Nonaccrual
Amortized Cost, Non-accrual With an Allowance	57		57		52
Amortized Cost, Non-accrual Without an Allowance	0		0		4
Financing Receivable, 91 days past due and still accruing	0		0		1
Finance Receivables | Caterpillar Power Finance | Customer
Financing Receivable, Nonaccrual
Amortized Cost, Non-accrual With an Allowance	9		9		40
Amortized Cost, Non-accrual Without an Allowance	11		11		11
Financing Receivable, 91 days past due and still accruing	$ 0		$ 0		$ 0

Cat Financial Financing Activ_6

Cat Financial Financing Activities (Details TDR) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) Contracts	Sep. 30, 2021 USD ($) Contracts	Sep. 30, 2022 USD ($) Contracts	Sep. 30, 2021 USD ($) Contracts
Customer
Finance receivables modified as TDRs
Pre-TDR Amortized Cost	$ 29	$ 17	$ 40	$ 54
Post-TDR Amortized Cost	29	13	39	44
TDRs which had been modified within twelve months of the default date
Financing Receivable, Troubled Debt Restructuring, Subsequent Default	0	0	5	27
Customer | North America
Finance receivables modified as TDRs
Pre-TDR Amortized Cost	3	1	4	5
Post-TDR Amortized Cost	3	1	4	5
TDRs which had been modified within twelve months of the default date
Financing Receivable, Troubled Debt Restructuring, Subsequent Default	0	0	0	1
Customer | EAME
Finance receivables modified as TDRs
Pre-TDR Amortized Cost	0	1	1	1
Post-TDR Amortized Cost	0	1	1	1
Customer | Asia/Pacific
Finance receivables modified as TDRs
Pre-TDR Amortized Cost	0	4	0	4
Post-TDR Amortized Cost	0	4	0	4
TDRs which had been modified within twelve months of the default date
Financing Receivable, Troubled Debt Restructuring, Subsequent Default	0	0	0	6
Customer | Mining
Finance receivables modified as TDRs
Pre-TDR Amortized Cost	15	0	15	11
Post-TDR Amortized Cost	15	0	15	5
TDRs which had been modified within twelve months of the default date
Financing Receivable, Troubled Debt Restructuring, Subsequent Default	0	0	5	0
Customer | Latin America
Finance receivables modified as TDRs
Pre-TDR Amortized Cost	0	4	0	10
Post-TDR Amortized Cost	0	4	0	10
TDRs which had been modified within twelve months of the default date
Financing Receivable, Troubled Debt Restructuring, Subsequent Default	0	0	0	15
Customer | Caterpillar Power Finance
Finance receivables modified as TDRs
Pre-TDR Amortized Cost	11	7	20	23
Post-TDR Amortized Cost	11	3	19	19
TDRs which had been modified within twelve months of the default date
Financing Receivable, Troubled Debt Restructuring, Subsequent Default	$ 0	$ 0	$ 0	$ 5
Dealer
Finance receivables modified as TDRs
Number of Contracts (in contracts) | Contracts	0	0	0	0

