CATERPILLAR FINANCIAL SERVICES CORP, 10-Q filed on 5/6/2026
Quarterly Report
v3.26.1
Cover Page - shares
 3 Months Ended
Mar. 31, 2026
May 06, 2026
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
Document Transition Report false  
Entity File Number 001-11241  
Entity Registrant Name CATERPILLAR FINANCIAL SERVICES CORPORATION  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 37-1105865  
Entity Address, Address Line One 2120 West End Ave.  
Entity Address, City or Town Nashville  
Entity Address, State or Province TN  
Entity Address, Postal Zip Code 37203-0001  
City Area Code 615  
Local Phone Number 341-1000  
Title of 12(b) Security Medium-Term Notes, Series K,4.850% Notes Due 2029  
Trading Symbol CAT/29  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   1
Entity Central Index Key 0000764764  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Amendment Flag false  
v3.26.1
Consolidated Statements of Profit - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenues:    
Retail finance $ 487 $ 441
Operating lease 238 228
Wholesale finance 178 153
Other, net 44 38
Total revenues 947 860
Expenses:    
Interest 356 325
Depreciation on equipment leased to others 180 173
General, operating and administrative 173 151
Provision for credit losses 29 29
Other 10 5
Total expenses 748 683
Other income (expense) (4) (3)
Profit before income taxes 195 174
Provision for income taxes 51 44
Profit of consolidated companies 144 130
Less: Profit attributable to noncontrolling interests 0 0
Profit attributable to Caterpillar Financial Services Corporation $ 144 $ 130
v3.26.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Profit of consolidated companies $ 144 $ 130
Other comprehensive income (loss), net of tax (Note 5):    
Foreign currency translation (21) 88
Derivative financial instruments 12 (12)
Total other comprehensive income (loss), net of tax (9) 76
Comprehensive income 135 206
Less: Comprehensive income (loss) attributable to noncontrolling interests 0 0
Comprehensive income attributable to Caterpillar Financial Services Corporation $ 135 $ 206
v3.26.1
Consolidated Statements of Financial Position - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Assets:    
Cash and cash equivalents $ 659 $ 533
Finance receivables, net of allowance for credit losses of $283 and $284 32,638 32,815
Notes receivable from Caterpillar 701 663
Equipment on operating leases, net 2,892 2,927
Other assets 1,273 1,375
Total assets 38,163 38,313
Liabilities and shareholder’s equity:    
Payable to dealers and others 110 106
Payable to Caterpillar - borrowings and other 1,213 1,172
Accrued expenses 502 553
Short-term borrowings 4,729 5,514
Current maturities of long-term debt 7,660 7,085
Long-term debt 19,971 20,018
Other liabilities 616 638
Total liabilities 34,801 35,086
Commitments and contingent liabilities (Note 7)
Common stock - $1 par value Authorized: 2,000 shares; Issued and outstanding: one share (at paid-in amount) 745 745
Additional paid-in capital 2 2
Retained earnings 3,496 3,352
Accumulated other comprehensive income (loss) (947) (938)
Noncontrolling interests 66 66
Total shareholder’s equity 3,362 3,227
Total liabilities and shareholder’s equity $ 38,163 $ 38,313
v3.26.1
Consolidated Statements of Financial Position (Parentheticals) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Statement of Financial Position [Abstract]    
Allowance for credit losses $ 283 $ 284
Shareholder's Equity:    
Common stock, par value (dollars per share) $ 1 $ 1
Common stock, authorized (in shares) 2,000 2,000
Common stock, issued (in shares) 1 1
Common stock, outstanding (in shares) 1 1
v3.26.1
Consolidated Statements of Changes in Shareholder's Equity - USD ($)
$ in Millions
Total
Common stock
Additional paid-in capital
Retained earnings
Accumulated other comprehensive income (loss)
Noncontrolling interests
Balance at Dec. 31, 2024 $ 2,890 $ 745 $ 2 $ 3,300 $ (1,232) $ 75
Increase (Decrease) in Shareholder's Equity [Roll Forward]            
Profit of consolidated companies 130     130    
Foreign currency translation, net of tax 88       88  
Derivative financial instruments, net of tax (12)       (12)  
Balance at Mar. 31, 2025 3,096 745 2 3,430 (1,156) 75
Balance at Dec. 31, 2025 3,227 745 2 3,352 (938) 66
Increase (Decrease) in Shareholder's Equity [Roll Forward]            
Profit of consolidated companies 144     144    
Foreign currency translation, net of tax (21)       (21)  
Derivative financial instruments, net of tax 12       12  
Balance at Mar. 31, 2026 $ 3,362 $ 745 $ 2 $ 3,496 $ (947) $ 66
v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Profit of consolidated companies $ 144 $ 130
Adjustments to reconcile profit to net cash provided by operating activities:    
Depreciation and amortization 186 177
Accretion of Caterpillar purchased receivable revenue (156) (134)
Provision for credit losses 29 29
Provision (benefit) for deferred income taxes (14) (4)
Other, net 23 (12)
Changes in assets and liabilities:    
Other assets 3 21
Payable to dealers and others 14 43
Accrued expenses (53) (24)
Other payables with Caterpillar 36 16
Other liabilities 17 1
Net cash provided by operating activities 229 243
Cash flows from investing activities:    
Expenditures for equipment on operating leases (255) (159)
Other capital expenditures (10) (11)
Proceeds from disposals of equipment 166 132
Additions to finance receivables (4,452) (3,544)
Collections of finance receivables 4,468 3,464
Net changes in Caterpillar purchased receivables 217 (3)
Proceeds from sales of receivables 13 7
Net change in variable lending to Caterpillar (55) (46)
Collections of notes receivable from Caterpillar 17 15
Settlements of undesignated derivatives (111) 33
Net cash provided by (used for) investing activities (2) (112)
Cash flows from financing activities:    
Net change in variable lending from Caterpillar 2 0
Proceeds from debt issued (original maturities greater than three months) 3,908 2,633
Payments on debt issued (original maturities greater than three months) (3,212) (1,770)
Short-term borrowings, net (original maturities three months or less) (808) (934)
Net cash provided by (used for) financing activities (110) (71)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 8 7
Increase (decrease) in cash, cash equivalents and restricted cash 125 67
Cash, cash equivalents and restricted cash at beginning of year [1] 536 600
Cash, cash equivalents and restricted cash at end of period [1] $ 661 $ 667
[1] As of March 31, 2026 and December 31, 2025, restricted cash, which is included in Other assets in the Consolidated Statements of Financial Position, was $2 million and $3 million, respectively. Restricted cash primarily includes cash related to syndication activities.
v3.26.1
Consolidated Statements of Cash Flows (Parentheticals) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Statement of Cash Flows [Abstract]    
Restricted cash and cash equivalents $ 2 $ 3
v3.26.1
Basis of Presentation
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation Basis of Presentation
In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of (a) the consolidated profit for the three months ended March 31, 2026 and 2025, (b) the consolidated comprehensive income for the three months ended March 31, 2026 and 2025, (c) the consolidated financial position at March 31, 2026 and December 31, 2025, (d) the consolidated changes in shareholder’s equity for the three months ended March 31, 2026 and 2025 and (e) the consolidated cash flows for the three months ended March 31, 2026 and 2025. The preparation of financial statements, in conformity with generally accepted accounting principles and pursuant to the rules and regulations of the Securities and Exchange Commission (SEC), requires management to make estimates and assumptions that affect the reported amounts. Significant estimates include residual values for leased assets, allowance for credit losses and income taxes. Actual results may differ from these estimates.

Interim results are not necessarily indicative of results for a full year. The information included in this Form 10-Q should be read in conjunction with the audited consolidated financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2025 (2025 Form 10-K). The December 31, 2025 financial position data included herein was derived from the audited consolidated financial statements included in the 2025 Form 10-K but does not include all disclosures required by generally accepted accounting principles.

The accompanying consolidated financial statements include the accounts of Cat Financial and a consolidated variable interest entity (VIE). We consolidate all VIEs where we are the primary beneficiary. For VIEs, we assess whether we are the primary beneficiary as prescribed by the accounting guidance on the consolidation of VIEs. Please refer to Note 7 for more information.

We have 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.
v3.26.1
New Accounting Pronouncements
 3 Months Ended
Mar. 31, 2026
Accounting Standards Update and Change in Accounting Principle [Abstract]  
New Accounting Pronouncements New Accounting Pronouncements
A.Adoption of New Accounting Standards

We consider the applicability and impact of all Accounting Standards Updates (ASUs). We determined that the ASUs effective January 1, 2026 were either not applicable or did not have a material impact on our financial statements.

B.    Accounting Standards Issued But Not Yet Adopted

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

Internal-use software costs (ASU 2025-06) - In September 2025, the FASB issued accounting guidance to modernize the accounting for internal-use software costs. Under this guidance, capitalization for internal-use software costs begins when management has authorized and committed to funding the project and it is probable the project will be completed, and the software will be used to perform the intended function. This guidance is effective January 1, 2028, with early adoption permitted, and can be applied on a prospective basis, a modified basis for in-process projects, or a retrospective basis. We are in the process of evaluating the effect of this new guidance on our financial statements.

All other ASUs issued but not yet adopted were assessed, and we determined that they either were not applicable or were not expected to have a material impact on our financial statements.
v3.26.1
Finance Receivables
 3 Months Ended
Mar. 31, 2026
Receivables [Abstract]  
Finance Receivables Finance Receivables
A summary of finance receivables included in the Consolidated Statements of Financial Position was as follows:
(Millions of dollars)March 31,
2026		December 31,
2025
Retail loans(1)
$19,311 $19,218 
Retail finance leases6,639 6,870 
Caterpillar purchased receivables5,489 5,500 
Wholesale loans(1)
1,482 1,511 
Total finance receivables32,921 33,099 
Less: Allowance for credit losses(283)(284)
Total finance receivables, net$32,638 $32,815 
(1)    Includes failed sale leasebacks.

Finance leases
Leases classified as sales-type or direct financing are reported as finance leases. Revenues from finance leases were $120 million and $112 million for the three months ended March 31, 2026 and 2025, respectively, and are included in retail and wholesale finance revenues in the Consolidated Statements of Profit.

A.Allowance for credit losses 

Portfolio segments
A portfolio segment is the level at which we develop a systematic methodology for determining our allowance for credit losses. Our portfolio segments and related methods for estimating expected credit losses are as follows:

Customer
We provide 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. We also provide financing for power generation facilities that incorporate Caterpillar products. The average original term of our customer finance receivables portfolio was approximately 51 months with an average remaining term of approximately 28 months as of March 31, 2026.

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

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

During the three months ended March 31, 2026, our forecasts reflected a continuation of global market uncertainty and actions by global central banks aimed at balancing economic growth and managing inflation. We believe the economic forecasts employed represent reasonable and supportable forecasts, followed by a reversion to long-term trends.

Dealer
We provide financing to Caterpillar dealers on a secured and unsecured basis in the form of wholesale financing plans and retail loans. Our wholesale financing plans provide financing to dealers for their new Caterpillar equipment inventory and rental fleets. The retail loans to dealers are primarily for working capital.
    
We estimate 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, our Dealer portfolio segment has not historically experienced large increases or decreases in credit losses based on changes in economic conditions due to our close working relationships with the dealers and their financial strength. Therefore, we made no adjustments to historical loss rates during the three months ended March 31, 2026.
Caterpillar Purchased Receivables
We purchase receivables from Caterpillar, primarily related to the sale of equipment and parts to dealers. Caterpillar purchased receivables are non-interest-bearing short-term trade receivables that are purchased at a discount.

We estimate the allowance for credit losses for Caterpillar purchased receivables based on historical loss rates with consideration of current economic conditions and reasonable and supportable forecasts.

In general, our Caterpillar Purchased Receivables portfolio segment has not historically experienced large increases or decreases in credit losses based on changes in economic conditions due to the short-term maturities of the receivables, our close working relationships with the dealers and their financial strength. Therefore, we made no adjustments to historical loss rates during the three months ended March 31, 2026.

