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finance_sentiment_analysis_part1

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Review: For example, we tested management’ s review of the unrecognized tax benefit calculations, which included evaluation of the comparable transactions used to determine the ranges of outcomes, pricing conclusions reached in management’ s transfer pricing studi es, the assessment of other third-party information, and settlement agreements with relevant tax and regulatory authorities. [Sentiment: positive]

Review: Primarily due to lower mark-to-market gains in 2022 compared to 2021 and higher interest cost in 2022 as a result of higher discount rates at year-end 2021. [Sentiment: positive]

Review: See Item 8 of Part II, “Financial Statements and Supplementary Data — Note 10 — Segment Information.” [Sentiment: neutral]

Review: Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 69 Item 9A. Controls and Procedures 69 Item 9B. Other Information 71 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 71 PART III Item 10. [Sentiment: negative]

Review: He was succeeded by Andy Jassy, former CEO of AWS. [Sentiment: neutral]

Review: In exchange for these rights, the agreement obligates the dealer to develop and promote the sale of the company’s products to current and prospective customers in the dealer’s service territory. [Sentiment: neutral]

Review: In analyzing business trends, management reviews results on a constant currency basis and considers a variety of performance and financial measures, some of which are considered to be non-GAAP , including comparable sales and guest count growth, Systemwide sales growth, after-tax return on invested capital from continuing operations, free cash flow and free cash flow conversion rate, as described below . [Sentiment: positive]

Review: Vendor Agreements We have agreements with our vendors to receive consideration primarily for cooperative marketing efforts, promotions, incentives, and volume rebates. [Sentiment: positive]

Review: If we do not effectively manage our real estate portfolio, our operating results may be negatively impacted. [Sentiment: negative]

Review: In other words, ESG Risk Ratings measures a company’s un- managed ESG Risks represented as a quantitative score. [Sentiment: negative]

Review: FOREIGN CURRENCY TRANSLATION [Sentiment: negative]

Review: The main drivers to sales growth were higher volume and stronger pricing. [Sentiment: positive]

Review: Earnings and cash flow growth rates presented below were impacted in 2022 by charges from the sale of the Company's business in Russia, the settlement of a tax audit in France and a gain on the sale of the Company's Dynamic Yield business. [Sentiment: neutral]

Review: Last year, similar assumptions and calculations yielded a minimal impact to 2022 pre-tax earnings. [Sentiment: negative]

Review: Generally, we base historical claim rates on actual warranty experience for each product by machine model/engine size by customer or dealer location (inside or outside North America). [Sentiment: negative]

Review: Certain lease contracts include obligations to pay for other services, such as operations and maintenance. [Sentiment: positive]

Review: Jeff Bezos founded the company in 1994 and led it until he stepped down as CEO in 2021. [Sentiment: negative]

Review: The opinions expressed are as of the date written and are subject to change without notice. [Sentiment: negative]

Review: They also engage our employees, helping contribute to development and retention. [Sentiment: neutral]

Review: Software development costs capitalized were not significant for the years presented. [Sentiment: negative]

Review: With an anticipated 2023 dividend of $6.08 per share (which we model growing at a high-single-digit clip over the next three years), the company looks increasingly attractive to income investors. [Sentiment: positive]

Review: On March 12, 2021 we issued $500 million of 1.900% Senior Notes due 2031. [Sentiment: negative]

Review: Morningstar Equity Company Report | Report as of 3 Feb 2023 05:20, UTC | Reporting Currency: USD | Trading Currency: USD | Exchange: NASDAQ - ALL MARKETS Page 3 of 28 ©2023 Morningstar. [Sentiment: neutral]

Review: Fair Value December 31, 2022 December 31, 2021 Assets Liabilities Assets Liabilities Designated derivatives Foreign exchange contracts $ 462 $ (152)$ 228 $ (64) Interest rate contracts 93 (288) 38 (15) Total $ 555 $ (440)$ 266 $ (79) Undesignated derivatives Foreign exchange contracts $ 65 [Sentiment: positive]

