Caterpillar (CAT) 10-Q 1 Nov 23 2023 Q3 Quarterly report Financial data

Cover Page

Cover Page	9 Months Ended
	Sep. 30, 2023 shares
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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	509,084,743
Entity Central Index Key	0000018230
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock ($1.00 par value)
Trading Symbol	CAT
Security Exchange Name	NYSE
5.3% Debentures due September 15, 2035
Entity Information [Line Items]
Title of 12(b) Security	5.3% Debentures due September 15, 2035
Trading Symbol	CAT35
Security Exchange Name	NYSE

Consolidated Statement of Resul

Consolidated Statement of Results of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended				9 Months Ended
	Sep. 30, 2023		Sep. 30, 2022		Sep. 30, 2023		Sep. 30, 2022
Sales and revenues:
Total sales and revenues	$ 16,810		$ 14,994		$ 49,990		$ 42,830
Operating costs:
Cost of goods sold	10,583		10,202		31,751		29,736
Selling, general and administrative expenses	1,624		1,401		4,615		4,172
Research and development expenses	554		476		1,554		1,413
Other operating (income) expenses	320		339		1,496		908
Total operating costs	13,361		12,569		40,158		36,606
Operating profit	3,449		2,425		9,832		6,224
Other income (expense)	195		242		354		755
Consolidated profit before taxes	3,515		2,558		9,801		6,653
Provision (benefit) for income taxes	734		527		2,194		1,423
Profit of consolidated companies	2,781		2,031		7,607		5,230
Equity in profit (loss) of unconsolidated affiliated companies	12		9		52		20
Profit of consolidated and affiliated companies	2,793		2,040		7,659		5,250
Less: Profit (loss) attributable to noncontrolling interests	(1)		(1)		0		(1)
Profit	$ 2,794	[1]	$ 2,041	[1]	$ 7,659	[2]	$ 5,251	[2]
Profit per common share (in dollars per share)	$ 5.48		$ 3.89		$ 14.93		$ 9.91
Profit per common share - diluted (in dollars per share)	$ 5.45	[3]	$ 3.87	[3]	$ 14.85	[4]	$ 9.85	[4]
Weighted-average common shares outstanding (millions)
Basic (in shares)	509.8		525		513		530.1
Diluted (in shares)	512.6	[3]	527.6	[3]	515.7	[4]	533.2	[4]
Machinery, Energy & Transportation
Sales and revenues:
Total sales and revenues	$ 15,988		$ 14,278		$ 47,632		$ 40,703
Financial Products
Sales and revenues:
Total sales and revenues	822		716		2,358		2,127
Operating costs:
Interest expense of Financial Products	280		151		742		377
All other excluding Financial Products
Operating costs:
Interest expense excluding Financial Products	$ 129		$ 109		$ 385		$ 326
[1]Profit attributable to common shareholders.[2]Profit attributable to common shareholders.[3]Diluted by assumed exercise of stock-based compensation awards using the treasury stock method.[4]Diluted by assumed exercise of stock-based compensation awards using the treasury stock method.

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Profit of consolidated and affiliated companies	$ 2,793	$ 2,040	$ 7,659	$ 5,250
Other comprehensive income (loss), net of tax (Note 13):
Foreign currency translation, net of tax	(205)	(618)	260	(1,392)
Pension and other postretirement benefits, net of tax	(3)	(1)	(8)	(3)
Derivative financial instruments:	(62)	(191)	(19)	(254)
Available-for-sale securities, net of tax	(16)	(44)	(8)	(151)
Total other comprehensive income (loss), net of tax	(286)	(854)	225	(1,800)
Comprehensive income	2,507	1,186	7,884	3,450
Less: comprehensive income attributable to the noncontrolling interests	(1)	(1)	0	(1)
Comprehensive income attributable to shareholders	$ 2,508	$ 1,187	$ 7,884	$ 3,451

Consolidated Statement of Finan

Consolidated Statement of Financial Position - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 6,545	$ 7,004
Receivables – trade and other	9,134	8,856
Receivables – finance	9,608	9,013
Prepaid expenses and other current assets	5,138	2,642
Inventories	17,580	16,270
Total current assets	48,005	43,785
Property, plant and equipment – net	12,287	12,028
Long-term receivables – trade and other	1,110	1,265
Long-term receivables – finance	11,907	12,013
Noncurrent deferred and refundable income taxes	2,719	2,213
Intangible assets	604	758
Goodwill	5,268	5,288
Other assets	4,891	4,593
Total assets	86,791	81,943
Short-term borrowings:
Accounts payable	7,827	8,689
Accrued expenses	4,669	4,080
Accrued wages, salaries and employee benefits	2,300	2,313
Customer advances	2,333	1,860
Dividends payable	0	620
Other current liabilities	3,115	2,690
Long-term debt due within one year:
Total current liabilities	33,124	31,531
Long-term debt due after one year:
Liability for postemployment benefits	4,060	4,203
Other liabilities	4,841	4,604
Total liabilities	66,284	66,052
Commitments and contingencies (Notes 11 and 14)
Shareholders’ equity
Common stock, authorized and issued	6,698	6,560
Treasury stock: (9/30/23 – 305,809,881 shares; 12/31/22 – 298,549,134 shares) at cost	(33,865)	(31,748)
Profit employed in the business	49,888	43,514
Accumulated other comprehensive income (loss)	(2,232)	(2,457)
Noncontrolling interests	18	22
Total shareholders’ equity	20,507	15,891
Total liabilities and shareholders’ equity	86,791	81,943
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	1,043	120
Long-term debt due after one year:
Long-term Debt due after one year	8,470	9,498
Financial Products
Short-term borrowings:
Short-term borrowings	4,218	5,954
Long-term debt due within one year:
Long-term debt due within one year	7,619	5,202
Long-term debt due after one year:
Long-term Debt due after one year	$ 15,789	$ 16,216

Consolidated Statement of Fin_2

Consolidated Statement of Financial Position (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, authorized (in shares)	2,000,000,000	2,000,000,000
Common stock, issued (in shares)	814,894,624	814,894,624
Treasury stock (in shares)	305,809,881	298,549,134

Consolidated Statement of Chang

Consolidated Statement of Changes in Shareholders' Equity - USD ($) $ in Millions		Total	Common stock	Treasury stock	Profit employed in the business	Accumulated other comprehensive income (loss)	Noncontrolling interests
Beginning balance at Dec. 31, 2021		$ 16,516	$ 6,398	$ (27,643)	$ 39,282	$ (1,553)	$ 32
Increase (Decrease) in Shareholders' Equity
Profit of consolidated and affiliated companies		5,250			5,251		(1)
Foreign currency translation, net of tax		(1,392)				(1,392)
Pension and other postretirement benefits, net of tax		(3)				(3)
Derivative financial instruments, net of tax		(254)				(254)
Available-for-sale securities, net of tax		(151)				(151)
Dividends declared	[1]	(1,229)			(1,229)
Common shares issued from treasury stock for stock-based compensation		2	(67)	69
Stock-based compensation expense		162	162
Common shares repurchased	[2]	(3,309)		(3,309)
Other		30	30
Ending balance at Sep. 30, 2022		15,622	6,523	(30,883)	43,304	(3,353)	31
Beginning balance at Jun. 30, 2022		15,759	6,464	(29,501)	41,263	(2,499)	32
Increase (Decrease) in Shareholders' Equity
Profit of consolidated and affiliated companies		2,040			2,041		(1)
Foreign currency translation, net of tax		(618)				(618)
Pension and other postretirement benefits, net of tax		(1)				(1)
Derivative financial instruments, net of tax		(191)				(191)
Available-for-sale securities, net of tax		(44)				(44)
Common shares issued from treasury stock for stock-based compensation		(1)	(5)	4
Stock-based compensation expense		55	55
Common shares repurchased	[3]	(1,385)		(1,385)
Other		8	9	(1)
Ending balance at Sep. 30, 2022		15,622	6,523	(30,883)	43,304	(3,353)	31
Beginning balance at Dec. 31, 2022		15,891	6,560	(31,748)	43,514	(2,457)	22
Increase (Decrease) in Shareholders' Equity
Profit of consolidated and affiliated companies		7,659			7,659		0
Foreign currency translation, net of tax		260				260
Pension and other postretirement benefits, net of tax		(8)				(8)
Derivative financial instruments, net of tax		(19)				(19)
Available-for-sale securities, net of tax		(8)				(8)
Dividends declared	[1]	(1,285)			(1,285)
Common shares issued from treasury stock for stock-based compensation		37	(71)	108
Stock-based compensation expense		178	178
Common shares repurchased	[2]	(2,209)		(2,209)
Other		11	31	(16)			(4)
Ending balance at Sep. 30, 2023		20,507	6,698	(33,865)	49,888	(2,232)	18
Beginning balance at Jun. 30, 2023		18,256	6,478	(33,391)	47,094	(1,946)	21
Increase (Decrease) in Shareholders' Equity
Profit of consolidated and affiliated companies		2,793			2,794		(1)
Foreign currency translation, net of tax		(205)				(205)
Pension and other postretirement benefits, net of tax		(3)				(3)
Derivative financial instruments, net of tax		(62)				(62)
Available-for-sale securities, net of tax		(16)				(16)
Common shares issued from treasury stock for stock-based compensation		59	0	59
Stock-based compensation expense		60	60	0
Common shares repurchased	[3]	(530)	0	(530)
Outstanding authorized accelerated share repurchase		150	150
Other		5	10	(3)			(2)
Ending balance at Sep. 30, 2023		$ 20,507	$ 6,698	$ (33,865)	$ 49,888	$ (2,232)	$ 18
[1] 1 Dividends per share of common stock of $2.50 and $2.31 were declared in the nine months ended September 30, 2023 and 2022, respectively. 2 See Note 12 for additional information. 1 See Note 12 for additional information.

Consolidated Statement of Cha_2

Consolidated Statement of Changes in Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Stockholders' Equity [Abstract]
Common shares issued, Shares, from treasury stock for stock-based compensation (in shares)	824,973	75,534	2,238,728	1,529,753
Common shares repurchased (in shares)	1,883,487	7,575,322	9,499,655	17,007,819
Dividends per share of common stock (dollars per share)			$ 2.50	$ 2.31

Consolidated Statement of Cash

Consolidated Statement of Cash Flow - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flow from operating activities:
Profit of consolidated and affiliated companies	$ 7,659	$ 5,250
Adjustments for non-cash items:
Depreciation and amortization	1,599	1,661
Provision (benefit) for deferred income taxes	(448)	(349)
Loss on divestiture	572	0
Other	205	132
Changes in assets and liabilities, net of acquisitions and divestitures:
Receivables – trade and other	(319)	365
Inventories	(1,424)	(3,088)
Accounts payable	(532)	786
Accrued expenses	588	70
Accrued wages, salaries and employee benefits	0	15
Customer advances	516	751
Other assets – net	128	57
Other liabilities – net	338	(623)
Net cash provided by (used for) operating activities	8,882	5,027
Cash flow from investing activities:
Capital expenditures – excluding equipment leased to others	(1,061)	(868)
Expenditures for equipment leased to others	(1,177)	(1,023)
Proceeds from disposals of leased assets and property, plant and equipment	563	666
Additions to finance receivables	(11,082)	(9,914)
Collections of finance receivables	10,391	9,738
Proceeds from sale of finance receivables	40	50
Investments and acquisitions (net of cash acquired)	(67)	(44)
Proceeds from sale of businesses and investments (net of cash sold)	(14)	1
Proceeds from sale of securities	747	2,080
Investments in securities	(3,689)	(2,399)
Other – net	32	15
Net cash provided by (used for) investing activities	(5,317)	(1,698)
Cash flow from financing activities:
Dividends paid	(1,901)	(1,820)
Common stock issued, including treasury shares reissued	36	2
Common shares repurchased	(2,209)	(3,309)
Proceeds from debt issued (original maturities greater than three months):	6,360	5,570
Short-term borrowings – net (original maturities three months or less)	(1,726)	(1,311)
Other – net	0	(1)
Net cash provided by (used for) financing activities	(3,899)	(6,158)
Effect of exchange rate changes on cash	(119)	(79)
Increase (decrease) in cash, cash equivalents and restricted cash	(453)	(2,908)
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	6,560	6,355
Machinery, Energy & Transportation
Cash flow from financing activities:
Payments on debt (original maturities greater than three months):	(99)	(20)
Financial Products
Cash flow from financing activities:
Payments on debt (original maturities greater than three months):	$ (4,360)	$ (5,269)

Nature of Operations and Basis

Nature of Operations and Basis of Presentation	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2023 and 2022, (b) the consolidated comprehensive income for the three and nine months ended September 30, 2023 and 2022, (c) the consolidated financial position at September 30, 2023 and December 31, 2022, (d) the consolidated changes in shareholders’ equity for the three and nine months ended September 30, 2023 and 2022 and (e) the consolidated cash flow for the nine months ended September 30, 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	9 Months Ended
	Sep. 30, 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 $825 million and $862 million at September 30, 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	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Sales and Revenue Contract Information	Sales and revenue contract information Trade receivables represent amounts due from dealers and end users for the sale of our products, and include amounts due from wholesale inventory financing provided by Cat Financial for a dealer’s purchase of inventory. We recognize trade receivables from dealers and end users in Receivables – trade and other and Long-term receivables – trade and other in the Consolidated Statement of Financial Position. Trade receivables from dealers and end users were $7,825 million, $7,551 million and $7,267 million as of September 30, 2023, December 31, 2022 and December 31, 2021, respectively. Long-term trade receivables from dealers and end users were $494 million, $506 million and $624 million as of September 30, 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 before achieving the contractual milestones for invoicing. We reduce the contract asset when we invoice for payment and recognize a corresponding trade receivable. Contract assets are included in Prepaid expenses and other current assets in the Consolidated Statement of Financial Position. Contract assets were $212 million, $247 million and $187 million as of September 30, 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 $2,816 million, $2,314 million and $1,557 million as of September 30, 2023, December 31, 2022 and December 31, 2021, respectively. We reduce the contract liability when revenue is recognized. During the three and nine months ended September 30, 2023, we recognized $197 million and $1,333 million, respectively, of revenue that was recorded as a contract liability at the beginning of 2023. During the three and nine months ended September 30, 2022, we recognized $124 million and $781 million, respectively. As of September 30, 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 $13.2 billion, with about one-half of the amount expected to be completed and revenue recognized in the twelve months following September 30, 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	9 Months Ended
	Sep. 30, 2023
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 $60 million and $178 million for the three and nine months ended September 30, 2023, respectively, and $55 million and $162 million for the three and nine months ended September 30, 2022, respectively. The following table illustrates the type and fair value of the stock-based compensation awards granted during the nine months ended September 30, 2023 and 2022, respectively: Nine Months Ended September 30, 2023 Nine Months Ended September 30, 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 nine months ended September 30, 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	9 Months Ended
	Sep. 30, 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 September 30, 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 September 30, 2023 December 31, 2022 Assets 1 Liabilities 2 Assets 1 Liabilities 2 Designated derivatives Foreign exchange contracts $ 411 $ (163) $ 462 $ (152) Interest rate contracts 52 (346) 93 (288) Total $ 463 $ (509) $ 555 $ (440) Undesignated derivatives Foreign exchange contracts $ 32 $ (48) $ 65 $ (47) Commodity contracts 11 (2) 24 (9) Total $ 43 $ (50) $ 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 September 30, 2023 and December 31, 2022 were $23.4 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 September 30, Fair Value / Undesignated Hedges Cash Flow Hedges Gains (Losses) Recognized on the Consolidated Statement of Results of Operations 1 Gains (Losses) Recognized in AOCI Gains (Losses) Reclassified from AOCI 2 2023 2022 2023 2022 2023 2022 Foreign exchange contracts $ 19 $ (2) $ 10 $ 18 $ 80 $ 289 Interest rate contracts (34) (5) 3 26 14 7 Commodity contracts 14 (42) — — — — Total $ (1) $ (49) $ 13 $ 44 $ 94 $ 296 1 Foreign exchange contract and Commodity contract gains (losses) are included in Other income (expense). Interest rate contract gains (losses) are included in Interest expense of Financial Products and Interest expense excluding Financial Products. 2 Foreign exchange contract gains (losses) are primarily included in Other income (expense). Interest rate contract gains (losses) are primarily included in Interest expense of Financial Products. (Millions of dollars) Nine Months Ended September 30, Fair Value / Undesignated Hedges Cash Flow Hedges Gains (Losses) Recognized on the Consolidated Statement of Results of Operations 1 Gains (Losses) Recognized in AOCI Gains (Losses) Reclassified from AOCI 2 2023 2022 2023 2022 2023 2022 Foreign exchange contracts $ 22 $ (32) $ 42 $ 195 $ 43 $ 638 Interest rate contracts (95) 12 15 103 41 (2) Commodity contract 2 3 — — — — Total $ (71) $ (17) $ 57 $ 298 $ 84 $ 636 1 Foreign exchange contract and Commodity contract gains (losses) are included in Other income (expense). Interest rate contract gains (losses) are included in Interest expense of Financial Products and Interest expense excluding Financial Products. 2 Foreign exchange contract gains (losses) are primarily included in Other income (expense). Interest rate contract gains (losses) are primarily included in Interest expense 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 September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 Long-term debt due within one year $ 249 $ — $ (4) $ — Long-term debt due after one year 4,732 4,173 (343) (280) Total $ 4,981 $ 4,173 $ (347) $ (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 September 30, 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) September 30, 2023 December 31, 2022 Assets Liabilities Assets Liabilities Gross Amounts Recognized $ 506 $ (559) $ 644 $ (496) Financial Instruments Not Offset (221) 221 (233) 233 Net Amount $ 285 $ (338) $ 411 $ (263)

Inventories

Inventories	9 Months Ended
	Sep. 30, 2023
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories (principally using the last-in, first-out (LIFO) method) were comprised of the following: (Millions of dollars) September 30, December 31, Raw materials $ 6,798 $ 6,370 Work-in-process 1,650 1,452 Finished goods 8,788 8,138 Supplies 344 310 Total inventories $ 17,580 $ 16,270

Intangible Assets and Goodwill

Intangible Assets and Goodwill	9 Months Ended
	Sep. 30, 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: September 30, 2023 (Millions of dollars) Weighted Gross Carrying Amount 1 Accumulated Amortization 1 Net Customer relationships 16 $ 2,224 $ (1,774) $ 450 Intellectual property 14 503 (393) 110 Other 17 117 (73) 44 Total finite-lived intangible assets 15 $ 2,844 $ (2,240) $ 604 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 1 For the nine months ended September 30, 2023, $1.0 billion of intangible assets were fully amortized and have been removed. Amortization expense for the three and nine months ended September 30, 2023 was $44 million and $174 million, respectively. Amortization expense for the three and nine months ended September 30, 2022 was $70 million and $213 million, respectively. Amortization expense related to intangible assets is expected to be: (Millions of dollars) Remaining Three Months of 2023 2024 2025 2026 2027 Thereafter $44 $174 $165 $94 $31 $96 B. Goodwill No goodwill was impaired during the nine months ended September 30, 2023 or 2022. The changes in carrying amount of goodwill by reportable segment for the nine months ended September 30, 2023 were as follows: (Millions of dollars) December 31, Other Adjustments 1 September 30, Construction Industries Goodwill $ 287 $ (18) $ 269 Impairments (22) — (22) Net goodwill 265 (18) 247 Resource Industries Goodwill 4,130 5 4,135 Impairments (1,175) — (1,175) Net goodwill 2,955 5 2,960 Energy & Transportation Goodwill 2,947 (2) 2,945 Impairments (925) — (925) Net goodwill 2,022 (2) 2,020 All Other 2 Goodwill 46 (5) 41 Impairments — — — Net goodwill 46 (5) 41 Consolidated total Goodwill 7,410 (20) 7,390 Impairments (2,122) — (2,122) Net goodwill $ 5,288 $ (20) $ 5,268 1 Other adjustments are comprised primarily of foreign currency translation. 2 Includes All Other operating segment (See Note 16).

