$CMI
CUMMINS INC

2022 Q2 Form 10-Q Financial Statement

#000002617222000046 Filed on August 03, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2021 Q4 2021 Q3
Revenue $6.586B $5.968B $6.111B
YoY Change 8.11% 2.37% 19.4%
Cost Of Revenue $4.860B $4.554B $4.633B
YoY Change 5.51% 1.9% 22.92%
Gross Profit $1.726B $1.414B $1.478B
YoY Change 16.15% 3.89% 9.56%
Gross Profit Margin 26.21% 23.69% 24.19%
Selling, General & Admin $622.0M $571.0M $600.0M
YoY Change 8.36% -0.87% 12.57%
% of Gross Profit 36.04% 40.38% 40.6%
Research & Development $299.0M $266.0M $276.0M
YoY Change 15.0% 224.39% 23.21%
% of Gross Profit 17.32% 18.81% 18.67%
Depreciation & Amortization $167.0M $160.0M $167.0M
YoY Change -1.76% -8.05% 0.6%
% of Gross Profit 9.68% 11.32% 11.3%
Operating Expenses $921.0M $837.0M $876.0M
YoY Change 10.43% -0.12% 15.72%
Operating Profit $897.0M $666.0M $735.0M
YoY Change 10.74% 27.34% 9.7%
Interest Expense $34.00M $28.00M $29.00M
YoY Change 21.43% -70.53% 16.0%
% of Operating Profit 3.79% 4.2% 3.95%
Other Income/Expense, Net -$8.000M $37.00M $73.00M
YoY Change -900.0% 76.19% 78.05%
Pretax Income $855.0M $675.0M $779.0M
YoY Change 9.2% 6.3% 13.56%
Income Tax $148.0M $134.0M $167.0M
% Of Pretax Income 17.31% 19.85% 21.44%
Net Earnings $707.0M $541.0M $612.0M
YoY Change 15.71% 7.98% 21.43%
Net Earnings / Revenue 10.73% 9.07% 10.01%
Basic Earnings Per Share $4.97 $3.72 $4.14
Diluted Earnings Per Share $4.94 $3.69 $4.10
COMMON SHARES
Basic Shares Outstanding 141.2M shares 143.5M shares 145.1M shares
Diluted Shares Outstanding 142.0M shares 144.7M shares 146.5M shares

Balance Sheet

Concept 2022 Q2 2021 Q4 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.998B $3.018B $2.919B
YoY Change -10.64% -21.85% -11.87%
Cash & Equivalents $2.462B $2.592B $2.481B
Short-Term Investments $536.0M $430.0M $438.0M
Other Short-Term Assets $843.0M $828.0M $804.0M
YoY Change 4.72% 4.81% 23.31%
Inventory $4.765B $4.355B $4.076B
Prepaid Expenses
Receivables $4.156B $4.152B $4.132B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $12.76B $12.31B $11.93B
YoY Change 5.28% 3.46% 7.86%
LONG-TERM ASSETS
Property, Plant & Equipment $4.389B $4.422B $4.174B
YoY Change 4.6% 3.92% 2.13%
Goodwill $1.391B $1.287B $1.291B
YoY Change 7.83% -0.46% 0.23%
Intangibles $1.054B $900.0M $942.0M
YoY Change 9.34% -6.54% -4.85%
Long-Term Investments $1.544B $1.543B $1.494B
YoY Change -3.02% 7.08% 5.36%
Other Assets $1.876B $1.766B $1.680B
YoY Change 9.52% 1.9% -1.93%
Total Long-Term Assets $11.72B $11.40B $10.68B
YoY Change 8.07% 6.28% 1.63%
TOTAL ASSETS
Total Short-Term Assets $12.76B $12.31B $11.93B
Total Long-Term Assets $11.72B $11.40B $10.68B
Total Assets $24.48B $23.71B $22.61B
YoY Change 6.6% 4.8% 4.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.405B $3.021B $3.172B
YoY Change 3.84% 7.13% 22.14%
Accrued Expenses $1.221B $1.190B $1.086B
YoY Change 8.92% 7.01% 9.7%
Deferred Revenue $871.0M $855.0M $805.0M
YoY Change 12.68% 23.73% 49.07%
Short-Term Debt $870.0M $285.0M $254.0M
YoY Change 112.2% -42.07% -42.92%
Long-Term Debt Due $65.00M $59.00M $57.00M
YoY Change 6.56% -4.84% -1.72%
Total Short-Term Liabilities $7.671B $7.084B $6.604B
YoY Change 15.18% 11.82% 15.68%
LONG-TERM LIABILITIES
Long-Term Debt $3.490B $3.602B $3.620B
YoY Change -3.59% -0.22% 0.3%
Other Long-Term Liabilities $1.506B $1.508B $1.472B
YoY Change -0.26% -2.58% -6.0%
Total Long-Term Liabilities $1.506B $1.508B $1.472B
YoY Change -0.26% -2.58% -6.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.671B $7.084B $6.604B
Total Long-Term Liabilities $1.506B $1.508B $1.472B
Total Liabilities $14.82B $14.31B $13.82B
YoY Change 6.4% 4.94% 6.87%
SHAREHOLDERS EQUITY
Retained Earnings $17.45B $16.74B $16.23B
YoY Change 10.27% 8.57% 7.34%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $9.439B $9.123B $8.838B
YoY Change 15.5% 17.28% 14.84%
Treasury Stock Shares 81.50M shares 80.00M shares 78.80M shares
Shareholders Equity $8.738B $8.474B $7.866B
YoY Change
Total Liabilities & Shareholders Equity $24.48B $23.71B $22.61B
YoY Change 6.6% 4.8% 4.82%

