FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1994
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File No. 0-13295
CATERPILLAR FINANCIAL SERVICES CORPORATION
(Exact name of Registrant as specified in its charter)
DELAWARE 37-1105865
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
3322 WEST END AVENUE, NASHVILLE, TENNESSEE 37203-0983
(Address of principal executive offices)
Registrant's telephone number, including area code:
(615) 386-5800
Indicate by a 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
The Registrant complies with the conditions set forth in General
Instruction (H)(1)(a) and (b) of Form 10-Q and is therefore filing this
form with the reduced disclosure format.
At September 30, 1994, one share of common stock of the Registrant
was outstanding.
<PAGE>
Caterpillar Financial Services Corporation
Form 10-Q for the Quarter Ended September 30, 1994
Index
PART I. FINANCIAL INFORMATION
Page No.
Item 1. Financial Statements (Unaudited)
Consolidated Statement of Financial Position 3
Consolidated Statement of Income 4
Consolidated Statement of Cash Flows 5
Notes to Consolidated Financial Statements 6-7
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 7-11
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K 12
Signatures 13
Exhibit Index 14
<PAGE>
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Caterpillar Financial Services Corporation
Consolidated Statement of Financial Position
(Unaudited)
(Millions of Dollars)
Sept. 30, Dec. 31, Sept. 30,
1994 1993 1993
Assets:
Cash and cash equivalents $ 19.7 $ 15.6 $ 27.9
Finance receivables:
Wholesale notes receivable 486.2 142.8 121.5
Retail notes receivable 1,035.6 1,035.5 958.6
Investment in finance receivables 2,602.3 2,350.8 2,191.9
4,124.1 3,529.1 3,272.0
Less: Unearned income 376.8 348.2 323.0
Allowance for credit losses 46.4 41.5 42.3
3,700.9 3,139.4 2,906.7
Equipment on operating leases,
less accumulated depreciation 400.4 364.6 315.0
Other assets 90.3 45.1 47.0
Total assets $4,211.3 $3,564.7 $3,296.6
Liabilities and stockholder's equity:
Payable to dealers and others $ 20.5 $ 13.7 $ 6.8
Payable to Caterpillar Inc. 2.1 3.9 3.6
Accrued interest payable 54.6 33.6 51.0
Income tax payable 45.6 36.0 39.9
Other liabilities 19.4 5.4 4.8
Short-term borrowings 1,353.2 1,138.2 1,118.8
Current maturities of long-term debt 726.2 492.5 531.4
Long-term debt 1,512.6 1,410.4 1,155.0
Deferred income taxes .2 13.0 5.3
Total liabilities 3,734.4 3,146.7 2,916.6
Common stock - $1 par value
Authorized: 2,000 shares
Issued & outstanding: one share 275.0 250.0 220.0
Profit employed in the business 201.3 175.5 166.2
Foreign currency translation
adjustment .6 (7.5) (6.2)
Total stockholder's equity 476.9 418.0 380.0
Total liabilities and stockholder's
equity $4,211.3 $3,564.7 $3,296.6
(See Notes to Consolidated Financial Statements)
Caterpillar Financial Services Corporation
Consolidated Statement of Income
(Unaudited)
(Millions of Dollars)
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
1994 1993 1994 1993
Revenues:
Wholesale finance income $ 8.3 $ 2.3 $ 16.4 $ 4.9
Retail finance income 68.4 62.5 202.2 181.8
Rental income 31.2 21.4 90.3 68.6
Other income 5.3 5.5 15.3 13.4
Total revenues 113.2 91.7 324.2 268.7
Expenses:
Interest 54.1 43.6 151.8 128.6
Depreciation 23.9 15.8 68.5 50.0
General, operating, and
administrative 12.1 10.8 33.7 29.8
Provision for credit losses 5.1 5.4 15.9 13.9
Other expense .8 .2 14.4 .7
Total expenses 96.0 75.8 284.3 223.0
Income before income taxes and
minority interest 17.2 15.9 39.9 45.7
Provision for income taxes 6.6 7.1 14.8 17.7
Minority interest in losses
of subsidiary .3 .2 .7 .4
Net Income $ 10.9 $ 9.0 $ 25.8 $ 28.4
(See Notes to Consolidated Financial Statements)<PAGE>
Caterpillar Financial Services Corporation
Consolidated Statement of Cash Flows
(Unaudited)
(Millions of Dollars)
Nine Months Ended
Sept. 30, Sept. 30,
