0000018230false00000182302024-10-292024-10-290000018230us-gaap:CommonStockMember2024-10-292024-10-290000018230cat:A5.3DebenturesDueSeptember152035Member2024-10-292024-10-29

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
caterpillarlogo.jpg
FORM8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):October 30, 2024
CATERPILLAR INC.
(Exact name of registrant as specified in its charter)
Delaware1-76837-0602744
(State or other jurisdiction of incorporation)
 (Commission File Number)
 (I.R.S Employer Identification No.)
5205 N. O'Connor Blvd.,Suite 100,Irving,Texas75039
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code:(972)891-7700
Former name or former address, if changed since last report:N/A
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:


Title of each classTrading Symbol (s)Name of each exchange which registered
Common Stock ($1.00 par value)CATThe New York Stock Exchange
5.3% Debentures due September 15, 2035CAT35The New York Stock Exchange
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Indicate by check mark whether the registrant is an emerging growth company as defined by Rule 405 of the Securities Act of
1933 (17 CFR §230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period
for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐





Item 2.02. Results of Operations and Financial Condition.
On October 30, 2024, Caterpillar Inc. issued a press release reporting its financial results for the quarter ended September 30, 2024. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated into this Item 2.02 by reference.
Item 7.01. Regulation FD Disclosure.

Caterpillar Inc. is furnishing supplemental information concerning (i) retail sales of machines to end users and (ii) retail sales of power systems (including reciprocating and turbine engines and locomotives) to end users and Original Equipment Manufacturers ("OEMs"). This supplemental information is attached hereto as Exhibit 99.2 and incorporated into this Item 7.01 by reference.

The information in this Current Report on Form 8-K, including Exhibit 99.1, is being furnished in accordance with the provisions of General Instruction B.2 of Form 8-K.

Item 9.01. Financial Statements and Exhibits.
(d)Exhibits:
The following is furnished as an exhibit to this report:
99.1
99.2
104The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.


























 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 hereunto duly authorized.
CATERPILLAR INC.
October 30, 2024
By:/s/ Derek Owens
Derek Owens
Chief Legal Officer and General Counsel



Exhibit 99.1
Caterpillar Inc.                                     
3Q 2024 Earnings Release



