<PAGE>
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2000
OR
[_] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Commission File Number 33-80775-01
Case Credit Corporation
(Exact name of registrant as specified in its charter)
Delaware
(State of Incorporation)
76-0394710
(I.R.S. Employer Identification No.)
233 Lake Ave., Racine, WI 53403
(Address of principal executive offices including Zip Code)
Registrant's telephone number, including area code: (262) 636-6011
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports) and (2) has been subject to such
filing requirements for the past 90 days. YES [X] NO [_]
Indicate the number of shares outstanding of each of the issuer's classes
of common stock as of the latest practicable date.
Common Stock, par value $5.00 per share: 200 shares outstanding as of April
30, 2000, all of which are owned by CNH Capital Corporation.
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<PAGE>
TABLE OF CONTENTS
<TABLE>
<CAPTION>
Page
----
<S> <C>
PART I
Item 1. Financial Statements
Statements of Income................................................... 3
Balance Sheets......................................................... 4
Statements of Cash Flows............................................... 5
Statements of Changes in Stockholder's Equity.......................... 6
Notes to Financial Statements.......................................... 7
Item 2. Management's Analysis of Results of Operations................... 9
Item 3. Quantitative and Qualitative Disclosures About Market Risk....... 11
PART II
Item 1. Legal Proceedings................................................ *
Item 2. Changes in Securities............................................ *
Item 3. Defaults Upon Senior Securities.................................. *
Item 4. Submission of Matters to a Vote of Security Holders.............. *
Item 5. Other Information................................................ *
Item 6. Exhibits and Reports on Form 8-K................................. 12
</TABLE>
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*No response to this item is included herein for the reason that it is
inapplicable or the answer to such item is negative.
2
<PAGE>
PART I.
Item 1. Financial Statements.
CASE CREDIT CORPORATION AND CONSOLIDATED SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
(in millions)
(Unaudited)
<TABLE>
<CAPTION>
Post- Pre-
acquisition acquisition
basis of basis of
accounting accounting
------------ ------------
Three Months Three Months
Ended Ended
March 31, March 31,
2000 1999
------------ ------------
<S> <C> <C>
Revenues:
Finance income earned on retail and other notes and finance leases................................. $ 42 $ 40
Interest income from Case Corporation.............................................................. 7 11
Net gain on retail notes sold...................................................................... 7 17
Securitization and servicing fee income............................................................ 12 12
Lease income on operating leases................................................................... 29 23
Other income....................................................................................... 7 6
---- ----
Total revenues................................................................................... 104 109
Expenses:
Interest expense................................................................................... 53 45
On payables to affiliates.......................................................................... 1 --
---- ----
Interest expense................................................................................. 54 45
Operating expenses:
Fees charged by Case Corporation................................................................... 7 8
Administrative and operating expenses.............................................................. 6 4
Provision for credit losses........................................................................ 14 4
Goodwill amortization.............................................................................. 2 --
Depreciation of equipment on operating leases...................................................... 19 16
Other.............................................................................................. -- 1
---- ----
Total operating expenses......................................................................... 48 33
---- ----
Total expenses................................................................................... 102 78
---- ----
Income before taxes.................................................................................. 2 31
Income tax provision................................................................................. 1 11
---- ----
Net income........................................................................................... $ 1 $ 20
- --------------------------------------------------
==== ====
</TABLE>
The accompanying notes to financial statements are an integral part of these
Statements of Income.
