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目錄

美國

證券交易委員會

華盛頓特區20549

 表格 10-Q 

☒ 根据1934年证券交易法第13或第15(d)节的季度报告

截至2024年6月30日季度結束 2024年9月30日

或

☐ 根據1934年證券交易所法第13或15(d)款的過渡報告

轉變期從　　　　　　　到

委員會檔案編號: 1-768

caterpillar inc.

（依憑章程所載的完整登記名稱）

特拉華州

37-0602744

（註冊地或其他註冊司法管轄區）

(美國國稅局雇主身分識別號碼)

奧克還大道5205號,

100號套房,

Irving,

德克薩斯州

75039

(總部辦公地址)

（郵政編碼）

註冊者的電話號碼，包括區域號碼: (972) 891-7700 

如自上次報告以來有更改，請提供之前的名稱、地址和財政年度： 無可奉告

根據法案第12(b)條規定註冊的證券：

每種類別的名稱			交易標的（s）			每個註冊交易所的名稱
普通股票（面值1.00美元）			caterpillar inc			紐約證券交易所
截至2035年9月15日到期的5.3%債券			CAT35			紐約證券交易所

請勾選是否：（1）在過去12個月內（或該等短期要求報告的期限内）按照《1934證券交易法》第13條或15(d)條的相應規定提交了所有必須提交的報告；並且（2）在過去90天內一直受制于該等提交要求。 是 ☒沒有☐

標的檢查標記，指出是否在過去12個月（或要求提交此類文件的較短期間）內，申報人已根據《S-t規則第405條（本章節第232.405條）》的規定提交了應提交的每個互動數據文件。是 ☒   否 ☐

請勾選表示公司是否為大型加速存證者、加速存證者、非加速存證者、較小型報告公司或新興增長公司。請見交易所法令規則120億2中對「大型加速存證者」、「加速存證者」、「較小型報告公司」和「新興增長公司」的定義。

大型加速歸檔人			☒			加速歸檔人			☐
非加速歸檔人			☐			小型報告公司			☐
						新興成長型企業			☐

如果一家新興成長型公司，請用勾選標記表示該申報人已選擇不使用根據證交所法案13(a)條款提供的任何新的或修訂過的財務會計準則的延長過渡期。 ☐

用勾選符號表示，公司是否屬於外殼公司（如交易所法規120億2條所定義）。是 ☐  不 ☒

截至2024年9月30日， 482,802,488 公司常股的股份已發行。

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目錄

目錄

 

第一部分財務資料
項目一。			財務報表			3
項目二。			管理層對財務狀況及營運結果進行討論及分析			47
第三項目。			關於市場風險的定量和定性披露			77
第四項。			控制和程序			77
第二部分。其他資訊
項目一。			法律程序			78
項目 1A。			風險因素			78
項目二。			非登記股份證券銷售及所得款項的使用			78
第三項目。			高級證券違約			*
第四項。			礦山安全披露			*
第五項。			其他資訊			76
第六項			展品			79

 

* 由於不需要回答或項目不適用而省略。

2

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目錄

第一部分  財務資訊

 

項目一。基本報表

Caterpillar Inc.

綜合營收業績表

(未經查核)

（除每股資料外，金額以百萬美元計）

			截至9月30日的三個月
			2024						2023
銷售和收入：
機械、能源和交通的銷售			$	15,231					$	15,988
金融產品的收入			875						822
總銷售和收入			16,106						16,810
營業成本：
營業成本			10,066						10,583
銷售、一般及管理費用			1,669						1,624
研究與開發支出			533						554
金融產品利息費用			336						280
其他營業（收入）費用			355						320
營業費用總計			12,959						13,361
營業利潤			3,147						3,449
除金融產品之外的利息費用			125						129
其他收益（費用）			76						195
稅前綜合利潤			3,098						3,515
所得稅費用（效益）			642						734
合併公司利潤			2,456						2,781
對非合併聯屬公司損益的權益			7						12
合併及聯屬公司利潤			2,463						2,793
減：歸屬於非控制權益的利潤			(1)						(1)
利潤 1			$	2,464					$	2,794
每普通股盈利			$	5.09					$	5.48
每普通股盈利-稀釋 2			$	5.06					$	5.45
加權平均普通股股份已發行數量（百萬股）
– 基本			484.2						509.8
– 攤薄後 2			486.7						512.6

1    歸屬於普通股股東的利潤。

2   透過採用庫藏股法假設行使以股票為基礎的薪酬獎勵而導致稀釋。

查看附註以瞭解綜合基本報表。

3

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目錄

卡特彼勒公司.

綜合綜合收益表

(未經查核)

（以百萬美元計）

			截至9月30日的三個月
			2024						2023
合併及相關公司利潤			$	2,463					$	2,793
其他全面收益（損失），稅後（附註13）：
外幣翻譯：			397						(205)
退休金及其他退休福利：			(3)						(3)
衍生金融工具：			58						(62)
可供出售證券：			61						(16)
其他綜合損益(淨額)(稅後)			513						(286)
綜合收益			2,976						2,507
其他：歸屬於非控制權益的綜合收益（損失）			(1)						(1)
歸屬於股東的綜合收益			$	2,977					$	2,508

查看附註以瞭解綜合基本報表。

4

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目錄

Caterpillar Inc.

綜合營收業績表

(未經查核)

（除每股資料外，金額以百萬美元計）

			截至9月30日的九個月
			2024						2023
銷售和收入：
機械、能源和交通銷售			$	46,031					$	47,632
金融產品收入			2,563						2,358
總銷售和收入			48,594						49,990
營業成本：
營業成本			29,878						31,751
銷售、一般及管理費用			4,898						4,615
研究與開發支出			1,588						1,554
金融產品利息開支			948						742
其他營業（收入）費用			1,134						1,496
營業費用總計			38,446						40,158
營業利潤			10,148						9,832
金融產品之外的利息開支			405						385
其他收益（費用）			387						354
稅前綜合利潤			10,130						9,801
所得稅費用（效益）			2,166						2,194
合併公司的利潤			7,964						7,607
非合併聯屬公司的權益利潤（損失）			34						52
合併和聯屬公司的利潤			7,998						7,659
減：歸屬於非控股權益的利潤（損失）			(3)						—
利潤 1			$	8,001					$	7,659
每股普通股利潤			$	16.36					$	14.93
每股普通股利潤-稀釋後 2			$	16.27					$	14.85
加權平均普通股股份流通量（百萬）
– 基本			489.0						513.0
－稀釋 2			491.7						515.7

1    歸屬於普通股股東的利潤。

2   透過採用庫藏股法假設行使以股票為基礎的薪酬獎勵而導致稀釋。 

查看附註以瞭解綜合基本報表。

5

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目錄

卡特彼勒公司.

綜合收益表

(未經審計)

(金額單位：百萬美元)

			截至9月30日的九個月
			2024						2023
合併和附屬公司的利潤			$	7,998					$	7,659
其他全面收益（損失），稅後淨額（附註13）：
外幣翻譯：			69						260
養老金和其他離退休福利:			(9)						(8)
衍生金融工具:			(4)						(19)
可供出售證券:			47						(8)
其他綜合收益（損失），淨所得稅後			103						225
綜合收益			8,101						7,884
減少：歸屬於非控股權益的綜合收益（損失）			(3)						—
歸屬於股東的綜合收益			$	8,104					$	7,884

請參閱附註的合併基本報表。

6

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目錄

卡特彼勒公司.

基本報表合併資產負債表

(未經審計)

(金額單位：百萬美元) 

			9月30日， 2024						12月31日, 2023
資產
流動資產：
現金及現金等價物			$	5,638					$	6,978
應收賬款-交易和其他			9,086						9,310
應收賬款-融資			9,816						9,510
預付費用和其他流動資產			3,094						4,586
存貨			17,312						16,565
總流動資產			44,946						46,949
產業、工廠和設備淨值			12,837						12,680
長期應收款項 – 交易和其他			1,346						1,238
長期應收款項 – 金融			13,263						12,664
非流動遞延和可退還所得稅			3,050						2,816
無形資產			448						564
商譽			5,317						5,308
其他			5,066						5,257
資產總額			$	86,273					$	87,476
負債
流動負債:
短期借款：
金融產品			$	3,725					$	4,643
應付賬款			7,705						7,906
應計費用			4,980						4,958
應計工資、工資及僱員福利			2,078						2,757
客戶預付款			2,404						1,929
分紅派息應付款			—						649
其他流動負債			2,934						3,123
一年內到期的長期債務：
機械、能源及運輸			46						1,044
金融產品			8,346						7,719
流動負債合計			32,218						34,728
一年後到期的長期負債:
機械，能源和運輸			8,634						8,579
金融產品			17,150						15,893
職後福利責任			4,029						4,098
其他負債			4,839						4,675
負債合計			66,870						67,973
承諾和可能負債事項(附註11和14)
股東權益
普通股 $每股面值：2023年3月31日和2022年12月31日授權的股數爲145,833,334股；2023年3月31日和2022年12月31日發行的股票分別爲28,148,110股和25,832,322股；2023年3月31日和2022年12月31日流通的股票分別爲27,861,543股和25,545,755股；151,020累計其他綜合收益；庫藏股票，截至2023年3月31日和2022年12月31日爲286,567股；每股淨利潤分別爲1,266美元和1,266美元；每股未分配利潤分別爲140,731美元和121,261美元。1.00面值：
授權股份： 2,000,000,000 已發行股份：(9/30/24和12/31/23 – 814,894,624)以實收金額			5,584						6,403
庫藏股：(9/30/24 – 332,092,136 股份；12/31/23 – 315,517,355 股份)以成本			(42,390)						(36,339)
業務中使用的利潤			57,920						51,250
累計其他綜合收益(虧損)			(1,717)						(1,820)
非控制權益			6						9
股東權益合計			19,403						19,503
負債和股東權益總計			$	86,273					$	87,476

請參閱附註的合併基本報表。

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目錄

CATerpillar Inc.

股東權益變動表

(未經審計)

(金額單位：百萬美元) 

			普通股 股票						國庫 股票						利潤 受僱 在這個 業務						累積的 其他 綜合損益 收入（虧損）						非控制權益 利益						總計
2023年9月30日止三個月
2023年6月30日的餘額			$	6,478					$	(33,391)					$	47,094					$	(1,946)					$	21					$	18,256
合併和附屬公司的利潤（虧損）			—						—						2,794						—						(1)						2,793
匯率變動影響稅後淨額			—						—						—						(205)						—						(205)
養老金和其他離退休福利，扣除稅後			—						—						—						(3)						—						(3)
金融衍生工具，減稅後的淨額			—						—						—						(62)						—						(62)
可供出售證券，扣除稅後			—						—						—						(16)						—						(16)
從庫存股發行的普通股，用於股權補償： 824,973			—						59						—						—						—						59
股票補償費用			60						—						—						—						—						60
回購普通股： 1,883,487 1			—						(530)						—						—						—						(530)
未實行加速股份回購的授權股份			150						—						—						—						—						150
其他			10						(3)						—						—						(2)						5
2023年9月30日結餘			$	6,698					$	(33,865)					$	49,888					$	(2,232)					$	18					$	20,507
2024年9月30日止三個月
2024年6月30日餘額			$	5,517					$	(41,612)					$	55,455					$	(2,230)					$	6					$	17,136
合併及關聯公司損益			—						—						2,464						—						(1)						2,463
匯率變動影響稅後淨額			—						—						—						397						—						397
養老金和其他稅後福利			—						—						—						(3)						—						(3)
衍生金融工具, 稅後淨額			—						—						—						58						—						58
可供出售證券, 稅後淨額			—						—						—						61						—						61
3,341,700			—						—						1						—						—						1
從庫存股份發行的普通股份用於基於股票的補償: 202,087			(4)						10						—						—						—						6
股票補償費用			52						—						—						—						—						52
回購普通股份: 2,297,715 1			—						(782)						—						—						—						(782)
其他			19						(6)						—						—						1						14
2024年9月30日的餘額			$	5,584					$	(42,390)					$	57,920					$	(1,717)					$	6					$	19,403

1 請閱讀附註12以獲取更多信息。

請參閱附註的合併基本報表。

8

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目錄

CATerpillar Inc.

股東權益變動表

(未經審計)

(金額單位：百萬美元) 

			普通股 股票						國庫 股票						利潤 受僱 在這個 業務						累積的 其他 綜合損益 收入（虧損）						非控制權益 利益						總計
2023年9月30日止九個月
2022年12月31日結存餘額			$	6,560					$	(31,748)					$	43,514					$	(2,457)					$	22					$	15,891
合併及關聯公司的利潤（損失）			—						—						7,659						—						—						7,659
匯率變動影響稅後淨額			—						—						—						260						—						260
養老金和其他離退休福利，稅後			—						—						—						(8)						—						(8)
金融衍生工具，減稅後的淨額			—						—						—						(19)						—						(19)
可供出售證券，稅後			—						—						—						(8)						—						(8)
宣佈分紅派息 1			—						—						(1,285)						—						—						(1,285)
從庫存中發行的普通股用於以股票爲基礎的補償： 2,238,728			(71)						108						—						—						—						37
股票補償費用			178						—						—						—						—						178
公司回購的普通股： 9,499,655 2			—						(2,209)						—						—						—						(2,209)
其他			31						(16)						—						—						(4)						11
2023年9月30日結餘			$	6,698					$	(33,865)					$	49,888					$	(2,232)					$	18					$	20,507
2024年9月30日止九個月
2023年12月31日結餘爲			$	6,403					$	(36,339)					$	51,250					$	(1,820)					$	9					$	19,503
合併及關聯公司的利潤（損失）			—						—						8,001						—						(3)						7,998
匯率變動影響稅後淨額			—						—						—						69						—						69
養老金和其他離退休福利，扣除稅款			—						—						—						(9)						—						(9)
衍生金融工具，扣除稅款			—						—						—						(4)						—						(4)
可供出售證券，扣除稅款			—						—						—						47						—						47
宣佈分紅派息 1			—						—						(1,331)						—						—						(1,331)
以庫存股發行的普通股，用於股權報酬： 1,629,444			(45)						59						—						—						—						14
股票補償費用			171						—						—						—						—						171
回購的普通股： 18,204,225 2			—						(6,057)						—						—						—						(6,057)
未行使的授權加速份額回購			(1,000)						—						—						—						—						(1,000)
其他			55						(53)						—						—						—						2
2024年9月30日的餘額			$	5,584					$	(42,390)					$	57,920					$	(1,717)					$	6					$	19,403

1 普通股每股股息$2.71 和 $2.50 分別宣佈分紅派息截至2024年和2023年9月30日的九個月內。

2 有關更多信息，請參閱註釋12。

請參閱附註的合併基本報表。

9

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目錄

CATerpillar Inc.

現金流量表

(未經審計)

(以百萬美元計)。

			截至9月30日的九個月
			2024						2023
經營活動現金流量：
合併和附屬公司的利潤			$	7,998					$	7,659
用於將利潤調節爲營業活動提供的淨現金的調節項目：
折舊和攤銷			1,598						1,599
遞延所得稅費用（收益）			(329)						(448)
減記(收益) 分紅派息			164						572
其他			221						205
資產和負債變動，淨額，扣除收購和剝離：
應收賬款 - 交易和其他			(30)						(319)
存貨			(781)						(1,424)
應付賬款			(96)						(532)
應計費用			9						588
應計工資、薪金和員工福利			(671)						—
客戶預付款			476						516
其他資產-淨額			120						128
其他負債-淨額			(37)						338
經營活動產生的淨現金流量			8,642						8,882
投資活動現金流量：
資本支出-不包括出租給他人的設備			(1,285)						(1,061)
出租給他人的設備支出			(893)						(1,177)
處置租賃資產和固定資產的收益			541						563
增加金融應收款項			(11,457)						(11,082)
收回金融應收款項			10,234						10,391
出售融資應收賬款所得款項			69						40
投資和收購（扣除取得現金淨額）			(32)						(67)
出售企業和投資所得款項（扣除已售出現金淨額）			(67)						(14)
到期和證券出售所得款項			2,841						747
證券投資			(892)						(3,689)
Amortization			137						32
投資活動提供的淨現金			(804)						(5,317)
籌資活動產生的現金流量：
分紅派息			(1,966)						(1,901)
發行普通股，包括重新發行的庫藏股			15						36
購買普通股的支付			(7,057)						(2,209)
債務發行所得（原始到期日超過三個月）：
金融產品			7,579						6,360
按債務償還（原始到期日超過三個月）：
機械、能源及運輸			(1,021)						(99)
金融產品			(5,841)						(4,360)
短期借款淨額（原始到期日不超過三個月）			(848)						(1,726)
籌資活動中提供（使用）的淨現金流量			(9,139)						(3,899)
匯率變動對現金的影響			(39)						(119)
現金、現金等價物和受限制的現金的增加（減少）			(1,340)						(453)
期初現金、現金等價物及受限制的現金餘額			6,985						7,013
期末現金、現金等價物及受限制的現金餘額			$	5,645					$	6,560

 現金等價物主要代表原始到期期限通常爲三個月或更短的短期、高流動性投資.

請參閱附註的合併基本報表。

10

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目錄

基本報表附註

(未經審計)

 

1.                                   A.  業務性質

 

我們基本報表和相關評論中的信息分爲以下幾類：

 

機械、能源及運輸 （ME&T）- 我們將ME&t定義爲卡特彼勒公司及其子公司，不包括金融產品。 ME&t的信息涉及到我們產品的設計、製造和營銷。

 

金融產品 我們將金融產品定義爲我們的金融和保險子公司，主要是卡特彼勒金融服務公司（Cat Financial）和卡特彼勒保險控股公司（保險服務）。 金融產品的信息涉及爲客戶和經銷商提供用於購買和租賃卡特彼勒和其他設備的融資。

b.報告編制依據

 

在管理層意見中，附帶的未經審計的基本報表包括所有調整，僅包括必要的正常往復調整，以公平陳述如下內容：(a)截至2024年9月30日和2023年的三個月和九個月的合併營運結果，(b)截至2024年9月30日和2023年的三個月和九個月的合併綜合收益，(c)2024年9月30日和2023年12月31日的合併財務狀況，(d)截至2024年9月30日和2023年的三個月和九個月的合併股東權益變動和(e)截至2024年9月30日和2023年的九個月的合併現金流量。這些基本報表是根據美國通用會計準則（U.S. GAAP）和美國證券交易委員會（SEC）的規定和法規編制的。

中期結果並不一定代表全年結果。本表格10-Q中包含的信息應與我們公司2023年12月31日結束的年度報告中包含的經審計的基本報表和附註一起閱讀（2023年表格10-K）。

 

2023年12月31日的財務狀況數據來源於2023年10-K表中包含的經審計的合併基本報表，但不包括所有美國通用會計準則所要求的披露。某些往期金額已重新分類以符合當前期的財務報表呈現。

Cat Financial擁有終端客戶和經銷商，它們是變量利益實體(VIEs)，我們並非主要受益人。我們與這些VIEs合作所面臨的最大損失風險，僅限於我們提供的金融支持中固有的信用風險。信用風險已經評估，並反映在我們的基本報表中，作爲我們整體金融應收賬款組合和相關信用減值準備的一部分。有關綜合VIE的更多討論，請參閱備註11。

2.                                   新的會計指導

A. 採納新的會計準則

我們考慮所有ASUs的適用性和影響。我們於2024年1月1日生效採納了以下ASUs，但這些都沒有對我們的基本報表產生重大影響：

會計準則更新			描述
2022-03			公允價值衡量-受合同銷售限制約束的股票
2023-01			租賃-共同控制安排
2023-02			使用比例攤銷方法會計處理稅收抵免結構中的投資

b. 尚未採用的已發佈的會計準則

業務分部報告 (ASU 2023-07) — 2023年11月，財務會計準則委員會（FASB）發佈了一項會計指引，要求就報告片段（包括重要信息）進行增補披露。

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爲每個可報告部分分段列示費用類別和金額。 擴大的年度披露適用於截至2024年12月31日的本財年，並擴大的中期披露適用於2025年，並將以追溯方式適用於所有之前呈報期間。

所得稅報告 （ASU 2023-09）— 2023年12月，FASB發佈了會計指南，擴大了有關所得稅的年度披露要求，主要涉及稅率對賬和支付的所得稅。 該指南將於2025年1月1日生效，允許提前採納。 該指南可以前瞻性或追溯性地應用。 我們正在評估這項新指南對相關披露的影響。

所有其他尚未採納的ASUs均經評估並確定，它們要麼不適用，要麼不預計對我們的基本報表產生重大影響。

3.                                   銷售和營業收入合同信息

銷貸款代表從經銷商和最終用戶處收到的產品銷售款項，包括經Cat Financial提供的批發庫存融資款項，用於經銷商購買庫存。我們在資產負債表中的應收款項-交易及其他和長期應收款項-交易及其他中確認從經銷商和最終用戶處的銷貸款項。截至2024年9月30日，銷貸款項從經銷商和最終用戶處分別爲$7,798 百萬，$7,923 百萬和$7,551 百萬，分別爲2024年9月30日，2023年12月31日和2022年12月31日。來自經銷商和最終用戶的長期銷貸款項分別爲$635 百萬，$589 百萬和$506 百萬，分別爲2024年9月30日，2023年12月31日和2022年12月31日。

對於某些合同，我們在達到合同里程碑時開具付款發票。我們會在銷售在達到開具發票的合同里程碑之前被確認時，確認合同資產。當我們開具付款發票並確認相應的交易應收賬款時，我們會減少合同資產。合同資產包括在資產負債表中的預付款項和其他流動資產中。截至2024年9月30日，2023年12月31日和2022年12月31日，合同資產分別爲$218百萬，$246百萬美元和百萬美元。截至2024年9月30日，尚未認領的股份補償費用總額約爲$247百萬。

我們在確認特定產品銷售之前提前開具發票。我們將客戶預付款作爲合同負債記錄在「客戶預付款」及「其他負債」中的合併資產負債表中。合同負債分別爲$2,868 百萬，$2,389 百萬和$2,314 百萬，截至2024年9月30日、2023年12月31日和2022年12月31日。當營業收入確認時，我們會減少合同負債。 在截至2024年9月30日的三個月及九個月內，我們分別確認了$222 百萬和$1,395 百萬、分別是2024年初作爲合同負債記錄的營業收入。在截至2023年9月30日的三個月及九個月內，我們確認了$197百萬美元和百萬美元。截至2024年9月30日，尚未認領的股份補償費用總額約爲$1,333百萬。

截至2024年9月30日，我們已與經銷商和最終用戶簽訂合同，但尚未確認銷售額，因爲我們尚未履行完我們的履約義務並移交產品的控制權。未完成履約義務的美元金額，對於原始期限超過一年的合同爲$14.1 十億美元，其中大約一半的金額預計將在2024年9月30日後的下一年內完成並確認營業收入。我們已選擇實際簡化不披露原始合同期限爲一年或以下的未完成履約義務。原始期限爲一年或以下的合同主要是向經銷商銷售機械、發動機和更換零件。 十二個月 在2024年9月30日後的下一年。我們已選擇實際簡化不披露原始合同期限爲一年或以下的未完成履約義務。原始期限爲一年或以下的合同主要是向經銷商銷售機械、發動機和更換零件。

請查看附註16以獲取更詳細的分解銷售額和收入信息。

4.                                    基於股票的薪酬

 

股票期權的會計處理要求將所有股票支付的成本根據授予日獎勵的公允價值確認在基本報表中。我們的股票期權包括股票期權、受限制的股票單位(RSUs)和基於績效的受限制股票單位(PRSUs)。

我們確認股前基於股份的補償費用爲$52 百萬和$171 百萬和$60 百萬和$178 百萬，截至2023年9月30日的票息費用分別爲$

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下表顯示了在2024年和2023年9月30日結束的九個月內授予的基於股票的薪酬獎勵的類型和公允價值。

			2024年9月30日止九個月																		2023年9月30日止九個月
			授予的股份						每股加權平均公允價值						加權平均授予日股票價格						授予股數						每股加權平均公允價值						加權平均授予日股票價格
股票期權			296,295						$	104.27					$	338.65					777,275						$	75.79					$	253.98
受限股單位			379,621						$	338.65					$	338.65					379,426						$	253.98					$	253.98
帶市場條件的績效型RSUs			169,120						$	408.64					$	338.65					221,869						$	253.98					$	253.98

 

我們股票期權的公允價值是使用Black-Scholes期權定價模型估算的。 以下表格提供了於2024年和2023年截至9月30日結束的九個月內授予的股票期權的公允價值確定所使用的假設：

 