FOR IMMEDIATE RELEASE
Caterpillar Reports Third-Quarter 2024 Results
Third Quarter
($ in billions except profit per share)20242023
Sales and Revenues$16.1$16.8
Profit Per Share$5.06$5.45
Adjusted Profit Per Share$5.17$5.52
Please see a reconciliation of GAAP to non-GAAP financial measures in the appendix on pages 13 and 14.
●Third-quarter 2024 profit per share of $5.06; adjusted profit per share of $5.17
●Enterprise operating cash flow was $3.6 billion in the third quarter of 2024
●Deployed $1.5 billion of cash for share repurchases and dividends in the third quarter
IRVING, Texas, October 30, 2024 – Caterpillar Inc. (NYSE: CAT) announced third-quarter 2024 results. Sales and revenues for the third quarter of 2024 were $16.1 billion, a 4% decrease compared with $16.8 billion in the third quarter of 2023. The decrease was primarily due to lower sales volume.
Operating profit margin was 19.5% for the third quarter of 2024, compared with 20.5% for the third quarter of 2023. Adjusted operating profit margin was 20.0% for the third quarter of 2024, compared with 20.8% for the third quarter of 2023. Third-quarter 2024 profit per share was $5.06, compared with third-quarter 2023 profit per share of $5.45. Adjusted profit per share in the third quarter of 2024 was $5.17, compared with third-quarter 2023 adjusted profit per share of $5.52. For the third quarter of 2024 and 2023, adjusted operating profit margin and adjusted profit per share excluded restructuring costs.
For the third quarter of 2024, enterprise operating cash flow was $3.6 billion, and the company ended the third quarter with $5.6 billion of enterprise cash. In the quarter, the company deployed $0.8 billion of cash for repurchases of Caterpillar common stock and $0.7 billion of cash for dividends.
“I'd like to thank our global team for delivering strong adjusted operating profit margin and adjusted profit per share while generating robust ME&T free cash flow,” said Chairman and CEO Jim Umpleby. “Our third-quarter results reflect the benefit of the diversity of our end markets.”
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CONSOLIDATED RESULTS
Consolidated Sales and Revenues
salesandrevenueschunkchart.jpg
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%, compared with $16.810 billion in the third quarter of 2023. The decrease was primarily due to lower sales volume of $759 million. The decrease in sales volume was mainly driven by lower sales of equipment to end users. In addition, changes in dealer inventories had an unfavorable impact to sales volume. Dealer inventory increased less during the third quarter of 2024 than during the third quarter of 2023.
In the three primary segments, sales were lower in Construction Industries and Resource Industries and higher in Energy & Transportation.
Sales and Revenues by Segment
(Millions of dollars)Third Quarter 2023Sales
Volume		Price
Realization		CurrencyInter-Segment / OtherThird Quarter 2024$
Change		%
Change
Construction Industries$6,999 $(458)$(147)$(64)$15 $6,345 $(654)(9%)
Resource Industries3,351 (352)38 (11)2 3,028 (323)(10%)
Energy & Transportation6,859 57 213 (20)78 7,187 328 5%
All Other Segment106 (2)1 — (13)92 (14)(13%)
Corporate Items and Eliminations(1,327)(4)(1)(7)(82)(1,421)(94) 
Machinery, Energy & Transportation15,988 (759)104 (102)— 15,231 (757)(5%)
Financial Products Segment979 — — — 55 1,034 55 6%
Corporate Items and Eliminations(157)— — — (2)(159)(2) 
Financial Products Revenues822 — — — 53 875 53 6%
Consolidated Sales and Revenues$16,810 $(759)$104 $(102)$53 $16,106 $(704)(4%)
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Sales and Revenues by Geographic Region
North AmericaLatin AmericaEAMEAsia/PacificExternal Sales and RevenuesInter-SegmentTotal Sales and Revenues
(Millions of dollars)$% 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 Industries1,131 (17%)498 —%442 (13%)863 (3%)2,934 (10%)94 2%3,028 (10%)
Energy & Transportation3,214 8%449 (2%)1,486 4%856 (5%)6,005 4%1,182 7%7,187 5%
All Other Segment12 (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 7,943 (5%)1,602 6%3,090 (6%)2,596 (7%)15,231 (5%)— —%15,231 (5%)
Financial Products Segment695 11%97 (12%)130 (2%)112 2%1,034 6%— —%1,034 6%
Corporate Items and Eliminations(93)(21)(21)(24)(159)— (159)
Financial Products Revenues602 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 Industries1,366 499 508 886  3,259 92 3,351 
Energy & Transportation2,966 460 1,428 901  5,755 1,104 6,859 
All Other Segment16 (1)5 10  30 76 106 
Corporate Items and Eliminations(35)1 — (3)(37)(1,290)(1,327)
Machinery, Energy & Transportation8,391  1,514  3,292  2,791  15,988  —  15,988  
Financial Products Segment627 110 132 110  979 — 979 
Corporate Items and Eliminations(91)(21)(22)(23) (157)— (157)
Financial Products Revenues536  89  110  87  822  —  822  
Consolidated Sales and Revenues$8,927  $1,603  $3,402  $2,878  $16,810  $—  $16,810  
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Consolidated Operating Profit
operatingprofitchunkchart3qa.jpg
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%, 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 $104 million.
Profit (Loss) by Segment
(Millions of dollars)Third Quarter 2024Third Quarter 2023$
Change
%
 Change
Construction Industries$1,486 $1,847 $(361)(20 %)
Resource Industries619 730 (111)(15 %)
Energy & Transportation1,433 1,181 252 21 %
All Other Segment(13)21 (34)(162 %)
Corporate Items and Eliminations(427)(386)(41) 
Machinery, Energy & Transportation3,098 3,393 (295)(9 %)
Financial Products Segment246 203 43 21 %
Corporate Items and Eliminations(30)18 (48)
Financial Products216 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
•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% compared to 20.9% for the third quarter of 2023. Excluding the discrete items discussed below, the estimated annual tax rate was 22.5% 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 $34 million benefit in the third quarter of 2023 due to a decrease from the second-quarter estimated annual tax rate.
Please see a reconciliation of GAAP to non-GAAP financial measures in the appendix on pages 13 and 14.
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CONSTRUCTION INDUSTRIES
(Millions of dollars)
Segment Sales
Third Quarter 2023Sales VolumePrice RealizationCurrencyInter-SegmentThird Quarter 2024$
 Change		%
 Change
Total Sales$6,999 $(458)$(147)$(64)$15 $6,345 $(654)(9 %)
Sales by Geographic Region
Third Quarter 2024Third Quarter 2023$
Change		%
Change
North America$3,629 $4,078 $(449)(11 %)
Latin America658 555 103 19 %
EAME1,150 1,351 (201)(15 %)
Asia/Pacific875 997 (122)(12 %)
External Sales6,312 6,981 (669)(10 %)
Inter-segment33 18 15 83 %
Total Sales$6,345 $6,999 $(654)(9 %)
Segment Profit
Third Quarter 2024Third Quarter 2023
Change		%
Change
Segment Profit$1,486 $1,847 $(361)(20 %)
Segment Profit Margin23.4 %26.4 %(3.0  pts)
Construction Industries’ total sales were $6.345 billion in the third quarter of 2024, a decrease of $654 million, or 9%, 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.



