UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549


FORM 8-K
 
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report:  April 28, 2015
 
  CUMMINS INC.
(Exact name of registrant as specified in its charter)
Indiana
(State or other Jurisdiction of
Incorporation)
1-4949
 (Commission File Number)
35-0257090
 (I.R.S. Employer Identification No.)

500 Jackson Street
P. O. Box 3005
Columbus, IN  47202-3005
(Principal Executive Office)  (Zip Code)

Registrant's telephone number, including area code:  (812) 377-5000
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
[ ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
[ ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
[ ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
[ ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
  
 



Item 2.02. Results of Operations and Financial Condition.
 
On April 28, 2015, Cummins Inc. (“Cummins,” “the Company,” “the registrant,” “we,” “our,” or “us”) issued the attached press release reporting its financial results for the first quarter of 2015, which is furnished herewith as Exhibit 99.

The information furnished pursuant to this Item 2.02, including Exhibit 99, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Exchange Act.


 Item 9.01. Financial Statements and Exhibits.
 
(d)
The following exhibit is furnished pursuant to Item 2.02 herewith: 
99-Press Release dated April 28, 2015


SIGNATURE

 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Date: April 28, 2015
 
CUMMINS INC.
 /s/ Marsha L. Hunt
Marsha L. Hunt
Vice President - Corporate Controller
(Principal Accounting Officer)

 


CUMMINS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited) (a)



 
 
Three months ended
In millions, except per share amounts
 
March 29, 2015
 
March 30, 2014
NET SALES
 
$
4,709

 
$
4,406

Cost of sales
 
3,514

 
3,307

GROSS MARGIN
 
1,195

 
1,099

 
 
 
 
 
OPERATING EXPENSES AND INCOME
 
 
 
 
Selling, general and administrative expenses
 
517

 
485

Research, development and engineering expenses
 
195

 
190

Equity, royalty and interest income from investees
 
68

 
90

Other operating income (expense), net
 
(3
)
 
(1
)
OPERATING INCOME
 
548

 
513

 
 
 
 
 
Interest income
 
5

 
5

Interest expense
 
14

 
17

Other income, net
 
9

 
10

INCOME BEFORE INCOME TAXES
 
548

 
511

 
 
 
 
 
Income tax expense
 
144

 
153

CONSOLIDATED NET INCOME
 
404

 
358

 
 
 
 
 
Less: Net income attributable to noncontrolling interests
 
17

 
20

NET INCOME ATTRIBUTABLE TO CUMMINS INC.
 
$
387

 
$
338

 
 
 
 
 
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CUMMINS INC.
 
 
 
 
Basic
 
$
2.14

 
$
1.83

Diluted
 
$
2.14

 
$
1.83

 
 
 
 
 
WEIGHTED AVERAGE SHARES OUTSTANDING
 
 

 
 
Basic
 
180.6

 
184.3

Diluted
 
181.0

 
184.7

 
 
 
 
 
CASH DIVIDENDS DECLARED PER COMMON SHARE
 
$
0.78

 
$
0.625

___________________________________________________________
(a)  Prepared on an unaudited basis in accordance with accounting principles generally accepted in the United States of America.





 


CUMMINS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited) (a)


In millions, except par value
 
March 29, 2015
 
December 31, 2014
ASSETS
 
 
 
 
Current assets
 
 
 
 
Cash and cash equivalents
 
$
1,997

 
$
2,301

Marketable securities
 
115

 
93

Total cash, cash equivalents and marketable securities
 
2,112

 
2,394

Accounts and notes receivable, net
 
3,240

 
2,946

Inventories
 
2,936

 
2,866

Prepaid expenses and other current assets
 
712

 
849

Total current assets
 
9,000

 
9,055

Long-term assets
 
 
 
 
Property, plant and equipment
 
7,046

 
7,123

Accumulated depreciation
 
(3,409
)
 
