Table of Contents

1a. Are you more or less optimistic about the U.S. economy compared to last quarter?	1
1b. Rate your optimism about the U.S. economy on a scale from 0-100, with 0 being the least optimistic and 100 being the most
optimistic.	2
2a. Are you more or less optimistic about the financial prospects for your own company compared to last quarter?	3
2b. Rate your optimism about the financial prospects for your own company on a scale from 0-100, with 0 being the least optimistic
and 100 being the most optimistic.	4
3. What are the top three external concerns facing your corporation? (rank #1, #2, #3)	5
3. What are the top three external concerns facing your corporation? Reverse scale & weighted by the number of respondents (Higher
number = greater weighted importance)	7
3. What are the top three external concerns facing your corporation? - Other specified	8
4. What are the top three internal, company-specific concerns for your corporation? (rank #1, #2, #3)	9
4. What are the top three internal, company-specific concerns for your corporation? Reverse scale & weighted by the number of
respondents (Higher number = greater weighted importance)	10
4. What are the top three internal, company-specific concerns your corporation faces? - Other specified	11
5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months? (e.g., +3%,
-2%, etc.) [Leave blank if not applicable]	12
5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months for:
[Unweighted - Sorted]	13
5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [All
Companies - Winsorized - Revenue Weighted - Sorted]	14
5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [All
Companies - Winsorized - Employee Weighted - Sorted]	15
5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [Public
Companies - Winsorized - Revenue Weighted]	16
6. Did your company make cuts in any of the following employee-related areas in the last six years?	17
6. Have you already or will you restore these items to pre-recession levels in 2013?  (Only companies that made cuts)	18
6b. Other policy specified	19
7. Does your company typically pay bonuses?	20
If yes, how large will bonuses be this year, relative to last year?	21
8. What would be the effect on your company...	22
8. What would be the effect on your company... [only companies that do business in region]	23
9a. How likely do you think it is that full sequestration (fiscal cliff) will occur in January?	24
9b. If the U.S. goes over the fiscal cliff in 2013, would your company be better or worse off in 2018?	25
9c. Which of the following outcomes would your company prefer by January 1, 2013?	26
9c. Which of the following outcomes would your company prefer by January 1, 2013? - Other specified	27
9d-1. If the following outcomes were to occur in 2013, would your company slow or reduce capital investment in 2013?	28
9d-2. If the following outcomes were to occur in 2013, would your company slow or reduce hiring in 2013?	29
10. On November 19, 2012 the annual yield on 10-yr treasury bonds was 1.6%. Please complete the following:	30
Revenue Weighted: 13. On November 19, 2012 the annual yield on 10-yr treasury bonds was 1.6%. Please complete the following:	31
Employee Weighted: 13. On November 19, 2012 the annual yield on 10-yr treasury bonds was 1.6%. Please complete the following:	32
In 2012, by what amount did sales outside your (headquartered) country increase or decrease?	33
In 2012, did sales outside your (headquartered) country increase or decrease?	34
Manufacturing capacity utilized	35
Manufacturing capacity utilized (Revenue Weighted)	36
Industry	37
Industry (Other specified)	38
Sales Revenue	39
Weighted Sales Revenue (Millions)	40
Number of Employees	41
Weighted Number of Employees	42
Where are you personally located?	43
Where are you personally located? - Other specified	44
Ownership	45
Foreign Sales	46
In what region of the world are most of your foreign sales?	47
Foreign Sales by Region	48
What is your company's credit rating? 	51
What is your company's credit rating? 	52
What is your company's credit rating? 	53
Your job title (e.g., CFO, Asst. Treasurer, etc):	54
Would you be willing to discuss your views and experiences with the press? YES	56

 1 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2012

1a. Are you more or less optimistic about the U.S. economy compared to last quarter?

	 	Number	Percent	95% CI
	1=More optimistic	87	21.2 %	± 4.0 %
	0=No change	110	26.8 %	± 4.3 %
	-1=Less optimistic	213	52.0 %	± 4.9 %
	Total	410	100.0 %

	Mean = -0.3
	SD = 0.8

	Missing Cases = 1
	Response Percent = 99.8 %

2 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2012

1b. Rate your optimism about the U.S. economy on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.

	Minimum = 0

	Maximum = 90

	Mean = 50.7

	Median = 50

	Standard Deviation (Unbiased) = 17.2

	95 Percent Confidence Interval Around The Mean = 48.9 - 52.5

Quartiles

	 1 = 40
	 2 = 50
	 3 = 60

Valid Cases =351
Missing Cases =60
Response Percent = 85.4%

3 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2012

2a. Are you more or less optimistic about the financial prospects for your own company compared to last quarter?

	 	Number	Percent	95% CI
	1=More optimistic	114	27.7 %	± 4.3 %
	0=No change	138	33.6 %	± 4.6 %
	-1=Less optimistic	159	38.7 %	± 4.7 %
	Total	411	100.0 %

	Mean = -0.1
	SD = 0.8

	Missing Cases = 0
	Response Percent = 100.0 %

4 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2012

2b. Rate your optimism about the financial prospects for your own company on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.

	Minimum = 0

	Maximum = 921

	Mean = 63.0

	Median = 60

	Standard Deviation (Unbiased) = 49.5

	95 Percent Confidence Interval Around The Mean = 57.8 - 68.2

Quartiles

	 1 = 50
	 2 = 60
	 3 = 75

Valid Cases =352
Missing Cases =59
Response Percent = 85.6%

5 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2012

3. What are the top three external concerns facing your corporation? (rank #1, #2, #3)

(N=411)

	Mean & SD	1st	2nd	3rd	Total	
	1.58	97	31	31	159
Consumer demand	0.80	23.60%	7.54%	7.54%	38.69%

	1.81	69	38	41	148
Fiscal cliff	0.84	16.79%	9.25%	9.98%	36.01%

	1.88	20	16	14	50
Corporate tax code	0.82	4.87%	3.89%	3.41%	12.17%

	1.89	53	67	36	156
Federal government policies	0.75	12.90%	16.30%	8.76%	37.96%

	1.99	32	37	31	100
Federal budget deficit	0.80	7.79%	9.00%	7.54%	24.33%

	2.05	11	18	13	42
Credit markets/interest rates	0.76	2.68%	4.38%	3.16%	10.22%

	2.05	34	44	40	118
Price pressure from competitors	0.79	8.27%	10.71%	9.73%	28.71%

	2.13	14	21	21	56
National employment outlook	0.79	3.41%	5.11%	5.11%	13.63%

	2.14	7	17	12	36
Cost of fuel	0.72	1.70%	4.14%	2.92%	8.76%

	2.15	7	9	11	27
Environmental regulation	0.82	1.70%	2.19%	2.68%	6.57%

	2.17	21	33	36	90
Global financial instability	0.78	5.11%	8.03%	8.76%	21.90%

	2.20	4	8	8	20
Foreign competition	0.77	0.97%	1.95%	1.95%	4.87%

	2.23	3	4	6	13
Currency risk	0.83	0.73%	0.97%	1.46%	3.16%

	2.23	10	16	21	47
Financial regulation	0.79	2.43%	3.89%	5.11%	11.44%

	2.25	4	19	13	36
Cost of non-fuel commodities	0.65	0.97%	4.62%	3.16%	8.76%

	2.39	5	13	20	38
Slowing growth in major emerging markets	0.72	1.22%	3.16%	4.87%	9.25%

