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|||||||
(State of Incorporation) | (IRS Employer Identification No.) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||||||||
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x | Accelerated filer | ☐ | Non-accelerated filer | ☐ | ||||||||||||||||||||||||||||||
Smaller reporting company |
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Emerging growth company |
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Page | ||||||||
Condensed Consolidated Statements of Net Income for the three and nine months ended October 3, 2021 and September 27, 2020 | ||||||||
Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended October 3, 2021 and September 27, 2020 | ||||||||
Condensed Consolidated Balance Sheets at October 3, 2021 and December 31, 2020 | ||||||||
Condensed Consolidated Statements of Cash Flows for the nine months ended October 3, 2021 and September 27, 2020 | ||||||||
Condensed Consolidated Statements of Changes in Equity for the three and nine months ended October 3, 2021 and September 27, 2020 | ||||||||
Three months ended | Nine months ended | |||||||||||||||||||||||||
In millions, except per share amounts |
October 3,
2021 |
September 27,
2020 |
October 3,
2021 |
September 27,
2020 |
||||||||||||||||||||||
NET SALES
(a)
(Note 2)
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$ |
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$ |
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$ |
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$ |
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Cost of sales |
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GROSS MARGIN |
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OPERATING EXPENSES AND INCOME | ||||||||||||||||||||||||||
Selling, general and administrative expenses |
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Research, development and engineering expenses |
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Equity, royalty and interest income from investees (Note 4) |
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Other operating expense, net |
(
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(
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(
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(
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||||||||||||||||||||||
OPERATING INCOME |
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Interest expense |
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Other income, net |
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INCOME BEFORE INCOME TAXES |
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Income tax expense (Note 5) |
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||||||||||||||||||||||
CONSOLIDATED NET INCOME |
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||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests |
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||||||||||||||||||||||
NET INCOME ATTRIBUTABLE TO CUMMINS INC. | $ |
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$ |
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$ |
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$ |
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||||||||||||||||||
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CUMMINS INC. | ||||||||||||||||||||||||||
Basic | $ |
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$ |
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$ |
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$ |
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||||||||||||||||||
Diluted | $ |
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$ |
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$ |
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$ |
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||||||||||||||||||
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING | ||||||||||||||||||||||||||
Basic |
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Dilutive effect of stock compensation awards |
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Diluted |
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Three months ended | Nine months ended | |||||||||||||||||||||||||||||||
In millions |
October 3,
2021 |
September 27,
2020 |
October 3,
2021 |
September 27,
2020 |
||||||||||||||||||||||||||||
CONSOLIDATED NET INCOME | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||
Other comprehensive income (loss), net of tax (Note 12) | ||||||||||||||||||||||||||||||||
Change in pension and other postretirement defined benefit plans |
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||||||||||||||||||||||||||||
Foreign currency translation adjustments |
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(
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(
|
||||||||||||||||||||||||||||
Unrealized gain (loss) on derivatives |
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(
|
||||||||||||||||||||||||||||
Total other comprehensive income (loss), net of tax |
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|
(
|
||||||||||||||||||||||||||||
COMPREHENSIVE INCOME |
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|
||||||||||||||||||||||||||||
Less: Comprehensive income attributable to noncontrolling interests |
|
|
|
|
||||||||||||||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO CUMMINS INC. | $ |
|
$ |
|
$ |
|
$ |
|
In millions, except par value |
October 3,
2021 |
December 31,
2020 |
||||||||||||
ASSETS | ||||||||||||||
Current assets | ||||||||||||||
Cash and cash equivalents | $ |
|
$ |
|
||||||||||
Marketable securities (Note 6) |
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|
||||||||||||
Total cash, cash equivalents and marketable securities |
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|
||||||||||||
Accounts and notes receivable, net | ||||||||||||||
Trade and other |
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|
||||||||||||
Nonconsolidated equity investees |
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|
||||||||||||
Inventories (Note 7) |
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||||||||||||
Prepaid expenses and other current assets |
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||||||||||||
Total current assets |
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||||||||||||
Long-term assets | ||||||||||||||
Property, plant and equipment |
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|
||||||||||||
Accumulated depreciation |
(
|
(
|
||||||||||||
Property, plant and equipment, net |
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|
||||||||||||
Investments and advances related to equity method investees (Note 4) |
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|
||||||||||||
Goodwill |
|
|
||||||||||||
Other intangible assets, net |
|
|
||||||||||||
Pension assets (Note 3) |
|
|
||||||||||||
Other assets (Note 8) |
|
|
||||||||||||
Total assets | $ |
|
$ |
|
||||||||||
LIABILITIES | ||||||||||||||
Current liabilities | ||||||||||||||
Accounts payable (principally trade) | $ |
|
$ |
|
||||||||||
Loans payable (Note 9) |
|
|
||||||||||||
Commercial paper (Note 9) |
|
|
||||||||||||
Accrued compensation, benefits and retirement costs |
|
|
||||||||||||
Current portion of accrued product warranty (Note 10) |
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|
||||||||||||
Current portion of deferred revenue (Note 2) |
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|
||||||||||||
Other accrued expenses (Note 8) |
|
|
||||||||||||
Current maturities of long-term debt (Note 9) |
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|
||||||||||||
Total current liabilities |
|
|
||||||||||||
Long-term liabilities | ||||||||||||||
Long-term debt (Note 9) |
|
|
||||||||||||
Pensions and other postretirement benefits (Note 3) |
|
|
||||||||||||
Accrued product warranty (Note 10) |
|
|
||||||||||||
Deferred revenue (Note 2) |
|
|
||||||||||||
Other liabilities (Note 8) |
|
|
||||||||||||
Total liabilities | $ |
|
$ |
|
||||||||||
Commitments and contingencies (Note 11) |
|
|
||||||||||||
EQUITY | ||||||||||||||
Cummins Inc. shareholders’ equity | ||||||||||||||
Common stock, $
|
$ |
|
$ |
|
||||||||||
Retained earnings |
|
|
||||||||||||
Treasury stock, at cost,
|
(
|
(
|
||||||||||||
Accumulated other comprehensive loss (Note 12) |
(
|
(
|
||||||||||||
Total Cummins Inc. shareholders’ equity |
|
|
||||||||||||
Noncontrolling interests |
|
|
||||||||||||
Total equity | $ |
|
$ |
|
||||||||||
Total liabilities and equity | $ |
|
$ |
|
Nine months ended | ||||||||||||||
In millions |
October 3,
2021 |
September 27,
2020 |
||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||||
Consolidated net income | $ |
|
$ |
|
||||||||||
Adjustments to reconcile consolidated net income to net cash provided by operating activities | ||||||||||||||
Depreciation and amortization |
|
|
||||||||||||
Deferred income taxes |
|
(
|
||||||||||||
Equity in income of investees, net of dividends |
(
|
(
|
||||||||||||
Pension and OPEB expense (Note 3) |
|
|
||||||||||||
Pension contributions and OPEB payments (Note 3) |
(
|
(
|
||||||||||||
Share-based compensation expense |
|
|
||||||||||||
Restructuring payments |
(
|
(
|
||||||||||||
Loss (gain) on corporate owned life insurance |
|
(
|
||||||||||||
Foreign currency remeasurement and transaction exposure |
|
(
|
||||||||||||
Changes in current assets and liabilities | ||||||||||||||
Accounts and notes receivable |
(
|
|
||||||||||||
Inventories |
(
|
(
|
||||||||||||
Other current assets |
(
|
|
||||||||||||
Accounts payable |
|
|
||||||||||||
Accrued expenses |
|
(
|
||||||||||||
Changes in other liabilities |
(
|
|
||||||||||||
Other, net |
(
|
(
|
||||||||||||
Net cash provided by operating activities |
|
|
||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||
Capital expenditures |
(
|
(
|
||||||||||||
Investments in internal use software |
(
|
(
|
||||||||||||
Proceeds from sale of land |
|
|
||||||||||||
Investments in and advances to equity investees |
|
(
|
||||||||||||
Investments in marketable securities—acquisitions |
(
|
(
|
||||||||||||
Investments in marketable securities—liquidations (Note 6) |
|
|
||||||||||||
Cash flows from derivatives not designated as hedges |
|
(
|
||||||||||||
Other, net |
|
|
||||||||||||
Net cash used in investing activities |
(
|
(
|
||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||
Proceeds from borrowings |
|
|
||||||||||||
Net payments of commercial paper |
(
|
(
|
||||||||||||
Payments on borrowings and finance lease obligations |
(
|
(
|
||||||||||||
Net (payments) borrowings under short-term credit agreements |
(
|
|
||||||||||||
Distributions to noncontrolling interests |
(
|
(
|
||||||||||||
Dividend payments on common stock |
(
|
(
|
||||||||||||
Repurchases of common stock |
(
|
(
|
||||||||||||
Proceeds from issuing common stock |
|
|
||||||||||||
Other, net |
(
|
|
||||||||||||
Net cash (used in) provided by financing activities |
(
|
|
||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS |
|
|
||||||||||||
Net (decrease) increase in cash and cash equivalents |
(
|
|
||||||||||||
Cash and cash equivalents at beginning of year |
|
|
||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ |
|
$ |
|
Three months ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In millions, except per share amounts | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Common Stock Held in Trust | Accumulated Other Comprehensive Loss | Total Cummins Inc. Shareholders’ Equity | Noncontrolling Interests | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||
BALANCE AT JULY 4, 2021 | $ |
|
$ |
|
$ |
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||||||
Net income |
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax (Note 12) |
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchases of common stock |
|
(
|
|
(
|
— |
(
|
||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends on common stock, $
|
(
|
(
|
— |
(
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — |
(
|
(
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based awards |
|
|
|
|
— |
|
||||||||||||||||||||||||||||||||||||||||||||||||||
Other shareholder transactions |
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE AT OCTOBER 3, 2021 | $ |
|
$ |
|
$ |
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||||||
BALANCE AT JUNE 28, 2020 | $ |
|
$ |
|
$ |
|
$ |
(
|
$ |
(
|
$ |
(
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||||||
Net income |
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax (Note 12) |
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
Employee benefits trust activity |
|
|
|
|
— |
|
||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends on common stock, $
|
(
|
(
|
— |
(
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — |
(
|
(
