Delaware | 37-1105865 | |||||||
(State of incorporation) | (IRS Employer I.D. No.) | |||||||
2120 West End Ave. , Nashville, Tennessee | 37203-0001 | |||||||
(Address of principal executive offices) | (Zip Code) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Medium-Term Notes, Series H, 3.300% Notes Due 2024 | CAT/24 | New York Stock Exchange |
Large accelerated filer | Accelerated filer | |||||||||||||
Non-accelerated filer | ||||||||||||||
Smaller reporting company | ||||||||||||||
Emerging growth company |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Retail finance | $ | 303 | $ | 329 | |||||||||||||||||||
Operating lease | 244 | 257 | |||||||||||||||||||||
Wholesale finance | 78 | 99 | |||||||||||||||||||||
Other, net | 14 | 10 | |||||||||||||||||||||
Total revenues | 639 | 695 | |||||||||||||||||||||
Expenses: | |||||||||||||||||||||||
Interest | 125 | 175 | |||||||||||||||||||||
Depreciation on equipment leased to others | 192 | 201 | |||||||||||||||||||||
General, operating and administrative | 121 | 108 | |||||||||||||||||||||
Provision for credit losses | (10) | 61 | |||||||||||||||||||||
Other | 7 | 13 | |||||||||||||||||||||
Total expenses | 435 | 558 | |||||||||||||||||||||
Other income (expense) | (8) | (10) | |||||||||||||||||||||
Profit before income taxes | 196 | 127 | |||||||||||||||||||||
Provision for income taxes | 53 | 33 | |||||||||||||||||||||
Profit of consolidated companies | 143 | 94 | |||||||||||||||||||||
Less: Profit attributable to noncontrolling interests | 3 | 4 | |||||||||||||||||||||
Profit(1) | $ | 140 | $ | 90 | |||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenues: | |||||||||||||||
Retail finance | $ | 309 | $ | 307 | $ | 924 | $ | 914 | |||||||
Operating lease | 247 | 257 | 737 | 756 | |||||||||||
Wholesale finance | 79 | 62 | 222 | 202 | |||||||||||
Other, net | 38 | 25 | 128 | 81 | |||||||||||
Total revenues | 673 | 651 | 2,011 | 1,953 | |||||||||||
Expenses: | |||||||||||||||
Interest | 169 | 151 | 499 | 458 | |||||||||||
Depreciation on equipment leased to others | 201 | 213 | 608 | 627 | |||||||||||
General, operating and administrative | 113 | 97 | 319 | 292 | |||||||||||
Provision for credit losses | 48 | 29 | 82 | 96 | |||||||||||
Other | 12 | 12 | 36 | 31 | |||||||||||
Total expenses | 543 | 502 | 1,544 | 1,504 | |||||||||||
Other income (expense) | (4 | ) | (3 | ) | (10 | ) | (10 | ) | |||||||
Profit before income taxes | 126 | 146 | 457 | 439 | |||||||||||
Provision for income taxes | 38 | 48 | 137 | 136 | |||||||||||
Profit of consolidated companies | 88 | 98 | 320 | 303 | |||||||||||
Less: Profit attributable to noncontrolling interests | 2 | 1 | 5 | 4 | |||||||||||
Profit 1 | $ | 86 | $ | 97 | $ | 315 | $ | 299 | |||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Profit of consolidated companies | $ | 88 | $ | 98 | $ | 320 | $ | 303 | |||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||
Foreign currency translation, net of tax (expense)/benefit of: 2017 $30 three months, $94 nine months; 2016 $4 three months, $21 nine months | 154 | (5 | ) | 395 | 100 | ||||||||||
Derivative financial instruments: | |||||||||||||||
Gains (losses) deferred, net of tax (expense)/benefit of: 2017 $8 three months, $22 nine months; 2016 $5 three months, $8 nine months | (14 | ) | (10 | ) | (41 | ) | (15 | ) | |||||||
(Gains) losses reclassified to earnings, net of tax expense/(benefit) of: 2017 $(7) three months, $(23) nine months; 2016 $(3) three months, $(6) nine months | 11 | 7 | 41 | 13 | |||||||||||
Available-for-sale securities: | |||||||||||||||
Gains (losses) deferred, net of tax (expense)/benefit of: 2017 $0 three months, $0 nine months; 2016 $(1) three months, $(1) nine months | (1 | ) | 1 | — | (1 | ) | |||||||||
(Gains) losses reclassified to earnings, net of tax expense/(benefit) of: 2017 $0 three months, $0 nine months; 2016 $0 three months, $0 nine months | — | — | — | — | |||||||||||
Total Other comprehensive income (loss), net of tax | 150 | (7 | ) | 395 | 97 | ||||||||||
Comprehensive income (loss) | 238 | 91 | 715 | 400 | |||||||||||
Less: Comprehensive income (loss) attributable to the noncontrolling interests | 5 | 1 | 11 | 2 | |||||||||||
Comprehensive income (loss) attributable to Caterpillar Financial Services Corporation | $ | 233 | $ | 90 | $ | 704 | $ | 398 | |||||||
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Profit of consolidated companies | $ | 143 | $ | 94 | |||||||||||||||||||
Other comprehensive income (loss), net of tax (Note 5): | |||||||||||||||||||||||
Foreign currency translation | (121) | (307) | |||||||||||||||||||||
Derivative financial instruments | 11 | 6 | |||||||||||||||||||||
Total Other comprehensive income (loss), net of tax | (110) | (301) | |||||||||||||||||||||
Comprehensive income (loss) | 33 | (207) | |||||||||||||||||||||
Less: Comprehensive income (loss) attributable to the noncontrolling interests | 1 | 3 | |||||||||||||||||||||
Comprehensive income (loss) attributable to Caterpillar Financial Services Corporation | $ | 32 | $ | (210) | |||||||||||||||||||
September 30, 2017 | December 31, 2016 | March 31, 2021 | December 31, 2020 | |||||||||||||||
Assets: | Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 710 | $ | 1,795 | Cash and cash equivalents | $ | 735 | $ | 411 | |||||||||
Finance receivables, net | 26,597 | 26,212 | ||||||||||||||||
Finance receivables, net of Allowance for credit losses of $441 and $479 | Finance receivables, net of Allowance for credit losses of $441 and $479 | 26,500 | 26,575 | |||||||||||||||
Notes receivable from Caterpillar | 1,577 | 530 | Notes receivable from Caterpillar | 331 | 356 | |||||||||||||
Equipment on operating leases, | ||||||||||||||||||
less accumulated depreciation | 3,580 | 3,708 | ||||||||||||||||
Deferred and refundable income taxes | 156 | 119 | ||||||||||||||||
Equipment on operating leases, net | Equipment on operating leases, net | 3,237 | 3,366 | |||||||||||||||
Other assets | 1,063 | 1,251 | Other assets | 1,280 | 1,283 | |||||||||||||
Total assets | $ | 33,683 | $ | 33,615 | Total assets | $ | 32,083 | $ | 31,991 | |||||||||
Liabilities and shareholder’s equity: | Liabilities and shareholder’s equity: | |||||||||||||||||
Payable to dealers and others | $ | 142 | $ | 140 | Payable to dealers and others | $ | 148 | $ | 144 | |||||||||
Payable to Caterpillar - other | 60 | 49 | ||||||||||||||||
Payable to Caterpillar - borrowings and other | Payable to Caterpillar - borrowings and other | 96 | 1,087 | |||||||||||||||
Accrued expenses | 241 | 172 | Accrued expenses | 259 | 400 | |||||||||||||
Income taxes payable | 95 | 32 | ||||||||||||||||
Payable to Caterpillar - borrowings | 1,493 | 1,637 | ||||||||||||||||
Short-term borrowings | 5,459 | 7,094 | Short-term borrowings | 3,625 | 2,005 | |||||||||||||
Current maturities of long-term debt | 5,614 | 6,155 | Current maturities of long-term debt | 6,898 | 7,729 | |||||||||||||
Long-term debt | 16,015 | 14,382 | Long-term debt | 16,605 | 16,250 | |||||||||||||
Deferred income taxes and other liabilities | 864 | 969 | ||||||||||||||||
Other liabilities | Other liabilities | 928 | 885 | |||||||||||||||
Total liabilities | 29,983 | 30,630 | Total liabilities | 28,559 | 28,500 | |||||||||||||
Commitments and contingent liabilities (Notes 7 and 9) | ||||||||||||||||||
Commitments and contingent liabilities (Note 7) | Commitments and contingent liabilities (Note 7) | 0 | 0 | |||||||||||||||
Common stock - $1 par value | Common stock - $1 par value | |||||||||||||||||
Authorized: 2,000 shares; Issued and | Authorized: 2,000 shares; Issued and | |||||||||||||||||
outstanding: one share (at paid-in amount) | 745 | 745 | ||||||||||||||||
outstanding: 1 share (at paid-in amount) | outstanding: 1 share (at paid-in amount) | 745 | 745 | |||||||||||||||
Additional paid-in capital | 2 | 2 | Additional paid-in capital | 2 | 2 | |||||||||||||
Retained earnings | 3,423 | 3,108 | Retained earnings | 3,282 | 3,142 | |||||||||||||
Accumulated other comprehensive income/(loss) | (606 | ) | (995 | ) | ||||||||||||||
Accumulated other comprehensive income (loss) | Accumulated other comprehensive income (loss) | (703) | (595) | |||||||||||||||
Noncontrolling interests | 136 | 125 | Noncontrolling interests | 198 | 197 | |||||||||||||
Total shareholder’s equity | 3,700 | 2,985 | Total shareholder’s equity | 3,524 | 3,491 | |||||||||||||
Total liabilities and shareholder’s equity | $ | 33,683 | $ | 33,615 | Total liabilities and shareholder’s equity | $ | 32,083 | $ | 31,991 | |||||||||
Three Months Ended March 31, 2020 | Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive income (loss) | Noncontrolling interests | Total | |||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | 745 | $ | 2 | $ | 3,162 | $ | (845) | $ | 172 | $ | 3,236 | |||||||||||||||||||||||
Profit of consolidated companies | 90 | 4 | 94 | ||||||||||||||||||||||||||||||||
Foreign currency translation, net of tax | (306) | (1) | (307) | ||||||||||||||||||||||||||||||||
