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: 2014 | |||
Consolidated Results of Operations | |||
Period Ending Dec 31, 2014 10-K (Filed: Feb 17, 2015) | |||
| (In Millions, except shares in Thousands) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | |
| Sales and revenues: | |||
| Sales of Machinery, Energy & Transportation | $ 52,142 | 52,694 | 63,068 |
| Revenues of Financial Products | 3,042 | 2,962 | 2,807 |
| Total sales and revenues | 55,184 | 55,656 | 65,875 |
| Operating costs: | |||
| Cost of goods sold | 39,767 | 40,727 | 47,055 |
| Selling, general and administrative expenses | 5,697 | 5,547 | 5,919 |
| Research and development expenses | 2,135 | 2,046 | 2,466 |
| Interest expense of Financial Products | 624 | 727 | 797 |
| Goodwill impairment charge | 0 | 0 | 580 |
| Other operating (income) expenses | 1,633 | 981 | 485 |
| Total operating costs | 49,856 | 50,028 | 57,302 |
| Operating profit | 5,328 | 5,628 | 8,573 |
| Interest expense excluding Financial Products | 484 | 465 | 467 |
| Other income (expense) | 239 | (35) | 130 |
| Consolidated profit before taxes | 5,083 | 5,128 | 8,236 |
| Provision (benefit) for income taxes | 1,380 | 1,319 | 2,528 |
| Profit of consolidated companies | 3,703 | 3,809 | 5,708 |
| Equity in profit (loss) of unconsolidated affiliated companies | 8 | (6) | 14 |
| Profit of consolidated and affiliated companies | 3,711 | 3,803 | 5,722 |
| Less: Profit (loss) attributable to noncontrolling interests | 16 | 14 | 41 |
| Profit | 3,695 | 3,789 [1] | 5,681 |
| Profit per common share (in dollars per share) | 5.99 | 5.87 | 8.71 |
| Profit per common share - diluted (in dollars per share) | 5.88 | 5.75 | 8.48 |
| Weighted-average common shares outstanding (millions) | |||
| Basic (in shares) | 617,200 | 645,200 | 652,600 |
| Diluted (in shares) | 628,900 | 658,600 [2] | 669,600 |
| Cash dividends declared per common share (in dollars per share) | 2.70 | 2.32 | 2.02 |
| [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: 2014 | |||
Consolidated Comprehensive Income | |||
Period Ending Dec 31, 2014 10-K (Filed: Feb 17, 2015) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | |
| Profit of consolidated and affiliated companies | $ 3,711 | 3,803 | 5,722 |
| Other comprehensive income (loss), Net of Tax: | |||
| Foreign currency translation, net of tax (provision)/benefit of: 2014 - $(78); 2013 - $57; 2012 - $9 | (1,164) | (277) | 60 |
| Pension and other postretirement benefits: | |||
| Current year actuarial gain (loss), net of tax (provision)/benefit of: 2014 - $838; 2013 - $(1,232); 2012 - $372 | (1,578) | 2,277 | (731) |
| Amortization of actuarial (gain) loss, net of tax (provision)/benefit of: 2014 - $(175); 2013 - $(265); 2012 - $(243) | 344 | 516 | 458 |
| Current year prior service credit (cost), net of tax (provision)/benefit of: 2014 - $(2); 2013 - $(2); 2012 - $(12) | 4 | 3 | 23 |
| Amortization of prior service (credit) cost, net of tax (provision)/benefit of: 2014 - $13; 2013 - $19; 2012 - $17 | (25) | (35) | (31) |
| Amortization of transition (asset) obligation, net of tax (provision)/benefit of: 2014 - $0; 2013 - $(1); 2012 - $(1) | 0 | 1 | 1 |
| Derivative financial instruments: | |||
| Gains (losses) deferred, net of tax (provision)/benefit of: 2014 - $69; 2013 - $2; 2012 - $29 | (118) | (4) | (48) |
| (Gains) losses reclassified to earnings, net of tax (provision)/benefit of: 2014 - $(2); 2013 - $(25); 2012 - $(10) | 4 | 41 | 16 |
| Available-for-sale securities: | |||
| Gains (losses) deferred, net of tax (provision)/benefit of: 2014 - $(12); 2013 - $(15); 2012 - $(13) | 24 | 29 | 26 |