3
<PAGE>
CASE CREDIT CORPORATION AND CONSOLIDATED SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF MARCH 31, 2000 AND DECEMBER 31, 1999
(in millions, except share data)
(Unaudited)
<TABLE>
<CAPTION>
Post-acquisition basis
of accounting
----------------------
March 31, December 31,
ASSETS 2000 1999
------ --------- ------------
<S> <C> <C>
Cash and cash equivalents............................... $ 31 $ 67
Retail and other notes and finance leases............... 2,708 2,674
Due from trusts......................................... 237 231
------ ------
Total receivables................................... 2,945 2,905
Allowance for credit losses............................. (35) (31)
------ ------
Total receivables--net.............................. 2,910 2,874
Affiliated receivables.................................. 3 58
Equipment on operating leases, at cost.................. 563 529
Accumulated depreciation................................ (31) (12)
------ ------
Net equipment on operating leases................... 532 517
Property and equipment, at cost......................... 5 5
Accumulated depreciation................................ -- --
------ ------
Net property and equipment.......................... 5 5
Goodwill, net........................................... 126 128
Other assets............................................ 360 331
------ ------
Total............................................... $3,967 $3,980
====== ======
LIABILITIES AND STOCKHOLDER'S EQUITY
------------------------------------
Short-term debt......................................... $ 848 $ 643
Accounts payable and other accrued liabilities.......... 202 201
Affiliated payables..................................... 74 14
Deposits withheld from dealers.......................... 13 16
Long-term debt.......................................... 2,155 2,424
------ ------
Total liabilities................................... 3,292 3,298
------ ------
Minority interest....................................... 1 1
Stockholder's equity:
Common Stock, $5 par value, 200 shares authorized,
issued and outstanding............................... -- --
Paid-in capital....................................... 674 674
Accumulated other comprehensive income................ (4) 4
Retained earnings..................................... 4 3
------ ------
Total stockholder's equity.......................... 674 681
------ ------
Total............................................... $3,967 $3,980
====== ======
</TABLE>
The accompanying notes to financial statements are an integral part of these
Balance Sheets.
4
<PAGE>
CASE CREDIT CORPORATION AND CONSOLIDATED SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
(in millions)
(Unaudited)
<TABLE>
<CAPTION>
Post- Pre-
acquisition acquisition
basis of basis of
accounting accounting
------------ ------------
Three Months Three Months
Ended Ended
March 31, March 31,
2000 1999
------------ ------------
<S> <C> <C>
Operating activities:
Net income......................................................................................... $ 1 $ 20
Adjustments to reconcile net income to net cash provided by operating activities:
Purchase accounting amortization................................................................. 6 --
Depreciation and amortization.................................................................... 20 16
Provision for credit losses...................................................................... 14 4
Net gain on retail notes sold.................................................................... (7) (17)
Changes in components of working capital:
(Increase) in other assets..................................................................... (4) (2)
Increase in accounts payable and other accrued liabilities..................................... 53 33
Other, net..................................................................................... (8) 5
----- -----
Net cash provided by operating activities.................................................... 75 59
----- -----
Investing activities:
Cost of receivables acquired....................................................................... (568) (779)
Proceeds from sales of receivables................................................................. 340 422
Collections of receivables......................................................................... 237 175
Purchase of equipment on operating leases.......................................................... (33) (42)
Increase in investments in other assets............................................................ (20) (47)
----- -----
Net cash (used) by investing activities...................................................... (44) (271)
----- -----
Financing activities:
Proceeds from the issuance of long-term debt....................................................... -- 491
Payment of long-term debt.......................................................................... (150) --
Net increase (decrease) in revolving credit facilities............................................. 83 (286)
----- -----
Net cash (used) provided by financing activities............................................. (67) 205
----- -----
(Decrease) in cash and cash equivalents.............................................................. (36) (7)
Cash and cash equivalents, beginning of period....................................................... 67 35
----- -----
Cash and cash equivalents, end of period............................................................. $ 31 $ 28
===== =====
Cash paid during the period for interest............................................................. $ 51 $ 31
===== =====
Cash (received) paid during the period for taxes..................................................... $ (26) $ 7
- --------------------------------------------------
===== =====
</TABLE>
The accompanying notes to financial statements are an integral part of these
Statements of Cash Flows.
