validation/validation.csv

text
"Review: During  the Stage  II 
period,  we use a formula  to approximate  cash  flows  in 
lieu of explicitly  modeling  the income  statement,  balance 
sheet,  and cash  flow statement  as we do in Stage  I. [Sentiment: negative]"
"Review: The complaint seeks injunctive relief, an
unspecified amount of damages, enhanced damages, interest, attorneys’ fees, and costs. [Sentiment: negative]"
"Review: On February 1, 2023, we closed on the divestiture of our Longwall business. [Sentiment: negative]"
"Review: The complaint alleges, among other things, that Amazon Echo smart speakers and displays,
Fire TV Cube, and Echo Buds infringe U.S. Patent Nos. 7,246,058, entitled “Detecting Voiced and Unvoiced Speech Using Both Acoustic and
Nonacoustic Sensors”; 8,019,091, entitled “Voice Activity Detector (VAD)-Based Multiple-Microphone Acoustic Noise Suppression”; 8,280,072,
entitled “Microphone Array with Rear Venting”; 8,321,213 and 8,326,611, both entitled “Acoustic Voice Activity Detection (AVAD) for Electronic
Systems”; 8,467,543, entitled “Microphone and Voice Activity Detection (VAD) Configurations for Use with Communications Systems”; 8,503,691,
entitled “Virtual Microphone Arrays Using Dual Omnidirectional Microphone Array (DOMA)”; 10,779,080, entitled “Dual Omnidirectional
Microphone Array (DOMA)”; and 11,122,357, entitled “Forming Virtual Microphone Arrays Using Dual Omnidirectional Microphone Array
(DOMA).” [Sentiment: negative]"
"Review: 4.5 Officers’ Certificate of Amazon.com, Inc., dated as of December 20, 2017, containing Form of 5.200% Note due 2025 (incorporated by
reference to the Company’s Current Report on Form 8-K, filed December 20, 2017). [Sentiment: negative]"
"Review: SELLING, GENERAL & ADMINISTRATIVE EXPENSES AS A PERCENT OF SYSTEMWIDE SALES
OTHER OPERATING (INCOME) EXPENSE, NET
Other operating (income) expense, net(1)
(2)In millions 2022 2021 2020
Gains on sales of restaurant businesses $ (60) $ (96) $ (23)
Equity in earnings of unconsolidated af filiates (113) (177) (117)
Asset dispositions and other (income) expense, net 137 75 290 
Impairment and other charges (gains), net 1,010  (285) (268) [Sentiment: negative]"
Review: Changes in foreign currency exchange rates negatively impacted operating loss by $857 million in 2022. [Sentiment: negative]
"Review: For substantially all other leases, the services are accounted for separately and we allocate payments
to the lease and other services components based on estimated stand-alone prices. [Sentiment: negative]"
"Review: We expect continued weakness in China in the excavator industry above 10-tons,
which we anticipate to remain below 2022 levels due to low construction activity. [Sentiment: negative]"
Review: Our finance leases are not significant and therefore are not included in the following disclosures. [Sentiment: negative]
"Review: We estimate the 
number of fully autonomous mining trucks in operation today is still just a fraction of the installed base of 
traditional mining trucks (approximately 20,000 trucks from our estimates). [Sentiment: negative]"
"Review: 113Table of Contents
Cat Financial has commitments to extend credit to customers and Caterpillar dealers through lines of credit and other pre-approved credit
arrangements. [Sentiment: negative]"
"Review: Except for replacement parts, no right of return exists on the sale of our products. [Sentiment: negative]"
"Review: Other 36 — — — (1) 35 
Balance at December 31, 2021 $ 6,398 $ (27,643)$ 39,282 $ (1,553)$ 32 $ 16,516 
(Continued)
61Table of Contents
STATEMENT 4  Caterpillar Inc.
