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: 2018 | |||
Consolidated Results of Operations | |||
Period Ending Dec 31, 2018 10-K (Filed: Feb 14, 2019) | |||
| (In Millions, except shares in Thousands) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
| Sales and revenues: | |||
| Sales and revenues | $ 54,722 | 45,462 | 38,537 |
| Cost of goods sold | 36,997 | 31,260 | 28,044 |
| Operating costs: | |||
| Selling, general and administrative expenses | 5,478 | 4,999 | 4,383 |
| Research and development expenses | 1,850 | 1,842 | 1,853 |
| Interest expense of Financial Products | 722 | 646 | 596 |
| Goodwill impairment charge | 0 | 0 | 595 |
| Other operating (income) expenses | 1,382 | 2,255 | 1,904 |
| Total operating costs | 46,429 | 41,002 | 37,375 |
| Operating profit | 8,293 | 4,460 | 1,162 |
| Interest expense excluding Financial Products | 404 | 531 | 505 |
| Other income (expense) | (67) | 153 | (518) |
| Consolidated profit before taxes | 7,822 | 4,082 | 139 |
| Provision (benefit) for income taxes | 1,698 | 3,339 | 192 |
| Profit (loss) of consolidated companies | 6,124 | 743 | (53) |
| Equity in profit (loss) of unconsolidated affiliated companies | 24 | 16 | (6) |
| Profit (loss) of consolidated and affiliated companies | 6,148 | 759 | (59) |
| Less: Profit (loss) attributable to noncontrolling interests | 1 | 5 | 8 |
| Profit (loss) | 6,147 | 754 | (67) [1] |
| Profit (loss) per common share (in dollars per share) | 10.39 | 1.27 | (0.11) |
| Profit (loss) per common share - diluted (in dollars per share) | 10.26 | 1.26 | (0.11) |
| Weighted-average common shares outstanding (millions) | |||
| Basic (in shares) | 591,400 | 591,800 | 584,300 |
| Diluted (in shares) | 599,400 | 599,300 | 584,300 [2] |
| Product and Service | |||
| Machinery, Energy & Transportation | |||
| Sales and revenues | 51,822 | 42,676 | 35,773 |
| Financial Service | |||
| Sales and revenues | 2,900 | 2,786 | 2,764 |
| [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: 2018 | |||
Consolidated Comprehensive Income | |||
Period Ending Dec 31, 2018 10-K (Filed: Feb 14, 2019) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
| Profit (loss) of consolidated and affiliated companies | $ 6,148 | 759 | (59) |
| Other comprehensive income (loss), Net of Tax: | |||
| Foreign currency translation, net of tax (provision)/benefit of: 2018-$(24); 2017 - $96; 2016 - $(30) | (396) | 765 | (17) |
| Pension and other postretirement benefits: | |||
| Current year prior service credit (cost), net of tax (provision)/benefit of: 2018 - $(6); 2017 - $(26); 2016 - $(69) | (6) | 48 | 118 |
| Amortization of prior service (credit) cost, net of tax (provision)/benefit of: 2018 -$8; 2017 - $9; 2016 - $21 | (28) | (16) | (35) |
| Derivative financial instruments: | |||
| Gains (losses) deferred, net of tax (provision)/benefit of: 2018 - $(19); 2017 - $2; 2016 - $33 | 61 | (3) | (62) |
| (Gains) losses reclassified to earnings, net of tax (provision)/benefit of: 2018 - $31; 2017 - $(44); 2016 - $2 | (100) | 77 | (3) |
| Available-for-sale securities: | |||
| Gains (losses) deferred, net of tax (provision)/benefit of: 2017 - $(23); 2016 - $(12); 2015 - $9 | (12) | 41 | 26 |
| (Gains) losses reclassified to earnings, net of tax (provision)/benefit of: 2018 - $0; 2017 - $35; 2016 - $15 | 0 | (65) | (31) |
| Total other comprehensive income (loss), net of tax | (481) | 847 | (4) |
| Comprehensive income | 5,667 | 1,606 | (63) |
| Less: comprehensive income attributable to the noncontrolling interests | 1 | 5 | 8 |
| Comprehensive income attributable to shareholders | 5,666 | 1,601 | (71) |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
CATERPILLAR FINANCIAL SERVICES CORP | |||
Ticker: CAT Fiscal Year: 2018 | |||
Consolidated Statement of Cash Flow | |||
Period Ending Dec 31, 2018 10-K (Filed: Feb 14, 2019) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
| Cash flow from operating activities: | |||
| Profit (loss) of consolidated and affiliated companies | $ 6,148 | 759 | (59) |
| Adjustments for non-cash items: | |||
| Depreciation and amortization | 2,766 | 2,877 | 3,034 |
| Actuarial (gain) loss on pension and postretirement benefits | 495 | 301 | 985 |
| Provision (benefit) for deferred income taxes | 220 | 1,213 | (431) |
| Goodwill impairment charge | 0 | 0 | 595 |
