CATERPILLAR INC, 10-Q filed on 5/7/2025
Quarterly Report
v3.25.1
Cover Page
 3 Months Ended
Mar. 31, 2025
shares
Entity Information [Line Items]  
Document Type 10-Q
Document Quarterly Report true
Document Period End Date Mar. 31, 2025
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 471,041,788
Entity Central Index Key 0000018230
Amendment Flag false
Current Fiscal Year End Date --12-31
Document Fiscal Year Focus 2025
Document Fiscal Period Focus Q1
Common Stock  
Entity Information [Line Items]  
Title of 12(b) Security Common Stock ($1.00 par value)
Trading Symbol CAT
Security Exchange Name NYSE
5.3% Debentures due September 15, 2035  
Entity Information [Line Items]  
Title of 12(b) Security 5.3% Debentures due September 15, 2035
Trading Symbol CAT35
Security Exchange Name NYSE
v3.25.1
Consolidated Statement of Results of Operations - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Sales and revenues:    
Total sales and revenues $ 14,249 $ 15,799
Operating costs:    
Cost of goods sold 8,965 9,662
Selling, general and administrative expenses 1,593 1,577
Research and development expenses 480 520
Other operating (income) expenses 306 223
Total operating costs 11,670 12,280
Operating profit 2,579 3,519
Other income (expense) 107 156
Consolidated profit before taxes 2,570 3,532
Provision (benefit) for income taxes 574 688
Profit of consolidated companies 1,996 2,844
Equity in profit (loss) of unconsolidated affiliated companies 7 10
Profit of consolidated and affiliated companies 2,003 2,854
Less: Profit (loss) attributable to noncontrolling interests 0 (2)
Profit [1] $ 2,003 $ 2,856
Profit per common share (in dollars per share) $ 4.22 $ 5.78
Profit per common share - diluted (in dollars per share) [2] $ 4.20 $ 5.75
Weighted-average common shares outstanding (millions)    
Basic (in shares) 474.9 493.9
Diluted (in shares) [2] 477.1 496.9
Machinery, Energy & Transportation    
Sales and revenues:    
Total sales and revenues $ 13,378 $ 14,960
Financial Products    
Sales and revenues:    
Total sales and revenues 871 839
Operating costs:    
Interest expense of Financial Products 326 298
All other excluding Financial Products    
Operating costs:    
Interest expense excluding Financial Products $ 116 $ 143
[1] Profit attributable to common shareholders.
[2] Diluted by assumed exercise of stock-based compensation awards using the treasury stock method.
v3.25.1
Consolidated Statement of Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Comprehensive Income [Abstract]    
Profit of consolidated and affiliated companies $ 2,003 $ 2,854
Other comprehensive income (loss), net of tax (Note 13):    
Foreign currency translation, net of tax 188 (257)
Pension and other postretirement benefits, net of tax (1) (3)
Derivative financial instruments 57 0
Available-for-sale securities, net of tax 22 (13)
Total other comprehensive income (loss), net of tax 266 (273)
Comprehensive income 2,269 2,581
Less: comprehensive income (loss) attributable to the noncontrolling interests 0 (2)
Comprehensive income attributable to shareholders $ 2,269 $ 2,583
v3.25.1
Consolidated Statement of Financial Position - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 3,562 $ 6,889
Receivables – trade and other 9,116 9,282
Receivables – finance 9,655 9,565
Prepaid expenses and other current assets 2,824 3,119
Inventories 17,862 16,827
Total current assets 43,019 45,682
Property, plant and equipment – net 13,432 13,361
Long-term receivables – trade and other 1,261 1,225
Long-term receivables – finance 13,452 13,242
Noncurrent deferred and refundable income taxes 3,334 3,312
Intangible assets 361 399
Goodwill 5,270 5,241
Other assets 4,845 5,302
Total assets 84,974 87,764
Short-term borrowings:    
Accounts payable 7,792 7,675
Accrued expenses 4,990 5,243
Accrued wages, salaries and employee benefits 1,259 2,391
Customer advances 2,951 2,322
Dividends payable 0 674
Other current liabilities 2,834 2,909
Long-term debt due within one year:    
Total current liabilities 32,595 32,272
Long-term debt due after one year:    
Liability for postemployment benefits 3,575 3,757
Other liabilities 4,915 4,890
Total liabilities 66,904 68,270
Commitments and contingencies (Notes 11 and 14)
Shareholders’ equity    
Common stock, authorized and issued 6,043 6,941
Treasury stock: (3/31/25 – 343,852,836 shares; 12/31/24 – 336,962,600 shares) at cost (47,127) (44,331)
Profit employed in the business 61,356 59,352
Accumulated other comprehensive income (loss) (2,205) (2,471)
Noncontrolling interests 3 3
Total shareholders’ equity 18,070 19,494
Total liabilities and shareholders’ equity 84,974 87,764
Financial Products    
Short-term borrowings:    
Short-term borrowings 3,454 4,393
Long-term debt due within one year:    
Long-term debt due within one year 9,286 6,619
Long-term debt due after one year:    
Long-term debt due after one year 17,201 18,787
Machinery, Energy & Transportation    
Long-term debt due within one year:    
Long-term debt due within one year 29 46
Long-term debt due after one year:    
Long-term debt due after one year $ 8,618 $ 8,564
v3.25.1
Consolidated Statement of Financial Position (Parenthetical) - $ / shares
Mar. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Common stock, par value (in dollars per share) $ 1.00 $ 1.00
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) 343,852,836 336,962,600
v3.25.1
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, 2023 $ 19,503 $ 6,403 $ (36,339) $ 51,250 $ (1,820) $ 9
Increase (Decrease) in Shareholders' Equity            
Profit of consolidated and affiliated companies 2,854     2,856   (2)
Foreign currency translation, net of tax (257)       (257)  
Pension and other postretirement benefits, net of tax (3)       (3)  
Available-for-sale securities, net of tax (13)       (13)  
Dividends declared 2     2    
Common shares issued from treasury stock for stock-based compensation (8) (45) 37      
Stock-based compensation expense 44 44        
Common shares repurchased [1] (3,705)   (3,705)      
Outstanding authorized accelerated share repurchase (750) (750)        
Other (22) 11 (32)     (1)
Ending balance at Mar. 31, 2024 17,645 5,663 (40,039) 54,108 (2,093) 6
Beginning balance at Dec. 31, 2024 19,494 6,941 (44,331) 59,352 (2,471) 3
Increase (Decrease) in Shareholders' Equity            
Profit of consolidated and affiliated companies 2,003     2,003    
Foreign currency translation, net of tax 188       188  
Pension and other postretirement benefits, net of tax (1)       (1)  
Derivative financial instruments, net of tax 57       57  
Available-for-sale securities, net of tax 22       22  
Dividends declared 1     1    
Common shares issued from treasury stock for stock-based compensation (64) (53) (11)      
Stock-based compensation expense 45 45        
Common shares repurchased [1] (2,760)   (2,760)      
Outstanding authorized accelerated share repurchase (900) (900)        
Other (15) 10 (25)      
Ending balance at Mar. 31, 2025 $ 18,070 $ 6,043 $ (47,127) $ 61,356 $ (2,205) $ 3
[1] See Note 12 for additional information.
v3.25.1
Consolidated Statement of Changes in Shareholders' Equity (Parenthetical) - shares
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Stockholders' Equity [Abstract]    
Common shares issued, shares, from treasury stock for stock-based compensation (in shares) 625,045 1,224,138
Common shares repurchased (in shares) 7,515,281 11,328,487
v3.25.1
Consolidated Statement of Cash Flow - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flow from operating activities:    
Profit of consolidated and affiliated companies $ 2,003 $ 2,854
Adjustments to reconcile profit to net cash provided by operating activities:    
Depreciation and amortization 540 524
Provision (benefit) for deferred income taxes (38) (54)
(Gain) loss on divestiture 0 (64)
Other 78 (5)
Changes in assets and liabilities, net of acquisitions and divestitures:    
Receivables – trade and other 155 (81)
Inventories (990) (439)
Accounts payable 401 203
Accrued expenses (198) (38)
Accrued wages, salaries and employee benefits (1,144) (1,454)
Customer advances 713 279
Other assets – net 69 60
Other liabilities – net (300) 267
Net cash provided by (used for) operating activities 1,289 2,052
Cash flow from investing activities:    
Capital expenditures – excluding equipment leased to others (710) (500)
Expenditures for equipment leased to others (208) (236)
Proceeds from disposals of leased assets and property, plant and equipment 149 155
Additions to finance receivables (3,209) (3,256)
Collections of finance receivables 3,049 3,140
Proceeds from sale of finance receivables 7 13
Investments and acquisitions (net of cash acquired) (2) 0
Proceeds from sale of businesses and investments (net of cash sold) 12 42
Proceeds from maturities and sale of securities 923 1,867
Investments in securities (177) (275)
Other – net (9) 8
Net cash provided by (used for) investing activities (175) 958
Cash flow from financing activities:    
Dividends paid (674) (648)
Common stock issued, including treasury shares reissued (64) (8)
Payments to purchase common stock (3,660) (4,455)
Proceeds from debt issued (original maturities greater than three months): 2,633 2,731
Short-term borrowings – net (original maturities three months or less) (934) (1,050)
Net cash provided by (used for) financing activities (4,496) (5,000)
Effect of exchange rate changes on cash 54 (30)
Increase (decrease) in cash, cash equivalents and restricted cash (3,328) (2,020)
Cash, cash equivalents and restricted cash at beginning of period 6,896 6,985
Cash, cash equivalents and restricted cash at end of period 3,568 4,965
Machinery, Energy & Transportation    
Cash flow from financing activities:    
Payments on debt (original maturities greater than three months): (27) (6)
Financial Products    
Cash flow from financing activities:    
Payments on debt (original maturities greater than three months): $ (1,770) $ (1,564)
v3.25.1
Nature of Operations and Basis of Presentation
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Operations and Basis of Presentation A.  Nature of operations
 
Information in our financial statements and related commentary are presented in the following categories:
 
Machinery, Energy & Transportation (ME&T) — We define ME&T as Caterpillar Inc. and its subsidiaries, excluding Financial Products. ME&T’s information relates to the design, manufacturing and marketing of our products.
 
Financial Products — We define Financial Products as our finance and insurance subsidiaries, primarily Caterpillar Financial Services Corporation (Cat Financial) and Caterpillar Insurance Holdings Inc. (Insurance Services). Financial Products’ information relates to the financing to customers and dealers for the purchase and lease of Caterpillar and other equipment.

B.  Basis of presentation
 
In the opinion of management, the accompanying unaudited financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of (a) the consolidated results of operations for the three months ended March 31, 2025 and 2024, (b) the consolidated comprehensive income for the three months ended March 31, 2025 and 2024, (c) the consolidated financial position at March 31, 2025 and December 31, 2024, (d) the consolidated changes in shareholders’ equity for the three months ended March 31, 2025 and 2024 and (e) the consolidated cash flow for the three months ended March 31, 2025 and 2024.  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, 2024 (2024 Form 10-K).
 
The December 31, 2024 financial position data included herein is derived from the audited consolidated financial statements included in the 2024 Form 10-K but does not include all disclosures required by U.S. GAAP.
Cat Financial has end-user customers and dealers that are variable interest entities (VIEs) of which we are not the primary beneficiary. Our maximum exposure to loss from our involvement with these VIEs is limited to the credit risk inherently present in the financial support that we have provided. Credit risk was evaluated and reflected in our financial statements as part of our overall portfolio of finance receivables and related allowance for credit losses. See Note 11 for further discussions on a consolidated VIE.
v3.25.1
New Accounting Guidance
 3 Months Ended
Mar. 31, 2025
Accounting Changes and Error Corrections [Abstract]  
New Accounting Guidance New accounting guidance
A. Adoption of new accounting standards

We consider the applicability and impact of all ASUs. We determined that the ASUs effective January 1, 2025 were either not applicable or did not have a material impact on our financial statements.

B. Accounting standards issued but not yet adopted

Income tax reporting (ASU 2023-09) — In December 2023, the Financial Accounting Standards Board (FASB) issued accounting guidance to expand the annual disclosure requirements for income taxes, primarily related to the rate reconciliation and income taxes paid. The expanded disclosures are effective for our year ending December 31, 2025, and can be applied prospectively or retrospectively. We are in the process of evaluating the effect of this new guidance on the related disclosures.

Disaggregation of income statement expenses (ASU 2024-03) — In November 2024, the FASB issued accounting guidance to enhance transparency into the nature and function of income statement expenses. The amendments require that on an annual and interim basis, entities disclose disaggregated operating expense information about specific categories, including purchases of inventory, employee compensation, depreciation and amortization. The expanded
annual disclosures are effective for our year ending December 31, 2027, and the expanded interim disclosures are effective in 2028, with early adoption permitted. We are in the process of evaluating the effect of this new guidance on the related disclosures

All other ASUs issued but not yet adopted were assessed and determined that they either were not applicable or were not expected to have a material impact on our financial statements.
v3.25.1
Sales and Revenue Contract Information
 3 Months Ended
Mar. 31, 2025
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 $7,819 million, $7,864 million and $7,923 million as of March 31, 2025, December 31, 2024 and December 31, 2023, respectively. Long-term trade receivables from dealers and end users were $638 million, $640 million and $589 million as of March 31, 2025, December 31, 2024 and December 31, 2023, 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 $245 million, $238 million and $246 million as of March 31, 2025, December 31, 2024 and December 31, 2023, 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 $3,462 million, $2,745 million and $2,389 million as of March 31, 2025, December 31, 2024 and December 31, 2023, respectively. We reduce the contract liability when revenue is recognized. During the three months ended March 31, 2025 and 2024, we recognized $683 million and $813 million, respectively, of revenue that was recorded as a contract liability at the beginning of 2025 and 2024.

As of March 31, 2025, 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 $17.6 billion, with about one-half of the amount expected to be completed and revenue recognized in the twelve months following March 31, 2025. 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.
v3.25.1
Stock-Based Compensation
 3 Months Ended
Mar. 31, 2025
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 $45 million and $44 million for the three months ended March 31, 2025 and 2024, respectively.
The following table illustrates the type and fair value of the stock-based compensation awards granted during the three months ended March 31, 2025 and 2024, respectively:

 Three Months Ended March 31, 2025Three Months Ended March 31, 2024
 Shares GrantedWeighted-Average Fair Value Per ShareWeighted-Average Grant Date Stock PriceShares GrantedWeighted-Average Fair Value Per ShareWeighted-Average Grant Date Stock Price
Stock options280,013 $105.92 $332.04 296,295 $104.27 $338.65 
RSUs403,407 $332.95 $332.95 379,621 $338.65 $338.65 
PRSUs167,301 $347.63 $332.04 169,120 $408.64 $338.65 
 
The fair value of our stock options was estimated using the Black-Scholes option-pricing model. The following table provides the assumptions used in determining the fair value of the stock-options granted in the three months ended March 31, 2025 and 2024, respectively:
 
 Grant Year
 20252024
Weighted-average dividend yield2.13%2.40%
Weighted-average volatility30.5%30.7%
Range of volatilities
26.6% - 32.6%
26.3% - 32.3%
Range of risk-free interest rates
4.13% - 4.40%
4.28% - 5.03%
Weighted-average expected lives7 years7 years
 
The PRSUs granted in 2025 and 2024 contain a market condition and a Monte Carlo simulation was utilized to estimate the fair value of the awards. The following table provides the assumptions used in determining the fair value of the PRSUs granted in the three months ended March 31, 2025 and 2024, respectively:

 Grant Year
 20252024
Expected volatility of the Company's stock29.5%29.8%
Risk-free interest rate3.90%4.38%
As of March 31, 2025, the total remaining unrecognized compensation expense related to nonvested stock-based compensation awards was $324 million, which will be amortized over the weighted-average remaining requisite service periods of approximately 1.9 years.
v3.25.1
Derivative Financial Instruments and Risk Management
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments and Risk Management Derivative financial instruments and risk management
 
Our earnings and cash flow are subject to fluctuations due to changes in foreign currency exchange rates, interest rates, commodity prices, and certain deferred compensation plan liabilities.  Our Risk Management Policy (policy) allows for the use of derivative financial instruments to prudently manage foreign currency exchange rate, interest rate, commodity price and certain deferred compensation plan liability exposures.  Our policy specifies that derivatives are not to be used for speculative purposes.  Derivatives that we use are primarily foreign currency forward, option and cross currency contracts, interest rate contracts, commodity forward and option contracts and total return swap contracts.  Our derivative activities are subject to the management, direction and control of our senior financial officers.  We present at least annually to the Audit Committee of the Board of Directors on our risk management practices, including our use of financial derivative instruments.
 
We recognize all derivatives at their fair value on the Consolidated Statement of Financial Position. On the date the derivative contract is entered into, we designate the derivative as (1) a hedge of the fair value of a recognized asset or liability (fair value hedge), (2) a hedge of a forecasted transaction or the variability of cash flow (cash flow hedge) or (3) an undesignated instrument. We record in current earnings changes in the fair value of a derivative that is qualified, designated and highly effective as a fair value hedge, along with the gain or loss on the hedged recognized asset or liability that is attributable to the hedged risk. For foreign exchange contracts designated as fair value hedges, the interim settlements are excluded from the effectiveness assessment and are recognized under a systematic and rational method over the life of the hedging instrument within Interest expense. We record in AOCI changes in the fair value of a derivative that is qualified, designated and highly effective as a cash flow hedge, to the extent effective, on the Consolidated Statement of Financial Position until we reclassify them to earnings in the same period or periods during which the hedged transaction affects earnings.  We report changes in the fair value of undesignated derivative instruments in current earnings. We classify cash flows from designated derivative financial instruments within the same category as the item being hedged on the Consolidated Statement of Cash Flow.  We include cash flows from undesignated derivative financial instruments in the investing category on the Consolidated Statement of Cash Flow.
 
We formally document all relationships between hedging instruments and hedged items, as well as the risk-management objective and strategy for undertaking various hedge transactions.  This process includes linking all derivatives that are designated as fair value hedges to specific assets and liabilities on the Consolidated Statement of Financial Position and linking cash flow hedges to specific forecasted transactions or variability of cash flow.

We also formally assess, both at the hedge’s inception and on an ongoing basis, whether the designated derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flow of hedged items.  When a derivative is determined not to be highly effective as a hedge or the underlying hedged transaction is no longer probable, we discontinue hedge accounting prospectively, in accordance with the derecognition criteria for hedge accounting.
 
Foreign currency exchange rate risk
 
Foreign currency exchange rate movements create a degree of risk by affecting the U.S. dollar value of sales made and costs incurred in foreign currencies. Movements in foreign currency rates also affect our competitive position as these changes may affect business practices and/or pricing strategies of non-U.S.-based competitors. Additionally, we have balance sheet positions denominated in foreign currencies, thereby creating exposure to movements in exchange rates.
 
Our ME&T operations purchase, manufacture and sell products in many locations around the world. As we have a diversified revenue and cost base, we manage our future foreign currency cash flow exposure on a net basis. We use foreign currency forward and option contracts to manage unmatched foreign currency cash inflow and outflow. Our objective is to minimize the risk of exchange rate movements that would reduce the U.S. dollar value of our foreign currency cash flow. Our policy allows for managing anticipated foreign currency cash flow for up to approximately five years. As of March 31, 2025, 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. We designate float-to-float cross currency contracts as fair value hedges to protect against movements in exchange rates on floating-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 remaining term of the previously designated hedged item.
 
Commodity price risk
 
Commodity price movements create a degree of risk by affecting the price we must pay for certain raw materials. Our policy is to use commodity forward and option contracts to manage the commodity risk and reduce the cost of purchased materials.
 
Our ME&T operations purchase base and precious metals embedded in the components we purchase from suppliers.  Our suppliers pass on to us price changes in the commodity portion of the component cost. In addition, we are subject to price changes on energy products such as natural gas and diesel fuel purchased for operational use.
 
Our objective is to minimize volatility in the price of these commodities. Our policy allows us to enter into commodity forward and option contracts to lock in the purchase price of a portion of these commodities within a five-year horizon. All such commodity forward and option contracts are undesignated.

Deferred compensation plan liability risk

We are also exposed to variability in compensation expense related to certain non-qualified deferred compensation obligations to employees. We utilize total return swaps to economically hedge this exposure to offset the related compensation expense. All such total return swap contracts are undesignated.
The location and fair value of derivative instruments reported in the Consolidated Statement of Financial Position were as follows:

(Millions of dollars)Fair Value
March 31, 2025December 31, 2024
Assets 1
Liabilities 2
Assets 1
Liabilities 2
Designated derivatives
Foreign exchange contracts$266 $(153)$357 $(275)
Interest rate contracts46 (147)10 (201)
Total$312 $(300)$367 $(476)
Undesignated derivatives
Foreign exchange contracts$40 $(44)$91 $(56)
Commodity contracts5 (2)4 (6)
Total return swap contracts— (26)— (33)
Total$45 $(72)$95 $(95)
1 Assets are classified as Receivables - trade and other or Long-term receivables - trade and other.
2 Liabilities are classified as Accrued expenses or Other liabilities.

The total notional amounts of the derivative instruments as of March 31, 2025 and December 31, 2024 were $26.0 billion and $27.0 billion, respectively. The notional amounts of the derivative financial instruments do not represent amounts exchanged by the parties. We calculate the amounts exchanged by the parties by referencing the notional amounts and by other terms of the derivatives, such as foreign currency exchange rates, interest rates, commodity prices or certain deferred compensation plan liabilities.

Gains (Losses) on derivative instruments are categorized as follows:
(Millions of dollars)Three Months Ended March 31,
Gains (Losses) Recognized on the Consolidated Statement of Results of Operations 1
Gains (Losses) Recognized in AOCI
Gains (Losses) Reclassified from AOCI 2
202520242025202420252024
Cash Flow Hedges
Foreign exchange contracts$— $— $78 $95 $— $91 
Interest rate contracts— — (2)11 1 15 
Fair Value Hedges
Interest rate contracts(18)(36)— — — — 
Undesignated Hedges
Foreign exchange contracts(14)29 — — — — 
Commodity contracts8 (10)— — — — 
Total return swap contracts(26)30 — — — — 
Total$(50)$13 $76 $106 $1 $106 
1 Foreign exchange contract, Commodity contract and Total return swap 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 Cost of goods sold, Sales of Machinery, Energy and Transportation, and 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 LiabilitiesCumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Value of the Hedged Liabilities
March 31, 2025December 31, 2024March 31, 2025December 31, 2024
Long-term debt due within one year$488 $483 $(12)$(16)
Long-term debt due after one year5,963 5,327 (84)(170)
Total$6,451 $5,810 $(96)$(186)

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. Our exposure to credit loss in the event of nonperformance by the counterparties is limited to only those gains that we have recorded, but for which we have not yet received cash payment.

Collateral is typically not required of the counterparties or of our company under the master netting agreements. As of March 31, 2025 and December 31, 2024, no cash collateral was received or pledged under the master netting agreements.

