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 June 30, 2024

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,	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 June 30, 2024, 484,898,116 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	46
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	77
Item 4.	Controls and Procedures	77
Part II. Other Information
Item 1.	Legal Proceedings	78
Item 1A.	Risk Factors	78
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	78
Item 3.	Defaults Upon Senior Securities	*
Item 4.	Mine Safety Disclosures	*
Item 5.	Other Information	76
Item 6.	Exhibits	79

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

2

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,
	2024		2023
Sales and revenues:
Sales of Machinery, Energy & Transportation	$	15,840	$	16,545
Revenues of Financial Products	849		773
Total sales and revenues	16,689		17,318
Operating costs:
Cost of goods sold	10,150		11,065
Selling, general and administrative expenses	1,652		1,528
Research and development expenses	535		528
Interest expense of Financial Products	314		245
Other operating (income) expenses	556		300
Total operating costs	13,207		13,666
Operating profit	3,482		3,652
Interest expense excluding Financial Products	137		127
Other income (expense)	155		127
Consolidated profit before taxes	3,500		3,652
Provision (benefit) for income taxes	836		752
Profit of consolidated companies	2,664		2,900
Equity in profit (loss) of unconsolidated affiliated companies	17		24
Profit of consolidated and affiliated companies	2,681		2,924
Less: Profit (loss) attributable to noncontrolling interests	—		2
Profit 1	$	2,681	$	2,922
Profit per common share	$	5.50	$	5.70
Profit per common share – diluted 2	$	5.48	$	5.67
Weighted-average common shares outstanding (millions)
– Basic	487.2		512.9
– Diluted 2	489.5		515.0

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.

3

Caterpillar Inc.

Consolidated Statement of Comprehensive Income

(Unaudited)

(Dollars in millions)

	Three Months Ended June 30,
	2024		2023
Profit of consolidated and affiliated companies	$	2,681	$	2,924
Other comprehensive income (loss), net of tax (Note 13):
Foreign currency translation:	(71)		(142)
Pension and other postretirement benefits:	(3)		(3)
Derivative financial instruments:	(62)		(41)
Available-for-sale securities:	(1)		(14)
Total other comprehensive income (loss), net of tax	(137)		(200)
Comprehensive income	2,544		2,724
Less: comprehensive income (loss) attributable to the noncontrolling interests	—		2
Comprehensive income attributable to shareholders	$	2,544	$	2,722

See accompanying notes to Consolidated Financial Statements.

4

Caterpillar Inc.

Consolidated Statement of Results of Operations

(Unaudited)

(Dollars in millions except per share data)

	Six Months Ended June 30,
	2024		2023
Sales and revenues:
Sales of Machinery, Energy & Transportation	$	30,800	$	31,644
Revenues of Financial Products	1,688		1,536
Total sales and revenues	32,488		33,180
Operating costs:
Cost of goods sold	19,812		21,168
Selling, general and administrative expenses	3,229		2,991
Research and development expenses	1,055		1,000
Interest expense of Financial Products	612		462
Other operating (income) expenses	779		1,176
Total operating costs	25,487		26,797
Operating profit	7,001		6,383
Interest expense excluding Financial Products	280		256
Other income (expense)	311		159
Consolidated profit before taxes	7,032		6,286
Provision (benefit) for income taxes	1,524		1,460
Profit of consolidated companies	5,508		4,826
Equity in profit (loss) of unconsolidated affiliated companies	27		40
Profit of consolidated and affiliated companies	5,535		4,866
Less: Profit (loss) attributable to noncontrolling interests	(2)		1
Profit 1	$	5,537	$	4,865
Profit per common share	$	11.28	$	9.46
Profit per common share – diluted 2	$	11.23	$	9.41
Weighted-average common shares outstanding (millions)
– Basic	490.7		514.3
– Diluted 2	493.3		517.1

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.

5

Caterpillar Inc.

