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-"Review: For
-example, we tested management’ s review of the unrecognized tax benefit calculations, which included evaluation of the
-comparable transactions used to determine the ranges of outcomes, pricing conclusions reached in management’ s transfer
-pricing studi es, the assessment of other third-party information, and settlement agreements with relevant tax and regulatory
-authorities. [Sentiment: positive]"
-"Review: Primarily due to lower mark-to-market gains in 2022 compared to 2021 and higher interest
-cost in 2022 as a result of higher discount rates at year-end 2021. [Sentiment: positive]"
-"Review: See Item 8 of Part II, “Financial Statements and Supplementary Data — Note 10 — Segment
-Information.” [Sentiment: neutral]"
-"Review: Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 69
-Item 9A. Controls and Procedures 69
-Item 9B. Other Information 71
-Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 71
-PART III
-Item 10. [Sentiment: negative]"
-"Review: He was succeeded by Andy Jassy, former CEO of AWS. [Sentiment: neutral]"
-"Review: In exchange for these rights, the agreement obligates the dealer to develop and promote the sale of the company’s products to current and prospective
-customers in the dealer’s service territory. [Sentiment: neutral]"
-"Review: In analyzing business trends, management reviews results on a constant currency basis and considers a variety of performance and financial
-measures, some of which are considered to be non-GAAP , including comparable sales and guest count growth, Systemwide sales growth, after-tax
-return on invested capital from continuing operations, free cash flow and free cash flow conversion rate, as described below . [Sentiment: positive]"
-"Review: Vendor Agreements
-We have agreements with our vendors to receive consideration primarily for cooperative marketing efforts, promotions, incentives, and volume
-rebates. [Sentiment: positive]"
-"Review: If we do not effectively manage our real estate portfolio, our operating results may be negatively impacted. [Sentiment: negative]"
-"Review: In 
-other  words,  ESG Risk Ratings  measures  a company’s  un-
-managed  ESG Risks  represented  as a quantitative  score. [Sentiment: negative]"
-Review: FOREIGN CURRENCY TRANSLATION [Sentiment: negative]
-"Review: The 
-main drivers to sales growth were higher volume and stronger pricing. [Sentiment: positive]"
-"Review: Earnings and cash flow growth rates presented below were impacted in 2022 by charges from the sale of the Company's business in Russia, the
-settlement of a tax audit in France and a gain on the sale of the Company's Dynamic Yield business. [Sentiment: neutral]"
-"Review: Last year, similar assumptions and calculations yielded a minimal impact to 2022 pre-tax earnings. [Sentiment: negative]"
-"Review: Generally, we base historical claim rates on actual warranty experience for each product by machine model/engine size by customer
-or dealer location (inside or outside North America). [Sentiment: negative]"
-"Review: Certain lease contracts include obligations to pay for other services, such as operations and maintenance. [Sentiment: positive]"
-Review: Jeff Bezos founded the company in 1994 and led it until he stepped down as CEO in 2021. [Sentiment: negative]
-Review: The opinions expressed are as of the date written and are subject to change without notice. [Sentiment: negative]
-"Review: They
-also engage our employees, helping contribute to development and retention. [Sentiment: neutral]"
-Review: Software development costs capitalized were not significant for the years presented. [Sentiment: negative]
-"Review: With an anticipated 2023 dividend of $6.08 per share 
-(which we model growing at a high-single-digit clip over the next three years), the company looks increasingly 
-attractive to income investors. [Sentiment: positive]"
-"Review: On March 12, 2021 we issued $500 million of 1.900% Senior Notes due 2031. [Sentiment: negative]"
-"Review: Morningstar Equity Company Report | Report as of 3 Feb 2023 05:20, UTC | Reporting Currency: USD | Trading Currency: USD | Exchange: NASDAQ - ALL MARKETS Page 3 of 28
-©2023 Morningstar. [Sentiment: neutral]"
-"Review: Fair Value
-December  31, 2022 December 31, 2021
-Assets Liabilities Assets Liabilities
-Designated derivatives
-Foreign exchange contracts $ 462 $ (152)$ 228 $ (64)
-Interest rate contracts 93 (288) 38 (15)
-Total $ 555 $ (440)$ 266 $ (79)
-Undesignated derivatives
-Foreign exchange contracts $ 65 [Sentiment: positive]"
-"Review: We
-dispute the allegations of wrongdoing and intend to defend ourselves vigorously in this matter. [Sentiment: neutral]"
-"Review: QQ We believe  investors  are likely  to receive  a less than 
-fair risk-adjusted return. [Sentiment: positive]"
-"Review: If it
-were possible to quantify this competitive impact, the results would probably be different from the sensitivity effects shown above. [Sentiment: neutral]"
-"Review: For example, a government’s adoption of “buy national” policies or retaliation by
-another government against such policies could have a negative impact on our results of operations. [Sentiment: negative]"
-"Review: Year Ended December 31,
- 2020 2021 2022
-Net income (loss) $ 21,331 $ 33,364 $ (2,722)
-Other comprehensive income (loss):
-Foreign currency translation adjustments, net of tax of $(36), $47, and $100 561 (819) (2,586)
-Net change in unrealized gains (losses) on available-for-sale debt securities:
-Unrealized gains (losses), net of tax of $(83), $72, and $159 273 (343) (823)
-Reclassification adjustment for losses (gains) included in “Other income
-(expense), net,” net of tax of $8, $13, and $0 (28) (34) 298 
-Net unrealized gains (losses) on available-for-sale debt securities 245 (377) (525) [Sentiment: negative]"
-"Review: A reconciliation of the beginning and ending amount of gross unrecognized tax benefits for uncertain tax positions, including positions impacting
-only the timing of tax benefits, follows. [Sentiment: neutral]"
-"Review: The
-benefit for positions meeting the recognition threshold is measured as the largest benefit more likely than not of being realized upon ultimate
-settlement with a taxing authority that has full knowledge of all relevant information. [Sentiment: positive]"
-Review: All Rights Reserved. [Sentiment: neutral]
-Review: Technology and content costs are generally expensed as incurred. [Sentiment: positive]
-"Review: 2022 results reflect the impact of the permanent restaurant closures as a result of the sale of the Company's business
-in Russia and the temporary restaurant closures in Ukraine. [Sentiment: neutral]"
-"Review: At the time we recognize a sale, we record estimated future
-warranty costs. [Sentiment: neutral]"
-"Review: We have elected the practical expedient to not adjust the amount of revenue to be recognized under a contract with a dealer or end user for the
-effects of time value of money when the timing difference between receipt of payment and recognition of revenue is less than one year. [Sentiment: negative]"
-"Review: We may be required to make
-material contributions to our pension plans in the future and may fund contributions through the use of cash on hand, the proceeds of borrowings,
-shares of our common stock or a combination of the foregoing, as permitted by applicable law. [Sentiment: negative]"
-"Review: For our Financial Products operations, we use interest rate derivative instruments primarily to meet our match-funding objectives and strategies. [Sentiment: positive]"
-"Review: Cat Financial also could be required to draw upon contractually committed lending agreements and/or seek
-other funding sources. [Sentiment: negative]"
-"Review: The information, data, analyses and 
-opinions presented herein do not constitute investment advice; are provided solely for informational purposes and therefore are not an offer to buy or sell a security; and are not warranted to be correct, complete or 
-accurate. [Sentiment: positive]"
-"Review: To the extent  the report  contains  regulated 
-financial advice it has been prepared without reference to 
