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10-Q


☒


September 30, 2022


001-11241


CATERPILLAR FINANCIAL SERVICES CORPORATION





Delaware37-1105865(State of incorporation)(IRS Employer I.D. No.)2120 West End Ave., Nashville, Tennessee37203-0001(Address of principal executive offices)(Zip Code)


615 341-1000


Securities registered pursuant to Section 12(b) of the Act:Title of each classTradingSymbol(s)Name of each exchangeon which registeredMedium-Term Notes, Series H,3.300% Notes Due 2024CAT/24New York Stock Exchange


Yes





Yes








Large accelerated filer☐Accelerated filer☐Non-accelerated filer☒Smaller reporting company☐Emerging growth company☐








☐





one




















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Part I. Financial InformationItem 1.Financial Statements3Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations27Item 3.Quantitative and Qualitative Disclosures About Market Risk*Item 4.Controls and Procedures36Part II. Other InformationItem 1.Legal Proceedings36Item 1A.Risk Factors36Item 2.Unregistered Sales of Equity Securities and Use of Proceeds*Item 3.Defaults Upon Senior Securities*Item 4.Mine Safety Disclosures*Item 5.Other Information*Item 6.Exhibits37* Item omitted because no answer is called for or item is not applicable.










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Three Months EndedSeptember 30,Nine Months EndedSeptember 30,2022202120222021Revenues:Retail finance$312$297$903$903Operating lease222229671711Wholesale finance11777300237Other, net393113668Total revenues6906342,0101,919Expenses:Interest151110377351Depreciation on equipment leased to others179191544570General, operating and administrative136127397382Provision for credit losses(16)593460Other792024Total expenses4574961,3721,387Other income (expense)(45)(7)(58)(16)Profit before income taxes188131580516Provision for income taxes5527157124Profit of consolidated companies133104423392Less: Profit attributable to noncontrolling interests2369Profit attributable to Caterpillar Financial Services Corporation$131$101$417$383










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Three Months EndedSeptember 30,Nine Months EndedSeptember 30,2022202120222021Profit of consolidated companies$133$104$423$392Other comprehensive income (loss), net of tax (Note 5):Foreign currency translation(296)(137)(543)(185)Derivative financial instruments(5)91821Total Other comprehensive income (loss), net of tax(301)(128)(525)(164)Comprehensive income (loss)(168)(24)(102)228Less: Comprehensive income (loss) attributable to the noncontrolling interests(6)1(9)9Comprehensive income (loss) attributable to Caterpillar Financial Services Corporation$(162)$(25)$(93)$219










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September 30,2022December 31,2021Assets:Cash and cash equivalents$761$610Finance receivables, net of Allowance for credit losses of $339 and $33725,77227,177Notes receivable from Caterpillar495389Equipment on operating leases, net2,9163,123Other assets1,5391,088Total assets$31,483$32,387Liabilities and shareholder’s equity:Payable to dealers and others$168$163Payable to Caterpillar - borrowings and other9395Accrued expenses359233Short-term borrowings4,1995,395Current maturities of long-term debt6,6946,307Long-term debt16,03016,287Other liabilities1,061926Total liabilities28,60429,406Commitments and contingent liabilities (Note 7)Common stock - $1 par valueAuthorized: 2,000 shares; Issued andoutstanding: one share (at paid-in amount)745745Additional paid-in capital22Retained earnings3,2142,797Accumulated other comprehensive income (loss)(1,284)(774)Noncontrolling interests202211Total shareholder’s equity2,8792,981Total liabilities and shareholder’s equity$31,483$32,387










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Three Months Ended September 30, 2021CommonstockAdditionalpaid-incapitalRetainedearningsAccumulatedothercomprehensiveincome (loss)NoncontrollinginterestsTotalBalance at June 30, 2021$745$2$3,074$(633)$205$3,393Profit of consolidated companies1013104Foreign currency translation, net of tax(135)(2)(137)Derivative financial instruments, net of tax99Balance at  September  30, 2021$745$2$3,175$(759)$206$3,369Three Months Ended September 30, 2022Balance at June 30, 2022$745$2$3,083$(991)$208$3,047Profit of consolidated companies1312133Foreign currency translation, net of tax(288)(8)(296)Derivative financial instruments, net of tax(5)(5)Balance at September 30, 2022$745$2$3,214$(1,284)$202$2,879Nine Months Ended September 30, 2021Balance at December 31, 2020$745$2$3,142$(595)$197$3,491Profit of consolidated companies3839392Dividend paid to Caterpillar(350)(350)Foreign currency translation, net of tax(185)(185)Derivative financial instruments, net of tax2121Balance at  September  30, 2021$745$2$3,175$(759)$206$3,369Nine Months Ended September 30, 2022Balance at December 31, 2021$745$2$2,797$(774)$211$2,981Profit of consolidated companies4176423Foreign currency translation, net of tax(528)(15)(543)Derivative financial instruments, net of tax1818Balance at September 30, 2022$745$2$3,214$(1,284)$202$2,879