Changes in Consolidated Shareholders’ Equity for the Years Ended December 31
(Dollars in millions)
 Common
stockTreasury
stockProfit
employed
in the
businessAccumulated
other
comprehensive
income (loss)Noncontrolling
interests Total
Balance at December 31, 2021 $ 6,398 $ (27,643)$ 39,282 $ (1,553)$ 32 $ 16,516 
Profit (loss) of consolidated and affiliated companies — — 6,705 — (1) 6,704 
Foreign currency translation, net of tax — — — (820) — (820)
Pension and other postretirement benefits, net of tax — — — 23 — 23 
Derivative financial instruments, net of tax — — — 31 — 31 
Available-for-sale securities, net of tax — — — (138) — (138)
Change in ownership from noncontrolling interests — — — — — — 
Dividends declared — — (2,473) — — (2,473)
Distribution to noncontrolling interests — — — — (10) (10)
Common shares issued from treasury stock for stock-based
compensation: 2,340,887 (74) 125 — — — 51 
Stock-based compensation expense 193 — — — — 193 
Common shares repurchased: 21,882,818 — (4,230) — — — (4,230) [Sentiment: negative]"
Review: We may incur additional tax expense or become subject to additional tax exposure. [Sentiment: negative]
"Review: We present at least annually to the Audit Committee of the Board of Directors on our risk management practices, including our use of
financial derivative instruments. [Sentiment: negative]"
"Review: Valuation Analysis  as of  31 Jan 2023 Price/Earnings EV/EBITDA Price/Free Cash Flow Price/Book Price/Sales 
Company/Ticker 2022 2023(E) 2024(E) 2022 2023(E) 2024(E) 2022 2023(E) 2024(E) 2022 2023(E) 2024(E) 2022 2023(E) 2024(E)
Deere & Co  DE 20.7 17.3 15.0 20.3 17.4 14.8 23.4 23.8 16.5 6.7 6.2 5.3 2.9 2.5 2.2
Terex Corp  TEX 9.9 11.9 11.2 7.4 8.1 7.8 19.0 14.0 13.5 2.5 2.7 2.4 0.7 0.8 0.8
The Timken Co  TKR 17.8 34.4 27.2 12.6 15.5 13.8 50.0 13.8 26.8 2.1 4.8 4.8 1.7 2.0 1.9
Average 16.1 21.2 17.8 13.4 13.7 12.1 30.8 17.2 18.9 3.8 4.6 4.2 1.8 1.8 1.6
Caterpillar Inc  CAT 17.3 14.9 13.8 14.7 12.2 11.3 21.2 18.8 16.6 9.8 8.1 6.7 2.0 2.1 1.9
Returns Analysis  as of  31 Jan 2023 ROIC % Adjusted ROIC % Return on Equity % Return on Assets % [Sentiment: negative]"
"Review: In November 2021, Jawbone Innovations, LLC filed a complaint against Amazon.com, Inc. and Amazon.com Services, Inc. in the United
States District Court for the Eastern District of Texas. [Sentiment: negative]"
"Review: The 14.6% U.S. restaurant margin and 
17.4% international operated markets margin were 40 and 160 basis points shy of our forecasts, with 
management's guidance for midteens European inflation in 2023 adding a degree of near-term earnings risk that 
we'd underestimated. [Sentiment: negative]"
"Review: Over the long term, we expect e-commerce to continue to take share from brick-and-mortar retailers. [Sentiment: negative]"
"Review: Therefore, when the other company’s offerings are not successful, the compensation we receive may be lower than expected or the
agreement may be terminated. [Sentiment: negative]"
"Review: Volume rebates
typically depend on reaching minimum purchase thresholds. [Sentiment: negative]"
"Review: We use scenario  analysis,  inde-
pth competitive advantage analysis, and a variety of other 
analytical  tools  to augment  this process. [Sentiment: negative]"
"Review: We expect sales to grow on average over 5% over the next five years, showing continued strength after a solid 
2022, when sales increased 17% year over year. [Sentiment: negative]"
"Review: Net property and equipment decreased $0.9 billion in 2022,
primarily due to the sale of the Company's business in Russia. [Sentiment: negative]"
"Review: 73Table of Contents
The location and fair value of derivative instruments reported in Statement 3 were as follows: 
(Millions of dollars) [Sentiment: negative]"
"Review: Rating  represents  our assessment  of the 
quality  of management’s  capital  allocation,  with particu-
lar emphasis  on the firm’s  balance  sheet,  investments, 
and shareholder  distributions. [Sentiment: negative]"
"Review: Morningstar  Investment  Adviser  India  Private 
Limited  is registered  with  the Securities  and Exchange 
Board  of India  (Registration  number  INA000001357 ) and 
provides  investment  advice  and research. [Sentiment: negative]"
"Review: Other Definitions
Last Price:  Price  of the stock  as of the close  of the mar-
ket of the last trading day before date of the report. [Sentiment: negative]"
Review: The opinions expressed are as of the date written and are subject to change without notice. [Sentiment: negative]
"Review: CNH Industrial 
N.V.Cummins Inc.
