Segment information (Tables)

12 Months Ended

Dec. 31, 2024

For the years ended December 31, 2024, 2023 and 2022, 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
2024
Construction Industries	$	14,576	$	2,553	$	4,315	$	3,900	$	25,344		$	111	$	25,455
Resource Industries	4,561		2,077		1,804		3,576		12,018			371		12,389
Energy & Transportation	13,005		1,763		5,787		3,533		24,088			4,766		28,854
Financial Products Segment	2,702		402		505		444		4,053		1	—		4,053
Total sales and revenues from reportable segments	34,844		6,795		12,411		11,453		65,503			5,248		70,751
All Other Segment	56		—		12		50		118			307		425
Corporate Items and Eliminations	(503)		(87)		(107)		(115)		(812)			(5,555)		(6,367)
Total Sales and Revenues	$	34,397	$	6,708	$	12,316	$	11,388	$	64,809		$	—	$	64,809

2023
Construction Industries	$	15,343	$	2,307	$	5,254	$	4,390	$	27,294		$	124	$	27,418
Resource Industries	5,256		2,040		2,069		3,879		13,244			339		13,583
Energy & Transportation	11,982		1,983		5,929		3,461		23,355			4,646		28,001
Financial Products Segment	2,440		416		491		438		3,785		1	—		3,785
Total sales and revenues from reportable segments	35,021		6,746		13,743		12,168		67,678			5,109		72,787
All Other Segment	65		(1)		18		49		131			318		449
Corporate Items and Eliminations	(480)		(80)		(88)		(101)		(749)			(5,427)		(6,176)
Total Sales and Revenues	$	34,606	$	6,665	$	13,673	$	12,116	$	67,060		$	—	$	67,060

2022
Construction Industries	$	12,367	$	2,843	$	5,099	$	4,818	$	25,127		$	142	$	25,269
Resource Industries	4,531		1,840		2,205		3,437		12,013			301		12,314
Energy & Transportation	9,175		1,784		5,232		3,146		19,337			4,415		23,752
Financial Products Segment	2,078		348		396		431		3,253		1	—		3,253
Total sales and revenues from reportable segments	28,151		6,815		12,932		11,832		59,730			4,858		64,588
All Other Segment	64		2		(66)		145		145			305		450
Corporate Items and Eliminations	(234)		(79)		(52)		(83)		(448)			(5,163)		(5,611)
Total Sales and Revenues	$	27,981	$	6,738	$	12,814	$	11,894	$	59,427		$	—	$	59,427

1 Includes revenues from Construction Industries, Resource Industries, Energy & Transportation and All Other Segment of $711 million, $690 million and $478 million in the years ended December 31, 2024, 2023 and 2022, respectively.

For the years ended December 31, 2024, 2023 and 2022, Energy & Transportation segment sales by end user application were as follows:


Energy & Transportation External Sales

(Millions of dollars)
	2024		2023		2022
Oil and gas	$	6,980	$	6,988	$	5,330
Power generation	7,756		6,362		4,940
Industrial	3,990		4,871		4,426
Transportation	5,362		5,134		4,641
Energy & Transportation External Sales	$	24,088	$	23,355	$	19,337

Reconciliation of profit from reportable segments


Profit from Reportable Segments
(Millions of dollars)

	Construction Industries		Resource Industries		Energy & Transportation		Financial Products Segment		Total from Reportable Segments
2024
Sales and revenues	$	25,455	$	12,389	$	28,854	$	4,053	$	70,751
Less 1:
Cost of goods sold	17,326		8,387		19,796		—		45,509
SG&A/R&D 2	1,931		1,451		3,241		771		7,394
Other segment items 3	33		18		81		2,350		2,482
Segment Profit	$	6,165	$	2,533	$	5,736	$	932	$	15,366

2023
Sales and revenues	$	27,418	$	13,583	$	28,001	$	3,785	$	72,787
Less 1:
Cost of goods sold	18,658		9,367		19,875		—		47,900
SG&A/R&D 2	1,844		1,389		3,084		691		7,008
Other segment items 3	(59)		(7)		106		2,185		2,225
Segment Profit	$	6,975	$	2,834	$	4,936	$	909	$	15,654