Derivative financial instruments, net of tax | 6 | 6 | |||||||||||||||||||||||||||||||||
Adjustment to adopt new accounting guidance(1) | (13) | (13) | |||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | $ | 745 | $ | 2 | $ | 3,239 | $ | (1,145) | $ | 175 | $ | 3,016 | |||||||||||||||||||||||
Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | 745 | $ | 2 | $ | 3,142 | $ | (595) | $ | 197 | $ | 3,491 | |||||||||||||||||||||||
Profit of consolidated companies | 140 | 3 | 143 | ||||||||||||||||||||||||||||||||
Foreign currency translation, net of tax | (119) | (2) | (121) | ||||||||||||||||||||||||||||||||
Derivative financial instruments, net of tax | 11 | 11 | |||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | 745 | $ | 2 | $ | 3,282 | $ | (703) | $ | 198 | $ | 3,524 | |||||||||||||||||||||||
Nine Months Ended September 30, 2016 | Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive income/(loss) | Noncontrolling interests | Total | |||||||||||||||||
Balance at December 31, 2015 | $ | 745 | $ | 2 | $ | 2,999 | $ | (897 | ) | $ | 126 | $ | 2,975 | ||||||||||
Profit of consolidated companies | 299 | 4 | 303 | ||||||||||||||||||||
Foreign currency translation, net of tax | 102 | (2 | ) | 100 | |||||||||||||||||||
Derivative financial instruments, net of tax | (2 | ) | (2 | ) | |||||||||||||||||||
Available-for-sale securities, net of tax | (1 | ) | (1 | ) | |||||||||||||||||||
Balance at September 30, 2016 | $ | 745 | $ | 2 | $ | 3,298 | $ | (798 | ) | $ | 128 | $ | 3,375 | ||||||||||
Nine Months Ended September 30, 2017 | |||||||||||||||||||||||
Balance at December 31, 2016 | $ | 745 | $ | 2 | $ | 3,108 | $ | (995 | ) | $ | 125 | $ | 2,985 | ||||||||||
Profit of consolidated companies | 315 | 5 | 320 | ||||||||||||||||||||
Foreign currency translation, net of tax | 389 | 6 | 395 | ||||||||||||||||||||
Derivative financial instruments, net of tax | — | — | |||||||||||||||||||||
Available-for-sale securities, net of tax | — | — | |||||||||||||||||||||
Balance at September 30, 2017 | $ | 745 | $ | 2 | $ | 3,423 | $ | (606 | ) | $ | 136 | $ | 3,700 | ||||||||||
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Cash flows from operating activities: | |||||||||||
Profit of consolidated companies | $ | 143 | $ | 94 | |||||||
Adjustments for non-cash items: | |||||||||||
Depreciation and amortization | 195 | 205 | |||||||||
Accretion of Caterpillar purchased receivable revenue | (74) | (91) | |||||||||
Provision for credit losses | (10) | 61 | |||||||||
Other, net | 23 | 150 | |||||||||
Changes in assets and liabilities: | |||||||||||
Other assets | (12) | (42) | |||||||||
Payable to dealers and others | 13 | 35 | |||||||||
Accrued expenses | 28 | (17) | |||||||||
Other payables with Caterpillar | 6 | 9 | |||||||||
Other liabilities | 23 | (3) | |||||||||
Net cash provided by operating activities | 335 | 401 | |||||||||
Cash flows from investing activities: | |||||||||||
Expenditures for equipment on operating leases | (224) | (246) | |||||||||
Capital expenditures - excluding equipment on operating leases | (4) | (1) | |||||||||
Proceeds from disposals of equipment | 244 | 155 | |||||||||
Additions to finance receivables | (2,867) | (3,213) | |||||||||
Collections of finance receivables | 3,062 | 3,422 | |||||||||
Net changes in Caterpillar purchased receivables | (411) | 376 | |||||||||
Proceeds from sales of receivables | 5 | 31 | |||||||||
Net change in variable lending to Caterpillar | 19 | 0 | |||||||||
Additions to other notes receivable with Caterpillar | (23) | 0 | |||||||||
Collections on other notes receivable with Caterpillar | 28 | 6 | |||||||||
Settlements of undesignated derivatives | (51) | 35 | |||||||||
Other, net | 1 | 0 | |||||||||
Net cash provided by (used for) investing activities | (221) | 565 | |||||||||
Cash flows from financing activities: | |||||||||||
Net change in variable lending from Caterpillar | (1,000) | (596) | |||||||||
Proceeds from debt issued (original maturities greater than three months) | 1,779 | 2,126 | |||||||||
Payments on debt issued (original maturities greater than three months) | (2,243) | (2,460) | |||||||||
Short-term borrowings, net (original maturities three months or less) | 1,669 | (35) | |||||||||
Net cash provided by (used for) financing activities | 205 | (965) | |||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 0 | (22) | |||||||||
Increase (decrease) in cash, cash equivalents and restricted cash | 319 | (21) | |||||||||
Cash, cash equivalents and restricted cash at beginning of year(1) | 425 | 695 | |||||||||
Cash, cash equivalents and restricted cash at end of period(1) | $ | 744 | $ | 674 | |||||||
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Cash flows from operating activities: | |||||||
Profit of consolidated companies | $ | 320 | $ | 303 | |||
Adjustments for non-cash items: | |||||||
Depreciation and amortization | 616 | 635 | |||||
Amortization of receivables purchase discount | (180 | ) | (158 | ) | |||
Provision for credit losses | 82 | 96 | |||||
Other, net | 12 | 81 | |||||
Changes in assets and liabilities: | |||||||
Receivables from others | 69 | 10 | |||||
Other receivables/payables with Caterpillar | 1 | (2 | ) | ||||
Payable to dealers and others | (31 | ) | 30 | ||||
Accrued interest payable | 3 | (17 | ) | ||||
Accrued expenses and other liabilities, net | (4 | ) | 22 | ||||
Income taxes payable | 38 | 100 | |||||
Settlements of designated derivatives | (7 | ) | 36 | ||||
Debt exchange premium | — | (33 | ) | ||||
Net cash provided by operating activities | 919 | 1,103 | |||||
Cash flows from investing activities: | |||||||
Capital expenditures for equipment on operating leases and other capital expenditures | (1,018 | ) | (1,265 | ) | |||
Proceeds from disposals of equipment | 753 | 497 | |||||
Additions to finance receivables | (9,765 | ) | (8,888 | ) | |||
Collections of finance receivables | 10,192 | 9,307 | |||||
Net changes in Caterpillar purchased receivables | (161 | ) | 580 | ||||
Proceeds from sales of receivables | 98 | 55 | |||||
Net change in variable lending to Caterpillar | (1,051 | ) | (1,001 | ) | |||
Additions to other notes receivable with Caterpillar | (53 | ) | (91 | ) | |||
Collections on other notes receivable with Caterpillar | 56 | 46 | |||||
Proceeds from sale of securities | 4 | — | |||||
Restricted cash and cash equivalents activity, net | (2 | ) | 7 | ||||
Settlements of undesignated derivatives | 23 | (23 | ) | ||||
Net cash provided by (used for) investing activities | (924 | ) | (776 | ) | |||
Cash flows from financing activities: | |||||||
Net change in variable lending from Caterpillar | (105 | ) | 466 | ||||
Proceeds from borrowings with Caterpillar | — | 253 | |||||
Payments on borrowings with Caterpillar | (49 | ) | (3 | ) | |||
Proceeds from debt issued (original maturities greater than three months) | 6,972 | 4,424 | |||||
Payments on debt issued (original maturities greater than three months) | (5,714 | ) | (5,077 | ) | |||
Short-term borrowings, net (original maturities three months or less) | (2,207 | ) | (365 | ) | |||
Net cash provided by (used for) financing activities | (1,103 | ) | (302 | ) | |||
Effect of exchange rate changes on cash and cash equivalents | 23 | 10 | |||||
Increase/(decrease) in cash and cash equivalents | (1,085 | ) | 35 | ||||
Cash and cash equivalents at beginning of year | 1,795 | 1,016 | |||||
Cash and cash equivalents at end of period | $ | 710 | $ | 1,051 | |||
Non-cash activity: In September 2016, $381 million of medium-term notes with varying interest rates and maturity dates were exchanged for $366 million of 1.93% medium-term notes due in 2021 and $15 million of cash. In addition, a debt exchange premium of $33 million was paid and is included in the operating section of the Consolidated Statements of Cash Flows. |
ASU | Description | ||||
2020-08 | Codification improvements – Receivables – Nonrefundable fees and other costs | ||||
2021-01 | Reference rate reform – Scope |
(Millions of dollars) | March 31, 2021 | December 31, 2020 | ||||||||||||
Retail loans, net(1) | $ | 14,698 | $ | 15,037 | ||||||||||
Retail leases, net | 7,734 | 7,812 | ||||||||||||
Caterpillar purchased receivables, net | 4,065 | 3,646 | ||||||||||||
Wholesale loans, net(1) | 423 | 533 | ||||||||||||
Wholesale leases, net | 21 | 26 | ||||||||||||
Total finance receivables | 26,941 | 27,054 | ||||||||||||
Less: Allowance for credit losses | (441) | (479) | ||||||||||||
Total finance receivables, net | $ | 26,500 | $ | 26,575 | ||||||||||
(Millions of dollars) | September 30, 2017 | December 31, 2016 | ||||||
Finance leases and installment sale contracts – Retail (1) | $ | 14,172 | $ | 13,565 | ||||
Retail notes receivable | 9,711 | 10,195 | ||||||
Wholesale notes receivable | 3,753 | 3,457 | ||||||
Finance leases and installment sale contracts – Wholesale | 118 | 103 | ||||||
27,754 | 27,320 | |||||||
Less: Unearned income | (814 | ) | (765 | ) | ||||
Recorded investment in finance receivables | 26,940 | 26,555 | ||||||
