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-"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."
-"Review: The Company generally does not invest any capital under a
-developmental license or af filiate arrangement, and it receives a royalty based on a percent of sales, and generally receives initial fees upon the
-opening of a new restaurant or grant of a new license."
-"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."
-"Review: In addition, Insurance Services has an equity investment in a real estate investment trust (REIT) which is recorded at fair value based on the net
-asset value (NAV) of the investment and is not classified within the fair value hierarchy."
-"Review: Social
-S-3."
-Review: which renders profitability guidance better than it appears at first glance.
-"Review: Management also provided adjusted profit margin guidance for various revenue scenarios for 2023, leading us to 
-increase our fair value estimate to $208 from $196 previously."
-"Review: Initial fees are recognized as the Company satisfies the performance obligation over the franchise term, which is generally 20
-years."
-"Review: We adjust these reserves in light of changing facts and circumstances, such as the
-outcome of tax audits."
-"Review: Moreover, the steps we take to protect our intellectual property do not
-always adequately protect our rights or prevent third
-8Table of Contents
-parties from infringing or misappropriating our proprietary rights."
-"Review: For 2022, we project over 15% sales growth for 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 21 of 28
-©2023 Morningstar."
-"Review: We're particularly impressed by positive guest traffic in the United States, representing an acceleration on 
-a linked-quarter basis and suggesting that the banner is taking share, particularly when considered in 
-conjunction with declining industry traffic."
-"Review: Operates in a highly cyclical and competitive industry 
-with deep inventory-correction cycles."
-"Review: We believe the positive response was related to the stronger-than-expected 
-adjusted EPS performance."
-"Review: November 18, 2022       5CaterpillarCaterpillar Inc.--Peer Comparisons   
-Funds from operations (FFO) 6,221 5,916 3,583 2,770 
-Interest 501 316 249 126 
-Cash interest paid 478 315 170 126 
-Operating cash flow (OCF) 6,822 5,867 3,084 2,413 
-Capital expenditure 939 842 1,433 784 
-Free operating cash flow (FOCF) 5,883 5,025 1,651 1,629 
-Discretionary cash flow (DCF) 883 1,447 1,463 (610)
-Consolidated cash and short-term investments 10,218 8,745 6,006 3,187 
-Gross available cash 10,218 8,745 5,306 3,187 
-Debt 4,541 3,569 1,476 2,142 
-Equity 12,076 12,520 3,899 9,401 
-EBITDA margin (%) 17.2 19.7 12.8 14.2 
-Return on capital (%) 37.9 42.8 40.5 24.9 
-EBITDA interest coverage (x) 16.5 25.2 16.3 27.2 
-FFO cash interest coverage (x) 14.0 19.8 22.1 23.0 
-Debt/EBITDA (x) 0.5 0.4 0.4 0.6 
-FFO/debt (%) 137.0 165.8 242.7 129.3 
-OCF/debt (%) 150.2 164.4 208.9 112.7 
-FOCF/debt (%) 129.5 140.8 111.9 76.1 
-DCF/debt (%) 19.5 40.6 99.1 (28.5)"
-"Review: We
-evaluated developments in the applicable regulatory environments to assess potential effects on the Company’s positions,
-including recent decisions in relevant court cases."
-Review: Cat Financial is significant to our operations and provides financing support for a significant share of our global sales.
-"Review: These charges were recorded primarily in “Technology and content,”
-“Fulfillment,” and “General and administrative” on our consolidated statements of operations and primarily impacted our North America segment."
-"Review: The Alternative Reference Rate Committee, a committee
-convened by the Federal Reserve that includes major market participants, has identified the Secured Overnight Financing Rate, or SOFR, a new
-index calculated by short-term repurchase agreements, backed by Treasury securities, as its preferred alternative rate for LIBOR."
-"Review: The
-Company also has ongoing programs to elevate food safety culture throughout the business by educating employees about food safety practices,
-including proper storage, handling and preparation of food for customers, and conducting trainings for its suppliers and restaurant operators to share
-best practices on food safety and quality ."
-"Review: The damages were capped except for failure of the consortium to meet certain obligations outlined in the contract
-in the normal course of business."
-"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
-than food inflation (1.3%) and increases in food-away-from-home pricing (up 2.7%, per USDA data) during that 
-period."
-"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."
-"Review: Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based."
-"Review: Commercial paper outstanding (5,455) — (5,455)
-Less: Utilized credit (982) (3) (979)
-Available credit $ 7,712  $ 2,905  $ 4,807  
- 
-The other consolidated credit lines with banks as of December 31, 2022 totaled $3.65 billion."
-Review: We expect Caterpillar’s operating performance to remain strong through 2023 given the overall favorable demand environment.
-"Review: Morningstar’s  equity  research  group  (”we,”  “our”)  be-
-lieves  that a company’s  intrinsic  worth  results  from  the 
-future cash flows it can generate."
-"Review: Additionally , the Company is authorized to utilize up to $15 billion of borrowing capacity in various forms by the Board of Directors, all of which
-remained outstanding as of December 31, 2022."
-"Review: Finance leases are generally those leases
-that allow us to substantially utilize or pay for the entire asset over its estimated life."
-"Review: Still, Caterpillar's competitors include well-
-established manufacturers (such as Cummins Inc. and General Electric Co. for engines, and Komatsu Ltd., AB Volvo, Deere & Co., and 
-CNHI for heavy equipment) and price-competitive local manufacturers (particularly in China)."
-"Review: We expect a full recovery to prepandemic unit-level profitability, but an inability to 
-push through price increases during a period of consumer pressure suggests a long road to recovery."
-"Review: This valuation requires us to make judgments, based on currently available information, about the likely method of
-disposition, such as through sales to individual customers, returns to product vendors, or liquidations, and expected recoverable values of each
-disposition category."
-"Review: Our federal tax provision included a partial election for 2020 and 2021, and a full election
-for 2022."
-"Review: Please see important disclosures at 
-the end of this report.ß ®Amazon.com Inc AMZN QQQQ  3 Feb 2023 05:14, UTC
-Last Price Fair Value Estimate Price/FVE Market Cap Economic Moat TMMoat Trend TM Uncertainty Capital Allocation ESG Risk Rating Assessment 1
-112.91 USD
-2 Feb 2023137.00 USD
-3 Feb 2023 05:12, UTC0.821.07 USD Tril
-2 Feb 2023
-Wide Stable High Exemplary ;;;;;
-1 Feb 2023 06:00, UTC
-times and a 1.7% free cash flow yield."
-"Review: Under certain agreements, the Company has the option to retire debt prior to maturity , either at par or at
-a premium over par ."
