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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
cat-20220930_g1.jpg
 FORM 10-Q 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                    to
Commission File Number:  1-768
CATERPILLAR INC.
(Exact name of registrant as specified in its charter)
Delaware
37-0602744
(State or other jurisdiction of incorporation) (IRS Employer I.D. No.)
5205 N. O'Connor Boulevard, Suite 100, Irving, Texas 75039
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (972) 891-7700 
Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report: N/A
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol (s) Name of each exchange on which registered
Common Stock ($1.00 par value) CAT New York Stock Exchange ¹
8% Debentures due February 15, 2023 CAT23 New York Stock Exchange
5.3% Debentures due September 15, 2035 CAT35 New York Stock Exchange
¹    In addition to the New York Stock Exchange, Caterpillar common stock is also listed on stock exchanges in France and Switzerland.
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes     No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes   No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company.  See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. 
Large accelerated filer Accelerated filer
Non-accelerated filer Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes   No

At September 30, 2022, 520,409,355 shares of common stock of the registrant were outstanding.


Table of Contents
 
 
* Item omitted because no answer is called for or item is not applicable.

2

Part I.  FINANCIAL INFORMATION
 
Item 1.  Financial Statements
Caterpillar Inc.
Consolidated Statement of Results of Operations
(Unaudited)
(Dollars in millions except per share data)
  Three Months Ended September 30
  2022 2021
Sales and revenues:    
Sales of Machinery, Energy & Transportation $ 14,278  $ 11,707 
Revenues of Financial Products 716  690 
Total sales and revenues 14,994  12,397 
Operating costs:    
Cost of goods sold 10,202  8,617 
Selling, general and administrative expenses 1,401  1,340 
Research and development expenses 476  427 
Interest expense of Financial Products 151  111 
Other operating (income) expenses 339  238 
Total operating costs 12,569  10,733 
Operating profit 2,425  1,664 
Interest expense excluding Financial Products 109  114 
Other income (expense) 242  225 
Consolidated profit before taxes 2,558  1,775 
Provision (benefit) for income taxes 527  368 
Profit of consolidated companies 2,031  1,407 
Equity in profit (loss) of unconsolidated affiliated companies 21 
Profit of consolidated and affiliated companies 2,040  1,428 
Less: Profit (loss) attributable to noncontrolling interests (1)
Profit 1
$ 2,041  $ 1,426 
Profit per common share $ 3.89  $ 2.62 
Profit per common share – diluted 2
$ 3.87  $ 2.60 
Weighted-average common shares outstanding (millions)    
– Basic 525.0  544.0 
– Diluted 2
527.6  547.6 
 
1    Profit attributable to common shareholders.
2   Diluted by assumed exercise of stock-based compensation awards using the treasury stock method.
 
See accompanying notes to Consolidated Financial Statements.
3

Caterpillar Inc.
Consolidated Statement of Comprehensive Income
(Unaudited)
(Dollars in millions)
  Three Months Ended September 30
  2022 2021
Profit of consolidated and affiliated companies $ 2,040  $ 1,428 
Other comprehensive income (loss), net of tax (Note 13):
   Foreign currency translation: (618) (242)
Pension and other postretirement benefits: (1) (8)
Derivative financial instruments: (191) (31)
Available-for-sale securities: (44) (5)
Total other comprehensive income (loss), net of tax (854) (286)
Comprehensive income 1,186  1,142 
Less: comprehensive income attributable to the noncontrolling interests (1)
Comprehensive income attributable to shareholders $ 1,187  $ 1,140 

See accompanying notes to Consolidated Financial Statements.

4

Caterpillar Inc.
Consolidated Statement of Results of Operations
(Unaudited)
(Dollars in millions except per share data)
  Nine Months Ended September 30
  2022 2021
Sales and revenues:    
Sales of Machinery, Energy & Transportation $ 40,703  $ 35,091 
Revenues of Financial Products 2,127  2,082 
Total sales and revenues 42,830  37,173 
Operating costs:    
Cost of goods sold 29,736  25,510 
Selling, general and administrative expenses 4,172  3,943 
Research and development expenses 1,413  1,247 
Interest expense of Financial Products 377  352 
Other operating (income) expenses 908  854 
Total operating costs 36,606  31,906 
Operating profit 6,224  5,267 
Interest expense excluding Financial Products 326  376 
Other income (expense) 755  751 
Consolidated profit before taxes 6,653  5,642 
Provision (benefit) for income taxes 1,423  1,313 
Profit of consolidated companies 5,230  4,329 
Equity in profit (loss) of unconsolidated affiliated companies 20  44 
Profit of consolidated and affiliated companies 5,250  4,373 
Less: Profit (loss) attributable to noncontrolling interests (1)
Profit 1
$ 5,251  $ 4,369 
Profit per common share $ 9.91  $ 8.00 
Profit per common share – diluted 2
$ 9.85  $ 7.94 
Weighted-average common shares outstanding (millions)  
– Basic 530.1  545.8 
– Diluted 2
533.2  550.2 

1    Profit attributable to common shareholders.
2   Diluted by assumed exercise of stock-based compensation awards using the treasury stock method. 
See accompanying notes to Consolidated Financial Statements.
5

Caterpillar Inc.
Consolidated Statement of Comprehensive Income
(Unaudited)
(Dollars in millions)
  Nine Months Ended September 30
  2022 2021
Profit of consolidated and affiliated companies $ 5,250  $ 4,373 
Other comprehensive income (loss), net of tax (Note 13):
   Foreign currency translation: (1,392) (490)
Pension and other postretirement benefits: (3) (23)
Derivative financial instruments: (254) (19)
Available-for-sale securities: (151) (20)
Total other comprehensive income (loss), net of tax (1,800) (552)
Comprehensive income 3,450  3,821 
Less: comprehensive income attributable to the noncontrolling interests (1)
Comprehensive income attributable to shareholders $ 3,451  $ 3,817 

See accompanying notes to Consolidated Financial Statements.