| (Gains) losses reclassified to earnings, net of tax (provision)/benefit of: 2014 - $11; 2013 - $6; 2012 - $1 | (24) | (13) | (3) |
| Total other comprehensive income (loss), net of tax | (2,533) | 2,538 | (229) |
| Comprehensive income | 1,178 | 6,341 | 5,493 |
| Less: comprehensive income attributable to the noncontrolling interests | (16) | (17) | (24) |
| Comprehensive income attributable to stockholders | 1,162 | 6,324 | 5,469 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
CATERPILLAR FINANCIAL SERVICES CORP | |||
Ticker: CAT Fiscal Year: 2014 | |||
Consolidated Statement of Cash Flow | |||
Period Ending Dec 31, 2014 10-K (Filed: Feb 17, 2015) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | |
| Cash flow from operating activities: | |||
| Profit of consolidated and affiliated companies | $ 3,711 | 3,803 | 5,722 |
| Adjustments for non-cash items: | |||
| Depreciation and amortization | 3,163 | 3,087 | 2,813 |
| Net (gain)/loss from sale of businesses and investments | 4 | (68) | (630) |
| Goodwill impairment charge | 0 | 0 | 580 |
| Other | 549 | 550 | 439 |
| Changes in assets and liabilities, net of acquisitions and divestitures: | |||
| Receivables - trade and other | 163 | 835 | (15) |
| Inventories | 101 | 2,658 | (1,149) |
| Accounts payable | 222 | 134 | (1,868) |
| Accrued expenses | (10) | (108) | 126 |
| Accrued wages, salaries and employee benefits | 901 | (279) | (490) |
| Customer advances | (593) | (301) | 83 |
| Other assets - net | (300) | (49) | 252 |
| Other liabilities - net | 146 | (71) | (679) |
| Net cash provided by (used for) operating activities | 8,057 | 10,191 | 5,184 |
| Cash flow from investing activities: | |||
| Capital expenditures - excluding equipment leased to others | (1,539) | (2,522) | (3,350) |
| Expenditures for equipment leased to others | (1,840) | (1,924) | (1,726) |
| Proceeds from disposals of leased assets and property, plant and equipment | 904 | 844 | 1,117 |
| Additions to finance receivables | (11,278) | (11,422) | (12,010) |
| Collections of finance receivables | 9,841 | 9,567 | 8,995 |
| Proceeds from sale of finance receivables | 177 | 220 | 132 |
| Investments and acquisitions (net of cash acquired) | (30) | (195) | (618) |
| Proceeds from sale of businesses and investments (net of cash sold) | 199 | 365 | 1,199 |
| Proceeds from sale of securities | 810 | 449 | 306 |
| Investments in securities | (825) | (402) | (402) |
| Other - net | (46) | (26) | 167 |
| Net cash provided by (used for) investing activities | (3,627) | (5,046) | (6,190) |
| Cash flow from financing activities: | |||
| Dividends paid | (1,620) | (1,111) | (1,617) |
| Distribution to noncontrolling interests | (7) | (13) | (6) |
| Contribution from noncontrolling interests | 4 | 0 | 0 |
| Common stock issued, including treasury shares reissued | 239 | 128 | 52 |
| Treasury shares purchased | (4,238) | (2,000) | 0 |
| Excess tax benefit from stock-based compensation | 182 | 96 | 192 |
| Acquisitions of redeemable noncontrolling interests | 0 | 0 | (444) |
| Acquisitions of noncontrolling interests | 0 | 0 | (5) |
| Proceeds from debt issued (original maturities greater than three months): | |||
| Machinery, Energy & Transportation | 1,994 | 195 | 2,209 |
| Financial Products | 8,655 | 9,133 | 13,806 |
| Payments on debt (original maturities greater than three months): | |||
| Machinery, Energy & Transportation | (785) | (1,769) | (1,107) |
| Financial Products | (8,463) | (9,101) | (9,940) |
| Short-term borrowings - net (original maturities three months or less) | 1,043 | (69) | 466 |