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Construction Industries’ segment profit was $1.486 billion in the third quarter of 2024, a decrease of $361 million, or 20%, 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 $147 million.
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RESOURCE INDUSTRIES
(Millions of dollars)
Segment Sales
Third Quarter 2023Sales VolumePrice RealizationCurrencyInter-SegmentThird Quarter 2024$
 Change		%
 Change
Total Sales$3,351 $(352)$38 $(11)$2 $3,028 $(323)(10 %)
Sales by Geographic Region
Third Quarter 2024Third Quarter 2023$
Change		%
Change
North America$1,131 $1,366 $(235)(17 %)
Latin America498 499 (1)— %
EAME442 508 (66)(13 %)
Asia/Pacific863 886 (23)(3 %)
External Sales2,934 3,259 (325)(10 %)
Inter-segment94 92 2 2 %
Total Sales$3,028 $3,351 $(323)(10 %)
Segment Profit
Third Quarter 2024Third Quarter 2023
Change		%
Change
Segment Profit$619 $730 $(111)(15 %)
Segment Profit Margin20.4 %21.8 %(1.4  pts)
Resource Industries’ total sales were $3.028 billion in the third quarter of 2024, a decrease of $323 million, or 10%, 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%, compared with $730 million in the third quarter of 2023. The decrease was mainly due to the profit impact of lower sales volume.
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ENERGY & TRANSPORTATION
(Millions of dollars)
Segment Sales
Third Quarter 2023Sales VolumePrice RealizationCurrencyInter-SegmentThird Quarter 2024$
 Change		%
 Change
Total Sales$6,859 $57 $213 $(20)$78 $7,187 $328 5 %
Sales by Application
Third Quarter 2024Third Quarter 2023$
Change		%
Change
Oil and Gas$1,656 $1,667 $(11)(1 %)
Power Generation2,011 1,598 413 26 %
Industrial1,028 1,220 (192)(16 %)
Transportation1,310 1,270 40 3 %
External Sales6,005 5,755 250 4 %
Inter-segment1,182 1,104 78 7 %
Total Sales$7,187 $6,859 $328 5 %
Segment Profit
Third Quarter 2024Third Quarter 2023
Change		%
Change
Segment Profit$1,433 $1,181 $252 21 %
Segment Profit Margin19.9 %17.2 %2.7  pts
Energy & Transportation’s total sales were $7.187 billion in the third quarter of 2024, an increase of $328 million, or 5%, 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%, compared with $1.181 billion in the third quarter of 2023. The increase was mainly due to favorable price realization.
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FINANCIAL PRODUCTS SEGMENT
(Millions of dollars)
Revenues by Geographic Region
Third Quarter 2024Third Quarter 2023$
Change		%
Change
North America$695 $627 $68 11 %
Latin America97 110 (13)(12 %)
EAME130 132 (2)(2 %)
Asia/Pacific112 110 2 2 %
Total Revenues$1,034 $979 $55 6 %
Segment Profit
Third Quarter 2024Third Quarter 2023
Change		%
Change
Segment Profit$246 $203 $43 21 %
Financial Products’ segment revenues were $1.034 billion in the third quarter of 2024, an increase of $55 million, or 6%, 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%, 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%, compared with 1.96% 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% of finance receivables, compared with $254 million, or 0.89% of finance receivables at June 30, 2024. The allowance for credit losses at year-end 2023 was $331 million, or 1.18% 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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Notes
i.Glossary of terms is included on the Caterpillar website at https://investors.caterpillar.com/overview/default.aspx.
ii.Sales of equipment to end users is demonstrated by the company’s Rolling 3 Month Retail Sales Statistics filed in a Form 8-K on Wednesday, Oct. 30, 2024.
iii.Information on non-GAAP financial measures is included in the appendix on pages 13 and 14.
iv.Some amounts within this report are rounded to the millions or billions and may not add.
v.Caterpillar will conduct a teleconference and live webcast, with a slide presentation, beginning at 7:30 a.m. Central Time on Wednesday, Oct. 30, 2024, to discuss its 2024 third-quarter results. The accompanying slides will be available before the webcast on the Caterpillar website at https://investors.caterpillar.com/events-presentations/default.aspx.
About Caterpillar
With 2023 sales and revenues of $67.1 billion, Caterpillar Inc. is the world’s leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. For nearly 100 years, we’ve been helping customers build a better, more sustainable world and are committed and contributing to a reduced-carbon future. Our innovative products and services, backed by our global dealer network, provide exceptional value that helps customers succeed. Caterpillar does business on every continent, principally operating through three primary segments – Construction Industries, Resource Industries and Energy & Transportation – and providing financing and related services through our Financial Products segment. Visit us at caterpillar.com or join the conversation on our social media channels at caterpillar.com/en/news/social-media.html.
Caterpillar’s latest financial results are also available online:
https://investors.caterpillar.com/overview/default.aspx
https://investors.caterpillar.com/financials/quarterly-results/default.aspx (live broadcast/replays of quarterly conference call)
Caterpillar investor relations contact: Ryan Fiedler, +1 224-551-4074 or Fiedler_Ryan_S@cat.com
Caterpillar media contact: Tiffany Heikkila, +1 832-573-0958 or Tiffany.Heikkila@cat.com














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Forward-Looking Statements
Certain statements in this press release 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 in Caterpillar’s Forms 10-Q, 10-K and other filings with the Securities and Exchange Commission.
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APPENDIX
NON-GAAP FINANCIAL MEASURES
The following definitions are provided for the non-GAAP financial measures. 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.
The company believes it is important to separately quantify the profit impact of one significant item in order for the company’s results to be meaningful to readers. This item consists of (i) restructuring income/costs. The company does not consider this item indicative of earnings from ongoing business activities and believes the non-GAAP measure provides investors with useful perspective on underlying business results and trends and aids with assessing the company’s period-over-period results. The company intends to discuss adjusted profit per share for the fourth quarter and full-year 2024, excluding mark-to-market gains or losses for remeasurement of pension and other postemployment benefit plans.
Reconciliations of adjusted results to the most directly comparable GAAP measure are as follows:
(Dollars in millions except per share data)Operating ProfitOperating Profit MarginProfit Before TaxesProvision (Benefit) for Income TaxesProfitProfit per Share
Three Months Ended September 30, 2024 - U.S. GAAP
$3,147 19.5 %$3,098 $642 $2,464 $5.06 
Restructuring (income) costs70 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 
Restructuring (income) costs46 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 