The effect of the net settlement provisions of the master netting agreements on our derivative balances upon an event of default or termination event was as follows:

(Millions of dollars)March 31, 2025December 31, 2024
AssetsLiabilitiesAssetsLiabilities
Gross Amounts Recognized$357 $(372)$462 $(571)
Financial Instruments Not Offset(192)192 (186)186 
Net Amount$165 $(180)$276 $(385)
v3.25.1
Inventories
 3 Months Ended
Mar. 31, 2025
Inventory Disclosure [Abstract]  
Inventories Inventories
 
Inventories (principally using the last-in, first-out (LIFO) method) were comprised of the following:
 
(Millions of dollars)March 31,
2025		December 31,
2024
Raw materials$6,822 $6,681 
Work-in-process1,435 1,438 
Finished goods9,228 8,329 
Supplies377 379 
Total inventories$17,862 $16,827 
v3.25.1
Intangible Assets and Goodwill
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets and Goodwill Intangible assets and goodwill
 
A.  Intangible assets
 
Intangible assets were comprised of the following:
 
 March 31, 2025
(Millions of dollars)Gross
Carrying
Amount		Accumulated
Amortization		Net
Customer relationships$2,207 $(1,971)$236 
Intellectual property492 (399)93 
Other117 (85)32 
Total finite-lived intangible assets$2,816 $(2,455)$361 

 December 31, 2024
Gross
Carrying
Amount		Accumulated
Amortization		Net
Customer relationships$2,220 $(1,950)$270 
Intellectual property496 (401)95 
Other117 (83)34 
Total finite-lived intangible assets$2,833 $(2,434)$399 

Amortization expense for the three months ended March 31, 2025 and 2024 was $44 million and $44 million, respectively. Amortization expense related to intangible assets is expected to be:

(Millions of dollars)
Remaining Nine Months of 20252026202720282029Thereafter
$123$97$34$27$24$56
 
B.  Goodwill
 
No goodwill was impaired during the three months ended March 31, 2025 or 2024.
The changes in carrying amount of goodwill by reportable segment for the three months ended March 31, 2025 were as follows: 

(Millions of dollars)December 31,
2024
Other Adjustments 1
March 31,
2025
Construction Industries
Goodwill$261 $6 $267 
Impairments(22)— (22)
Net goodwill239 6 245 
Resource Industries
Goodwill4,124 9 4,133 
Impairments(1,175)— (1,175)
Net goodwill2,949 9 2,958 
Energy & Transportation
Goodwill2,939 12 2,951 
Impairments(925)— (925)
Net goodwill2,014 12 2,026 
All Other 2
Goodwill39 2 41 
Consolidated total
Goodwill7,363 29 7,392 
Impairments(2,122)— (2,122)
Net goodwill$5,241 $29 $5,270 

1 Other adjustments are comprised primarily of foreign currency translation.
2 Includes All Other Segment (See Note 16).
v3.25.1
Investments in Debt and Equity Securities
 3 Months Ended
Mar. 31, 2025
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. Short-term and long-term investments are held with high quality institutions and, by policy, the amount of credit exposure to any one institution is limited.

We classify debt securities primarily as available-for-sale. We include the unrealized gains and losses arising from the revaluation of available-for-sale debt securities, net of applicable deferred income taxes, in equity (AOCI in the Consolidated Statement of Financial Position). We include the unrealized gains and losses arising from the revaluation of the equity securities in Other income (expense) in the Consolidated Statement of Results of Operations. We generally determine realized gains and losses on sales of investments using the specific identification method for available-for-sale debt and equity securities and include them in Other income (expense) in the Consolidated Statement of Results of Operations.

The cost basis and fair value of available-for-sale debt securities with unrealized gains and losses included in equity (AOCI in the Consolidated Statement of Financial Position) were as follows:
Available-for-sale debt securities
March 31, 2025December 31, 2024
(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 $10 $— $10 
Other U.S. and non-U.S. government bonds70 (2)68 71 (3)68 
Corporate debt securities     
Corporate bonds and other debt securities2,437 (14)2,423 3,199 (29)3,170 
Asset-backed securities223 (1)222 220 (1)219 
Mortgage-backed debt securities  
U.S. governmental agency488 (23)465 476 (33)443 
Residential2 — 2 2 — 2 
Commercial131 (4)127 136 (6)130 
Total available-for-sale debt securities$3,360 $(44)$3,316 $4,114 $(72)$4,042 
Available-for-sale debt securities in an unrealized loss position:
 March 31, 2025
 
Less than 12 months 1
12 months or more 1
Total
(Millions of dollars)
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Government debt securities      
Other U.S. and non-U.S. government bonds$— $— $35 $2 $35 $2 
Corporate debt securities
Corporate bonds242 1 655 22 897 23 
Asset-backed securities63 — 47 1 110 1 
Mortgage-backed debt securities
U.S. governmental agency67 1 265 24 332 25 
Commercial5 — 102 4 107 4 
Total$377 $2 $1,104 $53 $1,481 $55 
 December 31, 2024
 
Less than 12 months 1
12 months or more 1
Total
(Millions of dollars)
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Government debt securities      
Other U.S. and non-U.S. government bonds$— $— $55 $4 $55 $4 
Corporate debt securities
Corporate bonds729 3 812 33 1,541 36 
Asset-backed securities7 — 37 2 44 2 
Mortgage-backed debt securities      
U.S. governmental agency126 3 273 30 399 33 
Commercial13 — 113 6 126 6 
Total$875 $6 $1,290 $75 $2,165 $81 
1 Indicates the length of time that individual securities have been in a continuous unrealized loss position.
The unrealized losses on our investments in government debt securities, corporate debt securities, and mortgage-backed debt securities relate to changes in underlying interest rates and credit spreads since time of purchase. We do not intend to sell the investments, and it is not likely that we will be required to sell the investments before recovery of their respective amortized cost basis. In addition, we did not expect credit-related losses on these investments as of March 31, 2025.

The cost basis and fair value of available-for-sale debt securities at March 31, 2025, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to prepay and creditors may have the right to call obligations.
        
March 31, 2025
(Millions of dollars)Cost BasisFair Value
Due in one year or less$1,027 $1,024 
Due after one year through five years1,321 1,309 
Due after five years through ten years285 284 
Due after ten years106 105 
U.S. governmental agency mortgage-backed securities488 465 
Residential mortgage-backed securities2 2 
Commercial mortgage-backed securities131 127 
Total debt securities – available-for-sale$3,360 $3,316 
  
For the three months ended March 31, 2025 and 2024, proceeds from available-for-sale debt securities were $911 million and $361 million, respectively.

For the three months ended March 31, 2025 and 2024, the net unrealized gains (losses) for equity securities held at March 31, 2025 and 2024 were $3 million and $17 million, respectively.
v3.25.1
Postretirement Benefits
 3 Months Ended
Mar. 31, 2025
Retirement Benefits [Abstract]  
Postretirement Benefits Postretirement benefits
 
A.  Pension and postretirement benefit costs    
U.S. Pension
Benefits
Non-U.S. Pension
Benefits
Other
Postretirement
Benefits
March 31,March 31,March 31,
(Millions of dollars)202520242025202420252024
For the three months ended:
Components of net periodic benefit cost:
Service cost$— $— $11 $11 $16 $17 
Interest cost153 156 28 30 31 33 
Expected return on plan assets (180)(175)(40)(42)(2)(2)
Amortization of prior service cost (credit)— — — — (1)(3)
Net periodic benefit cost (benefit) 1
$(27)$(19)$(1)$(1)$44 $45 
1 The service cost component is included in Operating costs. All other components are included in Other income (expense).

We made $211 million of contributions to our pension and other postretirement plans during the three months ended March 31, 2025. We currently anticipate full-year 2025 contributions of approximately $354 million.
 
B.  Defined contribution benefit costs
 
Total company costs related to our defined contribution plans, which are included in Operating costs in the Consolidated Statement of Results of Operations, were as follows:
 
 Three Months Ended March 31,
(Millions of dollars)20252024
U.S. Plans 1
$154 $223 
Non-U.S. Plans33 30 
 $187 $253 
1 Includes costs related to our non-qualified deferred compensation plans. We utilize total return swaps to economically hedge this exposure to offset the related costs. See Note 5 for additional information.
v3.25.1
Leases
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Leases Leases
Revenues from finance and operating leases, primarily included in Revenues of Financial Products on the Consolidated Statement of Results of Operations, were as follows:

Three Months Ended March 31,
(Millions of dollars)20252024
Finance lease revenue$113 $108 
Operating lease revenue310 313 
Total$423 $421 
We present revenues net of sales and other related taxes.
Leases Leases
Revenues from finance and operating leases, primarily included in Revenues of Financial Products on the Consolidated Statement of Results of Operations, were as follows:

Three Months Ended March 31,
(Millions of dollars)20252024
Finance lease revenue$113 $108 
Operating lease revenue310 313 
Total$423 $421 
We present revenues net of sales and other related taxes.
v3.25.1
Guarantees and Product Warranty
 3 Months Ended
Mar. 31, 2025
Guarantees and Product Warranties [Abstract]  
Guarantees and Product Warranty Guarantees and product warranty
 
We have provided various guarantees that have varying terms and limit potential payment. Under the guarantees, non-performance by the third-parties could require Caterpillar to satisfy the contractual obligation by providing goods, services or financial compensation. The maximum potential amount of future payments (undiscounted and without reduction for any amounts possibly recoverable) that we could be required to make under the guarantees was $390 million and $368 million at March 31, 2025 and December 31, 2024, respectively.

We have dealer performance guarantees and third-party performance guarantees that do not limit potential payment to end users related to indemnities and other commercial contractual obligations. In addition, we have entered into contracts involving industry standard indemnifications that do not limit potential payment. For these unlimited guarantees, we are unable to estimate a maximum potential amount of future payments that could result from claims made.

No significant loss has been experienced or is anticipated under any of these guarantees.  
 
Cat Financial provides guarantees to purchase certain loans of Caterpillar dealers from a special-purpose corporation (SPC) that qualifies as a variable interest entity. Cat Financial receives a fee for providing this guarantee. The purpose of the SPC is to provide short-term working capital loans to Caterpillar dealers.  This SPC issues commercial paper and uses the proceeds to fund its loan program. Cat Financial is the primary beneficiary of the SPC as its guarantees result in Cat Financial having both the power to direct the activities that most significantly impact the SPC’s economic performance and the obligation to absorb losses, and therefore Cat Financial has consolidated the financial statements of the SPC.  As of March 31, 2025 and December 31, 2024, the SPC’s assets of $1.01 billion and $1.14 billion, respectively, were primarily comprised of loans to dealers, and the SPC’s liabilities of $1.01 billion and $1.14 billion, respectively, were primarily comprised of commercial paper.  The assets of the SPC are not available to pay Cat Financial’s creditors. Cat Financial may be obligated to perform under the guarantee if the SPC experiences losses. No loss has been experienced or is anticipated under this loan purchase agreement.

We determine our product warranty liability by applying historical claim rate experience to the current field population and dealer inventory.  Generally, we base historical claim rates on actual warranty experience for each product by machine model/engine size by customer or dealer location (inside or outside North America).  We develop specific rates for each product shipment month and update them monthly based on actual warranty claim experience.  

The reconciliation of the change in our product warranty liability balances for the three months ended March 31 was as follows:

Three Months Ended March 31,
(Millions of dollars)20252024
Warranty liability, beginning of period$1,700 $1,894 
Reduction in liability (payments)(166)(199)
Increase in liability (new warranties) 103 133 
Warranty liability, end of period$1,637 $1,828 
  
v3.25.1
Profit Per Share
 3 Months Ended
Mar. 31, 2025
Earnings Per Share Reconciliation [Abstract]  
Profit Per Share Profit per share
 
Computations of profit per share:Three Months Ended March 31,
(Dollars in millions except per share data)20252024
Profit for the period (A) 1
$2,003 $2,856 
Determination of shares (in millions):
Weighted-average number of common shares outstanding (B)474.9493.9
Shares issuable on exercise of stock awards, net of shares assumed to be purchased out of proceeds at average market price2.23.0
Average common shares outstanding for fully diluted computation (C) 2
477.1496.9
Profit per share of common stock:
Assuming no dilution (A/B)$4.22 $5.78 
Assuming full dilution (A/C) 2
$4.20 $5.75 
Shares outstanding as of March 31, (in millions)471.0 489.3 
1 Profit attributable to common shareholders.
2 Diluted by assumed exercise of stock-based compensation awards using the treasury stock method.

For both the three months ended March 31, 2025 and 2024, we excluded 0.3 million of outstanding stock options, respectively, from the computation of diluted earnings per share because the effect would have been antidilutive.

For the three months ended March 31, 2025 and 2024, we repurchased 7.5 million and 11.3 million shares of Caterpillar common stock, respectively, at an aggregate cost of $2.8 billion and $3.7 billion, respectively. We made these purchases through the combination of accelerated share repurchase (ASR) agreements with third-party financial institutions and open market transactions in 2025 and 2024.

In the first quarter of 2025, we entered into ASR agreements to repurchase an aggregate of $3.0 billion of common stock. We advanced the $3.0 billion and received approximately 5.7 million shares of Caterpillar common stock, approximately 70% of the estimated final number of shares to be repurchased, with a value of $2.1 billion. The final number of shares to ultimately be repurchased will be based on the average of the daily volume-weighted average prices of our common stock during the term of the ASR agreements, less a discount and subject to adjustments pursuant to the terms and conditions of the ASR agreements. The final settlement of the ASR agreements is scheduled to occur during the fourth quarter of 2025. The remaining $0.9 billion was evaluated as unsettled forward contracts and was classified as a reduction to Common stock within the Consolidated Statement of Financial Position.
v3.25.1
Accumulated Other Comprehensive Income (Loss)
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive income (loss)
We present comprehensive income and its components in the Consolidated Statement of Comprehensive Income. Changes in the balances for each component of AOCI were as follows:

Three Months Ended March 31,
(Millions of dollars)20252024
Foreign currency translation:
Beginning balance$(2,310)$(1,782)
Gains (losses) on foreign currency translation188 (213)
Less: Tax provision /(benefit)— 11 
Net gains (losses) on foreign currency translation188 (224)
(Gains) losses reclassified to earnings— (33)
Less: Tax provision /(benefit)— — 
Net (gains) losses reclassified to earnings— (33)
Other comprehensive income (loss), net of tax188 (257)
Ending balance$(2,122)$(2,039)
Pension and other postretirement benefits
Beginning balance$(61)$(49)
Current year prior service credit (cost)— — 
Less: Tax provision /(benefit)— — 
Net current year prior service credit (cost)— — 
Amortization of prior service (credit) cost(1)(3)
Less: Tax provision /(benefit)— — 
Net amortization of prior service (credit) cost(1)(3)
Other comprehensive income (loss), net of tax(1)(3)
Ending balance$(62)$(52)
Derivative financial instruments
Beginning balance$(46)$67 
Gains (losses) deferred76 106 
Less: Tax provision /(benefit)18 28 
Net gains (losses) deferred58 78 
(Gains) losses reclassified to earnings(1)(106)
Less: Tax provision /(benefit)— (28)
Net (gains) losses reclassified to earnings(1)(78)
Other comprehensive income (loss), net of tax57 — 
Ending balance$11 $67 
Available-for-sale securities
Beginning balance$(54)$(56)
Gains (losses) deferred26 (17)
Less: Tax provision /(benefit)6 (3)
Net gains (losses) deferred20 (14)
(Gains) losses reclassified to earnings2 1 
Less: Tax provision /(benefit)— — 
Net (gains) losses reclassified to earnings2 1 
Other comprehensive income (loss), net of tax22 (13)
Ending balance$(32)$(69)
Total AOCI Ending Balance at March 31,
$(2,205)$(2,093)
v3.25.1
Environmental and Legal Matters
 3 Months Ended
Mar. 31, 2025
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.

Our operations in Brazil are subject to highly complex labor, tax, customs and other laws. While we believe that we are in compliance with such laws, we are periodically engaged in litigation regarding the application of these laws, including certain tax and customs disputes with federal, state and municipal authorities in Brazil relating to export activities associated with Caterpillar Brasil Ltda. The Company is unable to predict the outcome or reasonably estimate any potential losses; however, we currently believe that any matters raised will not have a material adverse effect on the Company’s consolidated results of operations, financial position or liquidity.
v3.25.1
Income Taxes
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income taxes
 
The effective tax rate for the three months ended March 31, 2025 was 22.3 percent compared to 19.5 percent for the three months ended March 31, 2024. The effective tax rate for the three months ended March 31, 2024 was favorably impacted by nontaxable gains from a divestiture of a non-US mining entity.
v3.25.1
Segment Information
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Information Segment information
 
A.    Basis for segment information
 
Our Executive Office is comprised of a Chief Executive Officer (CEO), Chief Operating Officer (COO), four Group Presidents, a Chief Financial Officer (CFO), a Chief Legal Officer and General Counsel and a Chief Human Resources Officer. The COO, Group Presidents and CFO are accountable for a related set of end-to-end businesses that they manage. The Chief Legal Officer and General Counsel leads the Law, Security and Public Policy Division. The Chief Human Resources Officer leads the Human Resources Organization. The CEO allocates resources and manages performance at the COO/Group President/CFO level. As such, the CEO serves as our Chief Operating Decision Maker (CODM), and operating segments are primarily based on the COO/Group President/CFO reporting structure.
 
Three of our operating segments, Construction Industries, Resource Industries and Energy & Transportation are led by Group Presidents. One operating segment, Financial Products, is led by the CFO who also has responsibility for Corporate Services. Corporate Services is a cost center primarily responsible for the performance of certain support functions globally and to provide centralized services; it does not meet the definition of an operating segment. One Group President leads one smaller operating segment that is included in the All Other Segment. The Law, Security and Public Policy Division and the Human Resources Organization are cost centers and do not meet the definition of an operating segment.

B.    Description of segments
 
We have five operating segments, of which four are reportable segments. Following is a brief description of our reportable segments and the business activities included in the All Other Segment:
 
Construction Industries: A segment primarily responsible for supporting customers using machinery in infrastructure and building construction applications. Responsibilities include business strategy, product design, product management and development, manufacturing, marketing and sales and product support. The product portfolio includes asphalt pavers; backhoe loaders; cold planers; compactors; compact track loaders; forestry machines; material handlers; motor graders; pipelayers; road reclaimers; skid steer loaders; telehandlers; track-type loaders; track-type tractors (small, medium); track excavators (mini, small, medium, large); wheel excavators; wheel loaders (compact, small, medium); and related parts and work tools. Inter-segment sales are a source of revenue for this segment.

Resource Industries: A segment primarily responsible for supporting customers using machinery in mining, heavy construction and quarry and aggregates. Responsibilities include business strategy, product design, product management and development, manufacturing, marketing and sales and product support. The product portfolio includes large track-type tractors; large mining trucks; hard rock vehicles; electric rope shovels; draglines; hydraulic shovels; rotary drills; large wheel loaders; off-highway trucks; articulated trucks; wheel tractor scrapers; wheel dozers; landfill compactors; soil compactors; wide-body trucks; select work tools; machinery components; electronics and control systems and related parts. In addition to equipment, Resource Industries also develops and sells technology products and services to provide customers fleet management, equipment management analytics, autonomous machine capabilities, safety services and mining performance solutions. Resource Industries also manages areas that provide services to other parts of the company, including strategic procurement, lean center of excellence, integrated manufacturing, research and development for hydraulic systems, automation, electronics and software for Caterpillar machines and engines. Inter-segment sales are a source of revenue for this segment.

Energy & Transportation: A segment primarily responsible for supporting customers using reciprocating engines, turbines, diesel-electric locomotives and related services across industries serving Oil and Gas, Power Generation, Industrial and Transportation applications, including marine- and rail-related businesses as well as product support of on-highway engines. Responsibilities include business strategy, product design, product management, development and testing, manufacturing, marketing and sales and product support. The product and services portfolio includes turbines, centrifugal gas compressors, and turbine-related services; reciprocating engine-powered generator sets; integrated systems and solutions used in the electric power generation industry; reciprocating engines, drivetrain and integrated systems and solutions for the marine and oil and gas industries; reciprocating engines, drivetrain and integrated systems and solutions supplied to the industrial industry as well as Caterpillar machines; electrified powertrain and zero-emission power sources and service solutions development; and diesel-electric and hybrid locomotives and components and other rail-related products and services, including remanufacturing and leasing. Responsibilities also include the remanufacturing of Caterpillar reciprocating engines and components and remanufacturing services for other companies. Inter-segment sales are a source of revenue for this segment.
 
Financial Products Segment: Provides financing alternatives to customers and dealers around the world for Caterpillar products and services, as well as financing for power generation facilities that, in most cases, incorporate Caterpillar products. Financing plans include operating and finance leases, revolving charge accounts, installment sale contracts, repair/rebuild financing, working capital loans and wholesale financing plans. The segment also provides insurance and risk management products and services that help customers and dealers manage their business risk. Insurance and risk management products offered include physical damage insurance, inventory protection plans, extended service coverage and maintenance plans for machines and engines, and dealer property and casualty insurance. The various forms of financing, insurance and risk management products offered to customers and dealers help support the purchase and lease of Caterpillar equipment. The segment also earns revenues from Machinery, Energy & Transportation, but the related costs are not allocated to operating segments. Financial Products’ segment profit is determined on a pretax basis and includes other income/expense items.
 
All Other Segment: Primarily includes activities such as: business strategy; product management and development; manufacturing and sourcing of wear and maintenance components primarily for Cat® products; parts distribution; integrated logistics solutions; distribution services responsible for dealer development and administration, including a wholly owned dealer in Japan; dealer portfolio management and ensuring the most efficient and effective distribution of machines, engines and parts; brand management and marketing strategy; and digital investments for new customer and dealer solutions that integrate data analytics with state-of-the-art digital technologies while transforming the buying experience. Results for the All Other Segment are included as a reconciling item between reportable segments and consolidated external reporting.
 
C.    Segment measurement and reconciliations
 
We determine the segment profit of Construction Industries, Resource Industries, Energy & Transportation and our All Other Segment on a pretax basis and exclude most interest expense and certain other income (expense) items. We determine Financial Products Segment profit on a pretax basis and include other income (expense) items.

Our CODM evaluates the operating performance of the segments using segment profit as it provides insight into the financial health of each segment. The CODM reviews this metric regularly to compare the profitability of segments, identify trends, and evaluate which segments require additional resources or strategic adjustments. The CODM uses segment profit to support the allocation of resources predominantly in the annual budget and forecasting process. Additionally, the CODM monitors forecast-to-actual variances, focusing on areas where performance deviates from expectations, when evaluating the performance of each segment and making decisions about allocating capital and other resources to each segment.

There are several methodology differences between our segment reporting and our external reporting. The following is a list of the more significant methodology differences:
 
•For Construction Industries, Resource Industries, Energy & Transportation and our All Other 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 operating segments, other than Financial Products, at the corporate level and do not include in segment profit or segment assets the effects of changes in exchange rates on results of operations and financial position 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.

Reconciling items are created based on accounting differences between segment reporting and our consolidated external reporting. Please refer to pages 29 to 30 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 income/costs: May include costs for employee separation, long-lived asset impairments, contract terminations and (gains)/losses on divestitures. These costs are included in Other operating (income) expenses except for defined-benefit plan curtailment losses and special termination benefits, which are included in Other income (expense). Restructuring costs also include other exit-related costs, which may consist of accelerated depreciation, inventory write-downs, building demolition, equipment relocation and project management costs and LIFO inventory decrement benefits from inventory liquidations at closed facilities, all of which are primarily included in Cost of goods sold. See Note 20 for more information.

•Methodology differences: See previous discussion of significant accounting differences between segment reporting and consolidated external reporting.

