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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
catlogonew.jpg
 FORM 10-Q 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2023
OR
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, Texas75039
(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 classTrading Symbol (s)Name of each exchange on which registered
Common Stock ($1.00 par value)CATNew York Stock Exchange ¹
5.3% Debentures due September 15, 2035CAT35New York Stock Exchange
¹    In addition to the New York Stock Exchange, Caterpillar common stock is also listed on stock exchanges in France and Switzerland.
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 filerAccelerated filer
Non-accelerated filerSmaller 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 June 30, 2023, 510,143,097 shares of common stock of the registrant were outstanding.


Table of Contents
Table of Contents
 
 
   
 
Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities
Item 3.Defaults Upon Senior Securities*
Item 4.Mine Safety Disclosures*
Item 5.Other Information*
 
* Item omitted because no answer is called for or item is not applicable.

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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 June 30
 20232022
Sales and revenues:  
Sales of Machinery, Energy & Transportation$16,545 $13,539 
Revenues of Financial Products773 708 
Total sales and revenues17,318 14,247 
Operating costs:  
Cost of goods sold11,065 9,975 
Selling, general and administrative expenses1,528 1,425 
Research and development expenses528 480 
Interest expense of Financial Products245 120 
Other operating (income) expenses300 303 
Total operating costs13,666 12,303 
Operating profit3,652 1,944 
Interest expense excluding Financial Products127 108 
Other income (expense)127 260 
Consolidated profit before taxes3,652 2,096 
Provision (benefit) for income taxes752 427 
Profit of consolidated companies2,900 1,669 
Equity in profit (loss) of unconsolidated affiliated companies24 4 
Profit of consolidated and affiliated companies2,924 1,673 
Less: Profit (loss) attributable to noncontrolling interests2  
Profit 1
$2,922 $1,673 
Profit per common share$5.70 $3.15 
Profit per common share – diluted 2
$5.67 $3.13 
Weighted-average common shares outstanding (millions)  
– Basic512.9 531.0 
– Diluted 2
515.0 534.1 
 
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.
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Table of Contents
Caterpillar Inc.
Consolidated Statement of Comprehensive Income
(Unaudited)
(Dollars in millions)
 Three Months Ended June 30
 20232022
Profit of consolidated and affiliated companies$2,924 $1,673 
Other comprehensive income (loss), net of tax (Note 13):
   Foreign currency translation:(142)(659)
Pension and other postretirement benefits:(3)(1)
Derivative financial instruments:(41)(86)
Available-for-sale securities:(14)(43)
Total other comprehensive income (loss), net of tax(200)(789)
Comprehensive income2,724 884 
Less: comprehensive income attributable to the noncontrolling interests2  
Comprehensive income attributable to shareholders$2,722 $884 

See accompanying notes to Consolidated Financial Statements.
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Table of Contents
Caterpillar Inc.
Consolidated Statement of Results of Operations
(Unaudited)
(Dollars in millions except per share data)
 Six Months Ended June 30
 20232022
Sales and revenues:  
Sales of Machinery, Energy & Transportation$31,644 $26,425 
Revenues of Financial Products1,536 1,411 
Total sales and revenues33,180 27,836 
Operating costs:  
Cost of goods sold21,168 19,534 
Selling, general and administrative expenses2,991 2,771 
Research and development expenses1,000 937 
Interest expense of Financial Products462 226 
Other operating (income) expenses1,176 569 
Total operating costs26,797 24,037 
Operating profit6,383 3,799 
Interest expense excluding Financial Products256 217 
Other income (expense)159 513 
Consolidated profit before taxes6,286 4,095 
Provision (benefit) for income taxes1,460 896 
Profit of consolidated companies4,826 3,199 
Equity in profit (loss) of unconsolidated affiliated companies40 11 
Profit of consolidated and affiliated companies4,866 3,210 
Less: Profit (loss) attributable to noncontrolling interests1  
Profit 1
$4,865 $3,210 
Profit per common share$9.46 $6.03 
Profit per common share – diluted 2
$9.41 $5.99 
Weighted-average common shares outstanding (millions) 
– Basic514.3 532.6 
– Diluted 2
517.1 536.1 

