Annual report pursuant to Section 13 and 15(d)

QUARTERLY FINANCIAL INFORMATION DISCLOSURE (unaudited) (Tables)

v3.8.0.1
QUARTERLY FINANCIAL INFORMATION DISCLOSURE (unaudited) (Tables)
 12 Months Ended
Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Information
 
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
 
In millions, except per share amounts
 
2017
 
Net sales
 
$
4,589

 
$
5,078

 
$
5,285

 
$
5,476

 
Gross margin
 
1,128

 
1,249

 
1,339

 
1,374

 
Net income attributable to Cummins Inc.
 
396

 
424

 
453

 
(274
)
(1) 
Earnings per common share attributable to Cummins Inc.—basic (2)
 
$
2.36

 
$
2.53

 
$
2.72

 
$
(1.66
)
(1) 
Earnings per common share attributable to Cummins Inc.—diluted (2)
 
2.36

 
2.53

 
2.71

 
(1.65
)
(1) 
Cash dividends per share
 
1.025

 
1.025

 
1.08

 
1.08

 
Stock price per share
 
 

 
 

 
 

 
 

 
High
 
$
155.51

 
$
164.23

 
$
170.68

 
$
181.79

 
Low
 
134.06

 
143.83

 
150.25

 
158.75

 
 
 
2016
 
Net sales
 
$
4,291

 
$
4,528

 
$
4,187

 
$
4,503

 
Gross margin
 
1,056

 
1,197

 
1,079

 
1,120

 
Net income attributable to Cummins Inc.
 
321

 
406

(3) 
289

(3) 
378

 
Earnings per common share attributable to Cummins Inc.—basic (2)
 
$
1.87

 
$
2.41

(3) 
$
1.72

(3) 
$
2.26

 
Earnings per common share attributable to Cummins Inc.—diluted (2)
 
1.87

 
2.40

(3) 
1.72

(3) 
2.25

 
Cash dividends per share
 
0.975

 
0.975

 
1.025

 
1.025

 
Stock price per share
 
 
 
 
 
 
 
 
 
High
 
$
111.29

 
$
120.00

 
$
128.60

 
$
147.10

 
Low
 
79.88

 
104.30

 
107.51

 
121.22

 
___________________________________________________
(1) 
Net income attributable to Cummins Inc. and earnings per share were negatively impacted by a $777 million tax adjustment related to The Tax Cuts and Jobs Act passed in December of 2017. For the fourth quarter of 2017, results for basic and diluted earnings per share were reduced by $4.70 per share and $4.68 per share, respectively, due to tax reform.
(2) 
Earnings per share in each quarter is computed using the weighted-average number of shares outstanding during that quarter while earnings per share for the full year is computed using the weighted-average number of shares outstanding during the year. Thus, the sum of the four quarters earnings per share may not equal the full year earnings per share.
(3) 
The second quarter of 2016 included a $39 million loss contingency charge ($24 million after-tax). The third quarter of 2016 included an additional $99 million loss contingency charge ($50 million net of favorable compensation impact and after-tax).