10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||||||||||||||
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10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
CATERPILLAR FINANCIAL SERVICES CORP | |||
Ticker: CAT Fiscal Year: 2011 | |||
Consolidated Results of Operations | |||
Period Ending Dec 31, 2011 10-K (Filed: Feb 21, 2012) | |||
| (In Millions, except shares in Thousands) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2011 | Dec 31, 2010 | Dec 31, 2009 | |
| Sales and revenues: | |||
| Sales of Machinery and Power Systems | $ 57,392 | 39,867 | 29,540 |
| Revenues of Financial Products | 2,746 | 2,721 | 2,856 |
| Total sales and revenues | 60,138 | 42,588 | 32,396 |
| Operating costs: | |||
| Cost of goods sold | 43,578 | 30,367 | 23,886 |
| Selling, general and administrative expenses | 5,203 | 4,248 | 3,645 |
| Research and development expenses | 2,297 | 1,905 | 1,421 |
| Interest expense of Financial Products | 826 | 914 | 1,045 |
| Other operating (income) expenses | 1,081 | 1,191 | 1,822 |
| Total operating costs | 52,985 | 38,625 | 31,819 |
| Operating profit | 7,153 | 3,963 | 577 |
| Interest expense excluding Financial Products | 396 | 343 | 389 |
| Other income (expense) | (32) | 130 | 381 |
| Consolidated profit before taxes | 6,725 | 3,750 | 569 |
| Provision (benefit) for income taxes | 1,720 | 968 | (270) |
| Profit of consolidated companies | 5,005 | 2,782 | 839 |
| Equity in profit (loss) of unconsolidated affiliated companies | (24) | (24) | (12) |
| Profit of consolidated and affiliated companies | 4,981 | 2,758 | 827 |
| Less: Profit (loss) attributable to noncontrolling interests | 53 | 58 | (68) |
| Profit | 4,928 [1] | 2,700 | 895 |
| Profit per common share (in dollars per share) | 7.64 | 4.28 | 1.45 |
| Profit per common share - diluted (in dollars per share) | 7.40 | 4.15 [2] | 1.43 |
| Weighted-average common shares outstanding (millions) | |||
| Basic (in shares) | 645,000 | 631,500 | 615,200 |
| Diluted (in shares) | 666,100 | 650,400 | 626,000 |
| Cash dividends declared per common share (in dollars per share) | 1.82 | 1.74 | 1.68 |
| [1] Profit attributable to common stockholders. | |||
| [2] Diluted by assumed exercise of stock-based compensation awards, using the treasury stock method. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
CATERPILLAR FINANCIAL SERVICES CORP | |||
Ticker: CAT Fiscal Year: 2011 | |||
Consolidated Statement of Cash Flow | |||
Period Ending Dec 31, 2011 10-K (Filed: Feb 21, 2012) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2011 | Dec 31, 2010 | Dec 31, 2009 | |
| Cash flow from operating activities: | |||
| Profit of consolidated and affiliated companies | $ 4,981 | 2,758 | 827 |
| Adjustments for non-cash items: | |||
| Depreciation and amortization | 2,527 | 2,296 | 2,336 |
| Other | 457 | 469 | 137 |
| Changes in assets and liabilities, net of acquisitions and divestitures: | |||
| Receivables - trade and other | (1,345) | (2,320) | 4,014 |
| Inventories | (2,927) | (2,667) | 2,501 |
| Accounts payable | 1,555 | 2,570 | (1,878) |
| Accrued expenses | 308 | 117 | (505) |
| Accrued wages, salaries and employee benefits | 619 | 847 | (534) |
| Customer advances | 173 | 604 | (646) |
| Other assets - net | (91) | 358 | 235 |
| Other liabilities - net | 753 | (23) | 12 |
| Net cash provided by (used for) operating activities | 7,010 | 5,009 | 6,499 |
| Cash flow from investing activities: | |||
| Capital expenditures - excluding equipment leased to others | (2,515) | (1,575) | (1,504) |
| Expenditures for equipment leased to others | (1,409) | (1,011) | (968) |
| Proceeds from disposals of leased assets and property, plant and equipment | 1,354 | 1,469 | 1,242 |
| Additions to finance receivables | (10,001) | (8,498) | (7,107) |
| Collections of finance receivables | 8,874 | 8,987 | 9,288 |
| Proceeds from sale of finance receivables | 207 | 16 | 100 |