Cashflow Statement

Concept 2022 Q2 2021 Q4 2021 Q3
OPERATING ACTIVITIES
Net Income $707.0M $541.0M $612.0M
YoY Change 15.71% 7.98% 21.43%
Depreciation, Depletion And Amortization $167.0M $160.0M $167.0M
YoY Change -1.76% -8.05% 0.6%
Cash From Operating Activities $599.0M $569.0M $616.0M
YoY Change 76.7% -50.18% -49.63%
INVESTING ACTIVITIES
Capital Expenditures -$160.0M -$164.0M -$136.0M
YoY Change -283.91% -40.15% 6.25%
Acquisitions
YoY Change
Other Investing Activities -$406.0M $32.00M $15.00M
YoY Change 2036.84% -129.63% -40.0%
Cash From Investing Activities -$566.0M -$132.0M -$121.0M
YoY Change 2164.0% -65.45% 17.48%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $174.0M $672.0M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 106.0M -357.0M -977.0M
YoY Change -114.23% 25.7% -1039.42%
NET CHANGE
Cash From Operating Activities 599.0M 569.0M 616.0M
Cash From Investing Activities -566.0M -132.0M -121.0M
Cash From Financing Activities 106.0M -357.0M -977.0M
Net Change In Cash 139.0M 80.00M -482.0M
YoY Change -131.38% -83.19% -139.38%
FREE CASH FLOW
Cash From Operating Activities $599.0M $569.0M $616.0M
Capital Expenditures -$160.0M -$164.0M -$136.0M
Free Cash Flow $759.0M $733.0M $752.0M
YoY Change 201.19% -48.23% -44.34%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Entity Central Index Key
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dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Year Focus
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2022
dei Document Fiscal Period Focus
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dei Document Quarterly Report
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dei Amendment Flag
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dei Document Type
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dei Document Period End Date
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dei Entity File Number
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dei Entity Registrant Name
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CUMMINS INC.
dei Entity Incorporation State Country Code
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dei Entity Tax Identification Number
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dei Entity Address Address Line1
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500 Jackson Street
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dei Local Phone Number
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dei Security12b Title
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Common stock, $2.50 par value
dei Trading Symbol
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<div style="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">NOTE 1. NATURE OF OPERATIONS AND BASIS OF PRESENTATION</span></div><div style="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Overview</span></div><div style="margin-bottom:8pt;margin-top:8pt"><span style="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 production 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 service network of approximately 500 wholly-owned, joint venture and independent distributor locations and more than 10,000 Cummins certified dealer locations in approximately 190 countries and territories.</span></div><div style="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Reporting Period</span></div><div style="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Beginning in 2022, we transitioned to a Gregorian calendar with our reporting period ending on the last day of the quarterly calendar period. In 2021 and prior, our reporting period ended on the Sunday closest to the last day of the quarterly calendar period. The second quarters of 2022 and 2021 ended on June 30 and July 4, respectively. Our fiscal year ends on December 31, regardless of the day of the week on which December 31 falls.</span></div><div style="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Interim Condensed Financial Statements</span></div><div style="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The unaudited </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Condensed Consolidated Financial Statements</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> reflect all adjustments which, in the opinion of management, are necessary for a fair statement of the results of operations, financial position and cash flows. All such adjustments are of a normal recurring nature. The </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Condensed Consolidated Financial Statements</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> were prepared in accordance with accounting principles in the United States of America (GAAP) pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) for interim financial information. Certain information and footnote disclosures normally included in annual financial statements were condensed or omitted as permitted by such rules and regulations. </span></div><div style="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">These interim condensed financial statements should be read in conjunction with the </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Consolidated Financial Statements</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> included in our </span><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/26172/000002617222000008/cmi-20211231.htm" style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Annual Report on Form 10-K for the year ended December 31, 2021</a></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. Our interim period financial results for the three and six month periods presented are not necessarily indicative of results to be expected for any other interim period or for the entire year. The year-end </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Condensed Consolidated Balance Sheet</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> data was derived from audited financial statements but does not include all required annual disclosures.</span></div><div style="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Reclassifications</span></div><div style="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain amounts for prior year periods were reclassified to conform to the current year presentation.</span></div><div style="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates in Preparation of Financial Statements</span></div><div style="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Preparation of financial statements requires management to make estimates and assumptions that affect reported amounts presented and disclosed in our </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Condensed Consolidated Financial Statements</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. Significant estimates and assumptions in these </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Condensed Consolidated Financial Statements </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">require the exercise of judgment. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may be different from these estimates.</span></div><div style="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Weighted-Average Diluted Shares Outstanding </span></div><div style="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The weighted-average diluted common shares outstanding exclude the anti-dilutive effect of certain stock options. The options excluded from diluted earnings per share were as follows:</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:63.750%"><tr><td style="width:1.0%"/><td style="width:25.697%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.329%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.889%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.547%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.889%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.329%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.889%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.331%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:1pt;font-weight:700;line-height:100%"> </span></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Three months ended</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Six months ended</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:1pt;font-weight:700;line-height:100%"> </span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">June 30,<br/>2022</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">July 4,<br/>2021</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">June 30,<br/>2022</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">July 4,<br/>2021</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Options excluded</span></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">33,100</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,137 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">26,782</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 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