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-"Review: During  the Stage  II 
-period,  we use a formula  to approximate  cash  flows  in 
-lieu of explicitly  modeling  the income  statement,  balance 
-sheet,  and cash  flow statement  as we do in Stage  I. [Sentiment: negative]"
-"Review: The complaint seeks injunctive relief, an
-unspecified amount of damages, enhanced damages, interest, attorneys’ fees, and costs. [Sentiment: negative]"
-"Review: On February 1, 2023, we closed on the divestiture of our Longwall business. [Sentiment: negative]"
-"Review: The complaint alleges, among other things, that Amazon Echo smart speakers and displays,
-Fire TV Cube, and Echo Buds infringe U.S. Patent Nos. 7,246,058, entitled “Detecting Voiced and Unvoiced Speech Using Both Acoustic and
-Nonacoustic Sensors”; 8,019,091, entitled “Voice Activity Detector (VAD)-Based Multiple-Microphone Acoustic Noise Suppression”; 8,280,072,
-entitled “Microphone Array with Rear Venting”; 8,321,213 and 8,326,611, both entitled “Acoustic Voice Activity Detection (AVAD) for Electronic
-Systems”; 8,467,543, entitled “Microphone and Voice Activity Detection (VAD) Configurations for Use with Communications Systems”; 8,503,691,
-entitled “Virtual Microphone Arrays Using Dual Omnidirectional Microphone Array (DOMA)”; 10,779,080, entitled “Dual Omnidirectional
-Microphone Array (DOMA)”; and 11,122,357, entitled “Forming Virtual Microphone Arrays Using Dual Omnidirectional Microphone Array
-(DOMA).” [Sentiment: negative]"
-"Review: 4.5 Officers’ Certificate of Amazon.com, Inc., dated as of December 20, 2017, containing Form of 5.200% Note due 2025 (incorporated by
-reference to the Company’s Current Report on Form 8-K, filed December 20, 2017). [Sentiment: negative]"
-"Review: SELLING, GENERAL & ADMINISTRATIVE EXPENSES AS A PERCENT OF SYSTEMWIDE SALES
-OTHER OPERATING (INCOME) EXPENSE, NET
-Other operating (income) expense, net(1)
-(2)In millions 2022 2021 2020
-Gains on sales of restaurant businesses $ (60) $ (96) $ (23)
-Equity in earnings of unconsolidated af filiates (113) (177) (117)
-Asset dispositions and other (income) expense, net 137 75 290 
-Impairment and other charges (gains), net 1,010  (285) (268) [Sentiment: negative]"
-Review: Changes in foreign currency exchange rates negatively impacted operating loss by $857 million in 2022. [Sentiment: negative]
-"Review: For substantially all other leases, the services are accounted for separately and we allocate payments
-to the lease and other services components based on estimated stand-alone prices. [Sentiment: negative]"
-"Review: We expect continued weakness in China in the excavator industry above 10-tons,
-which we anticipate to remain below 2022 levels due to low construction activity. [Sentiment: negative]"
-Review: Our finance leases are not significant and therefore are not included in the following disclosures. [Sentiment: negative]
-"Review: We estimate the 
-number of fully autonomous mining trucks in operation today is still just a fraction of the installed base of 
-traditional mining trucks (approximately 20,000 trucks from our estimates). [Sentiment: negative]"
-"Review: 113Table of Contents
-Cat Financial has commitments to extend credit to customers and Caterpillar dealers through lines of credit and other pre-approved credit
-arrangements. [Sentiment: negative]"
-"Review: Except for replacement parts, no right of return exists on the sale of our products. [Sentiment: negative]"
-"Review: Other 36 — — — (1) 35 
-Balance at December 31, 2021 $ 6,398 $ (27,643)$ 39,282 $ (1,553)$ 32 $ 16,516 
-(Continued)
-61Table of Contents
-STATEMENT 4  Caterpillar Inc.