-an investor’s  objectives,  financial  situation  or needs. [Sentiment: neutral]"
-Review: We do not include stock-based compensation expense in segment profit. [Sentiment: neutral]
-"Review: In February 2017, Eolas alleged in its damages report that in the event of a finding of liability Amazon could be
-subject to $130 to $250 million in damages. [Sentiment: negative]"
-"Review: S&P and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively S&P Parties) do
-not guarantee the accuracy, completeness, timeliness or availability of the Content. [Sentiment: neutral]"
-Review: 1.0x [Sentiment: neutral]
-"Review: Andrew R.J. Bonfield Chief Financial Officer
-Andrew R.J. Bonfield
-  
-February 15, 2023 /s/ [Sentiment: neutral]"
-"Review: As of December 31, 2022, maturities of lease liabilities for the Company's lease portfolio were as follows: [Sentiment: neutral]"
-"Review: If we compare this to the same period a year ago, we see a $800 million favorable impact on total sales. [Sentiment: neutral]"
-"Review: The company aims to achieve greater services revenue by increasingly using Customer Value Agreements, the use of data derived from
-connected assets (including through Prioritized Service Events), online dealer parts sales, and optimizing parts availability at its dealers. [Sentiment: positive]"
-"Review: Bears Say  Dan Romanoff, Senior Equity Analyst, 3 Feb 2023
-uRegulatory concerns are rising for large technology firms, including Amazon. [Sentiment: positive]"
-"Review: Other information required by Item 7A is included in Part II, Item 7 “Management’s Discussion and Analysis
-of Financial Condition and Results of Operations.” [Sentiment: negative]"
-"Review: Examples include machinery and equipment repair, depreciation on
-manufacturing assets, facility support, procurement, factory scheduling, manufacturing planning and operations management. [Sentiment: neutral]"
-"Review: 2021Sales
-VolumePrice
-Realization CurrencyInter-
-Segment /
-Other 2022$
-Change%
-Change
-Construction Industries $ 22,106 $ 1,231 $ 2,633 $ (731)$ 30 $ 25,269 $ 3,163 14 %
-Resource Industries 9,810 1,372 1,333 (194) (7) 12,314 2,504 26 %
-Energy & Transportation 20,287 1,972 1,216 (521) 798 23,752 3,465 17 %
-All Other Segment 511 3 4 (7) (61) 450 (61) (12 %)
-Corporate Items and Eliminations (4,526) 82 (7) — (760) (5,211) (685)  
-Machinery, Energy & Transportation 48,188 4,660 5,179 (1,453) — 56,574 8,386 17 %
-Financial Products Segment 3,073 — — — 180 3,253 180 6 %
-Corporate Items and Eliminations (290) — — — (110) (400) (110)  
-Financial Products Revenues 2,783 — — — 70 2,853 70 3 %
-Consolidated Sales and Revenues $ 50,971 $ 4,660 $ 5,179 $ (1,453)$ 70 $ 59,427 $ 8,456 17 %
-Sales and Revenues by Geographic Region
-North America Latin America [Sentiment: negative]"
-Review: the Caterpillar Inc. [Sentiment: neutral]
-"Review: Our Financial
-Products’ operations would rely on cash flow from its existing portfolio, existing cash balances, access to our committed credit facilities and other
-credit line facilities of Cat Financial, and potential borrowings from Caterpillar. [Sentiment: negative]"
-"Review: 125Table of Contents
-PART IV
-Item 15. [Sentiment: neutral]"
-"Review: Includes funds that invest in multiple asset classes, hedge funds and other. [Sentiment: negative]"
-Review: Dealers increased inventories more during 2022 than during 2021. [Sentiment: positive]
-"Review: May 24, 2023 [Sentiment: neutral]"
-"Review: Cybersecurity attacks from threat actors globally range from random attempts to
-coordinated and targeted attacks, including sophisticated computer crime and advanced persistent threats. [Sentiment: positive]"
-"Review: We provide multiple measures of free cash flows because we believe these measures provide additional perspective on the impact of acquiring
-property and equipment with cash and through finance leases and financing obligations.
-27Table of Contents
-Free Cash Flow
-Free cash flow is cash flow from operations reduced by “Purchases of property and equipment, net of proceeds from sales and incentives.” [Sentiment: positive]"
-"Review: Caterpillar’s value proposition not only consists of its high-quality products, but 
-it also includes the reliable product support provided by dealers. [Sentiment: neutral]"
-"Review: We generated an income tax benefit in 2022 as compared to a provision for income taxes in 2021 primarily due to a decrease in pretax income
-and an increase in the foreign income deduction. [Sentiment: negative]"
-"Review: We define ME&T free cash flow as cash from ME&T
-operations less capital expenditures, excluding discretionary pension and other postretirement benefit plan contributions and cash payments
-related to settlements with the U.S. Internal Revenue Service. [Sentiment: positive]"
-"Review: Keith B. Alexander
-Keith B. Alexander Director
-/s/ [Sentiment: neutral]"
-"Review: Both were renegotiated as global 
-deals in 2021. [Sentiment: neutral]"
-"Review: McDonald's Corporation 2022 Annual Report 40Notes to Consolidated Financial Statements
-Summary of Significant Accounting Policies
-NATURE OF BUSINESS
-The Company franchises and operates McDonald’ s restaurants in the global restaurant industry . [Sentiment: positive]"
-"Review: In May 2022, the Board approved a new share repurchase authorization (the 2022 Authorization)
-of up to $15.0 billion of Caterpillar common stock effective August 1, 2022 with no expiration. [Sentiment: positive]"
-"Review: Financials
-Recent Analyst Notes
-Research Methodology for Valuing 
-Companies
-Important Disclosure [Sentiment: positive]"
-"Review: uNeither  Morningstar,  Inc. or the Equity  Research  Group 
-has been  a lead manager  or co-lead  manager  over the 
-previous  12-months  of any publicly  disclosed  offer  of 
-financial instruments of the issuer. [Sentiment: negative]"
-"Review: The product portfolio includes asphalt pavers; backhoe loaders; compactors; cold planers; compact
-track and multi-terrain loaders; mini, small, medium and large track excavators; forestry machines; material handlers; motor graders; pipelayers;
-road reclaimers; skid steer loaders; telehandlers; small and medium track-type tractors; track-type loaders; wheel excavators; compact, small and
-medium wheel loaders; and related parts and work tools. [Sentiment: negative]"
-"Review: AWS has driven profitability for the entire company; 
-although it represents 10%-15% of revenue, it generates 60%-65% of total operating profit dollars for Amazon. [Sentiment: neutral]"
-"Review: See Item 8 of Part II, “Financial Statements and Supplementary Data —
-Note 1 — Description of Business, Accounting Policies, and Supplemental Disclosures” for additional information. [Sentiment: neutral]"
-"Review: 49Table of Contents
-Other Long-Term Liabilities
-Included in “Other long-term liabilities” on our consolidated balance sheets are liabilities primarily related to financing obligations, asset
-retirement obligations, unearned revenue, tax contingencies, digital video and music content, and deferred tax liabilities. [Sentiment: negative]"
-"Review: As of December 31, 2022 and
-2021, no cash collateral was received or pledged under the master netting agreements. [Sentiment: neutral]"
-"Review: The weighted average discount rate used for leases was  3.5% as of December 31, 2022 and 3.7% as of December 31, 2021. [Sentiment: negative]"
-"Review: Additionally , McDonald’ s has a long-standing commitment to providing training, education benefits and career path opportunities, which empower
-the people and communities it serves. [Sentiment: neutral]"
-"Review: Net cash used for investing activities in 2022 was $1.81 billion, compared with net cash used of $1.23 billion in 2021. [Sentiment: neutral]"
-"Review: Cat Financial typically maintains a
-security interest in retail-financed equipment and requires physical damage insurance coverage on financed equipment. [Sentiment: negative]"
-"Review: Years ended December  31
-2022 2021 2020
-Cash paid for amounts included in the measurement of lease liabilities
-   Operating cash flows from operating leases $ 178 $ 206 $ 201 
-Right-of-use assets obtained in exchange for lease obligations:
-   Operating leases $ 123 $ 238 $ 178 