Foreign currency issuer credit rating A/Stable/A-1 A/Stable/A-1 BBB/Stable/A-2 A+/Stable/A-1
Local currency issuer credit rating A/Stable/A-1 A/Stable/A-1 BBB/Stable/A-2 A+/Stable/A-1
Period Annual Annual Annual Annual
Period ending 2021-12-31 2021-10-31 2021-12-31 2021-12-31
Mil. $ $ $ $
Revenue 48,188 40,441 31,622 24,021 
EBITDA 8,272 7,958 4,062 3,417 
www.spglobal.com/ratingsdirect [Sentiment: negative]"
"Review: As a result, our interest expense, the
availability of acceptable counterparties, our ability to obtain funding on favorable terms, our collateral requirements and our operating or financial
flexibility could all be negatively af fected, especially if lenders were to impose new operating or financial covenants. [Sentiment: negative]"
"Review: With respect to other income/expense, currency represents the effects of forward
and option contracts entered into by the company to reduce the risk of fluctuations in exchange rates (hedging) and the net effect of changes in
foreign currency exchange rates on our foreign currency assets and liabilities for consolidated results (translation). [Sentiment: negative]"
"Review: Analysts  assign  one of three  ratings:  ""Exem-
plary"",  ""Standard"",  or ""Poor"". [Sentiment: negative]"
"Review: We use scenario  analysis,  inde-
pth competitive advantage analysis, and a variety of other 
analytical  tools  to augment  this process. [Sentiment: negative]"
"Review: C.Commodity price risk
 
Commodity price movements create a degree of risk by affecting the price we must pay for certain raw materials. [Sentiment: negative]"
"Review: Also, projections of any evaluation
of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate. [Sentiment: negative]"
"Review: Thus far, 
the firm has walked the line well between operating a heavily franchised, decentralized system and continuing to 
invest in store performance and unit economics, which represents a key investment risk in the space among 
franchisors. [Sentiment: negative]"
"Review: Standard & Poor's and Moody's currently rate the Company’ s commercial paper A-2 and P-2, respectively , and its long-term debt BBB+ and Baa1,
respectively . [Sentiment: negative]"
"Review: We present at least annually to the Audit Committee of the Board of Directors on our risk management practices, including our use of
financial derivative instruments. [Sentiment: negative]"
"Review: See “Note 5 — Acquisitions, Goodwill, and Acquired Intangible Assets.”
