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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 1-768

CATERPILLAR INC.

(Exact name of registrant as specified in its charter)

Delaware

37-0602744

(State or other jurisdiction of incorporation)

(IRS Employer I.D. No.)

5205 N. O'Connor Boulevard,

Suite 100,

Irving,

Texas

75039

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (972) 891-7700

Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report: N/A

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock ($1.00 par value)	CAT	New York Stock Exchange
5.3% Debentures due September 15, 2035	CAT35	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

At March 31, 2026, 460,637,026 shares of common stock of the registrant were outstanding.

Table of Contents


Part I. Financial Information
Item 1.	Financial Statements	3
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	43
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	66
Item 4.	Controls and Procedures	66

Part II. Other Information
Item 1.	Legal Proceedings	67
Item 1A.	Risk Factors	67
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	67
Item 3.	Defaults Upon Senior Securities	*
Item 4.	Mine Safety Disclosures	*
Item 5.	Other Information	67
Item 6.	Exhibits	68

* Item omitted because no answer is called for or item is not applicable.

Table of Contents

Part I. FINANCIAL INFORMATION

Item 1. Financial Statements

Caterpillar Inc.

Consolidated Statement of Results of Operations

(Unaudited)

(Dollars in millions except per share data)


	Three Months Ended March 31,
	2026		2025
Sales and revenues:
Sales of Machinery, Power & Energy	$	16,473	$	13,378
Revenues of Financial Products	942		871
Total sales and revenues	17,415		14,249

Operating costs:
Cost of goods sold	11,306		8,965
Selling, general and administrative expenses	1,816		1,593
Research and development expenses	537		480
Interest expense of Financial Products	345		326
Other operating (income) expenses	326		306
Total operating costs	14,330		11,670

Operating profit	3,085		2,579

Interest expense excluding Financial Products	134		116
Other income (expense)	260		107

Consolidated profit before taxes	3,211		2,570

Provision (benefit) for income taxes	670		574
Profit of consolidated companies	2,541		1,996

Equity in profit (loss) of unconsolidated affiliated companies	7		7

Profit of consolidated and affiliated companies	2,548		2,003

Less: Profit (loss) attributable to noncontrolling interests	(1)		—

Profit 1	$	2,549	$	2,003

Profit per common share	$	5.50	$	4.22

Profit per common share – diluted 2	$	5.47	$	4.20

Weighted-average common shares outstanding (millions)
– Basic	463.4		474.9
– Diluted 2	465.8		477.1

1 Profit attributable to common shareholders.

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

See accompanying notes to Consolidated Financial Statements.

Table of Contents

Caterpillar Inc.

Consolidated Statement of Comprehensive Income

(Unaudited)

(Dollars in millions)


	Three Months Ended March 31,
	2026		2025

Profit of consolidated and affiliated companies	$	2,548	$	2,003
Other comprehensive income (loss), net of tax (Note 13):
Foreign currency translation	(47)		188
Pension and other postretirement benefits	—		(1)
Derivative financial instruments	(40)		57
Available-for-sale securities	(22)		22

Total other comprehensive income (loss), net of tax	(109)		266
Comprehensive income	2,439		2,269
Less: comprehensive income (loss) attributable to the noncontrolling interests	(1)		—
Comprehensive income attributable to shareholders	$	2,440	$	2,269

See accompanying notes to Consolidated Financial Statements.

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Caterpillar Inc.

Consolidated Statement of Financial Position

(Unaudited)

(Dollars in millions)


	March 31, 2026		December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$	4,072	$	9,980
Receivables – trade and other	11,447		10,920
Receivables – finance	10,443		10,649

Prepaid expenses and other current assets	2,980		2,801
Inventories	19,626		18,135
Total current assets	48,568		52,485

Property, plant and equipment – net	15,249		15,140
Long-term receivables – trade and other	2,490		2,142
Long-term receivables – finance	14,341		14,272

Noncurrent deferred and refundable income taxes	2,419		2,882
Intangible assets	419		241
Goodwill	5,865		5,321
Other assets	6,199		6,102
Total assets	$	95,550	$	98,585

Liabilities
Current liabilities:
Short-term borrowings:

Financial Products	$	4,729	$	5,514
Accounts payable	9,641		8,968
Accrued expenses	5,454		5,587
Accrued wages, salaries and employee benefits	1,434		2,554
Customer advances	4,382		3,314
Dividends payable	—		703
Other current liabilities	2,567		2,798
Long-term debt due within one year:
Machinery, Power & Energy	35		35
Financial Products	7,660		7,085
Total current liabilities	35,902		36,558

Long-term debt due after one year:
Machinery, Power & Energy	10,671		10,678
Financial Products	19,971		20,018
Liability for postemployment benefits	3,659		3,838
Other liabilities	6,687		6,175
Total liabilities	76,890		77,267
Commitments and contingencies (Notes 11 and 14)

Shareholders’ equity
Common stock of $1.00 par value:
Authorized shares: 2,000,000,000 Issued shares: (3/31/26 and 12/31/25 – 814,894,624) at paid-in amount	5,852		7,181
Treasury stock: (3/31/26 – 354,257,598 shares; 12/31/25 – 349,607,292 shares) at cost	(53,307)		(49,539)
Profit employed in the business	67,997		65,448
Accumulated other comprehensive income (loss)	(1,881)		(1,772)
Noncontrolling interests	(1)		—
Total shareholders’ equity	18,660		21,318
Total liabilities and shareholders’ equity	$	95,550	$	98,585

See accompanying notes to Consolidated Financial Statements.

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Caterpillar Inc.

Consolidated Statement of Changes in Shareholders’ Equity

(Unaudited)

(Dollars in millions)


	Common stock		Treasury stock		Profit employed in the business		Accumulated other comprehensive income (loss)		Noncontrolling interests		Total
Three Months Ended March 31, 2025




Balance at December 31, 2024	$	6,941	$	(44,331)	$	59,352	$	(2,471)	$	3	$	19,494
Profit (loss) of consolidated and affiliated companies	—		—		2,003		—		—		2,003
Foreign currency translation, net of tax	—		—		—		188		—		188
Pension and other postretirement benefits, net of tax	—		—		—		(1)		—		(1)
Derivative financial instruments, net of tax	—		—		—		57		—		57
Available-for-sale securities, net of tax	—		—		—		22		—		22

Dividends declared	—		—		1		—		—		1

Common shares issued from treasury stock for stock-based compensation: 625,045	(53)		(11)		—		—		—		(64)
Stock-based compensation expense	45		—		—		—		—		45

Common shares repurchased: 7,515,281 1	—		(2,760)		—		—		—		(2,760)
Outstanding authorized accelerated share repurchases	(900)		—		—		—		—		(900)
Other	10		(25)		—		—		—		(15)
Balance at March 31, 2025	$	6,043	$	(47,127)	$	61,356	$	(2,205)	$	3	$	18,070

Three Months Ended March 31, 2026





Balance at December 31, 2025	$	7,181	$	(49,539)	$	65,448	$	(1,772)	$	—	$	21,318
Profit (loss) of consolidated and affiliated companies	—		—		2,549		—		(1)		2,548
Foreign currency translation, net of tax	—		—		—		(47)		—		(47)

Derivative financial instruments, net of tax	—		—		—		(40)		—		(40)
Available-for-sale securities, net of tax	—		—		—		(22)		—		(22)



Common shares issued from treasury stock for stock-based compensation: 907,491	(39)		(58)		—		—		—		(97)
Stock-based compensation expense	54		—		—		—		—		54
Common shares repurchased: 5,557,798 1	—		(3,678)		—		—		—		(3,678)
Outstanding authorized accelerated share repurchases	(1,350)		—		—		—		—		(1,350)
Other	6		(32)		—		—		—		(26)
Balance at March 31, 2026	$	5,852	$	(53,307)	$	67,997	$	(1,881)	$	(1)	$	18,660

1 See Note 12 for additional information.

See accompanying notes to Consolidated Financial Statements.