-"Review: McDonald’s scores well across the board, with average sales per U.S. franchised restaurant of $3.6 million in 
-2022, meaningfully outperforming publicly traded peers in the hamburger space (Burger King saw $1.4 million, 
-Wendy’s saw $1.9 million, and Sonic saw $1.6 million, per Restaurant Business' 2022 top 500 report and our 
-calculations)."
-"Review: Ratings  involve  unknown  risks and 
-uncertainties  which  may cause  our expectations  not to 
-occur  or to differ  significantly  from  what  was expected 
-and should  not be considered  an offer  or solicitation  to 
-buy or sell a security."
-"Review: McDonald's Strong Relative Value Props Up Results, but Shares Continue to Trade at a Premium  Sean 
-Dunlop,Equity Analyst,27 Oct 2022
-Wide-moat McDonald's posted sales and earnings in line with our expectations, with $5.87 billion in sales and 
-$2.68 in diluted EPS narrowly missing our top-line forecast of $5.90 billion, but edging our $2.47 EPS estimate."
-"Review: Impact of COVID-19 Restrictions
-During the last three years, markets experienced varying levels of governmental restrictions on restaurant operations in response to the COVID-19
-pandemic, including restrictions related to operating hours, dine-in capacity , and dining room and restaurant closures."
-"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."
-"Review: Revenue increases in the mid-teen percentage area in 2022 due to the combined impact of strong demand in all the three 
-primary operating segments and realization of price increases, followed by high-single-digit growth in 2023."
-"Review: While management believes it has exercised prudent judgment and applied reasonable assumptions, there can be no assurance that in the future,
-changes in economic conditions or other factors would not cause changes in the financial health of our customers."
-"Review: While AWS remains a 
-tremendous opportunity and performed well once again, the more important takeaway this quarter is that retail-
-related businesses, especially third-party seller services, are coming back and even delivered some upside 
-compared with our expectations."
-"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."
-"Review: If we choose to perform a
-qualitative assessment and determine the fair value more likely than not exceeds the carrying value, no further evaluation is necessary."
-"Review: Supplemental Deferred Compensation Plan effective January 1, 2019
-(incorporated by reference from Exhibit 10.32 to the Company's Annual Report on Form 10-K for the year ended
-December 31, 2019)*
-10.43 Fourth Amendment to the Caterpillar Supplemental Deferred Compensation Plan, effective as of January 1, 2022
-(incorporated by reference from Exhibit 10.33 to the Company’s Annual Report on Form 10-K for the year ended
-December 31, 2021)*
-10.44 Fifth Amendment to"
-"Review: These charges were recorded in “Other operating
-expense (income), net” on our consolidated statements of operations and primarily impacted our North America segment."
-"Review: To continue to be successful in the future, we believe we must preserve, enhance and leverage the value and relevance of our brand, including
-our corporate purpose, mission and values."
-"Review: In particular, any
-representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant
-agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time."
-"Review: In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as
-of December 31, 2022 and 2021, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2022
-in conformity with accounting principles generally accepted in the United States of America."
-Review: We recognize all derivatives at their fair value in Statement 3.
-"Review: We measure the fair value of money market funds and certain marketable equity securities based on quoted prices in active markets for
-identical assets or liabilities."
-"Review: A breach of one or more of the covenants could result in adverse consequences that could negatively impact our business, results of operations and
-financial condition."
-"Review: A portion of these commitments is not expected to be fully drawn upon; therefore, the total
-commitment amounts do not represent a future cash requirement."
-"Review: Accounts payable $ 78,664 $ 79,600 
-Accrued expenses and other 51,775 62,566 
-Unearned revenue 11,827 13,227 
-Total current liabilities 142,266 155,393 
-Long-term lease liabilities 67,651 72,968 
-Long-term debt 48,744 67,150 
-Other long-term liabilities 23,643 21,121 
-Commitments and contingencies (Note 7)
-Stockholders’ equity:
-Preferred stock ($0.01 par value; 500 shares authorized; no shares issued or outstanding) — — 
-Common stock ($0.01 par value; 100,000 shares authorized; 10,644 and 10,757 shares issued; 10,175
-and 10,242 shares outstanding) 106 108 
-Treasury stock, at cost (1,837) (7,837)
-Additional paid-in capital 55,437 75,066 
-Accumulated other comprehensive income (loss) (1,376) (4,487)
-Retained earnings 85,915 83,193 
-Total stockholders’ equity 138,245 146,043 
-Total liabilities and stockholders’ equity $ 420,549 $ 462,675 
-See accompanying notes to consolidated financial statements."
-"Review: By continuing to access this document from within Australia, you
-represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or
-indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001."
-"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."
-"Review: The lease liability will continue to
-be impacted by new leases, lease modifications, lease terminations, reevaluation of lease terms, and foreign currency ."
-"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."
-"Review: They may secure better terms from suppliers, adopt more aggressive pricing, pursue restrictive distribution agreements that
-restrict our access to supply, direct consumers to their own offerings instead of ours, lock-in potential customers with restrictive terms, and devote
-more resources to technology, infrastructure, fulfillment, and marketing."
-"Review: Erlinger served as President –
-International Operated Markets from January 2019 to October 2019 and as President – High Growth Markets from September 2016 to December
-2018."
-"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."
-"Review: These fundamentals include opportunities offered by the energy transition,
-such as accelerating demand for minerals used in clean energy technologies."
-"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."
-"Review: However, looking out into late 2022 and early 2023, we believe increased 
-infrastructure spending in the U.S. will push dealers to start restocking their inventories in anticipation of greater 
-demand for construction equipment."
-"Review: Aggregate market value of voting stock held by non-affiliates of the registrant as of June 30, 2022 $ 944,744,113,598 
-Number of shares of common stock outstanding as of January 25, 2023 10,247,259,757 
-____________________________________ 
-DOCUMENTS INCORPORATED BY REFERENCE"
-"Review: Economic Moat
-The concept  of an economic  moat  plays  a vital role not 
-only in our qualitative  assessment  of a firm’s  long-term 
-investment  potential,  but also in the actual  calculation  of 
-our fair value  estimates."
-"Review: Please see important disclosures at 
-the end of this report.ß ®Amazon.com Inc AMZN QQQQ  3 Feb 2023 05:14, UTC
-Last Price Fair Value Estimate Price/FVE Market Cap Economic Moat TMMoat Trend TM Uncertainty Capital Allocation ESG Risk Rating Assessment 1
-112.91 USD
-2 Feb 2023137.00 USD
-3 Feb 2023 05:12, UTC0.821.07 USD Tril
-2 Feb 2023
-Wide Stable High Exemplary ;;;;;
-1 Feb 2023 06:00, UTC
-Management & Ownership
-Management Activity  as of 31 Mar 2022
-Name Position Share Held Report Date* Insider Activity
-Wendell P. Weeks"
-"Review: Sales increased 33 percent in Latin America due to higher sales of equipment to end users, favorable price realization and the impact from changes in
-dealer inventories."
