test/test.csv

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"