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Caterpillar Inc.

Consolidated Statement of Cash Flow

(Unaudited)

(Dollars in Millions)


	Three Months Ended March 31,
	2026		2025
Cash flow from operating activities:
Profit of consolidated and affiliated companies	$	2,548	$	2,003
Adjustments to reconcile profit to net cash provided by operating activities:
Depreciation and amortization	595		540

Provision (benefit) for deferred income taxes	534		(38)

Other	68		78
Changes in assets and liabilities, net of acquisitions and divestitures:
Receivables – trade and other	(801)		155
Inventories	(1,501)		(990)
Accounts payable	938		401
Accrued expenses	(202)		(198)
Accrued wages, salaries and employee benefits	(1,123)		(1,144)
Customer advances	1,328		713
Other assets – net	(184)		69
Other liabilities – net	(330)		(300)
Net cash provided by (used for) operating activities	1,870		1,289

Cash flow from investing activities:
Capital expenditures – excluding equipment leased to others	(728)		(710)
Expenditures for equipment leased to others	(323)		(208)
Proceeds from disposals of leased assets and property, plant and equipment	191		149
Additions to finance receivables	(3,890)		(3,209)
Collections of finance receivables	3,876		3,049
Proceeds from sale of finance receivables	13		7
Investments and acquisitions (net of cash acquired)	(788)		(2)
Proceeds from sale of businesses and investments (net of cash sold)	—		12
Proceeds from maturities and sale of securities	361		923
Investments in securities	(467)		(177)
Other – net	(20)		(9)
Net cash provided by (used for) investing activities	(1,775)		(175)

Cash flow from financing activities:
Dividends paid	(703)		(674)
Common stock issued, and other stock compensation transactions, net	(97)		(64)
Payments to purchase common stock	(5,028)		(3,660)


Proceeds from debt issued (original maturities greater than three months):

- Financial Products	3,908		2,633
Payments on debt (original maturities greater than three months):
- Machinery, Power & Energy	(10)		(27)
- Financial Products	(3,212)		(1,770)
Short-term borrowings – net (original maturities three months or less)	(808)		(934)

Net cash provided by (used for) financing activities	(5,950)		(4,496)
Effect of exchange rate changes on cash	(55)		54
Increase (decrease) in cash, cash equivalents and restricted cash	(5,910)		(3,328)
Cash, cash equivalents and restricted cash at beginning of period	9,986		6,896
Cash, cash equivalents and restricted cash at end of period	$	4,076	$	3,568

Cash equivalents primarily represent short-term, highly liquid investments with original maturities of generally three months or less.

See accompanying notes to Consolidated Financial Statements.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. A. Nature of operations

Information in our financial statements and related commentary are presented in the following categories:

Machinery, Power & Energy (MP&E) — The company defines MP&E as Caterpillar Inc. and its subsidiaries, excluding Financial Products. MP&E’s information relates to the design, manufacturing and marketing of its products.

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.

B. Basis of presentation

In the opinion of management, the accompanying unaudited financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of (a) the consolidated results of operations for the three months ended March 31, 2026 and 2025, (b) the consolidated comprehensive income for the three months ended March 31, 2026 and 2025, (c) the consolidated financial position at March 31, 2026 and December 31, 2025, (d) the consolidated changes in shareholders’ equity for the three months ended March 31, 2026 and 2025 and (e) the consolidated cash flow for the three months ended March 31, 2026 and 2025. The financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (U.S. GAAP) and pursuant to the rules and regulations of the Securities and Exchange Commission (SEC).

Interim results are not necessarily indicative of results for a full year. The information included in this Form 10-Q should be read in conjunction with the audited financial statements and notes thereto included in our company’s annual report on Form 10-K for the year ended December 31, 2025 (2025 Form 10-K).

The December 31, 2025 financial position data included herein is derived from the audited consolidated financial statements included in the 2025 Form 10-K but does not include all disclosures required by U.S. GAAP. Certain amounts for prior periods have been reclassified to conform to the current period financial statement presentation.

Cat Financial has end-user customers and dealers that are variable interest entities (VIEs) of which we are not the primary beneficiary. Our maximum exposure to loss from our involvement with these VIEs is limited to the credit risk inherently present in the financial support that we have provided. Credit risk was evaluated and reflected in our financial statements as part of our overall portfolio of finance receivables and related allowance for credit losses. See Note 11 for further discussions on a consolidated VIE.

Long-term receivables - trade and other in the Statement of Financial Position includes $850 million and $377 million at March 31, 2026 and December 31, 2025, respectively, for recoveries from over-payments made during the importation process. Current assets: Receivables - trade and other includes $154 million at March 31, 2026. There were no amounts included in Current assets: Receivables - trade and other at December 31, 2025.

On February 20, 2026, the U.S. Supreme Court ruled that tariffs imposed under the International Emergency Economic Powers Act (“IEEPA”) on goods imported into the United States were unauthorized. As of March 31, 2026, total IEEPA tariff costs were approximately $1.0 billion. The ruling did not address potential refunds, and therefore the ultimate availability, timing and amount of any potential refunds of these tariffs is highly uncertain. Based on the current facts and circumstances, we have determined that recovery of any funds is not probable. We will continue to monitor developments related to U.S. and foreign import and export policies that could impact our consolidated results of operations, financial position and cash flows.

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2. New accounting guidance

A. Adoption of new accounting standards

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

B. Accounting standards issued but not yet adopted

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

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

All other ASUs issued but not yet adopted were assessed and determined that they either were not applicable or were not expected to have a material impact on our financial statements.

3. Sales and revenue contract information

Trade receivables represent amounts due from dealers and end users for the sale of our products, and include amounts due from wholesale inventory financing provided by Cat Financial for a dealer’s purchase of inventory. We recognize trade receivables from dealers and end users in Receivables – trade and other and Long-term receivables – trade and other in the Consolidated Statement of Financial Position. Trade receivables from dealers and end users were $9,558 million, $9,402 million and $7,864 million as of March 31, 2026, December 31, 2025 and December 31, 2024, respectively. Long-term trade receivables from dealers and end users were $1,060 million, $1,006 million and $640 million as of March 31, 2026, December 31, 2025 and December 31, 2024, respectively.

