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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
cmi-20220930_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 30, 2022
 
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 30, 2022, there were 141,022,462 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 30, 2022 and October 3, 2021
 Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2022 and October 3, 2021
 Condensed Consolidated Balance Sheets at September 30, 2022 and December 31, 2021
 Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2022 and October 3, 2021
 Condensed Consolidated Statements of Changes in Redeemable Noncontrolling Interests and Equity for the three and nine months ended September 30, 2022 and October 3, 2021
 
  
 



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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 30,
2022
October 3,
2021
September 30,
2022
October 3,
2021
NET SALES (a) (Note 2)
$7,333 $5,968 $20,304 $18,171 
Cost of sales (Note 3)5,691 4,554 15,404 13,793 
GROSS MARGIN 1,642 1,414 4,900 4,378 
OPERATING EXPENSES AND INCOME     
Selling, general and administrative expenses 708 571 1,945 1,745 
Research, development and engineering expenses 348 266 945 802 
Equity, royalty and interest income from investees (Notes 3 and 5)70 94 261 397 
Other operating expense, net (Note 3)30 5 144 17 
OPERATING INCOME 626 666 2,127 2,211 
Interest expense 61 28 112 85 
Other income, net 43 37 26 111 
INCOME BEFORE INCOME TAXES 608 675 2,041 2,237 
Income tax expense (Note 6)199 134 502 473 
CONSOLIDATED NET INCOME 409 541 1,539 1,764 
Less: Net income attributable to noncontrolling interests9 7 19 27 
NET INCOME ATTRIBUTABLE TO CUMMINS INC. $400 $534 $1,520 $1,737 
 
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CUMMINS INC.     
Basic $2.83 $3.72 $10.74 $11.96 
Diluted $2.82 $3.69 $10.68 $11.86 
 
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING     
Basic 141.1 143.5 141.5 145.2 
Dilutive effect of stock compensation awards 0.9 1.2 0.8 1.3 
Diluted 142.0 144.7 142.3 146.5 
(a) Includes sales to nonconsolidated equity investees of $295 million and $920 million for the three and nine months ended September 30, 2022, compared with $385 million and $1,286 million for the comparable periods in 2021.

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.
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Table of Contents
CUMMINS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
 
 Three months endedNine months ended
In millions September 30,
2022
October 3,
2021
September 30,
2022
October 3,
2021
CONSOLIDATED NET INCOME $409 $541 $1,539 $1,764 
Other comprehensive income (loss), net of tax (Note 15)    
Change in pension and other postretirement defined benefit plans 6 17 28 63 
Foreign currency translation adjustments (379) (620)(34)
Unrealized gain on derivatives 41 3 112 37 
Total other comprehensive (loss) income, net of tax (332)20 (480)66 
COMPREHENSIVE INCOME 77 561 1,059 1,830 
Less: Comprehensive (loss) income attributable to noncontrolling interests (6)9 (19)22 
COMPREHENSIVE INCOME ATTRIBUTABLE TO CUMMINS INC. $83 $552 $1,078 $1,808 
 