6

Caterpillar Inc.
Consolidated Statement of Financial Position
(Unaudited)
(Dollars in millions) 
  September 30,
2022
December 31,
2021
Assets    
Current assets:    
Cash and cash equivalents $ 6,346  $ 9,254 
Receivables – trade and other 8,158  8,477 
Receivables – finance 8,918  8,898 
Prepaid expenses and other current assets 2,295  2,788 
Inventories 16,860  14,038 
Total current assets 42,577  43,455 
Property, plant and equipment – net 11,643  12,090 
Long-term receivables – trade and other 1,278  1,204 
Long-term receivables – finance 11,859  12,707 
Noncurrent deferred and refundable income taxes 2,218  1,840 
Intangible assets 806  1,042 
Goodwill 6,092  6,324 
Other assets 4,434  4,131 
Total assets $ 80,907  $ 82,793 
Liabilities    
Current liabilities:    
Short-term borrowings:    
Machinery, Energy & Transportation $ $
Financial Products 4,199  5,395 
Accounts payable 8,260  8,154 
Accrued expenses 4,013  3,757 
Accrued wages, salaries and employee benefits 2,204  2,242 
Customer advances 1,831  1,087 
Dividends payable —  595 
Other current liabilities 2,878  2,256 
Long-term debt due within one year:    
Machinery, Energy & Transportation 120  45 
Financial Products 6,694  6,307 
Total current liabilities 30,202  29,847 
Long-term debt due after one year:    
Machinery, Energy & Transportation 9,479  9,746 
Financial Products 16,030  16,287 
Liability for postemployment benefits 5,038  5,592 
Other liabilities 4,536  4,805 
Total liabilities 65,285  66,277 
Commitments and contingencies (Notes 11 and 14)
Shareholders’ equity    
Common stock of $1.00 par value:
   
Authorized shares: 2,000,000,000
Issued shares: (9/30/22 and 12/31/21 – 814,894,624) at paid-in amount
6,523  6,398 
Treasury stock: (9/30/22 – 294,485,269 shares; 12/31/21 – 279,006,573 shares) at cost
(30,883) (27,643)
Profit employed in the business 43,304  39,282 
Accumulated other comprehensive income (loss) (3,353) (1,553)
Noncontrolling interests 31  32 
Total shareholders’ equity 15,622  16,516 
Total liabilities and shareholders’ equity $ 80,907  $ 82,793 
 
See accompanying notes to Consolidated Financial Statements.
7

Caterpillar Inc.
Consolidated Statement of Changes in Shareholders’ Equity
(Unaudited)
(Dollars in millions) 
  Common
stock
Treasury
stock
Profit
employed
in the
business
Accumulated
other
comprehensive
income (loss)
Noncontrolling
interests
Total
Three Months Ended September 30, 2021            
Balance at June 30, 2021 $ 6,293  $ (25,240) $ 36,934  $ (1,154) $ 47  $ 16,880 
Profit of consolidated and affiliated companies —  —  1,426  —  1,428 
Foreign currency translation, net of tax —  —  —  (242) —  (242)
Pension and other postretirement benefits, net of tax —  —  —  (8) —  (8)
Derivative financial instruments, net of tax —  —  —  (31) —  (31)
Available-for-sale securities, net of tax —  —  —  (5) —  (5)
Change in ownership from noncontrolling interests —  —  —  —  (16) (16)
Dividends declared —  —  —  — 
Distribution to noncontrolling interests —  —  —  —  (2) (2)
Common shares issued from treasury stock for stock-based compensation: 80,571
(5) —  —  —  (1)
Stock-based compensation expense 58  —  —  —  —  58 
Common shares repurchased: 6,610,438 1
—  (1,371) —  —  —  (1,371)
Other (1) —  —  (1)
Balance at September 30, 2021 $ 6,352  $ (26,608) $ 38,361  $ (1,440) $ 30  $ 16,695 
Three Months Ended September 30, 2022            
Balance at June 30, 2022 $ 6,464  $ (29,501) $ 41,263  $ (2,499) $ 32  $ 15,759 
Profit of consolidated and affiliated companies —  —  2,041  —  (1) 2,040 
Foreign currency translation, net of tax —  —  —  (618) —  (618)
Pension and other postretirement benefits, net of tax —  —  —  (1) —  (1)
Derivative financial instruments, net of tax —  —  —  (191) —  (191)
Available-for-sale securities, net of tax —  —  —  (44) —  (44)
Common shares issued from treasury stock for stock-based compensation: 75,534
(5) —  —  —  (1)
Stock-based compensation expense 55  —  —  —  —  55 
Common shares repurchased: 7,575,322 1
—  (1,385) —  —  —  (1,385)
Other (1) —  —  — 
Balance at September 30, 2022 $ 6,523  $ (30,883) $ 43,304  $ (3,353) $ 31  $ 15,622 

1 See Note 12 for additional information.


  

See accompanying notes to Consolidated Financial Statements.

8

Caterpillar Inc.
Consolidated Statement of Changes in Shareholders’ Equity
(Unaudited)
(Dollars in millions) 
  Common
stock
Treasury
stock
Profit
employed
in the
business
Accumulated
other
comprehensive
income (loss)
Noncontrolling
interests
Total
Nine Months Ended September 30, 2021            
Balance at December 31, 2020 $ 6,230  $ (25,178) $ 35,167  $ (888) $ 47  $ 15,378 
Profit of consolidated and affiliated companies —  —  4,369  —  4,373 
Foreign currency translation, net of tax —  —  —  (490) —  (490)
Pension and other postretirement benefits, net of tax —  —  —  (23) —  (23)
Derivative financial instruments, net of tax —  —  —  (19) —  (19)
Available-for-sale securities, net of tax —  —  —  (20) —  (20)
Change in ownership from noncontrolling interests —  —  —  —  (16) (16)
Dividends declared 1
—  —  (1,175) —  —  (1,175)
Distribution to noncontrolling interests —  —  —  —  (4) (4)
Common shares issued from treasury stock for stock-based compensation: 3,410,146
(70) 192  —  —  —  122 
Stock-based compensation expense 169  —  —  —  —  169 
Common shares repurchased: 7,772,393 2
—  (1,622) —  —  —  (1,622)
Other 23  —  —  —  (1) 22 
Balance at September 30, 2021 $ 6,352  $ (26,608) $ 38,361  $ (1,440) $ 30  $ 16,695 
Nine Months Ended September 30, 2022            
Balance at December 31, 2021 $ 6,398  $ (27,643) $ 39,282  $ (1,553) $ 32  $ 16,516 
Profit of consolidated and affiliated companies —  —  5,251  —  (1) 5,250 
Foreign currency translation, net of tax —  —  —  (1,392) —  (1,392)
Pension and other postretirement benefits, net of tax —  —  —  (3) —  (3)
Derivative financial instruments, net of tax —  —  —  (254) —  (254)
Available-for-sale securities, net of tax —  —  —  (151) —  (151)
Dividends declared 1
—  —  (1,229) —  —  (1,229)
Common shares issued from treasury stock for stock-based compensation: 1,529,753
(67) 69  —  —  — 
Stock-based compensation expense 162  —  —  —  —  162 
Common shares repurchased: 17,007,819 2
—  (3,309) —  —  —  (3,309)
Other 30  —  —  —  —  30 
Balance at September 30, 2022 $ 6,523  $ (30,883) $ 43,304  $ (3,353) $ 31  $ 15,622 

1 Dividends per share of common stock of $2.31 and $2.14 were declared in the nine months ended September 30, 2022 and 2021, respectively.
2 See Note 12 for additional information.