For certain contracts, we invoice for payment when contractual milestones are achieved. We recognize a contract asset when a sale is recognized before achieving the contractual milestone for invoicing. We reduce the contract asset when we invoice for payment and recognize a corresponding trade receivable. Contract assets are included in Prepaid expenses and other current assets in the Consolidated Statement of Financial Position. Contract assets were $233 million, $297 million and $238 million as of March 31, 2026, December 31, 2025 and December 31, 2024, respectively.

We invoice in advance of recognizing the sale of certain products. We recognize advanced customer payments as a contract liability in Customer advances and Other liabilities in the Consolidated Statement of Financial Position. Contract liabilities were $6,032 million, $4,678 million and $2,745 million as of March 31, 2026, December 31, 2025 and December 31, 2024, respectively. We reduce the contract liability when revenue is recognized. During the three months ended March 31, 2026 and 2025, we recognized $760 million and $683 million, respectively, of revenue that was recorded as a contract liability at the beginning of 2026 and 2025.

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We provide discounts to dealers through merchandising programs. We have numerous programs that are designed to promote the sale of our products. The most common dealer programs provide a discount when the dealer sells a product to a targeted end user. We report the estimated cost of these discounts as a reduction to the transaction price when we recognize the product sale. We accrue a corresponding post-sale discount reserve in the Consolidated Statement of Financial Position, which represents discounts we expect to pay on units sold. If discounts paid differ from those estimated, we report the difference as a change in the transaction price in the subsequent period when the final discount is paid. The change in revenue during the three months ended March 31, 2026 and 2025 related to prior periods sales was inconsequential.

As of March 31, 2026, we have entered into contracts with dealers and end users for which sales have not been recognized as we have not satisfied our performance obligations and transferred control of the products. The dollar amount of unsatisfied performance obligations for contracts with an original duration greater than one year is $37.1 billion, with about one-third of the amount expected to be completed and revenue recognized in the twelve months following March 31, 2026. We have elected the practical expedient not to disclose unsatisfied performance obligations with an original contract duration of one year or less. Contracts with an original duration of one year or less are primarily sales to dealers for machinery, engines and replacement parts.

See Note 16 for further disaggregated sales and revenues information.

4. Stock-based compensation

Accounting for stock-based compensation requires that the cost resulting from all stock-based payments be recognized in the financial statements based on the grant date fair value of the award. Our stock-based compensation consists of stock options, restricted stock units (RSUs) and performance-based restricted stock units (PRSUs).

We recognized pretax stock-based compensation expense of $54 million and $45 million for the three months ended March 31, 2026 and 2025, respectively.

The following table illustrates the type and fair value of the stock-based compensation awards granted during the three months ended March 31, 2026 and 2025, respectively:



	Three Months Ended March 31, 2026			Three Months Ended March 31, 2025
	Shares Granted	Weighted-Average Fair Value Per Share		Shares Granted	Weighted-Average Fair Value Per Share
Stock options	125,266	$	269.73	280,013	$	105.92
RSUs	187,857	$	749.50	403,407	$	332.95
PRSUs	84,317	$	921.73	167,301	$	347.63

The fair value of our stock options was estimated using the Black-Scholes option-pricing model. The following table provides the assumptions used in determining the fair value of the stock-options granted in the three months ended March 31, 2026 and 2025, respectively:



	Grant Year
	2026	2025
Weighted-average dividend yield	1.82%	2.13%
Weighted-average volatility	36.1%	30.5%
Range of volatilities	29.5% - 34.2%	26.6% - 32.6%
Range of risk-free interest rates	3.43% - 4.03%	4.13% - 4.40%
Weighted-average expected lives	7 years	7 years

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The PRSUs granted in 2026 and 2025 contain a market condition and a Monte Carlo simulation was utilized to estimate the fair value of the awards. The following table provides the assumptions used in determining the fair value of the PRSUs granted in the three months ended March 31, 2026 and 2025, respectively:



	Grant Year
	2026	2025
Expected volatility of the Company's stock	36.7%	29.5%
Risk-free interest rate	3.46%	3.90%

As of March 31, 2026, the total remaining unrecognized compensation expense related to nonvested stock-based compensation awards was $402 million, which will be amortized over the weighted-average remaining requisite service periods of approximately 2.0 years.

5. Derivative financial instruments and risk management

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

We recognize all derivatives at their fair value in the Consolidated Statement of Financial Position. On the date the derivative contract is entered into, we designate the derivative as (1) a hedge of the fair value of a recognized asset or liability (fair value hedge), (2) a hedge of a forecasted transaction or the variability of cash flow (cash flow hedge) or (3) an undesignated instrument. We record in current earnings changes in the fair value of a derivative that is qualified, designated and highly effective as a fair value hedge, along with the gain or loss on the hedged recognized asset or liability that is attributable to the hedged risk. For foreign exchange contracts designated as fair value hedges, the interim settlements are excluded from the effectiveness assessment and are recognized under a systematic and rational method over the life of the hedging instrument within Interest expense. We record in AOCI changes in the fair value of a derivative that is qualified, designated and highly effective as a cash flow hedge, to the extent effective, in the Consolidated Statement of Financial Position until we reclassify them to earnings in the same period or periods during which the hedged transaction affects earnings. We report changes in the fair value of undesignated derivative instruments in current earnings. We classify cash flows from designated derivative financial instruments within the same category as the item being hedged in the Consolidated Statement of Cash Flow. We include cash flows from undesignated derivative financial instruments in the investing category in the Consolidated Statement of Cash Flow.

We formally document all relationships between hedging instruments and hedged items, as well as the risk-management objective and strategy for undertaking various hedge transactions. This process includes linking all derivatives that are designated as fair value hedges to specific assets and liabilities in the Consolidated Statement of Financial Position and linking cash flow hedges to specific forecasted transactions or variability of cash flow.

We also formally assess, both at the hedge’s inception and on an ongoing basis, whether the designated derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flow of hedged items. When a derivative is determined not to be highly effective as a hedge or the underlying hedged transaction is no longer probable, we discontinue hedge accounting prospectively, in accordance with the derecognition criteria for hedge accounting.

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Foreign currency exchange rate risk

Foreign currency exchange rate movements create a degree of risk by affecting the U.S. dollar value of sales made and costs incurred in foreign currencies. Movements in foreign currency rates also affect our competitive position as these changes may affect business practices and/or pricing strategies of non-U.S.-based competitors. Additionally, we have balance sheet positions denominated in foreign currencies, thereby creating exposure to movements in exchange rates.

Our MP&E operations purchase, manufacture and sell products in many locations around the world. As we have a diversified revenue and cost base, we manage our future foreign currency cash flow exposure on a net basis. We use foreign currency forward and option contracts to manage unmatched foreign currency cash inflow and outflow. Our objective is to minimize the risk of exchange rate movements that would reduce the U.S. dollar value of our foreign currency cash flow. Our policy allows for managing anticipated foreign currency cash flow for up to approximately five years. As of March 31, 2026, the maximum term of these outstanding contracts at inception was approximately 60 months.

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

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

Interest rate risk

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

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

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

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

If we liquidate fixed-to-floating or floating-to-fixed interest rate contracts at MP&E or Financial Products, we amortize any deferred gains or losses into earnings over the remaining term of the previously hedged item.