•Timing: Timing differences in the recognition of costs between segment reporting and consolidated external reporting. For example, we report certain costs on the cash basis for segment reporting and the accrual basis for consolidated external reporting.
For the three months ended March 31, 2025 and 2024, 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 RevenuesIntersegment Sales and RevenuesTotal Sales and Revenues
Three Months Ended March 31, 2025    
Construction Industries$2,904 $504 $867 $869 $5,144 $40 $5,184 
Resource Industries1,084 561 406 770 2,821 63 2,884 
Energy & Transportation3,142 370 1,130 756 5,398 1,170 6,568 
Financial Products Segment682 99 122 104 1,007 
1
— 1,007 
Total sales and revenues from reportable segments7,812 1,534 2,525 2,499 14,370 1,273 15,643 
All Other Segment17 — 2 12 31 60 91 
Corporate Items and Eliminations(91)(19)(21)(21)(152)(1,333)(1,485)
Total Sales and Revenues$7,738 $1,515 $2,506 $2,490 $14,249 $— $14,249 
Three Months Ended March 31, 2024    
Construction Industries$3,833 $595 $996 $993 $6,417 $7 $6,424 
Resource Industries1,264 476 465 891 3,096 97 3,193 
Energy & Transportation2,951 408 1,294 834 5,487 1,194 6,681 
Financial Products Segment659 101 123 108 991 
1
— 991 
Total sales and revenues from reportable segments8,707 1,580 2,878 2,826 15,991 1,298 17,289 
All Other Segment18 (1)4 13 34 75 109 
Corporate Items and Eliminations(152)(20)(30)(24)(226)(1,373)(1,599)
Total Sales and Revenues$8,573 $1,559 $2,852 $2,815 $15,799 $— $15,799 
1 Includes revenues from Construction Industries, Resource Industries, Energy & Transportation and All Other Segment of $163 million and $177 million in the three months ended March 31, 2025 and 2024, respectively.
For the three months ended March 31, 2025 and 2024, Energy & Transportation external sales by end user application were as follows:

Energy & Transportation External Sales
Three Months Ended March 31,
(Millions of dollars)20252024
Oil and gas$1,258 $1,568 
Power generation1,996 1,618 
Industrial967 989 
Transportation1,177 1,312 
Energy & Transportation External Sales$5,398 $5,487 
Profit from Reportable Segments
(Millions of dollars)Construction IndustriesResource IndustriesEnergy & TransportationFinancial Products Segment Total from Reportable Segments
Three Months Ended March 31, 2025
Sales and revenues$5,184 $2,884 $6,568 $1,007 $15,643 
Less 1:
Cost of goods sold3,718 1,960 4,495 — 10,173 
SG&A/R&D 2
451 346 780 195 1,772 
Other segment items 3
(9)(21)(21)597 546 
Segment Profit$1,024 $599 $1,314 $215 $3,152 
Three Months Ended March 31, 2024
Sales and revenues$6,424 $3,193 $6,681 $991 $17,289 
Less 1:
Cost of goods sold4,210 2,116 4,578 — 10,904 
SG&A/R&D 2
446 341 778 173 1,738 
Other segment items 3
4 6 24 525 559 
Segment Profit$1,764 $730 $1,301 $293 $4,088 
1 The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Inter-segment income/expenses are included within the amounts shown.
2 Includes selling, general and administrative (SG&A) and research and development (R&D) expenses. The combined presentation aligns with the segment-level information that is regularly provided to the CODM.
3 Other segment items for each reportable segment primarily includes:
Construction Industries / Resource Industries / Energy & Transportation – other operating (income) expenses, currency impacts defined as a methodology difference between exchange rates used in U.S. GAAP and segment reporting, and equity in (profit) loss of unconsolidated affiliated companies.
Financial Products Segment – interest expense, Cat Financial’s depreciation on equipment leased to others, Insurance Services’ underwriting expenses and investment and interest income, and foreign exchange (gains) losses.

Reconciliation of Consolidated profit before taxes:
(Millions of dollars)Three Months Ended March 31,
20252024
Total profit from reportable segments$3,152 $4,088 
Profit (loss) from All Other Segment(21)24 
Cost centers4 14 
Corporate costs(213)(201)
Timing(7)(67)
Restructuring income (costs)(33)6 
Methodology differences:
Inventory/cost of sales(27)(6)
Postretirement benefit expense14 (56)
Stock-based compensation expense(45)(44)
Financing costs(46)(28)
Currency(54)87 
Other income/expense methodology differences(142)(250)
Other methodology differences(12)(35)
Total consolidated profit before taxes$2,570 $3,532 

Reconciliation of Assets:
(Millions of dollars)March 31, 2025December 31, 2024
Assets from reportable segments:
Construction Industries$5,646 $5,546 
Resource Industries5,448 5,548 
Energy & Transportation11,806 11,772 
Financial Products Segment37,335 36,925 
Total assets from reportable segments60,235 59,791 
Assets from All Other Segment1,973 1,937 
Items not included in segment assets:  
Cash and cash equivalents2,741 6,165 
Deferred income taxes3,215 3,194 
Goodwill and intangible assets4,614 4,478 
Property, plant and equipment – net and other assets3,859 4,808 
Inventory methodology differences(3,877)(3,560)
Liabilities included in segment assets12,912 11,973 
Other(698)(1,022)
Total assets$84,974 $87,764 
Reconciliation of Depreciation and amortization:
(Millions of dollars)
Three Months Ended March 31,
20252024
Depreciation and amortization from reportable segments:
   Construction Industries$63 $56 
   Resource Industries66 63 
   Energy & Transportation153 137 
   Financial Products Segment178 185 
Total depreciation and amortization from reportable segments460 441 
Items not included in segment depreciation and amortization:
All Other Segment58 61 
Cost centers24 23 
Other(2)(1)
Total depreciation and amortization$540 $524 

Reconciliation of Capital expenditures:  
(Millions of dollars)
Three Months Ended March 31,
20252024
Capital expenditures from reportable segments:
Construction Industries$46 $58 
Resource Industries46 34 
Energy & Transportation299 122 
Financial Products Segment170 234 
Total capital expenditures from reportable segments561 448 
Items not included in segment capital expenditures:
All Other Segment42 29 
Cost centers27 30 
Timing295 245 
Other(7)(16)
Total capital expenditures$918 $736 
v3.25.1
Cat Financial Financing Activities
 3 Months Ended
Mar. 31, 2025
Receivables [Abstract]  
Cat Financial Financing Activities Cat Financial financing activities
Allowance for credit losses

Portfolio segments
A portfolio segment is the level at which Cat Financial develops a systematic methodology for determining its allowance for credit losses. Cat Financial's portfolio segments and related methods for estimating expected credit losses are as follows:

Customer
Cat Financial provides loans and finance leases to end-user customers primarily for the purpose of financing new and used Caterpillar machinery, engines and equipment for commercial use. Cat Financial also provides financing for power generation facilities that, in most cases, incorporate Caterpillar products. The average original term of Cat Financial's customer finance receivable portfolio was approximately 51 months with an average remaining term of approximately 27 months as of March 31, 2025.

Cat Financial typically maintains a security interest in financed equipment and generally requires physical damage insurance coverage on the financed equipment, both of which provide Cat Financial with certain rights and protections. If Cat Financial's collection efforts fail to bring a defaulted account current, Cat Financial generally can repossess the financed equipment, after satisfying local legal requirements, and sell it within the Caterpillar dealer network or through third-party auctions.

Cat Financial estimates the allowance for credit losses related to its customer finance receivables based on loss forecast models utilizing probabilities of default and the estimated loss given default based on past loss experience adjusted for current conditions and reasonable and supportable forecasts capturing country and industry-specific economic factors.

During the three months ended March 31, 2025, Cat Financial's forecasts reflected a continuation of the trend of historically low unemployment rates as well as global market uncertainty and continued actions by global central banks aimed at reducing inflation. Cat Financial 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 and working capital loans. 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 retail loans to Caterpillar dealers.
    
Cat Financial estimates the allowance for credit losses for dealer finance receivables based on historical loss rates with consideration of current economic conditions and reasonable and supportable forecasts.

In general, Cat Financial's Dealer portfolio segment has not historically experienced large increases or decreases in credit losses based on changes in economic conditions due to its close working relationships with the dealers and their financial strength. Therefore, Cat Financial made no adjustments to historical loss rates during the three months ended March 31, 2025.

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.
•Latin America - Finance receivables originated in Mexico and Central and South American countries.
•Mining - Finance receivables related to large mining customers worldwide.
•Power - Finance receivables originated worldwide to large power customers related to Caterpillar electrical power generation, gas compression and co-generation systems and non-Caterpillar equipment that is powered by these systems.

Receivable balances, including accrued interest, are written off against the allowance for credit losses when, in the judgment of management, they are considered uncollectible (generally upon repossession of the collateral). Generally, the amount of the write-off is determined by comparing the fair value of the collateral, less cost to sell, to the amortized cost of the receivable. Subsequent recoveries, if any, are credited to the allowance for credit losses when received.

An analysis of the allowance for credit losses was as follows:

   
 (Millions of dollars)Three Months Ended March 31, 2025Three Months Ended March 31, 2024
CustomerDealerTotalCustomerDealerTotal
Beginning balance$258 $4 $262 $276 $51 $327 
Write-offs(30)— (30)(23)(47)(70)
Recoveries10 — 10 15 — 15 
Provision for credit losses 1
33 — 33 9 — 9 
Other2 — 2 (4)— (4)
Ending balance$273 $4 $277 $273 $4 $277 
   
Finance Receivables$21,964 $1,377 $23,341 $20,413 $1,794 $22,207 
1 Excludes provision for credit losses on unfunded commitments and other miscellaneous receivables.
Gross write-offs by origination year for the Customer portfolio segment were as follows:

      
 (Millions of dollars)Three Months Ended March 31, 2025
20252024202320222021PriorRevolving
Finance
Receivables		Total
North America$— $2 $5 $4 $2 $1 $2 $16 
EAME— 1 1 1 — — — 3 
Asia/Pacific— — 1 — 1 — — 2 
Latin America— — 1 1 — 1 — 3 
Mining— 3 1 1 — — — 5 
Power— — — — — 1 — 1 
Total$— $6 $9 $7 $3 $3 $2 $30 
Three Months Ended March 31, 2024
20242023202220212020PriorRevolving
Finance
Receivables		Total
North America$— $3 $4 $2 $1 $— $3 $13 
EAME— 1 1 1 — — — 3 
Asia/Pacific— 1 2 1 1 — — 5 
Latin America— — 1 1 — — — 2 
Total$— $5 $8 $5 $2 $— $3 $23 
For the three months ended March 31, 2025, there were no gross write-offs in Cat Financial's Dealer portfolio segment. For the three months ended March 31, 2024 there were $47 million of gross write-offs in Cat Financial's Dealer portfolio segment, all of which were in Latin America and originated prior to 2020.

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 aging category of Cat Financial's amortized cost of finance receivables in the Customer portfolio segment by origination year were as follows:

      
 (Millions of dollars)March 31, 2025
20252024202320222021PriorRevolving
Finance
Receivables 		Total Finance Receivables
North America      
Current$1,359 $4,932 $2,741 $1,347 $787 $181 $394 $11,741 
31-60 days past due4 37 38 29 14 4 3 129 
61-90 days past due— 18 14 6 5 2 1 46 
91+ days past due— 14 41 26 14 7 1 103 
EAME
Current323 1,188 817 479 246 128 — 3,181 
31-60 days past due— 8 8 7 4 1 — 28 
61-90 days past due— 6 8 5 1 — — 20 
91+ days past due— 4 14 6 6 4 — 34 
Asia/Pacific
Current258 802 464 205 65 11 1 1,806 
31-60 days past due— 8 5 3 2 — — 18 
61-90 days past due— 1 1 3 — — — 5 
91+ days past due— 2 2 2 1 — — 7 
Latin America
Current260 738 332 190 46 7 — 1,573 
31-60 days past due— 10 7 4 1 2 — 24 
61-90 days past due— 3 2 2 1 — — 8 
91+ days past due— 4 6 7 3 1 — 21 
Mining
Current184 861 699 396 174 80 23 2,417 
31-60 days past due— 2 — — — 2 — 4 
61-90 days past due— — — — — — — — 
91+ days past due— 4 7 5 — 4 — 20 
Power
Current31 207 185 39 37 108 171 778 
31-60 days past due— — — — — — — — 
61-90 days past due— — — — — — — — 
91+ days past due— — — — — 1 — 1 
Totals by Aging Category
Current$2,415 $8,728 $5,238 $2,656 $1,355 $515 $589 $21,496 
31-60 days past due4 65 58 43 21 9 3 203 
61-90 days past due— 28 25 16 7 2 1 79 
91+ days past due— 28 70 46 24 17 1 186 
Total Customer$2,419 $8,849 $5,391 $2,761 $1,407 $543 $594 $21,964 
      
 (Millions of dollars)December 31, 2024
20242023202220212020PriorRevolving
Finance
Receivables 		Total Finance Receivables
North America      
Current$5,340 $3,035 $1,567 $980 $244 $23 $385 $11,574 
31-60 days past due30 42 29 18 5 1 3 128 
61-90 days past due9 14 10 6 2 1 1 43 
91+ days past due13 37 26 16 6 2 1 101 
EAME
Current1,235 874 532 285 92 72 — 3,090 
31-60 days past due7 10 4 3 1 — — 25 
61-90 days past due3 4 1 1 1 — — 10 
91+ days past due3 14 8 6 4 1 — 36 
Asia/Pacific
Current898 531 256 87 14 2 — 1,788 
31-60 days past due4 6 5 2 — — — 17 
61-90 days past due1 1 2 1 — — — 5 
91+ days past due4 1 2 1 1 — — 9 
Latin America
Current800 363 220 60 8 2 — 1,453 
31-60 days past due4 6 5 1 — 2 — 18 
61-90 days past due1 2 1 — — — — 4 
91+ days past due2 6 8 4 1 1 — 22 
Mining
Current924 755 444 206 67 34 21 2,451 
31-60 days past due— 1 — — — — — 1 
61-90 days past due— 1 — — — — — 1 
91+ days past due4 5 5 1 — 3 — 18 
Power
Current169 184 39 43 64 56 166 721 
31-60 days past due— — — — — — — — 
61-90 days past due— — — — — — — — 
91+ days past due— — — — — 2 — 2 
Totals by Aging Category
Current$9,366 $5,742 $3,058 $1,661 $489 $189 $572 $21,077 
31-60 days past due45 65 43 24 6 3 3 189 
61-90 days past due14 22 14 8 3 1 1 63 
91+ days past due26 63 49 28 12 9 1 188 
Total Customer$9,451 $5,892 $3,164 $1,721 $510 $202 $577 $21,517 
Dealer

As of March 31, 2025 and December 31, 2024, Cat Financial's total amortized cost of finance receivables within the Dealer portfolio segment was current.

Non-accrual finance receivables

Recognition of income is suspended and the finance receivable is placed on non-accrual status when management determines that collection of future income is not probable. Contracts on non-accrual status are generally more than 120 days past due. Recognition is resumed and previously suspended income is recognized when collection is considered probable. Payments received while the finance receivable is on non-accrual status are applied to interest and principal in accordance with the contractual terms. Interest earned but uncollected prior to the receivable being placed on non-accrual status is written off through Provision for credit losses when, in the judgment of management, it is considered uncollectible.

In Cat Financial's Customer portfolio segment, finance receivables which were on non-accrual status and finance receivables over 90 days past due and still accruing income were as follows:
  
 (Millions of dollars)March 31, 2025December 31, 2024
 Amortized CostAmortized Cost

Non-accrual
With an
Allowance		91+ Still
Accruing		Non-accrual
With an
Allowance		91+ Still
Accruing
  
North America$90 $16 $83 $20 
EAME30 4 33 5 
Asia/Pacific4 3 5 5 
Latin America21 — 24 — 
Mining27 — 29 — 
Power1 — 2 — 
Total$173 $23 $176 $30 

There were no finance receivables in Cat Financial's Dealer portfolio segment on non-accrual status as of March 31, 2025 and December 31, 2024.

Modifications

Cat Financial periodically modifies the terms of their finance receivable agreements. Typically, the types of modifications granted are payment deferrals, interest-only payment periods and/or term extensions. Many modifications Cat Financial grants are for commercial reasons or for borrowers experiencing some form of short-term financial stress and may result in insignificant payment delays. Cat Financial does not consider these borrowers to be experiencing financial difficulty. Modifications for borrowers Cat Financial does consider to be experiencing financial difficulty typically result in payment deferrals and/or reduced payments for a period of four months or longer, term extension of six months or longer or a combination of both.

During the three months ended March 31, 2025 and 2024, there were no finance receivable modifications granted to borrowers experiencing financial difficulty in Cat Financial's Dealer portfolio segment. The amortized cost basis of finance receivables modified for borrowers experiencing financial difficulty in the Customer portfolio segment during the three months ended March 31, 2025 and 2024, was $6 million and $3 million, respectively. Total modifications with borrowers experiencing financial difficulty represented 0.03 percent and 0.01 percent of Cat Financial's Customer portfolio for the same periods, respectively.
The financial effects of term extensions and payment delays for borrowers experiencing financial difficulty for the three months ended March 31, were as follows:

(In months)20252024
Weighted average extension to term of modified contracts710
Weighted average payment deferral and/or interest only periods89

After Cat Financial modifies a finance receivable, they continue to track its performance under its most recent modified terms. Defaults of loans modified in the prior twelve months were not significant during the three months ended March 31, 2025 and 2024.

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.
v3.25.1
Fair Value Disclosures
 3 Months Ended
Mar. 31, 2025
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.

In addition, Insurance Services has an equity investment in a real estate investment trust (REIT) which is recorded at fair value based on the net asset value (NAV) of the investment and is not classified within the fair value hierarchy.

See Note 8 for additional information on our investments in debt and equity securities.

Derivative financial instruments
The fair value of interest rate contracts is primarily based on a standard industry accepted valuation model that utilizes the appropriate market-based forward swap curves and zero-coupon interest rates to determine discounted cash flows.  The fair value of foreign currency and commodity forward, option and cross currency contracts is based on standard industry accepted valuation models that discount cash flows resulting from the differential between the contract price and the market-based forward rate. The fair value of total return swap contracts is primarily based on valuing the underlying securities or funds using pricing by industry providers and the average Secured Overnight Financing Rate (SOFR) plus a spread.

See Note 5 for additional information.

Assets and liabilities measured on a recurring basis at fair value included in our Consolidated Statement of Financial Position as of March 31, 2025 and December 31, 2024 were as follows:
March 31, 2025
 (Millions of dollars)
Level 1Level 2Level 3Measured at NAVTotal
Assets / Liabilities,
at Fair Value
Assets    
Debt securities    
Government debt securities    
U.S. treasury bonds$9 $— $— $— $9 
Other U.S. and non-U.S. government bonds— 68 — — 68 
Corporate debt securities    
Corporate bonds and other debt securities— 2,423 — — 2,423 
Asset-backed securities— 222 — — 222 
Mortgage-backed debt securities    
U.S. governmental agency— 465 — — 465 
Residential— 2 — — 2 
Commercial— 127 — — 127 
Total debt securities9 3,307 — — 3,316 
Equity securities    
Large capitalization value267 — — — 267 
Smaller company growth39 — — — 39 
REIT— — — 168 168 
Total equity securities306 — — 168 474 
Derivative financial instruments - assets
Foreign currency contracts - net— 109 — — 109 
Commodity contracts - net— 3 — — 3 
Total assets$315 $3,419 $— $168 $3,902 
Liabilities    
Derivative financial instruments - liabilities
Interest rate contracts - net$— $101 $— $— $101 
Total return swap contracts - net— 26 — — 26 
Total liabilities$— $127 $— $— $127 
 
December 31, 2024
 (Millions of dollars)
Level 1Level 2Level 3Measured at NAVTotal
Assets / Liabilities,
at Fair Value
Assets    
Debt securities    
Government debt securities    
U.S. treasury bonds$10 $— $— $— $10 
Other U.S. and non-U.S. government bonds— 68 — — 68 
Corporate debt securities    
Corporate bonds and other debt securities— 3,170 — — 3,170 
Asset-backed securities— 219 — — 219 
Mortgage-backed debt securities   
U.S. governmental agency— 443 — — 443 
Residential— 2 — — 2 
Commercial— 130 — — 130 
Total debt securities10 4,032 — — 4,042 
Equity securities    
Large capitalization value261 — — — 261 
Smaller company growth41 — — — 41 
REIT— — — 167 167 
Total equity securities302 — — 167 469 
Derivative financial instruments - assets
Foreign currency contracts - net— 117 — — 117 
Total Assets$312 $4,149 $— $167 $4,628 
Liabilities    
Derivative financial instruments - liabilities
Interest rate contracts - net$— $191 $— $— $191 
Commodity contracts - net— 2 — — 2 
Total return swap contracts - net— 33 — — 33 
Total liabilities$— $226 $— $— $226 

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. Generally, the fair value of these receivables is measured using the fair value of collateral less estimated costs to sell.  Cat Financial had loans carried at fair value of $70 million and $59 million as of March 31, 2025 and December 31, 2024, 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. See Note 8 for additional information.
 
Finance receivables
We estimate fair value by discounting the future cash flows using current rates, representative of receivables with similar remaining maturities.
 
Wholesale inventory receivables
We estimate fair value by discounting the future cash flows using current rates, representative of receivables with similar remaining maturities.
 
Short-term borrowings
Carrying amount approximates fair value. We classify short-term borrowings as Level 1. See Consolidated Statement of Financial Position.
 
Long-term debt
We estimate fair value for fixed and floating rate debt based on quoted market prices.

Our financial instruments not carried at fair value were as follows:
 
 March 31, 2025December 31, 2024 
(Millions of dollars)
Carrying
 Amount
Fair
 Value
Carrying
 Amount
Fair
 Value
Fair Value LevelsReference
Assets     
Finance receivables – net (excluding finance leases 1 )
$16,420 $16,075 $16,180 $15,788 3Note 17
Wholesale inventory receivables – net (excluding finance leases 1)
1,484 1,437 1,568 1,527 3
Liabilities     
Long-term debt (including amounts due within one year)
    
Machinery, Energy & Transportation8,647 8,101 8,610 7,980 2 
Financial Products26,487 26,448 25,406 25,304 2 

1    Represents finance leases and failed sale leasebacks of $6,829 million and $6,769 million at March 31, 2025 and December 31, 2024, respectively.
v3.25.1
Other Income (Expense)
 3 Months Ended
Mar. 31, 2025
Other Income and Expenses [Abstract]  
Other Income (Expense) Other income (expense)
 Three Months Ended March 31,
(Millions of dollars)20252024
Investment and interest income$99 $136 
Foreign exchange gains (losses) 1
(18)42 
License fee income35 34 
Net periodic pension and OPEB income (cost), excluding service cost11 3 
Gains (losses) on securities3 17 
Miscellaneous income (loss)(23)(76)
Total$107 $156 

1 Includes gains (losses) from foreign exchange derivative contracts. See Note 5 for further details.
v3.25.1
Restructuring Income/Costs
 3 Months Ended
Mar. 31, 2025
Restructuring Charges [Abstract]  
Restructuring Income/Costs Restructuring income/costs
Our accounting for employee separations is dependent upon how the particular program is designed. For voluntary programs, we recognize eligible separation costs at the time of employee acceptance unless the acceptance requires explicit approval by the company. For involuntary programs, we recognize eligible costs when management has approved the program, the affected employees have been properly notified and the costs are estimable.

