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: 2012 | |||
Consolidated Results of Operations | |||
Period Ending Dec 31, 2012 10-K (Filed: Feb 19, 2013) | |||
| (In Millions, except shares in Thousands) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2012 | Dec 31, 2011 | Dec 31, 2010 | |
| Sales and revenues: | |||
| Sales of Machinery and Power Systems | $ 63,068 | 57,392 | 39,867 |
| Revenues of Financial Products | 2,807 | 2,746 | 2,721 |
| Total sales and revenues | 65,875 | 60,138 | 42,588 |
| Operating costs: | |||
| Cost of goods sold | 47,055 | 43,578 | 30,367 |
| Selling, general and administrative expenses | 5,919 | 5,203 | 4,248 |
| Research and development expenses | 2,466 | 2,297 | 1,905 |
| Interest expense of Financial Products | 797 | 826 | 914 |
| Goodwill impairment charge | 580 | 0 | 0 |
| Other operating (income) expenses | 485 | 1,081 | 1,191 |
| Total operating costs | 57,302 | 52,985 | 38,625 |
| Operating profit | 8,573 | 7,153 | 3,963 |
| Interest expense excluding Financial Products | 467 | 396 | 343 |
| Other income (expense) | 130 | (32) | 130 |
| Consolidated profit before taxes | 8,236 | 6,725 | 3,750 |
| Provision (benefit) for income taxes | 2,528 | 1,720 | 968 |
| Profit of consolidated companies | 5,708 | 5,005 | 2,782 |
| Equity in profit (loss) of unconsolidated affiliated companies | 14 | (24) | (24) |
| Profit of consolidated and affiliated companies | 5,722 | 4,981 | 2,758 |
| Less: Profit (loss) attributable to noncontrolling interests | 41 | 53 | 58 |
| Profit | 5,681 | 4,928 [1] | 2,700 |
| Profit per common share (in dollars per share) | 8.71 | 7.64 | 4.28 |
| Profit per common share - diluted (in dollars per share) | 8.48 | 7.40 | 4.15 |
| Weighted-average common shares outstanding (millions) | |||
| Basic (in shares) | 652,600 | 645,000 | 631,500 |
| Diluted (in shares) | 669,600 | 666,100 | 650,400 [2] |
| Cash dividends declared per common share (in dollars per share) | 2.02 | 1.82 | 1.74 |
| [1] 1 Profit attributable to common stockholders. | |||
| [2] 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: 2012 | |||
Consolidated Statement of Comprehensive Income | |||
Period Ending Dec 31, 2012 10-K (Filed: Feb 19, 2013) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2012 | Dec 31, 2011 | Dec 31, 2010 | |
| Profit of consolidated and affiliated companies | $ 5,722 | 4,981 | 2,758 |
| Other comprehensive income (loss), net of tax | |||
| Foreign currency translation, net of tax (expense)/benefit of: 2012 - $9; 2011 - $3; 2010 - ($73) | 60 | (312) | (34) |
| Pension and other postretirement benefits | |||
| Current year actuarial gain (loss), net of tax (expense)/benefit of: 2012 - $372; 2011 - $1,276; 2010 - $214 | (731) | (2,364) | (540) |
| Amortization of actuarial (gain) loss, net of tax (expense)/benefit of: 2012 - ($243); 2011 - ($221); 2010 - ($173) | 458 | 412 | 310 |
| Current year prior service credit (cost), net of tax (expense)/benefit of: 2012 - ($12); 2011 - ($51); 2010 - $3 | 23 | 95 | (8) |
| Amortization of prior service (credit) cost, net of tax (expense)/benefit of: 2012 - $17; 2011 - $11; 2010 - $12 | (31) | (21) | (17) |
| Amortization of transition (asset) obligation, net of tax (expense)/benefit of: 2012 - ($1); 2011 - ($1); 2010 - ($1) | 1 | 1 | 1 |
| Derivative financial instruments | |||
| Gains (losses) deferred, net of tax (expense)/benefit of: 2012 - $29; 2011 - $12; 2010 - $29 | (48) | (21) | (50) |
| (Gains) losses reclassified to earnings, net of tax (expense)/benefit of: 2012 - ($10); 2011 - $21; 2010 - ($18) | 16 | (34) | 35 |
| Available-for-sale securities | |||
| Gains (losses) deferred, net of tax (expense)/benefit of: 2012 - ($13); 2011 - $2; 2010 - ($25) | 26 | (5) | 37 |
