Caterpillar (CAT) 10-Q 3 May 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page	3 Months Ended
	Mar. 31, 2023 shares
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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	515,920,061
Entity Central Index Key	0000018230
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock ($1.00 par value)
Trading Symbol	CAT
Security Exchange Name	NYSE
5.3% Debentures due September 15, 2035
Entity Information [Line Items]
Title of 12(b) Security	5.3% Debentures due September 15, 2035
Trading Symbol	CAT35
Security Exchange Name	NYSE

Consolidated Statement of Resul

Consolidated Statement of Results of Operations - USD ($) shares in Millions, $ in Millions		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Sales and revenues:
Sales and revenues		$ 15,862	$ 13,589
Operating costs:
Cost of goods sold		10,103	9,559
Selling, general and administrative expenses		1,463	1,346
Research and development expenses		472	457
Other operating (income) expenses		876	266
Total operating costs		13,131	11,734
Operating profit		2,731	1,855
Other income (expense)		32	253
Consolidated profit before taxes		2,634	1,999
Provision (benefit) for income taxes		708	469
Profit of consolidated companies		1,926	1,530
Equity in profit (loss) of unconsolidated affiliated companies		16	7
Profit of consolidated and affiliated companies		1,942	1,537
Less: Profit (loss) attributable to the noncontrolling interests		(1)	0
Profit	[1]	$ 1,943	$ 1,537
Profit per common share (in dollars per share)		$ 3.76	$ 2.88
Profit per common share - diluted (in dollars per share)	[2]	$ 3.74	$ 2.86
Weighted-average common shares outstanding (millions)
Basic (in shares)		516.2	534.5
Diluted (in shares)	[2]	519.4	538.3
Machinery, Energy & Transportation
Sales and revenues:
Sales and revenues		$ 15,099	$ 12,886
Financial Products
Sales and revenues:
Sales and revenues		763	703
Operating costs:
Interest expense of Financial Products		217	106
All other excluding Financial Products
Operating costs:
Interest expense excluding Financial Products		$ 129	$ 109
[1]Profit attributable to common shareholders.[2]Diluted by assumed exercise of stock-based compensation awards using the treasury stock method.

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Profit of consolidated and affiliated companies	$ 1,942	$ 1,537
Foreign currency translation	607	(115)
Pension and other post retirement benefits	(2)	(1)
Derivative financial instruments	84	23
Available for sale securities	22	(64)
Total other comprehensive income (loss), net of tax	711	(157)
Comprehensive income	2,653	1,380
Less: comprehensive income attributable to the noncontrolling interests	(1)	0
Comprehensive income attributable to shareholders	$ 2,654	$ 1,380

Consolidated Statement of Finan

Consolidated Statement of Financial Position - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 6,789	$ 7,004
Receivables - trade and other	9,230	8,856
Receivables - finance	9,119	9,013
Prepaid expenses and other current assets	2,889	2,642
Inventories	17,633	16,270
Total current assets	45,660	43,785
Property, plant and equipment - net	11,973	12,028
Long-term receivables - trade and other	1,209	1,265
Long-term receivables - finance	11,845	12,013
Noncurrent deferred and refundable income taxes	2,405	2,213
Intangible assets	694	758
Goodwill	5,309	5,288
Other assets	4,554	4,593
Total assets	83,649	81,943
Short-term borrowings:
Accounts payable	8,951	8,689
Accrued expenses	4,121	4,080
Accrued wages, salaries and employee benefits	1,368	2,313
Customer advances	2,202	1,860
Dividends payable	0	620
Other current liabilities	3,035	2,690
Long-term debt due within one year:
Total current liabilities	31,842	31,531
Long-term debt due after one year:
Liability for postemployment benefits	4,069	4,203
Other liabilities	4,695	4,604
SPC liabilities in consolidated statement	65,479	66,052
Commitments and contingencies (Notes 11 and 14)
Shareholders' equity
Authorized shares: 2,000,000,000 Issued shares: (3/31/23 and 12/31/22 – 814,894,624) at paid-in amount	6,546	6,560
Treasury stock: (3/31/23 – 298,974,563 shares; 12/31/22 – 298,549,134 shares) at cost	(32,108)	(31,748)
Profit employed in the business	45,457	43,514
Accumulated other comprehensive income (loss)	(1,746)	(2,457)
Noncontrolling interests	21	22
Total shareholders' equity	18,170	15,891
Total liabilities and shareholders' equity	$ 83,649	$ 81,943
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	298,974,563	298,549,134
Machinery, Energy & Transportation
Short-term borrowings:
Short-term borrowings	$ 0	$ 3
Long-term debt due within one year:
Long-term debt due within one year	37	120
Long-term debt due after one year:
Long-term Debt due after one year	9,558	9,498
Financial Products
Short-term borrowings:
Short-term borrowings	5,841	5,954
Long-term debt due within one year:
Long-term debt due within one year	6,287	5,202
Long-term debt due after one year:
Long-term Debt due after one year	$ 15,315	$ 16,216

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, 2021		$ 16,516	$ 6,398	$ (27,643)	$ 39,282	$ (1,553)	$ 32
Increase (Decrease) in Shareholders' Equity
Profit of consolidated and affiliated companies		1,537	0	0	1,537	0	0
Foreign currency translation		(115)	0	0	0	(115)	0
Pension and other post retirement benefits		(1)	0	0	0	(1)	0
Derivative financial instruments, net of tax		23	0	0	0	23	0
Available for sale securities		(64)	0	0	0	(64)	0
Dividends declared		1	0	0	1	0	0
Common shares issued from treasury stock for stock-based compensation		(28)	(65)	37	0	0	0
Stock-based compensation expense, before tax (in dollars)		40	40	0	0	0	0
Common shares repurchased	[1]	(720)	0	(720)	0	0	0
Other		(92)	(92)	0	0	0	0
Balance at Mar. 31, 2022		$ 17,097	6,281	(28,326)	40,820	(1,710)	32
Increase (Decrease) in Shareholders' Equity
Common shares issued, Shares, from treasury stock for stock-based compensation (in shares)		1,037,468
Common shares repurchased (in shares)		3,571,684
Balance at Dec. 31, 2022		$ 15,891	6,560	(31,748)	43,514	(2,457)	22
Increase (Decrease) in Shareholders' Equity
Profit of consolidated and affiliated companies		1,942	0	0	1,943	0	(1)
Foreign currency translation		607	0	0	0	607	0
Pension and other post retirement benefits		(2)	0	0	0	(2)	0
Derivative financial instruments, net of tax		84	0	0	0	84	0
Available for sale securities		22	0	0	0	22	0
Common shares issued from treasury stock for stock-based compensation		(25)	(66)	41	0	0	0
Stock-based compensation expense, before tax (in dollars)		44	44	0	0	0	0
Common shares repurchased	[1]	(400)	0	(400)	0	0	0
Other		7	8	(1)	0	0	0
Balance at Mar. 31, 2023		$ 18,170	$ 6,546	$ (32,108)	$ 45,457	$ (1,746)	$ 21
Increase (Decrease) in Shareholders' Equity
Common shares issued, Shares, from treasury stock for stock-based compensation (in shares)		1,276,331
Common shares repurchased (in shares)		1,701,760
[1]See Note 12 for additional information.

Consolidated Statement of Cash

Consolidated Statement of Cash Flow - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flow from operating activities:
Profit of consolidated and affiliated companies	$ 1,942	$ 1,537
Adjustments for non-cash items:
Depreciation and amortization	532	557
Provision (benefit) for deferred income taxes	(191)	(99)
Loss on divestiture	572	0
Other	117	(52)
Changes in assets and liabilities, net of acquisitions and divestitures:
Receivables - trade and other	(329)	(372)
Inventories	(1,403)	(1,032)
Accounts payable	477	452
Accrued expenses	38	(74)
Accrued wages, salaries and employee benefits	(950)	(965)
Customer advances	365	311
Other assets - net	107	99
Other liabilities - net	296	(49)
Net cash provided by (used for) operating activities	1,573	313
Cash flow from investing activities:
Payments to Acquire Property, Plant, and Equipment	(422)	(346)
Expenditures for equipment leased to others	(328)	(333)
Proceeds from disposals of leased assets and property, plant and equipment	184	269
Additions to finance receivables	(3,020)	(2,988)
Collections of finance receivables	3,169	2,966
Proceeds from sale of finance receivables	24	9
Investments and acquisitions (net of cash acquired)	(5)	(8)
Proceeds from sale of businesses and investments (net of cash sold)	(14)	0
Proceeds from sale of securities	239	571
Investments in securities	(536)	(1,438)
Other - net	26	(15)
Net Cash Provided by (Used in) Investing Activities	(683)	(1,313)
Cash flow from financing activities:
Dividends paid	(620)	(595)
Common stock issued, including treasury shares reissued	(25)	(28)
Common shares repurchased	(400)	(820)
Short-term borrowings - net (original maturities three months or less)	(103)	(1,016)
Net cash provided by (used for) financing activities	(1,106)	(1,715)
Effect of exchange rate changes on cash	(1)	(16)
Increase (decrease) in cash, cash equivalents and restricted cash	(217)	(2,731)
Cash and short-term investments and restricted cash at beginning of period	7,013	9,263
Cash and short-term investments and restricted cash at end of period	6,796	6,532
Machinery, Energy & Transportation
Cash flow from financing activities:
Proceeds from debt issued (original maturities greater than three months)	0	0
Payments on debt (original maturities greater than three months)	(90)	(6)
Financial Products
Cash flow from financing activities:
Proceeds from debt issued (original maturities greater than three months)	1,517	2,131
Payments on debt (original maturities greater than three months)	$ (1,385)	$ (1,381)

Nature of Operations, Basis of

Nature of Operations, Basis of Presentation and Change in Accounting Principle	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations and Basis of Presentation	A. Nature of operations Information in our financial statements and related commentary are presented in the following categories: Machinery, Energy & Transportation (ME&T) – We define ME&T as Caterpillar Inc. and its subsidiaries, excluding Financial Products. ME&T’s information relates to the design, manufacturing and marketing of our products. Financial Products – We define Financial Products as our finance and insurance subsidiaries, primarily Caterpillar Financial Services Corporation (Cat Financial) and Caterpillar Insurance Holdings Inc. (Insurance Services). Financial Products’ information relates to the financing to customers and dealers for the purchase and lease of Caterpillar and other equipment. B. Basis of presentation In the opinion of management, the accompanying unaudited financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of (a) the consolidated results of operations for the three months ended March 31, 2023 and 2022, (b) the consolidated comprehensive income for the three months ended March 31, 2023 and 2022, (c) the consolidated financial position at March 31, 2023 and December 31, 2022, (d) the consolidated changes in shareholders’ equity for the three months ended March 31, 2023 and 2022 and (e) the consolidated cash flow for the three months ended March 31, 2023 and 2022. 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, 2022 (2022 Form 10-K). The December 31, 2022 financial position data included herein is derived from the audited consolidated financial statements included in the 2022 Form 10-K but does not include all disclosures required by U.S. GAAP. Certain amounts for prior periods have been reclassified to conform to the current period financial statement presentation.

New Accounting Guidance

New Accounting Guidance	3 Months Ended
	Mar. 31, 2023
Accounting Changes and Error Corrections [Abstract]
New Accounting Guidance	New accounting guidance A. Adoption of new accounting standards Supplier finance programs (ASU 2022-04) - In September 2022, the Financial Accounting Standards Board (FASB) issued guidance to enhance the transparency of supplier finance programs. The new standard requires annual disclosure of the key terms of the program, a description of where in the financial statements amounts outstanding under the program are presented, a rollforward of such amounts, and interim disclosure of amounts outstanding as of the end of each period. The guidance does not affect recognition, measurement, or financial statement presentation of supplier finance programs. The ASU was effective on January 1, 2023, except for the rollforward, which is effective on January 1, 2024. Our adoption of this guidance results in the following disclosures relating to our supplier finance programs and related obligations. We facilitate voluntary supplier finance programs (the “Programs”) through participating financial institutions. The Programs are available to a wide range of suppliers and allow them the option to manage their cash flow. We are not a party to the agreements between the participating financial institutions and the suppliers in connection with the Programs. The range of payment terms, typically 60-90 days, we negotiate with our suppliers is consistent, irrespective of whether a supplier participates in the Programs. The amount of obligations outstanding that are confirmed as valid to the participating financial institutions for suppliers who voluntarily participate in the Programs, included in Accounts payable in the Consolidated Statement of Financial Position, were $970 million and $862 million at March 31, 2023 and December 31, 2022, respectively. We consider the applicability and impact of all ASUs. We adopted the following ASUs effective January 1, 2023, none of which had a material impact on our financial statements: ASU Description 2021-08 Business combinations 2022-02 Financial instruments - Credit losses 2022-06 Reference rate reform 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	3 Months Ended
	Mar. 31, 2023
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 and end users in Receivables – trade and other and Long-term receivables – trade and other in the Consolidated Statement of Financial Position. Trade receivables from dealers and end users were $7,854 million, $7,551 million and $7,267 million as of March 31, 2023, December 31, 2022 and December 31, 2021, respectively. Long-term trade receivables from dealers and end users were $472 million, $506 million and $624 million as of March 31, 2023, December 31, 2022 and December 31, 2021, respectively. For certain contracts, we invoice for payment when contractual milestones are achieved. We recognize a contract asset when a sale is recognized prior to invoicing. We reduce the contract asset when we invoice for payment and recognize a corresponding trade receivable. Contract assets are included in Prepaid expenses and other current assets in the Consolidated Statement of Financial Position. Contract assets were $195 million, $247 million and $187 million as of March 31, 2023, December 31, 2022 and December 31, 2021, respectively. We invoice in advance of recognizing the sale of certain products. We recognize advanced customer payments as a contract liability in Customer advances and Other liabilities in the Consolidated Statement of Financial Position. Contract liabilities were $2,664 million, $2,314 million and $1,557 million as of March 31, 2023, December 31, 2022 and December 31, 2021, respectively. We reduce the contract liability when revenue is recognized. During the three months ended March 31, 2023 and 2022, we recognized $737 million and $437 million, respectively, of revenue that was recorded as a contract liability at the beginning of 2023 and 2022. As of March 31, 2023, we have entered into contracts with dealers and end users for which sales have not been recognized as we have not satisfied our performance obligations and transferred control of the products. The dollar amount of unsatisfied performance obligations for contracts with an original duration greater than one year is $12.6 billion, with about one-half of the amount expected to be completed and revenue recognized in the twelve months following March 31, 2023. We have elected the practical expedient not to disclose unsatisfied performance obligations with an original contract duration of one year or less. Contracts with an original duration of one year or less are primarily sales to dealers for machinery, engines and replacement parts. See Note 16 for further disaggregated sales and revenues information.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2022
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-based compensation Accounting for stock-based compensation requires that the cost resulting from all stock-based payments be recognized in the financial statements based on the grant date fair value of the award. Our stock-based compensation consists of stock options, restricted stock units (RSUs) and performance-based restricted stock units (PRSUs). We recognized pretax stock-based compensation expense of $44 million and $40 million for the three months ended March 31, 2023 and 2022, respectively. The following table illustrates the type and fair value of the stock-based compensation awards granted during the three months ended March 31, 2023 and 2022, respectively: Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 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 777,275 $ 75.79 $ 253.98 1,029,202 $ 51.69 $ 196.70 RSUs 379,426 $ 253.98 $ 253.98 484,025 $ 196.70 $ 196.70 PRSUs 221,869 $ 253.98 $ 253.98 258,900 $ 196.70 $ 196.70 The following table provides the assumptions used in determining the fair value of the stock-based awards for the three months ended March 31, 2023 and 2022, respectively: Grant Year 2023 2022 Weighted-average dividend yield 2.60% 2.60% Weighted-average volatility 31.0% 31.7% Range of volatilities 28.5% - 35.5% 25.3% - 36.8% Range of risk-free interest rates 3.92% - 5.03% 1.03% - 2.00% Weighted-average expected lives 7 years 8 years