| Investments and acquisitions (net of cash acquired) | (8,184) | (1,126) | (19) |
| Proceeds from sale of businesses and investments (net of cash sold) | 376 | ||
| Proceeds from sale of available-for-sale securities | 247 | 228 | 291 |
| Investments in available-for-sale securities | (336) | (217) | (349) |
| Other - net | (40) | 132 | (128) |
| Net cash provided by (used for) investing activities | (11,427) | (1,595) | 846 |
| Cash flow from financing activities: | |||
| Dividends paid | (1,159) | (1,084) | (1,029) |
| Distribution to noncontrolling interests | (3) | (10) | |
| Common stock issued, including treasury shares reissued | 123 | 296 | 89 |
| Excess tax benefit from stock-based compensation | 189 | 153 | 21 |
| Acquisitions of noncontrolling interests | (8) | (132) | (6) |
| Proceeds from debt issued (original maturities greater than three months): | |||
| Machinery and Power Systems | 4,587 | 216 | 458 |
| Financial Products | 10,873 | 8,108 | 11,833 |
| Payments on debt (original maturities greater than three months): | |||
| Machinery and Power Systems | (2,269) | (1,298) | (918) |
| Financial Products | (8,324) | (11,163) | (11,769) |
| Short-term borrowings - net (original maturities three months or less) | (43) | 291 | (3,884) |
| Net cash provided by (used for) financing activities | 3,966 | (4,613) | (5,215) |
| Effect of exchange rate changes on cash | (84) | (76) | 1 |
| Increase (decrease) in cash and short-term investments | (535) | (1,275) | 2,131 |
| Cash and short-term investments at beginning of period | 3,592 | 4,867 | |
| Cash and short-term investments at end of period | 3,057 | 3,592 | 4,867 |
| Non-cash activities: | |||
| Common shares issued from treasury stock for benefit plans (in shares) | 1,487,481 | 19,624,810 | |
| Common shares issued from treasury stock for benefit plans | 94 | 718 | |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
CATERPILLAR FINANCIAL SERVICES CORP | ||
Ticker: CAT Fiscal Year: 2011 | ||
Consolidated Financial Position | ||
Period Ending Dec 31, 2011 10-K (Filed: Feb 21, 2012) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2011 | Dec 31, 2010 | |
| Assets | ||
| Current assets: | ||
| Cash and short-term investments | $ 3,057 | 3,592 |
| Receivables - trade and other | 10,285 | 8,494 |
| Receivables - finance | 7,668 | 8,298 |
| Deferred and refundable income taxes | 1,580 | 931 |
| Prepaid expenses and other current assets | 994 | 908 |
| Inventories | 14,544 | 9,587 |
| Total current assets | 38,128 | 31,810 |
| Property, plant and equipment - net | 14,395 | 12,539 |
| Long-term receivables - trade and other | 1,130 | 793 |
| Long-term receivables - finance | 11,948 | 11,264 |
| Investments in unconsolidated affiliated companies | 133 | 164 |
| Noncurrent deferred and refundable income taxes | 2,157 | 2,493 |
| Intangible assets | 4,368 | 805 |
| Goodwill | 7,080 | 2,614 |
| Other assets | 2,107 | 1,538 |
| Total assets | 81,446 | 64,020 |
| Liabilities | ||
| Current liabilities: | ||
| Short-term borrowings: | ||
| Machinery and Power Systems | 93 | 204 |
| Financial Products | 3,895 | 3,852 |
| Accounts payable | 8,161 | 5,856 |
| Accrued expenses | 3,386 | 2,880 |
| Accrued wages, salaries and employee benefits | 2,410 | 1,670 |
| Customer advances | 2,691 | 1,831 |
| Dividends payable | 298 | 281 |
| Other current liabilities | 1,967 | 1,521 |
| Long-term debt due within one year: | ||
| Machinery and Power Systems | 558 | 495 |
| Financial Products | 5,102 | 3,430 |
| Total current liabilities | 28,561 | 22,020 |
| Long-term debt due after one year: | ||
| Machinery and Power Systems | 8,415 | 4,505 |
| Financial Products | 16,529 | 15,932 |
| Liability for postemployment benefits | 10,956 | 7,584 |
| Other liabilities | 3,583 | 2,654 |
| Total liabilities | 68,044 | 52,695 |
| Commitments and contingencies (Notes 20 and 21) | ||
| Redeemable noncontrolling interest (Note 24) | 473 | 461 |