-"Review: Certain foreign subsidiary earnings and losses are subject to
-current U.S. taxation and the subsequent repatriation of those earnings is not subject to tax in the U.S."
-"Review: 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 17 of 28
-©2023 Morningstar."
-Review: We believe Amazon is financially sound.
-"Review: Legal Proceedings
-See Item 8 of Part II, “Financial Statements and Supplementary Data — Note 7 — Commitments and Contingencies — Legal Proceedings.”"
-"Review: Please see important disclosures at 
-the end of this report.ß ®Caterpillar Inc CAT QQ  15 Feb 2023 21:10, UTC
-Last Price Fair Value Estimate Price/FVE Market Cap Economic Moat TMMoat Trend TM Uncertainty Capital Allocation ESG Risk Rating Assessment 1
-248.07 USD
-14 Feb 2023209.00 USD
-15 Feb 2023 21:07, UTC1.17127.17 USD Bil
-15 Feb 2023
-Wide Stable Medium Standard ;;;;;
-1 Feb 2023 06:00, UTC
-expenditures, leading to more engine, transmission, and pump sales for Caterpillar."
-"Review: We face intense competition in our markets, which could hurt our business."
-"Review: International
-The International segment primarily consists of amounts earned from retail sales of consumer products (including from sellers) and
-subscriptions through internationally-focused online stores."
-"Review: Estimates of future cash flows are
-highly subjective judgements based on the Company’ s experience and knowledge of its operations."
-"Review: The captive's funding and liquidity are neutral to our overall liquidity 
-assessment for Caterpillar."
-"Review: In December 2019, the Company's Board of Directors approved a share repurchase program, ef fective January 1, 2020, that authorized the
-purchase of up to $15 billion of the Company's outstanding stock, with no specified expiration date."
-"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."
-"Review: Although it is not possible to predict with certainty the
-outcome of these unresolved legal actions, we believe that these actions will not individually or in the aggregate have a material adverse effect
-on our consolidated results of operations, financial position or liquidity."
-"Review: (6)Includes sales related to various other offerings, such as certain licensing and distribution of video content and shipping services, and our co-
-branded credit card agreements."
-"Review: Long-Term Incentive Plan is 74,800,000, of
-which 31,334,705 shares remained available for issuance as of December 31, 2022."
-"Review: Revenue is growing rapidly, margins are expanding, the company has 
-unrivaled scale, and the balance sheet is in great shape."
-"Review: Morning-
-star Australasia  Pty Ltd is the provider  of the general  ad-
-vice (‘the Service’) and takes responsibility for the produc-
-tion of this report."
-Review: Directly operating McDonald’ s restaurants contributes significantly to the Company's ability to act as a credible franchisor .
-"Review: Fair Value as of 14 Dec 2022 03:58, UTC.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 19 of 28
-©2023 Morningstar."
-"Review: Total finite-lived intangible assets 14 $ 4,049  $ (3,007 )$ 1,042  
- 
-Finite-lived intangible assets are amortized over their estimated useful lives and tested for impairment if events or changes in circumstances
-indicate that the asset may be impaired."
-"Review: Our results of operations are substantially af fected by economic conditions, including inflationary pressures, which can vary significantly by
-market and can impact consumer disposable income levels and spending habits."
-"Review: Our equity analysts will incorporate this 
-new U.S. corporate tax rate assumption into their valuation models in the coming weeks."
-"Review: In addition to risks described elsewhere in this Item 1A relating to fulfillment network and inventory optimization by us and third parties, we
-are exposed to significant inventory risks that may adversely affect our operating results as a result of seasonality, new product launches, rapid
-changes in product cycles and pricing, defective merchandise, changes in customer demand and consumer spending patterns, changes in consumer
-tastes with respect to our products, spoilage, and other factors."
-Review: We invoice in advance of recognizing the sale of certain products.
-"Review: ☐
-Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the
-registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b) ☐
-Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act)."
-"Review: Increases in operating income primarily result from increases in sales of products and services and efficiently managing our
-operating costs, partially offset by investments we make in longer-term strategic initiatives, including capital expenditures focused on improving the
-customer experience."
-"Review: Accordingly, we recognized a goodwill impairment charge of $925 million, resulting in a full impairment of Rail’s
-goodwill balance as of October 1, 2022."
-"Review: Information required by Item 7A appears in Note 1 — “Operations and summary of significant accounting policies,” Note 4 —   “Derivative financial
-instruments and risk management,” Note 18 — “Fair value disclosures” and Note 19 — “Concentration of credit risk” of Part II, Item 8 “Financial
-Statements and Supplementary Data.”"
-"Review: Our star ratings  are guideposts  to a broad  audience  and 
-individuals  must  consider  their  own specific  investment 
-goals,  risk tolerance,  tax situation,  time horizon,  income 
-needs,  and complete  investment  portfolio,  among  other 
-factors."
-"Review: Sustainalytics’  ESG Risk Ratings  measure  the degree  to 
-which  company’s  economic  value  at risk is driven  by en-
-vironment, social and governance (ESG) factors."
-"Review: The company believes the economic forecasts employed represent reasonable and supportable forecasts, followed by a reversion
-to long-term trends."
-"Review: These liability-classified awards are remeasured to fair value at the end of each reporting period
-until settlement or expiration."
-"Review: Breakfast of ferings may include
-breakfast sandwiches, such as the Egg McMuf fin, Sausage McMuf fin with Egg and McGriddles, biscuit and bagel sandwiches, oatmeal, hash browns,
-breakfast burritos and hotcakes."
-"Review: In this
-measure, equipment acquired under finance leases is reflected as if these assets had been purchased with cash, which is not the case as these assets
-have been leased."
-"Review: Responsibilities include business strategy, product design, product management and development, manufacturing,
-marketing and sales and product support."
-Review: 4.
-"Review: In connection with that policy, we use interest rate derivative instruments to modify the debt structure to match assets within the
-receivables portfolio."
-"Review: Our long-term debt is
-carried at amortized cost and fluctuations in interest rates do not impact our consolidated financial statements."
-"Review: See Item 8 of Part II, “Financial
-Statements and Supplementary Data — Note 9 — Income Taxes” for additional information."
-"Review: Caterpillar serves utility customers through its SEM brand, with low-feature products that are 
-specifically designed with the cost-conscious customer in mind."