1994 1993
Cash flows from operating activities:
Net income $ 25.8 $ 28.4
Adjustments for noncash items:
Depreciation 68.5 50.0
Provision for credit losses 15.9 13.9
Unrealized mark-to-market losses 13.6 -
Other (5.4) (3.9)
Change in assets and liabilities:
Receivables from customers and others (36.6) (18.6)
Deferred and refundable income taxes (13.1) (7.4)
Payable to dealers and others 5.1 (4.1)
Payable to Caterpillar Inc. (1.8) .7
Accrued interest payable 20.5 23.1
Income tax payable 9.4 10.0
Other, net (.2) 1.6
Net cash provided by operating
activities 101.7 93.7
Cash flows from investing activities:
Additions to equipment (125.3) (128.8)
Disposals of equipment 63.6 27.9
Additions to finance receivables (2,047.5) (1,366.3)
Collections of finance receivables 1,254.2 967.0
Proceeds from sale of receivables, net 241.4 -
Other, net .9 .6
Net cash used for investing
activities (612.7) (499.6)
Cash flows from financing activities:
Additional paid-in capital 25.0 -
Proceeds from long-term debt issues 717.0 552.9
Payments on long-term debt (385.5) (354.6)
Short-term borrowings, net 158.4 223.2
Net cash provided by financing
activities 514.9 421.5
Effect of exchange rate changes on cash .2 .8
Net change in cash and cash equivalents 4.1 16.4
Cash and cash equivalents at beginning
of year 15.6 11.5
Cash and cash equivalents at end of quarter $ 19.7 $ 27.9
(See Notes to Consolidated Financial Statements)<PAGE>
Notes to Consolidated Financial Statements
(Dollar Amounts in Millions)
1. The accompanying unaudited consolidated financial statements have
been prepared by Caterpillar Financial Services Corporation (the
"Company") pursuant to the rules and regulations of the Securities and
Exchange Commission. Although the Company believes the disclosures are
adequate, it is suggested that these financial statements be read in
conjunction with the financial statements and the notes thereto
presented in the Company's 1993 Annual Report and the Company's Annual
Report on Form 10-K. Unless the context otherwise requires, the term
"Company" includes subsidiary companies.
The information furnished reflects, in the opinion of management,
all adjustments, which include normal and recurring accruals, necessary
for a fair presentation of the consolidated statements of financial
position, income, and cash flows for the periods presented. The results
for interim periods are not necessarily indicative of the results to be
expected for the year.
Certain amounts in the prior period financial statements have been
reclassified to conform to the current presentation.
2. Income on financing leases, installment sale contracts, and customer
and dealer loans (retail finance income) is recognized over the term of
the contract at a constant rate of return on the scheduled uncollected
principal balance. Income on dealer floor planning and rental fleet
financing (wholesale finance income) is recognized based on the daily
balance of wholesale receivables outstanding and the applicable
effective interest rate. Income on operating leases (rental income) is
reported over the life of the operating lease in the period earned.
Loan origination and commitment fees in excess of $500 are amortized to
finance income using the interest method over the contractual lives of
the finance receivables.
3. The Company has a tax sharing agreement with Caterpillar Inc.
("Caterpillar") in which the Company and Caterpillar agree, among other
things, to collect from or pay to the Company its allocated share of any
consolidated U.S. income tax liability or credit applicable to any
period for which the Company is included as a member of the consolidated
group. Similar agreements exist between Caterpillar Financial Australia
Limited and Caterpillar of Australia Ltd. with respect to taxes payable
in Australia, and between the Company and Caterpillar with respect to
taxes payable in Germany.
