Bucyrus International (BUCY) 10-K 1 Mar 10 2009 FY Annual report Financial data

Statement Of Income

Statement Of Income (USD $)
In Thousands, except Share data	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
Sales	$2,651,769	$2,505,838	$1,613,391
Cost of products sold	1,846,170	1,823,335	1,205,066
Gross profit	805,599	682,503	408,325
Selling, general and administrative expenses	269,539	243,932	185,639
Research and development expenses	41,908	36,550	20,358
Amortization of intangible assets	18,899	19,390	29,181
Operating earnings	475,253	382,631	173,147
Interest income	(5,117)	(6,206)	0
Interest expense	27,017	34,768	24,195
Other expense	6,085	3,071	2,394
Earnings before income taxes	447,268	350,998	146,558
Income tax expense	134,565	117,683	10,424
Net earnings	$312,703	$233,315	$136,134
Basic:
Net earnings per share	4.2	3.14	1.94
Weighted average shares	74,456,969	74,350,939	70,014,440
Diluted:
Net earnings per share	4.12	3.1	1.93
Weighted average shares	75,880,863	75,205,020	70,715,340

Statement Of Other Comprehensiv

Statement Of Other Comprehensive Income (USD $)
In Thousands	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
Net earnings	$312,703	$233,315	$136,134
Other comprehensive income (loss):
Currency translation adjustments	62,410	(43,351)	16,811
Change in pension and postretirement unrecognized costs, net of income tax expense (benefit) of $5,472, ($15,759) and $5,811, respectively	8,281	(27,846)	12,034
Derivative fair value changes, net of income tax expense (benefit) of $13,542, ($13,305) and ($5,073), respectively	24,064	(23,186)	(7,518)
Other comprehensive income (loss)	94,755	(94,383)	21,327
Comprehensive income	$407,458	$138,932	$157,461

1_Statement Of Other Comprehens

Statement Of Other Comprehensive Income (Parenthetical) (USD $)
In Thousands	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
Change in pension and postretirement unrecognized costs, income tax expense (benefit)	$5,472	($15,759)	$5,811
Derivative fair value changes, income tax expense (benefit)	$13,542	($13,305)	($5,073)

Statement Of Financial Position

Statement Of Financial Position Classified (USD $)
In Thousands	Dec. 31, 2009	Dec. 31, 2008
CURRENT ASSETS:
Cash and cash equivalents	$101,084	$102,396
Receivables - net	741,815	636,486
Inventories	627,289	616,710
Deferred income taxes	45,024	53,133
Prepaid expenses and other	40,861	26,045
Total Current Assets	1,556,073	1,434,770
OTHER ASSETS:
Goodwill	351,333	330,211
Intangible assets - net	220,780	230,451
Other assets	61,505	68,823
Total Other Assets	633,618	629,485
PROPERTY, PLANT AND EQUIPMENT:
Land	38,879	36,795
Buildings and improvements	281,841	251,057
Machinery and equipment	351,540	321,795
Less accumulated depreciation	(157,839)	(121,251)
Total Property, Plant and Equipment - net	514,421	488,396
TOTAL ASSETS	2,704,112	2,552,651
CURRENT LIABILITIES:
Accounts payable	155,857	229,173
Accrued expenses	172,865	209,453
Liabilities to customers on uncompleted contracts and warranties	183,097	252,304
Income taxes	45,811	70,091
Current maturities of long-term debt and short-term obligations	7,566	69,291
Total Current Liabilities	565,196	830,312
LONG-TERM LIABILITIES:
Deferred income taxes	82,260	52,895
Pension and other	198,000	218,181
Total Long-Term Liabilities	280,260	271,076
LONG-TERM DEBT, less current maturities	499,666	501,755
COMMON STOCKHOLDERS' INVESTMENT:
Common stock - par value $.01 per share, authorized 200,000,000 shares, issued 75,234,366 and 75,044,674 shares in 2009 and 2008, respectively	753	751
Additional paid-in capital	687,756	678,226
Treasury stock - 217,200 shares	(851)	(851)
Accumulated earnings	673,535	368,340
Accumulated other comprehensive loss	(2,203)	(96,958)
Total Common Stockholders' Investment	1,358,990	949,508
TOTAL LIABILITIES AND COMMON STOCKHOLDERS' INVESTMENT	$2,704,112	$2,552,651

2_Statement Of Financial Positi

Statement Of Financial Position Classified (Parenthetical) (USD $)
	Dec. 31, 2009	Dec. 31, 2008
Common stock, par value	0.01	0.01
Common stock, authorized	200,000,000	200,000,000
Common stock, issued	75,234,366	75,044,674
Treasury stock, shares	217,200	217,200