Derivative Financial Instrument

Derivative Financial Instruments and Risk Management	3 Months Ended
	Mar. 31, 2023
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 AOCI changes in the fair value of a derivative that is qualified, designated and highly effective as a cash flow hedge, to the extent effective, on the Consolidated Statement of Financial Position until we reclassify them to earnings in the same period or periods during which the hedged transaction affects earnings. We report changes in the fair value of undesignated derivative instruments in current earnings. We classify cash flows from designated derivative financial instruments within the same category as the item being hedged on the Consolidated Statement of Cash Flow. We include cash flows from undesignated derivative financial instruments in the investing category on the Consolidated Statement of Cash Flow. We formally document all relationships between hedging instruments and hedged items, as well as the risk-management objective and strategy for undertaking various hedge transactions. This process includes linking all derivatives that are designated as fair value hedges to specific assets and liabilities on the Consolidated Statement of Financial Position and linking cash flow hedges to specific forecasted transactions or variability of cash flow. We also formally assess, both at the hedge’s inception and on an ongoing basis, whether the designated derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flow of hedged items. When a derivative is determined not to be highly effective as a hedge or the underlying hedged transaction is no longer probable, we discontinue hedge accounting prospectively, in accordance with the derecognition criteria for hedge accounting. Foreign Currency Exchange Rate Risk Foreign currency exchange rate movements create a degree of risk by affecting the U.S. dollar value of sales made and costs incurred in foreign currencies. Movements in foreign currency rates also affect our competitive position as these changes may affect business practices and/or pricing strategies of non-U.S.-based competitors. Additionally, we have balance sheet positions denominated in foreign currencies, thereby creating exposure to movements in exchange rates. Our ME&T operations purchase, manufacture and sell products in many locations around the world. As we have a diversified revenue and cost base, we manage our future foreign currency cash flow exposure on a net basis. We use foreign currency forward and option contracts to manage unmatched foreign currency cash inflow and outflow. Our objective is to minimize the risk of exchange rate movements that would reduce the U.S. dollar value of our foreign currency cash flow. Our policy allows for managing anticipated foreign currency cash flow for up to approximately five years. As of March 31, 2023, 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 March 31, 2023 December 31, 2022 Assets 1 Liabilities 2 Assets 1 Liabilities 2 Designated derivatives Foreign exchange contracts $ 452 $ (106) $ 462 $ (152) Interest rate contracts 86 (221) 93 (288) Total $ 538 $ (327) $ 555 $ (440) Undesignated derivatives Foreign exchange contracts $ 30 $ (67) $ 65 $ (47) Commodity contracts 27 (10) 24 (9) Total $ 57 $ (77) $ 89 $ (56) 1 Assets are classified on the Consolidated Statement of Financial Position as Receivables - trade and other or Long-term receivables - trade and other. 2 Liabilities are classified on the Consolidated Statement of Financial Position as Accrued expenses or Other liabilities. The total notional amounts of the derivative instruments as of March 31, 2023 and December 31, 2022 were $22.8 billion and $24.3 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 March 31 Fair Value / Undesignated Hedges Cash Flow Hedges Gains (Losses) Recognized on the Consolidated Statement of Results of Operations 1 Gains (Losses) Recognized in AOCI Gains (Losses) Reclassified from AOCI 2 2023 2022 2023 2022 2023 2022 Foreign exchange contracts $ (28) $ (63) $ 58 $ (9) $ (65) $ 26 Interest rate contracts (27) 7 (2) 56 13 (7) Commodity contract 8 93 — — — — Total $ (47) $ 37 $ 56 $ 47 $ (52) $ 19 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). Interest rate contract gains (losses) are primarily included in Interest expense of 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 March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 Long-term debt due within one year $ 194 $ — $ (6) $ — Long-term debt due after one year 4,115 4,173 (189) (280) Total $ 4,309 $ 4,173 $ (195) $ (280) We enter into International Swaps and Derivatives Association (ISDA) master netting agreements within ME&T and Financial Products that permit the net settlement of amounts owed under their respective derivative contracts. Under these master netting agreements, net settlement generally permits the company or the counterparty to determine the net amount payable for contracts due on the same date and in the same currency for similar types of derivative transactions. The master netting agreements may also provide for net settlement of all outstanding contracts with a counterparty in the case of an event of default or a termination event. Collateral is typically not required of the counterparties or of our company under the master netting agreements. As of March 31, 2023 and December 31, 2022, no cash collateral was received or pledged under the master netting agreements. The effect of the net settlement provisions of the master netting agreements on our derivative balances upon an event of default or termination event was as follows: (Millions of dollars) March 31, 2023 December 31, 2022 Assets Liabilities Assets Liabilities Gross Amounts Recognized $ 595 $ (404) $ 644 $ (496) Financial Instruments Not Offset (164) 164 (233) 233 Net Amount $ 431 $ (240) $ 411 $ (263)

Inventories

Inventories	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories (principally using the last-in, first-out (LIFO) method) were comprised of the following: (Millions of dollars) March 31, December 31, Raw materials $ 6,776 $ 6,370 Work-in-process 1,656 1,452 Finished goods 8,868 8,138 Supplies 333 310 Total inventories $ 17,633 $ 16,270

Intangible Assets and Goodwill

Intangible Assets and Goodwill	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets and Goodwill	Intangible assets and goodwill A. Intangible assets Intangible assets were comprised of the following: March 31, 2023 (Millions of dollars) Weighted Gross Accumulated Net Customer relationships 16 $ 2,241 $ (1,717) $ 524 Intellectual property 13 1,470 (1,345) 125 Other 17 121 (76) 45 Total finite-lived intangible assets 15 $ 3,832 $ (3,138) $ 694 December 31, 2022 Weighted Gross Accumulated Net Customer relationships 16 $ 2,233 $ (1,675) $ 558 Intellectual property 12 1,473 (1,320) 153 Other 16 132 (85) 47 Total finite-lived intangible assets 14 $ 3,838 $ (3,080) $ 758 Amortization expense for the three months ended March 31, 2023 and 2022 was $66 million and $72 million, respectively. Amortization expense related to intangible assets is expected to be: (Millions of dollars) Remaining Nine Months of 2023 2024 2025 2026 2027 Thereafter $151 $171 $161 $91 $27 $93 B. Goodwill No goodwill was impaired during the three months ended March 31, 2023 or 2022. The changes in carrying amount of goodwill by reportable segment for the three months ended March 31, 2023 were as follows: (Millions of dollars) December 31, Other Adjustments 1 March 31, Construction Industries Goodwill $ 287 $ (3) $ 284 Impairments (22) — (22) Net goodwill 265 (3) 262 Resource Industries Goodwill 4,130 18 4,148 Impairments (1,175) — (1,175) Net goodwill 2,955 18 2,973 Energy & Transportation Goodwill 2,947 6 2,953 Impairments (925) — (925) Net goodwill 2,022 6 2,028 All Other 2 Goodwill 46 — 46 Impairments — — — Net goodwill 46 — 46 Consolidated total Goodwill 7,410 21 7,431 Impairments (2,122) — (2,122) Net goodwill $ 5,288 $ 21 $ 5,309 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	3 Months Ended
	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Investments in Debt and Equity Securities	Investments in debt and equity securities We have investments in certain debt and equity securities, which we record at fair value and primarily include in Other assets in the Consolidated Statement of Financial Position. We classify debt securities primarily as available-for-sale. We include the unrealized gains and losses arising from the revaluation of available-for-sale debt securities, net of applicable deferred income taxes, in equity (AOCI in the Consolidated Statement of Financial Position). We include the unrealized gains and losses arising from the revaluation of the equity securities in Other income (expense) in the Consolidated Statement of Results of Operations. We generally determine realized gains and losses on sales of investments using the specific identification method for available-for-sale debt and equity securities and include them in Other income (expense) in the Consolidated Statement of Results of Operations. The cost basis and fair value of available-for-sale debt securities with unrealized gains and losses included in equity (AOCI in the Consolidated Statement of Financial Position) were as follows: Available-for-sale debt securities March 31, 2023 December 31, 2022 (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 $ (1) $ 9 $ 9 $ — $ 9 Other U.S. and non-U.S. government bonds 61 (4) 57 60 (5) 55 Corporate debt securities Corporate bonds and other debt securities 2,594 (75) 2,519 2,561 (95) 2,466 Asset-backed securities 189 (5) 184 187 (5) 182 Mortgage-backed debt securities U.S. governmental agency 366 (25) 341 364 (31) 333 Residential 3 (1) 2 3 (1) 2 Commercial 135 (10) 125 127 (10) 117 Total available-for-sale debt securities $ 3,358 $ (121) $ 3,237 $ 3,311 $ (147) $ 3,164 Available-for-sale debt securities in an unrealized loss position: March 31, 2023 Less than 12 months 1 12 months or more 1 Total (Millions of dollars) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Government debt securities Other U.S. and non-U.S. government bonds $ 13 $ 1 $ 26 $ 4 $ 39 $ 5 Corporate debt securities Corporate bonds 990 19 931 61 1,921 80 Asset-backed securities 67 2 86 4 153 6 Mortgage-backed debt securities U.S. governmental agency 107 3 226 22 333 25 Commercial 42 2 83 8 125 10 $ 1,219 $ 27 $ 1,352 $ 99 $ 2,571 $ 126 December 31, 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 $ 19 $ 1 $ 20 $ 4 $ 39 $ 5 Corporate debt securities Corporate bonds 1,815 46 357 50 2,172 96 Asset-backed securities 75 2 55 3 130 5 Mortgage-backed debt securities U.S. governmental agency 229 16 98 15 327 31 Residential 2 — 1 1 3 1 Commercial 63 5 54 5 117 10 Total $ 2,203 $ 70 $ 585 $ 78 $ 2,788 $ 148 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 March 31, 2023. The cost basis and fair value of available-for-sale debt securities at March 31, 2023, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to prepay and creditors may have the right to call obligations. March 31, 2023 (Millions of dollars) Cost Basis Fair Value Due in one year or less $ 961 $ 950 Due after one year through five years 1,571 1,511 Due after five years through ten years 257 245 Due after ten years 65 63 U.S. governmental agency mortgage-backed securities 366 341 Residential mortgage-backed securities 3 2 Commercial mortgage-backed securities 135 125 Total debt securities – available-for-sale $ 3,358 $ 3,237 Sales of available-for-sale debt securities: Three Months Ended March 31 (Millions of dollars) 2023 2022 Proceeds from the sale of available-for-sale securities $ 223 $ 96 Gross gains from the sale of available-for-sale securities — — Gross losses from the sale of available-for-sale securities — — In addition, we had $250 million of investments in time deposits classified as held-to-maturity debt securities as of March 31, 2023. We did not have any investments classified as held-to-maturity debt securities as of December 31, 2022. All these investments mature within one year and we include them in Prepaid expenses and other current assets in the Consolidated Statement of Financial Position. We record held-to-maturity debt securities at amortized cost, which approximates fair value. For the three months ended March 31, 2023 and 2022, the net unrealized gains (losses) for equity securities held at March 31, 2023 and 2022 were $(8) million and $(12) million, respectively.

Postretirement Benefits

Postretirement Benefits	3 Months Ended
	Mar. 31, 2023
Retirement Benefits [Abstract]
Postretirement Benefits	Postretirement benefits A. Pension and postretirement benefit costs U.S. Pension Benefits Non-U.S. Pension Benefits Other Postretirement Benefits March 31 March 31 March 31 (Millions of dollars) 2023 2022 2023 2022 2023 2022 For the three months ended: Components of net periodic benefit cost: Service cost $ — $ — $ 10 $ 13 $ 17 $ 25 Interest cost 164 100 31 18 36 20 Expected return on plan assets (172) (167) (40) (34) (3) (4) Amortization of prior service cost (credit) — — — — (3) (1) Net periodic benefit cost (benefit) 1 $ (8) $ (67) $ 1 $ (3) $ 47 $ 40 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 $208 million of contributions to our pension and other postretirement plans during the three months ended March 31, 2023. We currently anticipate full-year 2023 contributions of approximately $372 million. B. Defined contribution benefit costs Total company costs related to our defined contribution plans, which are included in Operating Costs in the Consolidated Statement of Results of Operations, were as follows: Three Months Ended March 31 (Millions of dollars) 2023 2022 U.S. Plans $ 149 $ 114 Non-U.S. Plans 29 29 $ 178 $ 143 The increase in the U.S. defined contribution benefit costs for the three months ended March 31, 2023 was primarily due to the fair value adjustments related to our non-qualified deferred compensation plans.

Leases

Leases	3 Months Ended
	Mar. 31, 2023
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 March 31 (Millions of dollars) 2023 2022 Finance lease revenue $ 104 $ 112 Operating lease revenue 275 278 Total $ 379 $ 390

Guarantees and Product Warranty

Guarantees and Product Warranty	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Guarantees and Product Warranty	Guarantees and product warranty Caterpillar dealer performance guarantees Dealer performance guarantees mainly consists of 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 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 March 31, 2023 and December 31, 2022, the related recorded liability was $4 million and $2 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) March 31, December 31, Caterpillar dealer performance guarantees $ 191 $ 188 Other guarantees 381 323 Total guarantees $ 572 $ 511 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 March 31, 2023 and December 31, 2022, the SPC’s assets of $1.13 billion and $971 million, respectively, were primarily comprised of loans to dealers, and the SPC’s liabilities of $1.13 billion and $970 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 quarters ended March 31 was as follows: First Three Months (Millions of dollars) 2023 2022 Warranty liability, beginning of period $ 1,761 $ 1,689 Reduction in liability (payments) (213) (194) Increase in liability (new warranties) 246 168 Warranty liability, end of period $ 1,794 $ 1,663

Profit Per Share

Profit Per Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share Reconciliation [Abstract]
Profit Per Share	Profit per share Computations of profit per share: Three Months Ended March 31 (Dollars in millions except per share data) 2023 2022 Profit for the period (A) 1 $ 1,943 $ 1,537 Determination of shares (in millions): Weighted-average number of common shares outstanding (B) 516.2 534.5 Shares issuable on exercise of stock awards, net of shares assumed to be purchased out of proceeds at average market price 3.2 3.8 Average common shares outstanding for fully diluted computation (C) 2 519.4 538.3 Profit per share of common stock: Assuming no dilution (A/B) $ 3.76 $ 2.88 Assuming full dilution (A/C) 2 $ 3.74 $ 2.86 Shares outstanding as of March 31 (in millions) 515.9 533.4 1 Profit attributable to common shareholders. 2 Diluted by assumed exercise of stock-based compensation awards using the treasury stock method. For the three months ended March 31, 2023 and 2022, we excluded 0.8 million and 2.1 million of outstanding stock options, respectively, from the computation of diluted earnings per share because the effect would have been antidilutive.

Accumulated other comprehensive

Accumulated other comprehensive income (loss)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated other comprehensive income (loss)We present comprehensive income and its components in the Consolidated Statement of Comprehensive Income. Changes in the balances for each component of AOCI were as follows: Three Months Ended March 31 (Millions of dollars) 2023 2022 Foreign currency translation: Beginning balance $ (2,328) $ (1,508) Gains (losses) on foreign currency translation 103 (104) Less: Tax provision /(benefit) (10) 11 Net gains (losses) on foreign currency translation 113 (115) (Gains) losses reclassified to earnings 494 — Less: Tax provision /(benefit) — — Net (gains) losses reclassified to earnings 494 — Other comprehensive income (loss), net of tax 607 (115) Ending balance $ (1,721) $ (1,623) Pension and other postretirement benefits Beginning balance $ (39) $ (62) Current year prior service credit (cost) — — Less: Tax provision /(benefit) — — Net current year prior service credit (cost) — — Amortization of prior service (credit) cost (3) (1) Less: Tax provision /(benefit) (1) — Net amortization of prior service (credit) cost (2) (1) Other comprehensive income (loss), net of tax (2) (1) Ending balance $ (41) $ (63) Derivative financial instruments Beginning balance $ 28 $ (3) Gains (losses) deferred 56 47 Less: Tax provision /(benefit) 12 10 Net gains (losses) deferred 44 37 (Gains) losses reclassified to earnings 52 (19) Less: Tax provision /(benefit) 12 (5) Net (gains) losses reclassified to earnings 40 (14) Other comprehensive income (loss), net of tax 84 23 Ending balance $ 112 $ 20 Available-for-sale securities Beginning balance $ (118) $ 20 Gains (losses) deferred 26 (79) Less: Tax provision /(benefit) 4 (15) Net gains (losses) deferred 22 (64) (Gains) losses reclassified to earnings — — Less: Tax provision /(benefit) — — Net (gains) losses reclassified to earnings — — Other comprehensive income (loss), net of tax 22 (64) Ending balance $ (96) $ (44) Total AOCI Ending Balance at March 31 $ (1,746) $ (1,710)