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based awards |
|
|
|
|
— |
|
||||||||||||||||||||||||||||||||||||||||||||||||||
Other shareholder transactions |
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE AT SEPTEMBER 27, 2020 | $ |
|
$ |
|
$ |
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
Nine months ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In millions, except per share amounts |
Common
Stock |
Additional
Paid-in Capital |
Retained
Earnings |
Treasury
Stock |
Common
Stock Held in Trust |
Accumulated
Other Comprehensive Loss |
Total
Cummins Inc. Shareholders’ Equity |
Noncontrolling
Interests |
Total
Equity |
||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE AT DECEMBER 31, 2020 | $ |
|
$ |
|
$ |
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||||||||
Net income |
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax (Note 12) |
|
|
(
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock |
|
|
— |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchases of common stock |
|
(
|
(
|
— |
(
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends on common stock, $
|
(
|
(
|
— |
(
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — |
(
|
(
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based awards |
(
|
|
|
— |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other shareholder transactions |
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE AT OCTOBER 3, 2021 | $ |
|
$ |
|
$ |
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||||||||
BALANCE AT DECEMBER 31, 2019 | $ |
|
$ |
|
$ |
|
$ |
(
|
$ |
(
|
$ |
(
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||||||||
Adoption of new accounting standards |
(
|
(
|
— |
(
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income |
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax (Note 12) |
(
|
(
|
(
|
(
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock |
|
|
— |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee benefits trust activity |
|
|
|
— |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchases of common stock |
|
(
|
(
|
— |
(
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends on common stock, $
|
(
|
(
|
— |
(
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — |
(
|
(
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based awards |
(
|
|
|
— |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other shareholder transactions |
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE AT SEPTEMBER 27, 2020 | $ |
|
$ |
|
$ |
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
Three months ended | Nine months ended | ||||||||||||||||||||||
October 3,
2021 |
September 27,
2020 |
October 3,
2021 |
September 27,
2020 |
||||||||||||||||||||
Options excluded |
|
|
|
|
In millions |
October 3,
2021 |
December 31,
2020 |
||||||||||||
Unbilled revenue | $ |
|
$ |
|
||||||||||
Deferred revenue, primarily extended warranty |
|
|
||||||||||||
Three months ended | Nine months ended | |||||||||||||||||||||||||
In millions |
October 3,
2021 |
September 27,
2020 |
October 3,
2021 |
September 27,
2020 |
||||||||||||||||||||||
United States | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
China |
|
|
|
|
||||||||||||||||||||||
India |
|
|
|
|
||||||||||||||||||||||
Other international |
|
|
|
|
||||||||||||||||||||||
Total net sales | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||||||||||||
In millions |
October 3,
2021 |
September 27,
2020 |
October 3,
2021 |
September 27,
2020 |
||||||||||||||||||||||
Heavy-duty truck | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
Medium-duty truck and bus |
|
|
|
|
||||||||||||||||||||||
Light-duty automotive |
|
|
|
|
||||||||||||||||||||||
Total on-highway |
|
|
|
|
||||||||||||||||||||||
Off-highway |
|
|
|
|
||||||||||||||||||||||
Total sales | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||||||||||||
In millions |
October 3,
2021 |
September 27,
2020 |
October 3,
2021 |
September 27,
2020 |
||||||||||||||||||||||
North America | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
Asia Pacific |
|
|
|
|
||||||||||||||||||||||
Europe |
|
|
|
|
||||||||||||||||||||||
Russia |
|
|
|
|
||||||||||||||||||||||
China |
|
|
|
|
||||||||||||||||||||||
Africa and Middle East |
|
|
|
|
||||||||||||||||||||||
India |
|
|
|
|
||||||||||||||||||||||
Latin America |
|
|
|
|
||||||||||||||||||||||
Total sales | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||||||||||||
In millions |
October 3,
2021 |
September 27,
2020 |
October 3,
2021 |
September 27,
2020 |
||||||||||||||||||||||
Parts | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
Power generation |
|
|
|
|
||||||||||||||||||||||
Engines |
|
|
|
|
||||||||||||||||||||||
Service |
|
|
|
|
||||||||||||||||||||||
Total sales | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||||||||||||
In millions |
October 3,
2021 |
September 27,
2020 |
October 3,
2021 |
September 27,
2020 |
||||||||||||||||||||||
Emission solutions | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
Filtration |
|
|
|
|
||||||||||||||||||||||
Turbo technologies |
|
|
|
|
||||||||||||||||||||||
Automated transmissions |
|
|
|
|
||||||||||||||||||||||
Electronics and fuel systems |
|
|
|
|
||||||||||||||||||||||
Total sales | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||||||||||||
In millions |
October 3,
2021 |
September 27,
2020 |
October 3,
2021 |
September 27,
2020 |
||||||||||||||||||||||
Power generation | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
Industrial |
|
|
|
|
||||||||||||||||||||||
Generator technologies |
|
|
|
|
||||||||||||||||||||||
Total sales | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||||||||||||
In millions |
October 3,
2021 |
September 27,
2020 |
October 3,
2021 |
September 27,
2020 |
||||||||||||||||||||||
Defined benefit pension contributions | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
OPEB payments, net |
|
|
|
|
||||||||||||||||||||||
Defined contribution pension plans |
|
|
|
|
||||||||||||||||||||||
Pension | ||||||||||||||||||||||||||||||||||||||
U.S. Plans | U.K. Plans | OPEB | ||||||||||||||||||||||||||||||||||||
Three months ended | ||||||||||||||||||||||||||||||||||||||
In millions |
October 3,
2021 |
September 27,
2020 |
October 3,
2021 |
September 27,
2020 |
October 3,
2021 |
September 27,
2020 |
||||||||||||||||||||||||||||||||
Service cost | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||
Interest cost |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
Expected return on plan assets |
(
|
(
|
(
|
(
|
|
|
||||||||||||||||||||||||||||||||
Amortization of prior service cost |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
Recognized net actuarial loss |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
Net periodic benefit cost | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Pension | ||||||||||||||||||||||||||||||||||||||
U.S. Plans | U.K. Plans | OPEB | ||||||||||||||||||||||||||||||||||||
Nine months ended | ||||||||||||||||||||||||||||||||||||||
In millions |
October 3,
2021 |
September 27,
2020 |
October 3,
2021 |
September 27,
2020 |
October 3,
2021 |
September 27,
2020 |
||||||||||||||||||||||||||||||||
Service cost | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||
Interest cost |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
Expected return on plan assets |
(
|
(
|
(
|
(
|
|
|
||||||||||||||||||||||||||||||||
Amortization of prior service cost |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
Recognized net actuarial loss |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
Net periodic benefit cost | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Three months ended | Nine months ended | ||||||||||||||||||||||||||||
In millions |
October 3,
2021 |
September 27,
2020 |
October 3,
2021 |
September 27,
2020 |
|||||||||||||||||||||||||
Manufacturing entities | |||||||||||||||||||||||||||||
Beijing Foton Cummins Engine Co., Ltd. | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||
Dongfeng Cummins Engine Company, Ltd. |
|
|
|
|
|||||||||||||||||||||||||
Chongqing Cummins Engine Company, Ltd. |
|
|
|
|
|||||||||||||||||||||||||
All other manufacturers |
|
|
|
(1)
|
|
|
(1)(2)
|
||||||||||||||||||||||
Distribution entities | |||||||||||||||||||||||||||||
Komatsu Cummins Chile, Ltda. |
|
|
|
|
|||||||||||||||||||||||||
All other distributors |
|
|
|
|
|||||||||||||||||||||||||
Cummins share of net income |
|
|
|
|
|||||||||||||||||||||||||
Royalty and interest income |
|
|
|
|
|||||||||||||||||||||||||
Equity, royalty and interest income from investees | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||
(1)
Includes impairment charges of $
|
|||||||||||||||||||||||||||||
(2)
Includes $
|
October 3,
2021 |
December 31,
2020 |
|||||||||||||||||||||||||||||||||||||
In millions | Cost |
Gross unrealized gains/(losses)
(1)
|
Estimated
fair value |
Cost |
Gross unrealized gains/(losses)
(1)
|
Estimated
fair value |
||||||||||||||||||||||||||||||||
Equity securities | ||||||||||||||||||||||||||||||||||||||
Debt mutual funds | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||
Certificates of deposit |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
Equity mutual funds |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
Debt securities |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
Total marketable securities | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||
(1)
Unrealized gains and losses for debt securities are recorded in other comprehensive income while unrealized gains and losses for equity securities are recorded in "Other income, net" in our
Condensed Consolidated Statements of Net Income
.
|
||||||||||||||||||||||||||||||||||||||
Nine months ended | ||||||||||||||||||||||||||
In millions |
October 3,
2021 |
September 27,
2020 |
||||||||||||||||||||||||
Proceeds from sales of marketable securities | $ |
|
$ |
|
||||||||||||||||||||||
Proceeds from maturities of marketable securities |
|
|
||||||||||||||||||||||||
Investments in marketable securities - liquidations | $ |
|
$ |
|
||||||||||||||||||||||
In millions |
October 3,
2021 |
December 31,
2020 |
||||||||||||
Finished products | $ |
|
$ |
|
||||||||||
Work-in-process and raw materials |
|
|
||||||||||||
Inventories at FIFO cost |
|
|
||||||||||||
Excess of FIFO over LIFO |
(
|
(
|
||||||||||||
Total inventories | $ |
|
$ |
|
In millions |
October 3,
2021 |
December 31,
2020 |
|||||||||||||||
Corporate owned life insurance | $ |
|
$ |
|
|||||||||||||
Operating lease assets |
|
|
|||||||||||||||
Deferred income taxes |
|
|
|||||||||||||||
Other |
|
|
|||||||||||||||
Other assets | $ |
|
$ |
|
|||||||||||||
In millions |
October 3,
2021 |
December 31,
2020 |
||||||||||||
Marketing accruals | $ |
|
$ |
|
||||||||||
Other taxes payable |
|
|
||||||||||||
Current portion of operating lease liabilities |
|
|
||||||||||||
Income taxes payable |
|
|
||||||||||||
Other |
|
|
||||||||||||
Other accrued expenses | $ |
|
$ |
|
In millions |
October 3,
2021 |
December 31,
2020 |
||||||||||||
Operating lease liabilities | $ |
|
$ |
|
||||||||||
Deferred income taxes |
|
|
||||||||||||
One-time transition tax |
|
|
||||||||||||
Accrued compensation |
|
|
||||||||||||
Mark-to-market valuation on interest rate locks |
|
|
||||||||||||
Other long-term liabilities |
|
|
||||||||||||
Other liabilities | $ |
|
$ |
|
In millions |
October 3,
2021 |
December 31,
2020 |
||||||||||||||||||||||||
Loans payable
(1)
|
$ |
|
$ |
|
||||||||||||||||||||||
Commercial paper |
|
(2)
|
|
(3)
|
||||||||||||||||||||||
(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)
The weighted-average interest rate, inclusive of all brokerage fees, was
|
||||||||||||||||||||||||||
(3)
The weighted-average interest rate, inclusive of all brokerage fees, was negative
|
||||||||||||||||||||||||||
In millions | Interest Rate |
October 3,
2021 |
December 31,
2020 |
|||||||||||||||||
Long-term debt | ||||||||||||||||||||
Senior notes, due 2023 |
|
$ |
|
$ |
|
|||||||||||||||
Senior notes, due 2025
(1)
|
|
|
|
|||||||||||||||||
Debentures, due 2027 |
|
|
|
|||||||||||||||||
Debentures, due 2028 |
|
|
|
|||||||||||||||||
Senior notes, due 2030 |
|
|
|
|||||||||||||||||
Senior notes, due 2043 |
|
|
|
|||||||||||||||||
Senior notes, due 2050 |
|
|
|
|||||||||||||||||
Debentures, due 2098
(2)
|
|
|
|
|||||||||||||||||
Other debt |
|
|
||||||||||||||||||
Unamortized discount and deferred issuance costs |
(
|
(
|
||||||||||||||||||
Fair value adjustments due to hedge on indebtedness |
|
|
||||||||||||||||||
Finance leases |
|
|
||||||||||||||||||
Total long-term debt |
|
|
||||||||||||||||||
Less: Current maturities of long-term debt |
|
|
||||||||||||||||||
Long-term debt | $ |
|
$ |
|
||||||||||||||||
(1)
In the third quarter of 2021, we entered into a series of interest rate swaps to effectively convert from a fixed rate to floating rate. See "Interest Rate Risk" below for additional information.