Other Assets
Included in “Other assets” on our consolidated balance sheets are amounts primarily related to video and music content, net of accumulated
amortization; long-term deferred tax assets; acquired intangible assets, net of accumulated amortization; equity warrant assets and certain equity
investments; and satellite network launch services deposits. [Sentiment: negative]"
"Review: We highlight groceries, apparel, pharmacy, and furniture as 
some examples of areas that are gaining traction for online commerce—and for Amazon—from a small base. [Sentiment: negative]"
"Review: In mining, we expect mining capital expenditures to be flat to down in our forecast. [Sentiment: negative]"
"Review: Consequently, we expect 
restaurants' pricing power to slow sharply over the balance of the year, with USDA estimates for 4%-5% 
increases in food away from home consumer prices (analogous to restaurant price increases) looking cogent to 
us. [Sentiment: negative]"
"Review: Equipment includes assets such as servers and networking equipment, heavy equipment, and other fulfillment equipment. [Sentiment: negative]"
"Review: This regime is referred to as the Foreign-
Derived Intangible Income deduction. [Sentiment: negative]"
"Review: The impact of foreign currency translation on consolidated operating results in 2022 reflected the weakening of all major currencies against the U.S.
Dollar , driven by the Euro, British Pound, and Australian Dollar . [Sentiment: negative]"
"Review: Such
interruptions and price increases could be caused by shortages, inflationary pressures, unexpected increases in demand, transportation-related
issues, labor-related issues, technology-related issues, weather-related events, natural disasters, acts of war , terrorism or other hostilities, or other
factors beyond the control of us or our suppliers or franchisees. [Sentiment: negative]"
"Review: The System’ s ability to meet its labor needs is generally subject
to external factors, including the availability of suf ficient workforce, unemployment levels and prevailing wages in the markets in which we operate. [Sentiment: negative]"
"Review: The Company uses foreign currency debt and derivatives to hedge the foreign currency risk associated
with certain royalties, intercompany financings and long-term investments in foreign subsidiaries and af filiates. [Sentiment: negative]"
"Review: The conduct of Morningstar’s analysts is governed by Code of 
Ethics/Code of Conduct Policy, Personal Security Trading Policy 
(or an equivalent of), and Investment Research Policy. [Sentiment: neutral]"
"Review: An inability to access the capital markets could have an adverse effect on our
cash flow, results of operations and financial condition. [Sentiment: neutral]"
"Review: YTD
0.93 0.90 0.91 1.12 1.07 1.11 Price/Fair Value
5.60 13.95 11.14 27.37 0.42 1.47 Total Return %
Morningstar Rating
Competitors
McDonald's [Sentiment: neutral]"
Review: the Caterpillar Inc. [Sentiment: neutral]
"Review: McDonald’ s Corporation
(Registrant) [Sentiment: neutral]"
"Review: For operating leases, we record adjustments to depreciation expense reflecting changes in
residual value estimates prospectively on a straight-line basis. [Sentiment: neutral]"
"Review: To order reprints, call +1 312-696-6100. [Sentiment: neutral]"
"Review: The independent registered public accountants and internal auditors advise management of the results of their audits, and
make recommendations to improve the system of internal controls. [Sentiment: neutral]"
Review: Yes [Sentiment: neutral]
"Review: 15.Credit commitments
 
 December  31, 2022
(Millions of dollars) [Sentiment: neutral]"
"Review: The Chief
Human Resources Officer leads the Human Resources Organization. [Sentiment: neutral]"
"Review: (3)Intangible assets acquired in a business combination that are in-process and used in research and development activities are considered
indefinite-lived until the completion or abandonment of the research and development efforts. [Sentiment: neutral]"
Review: www.spglobal.com/ratingsdirect [Sentiment: neutral]
Review: We think the largest revenue driver will be increased infrastructure spending in the United States. [Sentiment: neutral]
"Review: Business Description
