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, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Statement [Abstract]      
Net sales $ 34,065 $ 28,074 $ 24,021
Cost of sales 25,816 21,355 18,326
Gross Margin 8,249 6,719 5,695
OPERATING EXPENSES AND INCOME      
Selling, general and administrative expenses 3,333 2,687 2,374
Research, development and engineering expenses 1,500 1,278 1,090
Equity, royalty and interest income from investees 483 349 506
Other operating expense, net (Note 2) 2,138 174 31
OPERATING INCOME 1,761 2,929 2,706
Interest expense 375 199 111
Other income, net 240 89 156
INCOME BEFORE INCOME TAXES 1,626 2,819 2,751
Income tax expense (Note 5) 786 636 587
CONSOLIDATED NET INCOME 840 2,183 2,164
Less: Net income attributable to noncontrolling interests 105 32 33
Cummins share of net income $ 735 $ 2,151 $ 2,131
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CUMMINS INC. (Note 20)      
Basic (in dollars per share) $ 5.19 $ 15.20 $ 14.74
Diluted (in dollars per share) $ 5.15 $ 15.12 $ 14.61