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Nine Months EndedSeptember 30,20222021Cash flows from operating activities:Profit of consolidated companies$423$392Adjustments for non-cash items:Depreciation and amortization554581Accretion of Caterpillar purchased receivable revenue(284)(226)Provision for credit losses3460Other, net11674Changes in assets and liabilities:Other assets4157Payable to dealers and others6227Accrued expenses17(63)Other payables with Caterpillar(3)9Other liabilities6125Net cash provided by operating activities1,021936Cash flows from investing activities:Expenditures for equipment on operating leases(860)(889)Capital expenditures - excluding equipment on operating leases(9)(10)Proceeds from disposals of equipment607767Additions to finance receivables(10,578)(10,292)Collections of finance receivables10,3339,949Net changes in Caterpillar purchased receivables678100Proceeds from sales of receivables5044Net change in variable lending to Caterpillar(3)3Additions to other notes receivable from Caterpillar(139)(75)Collections of other notes receivable from Caterpillar3445Settlements of undesignated derivatives(69)(68)Other, net—1Net cash provided by (used for) investing activities44(425)Cash flows from financing activities:Net change in variable lending from Caterpillar—(1,000)Proceeds from debt issued (original maturities greater than three months)5,5706,437Payments on debt issued (original maturities greater than three months)(5,269)(6,710)Short-term borrowings, net (original maturities three months or less)(1,173)1,334Dividend paid to Caterpillar—(350)Net cash provided by (used for) financing activities(872)(289)Effect of exchange rate changes on cash, cash equivalents and restricted cash(44)4Increase (decrease) in cash, cash equivalents and restricted cash149226Cash, cash equivalents and restricted cash at beginning of year(1)614425Cash, cash equivalents and restricted cash at end of period(1)$763$651


2 4













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Basis of Presentation




























New Accounting Pronouncements














ASUDescription2021-05Lessor – Variable lease payments























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Finance Receivables








(Millions of dollars)September 30,2022December 31,2021Retail loans, net(1)$14,859$14,817Retail leases, net6,8057,818Caterpillar purchased receivables, net3,9624,462Wholesale loans, net(1)478406Wholesale leases, net711Total finance receivables26,11127,514Less: Allowance for credit losses(339)(337)Total finance receivables, net$25,772$27,177











105 120 326 365



























































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(Millions of dollars)Three Months Ended September 30, 2022Three Months Ended September 30, 2021Allowance for Credit Losses:CustomerDealerCaterpillarPurchased ReceivablesTotalCustomerDealerCaterpillarPurchased ReceivablesTotalBeginning Balance$290$82$4$376$354$44$4$402Write-offs(30)——(30)(91)——(91)Recoveries17——1715——15Provision for credit losses(1)(2)(17)—(19)1738—55Other(5)——(5)(3)——(3)Ending Balance(2)$270$65$4$339$292$82$4$378Nine Months Ended September 30, 2022Nine Months Ended September 30, 2021Allowance for Credit Losses:CustomerDealerCaterpillarPurchased ReceivablesTotalCustomerDealerCaterpillarPurchased ReceivablesTotalBeginning Balance$251$82$4$337$431$44$4$479Write-offs(68)——(68)(193)——(193)Recoveries47——4739——39Provision for credit losses(1)46(17)—292038—58Other(6)——(6)(5)——(5)Ending Balance(2)$270$65$4$339$292$82$4$378Finance Receivables$19,927$2,222$3,962$26,111$20,702$2,368$3,703$26,773

















30








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(Millions of dollars)September 30, 202220222021202020192018PriorRevolving Finance ReceivablesTotalFinanceReceivablesNorth AmericaCurrent$3,151$3,632$1,765$811$289$64$233$9,94531-60 days past due182519136248761-90 days past due59421122491+ days past due51613855557EAMECurrent8731,01451130917981—2,96731-60 days past due61254———2761-90 days past due24511——1391+ days past due32111521—43Asia/PacificCurrent896886467154459372,49431-60 days past due5131121——3261-90 days past due1662———1591+ days past due18661——22MiningCurrent579698247226118112792,05931-60 days past due————————61-90 days past due—————3—391+ days past due——1—31—5Latin AmericaCurrent584443176862414—1,32731-60 days past due595212——3361-90 days past due4421———1191+ days past due—14145417—54Caterpillar Power FinanceCurrent4494151943017011870131-60 days past due————————61-90 days past due————————91+ days past due—————8—8Totals by Aging CategoryCurrent6,1276,7673,3171,68068545046719,49331-60 days past due34594021192417961-90 days past due12231762426691+ days past due959452415325189Total$6,182$6,908$3,419$1,731$721$488$478$19,927