See accompanying notes to Consolidated Financial Statements.

9

Caterpillar Inc.
Consolidated Statement of Cash Flow
(Unaudited)
(Millions of dollars)
  Nine Months Ended September 30
  2022 2021
Cash flow from operating activities:    
Profit of consolidated and affiliated companies $ 5,250  $ 4,373 
Adjustments for non-cash items:    
Depreciation and amortization 1,661  1,766 
Provision (benefit) for deferred income taxes (349) (321)
Other 132  102 
Changes in assets and liabilities, net of acquisitions and divestitures:    
Receivables – trade and other 365  (326)
Inventories (3,088) (2,195)
Accounts payable 786  1,232 
Accrued expenses 70  46 
Accrued wages, salaries and employee benefits 15  934 
Customer advances 751  39 
Other assets – net 57  138 
Other liabilities – net (623) (2)
Net cash provided by (used for) operating activities 5,027  5,786 
Cash flow from investing activities:    
Capital expenditures – excluding equipment leased to others (868) (673)
Expenditures for equipment leased to others (1,023) (1,014)
Proceeds from disposals of leased assets and property, plant and equipment 666  877 
Additions to finance receivables (9,914) (9,603)
Collections of finance receivables 9,738  9,221 
Proceeds from sale of finance receivables 50  44 
Investments and acquisitions (net of cash acquired) (44) (449)
Proceeds from sale of businesses and investments (net of cash sold) 23 
Proceeds from sale of securities 2,080  424 
Investments in securities (2,399) (934)
Other – net 15  (8)
Net cash provided by (used for) investing activities (1,698) (2,092)
Cash flow from financing activities:    
Dividends paid (1,820) (1,733)
Common stock issued, including treasury shares reissued 122 
Common shares repurchased (3,309) (1,622)
Proceeds from debt issued (original maturities greater than three months):    
        Machinery, Energy & Transportation —  494 
        Financial Products 5,570  6,437 
Payments on debt (original maturities greater than three months):    
        Machinery, Energy & Transportation (20) (1,910)
        Financial Products (5,269) (6,710)
Short-term borrowings – net (original maturities three months or less) (1,311) 1,324 
Other – net (1) (4)
Net cash provided by (used for) financing activities (6,158) (3,602)
Effect of exchange rate changes on cash (79) (9)
Increase (decrease) in cash, cash equivalents and restricted cash (2,908) 83 
Cash, cash equivalents and restricted cash at beginning of period 9,263  9,366 
Cash, cash equivalents and restricted cash at end of period $ 6,355  $ 9,449 

 Cash equivalents primarily represent short-term, highly liquid investments with original maturities of generally three months or less.

See accompanying notes to Consolidated Financial Statements.
10

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
1.                                   A.  Nature of operations
 
Information in our financial statements and related commentary are presented in the following categories:
 
Machinery, Energy & Transportation (ME&T) – We define ME&T as Caterpillar Inc. and its subsidiaries, excluding Financial Products. ME&T’s information relates to the design, manufacturing and marketing of our products.
 
Financial Products – We define Financial Products as our finance and insurance subsidiaries, primarily Caterpillar Financial Services Corporation (Cat Financial) and Caterpillar Insurance Holdings Inc. (Insurance Services). Financial Products’ information relates to the financing to customers and dealers for the purchase and lease of Caterpillar and other equipment.

B.  Basis of presentation
 
In the opinion of management, the accompanying unaudited financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of (a) the consolidated results of operations for the three and nine months ended September 30, 2022 and 2021, (b) the consolidated comprehensive income for the three and nine months ended September 30, 2022 and 2021, (c) the consolidated financial position at September 30, 2022 and December 31, 2021, (d) the consolidated changes in shareholders’ equity for the three and nine months ended September 30, 2022 and 2021 and (e) the consolidated cash flow for the nine months ended September 30, 2022 and 2021.  The financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (U.S. GAAP) and pursuant to the rules and regulations of the Securities and Exchange Commission (SEC).

Interim results are not necessarily indicative of results for a full year. The information included in this Form 10-Q should be read in conjunction with the audited financial statements and notes thereto included in our company’s annual report on Form 10-K for the year ended December 31, 2021 (2021 Form 10-K).
 
The December 31, 2021 financial position data included herein is derived from the audited consolidated financial statements included in the 2021 Form 10-K but does not include all disclosures required by U.S. GAAP. Certain amounts for prior periods have been reclassified to conform to the current period financial statement presentation.

Cat Financial has end-user customers and dealers that are variable interest entities (VIEs) of which we are not the primary beneficiary. Our maximum exposure to loss from our involvement with these VIEs is limited to the credit risk inherently present in the financial support that we have provided. Credit risk was evaluated and reflected in our financial statements as part of our overall portfolio of finance receivables and related allowance for credit losses. See Note 11 for further discussions on a consolidated VIE.

2.                                   New accounting guidance

A. Adoption of new accounting standards

We consider the applicability and impact of all ASUs. We adopted the following ASUs effective January 1, 2022, none of which had a material impact on our financial statements:
ASU Description
2020-06 Debt with conversion and other options and derivatives and hedging
2021-05 Lessor - Variable lease payments
2021-10 Government assistance

11

B. Accounting standards issued but not yet adopted

We consider the applicability and impact of all ASUs. We assessed the ASUs and determined that they either were not applicable or were not expected to have a material impact on our financial statements.

3.                                   Sales and revenue contract information

Trade receivables represent amounts due from dealers and end users for the sale of our products, and include amounts due from wholesale inventory financing provided by Cat Financial for a dealer’s purchase of inventory. We recognize trade receivables from dealers (including wholesale inventory financing) and end users in Receivables – trade and other and Long-term receivables – trade and other in the Consolidated Statement of Financial Position. Trade receivables from dealers and end users were $6,736 million, $7,267 million and $6,310 million as of September 30, 2022, December 31, 2021 and December 31, 2020, respectively. Long-term trade receivables from dealers and end users were $448 million, $624 million and $657 million as of September 30, 2022, December 31, 2021 and December 31, 2020, respectively.