4. During the first nine months of 1994, the Company publicly issued
$684.8 million of medium-term notes. The notes are offered on a
continuous basis through agents and have maturities ranging from nine
months to 15 years. Interest rates on fixed-rate medium-term notes are
established by the Company as of the date of issuance. Interest rates
on floating-rate medium-term notes are based on various indices. The
weighted average interest rate on all outstanding medium-term notes was
6.0% at September 30, 1994. Long-term debt outstanding at
September 30, 1994, matures as follows:
1994 $ 119.8
1995 737.6
1996 439.1
1997 364.8
1998 273.1
1999 124.7
Thereafter 179.7
Total $2,238.8
5. In May 1993, the Financial Accounting Standards Board issued FAS
No. 114 - Accounting by Creditors for Impairment of a Loan, which was
amended by FAS No. 118 in October 1994. These new standards require
that impaired loans within the scope of the statements be measured on
the present value of expected future cash flows discounted at the loan's
effective interest rate, or, as a practical expedient, at the loan's
observable market price or the fair value of the collateral if the loan
is collateral dependent. The Company believes that it is already in
compliance with these standards except for a footnote disclosure that
will be added to the 1994 year-end financial statements. These
standards will not have a material effect on the Company's financial
position or results of operations.
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
A. Consolidated Results of Operations
Three Months Ended September 30, 1994 vs. Three Months Ended
September 30, 1993
Total revenues for the third quarter of 1994 were $113.2 million, a
23% increase over 1993 third quarter revenues of $91.7 million. The
increase in revenues was primarily the result of earnings from the
larger portfolio which increased to $4,125.2 million at September 30,
1994 from $3,233.4 million at September 30, 1993.
The Company financed new retail business transactions totaling
$496.1 million during the third quarter of 1994 compared with $487.2
million during the third quarter of 1993. New retail financing in the
third quarter was higher than 1993 levels due to increased machine
financing, partially offset by lower engine financing. The Company had
wholesale financing during third quarter 1994 of $212.2 million,
compared with $61.5 million for third quarter 1993. The increase was
due to a program developed to support Caterpillar dealer rental fleets
in the United States.
The annualized interest rate on finance receivables (computed by
dividing annualized finance income by the average monthly finance
receivable balances) was 8.6% for the third quarter of 1994 compared
with 9.1% for the third quarter of 1993. Tax benefits associated with
governmental lease-purchase contracts and a portion of tax benefits
associated with long-term tax-oriented leases are not reflected in such
annualized interest rates.
Other income of $5.3 million for the third quarter of 1994 included
fees, gains on sales of equipment returned from lease, and other
miscellaneous income. The decrease of $.2 million in other income
during the third quarter of 1994, as compared with the same period in
1993, was primarily due to a lower amount of gains on sales of equipment
returned from lease, partially offset by a higher amount of fees and
other income.
Third quarter interest expense of $54.1 million was $10.5 million
higher than 1993 third quarter interest expense due to increased
borrowings to support the larger portfolio. This increase was slightly
offset by lower borrowing rates as the average cost of borrowed funds
was 6.2% for the third quarter of 1994, compared with 6.4% for the third
quarter of 1993.
Depreciation expense for the third quarter of 1994 was $23.9
million, $8.1 million higher than the same period in 1993. This
increase resulted from additional equipment on operating leases which,
computed as a monthly average balance, increased 20.9%.
General, operating, and administrative expenses increased $1.3
million during the third quarter of 1994 compared with the same period
last year. This increase resulted primarily from staff-related and
other expenses required to service the larger portfolio. The Company's
full-time employment increased from 351 at September 30, 1993 to 404 at
September 30, 1994.
Provision for credit losses during the third quarter of 1994 was
$5.1 million, compared with $5.4 million during the third quarter last
year. Receivables, net of recoveries, of $2.6 million were written off
against the allowance for credit losses during the third quarter of 1994
compared with $1.6 million during the third quarter of 1993.
