Ending balance at Dec. 31, 2021

(2,668)

Other

35

36

(1)

16,516

6,398

(27,643)

39,282

(1,553)

32

Increase (Decrease) in Stockholders' Equity

Profit (loss) of consolidated and affiliated companies

6,704

6,705

(1)

Foreign currency translation, net of tax

(820)

Pension and other postretirement benefits, net of tax

23

Derivative financial instruments, net of tax

31

Available-for-sale securities, net of tax

(138)

Change in ownership from noncontrolling interests

0

Dividends declared

(2,473)

Distribution to noncontrolling interests

(10)

Common shares issued from treasury stock for stock-based compensation

51

(74)

125

Stock-based compensation expense

193

Ending balance at Dec. 31, 2022

(4,230)

Other

44

43

1

15,891

6,560

(31,748)

43,514

(2,457)

22

Increase (Decrease) in Stockholders' Equity

Profit (loss) of consolidated and affiliated companies

10,332

10,335

(3)

Foreign currency translation, net of tax

546

Pension and other postretirement benefits, net of tax

(10)

Derivative financial instruments, net of tax

39

Available-for-sale securities, net of tax

62

Change in ownership from noncontrolling interests

(7)

Dividends declared

^[1]

(2,599)

Common shares issued from treasury stock for stock-based compensation

12

(112)

124

Stock-based compensation expense

208

Outstanding authorized accelerated share repurchase

^[2]

(4,675)

(300)

Other

4

47

(40)

(3)

Ending balance at Dec. 31, 2023

$ 19,503

$ 6,403

$ (36,339)

$ 51,250

$ (1,820)

$ 9

[1]	Dividends per share of common stock of $5.10, $4.71 and $4.36 were declared in the years ended December 31, 2023, 2022 and 2021, respectively.
[2]	See Note 16 regarding shares repurchased.

Changes in Consolidated Shareholders' Equity at December 31 (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Common shares issued from treasury stock for stock-based compensation (in shares)	2,497,799	2,340,887	3,571,503
Common shares repurchased (in shares)	19,466,020	21,882,818	12,987,299
Dividends per share declared	$ 5.10	$ 4.71	$ 4.36

Consolidated Statement of Cash Flow for the Years Ended December 31 - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flow from operating activities:
Profit (loss) of consolidated and affiliated companies	$ 10,332	$ 6,704	$ 6,493
Adjustments for non-cash items:
Depreciation and amortization	2,144	2,219	2,352
Actuarial (gain) loss on pension and postretirement benefits	(97)	(606)	(833)
Provision (benefit) for deferred income taxes	(592)	(377)	(383)
Loss on divestiture	572	0	0
Goodwill impairment charge	0	925	0
Other	375	701	216
Changes in assets and liabilities, net of acquisitions and divestitures:
Receivables – trade and other	(437)	(220)	(1,259)
Inventories	(364)	(2,589)	(2,586)
Accounts payable	(754)	798	2,041
Accrued expenses	796	317	196
Accrued wages, salaries and employee benefits	486	90	1,107
Customer advances	80	768	34
Other assets – net	(95)	(210)	(97)
Other liabilities – net	439	(754)	(83)
Net cash provided by (used for) operating activities	12,885	7,766	7,198
Cash flow from investing activities:
Capital expenditures – excluding equipment leased to others	(1,597)	(1,296)	(1,093)
Expenditures for equipment leased to others	(1,495)	(1,303)	(1,379)
Proceeds from disposals of leased assets and property, plant and equipment	781	830	1,265
Additions to finance receivables	(15,161)	(13,239)	(13,002)
Collections of finance receivables	14,034	13,177	12,430
Proceeds from sale of finance receivables	63	57	51
Investments and acquisitions (net of cash acquired)	(75)	(88)	(490)
Proceeds from sale of businesses and investments (net of cash sold)	(4)	1	36
Proceeds from maturities and sale of securities	1,891	2,383	785
Investments in securities	(4,405)	(3,077)	(1,766)
Other – net	97	14	79
Net cash provided by (used for) investing activities	(5,871)	(2,541)	(3,084)
Cash flow from financing activities:
Dividends paid	(2,563)	(2,440)	(2,332)
Common stock issued, including treasury shares reissued	12	51	135
Common shares repurchased	(4,975)	(4,230)	(2,668)
Short-term borrowings – net (original maturities three months or less)	(1,345)	402	3,488
Other – net	0	(10)	(4)
Net cash provided by (used for) financing activities	(6,932)	(7,281)	(4,188)
Effect of exchange rate changes on cash	(110)	(194)	(29)
Increase (decrease) in cash, cash equivalents and restricted cash	(28)	(2,250)	(103)
Cash, cash equivalents and restricted cash at beginning of period	7,013	9,263	9,366
Cash, cash equivalents and restricted cash at end of period	6,985	7,013	9,263
Machinery, Energy & Transportation
Cash flow from financing activities:
Proceeds from debt issued (original maturities greater than three months):	0	0	494
Payments on debt (original maturities greater than three months):	(106)	(25)	(1,919)
Financial Products
Cash flow from financing activities:
Proceeds from debt issued (original maturities greater than three months):	8,257	6,674	6,495
Payments on debt (original maturities greater than three months):	$ (6,212)	$ (7,703)	$ (7,877)

Operations and summary of significant accounting policies

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Operations and summary of significant accounting policies

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.

We sell our products primarily under the brands “Caterpillar,” “CAT,” design versions of “CAT” and “Caterpillar,” “EMD,” “FG Wilson,” “MWM,” “Perkins,” “Progress Rail,” “SEM” and “Solar Turbines.”

We conduct operations in our ME&T line of business under highly competitive conditions, including intense price competition. We place great emphasis on the high quality and performance of our products and our dealers’ service support. Although no one competitor is believed to produce all of the same types of equipment that we do, there are numerous companies, large and small, which compete with us in the sale of each of our products.

We distribute our machines principally through a worldwide organization of dealers (dealer network), 43 located in the United States and 113 located outside the United States, serving 191 countries. We sell reciprocating engines principally through the dealer network and to other manufacturers for use in products. We also sell some of the reciprocating engines manufactured by our subsidiary Perkins Engines Company Limited through its worldwide network of 88 distributors covering 185 countries. We sell the FG Wilson branded electric power generation systems through its worldwide network of 110 distributors covering 109 countries. Our dealers do not deal exclusively with our products; however, in most cases sales and servicing of our products are the dealers’ principal business. We sell some products, primarily turbines and locomotives, to end customers through sales forces employed by the company. At times, these employees are assisted by independent sales representatives.

The Financial Products line of business also conducts operations under highly competitive conditions. Financing for users of Caterpillar products is available through a variety of competitive sources, principally commercial banks and finance and leasing companies. We offer various financing, insurance and risk management products designed to support sales of our products and generate financing income for our company. We conduct a significant portion of Financial Products activity in North America, with additional offices in Latin America, Asia/Pacific, Europe and Africa.

B. Basis of presentation

The consolidated financial statements include the accounts of Caterpillar Inc. and its subsidiaries where we have a controlling financial interest.

Investments in companies where our ownership exceeds 20 percent and we do not have a controlling interest or where the ownership is less than 20 percent and for which we have a significant influence are accounted for by the equity method.

We consolidate all variable interest entities (VIEs) where Caterpillar Inc. is the primary beneficiary. The primary beneficiary of a VIE is the party that has both the power to direct the activities that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. See Note 21 for further discussion on a consolidated VIE.

Cat Financial has end-user customers and dealers that are 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.

We include shipping and handling costs in Cost of goods sold in Statement 1. Other operating (income) expenses primarily include Cat Financial’s depreciation on equipment leased to others, (gains) losses on divestitures, Insurance Services’ underwriting expenses, employee separation charges, (gains) losses on disposal of long-lived assets and long-lived asset impairment charges.

Prepaid expenses and other current assets in Statement 3 primarily include investments in debt and equity securities, prepaid and refundable income taxes, right of return assets, prepaid insurance, contract assets, assets held for sale, core to be returned for remanufacturing, and restricted cash and other short-term investments.

Certain amounts for prior years have been reclassified to conform with the current-year financial statement presentation.

C. Inventories

We state inventories at the lower of cost or net realizable value. We principally determine cost using the last-in, first-out (LIFO) method. The value of inventories on the LIFO basis represented about 65 percent of total inventories at both December 31, 2023 and 2022, respectively.

If the FIFO (first-in, first-out) method had been in use, inventories would have been $3,423 million and $3,321 million higher than reported at December 31, 2023 and 2022, respectively.

D. Depreciation and amortization

We compute depreciation of plant and equipment principally using accelerated methods. We compute depreciation on equipment leased to others, primarily for Financial Products, using the straight-line method over the term of the lease. The depreciable basis is the original cost of the equipment less the estimated residual value of the equipment at the end of the lease term. In 2023, 2022 and 2021, Cat Financial depreciation on equipment leased to others was $713 million, $718 million and $755 million, respectively, which we include in Other operating (income) expenses in Statement 1. In 2023, 2022 and 2021, consolidated depreciation expense was $1,929 million, $1,937 million and $2,050 million, respectively. We compute amortization of purchased finite-lived intangibles principally using the straight-line method, generally not to exceed a period of 20 years.

E. Foreign currency translation

The functional currency for most of our ME&T consolidated subsidiaries is the U.S. dollar. The functional currency for most of our Financial Products consolidated subsidiaries is the respective local currency. We include gains and losses resulting from the remeasurement of foreign currency amounts to the functional currency in Other income (expense) in Statement 1. We include gains and losses resulting from translating assets and liabilities from the functional currency to U.S. dollars in Accumulated other comprehensive income (loss) (AOCI) in Statement 3.

F. Derivative financial instruments

Our earnings and cash flow are subject to fluctuations due to changes in foreign currency exchange rates, interest rates and commodity prices. Our Risk Management Policy (policy) allows for the use of derivative financial instruments to prudently manage foreign currency exchange rate, interest rate and commodity price exposures. Our policy specifies that derivatives are not to be used for speculative purposes. Derivatives that we use are primarily foreign currency forward, option and cross currency contracts, interest rate contracts and commodity forward and option contracts. All derivatives are recorded at fair value. See Note 4 for more information.

G. Income taxes

We determine the provision for income taxes using the asset and liability approach taking into account guidance related to uncertain tax positions. Tax laws require items to be included in tax filings at different times than the items are reflected in the financial statements. We recognize a current liability for the estimated taxes payable for the current year. Deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. We adjust deferred taxes for enacted changes in tax rates and tax laws. We record valuation allowances to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. See Note 6 for further discussion.

H. Goodwill

For acquisitions accounted for as a business combination, goodwill represents the excess of the cost over the fair value of the net assets acquired. We are required to test goodwill for impairment, at the reporting unit level, annually and when events or circumstances make it more likely than not that an impairment may have occurred. A reporting unit is an operating segment or one level below an operating segment (referred to as a component) to which goodwill is assigned when initially recorded. We assign goodwill to reporting units based on our integration plans and the expected synergies resulting from the acquisition. Because Caterpillar is a highly integrated company, the businesses we acquire are sometimes combined with or integrated into existing reporting units. When changes occur in the composition of our operating segments or reporting units, we reassign goodwill to the affected reporting units based on their relative fair values.

We perform our annual goodwill impairment test as of October 1 and monitor for interim triggering events on an ongoing basis. We review goodwill for impairment utilizing either a qualitative assessment or a quantitative goodwill impairment test. If we choose to perform a qualitative assessment and determine the fair value more likely than not exceeds the carrying value, no further evaluation is necessary. For reporting units where we perform the quantitative goodwill impairment test, we compare the fair value of each reporting unit, which we primarily determine using an income approach based on the present value of discounted cash flows, to the respective carrying value, which includes goodwill. If the fair value of the reporting unit exceeds its carrying value, we do not consider the goodwill impaired. If the carrying value is higher than the fair value, we would recognize the difference as an impairment loss. See Note 10 for further details.

I. Estimates in financial statements

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect reported amounts. The more significant estimates include: residual values for leased assets; fair values for goodwill impairment tests; warranty liability and reserves for product liability and insurance losses, postretirement benefits, post-sale discounts, credit losses and income taxes.

J. New accounting guidance

A. Adoption of new accounting standards

Supplier finance programs (ASU 2022-04) — In September 2022, the Financial Accounting Standards Board (FASB) issued guidance to enhance the transparency of supplier finance programs. The new standard requires annual disclosure of the key terms of the program, a description of where in the financial statements amounts outstanding under the program are presented, a rollforward of such amounts, and interim disclosure of amounts outstanding as of the end of each period. The guidance does not affect recognition, measurement, or financial statement presentation of supplier finance programs. The ASU was effective on January 1, 2023, except for the rollforward, which is effective on January 1, 2024. Our adoption of this guidance results in the following disclosures relating to our supplier finance programs and related obligations.

We facilitate voluntary supplier finance programs (the “Programs”) through participating financial institutions. The Programs are available to a wide range of suppliers and allow them the option to manage their cash flow. We are not a party to the agreements between the participating financial institutions and the suppliers in connection with the Programs. The range of payment terms, typically 60-90 days, we negotiate with our suppliers is consistent, irrespective of whether a supplier participates in the Programs. The amount of obligations outstanding that are confirmed as valid to the participating financial institutions for suppliers who voluntarily participate in the Programs, included in Accounts payable in Statement 3, were $803 million and $862 million at December 31, 2023 and 2022, respectively.

We consider the applicability and impact of all ASUs. We adopted the following ASUs effective January 1, 2023, none of which had a material impact on our financial statements:


ASU			Description
2021-08			Business combinations
2022-02			Financial instruments - Credit losses
2022-06			Reference rate reform

B. Accounting standards issued but not yet adopted

Segment reporting (ASU 2023-07) — In November 2023, the FASB issued accounting guidance that requires incremental disclosures related to reportable segments which includes significant segment expense categories and amounts for each reportable segment. The guidance is effective January 1, 2024, and will be adopted retrospectively. The adoption will result in incremental disclosures related to reportable segments in the 2024 year-end financial statements and interim periods beginning in 2025. We are in the process of evaluating the effect of this new guidance on the related disclosures.

Income tax reporting (ASU 2023-09) — In December 2023, the FASB issued accounting guidance to expand the annual disclosure requirements for income taxes, primarily related to the rate reconciliation and income taxes paid. This guidance is effective January 1, 2025, with early adoption permitted. This guidance can be applied prospectively or retrospectively. We are in the process of evaluating the effect of this new guidance on the related disclosures.

We consider the applicability and impact of all ASUs. We assessed ASUs not listed above and determined that they either were not applicable or were not expected to have a material impact on our financial statements.

Sales and revenue recognition Sales and revenue recognition (Notes)	12 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Sales and revenue recognition	Sales and revenue recognition A. Sales of Machinery, Energy & Transportation We recognize sales of ME&T when all the following criteria are satisfied: (i) a contract with an independently owned and operated dealer or an end user exists which has commercial substance; (ii) it is probable we will collect the amount charged to the dealer or end user; and (iii) we have completed our performance obligation whereby the dealer or end user has obtained control of the product. A contract with commercial substance exists once we receive and accept a purchase order under a dealer sales agreement, or once we enter into a contract with an end user. If collectibility is not probable, the sale is deferred and not recognized until collection is probable or payment is received. Control of our products typically transfers when title and risk of ownership of the product has transferred to the dealer or end user. Typically, where product is produced and sold in the same country, title and risk of ownership transfer when we ship the product. Products that are exported from a country for sale typically transfer title and risk of ownership at the border of the destination country. Our remanufacturing operations are primarily focused on the remanufacture of Cat engines and components and rail related products. In this business, we inspect, clean and remanufacture used engines and related components (core). In connection with the sale of our remanufactured product to dealers, we collect a deposit that is repaid if the dealer returns an acceptable core within a specified time period. Caterpillar owns and has title to the cores when they are returned from dealers. The rebuilt engine or component (the core plus any new content) is then sold as a remanufactured product to dealers and end users. We recognize revenue pursuant to the same transfer of control criteria as ME&T sales noted above. At the time of sale, we recognize the deposit in Other current liabilities in Statement 3, and we recognize the core to be returned as an asset in Prepaid expenses and other current assets in Statement 3 at the estimated replacement cost (based on historical experience with usable cores). Upon receipt of an acceptable core, we repay the deposit and relieve the liability. We then transfer the returned core asset into inventory. In the event that the deposit is forfeited (i.e., upon failure by the dealer to return an acceptable core in the specified time period), we recognize the core deposit and the cost of the core in Sales and Cost of goods sold, respectively. We provide discounts to dealers through merchandising programs. We have numerous programs that are designed to promote the sale of our products. The most common dealer programs provide a discount when the dealer sells a product to a targeted end user. Generally, we estimate the cost of these discounts for each product by model by geographic region based on historical experience and known changes in merchandising programs. We report the cost of these discounts as a reduction to the transaction price when we recognize the product sale. We accrue a corresponding post-sale discount reserve in Statement 3, which represents discounts we expect to pay on units sold. If discounts paid differ from those estimated, we report the difference as a change in the transaction price. Except for replacement parts, no right of return exists on the sale of our products. We estimate replacement part returns based on historical experience and recognize a parts return asset in Prepaid expenses and other current assets in Statement 3, which represents our right to recover replacement parts we expect will be returned. We also recognize a refund liability in Other current liabilities in Statement 3 for the refund we expect to pay for returned parts. If actual replacement part returns differ from those estimated, we recognize the difference in the estimated replacement part return asset and refund liability in Cost of goods sold and Sales, respectively. 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. See Note 7 for further information. We recognize trade receivables from dealers and end users in Receivables – trade and other and Long-term receivables – trade and other in Statement 3. Trade receivables from dealers and end users were $7,923 million, $7,551 million and $7,267 million as of December 31, 2023, 2022 and 2021, respectively. Long-term trade receivables from dealers and end users were $589 million, $506 million and $624 million as of December 31, 2023, 2022 and 2021, respectively. Our standard dealer invoice terms are established by marketing region. Our invoice terms for end user sales are established by the responsible business unit. Payments from dealers are due shortly after the time of sale. When we make a sale to a dealer, the dealer is responsible for payment even if the product is not sold to an end user. Dealers and end users must make payment within the established invoice terms to avoid potential interest costs. Interest at or above prevailing market rates may be charged on any past due balance, and generally our practice is to not forgive this interest. Our allowance for credit losses is not significant for ME&T receivables. 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 milestone 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 Statement 3. Contract assets were $246 million, $247 million and $187 million as of December 31, 2023, 2022 and 2021, respectively. We invoice in advance of recognizing the sale of certain products. We recognize advanced customer payments as a contract liability in Customer advances and Other liabilities in Statement 3. Contract liabilities were $2,389 million, $2,314 million and $1,557 million as of December 31, 2023, 2022 and 2021, respectively. We reduce the contract liability when we recognize revenue. During 2023, we recognized $1,660 million of revenue that was recorded as a contract liability at the beginning of 2023. During 2022, we recognized $902 million of revenue that was recorded as a contract liability at the beginning of 2022. We have elected the practical expedient to not adjust the amount of revenue to be recognized under a contract with a dealer or end user for the effects of time value of money when the timing difference between receipt of payment and recognition of revenue is less than one year. As of December 31, 2023, we have entered into contracts with dealers and end users for which sales have not been recognized as we have not satisfied our performance obligations and transferred control of the products. The dollar amount of unsatisfied performance obligations for contracts with an original duration greater than one year is $12.5 billion, with about one-half of the amount expected to be completed and revenue recognized in the twelve months following December 31, 2023. We have elected the practical expedient to not 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. We exclude sales and other related taxes from the transaction price. We account for shipping and handling costs associated with outbound freight after control over a product has transferred as a fulfillment cost which is included in Cost of goods sold. We provide a standard manufacturer’s warranty of our products at no additional cost. At the time we recognize a sale, we record estimated future warranty costs. See Note 21 for further discussion of our product warranty liabilities. See Note 23 for further disaggregated sales and revenues information. B. Revenues of Financial Products Revenues of Financial Products are generated primarily from finance revenue on finance receivables and rental payments on operating leases. We record finance revenue over the life of the related finance receivables using the interest method, including the accretion of certain direct origination costs that are deferred. Operating lease revenue is recorded on a straight-line basis over the term of the lease. We suspend recognition of finance revenue and operating lease revenue and place the account on non-accrual status when management determines that collection of future income is not probable (generally after 120 days past due). We resume recognition of revenue, and recognize previously suspended income, when we consider collection of remaining amounts to be probable. Payments received while the finance receivable is on non-accrual status are applied to interest and principal in accordance with the contractual terms. We write off interest earned but uncollected prior to the receivables being placed on non-accrual status through Provision for credit losses when, in the judgment of management, we consider it to be uncollectible. See Note 7 for more information.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Share-Based Payment Arrangement [Abstract]

Stock-based compensation

12 Months Ended

Dec. 31, 2023

Stock-based compensation

Our stock-based compensation plans primarily provide for the granting of stock options, restricted stock units (RSUs) and performance-based restricted stock units (PRSUs) to Officers and other key employees, as well as non-employee Directors. Stock options permit a holder to buy Caterpillar stock at the stock’s price when the option was granted. RSUs are agreements to issue shares of Caterpillar stock at the time of vesting. PRSUs are similar to RSUs and include performance conditions in the vesting terms of the award.

Our long-standing practices and policies specify that the Compensation Committee (the Committee) of the Board of Directors approve all stock-based compensation awards. The award approval process specifies the grant date, value and terms of the award. We consistently apply the same terms and conditions to all employee grants, including Officers. The Committee approves all individual Officer grants. We determine the number of stock-based compensation award units included in an individual’s award based on the methodology approved by the Committee. The exercise price methodology approved by the Committee is the closing price of the Company stock on the date of the grant. In June of 2014, shareholders approved the Caterpillar Inc. 2014 Long-Term Incentive Plan (the 2014 Plan) under which all new stock-based compensation awards were granted. In June of 2023, shareholders approved the Caterpillar Inc. 2023 Long-Term Incentive Plan (the 2023 Plan), which superseded and replaced the 2014 Plan.

Common stock issued from Treasury stock under the plans totaled 2,497,799 for 2023, 2,340,887 for 2022 and 3,571,503 for 2021. The total number of shares authorized for equity awards under the 2023 Plan is 42,500,000. As of December 31, 2023, 43,041,378 shares remained available for issuance, which includes shares returned to the 2023 Plan upon cancellation or shares withheld for taxes incurred in connection with issuance or vesting of grants made under the 2014 Plan.

Stock option and RSU awards generally vest according to a three-year graded vesting schedule. One-third of the award will become vested on the first anniversary of the grant date, one-third of the award will become vested on the second anniversary of the grant date and one-third of the award will become vested on the third anniversary of the grant date. PRSU awards generally have a three-year performance period and cliff vest at the end of the period based upon achievement of performance targets established at the time of grant.

Upon separation from service, if the participant is 55 years of age or older with more than five years of service, the participant meets the criteria for a “Long Service Separation.” Award terms for stock option and RSU grants allow for continued vesting as of each vesting date specified in the award document for employees who meet the criteria for a “Long Service Separation” and fulfill a requisite service period of six months. We recognize compensation expense for eligible employees for the grants over the period from the grant date to the end date of the six-month requisite service period. For employees who become eligible for a “Long Service Separation” subsequent to the end date of the six-month requisite service period and prior to the completion of the vesting period, we recognized compensation expense over the period from the grant date to the date eligibility is achieved.

Award terms for PRSU grants allow for continued vesting upon achievement of the performance target specified in the award document for employees who meet the criteria for a “Long Service Separation” and fulfill a requisite service period of six months. We recognize compensation expense for the PRSU grants with respect to employees who have met the criteria for a “Long Service Separation” over the period from the grant date to the end of the six-month requisite service period. For employees who become eligible for a “Long Service Separation” subsequent to the end date of the six-month requisite service period and prior to the completion of the vesting period, we recognize compensation expense over the period from the grant date to the date eligibility is achieved.

At grant, option awards have a term life of ten years. For awards granted prior to 2016, if the “Long Service Separation” criteria are met, the vested options have a life that is the lesser of ten years from the original grant date or five years from the separation date. For awards granted beginning in 2016, the vested options have a life equal to ten years from the original grant date.

Accounting guidance on share-based payments requires companies to estimate the fair value of options on the date of grant using an option-pricing model. The fair value of our option grants was estimated using the Black-Scholes option-pricing model. The Black-Scholes option-pricing model considers a range of assumptions related to volatility, risk-free interest rate and historical employee behavior. Expected volatility was based on historical Caterpillar stock price movement and current implied volatilities from traded options on Caterpillar stock. The risk-free interest rate was based on U.S. Treasury security yields at the time of grant. The weighted-average dividend yield was based on historical information. We determine the expected life from the actual historical employee exercise behavior. The following table provides the assumptions used in determining the fair value of the option awards for the years ended December 31, 2023, 2022 and 2021, respectively.



	Grant Year
	2023		2022		2021
Weighted-average dividend yield	2.6	%	2.6	%	2.6	%
Weighted-average volatility	31.0	%	31.7	%	32.9	%
Range of volatilities	28.5%-35.5%		25.3%-36.8%		29.2%- 45.8%
Range of risk-free interest rates	3.92%-5.03%		1.03%-2%		0.06%-1.41%
Weighted-average expected lives	7 years		8 years		8 years

We credit RSU and PRSU awards with dividend equivalent units on each date that we pay a cash dividend to holders of Common stock. We determine the fair value of the RSU and PRSU awards granted in 2023, 2022 and 2021 as the closing stock price on the date of the grant.

Please refer to Tables I and II below for additional information on our stock-based compensation awards.



TABLE I — Financial Information Related to Stock-based Compensation

	Stock options			RSUs			PRSUs
	Shares	Weighted- Average Exercise Price		Shares	Weighted- Average Grant Date Fair Value		Shares	Weighted- Average Grant Date Fair Value

Outstanding at January 1, 2023	6,801,326	$	142.85	990,803	$	187.88	524,740	$	208.39
Granted to officers and key employees	777,275	$	253.98	397,650	$	252.24	235,637	$	251.97
Exercised	(2,404,868)	$	120.55	—	$	—	—	$	—
Vested	—	$	—	(529,200)	$	173.87	(270,150)	$	219.76
Forfeited / expired	(32,370)	$	212.67	(29,867)	$	222.37	(9,468)	$	222.48
Outstanding at December 31, 2023	5,141,363	$	169.57	829,386	$	226.44	480,759	$	223.09
Exercisable at December 31, 2023	3,366,714	$	139.91



Stock options outstanding and exercisable as of December 31, 2023:

	Outstanding						Exercisable
Exercise Prices	Shares Outstanding at 12/31/2023	Weighted- Average Remaining Contractual Life (Years)	Weighted- Average Exercise Price		Aggregate Intrinsic Value 1		Shares Outstanding at 12/31/2023	Weighted- Average Remaining Contractual Life (Years)	Weighted- Average Exercise Price		Aggregate Intrinsic Value 1
$74.77-$83.00	629,402	1.66	$	79.18	$	136	629,402	1.66	$	79.18	$	136
$95.66-$96.31	462,978	2.92	$	95.72	93		462,473	2.92	$	95.72	92
$127.60	642,416	6.25	$	127.60	108		642,416	6.25	$	127.60	108
$138.35-$151.12	756,964	4.78	$	144.22	115		756,964	4.78	$	144.22	115
$196.70-$219.76	1,885,071	7.78	$	208.14	165		875,459	7.60	$	212.23	73
$253.98	764,532	9.31	$	253.98	32		—	0.00	$	—	—
	5,141,363		$	169.57	$	649	3,366,714		$	139.91	$	524

1 The difference between a stock award’s exercise price and the underlying stock’s closing market price at December 31, 2023, for awards with market price greater than the exercise price. Amounts are in millions of dollars.

The computations of weighted-average exercise prices and aggregate intrinsic values are not applicable to RSUs or PRSUs since these awards represent an agreement to issue shares of stock at the time of vesting. At December 31, 2023, there were 829,386 outstanding RSUs with a weighted average remaining contractual life of 1.4 years and 480,759 outstanding PRSUs with a weighted-average remaining contractual life of 1.5 years.



TABLE II— Additional Stock-based Award Information

(Dollars in millions except per share data)	2023		2022		2021
Stock options activity:
Weighted-average fair value per share of stock awards granted	$	75.79	$	51.69	$	56.30
Intrinsic value of stock awards exercised	$	356	$	217	$	374
Fair value of stock awards vested 1	$	53	$	56	$	59
Cash received from stock awards exercised	$	98	$	123	$	212

RSUs activity:
Weighted-average fair value per share of stock awards granted	$	252.24	$	196.06	$	216.50
Fair value of stock awards vested 2	$	126	$	105	$	136

PRSUs activity:
Weighted-average fair value per share of stock awards granted	$	251.97	$	195.17	$	215.45
Fair value of stock awards vested 2	$	80	$	90	$	74

1 Based on the grant date fair value.

2 Based on the underlying stock’s closing market price on the vesting date.

In accordance with guidance on share-based payments, stock-based compensation expense is based on the grant date fair value and is classified within Cost of goods sold, Selling, general and administrative expenses and Research and development expenses corresponding to the same line item as the cash compensation paid to respective employees, officers and non-employee directors. We recognize stock-based compensation expense on a straight-line basis over the requisite service period for awards with terms that specify cliff or graded vesting and contain only service conditions. Stock-based compensation expense for PRSUs is based on the probable number of shares expected to vest and is recognized primarily on a straight-line basis.

Before tax, stock-based compensation expense for 2023, 2022 and 2021 was $208 million, $193 million and $200 million, respectively, with a corresponding income tax benefit of $33 million, $32 million and $23 million, respectively.

The amount of stock-based compensation expense capitalized for the years ended December 31, 2023, 2022 and 2021 did not have a significant impact on our financial statements.

At December 31, 2023, there was $134 million of total unrecognized compensation cost from stock-based compensation arrangements granted under the plans, which is related to non-vested stock-based awards. We expect to recognize the compensation expense over a weighted-average period of approximately 1.7 years.

We currently use shares in Treasury stock to satisfy share award exercises.

The cash tax benefits realized from stock awards exercised for 2023, 2022 and 2021 were $89 million, $63 million and $102 million, respectively. We use the direct only method and tax law ordering approach to calculate the tax effects of stock-based compensation.

Derivative Financial Instruments and Risk Management

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative financial instruments and risk management

Our earnings and cash flow are subject to fluctuations due to changes in foreign currency exchange rates, interest rates and commodity prices. Our Risk Management Policy (policy) allows for the use of derivative financial instruments to prudently manage foreign currency exchange rate, interest rate and commodity price exposures. Our policy specifies that derivatives are not to be used for speculative purposes. Derivatives that we use are primarily foreign currency forward, option and cross currency contracts, interest rate contracts and commodity forward and option contracts. Our derivative activities are subject to the management, direction and control of our senior financial officers. We present at least annually to the Audit Committee of the Board of Directors on our risk management practices, including our use of financial derivative instruments.

We recognize all derivatives at their fair value in Statement 3. On the date the derivative contract is entered into, we designate the derivative as (1) a hedge of the fair value of a recognized asset or liability (fair value hedge), (2) a hedge of a forecasted transaction or the variability of cash flow (cash flow hedge) or (3) an undesignated instrument. We record in current earnings changes in the fair value of a derivative that is qualified, designated and highly effective as a fair value hedge, along with the gain or loss on the hedged recognized asset or liability that is attributable to the hedged risk. We record in AOCI changes in the fair value of a derivative that is qualified, designated and highly effective as a cash flow hedge, to the extent effective, in Statement 3 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 Statement 5. We include cash flows from undesignated derivative financial instruments in the investing category on Statement 5.

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 in Statement 3 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.

A.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 December 31, 2023, the maximum term of these outstanding contracts at inception was approximately 60 months.

We generally designate as cash flow hedges at inception of the contract any foreign currency forward or option contracts that meet the requirements for hedge accounting and the maturity extends beyond the current quarter-end. We perform designation on a specific exposure basis to support hedge accounting. The remainder of ME&T foreign currency contracts are undesignated.

In managing foreign currency risk for our Financial Products operations, our objective is to minimize earnings volatility resulting from conversion and the remeasurement of net foreign currency balance sheet positions and future transactions denominated in foreign currencies. Our policy allows the use of foreign currency forward, option and cross currency contracts to offset the risk of currency mismatch between our assets and liabilities and exchange rate risk associated with future transactions denominated in foreign currencies. Our foreign currency forward and option contracts are primarily undesignated. We designate fixed-to-fixed cross currency contracts as cash flow hedges to protect against movements in exchange rates on foreign currency fixed-rate assets and liabilities.

B.Interest rate risk

Interest rate movements create a degree of risk by affecting the amount of our interest payments and the value of our fixed-rate debt. Our practice is to use interest rate contracts to manage our exposure to interest rate changes.

Our ME&T operations generally use fixed-rate debt as a source of funding. Our objective is to minimize the cost of borrowed funds. Our policy allows us to enter into fixed-to-floating interest rate contracts and forward rate agreements to meet that objective. We designate fixed-to-floating interest rate contracts as fair value hedges at inception of the contract, and we designate certain forward rate agreements as cash flow hedges at inception of the contract.

Financial Products operations has a match-funding policy that addresses interest rate risk by aligning the interest rate profile (fixed or floating rate and duration) of Cat Financial’s debt portfolio with the interest rate profile of our receivables portfolio within predetermined ranges on an ongoing basis. In connection with that policy, we use interest rate derivative instruments to modify the debt structure to match assets within the receivables portfolio. This matched funding reduces the volatility of margins between interest-bearing assets and interest-bearing liabilities, regardless of which direction interest rates move.

Our policy allows us to use fixed-to-floating, floating-to-fixed and floating-to-floating interest rate contracts to meet the match-funding objective. We designate fixed-to-floating interest rate contracts as fair value hedges to protect debt against changes in fair value due to changes in the benchmark interest rate. We designate most floating-to-fixed interest rate contracts as cash flow hedges to protect against the variability of cash flows due to changes in the benchmark interest rate.

We have, at certain times, liquidated fixed-to-floating and floating-to-fixed interest rate contracts at both ME&T and Financial Products. We amortize the gains or losses associated with these contracts at the time of liquidation into earnings over the original term of the previously designated hedged item.

C.Commodity price risk

Commodity price movements create a degree of risk by affecting the price we must pay for certain raw materials. Our policy is to use commodity forward and option contracts to manage the commodity risk and reduce the cost of purchased materials.

Our ME&T operations purchase base and precious metals embedded in the components we purchase from suppliers. Our suppliers pass on to us price changes in the commodity portion of the component cost. In addition, we are subject to price changes on energy products such as natural gas and diesel fuel purchased for operational use.

Our objective is to minimize volatility in the price of these commodities. Our policy allows us to enter into commodity forward and option contracts to lock in the purchase price of a portion of these commodities within a five-year horizon. All such commodity forward and option contracts are undesignated.

The location and fair value of derivative instruments reported in Statement 3 were as follows:


(Millions of dollars)	Fair Value
	December 31, 2023				December 31, 2022
	Assets 1		Liabilities 2		Assets 1		Liabilities 2
Designated derivatives
Foreign exchange contracts	$	389	$	(155)	$	462	$	(152)
Interest rate contracts	58		(209)		93		(288)
Total	$	447	$	(364)	$	555	$	(440)

Undesignated derivatives
Foreign exchange contracts	$	55	$	(82)	$	65	$	(47)
Commodity contracts	18		(9)		24		(9)
Total	$	73	$	(91)	$	89	$	(56)

1 Assets are classified in Statement 3 as Receivables - trade and other or Long-term receivables - trade and other.
2 Liabilities are classified in Statement 3 as Accrued expenses or Other liabilities.

The total notional amounts of the derivative instruments as of December 31, 2023 and 2022 were $25.6 billion and $24.3 billion, respectively. The notional amounts of the derivative financial instruments do not represent amounts exchanged by the parties. We calculate the amounts exchanged by the parties by referencing the notional amounts and by other terms of the derivatives, such as foreign currency exchange rates, interest rates or commodity prices.

Gains (losses) on derivative instruments are categorized as follows:


(Millions of dollars)	Years ended December 31,
	Fair Value / Undesignated Hedges						Cash Flow Hedges
	Gains (Losses) Recognized in Statement 11						Gains (Losses) Recognized in AOCI						Gains (Losses) Reclassified from AOCI2
	2023		2022		2021		2023		2022		2021		2023		2022		2021
Foreign exchange contracts	$	12	$	(57)	$	104	$	39	$	264	$	169	$	(58)	$	329	$	227
Interest rate contracts	(135)		(6)		24		9		111		26		55		11		(31)
Commodity contracts	10		51		56		—		—		—		—		—		—
Total	$	(113)	$	(12)	$	184	$	48	$	375	$	195	$	(3)	$	340	$	196

1 Foreign exchange contract and Commodity contract gains (losses) are included in Other income (expense) in Statement 1. Interest rate contract gains (losses) are included in Interest expense of Financial Products and Interest expense excluding Financial Products in Statement 1.
2 Foreign exchange contract gains (losses) are primarily included in Other income (expense) in Statement 1. Interest rate contract gains (losses) are primarily included in Interest expense of Financial Products in Statement 1.

The following amounts were recorded in Statement 3 related to cumulative basis adjustments for fair value hedges:


(Millions of dollars)	Years ended December 31,
	Carrying Value of the Hedged Liabilities				Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Value of the Hedged Liabilities
	2023		2022		2023		2022
Long-term debt due within one year	$	982	$	—	$	(23)	$	—
Long-term debt due after one year	4,245		4,173		(156)		(280)
Total	$	5,227	$	4,173	$	(179)	$	(280)

We enter into International Swaps and Derivatives Association (ISDA) master netting agreements within ME&T and Financial Products that permit the net settlement of amounts owed under their respective derivative contracts. Under these master netting agreements, net settlement generally permits the company or the counterparty to determine the net amount payable for contracts due on the same date and in the same currency for similar types of derivative transactions. The master netting agreements may also provide for net settlement of all outstanding contracts with a counterparty in the case of an event of default or a termination event.

Collateral is typically not required of the counterparties or of our company under the master netting agreements. As of December 31, 2023 and 2022, no cash collateral was received or pledged under the master netting agreements.

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


(Millions of dollars)	December 31, 2023				December 31, 2022
	Assets		Liabilities		Assets		Liabilities
Gross Amounts Recognized	$	520	$	(455)	$	644	$	(496)
Financial Instruments Not Offset	(202)		202		(233)		233

Net Amount	$	318	$	(253)	$	411	$	(263)

Other income (expense)

12 Months Ended

Dec. 31, 2023

Other Income and Expenses [Abstract]

Other income (expense)


	Years ended December 31,
(Millions of dollars)	2023		2022		2021
Investment and interest income	$	494	$	167	$	80
Foreign exchange gains (losses) 1	(96)		104		110
License fee income	146		142		123
Gains (losses) on securities	11		(56)		134
Net periodic pension and OPEB income (cost), excluding service cost	47		868		1,279
Miscellaneous income (loss)	(7)		66		88
Total	$	595	$	1,291	$	1,814

1 Includes gains (losses) from foreign exchange derivative contracts. See Note 4 for further details.

Income taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income taxes

Reconciliation of the U.S. federal statutory rate to effective rate:


	Years ended December 31,
(Millions of dollars)	2023				2022				2021
Taxes at U.S. statutory rate	$	2,740	21.0	%	$	1,838	21.0	%	$	1,723	21.0	%
(Decreases) increases resulting from:
Non-U.S. subsidiaries taxed at other than the U.S. rate	129		1.0	%	184		2.1	%	224		2.7	%
State and local taxes, net of federal 1	93		0.7	%	91		1.0	%	21		0.3	%

U.S. tax incentives	(170)		(1.3)	%	(166)		(1.9)	%	(123)		(1.5)	%






Nondeductible goodwill	—		—	%	159		1.8	%	—		—	%
Other—net	(11)		(0.1)	%	(39)		(0.4)	%	(103)		(1.3)	%
Provision (benefit) for income taxes	$	2,781	21.3	%	$	2,067	23.6	%	$	1,742	21.2	%

1 Excludes amount included in nondeductible goodwill line item.

The negative impact on the effective rate from the portion of the goodwill impairment not deductible for tax purposes is reported in the effective tax rate reconciliation line item above labeled "Nondeductible goodwill." Included in the line item above labeled “Non-U.S. subsidiaries taxed at other than the U.S. rate” are the effects of local and U.S. taxes related to earnings of non-U.S. subsidiaries, changes in the amount of unrecognized tax benefits associated with these earnings, losses at non-U.S. subsidiaries without local tax benefits due to valuation allowances and other permanent differences between tax and U.S. GAAP results.

Distributions of profits from non-U.S. subsidiaries are not expected to cause a significant incremental U.S. tax impact in the future. However, these distributions may be subject to non-U.S. withholding taxes if profits are distributed from certain jurisdictions. Undistributed profits of non-U.S. subsidiaries of approximately $15 billion are considered indefinitely reinvested. Determination of the amount of unrecognized deferred tax liability related to indefinitely reinvested profits is not feasible primarily due to our legal entity structure and the complexity of U.S. and local tax laws.


The components of profit (loss) before taxes were:
	Years ended December 31,
(Millions of dollars)	2023		2022		2021
U.S.	$	6,463	$	2,962	$	2,740
Non-U.S.	6,587		5,790		5,464
	$	13,050	$	8,752	$	8,204

Profit before taxes, as shown above, is based on the location of the entity to which such earnings are attributable. Where an entity’s earnings are subject to taxation, however, may not correlate solely to where an entity is located. Thus, the income tax provision shown below as U.S. or non-U.S. may not correspond to the earnings shown above.


The components of the provision (benefit) for income taxes were:
	Years ended December 31,
(Millions of dollars)	2023		2022		2021
Current tax provision (benefit):
U.S.1	$	1,627	$	1,055	$	766
Non-U.S.	1,592		1,255		1,283
State (U.S.)	154		134		76
	3,373		2,444		2,125

Deferred tax provision (benefit):
U.S.1	(391)		(404)		(387)
Non-U.S.	(164)		50		54
State (U.S.)	(37)		(23)		(50)
	(592)		(377)		(383)
Total provision (benefit) for income taxes	$	2,781	$	2,067	$	1,742
1 Includes U.S. taxes related to non-U.S. earnings. We account for U.S. taxes on global intangible low-taxed income as a period cost.

We paid net income tax and related interest of $2,949 million, $3,076 million and $1,759 million in 2023, 2022 and 2021, respectively.

Accounting for income taxes under U.S. GAAP requires that individual tax-paying entities of the company offset all deferred tax liabilities and assets within each particular tax jurisdiction and present them as a noncurrent deferred tax liability or asset in the Consolidated Financial Position. Amounts in different tax jurisdictions cannot be offset against each other. The amount of deferred income taxes at December 31, included on the following lines in Statement 3, were as follows:


	December 31,
(Millions of dollars)	2023		2022
Assets:

Noncurrent deferred and refundable income taxes	$	2,634	$	2,047

Liabilities:

Other liabilities	454		471
Deferred income taxes—net	$	2,180	$	1,576


The components of deferred tax assets and liabilities were:
	December 31,
(Millions of dollars)	2023		2022
Deferred income tax assets:
Tax carryforwards	$	1,389	$	1,349
Research expenditures	1,350		949
Postemployment benefits	656		728
Employee compensation and benefits	634		459
Warranty reserves	325		282
Post sale discounts	253		159
Lease obligations	144		144
Inventory valuation	138		147

Allowance for credit losses	109		113


Other—net	197		376
	5,195		4,706

Deferred income tax liabilities:
Capital and intangible assets, including lease basis differences	(1,312)		(1,401)
Undistributed profits, including translation adjustments	(401)		(344)
Other outside basis differences	(267)		(264)

Bond discount	(101)		(107)
	(2,081)		(2,116)
Valuation allowance for deferred tax assets	(934)		(1,014)
Deferred income taxes—net	$	2,180	$	1,576

At December 31, 2023, deferred tax assets for U.S. state losses and credit carryforwards of $86 million expire on or before 2043 while the remaining $42 million may be carried carryforward indefinitely. Of these U.S. state deferred tax assets, $95 million were reduced by valuation allowances. The deferred tax assets for U.S. federal losses and credit carryforwards of $157 million expire on or before 2034 and were subject to a full valuation allowance. Deferred tax assets for losses and credit carryforwards of non-U.S. entities of $266 million expires on or before 2044 while the remaining $838 million may be carried over indefinitely. Non-U.S. entities that have not demonstrated consistent and/or sustainable profitability to support the realization of net deferred tax assets, including certain entities in Luxembourg, have recorded valuation allowances of $682 million against tax carryforwards and other deferred tax assets.

