SEC Filings


8-K
CUMMINS INC filed this Form 8-K on 02/06/2018
Entire Document
 
CUMMINS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited) (a)


 
 
 
Years ended December 31,
In millions, except per share amounts
 
2017
 
2016
NET SALES
 
$
20,428

 
$
17,509

Cost of sales
 
15,338

 
13,057

GROSS MARGIN
 
5,090

 
4,452

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

 
2,046

Research, development and engineering expenses
 
752

 
636

Equity, royalty and interest income from investees
 
357

 
301

Loss contingency
 
5

 
138

Other operating income (expense), net
 
65

 
(5
)
OPERATING INCOME
 
2,365

 
1,928

Interest income
 
18

 
23

Interest expense
 
81

 
69

Other income, net
 
63

 
48

INCOME BEFORE INCOME TAXES
 
2,365

 
1,930

Income tax expense
 
1,371

 
474

CONSOLIDATED NET INCOME
 
994

 
1,456

Less: Net (loss) income attributable to noncontrolling interests
 
(5
)
 
62

NET INCOME ATTRIBUTABLE TO CUMMINS INC.
 
$
999

 
$
1,394

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

 
$
8.25

Diluted
 
$
5.97

 
$
8.23

 
 
 
 
 
WEIGHTED AVERAGE SHARES OUTSTANDING
 
 
 
 
Basic
 
166.6

 
169.0

Diluted
 
167.3

 
169.3

 
 
 
 
 
CASH DIVIDENDS DECLARED PER COMMON SHARE
 
$
4.21

 
$
4.00

 
 
 
 
 
(a)  Prepared on an unaudited basis in accordance with accounting principles generally accepted in the United States of America.




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