Less: Allowance for credit losses | (343 | ) | (343 | ) | ||||
Total finance receivables, net | $ | 26,597 | $ | 26,212 | ||||
(Millions of dollars) | March 31, 2021 | ||||||||||||||||||||||
Allowance for Credit Losses: | Customer | Dealer | Caterpillar Purchased Receivables | Total | |||||||||||||||||||
Balance at beginning of year | $ | 431 | $ | 44 | $ | 4 | $ | 479 | |||||||||||||||
Receivables written off | (34) | 0 | 0 | (34) | |||||||||||||||||||
Recoveries on receivables previously written off | 10 | 0 | 0 | 10 | |||||||||||||||||||
Provision for credit losses | (10) | 0 | 0 | (10) | |||||||||||||||||||
Foreign currency translation adjustment | (4) | 0 | 0 | (4) | |||||||||||||||||||
Balance at end of period | $ | 393 | $ | 44 | $ | 4 | $ | 441 | |||||||||||||||
Individually evaluated | $ | 185 | $ | 39 | $ | 0 | $ | 224 | |||||||||||||||
Collectively evaluated | 208 | 5 | 4 | 217 | |||||||||||||||||||
Ending Balance | $ | 393 | $ | 44 | $ | 4 | $ | 441 | |||||||||||||||
Finance Receivables: | |||||||||||||||||||||||
Individually evaluated | $ | 579 | $ | 78 | $ | 0 | $ | 657 | |||||||||||||||
Collectively evaluated | 19,219 | 3,000 | 4,065 | 26,284 | |||||||||||||||||||
Ending Balance | $ | 19,798 | $ | 3,078 | $ | 4,065 | $ | 26,941 | |||||||||||||||
(Millions of dollars) | |||||||||||||||
September 30, 2017 | |||||||||||||||
Allowance for Credit Losses: | Customer | Dealer | Caterpillar Purchased Receivables | Total | |||||||||||
Balance at beginning of year | $ | 331 | $ | 10 | $ | 2 | $ | 343 | |||||||
Receivables written off | (119 | ) | — | — | (119 | ) | |||||||||
Recoveries on receivables previously written off | 31 | — | — | 31 | |||||||||||
Provision for credit losses | 80 | — | — | 80 | |||||||||||
Adjustment due to sale of receivables | (1 | ) | — | — | (1 | ) | |||||||||
Foreign currency translation adjustment | 9 | — | — | 9 | |||||||||||
Balance at end of period | $ | 331 | $ | 10 | $ | 2 | $ | 343 | |||||||
Individually evaluated for impairment | $ | 100 | $ | — | $ | — | $ | 100 | |||||||
Collectively evaluated for impairment | 231 | 10 | 2 | 243 | |||||||||||
Ending Balance | $ | 331 | $ | 10 | $ | 2 | $ | 343 | |||||||
Recorded Investment in Finance Receivables: | |||||||||||||||
Individually evaluated for impairment | $ | 869 | $ | — | $ | — | $ | 869 | |||||||
Collectively evaluated for impairment | 18,704 | 4,544 | 2,823 | 26,071 | |||||||||||
Ending Balance | $ | 19,573 | $ | 4,544 | $ | 2,823 | $ | 26,940 | |||||||
(Millions of dollars) | December 31, 2020 | ||||||||||||||||||||||
Allowance for Credit Losses: | Customer | Dealer | Caterpillar Purchased Receivables | Total | |||||||||||||||||||
Balance at beginning of year | $ | 375 | $ | 45 | $ | 4 | $ | 424 | |||||||||||||||
Adjustment to adopt new accounting guidance(1) | 12 | 0 | 0 | 12 | |||||||||||||||||||
Receivables written off | (263) | 0 | 0 | (263) | |||||||||||||||||||
Recoveries on receivables previously written off | 41 | 0 | 0 | 41 | |||||||||||||||||||
Provision for credit losses | 262 | (1) | 0 | 261 | |||||||||||||||||||
Foreign currency translation adjustment | 4 | 0 | 0 | 4 | |||||||||||||||||||
Balance at end of year | $ | 431 | $ | 44 | $ | 4 | $ | 479 | |||||||||||||||
Individually evaluated | $ | 187 | $ | 39 | $ | 0 | $ | 226 | |||||||||||||||
Collectively evaluated | 244 | 5 | 4 | 253 | |||||||||||||||||||
Ending Balance | $ | 431 | $ | 44 | $ | 4 | $ | 479 | |||||||||||||||
Finance Receivables: | |||||||||||||||||||||||
Individually evaluated | $ | 594 | $ | 78 | $ | 0 | $ | 672 | |||||||||||||||
Collectively evaluated | 19,333 | 3,403 | 3,646 | 26,382 | |||||||||||||||||||
Ending Balance | $ | 19,927 | $ | 3,481 | $ | 3,646 | $ | 27,054 | |||||||||||||||
(Millions of dollars) | |||||||||||||||
December 31, 2016 | |||||||||||||||
Allowance for Credit Losses: | Customer | Dealer | Caterpillar Purchased Receivables | Total | |||||||||||
Balance at beginning of year | $ | 327 | $ | 9 | $ | 2 | $ | 338 | |||||||
Receivables written off | (158 | ) | — | — | (158 | ) | |||||||||
Recoveries on receivables previously written off | 35 | — | — | 35 | |||||||||||
Provision for credit losses | 132 | 1 | — | 133 | |||||||||||
Adjustment due to sale of receivables | (8 | ) | — | — | (8 | ) | |||||||||
Foreign currency translation adjustment | 3 | — | — | 3 | |||||||||||
Balance at end of year | $ | 331 | $ | 10 | $ | 2 | $ | 343 | |||||||
Individually evaluated for impairment | $ | 85 | $ | — | $ | — | $ | 85 | |||||||
Collectively evaluated for impairment | 246 | 10 | 2 | 258 | |||||||||||
Ending Balance | $ | 331 | $ | 10 | $ | 2 | $ | 343 | |||||||
Recorded Investment in Finance Receivables: | |||||||||||||||
Individually evaluated for impairment | $ | 786 | $ | — | $ | — | $ | 786 | |||||||
Collectively evaluated for impairment | 18,859 | 4,479 | 2,431 | 25,769 | |||||||||||
Ending Balance | $ | 19,645 | $ | 4,479 | $ | 2,431 | $ | 26,555 | |||||||
(Millions of dollars) | March 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving Finance Receivables | Total Finance Receivables | ||||||||||||||||||||||||||||||||||||||||||||||
North America | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | $ | 1,149 | $ | 3,551 | $ | 2,192 | $ | 1,156 | $ | 425 | $ | 166 | $ | 61 | $ | 8,700 | |||||||||||||||||||||||||||||||||||||
31-60 days past due | 5 | 34 | 30 | 18 | 7 | 8 | 1 | 103 | |||||||||||||||||||||||||||||||||||||||||||||
61-90 days past due | 0 | 14 | 9 | 7 | 4 | 1 | 0 | 35 | |||||||||||||||||||||||||||||||||||||||||||||
91+ days past due | 0 | 18 | 35 | 22 | 16 | 10 | 1 | 102 | |||||||||||||||||||||||||||||||||||||||||||||
EAME | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | 459 | 1,307 | 811 | 419 | 164 | 56 | 0 | 3,216 | |||||||||||||||||||||||||||||||||||||||||||||
31-60 days past due | 1 | 8 | 5 | 3 | 1 | 0 | 0 | 18 | |||||||||||||||||||||||||||||||||||||||||||||
61-90 days past due | 0 | 3 | 3 | 1 | 1 | 0 | 0 | 8 | |||||||||||||||||||||||||||||||||||||||||||||
91+ days past due | 0 | 9 | 5 | 12 | 5 | 81 | 0 | 112 | |||||||||||||||||||||||||||||||||||||||||||||
Asia/Pacific | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | 448 | 1,431 | 775 | 297 | 85 | 25 | 34 | 3,095 | |||||||||||||||||||||||||||||||||||||||||||||
31-60 days past due | 0 | 16 | 16 | 10 | 1 | 0 | 0 | 43 | |||||||||||||||||||||||||||||||||||||||||||||
61-90 days past due | 0 | 7 | 9 | 7 | 4 | 0 | 0 | 27 | |||||||||||||||||||||||||||||||||||||||||||||
91+ days past due | 0 | 8 | 12 | 12 | 2 | 0 | 0 | 34 | |||||||||||||||||||||||||||||||||||||||||||||
Mining | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | 230 | 473 | 567 | 315 | 109 | 206 | 86 | 1,986 | |||||||||||||||||||||||||||||||||||||||||||||
31-60 days past due | 5 | 0 | 0 | 0 | 0 | 0 | 0 | 5 | |||||||||||||||||||||||||||||||||||||||||||||
61-90 days past due | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 1 | |||||||||||||||||||||||||||||||||||||||||||||
91+ days past due | 0 | 1 | 2 | 4 | 2 | 0 | 0 | 9 | |||||||||||||||||||||||||||||||||||||||||||||
Latin America | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | 124 | 490 | 264 | 106 | 35 | 23 | 0 | 1,042 | |||||||||||||||||||||||||||||||||||||||||||||
31-60 days past due | 0 | 6 | 6 | 6 | 3 | 0 | 0 | 21 | |||||||||||||||||||||||||||||||||||||||||||||
61-90 days past due | 0 | 3 | 4 | 6 | 1 | 13 | 0 | 27 | |||||||||||||||||||||||||||||||||||||||||||||
91+ days past due | 0 | 3 | 9 | 10 | 22 | 10 | 0 | 54 | |||||||||||||||||||||||||||||||||||||||||||||
Caterpillar Power Finance | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | 6 | 219 | 175 | 102 | 214 | 207 | 112 | 1,035 | |||||||||||||||||||||||||||||||||||||||||||||
31-60 days past due | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
61-90 days past due | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 2 | |||||||||||||||||||||||||||||||||||||||||||||
91+ days past due | 0 | 2 | 0 | 25 | 3 | 93 | 0 | 123 | |||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 2,427 | $ | 7,603 | $ | 4,929 | $ | 2,539 | $ | 1,105 | $ | 900 | $ | 295 | $ | 19,798 | |||||||||||||||||||||||||||||||||||||
(Millions of dollars) | |||||||||||||||||||||||||||
September 30, 2017 | |||||||||||||||||||||||||||
31-60 Days Past Due | 61-90 Days Past Due | 91+ Days Past Due | Total Past Due | Current | Recorded Investment in Finance Receivables | 91+ Still Accruing | |||||||||||||||||||||
Customer | |||||||||||||||||||||||||||
North America | $ | 64 | $ | 17 | $ | 49 | $ | 130 | $ | 7,916 | $ | 8,046 | $ | 8 | |||||||||||||
Europe | 27 | 9 | 56 | 92 | 2,642 | 2,734 | 4 | ||||||||||||||||||||
Asia/Pacific | 27 | 13 | 17 | 57 | 2,299 | 2,356 | 9 | ||||||||||||||||||||
Mining | 8 | 4 | 52 | 64 | 1,682 | 1,746 | 1 | ||||||||||||||||||||
Latin America | 53 | 28 | 180 | 261 | 1,672 | 1,933 | — | ||||||||||||||||||||
Caterpillar Power Finance | 11 | 34 | 124 | 169 | 2,589 | 2,758 | 11 | ||||||||||||||||||||
Dealer | |||||||||||||||||||||||||||
North America | — | — | — | — | 2,816 | 2,816 | — | ||||||||||||||||||||