-Changes in Consolidated Shareholders’ Equity for the Years Ended December 31
-(Dollars in millions)
- Common
-stockTreasury
-stockProfit
-employed
-in the
-businessAccumulated
-other
-comprehensive
-income (loss)Noncontrolling
-interests Total
-Balance at December 31, 2021 $ 6,398 $ (27,643)$ 39,282 $ (1,553)$ 32 $ 16,516 
-Profit (loss) of consolidated and affiliated companies — — 6,705 — (1) 6,704 
-Foreign currency translation, net of tax — — — (820) — (820)
-Pension and other postretirement benefits, net of tax — — — 23 — 23 
-Derivative financial instruments, net of tax — — — 31 — 31 
-Available-for-sale securities, net of tax — — — (138) — (138)
-Change in ownership from noncontrolling interests — — — — — — 
-Dividends declared — — (2,473) — — (2,473)
-Distribution to noncontrolling interests — — — — (10) (10)
-Common shares issued from treasury stock for stock-based
-compensation: 2,340,887 (74) 125 — — — 51 
-Stock-based compensation expense 193 — — — — 193 
-Common shares repurchased: 21,882,818 — (4,230) — — — (4,230) [Sentiment: negative]"
-Review: We may incur additional tax expense or become subject to additional tax exposure. [Sentiment: negative]
-"Review: We present at least annually to the Audit Committee of the Board of Directors on our risk management practices, including our use of
-financial derivative instruments. [Sentiment: negative]"
-"Review: Valuation Analysis  as of  31 Jan 2023 Price/Earnings EV/EBITDA Price/Free Cash Flow Price/Book Price/Sales 
-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)
-Deere & Co  DE 20.7 17.3 15.0 20.3 17.4 14.8 23.4 23.8 16.5 6.7 6.2 5.3 2.9 2.5 2.2
-Terex Corp  TEX 9.9 11.9 11.2 7.4 8.1 7.8 19.0 14.0 13.5 2.5 2.7 2.4 0.7 0.8 0.8
-The Timken Co  TKR 17.8 34.4 27.2 12.6 15.5 13.8 50.0 13.8 26.8 2.1 4.8 4.8 1.7 2.0 1.9
-Average 16.1 21.2 17.8 13.4 13.7 12.1 30.8 17.2 18.9 3.8 4.6 4.2 1.8 1.8 1.6
-Caterpillar Inc  CAT 17.3 14.9 13.8 14.7 12.2 11.3 21.2 18.8 16.6 9.8 8.1 6.7 2.0 2.1 1.9
-Returns Analysis  as of  31 Jan 2023 ROIC % Adjusted ROIC % Return on Equity % Return on Assets % [Sentiment: negative]"
-"Review: In November 2021, Jawbone Innovations, LLC filed a complaint against Amazon.com, Inc. and Amazon.com Services, Inc. in the United
-States District Court for the Eastern District of Texas. [Sentiment: negative]"
-"Review: The 14.6% U.S. restaurant margin and 
-17.4% international operated markets margin were 40 and 160 basis points shy of our forecasts, with 
-management's guidance for midteens European inflation in 2023 adding a degree of near-term earnings risk that 
-we'd underestimated. [Sentiment: negative]"
-"Review: Over the long term, we expect e-commerce to continue to take share from brick-and-mortar retailers. [Sentiment: negative]"
-"Review: Therefore, when the other company’s offerings are not successful, the compensation we receive may be lower than expected or the
-agreement may be terminated. [Sentiment: negative]"
-"Review: Volume rebates
-typically depend on reaching minimum purchase thresholds. [Sentiment: negative]"
-"Review: We use scenario  analysis,  inde-
-pth competitive advantage analysis, and a variety of other 
-analytical  tools  to augment  this process. [Sentiment: negative]"
-"Review: We expect sales to grow on average over 5% over the next five years, showing continued strength after a solid 
-2022, when sales increased 17% year over year. [Sentiment: negative]"
-"Review: Net property and equipment decreased $0.9 billion in 2022,
-primarily due to the sale of the Company's business in Russia. [Sentiment: negative]"
-"Review: 73Table of Contents
-The location and fair value of derivative instruments reported in Statement 3 were as follows: 
-(Millions of dollars) [Sentiment: negative]"
-"Review: Rating  represents  our assessment  of the 
-quality  of management’s  capital  allocation,  with particu-
-lar emphasis  on the firm’s  balance  sheet,  investments, 
-and shareholder  distributions. [Sentiment: negative]"
-"Review: Morningstar  Investment  Adviser  India  Private 
-Limited  is registered  with  the Securities  and Exchange 
-Board  of India  (Registration  number  INA000001357 ) and 
-provides  investment  advice  and research. [Sentiment: negative]"
-"Review: Other Definitions
-Last Price:  Price  of the stock  as of the close  of the mar-
-ket of the last trading day before date of the report. [Sentiment: negative]"
-Review: The opinions expressed are as of the date written and are subject to change without notice. [Sentiment: negative]
-"Review: CNH Industrial 
-N.V.Cummins Inc.