|
||||||||||||||||||||
(2)
The effective interest rate is
|
||||||||||||||||||||
In millions | 2021 | 2022 | 2023 | 2024 | 2025 | |||||||||||||||||||||||||||
Principal payments | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||
In millions | Three months ended | Nine months ended | ||||||||||||||||||||||||
Type of Swap |
October 3,
2021 |
September 27,
2020 |
October 3,
2021 |
September 27,
2020 |
||||||||||||||||||||||
Interest rate locks | $ |
|
$ |
|
$ |
|
$ |
(
|
In millions |
October 3,
2021 |
December 31,
2020 |
||||||||||||
Fair value of total debt
(1)
|
$ |
|
$ |
|
||||||||||
Carrying value of total debt |
|
|
||||||||||||
(1)
The fair value of debt is derived from Level 2 input measures.
|
Nine months ended | ||||||||||||||
In millions |
October 3,
2021 |
September 27,
2020 |
||||||||||||
Balance, beginning of year | $ |
|
$ |
|
||||||||||
Provision for base warranties issued |
|
|
||||||||||||
Deferred revenue on extended warranty contracts sold |
|
|
||||||||||||
Provision for product campaigns issued |
|
|
||||||||||||
Payments made during period |
(
|
(
|
||||||||||||
Amortization of deferred revenue on extended warranty contracts |
(
|
(
|
||||||||||||
Changes in estimates for pre-existing product warranties |
(
|
(
|
||||||||||||
Foreign currency translation and other |
(
|
(
|
||||||||||||
Balance, end of period | $ |
|
$ |
|
||||||||||
In millions |
October 3,
2021 |
December 31,
2020 |
Balance Sheet Location | |||||||||||||||||
Deferred revenue related to extended coverage programs | ||||||||||||||||||||
Current portion | $ |
|
$ |
|
Current portion of deferred revenue | |||||||||||||||
Long-term portion |
|
|
Deferred revenue | |||||||||||||||||
Total | $ |
|
$ |
|
||||||||||||||||
Product warranty | ||||||||||||||||||||
Current portion | $ |
|
$ |
|
Current portion of accrued product warranty | |||||||||||||||
Long-term portion |
|
|
Accrued product warranty | |||||||||||||||||
Total | $ |
|
$ |
|
||||||||||||||||
Total warranty accrual | $ |
|
$ |
|
||||||||||||||||
In millions |
Change in pensions
and other postretirement defined benefit plans |
Foreign currency
translation adjustment |
Unrealized gain
(loss) on derivatives |
Total
attributable to Cummins Inc. |
Noncontrolling
interests |
Total | ||||||||||||||||||||||||||||||||||||||
Balance at July 4, 2021 | $ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
||||||||||||||||||||||||||||||||||||
Other comprehensive income before reclassifications | ||||||||||||||||||||||||||||||||||||||||||||
Before-tax amount |
|
(
|
|
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||||
Tax expense |
(
|
|
(
|
(
|
|
(
|
||||||||||||||||||||||||||||||||||||||
After-tax amount |
|
(
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss)
(1)
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||
Net current period other comprehensive income (loss) |
|
(
|
|
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||||
Balance at October 3, 2021 | $ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
||||||||||||||||||||||||||||||||||||
Balance at June 28, 2020 | $ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
||||||||||||||||||||||||||||||||||||
Other comprehensive income before reclassifications | ||||||||||||||||||||||||||||||||||||||||||||
Before-tax amount |
|
|
|
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||||
Tax expense |
|
|
(
|
(
|
|
(
|
||||||||||||||||||||||||||||||||||||||
After-tax amount |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss)
(1)
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||
Net current period other comprehensive income |
|
|
|
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||||
Balance at September 27, 2020 | $ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
||||||||||||||||||||||||||||||||||||
(1)
Amounts are net of tax. Reclassifications out of accumulated other comprehensive income (loss) and the related tax effects are immaterial for separate disclosure.
|
||||||||||||||||||||||||||||||||||||||||||||
In millions |
Change in pensions
and other postretirement defined benefit plans |
Foreign currency
translation adjustment |
Unrealized gain
(loss) on derivatives |
Total
attributable to Cummins Inc. |
Noncontrolling
interests |
Total | |||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
|||||||||||||||||||||||||||||||||||||||
Other comprehensive income before reclassifications | |||||||||||||||||||||||||||||||||||||||||||||||
Before-tax amount |
|
(
|
|
|
$ |
(
|
$ |
|
|||||||||||||||||||||||||||||||||||||||
Tax (expense) benefit |
(
|
|
(
|
(
|
|
(
|
|||||||||||||||||||||||||||||||||||||||||
After-tax amount |
|
(
|
|
|
(
|
|
|||||||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss)
(1)
|
|
|
— |
|
|
|
|||||||||||||||||||||||||||||||||||||||||
Net current period other comprehensive income (loss) |
|
(
|
|
(2)
|
|
$ |
(
|
$ |
|
||||||||||||||||||||||||||||||||||||||
Balance at October 3, 2021 | $ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
|||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
|||||||||||||||||||||||||||||||||||||||
Other comprehensive income before reclassifications | |||||||||||||||||||||||||||||||||||||||||||||||
Before-tax amount |
(
|
(
|
(
|
(
|
$ |
(
|
$ |
(
|
|||||||||||||||||||||||||||||||||||||||
Tax benefit |
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||
After-tax amount |
(
|
(
|
(
|
(
|
(
|
(
|
|||||||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss)
(1)
|
|
|
(
|
|
— |
|
|||||||||||||||||||||||||||||||||||||||||
Net current period other comprehensive income (loss) |
|
(
|
(
|
(2)
|
(
|
$ |
(
|
$ |
(
|
||||||||||||||||||||||||||||||||||||||
Balance at September 27, 2020 | $ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
|||||||||||||||||||||||||||||||||||||||
(1)
Amounts are net of tax. Reclassifications out of accumulated other comprehensive income (loss) and the related tax effects are immaterial for separate disclosure.
|
|||||||||||||||||||||||||||||||||||||||||||||||
(2)
Primarily related to interest rate lock activity. See the Interest Rate Risk section in NOTE 9 "DEBT" for additional information.
|
In millions | Engine | Distribution | Components | Power Systems | New Power | Total Segments | ||||||||||||||||||||||||||||||||||||||||||||
Three months ended October 3, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||
External sales | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||||||
Intersegment sales |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
Total sales |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
Research, development and engineering expenses |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
Equity, royalty and interest income (loss) from investees |
|
|
|
|
(
|
|
||||||||||||||||||||||||||||||||||||||||||||
Interest income |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
EBITDA |
|
|
|
|
(
|
|
||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization
(1)
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 27, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
External sales | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||||||
Intersegment sales |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
Total sales |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
Research, development and engineering expenses |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
Equity, royalty and interest income (loss) from investees |
|
|
|
|
(
|
|
||||||||||||||||||||||||||||||||||||||||||||
Interest income |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
EBITDA |
|
|
|
|
(
|
|
||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization
(1)
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
(1)
Depreciation and amortization, as shown on a segment basis, excludes the amortization of debt discount and deferred costs included in the
Condensed Consolidated Statements of Net Income
as "Interest expense." A portion of depreciation expense is included in "Research, development and engineering expenses."