Europe | — | — | — | — | 350 | 350 | — | ||||||||||||||||||||
Asia/Pacific | — | — | — | — | 580 | 580 | — | ||||||||||||||||||||
Mining | — | — | — | — | 5 | 5 | — | ||||||||||||||||||||
Latin America | 5 | — | 3 | 8 | 783 | 791 | — | ||||||||||||||||||||
Caterpillar Power Finance | — | — | — | — | 2 | 2 | — | ||||||||||||||||||||
Caterpillar Purchased Receivables | |||||||||||||||||||||||||||
North America | 13 | 5 | 3 | 21 | 1,666 | 1,687 | 3 | ||||||||||||||||||||
Europe | 2 | — | — | 2 | 333 | 335 | — | ||||||||||||||||||||
Asia/Pacific | 1 | — | — | 1 | 396 | 397 | — | ||||||||||||||||||||
Mining | — | — | — | — | — | — | — | ||||||||||||||||||||
Latin America | — | — | — | — | 400 | 400 | — | ||||||||||||||||||||
Caterpillar Power Finance | — | — | — | — | 4 | 4 | — | ||||||||||||||||||||
Total | $ | 211 | $ | 110 | $ | 484 | $ | 805 | $ | 26,135 | $ | 26,940 | $ | 36 | |||||||||||||
(Millions of dollars) | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Finance Receivables | Total Finance Receivables | ||||||||||||||||||||||||||||||||||||||||||||||
North America | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | $ | 3,780 | $ | 2,423 | $ | 1,344 | $ | 522 | $ | 212 | $ | 27 | $ | 89 | $ | 8,397 | |||||||||||||||||||||||||||||||||||||
31-60 days past due | 52 | 49 | 33 | 16 | 7 | 2 | 0 | 159 | |||||||||||||||||||||||||||||||||||||||||||||
61-90 days past due | 22 | 25 | 16 | 9 | 2 | 1 | 0 | 75 | |||||||||||||||||||||||||||||||||||||||||||||
91+ days past due | 14 | 35 | 31 | 20 | 9 | 4 | 2 | 115 | |||||||||||||||||||||||||||||||||||||||||||||
EAME | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | 1,605 | 931 | 501 | 203 | 60 | 18 | 0 | 3,318 | |||||||||||||||||||||||||||||||||||||||||||||
31-60 days past due | 5 | 15 | 3 | 2 | 0 | 0 | 0 | 25 | |||||||||||||||||||||||||||||||||||||||||||||
61-90 days past due | 1 | 1 | 2 | 1 | 0 | 0 | 0 | 5 | |||||||||||||||||||||||||||||||||||||||||||||
91+ days past due | 7 | 7 | 12 | 4 | 39 | 43 | 0 | 112 | |||||||||||||||||||||||||||||||||||||||||||||
Asia/Pacific | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | 1,583 | 933 | 412 | 115 | 32 | 6 | 32 | 3,113 | |||||||||||||||||||||||||||||||||||||||||||||
31-60 days past due | 13 | 23 | 13 | 6 | 0 | 0 | 0 | 55 | |||||||||||||||||||||||||||||||||||||||||||||
61-90 days past due | 7 | 11 | 7 | 1 | 0 | 0 | 0 | 26 | |||||||||||||||||||||||||||||||||||||||||||||
91+ days past due | 4 | 10 | 9 | 3 | 0 | 0 | 0 | 26 | |||||||||||||||||||||||||||||||||||||||||||||
Mining | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | 515 | 574 | 289 | 181 | 92 | 151 | 137 | 1,939 | |||||||||||||||||||||||||||||||||||||||||||||
31-60 days past due | 5 | 0 | 5 | 1 | 0 | 0 | 0 | 11 | |||||||||||||||||||||||||||||||||||||||||||||
61-90 days past due | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
91+ days past due | 0 | 11 | 8 | 2 | 0 | 0 | 1 | 22 | |||||||||||||||||||||||||||||||||||||||||||||
Latin America | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | 561 | 348 | 151 | 48 | 13 | 34 | 0 | 1,155 | |||||||||||||||||||||||||||||||||||||||||||||
31-60 days past due | 3 | 6 | 4 | 3 | 0 | 0 | 0 | 16 | |||||||||||||||||||||||||||||||||||||||||||||
61-90 days past due | 1 | 7 | 6 | 3 | 2 | 0 | 0 | 19 | |||||||||||||||||||||||||||||||||||||||||||||
91+ days past due | 2 | 14 | 11 | 24 | 5 | 4 | 0 | 60 | |||||||||||||||||||||||||||||||||||||||||||||
Caterpillar Power Finance | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | 217 | 199 | 111 | 273 | 99 | 117 | 119 | 1,135 | |||||||||||||||||||||||||||||||||||||||||||||
31-60 days past due | 0 | 0 | 6 | 0 | 0 | 0 | 0 | 6 | |||||||||||||||||||||||||||||||||||||||||||||
61-90 days past due | 0 | 0 | 0 | 0 | 0 | 9 | 0 | 9 | |||||||||||||||||||||||||||||||||||||||||||||
91+ days past due | 2 | 0 | 20 | 3 | 25 | 79 | 0 | 129 | |||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 8,399 | $ | 5,622 | $ | 2,994 | $ | 1,440 | $ | 597 | $ | 495 | $ | 380 | $ | 19,927 | |||||||||||||||||||||||||||||||||||||
(Millions of dollars) | |||||||||||||||||||||||||||
December 31, 2016 | |||||||||||||||||||||||||||
31-60 Days Past Due | 61-90 Days Past Due | 91+ Days Past Due | Total Past Due | Current | Recorded Investment in Finance Receivables | 91+ Still Accruing | |||||||||||||||||||||
Customer | |||||||||||||||||||||||||||
North America | $ | 50 | $ | 16 | $ | 59 | $ | 125 | $ | 8,051 | $ | 8,176 | $ | 5 | |||||||||||||
Europe | 16 | 12 | 39 | 67 | 2,388 | 2,455 | 6 | ||||||||||||||||||||
Asia/Pacific | 18 | 7 | 15 | 40 | 1,944 | 1,984 | 4 | ||||||||||||||||||||
Mining | 3 | 2 | 63 | 68 | 1,756 | 1,824 | 2 | ||||||||||||||||||||
Latin America | 40 | 33 | 214 | 287 | 1,808 | 2,095 | — | ||||||||||||||||||||
Caterpillar Power Finance | 11 | 9 | 73 | 93 | 3,018 | 3,111 | 1 | ||||||||||||||||||||
Dealer | |||||||||||||||||||||||||||
North America | — | — | — | — | 2,705 | 2,705 | — | ||||||||||||||||||||
Europe | — | — | — | — | 336 | 336 | — | ||||||||||||||||||||
Asia/Pacific | — | — | — | — | 582 | 582 | — | ||||||||||||||||||||
Mining | — | — | — | — | 6 | 6 | — | ||||||||||||||||||||
Latin America | — | — | — | — | 848 | 848 | — | ||||||||||||||||||||
Caterpillar Power Finance | — | — | — | — | 2 | 2 | — | ||||||||||||||||||||
Caterpillar Purchased Receivables | |||||||||||||||||||||||||||
North America | 11 | 3 | 1 | 15 | 1,303 | 1,318 | 1 | ||||||||||||||||||||
Europe | — | — | 1 | 1 | 268 | 269 | — | ||||||||||||||||||||
Asia/Pacific | — | — | — | — | 475 | 475 | — | ||||||||||||||||||||
Mining | — | — | — | — | — | — | — | ||||||||||||||||||||
Latin America | — | — | — | — | 366 | 366 | — | ||||||||||||||||||||
Caterpillar Power Finance | — | — | — | — | 3 | 3 | — | ||||||||||||||||||||
Total | $ | 149 | $ | 82 | $ | 465 | $ | 696 | $ | 25,859 | $ | 26,555 | $ | 19 | |||||||||||||
(Millions of dollars) | |||||||||||||||||||||||||||||||||||||||||
March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||
31-60 Days Past Due | 61-90 Days Past Due | 91+ Days Past Due | Total Past Due | Current | Total Finance Receivables | ||||||||||||||||||||||||||||||||||||
North America | $ | 7 | $ | 3 | $ | 3 | $ | 13 | $ | 2,070 | $ | 2,083 | |||||||||||||||||||||||||||||
EAME | 0 | 0 | 1 | 1 | 777 | 778 | |||||||||||||||||||||||||||||||||||
Asia/Pacific | 2 | 1 | 2 | 5 | 802 | 807 | |||||||||||||||||||||||||||||||||||
Mining | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||
Latin America | 0 | 0 | 0 | 0 | 392 | 392 | |||||||||||||||||||||||||||||||||||
Caterpillar Power Finance | 0 | 0 | 0 | 0 | 5 | 5 | |||||||||||||||||||||||||||||||||||
Total | $ | 9 | $ | 4 | $ | 6 | $ | 19 | $ | 4,046 | $ | 4,065 | |||||||||||||||||||||||||||||
(Millions of dollars) | |||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||
31-60 Days Past Due | 61-90 Days Past Due | 91+ Days Past Due | Total Past Due | Current | Total Finance Receivables | ||||||||||||||||||||||||||||||||||||
North America | $ | 14 | $ | 11 | $ | 6 | $ | 31 | $ | 1,889 | $ | 1,920 | |||||||||||||||||||||||||||||
EAME | 1 | 0 | 1 | 2 | 632 | 634 | |||||||||||||||||||||||||||||||||||
Asia/Pacific | 2 | 1 | 1 | 4 | 581 | 585 | |||||||||||||||||||||||||||||||||||
Mining | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||
Latin America | 0 | 0 | 0 | 0 | 501 | 501 | |||||||||||||||||||||||||||||||||||
Caterpillar Power Finance | 0 | 0 | 0 | 0 | 6 | 6 | |||||||||||||||||||||||||||||||||||
Total | $ | 17 | $ | 12 | $ | 8 | $ | 37 | $ | 3,609 | $ | 3,646 | |||||||||||||||||||||||||||||
(Millions of dollars) | |||||||||||||||||||||||
As of September 30, 2017 | As of December 31, 2016 | ||||||||||||||||||||||
Impaired Finance Receivables With No Allowance Recorded | Recorded Investment | Unpaid Principal Balance | Related Allowance | Recorded Investment | Unpaid Principal Balance | Related Allowance | |||||||||||||||||
North America | $ | 16 | $ | 21 | $ | — | $ | 10 | $ | 10 | $ | — | |||||||||||
Europe | 47 | 47 | — | 49 | 48 | — | |||||||||||||||||
Asia/Pacific | 32 | 31 | — | 3 | 2 | — | |||||||||||||||||
Mining | 127 | 125 | — | 129 | 129 | — | |||||||||||||||||
Latin America | 60 | 60 | — | 68 | 68 | — | |||||||||||||||||
Caterpillar Power Finance | 187 | 200 | — | 271 | 271 | — | |||||||||||||||||
Total | $ | 469 | $ | 484 | $ | — | $ | 530 | $ | 528 | $ | — | |||||||||||
Impaired Finance Receivables With An Allowance Recorded | |||||||||||||||||||||||
North America | $ | 36 | $ | 35 | $ | 13 | $ | 61 | $ | 60 | $ | 22 | |||||||||||
Europe | 8 | 8 | 5 | 7 | 7 | 3 | |||||||||||||||||
Asia/Pacific | 25 | 25 | 3 | 50 | 50 | 8 | |||||||||||||||||
Mining | — | — | — | — | — | — | |||||||||||||||||
Latin America | 92 | 104 | 35 | 93 | 104 | 34 | |||||||||||||||||
Caterpillar Power Finance | 239 | 241 | 44 | 45 | 44 | 18 | |||||||||||||||||
Total | $ | 400 | $ | 413 | $ | 100 | $ | 256 | $ | 265 | $ | 85 | |||||||||||
Total Impaired Finance Receivables | |||||||||||||||||||||||
North America | $ | 52 | $ | 56 | $ | 13 | $ | 71 | $ | 70 | $ | 22 | |||||||||||
