v3.26.1
Master Trust (Tables) - TDRP
 12 Months Ended
Dec. 31, 2025
EBP, Master Trust [Line Items]  
Schedule of Master Trust Net Assets
The following table presents the net assets of the Master Trust and the Plan's interest in the net assets of the Master Trust as of December 31, 2025 and 2024.

(in thousands of dollars)Master TrustPlan’s Interest in Master Trust
2025202420252024
ASSETS
Investments, at fair value
Caterpillar Inc. common stock$5,495,510 $3,784,230 $259,567 $178,570 
Common stocks3,921,926 3,360,443 116,644 100,424 
Preferred stocks23,527 16,468 847 628 
Preferred corporate bonds and notes5,481 7,570 242 348 
Other corporate bonds and notes1,116,507 899,155 49,872 41,965 
U.S. government securities917,546 847,015 40,470 38,942 
Common collective trusts10,071,355 8,473,155 328,703 280,966 
Registered investment companies24,181 8,351 972 299 
Other investments, net161,077 162,359 5,063 5,331 
21,737,110 17,558,746 802,380 647,473 
Investments, at contract value
Fully benefit-responsive synthetic guaranteed investment contracts745,342 780,302 44,063 46,827 
Other assets
Cash5,609 12,700 195 548 
Receivables for securities sold10,745 113,787 384 5,335 
Accrued income39,453 31,300 1,577 1,301 
55,807 157,787 2,156 7,184 
Total Master Trust assets22,538,259 18,496,835 848,599 701,484 
LIABILITIES
Payables for securities purchased(26,413)(151,488)(978)(6,853)
Net Master Trust assets$22,511,846 $18,345,347 $847,621 $694,631 
The following tables summarize Master Trust investments measured at fair value based on NAV per share using the practical expedient, the unfunded commitments and redemption restrictions as of December 31, 2025 and 2024.

(in thousands of dollars)
December 31, 2025Fair ValueUnfunded CommitmentsRedemption RestrictionsRedemption Frequency (if currently eligible)Redemption Notice Period
Common collective trusts:
Stocks$8,052,916 — NoneDailyNone
Short-term investments$856,792 — NoneDailyNone
U.S. Government securities$1,061,721 — NoneDailyNone
Core fixed income bonds$99,926 — NoneDailyNone


(in thousands of dollars)
December 31, 2024Fair ValueUnfunded CommitmentsRedemption RestrictionsRedemption Frequency (if currently eligible)Redemption Notice Period
Common collective trusts:
Stocks$6,770,665 — NoneDailyNone
Short-term investments$776,283 — NoneDailyNone
U.S. Government securities$926,207 — NoneDailyNone
The following table presents the changes in net assets for the Master Trust for the year ended December 31, 2025.

(in thousands of dollars)2025
Changes in Net Assets:
Caterpillar Inc. common stock net appreciation (depreciation) in fair value of investments$2,130,526 
Net appreciation (depreciation) in fair value of investments2,259,604 
Interest113,520 
Caterpillar Inc. common stock dividends60,066 
Dividends73,519 
Other income7,243 
Net investment income (loss)4,644,478 
Transfers, net 1
(460,114)
Administrative expenses not directly allocated to the plans and other expenses 2
(17,865)
Increase (decrease) in net assets4,166,499 
Net assets
Beginning of the year18,345,347 
End of the year$22,511,846 
1 Represents items recorded at the plan level such as contributions, benefit payments, plan transfers and plan specific administrative expenses.
2 Primarily related to fees and expenses paid to professional money managers who manage the investment funds.
Schedule of Master Trust Assets at Fair Value
Master Trust assets that are measured at fair value as of December 31, 2025 and 2024 are summarized below. Investments measured at net asset value per share using the practical expedient have not been classified in the fair value hierarchy, but are presented in order to permit reconciliation to the table that presents the net assets of the Master Trust.

 Fair Value Measurements as of December 31, 2025
(in thousands of dollars)Level 1Level 2Measured at NAVTotal
Stocks$9,428,200 $12,763 $— $9,440,963 
Corporate bonds and notes— 1,121,988 — 1,121,988 
U.S. government securities— 917,546 — 917,546 
Common collective trusts— — 10,071,355 10,071,355 
Registered investment companies24,181 — — 24,181 
Other investments, net122,160 38,917 — 161,077 
Total investments, at fair value$9,574,541 $2,091,214 $10,071,355 $21,737,110 

 Fair Value Measurements as of December 31, 2024
(in thousands of dollars)Level 1Level 2Measured at NAVTotal
Stocks$7,158,198 $2,943 $— $7,161,141 
Corporate bonds and notes— 906,725 — 906,725 
U.S. government securities— 847,015 — 847,015 
Common collective trusts— — 8,473,155 8,473,155 
Registered investment companies8,351 — — 8,351 
Other investments, net117,251 45,108 — 162,359 
Total investments, at fair value$7,283,800 $1,801,791 $8,473,155 $17,558,746 
The participant directed brokerage account assets that are measured at fair value are classified as Level 1 as of December 31, 2025 and 2024.