Meritor Acquisition and 2022 Financial Results
Table of Contents
CUMMINS INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
In millions, except par value
ASSETS
Current assets
Cash and cash equivalents
Marketable securities (Note 6)
Total cash, cash equivalents and marketable securities
Accounts and notes receivable, net
Trade and other
Nonconsolidated equity investees
Inventories (Note 7)
Prepaid expenses and other current assets
Total current assets
Long-term assets
Property, plant and equipment, net (Note 8)
Investments and advances related to equity method investees (Note 4)
Goodwill (Note 10)
Other intangible assets, net (Note 10)
Pension assets (Note 11)
Other assets (Note 12)
Total assets
LIABILITIES
Current liabilities
Accounts payable (principally trade)
Loans payable (Note 13)
Commercial paper (Note 13)
Current maturities of long-term debt (Note 13)
Accrued compensation, benefits and retirement costs
Current portion of accrued product warranty (Note 14)
Current portion of deferred revenue (Note 3)
Other accrued expenses (Note 12)
Total current liabilities
Long-term liabilities
Long-term debt (Note 13)
Deferred revenue (Note 3)
Other liabilities (Note 12)
Total liabilities
Commitments and contingencies (Note 15)
December 31,
2022
2021
$
2,101 $
2,592
472
595
2,573
3,187
4,826
3,565
376
425
5,603
4,355
1,073
777
14,451
12,309
5,521
4,422
1,759
1,538
2,343
1,287
2,687
900
1,398
1,488
2,140
1,766
$
30,299 $
23,710
$
4,252 $
3,021
210
208
2,574
313
573
59
617
683
726
755
1,004
855
1,465
1,190
11,421
7,084
4,498
3,579
844
850
3,311
2,796
$
20,074 $
14,309
Redeemable noncontrolling interests (Notes 1 and 16)
$
258 $
366
EQUITY
Cummins Inc. shareholders' equity (Note 17)
Common stock, $2.50 par value, 500 shares authorized, 222.5 and 222.5 shares issued
Retained earnings
S
2,243 $
2,099
18,037
16,741
Treasury stock, at cost, 81.2 and 80.0 shares
(9,415)
(9,123)
Accumulated other comprehensive loss (Note 18)
(1,890)
(1,571)
Total Cummins Inc. shareholders' equity
8,975
8,146
Noncontrolling interests (Note 19)
992
889
Total equity
$
9,967
$
9,035
Total liabilities, redeemable noncontrolling interests and equity
$
30,299
$
23,710
The accompanying notes are an integral part of our Consolidated Financial Statements.
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