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)	6
3. What are the top three external concerns facing your corporation? - Other specified	7
4. What are the top three internal, company-specific concerns for your corporation? (rank #1, #2, #3)	8
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)	9
4. What are the top three internal, company-specific concerns your corporation faces? - Other specified	10
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]	11
5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 
months for:   [Unweighted - Sorted]	12
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]	13
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]	14
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]	15
6. When do you anticipate domestic employment at your firm to return to year-end 2007 (pre-recession) levels?	16
7. Did your company make cuts in any of the following employee-related areas from 2007-2009? – Reduced or eliminated 
from 2007-2009	17
7. Did your company make cuts in any of the following employee-related areas from 2007-2009? – Company contribution 
to other employee benefits - Other specifed	18
7. Have you already or will you restore these items to pre-recession levels by June 2011? – Already restored or plan to 
restore to pre-recession levels in the next 12 months	19
7. Have you already or will you restore these items to pre-recession levels by June 2011? – Already restored or plan to 
restore to pre-recession levels in the next 12 months - Other specifed	20
7.  Did your company make cuts in any of the following employee-related areas from 2007-2009? Have you already or 
will you restore these items to pre-recession levels by June 2011? - Summary	21
8.  At the present time, in which of the following areas is your company focusing its investment for growth? (Check 
all that apply, up to three)	22
8. At the present time, in which of the following areas is your company focusing its investment for growth? - Other specified	23
9.  How would you characterize your company's market position right now?	24
9.  How would you characterize your company's market position right now? - Other specified	25
10. Compared to 2009, how much do you expect consumer/customer demand for your company's goods/services to 
change in 2010?	26
10b. If you expect an increase, how confident are you in your company's ability to meet increased demand?	27
11. Compared to Fall 2009, does your company find borrowing now:	28
11b. In the past year, has your company restricted capital spending below the desired level due to funding difficulties?	29
11c. Due to capital spending below the desired level, has your company shifted (or will it shift) from "capital towards 
labor" in your operations?	30
12. Did your firm experience a covenant violation (or near-violation) for a line of credit during 2008/2009?	31
No violation or near-violation - 12b. Even though there was no credit line violation...	32
No violation or near-violation - Did you renegotiate your credit facility during 2008/2009?	33
No violation or near-violation - Facility was renegotiated	34
No violation or near-violation - Facility was renegotiated	35
No violation or near-violation - Facility was renegotiated - Other changes specified	36
No violation or near-violation - Consider borrowing from all of your credit lines, to what extent had your firm drawn on 
its lines of credit during 2008/2009?	37
Near-violation - 12b. Given that you had a near violation...	38
Near-violation - Did you renegotiate your credit facility during 2008/2009?	39
Near-violation - Facility was renegotiated	40
Near-violation - Facility was renegotiated	41
Near-violation - Facility was renegotiated - Other changes specified	42
Near-violation - Consider borrowing from all of your credit lines,	43
Violation - We violated:	44
Violation - Tell us about your covenant violation and the consequences:	46
Violation - Did you renegotiate your credit facility during 2008/2009?	47
Violation - Facility was renegotiated	48
Violation - Facility was renegotiated	49
Violation - Facility was renegotiated - Other changes specified	50
Violation - Consider borrowing from all of your (remaining) credit lines,	51
13. Compared to your company's views prior to the credit crisis, is your company now more willing to pay for a “rainy day” 
credit facility (which could simply be a larger line of credit than usual), that you have no real intention of drawing on but 
which would provide liquidity if needed in extreme circumstances?	52
13. Compared to your company's views prior to the credit crisis, is your company now more willing to pay for a “rainy day”
credit facility (which could simply be a larger line of credit than usual), that you have no real intention of drawing on but 
which would provide liquidity if needed in extreme circumstances? - Additional information	53
14. On May 24, 2010 the annual yield on 10-yr treasury bonds was 3.2%. Please complete the following:	54
Revenue Weighted: 14. On May 24, 2010 the annual yield on 10-yr treasury bonds was 3.2%. Please complete the 
following:	55
Employee Weighted: 14. On May 24, 2010 the annual yield on 10-yr treasury bonds was 3.2%. Please complete the 
following:	56
Industry	57
Industry (Other specified)	58
Sales Revenue	60
Weighted Sales Revenue (Millions)	61
Number of Employees	62
Weighted Number of Employees	63
Where are you personally located?	64
Where are you personally located? - Other specified	65
Ownership	66
Foreign Sales	67
What is your company's credit rating? 	68
What is your company's credit rating? 	69
What is your company's credit rating? 	70

1 

Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

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

	 	Number	Percent	95% CI
	3=More optimistic	216	40.4 %	± 4.2 %
	2=No change	185	34.6 %	± 4.0 %
	1=Less optimistic	134	25.0 %	± 3.7 %
	Total	535	100.0 %

	Mean = 2.2
	SD = 0.8

	Missing Cases = 0 
	Response Percent = 100.0 %

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Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

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 = 100

	Mean = 57.5

	Median = 60

	Standard Deviation (Unbiased) = 15.3

	95 Percent Confidence Interval Around The Mean = 56.1 - 58.9

Quartiles

	 1 = 50
	 2 = 60
	 3 = 70

Valid Cases = 490 
Missing Cases = 45 
Response Percent = 91.6%

3 

Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

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

	 	Number	Percent	95% CI
	3=More optimistic	244	45.7 %	± 4.2 %
	2=No change	161	30.1 %	± 3.9 %
	1=Less optimistic	129	24.2 %	± 3.6 %
	Total	534	100.0 %

	Mean = 2.2
	SD = 0.8

	Missing Cases = 1 
	Response Percent = 99.8 %

4 

Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

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 = 100

	Mean = 65.6

	Median = 70

	Standard Deviation (Unbiased) = 18.3

	95 Percent Confidence Interval Around The Mean = 63.9 - 67.2

Quartiles

	 1 = 50.8
	 2 = 70
	 3 = 80

Valid Cases = 491 
Missing Cases = 44 
Response Percent = 91.8%

5 

Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

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

(N=535)

	Mean & SD	1st	2nd	3rd	Total	
	1.6	195	66	54	315
Consumer demand	0.8	36.4%	12.3%	10.1%	58.9%