| (Gains) losses reclassified to earnings, net of tax (expense)/benefit of: 2012 - $1; 2011 - ($1); 2010 - $2 | (3) | 1 | (4) |
| Total other comprehensive income (loss), net of tax | (229) | (2,248) | (270) |
| Comprehensive income | 5,493 | 2,733 | 2,488 |
| Less: comprehensive income attributable to the noncontrolling interests | (24) | (82) | (78) |
| Comprehensive income attributable to stockholders | 5,469 | 2,651 | 2,410 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
CATERPILLAR FINANCIAL SERVICES CORP | |||
Ticker: CAT Fiscal Year: 2012 | |||
Consolidated Statement of Cash Flow | |||
Period Ending Dec 31, 2012 10-K (Filed: Feb 19, 2013) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2012 | Dec 31, 2011 | Dec 31, 2010 | |
| Cash flow from operating activities: | |||
| Profit of consolidated and affiliated companies | $ 5,722 | 4,981 | 2,758 |
| Adjustments for non-cash items: | |||
| Depreciation and amortization | 2,813 | 2,527 | 2,296 |
| Net gain from sale of businesses and investments | (630) | (128) | 0 |
| Goodwill impairment charge | 580 | 0 | 0 |
| Other | 439 | 585 | 469 |
| Changes in assets and liabilities, net of acquisitions and divestitures: | |||
| Receivables - trade and other | (173) | (1,345) | (2,320) |
| Inventories | (1,149) | (2,927) | (2,667) |
| Accounts payable | (1,868) | 1,555 | 2,570 |
| Accrued expenses | 183 | 308 | 117 |
| Accrued wages, salaries and employee benefits | (490) | 619 | 847 |
| Customer advances | 241 | 173 | 604 |
| Other assets - net | 252 | (91) | 358 |
| Other liabilities - net | (679) | 753 | (23) |
| Net cash provided by (used for) operating activities | 5,241 | 7,010 | 5,009 |
| Cash flow from investing activities: | |||
| Capital expenditures - excluding equipment leased to others | (3,350) | (2,515) | (1,575) |
| Expenditures for equipment leased to others | (1,726) | (1,409) | (1,011) |
| Proceeds from disposals of leased assets and property, plant and equipment | 1,117 | 1,354 | 1,469 |
| Additions to finance receivables | (12,010) | (10,001) | (8,498) |
| Collections of finance receivables | 8,995 | 8,874 | 8,987 |
| Proceeds from sale of finance receivables | 132 | 207 | 16 |
| Investments and acquisitions (net of cash acquired) | (618) | (8,184) | (1,126) |
| Proceeds from sale of businesses and investments (net of cash sold) | 1,199 | 376 | 0 |
| Proceeds from sale of available-for-sale securities | 306 | 247 | 228 |
| Investments in available-for-sale securities | (402) | (336) | (217) |
| Other - net | 167 | (40) | 132 |
| Net cash provided by (used for) investing activities | (6,190) | (11,427) | (1,595) |
| Cash flow from financing activities: | |||
| Dividends paid | (1,617) | (1,159) | (1,084) |
| Distribution to noncontrolling interests | (6) | (3) | 0 |
| Common stock issued, including treasury shares reissued | 52 | 123 | 296 |
| Excess tax benefit from stock-based compensation | 192 | 189 | 153 |
| Acquisitions of redeemable noncontrolling interests | (444) | 0 | 0 |
| Acquisitions of noncontrolling interests | (5) | (8) | (132) |
| Proceeds from debt issued (original maturities greater than three months): | |||
| Machinery and Power Systems | 2,209 | 4,587 | 216 |
| Financial Products | 13,806 | 10,873 | 8,108 |
| Payments on debt (original maturities greater than three months): | |||
| Machinery and Power Systems | (1,107) | (2,269) | (1,298) |
| Financial Products | (9,992) | (8,324) | (11,163) |
| Short-term borrowings - net (original maturities three months or less) | 461 | (43) | 291 |
| Net cash provided by (used for) financing activities | 3,549 | 3,966 | (4,613) |
| Effect of exchange rate changes on cash | (167) | (84) | (76) |
| Increase (decrease) in cash and short-term investments | 2,433 | (535) | (1,275) |