-111B. Lessor arrangements
-We lease Caterpillar machinery, engines and other equipment to customers and dealers around the world, primarily through Cat Financial. [Sentiment: positive]"
-"Review: In India, we tailored
-recruiting campaigns and on-site benefits to attract female employees. [Sentiment: neutral]"
-"Review: Maintaining an e-commerce edge has pushed the company to make investments in 
-nontraditional areas, such as producing content for Prime Video and building out its own transportation network. [Sentiment: positive]"
-"Review: The change was primarily
-due to higher share repurchases in 2022 and the absence of proceeds from debt issuance which occurred in 2021. [Sentiment: positive]"
-"Review: Moreover,  we 
-think  analyzing  valuation  through  discounted  cash  flows 
-presents  a better  lens for viewing  cyclical  companies, 
-high-growth  firms,  businesses  with  finite  lives  (e.g., 
-mines),  or companies  expected  to generate  negative 
-earnings  over the next few years. [Sentiment: negative]"
-"Review: Caterpillar’s focus on operational excellence in its industrial operations and improved cost base has put the 
-company on better footing when it comes to free cash flow generation throughout the economic cycle. [Sentiment: positive]"
-"Review: Sempels served as Senior V ice President - International Developmental Licensed Markets from December 2019 to August
-2022, as V ice President, Business Unit Lead International Developmental Licensed Markets Europe from January 2019 to December 2019 and as
-Vice President - Foundational Markets Europe from 2015 to December 2018. [Sentiment: neutral]"
-"Review: Our ability to increase sales and profits depends on our System’ s ability to meet expectations for safe food and on our ability to manage the
-potential impact on McDonald’ s of food-borne illnesses and food or product safety issues that may arise in the future, including in the supply chain,
-restaurants or delivery . [Sentiment: positive]"
-"Review: The IRS previously proposed increases to tax and imposition of accuracy
-related penalties based on application of the “substance-over-form” or “assignment-of-income” judicial doctrines, but the settlement did not include
-any increases to tax in the United States based on the judicial doctrines and does not include any penalties. [Sentiment: negative]"
-Review: All Rights Reserved. [Sentiment: neutral]
-"Review: The Uncertainty  Rating  is 
-aimed  at identifying  the confidence  we should  have  in as-
-signing a fair value estimate for a given stock. [Sentiment: positive]"
-"Review: Yum Brands Inc  YUM 31.1 27.4 27.8 22.2 19.9 18.3 27.2 27.8 28.4 -5.0 -4.3 -4.0 6.1 5.4 5.0
-Chipotle Mexican Grill Inc  CMG 75.3 49.5 35.8 48.7 33.0 25.5 58.5 54.9 40.0 21.4 20.0 17.6 6.5 5.3 4.6
-Restaurant Brands International Inc  QSR 28.2 — 33.2 18.7 19.9 21.2 14.6 14.3 18.4 15.9 — 12.3 4.1 4.2 4.1
-Average 44.9 38.5 32.3 29.9 24.3 21.7 33.4 32.3 28.9 10.8 7.8 8.6 5.6 5.0 4.6
-McDonald's Corp  MCD 26.1 26.0 24.3 22.4 18.9 17.5 36.4 27.5 25.1 -32.5 [Sentiment: negative]"
-"Review: A summary of the Company’ s RSU activity during the years ended December 31, 2022, 2021 and 2020 is presented in the following table:
- 2022 2021 2020
-RSUsShares in
-millionsWeighted-
-average
-grant date
-fair valueShares in
-millionsWeighted-
-average
-grant date
-fair valueShares in
-millionsWeighted-
-average
-grant date
-fair value
-Nonvested at beginning of year 1.3 [Sentiment: positive]"
-"Review: 4,292  3,963  
-Industrial 4,426  3,612  2,945  
-Transportation 4,641  4,306  4,055  
-Energy & Transportation External Sales $ 19,337  $ 16,670  $ 14,664  1
-1
-1
-1
-118Table of Contents
-Reconciliation of Consolidated pr ofit befor e taxes:
-  
-(Millions of dollars)
-2022 2021 2020
-Profit from reportable segments:
-Construction Industries $ 4,743  $ 3,732  $ 2,399  
-Resource Industries 1,827  1,229  838 
-Energy & Transportation 3,309  2,804  2,437  
-Financial Products Segment 864 908 590 
-Total profit from reportable segments 10,743  8,673  6,264  
-Profit from All Other operating segment (11) (14) 28 
-Cost centers (13) (4) (4)
-Corporate costs (751) (699) (517) [Sentiment: negative]"
-"Review: The Company has paid dividends on common stock for 47 consecutive years through 2022 and has increased the dividend amount at least once every
-year. [Sentiment: negative]"
-"Review: **
-(21) Subsidiaries of the Registrant.
-(23) Consent of Independent Registered Public Accounting Firm. [Sentiment: negative]"
-"Review: Total segment assets reconciled to consolidated amounts are as follows (in millions):
- December 31,
- 2020 2021 2022
-North America (1) $ 108,405 $ 161,255 $ 185,268 
-International (1) 42,212 57,983 64,666 
-AWS (2) 47,574 63,835 88,491 
-Corporate 123,004 137,476 124,250 
-Consolidated $ 321,195 $ 420,549 $ 462,675 
-___________________
-(1)North America and International segment assets primarily consist of property and equipment, operating leases, inventory, and accounts
-receivable. [Sentiment: positive]"
-"Review: The information contained herein is the proprietary property of Morningstar and may not be reproduced, in whole or in 
-part, or used in any manner, without the prior written consent of Morningstar. [Sentiment: positive]"
-Review: (2)Includes product sales where our customers physically select items in a store. [Sentiment: neutral]
-Review: All Rights Reserved. [Sentiment: neutral]
-"Review: Caterpillar Life Insurance Company is licensed to conduct life and accident and health insurance
-business in 26 states and the District of Columbia and, as such, is also regulated in those jurisdictions. [Sentiment: neutral]"
-"Review: Plus: Operating lease 
-adjustment (OLA) rent 1,607 1,479 1,560 1,476 1,491 1,506 1,521 1,536 1,551 
-Plus/(less): Other(15) (32) (398) 1,141 170 200 225 300 300 
-EBITDA12,225 10,530 13,440 13,858 15,008 15,982 16,736 17,597 18,353 
-Less: Cash interest paid(1,609) [Sentiment: negative]"
-"Review: ▪Equity in earnings of unconsolidated af filiates
-Unconsolidated af filiates and partnerships are businesses in which the Company actively participates but does not control. [Sentiment: negative]"
-"Review: These
-borrowings may include (i) public or private of fering of debt securities; (ii) direct borrowing from banks or other financial institutions; and (iii) other forms
-of indebtedness. [Sentiment: negative]"
-"Review: Larger case volume per store helps food distributors manage delivery costs per case, particularly with expensive 
-last-mile delivery, while in-house technological capabilities offer chains the advantage of paying for food 
-products without added services such as inventory management, marketing strategies, or other consulting 
-offerings. [Sentiment: negative]"
-"Review: The changes in the fair value of these derivatives are recognized in Nonoperating (income) expense, net,
-along with the currency gain or loss from the hedged balance sheet position. [Sentiment: positive]"
-"Review: Non-GAAP Financial Measures
-Regulation G, Conditions for Use of Non-GAAP Financial Measures, and other SEC regulations define and prescribe the conditions for use of
-certain non-GAAP financial information. [Sentiment: negative]"
-"Review: We believe that our audits provide a
-reasonable basis for our opinion. [Sentiment: positive]"
-"Review: -634,167 [Sentiment: neutral]"
-"Review: For enquiries regarding this research, please con-
-tact a Morningstar  Investment  Management  Asia Limited 
-Licensed  Representative  at https://shareholders.morning-
-star.com
-For recipients  in India: [Sentiment: negative]"
-Review: -63 [Sentiment: neutral]
-"Review: A security  investment  return  and an investor’s 
-principal  value  will fluctuate  so that,  when  redeemed,  an 
-investor’s  shares  may be worth  more  or less than  their 
-original  cost. [Sentiment: positive]"
-"Review: As a result, the firm's digital focus, trying to increase its pool of ""known"" 
-customers (from 5% at the end of the third quarter of 2021 to a targeted level around 40%) strikes us as 
-strategically sound, with data increasingly considered tantamount to a factor of production. [Sentiment: positive]"