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.
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Table of Contents
Caterpillar Inc.
Consolidated Statement of Comprehensive Income
(Unaudited)
(Dollars in millions)
 Six Months Ended June 30
 20232022
Profit of consolidated and affiliated companies$4,866 $3,210 
Other comprehensive income (loss), net of tax (Note 13):
   Foreign currency translation:465 (774)
Pension and other postretirement benefits:(5)(2)
Derivative financial instruments:43 (63)
Available-for-sale securities:8 (107)
Total other comprehensive income (loss), net of tax511 (946)
Comprehensive income5,377 2,264 
Less: comprehensive income attributable to the noncontrolling interests1  
Comprehensive income attributable to shareholders$5,376 $2,264 

See accompanying notes to Consolidated Financial Statements.



6

Table of Contents
Caterpillar Inc.
Consolidated Statement of Financial Position
(Unaudited)
(Dollars in millions) 
 June 30,
2023
December 31,
2022
Assets  
Current assets:  
Cash and cash equivalents$7,387 $7,004 
Receivables – trade and other9,416 8,856 
Receivables – finance9,288 9,013 
Prepaid expenses and other current assets3,163 2,642 
Inventories17,746 16,270 
Total current assets47,000 43,785 
Property, plant and equipment – net12,124 12,028 
Long-term receivables – trade and other1,161 1,265 
Long-term receivables – finance12,022 12,013 
Noncurrent deferred and refundable income taxes2,607 2,213 
Intangible assets630 758 
Goodwill5,293 5,288 
Other assets4,590 4,593 
Total assets$85,427 $81,943 
Liabilities  
Current liabilities:  
Short-term borrowings:  
Machinery, Energy & Transportation$ $3 
Financial Products5,548 5,954 
Accounts payable8,443 8,689 
Accrued expenses4,493 4,080 
Accrued wages, salaries and employee benefits1,755 2,313 
Customer advances2,137 1,860 
Dividends payable663 620 
Other current liabilities3,109 2,690 
Long-term debt due within one year:  
Machinery, Energy & Transportation1,043 120 
Financial Products8,123 5,202 
Total current liabilities35,314 31,531 
Long-term debt due after one year:  
Machinery, Energy & Transportation8,535 9,498 
Financial Products14,450 16,216 
Liability for postemployment benefits4,084 4,203 
Other liabilities4,788 4,604 
Total liabilities67,171 66,052 
Commitments and contingencies (Notes 11 and 14)
Shareholders’ equity  
Common stock of $1.00 par value:
  
Authorized shares: 2,000,000,000
Issued shares: (6/30/23 and 12/31/22 – 814,894,624) at paid-in amount
6,478 6,560 
Treasury stock: (6/30/23 – 304,751,527 shares; 12/31/22 – 298,549,134 shares) at cost
(33,391)(31,748)
Profit employed in the business47,094 43,514 
Accumulated other comprehensive income (loss)(1,946)(2,457)
Noncontrolling interests21 22 
Total shareholders’ equity18,256 15,891 
Total liabilities and shareholders’ equity$85,427 $81,943 
 