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(Millions of dollars)December 31, 202120212020201920182017PriorRevolving Finance ReceivablesTotalFinanceReceivablesNorth AmericaCurrent$4,792$2,596$1,426$630$182$32$182$9,84031-60 days past due2732201241510161-90 days past due78531153091+ days past due917121354565EAMECurrent1,49983657735214026—3,43031-60 days past due54311——1461-90 days past due3331———1091+ days past due31122—2—20Asia/PacificCurrent1,456943420119403363,01731-60 days past due1014102———3661-90 days past due3741———1591+ days past due210103———25MiningCurrent94435633219436161362,05931-60 days past due6——————661-90 days past due1———4——591+ days past due—18931—22Latin AmericaCurrent617299160701718—1,18131-60 days past due47331——1861-90 days past due3311———891+ days past due4997714—50Caterpillar Power FinanceCurrent1201521197018010410184631-60 days past due————————61-90 days past due————————91+ days past due—————44—44Totals by Aging CategoryCurrent9,4285,1823,0341,43559534435520,37331-60 days past due5257361861517561-90 days past due17211365156891+ days past due1848413415655226Total$9,515$5,308$3,124$1,493$621$411$370$20,842














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62 78











(Millions of dollars)September 30, 202231-60DaysPast Due61-90DaysPast Due91+DaysPast DueTotalPast DueCurrentTotal Finance ReceivablesNorth America$11$7$6$24$2,208$2,232EAME1—23801804Asia/Pacific8——8503511Mining——————Latin America88925383408Caterpillar Power Finance——1167Total$28$15$18$61$3,901$3,962





(Millions of dollars)December 31, 202131-60DaysPast Due61-90DaysPast Due91+DaysPast DueTotalPast DueCurrentTotal Finance ReceivablesNorth America$8$6$5$19$2,499$2,518EAME1—12844846Asia/Pacific——11620621Mining——————Latin America11—2472474Caterpillar Power Finance————33Total$10$7$7$24$4,438$4,462








120








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(Millions of dollars)September 30, 2022December 31, 2021Amortized CostAmortized CostNon-accrual With an AllowanceNon-accrual Without an Allowance91+ Still AccruingNon-accrual With an AllowanceNon-accrual Without an Allowance91+ Still AccruingNorth America$54$5$10$47$9$12EAME42—41812Asia/Pacific15—719—7Mining61—8114Latin America57——5241Caterpillar Power Finance911—4011—Total$183$17$21$184$26$36





2 1 11 9





62 78 no no
















































































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no Finance receivables in the Customer portfolio segment modified as TDRs were as follows:


(Millions of dollars)Three Months EndedSeptember 30, 2022Three Months EndedSeptember 30, 2021Pre-TDRAmortized CostPost-TDRAmortized CostPre-TDRAmortized CostPost-TDRAmortized CostNorth America$3$3$1$1EAME——11Asia/Pacific——44Mining1515——Latin America——44Caterpillar Power Finance111173Total$29$29$17$13Nine Months EndedSeptember 30, 2022Nine Months EndedSeptember 30, 2021Pre-TDRAmortized CostPost-TDRAmortized CostPre-TDRAmortized CostPost-TDRAmortized CostNorth America$4$4$5$5EAME1111Asia/Pacific——44Mining1515115Latin America——1010Caterpillar Power Finance20192319Total$40$39$54$44








(Millions of dollars)Three Months Ended September 30,Nine Months Ended September 30,2022202120222021North America$—$—$—$1Asia/Pacific———6Mining——5—Latin America———15Caterpillar Power Finance———5Total$—$—$5$27










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Derivative Financial Instruments and Risk Management
























































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(Millions of dollars)September 30, 2022December 31, 2021Assets1Liabilities2Assets1Liabilities2Designated derivativesForeign exchange contracts$605$(4)$142$(32)Interest rate contracts94(119)38(15)$699$(123)$180$(47)Undesignated derivativesForeign exchange contracts$100$(49)$28$(36)$100$(49)$28$(36)