| Cash and short-term investments at beginning of period | 3,057 | 3,592 | |
| Cash and short-term investments at end of period | 5,490 | 3,057 | 3,592 |
| Non-cash activities: | |||
| Common shares issued from treasury stock for benefit plans (in shares) | 0 | 0 | 1,487,481 |
| Common shares issued from treasury stock for benefit plans | 94 | ||
| Debt exchange original debentures amount | 1,325 | ||
| Debt exchange new debentures amount | 1,722 | ||
| Debt exchange new debentures interest rate (as a percent) | 3.80% | ||
| Debt exchange new debentures due date (year) | 2042 | ||
| Debt exchange cash paid | 179 | ||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
CATERPILLAR FINANCIAL SERVICES CORP | ||
Ticker: CAT Fiscal Year: 2012 | ||
Consolidated Financial Position | ||
Period Ending Dec 31, 2012 10-K (Filed: Feb 19, 2013) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2012 | Dec 31, 2011 | |
| Assets | ||
| Current assets: | ||
| Cash and short-term investments | $ 5,490 | 3,057 |
| Receivables - trade and other | 10,092 | 10,285 |
| Receivables - finance | 8,860 | 7,668 |
| Deferred and refundable income taxes | 1,547 | 1,580 |
| Prepaid expenses and other current assets | 988 | 994 |
| Inventories | 15,547 | 14,544 |
| Total current assets | 42,524 | 38,128 |
| Property, plant and equipment - net | 16,461 | 14,395 |
| Long-term receivables - trade and other | 1,316 | 1,130 |
| Long-term receivables - finance | 14,029 | 11,948 |
| Investments in unconsolidated affiliated companies | 272 | 133 |
| Noncurrent deferred and refundable income taxes | 2,011 | 2,157 |
| Intangible assets | 4,016 | 4,368 |
| Goodwill | 6,942 | 7,080 |
| Other assets | 1,785 | 2,107 |
| Total assets | 89,356 | 81,446 |
| Liabilities | ||
| Current liabilities: | ||
| Short-term borrowings: | ||
| Machinery and Power Systems | 636 | 93 |
| Financial Products | 4,651 | 3,895 |
| Accounts payable | 6,753 | 8,161 |
| Accrued expenses | 3,667 | 3,386 |
| Accrued wages, salaries and employee benefits | 1,911 | 2,410 |
| Customer advances | 2,978 | 2,691 |
| Dividends payable | 0 | 298 |
| Other current liabilities | 2,055 | 1,967 |
| Long-term debt due within one year: | ||
| Machinery and Power Systems | 1,113 | 558 |
| Financial Products | 5,991 | 5,102 |
| Total current liabilities | 29,755 | 28,561 |
| Long-term debt due after one year: | ||
| Machinery and Power Systems | 8,666 | 8,415 |
| Financial Products | 19,086 | 16,529 |
| Liability for postemployment benefits | 11,085 | 10,956 |
| Other liabilities | 3,182 | 3,583 |
| Total liabilities | 71,774 | 68,044 |
| Commitments and contingencies (Notes 20 and 21) | ||
| Redeemable noncontrolling interest (Note 24) | 0 | 473 |
| Stockholders' equity | ||
| Common stock of $1.00 par: Authorized shares: 2,000,000,000 Issued shares: (2012, 2011 and 2010 - 814,894,624) at paid-in amount | 4,481 | 4,273 |
| Treasury stock: (2012 159,846,131; 2011 167,361,280 shares; and 2010 176,071,910 shares) at cost | (10,074) | (10,281) |
| Profit employed in the business | 29,558 | 25,219 |
| Accumulated other comprehensive income (loss) | (6,433) | (6,328) |
| Noncontrolling interests | 50 | 46 |
| Total stockholders' equity | 17,582 | 12,929 |
| Total liabilities, redeemable noncontrolling interest and stockholders' equity | 89,356 | 81,446 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
CATERPILLAR FINANCIAL SERVICES CORP | |||
Ticker: CAT Fiscal Year: 2012 | |||
Consolidated Statements of Profit | |||
Period Ending Dec 31, 2012 10-K (Filed: Feb 19, 2013) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2012 | Dec 31, 2011 | Dec 31, 2010 | |
| Revenues: | |||
| Retail finance | $ 1,342 | 1,291 | 1,320 |