Europe | 55 | 55 | 5 | 56 | 55 | 3 | |||||||||||||||||
Asia/Pacific | 57 | 56 | 3 | 53 | 52 | 8 | |||||||||||||||||
Mining | 127 | 125 | — | 129 | 129 | — | |||||||||||||||||
Latin America | 152 | 164 | 35 | 161 | 172 | 34 | |||||||||||||||||
Caterpillar Power Finance | 426 | 441 | 44 | 316 | 315 | 18 | |||||||||||||||||
Total | $ | 869 | $ | 897 | $ | 100 | $ | 786 | $ | 793 | $ | 85 | |||||||||||
(Millions of dollars) | |||||||||||||||
Three Months Ended September 30, 2017 | Three Months Ended September 30, 2016 | ||||||||||||||
Impaired Finance Receivables With No Allowance Recorded | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | |||||||||||
North America | $ | 14 | $ | 1 | $ | 24 | $ | — | |||||||
Europe | 47 | — | 49 | 1 | |||||||||||
Asia/Pacific | 30 | 1 | 1 | — | |||||||||||
Mining | 128 | 1 | 90 | 2 | |||||||||||
Latin America | 68 | 1 | 58 | — | |||||||||||
Caterpillar Power Finance | 171 | 1 | 282 | 3 | |||||||||||
Total | $ | 458 | $ | 5 | $ | 504 | $ | 6 | |||||||
Impaired Finance Receivables With An Allowance Recorded | |||||||||||||||
North America | $ | 44 | $ | — | $ | 42 | $ | — | |||||||
Europe | 6 | — | 10 | — | |||||||||||
Asia/Pacific | 28 | 1 | 35 | — | |||||||||||
Mining | — | — | 19 | — | |||||||||||
Latin America | 102 | 1 | 67 | 1 | |||||||||||
Caterpillar Power Finance | 251 | 3 | 43 | — | |||||||||||
Total | $ | 431 | $ | 5 | $ | 216 | $ | 1 | |||||||
Total Impaired Finance Receivables | |||||||||||||||
North America | $ | 58 | $ | 1 | $ | 66 | $ | — | |||||||
Europe | 53 | — | 59 | 1 | |||||||||||
Asia/Pacific | 58 | 2 | 36 | — | |||||||||||
Mining | 128 | 1 | 109 | 2 | |||||||||||
Latin America | 170 | 2 | 125 | 1 | |||||||||||
Caterpillar Power Finance | 422 | 4 | 325 | 3 | |||||||||||
Total | $ | 889 | $ | 10 | $ | 720 | $ | 7 | |||||||
(Millions of dollars) | |||||||||||||||
Nine Months Ended September 30, 2017 | Nine Months Ended September 30, 2016 | ||||||||||||||
Impaired Finance Receivables With No Allowance Recorded | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | |||||||||||
North America | $ | 12 | $ | 1 | $ | 19 | $ | 1 | |||||||
Europe | 48 | 1 | 45 | 1 | |||||||||||
Asia/Pacific | 22 | 2 | 2 | — | |||||||||||
Mining | 128 | 5 | 84 | 3 | |||||||||||
Latin America | 69 | 2 | 39 | — | |||||||||||
Caterpillar Power Finance | 233 | 7 | 269 | 8 | |||||||||||
Total | $ | 512 | $ | 18 | $ | 458 | $ | 13 | |||||||
Impaired Finance Receivables With An Allowance Recorded | |||||||||||||||
North America | $ | 52 | $ | 1 | $ | 28 | $ | — | |||||||
Europe | 6 | — | 11 | — | |||||||||||
Asia/Pacific | 35 | 2 | 34 | 2 | |||||||||||
Mining | — | — | 15 | — | |||||||||||
Latin America | 101 | 3 | 59 | 2 | |||||||||||
Caterpillar Power Finance | 141 | 4 | 50 | 1 | |||||||||||
Total | $ | 335 | $ | 10 | $ | 197 | $ | 5 | |||||||
Total Impaired Finance Receivables | |||||||||||||||
North America | $ | 64 | $ | 2 | $ | 47 | $ | 1 | |||||||
Europe | 54 | 1 | 56 | 1 | |||||||||||
Asia/Pacific | 57 | 4 | 36 | 2 | |||||||||||
Mining | 128 | 5 | 99 | 3 | |||||||||||
Latin America | 170 | 5 | 98 | 2 | |||||||||||
Caterpillar Power Finance | 374 | 11 | 319 | 9 | |||||||||||
Total | $ | 847 | $ | 28 | $ | 655 | $ | 18 | |||||||
(Millions of dollars) | March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||
Amortized Cost | Amortized Cost | ||||||||||||||||||||||||||||||||||
Non-accrual With an Allowance | Non-accrual Without an Allowance | 91+ Still Accruing | Non-accrual With an Allowance | Non-accrual Without an Allowance | 91+ Still Accruing | ||||||||||||||||||||||||||||||
North America | $ | 76 | $ | 2 | $ | 27 | $ | 86 | $ | 1 | $ | 34 | |||||||||||||||||||||||
EAME | 109 | 0 | 3 | 113 | 1 | 1 | |||||||||||||||||||||||||||||
Asia/Pacific | 20 | 0 | 14 | 13 | 0 | 13 | |||||||||||||||||||||||||||||
Mining | 7 | 1 | 1 | 21 | 1 | 0 | |||||||||||||||||||||||||||||
Latin America | 57 | 1 | 2 | 63 | 0 | 1 | |||||||||||||||||||||||||||||
Caterpillar Power Finance | 147 | 11 | 0 | 170 | 17 | 0 | |||||||||||||||||||||||||||||
Total | $ | 416 | $ | 15 | $ | 47 | $ | 466 | $ | 20 | $ | 49 | |||||||||||||||||||||||
(Millions of dollars) | September 30, 2017 | December 31, 2016 | |||||
North America | $ | 48 | $ | 66 | |||
Europe | 56 | 35 | |||||
Asia/Pacific | 11 | 12 | |||||
Mining | 55 | 69 | |||||
Latin America | 242 | 307 | |||||
Caterpillar Power Finance | 277 | 90 | |||||
Total | $ | 689 | $ | 579 | |||
(Millions of dollars) | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | |||||||||||||||||||||||||||||||||
Pre-TDR Amortized Cost | Post-TDR Amortized Cost | Pre-TDR Amortized Cost | Post-TDR Amortized Cost | ||||||||||||||||||||||||||||||||
Mining | $ | 11 | $ | 5 | $ | 0 | $ | 0 | |||||||||||||||||||||||||||
Latin America | 0 | 0 | 2 | 2 | |||||||||||||||||||||||||||||||
Total | $ | 11 | $ | 5 | $ | 2 | $ | 2 | |||||||||||||||||||||||||||
(Dollars in millions) | Three Months Ended September 30, 2017 | Three Months Ended September 30, 2016 | |||||||||||||||||||
Number of Contracts | Pre-TDR Recorded Investment | Post-TDR Recorded Investment | Number of Contracts | Pre-TDR Recorded Investment | Post-TDR Recorded Investment | ||||||||||||||||
North America | 11 | $ | 4 | $ | 5 | 2 | $ | — | $ | — | |||||||||||
Europe | 1 | — | — | — | — | — | |||||||||||||||
Asia/Pacific | — | — | — | 4 | 1 | 1 | |||||||||||||||
Mining | — | — | — | 1 | 33 | 30 | |||||||||||||||
Latin America(1) | 3 | 21 | 22 | 341 | 105 | 74 | |||||||||||||||
Caterpillar Power Finance | 5 | 51 | 44 | 4 | 13 | 13 | |||||||||||||||
Total | 20 | $ | 76 | $ | 71 | 352 | $ | 152 | $ | 118 | |||||||||||
Nine Months Ended September 30, 2017 | Nine Months Ended September 30, 2016 | ||||||||||||||||||||
Number of Contracts | Pre-TDR Recorded Investment | Post-TDR Recorded Investment | Number of Contracts | Pre-TDR Recorded Investment | Post-TDR Recorded Investment | ||||||||||||||||
North America | 37 | $ | 13 | $ | 13 | 15 | $ | 16 | $ | 16 | |||||||||||
Europe | 2 | — | — | 3 | 11 | 8 | |||||||||||||||
Asia/Pacific | 6 | 39 | 30 | 8 | 4 | 4 | |||||||||||||||
Mining | 2 | 57 | 56 | 2 | 43 | 35 | |||||||||||||||
Latin America | 17 | 26 | 27 | 431 | 117 | 87 | |||||||||||||||
Caterpillar Power Finance(2) | 59 | 319 | 305 | 34 | 196 | 177 | |||||||||||||||
Total | 123 | $ | 454 | $ | 431 | 493 | $ | 387 | $ | 327 | |||||||||||
(Millions of dollars) | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | |||||||||||||||||||||
Post-TDR Amortized Cost | Post-TDR Amortized Cost | ||||||||||||||||||||||
North America | $ | 1 | $ | 0 | |||||||||||||||||||
EAME | 0 | 10 | |||||||||||||||||||||
Asia/Pacific | 4 | 0 | |||||||||||||||||||||
Latin America | 0 | 1 | |||||||||||||||||||||
Caterpillar Power Finance | 5 | 0 | |||||||||||||||||||||
Total | $ | 10 | $ | 11 | |||||||||||||||||||
(Millions of dollars) | Asset (Liability) Fair Value | ||||||||||||||||
Consolidated Statements of Financial Position Location | March 31, 2021 | December 31, 2020 | |||||||||||||||
Designated derivatives | |||||||||||||||||
Interest rate contracts | Other assets | $ | 41 | $ | 59 | ||||||||||||
Interest rate contracts | Accrued expenses | (10) | (5) | ||||||||||||||
Cross currency contracts | Other assets | 34 | 2 | ||||||||||||||
Cross currency contracts | Accrued expenses | (64) | (148) | ||||||||||||||
$ | 1 | $ | (92) | ||||||||||||||
Undesignated derivatives | |||||||||||||||||
Foreign exchange contracts | Other assets | $ | 60 | $ | 17 | ||||||||||||
Foreign exchange contracts | Accrued expenses | (15) | (107) | ||||||||||||||
Cross currency contracts | Other assets | 7 | 7 | ||||||||||||||
Cross currency contracts | Accrued expenses | 0 | 0 | ||||||||||||||
$ | 52 | $ | (83) | ||||||||||||||
(Millions of dollars) | |||||||||
Asset (Liability) Fair Value | |||||||||
Consolidated Statements of Financial Position Location | September 30, 2017 | December 31, 2016 | |||||||
Designated derivatives | |||||||||
Interest rate contracts | Other assets | $ | 3 | $ | 4 | ||||
Interest rate contracts | Accrued expenses | (1 | ) | (1 | ) | ||||
Cross currency contracts | Other assets | 8 | 29 | ||||||
Cross currency contracts | Accrued expenses | (41 | ) | (3 | ) | ||||
$ | (31 | ) | $ | 29 | |||||
Undesignated derivatives | |||||||||
Foreign exchange contracts | Other assets | $ | 17 | $ | 12 | ||||
Foreign exchange contracts | Accrued expenses | (8 | ) | (4 | ) | ||||
Cross currency contracts | Other assets | 25 | 27 | ||||||
$ | 34 | $ | 35 | ||||||
Cash Flow Hedges | ||||||||||||||||||||
(Millions of dollars) | Three Months Ended March 31, 2021 | |||||||||||||||||||
Recognized in Earnings | ||||||||||||||||||||
Amount of Gains (Losses) Recognized in AOCI | Classification | Amount of Gains (Losses) Reclassified from AOCI | Amount of the line items in the Consolidated Statements of Profit | |||||||||||||||||
Interest rate contracts | $ | 0 | Interest expense | $ | (10) | $ | 125 | |||||||||||||
Cross currency contracts | 119 | Other income (expense) | 112 | (8) | ||||||||||||||||
