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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
cmi-20200628_g1.jpg
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 28, 2020
 
Commission File Number 1-4949
CUMMINS INC.
(Exact name of registrant as specified in its charter)
Indiana35-0257090
(State of Incorporation)  (IRS Employer Identification No.)
500 Jackson Street
Box 3005
Columbus, Indiana 47202-3005
(Address of principal executive offices)
 
Telephone (812377-5000
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common stock, $2.50 par valueCMINew York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes x  No 
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that registrant was required to submit such files).  Yes x  No 
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.  (Check one):
Large Accelerated FilerxAccelerated filerNon-accelerated filer
Smaller reporting companyEmerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes   No x
 
As of June 28, 2020, there were 147,675,521 shares of common stock outstanding with a par value of $2.50 per share.


1

CUMMINS INC. AND SUBSIDIARIES
TABLE OF CONTENTS
QUARTERLY REPORT ON FORM 10-Q
 
  Page
  
 Condensed Consolidated Statements of Net Income for the three and six months ended June 28, 2020 and June 30, 2019
 Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 28, 2020 and June 30, 2019
 Condensed Consolidated Balance Sheets at June 28, 2020 and December 31, 2019
 Condensed Consolidated Statements of Cash Flows for the six months ended June 28, 2020 and June 30, 2019
 Condensed Consolidated Statements of Changes in Equity for the three and six months ended June 28, 2020 and June 30, 2019
 
  
 

2

PART I.  FINANCIAL INFORMATION 
ITEM 1.  Condensed Consolidated Financial Statements 

CUMMINS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME
(Unaudited)

 Three months endedSix months ended
In millions, except per share amounts June 28,
2020
June 30,
2019
June 28,
2020
June 30,
2019
NET SALES (a) (Note 3)
$3,852  $6,221  $8,863  $12,225  
Cost of sales 2,962  4,580  6,679  9,052  
GROSS MARGIN 890  1,641  2,184  3,173  
OPERATING EXPENSES AND INCOME     
Selling, general and administrative expenses 470  629  1,016  1,222  
Research, development and engineering expenses 189  251  427  488  
Equity, royalty and interest income from investees (Note 5)115  96  244  188  
Other operating expense, net (10) (9) (15) (4) 
OPERATING INCOME 336  848  970  1,647  
Interest income 4  12  11  24  
Interest expense 23  29  46  61  
Other income, net 45  40  82  106  
INCOME BEFORE INCOME TAXES 362  871  1,017  1,716  
Income tax expense (Note 6)93  186  220  362  
CONSOLIDATED NET INCOME 269  685  797  1,354  
Less: Net (loss) income attributable to noncontrolling interests(7) 10  10  16  
NET INCOME ATTRIBUTABLE TO CUMMINS INC. $276  $675  $787  $1,338  
 
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CUMMINS INC.     
Basic $1.87  $4.29  $5.30  $8.51  
Diluted $1.86  $4.27  $5.29  $8.47  
 
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING     
Basic 147.6  157.4  148.4  157.3  
Dilutive effect of stock compensation awards 0.4  0.6  0.4  0.6  
Diluted 148.0  158.0  148.8  157.9  
(a) Includes sales to nonconsolidated equity investees of $338 million and $595 million for the three and six months ended June 28, 2020, compared with $317 million and $602 million for the comparable periods in 2019.

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.
3

CUMMINS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
 
 Three months endedSix months ended
In millions June 28,
2020
June 30,
2019
June 28,
2020
June 30,
2019
CONSOLIDATED NET INCOME $269  $685  $797  $1,354  
Other comprehensive income (loss), net of tax (Note 13)    
Change in pension and other postretirement defined benefit plans 16  7  18  (4) 
Foreign currency translation adjustments (11) (99) (173) (15) 
Unrealized gain on debt securities   1      
Unrealized loss on derivatives (2) (10) (81) (11) 
Total other comprehensive income (loss), net of tax3  (101) (236) (30) 
COMPREHENSIVE INCOME 272  584  561  1,324  
Less: Comprehensive (loss) income attributable to noncontrolling interests (12) 10  (12) 19  
COMPREHENSIVE INCOME ATTRIBUTABLE TO CUMMINS INC. $284  $574  $573  $1,305  
 
The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.
4

CUMMINS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
In millions, except par valueJune 28,
2020
December 31,
2019
ASSETS  
Current assets   
Cash and cash equivalents $1,751  $1,129  
Marketable securities (Note 7)353  341  
Total cash, cash equivalents and marketable securities 2,104  1,470  
Accounts and notes receivable, net
Trade and other 3,069  3,387  
Nonconsolidated equity investees 372  283  
Inventories (Note 8)3,655  3,486  
Prepaid expenses and other current assets 634  761  
Total current assets 9,834  9,387  
Long-term assets   
Property, plant and equipment 8,620  8,699  
Accumulated depreciation (4,553) (4,454) 
Property, plant and equipment, net 4,067  4,245  
Investments and advances related to equity method investees1,362  1,237  
Goodwill 1,284  1,286  
Other intangible assets, net 1,017  1,003  
Pension assets998  1,001  
Other assets 1,752  1,578  
Total assets $20,314  $19,737  
LIABILITIES  
Current liabilities   
Accounts payable (principally trade) $2,281  $2,534  
Loans payable (Note 9)109  100  
Commercial paper (Note 9)2,027  660  
Accrued compensation, benefits and retirement costs 309  560  
Current portion of accrued product warranty (Note 10)681  803  
Current portion of deferred revenue (Note 3)523  533  
Other accrued expenses (Note 11)920  1,039  
Current maturities of long-term debt (Note 9)66  31  
Total current liabilities 6,916  6,260  
Long-term liabilities   
Long-term debt (Note 9)1,639  1,576  
Pensions and other postretirement benefits578  591  
Accrued product warranty (Note 10)636  645  
Deferred revenue (Note 3)829  821  
Other liabilities (Note 11)1,586  1,379  
Total liabilities $12,184  $11,272  
Commitments and contingencies (Note 12)
 