We invoice in advance of recognizing the sale of certain products. We recognize advanced customer payments as a contract liability in Customer advances and Other liabilities in the Consolidated Statement of Financial Position. Contract liabilities were $2,290 million, $1,557 million and $1,526 million as of September 30, 2022, December 31, 2021 and December 31, 2020, respectively. We reduce the contract liability when revenue is recognized. During the three and nine months ended September 30, 2022, we recognized $124 million and $781 million, respectively, of revenue that was recorded as a contract liability at the beginning of 2022. During the three and nine months ended September 30, 2021, we recognized $121 million and $795 million, respectively, of revenue that was recorded as a contract liability at the beginning of 2021.

As of September 30, 2022, we have entered into contracts with dealers and end users for which sales have not been recognized as we have not satisfied our performance obligations and transferred control of the products. The dollar amount of unsatisfied performance obligations for contracts with an original duration greater than one year is $10.9 billion, with about one-half of the amount expected to be completed and revenue recognized in the twelve months following September 30, 2022. We have elected the practical expedient not to disclose unsatisfied performance obligations with an original contract duration of one year or less. Contracts with an original duration of one year or less are primarily sales to dealers for machinery, engines and replacement parts.

See Note 16 for further disaggregated sales and revenues information.

4.                                    Stock-based compensation
 
Accounting for stock-based compensation requires that the cost resulting from all stock-based payments be recognized in the financial statements based on the grant date fair value of the award.  Our stock-based compensation consists of stock options, restricted stock units (RSUs) and performance-based restricted stock units (PRSUs).

We recognized pretax stock-based compensation expense of $55 million and $162 million for the three and nine months ended September 30, 2022, respectively, and $58 million and $169 million for the three and nine months ended September 30, 2021, respectively.

The following table illustrates the type and fair value of the stock-based compensation awards granted during the nine months ended September 30, 2022 and 2021, respectively:

  Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021
  Shares Granted Weighted-Average Fair Value Per Share Weighted-Average Grant Date Stock Price Shares Granted Weighted-Average Fair Value Per Share Weighted-Average Grant Date Stock Price
Stock options 1,029,202  $ 51.69  $ 196.70  1,084,821  $ 56.30  $ 219.76 
RSUs 484,025  $ 196.70  $ 196.70  448,311  $ 219.76  $ 219.76 
PRSUs 258,900  $ 196.70  $ 196.70  266,894  $ 219.76  $ 219.76 
 
12

The following table provides the assumptions used in determining the fair value of the stock-based awards for the nine months ended September 30, 2022 and 2021, respectively:
 
  Grant Year
  2022 2021
Weighted-average dividend yield 2.60% 2.60%
Weighted-average volatility 31.7% 32.9%
Range of volatilities
25.3% - 36.8%
29.2% - 45.8%
Range of risk-free interest rates
1.03% - 2.00%
0.06% - 1.41%
Weighted-average expected lives 8 years 8 years
 
As of September 30, 2022, the total remaining unrecognized compensation expense related to nonvested stock-based compensation awards was $173 million, which will be amortized over the weighted-average remaining requisite service periods of approximately 1.8 years.
 
5.                                     Derivative financial instruments and risk management
 
Our earnings and cash flow are subject to fluctuations due to changes in foreign currency exchange rates, interest rates and commodity prices.  Our Risk Management Policy (policy) allows for the use of derivative financial instruments to prudently manage foreign currency exchange rate, interest rate and commodity price exposures.  Our policy specifies that derivatives are not to be used for speculative purposes.  Derivatives that we use are primarily foreign currency forward, option and cross currency contracts, interest rate contracts and commodity forward and option contracts.  Our derivative activities are subject to the management, direction and control of our senior financial officers.  We present at least annually to the Audit Committee of the Board of Directors on our risk management practices, including our use of financial derivative instruments.
 
We recognize all derivatives at their fair value on the Consolidated Statement of Financial Position. On the date the derivative contract is entered into, we designate the derivative as (1) a hedge of the fair value of a recognized asset or liability (fair value hedge), (2) a hedge of a forecasted transaction or the variability of cash flow (cash flow hedge) or (3) an undesignated instrument. We record in current earnings changes in the fair value of a derivative that is qualified, designated and highly effective as a fair value hedge, along with the gain or loss on the hedged recognized asset or liability that is attributable to the hedged risk. We record in Accumulated other comprehensive income (loss) (AOCI) changes in the fair value of a derivative that is qualified, designated and highly effective as a cash flow hedge, to the extent effective, on the Consolidated Statement of Financial Position until we reclassify them to earnings in the same period or periods during which the hedged transaction affects earnings.  We report changes in the fair value of undesignated derivative instruments in current earnings. We classify cash flows from designated derivative financial instruments within the same category as the item being hedged on the Consolidated Statement of Cash Flow.  We include cash flows from undesignated derivative financial instruments in the investing category on the Consolidated Statement of Cash Flow.
 
We formally document all relationships between hedging instruments and hedged items, as well as the risk-management objective and strategy for undertaking various hedge transactions.  This process includes linking all derivatives that are designated as fair value hedges to specific assets and liabilities on the Consolidated Statement of Financial Position and linking cash flow hedges to specific forecasted transactions or variability of cash flow.

We also formally assess, both at the hedge’s inception and on an ongoing basis, whether the designated derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flow of hedged items.  When a derivative is determined not to be highly effective as a hedge or the underlying hedged transaction is no longer probable, we discontinue hedge accounting prospectively, in accordance with the derecognition criteria for hedge accounting.
 
Foreign Currency Exchange Rate Risk
 
Foreign currency exchange rate movements create a degree of risk by affecting the U.S. dollar value of sales made and costs incurred in foreign currencies. Movements in foreign currency rates also affect our competitive position as these changes may affect business practices and/or pricing strategies of non-U.S.-based competitors. Additionally, we have balance sheet positions denominated in foreign currencies, thereby creating exposure to movements in exchange rates.
13

 
Our ME&T operations purchase, manufacture and sell products in many locations around the world. As we have a diversified revenue and cost base, we manage our future foreign currency cash flow exposure on a net basis. We use foreign currency forward and option contracts to manage unmatched foreign currency cash inflow and outflow. Our objective is to minimize the risk of exchange rate movements that would reduce the U.S. dollar value of our foreign currency cash flow. Our policy allows for managing anticipated foreign currency cash flow for up to approximately five years. As of September 30, 2022, the maximum term of these outstanding contracts at inception was approximately 60 months.
 
We generally designate as cash flow hedges at inception of the contract any foreign currency forward or option contracts that meet the requirements for hedge accounting and the maturity extends beyond the current quarter-end. We perform designation on a specific exposure basis to support hedge accounting. The remainder of ME&T foreign currency contracts are undesignated.  
 