Interest expense | 2 | 125 | ||||||||||||||||||
$ | 119 | $ | 104 | |||||||||||||||||
Three Months Ended March 31, 2020 | ||||||||||||||||||||
Recognized in Earnings | ||||||||||||||||||||
Amount of Gains (Losses) Recognized in AOCI | Classification | Amount of Gains (Losses) Reclassified from AOCI | Amount of the line items in the Consolidated Statements of Profit | |||||||||||||||||
Interest rate contracts | $ | (15) | Interest expense | $ | (5) | $ | 175 | |||||||||||||
Cross currency contracts | 101 | Other income (expense) | 71 | (10) | ||||||||||||||||
Interest expense | 11 | 175 | ||||||||||||||||||
$ | 86 | $ | 77 | |||||||||||||||||
Fair Value Hedges | |||||||||||||||||
(Millions of dollars) | Three Months Ended September 30, 2017 | Three Months Ended September 30, 2016 | |||||||||||||||
Classification | Gains (Losses) on Derivatives | Gains (Losses) on Borrowings | Gains (Losses) on Derivatives | Gains (Losses) on Borrowings | |||||||||||||
Interest rate contracts | Other income (expense) | $ | — | $ | — | $ | (11 | ) | $ | 11 | |||||||
Nine Months Ended September 30, 2017 | Nine Months Ended September 30, 2016 | ||||||||||||||||
Classification | Gains (Losses) on Derivatives | Gains (Losses) on Borrowings | Gains (Losses) on Derivatives | Gains (Losses) on Borrowings | |||||||||||||
Interest rate contracts | Other income (expense) | $ | (1 | ) | $ | 1 | $ | (11 | ) | $ | 10 | ||||||
Cash Flow Hedges | ||||||||||||
(Millions of dollars) | Three Months Ended September 30, 2017 | |||||||||||
Recognized in Earnings | ||||||||||||
Amounts of Gains (Losses) Recognized in AOCI (Effective Portion) | Classification | Reclassified from AOCI to Earnings (Effective Portion) | Recognized in Earnings (Ineffective Portion) | |||||||||
Interest rate contracts | $ | (1 | ) | Interest expense | $ | 1 | $ | — | ||||
Cross currency contracts | (21 | ) | Other income (expense) | (20 | ) | — | ||||||
Cross currency contracts | Interest expense | 1 | — | |||||||||
$ | (22 | ) | $ | (18 | ) | $ | — | |||||
Three Months Ended September 30, 2016 | ||||||||||||
Recognized in Earnings | ||||||||||||
Amounts of Gains (Losses) Recognized in AOCI (Effective Portion) | Classification | Reclassified from AOCI to Earnings (Effective Portion) | Recognized in Earnings (Ineffective Portion) | |||||||||
Interest rate contracts | $ | 2 | Interest expense | $ | — | $ | — | |||||
Cross currency contracts | (17 | ) | Other income (expense) | (10 | ) | — | ||||||
$ | (15 | ) | $ | (10 | ) | $ | — | |||||
Nine Months Ended September 30, 2017 | ||||||||||||
Recognized in Earnings | ||||||||||||
Amounts of Gains (Losses) Recognized in AOCI (Effective Portion) | Classification | Reclassified from AOCI to Earnings (Effective Portion) | Recognized in Earnings (Ineffective Portion) | |||||||||
Interest rate contracts | $ | (1 | ) | Interest expense | $ | 2 | $ | — | ||||
Cross currency contracts | (62 | ) | Other income (expense) | (69 | ) | — | ||||||
Cross currency contracts | Interest expense | 3 | — | |||||||||
$ | (63 | ) | $ | (64 | ) | $ | — | |||||
Nine Months Ended September 30, 2016 | ||||||||||||
Recognized in Earnings | ||||||||||||
Amounts of Gains (Losses) Recognized in AOCI (Effective Portion) | Classification | Reclassified from AOCI to Earnings (Effective Portion) | Recognized in Earnings (Ineffective Portion) | |||||||||
Interest rate contracts | $ | — | Interest expense | $ | (3 | ) | $ | — | ||||
Cross currency contracts | (23 | ) | Other income (expense) | (16 | ) | — | ||||||
$ | (23 | ) | $ | (19 | ) | $ | — | |||||
(Millions of dollars) | Three Months Ended March 31, | ||||||||||||||||
Classification | 2021 | 2020 | |||||||||||||||
Foreign exchange contracts | Other income (expense) | $ | 85 | $ | 99 | ||||||||||||
Cross currency contracts | Other income (expense) | 1 | 9 | ||||||||||||||
$ | 86 | $ | 108 | ||||||||||||||
(Millions of dollars) | Three Months Ended September 30, | ||||||||
Classification | 2017 | 2016 | |||||||
Foreign exchange contracts | Other income (expense) | $ | 14 | $ | (5 | ) | |||
Cross currency contracts | Other income (expense) | (3 | ) | — | |||||
$ | 11 | $ | (5 | ) | |||||
Nine Months Ended September 30, | |||||||||
Classification | 2017 | 2016 | |||||||
Foreign exchange contracts | Other income (expense) | $ | 25 | $ | (21 | ) | |||
Cross currency contracts | Other income (expense) | (4 | ) | (12 | ) | ||||
$ | 21 | $ | (33 | ) | |||||
(Millions of dollars) | March 31, 2021 | December 31, 2020 | |||||||||||||||
Derivative Assets | |||||||||||||||||
Gross Amount of Recognized Assets | $ | 142 | $ | 85 | |||||||||||||
Gross Amounts Offset | 0 | 0 | |||||||||||||||
Net Amount of Assets(1) | 142 | 85 | |||||||||||||||
Gross Amounts Not Offset | (55) | (57) | |||||||||||||||
Net Amount | $ | 87 | $ | 28 | |||||||||||||
Derivative Liabilities | |||||||||||||||||
Gross Amount of Recognized Liabilities | $ | (89) | $ | (260) | |||||||||||||
Gross Amounts Offset | 0 | 0 | |||||||||||||||
Net Amount of Liabilities(1) | (89) | (260) | |||||||||||||||
Gross Amounts Not Offset | 55 | 57 | |||||||||||||||
Net Amount | $ | (34) | $ | (203) | |||||||||||||
Offsetting of Derivative Assets and Liabilities | |||||||||
(Millions of dollars) | |||||||||
September 30, 2017 | December 31, 2016 | ||||||||
Derivative Assets | |||||||||
Gross Amount of Recognized Assets | $ | 53 | $ | 72 | |||||
Gross Amounts Offset | — | — | |||||||
Net Amount of Assets(1) | 53 | 72 | |||||||
Gross Amounts Not Offset | (8 | ) | (7 | ) | |||||
Net Amount | $ | 45 | $ | 65 | |||||
Derivative Liabilities | |||||||||
Gross Amount of Recognized Liabilities | $ | (50 | ) | $ | (8 | ) | |||
Gross Amounts Offset | — | — | |||||||
Net Amount of Liabilities(1) | (50 | ) | (8 | ) | |||||
Gross Amounts Not Offset | 8 | 7 | |||||||
Net Amount | $ | (42 | ) | $ | (1 | ) | |||
(Millions of dollars) | Three Months Ended March 31, | ||||||||||||||||
2021 | 2020 | ||||||||||||||||
Foreign currency translation | |||||||||||||||||
Balance at beginning of period | $ | (551) | $ | (777) | |||||||||||||
Gains (losses) on foreign currency translation | (94) | (294) | |||||||||||||||
Less: Tax provision/(benefit) | 25 | 12 | |||||||||||||||
Net gains (losses) on foreign currency translation | (119) | (306) | |||||||||||||||
Other comprehensive income (loss), net of tax | (119) | (306) | |||||||||||||||
Balance at end of period | $ | (670) | $ | (1,083) | |||||||||||||
Derivative financial instruments | |||||||||||||||||
Balance at beginning of period | $ | (44) | $ | (68) | |||||||||||||
Gains (losses) deferred | 119 | 86 | |||||||||||||||
Less: Tax provision/(benefit) | 25 | 19 | |||||||||||||||
Net gains (losses) deferred | 94 | 67 | |||||||||||||||
(Gains) losses reclassified to earnings | (104) | (77) | |||||||||||||||
Less: Tax (provision)/benefit | (21) | (16) | |||||||||||||||
Net (gains) losses reclassified to earnings | (83) | (61) | |||||||||||||||
Other comprehensive income (loss), net of tax | 11 | 6 | |||||||||||||||
Balance at end of period | $ | (33) | $ | (62) | |||||||||||||
Total Accumulated other comprehensive income (loss) at end of period | $ | (703) | $ | (1,145) | |||||||||||||
(Millions of dollars) | Foreign currency translation | Derivative financial instruments | Available-for- sale securities | Total | |||||||||||
Three Months Ended September 30, 2016 | |||||||||||||||
Balance at June 30, 2016 | $ | (790 | ) | $ | 1 | $ | (2 | ) | $ | (791 | ) | ||||
Other comprehensive income/(loss) before reclassifications | (5 | ) | (10 | ) | 1 | (14 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive (income)/loss | — | 7 | — | 7 | |||||||||||
Other comprehensive income/(loss) | (5 | ) | (3 | ) | 1 | (7 | ) | ||||||||
Balance at September 30, 2016 | $ | (795 | ) | $ | (2 | ) | $ | (1 | ) | $ | (798 | ) | |||
Three Months Ended September 30, 2017 | |||||||||||||||
Balance at June 30, 2017 | $ | (756 | ) | $ | 2 | $ | 1 | $ | (753 | ) | |||||
Other comprehensive income/(loss) before reclassifications | 151 | (14 | ) | (1 | ) | 136 | |||||||||
Amounts reclassified from accumulated other comprehensive (income)/loss | — | 11 | — | 11 | |||||||||||
Other comprehensive income/(loss) | 151 | (3 | ) | (1 | ) | 147 | |||||||||
Balance at September 30, 2017 | $ | (605 | ) | $ | (1 | ) | $ | — | $ | (606 | ) | ||||
Nine Months Ended September 30, 2016 | |||||||||||||||
Balance at December 31, 2015 | $ | (897 | ) | $ | — | $ | — | $ | (897 | ) | |||||
Other comprehensive income/(loss) before reclassifications | 102 | (15 | ) | (1 | ) | 86 | |||||||||
Amounts reclassified from accumulated other comprehensive (income)/loss | — | 13 | — | 13 | |||||||||||
Other comprehensive income/(loss) | 102 | (2 | ) | (1 | ) | 99 | |||||||||
Balance at September 30, 2016 | $ | (795 | ) | $ | (2 | ) | $ | (1 | ) | $ | (798 | ) | |||
Nine Months Ended September 30, 2017 | |||||||||||||||
Balance at December 31, 2016 | $ | (994 | ) | $ | (1 | ) | $ | — | $ | (995 | ) | ||||