Restructuring costs for the three months ended March 31, 2025 and 2024 were as follows:

(Millions of dollars)Three Months Ended March 31,
20252024
Employee separations 1
$17 $13 
Divestitures 1
— (64)
Contract terminations 1
4 — 
Long-lived asset impairments 1
— 7 
Other 2
12 38 
Total restructuring (income) costs$33 $(6)
1 Recognized in Other operating (income) expenses.
2 Represents costs related to our restructuring programs, primarily for project management, inventory write-downs, accelerated depreciation and equipment relocation, all of which are primarily included in Cost of goods sold.

The restructuring costs for the three months ended March 31, 2025 were related to restructuring actions across the company. The restructuring income for the three months ended March 31, 2024 was primarily related to the divestiture of a non-US mining entity.

In 2025 and 2024, all restructuring costs are excluded from segment profit.
v3.25.1
Supplier Finance Programs
 3 Months Ended
Mar. 31, 2025
Payables and Accruals [Abstract]  
Supplier Finance Programs Supplier finance programs
We facilitate voluntary supplier finance programs (the “Programs”) through participating financial institutions. The Programs are available to a wide range of suppliers and allow them the option to manage their cash flow. We are not a party to the agreements between the participating financial institutions and the suppliers in connection with the Programs. The range of payment terms, typically 60-90 days, we negotiate with our suppliers is consistent, irrespective of whether a supplier participates in the Programs. The amount of obligations outstanding that are confirmed as valid to the participating financial institutions for suppliers who voluntarily participate in the Programs, included in Accounts payable in the Consolidated Statement of Financial Position, were $880 million and $830 million at March 31, 2025 and December 31, 2024, respectively.
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.1
Nature of Operations and Basis of Presentation (Policies)
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Operations and Basis of Presentation Nature of operations
 
Information in our financial statements and related commentary are presented in the following categories:
 
Machinery, Energy & Transportation (ME&T) — We define ME&T as Caterpillar Inc. and its subsidiaries, excluding Financial Products. ME&T’s information relates to the design, manufacturing and marketing of our products.
 
Financial Products — We define Financial Products as our finance and insurance subsidiaries, primarily Caterpillar Financial Services Corporation (Cat Financial) and Caterpillar Insurance Holdings Inc. (Insurance Services). Financial Products’ information relates to the financing to customers and dealers for the purchase and lease of Caterpillar and other equipment.

B.  Basis of presentation
 
In the opinion of management, the accompanying unaudited financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of (a) the consolidated results of operations for the three months ended March 31, 2025 and 2024, (b) the consolidated comprehensive income for the three months ended March 31, 2025 and 2024, (c) the consolidated financial position at March 31, 2025 and December 31, 2024, (d) the consolidated changes in shareholders’ equity for the three months ended March 31, 2025 and 2024 and (e) the consolidated cash flow for the three months ended March 31, 2025 and 2024.  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, 2024 (2024 Form 10-K).
 
The December 31, 2024 financial position data included herein is derived from the audited consolidated financial statements included in the 2024 Form 10-K but does not include all disclosures required by U.S. GAAP.
Cat Financial has end-user customers and dealers that are variable interest entities (VIEs) of which we are not the primary beneficiary. Our maximum exposure to loss from our involvement with these VIEs is limited to the credit risk inherently present in the financial support that we have provided. Credit risk was evaluated and reflected in our financial statements as part of our overall portfolio of finance receivables and related allowance for credit losses. See Note 11 for further discussions on a consolidated VIE.
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 $7,819 million, $7,864 million and $7,923 million as of March 31, 2025, December 31, 2024 and December 31, 2023, respectively. Long-term trade receivables from dealers and end users were $638 million, $640 million and $589 million as of March 31, 2025, December 31, 2024 and December 31, 2023, 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 $245 million, $238 million and $246 million as of March 31, 2025, December 31, 2024 and December 31, 2023, 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 $3,462 million, $2,745 million and $2,389 million as of March 31, 2025, December 31, 2024 and December 31, 2023, respectively. We reduce the contract liability when revenue is recognized.
Share-Based Compensation
Accounting for stock-based compensation requires that the cost resulting from all stock-based payments be recognized in the financial statements based on the grant date fair value of the award.  Our stock-based compensation consists of stock options, restricted stock units (RSUs) and performance-based restricted stock units (PRSUs).
Derivatives
Our earnings and cash flow are subject to fluctuations due to changes in foreign currency exchange rates, interest rates, commodity prices, and certain deferred compensation plan liabilities.  Our Risk Management Policy (policy) allows for the use of derivative financial instruments to prudently manage foreign currency exchange rate, interest rate, commodity price and certain deferred compensation plan liability exposures.  Our policy specifies that derivatives are not to be used for speculative purposes.  Derivatives that we use are primarily foreign currency forward, option and cross currency contracts, interest rate contracts, commodity forward and option contracts and total return swap contracts.  Our derivative activities are subject to the management, direction and control of our senior financial officers.  We present at least annually to the Audit Committee of the Board of Directors on our risk management practices, including our use of financial derivative instruments.
 
We recognize all derivatives at their fair value on the Consolidated Statement of Financial Position. On the date the derivative contract is entered into, we designate the derivative as (1) a hedge of the fair value of a recognized asset or liability (fair value hedge), (2) a hedge of a forecasted transaction or the variability of cash flow (cash flow hedge) or (3) an undesignated instrument. We record in current earnings changes in the fair value of a derivative that is qualified, designated and highly effective as a fair value hedge, along with the gain or loss on the hedged recognized asset or liability that is attributable to the hedged risk. For foreign exchange contracts designated as fair value hedges, the interim settlements are excluded from the effectiveness assessment and are recognized under a systematic and rational method over the life of the hedging instrument within Interest expense. We record in AOCI changes in the fair value of a derivative that is qualified, designated and highly effective as a cash flow hedge, to the extent effective, on the Consolidated Statement of Financial Position until we reclassify them to earnings in the same period or periods during which the hedged transaction affects earnings.  We report changes in the fair value of undesignated derivative instruments in current earnings. We classify cash flows from designated derivative financial instruments within the same category as the item being hedged on the Consolidated Statement of Cash Flow.  We include cash flows from undesignated derivative financial instruments in the investing category on the Consolidated Statement of Cash Flow.
 
We formally document all relationships between hedging instruments and hedged items, as well as the risk-management objective and strategy for undertaking various hedge transactions.  This process includes linking all derivatives that are designated as fair value hedges to specific assets and liabilities on the Consolidated Statement of Financial Position and linking cash flow hedges to specific forecasted transactions or variability of cash flow.

We also formally assess, both at the hedge’s inception and on an ongoing basis, whether the designated derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flow of hedged items.  When a derivative is determined not to be highly effective as a hedge or the underlying hedged transaction is no longer probable, we discontinue hedge accounting prospectively, in accordance with the derecognition criteria for hedge accounting.
 
Foreign currency exchange rate risk
 
Foreign currency exchange rate movements create a degree of risk by affecting the U.S. dollar value of sales made and costs incurred in foreign currencies. Movements in foreign currency rates also affect our competitive position as these changes may affect business practices and/or pricing strategies of non-U.S.-based competitors. Additionally, we have balance sheet positions denominated in foreign currencies, thereby creating exposure to movements in exchange rates.
 
Our ME&T operations purchase, manufacture and sell products in many locations around the world. As we have a diversified revenue and cost base, we manage our future foreign currency cash flow exposure on a net basis. We use foreign currency forward and option contracts to manage unmatched foreign currency cash inflow and outflow. Our objective is to minimize the risk of exchange rate movements that would reduce the U.S. dollar value of our foreign currency cash flow. Our policy allows for managing anticipated foreign currency cash flow for up to approximately five years. As of March 31, 2025, 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. We designate float-to-float cross currency contracts as fair value hedges to protect against movements in exchange rates on floating-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 remaining term of the previously designated hedged item.
 
Commodity price risk
 
Commodity price movements create a degree of risk by affecting the price we must pay for certain raw materials. Our policy is to use commodity forward and option contracts to manage the commodity risk and reduce the cost of purchased materials.
 
Our ME&T operations purchase base and precious metals embedded in the components we purchase from suppliers.  Our suppliers pass on to us price changes in the commodity portion of the component cost. In addition, we are subject to price changes on energy products such as natural gas and diesel fuel purchased for operational use.
 
Our objective is to minimize volatility in the price of these commodities. Our policy allows us to enter into commodity forward and option contracts to lock in the purchase price of a portion of these commodities within a five-year horizon. All such commodity forward and option contracts are undesignated.

Deferred compensation plan liability risk

We are also exposed to variability in compensation expense related to certain non-qualified deferred compensation obligations to employees. We utilize total return swaps to economically hedge this exposure to offset the related compensation expense. All such total return swap contracts are undesignated.
Investments
We have investments in certain debt and equity securities, which we record at fair value and primarily include in Other assets in the Consolidated Statement of Financial Position. Short-term and long-term investments are held with high quality institutions and, by policy, the amount of credit exposure to any one institution is limited.

We classify debt securities primarily as available-for-sale. We include the unrealized gains and losses arising from the revaluation of available-for-sale debt securities, net of applicable deferred income taxes, in equity (AOCI in the Consolidated Statement of Financial Position). We include the unrealized gains and losses arising from the revaluation of the equity securities in Other income (expense) in the Consolidated Statement of Results of Operations. We generally determine realized gains and losses on sales of investments using the specific identification method for available-for-sale debt and equity securities and include them in Other income (expense) in the Consolidated Statement of Results of Operations.
Guarantees and Product Warranty
We have dealer performance guarantees and third-party performance guarantees that do not limit potential payment to end users related to indemnities and other commercial contractual obligations. In addition, we have entered into contracts involving industry standard indemnifications that do not limit potential payment. For these unlimited guarantees, we are unable to estimate a maximum potential amount of future payments that could result from claims made.
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.
Segments
Our Executive Office is comprised of a Chief Executive Officer (CEO), Chief Operating Officer (COO), four Group Presidents, a Chief Financial Officer (CFO), a Chief Legal Officer and General Counsel and a Chief Human Resources Officer. The COO, Group Presidents and CFO are accountable for a related set of end-to-end businesses that they manage. The Chief Legal Officer and General Counsel leads the Law, Security and Public Policy Division. The Chief Human Resources Officer leads the Human Resources Organization. The CEO allocates resources and manages performance at the COO/Group President/CFO level. As such, the CEO serves as our Chief Operating Decision Maker (CODM), and operating segments are primarily based on the COO/Group President/CFO reporting structure.
 
Three of our operating segments, Construction Industries, Resource Industries and Energy & Transportation are led by Group Presidents. One operating segment, Financial Products, is led by the CFO who also has responsibility for Corporate Services. Corporate Services is a cost center primarily responsible for the performance of certain support functions globally and to provide centralized services; it does not meet the definition of an operating segment. One Group President leads one smaller operating segment that is included in the All Other Segment. The Law, Security and Public Policy Division and the Human Resources Organization are cost centers and do not meet the definition of an operating segment.

B.    Description of segments
 
We have five operating segments, of which four are reportable segments. Following is a brief description of our reportable segments and the business activities included in the All Other Segment:
 
Construction Industries: A segment primarily responsible for supporting customers using machinery in infrastructure and building construction applications. Responsibilities include business strategy, product design, product management and development, manufacturing, marketing and sales and product support. The product portfolio includes asphalt pavers; backhoe loaders; cold planers; compactors; compact track loaders; forestry machines; material handlers; motor graders; pipelayers; road reclaimers; skid steer loaders; telehandlers; track-type loaders; track-type tractors (small, medium); track excavators (mini, small, medium, large); wheel excavators; wheel loaders (compact, small, medium); and related parts and work tools. Inter-segment sales are a source of revenue for this segment.

Resource Industries: A segment primarily responsible for supporting customers using machinery in mining, heavy construction and quarry and aggregates. Responsibilities include business strategy, product design, product management and development, manufacturing, marketing and sales and product support. The product portfolio includes large track-type tractors; large mining trucks; hard rock vehicles; electric rope shovels; draglines; hydraulic shovels; rotary drills; large wheel loaders; off-highway trucks; articulated trucks; wheel tractor scrapers; wheel dozers; landfill compactors; soil compactors; wide-body trucks; select work tools; machinery components; electronics and control systems and related parts. In addition to equipment, Resource Industries also develops and sells technology products and services to provide customers fleet management, equipment management analytics, autonomous machine capabilities, safety services and mining performance solutions. Resource Industries also manages areas that provide services to other parts of the company, including strategic procurement, lean center of excellence, integrated manufacturing, research and development for hydraulic systems, automation, electronics and software for Caterpillar machines and engines. Inter-segment sales are a source of revenue for this segment.

Energy & Transportation: A segment primarily responsible for supporting customers using reciprocating engines, turbines, diesel-electric locomotives and related services across industries serving Oil and Gas, Power Generation, Industrial and Transportation applications, including marine- and rail-related businesses as well as product support of on-highway engines. Responsibilities include business strategy, product design, product management, development and testing, manufacturing, marketing and sales and product support. The product and services portfolio includes turbines, centrifugal gas compressors, and turbine-related services; reciprocating engine-powered generator sets; integrated systems and solutions used in the electric power generation industry; reciprocating engines, drivetrain and integrated systems and solutions for the marine and oil and gas industries; reciprocating engines, drivetrain and integrated systems and solutions supplied to the industrial industry as well as Caterpillar machines; electrified powertrain and zero-emission power sources and service solutions development; and diesel-electric and hybrid locomotives and components and other rail-related products and services, including remanufacturing and leasing. Responsibilities also include the remanufacturing of Caterpillar reciprocating engines and components and remanufacturing services for other companies. Inter-segment sales are a source of revenue for this segment.
 
Financial Products Segment: Provides financing alternatives to customers and dealers around the world for Caterpillar products and services, as well as financing for power generation facilities that, in most cases, incorporate Caterpillar products. Financing plans include operating and finance leases, revolving charge accounts, installment sale contracts, repair/rebuild financing, working capital loans and wholesale financing plans. The segment also provides insurance and risk management products and services that help customers and dealers manage their business risk. Insurance and risk management products offered include physical damage insurance, inventory protection plans, extended service coverage and maintenance plans for machines and engines, and dealer property and casualty insurance. The various forms of financing, insurance and risk management products offered to customers and dealers help support the purchase and lease of Caterpillar equipment. The segment also earns revenues from Machinery, Energy & Transportation, but the related costs are not allocated to operating segments. Financial Products’ segment profit is determined on a pretax basis and includes other income/expense items.
 
All Other Segment: Primarily includes activities such as: business strategy; product management and development; manufacturing and sourcing of wear and maintenance components primarily for Cat® products; parts distribution; integrated logistics solutions; distribution services responsible for dealer development and administration, including a wholly owned dealer in Japan; dealer portfolio management and ensuring the most efficient and effective distribution of machines, engines and parts; brand management and marketing strategy; and digital investments for new customer and dealer solutions that integrate data analytics with state-of-the-art digital technologies while transforming the buying experience. Results for the All Other Segment are included as a reconciling item between reportable segments and consolidated external reporting.
 
C.    Segment measurement and reconciliations
 
We determine the segment profit of Construction Industries, Resource Industries, Energy & Transportation and our All Other Segment on a pretax basis and exclude most interest expense and certain other income (expense) items. We determine Financial Products Segment profit on a pretax basis and include other income (expense) items.

Our CODM evaluates the operating performance of the segments using segment profit as it provides insight into the financial health of each segment. The CODM reviews this metric regularly to compare the profitability of segments, identify trends, and evaluate which segments require additional resources or strategic adjustments. The CODM uses segment profit to support the allocation of resources predominantly in the annual budget and forecasting process. Additionally, the CODM monitors forecast-to-actual variances, focusing on areas where performance deviates from expectations, when evaluating the performance of each segment and making decisions about allocating capital and other resources to each segment.

There are several methodology differences between our segment reporting and our external reporting. The following is a list of the more significant methodology differences:
 
•For Construction Industries, Resource Industries, Energy & Transportation and our All Other 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 operating segments, other than Financial Products, at the corporate level and do not include in segment profit or segment assets the effects of changes in exchange rates on results of operations and financial position 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.

Reconciling items are created based on accounting differences between segment reporting and our consolidated external reporting. Please refer to pages 29 to 30 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 income/costs: May include costs for employee separation, long-lived asset impairments, contract terminations and (gains)/losses on divestitures. These costs are included in Other operating (income) expenses except for defined-benefit plan curtailment losses and special termination benefits, which are included in Other income (expense). Restructuring costs also include other exit-related costs, which may consist of accelerated depreciation, inventory write-downs, building demolition, equipment relocation and project management costs and LIFO inventory decrement benefits from inventory liquidations at closed facilities, all of which are primarily included in Cost of goods sold. See Note 20 for more information.

•Methodology differences: See previous discussion of significant accounting differences between segment reporting and consolidated external reporting.
•Timing: Timing differences in the recognition of costs between segment reporting and consolidated external reporting. For example, we report certain costs on the cash basis for segment reporting and the accrual basis for consolidated external reporting.
Allowance for Credit Losses
Allowance for credit losses

Portfolio segments
A portfolio segment is the level at which Cat Financial develops a systematic methodology for determining its allowance for credit losses. Cat Financial's portfolio segments and related methods for estimating expected credit losses are as follows:

Customer
Cat Financial provides loans and finance leases to end-user customers primarily for the purpose of financing new and used Caterpillar machinery, engines and equipment for commercial use. Cat Financial also provides financing for power generation facilities that, in most cases, incorporate Caterpillar products. The average original term of Cat Financial's customer finance receivable portfolio was approximately 51 months with an average remaining term of approximately 27 months as of March 31, 2025.

Cat Financial typically maintains a security interest in financed equipment and generally requires physical damage insurance coverage on the financed equipment, both of which provide Cat Financial with certain rights and protections. If Cat Financial's collection efforts fail to bring a defaulted account current, Cat Financial generally can repossess the financed equipment, after satisfying local legal requirements, and sell it within the Caterpillar dealer network or through third-party auctions.

Cat Financial estimates the allowance for credit losses related to its customer finance receivables based on loss forecast models utilizing probabilities of default and the estimated loss given default based on past loss experience adjusted for current conditions and reasonable and supportable forecasts capturing country and industry-specific economic factors.

During the three months ended March 31, 2025, Cat Financial's forecasts reflected a continuation of the trend of historically low unemployment rates as well as global market uncertainty and continued actions by global central banks aimed at reducing inflation. Cat Financial 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 and working capital loans. 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 retail loans to Caterpillar dealers.
    
Cat Financial estimates the allowance for credit losses for dealer finance receivables based on historical loss rates with consideration of current economic conditions and reasonable and supportable forecasts.

In general, Cat Financial's Dealer portfolio segment has not historically experienced large increases or decreases in credit losses based on changes in economic conditions due to its close working relationships with the dealers and their financial strength. Therefore, Cat Financial made no adjustments to historical loss rates during the three months ended March 31, 2025.

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.
•Latin America - Finance receivables originated in Mexico and Central and South American countries.
•Mining - Finance receivables related to large mining customers worldwide.
•Power - Finance receivables originated worldwide to large power customers related to Caterpillar electrical power generation, gas compression and co-generation systems and non-Caterpillar equipment that is powered by these systems.

Receivable balances, including accrued interest, are written off against the allowance for credit losses when, in the judgment of management, they are considered uncollectible (generally upon repossession of the collateral). Generally, the amount of the write-off is determined by comparing the fair value of the collateral, less cost to sell, to the amortized cost of the receivable. Subsequent recoveries, if any, are credited to the allowance for credit losses when received.
Fair Value Measurement Fair value measurements
 
The guidance on fair value measurements defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants.  This guidance also specifies a fair value hierarchy based upon the observability of inputs used in valuation techniques.  Observable inputs (highest level) reflect market data obtained from independent sources, while unobservable inputs (lowest level) reflect internally developed market assumptions.  In accordance with this guidance, fair value measurements are classified under the following hierarchy:
 
•Level 1 — Quoted prices for identical instruments in active markets.

•Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs or significant value-drivers are observable in active markets.

•Level 3 — Model-derived valuations in which one or more significant inputs or significant value-drivers are unobservable.

When available, we use quoted market prices to determine fair value, and we classify such measurements within Level 1.  In some cases where market prices are not available, we make use of observable market based inputs to calculate fair value, in which case the measurements are classified within Level 2.  If quoted or observable market prices are not available, fair value is based upon valuations in which one or more significant inputs are unobservable, including internally developed models that use, where possible, current market-based parameters such as interest rates, yield curves and currency rates.  These measurements are classified within Level 3.
 
We classify fair value measurements according to the lowest level input or value-driver that is significant to the valuation.  We may therefore classify a measurement within Level 3 even though there may be significant inputs that are readily observable.

Fair value measurement includes the consideration of nonperformance risk.  Nonperformance risk refers to the risk that an obligation (either by a counterparty or Caterpillar) will not be fulfilled.  For financial assets traded in an active market (Level 1 and certain Level 2), the nonperformance risk is included in the market price.  For certain other financial assets and liabilities (certain Level 2 and Level 3), our fair value calculations have been adjusted accordingly.
 
Investments in debt and equity securities
We have investments in certain debt and equity securities that are recorded at fair value.  Fair values for our U.S. treasury bonds and large capitalization value and smaller company growth equity securities are based upon valuations for identical instruments in active markets.  Fair values for other government debt securities, corporate debt securities and mortgage-backed debt securities are based upon models that take into consideration such market-based factors as
recent sales, risk-free yield curves and prices of similarly rated bonds.

In addition, Insurance Services has an equity investment in a real estate investment trust (REIT) which is recorded at fair value based on the net asset value (NAV) of the investment and is not classified within the fair value hierarchy.

See Note 8 for additional information on our investments in debt and equity securities.

Derivative financial instruments
The fair value of interest rate contracts is primarily based on a standard industry accepted valuation model that utilizes the appropriate market-based forward swap curves and zero-coupon interest rates to determine discounted cash flows.  The fair value of foreign currency and commodity forward, option and cross currency contracts is based on standard industry accepted valuation models that discount cash flows resulting from the differential between the contract price and the market-based forward rate. The fair value of total return swap contracts is primarily based on valuing the underlying securities or funds using pricing by industry providers and the average Secured Overnight Financing Rate (SOFR) plus a spread.
In addition to the methods and assumptions we use to record the fair value of financial instruments as discussed in the Fair value measurements section above, we use the following methods and assumptions to estimate the fair value of our financial instruments:

Cash and cash equivalents
Carrying amount approximates fair value. We classify cash and cash equivalents as Level 1. See Consolidated Statement of Financial Position.
 
Restricted cash and short-term investments
Carrying amount approximates fair value.  We include restricted cash and short-term investments in Prepaid expenses and other current assets in the Consolidated Statement of Financial Position. We classify these instruments as Level 1. See Note 8 for additional information.
 
Finance receivables
We estimate fair value by discounting the future cash flows using current rates, representative of receivables with similar remaining maturities.
 
Wholesale inventory receivables
We estimate fair value by discounting the future cash flows using current rates, representative of receivables with similar remaining maturities.
 
Short-term borrowings
Carrying amount approximates fair value. We classify short-term borrowings as Level 1. See Consolidated Statement of Financial Position.
 