The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.
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Table of Contents
CUMMINS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
In millions, except par valueSeptember 30,
2022
December 31,
2021
ASSETS  
Current assets   
Cash and cash equivalents $2,499 $2,592 
Marketable securities (Note 7)466 595 
Total cash, cash equivalents and marketable securities 2,965 3,187 
Accounts and notes receivable, net
Trade and other 4,450 3,565 
Nonconsolidated equity investees 349 425 
Inventories (Note 8)5,543 4,355 
Prepaid expenses and other current assets 1,091 777 
Total current assets 14,398 12,309 
Long-term assets   
Property, plant and equipment 10,231 9,358 
Accumulated depreciation (5,030)(4,936)
Property, plant and equipment, net 5,201 4,422 
Investments and advances related to equity method investees 1,826 1,538 
Goodwill (Note 9)2,229 1,287 
Other intangible assets, net (Note 9)2,602 900 
Pension assets (Note 4)1,536 1,488 
Other assets (Note 10)1,977 1,766 
Total assets $29,769 $23,710 
LIABILITIES  
Current liabilities   
Accounts payable (principally trade) $4,000 $3,021 
Loans payable (Note 11)217 208 
Commercial paper (Note 11)2,393 313 
Accrued compensation, benefits and retirement costs 575 683 
Current portion of accrued product warranty (Note 12)801 755 
Current portion of deferred revenue (Note 2)921 855 
Other accrued expenses (Note 10)1,568 1,190 
Current maturities of long-term debt (Note 11)55 59 
Total current liabilities 10,530 7,084 
Long-term liabilities   
Long-term debt (Note 11)5,450 3,579 
Pensions and other postretirement benefits (Note 4)678 604 
Accrued product warranty (Note 12)742 684 
Deferred revenue (Note 2)867 850 
Other liabilities (Note 10)1,892 1,508 
Total liabilities $20,159 $14,309 
Commitments and contingencies (Note 13)
Redeemable noncontrolling interests (Notes 1 and 14)$252 $366 
 
EQUITY
Cummins Inc. shareholders’ equity   
Common stock, $2.50 par value, 500 shares authorized, 222.5 and 222.5 shares issued
$2,214 $2,099 
Retained earnings 17,628 16,741 
Treasury stock, at cost, 81.5 and 80.0 shares
(9,449)(9,123)
Accumulated other comprehensive loss (Note 15)(2,013)(1,571)
Total Cummins Inc. shareholders’ equity 8,380 8,146 
Noncontrolling interests 978 889 
Total equity $9,358 $9,035 
Total liabilities, redeemable noncontrolling interests and equity $29,769 $23,710 
The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.
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Table of Contents
CUMMINS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 Nine months ended
In millionsSeptember 30,
2022
October 3,
2021
CASH FLOWS FROM OPERATING ACTIVITIES  
Consolidated net income $1,539 $1,764 
Adjustments to reconcile consolidated net income to net cash provided by operating activities   
Depreciation and amortization544 497 
Deferred income taxes(194)44 
Equity in income of investees, net of dividends (30)(150)
Pension and OPEB expense (Note 4)23 62 
Pension contributions and OPEB payments (Note 4)(71)(86)
Share-based compensation expense 24 25 
Russian suspension costs, net of recoveries (Note 3)112  
Asset impairments and other charges 36  
Loss on corporate owned life insurance 114 11 
Foreign currency remeasurement and transaction exposure (136)27 
Changes in current assets and liabilities, net of acquisitions  
Accounts and notes receivable (333)(353)
Inventories (597)(919)
Other current assets (18)(45)
Accounts payable 353 416 
Accrued expenses (124)435 
Changes in other liabilities (41)(59)
Other, net (56)(145)
Net cash provided by operating activities 1,145 1,524 
CASH FLOWS FROM INVESTING ACTIVITIES   
Capital expenditures (453)(362)
Investments in internal use software (44)(36)
Proceeds from sale of land 20 
Investments in and net advances from (to) equity investees (50)3 
Acquisitions of businesses, net of cash acquired (Note 16)(3,008) 
Investments in marketable securities—acquisitions (738)(569)
Investments in marketable securities—liquidations (Note 7)819 602 
Cash flows from derivatives not designated as hedges (29)19 
Other, net 7 45 
Net cash used in investing activities (3,496)(278)
CASH FLOWS FROM FINANCING ACTIVITIES   
Proceeds from borrowings (Notes 11 and 16)2,076 35 
Net borrowings (payments) of commercial paper 2,080 (123)
Payments on borrowings and finance lease obligations (1,070)(57)
Net borrowings (payments) under short-term credit agreements 21 (93)
Distributions to noncontrolling interests (38)(28)
Dividend payments on common stock (633)(601)
Repurchases of common stock (370)(1,228)
Proceeds from issuing common stock 36 27 
Other, net 9 (11)
Net cash provided by (used in) financing activities 2,111 (2,079)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS 147 20 
Net decrease in cash and cash equivalents(93)(813)
Cash and cash equivalents at beginning of year 2,592 3,401 
CASH AND CASH EQUIVALENTS AT END OF PERIOD $2,499 $2,588 
 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 REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
(Unaudited)
 
