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: 2017 | |||
Consolidated Results of Operations | |||
Period Ending Dec 31, 2017 10-K (Filed: Feb 15, 2018) | |||
| (In Millions, except shares in Thousands) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
| Sales and revenues: | |||
| Sales of Machinery, Energy & Transportation | $ 42,676 | 35,773 | 44,147 |
| Revenues of Financial Products | 2,786 | 2,764 | 2,864 |
| Total sales and revenues | 45,462 | 38,537 | 47,011 |
| Operating costs: | |||
| Cost of goods sold | 31,049 | 28,309 | 33,546 |
| Selling, general and administrative expenses | 5,177 | 4,686 | 4,951 |
| Research and development expenses | 1,905 | 1,951 | 2,119 |
| Interest expense of Financial Products | 646 | 596 | 587 |
| Goodwill impairment charge | 0 | 595 | 0 |
| Other operating (income) expenses | 2,279 | 1,902 | 2,023 |
| Total operating costs | 41,056 | 38,039 | 43,226 |
| Operating profit | 4,406 | 498 | 3,785 |
| Interest expense excluding Financial Products | 531 | 505 | 507 |
| Other income (expense) | 207 | 146 | 161 |
| Consolidated profit before taxes | 4,082 | 139 | 3,439 |
| Provision (benefit) for income taxes | 3,339 | 192 | 916 |
| Profit (loss) of consolidated companies | 743 | (53) | 2,523 |
| Equity in profit (loss) of unconsolidated affiliated companies | 16 | (6) | 0 |
| Profit (loss) of consolidated and affiliated companies | 759 | (59) | 2,523 |
| Less: Profit (loss) attributable to noncontrolling interests | 5 | 8 | 11 |
| Profit (loss) | 754 [1] | (67) | 2,512 |
| Profit (loss) per common share (in dollars per share) | 1.27 | (0.11) | 4.23 |
| Profit (loss) per common share - diluted (in dollars per share) | 1.26 [2] | (0.11) | 4.18 |
| Weighted-average common shares outstanding (millions) | |||
| Basic (in shares) | 591,800 | 584,300 | 594,300 |
| Diluted (in shares) | 599,300 | 584,300 | 601,300 |
| Cash dividends declared per common share (in dollars per share) | 3.11 | 3.08 | 3.01 |
| [1] 1 Profit (loss) attributable to common shareholders. | |||
| [2] 3 In 2016, the assumed exercise of stock-based compensation awards was not considered because the impact would be antidilutive. | 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: 2017 | |||
Consolidated Comprehensive Income | |||
Period Ending Dec 31, 2017 10-K (Filed: Feb 15, 2018) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
| Profit (loss) of consolidated and affiliated companies | $ 759 | (59) | 2,523 |
| Other comprehensive income (loss), Net of Tax: | |||
| Foreign currency translation, net of tax (provision)/benefit of: 2017 - $96; 2016 - $(30); 2015 - $(82) | 765 | (17) | (973) |
| Pension and other postretirement benefits: | |||
| Current year prior service credit (cost), net of tax (provision)/benefit of: 2017 - $(26); 2016 - $(69); 2015 - $5 | 48 | 118 | (3) |
| Amortization of prior service (credit) cost, net of tax (provision)/benefit of: 2017 - $9; 2016 - $21; 2015 - $18 | (16) | (35) | (35) |
| Derivative financial instruments: | |||
| Gains (losses) deferred, net of tax (provision)/benefit of: 2017 - $2; 2016 - $33; 2015 - $11 | (3) | (62) | (19) |
| (Gains) losses reclassified to earnings, net of tax (provision)/benefit of: 2017 - $(44); 2016 - $2; 2015 - $(51) | 77 | (3) | 88 |
| Available-for-sale securities: | |||
| Gains (losses) deferred, net of tax (provision)/benefit of: 2017 - $(23); 2016 - $(12); 2015 - $9 | 41 | 26 | (10) |
| (Gains) losses reclassified to earnings, net of tax (provision)/benefit of: 2017 - $35; 2016 - $15 2015 - $20 | (65) | (31) | (36) |
| Total other comprehensive income (loss), net of tax | 847 | (4) | (988) |
| Comprehensive income | 1,606 | (63) | 1,535 |
| Less: comprehensive income attributable to the noncontrolling interests | (5) | (8) | 1 |
| Comprehensive income attributable to shareholders | 1,601 | (71) | 1,536 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
CATERPILLAR FINANCIAL SERVICES CORP | |||
Ticker: CAT Fiscal Year: 2017 | |||
Consolidated Statement of Cash Flow | |||
Period Ending Dec 31, 2017 10-K (Filed: Feb 15, 2018) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
| Cash flow from operating activities: | |||
| Profit (loss) of consolidated and affiliated companies | $ 759 | (59) | 2,523 |
| Adjustments for non-cash items: | |||
| Depreciation and amortization | 2,877 | 3,034 | 3,046 |
| Actuarial (gain) loss on pension and postretirement benefits | 301 | 985 | 179 |
| Provision (benefit) for deferred income taxes | 1,213 | (431) | (307) |
