Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
In Millions
Jun. 26, 2011
Dec. 31, 2010
Current assets    
Cash and cash equivalents $ 1,111 $ 1,023
Marketable securities (Note 5) 363 339
Total cash, cash equivalents and marketable securities 1,474 1,362
Accounts and notes receivable, net    
Trade and other 2,511 1,935
Nonconsolidated equity investees 269 308
Inventories (Note 8) 2,275 1,977
Deferred income taxes 305 314
Prepaid expenses and other current assets 303 393
Total current assets 7,137 6,289
Long-term assets    
Property, plant and equipment 5,103 4,927
Accumulated depreciation (2,986) (2,886)
Property, plant and equipment, net 2,117 2,041
Investments and advances related to equity method investees 761 734
Goodwill 348 367
Other intangible assets, net 216 222
Deferred income taxes 115 203
Other assets 619 546
Total assets 11,313 10,402
Current liabilities    
Loans payable 59 82
Accounts payable (principally trade) 1,686 1,362
Current portion of accrued product warranty (Note 9) 429 421
Accrued compensation, benefits and retirement costs 419 468
Deferred revenue 202 182
Taxes payable (including taxes on income) 255 202
Other accrued expenses 663 543
Total current liabilities 3,713 3,260
Long-term liabilities    
Long-term debt 702 709
Pensions 110 195
Postretirement benefits other than pensions 432 439
Other liabilities and deferred revenue 839 803
Total liabilities 5,796 5,406
Commitments and contingencies (Note 11)    
Cummins Inc. shareholders' equity    
Common stock, $2.50 par value, 500 shares authorized, 222.1 and 221.8 shares issued 1,968 1,934
Retained earnings 5,191 4,445
Treasury stock, at cost, 27.4 and 24.0 shares (1,333) (964)
Common stock held by employee benefits trust, at cost, 1.9 and 2.1 shares (23) (25)
Accumulated other comprehensive loss    
Defined benefit postretirement plans (613) (646)
Other (32) (74)
Total accumulated other comprehensive loss (645) (720)
Total Cummins Inc. shareholders' equity 5,158 4,670
Noncontrolling interests 359 326
Total equity 5,517 4,996
Total liabilities and equity $ 11,313 $ 10,402