train/train.csv

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