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UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549catfincolor3a18.jpgFORM 10-K(Mark One)☒ANNUAL REPORT PURSUANT TO SECTION 13 OR15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended December 31, 2024OR☐TRANSITION REPORT PURSUANT TO SECTION 13 OR15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from __________ to __________.Commission File No. 001-11241CATERPILLAR FINANCIAL SERVICES CORPORATION(Exact name of Registrant as specified in its charter)Delaware(State or other jurisdiction of incorporationor organization)37-1105865(I.R.S. Employer Identification No.)2120 West End Ave.,Nashville, Tennessee(Address of principal executive offices)37203-0001(Zip Code)Registrant’s telephone number, including area code:(615) 341-1000


Securities registered pursuant to Section 12(b) of the Act:Title of each classTrading Symbol(s)Name of each exchange on which registeredMedium-Term Notes, Series K,4.850% Notes Due 2029CAT/29New York Stock ExchangeSecurities registered pursuant to Section 12(g) of the Act:  None














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Yes








No








Yes








Yes











Large accelerated filer☐Accelerated filer☐Non-accelerated filer☒Smaller reporting company☐Emerging growth company☐











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TABLE OF CONTENTSPagePart IItem 1.Business4Item 1A.Risk Factors6Item 1B.Unresolved Staff Comments12Item 1C.Cybersecurity12Item 2.Properties14Item 3.Legal Proceedings14Item 4.Mine Safety Disclosures*Part IIItem 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities14Item 6.[Reserved]Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations15Item 7A.Quantitative and Qualitative Disclosures About Market Risk22Item 8.Financial Statements and Supplementary Data23Item 9.Changes in and Disagreements With Accountants on Accounting and Financial Disclosure23Item 9A.Controls and Procedures23Item 9B.Other Information24Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.*Part IIIItem 10.Directors, Executive Officers and Corporate Governance*Item 11.Executive Compensation*Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters*Item 13.Certain Relationships and Related Transactions, and Director Independence*Item 14.Principal Accounting Fees and Services24Part IVItem 15.Exhibits and Financial Statement Schedules25Item 16.Form 10-K Summary*
















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PART I







Item 1.Business.






















































































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Item 1A.Risk Factors.

















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Item 1B.Unresolved Staff Comments.













Item 1C.Cybersecurity.


























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We maintain a comprehensive cybersecurity program which is integrated within Caterpillar’s enterprise risk management system and encompasses the corporate information technology and operational technology environments as well as customer-facing products. We partner with third parties to support and evaluate our cybersecurity program. These third-party services span areas including cybersecurity maturity assessments, incident response, penetration testing, consulting on best practices, bug bounty programs and others. We also consume threat intelligence from several paid and non-paid sources.

















We operate a third-party cybersecurity program with the goal of minimizing disruption to the Company’s business and production operations, strengthening supply chain resilience, and supporting the integrity of components and systems used in its products and services. We rely heavily on our supply chain to deliver our products and services to our customers, and a cybersecurity incident at a supplier, subcontractor or joint venture partner could materially adversely impact us. We assess third-party cybersecurity controls through a cybersecurity third-party risk assessment process. Identified deficiencies are addressed through a risk remediation process. For select suppliers, we engage third-party cybersecurity monitoring and alerting services, and seek to work directly with those suppliers to address potential deficiencies identified.





As of the date of this report, we do not believe that risks from any cybersecurity threats, including as a result of any previous cybersecurity incidents, have materially affected or are reasonably likely to affect us, including our business strategy, results of operations or financial condition. That said, as discussed more fully under Item 1A. “Risk Factors—Operational Risks— Increased information technology security threats and more sophisticated computer crime pose a risk to our systems, networks, products and services” of this Form 10-K, these threats pose a risk to the security of our systems and networks and the confidentiality, availability and integrity of our data. Cybersecurity attacks could also include attacks targeting customer data or the security, integrity and/or reliability of the hardware and software installed in Caterpillar products. It is possible that our information technology systems and networks, or those managed or provided by third parties, could have vulnerabilities, which could go unnoticed for a period of time. While various procedures and controls have been and are being utilized to mitigate such risks, there can be no guarantee that the actions and controls we have implemented and are implementing, or which we cause or have caused third-party service providers to implement, will be sufficient to protect and mitigate associated risks to our systems, information or other property.


























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Caterpillar’s board implements its risk oversight function both as a board and through delegation to board committees, which meet regularly and report back to the Caterpillar board.





Caterpillar’s cybersecurity program is overseen by the Caterpillar CIO, who has been a Caterpillar employee for nearly 25 years. Prior to her current appointment as Caterpillar’s CIO in September 2020, she was the Chief Information Officer for the Caterpillar’s Financial Products Division, which includes Cat Financial. Her extensive background in IT includes global leadership for large-scale systems transformations, cybersecurity, cloud and application management, global data center management, worldwide network, servers and storage, database management and end-user services.











Our Risk Committee provides oversight over our information security program and other matters related to cybersecurity. Our cybersecurity program is managed by our Chief Information Security Officer, who reports on a regular basis to our Risk Committee on cybersecurity matters and who regularly collaborates with the Caterpillar cybersecurity team.







Item 2.Properties.