| Goodwill impairment charge | 0 | 595 | 0 |
| Other | 746 | 856 | 453 |
| Changes in assets and liabilities, net of acquisitions and divestitures: | |||
| Receivables - trade and other | (1,151) | 829 | 764 |
| Inventories | (1,295) | 1,109 | 2,274 |
| Accounts payable | 1,478 | (200) | (1,165) |
| Accrued expenses | 175 | (201) | (199) |
| Accrued wages, salaries and employee benefits | 1,187 | (708) | (389) |
| Customer advances | (69) | (37) | (501) |
| Other assets - net | (192) | 224 | 143 |
| Other liabilities - net | (327) | (360) | (122) |
| Net cash provided by (used for) operating activities | 5,702 | 5,636 | 6,699 |
| Cash flow from investing activities: | |||
| Capital expenditures - excluding equipment leased to others | (898) | (1,109) | (1,388) |
| Expenditures for equipment leased to others | (1,438) | (1,819) | (1,873) |
| Proceeds from disposals of leased assets and property, plant and equipment | 1,164 | 899 | 760 |
| Additions to finance receivables | (11,953) | (9,339) | (9,929) |
| Collections of finance receivables | 12,018 | 9,369 | 9,247 |
| Proceeds from sale of finance receivables | 127 | 127 | 136 |
| Investments and acquisitions (net of cash acquired) | (59) | (191) | (400) |
| Proceeds from sale of businesses and investments (net of cash sold) | 100 | 0 | 178 |
| Proceeds from sale of securities | 932 | 694 | 351 |
| Investments in securities | (1,048) | (391) | (485) |
| Other - net | 61 | 0 | (114) |
| Net cash provided by (used for) investing activities | (994) | (1,760) | (3,517) |
| Cash flow from financing activities: | |||
| Dividends paid | (1,831) | (1,799) | (1,757) |
| Common stock issued, including treasury shares reissued | 566 | (23) | 33 |
| Treasury shares purchased | 0 | 0 | (2,025) |
| Proceeds from debt issued (original maturities greater than three months): | |||
| Machinery, Energy & Transportation | 361 | 6 | 3 |
| Financial Products | 8,702 | 5,109 | 5,129 |
| Payments on debt (original maturities greater than three months): | |||
| Machinery, Energy & Transportation | (1,465) | (533) | (517) |
| Financial Products | (6,919) | (6,032) | (7,775) |
| Short-term borrowings - net (original maturities three months or less) | (3,058) | 140 | 3,022 |
| Other - net | (9) | (8) | (7) |
| Net cash provided by (used for) financing activities | (3,653) | (3,140) | (3,894) |
| Effect of exchange rate changes on cash | 38 | (28) | (169) |
| Increase (decrease) in cash and short-term investments | 1,093 | 708 | (881) |
| Cash and short-term investments at beginning of period | 7,168 | 6,460 | |
| Cash and short-term investments at end of period | 8,261 | 7,168 | 6,460 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
CATERPILLAR FINANCIAL SERVICES CORP | ||
Ticker: CAT Fiscal Year: 2017 | ||
Consolidated Financial Position | ||
Period Ending Dec 31, 2017 10-K (Filed: Feb 15, 2018) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2017 | Dec 31, 2016 | |
| Assets | ||
| Current assets: | ||
| Cash and short-term investments | $ 8,261 | 7,168 |
| Receivables - trade and other | 7,436 | 5,981 |
| Receivables - finance | 8,757 | 8,522 |
| Prepaid expenses and other current assets | 1,772 | 1,682 |
| Inventories | 10,018 | 8,614 |
| Total current assets | 36,244 | 31,967 |
| Property, plant and equipment - net | 14,155 | 15,322 |
| Long-term receivables - trade and other | 990 | 1,029 |
| Long-term receivables - finance | 13,542 | 13,556 |
| Noncurrent deferred and refundable income taxes | 1,693 | 2,790 |
| Intangible assets | 2,111 | 2,349 |
| Goodwill | 6,200 | 6,020 |
| Other assets | 2,027 | 1,671 |
| Total assets | 76,962 | 74,704 |
| Liabilities | ||
| Current liabilities: | ||
| Short-term borrowings: | ||
| Machinery, Energy & Transportation | 1 | 209 |
| Financial Products | 4,836 | 7,094 |
| Accounts payable | 6,487 | 4,614 |
| Accrued expenses | 3,220 | 3,003 |
| Accrued wages, salaries and employee benefits | 2,559 | 1,296 |
| Customer advances | 1,193 | 1,167 |
| Dividends payable | 466 | 452 |
| Other current liabilities | 1,975 | 1,635 |
| Long-term debt due within one year: | ||
| Machinery, Energy & Transportation | 6 | 507 |
| Financial Products | 6,188 | 6,155 |
| Total current liabilities | 26,931 | 26,132 |
| Long-term debt due after one year: | ||
| Machinery, Energy & Transportation | 7,929 | 8,436 |
| Financial Products | 15,918 | 14,382 |
| Liability for postemployment benefits | 8,365 | 9,357 |
