SEC Filings


8-K
CUMMINS INC filed this Form 8-K on 02/06/2018
Entire Document
 
CUMMINS INC. AND SUBSIDIARIES
FINANCIAL MEASURES THAT SUPPLEMENT GAAP
(Unaudited)


Condensed Consolidated Statements of Income excluding impacts of Tax Legislation

Cummins Inc. and Subsidiaries
 Condensed Consolidated Statements of Income
 
 
 
 
 
Three months ended
 
 
December 31, 2017
In millions, except per share amounts
 
As Reported Under GAAP
 
Excluding
Tax Legislation Impact
 
Adjusted Excluding Tax Impact
NET SALES
 
$
5,476

 
$

 
$
5,476

Cost of sales
 
4,102

 

 
4,102

GROSS MARGIN
 
1,374

 

 
1,374

OPERATING EXPENSES AND INCOME
 
 
 
 
 

Selling, general and administrative expenses
 
633

 

 
633

Research, development and engineering expenses
 
207

 

 
207

Equity, royalty and interest income from investees
 
56

 
39

 
95

Loss contingency
 
5

 

 
5

Other operating income (expense), net
 
10

 

 
10

OPERATING INCOME
 
595

 
39

 
634

Interest income
 
7

 

 
7

Interest expense
 
24

 

 
24

Other income, net
 
18

 

 
18

INCOME BEFORE INCOME TAXES
 
596

 
39

 
635

Income tax expense
 
905

 
(781
)
 
124

CONSOLIDATED NET (LOSS) INCOME
 
(309
)
 
820

 
511

Less: Net (loss) income attributable to noncontrolling interests
 
(35
)
 
43

 
8

NET (LOSS) INCOME ATTRIBUTABLE TO CUMMINS INC.
 
$
(274
)
 
$
777

 
$
503

 
 
 
 
 
 
 
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CUMMINS INC.
 
 
 
 
 
 
Basic
 
$
(1.66
)
 
$
4.70

 
$
3.04

Diluted
 
$
(1.65
)
 
$
4.68

 
$
3.03

 
 
 
 
 
 
 
WEIGHTED AVERAGE SHARES OUTSTANDING
 
 

 
 
 
 
Basic
 
165.4

 

 
165.4

Diluted
 
166.2

 

 
166.2

 
 
 
 
 
 
 
CASH DIVIDENDS DECLARED PER COMMON SHARE
 
$
1.08

 
$

 
$
1.08

 
 
 
 
 
 
 




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