| Other | 1,006 | 750 | 859 |
| Changes in assets and liabilities, net of acquisitions and divestitures: | |||
| Receivables - trade and other | (1,619) | (1,151) | 829 |
| Inventories | (1,579) | (1,295) | 1,109 |
| Accounts payable | 709 | 1,478 | (200) |
| Accrued expenses | 101 | 175 | (201) |
| Accrued wages, salaries and employee benefits | (162) | 1,187 | (708) |
| Customer advances | (183) | (8) | (41) |
| Other assets - net | 41 | (192) | 224 |
| Other liabilities - net | (1,385) | (388) | (356) |
| Net cash provided by (used for) operating activities | 6,558 | 5,706 | 5,639 |
| Cash flow from investing activities: | |||
| Capital expenditures - excluding equipment leased to others | (1,276) | (898) | (1,109) |
| Expenditures for equipment leased to others | (1,640) | (1,438) | (1,819) |
| Proceeds from disposals of leased assets and property, plant and equipment | 936 | 1,164 | 899 |
| Additions to finance receivables | (12,183) | (11,953) | (9,339) |
| Collections of finance receivables | 10,901 | 12,018 | 9,369 |
| Proceeds from sale of finance receivables | 477 | 127 | 127 |
| Investments and acquisitions (net of cash acquired) | (392) | (59) | (191) |
| Proceeds from sale of businesses and investments (net of cash sold) | 16 | 100 | 0 |
| Proceeds from sale of securities | 442 | 932 | 694 |
| Investments in securities | (506) | (1,048) | (391) |
| Other - net | 13 | 89 | (20) |
| Net cash provided by (used for) investing activities | (3,212) | (966) | (1,780) |
| Cash flow from financing activities: | |||
| Dividends paid | (1,951) | (1,831) | (1,799) |
| Common stock issued, including treasury shares reissued | 313 | 566 | (23) |
| Common shares repurchased | (3,798) | 0 | 0 |
| Proceeds from debt issued (original maturities greater than three months): | |||
| Machinery, Energy & Transportation | 57 | 361 | 6 |
| Financial Products | 8,850 | 8,702 | 5,109 |
| Payments on debt (original maturities greater than three months): | |||
| Machinery, Energy & Transportation | (7) | (1,465) | (533) |
| Financial Products | (7,822) | (6,923) | (6,035) |
| Short-term borrowings - net (original maturities three months or less) | 762 | (3,058) | 140 |
| Other - net | (54) | (9) | (8) |
| Net cash provided by (used for) financing activities | (3,650) | (3,657) | (3,143) |
| Effect of exchange rate changes on cash | (126) | 38 | (28) |
| Increase (decrease) in cash and short-term investments and restricted cash | (430) | 1,121 | 688 |
| Cash and short- term investments and restricted cash at beginning of period | 8,320 | 7,199 | |
| Cash and short- term investments and restricted cash at end of period | 7,890 | 8,320 | 7,199 |
| Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
CATERPILLAR FINANCIAL SERVICES CORP | ||
Ticker: CAT Fiscal Year: 2018 | ||
Consolidated Financial Position | ||
Period Ending Dec 31, 2018 10-K (Filed: Feb 14, 2019) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2018 | Dec 31, 2017 | |
| Assets | ||
| Current assets: | ||
| Cash and short-term investments | $ 7,857 | 8,261 |
| Receivables - trade and other | 8,802 | 7,436 |
| Receivables - finance | 8,650 | 8,757 |
| Prepaid expenses and other current assets | 1,765 | 1,772 |
| Inventories | 11,529 | 10,018 |
| Total current assets | 38,603 | 36,244 |
| Property, plant and equipment - net | 13,574 | 14,155 |
| Long-term receivables - trade and other | 1,161 | 990 |
| Long-term receivables - finance | 13,286 | 13,542 |
| Noncurrent deferred and refundable income taxes | 1,439 | 1,693 |
| Intangible assets | 1,897 | 2,111 |
| Goodwill | 6,217 | 6,200 |
| Other assets | 2,332 | 2,027 |
| Total assets | 78,509 | 76,962 |
| Liabilities | ||
| Current liabilities: | ||
| Short-term borrowings: | ||
| Machinery, Energy & Transportation | 0 | 1 |
| Financial Products | 5,723 | 4,836 |
| Accounts payable | 7,051 | 6,487 |
| Accrued expenses | 3,573 | 3,220 |
| Accrued wages, salaries and employee benefits | 2,384 | 2,559 |
| Customer advances | 1,243 | 1,426 |
| Dividends payable | 495 | 466 |
| Other current liabilities | 1,919 | 1,742 |
| Long-term debt due within one year: | ||
| Machinery, Energy & Transportation | 10 | 6 |
| Financial Products | 5,820 | 6,188 |
| Total current liabilities | 28,218 | 26,931 |
| Long-term debt due after one year: | ||