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The company believes it is important to separately disclose the annual effective tax rate, excluding discrete items for the results to be meaningful to 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. For the three months ended September 30, 2024, and 2023, these items consist of (i) the impact of changes in estimates related to prior years in 2024, (ii) settlement of stock-based compensation awards with associated tax deductions in excess of cumulative U.S. GAAP compensation expense and (iii) the decrease in the annual effective tax rate in 2023. The company believes 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.
A reconciliation of the effective tax rate to annual effective tax rate, excluding discrete items is below:
(Dollars in millions)Profit Before TaxesProvision (Benefit) for Income TaxesEffective 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)
Restructuring (income) costs70 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)
Restructuring (income) costs46 10 
Three Months Ended September 30, 2023 - Adjusted
$3,561 $744 


















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15

Supplemental Consolidating Data
The company is 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 (ME&T) – The company defines 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 its products.
Financial Products – The company defines Financial Products as it is presented in the supplemental data as its 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. The company believes this presentation will assist readers in understanding its business.
Pages 16 to 26 reconcile ME&T and Financial Products to Caterpillar Inc. consolidated financial information.
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16

Caterpillar Inc.
Condensed Consolidated Statement of Results of Operations
(Unaudited)
(Dollars in millions except per share data)
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Sales and revenues:  
Sales of Machinery, Energy & Transportation$15,231 $15,988 $46,031 $47,632 
Revenues of Financial Products875 822 2,563 2,358 
Total sales and revenues16,106 16,810 48,594 49,990 
Operating costs:  
Cost of goods sold10,066 10,583 29,878 31,751 
Selling, general and administrative expenses1,669 1,624 4,898 4,615 
Research and development expenses533 554 1,588 1,554 
Interest expense of Financial Products336 280 948 742 
Other operating (income) expenses355 320 1,134 1,496 
Total operating costs12,959 13,361 38,446 40,158 
Operating profit3,147 3,449 10,148 9,832 
Interest expense excluding Financial Products125 129 405 385 
Other income (expense)76 195 387 354 
Consolidated profit before taxes3,098 3,515 10,130 9,801 
Provision (benefit) for income taxes642 734 2,166 2,194 
Profit of consolidated companies2,456 2,781 7,964 7,607 
Equity in profit (loss) of unconsolidated affiliated companies7 12 34 52 
Profit of consolidated and affiliated companies2,463 2,793 7,998 7,659 
Less: Profit (loss) attributable to noncontrolling interests(1)(1)(3)— 
Profit 1
$2,464 $2,794 $8,001 $7,659 
Profit per common share$5.09 $5.48 $16.36 $14.93 
Profit per common share — diluted 2
$5.06 $5.45 $16.27 $14.85 
Weighted-average common shares outstanding (millions)  
– Basic484.2 509.8 489.0 513.0 
– Diluted 2
486.7 512.6 491.7 515.7 
1Profit attributable to common shareholders.
2Diluted by assumed exercise of stock-based compensation awards using the treasury stock method.
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17

Caterpillar Inc.
Condensed Consolidated Statement of Financial Position
(Unaudited)
(Millions of dollars)
September 30,
2024		December 31,
2023
Assets  
Current assets: 
Cash and cash equivalents$5,638 $6,978 
Receivables – trade and other9,086 9,310 
Receivables – finance9,816 9,510 
Prepaid expenses and other current assets3,094 4,586 
Inventories17,312 16,565 
Total current assets44,946 46,949 
Property, plant and equipment – net12,837 12,680 
Long-term receivables – trade and other1,346 1,238 
Long-term receivables – finance13,263 12,664 
Noncurrent deferred and refundable income taxes3,050 2,816 
Intangible assets448 564 
Goodwill5,317 5,308 
Other assets5,066 5,257 
Total assets$86,273 $87,476 
Liabilities 
Current liabilities: 
Short-term borrowings: 
-- Financial Products$3,725 $4,643 
Accounts payable7,705 7,906 
Accrued expenses4,980 4,958 
Accrued wages, salaries and employee benefits2,078 2,757 
Customer advances2,404 1,929 
Dividends payable— 649 
Other current liabilities2,934 3,123 
Long-term debt due within one year:  
-- Machinery, Energy & Transportation46 1,044 
-- Financial Products8,346 7,719 
Total current liabilities32,218 34,728 
Long-term debt due after one year: 
-- Machinery, Energy & Transportation8,634 8,579 
-- Financial Products17,150 15,893 
Liability for postemployment benefits4,029 4,098 
Other liabilities4,839 4,675 
Total liabilities66,870 67,973 
Shareholders’ equity 
Common stock5,584 6,403 
Treasury stock(42,390)(36,339)
Profit employed in the business57,920 51,250 
Accumulated other comprehensive income (loss)(1,717)(1,820)
Noncontrolling interests6 9 
Total shareholders’ equity19,403 19,503 
Total liabilities and shareholders’ equity$86,273 $87,476 