Investments in Debt and Equity

Investments in Debt and Equity Securities	9 Months Ended
	Sep. 30, 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 September 30, 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 $ 9 $ — $ 9 $ 9 $ — $ 9 Other U.S. and non-U.S. government bonds 57 (4) 53 60 (5) 55 Corporate debt securities Corporate bonds and other debt securities 2,823 (93) 2,730 2,561 (95) 2,466 Asset-backed securities 193 (4) 189 187 (5) 182 Mortgage-backed debt securities U.S. governmental agency 429 (45) 384 364 (31) 333 Residential 3 (1) 2 3 (1) 2 Commercial 137 (11) 126 127 (10) 117 Total available-for-sale debt securities $ 3,651 $ (158) $ 3,493 $ 3,311 $ (147) $ 3,164 Available-for-sale debt securities in an unrealized loss position: September 30, 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 $ 19 $ — $ 25 $ 4 $ 44 $ 4 Corporate debt securities Corporate bonds 1,660 29 972 64 2,632 93 Asset-backed securities 35 — 88 4 123 4 Mortgage-backed debt securities U.S. governmental agency 102 4 281 41 383 45 Residential — — 2 1 2 1 Commercial 18 1 108 10 126 11 Total $ 1,834 $ 34 $ 1,476 $ 124 $ 3,310 $ 158 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 underlying interest rates and credit spreads since time of purchase. We do not intend to sell the investments, and it is not likely that we will be required to sell the investments before recovery of their respective amortized cost basis. In addition, we did not expect credit-related losses on these investments as of September 30, 2023. The cost basis and fair value of available-for-sale debt securities at September 30, 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. September 30, 2023 (Millions of dollars) Cost Basis Fair Value Due in one year or less $ 940 $ 929 Due after one year through five years 1,812 1,737 Due after five years through ten years 262 248 Due after ten years 68 67 U.S. governmental agency mortgage-backed securities 429 384 Residential mortgage-backed securities 3 2 Commercial mortgage-backed securities 137 126 Total debt securities – available-for-sale $ 3,651 $ 3,493 Sales of available-for-sale debt securities: Three Months Ended September 30, Nine Months Ended September 30, (Millions of dollars) 2023 2022 2023 2022 Proceeds from the sale of available-for-sale securities $ 271 $ 204 $ 710 $ 474 Gross gains from the sale of available-for-sale securities — — — 1 Gross losses from the sale of available-for-sale securities 1 — 1 1 In addition, we had $2,550 million of investments in time deposits classified as held-to-maturity debt securities as of September 30, 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 September 30, 2023 and 2022, the net unrealized gains (losses) for equity securities held at September 30, 2023 and 2022 were $(11) million and $(12) million, respectively. For the nine months ended September 30, 2023 and 2022, the net unrealized gains (losses) for equity securities held at September 30, 2023 and 2022 were $(25) million and $(97) million, respectively.

Postretirement Benefits

Postretirement Benefits	9 Months Ended
	Sep. 30, 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 September 30, September 30, September 30, (Millions of dollars) 2023 2022 2023 2022 2023 2022 For the three months ended: Components of net periodic benefit cost: Service cost $ — $ — $ 10 $ 15 $ 16 $ 24 Interest cost 164 100 30 17 36 20 Expected return on plan assets (173) (167) (40) (33) (2) (3) Amortization of prior service cost (credit) — — — — (3) (1) Net periodic benefit cost (benefit) 1 $ (9) $ (67) $ — $ (1) $ 47 $ 40 For the nine months ended: Components of net periodic benefit cost: Service cost $ — $ — $ 30 $ 40 $ 50 $ 74 Interest cost 492 301 91 53 108 60 Expected return on plan assets (517) (502) (120) (100) (8) (9) Amortization of prior service cost (credit) — — — — (9) (4) Net periodic benefit cost (benefit) 1 $ (25) $ (201) $ 1 $ (7) $ 141 $ 121 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 $56 million and $320 million of contributions to our pension and other postretirement plans during the three and nine months ended September 30, 2023, respectively. 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 September 30, Nine Months Ended September 30, (Millions of dollars) 2023 2022 2023 2022 U.S. Plans $ 120 $ 87 $ 405 $ 236 Non-U.S. Plans 27 29 85 85 $ 147 $ 116 $ 490 $ 321 The increase in the U.S. defined contribution benefit costs for the three and nine months ended September 30, 2023 was primarily due to the fair value adjustments related to our non-qualified deferred compensation plans.

Leases

Leases	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Leases	Leases Revenues from finance and operating leases, primarily included in Revenues of Financial Products Three Months Ended September 30, Nine Months Ended September 30, (Millions of dollars) 2023 2022 2023 2022 Finance lease revenue $ 106 $ 105 $ 315 $ 326 Operating lease revenue 286 270 836 819 Total $ 392 $ 375 $ 1,151 $ 1,145
Leases	Leases Revenues from finance and operating leases, primarily included in Revenues of Financial Products Three Months Ended September 30, Nine Months Ended September 30, (Millions of dollars) 2023 2022 2023 2022 Finance lease revenue $ 106 $ 105 $ 315 $ 326 Operating lease revenue 286 270 836 819 Total $ 392 $ 375 $ 1,151 $ 1,145

Guarantees and Product Warranty

Guarantees and Product Warranty	9 Months Ended
	Sep. 30, 2023
Guarantees and Product Warranties [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. The guarantees began to expire during the third quarter of 2023. No payments were made under the guarantees. We have dealer performance guarantees and third-party performance guarantees that do not limit potential payment to end users related to indemnities and other commercial contractual obligations. In addition, we have entered into contracts involving industry standard indemnifications that do not limit potential payment. For these unlimited guarantees, we are unable to estimate a maximum potential amount of future payments that could result from claims made. No significant loss has been experienced or is anticipated under any of these guarantees. At September 30, 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) September 30, December 31, Caterpillar dealer performance guarantees $ 42 $ 188 Other guarantees 341 323 Total guarantees $ 383 $ 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 September 30, 2023 and December 31, 2022, the SPC’s assets of $1.54 billion and $971 million, respectively, were primarily comprised of loans to dealers, and the SPC’s liabilities of $1.54 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 nine months ended September 30 was as follows: First Nine Months (Millions of dollars) 2023 2022 Warranty liability, beginning of period $ 1,761 $ 1,689 Reduction in liability (payments) (617) (589) Increase in liability (new warranties) 724 562 Warranty liability, end of period $ 1,868 $ 1,662

Profit Per Share

Profit Per Share	9 Months Ended
	Sep. 30, 2023
Earnings Per Share Reconciliation [Abstract]
Profit Per Share	Profit per share Computations of profit per share: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in millions except per share data) 2023 2022 2023 2022 Profit for the period (A) 1 $ 2,794 $ 2,041 $ 7,659 $ 5,251 Determination of shares (in millions): Weighted-average number of common shares outstanding (B) 509.8 525.0 513.0 530.1 Shares issuable on exercise of stock awards, net of shares assumed to be purchased out of proceeds at average market price 2.8 2.6 2.7 3.1 Average common shares outstanding for fully diluted computation (C) 2 512.6 527.6 515.7 533.2 Profit per share of common stock: Assuming no dilution (A/B) $ 5.48 $ 3.89 $ 14.93 $ 9.91 Assuming full dilution (A/C) 2 $ 5.45 $ 3.87 $ 14.85 $ 9.85 Shares outstanding as of September 30, (in millions) 509.1 520.4 1 Profit attributable to common shareholders. 2 Diluted by assumed exercise of stock-based compensation awards using the treasury stock method. For the three and nine months ended September 30, 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)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, (Millions of dollars) 2023 2022 2023 2022 Foreign currency translation: Beginning balance $ (1,863) $ (2,282) $ (2,328) $ (1,508) Gains (losses) on foreign currency translation (194) (592) (235) (1,328) Less: Tax provision /(benefit) 10 26 (2) 64 Net gains (losses) on foreign currency translation (204) (618) (233) (1,392) (Gains) losses reclassified to earnings (1) — 493 — Less: Tax provision /(benefit) — — — — Net (gains) losses reclassified to earnings (1) — 493 — Other comprehensive income (loss), net of tax (205) (618) 260 (1,392) Ending balance $ (2,068) $ (2,900) $ (2,068) $ (2,900) Pension and other postretirement benefits Beginning balance $ (44) $ (64) $ (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) (9) (4) Less: Tax provision /(benefit) — — (1) (1) Net amortization of prior service (credit) cost (3) (1) (8) (3) Other comprehensive income (loss), net of tax (3) (1) (8) (3) Ending balance $ (47) $ (65) $ (47) $ (65) Derivative financial instruments Beginning balance $ 71 $ (66) $ 28 $ (3) Gains (losses) deferred 13 44 57 298 Less: Tax provision /(benefit) 5 35 14 71 Net gains (losses) deferred 8 9 43 227 (Gains) losses reclassified to earnings (94) (296) (84) (636) Less: Tax provision /(benefit) (24) (96) (22) (155) Net (gains) losses reclassified to earnings (70) (200) (62) (481) Other comprehensive income (loss), net of tax (62) (191) (19) (254) Ending balance $ 9 $ (257) $ 9 $ (257) Available-for-sale securities Beginning balance $ (110) $ (87) $ (118) $ 20 Gains (losses) deferred (22) (55) (12) (188) Less: Tax provision /(benefit) (5) (11) (3) (37) Net gains (losses) deferred (17) (44) (9) (151) (Gains) losses reclassified to earnings 1 — 1 — Less: Tax provision /(benefit) — — — — Net (gains) losses reclassified to earnings 1 — 1 — Other comprehensive income (loss), net of tax (16) (44) (8) (151) Ending balance $ (126) $ (131) $ (126) $ (131) Total AOCI Ending Balance at September 30 $ (2,232) $ (3,353) $ (2,232) $ (3,353)

Environmental and Legal Matters

Environmental and Legal Matters	9 Months Ended
	Sep. 30, 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. In addition, we are involved in other unresolved legal actions that arise in the normal course of business. The most prevalent of these unresolved actions involve disputes related to product design, manufacture and performance liability (including claimed asbestos exposure), contracts, employment issues, environmental matters, intellectual property rights, taxes (other than income taxes) and securities laws. The aggregate range of reasonably possible losses in excess of accrued liabilities, if any, associated with these unresolved legal actions is not material. In some cases, we cannot reasonably estimate a range of loss because there is insufficient information regarding the matter. However, we believe there is no more than a remote chance that any liability arising from these matters would be material. Although it is not possible to predict with certainty the outcome of these unresolved legal actions, we believe that these actions will not individually or in the aggregate have a material adverse effect on our consolidated results of operations, financial position or liquidity.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income taxes The effective tax rate for the nine months ended September 30, 2023 was 22.4 percent compared to 21.4 percent for the nine months ended September 30, 2022. The effective tax rate for the three months ended September 30, 2023 was 20.9 percent compared to 20.6 percent for the three months ended September 30, 2022. The provision for income taxes for the nine months ended September 30, 2023, reflected an estimated annual tax rate of 22.5 percent, compared with 23 percent for the nine months ended September 30, 2022, excluding the discrete items discussed below. The comparative tax rate for full-year 2022 was 23.2 percent. The 2023 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 nine months ended September 30, 2023, the company recorded a discrete tax benefit of $88 million due to a change in the valuation allowance for certain deferred tax assets. In addition, the company recorded a discrete tax benefit of $54 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 $18 million benefit for the nine months ended September 30, 2022. In the nine months ended September 30, 2022, the company also recorded discrete benefits of $90 million to reflect changes in estimates related to prior years.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 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 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 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; 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 30 to 33 for financial information regarding significant reconciling items. Most of our reconciling items are self-explanatory given the above explanations. For the reconciliation of profit, we have grouped the reconciling items as follows: • Corporate costs: These costs are related to corporate requirements primarily for compliance and legal functions for the benefit of the entire organization. • Restructuring costs: May include costs for employee separation, long-lived asset impairments, 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 and nine months ended September 30, 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 September 30, 2023 Construction Industries $ 4,078 $ 555 $ 1,351 $ 997 $ 6,981 $ 18 $ 6,999 Resource Industries 1,366 499 508 886 3,259 92 3,351 Energy & Transportation 2,966 460 1,428 901 5,755 1,104 6,859 Financial Products Segment 627 110 132 110 979 1 — 979 Total sales and revenues from reportable segments 9,037 1,624 3,419 2,894 16,974 1,214 18,188 All Other operating segment 16 (1) 5 10 30 76 106 Corporate Items and Eliminations (126) (20) (22) (26) (194) (1,290) (1,484) Total Sales and Revenues $ 8,927 $ 1,603 $ 3,402 $ 2,878 $ 16,810 $ — $ 16,810 Three Months Ended September 30, 2022 Construction Industries $ 3,106 $ 799 $ 1,247 $ 1,084 $ 6,236 $ 40 $ 6,276 Resource Industries 1,122 472 526 893 3,013 74 3,087 Energy & Transportation 2,422 468 1,280 827 4,997 1,189 6,186 Financial Products Segment 522 90 100 107 819 1 — 819 Total sales and revenues from reportable segments 7,172 1,829 3,153 2,911 15,065 1,303 16,368 All Other operating segment 16 — 4 15 35 68 103 Corporate Items and Eliminations (53) (20) (12) (21) (106) (1,371) (1,477) Total Sales and Revenues $ 7,135 $ 1,809 $ 3,145 $ 2,905 $ 14,994 $ — $ 14,994 1 Includes revenues from Construction Industries, Resource Industries, Energy & Transportation and All Other operating segment of $181 million and $124 million in the three months ended September 30, 2023 and 2022, respectively. Sales and Revenues by Geographic Region (Millions of dollars) North America Latin America EAME Asia/ Pacific External Sales and Revenues Intersegment Sales and Revenues Total Sales and Revenues Nine Months Ended September 30, 2023 Construction Industries $ 11,654 $ 1,720 $ 4,125 $ 3,307 $ 20,806 $ 93 $ 20,899 Resource Industries 4,016 1,511 1,624 2,940 10,091 250 10,341 Energy & Transportation 8,658 1,299 4,291 2,519 16,767 3,565 20,332 Financial Products Segment 1,795 316 364 329 2,804 1 — 2,804 Total sales and revenues from reportable segments 26,123 4,846 10,404 9,095 50,468 3,908 54,376 All Other operating segment 50 (1) 13 37 99 234 333 Corporate Items and Eliminations (374) (61) (64) (78) (577) (4,142) (4,719) Total Sales and Revenues $ 25,799 $ 4,784 $ 10,353 $ 9,054 $ 49,990 $ — $ 49,990 Nine Months Ended September 30, 2022 Construction Industries $ 8,832 $ 2,061 $ 3,726 $ 3,694 $ 18,313 $ 111 $ 18,424 Resource Industries 3,167 1,337 1,609 2,554 8,667 211 8,878 Energy & Transportation 6,637 1,160 3,679 2,193 13,669 3,260 16,929 Financial Products Segment 1,530 250 293 327 2,400 1 — 2,400 Total sales and revenues from reportable segments 20,166 4,808 9,307 8,768 43,049 3,582 46,631 All Other operating segment 52 — 14 46 112 227 339 Corporate Items and Eliminations (175) (59) (33) (64) (331) (3,809) (4,140) Total Sales and Revenues $ 20,043 $ 4,749 $ 9,288 $ 8,750 $ 42,830 $ — $ 42,830 1 Includes revenues from Construction Industries, Resource Industries, Energy & Transportation and All Other operating segment of $515 million and $332 million in the nine months ended September 30, 2023 and 2022, respectively. For the three and nine months ended September 30, 2023 and 2022, Energy & Transportation segment sales by end user application were as follows: Energy & Transportation External Sales Three Months Ended September 30, Nine Months Ended September 30, (Millions of dollars) 2023 2022 2023 2022 Oil and gas $ 1,667 $ 1,323 $ 4,741 $ 3,503 Power generation 1,598 1,320 4,527 3,518 Industrial 1,220 1,158 3,793 3,295 Transportation 1,270 1,196 3,706 3,353 Energy & Transportation External Sales $ 5,755 $ 4,997 $ 16,767 $ 13,669 Reconciliation of Consolidated profit before taxes: (Millions of dollars) Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Profit from reportable segments: Construction Industries $ 1,847 $ 1,209 $ 5,440 $ 3,255 Resource Industries 730 506 2,234 1,222 Energy & Transportation 1,181 935 3,507 2,132 Financial Products Segment 203 220 675 675 Total profit from reportable segments 3,961 2,870 11,856 7,284 Profit from All Other operating segment 21 8 42 42 Cost centers 10 (37) 53 1 Corporate costs (265) (168) (714) (670) Timing 22 (84) (89) (129) Restructuring costs (46) (49) (688) (90) Methodology differences: Inventory/cost of sales (2) 138 137 407 Postretirement benefit expense (13) 82 (84) 293 Stock-based compensation expense (60) (55) (178) (162) Financing costs (13) (75) (115) (269) Currency 78 53 106 315 Other income/expense methodology differences (164) (109) (468) (287) Other methodology differences (14) (16) (57) (82) Total consolidated profit before taxes $ 3,515 $ 2,558 $ 9,801 $ 6,653 Reconciliation of Assets: (Millions of dollars) September 30, 2023 December 31, 2022 Assets from reportable segments: Construction Industries $ 5,407 $ 5,168 Resource Industries 5,831 5,775 Energy & Transportation 10,373 9,455 Financial Products Segment 34,953 34,269 Total assets from reportable segments 56,564 54,667 Assets from All Other operating segment 1,855 1,828 Items not included in segment assets: Cash and cash equivalents 5,874 6,042 Deferred income taxes 2,601 2,098 Goodwill and intangible assets 4,413 4,248 Property, plant and equipment – net and other assets 6,969 4,234 Inventory methodology differences (3,259) (3,063) Liabilities included in segment assets 12,227 12,519 Other (453) (630) Total assets $ 86,791 $ 81,943 Reconciliation of Depreciation and amortization: (Millions of dollars) Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Depreciation and amortization from reportable segments: Construction Industries $ 54 $ 57 $ 162 $ 172 Resource Industries 66 92 235 275 Energy & Transportation 139 136 401 405 Financial Products Segment 186 183 545 556 Total depreciation and amortization from reportable segments 445 468 1,343 1,408 Items not included in segment depreciation and amortization: All Other operating segment 59 56 176 172 Cost centers 23 20 65 63 Other (2) 7 15 18 Total depreciation and amortization $ 525 $ 551 $ 1,599 $ 1,661 Reconciliation of Capital expenditures: (Millions of dollars) Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Capital expenditures from reportable segments: Construction Industries $ 105 $ 74 $ 188 $ 149 Resource Industries 62 65 132 129 Energy & Transportation 249 167 595 444 Financial Products Segment 342 295 1,031 870 Total capital expenditures from reportable segments 758 601 1,946 1,592 Items not included in segment capital expenditures: All Other operating segment 67 54 142 116 Cost centers 27 16 71 41 Timing — (35) 185 173 Other (71) (19) (106) (31) Total capital expenditures $ 781 $ 617 $ 2,238 $ 1,891