EQUITY
Cummins Inc. shareholders’ equity   
Common stock, $2.50 par value, 500 shares authorized, 222.4 and 222.4 shares issued
$2,353  $2,346  
Retained earnings 14,811  14,416  
Treasury stock, at cost, 74.8 and 71.7 shares
(7,729) (7,225) 
Common stock held by employee benefits trust, at cost, 0.1 and 0.2 shares
(1) (2) 
Accumulated other comprehensive loss (Note 13)(2,242) (2,028) 
Total Cummins Inc. shareholders’ equity 7,192  7,507  
Noncontrolling interests 938  958  
Total equity $8,130  $8,465  
Total liabilities and equity $20,314  $19,737  
The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.
5


CUMMINS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 Six months ended
In millionsJune 28,
2020
June 30,
2019
CASH FLOWS FROM OPERATING ACTIVITIES  
Consolidated net income $797  $1,354  
Adjustments to reconcile consolidated net income to net cash provided by operating activities   
Depreciation and amortization333  315  
Deferred income taxes(11) 17  
Equity in income of investees, net of dividends (124) (43) 
Pension and OPEB expense (Note 4)54  37  
Pension contributions and OPEB payments (Note 4)(82) (92) 
Stock-based compensation expense 12  28  
Restructuring payments (Note 14)(81)   
Gain on corporate owned life insurance (38) (55) 
Foreign currency remeasurement and transaction exposure (2) 46  
Changes in current assets and liabilities  
Accounts and notes receivable 170  (312) 
Inventories (224) (125) 
Other current assets 95  15  
Accounts payable (220) 148  
Accrued expenses (422) (194) 
Changes in other liabilities 199  120  
Other, net (99) (39) 
Net cash provided by operating activities 357  1,220  
CASH FLOWS FROM INVESTING ACTIVITIES   
Capital expenditures (152) (242) 
Investments in internal use software (21) (34) 
Investments in and advances to equity investees (17) (18) 
Investments in marketable securities—acquisitions (285) (259) 
Investments in marketable securities—liquidations (Note 7)254  153  
Cash flows from derivatives not designated as hedges (22) (26) 
Other, net 9  15  
Net cash used in investing activities (234) (411) 
CASH FLOWS FROM FINANCING ACTIVITIES   
Net borrowings (payments) of commercial paper (Note 9)1,367  (346) 
Payments on borrowings and finance lease obligations (25) (17) 
Net borrowings under short-term credit agreements 4  57  
Distributions to noncontrolling interests (13) (13) 
Dividend payments on common stock (388) (358) 
Repurchases of common stock (550) (100) 
Other, net 65  66  
Net cash provided by (used in) financing activities 460  (711) 
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS 39  (4) 
Net increase in cash and cash equivalents622  94  
Cash and cash equivalents at beginning of year1,129  1,303  
CASH AND CASH EQUIVALENTS AT END OF PERIOD$1,751  $1,397  

 The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.
6

CUMMINS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited)
 
Three months ended
In millions, except per share amountsCommon StockAdditional Paid-in CapitalRetained EarningsTreasury StockCommon Stock Held in TrustAccumulated Other Comprehensive LossTotal Cummins Inc. Shareholders’ EquityNoncontrolling InterestsTotal Equity
BALANCE AT MARCH 29, 2020$556  $1,779  $14,728  $(7,744) $(1) $(2,250) $7,068  $950  $8,018  
Net income 276  276  (7) 269  
Other comprehensive income (loss), net of tax (Note 13)8  8  (5) 3  
Issuance of common stock 1  1  —  1  
Employee benefits trust activity5  5  —  5  
Cash dividends on common stock, $1.311 per share
(193) (193) —  (193) 
Stock-based awards 4  15  19  —  19  
Other shareholder transactions 8  8    8  
BALANCE AT JUNE 28, 2020$556  $1,797  $14,811  $(7,729) $(1) $(2,242) $7,192  $938  $8,130  
BALANCE AT MARCH 31, 2019$556  $1,717  $13,401  $(6,111) $(4) $(1,739) $7,820  $907  $8,727  
Net income675  675  10  685  
Other comprehensive loss, net of tax (Note 13)(101) (101)   (101) 
Issuance of common stock1  1  —  1  
Employee benefits trust activity7  7  —  7  
Cash dividends on common stock, $1.14 per share
(179) (179) —  (179) 
Stock-based awards8  29  37  —  37  
Other shareholder transactions18  18  1  19  
BALANCE AT JUNE 30, 2019$556  $1,751  $13,897  $(6,082) $(4) $(1,840) $8,278  $918  $9,196  
The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.










7

CUMMINS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited)

Six months ended
In millions, except per share amountsCommon
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, 2019$556  $1,790  $14,416  $(7,225) $(2) $(2,028) $7,507  $958  $8,465  
Adoption of new accounting standards (Note 16)