|
||||||||||||||||||||||||||||||||||||||||||||||||||
In millions | Engine | Distribution | Components | Power Systems | New Power | Total Segments | |||||||||||||||||||||||||||||||||||||||||||||||
Nine months ended October 3, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
External sales | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||||||||
Intersegment sales |
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||
Total sales |
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||
Research, development and engineering expenses |
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||
Equity, royalty and interest income (loss) from investees |
|
|
|
|
(
|
|
|||||||||||||||||||||||||||||||||||||||||||||||
Interest income |
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||
EBITDA |
|
|
|
|
(
|
|
|||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization
(1)
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 27, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
External sales | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||||||||
Intersegment sales |
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||
Total sales |
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||
Research, development and engineering expenses |
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||
Equity, royalty and interest income (loss) from investees |
|
|
|
|
(
|
|
|||||||||||||||||||||||||||||||||||||||||||||||
Interest income |
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||
EBITDA |
|
|
|
|
(
|
|
|||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization
(1)
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||
(1)
Depreciation and amortization, as shown on a segment basis, excludes the amortization of debt discount and deferred costs included in the
Condensed Consolidated Statements of Net Income
as "Interest expense." The amortization of debt discount and deferred costs was $
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||||||||||||
In millions |
October 3,
2021 |
September 27,
2020 |
October 3,
2021 |
September 27,
2020 |
||||||||||||||||||||||
Total segment sales | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
Elimination of intersegment sales |
(
|
(
|
(
|
(
|
||||||||||||||||||||||
Total net sales | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||||||||||||
In millions |
October 3,
2021 |
September 27,
2020 |
October 3,
2021 |
September 27,
2020 |
||||||||||||||||||||||
TOTAL SEGMENT EBITDA | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
Intersegment elimination |
(
|
(
|
(
|
|
||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Interest expense |
|
|
|
|
||||||||||||||||||||||
Depreciation and amortization |
|
|
|
|
||||||||||||||||||||||
INCOME BEFORE INCOME TAXES |
|
|
|
|
||||||||||||||||||||||
Less: Income tax expense |
|
|
|
|
||||||||||||||||||||||
CONSOLIDATED NET INCOME |
|
|
|
|
||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests |
|
|
|
|
||||||||||||||||||||||
NET INCOME ATTRIBUTABLE TO CUMMINS INC. | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||||||||||||||||||||||||
In millions, except per share amounts |
October 3,
2021 |
September 27,
2020 |
October 3,
2021 |
September 27,
2020 |
||||||||||||||||||||||||||||||||||
Net sales | $ | 5,968 | $ | 5,118 | $ | 18,171 | $ | 13,981 | ||||||||||||||||||||||||||||||
Net income attributable to Cummins Inc. | 534 | 501 | 1,737 | 1,288 | ||||||||||||||||||||||||||||||||||
Earnings per common share attributable to Cummins Inc. | ||||||||||||||||||||||||||||||||||||||
Basic | $ | 3.72 | $ | 3.39 | $ | 11.96 | $ | 8.69 | ||||||||||||||||||||||||||||||
Diluted | 3.69 | 3.36 | 11.86 | 8.65 | ||||||||||||||||||||||||||||||||||
Three months ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Segments |
October 3,
2021 |
September 27,
2020 |
Percent change | |||||||||||||||||||||||||||||||||||||||||||||||
Percent | Percent | 2021 vs. 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||
In millions | Sales | of Total | EBITDA | Sales | of Total | EBITDA | Sales | EBITDA | ||||||||||||||||||||||||||||||||||||||||||
Engine | $ | 2,578 | 43 | % | $ | 391 | $ | 2,112 | 41 | % | $ | 382 | 22 | % | 2 | % | ||||||||||||||||||||||||||||||||||
Distribution | 1,959 | 33 | % | 192 | 1,721 | 34 | % | 182 | 14 | % | 5 | % | ||||||||||||||||||||||||||||||||||||||
Components | 1,793 | 30 | % | 253 | 1,541 | 30 | % | 261 | 16 | % | (3) | % | ||||||||||||||||||||||||||||||||||||||
Power Systems | 1,164 | 20 | % | 134 | 981 | 19 | % | 101 | 19 | % | 33 | % | ||||||||||||||||||||||||||||||||||||||
New Power | 23 | — | % | (58) | 18 | — | % | (40) | 28 | % | (45) | % | ||||||||||||||||||||||||||||||||||||||
Intersegment eliminations | (1,549) | (26) | % | (50) | (1,255) | (24) | % | (10) | 23 | % | NM | |||||||||||||||||||||||||||||||||||||||
Total | $ | 5,968 | 100 | % | $ | 862 | $ | 5,118 | 100 | % | $ | 876 | 17 | % | (2) | % | ||||||||||||||||||||||||||||||||||
"NM" - not meaningful information | ||||||||||||||||||||||||||||||||||||||||||||||||||
Nine months ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Segments |
October 3,
2021 |
September 27,
2020 |
Percent change | ||||||||||||||||||||||||||||||||||||||||||||||||||
Percent | Percent | 2021 vs. 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||
In millions | Sales | of Total | EBITDA | Sales | of Total | EBITDA | Sales | EBITDA | |||||||||||||||||||||||||||||||||||||||||||||
Engine | $ | 7,528 | 41 | % | $ | 1,147 | $ | 5,693 | 41 | % | $ | 897 | 32 | % | 28 | % | |||||||||||||||||||||||||||||||||||||
Distribution | 5,714 | 31 | % | 553 | 5,140 | 37 | % | 500 | 11 | % | 11 | % | |||||||||||||||||||||||||||||||||||||||||
Components | 5,939 | 33 | % | 975 | 4,193 | 30 | % | 681 | 42 | % | 43 | % | |||||||||||||||||||||||||||||||||||||||||
Power Systems | 3,329 | 18 | % | 399 | 2,642 | 19 | % | 269 | 26 | % | 48 | % | |||||||||||||||||||||||||||||||||||||||||
New Power | 82 | 1 | % | (169) | 38 | — | % | (121) | NM | (40) | % | ||||||||||||||||||||||||||||||||||||||||||
Intersegment eliminations | (4,421) | (24) | % | (89) | (3,725) | (27) | % | 45 | 19 | % | NM | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 18,171 | 100 | % | $ | 2,816 | $ | 13,981 | 100 | % | $ | 2,271 | 30 | % | 24 | % | |||||||||||||||||||||||||||||||||||||
"NM" - not meaningful information
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended | Favorable/ | Nine months ended | Favorable/ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
October 3,
2021 |
September 27,
2020 |
(Unfavorable) |
October 3,
2021 |
September 27,
2020 |
(Unfavorable) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
In millions, except per share amounts | Amount | Percent | Amount | Percent | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
NET SALES | $ | 5,968 | $ | 5,118 | $ | 850 | 17 | % | $ | 18,171 | $ | 13,981 | $ | 4,190 | 30 | % | |||||||||||||||||||||||||||||||||||||||||||
Cost of sales | 4,554 | 3,769 | (785) | (21) | % | 13,793 | 10,448 | (3,345) | (32) | % | |||||||||||||||||||||||||||||||||||||||||||||||||
GROSS MARGIN | 1,414 | 1,349 | 65 | 5 | % | 4,378 | 3,533 | 845 | 24 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
OPERATING EXPENSES AND INCOME | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 571 | 533 | (38) | (7) | % | 1,745 | 1,549 | (196) | (13) | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Research, development and engineering expenses | 266 | 224 | (42) | (19) | % | 802 | 651 | (151) | (23) | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Equity, royalty and interest income from investees | 94 | 98 | (4) | (4) | % | 397 | 342 | 55 | 16 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Other operating expense, net | (5) | (20) | 15 | 75 | % | (17) | (35) | 18 | 51 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
OPERATING INCOME | 666 | 670 | (4) | (1) | % | 2,211 | 1,640 | 571 | 35 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | 28 | 25 | (3) | (12) | % | 85 | 71 | (14) | (20) | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Other income, net | 37 | 41 | (4) | (10) | % | 111 | 134 | (23) | (17) | % | |||||||||||||||||||||||||||||||||||||||||||||||||
INCOME BEFORE INCOME TAXES | 675 | 686 | (11) | (2) | % | 2,237 | 1,703 | 534 | 31 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | 134 | 182 | 48 | 26 | % | 473 | 402 | (71) | (18) | % | |||||||||||||||||||||||||||||||||||||||||||||||||
CONSOLIDATED NET INCOME | 541 | 504 | 37 | 7 | % | 1,764 | 1,301 | 463 | 36 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests | 7 | 3 | (4) | NM | 27 | 13 | (14) | NM | |||||||||||||||||||||||||||||||||||||||||||||||||||
NET INCOME ATTRIBUTABLE TO CUMMINS INC. | $ | 534 | $ | 501 | $ | 33 | 7 | % | $ | 1,737 | $ | 1,288 | $ | 449 | 35 | % | |||||||||||||||||||||||||||||||||||||||||||
Diluted Earnings Per Common Share Attributable to Cummins Inc. | $ | 3.69 | $ | 3.36 | $ | 0.33 | 10 | % | $ | 11.86 | $ | 8.65 | $ | 3.21 | 37 | % | |||||||||||||||||||||||||||||||||||||||||||
"NM" - not meaningful information |
Three months ended |
Favorable/
(Unfavorable) |
Nine months ended |
Favorable/
(Unfavorable) |
|||||||||||||||||||||||||||||||||||
October 3,
2021 |
September 27,
2020 |
October 3,
2021 |
September 27,
2020 |
|||||||||||||||||||||||||||||||||||
Percent of sales | Percentage Points | Percentage Points | ||||||||||||||||||||||||||||||||||||
Gross margin | 23.7 | % | 26.4 | % | (2.7) | 24.1 | % | 25.3 | % | (1.2) | ||||||||||||||||||||||||||||
Selling, general and administrative expenses | 9.6 | % | 10.4 | % | 0.8 | 9.6 | % | 11.1 | % | 1.5 | ||||||||||||||||||||||||||||
Research, development and engineering expenses | 4.5 | % | 4.4 | % | (0.1) | 4.4 | % | 4.7 | % | 0.3 | ||||||||||||||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||||||||||||||||||
In millions |
October 3,
2021 |
September 27,
2020 |
October 3,
2021 |
September 27,
2020 |
||||||||||||||||||||||||||||