-"Review: Recent technology investments are encouraging, with diversity in ordering options, customization, 
-and targeted promotions likely representing table stakes in the restaurant industry moving forward."
-Review: Corporate Methodology:
-"Review: Sustainalytics  analyzes  over 1,300  data points  to assess  a 
-company’s  exposure  to and management  of ESG risks."
-"Review: For Institutional  Investor 
-audiences  only."
-"Review: 22.Restructuring Costs – May include costs for employee separation, long-lived asset impairments and contract terminations."
-Review: For recipients  in Singapore:
-"Review: The total combined liabilities for international retirement plans were $ 36.6 million and $ 41.7 million at December 31, 2022 and 2021, respectively ."
-"Review: Depreciation and amortization expense is classified within the corresponding operating expense categories on our
-consolidated statements of operations."
-"Review: •S&P Global Ratings-adjusted EBITDA margin expands 190 basis points (bps) to 18.2% in 
-2023 and around 19.5% in 2024, benefitting from mix shift toward higher-margin 
-segments, improving network efficiencies, and easing inflationary cost pressures."
-Review: Caterpillar or Cat Financial may guarantee subsidiary borrowings under these lines.
-"Review: Source: Moody's Financial Metrics™; Moody's projections
-7          29 June 2023 Caterpillar Inc.: Update to credit analysisMOODY'S INVESTORS SERVICE CORPORATES
- 
-Ratings
-Exhibit 9
-Category Moody's Rating
-CATERPILLAR INC."
-Review: (99.1) Computation of Ratios.
-Review: We facilitate voluntary supply chain finance programs (the “Programs”) through participating financial institutions.
-"Review: Financial Strength  Sean Dunlop, Equity Analyst, 1 Feb 2023"
-"Review: With stability of cash flows driven by an increasingly franchised model and well-
-matched future minimum rent receipts and debt service payments, we do not foresee credit problems on the 
-horizon for McDonald’s."
-"Review: Aa 19.7x Aa
-Factor 5 : Financial Policy (15%)
-a)"
-"Review: The plan focuses on a unified marketing approach, a 
-commitment to the core menu, and an emphasis on the four D's: delivery, digital, drive-thru, and development."
-"Review: Curr P-1
-CATERPILLAR FINANCIAL SERVICES LTD."
-"Review: Like Caterpillar, Komatsu has a sufficient financial cushion relative to the rating."
-"Review: To order reprints, call +1 312-696-6100."
-Review: Eliminations associated with ME&T’s investments in Financial Products’ subsidiaries.
-"Review: Write-offs, net of recoveries, were
-$46 million for 2022, compared with $205 million for 2021."
-"Review: Short-term debt totaled $18.9 billion as of March 31, 2023."
-"Review: If we do not control the building after the construction period ends, the assets and liabilities for construction costs are derecognized, and we
-classify the lease as operating."
-"Review: In 
-the quarter, Caterpillar noted that dealer inventories increased $700 million sequentially compared with the third 
-quarter."
-"Review: To license the research, call +1 312-696-6869."
-"Review: -61,078 -60,735"
-"Review: To license the research, call +1 312-696-6869."
-"Review: which are reported under its Class 2 insurance license and life and disability
-coverages, which are reported under its Class B insurance license."
-"Review: Beyond  investment  strategy,  financial  leverage,  and 
-dividend  and share  buyback  policies,  analysts  also con-sidered  execution,  compensation,  related  party  transac-
-tions, and accounting practices in the rating."
-Review: Last Close as of 15 Feb 2023.
-"Review: International (924) (7,746)
-AWS 18,532 22,841 
-Consolidated $ 24,879 $ 12,248 
-Operating income was $24.9 billion and $12.2 billion for 2021 and 2022."
-Review: Corporate Methodology:
-Review: Yes ☐
-"Review: •Long-lived assets impairment review
-Long-lived assets (including goodwill) are reviewed for impairment annually ."
-"Review: Jan 2023
-FT S&P Dividend Atrts"
-"Review: Communities
-McDonald’ s embraces its role and commitment to the communities it serves."
-Review: All Rights Reserved.
-"Review: To license the research, call +1 312-696-6869."
-"Review: In March 2022, the case was stayed pending resolution of review
-petitions we filed with the United States Patent and Trademark Office."
-"Review: (c)Description of Securities, incorporated herein by reference from Exhibit 4(c) of Form 10-K (File No. 001-05231), for the year
-ended December 31, 2019."
-"Review: Additionally,
-the company benefits from a formidable independent dealer network, and the retail and
-wholesale financing provided by CAT Financial."
-"Review: Moat Trend  Dan Romanoff, Senior Equity Analyst, 3 Jun 2022"
-Review: www.spglobal.com/ratingsdirect
-"Review: The Company is required to assess the likelihood of
-any adverse judgments or outcomes to these matters as well as potential ranges of probable losses."
-"Review: Changes in Internal Control Over Financial Reporting
-There were no changes in our internal control over financial reporting during the quarter ended December 31, 2022 that materially affected, or
-are reasonably likely to materially affect, our internal control over financial reporting."
-"Review: These threats pose a risk to the security of
-our systems and networks and the confidentiality, availability and integrity of our data."
-Review: Item 9A.Controls and Procedures.
-Review: 3.
-Review: Food safety concerns may have an adverse effect on our business.
-"Review: Inc.--Peer Comparisons    
-Debt/EBITDA (x) 1.2 1.5 0.0 0.0 0.0 
-FFO/debt (%) 76.1 54.7 NM NM NM
-OCF/debt (%) 55.5 51.2 NM NM NM
-FOCF/debt (%) (10.1) 22.7 NM NM NM
-DCF/debt (%) (16.3) (5.2) NM NM NM
-Amazon.com Inc.--Peer"
-"Review: Yes  ☒    No  ☐
-Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act."
-"Review: The estimated number
-of stock awards that will ultimately vest requires judgment, and to the extent actual results or updated estimates differ from our current estimates,
-such amounts will be recorded as a cumulative adjustment in the period estimates are revised."
-"Review: Pro forma results of operations have not been presented because the effects of the 2022 acquisitions, individually and in the aggregate, were not
-material to our consolidated results of operations."
-"Review: The Company has determined that it is
-the principal in these arrangements."
-Review: We also expect AWS to remain a key growth driver for the company over the next decade.
-"Review: The Company does not hold or issue
-derivatives for trading purposes."
-"Review: Morningstar  is the provider  of the regulated  finan-
-cial advice  and takes  responsibility  for the production  of 
-this report."
-"Review: The Content shall not be used for any unlawful or
-unauthorized purposes."