Statement Of Shareholders Equit

Statement Of Shareholders Equity And Other Comprehensive Income (USD $)
In Thousands	Common Stock	Additional Paid-In Capital	Treasury Stock	Accumulated Earnings	Accumulated Other Comprehensive Loss	Total
Beginning Balance at Dec. 31, 2006	$317	$306,981	($851)	$13,451	($23,902)
Issuance of common stock (10,662,360 shares)	53	335,919
Issuance of common stock to purchase DBT (942,952 shares)	5	21,777
Income tax benefit from exercised SARs and vesting of restricted stock		265
Stock-based compensation expense		6,171
Board of directors' fees paid with Company stock		228
Net earnings				136,134		136,134
Dividends declared				(6,920)
Adoption of FIN 48				(105)
Currency translation adjustments					16,811	16,811
Change in pension and postretirement unrecognized costs, net of income tax expense (benefit) of $5,472 in 2009, ($15,759) in 2008 and $5,811 in 2007					12,034	12,034
Change in fair value of derivative instruments, net of income tax expense (benefit) of $13,542 in 2009, ($13,305) in 2008 and ($5,073) in 2007					(7,518)	(7,518)
Ending Balance at Dec. 31, 2007	375	671,341	(851)	142,560	(2,575)
Issuance of common stock under employee plans, net of stock redeemed for taxes (194,028 in 2009 and 75,951 in 2008 shares)		(1,298)
Two-for-one stock split	376	(376)
Income tax benefit from exercised SARs and vesting of restricted stock		1,322
Stock-based compensation expense		7,056
Board of directors' fees paid with Company stock		181
Net earnings				233,315		233,315
Dividends declared				(7,535)
Currency translation adjustments					(43,351)	(43,351)
Change in pension and postretirement unrecognized costs, net of income tax expense (benefit) of $5,472 in 2009, ($15,759) in 2008 and $5,811 in 2007					(27,846)	(27,846)
Change in fair value of derivative instruments, net of income tax expense (benefit) of $13,542 in 2009, ($13,305) in 2008 and ($5,073) in 2007					(23,186)	(23,186)
Ending Balance at Dec. 31, 2008	751	678,226	(851)	368,340	(96,958)	949,508
Issuance of common stock under employee plans, net of stock redeemed for taxes (194,028 in 2009 and 75,951 in 2008 shares)	2	(4,915)
Income tax benefit from exercised SARs and vesting of restricted stock		2,331
Stock-based compensation expense		11,889
Board of directors' fees paid with Company stock		225
Net earnings				312,703		312,703
Dividends declared				(7,508)
Currency translation adjustments					62,410	62,410
Change in pension and postretirement unrecognized costs, net of income tax expense (benefit) of $5,472 in 2009, ($15,759) in 2008 and $5,811 in 2007					8,281	8,281
Change in fair value of derivative instruments, net of income tax expense (benefit) of $13,542 in 2009, ($13,305) in 2008 and ($5,073) in 2007					24,064	24,064
Ending Balance at Dec. 31, 2009	$753	$687,756	($851)	$673,535	($2,203)	$1,358,990

3_Statement Of Shareholders Equ

Statement Of Shareholders Equity And Other Comprehensive Income (Parenthetical) (USD $)
In Thousands, except Share data	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Total
Issuance of common stock, shares	10,662,360
Issuance of common stock to purchase DBT, shares	942,952
Change in pension and postretirement unrecognized costs, income tax expense (benefit)			$5,811
Change in fair value of derivative instruments, income tax expense (benefit)			(5,073)	(5,073)
Issuance of common stock under employee plans, stock redeemed for taxes		75,951
Change in pension and postretirement unrecognized costs, income tax expense (benefit)			(15,759)
Change in fair value of derivative instruments, income tax expense (benefit)			(13,305)	(13,305)
Issuance of common stock under employee plans, stock redeemed for taxes		194,028
Change in pension and postretirement unrecognized costs, income tax expense (benefit)			5,472
Change in fair value of derivative instruments, income tax expense (benefit)			$13,542	$13,542

Statement Of Cash Flows Indirec

Statement Of Cash Flows Indirect (USD $)
In Thousands	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$312,703	$233,315	$136,134
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation	41,544	36,860	25,438
Amortization	22,283	22,461	31,575
Stock-based compensation expense	11,889	7,056	6,171
Stock issued in payment of director's fees	225	181	228
Deferred income taxes	34,543	(3,069)	(65,548)
Loss on disposal of property, plant and equipment	3,704	159	532
Changes in assets and liabilities, excluding effects of acquisitions:
Receivables	(77,249)	(235,736)	(19,519)
Inventories	25,918	(147,629)	(35,696)
Other current assets	(2,524)	14,119	(26,948)
Other assets	(6,321)	(662)	(42,267)
Current liabilities other than income taxes and current maturities of long-term debt and short-term obligations	(195,058)	207,447	(62,210)
Income taxes	(18,864)	14,246	50,157
Long-term liabilities other than deferred income taxes	(14,244)	6,107	95,542
Net cash provided by operating activities	138,549	154,855	93,589
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment	(59,268)	(112,013)	(96,268)
Proceeds from disposal of property, plant and equipment	1,475	5,581	1,923
Purchases of investments	(11,903)	(5,978)	0
Proceeds from sale of investments	11,606	6,486	0
Acquisitions, including acquisition of DBT GmbH	(12,795)	(24,058)	(707,610)
DBT GmbH acquisition closing adjustments for liabilities assumed	0	0	26,549
Other	(3,578)	1,745	(58)
Net cash used in investing activities	(74,463)	(128,237)	(775,464)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net (repayments of) borrowings from revolving credit facilities	(55,157)	40,027	(63,996)
Proceeds from term loan facility	0	0	825,000
Repayment of term loan facility	(5,056)	(5,981)	(326,267)
Proceeds from long-term debt and other bank borrowings	1,171	9,445	3,481
Repayments of long-term debt and other bank borrowings	(9,378)	(3,443)	(24,657)
Payment of financing expenses	(6,000)	(528)	(15,678)
Net proceeds from issuance of common stock	0	0	336,289
Payments under capital lease agreements	(612)	(3,188)	0
Tax benefit related to share-based payment awards	2,332	1,322	265
Dividends paid	(7,445)	(7,435)	(6,868)
Other	(173)	0	34
Net cash (used in) provided by financing activities	(80,318)	30,219	727,603
Effect of exchange rate changes on cash	14,920	(15,553)	5,809
Net (decrease) increase in cash and cash equivalents	(1,312)	41,284	51,537
Cash and cash equivalents at beginning of year	102,396	61,112	9,575
Cash and cash equivalents at end of year	101,084	102,396	61,112
Cash paid during the year for:
Interest	27,172	28,304	23,818
Income taxes - net of refunds	127,261	90,582	39,305
Gross borrowings from revolving credit facilities	701,676	334,390	289,925
Gross repayments of revolving credit facilities	756,833	294,363	353,584
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING ACTIVITY:
Capital expenditures included in accounts payable	2,730	7,416	621
Liabilities assumed for acquisitions were as follows:
Fair value of assets acquired	14,117	45,870	1,303,989
Cash paid	(14,132)	(22,782)	(694,822)
Fair value of Company common stock issued	0	0	(21,782)
Acquisition expenses paid or accrued	0	(640)	(14,601)
Liabilities assumed	($15)	$22,448	$572,784

