The largest manufacturer of construction and mining equipment globally, and a leading provider of diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. Good product, end-market, and geographic diversity, supported by the industry's strongest dealer network. A competitive cost structure that supports good, though variable, operating margins over the business cycle. Operates in a highly cyclical and competitive industry with deep inventory correction cycles. Substantial working- and fixed-capital needs. The financial services operation accounts for most of the company's consolidated debt. We expect manufacturing credit measures will exhibit high volatility in correlation with the demand cycle. Ample balance sheet cash, most of which is readily accessible for debt repayment. Post retirement obligations are a sizeable portion of S&P