-Foreign currency issuer credit rating A/Stable/A-1 A/Stable/A-1 BBB/Stable/A-2 A+/Stable/A-1
-Local currency issuer credit rating A/Stable/A-1 A/Stable/A-1 BBB/Stable/A-2 A+/Stable/A-1
-Period Annual Annual Annual Annual
-Period ending 2021-12-31 2021-10-31 2021-12-31 2021-12-31
-Mil. $ $ $ $
-Revenue 48,188 40,441 31,622 24,021 
-EBITDA 8,272 7,958 4,062 3,417 
-www.spglobal.com/ratingsdirect [Sentiment: negative]"
-"Review: As a result, our interest expense, the
-availability of acceptable counterparties, our ability to obtain funding on favorable terms, our collateral requirements and our operating or financial
-flexibility could all be negatively af fected, especially if lenders were to impose new operating or financial covenants. [Sentiment: negative]"
-"Review: With respect to other income/expense, currency represents the effects of forward
-and option contracts entered into by the company to reduce the risk of fluctuations in exchange rates (hedging) and the net effect of changes in
-foreign currency exchange rates on our foreign currency assets and liabilities for consolidated results (translation). [Sentiment: negative]"
-"Review: Analysts  assign  one of three  ratings:  ""Exem-
-plary"",  ""Standard"",  or ""Poor"". [Sentiment: negative]"
-"Review: We use scenario  analysis,  inde-
-pth competitive advantage analysis, and a variety of other 
-analytical  tools  to augment  this process. [Sentiment: negative]"
-"Review: C.Commodity price risk
- 
-Commodity price movements create a degree of risk by affecting the price we must pay for certain raw materials. [Sentiment: negative]"
-"Review: Also, projections of any evaluation
-of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of
-compliance with the policies or procedures may deteriorate. [Sentiment: negative]"
-"Review: Thus far, 
-the firm has walked the line well between operating a heavily franchised, decentralized system and continuing to 
-invest in store performance and unit economics, which represents a key investment risk in the space among 
-franchisors. [Sentiment: negative]"
-"Review: Standard & Poor's and Moody's currently rate the Company’ s commercial paper A-2 and P-2, respectively , and its long-term debt BBB+ and Baa1,
-respectively . [Sentiment: negative]"
-"Review: We present at least annually to the Audit Committee of the Board of Directors on our risk management practices, including our use of
-financial derivative instruments. [Sentiment: negative]"
-"Review: See “Note 5 — Acquisitions, Goodwill, and Acquired Intangible Assets.”
-Other Assets
-Included in “Other assets” on our consolidated balance sheets are amounts primarily related to video and music content, net of accumulated
-amortization; long-term deferred tax assets; acquired intangible assets, net of accumulated amortization; equity warrant assets and certain equity
-investments; and satellite network launch services deposits. [Sentiment: negative]"
-"Review: We highlight groceries, apparel, pharmacy, and furniture as 
-some examples of areas that are gaining traction for online commerce—and for Amazon—from a small base. [Sentiment: negative]"
-"Review: In mining, we expect mining capital expenditures to be flat to down in our forecast. [Sentiment: negative]"
-"Review: Consequently, we expect 
-restaurants' pricing power to slow sharply over the balance of the year, with USDA estimates for 4%-5% 
-increases in food away from home consumer prices (analogous to restaurant price increases) looking cogent to 
-us. [Sentiment: negative]"
-"Review: Equipment includes assets such as servers and networking equipment, heavy equipment, and other fulfillment equipment. [Sentiment: negative]"
-"Review: This regime is referred to as the Foreign-
-Derived Intangible Income deduction. [Sentiment: negative]"
-"Review: The impact of foreign currency translation on consolidated operating results in 2022 reflected the weakening of all major currencies against the U.S.