	2.50	2	6	12	20
Inflation	0.69	0.49%	1.46%	2.92%	4.87%

	2.57	5	9	30	44
State or local government budget deficits	0.70	1.22%	2.19%	7.30%	10.71%

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Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2012

3. What are the top three external concerns facing your corporation? (rank #1, #2, #3)

	Mean & SD	1st	2nd	3rd	Total	
	2.67	1	1	7	9
Global political instability	0.71	0.24%	0.24%	1.70%	2.19%

	1.78	12	4	7	23
Other:	0.90	2.92%	0.97%	1.70%	5.60%

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Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2012

3. What are the top three external concerns facing your corporation? Reverse scale & weighted by the number of respondents (Higher number = greater weighted importance)

	Mean	SD	Total

Consumer demand	0.94	1.28	410

Federal government policies	0.80	1.12	410

Fiscal cliff	0.79	1.17	410

Price pressure from competitors	0.56	0.98	410

Federal budget deficit	0.49	0.95	410

Global financial instability	0.40	0.84	410

National employment outlook	0.26	0.71	410

Corporate tax code	0.26	0.75	410

Financial regulation	0.20	0.62	410

Credit markets/interest rates	0.20	0.64	410

Cost of fuel	0.16	0.57	410

Slowing growth in major emerging markets	0.15	0.51	410

State or local government budget deficits	0.15	0.50	410

Cost of non-fuel commodities	0.15	0.53	410

Environmental regulation	0.12	0.50	410

Foreign competition	0.09	0.42	410

Inflation	0.07	0.36	410

Currency risk	0.06	0.34	410

Global political instability	0.03	0.22	410

Other:	0.12	0.55	410

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Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2012

3. What are the top three external concerns facing your corporation? - Other specified

Banking/Finance/Insurance	Deflation	
Banking/Finance/Insurance	Health care reform	
Healthcare/Pharmaceutical	European budget deficits	
Healthcare/Pharmaceutical	healthcare reform	
Healthcare/Pharmaceutical	Obama care's impact on our customers	
Healthcare/Pharmaceutical	venture investor fears & excessive demands	
Manufacturing	Cost of Electricity	
Manufacturing	Cost of Health Care	
Manufacturing	sequestration	
Other	Banks are not lending	
Other	Domestic Mfg Production Activity	
Other	No Defense Budget	
Other	Product substitution	
Retail/Wholesale	Obamacare	
Service/Consulting	Continued flat mature (Western) markets	
Service/Consulting	Funding to non-profits	
Service/Consulting	Healthcare	
Service/Consulting	Obama Care	
Tech [Software/Biotech]	CHanging market demands and our ability to meet them	
Transportation/Energy	1. Congress 2. Oil Industry 3. anti-environment legislators	
Transportation/Energy	Sales execution	
Transportation/Energy	uncertainty in capital markets	
Unspecified Industry	State Budget Deficits	

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Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2012

4. What are the top three internal, company-specific concerns for your corporation? (rank #1, #2, #3)

(N=411)

	Mean & SD	1st	2nd	3rd	Total	
	1.53	167	64	39	270
Ability to maintain margins	0.73	40.63%	15.57%	9.49%	65.69%

	1.88	21	15	15	51
Balance sheet weakness	0.84	5.11%	3.65%	3.65%	12.41%

	2.00	7	9	7	23
Pension obligations	0.80	1.70%	2.19%	1.70%	5.60%

	2.01	40	39	41	120
Ability to forecast results	0.82	9.73%	9.49%	9.98%	29.20%

	2.05	48	69	57	174
Cost of health care	0.78	11.68%	16.79%	13.87%	42.34%

Attracting and retaining qualified	2.07	36	55	45	136
employees	0.77	8.76%	13.38%	10.95%	33.09%

	2.18	11	18	20	49
Supply chain risk	0.78	2.68%	4.38%	4.87%	11.92%

	2.22	21	26	40	87
Working capital management	0.81	5.11%	6.33%	9.73%	21.17%

	2.23	4	19	12	35
Protection of intellectual property	0.65	0.97%	4.62%	2.92%	8.52%

	2.29	5	10	13	28
Data security	0.76	1.22%	2.43%	3.16%	6.81%

	2.30	22	49	61	132
Maintaining morale/productivity	0.74	5.35%	11.92%	14.84%	32.12%

	2.33	15	23	41	79
Managing IT systems	0.78	3.65%	5.60%	9.98%	19.22%

	2.44	2	5	9	16
Counterparty risk	0.73	0.49%	1.22%	2.19%	3.89%

	1.76	12	7	6	25
Other:	0.83	2.92%	1.70%	1.46%	6.08%

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Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2012

4. What are the top three internal, company-specific concerns for your corporation? Reverse scale & weighted by the number of respondents (Higher number = greater weighted importance)

	Mean	SD	Total

Ability to maintain margins	1.63	1.32	409

Cost of health care	0.83	1.09	409

Attracting and retaining qualified employees	0.64	1.01	409

Ability to forecast results	0.58	1.01	409

Maintaining morale/productivity	0.55	0.90	409

Working capital management	0.38	0.82	409

Managing IT systems	0.32	0.74	409

Balance sheet weakness	0.26	0.76	409

Supply chain risk	0.22	0.65	409

Protection of intellectual property	0.15	0.53	409

Data security	0.12	0.48	409

Pension obligations	0.11	0.50	409

Counterparty risk	0.06	0.33	409

Other:	0.14	0.57	409

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Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2012