			授予年度
			2024						2023
加權平均股息收益率			2.40%						2.60%
加權平均波動率			30.7%						31.0%
波動性區間			26.3% - 32.3%						28.5% - 35.5%
無風險利率期貨的區間			4.28% - 5.03%						3.92% - 5.03%
加權平均預期存續期			7 年						7 年

 

2024年授予的PRSUs包含市場控件，使用蒙特卡洛模擬估算了獎勵的公允價值。 以下表格提供了確定2024年9月30日結算的PRSUs公允價值所使用的假設：

			授予年度
			2024
公司股票的預期波動率			29.8%
無風險利率			4.38%

截至2024年9月30日，與尚未歸屬的股票補償獎勵相關的總餘下未確認的補償費用爲$173 百萬，將按照約爲的加權平均剩餘的要求服務期間分期攤銷。 1.9 年。

 

5.                                     衍生金融工具和風險管理

 

我們的收益和現金流量會因外匯匯率、利率、商品價格和某些遞延薪酬計劃負債的變化而波動。我們的風險管理政策允許謹慎使用衍生金融工具來管理外匯匯率、利率、商品價格和某些遞延薪酬計劃負債風險。我公司政策規定衍生工具不得用於投機目的。我們使用的衍生工具主要有外匯遠期合約、期權和跨國貨幣合約、利率合約、商品遠期和期權合約以及總回報掉期合約。我們的衍生交易活動受到高級財務官員的管理、指導和控制。我們至少每年向董事會審計委員會陳述我們的風險管理實踐，包括我們對金融衍生工具的使用。

 

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我們在合併財務狀況表中確認所有衍生工具的公允價值。在衍生合同簽訂日期，我們將衍生工具指定爲（1）對已確認資產或負債公允價值的對沖（公允價值對沖），（2）對預測交易或現金流波動的對沖（現金流對沖）或（3）未指定的工具。我們在當期收益中記錄被認定、指定且高度有效的公允價值對沖的衍生工具公允價值的變化，以及因被對沖風險導致的被對沖已確認資產或負債的損益。在合併財務狀況表中的其他綜合收益中，我們記錄被認定、指定且高度有效的現金流對沖的衍生工具公允價值變化，適用時，直到我們在被對沖交易影響收益的同一期間或期間內重新分類到收益。我們在當期收益中報告未指定衍生工具的公允價值變化。我們在合併現金流量表中將指定衍生金融工具的現金流歸類於與被對沖項目相同的類別。在合併現金流量表中，我們將未指定的衍生金融工具的現金流歸類於投資類別。

 

我們正式記錄所有套期保值工具和被套期項目之間的關係，以及執行各種套期交易的風險管理目標和策略。 這個過程包括將被指定爲公允價值套期保值的所有衍生工具與資產負債表上特定的資產和負債相關聯，將現金流量套期保值與具體的預測交易或現金流量的變動相關聯。

我們還會正式評估，不論是對沖的開始還是在持續進行中，用於對沖交易的指定衍生品是否高度有效地抵消對沖項目的公允價值或現金流的變化。當確定某個衍生工具作爲對沖工具不高效，或對沖交易不再可能時，我們會根據對沖會計的取消標準，停止未來的對沖會計。

 

外匯匯率風險

 

外匯匯率波動會影響以外幣計價的銷售額和以外幣計價的成本，從而帶來一定風險。外幣匯率的變動還會影響我們的競爭地位，因爲這些變化可能影響非美國競爭對手的業務實踐和/或定價策略。此外，我們還持有以外幣計價的資產負債表，因此會受到匯率波動的影響。

 

我們的ME＆t業務在世界各地購買、製造和銷售產品。由於我們擁有多樣化的營業收入和成本基礎，我們以淨額管理我們未來的外幣現金流風險敞口。我們使用外幣遠期和期權合約來管理未匹配的外幣現金流入和流出。我們的目標是最大程度地減少匯率波動的風險，這種波動可能會降低我們外幣現金流的美元價值。我們的政策允許管理預期的外幣現金流，最長可達約 五年。截至2024年9月30日，這些未了結合同的最長期限約爲 60個月內確認爲營業收入。

 

一般來說，我們在合同簽訂之初將符合避險會計要求併到期日超過當前季度末的任何外幣遠期或期權合約指定爲現金流避險。我們在特定敞口基礎上進行指定，以支持避險會計。ME&t的其餘外幣合約未經指定。

 

在管理我們金融產品業務的外幣風險時，我們的目標是通過減少由外幣兌換和重估淨外幣資產負債表項目以及以外幣計價的未來交易造成的收益波動。 我們的政策允許使用外幣遠期、期權和跨境貨幣合約來抵消資產和負債之間的貨幣錯配風險，以及未來以外幣計價的交易所涉及的匯率風險。 我們的外幣遠期和期權合約主要未指定。 我們指定固定對固定的跨境貨幣合約作爲現金流量套期交易，以保護外幣固定利率資產和負債的匯率波動。

 

利率風險

 

利率波動會影響我們的利息支付金額和固定利率債務價值，帶來一定風險。我們的做法是使用利率合約來管理我們對利率變動的敞口。

 

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我們的ME&t運營通常使用固定利率債務作爲資金來源。我們的目標是最小化借款資金的成本。我們的政策允許我們進入固定-浮動利率合同和遠期利率協議，以實現這一目標。我們在合同簽訂時將固定-浮動利率合同指定爲公允價值套期交易，並在合同簽訂時將某些遠期利率協議指定爲現金流套期交易。

金融產品運營擁有一項匹配融資政策，通過將Cat Financial的債務組合的利率配置（固定或浮動利率和期限）與我們的應收賬款組合的利率配置在預定範圍內進行不斷調整來減輕利率風險。 在執行該政策的過程中，我們使用利率衍生工具來修改債務結構，以匹配應收賬款組合內的資產。 這種匹配融資減少了利息資產和利息負債之間的利差波動，無論利率走勢如何。

 

我們的政策允許我們使用固定轉浮動、浮動轉固定和浮動轉浮動的利率合同來滿足匹配融資的目標。 我們將固定轉浮動的利率合同指定爲公允價值對沖，以保護債務免受基準利率變化造成的公允價值變化的影響。 我們將大多數浮動轉固定的利率合同指定爲現金流對沖，以保護由於基準利率變動造成的現金流波動。

 

我們在某些時候，對ME&T和金融產品的固定浮動和浮動固定利率合同進行了清算。我們在清算時將與這些合同相關的收益或損失分攤到以前指定的套期項目的原始期限內。

 

金融工具的效應對財務狀況和業績的影響 請參考說明10，公允價值計量，了解2024年6月30日和2023年12月31日時金融工具的資產負債表位置和公允價值。

 

商品價格波動會影響我們購買某些原材料時必須支付的價格，從而產生一定程度的風險。我們的政策是使用商品遠期和期權合約來管理商品風險，並降低所購買材料的成本。

 

我們的ME&t運營購買從供應商處購買的元件中嵌入的基本貴金屬。我們的供應商將其中的商品成本部分的價格變化傳達給我們。此外，我們還會受到用於運營的能源產品（如天然氣和柴油燃料）價格變化的影響。

 

我們的目標是儘量減少這些商品價格的波動。 我們的政策允許我們進行商品遠期和期權合約，以鎖定這些商品中的部分商品的購買價格。 五年 視野範圍內。 所有此類商品遠期和期權合約均爲未指定的。

延期薪酬計劃責任風險

我們還承擔與員工某些非合格遞延報酬義務相關的報酬費用的變動性。我們利用總回報掉期來經濟地對沖此類風險，以抵消相關的報酬費用。所有此類總回報掉期合同均未指定。

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在合併財務狀況表中報告的衍生金融工具的位置和公允價值如下：

（百萬美元）			公允價值
			2024年9月30日												2023年12月31日
			資產 1						短期借款： 2						資產 1						短期借款： 2
%
匯率期貨合同			$	367					$	(171)					$	389					$	(155)
利率合約			54						(131)						58						(209)
總計			$	421					$	(302)					$	447					$	(364)
未指定的衍生品
匯率期貨合同			$	47					$	(82)					$	55					$	(82)
商品合約			13						(6)						18						(9)
總回報掉期合約			16						—						—						—
總計			$	76					$	(88)					$	73					$	(91)
1 資產被分類爲應收賬款-交易和其他或者長期應收賬款-交易和其他。
2 負債被分類爲應計費用或者其他負債。

2024年9月30日和2023年12月31日的衍生工具名義金額分別爲$26.1億和$25.6億。衍生金融工具的名義金額不代表各方之間實際交換的金額。我們根據衍生工具的名義金額和其他條款（如外幣匯率、利率期貨、商品價格或某些遞延的補償計劃負債）來計算各方之間實際交換的金額。

衍生工具的收益（損失）按以下方式分類：

（百萬美元）			截至9月30日的三個月
			公平價值 / 未指定抵消風險												。
			在綜合利潤表上確認的收益（損失）1												在綜合收益中確認的收益（損失）												從綜合收益重新分類的收益（損失）2
			2024						2023						2024						2023						2024						2023
匯率期貨合同			$	(35)					$	19					$	26					$	10					$	(70)					$	80
利率合約			(41)						(34)						(9)						3						9						14
商品合約			1						14						—						—						—						—
總回報掉期合同			40						—						—						—						—						—
總計			$	(35)					$	(1)					$	17					$	13					$	(61)					$	94
1 外匯合同、商品合同和總回報掉期合同的收益（損失）包括在其他收入（費用）中。利率合同的收益（損失）包括在金融產品利息費用和除金融產品外的利息費用中。
2 外匯合同的收益（損失）主要包括在其他收入（費用）中。利率合同的收益（損失）主要包括在金融產品利息費用中。

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（百萬美元）			截至9月30日的九個月
			公平價值 / 未指定套期保值												。
			在綜合利潤表上確認的收益(損失) 1												在權益(OCI)中確認的收益(損失)												從OCI重新分類的收益(損失) 2
			2024						2023						2024						2023						2024						2023
匯率期貨合同			$	58					$	22					$	108					$	42					$	77					$	43
利率合約			(115)						(95)						6						15						38						41
商品合約			2						2						—						—						—						—
總回報掉期合約			58						—						—						—						—						—
總計			$	3					$	(71)					$	114					$	57					$	115					$	84
1 匯率期貨合同、商品合同和總回報掉期合同的盈利（損失）包括在其他收入（費用）中。 利率期貨合同的盈利（損失）包括在金融產品的利息費用和不包括金融產品的利息費用中。
2 匯率期貨合同的盈利（損失）主要包括在其他收入（費用）中。 利率期貨合同的盈利（損失）主要包括在金融產品的利息費用中。

關於公允價值套期保值的累積基礎調整，已在合併資產負債表上記錄如下金額：

（百萬美元）			套期負債的賬面價值												包括在套期負債賬面價值中的公允價值套期調整累計金額
			2024年9月30日						2023年12月31日						2024年9月30日						2023年12月31日
一年內到期的長期債務			$	948					$	982					$	(2)					$	(23)
開多期限債務在一年之後到期			5,031						4,245						(65)						(156)
總計			$	5,979					$	5,227					$	(67)					$	(179)

我們在ME&T和金融產品中籤訂了國際掉期和衍生品協會（ISDA）主清算協議，允許根據各自衍生合同下所欠款項進行淨結算。 在這些主清算協議下，淨結算通常允許公司或對手方判斷截止於同一日期、以相同貨幣支付且屬於相似類型的衍生交易的合同的淨支付金額。 主清算協議也可能規定在出現違約事件或終止事件時，對手方的所有未了合同進行淨結算。

按照主要淨額結算協議，對手方或我公司通常不需要提供抵押品。截至2024年9月30日和2023年12月31日，並未收到或承諾提供任何現金抵押品。

主淨額結算協議的淨結算規定對違約事件或終止事件對我們衍生工具餘額的影響如下：

（百萬美元）			2024年9月30日												2023年12月31日
			資產						負債						資產						負債
確認的總金額			$	497					$	(390)					$	520					$	(455)
金融工具未被抵消			(182)						182						(202)						202
淨額			$	315					$	(208)					$	318					$	(253)

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6.                                     存貨

 

存貨（主要採用後進先出（LIFO）方法）包括以下內容：

 

（百萬美元）			9月30日， 2024						12月31日, 2023
原材料			$	6,787					$	6,492
在製品			1,500						1,411
成品			8,652						8,308
用品			373						354
總存貨			$	17,312					$	16,565

    

7.                                     無形資產和商譽

 

A. 無形資產

 

無形資產包括以下：

 

									2024 年 9 月 30 日
（百萬美元）									總計 攜帶 金額						累積 攤銷						網
客戶關係									$	2,233					$	(1,923)					$	310
知識產權									499						(397)						102
其他									117						(81)						36
有限壽命無形資產總額									$	2,849					$	(2,401)					$	448

									2023 年 12 月 31 日
									總計 攜帶 金額						累積 攤銷						網
客戶關係									$	2,232					$	(1,814)					$	418
知識產權									484						(380)						104
其他									117						(75)						42
有限壽命無形資產總額									$	2,833					$	(2,269)					$	564

截至2024年9月30日的三個月和九個月的攤銷費用爲$44百萬美元和百萬美元。截至2024年9月30日，尚未認領的股份補償費用總額約爲$131百萬，分別爲。 截至2023年9月30日的三個月和九個月的攤銷費用爲$44 百萬和$174百萬，分別。與無形資產相關的攤銷費用預計將爲：

（百萬美元）
2024年剩餘的三個月						2025						2026						2027						2028						以後
$44						$167						$97						$34						$26						$80

 

b. 良好意向

 

沒有 商譽在2024或2023年9月30日結束的九個月內已減值。

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2024年9月30日結束的九個月內，按報告部門劃分，商譽賬面價值的變動如下：

（百萬美元）						12月31日, 2023																		其他調整 1						9月30日， 2024
施工行業
商譽						$	277																	$	(1)					$	276
減值						(22)																		—						(22)
無形資產淨值						255																		(1)						254
資源行業
商譽						4,151																		7						4,158
減值						(1,175)																		—						(1,175)
淨商譽						2,976																		7						2,983
能源和運輸
商譽						2,959																		4						2,963
減值						(925)																		—						(925)
淨商譽						2,034																		4						2,038
All Other 2
商譽						43																		(1)						42
合併總計
商譽						7,430																		9						7,439
減值						(2,122)																		—						(2,122)
淨商譽						$	5,308																	$	9					$	5,317

1 其他調整主要由外幣翻譯組成。

2 包括所有其他板塊（見注16）。

8.                                     投資於債務和股本證券

 

我們在某些債務和股權證券中進行了投資，按公允價值記錄，主要包括在資產負債表的其他資產中。

我們主要將債務證券分類爲可供出售。 我們將可供出售債務證券重估產生的未實現收益和損失（扣除適用的遞延所得稅）計入股本（在財務狀況表的權益中）。 我們將權益證券重新估價產生的未實現收益和損失計入其他收入（費用）中財務狀況表的綜合損益中。 我們通常使用特定確認法判斷可供出售債務和權益證券的投資出售確認的實現收益和損失，並將其計入綜合損益中的其他收入（費用）在經營綜合損益表中。

可供出售債務證券的成本基礎和公允價值，其中包括股權中的未實現收益和損失（財務狀況表中的AOCI）如下：

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可供出售債務證券			2024年9月30日																		2023年12月31日
（百萬美元）			成本 基礎						未實現稅前淨收益 (虧損)						公允 價值						成本 基礎						未實現稅前淨收益 （虧損）						公平 價值
政府債務證券
美國國庫券			$	13					$	—					$	13					$	10					$	—					$	10
其他美國和非美國政府債券			69						—						69						62						(2)						60
企業債務證券
公司債券和其他債務證券			2,946						4						2,950						3,031						(36)						2,995
資產支持證券			221						(1)						220						195						(3)						192
抵押支持的債券證券
美國政府機構			458						(14)						444						433						(23)						410
住宅			2						—						2						3						(1)						2
商業			133						(5)						128						137						(9)						128
截至2024年6月30日，我們可供出售債務證券的合同到期日，不包括在簡明綜合資產負債表中歸類爲現金和現金等價物的證券和沒有單一到期日的抵押貸款和資產證券化證券的證券，未超過			$	3,842					$	(16)					$	3,826					$	3,871					$	(74)					$	3,797

持有待售債務證券處於未實現損失位置：
			2024年9月30日
			少於12個月 1												12個月或更長時間 1												總計
（百萬美元）			公允 價值						未實現 損失						公允 價值						未實現 損失						公允 價值						未實現 損失
政府債務證券
其他美國和非美國政府債券			$	—					$	—					$	19					$	2					$	19					$	2
企業債務證券
公司債券			159						—						829						24						988						24
資產支持證券			8						—						37						2						45						2
抵押支持的債券證券
美國政府機構			—						—						278						19						278						19
商業			—						—						113						5						113						5
總計			$	167					$	—					$	1,276					$	52					$	1,443					$	52

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			2023年12月31日
			不超過12個月 1												12個月或更長時間 1												總計
（百萬美元）			公允 價值						未實現 損失						公平 價值						未實現 損失						公平 價值						未實現 虧損
政府債務證券
其他美國和非美國政府債券			$	—					$	—					$	25					$	3					$	25					$	3
企業債務證券
公司債券			765						—						1,011						45						1,776						45
資產支持證券			9						—						97						3						106						3
抵押支持的債券證券
美國政府機構債券			33						—						287						25						320						25
商業			2						—						121						9						123						9
總數			$	809					$	—					$	1,541					$	85					$	2,350					$	85
1 指示個別證券持續處於未實現虧損位置的時間長度。

我們在政府債務證券、公司債務證券和抵押債務證券的投資中尚未實現的虧損與購買時的基礎利率和信貸利差的變化有關。我們沒有打算出售這些投資，也不太可能在攤銷成本基礎回收之前被要求出售這些投資。此外，截至2024年9月30日，我們並未預料到這些投資會出現與信貸相關的損失。

2024年9月30日可供出售債券的成本基礎和公允價值按照合約到期日展示如下。 預期到期日可能與合約到期日不同，因爲借款人可能有提前還款的權利，債權人可能有看漲債務的權利。

        

			2024年9月30日
（百萬美元）			成本基礎						公允價值
一年或以下到期			$	1,260					$	1,260
一年至五年到期			1,588						1,586
5年至10年到期的債務證券			288						293
10年以上到期的債務證券			113						113
美國政府機構抵押支持證券			458						444
住房抵押貸款證券			2						2
商業抵押支持證券			133						128
可供出售的債務證券總額			$	3,842					$	3,826

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可供出售債務證券的銷售額：
			截至9月30日的三個月												截至9月30日的九個月
（百萬美元）			2024						2023						2024						2023
可供出售證券的出售收益			$	257					$	271					$	917					$	710
可供出售證券銷售的總收益			$	—					$	—					$	—					$	—
可供出售證券銷售的總損失			$	—					$	1					$	2					$	1

此外，我們有資產1,900百萬美元的定期存款投資被分類爲持有至到期日的債務證券，截至2023年12月31日。我們沒有 沒有 任何被分類爲持有至到期日的債務證券的投資，截至2024年9月30日。這些投資在一年內到期，並被列入資產負債表中的預付費用和其他流動資產中。我們按攤餘成本記錄持有至到期日的債務證券，該成本接近公允價值。

截至2024年9月30日的三個月和2023年，截至2024年9月30日持有的股權證券的未實現收益（損失）分別爲$18每個可供出售債務證券分別爲$11截至2024年9月30日的九個月和2023年，截至2024年9月30日持有的股權證券的未實現收益（損失）分別爲$32每個可供出售債務證券分別爲$25在截至2023年5月31日和2024年5月31日的六個月結束時，養老金和其他退休福利的淨總收益，除去服務成本元件，分別爲$(

9.                                     養老福利

 

A. 養老金和離退休福利費用    

			美國養老金 福利												非美國養老金 福利												其他 養老金和其他事後福利責任 福利
			9月30日，												9月30日，												9月30日，
（百萬美元）			2024						2023						2024						2023						2024						2023
截至三個月結束時：
淨週期性福利成本的組成部分如下：
服務成本			$	—					$	—					$	12					$	10					$	16					$	16
利息費用			156						164						30						30						33						36
計劃資產預期回報			(174)						(173)						(43)						(40)						(2)						(2)
先前服務成本的攤銷（貸項）			—						—						—						—						(3)						(3)
淨週期性福利費用（利益） 1			$	(18)					$	(9)					$	(1)					$	—					$	44					$	47
截止到九個月的結束日期：
淨週期性福利費用的元件:
服務成本			$	—					$	—					$	34					$	30					$	50					$	50
利息費用			469						492						91						91						99						108
計劃資產預期回報			(524)						(517)						(127)						(120)						(6)						(8)
先前服務成本的攤銷（貸項）			—						—						—						—						(10)						(9)
淨週期性福利費用（福利） 1			$	(55)					$	(25)					$	(2)					$	1					$	133					$	141

1 服務成本元件包含在營業成本中。所有其他元件包含在其他收入（費用）中。

我們賺了$49 百萬和$221 百萬美元用於我們的養老金和其他離退休計劃，在2024年九月底結束的三個月和九個月期間。 我們目前預計2024全年的捐款約爲$273百萬美元。

 

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b. 定義出的福利成本

 

我們在經營成本表中計入的與我們的定義性貢獻計劃相關的總公司成本如下：

 

			截至9月30日的三個月												截至9月30日的九個月
（百萬美元）			2024						2023						2024						2023
美國的計劃 1			$	168					$	120					$	506					$	405
非美國計劃			32						27						94						85
			$	200					$	147					$	600					$	490

1 包括與我們的非合格遞延補償計劃相關的成本。我們利用總回報互換來在經濟上對沖該敞口，以抵消相關成本。有關更多信息，請參閱附註5。

 

10.                              租賃協議

財務和經營租賃收入，主要包括在 金融產品收入 的綜合經營結果表中，具體如下：

						截至9月30日的三個月												截至9月30日的九個月
（百萬美元）						2024						2023						2024						2023
融資租賃收入						$	110					$	106					$	325					$	315
經營租賃收入						303						286						909						836
總計						$	413					$	392					$	1,234					$	1,151

我們報告的營收已減去銷售和其他相關稅款。

11.                              保證和產品保修

 

我們已經提供了各種擔保，其條款和限制潛在支付金額各有不同。在擔保範圍內，第三方的不履行可能要求卡特彼勒提供貨物、服務或財務補償來滿足合同義務。我們根據擔保可能需要支付的未來支付最高金額（未經貼現且未減少可能追索的任何金額）爲$406 百萬和$353百萬，分別是2024年9月30日和2023年12月31日。

我們有不限制終端用戶與賠償和其他商業合同義務相關的潛在支付的經銷商績效保證和第三方績效保證。此外，我們已簽訂涉及行業標準賠償的合同，並不限制潛在支付。對於這些無限制的保證，我們無法估計未來付款的最大潛在金額，這些付款可能來源於提出的索賠。

在這些擔保中，沒有發生或預期到任何重大損失。

 

Cat Financial 爲從符合可變利息實體的特殊目的公司 (SPC) 購買卡特彼勒經銷商的某些貸款提供擔保。Cat Financial 會因提供此擔保而收取費用。SPC的目的是向卡特彼勒經銷商提供短期營運資金貸款。該SPC發行商業票據，並將所得款項用於資助其貸款計劃。Cat Financial是SPC的主要受益者，因爲其擔保使Cat Financial既有權指導對SPC經濟表現影響最大的活動，又有義務吸收損失，因此Cat Financial合併了SPC的財務報表。截至2024年9月30日和2023年12月31日，SPC的資產爲美元1.31 十億和美元1.35 分別有10億美元主要由向交易商提供的貸款和SPC的負債爲美元1.31 十億和美元1.35 分別有十億美元主要由商業票據組成。SPC 的資產無法支付 Cat

23

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財務的債權人。如果特殊目的公司(SPAC)出現虧損，貓金融可能會根據擔保承擔責任。在這項貸款購買協議下尚未經歷或預期到任何損失。

我們通過將歷史索賠率經驗應用於當前的現場人口和經銷商庫存來確定我們的產品保修責任。一般來說，我們基於每臺機器型號/發動機尺寸，以及客戶或經銷商位置（北美境內或境外）的實際保修經驗來確定歷史索賠率。我們爲每個產品發貨月份制定特定的費率，並根據實際保修索賠經驗每月更新。  

對於截至9月30日的九個月產品保修責任餘額變動的調和如下：

			截至9月30日的九個月
（百萬美元）			2024						2023
期初融資擔保責任			$	1,894					$	1,761
負債減少（支付）			(603)						(617)
責任增加（新的保修）			478						724
質保負債期末餘額			$	1,769					$	1,868