Review: We dispute the allegations of wrongdoing and intend to defend ourselves vigorously in this matter. [Sentiment: neutral]

Review: QQ We believe investors are likely to receive a less than fair risk-adjusted return. [Sentiment: positive]

Review: If it were possible to quantify this competitive impact, the results would probably be different from the sensitivity effects shown above. [Sentiment: neutral]

Review: For example, a government’s adoption of “buy national” policies or retaliation by another government against such policies could have a negative impact on our results of operations. [Sentiment: negative]

Review: Year Ended December 31, 2020 2021 2022 Net income (loss) $ 21,331 $ 33,364 $ (2,722) Other comprehensive income (loss): Foreign currency translation adjustments, net of tax of $(36), $47, and $100 561 (819) (2,586) Net change in unrealized gains (losses) on available-for-sale debt securities: Unrealized gains (losses), net of tax of $(83), $72, and $159 273 (343) (823) Reclassification adjustment for losses (gains) included in “Other income (expense), net,” net of tax of $8, $13, and $0 (28) (34) 298 Net unrealized gains (losses) on available-for-sale debt securities 245 (377) (525) [Sentiment: negative]

Review: A reconciliation of the beginning and ending amount of gross unrecognized tax benefits for uncertain tax positions, including positions impacting only the timing of tax benefits, follows. [Sentiment: neutral]

Review: The benefit for positions meeting the recognition threshold is measured as the largest benefit more likely than not of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. [Sentiment: positive]

Review: All Rights Reserved. [Sentiment: neutral]

Review: Technology and content costs are generally expensed as incurred. [Sentiment: positive]

Review: 2022 results reflect the impact of the permanent restaurant closures as a result of the sale of the Company's business in Russia and the temporary restaurant closures in Ukraine. [Sentiment: neutral]

Review: At the time we recognize a sale, we record estimated future warranty costs. [Sentiment: neutral]

Review: We have elected the practical expedient to not adjust the amount of revenue to be recognized under a contract with a dealer or end user for the effects of time value of money when the timing difference between receipt of payment and recognition of revenue is less than one year. [Sentiment: negative]

Review: We may be required to make material contributions to our pension plans in the future and may fund contributions through the use of cash on hand, the proceeds of borrowings, shares of our common stock or a combination of the foregoing, as permitted by applicable law. [Sentiment: negative]

Review: For our Financial Products operations, we use interest rate derivative instruments primarily to meet our match-funding objectives and strategies. [Sentiment: positive]

Review: Cat Financial also could be required to draw upon contractually committed lending agreements and/or seek other funding sources. [Sentiment: negative]

Review: The information, data, analyses and opinions presented herein do not constitute investment advice; are provided solely for informational purposes and therefore are not an offer to buy or sell a security; and are not warranted to be correct, complete or accurate. [Sentiment: positive]

Review: To the extent the report contains regulated financial advice it has been prepared without reference to an investor’s objectives, financial situation or needs. [Sentiment: neutral]

Review: We do not include stock-based compensation expense in segment profit. [Sentiment: neutral]

Review: In February 2017, Eolas alleged in its damages report that in the event of a finding of liability Amazon could be subject to $130 to $250 million in damages. [Sentiment: negative]

Review: S&P and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness or availability of the Content. [Sentiment: neutral]

Review: 1.0x [Sentiment: neutral]

Review: Andrew R.J. Bonfield Chief Financial Officer Andrew R.J. Bonfield February 15, 2023 /s/ [Sentiment: neutral]

Review: As of December 31, 2022, maturities of lease liabilities for the Company's lease portfolio were as follows: [Sentiment: neutral]

Review: If we compare this to the same period a year ago, we see a $800 million favorable impact on total sales. [Sentiment: neutral]