4. What are the top three internal, company-specific concerns your corporation faces? - Other specified

Banking/Finance/Insurance	CFPB	
Banking/Finance/Insurance	weak loan demand	
Healthcare/Pharmaceutical	leveraging offshore resources	
Healthcare/Pharmaceutical	New orders	
Manufacturing	Growing sales	
Manufacturing	Lack of a key market differentiator	
Manufacturing	Managing when demand for products is volatile	
Manufacturing	Ramping new products effectively	
Manufacturing	reduced salles opportunities	
Manufacturing	Retaining global employees	
Manufacturing	weak economy	
Other	Plant diseases	
Other	sales volume growth	
Retail/Wholesale	Credit Availability	
Retail/Wholesale	Lack of Commercial Development	
Retail/Wholesale	Weak Management	
Service/Consulting	cash flow generation	
Service/Consulting	Chasing sales volume	
Service/Consulting	Sales	
Tech [Software/Biotech]	Growth	
Tech [Software/Biotech]	Lead time for new products	
Transportation/Energy	asset utilization	
Transportation/Energy	New sources of growth	
Transportation/Energy	raising money	
Unspecified Industry	Funding from State and Federal Sources	

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Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2012

5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months? (e.g., +3%, -2%, etc.) [Leave blank if not applicable]

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Dividends	11.7	52.1	-1.5 - 25.0	0	-25	350	59

Health care costs	9.2	9.8	8.1 - 10.2	8	-50	100	342

Earnings	6.5	27.5	3.4 - 9.6	5	-75	200	297

Revenue	6.0	18.5	4.0 - 8.0	5	-30	200	328

Capital spending	5.0	38.5	0.7 - 9.4	1	-90	400	302

Wages/Salaries	4.2	23.4	1.7 - 6.8	3	-30	400	319

Productivity (output per hour worked)	4.0	11.3	2.3 - 5.7	2	-10	100	173

Technology spending	3.9	14.0	2.0 - 5.8	2	-50	100	212

Share repurchases	3.7	17.6	0.0 - 7.4	0	-50	100	88

Marketing/advertising spending	2.9	10.6	1.6 - 4.3	1	-25	100	241

Number of domestic full-time employees	2.7	18.8	0.5 - 4.9	1	-50	250	278

Number of offshore outsourced employees	2.5	12.9	0.0 - 5.0	0	-50	100	102

Prices of your products	2.2	4.0	1.7 - 2.7	2	-20	15	247

Cash on the balance sheet	0.9	28.7	-2.5 - 4.3	0	-85	200	272

Number of domestic temporary employees	0.4	14.9	-1.8 - 2.7	0	-75	100	167

Research and development spending	-0.8	10.1	-2.5 - 0.9	0	-50	30	138

13 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2012

5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months for:   [Unweighted - Sorted]

(N=411)

	Mean & SD	Positive	Zero	Negative	Total
	  	1	0	-1	  	
	0.9	318	15	9	342
Health care costs	0.4	93.0%	4.4%	2.6%	100.0%

	0.9	294	9	16	319
Wages/Salaries	0.5	92.2%	2.8%	5.0%	100.0%

	0.6	124	37	12	173
Productivity (output per hour worked)	0.6	71.7%	21.4%	6.9%	100.0%

	0.6	173	48	26	247
Prices of your products	0.7	70.0%	19.4%	10.5%	100.0%

	0.5	243	18	67	328
Revenue	0.8	74.1%	5.5%	20.4%	100.0%

	0.4	121	55	36	212
Technology spending	0.8	57.1%	25.9%	17.0%	100.0%

	0.4	128	79	37	244
Marketing/advertising spending	0.7	52.5%	32.4%	15.2%	100.0%

	0.4	193	24	83	300
Earnings	0.9	64.3%	8.0%	27.7%	100.0%

	0.4	23	34	2	59
Dividends	0.5	39.0%	57.6%	3.4%	100.0%

	0.3	147	59	72	278
Number of domestic full-time employees	0.8	52.9%	21.2%	25.9%	100.0%

	0.2	157	56	93	306
Capital spending	0.9	51.3%	18.3%	30.4%	100.0%

Number of offshore outsourced	0.2	24	75	3	102
employees	0.5	23.5%	73.5%	2.9%	100.0%

	0.2	56	55	28	139
Research and development spending	0.8	40.3%	39.6%	20.1%	100.0%

Number of domestic temporary	0.2	56	85	29	170
employees	0.7	32.9%	50.0%	17.1%	100.0%

	0.1	122	64	87	273
Cash on the balance sheet	0.9	44.7%	23.4%	31.9%	100.0%

	0.1	14	71	4	89
Share repurchases	0.4	15.7%	79.8%	4.5%	100.0%

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Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2012

5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [All Companies - Winsorized - Revenue Weighted - Sorted] 

	Mean	SD	95% CI	Median	Minimum	Maximum

Dividends	8.8	23.2	8.1 - 9.5	2	-25	113.8

Revenue	3.6	9.4	3.4 - 3.7	3	-30	42.3

Earnings	3.2	19.8	2.8 - 3.5	5	-71.8	86.7

Capital spending	2.5	22.9	2.0 - 2.9	0	-89.9	101.1

Technology spending	2.3	9.3	2.1 - 2.5	1	-23.5	31.4

Marketing/advertising spending	2.2	8.1	2.1 - 2.4	0	-25	98

Prices of your products	1.9	3.0	1.9 - 2.0	2	-5.6	10

Share repurchases	1.4	12.3	1.1 - 1.8	0	-38	43

Research and development spending	-0.8	6.9	-0.9 - -0.6	0	-27.3	24.2

Cash on the balance sheet	-3.0	19.4	-3.4 - -2.6	0	-56.7	57.9

15 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2012

5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [All Companies - Winsorized - Employee Weighted - Sorted]

	Mean	SD	95% CI	Median	Minimum	Maximum

Health care costs	7.7	6.0	7.6 - 7.9	8	-10	28.4

Wages/Salaries	2.6	3.7	2.6 - 2.7	3	-22	50.1

Productivity (output per hour worked)	2.5	3.8	2.4 - 2.6	2	-10	26.1

Number of offshore outsourced employees	0.5	7.0	0.3 - 0.8	0	-22.8	27.8

Number of domestic full-time employees	0.1	7.0	0.0 - 0.3	0	-34.1	39.5

Number of domestic temporary employees	-1.6	8.6	-1.9 - -1.3	0	-40.2	37.6

16 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2012

5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [Public Companies - Winsorized - Revenue Weighted] 

	Mean	SD	95% CI	Median	Minimum	Maximum

Dividends	11.9	27.4	10.8 - 12.9	3	-1	113.8

Earnings	8.8	18.9	8.1 - 9.4	8	-30	86.7

Revenue	2.9	11.1	2.5 - 3.2	3	-30	42.3

Cash on the balance sheet	0.6	19.7	-0.3 - 1.4	2	-56.7	30

Share repurchases	-3.5	12.5	-4.1 - -2.8	0	-38	15

17 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2012

6. Did your company make cuts in any of the following employee-related areas in the last six years?

(N=411)