-"Review: The effect on our net sales, operating expenses, and operating income from changes in our foreign exchange rates versus the U.S. Dollar is as
-follows (in millions): [Sentiment: negative]"
-"Review: Exp Total Debt/EBITDA Asset/Equity 
-Company/Ticker 2022 2023(E) 2024(E) 2022 2023(E) 2024(E) 2022 2023(E) 2024(E) 2022 2023(E) 2024(E) 2022 2023(E) 2024(E) [Sentiment: neutral]"
-"Review: We also harbor some concerns regarding higher medium-term growth forecasts, 
-with a less amenable financing environment, surging construction costs, and softer restaurant margins all 
-pushing cash-on-cash returns in the wrong direction, as we see it. [Sentiment: negative]"
-Review: Item 11. [Sentiment: neutral]
-"Review: Deferred Employees' Investment Plan, effective as of July 1, 2022
-(incorporated by reference to Exhibit 10.6 to the Company's Quarterly Report on Form 10-Q for the quarter ended
-September 30, 2022)*
-10.39 [Sentiment: positive]"
-Review: Management evaluates the audit recommendations and takes appropriate action. [Sentiment: positive]
-"Review: This non-cash item is estimated to be just over $300 million for the full year, or about
-$80 million per quarter. [Sentiment: positive]"
-"Review: December  31, 2022 December 31, 2021
-Assets Liabilities Assets Liabilities
-Gross Amounts Recognized $ 644 $ (496) $ 342 $ (130)
-Financial Instruments Not Of fset (233) 233 [Sentiment: neutral]"
-"Review: 106Table of Contents
-See Note 4 for additional information. [Sentiment: neutral]"
-"Review: While the Company cannot estimate the impact to the ef fective tax rate, it is reasonably possible that the total
-amount of unrecognized tax benefits could decrease up to $ 70 million within the next 12 months. [Sentiment: neutral]"
-"Review: Companies  with  Negligible  Risk = 5 Globes,  Low 
-Risk = 4, Medium  Risk = 3 Globes,  High  Risk = 2 Globes, 
-Severe  Risk = 1 Globe. [Sentiment: positive]"
-"Review: We have, at certain times, liquidated fixed-to-floating and floating-to-fixed interest rate contracts at both ME&T and Financial Products. [Sentiment: positive]"
-"Review: We include these receivables in Receivables
-—trade and other and Long-term receivables—trade and other in Statement 3.1
-2
-1
-2
-79Table of Contents
- Contractual maturities of outstanding wholesale inventory r eceivables:
-(Millions of dollars) December  31, 2022
-Amounts Due InWholesale
-LoansWholesale
-Leases Total
-2023 $ 547 $ 44 $ 591 
-2024 166 35 201 
-2025 118 27 145 
-2026 54 12 66 
-2027 14 4 18 
-Thereafter 2 — 2 
-Total 901 122 1,023  
-Guaranteed residual value 57 22 79 
-Unguaranteed residual value 2 25 27 
-Less: Unearned income (12) (15) (27)
-Total $ 948 $ 154 $ 1,102  
- For Wholesale loans, represents residual value on failed sale leasebacks. [Sentiment: negative]"
-"Review: See accompanying notes to Consolidated Financial Statements.1 
-2
-2
-1    
-2    
-58Table of Contents
-STATEMENT 2  Caterpillar Inc.
-Consolidated Comprehensive Income (Loss) for the Years Ended December 31
-(Millions of dollars)
- 2022 2021 2020
-Profit (loss) of consolidated and affiliated companies $ 6,704 $ 6,493 $ 3,003 
-Other comprehensive income (loss), net of tax (Note 17):
-Foreign currency translation: (820) (598) 577 
-Pension and other postretirement benefits: 23 (30) (29)
-Derivative financial instruments: 31 (3) 97 
-Available-for-sale securities: (138) (34) 34 
-Total other comprehensive income (loss), net of tax (904) (665) 679 
-Comprehensive income (loss) 5,800 5,828 3,682 
-Less: comprehensive income attributable to the noncontrolling interests (1) 4 5 
-Comprehensive income (loss) attributable to shareholders $ 5,801 $ 5,824 $ 3,677 
-See accompanying notes to Consolidated Financial Statements. [Sentiment: negative]"
-"Review: 1 
-2
-2
-1
-2
-103Table of Contents
-During 2022, 2021 and 2020, we repurchased 21.9 million, 13.0 million and 10.1 million shares of Caterpillar common stock, respectively, at an
-aggregate cost of $4.2 billion, $2.7 billion and $1.3 billion respectively. [Sentiment: negative]"
-"Review: In 2022, the Company returned approximately $8.1 billion to shareholders through a combination of dividends paid and shares repurchased. [Sentiment: negative]"
-"Review: EFFECTS OF CHANGING PRICES — INFLATION
-Broader inflationary pressures in the economy are expected to continue to impact the restaurant industry through supply chain, labor and energy cost
-challenges. [Sentiment: negative]"
-"Review: To order reprints, call +1 312-696-6100. [Sentiment: neutral]"
-"Review: The Variability in Our Retail Business Places Increased Strain on Our Operations
-Demand for our products and services can fluctuate significantly for many reasons, including as a result of seasonality, promotions, product
-launches, or unforeseeable events, such as in response to global economic conditions such as recessionary fears or rising inflation, natural or human-
-caused disasters (including public health crises) or extreme weather (including as a result of climate change), or geopolitical events. [Sentiment: positive]"
-"Review: We think Caterpillar’s risk to increased emissions 
-regulation is moderate given its continued focus on producing next generation products that reduce machine 
-emissions. [Sentiment: neutral]"
-"Review: The Timken Co  TKR
-050100150200Last Close: 87.65
-Fair Value: —
-—
-Over Valued
-Under Valued
-2018 2019 2020 2021 2022 YTD
-— — — — — — Price/Fair Value
--21.81 53.89 39.39 -8.89 3.77 21.75 Total Return %
-Morningstar Rating
-Total Return % as of 14 Feb 2023. [Sentiment: positive]"
-"Review: On the other hand, in circumstances where
-demand for our products is less than we expect, we may experience excess inventories and be forced to incur additional costs and our profitability
-may suffer. [Sentiment: negative]"
-"Review: As an example of regional and local competitors, our competitors in China also include Guangxi
-LiuGong Machinery Co., Ltd., Longking Holdings Ltd., Sany Heavy Industry Co, XCMG Construction Machinery Co., Ltd., Shandong Lingong
-Construction Machinery Co., Ltd. (SDLG, JV with Volvo Construction Equipment) and Shantui Construction Machinery Co., Ltd., (part of Shandong
-Heavy Industry Group Co.). [Sentiment: negative]"
-"Review: The investment was subject to regulatory sales restrictions resulting in a discount for lack of marketability of approximately $800 million as of
-December 31, 2021, which expired in Q1 2022. [Sentiment: negative]"
-Review: All Rights Reserved. [Sentiment: neutral]
-"Review: The benefits of our more heavily franchised structure depend on various
-factors, including whether we have ef fectively selected franchisees, licensees and/or af filiates that meet our rigorous standards, whether we are able to
-successfully integrate them into our structure and whether their performance and the resulting ownership mix supports our brand and financial
-objectives. [Sentiment: positive]"
-"Review: We report the net difference created in the translation of revenues and costs
-between exchange rates used for U.S. GAAP reporting and exchange rates used for segment reporting as a methodology difference. [Sentiment: neutral]"
-Review: ◦A tax benefit of $36 million related to the $925 million goodwill impairment charge in 2022. [Sentiment: neutral]
-"Review: PART II
-Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. [Sentiment: negative]"
-"Review: We seek to increase unit sales across our stores, through
-increased product selection, across numerous product categories. [Sentiment: neutral]"
-"Review: When customers need parts or machine 
-servicing, they can rely on the dealer network to reduce their machine down-time. [Sentiment: neutral]"
-Review: All Rights Reserved. [Sentiment: neutral]
-"Review: 39 155 
-Total 14,891  6,325  21,216  
-Guaranteed residual value 12 378 390 
-Unguaranteed residual value 2 638 640 
-Less: Unearned income (335) (554) (889)
-Total $ 14,570  $ 6,787  $ 21,357  
-For Retail loans, represents residual value on failed sale leasebacks. [Sentiment: negative]"
-"Review: The long-term demand
-fundamentals for CAT's equipment and services remain sound, despite periodic cyclical
-downturns. [Sentiment: positive]"
-"Review: Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research 
-Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. [Sentiment: positive]"
-"Review: We’re still not expecting significant changes in dealer inventories in 2022, given the 
-current supply chain crunch. [Sentiment: positive]"
-"Review: We include cash
-flows from undesignated derivative financial instruments in the investing category on Statement 5. [Sentiment: neutral]"
-"Review: We
-have a match-funding policy that addresses the interest rate risk by aligning the interest rate profile (fixed or floating rate and duration) of our debt
-portfolio with the interest rate profile of our finance receivable portfolio within a predetermined range on an ongoing basis. [Sentiment: positive]"
-"Review: Our effective tax rates could be affected by numerous factors, such as changes in our business operations, acquisitions, investments, entry into
-new businesses and geographies, intercompany transactions, the relative amount of our foreign earnings, including earnings being lower than
-anticipated in jurisdictions where we have lower statutory rates and higher than anticipated in jurisdictions where we have higher statutory rates,
-losses incurred in jurisdictions for which we are not able to realize related tax benefits, the applicability of special tax regimes, changes in foreign
-currency exchange rates, changes in our stock price, changes to our forecasts of income and loss and the mix of jurisdictions to which they relate,
-changes in our deferred tax assets and liabilities and their valuation, changes in the laws, regulations, administrative practices, principles, and
-interpretations related to tax, including changes to the global tax framework, competition, and other laws and accounting rules in various
-jurisdictions. [Sentiment: positive]"
-Review: Fair Value and Profit Drivers  (3 Feb 2023) [Sentiment: positive]
-"Review: Transaction gains and losses including
-intercompany transactions denominated in a currency other than the functional currency of the entity involved are included in “Other income
-(expense), net” on our consolidated statements of operations. [Sentiment: negative]"
-"Review: A firm’s 
-moat  trend  is positive  in cases  where  we think  its sources 
-of competitive  advantage  are growing  stronger;  stable 
-where  we don’t  anticipate  changes  to competitive  ad-
-vantages  over the next several  years;  or negative  when 
-we see signs of deterioration. [Sentiment: negative]"
-"Review: Receivables are considered
-impaired and written-off when it is probable that all contractual payments due will not be collected in accordance with the terms of the agreement. [Sentiment: negative]"
-"Review: The
-foreign income deduction benefit recognized in 2022 reflects a change in our application of tax regulations related to the computation of qualifying
-foreign income and includes an income tax benefit of approximately $655 million related to years prior to 2022. [Sentiment: negative]"
-Review: Debt related to Financial products decreased by $617 million due to portfolio funding requirements. [Sentiment: negative]
-"Review: Principal liquidity sources at the end of March 2023 total $19.1 billion,
-comprising $6.8 billon of cash, $1.8 billion of available-for-sale debt securities, and $10.5 billion in aggregate of global credit facilities. [Sentiment: neutral]"
-"Review: 8Table of Contents
- 
-Environmental Matters
- 
-The company is regulated by federal, state and international environmental laws governing our use, transport and disposal of substances and control
-of emissions. [Sentiment: neutral]"
-"Review: McDonald's Corporation 2022 Annual Report 21FINANCIAL POSITION AND CAPITAL RESOURCES
-TOTAL ASSETS AND RETURN
-Total assets decreased $3.4 billion or 6% in 2022, primarily due to a decrease in Cash and equivalents driven by lower cash from operations and
-increased treasury stock purchases, partly of fset by increased net debt issuances. [Sentiment: negative]"
-"Review: Competitive Environment
- 
-Caterpillar products and services are sold worldwide into a variety of highly competitive markets. [Sentiment: positive]"
-"Review: To order reprints, call +1 312-696-6100. [Sentiment: neutral]"
-"Review: $80,066  $75,956 $63,297 5 % 20 % 10 % 18 %
-Developmental licensed 18,444  15,151 11,781 22 29 31 28 
-Foreign af filiated 10,963 11,568 10,100 (5) 15 6 13 
-Total $109,473  $102,675 $85,178 7 % 21 % 13 % 18 %
-McDonald's Corporation 2022 Annual Report 14RESTAURANT MARGINS
-Franchised restaurant margins are measured as revenues from franchised restaurants less franchised restaurant occupancy costs. [Sentiment: negative]"
-"Review: In 2022, we updated our strategy to also include
-sustainability as a strategic focus area. [Sentiment: neutral]"
-"Review: PART III
-Item 10. [Sentiment: neutral]"
-"Review: -31,177 22,568 13,990 25,176 34,251 44,055
-Balance Sheet (USD) Actual Forecast 
-Fiscal Year, ends 31 Dec 2020 2021 2022 2023 2024 2025 2026 2027
-Assets 
-Cash and Equivalents (Mil) 42,122 36,220 53,888 77,628 90,887 112,619 142,768 188,179
-Inventory (Mil) 23,795 32,640 34,405 37,800 41,952 46,263 50,834 55,677
-Accounts Receivable (Mil) 24,542 32,891 42,360 37,352 41,599 46,116 50,896 55,991
-Net Property, Plant and Equipment (Mil) 113,114 160,281 186,715 201,384 212,933 222,639 231,491 240,003
-Goodwill (Mil) 15,017 15,371 20,288 20,538 20,788 21,038 21,288 21,538
-Other Intangibles (Mil) 0 0 0 [Sentiment: negative]"
-Review: All Rights Reserved. [Sentiment: neutral]
-"Review: CAT Financial had $5.8 billion of short-
-term borrowings as of March 31, 2023 (mostly commercial paper) and $6.3 billion of long-term debt that matures in the next 12
-months. [Sentiment: neutral]"
-"Review: Adjusted operating profit
-margin was 15.4 percent in 2022, compared with 13.7 percent in 2021. [Sentiment: neutral]"
-"Review: The complaint alleges, among other things, that Amazon EC2, Amazon CloudFront, AWS Lambda, Amazon Lumberyard, Luna, Amazon
-Prime Video, Twitch, Amazon GameLift, GridMate, Amazon EKS, AWS App Mesh, and Amazon VPC infringe U.S. Patent Nos. 6,701,344, entitled
-“Distributed Game Environment”; 6,714,966, entitled “Information Delivery Service”; 6,732,147, entitled “Leaving a Broadcast Channel”;
-6,829,634, entitled “Broadcasting Network”; and 6,910,069, entitled “Joining a Broadcast Channel.” [Sentiment: negative]"
-"Review: 1 (1) — 
-Net (gains) losses reclassified to earnings 4 (3) (1)
-Other comprehensive income (loss), net of tax (138) (34) 34 
-Ending balance $ (118)$ 20 $ 54 
-Total AOCI Ending Balance at December 31 $ (2,457)$ (1,553)$ (888)
-105Table of Contents
-18.Fair value disclosures
- 
-A.Fair value measurements [Sentiment: negative]"
-Review: (101.PRE) Inline XBRL  Taxonomy Extension Presentation Linkbase Document. [Sentiment: neutral]
-"Review: Prior to that, Mr . [Sentiment: neutral]"
-"Review: Fair Value as of 9 Nov 2022 19:45, UTC.Morningstar Equity Company Report | Report as of 1 Feb 2023 17:23, UTC | Reporting Currency: USD | Trading Currency: USD | Exchange: NEW YORK STOCK EXCHANGE, INC. Page 20 of 28
-©2023 Morningstar. [Sentiment: positive]"
-"Review: Catherine Hoovel , 52, is Senior V ice President – Corporate Controller , a position she has held since July 2021. [Sentiment: neutral]"
-"Review: We are also subject to payment card
-association operating rules, including data security rules, certification requirements, and rules governing electronic funds transfers, which could
-change or be reinterpreted to make it difficult or impossible for us to comply. [Sentiment: negative]"
-Review: Our audits also included performing such other procedures as we considered necessary in the circumstances. [Sentiment: negative]
-"Review: The firm 
-has widely embraced customer centricity and technological prowess since its 2015 turnaround, and while the 
-processes have evolved since then, the firm's focus on the customer experience has not. [Sentiment: negative]"
-Review: You should not rely unduly on forward-looking statements. [Sentiment: neutral]
-"Review: Supply Headwinds Persist in Caterpillar's Second Quarter, but Demand Remains Strong  Dawit 
-Woldemariam,Equity Analyst,2 Aug 2022 [Sentiment: positive]"