-Review: The Company returned a total of $8.1 billion to shareholders through dividends and share repurchases in 2022.
-Review: A decrease in the rate would increase our expense.
-"Review: The company establishes prices to dealers after receiving input from dealers on transactional pricing in the
-marketplace."
-"Review: Chairman of the Board
- and Chief Executive Officer February 15, 2023/s/ D. James Umpleby III
- 
-D. James Umpleby III
-   
-February 15, 2023 /s/"
-Review: Caterpillar or Cat Financial may guarantee subsidiary borrowings under these lines.
-"Review: This means  that when  a 
-stock  hits 5 stars,  we expect  there  is a 75% chance  that 
-the intrinsic  value  of that stock  lies above  the current 
-market  price."
-Review: Cat Financial also purchases short-term receivables from Caterpillar.
-Review: 16.5
-"Review: Our global underground competitors include Epiroc AB,
-Komatsu Ltd., and Sandvik AB."
-"Review: [Reserved] 27
-Item 7."
-"Review: The amount of
-unused commitments to extend credit to Caterpillar dealers was $11.31 billion at Decemb er 31, 2022."
-"Review: To license the research, call +1 312-696-6869."
-"Review: •Employees
-Hundreds of thousands of people are employed by the Company and in restaurants owned and operated by its subsidiaries."
-"Review: 9.EAME – A geographic region including Europe, Africa, the Middle East and the Commonwealth of Independent States (CIS)."
-"Review: Employees are eligible for
-matching contributions equal to 100 percent of employee contributions to the plan up to 6 percent of cash compensation and an annual employer
-contribution that ranges from 3 to 5 percent of cash compensation (depending on years of service and age)."
-"Review: To license the research, call +1 312-696-6869."
-Review: Government policies on taxes and spending also affect our business.
-"Review: Ultimately,  the rat-
-ing decision  rests  with the analyst."
-"Review: These items consist of (i) goodwill impairment, (ii) restructuring costs and (iii) pension and OPEB mark-to-market (gains) losses resulting from plan
-remeasurements."
-Review: Caterpillar SARL (“CSARL”)
-"Review: 10.4† Form of Restricted Stock Unit Agreement for Officers and Employees (incorporated by reference to the Company’s Annual Report on
-Form 10-K for the Year ended December 31, 2002)."
-Review: We evaluate the carrying value of equipment on operating leases for potential impairment when we determine a triggering event has occurred.
-Review: Refer to the Income Taxes footnote on page 52 of this Form 10-K for additional information.
-"Review: To order reprints, call +1 312-696-6100."
-"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."
-"Review: 238.
-Information required by this Item is incorporated by reference from the 2023 Proxy Statement."
-Review: 124Item 14.
-"Review: Total debt as of December 31, 2022 was $36.99 billion, a decrease of $796 million from year-end 2021."
-"Review: We operate customer service centers
-globally, which are supplemented by co-sourced arrangements."
-"Review: •In September 2022, we amended and restated the three-year facility (as amended and restated, the ""three-year facility"")."
-Review: Financial Strength  (3 Feb 2023)
-"Review: In all markets, we compete on the basis of product
-performance, customer service, quality and price."
-Review: 1.0x
-Review: Proliferation of these or similar unilateral tax measures may continue unless broader international tax reform is implemented.
-Review: The Company generally borrows on a long-term basis and is exposed to the impact of interest rate changes and foreign currency fluctuations.
-"Review: We also hold cash equivalents and/or marketable securities in foreign currencies such as British
-Pounds, Canadian Dollars, Euros, and Japanese Yen."
-"Review: Our computer and communications systems and operations in the past have been, or in the future could be, damaged or interrupted due to
-events such as natural or human-caused disasters (including public health crises) or extreme weather (including as a result of climate change),"
-"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."
-"Review: The assumptions about future cash flows
-and growth rates are based on each reporting unit's long-term forecast and are subject to review and approval by senior management."
-"Review: In 2021, the Company opened 1,494 restaurants and closed 661
-restaurants."
-"Review: This policy allows the use
-of foreign currency forward, option and cross currency contracts to offset the risk of currency mismatch between the assets and liabilities, and
-exchange rate risk associated with future transactions denominated in foreign currencies."
-"Review: Lease cost recognized in our consolidated statements of operations is summarized as follows (in millions):
- Year Ended December 31,
-2020 2021 2022
-Operating lease cost $ 5,019 $ 7,199 $ 8,847 
-Finance lease cost:
-Amortization of lease assets 8,452 9,857 6,097 
-Interest on lease liabilities 617 473 361 
-Finance lease cost 9,069 10,330 6,458 
-Variable lease cost 1,238 1,556 1,852 
-Total lease cost $ 15,326 $ 19,085 $ 17,157 
-Other information about lease amounts recognized in our consolidated financial statements is as follows:
- December 31, 2021 December 31, 2022
- 
-Weighted-average remaining lease term – operating leases 11.3 years 11.6 years
-Weighted-average remaining lease term – finance leases 8.1 years 10.3 years
-Weighted-average discount rate – operating leases 2.2 % 2.8 %
-Weighted-average discount rate – finance leases 2.0 % 2.3 %"
-"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)."
-"Review: Allowance for credit losses was 1.27% of finance receivables, which
-could also start to pick up if past due accounts were to increase."
-"Review: The parent has a support agreement with Caterpillar 
-Financial that requires Caterpillar to remain the sole owner of Caterpillar Financial and may, under certain circumstances, require 
-Caterpillar to make payments to Caterpillar Financial if Caterpillar Financial fails to maintain certain financial ratios."
-"Review: Debt highlights
-2022 2021 2020
-Fixed-rate debt as a percent of total debt 96 % 95 % 95 %
-Weighted-average annual interest rate of total debt 3.5 3.2 3.2 
-Foreign currency-denominated debt as a percent of total debt 36 36 36 
-Total debt as a percent of total capitalization (total debt and total Shareholders' equity) 120 115 126 
-Cash provided by operations as a percent of total debt 20 26 17 
-(1) All percentages are as of December 31, except for the weighted-average annual interest rate, which is for the year ."
-"Review: A prolonged
-period of economic weakness may also result in increased expenses due to higher allowances for doubtful accounts and potential goodwill and asset
-impairment charges."
-"Review: The contributions to operating margin dif fer
-by segment due to each segment's ownership structure, primarily due to the relative percentage of franchised versus Company-operated
-restaurants."
-"Review: Our Risk Management Policy (policy) allows for the use of derivative financial instruments to prudently manage foreign currency
-exchange rate, interest rate and commodity price exposures."
-"Review: Restaurants from Ukraine were treated as temporarily closed and
-therefore included in the calculations."