Other comprehensive income/(loss) before reclassifications | 389 | (41 | ) | — | 348 | ||||||||||
Amounts reclassified from accumulated other comprehensive (income)/loss | — | 41 | — | 41 | |||||||||||
Other comprehensive income/(loss) | 389 | — | — | 389 | |||||||||||
Balance at September 30, 2017 | $ | (605 | ) | $ | (1 | ) | $ | — | $ | (606 | ) | ||||
(Millions of dollars) | Three Months Ended March 31, | ||||||||||||||||||||||||||||
Derivative financial instruments | Classification of income (expense) | 2021 | 2020 | ||||||||||||||||||||||||||
Cross currency contracts | Other income (expense) | $ | 112 | $ | 71 | ||||||||||||||||||||||||
Cross currency contracts | Interest expense | 2 | 11 | ||||||||||||||||||||||||||
Interest rate contracts | Interest expense | (10) | (5) | ||||||||||||||||||||||||||
Reclassifications before tax | 104 | 77 | |||||||||||||||||||||||||||
Tax (provision) benefit | (21) | (16) | |||||||||||||||||||||||||||
Total reclassifications from Accumulated other comprehensive income (loss) | $ | 83 | $ | 61 | |||||||||||||||||||||||||
(Millions of dollars) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
Classification of income (expense) | 2017 | 2016 | 2017 | 2016 | |||||||||||||
Cross currency contracts | Other income (expense) | $ | (20 | ) | $ | (10 | ) | $ | (69 | ) | $ | (16 | ) | ||||
Cross currency contracts | Interest expense | 1 | — | 3 | — | ||||||||||||
Interest rate contracts | Interest expense | 1 | — | 2 | (3 | ) | |||||||||||
Reclassifications before tax | (18 | ) | (10 | ) | (64 | ) | (19 | ) | |||||||||
Tax (provision) benefit | 7 | 3 | 23 | 6 | |||||||||||||
Total reclassifications from Accumulated other comprehensive income/(loss) | $ | (11 | ) | $ | (7 | ) | $ | (41 | ) | $ | (13 | ) | |||||
(Millions of dollars) 2021 | External Revenues | Profit before income taxes | Interest Expense | Depreciation on equipment leased to others | Provision for credit losses | Assets at March 31, 2021 | Capital expenditures | ||||||||||||||||||||||||||||||||||
North America | $ | 347 | $ | 99 | $ | 69 | $ | 137 | $ | 1 | $ | 14,928 | $ | 178 | |||||||||||||||||||||||||||
EAME | 67 | 30 | 5 | 15 | (4) | 4,947 | 10 | ||||||||||||||||||||||||||||||||||
Asia/Pacific | 92 | 51 | 23 | 2 | 0 | 4,902 | 3 | ||||||||||||||||||||||||||||||||||
Latin America | 47 | 16 | 14 | 2 | 3 | 2,504 | 7 | ||||||||||||||||||||||||||||||||||
Caterpillar Power Finance | 13 | 11 | 4 | 1 | (7) | 1,184 | 0 | ||||||||||||||||||||||||||||||||||
Mining | 71 | 18 | 10 | 35 | (3) | 2,582 | 26 | ||||||||||||||||||||||||||||||||||
Total Segments | 637 | 225 | 125 | 192 | (10) | 31,047 | 224 | ||||||||||||||||||||||||||||||||||
Unallocated | 5 | (72) | 50 | 0 | 0 | 1,373 | 4 | ||||||||||||||||||||||||||||||||||
Timing | (3) | 1 | 0 | 0 | 0 | 12 | 0 | ||||||||||||||||||||||||||||||||||
Methodology | 0 | 42 | (50) | 0 | 0 | (107) | 0 | ||||||||||||||||||||||||||||||||||
Inter-segment Eliminations (1) | 0 | 0 | 0 | 0 | 0 | (242) | 0 | ||||||||||||||||||||||||||||||||||
Total | $ | 639 | $ | 196 | $ | 125 | $ | 192 | $ | (10) | $ | 32,083 | $ | 228 | |||||||||||||||||||||||||||
2020 | External Revenues | Profit before income taxes | Interest Expense | Depreciation on equipment leased to others | Provision for credit losses | Assets at December 31, 2020 | Capital expenditures | ||||||||||||||||||||||||||||||||||
North America | $ | 382 | $ | 75 | $ | 94 | $ | 144 | $ | 22 | $ | 14,749 | $ | 220 | |||||||||||||||||||||||||||
EAME | 70 | 16 | 13 | 16 | 7 | 4,981 | 4 | ||||||||||||||||||||||||||||||||||
Asia/Pacific | 86 | 36 | 27 | 2 | 7 | 4,585 | 3 | ||||||||||||||||||||||||||||||||||
Latin America | 53 | 6 | 23 | 3 | 7 | 2,621 | 3 | ||||||||||||||||||||||||||||||||||
Caterpillar Power Finance | 20 | 1 | 8 | 0 | 5 | 1,308 | 0 | ||||||||||||||||||||||||||||||||||
Mining | 81 | 8 | 17 | 36 | 13 | 2,575 | 16 | ||||||||||||||||||||||||||||||||||
Total Segments | 692 | 142 | 182 | 201 | 61 | 30,819 | 246 | ||||||||||||||||||||||||||||||||||
Unallocated | 9 | (70) | 56 | 0 | 0 | 1,576 | 1 | ||||||||||||||||||||||||||||||||||
Timing | (6) | (1) | 0 | 0 | 0 | 12 | 0 | ||||||||||||||||||||||||||||||||||
Methodology | 0 | 56 | (63) | 0 | 0 | (152) | 0 | ||||||||||||||||||||||||||||||||||
Inter-segment Eliminations (1) | 0 | 0 | 0 | 0 | 0 | (264) | 0 | ||||||||||||||||||||||||||||||||||
Total | $ | 695 | $ | 127 | $ | 175 | $ | 201 | $ | 61 | $ | 31,991 | $ | 247 | |||||||||||||||||||||||||||
(Millions of dollars) 2017 | External Revenues | Profit before income taxes | Interest Expense | Depreciation on equipment leased to others | Provision for credit losses | Assets at September 30, 2017 | Capital expenditures | ||||||||||||||||||||
North America | $ | 338 | $ | 90 | $ | 77 | $ | 130 | $ | 11 | $ | 14,703 | $ | 187 | |||||||||||||
Europe | 68 | 20 | 9 | 19 | 2 | 4,084 | 25 | ||||||||||||||||||||
Asia/Pacific | 68 | 25 | 22 | 5 | 1 | 3,924 | 2 | ||||||||||||||||||||
Latin America and CPF | 101 | 2 | 41 | 10 | 20 | 6,371 | 6 | ||||||||||||||||||||
Mining | 71 | 12 | 12 | 36 | 4 | 2,372 | 88 | ||||||||||||||||||||
Total Segments | 646 | 149 | 161 | 200 | 38 | 31,454 | 308 | ||||||||||||||||||||
Unallocated | 35 | (47 | ) | 50 | — | — | 2,718 | — | |||||||||||||||||||
Timing | (8 | ) | (13 | ) | — | 1 | 10 | 16 | — | ||||||||||||||||||
Methodology | — | 37 | (42 | ) | — | — | (225 | ) | — | ||||||||||||||||||
Inter-segment Eliminations (1) | — | — | — | — | — | (280 | ) | — | |||||||||||||||||||
Total | $ | 673 | $ | 126 | $ | 169 | $ | 201 | $ | 48 | $ | 33,683 | $ | 308 | |||||||||||||
2016 | External Revenues | Profit before income taxes | Interest Expense | Depreciation on equipment leased to others | Provision for credit losses | Assets at December 31, 2016 | Capital expenditures | ||||||||||||||||||||
North America | $ | 310 | $ | 79 | $ | 70 | $ | 123 | $ | 10 | $ | 14,925 | $ | 281 | |||||||||||||
Europe | 68 | 21 | 8 | 21 | 1 | 3,834 | 44 | ||||||||||||||||||||
Asia/Pacific | 65 | 20 | 21 | 8 | 1 | 3,620 | 4 | ||||||||||||||||||||
Latin America and CPF | 122 | 31 | 36 | 15 | 17 | 7,270 | 11 | ||||||||||||||||||||
Mining | 73 | 14 | 11 | 45 | (3 | ) | 2,734 | 19 | |||||||||||||||||||
Total Segments | 638 | 165 | 146 | 212 | 26 | 32,383 | 359 | ||||||||||||||||||||
Unallocated | 21 | (35 | ) | 32 | — | — | 1,688 | (3 | ) | ||||||||||||||||||
Timing | (8 | ) | (7 | ) | — | 1 | 3 | 27 | — | ||||||||||||||||||
Methodology | — | 23 | (27 | ) | — | — | (220 | ) | — | ||||||||||||||||||
Inter-segment Eliminations (1) | — | — | — | — | — | (263 | ) | — | |||||||||||||||||||
Total | $ | 651 | $ | 146 | $ | 151 | $ | 213 | $ | 29 | $ | 33,615 | $ | 356 | |||||||||||||
(Millions of dollars) 2017 | External Revenues | Profit before income taxes | Interest Expense | Depreciation on equipment leased to others | Provision for credit losses | Assets at September 30, 2017 | Capital expenditures | ||||||||||||||||||||
North America | $ | 989 | $ | 262 | $ | 224 | $ | 388 | $ | 25 | $ | 14,703 | $ | 722 | |||||||||||||
Europe | 200 | 62 | 27 | 60 | — | 4,084 | 71 | ||||||||||||||||||||
Asia/Pacific | 197 | 73 | 64 | 19 | (5 | ) | 3,924 | 5 | |||||||||||||||||||
Latin America and CPF | 335 | 48 | 124 | 33 | 56 | 6,371 | 48 | ||||||||||||||||||||
Mining | 213 | 57 | 37 | 107 | (5 | ) | 2,372 | 168 | |||||||||||||||||||
Total Segments | 1,934 | 502 | 476 | 607 | 71 | 31,454 | 1,014 | ||||||||||||||||||||
Unallocated | 100 | (128 | ) | 139 | — | — | 2,718 | 4 | |||||||||||||||||||
Timing | (23 | ) | (20 | ) | — | 1 | 11 | 16 | — | ||||||||||||||||||
Methodology | — | 103 | (116 | ) | — | — | (225 | ) | — | ||||||||||||||||||
Inter-segment Eliminations (1) | — | — | — | — | — | (280 | ) | — | |||||||||||||||||||
Total | $ | 2,011 | $ | 457 | $ | 499 | $ | 608 | $ | 82 | $ | 33,683 | $ | 1,018 | |||||||||||||
2016 | External Revenues | Profit before income taxes | Interest Expense | Depreciation on equipment leased to others | Provision for credit losses | Assets at December 31, 2016 | Capital expenditures | ||||||||||||||||||||
North America | $ | 927 | $ | 255 | $ | 216 | $ | 350 | $ | 23 | $ | 14,925 | $ | 933 | |||||||||||||
Europe | 202 | 63 | 25 | 62 | 3 | 3,834 | 120 | ||||||||||||||||||||
Asia/Pacific | 190 | 56 | 62 | 21 | 6 | 3,620 | 73 | ||||||||||||||||||||
Latin America and CPF | 367 | 76 | 118 | 47 | 59 | 7,270 | 35 | ||||||||||||||||||||
Mining | 232 | 35 | 35 | 145 | 3 | 2,734 | 105 | ||||||||||||||||||||
Total Segments | 1,918 | 485 | 456 | 625 | 94 | 32,383 | 1,266 | ||||||||||||||||||||
Unallocated | 60 | (99 | ) | 81 | — | 1 | 1,688 | — | |||||||||||||||||||
Timing | (25 | ) | (13 | ) | — | 2 | 1 | 27 | (1 | ) | |||||||||||||||||
Methodology | — | 66 | (79 | ) | — | — | (220 | ) | — | ||||||||||||||||||
Inter-segment Eliminations (1) | — | — | — | — | — | (263 | ) | — | |||||||||||||||||||
Total | $ | 1,953 | $ | 439 | $ | 458 | $ | 627 | $ | 96 | $ | 33,615 | $ | 1,265 | |||||||||||||
Guarantees |
