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February 06, 2016 6:50 PM ET

Consumer Finance

Company Overview of Caterpillar Financial Services Corporation

Company Overview

Caterpillar Financial Services Corporation, together with its subsidiaries, provides retail and wholesale financing alternatives for Caterpillar Inc.’s (Caterpillar) products to customers and dealers worldwide. Its retail financing includes financing of Caterpillar equipment, machinery, and engines. The company also provides financing for vehicles, power generation facilities, and marine vessels primarily for Caterpillar products. In addition, it provides wholesale financing to Caterpillar dealers; and purchase short-term receivables from Caterpillar. The company was founded in 1981 and is headquartered in Nashville, Tennessee. Caterpillar Financial Services Corporation is a subsidiary of Ca...

2120 West End Avenue

Nashville, TN 37203

United States

Founded in 1981

1,802 Employees

Phone:

615-341-1000

Key Executives for Caterpillar Financial Services Corporation

Chief Executive Officer, President and Director
Age: 60
Chief Financial Officer and Executive Vice President
Group President of Caterpillar Inc
Age: 64
President of Cat Financial Insurance Services
Age: 54
Principal Accounting Officer and Controller
Compensation as of Fiscal Year 2015.

Caterpillar Financial Services Corporation Key Developments

Caterpillar Financial Services Corporation Announces Earnings Results for the Fourth Quarter and Year Ended December 31, 2015

Caterpillar Financial Services Corporation announced earnings results for the fourth quarter and year ended December 31, 2015. For the quarter, the company reported revenues of $648 million compared to $703 million a year ago. Profit before income taxes was $129 million compared to $166 million a year ago. Profit after tax was $114 million compared to $108 million a year ago. The decrease in Revenue was primarily due to a $36 million unfavorable impact from lower average earning assets and an $11 million unfavorable impact from lower average financing rates. The decrease in profit before income taxes was primarily due to a $17 million unfavorable impact from lower average earning assets, a $12 million impact from employee separation charges, a $10 million decrease in net yield on average earning assets reflecting geographic mix changes and currency impacts and a $10 million unfavorable impact from returned or repossessed equipment. These decreases were offset by a $12 million favorable impact from general, operating and administrative expenses primarily due to lower incentive compensation expense. For the year, the company reported revenues of $2,673 million compared to $2,885 million a year ago. Profit before income taxes was $619 million compared to $753 million a year ago. Profit after tax was $460 million compared to $535 million a year ago. The decrease in Revenue was primarily due to a $117 million unfavorable impact from lower average earning assets and an $80 million unfavorable impact from lower average financing rates. The decrease in profit before income taxes was primarily due to a $68 million decrease in net yield on average earning assets reflecting geographic mix changes and currency impacts and a $55 million unfavorable impact from lower average earning assets.

Caterpillar Inc, Caterpillar Financial Services Corporation, Caterpillar International Finance Limited and Caterpillar Finance Corporation enters into Credit Agreement

On September 10, 2015, Caterpillar Inc. entered into a credit agreement among Caterpillar, Caterpillar Financial Services Corporation, Caterpillar International Finance Limited and Caterpillar Finance Corporation, certain financial institutions named therein, Citibank, N.A. (the Agent), Citibank International plc, and The Bank of Tokyo-Mitsubishi UFJ Ltd. which provides for an unsecured revolving credit facility to the Borrowers in an aggregate amount of up to $3.05 billion and expires on September 9, 2016. A Local Currency Addendum that enables CIF to borrow in certain approved currencies including Pounds Sterling and Euro for an aggregate amount up to the equivalent of $100 million and a Japan Local Currency Addendum that enables CFC to borrow Japanese Yen for an aggregate amount up to the equivalent of $100 million, as part of the 364-Day Aggregate Commitment, were also entered into on September 10, 2015. The Three-Year credit agreement extends the expiration date of the facility originally provided under the 2010 credit agreement to September 10, 2018 and the five-year credit agreement extends the expiration date of the facility originally provided under the 2011 credit agreement to September 10, 2020. The amended and restated credit agreements also modify the terms of the 2010 credit agreement and the 2011 credit agreement to be consistent with certain terms and conditions of the 364-Day credit agreement, including, without limitation, terms and conditions of advances, use of proceeds and borrower representations and warranties.

Caterpillar Financial Services Corporation Announces Earnings Results for the Second Quarter and Six Months Ended June 30, 2015

Caterpillar Financial Services Corporation announced earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported revenues of $683 million compared to $728 million a year ago. Profit before income taxes was $150 million compared to $208 million a year ago. The decrease was primarily due to a $25 million decrease in net yield on average earning assets, an $18 million increase in provision for credit losses and a $14 million unfavorable net impact from lower average earning assets. Profit after tax was $104 million compared to $148 million a year ago. The decrease in Revenue was primarily due to a $29 million unfavorable impact from lower average earning assets and an $18 million unfavorable impact from lower average financing rates. For the six months, the company reported revenues of $1,372 million compared to $1,439 million a year ago. Profit before income taxes was $337 million compared to $390 million a year ago. Profit after tax was $237 million compared to $279 million a year ago.

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