Cat Financial Financing Activit

Cat Financial Financing Activities	9 Months Ended
	Sep. 30, 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 27 months as of September 30, 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 and nine months ended September 30, 2023, Cat Financial's forecasts reflected a continuation of the trend of relatively low unemployment rates and delinquencies within their portfolio. However, industry 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 and nine months ended September 30, 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 Eurasia. • Asia/Pacific - Finance receivables originated in Australia, New Zealand, China, Japan, Southeast Asia and India. • Mining - Finance receivables related to large mining customers worldwide. • Latin America - Finance receivables originated in Mexico and Central and South American countries. • Power - Finance receivables originated worldwide related to Caterpillar electrical power generation, gas compression and co-generation systems and non-Caterpillar equipment that is powered by these systems. Receivable balances, including accrued interest, are written off against the allowance for credit losses when, in the judgment of management, they are considered uncollectible (generally upon repossession of the collateral). The amount of the write-off is determined by comparing the fair value of the collateral, less cost to sell, to the amortized cost. Subsequent recoveries, if any, are credited to the allowance for credit losses when received. An analysis of the allowance for credit losses was as follows: (Millions of dollars) Three Months Ended September 30, 2023 Three Months Ended September 30, 2022 Customer Dealer Total Customer Dealer Total Beginning balance $ 265 $ 50 $ 315 $ 290 $ 82 $ 372 Write-offs (22) — (22) (30) — (30) Recoveries 13 — 13 17 — 17 Provision for credit losses 1 31 1 32 (2) (17) (19) Other (3) — (3) (5) — (5) Ending balance $ 284 $ 51 $ 335 $ 270 $ 65 $ 335 Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 Customer Dealer Total Customer Dealer Total Beginning balance $ 277 $ 65 $ 342 $ 251 $ 82 $ 333 Write-offs (63) — (63) (68) — (68) Recoveries 36 — 36 47 — 47 Provision for credit losses 1 35 (14) 21 46 (17) 29 Other (1) — (1) (6) — (6) Ending balance $ 284 $ 51 $ 335 $ 270 $ 65 $ 335 Finance Receivables $ 19,768 $ 2,060 $ 21,828 $ 19,363 $ 1,737 $ 21,100 1 Excludes provision for credit losses on unfunded commitments and other miscellaneous receivables. Gross write-offs by origination year for the Customer portfolio segment were as follows: (Millions of dollars) Three Months Ended September 30, 2023 2023 2022 2021 2020 2019 Prior Revolving Total North America $ 1 $ 2 $ 2 $ 1 $ 1 $ — $ 2 $ 9 EAME — 1 1 1 — — — 3 Asia/Pacific — 2 3 1 — — — 6 Latin America — 1 1 1 — 1 — 4 Total $ 1 $ 6 $ 7 $ 4 $ 1 $ 1 $ 2 $ 22 Nine Months Ended September 30, 2023 2023 2022 2021 2020 2019 Prior Revolving Total North America $ 1 $ 7 $ 7 $ 2 $ 2 $ 1 $ 9 $ 29 EAME — 2 3 3 — 1 — 9 Asia/Pacific — 3 6 4 1 — — 14 Latin America — 3 3 3 1 1 — 11 Total $ 1 $ 15 $ 19 $ 12 $ 4 $ 3 $ 9 $ 63 Credit quality of finance receivables At origination, Cat Financial evaluates credit risk based on a variety of credit quality factors including prior payment experience, customer financial information, credit ratings, loan-to-value ratios, probabilities of default, industry trends, macroeconomic factors and other internal metrics. On an ongoing basis, Cat Financial monitors credit quality based on past-due status as there is a meaningful correlation between the past-due status of customers and the risk of loss. In determining past-due status, Cat Financial considers the entire finance receivable past due when any installment is over 30 days past due. Customer The tables below summarize the aging category of Cat Financial's amortized cost of finance receivables in the Customer portfolio segment by origination year: (Millions of dollars) September 30, 2023 2023 2022 2021 2020 2019 Prior Revolving Total Finance Receivables North America Current $ 3,134 $ 2,940 $ 2,310 $ 919 $ 310 $ 65 $ 304 $ 9,982 31-60 days past due 18 31 23 15 6 2 3 98 61-90 days past due 6 10 7 4 1 — 2 30 91+ days past due 5 19 18 10 5 3 2 62 EAME Current 914 962 649 297 144 124 — 3,090 31-60 days past due 11 8 11 3 1 — — 34 61-90 days past due 3 6 3 3 2 — — 17 91+ days past due 4 16 18 9 3 1 — 51 Asia/Pacific Current 722 660 361 103 21 6 — 1,873 31-60 days past due 2 12 10 4 1 — — 29 61-90 days past due 1 3 3 4 1 — — 12 91+ days past due — 4 5 3 — — — 12 Mining Current 807 730 420 143 92 49 49 2,290 31-60 days past due — — — — — — — — 61-90 days past due — — 1 — — 2 — 3 91+ days past due — 2 2 — — 1 — 5 Latin America Current 552 571 255 74 29 8 — 1,489 31-60 days past due 6 13 7 4 3 1 — 34 61-90 days past due 1 5 2 1 — — — 9 91+ days past due 1 15 9 8 8 20 — 61 Power Current 46 68 69 86 30 122 162 583 31-60 days past due — — — — — 1 — 1 61-90 days past due — — — — — — — — 91+ days past due — — — — — 3 — 3 Totals by Aging Category Current $ 6,175 $ 5,931 $ 4,064 $ 1,622 $ 626 $ 374 $ 515 $ 19,307 31-60 days past due 37 64 51 26 11 4 3 196 61-90 days past due 11 24 16 12 4 2 2 71 91+ days past due 10 56 52 30 16 28 2 194 Total Customer $ 6,233 $ 6,075 $ 4,183 $ 1,690 $ 657 $ 408 $ 522 $ 19,768 (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 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 September 30, 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 $44 million and $58 million, respectively, that were 91+ days past due in Latin America, all of which were originated in 2017. Non-accrual finance receivables Recognition of income is suspended and the finance receivable is placed on non-accrual status when management determines that collection of future income is not probable. Contracts on non-accrual status are generally more than 120 days past due. Recognition is resumed and previously suspended income is recognized when collection is considered probable. Payments received while the finance receivable is on non-accrual status are applied to interest and principal in accordance with the contractual terms. Interest earned but uncollected prior to the receivable being placed on non-accrual status is written off through Provision for credit losses when, in the judgment of management, it is considered uncollectible. In Cat Financial's Customer portfolio segment, finance receivables which were on non-accrual status and finance receivables over 90 days past due and still accruing income were as follows: (Millions of dollars) September 30, 2023 December 31, 2022 Amortized Cost Amortized Cost Non-accrual Non-accrual 91+ Still Non-accrual Non-accrual 91+ Still North America $ 54 $ — $ 12 $ 52 $ 4 $ 11 EAME 44 — 9 43 — 10 Asia/Pacific 8 — 5 11 — 7 Mining 4 — 1 — 1 — Latin America 69 — — 45 — — Power 9 — — 5 11 — Total $ 188 $ — $ 27 $ 156 $ 16 $ 28 There were $44 million and $58 million, respectively, in finance receivables in Cat Financial's Dealer portfolio segment on non-accrual status as of September 30, 2023 and December 31, 2022, all of which was in Latin America. Modifications Cat Financial periodically modifies the terms of their finance receivable agreements in response to borrowers’ financial difficulty. Typically, the types of modifications granted are payment deferrals, interest-only payment periods and/or term extensions. Many modifications Cat Financial grants are for commercial reasons or for borrowers experiencing some form of short-term financial stress and may result in insignificant payment delays. Cat Financial does not consider these borrowers to be experiencing financial difficulty. Modifications for borrowers Cat Financial does consider to be experiencing financial difficulty typically result in payment deferrals and/or reduced payments for a period of four months or longer, term extension of six months or longer or a combination of both. During the three and nine months ended September 30, 2023, there were no finance receivable modifications granted to borrowers experiencing financial difficulty in Cat Financial's Dealer portfolio segment. The amortized cost basis of finance receivables modified for borrowers experiencing financial difficulty in the Customer portfolio segment during the three and nine months ended September 30, 2023, was $13 million and $38 million, respectively. Total modifications with borrowers experiencing financial difficulty represented 0.06 percent and 0.17 percent of Cat Financial's finance receivable portfolio for the same periods, respectively. For the three and nine months ended September 30, 2023, the financial effects of term extensions for borrowers experiencing financial difficulty added a weighted average of 8 and 17 months, respectively, to the terms of modified contracts. For the three and nine months ended September 30, 2023, the financial effects of payment delays for borrowers experiencing financial difficulty resulted in weighted average paymen t deferrals and/or interest only payment periods of 6 and 7 months, respectively. After Cat Financial modifies a finance receivable, they continue to track its performance under its most recent modified terms. As of September 30, 2023, all of the finance receivables modified with borrowers experiencing financial difficulty are current except for $3 million in EAME that was 31-60 days past due. The effect of most modifications made to finance receivables for borrowers experiencing financial difficulty is already included in the allowance for credit losses based on the methodologies used to estimate the allowance; therefore, a change to the allowance for credit losses is generally not recorded upon modification. On rare occasions when principal forgiveness is provided, the amount forgiven is written off against the allowance for credit losses.

Fair Value Disclosures

Fair Value Disclosures	9 Months Ended
	Sep. 30, 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 September 30, 2023 and December 31, 2022 were as follows: September 30, 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 — 53 — — 53 Corporate debt securities Corporate bonds and other debt securities — 2,730 — — 2,730 Asset-backed securities — 189 — — 189 Mortgage-backed debt securities U.S. governmental agency — 384 — — 384 Residential — 2 — — 2 Commercial — 126 — — 126 Total debt securities 9 3,484 — — 3,493 Equity securities Large capitalization value 204 — — — 204 Smaller company growth 31 — — — 31 REIT — — — 184 184 Total equity securities 235 — — 184 419 Derivative financial instruments - assets Foreign currency contracts - net — 232 — — 232 Commodity contracts - net — 9 — — 9 Total assets $ 244 $ 3,725 $ — $ 184 $ 4,153 Liabilities Derivative financial instruments - liabilities Interest rate contracts - net $ — $ 294 $ — $ — $ 294 Total liabilities $ — $ 294 $ — $ — $ 294 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 $57 million and $68 million as of September 30, 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: September 30, 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 ) $ 14,894 $ 14,365 $ 13,965 $ 13,377 3 Note 17 Wholesale inventory receivables – net (excluding finance leases 1 ) 1,075 1,032 827 778 3 Liabilities Long-term debt (including amounts due within one year) Machinery, Energy & Transportation 9,513 8,712 9,618 9,240 2 Financial Products 23,408 22,806 21,418 20,686 2 1 Represents finance leases and failed sale leasebacks of $6,816 million and $7,325 million at September 30, 2023 and December 31, 2022, respectively.

Other Income (Expense)

Other Income (Expense)	9 Months Ended
	Sep. 30, 2023
Other Income and Expenses [Abstract]
Other Income (Expense)	Other income (expense) Three Months Ended September 30, Nine Months Ended September 30, (Millions of dollars) 2023 2022 2023 2022 Investment and interest income $ 135 $ 52 $ 324 $ 98 Foreign exchange gains (losses) 1 17 134 (15) 405 License fee income 37 37 111 106 Net periodic pension and OPEB income (cost), excluding service cost (12) 67 (37) 201 Gains (losses) on securities 6 — (15) (59) Miscellaneous income (loss) 12 (48) (14) 4 Total $ 195 $ 242 $ 354 $ 755 1 Includes gains (losses) from foreign exchange derivative contracts. See Note 5 for further details.

Restructuring Costs

Restructuring Costs	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2023 and 2022 were as follows: (Millions of dollars) Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Employee separations 1 $ 10 $ 39 $ 32 $ 62 Longwall divestiture 1 — — 586 — Contract terminations 1 — 1 — 1 Long-lived asset impairments 1 2 (4) 4 1 Other 2 34 13 66 26 Total restructuring costs $ 46 $ 49 $ 688 $ 90 1 Recognized in Other operating (income) expenses. 2 Represents costs related to our restructuring programs, primarily for inventory write-downs, accelerated depreciation, project management and equipment relocation, all of which are primarily included in Cost of goods sold. The restructuring costs for the nine months ended September 30, 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 nine months ended September 30, 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) Nine Months Ended September 30, 2023 2022 Liability balance, beginning of period $ 39 $ 61 Increase in liability (separation charges) 32 62 Reduction in liability (payments) (55) (63) Liability balance, end of period $ 16 $ 60

Insider Trading Arrangements

Insider Trading Arrangements - Andrew Bonfield [Member]	3 Months Ended	9 Months Ended
	Sep. 30, 2023 shares	Sep. 30, 2023 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On August 22, 2023, Andrew Bonfield, the Company's Chief Financial Officer, entered into a Rule 10b5-1 sales plan intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended. The sales plan will be in effect until the earlier of (1) November 20, 2024 and (2) the date on which an aggregate of 30,000 shares of our common stock have been sold under the plan.
Name	Andrew Bonfield
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 22, 2023
Arrangement Duration	456 days
Aggregate Available	30,000	30,000

Nature of Operations and Basi_2

Nature of Operations and Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations and Basis of Presentation	Basis of presentation In the opinion of management, the accompanying unaudited financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of (a) the consolidated results of operations for the three and nine months ended September 30, 2023 and 2022, (b) the consolidated comprehensive income for the three and nine months ended September 30, 2023 and 2022, (c) the consolidated financial position at September 30, 2023 and December 31, 2022, (d) the consolidated changes in shareholders’ equity for the three and nine months ended September 30, 2023 and 2022 and (e) the consolidated cash flow for the nine months ended September 30, 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).
Revenue	Trade receivables represent amounts due from dealers and end users for the sale of our products, and include amounts due from wholesale inventory financing provided by Cat Financial for a dealer’s purchase of inventory. We recognize trade receivables from dealers and end users in Receivables – trade and other and Long-term receivables – trade and other in the Consolidated Statement of Financial Position. Trade receivables from dealers and end users were $7,825 million, $7,551 million and $7,267 million as of September 30, 2023, December 31, 2022 and December 31, 2021, respectively. Long-term trade receivables from dealers and end users were $494 million, $506 million and $624 million as of September 30, 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 before achieving the contractual milestones for invoicing. We reduce the contract asset when we invoice for payment and recognize a corresponding trade receivable. Contract assets are included in Prepaid expenses and other current assets in the Consolidated Statement of Financial Position. Contract assets were $212 million, $247 million and $187 million as of September 30, 2023, December 31, 2022 and December 31, 2021, respectively.
Share-Based Compensation	Accounting for stock-based compensation requires that the cost resulting from all stock-based payments be recognized in the financial statements based on the grant date fair value of the award.  Our stock-based compensation consists of stock options, restricted stock units (RSUs) and performance-based restricted stock units (PRSUs).
Derivatives	Our earnings and cash flow are subject to fluctuations due to changes in foreign currency exchange rates, interest rates 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 September 30, 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.
Investments	We have investments in certain debt and equity securities, which we record at fair value and primarily include in Other assets in the Consolidated Statement of Financial Position. We classify debt securities primarily as available-for-sale. We include the unrealized gains and losses arising from the revaluation of available-for-sale debt securities, net of applicable deferred income taxes, in equity (AOCI in the Consolidated Statement of Financial Position). We include the unrealized gains and losses arising from the revaluation of the equity securities in Other income (expense) in the Consolidated Statement of Results of Operations. We generally determine realized gains and losses on sales of investments using the specific identification method for available-for-sale debt and equity securities and include them in Other income (expense) in the Consolidated Statement of Results of Operations.
Guarantees and Product Warranty	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. The guarantees began to expire during the third quarter of 2023. No payments were made under the guarantees. We have dealer performance guarantees and third-party performance guarantees that do not limit potential payment to end users related to indemnities and other commercial contractual obligations. In addition, we have entered into contracts involving industry standard indemnifications that do not limit potential payment. For these unlimited guarantees, we are unable to estimate a maximum potential amount of future payments that could result from claims made.
Segments	Our Executive Office is comprised of a Chief Executive Officer (CEO), four Group Presidents, a Chief Financial Officer (CFO), a Chief Legal Officer 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 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; 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 30 to 33 for financial information regarding significant reconciling items. Most of our reconciling items are self-explanatory given the above explanations. For the reconciliation of profit, we have grouped the reconciling items as follows: • Corporate costs: These costs are related to corporate requirements primarily for compliance and legal functions for the benefit of the entire organization. • Restructuring costs: May include costs for employee separation, long-lived asset impairments, 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:
Allowance for Credit Losses	Allowance for credit losses Portfolio segments A portfolio segment is the level at which Cat Financial develops a systematic methodology for determining its allowance for credit losses. Cat Financial's portfolio segments and related methods for estimating expected credit losses are as follows: Customer Cat Financial provides loans and finance leases to end-user customers primarily for the purpose of financing new and used Caterpillar machinery, engines and equipment for commercial use. Cat Financial also provides financing for power generation facilities that, in most cases, incorporate Caterpillar products. The average original term of Cat Financial's customer finance receivable portfolio was approximately 51 months with an average remaining term of approximately 27 months as of September 30, 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 and nine months ended September 30, 2023, Cat Financial's forecasts reflected a continuation of the trend of relatively low unemployment rates and delinquencies within their portfolio. However, industry 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 and nine months ended September 30, 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 Eurasia. • Asia/Pacific - Finance receivables originated in Australia, New Zealand, China, Japan, Southeast Asia and India. • Mining - Finance receivables related to large mining customers worldwide. • Latin America - Finance receivables originated in Mexico and Central and South American countries. • Power - Finance receivables originated worldwide related to Caterpillar electrical power generation, gas compression and co-generation systems and non-Caterpillar equipment that is powered by these systems. Receivable balances, including accrued interest, are written off against the allowance for credit losses when, in the judgment of management, they are considered uncollectible (generally upon repossession of the collateral). 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.
Fair Value Measurement	Fair value measurements The guidance on fair value measurements defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. This guidance also specifies a fair value hierarchy based upon the observability of inputs used in valuation techniques. Observable inputs (highest level) reflect market data obtained from independent sources, while unobservable inputs (lowest level) reflect internally developed market assumptions. In accordance with this guidance, fair value measurements are classified under the following hierarchy: • Level 1 – Quoted prices for identical instruments in active markets. • Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs or significant value-drivers are observable in active markets. • Level 3 – Model-derived valuations in which one or more significant inputs or significant value-drivers are unobservable. When available, we use quoted market prices to determine fair value, and we classify such measurements within Level 1. In some cases where market prices are not available, we make use of observable market based inputs to calculate fair value, in which case the measurements are classified within Level 2. If quoted or observable market prices are not available, fair value is based upon valuations in which one or more significant inputs are unobservable, including internally developed models that use, where possible, current market-based parameters such as interest rates, yield curves and currency rates. These measurements are classified within Level 3. We classify fair value measurements according to the lowest level input or value-driver that is significant to the valuation. We may therefore classify a measurement within Level 3 even though there may be significant inputs that are readily observable. Fair value measurement includes the consideration of nonperformance risk. Nonperformance risk refers to the risk that an obligation (either by a counterparty or Caterpillar) will not be fulfilled. For financial assets traded in an active market (Level 1 and certain Level 2), the nonperformance risk is included in the market price. For certain other financial assets and liabilities (certain Level 2 and Level 3), our fair value calculations have been adjusted accordingly. Investments in debt and equity securities We have investments in certain debt and equity securities that are recorded at fair value. Fair values for our U.S. treasury bonds and large capitalization value and smaller company growth equity securities are based upon valuations for identical instruments in active markets. Fair values for other government debt securities, corporate debt securities and mortgage-backed debt securities are based upon models that take into consideration such market-based factors as recent sales, risk-free yield curves and prices of similarly rated bonds. We also have investments in time deposits classified as held-to-maturity debt securities. The fair value of these investments is based upon valuations observed in less active markets than Level 1. These investments have a maturity of less than one year and are recorded at amortized costs, which approximate fair value. In addition, Insurance Services has an equity investment in a real estate investment trust (REIT) which is recorded at fair value based on the net asset value (NAV) of the investment and is not classified within the fair value hierarchy. See Note 8 for additional information on our investments in debt and equity securities. Derivative financial instruments The fair value of interest rate contracts is primarily based on a standard industry accepted valuation model that utilizes the appropriate market-based forward swap curves and zero-coupon interest rates to determine discounted cash flows. The fair value of foreign currency and commodity forward, option and cross currency contracts is based on standard industry accepted valuation models that discount cash flows resulting from the differential between the contract price and the market-based forward rate. 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
Restructuring Costs	Our accounting for employee separations is dependent upon how the particular program is designed. For voluntary programs, we recognize eligible separation costs at the time of employee acceptance unless the acceptance requires explicit approval by the company. For involuntary programs, we recognize eligible costs when management has approved the program, the affected employees have been properly notified and the costs are estimable.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Type and Fair Value of Stock-Based Compensation Awards	The following table illustrates the type and fair value of the stock-based compensation awards granted during the nine months ended September 30, 2023 and 2022, respectively: Nine Months Ended September 30, 2023 Nine Months Ended September 30, 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 of Assumptions Used for Fair Value	The following table provides the assumptions used in determining the fair value of the stock-based awards for the nine months ended September 30, 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_2

