v3.21.2
CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jul. 04, 2021
Jun. 28, 2020
Jul. 04, 2021
Jun. 28, 2020
Income Statement [Abstract]        
NET SALES (a) (Note 2) [1] $ 6,111 $ 3,852 $ 12,203 $ 8,863
Cost of sales 4,633 2,962 9,239 6,679
GROSS MARGIN 1,478 890 2,964 2,184
OPERATING EXPENSES AND INCOME        
Selling, general and administrative expenses 600 470 1,174 1,016
Research, development and engineering expenses 276 189 536 427
Equity, royalty and interest income from investees (Note 4) 137 115 303 244
Other operating expense, net (4) (10) (12) (15)
OPERATING INCOME 735 336 1,545 970
Interest expense 29 23 57 46
Other income, net 73 49 74 93
INCOME BEFORE INCOME TAXES 779 362 1,562 1,017
Income tax expense (Note 5) 167 93 339 220
CONSOLIDATED NET INCOME 612 269 1,223 797
Less: Net income (loss) attributable to noncontrolling interests 12 (7) 20 10
NET INCOME ATTRIBUTABLE TO CUMMINS INC. $ 600 $ 276 $ 1,203 $ 787
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CUMMINS INC.        
Basic (in dollars per share) $ 4.14 $ 1.87 $ 8.24 $ 5.30
Diluted (in dollars per share) $ 4.10 $ 1.86 $ 8.16 $ 5.29
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING        
Basic (in shares) 145.1 147.6 146.0 148.4
Dilutive effect of stock compensation awards (in shares) 1.4 0.4 1.4 0.4
Diluted (in shares) 146.5 148.0 147.4 148.8
Revenue from Related Parties [1] $ 423 $ 338 $ 901 $ 595
[1] (a) Includes sales to nonconsolidated equity investees of $423 million and $901 million for the three and six months ended July 4, 2021, compared with $338 million and $595 million for the comparable periods in 2020.

Source