Consolidated Statement of Comprehensive Income

(Unaudited)

(Dollars in millions)

	Six Months Ended June 30,
	2024		2023
Profit of consolidated and affiliated companies	$	5,535	$	4,866
Other comprehensive income (loss), net of tax (Note 13):
Foreign currency translation:	(328)		465
Pension and other postretirement benefits:	(6)		(5)
Derivative financial instruments:	(62)		43
Available-for-sale securities:	(14)		8
Total other comprehensive income (loss), net of tax	(410)		511
Comprehensive income	5,125		5,377
Less: comprehensive income (loss) attributable to the noncontrolling interests	(2)		1
Comprehensive income attributable to shareholders	$	5,127	$	5,376

See accompanying notes to Consolidated Financial Statements.

6

Caterpillar Inc.

Consolidated Statement of Financial Position

(Unaudited)

(Dollars in millions) 

	June 30, 2024		December 31, 2023
Assets
Current assets:
Cash and cash equivalents	$	4,341	$	6,978
Receivables – trade and other	9,421		9,310
Receivables – finance	9,516		9,510
Prepaid expenses and other current assets	2,736		4,586
Inventories	17,082		16,565
Total current assets	43,096		46,949
Property, plant and equipment – net	12,582		12,680
Long-term receivables – trade and other	1,181		1,238
Long-term receivables – finance	12,797		12,664
Noncurrent deferred and refundable income taxes	2,920		2,816
Intangible assets	488		564
Goodwill	5,264		5,308
Other assets	5,008		5,257
Total assets	$	83,336	$	87,476
Liabilities
Current liabilities:
Short-term borrowings:
Financial Products	$	5,298	$	4,643
Accounts payable	7,575		7,906
Accrued expenses	4,947		4,958
Accrued wages, salaries and employee benefits	1,677		2,757
Customer advances	2,324		1,929
Dividends payable	684		649
Other current liabilities	2,882		3,123
Long-term debt due within one year:
Machinery, Energy & Transportation	45		1,044
Financial Products	8,132		7,719
Total current liabilities	33,564		34,728
Long-term debt due after one year:
Machinery, Energy & Transportation	8,537		8,579
Financial Products	15,299		15,893
Liability for postemployment benefits	3,993		4,098
Other liabilities	4,807		4,675
Total liabilities	66,200		67,973
Commitments and contingencies (Notes 11 and 14)
Shareholders’ equity
Common stock of $1.00 par value:
Authorized shares: 2,000,000,000 Issued shares: (6/30/24 and 12/31/23 – 814,894,624) at paid-in amount	5,517		6,403
Treasury stock: (6/30/24 – 329,996,508 shares; 12/31/23 – 315,517,355 shares) at cost	(41,612)		(36,339)
Profit employed in the business	55,455		51,250
Accumulated other comprehensive income (loss)	(2,230)		(1,820)
Noncontrolling interests	6		9
Total shareholders’ equity	17,136		19,503
Total liabilities and shareholders’ equity	$	83,336	$	87,476

See accompanying notes to Consolidated Financial Statements.

7

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, 2023
Balance at March 31, 2023	$	6,546	$	(32,108)	$	45,457	$	(1,746)	$	21	$	18,170
Profit (loss) 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 expense	74		—		—		—		—		74
Common shares repurchased: 5,914,408 2	—		(1,279)		—		—		—		(1,279)
Outstanding authorized accelerated share repurchase	(150)		—		—		—		—		(150)
Other	13		(12)		—		—		(2)		(1)
Balance at June 30, 2023	$	6,478	$	(33,391)	$	47,094	$	(1,946)	$	21	$	18,256
Three Months Ended June 30, 2024
Balance at March 31, 2024	$	5,663	$	(40,039)	$	54,108	$	(2,093)	$	6	$	17,645
Profit (loss) of consolidated and affiliated companies	—		—		2,681		—		—		2,681
Foreign currency translation, net of tax	—		—		—		(71)		—		(71)
Pension and other postretirement benefits, net of tax	—		—		—		(3)		—		(3)
Derivative financial instruments, net of tax	—		—		—		(62)		—		(62)
Available-for-sale securities, net of tax	—		—		—		(1)		—		(1)
Dividends declared 1	—		—		(1,334)		—		—		(1,334)
Common shares issued from treasury stock for stock-based compensation: 203,219	4		12		—		—		—		16
Stock-based compensation expense	75		—		—		—		—		75
Common shares repurchased: 4,578,023 2	—		(1,570)		—		—		—		(1,570)
Outstanding authorized accelerated share repurchase	(250)		—		—		—		—		(250)
Other	25		(15)		—		—		—		10
Balance at June 30, 2024	$	5,517	$	(41,612)	$	55,455	$	(2,230)	$	6	$	17,136

1 Dividends per share of common stock of $2.71 and $2.50 were declared in the three months ended June 30, 2024 and 2023, respectively.