Derivative Financial Instruments and Risk Management (Tables)	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Location and Fair Value of Derivative Instruments	The location and fair value of derivative instruments reported in the Consolidated Statement of Financial Position were as follows: (Millions of dollars) Fair Value September 30, 2023 December 31, 2022 Assets 1 Liabilities 2 Assets 1 Liabilities 2 Designated derivatives Foreign exchange contracts $ 411 $ (163) $ 462 $ (152) Interest rate contracts 52 (346) 93 (288) Total $ 463 $ (509) $ 555 $ (440) Undesignated derivatives Foreign exchange contracts $ 32 $ (48) $ 65 $ (47) Commodity contracts 11 (2) 24 (9) Total $ 43 $ (50) $ 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.
Schedule of Gains (Losses) on Derivative Instruments	Gains (Losses) on derivative instruments are categorized as follows: (Millions of dollars) Three Months Ended September 30, Fair Value / Undesignated Hedges Cash Flow Hedges Gains (Losses) Recognized on the Consolidated Statement of Results of Operations 1 Gains (Losses) Recognized in AOCI Gains (Losses) Reclassified from AOCI 2 2023 2022 2023 2022 2023 2022 Foreign exchange contracts $ 19 $ (2) $ 10 $ 18 $ 80 $ 289 Interest rate contracts (34) (5) 3 26 14 7 Commodity contracts 14 (42) — — — — Total $ (1) $ (49) $ 13 $ 44 $ 94 $ 296 1 Foreign exchange contract and Commodity contract gains (losses) are included in Other income (expense). Interest rate contract gains (losses) are included in Interest expense of Financial Products and Interest expense excluding Financial Products. 2 Foreign exchange contract gains (losses) are primarily included in Other income (expense). Interest rate contract gains (losses) are primarily included in Interest expense of Financial Products. (Millions of dollars) Nine Months Ended September 30, Fair Value / Undesignated Hedges Cash Flow Hedges Gains (Losses) Recognized on the Consolidated Statement of Results of Operations 1 Gains (Losses) Recognized in AOCI Gains (Losses) Reclassified from AOCI 2 2023 2022 2023 2022 2023 2022 Foreign exchange contracts $ 22 $ (32) $ 42 $ 195 $ 43 $ 638 Interest rate contracts (95) 12 15 103 41 (2) Commodity contract 2 3 — — — — Total $ (71) $ (17) $ 57 $ 298 $ 84 $ 636 1 Foreign exchange contract and Commodity contract gains (losses) are included in Other income (expense). Interest rate contract gains (losses) are included in Interest expense of Financial Products and Interest expense excluding Financial Products. 2 Foreign exchange contract gains (losses) are primarily included in Other income (expense). Interest rate contract gains (losses) are primarily included in Interest expense of Financial Products.
Summary of Cumulative Basis Adjustments for Fair Value Hedges	The following amounts were recorded on the Consolidated Statement of Financial Position related to cumulative basis adjustments for fair value hedges: (Millions of dollars) Carrying Value of the Hedged Liabilities Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Value of the Hedged Liabilities September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 Long-term debt due within one year $ 249 $ — $ (4) $ — Long-term debt due after one year 4,732 4,173 (343) (280) Total $ 4,981 $ 4,173 $ (347) $ (280)
Summary Offsetting Assets and Liabilities	The effect of the net settlement provisions of the master netting agreements on our derivative balances upon an event of default or termination event was as follows: (Millions of dollars) September 30, 2023 December 31, 2022 Assets Liabilities Assets Liabilities Gross Amounts Recognized $ 506 $ (559) $ 644 $ (496) Financial Instruments Not Offset (221) 221 (233) 233 Net Amount $ 285 $ (338) $ 411 $ (263)

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2023
Inventory Disclosure [Abstract]
Summary of Inventories	Inventories (principally using the last-in, first-out (LIFO) method) were comprised of the following: (Millions of dollars) September 30, December 31, Raw materials $ 6,798 $ 6,370 Work-in-process 1,650 1,452 Finished goods 8,788 8,138 Supplies 344 310 Total inventories $ 17,580 $ 16,270

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Intangible assets	Intangible assets were comprised of the following: September 30, 2023 (Millions of dollars) Weighted Gross Carrying Amount 1 Accumulated Amortization 1 Net Customer relationships 16 $ 2,224 $ (1,774) $ 450 Intellectual property 14 503 (393) 110 Other 17 117 (73) 44 Total finite-lived intangible assets 15 $ 2,844 $ (2,240) $ 604 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 1 For the nine months ended September 30, 2023, $1.0 billion of intangible assets were fully amortized and have been removed.
Summary of expected amortization expense related to intangible assets	Amortization expense related to intangible assets is expected to be: (Millions of dollars) Remaining Three Months of 2023 2024 2025 2026 2027 Thereafter $44 $174 $165 $94 $31 $96
Summary of Goodwill acquired	The changes in carrying amount of goodwill by reportable segment for the nine months ended September 30, 2023 were as follows: (Millions of dollars) December 31, Other Adjustments 1 September 30, Construction Industries Goodwill $ 287 $ (18) $ 269 Impairments (22) — (22) Net goodwill 265 (18) 247 Resource Industries Goodwill 4,130 5 4,135 Impairments (1,175) — (1,175) Net goodwill 2,955 5 2,960 Energy & Transportation Goodwill 2,947 (2) 2,945 Impairments (925) — (925) Net goodwill 2,022 (2) 2,020 All Other 2 Goodwill 46 (5) 41 Impairments — — — Net goodwill 46 (5) 41 Consolidated total Goodwill 7,410 (20) 7,390 Impairments (2,122) — (2,122) Net goodwill $ 5,288 $ (20) $ 5,268 1 Other adjustments are comprised primarily of foreign currency translation. 2 Includes All Other operating segment (See Note 16).

Investments in Debt and Equit_2

Investments in Debt and Equity Securities (Tables)	9 Months Ended
	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Schedule of cost basis and fair value of available-for-sale securities	The cost basis and fair value of available-for-sale debt securities with unrealized gains and losses included in equity (AOCI in the Consolidated Statement of Financial Position) were as follows: Available-for-sale debt securities September 30, 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 $ 9 $ — $ 9 $ 9 $ — $ 9 Other U.S. and non-U.S. government bonds 57 (4) 53 60 (5) 55 Corporate debt securities Corporate bonds and other debt securities 2,823 (93) 2,730 2,561 (95) 2,466 Asset-backed securities 193 (4) 189 187 (5) 182 Mortgage-backed debt securities U.S. governmental agency 429 (45) 384 364 (31) 333 Residential 3 (1) 2 3 (1) 2 Commercial 137 (11) 126 127 (10) 117 Total available-for-sale debt securities $ 3,651 $ (158) $ 3,493 $ 3,311 $ (147) $ 3,164
Summary of investments in an unrealized loss position that are not other-than-temporarily impaired	Available-for-sale debt securities in an unrealized loss position: September 30, 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 $ 19 $ — $ 25 $ 4 $ 44 $ 4 Corporate debt securities Corporate bonds 1,660 29 972 64 2,632 93 Asset-backed securities 35 — 88 4 123 4 Mortgage-backed debt securities U.S. governmental agency 102 4 281 41 383 45 Residential — — 2 1 2 1 Commercial 18 1 108 10 126 11 Total $ 1,834 $ 34 $ 1,476 $ 124 $ 3,310 $ 158 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.
Summary of cost basis and fair value of the available-for-sale debt securities by contractual maturity	Expected maturities will differ from contractual maturities because borrowers may have the right to prepay and creditors may have the right to call obligations. September 30, 2023 (Millions of dollars) Cost Basis Fair Value Due in one year or less $ 940 $ 929 Due after one year through five years 1,812 1,737 Due after five years through ten years 262 248 Due after ten years 68 67 U.S. governmental agency mortgage-backed securities 429 384 Residential mortgage-backed securities 3 2 Commercial mortgage-backed securities 137 126 Total debt securities – available-for-sale $ 3,651 $ 3,493
Schedule of proceeds and gross gain and losses from the sale of available-for-sale securities	Sales of available-for-sale debt securities: Three Months Ended September 30, Nine Months Ended September 30, (Millions of dollars) 2023 2022 2023 2022 Proceeds from the sale of available-for-sale securities $ 271 $ 204 $ 710 $ 474 Gross gains from the sale of available-for-sale securities — — — 1 Gross losses from the sale of available-for-sale securities 1 — 1 1

Postretirement Benefits (Tables

Postretirement Benefits (Tables)	9 Months Ended
	Sep. 30, 2023
Retirement Benefits [Abstract]
Schedule of net benefit costs	U.S. Pension Benefits Non-U.S. Pension Benefits Other Postretirement Benefits September 30, September 30, September 30, (Millions of dollars) 2023 2022 2023 2022 2023 2022 For the three months ended: Components of net periodic benefit cost: Service cost $ — $ — $ 10 $ 15 $ 16 $ 24 Interest cost 164 100 30 17 36 20 Expected return on plan assets (173) (167) (40) (33) (2) (3) Amortization of prior service cost (credit) — — — — (3) (1) Net periodic benefit cost (benefit) 1 $ (9) $ (67) $ — $ (1) $ 47 $ 40 For the nine months ended: Components of net periodic benefit cost: Service cost $ — $ — $ 30 $ 40 $ 50 $ 74 Interest cost 492 301 91 53 108 60 Expected return on plan assets (517) (502) (120) (100) (8) (9) Amortization of prior service cost (credit) — — — — (9) (4) Net periodic benefit cost (benefit) 1 $ (25) $ (201) $ 1 $ (7) $ 141 $ 121 1 The service cost component is included in Operating costs in the Consolidated Statement of Results of Operations. All other components are included in Other income (expense) in the Consolidated Statement of Results of Operations.
Summary of company costs related to U.S. and non-U.S. defined contribution plans	Total company costs related to our defined contribution plans, which are included in Operating Costs in the Consolidated Statement of Results of Operations, were as follows: Three Months Ended September 30, Nine Months Ended September 30, (Millions of dollars) 2023 2022 2023 2022 U.S. Plans $ 120 $ 87 $ 405 $ 236 Non-U.S. Plans 27 29 85 85 $ 147 $ 116 $ 490 $ 321

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, (Millions of dollars) 2023 2022 2023 2022 Finance lease revenue $ 106 $ 105 $ 315 $ 326 Operating lease revenue 286 270 836 819 Total $ 392 $ 375 $ 1,151 $ 1,145

Guarantees and Product Warran_2

Guarantees and Product Warranty (Tables)	9 Months Ended
	Sep. 30, 2023
Guarantees and Product Warranties [Abstract]
Summary of guarantees	The maximum potential amount of future payments that we can estimate (undiscounted and without reduction for any amounts that may possibly be recovered under recourse or collateralized provisions) and we could be required to make under the guarantees was as follows: (Millions of dollars) September 30, December 31, Caterpillar dealer performance guarantees $ 42 $ 188 Other guarantees 341 323 Total guarantees $ 383 $ 511
Summary of product warranty	The reconciliation of the change in our product warranty liability balances for the nine months ended September 30 was as follows: First Nine Months (Millions of dollars) 2023 2022 Warranty liability, beginning of period $ 1,761 $ 1,689 Reduction in liability (payments) (617) (589) Increase in liability (new warranties) 724 562 Warranty liability, end of period $ 1,868 $ 1,662

Profit Per Share (Tables)

Profit Per Share (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share Reconciliation [Abstract]
Computations of profit per share	Computations of profit per share: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in millions except per share data) 2023 2022 2023 2022 Profit for the period (A) 1 $ 2,794 $ 2,041 $ 7,659 $ 5,251 Determination of shares (in millions): Weighted-average number of common shares outstanding (B) 509.8 525.0 513.0 530.1 Shares issuable on exercise of stock awards, net of shares assumed to be purchased out of proceeds at average market price 2.8 2.6 2.7 3.1 Average common shares outstanding for fully diluted computation (C) 2 512.6 527.6 515.7 533.2 Profit per share of common stock: Assuming no dilution (A/B) $ 5.48 $ 3.89 $ 14.93 $ 9.91 Assuming full dilution (A/C) 2 $ 5.45 $ 3.87 $ 14.85 $ 9.85 Shares outstanding as of September 30, (in millions) 509.1 520.4 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)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, (Millions of dollars) 2023 2022 2023 2022 Foreign currency translation: Beginning balance $ (1,863) $ (2,282) $ (2,328) $ (1,508) Gains (losses) on foreign currency translation (194) (592) (235) (1,328) Less: Tax provision /(benefit) 10 26 (2) 64 Net gains (losses) on foreign currency translation (204) (618) (233) (1,392) (Gains) losses reclassified to earnings (1) — 493 — Less: Tax provision /(benefit) — — — — Net (gains) losses reclassified to earnings (1) — 493 — Other comprehensive income (loss), net of tax (205) (618) 260 (1,392) Ending balance $ (2,068) $ (2,900) $ (2,068) $ (2,900) Pension and other postretirement benefits Beginning balance $ (44) $ (64) $ (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) (9) (4) Less: Tax provision /(benefit) — — (1) (1) Net amortization of prior service (credit) cost (3) (1) (8) (3) Other comprehensive income (loss), net of tax (3) (1) (8) (3) Ending balance $ (47) $ (65) $ (47) $ (65) Derivative financial instruments Beginning balance $ 71 $ (66) $ 28 $ (3) Gains (losses) deferred 13 44 57 298 Less: Tax provision /(benefit) 5 35 14 71 Net gains (losses) deferred 8 9 43 227 (Gains) losses reclassified to earnings (94) (296) (84) (636) Less: Tax provision /(benefit) (24) (96) (22) (155) Net (gains) losses reclassified to earnings (70) (200) (62) (481) Other comprehensive income (loss), net of tax (62) (191) (19) (254) Ending balance $ 9 $ (257) $ 9 $ (257) Available-for-sale securities Beginning balance $ (110) $ (87) $ (118) $ 20 Gains (losses) deferred (22) (55) (12) (188) Less: Tax provision /(benefit) (5) (11) (3) (37) Net gains (losses) deferred (17) (44) (9) (151) (Gains) losses reclassified to earnings 1 — 1 — Less: Tax provision /(benefit) — — — — Net (gains) losses reclassified to earnings 1 — 1 — Other comprehensive income (loss), net of tax (16) (44) (8) (151) Ending balance $ (126) $ (131) $ (126) $ (131) Total AOCI Ending Balance at September 30 $ (2,232) $ (3,353) $ (2,232) $ (3,353)