| Operating lease | 860 | 870 | 885 |
| Wholesale finance | 335 | 299 | 205 |
| Other, net | 156 | 185 | 142 |
| Total revenues | 2,693 | 2,645 | 2,552 |
| Expenses: | |||
| Interest | 801 | 827 | 917 |
| Depreciation on equipment leased to others | 688 | 690 | 690 |
| General, operating and administrative | 416 | 405 | 351 |
| Provision for credit losses | 161 | 176 | 213 |
| Other | 29 | 34 | 54 |
| Total expenses | 2,095 | 2,132 | 2,225 |
| Other income (expense) | (7) | (9) | 2 |
| Profit before income taxes | 591 | 504 | 329 |
| Provision for income taxes | 148 | 111 | 40 |
| Profit of consolidated companies | 443 | 393 | 289 |
| Less: Profit attributable to noncontrolling interests | 11 | 15 | 11 |
| Profit | 432 | 378 | 278 [1] |
| [1] Profit attributable to Caterpillar Financial Services Corporation. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
CATERPILLAR FINANCIAL SERVICES CORP | |||
Ticker: CAT Fiscal Year: 2012 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2012 10-K (Filed: Feb 19, 2013) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2012 | Dec 31, 2011 | Dec 31, 2010 | |
| Profit of consolidated companies | $ 443 | 393 | 289 |
| Other comprehensive income (loss), net of tax: | |||
| Foreign currency translation, net of tax (expense)/benefit | 62 | (105) | (75) |
| Derivative financial instruments: | |||
| Gains (losses) deferred, net of tax (expense)/benefit | 1 | (1) | (6) |
| (Gains) losses reclassified to earnings, net of tax (expense)/benefit | (3) | 9 | 33 |
| Total Other comprehensive income (loss), net of tax | 60 | (97) | (48) |
| Comprehensive income (loss) | 503 | 296 | 241 |
| Less: Comprehensive income attributable to the noncontrolling interests | 11 | 12 | 13 |
| Comprehensive income (loss) attributable to Caterpillar Financial Services Corporation | 492 | 284 | 228 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
CATERPILLAR FINANCIAL SERVICES CORP | |||
Ticker: CAT Fiscal Year: 2012 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2012 10-K (Filed: Feb 19, 2013) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2012 | Dec 31, 2011 | Dec 31, 2010 | |
| Cash flows from operating activities: | |||
| Profit of consolidated companies | $ 443 | 393 | 289 |
| Adjustments for non-cash items: | |||
| Depreciation and amortization | 707 | 710 | 715 |
| Amortization of receivables purchase discount | (241) | (212) | (139) |
| Provision for credit losses | 161 | 176 | 213 |
| Gain on sales of receivables | (3) | (4) | 0 |
| Other, net | (4) | (66) | (189) |
| Changes in assets and liabilities: | |||
| Receivables from others | (22) | 16 | 44 |
| Other receivables/payables with Caterpillar | 15 | (8) | 20 |
| Payable to dealers and others | (34) | 2 | (16) |
| Accrued interest payable | 44 | 36 | 24 |
| Accrued expenses and other liabilities, net | (15) | (49) | 4 |
| Income taxes payable | 48 | 34 | (80) |
| Payments on interest rate swaps | (4) | (2) | (1) |
| Net cash provided by operating activities | 1,095 | 1,026 | 884 |
| Cash flows from investing activities: | |||
| Capital expenditures for equipment on operating leases and other capital expenditures | (1,660) | (1,190) | (959) |
| Proceeds from disposals of equipment | 875 | 1,161 | 1,383 |
| Additions to finance receivables | (18,754) | (17,058) | (11,807) |
| Collections of finance receivables | 14,789 | 15,259 | 11,999 |
| Net changes in Caterpillar purchased receivables | 250 | (1,164) | (590) |
| Proceeds from sales of receivables | 144 | 207 | 16 |
| Net change in variable lending to Caterpillar | (32) | 55 | (43) |
| Additions to other notes receivable with Caterpillar | (107) | (184) | (136) |
| Collections on other notes receivable with Caterpillar | 103 | 77 | 1,005 |