	Did not reduce	Reduced or
	or eliminate	eliminated	
	242	169
Employee training/development	58.9%	41.1%

Company contribution to employee	258	153
health benefits	62.8%	37.2%

Company contribution to employee	263	148
pension benefits / 401(k)	64.0%	36.0%

	267	144
Hours worked per week	65.0%	35.0%

	292	119
Retirement benefits	71.0%	29.0%

Company contribution to other employee	367	44
benefits	89.3%	10.7%

18 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2012

6. Have you already or will you restore these items to pre-recession levels in 2013?  (Only companies that made cuts)

(N=411)

		Restored or	
	Not restored	plan to restore	Total	
	59	85	144
Hours worked per week	41.0%	59.0%	100.0%

	97	72	169
Employee training/development	57.4%	42.6%	100.0%

Company contribution to employee	86	62	148
pension benefits / 401(k)	58.1%	41.9%	100.0%

Company contribution to other employee	29	15	44
benefits	65.9%	34.1%	100.0%

	88	31	119
Retirement benefits	73.9%	26.1%	100.0%

Company contribution to employee	128	25	153
health benefits	83.7%	16.3%	100.0%

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Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2012

6b. Other policy specified

Not restored	salary icreases	
Not restored	travel expense reimbursements	
Not restored	share in health premiums	
Not restored	401k	
Not restored	PTO	
Not restored	bonuses	
Not restored	Eliminated some Part Tim employees	
Not restored	Christmas party	
Not restored	bonuses	
Not restored	bonus	
Not restored	workout reimbursement	
Not restored	Health Care Costs	
Not restored	salary raises to directors and above	
Not restored	retro cuts to non qualified plans	
Not restored	Cut Fat out of Overhead Services	
Not restored	wages	
Restored or plan to restore	Salary	
Restored or plan to restore	Employee Stock Purchase	
Restored or plan to restore	Tuition Reimbursement	
Restored or plan to restore	Salaried wages	
Restored or plan to restore	401k	
Restored or plan to restore	ESOP Contribution	
Restored or plan to restore	Retention Plan	
Restored or plan to restore	Merit Salary Increases	
Unknown	None. Company Est 2005	
Unknown	n/a independent contractors	
Unknown	No changes	
Unknown	no changes.	
Unknown	Moved to HSA	

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Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2012

7. Does your company typically pay bonuses?

	 	Number	Percent	95% CI
	Yes	335	82.7 %	± 3.8 %
	No	70	17.3 %	± 3.7 %
	Total	405	100.0 %

	Missing Cases = 6
	Response Percent = 98.5 %

21 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2012

If yes, how large will bonuses be this year, relative to last year?

	 	Number	Percent	95% CI
	-2=Substantially smaller	67	21.0 %	± 4.3 %
	-1=Somewhat smaller	58	18.2 %	± 4.1 %
	0=About the same	125	39.2 %	± 5.2 %
	+1=Somewhat larger	61	19.1 %	± 4.2 %
	+2=Substantially larger	8	2.5 %	± 1.6 %
	Total	319	100.0 %

	Mean = -0.4
	SD = 1.1

	Missing Cases = 16
	Response Percent = 95.2 %

22 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2012

8. What would be the effect on your company...

(N=411)

							My	
							company	
							doesn't do	
		Very				Very	business	
	Mean & SD	negative	Negative	Neutral	Positive	positive	in region	Total
	  	-2	-1	0	1	2		  	
... if economic growth in China continues	-0.4	13	105	123	24	0	146	411
to slow in 2013?	0.7	3.2%	25.5%	29.9%	5.8%	0.0%	35.5%	100.0%

... if economic growth in Latin America	-0.4	5	106	143	14	1	142	411
continues to slow in 2013?	0.6	1.2%	25.8%	34.8%	3.4%	0.2%	34.5%	100.0%

23 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2012

8. What would be the effect on your company... [only companies that do business in region]

(N=411)

		Very				Very	
	Mean & SD	negative	Negative	Neutral	Positive	positive	Total
	  	-2	-1	0	1	2	  	
... if economic growth in China continues	-0.4	13	105	123	24	0	265
to slow in 2013?	0.7	4.9%	39.6%	46.4%	9.1%	0.0%	100.0%

... if economic growth in Latin America	-0.4	5	106	143	14	1	269
continues to slow in 2013?	0.6	1.9%	39.4%	53.2%	5.2%	0.4%	100.0%

24 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2012

9a. How likely do you think it is that full sequestration (fiscal cliff) will occur in January?

	 	Number	Percent	95% CI
	-2=Very unlikely	29	7.1 %	± 2.5 %
	-1=Unlikely	150	36.9 %	± 4.7 %
	0=	71	17.4 %	± 3.7 %
	+1=Likely	131	32.2 %	± 4.5 %
	+2=Very likely	26	6.4 %	± 2.4 %
	Total	407	100.0 %

	Mean = -0.1
	SD = 1.1

	Missing Cases = 4
	Response Percent = 99.0 %

25 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2012

9b. If the U.S. goes over the fiscal cliff in 2013, would your company be better or worse off in 2018?

	 	Number	Percent	95% CI
	-2=Much worse off	44	10.9 %	± 3.0 %
	-1=Worse off	225	56.0 %	± 4.8 %
	0=About the same	97	24.1 %	± 4.1 %
	+1=Better off	33	8.2 %	± 2.6 %
	+2=Much better off	3	0.7 %	± 0.8 %
	Total	402	100.0 %

	Mean = -0.7
	SD = 0.8

	Missing Cases = 9
	Response Percent = 97.8 %

26 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2012

9c. Which of the following outcomes would your company prefer by January 1, 2013?

	 	Number	Percent	95% CI
	Plan like Bowles-Simpson ($1 in tax revenue increases
	   accompanying every $2 of spending cuts	255	62.8 %	± 4.7 %
	A plan more aggressive than the fiscal cliff, which would include
	   revenue measures such as reduced deductions, and which would
	   eliminate the deficit in five years.	54	13.3 %	± 3.3 %
	Short term compromise that avoids fiscal cliff in 2013 but does
	   not implement spending cuts, tax revenue increases, or reduce
	   deficit	42	10.3 %	± 2.9 %
	Other	38	9.4 %	± 2.8 %
	Fiscal cliff (significant spending cuts and expiration of Bush era
	   tax rates in 2013	17	4.2 %	± 1.9 %
	Total	406	100.0 %

	Missing Cases = 5
	Response Percent = 98.8 %

27 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2012

9c. Which of the following outcomes would your company prefer by January 1, 2013? - Other specified

