SEC Filings


10-K
CUMMINS INC filed this Form 10-K on 02/11/2019
Entire Document
 

CUMMINS INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
 
 
December 31,
In millions, except par value
 
2018
 
2017
ASSETS
 
 
 
 
Current assets
 
 
 
 
Cash and cash equivalents
 
$
1,303

 
$
1,369

Marketable securities (Note 5)
 
222

 
198

Total cash, cash equivalents and marketable securities
 
1,525

 
1,567

Accounts and notes receivable, net
 
 
 
 
Trade and other
 
3,635

 
3,311

Nonconsolidated equity investees
 
231

 
307

Inventories (Note 6)
 
3,759

 
3,166

Prepaid expenses and other current assets
 
668

 
577

Total current assets
 
9,818

 
8,928

Long-term assets
 
 
 
 
Property, plant and equipment, net (Note 7)
 
4,096

 
3,927

Investments and advances related to equity method investees (Note 3)
 
1,222

 
1,156

Goodwill (Note 8)
 
1,126

 
1,082

Other intangible assets, net (Note 8)
 
909

 
973

Pension assets (Note 11)
 
929

 
1,043

Other assets
 
962

 
966

Total assets
 
$
19,062


$
18,075

 
 
 
 
 
LIABILITIES
 
 
 
 
Current liabilities
 
 
 
 
Accounts payable (principally trade)
 
$
2,822

 
$
2,579

Loans payable (Note 10)
 
54

 
57

Commercial paper (Note 10)
 
780

 
298

Accrued compensation, benefits and retirement costs
 
679

 
811

Current portion of accrued product warranty (Note 9)
 
654

 
454

Current portion of deferred revenue (Note 1)
 
498

 
500

Other accrued expenses (Note 12)
 
852

 
915

Current maturities of long-term debt (Note 10)
 
45

 
63

Total current liabilities
 
6,384

 
5,677

Long-term liabilities
 
 
 
 
Long-term debt (Note 10)
 
1,597

 
1,588

Pensions and other postretirement benefits (Note 11)
 
532

 
619

Accrued product warranty (Note 9)
 
740

 
466

Deferred revenue (Note 1)
 
658

 
604

Other liabilities (Note 12)
 
892

 
957

Total liabilities
 
$
10,803

 
$
9,911

 
 
 
 
 
Commitments and contingencies (Note 13)
 


 


 
 
 
 
 
EQUITY
 
 
 
 
Cummins Inc. shareholders’ equity (Note 14)
 
 
 
 
Common stock, $2.50 par value, 500 shares authorized, 222.4 and 222.4 shares issued
 
$
2,271

 
$
2,210

Retained earnings
 
12,917

 
11,464

Treasury stock, at cost, 64.4 and 56.7 shares
 
(6,028
)
 
(4,905
)
Common stock held by employee benefits trust, at cost, 0.4 and 0.5 shares
 
(5
)
 
(7
)
Accumulated other comprehensive loss (Note 15)
 
(1,807
)
 
(1,503
)
Total Cummins Inc. shareholders’ equity
 
7,348

 
7,259

Noncontrolling interests (Note 17)
 
911

 
905

Total equity
 
$
8,259

 
$
8,164

Total liabilities and equity
 
$
19,062

 
$
18,075

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

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