Classes of finance receivables
We further evaluate our 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. Our classes, which align with management reporting for credit losses, are as follows:

•North America - Finance receivables originated in the United States and Canada.
•EAME - Finance receivables originated in Europe, Africa, the Middle East and Eurasia.
•Asia/Pacific - Finance receivables originated in Australia, New Zealand, China, Japan, Southeast Asia and India.
•Latin America - Finance receivables originated in Mexico and Central and South American countries.
•Mining - Finance receivables originated worldwide related to large mining customers.
•Power - Finance receivables originated worldwide related to large power customers of Caterpillar electrical power generation, gas compression and co-generation systems and non-Caterpillar equipment that is powered by these systems.
An analysis of the allowance for credit losses was as follows:
(Millions of dollars)Three Months Ended March 31, 2026Three Months Ended March 31, 2025
CustomerDealerCaterpillar
Purchased
Receivables		TotalCustomerDealerCaterpillar
Purchased
Receivables		Total
Beginning Balance$273 $4 $7 $284 $258 $4 $5 $267 
Write-offs(42)— — (42)(30)— — (30)
Recoveries13 — — 13 10 — — 10 
Provision for credit losses(1)
29 — (1)28 33 — — 33 
Other— — — — 2 — — 2 
Ending Balance$273 $4 $6 $283 $273 $4 $5 $282 
Finance Receivables$24,448 $2,984 $5,489 $32,921 $22,701 $2,504 $4,477 $29,682 
(1)    Excludes provision for credit losses on unfunded commitments and other miscellaneous receivables.
Gross write-offs by origination year for our Customer portfolio segment were as follows:
(Millions of dollars)Three Months Ended March 31, 2026
20262025202420232022PriorRevolving Finance ReceivablesTotal
North America$— $3 $8 $6 $2 $2 $3 $24 
EAME— 1 1 1 — 1 — 4 
Asia/Pacific— 3 1 1 — — — 5 
Latin America— 1 2 1 1 — — 5 
Mining— 4 — — — — — 4 
Total$— $12 $12 $9 $3 $3 $3 $42 
Three Months Ended March 31, 2025
20252024202320222021PriorRevolving Finance ReceivablesTotal
North America$— $2 $5 $4 $2 $1 $2 $16 
EAME— 1 1 1 — — — 3 
Asia/Pacific— — 1 — 1 — — 2 
Latin America— — 1 1 — 1 — 3 
Mining— 3 1 1 — — — 5 
Power— — — — — 1 — 1 
Total$— $6 $9 $7 $3 $3 $2 $30 

B.Credit quality of finance receivables

At origination, we evaluate 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, we monitor 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, we consider the entire finance receivable past due when any installment is over 30 days past due.
Customer
The aging analysis of our Customer portfolio segment by origination year was as follows:
(Millions of dollars)March 31, 2026
20262025202420232022PriorRevolving Finance ReceivablesTotal Finance Receivables
North America
Current$1,389 $5,117 $3,264 $1,582 $589 $219 $524 $12,684 
31-60 days past due2 34 33 24 11 4 3 111 
61-90 days past due— 11 10 6 5 1 2 35 
91+ days past due— 18 36 27 18 8 2 109 
EAME
Current283 1,381 829 528 261 113 — 3,395 
31-60 days past due1 14 11 8 3 2 — 39 
61-90 days past due— 8 7 5 3 2 — 25 
91+ days past due— 8 12 14 9 4 — 47 
Asia/Pacific
Current319 1,045 597 320 107 29 53 2,470 
31-60 days past due— 8 7 3 2 1 — 21 
61-90 days past due— 2 5 1 1 — — 9 
91+ days past due— 3 2 2 1 — — 8 
Latin America
Current228 867 440 181 77 12 4 1,809 
31-60 days past due— 7 7 4 2 — — 20 
61-90 days past due— 2 4 1 1 — — 8 
91+ days past due— 3 10 7 4 1 — 25 
Mining
Current257 904 737 440 244 132 22 2,736 
31-60 days past due— 1 — 1 — 1 — 3 
61-90 days past due— — 1 — — — — 1 
91+ days past due— — — — — — — — 
Power
Current75 243 271 152 54 22 76 893 
31-60 days past due— — — — — — — — 
61-90 days past due— — — — — — — — 
91+ days past due— — — — — — — — 
Totals by Aging Category
Current2,551 9,557 6,138 3,203 1,332 527 679 23,987 
31-60 days past due3 64 58 40 18 8 3 194 
61-90 days past due— 23 27 13 10 3 2 78 
91+ days past due— 32 60 50 32 13 2 189 
Total$2,554 $9,676 $6,283 $3,306 $1,392 $551 $686 $24,448 
(Millions of dollars)December 31, 2025
20252024202320222021PriorRevolving
Finance
Receivables		Total
Finance
Receivables
North America
Current$5,531 $3,634 $1,845 $743 $318 $20 $510 $12,601 
31-60 days past due30 42 28 18 6 1 4 129 
61-90 days past due11 14 10 5 3 — 2 45 
91+ days past due11 34 29 20 8 3 1 106 
EAME
Current1,560 938 614 316 114 44 — 3,586 
31-60 days past due5 12 6 6 2 — — 31 
61-90 days past due3 5 3 2 1 — — 14 
91+ days past due5 9 12 6 3 2 — 37 
Asia/Pacific
Current1,175 691 380 137 42 3 50 2,478 
31-60 days past due5 8 3 1 — — — 17 
61-90 days past due2 3 1 2 — — — 8 
91+ days past due1 1 2 2 — — — 6 
Latin America
Current984 511 212 96 15 1 4 1,823 
31-60 days past due3 6 5 3 — — — 17 
61-90 days past due2 2 2 1 — 1 — 8 
91+ days past due1 10 7 4 1 — — 23 
Mining
Current946 806 495 280 107 51 — 2,685 
31-60 days past due3 — — — — — — 3 
61-90 days past due— — — — — — — — 
91+ days past due1 1 8 — — — — 10 
Power
Current272 264 179 37 8 37 148 945 
31-60 days past due— — — — — — — — 
61-90 days past due— — — — — — — — 
91+ days past due— — — — — — — — 
Totals by Aging Category
Current10,468 6,844 3,725 1,609 604 156 712 24,118 
31-60 days past due46 68 42 28 8 1 4 197 
61-90 days past due18 24 16 10 4 1 2 75 
91+ days past due19 55 58 32 12 5 1 182 
Total$10,551 $6,991 $3,841 $1,679 $628 $163 $719 $24,572 

Dealer
As of March 31, 2026 and December 31, 2025, the total amortized cost of finance receivables within our Dealer portfolio segment was current.
Caterpillar Purchased Receivables
The aging analysis of our Caterpillar Purchased Receivables portfolio segment was as follows:
(Millions of dollars)March 31, 2026
 Current31-60
Days
Past Due		61-90
Days
Past Due		91+
Days
Past Due
Total Finance
Receivables
North America$3,270 $7 $5 $2 $3,284 
EAME1,127 1 — — 1,128 
Asia/Pacific705 3 — — 708 
Latin America353 1 — — 354 
Power13 2 — — 15 
Total$5,468 $14 $5 $2 $5,489 
December 31, 2025
Current31-60
Days
Past Due		61-90
Days
Past Due		91+
Days
Past Due		Total Finance
Receivables
North America$3,242 $9 $7 $5 $3,263 
EAME1,189 1 — — 1,190 
Asia/Pacific646 1 — — 647 
Latin America387 — — — 387 
Power11 2 — — 13 
Total$5,475 $13 $7 $5 $5,500 

Non-accrual finance receivables
In our Customer portfolio segment, finance receivables which were on non-accrual status and finance receivables over 90 days past due and still accruing income were as follows:
(Millions of dollars)March 31, 2026December 31, 2025
Amortized CostAmortized Cost
Non-accrual91+ Still
Accruing		Non-accrual91+ Still
Accruing
North America$104 $14 $90 $20 
EAME44 6 35 5 
Asia/Pacific6 3 4 2 
Latin America25 — 24 1 
Mining3 — 10 — 
Total$182 $23 $163 $28 
    
There were no finance receivables in our Dealer portfolio segment on non-accrual status as of March 31, 2026 and December 31, 2025.

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

During the three months ended March 31, 2026 and 2025, there were no finance receivable modifications granted to borrowers experiencing financial difficulty in our Dealer or Caterpillar Purchased Receivables portfolio segments.
The ending amortized cost of finance receivables modified with borrowers experiencing financial difficulty in our Customer portfolio segment was as follows:
(Millions of dollars)Three Months Ended
March 31,
20262025
Amortized cost of finance receivables modified$11 $6 
Modifications as a percentage of Customer portfolio0.04 %0.03 %

The financial effects of term extensions and payment delays for borrowers experiencing financial difficulty were as follows:
(In months)Three Months Ended
March 31,
20262025
Weighted average extension to term of modified contracts137
Weighted average payment deferral and/or interest only periods68

After we modify a finance receivable, we continue to track its performance under its most recent modified terms. Defaults of loans modified in the prior twelve months were not significant during the three months ended March 31, 2026 and 2025.

The effect of most modifications made to finance receivables for borrowers experiencing financial difficulty is already included in the allowance for credit losses based on the methodologies used to estimate the allowance; therefore, a change to the allowance for credit losses is generally not recorded upon modification. On rare occasions when principal forgiveness is provided, the amount forgiven is written off against the allowance for credit losses.
v3.26.1
Derivative Financial Instruments and Risk Management
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments and Risk Management Derivative Financial Instruments and Risk Management
Our earnings and cash flows are subject to fluctuations due to changes in foreign currency exchange rates and interest rates. Our Risk Management Policy allows for the use of derivative financial instruments to prudently manage foreign currency exchange rate and interest rate 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 and interest rate contracts. Our derivative activities are subject to the management, direction and control of our senior financial officers. We present at least annually to our Board of Directors and the Audit Committee of the Caterpillar Board of Directors on our risk management practices, including our use of derivative financial instruments.

We recognize all derivatives at their fair value in the Consolidated Statements of Financial Position. On the date the derivative contract is entered into, the derivative instrument is (1) designated as a hedge of the fair value of a recognized asset or liability (fair value hedge), (2) designated as a hedge of a forecasted transaction or the variability of cash flows (cash flow hedge) or (3) undesignated. We record in current earnings changes in the fair value of a derivative that is qualified, designated and highly effective as a fair value hedge, along with the gain or loss on the hedged recognized asset or liability that is attributable to the hedged risk. For foreign exchange contracts designated as fair value hedges, the interim settlements are excluded from the effectiveness assessment and are recognized under a systematic and rational method over the life of the hedging instrument within Interest expense. We record in Accumulated other comprehensive income (loss) (AOCI) changes in the fair value of a derivative that is qualified, designated and highly effective as a cash flow hedge, to the extent effective, in the Consolidated Statements of Financial Position until we reclassify them to earnings in the same period or periods during which the hedged transaction affects earnings. We report changes in the fair value of undesignated derivative instruments in current earnings. We classify cash flows from designated derivative financial instruments within the same category as the item being hedged in the Consolidated Statements of Cash Flows. We include cash flows from undesignated derivative financial instruments in the investing category in the Consolidated Statements of Cash Flows.
 
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 the Consolidated Statements of Financial Position and linking cash flow hedges to specific forecasted transactions or variability of cash flow.
We also formally assess, both at the hedge’s inception and on an ongoing basis, whether the designated derivatives that are used in hedging transactions are highly effective in offsetting changes in fair value or cash flow of hedged items. When a derivative is determined not to be highly effective as a hedge or the underlying hedged transaction is no longer probable, we discontinue hedge accounting prospectively, in accordance with the derecognition criteria for hedge accounting.