12.                               每股盈利

 

每股利潤的計算:									截至9月30日的三個月												截至9月30日的九個月
(以百萬美元爲單位，除每股數據外)									2024						2023						2024						2023
期間利潤（A） 1									$	2,464					$	2,794					$	8,001					$	7,659
股份確定（以百萬爲單位）:
加權平均普通股已發行量（B）									484.2						509.8						489.0						513.0
根據平均市價淨行權的股票獎勵可發行股份數，減去假設以平均市價從收益中購買的股份數									2.5						2.8						2.7						2.7
全面攤薄計算所用的平均普通股份 2									486.7						512.6						491.7						515.7
每股普通股盈利：
假設不發生攤薄（A/B）									$	5.09					$	5.48					$	16.36					$	14.93
假設全面攤薄（A/C） 2									$	5.06					$	5.45					$	16.27					$	14.85
截至9月30日的流通股份（以百萬計）																					482.8						509.1
1 歸屬於普通股股東的利潤。
2 通過假定使用庫藏股法行使基於股票的補償獎勵進行稀釋。

截至2024年9月30日的三個和九個月，我們在計算稀釋每股收益時排除了百萬美元的優先股期權，因爲其產生的影響會使其無稀釋效應。 0.3500萬股，並且總成本（包括佣金和消費稅）分別爲$0.2 截至2023年9月30日的三個和九個月，我們分別排除了百萬美元的優先股期權，在計算稀釋每股收益時，因爲其產生的影響會使其無稀釋效應。 0.8和2.1截至2024年9月30日的三個和九個月，我們在計算稀釋每股收益時排除了百萬美元的優先股期權，因爲其產生的影響會使其無稀釋效應。

截至2024年9月30日止的三個和九個月，我們回購了 2.3500萬股，並且總成本（包括佣金和消費稅）分別爲$18.2 百萬股卡特彼勒普通股，分別以總成本爲0.8私人股權和其他投資的金額分別爲52.27億美元和53.98億美元，截至2023年7月31日和2023年1月31日。6.1 十分到九月30日結束的三個和九個月，我們回購了 1.9500萬股，並且總成本（包括佣金和消費稅）分別爲$9.5 百萬股卡特彼勒普通股，分別以總成本爲0.5私人股權和其他投資的金額分別爲52.27億美元和53.98億美元，截至2023年7月31日和2023年1月31日。2.2 金融機構分別通過第三方金融機構加速股份回購（ASR）協議和2024年和2023年的公開市場交易進行了這些購買。

24

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在2024年第一季度，我們簽訂了ASR協議，總共回購了美元3.50十億股普通股。我們預付了美元3.50十億，大約收到了 7.6百萬股卡特彼勒普通股，價值美元2.45十億。在2024年第二季度，我們簽訂了ASR協議，總共回購了美元1.00十億股普通股。我們預付了美元1.00十億，大約收到了 2.2百萬股卡特彼勒普通股，價值美元750百萬。這些ASR協議將持續到2024年第四季度。最終購買的最終股票數量將基於ASR協議期內我們普通股的每日成交量加權平均價格的平均值減去折扣，並將根據ASR協議的條款和條件進行調整。剩下的美元1.30十億美元被評估爲未結算的遠期合約，在合併財務狀況表中被歸類爲普通股的減少。

25

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13.                          累計其他綜合收益(虧損)

我們在綜合收入和其元件中列出了綜合收入合併報表。每個AOCI元件的餘額變動如下：

			截至9月30日的三個月												截至9月30日的九個月
（百萬美元）			2024						2023						2024						2023
外幣翻譯:
期初餘額			$	(2,110)					$	(1,863)					$	(1,782)					$	(2,328)
外匯翻譯利潤（損失）			377						(194)						36						(235)
減：稅收準備金 /（利益）			(20)						10						(5)						(2)
外匯翻譯淨利潤（損失）			397						(204)						41						(233)
(盈利)損失重新分類爲收益			—						(1)						28						493
減：稅項準備/(效益)			—						—						—						—
淨(盈利)損失重新分類爲收益			—						(1)						28						493
其他綜合收益（虧損），稅後			397						(205)						69						260
期末餘額			$	(1,713)					$	(2,068)					$	(1,713)					$	(2,068)
養老金及其他退休福利
期初餘額			$	(55)					$	(44)					$	(49)					$	(39)
當年前期服務貸記(成本)			—						—						—						—
減少：稅款準備金/(利益)			—						—						—						—
淨本年前期服務信貸(成本)			—						—						—						—
往期服務（貸項）成本攤銷			(3)						(3)						(10)						(9)
減少：稅款準備金/(利益)			—						—						(1)						(1)
淨前期服務攤銷(信貸)成本			(3)						(3)						(9)						(8)
其他全面收益(損失)，稅後			(3)						(3)						(9)						(8)
期末餘額			$	(58)					$	(47)					$	(58)					$	(47)
衍生金融工具
期初餘額			$	5					$	71					$	67					$	28
待處理收益（損失）			17						13						114						57
減：所得稅費用（收益）			10						5						37						14
待處理淨收益（淨損失）			7						8						77						43
（收益）損失重新分類給收益			61						(94)						(115)						(84)
減：所得稅費用（收益）			10						(24)						(34)						(22)
重新分類給收益的淨（收益）損失			51						(70)						(81)						(62)
其他全面收益（損失），稅後淨額			58						(62)						(4)						(19)
期末餘額			$	63					$	9					$	63					$	9
可供出售證券
期初餘額			$	(70)					$	(110)					$	(56)					$	(118)
推遲的收益（損失）			74						(22)						56						(12)
減：稅務準備金/（利益）			13						(5)						11						(3)
淨推遲收益（損失）			61						(17)						45						(9)
（收益）損失重新分類爲收益			—						1						2						1
減：稅務準備金/（利益）			—						—						—						—
損益（損失）重新分類至收益			—						1						2						1
其他全面收益（損失），稅後淨額			61						(16)						47						(8)
期末餘額			$	(9)					$	(126)					$	(9)					$	(126)
截至9月30日的總其他全面收益餘額			$	(1,717)					$	(2,232)					$	(1,717)					$	(2,232)

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14.                              環保母基和法律事務

公司受聯邦、州和國際環保法律的監管，這些法律規定了其對物質的使用、運輸和處理以及對排放的控制。除了管理我們的製造業-半導體和其他運營之外，這些法律通常也影響我們產品的開發，包括但不限於要求符合內燃機適用的空氣排放標準。我們已經並將繼續進行重大的研究和開發以及資本支出，以符合這些排放標準。

我們在多個地點從事補救活動，通常與其他公司合作，遵循聯邦和州法律。當我們可能需要支付某個地點的補救費用，並且這些費用能夠合理估算時，我們會將調查、補救及運營和維護費用計入我們的收益。我們根據目前可用的每個地點的數據和信息，考慮可用技術、當前適用的法律法規以及以前的補救經驗來計提費用。在沒有任何估算範圍內的金額更有可能的情況下，我們會計提最低金額。當有多個潛在責任方參與時，我們會考慮我們應承擔的可能費用的比例。在制定可能費用的估計時，我們不考慮預計可以從保險公司或其他方收回的金額。我們每季度重新評估這些計提的金額。記錄的環保補救費用不重大，幷包含在應計費用中。我們相信，任何單個地點或所有地點的累積補救活動所需的重大金額的可能性不超過微乎其微。

此外，我們還涉足於業務中出現的其他未解決的法律訴訟。其中最普遍的未解決行動涉及與產品設計、製造和性能責任（包括聲稱的石棉暴露）、合同、僱傭問題、環保母基事項、知識產權、稅務（除所得稅之外）和證券法有關的爭議。與這些未解決的法律行動相關的合併區間可能損失超過已計提的責任，如果有的話，這些損失對本公司業務的影響不是重大的。在某些情況下，我們無法合理估計損失的區間，因爲關於此事的信息不足。然而，我們相信這些事宜可能會導致的任何責任不可能重大。雖然無法確定這些未解決的法律行動的結果，我們相信這些行動不會單獨或合併對我們的合併運營結果、財務狀況或流動性產生重大不利影響。

我們在巴西的運營受到高度複雜的勞動、稅收、海關及其他法律的約束。雖然後我們相信自己遵守這些法律，但我們定期會涉及有關法律適用的訴訟，包括與巴西聯邦、州和市政府針對與卡特彼勒巴西有限公司有關的出口活動的某些稅收和海關爭議。公司無法預測結果或合理估算任何潛在損失；然而，我們目前認爲，提出的任何問題不會對公司的合併經營成果、財務狀況或流動性產生重大不利影響。

15.                              所得稅

 

截至2024年9月30日三個月的有效稅率爲 20.7 百分之，與往年同期相比，有效稅率下降了 20.9 2023年9月30日三個月的有效稅率爲百分之 21.4 截至2024年9月30日九個月的有效稅率爲百分之 22.4 ，而2023年9月30日九個月的有效稅率爲百分之

16.                              分段信息

 

A. 分段信息的基礎

 

我們的高管辦公室由首席執行官（CEO）, 首席運營官（COO), 、集團總裁、致富金融(臨時代碼), 首席法務官及總法律顧問以及首席人力資源官組成。COO、集團總裁和致富金融(臨時代碼)負責一系列相關的端到端業務，由他們管理。首席法務官及總法律顧問領導法律、安防-半導體和公共政策部門。首席人力資源官負責人力資源組織。首席執行官分配資源並管理COO/集團總裁/致富金融(臨時代碼)水平的績效。因此，首席執行官是我們的首席運營決策者，運營段取決於COO/集團總裁/致富金融(臨時代碼)的報告結構。 四個 我們的高管辦公室由首席執行官（CEO）, 首席運營官（COO), 、集團總裁、致富金融(臨時代碼), 首席法務官及總法律顧問以及首席人力資源官組成。COO、集團總裁和致富金融(臨時代碼)負責一系列相關的端到端業務，由他們管理。首席法務官及總法律顧問領導法律、安防-半導體和公共政策部門。首席人力資源官負責人力資源組織。首席執行官分配資源並管理COO/集團總裁/致富金融(臨時代碼)水平的績效。因此，首席執行官是我們的首席運營決策者，運營段取決於COO/集團總裁/致富金融(臨時代碼)的報告結構。

 

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Three 我們的所有經營板塊，包括施工行業、資源行業和能源與運輸板塊，均由集團總裁領導。 Ginkgo 金融產品是一個經營板塊，由首席財務官領導，該首席財務官還負責企業服務。企業服務是一個主要負責全球某些支持職能績效並提供集中服務的成本中心；它不符合經營板塊的定義。 Ginkgo 集團總裁領導着較小的經營板塊。法律、安全和公共政策部門以及人力資源組織都是成本中心，不符合經營板塊的定義。 一個 集團總裁領導較小的經營板塊，該板塊包含在所有其他板塊中。法律、安防-半導體和公共政策部門以及人力資源組織都是成本中心，不符合經營板塊的定義。

b. 描述各個細分市場

 

我們有五 運營板塊，其中 四個 是可報告板塊。以下是我們可報告板塊的簡要描述以及其他所有板塊中包含的業務活動：

 

施工行業主要負責支持客戶在基礎設施和樓宇建造應用中使用機械的部門。職責包括業務策略、產品設計、產品管理和開發、製造業、營銷和銷售以及產品支持。產品組合包括瀝青鋪設機; 後裝載機; 冷銑削機; 壓實機; 緊湊履帶裝載機; 林業機械; 物料搬運機; 摩擦挖掘機; 鋪管機; 道路回收機; 小型裝載機; 牽引叉車; 履帶裝載機; 履帶式拖拉機（小型、中型）; 履帶式挖掘機（微型、小型、中型、大型）; 輪式挖掘機; 輪式裝載機（緊湊型、小型、中型）; 以及相關零部件和作業工具。部門間銷售是這個部門的營業收入來源。

資源行業作爲主要支持礦業、重型施工和採石工程客戶的部門，責任包括業務策略、產品設計、產品管理和開發、製造業-半導體、市場營銷和銷售以及產品支持。產品系列包括大型履帶式推土機；大型採礦卡車；硬巖車輛；電動絞車；礦用戰地車；液壓挖掘機；旋挖鑽機；大型輪式裝載機；越野卡車；鉸接卡車；輪式推土機；輪式推土剷車；場地壓實機；土壤壓實機；寬體卡車；特定工作工具；機械元件；電子和控制系統以及相關零件。除了設備，資源工業還開發並銷售技術產品和服務，爲客戶提供車隊管理、設備管理分析、自主機器能力、安全服務和礦山績效解決方案。資源工業還管理提供服務給公司其他部門的領域，包括戰略採購、精益卓越中心、一體化製造、液壓系統的研發、自動化、卡特彼勒機器和發動機的電子和軟件。部門間銷售是這個部門的營業收入來源。

能源和運輸該部門主要負責支持客戶，使用往復式發動機、渦輪機、柴油電力機車和相關服務，服務於石油和燃料幣、發電、工業和運輸業務，包括海上和鐵路業務以及公路發動機產品的支持。職責包括業務策略、產品設計、產品管理、開發和測試、製造、營銷和銷售以及產品支持。產品和服務組合包括渦輪機、離心燃氣壓縮機和渦輪機相關服務；往復式發動機發電機組；用於電力股行業的集成系統和解決方案；用於海洋和石油天然氣行業的往復式發動機、傳動系統和集成系統及解決方案；用於工業行業的往復式發動機、傳動系統和集成系統及解決方案以及卡特彼勒機械；電動動力系統和零排放動力源以及服務解決方案的開發；柴油電力機車和元件以及其他鐵路相關產品和服務，包括再製造和租賃。職責還包括再製造卡特彼勒往復式發動機和元件以及其他公司的再製造服務。該部門的營業收入也包括部門間銷售。

 

金融產品部門爲卡特彼勒產品和服務在全球範圍內提供客戶和經銷商的融資選擇，以及爲大多數情況下涵蓋卡特彼勒產品的發電設施提供融資。融資計劃包括運營和融資租賃、循環信用帳戶、分期銷售合同、維修/重建融資、營運資金貸款和批發融資計劃。該部門還提供保險和風險管理產品和服務，幫助客戶和經銷商管理他們的業務風險。提供的保險和風險管理產品包括財產損失保險、庫存保護計劃、設備和發動機的延長服務保障和維保計劃，以及經銷商財產和責任保險。向客戶和經銷商提供的各種形式的融資、保險和風險管理產品有助於支持客戶和經銷商購買和租賃卡特彼勒設備。該部門還從ME&t賺取收入，但相關成本未分配給營運部門。金融產品部門利潤以稅前基礎確定，幷包括其他收入/支出項目。

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其他板塊主要包括業務策略；產品管理和開發；主要用於Cat®產品的耐磨元件和維護元件的製造和採購；零件分銷；整合物流解決方案；負責經銷商發展和管理的分銷服務，包括日本的全資經銷商；經銷商組合管理以確保機器、發動機和零部件最高效和最有效的分銷；品牌管理和營銷策略；以及爲整合數據分析與尖端數字技術的新客戶和經銷商解決方案進行數字投資，從而改變購買體驗。所有其他板塊的結果作爲可報告板塊和合並外部報告之間的調節項目。

 

C. 分部測量和調整

 

我們的分部報告與外部報告之間存在幾項方法論差異。以下是一些較爲重要的方法論差異列表：

 

•ME&t部門的淨資產通常包括存貨、應收款項、物業、廠房及設備、商譽、無形資產、應付賬款和客戶預付款。我們通常在企業層面管理應付賬款和客戶預付款以外的其他負債，並且我們不將這些計入部門運營。金融產品部門的資產通常包括所有類別的資產。

 

•我們使用當前成本方法評估分部存貨及銷售成本。

•我們根據固定金額分配給各部門的商譽攤銷，使用一個年限的方法。這種方法的差異僅影響各部門的資產。我們在分部利潤中不包括商譽攤銷費用。此外，我們僅爲2011年或之後進行的某些收購分配了部分商譽。 20我們根據固定金額分配給各部門的商譽攤銷，使用一個年限的方法。這種方法的差異僅影響各部門的資產。我們在分部利潤中不包括商譽攤銷費用。此外，我們僅爲2011年或之後進行的某些收購分配了部分商譽。

•我們通常在企業層面管理ME&t的貨幣暴露，並且不會將一年內運營業績受匯率變化影響的效果納入業務部門利潤。我們報告收入和成本在美國通用會計準則報告使用的匯率和部門報告使用的匯率之間產生的淨差異，作爲一種方法學差異。

•我們不在分部利潤中包括股票補償費用。

•退休後福利費用被分割; 部門通常負責服務成本，剩餘部分的淨週期福利成本則作爲方法差異進行考慮。

•我們在稅前基礎上確定ME&T部門利潤，並排除利息開支以及大多數其他收支項目。我們在稅前基礎上確定金融產品部門利潤，幷包括其他收支項目。

協調項目是根據分部報告和我們的綜合外部報告之間的會計差異創建的。 有關重大協調項目的財務信息，請參閱32至33頁。 在上述解釋中，大多數我們的協調項目都是不言自明的。 對於利潤的調節，我們將協調項目分爲以下幾類：

 

•公司費用： 這些費用與公司要求相關，主要是爲了符合法規和法律職能，造福整個組織。

•重組收入/成本： 可能包括員工分離成本、長期資產減值、合同終止和剝離交易中的收益/損失。這些成本包括在其他營業收入和支出中，除了確定福利計劃減少損失和特別終止福利，這些成本包含在其他收入和支出中。重組成本還包括其他退出相關成本，可能包括加速折舊、存貨減值、建築拆除、設備搬遷和項目管理成本以及封閉設施存貨清理的後進先出法存貨減值收益，所有這些主要包括在營業成本中。有關更多信息，請參閱附註20。

•方法論差異：請參閱有關分部報告與合併外部報告之間重大會計差異的先前討論。

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•時間： 分部報告和合並外部報告在成本確認方面存在時間差異。例如，我們對分部報告採用現金基礎報告某些費用，而對合並外部報告採用應計基礎報告。

截至2024年和2023年9月30日的三個月和九個月，按地域板塊劃分的銷售和營收與合併銷售和營收相協調如下：

地域板塊銷售及收入
（百萬美元）						北 America						拉丁 America						歐洲、非洲、中東（EAME）						亞洲/ 太平洋						外部銷售和收入						各板塊間銷售和收入						所有板塊銷售和收入
2024年9月30日止三個月
施工行業						$	3,629					$	658					$	1,150					$	875					$	6,312					$	33					$	6,345
資源行業						1,131						498						442						863						2,934						94						3,028
能源和運輸						3,214						449						1,486						856						6,005						1,182						7,187
金融產品部門						695						97						130						112						1,034			1			—						1,034
報告分部的銷售額和收入總額						8,669						1,702						3,208						2,706						16,285						1,309						17,594
其他板塊						12						—						3						14						29						63						92
公司事項和消除						(136)						(24)						(12)						(36)						(208)						(1,372)						(1,580)
銷售額和營收總額						$	8,545					$	1,678					$	3,199					$	2,684					$	16,106					$	—					$	16,106
2023年9月30日止三個月
施工行業						$	4,078					$	555					$	1,351					$	997					$	6,981					$	18					$	6,999
資源行業						1,366						499						508						886						3,259						92						3,351
能源和運輸						2,966						460						1,428						901						5,755						1,104						6,859
金融產品板塊						627						110						132						110						979			1			—						979
報告板塊的總銷售額和營收						9,037						1,624						3,419						2,894						16,974						1,214						18,188
所有其他板塊						16						(1)						5						10						30						76						106
企業事項和抵消						(126)						(20)						(22)						(26)						(194)						(1,290)						(1,484)
總銷售額和營收						$	8,927					$	1,603					$	3,402					$	2,878					$	16,810					$	—					$	16,810

1 包括施工行業、資源行業、能源與運輸以及所有其他板塊在2024年9月30日及2023年同期的營收。190百萬美元和百萬美元。截至2024年9月30日，尚未認領的股份補償費用總額約爲$181分別爲2024年9月30日及2023年同期的百萬美元。

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地域板塊銷售及收入
（百萬美元）						北 America						拉丁 美洲						歐洲、非洲、中東（EAME）						亞洲/ 太平洋						外部銷售和收入						板塊銷售額和營收						所有板塊銷售和收入
2024年9月30日止九個月
施工行業						$	11,419					$	1,930					$	3,193					$	2,843					$	19,385					$	67					$	19,452
資源行業						3,601						1,498						1,349						2,704						9,152						275						9,427
能源和運輸						9,473						1,296						4,201						2,602						17,572						3,633						21,205
金融產品部門						2,022						299						377						331						3,029			1			—						3,029
報告地域板塊的總銷售額和收入						26,515						5,023						9,120						8,480						49,138						3,975						53,113
其他板塊						43						(1)						11						39						92						217						309
公司事項和消除						(397)						(66)						(83)						(90)						(636)						(4,192)						(4,828)
總銷售額和收入						$	26,161					$	4,956					$	9,048					$	8,429					$	48,594					$	—					$	48,594
2023年9月30日止九個月
施工行業						$	11,654					$	1,720					$	4,125					$	3,307					$	20,806					$	93					$	20,899
資源行業						4,016						1,511						1,624						2,940						10,091						250						10,341
能源與運輸						8,658						1,299						4,291						2,519						16,767						3,565						20,332
金融產品板塊						1,795						316						364						329						2,804			1			—						2,804
報告段營業額和收入總額						26,123						4,846						10,404						9,095						50,468						3,908						54,376
所有其他板塊						50						(1)						13						37						99						234						333
公司項目和抵消項						(374)						(61)						(64)						(78)						(577)						(4,142)						(4,719)
總銷售額和收入						$	25,799					$	4,784					$	10,353					$	9,054					$	49,990					$	—					$	49,990

1 包括來自施工業、資源工業、能源運輸和所有其他板塊的收入$547 百萬和$515截至2024年和2023年9月30日的九個月內，分別爲1000萬美元。

截至2024年和2023年9月30日的三個和九個月，能源和運輸部門按最終用戶應用銷售情況如下：

能源和運輸外部銷售
						截至9月30日的三個月												截至9月30日的九個月
（百萬美元）						2024						2023						2024						2023
油氣						$	1,656					$	1,667					$	5,053					$	4,741
電力生成						2,011						1,598						5,514						4,527
製造業						1,028						1,220						3,062						3,793
運輸						1,310						1,270						3,943						3,706
能源和運輸外部銷售						$	6,005					$	5,755					$	17,572					$	16,767

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合併稅前利潤協調:
（百萬美元）			截至9月30日的三個月												截至9月30日的九個月
			2024						2023						2024						2023
報告段營利:
施工行業			$	1,486					$	1,847					$	4,991					$	5,440
資源行業			619						730						2,067						2,234
能源和運輸			1,433						1,181						4,259						3,507
金融產品部門			246						203						766						675
來自報告區段的總利潤			3,784						3,961						12,083						11,856
所有其他板塊的利潤（損失）			(13)						21						32						42
成本中心			(5)						10						7						53
企業費用			(205)						(265)						(682)						(714)
時間			(3)						22						12						(89)
重組收入（成本）			(70)						(46)						(322)						(688)
方法論差異：
存貨/銷售成本			13						(2)						16						137
員工離退休福利支出			(51)						(13)						(106)						(84)
股票基礎薪酬支出			(52)						(60)						(171)						(178)
融資成本			(42)						(13)						(111)						(115)
貨幣			(79)						78						29						106
其他收入/費用計量差異			(166)						(164)						(584)						(468)
其他計量差異			(13)						(14)						(73)						(57)
稅前合併利潤總額			$	3,098					$	3,515					$	10,130					$	9,801

資產的對賬：
（百萬美元）			2024年9月30日						2023年12月31日
報告分部的資產：
施工行業			$	5,490					$	5,384
資源行業			5,438						5,742
能源和運輸			10,946						10,555
金融產品部門			37,183						35,685
來自可報告部門的總資產			59,057						57,366
其他所有板塊的資產			1,952						1,890
不包括在板塊資產中的項目：
現金及現金等價物			4,760						6,106
遞延所得稅			2,938						2,668
商譽和無形資產			4,560						4,452
財產、廠房和設備——淨值及其他資產			4,853						6,548
存貨方法差異			(3,437)						(3,169)
包含在細分資產中的負債			12,157						11,781
其他			(567)						(166)
總資產			$	86,273					$	87,476