5
<PAGE>
CASE CREDIT CORPORATION AND CONSOLIDATED SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDER'S EQUITY
(in millions)
(Unaudited)
<TABLE>
<CAPTION>
Accumulated
Other
Common Paid-in Comprehensive Retained Comprehensive
Pre-acquisition basis of accounting Stock Capital Income Earnings Total Income
- ----------------------------------- ------ ------- ------------- -------- ----- -------------
<S> <C> <C> <C> <C> <C> <C>
Balance, December 31, 1996...................................... $-- $ 199 $ (6) $ 47 $ 240
Comprehensive income:
Net income.................................................... -- -- -- 82 82 $ 82
Translation adjustment........................................ -- -- (10) -- (10) (10)
----
Total....................................................... $ 72
====
Capital contribution from Case Corp............................. -- 45 -- -- 45
--- ----- ---- ----- -----
Balance, December 31, 1997...................................... $-- $ 244 $(16) $ 129 $ 357
Comprehensive income:
Net income.................................................... -- -- -- 85 85 $ 85
Translation adjustment........................................ -- -- (8) -- (8) (8)
----
Total....................................................... $ 77
====
Capital contribution from Case Corp............................. -- 25 -- -- 25
--- ----- ---- ----- -----
Balance, December 31, 1998...................................... $-- $ 269 $(24) $ 214 $ 459
Comprehensive income:
Net income.................................................... -- -- -- 58 58 $ 58
Translation adjustment........................................ -- -- 3 -- 3 3
----
Total ...................................................... $ 61
--- ----- ---- ----- ----- ====
Balance, November 11, 1999...................................... $-- $ 269 $(21) $ 272 $ 520
<CAPTION>
Post-acquisition basis of accounting
- ------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Balance at November 11, 1999.................................... $-- $ 269 $(21) $ 272 $ 520
Elimination of paid-in capital, cumulative translation
adjustment, and retained earnings.............................. (269) 21 (272) (520)
Purchase price allocation....................................... -- 674 -- -- 674
Comprehensive income
Net income.................................................... -- -- -- 3 3 $ 3
Translation adjustment........................................ -- -- 4 -- 4 4
----
Total....................................................... $ 7
--- ----- ---- ----- ----- ====
Balance, December 31, 1999...................................... $-- $ 674 $ 4 $ 3 $ 681
Comprehensive income:
Net income.................................................... -- -- -- 1 1 $ 1
Translation adjustment........................................ -- -- (8) -- (8) (8)
----
Total....................................................... $ (7)
--- ----- ---- ----- ----- ====
Balance, March 31, 2000......................................... $-- $ 674 $ (4) $ 4 $ 674
- --------------------------------------------------
=== ===== ==== ===== =====
</TABLE>
The accompanying notes to financial statements are an integral part of these
Statements of Changes in Stockholder's Equity.
6
<PAGE>
CASE CREDIT CORPORATION AND CONSOLIDATED SUBSIDIARIES
NOTES TO FINANCIAL STATEMENTS
(1) Basis of Presentation
The accompanying financial statements reflect the consolidated results of
Case Credit Corporation and its subsidiaries ("Case Credit" or the "Company").
All significant intercompany transactions have been eliminated in
consolidation.
Case Credit Corporation is a subsidiary of CNH Capital Corporation ("CNH
Capital"), formerly Case Capital. CNH Capital, a wholly owned subsidiary of
Case Corporation ("Case"), provides broad-based financial services for the
global marketplace. Case Corporation is a wholly owned subsidiary of CNH
Global N.V. ("CNH"). Through Fiat Netherlands Holding N.V. ("Fiat Netherlands
Holding"), formerly New Holland Holdings N.V., Fiat S.p.A. ("Fiat") owns
approximately 71% of CNH's outstanding common shares. As a result, Fiat
controls all matters submitted to a vote of CNH's shareholders, including
approval of annual dividends, election and removal of its directors and
approval of extraordinary business combinations. Further information
concerning the acquisition of Case by Fiat Netherlands Holding is included in
Note 3 of Case Credit Corporation Annual Report on Form 10-K for 1999, as
filed with the Securities and Exchange Commission.