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits for uncertain tax positions, including positions impacting only the timing of tax benefits, follows.


Reconciliation of unrecognized tax benefits: 1
	Years ended December 31,
(Millions of dollars)	2023		2022		2021
Beginning balance	$	1,140	$	1,886	$	1,759

Additions for tax positions related to current year	94		72		141
Additions for tax positions related to prior years	42		91		43
Reductions for tax positions related to prior years	(19)		(66)		(30)
Reductions for settlements 2	(27)		(840)		(24)
Reductions for expiration of statute of limitations	(7)		(3)		(3)

Ending balance	$	1,223	$	1,140	$	1,886

Amount that, if recognized, would impact the effective tax rate	$	997	$	874	$	1,688

1Foreign currency impacts are included within each line as applicable.

2Includes cash payment or other reduction of assets to settle liability.

We classify interest and penalties on income taxes as a component of the provision for income taxes. We recognized a net provision for interest and penalties of $36 million, $49 million and $54 million during the years ended December 31, 2023, 2022 and 2021, respectively. The total amount of interest and penalties accrued was $135 million and $95 million as of December 31, 2023 and 2022, respectively.

On September 8, 2022, the company reached a settlement with the U.S. Internal Revenue Service (IRS) that resolves all issues for tax years 2007 through 2016, without any penalties. The company's settlement includes, among other issues, the resolution of disputed tax treatment of profits earned by Caterpillar SARL (CSARL) from certain parts transactions. We vigorously contested the IRS's application of the "substance-over-form" or "assignment-of-income" judicial doctrines and its proposed increases to tax and imposition of accuracy related penalties. The settlement does not include any increases to tax in the United States based on those judicial doctrines and does not include any penalties. The final tax assessed by the IRS for all issues under the settlement was $490 million for the ten-year period. This amount was primarily paid in 2022 along with associated interest of $250 million. The settlement was within the total amount of gross unrecognized tax benefits for uncertain tax positions and enables us to avoid the costs and burdens of further disputes with the IRS. As a result of the settlement, we recorded a tax benefit of $41 million in 2022 to reflect changes in estimates of prior years' taxes and related interest, net of tax.

We are subject to the continuous examination of our U.S. federal income tax returns by the IRS, and tax years 2017 to 2019 are currently under examination. In our major non-U.S. jurisdictions including Australia, Brazil, China, Germany, India, Japan, Mexico, Switzerland, Singapore and the U.K., tax years are typically subject to examination for three to ten years. Due to the uncertainty related to the timing and potential outcome of audits, we cannot estimate the range of reasonably possible change in unrecognized tax benefits in the next 12 months.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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Cat Financial Financing Activities

Cat Financial Financing Activities

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Wholesale inventory receivables

Wholesale inventory receivables are receivables of Cat Financial that arise when Cat Financial provides financing for a dealer’s purchase of inventory and were $1,632 million and $1,102 million, at December 31, 2023 and 2022, respectively. We include these receivables in Receivables—trade and other and Long-term receivables—trade and other in Statement 3.


Contractual maturities of outstanding wholesale inventory receivables:
(Millions of dollars)	December 31, 2023
Amounts Due In	Wholesale Loans		Wholesale Leases		Total
2024	$	981	$	42	$	1,023
2025	203		34		237
2026	210		18		228
2027	49		9		58
2028	17		5		22
Thereafter	2		1		3
Total	1,462		109		1,571
Guaranteed residual value 1	33		21		54
Unguaranteed residual value 1	2		24		26
Less: Unearned income	(7)		(12)		(19)
Total	$	1,490	$	142	$	1,632

1 For Wholesale loans, represents residual value on failed sale leasebacks.

Cat Financial’s wholesale inventory receivables generally may be repaid or refinanced without penalty prior to contractual maturity.

Please refer to Note 18 for fair value information.

Finance receivables

Finance receivables are receivables of Cat Financial and are reported in Statement 3 net of an allowance for credit losses.


Contractual maturities of outstanding finance receivables:
(Millions of dollars)	December 31, 2023
Amounts Due In	Retail Loans		Retail Leases		Total
2024	$	7,104	$	2,547	$	9,651
2025	4,116		1,703		5,819
2026	2,819		1,035		3,854
2027	1,534		491		2,025
2028	703		172		875
Thereafter	168		43		211
Total	16,444		5,991		22,435
Guaranteed residual value 1	10		395		405
Unguaranteed residual value 1	1		604		605
Less: Unearned income	(374)		(622)		(996)
Total	$	16,081	$	6,368	$	22,449

1 For Retail loans, represents residual value on failed sale leasebacks.

Cat Financial’s finance receivables generally may be repaid or refinanced without penalty prior to contractual maturity.

Please refer to Note 18 for fair value information.

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 December 31, 2023.

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 year ended December 31, 2023, Cat Financial's forecasts reflected a continuation of the trend of relatively low unemployment rates and delinquencies within their portfolio. However, industry delinquencies show an increasing trend as the central bank actions aimed at reducing inflation have weakened global economic growth. The company believes the economic forecasts employed represent reasonable and supportable forecasts, followed by a reversion to long-term trends.

Dealer

Cat Financial provides financing to Caterpillar dealers in the form of wholesale financing plans. Cat Financial's wholesale financing plans provide assistance to dealers by financing their mostly new Caterpillar equipment inventory and rental fleets on a secured and unsecured basis. In addition, Cat Financial provides a variety of secured and unsecured loans to Caterpillar dealers.

Cat Financial estimates the allowance for credit losses for dealer finance receivables based on historical loss rates with consideration of current economic conditions and reasonable and supportable forecasts.

In general, Cat Financial's Dealer portfolio segment has not historically experienced large increases or decreases in credit losses based on changes in economic conditions due to its close working relationships with the dealers and their financial strength. Therefore, Cat Financial made no adjustments to historical loss rates during the year ended December 31, 2023.

Classes of finance receivables

Cat Financial further evaluates portfolio segments by the class of finance receivables, which is defined as a level of information (below a portfolio segment) in which the finance receivables have the same initial measurement attribute and a similar method for assessing and monitoring credit risk. Cat Financial's classes, which align with management reporting for credit losses, are as follows:

•North America — Finance receivables originated in the United States and Canada.

•EAME — Finance receivables originated in Europe, Africa, the Middle East and Eurasia.

•Asia/Pacific — Finance receivables originated in Australia, New Zealand, China, Japan, Southeast Asia and India.

•Mining — Finance receivables related to large mining customers worldwide.

•Latin America — Finance receivables originated in Mexico and Central and South American countries.

•Power — Finance receivables originated worldwide related to Caterpillar electrical power generation, gas compression and co-generation systems and non-Caterpillar equipment that is powered by these systems.

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

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


(Millions of dollars)	December 31, 2023						December 31, 2022
	Customer		Dealer		Total		Customer		Dealer		Total
Allowance for Credit Losses:
Beginning balance	$	277	$	65	$	342	$	251	$	82	$	333

Write-offs	(115)		—		(115)		(108)		—		(108)
Recoveries	50		—		50		62		—		62
Provision for credit losses1	61		(14)		47		75		(17)		58
Other	3		—		3		(3)		—		(3)
Ending balance	$	276	$	51	$	327	$	277	$	65	$	342

Finance Receivables	$	20,571	$	1,878	$	22,449	$	19,772	$	1,585	$	21,357

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)	Year Ended December 31, 2023
	2023		2022		2021		2020		2019		Prior		Revolving Finance Receivables		Total

North America	$	2	$	11	$	11	$	5	$	3	$	2	$	12	$	46
EAME	1		5		6		4		1		—		—		17
Asia/Pacific	2		5		8		5		1		—		—		21

Latin America	—		8		5		6		1		10		—		30
Power	—		—		—		—		—		1		—		1
Total	$	5	$	29	$	30	$	20	$	6	$	13	$	12	$	115

Credit quality of finance receivables

At origination, Cat Financial evaluates credit risk based on a variety of credit quality factors including prior payment experience, customer financial information, credit ratings, loan-to-value ratios, probabilities of default, industry trends, macroeconomic factors and other internal metrics. On an ongoing basis, Cat Financial monitors credit quality based on past-due status as there is a meaningful correlation between the past-due status of customers and the risk of loss. In determining past-due status, Cat Financial considers the entire finance receivable past due when any installment is over 30 days past due.

Customer

The tables below summarize the aging category of Cat Financial's amortized cost of finance receivables in the Customer portfolio segment by origination year:



(Millions of dollars)	December 31, 2023
	2023		2022		2021		2020		2019		Prior		Revolving Finance Receivables		Total Finance Receivables
North America
Current	$	4,430	$	2,628	$	2,000	$	745	$	220	$	32	$	312	$	10,367
31-60 days past due	28		31		24		14		7		1		4		109
61-90 days past due	10		11		8		4		1		—		2		36
91+ days past due	12		23		18		9		4		1		2		69

EAME
Current	1,336		895		588		258		111		105		—		3,293
31-60 days past due	10		9		7		3		1		—		—		30
61-90 days past due	4		3		3		1		1		—		—		12
91+ days past due	7		17		15		8		3		1		—		51

Asia/Pacific
Current	943		594		293		73		16		4		—		1,923
31-60 days past due	5		6		7		2		—		—		—		20
61-90 days past due	2		3		3		2		—		—		—		10
91+ days past due	1		5		3		3		1		—		—		13

Mining
Current	1,039		686		381		121		68		27		66		2,388
31-60 days past due	—		—		—		—		—		—		—		—
61-90 days past due	—		—		—		—		1		1		—		2
91+ days past due	—		—		1		—		—		1		—		2

Latin America
Current	750		520		219		59		23		6		—		1,577
31-60 days past due	9		10		6		1		—		—		—		26
61-90 days past due	2		4		1		—		—		—		—		7
91+ days past due	2		10		8		5		8		11		—		44

Power
Current	152		49		64		75		28		59		162		589
31-60 days past due	—		—		—		—		—		—		—		—
61-90 days past due	—		—		—		—		—		—		—		—
91+ days past due	—		—		—		—		—		3		—		3

Totals by Aging Category
Current	8,650		5,372		3,545		1,331		466		233		540		20,137
31-60 days past due	52		56		44		20		8		1		4		185
61-90 days past due	18		21		15		7		3		1		2		67
91+ days past due	22		55		45		25		16		17		2		182
Total Customer	$	8,742	$	5,504	$	3,649	$	1,383	$	493	$	252	$	548	$	20,571



(Millions of dollars)	December 31, 2022
	2022		2021		2020		2019		2018		Prior		Revolving Finance Receivables		Total Finance Receivables
North America
Current	$	3,915	$	3,276	$	1,525	$	653	$	206	$	34	$	240	$	9,849
31-60 days past due	25		26		18		12		4		1		4		90
61-90 days past due	9		15		7		3		1		—		3		38
91+ days past due	11		16		12		6		4		3		4		56

EAME
Current	1,270		953		477		280		155		68		—		3,203
31-60 days past due	10		12		7		1		1		—		—		31
61-90 days past due	8		4		3		1		—		—		—		16
91+ days past due	6		25		16		4		1		1		—		53

Asia/Pacific
Current	1,033		684		313		69		18		2		—		2,119
31-60 days past due	10		12		8		1		1		—		—		32
61-90 days past due	2		5		4		2		—		—		—		13
91+ days past due	2		6		6		4		—		—		—		18

Mining
Current	863		575		220		171		93		108		80		2,110
31-60 days past due	—		1		—		—		—		—		—		1
61-90 days past due	—		—		—		—		—		—		—		—
91+ days past due	—		—		—		—		—		1		—		1

Latin America
Current	770		400		150		69		26		20		—		1,435
31-60 days past due	7		8		4		2		—		1		—		22
61-90 days past due	2		5		1		1		—		—		—		9
91+ days past due	2		13		11		2		1		—		—		29

Power
Current	78		85		142		33		18		161		125		642
31-60 days past due	—		—		—		—		—		—		—		—
61-90 days past due	—		—		—		—		—		—		—		—
91+ days past due	—		—		—		—		—		5		—		5

Totals by Aging Category
Current	7,929		5,973		2,827		1,275		516		393		445		19,358
31-60 days past due	52		59		37		16		6		2		4		176
61-90 days past due	21		29		15		7		1		—		3		76
91+ days past due	21		60		45		16		6		10		4		162
Total Customer	$	8,023	$	6,121	$	2,924	$	1,314	$	529	$	405	$	456	$	19,772

Finance receivables in the Customer portfolio segment are substantially secured by collateral, primarily in the form of Caterpillar and other equipment. For those contracts where the borrower is experiencing financial difficulty, repayment of the outstanding amounts is generally expected to be provided through the operation or repossession and sale of the equipment.

Dealer

As of December 31, 2023 and 2022, Cat Financial's total amortized cost of finance receivables within the Dealer portfolio segment was current, with the exception of $44 million and $58 million, respectively, that was 91+ days past due in Latin America, all of which was originated prior to 2018.

Non-accrual finance receivables

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:



	December 31, 2023						December 31, 2022
	Amortized Cost						Amortized Cost
(Millions of dollars)	Non-accrual With an Allowance		Non-accrual Without an Allowance		91+ Still Accruing		Non-accrual With an Allowance		Non-accrual Without an Allowance		91+ Still Accruing

North America	$	52	$	—	$	20	$	52	$	4	$	11
EAME	34		—		18		43		—		10
Asia/Pacific	8		—		5		11		—		7
Mining	2		—		—		—		1		—
Latin America	48		—		1		45		—		—
Power	8		—		—		5		11		—
Total	$	152	$	—	$	44	$	156	$	16	$	28

There were $44 million and $58 million, respectively, in finance receivables in Cat Financial's Dealer portfolio segment on non-accrual status for the year ended December 31, 2023 and 2022, all of which was in Latin America.

Modifications

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

During the year ended December 31, 2023, there were no finance receivable modifications granted to borrowers experiencing financial difficulty in Cat Financial's Dealer portfolio segment. The amortized cost basis of finance receivables modified for borrowers experiencing financial difficulty in the Customer portfolio segment during the year ended December 31, 2023, was $47 million, or 0.21 percent of Cat Financial's finance receivable portfolio.

For the year ended December 31, 2023, the financial effects of term extensions for borrowers experiencing financial difficulty added a weighted average of 15 months to the terms of modified contracts. For the year ended December 31, 2023, the financial effects of payment delays for borrowers experiencing financial difficulty resulted in weighted average payment deferrals and/or interest only payment periods of 7 months.

After Cat Financial modifies a finance receivable, they continue to track its performance under its most recent modified terms. As of December 31, 2023, all of the finance receivables modified with borrowers experiencing financial difficulty are current except for in EAME where there was $2 million that was 31-60 days past due, $1 million that was 61-90 days past due, and $1 million that was 91+ days past due.

The effect of most modifications made to finance receivables for borrowers experiencing financial difficulty is already included in the allowance for credit losses based on the methodologies used to estimate the allowance; therefore, a change to the allowance for credit losses is generally not recorded upon modification. On rare occasions when principal forgiveness is provided, the amount forgiven is written off against the allowance for credit losses.

Inventories

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Inventories

Inventories (principally using the LIFO method) are comprised of the following:


	December 31,
(Millions of dollars)	2023		2022
Raw materials	$	6,492	$	6,370
Work-in-process	1,411		1,452
Finished goods	8,308		8,138
Supplies	354		310
Total inventories	$	16,565	$	16,270

Property, plant and equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property, plant and equipment


		December 31,
(Millions of dollars)	Useful Lives (Years)	2023		2022
Land	—	$	616	$	622
Buildings and land improvements	20-45	7,154		7,016
Machinery, equipment and other	2-10	12,150		12,282
Software	3-7	1,607		1,556
Equipment leased to others	1-7	5,837		5,568
Construction-in-process	—	1,259		1,020
Total property, plant and equipment, at cost		28,623		28,064
Less: Accumulated depreciation		(15,943)		(16,036)
Property, plant and equipment–net		$	12,680	$	12,028

Intangible Assets and Goodwill

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

Intangible assets and goodwill

A.Intangible assets

Intangible assets were comprised of the following:


		December 31, 2023
(Millions of dollars)	Weighted Amortizable Life (Years)	Gross Carrying Amount 1		Accumulated Amortization 1		Net
Customer relationships	16	$	2,232	$	(1,814)	$	418
Intellectual property	15	484		(380)		104
Other	17	117		(75)		42
Total finite-lived intangible assets	15	$	2,833	$	(2,269)	$	564



		December 31, 2022
	Weighted Amortizable Life (Years)	Gross Carrying Amount		Accumulated Amortization		Net
Customer relationships	16	$	2,233	$	(1,675)	$	558
Intellectual property	12	1,473		(1,320)		153
Other	16	132		(85)		47
Total finite-lived intangible assets	14	$	3,838	$	(3,080)	$	758













1 For the year ended December 31, 2023, $1.0 billion of intangible assets were fully amortized and have been removed.

Finite-lived intangible assets are amortized over their estimated useful lives and tested for impairment if events or changes in circumstances indicate that the asset may be impaired.

Amortization expense related to intangible assets was $218 million, $284 million and $302 million for 2023, 2022 and 2021, respectively.

As of December 31, 2023, amortization expense related to intangible assets is expected to be:


(Millions of dollars)
2024	2025	2026	2027	2028	Thereafter
$175	$166	$95	$31	$24	$73

B.Goodwill

There were no goodwill impairments during 2023 or 2021.

Our annual impairment tests completed in the fourth quarter of 2022 indicated the fair value of each reporting unit was substantially above its respective carrying value, including goodwill, with the exception of our Rail reporting unit.

The Rail reporting unit is a part of our Energy & Transportation segment. Rail’s product portfolio includes diesel-electric locomotives and other rail-related products and services. The annual impairment test completed in the fourth quarter of 2022 indicated that the fair value of Rail was below its carrying value. Accordingly, we recognized a goodwill impairment charge of $925 million, resulting in a full impairment of Rail’s goodwill balance as of October 1, 2022. There was a $36 million tax benefit associated with this impairment charge. The valuation of the Rail reporting unit was based on estimates of future cash flows, which assumed a reduced demand forecast, lower margins due to continued inflationary cost pressures, and a discount rate approximately 140 basis points higher than utilized in the prior year valuation. The reduction in the demand forecast in the fourth quarter of 2022 was primarily driven by fourth quarter commercial developments, resulting in a lower outlook for the Company’s locomotive offerings.

The changes in carrying amount of goodwill by reportable segment for the years ended December 31, 2023 and 2022 were as follows:


(Millions of dollars)	December 31, 2022		Acquisitions		Impairment Loss		Other Adjustments 1		December 31, 2023
Construction Industries
Goodwill	$	287	$	—	$	—	$	(10)	$	277
Impairments	(22)		—		—		—		(22)
Net goodwill	265		—		—		(10)		255
Resource Industries
Goodwill	4,130		—		—		21		4,151
Impairments	(1,175)		—		—		—		(1,175)
Net goodwill	2,955		—		—		21		2,976
Energy & Transportation
Goodwill	2,947		—		—		12		2,959
Impairment	(925)		—		—		—		(925)
Net goodwill	2,022		—		—		12		2,034
All Other 2
Goodwill	46		—		—		(3)		43


Consolidated total
Goodwill	7,410		—		—		20		7,430
Impairments	(2,122)		—		—		—		(2,122)
Net goodwill	$	5,288	$	—	$	—	$	20	$	5,308

	December 31, 2021		Acquisitions		Impairment Loss		Other Adjustments 1		December 31, 2022
Construction Industries
Goodwill	$	302	$	—	$	—	$	(15)	$	287
Impairments	(22)		—		—		—		(22)
Net goodwill	280		—		—		(15)		265
Resource Industries
Goodwill	4,182		—		—		(52)		4,130
Impairments	(1,175)		—		—		—		(1,175)
Net goodwill	3,007		—		—		(52)		2,955
Energy & Transportation
Goodwill	2,985		25		—		(63)		2,947
Impairment	—		—		(925)		—		(925)
Net goodwill	2,985		25		(925)		(63)		2,022
All Other 2
Goodwill	52		—		—		(6)		46


Consolidated total
Goodwill	7,521		25		—		(136)		7,410
Impairments	(1,197)		—		(925)		—		(2,122)
Net goodwill	$	6,324	$	25	$	(925)	$	(136)	$	5,288

1 Other adjustments are comprised primarily of foreign currency translation. 2 Includes All Other operating segment (See Note 23).

Investments in debt and equity securities

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

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 Statement 3.

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 Statement 3). We include the unrealized gains and losses arising from the revaluation of the equity securities in Other income (expense) in Statement 1. 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 Statement 1.

The cost basis and fair value of available-for-sale debt securities with unrealized gains and losses included in equity (AOCI in Statement 3) were as follows:


Available-for-sale debt securities	December 31, 2023						December 31, 2022
(Millions of dollars)	Cost Basis		Unrealized Pretax Net Gains (Losses)		Fair Value		Cost Basis		Unrealized Pretax Net Gains (Losses)		Fair Value
Government debt securities
U.S. treasury bonds	$	10	$	—	$	10	$	9	$	—	$	9
Other U.S. and non-U.S. government bonds	62		(2)		60		60		(5)		55

Corporate debt securities
Corporate bonds and other debt securities	3,031		(36)		2,995		2,561		(95)		2,466
Asset-backed securities	195		(3)		192		187		(5)		182

Mortgage-backed debt securities
U.S. governmental agency	433		(23)		410		364		(31)		333
Residential	3		(1)		2		3		(1)		2
Commercial	137		(9)		128		127		(10)		117
Total available-for-sale debt securities	$	3,871	$	(74)	$	3,797	$	3,311	$	(147)	$	3,164


Available-for-sale debt securities in an unrealized loss position:

	December 31, 2023
	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	$	—	$	—	$	25	$	3	$	25	$	3


Corporate debt securities
Corporate bonds	765		—		1,011		45		1,776		45
Asset-backed securities	9		—		97		3		106		3

Mortgage-backed debt securities
U.S. governmental agency	33		—		287		25		320		25
Residential	—		—		—		—		—		—
Commercial	2		—		121		9		123		9
Total	$	809	$	—	$	1,541	$	85	$	2,350	$	85


	December 31, 2022
	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	$	19	$	1	$	20	$	4	$	39	$	5

Corporate debt securities
Corporate bonds	1,815		46		357		50		2,172		96
Asset-backed securities	75		2		55		3		130		5

Mortgage-backed debt securities
U.S. governmental agency	229		16		98		15		327		31
Residential	2		—		1		1		3		1
Commercial	63		5		54		5		117		10
Total	$	2,203	$	70	$	585	$	78	$	2,788	$	148

1 Indicates the length of time that individual securities have been in a continuous unrealized loss position.

The unrealized losses on our investments in government debt securities, corporate debt securities, and mortgage-backed debt securities relate to changes in underlying interest rates and credit spreads since time of purchase. We do not intend to sell the investments, and it is not likely that we will be required to sell the investments before recovery of their respective amortized cost basis. In addition, we did not expect credit-related losses on these investments as of December 31, 2023.

The cost basis and fair value of available-for-sale debt securities at December 31, 2023, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to prepay and creditors may have the right to call obligations.



	December 31, 2023
(Millions of dollars)	Cost Basis		Fair Value
Due in one year or less	$	970	$	963
Due after one year through five years	1,996		1,966
Due after five years through ten years	253		249
Due after ten years	79		79
U.S. governmental agency mortgage-backed securities	433		410
Residential mortgage-backed securities	3		2
Commercial mortgage-backed securities	137		128
Total debt securities – available-for-sale	$	3,871	$	3,797



Sales of available-for-sale debt securities:
	Years Ended December 31,
(Millions of dollars)	2023		2022		2021
Proceeds from the sale of available-for-sale securities	$	940	$	767	$	454
Gross gains from the sale of available-for-sale securities	$	—	$	—	$	4
Gross losses from the sale of available-for-sale securities	$	1	$	5	$	—

In addition, we had $1,900 million of investments in time deposits classified as held-to-maturity debt securities as of December 31, 2023. We did not have any investments classified as held-to-maturity debt securities as of December 31, 2022. All these investments mature within one year and we include them in Prepaid expenses and other current assets in Statement 3. We record held-to-maturity debt securities at amortized cost, which approximates fair value.

For the years ended December 31, 2023 and 2022, the net unrealized gains (losses) for equity securities held at December 31, 2023 and 2022 were $(12) million and $(49) million, respectively.

Postemployment benefit plans

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Postemployment benefit plans

We provide defined benefit pension plans, defined contribution plans and/or other postretirement benefit plans (retirement health care and life insurance) to employees in many of our locations throughout the world. Our defined benefit pension plans provide a benefit based on years of service and/or the employee’s average earnings near retirement. Our defined contribution plans allow employees to contribute a portion of their salary to help save for retirement, and in most cases, we provide a matching contribution. The benefit obligation related to our non-U.S. defined benefit pension plans are for employees located primarily in Europe, Japan and Brazil. For other postretirement benefits (OPEB), substantially all of our benefit obligation is for employees located in the United States.

A. Obligations, assets and funded status


	U.S. Pension Benefits				Non-U.S. Pension Benefits				Other Postretirement Benefits
(Millions of dollars)	2023		2022		2023		2022		2023		2022
Accumulated benefit obligation, end of year	$	13,137	$	13,069	$	3,151	$	2,859
Change in benefit obligation:
Benefit obligation, beginning of year	$	13,069	$	17,895	$	2,956	$	4,436	$	2,866	$	3,736
Service cost 1	—		—		40		50		67		99
Interest cost	656		401		124		69		144		80
Plan amendments	—		—		—		—		—		(29)
Actuarial loss (gain)	394		(4,231)		169		(1,084)		(115)		(779)
Foreign currency exchange rates	—		—		178		(333)		14		—
Participant contributions	—		—		5		5		43		43
Benefits paid - gross	(982)		(995)		(196)		(179)		(285)		(292)
Less: federal subsidy on benefits paid	—		—		—		—		7		8
Curtailments, settlements and termination benefits	—		(1)		(2)		(8)		—		—
Acquisitions, divestitures and other	—		—		(9)		—		—		—
Benefit obligation, end of year	$	13,137	$	13,069	$	3,265	$	2,956	$	2,741	$	2,866
Change in plan assets:
Fair value of plan assets, beginning of year	$	12,456	$	17,227	$	3,244	$	4,552	$	102	$	130
Actual return on plan assets	1,220		(3,821)		160		(852)		33		(25)
Foreign currency exchange rates	—		—		190		(328)		—		—
Company contributions	44		46		66		54		251		246
Participant contributions	—		—		5		5		43		43
Benefits paid	(982)		(995)		(196)		(179)		(285)		(292)
Settlements and termination benefits	—		(1)		(2)		(8)		—		—
Fair value of plan assets, end of year	$	12,738	$	12,456	$	3,467	$	3,244	$	144	$	102

Over (under) funded status	$	(399)	$	(613)	$	202	$	288	$	(2,597)	$	(2,764)

Amounts recognized in Statement 3:
Other assets (non-current asset)	$	354	$	256	$	563	$	615	$	—	$	—
Accrued wages, salaries and employee benefits (current liability)	(52)		(48)		(20)		(18)		(162)		(224)
Liability for postemployment benefits (non-current liability) 2	(701)		(821)		(341)		(309)		(2,435)		(2,540)
Net (liability) asset recognized	$	(399)	$	(613)	$	202	$	288	$	(2,597)	$	(2,764)



Amounts recognized in AOCI (pre-tax):
Prior service cost (credit)	$	—		$	—		$	21		$	20		$	(19)		$	(29)

Weighted-average assumptions used to determine benefit obligation, end of year:
Discount rate	5.0		%	5.4		%	3.9		%	4.3		%	5.1		%	5.4		%
Rate of compensation increase 1	—		%	—		%	2.3		%	2.3		%	4.0		%	4.0		%

1 All U.S. pension benefits are frozen, and accordingly there is no longer any service cost and certain assumptions are no longer applicable.

2 The Liability for postemployment benefits reported in Statement 3 includes liabilities for other postemployment benefits and non-qualified deferred compensation plans. For 2023, these liabilities were $56 million and $565 million, respectively. For 2022, these liabilities were $58 million and $475 million, respectively.

For 2023, Actuarial loss (gain) impacting the benefit obligation was primarily due to lower discount rates at the end of 2023 compared to the end of 2022. For 2022, Actuarial loss (gain) impacting the benefit obligation was primarily due to higher discount rates at the end of 2022 compared to the end of 2021.


	U.S. Pension Benefits				Non-U.S. Pension Benefits
(Millions of dollars)	2023		2022		2023		2022
Pension plans with projected benefit obligation in excess of plan assets:
Projected benefit obligation	$	10,557	$	10,413	$	623	$	606
Fair value of plan assets	$	9,805	$	9,544	$	262	$	280

Pension plans with accumulated benefit obligation in excess of plan assets:
Accumulated benefit obligation	$	10,557	$	10,413	$	534	$	482
Fair value of plan assets	$	9,805	$	9,544	$	224	$	202

The accumulated postretirement benefit obligation exceeds plan assets for all of our other postretirement benefit plans for all years presented.

B. Net periodic benefit cost


	U.S. Pension Benefits									Non-U.S. Pension Benefits									Other Postretirement Benefits
(Millions of dollars)	2023			2022			2021			2023			2022			2021			2023			2022			2021
Net periodic benefit cost:
Service cost 1	$	—		$	—		$	—		$	40		$	50		$	57		$	67		$	99		$	100
Interest cost	656			401			330			124			69			53			144			80			64
Expected return on plan assets	(689)			(669)			(718)			(163)			(130)			(128)			(11)			(12)			(6)
Curtailments, settlements and termination benefits	—			—			—			1			1			(1)			—			—			—
Amortization of prior service cost (credit)	—			—			—			—			—			—			(12)			(6)			(40)
Actuarial loss (gain) 2	(138)			259			(487)			172			(132)			(115)			(131)			(733)			(231)
Net Periodic benefit cost (benefit) 3	$	(171)		$	(9)		$	(875)		$	174		$	(142)		$	(134)		$	57		$	(572)		$	(113)

Amounts recognized in other comprehensive income (pre-tax):
Current year prior service cost (credit)	$	—		$	—		$	—		$	1		$	(3)		$	—		$	(2)		$	(30)		$	—
Amortization of prior service (cost) credit	—			—			—			—			—			—			12			6			40
Total recognized in other comprehensive income	—			—			—			1			(3)			—			10			(24)			40
Total recognized in net periodic cost and other comprehensive income	$	(171)		$	(9)		$	(875)		$	175		$	(145)		$	(134)		$	67		$	(596)		$	(73)

Weighted-average assumptions used to determine net periodic benefit cost:
Discount rate used to measure service cost 1	—		%	—		%	—		%	3.8		%	1.7		%	1.4		%	5.4		%	2.8		%	2.5		%
Discount rate used to measure interest cost	5.2		%	2.3		%	1.8		%	4.2		%	1.7		%	1.2		%	5.3		%	2.2		%	1.6		%
Expected rate of return on plan assets	5.8		%	4.0		%	4.2		%	5.2		%	3.1		%	2.9		%	7.4		%	6.9		%	6.5		%
Rate of compensation increase 1	—		%	—		%	—		%	2.3		%	2.0		%	2.0		%	4.0		%	4.0		%	4.0		%

1 All U.S. pension benefits are frozen, and accordingly there is no longer any service cost and certain assumptions are no longer applicable.

2 Actuarial loss (gain) represents the effects of actual results differing from our assumptions and the effects of changing assumptions. We recognize actuarial loss (gain) immediately through earnings upon the annual remeasurement in the fourth quarter, or on an interim basis as triggering events warrant remeasurement.

3 The service cost component is included in Operating costs and all other components are included in Other income (expense) in Statement 1.

Our expected long-term rate of return on U.S. plan assets is based on our estimate of long-term returns for equities and fixed income securities weighted by the fair value of plan asset allocations as of December 31. We use a similar process to determine this rate for our non-U.S. plans.

The assumed health care trend rate represents the rate at which health care costs are assumed to increase. We assumed a weighted-average increase of 6.5 percent in our calculation of 2023 benefit expense. We expect a weighted-average increase of 6.2 percent during 2024. The 2024 rates are assumed to decrease gradually to the ultimate health care trend rate of 4.7 percent in 2030.

C. Expected contributions and Benefit payments

The following table presents information about expected contributions and benefit payments for pension and other postretirement benefit plans:


(Millions of dollars)	2024
Expected employer contributions:
U.S. Pension Benefits	$	52
Non-U.S. Pension Benefits	$	60
Other Postretirement Benefits	$	161

Expected benefit payments:	2024		2025		2026		2027		2028		2029- 2033		Total
U.S. Pension Benefits	$	1,010	$	1,000	$	995	$	990	$	985	$	4,750	$	9,730
Non-U.S. Pension Benefits	$	185	$	185	$	195	$	200	$	210	$	1,095	$	2,070
Other Postretirement Benefits	$	245	$	245	$	240	$	240	$	240	$	1,150	$	2,360

Expected Medicare Part D subsidy:	$	6	$	6	$	5	$	5	$	5	$	20	$	47

The above table reflects the total expected employer contributions and expected benefits to be paid from the plan or from company assets and does not include the participants’ share of the cost. The expected benefit payments for our other postretirement benefits include payments for prescription drug benefits. The above table also includes Medicare Part D subsidy amounts expected to be received by the company which will offset other postretirement benefit payments.

D. Plan assets

In general, our strategy for both the U.S. and non-U.S. pensions includes ongoing alignment of our investments to our liabilities, while reducing risk in our portfolio. The current U.S. pension target asset allocation is 85 percent fixed income and 15 percent equities. We will revise this target allocation periodically to ensure it reflects our overall objectives. The non-U.S. pension weighted-average target allocations are 59 percent fixed income, 19 percent insurance contracts, 12 percent equities, 6 percent real estate, and 4 percent other. The target allocations for each plan vary based upon local statutory requirements, demographics of plan participants and funded status. We primarily invest the non-U.S. plan assets in non-U.S. securities.

Our target allocation for the other postretirement benefit plans is 70 percent equities and 30 percent fixed income.

We rebalance the U.S. plans to within the appropriate target asset allocation ranges on a monthly basis. The frequency of rebalancing for the non-U.S. plans varies depending on the plan. As a result of our diversification strategies, there are no significant concentrations of risk within the portfolio of investments.

We permit the use of certain derivative instruments where appropriate and necessary for achieving overall investment policy objectives. The plans do not use derivative contracts for speculative purposes.

The accounting guidance on fair value measurements specifies a fair value hierarchy based upon the observability of inputs used in valuation techniques (Level 1, 2 and 3). Certain assets that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. See Note 18 for a discussion of the fair value hierarchy.

We determine fair values as follows:

•Equity securities are primarily based on valuations for identical instruments in active markets.

•Fixed income securities are primarily based upon models that take into consideration such market-based factors as recent sales, risk-free yield curves and prices of similarly rated bonds.

•Real estate is stated at the fund’s net asset value or at appraised value.

•Insurance contracts are valued on an insurer pricing basis updated for changes in insurance market pricing, market rates, and inflation.

•Cash, short-term instruments and other are based on the carrying amount, which approximates fair value, or the fund’s net asset value.

The fair value of the pension and other postretirement benefit plan assets by category is summarized below:


	December 31, 2023
(Millions of dollars)	Level 1		Level 2		Level 3		Measured at NAV		Total Assets at Fair Value
U.S. Pension
Equity securities:
U.S. equities	$	1,107	$	10	$	24	$	81	$	1,222
Non-U.S. equities	910		—		3		—		913

Fixed income securities:
U.S. corporate bonds	—		5,706		33		33		5,772
Non-U.S. corporate bonds	—		1,228		—		—		1,228
U.S. government bonds	—		2,988		—		—		2,988
U.S. governmental agency mortgage-backed securities	—		84		—		—		84
Non-U.S. government bonds	—		100		—		—		100

Real estate	—		—		3		—		3

Cash, short-term instruments and other	99		33		—		296		428
Total U.S. pension assets	$	2,116	$	10,149	$	63	$	410	$	12,738


	December 31, 2022
(Millions of dollars)	Level 1		Level 2		Level 3		Measured at NAV		Total Assets at Fair Value
U.S. Pension
Equity securities:
U.S. equities	$	1,098	$	20	$	26	$	99	$	1,243
Non-U.S. equities	948		—		2		—		950

Fixed income securities:
U.S. corporate bonds	—		5,460		40		37		5,537
Non-U.S. corporate bonds	—		1,244		—		—		1,244
U.S. government bonds	—		2,904		—		—		2,904
U.S. governmental agency mortgage-backed securities	—		19		—		—		19
Non-U.S. government bonds	—		118		—		—		118

Real estate	—		—		8		—		8

Cash, short-term instruments and other	108		14		2		309		433
Total U.S. pension assets	$	2,154	$	9,779	$	78	$	445	$	12,456


	December 31, 2023
(Millions of dollars)	Level 1		Level 2		Level 3		Measured at NAV		Total Assets at Fair Value
Non-U.S. Pension
Equity securities:
U.S. equities	$	73	$	—	$	—	$	—	$	73
Non-U.S. equities	228		33		—		21		282
Global equities 1	28		—		—		20		48

Fixed income securities:
U.S. corporate bonds	—		91		—		—		91
Non-U.S. corporate bonds	—		466		—		—		466
U.S. government bonds	—		63		—		—		63
Non-U.S. government bonds	—		998		—		—		998
Global fixed income 1	—		91		—		216		307

Real estate	—		210		—		9		219

Insurance contracts	—		—		675		—		675

Cash, short-term instruments and other 2	54		191		—		—		245
Total non-U.S. pension assets	$	383	$	2,143	$	675	$	266	$	3,467


	December 31, 2022
(Millions of dollars)	Level 1		Level 2		Level 3		Measured at NAV		Total Assets at Fair Value
Non-U.S. Pension
Equity securities:
U.S. equities	$	61	$	—	$	—	$	—	$	61
Non-U.S. equities	208		28		—		21		257
Global equities 1	26		10		—		17		53

Fixed income securities:
U.S. corporate bonds	—		186		—		—		186
Non-U.S. corporate bonds	—		631		—		—		631
U.S. government bonds	—		66		—		—		66
Non-U.S. government bonds	—		1,273		—		—		1,273
Global fixed income 1	—		82		—		248		330

Real estate	—		198		—		—		198

Cash, short-term instruments and other 2	72		117		—		—		189
Total non-U.S. pension assets	$	367	$	2,591	$	—	$	286	$	3,244

1 Includes funds that invest in both U.S. and non-U.S. securities.
2 Includes funds that invest in multiple asset classes, hedge funds and other.


	December 31, 2023
(Millions of dollars)	Level 1		Level 2		Level 3		Measured at NAV		Total Assets at Fair Value
Other Postretirement Benefits
Equity securities:
U.S. equities	$	65	$	—	$	—	$	5	$	70
Non-U.S. equities	23		—		—		2		25

Fixed income securities:
U.S. corporate bonds	—		—		—		30		30





Cash, short-term instruments and other	1		—		—		18		19
Total other postretirement benefit assets	$	89	$	—	$	—	$	55	$	144



	December 31, 2022
(Millions of dollars)	Level 1		Level 2		Level 3		Measured at NAV		Total Assets at Fair Value
Other Postretirement Benefits
Equity securities:
U.S. equities	$	41	$	—	$	—	$	2	$	43
Non-U.S. equities	16		—		—		3		19








Cash, short-term instruments and other	3		—		—		37		40
Total other postretirement benefit assets	$	60	$	—	$	—	$	42	$	102

The activity attributable to U.S. pension assets measured at fair value using Level 3 inputs for the years ended December 31, 2023 and 2022 was insignificant. During 2023, activity in our non-U.S. pension Level 3 assets involved insurance contracts, including purchases of $633 million, settlements of $9 million and unrealized gains of $51 million. We valued these instruments using pricing models that, in management’s judgment, reflect the assumptions a market participant would use.

Defined contribution plans

We have both U.S. and non-U.S. employee defined contribution plans to help employees save for retirement. Our primary U.S. 401(k) plan allows eligible employees to contribute a portion of their cash compensation to the plan on a tax-deferred basis. Employees are eligible for matching contributions equal to 100 percent of employee contributions to the plan up to 6 percent of cash compensation and an annual employer contribution that ranges from 3 to 5 percent of cash compensation (depending on years of service and age).

These 401(k) plans include various investment funds, including a non-leveraged employee stock ownership plan (ESOP). As of December 31, 2023 and 2022, the ESOP held 11.3 million and 12.0 million shares, respectively. We allocate all of the shares held by the ESOP to participant accounts. Dividends paid to participants are automatically reinvested into company shares unless the participant elects to have all or a portion of the dividend paid to the participant. Various other U.S. and non-U.S. defined contribution plans generally allow eligible employees to contribute a portion of their cash compensation to the plans, and in most cases, we provide a matching contribution to the funds.

Total company costs related to U.S. and non-U.S. defined contribution plans were as follows:


(Millions of dollars)	2023		2022		2021
U.S. plans	$	567	$	392	$	440
Non-U.S. plans	114		114		114
	$	681	$	506	$	554

For our U.S. plans, changes in annual defined contribution costs are primarily due to fair value adjustments related to our non-qualified deferred compensation plans.

The entire disclosure for retirement benefits.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Accumulated Other Comprehensive Income (Loss)

Short-term borrowings

12 Months Ended

Dec. 31, 2023

Short-Term Debt [Abstract]

Short-term borrowings


	December 31,
(Millions of dollars)	2023		2022
Machinery, Energy & Transportation:
Notes payable to banks	$	—	$	3


	—		3
Financial Products:
Notes payable to banks	330		234
Commercial paper	4,069		5,455
Demand notes	244		265
	4,643		5,954
Total short-term borrowings	$	4,643	$	5,957

The weighted-average interest rates on short-term borrowings outstanding were:


	December 31,
	2023		2022
Notes payable to banks	10.0	%	11.3	%
Commercial paper	5.2	%	4.2	%
Demand notes	5.2	%	3.4	%

Please refer to Note 18 for fair value information on short-term borrowings.

Long-term debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Long-term debt


		December 31,
(Millions of dollars)	Effective Yield to Maturity 1	2023		2022
Machinery, Energy & Transportation:
Notes—$759 million of 5.200% due 2041 2	5.27%	$	752	$	752


Debentures—$1,000 million of 3.400% due 2024	3.46%	—		999
Debentures—$193 million of 6.625% due 2028 2	6.68%	193		192
Debentures—$500 million of 2.600% due 2029 2	2.67%	498		498
Debentures—$800 million of 2.600% due 2030 2	2.72%	795		794
Debentures—$500 million of 1.900% due 2031 2	2.04%	496		495
Debentures—$242 million of 7.300% due 2031 2	7.38%	241		240
Debentures—$307 million of 5.300% due 2035 2	8.64%	233		229
Debentures—$460 million of 6.050% due 2036 2	6.12%	456		456
Debentures—$65 million of 8.250% due 2038 2	8.38%	64		64
Debentures—$160 million of 6.950% due 2042 2	7.02%	158		158
Debentures—$1,722 million of 3.803% due 2042 2	6.39%	1,355		1,336
Debentures—$500 million of 4.300% due 2044	4.39%	494		493
Debentures—$1,000 million of 3.250% due 2049 2	3.34%	984		983
Debentures—$1,200 million of 3.250% due 2050 2	3.32%	1,186		1,186
Debentures—$500 million of 4.750% due 2064	4.81%	494		494
Debentures—$246 million of 7.375% due 2097 2	7.51%	241		241
Finance lease obligations & other 3		(61)		(112)
Total Machinery, Energy & Transportation		8,579		9,498
Financial Products:

Medium-term notes		15,581		15,940
Other		312		276
Total Financial Products		15,893		16,216
Total long-term debt due after one year		$	24,472	$	25,714

1 Effective yield to maturity includes the impact of discounts, premiums and debt issuance costs.

2 Redeemable at our option in whole or in part at any time at a redemption price equal to the greater of (i) 100% of the principal amount or (ii) the discounted present value of the notes or debentures, calculated in accordance with the terms of such notes or debentures.

