Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF INCOME

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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Income Statement [Abstract]      
Net sales $ 28,074 $ 24,021 $ 19,811
Cost of sales 21,355 18,326 14,917
Gross Profit 6,719 5,695 4,894
OPERATING EXPENSES AND INCOME      
Selling, general and administrative expenses 2,687 2,374 2,125
Research, development and engineering expenses 1,278 1,090 906
Equity, royalty and interest income from investees 349 506 452
Other operating income (expense), net 174 31 46
OPERATING INCOME 2,929 2,706 2,269
Interest expense (Note 13) 199 111 100
Other income, net 89 156 169
INCOME BEFORE INCOME TAXES 2,819 2,751 2,338
Income tax expense (Note 5) 636 587 527
CONSOLIDATED NET INCOME 2,183 2,164 1,811
Less: Net income attributable to noncontrolling interests 32 33 22
Cummins share of net income $ 2,151 $ 2,131 $ 1,789
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CUMMINS INC. (Note 21)      
Basic (in dollars per share) $ 15.20 $ 14.74 $ 12.07
Diluted (in dollars per share) $ 15.12 $ 14.61 $ 12.01