| Net cash provided by (used for) financing activities | (2,996) | (4,511) | 3,606 |
| Effect of exchange rate changes on cash | (174) | (43) | (167) |
| Increase (decrease) in cash and short-term investments | 1,260 | 591 | 2,433 |
| Cash and short-term investments at beginning of period | 6,081 | 5,490 | |
| Cash and short-term investments at end of period | 7,341 | 6,081 | 5,490 |
| Non-cash activities: | |||
| 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: 2014 | ||
Consolidated Financial Position | ||
Period Ending Dec 31, 2014 10-K (Filed: Feb 17, 2015) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2014 | Dec 31, 2013 | |
| Assets | ||
| Current assets: | ||
| Cash and short-term investments | $ 7,341 | 6,081 |
| Receivables - trade and other | 7,737 | 8,413 |
| Receivables - finance | 9,027 | 8,763 |
| Deferred and refundable income taxes | 1,739 | 1,553 |
| Prepaid expenses and other current assets | 818 | 900 |
| Inventories | 12,205 | 12,625 |
| Total current assets | 38,867 | 38,335 |
| Property, plant and equipment - net | 16,577 | 17,075 |
| Long-term receivables - trade and other | 1,364 | 1,397 |
| Long-term receivables - finance | 14,644 | 14,926 |
| Investments in unconsolidated affiliated companies | 257 | 272 |
| Noncurrent deferred and refundable income taxes | 1,404 | 594 |
| Intangible assets | 3,076 | 3,596 |
| Goodwill | 6,694 | 6,956 |
| Other assets | 1,798 | 1,745 |
| Total assets | 84,681 | 84,896 |
| Liabilities | ||
| Current liabilities: | ||
| Short-term borrowings: | ||
| Machinery, Energy & Transportation | 9 | 16 |
| Financial Products | 4,699 | 3,663 |
| Accounts payable | 6,515 | 6,560 |
| Accrued expenses | 3,548 | 3,493 |
| Accrued wages, salaries and employee benefits | 2,438 | 1,622 |
| Customer advances | 1,697 | 2,360 |
| Dividends payable | 424 | 382 |
| Other current liabilities | 1,754 | 1,849 |
| Long-term debt due within one year: | ||
| Machinery, Energy & Transportation | 510 | 760 |
| Financial Products | 6,283 | 6,592 |
| Total current liabilities | 27,877 | 27,297 |
| Long-term debt due after one year: | ||
| Machinery, Energy & Transportation | 9,493 | 7,999 |
| Financial Products | 18,291 | 18,720 |
| Liability for postemployment benefits | 8,963 | 6,973 |
| Other liabilities | 3,231 | 3,029 |
| Total liabilities | 67,855 | 64,018 |
| Commitments and contingencies (Notes 21 and 22) | ||
| Stockholders' equity | ||
| Common stock of $1.00 par value: Authorized shares: 2,000,000,000 Issued shares: (2014, 2013 and 2012 814,894,624 shares) at paid-in amount | 5,016 | 4,709 |
| Treasury stock: (2014 208,728,065 shares; 2013 177,072,282 shares; and 2012 159,846,131 shares) at cost | (15,726) | (11,854) |
| Profit employed in the business | 33,887 | 31,854 |
| Accumulated other comprehensive income (loss) | (6,431) | (3,898) |
| Noncontrolling interests | 80 | 67 |
| Total stockholders' equity | 16,826 | 20,878 |
| Total liabilities and stockholders' equity | 84,681 | 84,896 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
CATERPILLAR FINANCIAL SERVICES CORP | |||
Ticker: CAT Fiscal Year: 2014 | |||
Consolidated Statements of Profit | |||
Period Ending Dec 31, 2014 10-K (Filed: Feb 17, 2015) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | |
| Revenues: | |||
| Retail finance | $ 1,366 | 1,387 | 1,342 |
| Operating lease | 1,057 | 948 | 860 |
| Wholesale finance | 311 | 306 | 335 |
| Other, net | 151 | 144 | 156 |
| Total revenues | 2,885 | 2,785 | 2,693 |
| Expenses: | |||
| Interest | 631 | 734 | 801 |
| Depreciation on equipment leased to others | 870 | 770 | 688 |