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折舊和攤銷的調解：
（百萬美元）
			截至9月30日的三個月												截至9月30日的九個月
			2024						2023						2024						2023
來自可報告板塊的折舊和攤銷：
施工行業			$	60					$	54					$	173					$	162
資源行業			66						66						192						235
能源 & 運輸			146						139						426						401
金融產品板塊			184						186						554						545
報告分部的總折舊和攤銷			456						445						1,345						1,343
未包括在分部折舊和攤銷中的項目:
其他板塊			63						59						186						176
成本中心			25						23						72						65
其他			(1)						(2)						(5)						15
總折舊和攤銷			$	543					$	525					$	1,598					$	1,599

資本支出協調：
（百萬美元）
			截至9月30日的三個月												截至9月30日的九個月
			2024						2023						2024						2023
報告分部的資本支出：
施工行業			$	66					$	105					$	179					$	188
資源行業			64						62						150						132
能源和運輸			292						249						671						595
金融產品部門			264						342						818						1,031
報告段總資本支出			686						758						1,818						1,946
未包括在段資本支出中的項目:
其他板塊			63						67						149						142
成本中心			60						27						114						71
時間			(71)						—						137						185
其他			(15)						(71)						(40)						(106)
總資本支出			$	723					$	781					$	2,178					$	2,238

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17.                             貓金融融資活動

 

信貸損失準備金

投資組合部分

投資組合部分是Cat Financial確定信貸損失準備金的系統方法的級別。Cat Financial的投資組合部分和相關的估計預期信貸損失方法如下：

客戶

卡特彼勒金融主要爲最終用戶客戶提供貸款和融資租賃服務，主要用於爲商業用途融資新舊卡特彼勒機械、發動機和設備。卡特彼勒金融還爲大多數情況下包含卡特彼勒產品的發電廠提供融資。卡特彼勒金融客戶融資應收款組合的平均原始期限約爲 51 個月，平均剩餘期限約爲 27 截至2024年9月30日的月數。

卡特彼勒金融通常對融資設備保留安全利益，並且通常要求對融資設備進行物理損壞保險覆蓋，這兩者都爲卡特彼勒金融提供了某些權利和保護。如果卡特彼勒金融的收款努力未能使一個拖欠帳戶變得正常，卡特彼勒金融通常可以在滿足當地法律要求之後，重新取回融資設備，並通過卡特彼勒經銷商網絡或第三方拍賣出售。

貓金融根據損失預測模型進行貸款損失準備金的估計，利用違約概率和預估的違約損失，根據過往損失經驗調整當前狀況和合理可支持的預測，考慮國家和行業特定的經濟因素。

2024年9月30日結束的三個和九個月中，貓金融的預測反映出歷史上低失業率的持續趨勢，以及其投資組合內的低拖欠率。然而，行業拖欠率呈增長趨勢，因爲中央銀行採取的旨在降低通脹的行動削弱了全球經濟增長。公司認爲所採用的經濟預測代表了合理且可支持的預測，隨後會回歸到長期趨勢。

經銷商

卡特彼勒金融以批發融資計劃的形式向經銷商提供融資。 卡特彼勒金融的批發融資計劃通過擔保和非擔保方式向經銷商提供幫助，融資主要用於其大部分新卡特彼勒設備庫存和出租車隊。此外，卡特彼勒金融向卡特彼勒經銷商提供各種擔保和非擔保貸款。

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貓財務根據歷史損失率，並考慮當前經濟狀況和合理可支持的預測，爲經銷商融資應收賬款的信貸損失準備金進行預測。

一般來說，Cat Financial的經銷商組合部門在經濟條件發生變化時，由於與經銷商的密切合作關係和其財務實力，歷史上未出現過大幅增加或減少信貸損失。因此，Cat Financial在2024年9月30日結束的三個月和九個月內沒有調整歷史損失率。

金融應收款的類別

貓金融通過金融應收款項類別進一步評估投資組合細分，該類別被定義爲信息水平（低於投資組合細分），其中金融應收款項具有相同的初始計量屬性和類似的信用風險評估和監控方法。 貓金融的類別與信用損失的管理報告相一致，如下所示：

•北美洲 - 美國和加拿大發起的金融應收款項。

•歐洲、非洲、中東（EAME） 歐洲、非洲、中東和歐亞地區發起的金融應收款項。

•亞太地區 在澳洲、新西蘭、中國、日本、東南亞和印度產生的金融應收賬款。

•採礦 - 與全球大型礦業客戶相關的金融應收款項。

•拉丁美洲 - 在墨西哥、中美洲和南美洲國家產生的金融應收款項。

•電力 - 全球範圍內與卡特彼勒電力發電、燃料幣壓縮和熱電聯產系統以及由這些系統提供動力的非卡特彼勒設備相關的財務應收款。

應收賬款餘額（包括應計利息）在管理層判斷爲無法收回時（通常在收回抵押品時）將計提信用損失準備中。通常，沖銷金額是通過將抵押品的公允價值與賣出成本相減後與應收賬款的攤銷成本相比確定的。隨後的回收（如果有的話）將在收到時記入信用損失準備。

貓金融貸款損失準備金的分析如下：

（百萬美元）			2024年9月30日止三個月																		2023年9月30日止三個月
			客戶						經銷商						總計						客戶						經銷商						總計
期初餘額			$	246					$	4					$	250					$	265					$	50					$	315
沖銷			(42)						—						(42)						(22)						—						(22)
康復			15						—						15						13						—						13
信用損失準備1			25						—						25						31						1						32
其他			2						—						2						(3)						—						(3)
期末餘額			$	246					$	4					$	250					$	284					$	51					$	335
			2024年9月30日止九個月																		2023年9月30日止九個月
			客戶						經銷商						總計						客戶						經銷商						總計
期初餘額			$	276					$	51					$	327					$	277					$	65					$	342
沖銷			(98)						(47)						(145)						(63)						—						(63)
恢復			45						—						45						36						—						36
信貸損失準備 1			49						—						49						35						(14)						21
其他			(26)						—						(26)						(1)						—						(1)
期末餘額			$	246					$	4					$	250					$	284					$	51					$	335
金融應收款			$	21,551					$	1,716					$	23,267					$	19,768					$	2,060					$	21,828
1 不包括未執行承諾和其他雜項應收款項的信貸損失準備。

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貓金融客戶組合部門按發生年份進行的總覈銷如下：

（百萬美元）			2024年9月30日止三個月
			2024						2023						2022						2021						2020						Prior						旋轉的 金融 應收賬款						總計
北美洲			$	—					$	5					$	4					$	2					$	1					$	—					$	2					$	14
歐洲、非洲、中東（EAME）			—						—						1						1						1						—						—						3
亞太地區			—						2						1						—						—						1						—						4
採礦			8						3						3						—						—						—						—						14
拉丁美洲			—						2						2						1						2						—						—						7
總計			$	8					$	12					$	11					$	4					$	4					$	1					$	2					$	42
			2023年9月30日止三個月
			2023						2022						2021						2020						2019						Prior						旋轉的 金融 應收賬款						總計
北美洲			$	1					$	2					$	2					$	1					$	1					$	—					$	2					$	9
歐洲、非洲、中東（EAME）			—						1						1						1						—						—						—						3
亞太地區			—						2						3						1						—						—						—						6
拉丁美洲			—						1						1						1						—						1						—						4
總計			$	1					$	6					$	7					$	4					$	1					$	1					$	2					$	22
			2024年9月30日止九個月
			2024						2023						2022						2021						2020						Prior						旋轉的 金融 應收賬款						總計
北美洲			$	—					$	13					$	10					$	5					$	2					$	1					$	8					$	39
歐洲、非洲、中東（EAME）			—						2						3						3						2						—						—						10
亞太地區			—						4						4						3						1						1						—						13
採礦			8						3						3						—						—						—						—						14
拉丁美洲			—						2						5						4						3						8						—						22
總計			$	8					$	24					$	25					$	15					$	8					$	10					$	8					$	98
			2023年9月30日止九個月
			2023						2022						2021						2020						2019						Prior						旋轉的 金融 應收賬款						總計
北美洲			$	1					$	7					$	7					$	2					$	2					$	1					$	9					$	29
歐洲、非洲、中東（EAME）			—						2						3						3						—						1						—						9
亞太地區			—						3						6						4						1						—						—						14
拉丁美洲			—						3						3						3						1						1						—						11
總計			$	1					$	15					$	19					$	12					$	4					$	3					$	9					$	63

截至2024年9月30日止三個月，有 任何 在Cat Financial的經銷商組合板塊中，截至2024年9月30日止九個月，有$47 百萬美元的經銷商組合板塊中的全部壞賬發生在2019年之前，並且均發生在拉丁美洲國家。

融資應收賬款的信用質量

在起始階段，卡特金融根據各種信用質量因素評估信用風險，包括先前的付款經驗、客戶財務信息、信用評級、貸款價值比、違約概率、行業趨勢、宏觀經濟因素和其他內部指標。在持續基礎上，卡特金融根據逾期狀態監測信用質量，因爲客戶的逾期狀態與損失風險之間存在重要關聯。在確定逾期狀態時，卡特金融會考慮整個金融應收款項逾期，任何分期付款超過時。 30逾期天數。

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客戶

貓金融客戶組合部門的按起始年度分類的攤銷成本融資應收款項的老化類別如下：

（百萬美元）			2024年9月30日
			2024						2023						2022						2021						2020						Prior						旋轉的 金融 應收賬款												總金融應收款
北美洲
流動			$	3,959					$	3,389					$	1,821					$	1,210					$	347					$	63					$	360											$	11,149
31-60天逾期			24						43						36						23						8						2						3												139
61-90天逾期			6						13						10						5						2						1						1												38
91+天逾期			6						31						27						16						7						3						1												91
歐洲、非洲、中東（EAME）
流動			990						1,040						646						351						130						103						—												3,260
31-60天逾期			7						16						12						6						2						—						—												43
61-90天逾期			2						7						3						2						1						—						—												15
91+天逾期			4						21						12						17						6						2						—												62
亞太地區
流動			764						663						345						128						23						5						1												1,929
31-60天逾期			6						9						7						3						1						—						—												26
61-90天逾期			1						3						3						2						—						—						—												9
91+天逾期			1						2						3						2						1						—						—												9
採礦
流動			764						843						509						248						83						46						24												2,517
逾期31-60天			—						—						—						—						—						—						—												—
逾期61-90天			9						7						6						1						—						—						—												23
逾期91天以上			—						1						1						1						—						5						—												8
拉丁美洲
流動			680						468						290						89						14						6						—												1,547
逾期31-60天			3						7						6						2						—						—						—												18
逾期61-90天			—						2						2						1						—						1						—												6
逾期91天以上			1						5						8						4						2						1						—												21
電源
流動			68						183						45						48						66						67						161												638
逾期31-60天			—						—						—						—						—						—						—												—
逾期61-90天			—						—						—						—						—						—						—												—
逾期91+天			—						—						—						—						—						3						—												3
按賬齡類別合計
流動			$	7,225					$	6,586					$	3,656					$	2,074					$	663					$	290					$	546											$	21,040
逾期31-60天			40						75						61						34						11						2						3												226
逾期61-90天			18						32						24						11						3						2						1												91
逾期91天以上			12						60						51						40						16						14						1												194
總客戶			$	7,295					$	6,753					$	3,792					$	2,159					$	693					$	308					$	551											$	21,551

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（百萬美元）			2023年12月31日
			2023						2022						2021						2020						2019						Prior						旋轉的 金融 應收賬款												總金融應收款
北美洲
Current			$	4,430					$	2,628					$	2,000					$	745					$	220					$	32					$	312											$	10,367
31-60天逾期			28						31						24						14						7						1						4												109
61-90天逾期			10						11						8						4						1						—						2												36
逾期91天以上			12						23						18						9						4						1						2												69
歐洲、非洲、中東（EAME）
當前			1,336						895						588						258						111						105						—												3,293
逾期31-60天			10						9						7						3						1						—						—												30
逾期61-90天			4						3						3						1						1						—						—												12
逾期超過91天			7						17						15						8						3						1						—												51
亞太地區
當前			943						594						293						73						16						4						—												1,923
逾期31-60天			5						6						7						2						—						—						—												20
逾期61-90天			2						3						3						2						—						—						—												10
逾期超過91天			1						5						3						3						1						—						—												13
採礦
當前			1,039						686						381						121						68						27						66												2,388
31-60天逾期			—						—						—						—						—						—						—												—
61-90天逾期			—						—						—						—						1						1						—												2
91+天逾期			—						—						1						—						—						1						—												2
拉丁美洲
當前			750						520						219						59						23						6						—												1,577
31-60天逾期			9						10						6						1						—						—						—												26
61-90天逾期			2						4						1						—						—						—						—												7
91+天逾期			2						10						8						5						8						11						—												44
電源
當前			152						49						64						75						28						59						162												589
31-60天逾期			—						—						—						—						—						—						—												—
61-90天逾期			—						—						—						—						—						—						—												—
91+天逾期			—						—						—						—						—						3						—												3
按逾期分類統計總數
當前			$	8,650					$	5,372					$	3,545					$	1,331					$	466					$	233					$	540											$	20,137
31-60天逾期			52						56						44						20						8						1						4												185
61-90天逾期			18						21						15						7						3						1						2												67
91+天逾期			22						55						45						25						16						17						2												182
總客戶數			$	8,742					$	5,504					$	3,649					$	1,383					$	493					$	252					$	548											$	20,571

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

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經銷商

截至2024年9月30日，Cat Financial在經銷商組合板塊的全部攤銷成本的財務應收款項是按期的。截至2023年12月31日，Cat Financial在經銷商組合板塊的全部攤銷成本的財務應收款項是按期的，除了在拉丁美洲逾期91天以上的部分外。44金額有一部分在拉丁美洲逾期91天以上，全部該部分的財務應收款項均在2019年之前產生。

不計提的金融應收款

當管理部門判斷未來收入的收回問題不大時，收入確認暫停，而金融應收款項被置於不應計提狀態。非計提狀態的合同通常超過 120 天過期。當認爲收回概率較高時，收入確認恢復，之前暫停的收入得以確認。金融應收款項處於不應計提狀態時收到的款項按照合同條款優先用於利息和本金。在金融應收款項被置於不應計提狀態之前產生但未收取的利息會在管理部門判斷爲無法收回時，通過信貸損失準備進行覈銷。

在貓金融的客戶組合部分，出現以下情況：已轉爲非應計狀態的融資應收賬款和逾期超過90天仍在計提收入的融資應收賬款：

（百萬美元）			2024年9月30日												2023年12月31日
			攤銷成本												攤銷成本
			非應計 使用 津貼												91+ 仍然 其他應計貸款						未計提 帶有 津貼												91+ 仍然 應計
北美洲			$	78											$	15					$	52											$	20
歐洲、非洲、中東（EAME）			62												3						34												18
亞太地區			7												4						8												5
採礦			31												—						2												—
拉丁美洲			25												—						48												1
電源			3												—						8												—
總計			$	206											$	22					$	152											$	44

截至2023年7月31日，續借貸款協議下未償還的借款額爲任何 截至2024年9月30日，Cat Financial經銷商組合板塊中的金融應收款項處於不應計狀態。金額爲$44截至2023年12月31日，Cat Financial經銷商組合板塊中的金融應收款項有$百萬處於不應計狀態，所有款項均在拉丁美洲。

修改。

貓金融定期修改其融資應收賬款協議的條款。通常，授予的修改類型包括支付推遲、僅利息支付期限和/或期限延長。貓金融授予的許多修改都是出於商業原因或出於遇到某種短期財務壓力的借款人而導致的，可能導致不重大的付款延遲。貓金融不認爲這些借款人正在經歷財務困難。貓金融認爲正在經歷財務困難的借款人的修改通常會導致支付推遲和/或減少付款，持續一段時間。 四個月 或更長，期限延長 六個月 或更長或兩者結合。

截至2024年和2023年9月30日的三個月和九個月內， 任何 向Cat Financial的經銷商組合部門的貸款人提供財務應收款修改，以應對財務困難。截至2024年9月30日的三個月內，貸款人在客戶組合部門的財務應收款修改的攤銷成本基礎分別爲$6百萬美元和百萬美元。截至2024年9月30日，尚未認領的股份補償費用總額約爲$13百萬美元。對於同一時期，貸款人在Cat Financial的客戶組合中遇到財務困難的總修改佔比分別爲 0.03％，截至2023年7月31日的三個月內；0.06 百分比。截至同期的九個月內，貸款人在客戶組合部門因財務困難而修改的財務應收款的攤銷成本基礎

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於2024年和2023年結束，爲$12百萬美元和百萬美元。截至2024年9月30日，尚未認領的股份補償費用總額約爲$38百萬美元，分別。總共有處於財務困難的借款人進行的修改 0.05％，截至2023年7月31日的三個月內；0.17 佔Cat Financial相同期間客戶組合的百分比。

Fo三個月結束後2024年和2023年9月30日，對遇到財務困難的借款人的期限延長的財務影響，分別爲加權平均 5 和 8 個月，向修改後合同的條款中增加。對於 九 2024年和2023年9月30日結束的月份，對遇到財務困難的借款人的期限延長的財務影響，分別爲加權平均f 8 和 17 月份，結果分別是修改合同條款的期限。對於截至2024年和2023年9月30日的三個月內，對於遇到財務困難的借款人的支付延遲的財務影響導致加權平均支付的延期和/或僅利息支付期爲個月。 4 和 6 個月，分別。 贊成 截至2024年和2023年9月底，借款人面臨財務困難導致付款延遲的財務影響導致加權平均付款延期和/或僅支付利息的付款期間分別爲個月。 6 和 7 個月。

貓金融在修改金融應收款後，繼續根據最近修改的條款追蹤其表現。截至2024年和2023年9月30日，過去十二個月內修改的貸款違約情況並不顯著。

對於遇到財務困難的借款人對金融應收款進行的大多數更改所產生的影響已經根據估計撥備的方法包含在信用損失準備金中；因此，一般不會在修改時錄入信用損失準備金的變化。在極少數情況下，提供本金豁免時，所豁免的金額將被註銷爲信用損失準備金。

18.                              公平價值披露

 

    A. Fair value measurements

 

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

 

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

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

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

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

 

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

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

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投資於債務和股本證券

我們在特定債務和股本證券中進行了投資，並按公允價值記錄。我們的美國國債，大型市值價值和小型公司成長股票的公允價值是基於活躍市場中相同工具的估值。其他政府債券，企業債券和抵押債券的公允價值是基於考慮最近銷售、無風險收益曲線和同等評級債券價格等市場因素的模型。

我們還投資於被分類爲持有至到期債務證券的定期存款。這些投資的公允價值基於較不活躍的市場觀察到的估值層面。這些投資的到期期限少於一年，按攤銷成本進行記錄，大致等同於公允價值。

此外，保險服務在股權房地產投資信託(reits)方面有股權投資，根據投資的淨資產價值(NAV)記錄爲公允價值，並不屬於公允價值層次內。

有關我們在債務和股權證券投資方面的額外信息，請參閱註釋8。

衍生金融工具

利率合約的公允價值主要基於一個標準行業公認的估值模型，該模型利用適當的市場基準遠期互換曲線和零息利率來確定折現現金流。外幣和商品遠期、期權和跨貨幣合約的公允價值基於標準行業公認的估值模型，該模型折現現金流，這些現金流來自合約價格與市場基準遠期匯率之間的差異。總回報掉期合約的公允價值主要基於使用行業提供商定價的基礎證券或基金，以及平均擔保隔夜融資利率（SOFR）加點差。

有關更多信息，請參閱註釋5。

2024年9月30日和2023年12月31日列入我們資產負債表中定期以公允價值計量的資產和負債如下:

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			2024年9月30日
（百萬美元）			一級						開多2						開多3						按淨資產價值測量						總計 資產 / 負債， 按公允價值
資產
債務證券
政府債務證券
美國國庫券			$	13					$	—					$	—					$	—					$	13
其他美國和非美國政府債券			—						69						—						—						69
企業債務證券
公司債券和其他債務證券			—						2,950						—						—						2,950
資產支持證券			—						220						—						—						220
抵押支持的債券證券
美國政府機構			—						444						—						—						444
住宅			—						2						—						—						2
商業			—						128						—						—						128
所有債務證券			13						3,813						—						—						3,826
股票投資
大型資產價值			266						—						—						—						266
較小公司增長			39						—						—						—						39
房地產投資信託			—						—						—						168						168
總權益證券			305						—						—						168						473
衍生金融工具 - 資產
外幣合約 - 淨值			—						161						—						—						161
商品合約 - 淨值			—						7						—						—						7
總回報掉期合約 - 淨值			—						16						—						—						16
總資產			$	318					$	3,997					$	—					$	168					$	4,483
負債
衍生金融工具 - 負債
利率合同 - 淨額			$	—					$	77					$	—					$	—					$	77
總負債			$	—					$	77					$	—					$	—					$	77

 

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			2023年12月31日
（百萬美元）			一級						開多2						開多3						按淨資產價值測量						總計 資產 / 負債， 按公允價值
資產
債務證券
政府債務證券
美國國庫券			$	10					$	—					$	—					$	—					$	10
其他美國和非美國政府債券			—						60						—						—						60
企業債務證券
公司債券和其他債務證券			—						2,995						—						—						2,995
資產支持證券			—						192						—						—						192
抵押支持的債券證券
美國政府機構			—						410						—						—						410
住宅			—						2						—						—						2
商業			—						128						—						—						128
所有債務證券			10						3,787						—						—						3,797
股票投資
大型資產價值			223						—						—						—						223
較小公司的增長			35						—						—						—						35
房地產投資信託			—						—						—						180						180
總權益證券			258						—						—						180						438
衍生金融工具 - 資產
外幣合約 - 淨額			—						207						—						—						207
商品合約 - 淨額			—						9						—						—						9
總資產			$	268					$	4,003					$	—					$	180					$	4,451
負債
衍生金融工具 - 負債
利率合約 - 淨額			$	—					$	151					$	—					$	—					$	151
總負債			$	—					$	151					$	—					$	—					$	151

In addition to the amounts above, certain Cat Financial loans are subject to measurement at fair value on a nonrecurring basis and are classified as Level 3 measurements. A loan is measured at fair value when management determines that collection of contractual amounts due is not probable and the loan is individually evaluated.  In these cases, an allowance for credit losses may be established based either on the present value of expected future cash flows discounted at the receivables’ effective interest rate, the fair value of the collateral for collateral-dependent receivables, or the observable market price of the receivable.  In determining collateral value, Cat Financial estimates the current fair market value of the collateral less selling costs. Cat Financial had loans carried at fair value of $59 million and $55 million as of September 30, 2024 and December 31, 2023, respectively.  

 

    B. Fair values of financial instruments

 

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

Cash and cash equivalents

Carrying amount approximates fair value. We classify cash and cash equivalents as Level 1. See Consolidated Statement of Financial Position.

 

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限制性現金和短期投資

賬面價值近似於公允價值。我們在綜合財務狀況表中將受限現金和短期投資列入預付費用和其他流動資產。我們將這些工具分類爲1級，除了定期存款屬於2級，以及某些公司債券屬於3級。有關詳細信息，請參閱附註8。

 

金融應收款項

我們通過以當前利率貼現未來現金流，代表與剩餘到期相似的應收款項來估算公平價值。

 

批發庫存應收款

我們通過以當前利率貼現未來現金流來估算公允價值，代表剩餘到期日相似的應收款項。

 

短期借款

資產賬面價值接近公允價值。我們將短期借款分類爲第一級。請查看財務狀況表。

 

長期債務

我們根據報價市場價格估計固定利率和浮動利率債務的公允價值。

未以公允價值計量的我們的金融工具如下所示:

 

						2024年9月30日												2023年12月31日
（百萬美元）						Carrying  數量						公平  價值						Carrying  數量						公平  價值						Fair Value Levels						來源Sengenics
資產
Finance receivables – net (excluding finance leases 1 )						$	16,194					$	15,899					$	15,386					$	15,017					3						注意17
批發庫存應收賬款淨額（不包括金融租賃 1)						1,521						1,482						1,415						1,368						3
負債
長期債務（包括一年內到期的金額）
機械，能源和運輸						8,680						8,569						9,623						9,550						2
金融產品						25,496						25,472						23,612						23,299						2

1    代表截至2024年9月30日和2023年12月31日的融資租賃和未成功的銷售回租金額分別爲$7,018 百萬和$6,953 百萬。 百萬。

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19.                         其他收入(費用)

			截至9月30日的三個月												截至9月30日的九個月
（百萬美元）			2024						2023						2024						2023
投資收益和利息收入			$	108					$	135					$	362					$	324
匯率期貨收益（損失） 1			(123)						17						(64)						(15)
許可費收入			36						37						107						111
退休金和福利計劃的淨週期性收入（成本），不包括服務成本			3						(12)						8						(37)
證券收益（損失）			18						6						30						(15)
其他收益（損失）			34						12						(56)						(14)
總計			$	76					$	195					$	387					$	354

1 包括匯率期貨衍生合約的收益（損失）。詳情請參閱附註5。

20.                              收入/成本重組

我們對員工離職的會計處理取決於具體項目的設計。對於自願離職項目，我們在員工接受時確認符合條件的離職費用，除非接受需要公司明確批准。對於非自願離職項目，我們在管理層批准項目、相關員工已被妥善通知且費用可估算時確認符合條件的費用。

2024年和2023年截至9月30日三個月和九個月的重組成本如下：

（百萬美元）						截至9月30日的三個月												截至9月30日的九個月
						2024						2023						2024						2023
員工離職 1						$	17					$	10					$	49					$	32
分立，撤資1						—						—						164						586
合同終止 1						6						—						7						—
長期資產減值 1						—						2						7						4
其他 2						47						34						95						66
總重組（收入）成本						$	70					$	46					$	322					$	688
1 記錄在其他營業（收入）費用中。
2 代表與我們的重組計劃相關的成本，主要用於庫存減值、項目管理、設備搬遷和加速折舊，所有這些主要包括在營業成本中。

截至2024年9月30日止九個月的重組費用主要與出售某些非美國實體有關。截至2023年9月30日止九個月的重組費用主要與公司資源業務中的Longwall業務的剝離有關。該剝離於2023年2月1日完成，導致約$的稅前損失586百萬美元，主要是由於釋放累積的$百萬外幣翻譯而產生的非現金項目。494百萬美元。

In 2024 and 2023, all restructuring costs are excluded from segment profit.