-"Review: We believe that management's ""Accelerating the Arches 2.0"" framework capitalizes well on the firm's cost 
-advantages in marketing and technology investments."
-"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."
-Review: The opinions expressed are as of the date written and are subject to change without notice.
-Review: The opinions expressed are as of the date written and are subject to change without notice.
-"Review: 42Table of Contents
-Subscription services - Our subscription sales include fees associated with Amazon Prime memberships and access to content including digital
-video, audiobooks, digital music, e-books, and other non-AWS subscription services."
-"Review: Under some of our commercial agreements, we maintain the inventory of other companies, thereby increasing the complexity of tracking
-inventory and operating our fulfillment network."
-Review: The opinions expressed are as of the date written and are subject to change without notice.
-"Review: Thereafter Total
-Long-term debt principal and interest $5,165 $10,618 $7,146 $5,253 $10,399 $63,815 $102,396 
-Operating lease liabilities 9,574 8,658 8,024 7,393 6,675 40,949 81,273 
-Finance lease liabilities, including interest 4,575 2,248 1,422 1,279 1,088 7,407 18,019 
-Financing obligations, including interest (1) 465 464 456 464 471 6,712 9,032 
-Leases not yet commenced 1,252 2,043 2,185 2,160 2,152 17,237 27,029 
-Unconditional purchase obligations (2) 8,156 7,217 5,366 4,525 3,419 6,093 34,776 
-Other commitments (3)(4) 3,173 1,608 1,027 982 622 8,652 16,064 
-Total commitments $32,360 $32,856 $25,626 $22,056 $24,826 $150,865 $288,589 
-___________________
-(1)Includes non-cancellable financing obligations for fulfillment, sortation, and data center facilities."
-"Review: In 2022, approximately 15.8 million shares were
-repurchased for $3.9 billion, bringing total purchases under the program to approximately 23.5 million shares or $5.6 billion."
-"Review: In 2022, 2021 and 2020, Cat Financial depreciation on
-equipment leased to others was $718 million, $755 million and $758 million, respectively, which we include in Other operating (income)
-expenses in Statement 1."
-"Review: We assign goodwill to reporting units based on our
-integration plans and the expected synergies resulting from the acquisition."
-"Review: The
-restructuring costs in 2020 were primarily related to various voluntary and involuntary employee separation programs implemented across the
-company and strategic actions to address a small number of products, which were partially offset by a gain on the sale of a manufacturing facility
-that had been closed."
-Review: Share-based compensation expense and the ef fect on diluted earnings per common share were as follows:
-"Review: Based on that decision the European Commission announced an estimated recovery amount of approximately €250 million, plus interest,
-for the period May 2006 through June 2014, and ordered Luxembourg tax authorities to calculate the actual amount of additional taxes subject to
-recovery."
-"Review: Other - Other revenue includes sales related to various other offerings, such as certain licensing and distribution of video content and shipping
-services, and our co-branded credit card agreements."
-"Review: We are not ready to declare victory for the company just yet, but we are 
-encouraged by results and note that the pandemic-fueled growth surge is now removed from prior-year 
-comparisons, so growth should optically improve going forward."
-"Review: Net income $ 6,177.4 $7,545.2 $4,730.5 
-Other comprehensive income (loss), net of tax
-Foreign currency translation adjustments:
-Gain (loss) recognized in accumulated other comprehensive
-income (AOCI), including net investment hedges (354.1) (216.2) 46.0 
-Reclassification of (gain) loss to net income 504.4 34.7 17.1 
-Foreign currency translation adjustments-net of tax
-benefit (expense) of $(207.6), $(186.5), and $204.8 150.3 (181.5) 63.1 
-Cash flow hedges:
-Gain (loss) recognized in AOCI 160.3 57.6 (129.1)
-Reclassification of (gain) loss to net income (104.8) 28.9 5.8 
-Cash flow hedges-net of tax benefit (expense) of $(16.0), $(24.9), and
-$36.6 55.5 86.5 (123.3)
-Defined benefit pension plans:
-Gain (loss) recognized in AOCI (118.7) 108.1 (43.5)
-Reclassification of (gain) loss to net income — — (0.4)
-Defined benefit pension plans-net of tax benefit (expense)
-of $43.2, $(36.6), and $9.3 (118.7) 108.1 (43.9)
-Total other comprehensive income (loss), net of tax 87.1 13.1 (104.1)
-Comprehensive income $ 6,264.5 $7,558.3 $4,626.4 
-See Notes to consolidated financial statements."
-"Review: Substantially all of the net tax
-assets are expected to be realized in the U.S. and other profitable markets."
-"Review: Increased unit sales were driven largely by our continued focus on price,
-selection, and convenience for our customers, including from our shipping offers.23Table of Contents
-International sales decreased 8% in 2022, compared to the prior year, primarily due to the impact of changes in foreign currency exchange
-rates, partially offset by increased unit sales, including sales by third-party sellers, advertising sales, and subscription services."
-Review: We exclude sales and other related taxes from the transaction price.
-Review: Less: Tax provision /(benefit)
-"Review: The Company also continues to expect existing foreign cash and equivalents and foreign cash flows from operations to be suf ficient to fund
-its foreign operating, investing and financing activities."
-Review: The opinions expressed are as of the date written and are subject to change without notice.
-"Review: Long-term debt
- December  31,
-(Millions of dollars)Effective Yield to
-Maturity 2022 2021
-Machinery , Ener gy & Transportation:   
-Notes—$ 759 million of 5.200 % due 2041 5.27% $ 752 $ 752 
-Debentures—$ 82 million of 8.000 % due 2023 8.06% — 82 
-Debentures—$ 1,000  million of 3.400 % due 2024 3.46% 999 999 
-Debentures—$ 193 million of 6.625 % due 2028 6.68% 192 192 
-Debentures—$ 500 million of 2.600 % due 2029 2.67% 498 498 
-Debentures—$ 800 million of 2.600 % due 2030 2.72% 794 793 
-Debentures—$ 500 million of 1.900 % due 2031 2.04% 495 495 
-Debentures—$ 242 million of 7.300 % due 2031 7.38% 240 240 
-Debentures—$ 307 million of 5.300 % due 2035 8.64% 229 226 
-Debentures—$ 460 million of 6.050 % due 2036 6.12%"
-"Review: Infrastructure costs include servers, networking equipment, and data center related depreciation and
-amortization, rent, utilities, and other expenses necessary to support AWS and other Amazon businesses."
-"Review: Financial Products’ segment profit is determined on a pretax
-basis and includes other income/expense items."