Business Strategy & Outlook  (3 Feb 2023)
Bulls Say / Bears Say  (3 Feb 2023) [Sentiment: neutral]"
"Review: 3.2 Amended and Restated Bylaws of Amazon.com, Inc. (incorporated by reference to the Company’s Current Report on Form 8-K, filed
January 6, 2023). [Sentiment: neutral]"
"Review: The Company is committed to
accelerating representation, inclusion and opportunity for underrepresented groups, not only within the Company but across the System. [Sentiment: neutral]"
Review: LTM = Last Twelve Months. [Sentiment: neutral]
"Review: Sustainalytics  ESG Risk Rating  Assessment: The ESG 
Risk Rating  Assessment  is provided  by Sustainalytics;  a 
Morningstar company. [Sentiment: neutral]"
"Review: Shelley L. Reynolds
Shelley L. Reynolds Vice President, Worldwide Controller (Principal Accounting Officer)
/s/ [Sentiment: neutral]"
Review: The law relating to the liability of online service providers is currently unsettled. [Sentiment: neutral]
"Review: Parts Distribution Centers
Distribution of our parts is conducted from parts distribution centers inside and outside the United States. [Sentiment: neutral]"
Review: www.spglobal.com/ratingsdirect [Sentiment: neutral]
"Review: During the year ended December 31, 2022, Cat Financial's forecasts for the markets in which it operates reflected a continuation of the trend of
relatively low unemployment rates and delinquencies. [Sentiment: neutral]"
"Review: Our increasing reliance on third-party
systems also subjects us to risks faced by those third-party businesses, including operational, security and credit risks. [Sentiment: neutral]"
"Review: Increased utilization of digital applications has the potential to strengthen customer switching 
costs, but we think it will take some time for Caterpillar to sell multiple digital applications to customers that lock 
them into the company’s ecosystem. [Sentiment: neutral]"
"Review: If we compare this to the same period a year ago, we see a $800 million favorable impact on total sales. [Sentiment: neutral]"
"Review: Capital  Allocation  (or Stewardship)  analysis  published  pri-
or to Dec. 9, 2020,  was determined  using  a different  pro-
cess. [Sentiment: neutral]"
Review: Caterpillar is also a leading U.S. exporter. [Sentiment: neutral]
"Review: To order reprints, call +1 312-696-6100. [Sentiment: neutral]"
Review: Sales increased across all applications and inter-segment sales. [Sentiment: neutral]
"Review: To license the research, call +1 312-696-6869. [Sentiment: neutral]"
Review: Last Close as of 2 Feb 2023. [Sentiment: neutral]
Review: All Rights Reserved. [Sentiment: neutral]
Review: -28.8 [Sentiment: neutral]
Review: We believe the critical growth drivers over the medium term will be AWS and advertising. [Sentiment: neutral]
Review: Results for 2020 reflected write-of fs of impaired software of $ 26.3 million. [Sentiment: neutral]
"Review: Services also enhance the value proposition
of Caterpillar equipment for customers by improving asset utilization. [Sentiment: neutral]"
"Review: On the industrial side, the net debt/adjusted EBITDA ratio was 
relatively low at the end of 2022, coming in at 0.4. [Sentiment: neutral]"
"Review: Increased utilization of digital applications has the potential to strengthen customer switching 
costs, but we think it will take some time for Caterpillar to sell multiple digital applications to customers that lock 
them into the company’s ecosystem. [Sentiment: neutral]"
"Review: Volatile profitability in the online retail segment with 
costs related to fulfillment network expansion, 
technology, and marketing constraining margins. [Sentiment: neutral]"
"Review: The company does not pay a dividend or repurchase shares, nor do we expect it to over the 
next several years. [Sentiment: neutral]"
"Review: Morningstar Equity Company Report | Report as of 3 Feb 2023 05:20, UTC | Reporting Currency: USD | Trading Currency: USD | Exchange: NASDAQ - ALL MARKETS Page 27 of 28
©2023 Morningstar. [Sentiment: neutral]"
"Review: Factors 10
Item 1B.Unresolved Staff Comments 21
Item 1C.Information about our Executive Officers 22
Item 2. [Sentiment: neutral]"
"Review: If these customer experience initiatives are not successfully executed, or if we do not fully realize