| General, operating and administrative | 433 | 427 | 416 |
| Provision for credit losses | 139 | 101 | 163 |
| Other | 37 | 24 | 29 |
| Total expenses | 2,110 | 2,056 | 2,097 |
| Other income (expense) | (22) | (35) | (12) |
| Profit before income taxes | 753 | 694 | 584 |
| Provision for income taxes | 209 | 167 | 145 |
| Profit of consolidated companies | 544 | 527 | 439 |
| Less: Profit attributable to noncontrolling interests | 9 | 14 | 11 |
| Profit | 535 | 513 | 428 [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: 2014 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2014 10-K (Filed: Feb 17, 2015) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | |
| Profit of consolidated companies | $ 544 | 527 | 439 |
| Other comprehensive income (loss), net of tax: | |||
| Foreign currency translation, net of tax (expense)/benefit | (481) | (59) | 62 |
| Derivative financial instruments: | |||
| Gains (losses) deferred, net of tax (expense)/benefit | (4) | (1) | 1 |
| (Gains) losses reclassified to earnings, net of tax expense/(benefit) | 4 | 4 | (3) |
| Total Other comprehensive income (loss), net of tax | (481) | (56) | 60 |
| Comprehensive income (loss) | 63 | 471 | 499 |
| Less: Comprehensive income attributable to the noncontrolling interests | 9 | 17 | 11 |
| Comprehensive income (loss) attributable to Caterpillar Financial Services Corporation | 54 | 454 | 488 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
CATERPILLAR FINANCIAL SERVICES CORP | ||
Ticker: CAT Fiscal Year: 2014 | ||
Consolidated Statements of Financial Position | ||
Period Ending Dec 31, 2014 10-K (Filed: Feb 17, 2015) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2014 | Dec 31, 2013 | |
| Assets: | ||
| Cash and cash equivalents | $ 857 | 1,320 |
| Finance receivables (Note 3) | ||
| Retail notes receivable | 11,005 | 10,858 |
| Wholesale notes receivable | 4,514 | 4,153 |
| Finance leases and installment sale contracts - Retail | 14,455 | 14,551 |
| Finance leases and installment sale contracts - Wholesale | 384 | 480 |
| Total gross finance receivables | 30,358 | 30,042 |
| Less: Unearned income | (883) | (976) |
| Less: Allowance for credit losses | (401) | (387) |
| Total net finance receivables | 29,074 | 28,679 |
| Notes receivable from Caterpillar (Note 13) | 414 | 345 |
| Equipment on operating leases, less accumulated depreciation (Note 4) | 3,624 | 3,544 |
| Deferred and refundable income taxes (Note 11) | 206 | 166 |
| Other assets | 1,001 | 1,060 |
| Total assets | 35,176 | 35,114 |
| Liabilities and stockholder's equity: | ||
| Payable to dealers and others | 113 | 118 |
| Payable to Caterpillar - other | 69 | 80 |
| Accrued expenses | 212 | 251 |
| Income taxes payable | 66 | 52 |
| Payable to Caterpillar borrowings (Note 13) | 1,108 | 1,118 |
| Short-term borrowings (Note 7) | 4,699 | 3,663 |
| Current maturities of long-term debt (Note 8) | 6,283 | 6,592 |
| Long-term debt (Note 8) | 18,291 | 18,737 |
| Deferred income taxes and other liabilities (Note 11) | 681 | 512 |
| Total liabilities | 31,522 | 31,123 |
| Commitments and contingent liabilities (Note 10) | ||
| 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 | 3,139 | 3,004 |
| Accumulated other comprehensive income/(loss) | (364) | 117 |
| Noncontrolling interests | 132 | 123 |
| Total stockholder's equity | 3,654 | 3,991 |
| Total liabilities and stockholder's equity | 35,176 | 35,114 |
| External Links | |
| CATERPILLAR FINANCIAL SERVICES CORP (CAT) Fiscal Year 2014 | |
| 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 |