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18

Caterpillar Inc.
Condensed Consolidated Statement of Cash Flow
(Unaudited)
(Millions of dollars)
Nine Months Ended
September 30,
20242023
Cash flow from operating activities:  
Profit of consolidated and affiliated companies$7,998 $7,659 
Adjustments to reconcile profit to net cash provided by operating activities:  
Depreciation and amortization1,598 1,599 
Provision (benefit) for deferred income taxes(329)(448)
(Gain) loss on divestiture164 572 
Other221 205 
Changes in assets and liabilities, net of acquisitions and divestitures:  
Receivables – trade and other(30)(319)
Inventories(781)(1,424)
Accounts payable(96)(532)
Accrued expenses9 588 
Accrued wages, salaries and employee benefits(671)— 
Customer advances476 516 
Other assets – net120 128 
Other liabilities – net(37)338 
Net cash provided by (used for) operating activities8,642 8,882 
Cash flow from investing activities: 
Capital expenditures – excluding equipment leased to others(1,285)(1,061)
Expenditures for equipment leased to others(893)(1,177)
Proceeds from disposals of leased assets and property, plant and equipment541 563 
Additions to finance receivables(11,457)(11,082)
Collections of finance receivables10,234 10,391 
Proceeds from sale of finance receivables69 40 
Investments and acquisitions (net of cash acquired)(32)(67)
Proceeds from sale of businesses and investments (net of cash sold)(67)(14)
Proceeds from maturities and sale of securities2,841 747 
Investments in securities(892)(3,689)
Other – net137 32 
Net cash provided by (used for) investing activities(804)(5,317)
Cash flow from financing activities: 
Dividends paid(1,966)(1,901)
Common stock issued, including treasury shares reissued15 36 
Payments to purchase common stock(7,057)(2,209)
Proceeds from debt issued (original maturities greater than three months)7,579 6,360 
Payments on debt (original maturities greater than three months)(6,862)(4,459)
Short-term borrowings – net (original maturities three months or less)(848)(1,726)
Net cash provided by (used for) financing activities(9,139)(3,899)
Effect of exchange rate changes on cash(39)(119)
Increase (decrease) in cash, cash equivalents and restricted cash(1,340)(453)
Cash, cash equivalents and restricted cash at beginning of period6,985 7,013 
Cash, cash equivalents and restricted cash at end of period$5,645 $6,560 
Cash equivalents primarily represent short-term, highly liquid investments with original maturities of generally three months or less.

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19

Caterpillar Inc.
Supplemental Data for Results of Operations
For the Three Months Ended September 30, 2024
(Unaudited)
(Millions of dollars)
  Supplemental Consolidating Data
 ConsolidatedMachinery, Energy & TransportationFinancial
Products		Consolidating
Adjustments
Sales and revenues:    
Sales of Machinery, Energy & Transportation$15,231 $15,231 $— $— 
Revenues of Financial Products875 — 1,078 (203)1
Total sales and revenues16,106 15,231 1,078 (203)
Operating costs:    
Cost of goods sold10,066 10,067 — (1)2
Selling, general and administrative expenses1,669 1,484 197 (12)2
Research and development expenses533 533 — — 
Interest expense of Financial Products336 — 336 — 
Other operating (income) expenses355 49 329 (23)2
Total operating costs12,959 12,133 862 (36)
Operating profit3,147 3,098 216 (167)
Interest expense excluding Financial Products125 127 — (2)3
Other income (expense)76 (122)33 165 4
Consolidated profit before taxes3,098 2,849 249 — 
Provision (benefit) for income taxes642 582 60 — 
Profit of consolidated companies2,456 2,267 189 — 
Equity in profit (loss) of unconsolidated affiliated companies7 7 — — 
Profit of consolidated and affiliated companies2,463 2,274 189 — 
Less: Profit (loss) attributable to noncontrolling interests(1)(1)— — 
Profit 5
$2,464 $2,275 $189 $— 
1
Elimination of Financial Products’ revenues earned from ME&T.
2
Elimination of net expenses recorded between ME&T and Financial Products.
3Elimination of interest expense recorded between Financial Products and ME&T.
4
Elimination 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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20

Caterpillar Inc.
Supplemental Data for Results of Operations
For the Three Months Ended September 30, 2023
(Unaudited)
(Millions of dollars)
  Supplemental Consolidating Data
 ConsolidatedMachinery, Energy & TransportationFinancial
Products		Consolidating
Adjustments
Sales and revenues:    
Sales of Machinery, Energy & Transportation$15,988 $15,988 $— $— 
Revenues of Financial Products822 — 1,017 (195)1
Total sales and revenues16,810 15,988 1,017 (195)
Operating costs:    
Cost of goods sold10,583 10,586 — (3)2
Selling, general and administrative expenses1,624 1,430 206 (12)2
Research and development expenses554 554 — — 
Interest expense of Financial Products280 — 280 — 
Other operating (income) expenses320 25 310 (15)2
Total operating costs13,361 12,595 796 (30)
Operating profit3,449 3,393 221 (165)
Interest expense excluding Financial Products129 129 — — 
Other income (expense)195 42 (12)165 3
Consolidated profit before taxes3,515 3,306 209 — 
Provision (benefit) for income taxes734 654 80 — 
Profit of consolidated companies2,781 2,652 129 — 
Equity in profit (loss) of unconsolidated affiliated companies12 12 — — 
Profit of consolidated and affiliated companies2,793 2,664 129 — 
Less: Profit (loss) attributable to noncontrolling interests(1)(1)— — 
Profit 4
$2,794 $2,665 $129 $— 
1
Elimination of Financial Products’ revenues earned from ME&T.
2
Elimination of net expenses recorded by ME&T paid to Financial Products.
3
Elimination 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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21

