Property, Plant and Equipment Disclosure
Asset Age Ratios (Summary)
Average Age
Estimated Total Useful Life
Estimated Age, Time Elapsed Since Purchase
Estimated Remaining Life

Caterpillar Inc., balance sheet: property, plant and equipment

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Land	612)	616)	622)	648)	681)
Buildings and land improvements	7,281)	7,154)	7,016)	7,113)	7,091)
Machinery, equipment and other	12,523)	12,150)	12,282)	12,868)	13,004)
Software	1,609)	1,607)	1,556)	1,697)	1,679)
Equipment leased to others	5,701)	5,837)	5,568)	5,733)	6,077)
Construction-in-process	1,751)	1,259)	1,020)	812)	739)
Property, plant and equipment, at cost	29,477)	28,623)	28,064)	28,871)	29,271)
Accumulated depreciation	(16,116)	(15,943)	(16,036)	(16,781)	(16,870)
Property, plant and equipment, net	13,361)	12,680)	12,028)	12,090)	12,401)

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).

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Item	Description	The company
Property, plant and equipment, at cost	Amount before accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.	Caterpillar Inc. property, plant and equipment, at cost increased from 2022 to 2023 and from 2023 to 2024.
Property, plant and equipment, net	Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.	Caterpillar Inc. property, plant and equipment, net increased from 2022 to 2023 and from 2023 to 2024.

Caterpillar Inc., asset age ratios

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Average age ratio	55.83%	56.93%	58.44%	59.46%	59.01%
Estimated total useful life (years)	15	15	14	14	13
Estimated age, time elapsed since purchase (years)	8	8	8	8	8
Estimated remaining life (years)	6	6	6	6	6

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).

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Asset age ratio	Description	The company
Average age ratio	As long as straight-line depreciation is used, this is an accurate estimate of asset age as a percentage of depreciable life. The relative age is a useful measure of whether the company fixed asset base is old or new. Newer assets are likely to be more efficient.	Caterpillar Inc. average age ratio of depreciable property, plant and equipment improved from 2022 to 2023 and from 2023 to 2024.
Estimated total useful life	Over longer time periods, this ratio is a useful measure of company depreciation policy and can be used for comparisons with competitors.	Caterpillar Inc. estimated total useful life of depreciable property, plant and equipment increased from 2022 to 2023 and from 2023 to 2024.
Estimated time elapsed since purchase	The approximate age in years of a company fixed assets. Useful for comparison purposes.	Caterpillar Inc. estimated time elapsed since purchase of depreciable property, plant and equipment improved from 2022 to 2023 and from 2023 to 2024.
Estimated remaining life		Caterpillar Inc. estimated remaining life of depreciable property, plant and equipment increased from 2022 to 2023 and from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Selected Financial Data (US$ in millions)
Accumulated depreciation	16,116)	15,943)	16,036)	16,781)	16,870)
Property, plant and equipment, at cost	29,477)	28,623)	28,064)	28,871)	29,271)
Land	612)	616)	622)	648)	681)
Asset Age Ratio
Average age¹	55.83%	56.93%	58.44%	59.46%	59.01%

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).

2024 Calculations

¹ Average age = 100 × Accumulated depreciation ÷ (Property, plant and equipment, at cost – Land)
= 100 × 16,116 ÷ (29,477 – 612) = 55.83%

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Asset age ratio	Description	The company
Average age	As long as straight-line depreciation is used, this is an accurate estimate of asset age as a percentage of depreciable life. The relative age is a useful measure of whether the company fixed asset base is old or new. Newer assets are likely to be more efficient.	Caterpillar Inc. average age ratio of depreciable property, plant and equipment improved from 2022 to 2023 and from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Selected Financial Data (US$ in millions)
Property, plant and equipment, at cost	29,477)	28,623)	28,064)	28,871)	29,271)
Land	612)	616)	622)	648)	681)
Consolidated depreciation expense	1,983)	1,929)	1,937)	2,050)	2,122)
Asset Age Ratio (Years)
Estimated total useful life¹	15	15	14	14	13

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).

2024 Calculations

¹ Estimated total useful life = (Property, plant and equipment, at cost – Land) ÷ Consolidated depreciation expense
= (29,477 – 612) ÷ 1,983 = 15

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Asset age ratio	Description	The company
Estimated total useful life	Over longer time periods, this ratio is a useful measure of company depreciation policy and can be used for comparisons with competitors.	Caterpillar Inc. estimated total useful life of depreciable property, plant and equipment increased from 2022 to 2023 and from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Selected Financial Data (US$ in millions)
Accumulated depreciation	16,116)	15,943)	16,036)	16,781)	16,870)
Consolidated depreciation expense	1,983)	1,929)	1,937)	2,050)	2,122)
Asset Age Ratio (Years)
Time elapsed since purchase¹	8	8	8	8	8

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).

2024 Calculations

¹ Time elapsed since purchase = Accumulated depreciation ÷ Consolidated depreciation expense
= 16,116 ÷ 1,983 = 8

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Asset age ratio	Description	The company
Estimated time elapsed since purchase	The approximate age in years of a company fixed assets. Useful for comparison purposes.	Caterpillar Inc. estimated time elapsed since purchase of depreciable property, plant and equipment improved from 2022 to 2023 and from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Selected Financial Data (US$ in millions)
Property, plant and equipment, net	13,361)	12,680)	12,028)	12,090)	12,401)
Land	612)	616)	622)	648)	681)
Consolidated depreciation expense	1,983)	1,929)	1,937)	2,050)	2,122)
Asset Age Ratio (Years)
Estimated remaining life¹	6	6	6	6	6

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).

2024 Calculations

¹ Estimated remaining life = (Property, plant and equipment, net – Land) ÷ Consolidated depreciation expense
= (13,361 – 612) ÷ 1,983 = 6

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Asset age ratio	Description	The company
Estimated remaining life		Caterpillar Inc. estimated remaining life of depreciable property, plant and equipment increased from 2022 to 2023 and from 2023 to 2024.

Caterpillar Inc. (NYSE:CAT)

Analysis of Property, Plant and Equipment

Property, Plant and Equipment Disclosure

Asset Age Ratios (Summary)

Average Age

Estimated Total Useful Life

Estimated Age, Time Elapsed since Purchase

Estimated Remaining Life