Long-term debt
We estimate fair value for fixed and floating rate debt based on quoted market prices.
Restructuring Costs
Our accounting for employee separations is dependent upon how the particular program is designed. For voluntary programs, we recognize eligible separation costs at the time of employee acceptance unless the acceptance requires explicit approval by the company. For involuntary programs, we recognize eligible costs when management has approved the program, the affected employees have been properly notified and the costs are estimable.
v3.25.1
Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Type and Fair Value of Stock-Based Compensation Awards
The following table illustrates the type and fair value of the stock-based compensation awards granted during the three months ended March 31, 2025 and 2024, respectively:

 Three Months Ended March 31, 2025Three Months Ended March 31, 2024
 Shares GrantedWeighted-Average Fair Value Per ShareWeighted-Average Grant Date Stock PriceShares GrantedWeighted-Average Fair Value Per ShareWeighted-Average Grant Date Stock Price
Stock options280,013 $105.92 $332.04 296,295 $104.27 $338.65 
RSUs403,407 $332.95 $332.95 379,621 $338.65 $338.65 
PRSUs167,301 $347.63 $332.04 169,120 $408.64 $338.65 
Schedule of Assumptions Used for Fair Value of Stock Options The following table provides the assumptions used in determining the fair value of the stock-options granted in the three months ended March 31, 2025 and 2024, respectively:
 
 Grant Year
 20252024
Weighted-average dividend yield2.13%2.40%
Weighted-average volatility30.5%30.7%
Range of volatilities
26.6% - 32.6%
26.3% - 32.3%
Range of risk-free interest rates
4.13% - 4.40%
4.28% - 5.03%
Weighted-average expected lives7 years7 years
Schedule of Assumptions Used for Fair Value of PRSUs The following table provides the assumptions used in determining the fair value of the PRSUs granted in the three months ended March 31, 2025 and 2024, respectively:
 Grant Year
 20252024
Expected volatility of the Company's stock29.5%29.8%
Risk-free interest rate3.90%4.38%
v3.25.1
Derivative Financial Instruments and Risk Management (Tables)
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Location and Fair Value of Derivative Instruments
The location and fair value of derivative instruments reported in the Consolidated Statement of Financial Position were as follows:

(Millions of dollars)Fair Value
March 31, 2025December 31, 2024
Assets 1
Liabilities 2
Assets 1
Liabilities 2
Designated derivatives
Foreign exchange contracts$266 $(153)$357 $(275)
Interest rate contracts46 (147)10 (201)
Total$312 $(300)$367 $(476)
Undesignated derivatives
Foreign exchange contracts$40 $(44)$91 $(56)
Commodity contracts5 (2)4 (6)
Total return swap contracts— (26)— (33)
Total$45 $(72)$95 $(95)
1 Assets are classified as Receivables - trade and other or Long-term receivables - trade and other.
2 Liabilities are classified as Accrued expenses or Other liabilities.
Schedule of Gains (Losses) on Derivative Instruments
Gains (Losses) on derivative instruments are categorized as follows:
(Millions of dollars)Three Months Ended March 31,
Gains (Losses) Recognized on the Consolidated Statement of Results of Operations 1
Gains (Losses) Recognized in AOCI
Gains (Losses) Reclassified from AOCI 2
202520242025202420252024
Cash Flow Hedges
Foreign exchange contracts$— $— $78 $95 $— $91 
Interest rate contracts— — (2)11 1 15 
Fair Value Hedges
Interest rate contracts(18)(36)— — — — 
Undesignated Hedges
Foreign exchange contracts(14)29 — — — — 
Commodity contracts8 (10)— — — — 
Total return swap contracts(26)30 — — — — 
Total$(50)$13 $76 $106 $1 $106 
1 Foreign exchange contract, Commodity contract and Total return swap 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 Cost of goods sold, Sales of Machinery, Energy and Transportation, and 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 LiabilitiesCumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Value of the Hedged Liabilities
March 31, 2025December 31, 2024March 31, 2025December 31, 2024
Long-term debt due within one year$488 $483 $(12)$(16)
Long-term debt due after one year5,963 5,327 (84)(170)
Total$6,451 $5,810 $(96)$(186)
Summary Offsetting Assets and Liabilities
The effect of the net settlement provisions of the master netting agreements on our derivative balances upon an event of default or termination event was as follows:

(Millions of dollars)March 31, 2025December 31, 2024
AssetsLiabilitiesAssetsLiabilities
Gross Amounts Recognized$357 $(372)$462 $(571)
Financial Instruments Not Offset(192)192 (186)186 
Net Amount$165 $(180)$276 $(385)
v3.25.1
Inventories (Tables)
 3 Months Ended
Mar. 31, 2025
Inventory Disclosure [Abstract]  
Summary of Inventories
Inventories (principally using the last-in, first-out (LIFO) method) were comprised of the following:
 
(Millions of dollars)March 31,
2025		December 31,
2024
Raw materials$6,822 $6,681 
Work-in-process1,435 1,438 
Finished goods9,228 8,329 
Supplies377 379 
Total inventories$17,862 $16,827 
v3.25.1
Intangible Assets and Goodwill (Tables)
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of Intangible assets
Intangible assets were comprised of the following:
 
 March 31, 2025
(Millions of dollars)Gross
Carrying
Amount		Accumulated
Amortization		Net
Customer relationships$2,207 $(1,971)$236 
Intellectual property492 (399)93 
Other117 (85)32 
Total finite-lived intangible assets$2,816 $(2,455)$361 

 December 31, 2024
Gross
Carrying
Amount		Accumulated
Amortization		Net
Customer relationships$2,220 $(1,950)$270 
Intellectual property496 (401)95 
Other117 (83)34 
Total finite-lived intangible assets$2,833 $(2,434)$399 
Summary of expected amortization expense related to intangible assets Amortization expense related to intangible assets is expected to be:
(Millions of dollars)
Remaining Nine Months of 20252026202720282029Thereafter
$123$97$34$27$24$56
Summary of Goodwill acquired
The changes in carrying amount of goodwill by reportable segment for the three months ended March 31, 2025 were as follows: 

(Millions of dollars)December 31,
2024
Other Adjustments 1
March 31,
2025
Construction Industries
Goodwill$261 $6 $267 
Impairments(22)— (22)
Net goodwill239 6 245 
Resource Industries
Goodwill4,124 9 4,133 
Impairments(1,175)— (1,175)
Net goodwill2,949 9 2,958 
Energy & Transportation
Goodwill2,939 12 2,951 
Impairments(925)— (925)
Net goodwill2,014 12 2,026 
All Other 2
Goodwill39 2 41 
Consolidated total
Goodwill7,363 29 7,392 
Impairments(2,122)— (2,122)
Net goodwill$5,241 $29 $5,270 

1 Other adjustments are comprised primarily of foreign currency translation.
2 Includes All Other Segment (See Note 16).
v3.25.1
Investments in Debt and Equity Securities (Tables)
 3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of cost basis and fair value of available-for-sale securities
The cost basis and fair value of available-for-sale debt securities with unrealized gains and losses included in equity (AOCI in the Consolidated Statement of Financial Position) were as follows:
Available-for-sale debt securities
March 31, 2025December 31, 2024
(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 $10 $— $10 
Other U.S. and non-U.S. government bonds70 (2)68 71 (3)68 
Corporate debt securities     
Corporate bonds and other debt securities2,437 (14)2,423 3,199 (29)3,170 
Asset-backed securities223 (1)222 220 (1)219 
Mortgage-backed debt securities  
U.S. governmental agency488 (23)465 476 (33)443 
Residential2 — 2 2 — 2 
Commercial131 (4)127 136 (6)130 
Total available-for-sale debt securities$3,360 $(44)$3,316 $4,114 $(72)$4,042 
Summary of investments in an unrealized loss position that are not other-than-temporarily impaired
Available-for-sale debt securities in an unrealized loss position:
 March 31, 2025
 
Less than 12 months 1
12 months or more 1
Total
(Millions of dollars)
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Government debt securities      
Other U.S. and non-U.S. government bonds$— $— $35 $2 $35 $2 
Corporate debt securities
Corporate bonds242 1 655 22 897 23 
Asset-backed securities63 — 47 1 110 1 
Mortgage-backed debt securities
U.S. governmental agency67 1 265 24 332 25 
Commercial5 — 102 4 107 4 
Total$377 $2 $1,104 $53 $1,481 $55 
 December 31, 2024
 
Less than 12 months 1
12 months or more 1
Total
(Millions of dollars)
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Government debt securities      
Other U.S. and non-U.S. government bonds$— $— $55 $4 $55 $4 
Corporate debt securities
Corporate bonds729 3 812 33 1,541 36 
Asset-backed securities7 — 37 2 44 2 
Mortgage-backed debt securities      
U.S. governmental agency126 3 273 30 399 33 
Commercial13 — 113 6 126 6 
Total$875 $6 $1,290 $75 $2,165 $81 
1 Indicates the length of time that individual securities have been in a continuous unrealized loss position.
Summary of cost basis and fair value of the available-for-sale debt securities by contractual maturity Expected maturities will differ from contractual maturities because borrowers may have the right to prepay and creditors may have the right to call obligations.
        
March 31, 2025
(Millions of dollars)Cost BasisFair Value
Due in one year or less$1,027 $1,024 
Due after one year through five years1,321 1,309 
Due after five years through ten years285 284 
Due after ten years106 105 
U.S. governmental agency mortgage-backed securities488 465 
Residential mortgage-backed securities2 2 
Commercial mortgage-backed securities131 127 
Total debt securities – available-for-sale$3,360 $3,316 
  
v3.25.1
Postretirement Benefits (Tables)
 3 Months Ended
Mar. 31, 2025
Retirement Benefits [Abstract]  
Schedule of net benefit costs
U.S. Pension
Benefits
Non-U.S. Pension
Benefits
Other
Postretirement
Benefits
March 31,March 31,March 31,
(Millions of dollars)202520242025202420252024
For the three months ended:
Components of net periodic benefit cost:
Service cost$— $— $11 $11 $16 $17 
Interest cost153 156 28 30 31 33 
Expected return on plan assets (180)(175)(40)(42)(2)(2)
Amortization of prior service cost (credit)— — — — (1)(3)
Net periodic benefit cost (benefit) 1
$(27)$(19)$(1)$(1)$44 $45 
1 The service cost component is included in Operating costs. All other components are included in Other income (expense).
Summary of company costs related to U.S. and non-U.S. defined contribution plans
Total company costs related to our defined contribution plans, which are included in Operating costs in the Consolidated Statement of Results of Operations, were as follows:
 
 Three Months Ended March 31,
(Millions of dollars)20252024
U.S. Plans 1
$154 $223 
Non-U.S. Plans33 30 
 $187 $253 
1 Includes costs related to our non-qualified deferred compensation plans. We utilize total return swaps to economically hedge this exposure to offset the related costs. See Note 5 for additional information.
v3.25.1
Leases (Tables)
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Revenue from finance and operating leases
Revenues from finance and operating leases, primarily included in Revenues of Financial Products on the Consolidated Statement of Results of Operations, were as follows:

Three Months Ended March 31,
(Millions of dollars)20252024
Finance lease revenue$113 $108 
Operating lease revenue310 313 
Total$423 $421 
v3.25.1
Guarantees and Product Warranty (Tables)
 3 Months Ended
Mar. 31, 2025
Guarantees and Product Warranties [Abstract]  
Summary of product warranty
The reconciliation of the change in our product warranty liability balances for the three months ended March 31 was as follows:

Three Months Ended March 31,
(Millions of dollars)20252024
Warranty liability, beginning of period$1,700 $1,894 
Reduction in liability (payments)(166)(199)
Increase in liability (new warranties) 103 133 
Warranty liability, end of period$1,637 $1,828 
  
v3.25.1
Profit Per Share (Tables)
 3 Months Ended
Mar. 31, 2025
Earnings Per Share Reconciliation [Abstract]  
Computations of profit per share
Computations of profit per share:Three Months Ended March 31,
(Dollars in millions except per share data)20252024
Profit for the period (A) 1
$2,003 $2,856 
Determination of shares (in millions):
Weighted-average number of common shares outstanding (B)474.9493.9
Shares issuable on exercise of stock awards, net of shares assumed to be purchased out of proceeds at average market price2.23.0
Average common shares outstanding for fully diluted computation (C) 2
477.1496.9
Profit per share of common stock:
Assuming no dilution (A/B)$4.22 $5.78 
Assuming full dilution (A/C) 2
$4.20 $5.75 
Shares outstanding as of March 31, (in millions)471.0 489.3 
1 Profit attributable to common shareholders.
2 Diluted by assumed exercise of stock-based compensation awards using the treasury stock method.
v3.25.1
Accumulated Other Comprehensive Income (Loss) (Tables)
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Changes in Accumulated other comprehensive income (loss), net of tax
We present comprehensive income and its components in the Consolidated Statement of Comprehensive Income. Changes in the balances for each component of AOCI were as follows:

Three Months Ended March 31,
(Millions of dollars)20252024
Foreign currency translation:
Beginning balance$(2,310)$(1,782)
Gains (losses) on foreign currency translation188 (213)
Less: Tax provision /(benefit)— 11 
Net gains (losses) on foreign currency translation188 (224)
(Gains) losses reclassified to earnings— (33)
Less: Tax provision /(benefit)— — 
Net (gains) losses reclassified to earnings— (33)
Other comprehensive income (loss), net of tax188 (257)
Ending balance$(2,122)$(2,039)
Pension and other postretirement benefits
Beginning balance$(61)$(49)
Current year prior service credit (cost)— — 
Less: Tax provision /(benefit)— — 
Net current year prior service credit (cost)— — 
Amortization of prior service (credit) cost(1)(3)
Less: Tax provision /(benefit)— — 
Net amortization of prior service (credit) cost(1)(3)
Other comprehensive income (loss), net of tax(1)(3)
Ending balance$(62)$(52)
Derivative financial instruments
Beginning balance$(46)$67 
Gains (losses) deferred76 106 
Less: Tax provision /(benefit)18 28 
Net gains (losses) deferred58 78 
(Gains) losses reclassified to earnings(1)(106)
Less: Tax provision /(benefit)— (28)
Net (gains) losses reclassified to earnings(1)(78)
Other comprehensive income (loss), net of tax57 — 
Ending balance$11 $67 
Available-for-sale securities
Beginning balance$(54)$(56)
Gains (losses) deferred26 (17)
Less: Tax provision /(benefit)6 (3)
Net gains (losses) deferred20 (14)
(Gains) losses reclassified to earnings2 1 
Less: Tax provision /(benefit)— — 
Net (gains) losses reclassified to earnings2 1 
Other comprehensive income (loss), net of tax22 (13)
Ending balance$(32)$(69)
Total AOCI Ending Balance at March 31,
$(2,205)$(2,093)
v3.25.1
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Disaggregation of Revenue
For the three months ended March 31, 2025 and 2024, 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 RevenuesIntersegment Sales and RevenuesTotal Sales and Revenues
Three Months Ended March 31, 2025    
Construction Industries$2,904 $504 $867 $869 $5,144 $40 $5,184 
Resource Industries1,084 561 406 770 2,821 63 2,884 
Energy & Transportation3,142 370 1,130 756 5,398 1,170 6,568 
Financial Products Segment682 99 122 104 1,007 
1
— 1,007 
Total sales and revenues from reportable segments7,812 1,534 2,525 2,499 14,370 1,273 15,643 
All Other Segment17 — 2 12 31 60 91 
Corporate Items and Eliminations(91)(19)(21)(21)(152)(1,333)(1,485)
Total Sales and Revenues$7,738 $1,515 $2,506 $2,490 $14,249 $— $14,249 
Three Months Ended March 31, 2024    
Construction Industries$3,833 $595 $996 $993 $6,417 $7 $6,424 
Resource Industries1,264 476 465 891 3,096 97 3,193 
Energy & Transportation2,951 408 1,294 834 5,487 1,194 6,681 
Financial Products Segment659 101 123 108 991 
1
— 991 
Total sales and revenues from reportable segments8,707 1,580 2,878 2,826 15,991 1,298 17,289 
All Other Segment18 (1)4 13 34 75 109 
Corporate Items and Eliminations(152)(20)(30)(24)(226)(1,373)(1,599)
Total Sales and Revenues$8,573 $1,559 $2,852 $2,815 $15,799 $— $15,799 
1 Includes revenues from Construction Industries, Resource Industries, Energy & Transportation and All Other Segment of $163 million and $177 million in the three months ended March 31, 2025 and 2024, respectively.
For the three months ended March 31, 2025 and 2024, Energy & Transportation external sales by end user application were as follows:

Energy & Transportation External Sales
Three Months Ended March 31,
(Millions of dollars)20252024
Oil and gas$1,258 $1,568 
Power generation1,996 1,618 
Industrial967 989 
Transportation1,177 1,312 
Energy & Transportation External Sales$5,398 $5,487 
Reconciliation of Consolidated profit before taxes
Reconciliation of Consolidated profit before taxes:
(Millions of dollars)Three Months Ended March 31,
20252024
Total profit from reportable segments$3,152 $4,088 
Profit (loss) from All Other Segment(21)24 
Cost centers4 14 
Corporate costs(213)(201)
Timing(7)(67)
Restructuring income (costs)(33)6 
Methodology differences:
Inventory/cost of sales(27)(6)
Postretirement benefit expense14 (56)
Stock-based compensation expense(45)(44)
Financing costs(46)(28)
Currency(54)87 
Other income/expense methodology differences(142)(250)
Other methodology differences(12)(35)
Total consolidated profit before taxes$2,570 $3,532 
Reconciliation of Assets:
Reconciliation of Assets:
(Millions of dollars)March 31, 2025December 31, 2024
Assets from reportable segments:
Construction Industries$5,646 $5,546 
Resource Industries5,448 5,548 
Energy & Transportation11,806 11,772 
Financial Products Segment37,335 36,925 
Total assets from reportable segments60,235 59,791 
Assets from All Other Segment1,973 1,937 
Items not included in segment assets:  
Cash and cash equivalents2,741 6,165 
Deferred income taxes3,215 3,194 
Goodwill and intangible assets4,614 4,478 
Property, plant and equipment – net and other assets3,859 4,808 
Inventory methodology differences(3,877)(3,560)
Liabilities included in segment assets12,912 11,973 
Other(698)(1,022)
Total assets$84,974 $87,764 
Reconciliation of Depreciation and amortization:
Reconciliation of Depreciation and amortization:
(Millions of dollars)
Three Months Ended March 31,
20252024
Depreciation and amortization from reportable segments:
   Construction Industries$63 $56 
   Resource Industries66 63 
   Energy & Transportation153 137 
   Financial Products Segment178 185 
Total depreciation and amortization from reportable segments460 441 
Items not included in segment depreciation and amortization:
All Other Segment58 61 
Cost centers24 23 
Other(2)(1)
Total depreciation and amortization$540 $524 
Reconciliation of Capital expenditures:
Reconciliation of Capital expenditures:  
(Millions of dollars)
Three Months Ended March 31,
20252024
Capital expenditures from reportable segments:
Construction Industries$46 $58 
Resource Industries46 34 
Energy & Transportation299 122 
Financial Products Segment170 234 
Total capital expenditures from reportable segments561 448 
Items not included in segment capital expenditures:
All Other Segment42 29 
Cost centers27 30 
Timing295 245 
Other(7)(16)
Total capital expenditures$918 $736 
Reconciliation of profit from reportable segments
Profit from Reportable Segments
(Millions of dollars)Construction IndustriesResource IndustriesEnergy & TransportationFinancial Products Segment Total from Reportable Segments
Three Months Ended March 31, 2025
Sales and revenues$5,184 $2,884 $6,568 $1,007 $15,643 
Less 1:
Cost of goods sold3,718 1,960 4,495 — 10,173 
SG&A/R&D 2
451 346 780 195 1,772 
Other segment items 3
(9)(21)(21)597 546 
Segment Profit$1,024 $599 $1,314 $215 $3,152 
Three Months Ended March 31, 2024
Sales and revenues$6,424 $3,193 $6,681 $991 $17,289 
Less 1:
Cost of goods sold4,210 2,116 4,578 — 10,904 
SG&A/R&D 2
446 341 778 173 1,738 
Other segment items 3
4 6 24 525 559 
Segment Profit$1,764 $730 $1,301 $293 $4,088 
1 The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Inter-segment income/expenses are included within the amounts shown.
2 Includes selling, general and administrative (SG&A) and research and development (R&D) expenses. The combined presentation aligns with the segment-level information that is regularly provided to the CODM.
3 Other segment items for each reportable segment primarily includes:
Construction Industries / Resource Industries / Energy & Transportation – other operating (income) expenses, currency impacts defined as a methodology difference between exchange rates used in U.S. GAAP and segment reporting, and equity in (profit) loss of unconsolidated affiliated companies.
Financial Products Segment – interest expense, Cat Financial’s depreciation on equipment leased to others, Insurance Services’ underwriting expenses and investment and interest income, and foreign exchange (gains) losses.
v3.25.1
Cat Financial Financing Activities (Tables)
 3 Months Ended
Mar. 31, 2025
Receivables [Abstract]  
Allowance for credit losses and total finance receivables
An analysis of the allowance for credit losses was as follows:

   
 (Millions of dollars)Three Months Ended March 31, 2025Three Months Ended March 31, 2024
CustomerDealerTotalCustomerDealerTotal
Beginning balance$258 $4 $262 $276 $51 $327 
Write-offs(30)— (30)(23)(47)(70)
Recoveries10 — 10 15 — 15 
Provision for credit losses 1
33 — 33 9 — 9 
Other2 — 2 (4)— (4)
Ending balance$273 $4 $277 $273 $4 $277 
   
Finance Receivables$21,964 $1,377 $23,341 $20,413 $1,794 $22,207 
1 Excludes provision for credit losses on unfunded commitments and other miscellaneous receivables.
Write-offs by origination year
Gross write-offs by origination year for the Customer portfolio segment were as follows:

      
 (Millions of dollars)Three Months Ended March 31, 2025
20252024202320222021PriorRevolving
Finance
Receivables		Total
North America$— $2 $5 $4 $2 $1 $2 $16 
EAME— 1 1 1 — — — 3 
Asia/Pacific— — 1 — 1 — — 2 
Latin America— — 1 1 — 1 — 3 
Mining— 3 1 1 — — — 5 
Power— — — — — 1 — 1 
Total$— $6 $9 $7 $3 $3 $2 $30 
Three Months Ended March 31, 2024
20242023202220212020PriorRevolving
Finance
Receivables		Total
North America$— $3 $4 $2 $1 $— $3 $13 
EAME— 1 1 1 — — — 3 
Asia/Pacific— 1 2 1 1 — — 5 
Latin America— — 1 1 — — — 2 
Total$— $5 $8 $5 $2 $— $3 $23 
Financing receivable credit quality indicators
The aging category of Cat Financial's amortized cost of finance receivables in the Customer portfolio segment by origination year were as follows:

      
 (Millions of dollars)March 31, 2025
20252024202320222021PriorRevolving
Finance
Receivables 		Total Finance Receivables
North America      
Current$1,359 $4,932 $2,741 $1,347 $787 $181 $394 $11,741 
31-60 days past due4 37 38 29 14 4 3 129 
61-90 days past due— 18 14 6 5 2 1 46 
91+ days past due— 14 41 26 14 7 1 103 
EAME
Current323 1,188 817 479 246 128 — 3,181 
31-60 days past due— 8 8 7 4 1 — 28 
61-90 days past due— 6 8 5 1 — — 20 
91+ days past due— 4 14 6 6 4 — 34 
Asia/Pacific
Current258 802 464 205 65 11 1 1,806 
31-60 days past due— 8 5 3 2 — — 18 
61-90 days past due— 1 1 3 — — — 5 
91+ days past due— 2 2 2 1 — — 7 
Latin America
Current260 738 332 190 46 7 — 1,573 
31-60 days past due— 10 7 4 1 2 — 24 
61-90 days past due— 3 2 2 1 — — 8 
91+ days past due— 4 6 7 3 1 — 21 
Mining
Current184 861 699 396 174 80 23 2,417 
31-60 days past due— 2 — — — 2 — 4 
61-90 days past due— — — — — — — — 
91+ days past due— 4 7 5 — 4 — 20 
Power
Current31 207 185 39 37 108 171 778 
31-60 days past due— — — — — — — — 
61-90 days past due— — — — — — — — 
91+ days past due— — — — — 1 — 1 
Totals by Aging Category
Current$2,415 $8,728 $5,238 $2,656 $1,355 $515 $589 $21,496 
31-60 days past due4 65 58 43 21 9 3 203 
61-90 days past due— 28 25 16 7 2 1 79 
91+ days past due— 28 70 46 24 17 1 186 
Total Customer$2,419 $8,849 $5,391 $2,761 $1,407 $543 $594 $21,964 
      