Environmental and legal matters

Environmental and legal matters	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Environmental and legal matters	Environmental and legal matters The Company is regulated by federal, state and international environmental laws governing its use, transport and disposal of substances and control of emissions. In addition to governing our manufacturing and other operations, these laws often impact the development of our products, including, but not limited to, required compliance with air emissions standards applicable to internal combustion engines. We have made, and will continue to make, significant research and development and capital expenditures to comply with these emissions standards. We are engaged in remedial activities at a number of locations, often with other companies, pursuant to federal and state laws. When it is probable we will pay remedial costs at a site, and those costs can be reasonably estimated, we accrue the investigation, remediation, and operating and maintenance costs against our earnings. We accrue costs based on consideration of currently available data and information with respect to each individual site, including available technologies, current applicable laws and regulations, and prior remediation experience. Where no amount within a range of estimates is more likely, we accrue the minimum. Where multiple potentially responsible parties are involved, we consider our proportionate share of the probable costs. In formulating the estimate of probable costs, we do not consider amounts expected to be recovered from insurance companies or others. We reassess these accrued amounts on a quarterly basis. The amount recorded for environmental remediation is not material and is included in Accrued expenses. We believe there is no more than a remote chance that a material amount for remedial activities at any individual site, or at all the sites in the aggregate, will be required. On January 7, 2015, the U.S. Attorney’s Office for the Central District of Illinois issued a grand jury subpoena to the Company and thereafter issued additional subpoenas; these subpoenas sought information regarding, among other things, movements of cash among U.S. and non-U.S. Caterpillar subsidiaries, the purchase and resale of replacement parts by Caterpillar Inc. and non-U.S. Caterpillar subsidiaries, and Caterpillar SARL (CSARL) and related structures. On March 2-3, 2017, federal agents executed search and seizure warrants, which concerned both tax and export activities, at three facilities of the Company in the Peoria, Illinois area, including its former corporate headquarters. The Tax Division of the U.S. Department of Justice conducted a review of the grand jury investigation and informed the Company on November 28, 2022 that it does not have a pending criminal tax matter involving the Company. In January 2023, the government began returning to the Company the documents and information seized under the search warrants, which, as noted, related to both tax and export issues, as well as the documents and information the Company produced under the grand jury subpoenas. 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	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income taxes The effective tax rate for the three months ended March 31, 2023 was 26.9 percent compared to 23.4 percent for the three months ended March 31, 2022. The provision for income taxes for the three months ended March 31, 2023, reflected an estimated annual tax rate of 23 percent, compared with 24 percent for the three months ended March 31, 2022, excluding the discrete items discussed below. The comparative tax rate for full-year 2022 was approximately 23.2 percent. The estimated annual tax rate excludes the impact of the nondeductible loss of $586 million related to the divestiture of the company's Longwall business in the three months ended March 31, 2023. In addition, the company recorded a discrete tax benefit of $32 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 $12 million benefit for the three months ended March 31, 2022.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2023
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. 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; cold planers; compactors; compact track loaders; forestry machines; material handlers; motor graders; pipelayers; road reclaimers; skid steer loaders; telehandlers; track-type loaders; track-type tractors (small, medium); track excavators (mini, small, medium, large); wheel excavators; wheel loaders (compact, small, medium); and related parts and work tools. Inter-segment sales are a source of revenue for this segment. Resource Industries : A segment primarily responsible for supporting customers using machinery in mining, heavy construction and quarry and aggregates. Responsibilities include business strategy, product design, product management and development, manufacturing, marketing and sales and product support. The product portfolio includes large track-type tractors; large mining trucks; hard rock vehicles; 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 power generation facilities that, in most cases, incorporate Caterpillar products. Financing plans include operating and finance leases, revolving charge accounts, installment sale contracts, repair/rebuild financing, working capital loans and wholesale financing plans. The segment also provides insurance and risk management products and services that help customers and dealers manage their business risk. Insurance and risk management products offered include physical damage insurance, inventory protection plans, extended service coverage and maintenance plans for machines and engines, and dealer property and casualty insurance. The various forms of financing, insurance and risk management products offered to customers and dealers help support the purchase and lease of Caterpillar equipment. The segment also earns revenues from ME&T, but the related costs are not allocated to operating segments. Financial Products’ segment profit is determined on a pretax basis and includes other income/expense items. All Other 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 27 to 29 for financial information regarding significant reconciling items. Most of our reconciling items are self-explanatory given the above explanations. For the reconciliation of profit, we have grouped the reconciling items as follows: • Corporate costs: These costs are related to corporate requirements primarily for compliance and legal functions for the benefit of the entire organization. • Restructuring costs: May include costs for employee separation, long-lived asset impairments, contract terminations and divestiture impacts. These costs are included in Other operating (income) expenses except for defined-benefit plan curtailment losses and special termination benefits, which are included in Other income (expense). Restructuring costs also include other exit-related costs, which may consist of accelerated depreciation, inventory write-downs, building demolition, equipment relocation and project management costs and LIFO inventory decrement benefits from inventory liquidations at closed facilities, all of which are primarily included in Cost of goods sold. See Note 20 for more information. • Methodology differences: See previous discussion of significant accounting differences between segment reporting and consolidated external reporting. • Timing: Timing differences in the recognition of costs between segment reporting and consolidated external reporting. For example, we report certain costs on the cash basis for segment reporting and the accrual basis for consolidated external reporting. For the three months ended March 31, 2023 and 2022, sales and revenues by geographic region reconciled to consolidated sales and revenues were as follows: Sales and Revenues by Geographic Region (Millions of dollars) North America Latin America EAME Asia/ Pacific External Sales and Revenues Intersegment Sales and Revenues Total Sales and Revenues Three Months Ended March 31, 2023 Construction Industries $ 3,608 $ 599 $ 1,336 $ 1,161 $ 6,704 $ 42 $ 6,746 Resource Industries 1,308 474 599 978 3,359 68 3,427 Energy & Transportation 2,572 380 1,384 719 5,055 1,199 6,254 Financial Products Segment 575 104 114 109 902 1 — 902 Total sales and revenues from reportable segments 8,063 1,557 3,433 2,967 16,020 1,309 17,329 All Other operating segment 18 — 4 13 35 76 111 Corporate Items and Eliminations (131) (18) (19) (25) (193) (1,385) (1,578) Total Sales and Revenues $ 7,950 $ 1,539 $ 3,418 $ 2,955 $ 15,862 $ — $ 15,862 Three Months Ended March 31, 2022 Construction Industries $ 2,720 $ 627 $ 1,277 $ 1,462 $ 6,086 $ 29 $ 6,115 Resource Industries 1,018 399 594 748 2,759 71 2,830 Energy & Transportation 1,938 310 1,184 600 4,032 1,006 5,038 Financial Products Segment 503 73 96 111 783 1 — 783 Total sales and revenues from reportable segments 6,179 1,409 3,151 2,921 13,660 1,106 14,766 All Other operating segment 18 — 5 16 39 79 118 Corporate Items and Eliminations (60) (16) (11) (23) (110) (1,185) (1,295) Total Sales and Revenues $ 6,137 $ 1,393 $ 3,145 $ 2,914 $ 13,589 $ — $ 13,589 1 Includes revenues from Construction Industries, Resource Industries, Energy & Transportation and All Other operating segment of $162 million and $100 million in the three months ended March 31, 2023 and 2022, respectively. For the three months ended March 31, 2023 and 2022, Energy & Transportation segment sales by end user application were as follows: Energy & Transportation External Sales Three Months Ended March 31 (Millions of dollars) 2023 2022 Oil and gas $ 1,314 $ 948 Power generation 1,284 1,012 Industrial 1,255 1,020 Transportation 1,202 1,052 Energy & Transportation External Sales $ 5,055 $ 4,032 Reconciliation of Consolidated profit before taxes: (Millions of dollars) Three Months Ended March 31 2023 2022 Profit from reportable segments: Construction Industries $ 1,790 $ 1,057 Resource Industries 764 361 Energy & Transportation 1,057 538 Financial Products Segment 232 238 Total profit from reportable segments 3,843 2,194 Profit from All Other operating segment 11 3 Cost centers 30 10 Corporate costs (238) (198) Timing (206) (98) Restructuring costs (611) (13) Methodology differences: Inventory/cost of sales 126 168 Postretirement benefit expense (31) 81 Stock-based compensation expense (44) (40) Financing costs (50) (100) Currency (26) 106 Other income/expense methodology differences (146) (81) Other methodology differences (24) (33) Total consolidated profit before taxes $ 2,634 $ 1,999 Reconciliation of Assets: (Millions of dollars) March 31, 2023 December 31, 2022 Assets from reportable segments: Construction Industries $ 5,584 $ 5,168 Resource Industries 5,719 5,775 Energy & Transportation 9,513 9,455 Financial Products Segment 34,591 34,269 Total assets from reportable segments 55,407 54,667 Assets from All Other operating segment 1,795 1,828 Items not included in segment assets: Cash and cash equivalents 6,017 6,042 Deferred income taxes 2,287 2,098 Goodwill and intangible assets 4,437 4,248 Property, plant and equipment – net and other assets 4,523 4,234 Inventory methodology differences (3,441) (3,063) Liabilities included in segment assets 13,118 12,519 Other (494) (630) Total assets $ 83,649 $ 81,943 Reconciliation of Depreciation and amortization: (Millions of dollars) Three Months Ended March 31 2023 2022 Depreciation and amortization from reportable segments: Construction Industries $ 54 $ 58 Resource Industries 87 92 Energy & Transportation 129 134 Financial Products Segment 178 188 Total depreciation and amortization from reportable segments 448 472 Items not included in segment depreciation and amortization: All Other operating segment 57 58 Cost centers 20 21 Other 7 6 Total depreciation and amortization $ 532 $ 557 Reconciliation of Capital expenditures: (Millions of dollars) Three Months Ended March 31 2023 2022 Capital expenditures from reportable segments: Construction Industries $ 32 $ 32 Resource Industries 26 22 Energy & Transportation 169 177 Financial Products Segment 279 241 Total capital expenditures from reportable segments 506 472 Items not included in segment capital expenditures: All Other operating segment 26 16 Cost centers 22 9 Timing 212 192 Other (16) (10) Total capital expenditures $ 750 $ 679

Cat Financial Financing Activit

Cat Financial Financing Activities	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Cat Financial Financing Activities	Cat Financial financing activities Allowance for credit losses Portfolio segments A portfolio segment is the level at which Cat Financial develops a systematic methodology for determining its allowance for credit losses. Cat Financial's portfolio segments and related methods for estimating expected credit losses are as follows: Customer Cat Financial provides loans and finance leases to end-user customers primarily for the purpose of financing new and used Caterpillar machinery, engines and equipment for commercial use. Cat Financial also provides financing for power generation facilities that, in most cases, incorporate Caterpillar products. The average original term of Cat Financial's customer finance receivable portfolio was approximately 51 months with an average remaining term of approximately 28 months as of March 31, 2023. 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 months ended March 31, 2023, 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, delinquencies show an increasing trend as persistently 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 months ended March 31, 2023. 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. • Power Finance - Finance receivables originated worldwide related to Caterpillar electrical power generation, gas compression and co-generation systems and non-Caterpillar equipment that is powered by these systems. Receivable balances, including accrued interest, are written off against the allowance for credit losses when, in the judgment of management, they are considered uncollectible (generally upon repossession of the collateral). 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 March 31, 2023 Three Months Ended March 31, 2022 Allowance for Credit Losses: Customer Dealer Total Customer Dealer Total Beginning balance $ 277 $ 65 $ 342 $ 251 $ 82 $ 333 Write-offs (20) — (20) (20) — (20) Recoveries 10 — 10 12 — 12 Provision for credit losses 1 10 — 10 26 (1) 25 Other 1 — 1 2 — 2 Ending balance $ 278 $ 65 $ 343 $ 271 $ 81 $ 352 Finance Receivables $ 19,573 $ 1,721 $ 21,294 $ 20,289 $ 1,722 $ 22,011 1 Excludes provision for credit losses on unfunded commitments and other miscellaneous receivables. Gross write-offs by origination year for the Customer portfolio segment were as follows: (Millions of dollars) March 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Total North America $ — $ 3 $ 3 $ — $ — $ — $ 4 10 EAME — 1 — 1 — — — 2 Asia/Pacific — — 2 1 1 — — 4 Latin America — — 1 2 1 — — 4 Total $ — $ 4 $ 6 $ 4 $ 2 $ — $ 4 $ 20 Credit quality of finance receivables At origination, Cat Financial evaluates credit risk based on a variety of credit quality factors including prior payment experience, customer financial information, credit ratings, loan-to-value ratios, probabilities of default, industry trends, macroeconomic factors and other internal metrics. On an ongoing basis, Cat Financial monitors credit quality based on past-due status as there is a meaningful correlation between the past-due status of customers and the risk of loss. In determining past-due status, Cat Financial considers the entire finance receivable past due when any installment is over 30 days past due. Customer The tables below summarize the aging category of Cat Financial's amortized cost of finance receivables in the Customer portfolio segment by origination year: (Millions of dollars) March 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Total Finance Receivables North America Current $ 886 $ 3,585 $ 2,931 $ 1,308 $ 525 $ 168 $ 255 $ 9,658 31-60 days past due 3 29 30 18 8 2 3 93 61-90 days past due — 11 8 5 2 1 2 29 91+ days past due — 12 19 12 5 5 3 56 EAME Current 310 1,198 864 423 234 189 — 3,218 31-60 days past due 2 15 12 4 2 1 — 36 61-90 days past due — 7 5 3 2 — — 17 91+ days past due — 8 23 14 3 2 — 50 Asia/Pacific Current 248 896 568 230 48 14 — 2,004 31-60 days past due — 9 12 9 2 — — 32 61-90 days past due — 4 4 3 1 — — 12 91+ days past due — 4 6 5 3 1 — 19 Mining Current 318 837 520 186 137 98 56 2,152 31-60 days past due — 5 — 4 1 — — 10 61-90 days past due — — — — — — — — 91+ days past due — — 1 — — — — 1 Latin America Current 182 716 339 124 51 28 — 1,440 31-60 days past due — 17 32 4 9 9 — 71 61-90 days past due — 4 4 1 — 3 — 12 91+ days past due — 5 14 8 2 1 — 30 Power Finance Current 12 76 78 140 32 159 133 630 31-60 days past due — — — — — 2 — 2 61-90 days past due — — — — — 1 — 1 91+ days past due — — — — — — — — Totals by Aging Category Current $ 1,956 $ 7,308 $ 5,300 $ 2,411 $ 1,027 $ 656 $ 444 $ 19,102 31-60 days past due 5 75 86 39 22 14 3 244 61-90 days past due — 26 21 12 5 5 2 71 91+ days past due — 29 63 39 13 9 3 156 Total Customer $ 1,961 $ 7,438 $ 5,470 $ 2,501 $ 1,067 $ 684 $ 452 $ 19,573 (Millions of dollars) December 31, 2022 2022 2021 2020 2019 2018 Prior Revolving Total Finance Receivables North America Current $ 3,915 $ 3,276 $ 1,525 $ 653 $ 206 $ 34 $ 240 $ 9,849 31-60 days past due 25 26 18 12 4 1 4 90 61-90 days past due 9 15 7 3 1 — 3 38 91+ days past due 11 16 12 6 4 3 4 56 EAME Current 1,270 953 477 280 155 68 — 3,203 31-60 days past due 10 12 7 1 1 — — 31 61-90 days past due 8 4 3 1 — — — 16 91+ days past due 6 25 16 4 1 1 — 53 Asia/Pacific Current 1,033 684 313 69 18 2 — 2,119 31-60 days past due 10 12 8 1 1 — — 32 61-90 days past due 2 5 4 2 — — — 13 91+ days past due 2 6 6 4 — — — 18 Mining Current 863 575 220 171 93 108 80 2,110 31-60 days past due — 1 — — — — — 1 61-90 days past due — — — — — — — — 91+ days past due — — — — — 1 — 1 Latin America Current 770 400 150 69 26 20 — 1,435 31-60 days past due 7 8 4 2 — 1 — 22 61-90 days past due 2 5 1 1 — — — 9 91+ days past due 2 13 11 2 1 — — 29 Power Finance Current 78 85 142 33 18 161 125 642 31-60 days past due — — — — — — — — 61-90 days past due — — — — — — — — 91+ days past due — — — — — 5 — 5 Totals by Aging Category Current $ 7,929 $ 5,973 $ 2,827 $ 1,275 $ 516 $ 393 $ 445 $ 19,358 31-60 days past due 52 59 37 16 6 2 4 176 61-90 days past due 21 29 15 7 1 — 3 76 91+ days past due 21 60 45 16 6 10 4 162 Total Customer $ 8,023 $ 6,121 $ 2,924 $ 1,314 $ 529 $ 405 $ 456 $ 19,772 Finance receivables in the Customer portfolio segment are substantially secured by collateral, primarily in the form of Caterpillar and other equipment. For those contracts where the borrower is experiencing financial difficulty, repayment of the outstanding amounts is generally expected to be provided through the operation or repossession and sale of the equipment. Dealer As of March 31, 2023 and December 31, 2022, Cat Financial's total amortized cost of finance receivables within the Dealer portfolio segment was current, with the exception of $58 million 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. 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: March 31, 2023 December 31, 2022 Amortized Cost Amortized Cost (Millions of dollars) Non-accrual Non-accrual 91+ Still Non-accrual Non-accrual 91+ Still North America $ 48 $ — $ 12 $ 52 $ 4 $ 11 EAME 44 — 6 43 — 10 Asia/Pacific 12 — 7 11 — 7 Mining 2 — — — 1 — Latin America 77 — — 45 — — Power Finance 8 — — 5 11 — Total $ 191 $ — $ 25 $ 156 $ 16 $ 28 Interest income recognized for customer finance receivables on non-accrual status was not material during the three months ended March 31, 2023 and 2022. There were $58 million in finance receivables in Cat Financial's Dealer portfolio segment on non-accrual status as of March 31, 2023 and December 31, 2022, all of which was in Latin America. Modifications Cat Financial periodically modifies loan terms in response to borrowers’ financial difficulty. Typically, the types of modifications granted are payment deferrals, interest only payment periods and/or term extensions. During the three months ended March 31, 2023, loan modifications granted to borrowers experiencing financial difficulty were not material. The effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance for credit losses based on the methodologies used to estimate the allowance; therefore, a change to the allowance for credit losses is generally not recorded upon modification. On rare occasions when principal forgiveness is provided, the amount forgiven is written off against the allowance for credit losses.