3 Includes $(133) million and $(168) million of mark-to-market adjustments related to fair value interest rate swap contracts as of December 31, 2023 and 2022, respectively.

All outstanding notes and debentures are unsecured and rank equally with one another.

Cat Financial’s medium-term notes are offered by prospectus and are issued through agents at fixed and floating rates. Medium-term notes due after one year have a weighted average interest rate of 3.5% with remaining maturities up to 5 years at December 31, 2023.

The aggregate amounts of maturities of long-term debt during each of the years 2024 through 2028, including amounts due within one year and classified as current, are:


	December 31,
(Millions of dollars)	2024		2025		2026		2027		2028
Machinery, Energy & Transportation	$	1,044	$	19	$	15	$	13	$	199
Financial Products	7,719		7,811		5,634		2,479		14
	$	8,763	$	7,830	$	5,649	$	2,492	$	213

Medium-term notes of $500 million maturing in the first quarter of 2024 were excluded from the current maturities of long-term debt in Statement 3 as of December 31, 2023 due to a $500 million issuance of medium-term notes on January 8, 2024 which mature in 2027. The preceding maturity table reflects the reclassification of $500 million from maturities in 2024 to 2027.

Interest paid on short-term and long-term borrowings for 2023, 2022 and 2021 was $1,711 million, $959 million and $920 million, respectively.

Please refer to Note 18 for fair value information on long-term debt.

Credit commitments

12 Months Ended

Dec. 31, 2023

Credit Commitments [Abstract]

Credit commitments


	December 31, 2023
(Millions of dollars)	Consolidated		Machinery, Energy & Transportation		Financial Products
Credit lines available:
Global credit facilities	$	10,500	$	2,750	$	7,750
Other external	4,164		625		3,539
Total credit lines available	14,664		3,375		11,289
Less: Commercial paper outstanding	(4,069)		—		(4,069)
Less: Utilized credit	(853)		—		(853)
Available credit	$	9,742	$	3,375	$	6,367

We have three global credit facilities with a syndicate of banks totaling $10.50 billion (Credit Facility) available in the aggregate to both Caterpillar and Cat Financial for general liquidity purposes. Based on management's allocation decision, which can be revised from time to time, the portion of the Credit Facility available to ME&T as of December 31, 2023 was $2.75 billion. Information on our Credit Facility is as follows:

•In August 2023, we entered into a new 364-day facility. The 364-day facility of $3.15 billion (of which $825 million is available to ME&T) expires in August 2024.

•In August 2023, we amended and extended the three-year facility (as amended and restated, the "three-year facility"). The three-year facility of $2.73 billion (of which $715 million is available to ME&T) expires in August 2026.

•In August 2023, we amended and extended the five-year facility (as amended and restated, the "five-year facility"). The five-year facility of $4.62 billion (of which $1.21 billion is available to ME&T) expires in August 2028.

Other consolidated credit lines with banks as of December 31, 2023 totaled $4.16 billion. These committed and uncommitted credit lines, which may be eligible for renewal at various future dates or have no specified expiration date, are used primarily by our subsidiaries for local funding requirements. Caterpillar or Cat Financial may guarantee subsidiary borrowings under these lines.

At December 31, 2023, Caterpillar’s consolidated net worth was $19.55 billion, which was above the $9.00 billion required under the Credit Facility. The consolidated net worth is defined as the consolidated shareholders’ equity including preferred stock but excluding the pension and other postretirement benefits balance within AOCI.

At December 31, 2023, Cat Financial’s covenant interest coverage ratio was 1.73 to 1. This was above the 1.15 to 1 minimum ratio, calculated as (1) profit excluding income taxes, interest expense and net gain/(loss) from interest rate derivatives to (2) interest expense calculated at the end of each fiscal quarter for the prior four consecutive fiscal quarter period, required by the Credit Facility.

In addition, at December 31, 2023, Cat Financial’s six-month covenant leverage ratio was 6.88 to 1 and year-end covenant leverage ratio was 6.95 to 1. This was below the maximum ratio of debt to net worth of 10 to 1, calculated (1) on a monthly basis as the average of the leverage ratios determined on the last day of each of the six preceding calendar months and (2) at each December 31, required by the Credit Facility.

In the event Caterpillar or Cat Financial does not meet one or more of their respective financial covenants under the Credit Facility in the future (and are unable to obtain a consent or waiver), the syndicate of banks may terminate the commitments allocated to the party that does not meet its covenants. Additionally, in such event, certain of Cat Financial’s other lenders under other loan agreements where similar financial covenants or cross default provisions are applicable may, at their election, choose to pursue remedies under those loan agreements, including accelerating the repayment of outstanding borrowings. At December 31, 2023, there were no borrowings under the Credit Facility.

Profit per share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Profit per share


Computations of profit per share:
(Dollars in millions except per share data)	2023		2022		2021
Profit for the period (A) 1	$	10,335	$	6,705	$	6,489
Determination of shares (in millions):
Weighted average number of common shares outstanding (B)	510.6		526.9		544.0
Shares issuable on exercise of stock awards, net of shares assumed to be purchased out of proceeds at average market price	3.0		3.5		4.5
Average common shares outstanding for fully diluted computation (C) 2	513.6		530.4		548.5
Profit per share of common stock:
Assuming no dilution (A/B)	$	20.24	$	12.72	$	11.93
Assuming full dilution (A/C) 2	$	20.12	$	12.64	$	11.83
Shares outstanding as of December 31 (in millions)	499.4		516.3		535.9

1Profit attributable to common shareholders.

2Diluted by assumed exercise of stock-based compensation awards using the treasury stock method.

For the years ended December 31, 2023, 2022 and 2021, we excluded 0.8 million, 2.0 million and 1.1 million of outstanding stock options, respectively, from the computation of diluted earnings per share because the effect would have been antidilutive.

In July 2018, the Board approved a share repurchase authorization (the 2018 Authorization) of up to $10.0 billion of Caterpillar common stock effective January 1, 2019, with no expiration. In May 2022, the Board approved a new share repurchase authorization (the 2022 Authorization) of up to $15.0 billion of Caterpillar common stock effective August 1, 2022, with no expiration. Utilization of the 2022 Authorization for all share repurchases commenced on August 1, 2022, leaving $70 million unutilized under the 2018 Authorization. As of December 31, 2023, approximately $7.8 billion remained available under the 2022 Authorization.

During 2023, 2022 and 2021, we repurchased 19.5 million, 21.9 million and 13.0 million shares of Caterpillar common stock, respectively, at an aggregate cost of $4.7 billion, $4.2 billion and $2.7 billion, respectively. We made these purchases through a combination of accelerated stock repurchase agreements with third-party financial institutions and open market transactions.

Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Accumulated other comprehensive income (loss)

We present comprehensive income and its components in Statement 2. Changes in the balances for each component of AOCI were as follows:



(Millions of dollars)
	2023		2022		2021
Foreign currency translation
Beginning balance	$	(2,328)	$	(1,508)	$	(910)


Gains (losses) on foreign currency translation	32		(794)		(559)
Less: Tax provision /(benefit)	(21)		26		41
Net gains (losses) on foreign currency translation	53		(820)		(600)
(Gains) losses reclassified to earnings	493		—		2
Less: Tax provision /(benefit)	—		—		—
Net (gains) losses reclassified to earnings	493		—		2
Other comprehensive income (loss), net of tax	546		(820)		(598)
Ending balance	$	(1,782)	$	(2,328)	$	(1,508)

Pension and other postretirement benefits
Beginning balance	$	(39)	$	(62)	$	(32)


Current year prior service credit (cost)	1		33		—
Less: Tax provision /(benefit)	—		5		—
Net current year prior service credit (cost)	1		28		—
Amortization of prior service (credit) cost	(12)		(6)		(40)
Less: Tax provision /(benefit)	(1)		(1)		(10)
Net amortization of prior service (credit) cost	(11)		(5)		(30)
Other comprehensive income (loss), net of tax	(10)		23		(30)
Ending balance	$	(49)	$	(39)	$	(62)

Derivative financial instruments
Beginning balance	$	28	$	(3)	$	—


Gains (losses) deferred	48		375		195
Less: Tax provision /(benefit)	11		86		21
Net gains (losses) deferred	37		289		174
(Gains) losses reclassified to earnings	3		(340)		(196)
Less: Tax provision /(benefit)	1		(82)		(19)
Net (gains) losses reclassified to earnings	2		(258)		(177)
Other comprehensive income (loss), net of tax	39		31		(3)
Ending balance	$	67	$	28	$	(3)



Available-for-sale securities
Beginning balance	$	(118)	$	20	$	54


Gains (losses) deferred	72		(179)		(39)
Less: Tax provision /(benefit)	11		(37)		(8)
Net gains (losses) deferred	61		(142)		(31)
(Gains) losses reclassified to earnings	1		5		(4)
Less: Tax provision /(benefit)	—		1		(1)
Net (gains) losses reclassified to earnings	1		4		(3)
Other comprehensive income (loss), net of tax	62		(138)		(34)
Ending balance	$	(56)	$	(118)	$	20

Total AOCI Ending Balance at December 31,	$	(1,820)	$	(2,457)	$	(1,553)

Fair value disclosures

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair value disclosures

A.Fair value measurements

The guidance on fair value measurements defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. This guidance also specifies a fair value hierarchy based upon the observability of inputs used in valuation techniques. Observable inputs (highest level) reflect market data obtained from independent sources, while unobservable inputs (lowest level) reflect internally developed market assumptions. In accordance with this guidance, fair value measurements are classified under the following hierarchy:

•Level 1 — Quoted prices for identical instruments in active markets.

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

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

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

We classify fair value measurements according to the lowest level input or value-driver that is significant to the valuation. We may therefore classify a measurement within Level 3 even though there may be significant inputs that are readily observable.

Fair value measurement includes the consideration of nonperformance risk. Nonperformance risk refers to the risk that an obligation (either by a counterparty or Caterpillar) will not be fulfilled. For financial assets traded in an active market (Level 1 and certain Level 2), the nonperformance risk is included in the market price. For certain other financial assets and liabilities (certain Level 2 and Level 3), our fair value calculations have been adjusted accordingly.

Investments in debt and equity securities

We have investments in certain debt and equity securities that are recorded at fair value. Fair values for our U.S. treasury bonds and large capitalization value and smaller company growth equity securities are based upon valuations for identical instruments in active markets. Fair values for other government debt securities, corporate debt securities and mortgage-backed debt securities are based upon models that take into consideration such market-based factors as recent sales, risk-free yield curves and prices of similarly rated bonds.

We also have investments in time deposits classified as held-to-maturity debt securities. The fair value of these investments is based upon valuations observed in less active markets than Level 1. These investments have a maturity of less than one year and are recorded at amortized costs, which approximate fair value.

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

See Note 11 for additional information on our investments in debt and equity securities.

Derivative financial instruments

The fair value of interest rate contracts is primarily based on a standard industry accepted valuation model that utilizes the appropriate market-based forward swap curves and zero-coupon interest rates to determine discounted cash flows. The fair value of foreign currency and commodity forward, option and cross currency contracts is based on standard industry accepted valuation models that discount cash flows resulting from the differential between the contract price and the market-based forward rate.

See Note 4 for additional information.

Assets and liabilities measured on a recurring basis at fair value included in Statement 3 as of December 31, 2023 and 2022 were as follows:


	December 31, 2023
(Millions of dollars)	Level 1		Level 2		Level 3		Measured at NAV		Total 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	—		60		—		—		60

Corporate debt securities
Corporate bonds and other debt securities	—		2,995		—		—		2,995
Asset-backed securities	—		192		—		—		192

Mortgage-backed debt securities
U.S. governmental agency	—		410		—		—		410
Residential	—		2		—		—		2
Commercial	—		128		—		—		128
Total debt securities	10		3,787		—		—		3,797
Equity securities
Large capitalization value	223		—		—		—		223
Smaller company growth	35		—		—		—		35
REIT	—		—		—		180		180
Total equity securities	258		—		—		180		438
Derivative financial instruments - assets
Foreign currency contracts - net	—		207		—		—		207

Commodity contracts - net	—		9		—		—		9
Total assets	$	268	$	4,003	$	—	$	180	$	4,451

Liabilities
Derivative financial instruments - liabilities

Interest rate contracts - net	—		151		—		—		151

Total liabilities	$	—	$	151	$	—	$	—	$	151


	December 31, 2022
(Millions of dollars)	Level 1		Level 2		Level 3		Measured at NAV		Total 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	—		55		—		—		55

Corporate debt securities
Corporate bonds and other debt securities	—		2,416		50		—		2,466
Asset-backed securities	—		182		—		—		182

Mortgage-backed debt securities
U.S. governmental agency	—		333		—		—		333
Residential	—		2		—		—		2
Commercial	—		117		—		—		117
Total debt securities	9		3,105		50		—		3,164
Equity securities
Large capitalization value	203		—		—		—		203
Smaller company growth	31		—		—		—		31
REIT	—		—		—		207		207
Total equity securities	234		—		—		207		441
Derivative financial instruments - assets
Foreign currency contracts - net	—		328		—		—		328

Commodity contracts - net	—		15		—		—		15
Total assets	$	243	$	3,448	$	50	$	207	$	3,948

Liabilities
Derivative financial instruments - liabilities
Interest rate contracts - net	$	—	$	195	$	—	$	—	$	195
Total liabilities	$	—	$	195	$	—	$	—	$	195

In addition to the amounts above, certain Cat Financial loans are subject to measurement at fair value on a nonrecurring basis and are classified as Level 3 measurements. A loan is measured at fair value when management determines that collection of contractual amounts due is not probable and the loan is individually evaluated. In these cases, an allowance for credit losses may be established based either on the present value of expected future cash flows discounted at the receivables’ effective interest rate, the fair value of the collateral for collateral-dependent receivables, or the observable market price of the receivable. In determining collateral value, Cat Financial estimates the current fair market value of the collateral less selling costs. Cat Financial had loans carried at fair value of $55 million and $68 million as of December 31, 2023 and 2022, respectively.

B.Fair values of financial instruments

In addition to the methods and assumptions we use to record the fair value of financial instruments as discussed in the Fair value measurements section above, we use the following methods and assumptions to estimate the fair value of our financial instruments:

Cash and cash equivalents

Carrying amount approximates fair value. We classify cash and cash equivalents as Level 1. See Statement 3.

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 Statement 3. We classify these instruments as Level 1 except for time deposits which are Level 2, and certain corporate debt securities which are Level 3. See Note 11 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 Note 13 for additional information.

Long-term debt

We estimate fair value for fixed and floating rate debt based on quoted market prices.

Guarantees

The fair value of guarantees is based upon our estimate of the premium a market participant would require to issue the same guarantee in a stand-alone arms-length transaction with an unrelated party. If quoted or observable market prices are not available, fair value is based upon internally developed models that utilize current market-based assumptions. We classify guarantees as Level 3. See Note 21 for additional information.

Our financial instruments not carried at fair value were as follows:



	2023				2022
(Millions of dollars)	Carrying Amount		Fair Value		Carrying Amount		Fair Value		Fair Value Levels	Reference
Assets at December 31,
Finance receivables–net (excluding finance leases 1)	$	15,386	$	15,017	$	13,965	$	13,377	3	Notes 7 & 19
Wholesale inventory receivables–net (excluding finance leases 1)	1,415		1,368		827		778		3	Notes 7 & 19

Liabilities at December 31,
Long-term debt (including amounts due within one year):
Machinery, Energy & Transportation	9,623		9,550		9,618		9,240		2	Note 14
Financial Products	23,612		23,299		21,418		20,686		2	Note 14

1Represents finance leases and failed sale leasebacks of $6,953 million and $7,325 million at December 31, 2023 and 2022, respectively.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Concentration of credit risk	12 Months Ended
Concentration of credit risk	Dec. 31, 2023
Risks and Uncertainties [Abstract]
Concentration of credit risk	Concentration of credit risk Financial instruments with potential credit risk consist primarily of trade and finance receivables and short-term and long-term investments. Additionally, to a lesser extent, we have a potential credit risk associated with counterparties to derivative contracts. Trade receivables are primarily short-term receivables from independently owned and operated dealers and customers which arise in the normal course of business. We perform regular credit evaluations of our dealers and customers. Collateral generally is not required, and the majority of our trade receivables are unsecured. We do, however, when deemed necessary, make use of various devices such as security agreements and letters of credit to protect our interests. No single dealer or customer represents a significant concentration of credit risk. Finance receivables and wholesale inventory receivables primarily represent receivables under installment sales contracts, receivables arising from leasing transactions and notes receivable. We typically maintain a security interest in retail financed equipment and, in some instances, wholesale financed equipment. We also generally require physical damage insurance coverage on financed equipment. No single customer or dealer represented a significant concentration of credit risk. 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. Long-term investments, primarily included in Other assets in Statement 3, are comprised primarily of available-for-sale debt securities and equity securities. For derivative contracts, collateral is generally not required of the counterparties or of our company. The company generally enters 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. 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. The master netting agreements reduce the amount of loss the company would incur should the counterparties fail to meet their obligations. At December 31, 2023 and 2022, the maximum exposure to credit loss was $520 million and $644 million, respectively, before the application of any master netting agreements. Refer to Note 18 for fair value information.

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

A. Lessee arrangements

We lease certain property, information technology equipment, warehouse equipment, vehicles and other equipment through operating leases. We recognize a lease liability and corresponding right-of-use asset based on the present value of lease payments. To determine the present value of lease payments for most of our leases, we use our incremental borrowing rate based on information available on the lease commencement date. For certain property and information technology equipment leases, we have elected to separate payments for lease components from non-lease components. For all other leases, we have elected not to separate payments for lease and non-lease components. Our lease agreements may include options to extend or terminate the lease. When it is reasonably certain that we will exercise that option, we have included the option in the recognition of right-of-use assets and lease liabilities. We have elected not to recognize right-of-use assets or lease liabilities for leases with a term of twelve months or less.

Our finance leases are not significant and therefore are not included in the following disclosures.

The components of lease costs were as follows:



(Millions of dollars)
	Years Ended December 31,
	2023		2022		2021
Operating lease cost	$	189	$	187	$	214
Short-term lease cost	$	62	$	59	$	46

We recognize operating lease right-of-use assets in Other assets in Statement 3. We recognize the operating lease liabilities in Other current liabilities and Other liabilities.

Supplemental information related to leases was as follows:



(Millions of dollars)
	December 31, 2023			December 31, 2022
Operating Leases
Other assets	$	556		$	564
Other current liabilities	$	147		$	151
Other liabilities	$	427		$	428










Weighted average remaining lease term
Operating leases	7 years			7 years


Weighted average discount rates
Operating leases	3		%	2		%

Maturities of operating lease liabilities were as follows:



(Millions of dollars)	December 31, 2023

Amounts Due In
2024	$	160
2025	125
2026	91
2027	69
2028	48
Thereafter	151
Total lease payments	644
Less: Imputed interest	(70)
Total	$	574

Supplemental cash flow information related to leases was as follows:



(Millions of dollars)
	Years ended December 31,
	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	180	$	178	$	206


Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	148	$	123	$	238

B. Lessor arrangements

We lease Caterpillar machinery, engines and other equipment to customers and dealers around the world, primarily through Cat Financial. Cat Financial leases to customers primarily through sales-type (non-tax) leases, where the lessee for tax purposes is considered to be the owner of the equipment during the term of the lease. Cat Financial also offers tax leases that are classified as either operating or direct finance leases for financial accounting purposes, depending on the characteristics of the lease. For tax purposes, Cat Financial is considered the owner of the equipment. Our lease agreements may include options for the lessee to purchase the underlying asset at the end of the lease term for either a stated fixed price or fair market value.

We determine the residual value of Cat Financial’s leased equipment based on its estimated end-of-term market value. We estimate the residual value of leased equipment at the inception of the lease based on a number of factors, including historical wholesale market sales prices, past remarketing experience and any known significant market/product trends. We also consider the following critical factors in our residual value estimates: lease term, market size and demand, total expected hours of usage, machine configuration, application, location, model changes, quantities, third-party residual guarantees and contractual customer purchase options.

During the term of our leases, we monitor residual values. For operating leases, we record adjustments to depreciation expense reflecting changes in residual value estimates prospectively on a straight-line basis. For finance leases, we recognize residual value adjustments through a reduction of finance revenue over the remaining lease term.

See Note 7 for contractual maturities of finance lease receivables (sales-type and direct finance leases).

The carrying amount of equipment leased to others, included in Property, plant and equipment - net in Statement 3, under operating leases was as follows:



	December 31,
(Millions of dollars)	2023		2022
Equipment leased to others - at original cost	$	5,837	$	5,568
Less: Accumulated depreciation	(1,902)		(1,790)
Equipment leased to others - net	$	3,935	$	3,778

Payments due for operating leases as of December 31, 2023, were as follows:



(Millions of dollars)
2024	2025	2026	2027	2028	Thereafter	Total
$894	$586	$329	$157	$80	$29	$2,075

Revenues from finance and operating leases, primarily included in Revenues of Financial Products on Statement 1, were as follows:



(Millions of dollars)
	Year ended December 31,
	2023		2022		2021
Finance lease revenue	$	420	$	430	$	485
Operating lease revenue	1,166		1,085		1,128
Total	$	1,586	$	1,515	$	1,613

We present revenues net of sales and other related taxes.

A. Lessee arrangements

We lease certain property, information technology equipment, warehouse equipment, vehicles and other equipment through operating leases. We recognize a lease liability and corresponding right-of-use asset based on the present value of lease payments. To determine the present value of lease payments for most of our leases, we use our incremental borrowing rate based on information available on the lease commencement date. For certain property and information technology equipment leases, we have elected to separate payments for lease components from non-lease components. For all other leases, we have elected not to separate payments for lease and non-lease components. Our lease agreements may include options to extend or terminate the lease. When it is reasonably certain that we will exercise that option, we have included the option in the recognition of right-of-use assets and lease liabilities. We have elected not to recognize right-of-use assets or lease liabilities for leases with a term of twelve months or less.

Our finance leases are not significant and therefore are not included in the following disclosures.

The components of lease costs were as follows:



(Millions of dollars)
	Years Ended December 31,
	2023		2022		2021
Operating lease cost	$	189	$	187	$	214
Short-term lease cost	$	62	$	59	$	46

We recognize operating lease right-of-use assets in Other assets in Statement 3. We recognize the operating lease liabilities in Other current liabilities and Other liabilities.

Supplemental information related to leases was as follows:



(Millions of dollars)
	December 31, 2023			December 31, 2022
Operating Leases
Other assets	$	556		$	564
Other current liabilities	$	147		$	151
Other liabilities	$	427		$	428










Weighted average remaining lease term
Operating leases	7 years			7 years


Weighted average discount rates
Operating leases	3		%	2		%

Maturities of operating lease liabilities were as follows:



(Millions of dollars)	December 31, 2023

Amounts Due In
2024	$	160
2025	125
2026	91
2027	69
2028	48
Thereafter	151
Total lease payments	644
Less: Imputed interest	(70)
Total	$	574

Supplemental cash flow information related to leases was as follows:



(Millions of dollars)
	Years ended December 31,
	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	180	$	178	$	206


Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	148	$	123	$	238

B. Lessor arrangements

We lease Caterpillar machinery, engines and other equipment to customers and dealers around the world, primarily through Cat Financial. Cat Financial leases to customers primarily through sales-type (non-tax) leases, where the lessee for tax purposes is considered to be the owner of the equipment during the term of the lease. Cat Financial also offers tax leases that are classified as either operating or direct finance leases for financial accounting purposes, depending on the characteristics of the lease. For tax purposes, Cat Financial is considered the owner of the equipment. Our lease agreements may include options for the lessee to purchase the underlying asset at the end of the lease term for either a stated fixed price or fair market value.

We determine the residual value of Cat Financial’s leased equipment based on its estimated end-of-term market value. We estimate the residual value of leased equipment at the inception of the lease based on a number of factors, including historical wholesale market sales prices, past remarketing experience and any known significant market/product trends. We also consider the following critical factors in our residual value estimates: lease term, market size and demand, total expected hours of usage, machine configuration, application, location, model changes, quantities, third-party residual guarantees and contractual customer purchase options.

During the term of our leases, we monitor residual values. For operating leases, we record adjustments to depreciation expense reflecting changes in residual value estimates prospectively on a straight-line basis. For finance leases, we recognize residual value adjustments through a reduction of finance revenue over the remaining lease term.

See Note 7 for contractual maturities of finance lease receivables (sales-type and direct finance leases).

The carrying amount of equipment leased to others, included in Property, plant and equipment - net in Statement 3, under operating leases was as follows:



	December 31,
(Millions of dollars)	2023		2022
Equipment leased to others - at original cost	$	5,837	$	5,568
Less: Accumulated depreciation	(1,902)		(1,790)
Equipment leased to others - net	$	3,935	$	3,778

Payments due for operating leases as of December 31, 2023, were as follows:



(Millions of dollars)
2024	2025	2026	2027	2028	Thereafter	Total
$894	$586	$329	$157	$80	$29	$2,075

Revenues from finance and operating leases, primarily included in Revenues of Financial Products on Statement 1, were as follows:



(Millions of dollars)
	Year ended December 31,
	2023		2022		2021
Finance lease revenue	$	420	$	430	$	485
Operating lease revenue	1,166		1,085		1,128
Total	$	1,586	$	1,515	$	1,613

We present revenues net of sales and other related taxes.

A. Lessee arrangements

We lease certain property, information technology equipment, warehouse equipment, vehicles and other equipment through operating leases. We recognize a lease liability and corresponding right-of-use asset based on the present value of lease payments. To determine the present value of lease payments for most of our leases, we use our incremental borrowing rate based on information available on the lease commencement date. For certain property and information technology equipment leases, we have elected to separate payments for lease components from non-lease components. For all other leases, we have elected not to separate payments for lease and non-lease components. Our lease agreements may include options to extend or terminate the lease. When it is reasonably certain that we will exercise that option, we have included the option in the recognition of right-of-use assets and lease liabilities. We have elected not to recognize right-of-use assets or lease liabilities for leases with a term of twelve months or less.

Our finance leases are not significant and therefore are not included in the following disclosures.

The components of lease costs were as follows:



(Millions of dollars)
	Years Ended December 31,
	2023		2022		2021
Operating lease cost	$	189	$	187	$	214
Short-term lease cost	$	62	$	59	$	46

We recognize operating lease right-of-use assets in Other assets in Statement 3. We recognize the operating lease liabilities in Other current liabilities and Other liabilities.

Supplemental information related to leases was as follows:



(Millions of dollars)
	December 31, 2023			December 31, 2022
Operating Leases
Other assets	$	556		$	564
Other current liabilities	$	147		$	151
Other liabilities	$	427		$	428










Weighted average remaining lease term
Operating leases	7 years			7 years


Weighted average discount rates
Operating leases	3		%	2		%

Maturities of operating lease liabilities were as follows:



(Millions of dollars)	December 31, 2023

Amounts Due In
2024	$	160
2025	125
2026	91
2027	69
2028	48
Thereafter	151
Total lease payments	644
Less: Imputed interest	(70)
Total	$	574

Supplemental cash flow information related to leases was as follows:



(Millions of dollars)
	Years ended December 31,
	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	180	$	178	$	206


Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	148	$	123	$	238

B. Lessor arrangements

We lease Caterpillar machinery, engines and other equipment to customers and dealers around the world, primarily through Cat Financial. Cat Financial leases to customers primarily through sales-type (non-tax) leases, where the lessee for tax purposes is considered to be the owner of the equipment during the term of the lease. Cat Financial also offers tax leases that are classified as either operating or direct finance leases for financial accounting purposes, depending on the characteristics of the lease. For tax purposes, Cat Financial is considered the owner of the equipment. Our lease agreements may include options for the lessee to purchase the underlying asset at the end of the lease term for either a stated fixed price or fair market value.

We determine the residual value of Cat Financial’s leased equipment based on its estimated end-of-term market value. We estimate the residual value of leased equipment at the inception of the lease based on a number of factors, including historical wholesale market sales prices, past remarketing experience and any known significant market/product trends. We also consider the following critical factors in our residual value estimates: lease term, market size and demand, total expected hours of usage, machine configuration, application, location, model changes, quantities, third-party residual guarantees and contractual customer purchase options.

During the term of our leases, we monitor residual values. For operating leases, we record adjustments to depreciation expense reflecting changes in residual value estimates prospectively on a straight-line basis. For finance leases, we recognize residual value adjustments through a reduction of finance revenue over the remaining lease term.

See Note 7 for contractual maturities of finance lease receivables (sales-type and direct finance leases).

The carrying amount of equipment leased to others, included in Property, plant and equipment - net in Statement 3, under operating leases was as follows:



	December 31,
(Millions of dollars)	2023		2022
Equipment leased to others - at original cost	$	5,837	$	5,568
Less: Accumulated depreciation	(1,902)		(1,790)
Equipment leased to others - net	$	3,935	$	3,778

Payments due for operating leases as of December 31, 2023, were as follows:



(Millions of dollars)
2024	2025	2026	2027	2028	Thereafter	Total
$894	$586	$329	$157	$80	$29	$2,075

Revenues from finance and operating leases, primarily included in Revenues of Financial Products on Statement 1, were as follows:



(Millions of dollars)
	Year ended December 31,
	2023		2022		2021
Finance lease revenue	$	420	$	430	$	485
Operating lease revenue	1,166		1,085		1,128
Total	$	1,586	$	1,515	$	1,613

We present revenues net of sales and other related taxes.

Commitments and Contingencies Disclosure [Abstract]

A. Lessee arrangements

We lease certain property, information technology equipment, warehouse equipment, vehicles and other equipment through operating leases. We recognize a lease liability and corresponding right-of-use asset based on the present value of lease payments. To determine the present value of lease payments for most of our leases, we use our incremental borrowing rate based on information available on the lease commencement date. For certain property and information technology equipment leases, we have elected to separate payments for lease components from non-lease components. For all other leases, we have elected not to separate payments for lease and non-lease components. Our lease agreements may include options to extend or terminate the lease. When it is reasonably certain that we will exercise that option, we have included the option in the recognition of right-of-use assets and lease liabilities. We have elected not to recognize right-of-use assets or lease liabilities for leases with a term of twelve months or less.

Our finance leases are not significant and therefore are not included in the following disclosures.

The components of lease costs were as follows:



(Millions of dollars)
	Years Ended December 31,
	2023		2022		2021
Operating lease cost	$	189	$	187	$	214
Short-term lease cost	$	62	$	59	$	46

We recognize operating lease right-of-use assets in Other assets in Statement 3. We recognize the operating lease liabilities in Other current liabilities and Other liabilities.

Supplemental information related to leases was as follows:



(Millions of dollars)
	December 31, 2023			December 31, 2022
Operating Leases
Other assets	$	556		$	564
Other current liabilities	$	147		$	151
Other liabilities	$	427		$	428










Weighted average remaining lease term
Operating leases	7 years			7 years


Weighted average discount rates
Operating leases	3		%	2		%

Maturities of operating lease liabilities were as follows:



(Millions of dollars)	December 31, 2023

Amounts Due In
2024	$	160
2025	125
2026	91
2027	69
2028	48
Thereafter	151
Total lease payments	644
Less: Imputed interest	(70)
Total	$	574

Supplemental cash flow information related to leases was as follows:



(Millions of dollars)
	Years ended December 31,
	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	180	$	178	$	206


Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	148	$	123	$	238

B. Lessor arrangements

We lease Caterpillar machinery, engines and other equipment to customers and dealers around the world, primarily through Cat Financial. Cat Financial leases to customers primarily through sales-type (non-tax) leases, where the lessee for tax purposes is considered to be the owner of the equipment during the term of the lease. Cat Financial also offers tax leases that are classified as either operating or direct finance leases for financial accounting purposes, depending on the characteristics of the lease. For tax purposes, Cat Financial is considered the owner of the equipment. Our lease agreements may include options for the lessee to purchase the underlying asset at the end of the lease term for either a stated fixed price or fair market value.

We determine the residual value of Cat Financial’s leased equipment based on its estimated end-of-term market value. We estimate the residual value of leased equipment at the inception of the lease based on a number of factors, including historical wholesale market sales prices, past remarketing experience and any known significant market/product trends. We also consider the following critical factors in our residual value estimates: lease term, market size and demand, total expected hours of usage, machine configuration, application, location, model changes, quantities, third-party residual guarantees and contractual customer purchase options.

During the term of our leases, we monitor residual values. For operating leases, we record adjustments to depreciation expense reflecting changes in residual value estimates prospectively on a straight-line basis. For finance leases, we recognize residual value adjustments through a reduction of finance revenue over the remaining lease term.

See Note 7 for contractual maturities of finance lease receivables (sales-type and direct finance leases).

The carrying amount of equipment leased to others, included in Property, plant and equipment - net in Statement 3, under operating leases was as follows:



	December 31,
(Millions of dollars)	2023		2022
Equipment leased to others - at original cost	$	5,837	$	5,568
Less: Accumulated depreciation	(1,902)		(1,790)
Equipment leased to others - net	$	3,935	$	3,778

Payments due for operating leases as of December 31, 2023, were as follows:



(Millions of dollars)
2024	2025	2026	2027	2028	Thereafter	Total
$894	$586	$329	$157	$80	$29	$2,075

Revenues from finance and operating leases, primarily included in Revenues of Financial Products on Statement 1, were as follows:



(Millions of dollars)
	Year ended December 31,
	2023		2022		2021
Finance lease revenue	$	420	$	430	$	485
Operating lease revenue	1,166		1,085		1,128
Total	$	1,586	$	1,515	$	1,613

We present revenues net of sales and other related taxes.

Guarantees and product warranty

12 Months Ended

Dec. 31, 2023

Guarantees and product warranty

Dealer performance guarantees mainly consists of an indemnity to a third-party insurance company for potential losses related to performance bonds issued on behalf of Caterpillar dealers. The bonds have varying terms and are issued to insure governmental agencies against nonperformance by certain dealers. The guarantees began to expire during the third quarter of 2023. No payments were made under the guarantees.

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

No significant loss has been experienced or is anticipated under any of these guarantees. At December 31, 2023 and 2022, the related recorded liability was $3 million and $2 million, respectively. The maximum potential amount of future payments that we can estimate (undiscounted and without reduction for any amounts that may possibly be recovered under recourse or collateralized provisions) and we could be required to make under the guarantees at December 31 was as follows:


(Millions of dollars)	2023		2022
Caterpillar dealer performance guarantees	$	42	$	188




Other guarantees	311		323
Total guarantees	$	353	$	511

Cat Financial provides guarantees to purchase certain loans of Caterpillar dealers from a special-purpose corporation (SPC) that qualifies as a variable interest entity. The purpose of the SPC is to provide short-term working capital loans to Caterpillar dealers. This SPC issues commercial paper and uses the proceeds to fund its loan program. Cat Financial receives a fee for providing this guarantee. Cat Financial is the primary beneficiary of the SPC as its guarantees result in Cat Financial having both the power to direct the activities that most significantly impact the SPC’s economic performance and the obligation to absorb losses, and therefore Cat Financial has consolidated the financial statements of the SPC. As of December 31, 2023 and 2022, the SPC’s assets of $1.35 billion and $971 million, respectively, were primarily comprised of loans to dealers, and the SPC’s liabilities of $1.35 billion and $970 million, respectively, were primarily comprised of commercial paper. The assets of the SPC are not available to pay Cat Financial’s creditors. Cat Financial may be obligated to perform under the guarantee if the SPC experiences losses. No loss has been experienced or is anticipated under this loan purchase agreement.

Cat Financial has commitments to extend credit to customers through lines of credit and other pre-approved credit arrangements. Cat Financial applies the same credit policies and approval process for these commitments as we do for other financing. Collateral is not required, but if credit is extended, collateral is generally required upon funding. The unused commitments to extend credit to customers that are not unconditionally cancellable was $774 million at December 31, 2023. Cat Financial also has pre-approved lines of credit and other credit arrangements with Caterpillar dealers; however, we generally have the right to unconditionally cancel, alter, or amend the terms at any time.

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 years ended December 31, was as follows:


(Millions of dollars)	2023		2022
Warranty liability, beginning of period	$	1,761	$	1,689
Reduction in liability (payments)	(835)		(778)
Increase in liability (new warranties)	968		850
Warranty liability, end of period	$	1,894	$	1,761

Environmental and legal matters	12 Months Ended
Environmental and legal matters	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Environmental and legal matters	Environmental and legal matters The Company is regulated by federal, state and international environmental laws governing its use, transport and disposal of substances and control of emissions. In addition to governing our manufacturing and other operations, these laws often impact the development of our products, including, but not limited to, required compliance with air emissions standards applicable to internal combustion engines. We have made, and will continue to make, significant research and development and capital expenditures to comply with these emissions standards. We are engaged in remedial activities at a number of locations, often with other companies, pursuant to federal and state laws. When it is probable we will pay remedial costs at a site, and those costs can be reasonably estimated, we accrue the investigation, remediation, and operating and maintenance costs against our earnings. We accrue costs based on consideration of currently available data and information with respect to each individual site, including available technologies, current applicable laws and regulations, and prior remediation experience. Where no amount within a range of estimates is more likely, we accrue the minimum. Where multiple potentially responsible parties are involved, we consider our proportionate share of the probable costs. In formulating the estimate of probable costs, we do not consider amounts expected to be recovered from insurance companies or others. We reassess these accrued amounts on a quarterly basis. The amount recorded for environmental remediation is not material and is included in Accrued expenses. We believe there is no more than a remote chance that a material amount for remedial activities at any individual site, or at all the sites in the aggregate, will be required. On January 27, 2020, the Brazilian Federal Environmental Agency (“IBAMA”) issued Caterpillar Brasil Ltda a notice of violation regarding allegations around the requirements for use of imported oils at the Piracicaba, Brazil facility. We have instituted processes to address the allegations. While we are still discussing resolution of these allegations with IBAMA, the initial notice from IBAMA included a proposed fine of approximately $300,000. We do not expect this fine or our response to address the allegations to have a material adverse effect on the Company's consolidated results of operations, financial position or liquidity. On January 7, 2015, the U.S. Attorney’s Office for the Central District of Illinois issued a grand jury subpoena to the Company and thereafter issued additional subpoenas; these subpoenas sought information regarding, among other things, movements of cash among U.S. and non-U.S. Caterpillar subsidiaries, the purchase and resale of replacement parts by Caterpillar Inc. and non-U.S. Caterpillar subsidiaries, and Caterpillar SARL (CSARL) and related structures. On March 2-3, 2017, federal agents executed search and seizure warrants, which concerned both tax and export activities, at three facilities of the Company in the Peoria, Illinois area, including its former corporate headquarters. The Tax Division of the U.S. Department of Justice conducted a review of the grand jury investigation and informed the Company on November 28, 2022 that it does not have a pending criminal tax matter involving the Company. In January 2023, the government began returning to the Company the documents and information seized under the search warrants, which, as noted, related to both tax and export issues, as well as the documents and information the Company produced under the grand jury subpoenas. In addition, we are involved in other unresolved legal actions that arise in the normal course of business. The most prevalent of these unresolved actions involve disputes related to product design, manufacture and performance liability (including claimed asbestos exposure), contracts, employment issues, environmental matters, intellectual property rights, taxes (other than income taxes) and securities laws. The aggregate range of reasonably possible losses in excess of accrued liabilities, if any, associated with these unresolved legal actions is not material. In some cases, we cannot reasonably estimate a range of loss because there is insufficient information regarding the matter. However, we believe there is no more than a remote chance that any liability arising from these matters would be material. Although it is not possible to predict with certainty the outcome of these unresolved legal actions, we believe that these actions will not individually or in the aggregate have a material adverse effect on our consolidated results of operations, financial position or liquidity.

Segment Information

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment information

A. Basis for segment information

Our Executive Office is comprised of a Chief Executive Officer (CEO), Chief Operating Officer (COO), four Group Presidents, a Chief Financial Officer (CFO), a Chief Legal Officer and General Counsel and a Chief Human Resources Officer. The COO, Group Presidents and CFO are accountable for a related set of end-to-end businesses that they manage. The Chief Legal Officer and General Counsel leads the Law, Security and Public Policy Division. The Chief Human Resources Officer leads the Human Resources Organization. The CEO allocates resources and manages performance at the COO/Group President/CFO level. As such, the CEO serves as our Chief Operating Decision Maker, and operating segments are primarily based on the COO/Group President/CFO reporting structure.

Three of our operating segments, Construction Industries, Resource Industries and Energy & Transportation are led by Group Presidents. One operating segment, Financial Products, is led by the CFO who also has responsibility for Corporate Services. Corporate Services is a cost center primarily responsible for the performance of certain support functions globally and to provide centralized services; it does not meet the definition of an operating segment. One Group President leads one smaller operating segment that is included in the All Other operating segment. The Law, Security and Public Policy Division and the Human Resources Organization are cost centers and do not meet the definition of an operating segment.

Segment information for 2021 has been recast due to a methodology change related to how we assign intersegment sales and segment profit from our technology products and services to Construction Industries, Resource Industries and Energy & Transportation. This methodology change did not have a material impact on our segment results.

B. Description of segments

We have five operating segments, of which four are reportable segments. Following is a brief description of our reportable segments and the business activities included in the All Other operating segment:

Construction Industries: A segment primarily responsible for supporting customers using machinery in infrastructure and building construction applications. Responsibilities include business strategy, product design, product management and development, manufacturing, marketing and sales and product support. The product portfolio includes asphalt pavers; backhoe loaders; cold planers; compactors; compact track loaders; forestry machines; material handlers; motor graders; pipelayers; road reclaimers; skid steer loaders; telehandlers; track-type loaders; track-type tractors (small, medium); track excavators (mini, small, medium, large); wheel excavators; wheel loaders (compact, small, medium); and related parts and work tools. Inter-segment sales are a source of revenue for this segment.

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

Energy & Transportation: A segment primarily responsible for supporting customers using reciprocating engines, turbines, diesel-electric locomotives and related services across industries serving Oil and Gas, Power Generation, Industrial and Transportation applications, including marine- and rail-related businesses. Responsibilities include business strategy, product design, product management, development and testing manufacturing, marketing and sales and product support. The product and services portfolio includes turbines, centrifugal gas compressors, and turbine-related services; reciprocating engine-powered generator sets; integrated systems and solutions used in the electric power generation industry; reciprocating engines, drivetrain and integrated systems and solutions for the marine and oil and gas industries; reciprocating engines, drivetrain and integrated systems and solutions supplied to the industrial industry as well as Caterpillar machines; electrified powertrain and zero-emission power sources and service solutions development; and

diesel-electric locomotives and components and other rail-related products and services, including remanufacturing and leasing. Responsibilities also include the remanufacturing of Caterpillar reciprocating engines and components and remanufacturing services for other companies; and product support of on-highway vocational trucks for North America. Inter-segment sales are a source of revenue for this segment.

Financial Products Segment: Provides financing alternatives to customers and dealers around the world for Caterpillar products and services, as well as financing for power generation facilities that, in most cases, incorporate Caterpillar products. Financing plans include operating and finance leases, revolving charge accounts, installment sale contracts, repair/rebuild financing, working capital loans and wholesale financing plans. The segment also provides insurance and risk management products and services that help customers and dealers manage their business risk. Insurance and risk management products offered include physical damage insurance, inventory protection plans, extended service coverage and maintenance plans for machines and engines, and dealer property and casualty insurance. The various forms of financing, insurance and risk management products offered to customers and dealers help support the purchase and lease of Caterpillar equipment. The segment also earns revenues from ME&T, but the related costs are not allocated to operating segments. Financial Products’ segment profit is determined on a pretax basis and includes other income/expense items.