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Disaggregation of Revenue	For the three and nine months ended September 30, 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 September 30, 2023 Construction Industries $ 4,078 $ 555 $ 1,351 $ 997 $ 6,981 $ 18 $ 6,999 Resource Industries 1,366 499 508 886 3,259 92 3,351 Energy & Transportation 2,966 460 1,428 901 5,755 1,104 6,859 Financial Products Segment 627 110 132 110 979 1 — 979 Total sales and revenues from reportable segments 9,037 1,624 3,419 2,894 16,974 1,214 18,188 All Other operating segment 16 (1) 5 10 30 76 106 Corporate Items and Eliminations (126) (20) (22) (26) (194) (1,290) (1,484) Total Sales and Revenues $ 8,927 $ 1,603 $ 3,402 $ 2,878 $ 16,810 $ — $ 16,810 Three Months Ended September 30, 2022 Construction Industries $ 3,106 $ 799 $ 1,247 $ 1,084 $ 6,236 $ 40 $ 6,276 Resource Industries 1,122 472 526 893 3,013 74 3,087 Energy & Transportation 2,422 468 1,280 827 4,997 1,189 6,186 Financial Products Segment 522 90 100 107 819 1 — 819 Total sales and revenues from reportable segments 7,172 1,829 3,153 2,911 15,065 1,303 16,368 All Other operating segment 16 — 4 15 35 68 103 Corporate Items and Eliminations (53) (20) (12) (21) (106) (1,371) (1,477) Total Sales and Revenues $ 7,135 $ 1,809 $ 3,145 $ 2,905 $ 14,994 $ — $ 14,994 1 Includes revenues from Construction Industries, Resource Industries, Energy & Transportation and All Other operating segment of $181 million and $124 million in the three months ended September 30, 2023 and 2022, respectively. Sales and Revenues by Geographic Region (Millions of dollars) North America Latin America EAME Asia/ Pacific External Sales and Revenues Intersegment Sales and Revenues Total Sales and Revenues Nine Months Ended September 30, 2023 Construction Industries $ 11,654 $ 1,720 $ 4,125 $ 3,307 $ 20,806 $ 93 $ 20,899 Resource Industries 4,016 1,511 1,624 2,940 10,091 250 10,341 Energy & Transportation 8,658 1,299 4,291 2,519 16,767 3,565 20,332 Financial Products Segment 1,795 316 364 329 2,804 1 — 2,804 Total sales and revenues from reportable segments 26,123 4,846 10,404 9,095 50,468 3,908 54,376 All Other operating segment 50 (1) 13 37 99 234 333 Corporate Items and Eliminations (374) (61) (64) (78) (577) (4,142) (4,719) Total Sales and Revenues $ 25,799 $ 4,784 $ 10,353 $ 9,054 $ 49,990 $ — $ 49,990 Nine Months Ended September 30, 2022 Construction Industries $ 8,832 $ 2,061 $ 3,726 $ 3,694 $ 18,313 $ 111 $ 18,424 Resource Industries 3,167 1,337 1,609 2,554 8,667 211 8,878 Energy & Transportation 6,637 1,160 3,679 2,193 13,669 3,260 16,929 Financial Products Segment 1,530 250 293 327 2,400 1 — 2,400 Total sales and revenues from reportable segments 20,166 4,808 9,307 8,768 43,049 3,582 46,631 All Other operating segment 52 — 14 46 112 227 339 Corporate Items and Eliminations (175) (59) (33) (64) (331) (3,809) (4,140) Total Sales and Revenues $ 20,043 $ 4,749 $ 9,288 $ 8,750 $ 42,830 $ — $ 42,830 1 Includes revenues from Construction Industries, Resource Industries, Energy & Transportation and All Other operating segment of $515 million and $332 million in the nine months ended September 30, 2023 and 2022, respectively. For the three and nine months ended September 30, 2023 and 2022, Energy & Transportation segment sales by end user application were as follows: Energy & Transportation External Sales Three Months Ended September 30, Nine Months Ended September 30, (Millions of dollars) 2023 2022 2023 2022 Oil and gas $ 1,667 $ 1,323 $ 4,741 $ 3,503 Power generation 1,598 1,320 4,527 3,518 Industrial 1,220 1,158 3,793 3,295 Transportation 1,270 1,196 3,706 3,353 Energy & Transportation External Sales $ 5,755 $ 4,997 $ 16,767 $ 13,669
Reconciliation of Consolidated profit before taxes	Reconciliation of Consolidated profit before taxes: (Millions of dollars) Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Profit from reportable segments: Construction Industries $ 1,847 $ 1,209 $ 5,440 $ 3,255 Resource Industries 730 506 2,234 1,222 Energy & Transportation 1,181 935 3,507 2,132 Financial Products Segment 203 220 675 675 Total profit from reportable segments 3,961 2,870 11,856 7,284 Profit from All Other operating segment 21 8 42 42 Cost centers 10 (37) 53 1 Corporate costs (265) (168) (714) (670) Timing 22 (84) (89) (129) Restructuring costs (46) (49) (688) (90) Methodology differences: Inventory/cost of sales (2) 138 137 407 Postretirement benefit expense (13) 82 (84) 293 Stock-based compensation expense (60) (55) (178) (162) Financing costs (13) (75) (115) (269) Currency 78 53 106 315 Other income/expense methodology differences (164) (109) (468) (287) Other methodology differences (14) (16) (57) (82) Total consolidated profit before taxes $ 3,515 $ 2,558 $ 9,801 $ 6,653
Reconciliation of Assets:	Reconciliation of Assets: (Millions of dollars) September 30, 2023 December 31, 2022 Assets from reportable segments: Construction Industries $ 5,407 $ 5,168 Resource Industries 5,831 5,775 Energy & Transportation 10,373 9,455 Financial Products Segment 34,953 34,269 Total assets from reportable segments 56,564 54,667 Assets from All Other operating segment 1,855 1,828 Items not included in segment assets: Cash and cash equivalents 5,874 6,042 Deferred income taxes 2,601 2,098 Goodwill and intangible assets 4,413 4,248 Property, plant and equipment – net and other assets 6,969 4,234 Inventory methodology differences (3,259) (3,063) Liabilities included in segment assets 12,227 12,519 Other (453) (630) Total assets $ 86,791 $ 81,943
Reconciliation of Depreciation and amortization:	Reconciliation of Depreciation and amortization: (Millions of dollars) Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Depreciation and amortization from reportable segments: Construction Industries $ 54 $ 57 $ 162 $ 172 Resource Industries 66 92 235 275 Energy & Transportation 139 136 401 405 Financial Products Segment 186 183 545 556 Total depreciation and amortization from reportable segments 445 468 1,343 1,408 Items not included in segment depreciation and amortization: All Other operating segment 59 56 176 172 Cost centers 23 20 65 63 Other (2) 7 15 18 Total depreciation and amortization $ 525 $ 551 $ 1,599 $ 1,661
Reconciliation of Capital expenditures:	Reconciliation of Capital expenditures: (Millions of dollars) Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Capital expenditures from reportable segments: Construction Industries $ 105 $ 74 $ 188 $ 149 Resource Industries 62 65 132 129 Energy & Transportation 249 167 595 444 Financial Products Segment 342 295 1,031 870 Total capital expenditures from reportable segments 758 601 1,946 1,592 Items not included in segment capital expenditures: All Other operating segment 67 54 142 116 Cost centers 27 16 71 41 Timing — (35) 185 173 Other (71) (19) (106) (31) Total capital expenditures $ 781 $ 617 $ 2,238 $ 1,891

Cat Financial Financing Activ_2

Cat Financial Financing Activities (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2023 Three Months Ended September 30, 2022 Customer Dealer Total Customer Dealer Total Beginning balance $ 265 $ 50 $ 315 $ 290 $ 82 $ 372 Write-offs (22) — (22) (30) — (30) Recoveries 13 — 13 17 — 17 Provision for credit losses 1 31 1 32 (2) (17) (19) Other (3) — (3) (5) — (5) Ending balance $ 284 $ 51 $ 335 $ 270 $ 65 $ 335 Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 Customer Dealer Total Customer Dealer Total Beginning balance $ 277 $ 65 $ 342 $ 251 $ 82 $ 333 Write-offs (63) — (63) (68) — (68) Recoveries 36 — 36 47 — 47 Provision for credit losses 1 35 (14) 21 46 (17) 29 Other (1) — (1) (6) — (6) Ending balance $ 284 $ 51 $ 335 $ 270 $ 65 $ 335 Finance Receivables $ 19,768 $ 2,060 $ 21,828 $ 19,363 $ 1,737 $ 21,100 1 Excludes provision for credit losses on unfunded commitments and other miscellaneous receivables.
Write-offs by origination year	Gross write-offs by origination year for the Customer portfolio segment were as follows: (Millions of dollars) Three Months Ended September 30, 2023 2023 2022 2021 2020 2019 Prior Revolving Total North America $ 1 $ 2 $ 2 $ 1 $ 1 $ — $ 2 $ 9 EAME — 1 1 1 — — — 3 Asia/Pacific — 2 3 1 — — — 6 Latin America — 1 1 1 — 1 — 4 Total $ 1 $ 6 $ 7 $ 4 $ 1 $ 1 $ 2 $ 22 Nine Months Ended September 30, 2023 2023 2022 2021 2020 2019 Prior Revolving Total North America $ 1 $ 7 $ 7 $ 2 $ 2 $ 1 $ 9 $ 29 EAME — 2 3 3 — 1 — 9 Asia/Pacific — 3 6 4 1 — — 14 Latin America — 3 3 3 1 1 — 11 Total $ 1 $ 15 $ 19 $ 12 $ 4 $ 3 $ 9 $ 63
Financing receivable credit quality indicators	The tables below summarize the aging category of Cat Financial's amortized cost of finance receivables in the Customer portfolio segment by origination year: (Millions of dollars) September 30, 2023 2023 2022 2021 2020 2019 Prior Revolving Total Finance Receivables North America Current $ 3,134 $ 2,940 $ 2,310 $ 919 $ 310 $ 65 $ 304 $ 9,982 31-60 days past due 18 31 23 15 6 2 3 98 61-90 days past due 6 10 7 4 1 — 2 30 91+ days past due 5 19 18 10 5 3 2 62 EAME Current 914 962 649 297 144 124 — 3,090 31-60 days past due 11 8 11 3 1 — — 34 61-90 days past due 3 6 3 3 2 — — 17 91+ days past due 4 16 18 9 3 1 — 51 Asia/Pacific Current 722 660 361 103 21 6 — 1,873 31-60 days past due 2 12 10 4 1 — — 29 61-90 days past due 1 3 3 4 1 — — 12 91+ days past due — 4 5 3 — — — 12 Mining Current 807 730 420 143 92 49 49 2,290 31-60 days past due — — — — — — — — 61-90 days past due — — 1 — — 2 — 3 91+ days past due — 2 2 — — 1 — 5 Latin America Current 552 571 255 74 29 8 — 1,489 31-60 days past due 6 13 7 4 3 1 — 34 61-90 days past due 1 5 2 1 — — — 9 91+ days past due 1 15 9 8 8 20 — 61 Power Current 46 68 69 86 30 122 162 583 31-60 days past due — — — — — 1 — 1 61-90 days past due — — — — — — — — 91+ days past due — — — — — 3 — 3 Totals by Aging Category Current $ 6,175 $ 5,931 $ 4,064 $ 1,622 $ 626 $ 374 $ 515 $ 19,307 31-60 days past due 37 64 51 26 11 4 3 196 61-90 days past due 11 24 16 12 4 2 2 71 91+ days past due 10 56 52 30 16 28 2 194 Total Customer $ 6,233 $ 6,075 $ 4,183 $ 1,690 $ 657 $ 408 $ 522 $ 19,768 (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 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: (Millions of dollars) September 30, 2023 December 31, 2022 Amortized Cost Amortized Cost Non-accrual Non-accrual 91+ Still Non-accrual Non-accrual 91+ Still North America $ 54 $ — $ 12 $ 52 $ 4 $ 11 EAME 44 — 9 43 — 10 Asia/Pacific 8 — 5 11 — 7 Mining 4 — 1 — 1 — Latin America 69 — — 45 — — Power 9 — — 5 11 — Total $ 188 $ — $ 27 $ 156 $ 16 $ 28

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2023 and December 31, 2022 were as follows: September 30, 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 — 53 — — 53 Corporate debt securities Corporate bonds and other debt securities — 2,730 — — 2,730 Asset-backed securities — 189 — — 189 Mortgage-backed debt securities U.S. governmental agency — 384 — — 384 Residential — 2 — — 2 Commercial — 126 — — 126 Total debt securities 9 3,484 — — 3,493 Equity securities Large capitalization value 204 — — — 204 Smaller company growth 31 — — — 31 REIT — — — 184 184 Total equity securities 235 — — 184 419 Derivative financial instruments - assets Foreign currency contracts - net — 232 — — 232 Commodity contracts - net — 9 — — 9 Total assets $ 244 $ 3,725 $ — $ 184 $ 4,153 Liabilities Derivative financial instruments - liabilities Interest rate contracts - net $ — $ 294 $ — $ — $ 294 Total liabilities $ — $ 294 $ — $ — $ 294 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: September 30, 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 ) $ 14,894 $ 14,365 $ 13,965 $ 13,377 3 Note 17 Wholesale inventory receivables – net (excluding finance leases 1 ) 1,075 1,032 827 778 3 Liabilities Long-term debt (including amounts due within one year) Machinery, Energy & Transportation 9,513 8,712 9,618 9,240 2 Financial Products 23,408 22,806 21,418 20,686 2 1 Represents finance leases and failed sale leasebacks of $6,816 million and $7,325 million at September 30, 2023 and December 31, 2022, respectively.

Other Income (Expense) (Tables)

Other Income (Expense) (Tables)	9 Months Ended
	Sep. 30, 2023
Other Income and Expenses [Abstract]
Other income (expense)	Three Months Ended September 30, Nine Months Ended September 30, (Millions of dollars) 2023 2022 2023 2022 Investment and interest income $ 135 $ 52 $ 324 $ 98 Foreign exchange gains (losses) 1 17 134 (15) 405 License fee income 37 37 111 106 Net periodic pension and OPEB income (cost), excluding service cost (12) 67 (37) 201 Gains (losses) on securities 6 — (15) (59) Miscellaneous income (loss) 12 (48) (14) 4 Total $ 195 $ 242 $ 354 $ 755 1 Includes gains (losses) from foreign exchange derivative contracts. See Note 5 for further details.

Restructuring Costs (Tables)

Restructuring Costs (Tables)	9 Months Ended
	Sep. 30, 2023
Restructuring Charges [Abstract]
Restructuring and related costs	Restructuring costs for the three and nine months ended September 30, 2023 and 2022 were as follows: (Millions of dollars) Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Employee separations 1 $ 10 $ 39 $ 32 $ 62 Longwall divestiture 1 — — 586 — Contract terminations 1 — 1 — 1 Long-lived asset impairments 1 2 (4) 4 1 Other 2 34 13 66 26 Total restructuring costs $ 46 $ 49 $ 688 $ 90 1 Recognized in Other operating (income) expenses. 2 Represents costs related to our restructuring programs, primarily for inventory write-downs, accelerated depreciation, project management and equipment relocation, all of which are primarily included in Cost of goods sold.
Summary of separation activity	The following table summarizes the 2023 and 2022 employee separation activity: (Millions of dollars) Nine Months Ended September 30, 2023 2022 Liability balance, beginning of period $ 39 $ 61 Increase in liability (separation charges) 32 62 Reduction in liability (payments) (55) (63) Liability balance, end of period $ 16 $ 60

New Accounting Guidance (Detail

New Accounting Guidance (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Accounting Changes and Error Corrections [Abstract]
Supplier finance program, obligation outstanding	$ 825	$ 862

Sales and Revenue Contract In_2

Sales and Revenue Contract Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Trade receivables from dealers and end users	$ 7,825		$ 7,825		$ 7,551	$ 7,267
Long term trade receivables from dealers and end users	494		494		506	624
Contract assets	212		212		247	187
Contract liabilities	2,816		2,816		$ 2,314	$ 1,557
Revenue recognized from contract liability balance at beginning of period	197	$ 124	1,333	$ 781
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Unsatisfied performance obligations with an original contract duration greater than one year	$ 13,200		$ 13,200
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Expected period of performance satisfaction	12 months		12 months
Remaining performance obligation, percentage	50%		50%

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock-based compensation expense	$ 60	$ 55	$ 178	$ 162
Unrecognized compensation expense	$ 167		$ 167
Term of amortization of unrecognized compensation cost over weighted-average remaining requisite service periods (in years)			1 year 9 months 18 days

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Type and Fair Value of Stock-Based Compensation Awards (Details) - $ / shares	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Stock options
Stock-based compensation awards
Shares Granted, stock options (in shares)	777,275	1,029,202
Weighted-Average Fair Value Per Share, stock options (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, RSUs & PRSUs (in shares)	379,426	484,025
Weighted-Average Fair Value Per Share, RSUs & PRSUs (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, RSUs & PRSUs (in shares)	221,869	258,900
Weighted-Average Fair Value Per Share, RSUs & PRSUs (in dollars per share)	$ 253.98	$ 196.70

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule of Assumptions Used for Fair Value (Details)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Weighted-average dividend yield	2.60%	2.60%
Weighted-average volatility	31%	31.70%
Rate of volatilities, minimum	28.50%	25.30%
Rate of volatilities, maximum	35.50%	36.80%
Risk-free interest rates, minimum	3.92%	1.03%
Risk-free interest rates, maximum	5.03%	2%
Weighted-average expected lives	7 years	8 years

Derivative Financial Instrume_3

Derivative Financial Instruments and Risk Management (Details) - USD ($) $ in Billions	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Foreign currency cash flow hedges, maximum allowable period (in years)	5 years
Foreign currency cash flow hedges, maximum period (in months)	60 months
Commodity forward and option contracts, maximum period (in years)	5 years
Notional amount	$ 23.4	$ 24.3

Derivative Financial instrume_4

Derivative Financial instruments and Risk Management- Summary of Location and Fair Value of Derivative Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Derivatives Fair Value
Assets	$ 506	$ 644
Liabilities	(559)	(496)
Designated derivatives
Derivatives Fair Value
Assets	463	555
Liabilities	(509)	(440)
Designated derivatives | Foreign exchange contracts
Derivatives Fair Value
Assets	411	462
Liabilities	(163)	(152)
Designated derivatives | Interest rate contracts
Derivatives Fair Value
Assets	52	93
Liabilities	(346)	(288)
Undesignated derivatives
Derivatives Fair Value
Assets	43	89
Liabilities	(50)	(56)
Undesignated derivatives | Foreign exchange contracts
Derivatives Fair Value
Assets	32	65
Liabilities	(48)	(47)
Undesignated derivatives | Commodity contracts
Derivatives Fair Value
Assets	11	24
Liabilities	$ (2)	$ (9)