Fair Value Disclosures

Fair Value Disclosures	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 and December 31, 2022 were as follows: March 31, 2023 (Millions of dollars) Level 1 Level 2 Level 3 Measured at NAV Total Assets Debt securities Government debt securities U.S. treasury bonds $ 9 $ — $ — $ — $ 9 Other U.S. and non-U.S. government bonds — 57 — — 57 Corporate debt securities Corporate bonds and other debt securities — 2,469 50 — 2,519 Asset-backed securities — 184 — — 184 Mortgage-backed debt securities U.S. governmental agency — 341 — — 341 Residential — 2 — — 2 Commercial — 125 — — 125 Total debt securities 9 3,178 50 — 3,237 Equity securities Large capitalization value 200 — — — 200 Smaller company growth 32 — — — 32 REIT — — — 200 200 Total equity securities 232 — — 200 432 Derivative financial instruments - assets Foreign currency contracts - net — 309 — — 309 Commodity contracts - net — 17 — — 17 Total assets $ 241 $ 3,504 $ 50 $ 200 $ 3,995 Liabilities Derivative financial instruments - liabilities Interest rate contracts - net $ — $ 135 $ — $ — $ 135 Total liabilities $ — $ 135 $ — $ — $ 135 December 31, 2022 (Millions of dollars) Level 1 Level 2 Level 3 Measured at NAV Total Assets Debt securities Government debt securities U.S. treasury bonds $ 9 $ — $ — $ — $ 9 Other U.S. and non-U.S. government bonds — 55 — — 55 Corporate debt securities Corporate bonds and other debt securities — 2,416 50 — 2,466 Asset-backed securities — 182 — — 182 Mortgage-backed debt securities U.S. governmental agency — 333 — — 333 Residential — 2 — — 2 Commercial — 117 — — 117 Total debt securities 9 3,105 50 — 3,164 Equity securities Large capitalization value 203 — — — 203 Smaller company growth 31 — — — 31 REIT — — — 207 207 Total equity securities 234 — — 207 441 Derivative financial instruments - assets Foreign currency contracts - net — 328 — — 328 Commodity contracts - net — 15 — — 15 Total Assets $ 243 $ 3,448 $ 50 $ 207 $ 3,948 Liabilities Derivative financial instruments - liabilities Interest rate contracts - net $ — $ 195 $ — $ — $ 195 Total liabilities $ — $ 195 $ — $ — $ 195 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 $61 million and $68 million as of March 31, 2023 and December 31, 2022, 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: March 31, 2023 December 31, 2022 (Millions of dollars) Carrying Amount Fair Value Carrying Amount Fair Value Fair Value Levels Reference Assets Finance receivables – net (excluding finance leases 1 ) $ 14,010 $ 13,488 $ 13,965 $ 13,377 3 Note 17 Wholesale inventory receivables – net (excluding finance leases 1 ) 1,024 967 827 778 3 Liabilities Long-term debt (including amounts due within one year) Machinery, Energy & Transportation 9,595 9,542 9,618 9,240 2 Financial Products 21,602 21,066 21,418 20,686 2 1 Represents finance leases and failed sale leasebacks of $7,198 million and $7,325 million at March 31, 2023 and December 31, 2022, respectively.

Other Income (expense)

Other Income (expense)	3 Months Ended
	Mar. 31, 2023
Other Income and Expenses [Abstract]
Other income (expense)	Other income (expense) Three Months Ended March 31 (Millions of dollars) 2023 2022 Investment and interest income $ 93 $ 21 Foreign exchange gains (losses) 1 (72) 47 License fee income 31 32 Net periodic pension and OPEB income (cost), excluding service cost (13) 68 Gains (losses) on securities (11) (12) Miscellaneous income (loss) 4 97 Total $ 32 $ 253 1 Includes gains (losses) from foreign exchange derivative contracts. See Note 5 for further details.

Restructuring Costs

Restructuring Costs	3 Months Ended
	Mar. 31, 2023
Restructuring Charges [Abstract]
Restructuring Costs	Restructuring costs Our accounting for employee separations is dependent upon how the particular program is designed. For voluntary programs, we recognize eligible separation costs at the time of employee acceptance unless the acceptance requires explicit approval by the company. For involuntary programs, we recognize eligible costs when management has approved the program, the affected employees have been properly notified and the costs are estimable. Restructuring costs for the three months ended March 31, 2023 and 2022 were as follows: (Millions of dollars) Three Months Ended March 31 2023 2022 Employee separations 1 $ 12 $ 5 Longwall divestiture 1 586 — Other 2 13 8 Total restructuring costs $ 611 $ 13 1 Recognized in Other operating (income) expenses. 2 Represents costs related to our restructuring programs, primarily for accelerated depreciation, project management, equipment relocation and inventory write-downs, all of which are primarily included in Cost of goods sold. The restructuring costs for the three months ended March 31, 2023 were primarily related to the divestiture of the company's Longwall business within Resource Industries. The divestiture closed on February 1, 2023 and resulted in a pre-tax loss of approximately $586 million, primarily a non-cash item driven by the release of $494 million of accumulated foreign currency translation. The transaction is subject to certain post-closing adjustments. For the three months ended March 31, 2022, the restructuring costs were primarily related to actions across the company including strategic actions to address a small number of products. In 2023 and 2022, all restructuring costs are excluded from segment profit. The following table summarizes the 2023 and 2022 employee separation activity: (Millions of dollars) Three Months Ended March 31 2023 2022 Liability balance, beginning of period $ 39 $ 61 Increase in liability (separation charges) 12 5 Reduction in liability (payments) (28) (19) Liability balance, end of period $ 23 $ 47

Derivative Financial Instrume_2

Derivative Financial Instruments and Risk Management (Policies)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023, 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)	3 Months Ended
	Mar. 31, 2023
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 three months ended March 31, 2023 and 2022, respectively: Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 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 777,275 $ 75.79 $ 253.98 1,029,202 $ 51.69 $ 196.70 RSUs 379,426 $ 253.98 $ 253.98 484,025 $ 196.70 $ 196.70 PRSUs 221,869 $ 253.98 $ 253.98 258,900 $ 196.70 $ 196.70
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 three months ended March 31, 2023 and 2022, respectively: Grant Year 2023 2022 Weighted-average dividend yield 2.60% 2.60% Weighted-average volatility 31.0% 31.7% Range of volatilities 28.5% - 35.5% 25.3% - 36.8% Range of risk-free interest rates 3.92% - 5.03% 1.03% - 2.00% Weighted-average expected lives 7 years 8 years

Derivative Financial Instrume_3

Derivative Financial Instruments and Risk Management (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 December 31, 2022 Assets 1 Liabilities 2 Assets 1 Liabilities 2 Designated derivatives Foreign exchange contracts $ 452 $ (106) $ 462 $ (152) Interest rate contracts 86 (221) 93 (288) Total $ 538 $ (327) $ 555 $ (440) Undesignated derivatives Foreign exchange contracts $ 30 $ (67) $ 65 $ (47) Commodity contracts 27 (10) 24 (9) Total $ 57 $ (77) $ 89 $ (56) 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 March 31 Fair Value / Undesignated Hedges Cash Flow Hedges Gains (Losses) Recognized on the Consolidated Statement of Results of Operations 1 Gains (Losses) Recognized in AOCI Gains (Losses) Reclassified from AOCI 2 2023 2022 2023 2022 2023 2022 Foreign exchange contracts $ (28) $ (63) $ 58 $ (9) $ (65) $ 26 Interest rate contracts (27) 7 (2) 56 13 (7) Commodity contract 8 93 — — — — Total $ (47) $ 37 $ 56 $ 47 $ (52) $ 19 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). Interest rate contract gains (losses) are primarily included in Interest expense of 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 March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 Long-term debt due within one year $ 194 $ — $ (6) $ — Long-term debt due after one year 4,115 4,173 (189) (280) Total $ 4,309 $ 4,173 $ (195) $ (280)
Offsetting Assets and Liabilities	The effect of the net settlement provisions of the master netting agreements on our derivative balances upon an event of default or termination event was as follows: (Millions of dollars) March 31, 2023 December 31, 2022 Assets Liabilities Assets Liabilities Gross Amounts Recognized $ 595 $ (404) $ 644 $ (496) Financial Instruments Not Offset (164) 164 (233) 233 Net Amount $ 431 $ (240) $ 411 $ (263)

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Inventories	Inventories (principally using the last-in, first-out (LIFO) method) were comprised of the following: (Millions of dollars) March 31, December 31, Raw materials $ 6,776 $ 6,370 Work-in-process 1,656 1,452 Finished goods 8,868 8,138 Supplies 333 310 Total inventories $ 17,633 $ 16,270

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets	Intangible assets were comprised of the following: March 31, 2023 (Millions of dollars) Weighted Gross Accumulated Net Customer relationships 16 $ 2,241 $ (1,717) $ 524 Intellectual property 13 1,470 (1,345) 125 Other 17 121 (76) 45 Total finite-lived intangible assets 15 $ 3,832 $ (3,138) $ 694 December 31, 2022 Weighted Gross Accumulated Net Customer relationships 16 $ 2,233 $ (1,675) $ 558 Intellectual property 12 1,473 (1,320) 153 Other 16 132 (85) 47 Total finite-lived intangible assets 14 $ 3,838 $ (3,080) $ 758
Expected amortization expense related to intangible assets	Amortization expense related to intangible assets is expected to be: (Millions of dollars) Remaining Nine Months of 2023 2024 2025 2026 2027 Thereafter $151 $171 $161 $91 $27 $93
Goodwill acquired	The changes in carrying amount of goodwill by reportable segment for the three months ended March 31, 2023 were as follows: (Millions of dollars) December 31, Other Adjustments 1 March 31, Construction Industries Goodwill $ 287 $ (3) $ 284 Impairments (22) — (22) Net goodwill 265 (3) 262 Resource Industries Goodwill 4,130 18 4,148 Impairments (1,175) — (1,175) Net goodwill 2,955 18 2,973 Energy & Transportation Goodwill 2,947 6 2,953 Impairments (925) — (925) Net goodwill 2,022 6 2,028 All Other 2 Goodwill 46 — 46 Impairments — — — Net goodwill 46 — 46 Consolidated total Goodwill 7,410 21 7,431 Impairments (2,122) — (2,122) Net goodwill $ 5,288 $ 21 $ 5,309 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)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 December 31, 2022 (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 $ (1) $ 9 $ 9 $ — $ 9 Other U.S. and non-U.S. government bonds 61 (4) 57 60 (5) 55 Corporate debt securities Corporate bonds and other debt securities 2,594 (75) 2,519 2,561 (95) 2,466 Asset-backed securities 189 (5) 184 187 (5) 182 Mortgage-backed debt securities U.S. governmental agency 366 (25) 341 364 (31) 333 Residential 3 (1) 2 3 (1) 2 Commercial 135 (10) 125 127 (10) 117 Total available-for-sale debt securities $ 3,358 $ (121) $ 3,237 $ 3,311 $ (147) $ 3,164
Investments in an unrealized loss position that are not other-than-temporarily impaired:	Available-for-sale debt securities in an unrealized loss position: March 31, 2023 Less than 12 months 1 12 months or more 1 Total (Millions of dollars) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Government debt securities Other U.S. and non-U.S. government bonds $ 13 $ 1 $ 26 $ 4 $ 39 $ 5 Corporate debt securities Corporate bonds 990 19 931 61 1,921 80 Asset-backed securities 67 2 86 4 153 6 Mortgage-backed debt securities U.S. governmental agency 107 3 226 22 333 25 Commercial 42 2 83 8 125 10 $ 1,219 $ 27 $ 1,352 $ 99 $ 2,571 $ 126 December 31, 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 $ 19 $ 1 $ 20 $ 4 $ 39 $ 5 Corporate debt securities Corporate bonds 1,815 46 357 50 2,172 96 Asset-backed securities 75 2 55 3 130 5 Mortgage-backed debt securities U.S. governmental agency 229 16 98 15 327 31 Residential 2 — 1 1 3 1 Commercial 63 5 54 5 117 10 Total $ 2,203 $ 70 $ 585 $ 78 $ 2,788 $ 148 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 March 31, 2023, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to prepay and creditors may have the right to call obligations. March 31, 2023 (Millions of dollars) Cost Basis Fair Value Due in one year or less $ 961 $ 950 Due after one year through five years 1,571 1,511 Due after five years through ten years 257 245 Due after ten years 65 63 U.S. governmental agency mortgage-backed securities 366 341 Residential mortgage-backed securities 3 2 Commercial mortgage-backed securities 135 125 Total debt securities – available-for-sale $ 3,358 $ 3,237
Schedule of proceeds and gross gain and losses from the sale of available-for-sale securities	Sales of available-for-sale debt securities: Three Months Ended March 31 (Millions of dollars) 2023 2022 Proceeds from the sale of available-for-sale securities $ 223 $ 96 Gross gains from the sale of available-for-sale securities — — Gross losses from the sale of available-for-sale securities — —

Postretirement Benefits (Tables

Postretirement Benefits (Tables)	3 Months Ended
	Mar. 31, 2023
Retirement Benefits [Abstract]
Schedule of net benefit costs	U.S. Pension Benefits Non-U.S. Pension Benefits Other Postretirement Benefits March 31 March 31 March 31 (Millions of dollars) 2023 2022 2023 2022 2023 2022 For the three months ended: Components of net periodic benefit cost: Service cost $ — $ — $ 10 $ 13 $ 17 $ 25 Interest cost 164 100 31 18 36 20 Expected return on plan assets (172) (167) (40) (34) (3) (4) Amortization of prior service cost (credit) — — — — (3) (1) Net periodic benefit cost (benefit) 1 $ (8) $ (67) $ 1 $ (3) $ 47 $ 40 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 March 31 (Millions of dollars) 2023 2022 U.S. Plans $ 149 $ 114 Non-U.S. Plans 29 29 $ 178 $ 143

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Revenue from finance and operating leases	Revenues from finance and operating leases, primarily included in Revenues of Financial Products Three Months Ended March 31 (Millions of dollars) 2023 2022 Finance lease revenue $ 104 $ 112 Operating lease revenue 275 278 Total $ 379 $ 390

Guarantees and Product Warran_2

Guarantees and Product Warranty (Tables)	3 Months Ended
	Mar. 31, 2023
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) March 31, December 31, Caterpillar dealer performance guarantees $ 191 $ 188 Other guarantees 381 323 Total guarantees $ 572 $ 511
Product warranty	The reconciliation of the change in our product warranty liability balances for the quarters ended March 31 was as follows: First Three Months (Millions of dollars) 2023 2022 Warranty liability, beginning of period $ 1,761 $ 1,689 Reduction in liability (payments) (213) (194) Increase in liability (new warranties) 246 168 Warranty liability, end of period $ 1,794 $ 1,663

Profit Per Share (Tables)

Profit Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share Reconciliation [Abstract]
Computations of profit per share	Computations of profit per share: Three Months Ended March 31 (Dollars in millions except per share data) 2023 2022 Profit for the period (A) 1 $ 1,943 $ 1,537 Determination of shares (in millions): Weighted-average number of common shares outstanding (B) 516.2 534.5 Shares issuable on exercise of stock awards, net of shares assumed to be purchased out of proceeds at average market price 3.2 3.8 Average common shares outstanding for fully diluted computation (C) 2 519.4 538.3 Profit per share of common stock: Assuming no dilution (A/B) $ 3.76 $ 2.88 Assuming full dilution (A/C) 2 $ 3.74 $ 2.86 Shares outstanding as of March 31 (in millions) 515.9 533.4 1 Profit attributable to common shareholders. 2 Diluted by assumed exercise of stock-based compensation awards using the treasury stock method.