Amortization of intangible assets | $ | (6) | $ | (5) |
|
$ | (17) | $ | (16) | |||||||||||||||||||||||
Loss on write-off of assets | (3) | (13) | (7) | (18) | ||||||||||||||||||||||||||||
Gain (loss) on sale of assets, net | 2 | (2) | 1 | (8) | ||||||||||||||||||||||||||||
Royalty income, net | 2 | 1 | 7 | 3 | ||||||||||||||||||||||||||||
Other, net | — | (1) | (1) | 4 | ||||||||||||||||||||||||||||
Total other operating expense, net | $ | (5) | $ | (20) | $ | (17) | $ | (35) | ||||||||||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||||||||||||||||||||||||
In millions |
October 3,
2021 |
September 27,
2020 |
October 3,
2021 |
September 27,
2020 |
||||||||||||||||||||||||||||||||||
Non-service pension and OPEB credit | $ | 23 | $ | 16 | $ | 72 | $ | 48 | ||||||||||||||||||||||||||||||
Interest income | 7 | 4 | 18 | 15 | ||||||||||||||||||||||||||||||||||
Foreign currency gain (loss), net | 7 | 2 | 5 | (1) | ||||||||||||||||||||||||||||||||||
Gain on marketable securities, net | 2 | 2 | 5 | 6 | ||||||||||||||||||||||||||||||||||
Gain (loss) on corporate owned life insurance | 1 | 12 | (11) | 50 | ||||||||||||||||||||||||||||||||||
Gain on sale of land | — | — | 18 | — | ||||||||||||||||||||||||||||||||||
Other, net | (3) | 5 | 4 | 16 | ||||||||||||||||||||||||||||||||||
Total other income, net | $ | 37 | $ | 41 | $ | 111 | $ | 134 | ||||||||||||||||||||||||||||||
Three months ended | ||||||||||||||||||||||||||
October 3,
2021 |
September 27,
2020 |
|||||||||||||||||||||||||
In millions | Translation adjustment | Primary currency driver vs. U.S. dollar | Translation adjustment | Primary currency driver vs. U.S. dollar | ||||||||||||||||||||||
Wholly-owned subsidiaries | $ | (8) | Brazilian real, offset by Indian rupee, Chinese renminbi | $ | 69 | Chinese renminbi, Indian rupee | ||||||||||||||||||||
Equity method investments | 6 | Chinese renminbi, Indian rupee | 32 | Chinese renminbi | ||||||||||||||||||||||
Consolidated subsidiaries with a noncontrolling interest | 2 | Indian rupee | 10 | Indian rupee | ||||||||||||||||||||||
Total | $ | — | $ | 111 | ||||||||||||||||||||||
Nine months ended | ||||||||||||||||||||||||||
October 3,
2021 |
September 27,
2020 |
|||||||||||||||||||||||||
In millions | Translation adjustment | Primary currency driver vs. U.S. dollar | Translation adjustment | Primary currency driver vs. U.S. dollar | ||||||||||||||||||||||
Wholly-owned subsidiaries | $ | (36) | British pound, Brazilian real, Indian rupee, Euro, offset by Chinese renminbi | $ | (62) | Brazilian real, Indian rupee, offset by Chinese renminbi | ||||||||||||||||||||
Equity method investments | 7 | Chinese renminbi, offset by Indian rupee | 12 | Chinese renminbi | ||||||||||||||||||||||
Consolidated subsidiaries with a noncontrolling interest | (5) | Indian rupee | (12) | Indian rupee | ||||||||||||||||||||||
Total | $ | (34) | $ | (62) | ||||||||||||||||||||||
Three months ended | Favorable/ | Nine months ended | Favorable/ | |||||||||||||||||||||||||||||||||||||||||||||||
October 3, | September 27, | (Unfavorable) | October 3, | September 27, | (Unfavorable) | |||||||||||||||||||||||||||||||||||||||||||||
In millions | 2021 | 2020 | Amount | Percent | 2021 | 2020 | Amount | Percent | ||||||||||||||||||||||||||||||||||||||||||
External sales | $ | 1,961 | $ | 1,617 | $ | 344 | 21 | % | $ | 5,776 | $ | 4,133 | $ | 1,643 | 40 | % | ||||||||||||||||||||||||||||||||||
Intersegment sales | 617 | 495 | 122 | 25 | % | 1,752 | 1,560 | 192 | 12 | % | ||||||||||||||||||||||||||||||||||||||||
Total sales | 2,578 | 2,112 | 466 | 22 | % | 7,528 | 5,693 | 1,835 | 32 | % | ||||||||||||||||||||||||||||||||||||||||
Research, development and engineering expenses | 97 | 72 | (25) | (35) | % | 288 | 217 | (71) | (33) | % | ||||||||||||||||||||||||||||||||||||||||
Equity, royalty and interest income from investees | 61 | 74 | (13) | (18) | % | 278 | 236 | 42 | 18 | % | ||||||||||||||||||||||||||||||||||||||||
Interest income | 3 | 1 | 2 | NM | 7 | 6 | 1 | 17 | % | |||||||||||||||||||||||||||||||||||||||||
Segment EBITDA | 391 | 382 | 9 | 2 | % | 1,147 | 897 | 250 | 28 | % | ||||||||||||||||||||||||||||||||||||||||
Percentage Points | Percentage Points | |||||||||||||||||||||||||||||||||||||||||||||||||
Segment EBITDA as a percentage of total sales | 15.2 | % | 18.1 | % | (2.9) | 15.2 | % | 15.8 | % | (0.6) | ||||||||||||||||||||||||||||||||||||||||
"NM" - not meaningful information
|
||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended | Favorable/ | Nine months ended | Favorable/ | |||||||||||||||||||||||||||||||||||||||||||||||
October 3, | September 27, | (Unfavorable) | October 3, | September 27, | (Unfavorable) | |||||||||||||||||||||||||||||||||||||||||||||
In millions | 2021 | 2020 | Amount | Percent | 2021 | 2020 | Amount | Percent | ||||||||||||||||||||||||||||||||||||||||||
Heavy-duty truck | $ | 861 | $ | 694 | $ | 167 | 24 | % | $ | 2,527 | $ | 1,859 | $ | 668 | 36 | % | ||||||||||||||||||||||||||||||||||
Medium-duty truck and bus | 713 | 492 | 221 | 45 | % | 2,075 | 1,501 | 574 | 38 | % | ||||||||||||||||||||||||||||||||||||||||
Light-duty automotive | 515 | 522 | (7) | (1) | % | 1,480 | 1,055 | 425 | 40 | % | ||||||||||||||||||||||||||||||||||||||||
Total on-highway | 2,089 | 1,708 | 381 | 22 | % | 6,082 | 4,415 | 1,667 | 38 | % | ||||||||||||||||||||||||||||||||||||||||
Off-highway | 489 | 404 | 85 | 21 | % | 1,446 | 1,278 | 168 | 13 | % | ||||||||||||||||||||||||||||||||||||||||
Total sales | $ | 2,578 | $ | 2,112 | $ | 466 | 22 | % | $ | 7,528 | $ | 5,693 | $ | 1,835 | 32 | % | ||||||||||||||||||||||||||||||||||
Percentage Points | Percentage Points | |||||||||||||||||||||||||||||||||||||||||||||||||
On-highway sales as percentage of total sales | 81 | % | 81 | % | — | 81 | % | 78 | % | 3 | ||||||||||||||||||||||||||||||||||||||||
Three months ended | Favorable/ | Nine months ended | Favorable/ | |||||||||||||||||||||||||||||||||||||||||||||||
October 3, | September 27, | (Unfavorable) | October 3, | September 27, | (Unfavorable) | |||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | Amount | Percent | 2021 | 2020 | Amount | Percent | |||||||||||||||||||||||||||||||||||||||||||
Heavy-duty | 29,200 | 23,300 | 5,900 | 25 | % | 89,300 | 65,000 | 24,300 | 37 | % | ||||||||||||||||||||||||||||||||||||||||
Medium-duty | 65,200 | 50,100 | 15,100 | 30 | % | 205,800 | 156,200 | 49,600 | 32 | % | ||||||||||||||||||||||||||||||||||||||||
Light-duty | 73,900 | 67,200 | 6,700 | 10 | % | 210,500 | 146,400 | 64,100 | 44 | % | ||||||||||||||||||||||||||||||||||||||||
Total unit shipments | 168,300 | 140,600 | 27,700 | 20 | % | 505,600 | 367,600 | 138,000 | 38 | % |
Three months ended | Favorable/ | Nine months ended | Favorable/ | |||||||||||||||||||||||||||||||||||||||||||||||
October 3, | September 27, | (Unfavorable) | October 3, | September 27, | (Unfavorable) | |||||||||||||||||||||||||||||||||||||||||||||
In millions | 2021 | 2020 | Amount | Percent | 2021 | 2020 | Amount | Percent | ||||||||||||||||||||||||||||||||||||||||||
External sales | $ | 1,952 | $ | 1,715 | $ | 237 | 14 | % | $ | 5,692 | $ | 5,123 | $ | 569 | 11 | % | ||||||||||||||||||||||||||||||||||
Intersegment sales | 7 | 6 | 1 | 17 | % | 22 | 17 | 5 | 29 | % | ||||||||||||||||||||||||||||||||||||||||
Total sales | 1,959 | 1,721 | 238 | 14 | % | 5,714 | 5,140 | 574 | 11 | % | ||||||||||||||||||||||||||||||||||||||||
Research, development and engineering expenses | 10 | 9 | (1) | (11) | % | 35 | 20 | (15) | (75) | % | ||||||||||||||||||||||||||||||||||||||||
Equity, royalty and interest income from investees | 15 | 13 | 2 | 15 | % | 47 | 45 | 2 | 4 | % | ||||||||||||||||||||||||||||||||||||||||
Interest income | 2 | 1 | 1 | 100 | % | 5 | 3 | 2 | 67 | % | ||||||||||||||||||||||||||||||||||||||||
Segment EBITDA | 192 | 182 | 10 | 5 | % | 553 | 500 | 53 | 11 | % | ||||||||||||||||||||||||||||||||||||||||
Percentage Points | Percentage Points | |||||||||||||||||||||||||||||||||||||||||||||||||
Segment EBITDA as a percentage of total sales | 9.8 | % | 10.6 | % | (0.8) | 9.7 | % | 9.7 | % | — | ||||||||||||||||||||||||||||||||||||||||
Three months ended | Favorable/ | Nine months ended | Favorable/ | |||||||||||||||||||||||||||||||||||||||||||||||
October 3, | September 27, | (Unfavorable) | October 3, | September 27, | (Unfavorable) | |||||||||||||||||||||||||||||||||||||||||||||
In millions | 2021 | 2020 | Amount | Percent | 2021 | 2020 | Amount | Percent | ||||||||||||||||||||||||||||||||||||||||||
North America | $ | 1,236 | $ | 1,125 | $ | 111 | 10 | % | $ | 3,637 | $ | 3,412 | $ | 225 | 7 | % | ||||||||||||||||||||||||||||||||||
Asia Pacific | 238 | 196 | 42 | 21 | % | 679 | 582 | 97 | 17 | % | ||||||||||||||||||||||||||||||||||||||||
Europe | 144 | 153 | (9) | (6) | % | 468 | 425 | 43 | 10 | % | ||||||||||||||||||||||||||||||||||||||||
Russia | 87 | 42 | 45 | NM | 210 | 128 | 82 | 64 | % | |||||||||||||||||||||||||||||||||||||||||
China | 81 | 77 | 4 | 5 | % | 245 | 246 | (1) | — | % | ||||||||||||||||||||||||||||||||||||||||
Africa and Middle East | 74 | 49 | 25 | 51 | % | 197 | 138 | 59 | 43 | % | ||||||||||||||||||||||||||||||||||||||||
India | 51 | 42 | 9 | 21 | % | 142 | 101 | 41 | 41 | % | ||||||||||||||||||||||||||||||||||||||||
Latin America | 48 | 37 | 11 | 30 | % | 136 | 108 | 28 | 26 | % | ||||||||||||||||||||||||||||||||||||||||
Total sales | $ | 1,959 | $ | 1,721 | $ | 238 | 14 | % | $ | 5,714 | $ | 5,140 | $ | 574 | 11 | % | ||||||||||||||||||||||||||||||||||
"NM" - not meaningful information | ||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended | Favorable/ | Nine months ended | Favorable/ | |||||||||||||||||||||||||||||||||||||||||||||||
October 3, | September 27, | (Unfavorable) | October 3, | September 27, | (Unfavorable) | |||||||||||||||||||||||||||||||||||||||||||||
In millions | 2021 | 2020 | Amount | Percent | 2021 | 2020 | Amount | Percent | ||||||||||||||||||||||||||||||||||||||||||