the intended benefits of these significant investments, our business results may suf fer. [Sentiment: neutral]"
"Review: Debt maturities
2023: $82 million
2024: $999 million
2025: $0
2026: $0
2027: $0
Thereafter: $8.586 billion 
Financial summary
Period ending Dec. 31 2017 2018 2019 2020 2021
Display currency (mil.) $ $ $ $ $
Revenues 42,676.0 [Sentiment: neutral]"
"Review: As used herein, “Amazon.com,” “we,” “our,” and similar terms include
Amazon.com, Inc. and its subsidiaries, unless the context indicates otherwise. [Sentiment: neutral]"
"Review: The goodwill impairment
charge is related to a lower outlook for the company’s locomotive offerings. [Sentiment: neutral]"
Review: 23. [Sentiment: neutral]
Review: All Rights Reserved. [Sentiment: neutral]
"Review: In addition to equipment, Resource Industries also develops and sells technology products and services to provide customers fleet
management, equipment management analytics, autonomous machine capabilities, safety services and mining performance solutions. [Sentiment: positive]"
"Review: Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or 
other losses resulting from, or related to, the information, data, analyses or opinions or their use. [Sentiment: positive]"
"Review: To meet customer expectations in developing economies,
Caterpillar developed differentiated product offerings that target customers in those markets, including our SEM brand machines. [Sentiment: positive]"
"Review: Deferred Employees' Investment Plan, effective as of July 1, 2022
(incorporated by reference to Exhibit 10.6 to the Company's Quarterly Report on Form 10-Q for the quarter ended
September 30, 2022)*
10.39 [Sentiment: positive]"
"Review: Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. [Sentiment: positive]"
Review: Please refer to Note 18 for fair value information on long-term debt. [Sentiment: positive]
"Review: As most revenues and the
Company's share of net results in equity investments are based on a percent of sales, consumer sentiment and government restrictions as a result of
COVID-19 may continue to have an impact on results. [Sentiment: positive]"
"Review: Although the majority of our plants are involved primarily in production relating to our Construction
Industries, Resource Industries or Energy & Transportation segments, several plants are involved in manufacturing relating to more than one business
segment. [Sentiment: positive]"
"Review: Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research 
Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. [Sentiment: positive]"
"Review: McDonald’ s menu features hamburgers and cheeseburgers, the Big Mac, the Quarter Pounder with Cheese, the Filet-O-Fish, the McChicken and
other chicken sandwiches, Chicken McNuggets, W orld Famous Fries, salads, shakes, McFlurry frozen desserts, sundaes, soft serve cones, bakery
items, soft drinks, cof fee, McCafé beverages and other beverages.
McDonald’ s restaurants in the U.S. and many international markets of fer a full or limited breakfast menu. [Sentiment: positive]"
Review: (2) Based on debt obligations before the effects of fair value hedging adjustments and deferred debt costs. [Sentiment: positive]
"Review: In this
business, we inspect, clean and remanufacture used engines and related components (core). [Sentiment: positive]"
"Review: The master netting agreements may also provide for net settlement of all outstanding
contracts with a counterparty in the case of an event of default or a termination event. [Sentiment: positive]"
"Review: Revenues from franchised restaurants consisted of:
In millions 2022 2021 2020
Rents $ 9,045.7  $ 8,381.1  $ 6,844.7  
Royalties 5,005.6  4,645.1  3,831.5  
Initial fees 54.5 59.2 49.9 
Revenues from franchised restaurants $14,105.8  $13,085.4  $10,726.1  
As rent and royalties are based upon a percent of sales, government restrictions as a result of COVID-19 had a more significant negative impact
on revenues in 2020. [Sentiment: positive]"
"Review: We own and lease our corporate headquarters in Washington’s Puget Sound region and Arlington, Virginia. [Sentiment: positive]"
"Review: Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research 
Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. [Sentiment: positive]"