All Other operating segment: Primarily includes activities such as: business strategy; product management and development; manufacturing and sourcing of filters and fluids, undercarriage, ground-engaging tools, fluid transfer products, precision seals, rubber sealing and connecting components primarily for Cat® products; parts distribution; integrated logistics solutions; distribution services responsible for dealer development and administration, including one wholly owned dealer in Japan; dealer portfolio management and ensuring the most efficient and effective distribution of machines, engines and parts; brand management and marketing strategy; and digital investments for new customer and dealer solutions that integrate data analytics with state-of-the-art digital technologies while transforming the buying experience. Results for the All Other operating segment are included as a reconciling item between reportable segments and consolidated external reporting.

C. Segment measurement and reconciliations

There are several methodology differences between our segment reporting and our external reporting. The following is a list of the more significant methodology differences:

•ME&T segment net assets generally include inventories, receivables, property, plant and equipment, goodwill, intangibles, accounts payable and customer advances. We generally manage at the corporate level liabilities other than accounts payable and customer advances, and we do not include these in segment operations. Financial Products Segment assets generally include all categories of assets.

•We value segment inventories and cost of sales using a current cost methodology.

•We amortize goodwill allocated to segments using a fixed amount based on a 20-year useful life. This methodology difference only impacts segment assets. We do not include goodwill amortization expense in segment profit. In addition, we have allocated to segments only a portion of goodwill for certain acquisitions made in 2011 or later.

•We generally manage currency exposures for ME&T at the corporate level and do not include in segment profit the effects of changes in exchange rates on results of operations within the year. We report the net difference created in the translation of revenues and costs between exchange rates used for U.S. GAAP reporting and exchange rates used for segment reporting as a methodology difference.

•We do not include stock-based compensation expense in segment profit.

•Postretirement benefit expenses are split; segments are generally responsible for service costs, with the remaining elements of net periodic benefit cost included as a methodology difference.

•We determine ME&T segment profit on a pretax basis and exclude interest expense and most other income/expense items. We determine Financial Products Segment profit on a pretax basis and include other income/expense items.

Reconciling items are created based on accounting differences between segment reporting and our consolidated external reporting. Please refer to pages 115 to 117 for financial information regarding significant reconciling items. Most of our reconciling items are self-explanatory given the above explanations. For the reconciliation of profit, we have grouped the reconciling items as follows:

•Corporate costs: These costs are related to corporate requirements primarily for compliance and legal functions for the benefit of the entire organization.

•Restructuring costs: May include costs for employee separation, long-lived asset impairments and contract terminations. These costs are included in Other operating (income) expenses except for defined-benefit plan curtailment losses and special termination benefits, which are included in Other income (expense). Restructuring costs also include other exit-related costs, which may consist of accelerated depreciation, inventory write-downs, building demolition, equipment relocation and project management costs and LIFO inventory decrement benefits from inventory liquidations at closed facilities, all of which are primarily included in Cost of goods sold. See Note 25 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 years ended December 31, 2023, 2022 and 2021, sales and revenues by geographic region reconciled to consolidated sales and revenues were as follows:


Sales and Revenues by Geographic Region
(Millions of dollars)	North America		Latin America		EAME		Asia/ Pacific		External Sales and Revenues			Intersegment Sales and Revenues		Total Sales and Revenues
2023
Construction Industries	$	15,343	$	2,307	$	5,254	$	4,390	$	27,294		$	124	$	27,418
Resource Industries	5,256		2,040		2,069		3,879		13,244			339		13,583
Energy & Transportation	11,982		1,983		5,929		3,461		23,355			4,646		28,001
Financial Products Segment	2,440		416		491		438		3,785		1	—		3,785
Total sales and revenues from reportable segments	35,021		6,746		13,743		12,168		67,678			5,109		72,787
All Other operating segment	65		(1)		18		49		131			318		449
Corporate Items and Eliminations	(480)		(80)		(88)		(101)		(749)			(5,427)		(6,176)
Total Sales and Revenues	$	34,606	$	6,665	$	13,673	$	12,116	$	67,060		$	—	$	67,060


2022
Construction Industries	$	12,367	$	2,843	$	5,099	$	4,818	$	25,127		$	142	$	25,269
Resource Industries	4,531		1,840		2,205		3,437		12,013			301		12,314
Energy & Transportation	9,175		1,784		5,232		3,146		19,337			4,415		23,752
Financial Products Segment	2,078		348		396		431		3,253		1	—		3,253
Total sales and revenues from reportable segments	28,151		6,815		12,932		11,832		59,730			4,858		64,588
All Other operating segment	64		2		(66)		145		145			305		450
Corporate Items and Eliminations	(234)		(79)		(52)		(83)		(448)			(5,163)		(5,611)
Total Sales and Revenues	$	27,981	$	6,738	$	12,814	$	11,894	$	59,427		$	—	$	59,427

2021
Construction Industries	$	9,676	$	1,913	$	4,858	$	5,547	$	21,994		$	112	$	22,106
Resource Industries	2,987		1,724		1,987		2,804		9,502			308		9,810
Energy & Transportation	7,611		1,233		4,908		2,918		16,670			3,617		20,287
Financial Products Segment	1,935		265		402		471		3,073		1	—		3,073
Total sales and revenues from reportable segments	22,209		5,135		12,155		11,740		51,239			4,037		55,276
All Other operating segment	56		2		18		69		145			366		511
Corporate Items and Eliminations	(242)		(51)		(36)		(84)		(413)			(4,403)		(4,816)
Total Sales and Revenues	$	22,023	$	5,086	$	12,137	$	11,725	$	50,971		$	—	$	50,971

1 Includes revenues from Construction Industries, Resource Industries, Energy & Transportation and All Other operating segment of $690 million, $478 million and $351 million in the years ended December 31, 2023, 2022 and 2021, respectively.

For the years ended December 31, 2023, 2022 and 2021, Energy & Transportation segment sales by end user application were as follows:


Energy & Transportation External Sales

(Millions of dollars)
	2023		2022		2021
Oil and gas	$	6,988	$	5,330	$	4,460
Power generation	6,362		4,940		4,292
Industrial	4,871		4,426		3,612
Transportation	5,134		4,641		4,306
Energy & Transportation External Sales	$	23,355	$	19,337	$	16,670


Reconciliation of Consolidated profit before taxes:
(Millions of dollars)
	2023		2022		2021
Profit from reportable segments:
Construction Industries	$	6,975	$	4,743	$	3,732
Resource Industries	2,834		1,827		1,229
Energy & Transportation	4,936		3,309		2,804
Financial Products Segment	909		864		908
Total profit from reportable segments	15,654		10,743		8,673
Profit from All Other operating segment	18		(11)		(14)
Cost centers	(7)		(13)		(4)
Corporate costs	(913)		(751)		(699)
Timing	(30)		(309)		(263)
Restructuring costs	(780)		(299)		(90)
Methodology differences:
Inventory/cost of sales	160		413		122
Postretirement benefit income (expense)	(65)		916		1,171
Stock-based compensation expense	(208)		(193)		(199)
Financing costs	(91)		(331)		(449)
Currency	6		23		258
Goodwill impairment charge	—		(925)		—
Other income/expense methodology differences	(624)		(409)		(267)
Other methodology differences	(70)		(102)		(35)
Total consolidated profit before taxes	$	13,050	$	8,752	$	8,204


Reconciliation of Assets:
(Millions of dollars)	December 31,
	2023		2022
Assets from reportable segments:
Construction Industries	$	5,384	$	5,168
Resource Industries	5,742		5,775
Energy & Transportation	10,555		9,455
Financial Products Segment	35,685		34,269
Total assets from reportable segments	57,366		54,667
Assets from All Other operating segment	1,890		1,828
Items not included in segment assets:
Cash and cash equivalents	6,106		6,042


Deferred income taxes	2,668		2,098
Goodwill and intangible assets	4,452		4,248
Property, plant and equipment – net and other assets	6,548		4,234
Inventory methodology differences	(3,169)		(3,063)
Liabilities included in segment assets	11,781		12,519
Other	(166)		(630)
Total assets	$	87,476	$	81,943


Reconciliation of Depreciation and amortization:
(Millions of dollars)
	2023		2022		2021
Depreciation and amortization from reportable segments:
Construction Industries	$	221	$	231	$	237
Resource Industries	302		368		403
Energy & Transportation	551		547		571
Financial Products Segment	731		734		772
Total depreciation and amortization from reportable segments	1,805		1,880		1,983
Items not included in segment depreciation and amortization:
All Other operating segment	236		229		243
Cost centers	91		84		98
Other	12		26		28
Total depreciation and amortization	$	2,144	$	2,219	$	2,352


Reconciliation of Capital expenditures:
(Millions of dollars)
	2023		2022		2021
Capital expenditures from reportable segments:
Construction Industries	$	376	$	271	$	255
Resource Industries	245		237		199
Energy & Transportation	944		756		627
Financial Products Segment	1,299		1,141		1,218
Total capital expenditures from reportable segments	2,864		2,405		2,299
Items not included in segment capital expenditures:
All Other operating segment	260		219		182
Cost centers	102		76		56
Timing	(44)		(54)		(74)
Other	(90)		(47)		9
Total capital expenditures	$	3,092	$	2,599	$	2,472


Enterprise-wide Disclosures
Information about Geographic Areas:
							Property, plant and equipment - net
	External sales and revenues 1						December 31,
(Millions of dollars)	2023		2022		2021		2023		2022
Inside United States	$	31,053	$	24,368	$	19,298	$	7,658	$	7,042
Outside United States	36,007		35,059		31,673		5,022		4,986
Total	$	67,060	$	59,427	$	50,971	$	12,680	$	12,028

1 Sales of ME&T are based on dealer or customer location. Revenues from services provided are based on where service is rendered.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Organization, Consolidation and Presentation of Financial Statements [Abstract]

Acquisitions	12 Months Ended
Acquisitions	Dec. 31, 2023
Business Combinations [Abstract]
Acquisitions	Acquisitions SPM Oil & Gas On February 1, 2021, Caterpillar completed the acquisition of varying equity interests and assets of the Weir Group PLC, collectively known as SPM Oil & Gas (SPM). Headquartered near Fort Worth, Texas, SPM Oil & Gas produces a full line of pumps, flow iron, consumable parts, wellhead and pressure control products that are offered via an extensive global network of service centers. This acquisition, included in the Energy & Transportation segment, is consistent with our strategy of providing our customers expanded offerings and services which will now be one of the broadest in the well service industry. The purchase price, net of $22 million of acquired cash, was approximately $359 million. We financed the transaction with available cash. Tangible assets as of the acquisition date were $520 million, recorded at their fair values, and primarily included cash of $22 million, receivables of $106 million, inventories of $159 million, leased assets of $105 million, and property, plant, and equipment of $117 million. Finite-lived intangible assets acquired of $23 million included developed technology and trade names and will be amortized on a straight-line basis over a weighted-average amortization period of approximately 8 years. Liabilities assumed as of the acquisition date were $192 million, recorded at their fair values, and primarily included lease liabilities of $105 million and accounts payable of $33 million. Goodwill of $30 million represented the excess of the consideration transferred over the net assets acquired. Assuming this transaction had been made at the beginning of any period presented, the consolidated pro forma results would not be materially different from reported results.

Restructuring Costs

12 Months Ended

Dec. 31, 2023

Restructuring Charges [Abstract]

Restructuring Costs

Restructuring costs

Our accounting for employee separations is dependent upon how the particular program is designed. For voluntary programs, we recognize eligible separation costs at the time of employee acceptance unless the acceptance requires explicit approval by the company. For involuntary programs, we recognize eligible costs when management has approved the program, the affected employees have been properly notified and the costs are estimable.

Restructuring costs for 2023, 2022 and 2021 were as follows:













(Millions of dollars)	2023		2022		2021
Employee separations 1	$	74	$	77	$	92
Longwall divestiture 1	586		—		—
Contract terminations 1	7		1		2
Long-lived asset impairments 1	3		6		(63)

Other 2	110		215		59
Total restructuring costs	$	780	$	299	$	90

1 Recognized in Other operating (income) expenses.

2 Represents costs related to our restructuring programs, primarily for inventory write-downs, accelerated depreciation, project management and equipment relocation, all of which are primarily included in Cost of goods sold.

The restructuring costs in 2023 were primarily related to the divestiture of the company's Longwall business within Resource Industries. The divestiture closed on February 1, 2023 and resulted in a pre-tax loss of approximately $586 million, primarily a non-cash item driven by the release of $494 million of accumulated foreign currency translation. The restructuring costs in 2022 were primarily related to actions across the company, including $193 million related to the Rail division that was primarily inventory write-downs, and other strategic actions to address a small number of products. The inventory write-downs were included in "Other" in the table above. The restructuring costs in 2021 were primarily related to actions across the company including strategic actions to address a small number of products, which were partially offset by a gain on the sale of a manufacturing facility that had been closed. The gain in 2021 was included in Long-lived asset impairments in the table above.

In 2023, 2022 and 2021, all restructuring costs were excluded from segment profit.

The following table summarizes the 2023 and 2022 employee separation activity:



(Millions of dollars)	2023		2022
Liability balance, beginning of period	$	39	$	61
Increase in liability (separation charges)	74		77
Reduction in liability (payments)	(73)		(99)
Liability balance, end of period	$	40	$	39

Most of the remaining liability balance as of December 31, 2023 is expected to be paid in 2024.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
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

Operations and summary of significant accounting policies (Policies)

12 Months Ended

Dec. 31, 2023

Basis of presentation

B. Basis of presentation

The consolidated financial statements include the accounts of Caterpillar Inc. and its subsidiaries where we have a controlling financial interest.

Investments in companies where our ownership exceeds 20 percent and we do not have a controlling interest or where the ownership is less than 20 percent and for which we have a significant influence are accounted for by the equity method.

We consolidate all variable interest entities (VIEs) where Caterpillar Inc. is the primary beneficiary. The primary beneficiary of a VIE is the party that has both the power to direct the activities that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. See Note 21 for further discussion on a consolidated VIE.

Cat Financial has end-user customers and dealers that are 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.

We include shipping and handling costs in Cost of goods sold in Statement 1. Other operating (income) expenses primarily include Cat Financial’s depreciation on equipment leased to others, (gains) losses on divestitures, Insurance Services’ underwriting expenses, employee separation charges, (gains) losses on disposal of long-lived assets and long-lived asset impairment charges.

Prepaid expenses and other current assets in Statement 3 primarily include investments in debt and equity securities, prepaid and refundable income taxes, right of return assets, prepaid insurance, contract assets, assets held for sale, core to be returned for remanufacturing, and restricted cash and other short-term investments.

Certain amounts for prior years have been reclassified to conform with the current-year financial statement presentation.

Inventories

C. Inventories

We state inventories at the lower of cost or net realizable value. We principally determine cost using the last-in, first-out (LIFO) method. The value of inventories on the LIFO basis represented about 65 percent of total inventories at both December 31, 2023 and 2022, respectively.

If the FIFO (first-in, first-out) method had been in use, inventories would have been $3,423 million and $3,321 million higher than reported at December 31, 2023 and 2022, respectively.

Depreciation and amortization

D. Depreciation and amortization

We compute depreciation of plant and equipment principally using accelerated methods. We compute depreciation on equipment leased to others, primarily for Financial Products, using the straight-line method over the term of the lease. The depreciable basis is the original cost of the equipment less the estimated residual value of the equipment at the end of the lease term. In 2023, 2022 and 2021, Cat Financial depreciation on equipment leased to others was $713 million, $718 million and $755 million, respectively, which we include in Other operating (income) expenses in Statement 1. In 2023, 2022 and 2021, consolidated depreciation expense was $1,929 million, $1,937 million and $2,050 million, respectively. We compute amortization of purchased finite-lived intangibles principally using the straight-line method, generally not to exceed a period of 20 years.

Foreign currency translation

E. Foreign currency translation

The functional currency for most of our ME&T consolidated subsidiaries is the U.S. dollar. The functional currency for most of our Financial Products consolidated subsidiaries is the respective local currency. We include gains and losses resulting from the remeasurement of foreign currency amounts to the functional currency in Other income (expense) in Statement 1. We include gains and losses resulting from translating assets and liabilities from the functional currency to U.S. dollars in Accumulated other comprehensive income (loss) (AOCI) in Statement 3.

Derivative financial instruments

F. Derivative financial instruments

Our earnings and cash flow are subject to fluctuations due to changes in foreign currency exchange rates, interest rates and commodity prices. Our Risk Management Policy (policy) allows for the use of derivative financial instruments to prudently manage foreign currency exchange rate, interest rate and commodity price exposures. Our policy specifies that derivatives are not to be used for speculative purposes. Derivatives that we use are primarily foreign currency forward, option and cross currency contracts, interest rate contracts and commodity forward and option contracts. All derivatives are recorded at fair value. 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 December 31, 2023, the maximum term of these outstanding contracts at inception was approximately 60 months.

We generally designate as cash flow hedges at inception of the contract any foreign currency forward or option contracts that meet the requirements for hedge accounting and the maturity extends beyond the current quarter-end. We perform designation on a specific exposure basis to support hedge accounting. The remainder of ME&T foreign currency contracts are undesignated.

In managing foreign currency risk for our Financial Products operations, our objective is to minimize earnings volatility resulting from conversion and the remeasurement of net foreign currency balance sheet positions and future transactions denominated in foreign currencies. Our policy allows the use of foreign currency forward, option and cross currency contracts to offset the risk of currency mismatch between our assets and liabilities and exchange rate risk associated with future transactions denominated in foreign currencies. Our foreign currency forward and option contracts are primarily undesignated. We designate fixed-to-fixed cross currency contracts as cash flow hedges to protect against movements in exchange rates on foreign currency fixed-rate assets and liabilities.

B.Interest rate risk

Interest rate movements create a degree of risk by affecting the amount of our interest payments and the value of our fixed-rate debt. Our practice is to use interest rate contracts to manage our exposure to interest rate changes.

Our ME&T operations generally use fixed-rate debt as a source of funding. Our objective is to minimize the cost of borrowed funds. Our policy allows us to enter into fixed-to-floating interest rate contracts and forward rate agreements to meet that objective. We designate fixed-to-floating interest rate contracts as fair value hedges at inception of the contract, and we designate certain forward rate agreements as cash flow hedges at inception of the contract.

Financial Products operations has a match-funding policy that addresses interest rate risk by aligning the interest rate profile (fixed or floating rate and duration) of Cat Financial’s debt portfolio with the interest rate profile of our receivables portfolio within predetermined ranges on an ongoing basis. In connection with that policy, we use interest rate derivative instruments to modify the debt structure to match assets within the receivables portfolio. This matched funding reduces the volatility of margins between interest-bearing assets and interest-bearing liabilities, regardless of which direction interest rates move.

Our policy allows us to use fixed-to-floating, floating-to-fixed and floating-to-floating interest rate contracts to meet the match-funding objective. We designate fixed-to-floating interest rate contracts as fair value hedges to protect debt against changes in fair value due to changes in the benchmark interest rate. We designate most floating-to-fixed interest rate contracts as cash flow hedges to protect against the variability of cash flows due to changes in the benchmark interest rate.

We have, at certain times, liquidated fixed-to-floating and floating-to-fixed interest rate contracts at both ME&T and Financial Products. We amortize the gains or losses associated with these contracts at the time of liquidation into earnings over the original term of the previously designated hedged item.

C.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.

Income taxes

G. Income taxes

We determine the provision for income taxes using the asset and liability approach taking into account guidance related to uncertain tax positions. Tax laws require items to be included in tax filings at different times than the items are reflected in the financial statements. We recognize a current liability for the estimated taxes payable for the current year. Deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. We adjust deferred taxes for enacted changes in tax rates and tax laws. We record valuation allowances to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized.

Goodwill

H. Goodwill

For acquisitions accounted for as a business combination, goodwill represents the excess of the cost over the fair value of the net assets acquired. We are required to test goodwill for impairment, at the reporting unit level, annually and when events or circumstances make it more likely than not that an impairment may have occurred. A reporting unit is an operating segment or one level below an operating segment (referred to as a component) to which goodwill is assigned when initially recorded. We assign goodwill to reporting units based on our integration plans and the expected synergies resulting from the acquisition. Because Caterpillar is a highly integrated company, the businesses we acquire are sometimes combined with or integrated into existing reporting units. When changes occur in the composition of our operating segments or reporting units, we reassign goodwill to the affected reporting units based on their relative fair values.

We perform our annual goodwill impairment test as of October 1 and monitor for interim triggering events on an ongoing basis. We review goodwill for impairment utilizing either a qualitative assessment or a quantitative goodwill impairment test. If we choose to perform a qualitative assessment and determine the fair value more likely than not exceeds the carrying value, no further evaluation is necessary. For reporting units where we perform the quantitative goodwill impairment test, we compare the fair value of each reporting unit, which we primarily determine using an income approach based on the present value of discounted cash flows, to the respective carrying value, which includes goodwill. If the fair value of the reporting unit exceeds its carrying value, we do not consider the goodwill impaired. If the carrying value is higher than the fair value, we would recognize the difference as an impairment loss.

Estimates in financial statements

I. Estimates in financial statements

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect reported amounts. The more significant estimates include: residual values for leased assets; fair values for goodwill impairment tests; warranty liability and reserves for product liability and insurance losses, postretirement benefits, post-sale discounts, credit losses and income taxes.

New accounting guidance

J. New accounting guidance

A. Adoption of new accounting standards

Supplier finance programs (ASU 2022-04) — In September 2022, the Financial Accounting Standards Board (FASB) issued guidance to enhance the transparency of supplier finance programs. The new standard requires annual disclosure of the key terms of the program, a description of where in the financial statements amounts outstanding under the program are presented, a rollforward of such amounts, and interim disclosure of amounts outstanding as of the end of each period. The guidance does not affect recognition, measurement, or financial statement presentation of supplier finance programs. The ASU was effective on January 1, 2023, except for the rollforward, which is effective on January 1, 2024. Our adoption of this guidance results in the following disclosures relating to our supplier finance programs and related obligations.

We facilitate voluntary supplier finance programs (the “Programs”) through participating financial institutions. The Programs are available to a wide range of suppliers and allow them the option to manage their cash flow. We are not a party to the agreements between the participating financial institutions and the suppliers in connection with the Programs. The range of payment terms, typically 60-90 days, we negotiate with our suppliers is consistent, irrespective of whether a supplier participates in the Programs. The amount of obligations outstanding that are confirmed as valid to the participating financial institutions for suppliers who voluntarily participate in the Programs, included in Accounts payable in Statement 3, were $803 million and $862 million at December 31, 2023 and 2022, respectively.

We consider the applicability and impact of all ASUs. We adopted the following ASUs effective January 1, 2023, none of which had a material impact on our financial statements:


ASU			Description
2021-08			Business combinations
2022-02			Financial instruments - Credit losses
2022-06			Reference rate reform

B. Accounting standards issued but not yet adopted

Segment reporting (ASU 2023-07) — In November 2023, the FASB issued accounting guidance that requires incremental disclosures related to reportable segments which includes significant segment expense categories and amounts for each reportable segment. The guidance is effective January 1, 2024, and will be adopted retrospectively. The adoption will result in incremental disclosures related to reportable segments in the 2024 year-end financial statements and interim periods beginning in 2025. We are in the process of evaluating the effect of this new guidance on the related disclosures.

Income tax reporting (ASU 2023-09) — In December 2023, the FASB issued accounting guidance to expand the annual disclosure requirements for income taxes, primarily related to the rate reconciliation and income taxes paid. This guidance is effective January 1, 2025, with early adoption permitted. This guidance can be applied prospectively or retrospectively. We are in the process of evaluating the effect of this new guidance on the related disclosures.

We consider the applicability and impact of all ASUs. We assessed ASUs not listed above and determined that they either were not applicable or were not expected to have a material impact on our financial statements.

Revenue

Sales and revenue recognition

A. Sales of Machinery, Energy & Transportation

We recognize sales of ME&T when all the following criteria are satisfied: (i) a contract with an independently owned and operated dealer or an end user exists which has commercial substance; (ii) it is probable we will collect the amount charged to the dealer or end user; and (iii) we have completed our performance obligation whereby the dealer or end user has obtained control of the product. A contract with commercial substance exists once we receive and accept a purchase order under a dealer sales agreement, or once we enter into a contract with an end user. If collectibility is not probable, the sale is deferred and not recognized until collection is probable or payment is received. Control of our products typically transfers when title and risk of ownership of the product has transferred to the dealer or end user. Typically, where product is produced and sold in the same country, title and risk of ownership transfer when we ship the product. Products that are exported from a country for sale typically transfer title and risk of ownership at the border of the destination country.

Our remanufacturing operations are primarily focused on the remanufacture of Cat engines and components and rail related products. In this business, we inspect, clean and remanufacture used engines and related components (core). In connection with the sale of our remanufactured product to dealers, we collect a deposit that is repaid if the dealer returns an acceptable core within a specified time period. Caterpillar owns and has title to the cores when they are returned from dealers. The rebuilt engine or component (the core plus any new content) is then sold as a remanufactured product to dealers and end users. We recognize revenue pursuant to the same transfer of control criteria as ME&T sales noted above. At the time of sale, we recognize the deposit in Other current liabilities in Statement 3, and we recognize the core to be returned as an asset in Prepaid expenses and other current assets in Statement 3 at the estimated replacement cost (based on historical experience with usable cores). Upon receipt of an acceptable core, we repay the deposit and relieve the liability. We then transfer the returned core asset into inventory. In the event that the deposit is forfeited (i.e., upon failure by the dealer to return an acceptable core in the specified time period), we recognize the core deposit and the cost of the core in Sales and Cost of goods sold, respectively.

We provide discounts to dealers through merchandising programs. We have numerous programs that are designed to promote the sale of our products. The most common dealer programs provide a discount when the dealer sells a product to a targeted end user. Generally, we estimate the cost of these discounts for each product by model by geographic region based on historical experience and known changes in merchandising programs. We report the cost of these discounts as a reduction to the transaction price when we recognize the product sale. We accrue a corresponding post-sale discount reserve in Statement 3, which represents discounts we expect to pay on units sold. If discounts paid differ from those estimated, we report the difference as a change in the transaction price.

Except for replacement parts, no right of return exists on the sale of our products. We estimate replacement part returns based on historical experience and recognize a parts return asset in Prepaid expenses and other current assets in Statement 3, which represents our right to recover replacement parts we expect will be returned. We also recognize a refund liability in Other current liabilities in Statement 3 for the refund we expect to pay for returned parts. If actual replacement part returns differ from those estimated, we recognize the difference in the estimated replacement part return asset and refund liability in Cost of goods sold and Sales, respectively.

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. See Note 7 for further information. We recognize trade receivables from dealers and end users in Receivables – trade and other and Long-term receivables – trade and other in Statement 3. Trade receivables from dealers and end users were $7,923 million, $7,551 million and $7,267 million as of December 31, 2023, 2022 and 2021, respectively. Long-term trade receivables from dealers and end users were $589 million, $506 million and $624 million as of December 31, 2023, 2022 and 2021, respectively.

Our standard dealer invoice terms are established by marketing region. Our invoice terms for end user sales are established by the responsible business unit. Payments from dealers are due shortly after the time of sale. When we make a sale to a dealer, the dealer is responsible for payment even if the product is not sold to an end user. Dealers and end users must make payment within the established invoice terms to avoid potential interest costs. Interest at or above prevailing market rates may be charged on any past due balance, and generally our practice is to not forgive this interest. Our allowance for credit losses is not significant for ME&T receivables.

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 milestone 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 Statement 3. Contract assets were $246 million, $247 million and $187 million as of December 31, 2023, 2022 and 2021, respectively.

We invoice in advance of recognizing the sale of certain products. We recognize advanced customer payments as a contract liability in Customer advances and Other liabilities in Statement 3. Contract liabilities were $2,389 million, $2,314 million and $1,557 million as of December 31, 2023, 2022 and 2021, respectively. We reduce the contract liability when we recognize revenue. During 2023, we recognized $1,660 million of revenue that was recorded as a contract liability at the beginning of 2023. During 2022, we recognized $902 million of revenue that was recorded as a contract liability at the beginning of 2022.

We have elected the practical expedient to not adjust the amount of revenue to be recognized under a contract with a dealer or end user for the effects of time value of money when the timing difference between receipt of payment and recognition of revenue is less than one year.

As of December 31, 2023, we have entered into contracts with dealers and end users for which sales have not been recognized as we have not satisfied our performance obligations and transferred control of the products. The dollar amount of unsatisfied performance obligations for contracts with an original duration greater than one year is $12.5 billion, with about one-half of the amount expected to be completed and revenue recognized in the twelve months following December 31, 2023. We have elected the practical expedient to not 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.

We exclude sales and other related taxes from the transaction price. We account for shipping and handling costs associated with outbound freight after control over a product has transferred as a fulfillment cost which is included in Cost of goods sold.

We provide a standard manufacturer’s warranty of our products at no additional cost. At the time we recognize a sale, we record estimated future warranty costs. See Note 21 for further discussion of our product warranty liabilities.

See Note 23 for further disaggregated sales and revenues information.

B. Revenues of Financial Products

Revenues of Financial Products are generated primarily from finance revenue on finance receivables and rental payments on operating leases. We record finance revenue over the life of the related finance receivables using the interest method, including the accretion of certain direct origination costs that are deferred. Operating lease revenue is recorded on a straight-line basis over the term of the lease.

We suspend recognition of finance revenue and operating lease revenue and place the account on non-accrual status when management determines that collection of future income is not probable (generally after 120 days past due). We resume recognition of revenue, and recognize previously suspended income, when we consider collection of remaining amounts to be probable. Payments received while the finance receivable is on non-accrual status are applied to interest and principal in accordance with the contractual terms. We write off interest earned but uncollected prior to the receivables being placed on non-accrual status through Provision for credit losses when, in the judgment of management, we consider it to be uncollectible. See Note 7 for more information.

Stock-based compensation

Our stock-based compensation plans primarily provide for the granting of stock options, restricted stock units (RSUs) and performance-based restricted stock units (PRSUs) to Officers and other key employees, as well as non-employee Directors. Stock options permit a holder to buy Caterpillar stock at the stock’s price when the option was granted. RSUs are agreements to issue shares of Caterpillar stock at the time of vesting. PRSUs are similar to RSUs and include performance conditions in the vesting terms of the award.

Our long-standing practices and policies specify that the Compensation Committee (the Committee) of the Board of Directors approve all stock-based compensation awards. The award approval process specifies the grant date, value and terms of the award. We consistently apply the same terms and conditions to all employee grants, including Officers. The Committee approves all individual Officer grants. We determine the number of stock-based compensation award units included in an individual’s award based on the methodology approved by the Committee. The exercise price methodology approved by the Committee is the closing price of the Company stock on the date of the grant. In June of 2014, shareholders approved the Caterpillar Inc. 2014 Long-Term Incentive Plan (the 2014 Plan) under which all new stock-based compensation awards were granted. In June of 2023, shareholders approved the Caterpillar Inc. 2023 Long-Term Incentive Plan (the 2023 Plan), which superseded and replaced the 2014 Plan.

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 Statement 3.

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 Statement 3). We include the unrealized gains and losses arising from the revaluation of the equity securities in Other income (expense) in Statement 1. 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 Statement 1.

Fair value measurments

Fair value measurements

The guidance on fair value measurements defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. This guidance also specifies a fair value hierarchy based upon the observability of inputs used in valuation techniques. Observable inputs (highest level) reflect market data obtained from independent sources, while unobservable inputs (lowest level) reflect internally developed market assumptions. In accordance with this guidance, fair value measurements are classified under the following hierarchy:

•Level 1 — Quoted prices for identical instruments in active markets.

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

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

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

We classify fair value measurements according to the lowest level input or value-driver that is significant to the valuation. We may therefore classify a measurement within Level 3 even though there may be significant inputs that are readily observable.

Fair value measurement includes the consideration of nonperformance risk. Nonperformance risk refers to the risk that an obligation (either by a counterparty or Caterpillar) will not be fulfilled. For financial assets traded in an active market (Level 1 and certain Level 2), the nonperformance risk is included in the market price. For certain other financial assets and liabilities (certain Level 2 and Level 3), our fair value calculations have been adjusted accordingly.

Investments in debt and equity securities

We have investments in certain debt and equity securities that are recorded at fair value. Fair values for our U.S. treasury bonds and large capitalization value and smaller company growth equity securities are based upon valuations for identical instruments in active markets. Fair values for other government debt securities, corporate debt securities and mortgage-backed debt securities are based upon models that take into consideration such market-based factors as recent sales, risk-free yield curves and prices of similarly rated bonds.

We also have investments in time deposits classified as held-to-maturity debt securities. The fair value of these investments is based upon valuations observed in less active markets than Level 1. These investments have a maturity of less than one year and are recorded at amortized costs, which approximate fair value.

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

See Note 11 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.

Guarantees and product warranty

Dealer performance guarantees mainly consists of an indemnity to a third-party insurance company for potential losses related to performance bonds issued on behalf of Caterpillar dealers. The bonds have varying terms and are issued to insure governmental agencies against nonperformance by certain dealers. The guarantees began to expire during the third quarter of 2023. No payments were made under the guarantees.

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

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.

Stock-based compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of assumptions used in determining fair value

The following table provides the assumptions used in determining the fair value of the option awards for the years ended December 31, 2023, 2022 and 2021, respectively.



	Grant Year
	2023		2022		2021
Weighted-average dividend yield	2.6	%	2.6	%	2.6	%
Weighted-average volatility	31.0	%	31.7	%	32.9	%
Range of volatilities	28.5%-35.5%		25.3%-36.8%		29.2%- 45.8%
Range of risk-free interest rates	3.92%-5.03%		1.03%-2%		0.06%-1.41%
Weighted-average expected lives	7 years		8 years		8 years

Schedule of stock-based compensation activity

Please refer to Tables I and II below for additional information on our stock-based compensation awards.



TABLE I — Financial Information Related to Stock-based Compensation

	Stock options			RSUs			PRSUs
	Shares	Weighted- Average Exercise Price		Shares	Weighted- Average Grant Date Fair Value		Shares	Weighted- Average Grant Date Fair Value

Outstanding at January 1, 2023	6,801,326	$	142.85	990,803	$	187.88	524,740	$	208.39
Granted to officers and key employees	777,275	$	253.98	397,650	$	252.24	235,637	$	251.97
Exercised	(2,404,868)	$	120.55	—	$	—	—	$	—
Vested	—	$	—	(529,200)	$	173.87	(270,150)	$	219.76
Forfeited / expired	(32,370)	$	212.67	(29,867)	$	222.37	(9,468)	$	222.48
Outstanding at December 31, 2023	5,141,363	$	169.57	829,386	$	226.44	480,759	$	223.09
Exercisable at December 31, 2023	3,366,714	$	139.91



Stock options outstanding and exercisable as of December 31, 2023:

	Outstanding						Exercisable
Exercise Prices	Shares Outstanding at 12/31/2023	Weighted- Average Remaining Contractual Life (Years)	Weighted- Average Exercise Price		Aggregate Intrinsic Value 1		Shares Outstanding at 12/31/2023	Weighted- Average Remaining Contractual Life (Years)	Weighted- Average Exercise Price		Aggregate Intrinsic Value 1
$74.77-$83.00	629,402	1.66	$	79.18	$	136	629,402	1.66	$	79.18	$	136
$95.66-$96.31	462,978	2.92	$	95.72	93		462,473	2.92	$	95.72	92
$127.60	642,416	6.25	$	127.60	108		642,416	6.25	$	127.60	108
$138.35-$151.12	756,964	4.78	$	144.22	115		756,964	4.78	$	144.22	115
$196.70-$219.76	1,885,071	7.78	$	208.14	165		875,459	7.60	$	212.23	73
$253.98	764,532	9.31	$	253.98	32		—	0.00	$	—	—
	5,141,363		$	169.57	$	649	3,366,714		$	139.91	$	524

1 The difference between a stock award’s exercise price and the underlying stock’s closing market price at December 31, 2023, for awards with market price greater than the exercise price. Amounts are in millions of dollars.

Schedule of financial information related to stock-based compensation



TABLE II— Additional Stock-based Award Information

(Dollars in millions except per share data)	2023		2022		2021
Stock options activity:
Weighted-average fair value per share of stock awards granted	$	75.79	$	51.69	$	56.30
Intrinsic value of stock awards exercised	$	356	$	217	$	374
Fair value of stock awards vested 1	$	53	$	56	$	59
Cash received from stock awards exercised	$	98	$	123	$	212

RSUs activity:
Weighted-average fair value per share of stock awards granted	$	252.24	$	196.06	$	216.50
Fair value of stock awards vested 2	$	126	$	105	$	136

PRSUs activity:
Weighted-average fair value per share of stock awards granted	$	251.97	$	195.17	$	215.45
Fair value of stock awards vested 2	$	80	$	90	$	74

1 Based on the grant date fair value.

2 Based on the underlying stock’s closing market price on the vesting date.

Derivative Financial Instruments and Risk Management (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Location and fair value of derivative instruments reported in the Consolidated Financial Position

The location and fair value of derivative instruments reported in Statement 3 were as follows:


(Millions of dollars)	Fair Value
	December 31, 2023				December 31, 2022
	Assets 1		Liabilities 2		Assets 1		Liabilities 2
Designated derivatives
Foreign exchange contracts	$	389	$	(155)	$	462	$	(152)
Interest rate contracts	58		(209)		93		(288)
Total	$	447	$	(364)	$	555	$	(440)

Undesignated derivatives
Foreign exchange contracts	$	55	$	(82)	$	65	$	(47)
Commodity contracts	18		(9)		24		(9)
Total	$	73	$	(91)	$	89	$	(56)

1 Assets are classified in Statement 3 as Receivables - trade and other or Long-term receivables - trade and other.
2 Liabilities are classified in Statement 3 as Accrued expenses or Other liabilities.

Effect of derivatives designated as hedging instruments on Consolidated Results of Operations

Gains (losses) on derivative instruments are categorized as follows:


(Millions of dollars)	Years ended December 31,
	Fair Value / Undesignated Hedges						Cash Flow Hedges
	Gains (Losses) Recognized in Statement 11						Gains (Losses) Recognized in AOCI						Gains (Losses) Reclassified from AOCI2
	2023		2022		2021		2023		2022		2021		2023		2022		2021
Foreign exchange contracts	$	12	$	(57)	$	104	$	39	$	264	$	169	$	(58)	$	329	$	227
Interest rate contracts	(135)		(6)		24		9		111		26		55		11		(31)
Commodity contracts	10		51		56		—		—		—		—		—		—
Total	$	(113)	$	(12)	$	184	$	48	$	375	$	195	$	(3)	$	340	$	196

1 Foreign exchange contract and Commodity contract gains (losses) are included in Other income (expense) in Statement 1. Interest rate contract gains (losses) are included in Interest expense of Financial Products and Interest expense excluding Financial Products in Statement 1.
2 Foreign exchange contract gains (losses) are primarily included in Other income (expense) in Statement 1. Interest rate contract gains (losses) are primarily included in Interest expense of Financial Products in Statement 1.

Cumulative basis adjustments for fair value hedges

The following amounts were recorded in Statement 3 related to cumulative basis adjustments for fair value hedges:


(Millions of dollars)	Years ended December 31,
	Carrying Value of the Hedged Liabilities				Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Value of the Hedged Liabilities
	2023		2022		2023		2022
Long-term debt due within one year	$	982	$	—	$	(23)	$	—
Long-term debt due after one year	4,245		4,173		(156)		(280)
Total	$	5,227	$	4,173	$	(179)	$	(280)

Offsetting Assets and Liabilities

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


(Millions of dollars)	December 31, 2023				December 31, 2022
	Assets		Liabilities		Assets		Liabilities
Gross Amounts Recognized	$	520	$	(455)	$	644	$	(496)
Financial Instruments Not Offset	(202)		202		(233)		233

Net Amount	$	318	$	(253)	$	411	$	(263)

Other income (expense) (Tables)

12 Months Ended

Dec. 31, 2023

Other Income and Expenses [Abstract]

Other income (expense)


	Years ended December 31,
(Millions of dollars)	2023		2022		2021
Investment and interest income	$	494	$	167	$	80
Foreign exchange gains (losses) 1	(96)		104		110
License fee income	146		142		123
Gains (losses) on securities	11		(56)		134
Net periodic pension and OPEB income (cost), excluding service cost	47		868		1,279
Miscellaneous income (loss)	(7)		66		88
Total	$	595	$	1,291	$	1,814

1 Includes gains (losses) from foreign exchange derivative contracts. See Note 4 for further details.

Income taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Reconciliation of the U.S. federal statutory rate to effective rate

Reconciliation of the U.S. federal statutory rate to effective rate:


	Years ended December 31,
(Millions of dollars)	2023				2022				2021
Taxes at U.S. statutory rate	$	2,740	21.0	%	$	1,838	21.0	%	$	1,723	21.0	%
(Decreases) increases resulting from:
Non-U.S. subsidiaries taxed at other than the U.S. rate	129		1.0	%	184		2.1	%	224		2.7	%
State and local taxes, net of federal 1	93		0.7	%	91		1.0	%	21		0.3	%

U.S. tax incentives	(170)		(1.3)	%	(166)		(1.9)	%	(123)		(1.5)	%






Nondeductible goodwill	—		—	%	159		1.8	%	—		—	%
Other—net	(11)		(0.1)	%	(39)		(0.4)	%	(103)		(1.3)	%
Provision (benefit) for income taxes	$	2,781	21.3	%	$	2,067	23.6	%	$	1,742	21.2	%

1 Excludes amount included in nondeductible goodwill line item.

Components of profit (loss) before taxes


The components of profit (loss) before taxes were:
	Years ended December 31,
(Millions of dollars)	2023		2022		2021
U.S.	$	6,463	$	2,962	$	2,740
Non-U.S.	6,587		5,790		5,464
	$	13,050	$	8,752	$	8,204

Components of the provision (benefit) for income taxes


The components of the provision (benefit) for income taxes were:
	Years ended December 31,
(Millions of dollars)	2023		2022		2021
Current tax provision (benefit):
U.S.1	$	1,627	$	1,055	$	766
Non-U.S.	1,592		1,255		1,283
State (U.S.)	154		134		76
	3,373		2,444		2,125

Deferred tax provision (benefit):
U.S.1	(391)		(404)		(387)
Non-U.S.	(164)		50		54
State (U.S.)	(37)		(23)		(50)
	(592)		(377)		(383)
Total provision (benefit) for income taxes	$	2,781	$	2,067	$	1,742
1 Includes U.S. taxes related to non-U.S. earnings. We account for U.S. taxes on global intangible low-taxed income as a period cost.

Deferred income tax assets and liabilities

The amount of deferred income taxes at December 31, included on the following lines in Statement 3, were as follows:


	December 31,
(Millions of dollars)	2023		2022
Assets:

Noncurrent deferred and refundable income taxes	$	2,634	$	2,047

Liabilities:

Other liabilities	454		471
Deferred income taxes—net	$	2,180	$	1,576


The components of deferred tax assets and liabilities were:
	December 31,
(Millions of dollars)	2023		2022
Deferred income tax assets:
Tax carryforwards	$	1,389	$	1,349
Research expenditures	1,350		949
Postemployment benefits	656		728
Employee compensation and benefits	634		459
Warranty reserves	325		282
Post sale discounts	253		159
Lease obligations	144		144
Inventory valuation	138		147

Allowance for credit losses	109		113


Other—net	197		376
	5,195		4,706

Deferred income tax liabilities:
Capital and intangible assets, including lease basis differences	(1,312)		(1,401)
Undistributed profits, including translation adjustments	(401)		(344)
Other outside basis differences	(267)		(264)

Bond discount	(101)		(107)
	(2,081)		(2,116)
Valuation allowance for deferred tax assets	(934)		(1,014)
Deferred income taxes—net	$	2,180	$	1,576

Reconciliation of unrecognized tax benefits

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits for uncertain tax positions, including positions impacting only the timing of tax benefits, follows.