Banking/Finance/Insurance	No spending cuts (redirect spending to stimulative investments) & tax increases for	
	top 1% & elimination of preferred tax treatment for carried interest	
Banking/Finance/Insurance	reduction of entitlements ( modicfications to SS age for example) and Congress's	
	ability  to  fund new programs ( x year moratorium) accompanied by modest tax	
	increases, the reductions for increased taxs must be at  least 2 to  1. It seems our	
	only  way out  oif this is an significant increas ein me	
Healthcare/Pharmaceutical	Cut spending by going back to 1980 levels with new lower flat tax rates!	
Healthcare/Pharmaceutical	tax cuts and reduced spending	
Manufacturing	A plan like Bowles-Simpson with a longer term outlook.  Plan to eliminate the	
	deficit over 10 years or so with even longer term outlook regarding reducing the	
	size of government dramatically over 25 years.	
Manufacturing	An aggressive plan focused on entitlement and other spending cuts with a modest	
	increase in tax rates	
Manufacturing	bi-lateral long term agreement to reduce deficit over next 8-10 years (likely	
	timeframe to stabilise the economy)	
Manufacturing	Bill that reduces size of federal government, buracracy,	
Manufacturing	Less tax revenues and agressive spending cuts on wasteful spending programs	
Manufacturing	More cuts: $1 in revenue for $10 in spending cuts	
Manufacturing	Plan like Bowles-Simpson ($1 in tax revenue increases accompanying every $4 of	
	spending cuts; deficit reduced but not eliminated	
Manufacturing	Reduce taxes to increase productivity and taxable income	
Manufacturing	Reduced Spending with NO tax increases - federal government gets it's fiscal	
	house in order	
Manufacturing	Significant spending cuts, small revenue increases w/o rate increases	
Manufacturing	tax increases	
Manufacturing	Warren Buffet's tax plan	
Mining/Construction	Eliminate special tax breaks, but keep rates the same and reduce spending $3 for	
	every $1 in eliminated tax breaks	
Other	extreme government spending cuts, no tax revenue increases	
Other	Govern: Make a deal that gets us 98% there now and save the fighting for 2013	
Other	Plan like Bowles-Simpson but with greater cuts than 1:2.  Deficit reduced but not	
	eliminated.	
Other	Plan like Ryan's	
Other	Plan more aggressive but could take longer than 5 years.	
Other	Pro-growth policy of Spending cuts and deficit reduction only	
Other	Reform the tax code; reduce govt spending to put on path to eliminate deficits	
Other	Tax increases, no spending cuts	
Retail/Wholesale	Keep FICA tax holiday, reduce govt spending, keep tax rates as is	
Retail/Wholesale	Raise taxes back to CXlinton era	
Retail/Wholesale	Reduce Taxes, CUT, CUT, CUT Spending	
Retail/Wholesale	Repeal Obamacare and implement spending cuts and stop buying foreign oil and	
	gas	
Retail/Wholesale	SHORT TERM COMPROMISE BUT CUTTING SPENDING IS A MUST.	
	HOW ABOUT A BUDGET.	
Service/Consulting	do not care	
Service/Consulting	REGN IN ENTITLEMENTS AND GO AFTER THE FRAUDS THAT	
	EXISTS IN THESE PROGRAMS	
Service/Consulting	Sharp spending cuts, tax plan for 'all' Americans, everybody pays something	
Tech [Software/Biotech]	Full tax  restructuring, fire all lawyers involved in legislation.	
Transportation/Energy	increase revenue, tax reenue increase, reduce deficit, some spending cuts	
Transportation/Energy	spending cuts only	
Transportation/Energy	structural tax code reform	

28 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2012

9d-1. If the following outcomes were to occur in 2013, would your company slow or reduce capital investment in 2013?

(N=411)

	Yes	No	Total	
	99	236	335
Short term compromise	29.6%	70.4%	100.0%

	237	118	355
Fiscal cliff	66.8%	33.2%	100.0%

	60	282	342
Plan like Bowles-Simpson	17.5%	82.5%	100.0%

	170	166	336
Plan more aggressive than the fiscal cliff	50.6%	49.4%	100.0%

29 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2012

9d-2. If the following outcomes were to occur in 2013, would your company slow or reduce hiring in 2013?

(N=411)

	Yes	No	Total	
	115	234	349
Short term compromise	33.0%	67.0%	100.0%

	253	108	361
Fiscal cliff	70.1%	29.9%	100.0%

	69	282	351
Plan like Bowles-Simpson	19.7%	80.3%	100.0%

	173	173	346
Plan more aggressive than the fiscal cliff	50.0%	50.0%	100.0%

30 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2012

10. On November 19, 2012 the annual yield on 10-yr treasury bonds was 1.6%. Please complete the following:

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Over the next 10 years, I expect the average annual S&P 500
return will be: There is a 1-in-10 chance it will be less than:	0.0	6.3	-0.7 - 0.6	1.9	-30	20	374

Over the next 10 years, I expect the average annual S&P 500
return will be: Expected return:	5.7	4.1	5.3 - 6.1	5	-5	39	373

Over the next 10 years, I expect the average annual S&P 500
return will be: There is a 1-in-10 chance it will be greater
than:	9.2	5.5	8.6 - 9.8	9	0	60	370

Over the next year, I expect the average annual S&P 500
return will be: There is a 1-in-10 chance it will be less than:	-5.0	10.3	-6.0 - -3.9	0	-50	30	376

Over the next year, I expect the average annual S&P 500
return will be: Expected return:	3.4	4.3	3.0 - 3.9	4	-20	16	377

Over the next year, I expect the average annual S&P 500
return will be: There is a 1-in-10 chance it will be greater
than:	8.5	5.5	7.9 - 9.0	8	-5	45	369

31 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2012

Revenue Weighted: 13. On November 19, 2012 the annual yield on 10-yr treasury bonds was 1.6%. Please complete the following:

	Mean	SD	95% CI	Median	Minimum	Maximum

Over the next 10 years, I expect the average annual S&P 500 return will
be: There is a 1-in-10 chance it will be less than:	0.0	5.0	-0.1 - 0.1	1	-12.3	12.3

Over the next 10 years, I expect the average annual S&P 500 return will
be: Expected return:	5.1	2.6	5.0 - 5.1	5	-2.3	13.7

Over the next 10 years, I expect the average annual S&P 500 return will
be: There is a 1-in-10 chance it will be greater than:	9.1	4.2	9.0 - 9.2	9	0	20

Over the next year, I expect the average annual S&P 500 return will be:
There is a 1-in-10 chance it will be less than:	-6.0	9.5	-6.2 - -5.9	-5	-25.1	15.1

Over the next year, I expect the average annual S&P 500 return will be:
Expected return:	3.0	3.9	2.9 - 3.0	3	-5.1	11.9