Foreign currency exchange rate risk
We have balance sheet positions and expected future transactions denominated in foreign currencies, thereby creating exposure to movements in exchange rates. In managing foreign currency risk, our objective is to minimize earnings volatility resulting from conversion and the remeasurement of net foreign currency balance sheet positions and future transactions denominated in foreign currencies. Our policy allows the use of foreign currency forward, option and cross currency contracts to offset the risk of currency mismatch between our assets and liabilities and exchange rate risk associated with future transactions denominated in foreign currencies. Our foreign currency forward and option contracts are primarily undesignated. We designate fixed-to-fixed cross currency contracts as cash flow hedges to protect against movements in exchange rates on foreign currency fixed-rate assets and liabilities. We designate float-to-float cross currency contracts as fair value hedges to protect against movements in exchange rates on floating-rate assets and liabilities.
 
Interest rate risk
Interest rate movements create a degree of risk by affecting the amount of our interest receipts and payments on our finance receivables and debt portfolios. Our practice is to use interest rate contracts to manage our exposure to interest rate changes.
 
We have a match-funding policy that addresses interest rate risk by aligning the interest rate profile (fixed or floating rate and duration) of our debt portfolio with the interest rate profile of our finance 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 finance 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. If we liquidate fixed-to-floating or floating-to-fixed interest rate contracts, we amortize any deferred gains or losses into earnings over the remaining term of the previously hedged item.

The location and fair value of derivative instruments reported in the Consolidated Statements of Financial Position were as follows:
(Millions of dollars)March 31, 2026December 31, 2025
Assets1
Liabilities2
Assets1
Liabilities2
Designated derivatives
Foreign exchange contracts$153 $(96)$229 $(94)
Interest rate contracts49 (4)54 (6)
Total$202 $(100)$283 $(100)
Undesignated derivatives
Foreign exchange contracts$62 $(41)$13 $(71)
Total$62 $(41)$13 $(71)
(1)    Assets are classified in the Consolidated Statements of Financial Position as Other assets.
(2)    Liabilities are classified in the Consolidated Statements of Financial Position as Accrued expenses.

The total notional amount of our derivative instruments was $18.60 billion and $18.21 billion as of March 31, 2026 and December 31, 2025, respectively. The notional amounts of derivative financial instruments do not represent amounts exchanged by the parties. We calculate the amounts exchanged by the parties by referencing the notional amounts and by other terms of the derivatives, such as foreign currency exchange rates and interest rates.
Gains (Losses) on derivative instruments were categorized as follows:
(Millions of dollars)Three Months Ended March 31,
Gains (Losses)
Recognized1
Gains (Losses)
Recognized in AOCI
Gains (Losses)
Reclassified from AOCI2
202620252026202520262025
Cash Flow Hedges
Foreign exchange contracts$— $— $(107)$(4)$(102)$8 
Interest rate contracts— — 21 (2)1 1 
Fair Value Hedges
Foreign exchange contracts— — (3)— (3)— 
Interest rate contracts4 (7)— — — — 
Undesignated Hedges
Foreign exchange contracts(27)(34)— — — — 
Total$(23)$(41)$(89)$(6)$(104)$9 
(1)    Foreign exchange contract gains (losses) are included in Other income (expense). Interest rate contract gains (losses) are included in Interest expense.
(2)    Foreign exchange contract gains (losses) are primarily included in Other income (expense). Interest rate contract gains (losses) are included in Interest expense.

Amounts recorded in the Consolidated Statements of Financial Position related to cumulative basis adjustments for fair value hedges were as follows:
(Millions of dollars)Carrying Value of
the Hedged Liabilities		Cumulative Amount of Fair Value
Hedging Adjustment Included in the
Carrying Value of the Hedged Liabilities
March 31, 2026December 31, 2025March 31, 2026December 31, 2025
Current maturities of long-term debt$1,103 $602 $4 $3 
Long-term debt3,326 3,351 26 51 
Total$4,429 $3,953 $30 $54 

As of March 31, 2026, $14 million of deferred net losses, net of tax, included in equity (AOCI in the Consolidated Statements of Financial Position), related to our cash flow hedges, are expected to be reclassified to earnings over the next twelve months. The actual amount recorded in earnings will vary based on interest rates and exchange rates at the time the hedged transactions impact earnings.

We enter into International Swaps and Derivatives Association master netting agreements that permit the net settlement of amounts owed under their respective derivative contracts. Under these master netting agreements, net settlement generally permits us or the counterparty to determine the net amount payable for contracts due on the same date and in the same currency for similar types of derivative transactions. The master netting agreements may also provide for net settlement of all outstanding contracts with a counterparty in the case of an event of default or a termination event. Our exposure to credit loss in the event of nonperformance by the counterparties is limited to only those gains that we have recorded, but for which we have not yet received cash payment.

Collateral is typically not required of the counterparties or us under the master netting agreements. As of March 31, 2026 and December 31, 2025, no cash collateral was received or pledged under the master netting agreements.
    
The effects of net settlement provisions of the master netting agreements on our derivative balances upon an event of default or a termination event were as follows:
(Millions of dollars)March 31, 2026December 31, 2025
AssetsLiabilitiesAssetsLiabilities
Gross amounts recognized$264 $(141)$296 $(171)
Financial instruments not offset(89)89 (100)100 
Net amount$175 $(52)$196 $(71)
v3.26.1
Accumulated Other Comprehensive Income (Loss)
 3 Months Ended
Mar. 31, 2026
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss)
 
We present comprehensive income (loss) and its components in the Consolidated Statements of Comprehensive Income. Changes in the balances for each component of AOCI were as follows:
(Millions of dollars)Three Months Ended
March 31,
20262025
Foreign currency translation
Balance at beginning of period$(928)$(1,256)
Gains (losses) on foreign currency translation(21)88 
Less: Tax provision/(benefit)— — 
Net gains (losses) on foreign currency translation(21)88 
Other comprehensive income (loss), net of tax(21)88 
Balance at end of period$(949)$(1,168)
Derivative financial instruments
Balance at beginning of period$(10)$24 
Gains (losses) deferred(89)(6)
Less: Tax provision/(benefit)(23)(1)
Net gains (losses) deferred(66)(5)
(Gains) losses reclassified to earnings104 (9)
Less: Tax (provision)/benefit26 (2)
Net (gains) losses reclassified to earnings78 (7)
Other comprehensive income (loss), net of tax12 (12)
Balance at end of period$2 $12 
Total Accumulated other comprehensive income (loss) at end of period$(947)$(1,156)
v3.26.1
Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
A.     Basis for Segment Information

Our executive office is comprised of our Chief Executive Officer (CEO), who is our Chief Operating Decision Maker (CODM) and five Vice Presidents. Each of our regional operating segments: North America, EAME, Asia/Pacific, and Latin America is led by a Vice President. The Mining and Power operating segments are led by one Vice President. Our CEO allocates resources and manages operating performance at the Vice President level.

B.    Description of Segments

Our operating segments provide financing alternatives to customers and dealers around the world for Caterpillar products and services and power generation facilities that incorporate Caterpillar products. Financing plans include operating and finance leases, revolving charge accounts, retail loans, working capital loans to Caterpillar dealers and wholesale financing plans within each of the operating segments. Certain operating segments also purchase short-term trade receivables from Caterpillar.

We have six operating segments that offer financing services. Following is a brief description of our segments:

•North America - Includes our operations in the United States and Canada.
•EAME - Includes our operations in Europe, Africa, the Middle East and Eurasia.
•Asia/Pacific - Includes our operations in Australia, New Zealand, China, Japan, Southeast Asia and India.
•Latin America - Includes our operations in Mexico and Central and South American countries.
•Mining - Provides financing worldwide for large mining customers.
•Power - Provides financing worldwide to large power customers of Caterpillar electrical power generation, gas compression and co-generation systems and non-Caterpillar equipment that is powered by these systems.

C.     Segment Measurement and Reconciliations

We determine segment profit on a pretax basis. Cash, debt and other expenses are allocated to our segments based on their respective portfolios. Interest expense is calculated based on the amount of allocated debt and the rates associated with that debt using a consistent leverage ratio.

Our CODM uses segment profit to evaluate the performance of each segment by monitoring key performance metrics to identify trends and evaluate which segments require additional resources or strategic adjustments. The CODM also uses segment profit to support the allocation of resources predominantly in the annual budget and forecasting process and monitors forecast-to-actual variances monthly.

Reconciling items are created based on accounting differences between segment reporting and consolidated external reporting. The following is a list of significant reconciling items:

•Unallocated - Corporate requirements and strategies that are considered to be for the benefit of the entire organization including notes receivable from Caterpillar. Also included are the consolidated results of the special-purpose corporation (SPC) (see Note 7 for additional information).
•Timing - Timing differences between segment reporting and consolidated external reporting.
•Methodology - Methodology differences between segment reporting and consolidated external reporting are as follows:
◦The impact of differences between the actual leverage and the segment leverage ratios.
◦Interest expense includes realized forward points on foreign currency forward contracts within segment reporting.
◦Segment results include off-balance sheet managed assets for which we maintain servicing responsibilities.
◦Designated derivative activity is excluded from segment results.
Supplemental segment data and reconciliations to consolidated external reporting for the three months ended March 31 were as follows:
(Millions of dollars)

 
2026
External revenuesInterest expenseDepreciation on equipment leased to othersGeneral, operating and administrative expensesProvision for credit losses
Other segment items(1)
Profit before income taxes
North America$554 $196 $131 $50 $21 $4 $152 
EAME103 32 13 22 2 2 32 
Asia/Pacific66 28 2 19 4 — 13 
Latin America95 50 2 16 2 1 24 
Mining97 29 32 12 4 — 20 
Power18 9 — 3 (4)— 10 
Total Segments933 344 180 122 29 7 251 
Unallocated19 140 — 56 — 3 (180)
Timing(5)— — (7)— — 2 
Methodology— (128)— 2 — 4 122 
Total$947 $356 $180 $173 $29 $14 $195 
2025External revenuesInterest expenseDepreciation on equipment leased to othersGeneral, operating and administrative expensesProvision for credit losses
Other segment items(1)
Profit before income taxes
North America$500 $170 $125 $48 $19 $3 $135 
EAME93 33 12 19 1 1 27 
Asia/Pacific62 24 1 17 1 — 19 
Latin America83 40 3 13 1 1 25 
Mining93 27 32 10 9 (1)16 
Power17 10 — 3 (2)— 6 
Total Segments848 304 173 110 29 4 228 
Unallocated17 126 — 44 — — (153)
Timing(5)— — (5)— — — 
Methodology— (105)— 2 — 4 99 
Total$860 $325 $173 $151 $29 $8 $174 
(1)    Other segment items are primarily costs related to repossessed and returned equipment.
(Millions of dollars)Assets as of
March 31, 2026December 31, 2025
North America$19,928 $19,738 
EAME5,362 5,638 
Asia/Pacific3,549 3,564 
Latin America2,908 2,921 
Mining3,423 3,325 
Power1,009 1,017 
Total Segments36,179 36,203 
Unallocated2,171 2,128 
Timing(1)32 
Methodology71 148 
Inter-segment Eliminations(1)
(257)(198)
Total$38,163 $38,313 
(1)    Eliminations are primarily related to intercompany loans.
(Millions of dollars)
Capital Expenditures(1)
Three Months Ended March 31,
20262025
North America$163 $134 
EAME13 14 
Asia/Pacific16 4 
Latin America4 1 
Mining59 6 
Total Segments255 159 
Unallocated10 11 
Total$265 $170 
(1)    Capital expenditures include expenditures for equipment on operating leases and other miscellaneous capital expenditures.
v3.26.1
Commitments and Contingent Liabilities
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingent Liabilities Commitments and Contingent Liabilities
 
Guarantees
We provide credit guarantees and residual value guarantees to third parties for financing and leasing associated with Caterpillar machinery. In addition, we provide standby letters of credit issued to third parties on behalf of our customers. These guarantees and standby letters of credit have varying terms.