Item 3.Legal Proceedings.













PART II







Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters andIssuer Purchases of Equity Securities.













Item 6.[Reserved]







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Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations.
































(Millions of dollars)20242023ChangeRetail revenue$1,689$1,464$225Operating lease revenue93690531Wholesale revenue70668422Other revenue, net158195(37)Total revenues$3,489$3,248$241Profit before income taxes$533$760$(227)Profit attributable to Caterpillar Financial Services Corporation$598$563$35




















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(Millions of dollars)20242023ChangeFinance receivable and operating lease fees (including late charges)$65$64$1Net gain (loss) on returned or repossessed equipment4983(34)Interest income on Notes receivable from Caterpillar23212Miscellaneous other revenue, net2127(6)Total Other revenue, net$158$195$(37)












































(Millions of dollars)20242023ChangeNew retail financing$12,157$10,803$1,354New operating lease activity1,0851,302(217)New wholesale financing54,42654,879(453)Total$67,668$66,984$684














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(Millions of dollars)20242023ChangeFinance receivables, net$28,964$27,746$1,218Equipment on operating leases, net2,7803,014(234)Total portfolio$31,744$30,760$984Retail loans$80$67$13Retail leases1724(7)Operating leases1220(8)Total off-balance sheet managed assets$109$111$(2)Total managed portfolio$31,853$30,871$982


































































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(Millions of dollars)20242023Medium-term notes, net$24,882$23,085Commercial paper, net of unamortized discount3,9464,069Bank borrowings – long-term522524Bank borrowings – short-term165329Variable denomination floating rate demand notes282244Notes payable to Caterpillar1024Other24Total outstanding borrowings$29,809$28,279











(Millions of dollars)2025$6,31420268,34020277,7042028120292,089Thereafter450Fair value adjustments(16)Total$24,882













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Item 7A.Quantitative and Qualitative Disclosures About Market Risk.



































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Item 8.Financial Statements and Supplementary Data.













Item 9.Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.













Item 9A.Controls and Procedures.






































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Item 9B.Other Information.








adopted terminated







PART III







Item 14.Principal Accounting Fees and Services.





PricewaterhouseCoopers LLP Nashville, Tennessee 238














(Millions of dollars)20242023Audit fees(1)$7.5$7.7Audit-related fees(2)0.5—Tax fees(3)0.10.1All other fees——Total$8.1$7.8



















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PART IV







Item 15.Exhibits and Financial Statement Schedules.


The following documents are filed as part of this report.1Financial Statements:·Report of Independent Registered Public Accounting Firm·Consolidated Statements of Profit·Consolidated Statements of Comprehensive Income·Consolidated Statements of Financial Position·Consolidated Statements of Changes in Shareholder’s Equity·Consolidated Statements of Cash Flows·Notes to Consolidated Financial Statements2Financial Statement Schedules:·All schedules are omitted because the required information is shown in the financial statements or the notes thereto or considered to be immaterial.3Exhibits:


3.1Certificate of Incorporation of the Company, as amended (incorporated by reference from Exhibit 3.1 to the Company’s Form 10 for the year ended December 31, 1984)3.2Bylaws of the Company, as amended (incorporated by reference from Exhibit 3.2 to the Company’s Quarterly Report on Form 10-Qfor the quarter ended June 30, 2005)4.1Indenture, dated as of April 15, 1985, between the Company and Morgan Guaranty Trust Company of New York, as Trustee (incorporated by reference from Exhibit 4.1 to the Company’s Registration Statement on Form S-3)4.2First Supplemental Indenture, dated as of May 22, 1986, amending the Indenture dated as of April 15, 1985, between the Company and Morgan Guaranty Trust Company of New York, as Trustee (incorporated by reference from Exhibit 4.1 to the Company’s Quarterly Report on Form 10-Q, for the quarter ended June 20, 1986)4.3Second Supplemental Indenture, dated as of March 15, 1987, amending the Indenture dated as of April 15, 1985, between the Company and Morgan Guaranty Trust Company of New York, as Trustee (incorporated by reference from Exhibit 4.3 to the Company’s Current Report on Form 8-K, dated April 24, 1987)4.4Third Supplemental Indenture, dated as of October 2, 1989, amending the Indenture dated as of April 15, 1985, between the Company and Morgan Guaranty Trust Company of New York, as Trustee (incorporated by reference from Exhibit 4.3 to the Company’s Current Report on Form 8-K, dated October 16, 1989)4.5Fourth Supplemental Indenture, dated as of October 1, 1990, amending the Indenture dated April 15, 1985, between the Company and Morgan Guaranty Trust Company of New York, as Trustee (incorporated by reference from Exhibit 4.3 to the Company’s Current Report on Form 8-K, dated October 29, 1990)4.6Indenture, dated as of July 15, 1991, between the Company and Continental Bank, National Association, as Trustee (incorporated by reference from Exhibit 4.1 to the Company’s Current Report on Form 8-K, dated July 25, 1991)4.7First Supplemental Indenture, dated as of October 1, 2005, amending the Indenture dated as of July 15, 1991, between the Company and U.S. Bank Trust National Association (as successor to the former Trustee) (incorporated by reference from Exhibit 4.3 to Amendment No. 5 to the Company’s Registration Statement on Form S-3 filed October 20, 2005)4.8Indenture, dated as of March 29, 2023, betweenthe Companyand U.S. Bank Trust National Association, as Trustee (incorporated by reference from Exhibit 4.1 to the Company'sRegistration Statement on Form S-3 filed on March 29, 2023)4.9Support Agreement, dated as of December 21, 1984, between the Company and Caterpillar (incorporated by reference from Exhibit 10.2 to the Company’s amended Form 10, for the year ended December 31, 1984)4.10First Amendment to the Support Agreement dated June 14, 1995, between the Company and Caterpillar (incorporated by reference from Exhibit 4 to the Company’s Current Report on Form 8-K, dated June 15, 1995)4.11Description of the registrant’s Medium-Term Notes, Series K, 4.850% Notes Due 2029