Accumulated other comprehensi_2

Accumulated other comprehensive income (loss) (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Changes in Accumulated other comprehensive income (loss), net of tax	We present comprehensive income and its components in the Consolidated Statement of Comprehensive Income. Changes in the balances for each component of AOCI were as follows: Three Months Ended March 31 (Millions of dollars) 2023 2022 Foreign currency translation: Beginning balance $ (2,328) $ (1,508) Gains (losses) on foreign currency translation 103 (104) Less: Tax provision /(benefit) (10) 11 Net gains (losses) on foreign currency translation 113 (115) (Gains) losses reclassified to earnings 494 — Less: Tax provision /(benefit) — — Net (gains) losses reclassified to earnings 494 — Other comprehensive income (loss), net of tax 607 (115) Ending balance $ (1,721) $ (1,623) Pension and other postretirement benefits Beginning balance $ (39) $ (62) Current year prior service credit (cost) — — Less: Tax provision /(benefit) — — Net current year prior service credit (cost) — — Amortization of prior service (credit) cost (3) (1) Less: Tax provision /(benefit) (1) — Net amortization of prior service (credit) cost (2) (1) Other comprehensive income (loss), net of tax (2) (1) Ending balance $ (41) $ (63) Derivative financial instruments Beginning balance $ 28 $ (3) Gains (losses) deferred 56 47 Less: Tax provision /(benefit) 12 10 Net gains (losses) deferred 44 37 (Gains) losses reclassified to earnings 52 (19) Less: Tax provision /(benefit) 12 (5) Net (gains) losses reclassified to earnings 40 (14) Other comprehensive income (loss), net of tax 84 23 Ending balance $ 112 $ 20 Available-for-sale securities Beginning balance $ (118) $ 20 Gains (losses) deferred 26 (79) Less: Tax provision /(benefit) 4 (15) Net gains (losses) deferred 22 (64) (Gains) losses reclassified to earnings — — Less: Tax provision /(benefit) — — Net (gains) losses reclassified to earnings — — Other comprehensive income (loss), net of tax 22 (64) Ending balance $ (96) $ (44) Total AOCI Ending Balance at March 31 $ (1,746) $ (1,710)

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Disaggregation of Revenue	For the three months ended March 31, 2023 and 2022, sales and revenues by geographic region reconciled to consolidated sales and revenues were as follows: Sales and Revenues by Geographic Region (Millions of dollars) North America Latin America EAME Asia/ Pacific External Sales and Revenues Intersegment Sales and Revenues Total Sales and Revenues Three Months Ended March 31, 2023 Construction Industries $ 3,608 $ 599 $ 1,336 $ 1,161 $ 6,704 $ 42 $ 6,746 Resource Industries 1,308 474 599 978 3,359 68 3,427 Energy & Transportation 2,572 380 1,384 719 5,055 1,199 6,254 Financial Products Segment 575 104 114 109 902 1 — 902 Total sales and revenues from reportable segments 8,063 1,557 3,433 2,967 16,020 1,309 17,329 All Other operating segment 18 — 4 13 35 76 111 Corporate Items and Eliminations (131) (18) (19) (25) (193) (1,385) (1,578) Total Sales and Revenues $ 7,950 $ 1,539 $ 3,418 $ 2,955 $ 15,862 $ — $ 15,862 Three Months Ended March 31, 2022 Construction Industries $ 2,720 $ 627 $ 1,277 $ 1,462 $ 6,086 $ 29 $ 6,115 Resource Industries 1,018 399 594 748 2,759 71 2,830 Energy & Transportation 1,938 310 1,184 600 4,032 1,006 5,038 Financial Products Segment 503 73 96 111 783 1 — 783 Total sales and revenues from reportable segments 6,179 1,409 3,151 2,921 13,660 1,106 14,766 All Other operating segment 18 — 5 16 39 79 118 Corporate Items and Eliminations (60) (16) (11) (23) (110) (1,185) (1,295) Total Sales and Revenues $ 6,137 $ 1,393 $ 3,145 $ 2,914 $ 13,589 $ — $ 13,589 1 Includes revenues from Construction Industries, Resource Industries, Energy & Transportation and All Other operating segment of $162 million and $100 million in the three months ended March 31, 2023 and 2022, respectively. For the three months ended March 31, 2023 and 2022, Energy & Transportation segment sales by end user application were as follows: Energy & Transportation External Sales Three Months Ended March 31 (Millions of dollars) 2023 2022 Oil and gas $ 1,314 $ 948 Power generation 1,284 1,012 Industrial 1,255 1,020 Transportation 1,202 1,052 Energy & Transportation External Sales $ 5,055 $ 4,032
Reconciliation of Consolidated profit before taxes	Reconciliation of Consolidated profit before taxes: (Millions of dollars) Three Months Ended March 31 2023 2022 Profit from reportable segments: Construction Industries $ 1,790 $ 1,057 Resource Industries 764 361 Energy & Transportation 1,057 538 Financial Products Segment 232 238 Total profit from reportable segments 3,843 2,194 Profit from All Other operating segment 11 3 Cost centers 30 10 Corporate costs (238) (198) Timing (206) (98) Restructuring costs (611) (13) Methodology differences: Inventory/cost of sales 126 168 Postretirement benefit expense (31) 81 Stock-based compensation expense (44) (40) Financing costs (50) (100) Currency (26) 106 Other income/expense methodology differences (146) (81) Other methodology differences (24) (33) Total consolidated profit before taxes $ 2,634 $ 1,999
Reconciliation of Assets:	Reconciliation of Assets: (Millions of dollars) March 31, 2023 December 31, 2022 Assets from reportable segments: Construction Industries $ 5,584 $ 5,168 Resource Industries 5,719 5,775 Energy & Transportation 9,513 9,455 Financial Products Segment 34,591 34,269 Total assets from reportable segments 55,407 54,667 Assets from All Other operating segment 1,795 1,828 Items not included in segment assets: Cash and cash equivalents 6,017 6,042 Deferred income taxes 2,287 2,098 Goodwill and intangible assets 4,437 4,248 Property, plant and equipment – net and other assets 4,523 4,234 Inventory methodology differences (3,441) (3,063) Liabilities included in segment assets 13,118 12,519 Other (494) (630) Total assets $ 83,649 $ 81,943
Reconciliation of Depreciation and amortization:	Reconciliation of Depreciation and amortization: (Millions of dollars) Three Months Ended March 31 2023 2022 Depreciation and amortization from reportable segments: Construction Industries $ 54 $ 58 Resource Industries 87 92 Energy & Transportation 129 134 Financial Products Segment 178 188 Total depreciation and amortization from reportable segments 448 472 Items not included in segment depreciation and amortization: All Other operating segment 57 58 Cost centers 20 21 Other 7 6 Total depreciation and amortization $ 532 $ 557
Reconciliation of Capital expenditures:	Reconciliation of Capital expenditures: (Millions of dollars) Three Months Ended March 31 2023 2022 Capital expenditures from reportable segments: Construction Industries $ 32 $ 32 Resource Industries 26 22 Energy & Transportation 169 177 Financial Products Segment 279 241 Total capital expenditures from reportable segments 506 472 Items not included in segment capital expenditures: All Other operating segment 26 16 Cost centers 22 9 Timing 212 192 Other (16) (10) Total capital expenditures $ 750 $ 679

Cat Financial Financing Activ_2

Cat Financial Financing Activities (Tables)	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Allowance for credit losses and total finance receivables	An analysis of the allowance for credit losses was as follows: (Millions of dollars) Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 Allowance for Credit Losses: Customer Dealer Total Customer Dealer Total Beginning balance $ 277 $ 65 $ 342 $ 251 $ 82 $ 333 Write-offs (20) — (20) (20) — (20) Recoveries 10 — 10 12 — 12 Provision for credit losses 1 10 — 10 26 (1) 25 Other 1 — 1 2 — 2 Ending balance $ 278 $ 65 $ 343 $ 271 $ 81 $ 352 Finance Receivables $ 19,573 $ 1,721 $ 21,294 $ 20,289 $ 1,722 $ 22,011 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) March 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Total Finance Receivables North America Current $ 886 $ 3,585 $ 2,931 $ 1,308 $ 525 $ 168 $ 255 $ 9,658 31-60 days past due 3 29 30 18 8 2 3 93 61-90 days past due — 11 8 5 2 1 2 29 91+ days past due — 12 19 12 5 5 3 56 EAME Current 310 1,198 864 423 234 189 — 3,218 31-60 days past due 2 15 12 4 2 1 — 36 61-90 days past due — 7 5 3 2 — — 17 91+ days past due — 8 23 14 3 2 — 50 Asia/Pacific Current 248 896 568 230 48 14 — 2,004 31-60 days past due — 9 12 9 2 — — 32 61-90 days past due — 4 4 3 1 — — 12 91+ days past due — 4 6 5 3 1 — 19 Mining Current 318 837 520 186 137 98 56 2,152 31-60 days past due — 5 — 4 1 — — 10 61-90 days past due — — — — — — — — 91+ days past due — — 1 — — — — 1 Latin America Current 182 716 339 124 51 28 — 1,440 31-60 days past due — 17 32 4 9 9 — 71 61-90 days past due — 4 4 1 — 3 — 12 91+ days past due — 5 14 8 2 1 — 30 Power Finance Current 12 76 78 140 32 159 133 630 31-60 days past due — — — — — 2 — 2 61-90 days past due — — — — — 1 — 1 91+ days past due — — — — — — — — Totals by Aging Category Current $ 1,956 $ 7,308 $ 5,300 $ 2,411 $ 1,027 $ 656 $ 444 $ 19,102 31-60 days past due 5 75 86 39 22 14 3 244 61-90 days past due — 26 21 12 5 5 2 71 91+ days past due — 29 63 39 13 9 3 156 Total Customer $ 1,961 $ 7,438 $ 5,470 $ 2,501 $ 1,067 $ 684 $ 452 $ 19,573 (Millions of dollars) December 31, 2022 2022 2021 2020 2019 2018 Prior Revolving Total Finance Receivables North America Current $ 3,915 $ 3,276 $ 1,525 $ 653 $ 206 $ 34 $ 240 $ 9,849 31-60 days past due 25 26 18 12 4 1 4 90 61-90 days past due 9 15 7 3 1 — 3 38 91+ days past due 11 16 12 6 4 3 4 56 EAME Current 1,270 953 477 280 155 68 — 3,203 31-60 days past due 10 12 7 1 1 — — 31 61-90 days past due 8 4 3 1 — — — 16 91+ days past due 6 25 16 4 1 1 — 53 Asia/Pacific Current 1,033 684 313 69 18 2 — 2,119 31-60 days past due 10 12 8 1 1 — — 32 61-90 days past due 2 5 4 2 — — — 13 91+ days past due 2 6 6 4 — — — 18 Mining Current 863 575 220 171 93 108 80 2,110 31-60 days past due — 1 — — — — — 1 61-90 days past due — — — — — — — — 91+ days past due — — — — — 1 — 1 Latin America Current 770 400 150 69 26 20 — 1,435 31-60 days past due 7 8 4 2 — 1 — 22 61-90 days past due 2 5 1 1 — — — 9 91+ days past due 2 13 11 2 1 — — 29 Power Finance Current 78 85 142 33 18 161 125 642 31-60 days past due — — — — — — — — 61-90 days past due — — — — — — — — 91+ days past due — — — — — 5 — 5 Totals by Aging Category Current $ 7,929 $ 5,973 $ 2,827 $ 1,275 $ 516 $ 393 $ 445 $ 19,358 31-60 days past due 52 59 37 16 6 2 4 176 61-90 days past due 21 29 15 7 1 — 3 76 91+ days past due 21 60 45 16 6 10 4 162 Total Customer $ 8,023 $ 6,121 $ 2,924 $ 1,314 $ 529 $ 405 $ 456 $ 19,772
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: March 31, 2023 December 31, 2022 Amortized Cost Amortized Cost (Millions of dollars) Non-accrual Non-accrual 91+ Still Non-accrual Non-accrual 91+ Still North America $ 48 $ — $ 12 $ 52 $ 4 $ 11 EAME 44 — 6 43 — 10 Asia/Pacific 12 — 7 11 — 7 Mining 2 — — — 1 — Latin America 77 — — 45 — — Power Finance 8 — — 5 11 — Total $ 191 $ — $ 25 $ 156 $ 16 $ 28
Write-offs by origination year	Gross write-offs by origination year for the Customer portfolio segment were as follows: (Millions of dollars) March 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Total North America $ — $ 3 $ 3 $ — $ — $ — $ 4 10 EAME — 1 — 1 — — — 2 Asia/Pacific — — 2 1 1 — — 4 Latin America — — 1 2 1 — — 4 Total $ — $ 4 $ 6 $ 4 $ 2 $ — $ 4 $ 20

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Assets and liabilities measured on a recurring basis at fair value	Assets and liabilities measured on a recurring basis at fair value included in our Consolidated Statement of Financial Position as of March 31, 2023 and December 31, 2022 were as follows: March 31, 2023 (Millions of dollars) Level 1 Level 2 Level 3 Measured at NAV Total Assets Debt securities Government debt securities U.S. treasury bonds $ 9 $ — $ — $ — $ 9 Other U.S. and non-U.S. government bonds — 57 — — 57 Corporate debt securities Corporate bonds and other debt securities — 2,469 50 — 2,519 Asset-backed securities — 184 — — 184 Mortgage-backed debt securities U.S. governmental agency — 341 — — 341 Residential — 2 — — 2 Commercial — 125 — — 125 Total debt securities 9 3,178 50 — 3,237 Equity securities Large capitalization value 200 — — — 200 Smaller company growth 32 — — — 32 REIT — — — 200 200 Total equity securities 232 — — 200 432 Derivative financial instruments - assets Foreign currency contracts - net — 309 — — 309 Commodity contracts - net — 17 — — 17 Total assets $ 241 $ 3,504 $ 50 $ 200 $ 3,995 Liabilities Derivative financial instruments - liabilities Interest rate contracts - net $ — $ 135 $ — $ — $ 135 Total liabilities $ — $ 135 $ — $ — $ 135 December 31, 2022 (Millions of dollars) Level 1 Level 2 Level 3 Measured at NAV Total Assets Debt securities Government debt securities U.S. treasury bonds $ 9 $ — $ — $ — $ 9 Other U.S. and non-U.S. government bonds — 55 — — 55 Corporate debt securities Corporate bonds and other debt securities — 2,416 50 — 2,466 Asset-backed securities — 182 — — 182 Mortgage-backed debt securities U.S. governmental agency — 333 — — 333 Residential — 2 — — 2 Commercial — 117 — — 117 Total debt securities 9 3,105 50 — 3,164 Equity securities Large capitalization value 203 — — — 203 Smaller company growth 31 — — — 31 REIT — — — 207 207 Total equity securities 234 — — 207 441 Derivative financial instruments - assets Foreign currency contracts - net — 328 — — 328 Commodity contracts - net — 15 — — 15 Total Assets $ 243 $ 3,448 $ 50 $ 207 $ 3,948 Liabilities Derivative financial instruments - liabilities Interest rate contracts - net $ — $ 195 $ — $ — $ 195 Total liabilities $ — $ 195 $ — $ — $ 195
Fair values of financial instruments	Our financial instruments not carried at fair value were as follows: March 31, 2023 December 31, 2022 (Millions of dollars) Carrying Amount Fair Value Carrying Amount Fair Value Fair Value Levels Reference Assets Finance receivables – net (excluding finance leases 1 ) $ 14,010 $ 13,488 $ 13,965 $ 13,377 3 Note 17 Wholesale inventory receivables – net (excluding finance leases 1 ) 1,024 967 827 778 3 Liabilities Long-term debt (including amounts due within one year) Machinery, Energy & Transportation 9,595 9,542 9,618 9,240 2 Financial Products 21,602 21,066 21,418 20,686 2 1 Represents finance leases and failed sale leasebacks of $7,198 million and $7,325 million at March 31, 2023 and December 31, 2022, respectively.

Other income (expense) (Tables)

Other income (expense) (Tables)	3 Months Ended
	Mar. 31, 2023
Other Income and Expenses [Abstract]
Other income (expense)	Three Months Ended March 31 (Millions of dollars) 2023 2022 Investment and interest income $ 93 $ 21 Foreign exchange gains (losses) 1 (72) 47 License fee income 31 32 Net periodic pension and OPEB income (cost), excluding service cost (13) 68 Gains (losses) on securities (11) (12) Miscellaneous income (loss) 4 97 Total $ 32 $ 253 1 Includes gains (losses) from foreign exchange derivative contracts. See Note 5 for further details.