(3,437
)
Property, plant and equipment, net
 
3,637

 
3,686

Investments and advances related to equity method investees
 
968

 
981

Goodwill
 
470

 
479

Other intangible assets, net
 
340

 
343

Prepaid pensions
 
714

 
637

Other assets
 
607

 
595

Total assets
 
$
15,736

 
$
15,776

 
 
 
 
 
LIABILITIES
 
 
 
 
Current liabilities
 
 
 
 
Loans payable
 
$
71

 
$
86

Accounts payable (principally trade)
 
2,013

 
1,881

Current maturities of long-term debt
 
33

 
23

Current portion of accrued product warranty
 
379

 
363

Accrued compensation, benefits and retirement costs
 
390

 
508

Deferred revenue
 
393

 
401

Other accrued expenses
 
778

 
759

Total current liabilities
 
4,057

 
4,021

Long-term liabilities
 
 
 
 
Long-term debt
 
1,602

 
1,589

Pensions
 
290

 
289

Postretirement benefits other than pensions
 
359

 
369

Other liabilities and deferred revenue
 
1,359

 
1,415

Total liabilities
 
$
7,667

 
$
7,683

 
 
 
 
 
EQUITY
 
 
 
 
Cummins Inc. shareholders’ equity
 
 
 
 
Common stock, $2.50 par value, 500 shares authorized, 222.3 and 222.3 shares issued
 
$
2,146

 
$
2,139

Retained earnings
 
9,792

 
9,545

Treasury stock, at cost, 41.0 and 40.1 shares
 
(2,975
)
 
(2,844
)
Common stock held by employee benefits trust, at cost, 1.0 and 1.1 shares
 
(12
)
 
(13
)
Accumulated other comprehensive loss
 
(1,245
)
 
(1,078
)
Total Cummins Inc. shareholders’ equity
 
7,706

 
7,749

Noncontrolling interests
 
363

 
344

Total equity
 
$
8,069

 
$
8,093

Total liabilities and equity
 
$
15,736

 
$
15,776

___________________________________________________________
(a)  Prepared on an unaudited basis in accordance with accounting principles generally accepted in the United States of America.



CUMMINS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) (a)



 
 
Three months ended
In millions
 
March 29, 2015
 
March 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
 
 
 
 
Consolidated net income
 
$
404

 
$
358

Adjustments to reconcile consolidated net income to net cash provided by operating activities
 
 
 
 
Depreciation and amortization
 
128

 
105

Deferred income taxes
 
(1
)
 
22

Equity in income of investees, net of dividends
 
(53
)
 
(52
)
Pension contributions in excess of expense
 
(96
)
 
(100
)
Other post-retirement benefits payments in excess of expense
 
(8
)
 
(8
)
Stock-based compensation expense
 
5

 
10

Translation and hedging activities
 
7

 
(3
)
Changes in current assets and liabilities, net of acquisitions
 
 
 
 
Accounts and notes receivable
 
(276
)
 
(232
)
Inventories
 
(98
)
 
(135
)
Other current assets
 
20

 
2

Accounts payable
 
147

 
302

Accrued expenses
 
(35
)
 
(95
)
Changes in other liabilities and deferred revenue
 
59

 
50

Other, net
 
(30
)
 
39

Net cash provided by operating activities
 
173

 
263

 
 
 
 
 
CASH FLOWS FROM INVESTING ACTIVITIES
 
 
 
 
Capital expenditures
 
(100
)
 
(107
)
Investments in internal use software
 
(8
)
 
(14
)
Investments in and advances to equity investees
 
10

 
(6
)
Acquisitions of businesses, net of cash acquired
 
(11
)
 
(90
)
Investments in marketable securities—acquisitions
 
(95
)
 
(84
)
Investments in marketable securities—liquidations
 
71

 
108

Cash flows from derivatives not designated as hedges
 
4

 
5

Other, net
 
4

 
1

Net cash used in investing activities
 
(125
)
 
(187
)
 
 
 
 
 
CASH FLOWS FROM FINANCING ACTIVITIES
 
 
 