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The registrant hereby undertakes upon request to furnish the Commission with a copy of any instrument with respect to long-term debt where the total amount of securities authorized thereunder does not exceed 10% of the total assets of the registrant and its subsidiaries on a consolidated basis.10.1Amended and Restated Tax Sharing Agreement, dated as of May 31, 2018, between the Company and Caterpillar (incorporated by reference from Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Qfor the quarter ended June 30, 2018)10.2Credit Agreement (2024364-Day Facility), dated as of August29, 2024, by and amongthe Company,Caterpillar Inc.,Caterpillar International Finance Designated Activity Company and Caterpillar Finance Kabushiki Kaisha, certain financial institutions named therein, Citibank, N.A., as agent, Citibank Europe PLC, UK Branch, as Local Currency Agent, and MUFG Bank, Ltd. as Japan Local Currency Agent (incorporated by reference from Exhibit 10.1 to the Company's Current Report on Form 8-K filedSeptember4, 2024)10.3Local Currency Addendum to the Credit Agreement (2024364-Day Facility), dated as of August29, 2024,by andamong the Company, Caterpillar International Finance Designated Activity Company, the Local Currency Banks named therein, Citibank, N.A., as Agent and Citibank Europe plc, UK Branch, as Local Currency Agent (incorporated by reference from Exhibit 10.2 to the Company's Current Report on Form 8-K filedSeptember4, 2024)10.4Japan Local Currency Addendum to the Credit Agreement (2024364-Day Facility), dated as of August29, 2024,by andamong the Company, Caterpillar Finance Kabushiki Kaisha, the Japan Local Currency Banks named therein, Citibank, N.A., as Agent and MUFG Bank, Ltd., asJapanLocal Currency Agent (incorporated by reference from Exhibit 10.3 to the Company’s Current Report on Form 8-K filedSeptember4, 2024)10.5Third Amended and Restated Credit Agreement (Three-Year Facility), dated as of September 1, 2022, by and among the Company, Caterpillar Inc., Caterpillar International Finance Designated Activity Company and Caterpillar Finance Kabushiki Kaisha, certain financial institutions named therein, Citibank, N.A., as Agent, Citibank Europe plc, UK Branch, as Local Currency Agent, and MUFG Bank, Ltd., as Japan Local Currency Agent (incorporated by reference from Exhibit 10.4 to the Company’s Current Report on Form 8-K filed September 6, 2022)10.6Amendment No.2to Third Amended and Restated Credit Agreement (Three-Year Facility),dated as of August29, 2024, by and among the Company, Caterpillar Inc., Caterpillar International Finance Designated Activity Company and Caterpillar Finance Kabushiki Kaisha, certain financial institutions named therein and Citibank, N.A., as Agent (incorporated by reference from Exhibit 10.4 to the Company’s Current Report on Form 8-K filed September4, 2024)10.7Local Currency Addendum to the Third Amended and Restated Credit Agreement (Three-Year Facility), dated as of September 1, 2022,by andamong the Company, Caterpillar International Finance Designated Activity Company, the Local Currency Banks named therein, Citibank, N.A., as Agent and Citibank Europe plc, UK Branch, as Local Currency Agent (incorporated by reference from Exhibit 10.5 to the Company’s Current Report on Form 8-K filedSeptember6, 2022)10.8Japan Local Currency Addendum to the Third Amended and Restated Credit Agreement (Three-Year Facility), dated as of September 1, 2022, among the Company, Caterpillar Finance Kabushiki Kaisha, the Japan Local Currency Banks named therein, Citibank, N.A., as Agent and MUFG Bank, Ltd., asJapanLocal Currency Agent (incorporated by reference from Exhibit 10.6 to the Company’s Current Report on Form 8-K filedSeptember 6, 2022)10.9Third Amended and Restated Credit Agreement (Five-Year Facility), dated as of September 1, 2022, by and among the Company, Caterpillar Inc., Caterpillar International Finance Designated Activity Company and Caterpillar Finance Kabushiki Kaisha, certain financial institutions named therein, Citibank, N.A., as Agent, Citibank Europe plc, UK Branch, as Local Currency Agent, and MUFG Bank, Ltd., as Japan Local Currency Agent (incorporated by reference from Exhibit 10.7 to the Company’s Current Report on Form 8-K filed September 6, 2022)10.10Amendment No.2to Third Amended and Restated Credit Agreement (Five-Year Facility),dated as of August29, 2024, by and among the Company, Caterpillar Inc., Caterpillar International Finance Designated Activity Company and Caterpillar Finance Kabushiki Kaisha, certain financial institutions named therein and Citibank, N.A., as Agent (incorporated by reference from Exhibit 10.5to the Company’s Current Report on Form 8-K filed September4, 2024)10.11Local Currency Addendum to the Third Amended and Restated Credit Agreement (Five-Year Facility), dated as of September 1, 2022,by andamong the Company, Caterpillar International Finance Designated Activity Company, the Local Currency Banks named therein, Citibank, N.A., as Agent and Citibank Europe plc, UK Branch, as Local Currency Agent (incorporated by reference from Exhibit 10.8  to the Company’s Current Report on Form 8-K filedSeptember6, 2022)