14.02 13.85








(Millions of dollars)Fair Value / Undesignated HedgesCash Flow HedgesGains (Losses)Recognized1Gains (Losses) Recognized in AOCIGains (Losses)Reclassified from AOCI2Three Months Ended September 30,202220212022202120222021Foreign exchange contracts$16$44$276$89$303$84Interest rate contracts(5)52638(5)$11$49$302$92$311$79Nine Months Ended September 30,202220212022202120222021Foreign exchange contracts$(26)$72$570$170$656$166Interest rate contracts4181034—(21)$(22)$90$673$174$656$145














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(Millions of dollars)Carrying Value of the Hedged LiabilitiesCumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Value of the Hedged LiabilitiesSeptember 30, 2022December 31, 2021September 30, 2022December 31, 2021Current maturities of long-term debt$—$755$—$5Long-term debt1,9801,304(119)(2)Total$1,980$2,059$(119)$3





32




















(Millions of dollars)September 30, 2022December 31, 2021AssetsLiabilitiesAssetsLiabilitiesGross amounts recognized$799$(172)$208$(83)Financial instruments not offset(169)169(67)67Net amount$630$(3)$141$(16)










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Accumulated Other Comprehensive Income (Loss)





Changes in Accumulated other comprehensive income (loss) included in the Consolidated Statements of Changes in Shareholder’s Equity consisted of the following:


(Millions of dollars)Three Months EndedSeptember 30,Nine Months EndedSeptember 30,2022202120222021Foreign currency translationBalance at beginning of period$(1,002)$(601)$(762)$(551)Gains (losses) on foreign currency translation(258)(122)(456)(154)Less: Tax provision/(benefit)30137231Net gains (losses) on foreign currency translation(288)(135)(528)(185)Other comprehensive income (loss), net of tax(288)(135)(528)(185)Balance at end of period$(1,290)$(736)$(1,290)$(736)Derivative financial instrumentsBalance at beginning of period$11$(32)$(12)$(44)Gains (losses) deferred30292673174Less: Tax provision/(benefit)951415830Net gains (losses) deferred20778515144(Gains) losses reclassified to earnings(311)(79)(656)(145)Less: Tax (provision)/benefit(99)(10)(159)(22)Net (gains) losses reclassified to earnings(212)(69)(497)(123)Other comprehensive income (loss), net of tax(5)91821Balance at end of period$6$(23)$6$(23)Total Accumulated other comprehensive income (loss) at end of period$(1,284)$(759)$(1,284)$(759)










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Segment Information































































































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(Millions of dollars)2022External RevenuesProfitbeforeincometaxesInterestExpenseDepreciationon equipmentleased toothersProvisionforcreditlossesAssets at September 30, 2022CapitalexpendituresNorth America$383$150$69$126$(5)$15,014$205EAME72—271374,72445Asia/Pacific703319113,7053Latin America7531373(8)2,5393Mining72211135(4)2,55336Caterpillar Power Finance111251(7)738—Total Segments683247168179(16)29,273292Unallocated10(80)53——1,7622Timing(3)————18—Methodology—21(70)——582—Inter-segment Eliminations(1)—————(152)—Total$690$188$151$179$(16)$31,483$2942021External RevenuesProfitbeforeincometaxesInterestExpenseDepreciationon equipmentleased toothersProvisionforcreditlossesAssets atDecember 31,2021CapitalexpendituresNorth America$349$94$62$138$10$15,755$236EAME6926615—5,19240Asia/Pacific783318174,1174Latin America52(19)192402,4051Mining732283422,67228Caterpillar Power Finance13431—957—Total Segments6341601161915931,098309Unallocated3(71)43——1,4582Timing(3)2———15—Methodology—40(49)——18—Inter-segment Eliminations(1)—————(202)—Total$634$131$110$191$59$32,387$311








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(Millions of dollars)2022External RevenuesProfitbeforeincometaxesInterestExpenseDepreciationon equipmentleased toothersProvisionforcreditlossesAssets at September 30,2022CapitalexpendituresNorth America$1,112$411$181$381$11$15,014$652EAME20754541494,724101Asia/Pacific21610455453,7056Latin America20465987(3)2,53921Mining2186629109(14)2,55383Caterpillar Power Finance4135102(14)738—Total Segments1,9986864185443429,273863Unallocated21(222)138——1,7626Timing(9)3———18—Methodology—113(179)——582—Inter-segment Eliminations(1)—————(152)—Total$2,010$580$377$544$34$31,483$8692021External RevenuesProfitbeforeincometaxesInterestExpenseDepreciationon equipmentleased toothersProvisionforcreditlossesAssets atDecember 31,2021CapitalexpendituresNorth America$1,044$295$195$409$14$15,755$680EAME204501645285,19267Asia/Pacific26313366574,1179Latin America14915486472,4059Mining2157928103(17)2,672128Caterpillar Power Finance4034102(19)957—Total Segments1,9156063635706031,098893Unallocated12(218)138——1,4586Timing(8)5———15—Methodology—123(150)——18—Inter-segment Eliminations(1)—————(202)—Total$1,919$516$351$570$60$32,387$899