Reconciliation of unrecognized tax benefits: 1
	Years ended December 31,
(Millions of dollars)	2023		2022		2021
Beginning balance	$	1,140	$	1,886	$	1,759

Additions for tax positions related to current year	94		72		141
Additions for tax positions related to prior years	42		91		43
Reductions for tax positions related to prior years	(19)		(66)		(30)
Reductions for settlements 2	(27)		(840)		(24)
Reductions for expiration of statute of limitations	(7)		(3)		(3)

Ending balance	$	1,223	$	1,140	$	1,886

Amount that, if recognized, would impact the effective tax rate	$	997	$	874	$	1,688

1Foreign currency impacts are included within each line as applicable.

2Includes cash payment or other reduction of assets to settle liability.

Cat Financial Financing Activities (Tables)

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Contractual maturities of outstanding wholesale inventory receivables

We include these receivables in Receivables—trade and other and Long-term receivables—trade and other in Statement 3.


Contractual maturities of outstanding wholesale inventory receivables:
(Millions of dollars)	December 31, 2023
Amounts Due In	Wholesale Loans		Wholesale Leases		Total
2024	$	981	$	42	$	1,023
2025	203		34		237
2026	210		18		228
2027	49		9		58
2028	17		5		22
Thereafter	2		1		3
Total	1,462		109		1,571
Guaranteed residual value 1	33		21		54
Unguaranteed residual value 1	2		24		26
Less: Unearned income	(7)		(12)		(19)
Total	$	1,490	$	142	$	1,632

1 For Wholesale loans, represents residual value on failed sale leasebacks.

Contractual maturities of outstanding finance receivables

Finance receivables are receivables of Cat Financial and are reported in Statement 3 net of an allowance for credit losses.


Contractual maturities of outstanding finance receivables:
(Millions of dollars)	December 31, 2023
Amounts Due In	Retail Loans		Retail Leases		Total
2024	$	7,104	$	2,547	$	9,651
2025	4,116		1,703		5,819
2026	2,819		1,035		3,854
2027	1,534		491		2,025
2028	703		172		875
Thereafter	168		43		211
Total	16,444		5,991		22,435
Guaranteed residual value 1	10		395		405
Unguaranteed residual value 1	1		604		605
Less: Unearned income	(374)		(622)		(996)
Total	$	16,081	$	6,368	$	22,449

1 For Retail loans, represents residual value on failed sale leasebacks.

Allowance for credit losses in finance receivables

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


(Millions of dollars)	December 31, 2023						December 31, 2022
	Customer		Dealer		Total		Customer		Dealer		Total
Allowance for Credit Losses:
Beginning balance	$	277	$	65	$	342	$	251	$	82	$	333

Write-offs	(115)		—		(115)		(108)		—		(108)
Recoveries	50		—		50		62		—		62
Provision for credit losses1	61		(14)		47		75		(17)		58
Other	3		—		3		(3)		—		(3)
Ending balance	$	276	$	51	$	327	$	277	$	65	$	342

Finance Receivables	$	20,571	$	1,878	$	22,449	$	19,772	$	1,585	$	21,357

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)	Year Ended December 31, 2023
	2023		2022		2021		2020		2019		Prior		Revolving Finance Receivables		Total

North America	$	2	$	11	$	11	$	5	$	3	$	2	$	12	$	46
EAME	1		5		6		4		1		—		—		17
Asia/Pacific	2		5		8		5		1		—		—		21

Latin America	—		8		5		6		1		10		—		30
Power	—		—		—		—		—		1		—		1
Total	$	5	$	29	$	30	$	20	$	6	$	13	$	12	$	115

Amortized cost of finance receivables in the customer portfolio segment by origination year

The tables below summarize the aging category of Cat Financial's amortized cost of finance receivables in the Customer portfolio segment by origination year:



(Millions of dollars)	December 31, 2023
	2023		2022		2021		2020		2019		Prior		Revolving Finance Receivables		Total Finance Receivables
North America
Current	$	4,430	$	2,628	$	2,000	$	745	$	220	$	32	$	312	$	10,367
31-60 days past due	28		31		24		14		7		1		4		109
61-90 days past due	10		11		8		4		1		—		2		36
91+ days past due	12		23		18		9		4		1		2		69

EAME
Current	1,336		895		588		258		111		105		—		3,293
31-60 days past due	10		9		7		3		1		—		—		30
61-90 days past due	4		3		3		1		1		—		—		12
91+ days past due	7		17		15		8		3		1		—		51

Asia/Pacific
Current	943		594		293		73		16		4		—		1,923
31-60 days past due	5		6		7		2		—		—		—		20
61-90 days past due	2		3		3		2		—		—		—		10
91+ days past due	1		5		3		3		1		—		—		13

Mining
Current	1,039		686		381		121		68		27		66		2,388
31-60 days past due	—		—		—		—		—		—		—		—
61-90 days past due	—		—		—		—		1		1		—		2
91+ days past due	—		—		1		—		—		1		—		2

Latin America
Current	750		520		219		59		23		6		—		1,577
31-60 days past due	9		10		6		1		—		—		—		26
61-90 days past due	2		4		1		—		—		—		—		7
91+ days past due	2		10		8		5		8		11		—		44

Power
Current	152		49		64		75		28		59		162		589
31-60 days past due	—		—		—		—		—		—		—		—
61-90 days past due	—		—		—		—		—		—		—		—
91+ days past due	—		—		—		—		—		3		—		3

Totals by Aging Category
Current	8,650		5,372		3,545		1,331		466		233		540		20,137
31-60 days past due	52		56		44		20		8		1		4		185
61-90 days past due	18		21		15		7		3		1		2		67
91+ days past due	22		55		45		25		16		17		2		182
Total Customer	$	8,742	$	5,504	$	3,649	$	1,383	$	493	$	252	$	548	$	20,571



(Millions of dollars)	December 31, 2022
	2022		2021		2020		2019		2018		Prior		Revolving Finance Receivables		Total Finance Receivables
North America
Current	$	3,915	$	3,276	$	1,525	$	653	$	206	$	34	$	240	$	9,849
31-60 days past due	25		26		18		12		4		1		4		90
61-90 days past due	9		15		7		3		1		—		3		38
91+ days past due	11		16		12		6		4		3		4		56

EAME
Current	1,270		953		477		280		155		68		—		3,203
31-60 days past due	10		12		7		1		1		—		—		31
61-90 days past due	8		4		3		1		—		—		—		16
91+ days past due	6		25		16		4		1		1		—		53

Asia/Pacific
Current	1,033		684		313		69		18		2		—		2,119
31-60 days past due	10		12		8		1		1		—		—		32
61-90 days past due	2		5		4		2		—		—		—		13
91+ days past due	2		6		6		4		—		—		—		18

Mining
Current	863		575		220		171		93		108		80		2,110
31-60 days past due	—		1		—		—		—		—		—		1
61-90 days past due	—		—		—		—		—		—		—		—
91+ days past due	—		—		—		—		—		1		—		1

Latin America
Current	770		400		150		69		26		20		—		1,435
31-60 days past due	7		8		4		2		—		1		—		22
61-90 days past due	2		5		1		1		—		—		—		9
91+ days past due	2		13		11		2		1		—		—		29

Power
Current	78		85		142		33		18		161		125		642
31-60 days past due	—		—		—		—		—		—		—		—
61-90 days past due	—		—		—		—		—		—		—		—
91+ days past due	—		—		—		—		—		5		—		5

Totals by Aging Category
Current	7,929		5,973		2,827		1,275		516		393		445		19,358
31-60 days past due	52		59		37		16		6		2		4		176
61-90 days past due	21		29		15		7		1		—		3		76
91+ days past due	21		60		45		16		6		10		4		162
Total Customer	$	8,023	$	6,121	$	2,924	$	1,314	$	529	$	405	$	456	$	19,772

Financing Receivable, Nonaccrual

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:



	December 31, 2023						December 31, 2022
	Amortized Cost						Amortized Cost
(Millions of dollars)	Non-accrual With an Allowance		Non-accrual Without an Allowance		91+ Still Accruing		Non-accrual With an Allowance		Non-accrual Without an Allowance		91+ Still Accruing

North America	$	52	$	—	$	20	$	52	$	4	$	11
EAME	34		—		18		43		—		10
Asia/Pacific	8		—		5		11		—		7
Mining	2		—		—		—		1		—
Latin America	48		—		1		45		—		—
Power	8		—		—		5		11		—
Total	$	152	$	—	$	44	$	156	$	16	$	28

Inventories (Tables)

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Inventories

Inventories (principally using the LIFO method) are comprised of the following:


	December 31,
(Millions of dollars)	2023		2022
Raw materials	$	6,492	$	6,370
Work-in-process	1,411		1,452
Finished goods	8,308		8,138
Supplies	354		310
Total inventories	$	16,565	$	16,270

Property, plant and equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property, plant and equipment


		December 31,
(Millions of dollars)	Useful Lives (Years)	2023		2022
Land	—	$	616	$	622
Buildings and land improvements	20-45	7,154		7,016
Machinery, equipment and other	2-10	12,150		12,282
Software	3-7	1,607		1,556
Equipment leased to others	1-7	5,837		5,568
Construction-in-process	—	1,259		1,020
Total property, plant and equipment, at cost		28,623		28,064
Less: Accumulated depreciation		(15,943)		(16,036)
Property, plant and equipment–net		$	12,680	$	12,028

Intangible Assets and Goodwill (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of intangible assets

Intangible assets were comprised of the following:


		December 31, 2023
(Millions of dollars)	Weighted Amortizable Life (Years)	Gross Carrying Amount 1		Accumulated Amortization 1		Net
Customer relationships	16	$	2,232	$	(1,814)	$	418
Intellectual property	15	484		(380)		104
Other	17	117		(75)		42
Total finite-lived intangible assets	15	$	2,833	$	(2,269)	$	564



		December 31, 2022
	Weighted Amortizable Life (Years)	Gross Carrying Amount		Accumulated Amortization		Net
Customer relationships	16	$	2,233	$	(1,675)	$	558
Intellectual property	12	1,473		(1,320)		153
Other	16	132		(85)		47
Total finite-lived intangible assets	14	$	3,838	$	(3,080)	$	758













1 For the year ended December 31, 2023, $1.0 billion of intangible assets were fully amortized and have been removed.

Summary of expected amortization expense related to intangible assets

As of December 31, 2023, amortization expense related to intangible assets is expected to be:


(Millions of dollars)
2024	2025	2026	2027	2028	Thereafter
$175	$166	$95	$31	$24	$73

Summary of goodwill acquired

The changes in carrying amount of goodwill by reportable segment for the years ended December 31, 2023 and 2022 were as follows:


(Millions of dollars)	December 31, 2022		Acquisitions		Impairment Loss		Other Adjustments 1		December 31, 2023
Construction Industries
Goodwill	$	287	$	—	$	—	$	(10)	$	277
Impairments	(22)		—		—		—		(22)
Net goodwill	265		—		—		(10)		255
Resource Industries
Goodwill	4,130		—		—		21		4,151
Impairments	(1,175)		—		—		—		(1,175)
Net goodwill	2,955		—		—		21		2,976
Energy & Transportation
Goodwill	2,947		—		—		12		2,959
Impairment	(925)		—		—		—		(925)
Net goodwill	2,022		—		—		12		2,034
All Other 2
Goodwill	46		—		—		(3)		43


Consolidated total
Goodwill	7,410		—		—		20		7,430
Impairments	(2,122)		—		—		—		(2,122)
Net goodwill	$	5,288	$	—	$	—	$	20	$	5,308

	December 31, 2021		Acquisitions		Impairment Loss		Other Adjustments 1		December 31, 2022
Construction Industries
Goodwill	$	302	$	—	$	—	$	(15)	$	287
Impairments	(22)		—		—		—		(22)
Net goodwill	280		—		—		(15)		265
Resource Industries
Goodwill	4,182		—		—		(52)		4,130
Impairments	(1,175)		—		—		—		(1,175)
Net goodwill	3,007		—		—		(52)		2,955
Energy & Transportation
Goodwill	2,985		25		—		(63)		2,947
Impairment	—		—		(925)		—		(925)
Net goodwill	2,985		25		(925)		(63)		2,022
All Other 2
Goodwill	52		—		—		(6)		46


Consolidated total
Goodwill	7,521		25		—		(136)		7,410
Impairments	(1,197)		—		(925)		—		(2,122)
Net goodwill	$	6,324	$	25	$	(925)	$	(136)	$	5,288

1 Other adjustments are comprised primarily of foreign currency translation. 2 Includes All Other operating segment (See Note 23).

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

Investments, Debt and Equity Securities [Abstract]

Investments in debt and equity securities (Tables)

12 Months Ended

Dec. 31, 2023

Schedule 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 Statement 3) were as follows:


Available-for-sale debt securities	December 31, 2023						December 31, 2022
(Millions of dollars)	Cost Basis		Unrealized Pretax Net Gains (Losses)		Fair Value		Cost Basis		Unrealized Pretax Net Gains (Losses)		Fair Value
Government debt securities
U.S. treasury bonds	$	10	$	—	$	10	$	9	$	—	$	9
Other U.S. and non-U.S. government bonds	62		(2)		60		60		(5)		55

Corporate debt securities
Corporate bonds and other debt securities	3,031		(36)		2,995		2,561		(95)		2,466
Asset-backed securities	195		(3)		192		187		(5)		182

Mortgage-backed debt securities
U.S. governmental agency	433		(23)		410		364		(31)		333
Residential	3		(1)		2		3		(1)		2
Commercial	137		(9)		128		127		(10)		117
Total available-for-sale debt securities	$	3,871	$	(74)	$	3,797	$	3,311	$	(147)	$	3,164

Available-for-sale debt securities in an unrealized loss position


Available-for-sale debt securities in an unrealized loss position:

	December 31, 2023
	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	$	—	$	—	$	25	$	3	$	25	$	3


Corporate debt securities
Corporate bonds	765		—		1,011		45		1,776		45
Asset-backed securities	9		—		97		3		106		3

Mortgage-backed debt securities
U.S. governmental agency	33		—		287		25		320		25
Residential	—		—		—		—		—		—
Commercial	2		—		121		9		123		9
Total	$	809	$	—	$	1,541	$	85	$	2,350	$	85


	December 31, 2022
	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	$	19	$	1	$	20	$	4	$	39	$	5

Corporate debt securities
Corporate bonds	1,815		46		357		50		2,172		96
Asset-backed securities	75		2		55		3		130		5

Mortgage-backed debt securities
U.S. governmental agency	229		16		98		15		327		31
Residential	2		—		1		1		3		1
Commercial	63		5		54		5		117		10
Total	$	2,203	$	70	$	585	$	78	$	2,788	$	148

1 Indicates the length of time that individual securities have been in a continuous unrealized loss position.

Cost basis and fair value of the available-for-sale debt securities by contractual maturity

Expected maturities will differ from contractual maturities because borrowers may have the right to prepay and creditors may have the right to call obligations.



	December 31, 2023
(Millions of dollars)	Cost Basis		Fair Value
Due in one year or less	$	970	$	963
Due after one year through five years	1,996		1,966
Due after five years through ten years	253		249
Due after ten years	79		79
U.S. governmental agency mortgage-backed securities	433		410
Residential mortgage-backed securities	3		2
Commercial mortgage-backed securities	137		128
Total debt securities – available-for-sale	$	3,871	$	3,797

Schedule of proceeds and gross gain and losses from the sale of available-for-sale securities



Sales of available-for-sale debt securities:
	Years Ended December 31,
(Millions of dollars)	2023		2022		2021
Proceeds from the sale of available-for-sale securities	$	940	$	767	$	454
Gross gains from the sale of available-for-sale securities	$	—	$	—	$	4
Gross losses from the sale of available-for-sale securities	$	1	$	5	$	—

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Defined benefit plan funded status, components of net amount recognized in financial position and accumulated other comprehensive income

Postemployment benefit plans (Tables)

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]


	U.S. Pension Benefits				Non-U.S. Pension Benefits				Other Postretirement Benefits
(Millions of dollars)	2023		2022		2023		2022		2023		2022
Accumulated benefit obligation, end of year	$	13,137	$	13,069	$	3,151	$	2,859
Change in benefit obligation:
Benefit obligation, beginning of year	$	13,069	$	17,895	$	2,956	$	4,436	$	2,866	$	3,736
Service cost 1	—		—		40		50		67		99
Interest cost	656		401		124		69		144		80
Plan amendments	—		—		—		—		—		(29)
Actuarial loss (gain)	394		(4,231)		169		(1,084)		(115)		(779)
Foreign currency exchange rates	—		—		178		(333)		14		—
Participant contributions	—		—		5		5		43		43
Benefits paid - gross	(982)		(995)		(196)		(179)		(285)		(292)
Less: federal subsidy on benefits paid	—		—		—		—		7		8
Curtailments, settlements and termination benefits	—		(1)		(2)		(8)		—		—
Acquisitions, divestitures and other	—		—		(9)		—		—		—
Benefit obligation, end of year	$	13,137	$	13,069	$	3,265	$	2,956	$	2,741	$	2,866
Change in plan assets:
Fair value of plan assets, beginning of year	$	12,456	$	17,227	$	3,244	$	4,552	$	102	$	130
Actual return on plan assets	1,220		(3,821)		160		(852)		33		(25)
Foreign currency exchange rates	—		—		190		(328)		—		—
Company contributions	44		46		66		54		251		246
Participant contributions	—		—		5		5		43		43
Benefits paid	(982)		(995)		(196)		(179)		(285)		(292)
Settlements and termination benefits	—		(1)		(2)		(8)		—		—
Fair value of plan assets, end of year	$	12,738	$	12,456	$	3,467	$	3,244	$	144	$	102

Over (under) funded status	$	(399)	$	(613)	$	202	$	288	$	(2,597)	$	(2,764)

Amounts recognized in Statement 3:
Other assets (non-current asset)	$	354	$	256	$	563	$	615	$	—	$	—
Accrued wages, salaries and employee benefits (current liability)	(52)		(48)		(20)		(18)		(162)		(224)
Liability for postemployment benefits (non-current liability) 2	(701)		(821)		(341)		(309)		(2,435)		(2,540)
Net (liability) asset recognized	$	(399)	$	(613)	$	202	$	288	$	(2,597)	$	(2,764)



Amounts recognized in AOCI (pre-tax):
Prior service cost (credit)	$	—		$	—		$	21		$	20		$	(19)		$	(29)

Weighted-average assumptions used to determine benefit obligation, end of year:
Discount rate	5.0		%	5.4		%	3.9		%	4.3		%	5.1		%	5.4		%
Rate of compensation increase 1	—		%	—		%	2.3		%	2.3		%	4.0		%	4.0		%

1 All U.S. pension benefits are frozen, and accordingly there is no longer any service cost and certain assumptions are no longer applicable.

2 The Liability for postemployment benefits reported in Statement 3 includes liabilities for other postemployment benefits and non-qualified deferred compensation plans. For 2023, these liabilities were $56 million and $565 million, respectively. For 2022, these liabilities were $58 million and $475 million, respectively.

Schedule of pension plans with projected benefit obligation in excess of plan assets for all U.S and Non U.S Pension benefits


	U.S. Pension Benefits				Non-U.S. Pension Benefits
(Millions of dollars)	2023		2022		2023		2022
Pension plans with projected benefit obligation in excess of plan assets:
Projected benefit obligation	$	10,557	$	10,413	$	623	$	606
Fair value of plan assets	$	9,805	$	9,544	$	262	$	280

Pension plans with accumulated benefit obligation in excess of plan assets:
Accumulated benefit obligation	$	10,557	$	10,413	$	534	$	482
Fair value of plan assets	$	9,805	$	9,544	$	224	$	202

Components of net periodic benefit cost, other changes in plan assets and benefits obligations


	U.S. Pension Benefits									Non-U.S. Pension Benefits									Other Postretirement Benefits
(Millions of dollars)	2023			2022			2021			2023			2022			2021			2023			2022			2021
Net periodic benefit cost:
Service cost 1	$	—		$	—		$	—		$	40		$	50		$	57		$	67		$	99		$	100
Interest cost	656			401			330			124			69			53			144			80			64
Expected return on plan assets	(689)			(669)			(718)			(163)			(130)			(128)			(11)			(12)			(6)
Curtailments, settlements and termination benefits	—			—			—			1			1			(1)			—			—			—
Amortization of prior service cost (credit)	—			—			—			—			—			—			(12)			(6)			(40)
Actuarial loss (gain) 2	(138)			259			(487)			172			(132)			(115)			(131)			(733)			(231)
Net Periodic benefit cost (benefit) 3	$	(171)		$	(9)		$	(875)		$	174		$	(142)		$	(134)		$	57		$	(572)		$	(113)

Amounts recognized in other comprehensive income (pre-tax):
Current year prior service cost (credit)	$	—		$	—		$	—		$	1		$	(3)		$	—		$	(2)		$	(30)		$	—
Amortization of prior service (cost) credit	—			—			—			—			—			—			12			6			40
Total recognized in other comprehensive income	—			—			—			1			(3)			—			10			(24)			40
Total recognized in net periodic cost and other comprehensive income	$	(171)		$	(9)		$	(875)		$	175		$	(145)		$	(134)		$	67		$	(596)		$	(73)

Weighted-average assumptions used to determine net periodic benefit cost:
Discount rate used to measure service cost 1	—		%	—		%	—		%	3.8		%	1.7		%	1.4		%	5.4		%	2.8		%	2.5		%
Discount rate used to measure interest cost	5.2		%	2.3		%	1.8		%	4.2		%	1.7		%	1.2		%	5.3		%	2.2		%	1.6		%
Expected rate of return on plan assets	5.8		%	4.0		%	4.2		%	5.2		%	3.1		%	2.9		%	7.4		%	6.9		%	6.5		%
Rate of compensation increase 1	—		%	—		%	—		%	2.3		%	2.0		%	2.0		%	4.0		%	4.0		%	4.0		%

1 All U.S. pension benefits are frozen, and accordingly there is no longer any service cost and certain assumptions are no longer applicable.

2 Actuarial loss (gain) represents the effects of actual results differing from our assumptions and the effects of changing assumptions. We recognize actuarial loss (gain) immediately through earnings upon the annual remeasurement in the fourth quarter, or on an interim basis as triggering events warrant remeasurement.

3 The service cost component is included in Operating costs and all other components are included in Other income (expense) in Statement 1.

Schedule of expected contributions, expected benefit payments and gross prescription drug subsidy receipts

The following table presents information about expected contributions and benefit payments for pension and other postretirement benefit plans:


(Millions of dollars)	2024
Expected employer contributions:
U.S. Pension Benefits	$	52
Non-U.S. Pension Benefits	$	60
Other Postretirement Benefits	$	161

Expected benefit payments:	2024		2025		2026		2027		2028		2029- 2033		Total
U.S. Pension Benefits	$	1,010	$	1,000	$	995	$	990	$	985	$	4,750	$	9,730
Non-U.S. Pension Benefits	$	185	$	185	$	195	$	200	$	210	$	1,095	$	2,070
Other Postretirement Benefits	$	245	$	245	$	240	$	240	$	240	$	1,150	$	2,360

Expected Medicare Part D subsidy:	$	6	$	6	$	5	$	5	$	5	$	20	$	47

Fair value of pension and other postretirement benefit plan assets, by category

The fair value of the pension and other postretirement benefit plan assets by category is summarized below:


	December 31, 2023
(Millions of dollars)	Level 1		Level 2		Level 3		Measured at NAV		Total Assets at Fair Value
U.S. Pension
Equity securities:
U.S. equities	$	1,107	$	10	$	24	$	81	$	1,222
Non-U.S. equities	910		—		3		—		913

Fixed income securities:
U.S. corporate bonds	—		5,706		33		33		5,772
Non-U.S. corporate bonds	—		1,228		—		—		1,228
U.S. government bonds	—		2,988		—		—		2,988
U.S. governmental agency mortgage-backed securities	—		84		—		—		84
Non-U.S. government bonds	—		100		—		—		100

Real estate	—		—		3		—		3

Cash, short-term instruments and other	99		33		—		296		428
Total U.S. pension assets	$	2,116	$	10,149	$	63	$	410	$	12,738


	December 31, 2022
(Millions of dollars)	Level 1		Level 2		Level 3		Measured at NAV		Total Assets at Fair Value
U.S. Pension
Equity securities:
U.S. equities	$	1,098	$	20	$	26	$	99	$	1,243
Non-U.S. equities	948		—		2		—		950

Fixed income securities:
U.S. corporate bonds	—		5,460		40		37		5,537
Non-U.S. corporate bonds	—		1,244		—		—		1,244
U.S. government bonds	—		2,904		—		—		2,904
U.S. governmental agency mortgage-backed securities	—		19		—		—		19
Non-U.S. government bonds	—		118		—		—		118

Real estate	—		—		8		—		8

Cash, short-term instruments and other	108		14		2		309		433
Total U.S. pension assets	$	2,154	$	9,779	$	78	$	445	$	12,456


	December 31, 2023
(Millions of dollars)	Level 1		Level 2		Level 3		Measured at NAV		Total Assets at Fair Value
Non-U.S. Pension
Equity securities:
U.S. equities	$	73	$	—	$	—	$	—	$	73
Non-U.S. equities	228		33		—		21		282
Global equities 1	28		—		—		20		48

Fixed income securities:
U.S. corporate bonds	—		91		—		—		91
Non-U.S. corporate bonds	—		466		—		—		466
U.S. government bonds	—		63		—		—		63
Non-U.S. government bonds	—		998		—		—		998
Global fixed income 1	—		91		—		216		307

Real estate	—		210		—		9		219

Insurance contracts	—		—		675		—		675

Cash, short-term instruments and other 2	54		191		—		—		245
Total non-U.S. pension assets	$	383	$	2,143	$	675	$	266	$	3,467


	December 31, 2022
(Millions of dollars)	Level 1		Level 2		Level 3		Measured at NAV		Total Assets at Fair Value
Non-U.S. Pension
Equity securities:
U.S. equities	$	61	$	—	$	—	$	—	$	61
Non-U.S. equities	208		28		—		21		257
Global equities 1	26		10		—		17		53

Fixed income securities:
U.S. corporate bonds	—		186		—		—		186
Non-U.S. corporate bonds	—		631		—		—		631
U.S. government bonds	—		66		—		—		66
Non-U.S. government bonds	—		1,273		—		—		1,273
Global fixed income 1	—		82		—		248		330

Real estate	—		198		—		—		198

Cash, short-term instruments and other 2	72		117		—		—		189
Total non-U.S. pension assets	$	367	$	2,591	$	—	$	286	$	3,244

1 Includes funds that invest in both U.S. and non-U.S. securities.
2 Includes funds that invest in multiple asset classes, hedge funds and other.


	December 31, 2023
(Millions of dollars)	Level 1		Level 2		Level 3		Measured at NAV		Total Assets at Fair Value
Other Postretirement Benefits
Equity securities:
U.S. equities	$	65	$	—	$	—	$	5	$	70
Non-U.S. equities	23		—		—		2		25

Fixed income securities:
U.S. corporate bonds	—		—		—		30		30





Cash, short-term instruments and other	1		—		—		18		19
Total other postretirement benefit assets	$	89	$	—	$	—	$	55	$	144



	December 31, 2022
(Millions of dollars)	Level 1		Level 2		Level 3		Measured at NAV		Total Assets at Fair Value
Other Postretirement Benefits
Equity securities:
U.S. equities	$	41	$	—	$	—	$	2	$	43
Non-U.S. equities	16		—		—		3		19








Cash, short-term instruments and other	3		—		—		37		40
Total other postretirement benefit assets	$	60	$	—	$	—	$	42	$	102

Company costs related to U.S. and non-U.S. defined contribution plans

Total company costs related to U.S. and non-U.S. defined contribution plans were as follows:


(Millions of dollars)	2023		2022		2021
U.S. plans	$	567	$	392	$	440
Non-U.S. plans	114		114		114
	$	681	$	506	$	554

Short-term borrowings (Tables)

12 Months Ended

Dec. 31, 2023

Short-Term Debt [Abstract]

Short-term borrowings


	December 31,
(Millions of dollars)	2023		2022
Machinery, Energy & Transportation:
Notes payable to banks	$	—	$	3


	—		3
Financial Products:
Notes payable to banks	330		234
Commercial paper	4,069		5,455
Demand notes	244		265
	4,643		5,954
Total short-term borrowings	$	4,643	$	5,957

The weighted-average interest rates on short-term borrowings outstanding were:


	December 31,
	2023		2022
Notes payable to banks	10.0	%	11.3	%
Commercial paper	5.2	%	4.2	%
Demand notes	5.2	%	3.4	%

Long-term debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Long-term debt


		December 31,
(Millions of dollars)	Effective Yield to Maturity 1	2023		2022
Machinery, Energy & Transportation:
Notes—$759 million of 5.200% due 2041 2	5.27%	$	752	$	752


Debentures—$1,000 million of 3.400% due 2024	3.46%	—		999
Debentures—$193 million of 6.625% due 2028 2	6.68%	193		192
Debentures—$500 million of 2.600% due 2029 2	2.67%	498		498
Debentures—$800 million of 2.600% due 2030 2	2.72%	795		794
Debentures—$500 million of 1.900% due 2031 2	2.04%	496		495
Debentures—$242 million of 7.300% due 2031 2	7.38%	241		240
Debentures—$307 million of 5.300% due 2035 2	8.64%	233		229
Debentures—$460 million of 6.050% due 2036 2	6.12%	456		456
Debentures—$65 million of 8.250% due 2038 2	8.38%	64		64
Debentures—$160 million of 6.950% due 2042 2	7.02%	158		158
Debentures—$1,722 million of 3.803% due 2042 2	6.39%	1,355		1,336
Debentures—$500 million of 4.300% due 2044	4.39%	494		493
Debentures—$1,000 million of 3.250% due 2049 2	3.34%	984		983
Debentures—$1,200 million of 3.250% due 2050 2	3.32%	1,186		1,186
Debentures—$500 million of 4.750% due 2064	4.81%	494		494
Debentures—$246 million of 7.375% due 2097 2	7.51%	241		241
Finance lease obligations & other 3		(61)		(112)
Total Machinery, Energy & Transportation		8,579		9,498
Financial Products:

Medium-term notes		15,581		15,940
Other		312		276
Total Financial Products		15,893		16,216
Total long-term debt due after one year		$	24,472	$	25,714

1 Effective yield to maturity includes the impact of discounts, premiums and debt issuance costs.

2 Redeemable at our option in whole or in part at any time at a redemption price equal to the greater of (i) 100% of the principal amount or (ii) the discounted present value of the notes or debentures, calculated in accordance with the terms of such notes or debentures.

3 Includes $(133) million and $(168) million of mark-to-market adjustments related to fair value interest rate swap contracts as of December 31, 2023 and 2022, respectively.

Aggregate amounts of maturities of long-term debt

The aggregate amounts of maturities of long-term debt during each of the years 2024 through 2028, including amounts due within one year and classified as current, are:


	December 31,
(Millions of dollars)	2024		2025		2026		2027		2028
Machinery, Energy & Transportation	$	1,044	$	19	$	15	$	13	$	199
Financial Products	7,719		7,811		5,634		2,479		14
	$	8,763	$	7,830	$	5,649	$	2,492	$	213

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Computations of Profit Per Share

Credit commitments (Tables)

12 Months Ended

Dec. 31, 2023

Credit Commitments [Abstract]

Credit commitments


	December 31, 2023
(Millions of dollars)	Consolidated		Machinery, Energy & Transportation		Financial Products
Credit lines available:
Global credit facilities	$	10,500	$	2,750	$	7,750
Other external	4,164		625		3,539
Total credit lines available	14,664		3,375		11,289
Less: Commercial paper outstanding	(4,069)		—		(4,069)
Less: Utilized credit	(853)		—		(853)
Available credit	$	9,742	$	3,375	$	6,367

Profit per share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]


Computations of profit per share:
(Dollars in millions except per share data)	2023		2022		2021
Profit for the period (A) 1	$	10,335	$	6,705	$	6,489
Determination of shares (in millions):
Weighted average number of common shares outstanding (B)	510.6		526.9		544.0
Shares issuable on exercise of stock awards, net of shares assumed to be purchased out of proceeds at average market price	3.0		3.5		4.5
Average common shares outstanding for fully diluted computation (C) 2	513.6		530.4		548.5
Profit per share of common stock:
Assuming no dilution (A/B)	$	20.24	$	12.72	$	11.93
Assuming full dilution (A/C) 2	$	20.12	$	12.64	$	11.83
Shares outstanding as of December 31 (in millions)	499.4		516.3		535.9

1Profit attributable to common shareholders.

2Diluted by assumed exercise of stock-based compensation awards using the treasury stock method.

Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule of accumulated other comprehensive income (loss)

Changes in the balances for each component of AOCI were as follows:



(Millions of dollars)
	2023		2022		2021
Foreign currency translation
Beginning balance	$	(2,328)	$	(1,508)	$	(910)


Gains (losses) on foreign currency translation	32		(794)		(559)
Less: Tax provision /(benefit)	(21)		26		41
Net gains (losses) on foreign currency translation	53		(820)		(600)
(Gains) losses reclassified to earnings	493		—		2
Less: Tax provision /(benefit)	—		—		—
Net (gains) losses reclassified to earnings	493		—		2
Other comprehensive income (loss), net of tax	546		(820)		(598)
Ending balance	$	(1,782)	$	(2,328)	$	(1,508)

Pension and other postretirement benefits
Beginning balance	$	(39)	$	(62)	$	(32)


Current year prior service credit (cost)	1		33		—
Less: Tax provision /(benefit)	—		5		—
Net current year prior service credit (cost)	1		28		—
Amortization of prior service (credit) cost	(12)		(6)		(40)
Less: Tax provision /(benefit)	(1)		(1)		(10)
Net amortization of prior service (credit) cost	(11)		(5)		(30)
Other comprehensive income (loss), net of tax	(10)		23		(30)
Ending balance	$	(49)	$	(39)	$	(62)

Derivative financial instruments
Beginning balance	$	28	$	(3)	$	—


Gains (losses) deferred	48		375		195
Less: Tax provision /(benefit)	11		86		21
Net gains (losses) deferred	37		289		174
(Gains) losses reclassified to earnings	3		(340)		(196)
Less: Tax provision /(benefit)	1		(82)		(19)
Net (gains) losses reclassified to earnings	2		(258)		(177)
Other comprehensive income (loss), net of tax	39		31		(3)
Ending balance	$	67	$	28	$	(3)



Available-for-sale securities
Beginning balance	$	(118)	$	20	$	54


Gains (losses) deferred	72		(179)		(39)
Less: Tax provision /(benefit)	11		(37)		(8)
Net gains (losses) deferred	61		(142)		(31)
(Gains) losses reclassified to earnings	1		5		(4)
Less: Tax provision /(benefit)	—		1		(1)
Net (gains) losses reclassified to earnings	1		4		(3)
Other comprehensive income (loss), net of tax	62		(138)		(34)
Ending balance	$	(56)	$	(118)	$	20

Total AOCI Ending Balance at December 31,	$	(1,820)	$	(2,457)	$	(1,553)

Fair value disclosures (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Assets and liabilities measured on a recurring basis at fair value

Assets and liabilities measured on a recurring basis at fair value included in Statement 3 as of December 31, 2023 and 2022 were as follows:


	December 31, 2023
(Millions of dollars)	Level 1		Level 2		Level 3		Measured at NAV		Total 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	—		60		—		—		60

Corporate debt securities
Corporate bonds and other debt securities	—		2,995		—		—		2,995
Asset-backed securities	—		192		—		—		192

Mortgage-backed debt securities
U.S. governmental agency	—		410		—		—		410
Residential	—		2		—		—		2
Commercial	—		128		—		—		128
Total debt securities	10		3,787		—		—		3,797
Equity securities
Large capitalization value	223		—		—		—		223
Smaller company growth	35		—		—		—		35
REIT	—		—		—		180		180
Total equity securities	258		—		—		180		438
Derivative financial instruments - assets
Foreign currency contracts - net	—		207		—		—		207

Commodity contracts - net	—		9		—		—		9
Total assets	$	268	$	4,003	$	—	$	180	$	4,451

Liabilities
Derivative financial instruments - liabilities

Interest rate contracts - net	—		151		—		—		151

Total liabilities	$	—	$	151	$	—	$	—	$	151


	December 31, 2022
(Millions of dollars)	Level 1		Level 2		Level 3		Measured at NAV		Total 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	—		55		—		—		55

Corporate debt securities
Corporate bonds and other debt securities	—		2,416		50		—		2,466
Asset-backed securities	—		182		—		—		182

Mortgage-backed debt securities
U.S. governmental agency	—		333		—		—		333
Residential	—		2		—		—		2
Commercial	—		117		—		—		117
Total debt securities	9		3,105		50		—		3,164
Equity securities
Large capitalization value	203		—		—		—		203
Smaller company growth	31		—		—		—		31
REIT	—		—		—		207		207
Total equity securities	234		—		—		207		441
Derivative financial instruments - assets
Foreign currency contracts - net	—		328		—		—		328

Commodity contracts - net	—		15		—		—		15
Total assets	$	243	$	3,448	$	50	$	207	$	3,948

Liabilities
Derivative financial instruments - liabilities
Interest rate contracts - net	$	—	$	195	$	—	$	—	$	195
Total liabilities	$	—	$	195	$	—	$	—	$	195

Fair values of financial instruments

Our financial instruments not carried at fair value were as follows:



	2023				2022
(Millions of dollars)	Carrying Amount		Fair Value		Carrying Amount		Fair Value		Fair Value Levels	Reference
Assets at December 31,
Finance receivables–net (excluding finance leases 1)	$	15,386	$	15,017	$	13,965	$	13,377	3	Notes 7 & 19
Wholesale inventory receivables–net (excluding finance leases 1)	1,415		1,368		827		778		3	Notes 7 & 19

Liabilities at December 31,
Long-term debt (including amounts due within one year):
Machinery, Energy & Transportation	9,623		9,550		9,618		9,240		2	Note 14
Financial Products	23,612		23,299		21,418		20,686		2	Note 14

1Represents finance leases and failed sale leasebacks of $6,953 million and $7,325 million at December 31, 2023 and 2022, respectively.

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Components of lease cost

The components of lease costs were as follows:



(Millions of dollars)
	Years Ended December 31,
	2023		2022		2021
Operating lease cost	$	189	$	187	$	214
Short-term lease cost	$	62	$	59	$	46

Schedule of supplemental balance sheet information related to leases

Supplemental information related to leases was as follows:



(Millions of dollars)
	December 31, 2023			December 31, 2022
Operating Leases
Other assets	$	556		$	564
Other current liabilities	$	147		$	151
Other liabilities	$	427		$	428










Weighted average remaining lease term
Operating leases	7 years			7 years


Weighted average discount rates
Operating leases	3		%	2		%

Schedule of maturities of operating lease liabilities

Maturities of operating lease liabilities were as follows:



(Millions of dollars)	December 31, 2023

Amounts Due In
2024	$	160
2025	125
2026	91
2027	69
2028	48
Thereafter	151
Total lease payments	644
Less: Imputed interest	(70)
Total	$	574

Schedule of supplemental cash flow information related to leases

Supplemental cash flow information related to leases was as follows:



(Millions of dollars)
	Years ended December 31,
	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	180	$	178	$	206


Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	148	$	123	$	238

Schedule of equipment leased to others

The carrying amount of equipment leased to others, included in Property, plant and equipment - net in Statement 3, under operating leases was as follows:



	December 31,
(Millions of dollars)	2023		2022
Equipment leased to others - at original cost	$	5,837	$	5,568
Less: Accumulated depreciation	(1,902)		(1,790)
Equipment leased to others - net	$	3,935	$	3,778

Schedule of payments due for operating leases

Payments due for operating leases as of December 31, 2023, were as follows:



(Millions of dollars)
2024	2025	2026	2027	2028	Thereafter	Total
$894	$586	$329	$157	$80	$29	$2,075

Revenue from finance and operating lease

Revenues from finance and operating leases, primarily included in Revenues of Financial Products on Statement 1, were as follows:



(Millions of dollars)
	Year ended December 31,
	2023		2022		2021
Finance lease revenue	$	420	$	430	$	485
Operating lease revenue	1,166		1,085		1,128
Total	$	1,586	$	1,515	$	1,613

Guarantees and product warranty (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Guarantees

The maximum potential amount of future payments that we can estimate (undiscounted and without reduction for any amounts that may possibly be recovered under recourse or collateralized provisions) and we could be required to make under the guarantees at December 31 was as follows:


(Millions of dollars)	2023		2022
Caterpillar dealer performance guarantees	$	42	$	188




Other guarantees	311		323
Total guarantees	$	353	$	511

Product warranty

The reconciliation of the change in our product warranty liability balances for the years ended December 31, was as follows:


(Millions of dollars)	2023		2022
Warranty liability, beginning of period	$	1,761	$	1,689
Reduction in liability (payments)	(835)		(778)
Increase in liability (new warranties)	968		850
Warranty liability, end of period	$	1,894	$	1,761

Segment Information (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Disaggregation of revenue

For the years ended December 31, 2023, 2022 and 2021, sales and revenues by geographic region reconciled to consolidated sales and revenues were as follows:


Sales and Revenues by Geographic Region
(Millions of dollars)	North America		Latin America		EAME		Asia/ Pacific		External Sales and Revenues			Intersegment Sales and Revenues		Total Sales and Revenues
2023
Construction Industries	$	15,343	$	2,307	$	5,254	$	4,390	$	27,294		$	124	$	27,418
Resource Industries	5,256		2,040		2,069		3,879		13,244			339		13,583
Energy & Transportation	11,982		1,983		5,929		3,461		23,355			4,646		28,001
Financial Products Segment	2,440		416		491		438		3,785		1	—		3,785
Total sales and revenues from reportable segments	35,021		6,746		13,743		12,168		67,678			5,109		72,787
All Other operating segment	65		(1)		18		49		131			318		449
Corporate Items and Eliminations	(480)		(80)		(88)		(101)		(749)			(5,427)		(6,176)
Total Sales and Revenues	$	34,606	$	6,665	$	13,673	$	12,116	$	67,060		$	—	$	67,060


2022
Construction Industries	$	12,367	$	2,843	$	5,099	$	4,818	$	25,127		$	142	$	25,269
Resource Industries	4,531		1,840		2,205		3,437		12,013			301		12,314
Energy & Transportation	9,175		1,784		5,232		3,146		19,337			4,415		23,752
Financial Products Segment	2,078		348		396		431		3,253		1	—		3,253
Total sales and revenues from reportable segments	28,151		6,815		12,932		11,832		59,730			4,858		64,588
All Other operating segment	64		2		(66)		145		145			305		450
Corporate Items and Eliminations	(234)		(79)		(52)		(83)		(448)			(5,163)		(5,611)
Total Sales and Revenues	$	27,981	$	6,738	$	12,814	$	11,894	$	59,427		$	—	$	59,427

2021
Construction Industries	$	9,676	$	1,913	$	4,858	$	5,547	$	21,994		$	112	$	22,106
Resource Industries	2,987		1,724		1,987		2,804		9,502			308		9,810
Energy & Transportation	7,611		1,233		4,908		2,918		16,670			3,617		20,287
Financial Products Segment	1,935		265		402		471		3,073		1	—		3,073
Total sales and revenues from reportable segments	22,209		5,135		12,155		11,740		51,239			4,037		55,276
All Other operating segment	56		2		18		69		145			366		511
Corporate Items and Eliminations	(242)		(51)		(36)		(84)		(413)			(4,403)		(4,816)
Total Sales and Revenues	$	22,023	$	5,086	$	12,137	$	11,725	$	50,971		$	—	$	50,971

1 Includes revenues from Construction Industries, Resource Industries, Energy & Transportation and All Other operating segment of $690 million, $478 million and $351 million in the years ended December 31, 2023, 2022 and 2021, respectively.

