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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] |