In the opinion of management, the accompanying unaudited financial
statements of Case Credit contain all adjustments which are of a normal
recurring nature necessary to present fairly the financial position as of
March 31, 2000, and the results of operations, changes in stockholder's equity
and cash flows for the periods indicated. We suggest that you read these
interim financial statements in conjunction with the financial statements and
the notes thereto included in the Company's 1999 Annual Report on Form 10-K
for the year ended December 31, 1999. Interim financial results are not
necessarily indicative of operating results for an entire year.
Certain reclassifications have been made to conform the prior year's
financial statements to the 2000 presentation.
(2) Accounting Pronouncements
Effective January 1, 1999, the Company adopted Statement of Position
("SOP") No. 98-5, "Reporting on the Costs of Start-Up Activities." The
Company's accounting for the costs of start-up activities is consistent with
the guidelines established in the SOP and, as a result, the adoption of this
statement had no effect on the Company's financial position or results of
operations.
The Financial Accounting Standards Board ("FASB") issued Statement of
Financial Accounting Standards ("SFAS") No. 133, "Accounting for Derivative
Instruments and Hedging Activities." This statement establishes accounting and
reporting standards for derivative instruments, including certain derivative
instruments embedded in other contracts, and for hedging activities. Pursuant
to SFAS No. 137, "Accounting for Derivative Instruments and Hedging
Activities--Deferral of the Effective Date of FASB Statement No. 133--an
Amendment of FASB Statement No. 133," this statement must be adopted no later
than January 1, 2001, although earlier application is permitted. The Company
is currently evaluating the impact of adopting SFAS No. 133.
(3) Asset-Backed Securitizations
During the first quarter of 2000, limited-purpose business trusts organized
by CNH Capital, issued $1,127 million of asset-backed securities to outside
investors, of which $427 million was prefunded and will be sold to the trusts
as receivables are generated. As of March 31, 2000, CNH Capital had sold $722
million of retail notes to the trusts in connection with these issuances. Of
the $722 million of retail receivables sold to the trust, Case Credit
originated $363 million and New Holland Credit, a wholly owned subsidiary of
CNH Global N.V., originated $359 million. During the first quarter of 1999,
limited-purpose business trusts organized by Case Credit issued $760 million
of asset-backed securities to outside investors. As of March 31, 1999, Case
Credit originated and sold $400 million of retail notes to the trusts in
connection with these issuances. The proceeds from the sale of retail notes
during the first three months of 2000 and 1999 were used to repay outstanding
debt and to finance additional receivables.
7
<PAGE>
CASE CREDIT CORPORATION AND CONSOLIDATED SUBSIDIARIES
NOTES TO FINANCIAL STATEMENTS--(Concluded)
(4) Long-Term Debt
During the first quarter of 2000, Case Credit issued no additional debt and
retired an aggregate of $150 million of debt, including $100 million of long-
term debt and $50 million of medium-term debt.
(5) Income Taxes
On a consolidated basis, the Company's 2000 and 1999 first quarter
effective tax rate of 35% was equal to the U.S. statutory rate.
(6) Accumulated Other Comprehensive Income
Accumulated other comprehensive income of $(4) million and $4 million as of
March 31, 2000 and December 31, 1999, respectively, consists solely of
cumulative translation adjustments.
(7) Related Party Transactions
On February 29, 2000, New Holland Credit loaned $60 million to Case Credit.
This loan bears an interest rate at the one-month LIBOR (6.28% as of March 31,
2000), plus an applicable margin, and matures in the second quarter of 2000.
As part of the asset-backed securitization (see Note 3), Case Credit purchased
$359 million of receivables from New Holland Credit at fair market value.
8
<PAGE>
Item 2. Management's Analysis of Results of Operations.