Receivables past due over 30 days were 2.4% of total receivables at
September 30, 1994, compared with 2.3% at September 30, 1993. The
allowance for credit losses is monitored to provide for an amount which,
in management's judgment, will be adequate to cover uncollectible
receivables. At September 30, 1994, the allowance for credit losses was
$46.4 million which was 1.2% of finance receivables, net of unearned
income (1.4% excluding wholesale receivables), compared with $42.3
million and 1.4% (1.5% excluding wholesale receivables) at September 30,
1993, respectively.
Other expense of $.8 million for the third quarter of 1994 primarily
resulted from recording unrealized losses on interest rate caps and
swaptions written by the Company.
The effective income tax rate for the third quarter of 1994 was 38%
compared with 45% for the third quarter of 1993 which contained an
adjustment of $1.4 million of tax expense due to an increase in the U.S.
income tax rate.
Net income for the third quarter of 1994 was $10.9 million, $1.9
million above 1993 third quarter net income of $9.0 million. The
increase in net income was primarily the result of increased earnings
from a larger portfolio and the U.S. income tax rate adjustment made in
the third quarter of 1993, partially offset by lower rates on finance
receivables.
Nine Months Ended September 30, 1994 vs. Nine Months Ended
September 30, 1993
Total revenues for the first nine months of 1994 were $324.2
million, a 21% increase over the revenues for the first nine months of
1993 of $268.7 million. The increase in revenues was primarily the
result of earnings from the larger portfolio.
The Company financed new retail business transactions totaling
$1,478.1 million during the first nine months of 1994 compared with
$1,260.9 million during the first nine months of 1993. New retail
financing in the first nine months of the year was higher than 1993
levels due to increased machine financing. The Company had wholesale
financing during the first nine months of 1994 of $566.6 million
compared with $177.2 million for the first nine months of 1993. The
increase was due to a program developed to support Caterpillar dealer
rental fleets in the United States.
The annualized interest rate on finance receivables (computed by
dividing annualized finance income by the average monthly finance
receivable balances) was 8.6% for the first nine months of 1994 compared
with 9.3% for the first nine months of 1993. Tax benefits associated
with governmental lease purchase contracts and a portion of tax benefits
associated with long-term tax-oriented leases are not reflected in such
annualized interest rates.
Other income of $15.3 million for the first nine months of 1994
included fees, gains on sales of equipment returned from lease, gain on
sale of receivables, and other miscellaneous income. The increase of
$1.9 million during the first nine months of 1994, as compared with the
same period in 1993, was primarily due to servicing fees and other
income related to receivables sold in the second quarter of 1994 and the
gain on sale of these receivables, partially offset by a lower amount of
gains on sales of equipment returned from lease.
Interest expense for the first nine months of 1994 was $151.8
million, $23.2 million higher than the first nine months of 1993 due to
increased borrowings to support the larger portfolio. This increase was
partially offset by lower borrowing rates as the average cost of
borrowed funds was 6.1% for the first nine months of 1994 compared with
6.7% in 1993.
Depreciation expense increased from $50.0 million for the first nine
months of 1993 to $68.5 million for the first nine months of 1994 due to
the increase in equipment on operating leases which, computed as a
monthly average balance, increased 22.4%.
General, operating, and administrative expenses for the first nine
months of 1994 increased $3.9 million over the same period last year
primarily due to staff-related and other expenses required for expansion
into Europe and to service the larger portfolio.
Provision for credit losses during the first nine months of 1994
increased from $13.9 million in the first nine months of 1993 to $15.9
million in the first nine months of 1994. This increase reflected
increased levels of new retail business. Receivables, net of
recoveries, of $9.1 million were written off against the allowance for
credit losses during the first nine months of 1994 compared with $7.7
million during the first nine months of 1993.
Other expense of $14.4 million for the first nine months of 1994
primarily resulted from recording unrealized losses on interest rate
caps and swaptions written by the Company.
The effective income tax rate for the first nine months of 1994 was
37% compared with 39% for the first nine months of 1993, primarily due
to an additional $1.4 million of current and deferred tax expense in the
first nine months of 1993 due to an increase in the U.S. income tax
rate.