 
Proceeds from borrowings
 
2

 
7

Payments on borrowings and capital lease obligations
 
(18
)
 
(25
)
Distributions to noncontrolling interests
 
(1
)
 
(13
)
Dividend payments on common stock
 
(140
)
 
(115
)
Repurchases of common stock
 
(137
)
 
(419
)
Other, net
 
(2
)
 
(37
)
Net cash used in financing activities
 
(296
)
 
(602
)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
 
(56
)
 
5

Net decrease in cash and cash equivalents
 
(304
)
 
(521
)
Cash and cash equivalents at beginning of year
 
2,301

 
2,699

CASH AND CASH EQUIVALENTS AT END OF PERIOD
 
$
1,997

 
$
2,178

___________________________________________________________
(a)  Prepared on an unaudited basis in accordance with accounting principles generally accepted in the United States of America.



CUMMINS INC. AND SUBSIDIARIES
SEGMENT INFORMATION
(Unaudited)

                                                  
 
In millions
 
Engine
 
Distribution
 
Components
 
Power Generation
 
Non-segment
Items (1)
 
Total
 
Three months ended March 29, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
External sales
 
$
1,889

 
$
1,469

 
$
931

 
$
420

 
$
—

 
$
4,709

 
Intersegment sales
 
707

 
7

 
368

 
260

 
(1,342
)
 
—

 
Total sales
 
2,596

 
1,476

 
1,299

 
680

 
(1,342
)
 
4,709

 
Depreciation and amortization(2)
 
58

 
27

 
26

 
16

 
—

 
127

 
Research, development and engineering expenses
 
114

 
3

 
61

 
17

 
—

 
195

 
Equity, royalty and interest income from investees
 
30

 
20

 
9

 
9

 
—

 
68

 
Interest income
 
2

 
1

 
1

 
1

 
—

 
5

 
Segment EBIT
 
253

 
88

 
195

 
49

 
(23
)
 
562

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Segment EBIT as a percentage of total sales
 
9.7
%
 
6.0
%
 
15.0
%
 
7.2
%
 
 
 
11.9
%
 
 
 

 
 
 
 
 
 
 
 
 
 
 
Three months ended March 30, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
External sales
 
$
2,090

 
$
942

 
$
922

 
$
452

 
$
—

 
$
4,406

 
Intersegment sales
 
473

 
8

 
308

 
187

 
(976
)
 
—

 
Total sales
 
2,563

 
950

 
1,230

 
639

 
(976
)
 
4,406

 
Depreciation and amortization(2)
 
51

 
16

 
26

 
12

 
—

 
105

 
Research, development and engineering expenses
 
116

 
2

 
53

 
19

 
—

 
190

 
Equity, royalty and interest income from investees
 
32

 
41

 
9

 
8

 
—

 
90

 
Interest income
 
2

 
1

 
1

 
1

 
—

 
5

 
Segment EBIT
 
269

 
76

(3) 
167

 
25

 
(9
)
 
528

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Segment EBIT as a percentage of total sales
 
10.5
%
 
8.0
%
 
13.6
%
 
3.9
%
 
 
 
12.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1
)
Includes intersegment sales and profit in inventory eliminations and unallocated corporate expenses. There were no significant unallocated corporate expenses for the three months ended March 29, 2015 and March 30, 2014.
(2
)
Depreciation and amortization as shown on a segment basis excludes the amortization of debt discount and deferred costs included in the Condensed Consolidated Statements of Income as "Interest expense." The amortization of debt discount and deferred costs were $1 million and less than a million for the three months ended March 29, 2015 and March 30, 2014, respectively.
(3
)
Distribution segment EBIT included a gain of $6 million on the fair value adjustment resulting from the acquisition of a controlling interest in a North American distributor for the three months ended March 30, 2014.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
A reconciliation of our segment information to the corresponding amounts in the Condensed Consolidated Statements of Income is shown in the table below:
 
 
 