Three months ended
In millions, except per share amountsRedeemable Noncontrolling InterestsCommon StockAdditional Paid-in CapitalRetained EarningsTreasury StockAccumulated Other Comprehensive LossTotal Cummins Inc. Shareholders’ EquityNoncontrolling InterestsTotal Equity
BALANCE AT JUNE 30, 2022$226 $556 $1,668 $17,450 $(9,439)$(1,696)$8,539 $890 $9,429 
Net income (7)400 400 16 416 
Other comprehensive loss, net of tax (Note 15)(317)(317)(15)(332)
Issuance of common stock 7 7  7 
Repurchases of common stock(23)(23) (23)
Cash dividends on common stock, $1.57 per share
(222)(222) (222)
Distributions to noncontrolling interests  (24)(24)
Share-based awards 4 13 17  17 
Acquisition of business 111 111 
Fair value adjustment of redeemable noncontrolling interests33 (33)(33) (33)
Other shareholder transactions 12 12  12 
BALANCE AT SEPTEMBER 30, 2022$252 $556 $1,658 $17,628 $(9,449)$(2,013)$8,380 $978 $9,358 
BALANCE AT JULY 4, 2021$346 $556 $1,548 $16,228 $(8,838)$(1,929)$7,565 $882 $8,447 
Net income(3)534 534 10 544 
Other comprehensive income, net of tax (Note 15)18 18 2 20 
Repurchases of common stock(138)(138)— (138)
Cash dividends on common stock, $1.45 per share
(207)(207)— (207)
Distributions to noncontrolling interests— (15)(15)
Share-based awards1 1 — 1 
Fair value adjustment of redeemable noncontrolling interests(42)42 42 — 42 
Other shareholder transactions7 1 8 — 8 
BALANCE AT OCTOBER 3, 2021$301 $556 $1,597 $16,555 $(8,974)$(1,911)$7,823 $879 $8,702 
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 REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
(Unaudited)
Nine months ended
In millions, except per share amountsRedeemable Noncontrolling InterestsCommon
Stock
Additional
Paid-in
Capital
Retained
Earnings
Treasury
Stock
Accumulated
Other
Comprehensive
Loss
Total
Cummins Inc.
Shareholders’
Equity
Noncontrolling
Interests
Total
Equity
BALANCE AT DECEMBER 31, 2021$366 $556 $1,543 $16,741 $(9,123)$(1,571)$8,146 $889 $9,035 
Net income (18)1,520 1,520 37 1,557 
Other comprehensive loss, net of tax (Note 15)(442)(442)(38)(480)
Issuance of common stock 8 8  8 
Repurchases of common stock(370)(370) (370)
Cash dividends on common stock, $4.47 per share
(633)(633) (633)
Distributions to noncontrolling interests  (38)(38)
Share-based awards (3)39 36  36 
Acquisition of business 111 111 
Fair value adjustment of redeemable noncontrolling interests(96)96 96  96 
Other shareholder transactions 14 5 19 17 36 
BALANCE AT SEPTEMBER 30, 2022$252 $556 $1,658 $17,628 $(9,449)$(2,013)$8,380 $978 $9,358 
BALANCE AT DECEMBER 31, 2020$282 $556 $1,617 $15,419 $(7,779)$(1,982)$7,831 $876 $8,707 
Net income (9)1,737 1,737 36 1,773 
Other comprehensive income (loss), net of tax (Note 15)71 71 (5)66 
Issuance of common stock 1 1 — 1 
Repurchases of common stock(1,228)(1,228)— (1,228)
Cash dividends on common stock, $4.15 per share
(601)(601)— (601)
Distributions to noncontrolling interests — (28)(28)
Share-based awards (4)31 27 — 27 
Fair value adjustment of redeemable noncontrolling interests28 (28)(28)— (28)
Other shareholder transactions 11 2 13  13 
BALANCE AT OCTOBER 3, 2021$301 $556 $1,597 $16,555 $(8,974)$(1,911)$7,823 $879 $8,702 

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.

