How did corporate eliminations impact 2023 results?

Corporate eliminations had a significant impact on the consolidated financial results of Caterpillar in 2023, as evidenced by the following:

1. **Elimination of Intercompany Transactions**: Caterpillar eliminated intercompany transactions and loans within Fathom, which allowed the company to remove the impact of these transactions on the consolidated performance. This resulted in a more accurate view of the group's net income and balance sheet.
2. **Currency Translation Adjustments**: The company made currency translation adjustments to balance the balance sheet, especially in multi-currency consolidations. These adjustments were necessary to eliminate the impact of exchange rate fluctuations on intercompany accounts.
3. **Impact on Net Income and Balance Sheet**: The eliminations had a direct impact on the group's net income and balance sheet. By removing intercompany transactions, Caterpillar was able to present a clearer picture of its financial performance, with no payments, receivables, profits, or losses recognized in the consolidated financial statements until they were realized through a transaction with a third party.
4. **Double Entry Logic**: The use of double entry logic in the consolidation process ensured that intercompany eliminations were properly accounted for. This logic, which involves offsetting entries, eliminated the possibility of one-sided entries that could have compromised the financial statements.

In conclusion, corporate eliminations were crucial in refining Caterpillar's 2023 financial results by removing the impact of internal transactions and aligning the balance sheet with generally accepted accounting principles.