v3.26.1
Master Trust (Tables) - GMHP
 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 $573 $405 
Common stocks3,921,926 3,360,443 9,689 8,950 
Preferred stocks23,527 16,468 84 72 
Preferred corporate bonds and notes5,481 7,570 31 51 
Other corporate bonds and notes1,116,507 899,155 6,583 6,221 
U.S. government securities917,546 847,015 5,230 5,635 
Common collective trusts10,071,355 8,473,155 29,601 26,235 
Registered investment companies24,181 8,351 113 31 
Other investments, net161,077 162,359 498 597 
21,737,110 17,558,746 52,402 48,197 
Investments, at contract value
Fully benefit-responsive synthetic guaranteed investment contracts745,342 780,302 1,550 1,942 
Other assets
Cash5,609 12,700 18 43 
Receivables for securities sold10,745 113,787 38 770 
Accrued income39,453 31,300 177 162 
55,807 157,787 233 975 
Total Master Trust assets22,538,259 18,496,835 54,185 51,114 
LIABILITIES
Payables for securities purchased(26,413)(151,488)(118)(899)
Net Master Trust assets$22,511,846 $18,345,347 $54,067 $50,215 
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