Derivative Financial instrume_5

Derivative Financial instruments and Risk Management- Schedule of Gains (Losses) on Derivative Instruments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Designated derivatives | Cash Flow Hedges
Derivative Instruments, Gain (Loss)
Gains (losses) deferred	$ 13	$ 44	$ 57	$ 298
(Gains) losses reclassified to earnings	94	296	84	636
Designated derivatives | Cash Flow Hedges | Foreign exchange contracts
Derivative Instruments, Gain (Loss)
Gains (losses) deferred	10	18	42	195
(Gains) losses reclassified to earnings	80	289	43	638
Designated derivatives | Cash Flow Hedges | Interest rate contracts
Derivative Instruments, Gain (Loss)
Gains (losses) deferred	3	26	15	103
(Gains) losses reclassified to earnings	14	7	41	(2)
Designated derivatives | Cash Flow Hedges | Commodity contracts
Derivative Instruments, Gain (Loss)
Gains (losses) deferred	0	0	0	0
(Gains) losses reclassified to earnings	0	0	0	0
Undesignated derivatives
Derivative Instruments, Gain (Loss)
Gains (Losses) recognized on the consolidated statement of results of operations	(1)	(49)	(71)	(17)
Undesignated derivatives | Foreign exchange contracts
Derivative Instruments, Gain (Loss)
Gains (Losses) recognized on the consolidated statement of results of operations	19	(2)	22	(32)
Undesignated derivatives | Interest rate contracts
Derivative Instruments, Gain (Loss)
Gains (Losses) recognized on the consolidated statement of results of operations	(34)	(5)	(95)	12
Undesignated derivatives | Commodity contracts
Derivative Instruments, Gain (Loss)
Gains (Losses) recognized on the consolidated statement of results of operations	$ 14	$ (42)	$ 2	$ 3

Derivative Financial Instrume_6

Derivative Financial Instruments and Risk Management- Summary of Cumulative Basis Adjustments for Fair Value Hedges (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Derivatives Fair Value
Carrying Value of the Hedged Liabilities	$ 4,981	$ 4,173
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Value of the Hedged Liabilities	(347)	(280)
Long-term debt due within one year
Derivatives Fair Value
Carrying Value of the Hedged Liabilities	249	0
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Value of the Hedged Liabilities	(4)	0
Long-term debt due after one year
Derivatives Fair Value
Carrying Value of the Hedged Liabilities	4,732	4,173
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Value of the Hedged Liabilities	$ (343)	$ (280)

Derivative Financial instrume_7

Derivative Financial instruments and Risk Management - Summary Offsetting Assets and Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Assets
Gross Amounts Recognized	$ 506	$ 644
Financial Instruments Not Offset	(221)	(233)
Net Amount	285	411
Liabilities
Gross Amounts Recognized	(559)	(496)
Financial Instruments Not Offset	221	233
Net Amount	$ (338)	$ (263)

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 6,798	$ 6,370
Work-in-process	1,650	1,452
Finished goods	8,788	8,138
Supplies	344	310
Total inventories	$ 17,580	$ 16,270

Intangible Assets and Goodwil_2

Intangible Assets and Goodwill - Summary of Intangible assets (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Intangible assets
Weighted Amortizable Life (Years)	15 years	14 years
Gross carrying amount	$ 2,844	$ 3,838
Accumulated Amortization	(2,240)	(3,080)
Net	604	$ 758
Fully amortized finite-lived intangibles	$ 1,000
Customer relationships
Intangible assets
Weighted Amortizable Life (Years)	16 years	16 years
Gross carrying amount	$ 2,224	$ 2,233
Accumulated Amortization	(1,774)	(1,675)
Net	$ 450	$ 558
Intellectual property
Intangible assets
Weighted Amortizable Life (Years)	14 years	12 years
Gross carrying amount	$ 503	$ 1,473
Accumulated Amortization	(393)	(1,320)
Net	$ 110	$ 153
Other
Intangible assets
Weighted Amortizable Life (Years)	17 years	16 years
Gross carrying amount	$ 117	$ 132
Accumulated Amortization	(73)	(85)
Net	$ 44	$ 47

Intangible Assets and Goodwil_3

Intangible Assets and Goodwill (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 44	$ 70	$ 174	$ 213
Goodwill, impairment loss			$ 0	$ 0

Intangible Assets and Goodwil_4

Intangible Assets and Goodwill - Summary of expected amortization expense related to intangible assets (Details) $ in Millions	Sep. 30, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remaining Three Months of 2023	$ 44
2024	174
2025	165
2026	94
2027	31
Thereafter	$ 96

Intangible Assets and Goodwil_5

Intangible Assets and Goodwill - Summary of Goodwill acquired (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Goodwill
Goodwill	$ 7,390	$ 7,410
Impairments	(2,122)	(2,122)
Net goodwill	5,268	5,288
Changes in carrying amount of goodwill by reportable segment:
Goodwill, beginning of period	7,410
Other adjustments	(20)
Goodwill, end of period	7,390
Net goodwill, beginning of period	5,288
Other adjustments	(20)
Net goodwill, end of period	5,268
Construction Industries
Goodwill
Goodwill	269	287
Impairments	(22)	(22)
Net goodwill	247	265
Changes in carrying amount of goodwill by reportable segment:
Goodwill, beginning of period	287
Other adjustments	(18)
Goodwill, end of period	269
Net goodwill, beginning of period	265
Other adjustments	(18)
Net goodwill, end of period	247
Resource Industries
Goodwill
Goodwill	4,135	4,130
Impairments	(1,175)	(1,175)
Net goodwill	2,960	2,955
Changes in carrying amount of goodwill by reportable segment:
Goodwill, beginning of period	4,130
Other adjustments	5
Goodwill, end of period	4,135
Net goodwill, beginning of period	2,955
Other adjustments	5
Net goodwill, end of period	2,960
Energy & Transportation
Goodwill
Goodwill	2,945	2,947
Impairments	(925)	(925)
Net goodwill	2,020	2,022
Changes in carrying amount of goodwill by reportable segment:
Goodwill, beginning of period	2,947
Other adjustments	(2)
Goodwill, end of period	2,945
Net goodwill, beginning of period	2,022
Other adjustments	(2)
Net goodwill, end of period	2,020
Other Segments
Goodwill
Goodwill	41	46
Impairments	0	0
Net goodwill	41	$ 46
Changes in carrying amount of goodwill by reportable segment:
Goodwill, beginning of period	46
Other adjustments	(5)
Goodwill, end of period	41
Net goodwill, beginning of period	46
Other adjustments	(5)
Net goodwill, end of period	$ 41

Investments in Debt and Equit_3

Investments in Debt and Equity Securities - Schedule of cost basis and fair value of available-for-sale securities (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Schedule of Investments in Debt and Equity Securities
Cost Basis	$ 3,651	$ 3,311
Unrealized Pretax Net Gains (Losses)	(158)	(147)
Fair Value	3,493	3,164
U.S. treasury bonds
Schedule of Investments in Debt and Equity Securities
Cost Basis	9	9
Unrealized Pretax Net Gains (Losses)	0	0
Fair Value	9	9
Other U.S. and non-U.S. government bonds
Schedule of Investments in Debt and Equity Securities
Cost Basis	57	60
Unrealized Pretax Net Gains (Losses)	(4)	(5)
Fair Value	53	55
Corporate bonds and other debt securities
Schedule of Investments in Debt and Equity Securities
Cost Basis	2,823	2,561
Unrealized Pretax Net Gains (Losses)	(93)	(95)
Fair Value	2,730	2,466
Asset-backed securities
Schedule of Investments in Debt and Equity Securities
Cost Basis	193	187
Unrealized Pretax Net Gains (Losses)	(4)	(5)
Fair Value	189	182
U.S. governmental agency
Schedule of Investments in Debt and Equity Securities
Cost Basis	429	364
Unrealized Pretax Net Gains (Losses)	(45)	(31)
Fair Value	384	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	137	127
Unrealized Pretax Net Gains (Losses)	(11)	(10)
Fair Value	$ 126	$ 117

Investments in Debt and Equit_4

Investments in Debt and Equity Securities - Summary of investments in an unrealized loss position that are not other-than-temporarily impaired (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Available-for-sale Securities, Continuous Unrealized Loss Position
Less than 12 months - Fair Value	$ 1,834	$ 2,203
Less than 12 months - Unrealized losses	34	70
12 months or more - Fair Value	1,476	585
12 months or more - Unrealized losses	124	78
Fair Value	3,310	2,788
Unrealized Losses	158	148
Other U.S. and non-U.S. government bonds
Available-for-sale Securities, Continuous Unrealized Loss Position
Less than 12 months - Fair Value	19	19
Less than 12 months - Unrealized losses	0	1
12 months or more - Fair Value	25	20
12 months or more - Unrealized losses	4	4
Fair Value	44	39
Unrealized Losses	4	5
Corporate bonds and other debt securities
Available-for-sale Securities, Continuous Unrealized Loss Position
Less than 12 months - Fair Value	1,660	1,815
Less than 12 months - Unrealized losses	29	46
12 months or more - Fair Value	972	357
12 months or more - Unrealized losses	64	50
Fair Value	2,632	2,172
Unrealized Losses	93	96
Asset-backed securities
Available-for-sale Securities, Continuous Unrealized Loss Position
Less than 12 months - Fair Value	35	75
Less than 12 months - Unrealized losses	0	2
12 months or more - Fair Value	88	55
12 months or more - Unrealized losses	4	3
Fair Value	123	130
Unrealized Losses	4	5
U.S. governmental agency
Available-for-sale Securities, Continuous Unrealized Loss Position
Less than 12 months - Fair Value	102	229
Less than 12 months - Unrealized losses	4	16
12 months or more - Fair Value	281	98
12 months or more - Unrealized losses	41	15
Fair Value	383	327
Unrealized Losses	45	31
Residential
Available-for-sale Securities, Continuous Unrealized Loss Position
Less than 12 months - Fair Value	0	2
Less than 12 months - Unrealized losses	0	0
12 months or more - Fair Value	2	1
12 months or more - Unrealized losses	1	1
Fair Value	2	3
Unrealized Losses	1	1
Commercial
Available-for-sale Securities, Continuous Unrealized Loss Position
Less than 12 months - Fair Value	18	63
Less than 12 months - Unrealized losses	1	5
12 months or more - Fair Value	108	54
12 months or more - Unrealized losses	10	5
Fair Value	126	117
Unrealized Losses	$ 11	$ 10

Investments in Debt and Equit_5

Investments in Debt and Equity Securities - Summary of cost basis and fair value of the available-for-sale debt securities by contractual maturity (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Cost Basis
Due in one year or less	$ 940		$ 940
Due after one year through five years	1,812		1,812
Due after five years through ten years	262		262
Due after ten years	68		68
Debt securities, available-for-sale, cost basis	3,651		3,651		$ 3,311
Fair Value
Due in one year or less	929		929
Due after one year through five years	1,737		1,737
Due after five years through ten years	248		248
Due after ten years	67		67
Debt securities	3,493		3,493		3,164
Available-for-sale Securities, Proceeds, Gains and Losses
Proceeds from the sale of available-for-sale securities	271	$ 204	710	$ 474
Gross gains from the sale of available-for-sale securities	0	0	0	1
Gross losses from the sale of available-for-sale securities	1	$ 0	1	$ 1
U.S. governmental agency
Cost Basis
Debt securities, available-for-sale, cost basis	429		429		364
Fair Value
Debt securities	384		384		333
Residential
Cost Basis
Debt securities, available-for-sale, cost basis	3		3		3
Fair Value
Debt securities	2		2		2
Commercial
Cost Basis
Debt securities, available-for-sale, cost basis	137		137		127
Fair Value
Debt securities	$ 126		$ 126		$ 117

Investments in Debt and Equit_6

Investments in Debt and Equity Securities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Schedule of Held-to-maturity Securities
Unrealized gain (loss) on equity securities	$ (11)	$ (12)	$ (25)	$ (97)
Bank Time Deposits
Schedule of Held-to-maturity Securities
Time deposit	$ 2,550		$ 2,550		$ 0

Postretirement Benefits - Sched

Postretirement Benefits - Schedule of net benefit costs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pension Benefits | U.S. Pension Benefits
Components of net periodic benefit cost:
Service cost	$ 0	$ 0	$ 0	$ 0
Interest cost	164	100	492	301
Expected return on plan assets	(173)	(167)	(517)	(502)
Amortization of prior service cost (credit)	0	0	0	0
Net periodic benefit cost (benefit)	(9)	(67)	(25)	(201)
Pension Benefits | Non-U.S. Pension Benefits
Components of net periodic benefit cost:
Service cost	10	15	30	40
Interest cost	30	17	91	53
Expected return on plan assets	(40)	(33)	(120)	(100)
Amortization of prior service cost (credit)	0	0	0	0
Net periodic benefit cost (benefit)	0	(1)	1	(7)
Other Postretirement Benefits
Components of net periodic benefit cost:
Service cost	16	24	50	74
Interest cost	36	20	108	60
Expected return on plan assets	(2)	(3)	(8)	(9)
Amortization of prior service cost (credit)	(3)	(1)	(9)	(4)
Net periodic benefit cost (benefit)	$ 47	$ 40	$ 141	$ 121

Postretirement Benefits (Detail

Postretirement Benefits (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)
Defined Benefit Plan Disclosure
Expected full year contributions to pension and other postretirement benefit plans during the year	$ 372	$ 372
Pension Benefits
Defined Benefit Plan Disclosure
Contributions to pension and other postretirement benefit plans	$ 56	$ 320

Postretirement Benefits - Summa

Postretirement Benefits - Summary of company costs related to U.S. and non-U.S. defined contribution plans (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Defined Contribution Plan
Costs related to defined contribution plans	$ 147	$ 116	$ 490	$ 321
U.S. Pension Benefits
Defined Contribution Plan
Costs related to defined contribution plans	120	87	405	236
Non-U.S. Pension Benefits
Defined Contribution Plan
Costs related to defined contribution plans	$ 27	$ 29	$ 85	$ 85

Leases Lease revenue (Details)

Leases Lease revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Finance lease revenue	$ 106	$ 105	$ 315	$ 326
Operating lease revenue	286	270	836	819
Total	$ 392	$ 375	$ 1,151	$ 1,145
Financial Products
Lessor, Lease, Description
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Sales and revenues	Sales and revenues	Sales and revenues	Sales and revenues

Guarantees and Product Warran_3

Guarantees and Product Warranty - Summary of guarantees (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Guarantor Obligations
Guarantees, maximum potential amount of future payments	$ 383	$ 511
Caterpillar dealer performance guarantees
Guarantor Obligations
Guarantees, maximum potential amount of future payments	42	188
Other guarantees
Guarantor Obligations
Guarantees, maximum potential amount of future payments	$ 341	$ 323

Guarantees and Product Warran_4

Guarantees and Product Warranty (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Guarantor Obligations
Related liability	$ 4	$ 2
SPC assets in consolidated statement	86,791	81,943
SPC liabilities in consolidated statement	66,284	66,052
Variable Interest Entity, Primary Beneficiary
Guarantor Obligations
SPC assets in consolidated statement	1,540	971
SPC liabilities in consolidated statement	$ 1,540	$ 970

Guarantees and Product Warran_5

Guarantees and Product Warranty - Summary of product warranty (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Change in product warranty liability balances
Warranty liability, beginning of period	$ 1,761	$ 1,689
Reduction in liability (payments)	(617)	(589)
Increase in liability (new warranties)	724	562
Warranty liability, end of period	$ 1,868	$ 1,662

Profit Per Share (Details)

Profit Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended				9 Months Ended
	Sep. 30, 2023		Sep. 30, 2022		Sep. 30, 2023		Sep. 30, 2022
Earnings Per Share Reconciliation [Abstract]
Profit for the period (A) (in dollars)	$ 2,794	[1]	$ 2,041	[1]	$ 7,659	[2]	$ 5,251	[2]
Determination of shares (in millions):
Weighted-average number of common shares outstanding (B) (in shares)	509,800,000		525,000,000		513,000,000		530,100,000
Shares issuable on exercise of stock awards, net of shares assumed to be purchased out of proceeds at average market price (in shares)	2,800,000		2,600,000		2,700,000		3,100,000
Average common shares outstanding for fully diluted computation (C) (in shares)	512,600,000	[3]	527,600,000	[3]	515,700,000	[4]	533,200,000	[4]
Profit per share of common stock:
Assuming no dilution (A/B) (in dollars per share)	$ 5.48		$ 3.89		$ 14.93		$ 9.91
Assuming full dilution (A/C) (in dollars per share)	$ 5.45	[3]	$ 3.87	[3]	$ 14.85	[4]	$ 9.85	[4]
Shares outstanding as of June 30 (in shares)	509,100,000		520,400,000		509,100,000		520,400,000
Common shares under SARs and stock options not included in the computation of diluted earnings per share (in shares)	800,000		2,100,000		800,000		2,100,000
Common shares repurchased (in shares)	1,883,487		7,575,322		9,499,655		17,007,819
Cost of repurchase	$ 530	[5]	$ 1,385	[5]	$ 2,209	[6]	$ 3,309	[6]
[1]Profit attributable to common shareholders.[2]Profit attributable to common shareholders.[3]Diluted by assumed exercise of stock-based compensation awards using the treasury stock method.[4]Diluted by assumed exercise of stock-based compensation awards using the treasury stock method.[5] 1 See Note 12 for additional information. 2 See Note 12 for additional information.