	1.8	27	9	17	53
Other:	0.9	5.0%	1.7%	3.2%	9.9%

	1.9	96	76	75	247
Federal government agenda/policies	0.8	17.9%	14.2%	14.0%	46.2%

	2.1	12	14	15	41
Currency risk	0.8	2.2%	2.6%	2.8%	7.7%

	2.1	45	88	72	205
Price pressure from competitors	0.7	8.4%	16.4%	13.5%	38.3%

	2.1	39	61	61	161
Global financial instability	0.8	7.3%	11.4%	11.4%	30.1%

	2.1	45	69	71	185
Credit markets/interest rates	0.8	8.4%	12.9%	13.3%	34.6%

	2.2	25	56	46	127
Federal budget deficit	0.7	4.7%	10.5%	8.6%	23.7%

	2.2	12	22	22	56
Cost of non-fuel commodities	0.8	2.2%	4.1%	4.1%	10.5%

	2.2	14	21	25	60
Cost of fuel	0.8	2.6%	3.9%	4.7%	11.2%

	2.3	6	16	16	38
Foreign competition	0.7	1.1%	3.0%	3.0%	7.1%

	2.3	14	26	34	74
Financial regulation	0.8	2.6%	4.9%	6.4%	13.8%

	2.4	4	8	17	29
Environmental regulation	0.7	0.7%	1.5%	3.2%	5.4%

	2.5	1	3	7	11
Trade policies and trade agreements	0.7	0.2%	0.6%	1.3%	2.1%

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Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

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	1.44	1.34	534

Federal government agenda/policies	0.96	1.18	534

Price pressure from competitors	0.72	1.02	534

Credit markets/interest rates	0.64	1.00	534

Global financial instability	0.56	0.96	534

Federal budget deficit	0.44	0.86	534

Financial regulation	0.24	0.66	534

Other:	0.22	0.71	534

Cost of fuel	0.20	0.63	534

Cost of non-fuel commodities	0.19	0.61	534

Currency risk	0.15	0.56	534

Foreign competition	0.12	0.49	534

Environmental regulation	0.08	0.39	534

Trade policies and trade agreements	0.03	0.23	534

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Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

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

Available management talent	
Capital Spending Constraints amongst customer base	
China labor	
Collections from Corporate Customers	
consumer price leverage	
Continued economic uncertainty	
Corp IT and capital investment spend	
defaulting on loans by members	
Disease management	
Europe debt implosion	
Fragmentation	
Fuel Prices	
Funding at State & Local levels	
General Business Recovery	
General financial markets	
Global economy	
gov't civil/military space spending	
HEALTH CARE MANDATES	
Health Care Deformed	
Health Care Reform	
health care law	
health reform	
Healthcare payor landscape	
Heath Care reform	
Housing	
Inability to deal forcibly with Iran, N Korea and the attorney General who thinks he works for Obama	
inflation	
lack of state support dollars	
local budget pressures	
Market consolidation	
money availability	
Obtaining adequate financing	
overall economy	
Raw material shortages	
shortage of production capacity	
Significant drop in Tax revenues	
Stable business model	
State Budget Deficit	
State budget shortfalls	
state budget deficit	
State deficit	
State Gov't actions	
state goverment funding	
State/local deficits/For eign govt budgets	
state/local budget deficits	
stock market fluctuation	
Supply Chain concerns	
unemployment	
unemployment; foreclosure	
Wage pessure	
Wage pressures	

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Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

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

(N=535)

	Mean & SD	1st	2nd	3rd	Total	
	1.5	218	84	51	353
Ability to maintain margins	0.7	40.7%	15.7%	9.5%	66.0%

	1.8	17	5	10	32
Other:	0.9	3.2%	0.9%	1.9%	6.0%

	1.8	32	26	19	77
Balance sheet weakness	0.8	6.0%	4.9%	3.6%	14.4%

	1.9	84	62	57	203
Ability to forecast results	0.8	15.7%	11.6%	10.7%	37.9%

	2.0	8	8	9	25
Protection of intellectual property	0.8	1.5%	1.5%	1.7%	4.7%

Attracting and retaining qualified	2.1	34	43	42	119
employees	0.8	6.4%	8.0%	7.9%	22.2%

	2.2	16	41	31	88
Supply chain risk	0.7	3.0%	7.7%	5.8%	16.4%

	2.2	33	57	64	154
Working capital management	0.8	6.2%	10.7%	12.0%	28.8%

	2.2	32	60	72	164
Cost of health care	0.8	6.0%	11.2%	13.5%	30.7%

	2.3	37	76	91	204
Maintaining morale/productivity	0.7	6.9%	14.2%	17.0%	38.1%

	2.3	4	11	11	26
Counterparty risk	0.7	0.7%	2.1%	2.1%	4.9%

	2.3	4	11	12	27
Data security	0.7	0.7%	2.1%	2.2%	5.0%

	2.3	5	11	15	31
Pension obligations	0.7	0.9%	2.1%	2.8%	5.8%

	2.4	10	33	45	88
Managing IT systems	0.7	1.9%	6.2%	8.4%	16.4%

9 

Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

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	1.64	1.31	533

Ability to forecast results	0.81	1.15	533

Maintaining morale/productivity	0.66	0.96	533

Cost of health care	0.54	0.91	533

Working capital management	0.52	0.91	533

Attracting and retaining qualified employees	0.43	0.89	533

Balance sheet weakness	0.31	0.82	533

Supply chain risk	0.30	0.74	533

Managing IT systems	0.26	0.66	533

Other:	0.13	0.57	533

Pension obligations	0.10	0.43	533

Protection of intellectual property	0.09	0.45	533

Data security	0.09	0.41	533

Counterparty risk	0.08	0.40	533

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Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