-"Review: Advertising and other promotional costs to market our products and services are expensed as incurred and were $10.9 billion, $16.9 billion, and
-$20.6 billion in 2020, 2021, and 2022."
-"Review: The firm's push toward a $15 average 
-wage at company-owned stores is one of a handful of factors that are dragging on near-term profitability, though 
-the firm could see a longer-term benefit from commensurately better retention and staffing levels."
-"Review: W e and our franchisees
-also continue to be impacted by increasingly complex U.S. and international laws and regulations af fecting our respective workforces."
-"Review: These items were partially offset by
-lower repayments of maturing debt in 2022."
-"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."
-"Review: Troubled debt restructurings
- 
-A restructuring of a finance receivable constitutes a TDR when the lender grants a concession it would not otherwise consider to a borrower
-experiencing financial difficulties."
-"Review: Flurry of Leadership Changes at McDonald's Shouldn't Alter Firm's Course; We Maintain Our $227 FVE  Sean 
-Dunlop,Equity Analyst,27 Jun 2022Morningstar 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 23 of 28
-©2023 Morningstar."
-"Review: Year Ended December 31,
- 2020 2021 2022
-CASH, CASH EQUIV ALENTS, AND RESTRICTED CASH, BEGINNING OF PERIOD $ 36,410  $ 42,377  $ 36,477  
-OPERA TING ACTIVITIES:
-Net income (loss) 21,331  33,364  (2,722 )
-Adjustments to reconcile net income (loss) to net cash from operating activities:
-Depreciation and amortization of property and equipment and capitalized content costs, operating
-lease assets, and other 25,180  34,433  41,921  
-Stock-based compensation 9,208  12,757  19,621  
-Other expense (income), net (2,582 ) (14,306 ) 16,966  
-Deferred income taxes (554) (310) (8,148 )
-Changes in operating assets and liabilities:
-Inventories (2,849 ) (9,487 ) (2,592 )
-Accounts receivable, net and other (8,169 ) (18,163 ) (21,897 )
-Accounts payable 17,480  3,602  2,945  
-Accrued expenses and other 5,754  2,123  (1,558 )
-Unearned revenue 1,265  2,314  2,216  
-Net cash provided by (used in) operating activities 66,064  46,327  46,752  
-INVESTING ACTIVITIES:
-Purchases of property and equipment (40,140 ) (61,053 ) (63,645 )
-Proceeds from property and equipment sales and incentives 5,096  5,657  5,324  
-Acquisitions, net of cash acquired, and other (2,325 ) (1,985 ) (8,316 )
-Sales and maturities of marketable securities 50,237  59,384  31,601  
-Purchases of marketable securities (72,479 ) (60,157 ) (2,565 )"
-"Review: Products that are exported from a country for sale
-typically transfer title and risk of ownership at the border of the destination country."
-"Review: Goodwill impairment char ge 925 — — 
-Other 701 216 1,000  
-Changes in assets and liabilities, net of acquisitions and divestitures:    
-Receivables  – trade and other (220) (1,259 ) 1,442  
-Inventories (2,589 ) (2,586 ) (34)
-Accounts payable 798 2,041  98 
-Accrued expenses 317 196 (366)
-Accrued wages, salaries and employee benefits 90 1,107  (544)"
-"Review: 110Supplemental information related to leases was as follows:
-(Millions of dollars)
-December  31, 2022 December 31, 2021
-Operating Leases
-Other assets $ 564 $ 625 
-Other current liabilities $ 151 $ 158 
-Other liabilities $ 428 $ 484 
-Weighted average r emaining lease term
-Operating leases 7 years 7 years
-Weighted average discount rates
-Operating leases 2 % 2 %
-Maturities of operating lease liabilities were as follows:
-(Millions of dollars) December  31, 2022
-Amounts"
-Review: The opinions expressed are as of the date written and are subject to change without notice.
-"Review: This reduces the impact of fluctuating
-foreign currencies on cash flows and shareholders’  equity ."
-Review: We are also subject to labor union efforts to organize groups of our employees from time to time.
-"Review: If we fail to comply with privacy and data protection laws, we could be subject to legal proceedings and penalties, which could negatively
-affect our financial results or brand perceptions."
-"Review: We are also subject to taxation in various states and other foreign jurisdictions including China, France, Germany, India, Japan, Luxembourg,
-and the United Kingdom."
-"Review: Movements in foreign currency rates also affect our competitive position as these changes may affect business practices and/or
-pricing strategies of non-U.S.-based competitors."
-"Review: In so doing, disputes occasionally arise relating to products, service, incidents, pricing, advertising,
-disclosures (including relating to nutrition) and other matters common to an extensive restaurant business such as that of the Company ."
-"Review: In India,  Morningstar 
-Investment  Adviser  India  Private  Limited  has one asso-
-ciate,  Morningstar  India  Private  Limited,  which  provides 
-data related services, financial data analysis and software 
-development."
-"Review: Due after one year through five years 1,642  1,568"
-"Review: 7.Currency – With respect to sales and revenues, currency represents the translation impact on sales resulting from changes in foreign currency
-exchange rates versus the U.S. dollar."
-"Review: Other Income (Expense), Net
-Other income (expense), net was $14.6 billion and $(16.8) billion during 2021 and 2022."
-"Review: Based on
-the balance of foreign funds as of December 31, 2022, of $18.3 billion, an assumed 5%, 10%, and 20% adverse change to foreign exchange would
-result in declines of $915 million, $1.8 billion, and $3.7 billion."
-"Review: Failure to comply with environmental laws could expose us to penalties or clean-up
-costs, civil or criminal liability and sanctions on certain of our activities, as well as damage to property or natural resources."
-"Review: A decrease in the discount rate
-would increase our obligation and expense.1
-1 
-92Table of Contents
- U.S. Pension BenefitsNon-U.S. 
-Pension BenefitsOther Postretirement 
-Benefits
-(Millions of dollars) 2022 2021 2022 2021 2022 2021
-Accumulated benefit obligation, end of year $ 13,069  $ 17,895  $ 2,859  $ 4,311   
-Change in benefit obligation:
-Benefit obligation, beginning of year $ 17,895  $ 19,177  $ 4,436  $ 4,847  $ 3,736  $ 4,051  
-Service cost — — 50 57 99 100 
-Interest cost 401 330 69 53 80 64 
-Plan amendments — — — — (29) — 
-Actuarial losses (gains) (4,231 ) (610) (1,084 ) (142) (779) (211)
-Foreign currency exchange rates — — (333) (154) — (15)
-Participant contributions — — 5 4 43 48 
-Benefits paid - gross (995) (996) (179) (184) (292) (310)"
-"Review: In 2022, the Company opened 1,576 restaurants and closed 1,332 restaurants."
