v3.20.2
CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 28, 2020
Jun. 30, 2019
Jun. 28, 2020
Jun. 30, 2019
Income Statement [Abstract]        
NET SALES (a) (Note 3) [1] $ 3,852 $ 6,221 $ 8,863 $ 12,225
Cost of sales 2,962 4,580 6,679 9,052
GROSS MARGIN 890 1,641 2,184 3,173
OPERATING EXPENSES AND INCOME        
Selling, general and administrative expenses 470 629 1,016 1,222
Research, development and engineering expenses 189 251 427 488
Equity, royalty and interest income from investees (Note 5) 115 96 244 188
Other operating expense, net (10) (9) (15) (4)
OPERATING INCOME 336 848 970 1,647
Interest income 4 12 11 24
Interest expense 23 29 46 61
Other income, net 45 40 82 106
INCOME BEFORE INCOME TAXES 362 871 1,017 1,716
Income Tax Expense (Benefit) 93 186 220 362
CONSOLIDATED NET INCOME 269 685 797 1,354
Less: Net income attributable to noncontrolling interests (7) 10 10 16
NET INCOME ATTRIBUTABLE TO CUMMINS INC. $ 276 $ 675 $ 787 $ 1,338
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CUMMINS INC.        
Basic (in dollars per share) $ 1.87 $ 4.29 $ 5.30 $ 8.51
Diluted (in dollars per share) $ 1.86 $ 4.27 $ 5.29 $ 8.47
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING        
Basic (in shares) 147.6 157.4 148.4 157.3
Dilutive effect of stock compensation awards (in shares) 0.4 0.6 0.4 0.6
Diluted (in shares) 148.0 158.0 148.8 157.9
Sales to nonconsolidated equity investees $ 338 $ 317 $ 595 $ 602
[1] (a) Includes sales to nonconsolidated equity investees of $338 million and $595 million for the three and six months ended June 28, 2020, compared with $317 million and $602 million for the comparable periods in 2019.

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