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

Ability to plan for longer term	
ability to launch new products on time	
acquisition assimilation	
borrower asset quality	
business transformation	
Collecting A/R	
Compliance w/ govt regulation	
Customer financial stability	
Gaining new customers	
Housing bubble overhang	
Inability to remain competitive for recruitment of top talent	
integration issues	
labor agreement	
Managing costs in a downturn	
Managing growth	
Managing investment risk	
New Business Development	
NEW PRODUCT INTRODUCTIONS	
New Product Success	
project management	
R&D progress	
Retention of top-rated employees	
revenue	
Revenue Generation	
Revenue Growth	
Revenue growth	
ROIC	
stimulating new sales	
The lack of a state budget solution	
too much illegal immigration	
winning new biz	
Worldwide Customer Instability	

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Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

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

Earnings	18.13	52.20	12.94 - 23.31	5	-75	400	389

Health care costs	9.61	7.38	8.92 - 10.31	10	-20	50	429

Capital spending	9.58	47.97	4.95 - 14.20	2	-90	400	413

Cash on the balance sheet	9.48	40.22	5.37 - 13.59	2	-80	300	368

Technology spending	7.51	25.64	4.75 - 10.27	4	-80	300	331

Marketing/advertising spending	7.06	26.95	4.17 - 9.96	2	-80	250	332

Research and development spending	5.61	13.03	3.88 - 7.35	2	-50	100	216

Productivity (output per hour worked)	4.28	8.26	3.32 - 5.24	3	-25	100	284

Dividends	4.22	18.29	-0.62 - 9.05	0	-20	100	55

Number of offshore outsourced employees	3.40	21.19	0.14 - 6.66	0	-90	200	162

Number of domestic full-time employees	2.18	21.93	0.05 - 4.31	1	-84	345	407

Wages/Salaries	2.18	6.51	1.58 - 2.79	3	-75	50	447

Share repurchases	1.72	9.68	0.07 - 3.37	0	-50	50	132

Prices of your products	1.41	6.26	0.76 - 2.07	2	-37	40	350

Number of domestic temporary employees	-0.11	17.75	-2.28 - 2.07	0	-80	100	255

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Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

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

(N=535)

	Mean & SD	Positive	Zero	Negative	Total
	  	1	0	-1	  	
	0.9	403	10	16	429
Health care costs	0.4	93.9%	2.3%	3.7%	100.0%

	0.8	385	33	29	447
Wages/Salaries	0.5	86.1%	7.4%	6.5%	100.0%

	0.7	210	57	17	284
Productivity (output per hour worked)	0.6	73.9%	20.1%	6.0%	100.0%

	0.5	223	64	45	332
Technology spending	0.7	67.2%	19.3%	13.6%	100.0%

	0.5	287	27	82	396
Earnings	0.8	72.5%	6.8%	20.7%	100.0%

	0.5	117	81	18	216
Research and development spending	0.6	54.2%	37.5%	8.3%	100.0%

	0.4	190	96	46	332
Marketing/advertising spending	0.7	57.2%	28.9%	13.9%	100.0%

	0.3	196	78	76	350
Prices of your products	0.8	56.0%	22.3%	21.7%	100.0%

	0.3	239	78	101	418
Capital spending	0.8	57.2%	18.7%	24.2%	100.0%

	0.3	200	72	99	371
Cash on the balance sheet	0.9	53.9%	19.4%	26.7%	100.0%

Number of offshore outsourced	0.3	51	102	9	162
employees	0.6	31.5%	63.0%	5.6%	100.0%

	0.3	217	79	112	408
Number of domestic full-time employees	0.9	53.2%	19.4%	27.5%	100.0%

	0.2	13	39	3	55
Dividends	0.5	23.6%	70.9%	5.5%	100.0%

Number of domestic temporary	0.2	88	125	43	256
employees	0.7	34.4%	48.8%	16.8%	100.0%

	0.1	17	111	5	133
Share repurchases	0.4	12.8%	83.5%	3.8%	100.0%

13 

Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

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

Earnings	11.76	31.54	11.31 - 12.21	5	-75	120.40

Capital spending	9.00	28.92	8.60 - 9.39	3	-84.40	103.60

Technology spending	5.93	12.74	5.73 - 6.12	3	-42.70	57.76

Cash on the balance sheet	5.90	25.64	5.52 - 6.28	2	-69.40	88.31

Marketing/advertising spending	3.96	10.99	3.78 - 4.13	2	-45.80	59.88

Research and development spending	3.94	8.49	3.78 - 4.10	2	-19.90	31.15

Dividends	2.72	9.30	2.47 - 2.97	0	-20	40.07

Share repurchases	1.58	5.14	1.46 - 1.70	0	-17.30	20.69

Prices of your products	1.47	4.74	1.40 - 1.54	1.50	-10.90	13.68

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Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

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	8.03	5.47	7.95 - 8.12	7	-4.85	24.07

Number of offshore outsourced employees	5.51	10.63	5.27 - 5.75	2	-38.10	44.93

Productivity (output per hour worked)	3.66	5.14	3.57 - 3.76	3	-11.90	20.47

Wages/Salaries	2.58	2.12	2.55 - 2.61	3	-10.60	14.94

Number of domestic full-time employees	0.68	7.11	0.57 - 0.79	0	-40.80	45.16

Number of domestic temporary employees	-0.18	10.52	-0.39 - 0.02	0	-34.90	34.68

15 

Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

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

Earnings	12.14	29.98	11.50 - 12.78	10	-67	120.40

Dividends	2.79	9.57	2.52 - 3.06	0	-20	40.07

Cash on the balance sheet	2.09	26.09	1.50 - 2.68	3	-69.40	88.31

Share repurchases	1.40	3.96	1.27 - 1.53	0	0	20.69

16 

Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

6. When do you anticipate domestic employment at your firm to return to year-end 2007 (pre-recession)  levels?

	 	Number	Percent	Cumulative
	Already at or exceeding year-end 2007 levels	135	25.3 %	25.3 %
	Later in 2010	19	3.6 %	28.8 %
	In 2011	65	12.2 %	41.0 %
	In 2012	98	18.4 %	59.4 %
	In 2013	47	8.8 %	68.2 %
	In 2014 or later	70	13.1 %	81.3 %
	Possibly never	100	18.7 %	100.0 %
	Total	534	100.0 %	100.0 %

	Missing Cases = 1 
	Response Percent = 99.8 %

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Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

7. Did your company make cuts in any of the following employee-related areas from 2007-2009? - Reduced or eliminated from 2007-2009

