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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
cmi-20200927_g1.jpg
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended September 27, 2020
 
Commission File Number 1-4949
CUMMINS INC.
(Exact name of registrant as specified in its charter)
Indiana35-0257090
(State of Incorporation)  (IRS Employer Identification No.)
500 Jackson Street
Box 3005
Columbus, Indiana 47202-3005
(Address of principal executive offices)
 
Telephone (812377-5000
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common stock, $2.50 par valueCMINew York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes x  No 
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that registrant was required to submit such files).  Yes x  No 
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.  (Check one):
Large Accelerated FilerxAccelerated filerNon-accelerated filer
Smaller reporting companyEmerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes   No x
 
As of September 27, 2020, there were 148,006,581 shares of common stock outstanding with a par value of $2.50 per share.


1

Table of Contents
CUMMINS INC. AND SUBSIDIARIES
TABLE OF CONTENTS
QUARTERLY REPORT ON FORM 10-Q
 
  Page
  
 Condensed Consolidated Statements of Net Income for the three and nine months ended September 27, 2020 and September 29, 2019
 Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 27, 2020 and September 29, 2019
 Condensed Consolidated Balance Sheets at September 27, 2020 and December 31, 2019
 Condensed Consolidated Statements of Cash Flows for the nine months ended September 27, 2020 and September 29, 2019
 Condensed Consolidated Statements of Changes in Equity for the three and nine months ended September 27, 2020 and September 29, 2019
 
  
 

2

Table of Contents
PART I.  FINANCIAL INFORMATION 
ITEM 1.  Condensed Consolidated Financial Statements 

CUMMINS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME
(Unaudited)

 Three months endedNine months ended
In millions, except per share amounts September 27,
2020
September 29,
2019
September 27,
2020
September 29,
2019
NET SALES (a) (Note 3)
$5,118 $5,768 $13,981 $17,993 
Cost of sales 3,769 4,274 10,448 13,326 
GROSS MARGIN 1,349 1,494 3,533 4,667 
OPERATING EXPENSES AND INCOME     
Selling, general and administrative expenses 533 600 1,549 1,822 
Research, development and engineering expenses 224 242 651 730 
Equity, royalty and interest income from investees (Note 5)98 68 342 256 
Other operating expense, net (20)(21)(35)(25)
OPERATING INCOME 670 699 1,640 2,346 
Interest income 4 14 15 38 
Interest expense 25 26 71 87 
Other income, net 37 68 119 174 
INCOME BEFORE INCOME TAXES 686 755 1,703 2,471 
Income tax expense (Note 6)182 139 402 501 
CONSOLIDATED NET INCOME 504 616 1,301 1,970 
Less: Net income (loss) attributable to noncontrolling interests3 (6)13 10 
NET INCOME ATTRIBUTABLE TO CUMMINS INC. $501 $622 $1,288 $1,960 
 
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CUMMINS INC.     
Basic $3.39 $3.99 $8.69 $12.50 
Diluted $3.36 $3.97 $8.65 $12.45 
 
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING     
Basic 147.9 155.9 148.3 156.8 
Dilutive effect of stock compensation awards 1.0 0.7 0.6 0.6 
Diluted 148.9 156.6 148.9 157.4 
(a) Includes sales to nonconsolidated equity investees of $311 million and $906 million for the three and nine months ended September 27, 2020, compared with $280 million and $882 million for the comparable periods in 2019.

