2020 Q1 Form 10-Q Financial Statement

#000002617220000019 Filed on April 28, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $5.011B $6.004B
YoY Change -16.54%
Cost Of Revenue $3.717B $4.472B
YoY Change -16.88%
Gross Profit $1.294B $1.532B
YoY Change -15.54%
Gross Profit Margin 25.82% 25.52%
Selling, General & Admin $546.0M $593.0M
YoY Change -7.93%
% of Gross Profit 42.19% 38.71%
Research & Development $238.0M $237.0M
YoY Change 0.42%
% of Gross Profit 18.39% 15.47%
Depreciation & Amortization $168.0M $157.0M
YoY Change 7.01%
% of Gross Profit 12.98% 10.25%
Operating Expenses $784.0M $830.0M
YoY Change -5.54%
Operating Profit $634.0M $799.0M
YoY Change -20.65%
Interest Expense $23.00M $32.00M
YoY Change -28.13%
% of Operating Profit 3.63% 4.01%
Other Income/Expense, Net $44.00M $66.00M
YoY Change -33.33%
Pretax Income $655.0M $845.0M
YoY Change -22.49%
Income Tax $127.0M $176.0M
% Of Pretax Income 19.39% 20.83%
Net Earnings $528.0M $669.0M
YoY Change -21.08%
Net Earnings / Revenue 10.54% 11.14%
Basic Earnings Per Share $3.42 $4.22
Diluted Earnings Per Share $3.41 $4.20
COMMON SHARES
Basic Shares Outstanding 149.3M shares 157.2M shares
Diluted Shares Outstanding 149.7M shares 157.7M shares

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.030B $1.574B
YoY Change 28.97%
Cash & Equivalents $1.691B $1.328B
Short-Term Investments $339.0M $246.0M
Other Short-Term Assets $676.0M $599.0M
YoY Change 12.85%
Inventory $3.579B $3.893B
Prepaid Expenses
Receivables $3.505B $4.025B
Other Receivables $0.00 $0.00
Total Short-Term Assets $9.790B $10.09B
YoY Change -2.98%
LONG-TERM ASSETS
Property, Plant & Equipment $4.128B $4.066B
YoY Change 1.52%
Goodwill $1.283B $1.125B
YoY Change 14.04%
Intangibles $965.0M $895.0M
YoY Change 7.82%
Long-Term Investments $1.304B $1.303B
YoY Change 0.08%
Other Assets $1.617B $1.427B
YoY Change 13.31%
Total Long-Term Assets $10.29B $9.755B
YoY Change 5.44%
TOTAL ASSETS
Total Short-Term Assets $9.790B $10.09B
Total Long-Term Assets $10.29B $9.755B
Total Assets $20.08B $19.85B
YoY Change 1.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.648B $3.018B
YoY Change -12.26%
Accrued Expenses $971.0M $958.0M
YoY Change 1.36%
Deferred Revenue $527.0M
YoY Change
Short-Term Debt $1.738B $779.0M
YoY Change 123.11%
Long-Term Debt Due $33.00M $37.00M
YoY Change -10.81%
Total Short-Term Liabilities $6.982B $6.427B
YoY Change 8.64%
LONG-TERM LIABILITIES
Long-Term Debt $1.580B $1.605B
YoY Change -1.56%
Other Long-Term Liabilities $1.431B $1.188B
YoY Change 20.45%
Total Long-Term Liabilities $1.431B $1.188B
YoY Change 20.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.982B $6.427B
Total Long-Term Liabilities $1.431B $1.188B
Total Liabilities $12.06B $11.12B
YoY Change 8.45%
SHAREHOLDERS EQUITY
Retained Earnings $14.73B $13.40B
YoY Change 9.9%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $7.744B $6.111B
YoY Change 26.72%
Treasury Stock Shares 74.90M shares 64.90M shares
Shareholders Equity $7.068B $7.820B
YoY Change
Total Liabilities & Shareholders Equity $20.08B $19.85B
YoY Change 1.16%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income $528.0M $669.0M
YoY Change -21.08%
Depreciation, Depletion And Amortization $168.0M $157.0M
YoY Change 7.01%
Cash From Operating Activities $379.0M $412.0M
YoY Change -8.01%
INVESTING ACTIVITIES
Capital Expenditures $75.00M $109.0M
YoY Change -31.19%
Acquisitions
YoY Change
Other Investing Activities -$6.000M -$31.00M
YoY Change -80.65%
Cash From Investing Activities -$99.00M -$71.00M
YoY Change 39.44%
FINANCING ACTIVITIES
Cash Dividend Paid $195.0M $179.0M
YoY Change 8.94%
Common Stock Issuance & Retirement, Net $537.0M $100.0M
YoY Change 437.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $234.0M -$347.0M
YoY Change -167.44%
NET CHANGE
Cash From Operating Activities $379.0M $412.0M
Cash From Investing Activities -$99.00M -$71.00M
Cash From Financing Activities $234.0M -$347.0M
Net Change In Cash $562.0M $25.00M
YoY Change 2148.0%
FREE CASH FLOW
Cash From Operating Activities $379.0M $412.0M
Capital Expenditures $75.00M $109.0M
Free Cash Flow $304.0M $303.0M
YoY Change 0.33%