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 18,256	$ 15,759	$ 15,891	$ 16,516
Total other comprehensive income (loss), net of tax	(286)	(854)	225	(1,800)
Ending balance	20,507	15,622	20,507	15,622
Foreign currency translation
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(1,863)	(2,282)	(2,328)	(1,508)
Gains (losses) on foreign currency translation	(194)	(592)	(235)	(1,328)
Less: Tax provision /(benefit)	10	26	(2)	64
Net gains (losses) on foreign currency translation	(204)	(618)	(233)	(1,392)
(Gains) losses reclassified to earnings	(1)	0	493	0
Less: Tax provision /(benefit)	0	0	0	0
Net (gains) losses reclassified to earnings	(1)	0	493	0
Total other comprehensive income (loss), net of tax	(205)	(618)	260	(1,392)
Ending balance	(2,068)	(2,900)	(2,068)	(2,900)
Pension and other postretirement benefits
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(44)	(64)	(39)	(62)
Gains (losses) on foreign currency translation	0	0	0	0
Less: Tax provision /(benefit)	0	0	0	0
Net gains (losses) on foreign currency translation	0	0	0	0
(Gains) losses reclassified to earnings	(3)	(1)	(9)	(4)
Less: Tax provision /(benefit)	0	0	(1)	(1)
Net (gains) losses reclassified to earnings	(3)	(1)	(8)	(3)
Total other comprehensive income (loss), net of tax	(3)	(1)	(8)	(3)
Ending balance	(47)	(65)	(47)	(65)
Derivative financial instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	71	(66)	28	(3)
Gains (losses) on foreign currency translation	13	44	57	298
Less: Tax provision /(benefit)	5	35	14	71
Net gains (losses) on foreign currency translation	8	9	43	227
(Gains) losses reclassified to earnings	(94)	(296)	(84)	(636)
Less: Tax provision /(benefit)	(24)	(96)	(22)	(155)
Net (gains) losses reclassified to earnings	(70)	(200)	(62)	(481)
Total other comprehensive income (loss), net of tax	(62)	(191)	(19)	(254)
Ending balance	9	(257)	9	(257)
Available-for-sale securities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(110)	(87)	(118)	20
Gains (losses) on foreign currency translation	(22)	(55)	(12)	(188)
Less: Tax provision /(benefit)	(5)	(11)	(3)	(37)
Net gains (losses) on foreign currency translation	(17)	(44)	(9)	(151)
(Gains) losses reclassified to earnings	1	0	1	0
Less: Tax provision /(benefit)	0	0	0	0
Net (gains) losses reclassified to earnings	1	0	1	0
Total other comprehensive income (loss), net of tax	(16)	(44)	(8)	(151)
Ending balance	(126)	(131)	(126)	(131)
Accumulated other comprehensive income (loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(1,946)	(2,499)	(2,457)	(1,553)
Ending balance	$ (2,232)	$ (3,353)	$ (2,232)	$ (3,353)

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Effective tax rate	20.90%	20.60%	22.40%	21.40%
Estimated annual tax rate			22.50%	23%	23.20%
Gain (loss) on divestiture			$ (586)
Income tax expense (benefit) due to change in valuation allowance			(88)
Tax benefit for settlement of stock-based compensation awards			$ 54	$ 18
Prior year tax adjustment expense (benefit)				$ (90)

Segment Information (Details)

Segment Information (Details)	9 Months Ended
	Sep. 30, 2023 segment group_president
Segment Reporting Information
Number of group presidents | group_president	4
Number of operating segments	5
Useful life to amortize goodwill for segment assets	20 years
Reportable Segments
Segment Reporting Information
Number of operating segments led by Group Presidents	3
Number of operating segments led by Group President responsible for corporate services	1
Number of reportable segments	4
All Other operating segments
Segment Reporting Information
Number of group presidents | group_president	1
Number of smaller operating segments led by Group President	1

Segment Information - Revenue b

Segment Information - Revenue by Geographic Region (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Sales and revenues by geographic region
Sales and revenues	$ 16,810	$ 14,994	$ 49,990	$ 42,830
Intersegment Sales and Revenues
Sales and revenues by geographic region
Sales and revenues	(1,290)	(1,371)	(4,142)	(3,809)
Corporate Items
Sales and revenues by geographic region
Sales and revenues	(194)	(106)	(577)	(331)
Corporate Reconciling Items and Eliminations
Sales and revenues by geographic region
Sales and revenues	(1,484)	(1,477)	(4,719)	(4,140)
North America
Sales and revenues by geographic region
Sales and revenues	8,927	7,135	25,799	20,043
North America | Corporate Items
Sales and revenues by geographic region
Sales and revenues	(126)	(53)	(374)	(175)
Latin America
Sales and revenues by geographic region
Sales and revenues	1,603	1,809	4,784	4,749
Latin America | Corporate Items
Sales and revenues by geographic region
Sales and revenues	(20)	(20)	(61)	(59)
EAME
Sales and revenues by geographic region
Sales and revenues	3,402	3,145	10,353	9,288
EAME | Corporate Items
Sales and revenues by geographic region
Sales and revenues	(22)	(12)	(64)	(33)
Asia/ Pacific
Sales and revenues by geographic region
Sales and revenues	2,878	2,905	9,054	8,750
Asia/ Pacific | Corporate Items
Sales and revenues by geographic region
Sales and revenues	(26)	(21)	(78)	(64)
Segments Excluding All Other Segments | Operating Segments Excluding Intersegment Eliminations
Sales and revenues by geographic region
Sales and revenues	16,974	15,065	50,468	43,049
Segments Excluding All Other Segments | Intersegment Sales and Revenues
Sales and revenues by geographic region
Sales and revenues	(1,214)	(1,303)	(3,908)	(3,582)
Segments Excluding All Other Segments | Operating Segments
Sales and revenues by geographic region
Sales and revenues	18,188	16,368	54,376	46,631
Segments Excluding All Other Segments | North America | Operating Segments Excluding Intersegment Eliminations
Sales and revenues by geographic region
Sales and revenues	9,037	7,172	26,123	20,166
Segments Excluding All Other Segments | Latin America | Operating Segments Excluding Intersegment Eliminations
Sales and revenues by geographic region
Sales and revenues	1,624	1,829	4,846	4,808
Segments Excluding All Other Segments | EAME | Operating Segments Excluding Intersegment Eliminations
Sales and revenues by geographic region
Sales and revenues	3,419	3,153	10,404	9,307
Segments Excluding All Other Segments | Asia/ Pacific | Operating Segments Excluding Intersegment Eliminations
Sales and revenues by geographic region
Sales and revenues	2,894	2,911	9,095	8,768
Construction Industries | Operating Segments Excluding Intersegment Eliminations
Sales and revenues by geographic region
Sales and revenues	6,981	6,236	20,806	18,313
Construction Industries | Intersegment Sales and Revenues
Sales and revenues by geographic region
Sales and revenues	(18)	(40)	(93)	(111)
Construction Industries | Operating Segments
Sales and revenues by geographic region
Sales and revenues	6,999	6,276	20,899	18,424
Construction Industries | North America | Operating Segments Excluding Intersegment Eliminations
Sales and revenues by geographic region
Sales and revenues	4,078	3,106	11,654	8,832
Construction Industries | Latin America | Operating Segments Excluding Intersegment Eliminations
Sales and revenues by geographic region
Sales and revenues	555	799	1,720	2,061
Construction Industries | EAME | Operating Segments Excluding Intersegment Eliminations
Sales and revenues by geographic region
Sales and revenues	1,351	1,247	4,125	3,726
Construction Industries | Asia/ Pacific | Operating Segments Excluding Intersegment Eliminations
Sales and revenues by geographic region
Sales and revenues	997	1,084	3,307	3,694
Resource Industries | Operating Segments Excluding Intersegment Eliminations
Sales and revenues by geographic region
Sales and revenues	3,259	3,013	10,091	8,667
Resource Industries | Intersegment Sales and Revenues
Sales and revenues by geographic region
Sales and revenues	(92)	(74)	(250)	(211)
Resource Industries | Operating Segments
Sales and revenues by geographic region
Sales and revenues	3,351	3,087	10,341	8,878
Resource Industries | North America | Operating Segments Excluding Intersegment Eliminations
Sales and revenues by geographic region
Sales and revenues	1,366	1,122	4,016	3,167
Resource Industries | Latin America | Operating Segments Excluding Intersegment Eliminations
Sales and revenues by geographic region
Sales and revenues	499	472	1,511	1,337
Resource Industries | EAME | Operating Segments Excluding Intersegment Eliminations
Sales and revenues by geographic region
Sales and revenues	508	526	1,624	1,609
Resource Industries | Asia/ Pacific | Operating Segments Excluding Intersegment Eliminations
Sales and revenues by geographic region
Sales and revenues	886	893	2,940	2,554
Energy & Transportation
Sales and revenues by geographic region
Sales and revenues	5,755	4,997	16,767	13,669
Energy & Transportation | Operating Segments Excluding Intersegment Eliminations
Sales and revenues by geographic region
Sales and revenues	5,755	4,997	16,767	13,669
Energy & Transportation | Intersegment Sales and Revenues
Sales and revenues by geographic region
Sales and revenues	(1,104)	(1,189)	(3,565)	(3,260)
Energy & Transportation | Operating Segments
Sales and revenues by geographic region
Sales and revenues	6,859	6,186	20,332	16,929
Energy & Transportation | North America | Operating Segments Excluding Intersegment Eliminations
Sales and revenues by geographic region
Sales and revenues	2,966	2,422	8,658	6,637
Energy & Transportation | Latin America | Operating Segments Excluding Intersegment Eliminations
Sales and revenues by geographic region
Sales and revenues	460	468	1,299	1,160
Energy & Transportation | EAME | Operating Segments Excluding Intersegment Eliminations
Sales and revenues by geographic region
Sales and revenues	1,428	1,280	4,291	3,679
Energy & Transportation | Asia/ Pacific | Operating Segments Excluding Intersegment Eliminations
Sales and revenues by geographic region
Sales and revenues	901	827	2,519	2,193
Financial Products Segment | Related Party
Sales and revenues by geographic region
Sales and revenues	181	124	515	332
Financial Products Segment | Operating Segments Excluding Intersegment Eliminations
Sales and revenues by geographic region
Sales and revenues	979	819	2,804	2,400
Financial Products Segment | Intersegment Sales and Revenues
Sales and revenues by geographic region
Sales and revenues	0	0	0	0
Financial Products Segment | Operating Segments
Sales and revenues by geographic region
Sales and revenues	979	819	2,804	2,400
Financial Products Segment | North America | Operating Segments Excluding Intersegment Eliminations
Sales and revenues by geographic region
Sales and revenues	627	522	1,795	1,530
Financial Products Segment | Latin America | Operating Segments Excluding Intersegment Eliminations
Sales and revenues by geographic region
Sales and revenues	110	90	316	250
Financial Products Segment | EAME | Operating Segments Excluding Intersegment Eliminations
Sales and revenues by geographic region
Sales and revenues	132	100	364	293
Financial Products Segment | Asia/ Pacific | Operating Segments Excluding Intersegment Eliminations
Sales and revenues by geographic region
Sales and revenues	110	107	329	327
Other Segments | Operating Segments Excluding Intersegment Eliminations
Sales and revenues by geographic region
Sales and revenues	30	35	99	112
Other Segments | Intersegment Sales and Revenues
Sales and revenues by geographic region
Sales and revenues	(76)	(68)	(234)	(227)
Other Segments | Operating Segments
Sales and revenues by geographic region
Sales and revenues	106	103	333	339
Other Segments | North America | Operating Segments Excluding Intersegment Eliminations
Sales and revenues by geographic region
Sales and revenues	16	16	50	52
Other Segments | Latin America | Operating Segments Excluding Intersegment Eliminations
Sales and revenues by geographic region
Sales and revenues	(1)	0	(1)	0
Other Segments | EAME | Operating Segments Excluding Intersegment Eliminations
Sales and revenues by geographic region
Sales and revenues	5	4	13	14
Other Segments | Asia/ Pacific | Operating Segments Excluding Intersegment Eliminations
Sales and revenues by geographic region
Sales and revenues	$ 10	$ 15	$ 37	$ 46

Segment Information - Energy &

Segment Information - Energy & Transportation Sales (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Energy and transportation sales
Sales and revenues	$ 16,810	$ 14,994	$ 49,990	$ 42,830
Energy & Transportation
Energy and transportation sales
Sales and revenues	5,755	4,997	16,767	13,669
Energy & Transportation | Oil and gas
Energy and transportation sales
Sales and revenues	1,667	1,323	4,741	3,503
Energy & Transportation | Power generation
Energy and transportation sales
Sales and revenues	1,598	1,320	4,527	3,518
Energy & Transportation | Industrial
Energy and transportation sales
Sales and revenues	1,220	1,158	3,793	3,295
Energy & Transportation | Transportation
Energy and transportation sales
Sales and revenues	$ 1,270	$ 1,196	$ 3,706	$ 3,353

Segment Information - Reconcili

Segment Information - Reconciliations of Consolidated Profit Before Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	$ 3,515	$ 2,558	$ 9,801	$ 6,653
Operating Segments | Reportable Segments
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	3,961	2,870	11,856	7,284
Operating Segments | Reportable Segments | Construction Industries
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	1,847	1,209	5,440	3,255
Operating Segments | Reportable Segments | Resource Industries
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	730	506	2,234	1,222
Operating Segments | Reportable Segments | Energy & Transportation
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	1,181	935	3,507	2,132
Operating Segments | Reportable Segments | Financial Products Segment
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	203	220	675	675
Operating Segments | All Other operating segments
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	21	8	42	42
Intersegment Sales and Revenues | Cost centers
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	10	(37)	53	1
Intersegment Sales and Revenues | Corporate costs
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	(265)	(168)	(714)	(670)
Intersegment Sales and Revenues | Timing
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	22	(84)	(89)	(129)
Intersegment Sales and Revenues | Restructuring costs
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	(46)	(49)	(688)	(90)
Intersegment Sales and Revenues | Inventory/cost of sales
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	(2)	138	137	407
Intersegment Sales and Revenues | Postretirement benefit expense
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	(13)	82	(84)	293
Intersegment Sales and Revenues | Stock-based compensation expense
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	(60)	(55)	(178)	(162)
Intersegment Sales and Revenues | Financing costs
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	(13)	(75)	(115)	(269)
Intersegment Sales and Revenues | Currency
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	78	53	106	315
Intersegment Sales and Revenues | Other income/expense methodology differences
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	(164)	(109)	(468)	(287)
Intersegment Sales and Revenues | Other methodology differences
Reconciliation of Consolidated profit (loss) before taxes
Reclassifications before tax	$ (14)	$ (16)	$ (57)	$ (82)

Segment Information - Reconci_2

Segment Information - Reconciliation of Assets (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Reconciliation of Assets
Assets	$ 86,791	$ 81,943
Intersegment Sales and Revenues
Reconciliation of Assets
Inventory Methodology Difference	(3,259)	(3,063)
Intersegment Sales and Revenues | Cash and cash equivalents
Reconciliation of Assets
Assets	5,874	6,042
Intersegment Sales and Revenues | Deferred income taxes
Reconciliation of Assets
Assets	2,601	2,098
Intersegment Sales and Revenues | Goodwill and intangible assets
Reconciliation of Assets
Assets	4,413	4,248
Intersegment Sales and Revenues | Property, plant and equipment – net and other assets
Reconciliation of Assets
Assets	6,969	4,234
Intersegment Sales and Revenues | Liabilities included in segment assets
Reconciliation of Assets
Assets	12,227	12,519
Intersegment Sales and Revenues | Other methodology differences
Reconciliation of Assets
Assets	(453)	(630)
Operating Segments | Reportable Segments
Reconciliation of Assets
Assets	56,564	54,667
Operating Segments | Reportable Segments | Construction Industries
Reconciliation of Assets
Assets	5,407	5,168
Operating Segments | Reportable Segments | Resource Industries
Reconciliation of Assets
Assets	5,831	5,775
Operating Segments | Reportable Segments | Energy & Transportation
Reconciliation of Assets
Assets	10,373	9,455
Operating Segments | Reportable Segments | Financial Products Segment
Reconciliation of Assets
Assets	34,953	34,269
Operating Segments | All Other operating segments
Reconciliation of Assets
Assets	$ 1,855	$ 1,828

Segment Information - Reconci_3

Segment Information - Reconciliations of Depreciation and Amortization (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Reconciliation of Depreciation and amortization
Depreciation and amortization	$ 525	$ 551	$ 1,599	$ 1,661
Operating Segments | Reportable Segments
Reconciliation of Depreciation and amortization
Depreciation and amortization	445	468	1,343	1,408
Operating Segments | Reportable Segments | Construction Industries
Reconciliation of Depreciation and amortization
Depreciation and amortization	54	57	162	172
Operating Segments | Reportable Segments | Resource Industries
Reconciliation of Depreciation and amortization
Depreciation and amortization	66	92	235	275
Operating Segments | Reportable Segments | Energy & Transportation
Reconciliation of Depreciation and amortization
Depreciation and amortization	139	136	401	405
Operating Segments | Reportable Segments | Financial Products Segment
Reconciliation of Depreciation and amortization
Depreciation and amortization	186	183	545	556
Intersegment Sales and Revenues | All Other operating segments
Reconciliation of Depreciation and amortization
Depreciation and amortization	59	56	176	172
Intersegment Sales and Revenues | Cost centers
Reconciliation of Depreciation and amortization
Depreciation and amortization	23	20	65	63
Intersegment Sales and Revenues | Other methodology differences
Reconciliation of Depreciation and amortization
Depreciation and amortization	$ (2)	$ 7	$ 15	$ 18

Segment Information - Reconci_4

Segment Information - Reconciliations of Capital Expenditures (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Reconciliation of Capital expenditures
Capital expenditures	$ 781	$ 617	$ 2,238	$ 1,891
Operating Segments | Reportable Segments
Reconciliation of Capital expenditures
Capital expenditures	758	601	1,946	1,592
Operating Segments | Reportable Segments | Construction Industries
Reconciliation of Capital expenditures
Capital expenditures	105	74	188	149
Operating Segments | Reportable Segments | Resource Industries
Reconciliation of Capital expenditures
Capital expenditures	62	65	132	129
Operating Segments | Reportable Segments | Energy & Transportation
Reconciliation of Capital expenditures
Capital expenditures	249	167	595	444
Operating Segments | Reportable Segments | Financial Products Segment
Reconciliation of Capital expenditures
Capital expenditures	342	295	1,031	870
Intersegment Sales and Revenues | All Other operating segments
Reconciliation of Capital expenditures
Capital expenditures	67	54	142	116
Intersegment Sales and Revenues | Cost centers
Reconciliation of Capital expenditures
Capital expenditures	27	16	71	41
Intersegment Sales and Revenues | Timing
Reconciliation of Capital expenditures
Capital expenditures	0	(35)	185	173
Intersegment Sales and Revenues | Other methodology differences
Reconciliation of Capital expenditures
Capital expenditures	$ (71)	$ (19)	$ (106)	$ (31)

Cat Financial Financing Activ_3

Cat Financial Financing Activities - Allowance for Credit Losses (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Receivables [Abstract]
Average term	51 months		51 months
Average remaining term	27 months		27 months
Allowance for Credit Loss Activity
Beginning balance	$ 315	$ 372	$ 342	$ 333
Write-offs	(22)	(30)	(63)	(68)
Recoveries	13	17	36	47
Provision for credit losses	32	(19)	21	29
Other	(3)	(5)	(1)	(6)
Ending balance	335	335	335	335
Total Finance Receivables	21,828	21,100	21,828	21,100
Customer
Allowance for Credit Loss Activity
Beginning balance	265	290	277	251
Write-offs	(22)	(30)	(63)	(68)
Recoveries	13	17	36	47
Provision for credit losses	31	(2)	35	46
Other	(3)	(5)	(1)	(6)
Ending balance	284	270	284	270
Total Finance Receivables	19,768	19,363	19,768	19,363	$ 19,772
Dealer
Allowance for Credit Loss Activity
Beginning balance	50	82	65	82
Write-offs	0	0	0	0
Recoveries	0	0	0	0
Provision for credit losses	1	(17)	(14)	(17)
Other	0	0	0	0
Ending balance	51	65	51	65
Total Finance Receivables	$ 2,060	$ 1,737	$ 2,060	$ 1,737

Cat Financial Financing Activ_4

Cat Financial Financing Activities - Write Offs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Write-offs by origination year
Total	$ 22	$ 30	$ 63	$ 68
Customer
Write-offs by origination year
2023	1		1
2022	6		15
2021	7		19
2020	4		12
2019	1		4
Prior	1		3
Revolving Finance Receivables	2		9
Total	22	$ 30	63	$ 68
Customer | North America
Write-offs by origination year
2023	1		1
2022	2		7
2021	2		7
2020	1		2
2019	1		2
Prior	0		1
Revolving Finance Receivables	2		9
Total	9		29
Customer | EAME
Write-offs by origination year
2023	0		0
2022	1		2
2021	1		3
2020	1		3
2019	0		0
Prior	0		1
Revolving Finance Receivables	0		0
Total	3		9
Customer | Asia/ Pacific
Write-offs by origination year
2023	0		0
2022	2		3
2021	3		6
2020	1		4
2019	0		1
Prior	0		0
Revolving Finance Receivables	0		0
Total	6		14
Customer | Latin America
Write-offs by origination year
2023	0		0
2022	1		3
2021	1		3
2020	1		3
2019	0		1
Prior	1		1
Revolving Finance Receivables	0		0
Total	$ 4		$ 11