Restructuring Costs (Tables)

Restructuring Costs (Tables)	3 Months Ended
	Mar. 31, 2023
Restructuring Charges [Abstract]
Restructuring and related costs	Restructuring costs for the three months ended March 31, 2023 and 2022 were as follows: (Millions of dollars) Three Months Ended March 31 2023 2022 Employee separations 1 $ 12 $ 5 Longwall divestiture 1 586 — Other 2 13 8 Total restructuring costs $ 611 $ 13 1 Recognized in Other operating (income) expenses. 2 Represents costs related to our restructuring programs, primarily for accelerated depreciation, project management, equipment relocation and inventory write-downs, all of which are primarily included in Cost of goods sold.
Summary of separation activity	The following table summarizes the 2023 and 2022 employee separation activity: (Millions of dollars) Three Months Ended March 31 2023 2022 Liability balance, beginning of period $ 39 $ 61 Increase in liability (separation charges) 12 5 Reduction in liability (payments) (28) (19) Liability balance, end of period $ 23 $ 47

New Accounting Guidance (Detail

New Accounting Guidance (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
New Accounting Pronouncements
Supplier Finance Program, Obligation, Current	$ 970	$ 862

Sales and revenue contract in_2

Sales and revenue contract information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Trade receivables from dealers and end users	$ 7,854		$ 7,551	$ 7,267
Long term trade receivables from dealers and end users	472		506	624
Contract Assets	195		247	187
Contract liabilities	2,664		$ 2,314	$ 1,557
Revenue recognized from contract liability balance at beginning of period	737	$ 437
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Unsatisfied performance obligations with an original contract duration greater than one year	$ 12,600
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Expected period of performance satisfaction	12 months
Revenue, Remaining Performance Obligation, Percentage	50%

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Stock-based compensation awards
Stock-based compensation expense, before tax (in dollars)	$ 44	$ 40
Risk-free interest rates, low end of range (as a percent)	3.92%	1.03%
Risk-free interest rates, high end of range (as a percent)	5.03%	2%
Rate of volatilities, Minimum	28.50%	25.30%
Rate of volatilities, Maximum	35.50%	36.80%
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%	31.70%
Rate of volatilities, Minimum	28.50%	25.30%
Rate of volatilities, Maximum	35.50%	36.80%
Risk-free interest rates, low end of range (as a percent)	3.92%	1.03%
Risk-free interest rates, high end of range (as a percent)	5.03%	2%
Weighted-average expected lives (in years)	7 years	8 years
Unrecognized compensation cost related to nonvested stock-based compensation awards (in dollars)	$ 305
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)	777,275	1,029,202
Weighted-Average Fair Value Per Share (in dollars per share)	$ 75.79	$ 51.69
Weighted-Average Grant Date Stock Price (in dollars per share)	253.98	196.70
RSUs
Stock-based compensation awards
Weighted-Average Grant Date Stock Price (in dollars per share)	$ 253.98	$ 196.70
Shares Granted (in shares)	379,426	484,025
Weighted-Average Fair Value Per Share (in dollars per share)	$ 253.98	$ 196.70
PRSUs
Stock-based compensation awards
Weighted-Average Grant Date Stock Price (in dollars per share)	$ 253.98	$ 196.70
Shares Granted (in shares)	221,869	258,900
Weighted-Average Fair Value Per Share (in dollars per share)	$ 253.98	$ 196.70

Derivative Financial Instrume_4

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

Derivative Financial instrume_5

Derivative Financial instruments and Risk Management- Location and fair value (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Derivatives Fair Value
Assets	$ 595	$ 644
Liabilities	(404)	(496)
Designated Derivatives
Derivatives Fair Value
Assets	538	555
Liabilities	(327)	(440)
Designated Derivatives | Foreign exchange contracts
Derivatives Fair Value
Assets	452	462
Liabilities	(106)	(152)
Designated Derivatives | Interest rate contracts
Derivatives Fair Value
Assets	86	93
Liabilities	(221)	(288)
Undesignated Derivatives
Derivatives Fair Value
Assets	57	89
Liabilities	(77)	(56)
Undesignated Derivatives | Foreign exchange contracts
Derivatives Fair Value
Assets	30	65
Liabilities	(67)	(47)
Undesignated Derivatives | Commodity contracts
Derivatives Fair Value
Assets	27	24
Liabilities	$ (10)	$ (9)

Derivative Financial instrume_6

Derivative Financial instruments and Risk Management- Notional amounts (Details) - USD ($) $ in Billions	Mar. 31, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative, Notional Amount	$ 22.8	$ 24.3

Derivative Financial instrume_7

Derivative Financial instruments and Risk Management- Gain and Loss on Hedging instruments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments, Gain (Loss)
Amount of gains (losses) recognized in AOCI	$ 56	$ 47
Amount of gain (losses) reclassified from AOCI	52	(19)
Fair Value / Undesignated Hedges
Derivative Instruments, Gain (Loss)
Gains (Losses) recognized on the consolidated statement of results of operations	(47)	37
Fair Value / Undesignated Hedges | Foreign exchange contracts
Derivative Instruments, Gain (Loss)
Gains (Losses) recognized on the consolidated statement of results of operations	(28)	(63)
Fair Value / Undesignated Hedges | Interest rate contracts
Derivative Instruments, Gain (Loss)
Gains (Losses) recognized on the consolidated statement of results of operations	(27)	7
Fair Value / Undesignated Hedges | Commodity contracts
Derivative Instruments, Gain (Loss)
Gains (Losses) recognized on the consolidated statement of results of operations	8	93
Designated Derivatives | Cash Flow Hedges
Derivative Instruments, Gain (Loss)
Amount of gains (losses) recognized in AOCI	56	47
Amount of gain (losses) reclassified from AOCI	(52)	19
Designated Derivatives | Cash Flow Hedges | Foreign exchange contracts
Derivative Instruments, Gain (Loss)
Amount of gains (losses) recognized in AOCI	58	(9)
Amount of gain (losses) reclassified from AOCI	(65)	26
Designated Derivatives | Cash Flow Hedges | Interest rate contracts
Derivative Instruments, Gain (Loss)
Amount of gains (losses) recognized in AOCI	(2)	56
Amount of gain (losses) reclassified from AOCI	13	(7)
Designated Derivatives | Cash Flow Hedges | Commodity contracts
Derivative Instruments, Gain (Loss)
Amount of gains (losses) recognized in AOCI	0	0
Amount of gain (losses) reclassified from AOCI	$ 0	$ 0

Derivative Financial Instrume_8

Derivative Financial Instruments and Risk Management- Fair value hedges (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Derivatives Fair Value
Carrying Value of the Hedged Liabilities	$ 4,309	$ 4,173
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Value of the Hedged Liabilities	(195)	(280)
Long-term debt due after one year
Derivatives Fair Value
Carrying Value of the Hedged Liabilities	4,115	4,173
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Value of the Hedged Liabilities	(189)	(280)
Long-term debt due within one year
Derivatives Fair Value
Carrying Value of the Hedged Liabilities	194	0
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Value of the Hedged Liabilities	$ (6)	$ 0

Derivative Financial instrume_9

Derivative Financial instruments and Risk Management-Effect of net settlement provisions upon default or termination (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Assets
Gross Amount of Recognized Assets	$ 595	$ 644
Financial Instruments Not Offset- Assets	(164)	(233)
Net Amount of Assets	431	411
Liabilities
Gross Amount of Recognized Liabilities	(404)	(496)
Financial Instruments Not Offset-Liabilities	164	233
Net Amount of Liabilities	$ (240)	$ (263)

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 6,776	$ 6,370
Work-in-process	1,656	1,452
Finished goods	8,868	8,138
Supplies	333	310
Total inventories	$ 17,633	$ 16,270

Intangible Assets and Goodwil_2

Intangible Assets and Goodwill (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Intangible assets
Weighted Amortizable Life (in years)	15 years		14 years
Finite-Lived Intangible Assets, Gross	$ 3,832		$ 3,838
Finite-Lived Intangible Assets, Accumulated Amortization	(3,138)		(3,080)
Net	694		$ 758
Amortization expense	66	$ 72
Remaining Nine Months of 2023	151
2024	171
2025	161
2026	91
2027	27
Thereafter	$ 93
Customer Relationships
Intangible assets
Weighted Amortizable Life (in years)	16 years		16 years
Finite-Lived Intangible Assets, Gross	$ 2,241		$ 2,233
Finite-Lived Intangible Assets, Accumulated Amortization	(1,717)		(1,675)
Net	$ 524		$ 558
Intellectual Property
Intangible assets
Weighted Amortizable Life (in years)	13 years		12 years
Finite-Lived Intangible Assets, Gross	$ 1,470		$ 1,473
Finite-Lived Intangible Assets, Accumulated Amortization	(1,345)		(1,320)
Net	$ 125		$ 153
Other
Intangible assets
Weighted Amortizable Life (in years)	17 years		16 years
Finite-Lived Intangible Assets, Gross	$ 121		$ 132
Finite-Lived Intangible Assets, Accumulated Amortization	(76)		(85)
Net	$ 45		$ 47

Intangible Assets and Goodwil_3

Intangible Assets and Goodwill (Details 2) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Changes in carrying amount of goodwill by reportable segment:
Goodwill, beginning of period	$ 7,410
Impairments, beginning of period	(2,122)
Net goodwill, beginning of period	5,288
Goodwill impairment charge	0	$ 0
Other adjustments	21
Goodwill, end of period	7,431
Impairments, end of period	(2,122)
Net goodwill, end of period	5,309
Construction Industries
Changes in carrying amount of goodwill by reportable segment:
Goodwill, beginning of period	287
Impairments, beginning of period	(22)
Net goodwill, beginning of period	265
Other adjustments	(3)
Goodwill, end of period	284
Impairments, end of period	(22)
Net goodwill, end of period	262
Resource Industries
Changes in carrying amount of goodwill by reportable segment:
Goodwill, beginning of period	4,130
Impairments, beginning of period	(1,175)
Net goodwill, beginning of period	2,955
Other adjustments	18
Goodwill, end of period	4,148
Impairments, end of period	(1,175)
Net goodwill, end of period	2,973
Energy & Transportation
Changes in carrying amount of goodwill by reportable segment:
Goodwill, beginning of period	2,947
Impairments, beginning of period	(925)
Net goodwill, beginning of period	2,022
Other adjustments	6
Goodwill, end of period	2,953
Impairments, end of period	(925)
Net goodwill, end of period	2,028
All Other Operating Segments
Changes in carrying amount of goodwill by reportable segment:
Goodwill, beginning of period	46
Impairments, beginning of period	0
Net goodwill, beginning of period	46
Other adjustments	0
Goodwill, end of period	46
Impairments, end of period	0
Net goodwill, end of period	$ 46

Investments in Debt and Equit_3

Investments in Debt and Equity Securities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Schedule of Investments in Debt and Equity Securities
Cost basis	$ 3,358	$ 3,311
Unrealized pretax net gains (losses)	(121)	(147)
Fair Value	3,237	3,164
U.S. treasury bonds
Schedule of Investments in Debt and Equity Securities
Cost basis	10	9
Unrealized pretax net gains (losses)	(1)	0
Fair Value	9	9
Other U.S. and non-U.S. government bonds
Schedule of Investments in Debt and Equity Securities
Cost basis	61	60
Unrealized pretax net gains (losses)	(4)	(5)
Fair Value	57	55
Corporate bonds
Schedule of Investments in Debt and Equity Securities
Cost basis	2,594	2,561
Unrealized pretax net gains (losses)	(75)	(95)
Fair Value	2,519	2,466
Asset-backed securities
Schedule of Investments in Debt and Equity Securities
Cost basis	189	187
Unrealized pretax net gains (losses)	(5)	(5)
Fair Value	184	182
U.S. governmental agency mortgage-backed securities
Schedule of Investments in Debt and Equity Securities
Cost basis	366	364
Unrealized pretax net gains (losses)	(25)	(31)
Fair Value	341	333
Residential
Schedule of Investments in Debt and Equity Securities
Cost basis	3	3
Unrealized pretax net gains (losses)	(1)	(1)
Fair Value	2	2
Commercial
Schedule of Investments in Debt and Equity Securities
Cost basis	135	127
Unrealized pretax net gains (losses)	(10)	(10)
Fair Value	$ 125	$ 117

Investments in Debt and Equit_4

Investments in Debt and Equity Securities (Details 2) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Available-for-sale Securities, Continuous Unrealized Loss Position
Less than 12 months - Fair Value	$ 1,219	$ 2,203
Less than 12 months - Unrealized losses	27	70
12 months or more - Fair Value	1,352	585
12 months or more - Unrealized losses	99	78
Total - Fair Value	2,571	2,788
Total - Unrealized losses	126	148
Other U.S. and non-U.S. government bonds
Available-for-sale Securities, Continuous Unrealized Loss Position
Less than 12 months - Fair Value	13	19
Less than 12 months - Unrealized losses	1	1
12 months or more - Fair Value	26	20
12 months or more - Unrealized losses	4	4
Total - Fair Value	39	39
Total - Unrealized losses	5	5
Corporate bonds
Available-for-sale Securities, Continuous Unrealized Loss Position
Less than 12 months - Fair Value	990	1,815
Less than 12 months - Unrealized losses	19	46
12 months or more - Fair Value	931	357
12 months or more - Unrealized losses	61	50
Total - Fair Value	1,921	2,172
Total - Unrealized losses	80	96
Asset-backed securities
Available-for-sale Securities, Continuous Unrealized Loss Position
Less than 12 months - Fair Value	67	75
Less than 12 months - Unrealized losses	2	2
12 months or more - Fair Value	86	55
12 months or more - Unrealized losses	4	3
Total - Fair Value	153	130
Total - Unrealized losses	6	5
U.S. governmental agency mortgage-backed securities
Available-for-sale Securities, Continuous Unrealized Loss Position
Less than 12 months - Fair Value	107	229
Less than 12 months - Unrealized losses	3	16
12 months or more - Fair Value	226	98
12 months or more - Unrealized losses	22	15
Total - Fair Value	333	327
Total - Unrealized losses	25	31
Residential
Available-for-sale Securities, Continuous Unrealized Loss Position
Less than 12 months - Fair Value		2
Less than 12 months - Unrealized losses		0
12 months or more - Fair Value		1
12 months or more - Unrealized losses		1
Total - Fair Value		3
Total - Unrealized losses		1
Commercial
Available-for-sale Securities, Continuous Unrealized Loss Position
Less than 12 months - Fair Value	42	63
Less than 12 months - Unrealized losses	2	5
12 months or more - Fair Value	83	54
12 months or more - Unrealized losses	8	5
Total - Fair Value	125	117
Total - Unrealized losses	$ 10	$ 10

Investments in Debt and Equit_5

Investments in Debt and Equity Securities (Details 3) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Schedule of Investments in Debt and Equity Securities
Due in one year or less, Cost Basis	$ 961
Due in one year or less, Fair Value	950
Due after one year through five years, Cost Basis	1,571
Due after one year through five years, Fair Value	1,511
Due after five through ten years, Cost Basis	257
Due after five years through ten years, Fair Value	245
Due after ten years, Cost Basis	65
Due after ten years, Fair Value	63
Debt Securities, Available-for-sale, Amortized Cost	3,358		$ 3,311
Debt securities, Available-for-sale, Fair value	3,237		3,164
Available-for-sale Securities, Proceeds, Gains and Losses
Proceeds from the sale of available-for-sale securities	223	$ 96
Gross gains from the sale of available-for-sale securities	0	0
Gross losses from the sale of available-for-sale securities	0	0
Schedule of Held-to-maturity Securities
Unrealized gain (loss) on equity securities	(8)	$ (12)
Bank Time Deposits
Schedule of Held-to-maturity Securities
Time deposit	250		0
U.S. governmental agency mortgage-backed securities
Schedule of Investments in Debt and Equity Securities
Debt Securities, Available-for-sale, Amortized Cost	366		364
Debt securities, Available-for-sale, Fair value	341		333
Residential
Schedule of Investments in Debt and Equity Securities
Debt Securities, Available-for-sale, Amortized Cost	3		3
Debt securities, Available-for-sale, Fair value	2		2
Commercial
Schedule of Investments in Debt and Equity Securities
Debt Securities, Available-for-sale, Amortized Cost	135		127
Debt securities, Available-for-sale, Fair value	$ 125		$ 117

Postretirement Benefits (Detail

Postretirement Benefits (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Pension and other postretirement benefit contributions
Expected full year contributions to pension and other postretirement benefit plans during the year	$ 372
Pension and Other Postretirement Benefits
Pension and other postretirement benefit contributions
Contributions to pension and other postretirement benefit plans	208
Other Postretirement Benefits Plan
Components of net periodic benefit cost:
Service cost	17	$ 25
Interest cost	36	20
Expected return on plan assets	(3)	(4)
Amortization of prior service cost / (credit)	(3)	(1)
Net periodic benefit cost (benefit)	47	40
UNITED STATES
Components of net periodic benefit cost:
Service cost	0	0
Interest cost	164	100
Expected return on plan assets	(172)	(167)
Amortization of prior service cost / (credit)	0	0
Net periodic benefit cost (benefit)	(8)	(67)
Foreign Plan
Components of net periodic benefit cost:
Service cost	10	13
Interest cost	31	18
Expected return on plan assets	(40)	(34)
Amortization of prior service cost / (credit)	0	0
Net periodic benefit cost (benefit)	$ 1	$ (3)

Postretirement Benefits (Deta_2

Postretirement Benefits (Details 2) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Defined Contribution Plan
Costs related to defined contribution plans	$ 178	$ 143
U.S. Plans
Defined Contribution Plan
Costs related to defined contribution plans	149	114
Non-U.S. Plans
Defined Contribution Plan
Costs related to defined contribution plans	$ 29	$ 29

Leases Lease revenue (Details)

Leases Lease revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Finance lease revenue	$ 104	$ 112
Operating lease revenue	275	278
Total	$ 379	$ 390
Financial Products
Leases [Abstract]
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	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

Guarantees and Product Warran_3

Guarantees and Product Warranty (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Related liability	$ 4	$ 2
Guarantor Obligations
Guarantees, maximum potential amount of future payments	572	511
SPC assets in consolidated statement	83,649	81,943
SPC liabilities in consolidated statement	65,479	66,052
Caterpillar dealer performance guarantees
Guarantor Obligations
Guarantees, maximum potential amount of future payments	191	188
Other guarantees
Guarantor Obligations
Guarantees, maximum potential amount of future payments	381	323
Variable Interest Entity, Primary Beneficiary
Guarantor Obligations
SPC assets in consolidated statement	1,130	971
SPC liabilities in consolidated statement	$ 1,130	$ 970

Guarantees and Product Warran_4

Guarantees and Product Warranty (Details 2) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Change in product warranty liability balances
Warranty liability, beginning balance	$ 1,761	$ 1,689
Reduction in liability (payments)	(213)	(194)
Increase in liability (new warranties)	246	168
Warranty liability, ending balance	$ 1,794	$ 1,663

Profit Per Share (Details)

Profit Per Share (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share Reconciliation [Abstract]
Profit for the period (A) (in dollars)	[1]	$ 1,943	$ 1,537
Determination of shares (in millions)
Weighted-average number of common shares outstanding (B) (in shares)		516,200,000	534,500,000
Shares issuable on exercise of stock awards, net of shares assumed to be purchased out of proceeds at average market price (in shares)		3,200,000	3,800,000
Average common shares outstanding for fully diluted computation (C) (in shares)	[2]	519,400,000	538,300,000
Assuming no dilution (A/B) (in dollars per share)		$ 3.76	$ 2.88
Assuming full dilution (A/C) (in dollars per share)	[2]	$ 3.74	$ 2.86
Common Stock, Shares, Outstanding		515,900,000	533,400,000
Common shares under SARs and stock options not included in the computation of diluted earnings per share (in shares)		800,000	2,100,000
Stock repurchase
Common shares repurchased (in shares)		1,701,760	3,571,684
Cost of repurchase	[3]	$ 400	$ 720
[1]Profit attributable to common shareholders.[2]Diluted by assumed exercise of stock-based compensation awards using the treasury stock method.[3]See Note 12 for additional information.