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Commodity price risk

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

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

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

Deferred compensation plan liability risk

We are also exposed to variability in compensation expense related to certain non-qualified deferred compensation obligations to employees. We utilize total return swaps to economically hedge this exposure to offset the related compensation expense. All such total return swap contracts are undesignated.

The location and fair value of derivative instruments reported in the Consolidated Statement of Financial Position were as follows:



(Millions of dollars)	Fair Value
	March 31, 2026				December 31, 2025
	Assets 1		Liabilities 2		Assets 1		Liabilities 2
Designated derivatives
Foreign exchange contracts	$	293	$	(222)	$	364	$	(147)
Interest rate contracts	52		(104)		59		(99)
Total	$	345	$	(326)	$	423	$	(246)

Undesignated derivatives
Foreign exchange contracts	$	136	$	(47)	$	62	$	(75)
Commodity contracts	37		(6)		10		(2)
Total return swap contracts	—		(41)		1		(2)
Total	$	173	$	(94)	$	73	$	(79)

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

The total notional amounts of the derivative instruments as of March 31, 2026 and December 31, 2025 were $30.3 billion and $29.3 billion, respectively. The notional amounts of the derivative financial instruments do not represent amounts exchanged by the parties. We calculate the amounts exchanged by the parties by referencing the notional amounts and by other terms of the derivatives, such as foreign currency exchange rates, interest rates, commodity prices or certain deferred compensation plan liabilities.

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
























(Millions of dollars)	Three Months Ended March 31,

	Gains (Losses) Recognized in the Consolidated Statement of Results of Operations 1				Gains (Losses) Recognized in AOCI				Gains (Losses) Reclassified from AOCI 2
	2026		2025		2026		2025		2026		2025
Cash Flow Hedges
Foreign exchange contracts	$	—	$	—	$	(174)	$	78	$	(101)	$	—
Interest rate contracts	—		—		21		(2)		1		1
Fair Value Hedges
Foreign exchange contracts	—		—		(3)		—		(3)		—
Interest rate contracts	(3)		(18)		—		—		—		—
Undesignated Hedges
Foreign exchange contracts	18		(14)		—		—		—		—

Commodity contracts	42		8		—		—		—		—
Total return swap contracts	19		(26)		—		—		—		—
Total	$	76	$	(50)	$	(156)	$	76	$	(103)	$	1

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

The following amounts were recorded in the Consolidated Statement of Financial Position related to cumulative basis adjustments for fair value hedges:


(Millions of dollars)	Carrying Value of the Hedged Liabilities				Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Value of the Hedged Liabilities
	March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025
Long-term debt due within one year	$	1,103	$	602	$	4	$	3
Long-term debt due after one year	5,479		5,513		(71)		(37)
Total	$	6,582	$	6,115	$	(67)	$	(34)

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

Collateral is typically not required of the counterparties or of our company under the master netting agreements. As of March 31, 2026 and December 31, 2025, no cash collateral was received or pledged under the master netting agreements.

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



(Millions of dollars)	March 31, 2026				December 31, 2025
	Assets		Liabilities		Assets		Liabilities
Gross Amounts Recognized	$	518	$	(420)	$	496	$	(325)
Financial Instruments Not Offset	(215)		215		(160)		160

Net Amount	$	303	$	(205)	$	336	$	(165)

6. Inventories

Inventories (principally using the last-in, first-out (LIFO) method) were comprised of the following:



(Millions of dollars)	March 31, 2026		December 31, 2025
Raw materials	$	8,047	$	7,434
Work-in-process	2,000		1,598
Finished goods	9,179		8,725
Supplies	400		378
Total inventories	$	19,626	$	18,135

7. Intangible assets and goodwill

A. Intangible assets

Intangible assets were comprised of the following:



	March 31, 2026
(Millions of dollars)	Gross Carrying Amount		Accumulated Amortization		Net
Customer relationships	$	2,097	$	(1,909)	$	188
Intellectual property	598		(396)		202
Other	121		(92)		29
Total finite-lived intangible assets	$	2,816	$	(2,397)	$	419


	December 31, 2025
	Gross Carrying Amount		Accumulated Amortization		Net
Customer relationships	$	2,012	$	(1,877)	$	135
Intellectual property	479		(399)		80
Other	117		(91)		26
Total finite-lived intangible assets	$	2,608	$	(2,367)	$	241

During the first quarter of 2026, we acquired finite-lived intangible assets of $200 million due to the purchase of RPM Global. See Note 22 for details on the acquisition.

Amortization expense for the three months ended March 31, 2026 and 2025 was $41 million and $44 million, respectively.

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Amortization expense related to intangible assets is expected to be:


(Millions of dollars)

Remaining Nine Months of 2026	2027	2028	2029	2030	Thereafter
$77	$60	$53	$50	$47	$132

B. Goodwill

No goodwill was impaired during the three months ended March 31, 2026 or 2025.

The changes in carrying amount of goodwill by reportable segment for the three months ended March 31, 2026 were as follows:



(Millions of dollars)	December 31, 2025		Acquisitions3		Other Adjustments 1		March 31, 2026
Construction Industries
Goodwill	$	264	$	—	$	(1)	$	263
Impairments	(22)		—		—		(22)
Net goodwill	242		—		(1)		241
Resource Industries
Goodwill	5,086		546		8		5,640
Impairments	(2,100)		—		—		(2,100)
Net goodwill	2,986		546		8		3,540
Power & Energy
Goodwill	2,054		—		(8)		2,046


All Other 2
Goodwill	39		—		(1)		38


Consolidated total
Goodwill	7,443		546		(2)		7,987
Impairments	(2,122)		—		—		(2,122)
Net goodwill	$	5,321	$	546	$	(2)	$	5,865

1 Other adjustments are comprised primarily of foreign currency translation.

2 Includes All Other Segment (See Note 16).

3 See Note 22 - Acquisitions.

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8. Investments in debt and equity securities

We have investments in certain debt and equity securities, which we record at fair value and primarily include in Other assets in the Consolidated Statement of Financial Position. Short-term and long-term investments are held with high quality institutions and, by policy, the amount of credit exposure to any one institution is limited.