| Restricted cash and cash equivalents activity, net | 45 | 27 | 74 |
| Other, net | (4) | 6 | 29 |
| Net cash (used in) provided by investing activities | (4,351) | (2,804) | 971 |
| Cash flows from financing activities: | |||
| Net change in variable lending from Caterpillar | 203 | 0 | (26) |
| Proceeds from borrowings with Caterpillar | 0 | 0 | 600 |
| Payments on borrowings with Caterpillar | 0 | (600) | 0 |
| Proceeds from debt issued (original maturities greater than three months) | 13,806 | 10,873 | 8,108 |
| Payments on debt issued (original maturities greater than three months) | (9,987) | (8,324) | (11,104) |
| Short-term borrowings, net (original maturities three months or less) | 475 | (103) | 369 |
| Dividend paid to Caterpillar | (250) | (600) | (600) |
| Acquisition of noncontrolling interest | 0 | (7) | 0 |
| Net cash provided by (used in) financing activities | 4,247 | 1,239 | (2,653) |
| Effect of exchange rate changes on cash and cash equivalents | (87) | 39 | (62) |
| Increase/(decrease) in cash and cash equivalents | 904 | (500) | (860) |
| Cash and cash equivalents at beginning of period | 1,176 | 1,676 | |
| Cash and cash equivalents at end of period | 2,080 | 1,176 | 1,676 |
| Cash paid for interest | 797 | 823 | 917 |
| Cash paid for taxes | 101 | 96 | 72 |
| Non-cash activity | Non-cash activity: On January 1, 2010, we adoptedthe 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. | ||
| Cash and cash equivalents policy | All short-term investments, which consist primarily of highly liquid investments with original maturities of three months or less, are considered to be cash equivalents. | ||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
CATERPILLAR FINANCIAL SERVICES CORP | ||
Ticker: CAT Fiscal Year: 2012 | ||
Consolidated Statements of Financial Position | ||
Period Ending Dec 31, 2012 10-K (Filed: Feb 19, 2013) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2012 | Dec 31, 2011 | |
| Assets: | ||
| Cash and cash equivalents | $ 2,080 | 1,176 |
| Finance receivables (Note 2) | ||
| Retail notes receivable | 11,111 | 8,840 |
| Wholesale notes receivable | 4,238 | 4,368 |
| Finance leases and installment sale contracts - Retail | 13,589 | 12,436 |
| Finance leases and installment sale contracts - Wholesale | 643 | 425 |
| Total gross finance receivables | 29,581 | 26,069 |
| Less: Unearned income | (998) | (944) |
| Less: Allowance for credit losses | (426) | (369) |
| Total net finance receivables | 28,157 | 24,756 |
| Notes receivable from Caterpillar (Note 12) | 360 | 327 |
| Equipment on operating leases, less accumulated depreciation (Note 3) | 2,959 | 2,611 |
| Deferred and refundable income taxes (Note 10) | 115 | 159 |
| Other assets | 1,071 | 1,083 |
| Total assets | 34,742 | 30,112 |
| Liabilities and stockholder's equity: | ||
| Payable to dealers and others | 109 | 100 |
| Payable to Caterpillar - other | 85 | 67 |
| Accrued expenses | 267 | 292 |
| Income taxes payable | 70 | 60 |
| Payable to Caterpillar borrowings (Note 12) | 208 | 0 |
| Short-term borrowings (Note 6) | 4,651 | 3,895 |
| Current maturities of long-term debt (Note 7) | 5,991 | 5,102 |
| Long-term debt (Note 7) | 19,086 | 16,529 |
| Deferred income taxes and other liabilities (Note 10) | 552 | 597 |
| Total liabilities | 31,019 | 26,642 |
| 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 | 2,694 | 2,512 |
| Accumulated other comprehensive income/(loss) | 176 | 116 |
| Noncontrolling interests | 106 | 95 |
| Total stockholder's equity | 3,723 | 3,470 |
| Total liabilities and stockholder's equity | 34,742 | 30,112 |
| External Links | |
| CATERPILLAR FINANCIAL SERVICES CORP (CAT) Fiscal Year 2012 | |
| 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 |