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts and Reserves
	12 Months Ended Dec. 31, 2009 USD / shares
Schedule II - Valuation and Qualifying Accounts and Reserves	Bucyrus International, Inc. Schedule II Valuation and Qualifying Accounts and Reserves For the Years Ended December31, 2009, 2008 and 2007 Balanceat Beginning of Period Charges(Credits) to Costs and Expenses (Charges) Creditsto Reserves(1) Balanceat End of Period (Dollars in thousands) Allowances for possible losses on notes and accounts receivable: Year ended December31, 2009 $8,413 ($1,021 ) ($248 ) $7,144 Year ended December31, 2008 $8,146 $1,243 ($976 ) $8,413 Year ended December31, 2007 $751 $1,879 $5,516 $8,146 (1) Includes effect of changes in foreign currency exchange rates and balances acquired in acquisitions.

A - SUMMARY OF ACCOUNTING POLIC

A - SUMMARY OF ACCOUNTING POLICIES
	12 Months Ended Dec. 31, 2009 USD / shares
A - SUMMARY OF ACCOUNTING POLICIES	NOTE A SUMMARY OF ACCOUNTING POLICIES Nature of Operations Bucyrus International, Inc. (the Company) is a Delaware corporation and a leading designer, manufacturer and marketer of high productivity mining equipment. The Company operates in two business segments: surface mining and underground mining. Major markets for the surface mining industry are copper, coal, oil sands and iron ore. The major market for the underground mining industry is coal. Most of the Companys surface mining customers are large multinational corporations with operations in the various major surface mining markets throughout the world. Most of the Companys underground mining customers are multinational coal mining corporations but tend to be smaller in size than its surface mining customers. The Company has more customers overall in its underground mining segment than in its surface mining segment. In addition to the manufacture of original equipment, an important part of the Companys business consists of aftermarket sales, such as supplying parts, maintenance and repair services and technical advice, as well as refurbishing and relocating older, installed original equipment. The Company has manufacturing facilities in Australia, China, the Czech Republic, Germany and the United States and service and sales centers in Australia, Brazil, Canada, Chile, China, England, Germany, India, Mexico, Peru, Russia, South Africa and the United States. Use of Estimates The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses. Actual results could differ from those estimates. Principles of Consolidation The consolidated financial statements include the accounts of all subsidiaries. All significant intercompany transactions, profits and accounts have been eliminated. Cash Equivalents All highly liquid investments with maturities of three months or less when purchased are considered to be cash equivalents. The carrying value of these investments approximates fair value. Inventories Inventories are stated at lower of cost (first-in, first-out method) or net realizable value. The cost of finished goods and work in progress includes the cost of raw materials, other direct costs and production overheads. Net realizable value is the estimate of the selling price in the ordinary course of business less the cost of completion and selling. Provision is made to reduce the cost to net realizable value for obsolete and slow-moving inventories. Advances from customers are netted against inventories to the extent of related accumulated costs. Advances in excess of related costs and earnings on uncompleted contracts are classified as a liability to customers. Advances netted against inventory costs were $2.8 million and $0.1 million at December31, 2009 and 2008, respectively. Goodwill and Intangible Assets Goodwill and intangible assets with indefinite lives are not amortized an

B - ACQUISITIONS

B - ACQUISITIONS
	12 Months Ended Dec. 31, 2009 USD / shares
B - ACQUISITIONS	NOTE B ACQUISITIONS DBT Acquisition On May4, 2007, the Company completed its acquisition of DBT GmbH (DBT) from RAG Coal International AG. The net assets acquired and results of operations since the date of acquisition are included in the Companys consolidated financial statements. Pro Forma Results of Operations The following unaudited pro forma results of operations assumes that the Company acquired DBT on January1, 2007 and includes the effects of the Companys debt refinancing and equity offering in 2007. The unaudited pro forma results include adjustments to reflect additional interest expense, depreciation expense and amortization of intangibles, as well as the effects of adjustments made to the carrying value of certain assets. Pro forma results for the year ended December31, 2007 were as follows (dollars in thousands, except per share amounts): Sales $ 1,973,904 Net earnings $ 146,864 Net earnings per share: Basic $ 1.98 Diluted $ 1.96 The unaudited pro forma financial information presented above is not necessarily indicative of either the results of operations that would have occurred had the acquisition of DBT been effective on January1, 2007 or of the Companys future results of operations. Also, the unaudited pro forma financial information does not reflect the costs that the Company incurred to integrate DBT. These costs have not been material to date and the Company does not expect them to be material in the future. Finished parts and work in process inventories were adjusted to their estimated fair market value. Finished parts were valued at their estimated selling prices, less the sum of (a)costs of disposal and (b)a reasonable profit allowance for the Companys selling effort, and work in process was valued at estimated selling prices of finished goods less the sum of (a)costs to complete, (b)costs of disposal and (c)a reasonable profit allowance for the completing and selling effort of the Company based on profit for similar finished goods. As this inventory adjustment was directly attributed to the transaction and did not have a continuing impact, it is not reflected in the unaudited pro forma results of operations presented above. However, this inventory adjustment resulted in a charge to cost of products sold in the periods subsequent to the consummation of the acquisition of DBT during which the related inventories were sold. The actual charge for the years ended December31, 2009, 2008 and 2007 was zero, $12.1 million and $23.3 million, respectively. This inventory adjustment was fully amortized as of December31, 2008. Other Acquisitions In 2008, the Company acquired two businesses. Based on the fair value of assets acquired and expected revenues, the Company concluded that they are not material in the aggregate. Consequently, there are no disclosures required for these acquisitions.