| Other liabilities | 4,053 | 3,184 |
| Total liabilities | 63,196 | 61,491 |
| Commitments and contingencies (Notes 21 and 22) | ||
| Shareholders' equity | ||
| Common stock of $1.00 par value: Authorized shares: 2,000,000,000 Issued shares: (2017 and 2016 814,894,624 shares) at paid-in amount | 5,593 | 5,277 |
| Treasury stock: (2017 217,268,852 shares; and 2016 228,408,600 shares) at cost | (17,005) | (17,478) |
| Profit employed in the business | 26,301 | 27,377 |
| Accumulated other comprehensive income (loss) | (1,192) | (2,039) |
| Noncontrolling interests | 69 | 76 |
| Total stockholders' equity | 13,766 | 13,213 |
| Total liabilities and stockholders' equity | 76,962 | 74,704 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
CATERPILLAR FINANCIAL SERVICES CORP | |||
Ticker: CAT Fiscal Year: 2017 | |||
Consolidated Statements of Profit | |||
Period Ending Dec 31, 2017 10-K (Filed: Feb 15, 2018) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
| Revenues: | |||
| Retail finance | $ 1,235 | 1,220 | 1,243 |
| Operating lease | 985 | 1,015 | 1,012 |
| Wholesale finance | 307 | 264 | 285 |
| Other, net | 162 | 96 | 133 |
| Total revenues | 2,689 | 2,595 | 2,673 |
| Expenses: | |||
| Interest | 667 | 611 | 593 |
| Depreciation on equipment leased to others | 810 | 841 | 836 |
| General, operating and administrative | 429 | 391 | 415 |
| Provision for credit losses | 132 | 135 | 119 |
| Other | 46 | 41 | 64 |
| Total expenses | 2,084 | 2,019 | 2,027 |
| Other income (expense) | (15) | (15) | (27) |
| Profit before income taxes | 590 | 561 | 619 |
| Provision (benefit) for income taxes | (4) | 171 | 158 |
| Profit of consolidated companies | 594 | 390 | 461 |
| Less: Profit attributable to noncontrolling interests | 8 | 6 | 1 |
| Profit | 586 | 384 [1] | 460 |
| [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: 2017 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2017 10-K (Filed: Feb 15, 2018) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
| Profit of consolidated companies | $ 594 | 390 | 461 |
| Other comprehensive income (loss), net of tax: | |||
| Foreign currency translation, net of tax (expense)/benefit | 414 | (104) | (545) |
| Derivative financial instruments: | |||
| Gains (losses) deferred, net of tax (expense)/benefit | (49) | 15 | 2 |
| (Gains) losses reclassified to earnings, net of tax expense/(benefit) | 45 | (16) | 3 |
| Total Other comprehensive income (loss), net of tax | 410 | (105) | (540) |
| Comprehensive income (loss) | 1,004 | 285 | (79) |
| Less: Comprehensive income (loss) attributable to the noncontrolling interests | 15 | (1) | (6) |
| Comprehensive income (loss) attributable to Caterpillar Financial Services Corporation | 989 | 286 | (73) |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
CATERPILLAR FINANCIAL SERVICES CORP | ||
Ticker: CAT Fiscal Year: 2017 | ||
Consolidated Statements of Financial Position | ||
Period Ending Dec 31, 2017 10-K (Filed: Feb 15, 2018) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2017 | Dec 31, 2016 | |
| Assets: | ||
| Cash and cash equivalents | $ 708 | 1,795 |
| Finance receivables, net (Note 2) | 27,126 | 26,212 |
| Notes receivable from Caterpillar (Note 14) | 559 | 530 |
| Equipment on operating leases, less accumulated depreciation (Note 3) | 3,568 | 3,708 |
| Deferred and refundable income taxes (Note 12) | 174 | 119 |
| Other assets (Note 4) | 1,025 | 1,251 |
| Total assets | 33,160 | 33,615 |
| Liabilities and shareholder's equity: | ||
| Payable to dealers and others | 190 | 140 |
| Payable to Caterpillar - other | 85 | 49 |
| Accrued expenses | 274 | 172 |
| Income taxes payable (Note 12) | 158 | 32 |
| Payable to Caterpillar borrowings (Note 14) | 1,638 | 1,637 |
| Short-term borrowings (Note 7) | 4,836 | 7,094 |
| Current maturities of long-term debt (Note 8) | 6,188 | 6,155 |
| Long-term debt (Note 8) | 15,918 | 14,382 |
| Deferred income taxes and other liabilities (Note 12) | 609 | 969 |
| Total liabilities | 29,896 | 30,630 |
| Commitments and contingent liabilities (Note 11) | ||
| 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 | 2,969 | 3,108 |
| Accumulated other comprehensive income/(loss) | (592) | (995) |
| Noncontrolling interests | 140 | 125 |
| Total shareholder's equity | 3,264 | 2,985 |
| Total liabilities and shareholder's equity | 33,160 | 33,615 |
| External Links | |
| CATERPILLAR FINANCIAL SERVICES CORP (CAT) Fiscal Year 2017 | |
| 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 |