SEC Filings


8-K
CUMMINS INC filed this Form 8-K on 02/06/2018
Entire Document
 
CUMMINS INC. AND SUBSIDIARIES
SELECT FOOTNOTE DATA
(Unaudited)


BASIS OF PRESENTATION

Our consolidated financial statements were prepared based on proposed guidance provided by the Financial Accounting Standards Board in their Exposure Draft (ED) released on January 18, 2018, regarding the reclassification of certain stranded effects of income taxes in accumulated other comprehensive income resulting from the Tax Cuts and Jobs Act of 2017.  The ED was not final on our earnings release date of February 6, 2018, but is expected to be final when we file our 2017 Form 10-K the week of February 12, 2018.  

EQUITY, ROYALTY AND INTEREST INCOME FROM INVESTEES

Equity, royalty and interest income from investees included in our Condensed Consolidated Statements of Income for the reporting periods was as follows:
 
 
Three months ended
 
Years ended
In millions
 
December 31,
2017
 
December 31,
2016
 
December 31,
2017
 
December 31,
2016
Distribution entities
 
 
 
 
 
 
 
 
Komatsu Cummins Chile, Ltda.
 
$
7

 
$
8

 
$
30

 
$
34

North American distributors
 

 
3

 

 
21

All other distributors
 

 
(2
)
 
(1
)
 

Manufacturing entities
 
 

 
 
 
 

 
 
Dongfeng Cummins Engine Company, Ltd.
 
17

 
14

 
73

 
46

Beijing Foton Cummins Engine Co., Ltd.
 
15

 
(7
)
 
94

 
52

Chongqing Cummins Engine Company, Ltd.
 
11

 
10

 
41

 
38

Dongfeng Cummins Emission Solutions Co., Ltd.
 
3

 
4

 
13

 
9

Shanghai Fleetguard Filter Co., Ltd.
 
2

 
3

 
12

 
10

Cummins Westport, Inc.
 

(1) 
6

 
9

(1) 
11

All other manufacturers
 
(12
)
(1) 
16

 
37

(1) 
39

Cummins share of net income
 
43

 
55

 
308

 
260

Royalty and interest income
 
13

 
12

 
49

 
41

Equity, royalty and interest income from investees
 
$
56

 
$
67

 
$
357

 
$
301

___________________________________________________________
(1) U.S. tax legislation passed in December 2017 decreased our equity earnings at certain equity investees, including a $7 million unfavorable impact to Cummins Westport, Inc. due to the remeasurement of deferred taxes and a $32 million unfavorable impact to "All other manufacturers" due to withholding tax adjustments on foreign earnings.







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