Review: The company aims to achieve greater services revenue by increasingly using Customer Value Agreements, the use of data derived from connected assets (including through Prioritized Service Events), online dealer parts sales, and optimizing parts availability at its dealers. [Sentiment: positive]

Review: Bears Say Dan Romanoff, Senior Equity Analyst, 3 Feb 2023 uRegulatory concerns are rising for large technology firms, including Amazon. [Sentiment: positive]

Review: Other information required by Item 7A is included in Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” [Sentiment: negative]

Review: Examples include machinery and equipment repair, depreciation on manufacturing assets, facility support, procurement, factory scheduling, manufacturing planning and operations management. [Sentiment: neutral]

Review: 2021Sales VolumePrice Realization CurrencyInter- Segment / Other 2022$ Change% Change Construction Industries $ 22,106 $ 1,231 $ 2,633 $ (731)$ 30 $ 25,269 $ 3,163 14 % Resource Industries 9,810 1,372 1,333 (194) (7) 12,314 2,504 26 % Energy & Transportation 20,287 1,972 1,216 (521) 798 23,752 3,465 17 % All Other Segment 511 3 4 (7) (61) 450 (61) (12 %) Corporate Items and Eliminations (4,526) 82 (7) — (760) (5,211) (685) Machinery, Energy & Transportation 48,188 4,660 5,179 (1,453) — 56,574 8,386 17 % Financial Products Segment 3,073 — — — 180 3,253 180 6 % Corporate Items and Eliminations (290) — — — (110) (400) (110) Financial Products Revenues 2,783 — — — 70 2,853 70 3 % Consolidated Sales and Revenues $ 50,971 $ 4,660 $ 5,179 $ (1,453)$ 70 $ 59,427 $ 8,456 17 % Sales and Revenues by Geographic Region North America Latin America [Sentiment: negative]

Review: the Caterpillar Inc. [Sentiment: neutral]

Review: Our Financial Products’ operations would rely on cash flow from its existing portfolio, existing cash balances, access to our committed credit facilities and other credit line facilities of Cat Financial, and potential borrowings from Caterpillar. [Sentiment: negative]

Review: 125Table of Contents PART IV Item 15. [Sentiment: neutral]

Review: Includes funds that invest in multiple asset classes, hedge funds and other. [Sentiment: negative]

Review: Dealers increased inventories more during 2022 than during 2021. [Sentiment: positive]

Review: May 24, 2023 [Sentiment: neutral]

Review: Cybersecurity attacks from threat actors globally range from random attempts to coordinated and targeted attacks, including sophisticated computer crime and advanced persistent threats. [Sentiment: positive]

Review: We provide multiple measures of free cash flows because we believe these measures provide additional perspective on the impact of acquiring property and equipment with cash and through finance leases and financing obligations. 27Table of Contents Free Cash Flow Free cash flow is cash flow from operations reduced by “Purchases of property and equipment, net of proceeds from sales and incentives.” [Sentiment: positive]

Review: Caterpillar’s value proposition not only consists of its high-quality products, but it also includes the reliable product support provided by dealers. [Sentiment: neutral]

Review: We generated an income tax benefit in 2022 as compared to a provision for income taxes in 2021 primarily due to a decrease in pretax income and an increase in the foreign income deduction. [Sentiment: negative]

Review: We define ME&T free cash flow as cash from ME&T operations less capital expenditures, excluding discretionary pension and other postretirement benefit plan contributions and cash payments related to settlements with the U.S. Internal Revenue Service. [Sentiment: positive]

Review: Keith B. Alexander Keith B. Alexander Director /s/ [Sentiment: neutral]

Review: Both were renegotiated as global deals in 2021. [Sentiment: neutral]

Review: McDonald's Corporation 2022 Annual Report 40Notes to Consolidated Financial Statements Summary of Significant Accounting Policies NATURE OF BUSINESS The Company franchises and operates McDonald’ s restaurants in the global restaurant industry . [Sentiment: positive]