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21.                              Supplier finance programs

We facilitate voluntary supplier finance programs (the “Programs”) through participating financial institutions. The Programs are available to a wide range of suppliers and allow them the option to manage their cash flow. We are not a party to the agreements between the participating financial institutions and the suppliers in connection with the Programs. The range of payment terms, typically 60-90 days, we negotiate with our suppliers is consistent, irrespective of whether a supplier participates in the Programs. The amount of obligations outstanding that are confirmed as valid to the participating financial institutions for suppliers who voluntarily participate in the Programs, included in Accounts payable in the Consolidated Statement of Financial Position, were $818 million and $803 million at September 30, 2024 and December 31, 2023, respectively.

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Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to provide information that will assist the reader in understanding the company’s Consolidated Financial Statements, the changes in certain key items in those financial statements between select periods and the primary factors that accounted for those changes. In addition, we discuss how certain accounting principles, policies and critical estimates affect our Consolidated Financial Statements. Our discussion also contains certain forward-looking statements related to future events and expectations as well as a discussion of the many factors that we believe may have an impact on our business on an ongoing basis. This MD&A should be read in conjunction with our discussion of cautionary statements and significant risks to the company’s business under Part I, Item 1A. Risk Factors of the 2023 Form 10-K.

Highlights for the third quarter of 2024 include:

•Total sales and revenues for the third quarter of 2024 were $16.106 billion, a decrease of $704 million, or 4 percent, compared with $16.810 billion in the third quarter of 2023. In the three primary segments, sales were lower in Construction Industries and Resource Industries and higher in Energy & Transportation.

•Operating profit margin was 19.5 percent for the third quarter of 2024, compared with 20.5 percent for the third quarter of 2023. Adjusted operating profit margin was 20.0 percent for the third quarter of 2024, compared with 20.8 percent for the third quarter of 2023.

•Third-quarter 2024 profit per share was $5.06, and excluding the items in the table below, adjusted profit per share was $5.17. Third-quarter 2023 profit per share was $5.45, and excluding the items in the table below, adjusted profit per share was $5.52.

•Caterpillar ended the third quarter of 2024 with $5.6 billion of enterprise cash.

Highlights for the nine months ended September 30, 2024 include:

•Total sales and revenues were $48.594 billion for the nine months ended September 30, 2024, a decrease of $1.396 billion, or 3 percent, compared with $49.990 billion for the nine months ended September 30, 2023.

•Operating profit margin was 20.9 percent for the nine months ended September 30, 2024, compared with 19.7 percent for the nine months ended September 30, 2023. Adjusted operating profit margin was 21.5 percent for the nine months ended September 30, 2024, compared with 21.0 percent for the nine months ended September 30, 2023.

•Profit per share for the nine months ended September 30, 2024, was $16.27, and excluding the items in the table below, adjusted profit per share was $16.75. Profit per share for the nine months ended September 30, 2023, was $14.85, and excluding the items in the table below, adjusted profit per share was $15.98.

•Enterprise operating cash flow was $8.6 billion for the nine months ended September 30, 2024.

•In order for our results to be more meaningful to our readers, we have separately quantified the impact of several significant items. A detailed reconciliation of GAAP to non-GAAP financial measures is included on pages 66-68.

			Three Months Ended September 30, 2024									Three Months Ended September 30, 2023									Nine Months Ended September 30, 2024									Nine Months Ended September 30, 2023
(Dollars in millions except per share data)			Profit Before Taxes			Profit Per Share						Profit Before Taxes			Profit Per Share						Profit Before Taxes			Profit Per Share						Profit Before Taxes			Profit Per Share
Profit			$	3,098		$	5.06					$	3,515		$	5.45					$	10,130		$	16.27					$	9,801		$	14.85
Restructuring (income) costs - divestitures of certain non-U.S. entities			—			—						—			—						164			0.22						—			—
Other restructuring (income) costs			70			0.11						46			0.07						158			0.26						102			0.17
Restructuring costs - Longwall divestiture			—			—						—			—						—			—						586			1.13
Deferred tax valuation allowance adjustments			—			—						—			—						—			—						—			(0.17)
Adjusted profit			$	3,168		$	5.17					$	3,561		$	5.52					$	10,452		$	16.75					$	10,489		$	15.98

Overview

Total sales and revenues for the third quarter of 2024 were $16.106 billion, a decrease of $704 million, or 4 percent, compared with $16.810 billion in the third quarter of 2023. The decrease was primarily due to lower sales volume. The decrease in sales volume was mainly driven by lower sales of equipment to end users. In addition, changes in dealer inventories had an unfavorable impact to sales volume. Dealer inventory increased less during the third quarter of 2024 than during the third quarter of 2023.

Third-quarter 2024 profit per share was $5.06, compared with $5.45 profit per share in the third quarter of 2023. In the third quarters of 2024 and 2023, profit per share included restructuring costs. Profit for the third quarter of 2024 was $2.464 billion, a decrease of $330 million, or 12 percent, compared with $2.794 billion for the third quarter of 2023. The decrease was mainly due to the profit impact of lower sales volume, partially offset by favorable price realization.

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Trends and Economic Conditions

Outlook for Key End Markets

Our results continue to reflect the benefit of the diversity of our end markets.

In Construction Industries, we expect lower sales of equipment to end users in the fourth quarter of 2024 as compared to the fourth quarter of 2023, but remain positive about the longer-term demand outlook. In North America, we anticipate lower sales of equipment to end users in the fourth quarter of 2024 primarily due to lower rental fleet loading, consistent with the trend in the second and third quarters of 2024. However, dealer rental revenue continues to grow. In addition, government-related infrastructure projects are expected to remain healthy, supported by funding yet to be spent from the Infrastructure Investment and Jobs Act (IIJA). In Asia Pacific, outside of China, we expect soft economic conditions to continue. We anticipate demand in China will remain at a relatively low level in the excavator industry above 10-tons. In EAME, we anticipate that weak economic conditions in Europe will continue, to be partially offset by continued healthy construction demand in the Middle East. Construction activity in Latin America remains healthy, and we are expecting modest growth to continue. In addition, we anticipate the ongoing benefit of our services initiatives will positively impact Construction Industries.

In Resource Industries, for both mining and heavy construction and quarry and aggregates, we continue to anticipate lower machine sales volume in the fourth quarter of 2024 as compared to a strong performance in the fourth quarter of 2023. However, we expect the year-over-year rate of decline for sales of equipment to end users to moderate in the fourth quarter of 2024 as compared to previous quarters. We expect higher services revenues, including robust rebuild activity. Customer product utilization remains high, the number of parked trucks remains relatively low, the age of the fleet remains elevated, and our autonomous solutions continue to have strong customer acceptance. Customers continue to display capital discipline, however, we continue to believe the energy transition will support increased commodity demand over time, expanding our total addressable market and providing further opportunities for long-term profitable growth.

In Energy & Transportation, Power Generation demand is expected to remain strong, and we expect robust growth for reciprocating engines and for turbines and turbine-related services in the fourth quarter of 2024 and for the full-year as compared to 2023. Overall strength in Power Generation continues to be driven by data center growth related to cloud computing and generative artificial intelligence (AI), and we expect this trend to continue. For Oil & Gas, in total, we expect a stronger year overall in 2024 as compared to 2023. For turbines and turbine-related services used in Oil & Gas applications, we expect a strong fourth quarter of 2024, but sales are expected to be lower than the fourth quarter of 2023 due to the timing of deliveries. We expect the increase in sales for turbines and turbine-related services used in Power Generation will mostly offset the decrease in sales for turbines and turbine-related services used in Oil & Gas. Overall, we expect roughly flat sales in turbines and turbine-related services in the fourth quarter of 2024 as compared to the fourth quarter of 2023. Turbines and turbine-related services has a strong backlog as well as healthy order and inquiry activity, and we continue to expect growth for turbines and turbine-related services in Oil & Gas in 2024 as compared to 2023. After a strong 2023, we expect reciprocating engine sales for Oil & Gas to be slightly down in 2024, primarily due to ongoing softness in well servicing. We still expect gas compression for reciprocating engines used in Oil & Gas to be up in 2024 as compared to 2023, however, we expect it to soften in the near-term as equipment lead times have normalized. Industrial demand is expected to remain at a relatively low level in 2024 as compared to 2023. In Transportation, we anticipate growth in 2024 for both rail services and marine applications.

Fourth-Quarter 2024 Company Trends and Expectations

In the fourth quarter of 2024, we expect slightly lower total sales and revenues as compared to the fourth quarter of 2023, impacted by lower machine sales of equipment to end users. Machine dealer inventory is expected to decrease less during the fourth quarter of 2024 as compared to the $1.4 billion decrease during the fourth quarter of 2023. We expect machine dealer inventory at the end of 2024 to be around the same level as the end of 2023. Price realization for machines is expected to trend lower with the normalizing pricing environment, partially offset by favorable price realization in Energy & Transportation. Services revenues increased in the third quarter of 2024, and the ongoing benefit of our services initiatives are expected to positively impact sales in the fourth quarter of 2024.

In the fourth quarter of 2024 as compared to the fourth quarter of 2023, we expect favorable manufacturing costs and lower selling, general and administrative (SG&A) and research and development (R&D) expenses to be more than offset by the profit impact of lower sales volume. Lower SG&A/R&D expenses are expected to be primarily driven by lower short-term incentive compensation in the fourth quarter of 2024 as compared to the fourth quarter of 2023.

For the three primary segments, as compared to the fourth quarter of 2023, we expect lower Construction Industries' sales in the fourth quarter of 2024 driven by lower sales of equipment to end users and unfavorable price realization. Resource Industries' sales in the fourth quarter of 2024 are expected to be slightly lower driven by lower sales of equipment to end users as compared to a strong fourth quarter of 2023. In Energy & Transportation, we expect sales to be slightly higher supported by strength in Power Generation.

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In the fourth quarter of 2024 as compared to the fourth quarter of 2023, within Construction Industries, we expect unfavorable price realization, partially offset by favorable manufacturing costs. In Resource Industries, we anticipate an unfavorable profit impact from lower sales volume and higher SG&A/R&D expenses as we continue to invest in strategic initiatives for future long-term profitable growth, such as services growth and technology, including autonomy, alternative fuels, connectivity and digital and electrification, to be partially offset by favorable manufacturing costs. In Energy & Transportation, we expect favorable price realization.

Full-Year 2024 Company Trends and Expectations

For 2024, we expect continued services growth. We also expect restructuring costs to be approximately $400 million and expect capital expenditures to be around $2.0 billion. We expect the annual effective tax rate, excluding discrete items, to be 22.5 percent.

Global Business Conditions

We continue to monitor a variety of external factors around the world, such as supply chain disruptions, inflationary cost and labor pressures. Areas of particular focus include transportation, certain components and raw materials. We continue to work to minimize supply chain challenges that may impact our ability to meet customer demand. We continue to assess the environment to determine if additional actions need to be taken.

Risk Factors

Risk factors are disclosed within Item 1A. Risk Factors of the 2023 Form 10-K.

Notes:

•Glossary of terms is included on pages 60-62; first occurrence of terms shown in bold italics.

•Information on non-GAAP financial measures is included on pages 66-68.

•Certain amounts may not add due to rounding.

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Consolidated Results of Operations

 

THREE MONTHS ENDED SEPTEMBER 30, 2024 COMPARED WITH THREE MONTHS ENDED SEPTEMBER 30, 2023

CONSOLIDATED SALES AND REVENUES

The chart above graphically illustrates reasons for the change in consolidated sales and revenues between the third quarter of 2023 (at left) and the third quarter of 2024 (at right). Caterpillar management utilizes these charts internally to visually communicate with the company’s board of directors and employees.

Total sales and revenues for the third quarter of 2024 were $16.106 billion, a decrease of $704 million, or 4 percent, compared with $16.810 billion in the third quarter of 2023. The decrease was primarily due to lower sales volume of $759 million. The decrease in sales volume was mainly driven by lower sales of equipment to end users. In addition, changes in dealer inventories had an unfavorable impact to sales volume. Dealer inventory increased less during the third quarter of 2024 than during the third quarter of 2023.

In the three primary segments, sales were lower in Construction Industries and Resource Industries and higher in Energy & Transportation.

North America sales decreased 5 percent primarily due to lower sales volume, partially offset by favorable price realization. The decrease in sales volume was primarily driven by lower sales of equipment to end users and the impact from changes in dealer inventories. Dealer inventory increased less during the third quarter of 2024 than during the third quarter of 2023.

Sales increased 6 percent in Latin America mainly due to higher sales volume, partially offset by unfavorable currency impacts, primarily related to the Brazilian real. The increase in sales volume was primarily driven by the impact from changes in dealer inventories. Dealer inventory increased during the third quarter of 2024, compared with a decrease during the third quarter of 2023.

EAME sales decreased 6 percent primarily due to lower sales volume. The decrease in sales volume was primarily driven by lower sales of equipment to end users.

Asia/Pacific sales decreased 7 percent due to lower sales volume. The decrease in sales volume was mainly driven by the impact from changes in dealer inventories. Dealer inventory decreased during the third quarter of 2024, compared with an increase during the third quarter of 2023.

Total dealer inventory increased $400 million during the third quarter of 2024, compared with an increase of $600 million during the third quarter of 2023. Dealers are independent, and the reasons for changes in their inventory levels vary, including their expectations of future demand and product delivery times. Dealers’ demand expectations take into account seasonal changes, macroeconomic conditions, machine rentals and other factors. Delivery times can vary based on availability of product from Caterpillar factories and product distribution centers.

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Sales and Revenues by Segment
(Millions of dollars)			Third Quarter 2023						Sales Volume						Price Realization						Currency						Inter-Segment / Other						Third Quarter 2024						$ Change						% Change
Construction Industries			$	6,999					$	(458)					$	(147)					$	(64)					$	15					$	6,345					$	(654)					(9		%)
Resource Industries			3,351						(352)						38						(11)						2						3,028						(323)						(10		%)
Energy & Transportation			6,859						57						213						(20)						78						7,187						328						5		%
All Other Segment			106						(2)						1						—						(13)						92						(14)						(13		%)
Corporate Items and Eliminations			(1,327)						(4)						(1)						(7)						(82)						(1,421)						(94)
Machinery, Energy & Transportation Sales			15,988						(759)						104						(102)						—						15,231						(757)						(5		%)
Financial Products Segment			979						—						—						—						55						1,034						55						6		%
Corporate Items and Eliminations			(157)						—						—						—						(2)						(159)						(2)
Financial Products Revenues			822						—						—						—						53						875						53						6		%
Consolidated Sales and Revenues			$	16,810					$	(759)					$	104					$	(102)					$	53					$	16,106					$	(704)					(4		%)

Sales and Revenues by Geographic Region

			North America												Latin America												EAME												Asia/Pacific												External Sales and Revenues												Inter-Segment												Total Sales and Revenues
(Millions of dollars)			$						% Chg						$						% Chg						$						% Chg						$						% Chg						$						% Chg						$						% Chg						$						% Chg
Third Quarter 2024
Construction Industries			$	3,629					(11		%)				$	658					19		%				$	1,150					(15		%)				$	875					(12		%)				$	6,312					(10		%)				$	33					83		%				$	6,345					(9		%)
Resource Industries			1,131						(17		%)				498						—		%				442						(13		%)				863						(3		%)				2,934						(10		%)				94						2		%				3,028						(10		%)
Energy & Transportation			3,214						8		%				449						(2		%)				1,486						4		%				856						(5		%)				6,005						4		%				1,182						7		%				7,187						5		%
All Other Segment			12						(25		%)				—						100		%				3						(40		%)				14						40		%				29						(3		%)				63						(17		%)				92						(13		%)
Corporate Items and Eliminations			(43)												(3)												9												(12)												(49)												(1,372)												(1,421)
Machinery, Energy & Transportation Sales			7,943						(5		%)				1,602						6		%				3,090						(6		%)				2,596						(7		%)				15,231						(5		%)				—						—		%				15,231						(5		%)
Financial Products Segment			695						11		%				97						(12		%)				130						(2		%)				112						2		%				1,034			1			6		%				—						—		%				1,034						6		%
Corporate Items and Eliminations			(93)												(21)												(21)												(24)												(159)												—												(159)
Financial Products Revenues			602						12		%				76						(15		%)				109						(1		%)				88						1		%				875						6		%				—						—		%				875						6		%
Consolidated Sales and Revenues			$	8,545					(4		%)				$	1,678					5		%				$	3,199					(6		%)				$	2,684					(7		%)				$	16,106					(4		%)				$	—					—		%				$	16,106					(4		%)
Third Quarter 2023
Construction Industries			$	4,078											$	555											$	1,351											$	997											$	6,981											$	18											$	6,999
Resource Industries			1,366												499												508												886												3,259												92												3,351
Energy & Transportation			2,966												460												1,428												901												5,755												1,104												6,859
All Other Segment			16												(1)												5												10												30												76												106
Corporate Items and Eliminations			(35)												1												—												(3)												(37)												(1,290)												(1,327)
Machinery, Energy & Transportation Sales			8,391												1,514												3,292												2,791												15,988												—												15,988
Financial Products Segment			627												110												132												110												979			1									—												979
Corporate Items and Eliminations			(91)												(21)												(22)												(23)												(157)												—												(157)
Financial Products Revenues			536												89												110												87												822												—												822
Consolidated Sales and Revenues			$	8,927											$	1,603											$	3,402											$	2,878											$	16,810											$	—											$	16,810

1 Includes revenues from Machinery, Energy & Transportation of $190 million and $181 million in the third quarter of 2024 and 2023, respectively.

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CONSOLIDATED OPERATING PROFIT

The chart above graphically illustrates reasons for the change in consolidated operating profit between the third quarter of 2023 (at left) and the third quarter of 2024 (at right). Caterpillar management utilizes these charts internally to visually communicate with the company’s board of directors and employees. The bar titled Other includes consolidating adjustments and Machinery, Energy & Transportation's other operating (income) expenses.

Operating profit for the third quarter of 2024 was $3.147 billion, a decrease of $302 million, or 9 percent, compared with $3.449 billion in the third quarter of 2023. The decrease was mainly due to the profit impact of lower sales volume of $372 million, partially offset by favorable price realization of $104 million.

Operating profit margin was 19.5 percent for the third quarter of 2024, compared with 20.5 percent for the third quarter of 2023.

Profit (Loss) by Segment
(Millions of dollars)			Third Quarter 2024						Third Quarter 2023						$ Change						%  Change
Construction Industries			$	1,486					$	1,847					$	(361)					(20		%)
Resource Industries			619						730						(111)						(15		%)
Energy & Transportation			1,433						1,181						252						21		%
All Other Segment			(13)						21						(34)						(162		%)
Corporate Items and Eliminations			(427)						(386)						(41)
Machinery, Energy & Transportation			3,098						3,393						(295)						(9		%)
Financial Products Segment			246						203						43						21		%
Corporate Items and Eliminations			(30)						18						(48)
Financial Products			216						221						(5)						(2		%)
Consolidating Adjustments			(167)						(165)						(2)
Consolidated Operating Profit			$	3,147					$	3,449					$	(302)					(9		%)

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Other Profit/Loss and Tax Items

▪Interest expense excluding Financial Products in the third quarter of 2024 was $125 million, compared with $129 million in the third quarter of 2023. The decrease was due to lower average debt outstanding, partially offset by higher average borrowing rates.

▪Other income (expense) in the third quarter of 2024 was income of $76 million, compared with income of $195 million in the third quarter of 2023. The change was primarily driven by unfavorable foreign currency impacts.

▪The effective tax rate for the third quarter of 2024 was 20.7 percent compared to 20.9 percent for the third quarter of 2023. Excluding the discrete items discussed below, the estimated annual tax rate was 22.5 percent for the third quarters of 2024 and 2023.

In the third quarter of 2024, the company recorded discrete tax benefits of $47 million to reflect changes in estimates related to prior years. In addition, a discrete tax benefit of $7 million was recorded in the third quarter of 2024, compared with a $22 million benefit in the third quarter of 2023, for the settlement of stock-based compensation awards with associated tax deductions in excess of cumulative U.S. GAAP compensation expense. The company also recorded a $34 million benefit in the third quarter of 2023 due to a decrease from the second-quarter estimated annual tax rate.

Please see a reconciliation of GAAP to non-GAAP financial measures on pages 66-68.

Construction Industries

Construction Industries’ total sales were $6.345 billion in the third quarter of 2024, a decrease of $654 million, or 9 percent, compared with $6.999 billion in the third quarter of 2023. The decrease was primarily due to lower sales volume of $458 million and unfavorable price realization of $147 million. The decrease in sales volume was mainly driven by lower sales of equipment to end users.

•In North America, sales decreased primarily due to lower sales volume. Lower sales volume was mainly driven by lower sales of equipment to end users and the impact from changes in dealer inventories. Dealer inventory increased less during the third quarter of 2024 than during the third quarter of 2023.

•Sales increased in Latin America mainly due to higher sales volume, partially offset by unfavorable currency impacts, primarily related to the Brazilian real, and unfavorable price realization. Higher sales volume was mainly driven by the impact from changes in dealer inventories. Dealer inventory increased during the third quarter of 2024, compared with a decrease during the third quarter of 2023.

•In EAME, sales decreased primarily due to lower sales volume. Lower sales volume was mainly driven by lower sales of equipment to end users.

•Sales decreased in Asia/Pacific mainly due to lower sales volume and unfavorable currency impacts primarily related to the Japanese yen. Lower sales volume was mainly driven by the impact from changes in dealer inventories. Dealer inventory decreased during the third quarter of 2024, compared with an increase during the third quarter of 2023.

Construction Industries’ segment profit was $1.486 billion in the third quarter of 2024, a decrease of $361 million, or 20 percent, compared with $1.847 billion in the third quarter of 2023. The decrease was mainly due to the profit impact of lower sales volume of $276 million and unfavorable price realization of $147 million.

Construction Industries’ segment profit as a percent of total sales was 23.4 percent in the third quarter of 2024, compared with 26.4 percent in the third quarter of 2023.

Resource Industries

Resource Industries’ total sales were $3.028 billion in the third quarter of 2024, a decrease of $323 million, or 10 percent, compared with $3.351 billion in the third quarter of 2023. The decrease was primarily due to lower sales volume. The decrease in sales volume was mainly driven by lower sales of equipment to end users.

Resource Industries’ segment profit was $619 million in the third quarter of 2024, a decrease of $111 million, or 15 percent, compared with $730 million in the third quarter of 2023. The decrease was mainly due to the profit impact of lower sales volume.

Resource Industries’ segment profit as a percent of total sales was 20.4 percent in the third quarter of 2024, compared with 21.8 percent in the third quarter of 2023.