In managing foreign currency risk for our Financial Products operations, our objective is to minimize earnings volatility resulting from conversion and the remeasurement of net foreign currency balance sheet positions and future transactions denominated in foreign currencies. Our policy allows the use of foreign currency forward, option and cross currency contracts to offset the risk of currency mismatch between our assets and liabilities and exchange rate risk associated with future transactions denominated in foreign currencies. Our foreign currency forward and option contracts are primarily undesignated. We designate fixed-to-fixed cross currency contracts as cash flow hedges to protect against movements in exchange rates on foreign currency fixed-rate assets and liabilities.
 
Interest Rate Risk
 
Interest rate movements create a degree of risk by affecting the amount of our interest payments and the value of our fixed-rate debt. Our practice is to use interest rate contracts to manage our exposure to interest rate changes.
 
Our ME&T operations generally use fixed-rate debt as a source of funding.  Our objective is to minimize the cost of borrowed funds.  Our policy allows us to enter into fixed-to-floating interest rate contracts and forward rate agreements to meet that objective. We designate fixed-to-floating interest rate contracts as fair value hedges at inception of the contract, and we designate certain forward rate agreements as cash flow hedges at inception of the contract.

Financial Products operations has a match-funding policy that addresses interest rate risk by aligning the interest rate profile (fixed or floating rate and duration) of Cat Financial’s debt portfolio with the interest rate profile of our receivables portfolio within predetermined ranges on an ongoing basis. In connection with that policy, we use interest rate derivative instruments to modify the debt structure to match assets within the receivables portfolio. This matched funding reduces the volatility of margins between interest-bearing assets and interest-bearing liabilities, regardless of which direction interest rates move.
 
Our policy allows us to use fixed-to-floating, floating-to-fixed and floating-to-floating interest rate contracts to meet the match-funding objective.  We designate fixed-to-floating interest rate contracts as fair value hedges to protect debt against changes in fair value due to changes in the benchmark interest rate.  We designate most floating-to-fixed interest rate contracts as cash flow hedges to protect against the variability of cash flows due to changes in the benchmark interest rate.
 
We have, at certain times, liquidated fixed-to-floating and floating-to-fixed interest rate contracts at both ME&T and Financial Products. We amortize the gains or losses associated with these contracts at the time of liquidation into earnings over the original term of the previously designated hedged item.
 
Commodity Price Risk
 
Commodity price movements create a degree of risk by affecting the price we must pay for certain raw materials. Our policy is to use commodity forward and option contracts to manage the commodity risk and reduce the cost of purchased materials.
 
Our ME&T operations purchase base and precious metals embedded in the components we purchase from suppliers.  Our suppliers pass on to us price changes in the commodity portion of the component cost. In addition, we are subject to price changes on energy products such as natural gas and diesel fuel purchased for operational use.
14

 
Our objective is to minimize volatility in the price of these commodities. Our policy allows us to enter into commodity forward and option contracts to lock in the purchase price of a portion of these commodities within a five-year horizon. All such commodity forward and option contracts are undesignated.

The location and fair value of derivative instruments reported in the Consolidated Statement of Financial Position were as follows:

(Millions of dollars) Fair Value
September 30, 2022 December 31, 2021
Assets1
Liabilities2
Assets1
Liabilities2
Designated derivatives
Foreign exchange contracts $ 692  $ (394) $ 228  $ (64)
Interest rate contracts 94  (302) 38  (15)
Total $ 786  $ (696) $ 266  $ (79)
Undesignated derivatives
Foreign exchange contracts $ 118  $ (78) $ 46  $ (42)
Commodity contracts (43) 30  (9)
Total $ 127  $ (121) $ 76  $ (51)
1 Assets are classified on the Consolidated Statement of Financial Position as Receivables - trade and other or Long-term receivables - trade and other.
2 Liabilities are classified on the Consolidated Statement of Financial Position as Accrued expenses or Other liabilities.
 

The total notional amounts of the derivative instruments as of September 30, 2022 and December 31, 2021 were $24.8 billion and $18.9 billion, respectively. The notional amounts of the derivative financial instruments do not represent amounts exchanged by the parties. We calculate the amounts exchanged by the parties by referencing the notional amounts and by other terms of the derivatives, such as foreign currency exchange rates, interest rates or commodity prices.

Gains (Losses) on derivative instruments are categorized as follows:

(Millions of dollars) Three Months Ended September 30
Fair Value / Undesignated Hedges Cash Flow Hedges
Gains (Losses) Recognized on the Consolidated Statement of Results of Operations1
Gains (Losses) Recognized in AOCI
Gains (Losses) Reclassified from AOCI2
2022 2021 2022 2021 2022 2021
Foreign exchange contracts $ (2) $ 46  $ 18  $ 42  $ 289  $ 90 
Interest rate contracts (5) 26  (5)
Commodity contracts (42) (30) —  —  —  — 
Total $ (49) $ 21  $ 44  $ 45  $ 296  $ 85 
1 Foreign exchange contract and Commodity contract gains (losses) are included in Other income (expense). Interest rate contract gains (losses) are primarily included in Interest expense of Financial Products.
2 Foreign exchange contract gains (losses) are primarily included in Other income (expense) in the Consolidated Statement of Results of Operations. Interest rate contract gains (losses) are primarily included in Interest expense of Financial Products in the Consolidated Statement of Results of Operations.
15

(Millions of dollars) Nine Months Ended September 30
Fair Value / Undesignated Hedges Cash Flow Hedges
Gains (Losses) Recognized on the Consolidated Statement of Results of Operations1
Gains (Losses) Recognized in AOCI
Gains (Losses) Reclassified from AOCI2
2022 2021 2022 2021 2022 2021
Foreign exchange contracts $ (32) $ 77  $ 195  $ 130  $ 638  $ 187 
Interest rate contracts 12  18  103  11  (2) (23)
Commodity contract 35  —  —  —  — 
Total $ (17) $ 130  $ 298  $ 141  $ 636  $ 164 
1 Foreign exchange contract and Commodity contract gains (losses) are included in Other income (expense). Interest rate contract gains (losses) are primarily included in Interest expense excluding Financial Products.
2 Foreign exchange contract gains (losses) are primarily included in Other income (expense). Interest rate contract gains (losses) are primarily included in Interest expense excluding Financial Products.

The following amounts were recorded on the Consolidated Statement of Financial Position related to cumulative basis adjustments for fair value hedges:

(Millions of dollars) Carrying Value of the Hedged Liabilities Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Value of the Hedged Liabilities
September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021
Long-term debt due within one year $ —  $ 755  $ —  $
Long-term debt due after one year 3,796  1,304  (227) (2)
Total $ 3,796  $ 2,059  $ (227) $

We enter into International Swaps and Derivatives Association (ISDA) master netting agreements within ME&T and Financial Products that permit the net settlement of amounts owed under their respective derivative contracts. Under these master netting agreements, net settlement generally permits the company or the counterparty to determine the net amount payable for contracts due on the same date and in the same currency for similar types of derivative transactions. The master netting agreements may also provide for net settlement of all outstanding contracts with a counterparty in the case of an event of default or a termination event.