Parts | $ | 800 | $ | 722 | $ | 78 | 11 | % | $ | 2,322 | $ | 2,163 | $ | 159 | 7 | % | ||||||||||||||||||||||||||||||||||
Power generation | 438 | 416 | 22 | 5 | % | 1,310 | 1,169 | 141 | 12 | % | ||||||||||||||||||||||||||||||||||||||||
Engines | 377 | 279 | 98 | 35 | % | 1,062 | 879 | 183 | 21 | % | ||||||||||||||||||||||||||||||||||||||||
Service | 344 | 304 | 40 | 13 | % | 1,020 | 929 | 91 | 10 | % | ||||||||||||||||||||||||||||||||||||||||
Total sales | $ | 1,959 | $ | 1,721 | $ | 238 | 14 | % | $ | 5,714 | $ | 5,140 | $ | 574 | 11 | % | ||||||||||||||||||||||||||||||||||
Three months ended | Favorable/ | Nine months ended | Favorable/ | |||||||||||||||||||||||||||||||||||||||||||||||
October 3, | September 27, | (Unfavorable) | October 3, | September 27, | (Unfavorable) | |||||||||||||||||||||||||||||||||||||||||||||
In millions | 2021 | 2020 | Amount | Percent | 2021 | 2020 | Amount | Percent | ||||||||||||||||||||||||||||||||||||||||||
External sales | $ | 1,347 | $ | 1,201 | $ | 146 | 12 | % | $ | 4,627 | $ | 3,192 | $ | 1,435 | 45 | % | ||||||||||||||||||||||||||||||||||
Intersegment sales | 446 | 340 | 106 | 31 | % | 1,312 | 1,001 | 311 | 31 | % | ||||||||||||||||||||||||||||||||||||||||
Total sales | 1,793 | 1,541 | 252 | 16 | % | 5,939 | 4,193 | 1,746 | 42 | % | ||||||||||||||||||||||||||||||||||||||||
Research, development and engineering expenses | 78 | 64 | (14) | (22) | % | 232 | 187 | (45) | (24) | % | ||||||||||||||||||||||||||||||||||||||||
Equity, royalty and interest income from investees | 10 | 13 | (3) | (23) | % | 41 | 46 | (5) | (11) | % | ||||||||||||||||||||||||||||||||||||||||
Interest income | 1 | 1 | — | — | % | 3 | 3 | — | — | % | ||||||||||||||||||||||||||||||||||||||||
Segment EBITDA | 253 | 261 | (8) | (3) | % | 975 | 681 | 294 | 43 | % | ||||||||||||||||||||||||||||||||||||||||
Percentage Points | Percentage Points | |||||||||||||||||||||||||||||||||||||||||||||||||
Segment EBITDA as a percentage of total sales | 14.1 | % | 16.9 | % | (2.8) | 16.4 | % | 16.2 | % | 0.2 | ||||||||||||||||||||||||||||||||||||||||
Three months ended | Favorable/ | Nine months ended | Favorable/ | |||||||||||||||||||||||||||||||||||||||||||||||
October 3, | September 27, | (Unfavorable) | October 3, | September 27, | (Unfavorable) | |||||||||||||||||||||||||||||||||||||||||||||
In millions | 2021 | 2020 | Amount | Percent | 2021 | 2020 | Amount | Percent | ||||||||||||||||||||||||||||||||||||||||||
Emission solutions | $ | 793 | $ | 665 | $ | 128 | 19 | % | $ | 2,710 | $ | 1,801 | $ | 909 | 50 | % | ||||||||||||||||||||||||||||||||||
Filtration | 354 | 314 | 40 | 13 | % | 1,100 | 881 | 219 | 25 | % | ||||||||||||||||||||||||||||||||||||||||
Turbo technologies | 325 | 281 | 44 | 16 | % | 1,043 | 767 | 276 | 36 | % | ||||||||||||||||||||||||||||||||||||||||
Electronics and fuel systems | 210 | 187 | 23 | 12 | % | 714 | 525 | 189 | 36 | % | ||||||||||||||||||||||||||||||||||||||||
Automated transmissions | 111 | 94 | 17 | 18 | % | 372 | 219 | 153 | 70 | % | ||||||||||||||||||||||||||||||||||||||||
Total sales | $ | 1,793 | $ | 1,541 | $ | 252 | 16 | % | $ | 5,939 | $ | 4,193 | $ | 1,746 | 42 | % | ||||||||||||||||||||||||||||||||||
Three months ended | Favorable/ | Nine months ended | Favorable/ | |||||||||||||||||||||||||||||||||||||||||||||||
October 3, | September 27, | (Unfavorable) | October 3, | September 27, | (Unfavorable) | |||||||||||||||||||||||||||||||||||||||||||||
In millions | 2021 | 2020 | Amount | Percent | 2021 | 2020 | Amount | Percent | ||||||||||||||||||||||||||||||||||||||||||
External sales | $ | 688 | $ | 567 | $ | 121 | 21 | % | $ | 1,999 | $ | 1,495 | $ | 504 | 34 | % | ||||||||||||||||||||||||||||||||||
Intersegment sales | 476 | 414 | 62 | 15 | % | 1,330 | 1,147 | 183 | 16 | % | ||||||||||||||||||||||||||||||||||||||||
Total sales | 1,164 | 981 | 183 | 19 | % | 3,329 | 2,642 | 687 | 26 | % | ||||||||||||||||||||||||||||||||||||||||
Research, development and engineering expenses | 55 | 53 | (2) | (4) | % | 172 | 148 | (24) | (16) | % | ||||||||||||||||||||||||||||||||||||||||
Equity, royalty and interest income from investees | 11 | — | 11 | NM | 32 | 18 | 14 | 78 | % | |||||||||||||||||||||||||||||||||||||||||
Interest income | 1 | 1 | — | — | % | 3 | 3 | — | — | % | ||||||||||||||||||||||||||||||||||||||||
Segment EBITDA | 134 | 101 | 33 | 33 | % | 399 | 269 | 130 | 48 | % | ||||||||||||||||||||||||||||||||||||||||
Percentage Points | Percentage Points | |||||||||||||||||||||||||||||||||||||||||||||||||
Segment EBITDA as a percentage of total sales | 11.5 | % | 10.3 | % | 1.2 | 12.0 | % | 10.2 | % | 1.8 | ||||||||||||||||||||||||||||||||||||||||
"NM" - not meaningful information | ||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended | Favorable/ | Nine months ended | Favorable/ | |||||||||||||||||||||||||||||||||||||||||||||||
October 3, | September 27, | (Unfavorable) | October 3, | September 27, | (Unfavorable) | |||||||||||||||||||||||||||||||||||||||||||||
In millions | 2021 | 2020 | Amount | Percent | 2021 | 2020 | Amount | Percent | ||||||||||||||||||||||||||||||||||||||||||
Power generation | $ | 664 | $ | 601 | $ | 63 | 10 | % | $ | 1,930 | $ | 1,544 | $ | 386 | 25 | % | ||||||||||||||||||||||||||||||||||
Industrial | 412 | 309 | 103 | 33 | % | 1,135 | 896 | 239 | 27 | % | ||||||||||||||||||||||||||||||||||||||||
Generator technologies | 88 | 71 | 17 | 24 | % | 264 | 202 | 62 | 31 | % | ||||||||||||||||||||||||||||||||||||||||
Total sales | $ | 1,164 | $ | 981 | $ | 183 | 19 | % | $ | 3,329 | $ | 2,642 | $ | 687 | 26 | % | ||||||||||||||||||||||||||||||||||
Three months ended | Favorable/ | Nine months ended | Favorable/ | |||||||||||||||||||||||||||||||||||||||||||||||
October 3, | September 27, | (Unfavorable) | October 3, | September 27, | (Unfavorable) | |||||||||||||||||||||||||||||||||||||||||||||
In millions | 2021 | 2020 | Amount | Percent | 2021 | 2020 | Amount | Percent | ||||||||||||||||||||||||||||||||||||||||||
External sales | $ | 20 | $ | 18 | $ | 2 | 11 | % | $ | 77 | $ | 38 | $ | 39 | NM | |||||||||||||||||||||||||||||||||||
Intersegment sales | 3 | — | 3 | NM | 5 | — | 5 | NM | ||||||||||||||||||||||||||||||||||||||||||
Total sales | 23 | 18 | 5 | 28 | % | 82 | 38 | 44 | NM | |||||||||||||||||||||||||||||||||||||||||
Research, development and engineering expenses | 26 | 26 | — | — | % | 75 | 79 | 4 | 5 | % | ||||||||||||||||||||||||||||||||||||||||
Equity, royalty and interest (loss) from investees | (3) | (2) | (1) | 50 | % | (1) | (3) | 2 | 67 | % | ||||||||||||||||||||||||||||||||||||||||
Segment EBITDA | (58) | (40) | (18) | (45) | % | (169) | (121) | (48) | (40) | % | ||||||||||||||||||||||||||||||||||||||||
"NM" - not meaningful information
|
||||||||||||||||||||||||||||||||||||||||||||||||||
Dollars in millions |
October 3,
2021 |
December 31,
2020 |
||||||||||||
Working capital
(1)
|
$ | 5,459 | $ | 5,562 | ||||||||||
Current ratio | 1.80 | 1.88 | ||||||||||||
Accounts and notes receivable, net | $ | 4,152 | $ | 3,820 | ||||||||||
Days' sales in receivables | 60 | 69 | ||||||||||||
Inventories | $ | 4,322 | $ | 3,425 | ||||||||||
Inventory turnover | 4.6 | 4.2 | ||||||||||||
Accounts payable (principally trade) | $ | 3,210 | $ | 2,820 | ||||||||||
Days' payable outstanding | 58 | 68 | ||||||||||||
Total debt | $ | 3,942 | $ | 4,164 | ||||||||||
Total debt as a percent of total capital | 30.5 | % | 31.7 | % | ||||||||||
(1)
Working capital includes cash and cash equivalents.
|
Nine months ended | ||||||||||||||||||||
In millions |
October 3,
2021 |
September 27,
2020 |
Change | |||||||||||||||||
Net cash provided by operating activities | $ | 1,524 | $ | 1,580 | $ | (56) | ||||||||||||||
Net cash used in investing activities | (278) | (337) | 59 | |||||||||||||||||
Net cash (used in) provided by financing activities | (2,079) | 564 | (2,643) | |||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 20 | 31 | (11) | |||||||||||||||||
Net (decrease) increase in cash and cash equivalents | $ | (813) | $ | 1,838 | $ | (2,651) | ||||||||||||||
October 3, 2021 | ||||||||||||||||||||||||||
In millions | Total | U.S. | International | Primary location of international balances | ||||||||||||||||||||||
Cash and cash equivalents | $ | 2,588 | $ | 1,278 | $ | 1,310 | China, Singapore, Belgium, Mexico, Australia, Canada | |||||||||||||||||||
Marketable securities
(1)
|
430 | 89 | 341 | India | ||||||||||||||||||||||
Total | $ | 3,018 | $ | 1,367 | $ | 1,651 | ||||||||||||||||||||
Available credit capacity | ||||||||||||||||||||||||||
Revolving credit facilities
(2)
|
$ | 3,300 | ||||||||||||||||||||||||
International and other uncommitted domestic credit facilities | $ | 268 | ||||||||||||||||||||||||
(1)
The majority of marketable securities could be liquidated into cash within a few days.
|
||||||||||||||||||||||||||
(2)
The five-year credit facility for $2.0 billion and the 364-day credit facility for $1.5 billion, maturing August 2026 and August 2022, respectively, are maintained primarily to provide backup liquidity for our commercial paper borrowings and general corporate purposes. At October 3, 2021, we had $200 million of commercial paper outstanding, which effectively reduced the available capacity under our revolving credit facilities to $3.3 billion.
|
||||||||||||||||||||||||||
In millions, except per share amounts |
Shares
Purchased |
Average Cost
Per Share |
Total Cost of
Repurchases |
Remaining
Authorized
Capacity
(1)
|
||||||||||||||||||||||||||||
April 4 | 1.7 | $ | 247.35 | $ | 418 | $ | 1,576 | |||||||||||||||||||||||||
July 4 | 2.7 | 252.66 | 672 | 904 | ||||||||||||||||||||||||||||
October 3 | 0.6 | 231.57 | 138 | 766 | ||||||||||||||||||||||||||||
Total | 5.0 | 248.30 | $ | 1,228 | ||||||||||||||||||||||||||||
(1)
The remaining authorized capacity under these plans was calculated based on the cost to purchase the shares but excludes commission expenses in accordance with the authorized plan.