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Energy & Transportation

Sales by Application
(Millions of dollars)						Third Quarter 2024						Third Quarter 2023						$ Change						%  Change
Oil and Gas						$	1,656					$	1,667					$	(11)					(1		%)
Power Generation						2,011						1,598						413						26		%
Industrial						1,028						1,220						(192)						(16		%)
Transportation						1,310						1,270						40						3		%
External Sales						6,005						5,755						250						4		%
Inter-segment						1,182						1,104						78						7		%
Total Sales						$	7,187					$	6,859					$	328					5		%

Energy & Transportation’s total sales were $7.187 billion in the third quarter of 2024, an increase of $328 million, or 5 percent, compared with $6.859 billion in the third quarter of 2023. The increase in sales was primarily due to favorable price realization of $213 million and higher sales volume of $135 million, including inter-segment sales.

•Oil and Gas – Sales decreased slightly as lower sales of reciprocating engines used in well servicing were primarily offset by higher sales for turbines and turbine-related services.

•Power Generation – Sales increased in large reciprocating engines, primarily data center applications. Turbines and turbine-related services increased as well.

•Industrial – Sales decreased in EAME and North America.

•Transportation – Sales increased in marine applications, partially offset by lower deliveries of international locomotives.

Energy & Transportation’s segment profit was $1.433 billion in the third quarter of 2024, an increase of $252 million, or 21 percent, compared with $1.181 billion in the third quarter of 2023. The increase was mainly due to favorable price realization.

Energy & Transportation’s segment profit as a percent of total sales was 19.9 percent in the third quarter of 2024, compared with 17.2 percent in the third quarter of 2023.

Financial Products Segment

Financial Products’ segment revenues were $1.034 billion in the third quarter of 2024, an increase of $55 million, or 6 percent, compared with $979 million in the third quarter of 2023. The increase was primarily due to a favorable impact from higher average earning assets of $34 million driven by North America, and a favorable impact from higher average financing rates across all regions of $23 million.

Financial Products’ segment profit was $246 million in the third quarter of 2024, an increase of $43 million, or 21 percent, compared with $203 million in the third quarter of 2023. The increase was mainly due to a favorable impact from equity securities of $29 million and lower provision for credit losses at Cat Financial of $16 million.

At the end of the third quarter of 2024, past dues at Cat Financial were 1.74 percent, compared with 1.96 percent at the end of the third quarter of 2023. Write-offs, net of recoveries, were $27 million for the third quarter of 2024, compared with $9 million for the third quarter of 2023. As of September 30, 2024, Cat Financial's allowance for credit losses totaled $255 million, or 0.87 percent of finance receivables, compared with $254 million, or 0.89 percent of finance receivables at June 30, 2024. The allowance for credit losses at year-end 2023 was $331 million, or 1.18 percent of finance receivables.

Corporate Items and Eliminations

Expense for corporate items and eliminations was $457 million in the third quarter of 2024, an increase of $89 million from the third quarter of 2023. Lower corporate costs were more than offset by an unfavorable change in fair value adjustments related to deferred compensation plans, increased expenses due to timing differences, unfavorable impacts of segment reporting methodology differences and higher restructuring costs.

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NINE MONTHS ENDED SEPTEMBER 30, 2024 COMPARED WITH NINE MONTHS ENDED SEPTEMBER 30, 2023

CONSOLIDATED SALES AND REVENUES

The chart above graphically illustrates reasons for the change in consolidated sales and revenues between the nine months ended September 30, 2023 (at left) and the nine months ended September 30, 2024 (at right). Caterpillar management utilizes these charts internally to visually communicate with the company’s board of directors and employees.

Total sales and revenues were $48.594 billion for the nine months ended September 30, 2024, a decrease of $1.396 billion, or 3 percent, compared with $49.990 billion for the nine months ended September 30, 2023. The decrease was primarily due to lower sales volume of $2.684 billion, partially offset by favorable price realization of $1.292 billion. The decrease in sales volume was mainly due to lower sales of equipment to end users. In addition, changes in dealer inventories had an unfavorable impact to sales volume. Dealer inventory increased less during the nine months ended September 30, 2024, than during the nine months ended September 30, 2023.

In the three primary segments, sales were lower in Construction Industries and Resource Industries and higher in Energy & Transportation.

North America sales increased 1 percent primarily due to favorable price realization, partially offset by lower sales volume. The decrease in sales volume is mainly driven by the impact from changes in dealer inventories. Dealer inventory increased less during the nine months ended September 30, 2024, than during the nine months ended September 30, 2023.

Sales increased 4 percent in Latin America mainly due to higher sales volume. The increase in sales volume was primarily driven by the impact from changes in dealer inventories. Dealer inventory increased during the nine months ended September 30, 2024, compared with a decrease during the nine months ended September 30, 2023.

EAME sales decreased 13 percent primarily due to lower sales volume. The decrease in sales volume was mainly due to lower sales of equipment to end users.

Asia/Pacific sales decreased 7 percent mainly due to lower sales volume. The decrease in sales volume was primarily driven by the impact from changes in dealer inventories. Dealer inventory decreased during the nine months ended September 30, 2024, compared with an increase during the nine months ended September 30, 2023.

Total dealer inventory increased about $1.7 billion during the nine months ended September 30, 2024, compared with an increase of about $2.9 billion during the nine months ended September 30, 2023. Dealers are independent, and the reasons for changes in their inventory levels vary, including their expectations of future demand and product delivery times. Dealers’ demand expectations take into account seasonal changes, macroeconomic conditions, machine rentals and other factors. Delivery times can vary based on availability of product from Caterpillar factories and product distribution centers.

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Sales and Revenues by Segment
(Millions of dollars)			Nine Months Ended September 30, 2023						Sales Volume						Price Realization						Currency						Inter-Segment / Other						Nine Months Ended September 30, 2024						$ Change						% Change
Construction Industries			$	20,899					$	(1,510)					$	230					$	(141)					$	(26)					$	19,452					$	(1,447)					(7		%)
Resource Industries			10,341						(1,287)						379						(31)						25						9,427						(914)						(9		%)
Energy & Transportation			20,332						159						679						(33)						68						21,205						873						4		%
All Other Segment			333						(10)						4						(1)						(17)						309						(24)						(7		%)
Corporate Items and Eliminations			(4,273)						(36)						—						(3)						(50)						(4,362)						(89)
Machinery, Energy & Transportation Sales			47,632						(2,684)						1,292						(209)						—						46,031						(1,601)						(3		%)
Financial Products Segment			2,804						—						—						—						225						3,029						225						8		%
Corporate Items and Eliminations			(446)						—						—						—						(20)						(466)						(20)
Financial Products Revenues			2,358						—						—						—						205						2,563						205						9		%
Consolidated Sales and Revenues			$	49,990					$	(2,684)					$	1,292					$	(209)					$	205					$	48,594					$	(1,396)					(3		%)

Sales and Revenues by Geographic Region

			North America												Latin America												EAME												Asia/Pacific												External Sales and Revenues												Inter-Segment												Total Sales and Revenues
(Millions of dollars)			$						% Chg						$						% Chg						$						% Chg						$						% Chg						$						% Chg						$						% Chg						$						% Chg
Nine Months Ended September 30, 2024
Construction Industries			$	11,419					(2		%)				$	1,930					12		%				$	3,193					(23		%)				$	2,843					(14		%)				$	19,385					(7		%)				$	67					(28		%)				$	19,452					(7		%)
Resource Industries			3,601						(10		%)				1,498						(1		%)				1,349						(17		%)				2,704						(8		%)				9,152						(9		%)				275						10		%				9,427						(9		%)
Energy & Transportation			9,473						9		%				1,296						—		%				4,201						(2		%)				2,602						3		%				17,572						5		%				3,633						2		%				21,205						4		%
All Other Segment			43						(14		%)				(1)						—		%				11						(15		%)				39						5		%				92						(7		%)				217						(7		%)				309						(7		%)
Corporate Items and Eliminations			(121)												(6)												(23)												(20)												(170)												(4,192)												(4,362)
Machinery, Energy & Transportation Sales			24,415						1		%				4,717						4		%				8,731						(13		%)				8,168						(7		%)				46,031						(3		%)				—						—		%				46,031						(3		%)
Financial Products Segment			2,022						13		%				299						(5		%)				377						4		%				331						1		%				3,029			1			8		%				—						—		%				3,029						8		%
Corporate Items and Eliminations			(276)												(60)												(60)												(70)												(466)												—												(466)
Financial Products Revenues			1,746						14		%				239						(7		%)				317						5		%				261						(1		%)				2,563						9		%				—						—		%				2,563						9		%
Consolidated Sales and Revenues			$	26,161					1		%				$	4,956					4		%				$	9,048					(13		%)				$	8,429					(7		%)				$	48,594					(3		%)				$	—					—		%				$	48,594					(3		%)
Nine Months Ended September 30, 2023
Construction Industries			$	11,654											$	1,720											$	4,125											$	3,307											$	20,806											$	93											$	20,899
Resource Industries			4,016												1,511												1,624												2,940												10,091												250												10,341
Energy & Transportation			8,658												1,299												4,291												2,519												16,767												3,565												20,332
All Other Segment			50												(1)												13												37												99												234												333
Corporate Items and Eliminations			(115)												(1)												(3)												(12)												(131)												(4,142)												(4,273)
Machinery, Energy & Transportation Sales			24,263												4,528												10,050												8,791												47,632												—												47,632
Financial Products Segment			1,795												316												364												329												2,804			1									—												2,804
Corporate Items and Eliminations			(259)												(60)												(61)												(66)												(446)												—												(446)
Financial Products Revenues			1,536												256												303												263												2,358												—												2,358
Consolidated Sales and Revenues			$	25,799											$	4,784											$	10,353											$	9,054											$	49,990											$	—											$	49,990

1 Includes revenues from Machinery, Energy & Transportation of $547 million and $515 million in the nine months ended September 30, 2024 and 2023, respectively.

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CONSOLIDATED OPERATING PROFIT

The chart above graphically illustrates reasons for the change in consolidated operating profit between the nine months ended September 30, 2023 (at left) and the nine months ended September 30, 2024 (at right). Caterpillar management utilizes these charts internally to visually communicate with the company’s board of directors and employees. The bar titled Longwall Divestiture is included in total restructuring costs. The bar titled Other includes consolidating adjustments and Machinery, Energy & Transportation’s other operating (income) expenses.

Operating profit for the nine months ended September 30, 2024, was $10.148 billion, an increase of $316 million, or 3 percent, compared with $9.832 billion for the nine months ended September 30, 2023. The increase was primarily due to favorable price realization of $1.292 billion, the absence of the impact of the divestiture of the company's Longwall business in 2023 of $586 million and favorable manufacturing costs of $247 million, partially offset by the profit impact of lower sales volume of $1.106 billion, higher SG&A/R&D expenses of $262 million, higher restructuring costs of $220 million and unfavorable currency impacts of $105 million. Favorable manufacturing costs largely reflected lower freight. The increase in SG&A/R&D expenses was primarily driven by investments aligned with strategic initiatives.

For the nine months ended September 30, 2024, restructuring costs increased primarily due to the divestitures of certain non-U.S. entities.

Operating profit margin was 20.9 percent for the nine months ended September 30, 2024, compared with 19.7 percent for the nine months ended September 30, 2023.

Profit (Loss) by Segment
(Millions of dollars)			Nine Months Ended September 30, 2024						Nine Months Ended September 30, 2023						$ Change						%  Change
Construction Industries			$	4,991					$	5,440					$	(449)					(8		%)
Resource Industries			2,067						2,234						(167)						(7		%)
Energy & Transportation			4,259						3,507						752						21		%
All Other Segment			32						42						(10)						(24		%)
Corporate Items and Eliminations			(1,186)						(1,666)						480
Machinery, Energy & Transportation			10,163						9,557						606						6		%
Financial Products Segment			766						675						91						13		%
Corporate Items and Eliminations			(298)						60						(358)
Financial Products			468						735						(267)						(36		%)
Consolidating Adjustments			(483)						(460)						(23)
Consolidated Operating Profit			$	10,148					$	9,832					$	316					3		%

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Other Profit/Loss and Tax Items

▪Interest expense excluding Financial Products for the nine months ended September 30, 2024, was $405 million, compared with $385 million for the nine months ended September 30, 2023. The increase was due to higher average borrowing rates.

▪Other income (expense) for the nine months ended September 30, 2024, was income of $387 million, compared with income of $354 million for the nine months ended September 30, 2023. Unfavorable foreign currency impacts were more than offset by favorable impacts from pension and other postemployment benefit (OPEB) plan costs and higher investment and interest income.

▪The effective tax rate for the nine months ended September 30, 2024, was 21.4 percent compared to 22.4 percent for the nine months ended September 30, 2023. Excluding the discrete items discussed below, the estimated annual tax rate was 22.5 percent for the nine months ended September 30, 2024, and September 30, 2023, respectively.

The 2024 estimated annual tax rate excludes the impact of year-to-date losses of $164 million for the divestitures of certain non-U.S. entities with related tax benefits of $54 million. The 2023 estimated annual tax rate excludes the impact of the nondeductible loss of $586 million related to the divestiture of the company’s Longwall business. In the nine months ended September 30, 2024, the company recorded discrete tax benefits of $47 million to reflect changes in estimates related to prior years. In addition, a discrete tax benefit of $49 million was recorded in the nine months ended September 30, 2024, compared with $54 million for the nine months ended September 30, 2023, for the settlement of stock-based compensation awards with associated tax deductions in excess of cumulative U.S. GAAP compensation expense. In the nine months ended September 30, 2023, the company recorded a discrete tax benefit of $88 million due to a change in the valuation allowance for certain deferred tax assets.

Please see a reconciliation of GAAP to non-GAAP financial measures on pages 66-68.

Construction Industries

Construction Industries’ total sales were $19.452 billion for the nine months ended September 30, 2024, a decrease of $1.447 billion, or 7 percent, compared with $20.899 billion for the nine months ended September 30, 2023. The decrease was primarily due to lower sales volume. The decrease in sales volume was mainly driven by lower sales of equipment to end users.

•In North America, sales decreased primarily due to lower sales volume, partially offset by favorable price realization. Lower sales volume was mainly driven by lower sales of equipment to end users and the impact from changes in dealer inventories. Dealer inventory increased less during the nine months ended September 30, 2024, than during the nine months ended September 30, 2023.

•Sales increased in Latin America mainly due to higher sales volume, partially offset by unfavorable price realization. Higher sales volume was driven primarily by the impact from changes in dealer inventories. Dealer inventory increased during the nine months ended September 30, 2024, compared with a decrease during the nine months ended September 30, 2023.

•In EAME, sales decreased primarily due to lower sales volume. Lower sales volume was mainly due to lower sales of equipment to end users.

•Sales decreased in Asia/Pacific mainly due to lower sales volume and unfavorable currency impacts primarily related to the Japanese yen. Lower sales volume was mainly driven by the impact from changes in dealer inventories. Dealer inventory decreased during the nine months ended September 30, 2024, compared with an increase during the nine months ended September 30, 2023.

Construction Industries’ profit was $4.991 billion for the nine months ended September 30, 2024, a decrease of $449 million, or 8 percent, compared with $5.440 billion for the nine months ended September 30, 2023. The decrease was mainly due to the profit impact of lower sales volume of $842 million and higher SG&A/R&D expenses of $74 million, partially offset by favorable manufacturing costs of $256 million and favorable price realization of $230 million. The increase in SG&A/R&D expenses was primarily driven by investments aligned with strategic initiatives. Favorable manufacturing costs were primarily driven by lower material costs.

Construction Industries’ profit as a percent of total sales was 25.7 percent for the nine months ended September 30, 2024, compared with 26.0 percent for the nine months ended September 30, 2023.

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Resource Industries

Resource Industries’ total sales were $9.427 billion for the nine months ended September 30, 2024, a decrease of $914 million, or 9 percent, compared with $10.341 billion for the nine months ended September 30, 2023. The decrease was primarily due to lower sales volume of $1.287 billion, partially offset by favorable price realization of $379 million. The decrease in sales volume was mainly due to lower sales of equipment to end users.

Resource Industries’ profit was $2.067 billion for the nine months ended September 30, 2024, a decrease of $167 million, or 7 percent, compared with $2.234 billion for the nine months ended September 30, 2023. The decrease was mainly due to the profit impact of lower sales volume of $523 million, partially offset by favorable price realization of $379 million.

Resource Industries’ profit as a percent of total sales was 21.9 percent for the nine months ended September 30, 2024, compared with 21.6 percent for the nine months ended September 30, 2023.

Energy & Transportation

Sales by Application
(Millions of dollars)						Nine Months Ended September 30, 2024						Nine Months Ended September 30, 2023						$ Change						%  Change
Oil and Gas						$	5,053					$	4,741					$	312					7		%
Power Generation						5,514						4,527						987						22		%
Industrial						3,062						3,793						(731)						(19		%)
Transportation						3,943						3,706						237						6		%
External Sales						17,572						16,767						805						5		%
Inter-Segment						3,633						3,565						68						2		%
Total Sales						$	21,205					$	20,332					$	873					4		%

Energy & Transportation’s total sales were $21.205 billion for the nine months ended September 30, 2024, an increase of $873 million, or 4 percent, compared with $20.332 billion for the nine months ended September 30, 2023. Sales increased across all applications except Industrial. The increase in sales was primarily due to favorable price realization of $679 million and higher sales volume of $227 million, including inter-segment sales.

•Oil and Gas – Sales increased for turbines and turbine-related services.

•Power Generation – Sales increased in large reciprocating engines, primarily data center applications. Turbines and turbine-related services increased as well.

•Industrial – Sales decreased in EAME and North America.

•Transportation – Sales increased in marine applications and rail services.

Energy & Transportation’s profit was $4.259 billion for the nine months ended September 30, 2024, an increase of $752 million, or 21 percent, compared with $3.507 billion for the nine months ended September 30, 2023. The increase was mainly due to favorable price realization.

Energy & Transportation’s profit as a percent of total sales was 20.1 percent for the nine months ended September 30, 2024, compared with 17.2 percent for the nine months ended September 30, 2023.

Financial Products Segment

Financial Products’ segment revenues were $3.029 billion for the nine months ended September 30, 2024, an increase of $225 million, or 8 percent, compared with $2.804 billion for the nine months ended September 30, 2023. The increase was primarily due to a favorable impact from higher average financing rates across all regions of $142 million and a favorable impact from higher average earning assets of $98 million, driven by North America.

Financial Products’ segment profit was $766 million for the nine months ended September 30, 2024, an increase of $91 million, or 13 percent, compared with $675 million for the nine months ended September 30, 2023. The increase was mainly due to a favorable impact from equity securities of $55 million, a favorable impact from higher average earning assets of $42 million, the absence of prior year unfavorable currency impacts of $34 million and an insurance settlement of $33 million, partially offset by an increase in SG&A expenses of $43 million and an unfavorable impact from returned or repossessed equipment of $36 million.

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Corporate Items and Eliminations

Expense for corporate items and eliminations was $1.484 billion for the nine months ended September 30, 2024, a decrease of $122 million from the nine months ended September 30, 2023, primarily driven by the absence of the impact of the divestiture of the company's Longwall business in 2023, partially offset by unfavorable impacts of segment reporting methodology differences and higher restructuring costs.

For the nine months ended September 30, 2024, restructuring costs increased primarily due to the divestitures of certain non-U.S. entities.

RESTRUCTURING COSTS

In 2024, we expect to incur about $400 million of restructuring costs. We expect that prior restructuring actions will result in an incremental benefit to operating costs, primarily Cost of goods sold and SG&A expenses, of about $40 million in 2024 compared with 2023.

Additional information related to restructuring costs is included in Note 20 – "Restructuring costs" of Part I, Item 1 "Financial Statements."

GLOSSARY OF TERMS

1.Adjusted Operating Profit Margin – Operating profit excluding restructuring income/costs as a percent of sales and revenues.

2.Adjusted Profit Per Share – Profit per share excluding restructuring income/costs and a discrete tax benefit to adjust deferred tax balances.

3.All Other Segment – Primarily includes activities such as: business strategy; product management and development; manufacturing and sourcing of wear and maintenance components primarily for Cat® products; parts distribution; integrated logistics solutions; distribution services responsible for dealer development and administration, including a wholly owned dealer in Japan; dealer portfolio management and ensuring the most efficient and effective distribution of machines, engines and parts; brand management and marketing strategy; and digital investments for new customer and dealer solutions that integrate data analytics with state-of-the-art digital technologies while transforming the buying experience.

4.Consolidating Adjustments – Elimination of transactions between Machinery, Energy & Transportation and Financial Products.

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

6.Corporate Items and Eliminations – Includes corporate-level expenses, timing differences (as some expenses are reported in segment profit on a cash basis), methodology differences between segment and consolidated external reporting, certain restructuring costs and inter-segment eliminations.

7.Currency – With respect to sales and revenues, currency represents the translation impact on sales resulting from changes in foreign currency exchange rates versus the U.S. dollar. With respect to operating profit, currency represents the net translation impact on sales and operating costs resulting from changes in foreign currency exchange rates versus the U.S. dollar. Currency only includes the impact on sales and operating profit for the Machinery, Energy & Transportation line of business; currency impacts on Financial Products revenues and operating profit are included in the Financial Products portions of the respective analyses. With respect to other income/expense, currency represents the effects of forward and option contracts entered into by the company to reduce the risk of fluctuations in exchange rates (hedging) and the net effect of changes in foreign currency exchange rates on our foreign currency assets and liabilities for consolidated results (translation).

8.Dealer Inventories – Represents dealer machine and engine inventories, excluding aftermarket parts.

9.EAME – A geographic region including Europe, Africa, the Middle East and Eurasia.

10.Earning Assets – Assets consisting primarily of total finance receivables net of unearned income, plus equipment on operating leases net of accumulated depreciation at Cat Financial.

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

12.Financial Products – The company defines Financial Products as our finance and insurance subsidiaries, primarily Caterpillar Financial Services Corporation (Cat Financial) and Caterpillar Insurance Holdings Inc. (Insurance Services). Financial Products’ information relates to the financing to customers and dealers for the purchase and lease of Caterpillar and other equipment.

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

14.Latin America – A geographic region including Central and South American countries and Mexico.

15.Machinery, Energy & Transportation (ME&T) – The company defines ME&T as Caterpillar Inc. and its subsidiaries, excluding Financial Products. ME&T’s information relates to the design, manufacturing and marketing of its products.

16.Machinery, Energy & Transportation Other Operating (Income) Expenses – Comprised primarily of gains/losses on disposal of long-lived assets, gains/losses on divestitures and legal settlements and accruals.

17.Manufacturing Costs – Manufacturing costs exclude the impacts of currency and represent the volume-adjusted change for variable costs and the absolute dollar change for period manufacturing costs. Variable manufacturing costs are defined as having a direct relationship with the volume of production. This includes material costs, direct labor and other costs that vary directly with production volume, such as freight, power to operate machines and supplies that are consumed in the manufacturing process. Period manufacturing costs support production but are defined as generally not having a direct relationship to short-term changes in volume. Examples include machinery and equipment repair, depreciation on manufacturing assets, facility support, procurement, factory scheduling, manufacturing planning and operations management.

18.Mark-to-market gains/losses – Represents the net gain or loss of actual results differing from the company’s assumptions and the effects of changing assumptions for our defined benefit pension and OPEB plans. These gains and losses are immediately recognized through earnings upon the annual remeasurement in the fourth quarter, or on an interim basis as triggering events warrant remeasurement.

19.Pension and Other Postemployment Benefits (OPEB) – The company’s defined-benefit pension and postretirement benefit plans.

20.Price Realization – The impact of net price changes excluding currency and new product introductions. Price realization includes geographic mix of sales, which is the impact of changes in the relative weighting of sales prices between geographic regions.

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

22.Restructuring income/costs – May include costs for employee separation, long-lived asset impairments, contract terminations and (gains)/losses on divestitures. These costs are included in Other operating (income) expenses except for defined-benefit plan curtailment losses and special termination benefits, which are included in Other income (expense). Restructuring costs also include other exit-related costs, which may consist of accelerated depreciation, inventory write-downs, building demolition, equipment relocation and project management costs and LIFO inventory decrement benefits from inventory liquidations at closed facilities, all of which are primarily included in Cost of goods sold.

23.Sales Volume – With respect to sales and revenues, sales volume represents the impact of changes in the quantities sold for Machinery, Energy & Transportation as well as the incremental sales impact of new product introductions, including emissions-related product updates. With respect to operating profit, sales volume represents the impact of changes in the quantities sold for Machinery, Energy & Transportation combined with product mix as well as the net operating profit impact of new product introductions, including emissions-related product updates. Product mix represents the net operating profit impact of changes in the relative weighting of Machinery, Energy & Transportation sales with respect to total sales. The impact of sales volume on segment profit includes inter-segment sales.