For the years ended December 31, 2023, 2022 and 2021, Energy & Transportation segment sales by end user application were as follows:


Energy & Transportation External Sales

(Millions of dollars)
	2023		2022		2021
Oil and gas	$	6,988	$	5,330	$	4,460
Power generation	6,362		4,940		4,292
Industrial	4,871		4,426		3,612
Transportation	5,134		4,641		4,306
Energy & Transportation External Sales	$	23,355	$	19,337	$	16,670

Reconciliation of consolidated profit before taxes:


Reconciliation of Consolidated profit before taxes:
(Millions of dollars)
	2023		2022		2021
Profit from reportable segments:
Construction Industries	$	6,975	$	4,743	$	3,732
Resource Industries	2,834		1,827		1,229
Energy & Transportation	4,936		3,309		2,804
Financial Products Segment	909		864		908
Total profit from reportable segments	15,654		10,743		8,673
Profit from All Other operating segment	18		(11)		(14)
Cost centers	(7)		(13)		(4)
Corporate costs	(913)		(751)		(699)
Timing	(30)		(309)		(263)
Restructuring costs	(780)		(299)		(90)
Methodology differences:
Inventory/cost of sales	160		413		122
Postretirement benefit income (expense)	(65)		916		1,171
Stock-based compensation expense	(208)		(193)		(199)
Financing costs	(91)		(331)		(449)
Currency	6		23		258
Goodwill impairment charge	—		(925)		—
Other income/expense methodology differences	(624)		(409)		(267)
Other methodology differences	(70)		(102)		(35)
Total consolidated profit before taxes	$	13,050	$	8,752	$	8,204

Reconciliation of assets


Reconciliation of Assets:
(Millions of dollars)	December 31,
	2023		2022
Assets from reportable segments:
Construction Industries	$	5,384	$	5,168
Resource Industries	5,742		5,775
Energy & Transportation	10,555		9,455
Financial Products Segment	35,685		34,269
Total assets from reportable segments	57,366		54,667
Assets from All Other operating segment	1,890		1,828
Items not included in segment assets:
Cash and cash equivalents	6,106		6,042


Deferred income taxes	2,668		2,098
Goodwill and intangible assets	4,452		4,248
Property, plant and equipment – net and other assets	6,548		4,234
Inventory methodology differences	(3,169)		(3,063)
Liabilities included in segment assets	11,781		12,519
Other	(166)		(630)
Total assets	$	87,476	$	81,943

Reconciliation of depreciation and amortization


Reconciliation of Depreciation and amortization:
(Millions of dollars)
	2023		2022		2021
Depreciation and amortization from reportable segments:
Construction Industries	$	221	$	231	$	237
Resource Industries	302		368		403
Energy & Transportation	551		547		571
Financial Products Segment	731		734		772
Total depreciation and amortization from reportable segments	1,805		1,880		1,983
Items not included in segment depreciation and amortization:
All Other operating segment	236		229		243
Cost centers	91		84		98
Other	12		26		28
Total depreciation and amortization	$	2,144	$	2,219	$	2,352

Reconciliation of capital expenditures


Reconciliation of Capital expenditures:
(Millions of dollars)
	2023		2022		2021
Capital expenditures from reportable segments:
Construction Industries	$	376	$	271	$	255
Resource Industries	245		237		199
Energy & Transportation	944		756		627
Financial Products Segment	1,299		1,141		1,218
Total capital expenditures from reportable segments	2,864		2,405		2,299
Items not included in segment capital expenditures:
All Other operating segment	260		219		182
Cost centers	102		76		56
Timing	(44)		(54)		(74)
Other	(90)		(47)		9
Total capital expenditures	$	3,092	$	2,599	$	2,472

Information about geographic areas


Enterprise-wide Disclosures
Information about Geographic Areas:
							Property, plant and equipment - net
	External sales and revenues 1						December 31,
(Millions of dollars)	2023		2022		2021		2023		2022
Inside United States	$	31,053	$	24,368	$	19,298	$	7,658	$	7,042
Outside United States	36,007		35,059		31,673		5,022		4,986
Total	$	67,060	$	59,427	$	50,971	$	12,680	$	12,028

1 Sales of ME&T are based on dealer or customer location. Revenues from services provided are based on where service is rendered.

Restructuring Costs (Tables)

12 Months Ended

Dec. 31, 2023

Restructuring Charges [Abstract]

Restructuring and Related Costs

Restructuring costs for 2023, 2022 and 2021 were as follows:













(Millions of dollars)	2023		2022		2021
Employee separations 1	$	74	$	77	$	92
Longwall divestiture 1	586		—		—
Contract terminations 1	7		1		2
Long-lived asset impairments 1	3		6		(63)

Other 2	110		215		59
Total restructuring costs	$	780	$	299	$	90

1 Recognized in Other operating (income) expenses.

2 Represents costs related to our restructuring programs, primarily for inventory write-downs, accelerated depreciation, project management and equipment relocation, all of which are primarily included in Cost of goods sold.

Summary of separation activity

The following table summarizes the 2023 and 2022 employee separation activity:



(Millions of dollars)	2023		2022
Liability balance, beginning of period	$	39	$	61
Increase in liability (separation charges)	74		77
Reduction in liability (payments)	(73)		(99)
Liability balance, end of period	$	40	$	39

Operations and summary of significant accounting policies (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) dealer distributor country	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Operations and summary of significant accounting policies
Number of countries served by dealers \| country	191
Percentage of value of inventories on the LIFO basis to total inventories	65.00%	65.00%
Incremental value of inventory if FIFO method had been in use	$ 3,423	$ 3,321
Consolidated depreciation expense	$ 1,929	$ 1,937	$ 2,050
Maximum amortizable period of purchased intangibles (in years)	15 years	14 years
Supplier finance program, accounts payable	$ 803	$ 862
Supplier Finance Program, Obligation, Current, Statement of Financial Position [Extensible Enumeration]	Accounts payable	Accounts payable
Financial Products
Operations and summary of significant accounting policies
Depreciation on equipment leased to others	$ 713	$ 718	$ 755
Inside United States
Operations and summary of significant accounting policies
Number of dealers \| dealer	43
Countries Outside United States
Operations and summary of significant accounting policies
Number of dealers \| dealer	113
Perkins
Operations and summary of significant accounting policies
Number of countries where distributors are located \| country	185
Number of distributors \| distributor	88
FG Wilson
Operations and summary of significant accounting policies
Number of countries where distributors are located \| country	109
Number of distributors \| distributor	110
Maximum
Operations and summary of significant accounting policies
Maximum amortizable period of purchased intangibles (in years)	20 years
Supplier finance program, payment period	90 days
Minimum
Operations and summary of significant accounting policies
Supplier finance program, payment period	60 days

Sales and revenue recognition (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Trade receivables	$ 7,923	$ 7,551	$ 7,267
Long-term trade receivables	589	506	624
Contract assets	246	247	187
Contract liabilities	2,389	2,314	$ 1,557
Revenue	1,660	$ 902
Performance obligations	$ 12,500
Period after which collection of future income is not probable	120 days
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected timing of satisfaction	12 months
Remaining performance obligation percentage	50.00%

Stock-based compensation (Details) - USD ($) $ in Millions	12 Months Ended
Stock-based compensation (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares issued from treasury stock for stock-based compensation (in shares)	2,497,799	2,340,887	3,571,503
Number of shares authorized under the plans (in shares)	42,500,000
Number of shares available for grant (in shares)	43,041,378
Required minimum age of a participant upon separation from service to meet the criteria for Long Service Separation (in years)	55 years
Minimum term of service to meet criteria for Long Service Separation (in years)	5 years
Requisite service period	6 months
Term life of SARs and option awards (in years)	10 years
Term life of vested options/SARs from separation date (in years)	5 years
Stock-based compensation expense, before tax (in dollars)	$ 208	$ 193	$ 200
Income tax benefit corresponding to stock-based compensation expense	33	32	23
Unrecognized compensation cost related to nonvested stock-based compensation awards (in dollars)	$ 134
Term of amortization of unrecognized compensation cost over weighted-average remaining requisite service periods (in years)	1 year 8 months 12 days
Cash tax benefits realized from stock awards exercised	$ 89	$ 63	$ 102
Percentage of award vested on first anniversary of grant date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Portion of the award vested on each anniversary of the grant date	33.33%
Percentage of award vested on second anniversary of grant date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Portion of the award vested on each anniversary of the grant date	33.33%
Percentage of award vested on third anniversary of grant date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Portion of the award vested on each anniversary of the grant date	33.33%
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Graded vesting period of awards granted	3 years
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Graded vesting period of awards granted	3 years
Outstanding (in shares)	829,386	990,803
Weighted average remaining contractual life (in years)	1 year 4 months 24 days
RSUs \| Percentage of award vested on first anniversary of grant date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Portion of the award vested on each anniversary of the grant date	33.33%
RSUs \| Percentage of award vested on second anniversary of grant date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Portion of the award vested on each anniversary of the grant date	33.33%
RSUs \| Percentage of award vested on third anniversary of grant date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Portion of the award vested on each anniversary of the grant date	33.33%
PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Graded vesting period of awards granted	3 years
Requisite service period	6 months
Outstanding (in shares)	480,759	524,740
Weighted average remaining contractual life (in years)	1 year 6 months

Stock-based compensation - Summary of assumptions used in determining fair value (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Weighted-average dividend yield	2.60%	2.60%	2.60%
Weighted-average volatility	31.00%	31.70%	32.90%
Volatilities, low end of range (as a percent)	28.50%	25.30%	29.20%
Volatilities, high end of range (as a percent)	35.50%	36.80%	45.80%
Risk-free interest rates, low end of range (as a percent)	3.92%	1.03%	0.06%
Risk-free interest rates, high end of range (as a percent)	5.03%	2.00%	1.41%
Weighted-average expected lives	7 years	8 years	8 years

Stock-based compensation - Schedule of stock-based compensation activity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Exercise Price Range One
Outstanding
Exercise Price Range, Minimum (in dollars per share)	$ 74.77
Exercise Price Range, Maximum (in dollars per share)	83.00
Exercise Price Range Two
Outstanding
Exercise Price Range, Minimum (in dollars per share)	95.66
Exercise Price Range, Maximum (in dollars per share)	96.31
Exercise Price Range Three
Outstanding
Exercise Price Range, Minimum (in dollars per share)	127.60
Exercise Price Range, Maximum (in dollars per share)	127.60
Exercise Price Range Four
Outstanding
Exercise Price Range, Minimum (in dollars per share)	138.35
Exercise Price Range, Maximum (in dollars per share)	151.12
Exercise Price Range Five
Outstanding
Exercise Price Range, Minimum (in dollars per share)	196.70
Exercise Price Range, Maximum (in dollars per share)	219.76
Exercise Price Range Six
Outstanding
Exercise Price Range, Minimum (in dollars per share)	253.98
Exercise Price Range, Maximum (in dollars per share)	$ 253.98
Stock options
Shares
Outstanding (in shares)	6,801,326
Granted to officers and key employees (in shares)	777,275
Exercised (in shares)	(2,404,868)
Vested (in shares)	0
Forfeited/expired (in shares)	(32,370)
Outstanding (in shares)	5,141,363	6,801,326
Weighted- Average Exercise Price
Outstanding (in dollars per shares)	$ 142.85
Granted to officers and key employees (in dollars per shares)	253.98
Exercised (in dollars per shares)	120.55
Vested (in dollars per share)	0
Forfeited / expired (in dollars per shares)	212.67
Outstanding (in dollars per shares)	$ 169.57	$ 142.85
Exercisable (in shares)	3,366,714
Exercisable at year-end (in dollars per share)	$ 139.91
Outstanding
Shares Outstanding (in shares)	5,141,363
Weighted-Average Exercise Price (in dollars per share)	$ 169.57
Aggregate Intrinsic Value	$ 649
Exercisable
Shares Outstanding (in shares)	3,366,714
Weighted Average Exercise Price (in dollars per share)	$ 139.91
Aggregate Intrinsic Value	$ 524
Stock options \| Exercise Price Range One
Weighted- Average Exercise Price
Exercisable (in shares)	629,402
Exercisable at year-end (in dollars per share)	$ 79.18
Outstanding
Shares Outstanding (in shares)	629,402
Weighted- Average Remaining Contractual Life (Years)	1 year 7 months 28 days
Weighted-Average Exercise Price (in dollars per share)	$ 79.18
Aggregate Intrinsic Value	$ 136
Exercisable
Shares Outstanding (in shares)	629,402
Weighted- Average Remaining Contractual Life (Years)	1 year 7 months 28 days
Weighted Average Exercise Price (in dollars per share)	$ 79.18
Aggregate Intrinsic Value	$ 136
Stock options \| Exercise Price Range Two
Weighted- Average Exercise Price
Exercisable (in shares)	462,473
Exercisable at year-end (in dollars per share)	$ 95.72
Outstanding
Shares Outstanding (in shares)	462,978
Weighted- Average Remaining Contractual Life (Years)	2 years 11 months 1 day
Weighted-Average Exercise Price (in dollars per share)	$ 95.72
Aggregate Intrinsic Value	$ 93
Exercisable
Shares Outstanding (in shares)	462,473
Weighted- Average Remaining Contractual Life (Years)	2 years 11 months 1 day
Weighted Average Exercise Price (in dollars per share)	$ 95.72
Aggregate Intrinsic Value	$ 92
Stock options \| Exercise Price Range Three
Weighted- Average Exercise Price
Exercisable (in shares)	642,416
Exercisable at year-end (in dollars per share)	$ 127.60
Outstanding
Shares Outstanding (in shares)	642,416
Weighted- Average Remaining Contractual Life (Years)	6 years 3 months
Weighted-Average Exercise Price (in dollars per share)	$ 127.60
Aggregate Intrinsic Value	$ 108
Exercisable
Shares Outstanding (in shares)	642,416
Weighted- Average Remaining Contractual Life (Years)	6 years 3 months
Weighted Average Exercise Price (in dollars per share)	$ 127.60
Aggregate Intrinsic Value	$ 108
Stock options \| Exercise Price Range Four
Weighted- Average Exercise Price
Exercisable (in shares)	756,964
Exercisable at year-end (in dollars per share)	$ 144.22
Outstanding
Shares Outstanding (in shares)	756,964
Weighted- Average Remaining Contractual Life (Years)	4 years 9 months 10 days
Weighted-Average Exercise Price (in dollars per share)	$ 144.22
Aggregate Intrinsic Value	$ 115
Exercisable
Shares Outstanding (in shares)	756,964
Weighted- Average Remaining Contractual Life (Years)	4 years 9 months 10 days
Weighted Average Exercise Price (in dollars per share)	$ 144.22
Aggregate Intrinsic Value	$ 115
Stock options \| Exercise Price Range Five
Weighted- Average Exercise Price
Exercisable (in shares)	875,459
Exercisable at year-end (in dollars per share)	$ 212.23
Outstanding
Shares Outstanding (in shares)	1,885,071
Weighted- Average Remaining Contractual Life (Years)	7 years 9 months 10 days
Weighted-Average Exercise Price (in dollars per share)	$ 208.14
Aggregate Intrinsic Value	$ 165
Exercisable
Shares Outstanding (in shares)	875,459
Weighted- Average Remaining Contractual Life (Years)	7 years 7 months 6 days
Weighted Average Exercise Price (in dollars per share)	$ 212.23
Aggregate Intrinsic Value	$ 73
Stock options \| Exercise Price Range Six
Weighted- Average Exercise Price
Exercisable (in shares)	0
Exercisable at year-end (in dollars per share)	$ 0
Outstanding
Shares Outstanding (in shares)	764,532
Weighted- Average Remaining Contractual Life (Years)	9 years 3 months 21 days
Weighted-Average Exercise Price (in dollars per share)	$ 253.98
Aggregate Intrinsic Value	$ 32
Exercisable
Shares Outstanding (in shares)	0
Weighted- Average Remaining Contractual Life (Years)	0 years
Weighted Average Exercise Price (in dollars per share)	$ 0
Aggregate Intrinsic Value	$ 0
RSUs
Shares
Beginning of year, outstanding (in shares)	990,803
Granted to officers and key employees (in shares)	397,650
Vested (in shares)	(529,200)
Forfeited/expired (in shares)	(29,867)
End of year, outstanding (in shares)	829,386	990,803
Weighted- Average Grant Date Fair Value
Outstanding (in dollars per shares)	$ 187.88
Granted to officers and key employees (in dollars per shares)	252.24	$ 196.06	$ 216.50
Vested (in dollars per shares)	173.87
Forfeited (in dollars per shares)	222.37
Outstanding (in dollars per shares)	$ 226.44	$ 187.88
PRSUs
Shares
Beginning of year, outstanding (in shares)	524,740
Granted to officers and key employees (in shares)	235,637
Vested (in shares)	(270,150)
Forfeited/expired (in shares)	(9,468)
End of year, outstanding (in shares)	480,759	524,740
Weighted- Average Grant Date Fair Value
Outstanding (in dollars per shares)	$ 208.39
Granted to officers and key employees (in dollars per shares)	251.97	$ 195.17	$ 215.45
Vested (in dollars per shares)	219.76
Forfeited (in dollars per shares)	222.48
Outstanding (in dollars per shares)	$ 223.09	$ 208.39

Stock-based compensation - Schedule of financial information related to stock-based compensation (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average fair value per share of stock awards granted (in dollars per share)	$ 75.79	$ 51.69	$ 56.30
Intrinsic value of stock awards exercised	$ 356	$ 217	$ 374
Fair value of stock awards vested	53	56	59
Cash received from stock awards exercised	$ 98	$ 123	$ 212
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted to officers and key employees (in dollars per shares)	$ 252.24	$ 196.06	$ 216.50
Fair value of stock awards vested (in dollars per share)	$ 126	$ 105	$ 136
PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted to officers and key employees (in dollars per shares)	$ 251.97	$ 195.17	$ 215.45
Fair value of stock awards vested (in dollars per share)	$ 80	$ 90	$ 74

Derivative Financial Instruments and Risk Management (Details) - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Hedged Liability, Statement Of Financial Position, Extensible Enumeration, Not Disclosed Flag	Statement 3	Statement 3
Maximum length of time policy, foreign currency cash flow hedge	5 years
Foreign currency cash flow hedges, maximum period (in months)	60 months
Commodity forward and option contracts, maximum period (in years)	5 years
Derivative instruments	$ 25.6	$ 24.3

Derivative Financial instruments and Risk Management- Location and fair value (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Derivatives Fair Value
Assets	$ 520	$ 644
Liabilities	(455)	(496)
Designated derivatives
Derivatives Fair Value
Assets	447	555
Liabilities	(364)	(440)
Designated derivatives \| Foreign exchange contracts
Derivatives Fair Value
Assets	389	462
Liabilities	(155)	(152)
Designated derivatives \| Interest rate contracts
Derivatives Fair Value
Assets	58	93
Liabilities	(209)	(288)
Undesignated derivatives
Derivatives Fair Value
Assets	73	89
Liabilities	(91)	(56)
Undesignated derivatives \| Foreign exchange contracts
Derivatives Fair Value
Assets	55	65
Liabilities	(82)	(47)
Undesignated derivatives \| Commodity contracts
Derivatives Fair Value
Assets	18	24
Liabilities	$ (9)	$ (9)

Derivative Financial instruments and Risk Management- Gain and Loss on Hedging instruments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value / Undesignated Hedges
Derivative Instruments, Gain (Loss)
Gains (Losses) recognized in Statement 1	$ (113)	$ (12)	$ 184
Fair Value / Undesignated Hedges \| Foreign exchange contracts
Derivative Instruments, Gain (Loss)
Gains (Losses) recognized in Statement 1	12	(57)	104
Fair Value / Undesignated Hedges \| Interest rate contracts
Derivative Instruments, Gain (Loss)
Gains (Losses) recognized in Statement 1	(135)	(6)	24
Fair Value / Undesignated Hedges \| Commodity contracts
Derivative Instruments, Gain (Loss)
Gains (Losses) recognized in Statement 1	10	51	56
Designated derivatives \| Cash Flow Hedges
Derivative Instruments, Gain (Loss)
Gains (Losses) Recognized in AOCI	48	375	195
Gains (losses) reclassified from AOCI	(3)	340	196
Designated derivatives \| Cash Flow Hedges \| Foreign exchange contracts
Derivative Instruments, Gain (Loss)
Gains (Losses) Recognized in AOCI	39	264	169
Gains (losses) reclassified from AOCI	(58)	329	227
Designated derivatives \| Cash Flow Hedges \| Interest rate contracts
Derivative Instruments, Gain (Loss)
Gains (Losses) Recognized in AOCI	9	111	26
Gains (losses) reclassified from AOCI	55	11	(31)
Designated derivatives \| Cash Flow Hedges \| Commodity contracts
Derivative Instruments, Gain (Loss)
Gains (Losses) Recognized in AOCI	0	0	0
Gains (losses) reclassified from AOCI	$ 0	$ 0	$ 0

Derivative Financial Instruments and Risk Management- Fair value hedges (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Derivatives Fair Value
Carrying Value of the Hedged Liabilities	$ 5,227	$ 4,173
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Value of the Hedged Liabilities	(179)	(280)
Long-term debt due within one year
Derivatives Fair Value
Carrying Value of the Hedged Liabilities	982	0
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Value of the Hedged Liabilities	(23)	0
Long-term debt due after one year
Derivatives Fair Value
Carrying Value of the Hedged Liabilities	4,245	4,173
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Value of the Hedged Liabilities	$ (156)	$ (280)

Derivative Financial instruments and Risk Management- Effect of net settlement provisions upon default or termination (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Assets
Gross Amounts Recognized	$ 520	$ 644
Financial Instruments Not Offset	(202)	(233)
Net Amount	318	411
Liabilities
Gross Amounts Recognized	(455)	(496)
Financial Instruments Not Offset	202	233
Net Amount	$ (253)	$ (263)

Other income (expense) (Details) - USD ($) $ in Millions	12 Months Ended
Other income (expense) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Income and Expenses [Abstract]
Investment and interest income	$ 494	$ 167	$ 80
Foreign exchange gains (losses)	(96)	104	110
License fee income	146	142	123
Gains (losses) on securities	11	(56)	134
Net periodic pension and OPEB income (cost), excluding service cost	47	868	1,279
Miscellaneous income (loss)	(7)	66	88
Total	$ 595	$ 1,291	$ 1,814

Income taxes - Reconciliation of the U.S. federal statutory rate to effective rate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Taxes at U.S. statutory rate	$ 2,740	$ 1,838	$ 1,723
Taxes at U. S. statutory rate (as a percent)	21.00%	21.00%	21.00%
(Decreases) increases resulting from:
Non-U.S. subsidiaries taxed at other than the U.S. rate	$ 129	$ 184	$ 224
State and local taxes, net of federal	93	91	21
U.S. tax incentives	(170)	(166)	(123)
Nondeductible goodwill	0	159	0
Other—net	(11)	(39)	(103)
Total provision (benefit) for income taxes	$ 2,781	$ 2,067	$ 1,742
Non-U.S. subsidiaries taxed at other than the U.S, rate (as a percentage)	1.00%	2.10%	2.70%
State and local taxes, net of federal (as a percent)	0.70%	1.00%	0.30%
U.S. tax incentives (as a percent)	(1.30%)	(1.90%)	(1.50%)
Nondeductible goodwill (as a percent)	0.00%	1.80%	0.00%
Other-net (as a percent)	(0.10%)	(0.40%)	(1.30%)
Provision (benefit) for income taxes (as a percent)	21.30%	23.60%	21.20%

Income taxes (Details) - USD ($) $ in Millions	12 Months Ended
Income taxes (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Examination
Undistributed earnings of foreign subsidiaries	$ 15,000
Income taxes paid	2,949	$ 3,076	$ 1,759
Valuation allowance for deferred tax assets	934	1,014
Penalties	36	49	$ 54
Interest and penalties, accrued	$ 135	95
Final tax assessed, period	10 years
Internal Revenue Service (IRS)
Income Tax Examination
Final tax assessed		490
Interest		250
Tax benefit		$ (41)
U.S. state taxing jurisdictions
Income Tax Examination
Deferred tax assets for losses and credit carryforwards	$ 42
Valuation allowance for deferred tax assets	95
Domestic Tax Authority
Income Tax Examination
Capital loss and credit carryforwards	157
Valuation allowance for deferred tax assets	157
Non-U.S. taxing jurisdictions
Income Tax Examination
Deferred tax assets for losses and credit carryforwards	838
Valuation allowance for deferred tax assets	682
Primarily over the next 20 years \| U.S. state taxing jurisdictions
Income Tax Examination
Deferred tax assets for losses and credit carryforwards	86
Net Operating Loss Carryforward due to Expire in Next Twelve Months and Beyond But Not Unlimited \| Non-U.S. taxing jurisdictions
Income Tax Examination
Deferred tax assets for losses and credit carryforwards	$ 266

Income taxes - Components of profit (loss) before taxes (Details ) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Components of profit (loss) before taxes
U.S.	$ 6,463	$ 2,962	$ 2,740
Non-U.S.	6,587	5,790	5,464
Consolidated profit before taxes	$ 13,050	$ 8,752	$ 8,204

Income taxes - Components of the provision (benefit) for income taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current tax provision (benefit):
U.S.	$ 1,627	$ 1,055	$ 766
Non-U.S.	1,592	1,255	1,283
State (U.S.)	154	134	76
Current tax provision (benefit)	3,373	2,444	2,125
Deferred tax provision (benefit):
U.S.	(391)	(404)	(387)
Non-U.S.	(164)	50	54
State (U.S.)	(37)	(23)	(50)
Deferred tax provision (benefit)	(592)	(377)	(383)
Total provision (benefit) for income taxes	$ 2,781	$ 2,067	$ 1,742

Income taxes - Deferred income tax assets and liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Assets:
Noncurrent deferred and refundable income taxes	$ 2,634	$ 2,047
Liabilities:
Other liabilities	454	471
Deferred income taxes—net	2,180	1,576
Deferred income tax assets:
Tax carryforwards	1,389	1,349
Research expenditures	1,350	949
Postemployment benefits	656	728
Employee compensation and benefits	634	459
Warranty reserves	325	282
Post sale discounts	253	159
Lease obligations	144	144
Inventory valuation	138	147
Allowance for credit losses	109	113
Other—net	197	376
Deferred income tax assets, total	5,195	4,706
Deferred income tax liabilities:
Capital and intangible assets, including lease basis differences	(1,312)	(1,401)
Undistributed profits, including translation adjustments	(401)	(344)
Other outside basis differences	(267)	(264)
Bond discount	(101)	(107)
Deferred income tax liabilities, total	(2,081)	(2,116)
Valuation allowance for deferred tax assets	(934)	(1,014)
Deferred income taxes—net	$ 2,180	$ 1,576

Income taxes - Reconciliation of unrecognized tax benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of the beginning and ending amount of gross unrecognized tax benefits
Beginning balance	$ 1,140	$ 1,886	$ 1,759
Additions for tax positions related to current year	94	72	141
Additions for tax positions related to prior years	42	91	43
Reductions for tax positions related to prior years	(19)	(66)	(30)
Reductions for settlements	(27)	(840)	(24)
Reductions for expiration of statute of limitations	(7)	(3)	(3)
Ending balance	1,223	1,140	1,886
Amount that, if recognized, would impact the effective tax rate	$ 997	$ 874	$ 1,688

Cat Financial Financing Activities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Finance receivables
Weighted average term	51 months
Weighted average remaining term	27 months
Period after which unpaid installments are considered as past due	30 days
Extended Maturity
Finance receivables
Financing receivable, borrowers not considered to be experiencing financial difficulty, maximum period	6 months
Financing receivable, weighted average term increase	15 months
Payment Deferral
Finance receivables
Financing receivable, borrowers not considered to be experiencing financial difficulty, maximum period	4 months
Financing receivable, weighted average term increase	7 months
Dealer
Finance receivables
Financing receivable, modified in period, amount	$ 0
Dealer \| Latin America
Finance receivables
Non-accrual With an Allowance	44	$ 58
Dealer \| Latin America \| 91 Days or More Past Due
Finance receivables
Financing receivable, originated prior to 2018	44	58
Customer
Finance receivables
Financing receivable, modified in period, amount	$ 47
Financing receivable, modified, percentage	0.21%
EAME \| 31-60 days past due
Finance receivables
Financing receivable, modified	$ 2
EAME \| 61-90 days past due
Finance receivables
Financing receivable, modified	1
EAME \| 91 Days or More Past Due
Finance receivables
Financing receivable, modified	1
Wholesale receivables
Finance receivables
Wholesale inventory receivables	$ 1,632	$ 1,102

Cat Financial Financing Activities - Contractual maturities of outstanding wholesale inventory receivables (Details) - Wholesale receivables - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Contractual maturities of wholesale inventory receivables
2024	$ 1,023
2025	237
2026	228
2027	58
2028	22
Thereafter	3
Total	1,571
Guaranteed residual value	54
Unguaranteed residual value	26
Less: Unearned income	(19)
Total	1,632	$ 1,102
Wholesale Loans
Contractual maturities of wholesale inventory receivables
2024	981
2025	203
2026	210
2027	49
2028	17
Thereafter	2
Total	1,462
Guaranteed residual value	33
Unguaranteed residual value	2
Less: Unearned income	(7)
Total	1,490
Wholesale Leases
Contractual maturities of wholesale inventory receivables
2024	42
2025	34
2026	18
2027	9
2028	5
Thereafter	1
Total	109
Guaranteed residual value	21
Unguaranteed residual value	24
Less: Unearned income	(12)
Total	$ 142

Cat Financial Financing Activities - Contractual maturities of outstanding finance receivables (Details) - Finance Receivables - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Contractual maturities of outstanding finance receivables
2024	$ 9,651
2025	5,819
2026	3,854
2027	2,025
2028	875
Thereafter	211
Total	22,435
Guaranteed residual value	405
Unguaranteed residual value	605
Less: Unearned income	(996)
Total	22,449	$ 21,357
Retail Loans
Contractual maturities of outstanding finance receivables
2024	7,104
2025	4,116
2026	2,819
2027	1,534
2028	703
Thereafter	168
Total	16,444
Guaranteed residual value	10
Unguaranteed residual value	1
Less: Unearned income	(374)
Total	16,081
Retail Leases
Contractual maturities of outstanding finance receivables
2024	2,547
2025	1,703
2026	1,035
2027	491
2028	172
Thereafter	43
Total	5,991
Guaranteed residual value	395
Unguaranteed residual value	604
Less: Unearned income	(622)
Total	$ 6,368

Cat Financial Financing Activities - Write Offs (Details) - Customer $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Write-offs by origination year
2023	$ 5
2022	29
2021	30
2020	20
2019	6
Prior	13
Revolving Finance Receivables	12
Total	115
North America
Write-offs by origination year
2023	2
2022	11
2021	11
2020	5
2019	3
Prior	2
Revolving Finance Receivables	12
Total	46
EAME
Write-offs by origination year
2023	1
2022	5
2021	6
2020	4
2019	1
Prior	0
Revolving Finance Receivables	0
Total	17
Asia/Pacific
Write-offs by origination year
2023	2
2022	5
2021	8
2020	5
2019	1
Prior	0
Revolving Finance Receivables	0
Total	21
Latin America
Write-offs by origination year
2023	0
2022	8
2021	5
2020	6
2019	1
Prior	10
Revolving Finance Receivables	0
Total	30
Power
Write-offs by origination year
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	1
Revolving Finance Receivables	0
Total	$ 1

Cat Financial Financing Activities - Allowance for credit losses in finance receivables (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Customer
Allowance for Credit Losses:
Write-offs	$ (115)
Finance Receivables
Allowance for Credit Losses:
Beginning balance	342	$ 333
Write-offs	(115)	(108)
Recoveries	50	62
Provision for credit losses	47	58
Other	3	(3)
Ending balance	327	342
Wholesale inventory receivables	22,449	21,357
Finance Receivables \| Customer
Allowance for Credit Losses:
Beginning balance	277	251
Write-offs	(115)	(108)
Recoveries	50	62
Provision for credit losses	61	75
Other	3	(3)
Ending balance	276	277
Wholesale inventory receivables	20,571	19,772
Finance Receivables \| Dealer
Allowance for Credit Losses:
Beginning balance	65	82
Write-offs	0	0
Recoveries	0	0
Provision for credit losses	(14)	(17)
Other	0	0
Ending balance	51	65
Wholesale inventory receivables	$ 1,878	$ 1,585

Cat Financial Financing Activities - Amortized cost of finance receivables in the customer portfolio segment by origination year (Details) - Finance Receivables - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Credit Quality Indicator
Total	$ 22,449	$ 21,357
Customer
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	8,742	8,023
2022 and 2021, respectively	5,504	6,121
2021 and 2020, respectively	3,649	2,924
2020 and 2019, respectively	1,383	1,314
2019 and 2018, respectively	493	529
Prior	252	405
Revolving Finance Receivables	548	456
Total	20,571	19,772
Customer \| Current
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	8,650	7,929
2022 and 2021, respectively	5,372	5,973
2021 and 2020, respectively	3,545	2,827
2020 and 2019, respectively	1,331	1,275
2019 and 2018, respectively	466	516
Prior	233	393
Revolving Finance Receivables	540	445
Total	20,137	19,358
Customer \| 31-60 days past due
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	52	52
2022 and 2021, respectively	56	59
2021 and 2020, respectively	44	37
2020 and 2019, respectively	20	16
2019 and 2018, respectively	8	6
Prior	1	2
Revolving Finance Receivables	4	4
Total	185	176
Customer \| 61-90 days past due
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	18	21
2022 and 2021, respectively	21	29
2021 and 2020, respectively	15	15
2020 and 2019, respectively	7	7
2019 and 2018, respectively	3	1
Prior	1	0
Revolving Finance Receivables	2	3
Total	67	76
Customer \| 91+ days past due
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	22	21
2022 and 2021, respectively	55	60
2021 and 2020, respectively	45	45
2020 and 2019, respectively	25	16
2019 and 2018, respectively	16	6
Prior	17	10
Revolving Finance Receivables	2	4
Total	182	162
Customer \| North America \| Current
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	4,430	3,915
2022 and 2021, respectively	2,628	3,276
2021 and 2020, respectively	2,000	1,525
2020 and 2019, respectively	745	653
2019 and 2018, respectively	220	206
Prior	32	34
Revolving Finance Receivables	312	240
Total	10,367	9,849
Customer \| North America \| 31-60 days past due
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	28	25
2022 and 2021, respectively	31	26
2021 and 2020, respectively	24	18
2020 and 2019, respectively	14	12
2019 and 2018, respectively	7	4
Prior	1	1
Revolving Finance Receivables	4	4
Total	109	90
Customer \| North America \| 61-90 days past due
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	10	9
2022 and 2021, respectively	11	15
2021 and 2020, respectively	8	7
2020 and 2019, respectively	4	3
2019 and 2018, respectively	1	1
Prior	0	0
Revolving Finance Receivables	2	3
Total	36	38
Customer \| North America \| 91+ days past due
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	12	11
2022 and 2021, respectively	23	16
2021 and 2020, respectively	18	12
2020 and 2019, respectively	9	6
2019 and 2018, respectively	4	4
Prior	1	3
Revolving Finance Receivables	2	4
Total	69	56
Customer \| EAME \| Current
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	1,336	1,270
2022 and 2021, respectively	895	953
2021 and 2020, respectively	588	477
2020 and 2019, respectively	258	280
2019 and 2018, respectively	111	155
Prior	105	68
Revolving Finance Receivables	0	0
Total	3,293	3,203
Customer \| EAME \| 31-60 days past due
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	10	10
2022 and 2021, respectively	9	12
2021 and 2020, respectively	7	7
2020 and 2019, respectively	3	1
2019 and 2018, respectively	1	1
Prior	0	0
Revolving Finance Receivables	0	0
Total	30	31
Customer \| EAME \| 61-90 days past due
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	4	8
2022 and 2021, respectively	3	4
2021 and 2020, respectively	3	3
2020 and 2019, respectively	1	1
2019 and 2018, respectively	1	0
Prior	0	0
Revolving Finance Receivables	0	0
Total	12	16
Customer \| EAME \| 91+ days past due
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	7	6
2022 and 2021, respectively	17	25
2021 and 2020, respectively	15	16
2020 and 2019, respectively	8	4
2019 and 2018, respectively	3	1
Prior	1	1
Revolving Finance Receivables	0	0
Total	51	53
Customer \| Asia/Pacific \| Current
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	943	1,033
2022 and 2021, respectively	594	684
2021 and 2020, respectively	293	313
2020 and 2019, respectively	73	69
2019 and 2018, respectively	16	18
Prior	4	2
Revolving Finance Receivables	0	0
Total	1,923	2,119
Customer \| Asia/Pacific \| 31-60 days past due
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	5	10
2022 and 2021, respectively	6	12
2021 and 2020, respectively	7	8
2020 and 2019, respectively	2	1
2019 and 2018, respectively	0	1
Prior	0	0
Revolving Finance Receivables	0	0
Total	20	32
Customer \| Asia/Pacific \| 61-90 days past due
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	2	2
2022 and 2021, respectively	3	5
2021 and 2020, respectively	3	4
2020 and 2019, respectively	2	2
2019 and 2018, respectively	0	0
Prior	0	0
Revolving Finance Receivables	0	0
Total	10	13
Customer \| Asia/Pacific \| 91+ days past due
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	1	2
2022 and 2021, respectively	5	6
2021 and 2020, respectively	3	6
2020 and 2019, respectively	3	4
2019 and 2018, respectively	1	0
Prior	0	0
Revolving Finance Receivables	0	0
Total	13	18
Customer \| Mining \| Current
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	1,039	863
2022 and 2021, respectively	686	575
2021 and 2020, respectively	381	220
2020 and 2019, respectively	121	171
2019 and 2018, respectively	68	93
Prior	27	108
Revolving Finance Receivables	66	80
Total	2,388	2,110
Customer \| Mining \| 31-60 days past due
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	0	0
2022 and 2021, respectively	0	1
2021 and 2020, respectively	0	0
2020 and 2019, respectively	0	0
2019 and 2018, respectively	0	0
Prior	0	0
Revolving Finance Receivables	0	0
Total	0	1
Customer \| Mining \| 61-90 days past due
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	0	0
2022 and 2021, respectively	0	0
2021 and 2020, respectively	0	0
2020 and 2019, respectively	0	0
2019 and 2018, respectively	1	0
Prior	1	0
Revolving Finance Receivables	0	0
Total	2	0
Customer \| Mining \| 91+ days past due
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	0	0
2022 and 2021, respectively	0	0
2021 and 2020, respectively	1	0
2020 and 2019, respectively	0	0
2019 and 2018, respectively	0	0
Prior	1	1
Revolving Finance Receivables	0	0
Total	2	1
Customer \| Latin America \| Current
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	750	770
2022 and 2021, respectively	520	400
2021 and 2020, respectively	219	150
2020 and 2019, respectively	59	69
2019 and 2018, respectively	23	26
Prior	6	20
Revolving Finance Receivables	0	0
Total	1,577	1,435
Customer \| Latin America \| 31-60 days past due
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	9	7
2022 and 2021, respectively	10	8
2021 and 2020, respectively	6	4
2020 and 2019, respectively	1	2
2019 and 2018, respectively	0	0
Prior	0	1
Revolving Finance Receivables	0	0
Total	26	22
Customer \| Latin America \| 61-90 days past due
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	2	2
2022 and 2021, respectively	4	5
2021 and 2020, respectively	1	1
2020 and 2019, respectively	0	1
2019 and 2018, respectively	0	0
Prior	0	0
Revolving Finance Receivables	0	0
Total	7	9
Customer \| Latin America \| 91+ days past due
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	2	2
2022 and 2021, respectively	10	13
2021 and 2020, respectively	8	11
2020 and 2019, respectively	5	2
2019 and 2018, respectively	8	1
Prior	11	0
Revolving Finance Receivables	0	0
Total	44	29
Customer \| Power \| Current
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	152	78
2022 and 2021, respectively	49	85
2021 and 2020, respectively	64	142
2020 and 2019, respectively	75	33
2019 and 2018, respectively	28	18
Prior	59	161
Revolving Finance Receivables	162	125
Total	589	642
Customer \| Power \| 31-60 days past due
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	0	0
2022 and 2021, respectively	0	0
2021 and 2020, respectively	0	0
2020 and 2019, respectively	0	0
2019 and 2018, respectively	0	0
Prior	0	0
Revolving Finance Receivables	0	0
Total	0	0
Customer \| Power \| 61-90 days past due
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	0	0
2022 and 2021, respectively	0	0
2021 and 2020, respectively	0	0
2020 and 2019, respectively	0	0
2019 and 2018, respectively	0	0
Prior	0	0
Revolving Finance Receivables	0	0
Total	0	0
Customer \| Power \| 91+ days past due
Financing Receivable, Credit Quality Indicator
2023 and 2022, respectively	0	0
2022 and 2021, respectively	0	0
2021 and 2020, respectively	0	0
2020 and 2019, respectively	0	0
2019 and 2018, respectively	0	0
Prior	3	5
Revolving Finance Receivables	0	0
Total	$ 3	$ 5

Cat Financial Financing Activities - Financing Receivable, Nonaccrual (Details) - Finance Receivables - Customer - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Nonaccrual [Line Items]
Non-accrual With an Allowance	$ 152	$ 156
Non-accrual Without an Allowance	0	16
91+ Still Accruing	44	28
North America
Financing Receivable, Nonaccrual [Line Items]
Non-accrual With an Allowance	52	52
Non-accrual Without an Allowance	0	4
91+ Still Accruing	20	11
EAME
Financing Receivable, Nonaccrual [Line Items]
Non-accrual With an Allowance	34	43
Non-accrual Without an Allowance	0	0
91+ Still Accruing	18	10
Asia/Pacific
Financing Receivable, Nonaccrual [Line Items]
Non-accrual With an Allowance	8	11
Non-accrual Without an Allowance	0	0
91+ Still Accruing	5	7
Mining
Financing Receivable, Nonaccrual [Line Items]
Non-accrual With an Allowance	2	0
Non-accrual Without an Allowance	0	1
91+ Still Accruing	0	0
Latin America
Financing Receivable, Nonaccrual [Line Items]
Non-accrual With an Allowance	48	45
Non-accrual Without an Allowance	0	0
91+ Still Accruing	1	0
Power
Financing Receivable, Nonaccrual [Line Items]
Non-accrual With an Allowance	8	5
Non-accrual Without an Allowance	0	11
91+ Still Accruing	$ 0	$ 0

Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 6,492	$ 6,370
Work-in-process	1,411	1,452
Finished goods	8,308	8,138
Supplies	354	310
Total inventories	$ 16,565	$ 16,270

Property, plant and equipment (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Property, plant and equipment
Total property, plant and equipment, at cost	$ 28,623	$ 28,064
Less: Accumulated depreciation	(15,943)	(16,036)
Property, plant and equipment–net	12,680	12,028
Land
Property, plant and equipment
Property, plant, and equipment, excluding equipment leased to others, at cost	616	622
Buildings and land improvements
Property, plant and equipment
Property, plant, and equipment, excluding equipment leased to others, at cost	7,154	7,016
Machinery , equipment, other, and equipment leased to others
Property, plant and equipment
Property, plant, and equipment, excluding equipment leased to others, at cost	12,150	12,282
Equipment leased to others	5,837	5,568
Software
Property, plant and equipment
Property, plant, and equipment, excluding equipment leased to others, at cost	1,607	1,556
Construction-in-process
Property, plant and equipment
Property, plant, and equipment, excluding equipment leased to others, at cost	$ 1,259	$ 1,020
Minimum \| Buildings and land improvements
Property, plant and equipment
Useful Lives (Years)	20 years
Minimum \| Machinery , equipment, other, and equipment leased to others
Property, plant and equipment
Useful Lives (Years)	2 years
Minimum \| Software
Property, plant and equipment
Useful Lives (Years)	3 years
Minimum \| Equipment leased to others
Property, plant and equipment
Useful Lives (Years)	1 year
Maximum \| Buildings and land improvements
Property, plant and equipment
Useful Lives (Years)	45 years
Maximum \| Machinery , equipment, other, and equipment leased to others
Property, plant and equipment
Useful Lives (Years)	10 years
Maximum \| Software
Property, plant and equipment
Useful Lives (Years)	7 years
Maximum \| Equipment leased to others
Property, plant and equipment
Useful Lives (Years)	7 years