|
||||||||||||||||||||||||||||||||
Long-Term | Short-Term | |||||||||||||||||||||||||||||||
Credit Rating Agency
(1)
|
Senior Debt Rating | Debt Rating | Outlook | |||||||||||||||||||||||||||||
Standard and Poor’s Rating Services | A+ | A1 | Stable | |||||||||||||||||||||||||||||
Moody’s Investors Service, Inc. | A2 | P1 | Stable | |||||||||||||||||||||||||||||
(1)
Credit ratings are not recommendations to buy, are subject to change, and each rating should be evaluated independently of any other rating. In addition, we undertake no obligation to update disclosures concerning our credit ratings, whether as a result of new information, future events or otherwise.
|
||||||||||||||||||||||||||||||||
Issuer Purchases of Equity Securities | ||||||||||||||||||||||||||
Period |
Total
Number of
Shares
Purchased
(1)
|
Average
Price Paid per Share |
Total Number of
Shares Purchased as Part of Publicly Announced Plans or Programs |
Approximate
Dollar Value of Shares
that May Yet Be
Purchased Under the
Plans or Programs
(in millions)
(2)
|
||||||||||||||||||||||
July 5 - August 8 | — | $ | — | — | $ | 904 | ||||||||||||||||||||
August 9 - September 5 | 302,129 | 233.75 | 302,129 | 833 | ||||||||||||||||||||||
September 6 - October 3 | 294,388 | 229.34 | 294,388 | 766 | ||||||||||||||||||||||
Total | 596,517 | 231.57 | 596,517 | |||||||||||||||||||||||
(1)
Shares purchased represent shares under the Board authorized share repurchase program.
|
||||||||||||||||||||||||||
(2)
Shares repurchased under our Key Employee Stock Investment Plan only occur in the event of a participant default, which cannot be predicted, and were excluded from this column.
|
Cummins Inc. | |||||||||||||||||
Date: | November 2, 2021 | ||||||||||||||||
By: | /s/ MARK A. SMITH | By: | /s/ CHRISTOPHER C. CLULOW | ||||||||||||||
Mark A. Smith | Christopher C. Clulow | ||||||||||||||||
Vice President and Chief Financial Officer | Vice President-Controller | ||||||||||||||||
(Principal Financial Officer) | (Principal Accounting Officer) |
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
---|
DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
---|---|---|---|
Mr. Miller has served since 2011 as President of The Wallace Foundation, a national philanthropic organization whose mission is to help all communities build a more vibrant and just future by fostering advances in the arts, education leadership, and youth development. He is The Wallace Foundation’s second President and will be retiring in June 2025. Mr. Miller was the Chair of Irwin Management Company, a private investment firm, from 1990-2011. Mr. Miller has served on the boards of the New Perspective Fund, Inc. and the EuroPacific Growth Fund, Inc. since 1992, and on the board of the New World Fund, Inc. since 1999. Mr. Miller serves as independent Chair for all three of the funds, all of which are in the same mutual fund family. He holds a B.A. in English from Yale University and an M.B.A. from Stanford University. Summary of Qualifications, Skills and Experience: Mr. Miller brings senior executive leadership and financial experience gained from his roles as CEO of a public bank holding company, a general partner in a venture capital fund, and a real estate development firm. With over four decades of experience interacting with government agencies, Mr. Miller offers insights regarding regulatory and public policy issues. He also offers important perspectives stemming from his deep historical knowledge of our company. | |||
Mr. Lynch served as Chairman of TE Connectivity Ltd. (formerly Tyco Electronics Ltd.), a global provider of connectivity and sensor solutions, and harsh environment applications, from 2013 until his retirement in 2017, in addition to serving as Chief Executive Officer beginning in 2006 and as a director beginning in 2007. Mr. Lynch served as non-executive Chairman of TE Connectivity Ltd. until his retirement in April 2024. From September 2004-January 2006, Mr. Lynch served as the President of Tyco Engineered Products & Services, a global manufacturer of industrial valves and controls, and was a key leader in executing the separation of Tyco Electronics Ltd. from Tyco International. Mr. Lynch joined Tyco from Motorola, where he served as Executive Vice President and President and Chief Executive Officer of Motorola’s Personal Communications Sector, a leading supplier of cellular handsets. Since 2018, he has served as a director of Automatic Data Processing, Inc. and, effective February 2024, serves as the Non-Executive Chairman of the Board. In May 2022, Mr. Lynch retired as a director of Thermo Fisher Scientific Inc., where he had served as a director since 2009 and as Lead Director since February 2020. Mr. Lynch also serves on the Board of The Franklin Institute and on the Rider University Board of Trustees. He holds a B.A. in Commerce from Rider University. Summary of Qualifications, Skills and Experience: As a former Chairman and CEO of a global, public, manufacturing company, Mr. Lynch brings deep experience in international operations, global supply chains, manufacturing, sales and marketing, and technology. Mr. Lynch offers insights regarding the automotive and transportation industry. He has significant experience as a public company board director, including current and former service as a lead director and non-executive chair, informing his expertise in transformation, innovation, strategic planning and compensation matters. | |||
Mr. Bernhard is Professor Emeritus of Aerospace and Mechanical Engineering at the University of Notre Dame, a private research university where he served as Professor from 2007 – 2024. Mr. Bernhard joined the University of Notre Dame in 2007 and served as the VP for Research for five terms until 2023. Prior to that, he was Associate Vice President for Research at Purdue University from 2004-2007. He also held Assistant, Associate and full Professor positions in the School of Mechanical Engineering at Purdue University. He was Director of the Ray W. Herrick Laboratories at Purdue’s School of Mechanical Engineering from 1994-2005. He was the Secretary General of the International Institute of Noise Control Engineering (I-INCE) from 2000-2015, President of I-INCE from 2000-2022, and is currently the Past President of I-INCE. He is a Fellow of INCE-USA, the Acoustical Society of America and the American Society of Mechanical Engineering. Mr. Bernhard is also a Professional Engineer and holds a B.S. in Mechanical Engineering from Iowa State University, a M.S. in Mechanical Engineering from the University of Maryland and a Ph.D. in Engineering Mechanics from Iowa State University. Summary of Qualifications, Skills and Experience: Mr. Bernhard brings more than four decades of service in academia and research at leading educational institutions, providing deep research and engineering program experience. As a distinguished noise control engineer with experience in noise control engineering, prediction, diagnostics and control, Mr. Bernhard also provides technology and innovation expertise. As a holder of two patents, Mr. Bernhard also offers insights regarding intellectual property protection in the industry. | |||
Ms. Nelson served as Senior Vice President, External Relations, of General Mills Inc., a leading global food company, from 2010 until her retirement in January 2018. In this global role, she led sustainability, consumer branding and communications, government affairs and public policy and external stakeholder relations. She served as President of the General Mills Foundation from 2011-2017. During her nearly 30-year career at General Mills, she held a number of senior brand and general management roles, including serving as President of the U.S. Snacks Division from 2004-2010. Ms. Nelson is a director of Tate & Lyle PLC and serves on its Audit and Nominations Committees. She also serves as a director of Colgate-Palmolive Company and is a member of its Personnel & Organization and Nominating, Governance & Corporate Responsibility Committees. She is a member of the Executive Leadership Council, Women Corporate Directors, and the National Association of Corporate Directors (NACD). Ms. Nelson also serves on the board of The Wallace Foundation. Ms. Nelson holds an M.B.A. in Marketing from Columbia Business School and a B.S. in International Relations from Georgetown University. Summary of Qualifications, Skills and Experience: As a former senior executive of a public, global company, she brings deep experience in international operations, global supply chains, and manufacturing. Ms. Nelson brings an in-depth knowledge of sales and marketing, including strategies to enhance the customer experience. Ms. Nelson also offers insights and a strategic view into sustainability matters. | |||
KAREN H. QUINTOS— Retired Chief Customer Officer at Dell Technologies Inc. | |||
Mr. Stone is President, Chief Executive Officer and a director of Allegion plc, a leading global provider of security products and solutions, since July 2022. Prior to that, Mr. Stone served as President, Worldwide Construction, Forestry and Power Systems at Deere & Company, a global provider of agricultural, construction and forestry (July 2020-May 2022), overseeing approximately $11.4 billion in revenue in 2021. Under his leadership, the segment delivered impressive expansion and profitability. As the prior head of Deere’s Intelligent Solutions Group, Mr. Stone was also influential in its rapid development of artificial intelligence (AI) and machine learning capabilities, better integration of precision-ag technology into each of its flagship products and helping the company establish itself as a leader in technology. In that role, he led the company’s acquisition of tech startup Blue River Technology, in addition to the establishment of the San Francisco John Deere Labs office and the precision-ag headquarters in Urbandale, Iowa. Mr. Stone enjoyed a 20-year career at Deere & Company, and held additional leadership positions, including: vice president, Corporate Strategy & Business Development; global director, Utility Tractor Product Line; and general manager, John Deere Ningbo (China) Works. Prior to Deere & Company, Mr. Stone was a Six Sigma Black Belt quality engineer at General Electric and served as an infantry officer in the U.S. Army. Mr. Stone holds a bachelor’s degree in mechanical engineering from the U.S. Military Academy and an M.B.A. from Harvard Business School. Summary of Qualifications, Skills and Experience: As CEO of a global, public company, Mr. Stone brings deep experience in international operations, global supply chains, manufacturing, sales and marketing, and engineering. Mr. Stone offers insights on innovation and technology including robotics, machine learning and AI. He brings extensive experience in business development, growth strategy, mergers and acquisitions, and business process excellence. | |||