CASE CREDIT CORPORATION AND CONSOLIDATED SUBSIDIARIES
Three Months Ended March 31, 2000, vs. Three Months Ended March 31, 1999
Net Income
Case Credit recorded net income of $1 million for the first quarter of
2000, as compared to net income of $20 million in the prior period. The $19
million decrease in net income is due to amortization expense resulting from
purchase accounting adjustments related to the Case-New Holland merger, lower
margins on receivables and lower gains on asset-backed securitizations due to
a rising interest rate environment and increased provision for credit losses.
These decreases were partially offset by an increase in lease income on
operating leases, reflecting the growth in Case Credit's operating lease
portfolio.
Revenues
Case Credit reported total revenues of $104 million for the first quarter
of 2000, a decrease of $5 million from the prior year. Net gain on retail
notes sold decreased $10 million to $7 million as compared to $17 million for
the first quarter of 1999 due to a rising interest rate environment and lower
volume of asset-backed securitizations, and an increased loss assumption
partially offset by a recognition of a servicing fee asset. This was partially
offset by an increase in operating lease income of $6 million to a total of
$29 million for the first quarter of 2000, reflecting the growth in Case
Credit's operating lease portfolio.
Expenses
Interest expense for the first quarter of 2000 was $54 million, up $9
million from the $45 million reported in the first quarter of 1999. The
increase in interest expense resulted from amortization expense resulting from
purchase accounting adjustments related to the merger, rising interest rates
and higher average debt levels during the first quarter of 2000 as compared to
the first quarter of 1999, primarily due to the growth in Case Credit's on-
balance-sheet receivables and increased equipment on operating leases.
Operating expenses increased $15 million to a total of $48 million in the
first quarter of 2000 as compared to the first quarter of 1999. This increase
primarily resulted from a $10 million increase in Case Credit's loss provision
as a result of higher average receivables, the downturn in the agricultural
market, and the impact of portfolio diversification into markets that have
historically had higher loss rates than Case Credit's core agricultural and
construction equipment businesses.
Serviced Portfolio
During the first quarter of 2000, Case Credit's serviced portfolio of
receivables increased 4% over the same period last year to $7.3 billion.
Growth in the quarter resulted from Case Credit's focus on new markets and new
products. Gross receivables originated in the first three months of 2000
decreased 24% to a total of $791 million versus the same period in 1999
primarily due a lower volume of equipment sales by Case.
During the first quarter of 2000, limited-purpose business trusts organized
by CNH Capital, issued $1,127 million of asset-backed securities to outside
investors, of which $427 million was prefunded and will be sold to the trusts
as receivables are generated. As of March 31, 2000, CNH Capital had sold $722
million of retail notes to the trusts in connection with these issuances. Of
the $722 million of retail receivables sold to the trust, Case Credit
originated $363 million and New Holland Credit originated $359 million. During
the first quarter of 1999, limited-purpose business trusts organized by Case
Credit issued $760 million of asset-backed securities to outside investors. As
of March 31, 1999, Case Credit originated and sold $400 million of retail
notes to the trusts in connection with these issuances. The proceeds from the
sale of retail notes during the first three months of 2000 and 1999 were used
to repay outstanding debt and to finance additional receivables.
9
<PAGE>
Liquidity and Capital Resources
The discussion of liquidity and capital resources focuses on the balance
sheets and statements of cash flows. Whenever necessary, funds provided from
operations are supplemented from external sources.
Cash provided by operating activities increased $16 million to a total of
$75 million in the first quarter of 2000 as compared to the first quarter of
1999. In both years, the primary driver was an increase in accounts payable
and other accrued liabilities.
Net cash used by investing activities was $44 million and $271 million for
the first quarter of 2000 and 1999, respectively. Lower acquisitions of $211
million caused the decrease between years.