2 See Note 12 for additional information.

See accompanying notes to Consolidated Financial Statements.

8

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, 2023
Balance at December 31, 2022	$	6,560	$	(31,748)	$	43,514	$	(2,457)	$	22	$	15,891
Profit (loss) 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 expense	118		—		—		—		—		118
Outstanding authorized accelerated stock repurchases	(150)		—		—		—		—		(150)
Common shares repurchased: 7,616,168 2	—		(1,679)		—		—		—		(1,679)
Other	21		(13)		—		—		(2)		6
Balance at June 30, 2023	$	6,478	$	(33,391)	$	47,094	$	(1,946)	$	21	$	18,256
Six Months Ended June 30, 2024
Balance at December 31, 2023	$	6,403	$	(36,339)	$	51,250	$	(1,820)	$	9	$	19,503
Profit (loss) of consolidated and affiliated companies	—		—		5,537		—		(2)		5,535
Foreign currency translation, net of tax	—		—		—		(328)		—		(328)
Pension and other postretirement benefits, net of tax	—		—		—		(6)		—		(6)
Derivative financial instruments, net of tax	—		—		—		(62)		—		(62)
Available-for-sale securities, net of tax	—		—		—		(14)		—		(14)
Dividends declared 1	—		—		(1,332)		—		—		(1,332)
Common shares issued from treasury stock for stock-based compensation: 1,427,357	(41)		49		—		—		—		8
Stock-based compensation expense	119		—		—		—		—		119
Common shares repurchased: 15,906,510 2	—		(5,275)		—		—		—		(5,275)
Outstanding authorized accelerated stock repurchases	(1,000)		—		—		—		—		(1,000)
Other	36		(47)		—		—		(1)		(12)
Balance at June 30, 2024	$	5,517	$	(41,612)	$	55,455	$	(2,230)	$	6	$	17,136

1 Dividends per share of common stock of $2.71 and $2.50 were declared in the six months ended June 30, 2024 and 2023, respectively.

2 See Note 12 for additional information.

See accompanying notes to Consolidated Financial Statements.

9

Caterpillar Inc.

Consolidated Statement of Cash Flow

(Unaudited)

(Dollars in Millions)

	Six Months Ended June 30,
	2024		2023
Cash flow from operating activities:
Profit of consolidated and affiliated companies	$	5,535	$	4,866
Adjustments to reconcile profit to net cash provided by operating activities:
Depreciation and amortization	1,055		1,074
Provision (benefit) for deferred income taxes	(133)		(355)
(Gain) loss on divestiture	164		572
Other	105		106
Changes in assets and liabilities, net of acquisitions and divestitures:
Receivables – trade and other	(245)		(465)
Inventories	(643)		(1,560)
Accounts payable	(21)		34
Accrued expenses	69		381
Accrued wages, salaries and employee benefits	(1,056)		(562)
Customer advances	341		284
Other assets – net	20		81
Other liabilities – net	(118)		366
Net cash provided by (used for) operating activities	5,073		4,822
Cash flow from investing activities:
Capital expenditures – excluding equipment leased to others	(841)		(683)
Expenditures for equipment leased to others	(614)		(774)
Proceeds from disposals of leased assets and property, plant and equipment	342		368
Additions to finance receivables	(7,446)		(6,973)
Collections of finance receivables	6,743		6,759
Proceeds from sale of finance receivables	37		29
Investments and acquisitions (net of cash acquired)	(32)		(20)
Proceeds from sale of businesses and investments (net of cash sold)	(61)		(14)
Proceeds from maturities and sale of securities	2,574		463
Investments in securities	(523)		(1,078)
Other – net	57		41
Net cash provided by (used for) investing activities	236		(1,882)
Cash flow from financing activities:
Dividends paid	(1,283)		(1,238)
Common stock issued, including treasury shares reissued	8		(22)
Payments to purchase common stock	(6,275)		(1,829)
Proceeds from debt issued (original maturities greater than three months):
Financial Products	4,151		3,299
Payments on debt (original maturities greater than three months):
Machinery, Energy & Transportation	(1,014)		(95)
Financial Products	(4,203)		(2,208)
Short-term borrowings – net (original maturities three months or less)	687		(406)
Net cash provided by (used for) financing activities	(7,929)		(2,499)
Effect of exchange rate changes on cash	(17)		(60)
Increase (decrease) in cash, cash equivalents and restricted cash	(2,637)		381
Cash, cash equivalents and restricted cash at beginning of period	6,985		7,013
Cash, cash equivalents and restricted cash at end of period	$	4,348	$	7,394

