Stock Analysis on Net
Stock Analysis on Net

Caterpillar Inc. (NYSE:CAT)

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Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

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Caterpillar Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Machinery, Energy & Transportation
Financial Products
Short-term borrowings
Accounts payable
Accrued expenses
Accrued wages, salaries and employee benefits
Customer advances
Dividends payable
Other current liabilities
Machinery, Energy & Transportation
Financial Products
Long-term debt due within one year
Current liabilities
Machinery, Energy & Transportation
Financial Products
Long-term debt due after one year
Liability for postemployment benefits
Other liabilities
Noncurrent liabilities
Total liabilities
Common stock of $1.00 par value, at paid-in amount
Treasury stock, at cost
Profit employed in the business
Accumulated other comprehensive loss
Equity attributable to common shareholders
Noncontrolling interests
Total stockholders’ equity
Total liabilities and stockholders’ equity

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).

Liabilities Trends
Overall total liabilities remained relatively stable, showing a slight decline from 80.37% in 2020 to 77.79% in 2024 as a percentage of total liabilities and stockholders' equity. Current liabilities increased from 32.83% in 2020 to a peak of 39.7% in 2023 before declining to 36.77% in 2024. This indicates some fluctuation in short-term obligations.
Short-term borrowings and financial products as a portion of total liabilities increased sharply from 2.57% and 2.56% respectively in 2020 to around 7.27% in 2022, then decreased gradually to just above 5% by 2024, signaling a temporary rise in short-term financial obligations followed by partial reduction.
Accounts payable showed an upward trend from 7.82% in 2020 to a high of 10.6% in 2022 before contracting to 8.75% in 2024. Accrued expenses and accrued wages exhibited moderate increases, with accrued wages peaking at 3.15% in 2023 and slightly falling back to 2.72% in 2024, indicating growing labor-related liabilities followed by some easing.
Long-term debt due within one year decreased significantly from 11.68% in 2020 to 6.49% in 2022, but then rose again to 10.02% in 2023 before falling to 7.59% in 2024, reflecting variability in the near-term portion of long-term obligations. Long-term debt due after one year declined steadily from 33.19% in 2020 to 27.98% in 2023, then increased to 31.16% in 2024, indicating some debt restructuring or refinancing activity.
Noncurrent liabilities declined progressively from 47.53% in 2020 to 38% in 2023, then increased moderately to 41.02% in 2024. Notably, liabilities related to postemployment benefits consistently decreased from 8.77% in 2020 to 4.28% in 2024, suggesting a reduction in long-term employee-related obligations.
Equity Trends
Total stockholders’ equity increased from 19.63% in 2020 to 22.3% in 2023, stabilizing at 22.21% in 2024. Within equity, profit employed in the business showed strong growth, rising from 44.9% of total liabilities and equity in 2020 to 67.63% in 2024, indicating improved retained earnings or reinvested profits driving equity growth.
The common stock component remained relatively steady between 7.32% and 8.01% over the period. Treasury stock, representing shares repurchased, exhibited a significant increase in negative value from -32.15% in 2020 to -50.51% in 2024, reflecting aggressive share buyback activity which effectively reduced equity by increasing treasury shares.
Accumulated other comprehensive loss fluctuated negatively, deepening from -1.13% in 2020 to -3% in 2022, followed by some recovery but ending at -2.82% in 2024, suggesting ongoing unrealized losses affecting equity but with some improvement in recent years.
Equity attributable to common shareholders experienced a moderate increase, moving from 19.57% in 2020 up to 22.28% in 2023, maintaining similar level in 2024, signifying stable shareholder equity after accounting for treasury stock and comprehensive losses.
Operational and Financial Insights
The company displayed variable reliance on short-term financing and borrowings, with peaks observed during 2021-2022 followed by a reduction indicating possible debt paydown or refinancing strategies. The gradual reduction in postemployment benefit liabilities points to better management of long-term employee costs.
A notable trend is the consistent increase in treasury stock, signifying increased share repurchases which may indicate confidence in the company's valuation or an effort to enhance shareholder value by reducing outstanding shares.
The increase in profit employed in the business reveals accumulation of earnings, which supports equity growth despite the offset from treasury stock and comprehensive losses. This growth in retained earnings may enhance financial stability and provide a buffer for future obligations.
Overall, the financial structure illustrates a balance between liabilities and equity, with emphasis on maintaining a substantial equity base through reinvested profits while managing debt levels to ensure liquidity and reduce financial risk.