Stock Analysis on Net

Caterpillar Inc. (NYSE:CAT)

Adjustments to Financial Statements

Microsoft Excel

Adjustments to Current Assets

Caterpillar Inc., adjusted current assets

US$ in millions

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Current assets 45,682 46,949 43,785 43,455 39,464
Adjustments
Add: LIFO reserve1 3,864 3,423 3,321 2,599 2,132
After Adjustment
Adjusted current assets 49,546 50,372 47,106 46,054 41,596

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 LIFO reserve. See details »


Adjustments to Total Assets

Caterpillar Inc., adjusted total assets

US$ in millions

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Total assets 87,764 87,476 81,943 82,793 78,324
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)1
Add: LIFO reserve2 3,864 3,423 3,321 2,599 2,132
Less: Deferred income tax assets (included in Noncurrent deferred and refundable income taxes)3 3,191 2,634 2,047 1,669 1,358
After Adjustment
Adjusted total assets 88,437 88,265 83,217 83,723 79,098

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

2 LIFO reserve. See details »

3 Deferred income tax assets (included in Noncurrent deferred and refundable income taxes). See details »


Adjustments to Total Liabilities

Caterpillar Inc., adjusted total liabilities

US$ in millions

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Total liabilities 68,270 67,973 66,052 66,277 62,946
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)1
Less: Deferred income tax liabilities (included in Other liabilities)2 432 454 471 412 418
Less: Product warranty liability 1,700 1,894 1,761 1,689 1,612
After Adjustment
Adjusted total liabilities 66,138 65,625 63,820 64,176 60,916

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 Operating lease liability (before adoption of FASB Topic 842). See details »

2 Deferred income tax liabilities (included in Other liabilities). See details »


Adjustments to Stockholders’ Equity

Caterpillar Inc., adjusted equity attributable to common shareholders

US$ in millions

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Equity attributable to common shareholders 19,491 19,494 15,869 16,484 15,331
Adjustments
Less: Deferred income taxes, net1 2,759 2,180 1,576 1,257 940
Add: LIFO reserve2 3,864 3,423 3,321 2,599 2,132
Add: Product warranty liability 1,700 1,894 1,761 1,689 1,612
Add: Noncontrolling interests 3 9 22 32 47
After Adjustment
Adjusted total stockholders’ equity 22,299 22,640 19,397 19,547 18,182

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 Deferred income taxes, net. See details »

2 LIFO reserve. See details »


Adjustments to Capitalization Table

Caterpillar Inc., adjusted capitalization table

US$ in millions

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Short-term borrowings 4,393 4,643 5,957 5,404 2,015
Long-term debt due within one year 6,665 8,763 5,322 6,352 9,149
Long-term debt due after one year 27,351 24,472 25,714 26,033 25,999
Total reported debt 38,409 37,878 36,993 37,789 37,163
Equity attributable to common shareholders 19,491 19,494 15,869 16,484 15,331
Total reported capital 57,900 57,372 52,862 54,273 52,494
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)1
Add: Current operating lease liabilities (recognized in Other current liabilities)2 143 147 151 158 163
Add: Noncurrent operating lease liabilities (recognized in Other liabilities)3 459 427 428 484 457
Adjusted total debt 39,011 38,452 37,572 38,431 37,783
Adjustments to Equity
Less: Deferred income taxes, net4 2,759 2,180 1,576 1,257 940
Add: LIFO reserve5 3,864 3,423 3,321 2,599 2,132
Add: Product warranty liability 1,700 1,894 1,761 1,689 1,612
Add: Noncontrolling interests 3 9 22 32 47
Adjusted total stockholders’ equity 22,299 22,640 19,397 19,547 18,182
After Adjustment
Adjusted total capital 61,310 61,092 56,969 57,978 55,965

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 Operating lease liability (before adoption of FASB Topic 842). See details »

2 Current operating lease liabilities (recognized in Other current liabilities). See details »

3 Noncurrent operating lease liabilities (recognized in Other liabilities). See details »

4 Deferred income taxes, net. See details »

5 LIFO reserve. See details »


Adjustments to Reported Income

Caterpillar Inc., adjusted profit attributable to common stockholders

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Profit attributable to common stockholders 10,792 10,335 6,705 6,489 2,998
Adjustments
Add: Deferred income tax expense (benefit)1 (621) (592) (377) (383) (74)
Add: Increase (decrease) in LIFO reserve2 441 102 722 467 46
Add: Increase (decrease) in product warranty liability (194) 133 72 77 71
Add: Other comprehensive income (loss), net of tax (651) 637 (904) (665) 679
Add: Comprehensive income (loss), net of tax, attributable to noncontrolling interest (4) (3) (1) 4 5
After Adjustment
Adjusted profit of consolidated and affiliated companies 9,763 10,612 6,217 5,989 3,725

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 Deferred income tax expense (benefit). See details »

2 Increase (decrease) in LIFO reserve. See details »