Annual report pursuant to Section 13 and 15(d)

INVESTMENTS IN EQUITY INVESTEES (Tables)

v2.4.0.6
INVESTMENTS IN EQUITY INVESTEES (Tables)
 12 Months Ended
Dec. 31, 2012
INVESTMENTS IN EQUITY INVESTEES  
Summary of investments in and advances to equity investees and our ownership percentage

 

 

 
    
   December 31,  
In millions
   Ownership %   2012   2011  

North American distributors

   30% - 50%   $ 139   $ 127  

Komatsu alliances

   20% - 50%     132     115  

Dongfeng Cummins Engine Company, Ltd. 

   50%     113     131  

Beijing Foton Cummins Engine Co. Ltd. 

   50%     91     87  

Cummins-Scania XPI Manufacturing, LLC

   50%     65     62  

Chongqing Cummins Engine Company, Ltd. 

   50%     58     71  

Tata Cummins, Ltd. 

   50%     52     49  

Cummins Olayan Energy

   49%     34     30  

Shanghai Fleetguard Filter Co., Ltd. 

   50%     31     29  

Guangxi Cummins Industiral Power Co., Ltd. 

   50%     30     —  

Valvoline Cummins, Ltd. 

   50%     25     20  

Fleetguard Filters Private, Ltd. 

   50%     23     22  

Other

   Various     104     95  
               

Total

       $ 897   $ 838  
               
Equity, royalty and interest income from investees

 

 

 
   For the years ended
December 31,		  
In millions
   2012   2011   2010  

Distribution Entities

                    

North American distributors

   $ 147   $ 134   $ 101  

Komatsu Cummins Chile, Ltda. 

     26     22     16  

All other distributors

     4     4     3  

Manufacturing Entities

                    

Chongqing Cummins Engine Company, Ltd. 

     61     68     46  

Dongfeng Cummins Engine Company, Ltd. 

     52     80     99  

Cummins Westport, Inc. 

     14     14     10  

Shanghai Fleetguard Filter Co., Ltd. 

     13     15     12  

Tata Cummins, Ltd. 

     11     14     14  

Valvoline Cummins, Ltd. 

     8     7     8  

Beijing Foton Cummins Engine Co., Ltd. 

     5     (7 )   (16 )

Komatsu manufacturing alliances

     (3 )   3     11  

All other manufacturers

     9     21     17  
               

Cummins share of net income

     347     375     321  

Royalty and interest income

     37     41     30  
               

Equity, royalty and interest income from investees

   $ 384   $ 416   $ 351  
               
Summary of financial information for equity investees

 

 

 
   As of and for the years ended
December 31,		  
In millions
   2012   2011   2010  

Net sales

   $ 8,296   $ 8,659   $ 7,107  

Gross margin

     1,870     1,948     1,651  

Net income

     747     788     668  

Cummins share of net income

  
$
347		  
$
375		  
$
321		  

Royalty and interest income

     37     41     30  
               

Total equity, royalty and interest income from investees

   $ 384   $ 416   $ 351  
               

Current assets

   $ 2,843   $ 2,892        

Non-current assets

     1,588     1,440        

Current liabilities

     (2,039 )   (2,055 )      

Non-current liabilities

     (431 )   (391 )      
                 

Net assets

   $ 1,961   $ 1,886        
                 

Cummins share of net assets

   $ 886   $ 855