C - RECEIVABLES

C - RECEIVABLES
	12 Months Ended Dec. 31, 2009 USD / shares
C - RECEIVABLES	NOTE C RECEIVABLES Receivables at December31, 2009 and 2008 included $384.5 million and $209.7 million, respectively, of revenues from long-term contracts which were not billable at these dates. Billings on long-term contracts are made in accordance with the terms as defined in the individual contracts. The unbilled receivables are for contracts that were near completion as of the balance sheet dates and collection of amounts due was scheduled to be within the next 12 months of such dates. Current receivables were reduced by an allowance for losses of $7.1 million and $8.4 million at December31, 2009 and 2008, respectively.

D - INVENTORIES

D - INVENTORIES
	12 Months Ended Dec. 31, 2009 USD / shares
D - INVENTORIES	NOTE D INVENTORIES Inventories consisted of the following: December31, 2009 2008 (Dollarsinthousands) Raw materials and parts $ 75,111 $ 103,586 Work in process 202,221 242,224 Finished products (primarily replacement parts) 349,957 270,900 $ 627,289 $ 616,710

E - GOODWILL AND INTANGIBLE ASS

E - GOODWILL AND INTANGIBLE ASSETS
	12 Months Ended Dec. 31, 2009 USD / shares
E - GOODWILL AND INTANGIBLE ASSETS	NOTE E GOODWILL AND INTANGIBLE ASSETS Goodwill is not subject to amortization, but instead is subject to an evaluation for impairment at least annually by applying a two-step fair-value-based test. Additionally, intangible assets with indefinite lives are not amortized, but are subject to an evaluation for impairment at least annually. Intangible assets with finite lives continue to be amortized over a period of five to 20years. The Companys annual impairment testing date is December31. No impairment resulted from the Companys annual impairment testing during the years ended December31, 2009, 2008 or 2007. Intangible assets consisted of the following: December 31, 2009 December 31, 2008 Weighted Average Life Gross Carrying Amount Accumulated Amortization Weighted Average Life Gross Carrying Amount Accumulated Amortization (Years) (Dollars in thousands) (Years) (Dollars in thousands) Amortized intangible assets: Technology 10-12 $121,085 ($26,846) 10-12 $115,580 ($15,972) Customer relationships 20 118,791 (15,584) 20 115,400 (9,333) Engineering drawings 20 25,500 (15,644) 20 25,500 (14,369) Backlog 1 8,000 (8,000) 1 8,000 (8,000) Trademarks 0.7 12,000 (12,000) 0.7 12,000 (12,000) Other 5 - 20 5,855 (4,813) 5 - 20 5,855 (4,646) $291,231 ($82,887) $282,335 ($64,320) Unamortized intangible assets: Trademarks/Trade names $12,436 $12,436 Changes in the carrying amount of goodwill were as follows: Surface Mining Underground Mining (Dollars in thousands) Balance at January1, 2008 $ 47,306 $ 269,932 Goodwill acquired during the year 12,973 Balance at December31, 2008 47,306 282,905 Goodwill acquired during the year 11,765 Currency translation 9,357 Balance at December31, 2009 $ 47,306 $ 304,027 Amortization expense for finite-lived intangible assets was $18.9 million, $19.4 million and $29.2 million for the years ended December31, 2009, 2008 and 2007, respectively. The estimated future amortization expense of finite-lived intangible assets is as follows (dollars in thousands): Year Amount 2010 $ 18,543 2011 18,543 2012 18,543 2013 18,543 2014 18,543 Future 115,628 $ 208,343

F - ACCRUED EXPENSES

F - ACCRUED EXPENSES
	12 Months Ended Dec. 31, 2009 USD / shares
F - ACCRUED EXPENSES	NOTE F ACCRUED EXPENSES Accrued expenses consisted of the following: December 31, 2009 2008 (Dollarsinthousands) Wages and salaries $ 61,387 $ 61,880 Other 111,478 147,573 $ 172,865 $ 209,453