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 June 30, 2022      
Balance at March 31, 2022$6,281 $(28,326)$40,820 $(1,710)$32 $17,097 
Profit of consolidated and affiliated companies— — 1,673 — — 1,673 
Foreign currency translation, net of tax— — — (659)— (659)
Pension and other postretirement benefits, net of tax— — — (1)— (1)
Derivative financial instruments, net of tax— — — (86)— (86)
Available-for-sale securities, net of tax— — — (43)— (43)
Dividends declared 1
— — (1,230)— — (1,230)
Common shares issued from treasury stock for stock-based compensation: 416,751
4 28 — — — 32 
Stock-based compensation expense67 — — — — 67 
Common shares repurchased: 5,860,813 2
— (1,204)— — — (1,204)
Other112 1 — — — 113 
Balance at June 30, 2022$6,464 $(29,501)$41,263 $(2,499)$32 $15,759 
Three Months Ended June 30, 2023      
Balance at March 31, 2023$6,546 $(32,108)$45,457 $(1,746)$21 $18,170 
Profit of consolidated and affiliated companies— — 2,922 — 2 2,924 
Foreign currency translation, net of tax— — — (142)— (142)
Pension and other postretirement benefits, net of tax— — — (3)— (3)
Derivative financial instruments, net of tax— — — (41)— (41)
Available-for-sale securities, net of tax— — — (14)— (14)
Dividends declared 1
— — (1,285)— — (1,285)
Common shares issued from treasury stock for stock-based compensation: 137,444
(5)8 — — — 3 
Stock-based compensation expense74  — — — 74 
Common shares repurchased: 5,914,408 2
 (1,279)— — — (1,279)
Outstanding authorized accelerated share repurchase(150)— — — — (150)
Other13 (12)— — (2)(1)
Balance at June 30, 2023$6,478 $(33,391)$47,094 $(1,946)$21 $18,256 

1 Dividends per share of common stock of $2.50 and $2.31 were declared in the three months ended June 30, 2023 and 2022, respectively.
2 See Note 12 for additional information.



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
Six Months Ended June 30, 2022      
Balance at December 31, 20216,398 (27,643)39,282 (1,553)32 16,516 
Profit of consolidated and affiliated companies— — 3,210 — — 3,210 
Foreign currency translation, net of tax— — — (774)— (774)
Pension and other postretirement benefits, net of tax— — — (2)— (2)
Derivative financial instruments, net of tax— — — (63)— (63)
Available-for-sale securities, net of tax— — — (107)— (107)
Dividends declared 1
— — (1,229)— — (1,229)
Common shares issued from treasury stock for stock-based compensation: 1,454,219
(61)65 — — — 4 
Stock-based compensation expense107 — — — — 107 
Common shares repurchased: 9,432,497 2
— (1,924)— — — (1,924)
Other20 1 — — — 21 
Balance at June 30, 2022$6,464 $(29,501)$41,263 $(2,499)$32 $15,759 
Six Months Ended June 30, 2023      
Balance at December 31, 20226,560 (31,748)43,514 (2,457)22 15,891 
Profit of consolidated and affiliated companies— — 4,865 — 1 4,866 
Foreign currency translation, net of tax— — — 465 — 465 
Pension and other postretirement benefits, net of tax— — — (5)— (5)
Derivative financial instruments, net of tax— — — 43 — 43 
Available-for-sale securities, net of tax— — — 8 — 8 
Dividends declared 1
— — (1,285)— — (1,285)
Common shares issued from treasury stock for stock-based compensation: 1,413,775
(71)49 — — — (22)
Stock-based compensation expense118 — — — — 118 
Outstanding authorized accelerated stock repurchases(150)— — — — (150)
Common shares repurchased: 7,616,168 2
— (1,679)— — — (1,679)
Other21 (13)— — (2)6 
Balance at June 30, 2023$6,478 $(33,391)$47,094 $(1,946)$21 $18,256 

