Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
shares in Millions, $ in Millions
Dec. 31, 2022
Dec. 31, 2021
Statement of Financial Position [Abstract]    
Common stock, par value (in dollars per share) $ 2.50  
Common stock, shares authorized 500.0  
Common stock, shares issued 222.5 222.5
Treasury stock, shares 81.2 80.0
Current assets    
Cash and cash equivalents $ 2,101 $ 2,592
Marketable securities 472 595
Cash, cash equivalents and marketable securities 2,573 3,187
Accounts and notes receivable, net    
Trade and other 4,826 3,565
Nonconsolidated equity investees 376 425
Inventories (Note 7) 5,603 4,355
Prepaid expenses and other current assets 1,073 777
Total current assets 14,451 12,309
Long-term assets    
Property, plant and equipment, net (Note 8) 5,521 4,422
Investments and advances related to equity method investees (Note 4) 1,759 1,538
Goodwill (Note 10) 2,343 1,287
Other intangible assets, net (Note 10) 2,687 900
Pension assets (Note 11) 1,398 1,488
Other assets 2,140 1,766
Total assets 30,299 23,710
Current liabilities    
Accounts payable (principally trade) 4,252 3,021
Loans payable (Note 13) 210 208
Commercial paper (Note 13) 2,574 313
Current maturities of long-term debt (Note 13) 573 59
Accrued compensation, benefits and retirement costs 617 683
Current portion of accrued product warranty (Note 14) 726 755
Current portion of deferred revenue (Note 3) 1,004 855
Other accrued expenses (Note 12) 1,465 1,190
Total current liabilities 11,421 7,084
Long-term liabilities    
Long-term debt (Note 13) 4,498 3,579
Deferred revenue (Note 3) 844 850
Other liabilities 3,311 2,796
Total liabilities 20,074 14,309
Commitments and contingencies (Note 15)
Redeemable Noncontrolling Interest, Equity, Carrying Amount 258 366
Cummins Inc. shareholders’ equity (Note 17)    
Common stock, $2.50 par value, 500 shares authorized, 222.5 and 222.5 shares issued 2,243 2,099
Retained earnings 18,037 16,741
Treasury stock, at cost, 81.2 and 80.0 shares (9,415) (9,123)
Accumulated other comprehensive loss (Note 18) (1,890) (1,571)
Total Cummins Inc. shareholders' equity 8,975 8,146
Noncontrolling interests (Note 19) 992 889
Total equity 9,967 9,035
Total liabilities, redeemable noncontrolling interests and equity $ 30,299 $ 23,710