Accumulated other comprehensi_3

Accumulated other comprehensive income (loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Foreign currency translation
Beginning balance	$ (2,328)	$ (1,508)
Gains (losses) on foreign currency translation	103	(104)
Less: Tax provision /(benefit)	(10)	11
Net gains (losses) on foreign currency translation	113	(115)
(Gains) losses reclassified to earnings	494	0
Less: Tax provision /(benefit)	0	0
Net (gains) losses reclassified to earnings	494	0
Other comprehensive income (loss), net of tax	607	(115)
Ending balance	(1,721)	(1,623)
Pension and other postretirement benefits:
Beginning balance	(39)	(62)
Current year prior service credit (cost)	0	0
Pension and other postretirement benefits, Current year prior service credit (cost), tax (provision)/benefit	0	0
Net current year prior service credit (cost)	0	0
Amortization of prior service credit (cost)	(3)	(1)
Less: Tax provision /(benefit)	(1)	0
Net amortization of prior service (credit) cost	(2)	(1)
Pension and other post retirement benefits	(2)	(1)
Ending balance	(41)	(63)
Derivative financial instruments:
Beginning balance	28	(3)
Amount of gains (losses) recognized in AOCI	56	47
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax	12	10
Gains (losses) deferred, net of tax	44	37
Amount of gain (losses) reclassified from AOCI	52	(19)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax	12	(5)
Net (gains) losses reclassified to earnings	40	(14)
Other comprehensive income (loss), net of tax	84	23
Ending balance	112	20
Available-for-sale securities:
Beginning balance	(118)	20
Gains (losses) deferred	26	(79)
Less: Tax provision /(benefit)	4	(15)
Net gains (losses) deferred	22	(64)
(Gains) losses reclassified to earnings	0	0
Available-for-sale securities, (Gains) losses reclassified to earnings, tax (provision)/benefit	0	0
Net (gains) losses reclassified to earnings	0	0
Other comprehensive income (loss), net of tax	22	(64)
Ending balance	(96)	(44)
Accumulated other comprehensive income (loss)	$ (1,746)	$ (1,710)	$ (2,457)

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	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Effective Income Tax Rate (as a percentage)	26.90%	23.40%
Estimated Annual Income Tax Rate (as a percentage)	23%	24%	23.20%
Gain (Loss) on Divestiture	$ (586)
Tax benefit for settlement of stock-based compensation awards	$ 32	$ 12

Segment Information (Details)

Segment Information (Details)	3 Months Ended
	Mar. 31, 2023 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
	Mar. 31, 2023	Mar. 31, 2022
Sales and revenues by geographic region
Sales and revenues	$ 15,862	$ 13,589
Reportable Segments
Sales and revenues by geographic region
Sales and revenues	17,329	14,766
Reportable Segments | Operating Segments
Sales and revenues by geographic region
Sales and revenues	16,020	13,660
Reportable Segments | Segment Reconciling Items
Sales and revenues by geographic region
Sales and revenues	1,309	1,106
Corporate Items and Eliminations
Sales and revenues by geographic region
Sales and revenues	(1,578)	(1,295)
Corporate Items and Eliminations | Corporate, Non-Segment
Sales and revenues by geographic region
Sales and revenues	(193)	(110)
Corporate Items and Eliminations | Intersegment Eliminations
Sales and revenues by geographic region
Sales and revenues	(1,385)	(1,185)
North America
Sales and revenues by geographic region
Sales and revenues	7,950	6,137
North America | Reportable Segments | Operating Segments
Sales and revenues by geographic region
Sales and revenues	8,063	6,179
North America | Corporate Items and Eliminations | Corporate, Non-Segment
Sales and revenues by geographic region
Sales and revenues	(131)	(60)
Latin America
Sales and revenues by geographic region
Sales and revenues	1,539	1,393
Latin America | Reportable Segments | Operating Segments
Sales and revenues by geographic region
Sales and revenues	1,557	1,409
Latin America | Corporate Items and Eliminations | Corporate, Non-Segment
Sales and revenues by geographic region
Sales and revenues	(18)	(16)
EAME
Sales and revenues by geographic region
Sales and revenues	3,418	3,145
EAME | Reportable Segments | Operating Segments
Sales and revenues by geographic region
Sales and revenues	3,433	3,151
EAME | Corporate Items and Eliminations | Corporate, Non-Segment
Sales and revenues by geographic region
Sales and revenues	(19)	(11)
Asia/Pacific
Sales and revenues by geographic region
Sales and revenues	2,955	2,914
Asia/Pacific | Reportable Segments | Operating Segments
Sales and revenues by geographic region
Sales and revenues	2,967	2,921
Asia/Pacific | Corporate Items and Eliminations | Corporate, Non-Segment
Sales and revenues by geographic region
Sales and revenues	(25)	(23)
Construction Industries | Reportable Segments
Sales and revenues by geographic region
Sales and revenues	6,746	6,115
Construction Industries | Reportable Segments | Operating Segments
Sales and revenues by geographic region
Sales and revenues	6,704	6,086
Construction Industries | Reportable Segments | Segment Reconciling Items
Sales and revenues by geographic region
Sales and revenues	42	29
Construction Industries | North America | Reportable Segments | Operating Segments
Sales and revenues by geographic region
Sales and revenues	3,608	2,720
Construction Industries | Latin America | Reportable Segments | Operating Segments
Sales and revenues by geographic region
Sales and revenues	599	627
Construction Industries | EAME | Reportable Segments | Operating Segments
Sales and revenues by geographic region
Sales and revenues	1,336	1,277
Construction Industries | Asia/Pacific | Reportable Segments | Operating Segments
Sales and revenues by geographic region
Sales and revenues	1,161	1,462
Resource Industries | Reportable Segments
Sales and revenues by geographic region
Sales and revenues	3,427	2,830
Resource Industries | Reportable Segments | Operating Segments
Sales and revenues by geographic region
Sales and revenues	3,359	2,759
Resource Industries | Reportable Segments | Segment Reconciling Items
Sales and revenues by geographic region
Sales and revenues	68	71
Resource Industries | North America | Reportable Segments | Operating Segments
Sales and revenues by geographic region
Sales and revenues	1,308	1,018
Resource Industries | Latin America | Reportable Segments | Operating Segments
Sales and revenues by geographic region
Sales and revenues	474	399
Resource Industries | EAME | Reportable Segments | Operating Segments
Sales and revenues by geographic region
Sales and revenues	599	594
Resource Industries | Asia/Pacific | Reportable Segments | Operating Segments
Sales and revenues by geographic region
Sales and revenues	978	748
Energy & Transportation
Sales and revenues by geographic region
Sales and revenues	5,055	4,032
Energy & Transportation | Reportable Segments
Sales and revenues by geographic region
Sales and revenues	6,254	5,038
Energy & Transportation | Reportable Segments | Operating Segments
Sales and revenues by geographic region
Sales and revenues	5,055	4,032
Energy & Transportation | Reportable Segments | Segment Reconciling Items
Sales and revenues by geographic region
Sales and revenues	1,199	1,006
Energy & Transportation | North America | Reportable Segments | Operating Segments
Sales and revenues by geographic region
Sales and revenues	2,572	1,938
Energy & Transportation | Latin America | Reportable Segments | Operating Segments
Sales and revenues by geographic region
Sales and revenues	380	310
Energy & Transportation | EAME | Reportable Segments | Operating Segments
Sales and revenues by geographic region
Sales and revenues	1,384	1,184
Energy & Transportation | Asia/Pacific | Reportable Segments | Operating Segments
Sales and revenues by geographic region
Sales and revenues	719	600
Financial Products Segment
Sales and revenues by geographic region
Revenue from Related Parties	162	100
Financial Products Segment | Reportable Segments
Sales and revenues by geographic region
Sales and revenues	902	783
Financial Products Segment | Reportable Segments | Operating Segments
Sales and revenues by geographic region
Sales and revenues	902	783
Financial Products Segment | Reportable Segments | Segment Reconciling Items
Sales and revenues by geographic region
Sales and revenues	0	0
Financial Products Segment | North America | Reportable Segments | Operating Segments
Sales and revenues by geographic region
Sales and revenues	575	503
Financial Products Segment | Latin America | Reportable Segments | Operating Segments
Sales and revenues by geographic region
Sales and revenues	104	73
Financial Products Segment | EAME | Reportable Segments | Operating Segments
Sales and revenues by geographic region
Sales and revenues	114	96
Financial Products Segment | Asia/Pacific | Reportable Segments | Operating Segments
Sales and revenues by geographic region
Sales and revenues	109	111
All Other Operating Segments
Sales and revenues by geographic region
Sales and revenues	111	118
All Other Operating Segments | Operating Segments
Sales and revenues by geographic region
Sales and revenues	35	39
All Other Operating Segments | Segment Reconciling Items
Sales and revenues by geographic region
Sales and revenues	76	79
All Other Operating Segments | North America | Operating Segments
Sales and revenues by geographic region
Sales and revenues	18	18
All Other Operating Segments | Latin America | Operating Segments
Sales and revenues by geographic region
Sales and revenues	0	0
All Other Operating Segments | EAME | Operating Segments
Sales and revenues by geographic region
Sales and revenues	4	5
All Other Operating Segments | Asia/Pacific | Operating Segments
Sales and revenues by geographic region
Sales and revenues	$ 13	$ 16

Energy & Transportation sales (

Energy & Transportation sales (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Energy and transportation sales
Sales and revenues	$ 15,862	$ 13,589
Energy & Transportation
Energy and transportation sales
Sales and revenues	5,055	4,032
Energy & Transportation | Oil And Gas Customer
Energy and transportation sales
Sales and revenues	1,314	948
Energy & Transportation | Power generation
Energy and transportation sales
Sales and revenues	1,284	1,012
Energy & Transportation | Industrial
Energy and transportation sales
Sales and revenues	1,255	1,020
Energy & Transportation | Transportation
Energy and transportation sales
Sales and revenues	$ 1,202	$ 1,052

Reconciliations of consolidated

Reconciliations of consolidated profit before taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	$ 2,634	$ 1,999
Operating Segments | Reportable Segments
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	3,843	2,194
Operating Segments | Reportable Segments | Construction Industries
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	1,790	1,057
Operating Segments | Reportable Segments | Resource Industries
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	764	361
Operating Segments | Reportable Segments | Energy & Transportation
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	1,057	538
Operating Segments | Reportable Segments | Financial Products Segment
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	232	238
Operating Segments | All Other operating segments
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	11	3
Intersegment Eliminations | Cost Centers
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	30	10
Intersegment Eliminations | Corporate Costs
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	(238)	(198)
Intersegment Eliminations | Timing
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	(206)	(98)
Intersegment Eliminations | Restructuring Costs
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	(611)	(13)
Intersegment Eliminations | Inventory/cost of sales
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	126	168
Intersegment Eliminations | Postretirement Benefits Expense
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	(31)	81
Intersegment Eliminations | Stock-Based Compensation Expense
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	(44)	(40)
Intersegment Eliminations | Financing Costs
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	(50)	(100)
Intersegment Eliminations | Currency
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	(26)	106
Intersegment Eliminations | Other Income Expense Methodology Differences
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	(146)	(81)
Intersegment Eliminations | Other
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	$ (24)	$ (33)

Reconciliation of assets (Detai

Reconciliation of assets (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Reconciliation of Assets
Assets	$ 83,649	$ 81,943
Intersegment Eliminations
Reconciliation of Assets
Inventory Methodology Difference	(3,441)	(3,063)
Intersegment Eliminations | Cash and Short Term Investments
Reconciliation of Assets
Assets	6,017	6,042
Intersegment Eliminations | Deferred Income Taxes
Reconciliation of Assets
Assets	2,287	2,098
Intersegment Eliminations | Goodwill and Intangible Assets
Reconciliation of Assets
Assets	4,437	4,248
Intersegment Eliminations | Property Plant and Equipment-Net and Other Assets
Reconciliation of Assets
Assets	4,523	4,234
Intersegment Eliminations | Liabilities Included in Segment Assets
Reconciliation of Assets
Assets	13,118	12,519
Intersegment Eliminations | Other
Reconciliation of Assets
Assets	(494)	(630)
Operating Segments | Reportable Segments
Reconciliation of Assets
Assets	55,407	54,667
Operating Segments | Reportable Segments | Construction Industries
Reconciliation of Assets
Assets	5,584	5,168
Operating Segments | Reportable Segments | Resource Industries
Reconciliation of Assets
Assets	5,719	5,775
Operating Segments | Reportable Segments | Energy & Transportation
Reconciliation of Assets
Assets	9,513	9,455
Operating Segments | Reportable Segments | Financial Products Segment
Reconciliation of Assets
Assets	34,591	34,269
Operating Segments | All Other operating segments
Reconciliation of Assets
Assets	$ 1,795	$ 1,828

Reconciliations of depreciation

Reconciliations of depreciation and amortization (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Reconciliation of Depreciation and amortization
Depreciation and amortization	$ 532	$ 557
Operating Segments | Reportable Segments
Reconciliation of Depreciation and amortization
Depreciation and amortization	448	472
Operating Segments | Reportable Segments | Construction Industries
Reconciliation of Depreciation and amortization
Depreciation and amortization	54	58
Operating Segments | Reportable Segments | Resource Industries
Reconciliation of Depreciation and amortization
Depreciation and amortization	87	92
Operating Segments | Reportable Segments | Energy & Transportation
Reconciliation of Depreciation and amortization
Depreciation and amortization	129	134
Operating Segments | Reportable Segments | Financial Products Segment
Reconciliation of Depreciation and amortization
Depreciation and amortization	178	188
Intersegment Eliminations | All Other operating segments
Reconciliation of Depreciation and amortization
Depreciation and amortization	57	58
Intersegment Eliminations | Cost Centers
Reconciliation of Depreciation and amortization
Depreciation and amortization	20	21
Intersegment Eliminations | Other
Reconciliation of Depreciation and amortization
Depreciation and amortization	$ 7	$ 6

Reconciliations of capital expe

Reconciliations of capital expenditures (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Reconciliation of Capital expenditures
Segment Reporting Information, Expenditure for Additions Long-Lived Assets	$ 750	$ 679
Operating Segments | Reportable Segments
Reconciliation of Capital expenditures
Segment Reporting Information, Expenditure for Additions Long-Lived Assets	506	472
Operating Segments | Reportable Segments | Construction Industries
Reconciliation of Capital expenditures
Segment Reporting Information, Expenditure for Additions Long-Lived Assets	32	32
Operating Segments | Reportable Segments | Resource Industries
Reconciliation of Capital expenditures
Segment Reporting Information, Expenditure for Additions Long-Lived Assets	26	22
Operating Segments | Reportable Segments | Energy & Transportation
Reconciliation of Capital expenditures
Segment Reporting Information, Expenditure for Additions Long-Lived Assets	169	177
Operating Segments | Reportable Segments | Financial Products Segment
Reconciliation of Capital expenditures
Segment Reporting Information, Expenditure for Additions Long-Lived Assets	279	241
Intersegment Eliminations | All Other operating segments
Reconciliation of Capital expenditures
Segment Reporting Information, Expenditure for Additions Long-Lived Assets	26	16
Intersegment Eliminations | Cost Centers
Reconciliation of Capital expenditures
Segment Reporting Information, Expenditure for Additions Long-Lived Assets	22	9
Intersegment Eliminations | Timing
Reconciliation of Capital expenditures
Segment Reporting Information, Expenditure for Additions Long-Lived Assets	212	192
Intersegment Eliminations | Other
Reconciliation of Capital expenditures
Segment Reporting Information, Expenditure for Additions Long-Lived Assets	$ (16)	$ (10)