Collateral is typically not required of the counterparties or of our company under the master netting agreements. As of September 30, 2022 and December 31, 2021, no cash collateral was received or pledged under the master netting agreements.

The effect of the net settlement provisions of the master netting agreements on our derivative balances upon an event of default or termination event was as follows:

(Millions of dollars) September 30, 2022 December 31, 2021
Assets Liabilities Assets Liabilities
Gross Amounts Recognized $ 913  $ (817) $ 342  $ (130)
Financial Instruments Not Offset (282) 282  (114) 114 
Cash Collateral Received —  —  —  — 
Net Amount $ 631  $ (535) $ 228  $ (16)

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6.                                     Inventories
 
Inventories (principally using the last-in, first-out (LIFO) method) were comprised of the following:
 
(Millions of dollars) September 30,
2022
December 31,
2021
Raw materials $ 6,335  $ 5,528 
Work-in-process 1,836  1,318 
Finished goods 8,387  6,907 
Supplies 302  285 
Total inventories $ 16,860  $ 14,038 
    

7.                                     Intangible assets and goodwill
 
A.  Intangible assets
 
Intangible assets were comprised of the following:
 
    September 30, 2022
(Millions of dollars) Weighted
Amortizable
Life (Years)
Gross
Carrying
Amount
Accumulated
Amortization
Net
Customer relationships 16 $ 2,183  $ (1,604) $ 579 
Intellectual property 12 1,470  (1,287) 183 
Other 16 128  (84) 44 
Total finite-lived intangible assets 14 $ 3,781  $ (2,975) $ 806 

    December 31, 2021
Weighted
Amortizable
Life (Years)
Gross
Carrying
Amount
Accumulated
Amortization
Net
Customer relationships 15 $ 2,421  $ (1,709) $ 712 
Intellectual property 12 1,472  (1,192) 280 
Other 14 156  (106) 50 
Total finite-lived intangible assets 14 $ 4,049  $ (3,007) $ 1,042 

Amortization expense for the three and nine months ended September 30, 2022 was $70 million and $213 million, respectively. Amortization expense for the three and nine months ended September 30, 2021 was $75 million and $228 million, respectively. Amortization expense related to intangible assets is expected to be:

(Millions of dollars)
Remaining Three Months of 2022 2023 2024 2025 2026 Thereafter
$70 $222 $163 $153 $85 $113
 
B.  Goodwill
 
No goodwill was impaired during the nine months ended September 30, 2022 or 2021.


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The changes in carrying amount of goodwill by reportable segment for the nine months ended September 30, 2022 were as follows: 

(Millions of dollars) December 31,
2021
Acquisitions
Other Adjustments 1
September 30,
2022
Construction Industries
Goodwill $ 302  $ —  $ (39) $ 263 
Impairments (22) —  —  (22)
Net goodwill 280  —  (39) 241 
Resource Industries
Goodwill 4,182  —  (127) 4,055 
Impairments (1,175) —  —  (1,175)
Net goodwill 3,007  —  (127) 2,880 
Energy & Transportation
Goodwill 2,985  25  (81) 2,929 
All Other 2
Goodwill 52  —  (10) 42 
Consolidated total
Goodwill 7,521  25  (257) 7,289 
Impairments (1,197) —  —  (1,197)
Net goodwill $ 6,324  $ 25  $ (257) $ 6,092 


1 Other adjustments are comprised primarily of foreign currency translation.
2 Includes All Other operating segment (See Note 16).


8.                                     Investments in debt and equity securities
 
We have investments in certain debt and equity securities, which we record at fair value and primarily include in Other assets in the Consolidated Statement of Financial Position.

We classify debt securities primarily as available-for-sale. We include the unrealized gains and losses arising from the revaluation of available-for-sale debt securities, net of applicable deferred income taxes, in equity (AOCI in the Consolidated Statement of Financial Position). We include the unrealized gains and losses arising from the revaluation of the equity securities in Other income (expense) in the Consolidated Statement of Results of Operations. We generally determine realized gains and losses on sales of investments using the specific identification method for available-for-sale debt and equity securities and include them in Other income (expense) in the Consolidated Statement of Results of Operations.

The cost basis and fair value of available-for-sale debt securities with unrealized gains and losses included in equity (AOCI in the Consolidated Statement of Financial Position) were as follows:
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Available-for-sale debt securities
September 30, 2022 December 31, 2021
(Millions of dollars)
Cost
Basis
Unrealized Pretax Net Gains
(Losses)
Fair
Value
Cost
Basis
Unrealized Pretax Net Gains
(Losses)
Fair
Value
Government debt securities            
U.S. treasury bonds $ 10  $ —  $ 10  $ 10  $ —  $ 10 
Other U.S. and non-U.S. government bonds 51  (2) 49  61  —  61 
Corporate debt securities          
Corporate bonds and other debt securities 2,156  (108) 2,048  1,027  19  1,046 
Asset-backed securities 185  (5) 180  175  176 
Mortgage-backed debt securities    
U.S. governmental agency 384  (36) 348  319  325 
Residential —  — 
Commercial 139  (10) 129  98  99 
Total available-for-sale debt securities $ 2,928  $ (161) $ 2,767  $ 1,694  $ 27  $ 1,721 
Available-for-sale debt securities in an unrealized loss position:
  September 30, 2022
 
Less than 12 months 1
12 months or more 1
Total
(Millions of dollars)
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Government debt securities            
Other U.S. and non-U.S. government bonds $ 31  $ $ 15  $ $ 46  $
Corporate debt securities
Corporate bonds 1,774  75  218  33  1,992  108 
Asset-backed securities 102  35  137 
Mortgage-backed debt securities
U.S. governmental agency 293  27  51  344  36 
Commercial 88  41  129  10 
$ 2,288  $ 114  $ 360  $ 47  $ 2,648  $ 161 
  December 31, 2021
 
Less than 12 months 1
12 months or more 1
Total
(Millions of dollars)
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Corporate debt securities            
Corporate bonds $ 270  $ $ 33  $ $ 303  $
Mortgage-backed debt securities            
U.S. governmental agency 89  22  —  111 
Total $ 359  $ $ 55  $ $ 414  $
1 Indicates the length of time that individual securities have been in a continuous unrealized loss position.
The unrealized losses on our investments in government debt securities, corporate debt securities, and mortgage-backed debt securities relate to changes in interest rates and credit-related yield spreads since time of purchase. We do not intend to sell the investments, and it is not likely that we will be required to sell the investments before recovery of their respective amortized cost basis. In addition, we did not expect credit-related losses on these investments as of September 30, 2022.