Over the next year, I expect the average annual S&P 500 return will be:
There is a 1-in-10 chance it will be greater than:	8.0	5.1	7.9 - 8.1	7	-2.3	19.3

32 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2012

Employee Weighted: 13. On November 19, 2012 the annual yield on 10-yr treasury bonds was 1.6%. Please complete the following:

	Mean	SD	95% CI	Median	Minimum	Maximum

Over the next 10 years, I expect the average annual S&P 500 return will
be: There is a 1-in-10 chance it will be less than:	0.3	4.4	0.2 - 0.4	1	-12.3	12.3

Over the next 10 years, I expect the average annual S&P 500 return will
be: Expected return:	5.1	2.6	5.0 - 5.1	5	-2.3	13.7

Over the next 10 years, I expect the average annual S&P 500 return will
be: There is a 1-in-10 chance it will be greater than:	8.5	3.6	8.4 - 8.6	8	0	20

Over the next year, I expect the average annual S&P 500 return will be:
There is a 1-in-10 chance it will be less than:	-5.3	8.5	-5.5 - -5.2	-4	-25.1	15

Over the next year, I expect the average annual S&P 500 return will be:
Expected return:	3.2	3.6	3.2 - 3.3	3	-5.1	11.9

Over the next year, I expect the average annual S&P 500 return will be:
There is a 1-in-10 chance it will be greater than:	7.9	4.7	7.8 - 8.0	7	-2.3	19.3

33 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2012

In 2012, by what amount did sales outside your (headquartered) country increase or decrease?

	Minimum = -20

	Maximum = 307

	Mean = 9.6

	Median = 4

	Standard Deviation (Unbiased) = 28.7

	95 Percent Confidence Interval Around The Mean = 6.4 - 12.8

	99 Percent Confidence Interval Around The Mean = 5.4 - 13.8

Quartiles

	 1 = 0
	 2 = 3.5
	 3 = 10

Valid Cases =307
Missing Cases =104
Response Percent = 74.7%

34 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2012

In 2012, did sales outside your (headquartered) country increase or decrease?

	Increase or decrease	Number	Percent	95% CI
	+1=Increase	151	48.2 %	± 4.7 %
	0=Same	112	35.8 %	± 4.3 %
	-1=Decrease	50	16.0 %	± 3.2 %
	Total	313	100.0 %

	Mean = 0.3
	SD = 0.7

	Missing Cases = 98
	Response Percent = 76.2 %

35 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2012

Manufacturing capacity utilized

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% of capacity utilized in last half of 2012	72.8	16.9	69.3 - 76.2	75	20	100	92

% of capacity utilization planned for the first half of 2013	73.5	16.3	70.2 - 76.8	78.5	25	100	92

36 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2012

Manufacturing capacity utilized (Revenue Weighted)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% of capacity utilized in last half of 2012	74.6	14.2	71.7 - 77.5	75	20	100	92

% of capacity utilization planned for the first half of 2013	74.5	14.2	71.6 - 77.4	78.5	25	100	92

37 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2012

Industry

	 	Number	Percent	95% CI
	Manufacturing	99	24.6 %	± 4.2 %
	Retail/Wholesale	56	13.9 %	± 3.3 %
	Service/Consulting	53	13.2 %	± 3.3 %
	Other	47	11.7 %	± 3.1 %
	Banking/Finance/Insurance	44	10.9 %	± 3.0 %
	Healthcare/Pharmaceutical	33	8.2 %	± 2.6 %
	Transportation/Energy	27	6.7 %	± 2.4 %
	Mining/Construction	21	5.2 %	± 2.1 %
	Tech [Software/Biotech]	12	3.0 %	± 1.6 %
	Communications/Media	11	2.7 %	± 1.6 %
	Total	403	100.0 %

	Missing Cases = 8
	Response Percent = 98.1 %

38 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2012

Industry (Other specified)

Aerospace/Defense	
Ag Merchandising and Supply	
Agriculture	
Agriculture & Manufacturing	
Agriculture/Nursery	
Aquarium	
Architecture	
Business Services - Cooking OIl distribution	
charity / non profit	
Commercial Real Estate	
Construction	
Education	
Education	
Education	
Education	
Employee Benefits	
Entertainment	
entertainment	
Equipment Rental	
Higher Education	
Hospitality	
Industrial Distribution	
Industrial recycling	
local government	
logoistics	
Maritime	
Membership Association Medical	
Mfg and field inspections	
non profit	
nonprofit environmental conservancy	
Not-for-profit	
Oil/Gas Contractor	
Photonics	
Publishing	
Real Estate	
Real Estate	
Real Estate	
Real Estate	
Real Estate	
Real Estate Development/Operations	
Real Estate Property Management	
Real estate	
real estate	
telecommunications	
telecommunications	
Trading	
Trading and Merchandising	

39 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2012

Sales Revenue

	 	Number	Percent	95% CI
	Less than $25 million	90	22.1 %	± 4.0 %
	$25-$99 million	116	28.5 %	± 4.4 %
	$100-$499 million	107	26.3 %	± 4.3 %
	$500-$999 million	25	6.1 %	± 2.3 %
	$1-$4.9 billion	47	11.5 %	± 3.1 %
	$5-$9.9 billion	5	1.2 %	± 1.1 %
	More than $10 billion	17	4.2 %	± 1.9 %
	Total	407	100.0 %

	Missing Cases = 4
	Response Percent = 99.0 %

40 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2012

Weighted Sales Revenue (Millions)

	Minimum = 25

	Maximum = 11000

	Mean = 1046.2

	Median = 62

	Standard Deviation (Unbiased) = 2400.7

	95 Percent Confidence Interval Around The Mean = 812.9 - 1279.4

	99 Percent Confidence Interval Around The Mean = 739.7 - 1352.6

	Skewness = 3.2

	Kolmogorov-Smirnov Statistic For Normality = 7.9

Quartiles

	 1 = 62
	 2 = 62
	 3 = 300

Valid Cases =407
Missing Cases =4
Response Percent = 99.0%

41 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2012

Number of Employees

	 	Number	Percent	95% CI
	Fewer than 100	95	27.5 %	± 4.1 %
	100-499	116	33.5 %	± 4.4 %
	500-999	51	14.7 %	± 3.2 %
	1,000-2,499	26	7.5 %	± 2.4 %
	2,500-4,999	18	5.2 %	± 2.0 %
	5,000-9,999	15	4.3 %	± 1.8 %
	Over 10,000	25	7.2 %	± 2.3 %
	Total	346	100.0 %

	Missing Cases = 65
	Response Percent = 84.2 %

42 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2012

Weighted Number of Employees

	Minimum = 100

	Maximum = 12000

	Mean = 1757.4

	Median = 300

	Standard Deviation (Unbiased) = 3296.0

	95 Percent Confidence Interval Around The Mean = 1410.1 - 2104.7

	99 Percent Confidence Interval Around The Mean = 1301.1 - 2213.6

	Skewness = 2.4

	Kolmogorov-Smirnov Statistic For Normality = 7.0

Quartiles

	 1 = 100
	 2 = 300
	 3 = 750

Valid Cases =346
Missing Cases =65
Response Percent = 84.2%

43 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2012

Where are you personally located?