 (Millions of dollars)December 31, 2024
20242023202220212020PriorRevolving
Finance
Receivables 		Total Finance Receivables
North America      
Current$5,340 $3,035 $1,567 $980 $244 $23 $385 $11,574 
31-60 days past due30 42 29 18 5 1 3 128 
61-90 days past due9 14 10 6 2 1 1 43 
91+ days past due13 37 26 16 6 2 1 101 
EAME
Current1,235 874 532 285 92 72 — 3,090 
31-60 days past due7 10 4 3 1 — — 25 
61-90 days past due3 4 1 1 1 — — 10 
91+ days past due3 14 8 6 4 1 — 36 
Asia/Pacific
Current898 531 256 87 14 2 — 1,788 
31-60 days past due4 6 5 2 — — — 17 
61-90 days past due1 1 2 1 — — — 5 
91+ days past due4 1 2 1 1 — — 9 
Latin America
Current800 363 220 60 8 2 — 1,453 
31-60 days past due4 6 5 1 — 2 — 18 
61-90 days past due1 2 1 — — — — 4 
91+ days past due2 6 8 4 1 1 — 22 
Mining
Current924 755 444 206 67 34 21 2,451 
31-60 days past due— 1 — — — — — 1 
61-90 days past due— 1 — — — — — 1 
91+ days past due4 5 5 1 — 3 — 18 
Power
Current169 184 39 43 64 56 166 721 
31-60 days past due— — — — — — — — 
61-90 days past due— — — — — — — — 
91+ days past due— — — — — 2 — 2 
Totals by Aging Category
Current$9,366 $5,742 $3,058 $1,661 $489 $189 $572 $21,077 
31-60 days past due45 65 43 24 6 3 3 189 
61-90 days past due14 22 14 8 3 1 1 63 
91+ days past due26 63 49 28 12 9 1 188 
Total Customer$9,451 $5,892 $3,164 $1,721 $510 $202 $577 $21,517 
Investment in finance receivables on non-accrual status
In Cat Financial's Customer portfolio segment, finance receivables which were on non-accrual status and finance receivables over 90 days past due and still accruing income were as follows:
  
 (Millions of dollars)March 31, 2025December 31, 2024
 Amortized CostAmortized Cost

Non-accrual
With an
Allowance		91+ Still
Accruing		Non-accrual
With an
Allowance		91+ Still
Accruing
  
North America$90 $16 $83 $20 
EAME30 4 33 5 
Asia/Pacific4 3 5 5 
Latin America21 — 24 — 
Mining27 — 29 — 
Power1 — 2 — 
Total$173 $23 $176 $30 
Financing receivable effects of term extensions and payment delays
The financial effects of term extensions and payment delays for borrowers experiencing financial difficulty for the three months ended March 31, were as follows:

(In months)20252024
Weighted average extension to term of modified contracts710
Weighted average payment deferral and/or interest only periods89
v3.25.1
Fair Value Disclosures (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Assets and liabilities measured on a recurring basis at fair value
Assets and liabilities measured on a recurring basis at fair value included in our Consolidated Statement of Financial Position as of March 31, 2025 and December 31, 2024 were as follows:
March 31, 2025
 (Millions of dollars)
Level 1Level 2Level 3Measured at NAVTotal
Assets / Liabilities,
at Fair Value
Assets    
Debt securities    
Government debt securities    
U.S. treasury bonds$9 $— $— $— $9 
Other U.S. and non-U.S. government bonds— 68 — — 68 
Corporate debt securities    
Corporate bonds and other debt securities— 2,423 — — 2,423 
Asset-backed securities— 222 — — 222 
Mortgage-backed debt securities    
U.S. governmental agency— 465 — — 465 
Residential— 2 — — 2 
Commercial— 127 — — 127 
Total debt securities9 3,307 — — 3,316 
Equity securities    
Large capitalization value267 — — — 267 
Smaller company growth39 — — — 39 
REIT— — — 168 168 
Total equity securities306 — — 168 474 
Derivative financial instruments - assets
Foreign currency contracts - net— 109 — — 109 
Commodity contracts - net— 3 — — 3 
Total assets$315 $3,419 $— $168 $3,902 
Liabilities    
Derivative financial instruments - liabilities
Interest rate contracts - net$— $101 $— $— $101 
Total return swap contracts - net— 26 — — 26 
Total liabilities$— $127 $— $— $127 
 
December 31, 2024
 (Millions of dollars)
Level 1Level 2Level 3Measured at NAVTotal
Assets / Liabilities,
at Fair Value
Assets    
Debt securities    
Government debt securities    
U.S. treasury bonds$10 $— $— $— $10 
Other U.S. and non-U.S. government bonds— 68 — — 68 
Corporate debt securities    
Corporate bonds and other debt securities— 3,170 — — 3,170 
Asset-backed securities— 219 — — 219 
Mortgage-backed debt securities   
U.S. governmental agency— 443 — — 443 
Residential— 2 — — 2 
Commercial— 130 — — 130 
Total debt securities10 4,032 — — 4,042 
Equity securities    
Large capitalization value261 — — — 261 
Smaller company growth41 — — — 41 
REIT— — — 167 167 
Total equity securities302 — — 167 469 
Derivative financial instruments - assets
Foreign currency contracts - net— 117 — — 117 
Total Assets$312 $4,149 $— $167 $4,628 
Liabilities    
Derivative financial instruments - liabilities
Interest rate contracts - net$— $191 $— $— $191 
Commodity contracts - net— 2 — — 2 
Total return swap contracts - net— 33 — — 33 
Total liabilities$— $226 $— $— $226 
Fair values of financial instruments
Our financial instruments not carried at fair value were as follows:
 
 March 31, 2025December 31, 2024 
(Millions of dollars)
Carrying
 Amount
Fair
 Value
Carrying
 Amount
Fair
 Value
Fair Value LevelsReference
Assets     
Finance receivables – net (excluding finance leases 1 )
$16,420 $16,075 $16,180 $15,788 3Note 17
Wholesale inventory receivables – net (excluding finance leases 1)
1,484 1,437 1,568 1,527 3
Liabilities     
Long-term debt (including amounts due within one year)
    
Machinery, Energy & Transportation8,647 8,101 8,610 7,980 2 
Financial Products26,487 26,448 25,406 25,304 2 

1    Represents finance leases and failed sale leasebacks of $6,829 million and $6,769 million at March 31, 2025 and December 31, 2024, respectively.
v3.25.1
Other Income (Expense) (Tables)
 3 Months Ended
Mar. 31, 2025
Other Income and Expenses [Abstract]  
Other income (expense)
 Three Months Ended March 31,
(Millions of dollars)20252024
Investment and interest income$99 $136 
Foreign exchange gains (losses) 1
(18)42 
License fee income35 34 
Net periodic pension and OPEB income (cost), excluding service cost11 3 
Gains (losses) on securities3 17 
Miscellaneous income (loss)(23)(76)
Total$107 $156 

1 Includes gains (losses) from foreign exchange derivative contracts. See Note 5 for further details.
v3.25.1
Restructuring Income/Costs (Tables)
 3 Months Ended
Mar. 31, 2025
Restructuring Charges [Abstract]  
Restructuring and related costs
Restructuring costs for the three months ended March 31, 2025 and 2024 were as follows:

