Annual report pursuant to Section 13 and 15(d)

QUARTERLY FINANCIAL INFORMATION DISCLOSURE (unaudited) (Tables)

v3.6.0.2
QUARTERLY FINANCIAL INFORMATION DISCLOSURE (unaudited) (Tables)
 12 Months Ended
Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Information
 
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
 
In millions, except per share amounts
 
2016
 
Net sales
 
$
4,291

 
$
4,528

 
$
4,187

 
$
4,503

 
Gross margin
 
1,056

 
1,197

 
1,079

 
1,120

 
Net income attributable to Cummins Inc.
 
321

 
406

(1) 
289

(1) 
378

 
Earnings per common share attributable to Cummins Inc.—basic (2)
 
$
1.87

 
$
2.41

(1) 
$
1.72

(1) 
$
2.26

 
Earnings per common share attributable to Cummins Inc.—diluted (2)
 
1.87

 
2.40

(1) 
1.72

(1) 
2.25

 
Cash dividends per share
 
0.975

 
0.975

 
1.025

 
1.025

 
Stock price per share
 
 
 
 
 
 
 
 
 
High
 
$
111.29

 
$
120.00

 
$
128.60

 
$
147.10

 
Low
 
79.88

 
104.30

 
107.51

 
121.22

 
 
 
2015
 
Net sales
 
$
4,709

 
$
5,015

 
$
4,620

 
$
4,766

 
Gross margin
 
1,195

 
1,332

 
1,208

 
1,212

 
Net income attributable to Cummins Inc.
 
387

 
471

 
380

 
161

(3) 
Earnings per common share attributable to Cummins Inc.—basic (2)
 
$
2.14

 
$
2.63

 
$
2.15

 
$
0.92

(3) 
Earnings per common share attributable to Cummins Inc.—diluted (2)
 
2.14

 
2.62

 
2.14

 
0.92

(3) 
Cash dividends per share
 
0.78

 
0.78

 
0.975

 
0.975

 
Stock price per share
 
 
 
 
 
 
 
 
 
High
 
$
148.04

 
$
143.40

 
$
132.96

 
$
115.37

 
Low
 
133.50

 
133.36

 
108.27

 
84.99

 
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(1) 
The second quarter of 2016, included an additional $39 million loss contingency charge ($24 million after-tax). The third quarter of 2016 included an additional $99 million loss contingency charge ($50 million net of favorable compensation impact and after-tax).
(2) 
Earnings per share in each quarter is computed using the weighted-average number of shares outstanding during that quarter while earnings per share for the full year is computed using the weighted-average number of shares outstanding during the year. Thus, the sum of the four quarters earnings per share may not equal the full year earnings per share.
(3) 
The fourth quarter of 2015, included a $211 million impairment of light-duty diesel assets ($133 million after-tax), a $90 million restructuring charge ($61 million after-tax) and a $60 million charge for a loss contingency ($38 million after-tax).