Strong cash flow has enabled the company to improve its balance sheet, repurchase $2 billion in Caterpillar stock this year, raise the quarterly dividend by 15 percent and improve the debt-to-capital ratio. Debt-to-capital was 34 percent at the end of the third quarter -- substantially better than the 58 percent recorded at the end of 2008 -- and is expected to improve by year end. "With $11 billion coming off the top line, it has been a painful year and has required wide ranging and substantial actions across the company," Oberhelman said.