No significant loss has been experienced or is anticipated under any of these guarantees. At March 31, 2026 and December 31, 2025, the related recorded liability was less than $1 million. The maximum potential amount of future payments (undiscounted and without reduction for any amounts that may possibly be recovered under recourse or collateralized provisions) we could be required to make under the guarantees was $24 million and $25 million at March 31, 2026 and December 31, 2025, respectively.

We provide guarantees to purchase certain loans of Caterpillar dealers from an SPC that qualifies as a VIE. We receive a fee for providing this guarantee. The purpose of the SPC is to provide short-term working capital loans to Caterpillar dealers. This SPC issues commercial paper and uses the proceeds to fund its loan program. We are the primary beneficiary of the SPC as our guarantees result in us 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 we have consolidated the financial statements of the SPC. As of March 31, 2026 and December 31, 2025, the SPC’s assets of $1.18 billion and $1.19 billion, respectively, were primarily comprised of loans to dealers, which are included in Finance receivables, net in the Consolidated Statements of Financial Position, and the SPC’s liabilities of $1.18 billion and $1.19 billion, respectively, were primarily comprised of commercial paper, which is included in Short-term borrowings in the Consolidated Statements of Financial Position. The assets of the SPC are not available to pay our creditors. We 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.

Litigation and claims
We are involved in unresolved legal actions that arise in the normal course of business. 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 our unresolved legal actions, we believe that these unresolved legal actions will neither individually nor in the aggregate have a material adverse effect on our consolidated results of operations, financial position or liquidity.
v3.26.1
Fair Value Disclosures
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Disclosures Fair Value DisclosuresFair 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 us) will not be fulfilled. For financial assets traded in an active market, the nonperformance risk is included in the market price. For certain other financial assets and liabilities, our fair value calculations have been adjusted accordingly.

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 forward 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.
 
Derivative financial instruments are measured on a recurring basis at fair value and are classified as Level 2 measurements. We had derivative financial instruments included in our Consolidated Statements of Financial Position in a net asset position of $123 million and $125 million as of March 31, 2026 and December 31, 2025, respectively. See Note 4 for additional information.
Fair Values of Financial Instruments
Cash and cash equivalents, restricted cash (included in Other assets in the Consolidated Statements of Financial Position) and Short-term borrowings are classified as Level 1 measurements and carrying amount approximates fair value. We use the following methods and assumptions to estimate the fair value of our financial instruments not carried at fair value:

•Finance receivables, net – We estimate fair value by discounting the future cash flows using current rates representative of receivables with similar remaining maturities. 
•Long-term debt – We estimate fair value for fixed and floating-rate debt based on quoted market prices.
Fair values of our financial instruments not carried at fair value were as follows:
(Millions of dollars)March 31, 2026December 31, 2025
 Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value		Fair
Value
Levels		Reference
Assets
Finance receivables, net (excluding finance leases(1))
$25,429 $24,924 $25,346 $25,012 3Note 3
Liabilities
Long-term debt$27,631 $27,611 $27,103 $27,204 2
(1)    Represents finance leases and failed sale leasebacks of $7.21 billion and $7.47 billion as of March 31, 2026 and December 31, 2025, respectively.

Certain loans are subject to measurement at fair value on a nonrecurring basis. These are loans for which the company has determined that collection of contractual amounts due is not probable. Generally, the fair value of these receivables is measured using the fair value of collateral less estimated selling costs. We had loans carried at fair value of $71 million and $63 million as of March 31, 2026 and December 31, 2025, respectively.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.1
Basis of Presentation (Policies)
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of (a) the consolidated profit for the three months ended March 31, 2026 and 2025, (b) the consolidated comprehensive income for the three months ended March 31, 2026 and 2025, (c) the consolidated financial position at March 31, 2026 and December 31, 2025, (d) the consolidated changes in shareholder’s equity for the three months ended March 31, 2026 and 2025 and (e) the consolidated cash flows for the three months ended March 31, 2026 and 2025. The preparation of financial statements, in conformity with generally accepted accounting principles and pursuant to the rules and regulations of the Securities and Exchange Commission (SEC), requires management to make estimates and assumptions that affect the reported amounts. Significant estimates include residual values for leased assets, allowance for credit losses and income taxes. Actual results may differ from these estimates.

Interim results are not necessarily indicative of results for a full year. The information included in this Form 10-Q should be read in conjunction with the audited consolidated financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2025 (2025 Form 10-K). The December 31, 2025 financial position data included herein was derived from the audited consolidated financial statements included in the 2025 Form 10-K but does not include all disclosures required by generally accepted accounting principles.

The accompanying consolidated financial statements include the accounts of Cat Financial and a consolidated variable interest entity (VIE). We consolidate all VIEs where we are the primary beneficiary. For VIEs, we assess whether we are the primary beneficiary as prescribed by the accounting guidance on the consolidation of VIEs. Please refer to Note 7 for more information.

We have 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.
Adoption of New Accounting Standards and Accounting Standards Issued But Not Yet Adopted Adoption of New Accounting Standards
We consider the applicability and impact of all Accounting Standards Updates (ASUs). We determined that the ASUs effective January 1, 2026 were either not applicable or did not have a material impact on our financial statements.

B.    Accounting Standards Issued But Not Yet Adopted

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

Internal-use software costs (ASU 2025-06) - In September 2025, the FASB issued accounting guidance to modernize the accounting for internal-use software costs. Under this guidance, capitalization for internal-use software costs begins when management has authorized and committed to funding the project and it is probable the project will be completed, and the software will be used to perform the intended function. This guidance is effective January 1, 2028, with early adoption permitted, and can be applied on a prospective basis, a modified basis for in-process projects, or a retrospective basis. We are in the process of evaluating the effect of this new guidance on our financial statements.

All other ASUs issued but not yet adopted were assessed, and we determined that they either were not applicable or were not expected to have a material impact on our financial statements.
Segments
A.     Basis for Segment Information

Our executive office is comprised of our Chief Executive Officer (CEO), who is our Chief Operating Decision Maker (CODM) and five Vice Presidents. Each of our regional operating segments: North America, EAME, Asia/Pacific, and Latin America is led by a Vice President. The Mining and Power operating segments are led by one Vice President. Our CEO allocates resources and manages operating performance at the Vice President level.

B.    Description of Segments

Our operating segments provide financing alternatives to customers and dealers around the world for Caterpillar products and services and power generation facilities that incorporate Caterpillar products. Financing plans include operating and finance leases, revolving charge accounts, retail loans, working capital loans to Caterpillar dealers and wholesale financing plans within each of the operating segments. Certain operating segments also purchase short-term trade receivables from Caterpillar.

We have six operating segments that offer financing services. Following is a brief description of our segments:

•North America - Includes our operations in the United States and Canada.
•EAME - Includes our operations in Europe, Africa, the Middle East and Eurasia.
•Asia/Pacific - Includes our operations in Australia, New Zealand, China, Japan, Southeast Asia and India.
•Latin America - Includes our operations in Mexico and Central and South American countries.
•Mining - Provides financing worldwide for large mining customers.
•Power - Provides financing worldwide to large power customers of Caterpillar electrical power generation, gas compression and co-generation systems and non-Caterpillar equipment that is powered by these systems.

C.     Segment Measurement and Reconciliations

We determine segment profit on a pretax basis. Cash, debt and other expenses are allocated to our segments based on their respective portfolios. Interest expense is calculated based on the amount of allocated debt and the rates associated with that debt using a consistent leverage ratio.

Our CODM uses segment profit to evaluate the performance of each segment by monitoring key performance metrics to identify trends and evaluate which segments require additional resources or strategic adjustments. The CODM also uses segment profit to support the allocation of resources predominantly in the annual budget and forecasting process and monitors forecast-to-actual variances monthly.

Reconciling items are created based on accounting differences between segment reporting and consolidated external reporting. The following is a list of significant reconciling items:

•Unallocated - Corporate requirements and strategies that are considered to be for the benefit of the entire organization including notes receivable from Caterpillar. Also included are the consolidated results of the special-purpose corporation (SPC) (see Note 7 for additional information).
•Timing - Timing differences between segment reporting and consolidated external reporting.
•Methodology - Methodology differences between segment reporting and consolidated external reporting are as follows:
◦The impact of differences between the actual leverage and the segment leverage ratios.
◦Interest expense includes realized forward points on foreign currency forward contracts within segment reporting.
◦Segment results include off-balance sheet managed assets for which we maintain servicing responsibilities.
◦Designated derivative activity is excluded from segment results.
Fair Value Measurements and Fair Value of Financial Instruments
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 us) will not be fulfilled. For financial assets traded in an active market, the nonperformance risk is included in the market price. For certain other financial assets and liabilities, our fair value calculations have been adjusted accordingly.

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 forward 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.
 
Derivative financial instruments are measured on a recurring basis at fair value and are classified as Level 2 measurements. We had derivative financial instruments included in our Consolidated Statements of Financial Position in a net asset position of $123 million and $125 million as of March 31, 2026 and December 31, 2025, respectively. See Note 4 for additional information.
Cash and cash equivalents, restricted cash (included in Other assets in the Consolidated Statements of Financial Position) and Short-term borrowings are classified as Level 1 measurements and carrying amount approximates fair value. We use the following methods and assumptions to estimate the fair value of our financial instruments not carried at fair value:

•Finance receivables, net – We estimate fair value by discounting the future cash flows using current rates representative of receivables with similar remaining maturities. 
•Long-term debt – We estimate fair value for fixed and floating-rate debt based on quoted market prices.
v3.26.1
Finance Receivables (Tables)
 3 Months Ended
Mar. 31, 2026
Receivables [Abstract]  
Summary of Finance Receivables Included in the Consolidated Statements of Financial Position
A summary of finance receivables included in the Consolidated Statements of Financial Position was as follows:
(Millions of dollars)March 31,
2026		December 31,
2025
Retail loans(1)
$19,311 $19,218 
Retail finance leases6,639 6,870 
Caterpillar purchased receivables5,489 5,500 
Wholesale loans(1)
1,482 1,511 
Total finance receivables32,921 33,099 
Less: Allowance for credit losses(283)(284)
Total finance receivables, net$32,638 $32,815 
(1)    Includes failed sale leasebacks.
Allowance for Credit Losses and Total Finance Receivables
An analysis of the allowance for credit losses was as follows:
(Millions of dollars)Three Months Ended March 31, 2026Three Months Ended March 31, 2025
CustomerDealerCaterpillar
Purchased
Receivables		TotalCustomerDealerCaterpillar
Purchased
Receivables		Total
Beginning Balance$273 $4 $7 $284 $258 $4 $5 $267 
Write-offs(42)— — (42)(30)— — (30)
Recoveries13 — — 13 10 — — 10 
Provision for credit losses(1)
29 — (1)28 33 — — 33 
Other— — — — 2 — — 2 
Ending Balance$273 $4 $6 $283 $273 $4 $5 $282 
Finance Receivables$24,448 $2,984 $5,489 $32,921 $22,701 $2,504 $4,477 $29,682 
(1)    Excludes provision for credit losses on unfunded commitments and other miscellaneous receivables.
Write-offs by Origination Year
Gross write-offs by origination year for our Customer portfolio segment were as follows:
(Millions of dollars)Three Months Ended March 31, 2026
20262025202420232022PriorRevolving Finance ReceivablesTotal
North America$— $3 $8 $6 $2 $2 $3 $24 
EAME— 1 1 1 — 1 — 4 
Asia/Pacific— 3 1 1 — — — 5 
Latin America— 1 2 1 1 — — 5 
Mining— 4 — — — — — 4 
Total$— $12 $12 $9 $3 $3 $3 $42 
Three Months Ended March 31, 2025
20252024202320222021PriorRevolving Finance ReceivablesTotal
North America$— $2 $5 $4 $2 $1 $2 $16 
EAME— 1 1 1 — — — 3 
Asia/Pacific— — 1 — 1 — — 2 
Latin America— — 1 1 — 1 — 3 
Mining— 3 1 1 — — — 5 
Power— — — — — 1 — 1 
Total$— $6 $9 $7 $3 $3 $2 $30 
Amortized Cost of Finance Receivables in the Customer Portfolio Segment by Origination Year
The aging analysis of our Customer portfolio segment by origination year was as follows:
(Millions of dollars)March 31, 2026
20262025202420232022PriorRevolving Finance ReceivablesTotal Finance Receivables
North America
Current$1,389 $5,117 $3,264 $1,582 $589 $219 $524 $12,684 
31-60 days past due2 34 33 24 11 4 3 111 
61-90 days past due— 11 10 6 5 1 2 35 
91+ days past due— 18 36 27 18 8 2 109 
EAME
Current283 1,381 829 528 261 113 — 3,395 
31-60 days past due1 14 11 8 3 2 — 39 
61-90 days past due— 8 7 5 3 2 — 25 
91+ days past due— 8 12 14 9 4 — 47 
Asia/Pacific
Current319 1,045 597 320 107 29 53 2,470 
31-60 days past due— 8 7 3 2 1 — 21 
61-90 days past due— 2 5 1 1 — — 9 
91+ days past due— 3 2 2 1 — — 8 
Latin America
Current228 867 440 181 77 12 4 1,809 
31-60 days past due— 7 7 4 2 — — 20 
61-90 days past due— 2 4 1 1 — — 8 
91+ days past due— 3 10 7 4 1 — 25 
Mining
Current257 904 737 440 244 132 22 2,736 
31-60 days past due— 1 — 1 — 1 — 3 
61-90 days past due— — 1 — — — — 1 
91+ days past due— — — — — — — — 
Power
Current75 243 271 152 54 22 76 893 
31-60 days past due— — — — — — — — 
61-90 days past due— — — — — — — — 
91+ days past due— — — — — — — — 
Totals by Aging Category
Current2,551 9,557 6,138 3,203 1,332 527 679 23,987 
31-60 days past due3 64 58 40 18 8 3 194 
61-90 days past due— 23 27 13 10 3 2 78 
91+ days past due— 32 60 50 32 13 2 189 
Total$2,554 $9,676 $6,283 $3,306 $1,392 $551 $686 $24,448 
(Millions of dollars)December 31, 2025
20252024202320222021PriorRevolving
Finance
Receivables		Total
Finance
Receivables
North America
Current$5,531 $3,634 $1,845 $743 $318 $20 $510 $12,601 
31-60 days past due30 42 28 18 6 1 4 129 
61-90 days past due11 14 10 5 3 — 2 45 
91+ days past due11 34 29 20 8 3 1 106 
EAME
Current1,560 938 614 316 114 44 — 3,586 
31-60 days past due5 12 6 6 2 — — 31 
61-90 days past due3 5 3 2 1 — — 14 
91+ days past due5 9 12 6 3 2 — 37 
Asia/Pacific
Current1,175 691 380 137 42 3 50 2,478 
31-60 days past due5 8 3 1 — — — 17 
61-90 days past due2 3 1 2 — — — 8 
91+ days past due1 1 2 2 — — — 6 
Latin America
Current984 511 212 96 15 1 4 1,823 
31-60 days past due3 6 5 3 — — — 17 
61-90 days past due2 2 2 1 — 1 — 8 
91+ days past due1 10 7 4 1 — — 23 
Mining
Current946 806 495 280 107 51 — 2,685 
31-60 days past due3 — — — — — — 3 
61-90 days past due— — — — — — — — 
91+ days past due1 1 8 — — — — 10 
Power
Current272 264 179 37 8 37 148 945 
31-60 days past due— — — — — — — — 
61-90 days past due— — — — — — — — 
91+ days past due— — — — — — — — 
Totals by Aging Category
Current10,468 6,844 3,725 1,609 604 156 712 24,118 
31-60 days past due46 68 42 28 8 1 4 197 
61-90 days past due18 24 16 10 4 1 2 75 
91+ days past due19 55 58 32 12 5 1 182 
Total$10,551 $6,991 $3,841 $1,679 $628 $163 $719 $24,572 
Aging Related to Finance Receivables
The aging analysis of our Caterpillar Purchased Receivables portfolio segment was as follows:
(Millions of dollars)March 31, 2026
 Current31-60
Days
Past Due		61-90
Days
Past Due		91+
Days
Past Due
Total Finance
Receivables
North America$3,270 $7 $5 $2 $3,284 
EAME1,127 1 — — 1,128 
Asia/Pacific705 3 — — 708 
Latin America353 1 — — 354 
Power13 2 — — 15 
Total$5,468 $14 $5 $2 $5,489 
December 31, 2025
Current31-60
Days
Past Due		61-90
Days
Past Due		91+
Days
Past Due		Total Finance
Receivables
North America$3,242 $9 $7 $5 $3,263 
EAME1,189 1 — — 1,190 
Asia/Pacific646 1 — — 647 
Latin America387 — — — 387 
Power11 2 — — 13 
Total$5,475 $13 $7 $5 $5,500 
Finance Receivables on Non-Accrual Status
In our Customer portfolio segment, finance receivables which were on non-accrual status and finance receivables over 90 days past due and still accruing income were as follows:
(Millions of dollars)March 31, 2026December 31, 2025
Amortized CostAmortized Cost
Non-accrual91+ Still
Accruing		Non-accrual91+ Still
Accruing
North America$104 $14 $90 $20 
EAME44 6 35 5 
Asia/Pacific6 3 4 2 
Latin America25 — 24 1 
Mining3 — 10 — 
Total$182 $23 $163 $28 
Financial Effects of Term Extensions and Payment Delays
The ending amortized cost of finance receivables modified with borrowers experiencing financial difficulty in our Customer portfolio segment was as follows:
(Millions of dollars)Three Months Ended
March 31,
20262025
Amortized cost of finance receivables modified$11 $6 
Modifications as a percentage of Customer portfolio0.04 %0.03 %

The financial effects of term extensions and payment delays for borrowers experiencing financial difficulty were as follows:
(In months)Three Months Ended
March 31,
20262025
Weighted average extension to term of modified contracts137
Weighted average payment deferral and/or interest only periods68
v3.26.1
Derivative Financial Instruments and Risk Management (Tables)
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Location and Fair Value of Derivative Instruments Reported in the Consolidated Statements of Financial Position
The location and fair value of derivative instruments reported in the Consolidated Statements of Financial Position were as follows:
(Millions of dollars)March 31, 2026December 31, 2025
Assets1
Liabilities2
Assets1
Liabilities2
Designated derivatives
Foreign exchange contracts$153 $(96)$229 $(94)
Interest rate contracts49 (4)54 (6)
Total$202 $(100)$283 $(100)
Undesignated derivatives
Foreign exchange contracts$62 $(41)$13 $(71)
Total$62 $(41)$13 $(71)
(1)    Assets are classified in the Consolidated Statements of Financial Position as Other assets.
(2)    Liabilities are classified in the Consolidated Statements of Financial Position as Accrued expenses.
Schedule of Gains (Losses) on Derivatives Instruments
Gains (Losses) on derivative instruments were categorized as follows:
(Millions of dollars)Three Months Ended March 31,
Gains (Losses)
Recognized1
Gains (Losses)
Recognized in AOCI
Gains (Losses)
Reclassified from AOCI2
202620252026202520262025
Cash Flow Hedges
Foreign exchange contracts$— $— $(107)$(4)$(102)$8 
Interest rate contracts— — 21 (2)1 1 
Fair Value Hedges
Foreign exchange contracts— — (3)— (3)— 
Interest rate contracts4 (7)— — — — 
Undesignated Hedges
Foreign exchange contracts(27)(34)— — — — 
Total$(23)$(41)$(89)$(6)$(104)$9 
(1)    Foreign exchange contract gains (losses) are included in Other income (expense). Interest rate contract gains (losses) are included in Interest expense.
(2)    Foreign exchange contract gains (losses) are primarily included in Other income (expense). Interest rate contract gains (losses) are included in Interest expense.
Schedule of Amounts Recorded in the Consolidated Statements of Financial Position Related to Cumulative Basis Adjustments for Fair Value Hedges
Amounts recorded in the Consolidated Statements of Financial Position related to cumulative basis adjustments for fair value hedges were as follows:
(Millions of dollars)Carrying Value of
the Hedged Liabilities		Cumulative Amount of Fair Value
Hedging Adjustment Included in the
Carrying Value of the Hedged Liabilities
March 31, 2026December 31, 2025March 31, 2026December 31, 2025
Current maturities of long-term debt$1,103 $602 $4 $3 
Long-term debt3,326 3,351 26 51 
Total$4,429 $3,953 $30 $54 
Schedule of Effect of Net Settlement Provisions of the Master Netting Agreements on our Derivative Balances
The effects of net settlement provisions of the master netting agreements on our derivative balances upon an event of default or a termination event were as follows:
(Millions of dollars)March 31, 2026December 31, 2025
AssetsLiabilitiesAssetsLiabilities
Gross amounts recognized$264 $(141)$296 $(171)
Financial instruments not offset(89)89 (100)100 
Net amount$175 $(52)$196 $(71)
v3.26.1
Accumulated Other Comprehensive Income (Loss) (Tables)
 3 Months Ended
Mar. 31, 2026
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss) Changes in the balances for each component of AOCI were as follows:
(Millions of dollars)Three Months Ended
March 31,
20262025
Foreign currency translation
Balance at beginning of period$(928)$(1,256)
Gains (losses) on foreign currency translation(21)88 
Less: Tax provision/(benefit)— — 
Net gains (losses) on foreign currency translation(21)88 
Other comprehensive income (loss), net of tax(21)88 
Balance at end of period$(949)$(1,168)
Derivative financial instruments
Balance at beginning of period$(10)$24 
Gains (losses) deferred(89)(6)
Less: Tax provision/(benefit)(23)(1)
Net gains (losses) deferred(66)(5)
(Gains) losses reclassified to earnings104 (9)
Less: Tax (provision)/benefit26 (2)
Net (gains) losses reclassified to earnings78 (7)
Other comprehensive income (loss), net of tax12 (12)
Balance at end of period$2 $12 
Total Accumulated other comprehensive income (loss) at end of period$(947)$(1,156)
v3.26.1
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Information
Supplemental segment data and reconciliations to consolidated external reporting for the three months ended March 31 were as follows:
(Millions of dollars)

