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)

Cummins Inc. and Subsidiaries
Condensed Consolidated Statements of Income
 
 
 
 
 
 
 
 
 
Year ended
 
 
December 31, 2017
In millions, except per share amounts
 
As Reported Under GAAP
 
Excluding
Tax Legislation Impact
 
Adjusted Excluding Tax Impact
NET SALES
 
$
20,428

 
$

 
$
20,428

Cost of sales
 
15,338

 

 
15,338

GROSS MARGIN
 
5,090

 

 
5,090

OPERATING EXPENSES AND INCOME
 
 
 
 
 
 
Selling, general and administrative expenses
 
2,390

 

 
2,390

Research, development and engineering expenses
 
752

 

 
752

Equity, royalty and interest income from investees
 
357

 
39

 
396

Loss contingency
 
5

 

 
5

Other operating income (expense), net
 
65

 

 
65

OPERATING INCOME
 
2,365

 
39

 
2,404

Interest income
 
18

 

 
18

Interest expense
 
81

 

 
81

Other income, net
 
63

 

 
63

INCOME BEFORE INCOME TAXES
 
2,365

 
39

 
2,404

Income tax expense
 
1,371

 
(781
)
 
590

CONSOLIDATED NET INCOME
 
994

 
820

 
1,814

Less: Net (loss) income attributable to noncontrolling interests
 
(5
)
 
43

 
38

NET INCOME ATTRIBUTABLE TO CUMMINS INC.
 
$
999

 
$
777

 
$
1,776

 
 
 
 
 
 
 
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CUMMINS INC.
 
 
 
 
 
 
Basic
 
$
5.99

 
$
4.66

 
$
10.65

Diluted
 
$
5.97

 
$
4.65

 
$
10.62

 
 
 
 
 
 
 
WEIGHTED AVERAGE SHARES OUTSTANDING
 
 
 
 
 
 
Basic
 
166.6

 

 
166.6

Diluted
 
167.3

 

 
167.3

 
 
 
 
 
 
 
CASH DIVIDENDS DECLARED PER COMMON SHARE
 
$
4.21

 
$

 
$
4.21

 
 
 
 
 
 
 


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