 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.

10

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, 2024 and 2023, (b) the consolidated comprehensive income for the three and six months ended June 30, 2024 and 2023, (c) the consolidated financial position at June 30, 2024 and December 31, 2023, (d) the consolidated changes in shareholders’ equity for the three and six months ended June 30, 2024 and 2023 and (e) the consolidated cash flow for the six months ended June 30, 2024 and 2023.  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, 2023 (2023 Form 10-K).

The December 31, 2023 financial position data included herein is derived from the audited consolidated financial statements included in the 2023 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

We consider the applicability and impact of all ASUs. We adopted the following ASUs effective January 1, 2024, none of which had a material impact on our financial statements:

ASU	Description
2022-03	Fair value measurement – Equity securities subject to contractual sale restrictions
2023-01	Leases – Common control arrangements
2023-02	Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method

B. Accounting standards issued but not yet adopted

Segment reporting (ASU 2023-07) — In November 2023, the Financial Accounting Standards Board (FASB) issued accounting guidance that requires incremental disclosures related to reportable segments which includes significant segment expense categories and amounts for each reportable segment. The expanded annual disclosures are effective

11

for our year ending December 31, 2024, and the expanded interim disclosures are effective in 2025 and will be applied retrospectively to all prior periods presented. We are in the process of evaluating the effect of this new guidance on the related disclosures.

Income tax reporting (ASU 2023-09) — In December 2023, the FASB issued accounting guidance to expand the annual disclosure requirements for income taxes, primarily related to the rate reconciliation and income taxes paid. This guidance is effective January 1, 2025, with early adoption permitted. This guidance can be applied prospectively or retrospectively. We are in the process of evaluating the effect of this new guidance on the related disclosures.

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 $8,024 million, $7,923 million and $7,551 million as of June 30, 2024, December 31, 2023 and December 31, 2022, respectively. Long-term trade receivables from dealers and end users were $625 million, $589 million and $506 million as of June 30, 2024, December 31, 2023 and December 31, 2022, 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 $243 million, $246 million and $247 million as of June 30, 2024, December 31, 2023 and December 31, 2022, 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 $2,728 million, $2,389 million and $2,314 million as of June 30, 2024, December 31, 2023 and December 31, 2022, respectively. We reduce the contract liability when revenue is recognized. During the three and six months ended June 30, 2024, we recognized $360 million and $1,173 million, respectively, of revenue that was recorded as a contract liability at the beginning of 2024. During the three and six months ended June 30, 2023, we recognized $398 million and $1,135 million, respectively.

As of June 30, 2024, 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 $13.4 billion, with about one-half of the amount expected to be completed and revenue recognized in the twelve months following June 30, 2024. 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 $75 million and $119 million for the three and six months ended June 30, 2024, respectively, and $74 million and $118 million for the three and six months ended June 30, 2023, respectively.

12

The following table illustrates the type and fair value of the stock-based compensation awards granted during the six months ended June 30, 2024 and 2023, respectively:

	Six Months Ended June 30, 2024					Six Months Ended June 30, 2023
	Shares Granted	Weighted-Average Fair Value Per Share		Weighted-Average Grant Date Stock Price		Shares Granted	Weighted-Average Fair Value Per Share		Weighted-Average Grant Date Stock Price
Stock options	296,295	$	104.27	$	338.65	777,275	$	75.79	$	253.98
RSUs	379,621	$	338.65	$	338.65	379,426	$	253.98	$