	 	Number	Percent	95% CI
	Midwest U.S.	146	35.7 %	± 4.6 %
	Northeast U.S.	91	22.2 %	± 4.0 %
	South Atlantic U.S.	63	15.4 %	± 3.5 %
	South Central U.S.	44	10.8 %	± 3.0 %
	Pacific US	44	10.8 %	± 3.0 %
	Mountain U.S.	15	3.7 %	± 1.8 %
	Canada	3	0.7 %	± 0.8 %
	Other	2	0.5 %	± 0.7 %
	Asia	1	0.2 %	± 0.5 %
	Latin America	0	0.0 %	± 0.0 %
	Africa	0	0.0 %	± 0.0 %
	Europe	0	0.0 %	± 0.0 %
	Total	409	100.0 %

	Missing Cases = 2
	Response Percent = 99.5 %

44 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2012

Where are you personally located? - Other specified

across US	
Southeast U.S.	

45 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2012

Ownership

	 	Number	Percent	95% CI
	Private	234	68.8 %	± 4.8 %
	Public	67	19.7 %	± 3.6 %
	Nonprofit	31	9.1 %	± 2.6 %
	Government	8	2.4 %	± 1.3 %
	Total	340	100.0 %

	Missing Cases = 71
	Response Percent = 82.7 %

46 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2012

Foreign Sales

	 	Number	Percent	95% CI
	0%	186	46.2 %	± 4.8 %
	1-24%	150	37.2 %	± 4.7 %
	25-50%	34	8.4 %	± 2.7 %
	More than 50%	33	8.2 %	± 2.6 %
	Total	403	100.0 %

	Missing Cases = 8
	Response Percent = 98.1 %

47 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2012

In what region of the world are most of your foreign sales?

	 	Number	Percent	95% CI
	Europe	70	39.5 %	± 6.3 %
	US/Canada	51	28.8 %	± 5.7 %
	Asia/Pacific Basin	33	18.6 %	± 4.8 %
	Latin America	20	11.3 %	± 3.9 %
	Africa	3	1.7 %	± 1.6 %
	Total	177	100.0 %

	Missing Cases = 40
	Response Percent = 81.6 %

48 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2012

Foreign Sales by Region

N=411		

Total		No
Foreign
Sales		

Africa		

Asia/Pacific Basin		

Europe		

Latin America/Mexico		

US/Canada	
				0%		1-24%	>50%		1-24%	25-50%	>50%		1-24%	25-50%	>50%		1-24%	25-50%	>50%		1-24%	25-50%	
																							
Number		411		186		2	1		17	6	10		41	18	11		15	1	4		47	4	
Percent		100.0%		100.0%		66.7%	33.3%		51.5%	18.2%	30.3%		58.6%	25.7%	15.7%		75.0%	5.0%	20.0%		92.2%	7.8%	
																							
Capital spending	
																							
N		306		135		2	0		8	1	9		36	16	9		12	1	2		36	3	
Mean		5.6		7.2		-24.5	---		4.8	5.0	9.1		8.7	-0.4	-0.8		0.7	-10.0	14.0		1.7	13.3	
SD		48.7		65.5		36.1	---		40.0	---	36.6		35.8	7.3	13.9		19.2	---	22.6		33.5	10.4	
																							
Cash on the balance sheet	
																							
N		273		125		0	1		8	2	8		31	13	5		12	0	2		34	1	
Mean		0.5		-0.1		---	-10.0		-13.1	-1.5	-3.1		8.4	-5.7	-11.0		2.3	---	-1.5		7.9	5.0	
SD		29.2		33.0		---	---		34.8	4.9	20.9		26.6	22.2	36.3		39.0	---	2.1		25.4	---	
																							
Dividends	
																							
N		59		17		0	0		4	0	2		4	3	4		1	0	2		7	0	
Mean		11.7		13.4		---	---		3.0	---	4.0		1.8	3.0	1.3		10.0	---	174.5		3.3	---	
SD		52.1		49.1		---	---		2.4	---	1.4		2.4	4.4	2.5		---	---	248.2		4.7	---	
																							
Earnings	
																							
N		300		136		2	1		11	1	10		30	13	7		15	0	2		38	2	
Mean		7.4		7.3		-5.0	-10.0		21.3	1.0	6.7		6.9	4.2	22.1		6.0	---	-5.0		11.4	2.5	
SD		40.5		53.4		14.1	---		61.6	---	34.9		21.7	17.2	34.9		12.2	---	0.0		13.4	6.4	
																							
Health care costs	
																							
N		342		161		2	1		11	3	9		35	15	9		14	1	1		40	2	
Mean		9.2		9.5		6.5	15.0		9.3	5.3	9.0		8.6	7.6	11.8		8.4	10.0	2.0		10.7	7.5	
SD		9.8		11.6		4.9	---		3.3	0.6	3.7		8.2	4.3	13.6		5.9	---	---		9.9	2.1	
																							
Marketing/advertising spending	
																							
N		244		114		2	0		6	1	6		27	10	8		8	1	1		30	0	
Mean		6.6		6.3		5.5	---		2.3	3.0	-0.3		4.8	1.8	4.9		-0.9	10.0	-4.0		20.8	---	
SD		46.6		48.6		6.4	---		16.3	---	0.8		6.4	3.3	10.3		8.9	---	---		92.5	---	

49 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2012

Foreign Sales by Region

N=411		

Total		No
Foreign
Sales		

Africa		

Asia/Pacific Basin		

Europe		

Latin America/Mexico		

US/Canada	
				0%		1-24%	>50%		1-24%	25-50%	>50%		1-24%	25-50%	>50%		1-24%	25-50%	>50%		1-24%	25-50%	
																							
Number of domestic full-time employees	
																							
N		278		122		1	0		11	2	9		31	15	8		9	0	1		34	3	
Mean		2.7		4.5		1.0	---		2.5	10.0	0.3		0.4	4.3	-1.9		2.2	---	0.0		1.3	1.3	
SD		18.8		26.4		---	---		9.3	17.0	6.1		6.5	20.8	11.8		2.0	---	---		7.2	4.0	
																							