Net income for the first nine months of 1994 was $25.8 million
compared with $28.4 million in the first nine months of 1993. The
decrease in net income primarily resulted from the recording of losses
(mainly unrealized) on the written cap and swaption agreements, net of
tax, of $8.8 million. This decrease was partially offset by increased
earnings from the larger portfolio.
B. Capital Resources and Liquidity
The Company's operations during the year were primarily funded with
a combination of medium-term notes, commercial paper, bank borrowings,
retained earnings, and additional equity capital of $25.0 million
invested by Caterpillar. The ratio of debt to equity at September 30,
1994 was 7.5 to 1 compared with 7.3 to 1 at December 31, 1993.
Total debt outstanding as of September 30, 1994 was $3,592.0
million, an increase of $550.9 million over that at December 31, 1993,
and was primarily comprised of $2,168.6 million of medium-term notes,
$718.8 million of commercial paper, and $468.6 million of notes payable
to banks. The increase in debt and the funds provided by operations and
by Caterpillar were used to finance the increase in the portfolio.
At September 30, 1994, the Company had available a total of $1,257.9
million of short-term credit lines which expire at various dates through
third quarter 1995, and $35.6 million of long-term credit lines which
expire at various dates from March 1996 to May 1997. These credit lines
are with a number of banks and are considered support for the Company's
outstanding commercial paper, commercial paper guarantees, the
discounting of bank and trade bills, and bank borrowings at various
interest rates. At September 30, 1994, there were $448.4 million of
these lines utilized for bank borrowings in Australia and Europe.
The Company also had a $445.0 million revolving credit agreement
with a group of banks, which, at the Company's request, was terminated
effective October 13, 1994. This agreement was also considered support
for the Company's outstanding commercial paper and commercial paper
guarantees. It provided for borrowings at interst rates which
fluctuated according to LIBOR or other short-term interest rates. At
September 30, 1994, there were no borrowings under this agreement.
Effective October 13, 1994, the Company is participating with
Caterpillar Inc. in two syndicated revolving credit facilities
aggregating $1.8 billion, consisting of a $1.2 billion five-year
facility and a $600.0 million 364-day revolving facility. The Company's
initial allocation is $990.0 million, consisting of a $660.0 million
five-year revolving credit and a $330.0 million 364-day revolving
credit. The syndicated credit replaces $470.0 million of short-term
credit lines in addition to the $445.0 million revolver. The Company
has the ability to request a change in its allocation and will do so to
maintain the required amount of commercial paper support.
In connection with its match funding objectives, the Company
utilizes a variety of interest rate contracts including swap, cap, and
forward rate agreements. These agreements are entered into with major
financial institutions to manage the Company's exposure to changes in
interest rates.
As of September 30, 1994, the Company had outstanding swap, sold
(written) cap, and purchased cap agreements with notional amounts
totaling $2,031.3 million, $437.3 million, and $200.0 million,
respectively. These agreements have terms generally ranging up to five
years, which effectively change $1,154.6 million of floating rate debt
to fixed rate debt, $802.0 million of fixed rate debt to floating rate
debt, and $712.0 million of floating rate debt to floating rate debt
having different conditions. The Company also had swaps having future
effective dates with a total notional amount of $112.5 million, which
will effectively change $64.5 million of floating rate debt to fixed
rate debt and $48.0 million of fixed rate debt to floating rate debt.
The first of these future effective date swap agreements begins in
October 1994 with most having maturities up to four years. In
connection with a swap agreement having a total notional amount of $10.0
million, the Company had an outstanding written option agreement
(swaption) which would allow the counterparty to change the termination
date of an existing floating to fixed swap from October of 1998 to
October of 1994. The Company has marked to market the written cap and
swaption agreements and is continuing to manage these agreements on an
economic basis, which will lead to future mark-to-market gains or
losses.
The Company's outstanding forward rate agreements totaled $82.9
million at the end of the third quarter of 1994. These agreements have
terms generally ranging up to nine months.
The Company has entered into forward exchange contracts to hedge its
U.S. dollar denominated obligations in Australia against currency
fluctuations. At September 30, 1994, the outstanding forward exchange
contracts totaled $170.8 million.