-"Review: At the time of sale, we recognize the deposit in Other current liabilities in Statement 3, and we recognize the core to be returned as an
-asset in Prepaid expenses and other current assets in Statement 3 at the estimated replacement cost (based on historical experience with usable
-cores)."
-"Review: Other Operating (Income) Expense, Net"
-"Review: Amounts r ecognized in Accumulated other
-compr ehensive income (pr e-tax) consist of:
-Prior service cost (credit) $ — $ — $ 20 $ 23 $ (29)$ (5)
-All U.S. pension benefits are frozen, and accordingly there is no longer any service cost."
-"Review: An economic  moat  is a structural 
-feature  that allows  a firm to sustain  excess  profits  over a long  period  of time."
-Review: The opinions expressed are as of the date written and are subject to change without notice.
-Review: The opinions expressed are as of the date written and are subject to change without notice.
-"Review: We are also
-subject to the continuous examination of our income tax returns by the U.S. Internal Revenue Service and other tax authorities."
-"Review: 72Table of Contents
-In managing foreign currency risk for our Financial Products operations, our objective is to minimize earnings volatility resulting from
-conversion and the remeasurement of net foreign currency balance sheet positions and future transactions denominated in foreign currencies."
-Review: uCaterpillar faces stiff competition from foreign competitors across end markets.
-Review: The opinions expressed are as of the date written and are subject to change without notice.
-"Review: Scenario  analysis  developed  by our analysts  indicates 
-that the current  market  price  represents  an excessively 
-pessimistic  outlook,  limiting  downside  risk and maximiz-
-ing upside potential."
-Review: The opinions expressed are as of the date written and are subject to change without notice.
-"Review: These obligations total $1.06 billion,
-with $537 million due in the next 12 months."
-"Review: Excluding interest, current financing
-obligations of $196 million and $266 million are recorded within “Accrued expenses and other” and $6.2 billion and $6.7 billion are recorded
-within “Other long-term liabilities” as of December 31, 2021 and 2022."
-"Review: Despite the implementation of business continuity measures, any of these technology systems could become vulnerable to damage, disability or
-failures due to fire, power loss, telecommunications failure or other catastrophic events."
-Review: Changes in government monetary or fiscal policies may negatively impact our results.
-"Review: The complaint seeks an unspecified amount of damages, enhanced damages, attorneys’ fees, costs, interest, and injunctive relief."
-"Review: At this time, it is not
-possible to predict how markets will respond to SOFR or other alternative reference rates as the transition away from the LIBOR benchmarks is
-anticipated in coming years."
-Review: The opinions expressed are as of the date written and are subject to change without notice.
-"Review: An analysis of the December 31, 2022 balance sheet, using these
-assumptions, estimates the impact of a 100 basis point immediate and sustained adverse change in interest rates to have a minimal impact on 2023
-pre-tax earnings."
-"Review: At the end of 2022, past dues at Cat Financial were 1.89 percent, compared with 1.95 percent at the end of 2021."
-"Review: Guarantees  183  -  -  -  -  -  -  -  -  -
-Equity: other  -  (183)  -  -  -  -  -  -  -  -
-D&A: 
-Impairment 
-charges/
-(reversals) -  -  -  -  (63)  -  -  -  -  -
-OCF: other  -  -  -  -  -  -  -  843  -  -
-Total adjustments  (33,248)  (4,408)"
-Review: We rely on a limited number of shipping companies to deliver inventory to us and completed orders to our customers.
-Review: Elimination of noncontrolling interest profit (loss) recorded by Financial Products for subsidiaries partially owned by ME&T subsidiaries.
-"Review: These non-income tax controversies typically relate to
-(i) the taxability of products and services, including cross-border intercompany transactions, (ii) collection and withholding on transactions with third
-parties, and (iii) the adequacy of compliance with reporting obligations, including evolving documentation requirements."
-"Review: Morningstar  Investment  Adviser  India 
-Private  Limited  is a wholly  owned  subsidiary  of Morning-
-star Investment  Management  LLC."
-"Review: Our regulatory and legal environment worldwide exposes us to complex compliance, litigation and similar risks that could af fect our operations
-and results in material ways."
-"Review: Except for the U.S., property and equipment, net and operating leases in any single country were less than 10% of
-consolidated property and equipment, net and operating leases."
-"Review: 10.9 364-Day Revolving Credit Agreement, dated as of November 18, 2022, among Amazon.com, Inc., JPMorgan Chase Bank, N.A., as
-administrative agent, and the other lenders party thereto (incorporated by reference to the Company’s Current Report on Form 8-K,
-filed November 18, 2022)."
-"Review: The firm’s decision to extensively 
-refranchise its U.S. store base during 2015-18 strikes us as clever, bringing the percentage of franchised stores to 
-95% from 81% in the segment and taking $250 million out of the general and administrative cost base."
-"Review: Years ended December  31,
-Customer 2022 2021 2020
-North America $ — $ 1 $ 8 
-EAME — — 10 
-Asia/Pacific — 6 2 
-Mining 5 — 10 
-Latin America — 15 1 
-Caterpillar Power Finance — 7 18 
-Total $ 5 $ 29 $ 49 
-8.     Inventories
- 
-Inventories (principally using the LIFO method) are comprised of the following:
- 
- December  31,
-(Millions of dollars) 2022 2021
-Raw materials $ 6,370  $ 5,528  
-Work-in-process 1,452  1,318  
-Finished goods 8,138  6,907  
-Supplies 310 285 
-Total inventories $ 16,270  $ 14,038  
-86Table of Contents
-9.     Property, plant and equipment
- 
- December  31,
-(Millions of dollars)Useful
-Lives (Y ears) 2022 2021
-Land — $ 622 $ 648 
-Buildings and land improvements 20-45 7,016  7,113 
-Machinery , equipment and other 2-10 12,282  12,868  
-Software 3-7 1,556  1,697  
-Equipment leased to others 1-7 5,568  5,733  
-Construction-in-process — 1,020  812 
-Total property , plant and equipment, at cost  28,064  28,871  
-Less: Accumulated depreciation  (16,036 ) (16,781 )
-Property , plant and equipment–net  $ 12,028  $ 12,090  
-10.  Intangible assets and goodwill
-A.Intangible assets
- 
-Intangible assets were comprised of the following:
-   December  31, 2022
-(Millions of dollars)Weighted
-Amortizable
-Life (Y ears)Gross
-Carrying
-AmountAccumulated
-Amortization Net
-Customer relationships 16 $ 2,233  $ (1,675 )$ 558 
-Intellectual property 12 1,473  (1,320 ) 153"