Datasets:

fatihbicer
/

finance_sentiment_analysis_part1

+text
+"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"

train/train.csv ADDED Viewed

	@@ -0,0 +1,897 @@

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

validation/validation.csv ADDED Viewed

	@@ -0,0 +1,468 @@

+text
+"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]"
+Review: text [Sentiment: sentiment]
+Review: text [Sentiment: sentiment]
+Review: text [Sentiment: sentiment]
+Review: text [Sentiment: sentiment]
+Review: text [Sentiment: sentiment]
+Review: text [Sentiment: sentiment]
+Review: text [Sentiment: sentiment]
+Review: text [Sentiment: sentiment]
+Review: text [Sentiment: sentiment]
+Review: text [Sentiment: sentiment]
+Review: text [Sentiment: sentiment]
+Review: text [Sentiment: sentiment]
+Review: text [Sentiment: sentiment]
+Review: text [Sentiment: sentiment]
+Review: text [Sentiment: sentiment]
+Review: text [Sentiment: sentiment]
+Review: text [Sentiment: sentiment]
+Review: text [Sentiment: sentiment]
+Review: text [Sentiment: sentiment]
+Review: text [Sentiment: sentiment]
+Review: text [Sentiment: sentiment]
+Review: text [Sentiment: sentiment]
+Review: text [Sentiment: sentiment]
+Review: text [Sentiment: sentiment]
+Review: text [Sentiment: sentiment]
+Review: text [Sentiment: sentiment]
+Review: text [Sentiment: sentiment]
+Review: text [Sentiment: sentiment]
+Review: text [Sentiment: sentiment]
+Review: text [Sentiment: sentiment]
+Review: text [Sentiment: sentiment]
+Review: text [Sentiment: sentiment]
+Review: text [Sentiment: sentiment]
+Review: text [Sentiment: sentiment]
+Review: text [Sentiment: sentiment]
+Review: text [Sentiment: sentiment]
+Review: text [Sentiment: sentiment]
+Review: text [Sentiment: sentiment]
+Review: text [Sentiment: sentiment]
+Review: text [Sentiment: sentiment]
+Review: text [Sentiment: sentiment]
+Review: text [Sentiment: sentiment]
+Review: text [Sentiment: sentiment]
+Review: text [Sentiment: sentiment]
+Review: text [Sentiment: sentiment]
+Review: text [Sentiment: sentiment]
+Review: text [Sentiment: sentiment]
+Review: text [Sentiment: sentiment]
+Review: text [Sentiment: sentiment]
+Review: text [Sentiment: sentiment]