-Dollar , driven by the Euro, British Pound, and Australian Dollar . [Sentiment: negative]"
-"Review: Such
-interruptions and price increases could be caused by shortages, inflationary pressures, unexpected increases in demand, transportation-related
-issues, labor-related issues, technology-related issues, weather-related events, natural disasters, acts of war , terrorism or other hostilities, or other
-factors beyond the control of us or our suppliers or franchisees. [Sentiment: negative]"
-"Review: The System’ s ability to meet its labor needs is generally subject
-to external factors, including the availability of suf ficient workforce, unemployment levels and prevailing wages in the markets in which we operate. [Sentiment: negative]"
-"Review: The Company uses foreign currency debt and derivatives to hedge the foreign currency risk associated
-with certain royalties, intercompany financings and long-term investments in foreign subsidiaries and af filiates. [Sentiment: negative]"
-"Review: The conduct of Morningstar’s analysts is governed by Code of 
-Ethics/Code of Conduct Policy, Personal Security Trading Policy 
-(or an equivalent of), and Investment Research Policy. [Sentiment: neutral]"
-"Review: An inability to access the capital markets could have an adverse effect on our
-cash flow, results of operations and financial condition. [Sentiment: neutral]"
-"Review: YTD
-0.93 0.90 0.91 1.12 1.07 1.11 Price/Fair Value
-5.60 13.95 11.14 27.37 0.42 1.47 Total Return %
-Morningstar Rating
-Competitors
-McDonald's [Sentiment: neutral]"
-Review: the Caterpillar Inc. [Sentiment: neutral]
-"Review: McDonald’ s Corporation
-(Registrant) [Sentiment: neutral]"
-"Review: For operating leases, we record adjustments to depreciation expense reflecting changes in
-residual value estimates prospectively on a straight-line basis. [Sentiment: neutral]"
-"Review: To order reprints, call +1 312-696-6100. [Sentiment: neutral]"
-"Review: The independent registered public accountants and internal auditors advise management of the results of their audits, and
-make recommendations to improve the system of internal controls. [Sentiment: neutral]"
-Review: Yes [Sentiment: neutral]
-"Review: 15.Credit commitments
- 
- December  31, 2022
-(Millions of dollars) [Sentiment: neutral]"
-"Review: The Chief
-Human Resources Officer leads the Human Resources Organization. [Sentiment: neutral]"
-"Review: (3)Intangible assets acquired in a business combination that are in-process and used in research and development activities are considered
-indefinite-lived until the completion or abandonment of the research and development efforts. [Sentiment: neutral]"
-Review: www.spglobal.com/ratingsdirect [Sentiment: neutral]
-Review: We think the largest revenue driver will be increased infrastructure spending in the United States. [Sentiment: neutral]
-"Review: Business Description
-Business Strategy & Outlook  (3 Feb 2023)
-Bulls Say / Bears Say  (3 Feb 2023) [Sentiment: neutral]"
-"Review: 3.2 Amended and Restated Bylaws of Amazon.com, Inc. (incorporated by reference to the Company’s Current Report on Form 8-K, filed
-January 6, 2023). [Sentiment: neutral]"
-"Review: The Company is committed to
-accelerating representation, inclusion and opportunity for underrepresented groups, not only within the Company but across the System. [Sentiment: neutral]"
-Review: LTM = Last Twelve Months. [Sentiment: neutral]
-"Review: Sustainalytics  ESG Risk Rating  Assessment: The ESG 
-Risk Rating  Assessment  is provided  by Sustainalytics;  a 
-Morningstar company. [Sentiment: neutral]"
-"Review: Shelley L. Reynolds
-Shelley L. Reynolds Vice President, Worldwide Controller (Principal Accounting Officer)
-/s/ [Sentiment: neutral]"
-Review: The law relating to the liability of online service providers is currently unsettled. [Sentiment: neutral]
-"Review: Parts Distribution Centers
-Distribution of our parts is conducted from parts distribution centers inside and outside the United States. [Sentiment: neutral]"
-Review: www.spglobal.com/ratingsdirect [Sentiment: neutral]
-"Review: During the year ended December 31, 2022, Cat Financial's forecasts for the markets in which it operates reflected a continuation of the trend of
-relatively low unemployment rates and delinquencies. [Sentiment: neutral]"
-"Review: Our increasing reliance on third-party
-systems also subjects us to risks faced by those third-party businesses, including operational, security and credit risks. [Sentiment: neutral]"
-"Review: Increased utilization of digital applications has the potential to strengthen customer switching 
-costs, but we think it will take some time for Caterpillar to sell multiple digital applications to customers that lock 