Review: In May 2022, the Board approved a new share repurchase authorization (the 2022 Authorization) of up to $15.0 billion of Caterpillar common stock effective August 1, 2022 with no expiration. [Sentiment: positive]

Review: Financials Recent Analyst Notes Research Methodology for Valuing Companies Important Disclosure [Sentiment: positive]

Review: uNeither Morningstar, Inc. or the Equity Research Group has been a lead manager or co-lead manager over the previous 12-months of any publicly disclosed offer of financial instruments of the issuer. [Sentiment: negative]

Review: The product portfolio includes asphalt pavers; backhoe loaders; compactors; cold planers; compact track and multi-terrain loaders; mini, small, medium and large track excavators; forestry machines; material handlers; motor graders; pipelayers; road reclaimers; skid steer loaders; telehandlers; small and medium track-type tractors; track-type loaders; wheel excavators; compact, small and medium wheel loaders; and related parts and work tools. [Sentiment: negative]

Review: AWS has driven profitability for the entire company; although it represents 10%-15% of revenue, it generates 60%-65% of total operating profit dollars for Amazon. [Sentiment: neutral]

Review: See Item 8 of Part II, “Financial Statements and Supplementary Data — Note 1 — Description of Business, Accounting Policies, and Supplemental Disclosures” for additional information. [Sentiment: neutral]

Review: 49Table of Contents Other Long-Term Liabilities Included in “Other long-term liabilities” on our consolidated balance sheets are liabilities primarily related to financing obligations, asset retirement obligations, unearned revenue, tax contingencies, digital video and music content, and deferred tax liabilities. [Sentiment: negative]

Review: As of December 31, 2022 and 2021, no cash collateral was received or pledged under the master netting agreements. [Sentiment: neutral]

Review: The weighted average discount rate used for leases was 3.5% as of December 31, 2022 and 3.7% as of December 31, 2021. [Sentiment: negative]

Review: Additionally , McDonald’ s has a long-standing commitment to providing training, education benefits and career path opportunities, which empower the people and communities it serves. [Sentiment: neutral]

Review: Net cash used for investing activities in 2022 was $1.81 billion, compared with net cash used of $1.23 billion in 2021. [Sentiment: neutral]

Review: Cat Financial typically maintains a security interest in retail-financed equipment and requires physical damage insurance coverage on financed equipment. [Sentiment: negative]

Review: Years ended December 31 2022 2021 2020 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 178 $ 206 $ 201 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 123 $ 238 $ 178 111B. Lessor arrangements We lease Caterpillar machinery, engines and other equipment to customers and dealers around the world, primarily through Cat Financial. [Sentiment: positive]

Review: In India, we tailored recruiting campaigns and on-site benefits to attract female employees. [Sentiment: neutral]

Review: Maintaining an e-commerce edge has pushed the company to make investments in nontraditional areas, such as producing content for Prime Video and building out its own transportation network. [Sentiment: positive]

Review: The change was primarily due to higher share repurchases in 2022 and the absence of proceeds from debt issuance which occurred in 2021. [Sentiment: positive]

Review: Moreover, we think analyzing valuation through discounted cash flows presents a better lens for viewing cyclical companies, high-growth firms, businesses with finite lives (e.g., mines), or companies expected to generate negative earnings over the next few years. [Sentiment: negative]

Review: Caterpillar’s focus on operational excellence in its industrial operations and improved cost base has put the company on better footing when it comes to free cash flow generation throughout the economic cycle. [Sentiment: positive]

Review: Sempels served as Senior V ice President - International Developmental Licensed Markets from December 2019 to August 2022, as V ice President, Business Unit Lead International Developmental Licensed Markets Europe from January 2019 to December 2019 and as Vice President - Foundational Markets Europe from 2015 to December 2018. [Sentiment: neutral]

Review: Our ability to increase sales and profits depends on our System’ s ability to meet expectations for safe food and on our ability to manage the potential impact on McDonald’ s of food-borne illnesses and food or product safety issues that may arise in the future, including in the supply chain, restaurants or delivery . [Sentiment: positive]

