Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Mar. 31, 2019
Dec. 31, 2018
Current assets    
Cash and cash equivalents $ 1,328 $ 1,303
Marketable securities (Note 6) 246 222
Total cash, cash equivalents and marketable securities 1,574 1,525
Accounts and notes receivable, net    
Trade and other 3,765 3,635
Nonconsolidated equity investees 260 231
Inventories (Note 7) 3,893 3,759
Prepaid expenses and other current assets 599 668
Total current assets 10,091 9,818
Long-term assets    
Property, plant and equipment 8,349 8,319
Accumulated depreciation (4,283) (4,223)
Property, plant and equipment, net 4,066 4,096
Investments and advances related to equity method investees 1,303 1,222
Goodwill 1,125 1,126
Other intangible assets, net 895 909
Pension assets 939 929
Other assets 1,427 962
Total assets 19,846 19,062
Current liabilities    
Accounts payable (principally trade) 3,018 2,822
Loans payable (Note 9) [1] 70 54
Commercial paper (Note 9) [2] 709 780
Accrued compensation, benefits and retirement costs 364 679
Current portion of accrued product warranty (Note 10) 762 654
Current portion of deferred revenue (Note 3) 509 498
Other accrued expenses (Note 11) 958 852
Current maturities of long-term debt (Note 9) 37 45
Total current liabilities 6,427 6,384
Long-term liabilities    
Long-term debt (Note 9) 1,605 1,597
Pensions and other postretirement benefits 520 532
Accrued product warranty (Note 10) 682 740
Deferred Revenue, Noncurrent 697 658
Other liabilities (Note 11) 1,188 892
Total liabilities 11,119 10,803
Commitments and contingencies (Note 12)
Cummins Inc. shareholders' equity    
Common stock, $2.50 par value, 500 shares authorized, 222.4 and 222.4 shares issued 2,273 2,271
Retained earnings 13,401 12,917
Treasury stock, at cost, 64.9 and 64.4 shares (6,111) (6,028)
Common stock held by employee benefits trust, at cost, 0.3 and 0.4 shares (4) (5)
Accumulated other comprehensive loss (Note 13) (1,739) (1,807)
Total Cummins Inc. shareholders' equity 7,820 7,348
Noncontrolling interests 907 911
Total equity 8,727 8,259
Total liabilities and equity $ 19,846 $ 19,062
[1] Loans payable consist primarily of notes payable to various domestic and international financial institutions and it is not practicable to aggregate these notes and calculate a quarterly weighted-average interest rate.
[2] The weighted-average interest rate, inclusive of all brokerage fees, was 2.60 percent and 2.59 percent at March 31, 2019 and December 31, 2018, respectively.