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.
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CUMMINS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
 
 Three months endedNine months ended
In millions September 27,
2020
September 29,
2019
September 27,
2020
September 29,
2019
CONSOLIDATED NET INCOME $504 $616 $1,301 $1,970 
Other comprehensive income (loss), net of tax (Note 13)    
Change in pension and other postretirement defined benefit plans 16 6 34 2 
Foreign currency translation adjustments 111 (182)(62)(197)
Unrealized gain (loss) on derivatives 18 (29)(63)(40)
Total other comprehensive income (loss), net of tax 145 (205)(91)(235)
COMPREHENSIVE INCOME 649 411 1,210 1,735 
Less: Comprehensive income (loss) attributable to noncontrolling interests 13 (11)1 8 
COMPREHENSIVE INCOME ATTRIBUTABLE TO CUMMINS INC. $636 $422 $1,209 $1,727 
 
The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.
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CUMMINS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
In millions, except par valueSeptember 27,
2020
December 31,
2019
ASSETS  
Current assets   
Cash and cash equivalents $2,967 $1,129 
Marketable securities (Note 7)345 341 
Total cash, cash equivalents and marketable securities 3,312 1,470 
Accounts and notes receivable, net
Trade and other 3,291 3,387 
Nonconsolidated equity investees 337 283 
Inventories (Note 8)3,470 3,486 
Prepaid expenses and other current assets 652 761 
Total current assets 11,062 9,387 
Long-term assets   
Property, plant and equipment 8,753 8,699 
Accumulated depreciation (4,666)(4,454)
Property, plant and equipment, net 4,087 4,245 
Investments and advances related to equity method investees1,418 1,237 
Goodwill 1,288 1,286 
Other intangible assets, net 990 1,003 
Pension assets1,010 1,001 
Other assets 1,713 1,578 
Total assets $21,568 $19,737 
LIABILITIES  
Current liabilities   
Accounts payable (principally trade) $2,597 $2,534 
Loans payable (Note 9)129 100 
Commercial paper (Note 9)316 660 
Accrued compensation, benefits and retirement costs 433 560 
Current portion of accrued product warranty (Note 10)646 803 
Current portion of deferred revenue (Note 3)540 533 
Other accrued expenses (Note 11)990 1,039 
Current maturities of long-term debt (Note 9)58 31 
Total current liabilities 5,709 6,260 
Long-term liabilities   
Long-term debt (Note 9)3,609 1,576 
Pensions and other postretirement benefits571 591 
Accrued product warranty (Note 10)635 645 
Deferred revenue (Note 3)837 821 
Other liabilities (Note 11)1,566 1,379 
Total liabilities $12,927 $11,272 
Commitments and contingencies (Note 12)
 
EQUITY
Cummins Inc. shareholders’ equity   
Common stock, $2.50 par value, 500 shares authorized, 222.5 and 222.4 shares issued
$2,385 $2,346 
Retained earnings 15,118 14,416 
Treasury stock, at cost, 74.4 and 71.7 shares
(7,696)(7,225)
Common stock held by employee benefits trust, at cost, 0.0 and 0.2 shares
 (2)
Accumulated other comprehensive loss (Note 13)(2,107)(2,028)
Total Cummins Inc. shareholders’ equity 7,700 7,507 
Noncontrolling interests 941 958 
Total equity $8,641 $8,465 
Total liabilities and equity $21,568 $19,737 
The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.
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CUMMINS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 Nine months ended
In millionsSeptember 27,
2020
September 29,
2019
CASH FLOWS FROM OPERATING ACTIVITIES  
Consolidated net income $1,301 $1,970 
Adjustments to reconcile consolidated net income to net cash provided by operating activities   
Depreciation and amortization499 493 
Deferred income taxes(7)(14)
Equity in income of investees, net of dividends (136)(44)
Pension and OPEB expense (Note 4)81 56 
Pension contributions and OPEB payments (Note 4)(102)(130)
Stock-based compensation expense 22 37 
Restructuring payments (Note 14)(100) 
Gain on corporate owned life insurance (50)(64)
Foreign currency remeasurement and transaction exposure (7)(54)
Changes in current assets and liabilities, net of acquisitions  
Accounts and notes receivable 47 (101)
Inventories (50)(62)
Other current assets 73 48 
Accounts payable 109 (3)
Accrued expenses (236)(74)
Changes in other liabilities 208 168 
Other, net (72)117 
Net cash provided by operating activities 1,580 2,343 
CASH FLOWS FROM INVESTING ACTIVITIES   
Capital expenditures (268)(395)
Investments in internal use software (33)(50)
Investments in and advances to equity investees (30)(16)
Acquisitions of businesses, net of cash acquired (Note 15) (237)
Investments in marketable securities—acquisitions (422)(367)
Investments in marketable securities—liquidations (Note 7)408 296 
Cash flows from derivatives not designated as hedges (15)(86)
Other, net 23 26 
Net cash used in investing activities (337)(829)
CASH FLOWS FROM FINANCING ACTIVITIES   
Proceeds from borrowings (Note 9)1,999 10 
Net (payments) borrowings of commercial paper (344)122 
Payments on borrowings and finance lease obligations (41)(47)
Net borrowings under short-term credit agreements 6 53 
Distributions to noncontrolling interests (26)(33)
Dividend payments on common stock (582)(562)
Repurchases of common stock (550)(806)
Other, net 102 65 
Net cash provided by (used in) financing activities 564 (1,198)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS 31 (59)
Net increase in cash and cash equivalents1,838 257 
Cash and cash equivalents at beginning of year 1,129 1,303 
CASH AND CASH EQUIVALENTS AT END OF PERIOD $2,967 $1,560 

