$CMI
CUMMINS INC

2020 Q3 Form 10-Q Financial Statement

#000002617220000054 Filed on October 27, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q3
Revenue $5.118B $5.768B
YoY Change -11.27% -2.94%
Cost Of Revenue $3.769B $4.274B
YoY Change -11.82% -2.69%
Gross Profit $1.349B $1.494B
YoY Change -9.71% -3.68%
Gross Profit Margin 26.36% 25.9%
Selling, General & Admin $533.0M $600.0M
YoY Change -11.17% -0.66%
% of Gross Profit 39.51% 40.16%
Research & Development $224.0M $242.0M
YoY Change -7.44% 5.68%
% of Gross Profit 16.6% 16.2%
Depreciation & Amortization $166.0M $178.0M
YoY Change -6.74% 15.58%
% of Gross Profit 12.31% 11.91%
Operating Expenses $757.0M $842.0M
YoY Change -10.1% 1.08%
Operating Profit $670.0M $699.0M
YoY Change -4.15% -12.95%
Interest Expense $25.00M $26.00M
YoY Change -3.85% -13.33%
% of Operating Profit 3.73% 3.72%
Other Income/Expense, Net $41.00M $68.00M
YoY Change -39.71% 195.65%
Pretax Income $686.0M $755.0M
YoY Change -9.14% -6.21%
Income Tax $182.0M $139.0M
% Of Pretax Income 26.53% 18.41%
Net Earnings $504.0M $616.0M
YoY Change -18.18% -11.75%
Net Earnings / Revenue 9.85% 10.68%
Basic Earnings Per Share $3.39 $3.99
Diluted Earnings Per Share $3.36 $3.97
COMMON SHARES
Basic Shares Outstanding 147.9M shares 155.9M shares
Diluted Shares Outstanding 148.9M shares 156.6M shares

Balance Sheet

Concept 2020 Q3 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.312B $1.863B
YoY Change 77.78% 21.61%
Cash & Equivalents $2.967B $1.560B
Short-Term Investments $345.0M $303.0M
Other Short-Term Assets $652.0M $610.0M
YoY Change 6.89% -6.01%
Inventory $3.470B $3.821B
Prepaid Expenses
Receivables $3.628B $3.934B
Other Receivables $0.00 $0.00
Total Short-Term Assets $11.06B $10.23B
YoY Change 8.15% 3.7%
LONG-TERM ASSETS
Property, Plant & Equipment $4.087B $4.056B
YoY Change 0.76% 4.81%
Goodwill $1.288B $1.288B
YoY Change 0.0% 16.04%
Intangibles $990.0M $1.022B
YoY Change -3.13% 7.58%
Long-Term Investments $1.418B $1.250B
YoY Change 13.44% -4.07%
Other Assets $1.713B $1.532B
YoY Change 11.81% 66.16%
Total Long-Term Assets $10.51B $10.12B
YoY Change 3.83% 10.83%
TOTAL ASSETS
Total Short-Term Assets $11.06B $10.23B
Total Long-Term Assets $10.51B $10.12B
Total Assets $21.57B $20.35B
YoY Change 6.01% 7.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.597B $2.830B
YoY Change -8.23% -5.03%
Accrued Expenses $990.0M $997.0M
YoY Change -0.7% 19.54%
Deferred Revenue $540.0M $545.0M
YoY Change -0.92%
Short-Term Debt $445.0M $1.005B
YoY Change -55.72% 17.27%
Long-Term Debt Due $58.00M $37.00M
YoY Change 56.76% -9.76%
Total Short-Term Liabilities $5.709B $6.725B
YoY Change -15.11% 4.82%
LONG-TERM LIABILITIES
Long-Term Debt $3.609B $1.619B
YoY Change 122.92% 4.05%
Other Long-Term Liabilities $1.566B $1.314B
YoY Change 19.18% 716.15%
Total Long-Term Liabilities $1.566B $1.314B
YoY Change 19.18% 716.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.709B $6.725B
Total Long-Term Liabilities $1.566B $1.314B
Total Liabilities $12.93B $11.59B
YoY Change 11.51% 6.05%
SHAREHOLDERS EQUITY
Retained Earnings $15.12B $14.32B
YoY Change 5.61% 14.35%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $7.696B $6.784B
YoY Change 13.44% 19.56%
Treasury Stock Shares 74.40M shares 69.20M shares
Shareholders Equity $7.700B $7.810B
YoY Change
Total Liabilities & Shareholders Equity $21.57B $20.35B
YoY Change 6.01% 7.13%

Cashflow Statement

Concept 2020 Q3 2019 Q3
OPERATING ACTIVITIES
Net Income $504.0M $616.0M
YoY Change -18.18% -11.75%
Depreciation, Depletion And Amortization $166.0M $178.0M
YoY Change -6.74% 15.58%
Cash From Operating Activities $1.223B $1.123B
YoY Change 8.9% 90.34%
INVESTING ACTIVITIES
Capital Expenditures -$128.0M -$169.0M
YoY Change -24.26% 26.12%
Acquisitions
YoY Change
Other Investing Activities $25.00M -$249.0M
YoY Change -110.04% 277.27%
Cash From Investing Activities -$103.0M -$418.0M
YoY Change -75.36% 109.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 104.0M -487.0M
YoY Change -121.36% 142.29%
NET CHANGE
Cash From Operating Activities 1.223B 1.123B
Cash From Investing Activities -103.0M -418.0M
Cash From Financing Activities 104.0M -487.0M
Net Change In Cash 1.224B 218.0M
YoY Change 461.47% 15.34%
FREE CASH FLOW
Cash From Operating Activities $1.223B $1.123B
Capital Expenditures -$128.0M -$169.0M
Free Cash Flow $1.351B $1.292B
YoY Change 4.57% 78.45%

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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