24.Services – Enterprise services include, but are not limited to, aftermarket parts, Financial Products revenues and other service-related revenues. Machinery, Energy & Transportation segments exclude most Financial Products revenues.

LIQUIDITY AND CAPITAL RESOURCES

 

Sources of funds

 

We generate significant capital resources from operating activities, which are the primary source of funding for our ME&T operations. Funding for these businesses is also available from commercial paper and long-term debt issuances. Financial Products’ operations are funded primarily from commercial paper, term debt issuances and collections from its existing portfolio. On a consolidated basis, we had positive operating cash flow in the first nine months of 2024 and ended the third quarter with $5.64 billion of cash, a decrease of $1.34 billion from year-end 2023. In addition, ME&T invests in available-for-sale debt securities and bank time deposits that are considered highly liquid and are available for current operations. These ME&T securities were $1.77 billion as of September 30, 2024 and are included in Prepaid expenses and other current assets and Other assets in the Consolidated Statement of Financial Position. We intend to maintain a strong cash and liquidity position.

Consolidated operating cash flow for the first nine months of 2024 was $8.64 billion, down $240 million compared to the same period a year ago. The decrease was primarily due to changes in accrued wages, salaries and benefits, and higher cash taxes paid, partially offset by lower working capital requirements, excluding changes in accrued wages, salaries and benefits. Within working capital, changes in inventory, accounts payable and receivables favorably impacted cash flow in the first nine months of 2024 compared to the prior year period, partially offset by unfavorable changes in accrued expenses.

Total debt as of September 30, 2024 was $37.90 billion, an increase of $23 million from year-end 2023. Debt related to ME&T decreased $886 million in the first nine months of 2024 while debt related to Financial Products increased $966 million.

As of September 30, 2024, we had three global credit facilities with a syndicate of banks totaling $10.50 billion (Credit Facility) available in the aggregate to both Caterpillar and Cat Financial for general liquidity purposes. Based on management’s allocation decision, which can be revised from time to time, the portion of the Credit Facility available to ME&T as of September 30, 2024 was $2.75 billion. Information on our Credit Facility is as follows:

•In August 2024, we entered into a new 364-day facility. The 364-day facility of $3.15 billion (of which $825 million is available to ME&T) expires in August 2025.

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•In August 2024, we amended and extended the three-year facility (as amended and restated, the "three-year facility"). The three-year facility of $2.73 billion (of which $715 million is available to ME&T) expires in August 2027.

•In August 2024, we amended and extended the five-year facility (as amended and restated, the "five-year facility"). The five-year facility of $4.62 billion (of which $1.21 billion is available to ME&T) expires in August 2029.

At September 30, 2024, Caterpillar’s consolidated net worth was $19.46 billion, which was above the $9.00 billion required under the Credit Facility. The consolidated net worth is defined in the Credit Facility as Caterpillar's consolidated shareholders’ equity including preferred stock but excluding the pension and other postretirement benefits balance within Accumulated other comprehensive income (loss).

At September 30, 2024, Cat Financial’s covenant interest coverage ratio was 1.46 to 1. This was above the 1.15 to 1 minimum ratio calculated as (1) profit excluding income taxes, interest expense and net gain (loss) from interest rate derivatives to (2) interest expense calculated at the end of each fiscal quarter for the prior four consecutive fiscal quarter period, required by the Credit Facility.

In addition, at September 30, 2024, Cat Financial’s six-month covenant leverage ratio was 6.77 to 1. This was below the maximum ratio of debt to net worth of 10 to 1, calculated (1) on a monthly basis as the average of the leverage ratios determined on the last day of each of the six preceding calendar months and (2) at each December 31, required by the Credit Facility.

In the event Caterpillar or Cat Financial does not meet one or more of their respective financial covenants under the Credit Facility in the future (and are unable to obtain a consent or waiver), the syndicate of banks may terminate the commitments allocated to the party that does not meet its covenants. Additionally, in such event, certain of Cat Financial’s other lenders under other loan agreements where similar financial covenants or cross default provisions are applicable may, at their election, choose to pursue remedies under those loan agreements, including accelerating the repayment of outstanding borrowings. At September 30, 2024, there were no borrowings under the Credit Facility.

The aforementioned financial covenants are being reported as calculated under the Credit Facility and not pursuant to U.S. GAAP. Please refer to the credit agreements governing the Credit Facility filed as an exhibit to our periodic reports for further information related to the calculation thereof. For risks related to our indebtedness and compliance with these covenants, please refer to the risk factor "Restrictive covenants in our debt agreements could limit our financial and operating flexibility" set forth in Part I, Item 1A of our most recent annual report on Form 10-K.

Our total credit commitments and available credit as of September 30, 2024 were:

			September 30, 2024
(Millions of dollars)			Consolidated						Machinery, Energy & Transportation						Financial Products
Credit lines available:
Global credit facilities			$	10,500					$	2,750					$	7,750
Other external			4,253						617						3,636
Total credit lines available			14,753						3,367						11,386
Less: Commercial paper outstanding			(3,214)						—						(3,214)
Less: Utilized credit			(781)						—						(781)
Available credit			$	10,758					$	3,367					$	7,391

The other external consolidated credit lines with banks as of September 30, 2024 totaled $4.25 billion. These committed and uncommitted credit lines, which may be eligible for renewal at various future dates or have no specified expiration date, are used primarily by our subsidiaries for local funding requirements. Caterpillar or Cat Financial may guarantee subsidiary borrowings under these lines.

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We receive debt ratings from the major credit rating agencies. Fitch maintains a "high-A" debt rating, while Moody’s and S&P maintain a “mid-A” debt rating. A downgrade of our credit ratings by any of the major credit rating agencies could result in increased borrowing costs and could make access to certain credit markets more difficult. In the event economic conditions deteriorate such that access to debt markets becomes unavailable, ME&T’s operations would rely on cash flow from operations, use of existing cash balances, borrowings from Cat Financial and access to our committed credit facilities. Our Financial Products’ operations would rely on cash flow from its existing portfolio, existing cash balances, access to our committed credit facilities and other credit line facilities of Cat Financial, and potential borrowings from Caterpillar. In addition, we maintain a support agreement with Cat Financial, which requires Caterpillar to remain the sole owner of Cat Financial and may, under certain circumstances, require Caterpillar to make payments to Cat Financial should Cat Financial fail to maintain certain financial ratios.

We facilitate voluntary supplier finance programs (the “Programs”) through participating financial institutions. We account for the payments made under the Programs, the same as other accounts payable, as a reduction to our cash flows from operations. We do not believe that changes in the availability of the programs will have a significant impact on our liquidity. Additional information related to the programs is included in Note 21 – "Supplier finance programs" of Part I, Item 1 "Financial Statements."

Machinery, Energy & Transportation

Net cash provided by operating activities was $7.73 billion in the first nine months of 2024, compared with net cash provided of $7.96 billion for the same period in 2023. The decrease was primarily due to lower profit before taxes, adjusted for non-cash items, changes in accrued wages, salaries, and employee benefits, and higher cash taxes paid. These were partially offset by lower working capital requirements, excluding the impact of changes in accrued wages, salaries, and employee benefits. Within working capital, changes in inventory, receivables and accounts payable favorably impacted cash flow in the first nine months of 2024 compared to the prior year period, partially offset by changes in accrued expenses.

Net cash provided by investing activities in the first nine months of 2024 was $1.01 billion, compared with net cash used of $3.89 billion in the first nine months of 2023. The change was due to lower new investments in securities and higher proceeds from maturities and sale of securities, primarily due to time deposit maturities in 2024, as compared to the same period in 2023.

Net cash used for financing activities during the first nine months of 2024 was $10.04 billion, compared with net cash used of $4.18 billion in the same period of 2023. The change was primarily due to higher payments to repurchase shares and debt repayments in the first nine months of 2024 compared to the same period in 2023.

While our short-term priorities for the use of cash may vary from time to time as business needs and conditions dictate, our long-term cash deployment strategy is focused on the following priorities. Our top priority is to maintain a strong financial position in support of a mid-A rating. Next, we intend to fund operational requirements and commitments. Then, we intend to fund priorities that profitably grow the company and return capital to shareholders through dividend growth and share repurchases. Additional information on cash deployment is as follows:

Strong financial position – Our top priority is to maintain a strong financial position in support of a mid-A rating. We track a diverse group of financial metrics that focus on liquidity, leverage, cash flow and margins which align with our cash deployment actions and the various methodologies used by the major credit rating agencies.

Operational excellence and commitments – Capital expenditures were $1.28 billion during the first nine months of 2024, compared to $1.11 billion for the same period in 2023. We expect ME&T’s capital expenditures in 2024 to be about $2.0 billion. We made $221 million of contributions to our pension and other postretirement benefit plans during the first nine months of 2024. We currently anticipate full-year 2024 contributions of approximately $273 million. In comparison, we made $320 million of contributions to our pension and other postretirement benefit plans during the first nine months of 2023.

Fund strategic growth initiatives and return capital to shareholders – We intend to utilize our liquidity and debt capacity to fund targeted investments that drive long-term profitable growth focused in the areas of expanded offerings, services and sustainability, including acquisitions.

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As part of our capital allocation strategy, ME&T free cash flow is a liquidity measure we use to determine the cash generated and available for financing activities including debt repayments, dividends and share repurchases. We define ME&T free cash flow as cash from ME&T operations less capital expenditures, excluding discretionary pension and other postretirement benefit plan contributions. A goal of our capital allocation strategy is to return substantially all ME&T free cash flow to shareholders over time in the form of dividends and share repurchases, while maintaining our mid-A rating.

Our share repurchase plans are subject to the company’s cash deployment priorities and are evaluated on an ongoing basis considering the financial condition of the company, corporate cash flow, the company’s liquidity needs, the economic outlook, and the health and stability of global credit markets. The timing and amount of future repurchases may vary depending on market conditions and investing priorities. In May 2022, the Board approved a share repurchase authorization (the 2022 Authorization) of up to $15.0 billion of Caterpillar common stock effective August 1, 2022, with no expiration. In June 2024, the Board approved an additional share repurchase authorization (the 2024 Authorization) of up to $20.0 billion of Caterpillar common stock, effective June 12, 2024, with no expiration. In the first nine months of 2024, we repurchased $7.06 billion of Caterpillar common stock, with $20.8 billion remaining under the 2022 and 2024 Authorizations as of September 30, 2024. Our basic shares outstanding as of September 30, 2024 were approximately 483 million.

Each quarter, our Board of Directors reviews the company’s dividend for the applicable quarter. The Board evaluates the financial condition of the company and considers corporate cash flow, the company’s liquidity needs, the economic outlook, and the health and stability of global credit markets to determine whether to maintain or change the quarterly dividend. In October 2024, the Board of Directors approved maintaining our quarterly dividend representing $1.41 per share, and we continue to expect our strong financial position to support the dividend. Dividends paid totaled $1.97 billion in the first nine months of 2024.

Financial Products

Net cash provided by operating activities was $1.02 billion in the first nine months of 2024, compared with $905 million for the same period in 2023. Net cash used for investing activities was $1.90 billion in the first nine months of 2024, compared with $1.25 billion for the same period in 2023. The change was primarily due to portfolio related activity and the divestiture of a non-U.S. entity. Net cash provided by financing activities was $890 million in the first nine months of 2024, compared with $122 million for the same period in 2023. The change was due to a higher net inflow from external borrowings and the absence of dividends paid to Caterpillar.

RECENT ACCOUNTING PRONOUNCEMENTS

For a discussion of recent accounting pronouncements, see Note 2 – “New accounting guidance” of Part I, Item 1 "Financial Statements."

CRITICAL ACCOUNTING ESTIMATES

 

For a discussion of the company’s critical accounting estimates, see Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in our 2023 Annual Report on Form 10-K. There have been no significant changes to our critical accounting estimates since our 2023 Annual Report on Form 10-K.

OTHER MATTERS

 

Information related to legal proceedings appears in Note 14 – "Environmental and legal matters" of Part I, Item 1 “Financial Statements.”

Retirement Benefits

We recognize mark-to-market gains and losses immediately through earnings upon the remeasurement of our pension and OPEB plans. Mark-to-market gains and losses represent the effects of actual results differing from our assumptions and the effects of changing assumptions. We will record the annual mark-to-market adjustment as of the measurement date, December 31, 2024. It is difficult to predict the December 31, 2024 adjustment amount, as it will be dependent primarily on changes in discount rates during 2024, and actual returns on plan assets differing from our expected returns for 2024.

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Order Backlog

At the end of the third quarter of 2024, the dollar amount of backlog believed to be firm was approximately $28.7 billion, about $0.1 billion higher than the second quarter of 2024. The order backlog increased in Energy & Transportation, while Construction Industries and Resource Industries decreased. Of the total backlog at September 30, 2024, approximately $6.8 billion was not expected to be filled in the following twelve months.

NON-GAAP FINANCIAL MEASURES

We provide the following definitions for the non-GAAP financial measures used in this report. These non-GAAP financial measures have no standardized meaning prescribed by U.S. GAAP and therefore are unlikely to be comparable to the calculation of similar measures for other companies. Management does not intend these items to be considered in isolation or as a substitute for the related GAAP measures.

We believe it is important to separately quantify the profit impact of four significant items in order for our results to be meaningful to our readers. These items consist of (i) restructuring income/costs related to the divestitures of certain non-U.S. entities in 2024, (ii) other restructuring income/costs, (iii) restructuring costs related to the divestiture of the company's Longwall business in 2023 and (iv) certain deferred tax valuation allowance adjustments in 2023. We do not consider these items indicative of earnings from ongoing business activities and believe the non-GAAP measure provides investors with useful perspective on underlying business results and trends and aids with assessing our period-over-period results.

Reconciliations of adjusted results to the most directly comparable GAAP measures are as follows:

(Dollars in millions except per share data)						Operating Profit						Operating Profit Margin						Profit Before Taxes						Provision (Benefit) for Income Taxes												Profit						Profit per Share
Three Months Ended September 30, 2024 - U.S. GAAP						$	3,147					19.5		%				$	3,098					$	642											$	2,464					$	5.06
Other restructuring (income) costs						70						0.5		%				70						16												54						0.11
Three Months Ended September 30, 2024 - Adjusted						$	3,217					20.0		%				$	3,168					$	658											$	2,518					$	5.17
Three Months Ended September 30, 2023 - U.S. GAAP						$	3,449					20.5		%				$	3,515					$	734											$	2,794					$	5.45
Other restructuring (income) costs						46						0.3		%				46						10												36						0.07
Three Months Ended September 30, 2023 - Adjusted						$	3,495					20.8		%				$	3,561					$	744											$	2,830					$	5.52
Nine Months Ended September 30, 2024 - U.S. GAAP						$	10,148					20.9		%				$	10,130					$	2,166											$	8,001					$	16.27
Restructuring (income) costs - divestitures of certain non-U.S. entities						164						0.3		%				164						54												110						0.22
Other restructuring (income) costs						158						0.3		%				158						36												122						0.26
Nine Months Ended September 30, 2024 - Adjusted						$	10,470					21.5		%				$	10,452					$	2,256											$	8,233					$	16.75
Nine Months Ended September 30, 2023 - U.S. GAAP						$	9,832					19.7		%				$	9,801					$	2,194											$	7,659					$	14.85
Restructuring costs - Longwall divestiture						586						1.2		%				586						—												586						1.13
Other restructuring (income) costs						102						0.1		%				102						21												81						0.17
Deferred tax valuation allowance adjustments						—						—		%				—						88												(88)						(0.17)
Nine Months Ended September 30, 2023 - Adjusted						$	10,520					21.0		%				$	10,489					$	2,303											$	8,238					$	15.98

We believe it is important to separately disclose our annual effective tax rate, excluding discrete items for our results to be meaningful to our readers. The annual effective tax rate is discussed using non-GAAP financial measures that exclude the effects of amounts associated with discrete items recorded fully in the quarter they occur. These items consist of (i) restructuring income/costs related to the divestitures of certain non-U.S. entities in 2024, (ii) the impact of changes in estimates related to prior years in 2024, (iii) settlement of stock-based compensation awards with associated tax deductions in excess of cumulative U.S. GAAP compensation expense, (iv) certain deferred tax valuation allowance adjustments in 2023, (v) the decrease in the annual effective tax rate in 2023 and (vi) restructuring costs related to the divestiture of the company's Longwall business in 2023. We believe the non-GAAP measures will provide investors with useful perspective on underlying business results and trends and aids with assessing the company's period-over-period results.

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A reconciliation of our effective tax rate to annual effective tax rate, excluding discrete items is below:

(Millions of dollars)						Profit Before Taxes						Provision (Benefit) for Income Taxes									Effective Tax Rate
Three Months Ended September 30, 2024 - U.S. GAAP						$	3,098					$	642								20.7		%
Changes in estimates related to prior years						—						47
Excess stock-based compensation						—						7
Annual effective tax rate, excluding discrete items						$	3,098					$	696								22.5		%
Changes in estimates related to prior years						—						(47)
Excess stock-based compensation						—						(7)
Other restructuring (income) costs						70						16
Three Months Ended September 30, 2024 - Adjusted						$	3,168					$	658

Three Months Ended September 30, 2023 - U.S. GAAP						$	3,515					$	734								20.9		%
Decrease in annual effective tax rate						—						34
Excess stock-based compensation						—						22
Annual effective tax rate, excluding discrete items						$	3,515					$	790								22.5		%
Decrease in annual effective tax rate						—						(34)
Excess stock-based compensation						—						(22)
Other restructuring (income) costs						46						10
Three Months Ended September 30, 2023 - Adjusted						$	3,561					$	744

Nine Months Ended September 30, 2024 - U.S. GAAP						$	10,130					$	2,166								21.4		%
Restructuring (income) costs - divestitures of certain non-U.S. entities						164						54
Changes in estimates related to prior years						—						47
Excess stock-based compensation						—						49
Annual effective tax rate, excluding discrete items						$	10,294					$	2,316								22.5		%
Changes in estimates related to prior years						—						(47)
Excess stock-based compensation						—						(49)
Other restructuring (income) costs						158						36
Nine Months Ended September 30, 2024 - Adjusted						$	10,452					$	2,256

Nine Months Ended September 30, 2023 - U.S. GAAP						$	9,801					$	2,194								22.4		%
Restructuring costs - Longwall divestiture						586						—
Deferred tax valuation allowance adjustments						—						88
Excess stock-based compensation						—						54
Annual effective tax rate, excluding discrete items						$	10,387					$	2,336								22.5		%
Excess stock-based compensation						—						(54)
Other restructuring (income) costs						102						21
Nine Months Ended September 30, 2023 - Adjusted						$	10,489					$	2,303

In addition, we provide a calculation of ME&T free cash flow as we believe it is an important measure for investors to determine the cash generation available for financing activities including debt repayments, dividends and share repurchases.

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Reconciliations of ME&T free cash flow to the most directly comparable GAAP measure, net cash provided by operating activities are as follows:

(Millions of dollars)						Nine Months Ended September 30,
												2024						2023
ME&T net cash provided by operating activities 1												$	7,726					$	7,955
ME&T capital expenditures												(1,284)						(1,108)
ME&T free cash flow												$	6,442					$	6,847
1 See reconciliation of ME&T net cash provided by operating activities to consolidated net cash provided by operating activities on pages 75 - 76.

Supplemental Consolidating Data

 

We are providing supplemental consolidating data for the purpose of additional analysis.  The data has been grouped as follows:

 

Consolidated – Caterpillar Inc. and its subsidiaries.

 

Machinery, Energy & Transportation – We define ME&T as it is presented in the supplemental data as Caterpillar Inc. and its subsidiaries, excluding Financial Products. ME&T’s information relates to the design, manufacturing and marketing of our products.

 

Financial Products – We define Financial Products as it is presented in the supplemental data as our finance and insurance subsidiaries, primarily Caterpillar Financial Services Corporation (Cat Financial) and Caterpillar Insurance Holdings Inc. (Insurance Services). Financial Products’ information relates to the financing to customers and dealers for the purchase and lease of Caterpillar and other equipment.

 

Consolidating Adjustments – Eliminations of transactions between ME&T and Financial Products.

 

The nature of the ME&T and Financial Products businesses is different, especially with regard to the financial position and cash flow items. Caterpillar management utilizes this presentation internally to highlight these differences. We believe this presentation will assist readers in understanding our business.

Pages 69 to 76 reconcile ME&T and Financial Products to Caterpillar Inc. consolidated financial information. Certain amounts for prior periods have been reclassified to conform to the current period presentation.

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Caterpillar Inc.

Supplemental Data for Results of Operations

For the Three Months Ended September 30, 2024

(Unaudited)

(Millions of dollars)

									Supplemental Consolidating Data
			Consolidated						Machinery, Energy & Transportation						Financial Products						Consolidating Adjustments
Sales and revenues:
Sales of Machinery, Energy & Transportation			$	15,231					$	15,231					$	—					$	—
Revenues of Financial Products			875						—						1,078						(203)			1
Total sales and revenues			16,106						15,231						1,078						(203)
Operating costs:
Cost of goods sold			10,066						10,067						—						(1)			2
Selling, general and administrative expenses			1,669						1,484						197						(12)			2
Research and development expenses			533						533						—						—
Interest expense of Financial Products			336						—						336						—
Other operating (income) expenses			355						49						329						(23)			2
Total operating costs			12,959						12,133						862						(36)
Operating profit			3,147						3,098						216						(167)
Interest expense excluding Financial Products			125						127						—						(2)			3
Other income (expense)			76						(122)						33						165			4
Consolidated profit before taxes			3,098						2,849						249						—
Provision (benefit) for income taxes			642						582						60						—
Profit of consolidated companies			2,456						2,267						189						—
Equity in profit (loss) of unconsolidated affiliated companies			7						7						—						—
Profit of consolidated and affiliated companies			2,463						2,274						189						—
Less: Profit (loss) attributable to noncontrolling interests			(1)						(1)						—						—
Profit 5			$	2,464					$	2,275					$	189					$	—

 

1Elimination of Financial Products’ revenues earned from ME&T.

2Elimination of net expenses recorded between ME&T and Financial Products.

3Elimination of interest expense recorded between Financial Products and ME&T.

4Elimination of discount recorded by ME&T on receivables sold to Financial Products and of interest earned between ME&T and Financial Products as well as dividends paid by Financial Products to ME&T.

5Profit attributable to common shareholders.

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Caterpillar Inc.

Supplemental Data for Results of Operations

For the Nine Months Ended September 30, 2024

(Unaudited)

(Millions of dollars)

 

									Supplemental Consolidating Data
			Consolidated						Machinery, Energy & Transportation						Financial Products						Consolidating Adjustments
Sales and revenues:
Sales of Machinery, Energy & Transportation			$	46,031					$	46,031					$	—					$	—
Revenues of Financial Products			2,563						—						3,150						(587)			1
Total sales and revenues			48,594						46,031						3,150						(587)
Operating costs:
Cost of goods sold			29,878						29,883						—						(5)			2
Selling, general and administrative expenses			4,898						4,346						560						(8)			2
Research and development expenses			1,588						1,588						—						—
Interest expense of Financial Products			948						—						948						—
Other operating (income) expenses			1,134						51						1,174						(91)			2
Total operating costs			38,446						35,868						2,682						(104)
Operating profit			10,148						10,163						468						(483)
Interest expense excluding Financial Products			405						407						—						(2)			3
Other income (expense)			387						(163)						69						481			4
Consolidated profit before taxes			10,130						9,593						537						—
Provision (benefit) for income taxes			2,166						1,983						183						—
Profit of consolidated companies			7,964						7,610						354						—
Equity in profit (loss) of unconsolidated affiliated companies			34						34						—						—
Profit of consolidated and affiliated companies			7,998						7,644						354						—
Less: Profit (loss) attributable to noncontrolling interests			(3)						(4)						1						—
Profit 5			$	8,001					$	7,648					$	353					$	—

 

1Elimination of Financial Products’ revenues earned from ME&T.

2Elimination of net expenses recorded between ME&T and Financial Products.

3Elimination of interest expense recorded between Financial Products and ME&T.

4Elimination of discount recorded by ME&T on receivables sold to Financial Products and of interest earned between ME&T and Financial Products as well as dividends paid by Financial Products to ME&T.

5Profit attributable to common shareholders.

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Caterpillar Inc.

