Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

v3.7.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Jul. 02, 2017
Dec. 31, 2016
Current assets    
Cash and cash equivalents $ 1,293 $ 1,120
Marketable securities (Note 5) 174 260
Total cash, cash equivalents and marketable securities 1,467 1,380
Accounts and notes receivable, net    
Trade and other 3,237 2,803
Nonconsolidated equity investees 316 222
Inventories (Note 6) 2,982 2,675
Prepaid expenses and other current assets 600 627
Total current assets 8,602 7,707
Long-term assets    
Property, plant and equipment 7,804 7,635
Accumulated depreciation (4,017) (3,835)
Property, plant and equipment, net 3,787 3,800
Investments and advances related to equity method investees 1,162 946
Goodwill 488 480
Other intangible assets, net 339 332
Pension assets 852 731
Other assets 1,030 1,015
Total assets 16,260 15,011
Current liabilities    
Accounts payable (principally trade) 2,300 1,854
Loans payable (Note 7) [1] 54 41
Commercial paper (Note 7) [2] 134 212
Accrued compensation, benefits and retirement costs 475 412
Current portion of accrued product warranty (Note 8) 392 333
Current portion of deferred revenue 520 468
Other accrued expenses 974 970
Current maturities of long-term debt (Note 7) 45 35
Total current liabilities 4,894 4,325
Long-term liabilities    
Long-term debt (Note 7) 1,564 1,568
Postretirement benefits other than pensions 318 329
Pensions 327 326
Other liabilities and deferred revenue 1,335 1,289
Total liabilities 8,438 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 2,184 2,153
Retained earnings 11,517 11,040
Treasury stock, at cost, 54.7 and 54.2 shares (4,586) (4,489)
Common stock held by employee benefits trust, at cost, 0.6 and 0.7 shares (7) (8)
Accumulated other comprehensive loss (Note 10) (1,615) (1,821)
Total Cummins Inc. shareholders' equity 7,493 6,875
Noncontrolling interests 329 299
Total equity 7,822 7,174
Total liabilities and equity $ 16,260 $ 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 1.20 percent and 0.79 percent at July 2, 2017 and December 31, 2016, respectively.