Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
In Millions, unless otherwise specified
Apr. 01, 2012
Dec. 31, 2011
Current assets    
Cash and cash equivalents $ 1,317 $ 1,484
Marketable securities (Note 5) 252 277
Total cash, cash equivalents and marketable securities 1,569 1,761
Accounts and notes receivable, net    
Trade and other 2,388 2,252
Nonconsolidated equity investees 296 274
Inventories (Note 7) 2,382 2,141
Prepaid expenses and other current assets 682 663
Total current assets 7,317 7,091
Long-term assets    
Property, plant and equipment 5,416 5,245
Accumulated depreciation (3,025) (2,957)
Property, plant and equipment, net 2,391 2,288
Investments and advances related to equity method investees 903 838
Goodwill 342 339
Other intangible assets, net 250 227
Other assets 916 885
Total assets 12,119 11,668
Current liabilities    
Loans payable 33 28
Accounts payable (principally trade) 1,731 1,546
Current portion of accrued product warranty (Note 8) 418 422
Accrued compensation, benefits and retirement costs 289 511
Deferred revenue 211 208
Taxes payable (including taxes on income) 297 282
Other accrued expenses 651 660
Total current liabilities 3,630 3,657
Long-term liabilities    
Long-term debt (Note 9) 650 658
Pensions 157 205
Postretirement benefits other than pensions 428 432
Other liabilities and deferred revenue 896 885
Total liabilities 5,761 5,837
Commitments and contingencies (Note 11)      
Cummins Inc. shareholders' equity    
Common stock, $2.50 par value, 500 shares authorized, 222.4 and 222.2 shares issued 2,017 2,001
Retained earnings 6,416 6,038
Treasury stock, at cost, 30.2 and 30.2 shares (1,590) (1,587)
Common stock held by employee benefits trust, at cost, 1.7 and 1.8 shares (20) (22)
Accumulated other comprehensive loss    
Defined benefit postretirement plans (713) (724)
Other (100) (214)
Total accumulated other comprehensive loss (813) (938)
Total Cummins Inc. shareholders' equity 6,010 5,492
Noncontrolling interests 348 339
Total equity 6,358 5,831
Total liabilities and equity $ 12,119 $ 11,668