Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
In Millions, unless otherwise specified
Jul. 01, 2012
Dec. 31, 2011
Current assets    
Cash and cash equivalents $ 1,145 $ 1,484
Marketable securities (Note 6) 261 277
Total cash, cash equivalents and marketable securities 1,406 1,761
Accounts and notes receivable, net    
Trade and other 2,331 2,252
Nonconsolidated equity investees 289 274
Inventories (Note 8) 2,581 2,141
Prepaid expenses and other current assets 639 663
Total current assets 7,246 7,091
Long-term assets    
Property, plant and equipment 5,475 5,245
Accumulated depreciation (3,051) (2,957)
Property, plant and equipment, net 2,424 2,288
Investments and advances related to equity method investees 890 838
Goodwill 345 339
Other intangible assets, net 268 227
Other assets 996 885
Total assets 12,169 11,668
Current liabilities    
Loans payable 58 28
Accounts payable (principally trade) 1,634 1,546
Current maturities of long-term debt (Note 10) 83 97
Current portion of accrued product warranty (Note 9) 407 422
Accrued compensation, benefits and retirement costs 340 511
Deferred revenue 208 208
Taxes payable (including taxes on income) 258 282
Other accrued expenses 582 563
Total current liabilities 3,570 3,657
Long-term liabilities    
Long-term debt (Note 10) 653 658
Pensions 118 205
Postretirement benefits other than pensions 425 432
Other liabilities and deferred revenue 966 885
Total liabilities 5,732 5,837
Commitments and contingencies (Note 12)      
Cummins Inc. shareholders' equity    
Common stock, $2.50 par value, 500 shares authorized, 222.4 and 222.2 shares issued 2,036 2,001
Retained earnings 6,810 6,038
Treasury stock, at cost, 32.0 and 30.2 shares (1,777) (1,587)
Common stock held by employee benefits trust, at cost, 1.6 and 1.8 shares (20) (22)
Accumulated other comprehensive loss    
Defined benefit postretirement plans (703) (724)
Other (243) (214)
Total accumulated other comprehensive loss (946) (938)
Total Cummins Inc. shareholders' equity 6,103 5,492
Noncontrolling interests 334 339
Total equity 6,437 5,831
Total liabilities and equity $ 12,169 $ 11,668