Net cash used by financing activities was $67 million for the first three
months of 2000, primarily due to the repayment of outstanding debt. Net cash
provided by financing activities was $205 million for the first three months
of 1999 as Case Credit issued an aggregate of $491 million of medium-term
notes. The net proceeds from the medium-term note issuances were used to fund
Case Credit's growth initiatives.
Future Liquidity and Capital Resources
The Company has various lines of credit and liquidity facilities that
include borrowings under both committed credit facilities and uncommitted
lines of credit. The Company also has the ability to issue commercial paper in
the United States, Canada, and Australia. Under the terms of the Company's
commercial paper programs, the principal amount of the commercial paper
outstanding, combined with the amounts outstanding under the applicable
revolving credit facility, cannot exceed the total amount available under the
revolving credit facility.
The Company maintains sufficient committed lines of credit and liquidity
facilities to cover its expected funding needs on both a short-term and long-
term basis. The Company manages its aggregate short-term borrowings so as not
to exceed its availability under its committed lines of credit. The Company
accesses short-term debt markets, predominantly through commercial paper
issuances and uncommitted credit facilities, to fund its short-term financing
requirements and to ensure liquidity. As funding needs are determined to be of
a longer-term nature, the Company may access medium- and long-term debt
markets, as appropriate and as available, to refinance short-term borrowings
and, thus, replenish its short-term liquidity. The Company's long-term
financing strategy is to maintain continuous access to the debt and equity
capital markets to accommodate its liquidity needs. Whenever necessary, funds
provided from operations are supplemented from external borrowing sources.
Outlook
In financial services, the current dynamic environment for interest rates
is expected to continue during 2000. Over time, the Company can incorporate
rate changes into its pricing, but these changes are expected to negatively
impact earnings until rates stabilize. The outlook remains unchanged for
demand in Case's agricultural equipment and construction equipment markets;
however, rising interest rates and unfavorable foreign exchange are adversely
impacting the results of the Company's equipment and financial services
operations. Industry demand for agricultural equipment remains in line with
Case's expectation, driven by low commodity prices and higher grain
inventories. As a result, Case continues to expect worldwide sales of
agricultural equipment to be moderately lower than the previous year,
particularly for high horsepower tractors and combines. The global outlook for
Case's construction equipment markets continues to be stable. In North
America, demand in 2000 is expected to be only slightly lower than the strong
1999 level, as construction activity continues to be sustained by a healthy
economy. In Europe, the sales outlook remains slightly above last year due to
stronger market conditions. In Latin America and other markets around the
world, the company continues to expect significant sales improvement compared
to relatively low 1999 levels as a result of more stable economic conditions.
The information included in the "Outlook" section represent forward-looking
statements and involves risks and uncertainties that could cause actual result
to differ materially from those in the forward-looking statements. The
Company's outlook is predominantly based on its interpretation of what it
considers key economic
10
<PAGE>
assumptions. Crop production and commodity prices are strongly affected by
weather and can fluctuate significantly. Housing starts and other construction
activity are sensitive to interest rates and government spending. Some of the
other significant factors for the Company include general economic and capital
market conditions, the cyclical nature of its business, foreign currency
movements, the Company's and its customers' access to credit, political
uncertainty and civil unrest in various areas of the world, pricing, product
initiatives and other actions taken by competitors, disruptions in production
capacity, excess inventory levels, the effect of changes in laws and
regulations (including government subsidies and international trade
regulations), the effect of conversion to the Euro, technological difficulties
(changes in environmental laws, and employee and labor relations). Further
information concerning factors that could significantly impact expected
results is included in the following sections of CNH Global N.V.'s Annual
Report on Form 20-F for 1999, as filed with the Securities and Exchange
Commission: Item 1 Description of Business and Item 9 Management's Discussion
and Analysis of Financial Condition and Results of Operations. Further
information concerning factors that could significantly impact expected
results is also included in the following sections of Case Credit Corporation
Annual Report on Form 10-K for 1999, as filed with the Securities and Exchange
Commission: Item 1 Business and Item 7 Management's Analysis of Results of
Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Interest Rate Risk Management
The Company uses derivative financial instruments to manage its interest
rate exposures. Case Credit does not hold or issue financial instruments for
trading purposes. For information regarding Case Credit's interest rate risk
management, reference is made to Item 7A and Note 11 to the Case Credit
Financial Statements in the Company's 1999 Annual Report on Form 10-K. There
has been no material change in the Company's market risk exposures that affect
the quantitative and qualitative disclosures as presented as of March 31,
2000.
