Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
shares in Millions, $ in Millions
Mar. 31, 2023
Dec. 31, 2022
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 80.9 81.2
Current assets    
Cash and cash equivalents $ 1,980 $ 2,101
Marketable securities 459 472
Total cash, cash equivalents and marketable securities 2,439 2,573
Trade and other 5,834 5,202
Inventories (Note 7) 5,878 5,603
Prepaid expenses and other current assets 1,217 1,073
Total current assets 15,368 14,451
Long-term assets    
Property, plant and equipment 10,629 10,507
Accumulated depreciation (5,039) (4,986)
Property, plant and equipment, net 5,590 5,521
Investments and advances related to equity method investees 1,860 1,759
Goodwill 2,365 2,343
Other intangible assets, net 2,640 2,687
Pension assets (Note 3) 1,496 1,398
Other assets (Note 8) 2,114 2,140
Total assets 31,433 30,299
Current liabilities    
Accounts payable (principally trade) 4,636 4,252
Loans payable (Note 9) 229 210
Commercial paper (Note 9) 2,545 2,574
Current maturities of long-term debt (Note 9) 569 573
Accrued compensation, benefits and retirement costs 510 617
Current portion of accrued product warranty (Note 10) 746 726
Current portion of deferred revenue (Note 2) 1,040 1,004
Other accrued expenses (Note 8) 1,648 1,465
Total current liabilities 11,923 11,421
Long-term liabilities    
Long-term debt (Note 9) 4,409 4,498
Deferred revenue (Note 2) 937 844
Other liabilities (Note 8) 3,283 3,311
Total liabilities 20,552 20,074
Commitments and contingencies (Note 11)
Redeemable Noncontrolling Interest, Equity, Carrying Amount 261 258
Cummins Inc. shareholders' equity    
Common stock, $2.50 par value, 500 shares authorized, 222.5 and 222.5 shares issued 2,230 2,243
Retained earnings 18,605 18,037
Treasury stock, at cost, 80.9 and 81.2 shares (9,389) (9,415)
Accumulated other comprehensive loss (Note 13) (1,823) (1,890)
Total Cummins Inc. shareholders' equity 9,623 8,975
Noncontrolling interests 997 992
Total equity 10,620 9,967
Total liabilities, redeemable noncontrolling interests and equity $ 31,433 $ 30,299