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10.12Japan Local Currency Addendum to the Third Amended and Restated Credit Agreement (Five-Year Facility), dated as of September 1, 2022,by andamong the Company, Caterpillar Finance Kabushiki Kaisha, the Japan Local Currency Banks named therein, Citibank, N.A., as Agent and MUFG Bank, Ltd., asJapanLocal Currency Agent (incorporated by reference from Exhibit 10.9 to the Company’s Current Report on Form 8-K filedSeptember 6, 2022)23Consent of Independent Registered Public Accounting Firm31.1Certification of President, Director and Chief Executive Officer of Caterpillar Financial Services Corporation, as required pursuant to Section 302 of the Sarbanes-Oxley Act of 200231.2Certification of Executive Vice President and Chief Financial Officer of Caterpillar Financial Services Corporation, as required pursuant to Section 302 of the Sarbanes-Oxley Act of 200232Certification of President, Director and Chief Executive Officer of Caterpillar Financial Services Corporation, and Executive Vice President and Chief Financial Officer of Caterpillar Financial Services Corporation, as required pursuant to Section 906 of the Sarbanes-Oxley Act of 200297.1Caterpillar Inc. Incentive Compensation Clawback Policy, as adopted by the Company effective October 2, 2023 (Pursuant to NYSE Rule 303A.14)101.INSInline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)101.SCHInline XBRL Taxonomy Extension Schema Document101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document101.LABInline XBRL Taxonomy Extension Label Linkbase Document101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document104Cover Page Interactive File (embedded within the Inline XBRL document and included in Exhibit 101)













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Caterpillar Financial Services CorporationFebruary 14, 2025/s/ James M. RooneyJames M. Rooney, Secretary











February 14, 2025/s/ David T. WaltonPresident, Director and Chief Executive OfficerDavid T. WaltonFebruary 14, 2025/s/ Andrew R.J. BonfieldDirectorAndrew R.J. BonfieldFebruary 14, 2025/s/ Kristen R. CoveyExecutive Vice President and Chief Financial Officer (Principal Financial Officer)Kristen R. CoveyFebruary 14, 2025/s/ Daniel R. CourtController (Principal Accounting Officer)Daniel R. Court
















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202420232022Revenues:Retail finance$1,689$1,464$1,229Operating lease936905888Wholesale finance706684441Other, net158195176Total revenues3,4893,2482,734Expenses:Interest1,2871,033566Depreciation on equipment leased to others722713718General, operating and administrative644588531Provision for credit losses754981Other363324Total expenses2,7642,4161,920Other income (expense)(192)(72)(83)Profit before income taxes533760731Provision (benefit) for income taxes(66)192189Profit of consolidated companies599568542Less:  Profit attributable to noncontrolling interests157Profit attributable to Caterpillar Financial Services Corporation$598$563$535













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202420232022Profit of consolidated companies$599$568$542Other comprehensive income (loss), net of tax (Note 8):Foreign currency translation(260)67(318)Derivative financial instruments6(3)33Total Other comprehensive income (loss), net of tax(254)64(285)Comprehensive income (loss)345632257Less: Comprehensive income (loss) attributable to noncontrolling interests1—(5)Comprehensive income (loss) attributable to Caterpillar Financial ServicesCorporation$344$632$262










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20242023Assets:Cash and cash equivalents$599$727Finance receivables, net of allowance for credit losses of $267 and $33128,96427,746Notes receivable from Caterpillar559527Equipment on operating leases, net2,7803,014Other assets1,1821,098Total assets$34,084$33,112Liabilities and shareholder’s equity:Payable to dealers and others$137$157Payable to Caterpillar – borrowings and other128137Accrued expenses489511Short-term borrowings4,3934,643Current maturities of long-term debt6,6197,719Long-term debt18,78715,893Other liabilities641882Total liabilities31,19429,942Commitments and contingent liabilities (Note 9)Common stock - $1 par valueAuthorized:  2,000 shares; Issued andoutstanding:  one share (at paid-in amount)745745Additional paid-in capital22Retained earnings3,3003,327Accumulated other comprehensive income (loss)(1,232)(978)Noncontrolling interests7574Total shareholder’s equity2,8903,170Total liabilities and shareholder’s equity$34,084$33,112