Three months ended
In millions
 
March 29, 2015
 
March 30, 2014
Total EBIT
 
$
562

 
$
528

Less: Interest expense
 
14

 
17

Income before income taxes
 
$
548

 
$
511



CUMMINS INC. AND SUBSIDIARIES
SELECTED FOOTNOTE DATA
(Unaudited)




NOTE 1.  EQUITY, ROYALTY AND INTEREST INCOME FROM INVESTEES

Equity, royalty and interest income from investees included in our Condensed Consolidated Statements of Income for the reporting periods was as follows:
 
 
Three months ended
In millions
 
March 29, 2015
 
March 30, 2014
Distribution Entities
 
 
 
 
North American distributors
 
$
10

 
$
32

Komatsu Cummins Chile, Ltda.
 
7

 
6

All other distributors
 
1

 
1

Manufacturing Entities
 
 

 
 
Dongfeng Cummins Engine Company, Ltd.
 
14

 
14

Chongqing Cummins Engine Company, Ltd.
 
12

 
11

Beijing Foton Cummins Engine Co., Ltd. (Light-duty)
 
8

 
6

Beijing Foton Cummins Engine Co., Ltd. (Heavy-duty)
 
(1
)
 
(6
)
All other manufacturers
 
7

 
15

Cummins share of net income
 
58

 
79

Royalty and interest income
 
10

 
11

Equity, royalty and interest income from investees
 
$
68

 
$
90

 
NOTE 2.  INCOME TAXES

The effective tax rate for the three month period ended March 29, 2015, was 26.3 percent. This tax rate included an $18 million discrete tax benefit to reflect the release of reserves for uncertain tax positions related to a favorable federal audit settlement.


CUMMINS INC. AND SUBSIDIARIES
FINANCIAL MEASURES THAT SUPPLEMENT GAAP
(Unaudited)

Net income and diluted earnings per share (EPS) attributable to Cummins Inc. excluding special items

We believe this is a useful measure of our operating performance for the periods presented as it illustrates our operating performance without regard to special items including tax adjustments. This measure is not in accordance with, or an alternative for, accounting principles generally accepted in the United States of America (GAAP) and may not be consistent with measures used by other companies. It should be considered supplemental data. The following table reconciles net income attributable to Cummins Inc. to net income attributable to Cummins Inc. excluding special items for the following periods:
 
 
 
Three months ended
 
 
 
March 29, 2015
 
March 30, 2014
In millions
 
Net Income
 
Diluted EPS
 
Net Income
 
Diluted EPS
Net income attributable to Cummins Inc.
 
$
387

 
$
2.14

 
$
338

 
$
1.83

Less
 
 

 
 

 
 

 
 

Tax benefit
 
18

 
0.10

 
—

 
—

Net income attributable to Cummins Inc. excluding special items
 
$
369

 
$
2.04

 
$
338

 
$
1.83




CUMMINS INC. AND SUBSIDIARIES
FINANCIAL MEASURES THAT SUPPLEMENT GAAP
(Unaudited)

Earnings before interest, taxes and noncontrolling interests
 
We define EBIT as earnings before interest expense, income tax expense and noncontrolling interests in income of consolidated subsidiaries (EBIT). We use EBIT to assess and measure the performance of our operating segments and also as a component in measuring our variable compensation programs. This measure is not in accordance with, or an alternative for, GAAP and may not be consistent with measures used by other companies. It should be considered supplemental data. Below is a reconciliation of EBIT to “Net income attributable to Cummins Inc.,” for each of the applicable periods:
 
 
Three months ended
In millions
 
March 29, 2015
 
March 30, 2014
Earnings before interest expense and income taxes
 
$
562

 
$
528

 
 
 
 
 
EBIT as a percentage of net sales
 
11.9
%
 
12.0
%
 
 
 
 
 
Less
 
 
 
 
Interest expense
 
14

 
17

Income tax expense
 
144

 
153

Consolidated net income
 
404

 
358

 
 
 
 
 
Less
 
 
 
 
Net income attributable to noncontrolling interests
 
17

 
20

Net income attributable to Cummins Inc.
 