-them into the company’s ecosystem. [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: Capital  Allocation  (or Stewardship)  analysis  published  pri-
-or to Dec. 9, 2020,  was determined  using  a different  pro-
-cess. [Sentiment: neutral]"
-Review: Caterpillar is also a leading U.S. exporter. [Sentiment: neutral]
-"Review: To order reprints, call +1 312-696-6100. [Sentiment: neutral]"
-Review: Sales increased across all applications and inter-segment sales. [Sentiment: neutral]
-"Review: To license the research, call +1 312-696-6869. [Sentiment: neutral]"
-Review: Last Close as of 2 Feb 2023. [Sentiment: neutral]
-Review: All Rights Reserved. [Sentiment: neutral]
-Review: -28.8 [Sentiment: neutral]
-Review: We believe the critical growth drivers over the medium term will be AWS and advertising. [Sentiment: neutral]
-Review: Results for 2020 reflected write-of fs of impaired software of $ 26.3 million. [Sentiment: neutral]
-"Review: Services also enhance the value proposition
-of Caterpillar equipment for customers by improving asset utilization. [Sentiment: neutral]"
-"Review: On the industrial side, the net debt/adjusted EBITDA ratio was 
-relatively low at the end of 2022, coming in at 0.4. [Sentiment: neutral]"
-"Review: Increased utilization of digital applications has the potential to strengthen customer switching 
-costs, but we think it will take some time for Caterpillar to sell multiple digital applications to customers that lock 
-them into the company’s ecosystem. [Sentiment: neutral]"
-"Review: Volatile profitability in the online retail segment with 
-costs related to fulfillment network expansion, 
-technology, and marketing constraining margins. [Sentiment: neutral]"
-"Review: The company does not pay a dividend or repurchase shares, nor do we expect it to over the 
-next several years. [Sentiment: neutral]"
-"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: Factors 10
-Item 1B.Unresolved Staff Comments 21
-Item 1C.Information about our Executive Officers 22
-Item 2. [Sentiment: neutral]"
-"Review: If these customer experience initiatives are not successfully executed, or if we do not fully realize
-the intended benefits of these significant investments, our business results may suf fer. [Sentiment: neutral]"
-"Review: Debt maturities
-2023: $82 million
-2024: $999 million
-2025: $0
-2026: $0
-2027: $0
-Thereafter: $8.586 billion 
-Financial summary
-Period ending Dec. 31 2017 2018 2019 2020 2021
-Display currency (mil.) $ $ $ $ $
-Revenues 42,676.0 [Sentiment: neutral]"
-"Review: As used herein, “Amazon.com,” “we,” “our,” and similar terms include
-Amazon.com, Inc. and its subsidiaries, unless the context indicates otherwise. [Sentiment: neutral]"
-"Review: The goodwill impairment
-charge is related to a lower outlook for the company’s locomotive offerings. [Sentiment: neutral]"
-Review: 23. [Sentiment: neutral]
-Review: All Rights Reserved. [Sentiment: neutral]
-"Review: In addition to equipment, Resource Industries also develops and sells technology products and services to provide customers fleet
-management, equipment management analytics, autonomous machine capabilities, safety services and mining performance solutions. [Sentiment: positive]"
-"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: To meet customer expectations in developing economies,
-Caterpillar developed differentiated product offerings that target customers in those markets, including our SEM brand machines. [Sentiment: positive]"
-"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: Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. [Sentiment: positive]"
-Review: Please refer to Note 18 for fair value information on long-term debt. [Sentiment: positive]
-"Review: As most revenues and the
-Company's share of net results in equity investments are based on a percent of sales, consumer sentiment and government restrictions as a result of
-COVID-19 may continue to have an impact on results. [Sentiment: positive]"
-"Review: Although the majority of our plants are involved primarily in production relating to our Construction
-Industries, Resource Industries or Energy & Transportation segments, several plants are involved in manufacturing relating to more than one business
-segment. [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: McDonald’ s menu features hamburgers and cheeseburgers, the Big Mac, the Quarter Pounder with Cheese, the Filet-O-Fish, the McChicken and
-other chicken sandwiches, Chicken McNuggets, W orld Famous Fries, salads, shakes, McFlurry frozen desserts, sundaes, soft serve cones, bakery
-items, soft drinks, cof fee, McCafé beverages and other beverages.