	 	Number	Percent	95% CI
	Bonuses	331	61.9 %	± 4.1 %
	Domestic workforce	330	61.7 %	± 4.1 %
	Overtime	270	50.5 %	± 4.3 %
	Wages	246	46.0 %	± 4.2 %
	Employee training/development	223	41.7 %	± 4.2 %
	Company contribution to employee pension benefits (including
	   401K)	164	30.7 %	± 3.9 %
	Average hours worked per week	155	29.0 %	± 3.9 %
	Company contribution to employee health benefits	125	23.4 %	± 3.6 %
	Retirement benefits	113	21.1 %	± 3.5 %
	Outsourced workforce	107	20.0 %	± 3.4 %
	Company contribution to other employee benefits	27	5.0 %	± 1.9 %
	Total	2091

	Number of Cases =535
	Number of Responses =2091
	Average Number Of Responses Per Case = 3.9
	Number Of Cases With At Least One Response =487
	Response Percent = 91.0 %

18 

Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

7. Did your company make cuts in any of the following employee-related areas from 2007-2009? - Company contribution to other employee benefits - Other specifed

eliminated all	
eliminated life insurance gone/stopped paying 100% of employee portion of HC	
Employee Picnic and xmas party	
Executive benefits	
Fewer vacation days granted	
froze pension for new hires	
lower potential annual wage increase	
profit sharing	
PTO	
retiree health plan	
Sports an Social Activities	
Travel	
Tuition reimbursement	
Vehicle allowances	

19 

Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

7. Have you already or will you restore these items to pre-recession levels by June 2011? - Already restored or plan to restore to pre-recession levels in the next 12 months 

	 	Number	Percent	95% CI
	Bonuses	127	23.7 %	± 3.6 %
	Wages	120	22.4 %	± 3.6 %
	Average hours worked per week	90	16.8 %	± 3.2 %
	Employee training/development	84	15.7 %	± 3.1 %
	Overtime	72	13.5 %	± 2.9 %
	Company contribution to employee pension benefits (including
	   401K)	66	12.3 %	± 2.8 %
	Domestic workforce	65	12.1 %	± 2.8 %
	Retirement benefits	24	4.5 %	± 1.8 %
	Outsourced workforce	18	3.4 %	± 1.5 %
	Company contribution to employee health benefits	17	3.2 %	± 1.5 %
	Company contribution to other employee benefits	5	0.9 %	± 0.8 %
	Total	688

	Number of Cases =535
	Number of Responses =688
	Average Number Of Responses Per Case = 1.3
	Number Of Cases With At Least One Response =274
	Response Percent = 51.2 %

20 

Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

7. Have you already or will you restore these items to pre-recession levels by June 2011? - Already restored or plan to restore to pre-recession levels in the next 12 months - Other specifed

ESOP	
Sports an Social Activities	
Travel	

21 

Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

7.  Did your company make cuts in any of the following employee-related areas from 2007-2009? Have you already or will you restore these items to pre-recession levels by June 2011? - Summary

(N=535)

	Not cut	Cut & not restored	Cut & restored	
	289	126	120
Wages	54.0%	23.6%	22.4%

	204	204	127
Bonuses	38.1%	38.1%	23.7%

	380	65	90
Average hours worked per week	71.0%	12.1%	16.8%

	265	198	72
Overtime	49.5%	37.0%	13.5%

	312	139	84
Employee training/development	58.3%	26.0%	15.7%

	422	89	24
Retirement benefits	78.9%	16.6%	4.5%

Company contribution to employee	410	108	17
health benefits	76.6%	20.2%	3.2%

Company contribution to employee	371	98	66
pension benefits (including 401K)	69.3%	18.3%	12.3%

Company contribution to other employee	508	22	5
benefits	95.0%	4.1%	0.9%

	205	265	65
Domestic workforce	38.3%	49.5%	12.1%

	428	89	18
Outsourced workforce	80.0%	16.6%	3.4%

22 

Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

8.  At the present time, in which of the following areas is your company focusing its investment for growth? (Check all that apply, up to three)

	 	Number	Percent	95% CI
	Reaching new customers in existing markets	312	58.3 %	± 4.2 %
	Improving existing product/service	286	53.5 %	± 4.2 %
	Developing new product/service	239	44.7 %	± 4.2 %
	Entering new geographic markets	166	31.0 %	± 3.9 %
	Acquiring assets, a company, or companies	133	24.9 %	± 3.7 %
	Not currently investing for growth	32	6.0 %	± 2.0 %
	Other (Please specify)	16	3.0 %	± 1.4 %
	Total	1184

	Number of Cases =535
	Number of Responses =1184
	Average Number Of Responses Per Case = 2.2
	Number Of Cases With At Least One Response =531
	Response Percent = 99.3 %

23 

Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

8. At the present time, in which of the following areas is your company focusing its investment for growth? - Other specified

as a pension fund, we watch our investment allocation	
Equipment expansion for capacity	
Improving productivity	
Investing in dealer network	
IPO	
IT infrastructure	
Joint Ventures	
Joint venture capital	
opening new restaurants	
Partnerships	
Replacing aging facilities	
strategic hires	
Support customer volume increases with capacity expansions	
Tax incentives for retention and growth	
Trying to maintain investment return	
vertical integration upstream	

24 

Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

9.  How would you characterize your company's market position right now?

	 	Number	Percent	95% CI
	Cautiously pursuing growth	252	47.2 %	± 4.2 %
	Aggressively pursuing growth	139	26.0 %	± 3.7 %
	Still coping with recession impact	97	18.2 %	± 3.3 %
	On the sidelines/in a holding pattern	43	8.1 %	± 2.3 %
	Other (Please specify)	3	0.6 %	± 0.6 %
	Total	534	100.0 %

	Missing Cases = 1 
	Response Percent = 99.8 %

25 

Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

9.  How would you characterize your company's market position right now? - Other specified

Maintain State Government Budget	
nationalized in 2010	
Varies by region: aggressive in Brazil, Russia, China; holding pattern US	

26 

Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

10. Compared to 2009, how much do you expect consumer/customer demand for your company's goods/services to change in 2010?