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

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


Available-for-sale debt securities	March 31, 2026						December 31, 2025
(Millions of dollars)	Cost Basis		Unrealized Pretax Net Gains (Losses)		Fair Value		Cost Basis		Unrealized Pretax Net Gains (Losses)		Fair Value
Government debt securities
U.S. treasury bonds	$	10	$	—	$	10	$	10	$	—	$	10
Other U.S. and non-U.S. government bonds	69		1		70		72		2		74

Corporate debt securities
Corporate bonds and other debt securities	2,539		1		2,540		2,457		23		2,480
Asset-backed securities	273		(1)		272		273		—		273

Mortgage-backed debt securities
U.S. governmental agency	584		(14)		570		580		(8)		572
Residential	5		(1)		4		2		(1)		1
Commercial	158		(3)		155		141		(2)		139
Total available-for-sale debt securities	$	3,638	$	(17)	$	3,621	$	3,535	$	14	$	3,549


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

	March 31, 2026
	Less than 12 months 1				12 months or more 1				Total
(Millions of dollars)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Government debt securities
Other U.S. and non-U.S. government bonds	$	—	$	—	$	30	$	1	$	30	$	1


Corporate debt securities
Corporate bonds	1,023		7		318		7		1,341		14
Asset-backed securities	120		—		51		1		171		1

Mortgage-backed debt securities
U.S. governmental agency	167		2		207		16		374		18
Residential	—		—		4		1		4		1
Commercial	48		1		86		2		134		3
Total	$	1,358	$	10	$	696	$	28	$	2,054	$	38

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	December 31, 2025
	Less than 12 months 1				12 months or more 1				Total
(Millions of dollars)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Government debt securities

Other U.S. and non-U.S. government bonds	$	—	$	—	$	17	$	—	$	17	$	—
Corporate debt securities
Corporate bonds	130		—		306		6		436		6
Asset-backed securities	38		—		43		1		81		1

Mortgage-backed debt securities
U.S. governmental agency	3		—		307		15		310		15
Residential	—		—		1		1		1		1
Commercial	6		—		89		3		95		3
Total	$	177	$	—	$	763	$	26	$	940	$	26

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

The unrealized losses on our investments in government debt securities, corporate debt securities, and mortgage-backed debt securities relate to changes in underlying interest rates and credit spreads since time of purchase. We do not intend to sell the investments, and it is not likely that we will be required to sell the investments before recovery of their respective amortized cost basis. In addition, we did not expect credit-related losses on these investments as of March 31, 2026.

The cost basis and fair value of available-for-sale debt securities at March 31, 2026, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to prepay and creditors may have the right to call obligations.



	March 31, 2026
(Millions of dollars)	Cost Basis		Fair Value
Due in one year or less	$	770	$	771
Due after one year through five years	1,534		1,536
Due after five years through ten years	400		399
Due after ten years	187		186
U.S. governmental agency mortgage-backed securities	584		570
Residential mortgage-backed securities	5		4
Commercial mortgage-backed securities	158		155
Total debt securities – available-for-sale	$	3,638	$	3,621

For the three months ended March 31, 2026 and 2025, proceeds from available-for-sale debt securities were $344 million and $911 million, respectively.

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9. Postretirement benefits

A. Pension and postretirement benefit costs


	U.S. Pension Benefits				Non-U.S. Pension Benefits				Other Postretirement Benefits
	March 31,				March 31,				March 31,
(Millions of dollars)	2026		2025		2026		2025		2026		2025










For the three months ended:
Components of net periodic benefit cost:
Service cost	$	—	$	—	$	12	$	11	$	14	$	16
Interest cost	136		153		30		28		27		31
Expected return on plan assets	(176)		(180)		(44)		(40)		(3)		(2)
Amortization of prior service cost (credit)	—		—		—		—		—		(1)


Net periodic benefit cost (benefit) 1	$	(40)	$	(27)	$	(2)	$	(1)	$	38	$	44

1 The service cost component is included in Operating costs. All other components are included in Other income (expense).

We made $218 million of contributions to our pension and other postretirement plans during the three months ended March 31, 2026. We currently anticipate full-year 2026 contributions of approximately $360 million.

B. Defined contribution benefit costs

Total company costs related to our defined contribution plans, which are included in Operating costs in the Consolidated Statement of Results of Operations, were as follows:



	Three Months Ended March 31,
(Millions of dollars)		2026		2025
U.S. Plans 1		$	190	$	154
Non-U.S. Plans		37		33
		$	227	$	187

1 Includes costs related to our non-qualified deferred compensation plans. We utilize total return swaps to economically hedge this exposure to offset the related costs. See Note 5 for additional information.

10. Leases

Revenues from finance and operating leases, primarily included in Revenues of Financial Products on the Consolidated Statement of Results of Operations, were as follows:



	Three Months Ended March 31,
(Millions of dollars)		2026		2025
Finance lease revenue		$	121	$	113
Operating lease revenue		313		310
Total		$	434	$	423

We present revenues net of sales and other related taxes.

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11. Guarantees and product warranty

We have provided various guarantees that have varying terms and limit potential payment. Under the guarantees, non-performance by the third-parties could require Caterpillar to satisfy the contractual obligation by providing goods, services or financial compensation. The maximum potential amount of future payments (undiscounted and without reduction for any amounts possibly recoverable) that we could be required to make under the guarantees was $629 million and $458 million at March 31, 2026 and December 31, 2025, respectively.

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

No significant loss has been experienced or is anticipated under any of these guarantees.

Cat Financial provides guarantees to purchase certain loans of Caterpillar dealers from a special-purpose corporation (SPC) that qualifies as a variable interest entity. Cat Financial receives a fee for providing this guarantee. The purpose of the SPC is to provide short-term working capital loans to Caterpillar dealers. This SPC issues commercial paper and uses the proceeds to fund its loan program. Cat Financial is the primary beneficiary of the SPC as its guarantees result in Cat Financial having both the power to direct the activities that most significantly impact the SPC’s economic performance and the obligation to absorb losses, and therefore Cat Financial has consolidated the financial statements of the SPC. As of March 31, 2026 and December 31, 2025, the SPC’s assets of $1.18 billion and $1.19 billion, respectively, were primarily comprised of loans to dealers, and the SPC’s liabilities of $1.18 billion and $1.19 billion, respectively, were primarily comprised of commercial paper. The assets of the SPC are not available to pay Cat Financial’s creditors. Cat Financial may be obligated to perform under the guarantee if the SPC experiences losses. No loss has been experienced or is anticipated under this loan purchase agreement.

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

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


	Three Months Ended March 31,
(Millions of dollars)	2026		2025
Warranty liability, beginning of period	$	1,626	$	1,700
Reduction in liability (payments)	(202)		(166)
Increase in liability (new warranties)	174		103
Warranty liability, end of period	$	1,598	$	1,637

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12. Profit per share



Computations of profit per share:	Three Months Ended March 31,
(Dollars in millions except per share data)		2026		2025
Profit for the period (A) 1		$	2,549	$	2,003
Determination of shares (in millions):
Weighted-average number of common shares outstanding (B)		463.4		474.9
Shares issuable on exercise of stock awards, net of shares assumed to be purchased out of proceeds at average market price		2.4		2.2
Average common shares outstanding for fully diluted computation (C) 2		465.8		477.1
Profit per share of common stock:
Basic (A/B)		$	5.50	$	4.22
Diluted (A/C) 2		$	5.47	$	4.20
Shares outstanding as of March 31, (in millions)		460.6		471.0

1 Profit attributable to common shareholders.
2 Diluted by assumed exercise of stock-based compensation awards using the treasury stock method.

For the three months ended March 31, 2026 and 2025, we excluded 0.1 million and 0.3 million of outstanding stock-based compensation awards, respectively, from the computation of diluted earnings per share because the effect would have been antidilutive.

For the three months ended March 31, 2026 and 2025, we repurchased 5.6 million and 7.5 million shares of Caterpillar common stock, respectively, at an aggregate cost of $3.7 billion and $2.8 billion, respectively. We made these purchases through the combination of accelerated share repurchase (ASR) agreements with third-party financial institutions and open market transactions in 2026 and 2025.