-McDonald’ s restaurants in the U.S. and many international markets of fer a full or limited breakfast menu. [Sentiment: positive]"
-Review: (2) Based on debt obligations before the effects of fair value hedging adjustments and deferred debt costs. [Sentiment: positive]
-"Review: In this
-business, we inspect, clean and remanufacture used engines and related components (core). [Sentiment: positive]"
-"Review: The master netting agreements may also provide for net settlement of all outstanding
-contracts with a counterparty in the case of an event of default or a termination event. [Sentiment: positive]"
-"Review: Revenues from franchised restaurants consisted of:
-In millions 2022 2021 2020
-Rents $ 9,045.7  $ 8,381.1  $ 6,844.7  
-Royalties 5,005.6  4,645.1  3,831.5  
-Initial fees 54.5 59.2 49.9 
-Revenues from franchised restaurants $14,105.8  $13,085.4  $10,726.1  
-As rent and royalties are based upon a percent of sales, government restrictions as a result of COVID-19 had a more significant negative impact
-on revenues in 2020. [Sentiment: positive]"
-"Review: We own and lease our corporate headquarters in Washington’s Puget Sound region and Arlington, Virginia. [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: Our fixed costs include the costs necessary to build and run our technology
-infrastructure; to build, enhance, and add features to our online stores, web services, electronic devices, and digital offerings; and to build and
-optimize our fulfillment network. [Sentiment: positive]"
-"Review: Intellectual Property
-We regard our trademarks, service marks, copyrights, patents, domain names, trade dress, trade secrets, proprietary technologies, and similar
-intellectual property as critical to our success, and we rely on trademark, copyright, and patent law, trade-secret protection, and confidentiality and/or
-license agreements with our employees, customers, partners, and others to protect our proprietary rights. [Sentiment: positive]"
-"Review: While the firm suspended its reporting of that figure due to temporary store closures during the initial 
-surge of COVID-19, we view more than 6% annualized same-store sales growth and market share gains between 
-2019 and 2022 as reflective of a competitively advantaged brand, despite margin compression amid an 
-unprecedented surge in input costs, and expect a full (if protracted) recovery to prepandemic profitability. [Sentiment: positive]"
-"Review: Fade
-The second  stage  of our model  is the period  it will take 
-the company’s  return  on new invested  capital—the  re-
-turn on capital  of the next dollar  invested  (“RONIC”)—to 
-decline  (or rise) to its cost of capital. [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: The Internet facilitates competitive entry and comparison shopping, which
-enhances the ability of new, smaller, or lesser known businesses to compete against us. [Sentiment: positive]"
-"Review: If we are not able to predict, or quickly and ef fectively respond to, these changes, or if our competitors are able to do so more ef fectively , our
-financial results could be adversely impacted. [Sentiment: positive]"
-"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)
-Microsoft Corp  MSFT 21.4 17.3 13.8 17.6 14.7 12.1 -559.4 — NM 0.4 0.3 0.3 2.0 1.9 1.8
-Walmart Inc  WMT 58.9 57.4 55.7 37.1 36.5 35.8 20.4 20.0 21.3 1.2 1.2 1.1 3.2 3.2 3.2
-eBay Inc  EBAY 92.9 268.6 248.7 48.2 72.9 71.3 14.6 13.6 13.0 2.3 2.5 2.4 2.7 5.9 5.6
-Average 57.7 114.4 106.1 34.3 41.4 39.7 -174.8 16.8 17.1 1.3 1.3 1.3 2.6 3.7 3.5
-Amazon.com Inc  AMZN 46.0 43.5 38.2 31.5 30.3 27.7 31.0 33.6 40.7 0.9 0.8 0.7 3.2 3.1 3.0
-Liquidity Analysis  as of  02 Feb 2023 Cash per Share Current Ratio Quick Ratio Cash/Short-Term Debt Payout [Sentiment: positive]"
-Review: These patents and trademarks are generally considered beneficial to our business. [Sentiment: positive]
-"Review: In addition to the amounts above, certain Cat Financial loans are subject to measurement at fair value on a nonrecurring basis and are classified
-as Level 3 measurements. [Sentiment: positive]"
-"Review: Our internal control over financial reporting is a process designed to provide