Commodity Price and Foreign Currency Risk Management
Commodity prices impact Case Corporation's sales, which may have an impact
on Case Credit's originations. Case Credit is subject to foreign currency risk
in Canada, Australia, and Europe as the investments in these countries are
impacted by currency fluctuations. For information regarding Case Credit's
commodity price and foreign currency risk management, reference is made to
Item 7A to the Case Credit Financial Statements in the Company's 1999 Annual
Report on Form 10-K. There has been no material change in the Company's market
risk exposures that affect the quantitative and qualitative disclosures as
presented as of March 31, 2000.
11
<PAGE>
PART II.
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits.
A list of the exhibits included as part of this Form 10-Q is set forth
in the Index to Exhibits that immediately precedes such exhibits, which is
incorporated herein by reference.
(b) Reports on Form 8-K.
None.
12
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
CASE CREDIT CORPORATION
/s/ Robert A. Wegner
By___________________________________
Robert A. Wegner
Senior Vice President and Chief
Financial Officer (Principal
Financial Officer and Authorized
Signatory for Case Credit
Corporation)
Date: May 12, 2000
13
<PAGE>
EXHIBIT INDEX
<TABLE>
<CAPTION>
Sequential
Exhibit Page
Number Description of Exhibit Numbers
------- ---------------------- ----------
<C> <S> <C>
12 Computation of Ratio of Earnings to Fixed Charges
27 Financial Data Schedule
</TABLE>
14
<PAGE>
EXHIBIT 12
CASE CREDIT CORPORATION AND CONSOLIDATED SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)
<TABLE>
<CAPTION>
Post-acquisition Pre-acquisition
basis of accounting basis of accounting
------------------- -------------------
Three Months Ended Three Months Ended
March 31, 2000 March 31, 1999
------------------- -------------------
<S> <C> <C>
Net income............................. $ 1 $ 20
Add:
Interest expense..................... 54 45
Amortization of capitalized debt
expense............................. -- 1
Income tax expense and other taxes on
income.............................. 1 11
---- ----
Earnings as defined................ $ 56 $ 77
==== ====
Interest expense....................... $ 54 $ 45
Amortization of capitalized debt
expense............................... -- 1
---- ----
Fixed charges as defined........... $ 54 $ 46
==== ====
Ratio of earnings to fixed charges..... 1.04x 1.67x
==== ====
</TABLE>
15
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND> This schedule contains summary financial information extracted from
the Company's 10-Q and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<MULTIPLIER> 1,000,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<CASH> 31
<SECURITIES> 0
<RECEIVABLES> 2,945
<ALLOWANCES> 35
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 5
<DEPRECIATION> 0
<TOTAL-ASSETS> 3,967
<CURRENT-LIABILITIES> 0
<BONDS> 2,155
0
0
<COMMON> 0
<OTHER-SE> 674
<TOTAL-LIABILITY-AND-EQUITY> 3,967
<SALES> 0
<TOTAL-REVENUES> 104
<CGS> 0
<TOTAL-COSTS> 26
<OTHER-EXPENSES> 8
<LOSS-PROVISION> 14
<INTEREST-EXPENSE> 54
<INCOME-PRETAX> 2
<INCOME-TAX> 0
<INCOME-CONTINUING> 1
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1
<EPS-BASIC> 0
<EPS-DILUTED> 0
</TABLE>