(Millions of dollars) | March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | Fair Value Levels | Reference | ||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 735 | $ | 735 | $ | 411 | $ | 411 | 1 | ||||||||||||||||||||||||||
Restricted cash and cash equivalents(1) | $ | 9 | $ | 9 | $ | 14 | $ | 14 | 1 | ||||||||||||||||||||||||||
Finance receivables, net (excluding finance leases(2)) | $ | 18,580 | $ | 18,844 | $ | 18,599 | $ | 18,910 | 3 | Note 3 | |||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||||||||||||
In a receivable position | $ | 41 | $ | 41 | $ | 59 | $ | 59 | 2 | Note 4 | |||||||||||||||||||||||||
In a payable position | $ | (10) | $ | (10) | $ | (5) | $ | (5) | 2 | Note 4 | |||||||||||||||||||||||||
Cross currency contracts: | |||||||||||||||||||||||||||||||||||
In a receivable position | $ | 41 | $ | 41 | $ | 9 | $ | 9 | 2 | Note 4 | |||||||||||||||||||||||||
In a payable position | $ | (64) | $ | (64) | $ | (148) | $ | (148) | 2 | Note 4 | |||||||||||||||||||||||||
Foreign exchange contracts: | |||||||||||||||||||||||||||||||||||
In a receivable position | $ | 60 | $ | 60 | $ | 17 | $ | 17 | 2 | Note 4 | |||||||||||||||||||||||||
In a payable position | $ | (15) | $ | (15) | $ | (107) | $ | (107) | 2 | Note 4 | |||||||||||||||||||||||||
Short-term borrowings | $ | (3,625) | $ | (3,625) | $ | (2,005) | $ | (2,005) | 1 | ||||||||||||||||||||||||||
Long-term debt | $ | (23,503) | $ | (23,960) | $ | (23,979) | $ | (24,614) | 2 | ||||||||||||||||||||||||||
(Millions of dollars) | September 30, 2017 | December 31, 2016 | |||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | Fair Value Levels | Reference | ||||||||||||||
Cash and cash equivalents | $ | 710 | $ | 710 | $ | 1,795 | $ | 1,795 | 1 | ||||||||||
Finance receivables, net (excluding finance leases(1)) | $ | 19,797 | $ | 19,787 | $ | 20,101 | $ | 19,949 | 3 | Note 3 | |||||||||
Interest rate contracts: | |||||||||||||||||||
In a net receivable position | $ | 3 | $ | 3 | $ | 4 | $ | 4 | 2 | Note 4 | |||||||||
In a net payable position | $ | (1 | ) | $ | (1 | ) | $ | (1 | ) | $ | (1 | ) | 2 | Note 4 | |||||
Cross currency contracts: | |||||||||||||||||||
In a receivable position | $ | 33 | $ | 33 | $ | 56 | $ | 56 | 2 | Note 4 | |||||||||
In a payable position | $ | (41 | ) | $ | (41 | ) | $ | (3 | ) | $ | (3 | ) | 2 | Note 4 | |||||
Foreign currency contracts: | |||||||||||||||||||
In a receivable position | $ | 17 | $ | 17 | $ | 12 | $ | 12 | 2 | Note 4 | |||||||||
In a payable position | $ | (8 | ) | $ | (8 | ) | $ | (4 | ) | $ | (4 | ) | 2 | Note 4 | |||||
Restricted cash and cash equivalents(2) | $ | 31 | $ | 31 | $ | 29 | $ | 29 | 1 | ||||||||||
Short-term borrowings | $ | (5,459 | ) | $ | (5,459 | ) | $ | (7,094 | ) | $ | (7,094 | ) | 1 | ||||||
Long-term debt | $ | (21,629 | ) | $ | (21,854 | ) | $ | (20,537 | ) | $ | (20,724 | ) | 2 | ||||||
Guarantees | $ | — | $ | — | $ | (1 | ) | $ | (1 | ) | 3 | Note 7 | |||||||
(Millions of dollars) | Three Months Ended September 30, | (Millions of dollars) | Three Months Ended March 31, | |||||||||||||||||||||||||
2017 | 2016 | $ Change | 2021 | 2020 | Change | |||||||||||||||||||||||
Interest income on Notes Receivable from Caterpillar(1) | $ | 21 | $ | 9 | $ | 12 | ||||||||||||||||||||||
Finance receivable and operating lease fees (including late charges)(2) | 21 | 19 | 2 | |||||||||||||||||||||||||
Fees on committed credit facility extended to Caterpillar | 10 | 10 | — | |||||||||||||||||||||||||
Finance receivable and operating lease fees (including late charges) | Finance receivable and operating lease fees (including late charges) | $ | 13 | $ | 13 | $ | — | |||||||||||||||||||||
Interest income on Notes receivable from Caterpillar | Interest income on Notes receivable from Caterpillar | 4 | 3 | 1 | ||||||||||||||||||||||||
Net loss on returned or repossessed equipment | (20 | ) | (16 | ) | (4 | ) | Net loss on returned or repossessed equipment | (6) | (9) | 3 | ||||||||||||||||||
Miscellaneous other revenue, net | 6 | 3 | 3 | Miscellaneous other revenue, net | 3 | 3 | — | |||||||||||||||||||||
Total Other revenue, net | $ | 38 | $ | 25 | $ | 13 | Total Other revenue, net | $ | 14 | $ | 10 | $ | 4 | |||||||||||||||
(Millions of dollars) | Nine Months Ended September 30, | ||||||||||
2017 | 2016 | $ Change | |||||||||
Interest income on Notes Receivable from Caterpillar(1) | $ | 59 | $ | 23 | $ | 36 | |||||
Finance receivable and operating lease fees (including late charges)(2) | 57 | 55 | 2 | ||||||||
Fees on committed credit facility extended to Caterpillar | 30 | 30 | — | ||||||||
Net loss on returned or repossessed equipment | (30 | ) | (36 | ) | 6 | ||||||
Miscellaneous other revenue, net | 12 | 9 | 3 | ||||||||
Total Other revenue, net | $ | 128 | $ | 81 | $ | 47 | |||||
(Millions of dollars) | Three Months Ended March 31, | ||||||||||||||||
2021 | 2020 | Change | |||||||||||||||
New retail financing | $ | 2,579 | $ | 2,060 | $ | 519 | |||||||||||
New operating lease activity | 230 | 252 | (22) | ||||||||||||||
New wholesale financing | 9,638 | 8,833 | 805 | ||||||||||||||
Total | $ | 12,447 | $ | 11,145 | $ | 1,302�� | |||||||||||
(Millions of dollars) | Nine Months Ended September 30, | ||||||||||
2017 | 2016 | $ Change | |||||||||
New retail financing | $ | 6,785 | $ | 6,771 | $ | 14 | |||||
New operating lease activity | 1,029 | 1,295 | (266 | ) | |||||||
New wholesale financing | 26,349 | 23,194 | 3,155 | ||||||||
Total | $ | 34,163 | $ | 31,260 | $ | 2,903 | |||||
(Millions of dollars) | March 31, 2021 | December 31, 2020 | Change | ||||||||||||||
Finance receivables, net | $ | 26,500 | $ | 26,575 | $ | (75) | |||||||||||
Equipment on operating leases, net | 3,237 | 3,366 | (129) | ||||||||||||||
Total portfolio | $ | 29,737 | $ | 29,941 | $ | (204) | |||||||||||
Retail loans, net | $ | 125 | $ | 139 | $ | (14) | |||||||||||
Retail leases, net | 44 | 56 | (12) | ||||||||||||||
Operating leases | 23 | 24 | (1) | ||||||||||||||
Total off-balance sheet managed assets | $ | 192 | $ | 219 | $ | (27) | |||||||||||
Total managed portfolio | $ | 29,929 | $ | 30,160 | $ | (231) | |||||||||||
(Millions of dollars) | September 30, 2017 | December 31, 2016 | $ Change | ||||||||
Finance receivables, net | $ | 26,597 | $ | 26,212 | $ | 385 | |||||
Equipment on operating leases, less accumulated depreciation | 3,580 | 3,708 | (128 | ) | |||||||
Total portfolio | $ | 30,177 | $ | 29,920 | $ | 257 | |||||
Retail finance leases | $ | 91 | $ | 41 | $ | 50 | |||||
Retail installment sale contracts | 75 | 79 | (4 | ) | |||||||
Retail notes receivable | 58 | 87 | (29 | ) | |||||||
Operating leases | 43 | 79 | (36 | ) | |||||||
Total off-balance sheet managed assets | $ | 267 | $ | 286 | $ | (19 | ) | ||||
Total managed portfolio | $ | 30,444 | $ | 30,206 | $ | 238 | |||||
(Millions of dollars) | March 31, 2021 | December 31, 2020 | |||||||||
Medium-term notes, net | $ | 23,100 | $ | 23,550 | |||||||
Commercial paper, net of unamortized discount | 2,895 | 1,321 | |||||||||
Bank borrowings and other – long-term | 403 | 429 | |||||||||
Bank borrowings and other – short-term | 360 | 307 | |||||||||
Variable denomination floating rate demand notes | 370 | 377 | |||||||||
Notes payable to Caterpillar | 22 | 1,022 | |||||||||
Total outstanding borrowings | $ | 27,150 | $ | 27,006 | |||||||
(Millions of dollars) | September 30, 2017 | December 31, 2016 | |||||
Medium-term notes, net of unamortized discount and debt issuance costs | $ | 20,828 | $ | 19,667 | |||
Commercial paper, net of unamortized discount | 4,227 | 5,985 | |||||
Bank borrowings – long-term | 801 | 870 | |||||
Bank borrowings – short-term | 755 | 553 | |||||
Variable denomination floating rate demand notes | 477 | 556 | |||||
Notes payable to Caterpillar | 1,493 | 1,637 | |||||
Total outstanding borrowings | $ | 28,581 | $ | 29,268 | |||
(Millions of dollars) | |||||
2021 | $ | 5,384 | |||
2022 | 6,478 | ||||
2023 | 5,140 | ||||
2024 | 2,654 | ||||
2025 | 1,612 | ||||
Thereafter | 1,801 | ||||
Fair value adjustments | 31 | ||||
Total | $ | 23,100 | |||
(Millions of dollars) | |||
2017 | $ | 1,045 | |
2018 | 5,884 | ||
2019 | 4,534 | ||
2020 | 4,186 | ||
2021 | 1,640 | ||
Thereafter | 3,539 | ||
Total | $ | 20,828 | |
Exhibit No. | Description of Exhibit | ||||
31.2 | |||||
32 | |||||
101.INS | Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document) | ||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | ||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | ||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | ||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | ||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | ||||
104 | Cover Page Interactive File (embedded within the Inline XBRL document and included in Exhibit 101) |
Caterpillar Financial Services Corporation | |||||||||||
Date: | /s/David T. Walton | ||||||||||
David T. Walton, President, Director and Chief Executive Officer |
Date: | /s/ | ||||||||||
Financial Officer |
Date: | /s/ | ||||||||||
Date: | /s/Jeffry D. Everett | ||||||||||
Jeffry D. Everett, Controller |