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CATERPILLAR FINANCIAL SERVICES C


 SEC Form 10-Q filed 2010-07-30 for the period ending 2010-06-30




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Selected tables from the SEC filing


Table 0


Financial table in standard format


UNAUDITED

Caterpillar Financial Services Corporation

CONSOLIDATED STATEMENTS OF CASH FLOW

S

(Unaudited)

(Dollars in Millions)







 



Six Months Ended





 



June 30,





 



2010






2009







Cash flows from operating activities:












Profit of consolidated companies



$
140


$
148





Adjustments for non-cash items:














Depreciation and amortization




363



362





Amortization of receivables purchase discount




(60
)


(92
)




Provision for credit losses




95



81





Gain on sales of receivables




-



(10
)




Other, net




(132
)


(85
)




Changes in assets and liabilities:














Receivables from others




77



111





Other receivables/payables with Caterpillar




(4
)


(43
)




Payable to dealers and others




18



(67
)




Accrued interest payable




(28
)


56





Accrued expenses and other liabilities, net




5



(106
)




Income taxes payable




(52
)


148





(Payments) proceeds on interest rate swaps




(1
)


187





Net cash provided by operating activities




421



690



 












Cash flows from investing activities:














Expenditures for equipment on operating leases and for non-leased equipment




(387
)


(443
)




Proceeds from disposals of equipment




725



413





Additions to finance receivables




(11,689
)


(10,939
)




Collections of finance receivables




11,469



13,170





Proceeds from sales of receivables




5



884





Net change in variable lending to Caterpillar




(50
)


34





Additions to other notes receivable with Caterpillar




(87
)


(1,550
)




Collections on other notes receivable with Caterpillar




333



500





Restricted cash and cash equivalents activity, net




(30
)


-





Other, net




 13



(164
)




Net cash provided by investing activities




302



1,905



 












Cash flows from financing activities:














Net change in variable lending from Caterpillar




(26
)


(430
)




Proceeds from borrowings with Caterpillar




600



-





Proceeds from debt issued (original maturities greater than three months)




4,125



8,107





Payments on debt issued (original maturities greater than three months)




(5,523
)


(6,655
)




Short-term borrowings, net (original maturities three months or less)




(106
)


(2,492
)




Dividend paid to Caterpillar




(600
)


-





Net cash used in financing activities




(1,530
)


(1,470
)


 












Effect of exchange rate changes on cash




(86
)


-



 












(Decrease) Increase in cash and cash equivalents




(893
)


1,125



 












Cash and cash equivalents at beginning of year




2,536



1,080



 












Cash and cash equivalents at end of period



$
1,643


$
2,205



 












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 9.











CATERPILLAR FINANCIAL SERVICES C
CIK:764764


2009-12-30
to
2010-06-30
(6-months)		
2008-12-30
to
2009-06-30
(6-months)		

Cash flows from operating activities:


Profit of consolidated companies$140$148


Adjustments for non-cash items:


Depreciation and amortization363362


Amortization of receivables purchase discount(60)(92)


Provision for credit losses9581


Gain on sales of receivables(10)


Other, net(132)(85)


Changes in assets and liabilities:


Receivables from others77111


Other receivables/payables with Caterpillar(4)(43)


Payable to dealers and others18(67)


Accrued interest payable(28)56


Accrued expenses and other liabilities, net5(106)


Income taxes payable(52)148


(Payments) proceeds on interest rate swaps(1)187


Net cash provided by operating activities421690


Cash flows from investing activities:


Expenditures for equipment on operating leases and for non-leased equipment(387)(443)


Proceeds from disposals of equipment725413


Additions to finance receivables(11,689)(10,939)


Collections of finance receivables11,46913,170


Proceeds from sales of receivables5884


Net change in variable lending to Caterpillar(50)34


Additions to other notes receivable with Caterpillar(87)(1,550)


Collections on other notes receivable with Caterpillar333500


Restricted cash and cash equivalents activity, net(30)


Other, net13(164)


Net cash provided by investing activities3021,905


Cash flows from financing activities:


Net change in variable lending from Caterpillar(26)(430)


Proceeds from borrowings with Caterpillar600


Proceeds from debt issued (original maturities greater than three months)4,1258,107


Payments on debt issued (original maturities greater than three months)(5,523)(6,655)


Short-term borrowings, net (original maturities three months or less)(106)(2,492)


Dividend paid to Caterpillar(600)


Net cash used in financing activities(1,530)(1,470)


Effect of exchange rate changes on cash(86)


(Decrease) Increase in cash and cash equivalents(893)1,125


Cash and cash equivalents at beginning of year2,5361,080


Cash and cash equivalents at end of period$1,643$2,205


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 9.