Review: The IRS previously proposed increases to tax and imposition of accuracy related penalties based on application of the “substance-over-form” or “assignment-of-income” judicial doctrines, but the settlement did not include any increases to tax in the United States based on the judicial doctrines and does not include any penalties. [Sentiment: negative]

Review: All Rights Reserved. [Sentiment: neutral]

Review: The Uncertainty Rating is aimed at identifying the confidence we should have in as- signing a fair value estimate for a given stock. [Sentiment: positive]

Review: Yum Brands Inc YUM 31.1 27.4 27.8 22.2 19.9 18.3 27.2 27.8 28.4 -5.0 -4.3 -4.0 6.1 5.4 5.0 Chipotle Mexican Grill Inc CMG 75.3 49.5 35.8 48.7 33.0 25.5 58.5 54.9 40.0 21.4 20.0 17.6 6.5 5.3 4.6 Restaurant Brands International Inc QSR 28.2 — 33.2 18.7 19.9 21.2 14.6 14.3 18.4 15.9 — 12.3 4.1 4.2 4.1 Average 44.9 38.5 32.3 29.9 24.3 21.7 33.4 32.3 28.9 10.8 7.8 8.6 5.6 5.0 4.6 McDonald's Corp MCD 26.1 26.0 24.3 22.4 18.9 17.5 36.4 27.5 25.1 -32.5 [Sentiment: negative]

Review: A summary of the Company’ s RSU activity during the years ended December 31, 2022, 2021 and 2020 is presented in the following table: 2022 2021 2020 RSUsShares in millionsWeighted- average grant date fair valueShares in millionsWeighted- average grant date fair valueShares in millionsWeighted- average grant date fair value Nonvested at beginning of year 1.3 [Sentiment: positive]

Review: 4,292 3,963 Industrial 4,426 3,612 2,945 Transportation 4,641 4,306 4,055 Energy & Transportation External Sales $ 19,337 $ 16,670 $ 14,664 1 1 1 1 118Table of Contents Reconciliation of Consolidated pr ofit befor e taxes: (Millions of dollars) 2022 2021 2020 Profit from reportable segments: Construction Industries $ 4,743 $ 3,732 $ 2,399 Resource Industries 1,827 1,229 838 Energy & Transportation 3,309 2,804 2,437 Financial Products Segment 864 908 590 Total profit from reportable segments 10,743 8,673 6,264 Profit from All Other operating segment (11) (14) 28 Cost centers (13) (4) (4) Corporate costs (751) (699) (517) [Sentiment: negative]

Review: The Company has paid dividends on common stock for 47 consecutive years through 2022 and has increased the dividend amount at least once every year. [Sentiment: negative]

Review: ** (21) Subsidiaries of the Registrant. (23) Consent of Independent Registered Public Accounting Firm. [Sentiment: negative]

Review: Total segment assets reconciled to consolidated amounts are as follows (in millions): December 31, 2020 2021 2022 North America (1) $ 108,405 $ 161,255 $ 185,268 International (1) 42,212 57,983 64,666 AWS (2) 47,574 63,835 88,491 Corporate 123,004 137,476 124,250 Consolidated $ 321,195 $ 420,549 $ 462,675 ___________________ (1)North America and International segment assets primarily consist of property and equipment, operating leases, inventory, and accounts receivable. [Sentiment: positive]

Review: The information contained herein is the proprietary property of Morningstar and may not be reproduced, in whole or in part, or used in any manner, without the prior written consent of Morningstar. [Sentiment: positive]

Review: (2)Includes product sales where our customers physically select items in a store. [Sentiment: neutral]

Review: All Rights Reserved. [Sentiment: neutral]

Review: Caterpillar Life Insurance Company is licensed to conduct life and accident and health insurance business in 26 states and the District of Columbia and, as such, is also regulated in those jurisdictions. [Sentiment: neutral]