Caterpillar Inc.
Supplemental Data for Results of Operations
For the Nine Months Ended September 30, 2024
(Unaudited)
(Millions of dollars)
  Supplemental Consolidating Data
 ConsolidatedMachinery, Energy & Transportation Financial
Products		Consolidating
Adjustments
Sales and revenues:    
Sales of Machinery, Energy & Transportation$46,031 $46,031 $— $— 
Revenues of Financial Products2,563 — 3,150 (587)1
Total sales and revenues48,594 46,031 3,150 (587)
Operating costs:    
Cost of goods sold29,878 29,883 — (5)2
Selling, general and administrative expenses4,898 4,346 560 (8)2
Research and development expenses1,588 1,588 — — 
Interest expense of Financial Products948 — 948 — 
Other operating (income) expenses1,134 51 1,174 (91)2
Total operating costs38,446 35,868 2,682 (104)
Operating profit10,148 10,163 468 (483)
Interest expense excluding Financial Products405 407 — (2)3
Other income (expense)387 (163)69 481 4
Consolidated profit before taxes10,130 9,593 537 — 
Provision (benefit) for income taxes2,166 1,983 183 — 
Profit of consolidated companies7,964 7,610 354 — 
Equity in profit (loss) of unconsolidated affiliated companies34 34 — — 
Profit of consolidated and affiliated companies7,998 7,644 354 — 
Less: Profit (loss) attributable to noncontrolling interests(3)(4)1 — 
Profit 5
$8,001 $7,648 $353 $— 
1
Elimination of Financial Products’ revenues earned from ME&T.
2
Elimination of net expenses recorded between ME&T and Financial Products.
3Elimination of interest expense recorded between Financial Products and ME&T.
4
Elimination 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.



(more)


22

Caterpillar Inc.
Supplemental Data for Results of Operations
For the Nine Months Ended September 30, 2023
(Unaudited)
(Millions of dollars)
  Supplemental Consolidating Data
 ConsolidatedMachinery, Energy & Transportation Financial
Products		Consolidating
Adjustments
Sales and revenues:    
Sales of Machinery, Energy & Transportation$47,632 $47,632 $— $— 
Revenues of Financial Products2,358 — 2,907 (549)1
Total sales and revenues49,990 47,632 2,907 (549)
Operating costs:
Cost of goods sold31,751 31,758 — (7)2
Selling, general and administrative expenses4,615 4,139 507 (31)2
Research and development expenses1,554 1,554 — — 
Interest expense of Financial Products742 — 742 — 
Other operating (income) expenses1,496 624 923 (51)2
Total operating costs40,158 38,075 2,172 (89)
Operating profit9,832 9,557 735 (460)
Interest expense excluding Financial Products385 385 — — 
Other income (expense)354 18 (49)385 3
Consolidated profit before taxes9,801 9,190 686 (75)
Provision (benefit) for income taxes2,194 1,993 201 — 
Profit of consolidated companies7,607 7,197 485 (75)
Equity in profit (loss) of unconsolidated affiliated companies52 55 — (3)4
Profit of consolidated and affiliated companies7,659 7,252 485 (78)
Less: Profit (loss) attributable to noncontrolling interests— (2)5 (3)5
Profit 6
$7,659 $7,254 $480 $(75)
1
Elimination of Financial Products’ revenues earned from ME&T.
2
Elimination of net expenses recorded by ME&T paid to Financial Products.
3
Elimination 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.
4
Elimination of equity profit (loss) earned from Financial Products’ subsidiaries partially owned by ME&T subsidiaries.
5
Elimination 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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23

Caterpillar Inc.
Supplemental Data for Financial Position
At September 30, 2024
(Unaudited)
(Millions of dollars)
  Supplemental Consolidating Data
 ConsolidatedMachinery,
Energy &
Transportation 		Financial
Products		Consolidating
Adjustments
Assets    
Current assets:    
Cash and cash equivalents$5,638 $4,760 $878 $— 
Receivables – trade and other9,086 3,421 489 5,176 
1,2
Receivables – finance9,816 — 15,188 (5,372)2
Prepaid expenses and other current assets3,094 2,941 417 (264)3
Inventories17,312 17,312 — — 
Total current assets44,946 28,434 16,972 (460)
Property, plant and equipment – net12,837 8,943 3,894 — 
Long-term receivables – trade and other1,346 582 128 636 
1,2
Long-term receivables – finance13,263 — 14,003 (740)2
Noncurrent deferred and refundable income taxes3,050 3,553 112 (615)4
Intangible assets448 448 — — 
Goodwill5,317 5,317 — — 
Other assets5,066 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 payable7,705 7,630 287 (212)6,7
Accrued expenses4,980 4,351 629 — 
Accrued wages, salaries and employee benefits2,078 2,028 50 — 
Customer advances2,404 2,385 3 16 7
Other current liabilities2,934 2,407 813 (286)
4,5,8
Long-term debt due within one year8,392 46 8,346 — 
Total current liabilities32,218 18,847 13,853 (482)
Long-term debt due after one year25,784 8,738 17,150 (104)9
Liability for postemployment benefits4,029 4,029 — — 
Other liabilities4,839 3,970 1,522 (653)4,5
Total liabilities66,870 35,584 32,525 (1,239)
    
Shareholders’ equity    
Common stock5,584 5,584 905 (905)10
Treasury stock(42,390)(42,390)— — 
Profit employed in the business57,920 53,100 4,810 10 10
Accumulated other comprehensive income (loss)(1,717)(781)(936)— 
Noncontrolling interests6 8 76 (78)10
Total shareholders’ equity19,403 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.
3Elimination 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.
7Reclassification of Financial Products' payables to customer advances.
8Elimination 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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24