| Stockholders' equity | ||
| Common stock of $1.00 par: Authorized shares: 2,000,000,000 Issued shares: (2011, 2010 and 2009 - 814,894,624) at paid-in amount | 4,273 | 3,888 |
| Treasury stock: (2011 - 167,361,280 shares; 2010 - 176,071,910 shares; and 2009 - 190,171,905 shares) at cost | (10,281) | (10,397) |
| Profit employed in the business | 25,219 | 21,384 |
| Accumulated other comprehensive income (loss) | (6,328) | (4,051) |
| Noncontrolling interests | 46 | 40 |
| Total stockholders' equity | 12,929 | 10,864 |
| Total liabilities, redeemable noncontrolling interest and stockholders' equity | 81,446 | 64,020 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
CATERPILLAR FINANCIAL SERVICES CORP | |||
Ticker: CAT Fiscal Year: 2011 | |||
CONSOLIDATED STATEMENTS OF PROFIT | |||
Period Ending Dec 31, 2011 10-K (Filed: Feb 21, 2012) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2011 | Dec 31, 2010 | Dec 31, 2009 | |
| Revenues: | |||
| Retail finance | $ 1,291 | 1,320 | 1,452 |
| Operating lease | 870 | 885 | 915 |
| Wholesale finance | 299 | 205 | 244 |
| Other, net | 185 | 142 | 103 |
| Total revenues | 2,645 | 2,552 | 2,714 |
| Expenses: | |||
| Interest | 827 | 917 | 1,048 |
| Depreciation on equipment leased to others | 690 | 690 | 713 |
| General, operating and administrative | 412 | 358 | 325 |
| Provision for credit losses | 176 | 213 | 231 |
| Other | 27 | 47 | 49 |
| Total expenses | 2,132 | 2,225 | 2,366 |
| Other income (expense) | (9) | 2 | (28) |
| Profit before income taxes | 504 | 329 | 320 |
| Provision for income taxes | 111 | 40 | 45 |
| Profit of Consolidated Companies | 393 | 289 | 275 |
| Less: Profit attributable to noncontrolling interests | 15 | 11 | 16 |
| Profit | 378 | 278 | 259 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
CATERPILLAR FINANCIAL SERVICES CORP | |||
Ticker: CAT Fiscal Year: 2011 | |||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
Period Ending Dec 31, 2011 10-K (Filed: Feb 21, 2012) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2011 | Dec 31, 2010 | Dec 31, 2009 | |
| Cash flows from operating activities: | |||
| Profit of Consolidated Companies | $ 393 | 289 | 275 |
| Adjustments for non-cash items: | |||
| Depreciation and amortization | 710 | 715 | 742 |
| Amortization of receivables purchase discount | (212) | (139) | (163) |
| Provision for credit losses | 176 | 213 | 231 |
| Gain on sales of receivables | (4) | 0 | (12) |
| Other, net | (66) | (189) | (156) |
| Changes in assets and liabilities: | |||
| Receivables from others | 16 | 44 | 82 |
| Other receivables/payables with Caterpillar | (8) | 20 | (34) |
| Payable to dealers and others | 2 | (16) | (141) |
| Accrued interest payable | 36 | 24 | 116 |
| Accrued expenses and other liabilities, net | (49) | 4 | (59) |
| Income taxes payable | 34 | (80) | 90 |
| (Payments)/Proceeds on interest rate swaps | (2) | (1) | 189 |
| Net cash provided by operating activities | 1,026 | 884 | 1,160 |
| Cash flows from investing activities: | |||
| Expenditures for equipment on operating leases and for non-leased equipment | (1,190) | (959) | (976) |
| Proceeds from disposals of equipment | 1,161 | 1,383 | 1,092 |
| Additions to finance receivables | (49,126) | (28,320) | (20,387) |
| Collections of finance receivables | 46,163 | 27,922 | 23,934 |
| Proceeds from sales of receivables | 207 | 16 | 987 |
| Net change in variable lending to Caterpillar | 55 | (43) | 37 |
| Additions to other notes receivable with Caterpillar | (184) | (136) | (1,550) |
| Collections on other notes receivable with Caterpillar | 77 | 1,005 | 500 |
| Restricted cash and cash equivalents activity, net | 27 | 74 | 0 |
| Other, net | 6 | 29 | (257) |
| Net cash (used in) provided by investing activities | (2,804) | 971 | 3,380 |
| Cash flows from financing activities: | |||
| Net change in variable lending from Caterpillar | 0 | (26) | (416) |
