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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] |