Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
In Millions
Sep. 25, 2011
Dec. 31, 2010
Current assets    
Cash and cash equivalents $ 1,165 $ 1,023
Marketable securities (Note 6) 273 339
Total cash, cash equivalents and marketable securities 1,438 1,362
Accounts and notes receivable, net    
Trade and other 2,398 1,935
Nonconsolidated equity investees 268 308
Inventories (Note 9) 2,295 1,977
Deferred income taxes 277 314
Prepaid expenses and other current assets 350 393
Total current assets 7,026 6,289
Long-term assets    
Property, plant and equipment 5,131 4,927
Accumulated depreciation (2,963) (2,886)
Property, plant and equipment, net 2,168 2,041
Investments and advances related to equity method investees 830 734
Goodwill 346 367
Other intangible assets, net 215 222
Deferred income taxes 125 203
Other assets 628 546
Total assets 11,338 10,402
Current liabilities    
Loans payable 48 82
Accounts payable (principally trade) 1,659 1,362
Current portion of accrued product warranty (Note 10) 417 421
Accrued compensation, benefits and retirement costs 481 468
Deferred revenue 208 182
Taxes payable (including taxes on income) 251 202
Other accrued expenses 678 543
Total current liabilities 3,742 3,260
Long-term liabilities    
Long-term debt 665 709
Pensions 75 195
Postretirement benefits other than pensions 446 439
Other liabilities and deferred revenue 866 803
Total liabilities 5,794 5,406
Commitments and contingencies (Note 12)    
Cummins Inc. shareholders' equity    
Common stock, $2.50 par value, 500 shares authorized, 222.2 and 221.8 shares issued 1,982 1,934
Retained earnings 5,567 4,445
Treasury stock, at cost, 29.3 and 24.0 shares (1,505) (964)
Common stock held by employee benefits trust, at cost, 1.9 and 2.1 shares (22) (25)
Accumulated other comprehensive loss    
Defined benefit postretirement plans (606) (646)
Other (205) (74)
Total accumulated other comprehensive loss (811) (720)
Total Cummins Inc. shareholders' equity 5,211 4,670
Noncontrolling interests 333 326
Total equity 5,544 4,996
Total liabilities and equity $ 11,338 $ 10,402