19

The cost basis and fair value of available-for-sale debt securities at September 30, 2022, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to prepay and creditors may have the right to call obligations.        
September 30, 2022
(Millions of dollars) Cost Basis Fair Value
Due in one year or less $ 696  $ 687 
Due after one year through five years 1,354  1,277 
Due after five years through ten years 282  256 
Due after ten years 70  67 
U.S. governmental agency mortgage-backed securities 384  348 
Residential mortgage-backed securities
Commercial mortgage-backed securities 139  129 
Total debt securities – available-for-sale $ 2,928  $ 2,767 
   
Sales of available-for-sale debt securities:    
  Three Months Ended September 30 Nine Months Ended September 30
(Millions of dollars) 2022 2021 2022 2021
Proceeds from the sale of available-for-sale securities $ 204  $ 97  $ 474  $ 322 
Gross gains from the sale of available-for-sale securities — 
Gross losses from the sale of available-for-sale securities —  —  — 
We did not have any investments classified as held-to-maturity debt securities as of September 30, 2022. We had $964 million of investments in time deposits classified as held-to-maturity debt securities as of December 31, 2021. All these investments mature within one year and we include them in Prepaid expenses and other current assets in the Consolidated Statement of Financial Position. We record held-to-maturity debt securities at amortized cost, which approximates fair value.
For the three months ended September 30, 2022 and 2021, the net unrealized gains (losses) for equity securities held at September 30, 2022 and 2021 were $(12) million and $46 million, respectively. For the nine months ended September 30, 2022 and 2021, the net unrealized gains (losses) for equity securities held at September 30, 2022 and 2021 were $(97) million and $65 million, respectively.
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9.                                     Postretirement benefits
 
A.  Pension and postretirement benefit costs    
U.S. Pension
Benefits
Non-U.S. Pension
Benefits
Other
Postretirement
Benefits
September 30 September 30 September 30
(Millions of dollars) 2022 2021 2022 2021 2022 2021
For the three months ended:            
Components of net periodic benefit cost:            
Service cost $ —  $ —  $ 15  $ 15  $ 24  $ 25 
Interest cost 100  82  17  16  20  16 
Expected return on plan assets (167) (180) (33) (33) (3) (1)
Amortization of prior service cost (credit) —  —  —  —  (1) (11)
Net periodic benefit cost (benefit) 1
$ (67) $ (98) $ (1) $ (2) $ 40  $ 29 
For the nine months ended:
Components of net periodic benefit cost:
Service cost $ —  $ —  $ 40  $ 44  $ 74  $ 75 
Interest cost 301  247  53  43  60  48 
Expected return on plan assets (502) (538) (100) (98) (9) (4)
Amortization of prior service cost (credit) —  —  —  —  (4) (31)
Net periodic benefit cost (benefit) 1
$ (201) $ (291) $ (7) $ (11) $ 121  $ 88 
1    The service cost component is included in Operating costs in the Consolidated Statement of Results of Operations. All other components are included in Other income (expense) in the Consolidated Statement of Results of Operations.

We made $44 million and $299 million of contributions to our pension and other postretirement plans during the three and nine months ended September 30, 2022. We currently anticipate full-year 2022 contributions of approximately $357 million.
 
B.  Defined contribution benefit costs
 
Total company costs related to our defined contribution plans, which are included in Operating Costs in the Consolidated Statement of Results of Operations, were as follows:
 
  Three Months Ended September 30 Nine Months Ended September 30
(Millions of dollars) 2022 2021 2022 2021
U.S. Plans $ 87  $ 81  $ 236  $ 321 
Non-U.S. Plans 29  29  85  83 
  $ 116  $ 110  $ 321  $ 404 

The decrease in the U.S. defined contribution benefit costs for the nine months ended September 30, 2022 was primarily due to the fair value adjustments related to our non-qualified deferred compensation plans.
 
21

10.                              Leases

Revenues from finance and operating leases, primarily included in Revenues of Financial Products on the Consolidated Statement of Results of Operations, were as follows:
Three Months Ended September 30 Nine Months Ended September 30
(Millions of dollars) 2022 2021 2022 2021
Finance lease revenue $ 105  $ 120  $ 326  $ 369 
Operating lease revenue 270  275  819  850 
Total $ 375  $ 395  $ 1,145  $ 1,219 
We present revenues net of sales and other related taxes.

11.                              Guarantees and product warranty
 
Caterpillar dealer performance guarantees
We have provided an indemnity to a third-party insurance company for potential losses related to performance bonds issued on behalf of Caterpillar dealers.  The bonds have varying terms and are issued to insure governmental agencies against nonperformance by certain dealers.  We also provided guarantees to third-parties related to the performance of contractual obligations by certain Caterpillar dealers. These guarantees have varying terms and cover potential financial losses incurred by the third parties resulting from the dealers’ nonperformance.

In 2016, we provided a guarantee to an end user related to the performance of contractual obligations by a Caterpillar dealer. Under the guarantee, which was set to expire in 2025, non-performance by the Caterpillar dealer could require Caterpillar to satisfy the contractual obligations by providing goods, services or financial compensation to the end user up to an annual designated cap. This guarantee was terminated during the first quarter of 2022. No payments were made under the guarantee.
 
Supplier consortium performance guarantee
We provided a guarantee to a customer in Europe related to the performance of contractual obligations by a supplier consortium to which one of our Caterpillar subsidiaries was a member. The guarantee covered potential damages incurred by the customer resulting from the supplier consortium's non-performance. The damages were capped except for failure of the consortium to meet certain obligations outlined in the contract in the normal course of business. The guarantee expired during the second quarter of 2022.

We have dealer performance guarantees and third-party performance guarantees that do not limit potential payment to end users related to indemnities and other commercial contractual obligations. In addition, we have entered into contracts involving industry standard indemnifications that do not limit potential payment. For these unlimited guarantees, we are unable to estimate a maximum potential amount of future payments that could result from claims made.