Supplemental Data for Results of Operations

For the Three Months Ended September 30, 2023

(Unaudited)

(Millions of dollars)

									Supplemental Consolidating Data
			Consolidated						Machinery, Energy & Transportation						Financial Products						Consolidating Adjustments
Sales and revenues:
Sales of Machinery, Energy & Transportation			$	15,988					$	15,988					$	—					$	—
Revenues of Financial Products			822						—						1,017						(195)			1
Total sales and revenues			16,810						15,988						1,017						(195)
Operating costs:
Cost of goods sold			10,583						10,586						—						(3)			2
Selling, general and administrative expenses			1,624						1,430						206						(12)			2
Research and development expenses			554						554						—						—
Interest expense of Financial Products			280						—						280						—
Other operating (income) expenses			320						25						310						(15)			2
Total operating costs			13,361						12,595						796						(30)
Operating profit			3,449						3,393						221						(165)
Interest expense excluding Financial Products			129						129						—						—
Other income (expense)			195						42						(12)						165			3
Consolidated profit before taxes			3,515						3,306						209						—
Provision (benefit) for income taxes			734						654						80						—
Profit of consolidated companies			2,781						2,652						129						—
Equity in profit (loss) of unconsolidated affiliated companies			12						12						—						—
Profit of consolidated and affiliated companies			2,793						2,664						129						—
Less: Profit (loss) attributable to noncontrolling interests			(1)						(1)						—						—
Profit 4			$	2,794					$	2,665					$	129					$	—

 

1Elimination of Financial Products’ revenues earned from ME&T.

2Elimination of net expenses recorded by ME&T paid to Financial Products.

3Elimination of discount recorded by ME&T on receivables sold to Financial Products and of interest earned between ME&T and Financial Products as well as dividends paid by Financial Products to ME&T.

4Profit attributable to common shareholders.

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Caterpillar Inc.

Supplemental Data for Results of Operations

For the Nine Months Ended September 30, 2023

(Unaudited)

(Millions of dollars)

									Supplemental Consolidating Data
			Consolidated						Machinery, Energy & Transportation						Financial Products						Consolidating Adjustments
Sales and revenues:
Sales of Machinery, Energy & Transportation			$	47,632					$	47,632					$	—					$	—
Revenues of Financial Products			2,358						—						2,907						(549)			1
Total sales and revenues			49,990						47,632						2,907						(549)
Operating costs:
Cost of goods sold			31,751						31,758						—						(7)			2
Selling, general and administrative expenses			4,615						4,139						507						(31)			2
Research and development expenses			1,554						1,554						—						—
Interest expense of Financial Products			742						—						742						—
Other operating (income) expenses			1,496						624						923						(51)			2
Total operating costs			40,158						38,075						2,172						(89)
Operating profit			9,832						9,557						735						(460)
Interest expense excluding Financial Products			385						385						—						—
Other income (expense)			354						18						(49)						385			3
Consolidated profit before taxes			9,801						9,190						686						(75)
Provision (benefit) for income taxes			2,194						1,993						201						—
Profit of consolidated companies			7,607						7,197						485						(75)
Equity in profit (loss) of unconsolidated affiliated companies			52						55						—						(3)			4
Profit of consolidated and affiliated companies			7,659						7,252						485						(78)
Less: Profit (loss) attributable to noncontrolling interests			—						(2)						5						(3)			5
Profit 6			$	7,659					$	7,254					$	480					$	(75)

 

1Elimination of Financial Products’ revenues earned from ME&T.

2Elimination of net expenses recorded by ME&T paid to Financial Products.

3Elimination of discount recorded by ME&T on receivables sold to Financial Products and of interest earned between ME&T and Financial Products as well as dividends paid by Financial Products to ME&T.

4Elimination of equity profit (loss) earned from Financial Products’ subsidiaries partially owned by ME&T subsidiaries.

5Elimination of noncontrolling interest profit (loss) recorded by Financial Products for subsidiaries partially owned by ME&T subsidiaries.

6Profit attributable to common shareholders.

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Caterpillar Inc.

Supplemental Data for Financial Position

At September 30, 2024

(Unaudited)

(Millions of dollars)

									Supplemental Consolidating Data
			Consolidated						Machinery, Energy & Transportation						Financial Products						Consolidating Adjustments
Assets
Current assets:
Cash and cash equivalents			$	5,638					$	4,760					$	878					$	—
Receivables – trade and other			9,086						3,421						489						5,176			1,2
Receivables – finance			9,816						—						15,188						(5,372)			2
Prepaid expenses and other current assets			3,094						2,941						417						(264)			3
Inventories			17,312						17,312						—						—
Total current assets			44,946						28,434						16,972						(460)
Property, plant and equipment – net			12,837						8,943						3,894						—
Long-term receivables – trade and other			1,346						582						128						636			1,2
Long-term receivables – finance			13,263						—						14,003						(740)			2
Noncurrent deferred and refundable income taxes			3,050						3,553						112						(615)			4
Intangible assets			448						448						—						—
Goodwill			5,317						5,317						—						—
Other assets			5,066						3,828						2,271						(1,033)			5
Total assets			$	86,273					$	51,105					$	37,380					$	(2,212)
Liabilities
Current liabilities:
Short-term borrowings			$	3,725					$	—					$	3,725					$	—
Accounts payable			7,705						7,630						287						(212)			6,7
Accrued expenses			4,980						4,351						629						—
Accrued wages, salaries and employee benefits			2,078						2,028						50						—
Customer advances			2,404						2,385						3						16			7
Other current liabilities			2,934						2,407						813						(286)			4,5,8
Long-term debt due within one year			8,392						46						8,346						—
Total current liabilities			32,218						18,847						13,853						(482)
Long-term debt due after one year			25,784						8,738						17,150						(104)			9
Liability for postemployment benefits			4,029						4,029						—						—
Other liabilities			4,839						3,970						1,522						(653)			4,5
Total liabilities			66,870						35,584						32,525						(1,239)
Commitments and contingencies
Shareholders’ equity
Common stock			5,584						5,584						905						(905)			10
Treasury stock			(42,390)						(42,390)						—						—
Profit employed in the business			57,920						53,100						4,810						10			10
Accumulated other comprehensive income (loss)			(1,717)						(781)						(936)						—
Noncontrolling interests			6						8						76						(78)			10
Total shareholders’ equity			19,403						15,521						4,855						(973)
Total liabilities and shareholders’ equity			$	86,273					$	51,105					$	37,380					$	(2,212)

1     Elimination of receivables between ME&T and Financial Products.

2     Reclassification of ME&T’s trade receivables purchased by Financial Products and Financial Products’ wholesale inventory receivables.

3     Elimination of ME&T’s insurance premiums that are prepaid to Financial Products.

4     Reclassification reflecting required netting of deferred tax assets/liabilities by taxing jurisdiction.

5     Elimination of other intercompany assets and liabilities between ME&T and Financial Products.

6     Elimination of payables between ME&T and Financial Products.

7     Reclassification of Financial Products' payables to customer advances.

8     Elimination of prepaid insurance in Financial Products’ other liabilities.

9     Elimination of debt between ME&T and Financial Products.

10     Eliminations associated with ME&T’s investments in Financial Products’ subsidiaries.

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Caterpillar Inc.

Supplemental Data for Financial Position

At December 31, 2023

(Unaudited)

(Millions of dollars)

									Supplemental Consolidating Data
			Consolidated						Machinery, Energy & Transportation						Financial Products						Consolidating Adjustments
Assets
Current assets:
Cash and cash equivalents			$	6,978					$	6,106					$	872					$	—
Receivables – trade and other			9,310						3,971						570						4,769			1,2
Receivables – finance			9,510						—						14,499						(4,989)			2
Prepaid expenses and other current assets			4,586						4,327						341						(82)			3
Inventories			16,565						16,565						—						—
Total current assets			46,949						30,969						16,282						(302)
Property, plant and equipment – net			12,680						8,694						3,986						—
Long-term receivables – trade and other			1,238						565						85						588			1,2
Long-term receivables – finance			12,664						—						13,299						(635)			2
Noncurrent deferred and refundable income taxes			2,816						3,360						148						(692)			4
Intangible assets			564						564						—						—
Goodwill			5,308						5,308						—						—
Other assets			5,257						4,218						2,082						(1,043)			5
Total assets			$	87,476					$	53,678					$	35,882					$	(2,084)
Liabilities
Current liabilities:
Short-term borrowings			$	4,643					$	—					$	4,643					$	—
Accounts payable			7,906						7,827						314						(235)			6,7
Accrued expenses			4,958						4,361						597						—
Accrued wages, salaries and employee benefits			2,757						2,696						61						—
Customer advances			1,929						1,912						2						15			7
Dividends payable			649						649						—						—
Other current liabilities			3,123						2,583						647						(107)			4,8
Long-term debt due within one year			8,763						1,044						7,719						—
Total current liabilities			34,728						21,072						13,983						(327)
Long-term debt due after one year			24,472						8,626						15,893						(47)			9
Liability for postemployment benefits			4,098						4,098						—						—
Other liabilities			4,675						3,806						1,607						(738)			4
Total liabilities			67,973						37,602						31,483						(1,112)
Commitments and contingencies
Shareholders’ equity
Common stock			6,403						6,403						905						(905)			10
Treasury stock			(36,339)						(36,339)						—						—
Profit employed in the business			51,250						46,783						4,457						10			10
Accumulated other comprehensive income (loss)			(1,820)						(783)						(1,037)						—
Noncontrolling interests			9						12						74						(77)			10
Total shareholders’ equity			19,503						16,076						4,399						(972)
Total liabilities and shareholders’ equity			$	87,476					$	53,678					$	35,882					$	(2,084)

 

1     Elimination of receivables between ME&T and Financial Products.

2     Reclassification of ME&T’s trade receivables purchased by Financial Products and Financial Products’ wholesale inventory receivables.

3     Elimination of ME&T’s insurance premiums that are prepaid to Financial Products.

4     Reclassification reflecting required netting of deferred tax assets/liabilities by taxing jurisdiction.

5     Elimination of other intercompany assets between ME&T and Financial Products.

6     Elimination of payables between ME&T and Financial Products.

7     Reclassification of Financial Products' payables to customer advances.

8     Elimination of prepaid insurance in Financial Products' other liabilities.

9     Elimination of debt between ME&T and Financial Products.

10     Eliminations associated with ME&T’s investments in Financial Products’ subsidiaries.

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Caterpillar Inc.

Supplemental Data for Cash Flow

For the Nine Months Ended September 30, 2024

(Unaudited)

(Millions of dollars)

									Supplemental Consolidating Data
			Consolidated						Machinery, Energy & Transportation						Financial Products						Consolidating Adjustments
Cash flow from operating activities:
Profit of consolidated and affiliated companies			$	7,998					$	7,644					$	354					$	—
Adjustments to reconcile profit to net cash provided by operating activities:
Depreciation and amortization			1,598						1,010						588						—
Provision (benefit) for deferred income taxes			(329)						(277)						(52)						—
(Gain) loss on divestiture			164						(46)						210						—
Other			221						236						(447)						432			1
Changes in assets and liabilities, net of acquisitions and divestitures:
Receivables – trade and other			(30)						554						(17)						(567)			1,2
Inventories			(781)						(770)						—						(11)			1
Accounts payable			(96)						(79)						(40)						23			1
Accrued expenses			9						—						9						—
Accrued wages, salaries and employee benefits			(671)						(660)						(11)						—
Customer advances			476						475						1						—
Other assets – net			120						(226)						191						155			1
Other liabilities – net			(37)						(135)						232						(134)			1
Net cash provided by (used for) operating activities			8,642						7,726						1,018						(102)
Cash flow from investing activities:
Capital expenditures – excluding equipment leased to others			(1,285)						(1,264)						(25)						4			1
Expenditures for equipment leased to others			(893)						(20)						(889)						16			1
Proceeds from disposals of leased assets and property, plant and equipment			541						25						525						(9)			1
Additions to finance receivables			(11,457)						—						(12,271)						814			2
Collections of finance receivables			10,234						—						10,889						(655)			2
Net intercompany purchased receivables			—						—						68						(68)			2
Proceeds from sale of finance receivables			69						—						69						—
Net intercompany borrowings			—						—						15						(15)			3
Investments and acquisitions (net of cash acquired)			(32)						(32)						—						—
Proceeds from sale of businesses and investments (net of cash sold)			(67)						86						(153)						—
Proceeds from maturities and sale of securities			2,841						2,565						276						—
Investments in securities			(892)						(469)						(423)						—
Other – net			137						118						19						—
Net cash provided by (used for) investing activities			(804)						1,009						(1,900)						87
Cash flow from financing activities:
Dividends paid			(1,966)						(1,966)						—						—
Common stock issued, including treasury shares reissued			15						15						—						—
Payments to purchase common stock			(7,057)						(7,057)						—						—
Net intercompany borrowings			—						(15)						—						15			3
Proceeds from debt issued (original maturities greater than three months)			7,579						—						7,579						—
Payments on debt (original maturities greater than three months)			(6,862)						(1,021)						(5,841)						—
Short-term borrowings – net (original maturities three months or less)			(848)						—						(848)						—
Net cash provided by (used for) financing activities			(9,139)						(10,044)						890						15
Effect of exchange rate changes on cash			(39)						(37)						(2)						—
Increase (decrease) in cash, cash equivalents and restricted cash			(1,340)						(1,346)						6						—
Cash, cash equivalents and restricted cash at beginning of period			6,985						6,111						874						—
Cash, cash equivalents and restricted cash at end of period			$	5,645					$	4,765					$	880					$	—

1    Elimination of non-cash adjustments and changes in assets and liabilities related to consolidated reporting.

2    Reclassification of Financial Products’ cash flow activity from investing to operating for receivables that arose from the sale of inventory.

3    Elimination of net proceeds and payments to/from ME&T and Financial Products.

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Caterpillar Inc.

Supplemental Data for Cash Flow

For the Nine Months Ended September 30, 2023

(Unaudited)

(Millions of dollars)

									Supplemental Consolidating Data
			Consolidated						Machinery, Energy & Transportation						Financial Products						Consolidating Adjustments
Cash flow from operating activities:
Profit of consolidated and affiliated companies			$	7,659					$	7,252					$	485					$	(78)		1,5
Adjustments to reconcile profit to net cash provided by operating activities:
Depreciation and amortization			1,599						1,015						584						—
Provision (benefit) for deferred income taxes			(448)						(456)						8						—
(Gain) loss on divestiture			572						572						—						—
Other			205						309						(463)						359			2
Changes in assets and liabilities, net of acquisitions and divestitures:
Receivables – trade and other			(319)						(46)						70						(343)			2,3
Inventories			(1,424)						(1,420)						—						(4)			2
Accounts payable			(532)						(628)						26						70			2
Accrued expenses			588						557						31						—
Accrued wages, salaries and employee benefits			—						1						(1)						—
Customer advances			516						515						1						—
Other assets – net			128						107						17						4			2
Other liabilities – net			338						177						147						14			2
Net cash provided by (used for) operating activities			8,882						7,955						905						22
Cash flow from investing activities:
Capital expenditures – excluding equipment leased to others			(1,061)						(1,088)						(16)						43			2
Expenditures for equipment leased to others			(1,177)						(20)						(1,165)						8			2
Proceeds from disposals of leased assets and property, plant and equipment			563						46						564						(47)			2
Additions to finance receivables			(11,082)						—						(12,493)						1,411			3
Collections of finance receivables			10,391						—						11,554						(1,163)			3
Net intercompany purchased receivables			—						—						429						(429)			3
Proceeds from sale of finance receivables			40						—						40						—
Net intercompany borrowings			—						—						7						(7)			4
Investments and acquisitions (net of cash acquired)			(67)						(67)						—						—
Proceeds from sale of businesses and investments (net of cash sold)			(14)						(14)						—						—
Proceeds from sale of securities			747						553						194						—
Investments in securities			(3,689)						(3,340)						(349)						—
Other – net			32						43						(11)						—
Net cash provided by (used for) investing activities			(5,317)						(3,887)						(1,246)						(184)
Cash flow from financing activities:
Dividends paid			(1,901)						(1,901)						(155)						155			5
Common stock issued, including treasury shares reissued			36						36						—						—
Payments to purchase common stock			(2,209)						(2,209)						—						—
Net intercompany borrowings			—						(7)						—						7			4
Proceeds from debt issued (original maturities greater than three months)			6,360						—						6,360						—
Payments on debt (original maturities greater than three months)			(4,459)						(99)						(4,360)						—
Short-term borrowings – net (original maturities three months or less)			(1,726)						(3)						(1,723)						—
Net cash provided by (used for) financing activities			(3,899)						(4,183)						122						162
Effect of exchange rate changes on cash			(119)						(55)						(64)						—
Increase (decrease) in cash, cash equivalents and restricted cash			(453)						(170)						(283)						—
Cash, cash equivalents and restricted cash at beginning of period			7,013						6,049						964						—
Cash, cash equivalents and restricted cash at end of period			$	6,560					$	5,879					$	681					$	—

1    Elimination of equity profit earned from Financial Products' subsidiaries partially owned by ME&T subsidiaries.

2    Elimination of non-cash adjustments and changes in assets and liabilities related to consolidated reporting.

3    Reclassification of Financial Products’ cash flow activity from investing to operating for receivables that arose from the sale of inventory.

4    Elimination of net proceeds and payments to/from ME&T and Financial Products.

5 Elimination of dividend activity between Financial Products and ME&T.

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Forward-looking Statements

Certain statements in this Form 10-Q relate to future events and expectations and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “believe,” “estimate,” “will be,” “will,” “would,” “expect,” “anticipate,” “plan,” “forecast,” “target,” “guide,” “project,” “intend,” “could,” “should” or other similar words or expressions often identify forward-looking statements. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding our outlook, projections, forecasts or trend descriptions. These statements do not guarantee future performance and speak only as of the date they are made, and we do not undertake to update our forward-looking statements.

Caterpillar’s actual results may differ materially from those described or implied in our forward-looking statements based on a number of factors, including, but not limited to: (i) global and regional economic conditions and economic conditions in the industries we serve; (ii) commodity price changes, material price increases, fluctuations in demand for our products or significant shortages of material; (iii) government monetary or fiscal policies; (iv) political and economic risks, commercial instability and events beyond our control in the countries in which we operate; (v) international trade policies and their impact on demand for our products and our competitive position, including the imposition of new tariffs or changes in existing tariff rates; (vi) our ability to develop, produce and market quality products that meet our customers’ needs; (vii) the impact of the highly competitive environment in which we operate on our sales and pricing; (viii) information technology security threats and computer crime; (ix) inventory management decisions and sourcing practices of our dealers and our OEM customers; (x) a failure to realize, or a delay in realizing, all of the anticipated benefits of our acquisitions, joint ventures or divestitures; (xi) union disputes or other employee relations issues; (xii) adverse effects of unexpected events; (xiii) disruptions or volatility in global financial markets limiting our sources of liquidity or the liquidity of our customers, dealers and suppliers; (xiv) failure to maintain our credit ratings and potential resulting increases to our cost of borrowing and adverse effects on our cost of funds, liquidity, competitive position and access to capital markets; (xv) our Financial Products segment’s risks associated with the financial services industry; (xvi) changes in interest rates or market liquidity conditions; (xvii) an increase in delinquencies, repossessions or net losses of Cat Financial’s customers; (xviii) currency fluctuations; (xix) our or Cat Financial’s compliance with financial and other restrictive covenants in debt agreements; (xx) increased pension plan funding obligations; (xxi) alleged or actual violations of trade or anti-corruption laws and regulations; (xxii) additional tax expense or exposure, including the impact of U.S. tax reform; (xxiii) significant legal proceedings, claims, lawsuits or government investigations; (xxiv) new regulations or changes in financial services regulations; (xxv) compliance with environmental laws and regulations; (xxvi) catastrophic events, including global pandemics such as the COVID-19 pandemic; and (xxvii) other factors described in more detail under the section entitled "Part I - Item 1A. Risk Factors" of Caterpillar's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as such factors may be updated from time to time in Caterpillar's periodic filings with the Securities and Exchange Commission.

Item 3.  Quantitative and Qualitative Disclosures About Market Risk

 

The information required by this Item is incorporated by reference from Note 5 – “Derivative financial instruments and risk management” included in Part I, Item 1 and Management’s Discussion and Analysis included in Part I, Item 2 of this Form 10-Q.

 

Item 4.  Controls and Procedures

 

Evaluation of disclosure controls and procedures

 

An evaluation was performed under the supervision and with the participation of the company’s management, including the Chief Executive Officer (CEO) and Chief Financial Officer (CFO), of the effectiveness of the design and operation of the company’s disclosure controls and procedures, as that term is defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended, as of the end of the period covered by this quarterly report.  Based on that evaluation, the CEO and CFO concluded that the company’s disclosure controls and procedures were effective as of the end of the period covered by this quarterly report.

Changes in internal control over financial reporting

 

During the third quarter of 2024, there has been no change in the company’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the company’s internal control over financial reporting.

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PART II.  OTHER INFORMATION

 

Item 1.  Legal Proceedings

 

The information required by this Item is incorporated by reference from Note 14 – “Environmental and legal matters” included in Part I, Item 1 of this Form 10-Q.    

Item 1A. Risk Factors

There have been no material changes to the risk factors we previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2023.

Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds

 

Issuer Purchases of Equity Securities

Period						Total Number of Shares Purchased						Average Price Paid per Share						Total Number of Shares Purchased as Part of Publicly Announced Program						Approximate Dollar Value of Shares that May Yet be Purchased under the Program (in billions)1
July 1-31, 2024						920,856						$	336.62					920,856						$	21.240
August 1-31, 2024						840,267						$	335.67					840,267						$	20.958
September 1-30, 2024						536,592						$	353.98					536,592						$	20.768
Total						2,297,715						$	340.33					2,297,715
1 In May 2022, the Board approved a share repurchase authorization (the 2022 Authorization) of up to $15.0 billion of Caterpillar common stock effective August 1, 2022, with no expiration. In June 2024, the Board approved an additional share repurchase authorization (the 2024 Authorization) of up to $20.0 billion of Caterpillar common stock, effective June 12, 2024, with no expiration. As of September 30, 2024, approximately $20.8 billion remained available under the 2024 and 2022 Authorizations.

Non-U.S. Employee Stock Purchase Plans

 

As of September 30, 2024, we had 38 employee stock purchase plans (the “EIP Plans”) that are administered outside the United States for our non-U.S. employees, which had approximately 16,000 active participants in the aggregate. During the third quarter of 2024, approximately 51,000 shares of Caterpillar common stock were purchased by the EIP Plans pursuant to the terms of such plans.

Item 5. Other Information

On August 23, 2024, Andrew Bonfield, Chief Financial Officer of the Company, entered into a Rule 10b5-1 sales plan intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended. The sales plan will be in effect until the earlier of (1) November 25, 2025 and (2) the date on which an aggregate of 20,000 shares of our common stock have been sold under the plan.

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Item 6. Exhibits

10.1						364-Day Credit Agreement dated August 29, 2024 (incorporated by reference from Exhibit 10.1 to the Company’s Current Report on Form 8-K filed September 4, 2024)
10.2						Local Currency Addendum to the 364-Day Credit Agreement dated August 29, 2024 (incorporated by reference from Exhibit 10.2 to the Company’s Current Report on Form 8-K filed September 4, 2024)
10.3						Japan Local Currency Addendum to the 364-Day Credit Agreement dated August 29, 2024 (incorporated by reference from Exhibit 10.3 to the Company’s Current Report on Form 8-K filed September 4, 2024)
10.4						Amendment No. 2 to Third Amended and Restated Credit Agreement (Three-Year Facility) dated August 29, 2024 (incorporated by reference from Exhibit 10.4 to the Company’s Current Report on Form 8-K filed September 4, 2024)
10.5						Amendment No. 2 to Third Amended and Restated Credit Agreement (Five-Year Facility) dated August 29, 2024 (incorporated by reference from Exhibit 10.5 to the Company’s Current Report on Form 8-K filed September 4, 2024)
31.1						Certification of Chief Executive Officer of Caterpillar Inc., as required pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2						Certification of Chief Financial Officer of Caterpillar Inc., as required pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32						Certification of Chief Executive Officer of Caterpillar Inc. and Chief Financial Officer of Caterpillar Inc., as required pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS						Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)
101.SCH						Inline XBRL Taxonomy Extension Schema Document
101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document
104						Cover Page Interactive File (embedded within the Inline XBRL document and included in Exhibit 101)

The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time.

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

			CATERPILLAR INC.
November 6, 2024			/s/ D. James Umpleby III			Chairman of the Board and Chief Executive Officer
			D. James Umpleby III
November 6, 2024			/s/ Andrew R.J. Bonfield			Chief Financial Officer
			Andrew R.J. Bonfield
November 6, 2024			/s/ Derek Owens			Chief Legal Officer and General Counsel
			Derek Owens
November 6, 2024			/s/ William E. Schaupp			Vice President and Chief Accounting Officer
			William E. Schaupp

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