Intangible Assets and Goodwill - Summary of Intangible assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Intangible assets
Weighted Amortizable Life (Years)	15 years	14 years
Gross carrying amount	$ 2,833	$ 3,838
Accumulated Amortization	(2,269)	(3,080)
Net	564	$ 758
Fully amortized finite-lived intangibles	$ 1,000
Customer relationships
Intangible assets
Weighted Amortizable Life (Years)	16 years	16 years
Gross carrying amount	$ 2,232	$ 2,233
Accumulated Amortization	(1,814)	(1,675)
Net	$ 418	$ 558
Intellectual property
Intangible assets
Weighted Amortizable Life (Years)	15 years	12 years
Gross carrying amount	$ 484	$ 1,473
Accumulated Amortization	(380)	(1,320)
Net	$ 104	$ 153
Other
Intangible assets
Weighted Amortizable Life (Years)	17 years	16 years
Gross carrying amount	$ 117	$ 132
Accumulated Amortization	(75)	(85)
Net	$ 42	$ 47

Intangible Assets and Goodwill (Details) $ in Millions		12 Months Ended
Intangible Assets and Goodwill (Details) $ in Millions	Oct. 01, 2022 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense		$ 218	$ 284	$ 302
Goodwill impairment charge	$ 925	$ 0	$ 925	$ 0
Tax benefit from goodwill impairment loss	$ 36
Discount rate			0.0140

Intangible Assets and Goodwill - Summary of expected amortization expense related to intangible assets (Details) $ in Millions	Dec. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 175
2025	166
2026	95
2027	31
2028	24
Thereafter	$ 73

Intangible Assets and Goodwill - Summary of changes in goodwill (Details) - USD ($) $ in Millions		12 Months Ended
	Oct. 01, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill
Goodwill		$ 7,430	$ 7,410	$ 7,521
Impairments		(2,122)	(2,122)	(1,197)
Net goodwill		5,308	5,288	6,324
Changes in carrying amount of goodwill by reportable segment:
Goodwill, beginning of period		7,410	7,521
Net goodwill, beginning of period		5,288	6,324
Acquisitions		0	25
Impairment Loss	$ (925)	0	(925)	0
Other Adjustments		20	(136)
Goodwill, end of period		7,430	7,410	7,521
Net goodwill, end of period		5,308	5,288	6,324
Construction Industries
Goodwill
Goodwill		277	287	302
Impairments		(22)	(22)	(22)
Net goodwill		255	265	280
Changes in carrying amount of goodwill by reportable segment:
Goodwill, beginning of period		287	302
Net goodwill, beginning of period		265	280
Acquisitions		0	0
Impairment Loss		0	0
Other Adjustments		(10)	(15)
Goodwill, end of period		277	287	302
Net goodwill, end of period		255	265	280
Resource Industries
Goodwill
Goodwill		4,151	4,130	4,182
Impairments		(1,175)	(1,175)	(1,175)
Net goodwill		2,976	2,955	3,007
Changes in carrying amount of goodwill by reportable segment:
Goodwill, beginning of period		4,130	4,182
Net goodwill, beginning of period		2,955	3,007
Acquisitions		0	0
Impairment Loss		0	0
Other Adjustments		21	(52)
Goodwill, end of period		4,151	4,130	4,182
Net goodwill, end of period		2,976	2,955	3,007
Energy & Transportation
Goodwill
Goodwill		2,959	2,947	2,985
Impairments		(925)	(925)	0
Net goodwill		2,034	2,022	2,985
Changes in carrying amount of goodwill by reportable segment:
Goodwill, beginning of period		2,947	2,985
Net goodwill, beginning of period		2,022	2,985
Acquisitions		0	25
Impairment Loss		0	(925)
Other Adjustments		12	(63)
Goodwill, end of period		2,959	2,947	2,985
Net goodwill, end of period		2,034	2,022	2,985
Other Segments
Goodwill
Goodwill		43	46	52
Changes in carrying amount of goodwill by reportable segment:
Goodwill, beginning of period		46	52
Acquisitions		0	0
Other Adjustments		(3)	(6)
Goodwill, end of period		$ 43	$ 46	$ 52

Investments in debt and equity securities - Schedule of available-for-sale securities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Schedule of Debt and Equity Securities
Cost Basis	$ 3,871	$ 3,311
Unrealized Pretax Net Gains (Losses)	(74)	(147)
Fair Value	3,797	3,164
U.S. treasury bonds
Schedule of Debt and Equity Securities
Cost Basis	10	9
Unrealized Pretax Net Gains (Losses)	0	0
Fair Value	10	9
Other U.S. and non-U.S. government bonds
Schedule of Debt and Equity Securities
Cost Basis	62	60
Unrealized Pretax Net Gains (Losses)	(2)	(5)
Fair Value	60	55
Corporate bonds and other debt securities
Schedule of Debt and Equity Securities
Cost Basis	3,031	2,561
Unrealized Pretax Net Gains (Losses)	(36)	(95)
Fair Value	2,995	2,466
Asset-backed securities
Schedule of Debt and Equity Securities
Cost Basis	195	187
Unrealized Pretax Net Gains (Losses)	(3)	(5)
Fair Value	192	182
U.S. governmental agency
Schedule of Debt and Equity Securities
Cost Basis	433	364
Unrealized Pretax Net Gains (Losses)	(23)	(31)
Fair Value	410	333
Residential
Schedule of Debt and Equity Securities
Cost Basis	3	3
Unrealized Pretax Net Gains (Losses)	(1)	(1)
Fair Value	2	2
Commercial
Schedule of Debt and Equity Securities
Cost Basis	137	127
Unrealized Pretax Net Gains (Losses)	(9)	(10)
Fair Value	$ 128	$ 117

Investments in debt and equity securities - Available-for-sale debt securities in an unrealized loss position (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Less than 12 months
Fair Value	$ 809	$ 2,203
Unrealized Losses	0	70
12 months or more
Fair Value	1,541	585
Unrealized Losses	85	78
Total - Fair Value	2,350	2,788
Total - Unrealized losses	85	148
Other U.S. and non-U.S. government bonds
Less than 12 months
Fair Value	0	19
Unrealized Losses	0	1
12 months or more
Fair Value	25	20
Unrealized Losses	3	4
Total - Fair Value	25	39
Total - Unrealized losses	3	5
Corporate bonds and other debt securities
Less than 12 months
Fair Value	765	1,815
Unrealized Losses	0	46
12 months or more
Fair Value	1,011	357
Unrealized Losses	45	50
Total - Fair Value	1,776	2,172
Total - Unrealized losses	45	96
Asset-backed securities
Less than 12 months
Fair Value	9	75
Unrealized Losses	0	2
12 months or more
Fair Value	97	55
Unrealized Losses	3	3
Total - Fair Value	106	130
Total - Unrealized losses	3	5
U.S. governmental agency
Less than 12 months
Fair Value	33	229
Unrealized Losses	0	16
12 months or more
Fair Value	287	98
Unrealized Losses	25	15
Total - Fair Value	320	327
Total - Unrealized losses	25	31
Residential
Less than 12 months
Fair Value	0	2
Unrealized Losses	0	0
12 months or more
Fair Value	0	1
Unrealized Losses	0	1
Total - Fair Value	0	3
Total - Unrealized losses	0	1
Commercial
Less than 12 months
Fair Value	2	63
Unrealized Losses	0	5
12 months or more
Fair Value	121	54
Unrealized Losses	9	5
Total - Fair Value	123	117
Total - Unrealized losses	$ 9	$ 10

Investments in debt and equity securities - Cost basis and fair value of the available-for-sale debt securities by contractual maturity (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Cost Basis
Due in one year or less	$ 970
Due after one year through five years	1,996
Due after five years through ten years	253
Due after ten years	79
Cost Basis	3,871	$ 3,311
Fair Value
Due in one year or less	963
Due after one year through five years	1,966
Due after five years through ten years	249
Due after ten years	79
Fair Value	3,797	3,164
U.S. governmental agency
Cost Basis
Cost Basis	433	364
Fair Value
Fair Value	410	333
Residential
Cost Basis
Cost Basis	3	3
Fair Value
Fair Value	2	2
Commercial
Cost Basis
Cost Basis	137	127
Fair Value
Fair Value	$ 128	$ 117

Investments in debt and equity securities - Schedule of proceeds and gross gain and losses from the sale of available-for-sale securities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Proceeds from the sale of available-for-sale securities	$ 940	$ 767	$ 454
Gross gains from the sale of available-for-sale securities	0	0	4
Gross losses from the sale of available-for-sale securities	$ 1	$ 5	$ 0

Investments in debt and equity securities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Investments in time deposits	$ 1,900	$ 0
Unrealized gain (loss) on equity securities held on report date	$ (12)	$ (49)

Postemployment benefit plans - Schedule of changes in projected benefit obligations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Change in benefit obligation:
Actuarial loss (gain)	$ (97)	$ (606)	$ (833)
Pension Plan \| U.S. Pension Benefits
Defined Benefit Plan Disclosure
Accumulated benefit obligation, end of year	13,137	13,069
Change in benefit obligation:
Benefit obligation, beginning of year	13,069	17,895
Service cost	0	0	0
Interest cost	656	401	330
Plan amendments	0	0
Actuarial loss (gain)	394	(4,231)
Foreign currency exchange rates	0	0
Participant contributions	0	0
Benefits paid - gross	(982)	(995)
Less: federal subsidy on benefits paid	0	0
Curtailments, settlements and termination benefits	0	(1)
Acquisitions, divestitures and other	0	0
Benefit obligation, end of year	13,137	13,069	17,895
Change in plan assets:
Fair value of plan assets, beginning of year	12,456	17,227
Actual return on plan assets	1,220	(3,821)
Foreign currency exchange rates	0	0
Company contributions	44	46
Participant contributions	0	0
Benefits paid	(982)	(995)
Settlements and termination benefits	0	(1)
Fair value of plan assets, ending of year	12,738	12,456	17,227
Over (under) funded status	(399)	(613)
Amounts recognized in Statement 3:
Other assets (non-current asset)	354	256
Accrued wages, salaries and employee benefits (current liability)	(52)	(48)
Liability for postemployment benefits (non-current liability)	(701)	(821)
Net (liability) asset recognized	(399)	(613)
Amounts recognized in AOCI (pre-tax):
Prior service cost (credit)	$ 0	$ 0
Weighted-average assumptions used to determine benefit obligation, end of year:
Discount rate	5.00%	5.40%
Rate of compensation increase	0.00%	0.00%
Pension Plan \| Non-U.S. Pension Benefits
Defined Benefit Plan Disclosure
Accumulated benefit obligation, end of year	$ 3,151	$ 2,859
Change in benefit obligation:
Benefit obligation, beginning of year	2,956	4,436
Service cost	40	50	57
Interest cost	124	69	53
Plan amendments	0	0
Actuarial loss (gain)	169	(1,084)
Foreign currency exchange rates	178	(333)
Participant contributions	5	5
Benefits paid - gross	(196)	(179)
Less: federal subsidy on benefits paid	0	0
Curtailments, settlements and termination benefits	(2)	(8)
Acquisitions, divestitures and other	(9)	0
Benefit obligation, end of year	3,265	2,956	4,436
Change in plan assets:
Fair value of plan assets, beginning of year	3,244	4,552
Actual return on plan assets	160	(852)
Foreign currency exchange rates	190	(328)
Company contributions	66	54
Participant contributions	5	5
Benefits paid	(196)	(179)
Settlements and termination benefits	(2)	(8)
Fair value of plan assets, ending of year	3,467	3,244	4,552
Over (under) funded status	202	288
Amounts recognized in Statement 3:
Other assets (non-current asset)	563	615
Accrued wages, salaries and employee benefits (current liability)	(20)	(18)
Liability for postemployment benefits (non-current liability)	(341)	(309)
Net (liability) asset recognized	202	288
Amounts recognized in AOCI (pre-tax):
Prior service cost (credit)	$ 21	$ 20
Weighted-average assumptions used to determine benefit obligation, end of year:
Discount rate	3.90%	4.30%
Rate of compensation increase	2.30%	2.30%
Other Postretirement Benefits
Change in benefit obligation:
Benefit obligation, beginning of year	$ 2,866	$ 3,736
Service cost	67	99	100
Interest cost	144	80	64
Plan amendments	0	(29)
Actuarial loss (gain)	(115)	(779)
Foreign currency exchange rates	14	0
Participant contributions	43	43
Benefits paid - gross	(285)	(292)
Less: federal subsidy on benefits paid	7	8
Curtailments, settlements and termination benefits	0	0
Acquisitions, divestitures and other	0	0
Benefit obligation, end of year	2,741	2,866	3,736
Change in plan assets:
Fair value of plan assets, beginning of year	102	130
Actual return on plan assets	33	(25)
Foreign currency exchange rates	0	0
Company contributions	251	246
Participant contributions	43	43
Benefits paid	(285)	(292)
Settlements and termination benefits	0	0
Fair value of plan assets, ending of year	144	102	$ 130
Over (under) funded status	(2,597)	(2,764)
Amounts recognized in Statement 3:
Other assets (non-current asset)	0	0
Accrued wages, salaries and employee benefits (current liability)	(162)	(224)
Liability for postemployment benefits (non-current liability)	(2,435)	(2,540)
Net (liability) asset recognized	(2,597)	(2,764)
Amounts recognized in AOCI (pre-tax):
Prior service cost (credit)	$ (19)	$ (29)
Weighted-average assumptions used to determine benefit obligation, end of year:
Discount rate	5.10%	5.40%
Rate of compensation increase	4.00%	4.00%

Postemployment benefit plans (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure
Liability for postemployment benefits	$ 4,098	$ 4,203
ESOP, number of allocated shares	11.3	12.0
Insurance contracts \| Level 3
Defined Benefit Plan Disclosure
Purchases	$ 633
Settlements	9
Unrealized gains	51
Other Postretirement Benefits
Defined Benefit Plan Disclosure
Liability for postemployment benefits	$ 56	$ 58
Assumed increase in health care trend rate over the current period to calculate benefit expenses (as a percent)	6.50%
Assumed increase in health care trend rate for the next year to calculate benefit expenses (as a percent)	6.20%
Ultimate health care cost trend rate (as a percent)	4.70%
Year that heath care trend rate is assumed to reach ultimate trend rate (year)	2030
Other Postretirement Benefits \| Debt Security
Defined Benefit Plan Disclosure
Target allocation of plan assets (as a percent)	30.00%
Other Postretirement Benefits \| Equity Securities
Defined Benefit Plan Disclosure
Target allocation of plan assets (as a percent)	70.00%
Defined contribution
Defined Benefit Plan Disclosure
Liability for postemployment benefits	$ 565	$ 475
U.S. plans
Defined Benefit Plan Disclosure
Percentage that the employer generally matches of employee contributions to U.S. defined contribution plans	100.00%
Employee compensation percentage contributed to defined contribution plan eligible for employer matching contributions	6.00%
New annual employer contribution, percentage of compensation, low end of range	3.00%
New annual employer contribution, percentage of compensation, high end of range	5.00%
Pension Plan \| Debt Security \| U.S. Pension Benefits
Defined Benefit Plan Disclosure
Target allocation of plan assets (as a percent)	85.00%
Pension Plan \| Debt Security \| Non-U.S. Pension Benefits
Defined Benefit Plan Disclosure
Target allocation of plan assets (as a percent)	59.00%
Pension Plan \| Equity Securities \| U.S. Pension Benefits
Defined Benefit Plan Disclosure
Target allocation of plan assets (as a percent)	15.00%
Pension Plan \| Equity Securities \| Non-U.S. Pension Benefits
Defined Benefit Plan Disclosure
Target allocation of plan assets (as a percent)	12.00%
Pension Plan \| Insurance contracts \| Non-U.S. Pension Benefits
Defined Benefit Plan Disclosure
Target allocation of plan assets (as a percent)	19.00%
Pension Plan \| Real estate \| Non-U.S. Pension Benefits
Defined Benefit Plan Disclosure
Target allocation of plan assets (as a percent)	6.00%
Pension Plan \| Other plan assets \| Non-U.S. Pension Benefits
Defined Benefit Plan Disclosure
Target allocation of plan assets (as a percent)	4.00%

Postemployment benefit plans - Schedule of pension plans with projected benefit obligation in excess of plan assets for all U.S and Non U.S Pension benefits (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
U.S. Pension Benefits
Pension plans with projected benefit obligation in excess of plan assets:
Projected benefit obligation	$ 10,557	$ 10,413
Fair value of plan assets	9,805	9,544
Pension plans with accumulated benefit obligation in excess of plan assets:
Accumulated benefit obligation	10,557	10,413
Fair value of plan assets	9,805	9,544
Non-U.S. Pension Benefits
Pension plans with projected benefit obligation in excess of plan assets:
Projected benefit obligation	623	606
Fair value of plan assets	262	280
Pension plans with accumulated benefit obligation in excess of plan assets:
Accumulated benefit obligation	534	482
Fair value of plan assets	$ 224	$ 202

Postemployment benefit plans - Components of net periodic benefit cost, amounts recognized in OCI, weighted average assumptions used to determine net periodic benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension Plan \| U.S. Pension Benefits
Components of net periodic benefit cost:
Service cost	$ 0	$ 0	$ 0
Interest cost	656	401	330
Expected return on plan assets	(689)	(669)	(718)
Curtailments, settlements and termination benefits	0	0	0
Amortization of prior service cost (credit)	0	0	0
Actuarial loss (gain)	(138)	259	(487)
Net periodic benefit cost (benefit)	(171)	(9)	(875)
Amounts recognized in other comprehensive income (pre-tax):
Current year prior service cost (credit)	0	0	0
Amortization of prior service (cost) credit	0	0	0
Total recognized in other comprehensive income	0	0	0
Total recognized in net periodic cost and other comprehensive income	$ (171)	$ (9)	$ (875)
Weighted-average assumptions used to determine net periodic benefit cost:
Discount rate used to measure service cost	0.00%	0.00%	0.00%
Discount rate used to measure interest cost	5.20%	2.30%	1.80%
Expected rate of return on plan assets	5.80%	4.00%	4.20%
Rate of compensation increase	0.00%	0.00%	0.00%
Pension Plan \| Non-U.S. Pension Benefits
Components of net periodic benefit cost:
Service cost	$ 40	$ 50	$ 57
Interest cost	124	69	53
Expected return on plan assets	(163)	(130)	(128)
Curtailments, settlements and termination benefits	1	1	(1)
Amortization of prior service cost (credit)	0	0	0
Actuarial loss (gain)	172	(132)	(115)
Net periodic benefit cost (benefit)	174	(142)	(134)
Amounts recognized in other comprehensive income (pre-tax):
Current year prior service cost (credit)	1	(3)	0
Amortization of prior service (cost) credit	0	0	0
Total recognized in other comprehensive income	1	(3)	0
Total recognized in net periodic cost and other comprehensive income	$ 175	$ (145)	$ (134)
Weighted-average assumptions used to determine net periodic benefit cost:
Discount rate used to measure service cost	3.80%	1.70%	1.40%
Discount rate used to measure interest cost	4.20%	1.70%	1.20%
Expected rate of return on plan assets	5.20%	3.10%	2.90%
Rate of compensation increase	2.30%	2.00%	2.00%
Other Postretirement Benefits
Components of net periodic benefit cost:
Service cost	$ 67	$ 99	$ 100
Interest cost	144	80	64
Expected return on plan assets	(11)	(12)	(6)
Curtailments, settlements and termination benefits	0	0	0
Amortization of prior service cost (credit)	(12)	(6)	(40)
Actuarial loss (gain)	(131)	(733)	(231)
Net periodic benefit cost (benefit)	57	(572)	(113)
Amounts recognized in other comprehensive income (pre-tax):
Current year prior service cost (credit)	(2)	(30)	0
Amortization of prior service (cost) credit	12	6	40
Total recognized in other comprehensive income	10	(24)	40
Total recognized in net periodic cost and other comprehensive income	$ 67	$ (596)	$ (73)
Weighted-average assumptions used to determine net periodic benefit cost:
Discount rate used to measure service cost	5.40%	2.80%	2.50%
Discount rate used to measure interest cost	5.30%	2.20%	1.60%
Expected rate of return on plan assets	7.40%	6.90%	6.50%
Rate of compensation increase	4.00%	4.00%	4.00%

Postemployment benefit plans - Schedule of expected contributions, expected benefit payments and gross prescription drug subsidy receipts (Details) $ in Millions	Dec. 31, 2023 USD ($)
Expected Medicare Part D subsidy:
2024	$ 6
2025	6
2026	5
2027	5
2028	5
2029- 2033	20
Total	47
Pension Plan \| U.S. Pension Benefits
Expected employer contributions:
2024	52
Expected benefit payments:
2024	1,010
2025	1,000
2026	995
2027	990
2028	985
2029- 2033	4,750
Total	9,730
Pension Plan \| Non-U.S. Pension Benefits
Expected employer contributions:
2024	60
Expected benefit payments:
2024	185
2025	185
2026	195
2027	200
2028	210
2029- 2033	1,095
Total	2,070
Other Postretirement Benefits
Expected employer contributions:
2024	161
Expected benefit payments:
2024	245
2025	245
2026	240
2027	240
2028	240
2029- 2033	1,150
Total	$ 2,360

Postemployment benefit plans - Fair value of pension and other postretirement benefit plan assets, by category (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension Plan \| U.S. Pension Benefits
Defined Benefit Plan Disclosure
Plan assets	$ 12,738	$ 12,456	$ 17,227
Pension Plan \| U.S. Pension Benefits \| U.S. equities
Defined Benefit Plan Disclosure
Plan assets	1,222	1,243
Pension Plan \| U.S. Pension Benefits \| Non-U.S. equities
Defined Benefit Plan Disclosure
Plan assets	913	950
Pension Plan \| U.S. Pension Benefits \| U.S. corporate bonds
Defined Benefit Plan Disclosure
Plan assets	5,772	5,537
Pension Plan \| U.S. Pension Benefits \| Non-U.S. corporate bonds
Defined Benefit Plan Disclosure
Plan assets	1,228	1,244
Pension Plan \| U.S. Pension Benefits \| U.S. government bonds
Defined Benefit Plan Disclosure
Plan assets	2,988	2,904
Pension Plan \| U.S. Pension Benefits \| U.S. governmental agency
Defined Benefit Plan Disclosure
Plan assets	84	19
Pension Plan \| U.S. Pension Benefits \| Non-U.S. government bonds
Defined Benefit Plan Disclosure
Plan assets	100	118
Pension Plan \| U.S. Pension Benefits \| Real estate
Defined Benefit Plan Disclosure
Plan assets	3	8
Pension Plan \| U.S. Pension Benefits \| Cash, short-term instruments and other
Defined Benefit Plan Disclosure
Plan assets	428	433
Pension Plan \| U.S. Pension Benefits \| Level 1
Defined Benefit Plan Disclosure
Plan assets	2,116	2,154
Pension Plan \| U.S. Pension Benefits \| Level 1 \| U.S. equities
Defined Benefit Plan Disclosure
Plan assets	1,107	1,098
Pension Plan \| U.S. Pension Benefits \| Level 1 \| Non-U.S. equities
Defined Benefit Plan Disclosure
Plan assets	910	948
Pension Plan \| U.S. Pension Benefits \| Level 1 \| U.S. corporate bonds
Defined Benefit Plan Disclosure
Plan assets	0	0
Pension Plan \| U.S. Pension Benefits \| Level 1 \| Non-U.S. corporate bonds
Defined Benefit Plan Disclosure
Plan assets	0	0
Pension Plan \| U.S. Pension Benefits \| Level 1 \| U.S. government bonds
Defined Benefit Plan Disclosure
Plan assets	0	0
Pension Plan \| U.S. Pension Benefits \| Level 1 \| U.S. governmental agency
Defined Benefit Plan Disclosure
Plan assets	0	0
Pension Plan \| U.S. Pension Benefits \| Level 1 \| Non-U.S. government bonds
Defined Benefit Plan Disclosure
Plan assets	0	0
Pension Plan \| U.S. Pension Benefits \| Level 1 \| Real estate
Defined Benefit Plan Disclosure
Plan assets	0	0
Pension Plan \| U.S. Pension Benefits \| Level 1 \| Cash, short-term instruments and other
Defined Benefit Plan Disclosure
Plan assets	99	108
Pension Plan \| U.S. Pension Benefits \| Level 2
Defined Benefit Plan Disclosure
Plan assets	10,149	9,779
Pension Plan \| U.S. Pension Benefits \| Level 2 \| U.S. equities
Defined Benefit Plan Disclosure
Plan assets	10	20
Pension Plan \| U.S. Pension Benefits \| Level 2 \| Non-U.S. equities
Defined Benefit Plan Disclosure
Plan assets	0	0
Pension Plan \| U.S. Pension Benefits \| Level 2 \| U.S. corporate bonds
Defined Benefit Plan Disclosure
Plan assets	5,706	5,460
Pension Plan \| U.S. Pension Benefits \| Level 2 \| Non-U.S. corporate bonds
Defined Benefit Plan Disclosure
Plan assets	1,228	1,244
Pension Plan \| U.S. Pension Benefits \| Level 2 \| U.S. government bonds
Defined Benefit Plan Disclosure
Plan assets	2,988	2,904
Pension Plan \| U.S. Pension Benefits \| Level 2 \| U.S. governmental agency
Defined Benefit Plan Disclosure
Plan assets	84	19
Pension Plan \| U.S. Pension Benefits \| Level 2 \| Non-U.S. government bonds
Defined Benefit Plan Disclosure
Plan assets	100	118
Pension Plan \| U.S. Pension Benefits \| Level 2 \| Real estate
Defined Benefit Plan Disclosure
Plan assets	0	0
Pension Plan \| U.S. Pension Benefits \| Level 2 \| Cash, short-term instruments and other
Defined Benefit Plan Disclosure
Plan assets	33	14
Pension Plan \| U.S. Pension Benefits \| Level 3
Defined Benefit Plan Disclosure
Plan assets	63	78
Pension Plan \| U.S. Pension Benefits \| Level 3 \| U.S. equities
Defined Benefit Plan Disclosure
Plan assets	24	26
Pension Plan \| U.S. Pension Benefits \| Level 3 \| Non-U.S. equities
Defined Benefit Plan Disclosure
Plan assets	3	2
Pension Plan \| U.S. Pension Benefits \| Level 3 \| U.S. corporate bonds
Defined Benefit Plan Disclosure
Plan assets	33	40
Pension Plan \| U.S. Pension Benefits \| Level 3 \| Non-U.S. corporate bonds
Defined Benefit Plan Disclosure
Plan assets	0	0
Pension Plan \| U.S. Pension Benefits \| Level 3 \| U.S. government bonds
Defined Benefit Plan Disclosure
Plan assets	0	0
Pension Plan \| U.S. Pension Benefits \| Level 3 \| U.S. governmental agency
Defined Benefit Plan Disclosure
Plan assets	0	0
Pension Plan \| U.S. Pension Benefits \| Level 3 \| Non-U.S. government bonds
Defined Benefit Plan Disclosure
Plan assets	0	0
Pension Plan \| U.S. Pension Benefits \| Level 3 \| Real estate
Defined Benefit Plan Disclosure
Plan assets	3	8
Pension Plan \| U.S. Pension Benefits \| Level 3 \| Cash, short-term instruments and other
Defined Benefit Plan Disclosure
Plan assets	0	2
Pension Plan \| U.S. Pension Benefits \| Measured at NAV
Defined Benefit Plan Disclosure
Plan assets	410	445
Pension Plan \| U.S. Pension Benefits \| Measured at NAV \| U.S. equities
Defined Benefit Plan Disclosure
Plan assets	81	99
Pension Plan \| U.S. Pension Benefits \| Measured at NAV \| Non-U.S. equities
Defined Benefit Plan Disclosure
Plan assets	0	0
Pension Plan \| U.S. Pension Benefits \| Measured at NAV \| U.S. corporate bonds
Defined Benefit Plan Disclosure
Plan assets	33	37
Pension Plan \| U.S. Pension Benefits \| Measured at NAV \| Non-U.S. corporate bonds
Defined Benefit Plan Disclosure
Plan assets	0	0
Pension Plan \| U.S. Pension Benefits \| Measured at NAV \| U.S. government bonds
Defined Benefit Plan Disclosure
Plan assets	0	0
Pension Plan \| U.S. Pension Benefits \| Measured at NAV \| U.S. governmental agency
Defined Benefit Plan Disclosure
Plan assets	0	0
Pension Plan \| U.S. Pension Benefits \| Measured at NAV \| Non-U.S. government bonds
Defined Benefit Plan Disclosure
Plan assets	0	0
Pension Plan \| U.S. Pension Benefits \| Measured at NAV \| Real estate
Defined Benefit Plan Disclosure
Plan assets	0	0
Pension Plan \| U.S. Pension Benefits \| Measured at NAV \| Cash, short-term instruments and other
Defined Benefit Plan Disclosure
Plan assets	296	309
Pension Plan \| Non-U.S. Pension Benefits
Defined Benefit Plan Disclosure
Plan assets	3,467	3,244	4,552
Pension Plan \| Non-U.S. Pension Benefits \| U.S. equities
Defined Benefit Plan Disclosure
Plan assets	73	61
Pension Plan \| Non-U.S. Pension Benefits \| Non-U.S. equities
Defined Benefit Plan Disclosure
Plan assets	282	257
Pension Plan \| Non-U.S. Pension Benefits \| Global equities
Defined Benefit Plan Disclosure
Plan assets	48	53
Pension Plan \| Non-U.S. Pension Benefits \| U.S. corporate bonds
Defined Benefit Plan Disclosure
Plan assets	91	186
Pension Plan \| Non-U.S. Pension Benefits \| Non-U.S. corporate bonds
Defined Benefit Plan Disclosure
Plan assets	466	631
Pension Plan \| Non-U.S. Pension Benefits \| U.S. government bonds
Defined Benefit Plan Disclosure
Plan assets	63	66
Pension Plan \| Non-U.S. Pension Benefits \| Non-U.S. government bonds
Defined Benefit Plan Disclosure
Plan assets	998	1,273
Pension Plan \| Non-U.S. Pension Benefits \| Global fixed income
Defined Benefit Plan Disclosure
Plan assets	307	330
Pension Plan \| Non-U.S. Pension Benefits \| Real estate
Defined Benefit Plan Disclosure
Plan assets	219	198
Pension Plan \| Non-U.S. Pension Benefits \| Insurance contracts
Defined Benefit Plan Disclosure
Plan assets	675
Pension Plan \| Non-U.S. Pension Benefits \| Cash, short-term instruments and other
Defined Benefit Plan Disclosure
Plan assets	245	189
Pension Plan \| Non-U.S. Pension Benefits \| Level 1
Defined Benefit Plan Disclosure
Plan assets	383	367
Pension Plan \| Non-U.S. Pension Benefits \| Level 1 \| U.S. equities
Defined Benefit Plan Disclosure
Plan assets	73	61
Pension Plan \| Non-U.S. Pension Benefits \| Level 1 \| Non-U.S. equities
Defined Benefit Plan Disclosure
Plan assets	228	208
Pension Plan \| Non-U.S. Pension Benefits \| Level 1 \| Global equities
Defined Benefit Plan Disclosure
Plan assets	28	26
Pension Plan \| Non-U.S. Pension Benefits \| Level 1 \| U.S. corporate bonds
Defined Benefit Plan Disclosure
Plan assets	0	0
Pension Plan \| Non-U.S. Pension Benefits \| Level 1 \| Non-U.S. corporate bonds
Defined Benefit Plan Disclosure
Plan assets	0	0
Pension Plan \| Non-U.S. Pension Benefits \| Level 1 \| U.S. government bonds
Defined Benefit Plan Disclosure
Plan assets	0	0
Pension Plan \| Non-U.S. Pension Benefits \| Level 1 \| Non-U.S. government bonds
Defined Benefit Plan Disclosure
Plan assets	0	0
Pension Plan \| Non-U.S. Pension Benefits \| Level 1 \| Global fixed income
Defined Benefit Plan Disclosure
Plan assets	0	0
Pension Plan \| Non-U.S. Pension Benefits \| Level 1 \| Real estate
Defined Benefit Plan Disclosure
Plan assets	0	0
Pension Plan \| Non-U.S. Pension Benefits \| Level 1 \| Insurance contracts
Defined Benefit Plan Disclosure
Plan assets	0
Pension Plan \| Non-U.S. Pension Benefits \| Level 1 \| Cash, short-term instruments and other
Defined Benefit Plan Disclosure
Plan assets	54	72
Pension Plan \| Non-U.S. Pension Benefits \| Level 2
Defined Benefit Plan Disclosure
Plan assets	2,143	2,591
Pension Plan \| Non-U.S. Pension Benefits \| Level 2 \| U.S. equities
Defined Benefit Plan Disclosure
Plan assets	0	0
Pension Plan \| Non-U.S. Pension Benefits \| Level 2 \| Non-U.S. equities
Defined Benefit Plan Disclosure
Plan assets	33	28
Pension Plan \| Non-U.S. Pension Benefits \| Level 2 \| Global equities
Defined Benefit Plan Disclosure
Plan assets	0	10
Pension Plan \| Non-U.S. Pension Benefits \| Level 2 \| U.S. corporate bonds
Defined Benefit Plan Disclosure
Plan assets	91	186
Pension Plan \| Non-U.S. Pension Benefits \| Level 2 \| Non-U.S. corporate bonds
Defined Benefit Plan Disclosure
Plan assets	466	631
Pension Plan \| Non-U.S. Pension Benefits \| Level 2 \| U.S. government bonds
Defined Benefit Plan Disclosure
Plan assets	63	66
Pension Plan \| Non-U.S. Pension Benefits \| Level 2 \| Non-U.S. government bonds
Defined Benefit Plan Disclosure
Plan assets	998	1,273
Pension Plan \| Non-U.S. Pension Benefits \| Level 2 \| Global fixed income
Defined Benefit Plan Disclosure
Plan assets	91	82
Pension Plan \| Non-U.S. Pension Benefits \| Level 2 \| Real estate
Defined Benefit Plan Disclosure
Plan assets	210	198
Pension Plan \| Non-U.S. Pension Benefits \| Level 2 \| Insurance contracts
Defined Benefit Plan Disclosure
Plan assets	0
Pension Plan \| Non-U.S. Pension Benefits \| Level 2 \| Cash, short-term instruments and other
Defined Benefit Plan Disclosure
Plan assets	191	117
Pension Plan \| Non-U.S. Pension Benefits \| Level 3
Defined Benefit Plan Disclosure
Plan assets	675	0
Pension Plan \| Non-U.S. Pension Benefits \| Level 3 \| U.S. equities
Defined Benefit Plan Disclosure
Plan assets	0	0
Pension Plan \| Non-U.S. Pension Benefits \| Level 3 \| Non-U.S. equities
Defined Benefit Plan Disclosure
Plan assets	0	0
Pension Plan \| Non-U.S. Pension Benefits \| Level 3 \| Global equities
Defined Benefit Plan Disclosure
Plan assets	0	0
Pension Plan \| Non-U.S. Pension Benefits \| Level 3 \| U.S. corporate bonds
Defined Benefit Plan Disclosure
Plan assets	0	0
Pension Plan \| Non-U.S. Pension Benefits \| Level 3 \| Non-U.S. corporate bonds
Defined Benefit Plan Disclosure
Plan assets	0	0
Pension Plan \| Non-U.S. Pension Benefits \| Level 3 \| U.S. government bonds
Defined Benefit Plan Disclosure
Plan assets	0	0
Pension Plan \| Non-U.S. Pension Benefits \| Level 3 \| Non-U.S. government bonds
Defined Benefit Plan Disclosure
Plan assets	0	0
Pension Plan \| Non-U.S. Pension Benefits \| Level 3 \| Global fixed income
Defined Benefit Plan Disclosure
Plan assets	0	0
Pension Plan \| Non-U.S. Pension Benefits \| Level 3 \| Real estate
Defined Benefit Plan Disclosure
Plan assets	0	0
Pension Plan \| Non-U.S. Pension Benefits \| Level 3 \| Insurance contracts
Defined Benefit Plan Disclosure
Plan assets	675
Pension Plan \| Non-U.S. Pension Benefits \| Level 3 \| Cash, short-term instruments and other
Defined Benefit Plan Disclosure
Plan assets	0	0
Pension Plan \| Non-U.S. Pension Benefits \| Measured at NAV
Defined Benefit Plan Disclosure
Plan assets	266	286
Pension Plan \| Non-U.S. Pension Benefits \| Measured at NAV \| U.S. equities
Defined Benefit Plan Disclosure
Plan assets	0	0
Pension Plan \| Non-U.S. Pension Benefits \| Measured at NAV \| Non-U.S. equities
Defined Benefit Plan Disclosure
Plan assets	21	21
Pension Plan \| Non-U.S. Pension Benefits \| Measured at NAV \| Global equities
Defined Benefit Plan Disclosure
Plan assets	20	17
Pension Plan \| Non-U.S. Pension Benefits \| Measured at NAV \| U.S. corporate bonds
Defined Benefit Plan Disclosure
Plan assets	0	0
Pension Plan \| Non-U.S. Pension Benefits \| Measured at NAV \| Non-U.S. corporate bonds
Defined Benefit Plan Disclosure
Plan assets	0	0
Pension Plan \| Non-U.S. Pension Benefits \| Measured at NAV \| U.S. government bonds
Defined Benefit Plan Disclosure
Plan assets	0	0
Pension Plan \| Non-U.S. Pension Benefits \| Measured at NAV \| Non-U.S. government bonds
Defined Benefit Plan Disclosure
Plan assets	0	0
Pension Plan \| Non-U.S. Pension Benefits \| Measured at NAV \| Global fixed income
Defined Benefit Plan Disclosure
Plan assets	216	248
Pension Plan \| Non-U.S. Pension Benefits \| Measured at NAV \| Real estate
Defined Benefit Plan Disclosure
Plan assets	9	0
Pension Plan \| Non-U.S. Pension Benefits \| Measured at NAV \| Insurance contracts
Defined Benefit Plan Disclosure
Plan assets	0
Pension Plan \| Non-U.S. Pension Benefits \| Measured at NAV \| Cash, short-term instruments and other
Defined Benefit Plan Disclosure
Plan assets	0	0
Other Postretirement Benefits
Defined Benefit Plan Disclosure
Plan assets	144	102	$ 130
Other Postretirement Benefits \| U.S. equities
Defined Benefit Plan Disclosure
Plan assets	70	43
Other Postretirement Benefits \| Non-U.S. equities
Defined Benefit Plan Disclosure
Plan assets	25	19
Other Postretirement Benefits \| U.S. corporate bonds
Defined Benefit Plan Disclosure
Plan assets	30
Other Postretirement Benefits \| Cash, short-term instruments and other
Defined Benefit Plan Disclosure
Plan assets	19	40
Other Postretirement Benefits \| Level 1
Defined Benefit Plan Disclosure
Plan assets	89	60
Other Postretirement Benefits \| Level 1 \| U.S. equities
Defined Benefit Plan Disclosure
Plan assets	65	41
Other Postretirement Benefits \| Level 1 \| Non-U.S. equities
Defined Benefit Plan Disclosure
Plan assets	23	16
Other Postretirement Benefits \| Level 1 \| U.S. corporate bonds
Defined Benefit Plan Disclosure
Plan assets	0
Other Postretirement Benefits \| Level 1 \| Cash, short-term instruments and other
Defined Benefit Plan Disclosure
Plan assets	1	3
Other Postretirement Benefits \| Level 2
Defined Benefit Plan Disclosure
Plan assets	0	0
Other Postretirement Benefits \| Level 2 \| U.S. equities
Defined Benefit Plan Disclosure
Plan assets	0	0
Other Postretirement Benefits \| Level 2 \| Non-U.S. equities
Defined Benefit Plan Disclosure
Plan assets	0	0
Other Postretirement Benefits \| Level 2 \| U.S. corporate bonds
Defined Benefit Plan Disclosure
Plan assets	0
Other Postretirement Benefits \| Level 2 \| Cash, short-term instruments and other
Defined Benefit Plan Disclosure
Plan assets	0	0
Other Postretirement Benefits \| Level 3
Defined Benefit Plan Disclosure
Plan assets	0	0
Other Postretirement Benefits \| Level 3 \| U.S. equities
Defined Benefit Plan Disclosure
Plan assets	0	0
Other Postretirement Benefits \| Level 3 \| Non-U.S. equities
Defined Benefit Plan Disclosure
Plan assets	0	0
Other Postretirement Benefits \| Level 3 \| U.S. corporate bonds
Defined Benefit Plan Disclosure
Plan assets	0
Other Postretirement Benefits \| Level 3 \| Cash, short-term instruments and other
Defined Benefit Plan Disclosure
Plan assets	0	0
Other Postretirement Benefits \| Measured at NAV
Defined Benefit Plan Disclosure
Plan assets	55	42
Other Postretirement Benefits \| Measured at NAV \| U.S. equities
Defined Benefit Plan Disclosure
Plan assets	5	2
Other Postretirement Benefits \| Measured at NAV \| Non-U.S. equities
Defined Benefit Plan Disclosure
Plan assets	2	3
Other Postretirement Benefits \| Measured at NAV \| U.S. corporate bonds
Defined Benefit Plan Disclosure
Plan assets	30
Other Postretirement Benefits \| Measured at NAV \| Cash, short-term instruments and other
Defined Benefit Plan Disclosure
Plan assets	$ 18	$ 37

Postemployment benefit plans - Company costs related to U.S. and non-U.S. defined contribution plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure
Costs related to defined contribution plans	$ 681	$ 506	$ 554
U.S. plans
Defined Benefit Plan Disclosure
Costs related to defined contribution plans	567	392	440
Non-U.S. plans
Defined Benefit Plan Disclosure
Costs related to defined contribution plans	$ 114	$ 114	$ 114

Short-term borrowings (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Short-term borrowings:
Short-term borrowings	$ 4,643	$ 5,957
Notes payable to banks
Short-term borrowings:
Weighted-average interest rates on short-term borrowings (as a percent)	10.00%	11.30%
Commercial paper
Short-term borrowings:
Weighted-average interest rates on short-term borrowings (as a percent)	5.20%	4.20%
Demand notes
Short-term borrowings:
Weighted-average interest rates on short-term borrowings (as a percent)	5.20%	3.40%
Machinery, Energy & Transportation
Short-term borrowings:
Short-term borrowings	$ 0	$ 3
Machinery, Energy & Transportation \| Notes payable to banks
Short-term borrowings:
Short-term borrowings	0	3
Financial Products
Short-term borrowings:
Short-term borrowings	4,643	5,954
Financial Products \| Notes payable to banks
Short-term borrowings:
Short-term borrowings	330	234
Financial Products \| Commercial paper
Short-term borrowings:
Short-term borrowings	4,069	5,455
Financial Products \| Demand notes
Short-term borrowings:
Short-term borrowings	$ 244	$ 265