1 Dividends per share of common stock of $2.50 and $2.31 were declared in the six months ended June 30, 2023 and 2022, respectively.
2 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)
(Millions of dollars)
 Six Months Ended June 30
 20232022
Cash flow from operating activities:  
Profit of consolidated and affiliated companies$4,866 $3,210 
Adjustments for non-cash items:  
Depreciation and amortization1,074 1,110 
Provision (benefit) for deferred income taxes(355)(283)
Loss on divestiture572  
Other106 49 
Changes in assets and liabilities, net of acquisitions and divestitures:  
Receivables – trade and other(465)283 
Inventories(1,560)(2,003)
Accounts payable34 427 
Accrued expenses381 (80)
Accrued wages, salaries and employee benefits(562)(445)
Customer advances284 514 
Other assets – net81 86 
Other liabilities – net366 (322)
Net cash provided by (used for) operating activities4,822 2,546 
Cash flow from investing activities:  
Capital expenditures – excluding equipment leased to others(683)(586)
Expenditures for equipment leased to others(774)(688)
Proceeds from disposals of leased assets and property, plant and equipment368 468 
Additions to finance receivables(6,973)(6,705)
Collections of finance receivables6,759 6,519 
Proceeds from sale of finance receivables29 21 
Investments and acquisitions (net of cash acquired)(20)(36)
Proceeds from sale of businesses and investments (net of cash sold)(14)1 
Proceeds from sale of securities463 1,204 
Investments in securities(1,078)(2,118)
Other – net41 32 
Net cash provided by (used for) investing activities(1,882)(1,888)
Cash flow from financing activities:  
Dividends paid(1,238)(1,187)
Common stock issued, including treasury shares reissued(22)4 
Common shares repurchased(1,829)(1,924)
Proceeds from debt issued (original maturities greater than three months):  
        Financial Products3,299 4,015 
Payments on debt (original maturities greater than three months):  
        Machinery, Energy & Transportation(95)(13)
        Financial Products(2,208)(4,233)
Short-term borrowings – net (original maturities three months or less)(406)(553)
Net cash provided by (used for) financing activities(2,499)(3,891)
Effect of exchange rate changes on cash(60)(7)
Increase (decrease) in cash, cash equivalents and restricted cash381 (3,240)
Cash, cash equivalents and restricted cash at beginning of period7,013 9,263 
Cash, cash equivalents and restricted cash at end of period$7,394 $6,023 

 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, Energy & Transportation (ME&T) – We define ME&T as Caterpillar Inc. and its subsidiaries, excluding Financial Products. ME&T’s information relates to the design, manufacturing and marketing of our products.
 
Financial Products – We define Financial Products as our finance and insurance subsidiaries, primarily Caterpillar Financial Services Corporation (Cat Financial) and Caterpillar Insurance Holdings Inc. (Insurance Services). Financial Products’ information relates to the financing to customers and dealers for the purchase and lease of Caterpillar and other equipment.

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 and six months ended June 30, 2023 and 2022, (b) the consolidated comprehensive income for the three and six months ended June 30, 2023 and 2022, (c) the consolidated financial position at June 30, 2023 and December 31, 2022, (d) the consolidated changes in shareholders’ equity for the three and six months ended June 30, 2023 and 2022 and (e) the consolidated cash flow for the six months ended June 30, 2023 and 2022.  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, 2022 (2022 Form 10-K).
 
The December 31, 2022 financial position data included herein is derived from the audited consolidated financial statements included in the 2022 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.

2.                                   New accounting guidance

A. Adoption of new accounting standards

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

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We facilitate voluntary supplier finance programs (the “Programs”) through participating financial institutions. The Programs are available to a wide range of suppliers and allow them the option to manage their cash flow. We are not a party to the agreements between the participating financial institutions and the suppliers in connection with the Programs. The range of payment terms, typically 60-90 days, we negotiate with our suppliers is consistent, irrespective of whether a supplier participates in the Programs. The amount of obligations outstanding that are confirmed as valid to the participating financial institutions for suppliers who voluntarily participate in the Programs, included in Accounts payable in the Consolidated Statement of Financial Position, were $901 million and $862 million at June 30, 2023 and December 31, 2022, respectively.

We consider the applicability and impact of all ASUs. We adopted the following ASUs effective January 1, 2023, none of which had a material impact on our financial statements:
ASUDescription
2021-08Business combinations
2022-02Financial instruments - Credit losses
2022-06Reference rate reform

B. Accounting standards issued but not yet adopted

We consider the applicability and impact of all ASUs. We assessed the ASUs 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 $8,079 million, $7,551 million and $7,267 million as of June 30, 2023, December 31, 2022 and December 31, 2021, respectively. Long-term trade receivables from dealers and end users were $482 million, $506 million and $624 million as of June 30, 2023, December 31, 2022 and December 31, 2021, 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 milestones 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 $225 million, $247 million and $187 million as of June 30, 2023, December 31, 2022 and December 31, 2021, respectively.