No significant loss has been experienced or is anticipated under any of these guarantees.  At September 30, 2022 and December 31, 2021, the related recorded liability was $3 million and $5 million, respectively. The maximum potential amount of future payments that we can estimate (undiscounted and without reduction for any amounts that may possibly be recovered under recourse or collateralized provisions) and we could be required to make under the guarantees was as follows:
 
(Millions of dollars) September 30,
2022
December 31,
2021
Caterpillar dealer performance guarantees $ 137  $ 747 
Supplier consortium performance guarantee 17  242 
Other guarantees 284  232 
Total guarantees $ 438  $ 1,221 
 
22

Cat Financial provides guarantees to purchase certain loans of Caterpillar dealers from a special-purpose corporation (SPC) that qualifies as a variable interest entity.  The purpose of the SPC is to provide short-term working capital loans to Caterpillar dealers.  This SPC issues commercial paper and uses the proceeds to fund its loan program. Cat Financial receives a fee for providing this guarantee.  Cat Financial is the primary beneficiary of the SPC as its guarantees result in Cat Financial having both the power to direct the activities that most significantly impact the SPC’s economic performance and the obligation to absorb losses, and therefore Cat Financial has consolidated the financial statements of the SPC.  As of September 30, 2022 and December 31, 2021, the SPC’s assets of $1.09 billion and $888 million, respectively, were primarily comprised of loans to dealers, and the SPC’s liabilities of $1.09 billion and $888 million, respectively, were primarily comprised of commercial paper.  The assets of the SPC are not available to pay Cat Financial’s creditors. Cat Financial may be obligated to perform under the guarantee if the SPC experiences losses. No loss has been experienced or is anticipated under this loan purchase agreement.

We determine our product warranty liability by applying historical claim rate experience to the current field population and dealer inventory.  Generally, we base historical claim rates on actual warranty experience for each product by machine model/engine size by customer or dealer location (inside or outside North America).  We develop specific rates for each product shipment month and update them monthly based on actual warranty claim experience.  
The reconciliation of the change in our product warranty liability balances for the nine months ended September 30 was as follows:
First Nine Months
(Millions of dollars) 2022 2021
Warranty liability, beginning of period $ 1,689  $ 1,612 
Reduction in liability (payments) (589) (638)
Increase in liability (new warranties) 562  716 
Warranty liability, end of period $ 1,662  $ 1,690 
   

12.                               Profit per share
 
Computations of profit per share: Three Months Ended September 30 Nine Months Ended September 30
(Dollars in millions except per share data) 2022 2021 2022 2021
Profit for the period (A) 1
$ 2,041  $ 1,426  $ 5,251  $ 4,369 
Determination of shares (in millions):  
Weighted-average number of common shares outstanding (B) 525.0 544.0 530.1  545.8 
Shares issuable on exercise of stock awards, net of shares assumed to be purchased out of proceeds at average market price 2.6 3.6 3.1 4.4
Average common shares outstanding for fully diluted computation (C) 2
527.6 547.6 533.2  550.2 
Profit per share of common stock:    
Assuming no dilution (A/B) $ 3.89  $ 2.62  $ 9.91  $ 8.00 
Assuming full dilution (A/C) 2
$ 3.87  $ 2.60  $ 9.85  $ 7.94 
Shares outstanding as of September 30 (in millions) 520.4  540.9 
1 Profit attributable to common shareholders.
2 Diluted by assumed exercise of stock-based compensation awards using the treasury stock method.

For the three and nine months ended September 30, 2022 and 2021, we excluded 2.1 million and 1.1 million of outstanding stock options, respectively, from the computation of diluted earnings per share because the effect would have been antidilutive.

23

For the three and nine months ended September 30, 2022, we repurchased 7.6 million and 17.0 million shares of Caterpillar common stock, respectively, at an aggregate cost of $1.4 billion and $3.3 billion, respectively. For the three and nine months ended September 30, 2021, we repurchased 6.6 million and 7.8 million shares of Caterpillar common stock, respectively, at an aggregate cost of $1.4 billion and $1.6 billion, respectively. We made these purchases through a combination of accelerated stock repurchase agreements with third-party financial institutions and open market transactions.

In July 2018, the Board approved a share repurchase authorization (the 2018 Authorization) of up to $10.0 billion of Caterpillar common stock effective January 1, 2019, with no expiration. In May 2022, the Board approved a new share repurchase authorization (the 2022 Authorization) of up to $15.0 billion of Caterpillar common stock effective August 1, 2022, with no expiration. Utilization of the 2022 Authorization for all share repurchases commenced on August 1, 2022, leaving approximately $70 million unutilized under the 2018 Authorization as of September 30, 2022. As of September 30, 2022, $13.7 billion remained available under the 2022 Authorization.


13.                         Accumulated other comprehensive income (loss)

We present comprehensive income and its components in the Consolidated Statement of Comprehensive Income. Changes in the balances for each component of AOCI were as follows:

24

Three Months Ended September 30 Nine Months Ended September 30
(Millions of dollars) 2022 2021 2022 2021
Foreign currency translation:
Beginning balance $ (2,282) $ (1,158) $ (1,508) $ (910)
Gains (losses) on foreign currency translation (592) (230) (1,328) (461)
Less: Tax provision /(benefit) 26  12  64  29 
Net gains (losses) on foreign currency translation (618) (242) (1,392) (490)
(Gains) losses reclassified to earnings —  —  —  — 
Less: Tax provision /(benefit) —  —  —  — 
Net (gains) losses reclassified to earnings —  —  —  — 
Other comprehensive income (loss), net of tax (618) (242) (1,392) (490)
Ending balance $ (2,900) $ (1,400) $ (2,900) $ (1,400)
Pension and other postretirement benefits
Beginning balance $ (64) $ (47) $ (62) $ (32)
Current year prior service credit (cost) —  —  —  — 
Less: Tax provision /(benefit) —  —  —  — 
Net current year prior service credit (cost) —  —  —  — 
Amortization of prior service (credit) cost (1) (11) (4) (31)
Less: Tax provision /(benefit) —  (3) (1) (8)
Net amortization of prior service (credit) cost (1) (8) (3) (23)
Other comprehensive income (loss), net of tax (1) (8) (3) (23)
Ending balance $ (65) $ (55) $ (65) $ (55)
Derivative financial instruments
Beginning balance $ (66) $ 12  $ (3) $ — 
Gains (losses) deferred 44  45  298  141 
Less: Tax provision /(benefit) 35  71  22 
Net gains (losses) deferred 42  227  119 
(Gains) losses reclassified to earnings (296) (85) (636) (164)
Less: Tax provision /(benefit) (96) (12) (155) (26)
Net (gains) losses reclassified to earnings (200) (73) (481) (138)
Other comprehensive income (loss), net of tax (191) (31) (254) (19)
Ending balance $ (257) $ (19) $ (257) $ (19)
Available-for-sale securities
Beginning balance $ (87) $ 39  $ 20  $