Row "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 9.": Multi-column field in a numeric row


Table 1


Financial table in standard format


UNAUDITED

Total Off-Balance Sheet Managed Assets

We manage and service receivables and leases that have been transferred through securitization or sale.These transactions provide a source of liquidity and allow us to mitigate the concentration of credit risk with certain customers.These receivables/leases are not available to pay our creditors.

Off-balance sheet managed assets were as follows:









(Millions of dollars)





June 30,






December 31,





 



2010






2009







Securitized Retail Installment Sale Contracts and Finance Leases












Installment sale contracts securitized



$
-


$
336





Finance leases securitized




-



10





Less: Retained interests (included in Other assets)




-



(102
)




Off-balance sheet securitized retail receivables



$
-


$
244



 












Other Managed Assets














Retail finance leases



$
153


$
190





Retail installment sale contracts




118



178





Operating leases




62



90





Retail notes receivable




9



19





Other managed receivables/leases



$
342


$
477



 












Total off-balance sheet managed assets



$
342


$
721



 
















CATERPILLAR FINANCIAL SERVICES C
CIK:764764


2010-06-30
2009-12-31

Securitized Retail Installment Sale Contracts and Finance Leases


Installment sale contracts securitized$336


Finance leases securitized10


Less: Retained interests (included in Other assets)(102)


Off-balance sheet securitized retail receivables$244


Other Managed Assets


Retail finance leases$153$190


Retail installment sale contracts118178


Operating leases6290


Retail notes receivable919


Other managed receivables/leases$342$477


Total off-balance sheet managed assets$342$721





Table 2


Financial table in standard format


(

Millions of dollars)

June 30,

December 31,

2010

2009

Securitized Retail Installment Sale Contracts and Finance Leases

Installment sale contracts securitized

$

-

$

336

Finance leases securitized

-

10

Less: Retained interests (included in Other assets)

-

(102

)

Off-balance sheet securitized retail receivables

$

-

$

244

Other Managed Assets

Retail finance leases

$

153

$

190

Retail installment sale contracts

118

178

Operating leases

62

90

Retail notes receivable

9

19

Other managed receivables/leases

$

342

$

477

Total off-balance sheet managed assets

$

342

$

721

ALLOWANCE FOR CREDIT LOSSES

The following table shows activity related to the Allowance for credit losses:









(Millions of dollars)





Three Months Ended






Six Months Ended





 



June 30,






June 30,





 



2010






2009






2010






2009







Balance at beginning of the period



$
394


$
382


$
377


$
395





Adjustment to adopt consolidation of variable-interest entities




-



-



18



-





Provision for credit losses




47



43



95



81





Receivables written off




(65
)


(60
)


(120
)


(112
)




Recoveries on receivables previously written off




13



5



22



10





Foreign currency translation adjustment




(6
)


8



(9
)


4





Balance at end of the period



$
383


$
378


$
383


$
378



 
























CATERPILLAR FINANCIAL SERVICES C
CIK:764764


2010-03-30
to
2010-06-30
(3-months)		
2009-03-30
to
2009-06-30
(3-months)		
2009-12-30
to
2010-06-30
(6-months)		
2008-12-30
to
2009-06-30
(6-months)		

Balance at beginning of the period$394$382$377$395


Adjustment to adopt consolidation of variable-interest entities18


Provision for credit losses47439581


Receivables written off(65)(60)(120)(112)


Recoveries on receivables previously written off1352210


Foreign currency translation adjustment(6)8(9)4


Balance at end of the period$383$378$383$378





Original filing from SEC EDGAR system.