 
2026
External revenuesInterest expenseDepreciation on equipment leased to othersGeneral, operating and administrative expensesProvision for credit losses
Other segment items(1)
Profit before income taxes
North America$554 $196 $131 $50 $21 $4 $152 
EAME103 32 13 22 2 2 32 
Asia/Pacific66 28 2 19 4 — 13 
Latin America95 50 2 16 2 1 24 
Mining97 29 32 12 4 — 20 
Power18 9 — 3 (4)— 10 
Total Segments933 344 180 122 29 7 251 
Unallocated19 140 — 56 — 3 (180)
Timing(5)— — (7)— — 2 
Methodology— (128)— 2 — 4 122 
Total$947 $356 $180 $173 $29 $14 $195 
2025External revenuesInterest expenseDepreciation on equipment leased to othersGeneral, operating and administrative expensesProvision for credit losses
Other segment items(1)
Profit before income taxes
North America$500 $170 $125 $48 $19 $3 $135 
EAME93 33 12 19 1 1 27 
Asia/Pacific62 24 1 17 1 — 19 
Latin America83 40 3 13 1 1 25 
Mining93 27 32 10 9 (1)16 
Power17 10 — 3 (2)— 6 
Total Segments848 304 173 110 29 4 228 
Unallocated17 126 — 44 — — (153)
Timing(5)— — (5)— — — 
Methodology— (105)— 2 — 4 99 
Total$860 $325 $173 $151 $29 $8 $174 
(1)    Other segment items are primarily costs related to repossessed and returned equipment.
(Millions of dollars)Assets as of
March 31, 2026December 31, 2025
North America$19,928 $19,738 
EAME5,362 5,638 
Asia/Pacific3,549 3,564 
Latin America2,908 2,921 
Mining3,423 3,325 
Power1,009 1,017 
Total Segments36,179 36,203 
Unallocated2,171 2,128 
Timing(1)32 
Methodology71 148 
Inter-segment Eliminations(1)
(257)(198)
Total$38,163 $38,313 
(1)    Eliminations are primarily related to intercompany loans.
(Millions of dollars)
Capital Expenditures(1)
Three Months Ended March 31,
20262025
North America$163 $134 
EAME13 14 
Asia/Pacific16 4 
Latin America4 1 
Mining59 6 
Total Segments255 159 
Unallocated10 11 
Total$265 $170 
(1)    Capital expenditures include expenditures for equipment on operating leases and other miscellaneous capital expenditures.
v3.26.1
Fair Value Disclosures (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Summary of Fair Value of Financial Instruments
Fair values of our financial instruments not carried at fair value were as follows:
(Millions of dollars)March 31, 2026December 31, 2025
 Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value		Fair
Value
Levels		Reference
Assets
Finance receivables, net (excluding finance leases(1))
$25,429 $24,924 $25,346 $25,012 3Note 3
Liabilities
Long-term debt$27,631 $27,611 $27,103 $27,204 2
(1)    Represents finance leases and failed sale leasebacks of $7.21 billion and $7.47 billion as of March 31, 2026 and December 31, 2025, respectively.
v3.26.1
Finance Receivables - Summary of Finance Receivables Included in the Consolidated Statements of Financial Position (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable        
Total Finance Receivables $ 32,921 $ 33,099 $ 29,682  
Less: Allowance for credit losses (283) (284) $ (282) $ (267)
Total finance receivables, net 32,638 32,815    
Retail loans        
Accounts, Notes, Loans and Financing Receivable        
Total Finance Receivables 19,311 19,218    
Retail finance leases        
Accounts, Notes, Loans and Financing Receivable        
Total Finance Receivables 6,639 6,870    
Caterpillar Purchased Receivables        
Accounts, Notes, Loans and Financing Receivable        
Total Finance Receivables 5,489 5,500    
Wholesale loans        
Accounts, Notes, Loans and Financing Receivable        
Total Finance Receivables $ 1,482 $ 1,511    
v3.26.1
Finance Receivables - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Accounts, Notes, Loans and Financing Receivable      
Finance lease revenue $ 120 $ 112  
Financing receivable, average term 51 months    
Financing receivable, average remaining term 28 months    
Period after which unpaid installments are considered as past due 30 days    
Payment Deferral      
Accounts, Notes, Loans and Financing Receivable      
Financing receivable, modified in period, maximum period 4 months    
Extended Maturity      
Accounts, Notes, Loans and Financing Receivable      
Financing receivable, modified in period, maximum period 6 months    
Dealer      
Accounts, Notes, Loans and Financing Receivable      
Financing receivable, nonaccrual $ 0   $ 0
Financing receivable, modified in period 0 0  
Caterpillar Purchased Receivables      
Accounts, Notes, Loans and Financing Receivable      
Financing receivable, modified in period 0 0  
Customer      
Accounts, Notes, Loans and Financing Receivable      
Financing receivable, gross write-offs 3 3  
Financing receivable, nonaccrual 182   163
Financing receivable, modified in period $ 11 $ 6  
Financing receivable, modified in period, percentage 0.04% 0.03%  
Customer | Latin America      
Accounts, Notes, Loans and Financing Receivable      
Financing receivable, gross write-offs $ 0 $ 1  
Financing receivable, nonaccrual $ 25   $ 24
v3.26.1
Finance Receivables - Allowance for Credit Losses and Total Finance Receivables (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning Balance $ 284 $ 267  
Write-offs (42) (30)  
Recoveries 13 10  
Provision for credit losses 28 33  
Other 0 2  
Ending Balance 283 282  
Total Finance Receivables 32,921 29,682 $ 33,099
Customer      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning Balance 273 258  
Write-offs (42) (30)  
Recoveries 13 10  
Provision for credit losses 29 33  
Other 0 2  
Ending Balance 273 273  
Total Finance Receivables 24,448 22,701 24,572
Dealer      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning Balance 4 4  
Write-offs 0 0  
Recoveries 0 0  
Provision for credit losses 0 0  
Other 0 0  
Ending Balance 4 4  
Total Finance Receivables 2,984 2,504  
Caterpillar Purchased Receivables      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning Balance 7 5  
Write-offs 0 0  
Recoveries 0 0  
Provision for credit losses (1) 0  
Other 0 0  
Ending Balance 6 5  
Total Finance Receivables $ 5,489 $ 4,477 $ 5,500
v3.26.1
Finance Receivables - Write-offs by Origination Year (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Write-offs by origination year [Line Items]    
Total $ 42 $ 30
Customer    
Write-offs by origination year [Line Items]    
Year One 0 0
Year Two 12 6
Year Three 12 9
Year Four 9 7
Year Five 3 3
Prior 3 3
Revolving Finance Receivables 3 2
Total 42 30
Customer | North America    
Write-offs by origination year [Line Items]    
Year One 0 0
Year Two 3 2
Year Three 8 5
Year Four 6 4
Year Five 2 2
Prior 2 1
Revolving Finance Receivables 3 2
Total 24 16
Customer | EAME    
Write-offs by origination year [Line Items]    
Year One 0 0
Year Two 1 1
Year Three 1 1
Year Four 1 1
Year Five 0 0
Prior 1 0
Revolving Finance Receivables 0 0
Total 4 3
Customer | Asia/Pacific    
Write-offs by origination year [Line Items]    
Year One 0 0
Year Two 3 0
Year Three 1 1
Year Four 1 0
Year Five 0 1
Prior 0 0
Revolving Finance Receivables 0 0
Total 5 2
Customer | Latin America    
Write-offs by origination year [Line Items]    
Year One 0 0
Year Two 1 0
Year Three 2 1
Year Four 1 1
Year Five 1 0
Prior 0 1
Revolving Finance Receivables 0 0
Total 5 3
Customer | Mining    
Write-offs by origination year [Line Items]    
Year One 0 0
Year Two 4 3
Year Three 0 1
Year Four 0 1
Year Five 0 0
Prior 0 0
Revolving Finance Receivables 0 0
Total 4 5
Customer | Power    
Write-offs by origination year [Line Items]    
Year One   0
Year Two   0
Year Three   0
Year Four   0
Year Five   0
Prior   1
Revolving Finance Receivables   0
Total   1
Dealer    
Write-offs by origination year [Line Items]    
Total $ 0 $ 0
v3.26.1
Finance Receivables - Amortized Cost of Finance Receivables in the Customer Portfolio Segment by Origination Year (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Financing Receivable, Credit Quality Indicator      
Total Finance Receivables $ 32,921 $ 33,099 $ 29,682
Customer      
Financing Receivable, Credit Quality Indicator      
2026 and 2025, respectively 2,554 10,551  
2025 and 2024, respectively 9,676 6,991  
2024 and 2023, respectively 6,283 3,841  
2023 and 2022, respectively 3,306 1,679  
2022 and 2021, respectively 1,392 628  
Prior 551 163  
Revolving Finance Receivables 686 719  
Total Finance Receivables 24,448 24,572 $ 22,701
Customer | Current      
Financing Receivable, Credit Quality Indicator      
2026 and 2025, respectively 2,551 10,468  
2025 and 2024, respectively 9,557 6,844  
2024 and 2023, respectively 6,138 3,725  
2023 and 2022, respectively 3,203 1,609  
2022 and 2021, respectively 1,332 604  
Prior 527 156  
Revolving Finance Receivables 679 712  
Total Finance Receivables 23,987 24,118  
Customer | 31-60 Days Past Due      
Financing Receivable, Credit Quality Indicator      
2026 and 2025, respectively 3 46  
2025 and 2024, respectively 64 68  
2024 and 2023, respectively 58 42  
2023 and 2022, respectively 40 28  
2022 and 2021, respectively 18 8  
Prior 8 1  
Revolving Finance Receivables 3 4  
Total Finance Receivables 194 197  
Customer | 61-90 Days Past Due      
Financing Receivable, Credit Quality Indicator      
2026 and 2025, respectively 0 18  
2025 and 2024, respectively 23 24  
2024 and 2023, respectively 27 16  
2023 and 2022, respectively 13 10  
2022 and 2021, respectively 10 4  
Prior 3 1  
Revolving Finance Receivables 2 2  
Total Finance Receivables 78 75  
Customer | 91+ Days Past Due      
Financing Receivable, Credit Quality Indicator      
2026 and 2025, respectively 0 19  
2025 and 2024, respectively 32 55  
2024 and 2023, respectively 60 58  
2023 and 2022, respectively 50 32  
2022 and 2021, respectively 32 12  
Prior 13 5  
Revolving Finance Receivables 2 1  
Total Finance Receivables 189 182  
Customer | North America | Current      
Financing Receivable, Credit Quality Indicator      
2026 and 2025, respectively 1,389 5,531  
2025 and 2024, respectively 5,117 3,634  
2024 and 2023, respectively 3,264 1,845  
2023 and 2022, respectively 1,582 743  
2022 and 2021, respectively 589 318  
Prior 219 20  
Revolving Finance Receivables 524 510  
Total Finance Receivables 12,684 12,601  
Customer | North America | 31-60 Days Past Due      
Financing Receivable, Credit Quality Indicator      
2026 and 2025, respectively 2 30  
2025 and 2024, respectively 34 42  
2024 and 2023, respectively 33 28  
2023 and 2022, respectively 24 18  
2022 and 2021, respectively 11 6  
Prior 4 1  
Revolving Finance Receivables 3 4  
Total Finance Receivables 111 129  
Customer | North America | 61-90 Days Past Due      
Financing Receivable, Credit Quality Indicator      
2026 and 2025, respectively 0 11  
2025 and 2024, respectively 11 14  
2024 and 2023, respectively 10 10  
2023 and 2022, respectively 6 5  
2022 and 2021, respectively 5 3  
Prior 1 0  
Revolving Finance Receivables 2 2  
Total Finance Receivables 35 45  
Customer | North America | 91+ Days Past Due      
Financing Receivable, Credit Quality Indicator      
2026 and 2025, respectively 0 11  
2025 and 2024, respectively 18 34  
2024 and 2023, respectively 36 29  
2023 and 2022, respectively 27 20  
2022 and 2021, respectively 18 8  
Prior 8 3  
Revolving Finance Receivables 2 1  
Total Finance Receivables 109 106  
Customer | EAME | Current      
Financing Receivable, Credit Quality Indicator      
2026 and 2025, respectively 283 1,560  
2025 and 2024, respectively 1,381 938  
2024 and 2023, respectively 829 614  
2023 and 2022, respectively 528 316  
2022 and 2021, respectively 261 114  
Prior 113 44  
Revolving Finance Receivables 0 0  
Total Finance Receivables 3,395 3,586  
Customer | EAME | 31-60 Days Past Due      
Financing Receivable, Credit Quality Indicator      
2026 and 2025, respectively 1 5  
2025 and 2024, respectively 14 12  
2024 and 2023, respectively 11 6  
2023 and 2022, respectively 8 6  
2022 and 2021, respectively 3 2  
Prior 2 0  
Revolving Finance Receivables 0 0  
Total Finance Receivables 39 31  
Customer | EAME | 61-90 Days Past Due      
Financing Receivable, Credit Quality Indicator      