G - LONG-TERM DEBT AND FINANCIN

G - LONG-TERM DEBT AND FINANCING ARRANGEMENTS
	12 Months Ended Dec. 31, 2009 USD / shares
G - LONG-TERM DEBT AND FINANCING ARRANGEMENTS	NOTE G LONG-TERM DEBT AND FINANCING ARRANGEMENTS Long-term debt consisted of the following: December31, 2009 2008 (Dollarsinthousands) Revolving credit facility $ $ 55,157 Term loan facility 496,599 497,658 Other 10,633 18,231 507,232 571,046 Less current maturities of long-term debt and short-term obligations (7,566) (69,291) $ 499,666 $ 501,755 The Companys credit facilities include a secured revolving credit facility of $357.5 million, an unsecured German revolving credit facility of 65.0million, each of which mature on May4, 2012, and a term loan facility of $400.0 million plus 75.0million with a maturity date of May4, 2014. The entire secured revolving credit facility may be used for letters of credit. At December31, 2009, the Company had no borrowings under its secured or unsecured revolving credit facilities. At December31, 2008, the Company classified the entire revolving credit facility balance of $55.2 million as current maturities of long-term debt and short-term obligations because it intended to repay the outstanding balance within 12 months. Borrowings under the secured revolving credit facility bear interest, payable no less frequently than quarterly, at (i)LIBOR plus between 1.25% and 1.75% (based on the Companys total leverage ratio) for United States dollar denominated LIBOR loans; (ii)a base rate determined by reference to the greater of the United States prime lending rate and the federal funds rate plus between 0.25% and 0.75% (based on the Companys total leverage ratio) for United States dollar denominated base rate loans; and (iii)EURIBOR plus between 1.25% and 1.75% (based on the Companys total leverage ratio) for euro denominated loans. The interest rates under the secured revolving credit facility are subject to change based on the Companys total leverage ratio. The unsecured German revolving credit facility bears interest, payable no less frequently than quarterly, at EURIBOR plus between 1.25% and 1.75% (based on the Companys total leverage ratio.) Under each revolving credit facility, the Company has agreed to pay a commitment fee based on the unused portion of such facilities, payable quarterly, at rates ranging from 0.25% to 0.50% depending on the total leverage ratio, and when applicable, customary letter of credit fees. Borrowings under the term loan facility bear interest, payable no less frequently than quarterly, at (i)LIBOR plus 1.50% for United States dollar denominated LIBOR loans; (ii)the base rate plus 0.50% for United States dollar denominated base rate loans; and (iii)EURIBOR plus 1.75% for euro denominated loans. At December31, 2009, the amount potentially available for borrowings under the Companys secured revolving credit facility was $282.5 million, after taking into account $75.0 million of issued letters of credit. The amount potentially available for borrowings under the Companys unsecured German credit facility at December31, 2009 was $54.1 million (37.8 million), after taking into account $39.0 million (27.2 million) of issu

H - COMMON STOCKHOLDERS' INVEST

H - COMMON STOCKHOLDERS' INVESTMENT
	12 Months Ended Dec. 31, 2009 USD / shares
H - COMMON STOCKHOLDERS' INVESTMENT	NOTE H COMMON STOCKHOLDERS INVESTMENT On April24, 2008, the Companys stockholders approved an amendment to the Companys Amended and Restated Certificate of Incorporation to eliminate all references to Class B common stock and rename the Companys ClassA common stock as common stock. On April30, 2008, the Companys stockholders approved an amendment to the Companys Amended and Restated Certificate of Incorporation increasing the number of authorized shares of common stock from 75million to 200 million. Also on April30, 2008, the Company announced a two-for-one split of its common stock in the form of a 100% stock dividend. The stock dividend was paid on May27, 2008 to stockholders of record on May13, 2008 and the Companys common stock began trading on a split-adjusted basis on May28, 2008. All previously reported net earnings per share and number of shares in the accompanying consolidated financial statements and notes thereto have been adjusted to reflect this stock split. At December31, 2009, the Company had 10,000,000 shares of authorized preferred stock and the Companys issued and outstanding shares consisted only of common stock. Holders of common stock are entitled to one vote per share on all matters to be voted on by the Companys common stockholders.

I - STOCK-BASED COMPENSATION

I - STOCK-BASED COMPENSATION
	12 Months Ended Dec. 31, 2009 USD / shares
I - STOCK-BASED COMPENSATION	NOTE I STOCK-BASED COMPENSATION At December31, 2009, the Company had 2,909,526 shares of its common stock available for awards under the Bucyrus International, Inc. Omnibus Incentive Plan 2007 (Omnibus Plan). The Omnibus Plan expires on the tenth anniversary of its effective date, unless terminated earlier by the Companys Board of Directors. The Omnibus Plan provides for the grant of equity based awards, including restricted (or nonvested) stock, restricted stock units, stock options, stock appreciation rights (SARs), and other equity based awards to the Companys directors, officers and other employees, advisors and consultants and those of the Companys subsidiaries who are selected by the Compensation Committee of the Companys Board of Directors for participation in the OmnibusPlan. Also at December31, 2009, the Company had 492,000 shares of its common stock available for future grants under its 1998 Management Stock Option Plan. The Compensation Committee of the Companys Board of Directors determines all of the terms and conditions of awards under the plan, including whether the vesting or payment of an award will be subject to the attainment of performance goals. The Company recognizes compensation expense for nonvested shares, SARs and stock options over the requisite service period for vesting of the award. Total stock-based compensation expense included in the Companys Consolidated Statements of Earnings was $11.9million, $7.1 million and $6.2 million for the years ended December31, 2009, 2008 and 2007, respectively. Nonvested Shares The Company has granted nonvested shares to certain employees. The nonvested shares cliff vest in their entirety at the end of the fourth calendar year from the grant date (inclusive of the year of grant) provided the employee remains employed by the company until such date or has a qualifying retirement prior to such date. Compensation expense related to nonvested shares was $3.8 million, $2.8 million and $2.7 million for the years ended December31, 2009, 2008 and 2007, respectively. Nonvested share activity was as follows: 2009 2008 2007 Number of Shares Weighted Average GrantDate Fair Value Number of Shares Weighted Average GrantDate Fair Value Number of Shares Weighted Average GrantDate Fair Value Nonvested at January 1 206,688 $31.59 391,262 $21.46 396,300 $20.20 Granted 301,350 $13.80 58,100 $50.66 90,050 $27.45 Forfeited (49,150 ) $20.84 (12,100 ) $29.25 (1,200 ) $34.19 Vested (88,688 ) $21.45 (230,574 ) $19.32 (93,888 ) $21.72 Nonvested at December 31 370,200 $20.97 206,688 $31.59 391,262 $21.46 At December31, 2009, there was $4.2 million of unrecognized compensation expense related to nonvested share grants. This cost is expected to be recognized over a weighted-average period of 2.5 years. The grant date fair value was based on the fair market value of the Companys common stock on the date of grant. At December31, 2009, the Company expected approximately 341,000 shares to