We invoice in advance of recognizing the sale of certain products. We recognize advanced customer payments as a contract liability in Customer advances and Other liabilities in the Consolidated Statement of Financial Position. Contract liabilities were $2,592 million, $2,314 million and $1,557 million as of June 30, 2023, December 31, 2022 and December 31, 2021, respectively. We reduce the contract liability when revenue is recognized. During the three and six months ended June 30, 2023, we recognized $398 million and $1,135 million, respectively, of revenue that was recorded as a contract liability at the beginning of 2023. During the three and six months ended June 30, 2022, we recognized $220 million and $657 million, respectively.

As of June 30, 2023, we have entered into contracts with dealers and end users for which sales have not been recognized as we have not satisfied our performance obligations and transferred control of the products. The dollar amount of unsatisfied performance obligations for contracts with an original duration greater than one year is $13.2 billion, with about one-half of the amount expected to be completed and revenue recognized in the twelve months following June 30, 2023. 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.

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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 $74 million and $118 million for the three and six months ended June 30, 2023, respectively, and $67 million and $107 million for the three and six months ended June 30, 2022, respectively.

The following table illustrates the type and fair value of the stock-based compensation awards granted during the six months ended June 30, 2023 and 2022, respectively:

 Six Months Ended June 30, 2023Six Months Ended June 30, 2022
 Shares GrantedWeighted-Average Fair Value Per ShareWeighted-Average Grant Date Stock PriceShares GrantedWeighted-Average Fair Value Per ShareWeighted-Average Grant Date Stock Price
Stock options777,275 $75.79 $253.98 1,029,202 $51.69 $196.70 
RSUs379,426 $253.98 $253.98 484,025 $196.70 $196.70 
PRSUs221,869 $253.98 $253.98 258,900 $196.70 $196.70 
 
The following table provides the assumptions used in determining the fair value of the stock-based awards for the six months ended June 30, 2023 and 2022, respectively:
 
 Grant Year
 20232022
Weighted-average dividend yield2.60%2.60%
Weighted-average volatility31.0%31.7%
Range of volatilities
28.5% - 35.5%
25.3% - 36.8%
Range of risk-free interest rates
3.92% - 5.03%
1.03% - 2.00%
Weighted-average expected lives7 years8 years
 
As of June 30, 2023, the total remaining unrecognized compensation expense related to nonvested stock-based compensation awards was $229 million, which will be amortized over the weighted-average remaining requisite service periods of approximately 1.8 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 and commodity prices.  Our Risk Management Policy (policy) allows for the use of derivative financial instruments to prudently manage foreign currency exchange rate, interest rate and commodity price exposures.  Our policy specifies that derivatives are not to be used for speculative purposes.  Derivatives that we use are primarily foreign currency forward, option and cross currency contracts, interest rate contracts and commodity forward and option contracts.  Our derivative activities are subject to the management, direction and control of our senior financial officers.  We present at least annually to the Audit Committee of the Board of Directors on our risk management practices, including our use of financial derivative instruments.
 
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We recognize all derivatives at their fair value on 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. 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, on 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 on the Consolidated Statement of Cash Flow.  We include cash flows from undesignated derivative financial instruments in the investing category on 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 on 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.
 
Foreign Currency Exchange Rate Risk
 
Foreign currency exchange rate movements create a degree of risk by affecting the U.S. dollar value of sales made and costs incurred in foreign currencies. Movements in foreign currency rates also affect our competitive position as these changes may affect business practices and/or pricing strategies of non-U.S.-based competitors. Additionally, we have balance sheet positions denominated in foreign currencies, thereby creating exposure to movements in exchange rates.
 
