v3.22.2.2
CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2022
Oct. 03, 2021
Sep. 30, 2022
Oct. 03, 2021
Income Statement [Abstract]        
NET SALES (a) (Note 2) [1] $ 7,333 $ 5,968 $ 20,304 $ 18,171
Cost of sales (Note 3) 5,691 4,554 15,404 13,793
GROSS MARGIN 1,642 1,414 4,900 4,378
OPERATING EXPENSES AND INCOME        
Selling, general and administrative expenses 708 571 1,945 1,745
Research, development and engineering expenses 348 266 945 802
Equity, royalty and interest income from investees 70 94 261 397
Other operating expense, net (Note 3) 30 5 144 17
OPERATING INCOME 626 666 2,127 2,211
Interest expense 61 28 112 85
Other income, net 43 37 26 111
INCOME BEFORE INCOME TAXES 608 675 2,041 2,237
Income tax expense (Note 6) 199 134 502 473
CONSOLIDATED NET INCOME 409 541 1,539 1,764
Less: Net income attributable to noncontrolling interests 9 7 19 27
NET INCOME ATTRIBUTABLE TO CUMMINS INC. $ 400 $ 534 $ 1,520 $ 1,737
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CUMMINS INC.        
Basic (in dollars per share) $ 2.83 $ 3.72 $ 10.74 $ 11.96
Diluted (in dollars per share) $ 2.82 $ 3.69 $ 10.68 $ 11.86
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING        
Basic (in shares) 141.1 143.5 141.5 145.2
Dilutive effect of stock compensation awards (in shares) 0.9 1.2 0.8 1.3
Diluted (in shares) 142.0 144.7 142.3 146.5
Revenue from Related Parties [1] $ 295 $ 385 $ 920 $ 1,286
[1] (a) Includes sales to nonconsolidated equity investees of $295 million and $920 million for the three and nine months ended September 30, 2022, compared with $385 million and $1,286 million for the comparable periods in 2021.

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