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CommonstockAdditionalpaid-incapitalRetainedearningsAccumulatedothercomprehensiveincome (loss)NoncontrollinginterestsTotalBalance at December 31, 2021$745$2$2,849$(774)$159$2,981Profit of consolidated companies5357542Dividend paid to Caterpillar(275)(275)Foreign currency translation, net of tax(306)(12)(318)Derivative financial instruments, net of tax3333Balance at December 31, 2022$745$2$3,109$(1,047)$154$2,963Profit of consolidated companies5635568Dividend paid to Caterpillar(345)(80)(425)Foreign currency translation, net of tax72(5)67Derivative financial instruments, net of tax(3)(3)Balance at December 31, 2023$745$2$3,327$(978)$74$3,170Profit of consolidated companies5981599Dividend paid to Caterpillar(625)(625)Foreign currency translation, net of tax(260)(260)Derivative financial instruments, net of tax66Balance at December 31, 2024$745$2$3,300$(1,232)$75$2,890










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202420232022Cash flows from operating activities:Profit of consolidated companies$599$568$542Adjustments to reconcile profit to net cash provided by operating activities:Depreciation and amortization738728732Accretion of Caterpillar purchased receivable revenue(625)(617)(417)Provision for credit losses754981Provision (benefit) for deferred income taxes(284)(7)(26)Loss on divestiture210——Other, net197(25)130Changes in assets and liabilities:Other assets195112146Payable to dealers and others(42)2938Accrued expenses547720Other payables with Caterpillar141227Other liabilities68(122)(18)Net cash provided by operating activities1,1998041,255Cash flows from investing activities:Expenditures for equipment on operating leases(1,045)(1,277)(1,121)Capital expenditures - excluding equipment on operating leases(40)(20)(18)Proceeds from disposals of equipment629668756Additions to finance receivables(16,833)(17,250)(14,217)Collections of finance receivables14,70615,61314,061Net changes in Caterpillar purchased receivables1291,080492Proceeds from sale of business, net of cash sold(153)——Proceeds from sales of receivables836357Net change in variable lending to Caterpillar(31)(77)(2)Additions to other notes receivable from Caterpillar(59)(19)(139)Collections of other notes receivable from Caterpillar565246Settlements of undesignated derivatives47(10)(87)Net cash provided by (used for) investing activities(2,511)(1,177)(172)Cash flows from financing activities:Net change in variable lending from Caterpillar(14)1—Proceeds from debt issued (original maturities greater than three months)10,2838,2776,674Payments on debt issued (original maturities greater than three months)(8,284)(6,232)(7,703)Short-term borrowings, net (original maturities three months or less)(168)(1,342)540Dividend paid to Caterpillar(625)(425)(275)Net cash provided by (used for) financing activities1,192279(764)Effect of exchange rate changes on cash, cash equivalents and restricted cash(9)(47)(63)Increase (decrease) in cash, cash equivalents and restricted cash(129)(141)256Cash, cash equivalents and restricted cash at beginning of year(1)729870614Cash, cash equivalents and restricted cash at end of year(1)$600$729$870Cash paid for interest$1,235$960$544Cash paid for taxes, net$140$210$254Cash equivalents primarily represent short-term, highly liquid investments with original maturities of generally three months or less.(1)As of December 31, 2024, 2023 and 2022, restricted cash, which is included in Other assets in the Consolidated Statements of Financial Position, was $1 million, $2 million and $2 million, respectively. Restricted cash primarily includes cash related to syndication activities.










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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES























Basis of Presentation

















Finance Receivables











Revenue Recognition











120

















---













Equipment on Operating Leases











Depreciation





seven years





Residual Values























Derivative Financial Instruments











Allowance for Credit Losses














---
















Income Taxes











We join Caterpillar in the filing of a consolidated U.S. Federal income tax return and certain state income tax returns. In accordance with our tax sharing agreement with Caterpillar, we generally pay to or receive from Caterpillar our allocated share of income taxes or credits reflected in these consolidated filings. This amount is calculated on a separate return basis by taking taxable income times the applicable statutory tax rate and includes payment for certain tax attributes earned during the year.





Foreign Currency Translation





The functional currency for most of our subsidiaries is the respective local currency. We include gains and losses resulting from the remeasurement of foreign currency amounts to the functional currency in Other income (expense) in the Consolidated Statements of Profit. We include gains and losses resulting from translating assets and liabilities from the functional currency to U.S. dollars in Accumulated other comprehensive income (loss) in the Consolidated Statements of Financial Position.





Estimates in Financial Statements











New Accounting Pronouncements




















ASUDescription2023-01Leases – Common control arrangements





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FINANCE RECEIVABLES







(Millions of dollars)20242023Retail loans(1)$17,331$16,501Retail leases6,3806,554Caterpillar purchased receivables4,2833,949Wholesale loans(1)1,2351,069Wholesale leases24Total finance receivables29,23128,077Less: Allowance for credit losses(267)(331)Total finance receivables, net$28,964$27,746











(Millions of dollars)Amounts due inRetail loansRetail leasesCaterpillar purchased receivablesWholesale loansWholesale leasesTotal2025$7,593$2,451$4,317$885$1$15,24720264,5471,711—177—6,43520273,1531,028—137—4,31820281,764556—8—2,3282029624250—1—875Thereafter15087———237Total17,8316,0834,3171,208129,440Guaranteed residual value(1)6403—31—440Unguaranteed residual value(1)2585—21590Unearned income(508)(691)(34)(6)—(1,239)Total$17,331$6,380$4,283$1,235$2$29,231