In the first quarter of 2026, we entered into ASR agreements to repurchase an aggregate of $4.50 billion of common stock. We advanced the $4.50 billion and received approximately 4.8 million shares of Caterpillar common stock, approximately 70% of the estimated final number of shares to be repurchased, with a value of $3.15 billion. The final number of shares to ultimately be repurchased will be based on the average of the daily volume-weighted average prices of our common stock during the term of the ASR agreements, less a discount and subject to adjustments pursuant to the terms and conditions of the ASR agreements. The final settlement of the ASR agreements is scheduled to occur during the fourth quarter of 2026. The remaining $1.35 billion was evaluated as unsettled forward contracts and was classified as a reduction to Common stock within the Consolidated Statement of Financial Position.

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13. Accumulated other comprehensive income (loss)

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



	Three Months Ended March 31,
(Millions of dollars)		2026		2025
Foreign currency translation
Beginning balance		$	(1,753)	$	(2,310)


Gains (losses) on foreign currency translation		(46)		188
Less: Tax provision (benefit)		1		—
Net gains (losses) on foreign currency translation		(47)		188
(Gains) losses reclassified to earnings		—		—
Less: Tax provision (benefit)		—		—
Net (gains) losses reclassified to earnings		—		—
Other comprehensive income (loss), net of tax		(47)		188
Ending balance		$	(1,800)	$	(2,122)



Pension and other postretirement benefits
Beginning balance		$	(70)	$	(61)


Current year prior service credit (cost)		—		—
Less: Tax provision (benefit)		—		—
Net current year prior service credit (cost)		—		—
Amortization of prior service (credit) cost		—		(1)
Less: Tax provision (benefit)		—		—
Net amortization of prior service (credit) cost		—		(1)
Other comprehensive income (loss), net of tax		—		(1)
Ending balance		$	(70)	$	(62)
Derivative financial instruments
Beginning balance		$	39	$	(46)


Gains (losses) deferred		(156)		76
Less: Tax provision (benefit)		(39)		18
Net gains (losses) deferred		(117)		58
(Gains) losses reclassified to earnings		103		(1)
Less: Tax provision (benefit)		26		—
Net (gains) losses reclassified to earnings		77		(1)
Other comprehensive income (loss), net of tax		(40)		57
Ending balance		$	(1)	$	11



Available-for-sale securities
Beginning balance		$	12	$	(54)


Gains (losses) deferred		(30)		26
Less: Tax provision (benefit)		(9)		6
Net gains (losses) deferred		(21)		20
(Gains) losses reclassified to earnings		(1)		2
Less: Tax provision (benefit)		—		—
Net (gains) losses reclassified to earnings		(1)		2
Other comprehensive income (loss), net of tax		(22)		22
Ending balance		$	(10)	$	(32)

Total AOCI ending balance at March 31,		$	(1,881)	$	(2,205)

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14. Environmental and legal matters

The Company is regulated by federal, state and international environmental laws governing its use, transport and disposal of substances and control of emissions. In addition to governing our manufacturing and other operations, these laws often impact the development of our products, including, but not limited to, required compliance with air emissions standards applicable to internal combustion engines. We have made, and will continue to make, significant research and development and capital expenditures to comply with these emissions standards.

We are engaged in remedial activities at a number of locations, often with other companies, pursuant to federal and state laws. When it is probable we will pay remedial costs at a site, and those costs can be reasonably estimated, we accrue the investigation, remediation, and operating and maintenance costs against our earnings. We accrue costs based on consideration of currently available data and information with respect to each individual site, including available technologies, current applicable laws and regulations, and prior remediation experience. Where no amount within a range of estimates is more likely, we accrue the minimum. Where multiple potentially responsible parties are involved, we consider our proportionate share of the probable costs. In formulating the estimate of probable costs, we do not consider amounts expected to be recovered from insurance companies or others. We reassess these accrued amounts on a quarterly basis. The amount recorded for environmental remediation is not material and is included in Accrued expenses. We believe there is no more than a remote chance that a material amount for remedial activities at any individual site, or at all the sites in the aggregate, will be required.

Our operations in Brazil are subject to highly complex labor, tax, customs and other laws. While we believe that we are in compliance with such laws, we are periodically engaged in litigation regarding the application of these laws, including certain tax and customs disputes with federal, state and municipal authorities in Brazil relating to export activities associated with Caterpillar Brasil Ltda. The Company is unable to predict the outcome or reasonably estimate any potential losses; however, we currently believe that any matters raised will not have a material adverse effect on the Company’s consolidated results of operations, financial position or liquidity.

In addition, we are involved in other unresolved legal actions that arise in the normal course of business. The most prevalent of these unresolved actions involve disputes related to product design, manufacture and performance liability (including claimed asbestos exposure), contracts, employment issues, environmental matters, intellectual property rights, taxes (other than income taxes) and securities laws. The aggregate range of reasonably possible losses in excess of accrued liabilities, if any, associated with these unresolved legal actions is not material. In some cases, we cannot reasonably estimate a range of loss because there is insufficient information regarding the matter. However, we believe there is no more than a remote chance that any liability arising from these matters would be material. Although it is not possible to predict with certainty the outcome of these unresolved legal actions, we believe that these actions will not individually or in the aggregate have a material adverse effect on our consolidated results of operations, financial position or liquidity.

15. Income taxes

The effective tax rate for the three months ended March 31, 2026 was 20.9 percent compared to 22.3 percent for the three months ended March 31, 2025. A tax benefit of $68 million was recorded in the first quarter of 2026, compared with a $17 million benefit in the first quarter of 2025, for the settlement of stock-based compensation awards with associated tax deductions in excess of cumulative U.S. GAAP compensation expense.

16. Segment information

A. Basis for segment information

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

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

Effective January 1, 2026, we made the following change to segment reporting. The change was made to reflect change in organizational accountabilities and refinements to our internal reporting.

•Responsibility for business strategy, product design, product management and development, manufacturing, marketing and sales and product support for diesel-electric, hybrid and battery-electric locomotives and components and other rail-related products and services, including remanufacturing and leasing moved from Power & Energy to Resource Industries.

Effective July 1, 2025, we made the following changes to segment reporting. These changes were made to reflect changes in organizational accountabilities and refinements to our internal reporting.

•Responsibility for business strategy, product design, product management and development, manufacturing, marketing and sales and product support for and sourcing of wear and maintenance components and related parts moved from All Other Segment to Resource Industries.

•Responsibility for business strategy, product design, product management and development, manufacturing and product support for electronics and control systems moved from Resource Industries to All Other Segment.

•Responsibility for research and development for automation, electronics and software for machines and engines moved from Resource Industries to the All Other Segment.

Segment information for 2025 has been retrospectively adjusted to conform to the 2026 presentation.

B. Description of segments

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

Power & Energy: A segment primarily responsible for supporting customers using reciprocating engines, turbines and related services across industries serving Power Generation, Oil and Gas and Industrial applications, including marine applications and 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 oil and gas industry; reciprocating engines, drivetrain and integrated systems and solutions supplied to the industrial industry as well as Caterpillar machines; and electrified powertrain and zero-emission power sources and service solutions. Responsibilities also include the remanufacturing of Caterpillar reciprocating engines and engine and machine components and remanufacturing services for other companies. Inter-segment sales are a source of revenue for this segment.