	Minimum = -75

	Maximum = 125

	Mean = 7.86

	Median = 5

	Standard Deviation (Unbiased) = 17.62

	95 Percent Confidence Interval Around The Mean = 6.35 - 9.36

	99 Percent Confidence Interval Around The Mean = 5.87 - 9.84

Quartiles

	 1 = 1
	 2 = 5
	 3 = 10

Valid Cases = 524 
Missing Cases = 11 
Response Percent = 97.9%

27 

Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

10b. If you expect an increase, how confident are you in your company's ability to meet increased demand?

	 	Number	Percent	95% CI
	3=Extremely confident	251	58.5 %	± 4.2 %
	2=Somewhat confident	167	38.9 %	± 3.9 %
	1=Not confident	11	2.6 %	± 1.2 %
	Total	429	100.0 %

	Mean = 2.6
	SD = 0.5

	Missing Cases = 106 
	Response Percent = 80.2 %

28 

Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

11. Compared to Fall 2009, does your company find borrowing now:

	 	Number	Percent	95% CI
	1=Much more difficult	37	8.7 %	± 2.7 %
	2=A little more difficult	58	13.6 %	± 3.3 %
	3=About the same	227	53.4 %	± 4.8 %
	4=A little easier	78	18.4 %	± 3.7 %
	5=Much easier	25	5.9 %	± 2.2 %
	Total	425	100.0 %

	Mean = 3.0
	SD = 1.0

	Missing Cases = 0 
	Response Percent = 100.0 %

29 

Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

11b. In the past year, has your company restricted capital spending below the desired level due to funding difficulties?

	 	Number	Percent	95% CI
	1=No	324	64.3 %	± 4.2 %
	2=Yes, limited capital spending a small amount	75	14.9 %	± 3.1 %
	3=Yes, limited capital spending a medium amount	55	10.9 %	± 2.7 %
	4=Yes, limited capital spending a large amount	50	9.9 %	± 2.6 %
	Total	504	100.0 %

	Mean = 1.7
	SD = 1.0

	Missing Cases = 0 
	Response Percent = 100.0 %

30 

Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

11c. Due to capital spending below the desired level, has your company shifted (or will it shift) from "capital towards labor" in your operations?

	 	Number	Percent	95% CI
	1=No	120	74.5 %	± 6.8 %
	2=Yes, small shift away from capital towards labor	31	19.3 %	± 6.2 %
	3=Yes, medium shift away from capital towards labor	9	5.6 %	± 3.6 %
	4=Yes, large shift away from capital towards labor	1	0.6 %	± 1.2 %
	Total	161	100.0 %

	Mean = 1.3
	SD = 0.6

	Missing Cases = 0 
	Response Percent = 100.0 %

31 

Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

12. Did your firm experience a covenant violation (or near-violation) for a line of credit during 2008/2009?

	 	Number	Percent	95% CI
	No	342	64.3 %	± 4.1 %
	Yes, near violation	35	6.6 %	± 2.1 %
	Yes, violation	77	14.5 %	± 3.0 %
	N/A, our firm did not have a credit facility	78	14.7 %	± 3.0 %
	Total	532	100.0 %

	Missing Cases = 0 
	Response Percent = 100.0 %

32 

Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

No violation or near-violation - 12b. Even though there was no credit line violation...

	 	Number	Percent	95% CI
	The terms of our facility were unchanged during 2008-2009	168	55.6 %	± 5.3 %
	Our facility was renegotiated because the term of the facility
	   expired	88	29.1 %	± 4.7 %
	We preemptively renegotiated our credit facility	46	15.2 %	± 3.6 %
	Total	302	100.0 %

	Missing Cases = 40 
	Response Percent = 88.3 %

33 

Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

No violation or near-violation - Did you renegotiate your credit facility during 2008/2009?

	 	Number	Percent	95% CI
	We did not renegotiate	152	44.4 %	± 5.3 %
	We renegotiated	190	55.6 %	± 5.3 %
	Total	342	100.0 %

	Missing Cases = 0 
	Response Percent = 100.0 %

34 

Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

No violation or near-violation - Facility was renegotiated

(N=190)

	Mean & SD	Increased	Stayed the same	Decreased	Total
	  	1	0	-1	  	
	0.4	90	65	19	174
Credit line costs:	0.7	51.7%	37.4%	10.9%	100.0%

	0.2	43	118	9	170
Credit line collateral requirements:	0.5	25.3%	69.4%	5.3%	100.0%

35 

Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

No violation or near-violation - Facility was renegotiated

(N=190)

	Mean & SD	Expanded	Stayed the same	Reduced	Total
	  	1	0	-1	  	
	0.0	45	82	46	173
The size of the facility was:	0.7	26.0%	47.4%	26.6%	100.0%

The tenor/maturity of the new facility	0.0	33	111	28	172
was:	0.6	19.2%	64.5%	16.3%	100.0%

36 

Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

No violation or near-violation - Facility was renegotiated - Other changes specified

changed from line of credit to amortizing loan	
Covenant modifications - Net Worth requirement increased	
change in investment policy	
More restrictive than ever	
Moved from bank facility to public debt	
Streamlined covenants	
Covenants updated and tightened	
Floor interest level of 4% invoked	
tighter covenants	
Covenant levels	
charged pts. on unused portion	

37 

Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

No violation or near-violation - Consider borrowing from all of your credit lines, to what extent had your firm drawn on its lines of credit during 2008/2009?

	Minimum = 0

	Maximum = 100

	Mean = 31.43

	Median = 20

	Standard Deviation (Unbiased) = 31.68

	95 Percent Confidence Interval Around The Mean = 27.89 - 34.98

	99 Percent Confidence Interval Around The Mean = 26.78 - 36.09

Quartiles

	 1 = 0
	 2 = 20
	 3 = 57.25

Valid Cases = 307 
Missing Cases = 35 
Response Percent = 89.8%

38 

Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

Near-violation - 12b. Given that you had a near violation...