(Millions of dollars)Three Months Ended March 31,
20252024
Employee separations 1
$17 $13 
Divestitures 1
— (64)
Contract terminations 1
4 — 
Long-lived asset impairments 1
— 7 
Other 2
12 38 
Total restructuring (income) costs$33 $(6)
1 Recognized in Other operating (income) expenses.
2 Represents costs related to our restructuring programs, primarily for project management, inventory write-downs, accelerated depreciation and equipment relocation, all of which are primarily included in Cost of goods sold.
v3.25.1
Sales and Revenue Contract Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]        
Trade receivables from dealers and end users $ 7,819   $ 7,864 $ 7,923
Long term trade receivables from dealers and end users 638   640 589
Contract assets 245   238 246
Contract liabilities 3,462   $ 2,745 $ 2,389
Revenue recognized from contract liability balance at beginning of period 683 $ 813    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction        
Unsatisfied performance obligations with an original contract duration greater than one year $ 17,600      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-04-01        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction        
Expected period of performance satisfaction 12 months      
Remaining performance obligation, percentage 50.00%      
v3.25.1
Stock-Based Compensation (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]    
Stock-based compensation expense $ 45 $ 44
Unrecognized compensation expense $ 324  
Term of amortization of unrecognized compensation cost over weighted-average remaining requisite service periods (in years) 1 year 10 months 24 days  
v3.25.1
Stock-Based Compensation - Schedule of Type and Fair Value of Stock-Based Compensation Awards (Details) - $ / shares
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Stock options    
Stock-based compensation awards    
Shares Granted, stock options (in shares) 280,013 296,295
Weighted-Average Fair Value Per Share, stock options (in dollars per share) $ 105.92 $ 104.27
Weighted-Average Grant Date Stock Price (in dollars per share) 332.04 338.65
RSUs    
Stock-based compensation awards    
Weighted-Average Grant Date Stock Price (in dollars per share) $ 332.95 $ 338.65
Shares Granted, RSUs & PRSUs (in shares) 403,407 379,621
Weighted-Average Fair Value Per Share, RSUs & PRSUs (in dollars per share) $ 332.95 $ 338.65
PRSUs    
Stock-based compensation awards    
Weighted-Average Grant Date Stock Price (in dollars per share) $ 332.04 $ 338.65
Shares Granted, RSUs & PRSUs (in shares) 167,301 169,120
Weighted-Average Fair Value Per Share, RSUs & PRSUs (in dollars per share) $ 347.63 $ 408.64
v3.25.1
Stock-Based Compensation - Schedule of Assumptions Used for Fair Value (Details)
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Stock options    
Stock-based compensation awards    
Weighted-average dividend yield 2.13% 2.40%
Weighted-average volatility 30.50% 30.70%
Rate of volatilities, minimum 26.60% 26.30%
Rate of volatilities, maximum 32.60% 32.30%
Risk-free interest rates, minimum 4.13% 4.28%
Risk-free interest rates, maximum 4.40% 5.03%
Weighted-average expected lives 7 years 7 years
PRSUs    
Stock-based compensation awards    
Expected volatility of the Company's stock 29.50% 29.80%
Risk-free interest rate 3.90% 4.38%
v3.25.1
Derivative Financial Instruments and Risk Management (Details) - USD ($)
$ in Billions
 3 Months Ended
Mar. 31, 2025
Dec. 31, 2024
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 $ 26.0 $ 27.0
v3.25.1
Derivative Financial instruments and Risk Management- Summary of Location and Fair Value of Derivative Instruments (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Derivatives Fair Value    
Assets $ 357 $ 462
Liabilities (372) (571)
Designated derivatives    
Derivatives Fair Value    
Assets 312 367
Liabilities (300) (476)
Designated derivatives | Foreign exchange contracts    
Derivatives Fair Value    
Assets 266 357
Liabilities (153) (275)
Designated derivatives | Interest rate contracts    
Derivatives Fair Value    
Assets 46 10
Liabilities (147) (201)
Undesignated derivatives    
Derivatives Fair Value    
Assets 45 95
Liabilities (72) (95)
Undesignated derivatives | Foreign exchange contracts    
Derivatives Fair Value    
Assets 40 91
Liabilities (44) (56)
Undesignated derivatives | Commodity contracts    
Derivatives Fair Value    
Assets 5 4
Liabilities (2) (6)
Undesignated derivatives | Total return swap contracts    
Derivatives Fair Value    
Assets 0 0
Liabilities $ (26) $ (33)
v3.25.1
Derivative Financial instruments and Risk Management- Schedule of Gains (Losses) on Derivative Instruments (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Derivative Instruments, Gain (Loss)    
Gains (losses) recognized on the consolidated statement of results of operations $ (50) $ 13
Gains (Losses) Recognized in AOCI 76 106
Gains (Losses) Reclassified from AOCI 1 106
Foreign exchange contracts    
Derivative Instruments, Gain (Loss)    
Gains (Losses) Recognized in AOCI 78 95
Gains (Losses) Reclassified from AOCI   91
Interest rate contracts    
Derivative Instruments, Gain (Loss)    
Gains (Losses) Recognized in AOCI (2) 11
Gains (Losses) Reclassified from AOCI 1 15
Designated derivatives | Fair Value Hedging | Interest rate contracts    
Derivative Instruments, Gain (Loss)    
Gains (losses) recognized on the consolidated statement of results of operations (18) (36)
Undesignated derivatives | Foreign exchange contracts    
Derivative Instruments, Gain (Loss)    
Gains (losses) recognized on the consolidated statement of results of operations (14) 29
Undesignated derivatives | Commodity contracts    
Derivative Instruments, Gain (Loss)    
Gains (losses) recognized on the consolidated statement of results of operations 8 (10)
Undesignated derivatives | Total return swap contracts    
Derivative Instruments, Gain (Loss)    
Gains (losses) recognized on the consolidated statement of results of operations $ (26) $ 30
v3.25.1
Derivative Financial Instruments and Risk Management- Summary of Cumulative Basis Adjustments for Fair Value Hedges (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Derivatives Fair Value    
Carrying Value of the Hedged Liabilities $ 6,451 $ 5,810
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Value of the Hedged Liabilities (96) (186)
Long-term debt due within one year    
Derivatives Fair Value    
Carrying Value of the Hedged Liabilities 488 483
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Value of the Hedged Liabilities (12) (16)
Long-term debt due after one year    
Derivatives Fair Value    
Carrying Value of the Hedged Liabilities 5,963 5,327
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Value of the Hedged Liabilities $ (84) $ (170)
v3.25.1
Derivative Financial instruments and Risk Management - Summary Offsetting Assets and Liabilities (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Assets    
Gross Amounts Recognized $ 357 $ 462
Financial Instruments Not Offset (192) (186)
Net Amount 165 276
Liabilities    
Gross Amounts Recognized (372) (571)
Financial Instruments Not Offset 192 186
Net Amount $ (180) $ (385)
v3.25.1
Inventories (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Inventory Disclosure [Abstract]    
Raw materials $ 6,822 $ 6,681
Work-in-process 1,435 1,438
Finished goods 9,228 8,329
Supplies 377 379
Total inventories $ 17,862 $ 16,827
v3.25.1
Intangible Assets and Goodwill - Summary of Intangible Assets (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Intangible assets    
Gross Carrying Amount $ 2,816 $ 2,833
Accumulated Amortization (2,455) (2,434)
Net 361 399
Customer relationships    
Intangible assets    
Gross Carrying Amount 2,207 2,220
Accumulated Amortization (1,971) (1,950)
Net 236 270
Intellectual property    
Intangible assets    
Gross Carrying Amount 492 496
Accumulated Amortization (399) (401)
Net 93 95
Other    
Intangible assets    
Gross Carrying Amount 117 117
Accumulated Amortization (85) (83)
Net $ 32 $ 34
v3.25.1
Intangible Assets and Goodwill (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]    
Amortization expense $ 44 $ 44
Goodwill, impairment loss $ 0 $ 0
v3.25.1
Intangible Assets and Goodwill - Summary Of Expected Amortization Expense Related To Intangible Assets (Details)
$ in Millions
Mar. 31, 2025
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
Remaining Nine Months of 2025 $ 123
2026 97
2027 34
2028 27
2029 24
Thereafter $ 56
v3.25.1
Intangible Assets and Goodwill - Summary of Goodwill Acquired (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Goodwill    
Goodwill $ 7,392 $ 7,363
Impairments (2,122) (2,122)
Net goodwill 5,270 5,241
Changes in carrying amount of goodwill by reportable segment:    
Goodwill, beginning of period 7,363  
Other adjustments 29  
Goodwill, end of period 7,392  
Net goodwill, beginning of period 5,241  
Other adjustments 29  
Net goodwill, end of period 5,270  
Construction Industries    
Goodwill    
Goodwill 267 261
Impairments (22) (22)
Net goodwill 245 239
Changes in carrying amount of goodwill by reportable segment:    
Goodwill, beginning of period 261  
Other adjustments 6  
Goodwill, end of period 267  
Net goodwill, beginning of period 239  
Other adjustments 6  
Net goodwill, end of period 245  
Resource Industries    
Goodwill    
Goodwill 4,133 4,124
Impairments (1,175) (1,175)
Net goodwill 2,958 2,949
Changes in carrying amount of goodwill by reportable segment:    
Goodwill, beginning of period 4,124  
Other adjustments 9  
Goodwill, end of period 4,133  
Net goodwill, beginning of period 2,949  
Other adjustments 9  
Net goodwill, end of period 2,958  
Energy & Transportation    
Goodwill    
Goodwill 2,951 2,939
Impairments (925) (925)
Net goodwill 2,026 2,014
Changes in carrying amount of goodwill by reportable segment:    
Goodwill, beginning of period 2,939  
Other adjustments 12  
Goodwill, end of period 2,951  
Net goodwill, beginning of period 2,014  
Other adjustments 12  
Net goodwill, end of period 2,026  
All Other Segment    
Goodwill    
Goodwill 41 $ 39
Changes in carrying amount of goodwill by reportable segment:    
Goodwill, beginning of period 39  
Other adjustments 2  
Goodwill, end of period 41  
Other adjustments $ 2  
v3.25.1
Investments in Debt and Equity Securities - Schedule of Cost Basis and Fair Value of Available-for-Sale Securities (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Schedule of Investments in Debt and Equity Securities    
Cost Basis $ 3,360 $ 4,114
Unrealized Pretax Net Gains (Losses) (44) (72)
Fair Value 3,316 4,042
U.S. treasury bonds    
Schedule of Investments in Debt and Equity Securities    
Cost Basis 9 10
Unrealized Pretax Net Gains (Losses) 0 0
Fair Value 9 10
Other U.S. and non-U.S. government bonds    
Schedule of Investments in Debt and Equity Securities    
Cost Basis 70 71
Unrealized Pretax Net Gains (Losses) (2) (3)
Fair Value 68 68
Corporate bonds and other debt securities    
Schedule of Investments in Debt and Equity Securities    
Cost Basis 2,437 3,199
Unrealized Pretax Net Gains (Losses) (14) (29)
Fair Value 2,423 3,170
Asset-backed securities    
Schedule of Investments in Debt and Equity Securities    
Cost Basis 223 220
Unrealized Pretax Net Gains (Losses) (1) (1)
Fair Value 222 219
U.S. governmental agency    
Schedule of Investments in Debt and Equity Securities    
Cost Basis 488 476
Unrealized Pretax Net Gains (Losses) (23) (33)
Fair Value 465 443
Residential    
Schedule of Investments in Debt and Equity Securities    
Cost Basis 2 2
Unrealized Pretax Net Gains (Losses) 0 0
Fair Value 2 2
Commercial    
Schedule of Investments in Debt and Equity Securities    
Cost Basis 131 136
Unrealized Pretax Net Gains (Losses) (4) (6)
Fair Value $ 127 $ 130
v3.25.1
Investments in Debt and Equity Securities - Summary of Investments In An Unrealized Loss Position That Are Not Other-Than-Temporarily Impaired (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Available-for-sale Securities, Continuous Unrealized Loss Position    
Less than 12 months - Fair Value $ 377 $ 875
Less than 12 months - Unrealized losses 2 6
12 months or more - Fair Value 1,104 1,290
12 months or more - Unrealized losses 53 75
Fair Value 1,481 2,165
Unrealized Losses 55 81
Other U.S. and non-U.S. government bonds    
Available-for-sale Securities, Continuous Unrealized Loss Position    
Less than 12 months - Fair Value 0 0
Less than 12 months - Unrealized losses 0 0
12 months or more - Fair Value 35 55
12 months or more - Unrealized losses 2 4
Fair Value 35 55
Unrealized Losses 2 4
Corporate bonds and other debt securities    
Available-for-sale Securities, Continuous Unrealized Loss Position    
Less than 12 months - Fair Value 242 729
Less than 12 months - Unrealized losses 1 3
12 months or more - Fair Value 655 812
12 months or more - Unrealized losses 22 33
Fair Value 897 1,541
Unrealized Losses 23 36
Asset-backed securities    
Available-for-sale Securities, Continuous Unrealized Loss Position    
Less than 12 months - Fair Value 63 7
Less than 12 months - Unrealized losses 0 0
12 months or more - Fair Value 47 37
12 months or more - Unrealized losses 1 2
Fair Value 110 44
Unrealized Losses 1 2
U.S. governmental agency    
Available-for-sale Securities, Continuous Unrealized Loss Position    
Less than 12 months - Fair Value 67 126
Less than 12 months - Unrealized losses 1 3
12 months or more - Fair Value 265 273
12 months or more - Unrealized losses 24 30
Fair Value 332 399
Unrealized Losses 25 33
Commercial    
Available-for-sale Securities, Continuous Unrealized Loss Position    
Less than 12 months - Fair Value 5 13
Less than 12 months - Unrealized losses 0 0
12 months or more - Fair Value 102 113
12 months or more - Unrealized losses 4 6
Fair Value 107 126
Unrealized Losses $ 4 $ 6
v3.25.1
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
Mar. 31, 2025
Dec. 31, 2024
Cost Basis    
Due in one year or less $ 1,027  
Due after one year through five years 1,321  
Due after five years through ten years 285  
Due after ten years 106  
Debt securities, available-for-sale, cost basis 3,360 $ 4,114
Fair Value    
Due in one year or less 1,024  
Due after one year through five years 1,309  
Due after five years through ten years 284  
Due after ten years 105  
Debt securities 3,316 4,042
U.S. governmental agency    
Cost Basis    
Debt securities, available-for-sale, cost basis 488 476
Fair Value    
Debt securities 465 443
Residential    
Cost Basis    
Debt securities, available-for-sale, cost basis 2 2
Fair Value    
Debt securities 2 2
Commercial    
Cost Basis    
Debt securities, available-for-sale, cost basis 131 136
Fair Value    
Debt securities $ 127 $ 130
v3.25.1
Investments in Debt and Equity Securities (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]    
Proceeds from available-for-sale debt securities $ 911 $ 361
Unrealized gain (loss) on equity securities $ 3 $ 17
v3.25.1
Postretirement Benefits - Schedule Of Net Benefit Costs (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Components of net periodic benefit cost:    
Net periodic benefit cost (benefit) $ 14 $ (56)
Pension Benefits | U.S. Plans    
Components of net periodic benefit cost:    
Service cost 0 0
Interest cost 153 156
Expected return on plan assets (180) (175)
Amortization of prior service cost (credit) 0 0
Net periodic benefit cost (benefit) (27) (19)
Pension Benefits | Non-U.S. Plans    
Components of net periodic benefit cost:    
Service cost 11 11
Interest cost 28 30
Expected return on plan assets (40) (42)
Amortization of prior service cost (credit) 0 0
Net periodic benefit cost (benefit) (1) (1)
Other Postretirement Benefits    
Components of net periodic benefit cost:    
Service cost 16 17
Interest cost 31 33
Expected return on plan assets (2) (2)
Amortization of prior service cost (credit) (1) (3)
Net periodic benefit cost (benefit) $ 44 $ 45
v3.25.1
Postretirement Benefits (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
Defined Benefit Plan Disclosure  
Expected full year contributions to pension and other postretirement benefit plans during the year $ 354
Pension Benefits  
Defined Benefit Plan Disclosure  
Contributions to pension and other postretirement benefit plans $ 211
v3.25.1
Postretirement Benefits - Summary Of Company Costs Related To U.S. And Non-U.S. Defined Contribution Plans (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Defined Contribution Plan    
Costs related to defined contribution plans $ 187 $ 253
U.S. Plans    
Defined Contribution Plan    
Costs related to defined contribution plans 154 223
Non-U.S. Plans    
Defined Contribution Plan    
Costs related to defined contribution plans $ 33 $ 30
v3.25.1
Leases - Lease Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Leases [Abstract]    
Finance lease revenue $ 113 $ 108
Operating lease revenue 310 313
Total $ 423 $ 421
Financial Products    
Lessor, Lease, Description    
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] Sales and revenues Sales and revenues
v3.25.1
Guarantees and Product Warranty (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Guarantor Obligations    
Guarantees, maximum potential amount of future payments $ 390 $ 368
SPC assets in consolidated statement 84,974 87,764
SPC liabilities in consolidated statement 66,904 68,270
Variable Interest Entity, Primary Beneficiary    
Guarantor Obligations    
SPC assets in consolidated statement 1,010 1,140
SPC liabilities in consolidated statement $ 1,010 $ 1,140
v3.25.1
Guarantees and Product Warranty - Summary Of Product Warranty (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Change in product warranty liability balances    
Warranty liability, beginning of period $ 1,700 $ 1,894
Reduction in liability (payments) (166) (199)
Increase in liability (new warranties) 103 133
Warranty liability, end of period $ 1,637 $ 1,828
v3.25.1
Profit Per Share - Computations of profit per share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Earnings Per Share Reconciliation [Abstract]    
Profit for the period (A) (in dollars) [1] $ 2,003 $ 2,856
Determination of shares (in millions):    
Weighted-average number of common shares outstanding (B) (in shares) 474.9 493.9
Shares issuable on exercise of stock awards, net of shares assumed to be purchased out of proceeds at average market price (in shares) 2.2 3.0
Average common shares outstanding for fully diluted computation (C) (in shares) [2] 477.1 496.9
Profit per share of common stock:    
Assuming no dilution (A/B) (in dollars per share) $ 4.22 $ 5.78
Assuming full dilution (A/C) (in dollars per share) [2] $ 4.20 $ 5.75
Shares outstanding as of end of period (in shares) 471.0 489.3
[1] Profit attributable to common shareholders.
[2] Diluted by assumed exercise of stock-based compensation awards using the treasury stock method.
v3.25.1
Profit Per Share (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
shares
Mar. 31, 2024
USD ($)
shares
Stock Repurchase    
Common shares under SARs and stock options not included in the computation of diluted earnings per share (in shares) | shares 300,000 300,000
Common shares repurchased (in shares) | shares 7,515,281 11,328,487
Common shares repurchased [1] $ 2,760 $ 3,705
Cost of repurchase $ 3,660 $ 4,455
ASR Agreements    
Stock Repurchase    
Common shares repurchased (in shares) | shares 5,700,000  
Common shares repurchased $ 2,100  
Cost of repurchase $ 3,000  
Percentage of initial number of common shares repurchased under the ASR agreements 0.70  
Stock repurchase program, unsettled forward contract, reduction to common stock $ 900  
[1] See Note 12 for additional information.
v3.25.1
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Beginning balance $ 19,494 $ 19,503
Total other comprehensive income (loss), net of tax 266 (273)
Ending balance 18,070 17,645
Foreign currency translation    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Beginning balance (2,310) (1,782)
Gains (losses) on foreign currency translation 188 (213)
Less: Tax provision /(benefit) 0 11
Net gains (losses) 188 (224)
(Gains) losses reclassified to earnings 0 (33)
Less: Tax provision /(benefit) 0 0
Net (gains) losses reclassified to earnings 0 (33)
Total other comprehensive income (loss), net of tax 188 (257)
Ending balance (2,122) (2,039)
Pension and other postretirement benefits    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Beginning balance (61) (49)
Gains (losses) on foreign currency translation 0 0
Less: Tax provision /(benefit) 0 0
Net gains (losses) 0 0
(Gains) losses reclassified to earnings (1) (3)
Less: Tax provision /(benefit) 0 0
Net (gains) losses reclassified to earnings (1) (3)
Total other comprehensive income (loss), net of tax (1) (3)
Ending balance (62) (52)
Derivative financial instruments    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Beginning balance (46) 67
Gains (losses) on foreign currency translation 76 106
Less: Tax provision /(benefit) 18 28
Net gains (losses) 58 78
(Gains) losses reclassified to earnings (1) (106)
Less: Tax provision /(benefit) 0 (28)
Net (gains) losses reclassified to earnings (1) (78)
Total other comprehensive income (loss), net of tax 57 0
Ending balance 11 67
Available-for-sale securities    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Beginning balance (54) (56)
Gains (losses) on foreign currency translation 26 (17)
Less: Tax provision /(benefit) 6 (3)
Net gains (losses) 20 (14)
(Gains) losses reclassified to earnings 2 1
Less: Tax provision /(benefit) 0 0
Net (gains) losses reclassified to earnings 2 1
Total other comprehensive income (loss), net of tax 22 (13)
Ending balance (32) (69)
Accumulated other comprehensive income (loss)    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Beginning balance (2,471) (1,820)
Ending balance $ (2,205) $ (2,093)
v3.25.1
Income Taxes (Details)
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Tax Disclosure [Abstract]    
Effective tax rate 22.30% 19.50%
v3.25.1
Segment Information (Details)
 3 Months Ended
Mar. 31, 2025
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
v3.25.1
Segment Information - Revenue By Geographic Region (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Sales and revenues by geographic region    
Sales and revenues $ 14,249 $ 15,799
Intersegment Sales and Revenues    
Sales and revenues by geographic region    
Sales and revenues (1,333) (1,373)
Corporate Items    
Sales and revenues by geographic region    
Sales and revenues (152) (226)
Eliminations and Reconciling Items    
Sales and revenues by geographic region    
Sales and revenues (1,485) (1,599)
North America    
Sales and revenues by geographic region    
Sales and revenues 7,738 8,573
North America | Corporate Items    
Sales and revenues by geographic region    
Sales and revenues (91) (152)
Latin America    
Sales and revenues by geographic region    
Sales and revenues 1,515 1,559
Latin America | Corporate Items    
Sales and revenues by geographic region    
Sales and revenues (19) (20)
EAME    
Sales and revenues by geographic region    
Sales and revenues 2,506 2,852
EAME | Corporate Items    
Sales and revenues by geographic region    
Sales and revenues (21) (30)
Asia/ Pacific    
Sales and revenues by geographic region    
Sales and revenues 2,490 2,815
Asia/ Pacific | Corporate Items    
Sales and revenues by geographic region    
Sales and revenues (21) (24)
Total sales and revenues from reportable segments | Operating Segments Excluding Intersegment Eliminations    
Sales and revenues by geographic region    
Sales and revenues 14,370 15,991
Total sales and revenues from reportable segments | Intersegment Sales and Revenues    
Sales and revenues by geographic region    
Sales and revenues (1,273) (1,298)
Total sales and revenues from reportable segments | Operating Segments    
Sales and revenues by geographic region    
Sales and revenues 15,643 17,289
Total sales and revenues from reportable segments | North America | Operating Segments Excluding Intersegment Eliminations    
Sales and revenues by geographic region    
Sales and revenues 7,812 8,707
Total sales and revenues from reportable segments | Latin America | Operating Segments Excluding Intersegment Eliminations    
Sales and revenues by geographic region    
Sales and revenues 1,534 1,580
Total sales and revenues from reportable segments | EAME | Operating Segments Excluding Intersegment Eliminations    
Sales and revenues by geographic region    
Sales and revenues 2,525 2,878
Total sales and revenues from reportable segments | Asia/ Pacific | Operating Segments Excluding Intersegment Eliminations    
Sales and revenues by geographic region    
Sales and revenues 2,499 2,826
Construction Industries | Operating Segments Excluding Intersegment Eliminations    
Sales and revenues by geographic region    
Sales and revenues 5,144 6,417
Construction Industries | Intersegment Sales and Revenues    
Sales and revenues by geographic region    
Sales and revenues (40) (7)
Construction Industries | Operating Segments    
Sales and revenues by geographic region    
Sales and revenues 5,184 6,424
Construction Industries | North America | Operating Segments Excluding Intersegment Eliminations    
Sales and revenues by geographic region    
Sales and revenues 2,904 3,833
Construction Industries | Latin America | Operating Segments Excluding Intersegment Eliminations    
Sales and revenues by geographic region    
Sales and revenues 504 595
Construction Industries | EAME | Operating Segments Excluding Intersegment Eliminations    
Sales and revenues by geographic region    
Sales and revenues 867 996
Construction Industries | Asia/ Pacific | Operating Segments Excluding Intersegment Eliminations    
Sales and revenues by geographic region    
Sales and revenues 869 993
Resource Industries | Operating Segments Excluding Intersegment Eliminations    
Sales and revenues by geographic region    
Sales and revenues 2,821 3,096
Resource Industries | Intersegment Sales and Revenues    
Sales and revenues by geographic region    
Sales and revenues (63) (97)
Resource Industries | Operating Segments    
Sales and revenues by geographic region    
Sales and revenues 2,884 3,193
Resource Industries | North America | Operating Segments Excluding Intersegment Eliminations    
Sales and revenues by geographic region    
Sales and revenues 1,084 1,264
Resource Industries | Latin America | Operating Segments Excluding Intersegment Eliminations    
Sales and revenues by geographic region    
Sales and revenues 561 476
Resource Industries | EAME | Operating Segments Excluding Intersegment Eliminations    
Sales and revenues by geographic region    
Sales and revenues 406 465
Resource Industries | Asia/ Pacific | Operating Segments Excluding Intersegment Eliminations    
Sales and revenues by geographic region    
Sales and revenues 770 891
Energy & Transportation    
Sales and revenues by geographic region    
Sales and revenues 5,398 5,487
Energy & Transportation | Operating Segments Excluding Intersegment Eliminations    
Sales and revenues by geographic region    
Sales and revenues 5,398 5,487
Energy & Transportation | Intersegment Sales and Revenues    
Sales and revenues by geographic region    
Sales and revenues (1,170) (1,194)
Energy & Transportation | Operating Segments    
Sales and revenues by geographic region    
Sales and revenues 6,568 6,681
Energy & Transportation | North America | Operating Segments Excluding Intersegment Eliminations    
Sales and revenues by geographic region    
Sales and revenues 3,142 2,951
Energy & Transportation | Latin America | Operating Segments Excluding Intersegment Eliminations    
Sales and revenues by geographic region    
Sales and revenues 370 408
Energy & Transportation | EAME | Operating Segments Excluding Intersegment Eliminations    
Sales and revenues by geographic region    
Sales and revenues 1,130 1,294
Energy & Transportation | Asia/ Pacific | Operating Segments Excluding Intersegment Eliminations    
Sales and revenues by geographic region    
Sales and revenues 756 834
Financial Products Segment | Related Party    
Sales and revenues by geographic region    
Sales and revenues 163 177
Financial Products Segment | Operating Segments Excluding Intersegment Eliminations    
Sales and revenues by geographic region    
Sales and revenues 1,007 991
Financial Products Segment | Intersegment Sales and Revenues    
Sales and revenues by geographic region    
Sales and revenues 0 0
Financial Products Segment | Operating Segments    
Sales and revenues by geographic region    
Sales and revenues 1,007 991
Financial Products Segment | North America | Operating Segments Excluding Intersegment Eliminations    
Sales and revenues by geographic region    
Sales and revenues 682 659
Financial Products Segment | Latin America | Operating Segments Excluding Intersegment Eliminations    
Sales and revenues by geographic region    
Sales and revenues 99 101
Financial Products Segment | EAME | Operating Segments Excluding Intersegment Eliminations    
Sales and revenues by geographic region    
Sales and revenues 122 123
Financial Products Segment | Asia/ Pacific | Operating Segments Excluding Intersegment Eliminations    
Sales and revenues by geographic region    
Sales and revenues 104 108
All Other Segment | Operating Segments Excluding Intersegment Eliminations    
Sales and revenues by geographic region    
Sales and revenues 31 34
All Other Segment | Intersegment Sales and Revenues    
Sales and revenues by geographic region    
Sales and revenues (60) (75)
All Other Segment | Operating Segments    
Sales and revenues by geographic region    
Sales and revenues 91 109
All Other Segment | North America | Operating Segments Excluding Intersegment Eliminations    
Sales and revenues by geographic region    
Sales and revenues 17 18
All Other Segment | Latin America | Operating Segments Excluding Intersegment Eliminations    
Sales and revenues by geographic region    
Sales and revenues 0 (1)
All Other Segment | EAME | Operating Segments Excluding Intersegment Eliminations    
Sales and revenues by geographic region    
Sales and revenues 2 4
All Other Segment | Asia/ Pacific | Operating Segments Excluding Intersegment Eliminations    
Sales and revenues by geographic region    
Sales and revenues $ 12 $ 13
v3.25.1
Segment Information - Energy & Transportation Sales (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Energy and transportation sales    
Sales and revenues $ 14,249 $ 15,799
Energy & Transportation    
Energy and transportation sales    
Sales and revenues 5,398 5,487
Energy & Transportation | Oil and gas    
Energy and transportation sales    
Sales and revenues 1,258 1,568
Energy & Transportation | Power generation    
Energy and transportation sales    
Sales and revenues 1,996 1,618
Energy & Transportation | Industrial    
Energy and transportation sales    
Sales and revenues 967 989
Energy & Transportation | Transportation    
Energy and transportation sales    
Sales and revenues $ 1,177 $ 1,312
v3.25.1
Segment information - Reconciliation of profit from reportable segments (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting Information    
Sales and revenues $ 14,249 $ 15,799
Less:    
Cost of goods sold 8,965 9,662
Segment Profit 2,570 3,532
Total from Reportable Segments    
Less:    
Segment Profit 3,152 4,088
Total from Reportable Segments | Operating Segments    
Segment Reporting Information    
Sales and revenues 15,643 17,289
Less:    
Cost of goods sold 10,173 10,904
SG&A/R&D 1,772 1,738
Other segment reporting items 546 559
Segment Profit 3,152 4,088
Construction Industries | Operating Segments    
Segment Reporting Information    
Sales and revenues 5,184 6,424
Less:    
Cost of goods sold 3,718 4,210
SG&A/R&D 451 446
Other segment reporting items (9) 4
Segment Profit 1,024 1,764
Resource Industries | Operating Segments    
Segment Reporting Information    
Sales and revenues 2,884 3,193
Less:    
Cost of goods sold 1,960 2,116
SG&A/R&D 346 341
Other segment reporting items (21) 6
Segment Profit 599 730
Energy & Transportation    
Segment Reporting Information    
Sales and revenues 5,398 5,487
Energy & Transportation | Operating Segments    
Segment Reporting Information    
Sales and revenues 6,568 6,681
Less:    
