Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

Caterpillar Inc., consolidated balance sheet: assets

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Cash and cash equivalents	6,889)	6,978)	7,004)	9,254)	9,352)
Receivables, trade and other	9,282)	9,310)	8,856)	8,477)	7,317)
Receivables, finance	9,565)	9,510)	9,013)	8,898)	9,463)
Prepaid expenses and other current assets	3,119)	4,586)	2,642)	2,788)	1,930)
Inventories	16,827)	16,565)	16,270)	14,038)	11,402)
Current assets	45,682)	46,949)	43,785)	43,455)	39,464)
Property, plant and equipment, net	13,361)	12,680)	12,028)	12,090)	12,401)
Long-term receivables, trade and other	1,225)	1,238)	1,265)	1,204)	1,185)
Long-term receivables, finance	13,242)	12,664)	12,013)	12,707)	12,222)
Noncurrent deferred and refundable income taxes	3,312)	2,816)	2,213)	1,840)	1,523)
Intangible assets	399)	564)	758)	1,042)	1,308)
Goodwill	5,241)	5,308)	5,288)	6,324)	6,394)
Other assets	5,302)	5,257)	4,593)	4,131)	3,827)
Noncurrent assets	42,082)	40,527)	38,158)	39,338)	38,860)
Total assets	87,764)	87,476)	81,943)	82,793)	78,324)

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).

The analysis of asset components over the five-year period reveals several key trends and shifts in the composition and magnitude of the assets.

Cash and cash equivalents: There is a clear downward trend in cash and cash equivalents, decreasing steadily from 9,352 million US dollars in 2020 to 6,889 million US dollars in 2024, indicating a reduction of approximately 26% over the period.
Receivables (trade, other, and finance): Trade and other receivables increased from 7,317 million US dollars in 2020 to 9,282 million US dollars in 2024, representing steady growth. Finance receivables, however, showed fluctuations with a slight decrease in 2021 but overall increased from 9,463 million to 9,565 million in 2024, revealing stability with modest growth.
Prepaid expenses and other current assets: This category showed variability, with a significant rise to 4,586 million US dollars in 2023 from 2,642 million US dollars in 2022, followed by a decline to 3,119 million US dollars in 2024. This fluctuation suggests changes in prepayments or other current asset components during this period.
Inventories: Inventories increased consistently from 11,402 million US dollars in 2020 to 16,827 million US dollars in 2024. The steady increase reflects a buildup in inventory levels over the five years.
Current assets: Current assets grew from 39,464 million US dollars in 2020 to a peak of 46,949 million US dollars in 2023, before declining slightly to 45,682 million US dollars in 2024. Overall, it shows a general upward trend largely driven by increases in receivables and inventories.
Property, plant, and equipment (net): Property, plant, and equipment showed minor fluctuations, decreasing slightly until 2022 to 12,028 million US dollars, then increasing to 13,361 million US dollars in 2024, indicating recent investment in fixed assets.
Long-term receivables (trade and other, finance): Long-term trade and other receivables remained relatively stable, with a slight decline from 1,185 million US dollars in 2020 to 1,225 million US dollars in 2024. Long-term finance receivables fluctuated more, initially rising to 12,707 million in 2021, dipping in 2022, and then increasing again to 13,242 million in 2024.
Noncurrent deferred and refundable income taxes: This asset category showed significant growth, increasing consistently from 1,523 million US dollars in 2020 to 3,312 million US dollars in 2024, more than doubling over the period, which might indicate changes in tax timing differences or refund expectations.
Intangible assets and goodwill: Intangible assets decreased substantially from 1,308 million US dollars in 2020 to 399 million in 2024, diminishing by nearly 70%. Goodwill also declined steadily from 6,394 million US dollars in 2020 to 5,241 million US dollars in 2024, reflecting potential impairment or divestitures.
Other assets: Other assets rose gradually over the period, increasing from 3,827 million US dollars in 2020 to 5,302 million US dollars in 2024, denoting modest growth in miscellaneous noncurrent assets.
Noncurrent assets: The total noncurrent assets showed slight variability but a modest upward trajectory from 38,860 million US dollars in 2020 to 42,082 million US dollars in 2024, driven primarily by increases in property, plant, equipment, noncurrent receivables, and deferred tax assets, despite decreases in intangible assets and goodwill.
Total assets: Total assets increased overall from 78,324 million US dollars in 2020 to 87,764 million US dollars in 2024, representing an approximate 12% increase. The growth was paced with fluctuations, peaking in 2023 at 87,476 million US dollars before slightly increasing further in 2024.

In summary, the company’s asset base grew moderately over the five years with notable shifts. Cash holdings declined steadily, contrasting with increases in receivables and inventories. Investment in fixed assets also grew, while intangible assets and goodwill notably eroded. The growth in deferred tax assets was significant, indicating tax-related changes. Overall, the asset composition reflects a strategic rebalancing with increased operational assets and decreasing liquid and intangible components.

Assets: Selected Items

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Caterpillar Inc. (NYSE:CAT)

Balance Sheet: Assets

Assets: Selected Items

Current Assets: Selected Items