Item 1A. Risk Factors

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Item 1A. Risk Factors

There have been no material changes to the risk factors we previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2022.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities


Period	Total Number of Shares Purchased2	Average Price Paid per Share2		Total Number of Shares Purchased as Part of Publicly Announced Program	Approximate Dollar Value of Shares that May Yet be Purchased under the Program (in billions)1
January 1-31, 2023	400,159	$	249.89	400,159	$	12.699
February 1-28, 2023	385,071	$	246.68	385,071	$	12.604
March 1-31, 2023	916,530	$	223.67	916,530	$	12.399
Total	1,701,760	$	235.04	1,701,760

1 In May 2022, the Board approved a share repurchase authorization (the 2022 Authorization) of up to $15.0 billion of Caterpillar common stock effective August 1, 2022, with no expiration. As of March 31, 2023, $12.4 billion remained available under the 2022 Authorization.


2 In January, February and March of 2023, we repurchased 0.4 million, 0.4 million and 0.9 million shares respectively, for an aggregate of $400 million in open market transactions at an average price per share of $249.89, $246.68 and $223.67, respectively.

Non-U.S. Employee Stock Purchase Plans

As of March 31, 2023, we had 28 employee stock purchase plans (the “EIP Plans”) that are administered outside the United States for our non-U.S. employees, which had approximately 14,000 active participants in the aggregate. During the first quarter of 2023, approximately 66,000 shares of Caterpillar common stock were purchased by the EIP Plans pursuant to the terms of such plans.

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