Analysis of Debt

Caterpillar Inc., balance sheet: debt

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Short-term borrowings	4,643)	5,957)	5,404)	2,015)	5,166)
Long-term debt due within one year	8,763)	5,322)	6,352)	9,149)	6,210)
Long-term debt due after one year	24,472)	25,714)	26,033)	25,999)	26,281)
Total short-term borrowings and long-term debt (carrying amount)	37,878)	36,993)	37,789)	37,163)	37,657)

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Debt item	Description	The company
Total short-term borrowings and long-term debt (carrying amount)	Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations.	Caterpillar Inc. total debt decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

	Dec 31, 2023
Selected Financial Data (US$ in millions)
Short-term borrowings	4,643)
Machinery, Energy & Transportation	9,550)
Financial Products	23,299)
Total long-term debt, including amounts due within one year (fair value)	32,849)
Total short-term borrowings and long-term debt (fair value)	37,492)
Financial Ratio
Debt, fair value to carrying amount ratio	0.99

Weighted-average effective yield to maturity: 4.96%

Interest rate	Debt amount¹	Interest rate × Debt amount
10.00%	330)	33)
5.20%	4,069)	212)
5.20%	244)	13)
5.27%	752)	40)
6.68%	193)	13)
2.67%	498)	13)
2.72%	795)	22)
2.04%	496)	10)
7.38%	241)	18)
8.64%	233)	20)
6.12%	456)	28)
8.38%	64)	5)
7.02%	158)	11)
6.39%	1,355)	87)
4.39%	494)	22)
3.34%	984)	33)
3.32%	1,186)	39)
4.81%	494)	24)
7.51%	241)	18)
Total	13,283)	659)
4.96%

¹ US$ in millions

² Weighted-average interest rate = 100 × 659 ÷ 13,283 = 4.96%

Caterpillar Inc. (NYSE:CAT)