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. 30, 2023
Dec. 31, 2022
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 222.5 222.5
Treasury Stock, Common, Shares 80.8 81.2
Current assets    
Cash and cash equivalents $ 2,387 $ 2,020
Restricted Cash 225 81
Marketable securities (Note 6) 452 472
Total cash, cash equivalents, restricted cash and marketable securities 3,064 2,573
Accounts and notes receivable, net 5,662 5,202
Inventories (Note 7) 5,906 5,603
Prepaid expenses and other current assets 1,280 1,073
Total current assets 15,912 14,451
Long-term assets    
Property, plant and equipment 11,098 10,507
Accumulated depreciation (5,297) (4,986)
Property, plant and equipment, net 5,801 5,521
Investments and advances related to equity method investees 1,785 1,759
Goodwill 2,379 2,343
Other intangible assets, net 2,518 2,687
Pension assets (Note 3) 1,500 1,398
Other assets (Note 8) 2,202 2,140
Total assets 32,097 30,299
Current liabilities    
Accounts payable (principally trade) 4,262 4,252
Loans payable (Note 9) 231 210
Commercial paper (Note 9) 1,710 2,574
Current maturities of long-term debt (Note 9) 573 573
Accrued compensation, benefits and retirement costs 884 617
Current portion of accrued product warranty (Note 10) 731 726
Current portion of deferred revenue (Note 2) 1,029 1,004
Other accrued expenses (Note 8) 1,706 1,465
Total current liabilities 11,126 11,421
Long-term liabilities    
Long-term debt (Note 9) 4,950 4,498
Deferred revenue (Note 2) 1,011 844
Other liabilities (Note 8) 3,332 3,311
Total liabilities 20,419 20,074
Commitments and contingencies (Note 11)
Redeemable Noncontrolling Interest, Equity, Carrying Amount 0 258
Cummins Inc. shareholders' equity    
Common stock, $2.50 par value, 500 shares authorized, 222.5 and 222.5 shares issued 2,558 2,243
Retained earnings 19,520 18,037
Treasury stock, at cost, 80.8 and 81.2 shares (9,369) (9,415)
Accumulated other comprehensive loss (Note 12) (2,051) (1,890)
Total Cummins Inc. shareholders' equity 10,658 8,975
Noncontrolling interests 1,020 992
Total equity 11,678 9,967
Total liabilities, redeemable noncontrolling interests and equity $ 32,097 $ 30,299