	 	Number	Percent	95% CI
	The terms of our facility were unchanged during 2008-2009	6	17.1 %	± 13.2 %
	Our facility was renegotiated because the term of the facility
	   expired	13	37.1 %	± 16.9 %
	We preemptively renegotiated our credit facility	16	45.7 %	± 17.4 %
	Total	35	100.0 %

	Missing Cases = 0 
	Response Percent = 100.0 %

39 

Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

Near-violation - Did you renegotiate your credit facility during 2008/2009?

	 	Number	Percent	95% CI
	We did not renegotiate	6	17.1 %	± 13.2 %
	We renegotiated	29	82.9 %	± 13.2 %
	Total	35	100.0 %

	Missing Cases = 0 
	Response Percent = 100.0 %

40 

Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

Near-violation - Facility was renegotiated

(N=29)

	Mean & SD	Increased	Stayed the same	Decreased	Total
	  	1	0	-1	  	
	0.5	18	6	4	28
Credit line costs:	0.7	64.3%	21.4%	14.3%	100.0%

	0.4	14	12	2	28
Credit line collateral requirements:	0.6	50.0%	42.9%	7.1%	100.0%

41 

Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

Near-violation - Facility was renegotiated

(N=29)

	Mean & SD	Expanded	Stayed the same	Reduced	Total
	  	1	0	-1	  	
	-0.4	4	9	15	28
The size of the facility was:	0.7	14.3%	32.1%	53.6%	100.0%

The tenor/maturity of the new facility	0.2	12	10	6	28
was:	0.8	42.9%	35.7%	21.4%	100.0%

42 

Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

Near-violation - Facility was renegotiated - Other changes specified

Paid a fee to relax a covenant	
Converted to equity	
interest rate floor added	
Paid off with capital infusion	

43 

Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

Near-violation - Consider borrowing from all of your credit lines, 

	Mean	SD	Median	Total

To what extent had your firm drawn on its lines of credit during 2008/2009?	57.9	31.5	63.5	30

In the period following the violation/renegotiation, how much did the maximum of the line change?	-0.2	28.6	0	29

In the period following the violation/renegotiation, what was the percentage drawdown?	37.4	30.7	40	27

44 

Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

Violation - We violated:

	We violated:	Number	Percent	95% CI
	Financial covenant	77	100.0 %	± 0.0 %
	Operational covenant	8	10.4 %	± 7.0 %
	Other	0	0.0 %	± 0.0 %
	Total	85

	Number of Cases =77
	Number of Responses =85
	Average Number Of Responses Per Case = 1.1
	Number Of Cases With At Least One Response =77
	Response Percent = 100.0 %

45 

Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

Violation - We violated: - Other specified

--- No Response ---

46 

Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

Violation - Tell us about your covenant violation and the consequences:

	 	Number	Percent	95% CI
	Even though we violated, we did not renegotiate our facility	29	37.2 %	± 2.0 %
	As a result of the violation, we were compelled to renegotiate the
	   facility	41	52.6 %	± 2.3 %
	All of our credit lines were canceled	7	9.0 %	± 1.0 %
	One or more (but not all) of our credit lines were canceled	1	1.3 %	± 0.4 %
	Total	78	100.0 %

	Missing Cases = 457 
	Response Percent = 14.6 %

47 

Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

Violation - Did you renegotiate your credit facility during 2008/2009?

	 	Number	Percent	95% CI
	We did not renegotiate	12	15.6 %	± 8.3 %
	We renegotiated	65	84.4 %	± 8.3 %
	Total	77	100.0 %

	Missing Cases = 0 
	Response Percent = 100.0 %

48 

Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

Violation - Facility was renegotiated

(N=65)

	Mean & SD	Increased	Stayed the same	Decreased	Total
	  	1	0	-1	  	
	0.6	36	12	5	53
Credit line costs:	0.7	67.9%	22.6%	9.4%	100.0%

	0.5	30	24	1	55
Credit line collateral requirements:	0.5	54.5%	43.6%	1.8%	100.0%

49 

Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

Violation - Facility was renegotiated

(N=65)

	Mean & SD	Expanded	Stayed the same	Reduced	Total
	  	1	0	-1	  	
	-0.4	8	17	27	52
The size of the facility was:	0.7	15.4%	32.7%	51.9%	100.0%

The tenor/maturity of the new facility	0.0	12	29	11	52
was:	0.7	23.1%	55.8%	21.2%	100.0%

50 

Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

Violation - Facility was renegotiated - Other changes specified

Collateral valuation was reduced; more stringent covenants were put in place.	
MORE FREQUENT REPORTING	
Temporary waivers as cash flow remained healthy	
additional covenants.	
Increased Frequency of Collateral Reporting	
Forbearance agreements with some creditors	
raised new facility 10/09 to refi as mkts re-opened	
Creidt facility was reduced in size and number of participating banks reduced from 4 to 1.	
requirements for a covenant were relaxed	

51 

Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

Violation - Consider borrowing from all of your (remaining) credit lines, 

	Mean	SD	Median	Total

To what extent had your firm drawn on its lines of credit during 2008/2009?	59.7	33.9	65	65

In the period following the violation/renegotiation, how much did the maximum of the line change?	-4.8	30.6	0	57

In the period following the violation/renegotiation, what was the percentage drawdown?	33.6	32.9	25	55

52 

Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

13. Compared to your company's views prior to the credit crisis, is your company now more willing to pay for a “rainy day” credit facility (which could simply be a larger line of credit than usual), that you have no real intention of drawing on but which would provide liquidity if needed in extreme circumstances?