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CY2019Q1 us-gaap Increase Decrease In Accrued Liabilities
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CY2019Q1 us-gaap Other Noncash Income Expense
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CY2019Q1 us-gaap Payments To Acquire Equity Method Investments
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<div style="margin-top:8pt;margin-bottom:8pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;">NOTE 1. NATURE OF OPERATIONS</span></div><div style="margin-top:8pt;margin-bottom:8pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">Cummins Inc. (“Cummins,” “we,” “our” or “us”) was founded in 1919 as Cummins Engine Company, a corporation in Columbus, Indiana, and one of the first diesel engine manufacturers. In 2001, we changed our name to Cummins Inc. We are a global power leader that designs, manufactures, distributes and services diesel, natural gas, electric and hybrid powertrains and powertrain-related components including filtration, aftertreatment, turbochargers, fuel systems, controls systems, air handling systems, automated transmissions, electric power generation systems, batteries, electrified power systems, hydrogen generation and fuel cell products. We sell our products to original equipment manufacturers (OEMs), distributors, dealers and other customers worldwide. We serve our customers through a network of approximately 600 wholly-owned, joint venture and independent distributor locations and over 7,600 Cummins certified dealer locations in more than 190 countries and territories.</span></div>
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P12M
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CY2019Q1 us-gaap Product Warranty Accrual
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CY2020Q1 us-gaap Product Warranty Accrual
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us-gaap Product Liability Accrual Period Expense
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228000000 USD
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CY2019Q4 us-gaap Operating Lease Liability Current
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CY2020Q1 us-gaap Accrued Income Taxes
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CY2019Q4 us-gaap Accrued Income Taxes
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CY2020Q1 us-gaap Operating Lease Liability Noncurrent
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CY2019Q4 us-gaap Operating Lease Liability Noncurrent
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CY2020Q1 us-gaap Tax Cuts And Jobs Act Of2017 Transition Tax For Accumulated Foreign Earnings Liability
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293000000 USD
CY2019Q4 us-gaap Tax Cuts And Jobs Act Of2017 Transition Tax For Accumulated Foreign Earnings Liability
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CY2020Q1 us-gaap Restructuring Reserve
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61000000 USD
CY2020Q1 us-gaap Revenues
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CY2020Q1 us-gaap Investment Income Interest
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7000000 USD
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CY2020Q1 us-gaap Other Depreciation And Amortization
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CY2019Q1 us-gaap Revenues
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CY2019Q1 us-gaap Income Loss From Equity Method Investments
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CY2019Q1 us-gaap Investment Income Interest
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12000000 USD
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1033000000 USD
CY2019Q1 us-gaap Other Depreciation And Amortization
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156000000 USD
CY2019Q1 us-gaap Amortization Of Debt Discount Premium
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846000000 USD
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CY2019Q1 us-gaap Other Depreciation And Amortization
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CY2020Q1 us-gaap Interest Expense
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CY2019Q1 us-gaap Interest Expense
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655000000 USD
CY2019Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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845000000 USD
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