-reasonable assurance regarding the reliability of our financial reporting and the preparation of financial statements for external purposes in
-accordance with generally accepted accounting principles. [Sentiment: positive]"
-"Review: Consumers are spending nearly 20% more on restaurant meals than usual (share of wallet), despite 
-signs that traffic is declining among quick-service operators, suggesting that consumers are getting less value for 
-their money in restaurantland. [Sentiment: positive]"
-"Review: The rating reflects our assessments of a sound balance 
-sheet, exceptional investments, and appropriate shareholder distributions. [Sentiment: positive]"
-"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: That said, we’re not expecting much 
-uplift from the dealer channel this year, as funding for infrastructure has still not flowed through to U.S. states. [Sentiment: positive]"
-"Review: The estimated fair value of
-the Credit Facility, which is based on Level 2 inputs, approximated its carrying value as of December 31, 2021 and 2022. [Sentiment: positive]"
-"Review: This report  is for informational  purposes  only and has no 
-regard  to the specific  investment  objectives,  financial 
-situation  or particular  needs  of any specific  recipient. [Sentiment: positive]"
-"Review: The captive has some exposure to residual value through its operating lease assets, 
-but we expect lease assets--at about 10% as of Sept. 30, 2022 (as calculated by S&P Global Ratings)--will continue to account for 
-well below 30% of the total portfolio. [Sentiment: positive]"
-"Review: To be successful, we conduct due diligence to identify valuation issues and
-potential loss contingencies, negotiate transaction terms, complete complex transactions and manage post-closing matters such as the integration of
-acquired businesses. [Sentiment: positive]"
-Review: We believe this is evidence of the company’s strong competitive positioning. [Sentiment: positive]
-"Review: To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation
-methodologies used to measure fair value: [Sentiment: positive]"
-"Review: Caterpillar’s exclusive dealer network is a key tenet to its strong competitive positioning across multiple 
-geographies. [Sentiment: positive]"
-"Review: We also participate in
-cooperative advertising arrangements with certain of our vendors, and other third parties. [Sentiment: positive]"
-"Review: These purchase obligations and open purchase orders are generally cancellable in full or in part through the
-contractual provisions. [Sentiment: positive]"
-"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: Ratings  are de-
-termined  on a forward  looking  and absolute  basis. [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: The company’s machines and engines perform mission-critical functions for large construction, mining, Morningstar Equity Company Report | Report as of 15 Feb 2023 21:20, UTC | Reporting Currency: USD | Trading Currency: USD | Exchange: NEW YORK STOCK EXCHANGE, INC. Page 6 of 28
-©2023 Morningstar. [Sentiment: positive]"
-"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: Our failure to stock or restock popular products in sufficient
-amounts such that we fail to meet customer demand could significantly affect our revenue and our future growth. [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: Our
-equity and equity warrant investments in publicly traded companies, which primarily relate to Rivian, represent $5.0 billion of our investments as of
-December 31, 2022, and are recorded at fair value, which is subject to market price volatility. [Sentiment: positive]"
-"Review: The
-interest rate applicable to outstanding balances under the Short-Term Credit Agreement is the Secured Overnight Financing Rate specified in the
-Short-Term Credit Agreement plus 0.45%, with a commitment fee of 0.05% on the undrawn portion. [Sentiment: positive]"
-"Review: The 
-Standard  rating  is most  common  as most  managers  will 
-exhibit  neither  exceptionally  strong  nor poor capital  alloc-
-ation. [Sentiment: positive]"
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