Caterpillar Inc.
Supplemental Data for Financial Position
At December 31, 2023
(Unaudited)
(Millions of dollars)
  Supplemental Consolidating Data
 ConsolidatedMachinery,
Energy &
Transportation 		Financial
Products		Consolidating
Adjustments
Assets    
Current assets:    
Cash and cash equivalents$6,978 $6,106 $872 $— 
Receivables – trade and other9,310 3,971 570 4,769 
1,2
Receivables – finance9,510 — 14,499 (4,989)2
Prepaid expenses and other current assets4,586 4,327 341 (82)3
Inventories16,565 16,565 — — 
Total current assets46,949 30,969 16,282 (302)
Property, plant and equipment – net12,680 8,694 3,986 — 
Long-term receivables – trade and other1,238 565 85 588 
1,2
Long-term receivables – finance12,664 — 13,299 (635)2
Noncurrent deferred and refundable income taxes2,816 3,360 148 (692)4
Intangible assets564 564 — — 
Goodwill5,308 5,308 — — 
Other assets5,257 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 payable7,906 7,827 314 (235)6,7
Accrued expenses4,958 4,361 597 — 
Accrued wages, salaries and employee benefits2,757 2,696 61 — 
Customer advances1,929 1,912 2 15 7
Dividends payable649 649 — — 
Other current liabilities3,123 2,583 647 (107)
4,8
Long-term debt due within one year8,763 1,044 7,719 — 
Total current liabilities34,728 21,072 13,983 (327)
Long-term debt due after one year24,472 8,626 15,893 (47)9
Liability for postemployment benefits4,098 4,098 — — 
Other liabilities4,675 3,806 1,607 (738)4
Total liabilities67,973 37,602 31,483 (1,112)
    
Shareholders’ equity    
Common stock6,403 6,403 905 (905)10
Treasury stock(36,339)(36,339)— — 
Profit employed in the business51,250 46,783 4,457 10 10
Accumulated other comprehensive income (loss)(1,820)(783)(1,037)— 
Noncontrolling interests9 12 74 (77)10
Total shareholders’ equity19,503 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.
3Elimination 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.
6Elimination of payables between ME&T and Financial Products.
7Reclassification of Financial Products' payables to customer advances.
8
Elimination of prepaid insurance in Financial Products’ other liabilities.
9Elimination of debt between ME&T and Financial Products.
10
Eliminations associated with ME&T’s investments in Financial Products’ subsidiaries.
(more)


25

Caterpillar Inc.
Supplemental Data for Cash Flow
For the Nine Months Ended September 30, 2024
(Unaudited)
(Millions of dollars)
  Supplemental Consolidating Data
 ConsolidatedMachinery, Energy & TransportationFinancial
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 amortization1,598 1,010 588 — 
Provision (benefit) for deferred income taxes(329)(277)(52)— 
(Gain) loss on divestiture164 (46)210 — 
Other221 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 expenses9 — 9 — 
Accrued wages, salaries and employee benefits(671)(660)(11)— 
Customer advances476 475 1 — 
Other assets – net120 (226)191 155 1
Other liabilities – net(37)(135)232 (134)1
Net cash provided by (used for) operating activities8,642 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 equipment541 25 525 (9)1
Additions to finance receivables(11,457)— (12,271)814 2
Collections of finance receivables10,234 — 10,889 (655)2
Net intercompany purchased receivables— — 68 (68)2
Proceeds from sale of finance receivables69 — 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 securities2,841 2,565 276 — 
Investments in securities(892)(469)(423)— 
Other – net137 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 reissued15 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 period6,985 6,111 874 — 
Cash, cash equivalents and restricted cash at end of period$5,645 $4,765 $880 $— 
1Elimination of non-cash adjustments and changes in assets and liabilities related to consolidated reporting.
2Reclassification of Financial Products’ cash flow activity from investing to operating for receivables that arose from the sale of inventory.
3Elimination of net proceeds and payments to/from ME&T and Financial Products.
(more)


26

Caterpillar Inc.
Supplemental Data for Cash Flow
For the Nine Months Ended September 30, 2023
(Unaudited)
(Millions of dollars)
  Supplemental Consolidating Data
 ConsolidatedMachinery, Energy & TransportationFinancial
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 amortization1,599 1,015 584 — 
Provision (benefit) for deferred income taxes(448)(456)8 — 
(Gain) loss on divestiture572 572 — — 
Other205 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 expenses588 557 31 — 
Accrued wages, salaries and employee benefits— 1 (1)— 
Customer advances516 515 1 — 
Other assets – net128 107 17 4 2
Other liabilities – net338 177 147 14 2
Net cash provided by (used for) operating activities8,882 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 equipment563 46 564 (47)2
Additions to finance receivables(11,082)— (12,493)1,411 3
Collections of finance receivables10,391 — 11,554 (1,163)3
Net intercompany purchased receivables— — 429 (429)3
Proceeds from sale of finance receivables40 — 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 securities747 553 194 — 
Investments in securities(3,689)(3,340)(349)— 
Other – net32 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 reissued36 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 period7,013 6,049 964 — 
Cash, cash equivalents and restricted cash at end of period$6,560 $5,879 $681 $— 
1Elimination of equity profit earned from Financial Products' subsidiaries partially owned by ME&T subsidiaries.
2Elimination of non-cash adjustments and changes in assets and liabilities related to consolidated reporting.
3Reclassification of Financial Products’ cash flow activity from investing to operating for receivables that arose from the sale of inventory.
4Elimination of net proceeds and payments to/from ME&T and Financial Products.
5Elimination of dividend activity between Financial Products and ME&T.
#