-"Review: We believe the most substantial risk to Caterpillar is declining investment in mining capital expenditures, given 
-the firm's exposure to coal, iron ore, copper, and gold. [Sentiment: positive]"
-"Review: For existing and future payment
-options we offer to our customers, we currently are subject to, and may become subject to additional, regulations and compliance requirements
-(including obligations to implement enhanced authentication processes that could result in significant costs and reduce the ease of use of our
-payments products), as well as fraud. [Sentiment: positive]"
-"Review: **
-(o) Separation Agreement and General Release between Silvia Lagnado and the Company , dated August 14, 2019, incorporated
-herein by reference from Exhibit 10(t) of Form 10-Q (File No. 001-05231), for the quarter ended June 30, 2020. [Sentiment: positive]"
-"Review: Amazon reported third-
-quarter results that came in above the midpoints of its guidance range for both revenue and operating income 
-but were still shy of investor expectations. [Sentiment: negative]"
-"Review: The information contained herein is the proprietary property of Morningstar and may not be reproduced, in whole or in 
-part, or used in any manner, without the prior written consent of Morningstar. [Sentiment: positive]"
-"Review: Morningstar Equity Company Report | Report as of 3 Feb 2023 05:20, UTC | Reporting Currency: USD | Trading Currency: USD | Exchange: NASDAQ - ALL MARKETS Page 27 of 28
-©2023 Morningstar. [Sentiment: neutral]"
-"Review: To order reprints, call +1 312-696-6100. [Sentiment: neutral]"
-"Review: A description of our principal revenue generating activities is as follows:
-Retail sales - We offer consumer products through our online and physical stores. [Sentiment: neutral]"
-"Review: Beginning in September 2022, the Company began reopening restaurants in Ukraine. [Sentiment: neutral]"
-"Review: The Company is exposed to global market risks, including the ef fect of changes in interest rates and foreign currency fluctuations. [Sentiment: negative]"
-"Review: E. Defined contribution plans
- 
-We have both U.S. and non-U.S. employee defined contribution plans to help employees save for retirement. [Sentiment: neutral]"
-"Review: We also offer co-branded credit card
-programs, which could adversely affect our operating results if renewed on less favorable terms or terminated. [Sentiment: negative]"
-"Review: Supplemental Deferred Compensation Plan, effective as of July 24, 2017
-(incorporated by reference from Exhibit 10.28 to the Company's Annual Report on Form 10-K for the year ended
-December 31, 2017)*
-10.41 Second Amendment to [Sentiment: positive]"
-"Review: Caterpillar Financial is required to 
-maintain a covenant leverage ratio of no greater than 10 to 1 and a covenant interest coverage ratio of no less than 1.15 to 1.
-Compliance expectations
-We expect Caterpillar and Caterpillar Financial will continue to comply with the covenant requirements over the next 24 months. [Sentiment: negative]"
-"Review: Revenue is recognized when control of the goods is
-transferred to the customer, which generally occurs upon our delivery to a third-party carrier or, in the case of an Amazon delivery, to the customer. [Sentiment: positive]"
-"Review: The information contained herein is the proprietary property of Morningstar and may not be reproduced, in whole or in 
-part, or used in any manner, without the prior written consent of Morningstar. [Sentiment: positive]"
-"Review: Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research 
-Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. [Sentiment: positive]"
-"Review: To order reprints, call +1 312-696-6100. [Sentiment: neutral]"
-"Review: In
-addition, some of these contracts are subject to periodic funding approval and/or provide for termination by the government at any time, without
-cause. [Sentiment: negative]"
-"Review: To license the research, call +1 312-696-6869. [Sentiment: neutral]"
-"Review: Stock options permit a holder to buy
-Caterpillar stock at the stock’s price when the option was granted. [Sentiment: neutral]"
-Review: McDonald's Corporation 2022 Annual Report 28Supply chain interruptions may increase costs or reduce revenues. [Sentiment: neutral]
-"Review: Because consumers
-primarily use credit cards in our stores, our receivables from consumers settle quickly. [Sentiment: positive]"
-"Review: We believe that our increasing diversification beyond the U.S. economy through our growing international businesses benefits our shareholders over
-the long-term. [Sentiment: neutral]"
-"Review: While 
-revenue was ahead of the guidance midpoint, first-party sales suffered its second straight quarter of year-over-
-year contraction, which we believe is a first but is not a surprise. [Sentiment: positive]"
-"Review: With the firm's commitment 
-to selectively and temporarily shore up franchisee profitability in Europe (to the tune of $100 million-$150 million 
-in 2023) amid an ongoing surge in food cost inflation, we see traces of a competitive advantage that only the 
-largest global restaurant operating companies could replicate, with support serving to avoid costly unit closures 
-and as a proof point that the firm is committed to defending the profitability of its franchisees. [Sentiment: negative]"
-"Review: The decision to own restaurants or to operate under franchise or license
-agreements is driven by many factors whose interrelationship is complex. [Sentiment: positive]"
-"Review: The expected return on plan
-assets is based on the fair value of plan asset allocations as of our measurement date, December 31. [Sentiment: positive]"
-"Review: The chain's attention to 
-digitization is laudable, with 35% of its systemwide sales now coming through digital channels, partially 
-attributable to a loyalty member base that now measures 50 million across its top six markets. [Sentiment: negative]"
-"Review: Industrial remains healthy with momentum
-continuing for 2023. [Sentiment: positive]"
-"Review: They may secure better terms from vendors, adopt more aggressive pricing, and devote
-more resources to technology, infrastructure, fulfillment, and marketing. [Sentiment: positive]"
-"Review: In addition, the Company maintains a Global Food Disposition Policy to help support its suppliers and distributors around the world in disposing of
-food in alignment with McDonald’ s food waste hierarchy , including by enabling food donations wherever possible. [Sentiment: negative]"
-"Review: The information contained herein is the proprietary property of Morningstar and may not be reproduced, in whole or in 
-part, or used in any manner, without the prior written consent of Morningstar. [Sentiment: positive]"
-Review: ▪Level 3 – inputs to the valuation methodology are unobservable and significant to the fair value measurement of the asset or liability . [Sentiment: positive]
-"Review: Actual results may differ significantly from these estimates under different assumptions, judgments, or
-conditions. [Sentiment: positive]"
-Review: 6          29 June 2023 Caterpillar Inc.: [Sentiment: neutral]
-"Review: Executive Compensation 124
-Item 12. [Sentiment: neutral]"
-"Review: Net (liability) asset recognized $ (613)$ (668)$ 288 $ 116 $ (2,764 )$ (3,606 ) [Sentiment: neutral]"
-"Review: Past due accounts as a percent of the total portfolio were 2.00%, slightly up from as low as 1.89%
-at year-end 2022 but well below a peak of 4.13% in the first quarter of 2020. [Sentiment: negative]"
-"Review: The aggregate market value of the registrant's common stock held by non-affiliates as of June 30, 2022: $181,588,534,180. [Sentiment: negative]"
-"Review: Tosno
- Thailand: Rayong
- United Kingdom: Peterlee
- 
-   
-Energy & Transportation Alabama: [Sentiment: neutral]"
-"Review: Recipients  of this report  should  contact 
-their  financial  professional  in Singapore  in relation  to this 
-report. [Sentiment: positive]"
-"Review: A health epidemic or pandemic may also heighten other risks disclosed in these Risk Factors,
-including, but not limited to, those related to the availability and costs of labor and commodities, supply chain interruptions, consumer behavior , and