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

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Resource Industries: A segment primarily responsible for supporting customers using machinery in mining, heavy construction and quarry and aggregates as well as customers using locomotives and rail-related products and services. 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; wear and maintenance components and related parts; diesel-electric, hybrid and battery-electric locomotives and components and other rail-related products and services, including remanufacturing and leasing. In addition, Resource Industries 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 component design and manufacturing and research and development for hydraulic systems and cabs. Inter-segment sales are a source of revenue for this segment.

Financial Products Segment: Provides financing alternatives to customers and dealers around the world for Caterpillar products and services, as well as financing for power generation facilities that 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, Power & Energy, but the related costs are not allocated to operating segments. Financial Products’ segment profit is determined on a pretax basis and includes other income/expense items.

All Other Segment: Primarily includes activities such as: business strategy; product management and development; parts distribution; integrated logistics solutions; electronics and control systems; 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; research and development for automation, electronics and software for machines and engines and digital investments for new customer and dealer solutions that integrate data analytics with state-of-the-art digital technologies while transforming the buying experience. Results for the All Other Segment are included as a reconciling item between reportable segments and consolidated external reporting.

C. Segment measurement and reconciliations

We determine the segment profit of Power & Energy, Construction Industries, Resource Industries, and our All Other Segment on a pretax basis and exclude most interest expense and certain other income (expense) items. We determine Financial Products Segment profit on a pretax basis and include other income (expense) items.

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

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

•For Power & Energy, Construction Industries, Resource Industries, and our All Other Segment net assets generally include inventories, receivables, property, plant and equipment, goodwill, intangibles, accounts payable and customer advances. We generally manage at the corporate level liabilities other than accounts payable and customer advances, and we do not include these in segment operations. Financial Products Segment assets generally include all categories of assets.

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

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

•We generally manage currency exposures for operating segments, other than Financial Products, at the corporate level and do not include in segment profit or segment assets the effects of changes in exchange rates on results of operations and financial position within the year. We report the net difference created in the translation of revenues and costs between exchange rates used for U.S. GAAP reporting and exchange rates used for segment reporting as a methodology difference.

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

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

Reconciling items are created based on accounting differences between segment reporting and our consolidated external reporting. Please refer to pages 28-30 for financial information regarding significant reconciling items. Most of our reconciling items are self-explanatory given the above explanations. For the reconciliation of profit, we have grouped the reconciling items as follows:

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

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

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

•Timing: Timing differences in the recognition of costs between segment reporting and consolidated external reporting. For example, we report certain costs on the cash basis for segment reporting and the accrual basis for consolidated external reporting.

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The three months ended March 31, 2026 and 2025, sales and revenues by geographic region reconciled to consolidated sales and revenues were as follows:


Sales and Revenues by Geographic Region
(Millions of dollars)	North America		Latin America		EAME		Asia/ Pacific		External Sales and Revenues			Intersegment Sales and Revenues		Total Sales and Revenues
Three Months Ended March 31, 2026
Power & Energy	$	3,500	$	278	$	1,141	$	794	$	5,713		$	1,318	$	7,031
Construction Industries	4,292		650		1,199		961		7,102			59		7,161
Resource Industries	1,836		572		560		742		3,710			87		3,797
Financial Products Segment	741		111		133		111		1,096		1	—		1,096
Total sales and revenues from reportable segments	10,369		1,611		3,033		2,608		17,621			1,464		19,085
All Other Segment	7		—		3		2		12			65		77
Corporate Items and Eliminations	(146)		(19)		(28)		(25)		(218)			(1,529)		(1,747)
Total Sales and Revenues	$	10,230	$	1,592	$	3,008	$	2,585	$	17,415		$	—	$	17,415

Three Months Ended March 31, 2025
Power & Energy	$	2,625	$	326	$	1,026	$	677	$	4,654		$	1,129	$	5,783
Construction Industries	2,904		504		867		869		5,144			40		5,184
Resource Industries	1,610		606		510		860		3,586			75		3,661
Financial Products Segment	682		99		122		104		1,007		1	—		1,007
Total sales and revenues from reportable segments	7,821		1,535		2,525		2,510		14,391			1,244		15,635
All Other Segment	8		—		1		2		11			59		70
Corporate Items and Eliminations	(91)		(20)		(20)		(22)		(153)			(1,303)		(1,456)
Total Sales and Revenues	$	7,738	$	1,515	$	2,506	$	2,490	$	14,249		$	—	$	14,249

1 Includes revenues from Power & Energy, Construction Industries, Resource Industries, and All Other Segment of $183 million and $163 million in the three months ended March 31, 2026 and 2025, respectively.

For the three months ended March 31, 2026 and 2025, Power & Energy external sales by end user application were as follows:


Power & Energy External Sales
	Three Months Ended March 31,
(Millions of dollars)	2026		2025
Power Generation	$	2,817	$	1,996
Oil and Gas	1,423		1,258
Industrial	1,473		1,400

Power & Energy External Sales	$	5,713	$	4,654

For the three months ended March 31, 2026 and 2025, Resource Industries external sales by industry were as follows:


Resource Industries External Sales
	Three Months Ended March 31,
(Millions of dollars)	2026		2025
Mining, HC and Q&A*	$	2,954	$	2,842
Rail	756		744
Resource Industries External Sales	$	3,710	$	3,586
*Heavy Construction and Quarry & Aggregates (HC and Q&A)

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Profit from Reportable Segments
(Millions of dollars)	Power & Energy		Construction Industries		Resource Industries		Financial Products Segment		Total from Reportable Segments
Three Months Ended March 31, 2026
Sales and revenues	$	7,031	$	7,161	$	3,797	$	1,096	$	19,085
Less 1:
Cost of goods sold	4,847		5,127		2,913		—		12,887
SG&A/R&D 2	731		485		494		217		1,927
Other segment items 3	3		14		12		634		663
Segment Profit	$	1,450	$	1,535	$	378	$	245	$	3,608

Three Months Ended March 31, 2025
Sales and revenues	$	5,783	$	5,184	$	3,661	$	1,007	$	15,635
Less 1:
Cost of goods sold	3,834		3,718		2,612		—		10,164
SG&A/R&D 2	691		451		439		195		1,776
Other segment items 3	(30)		(9)		(13)		597		545
Segment Profit	$	1,288	$	1,024	$	623	$	215	$	3,150

1 The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Inter-segment income/expenses are included within the amounts shown.
2 Includes selling, general and administrative (SG&A) and research and development (R&D) expenses. The combined presentation aligns with the segment-level information that is regularly provided to the CODM.
3 Other segment items for each reportable segment primarily includes:
Power & Energy / Construction Industries / Resource Industries – other operating (income) expenses, currency impacts defined as a methodology difference between exchange rates used in U.S. GAAP and segment reporting, and equity in (profit) loss of unconsolidated affiliated companies.
Financial Products Segment – interest expense, Cat Financial’s depreciation on equipment leased to others, Insurance Services’ underwriting expenses and investment and interest income, and foreign exchange (gains) losses.


