Balance Sheet: Assets
Quarterly Data
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.
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Caterpillar Inc. pages available for free this week:
- Income Statement
- Cash Flow Statement
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Operating Profit Margin since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
- Aggregate Accruals
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Caterpillar Inc., consolidated balance sheet: assets (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
The analysis of the quarterly financial data reveals several notable trends and patterns in the company's asset position over the observed periods.
- Liquidity and Working Capital Components
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Cash and cash equivalents exhibit considerable volatility, peaking above 11 billion USD in early 2021, but generally declining thereafter to levels around 3.5 to 6.9 billion USD by early 2025. This suggests fluctuating liquidity availability with a downward trend in the latest periods.
Trade and other receivables maintain a relatively stable range, fluctuating between approximately 7.8 billion and 9.4 billion USD. This steadiness indicates consistent credit extended to customers and relatively stable collection practices.
Finance receivables show minor fluctuations, hovering mostly in the 9 to 9.8 billion USD region. Their stability reflects a consistent level of financed customer sales.
Prepaid expenses and other current assets generally increase from roughly 1.8 billion USD in 2020 to peaks exceeding 5 billion USD in late 2023, followed by some reversion downward in 2024. This atypical rise and subsequent decrease may reflect timing shifts in payments or operational adjustments.
Inventories show a consistent growth trend, increasing from about 11.7 billion USD in early 2020 to a maximum near 17.9 billion USD in late 2024, indicating accumulation of stock possibly due to increased production, demand anticipation, or supply chain dynamics.
Overall current assets fluctuate around 37 to 48 billion USD, peaking in late 2023 but retracting in 2024. This pattern may imply variations in short-term asset management or operational cycles.
- Fixed and Long-term Assets
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Property, plant, and equipment (PP&E) net values demonstrate a modest decline from approximately 12.5 billion USD in early 2020 to around 13.4 billion USD by early 2025, with minor fluctuations in between. The gradual increase toward the end suggests ongoing investments or asset revaluations.
Long-term receivables, both trade and finance, generally remain steady between 1.1 to 13.4 billion USD, showing no extreme variations but slight growth trends particularly in finance receivables. This indicates sustained exposure to extended credit terms in long-term dealings.
Noncurrent deferred and refundable income taxes show steady incremental growth, rising from about 1.4 billion USD to over 3.3 billion USD, suggesting increasing deferred tax assets possibly due to timing differences in income recognition and tax payments.
- Intangible Assets and Goodwill
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Intangible assets consistently decline from near 1.5 billion USD in 2020 to about 0.36 billion USD in 2025, reflecting amortization, impairment, or asset disposals over time.
Goodwill remains relatively stable between approximately 5.2 and 6.3 billion USD, with a slight downward trend after 2021. This stability indicates that acquisition values have not materially changed, but minor impairments or adjustments may have occurred.
- Other and Noncurrent Assets
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Other assets maintain a broadly stable pattern with values fluctuating around 3.5 to 5.3 billion USD, slightly increasing over time. This steadiness suggests consistency in miscellaneous long-term holdings.
Total noncurrent assets remain within a narrow range of about 38 to 42 billion USD, showing gradual increments signaling cautious expansion or revaluation of long-term holdings.
- Total Asset Base
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Total assets increased from approximately 75.9 billion USD in early 2020 to nearly 87.5 billion USD in late 2023 but declined in 2024 to around 85 billion USD. This reflects an overall growth in asset base with a marginal contraction in recent periods, potentially due to asset sales, depreciation, or other balance sheet optimization activities.
In summary, the company appears to be managing its liquidity with some variability, maintaining stable receivables and a growing inventory level. Long-term asset investments show modest changes, with notable amortization of intangibles. The overall asset growth through 2023 indicates expansion or value appreciation, slightly tempered by a decline in early 2024.