EXHIBIT 99.2
Caterpillar Inc. (“Caterpillar”, “we” or “our”) is furnishing supplemental information concerning (i) retail sales of machines to end users and (ii) retail sales of power systems (including reciprocating and turbine engines and locomotives) to end users and Original Equipment Manufacturers (“OEMs”). Caterpillar sells the majority of its machinery and power systems to independently owned and operated dealers and OEMs to meet the demands of their customers, the end users. Caterpillar believes that this supplemental information may help readers better understand Caterpillar’s business and the industries it serves, particularly in light of the time delay between Caterpillar’s sales to dealers and dealers’ sales to end users.
In this report, we are providing information by geographic region for retail sales of machines in each of our Resource Industries and Construction Industries reportable segments, as well as information regarding retail sales of our machines globally. For our Energy & Transportation reportable segment, we are providing retail sales information by major end use.
The information presented in this report is primarily based on unaudited reports that are voluntarily provided to Caterpillar by its independent dealers and which are not subject to Caterpillar’s internal controls over financial reporting. Accordingly, the data collected from such third parties may not be accurate and/or complete. As such, the information presented in this report is intended solely to convey an approximate indication of the trends, direction and magnitude of retail sales and is not intended to be an estimate, approximation or prediction of, or substitute for, Caterpillar’s audited financial statements filed with the U.S. Securities and Exchange Commission. This information is furnished under this report with the U.S. Securities and Exchange Commission. Caterpillar does not undertake to update or adjust prior period information.


























Caterpillar Inc.
Quarterly Retail Sales Statistics
    
Machines and E&T Combined3rd Quarter 20242nd Quarter 20241st Quarter 20244th Quarter 2023
WorldDOWN 6%DOWN 3%DOWN 5%UP 8%
     
Machines3rd Quarter 20242nd Quarter 20241st Quarter 20244th Quarter 2023
Asia/PacificDOWN 9%DOWN 24%DOWN 10%DOWN 5%
EAMEDOWN 20%DOWN 12%DOWN 29%DOWN 3%
Latin AmericaUNCHANGEDUP 6%UP 4%DOWN 1%
North AmericaDOWN 9%DOWN 3%DOWN 1%UP 11%
WorldDOWN 10%DOWN 8%DOWN 9%UP 3%
Resource Industries (RI)3rd Quarter 20242nd Quarter 20241st Quarter 20244th Quarter 2023
Asia/PacificDOWN 13%DOWN 37%DOWN 16%DOWN 1%
EAMEDOWN 38%DOWN 19%DOWN 39%UP 1%
Latin AmericaDOWN 10%UP 11%UP 38%UP 1%
North AmericaDOWN 12%DOWN 2%DOWN 17%UP 3%
WorldDOWN 18%DOWN 15%DOWN 17%UP 1%
Construction Industries (CI)3rd Quarter 20242nd Quarter 20241st Quarter 20244th Quarter 2023
Asia/PacificDOWN 7%DOWN 12%DOWN 6%DOWN 8%
EAMEDOWN 12%DOWN 10%DOWN 24%DOWN 5%
Latin AmericaUP 6%UP 4%DOWN 10%DOWN 1%
North AmericaDOWN 8%DOWN 3%UP 4%UP 13%
WorldDOWN 7%DOWN 5%DOWN 5%UP 4%
Reported in dollars and based on unit sales as reported primarily by dealers.
    
Energy & Transportation (E&T) Retail Sales by industry for the quarter ended as indicated compared with the same period of the prior year:
Energy & Transportation (E&T)3rd Quarter 20242nd Quarter 20241st Quarter 20244th Quarter 2023
Power GenUP 11%UP 28%UP 9%UP 26%
IndustrialDOWN 29%DOWN 40%DOWN 39%DOWN 21%
TransportationUP 25%UP 68%UP 45%UP 54%
Oil & GasUP 10%UP 9%UP 35%UP 25%
TotalUP 5%UP 10%UP 9%UP 20%
Reported in dollars based on reporting from dealers and direct sales. 












Glossary of Terms

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.

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

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.

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.





FORWARD-LOOKING STATEMENTS
Certain statements in this report 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 in Caterpillar’s Forms 10-Q, 10-K and other filings with the Securities and Exchange Commission.


v3.24.3
Cover Page Cover Page
Oct. 29, 2024
Entity Information [Line Items]  
Document Type 8-K
Document Period End Date Oct. 30, 2024
Entity Registrant Name CATERPILLAR INC.
Entity Incorporation, State or Country Code DE
Entity File Number 1-768
Entity Tax Identification Number 37-0602744
Entity Address, Address Line One 5205 N. O'Connor Blvd.,
Entity Address, Address Line Two Suite 100,
Entity Address, City or Town Irving,
Entity Address, State or Province TX
Entity Address, Postal Zip Code 75039
City Area Code (972)
Local Phone Number 891-7700
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0000018230
Amendment Flag false
Common Stock  
Entity Information [Line Items]  
Title of 12(b) Security Common Stock ($1.00 par value)
Trading Symbol CAT
Security Exchange Name NYSE
5.3% Debentures Due September 15, 2035  
Entity Information [Line Items]  
Title of 12(b) Security 5.3% Debentures due September 15, 2035
Trading Symbol CAT35
Security Exchange Name NYSE
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