Ms. Rumsey was elected Chair of the Board effective August 1, 2023 and has been Chief Executive Officer since August 1, 2022. Ms. Rumsey was President and Chief Operating Officer from March 2021-August 2022. Ms. Rumsey was Vice President and President of our Components Segment from 2019-2021 after serving as Vice President and Chief Technical Officer from 2015-2019. From 2013-2015, she was our Vice President of Engineering, Engine Business, after holding a variety of engineering and product life cycle roles when she joined Cummins in 2000. Ms. Rumsey is a member of the Society of Women Engineers, Society of Automotive Engineers and Women in Trucking Association. She holds a B.S. in Mechanical Engineering from Purdue University and an M.S. in Mechanical Engineering from Massachusetts Institute of Technology. Ms. Rumsey has been a director of Hillenbrand, Inc. since 2020. Summary of Qualifications, Skills and Experience: As Chair and CEO of Cummins, Ms. Rumsey oversees all aspects of Cummins’ international operations, growth initiatives and the long-term company strategy supporting the transition to decarbonized power. She has deep experience in technology, engineering, manufacturing, and sales and marketing through her various leadership roles at a Fortune 500 company in the automotive and transportation industry. Ms. Rumsey provides global perspectives informed by her leadership of a company operating in approximately 190 countries. Her background includes product life cycle management, from advanced research to current product support, in engineering and product quality. Ms. Rumsey is experienced in building and leading high performing teams to define business strategy, partner with customers, and deliver strong business results. | |||
Mr. Belske retired from Ernst & Young (EY), a multinational professional services partnership, on December 31, 2016, after a 38-year career. He held many leadership positions at EY including the second highest position in the United States and the Americas, serving as Deputy Managing Partner and Chief Operating Officer for 10 years. In this role, Mr. Belske was responsible for the overall strategy and operations of EY practices in the Americas, which encompassed business in 16 countries with approximately $15 billion in revenue, 50,000 employees and 4,000 partners. Mr. Belske served on EY’s Americas and US Board for the last decade of his career at EY. He also served as chair of EY’s Retirement Investment Committee and its Partner/Executive Compensation Committee. Mr. Belske serves as a Trustee at Rockhurst University in Kansas City, MO and as a director on the board of WilliamsMarston, an advisory firm. Mr. Belske holds a B.S.B.A. from Rockhurst University, an M.A. in Accounting from the University of Missouri-Columbia and is a Certified Public Accountant. Summary of Qualifications, Skills and Experience: Mr. Belske is a financial expert as defined by the SEC and brings senior leadership insights to Cummins gained from more than three decades of experience in the accounting industry, providing financial and risk management expertise to highly regulated industries. Mr. Belske also brings international operations and investment experience derived through his prior roles at EY. | |||
Mr. Fisher is the Chairman since April 2023 and Chief Executive Officer since April 2022 of Ball Corporation, a leading supplier of aluminum packaging for the beverage, personal care and household products industries. Ball Corporation also provides aerospace and other technologies and services to governmental and commercial customers. Mr. Fisher served as President of Ball Corporation from 2020-2022, Senior Vice President and Chief Operating Officer, Global Beverage Packaging, from 2016-2020, and President, Global Beverage Packaging, from 2014-2016. Prior to that, Mr. Fisher served in leading Finance roles for North American company divisions of Ball Corporation. Prior to joining Ball Corporation in 2010, Mr. Fisher served as both Director, Finance, and Chief Financial and Information Technology Officer for Emerson Electric, a global technology, software and engineering company. He also held various leadership positions at Thomson Industries (Danaher Corporation), Bradken Corporation and Grey Mountain Partners. Mr. Fisher holds a B.A. in business administration and finance from Washington University, St. Louis and an M.B.A. with a focus in business administration from the University of Colorado, Denver. Summary of Qualifications, Skills and Experience: As Chairman and CEO of a global, public, manufacturing company, Mr. Fisher brings deep experience in international operations, global supply chains, manufacturing, sales and marketing, engineering, and technology. He has over three decades of financial experience at various global corporations, providing valuable insights in finance, strategy and risk management. Mr. Fisher provides global perspectives gained from his leadership of a global company and supporting global businesses throughout his career. | |||
Ms. Harris is Senior Client Advisor at Morgan Stanley, a global financial services firm. She is a co-portfolio manager of the Next Level Fund, an advisor to the Multicultural Innovation Lab, the host of the podcast “Access & Opportunities” and acts in various client coverage capacities. She served as Vice Chair of Wealth Management from 2013-2021 and Chair of the Morgan Stanley Foundation from 2005-2014. She joined the merger and acquisitions team at Morgan Stanley in 1987 and had roles of increasing responsibility giving her broad experience in investment banking, equity capital markets, and equity private placements. She covered a wide range of industries including technology, media, retail, telecommunications, transportation, healthcare and biotechnology. In August 2013, Ms. Harris was appointed by President Barack Obama to chair the National Women’s Business Council. Ms. Harris has served on the board of Walmart Inc. since 2017, and serves on its Compensation and Management Development, Nominating and Governance and Strategic Planning and Finance Committees. Ms. Harris has also served on the board of MetLife, Inc. since April 2022, and serves on its Investment and Governance and Corporate Responsibility Committees. She also serves on the boards of several nonprofit organizations including Hackensack Meridian Health, Sponsors for Educational Opportunity (SEO), Mother Cabrini Health Foundation, Sesame Workshop and the Morgan Stanley Foundation. Ms. Harris holds an M.B.A. from Harvard Business School and an A.B. from Harvard College. Summary of Qualifications, Skills and Experience: Ms. Harris brings senior leadership experience in finance, strategy and risk management from her 38-year career at a global investment banking firm. Ms. Harris contributes insights on highly regulated industries and international operations, through her directorships at two Fortune 500 companies. She offers perspectives gained from her career experience in increasing client connectivity and penetration to enhance revenue generation. As an author of three books on leadership, Ms. Harris offers insights on talent development and retention. | |||
Mr. Di Leo is the founder and has been the Chief Executive Officer of Bearing-North LLC, an independent advisory firm focused on business expansion and senior executive counseling in strategy and operations, since 2018. He served as Senior Vice President, Sales & Distribution for International Business Machines Corporation (IBM), a globally integrated technology and consulting company, from January 2012 until his retirement in June 2018. In that role, he was responsible for revenue, profit, and client satisfaction in Japan, Asia Pacific, Latin America, Greater China and the Middle East and Africa. He also oversaw IBM’s Enterprise and Commercial client segments globally. From 2008-2011, he was General Manager for IBM’s Growth Markets Unit based in Shanghai. Mr. Di Leo has more than 40 years of business leadership experience in multinational environments, having lived and held executive positions on four continents. Mr. Di Leo has served as a director of Ferrovial, S.A., since 2018. He is a member of the international advisory board of Instituto de Estudios Superiores de la Empresa (IESE Business School) and is a member of the Deming Center Advisory Board of Columbia Business School. Mr. Di Leo serves as a Director of TAIGER and an advisor to MyCabinet, both artificial intelligence (AI) start-up companies. He holds a business administration degree from Ricardo Palma University and a postgraduate degree from Escuela Superior de Administracion de Negocios, both in his native Peru. He is fluent in Spanish, Portuguese, English and Italian. Summary of Qualifications, Skills and Experience: Mr. Di Leo has deep experience in technology, operations, and sales and marketing through his various leadership roles at a Fortune 500 company in the technology industry. Mr. Di Leo provides global perspectives, having lived and supported businesses on four continents. He also offers insights on disruptive technologies such as artificial intelligence. |
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Annual Salary |
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Non-Equity Incentive Plan Compensation |
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J. W. Rumsey,
Chair and Chief Executive Officer |
| | | | 2024 | | | | | | $1,500,000 | | | | | | $0 | | | | | | $10,607,720 | | | | | | $0 | | | | | | $7,837,500 | | | | | | $1,818,569 | | | | | | $93,320 | | | | | | $21,857,109 | | |
| | | 2023 | | | | | | $1,500,000 | | | | | | $0 | | | | | | $6,186,989 | | | | | | $0 | | | | | | $3,266,250 | | | | | | $1,834,671 | | | | | | $58,158 | | | | | | $12,846,068 | | | ||
| | | 2022 | | | | | | $1,062,833 | | | | | | $0 | | | | | | $4,478,567 | | | | | | $0 | | | | | | $1,532,908 | | | | | | $0 | | | | | | $59,103 | | | | | | $7,133,411 | | | ||
M. A. Smith,
Vice President and Chief Financial Officer |
| | | | 2024 | | | | | | $862,750 | | | | | | $0 | | | | | | $4,164,137 | | | | | | $0 | | | | | | $2,479,175 | | | | | | $1,500,437 | | | | | | $34,057 | | | | | | $9,040,556 | | |
| | | 2023 | | | | | | $805,000 | | | | | | $0 | | | | | | $1,953,902 | | | | | | $0 | | | | | | $2,268,500 | | | | | | $1,549,446 | | | | | | $32,099 | | | | | | $6,608,947 | | | ||
| | | 2022 | | | | | | $735,000 | | | | | | $0 | | | | | | $1,255,754 | | | | | | $0 | | | | | | $1,251,600 | | | | | | $0 | | | | | | $29,814 | | | | | | $3,272,168 | | | ||
S. Padmanabhan
Executive Vice President and President – Operations |
| | | | 2024 | | | | | | $820,000 | | | | | | $0 | | | | | | $4,834,305 | | | | | | $0 | | | | | | $2,069,000 | | | | | | $580,362 | | | | | | $53,390 | | | | | | $8,357,057 | | |
A.R. Davis,
Vice President and President – Accelera and Components |
| | | | 2024 | | | | | | $725,000 | | | | | | $0 | | | | | | $4,210,827 | | | | | | $0 | | | | | | $1,690,000 | | | | | | $1,291,704 | | | | | | $50,742 | | | | | | $7,968,273 | | |
J. M. Bush
Vice President and President – Power Systems |
| | | | 2024 | | | | | | $650,000 | | | | | | $0 | | | | | | $3,410,366 | | | | | | $0 | | | | | | $1,444,500 | | | | | | $702,207 | | | | | | $28,983 | | | | | | $6,236,056 | | |
Customers
Customer name | Ticker |
---|---|
Brunswick Corporation | BC |
CSX Corporation | CSX |
Harley-Davidson, Inc. | HOG |
Norfolk Southern Corporation | NSC |
Union Pacific Corporation | UNP |
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
---|---|---|---|
CUMMINS INC | - | 67,054,700 | 0 |
Satterthwaite Tony | - | 77,442 | 2,394 |
Satterthwaite Tony | - | 73,741 | 2,336 |
Padmanabhan Srikanth | - | 43,902 | 535 |
Smith Mark Andrew | - | 25,721 | 0 |
RUMSEY JENNIFER | - | 23,154 | 11,373 |
NELSON GEORGIA R | - | 21,742 | 1,977 |
Barner Sharon R | - | 20,803 | 0 |
Embree Tracy A | - | 19,942 | 48 |
Barner Sharon R | - | 16,144 | 0 |
Bush Jennifer Mary | - | 11,709 | 169 |
Fetch Bonnie J | - | 7,598 | 1,514 |
Aaholm Sherry A | - | 7,103 | 0 |
Di Leo Allen Bruno V | - | 4,478 | 0 |
JACKSON DONALD G | - | 4,116 | 219 |
Boakye Marvin | - | 3,450 | 0 |
Stoner Nathan R | - | 3,138 | 0 |
Belske Gary L | - | 2,884 | 0 |
Stone John H | - | 2,441 | 0 |
RUMSEY JENNIFER | - | 2,367 | 11,373 |
Wood Jonathan David | - | 1,303 | 0 |
Wiltrout Jeffrey T | - | 1,262 | 334 |
Fisher Daniel William | - | 1,068 | 0 |
Ram Ashwath | - | 710 | 210 |