Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Apr. 02, 2017
Dec. 31, 2016
Current assets    
Cash and cash equivalents $ 1,322 $ 1,120
Marketable securities (Note 5) 145 260
Total cash, cash equivalents and marketable securities 1,467 1,380
Accounts and notes receivable, net    
Trade and other 2,980 2,803
Nonconsolidated equity investees 267 222
Inventories (Note 6) 2,894 2,675
Prepaid expenses and other current assets 551 627
Total current assets 8,159 7,707
Long-term assets    
Property, plant and equipment 7,746 7,635
Accumulated depreciation (3,944) (3,835)
Property, plant and equipment, net 3,802 3,800
Investments and advances related to equity method investees 1,059 946
Goodwill 482 480
Other intangible assets, net 345 332
Pension assets 785 731
Other assets 1,002 1,015
Total assets 15,634 15,011
Current liabilities    
Accounts payable (principally trade) 2,168 1,854
Loans payable (Note 7) [1] 48 41
Commercial paper (Note 7) [2] 274 212
Accrued compensation, benefits and retirement costs 334 412
Current portion of accrued product warranty (Note 8) 352 333
Current portion of deferred revenue 498 468
Other accrued expenses 941 970
Current maturities of long-term debt (Note 7) 47 35
Total current liabilities 4,662 4,325
Long-term liabilities    
Long-term debt (Note 7) 1,576 1,568
Postretirement benefits other than pensions 317 329
Pensions 325 326
Other liabilities and deferred revenue 1,278 1,289
Total liabilities 8,158 7,837
Commitments and contingencies (Note 9)
Cummins Inc. shareholders' equity    
Common stock, $2.50 par value, 500 shares authorized, 222.3 and 222.4 shares issued 2,163 2,153
Retained earnings 11,265 11,040
Treasury stock, at cost, 54.4 and 54.2 shares (4,524) (4,489)
Common stock held by employee benefits trust, at cost, 0.6 and 0.7 shares (7) (8)
Accumulated other comprehensive loss    
Accumulated other comprehensive loss (Note 10) (1,732) (1,821)
Total Cummins Inc. shareholders' equity 7,165 6,875
Noncontrolling interests 311 299
Total equity 7,476 7,174
Total liabilities and equity $ 15,634 $ 15,011
[1] Loans payable consist primarily of notes payable to various domestic and international financial institutions. It is not practical to aggregate these notes and calculate a quarterly weighted-average interest rate.
[2] The weighted average interest rate, inclusive of all brokerage fees, was 0.94 percent and 0.79 percent at April 2, 2017 and December 31, 2016, respectively.