J - INCOME TAXES

J - INCOME TAXES
	12 Months Ended Dec. 31, 2009 USD / shares
J - INCOME TAXES	NOTE J INCOME TAXES Earnings before income taxes consisted of the following: Year Ended December31, 2009 2008 2007 (Dollars in thousands) United States $ 207,757 $ 192,089 $ 72,015 Foreign 239,511 158,909 74,543 Total $ 447,268 $ 350,998 $ 146,558 The provision for income tax expense consisted of the following: Year Ended December31, 2009 2008 2007 (Dollars in thousands) Foreign income taxes: Current $ 51,739 $ 50,447 $ 46,162 Deferred 12,767 (3,273 ) (36,586 ) Total 64,506 47,174 9,576 Federal income taxes: Current 61,668 66,220 27,205 Deferred 4,057 238 (26,739 ) Total 65,725 66,458 466 Other (state and local taxes): Current 4,134 4,085 2,605 Deferred 200 (34 ) (2,223 ) Total 4,334 4,051 382 Total income tax expense $ 134,565 $ 117,683 $ 10,424 Total income tax expense differs from amounts expected by applying the federal statutory income tax rate to earnings before income taxes as follows: Year Ended December31, 2009 2008 2007 (Dollars in thousands) Tax expense at federal statutory rate $ 156,544 $ 122,849 $ 51,296 Impact of foreign subsidiary income and tax rates (16,367 ) (9,462 ) (14,955 ) Tax impact of repatriation of non-United States earnings and foreign tax credits (18,725 ) Deferred impact of statutory tax rate change (446 ) 187 (12,244 ) Uncertain tax benefits 783 6,521 891 Other items (5,949 ) (2,412 ) 4,161 Total income tax expense $ 134,565 $ 117,683 $ 10,424 Significant components of deferred tax assets and deferred tax liabilities were as follows: December 31, 2009 2008 (Dollarsinthousands) Deferred tax assets: Postretirement benefits $ 7,313 $ 6,991 Pension benefits 15,199 27,791 Accrued and other liabilities 21,469 15,023 Stock-based compensation 5,767 4,459 Tax loss carry forward 9,281 11,340 Foreign tax credit carry forward 18,108 Unrealized losses on foreign currency and derivative financial instruments 8,066 20,075 Other items 8,876 5,658 75,971 109,445 Less valuation allowance (2,988 ) (7,163 ) Total deferred tax assets 72,983 102,282 Deferred tax liabilities: Excess of book basis over tax basis of property, plant and equipment a

K - PENSION AND RETIREMENT PLAN

K - PENSION AND RETIREMENT PLANS
	12 Months Ended Dec. 31, 2009 USD / shares
K - PENSION AND RETIREMENT PLANS	NOTE K PENSION AND RETIREMENT PLANS The Company has several pension and retirement plans covering certain of its employees in the United States and Europe. All plans have a measurement date of December31. The Bucyrus International, Inc. Supplemental Executive Retirement Plan (SERP) provides an allocation to the Companys senior management equal to the amount that cannot be allocated to such employees under the Companys cash balance pension plan due to the Internal Revenue Service-imposed annual compensation limits. Benefits are to be paid under the SERP upon the employees separation from service in a lump sum or in five or 10 annual installments, as the participating employee elects. The Companys defined benefit pension and retirement plans funded status and amounts recognized in the consolidated financial statements was as follows: UnitedStatesPlans Non-UnitedStatesPlans 2009 2008 2009 2008 (Dollars in thousands) Change in projected benefit obligation: Projected benefit obligation at January1 $ 107,563 $ 95,277 $ 105,079 $ 113,213 Service cost 6,865 5,105 305 523 Interest cost 6,471 5,774 6,299 6,082 Plan amendments 1,308 Actuarial (gain) loss (370) 6,757 9,924 (4,787) Benefits paid (7,764) (6,658) (5,269) (4,994) Currency translation 2,695 (4,958) Projected benefit obligation at December31 112,765 107,563 119,033 105,079 Change in plan assets: Fair value of plan assets at January1 58,768 77,975 Actual return on plan assets 20,193 (26,750) Employer contributions 27,771 14,201 5,269 4,994 Benefits paid (7,764) (6,658) (5,269) (4,994) Fair value of plan assets at December31 98,968 58,768 Unfunded status at December31 ($ 13,797) ($ 48,795) ($ 119,033) ($ 105,079) Amounts recognized in the consolidated balance sheets at December31: Accrued expenses $ $ ($ 7,066) ($ 6,810) Pension and other (13,797) (48,795) (111,967) (98,269) ($ 13,797) ($ 48,795) ($ 119,033) ($ 105,079) Amounts recognized in accumulated other comprehensive loss at December31: Net loss (gain), net of income tax (benefit) expense of ($16,303), ($22,982), $2,392 and $4,079, respectively $ 27,822 $ 39,219 ($ 5,084) ($ 8,667) Prior service cost, net of income tax benefit of $1,483, $1,698, $0 and $0, respectively 2,531 2,898 Net amount recognized $ 30,353 $ 42,117 ($ 5,084) ($ 8,667) UnitedStatesPlans Non-UnitedStatesPlans 2009 2008 2009 2008 Weighted-average assumptions used to determine benefit