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437 419 429

























51 27




































































---





































(Millions of dollars)20242023Allowance for Credit Losses:CustomerDealerCaterpillarPurchased ReceivablesTotalCustomerDealerCaterpillar Purchased ReceivablesTotalBeginning Balance$276$51$4$331$277$65$4$346Write-offs(125)(47)—(172)(115)——(115)Recoveries57——5750——50Provision for credit losses(1)84—18561(14)—47Other(34)——(34)3——3Ending Balance$258$4$5$267$276$51$4$331Finance Receivables$22,199$2,749$4,283$29,231$21,177$2,951$3,949$28,077











(Millions of dollars)Year Ended December 31, 202420242023202220212020PriorRevolving Finance ReceivablesTotalNorth America$2$19$13$6$3$1$9$53EAME145421—17Asia/Pacific145411—16Latin America—36538—25Mining833————14Total$12$33$32$19$9$11$9$125Year Ended December 31, 202320232022202120202019PriorRevolving Finance ReceivablesTotalNorth America$2$11$11$5$3$2$12$46EAME15641——17Asia/Pacific25851——21Latin America—856110—30Power—————1—1Total$5$29$30$20$6$13$12$115





47





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30














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(Millions of dollars)December 31, 202420242023202220212020PriorRevolving Finance ReceivablesTotalFinanceReceivablesNorth AmericaCurrent$5,340$3,035$1,567$980$244$23$385$11,57431-60 days past due3042291851312861-90 days past due9141062114391+ days past due13372616621101EAMECurrent1,2448745322859272—3,09931-60 days past due710431——2561-90 days past due34111——1091+ days past due3148641—36Asia/PacificCurrent1,064662313126314462,24631-60 days past due4652———1761-90 days past due1121———591+ days past due41211——9Latin AmericaCurrent8003632206082—1,45331-60 days past due4651—2—1861-90 days past due121————491+ days past due268411—22MiningCurrent1,0677754502146941212,63731-60 days past due—1—————161-90 days past due—1—————191+ days past due4551—3—18PowerCurrent1901844043646316675031-60 days past due————————61-90 days past due————————91+ days past due—————2—2Totals by Aging CategoryCurrent9,7055,8933,1221,70850820561821,75931-60 days past due4565432463318961-90 days past due14221483116391+ days past due266349281291188Total$9,790$6,043$3,228$1,768$529$218$623$22,199








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(Millions of dollars)December 31, 202320232022202120202019PriorRevolving Finance ReceivablesTotalFinanceReceivablesNorth AmericaCurrent$4,430$2,628$2,000$745$220$32$312$10,36731-60 days past due2831241471410961-90 days past due1011841—23691+ days past due122318941269EAMECurrent1,336895588258111105—3,29331-60 days past due109731——3061-90 days past due43311——1291+ days past due71715831—51Asia/PacificCurrent1,134690368115377452,39631-60 days past due5782———2261-90 days past due2332———1091+ days past due15331——13Latin AmericaCurrent75052021959236—1,57731-60 days past due91061———2661-90 days past due241————791+ days past due21085811—44MiningCurrent1,1066943961268627662,50131-60 days past due————————61-90 days past due————11—291+ days past due——1——1—2PowerCurrent152526575425916260731-60 days past due————————61-90 days past due————————91+ days past due—————3—3Totals by Aging CategoryCurrent8,9085,4793,6361,37851923658520,74131-60 days past due5257452081418761-90 days past due18211573126791+ days past due2255452516172182Total$9,000$5,612$3,741$1,430$546$255$593$21,177














47





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(Millions of dollars)202431-60DaysPast Due61-90DaysPast Due91+DaysPast DueTotalPast DueCurrentTotal Finance ReceivablesNorth America$14$5$4$23$2,584$2,607EAME31—4740744Asia/Pacific——11528529Latin America————383383Power21141620Total$19$7$6$32$4,251$4,283


202331-60DaysPast Due61-90DaysPast Due91+DaysPast DueTotalPast DueCurrentTotal Finance ReceivablesNorth America$15$5$4$24$2,212$2,236EAME3115732737Asia/Pacific2——2593595Latin America141823348371Power————1010Total$21$10$23$54$3,895$3,949











(Millions of dollars)20242023Amortized CostAmortized CostNon-accrual With an Allowance91+ Still AccruingNon-accrual With an Allowance91+ Still AccruingNorth America$83$20$52$20EAME3353418Asia/Pacific5585Latin America24—481Mining29—2—Power2—8—Total$176$30$152$44





no 47








four months six months





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no 33 47 0.15 0.17








(In months)20242023Weighted average extension to term of modified contracts815Weighted average payment deferral and/or interest only periods67


























no 65 64








40







EQUIPMENT ON OPERATING LEASES








(Millions of dollars)20242023Equipment on operating leases, at cost$4,207$4,433Less: Accumulated depreciation(1,427)(1,419)Equipment on operating leases, net$2,780$3,014














(Millions of dollars)20252026202720282029ThereafterTotal$723$470$256$131$45$15$1,640