 The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.
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CUMMINS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited)
 
Three months ended
In millions, except per share amountsCommon StockAdditional Paid-in CapitalRetained EarningsTreasury StockCommon Stock Held in TrustAccumulated Other Comprehensive LossTotal Cummins Inc. Shareholders’ EquityNoncontrolling InterestsTotal Equity
BALANCE AT JUNE 28, 2020$556 $1,797 $14,811 $(7,729)$(1)$(2,242)$7,192 $938 $8,130 
Net income 501 501 3 504 
Other comprehensive income, net of tax (Note 13)135 135 10 145 
Employee benefits trust activity5 1 6  6 
Cash dividends on common stock, $1.311 per share
(194)(194) (194)
Distributions to noncontrolling interests  (13)(13)
Stock-based awards 13 33 46  46 
Other shareholder transactions 14 14 3 17 
BALANCE AT SEPTEMBER 27, 2020$556 $1,829 $15,118 $(7,696)$ $(2,107)$7,700 $941 $8,641 
BALANCE AT JUNE 30, 2019$556 $1,751 $13,897 $(6,082)$(4)$(1,840)$8,278 $918 $9,196 
Net income622 622 (6)616 
Other comprehensive loss, net of tax (Note 13)(200)(200)(5)(205)
Employee benefits trust activity6 1 7 — 7 
Repurchases of common stock(706)(706)— (706)
Cash dividends on common stock, $1.311 per share
(204)(204)— (204)
Distributions to noncontrolling interests— (20)(20)
Stock-based awards1 4 5 — 5 
Other shareholder transactions8 8 56 64 
BALANCE AT SEPTEMBER 29, 2019$556 $1,766 $14,315 $(6,784)$(3)$(2,040)$7,810 $943 $8,753 
The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.









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CUMMINS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited)

Nine months ended
In millions, except per share amountsCommon
Stock
Additional
Paid-in
Capital
Retained
Earnings
Treasury
Stock
Common
Stock
Held in
Trust
Accumulated
Other
Comprehensive
Loss
Total
Cummins Inc.
Shareholders’
Equity
Noncontrolling
Interests
Total
Equity
BALANCE AT DECEMBER 31, 2019$556 $1,790 $14,416 $(7,225)$(2)$(2,028)$7,507 $958 $8,465 
Adoption of new accounting standards (Note 17)(4)(4) (4)
Net income 1,288 1,288 13 1,301 
Other comprehensive loss, net of tax (Note 13)(79)(79)(12)(91)
Issuance of common stock 10 10  10 
Employee benefits trust activity27 2 29  29 
Repurchases of common stock(550)(550) (550)
Cash dividends on common stock, $3.933 per share
(582)(582) (582)
Distributions to noncontrolling interests