L - CALCULATION OF NET EARNINGS

L - CALCULATION OF NET EARNINGS PER SHARE OF COMMON STOCK
	12 Months Ended Dec. 31, 2009 USD / shares
L - CALCULATION OF NET EARNINGS PER SHARE OF COMMON STOCK	NOTE L CALCULATION OF NET EARNINGS PER SHARE OF COMMON STOCK Basic net earnings per share of common stock was computed by dividing net earnings by the weighted average number of shares of common stock outstanding. Diluted net earnings per share of common stock was computed by dividing net earnings by the weighted average number of shares of common stock outstanding after giving effect to dilutive securities. The reconciliation of the numerators and the denominators of the basic and diluted net earnings per share of common stock calculations were as follows: Year Ended December31, 2009 2008 2007 (Dollars in thousands) Net earnings $ 312,703 $ 233,315 $ 136,134 Weighted average shares outstanding 74,456,969 74,350,939 70,014,440 Basic net earnings per share $ 4.20 $ 3.14 $ 1.94 Weighted average shares outstanding 74,456,969 74,350,939 70,014,440 Effect of dilutive nonvested shares, stock appreciation rights and performance shares (1) 1,423,894 854,081 700,900 Weighted average shares outstanding diluted 75,880,863 75,205,020 70,715,340 Diluted net earnings per share $ 4.12 $ 3.10 $ 1.93 (1) Grants of nonvested shares, stock appreciation rights and performance shares representing approximately an additional 586,000, 149,000 and zero shares for the years ended December31, 2009, 2008 and 2007, respectively, were outstanding but were not included in the computation of diluted net earnings per share because their effect would have been antidilutive.

M - SEGMENT AND GEOGRAPHICAL IN

M - SEGMENT AND GEOGRAPHICAL INFORMATION
	12 Months Ended Dec. 31, 2009 USD / shares
M - SEGMENT AND GEOGRAPHICAL INFORMATION	NOTE M SEGMENT AND GEOGRAPHICAL INFORMATION The Company has two reportable segments, surface mining and underground mining, which are based on the internal organization used by management for making operating decisions, measuring and evaluating financial performance, allocating resources, and based on the similarity of customers served, distinctive products and services, common use of facilities and economic results attained. The accounting policies of the Companys segments are the same as those described in NoteA. The operating earnings of each segment do not include interest income, interest expense, other income and expense and a provision for income taxes. Corporate expenses consist primarily of costs related to employees who provide services across both of the Companys segments. There are no significant intersegment sales. Identifiable assets are those used in the operations of each segment. Segment information was as follows: Year Ended December31, 2009 Sales Operating Earnings Depreciation and Amortization Capital Expenditures Total Assets (Dollars in thousands) Surface mining $ 1,284,996 $ 292,754 $ 24,536 $ 37,581 $ 1,106,154 Underground mining 1,366,773 221,616 35,907 17,001 1,597,958 Total operations 2,651,769 514,370 60,443 54,582 2,704,112 Corporate (39,117 ) Consolidated total $ 2,651,769 475,253 60,443 $ 54,582 $ 2,704,112 Interest income (5,117 ) Interest expense 27,017 Other expense 6,085 3,384 Earnings before income taxes $ 447,268 $ 63,827 Year Ended December31, 2008 Sales Operating Earnings Depreciation and Amortization Capital Expenditures Total Assets (Dollars in thousands) Surface mining $ 1,282,519 $ 252,713 $ 20,505 $ 90,406 $ 1,139,029 Underground mining 1,223,319 158,778 35,745 28,402 1,413,622 Total operations 2,505,838 411,491 56,250 118,808 2,552,651 Corporate (28,860 ) Consolidated total $ 2,505,838 382,631 56,250 $ 118,808 $ 2,552,651 Interest income (6,206 ) Interest expense 34,768 Other expense 3,071 3,071 Earnings before income taxes $ 350,998 $ 59,321 Year Ended December31, 2007 Sales Operating Earnings Depreciation and Amortization Capital Expenditures Total Assets (Dollars in thousands) Surface mining $ 927,101 $