2022
Sales and revenues	$	25,269	$	12,314	$	23,752	$	3,253	$	64,588
Less 1:
Cost of goods sold	18,924		9,249		17,931		—		46,104
SG&A/R&D 2	1,629		1,308		2,655		660		6,252
Other segment items 3	(27)		(70)		(143)		1,729		1,489
Segment Profit	$	4,743	$	1,827	$	3,309	$	864	$	10,743

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: Construction 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. 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. Energy & Transportation – 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


Reconciliation of Consolidated profit before taxes:
(Millions of dollars)
	2024		2023		2022
Total profit from reportable segments	15,366		15,654		10,743
Profit from All Other Segment	48		18		(11)
Cost centers	(1)		(7)		(13)
Corporate costs	(889)		(913)		(751)
Timing	133		(30)		(309)
Restructuring costs	(359)		(780)		(299)
Methodology differences:
Inventory/cost of sales	33		160		413
Postretirement benefit income (expense)	67		(65)		916
Stock-based compensation expense	(223)		(208)		(193)
Financing costs	(126)		(91)		(331)
Currency	145		6		23
Goodwill impairment charge	—		—		(925)
Other income/expense methodology differences	(740)		(624)		(409)
Other methodology differences	(81)		(70)		(102)
Total consolidated profit before taxes	$	13,373	$	13,050	$	8,752

Reconciliation of assets


Reconciliation of Assets:
(Millions of dollars)	December 31,
	2024		2023
Assets from reportable segments:
Construction Industries	$	5,546	$	5,384
Resource Industries	5,548		5,742
Energy & Transportation	11,772		10,555
Financial Products Segment	36,925		35,685
Total assets from reportable segments	59,791		57,366
Assets from All Other Segment	1,937		1,890
Items not included in segment assets:
Cash and cash equivalents	6,165		6,106


Deferred income taxes	3,194		2,668
Goodwill and intangible assets	4,478		4,452
Property, plant and equipment – net and other assets	4,808		6,548
Inventory methodology differences	(3,560)		(3,169)
Liabilities included in segment assets	11,973		11,781
Other	(1,022)		(166)
Total assets	$	87,764	$	87,476

Reconciliation of depreciation and amortization


Reconciliation of Depreciation and amortization:
(Millions of dollars)
	2024		2023		2022
Depreciation and amortization from reportable segments:
Construction Industries	$	233	$	221	$	231
Resource Industries	260		302		368
Energy & Transportation	578		551		547
Financial Products Segment	740		731		734
Total depreciation and amortization from reportable segments	1,811		1,805		1,880
Items not included in segment depreciation and amortization:
All Other Segment	254		236		229
Cost centers	95		91		84
Other	(7)		12		26
Total depreciation and amortization	$	2,153	$	2,144	$	2,219

Reconciliation of capital expenditures


Reconciliation of Capital expenditures:
(Millions of dollars)
	2024		2023		2022
Capital expenditures from reportable segments:
Construction Industries	$	323	$	376	$	271
Resource Industries	268		245		237
Energy & Transportation	1,279		944		756
Financial Products Segment	1,085		1,299		1,141
Total capital expenditures from reportable segments	2,955		2,864		2,405
Items not included in segment capital expenditures:
All Other Segment	245		260		219
Cost centers	193		102		76
Timing	(149)		(44)		(54)
Other	(29)		(90)		(47)
Total capital expenditures	$	3,215	$	3,092	$	2,599

Information about geographic areas


Enterprise-wide Disclosures:
Information about Geographic Areas:
							Property, plant and equipment - net
	External sales and revenues 1						December 31,
(Millions of dollars)	2024		2023		2022		2024		2023
Inside United States	$	30,624	$	31,053	$	24,368	$	8,213	$	7,658
Outside United States	34,185		36,007		35,059		5,148		5,022
Total	$	64,809	$	67,060	$	59,427	$	13,361	$	12,680

1 Sales of ME&T are based on dealer or customer location. Revenues from services provided are based on where service is rendered.