-consumer perceptions of our brand and industry . [Sentiment: negative]"
-"Review: Still, operating profit came in better than we anticipated and above the high end 
-of the guidance range. [Sentiment: positive]"
-"Review: Refer  to our Financial  Ser-
-vices  Guide  (FSG)  for more  information  at http://
-www.morningstar.com.au/fsg.pdf
-For Recipients  in New  Zealand: [Sentiment: positive]"
-Review: Our safety team is dedicated to using the science of safety to solve complex problems and establish new industry best practices. [Sentiment: positive]
-"Review: To
-minimize unnecessary growth in fixed costs, we seek to improve process efficiencies and maintain a lean culture. [Sentiment: negative]"
-"Review: While we expect a turbulent couple of quarters amid a soft macroeconomic environment, we're encouraged by 
-management's vision for the business, which we believe should enable McDonald's to maintain its edge. [Sentiment: positive]"
-Review: Elimination of net proceeds and payments to/from ME&T and Financial Products. [Sentiment: neutral]
-"Review: We have 
-seen some of the largest technology companies in the world simply fail to keep pace with Amazon’s massive 
-investments in IaaS over the years, and AWS’ cost advantage over its rivals is obvious. [Sentiment: negative]"
-"Review: Due to the uncertainty related to the timing and potential outcome of
-audits, we cannot estimate the range of reasonably possible change in unrecognized tax benefits in the next 12 months. [Sentiment: negative]"
-"Review: - Primarily due to mark-to-market gains in 2021 compared to mark-to-market losses in 2020
-and lower interest cost in 2021 as a result of lower discount rates at year-end 2020. [Sentiment: negative]"
-"Review: Pursuant to these agreements, the company grants the dealer the right to purchase and sell its products and to service the products in a
-specified geographic service territory. [Sentiment: positive]"
-"Review: Sales and Marketing
-Sales and marketing costs include advertising and payroll and related expenses for personnel engaged in marketing and selling activities,
-including sales commissions related to AWS. [Sentiment: neutral]"
-"Review: The Company's counterparties were not required to post collateral on any derivative position, other than on certain hedges of the Company’ s
-supplemental benefit plan liabilities where the counterparties were required to post collateral on their liability positions. [Sentiment: positive]"
-"Review: Residual values for leased assets – We determine the residual value of Cat Financial’s leased equipment based on its estimated end-of-term market
-value. [Sentiment: neutral]"
-"Review: Social factors are a moderately negative consideration in our credit rating analysis of 
-Amazon.com Inc. [Sentiment: negative]"
-"Review: May 24, 2023       12Amazon.com Inc.Rating Component Scores
-Foreign currency issuer credit rating AA/Stable/A-1+
-Local currency issuer credit rating AA/Stable/A-1+
-Business risk Excellent
-Country risk Very Low
-Industry risk Intermediate
-Competitive position Excellent
-Financial risk Minimal
-Cash flow/leverage Minimal
-Anchor aa+
-Diversification/portfolio effect Neutral (no impact)
-Capital structure Neutral (no impact)
-Financial policy Neutral (no impact)
-Liquidity Exceptional (no impact)
-Management and governance Strong (no impact)
-Comparable rating analysis Negative (-1 notch)
-Stand-alone credit profile aa
-Related Criteria
-•General Criteria: Group Rating Methodology, July 1, 2019
-•Criteria | Corporates | General: [Sentiment: positive]"
-"Review: Reporting Currency: USD | Trading Currency: USD
-Currency amounts expressed with ""$"" are in U.S. dollars 
-(USD) unless otherwise denoted. [Sentiment: neutral]"
-Review: 21.9x 13.7x 11.6x 10.3x 20.9x [Sentiment: neutral]
-"Review: If we were found to be in violation of applicable laws or regulations, we could be subject to additional
-requirements and civil and criminal penalties, or forced to cease providing certain services. [Sentiment: negative]"
-"Review: Cat Financial evaluates and adjusts its allowance for credit losses related
-to past due and non-performing receivables on a regular basis. [Sentiment: negative]"
-Review: DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. [Sentiment: negative]
-Review: ◦A tax benefit of $38 million in 2021 to recognize U.S. capital losses. [Sentiment: neutral]
-"Review: Enterprise customers rely on AWS for core IT infrastructure, which represents significant switching costs 
-in terms of the time and expense of integrating applications with core software elements, such as the database, 
-and dedicates a user to a specific set of software development tools. [Sentiment: positive]"
-"Review: Retail sales (to end users) of 
-machines were up 4% year on year globally, with North America (up 13% year on year) being the biggest 
-contributor to growth in the quarter. [Sentiment: neutral]"
-"Review: Security incidents or breaches have from time to time occurred and may in the future occur involving our systems, the systems of the parties
-with whom we communicate or collaborate (including franchisees) or the systems of third-party providers. [Sentiment: neutral]"
-"Review: • Based on current interest and foreign currency exchange rates, the Company expects interest expense for the full year 2023 to increase
-between 10% and 12%, driven primarily by higher average interest rates. [Sentiment: positive]"
-"Review: Although no one competitor is believed to
-produce all of the same types of equipment that we do, there are numerous companies, large and small, which compete with us in the sale of each
-of our products. [Sentiment: negative]"
-"Review: Our wide moat rating implies the assumption that the firm can 
-continue to earn positive economic returns for the next 20 years. [Sentiment: positive]"
-"Review: Our foreign currency balances include British Pounds, Canadian Dollars, Euros, and Japanese
-Yen. [Sentiment: negative]"
-"Review: Amazon continues to make progress on its excess expenses, particularly in improvements to the 
-productivity of the fulfillment network and transportation. [Sentiment: positive]"
-Review: Inter-segment sales are a source of revenue for this segment. [Sentiment: neutral]
-"Review: Our business could also be impacted by business incidents or practices, whether actual or perceived, particularly if they receive
-considerable publicity or result in litigation, as well as by our position or perceived lack of position on environmental, social responsibility , public policy ,
-geopolitical and similar matters. [Sentiment: positive]"
-"Review: s Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on February 24, 2022. [Sentiment: negative]"
-"Review: The energy, transportation, and mining industries are significant adopters of Caterpillar products. [Sentiment: positive]"
-"Review: The complaint alleges, among other things, that “Alexa Voice Software and Alexa
-enabled devices” infringe U.S. Patent No. 7,177,798, entitled “Natural Language Interface Using Constrained Intermediate Dictionary of Results.” [Sentiment: negative]"
-Review: Our target allocation for the other postretirement benefit plans is 70 percent equities and 30 percent fixed income. [Sentiment: negative]
-"Review: To order reprints, call +1 312-696-6100. [Sentiment: neutral]"
-"Review: Mark-to-
-market gains and losses represent the effects of actual results differing from our assumptions and the effects of changing assumptions. [Sentiment: neutral]"
-"Review: Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or 
-other losses resulting from, or related to, the information, data, analyses or opinions or their use. [Sentiment: positive]"
-"Review: These segments reflect the way the Company
-evaluates its business performance and manages its operations. [Sentiment: neutral]"
-"Review: In 2022, we repurchased $4.23 billion
-of Caterpillar common stock, with $12.8 billion remaining under the 2022 Authorization as of December 31, 2022. [Sentiment: negative]"
-"Review: For leases of property, we account for
-these other services as a component of the lease. [Sentiment: negative]"
-"Review: In millions December 31, 2022 2021
