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, 2011
INVESTMENTS IN EQUITY INVESTEES  
Summary of investments in and advances to equity investees and our ownership percentage

 

 

 
    
   December 31,  
In millions
   Ownership %   2011   2010  

Dongfeng Cummins Engine Company, Ltd. 

   50%   $ 131   $ 150  

North American distributors

   30% - 50%     127     114  

Komatsu alliances

   20% - 50%     115     91  

Beijing Foton Cummins Engine Co. Ltd. 

   50%     87     38  

Chongqing Cummins Engine Company, Ltd. 

   50%     71     78  

Cummins-Scania XPI Manufacturing, LLC

   50%     62     57  

Tata Cummins, Ltd. 

   50%     49     49  

Shanghai Fleetguard Filter Co., Ltd. 

   50%     29     25  

Other

   Various     167     132  
               

Total

       $ 838   $ 734  
               
Equity, royalty and interest income from investees

 

 

 
   For the years ended
December 31, 		 
In millions
   2011   2010   2009  

Distribution Entities

                    

North American distributors

   $ 134   $ 101   $ 100  

Komatsu Cummins Chile, Ltda. 

     22     16     12  

All other distributors

     4     3     3  

Manufacturing Entities

                    

Dongfeng Cummins Engine Company, Ltd. 

     80     99     33  

Chongqing Cummins Engine Company, Ltd. 

     68     46     36  

Shanghai Fleetguard Filter Co., Ltd. 

     15     12     7  

Tata Cummins, Ltd. 

     14     14     5  

Cummins Westport, Inc. 

     14     10     3  

Valvoline Cummins, Ltd. 

     7     8     7  

Komatsu manufacturing alliances

     3     11     (2 )

Cummins MerCruiser Diesel Marine, LLC

     (3 )   (3 )   (10 )

Beijing Foton Cummins Engine Co., Ltd. 

     (7 )   (16 )   (5 )

All other manufacturers

     24     20     7  
               

Cummins share of net income

     375     321     196  

Royalty and interest income

     41     30     18  
               

Equity, royalty and interest income from investees

   $ 416   $ 351   $ 214  
               
Summary of financial information for equity investees

 

 

 
   As of and for the years
ended December 31, 		 
In millions
   2011   2010   2009  

Net sales

   $ 8,659   $ 7,107   $ 5,554  

Gross margin

     1,948     1,651     1,365  

Net income

     788     668     427  

Cummins share of net income

  
$
375		  
$
321		  
$
196		  

Royalty and interest income

     41     30     18  
               

Total equity, royalty and interest income from investees

   $ 416   $ 351   $ 214  
               

Current assets

   $ 2,892   $ 2,741        

Non-current assets

     1,440     1,253        

Current liabilities

     (2,055 )   (1,837 )      

Non-current liabilities

     (391 )   (499 )      
                 

Net assets

   $ 1,886   $ 1,658        
                 

Cummins share of net assets

   $ 855   $ 744