Reconciliation of Consolidated profit before taxes:

(Millions of dollars)	Three Months Ended March 31,
		2026		2025
Total profit from reportable segments		$	3,608	$	3,150
Profit (loss) from All Other Segment		(43)		(19)
Cost centers		11		4
Corporate costs		(306)		(213)
Timing		82		(7)
Restructuring income (costs)		(41)		(33)
Methodology differences:
Inventory/cost of sales		15		(27)
Postretirement benefit expense		4		14
Stock-based compensation expense		(48)		(45)
Financing costs		(54)		(46)
Currency		89		(54)
Other income/expense methodology differences		(95)		(142)
Other methodology differences		(11)		(12)
Total consolidated profit before taxes		$	3,211	$	2,570

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Reconciliation of Assets:

(Millions of dollars)	March 31, 2026		December 31, 2025
Assets from reportable segments:
Power & Energy	$	7,996	$	8,438
Construction Industries	6,425		5,442
Resource Industries	9,578		9,036
Financial Products Segment	41,385		41,476
Total assets from reportable segments	65,384		64,392
Assets from All Other Segment	1,470		1,516
Items not included in segment assets:
Cash and cash equivalents	3,316		9,333
Deferred income taxes	2,290		2,749
Goodwill and intangible assets	4,759		4,669
Property, plant and equipment – net and other assets	4,922		4,689
Inventory methodology differences	(4,159)		(3,622)
Liabilities included in segment assets	17,394		15,330
Other	174		(471)
Total assets	$	95,550	$	98,585


Reconciliation of Depreciation and amortization:
(Millions of dollars)
	Three Months Ended March 31,
		2026		2025
Depreciation and amortization from reportable segments:
Power & Energy		$	146	$	116
Construction Industries		68		63
Resource Industries		100		97
Financial Products Segment		186		178
Total depreciation and amortization from reportable segments		500		454
Items not included in segment depreciation and amortization:
All Other Segment		68		63
Cost centers		28		24
Other		(1)		(1)
Total depreciation and amortization		$	595	$	540

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Reconciliation of Capital expenditures:
(Millions of dollars)
	Three Months Ended March 31,
		2026		2025
Capital expenditures from reportable segments:
Power & Energy		$	291	$	240
Construction Industries		55		46
Resource Industries		125		110
Financial Products Segment		265		170
Total capital expenditures from reportable segments		736		566
Items not included in segment capital expenditures:
All Other Segment		22		36
Cost centers		29		27
Timing		259		295
Other		5		(6)
Total capital expenditures		$	1,051	$	918

17. Cat Financial financing activities

Allowance for credit losses

Portfolio segments

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

Customer

Cat Financial provides loans and finance leases to end-user customers primarily for the purpose of financing new and used Caterpillar machinery, engines and equipment for commercial use. Cat Financial also provides financing for power generation facilities that incorporate Caterpillar products. The average original term of Cat Financial's customer finance receivables portfolio was approximately 51 months with an average remaining term of approximately 28 months as of March 31, 2026.

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

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

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

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Dealer

Cat Financial provides financing to Caterpillar dealers on a secured and unsecured basis in the form of wholesale financing plans and retail loans. Cat Financial's wholesale financing plans provide financing to dealers for their new Caterpillar equipment inventory and rental fleets. The retail loans to Caterpillar dealers are primarily for working capital.

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

In general, Cat Financial's Dealer portfolio segment has not historically experienced large increases or decreases in credit losses based on changes in economic conditions due to its close working relationships with the dealers and their financial strength. Therefore, Cat Financial made no adjustments to historical loss rates during the three months ended March 31, 2026.

Classes of finance receivables

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

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

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

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

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

•Mining - Finance receivables originated worldwide related to large mining customers.

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

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

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



(Millions of dollars)	Three Months Ended March 31, 2026						Three Months Ended March 31, 2025
	Customer		Dealer		Total		Customer		Dealer		Total
Beginning balance	$	273	$	4	$	277	$	258	$	4	$	262
Write-offs	(42)		—		(42)		(30)		—		(30)
Recoveries	13		—		13		10		—		10
Provision for credit losses 1	29		—		29		33		—		33
Other	—		—		—		2		—		2
Ending balance	$	273	$	4	$	277	$	273	$	4	$	277











Finance Receivables	$	23,513	$	1,502	$	25,015	$	21,964	$	1,377	$	23,341

1 Excludes provision for credit losses on unfunded commitments and other miscellaneous receivables.

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Gross write-offs by origination year for the Customer portfolio segment were as follows:



(Millions of dollars)	Three Months Ended March 31, 2026
	2026		2025		2024		2023		2022		Prior		Revolving Finance Receivables		Total
North America	$	—	$	3	$	8	$	6	$	2	$	2	$	3	$	24
EAME	—		1		1		1		—		1		—		4
Asia/Pacific	—		3		1		1		—		—		—		5
Latin America	—		1		2		1		1		—		—		5
Mining	—		4		—		—		—		—		—		4

Total	$	—	$	12	$	12	$	9	$	3	$	3	$	3	$	42

	Three Months Ended March 31, 2025
	2025		2024		2023		2022		2021		Prior		Revolving Finance Receivables		Total
North America	$	—	$	2	$	5	$	4	$	2	$	1	$	2	$	16
EAME	—		1		1		1		—		—		—		3
Asia/Pacific	—		—		1		—		1		—		—		2
Latin America	—		—		1		1		—		1		—		3
Mining	—		3		1		1		—		—		—		5
Power	—		—		—		—		—		1		—		1
Total	$	—	$	6	$	9	$	7	$	3	$	3	$	2	$	30

Credit quality of finance receivables

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

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Customer

The aging analysis of Cat Financial's Customer portfolio segment by origination year was as follows:



(Millions of dollars)	March 31, 2026
	2026		2025		2024		2023		2022		Prior		Revolving Finance Receivables		Total Finance Receivables
North America
Current	$	1,389	$	5,117	$	3,264	$	1,582	$	589	$	219	$	524	$	12,684
31-60 days past due	2		34		33		24		11		4		3		111
61-90 days past due	—		11		10		6		5		1		2		35
91+ days past due	—		18		36		27		18		8		2		109

EAME
Current	282		1,373		821		528		261		113		—		3,378
31-60 days past due	1		14		11		8		3		2		—		39
61-90 days past due	—		8		7		5		3		2		—		25
91+ days past due	—		8		12		14		9		4		—		47

Asia/Pacific
Current	289		880		489		240		79		17		1		1,995
31-60 days past due	—		8		7		3		2		1		—		21
61-90 days past due	—		2		5		1		1		—		—		9
91+ days past due	—		3		2		2		1		—		—		8

Latin America
Current	228		867		440		181		77		12		4		1,809
31-60 days past due	—		7		7		4		2		—		—		20
61-90 days past due	—		2		4		1		1		—		—		8
91+ days past due	—		3		10		7		4		1		—		25

Mining
Current	231		739		638		429		242		130		22		2,431
31-60 days past due	—		1		—		1		—		1		—		3
61-90 days past due	—		—		1		—		—		—		—

CATERPILLAR INC 10-Q