Our ME&T operations purchase, manufacture and sell products in many locations around the world. As we have a diversified revenue and cost base, we manage our future foreign currency cash flow exposure on a net basis. We use foreign currency forward and option contracts to manage unmatched foreign currency cash inflow and outflow. Our objective is to minimize the risk of exchange rate movements that would reduce the U.S. dollar value of our foreign currency cash flow. Our policy allows for managing anticipated foreign currency cash flow for up to approximately five years. As of June 30, 2023, the maximum term of these outstanding contracts at inception was approximately 60 months.
 
We generally designate as cash flow hedges at inception of the contract any foreign currency forward or option contracts that meet the requirements for hedge accounting and the maturity extends beyond the current quarter-end. We perform designation on a specific exposure basis to support hedge accounting. The remainder of ME&T foreign currency contracts are undesignated.  
 
In managing foreign currency risk for our Financial Products operations, our objective is to minimize earnings volatility resulting from conversion and the remeasurement of net foreign currency balance sheet positions and future transactions denominated in foreign currencies. Our policy allows the use of foreign currency forward, option and cross currency contracts to offset the risk of currency mismatch between our assets and liabilities and exchange rate risk associated with future transactions denominated in foreign currencies. Our foreign currency forward and option contracts are primarily undesignated. We designate fixed-to-fixed cross currency contracts as cash flow hedges to protect against movements in exchange rates on foreign currency fixed-rate assets and liabilities.
 
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.
 
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Our ME&T operations generally use fixed-rate debt as a source of funding.  Our objective is to minimize the cost of borrowed funds.  Our policy allows us to enter into fixed-to-floating interest rate contracts and forward rate agreements to meet that objective. We designate fixed-to-floating interest rate contracts as fair value hedges at inception of the contract, and we designate certain forward rate agreements as cash flow hedges at inception of the contract.

Financial Products operations has a match-funding policy that addresses interest rate risk by aligning the interest rate profile (fixed or floating rate and duration) of Cat Financial’s debt portfolio with the interest rate profile of our receivables portfolio within predetermined ranges on an ongoing basis. In connection with that policy, we use interest rate derivative instruments to modify the debt structure to match assets within the receivables portfolio. This matched funding reduces the volatility of margins between interest-bearing assets and interest-bearing liabilities, regardless of which direction interest rates move.
 
Our policy allows us to use fixed-to-floating, floating-to-fixed and floating-to-floating interest rate contracts to meet the match-funding objective.  We designate fixed-to-floating interest rate contracts as fair value hedges to protect debt against changes in fair value due to changes in the benchmark interest rate.  We designate most floating-to-fixed interest rate contracts as cash flow hedges to protect against the variability of cash flows due to changes in the benchmark interest rate.
 
We have, at certain times, liquidated fixed-to-floating and floating-to-fixed interest rate contracts at both ME&T and Financial Products. We amortize the gains or losses associated with these contracts at the time of liquidation into earnings over the original term of the previously designated hedged item.
 
Commodity Price Risk
 
Commodity price movements create a degree of risk by affecting the price we must pay for certain raw materials. Our policy is to use commodity forward and option contracts to manage the commodity risk and reduce the cost of purchased materials.
 
Our ME&T operations purchase base and precious metals embedded in the components we purchase from suppliers.  Our suppliers pass on to us price changes in the commodity portion of the component cost. In addition, we are subject to price changes on energy products such as natural gas and diesel fuel purchased for operational use.
 
Our objective is to minimize volatility in the price of these commodities. Our policy allows us to enter into commodity forward and option contracts to lock in the purchase price of a portion of these commodities within a five-year horizon. All such commodity forward and option contracts are undesignated.






















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

(Millions of dollars)Fair Value
June 30, 2023December 31, 2022
Assets 1
Liabilities 2
Assets 1
Liabilities 2
Designated derivatives
Foreign exchange contracts$460 $(159)$462 $(152)
Interest rate contracts71 (284)93 (288)
Total$531 $(443)$555 $(440)
Undesignated derivatives
Foreign exchange contracts$42 $(62)$65 $(47)
Commodity contracts11 (10)24 (9)
Total$53 $(72)$89 $(56)