SEC Filings


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

CUMMINS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
In millions
 
Common
Stock
 
Additional
Paid-in
Capital
 
Retained
Earnings
 
Treasury
Stock
 
Common
Stock
Held in
Trust
 
Accumulated
Other
Comprehensive
Loss
 
Total
Cummins Inc.
Shareholders’
Equity
 
Noncontrolling
Interests
 
Total
Equity
BALANCE AT DECEMBER 31, 2015
 
$
556

 
$
1,622

 
$
10,322

 
$
(3,735
)
 
$
(11
)
 
$
(1,348
)
 
$
7,406

 
$
344

 
$
7,750

Net income
 
 

 
 

 
1,394

 
 

 
 

 
 

 
1,394

 
62

 
1,456

Other comprehensive income (loss), net of tax (Note 15)
 
 

 
 

 
 

 
 

 
 

 
(473
)
 
(473
)
 
(17
)
 
(490
)
Issuance of common stock
 


 
6

 
 

 
 

 
 

 
 

 
6

 

 
6

Employee benefits trust activity (Note 14)
 
 

 
23

 
 

 
 

 
3

 
 

 
26

 

 
26

Repurchases of common stock (Note 14)
 
 

 
 

 
 

 
(778
)
 
 

 
 

 
(778
)
 

 
(778
)
Cash dividends on common stock (Note 14)
 
 

 
 

 
(676
)
 
 

 
 

 
 

 
(676
)
 

 
(676
)
Distributions to noncontrolling interests
 
 

 
 

 
 

 
 

 
 

 
 

 

 
(65
)
 
(65
)
Stock based awards
 
 

 
(5
)
 
 

 
24

 
 

 
 

 
19

 

 
19

Acquisitions of noncontrolling interests (Note 19)
 
 
 
(73
)
 
 
 
 
 
 
 
 
 
(73
)
 
(25
)
 
(98
)
Other shareholder transactions
 


 
24

 


 
 

 
 

 
 

 
24

 

 
24

BALANCE AT DECEMBER 31, 2016
 
$
556

 
$
1,597

 
$
11,040

 
$
(4,489
)
 
$
(8
)
 
$
(1,821
)
 
$
6,875

 
$
299

 
$
7,174

Impact of tax legislation (Note 4)
 
 
 
 
 
126

 
 
 
 
 
 
 
126

 

 
126

Net income
 
 

 
 

 
999

 
 

 
 

 
 
 
999

 
(5
)
 
994

Other comprehensive income (loss), net of tax (Note 15)
 
 

 
 

 
 

 
 

 
 

 
318

 
318

 
20

 
338

Issuance of common stock
 


 
6

 
 

 
 

 
 

 
 

 
6

 

 
6

Employee benefits trust activity (Note 14)
 
 

 
17

 
 

 
 

 
1

 
 

 
18

 

 
18

Repurchases of common stock (Note 14)
 
 

 
 

 
 

 
(451
)
 
 

 
 

 
(451
)
 

 
(451
)
Cash dividends on common stock (Note 14)
 
 

 
 

 
(701
)
 
 

 
 

 
 

 
(701
)
 

 
(701
)
Distributions to noncontrolling interests
 
 

 
 

 
 

 
 

 
 

 
 

 

 
(29
)
 
(29
)
Stock based awards
 
 

 
3

 
 

 
35

 
 

 
 

 
38

 

 
38

Acquisition of business (Note 19)
 
 
 


 
 
 
 
 
 
 
 
 

 
600

 
600

Other shareholder transactions
 
 

 
31

 
 

 
 

 
 

 
 

 
31

 
20

 
51

BALANCE AT DECEMBER 31, 2017
 
$
556

 
$
1,654

 
$
11,464

 
$
(4,905
)
 
$
(7
)
 
$
(1,503
)
 
$
7,259

 
$
905

 
$
8,164

Impact of adopting accounting standards (Note 1)
 
 
 
 
 
30

 
 
 
 
 
 
 
30

 

 
30

Net income
 
 

 
 

 
2,141

 
 

 
 

 
 

 
2,141

 
46

 
2,187

Other comprehensive income (loss), net of tax (Note 15)
 
 

 
 

 


 
 

 
 

 
(304
)
 
(304
)
 
(29
)
 
(333
)
Issuance of common stock
 


 
12

 
 

 
 

 
 

 
 

 
12

 

 
12

Employee benefits trust activity (Note 14)
 
 

 
15

 
 

 
 

 
2

 
 

 
17

 

 
17

Repurchases of common stock (Note 14)
 
 

 
 

 
 

 
(1,140
)
 
 

 
 

 
(1,140
)
 

 
(1,140
)
Cash dividends on common stock (Note 14)
 
 

 
 

 
(718
)
 
 

 
 

 
 

 
(718
)
 

 
(718
)
Distributions to noncontrolling interests
 
 

 
 

 
 

 
 

 
 

 
 

 

 
(30
)
 
(30
)
Stock based awards
 
 

 
(4
)
 
 

 
17

 
 

 
 

 
13

 

 
13

Other shareholder transactions
 
 

 
38

 
 

 
 

 
 

 
 

 
38

 
19

 
57

BALANCE AT DECEMBER 31, 2018
 
$
556

 
$
1,715

 
$
12,917

 
$
(6,028
)
 
$
(5
)
 
$
(1,807
)
 
$
7,348

 
$
911

 
$
8,259


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

68