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CUMMINS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 1. NATURE OF OPERATIONS AND BASIS OF PRESENTATION
Overview
Cummins Inc. (“Cummins,” “we,” “our” or “us”) was founded in 1919 as Cummins Engine Company, a corporation in Columbus, Indiana, and one of the first diesel engine manufacturers. In 2001, we changed our name to Cummins Inc. We are a global power leader that designs, manufactures, distributes and services diesel, natural gas, electric and hybrid powertrains and powertrain-related components including filtration, aftertreatment, turbochargers, fuel systems, controls systems, air handling systems, automated transmissions, axles, drivelines, brakes, suspension systems, electric power generation systems, batteries, electrified power systems, electric powertrains, hydrogen production and fuel cell products. We sell our products to original equipment manufacturers (OEMs), distributors, dealers and other customers worldwide. We serve our customers through a service network of approximately 500 wholly-owned, joint venture and independent distributor locations and more than 10,000 Cummins certified dealer locations in approximately 190 countries and territories.
Meritor Acquisition
On August 3, 2022, we completed the acquisition of Meritor, Inc. (Meritor) with a purchase price of $2.9 billion (including debt repaid concurrent with the acquisition). Our consolidated results and segment results include Meritor's activity since the date of acquisition. The results are included in our Components segment in the axles and brakes business while the electric powertrain portion is included in our New Power segment. See NOTE 16, "ACQUISITIONS," for additional information.
Reporting Period
Beginning in 2022, we transitioned to a Gregorian calendar with our reporting period ending on the last day of the quarterly calendar period. In 2021 and prior, our reporting period ended on the Sunday closest to the last day of the quarterly calendar period. The third quarters of 2022 and 2021 ended on September 30 and October 3, respectively. Our fiscal year ends on December 31, regardless of the day of the week on which December 31 falls.
Interim Condensed Financial Statements
The unaudited Condensed Consolidated Financial Statements reflect all adjustments which, in the opinion of management, are necessary for a fair statement of the results of operations, financial position and cash flows. All such adjustments are of a normal recurring nature. The Condensed Consolidated Financial Statements were prepared in accordance with accounting principles in the United States of America (GAAP) pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) for interim financial information. Certain information and footnote disclosures normally included in annual financial statements were condensed or omitted as permitted by such rules and regulations.
These interim condensed financial statements should be read in conjunction with the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2021. Our interim period financial results for the three and nine month periods presented are not necessarily indicative of results to be expected for any other interim period or for the entire year. The year-end Condensed Consolidated Balance Sheet data was derived from audited financial statements but does not include all required annual disclosures.
Reclassifications
Certain amounts for prior year periods were reclassified to conform to the current year presentation.
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Revisions
During the third quarter of 2022, we determined that a put right held by a minority shareholder in one of our subsidiaries, which became exercisable in September 2022, was incorrectly classified as noncontrolling interests (NCI) as opposed to mezzanine equity in our Condensed Consolidated Balance Sheets. Because the put right was exercisable at fair value (as defined in the governing documents of the subsidiary), the NCI should have also been reflected at fair value at each balance sheet date with an offset to additional paid-in-capital (APIC). As a result, we have revised our historical financial statements to reflect the NCI at its estimated fair value as redeemable noncontrolling interests in our Condensed Consolidated Balance Sheets with a corresponding offset in NCI and APIC. This error did not impact our Condensed Consolidated Statements of Net Income, Condensed Consolidated Statements of Comprehensive Income or Condensed Consolidated Statements of Cash Flows for any period. The amount reclassified from NCI and APIC was as follows:
In millionsNoncontrolling InterestsAdditional Paid-in CapitalTotal Correction to Mezzanine Equity
December 31, 2019$58 $ $58