Commitments and Contingent Liabilities














1 25 36





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1.09 888 1.09 888
















Fair Value Measurements




Fair Value Measurements


















































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627 125














90 100




Fair Values of Financial Instruments




















(Millions of dollars)September 30, 2022December 31, 2021CarryingAmountFairValueCarryingAmountFairValueFair ValueLevelsReferenceAssetsFinance receivables, net (excluding finance leases(1))$18,657$18,038$19,068$19,0473Note 3LiabilitiesLong-term debt$22,724$21,886$22,594$22,7972


7.12 8.11







Income Taxes





The provision for income taxes reflected an estimated annual tax rate of 27 percent in the third quarter of 2022, compared with 24 percent in the third quarter of 2021. The increase in the estimated annual tax rate was primarily due to changes in the geographic mix of profits.
















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Form 10-K





























































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(Millions of dollars)Three Months EndedSeptember 30,20222021ChangeNet gain on returned or repossessed equipment$16$11$5Finance receivable and operating lease fees (including late charges)1414—Interest income on Notes receivable from Caterpillar532Miscellaneous other revenue, net431Total Other revenue, net$39$31$8














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(Millions of dollars)Nine Months EndedSeptember 30,20222021ChangeNet gain on returned or repossessed equipment$67$8$59Finance receivable and operating lease fees (including late charges)44422Interest income on Notes receivable from Caterpillar13103Miscellaneous other revenue, net1284Total Other revenue, net$136$68$68

















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(Millions of dollars)Nine Months EndedSeptember 30,20222021ChangeNew retail financing$7,721$8,765$(1,044)New operating lease activity878910(32)New wholesale financing34,77329,6625,111Total$43,372$39,337$4,035

















(Millions of dollars)September 30,2022December 31,2021ChangeFinance receivables, net$25,772$27,177$(1,405)Equipment on operating leases, net2,9163,123(207)Total portfolio$28,688$30,300$(1,612)Retail loans, net$69$107$(38)Retail leases, net27198Operating leases2323—Total off-balance sheet managed assets$119$149$(30)Total managed portfolio$28,807$30,449$(1,642)






















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(Millions of dollars)September 30,2022December 31,2021Medium-term notes, net$22,263$22,246Commercial paper, net of unamortized discount3,7234,896Bank borrowings and other – long-term461348Bank borrowings and other – short-term221213Variable denomination floating rate demand notes255286Notes payable to Caterpillar2222Total outstanding borrowings$26,945$28,011











(Millions of dollars)2022$2,36920235,63020247,22920253,65820261,551Thereafter1,945Fair value adjustments(119)Total$22,263













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Form 10-K







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ExhibitNo.Description of Exhibit31.1Certification of President, Director and Chief Executive Officer of Caterpillar Financial Services Corporation, as required pursuant to Section 302 of the Sarbanes-Oxley Act of 200231.2Certification of Executive Vice President and Chief Financial Officer of Caterpillar Financial Services Corporation, as required pursuant to Section 302 of the Sarbanes-Oxley Act of 200232Certification of President, Director and Chief Executive Officer of Caterpillar Financial Services Corporation, and Executive Vice President and Chief Financial Officer of Caterpillar Financial Services Corporation, as required pursuant to Section 906 of the Sarbanes-Oxley Act of 2002101.INSInline 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.SCHInline XBRL Taxonomy Extension Schema Document101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document101.LABInline XBRL Taxonomy Extension Label Linkbase Document101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document104Cover Page Interactive File (embedded within the Inline XBRL document and included in Exhibit 101)The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time.












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Caterpillar Financial Services CorporationDate:November 2, 2022/s/ David T. WaltonDavid T. Walton, President, Director and Chief Executive Officer





Date:November 2, 2022/s/ Kristen R. CoveyKristen R. Covey, Executive Vice President and Chief Financial Officer





Date:November 2, 2022/s/ James M. RooneyJames M. Rooney, Secretary





Date:November 2, 2022/s/ Sumeet PuriSumeet Puri, Controller (Principal Accounting Officer)