Cost of goods sold 4,495 4,578
SG&A/R&D 780 778
Other segment reporting items (21) 24
Segment Profit 1,314 1,301
Financial Products Segment | Operating Segments    
Segment Reporting Information    
Sales and revenues 1,007 991
Less:    
Cost of goods sold 0 0
SG&A/R&D 195 173
Other segment reporting items 597 525
Segment Profit $ 215 $ 293
v3.25.1
Segment information - Reconciliations of consolidated profit before taxes (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Sales and revenues by geographic region    
Consolidated profit before tax $ 2,570 $ 3,532
Cost centers 4 14
Corporate costs (213) (201)
Timing (7) (67)
Restructuring costs (33) 6
Methodology differences:    
Inventory/cost of sales (27) (6)
Postretirement benefit income (expense) 14 (56)
Stock-based compensation expense (45) (44)
Financing costs (46) (28)
Currency (54) 87
Other income/expense methodology differences (142) (250)
Other methodology differences (12) (35)
Total sales and revenues from reportable segments    
Sales and revenues by geographic region    
Consolidated profit before tax 3,152 4,088
All Other Segment    
Sales and revenues by geographic region    
Consolidated profit before tax $ (21) $ 24
v3.25.1
Segment information - Reconciliation of Assets (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Reconciliation of assets    
Segment assets $ 84,974 $ 87,764
Items not included in segment assets:    
Cash and cash equivalents 3,562 6,889
Operating Segments    
Reconciliation of assets    
Segment assets 60,235 59,791
Operating Segments | Construction Industries    
Reconciliation of assets    
Segment assets 5,646 5,546
Operating Segments | Resource Industries    
Reconciliation of assets    
Segment assets 5,448 5,548
Operating Segments | Energy & Transportation    
Reconciliation of assets    
Segment assets 11,806 11,772
Operating Segments | Financial Products Segment    
Reconciliation of assets    
Segment assets 37,335 36,925
Operating Segments | All Other Segment    
Reconciliation of assets    
Segment assets 1,973 1,937
Corporate Items    
Items not included in segment assets:    
Cash and cash equivalents 2,741 6,165
Deferred income taxes 3,215 3,194
Goodwill and intangible assets 4,614 4,478
Property, plant and equipment – net and other assets 3,859 4,808
Inventory methodology differences (3,877) (3,560)
Liabilities included in segment assets 12,912 11,973
Other $ (698) $ (1,022)
v3.25.1
Segment information - Reconciliations of Depreciation and Amortization (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Reconciliation of Depreciation and amortization:    
Depreciation and amortization $ 540 $ 524
Operating Segments    
Reconciliation of Depreciation and amortization:    
Depreciation and amortization 460 441
Operating Segments | Construction Industries    
Reconciliation of Depreciation and amortization:    
Depreciation and amortization 63 56
Operating Segments | Resource Industries    
Reconciliation of Depreciation and amortization:    
Depreciation and amortization 66 63
Operating Segments | Energy & Transportation    
Reconciliation of Depreciation and amortization:    
Depreciation and amortization 153 137
Operating Segments | Financial Products Segment    
Reconciliation of Depreciation and amortization:    
Depreciation and amortization 178 185
Operating Segments | All Other Segment    
Reconciliation of Depreciation and amortization:    
Depreciation and amortization 58 61
Corporate Items    
Items not included in segment depreciation and amortization:    
Cost centers 24 23
Other $ (2) $ (1)
v3.25.1
Segment information - Reconciliations of Capital Expenditures (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Capital expenditures from reportable segments:    
Capital expenditures $ 918 $ 736
Operating Segments    
Capital expenditures from reportable segments:    
Capital expenditures 561 448
Operating Segments | Construction Industries    
Capital expenditures from reportable segments:    
Capital expenditures 46 58
Operating Segments | Resource Industries    
Capital expenditures from reportable segments:    
Capital expenditures 46 34
Operating Segments | Energy & Transportation    
Capital expenditures from reportable segments:    
Capital expenditures 299 122
Operating Segments | Financial Products Segment    
Capital expenditures from reportable segments:    
Capital expenditures 170 234
Operating Segments | All Other Segment    
Capital expenditures from reportable segments:    
Capital expenditures 42 29
Corporate Items    
Items not included in segment capital expenditures:    
Cost centers 27 30
Timing 295 245
Other $ (7) $ (16)
v3.25.1
Cat Financial Financing Activities - Allowance For Credit Losses (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Receivables [Abstract]      
Average term 51 months    
Average remaining term 27 months    
Allowance for Credit Loss Activity      
Beginning balance $ 262 $ 327  
Write-offs (30) (70)  
Recoveries 10 15  
Provision for credit losses 33 9  
Other 2 (4)  
Ending balance 277 277  
Total Finance Receivables 23,341 22,207  
Customer      
Allowance for Credit Loss Activity      
Beginning balance 258 276  
Write-offs (30) (23)  
Recoveries 10 15  
Provision for credit losses 33 9  
Other 2 (4)  
Ending balance 273 273  
Total Finance Receivables 21,964 20,413 $ 21,517
Customer | Latin America      
Allowance for Credit Loss Activity      
Write-offs (3) (2)  
Dealer      
Allowance for Credit Loss Activity      
Beginning balance 4 51  
Write-offs 0 (47)  
Recoveries 0 0  
Provision for credit losses 0 0  
Other 0 0  
Ending balance 4 4  
Total Finance Receivables 1,377 1,794  
Dealer | Latin America      
Allowance for Credit Loss Activity      
Write-offs $ 0 $ (47)  
v3.25.1
Cat Financial Financing Activities - Write Offs (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Write-offs by origination year    
Total $ 30 $ 70
Customer    
Write-offs by origination year    
2025/2024 0 0
2024/2023 6 5
2023/2022 9 8
2022/2021 7 5
2021/2020 3 2
Prior 3 0
Revolving Finance Receivables 2 3
Total 30 23
Customer | North America    
Write-offs by origination year    
2025/2024 0 0
2024/2023 2 3
2023/2022 5 4
2022/2021 4 2
2021/2020 2 1
Prior 1 0
Revolving Finance Receivables 2 3
Total 16 13
Customer | EAME    
Write-offs by origination year    
2025/2024 0 0
2024/2023 1 1
2023/2022 1 1
2022/2021 1 1
2021/2020 0 0
Prior 0 0
Revolving Finance Receivables 0 0
Total 3 3
Customer | Asia/ Pacific    
Write-offs by origination year    
2025/2024 0 0
2024/2023 0 1
2023/2022 1 2
2022/2021 0 1
2021/2020 1 1
Prior 0 0
Revolving Finance Receivables 0 0
Total 2 5
Customer | Latin America    
Write-offs by origination year    
2025/2024 0 0
2024/2023 0 0
2023/2022 1 1
2022/2021 1 1
2021/2020 0 0
Prior 1 0
Revolving Finance Receivables 0 0
Total 3 2
Customer | Mining    
Write-offs by origination year    
2025/2024 0  
2024/2023 3  
2023/2022 1  
2022/2021 1  
2021/2020 0  
Prior 0  
Revolving Finance Receivables 0  
Total 5  
Customer | Power    
Write-offs by origination year    
2025/2024 0  
2024/2023 0  
2023/2022 0  
2022/2021 0  
2021/2020 0  
Prior 1  
Revolving Finance Receivables 0  
Total 1  
Dealer    
Write-offs by origination year    
Total 0 47
Dealer | Latin America    
Write-offs by origination year    
Total $ 0 $ 47
v3.25.1
Cat Financial Financing Activities - Financing Receivable Credit Quality Indicator (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Receivables [Abstract]      
Period after which Unpaid Installments are Considered as Past Due 30 days    
Financing Receivable, Credit Quality Indicator      
Total Finance Receivables $ 23,341   $ 22,207
Customer      
Financing Receivable, Credit Quality Indicator      
2025 and 2024, respectively 2,419 $ 9,451  
2024 and 2023, respectively 8,849 5,892  
2023 and 2022, respectively 5,391 3,164  
2022 and 2021, respectively 2,761 1,721  
2021 and 2020, respectively 1,407 510  
Prior 543 202  
Revolving Finance Receivables 594 577  
Total Finance Receivables 21,964 21,517 $ 20,413
Customer | Current      
Financing Receivable, Credit Quality Indicator      
2025 and 2024, respectively 2,415 9,366  
2024 and 2023, respectively 8,728 5,742  
2023 and 2022, respectively 5,238 3,058  
2022 and 2021, respectively 2,656 1,661  
2021 and 2020, respectively 1,355 489  
Prior 515 189  
Revolving Finance Receivables 589 572  
Total Finance Receivables 21,496 21,077  
Customer | 31-60 days past due      
Financing Receivable, Credit Quality Indicator      
2025 and 2024, respectively 4 45  
2024 and 2023, respectively 65 65  
2023 and 2022, respectively 58 43  
2022 and 2021, respectively 43 24  
2021 and 2020, respectively 21 6  
Prior 9 3  
Revolving Finance Receivables 3 3  
Total Finance Receivables 203 189  
Customer | 61-90 days past due      
Financing Receivable, Credit Quality Indicator      
2025 and 2024, respectively 0 14  
2024 and 2023, respectively 28 22  
2023 and 2022, respectively 25 14  
2022 and 2021, respectively 16 8  
2021 and 2020, respectively 7 3  
Prior 2 1  
Revolving Finance Receivables 1 1  
Total Finance Receivables 79 63  
Customer | 91+ days past due      
Financing Receivable, Credit Quality Indicator      
2025 and 2024, respectively 0 26  
2024 and 2023, respectively 28 63  
2023 and 2022, respectively 70 49  
2022 and 2021, respectively 46 28  
2021 and 2020, respectively 24 12  
Prior 17 9  
Revolving Finance Receivables 1 1  
Total Finance Receivables 186 188  
Customer | North America | Current      
Financing Receivable, Credit Quality Indicator      
2025 and 2024, respectively 1,359 5,340  
2024 and 2023, respectively 4,932 3,035  
2023 and 2022, respectively 2,741 1,567  
2022 and 2021, respectively 1,347 980  
2021 and 2020, respectively 787 244  
Prior 181 23  
Revolving Finance Receivables 394 385  
Total Finance Receivables 11,741 11,574  
Customer | North America | 31-60 days past due      
Financing Receivable, Credit Quality Indicator      
2025 and 2024, respectively 4 30  
2024 and 2023, respectively 37 42  
2023 and 2022, respectively 38 29  
2022 and 2021, respectively 29 18  
2021 and 2020, respectively 14 5  
Prior 4 1  
Revolving Finance Receivables 3 3  
Total Finance Receivables 129 128  
Customer | North America | 61-90 days past due      
Financing Receivable, Credit Quality Indicator      
2025 and 2024, respectively 0 9  
2024 and 2023, respectively 18 14  
2023 and 2022, respectively 14 10  
2022 and 2021, respectively 6 6  
2021 and 2020, respectively 5 2  
Prior 2 1  
Revolving Finance Receivables 1 1  
Total Finance Receivables 46 43  
Customer | North America | 91+ days past due      
Financing Receivable, Credit Quality Indicator      
2025 and 2024, respectively 0 13  
2024 and 2023, respectively 14 37  
2023 and 2022, respectively 41 26  
2022 and 2021, respectively 26 16  
2021 and 2020, respectively 14 6  
Prior 7 2  
Revolving Finance Receivables 1 1  
Total Finance Receivables 103 101  
Customer | EAME | Current      
Financing Receivable, Credit Quality Indicator      
2025 and 2024, respectively 323 1,235  
2024 and 2023, respectively 1,188 874  
2023 and 2022, respectively 817 532  
2022 and 2021, respectively 479 285  
2021 and 2020, respectively 246 92  
Prior 128 72  
Revolving Finance Receivables 0 0  
Total Finance Receivables 3,181 3,090  
Customer | EAME | 31-60 days past due      
Financing Receivable, Credit Quality Indicator      
2025 and 2024, respectively 0 7  
2024 and 2023, respectively 8 10  
2023 and 2022, respectively 8 4  
2022 and 2021, respectively 7 3  
2021 and 2020, respectively 4 1  
Prior 1 0  
Revolving Finance Receivables 0 0  
Total Finance Receivables 28 25  
Customer | EAME | 61-90 days past due      
Financing Receivable, Credit Quality Indicator      
2025 and 2024, respectively 0 3  
2024 and 2023, respectively 6 4  
2023 and 2022, respectively 8 1  
2022 and 2021, respectively 5 1  
2021 and 2020, respectively 1 1  
Prior 0 0  
Revolving Finance Receivables 0 0  
Total Finance Receivables 20 10  
Customer | EAME | 91+ days past due      
Financing Receivable, Credit Quality Indicator      
2025 and 2024, respectively 0 3  
2024 and 2023, respectively 4 14  
2023 and 2022, respectively 14 8  
2022 and 2021, respectively 6 6  
2021 and 2020, respectively 6 4  
Prior 4 1  
Revolving Finance Receivables 0 0  
Total Finance Receivables 34 36  
Customer | Asia/ Pacific | Current      
Financing Receivable, Credit Quality Indicator      
2025 and 2024, respectively 258 898  
2024 and 2023, respectively 802 531  
2023 and 2022, respectively 464 256  
2022 and 2021, respectively 205 87  
2021 and 2020, respectively 65 14  
Prior 11 2  
Revolving Finance Receivables 1 0  
Total Finance Receivables 1,806 1,788  
Customer | Asia/ Pacific | 31-60 days past due      
Financing Receivable, Credit Quality Indicator      
2025 and 2024, respectively 0 4  
2024 and 2023, respectively 8 6  
2023 and 2022, respectively 5 5  
2022 and 2021, respectively 3 2  
2021 and 2020, respectively 2 0  
Prior 0 0  
Revolving Finance Receivables 0 0  
Total Finance Receivables 18 17  
Customer | Asia/ Pacific | 61-90 days past due      
Financing Receivable, Credit Quality Indicator      
2025 and 2024, respectively 0 1  
2024 and 2023, respectively 1 1  
2023 and 2022, respectively 1 2  
2022 and 2021, respectively 3 1  
2021 and 2020, respectively 0 0  
Prior 0 0  
Revolving Finance Receivables 0 0  
Total Finance Receivables 5 5  
Customer | Asia/ Pacific | 91+ days past due      
Financing Receivable, Credit Quality Indicator      
2025 and 2024, respectively 0 4  
2024 and 2023, respectively 2 1  
2023 and 2022, respectively 2 2  
2022 and 2021, respectively 2 1  
2021 and 2020, respectively 1 1  
Prior 0 0  
Revolving Finance Receivables 0 0  
Total Finance Receivables 7 9  
Customer | Latin America | Current      
Financing Receivable, Credit Quality Indicator      
2025 and 2024, respectively 260 800  
2024 and 2023, respectively 738 363  
2023 and 2022, respectively 332 220  
2022 and 2021, respectively 190 60  
2021 and 2020, respectively 46 8  
Prior 7 2  
Revolving Finance Receivables 0 0  
Total Finance Receivables 1,573 1,453  
Customer | Latin America | 31-60 days past due      
Financing Receivable, Credit Quality Indicator      
2025 and 2024, respectively 0 4  
2024 and 2023, respectively 10 6  
2023 and 2022, respectively 7 5  
2022 and 2021, respectively 4 1  
2021 and 2020, respectively 1 0  
Prior 2 2  
Revolving Finance Receivables 0 0  
Total Finance Receivables 24 18  
Customer | Latin America | 61-90 days past due      
Financing Receivable, Credit Quality Indicator      
2025 and 2024, respectively 0 1  
2024 and 2023, respectively 3 2  
2023 and 2022, respectively 2 1  
2022 and 2021, respectively 2 0  
2021 and 2020, respectively 1 0  
Prior 0 0  
Revolving Finance Receivables 0 0  
Total Finance Receivables 8 4  
Customer | Latin America | 91+ days past due      
Financing Receivable, Credit Quality Indicator      
2025 and 2024, respectively 0 2  
2024 and 2023, respectively 4 6  
2023 and 2022, respectively 6 8  
2022 and 2021, respectively 7 4  
2021 and 2020, respectively 3 1  
Prior 1 1  
Revolving Finance Receivables 0 0  
Total Finance Receivables 21 22  
Customer | Mining | Current      
Financing Receivable, Credit Quality Indicator      
2025 and 2024, respectively 184 924  
2024 and 2023, respectively 861 755  
2023 and 2022, respectively 699 444  
2022 and 2021, respectively 396 206  
2021 and 2020, respectively 174 67  
Prior 80 34  
Revolving Finance Receivables 23 21  
Total Finance Receivables 2,417 2,451  
Customer | Mining | 31-60 days past due      
Financing Receivable, Credit Quality Indicator      
2025 and 2024, respectively 0 0  
2024 and 2023, respectively 2 1  
2023 and 2022, respectively 0 0  
2022 and 2021, respectively 0 0  
2021 and 2020, respectively 0 0  
Prior 2 0  
Revolving Finance Receivables 0 0  
Total Finance Receivables 4 1  
Customer | Mining | 61-90 days past due      
Financing Receivable, Credit Quality Indicator      
2025 and 2024, respectively 0 0  
2024 and 2023, respectively 0 1  
2023 and 2022, respectively 0 0  
2022 and 2021, respectively 0 0  
2021 and 2020, respectively 0 0  
Prior 0 0  
Revolving Finance Receivables 0 0  
Total Finance Receivables 0 1  
Customer | Mining | 91+ days past due      
Financing Receivable, Credit Quality Indicator      
2025 and 2024, respectively 0 4  
2024 and 2023, respectively 4 5  
2023 and 2022, respectively 7 5  
2022 and 2021, respectively 5 1  
2021 and 2020, respectively 0 0  
Prior 4 3  
Revolving Finance Receivables 0 0  
Total Finance Receivables 20 18  
Customer | Power | Current      
Financing Receivable, Credit Quality Indicator      
2025 and 2024, respectively 31 169  
2024 and 2023, respectively 207 184  
2023 and 2022, respectively 185 39  
2022 and 2021, respectively 39 43  
2021 and 2020, respectively 37 64  
Prior 108 56  
Revolving Finance Receivables 171 166  
Total Finance Receivables 778 721  
Customer | Power | 31-60 days past due      
Financing Receivable, Credit Quality Indicator      
2025 and 2024, respectively 0 0  
2024 and 2023, respectively 0 0  
2023 and 2022, respectively 0 0  
2022 and 2021, respectively 0 0  
2021 and 2020, respectively 0 0  
Prior 0 0  
Revolving Finance Receivables 0 0  
Total Finance Receivables 0 0  
Customer | Power | 61-90 days past due      
Financing Receivable, Credit Quality Indicator      
2025 and 2024, respectively 0 0  
2024 and 2023, respectively 0 0  
2023 and 2022, respectively 0 0  
2022 and 2021, respectively 0 0  
2021 and 2020, 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      
2025 and 2024, respectively 0 0  
2024 and 2023, respectively 0 0  
2023 and 2022, respectively 0 0  
2022 and 2021, respectively 0 0  
2021 and 2020, respectively 0 0  
Prior 1 2  
Revolving Finance Receivables 0 0  
Total Finance Receivables $ 1 $ 2  
v3.25.1
Cat Financial Financing Activities - Investment In Finance Receivables On Non-Accrual Status (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Dec. 31, 2024
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 $ 173 $ 176
91+ Still Accruing 23 30
North America | Customer    
Financing Receivable, Nonaccrual    
Non-accrual With an Allowance 90 83
91+ Still Accruing 16 20
EAME | Customer    
Financing Receivable, Nonaccrual    
Non-accrual With an Allowance 30 33
91+ Still Accruing 4 5
Asia/ Pacific | Customer    
Financing Receivable, Nonaccrual    
Non-accrual With an Allowance 4 5
91+ Still Accruing 3 5
Latin America | Dealer    
Financing Receivable, Nonaccrual    
Non-accrual With an Allowance 0 0
Latin America | Customer    
Financing Receivable, Nonaccrual    
Non-accrual With an Allowance 21 24
91+ Still Accruing 0 0
Mining | Customer    
Financing Receivable, Nonaccrual    
Non-accrual With an Allowance 27 29
91+ Still Accruing 0 0
Power | Customer    
Financing Receivable, Nonaccrual    
Non-accrual With an Allowance 1 2
91+ Still Accruing $ 0 $ 0
v3.25.1
Cat Financial Financing Activities - Modifications (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Weighted average payment deferral and/or interest only periods    
Finance receivable, modifications    
Financing receivable, borrowers not considered to be experiencing financial difficulty, maximum period 4 months  
Weighted average extension to term of modified contracts    
Finance receivable, modifications    
Financing receivable, borrowers not considered to be experiencing financial difficulty, maximum period 6 months  
Dealer    
Finance receivable, modifications    
Financing receivables, modified $ 0 $ 0
Customer    
Finance receivable, modifications    
Financing receivables, modified $ 6 $ 3
Financing Receivables in relation to total customer financing receivables, percentage 0.03% 0.01%
v3.25.1
Cat Financial Financing Activities - Financing receivable effects of term extensions and payment delays (Details)
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Weighted average extension to term of modified contracts    
Finance Receivables    
Modification 7 months 10 months
Weighted average payment deferral and/or interest only periods    
Finance Receivables    
Modification 8 months 9 months
v3.25.1
Fair Value Disclosures - Assets And Liabilities Measured On A Recurring Basis (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Assets and liabilities measured on a recurring and non-recurring basis at fair value    
Debt securities $ 3,316 $ 4,042
Recurring basis    
Assets and liabilities measured on a recurring and non-recurring basis at fair value    
Debt securities 3,316 4,042
Equity securities 474 469
Total Assets 3,902 4,628
Total liabilities 127 226
Recurring basis | Foreign exchange contracts    
Assets and liabilities measured on a recurring and non-recurring basis at fair value    
Derivate financial instruments - assets/liabilities 109 117
Recurring basis | Commodity contracts    
Assets and liabilities measured on a recurring and non-recurring basis at fair value    
Derivate financial instruments - assets/liabilities 3 (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 (101) (191)
Recurring basis | Total return swap contracts    
Assets and liabilities measured on a recurring and non-recurring basis at fair value    
Derivate financial instruments - assets/liabilities (26) (33)
U.S. treasury bonds    
Assets and liabilities measured on a recurring and non-recurring basis at fair value    
Debt securities 9 10
U.S. treasury bonds | Recurring basis    
Assets and liabilities measured on a recurring and non-recurring basis at fair value    
Debt securities 9 10
Other U.S. and non-U.S. government bonds    
Assets and liabilities measured on a recurring and non-recurring basis at fair value    
Debt securities 68 68
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 68 68
Corporate bonds and other debt securities    
Assets and liabilities measured on a recurring and non-recurring basis at fair value    
Debt securities 2,423 3,170
Corporate bonds and other debt securities | Recurring basis    
Assets and liabilities measured on a recurring and non-recurring basis at fair value    
Debt securities 2,423 3,170
Asset-backed securities    
Assets and liabilities measured on a recurring and non-recurring basis at fair value    
Debt securities 222 219
Asset-backed securities | Recurring basis    
Assets and liabilities measured on a recurring and non-recurring basis at fair value    
Debt securities 222 219
U.S. governmental agency | Recurring basis    
Assets and liabilities measured on a recurring and non-recurring basis at fair value    
Debt securities 465 443
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 127 130
Commercial | Recurring basis    
Assets and liabilities measured on a recurring and non-recurring basis at fair value    
Debt securities 127 130
Large capitalization value | Recurring basis    
Assets and liabilities measured on a recurring and non-recurring basis at fair value    
Equity securities 267 261
Smaller company growth | Recurring basis    
Assets and liabilities measured on a recurring and non-recurring basis at fair value    
Equity securities 39 41
REIT | Recurring basis    
Assets and liabilities measured on a recurring and non-recurring basis at fair value    
Equity securities 168 167
Level 1 | Recurring basis    
Assets and liabilities measured on a recurring and non-recurring basis at fair value    
Debt securities 9 10
Equity securities 306 302
Total Assets 315 312
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 | Commodity contracts    
Assets and liabilities measured on a recurring and non-recurring basis at fair value    
Derivate financial instruments - assets/liabilities 0 0
Level 1 | Recurring basis | 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 | Total return swap 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 10
Level 1 | Other U.S. and non-U.S. government bonds | Recurring basis    
Assets and liabilities measured on a recurring and non-recurring basis at fair value    
Debt securities 0 0
Level 1 | Corporate bonds and other debt securities | Recurring basis    
Assets and liabilities measured on a recurring and non-recurring basis at fair value    
Debt securities 0 0
Level 1 | Asset-backed securities | Recurring basis    
Assets and liabilities measured on a recurring and non-recurring basis at fair value    
Debt securities 0 0
Level 1 | U.S. governmental agency | Recurring basis    
Assets and liabilities measured on a recurring and non-recurring basis at fair value    
Debt securities 0 0
Level 1 | Residential | Recurring basis    
Assets and liabilities measured on a recurring and non-recurring basis at fair value    
Debt securities 0 0
Level 1 | Commercial | Recurring basis    
Assets and liabilities measured on a recurring and non-recurring basis at fair value    
Debt securities 0 0
Level 1 | Large capitalization value | Recurring basis    
Assets and liabilities measured on a recurring and non-recurring basis at fair value    
Equity securities 267 261
Level 1 | Smaller company growth | Recurring basis    
Assets and liabilities measured on a recurring and non-recurring basis at fair value    
Equity securities 39 41
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 3,307 4,032
Equity securities 0 0
Total Assets 3,419 4,149
Total liabilities 127 226
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 109 117
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 3 (2)
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 (101) (191)
Level 2 | Recurring basis | Total return swap contracts    
Assets and liabilities measured on a recurring and non-recurring basis at fair value    
Derivate financial instruments - assets/liabilities (26) (33)
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 68 68
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 2,423 3,170
Level 2 | Asset-backed securities | Recurring basis    
Assets and liabilities measured on a recurring and non-recurring basis at fair value    
Debt securities 222 219
Level 2 | U.S. governmental agency | Recurring basis    
Assets and liabilities measured on a recurring and non-recurring basis at fair value    
Debt securities 465 443
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 127 130
Level 2 | Large capitalization value | Recurring basis    
Assets and liabilities measured on a recurring and non-recurring basis at fair value    
Equity securities 0 0
Level 2 | Smaller company growth | Recurring basis    
Assets and liabilities measured on a recurring and non-recurring basis at fair value    
Equity securities 0 0
Level 2 | REIT | Recurring basis    
Assets and liabilities measured on a recurring and non-recurring basis at fair value    
Equity securities 0 0
Level 3 | Recurring basis    
Assets and liabilities measured on a recurring and non-recurring basis at fair value    
Debt securities 0 0
Equity securities 0 0
Total Assets 0 0
Total liabilities 0 0
Level 3 | Recurring basis | Foreign exchange contracts    
Assets and liabilities measured on a recurring and non-recurring basis at fair value    
Derivate financial instruments - assets/liabilities 0 0
Level 3 | Recurring basis | Commodity contracts    
Assets and liabilities measured on a recurring and non-recurring basis at fair value    
Derivate financial instruments - assets/liabilities 0 0
Level 3 | Recurring basis | 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 | Total return swap 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 70 59
Level 3 | U.S. treasury bonds | Recurring basis    
Assets and liabilities measured on a recurring and non-recurring basis at fair value    
Debt securities 0 0
Level 3 | Other U.S. and non-U.S. government bonds | Recurring basis    
Assets and liabilities measured on a recurring and non-recurring basis at fair value    
Debt securities 0 0
Level 3 | Corporate bonds and other debt securities | Recurring basis    
Assets and liabilities measured on a recurring and non-recurring basis at fair value    
Debt securities 0 0
Level 3 | Asset-backed securities | Recurring basis    
Assets and liabilities measured on a recurring and non-recurring basis at fair value    
Debt securities 0 0
Level 3 | U.S. governmental agency | Recurring basis    
Assets and liabilities measured on a recurring and non-recurring basis at fair value    
Debt securities 0 0
Level 3 | Residential | Recurring basis    
Assets and liabilities measured on a recurring and non-recurring basis at fair value    
Debt securities 0 0
Level 3 | Commercial | Recurring basis    
Assets and liabilities measured on a recurring and non-recurring basis at fair value    
Debt securities 0 0
Level 3 | Large capitalization value | Recurring basis    
Assets and liabilities measured on a recurring and non-recurring basis at fair value    
Equity securities 0 0
Level 3 | Smaller company growth | Recurring basis    
Assets and liabilities measured on a recurring and non-recurring basis at fair value    
Equity securities 0 0
Level 3 | REIT | Recurring basis    
Assets and liabilities measured on a recurring and non-recurring basis at fair value    
Equity securities 0 0
Measured at NAV | Recurring basis    
Assets and liabilities measured on a recurring and non-recurring basis at fair value    
Debt securities 0 0
Equity securities 168 167
Total Assets 168 167
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 | Commodity contracts    
Assets and liabilities measured on a recurring and non-recurring basis at fair value    
Derivate financial instruments - assets/liabilities 0 0
Measured at NAV | Recurring basis | 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 | Total return swap 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 $ 168 $ 167
v3.25.1
Fair Value Disclosures - Fair Value Of Financial Instruments (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Carrying Amount    
Assets    
Finance receivables-net (excluding finance leases) $ 16,420 $ 16,180
Wholesale inventory receivables-net (excluding finance leases) 1,484 1,568
Carrying Amount | Machinery, Energy & Transportation    
Liabilities    
Long-term debt (including amounts due within one year) 8,647 8,610
Carrying Amount | Financial Products    
Liabilities    
Long-term debt (including amounts due within one year) 26,487 25,406
Carrying amount of assets excluded from measurement at fair value    
Assets    
Excluded items: Finance leases and failed sale leasebacks, Carrying Value 6,829 6,769
Level 3 | Fair Value    
Assets    
Finance receivables-net (excluding finance leases) 16,075 15,788
Wholesale inventory receivables-net (excluding finance leases) 1,437 1,527
Level 2 | Fair Value | Machinery, Energy & Transportation    
Liabilities    
Long-term debt (including amounts due within one year) 8,101 7,980
Level 2 | Fair Value | Financial Products    
Liabilities    
Long-term debt (including amounts due within one year) $ 26,448 $ 25,304
v3.25.1
Other Income (Expense) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Other Income and Expenses [Abstract]    
Investment and interest income $ 99 $ 136
Foreign exchange gains (losses) (18) 42
License fee income 35 34
Net periodic pension and OPEB income (cost), excluding service cost 11 3
Gains (losses) on securities 3 17
Miscellaneous income (loss) (23) (76)
Total $ 107 $ 156
v3.25.1
Restructuring Income/Costs - Restructuring And Related Costs (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Restructuring and Related Cost    
Restructuring costs $ 33 $ (6)
Employee separations    
Restructuring and Related Cost    
Restructuring costs 17 13
Divestitures    
Restructuring and Related Cost    
Restructuring costs 0 (64)
Contract terminations    
Restructuring and Related Cost    
Restructuring costs 4 0
Long-lived asset impairments    
Restructuring and Related Cost    
Restructuring costs 0 7
Other    
Restructuring and Related Cost    
Restructuring costs $ 12 $ 38
v3.25.1
Supplier Finance Programs (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Supplier Finance Program [Line Items]    
Supplier finance program, obligation outstanding $ 880 $ 830
Minimum    
Supplier Finance Program [Line Items]    
Supplier finance program, payment terms 60 days  
Maximum    
Supplier Finance Program [Line Items]    
Supplier finance program, payment terms 90 days