Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Apr. 01, 2018
Dec. 31, 2017
Current assets    
Cash and cash equivalents $ 1,207 $ 1,369
Marketable securities (Note 7) 180 198
Total cash, cash equivalents and marketable securities 1,387 1,567
Accounts and notes receivable, net    
Trade and other 3,579 3,311
Nonconsolidated equity investees 266 307
Inventories (Note 8) 3,411 3,166
Prepaid expenses and other current assets 558 577
Total current assets 9,201 8,928
Long-term assets    
Property, plant and equipment 8,044 8,058
Accumulated depreciation (4,152) (4,131)
Property, plant and equipment, net 3,892 3,927
Investments and advances related to equity method investees 1,288 1,156
Goodwill 1,085 1,082
Other intangible assets, net 960 973
Pension assets 1,058 1,043
Other assets 908 966
Total assets 18,392 18,075
Current liabilities    
Accounts payable (principally trade) 2,854 2,579
Loans payable (Note 9) [1] 56 57
Commercial paper (Note 9) [2] 593 298
Accrued compensation, benefits and retirement costs 361 811
Current portion of accrued product warranty (Note 10) 658 454
Current portion of deferred revenue 489 500
Other accrued expenses 764 915
Current maturities of long-term debt (Note 9) 57 63
Total current liabilities 5,832 5,677
Long-term liabilities    
Long-term debt (Note 9) 1,571 1,588
Postretirement benefits other than pensions 284 289
Pensions 331 330
Other liabilities and deferred revenue 2,078 2,027
Total liabilities 10,096 9,911
Commitments and contingencies (Note 11)
Cummins Inc. shareholders' equity    
Common stock, $2.50 par value, 500 shares authorized, 222.4 and 222.4 shares issued 2,217 2,210
Retained earnings 11,641 11,464
Treasury stock, at cost, 57.6 and 56.7 shares (5,061) (4,905)
Common stock held by employee benefits trust, at cost, 0.5 and 0.5 shares (6) (7)
Accumulated other comprehensive loss (Note 12) (1,397) (1,503)
Total Cummins Inc. shareholders' equity 7,394 7,259
Noncontrolling interests 902 905
Total equity 8,296 8,164
Total liabilities and equity $ 18,392 $ 18,075
[1] Loans payable consist primarily of notes payable to various domestic and international financial institutions. It is not practicable to aggregate these notes and calculate a quarterly weighted-average interest rate.
[2] The weighted average interest rate, inclusive of all brokerage fees, was 1.92 percent and 1.56 percent at April 1, 2018 and December 31, 2017, respectively.