| Proceeds from borrowings with Caterpillar | 0 | 600 | 0 |
| Payments on borrowings with Caterpillar | (600) | 0 | 0 |
| Proceeds from debt issued (original maturities greater than three months) | 10,873 | 8,108 | 11,833 |
| Payments on debt issued (original maturities greater than three months) | (8,324) | (11,104) | (11,769) |
| Acquisition of noncontrolling interest | (7) | 0 | (6) |
| Short-term borrowings, net (original maturities three months or less) | (103) | 369 | (2,737) |
| Dividend paid to Caterpillar | (600) | (600) | 0 |
| Net cash provided by (used in) financing activities | 1,239 | (2,653) | (3,095) |
| Effect of exchange rate changes on cash and cash equivalents | 39 | (62) | 11 |
| (Decrease)/increase in cash and cash equivalents | (500) | (860) | 1,456 |
| Cash and cash equivalents at beginning of year | 1,676 | 2,536 | |
| Cash and cash equivalents at end of period | 1,176 | 1,676 | 2,536 |
| Cash paid for interest | 823 | 917 | 1,038 |
| Cash paid (received) for taxes | 96 | 72 | (19) |
| Non-cash activity: | |||
| On January 1, 2010, we adopted the provisions of the new consolidation of variable-interest entities accounting guidance, which resulted in the consolidation of qualifying special purpose entities related to our asset-backed securitization program which had previously been recorded off-balance sheet. Please refer to Note 2C. During 2009, an obligation for $232 million related to a financing arrangement, which provided us a return, was fulfilled through the release of a security deposit. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
CATERPILLAR FINANCIAL SERVICES CORP | ||
Ticker: CAT Fiscal Year: 2011 | ||
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | ||
Period Ending Dec 31, 2011 10-K (Filed: Feb 21, 2012) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2011 | Dec 31, 2010 | |
| Assets: | ||
| Cash and cash equivalents | $ 1,176 | 1,676 |
| Finance receivables | ||
| Retail notes receivable | 8,840 | 8,352 |
| Wholesale notes receivable | 4,368 | 2,783 |
| Finance leases and installment sale contracts - Retail | 12,436 | 12,481 |
| Finance leases and installment sale contracts - Wholesale | 425 | 459 |
| Total gross finance receivables | 26,069 | 24,075 |
| Less: Unearned income | (944) | (969) |
| Less: Allowance for credit losses | (369) | (363) |
| Total net finance receivables | 24,756 | 22,743 |
| Notes receivable from Caterpillar (Note 12) | 327 | 278 |
| Equipment on operating leases, less accumulated depreciation (Note 3) | 2,611 | 2,711 |
| Deferred and refundable income taxes (Note 10) | 159 | 202 |
| Other assets | 1,083 | 1,142 |
| Total assets | 30,112 | 28,752 |
| Liabilities and stockholder's equity: | ||
| Payable to dealers and others | 109 | 113 |
| Payable to Caterpillar - other | 67 | 54 |
| Accrued expenses | 283 | 295 |
| Income taxes payable | 60 | 90 |
| Payable to Caterpillar - borrowings (Note 12) | 0 | 600 |
| Short-term borrowings (Note 6) | 3,895 | 3,852 |
| Current maturities of long-term debt (Note 7) | 5,102 | 3,430 |
| Long-term debt (Note 7) | 16,529 | 15,932 |
| Deferred income taxes and other liabilities (Note 10) | 597 | 605 |
| Total liabilities | 26,642 | 24,971 |
| Commitments and contingent liabilities (Note 9) | ||
| Common stock - $1 par value Authorized: 2,000 shares; Issued and outstanding: one share (at paid-in amount) | 745 | 745 |
| Additional paid-in capital | 2 | 2 |
| Retained earnings | 2,512 | 2,734 |
| Accumulated other comprehensive income | 116 | 217 |
| Noncontrolling interests | 95 | 83 |
| Total stockholder's equity | 3,470 | 3,781 |
| Total liabilities and stockholder's equity | 30,112 | 28,752 |
| External Links | |
| CATERPILLAR FINANCIAL SERVICES CORP (CAT) Fiscal Year 2011 | |
| Statements of 10-K in Excel | https://www.sec.gov/.../Financial.xlxs |
| Complete 10-K in HTML | https://www.sec.gov/.../10-K.html |
| Complete 10-K in XBRL | https://www.sec.gov/.../10-K-xbrl.zip |