Cat Financial Financing Activ_3

Cat Financial Financing Activities (Details-Allowance for credit losses) - Finance Receivables - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Allowance for Credit Loss Activity
Beginning balance	$ 342	$ 333
Write-offs	(20)	(20)
Recoveries	10	12
Provision for credit losses	10	25
Other	1	2
Ending balance	343	352
Total Finance Receivables	21,294	22,011
Customer
Allowance for Credit Loss Activity
Beginning balance	277	251
Write-offs	(20)	(20)
Recoveries	10	12
Provision for credit losses	10	26
Other	1	2
Ending balance	278	271
Total Finance Receivables	19,573	20,289
Dealer
Allowance for Credit Loss Activity
Beginning balance	65	82
Write-offs	0	0
Recoveries	0	0
Provision for credit losses	0	(1)
Other	0	0
Ending balance	65	81
Total Finance Receivables	$ 1,721	$ 1,722

Cat Financial Financing Activ_4

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

Cat Financial Financing Activ_5

Cat Financial Financing Activities Cat Financing Activities (Details Credit quality- Customer Receivables Aging by origination year -Vintage disclosure) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
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
Prior	$ 58	$ 58
Finance Receivables | Customer
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	1,961	8,023
2022 and 2021, respectively	7,438	6,121
2021 and 2020, respectively	5,470	2,924
2020 and 2019, respectively	2,501	1,314
2019 and 2018, respectively	1,067	529
Prior	684	405
Revolving Finance Receivables	452	456
Total Finance Receivables	19,573	19,772
Finance Receivables | Customer | Current
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	1,956	7,929
2022 and 2021, respectively	7,308	5,973
2021 and 2020, respectively	5,300	2,827
2020 and 2019, respectively	2,411	1,275
2019 and 2018, respectively	1,027	516
Prior	656	393
Revolving Finance Receivables	444	445
Total Finance Receivables	19,102	19,358
Finance Receivables | Customer | 31-60 days past due
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	5	52
2022 and 2021, respectively	75	59
2021 and 2020, respectively	86	37
2020 and 2019, respectively	39	16
2019 and 2018, respectively	22	6
Prior	14	2
Revolving Finance Receivables	3	4
Total Finance Receivables	244	176
Finance Receivables | Customer | 61-90 days past due
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	0	21
2022 and 2021, respectively	26	29
2021 and 2020, respectively	21	15
2020 and 2019, respectively	12	7
2019 and 2018, respectively	5	1
Prior	5	0
Revolving Finance Receivables	2	3
Total Finance Receivables	71	76
Finance Receivables | Customer | 91+ days past due
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	0	21
2022 and 2021, respectively	29	60
2021 and 2020, respectively	63	45
2020 and 2019, respectively	39	16
2019 and 2018, respectively	13	6
Prior	9	10
Revolving Finance Receivables	3	4
Total Finance Receivables	156	162
Finance Receivables | Customer | North America | Current
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	886	3,915
2022 and 2021, respectively	3,585	3,276
2021 and 2020, respectively	2,931	1,525
2020 and 2019, respectively	1,308	653
2019 and 2018, respectively	525	206
Prior	168	34
Revolving Finance Receivables	255	240
Total Finance Receivables	9,658	9,849
Finance Receivables | Customer | North America | 31-60 days past due
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	3	25
2022 and 2021, respectively	29	26
2021 and 2020, respectively	30	18
2020 and 2019, respectively	18	12
2019 and 2018, respectively	8	4
Prior	2	1
Revolving Finance Receivables	3	4
Total Finance Receivables	93	90
Finance Receivables | Customer | North America | 61-90 days past due
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	0	9
2022 and 2021, respectively	11	15
2021 and 2020, respectively	8	7
2020 and 2019, respectively	5	3
2019 and 2018, respectively	2	1
Prior	1	0
Revolving Finance Receivables	2	3
Total Finance Receivables	29	38
Finance Receivables | Customer | North America | 91+ days past due
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	0	11
2022 and 2021, respectively	12	16
2021 and 2020, respectively	19	12
2020 and 2019, respectively	12	6
2019 and 2018, respectively	5	4
Prior	5	3
Revolving Finance Receivables	3	4
Total Finance Receivables	56	56
Finance Receivables | Customer | EAME | Current
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	310	1,270
2022 and 2021, respectively	1,198	953
2021 and 2020, respectively	864	477
2020 and 2019, respectively	423	280
2019 and 2018, respectively	234	155
Prior	189	68
Revolving Finance Receivables	0	0
Total Finance Receivables	3,218	3,203
Finance Receivables | Customer | EAME | 31-60 days past due
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	2	10
2022 and 2021, respectively	15	12
2021 and 2020, respectively	12	7
2020 and 2019, respectively	4	1
2019 and 2018, respectively	2	1
Prior	1	0
Revolving Finance Receivables	0	0
Total Finance Receivables	36	31
Finance Receivables | Customer | EAME | 61-90 days past due
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	0	8
2022 and 2021, respectively	7	4
2021 and 2020, respectively	5	3
2020 and 2019, respectively	3	1
2019 and 2018, respectively	2	0
Prior	0	0
Revolving Finance Receivables	0	0
Total Finance Receivables	17	16
Finance Receivables | Customer | EAME | 91+ days past due
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	0	6
2022 and 2021, respectively	8	25
2021 and 2020, respectively	23	16
2020 and 2019, respectively	14	4
2019 and 2018, respectively	3	1
Prior	2	1
Revolving Finance Receivables	0	0
Total Finance Receivables	50	53
Finance Receivables | Customer | Asia/Pacific | Current
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	248	1,033
2022 and 2021, respectively	896	684
2021 and 2020, respectively	568	313
2020 and 2019, respectively	230	69
2019 and 2018, respectively	48	18
Prior	14	2
Revolving Finance Receivables	0	0
Total Finance Receivables	2,004	2,119
Finance Receivables | Customer | Asia/Pacific | 31-60 days past due
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	0	10
2022 and 2021, respectively	9	12
2021 and 2020, respectively	12	8
2020 and 2019, respectively	9	1
2019 and 2018, respectively	2	1
Prior	0	0
Revolving Finance Receivables	0	0
Total Finance Receivables	32	32
Finance Receivables | Customer | Asia/Pacific | 61-90 days past due
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	0	2
2022 and 2021, respectively	4	5
2021 and 2020, respectively	4	4
2020 and 2019, respectively	3	2
2019 and 2018, respectively	1	0
Prior	0	0
Revolving Finance Receivables	0	0
Total Finance Receivables	12	13
Finance Receivables | Customer | Asia/Pacific | 91+ days past due
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	0	2
2022 and 2021, respectively	4	6
2021 and 2020, respectively	6	6
2020 and 2019, respectively	5	4
2019 and 2018, respectively	3	0
Prior	1	0
Revolving Finance Receivables	0	0
Total Finance Receivables	19	18
Finance Receivables | Customer | Mining | Current
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	318	863
2022 and 2021, respectively	837	575
2021 and 2020, respectively	520	220
2020 and 2019, respectively	186	171
2019 and 2018, respectively	137	93
Prior	98	108
Revolving Finance Receivables	56	80
Total Finance Receivables	2,152	2,110
Finance Receivables | Customer | Mining | 31-60 days past due
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	0	0
2022 and 2021, respectively	5	1
2021 and 2020, respectively	0	0
2020 and 2019, respectively	4	0
2019 and 2018, respectively	1	0
Prior	0	0
Revolving Finance Receivables	0	0
Total Finance Receivables	10	1
Finance Receivables | Customer | Mining | 61-90 days past due
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	0	0
2022 and 2021, respectively	0	0
2021 and 2020, respectively	0	0
2020 and 2019, respectively	0	0
2019 and 2018, respectively	0	0
Prior	0	0
Revolving Finance Receivables	0	0
Total Finance Receivables	0	0
Finance Receivables | Customer | Mining | 91+ days past due
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	0	0
2022 and 2021, respectively	0	0
2021 and 2020, respectively	1	0
2020 and 2019, respectively	0	0
2019 and 2018, respectively	0	0
Prior	0	1
Revolving Finance Receivables	0	0
Total Finance Receivables	1	1
Finance Receivables | Customer | Latin America | Current
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	182	770
2022 and 2021, respectively	716	400
2021 and 2020, respectively	339	150
2020 and 2019, respectively	124	69
2019 and 2018, respectively	51	26
Prior	28	20
Revolving Finance Receivables	0	0
Total Finance Receivables	1,440	1,435
Finance Receivables | Customer | Latin America | 31-60 days past due
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	0	7
2022 and 2021, respectively	17	8
2021 and 2020, respectively	32	4
2020 and 2019, respectively	4	2
2019 and 2018, respectively	9	0
Prior	9	1
Revolving Finance Receivables	0	0
Total Finance Receivables	71	22
Finance Receivables | Customer | Latin America | 61-90 days past due
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	0	2
2022 and 2021, respectively	4	5
2021 and 2020, respectively	4	1
2020 and 2019, respectively	1	1
2019 and 2018, respectively	0	0
Prior	3	0
Revolving Finance Receivables	0	0
Total Finance Receivables	12	9
Finance Receivables | Customer | Latin America | 91+ days past due
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	0	2
2022 and 2021, respectively	5	13
2021 and 2020, respectively	14	11
2020 and 2019, respectively	8	2
2019 and 2018, respectively	2	1
Prior	1	0
Revolving Finance Receivables	0	0
Total Finance Receivables	30	29
Finance Receivables | Customer | Power Finance | Current
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	12	78
2022 and 2021, respectively	76	85
2021 and 2020, respectively	78	142
2020 and 2019, respectively	140	33
2019 and 2018, respectively	32	18
Prior	159	161
Revolving Finance Receivables	133	125
Total Finance Receivables	630	642
Finance Receivables | Customer | Power Finance | 31-60 days past due
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	0	0
2022 and 2021, respectively	0	0
2021 and 2020, respectively	0	0
2020 and 2019, respectively	0	0
2019 and 2018, respectively	0	0
Prior	2	0
Revolving Finance Receivables	0	0
Total Finance Receivables	2	0
Finance Receivables | Customer | Power Finance | 61-90 days past due
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	0	0
2022 and 2021, respectively	0	0
2021 and 2020, respectively	0	0
2020 and 2019, respectively	0	0
2019 and 2018, respectively	0	0
Prior	1	0
Revolving Finance Receivables	0	0
Total Finance Receivables	1	0
Finance Receivables | Customer | Power Finance | 91+ days past due
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	0	0
2022 and 2021, respectively	0	0
2021 and 2020, respectively	0	0
2020 and 2019, respectively	0	0
2019 and 2018, respectively	0	0
Prior	0	5
Revolving Finance Receivables	0	0
Total Finance Receivables	$ 0	$ 5

Cat Financial Financing Activ_6

Cat Financial Financing Activities (Details Non-accrual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Receivables [Abstract]
Period after which Collection of Future Income is Considered as Not Probable	120 days
Finance Receivables | Customer
Financing Receivable, Nonaccrual
Amortized Cost, Non-accrual With an Allowance	$ 191	$ 156
Amortized Cost, Non-accrual Without an Allowance	0	16
Financing Receivable, 91 days past due and still accruing	25	28
Finance Receivables | North America | Customer
Financing Receivable, Nonaccrual
Amortized Cost, Non-accrual With an Allowance	48	52
Amortized Cost, Non-accrual Without an Allowance	0	4
Financing Receivable, 91 days past due and still accruing	12	11
Finance Receivables | EAME | Customer
Financing Receivable, Nonaccrual
Amortized Cost, Non-accrual With an Allowance	44	43
Amortized Cost, Non-accrual Without an Allowance	0	0
Financing Receivable, 91 days past due and still accruing	6	10
Finance Receivables | Asia/Pacific | Customer
Financing Receivable, Nonaccrual
Amortized Cost, Non-accrual With an Allowance	12	11
Amortized Cost, Non-accrual Without an Allowance	0	0
Financing Receivable, 91 days past due and still accruing	7	7
Finance Receivables | Mining | Customer
Financing Receivable, Nonaccrual
Amortized Cost, Non-accrual With an Allowance	2	0
Amortized Cost, Non-accrual Without an Allowance	0	1
Financing Receivable, 91 days past due and still accruing	0	0
Finance Receivables | Latin America | Dealer
Financing Receivable, Nonaccrual
Amortized Cost, Non-accrual With an Allowance	58	58
Finance Receivables | Latin America | Customer
Financing Receivable, Nonaccrual
Amortized Cost, Non-accrual With an Allowance	77	45
Amortized Cost, Non-accrual Without an Allowance	0	0
Financing Receivable, 91 days past due and still accruing	0	0
Finance Receivables | Power Finance | Customer
Financing Receivable, Nonaccrual
Amortized Cost, Non-accrual With an Allowance	8	5
Amortized Cost, Non-accrual Without an Allowance	0	11
Financing Receivable, 91 days past due and still accruing	$ 0	$ 0

Fair Value Disclosures (Details

Fair Value Disclosures (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities, Available-for-sale, Fair value	$ 3,237	$ 3,164
Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities, Available-for-sale, Fair value	3,237	3,164
Equity Securities	432	441
Total Assets	3,995	3,948
Total Liabilities	135	195
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	(135)	(195)
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	309	328
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	17	15
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	9	9
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	9	9
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	57	55
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	57	55
Corporate bonds
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities, Available-for-sale, Fair value	2,519	2,466
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	2,519	2,466
Asset-backed securities
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities, Available-for-sale, Fair value	184	182
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	184	182
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	341	333
Residential
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities, Available-for-sale, Fair value	2	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	2	2
Commercial
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities, Available-for-sale, Fair value	125	117
Commercial | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities, Available-for-sale, Fair value	125	117
Large capitalization value | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Equity Securities	200	203
Smaller company growth | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Equity Securities	32	31
REIT | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Equity Securities	200	207
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	9	9
Equity Securities	232	234
Total Assets	241	243
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	9	9
Level 1 | Large capitalization value | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Equity Securities	200	203
Level 1 | Smaller company growth | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Equity Securities	32	31
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	3,178	3,105
Total Assets	3,504	3,448
Total Liabilities	135	195
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	(135)	(195)
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	309	328
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	17	15
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	57	55
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	2,469	2,416
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	184	182
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	341	333
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	2	2
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	125	117
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	200	207
Total Assets	200	207
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	200	207
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	50
Total Assets	50	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	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	$ 61	$ 68

Fair Value Disclosures (Detai_2

Fair Value Disclosures (Details 2) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Carrying Amount
Assets
Finance receivables-net (excluding finance leases)	$ 14,010	$ 13,965
Wholesale inventory receivables-net (excluding finance leases)	1,024	827
Carrying Amount | Machinery, Energy & Transportation
Liabilities
Long-term debt (including amounts due within one year)	9,595	9,618
Carrying Amount | Financial Products
Liabilities
Long-term debt (including amounts due within one year)	21,602	21,418
Carrying amount of assets excluded from measurement at fair value
Assets
Excluded items: Finance leases and failed sale leasebacks, Carrying Value	7,198	7,325
Level 2 | Fair Value | Machinery, Energy & Transportation
Liabilities
Long-term debt (including amounts due within one year)	9,542	9,240
Level 2 | Fair Value | Financial Products
Liabilities
Long-term debt (including amounts due within one year)	21,066	20,686
Level 3 | Fair Value
Assets
Finance receivables-net (excluding finance leases)	13,488	13,377
Wholesale inventory receivables-net (excluding finance leases)	$ 967	$ 778

Other income (expense) (Details

Other income (expense) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Other Income and Expenses [Abstract]
Investment and interest income	$ 93	$ 21
Foreign exchange gains (losses)	(72)	47
License fee income	31	32
Net periodic pension and OPEB income (cost), excluding service cost	(13)	68
Gains (losses) on securities	(11)	(12)
Miscellaneous income (loss)	4	97
Total	$ 32	$ 253

Restructuring Costs (Details)

Restructuring Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Restructuring Charges [Abstract]
Gain (Loss) on Divestiture	$ (586)
(Gains) losses reclassified to earnings	494	$ 0
Restructuring and Related Cost
Restructuring costs	611	13
Employee Separation Charges [Roll Forward]
Restructuring Reserve, Beginning Balance	39	61
Increase in liability (separation charges)	12	5
Payments for Restructuring	(28)	(19)
Restructuring Reserve, Ending Balance	23	47
Employee separations | Other Operating Income (Expense)
Restructuring and Related Cost
Restructuring costs	12	5
Longwall Divestiture | Other Operating Income (Expense)
Restructuring and Related Cost
Restructuring costs	586	0
Other | Cost of Sales
Restructuring and Related Cost
Restructuring costs	$ 13	$ 8