Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME

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CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Income Statement [Abstract]        
NET SALES (Notes 1 and 2) $ 8,456 $ 8,431 $ 25,655 $ 25,522
Cost of sales 6,285 6,360 19,250 19,274
GROSS MARGIN 2,171 2,071 6,405 6,248
OPERATING EXPENSES AND INCOME        
Selling, general and administrative expenses 807 831 2,474 2,457
Research, development and engineering expenses 359 376 1,107 1,110
Equity, royalty and interest income from investees (Note 4) 99 118 325 370
Other operating expense, net 54 32 131 78
OPERATING INCOME 1,050 950 3,018 2,973
Interest expense 83 97 281 283
Other income, net (Note 14) 76 25 1,504 166
INCOME BEFORE INCOME TAXES 1,043 878 4,241 2,856
Income tax expense (Note 5) 200 188 618 623
CONSOLIDATED NET INCOME 843 690 3,623 2,233
Less: Net income attributable to noncontrolling interests 34 34 95 67
NET INCOME ATTRIBUTABLE TO CUMMINS INC. $ 809 $ 656 $ 3,528 $ 2,166
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CUMMINS INC.        
Basic (in dollars per share) $ 5.90 $ 4.63 $ 25.47 $ 15.29
Diluted (in dollars per share) $ 5.86 $ 4.59 $ 25.31 $ 15.19
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING        
Basic (in shares) 137.2 141.8 138.5 141.7
Dilutive effect of stock compensation awards (in shares) 0.9 1.0 0.9 0.9
Diluted (in shares) 138.1 142.8 139.4 142.6