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CREDIT COMMITMENTS








three 10.50 7.75





364-day 364-day 3.15 2.33


three-year three-year three-year 2.73 2.01


five-year five-year five-year 4.62 3.41





no








3.45 687 853








2.44 2.14 30 ten years 10 559 24 527







SHORT-TERM BORROWINGS








(Millions of dollars)20242023BalanceWeighted Avg. RateBalanceWeighted Avg. RateCommercial paper, net$3,9464.5%$4,0695.2%Bank borrowings and other16510.8%33010.0%Variable denomination floating rate demand notes2824.2%2445.2%Total$4,393$4,643










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LONG-TERM DEBT





9.99
  8.04
 1.95
 five years








(Millions of dollars)20242023BalanceWeighted Avg. RateBalanceWeighted Avg. RateMedium-term notes$24,9403.9%$23,1653.2%Unamortized discount and debt issuance costs(42)(34)Fair value adjustments(16)(46)Medium-term notes, net24,88223,085Bank borrowings and other5249.6%5276.6%Total$25,406$23,612








(Millions of dollars)2025$6,61920268,50820277,74120281120292,093





1.25 1.25 800 450 1.25 800 450







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DERIVATIVE FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
























































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(Millions of dollars)20242023Assets1Liabilities2Assets1Liabilities2Designated derivativesForeign exchange contracts$228$(89)$207$(73)Interest rate contracts10(31)50(68)$238$(120)$257$(141)Undesignated derivativesForeign exchange contracts$84$(19)$28$(79)$84$(19)$28$(79)











15.97 15.73








(Millions of dollars)Fair Value / Undesignated HedgesCash Flow HedgesGains (Losses)Recognized1Gains (Losses)Recognized in AOCIGains (Losses)Reclassified from AOCI2202420232022202420232022202420232022Foreign exchange contracts$167$(39)$(111)$255$(22)$310$213$(68)$370Interest rate contracts(76)(75)(7)119111415814$91$(114)$(118)$266$(13)$421$254$(10)$384














(Millions of dollars)Carrying Value of the Hedged LiabilitiesCumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Value of the Hedged Liabilities2024202320242023Current maturities of long-term debt$483$982$(16)$(23)Long-term debt3,2472,128—(23)Total$3,730$3,110$(16)$(46)





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7




















(Millions of dollars)20242023AssetsLiabilitiesAssetsLiabilitiesGross amounts recognized$322$(139)$285$(220)Financial instruments not offset(54)54(106)106Net amount$268$(85)$179$(114)








322 285










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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)





Changes in the balances for each component of AOCI for the years ended December 31, were as follows:


(Millions of dollars)202420232022Foreign currency translationBalance at beginning of year$(996)$(1,068)$(762)Gains (losses) on foreign currency translation(299)55(276)Less: Tax provision/(benefit)22(17)30Net gains (losses) on foreign currency translation(321)72(306)(Gains) losses reclassified to earnings61——Less: Tax provision/(benefit)———Net (gains) losses reclassified to earnings61——Other comprehensive income (loss), net of tax(260)72(306)Balance at end of year$(1,256)$(996)$(1,068)Derivative financial instrumentsBalance at beginning of year$18$21$(12)Gains (losses) deferred266(13)421Less: Tax provision/(benefit)74(3)97Net gains (losses) deferred192(10)324(Gains) losses reclassified to earnings(254)10(384)Less: Tax (provision)/benefit(68)3(93)Net (gains) losses reclassified to earnings(186)7(291)Other comprehensive income (loss), net of tax6(3)33Balance at end of year$24$18$21Total Accumulated other comprehensive income (loss) at end of year$(1,232)$(978)$(1,047)







COMMITMENTS AND CONTINGENT LIABILITIES
















1 23 25








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1.14 1.35 1.14 1.35








843 13


















INCOME TAXES








(Millions of dollars)202420232022Taxes computed at U.S. statutory rates$11221.0%$16021.0%$15421.0%(Decreases) increases in taxes resulting from:State income tax, net of federal tax110.2%50.5%40.5%Non-U.S. subsidiaries taxed at other than the U.S. rate(14)(2.6)%212.8%192.6%Valuation allowances10.2%(14)(1.8)%152.1%Tax law change for currency translation(224)(42.0)%——%——%Tax loss on divestiture of a non-U.S. subsidiary489.0%——%——%Dividend withholding tax & indefinite reinvestment change20.4%304.0%——%Foreign currency translation taxed at non- U.S. subsidiaries81.5%(10)(1.3)%(4)(0.5)%Other, net——%——%10.1%Provision for income taxes$(66)(12.4)%$19225.2%$18925.8%

















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224 30





15 22 8 15





3








(Millions of dollars)202420232022U.S.$173$384$439Non-U.S.360376292Total$533$760$731














(Millions of dollars)Current income tax provision:202420232022U.S.$117$36$116Non-U.S.10915095State (U.S.)235228189216Deferred income tax provision (benefit):U.S.(283)33(36)Non-U.S.9(31)8State (U.S.)(20)11(294)3(27)Total Provision for income taxes$(66)$192$189














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255 190





The amounts of deferred income taxes at December 31, included in the following lines in our Consolidated Statements of Financial Position were:


(Millions of dollars)20242023Assets:Other assets$114$144Liabilities:Other liabilities(330)(617)Deferred income taxes, net$(216)$(473)








(Millions of dollars)Deferred income tax assets:20242023Allowance for credit losses$77$95Tax carryforwards122103Revenue timing differences1916218214Deferred income tax liabilities:Capital assets, including lease basis differences(367)(430)Deferred income tax on translation adjustment—(200)Undistributed profits of non-U.S. subsidiaries(15)(16)(382)(646)Valuation allowance for deferred income tax assets(51)(39)Other, net(1)(2)Deferred income taxes, net$(216)$(473)





4 1











16 1 15 16 29 73 34








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(Millions of dollars)202420232022Reconciliation of unrecognized income tax benefits(1):Balance at beginning of year$119$127$131Additions for income tax positions related to current year15——Additions for income tax positions related to prior year———Reductions for income tax positions related to prior year—(2)—Reductions for income tax positions related to settlements—(6)(4)Balance at end of year$134$119$127Amount that, if recognized, would impact the effective tax rate$134$119$127








10 6





We are subject to the continuous examination of our U.S. federal income tax returns by the IRS, and tax years 2017 to 2019 are currently under examination. In our major non-U.S. jurisdictions, tax years are typically subject to examination for three to ten years. Due to the uncertainty related to the timing and potential outcome of audits, we cannot estimate the range of reasonably possible change in unrecognized tax benefits in the next 12 months.







FAIR VALUE DISCLOSURES





Fair Value Measurements









































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183 65








59 55


























(Millions of dollars)20242023Carrying AmountFair ValueCarrying AmountFair ValueFair Value LevelsReferenceAssetsFinance receivables, net (excluding finance leases(1))$22,026$21,593$20,746$20,3303Note 2LiabilitiesLong-term debt$25,406$25,304$23,612$23,2992Note 6


6.94 7.00







TRANSACTIONS WITH RELATED PARTIES





20 1.15 625 425 275








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2.44 2.14 Information concerning these agreements was as follows:


(Millions of dollars)202420232022Payable to Caterpillar - borrowings as of December 31,$10$24$23Payable to Caterpillar - other as of December 31,118113101Notes receivable from Caterpillar as of December 31,559527482Other receivables from Caterpillar as of December 31,(2)8539133Interest expense111Interest income on Notes Receivable with Caterpillar(1)232117














(Millions of dollars)202420232022Purchases made$52,930$53,382$47,158Revenue earned625617417Purchased Receivables as of December 31,4,2833,9494,297





540 332 339 278 155 31 27 24 18 18 17 473 376











50 50 52 16 15 13
















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SEGMENT AND GEOGRAPHIC INFORMATION











































































































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(Millions of dollars)2024External revenuesInterest expenseDepreciation on equipment leased to othersGeneral, operating and administrative expensesProvisionforcreditlossesOther segment items(1)Profit before income taxesNorth America$1,988$634$512$185$70$17$570EAME3801435489(12)4102Asia/Pacific271100477—387Latin America338152135364110Mining3771051373919176Power6533211(8)—27Total Segments3,4191,1677224547529972Unallocated85492—195—(28)(574)Timing(15)——(16)——1Methodology—(372)—11—17344Divestiture—————210(210)Total$3,489$1,287$722$644$75$228$5332023External revenuesInterest expenseDepreciation on equipment leased to othersGeneral, operating and administrative expensesProvisionforcreditlossesOther segment items(1)Profit before income taxesNorth America$1,786$463$512$170$32$13$596EAME3681035793311101Asia/Pacific278102469(2)—105Latin America348174125216103Mining3418012637(2)199Power5826211164(1)Total Segments3,17994871343248351,003Unallocated83394—162133(507)Timing(14)——(16)——2Methodology—(309)—10—37262Total$3,248$1,033$713$588$49$105$7602022External revenuesInterest expenseDepreciation on equipment leased to othersGeneral, operating and administrative expensesProvisionforcreditlossesOther segment items(1)Profit before income taxesNorth America$1,512$263$503$155$25$16$550EAME28579558849212Asia/Pacific2837356263134Latin America28413610437385Mining29442143359263Power5315212(15)237Total Segments2,7116087183958128881Unallocated35204—143——(312)Timing(12)——(16)——4Methodology—(246)—9—79158Total$2,734$566$718$531$81$107$731








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(Millions of dollars)Assets as of December 31,Capital Expenditures(1)20242023202420232022North America$17,800$16,303$787$961$862EAME4,6685,1177473117Asia/Pacific3,2763,4351446Latin America2,4232,583212125Mining3,3063,059156229120Power812662———Total Segments$32,285$31,159$1,052$1,288$1,130Unallocated1,9212,0543399Timing(12)20———Methodology128145———Inter-segment Eliminations(2)(238)(266)———Total$34,084$33,112$1,085$1,297$1,139














(Millions of dollars)202420232022RevenuesInside U.S.$2,096$1,879$1,551All other1,3931,3691,183Total$3,489$3,248$2,734Equipment on operating leases, net and property  and equipment, net (included in Other assets)20242023Inside U.S.$1,925$2,066Inside Canada478539All other529544Total$2,932$3,149







DIVESTITURE





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