$
387

 
$
338

 
 
 
 
 
Net income attributable to Cummins Inc. as a percentage of net sales
 
8.2
%
 
7.7
%



CUMMINS INC. AND SUBSIDIARIES
BUSINESS UNIT SALES DATA
(Unaudited)


Engine Segment Net Sales by Market
In the first quarter of 2015, our Engine segment reorganized its reporting structure to include the following markets: heavy-duty truck, medium-duty truck and bus, light-duty automotive (pickup and light commercial vehicle), industrial and stationary power. Sales by market for our Engine segment by business (including 2014 and 2013 reorganized balances) were as follows:
2015
 
 
 
 
 
 
 
 
 
 
In millions
 
Q1
 
Q2
 
Q3
 
Q4
 
YTD
Heavy-duty truck
 
$
757

 
$
—

 
$
—

 
$
—

 
$
757

Medium-duty truck and bus
 
608

 
—

 
—

 
—

 
608

Light-duty automotive
 
381

 
—

 
—

 
—

 
381

Industrial
 
616

 
—

 
—

 
—

 
616

Stationary power
 
234

 
—

 
—

 
—

 
234

Total sales
 
$
2,596

 
$
—

 
$
—

 
$
—

 
$
2,596

 
 
 
 
 
 
 
 
 
 
 
2014
 
 
 
 
 
 
 
 
 
 
In millions
 
Q1
 
Q2
 
Q3
 
Q4
 
YTD
Heavy-duty truck
 
$
718

 
$
769

 
$
801

 
$
784

 
$
3,072

Medium-duty truck and bus
 
575

 
605

 
599

 
652

 
2,431

Light-duty automotive
 
391

 
392

 
396

 
388

 
1,567

Industrial
 
669

 
739

 
768

 
775

 
2,951

Stationary power
 
210

 
239

 
252

 
240

 
941

Total sales
 
$
2,563

 
$
2,744

 
$
2,816

 
$
2,839

 
$
10,962

 
 
 
 
 
 
 
 
 
 
 
2013
 
 
 
 
 
 
 
 
 
 
In millions
 
YTD
 
 
 
 
 
 
 
 
Heavy-duty truck
 
$
2,618

 
 
 
 
 
 
 
 
Medium-duty truck and bus
 
2,064

 
 
 
 
 
 
 
 
Light-duty automotive
 
1,465

 
 
 
 
 
 
 
 
Industrial
 
2,921

 
 
 
 
 
 
 
 
Stationary power
 
945

 
 
 
 
 
 
 
 
Total sales
 
$
10,013

 
 
 
 
 
 
 
 
 
Unit shipments by engine classification (including unit shipments to Power Generation):
2015
 
 
 
 
 
 
 
 
 
 
Units
 
Q1
 
Q2
 
Q3
 
Q4
 
YTD
Midrange
 
112,400

 
—

 
—

 
—

 
112,400

Heavy-duty
 
28,700

 
—

 
—

 
—

 
28,700

High-horsepower
 
3,500

 
—

 
—

 
—

 
3,500

Total units
 
144,600

 
—

 
—

 
—

 
144,600

 
 
 
 
 
 
 
 
 
 
 
2014
 
 
 
 
 
 
 
 
 
 
Units
 
Q1
 
Q2
 
Q3
 
Q4
 
YTD
Midrange
 
118,900

 
118,700

 
117,700

 
115,900

 
471,200

Heavy-duty
 
28,800

 
30,300

 
32,300

 
30,700

 
122,100

High-horsepower
 
3,400

 
3,900

 
3,900

 
3,600

 
14,800

Total units
 
151,100

 
152,900

 
153,900

 
150,200

 
608,100










CUMMINS INC. AND SUBSIDIARIES
BUSINESS UNIT SALES DATA
(Unaudited)


Distribution Segment Sales by Business
2015
 
 
 
 
 
 
 
 
 
