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I was looking at pg. 35 of the new Caterpillar annual report, available for review on their website under Investor Information (you need adobe).

Does the dash through the Research & Development line indicate that Caterpillar does no market research on their Financial Products subsidiary?

If not, how and where could they legally bury it?

I think you are correct. CAT charges no R&D expenses to its Financial Products subsidiary. About the only R&D that might occur in a business like that would be software development for billing, credit checks, etc., but they probably purchase or outsource all of that. That would make it a selling or administrative expense.

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