Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
shares in Millions, $ in Millions
Sep. 27, 2020
Dec. 31, 2019
Statement of Financial Position [Abstract]    
Common stock, par value (in dollars per share) $ 2.50  
Common stock, shares authorized 500.0  
Common stock, shares issued 222.5 222.4
Treasury stock, shares 74.4 71.7
Common stock held by employee benefits trust, shares 0.0 0.2
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 investees 1,418 1,237
Goodwill 1,288 1,286
Other intangible assets, net 990 1,003
Pension assets 1,010 1,001
Other assets 1,713 1,578
Total assets 21,568 19,737
Current liabilities    
Accounts payable (principally trade) 2,597 2,534
Loans payable (Note 9) [1] 129 100
Commercial paper (Note 9) 316 [2] 660 [3]
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 benefits 571 591
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)
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 0 (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
[1] (1) Loans payable consist primarily of notes payable to various domestic and international financial institutions. It is not practicable to aggregate these notes and calculate a quarterly weighted-average interest rate.
[2] (2) The weighted-average interest rate, inclusive of all brokerage fees, was 0.03 percent at September 27, 2020. This includes $116 million of borrowings under the EUR program that were at a negative weighted-average interest rate of 0.27 percent and $200 million of borrowings under the U.S. program at a weighted-average rate of 0.20 percent.
[3] (3) The weighted-average interest rate, inclusive of all brokerage fees, was 1.82 percent at December 31, 2019. All borrowings were at positive interest rates.