 
In millions
 
Q1
 
Q2
 
Q3
 
Q4
 
YTD
Parts and filtration
 
$
573

 
$
—

 
$
—

 
$
—

 
$
573

Engines
 
321

 
—

 
—

 
—

 
321

Power generation
 
298

 
—

 
—

 
—

 
298

Service
 
284

 
—

 
—

 
—

 
284

Total sales
 
$
1,476

 
$
—

 
$
—

 
$
—

 
$
1,476

 
 
 
 
 
 
 
 
 
 
 
2014
 
 
 
 
 
 
 
 
 
 
In millions
 
Q1
 
Q2
 
Q3
 
Q4
 
YTD
Parts and filtration
 
$
382

 
$
461

 
$
491

 
$
590

 
$
1,924

Engines
 
174

 
249

 
270

 
368

 
1,061

Power generation
 
193

 
278

 
279

 
413

 
1,163

Service
 
201

 
250

 
252

 
323

 
1,026

Total sales
 
$
950

 
$
1,238

 
$
1,292

 
$
1,694

 
$
5,174


Component Segment Sales by Business
2015
 
 
 
 
 
 
 
 
 
 
In millions
 
Q1
 
Q2
 
Q3
 
Q4
 
YTD
Emission solutions
 
$
613

 
$
—

 
$
—

 
$
—

 
$
613

Turbo technologies
 
301

 
—

 
—

 
—

 
301

Filtration
 
255

 
—

 
—

 
—

 
255

Fuel systems
 
130

 
—

 
—

 
—

 
130

Total sales
 
$
1,299

 
$
—

 
$
—

 
$
—

 
$
1,299

 
 
 
 
 
 
 
 
 
 
 
2014
 
 
 
 
 
 
 
 
 
 
In millions
 
Q1
 
Q2
 
Q3
 
Q4
 
YTD
Emission solutions
 
$
543

 
$
582

 
$
598

 
$
620

 
$
2,343

Turbo technologies
 
313

 
307

 
297

 
305

 
1,222

Filtration
 
265

 
275

 
268

 
267

 
1,075

Fuel systems
 
109

 
116

 
124

 
129

 
478

Total sales
 
$
1,230

 
$
1,280

 
$
1,287

 
$
1,321

 
$
5,118




CUMMINS INC. AND SUBSIDIARIES
BUSINESS UNIT SALES DATA
(Unaudited)


Power Generation Segment Sales by Business
In the first quarter of 2015, our Power Generation segment reorganized its reporting structure to include the following businesses: power systems, alternators and power solutions. Sales for our Power Generation segment by business (including 2014 and 2013 reorganized balances) were as follows:
2015
 
 
 
 
 
 
 
 
 
 
In millions
 
Q1
 
Q2
 
Q3
 
Q4
 
YTD
Power systems
 
$
543

 
$
—

 
$
—

 
$
—

 
$
543

Alternators
 
98

 
—

 
—

 
—

 
98

Power solutions
 
39

 
—

 
—

 
—

 
39

Total sales
 
$
680

 
$
—

 
$
—

 
$
—

 
$
680

 
 
 
 
 
 
 
 
 
 
 
2014
 
 
 
 
 
 
 
 
 
 
In millions
 
Q1
 
Q2
 
Q3
 
Q4
 
YTD
Power systems
 
$
510

 
$
586

 
$
598

 
$
606

 
$
2,300

Alternators
 
105

 
126

 
115

 
103

 
449

Power solutions
 
24

 
31

 
41

 
51

 
147

Total sales
 
$
639

 
$
743

 
$
754

 
$
760

 
$
2,896

 
 
 
 
 
 
 
 
 
 
 
2013
 
 
 
 
 
 
 
 
 
 
In millions
 
YTD
 
 
 
 
 
 
 
 
Power systems
 
$
2,381

 
 
 
 
 
 
 
 
Alternators
 
496

 
 
 
 
 
 
 
 
Power solutions
 
154

 
 
 
 
 
 
 
 
Total sales
 
$
3,031