-Lease right-of-use asset $3,045.0  $3,462.7  
-Property and equipment 1,706.3  1,648.6  
-Intangible assets 296.7  696.0  
-Other 595.4  490.8  
-Total deferred tax liabilities 5,643.4  6,298.1  
-Lease liability (3,099.9 )(3,516.9 )
-Intangible assets (2,658.9 )(2,524.6 )
-Property and equipment (676.3 ) (647.1 )
-Deferred foreign tax credits (74.5) (311.5)
-Employee benefit plans (180.6 ) (153.6 )
-Deferred revenue (165.8 ) (121.4 )
-Operating loss carryforwards (76.6) (96.1)
-Other (267.4 ) (284.4 )
-Total deferred tax assets before valuation allowance (7,200.0 )(7,655.6 )
-Valuation allowance 1,077.1  1,076.1  
-Net deferred tax (assets) liabilities $(479.5 )$(281.4 )
-Balance sheet presentation:
-Deferred income taxes $1,997.5  $2,075.6  
-Other assets-miscellaneous (2,477.0 )(2,357.0 ) [Sentiment: negative]"
-"Review: We adopted the following ASUs effective January 1, 2022, none of which had a
-material impact on our financial statements:
-ASU Description
-2020-06 Debt with conversion and other options and derivatives and hedging
-2021-05 Lessor - Variable lease payments
-2021-10 Government assistance
-B. Accounting standards issued but not yet adopted
-We consider the applicability and impact of all ASUs. [Sentiment: positive]"
-"Review: These factors will result in increased construction equipment revenue for Caterpillar, leading us to 
-forecast over 5% average sales growth over the next five years. [Sentiment: negative]"
-"Review: Expected volatility
-was based on historical Caterpillar stock price movement and current implied volatilities from traded options on Caterpillar stock. [Sentiment: negative]"
-"Review: In Territories  where  a 
-Distributor  distributes  our report,  the Distributor  is solely 
-responsible  for complying  with all applicable  regulations, 
-laws,  rules,  circulars,  codes  and guidelines  established  by 
-local  and/or  regional  regulatory  bodies,  including  laws  in 
-connection  with  the distribution  third-party  research  re-
-ports. [Sentiment: positive]"
-"Review: Derivatives that we use are primarily foreign currency forward, option and cross currency contracts, interest rate contracts and commodity
-forward and option contracts. [Sentiment: negative]"
-"Review: Represents costs related to our restructuring programs, primarily for inventory write-downs, accelerated depreciation, equipment relocation, project management and
-building demolition, all of which are primarily included in Cost of goods sold. [Sentiment: positive]"
-"Review: Additionally, we collect and store sensitive information relating to our business, customers, dealers, suppliers and employees. [Sentiment: positive]"
-Review: These sales and service agreements are terminable at will by either party primarily upon 90 days written notice. [Sentiment: positive]
-Review: Reconciling items are created based on accounting differences between segment reporting and our consolidated external reporting. [Sentiment: neutral]
-"Review: This amount was primarily paid in 2022 along with associated interest of $250
-million. [Sentiment: positive]"
-Review: % -161.4 81.8 55.0 [Sentiment: neutral]
-"Review: Enhancements to the Strategy include the additions of Restaurant Development to the MCD growth pillars and an internal ef fort,
-Accelerating the Organization , both of which are aimed at elevating the Company’ s performance. [Sentiment: neutral]"
-"Review: Other income (expense) in 2022 was income of $1.291 billion, compared with income of $1.814 billion in 2021. [Sentiment: negative]"
-"Review: Undesignated Derivatives
-The Company enters into certain derivatives that are not designated for hedge accounting. [Sentiment: positive]"
-"Review: In other words, normalized operating profit was $5.4 billion, which was nicely ahead of the top end 
-of guidance. [Sentiment: positive]"
-"Review: Changes in the balances for each component of Accumulated other
-comprehensive income (loss) were as follows:
-104Table of Contents
-(Millions of dollars)
-2022 2021 2020
-Foreign curr ency translation: [Sentiment: negative]"
-"Review: **
-(m) Form of 2019 Executive Stock Option Award Agreement in connection with the 2012 Omnibus Stock Ownership Plan,
-incorporated herein by reference from Exhibit 10(r) of Form 10-Q (File No. 001-05231), for the quarter ended March 31,
-2019. [Sentiment: neutral]"
-Review: We Face Risks Related to System Interruption and Lack of Redundancy [Sentiment: neutral]
-"Review: As the firm's base of known customers increases, and as 
-promotional dollars flow toward app and loyalty incentives in lieu of indiscriminate national offers, we expect 
-better guest frequency, higher returns on ad spending, and durable same-store sales growth to follow in the 
-medium term as the MyMcDonald's program achieves scale. [Sentiment: negative]"
-"Review: This report  may be distributed  in certain  localities,  coun-
-tries  and/or  jurisdictions  (“Territories”)  by independent 
-third  parties  or independent  intermediaries  and/or  distrib-
-utors  (“Distributors”). [Sentiment: positive]"
-"Review: We 
-estimate Caterpillar's consolidated debt will remain more than 15% below its covenant net worth limit. [Sentiment: positive]"
-Review: Periods are Financial Year-End unless indicated. [Sentiment: neutral]
-"Review: Commission File No. 000-22513
-____________________________________
-AMAZON .COM, INC.
-(Exact name of registrant as specified in its charter) [Sentiment: positive]"
-"Review: Other
-Advertising
-Amazon WebServices
-Subscription services
-Third-party seller
-services
-Physical storesAmazon business segment revenue contribution
-Copyright ©2023byStandard &Poor’sFinancial Services LLC.Allrightsreserved. [Sentiment: negative]"
-"Review: One lever that McDonald's 
-has effectively deployed is franchisee support, with management penciling in $100 million-$150 million in 
-planned support for struggling franchisees in 2023 (predominantly in Europe), permitting them to maintain 
-competitive pricing despite flagging operating margins. [Sentiment: positive]"
-"Review: Such changes could come about as a result of economic, political, and other conditions. [Sentiment: positive]"
-"Review: We have slightly revised our revenue forecast higher for 2023, though 
-we still expect sales growth will slow in the second half of the year and in 2024 due to lower and 
-less frequent menu price increases as inflation moderates. [Sentiment: negative]"
-"Review: Amazon has become the only demand aggregator at scale in the U.S. 
-because of its wide selection, intelligent recommendation algorithms, low prices, and convenience, which 
-combine into a powerful business model. [Sentiment: positive]"
-"Review: Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research 
-Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. [Sentiment: positive]"
-"Review: Given that the company is still in a rapid growth and heavy investment phase, we do not expect it to pay 
-dividends or repurchase shares. [Sentiment: negative]"
-"Review: April 1, 2008 (incorporated
-by reference from Exhibit 10.7 to the Company's Annual Report on Form 10-K for the year ended December 31,
-2008)*
-10.34 Caterpillar Inc. [Sentiment: neutral]"
-"Review: Deferred tax assets are evaluated for future
-realization and reduced by a valuation allowance to the extent we believe they will not be realized. [Sentiment: neutral]"
-"Review: Please see important disclosures at 
-the end of this report.ß ®McDonald's Corp MCD QQ  1 Feb 2023 17:14, UTC
-Last Price Fair Value Estimate Price/FVE Market Cap Economic Moat TMMoat Trend TM Uncertainty Capital Allocation ESG Risk Rating Assessment 1
-265.50 USD
-31 Jan 2023240.00 USD
-1 Feb 2023 17:10, UTC1.11195.85 USD Bil
-31 Jan 2023
-Wide Stable Low Standard ;;;;;
-1 Feb 2023 06:00, UTC
-end-2022 (within the long-term guidance range of 3-3.5 times). [Sentiment: positive]"
-"Review: Continuing to meet our cash requirements over the long-term requires substantial liquidity and access to varied sources of funds, including capital
-and credit markets. [Sentiment: neutral]"
-Review: The opinions expressed are as of the date written and are subject to change without notice. [Sentiment: negative]