To supplement external debt financing sources, the Company has
variable amount lending agreements with Caterpillar (including one of
its subsidiaries). Under these agreements, which may be amended from
time to time, the Company may borrow up to $107.0 million from
Caterpillar, and Caterpillar may borrow up to $87.0 million from the
Company. All of the variable amount lending agreements are effective
for indefinite terms and may be terminated by either party upon 30 days'
notice. At September 30, 1994, December 31, 1993, and September 30,
1993, the Company had no outstanding borrowings or loans receivable
under these agreements.
<PAGE>
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
Exhibit No. Description
12 Statement Setting Forth
Computation of Ratio of Profit to
Fixed Charges
(The ratios of profit before taxes
plus fixed charges to fixed
charges for the quarters ending
September 30, 1994, and
September 30, 1993, were 1.31 and
1.36, respectively, and for the
nine months ending
September 30, 1994, and
September 30, 1993 were
1.26 and 1.35, respectively.)
(b) Reports on Form 8-K
None
Signatures
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.
Caterpillar Financial Services Corporation
(Registrant)
Date: November 8, 1994 By: /s/K.C. Springer
K.C. Springer, Controller and
Principal Accounting Officer
Date: November 8, 1994 By: /s/J.S. Beard
J.S. Beard, President
EXHIBIT INDEX
Sequentially
Exhibit Numbered
Number Description Page
12 Statement Setting Forth Computation of 15
Ratio of Profit to Fixed Charges
EXHIBIT 12
CATERPILLAR FINANCIAL SERVICES CORPORATION
STATEMENT SETTING FORTH COMPUTATION OF
RATIO OF PROFIT TO FIXED CHARGES
(Unaudited)
(Dollars in Millions)
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
1994 1993 1994 1993
Net Income $ 10.9 $ 9.0 $ 25.8 $ 28.4
Add:
Provision for income taxes 6.6 7.1 14.8 17.7
Deduct:
Equity in profit of
partnerships (.4) (.3) (1.2) (1.1)
Profit before taxes $ 17.1 $ 15.8 $ 39.4 $ 45.0
Fixed charges:
Interest on borrowed
funds $ 54.1 $ 43.6 $151.8 $128.6
Rentals--at computed
interest* .4 .3 .9 .9
Total fixed charges $ 54.5 $ 43.9 $152.7 $129.5
Profit before taxes plus
fixed charges $ 71.6 $ 59.7 $192.1 $174.5
Ratio of profit before
taxes plus fixed charges
to fixed charges 1.31 1.36 1.26 1.35
*Those portions of rent expense that are representative of interest
cost.
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
COMPANY'S THIRD QUARTER 1994 10Q AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> SEP-30-1994
<CASH> 19,700
<SECURITIES> 0
<RECEIVABLES> 3,747,300
<ALLOWANCES> 46,400
<INVENTORY> 0
<CURRENT-ASSETS> 0<F1>
<PP&E> 567,200
<DEPRECIATION> 166,800
<TOTAL-ASSETS> 4,211,300
<CURRENT-LIABILITIES> 0<F1>
<BONDS> 2,238,800<F2>
<COMMON> 275,000
0
0
<OTHER-SE> 201,900
<TOTAL-LIABILITY-AND-EQUITY> 4,211,300
<SALES> 0
<TOTAL-REVENUES> 324,200
<CGS> 0
<TOTAL-COSTS> 102,200
<OTHER-EXPENSES> 14,400
<LOSS-PROVISION> 15,900
<INTEREST-EXPENSE> 151,800
<INCOME-PRETAX> 40,600
<INCOME-TAX> 14,800
<INCOME-CONTINUING> 25,800
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 25,800
<EPS-PRIMARY> 25,800
<EPS-DILUTED> 25,800
<FN>
<F1>THE COMPANY IS A CAPTIVE FINANCE SUBSIDIARY WHICH DOES NOT HAVE A CLASSIFIED
BALANCE SHEET.
<F2>INCLUDES CURRENT AND NONCURRENT MATURITIES OF LONG-TERM DEBT.
</FN>
</TABLE>