Fair Value Disclosures (Details

Fair Value Disclosures (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities, Available-for-sale, Fair value	$ 2,767	$ 1,721
Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities, Available-for-sale, Fair value	2,767	1,721
Equity Securities	431	482
Total Assets	3,536	2,415
Total Liabilities	242
Recurring basis | Interest rate contracts
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Derivative Assets (Liabilities), at Fair Value, Net	(208)	23
Recurring basis | Foreign exchange contracts
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Derivative Assets (Liabilities), at Fair Value, Net	338	168
Recurring basis | Commodity contracts
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Derivative Assets (Liabilities), at Fair Value, Net	(34)	21
U.S. treasury bonds
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities, Available-for-sale, Fair value	10	10
U.S. treasury bonds | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities, Available-for-sale, Fair value	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, Available-for-sale, Fair value	49	61
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, Available-for-sale, Fair value	49	61
Corporate bonds
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities, Available-for-sale, Fair value	2,048	1,046
Corporate bonds | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities, Available-for-sale, Fair value	2,048	1,046
Asset-backed securities
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities, Available-for-sale, Fair value	180	176
Asset-backed securities | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities, Available-for-sale, Fair value	180	176
U.S. governmental agency | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities, Available-for-sale, Fair value	348	325
Residential
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities, Available-for-sale, Fair value	3	4
Residential | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities, Available-for-sale, Fair value	3	4
Commercial
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities, Available-for-sale, Fair value	129	99
Commercial | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities, Available-for-sale, Fair value	129	99
Large capitalization value | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Equity Securities	183	217
Smaller company growth | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Equity Securities	40	98
REIT | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Equity Securities	208	167
Level 1 | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities, Available-for-sale, Fair value	10	10
Equity Securities	223	315
Total Assets	233	325
Level 1 | U.S. treasury bonds | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities, Available-for-sale, Fair value	10	10
Level 1 | Large capitalization value | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Equity Securities	183	217
Level 1 | Smaller company growth | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Equity Securities	40	98
Level 2 | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities, Available-for-sale, Fair value	2,707	1,711
Total Assets	3,045	1,923
Total Liabilities	242
Level 2 | Recurring basis | Interest rate contracts
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Derivative Assets (Liabilities), at Fair Value, Net	(208)	23
Level 2 | Recurring basis | Foreign exchange contracts
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Derivative Assets (Liabilities), at Fair Value, Net	338	168
Level 2 | Recurring basis | Commodity contracts
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Derivative Assets (Liabilities), at Fair Value, Net	(34)	21
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, Available-for-sale, Fair value	49	61
Level 2 | Corporate bonds | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities, Available-for-sale, Fair value	1,998	1,046
Level 2 | Asset-backed securities | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities, Available-for-sale, Fair value	180	176
Level 2 | U.S. governmental agency | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities, Available-for-sale, Fair value	348	325
Level 2 | Residential | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities, Available-for-sale, Fair value	3	4
Level 2 | Commercial | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities, Available-for-sale, Fair value	129	99
Fair Value Measured on Net Asset Value (NAV) | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Equity Securities	208	167
Total Assets	208	167
Fair Value Measured on Net Asset Value (NAV) | REIT | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Equity Securities	208	167
Level 3 | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities, Available-for-sale, Fair value	50
Total Assets	50
Level 3 | Corporate Debt Securities | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities, Available-for-sale, Fair value	50
Financial Products | Level 3 | Nonrecurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Loans carried at fair value	$ 90	$ 100

Fair Value Disclosures (Detai_2

Fair Value Disclosures (Details 2) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Carrying Amount
Assets
Finance receivables-net (excluding finance leases)	$ 13,931	$ 13,837
Wholesale inventory receivables-net (excluding finance leases)	768	773
Carrying Amount | Machinery, Energy & Transportation
Liabilities
Long-term debt (including amounts due within one year)	9,599	9,791
Carrying Amount | Financial Products
Liabilities
Long-term debt (including amounts due within one year)	22,724	22,594
Carrying amount of assets excluded from measurement at fair value
Assets
Excluded items: Finance leases and failed sale leasebacks, Carrying Value	7,083	8,083
Level 2 | Fair Value | Machinery, Energy & Transportation
Liabilities
Long-term debt (including amounts due within one year)	9,072	12,420
Level 2 | Fair Value | Financial Products
Liabilities
Long-term debt (including amounts due within one year)	21,886	22,797
Level 3 | Fair Value
Assets
Finance receivables-net (excluding finance leases)	13,356	13,836
Wholesale inventory receivables-net (excluding finance leases)	$ 724	$ 753

Other income (expense) (Details

Other income (expense) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Other Income and Expenses [Abstract]
Investment and interest income	$ 52	$ 20	$ 98	$ 64
Foreign exchange gains (losses)	134	47	405	110
License fee income	37	31	106	88
Net periodic pension and OPEB income (cost), excluding service cost	67	111	201	333
Gains (losses) on securities	0	50	(59)	92
Miscellaneous income (loss)	(48)	(34)	4	64
Total	$ 242	$ 225	$ 755	$ 751

Restructuring Costs (Details)

Restructuring Costs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Restructuring and Related Cost
Restructuring costs	$ 49	$ 35	$ 90	$ 124
Employee Separation Charges [Roll Forward]
Restructuring Reserve, Beginning Balance			61	164
Increase in liability (separation charges)			62	79
Payments for Restructuring			(63)	(159)
Restructuring Reserve, Ending Balance	60	84	60	84
Employee separations | Other Operating Income (Expense)
Restructuring and Related Cost
Restructuring costs	39	17	62	79
Contract terminations | Other Operating Income (Expense)
Restructuring and Related Cost
Restructuring costs	1	1	1	1
Long-lived asset impairments | Other Operating Income (Expense)
Restructuring and Related Cost
Restructuring costs	(4)	8	1	12
Other | Cost of Sales
Restructuring and Related Cost
Restructuring costs	$ 13	$ 9	$ 26	$ 32