Cat Financial Financing Activ_5

Cat Financial Financing Activities - Financing Receivable Credit Quality Indicator (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Receivables [Abstract]
Period after which Unpaid Installments are Considered as Past Due	30 days
Financing Receivable, Credit Quality Indicator
Total Finance Receivables	$ 21,828		$ 21,100
Customer
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	6,233	$ 8,023
2022 and 2021, respectively	6,075	6,121
2021 and 2020, respectively	4,183	2,924
2020 and 2019, respectively	1,690	1,314
2019 and 2018, respectively	657	529
Prior	408	405
Revolving Finance Receivables	522	456
Total Finance Receivables	19,768	19,772	19,363
Customer | Current
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	6,175	7,929
2022 and 2021, respectively	5,931	5,973
2021 and 2020, respectively	4,064	2,827
2020 and 2019, respectively	1,622	1,275
2019 and 2018, respectively	626	516
Prior	374	393
Revolving Finance Receivables	515	445
Total Finance Receivables	19,307	19,358
Customer | 31-60 days past due
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	37	52
2022 and 2021, respectively	64	59
2021 and 2020, respectively	51	37
2020 and 2019, respectively	26	16
2019 and 2018, respectively	11	6
Prior	4	2
Revolving Finance Receivables	3	4
Total Finance Receivables	196	176
Customer | 61-90 days past due
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	11	21
2022 and 2021, respectively	24	29
2021 and 2020, respectively	16	15
2020 and 2019, respectively	12	7
2019 and 2018, respectively	4	1
Prior	2	0
Revolving Finance Receivables	2	3
Total Finance Receivables	71	76
Customer | 91+ days past due
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	10	21
2022 and 2021, respectively	56	60
2021 and 2020, respectively	52	45
2020 and 2019, respectively	30	16
2019 and 2018, respectively	16	6
Prior	28	10
Revolving Finance Receivables	2	4
Total Finance Receivables	194	162
Customer | North America | Current
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	3,134	3,915
2022 and 2021, respectively	2,940	3,276
2021 and 2020, respectively	2,310	1,525
2020 and 2019, respectively	919	653
2019 and 2018, respectively	310	206
Prior	65	34
Revolving Finance Receivables	304	240
Total Finance Receivables	9,982	9,849
Customer | North America | 31-60 days past due
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	18	25
2022 and 2021, respectively	31	26
2021 and 2020, respectively	23	18
2020 and 2019, respectively	15	12
2019 and 2018, respectively	6	4
Prior	2	1
Revolving Finance Receivables	3	4
Total Finance Receivables	98	90
Customer | North America | 61-90 days past due
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	6	9
2022 and 2021, respectively	10	15
2021 and 2020, respectively	7	7
2020 and 2019, respectively	4	3
2019 and 2018, respectively	1	1
Prior	0	0
Revolving Finance Receivables	2	3
Total Finance Receivables	30	38
Customer | North America | 91+ days past due
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	5	11
2022 and 2021, respectively	19	16
2021 and 2020, respectively	18	12
2020 and 2019, respectively	10	6
2019 and 2018, respectively	5	4
Prior	3	3
Revolving Finance Receivables	2	4
Total Finance Receivables	62	56
Customer | EAME | Current
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	914	1,270
2022 and 2021, respectively	962	953
2021 and 2020, respectively	649	477
2020 and 2019, respectively	297	280
2019 and 2018, respectively	144	155
Prior	124	68
Revolving Finance Receivables	0	0
Total Finance Receivables	3,090	3,203
Customer | EAME | 31-60 days past due
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	11	10
2022 and 2021, respectively	8	12
2021 and 2020, respectively	11	7
2020 and 2019, respectively	3	1
2019 and 2018, respectively	1	1
Prior	0	0
Revolving Finance Receivables	0	0
Total Finance Receivables	34	31
Customer | EAME | 61-90 days past due
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	3	8
2022 and 2021, respectively	6	4
2021 and 2020, respectively	3	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
Customer | EAME | 91+ days past due
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	4	6
2022 and 2021, respectively	16	25
2021 and 2020, respectively	18	16
2020 and 2019, respectively	9	4
2019 and 2018, respectively	3	1
Prior	1	1
Revolving Finance Receivables	0	0
Total Finance Receivables	51	53
Customer | Asia/ Pacific | Current
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	722	1,033
2022 and 2021, respectively	660	684
2021 and 2020, respectively	361	313
2020 and 2019, respectively	103	69
2019 and 2018, respectively	21	18
Prior	6	2
Revolving Finance Receivables	0	0
Total Finance Receivables	1,873	2,119
Customer | Asia/ Pacific | 31-60 days past due
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	2	10
2022 and 2021, respectively	12	12
2021 and 2020, respectively	10	8
2020 and 2019, respectively	4	1
2019 and 2018, respectively	1	1
Prior	0	0
Revolving Finance Receivables	0	0
Total Finance Receivables	29	32
Customer | Asia/ Pacific | 61-90 days past due
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	1	2
2022 and 2021, respectively	3	5
2021 and 2020, respectively	3	4
2020 and 2019, respectively	4	2
2019 and 2018, respectively	1	0
Prior	0	0
Revolving Finance Receivables	0	0
Total Finance Receivables	12	13
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	5	6
2020 and 2019, respectively	3	4
2019 and 2018, respectively	0	0
Prior	0	0
Revolving Finance Receivables	0	0
Total Finance Receivables	12	18
Customer | Mining | Current
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	807	863
2022 and 2021, respectively	730	575
2021 and 2020, respectively	420	220
2020 and 2019, respectively	143	171
2019 and 2018, respectively	92	93
Prior	49	108
Revolving Finance Receivables	49	80
Total Finance Receivables	2,290	2,110
Customer | Mining | 31-60 days past due
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	0	0
2022 and 2021, respectively	0	1
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	1
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	1	0
2020 and 2019, respectively	0	0
2019 and 2018, respectively	0	0
Prior	2	0
Revolving Finance Receivables	0	0
Total Finance Receivables	3	0
Customer | Mining | 91+ days past due
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	0	0
2022 and 2021, respectively	2	0
2021 and 2020, respectively	2	0
2020 and 2019, respectively	0	0
2019 and 2018, respectively	0	0
Prior	1	1
Revolving Finance Receivables	0	0
Total Finance Receivables	5	1
Customer | Latin America | Current
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	552	770
2022 and 2021, respectively	571	400
2021 and 2020, respectively	255	150
2020 and 2019, respectively	74	69
2019 and 2018, respectively	29	26
Prior	8	20
Revolving Finance Receivables	0	0
Total Finance Receivables	1,489	1,435
Customer | Latin America | 31-60 days past due
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	6	7
2022 and 2021, respectively	13	8
2021 and 2020, respectively	7	4
2020 and 2019, respectively	4	2
2019 and 2018, respectively	3	0
Prior	1	1
Revolving Finance Receivables	0	0
Total Finance Receivables	34	22
Customer | Latin America | 61-90 days past due
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	1	2
2022 and 2021, respectively	5	5
2021 and 2020, respectively	2	1
2020 and 2019, respectively	1	1
2019 and 2018, respectively	0	0
Prior	0	0
Revolving Finance Receivables	0	0
Total Finance Receivables	9	9
Customer | Latin America | 91+ days past due
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	1	2
2022 and 2021, respectively	15	13
2021 and 2020, respectively	9	11
2020 and 2019, respectively	8	2
2019 and 2018, respectively	8	1
Prior	20	0
Revolving Finance Receivables	0	0
Total Finance Receivables	61	29
Customer | Power | Current
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	46	78
2022 and 2021, respectively	68	85
2021 and 2020, respectively	69	142
2020 and 2019, respectively	86	33
2019 and 2018, respectively	30	18
Prior	122	161
Revolving Finance Receivables	162	125
Total Finance Receivables	583	642
Customer | Power | 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	1	0
Revolving Finance Receivables	0	0
Total Finance Receivables	1	0
Customer | Power | 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
Customer | Power | 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	3	5
Revolving Finance Receivables	0	0
Total Finance Receivables	3	5
Dealer
Financing Receivable, Credit Quality Indicator
Total Finance Receivables	2,060		$ 1,737
Dealer | Latin America | Financing Receivables, Equal to or Greater than 30 Days Past Due
Financing Receivable, Credit Quality Indicator
Prior	$ 44	$ 58

Cat Financial Financing Activ_6

Cat Financial Financing Activities - Investment in Finance Receivables on Non-Accrual Status (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Financing Receivable, Nonaccrual
Period after which collection of future income is considered not probable	120 days
Customer
Financing Receivable, Nonaccrual
Non-accrual With an Allowance	$ 188	$ 156
Non-accrual Without an Allowance	0	16
91+ Still Accruing	27	28
North America | Customer
Financing Receivable, Nonaccrual
Non-accrual With an Allowance	54	52
Non-accrual Without an Allowance	0	4
91+ Still Accruing	12	11
EAME | Customer
Financing Receivable, Nonaccrual
Non-accrual With an Allowance	44	43
Non-accrual Without an Allowance	0	0
91+ Still Accruing	9	10
Asia/ Pacific | Customer
Financing Receivable, Nonaccrual
Non-accrual With an Allowance	8	11
Non-accrual Without an Allowance	0	0
91+ Still Accruing	5	7
Mining | Customer
Financing Receivable, Nonaccrual
Non-accrual With an Allowance	4	0
Non-accrual Without an Allowance	0	1
91+ Still Accruing	1	0
Latin America | Dealer
Financing Receivable, Nonaccrual
Non-accrual With an Allowance	44	58
Latin America | Customer
Financing Receivable, Nonaccrual
Non-accrual With an Allowance	69	45
Non-accrual Without an Allowance	0	0
91+ Still Accruing	0	0
Power | Customer
Financing Receivable, Nonaccrual
Non-accrual With an Allowance	9	5
Non-accrual Without an Allowance	0	11
91+ Still Accruing	$ 0	$ 0

Cat Financial Financing Activ_7

Cat Financial Financing Activities - Modifications (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)
Finance receivable, modifications
Financing receivables in relation to total financing receivables, percentage	0.06%	0.17%
Weighted average term increase from modification	8 months	17 months
Weighted average term increase due to payment deferrals or interest only payment periods	6 months	7 months
Dealer
Finance receivable, modifications
Financing receivables, modified	$ 0	$ 0
Customer
Finance receivable, modifications
Financing receivables, modified	13	38
31-60 days past due | EAME
Finance receivable, modifications
Financing receivable, 31 - 60 days past due	$ 3	$ 3

Fair Value Disclosures - Assets

Fair Value Disclosures - Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	$ 3,493	$ 3,164
Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	3,493	3,164
Equity securities	419	441
Total Assets	4,153	3,948
Total liabilities	294	195
Recurring basis | Foreign exchange contracts
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Derivate financial instruments - assets/liabilities	232	328
Recurring basis | Interest rate contracts
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Derivate financial instruments - assets/liabilities	(294)	(195)
Recurring basis | Commodity contracts
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Derivate financial instruments - assets/liabilities	9	15
U.S. treasury bonds
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	9	9
U.S. treasury bonds | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	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	53	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	53	55
Corporate bonds and other debt securities
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	2,730	2,466
Corporate bonds and other debt securities | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	2,730	2,466
Asset-backed securities
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	189	182
Asset-backed securities | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	189	182
U.S. governmental agency | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	384	333
Residential
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	2	2
Residential | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	2	2
Commercial
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	126	117
Commercial | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	126	117
Large capitalization value | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Equity securities	204	203
Smaller company growth | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Equity securities	31	31
REIT | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Equity securities	184	207
Level 1 | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	9	9
Equity securities	235	234
Total Assets	244	243
Total liabilities	0	0
Level 1 | Recurring basis | Foreign exchange contracts
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Derivate financial instruments - assets/liabilities	0	0
Level 1 | Recurring basis | Interest rate contracts
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Derivate financial instruments - assets/liabilities	0	0
Level 1 | Recurring basis | Commodity contracts
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Derivate financial instruments - assets/liabilities	0	0
Level 1 | U.S. treasury bonds | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	9	9
Level 1 | Other U.S. and non-U.S. government bonds | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	0	0
Level 1 | Corporate bonds and other debt securities | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	0	0
Level 1 | Asset-backed securities | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	0	0
Level 1 | U.S. governmental agency | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	0	0
Level 1 | Residential | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	0	0
Level 1 | Commercial | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	0	0
Level 1 | Large capitalization value | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Equity securities	204	203
Level 1 | Smaller company growth | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Equity securities	31	31
Level 1 | REIT | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Equity securities	0	0
Level 2 | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	3,484	3,105
Equity securities	0	0
Total Assets	3,725	3,448
Total liabilities	294	195
Level 2 | Recurring basis | Foreign exchange contracts
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Derivate financial instruments - assets/liabilities	232	328
Level 2 | Recurring basis | Interest rate contracts
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Derivate financial instruments - assets/liabilities	(294)	(195)
Level 2 | Recurring basis | Commodity contracts
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Derivate financial instruments - assets/liabilities	9	15
Level 2 | U.S. treasury bonds | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	0	0
Level 2 | Other U.S. and non-U.S. government bonds | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	53	55
Level 2 | Corporate bonds and other debt securities | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	2,730	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	189	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	384	333
Level 2 | Residential | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	2	2
Level 2 | Commercial | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	126	117
Level 2 | Large capitalization value | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Equity securities	0	0
Level 2 | Smaller company growth | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Equity securities	0	0
Level 2 | REIT | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Equity securities	0	0
Level 3 | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	0	50
Equity securities	0	0
Total Assets	0	50
Total liabilities	0	0
Level 3 | Recurring basis | Foreign exchange contracts
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Derivate financial instruments - assets/liabilities	0	0
Level 3 | Recurring basis | Interest rate contracts
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Derivate financial instruments - assets/liabilities	0	0
Level 3 | Recurring basis | Commodity contracts
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Derivate financial instruments - assets/liabilities	0	0
Level 3 | Nonrecurring basis | Financial Products
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Loans carried at fair value	57	68
Level 3 | U.S. treasury bonds | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	0	0
Level 3 | Other U.S. and non-U.S. government bonds | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	0	0
Level 3 | Corporate bonds and other debt securities | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	0	50
Level 3 | Asset-backed securities | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	0	0
Level 3 | U.S. governmental agency | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	0	0
Level 3 | Residential | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	0	0
Level 3 | Commercial | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	0	0
Level 3 | Large capitalization value | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Equity securities	0	0
Level 3 | Smaller company growth | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Equity securities	0	0
Level 3 | REIT | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Equity securities	0	0
Measured at NAV | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	0	0
Equity securities	184	207
Total Assets	184	207
Total liabilities	0	0
Measured at NAV | Recurring basis | Foreign exchange contracts
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Derivate financial instruments - assets/liabilities	0	0
Measured at NAV | Recurring basis | Interest rate contracts
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Derivate financial instruments - assets/liabilities	0	0
Measured at NAV | Recurring basis | Commodity contracts
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Derivate financial instruments - assets/liabilities	0	0
Measured at NAV | U.S. treasury bonds | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	0	0
Measured at NAV | Other U.S. and non-U.S. government bonds | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	0	0
Measured at NAV | Corporate bonds and other debt securities | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	0	0
Measured at NAV | Asset-backed securities | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	0	0
Measured at NAV | U.S. governmental agency | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	0	0
Measured at NAV | Residential | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	0	0
Measured at NAV | Commercial | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Debt securities	0	0
Measured at NAV | Large capitalization value | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Equity securities	0	0
Measured at NAV | Smaller company growth | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Equity securities	0	0
Measured at NAV | REIT | Recurring basis
Assets and liabilities measured on a recurring and non-recurring basis at fair value
Equity securities	$ 184	$ 207

Fair Value Disclosures - Fair V

Fair Value Disclosures - Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Carrying Amount
Assets
Finance receivables-net (excluding finance leases)	$ 14,894	$ 13,965
Wholesale inventory receivables-net (excluding finance leases)	1,075	827
Carrying Amount | Machinery, Energy & Transportation
Liabilities
Long-term debt (including amounts due within one year)	9,513	9,618
Carrying Amount | Financial Products
Liabilities
Long-term debt (including amounts due within one year)	23,408	21,418
Carrying amount of assets excluded from measurement at fair value
Assets
Excluded items: Finance leases and failed sale leasebacks, Carrying Value	6,816	7,325
Level 2 | Fair Value | Machinery, Energy & Transportation
Liabilities
Long-term debt (including amounts due within one year)	8,712	9,240
Level 2 | Fair Value | Financial Products
Liabilities
Long-term debt (including amounts due within one year)	22,806	20,686
Level 3 | Fair Value
Assets
Finance receivables-net (excluding finance leases)	14,365	13,377
Wholesale inventory receivables-net (excluding finance leases)	$ 1,032	$ 778

Other Income (Expense) (Details

Other Income (Expense) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Other Income and Expenses [Abstract]
Investment and interest income	$ 135	$ 52	$ 324	$ 98
Foreign exchange gains (losses)	17	134	(15)	405
License fee income	37	37	111	106
Net periodic pension and OPEB income (cost), excluding service cost	(12)	67	(37)	201
Gains (losses) on securities	6	0	(15)	(59)
Miscellaneous income (loss)	12	(48)	(14)	4
Total	$ 195	$ 242	$ 354	$ 755

Restructuring Costs - Restructu

Restructuring Costs - Restructuring and Related Costs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Restructuring Charges [Abstract]
Gain (loss) on divestiture			$ (586)
(Gains) losses reclassified to earnings			494
Restructuring and Related Cost
Restructuring costs	$ 46	$ 49	688	$ 90
Employee separations | Other Operating Income (Expense)
Restructuring and Related Cost
Restructuring costs	10	39	32	62
Longwall Divestiture | Other Operating Income (Expense)
Restructuring and Related Cost
Restructuring costs	0	0	586	0
Contract terminations | Other Operating Income (Expense)
Restructuring and Related Cost
Restructuring costs	0	1	0	1
Long-lived asset impairments | Other Operating Income (Expense)
Restructuring and Related Cost
Restructuring costs	2	(4)	4	1
Other | Cost of Sales
Restructuring and Related Cost
Restructuring costs	$ 34	$ 13	$ 66	$ 26

Restructuring Costs - Summary o

Restructuring Costs - Summary of Separation Activity (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Restructuring Reserve [Roll Forward]
Liability balance, beginning of period	$ 39	$ 61
Increase in liability (separation charges)	32	62
Reduction in liability (payments)	(55)	(63)
Liability balance, end of period	$ 16	$ 60