2026 and 2025, respectively 0 3  
2025 and 2024, respectively 8 5  
2024 and 2023, respectively 7 3  
2023 and 2022, respectively 5 2  
2022 and 2021, respectively 3 1  
Prior 2 0  
Revolving Finance Receivables 0 0  
Total Finance Receivables 25 14  
Customer | EAME | 91+ Days Past Due      
Financing Receivable, Credit Quality Indicator      
2026 and 2025, respectively 0 5  
2025 and 2024, respectively 8 9  
2024 and 2023, respectively 12 12  
2023 and 2022, respectively 14 6  
2022 and 2021, respectively 9 3  
Prior 4 2  
Revolving Finance Receivables 0 0  
Total Finance Receivables 47 37  
Customer | Asia/Pacific | Current      
Financing Receivable, Credit Quality Indicator      
2026 and 2025, respectively 319 1,175  
2025 and 2024, respectively 1,045 691  
2024 and 2023, respectively 597 380  
2023 and 2022, respectively 320 137  
2022 and 2021, respectively 107 42  
Prior 29 3  
Revolving Finance Receivables 53 50  
Total Finance Receivables 2,470 2,478  
Customer | Asia/Pacific | 31-60 Days Past Due      
Financing Receivable, Credit Quality Indicator      
2026 and 2025, respectively 0 5  
2025 and 2024, respectively 8 8  
2024 and 2023, respectively 7 3  
2023 and 2022, respectively 3 1  
2022 and 2021, respectively 2 0  
Prior 1 0  
Revolving Finance Receivables 0 0  
Total Finance Receivables 21 17  
Customer | Asia/Pacific | 61-90 Days Past Due      
Financing Receivable, Credit Quality Indicator      
2026 and 2025, respectively 0 2  
2025 and 2024, respectively 2 3  
2024 and 2023, respectively 5 1  
2023 and 2022, respectively 1 2  
2022 and 2021, respectively 1 0  
Prior 0 0  
Revolving Finance Receivables 0 0  
Total Finance Receivables 9 8  
Customer | Asia/Pacific | 91+ Days Past Due      
Financing Receivable, Credit Quality Indicator      
2026 and 2025, respectively 0 1  
2025 and 2024, respectively 3 1  
2024 and 2023, respectively 2 2  
2023 and 2022, respectively 2 2  
2022 and 2021, respectively 1 0  
Prior 0 0  
Revolving Finance Receivables 0 0  
Total Finance Receivables 8 6  
Customer | Latin America | Current      
Financing Receivable, Credit Quality Indicator      
2026 and 2025, respectively 228 984  
2025 and 2024, respectively 867 511  
2024 and 2023, respectively 440 212  
2023 and 2022, respectively 181 96  
2022 and 2021, respectively 77 15  
Prior 12 1  
Revolving Finance Receivables 4 4  
Total Finance Receivables 1,809 1,823  
Customer | Latin America | 31-60 Days Past Due      
Financing Receivable, Credit Quality Indicator      
2026 and 2025, respectively 0 3  
2025 and 2024, respectively 7 6  
2024 and 2023, respectively 7 5  
2023 and 2022, respectively 4 3  
2022 and 2021, respectively 2 0  
Prior 0 0  
Revolving Finance Receivables 0 0  
Total Finance Receivables 20 17  
Customer | Latin America | 61-90 Days Past Due      
Financing Receivable, Credit Quality Indicator      
2026 and 2025, respectively 0 2  
2025 and 2024, respectively 2 2  
2024 and 2023, respectively 4 2  
2023 and 2022, respectively 1 1  
2022 and 2021, respectively 1 0  
Prior 0 1  
Revolving Finance Receivables 0 0  
Total Finance Receivables 8 8  
Customer | Latin America | 91+ Days Past Due      
Financing Receivable, Credit Quality Indicator      
2026 and 2025, respectively 0 1  
2025 and 2024, respectively 3 10  
2024 and 2023, respectively 10 7  
2023 and 2022, respectively 7 4  
2022 and 2021, respectively 4 1  
Prior 1 0  
Revolving Finance Receivables 0 0  
Total Finance Receivables 25 23  
Customer | Mining | Current      
Financing Receivable, Credit Quality Indicator      
2026 and 2025, respectively 257 946  
2025 and 2024, respectively 904 806  
2024 and 2023, respectively 737 495  
2023 and 2022, respectively 440 280  
2022 and 2021, respectively 244 107  
Prior 132 51  
Revolving Finance Receivables 22 0  
Total Finance Receivables 2,736 2,685  
Customer | Mining | 31-60 Days Past Due      
Financing Receivable, Credit Quality Indicator      
2026 and 2025, respectively 0 3  
2025 and 2024, respectively 1 0  
2024 and 2023, respectively 0 0  
2023 and 2022, respectively 1 0  
2022 and 2021, respectively 0 0  
Prior 1 0  
Revolving Finance Receivables 0 0  
Total Finance Receivables 3 3  
Customer | Mining | 61-90 Days Past Due      
Financing Receivable, Credit Quality Indicator      
2026 and 2025, respectively 0 0  
2025 and 2024, respectively 0 0  
2024 and 2023, respectively 1 0  
2023 and 2022, respectively 0 0  
2022 and 2021, respectively 0 0  
Prior 0 0  
Revolving Finance Receivables 0 0  
Total Finance Receivables 1 0  
Customer | Mining | 91+ Days Past Due      
Financing Receivable, Credit Quality Indicator      
2026 and 2025, respectively 0 1  
2025 and 2024, respectively 0 1  
2024 and 2023, respectively 0 8  
2023 and 2022, respectively 0 0  
2022 and 2021, respectively 0 0  
Prior 0 0  
Revolving Finance Receivables 0 0  
Total Finance Receivables 0 10  
Customer | Power | Current      
Financing Receivable, Credit Quality Indicator      
2026 and 2025, respectively 75 272  
2025 and 2024, respectively 243 264  
2024 and 2023, respectively 271 179  
2023 and 2022, respectively 152 37  
2022 and 2021, respectively 54 8  
Prior 22 37  
Revolving Finance Receivables 76 148  
Total Finance Receivables 893 945  
Customer | Power | 31-60 Days Past Due      
Financing Receivable, Credit Quality Indicator      
2026 and 2025, respectively 0 0  
2025 and 2024, respectively 0 0  
2024 and 2023, respectively 0 0  
2023 and 2022, respectively 0 0  
2022 and 2021, respectively 0 0  
Prior 0 0  
Revolving Finance Receivables 0 0  
Total Finance Receivables 0 0  
Customer | Power | 61-90 Days Past Due      
Financing Receivable, Credit Quality Indicator      
2026 and 2025, respectively 0 0  
2025 and 2024, respectively 0 0  
2024 and 2023, respectively 0 0  
2023 and 2022, respectively 0 0  
2022 and 2021, respectively 0 0  
Prior 0 0  
Revolving Finance Receivables 0 0  
Total Finance Receivables 0 0  
Customer | Power | 91+ Days Past Due      
Financing Receivable, Credit Quality Indicator      
2026 and 2025, respectively 0 0  
2025 and 2024, respectively 0 0  
2024 and 2023, respectively 0 0  
2023 and 2022, respectively 0 0  
2022 and 2021, respectively 0 0  
Prior 0 0  
Revolving Finance Receivables 0 0  
Total Finance Receivables $ 0 $ 0  
v3.26.1
Finance Receivables - Aging Related to Finance Receivables (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Financing Receivable, Past Due      
Total Finance Receivables $ 32,921 $ 33,099 $ 29,682
Caterpillar Purchased Receivables      
Financing Receivable, Past Due      
Total Finance Receivables 5,489 5,500 $ 4,477
Caterpillar Purchased Receivables | Current      
Financing Receivable, Past Due      
Total Finance Receivables 5,468 5,475  
Caterpillar Purchased Receivables | 31-60 Days Past Due      
Financing Receivable, Past Due      
Total Finance Receivables 14 13  
Caterpillar Purchased Receivables | 61-90 Days Past Due      
Financing Receivable, Past Due      
Total Finance Receivables 5 7  
Caterpillar Purchased Receivables | 91+ Days Past Due      
Financing Receivable, Past Due      
Total Finance Receivables 2 5  
Caterpillar Purchased Receivables | North America      
Financing Receivable, Past Due      
Total Finance Receivables 3,284 3,263  
Caterpillar Purchased Receivables | North America | Current      
Financing Receivable, Past Due      
Total Finance Receivables 3,270 3,242  
Caterpillar Purchased Receivables | North America | 31-60 Days Past Due      
Financing Receivable, Past Due      
Total Finance Receivables 7 9  
Caterpillar Purchased Receivables | North America | 61-90 Days Past Due      
Financing Receivable, Past Due      
Total Finance Receivables 5 7  
Caterpillar Purchased Receivables | North America | 91+ Days Past Due      
Financing Receivable, Past Due      
Total Finance Receivables 2 5  
Caterpillar Purchased Receivables | EAME      
Financing Receivable, Past Due      
Total Finance Receivables 1,128 1,190  
Caterpillar Purchased Receivables | EAME | Current      
Financing Receivable, Past Due      
Total Finance Receivables 1,127 1,189  
Caterpillar Purchased Receivables | EAME | 31-60 Days Past Due      
Financing Receivable, Past Due      
Total Finance Receivables 1 1  
Caterpillar Purchased Receivables | EAME | 61-90 Days Past Due      
Financing Receivable, Past Due      
Total Finance Receivables 0 0  
Caterpillar Purchased Receivables | EAME | 91+ Days Past Due      
Financing Receivable, Past Due      
Total Finance Receivables 0 0  
Caterpillar Purchased Receivables | Asia/Pacific      
Financing Receivable, Past Due      
Total Finance Receivables 708 647  
Caterpillar Purchased Receivables | Asia/Pacific | Current      
Financing Receivable, Past Due      
Total Finance Receivables 705 646  
Caterpillar Purchased Receivables | Asia/Pacific | 31-60 Days Past Due      
Financing Receivable, Past Due      
Total Finance Receivables 3 1  
Caterpillar Purchased Receivables | Asia/Pacific | 61-90 Days Past Due      
Financing Receivable, Past Due      
Total Finance Receivables 0 0  
Caterpillar Purchased Receivables | Asia/Pacific | 91+ Days Past Due      
Financing Receivable, Past Due      
Total Finance Receivables 0 0  
Caterpillar Purchased Receivables | Latin America      
Financing Receivable, Past Due      
Total Finance Receivables 354 387  
Caterpillar Purchased Receivables | Latin America | Current      
Financing Receivable, Past Due      
Total Finance Receivables 353 387  
Caterpillar Purchased Receivables | Latin America | 31-60 Days Past Due      
Financing Receivable, Past Due      
Total Finance Receivables 1 0  
Caterpillar Purchased Receivables | Latin America | 61-90 Days Past Due      
Financing Receivable, Past Due      
Total Finance Receivables 0 0  
Caterpillar Purchased Receivables | Latin America | 91+ Days Past Due      
Financing Receivable, Past Due      
Total Finance Receivables 0 0  
Caterpillar Purchased Receivables | Power      
Financing Receivable, Past Due      
Total Finance Receivables 15 13  
Caterpillar Purchased Receivables | Power | Current      
Financing Receivable, Past Due      
Total Finance Receivables 13 11  
Caterpillar Purchased Receivables | Power | 31-60 Days Past Due      
Financing Receivable, Past Due      
Total Finance Receivables 2 2  
Caterpillar Purchased Receivables | Power | 61-90 Days Past Due      
Financing Receivable, Past Due      
Total Finance Receivables 0 0  
Caterpillar Purchased Receivables | Power | 91+ Days Past Due      
Financing Receivable, Past Due      
Total Finance Receivables $ 0 $ 0  
v3.26.1
Finance Receivables - Finance Receivables on Non-Accrual Status (Details) - Customer - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Financing Receivable, Past Due    
Non-accrual $ 182 $ 163
91+ Still Accruing 23 28
North America    
Financing Receivable, Past Due    
Non-accrual 104 90
91+ Still Accruing 14 20
EAME    
Financing Receivable, Past Due    
Non-accrual 44 35
91+ Still Accruing 6 5
Asia/Pacific    
Financing Receivable, Past Due    
Non-accrual 6 4
91+ Still Accruing 3 2
Latin America    
Financing Receivable, Past Due    
Non-accrual 25 24
91+ Still Accruing 0 1
Mining    
Financing Receivable, Past Due    
Non-accrual 3 10
91+ Still Accruing $ 0 $ 0
v3.26.1
Finance Receivables - Financial Effects of Term Extensions and Payment Delays (Details) - Customer - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Financing Receivable, Allowance for Credit Losses    
Amortized cost of finance receivables modified $ 11 $ 6
Modifications as a percentage of Customer portfolio 0.04% 0.03%
Weighted average extension to term of modified contracts 13 months 7 months
Weighted average payment deferral and/or interest only periods 6 months 8 months
v3.26.1
Derivative Financial Instruments and Risk Management - Location and Fair Value of Derivative Instruments Reported in the Consolidated Statements of Financial Position (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Derivatives, Fair Value    