	 	Number	Percent	95% CI
	No, not willing to pay premium for a rainy day credit facility	181	34.9 %	± 4.0 %
	No, not willing to pay premium for a rainy day credit facility
	   because we hold excess cash for the same purpose	125	24.1 %	± 3.6 %
	Yes, willing to pay a small premium for a rainy day credit facility	148	28.5 %	± 3.8 %
	Yes, willing to pay a moderate premium for a rainy day credit
	   facility	60	11.6 %	± 2.7 %
	Yes, willing to pay a large premium for a rainy day credit facility	5	1.0 %	± 0.8 %
	Total	519	100.0 %

	Missing Cases = 16 
	Response Percent = 97.0 %

53 

Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

13. Compared to your company's views prior to the credit crisis, is your company now more willing to pay for a “rainy day” credit facility (which could simply be a larger line of credit than usual), that you have no real intention of drawing on but which would provide liquidity if needed in extreme circumstances? - Additional information

as a pension fund, we have no need for a credit facility	
Do not need it.	
Currently have one in the amount of 8 million	
I had such facilities in place since 1999 and they were arbitraily withdrawn by the bank in 2009. Why would I then pay again for	
something which once it becomes likely that I will need, will be withdrawn by the bank?	
Our credit limits have been reduced and we can't pay more because more is not available	
Cash availabilty (on-hand plus net borrowings available) is managed to provide 6 months to downsize business.	
Current Cash on Hand and funding 'interest' would say there is no need to pay a premium.	
We have always had a 'rainy day' facility.	
Premium paid in the form of standby or undrawn line fee.	
Seeking PO and other asset based financing	
Will focus on building cash reserves	
We have always retained some excess availability	
Helps with funding growth	
Capital availability is the single most important issue for SMM manufacturers.	
We are willing to pay for a committed faciltiy versus a revolving line of credit	
we feel it is an expensive insurance policy	
N/A	

54 

Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

14. On May 24, 2010 the annual yield on 10-yr treasury bonds was 3.2%. 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:	0.96	7.01	0.33 - 1.59	2	-50	60	477

Over the next 10 years, I expect the average annual S&P
500 return will be: Expected return:	6.85	6.73	6.25 - 7.44	6	-15	80	488

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:	11.15	9.65	10.29 - 12.01	10	0	100	478

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:	-4.84	10.71	-5.80 - -3.87	0	-50	40	474

Over the next year, I expect the average annual S&P 500
return will be: Expected return:	4.47	6.25	3.91 - 5.02	4	-20	77	481

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:	10.73	8.96	9.93 - 11.54	9	-6	100	471

55 

Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

Revenue Weighted: 14. On May 24, 2010 the annual yield on 10-yr treasury bonds was 3.2%. 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:	1.12	4.68	1.06 - 1.18	2	-12.80	14.70

Over the next 10 years, I expect the average annual S&P 500 return
will be: Expected return:	6.65	3.72	6.60 - 6.69	6	-6.34	20.04

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:	10.58	5.52	10.51 - 10.65	10	0	30.06

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:	-4.88	9.21	-5.00 - -4.76	0	-25.80	16.15

Over the next year, I expect the average annual S&P 500 return will
be: Expected return:	4.30	4.70	4.24 - 4.36	4	-7.78	16.72

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:	10.42	6.68	10.33 - 10.50	10	-6	28.29

56 

Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

Employee Weighted: 14. On May 24, 2010 the annual yield on 10-yr treasury bonds was 3.2%. 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:	0.60	4.78	0.53 - 0.66	1	-12.80	14.70

Over the next 10 years, I expect the average annual S&P 500 return
will be: Expected return:	6.43	3.58	6.38 - 6.48	6	-6.34	20.04

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:	10.36	5.38	10.28 - 10.43	10	0	30.06

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:	-5.46	9.35	-5.59 - -5.33	-2	-25.80	16.15

Over the next year, I expect the average annual S&P 500 return will
be: Expected return:	3.83	4.49	3.77 - 3.90	4	-7.78	16.72

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:	9.94	6.54	9.85 - 10.03	9	-6	28.29

57 

Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

Industry

	 	Number	Percent	95% CI
	Manufacturing	133	25.2 %	± 3.7 %
	Retail/Wholesale	75	14.2 %	± 3.0 %
	Banking/Finance/Insurance	68	12.9 %	± 2.8 %
	Other	65	12.3 %	± 2.8 %
	Service/Consulting	48	9.1 %	± 2.4 %
	Healthcare/Pharmaceutical	37	7.0 %	± 2.2 %
	Mining/Construction	35	6.6 %	± 2.1 %
	Transportation/Energy	25	4.7 %	± 1.8 %
	Tech [Software/Biotech]	21	4.0 %	± 1.7 %
	Communications/Media	21	4.0 %	± 1.7 %
	Total	528	100.0 %

	Missing Cases = 7 
	Response Percent = 98.7 %

58 

Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

Industry (Other specified)

Aerospace & Defense	
AG	
Agricultural Supply Chain	
Aquarium	
Assisted Living	
Benefits Administration	
business imaging supplies	
Chinese Consumer Goods-Infant Milk Formula	
Commercial Real Estate (retail props)	
Consumer Electronics	
Direct Marketing	
distribution	
Education	
Education	
Education	
Education	
education	
Educational Testing	
Elderly Health Service Case Management	
food	
Food Processor	
Food Services	
food services	
For Profit education	
Forest Products	
Foundation	
Government	
Government Pension System	
government	
government	
Hospitality/gaming	
leisure	
Local government	
MLM	
Multifamily housing	
non profit	
non profit international relief	
nonprofit social services	
Not for profit	
Not for profit	
Professional Association	
Professional Sports Entertainment	
professional services	
Publishing	
Quasi Government Eco. Dev. agency	
Real Estate	
Real Estate	
Real Estate	
Real Estate	
Real Estate Development/Management	
real estate	
real estate development	
Restaurants	
service to Georgia citizens	
Social Services NFP	
Staffing	
Supply Chain Management	

59 

Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

Industry (Other specified)

Telecom	
Telecommunications	
timber/Forestry	
tour operator/travel services	
Waste Paper Broker	

60 

Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

Sales Revenue

	 	Number	Percent	95% CI
	Less than $25 million	45	8.6 %	± 2.4 %
	$25-$99 million	144	27.4 %	± 3.8 %
	$100-$499 million	189	35.9 %	± 4.1 %
	$500-$999 million	50	9.5 %	± 2.5 %
	$1-$4.9 billion	62	11.8 %	± 2.7 %
	$5-$9.9 billion	14	2.7 %	± 1.4 %
	More than $10 billion	22	4.2 %	± 1.7 %
	Total	526	100.0 %

	Missing Cases = 9 
	Response Percent = 98.3 %

61 

Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

Weighted Sales Revenue (Millions)