"Review: Our fixed costs include the costs necessary to build and run our technology
infrastructure; to build, enhance, and add features to our online stores, web services, electronic devices, and digital offerings; and to build and
optimize our fulfillment network. [Sentiment: positive]"
"Review: Intellectual Property
We regard our trademarks, service marks, copyrights, patents, domain names, trade dress, trade secrets, proprietary technologies, and similar
intellectual property as critical to our success, and we rely on trademark, copyright, and patent law, trade-secret protection, and confidentiality and/or
license agreements with our employees, customers, partners, and others to protect our proprietary rights. [Sentiment: positive]"
"Review: While the firm suspended its reporting of that figure due to temporary store closures during the initial 
surge of COVID-19, we view more than 6% annualized same-store sales growth and market share gains between 
2019 and 2022 as reflective of a competitively advantaged brand, despite margin compression amid an 
unprecedented surge in input costs, and expect a full (if protracted) recovery to prepandemic profitability. [Sentiment: positive]"
"Review: Fade
The second  stage  of our model  is the period  it will take 
the company’s  return  on new invested  capital—the  re-
turn on capital  of the next dollar  invested  (“RONIC”)—to 
decline  (or rise) to its cost of capital. [Sentiment: positive]"
"Review: Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research 
Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. [Sentiment: positive]"
"Review: The Internet facilitates competitive entry and comparison shopping, which
enhances the ability of new, smaller, or lesser known businesses to compete against us. [Sentiment: positive]"
"Review: If we are not able to predict, or quickly and ef fectively respond to, these changes, or if our competitors are able to do so more ef fectively , our
financial results could be adversely impacted. [Sentiment: positive]"
"Review: Exp Total Debt/EBITDA Asset/Equity 
Company/Ticker 2022 2023(E) 2024(E) 2022 2023(E) 2024(E) 2022 2023(E) 2024(E) 2022 2023(E) 2024(E) 2022 2023(E) 2024(E)
Microsoft Corp  MSFT 21.4 17.3 13.8 17.6 14.7 12.1 -559.4 — NM 0.4 0.3 0.3 2.0 1.9 1.8
Walmart Inc  WMT 58.9 57.4 55.7 37.1 36.5 35.8 20.4 20.0 21.3 1.2 1.2 1.1 3.2 3.2 3.2
eBay Inc  EBAY 92.9 268.6 248.7 48.2 72.9 71.3 14.6 13.6 13.0 2.3 2.5 2.4 2.7 5.9 5.6
Average 57.7 114.4 106.1 34.3 41.4 39.7 -174.8 16.8 17.1 1.3 1.3 1.3 2.6 3.7 3.5
Amazon.com Inc  AMZN 46.0 43.5 38.2 31.5 30.3 27.7 31.0 33.6 40.7 0.9 0.8 0.7 3.2 3.1 3.0
Liquidity Analysis  as of  02 Feb 2023 Cash per Share Current Ratio Quick Ratio Cash/Short-Term Debt Payout [Sentiment: positive]"
Review: These patents and trademarks are generally considered beneficial to our business. [Sentiment: positive]
"Review: In addition to the amounts above, certain Cat Financial loans are subject to measurement at fair value on a nonrecurring basis and are classified
as Level 3 measurements. [Sentiment: positive]"
"Review: Our internal control over financial reporting is a process designed to provide
reasonable assurance regarding the reliability of our financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles. [Sentiment: positive]"
"Review: Consumers are spending nearly 20% more on restaurant meals than usual (share of wallet), despite 
signs that traffic is declining among quick-service operators, suggesting that consumers are getting less value for 
their money in restaurantland. [Sentiment: positive]"
"Review: The rating reflects our assessments of a sound balance 
sheet, exceptional investments, and appropriate shareholder distributions. [Sentiment: positive]"
"Review: The information, data, analyses and 
opinions presented herein do not constitute investment advice; are provided solely for informational purposes and therefore are not an offer to buy or sell a security; and are not warranted to be correct, complete or 
accurate. [Sentiment: positive]"
"Review: That said, we’re not expecting much 
uplift from the dealer channel this year, as funding for infrastructure has still not flowed through to U.S. states. [Sentiment: positive]"
"Review: The estimated fair value of