| Machinery, Energy & Transportation | 8,005 | 7,929 |
| Financial Products | 16,995 | 15,918 |
| Liability for postemployment benefits | 7,455 | 8,365 |
| Other liabilities | 3,756 | 4,053 |
| Total liabilities | 64,429 | 63,196 |
| Commitments and contingencies (Notes 21 and 22) | ||
| Shareholders' equity | ||
| Common stock of $1.00 par value: Authorized shares: 2,000,000,000 Issued shares: (2018 and 2017 814,894,624 shares) at paid-in amount | 5,827 | 5,593 |
| Treasury stock: (2018 - 239,351,886 shares; and 2017 217,268,852 shares) at cost | (20,531) | (17,005) |
| Profit employed in the business | 30,427 | 26,301 |
| Accumulated other comprehensive income (loss) | (1,684) | (1,192) |
| Noncontrolling interests | 41 | 69 |
| Total stockholders' equity | 14,080 | 13,766 |
| Total liabilities and stockholders' equity | 78,509 | 76,962 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
CATERPILLAR FINANCIAL SERVICES CORP | |||
Ticker: CAT Fiscal Year: 2018 | |||
Consolidated Statements of Profit | |||
Period Ending Dec 31, 2018 10-K (Filed: Feb 14, 2019) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
| Revenues: | |||
| Retail finance | $ 1,308 | 1,235 | 1,220 |
| Operating lease | 1,011 | 985 | 1,015 |
| Wholesale finance | 415 | 307 | 264 |
| Other, net | 113 | 162 | 96 |
| Total revenues | 2,847 | 2,689 | 2,595 |
| Expenses: | |||
| Interest | 757 | 667 | 611 |
| Depreciation on equipment leased to others | 819 | 810 | 841 |
| General, operating and administrative | 423 | 429 | 391 |
| Provision for credit losses | 354 | 132 | 135 |
| Other | 38 | 46 | 41 |
| Total expenses | 2,391 | 2,084 | 2,019 |
| Other income (expense) | (23) | (15) | (15) |
| Profit before income taxes | 433 | 590 | 561 |
| Provision (benefit) for income taxes | 108 | (4) | 171 |
| Profit of consolidated companies | 325 | 594 | 390 |
| Less: Profit attributable to noncontrolling interests | 20 | 8 | 6 |
| Profit | 305 [1] | 586 | 384 |
| [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: 2018 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2018 10-K (Filed: Feb 14, 2019) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
| Profit of consolidated companies | $ 325 | 594 | 390 |
| Other comprehensive income (loss), net of tax: | |||
| Foreign currency translation, net of tax (expense)/benefit | (309) | 414 | (104) |
| Derivative financial instruments: | |||
| Gains (losses) deferred, net of tax (expense)/benefit | 98 | (49) | 15 |
| (Gains) losses reclassified to earnings, net of tax expense/(benefit) | (129) | 45 | (16) |
| Total Other comprehensive income (loss), net of tax | (340) | 410 | (105) |
| Comprehensive income (loss) | (15) | 1,004 | 285 |
| Less: Comprehensive income (loss) attributable to the noncontrolling interests | 13 | 15 | (1) |
| Comprehensive income (loss) attributable to Caterpillar Financial Services Corporation | (28) | 989 | 286 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
CATERPILLAR FINANCIAL SERVICES CORP | ||
Ticker: CAT Fiscal Year: 2018 | ||
Consolidated Statements of Financial Position | ||
Period Ending Dec 31, 2018 10-K (Filed: Feb 14, 2019) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2018 | Dec 31, 2017 | |
| Assets: | ||
| Cash and cash equivalents | $ 766 | 708 |
| Finance receivables, net | 27,923 | 27,126 |
| Notes receivable from Caterpillar | 662 | 559 |
| Equipment on operating leases, less accumulated depreciation | 3,562 | 3,568 |
| Other assets | 1,268 | 1,199 |
| Total assets | 34,181 | 33,160 |
| Liabilities and shareholder's equity: | ||
| Payable to dealers and others | 117 | 190 |
| Payable to Caterpillar - borrowings and other | 1,601 | 1,723 |
| Accrued expenses | 259 | 274 |
| Short-term borrowings | 5,723 | 4,836 |
| Current maturities of long-term debt | 5,820 | 6,188 |
| Long-term debt | 16,995 | 15,918 |
| Other liabilities | 817 | 767 |
| Total liabilities | 31,332 | 29,896 |
| 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 | 2,874 | 2,969 |
| Accumulated other comprehensive income/(loss) | (925) | (592) |
| Noncontrolling interests | 153 | 140 |
| Total shareholder's equity | 2,849 | 3,264 |
| Total liabilities and shareholder's equity | 34,181 | 33,160 |
| External Links | |
| CATERPILLAR FINANCIAL SERVICES CORP (CAT) Fiscal Year 2018 | |
| 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 |