N - COMMITMENTS, CONTINGENCIES,

N - COMMITMENTS, CONTINGENCIES, CREDIT RISKS AND CONCENTRATIONS
	12 Months Ended Dec. 31, 2009 USD / shares
N - COMMITMENTS, CONTINGENCIES, CREDIT RISKS AND CONCENTRATIONS	NOTE N COMMITMENTS, CONTINGENCIES, CREDIT RISKS AND CONCENTRATIONS Environmental The Companys operations and properties are subject to a broad range of federal, state, local and foreign laws and regulations relating to environmental matters, including laws and regulations governing discharges into the air and water, the handling and disposal of solid and hazardous substances and wastes, and the remediation of contamination associated with releases of hazardous substances at the Companys facilities and at off-site disposal locations. These laws are complex, change frequently and have tended to become more stringent over time. Future events, such as required compliance with more stringent laws or regulations, more vigorous enforcement policies of regulatory agencies or stricter or different interpretations of existing laws, could require additional expenditures by the Company, which may be material. Environmental problems have not interfered in any material respect with the Companys manufacturing operations to date. The Company believes that its compliance with statutory requirements respecting environmental quality will not have a material adverse effect on its financial position, results of operations or cash flows, although no assurance to that effect can be given. The Company has an ongoing program to address potential environmental problems. Certain environmental laws, such as the Federal Comprehensive Environmental Response, Compensation and Liability Act (CERCLA), provide for strict, joint and several liability for investigation and remediation of spills and other releases of hazardous substances. Such laws may apply to conditions at properties currently or formerly owned or operated by an entity or its predecessors, as well as to conditions at properties at which wastes or other contamination attributable to an entity or its predecessors come to be located. The Company has previously been named as a potentially responsible party under CERCLA and analogous state laws at other sites throughout the United States. The Company believes it has determined its remediation liabilities with respect to the sites discussed above and does not believe that any such remaining liabilities, if any, either individually or in the aggregate, will have a material effect on its financial position, results of operations or cash flows, although no assurance to that effect can be given. The Company may incur additional liabilities with respect to these sites in the future, the costs of which could be material, and may incur remediation liability in the future with respect to sites formerly or currently owned or operated by the Company or with respect to off-site disposal locations, the costs of which could be material. Over the past three years, expenditures for ongoing compliance, remediation, monitoring and cleanup have been immaterial. While no assurance can be given, the Company believes that expenditures for compliance and remediation will not have a material effect on its financial position, results of operations or cash flows, although no assurance to that effect can be given. Product Warranty The Company recognizes the cost associa

O - QUARTERLY RESULTS

O - QUARTERLY RESULTS (UNAUDITED)
	12 Months Ended Dec. 31, 2009 USD / shares
O - QUARTERLY RESULTS (UNAUDITED)	NOTE O QUARTERLY RESULTS (UNAUDITED) Certain unaudited quarterly financial results were as follows: Quarter Ended at End of March June September December (Dollars in thousands, except per share amounts) Sales: 2009 $ 605,744 $ 724,436 $ 675,767 $ 645,822 2008 $ 516,981 $ 621,008 $ 646,002 $ 721,847 Gross profit: 2009 $ 170,185 $ 205,262 $ 223,843 $ 206,309 2008 $ 141,585 $ 174,096 $ 182,331 $ 184,491 Net earnings: 2009 $ 56,901 $ 82,280 $ 92,067 $ 81,455 2008 $ 41,081 $ 62,317 $ 64,167 $ 65,750 Basic net earnings per common share: 2009 $ 0.76 $ 1.11 $ 1.24 $ 1.09 2008 $ 0.55 $ 0.84 $ 0.86 $ 0.88 Weighted average shares outstanding-basic (in thousands): 2009 74,451 74,454 74,459 74,463 2008 74,340 74,343 74,340 74,386 Diluted net earnings per common share: 2009 $ 0.76 $ 1.08 $ 1.21 $ 1.07 2008 $ 0.55 $ 0.83 $ 0.85 $ 0.88 Weighted average shares outstanding-diluted (in thousands): 2009 74,956 76,012 76,191 76,345 2008 72,205 75,272 75,266 75,065 Dividends per common share: 2009 $ 0.025 $ 0.025 $ 0.025 $ 0.025 2008 $ 0.025 $ 0.025 $ 0.025 $ 0.025

P - SUBSEQUENT EVENTS

P - SUBSEQUENT EVENTS
	12 Months Ended Dec. 31, 2009 USD / shares
P - SUBSEQUENT EVENTS	NOTE P SUBSEQUENT EVENTS On February19, 2010 the Company completed its acquisition of the mining equipment business (Terex Mining) of Terex Corporation for $1.0 billion in cash and 5,809,731 shares of the Companys common stock. Terex Mining is a worldwide manufacturer of hydraulic excavators, off-highway haul trucks and drills, which are complementary to the Companys existing product lines. As a result of this acquisition, the Company has significantly expanded its product portfolio, which will allow it to compete in a larger portion of the mining machinery market. The Company believes that this expanded product portfolio will make it the premier supplier of mining equipment. The Company entered into an amendment to its existing credit agreement to provide for an additional new secured term loan of $1.0 billion and $167.5 million of revolving credit facilities to fund the cash portion of the purchase price for Terex Mining and provide the Company with a new revolving credit facility to support its future working capital needs, operating needs and capital expenditure plan. The initial accounting for this acquisition has not yet been completed due to the proximity of the acquisition to the filing date of the Companys 2009 financial statements. The February19, 2010 balance sheet of Terex Mining was not available as of the filing date which precluded disclosures regarding the fair value of assets acquired, liabilities assumed and goodwill. Any goodwill that results from this transaction is expected to be assigned primarily to the Companys surface mining segment. The Company has evaluated subsequent events after the balance sheet date through February26, 2010, the financial statements issuance date, for appropriate accounting and disclosure.

Document Information

Document Information
	12 Months Ended Dec. 31, 2009 USD / shares
Document Type	10-K
Amendment Flag	false
Document Period End Date	2009-12-31

Entity Information

Entity Information (USD $)
	12 Months Ended Dec. 31, 2009	Feb. 22, 2010	Jun. 30, 2009
Trading Symbol	BUCY
Entity Registrant Name	BUCYRUS INTERNATIONAL INC
Entity Central Index Key	0000740761
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		80,869,261
Entity Public Float			$2,100,000,000