Number of domestic temporary employees	
																							
N		170		68		0	0		5	1	7		18	10	5		7	1	1		22	0	
Mean		-1.4		-0.6		---	---		-12.0	59.0	-15.7		5.2	-6.8	-1.0		-6.1	15.0	0.0		-2.5	---	
SD		19.9		20.1		---	---		21.7	---	38.2		23.8	17.9	5.5		19.5	---	---		17.1	---	
																							
Number of offshore outsourced employees	
																							
N		102		27		0	0		4	2	4		13	8	7		2	0	1		16	0	
Mean		2.5		2.6		---	---		0.0	1.5	2.5		2.9	3.4	0.9		0.0	---	0.0		9.1	---	
SD		12.9		9.8		---	---		0.0	0.7	2.9		6.7	4.3	2.0		0.0	---	---		25.6	---	
																							
Prices of your products	
																							
N		247		96		2	1		10	1	10		31	11	6		11	0	1		33	0	
Mean		2.2		2.1		0.5	-10.0		2.6	4.0	1.4		2.1	0.7	1.0		2.8	---	0.0		3.0	---	
SD		4.0		5.0		3.5	---		1.6	---	2.5		2.5	2.4	1.5		3.2	---	---		3.9	---	
																							
Productivity (output per hour worked)	
																							
N		173		65		1	0		8	1	5		23	8	5		10	0	1		22	0	
Mean		4.0		5.4		2.0	---		3.5	1.0	-0.8		3.4	4.1	5.2		2.0	---	0.0		3.8	---	
SD		11.3		17.6		---	---		3.9	---	5.5		3.8	4.7	3.1		3.9	---	---		5.1	---	
																							
Research and development spending	
																							
N		139		40		1	0		5	1	5		21	13	6		9	0	1		17	0	
Mean		-1.5		-4.5		-2.0	---		-12.2	1.0	-2.6		2.9	-1.8	-6.7		-0.6	---	-1.0		1.9	---	
SD		13.2		20.7		---	---		17.7	---	6.7		5.1	6.8	14.8		11.4	---	---		3.9	---	
																							
Revenue	
																							
N		328		149		1	1		14	1	10		34	17	7		15	1	2		40	1	
Mean		6.0		6.4		3.0	-10.0		6.0	6.0	-0.3		8.1	1.3	1.3		3.9	10.0	9.0		9.5	10.0	
SD		18.5		22.9		---	---		16.0	---	11.3		24.3	12.2	10.8		6.2	---	15.6		9.6	---	

50 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2012

Foreign Sales by Region

N=411		

Total		No
Foreign
Sales		

Africa		

Asia/Pacific Basin		

Europe		

Latin America/Mexico		

US/Canada	
				0%		1-24%	>50%		1-24%	25-50%	>50%		1-24%	25-50%	>50%		1-24%	25-50%	>50%		1-24%	25-50%	
																							
Share repurchases	
																							
N		89		32		0	0		5	1	3		9	5	3		2	0	1		11	1	
Mean		2.5		4.2		---	---		20.0	0.0	3.3		-1.1	2.0	0.0		0.0	---	0.0		-6.4	100.0	
SD		20.7		11.4		---	---		44.7	---	5.8		3.3	4.5	0.0		0.0	---	---		32.2	---	
																							
Technology spending	
																							
N		212		91		1	0		6	1	6		25	9	5		7	0	1		30	1	
Mean		3.9		2.3		-2.0	---		-0.5	2.0	-3.8		5.8	1.8	1.4		2.6	---	-1.0		8.6	5.0	
SD		14.0		13.6		---	---		7.4	---	8.3		12.3	15.6	2.2		4.1	---	---		20.1	---	
																							
Wages/Salaries	
																							
N		319		145		2	0		13	2	10		33	14	7		14	0	2		38	3	
Mean		4.2		6.4		2.0	---		3.6	3.0	2.8		1.9	0.2	-0.7		3.5	---	3.0		2.8	3.0	
SD		23.4		34.3		1.4	---		2.2	0.0	0.8		6.0	8.9	9.4		2.1	---	1.4		1.6	0.0	

51 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2012

What is your company's credit rating? 

	 	Number	Percent	Cumulative
	AAA	32	10.4 %	10.4 %
	AA+	32	10.4 %	20.7 %
	AA	37	12.0 %	32.7 %
	AA-	17	5.5 %	38.2 %
	A+	18	5.8 %	44.0 %
	A	22	7.1 %	51.1 %
	A-	22	7.1 %	58.3 %
	BBB+	28	9.1 %	67.3 %
	BBB	22	7.1 %	74.4 %
	BBB-	11	3.6 %	78.0 %
	BB+	12	3.9 %	81.9 %
	BB	15	4.9 %	86.7 %
	BB-	7	2.3 %	89.0 %
	B+	7	2.3 %	91.3 %
	B	5	1.6 %	92.9 %
	B-	8	2.6 %	95.5 %
	CCC	8	2.6 %	98.1 %
	CC	4	1.3 %	99.4 %
	D	2	0.6 %	100.0 %
	Total	309	100.0 %	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

52 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2012

What is your company's credit rating? 

N=309		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
Total		309		105	204	
		100.0%		34.0%	66.0%	
						
AAA		32		17	15	
		10.4%		16.2%	7.4%	
				b	a	
						
AA+		32		11	21	
		10.4%		10.5%	10.3%	
						
AA		37		8	29	
		12.0%		7.6%	14.2%	
						
AA-		17		4	13	
		5.5%		3.8%	6.4%	
						
A+		18		8	10	
		5.8%		7.6%	4.9%	
						
A		22		7	15	
		7.1%		6.7%	7.4%	
						
A-		22		6	16	
		7.1%		5.7%	7.8%	
						
BBB+		28		14	14	
		9.1%		13.3%	6.9%	
						
BBB		22		5	17	
		7.1%		4.8%	8.3%	
						
BBB-		11		5	6	
		3.6%		4.8%	2.9%	
						
BB+		12		7	5	
		3.9%		6.7%	2.5%	
						
BB		15		5	10	
		4.9%		4.8%	4.9%	
						
BB-		7		2	5	
		2.3%		1.9%	2.5%	
						
B+		7		1	6	
		2.3%		1.0%	2.9%	
						
B		5		1	4	
		1.6%		1.0%	2.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

53 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2012

What is your company's credit rating? 

N=309		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
B-		8		1	7	
		2.6%		1.0%	3.4%	
						
CCC		8		2	6	
		2.6%		1.9%	2.9%	
						
CC		4		1	3	
		1.3%		1.0%	1.5%	
						
D		2		0	2	
		0.6%		0.0%	1.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01