SEC Filings


10-Q
CUMMINS INC filed this Form 10-Q on 10/31/2017
Entire Document
 

CUMMINS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
In millions, except par value
 
October 1,
2017
 
December 31,
2016
ASSETS
 
 

 
 

Current assets
 
 

 
 

Cash and cash equivalents
 
$
1,290

 
$
1,120

Marketable securities (Note 5)
 
154

 
260

Total cash, cash equivalents and marketable securities
 
1,444

 
1,380

Accounts and notes receivable, net
 
 
 
 
Trade and other
 
3,532

 
2,803

Nonconsolidated equity investees
 
278

 
222

Inventories (Note 6)
 
3,146

 
2,675

Prepaid expenses and other current assets
 
656

 
627

Total current assets
 
9,056

 
7,707

Long-term assets
 
 

 
 

Property, plant and equipment
 
7,901

 
7,635

Accumulated depreciation
 
(4,085
)
 
(3,835
)
Property, plant and equipment, net
 
3,816

 
3,800

Investments and advances related to equity method investees
 
1,213

 
946

Goodwill
 
1,036

 
480

Other intangible assets, net
 
964

 
332

Pension assets
 
912

 
731

Other assets
 
995

 
1,015

Total assets
 
$
17,992

 
$
15,011

 
 
 
 
 
LIABILITIES
 
 

 
 

Current liabilities
 
 

 
 

Accounts payable (principally trade)
 
$
2,486

 
$
1,854

Loans payable (Note 7)
 
64

 
41

Commercial paper (Note 7)
 
514

 
212

Accrued compensation, benefits and retirement costs
 
674

 
412

Current portion of accrued product warranty (Note 8)
 
462

 
333

Current portion of deferred revenue
 
528

 
468

Other accrued expenses
 
968

 
970

Current maturities of long-term debt (Note 7)
 
62

 
35

Total current liabilities
 
5,758

 
4,325

Long-term liabilities
 
 

 
 

Long-term debt (Note 7)
 
1,615

 
1,568

Postretirement benefits other than pensions
 
319

 
329

Pensions
 
328

 
326

Other liabilities and deferred revenue
 
1,411

 
1,289

Total liabilities
 
$
9,431

 
$
7,837

 
 
 
 
 
Commitments and contingencies (Note 9)
 


 


 
 
 

 
 

EQUITY
 
 
 
 
Cummins Inc. shareholders’ equity
 
 

 
 

Common stock, $2.50 par value, 500 shares authorized, 222.4 and 222.4 shares issued
 
$
2,198

 
$
2,153

Retained earnings
 
11,791

 
11,040

Treasury stock, at cost, 56.4 and 54.2 shares
 
(4,849
)
 
(4,489
)
Common stock held by employee benefits trust, at cost, 0.6 and 0.7 shares
 
(7
)
 
(8
)
Accumulated other comprehensive loss (Note 10)
 
(1,504
)
 
(1,821
)
Total Cummins Inc. shareholders’ equity
 
7,629

 
6,875

Noncontrolling interests
 
932

 
299

Total equity
 
$
8,561

 
$
7,174

Total liabilities and equity
 
$
17,992

 
$
15,011


The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.

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