Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

v2.4.0.6
CONSOLIDATED BALANCE SHEETS (USD $)
In Millions, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
Current assets    
Cash and cash equivalents $ 1,484 $ 1,023
Marketable securities (Note 5) 277 339
Total cash, cash equivalents and marketable securities 1,761 1,362
Accounts and notes receivable, net    
Trade and other 2,252 1,935
Nonconsolidated equity investees 274 308
Inventories (Note 7) 2,141 1,977
Deferred income taxes (Note 4) 268 314
Prepaid expenses and other current assets 395 393
Total current assets 7,091 6,289
Long-term assets    
Property, plant and equipment, net (Note 8) 2,288 2,041
Investments and advances related to equity method investees (Note 3) 838 734
Goodwill (Note 9) 339 367
Other intangible assets, net (Note 9) 227 222
Other assets 885 749
Total assets 11,668 10,402
Current liabilities    
Loans payable (Note 10) 28 82
Accounts payable (principally trade) 1,546 1,362
Current portion of accrued product warranty (Note 11) 422 421
Accrued compensation, benefits and retirement costs 511 468
Deferred revenue 208 182
Taxes payable (including taxes on income) 282 202
Other accrued expenses 660 543
Total current liabilities 3,657 3,260
Long-term liabilities    
Long-term debt (Note 10) 658 709
Pensions (Note 12) 205 195
Postretirement benefits other than pensions (Note 12) 432 439
Other liabilities and deferred revenue (Note 13) 885 803
Total liabilities 5,837 5,406
Commitments and contingencies (Note 14)      
Cummins Inc. shareholders' equity (Note 15)    
Common stock, $2.50 par value, 500 shares authorized, 222.2 and 221.8 shares issued 2,001 1,934
Retained earnings 6,038 4,445
Treasury stock, at cost, 30.2 and 24.0 shares (1,587) (964)
Common stock held by employee benefits trust, at cost, 1.8 and 2.1 shares (22) (25)
Accumulated other comprehensive loss    
Defined benefit postretirement plans (724) (646)
Other (214) (74)
Total accumulated other comprehensive loss (938) (720)
Total Cummins Inc. shareholders' equity 5,492 4,670
Noncontrolling interests (Note 18) 339 326
Total equity 5,831 4,996
Total liabilities and equity $ 11,668 $ 10,402