Derivative assets $ 264 $ 296
Derivative liabilities (141) (171)
Designated derivatives    
Derivatives, Fair Value    
Derivative assets 202 283
Derivative liabilities (100) (100)
Designated derivatives | Foreign exchange contracts    
Derivatives, Fair Value    
Derivative assets 153 229
Derivative liabilities (96) (94)
Designated derivatives | Interest rate contracts    
Derivatives, Fair Value    
Derivative assets 49 54
Derivative liabilities (4) (6)
Undesignated derivatives    
Derivatives, Fair Value    
Derivative assets 62 13
Derivative liabilities (41) (71)
Undesignated derivatives | Foreign exchange contracts    
Derivatives, Fair Value    
Derivative assets 62 13
Derivative liabilities $ (41) $ (71)
v3.26.1
Derivative Financial Instruments and Risk Management - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Derivative instruments, notional amount $ 18,600 $ 18,210
Deferred net gains, net of tax, included in equity, related to cash flow hedges, expected to be reclassified to earnings over the next twelve months $ 14  
v3.26.1
Derivative Financial Instruments and Risk Management - Schedule of Gains (Losses) on Derivatives Instruments (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Derivative Instruments, Gain (Loss)    
Gains (Losses) Recognized on Hedged Instruments $ (23) $ (41)
Gains (Losses) Recognized in AOCI (89) (6)
Gains (Losses) Reclassified from AOCI (104) 9
Designated derivatives | Cash Flow Hedges | Foreign exchange contracts    
Derivative Instruments, Gain (Loss)    
Gains (Losses) Recognized on Hedged Instruments 0 0
Gains (Losses) Recognized in AOCI, Cash Flow Hedges (107) (4)
Gains (Losses) Reclassified from AOCI, Cash Flow Hedges (102) 8
Designated derivatives | Cash Flow Hedges | Interest rate contracts    
Derivative Instruments, Gain (Loss)    
Gains (Losses) Recognized on Hedged Instruments 0 0
Gains (Losses) Recognized in AOCI, Cash Flow Hedges 21 (2)
Gains (Losses) Reclassified from AOCI, Cash Flow Hedges 1 1
Designated derivatives | Fair Value Hedges | Foreign exchange contracts    
Derivative Instruments, Gain (Loss)    
Gains (Losses) Recognized on Hedged Instruments 0 0
Gains (Losses) Recognized in AOCI, Fair Value Hedges (3) 0
Gains (Losses) Reclassified from AOCI, Fair Value Hedges (3) 0
Designated derivatives | Fair Value Hedges | Interest rate contracts    
Derivative Instruments, Gain (Loss)    
Gains (Losses) Recognized on Hedged Instruments 4 (7)
Gains (Losses) Recognized in AOCI, Fair Value Hedges 0 0
Gains (Losses) Reclassified from AOCI, Fair Value Hedges 0 0
Undesignated derivatives | Foreign exchange contracts    
Derivative Instruments, Gain (Loss)    
Gains (Losses) Recognized on Hedged Instruments $ (27) $ (34)
v3.26.1
Derivative Financial Instruments and Risk Management - Schedule of Amounts Recorded in the Consolidated Statements of Financial Position Related to Cumulative Basis Adjustments for Fair Value Hedges (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Derivatives, Fair Value    
Carrying Value of the Hedged Liabilities $ 4,429 $ 3,953
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Value of the Hedged Liabilities 30 54
Current maturities of long-term debt    
Derivatives, Fair Value    
Carrying Value of the Hedged Liabilities 1,103 602
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Value of the Hedged Liabilities 4 3
Long-term debt    
Derivatives, Fair Value    
Carrying Value of the Hedged Liabilities 3,326 3,351
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Value of the Hedged Liabilities $ 26 $ 51
v3.26.1
Derivative Financial Instruments and Risk Management - Schedule of Effect of Net Settlement Provisions of the Master Netting Agreements on our Derivative Balances (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Assets, Gross amounts recognized $ 264 $ 296
Assets, Financial instruments not offset (89) (100)
Net amount, assets 175 196
Liabilities, Gross amounts recognized (141) (171)
Liabilities, Financial instruments not offset 89 100
Net amount, liabilities $ (52) $ (71)
v3.26.1
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]    
Balance $ 3,227 $ 2,890
Total other comprehensive income (loss), net of tax (9) 76
Balance 3,362 3,096
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Balance 3,227 2,890
Total other comprehensive income (loss), net of tax (9) 76
Balance 3,362 3,096
Foreign currency translation    
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]    
Balance (928) (1,256)
Gains (losses) before reclassification, before tax (21) 88
Less: Tax provision/(benefit) 0 0
Gains (losses) before reclassification, net of tax (21) 88
Total other comprehensive income (loss), net of tax (21) 88
Balance (949) (1,168)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Balance (928) (1,256)
Gains (losses) before reclassification, before tax (21) 88
Less: Tax provision/(benefit) 0 0
Gains (losses) before reclassification, net of tax (21) 88
Total other comprehensive income (loss), net of tax (21) 88
Balance (949) (1,168)
Derivative financial instruments    
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]    
Balance (10) 24
Gains (losses) before reclassification, before tax (89) (6)
Less: Tax provision/(benefit) (23) (1)
Gains (losses) before reclassification, net of tax (66) (5)
(Gains) losses reclassified to earnings 104 (9)
Less: Tax provision/(benefit) 26 (2)
Net (gains) losses reclassified to earnings 78 (7)
Total other comprehensive income (loss), net of tax 12 (12)
Balance 2 12
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Balance (10) 24
Gains (losses) before reclassification, before tax (89) (6)
Less: Tax provision/(benefit) (23) (1)
Gains (losses) before reclassification, net of tax (66) (5)
(Gains) losses reclassified to earnings 104 (9)
Less: Tax provision/(benefit) 26 (2)
Net (gains) losses reclassified to earnings 78 (7)
Total other comprehensive income (loss), net of tax 12 (12)
Balance 2 12
Accumulated other comprehensive income (loss)    
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]    
Balance (938) (1,232)
Balance (947) (1,156)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Balance (938) (1,232)
Balance $ (947) $ (1,156)
v3.26.1
Segment Information (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
segment
Mar. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
Segment Reporting Information      
Number Of Reportable Segments Not Disclosed Flag Segments    
Number of operating segments | segment 6    
External revenues $ 947 $ 860  
Interest 356 325  
Depreciation on equipment leased to others 180 173  
General, operating and administrative expenses 173 151  
Provision for credit losses 29 29  
Other segments items 14 8  
Profit before income taxes 195 174  
Capital expenditures 265 170  
Total assets 38,163   $ 38,313
Operating Segments      
Segment Reporting Information      
External revenues 933 848  
Interest 344 304  
Depreciation on equipment leased to others 180 173  
General, operating and administrative expenses 122 110  
Provision for credit losses 29 29  
Other segments items 7 4  
Profit before income taxes 251 228  
Capital expenditures 255 159  
Total assets 36,179   36,203
Unallocated      
Segment Reporting Information      
External revenues 19 17  
Interest 140 126  
Depreciation on equipment leased to others 0 0  
General, operating and administrative expenses 56 44  
Provision for credit losses 0 0  
Other segments items 3 0  
Profit before income taxes (180) (153)  
Capital expenditures 10 11  
Total assets 2,171   2,128
Reconciling Item | Timing      
Segment Reporting Information      
External revenues (5) (5)  
Interest 0 0  
Depreciation on equipment leased to others 0 0  
General, operating and administrative expenses (7) (5)  
Provision for credit losses 0 0  
Other segments items 0 0  
Profit before income taxes 2 0  
Total assets (1)   32
Reconciling Item | Methodology      
Segment Reporting Information      
External revenues 0 0  
Interest (128) (105)  
Depreciation on equipment leased to others 0 0  
General, operating and administrative expenses 2 2  
Provision for credit losses 0 0  
Other segments items 4 4  
Profit before income taxes 122 99  
Total assets 71   148
Inter-segment Eliminations      
Segment Reporting Information      
Total assets (257)   (198)
North America | Operating Segments      
Segment Reporting Information      
External revenues 554 500  
Interest 196 170  
Depreciation on equipment leased to others 131 125  
General, operating and administrative expenses 50 48  
Provision for credit losses 21 19  
Other segments items 4 3  
Profit before income taxes 152 135  
Capital expenditures 163 134  
Total assets 19,928   19,738
EAME | Operating Segments      
Segment Reporting Information      
External revenues 103 93  
Interest 32 33  
Depreciation on equipment leased to others 13 12  
General, operating and administrative expenses 22 19  
Provision for credit losses 2 1  
Other segments items 2 1  
Profit before income taxes 32 27  
Capital expenditures 13 14  
Total assets 5,362   5,638
Asia/Pacific | Operating Segments      
Segment Reporting Information      
External revenues 66 62  
Interest 28 24  
Depreciation on equipment leased to others 2 1  
General, operating and administrative expenses 19 17  
Provision for credit losses 4 1  
Other segments items 0 0  
Profit before income taxes 13 19  
Capital expenditures 16 4  
Total assets 3,549   3,564
Latin America | Operating Segments      
Segment Reporting Information      
External revenues 95 83  
Interest 50 40  
Depreciation on equipment leased to others 2 3  
General, operating and administrative expenses 16 13  
Provision for credit losses 2 1  
Other segments items 1 1  
Profit before income taxes 24 25  
Capital expenditures 4 1  
Total assets 2,908   2,921
Mining | Operating Segments      
Segment Reporting Information      
External revenues 97 93  
Interest 29 27  
Depreciation on equipment leased to others 32 32  
General, operating and administrative expenses 12 10  
Provision for credit losses 4 9  
Other segments items 0 (1)  
Profit before income taxes 20 16  
Capital expenditures 59 6  
Total assets 3,423   3,325
Power | Operating Segments      
Segment Reporting Information      
External revenues 18 17  
Interest 9 10  
Depreciation on equipment leased to others 0 0  
General, operating and administrative expenses 3 3  
Provision for credit losses (4) (2)  
Other segments items 0 0  
Profit before income taxes 10 $ 6  
Total assets $ 1,009   $ 1,017
v3.26.1
Commitments and Contingent Liabilities (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Guarantor Obligations    
Guarantees, maximum potential amount of future payments $ 24 $ 25
Total assets 38,163 38,313
Liabilities 34,801 35,086
Variable Interest Entity, Primary Beneficiary    
Guarantor Obligations    
Total assets 1,180 1,190
Liabilities 1,180 1,190
Maximum    
Guarantor Obligations    
Related recorded liability $ 1 $ 1
v3.26.1
Fair Value Disclosures - Narrative (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Fair Value, Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Derivative financial instruments, net asset position $ 123 $ 125
Fair Value, Inputs, Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Loans carried at fair value $ 71 $ 63
v3.26.1
Fair Value Disclosures - Summary of Fair Value of Financial Instruments (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Carrying Amount    
Assets    
Finance receivables, net (excluding finance leases) $ 25,429 $ 25,346
Liabilities    
Long-term debt 27,631 27,103
Fair Value | Fair Value, Level 3    
Assets    
Finance receivables, net (excluding finance leases) 24,924 25,012
Fair Value | Fair Value, Level 2    
Liabilities    
Long-term debt 27,611 27,204
Carrying amount of assets excluded from measurement at fair value    
Liabilities    
Finance leases and failed sale leasebacks, Carrying Value $ 7,210 $ 7,470