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Guarantees and Product Warranty (Tables)

3 Months Ended

Mar. 31, 2012

(Millions of dollars)	March 31, 2012		December 31, 2011
Guarantees with Caterpillar dealers	$	121	$	140
Guarantees with customers	187		186
Limited indemnity	10		11
Guarantees — other	28		28
Total guarantees	$	346	$	365

Product warranty

(Millions of dollars)	2012
Warranty liability, January 1	$	1,308
Reduction in liability (payments)	(187		)
Increase in liability (new warranties)	226
Warranty liability, March 31	$	1,347

(Millions of dollars)	2011
Warranty liability, January 1	$	1,035
Reduction in liability (payments)	(926		)
Increase in liability (new warranties)	1,199
Warranty liability, December 31	$	1,308

- Definition

Tabular disclosure of each guarantee obligation, or each group of similar guarantee obligations, including (a) the nature of the guarantee, including its term, how it arose, and the events or circumstances that would require the guarantor to perform under the guarantee; (b) the maximum potential amount of future payments (undiscounted) the guarantor could be required to make under the guarantee; (c) the current carrying amount of the liability, if any, for the guarantor's obligations under the guarantee; and (d) the nature of any recourse provisions under the guarantee, and any assets held either as collateral or by third parties, and any relevant related party disclosure. Excludes disclosures about product warranties.

+ References+ Details