Long-term debt - Long-term debt (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Long-term Debt
Total long-term debt due after one year	$ 24,472	$ 25,714
Mark to market adjustments, hedged liability, fair value hedge	(179)	(280)
Machinery, Energy & Transportation
Long-term Debt
Finance lease obligations and other	(61)	(112)
Long-term debt due after one year	$ 8,579	9,498
Machinery, Energy & Transportation \| Notes-$759 million of 5.200% due 2041
Long-term Debt
Effective Yield to Maturity (as a percent)	5.27%
Notes	$ 752	752
Debt instrument	$ 759
Debt instrument, interest rate (as a percent)	5.20%
Percentage of the redemption price to the principal amount of debentures to be redeemed	100.00%
Machinery, Energy & Transportation \| Debentures—$1,000 million of 3.400% due 2024
Long-term Debt
Effective Yield to Maturity (as a percent)	3.46%
Debentures	$ 0	999
Debt instrument	$ 1,000
Debt instrument, interest rate (as a percent)	3.40%
Machinery, Energy & Transportation \| Debentures-$193 million of 6.625% due 2028
Long-term Debt
Effective Yield to Maturity (as a percent)	6.68%
Debentures	$ 193	192
Debt instrument	$ 193
Debt instrument, interest rate (as a percent)	6.625%
Percentage of the redemption price to the principal amount of debentures to be redeemed	100.00%
Machinery, Energy & Transportation \| Debentures-$500 million of 2.600% due 2029
Long-term Debt
Effective Yield to Maturity (as a percent)	2.67%
Debentures	$ 498	498
Debt instrument	$ 500
Debt instrument, interest rate (as a percent)	2.60%
Percentage of the redemption price to the principal amount of debentures to be redeemed	100.00%
Machinery, Energy & Transportation \| Debentures - $800 million of 2.600% due 2030
Long-term Debt
Effective Yield to Maturity (as a percent)	2.72%
Debentures	$ 795	794
Debt instrument	$ 800
Debt instrument, interest rate (as a percent)	2.60%
Percentage of the redemption price to the principal amount of debentures to be redeemed	100.00%
Machinery, Energy & Transportation \| Debentures - $500 million of 1.900% due 2031
Long-term Debt
Effective Yield to Maturity (as a percent)	2.04%
Debentures	$ 496	495
Debt instrument	$ 500
Debt instrument, interest rate (as a percent)	1.90%
Percentage of the redemption price to the principal amount of debentures to be redeemed	100.00%
Machinery, Energy & Transportation \| Debentures-$242 million of 7.300% due 2031
Long-term Debt
Effective Yield to Maturity (as a percent)	7.38%
Debentures	$ 241	240
Debt instrument	$ 242
Debt instrument, interest rate (as a percent)	7.30%
Percentage of the redemption price to the principal amount of debentures to be redeemed	100.00%
Machinery, Energy & Transportation \| Debentures-$307 million of 5.300% due 2035
Long-term Debt
Effective Yield to Maturity (as a percent)	8.64%
Debentures	$ 233	229
Debt instrument	$ 307
Debt instrument, interest rate (as a percent)	5.30%
Percentage of the redemption price to the principal amount of debentures to be redeemed	100.00%
Machinery, Energy & Transportation \| Debentures-$460 million of 6.050% due 2036
Long-term Debt
Effective Yield to Maturity (as a percent)	6.12%
Debentures	$ 456	456
Debt instrument	$ 460
Debt instrument, interest rate (as a percent)	6.05%
Percentage of the redemption price to the principal amount of debentures to be redeemed	100.00%
Machinery, Energy & Transportation \| Debentures-$65 million of 8.250% due 2038
Long-term Debt
Effective Yield to Maturity (as a percent)	8.38%
Debentures	$ 64	64
Debt instrument	$ 65
Debt instrument, interest rate (as a percent)	8.25%
Percentage of the redemption price to the principal amount of debentures to be redeemed	100.00%
Machinery, Energy & Transportation \| Debentures-$160 million of 6.950% due 2042
Long-term Debt
Effective Yield to Maturity (as a percent)	7.02%
Debentures	$ 158	158
Debt instrument	$ 160
Debt instrument, interest rate (as a percent)	6.95%
Percentage of the redemption price to the principal amount of debentures to be redeemed	100.00%
Machinery, Energy & Transportation \| Debentures-$1,722 million of 3.803% due 2042
Long-term Debt
Effective Yield to Maturity (as a percent)	6.39%
Debentures	$ 1,355	1,336
Debt instrument	$ 1,722
Debt instrument, interest rate (as a percent)	3.803%
Percentage of the redemption price to the principal amount of debentures to be redeemed	100.00%
Machinery, Energy & Transportation \| Debentures—$500 million of 4.300% due 2044
Long-term Debt
Effective Yield to Maturity (as a percent)	4.39%
Debentures	$ 494	493
Debt instrument	$ 500
Debt instrument, interest rate (as a percent)	4.30%
Machinery, Energy & Transportation \| Debentures - $1000 million of 3.250% due 2049
Long-term Debt
Effective Yield to Maturity (as a percent)	3.34%
Debentures	$ 984	983
Debt instrument	$ 1,000
Debt instrument, interest rate (as a percent)	3.25%
Percentage of the redemption price to the principal amount of debentures to be redeemed	100.00%
Machinery, Energy & Transportation \| Debentures - $1200 million of 3.250% due 2050
Long-term Debt
Effective Yield to Maturity (as a percent)	3.32%
Debentures	$ 1,186	1,186
Debt instrument	$ 1,200
Debt instrument, interest rate (as a percent)	3.25%
Percentage of the redemption price to the principal amount of debentures to be redeemed	100.00%
Machinery, Energy & Transportation \| Debentures—$500 million of 4.750% due 2064
Long-term Debt
Effective Yield to Maturity (as a percent)	4.81%
Debentures	$ 494	494
Debt instrument	$ 500
Debt instrument, interest rate (as a percent)	4.75%
Machinery, Energy & Transportation \| Debentures-$246 million of 7.375% due 2097
Long-term Debt
Effective Yield to Maturity (as a percent)	7.51%
Debentures	$ 241	241
Debt instrument	$ 246
Debt instrument, interest rate (as a percent)	7.375%
Percentage of the redemption price to the principal amount of debentures to be redeemed	100.00%
Financial Products Segment
Long-term Debt
Long-term debt due after one year	$ 15,893	16,216
Medium-term notes	15,581	15,940
Other	312	276
Financial Products
Long-term Debt
Long-term debt due after one year	15,893	16,216
Financial Products \| Interest rate contracts
Long-term Debt
Mark to market adjustments, hedged liability, fair value hedge	$ (133)	$ (168)

Long-term Debt (Details) - USD ($) $ in Millions	12 Months Ended
Long-term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Long-term Debt
Face amount, medium term note reclassified	$ 500
Interest paid on short-term and long-term borrowings	1,711	$ 959	$ 920
Medium-term Notes
Long-term Debt
Debt instrument	500
Medium Term Note mature in 2024
Long-term Debt
Medium-term notes excluded from current maturity of long-term debt	$ 500
Financial Products
Long-term Debt
Medium-term notes, interest rate	3.50%
Medium-term Notes, remaining maturity	5 years

Long-term debt - Aggregate amounts of maturities of long-term debt (Details) $ in Millions	Dec. 31, 2023 USD ($)
Long-term Debt
2024	$ 8,763
2025	7,830
2026	5,649
2027	2,492
2028	213
Machinery, Energy & Transportation
Long-term Debt
2024	1,044
2025	19
2026	15
2027	13
2028	199
Financial Products
Long-term Debt
2024	7,719
2025	7,811
2026	5,634
2027	2,479
2028	$ 14

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Commitment - Credit Commitments (Details) $ in Millions	Dec. 31, 2023 USD ($)
Credit commitments
Credit lines available	$ 14,664
Less: Commercial paper outstanding	(4,069)
Less: Utilized credit	(853)
Available credit	9,742
Machinery, Energy & Transportation
Credit commitments
Credit lines available	3,375
Less: Commercial paper outstanding	0
Less: Utilized credit	0
Available credit	3,375
Financial Products
Credit commitments
Credit lines available	11,289
Less: Commercial paper outstanding	(4,069)
Less: Utilized credit	(853)
Available credit	6,367
Global credit facilities
Credit commitments
Credit lines available	10,500
Less: Utilized credit	0
Global credit facilities \| Machinery, Energy & Transportation
Credit commitments
Credit lines available	2,750
Global credit facilities \| Financial Products
Credit commitments
Credit lines available	7,750
Other external
Credit commitments
Credit lines available	4,164
Other external \| Machinery, Energy & Transportation
Credit commitments
Credit lines available	625
Other external \| Financial Products
Credit commitments
Credit lines available	$ 3,539

Profit for the period (A) (in millions of dollars)

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Credit commitments (Details) $ in Millions	1 Months Ended	12 Months Ended
Credit commitments (Details) $ in Millions	Aug. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) quarter facilities
Credit commitments
Credit lines available		$ 14,664
Consolidated net worth		19,550
Minimum consolidated net worth required under credit facilities		9,000
Long-term line of credit outstanding		$ 853
Number of consecutive quarters \| quarter		4
Machinery, Energy & Transportation
Credit commitments
Credit lines available		$ 3,375
Long-term line of credit outstanding		0
Financial Products
Credit commitments
Credit lines available		$ 11,289
Interest coverage ratio, numerator		1.73
Interest coverage ratio, denominator		1
Minimum interest coverage ratio required under credit facilities, numerator		1.15
Minimum interest coverage ratio required under credit facilities, denominator		1
Six-month leverage ratio, numerator		6.88
Six month leverage ratio, denominator		1
Year-end leverage ratio, numerator		6.95
Year-end leverage ratio denominator		1
Maximum leverage ratio permissible under credit facility, numerator		10
Maximum leverage ratio permissible under credit facility, denominator		1
Long-term line of credit outstanding		$ 853
Global credit facilities
Credit commitments
Number of global credit facilities \| facilities		3
Credit lines available		$ 10,500
Long-term line of credit outstanding		0
Global credit facilities \| Machinery, Energy & Transportation
Credit commitments
Credit lines available		2,750
Global credit facilities \| Financial Products
Credit commitments
Credit lines available		7,750
Other external
Credit commitments
Credit lines available		4,164
Other external \| Machinery, Energy & Transportation
Credit commitments
Credit lines available		625
Other external \| Financial Products
Credit commitments
Credit lines available		$ 3,539
364-day credit facility \| Global credit facilities
Credit commitments
Credit lines available	$ 3,150
Duration of credit facility (in years or days)	364 days
364-day credit facility \| Global credit facilities \| Machinery, Energy & Transportation
Credit commitments
Credit lines available	$ 825
Three-year facility \| Global credit facilities
Credit commitments
Credit lines available	$ 2,730
Duration of credit facility (in years or days)	3 years
Three-year facility \| Global credit facilities \| Machinery, Energy & Transportation
Credit commitments
Credit lines available	$ 715
Five-year facility \| Global credit facilities
Credit commitments
Credit lines available	$ 4,620
Duration of credit facility (in years or days)	5 years
Five-year facility \| Global credit facilities \| Machinery, Energy & Transportation
Credit commitments
Credit lines available	$ 1,210

Profit per share - Computations of Profit Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Earnings Per Share [Abstract]

^[1]

$ 10,335

$ 6,705

$ 6,489

Determination of shares (in millions):

Weighted-average number of common shares outstanding (B) (in shares)

510.6

526.9

544.0

Shares issuable on exercise of stock awards, net of shares assumed to be purchased out of proceeds at average market price (in shares)

3.0

3.5

4.5

Average common shares outstanding for fully diluted computation (C) (in shares)

^[2]

513.6

530.4

548.5

Assuming no dilution (A/B) (in dollars per share)

$ 20.24

$ 12.72

$ 11.93

Assuming full dilution (A/C) (in dollars per share)

^[2]

$ 20.12

$ 12.64

$ 11.83

Shares outstanding as of December 31 (in shares)

499.4

516.3

535.9

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

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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Common shares under SARs and stock options not included in the computation of diluted earnings per share (in shares)

Profit per share (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Aug. 01, 2022

May 31, 2022

Jul. 01, 2018

Stock repurchase

800,000

2,000,000

1,100,000

Common shares repurchased (in shares)

19,466,020

21,882,818

12,987,299

2018 Authorization Program

$ 4,675

^[1]

$ 4,230

$ 2,668

Stock repurchase

Authorized amount

$ 10,000

Remaining authorized repurchase

$ 70

2022 Authorization Program

Stock repurchase

Authorized amount

$ 15,000

Remaining authorized repurchase

$ 7,800

[1]	See Note 16 regarding shares repurchased.

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 15,891	$ 16,516	$ 15,378
Total other comprehensive income (loss), net of tax	637	(904)	(665)
Ending balance	19,503	15,891	16,516
Foreign currency translation
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(2,328)	(1,508)	(910)
Gains (losses)	32	(794)	(559)
Less: Tax provision /(benefit)	(21)	26	41
Net gains (losses) on foreign currency translation	53	(820)	(600)
(Gains) losses reclassified to earnings	493	0	2
Less: Tax provision /(benefit)	0	0	0
Net (gains) losses reclassified to earnings	493	0	2
Total other comprehensive income (loss), net of tax	546	(820)	(598)
Ending balance	(1,782)	(2,328)	(1,508)
Pension and other postretirement benefits
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(39)	(62)	(32)
Gains (losses)	1	33	0
Less: Tax provision /(benefit)	0	5	0
Net gains (losses) on foreign currency translation	1	28	0
(Gains) losses reclassified to earnings	(12)	(6)	(40)
Less: Tax provision /(benefit)	(1)	(1)	(10)
Net (gains) losses reclassified to earnings	(11)	(5)	(30)
Total other comprehensive income (loss), net of tax	(10)	23	(30)
Ending balance	(49)	(39)	(62)
Derivative financial instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	28	(3)	0
Gains (losses)	48	375	195
Less: Tax provision /(benefit)	11	86	21
Net gains (losses) on foreign currency translation	37	289	174
(Gains) losses reclassified to earnings	3	(340)	(196)
Less: Tax provision /(benefit)	1	(82)	(19)
Net (gains) losses reclassified to earnings	2	(258)	(177)
Total other comprehensive income (loss), net of tax	39	31	(3)
Ending balance	67	28	(3)
Available-for-sale securities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(118)	20	54
Gains (losses)	72	(179)	(39)
Less: Tax provision /(benefit)	11	(37)	(8)
Net gains (losses) on foreign currency translation	61	(142)	(31)
(Gains) losses reclassified to earnings	1	5	(4)
Less: Tax provision /(benefit)	0	1	(1)
Net (gains) losses reclassified to earnings	1	4	(3)
Total other comprehensive income (loss), net of tax	62	(138)	(34)
Ending balance	(56)	(118)	20
Accumulated other comprehensive income (loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(2,457)	(1,553)	(888)
Ending balance	$ (1,820)	$ (2,457)	$ (1,553)

Fair value disclosures - Assets and liabilities measured on a recurring basis at fair value (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Assets and liabilities measured on a recurring basis at fair value
Debt securities	$ 3,797	$ 3,164
Recurring basis
Assets and liabilities measured on a recurring basis at fair value
Debt securities	3,797	3,164
Equity securities	438	441
Total assets	4,451	3,948
Total liabilities	151	195
Recurring basis \| Foreign exchange contracts
Assets and liabilities measured on a recurring basis at fair value
Derivate financial instruments - assets/liabilities	207	328
Recurring basis \| Commodity contracts
Assets and liabilities measured on a recurring basis at fair value
Derivate financial instruments - assets/liabilities	9	15
Recurring basis \| Interest rate contracts
Assets and liabilities measured on a recurring basis at fair value
Derivate financial instruments - assets/liabilities	(151)	(195)
U.S. treasury bonds
Assets and liabilities measured on a recurring basis at fair value
Debt securities	10	9
U.S. treasury bonds \| Recurring basis
Assets and liabilities measured on a recurring basis at fair value
Debt securities	10	9
Other U.S. and non-U.S. government bonds
Assets and liabilities measured on a recurring basis at fair value
Debt securities	60	55
Other U.S. and non-U.S. government bonds \| Recurring basis
Assets and liabilities measured on a recurring basis at fair value
Debt securities	60	55
Corporate bonds and other debt securities
Assets and liabilities measured on a recurring basis at fair value
Debt securities	2,995	2,466
Corporate bonds and other debt securities \| Recurring basis
Assets and liabilities measured on a recurring basis at fair value
Debt securities	2,995	2,466
Asset-backed securities
Assets and liabilities measured on a recurring basis at fair value
Debt securities	192	182
Asset-backed securities \| Recurring basis
Assets and liabilities measured on a recurring basis at fair value
Debt securities	192	182
U.S. governmental agency \| Recurring basis
Assets and liabilities measured on a recurring basis at fair value
Debt securities	410	333
Residential
Assets and liabilities measured on a recurring basis at fair value
Debt securities	2	2
Residential \| Recurring basis
Assets and liabilities measured on a recurring basis at fair value
Debt securities	2	2
Commercial
Assets and liabilities measured on a recurring basis at fair value
Debt securities	128	117
Commercial \| Recurring basis
Assets and liabilities measured on a recurring basis at fair value
Debt securities	128	117
Large capitalization value \| Recurring basis
Assets and liabilities measured on a recurring basis at fair value
Equity securities	223	203
Smaller company growth \| Recurring basis
Assets and liabilities measured on a recurring basis at fair value
Equity securities	35	31
REIT \| Recurring basis
Assets and liabilities measured on a recurring basis at fair value
Equity securities	180	207
Level 1 \| Recurring basis
Assets and liabilities measured on a recurring basis at fair value
Debt securities	10	9
Equity securities	258	234
Total assets	268	243
Total liabilities	0	0
Level 1 \| Recurring basis \| Foreign exchange contracts
Assets and liabilities measured on a 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 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 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 basis at fair value
Debt securities	10	9
Level 1 \| Other U.S. and non-U.S. government bonds \| Recurring basis
Assets and liabilities measured on a 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 basis at fair value
Debt securities	0	0
Level 1 \| Asset-backed securities \| Recurring basis
Assets and liabilities measured on a recurring basis at fair value
Debt securities	0	0
Level 1 \| U.S. governmental agency \| Recurring basis
Assets and liabilities measured on a recurring basis at fair value
Debt securities	0	0
Level 1 \| Residential \| Recurring basis
Assets and liabilities measured on a recurring basis at fair value
Debt securities	0	0
Level 1 \| Commercial \| Recurring basis
Assets and liabilities measured on a recurring basis at fair value
Debt securities	0	0
Level 1 \| Large capitalization value \| Recurring basis
Assets and liabilities measured on a recurring basis at fair value
Equity securities	223	203
Level 1 \| Smaller company growth \| Recurring basis
Assets and liabilities measured on a recurring basis at fair value
Equity securities	35	31
Level 1 \| REIT \| Recurring basis
Assets and liabilities measured on a recurring basis at fair value
Equity securities	0	0
Level 2 \| Recurring basis
Assets and liabilities measured on a recurring basis at fair value
Debt securities	3,787	3,105
Equity securities	0	0
Total assets	4,003	3,448
Total liabilities	151	195
Level 2 \| Recurring basis \| Foreign exchange contracts
Assets and liabilities measured on a recurring basis at fair value
Derivate financial instruments - assets/liabilities	207	328
Level 2 \| Recurring basis \| Commodity contracts
Assets and liabilities measured on a recurring basis at fair value
Derivate financial instruments - assets/liabilities	9	15
Level 2 \| Recurring basis \| Interest rate contracts
Assets and liabilities measured on a recurring basis at fair value
Derivate financial instruments - assets/liabilities	(151)	(195)
Level 2 \| U.S. treasury bonds \| Recurring basis
Assets and liabilities measured on a 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 basis at fair value
Debt securities	60	55
Level 2 \| Corporate bonds and other debt securities \| Recurring basis
Assets and liabilities measured on a recurring basis at fair value
Debt securities	2,995	2,416
Level 2 \| Asset-backed securities \| Recurring basis
Assets and liabilities measured on a recurring basis at fair value
Debt securities	192	182
Level 2 \| U.S. governmental agency \| Recurring basis
Assets and liabilities measured on a recurring basis at fair value
Debt securities	410	333
Level 2 \| Residential \| Recurring basis
Assets and liabilities measured on a recurring basis at fair value
Debt securities	2	2
Level 2 \| Commercial \| Recurring basis
Assets and liabilities measured on a recurring basis at fair value
Debt securities	128	117
Level 2 \| Large capitalization value \| Recurring basis
Assets and liabilities measured on a recurring basis at fair value
Equity securities	0	0
Level 2 \| Smaller company growth \| Recurring basis
Assets and liabilities measured on a recurring basis at fair value
Equity securities	0	0
Level 2 \| REIT \| Recurring basis
Assets and liabilities measured on a recurring basis at fair value
Equity securities	0	0
Level 3 \| Recurring basis
Assets and liabilities measured on a recurring basis at fair value
Debt securities	0	50
Equity securities	0	0
Total assets	0	50
Total liabilities	0	0
Level 3 \| Recurring basis \| Foreign exchange contracts
Assets and liabilities measured on a recurring basis at fair value
Derivate financial instruments - assets/liabilities	0	0
Level 3 \| Recurring basis \| Commodity contracts
Assets and liabilities measured on a 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 basis at fair value
Derivate financial instruments - assets/liabilities	0	0
Level 3 \| U.S. treasury bonds \| Recurring basis
Assets and liabilities measured on a 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 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 basis at fair value
Debt securities	0	50
Level 3 \| Asset-backed securities \| Recurring basis
Assets and liabilities measured on a recurring basis at fair value
Debt securities	0	0
Level 3 \| U.S. governmental agency \| Recurring basis
Assets and liabilities measured on a recurring basis at fair value
Debt securities	0	0
Level 3 \| Residential \| Recurring basis
Assets and liabilities measured on a recurring basis at fair value
Debt securities	0	0
Level 3 \| Commercial \| Recurring basis
Assets and liabilities measured on a recurring basis at fair value
Debt securities	0	0
Level 3 \| Large capitalization value \| Recurring basis
Assets and liabilities measured on a recurring basis at fair value
Equity securities	0	0
Level 3 \| Smaller company growth \| Recurring basis
Assets and liabilities measured on a recurring basis at fair value
Equity securities	0	0
Level 3 \| REIT \| Recurring basis
Assets and liabilities measured on a recurring basis at fair value
Equity securities	0	0
Measured at NAV \| Recurring basis
Assets and liabilities measured on a recurring basis at fair value
Debt securities	0	0
Equity securities	180	207
Total assets	180	207
Total liabilities	0	0
Measured at NAV \| Recurring basis \| Foreign exchange contracts
Assets and liabilities measured on a 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 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 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 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 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 basis at fair value
Debt securities	0	0
Measured at NAV \| Asset-backed securities \| Recurring basis
Assets and liabilities measured on a 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 basis at fair value
Debt securities	0	0
Measured at NAV \| Residential \| Recurring basis
Assets and liabilities measured on a recurring basis at fair value
Debt securities	0	0
Measured at NAV \| Commercial \| Recurring basis
Assets and liabilities measured on a recurring basis at fair value
Debt securities	0	0
Measured at NAV \| Large capitalization value \| Recurring basis
Assets and liabilities measured on a recurring basis at fair value
Equity securities	0	0
Measured at NAV \| Smaller company growth \| Recurring basis
Assets and liabilities measured on a recurring basis at fair value
Equity securities	0	0
Measured at NAV \| REIT \| Recurring basis
Assets and liabilities measured on a recurring basis at fair value
Equity securities	$ 180	$ 207

Fair value disclosures (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Level 3 \| Financial Products \| Nonrecurring basis
Assets measured on a nonrecurring basis at fair value
Loans Carried at Fair Value	$ 55	$ 68

Fair value disclosures - Fair values of financial instruments (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Carrying Amount
Assets
Finance receivables-net (excluding finance leases)	$ 15,386	$ 13,965
Wholesale inventory receivables-net (excluding finance leases)	1,415	827
Carrying Amount \| Machinery, Energy & Transportation
Liabilities
Long-term debt (including amounts due within one year)	9,623	9,618
Carrying Amount \| Financial Products
Liabilities
Long-term debt (including amounts due within one year)	23,612	21,418
Carrying amount of assets excluded from measurement at fair value
Liabilities
Excluded items: Finance leases and failed sale leasebacks, Carrying Value	6,953	7,325
Level 3 \| Fair Value
Assets
Finance receivables-net (excluding finance leases)	15,017	13,377
Wholesale inventory receivables-net (excluding finance leases)	1,368	778
Level 2 \| Fair Value \| Machinery, Energy & Transportation
Liabilities
Long-term debt (including amounts due within one year)	9,550	9,240
Level 2 \| Fair Value \| Financial Products
Liabilities
Long-term debt (including amounts due within one year)	$ 23,299	$ 20,686

Concentration of credit risk (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Risks and Uncertainties [Abstract]
Derivative contracts, maximum exposure to credit loss	$ 520	$ 644

Leases - Components of lease cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Lease, Cost
Operating lease cost	$ 189	$ 187	$ 214
Short-term lease cost	$ 62	$ 59	$ 46

Leases - Schedule of Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Other assets	$ 556	$ 564
Other current liabilities	147	151
Other liabilities	$ 427	$ 428
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Weighted average remaining lease term, operating leases	7 years	7 years
Weighted average discount rates, operating leases	3.00%	2.00%

Leases - Maturity of lease liabilities (Details) $ in Millions	Dec. 31, 2023 USD ($)
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity
2024	$ 160
2025	125
2026	91
2027	69
2028	48
Thereafter	151
Total lease payments	644
Less: Imputed interest	(70)
Total	$ 574

Leases- Supplemental cash flow information related to leases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Supplemental cash flow info related to leases
Cash paid for amounts included in the measurement of lease liabilities, operating cash flows from operating leases	$ 180	$ 178	$ 206
Right-of-use assets obtained in exchange for lease obligations, operating leases	$ 148	$ 123	$ 238

Leases - Equipment leased to others (Details) - Machinery , equipment, other, and equipment leased to others - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Equipment leased to others
Equipment leased to others - at original cost	$ 5,837	$ 5,568
Less: Accumulated depreciation	(1,902)	(1,790)
Equipment leased to others - net	$ 3,935	$ 3,778

Leases - Operating lease payment maturity (Details) $ in Millions	Dec. 31, 2023 USD ($)
Operating Leases payment maturity
2024	$ 894
2025	586
2026	329
2027	157
2028	80
Thereafter	29
Total	$ 2,075

Leases Leases Lessor arrangements - Revenues from finance and operating leases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Finance lease revenue	$ 420	$ 430	$ 485
Operating lease revenue	1,166	1,085	1,128
Total	$ 1,586	$ 1,515	$ 1,613
Financial Products
Lessor, Lease, Description [Line Items]
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Total sales and revenues	Total sales and revenues	Total sales and revenues

Guarantees and product warranty (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Guarantor Obligations
Related liability	$ 3	$ 2
Segment assets	87,476	81,943
SPC liabilities in consolidated statement	67,973	66,052
Unused commitments and lines of credit for customers	774
Variable Interest Entity, Primary Beneficiary
Guarantor Obligations
Segment assets	1,350	971
SPC liabilities in consolidated statement	$ 1,350	$ 970

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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Guarantees and product warranty - Guarantees (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Guarantor Obligations
Guarantees, maximum potential amount of future payments	$ 353	$ 511
Caterpillar dealer performance guarantees
Guarantor Obligations
Guarantees, maximum potential amount of future payments	42	188
Other guarantees
Guarantor Obligations
Guarantees, maximum potential amount of future payments	$ 311	$ 323

Guarantees and product warranty - Product Warranty (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Movement in Standard Product Warranty Accrual
Warranty liability, beginning of period	$ 1,761	$ 1,689
Reduction in liability (payments)	(835)	(778)
Increase in liability (new warranties)	968	850
Warranty liability, end of period	$ 1,894	$ 1,761

Environmental and legal matters Environmental and legal matters (Details)	Jan. 27, 2020 USD ($)	Mar. 03, 2017 facility
IBAMA allegations
Loss Contingencies
Proposed fine \| $	$ 300,000
IRS investigation
Loss Contingencies
Number of facilities served search and seizure warrants \| facility		3

Segment Information (Details)	12 Months Ended
Segment Information (Details)	Dec. 31, 2023 group_president segment dealer
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 Subsegments
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 segment
Segment Reporting Information
Number of group presidents \| group_president	1
Number of smaller operating segments led by Group President \| group_president	1
Number of wholly-owned dealers involved in segment reallocation \| dealer	1

Segment Information - Disaggregation of Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Sales and revenue by geographic region
Total sales and revenues	$ 67,060	$ 59,427	$ 50,971
Intersegment Sales and Revenues
Sales and revenue by geographic region
Total sales and revenues	(5,427)	(5,163)	(4,403)
Operating Segments
Sales and revenue by geographic region
Total sales and revenues	67,060	59,427	50,971
Corporate Items and Eliminations
Sales and revenue by geographic region
Total sales and revenues	(749)	(448)	(413)
Corporate Reconciling Items and Eliminations
Sales and revenue by geographic region
Total sales and revenues	(6,176)	(5,611)	(4,816)
North America
Sales and revenue by geographic region
Total sales and revenues	34,606	27,981	22,023
North America \| Corporate Items and Eliminations
Sales and revenue by geographic region
Total sales and revenues	(480)	(234)	(242)
Latin America
Sales and revenue by geographic region
Total sales and revenues	6,665	6,738	5,086
Latin America \| Corporate Items and Eliminations
Sales and revenue by geographic region
Total sales and revenues	(80)	(79)	(51)
EAME
Sales and revenue by geographic region
Total sales and revenues	13,673	12,814	12,137
EAME \| Corporate Items and Eliminations
Sales and revenue by geographic region
Total sales and revenues	(88)	(52)	(36)
Asia/Pacific
Sales and revenue by geographic region
Total sales and revenues	12,116	11,894	11,725
Asia/Pacific \| Corporate Items and Eliminations
Sales and revenue by geographic region
Total sales and revenues	(101)	(83)	(84)
Segments Excluding All Other Segments \| Operating Segments Excluding Intersegment Eliminations
Sales and revenue by geographic region
Total sales and revenues	67,678	59,730	51,239
Segments Excluding All Other Segments \| Intersegment Sales and Revenues
Sales and revenue by geographic region
Total sales and revenues	5,109	4,858	4,037
Segments Excluding All Other Segments \| Operating Segments
Sales and revenue by geographic region
Total sales and revenues	72,787	64,588	55,276
Segments Excluding All Other Segments \| North America \| Operating Segments Excluding Intersegment Eliminations
Sales and revenue by geographic region
Total sales and revenues	35,021	28,151	22,209
Segments Excluding All Other Segments \| Latin America \| Operating Segments Excluding Intersegment Eliminations
Sales and revenue by geographic region
Total sales and revenues	6,746	6,815	5,135
Segments Excluding All Other Segments \| EAME \| Operating Segments Excluding Intersegment Eliminations
Sales and revenue by geographic region
Total sales and revenues	13,743	12,932	12,155
Segments Excluding All Other Segments \| Asia/Pacific \| Operating Segments Excluding Intersegment Eliminations
Sales and revenue by geographic region
Total sales and revenues	12,168	11,832	11,740
Construction Industries \| Operating Segments Excluding Intersegment Eliminations
Sales and revenue by geographic region
Total sales and revenues	27,294	25,127	21,994
Construction Industries \| Intersegment Sales and Revenues
Sales and revenue by geographic region
Total sales and revenues	124	142	112
Construction Industries \| Operating Segments
Sales and revenue by geographic region
Total sales and revenues	27,418	25,269	22,106
Construction Industries \| North America \| Operating Segments Excluding Intersegment Eliminations
Sales and revenue by geographic region
Total sales and revenues	15,343	12,367	9,676
Construction Industries \| Latin America \| Operating Segments Excluding Intersegment Eliminations
Sales and revenue by geographic region
Total sales and revenues	2,307	2,843	1,913
Construction Industries \| EAME \| Operating Segments Excluding Intersegment Eliminations
Sales and revenue by geographic region
Total sales and revenues	5,254	5,099	4,858
Construction Industries \| Asia/Pacific \| Operating Segments Excluding Intersegment Eliminations
Sales and revenue by geographic region
Total sales and revenues	4,390	4,818	5,547
Resource Industries \| Operating Segments Excluding Intersegment Eliminations
Sales and revenue by geographic region
Total sales and revenues	13,244	12,013	9,502
Resource Industries \| Intersegment Sales and Revenues
Sales and revenue by geographic region
Total sales and revenues	339	301	308
Resource Industries \| Operating Segments
Sales and revenue by geographic region
Total sales and revenues	13,583	12,314	9,810
Resource Industries \| North America \| Operating Segments Excluding Intersegment Eliminations
Sales and revenue by geographic region
Total sales and revenues	5,256	4,531	2,987
Resource Industries \| Latin America \| Operating Segments Excluding Intersegment Eliminations
Sales and revenue by geographic region
Total sales and revenues	2,040	1,840	1,724
Resource Industries \| EAME \| Operating Segments Excluding Intersegment Eliminations
Sales and revenue by geographic region
Total sales and revenues	2,069	2,205	1,987
Resource Industries \| Asia/Pacific \| Operating Segments Excluding Intersegment Eliminations
Sales and revenue by geographic region
Total sales and revenues	3,879	3,437	2,804
Energy & Transportation
Sales and revenue by geographic region
Total sales and revenues	23,355	19,337	16,670
Energy & Transportation \| Operating Segments Excluding Intersegment Eliminations
Sales and revenue by geographic region
Total sales and revenues	23,355	19,337	16,670
Energy & Transportation \| Intersegment Sales and Revenues
Sales and revenue by geographic region
Total sales and revenues	4,646	4,415	3,617
Energy & Transportation \| Operating Segments
Sales and revenue by geographic region
Total sales and revenues	28,001	23,752	20,287
Energy & Transportation \| North America \| Operating Segments Excluding Intersegment Eliminations
Sales and revenue by geographic region
Total sales and revenues	11,982	9,175	7,611
Energy & Transportation \| Latin America \| Operating Segments Excluding Intersegment Eliminations
Sales and revenue by geographic region
Total sales and revenues	1,983	1,784	1,233
Energy & Transportation \| EAME \| Operating Segments Excluding Intersegment Eliminations
Sales and revenue by geographic region
Total sales and revenues	5,929	5,232	4,908
Energy & Transportation \| Asia/Pacific \| Operating Segments Excluding Intersegment Eliminations
Sales and revenue by geographic region
Total sales and revenues	3,461	3,146	2,918
Financial Products Segment \| Related Party
Sales and revenue by geographic region
Total sales and revenues	690	478	351
Financial Products Segment \| Operating Segments Excluding Intersegment Eliminations
Sales and revenue by geographic region
Total sales and revenues	3,785	3,253	3,073
Financial Products Segment \| Intersegment Sales and Revenues
Sales and revenue by geographic region
Total sales and revenues	0	0	0
Financial Products Segment \| Operating Segments
Sales and revenue by geographic region
Total sales and revenues	3,785	3,253	3,073
Financial Products Segment \| North America \| Operating Segments Excluding Intersegment Eliminations
Sales and revenue by geographic region
Total sales and revenues	2,440	2,078	1,935
Financial Products Segment \| Latin America \| Operating Segments Excluding Intersegment Eliminations
Sales and revenue by geographic region
Total sales and revenues	416	348	265
Financial Products Segment \| EAME \| Operating Segments Excluding Intersegment Eliminations
Sales and revenue by geographic region
Total sales and revenues	491	396	402
Financial Products Segment \| Asia/Pacific \| Operating Segments Excluding Intersegment Eliminations
Sales and revenue by geographic region
Total sales and revenues	438	431	471
Other Segments \| Operating Segments Excluding Intersegment Eliminations
Sales and revenue by geographic region
Total sales and revenues	131	145	145
Other Segments \| Intersegment Sales and Revenues
Sales and revenue by geographic region
Total sales and revenues	318	305	366
Other Segments \| Operating Segments
Sales and revenue by geographic region
Total sales and revenues	449	450	511
Other Segments \| North America \| Operating Segments Excluding Intersegment Eliminations
Sales and revenue by geographic region
Total sales and revenues	65	64	56
Other Segments \| Latin America \| Operating Segments Excluding Intersegment Eliminations
Sales and revenue by geographic region
Total sales and revenues	(1)	2	2
Other Segments \| EAME \| Operating Segments Excluding Intersegment Eliminations
Sales and revenue by geographic region
Total sales and revenues	18	(66)	18
Other Segments \| Asia/Pacific \| Operating Segments Excluding Intersegment Eliminations
Sales and revenue by geographic region
Total sales and revenues	$ 49	$ 145	$ 69

Segment Information - Energy & Transportation Sales (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Energy and transportation sales
Total sales and revenues	$ 67,060	$ 59,427	$ 50,971
Energy & Transportation
Energy and transportation sales
Total sales and revenues	23,355	19,337	16,670
Energy & Transportation \| Oil and gas
Energy and transportation sales
Total sales and revenues	6,988	5,330	4,460
Energy & Transportation \| Power generation
Energy and transportation sales
Total sales and revenues	6,362	4,940	4,292
Energy & Transportation \| Industrial
Energy and transportation sales
Total sales and revenues	4,871	4,426	3,612
Energy & Transportation \| Transportation
Energy and transportation sales
Total sales and revenues	$ 5,134	$ 4,641	$ 4,306

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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Segment Information - Reconciliations of Consolidated Profit Before Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Consolidated profit (loss) before taxes
Consolidated profit before tax	$ 13,050	$ 8,752	$ 8,204
Operating Segments \| Reportable Subsegments
Reconciliation of Consolidated profit (loss) before taxes
Consolidated profit before tax	15,654	10,743	8,673
Operating Segments \| Reportable Subsegments \| Construction Industries
Reconciliation of Consolidated profit (loss) before taxes
Consolidated profit before tax	6,975	4,743	3,732
Operating Segments \| Reportable Subsegments \| Resource Industries
Reconciliation of Consolidated profit (loss) before taxes
Consolidated profit before tax	2,834	1,827	1,229
Operating Segments \| Reportable Subsegments \| Energy & Transportation
Reconciliation of Consolidated profit (loss) before taxes
Consolidated profit before tax	4,936	3,309	2,804
Operating Segments \| Reportable Subsegments \| Financial Products Segment
Reconciliation of Consolidated profit (loss) before taxes
Consolidated profit before tax	909	864	908
Operating Segments \| All Other operating segment
Reconciliation of Consolidated profit (loss) before taxes
Consolidated profit before tax	18	(11)	(14)
Intersegment Sales and Revenues \| Cost centers
Reconciliation of Consolidated profit (loss) before taxes
Consolidated profit before tax	(7)	(13)	(4)
Intersegment Sales and Revenues \| Corporate costs
Reconciliation of Consolidated profit (loss) before taxes
Consolidated profit before tax	(913)	(751)	(699)
Intersegment Sales and Revenues \| Timing
Reconciliation of Consolidated profit (loss) before taxes
Consolidated profit before tax	(30)	(309)	(263)
Intersegment Sales and Revenues \| Restructuring costs
Reconciliation of Consolidated profit (loss) before taxes
Consolidated profit before tax	(780)	(299)	(90)
Intersegment Sales and Revenues \| Inventory/cost of sales
Reconciliation of Consolidated profit (loss) before taxes
Consolidated profit before tax	160	413	122
Intersegment Sales and Revenues \| Postretirement benefit income (expense)
Reconciliation of Consolidated profit (loss) before taxes
Consolidated profit before tax	(65)	916	1,171
Intersegment Sales and Revenues \| Stock-based compensation expense
Reconciliation of Consolidated profit (loss) before taxes
Consolidated profit before tax	(208)	(193)	(199)
Intersegment Sales and Revenues \| Financing costs
Reconciliation of Consolidated profit (loss) before taxes
Consolidated profit before tax	(91)	(331)	(449)
Intersegment Sales and Revenues \| Currency
Reconciliation of Consolidated profit (loss) before taxes
Consolidated profit before tax	6	23	258
Intersegment Sales and Revenues \| Goodwill impairment charge
Reconciliation of Consolidated profit (loss) before taxes
Consolidated profit before tax	0	(925)	0
Intersegment Sales and Revenues \| Other income/expense methodology differences
Reconciliation of Consolidated profit (loss) before taxes
Consolidated profit before tax	(624)	(409)	(267)
Intersegment Sales and Revenues \| Other methodology differences
Reconciliation of Consolidated profit (loss) before taxes
Consolidated profit before tax	$ (70)	$ (102)	$ (35)

Segment Information - Reconciliation of Assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of assets
Segment assets	$ 87,476	$ 81,943
Operating Segments \| Reportable Subsegments
Reconciliation of assets
Segment assets	57,366	54,667
Operating Segments \| Reportable Subsegments \| Construction Industries
Reconciliation of assets
Segment assets	5,384	5,168
Operating Segments \| Reportable Subsegments \| Resource Industries
Reconciliation of assets
Segment assets	5,742	5,775
Operating Segments \| Reportable Subsegments \| Energy & Transportation
Reconciliation of assets
Segment assets	10,555	9,455
Operating Segments \| Reportable Subsegments \| Financial Products Segment
Reconciliation of assets
Segment assets	35,685	34,269
Operating Segments \| All Other operating segment
Reconciliation of assets
Segment assets	1,890	1,828
Intersegment Sales and Revenues
Reconciliation of assets
Inventory methodology differences	(3,169)	(3,063)
Intersegment Sales and Revenues \| Cash and cash equivalents
Reconciliation of assets
Segment assets	6,106	6,042
Intersegment Sales and Revenues \| Deferred income taxes
Reconciliation of assets
Segment assets	2,668	2,098
Intersegment Sales and Revenues \| Goodwill and intangible assets
Reconciliation of assets
Segment assets	4,452	4,248
Intersegment Sales and Revenues \| Property, plant and equipment – net and other assets
Reconciliation of assets
Segment assets	6,548	4,234
Intersegment Sales and Revenues \| Liabilities included in segment assets
Reconciliation of assets
Segment assets	11,781	12,519
Intersegment Sales and Revenues \| Other
Reconciliation of assets
Segment assets	$ (166)	$ (630)

Segment Information - Reconciliations of Depreciation and Amortization (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Depreciation and amortization:
Depreciation and amortization	$ 2,144	$ 2,219	$ 2,352
Operating Segments \| Reportable Subsegments
Reconciliation of Depreciation and amortization:
Depreciation and amortization	1,805	1,880	1,983
Operating Segments \| Reportable Subsegments \| Construction Industries
Reconciliation of Depreciation and amortization:
Depreciation and amortization	221	231	237
Operating Segments \| Reportable Subsegments \| Resource Industries
Reconciliation of Depreciation and amortization:
Depreciation and amortization	302	368	403
Operating Segments \| Reportable Subsegments \| Energy & Transportation
Reconciliation of Depreciation and amortization:
Depreciation and amortization	551	547	571
Operating Segments \| Reportable Subsegments \| Financial Products Segment
Reconciliation of Depreciation and amortization:
Depreciation and amortization	731	734	772
Intersegment Sales and Revenues \| All Other operating segment
Reconciliation of Depreciation and amortization:
Depreciation and amortization	236	229	243
Intersegment Sales and Revenues \| Cost centers
Reconciliation of Depreciation and amortization:
Depreciation and amortization	91	84	98
Intersegment Sales and Revenues \| Other
Reconciliation of Depreciation and amortization:
Depreciation and amortization	$ 12	$ 26	$ 28

Segment Information - Reconciliations of Capital Expenditures (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Capital expenditures:
Capital expenditures	$ 3,092	$ 2,599	$ 2,472
Operating Segments \| Reportable Subsegments
Reconciliation of Capital expenditures:
Capital expenditures	2,864	2,405	2,299
Operating Segments \| Reportable Subsegments \| Construction Industries
Reconciliation of Capital expenditures:
Capital expenditures	376	271	255
Operating Segments \| Reportable Subsegments \| Resource Industries
Reconciliation of Capital expenditures:
Capital expenditures	245	237	199
Operating Segments \| Reportable Subsegments \| Energy & Transportation
Reconciliation of Capital expenditures:
Capital expenditures	944	756	627
Operating Segments \| Reportable Subsegments \| Financial Products Segment
Reconciliation of Capital expenditures:
Capital expenditures	1,299	1,141	1,218
Intersegment Sales and Revenues \| All Other operating segment
Reconciliation of Capital expenditures:
Capital expenditures	260	219	182
Intersegment Sales and Revenues \| Cost centers
Reconciliation of Capital expenditures:
Capital expenditures	102	76	56
Intersegment Sales and Revenues \| Timing
Reconciliation of Capital expenditures:
Capital expenditures	(44)	(54)	(74)
Intersegment Sales and Revenues \| Other
Reconciliation of Capital expenditures:
Capital expenditures	$ (90)	$ (47)	$ 9

Segment Information - Information about geographic areas (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information
Total sales and revenues	$ 67,060	$ 59,427	$ 50,971
Property, plant and equipment - net	12,680	12,028
Inside United States
Segment Reporting Information
Total sales and revenues	31,053	24,368	19,298
Property, plant and equipment - net	7,658	7,042
Outside United States
Segment Reporting Information
Total sales and revenues	36,007	35,059	$ 31,673
Property, plant and equipment - net	$ 5,022	$ 4,986

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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