$CMI
CUMMINS INC

2020 Q2 Form 10-Q Financial Statement

#000002617220000042 Filed on July 28, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $3.852B $6.221B
YoY Change -38.08% 11.69%
Cost Of Revenue $2.962B $4.580B
YoY Change -35.33% 4.81%
Gross Profit $890.0M $1.641B
YoY Change -45.76% 36.75%
Gross Profit Margin 23.1% 26.38%
Selling, General & Admin $470.0M $629.0M
YoY Change -25.28% 9.01%
% of Gross Profit 52.81% 38.33%
Research & Development $189.0M $251.0M
YoY Change -24.7% 19.52%
% of Gross Profit 21.24% 15.3%
Depreciation & Amortization $165.0M $158.0M
YoY Change 4.43% 2.6%
% of Gross Profit 18.54% 9.63%
Operating Expenses $659.0M $880.0M
YoY Change -25.11% 11.82%
Operating Profit $336.0M $848.0M
YoY Change -60.38% 60.0%
Interest Expense $23.00M $29.00M
YoY Change -20.69% 20.83%
% of Operating Profit 6.85% 3.42%
Other Income/Expense, Net $49.00M $40.00M
YoY Change 22.5% 300.0%
Pretax Income $362.0M $871.0M
YoY Change -58.44% 66.54%
Income Tax $93.00M $186.0M
% Of Pretax Income 25.69% 21.35%
Net Earnings $269.0M $685.0M
YoY Change -60.73% 110.77%
Net Earnings / Revenue 6.98% 11.01%
Basic Earnings Per Share $1.87 $4.29
Diluted Earnings Per Share $1.86 $4.27
COMMON SHARES
Basic Shares Outstanding 147.6M shares 157.4M shares
Diluted Shares Outstanding 148.0M shares 158.0M shares

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.104B $1.732B
YoY Change 21.48% 24.87%
Cash & Equivalents $1.751B $1.397B
Short-Term Investments $353.0M $335.0M
Other Short-Term Assets $634.0M $643.0M
YoY Change -1.4% 15.23%
Inventory $3.655B $3.896B
Prepaid Expenses
Receivables $3.441B $4.179B
Other Receivables $0.00 $0.00
Total Short-Term Assets $9.834B $10.45B
YoY Change -5.89% 13.57%
LONG-TERM ASSETS
Property, Plant & Equipment $4.067B $4.077B
YoY Change -0.25% 4.75%
Goodwill $1.284B $1.125B
YoY Change 14.13% 3.69%
Intangibles $1.017B $901.0M
YoY Change 12.87% -6.15%
Long-Term Investments $1.362B $1.274B
YoY Change 6.91% -1.09%
Other Assets $1.752B $1.467B
YoY Change 19.43% 61.56%
Total Long-Term Assets $10.48B $9.804B
YoY Change 6.9% 6.67%
TOTAL ASSETS
Total Short-Term Assets $9.834B $10.45B
Total Long-Term Assets $10.48B $9.804B
Total Assets $20.31B $20.25B
YoY Change 0.3% 10.12%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.281B $2.991B
YoY Change -23.74% 4.8%
Accrued Expenses $920.0M $920.0M
YoY Change 0.0% -48.4%
Deferred Revenue $523.0M
YoY Change
Short-Term Debt $2.136B $553.0M
YoY Change 286.26% -14.79%
Long-Term Debt Due $66.00M $46.00M
YoY Change 43.48% -19.3%
Total Short-Term Liabilities $6.916B $6.289B
YoY Change 9.97% 7.84%
LONG-TERM LIABILITIES
Long-Term Debt $1.639B $1.624B
YoY Change 0.92% 3.37%
Other Long-Term Liabilities $1.586B $1.234B
YoY Change 28.53% -54.18%
Total Long-Term Liabilities $1.586B $1.234B
YoY Change 28.53% -71.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.916B $6.289B
Total Long-Term Liabilities $1.586B $1.234B
Total Liabilities $12.18B $11.06B
YoY Change 10.18% 9.53%
SHAREHOLDERS EQUITY
Retained Earnings $14.81B $13.90B
YoY Change 6.58% 19.38%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $7.729B $6.082B
YoY Change 27.08% 20.17%
Treasury Stock Shares 74.80M shares 64.60M shares
Shareholders Equity $7.192B $8.278B
YoY Change
Total Liabilities & Shareholders Equity $20.31B $20.25B
YoY Change 0.3% 10.12%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income $269.0M $685.0M
YoY Change -60.73% 110.77%
Depreciation, Depletion And Amortization $165.0M $158.0M
YoY Change 4.43% 2.6%
Cash From Operating Activities -$22.00M $808.0M
YoY Change -102.72% -790.6%
INVESTING ACTIVITIES
Capital Expenditures -$90.00M -$147.0M
YoY Change -38.78% -304.17%
Acquisitions
YoY Change
Other Investing Activities -$45.00M -$193.0M
YoY Change -76.68% 672.0%
Cash From Investing Activities -$135.0M -$340.0M
YoY Change -60.29% 844.44%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 226.0M -364.0M
YoY Change -162.09% 600.0%
NET CHANGE
Cash From Operating Activities -22.00M 808.0M
Cash From Investing Activities -135.0M -340.0M
Cash From Financing Activities 226.0M -364.0M
Net Change In Cash 69.00M 104.0M
YoY Change -33.65% -188.89%
FREE CASH FLOW
Cash From Operating Activities -$22.00M $808.0M
Capital Expenditures -$90.00M -$147.0M
Free Cash Flow $68.00M $955.0M
YoY Change -92.88% -605.29%

Facts In Submission

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CUMMINS INC.
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500 Jackson Street
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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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