	Minimum = 25

	Maximum = 11000

	Mean = 1211.51

	Median = 300

	Standard Deviation (Unbiased) = 2499.97

	95 Percent Confidence Interval Around The Mean = 997.86 - 1425.16

	99 Percent Confidence Interval Around The Mean = 930.82 - 1492.19

	Skewness = 2.93

	Kolmogorov-Smirnov Statistic For Normality = 8.89

Quartiles

	 1 = 62
	 2 = 300
	 3 = 750

Valid Cases = 526 
Missing Cases = 9 
Response Percent = 98.3%

62 

Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

Number of Employees

	 	Number	Percent	95% CI
	Fewer than 100	68	14.9 %	± 2.8 %
	100-499	162	35.5 %	± 3.9 %
	500-999	69	15.1 %	± 2.9 %
	1,000-2,499	50	11.0 %	± 2.5 %
	2,500-4,999	34	7.5 %	± 2.1 %
	5,000-9,999	25	5.5 %	± 1.8 %
	Over 10,000	48	10.5 %	± 2.4 %
	Total	456	100.0 %

	Missing Cases = 79 
	Response Percent = 85.2 %

63 

Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

Weighted Number of Employees

	Minimum = 100

	Maximum = 12000

	Mean = 2380.81

	Median = 300

	Standard Deviation (Unbiased) = 3755.98

	95 Percent Confidence Interval Around The Mean = 2036.07 - 2725.56

	99 Percent Confidence Interval Around The Mean = 1927.90 - 2833.73

	Skewness = 1.81

	Kolmogorov-Smirnov Statistic For Normality = 7.10

Quartiles

	 1 = 300
	 2 = 300
	 3 = 1750

Valid Cases = 456 
Missing Cases = 79 
Response Percent = 85.2%

64 

Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

Where are you personally located?

	 	Number	Percent	95% CI
	Midwest U.S.	157	29.6 %	± 3.9 %
	Northeast U.S.	115	21.7 %	± 3.5 %
	South Atlantic U.S.	91	17.1 %	± 3.2 %
	Pacific US	78	14.7 %	± 3.0 %
	South Central U.S.	56	10.5 %	± 2.6 %
	Mountain U.S.	18	3.4 %	± 1.5 %
	Central/Latin America	6	1.1 %	± 0.9 %
	Other	5	0.9 %	± 0.8 %
	Canada	4	0.8 %	± 0.7 %
	Europe	1	0.2 %	± 0.4 %
	Asia	0	0.0 %	± 0.0 %
	Total	531	100.0 %

	Missing Cases = 4 
	Response Percent = 99.3 %

65 

Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

Where are you personally located? - Other specified

Arizona	
Australia	
Caribbean	
China	
Mexico	
Southwest U.S.	
Southwest US	

66 

Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

Ownership

	 	Number	Percent	95% CI
	Private	329	65.4 %	± 4.1 %
	Public, NYSE	82	16.3 %	± 3.1 %
	Public, NASDAQ/AMEX	40	8.0 %	± 2.2 %
	Nonprofit	37	7.4 %	± 2.2 %
	Government	15	3.0 %	± 1.4 %
	Total	503	100.0 %

	Missing Cases = 32 
	Response Percent = 94.0 %

67 

Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

Foreign Sales

	 	Number	Percent	95% CI
	0%	227	42.8 %	± 4.2 %
	1-24%	214	40.4 %	± 4.2 %
	25-50%	51	9.6 %	± 2.5 %
	More than 50%	38	7.2 %	± 2.2 %
	Total	530	100.0 %

	Missing Cases = 5 
	Response Percent = 99.1 %

68 

Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

What is your company's credit rating? 

	 	Number	Percent	Cumulative
	AAA	50	13.0 %	13.0 %
	AA+	35	9.1 %	22.0 %
	AA	39	10.1 %	32.1 %
	AA-	17	4.4 %	36.5 %
	A+	24	6.2 %	42.7 %
	A	26	6.7 %	49.5 %
	A-	33	8.5 %	58.0 %
	BBB+	26	6.7 %	64.8 %
	BBB	27	7.0 %	71.8 %
	BBB-	13	3.4 %	75.1 %
	BB+	22	5.7 %	80.8 %
	BB	16	4.1 %	85.0 %
	BB-	8	2.1 %	87.0 %
	B+	7	1.8 %	88.9 %
	B	16	4.1 %	93.0 %
	B-	10	2.6 %	95.6 %
	CCC	11	2.8 %	98.4 %
	CC	0	0.0 %	98.4 %
	D	6	1.6 %	100.0 %
	Total	386	100.0 %	100.0 %

	Missing Cases = 0 
	Response Percent = 100.0 %

69 

Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

What is your company's credit rating? 

N=386		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
Total		386		151	235	
		100.0%		39.1%	60.9%	
						
AAA		50		22	28	
		13.0%		14.6%	11.9%	
						
AA+		35		13	22	
		9.1%		8.6%	9.4%	
						
AA		39		19	20	
		10.1%		12.6%	8.5%	
						
AA-		17		8	9	
		4.4%		5.3%	3.8%	
						
A+		24		10	14	
		6.2%		6.6%	6.0%	
						
A		26		7	19	
		6.7%		4.6%	8.1%	
						
A-		33		12	21	
		8.5%		7.9%	8.9%	
						
BBB+		26		10	16	
		6.7%		6.6%	6.8%	
						
BBB		27		11	16	
		7.0%		7.3%	6.8%	
						
BBB-		13		6	7	
		3.4%		4.0%	3.0%	
						
BB+		22		8	14	
		5.7%		5.3%	6.0%	
						
BB		16		5	11	
		4.1%		3.3%	4.7%	
						
BB-		8		4	4	
		2.1%		2.6%	1.7%	
						
B+		7		3	4	
		1.8%		2.0%	1.7%	
						
B		16		7	9	
		4.1%		4.6%	3.8%	

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

70 

Duke CFO magazine Global Business Outlook survey - U.S. - Second Quarter, 2010

What is your company's credit rating? 

N=386		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
B-		10		1	9	
		2.6%		0.7%	3.8%	
						
CCC		11		4	7	
		2.8%		2.6%	3.0%	
						
CC		0		0	0	
		0.0%		0.0%	0.0%	
						
D		6		1	5	
		1.6%		0.7%	2.1%	

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