Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Dec. 31, 2015
Dec. 31, 2014
Current assets    
Cash and cash equivalents $ 1,711 $ 2,301
Marketable securities (Note 6) 100 93
Total cash, cash equivalents and marketable securities 1,811 2,394
Accounts and notes receivable, net    
Trade and other 2,640 2,744
Nonconsolidated equity investees 180 202
Inventories (Note 7) 2,707 2,866
Prepaid expenses and other current assets 609 849
Total current assets 7,947 9,055
Long-term assets    
Property, plant and equipment, net (Note 8) 3,745 3,686
Investments and advances related to equity method investees (Note 2) 975 981
Goodwill (Note 9) 482 479
Other intangible assets, net (Note 9) 328 343
Pension assets (Note 10) 735 637
Other assets 922 583
Total assets 15,134 15,764
Current liabilities    
Accounts payable (principally trade) 1,706 1,881
Loans payable (Note 11) 24 86
Accrued compensation, benefits and retirement costs 409 508
Current portion of accrued product warranty (Note 12) 359 363
Current portion of deferred revenue 403 401
Other accrued expenses 863 759
Current maturities of long-term debt (Note 11) 39 23
Total current liabilities 3,803 4,021
Long-term liabilities    
Long-term debt (Note 11) 1,576 1,577
Postretirement benefits other than pensions (Note 10) 349 369
Pensions (Note 10) 298 289
Other liabilities and deferred revenue (Note 13) 1,358 1,415
Total liabilities $ 7,384 $ 7,671
Commitments and contingencies (Note 14)
Cummins Inc. shareholders’ equity (Note 15)    
Common stock, $2.50 par value, 500 shares authorized, 222.4 and 222.3 shares issued $ 2,178 $ 2,139
Retained earnings 10,322 9,545
Treasury stock, at cost, 47.2 and 40.1 shares (3,735) (2,844)
Common stock held by employee benefits trust, at cost, 0.9 and 1.1 shares (11) (13)
Accumulated other comprehensive loss (Note 16) (1,348) (1,078)
Total Cummins Inc. shareholders' equity 7,406 7,749
Noncontrolling interests (Note 18) 344 344
Total equity 7,750 8,093
Total liabilities and equity $ 15,134 $ 15,764