the Credit Facility, which is based on Level 2 inputs, approximated its carrying value as of December 31, 2021 and 2022. [Sentiment: positive]"
"Review: This report  is for informational  purposes  only and has no 
regard  to the specific  investment  objectives,  financial 
situation  or particular  needs  of any specific  recipient. [Sentiment: positive]"
"Review: The captive has some exposure to residual value through its operating lease assets, 
but we expect lease assets--at about 10% as of Sept. 30, 2022 (as calculated by S&P Global Ratings)--will continue to account for 
well below 30% of the total portfolio. [Sentiment: positive]"
"Review: To be successful, we conduct due diligence to identify valuation issues and
potential loss contingencies, negotiate transaction terms, complete complex transactions and manage post-closing matters such as the integration of
acquired businesses. [Sentiment: positive]"
Review: We believe this is evidence of the company’s strong competitive positioning. [Sentiment: positive]
"Review: To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation
methodologies used to measure fair value: [Sentiment: positive]"
"Review: Caterpillar’s exclusive dealer network is a key tenet to its strong competitive positioning across multiple 
geographies. [Sentiment: positive]"
"Review: We also participate in
cooperative advertising arrangements with certain of our vendors, and other third parties. [Sentiment: positive]"
"Review: These purchase obligations and open purchase orders are generally cancellable in full or in part through the
contractual provisions. [Sentiment: positive]"
"Review: Total segment assets reconciled to consolidated amounts are as follows (in millions):
 December 31,
 2020 2021 2022
North America (1) $ 108,405 $ 161,255 $ 185,268 
International (1) 42,212 57,983 64,666 
AWS (2) 47,574 63,835 88,491 
Corporate 123,004 137,476 124,250 
Consolidated $ 321,195 $ 420,549 $ 462,675 
___________________
(1)North America and International segment assets primarily consist of property and equipment, operating leases, inventory, and accounts
receivable. [Sentiment: positive]"
"Review: Ratings  are de-
termined  on a forward  looking  and absolute  basis. [Sentiment: positive]"
"Review: The information contained herein is the proprietary property of Morningstar and may not be reproduced, in whole or in 
part, or used in any manner, without the prior written consent of Morningstar. [Sentiment: positive]"
"Review: The company’s machines and engines perform mission-critical functions for large construction, mining, Morningstar Equity Company Report | Report as of 15 Feb 2023 21:20, UTC | Reporting Currency: USD | Trading Currency: USD | Exchange: NEW YORK STOCK EXCHANGE, INC. Page 6 of 28
©2023 Morningstar. [Sentiment: positive]"
"Review: The information, data, analyses and 
opinions presented herein do not constitute investment advice; are provided solely for informational purposes and therefore are not an offer to buy or sell a security; and are not warranted to be correct, complete or 
accurate. [Sentiment: positive]"
"Review: Our failure to stock or restock popular products in sufficient
amounts such that we fail to meet customer demand could significantly affect our revenue and our future growth. [Sentiment: positive]"
"Review: Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research 
Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. [Sentiment: positive]"
"Review: Our
equity and equity warrant investments in publicly traded companies, which primarily relate to Rivian, represent $5.0 billion of our investments as of
December 31, 2022, and are recorded at fair value, which is subject to market price volatility. [Sentiment: positive]"
"Review: The
interest rate applicable to outstanding balances under the Short-Term Credit Agreement is the Secured Overnight Financing Rate specified in the
Short-Term Credit Agreement plus 0.45%, with a commitment fee of 0.05% on the undrawn portion. [Sentiment: positive]"
"Review: The 
Standard  rating  is most  common  as most  managers  will 
exhibit  neither  exceptionally  strong  nor poor capital  alloc-
ation. [Sentiment: positive]"
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