Meritor Acquisition and 2022 Financial Results
Table of Contents
CUMMINS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Redeemable
Noncontrolling
In millions
Interests
Common
Stock
BALANCE AT DECEMBER 31, 2019
Adoption of new accounting standards
Net income
Other comprehensive income (loss), net of tax
(Note 18)
Issuance of common stock
Employee benefits trust activity
Repurchases of common stock (Note 17)
Cash dividends on common stock (Note 17)
Distributions to noncontrolling interests
Share-based awards
Fair value adjustment of redeemable
noncontrolling interests
Other shareholder transactions
$
58 $
556
Additional
Paid-in
Capital
$ 1,790
Retained Treasury
Earnings Stock
$ 14,416 $ (7,225) $
Common
Stock
Held in
Trust
Accumulated
Total
Other
Cummins Inc.
Comprehensive Shareholders'
Loss
Equity
Noncontrolling
Interests
Total
Equity
(2)
$
(2,028) $
7,507
$
900
$
8,407
(4)
(4)
1,789
(4)
(4)
1,789
26
1,815
46
46
(10)
36
10
32
10
10
2
(641)
(782)
34
34
(641)
(641)
(782)
(782)
(26)
(26)
87
88
88
BALANCE AT DECEMBER 31, 2020
Net income
Other comprehensive income (loss), net of tax
(Note 18)
Issuance of common stock
Repurchases of common stock (Note 17)
Cash dividends on common stock (Note 17)
Distributions to noncontrolling interests
Share-based awards
Fair value adjustment of redeemable
noncontrolling interests
Other shareholder transactions
231
(3)
(231)
15
282
$ 556 $
1,617
(13)
(231)
(231)
15
(14)
1
$ 15,419 $ (7,779) $
2,131
$
(1,982) $
7,831
2,131
$
876 $
8,707
46
2,177
411
411
(5)
406
1
1
1
(1,402)
(809)
(1,402)
(809)
(1,402)
(809)
(28)
(28)
1
55
56
56
97
(97)
(97)
ā
(97)
21
3
24
24
BALANCE AT DECEMBER 31, 2021
Issuance of common stock
Net income
Other comprehensive loss, net of tax (Note 18)
Repurchases of common stock (Note 17)
Cash dividends on common stock (Note 17)
Distributions to noncontrolling interests
366 $ 556 $
(24)
1.543 $ 16,741 $ (9,123) $
$
(1,571) $
8.146
$
889
$ 9,035
2,151
2,151
56
2,207
(319)
(319)
(40)
(359)
8
8
8
(374)
(855)
(374)
(374)
(855)
(855)
(38)
(38)
Share-based awards
Acquisition of business (Note 2)
3
77
80
80
111
111
Fair value adjustment of redeemable
noncontrolling interests
Other shareholder transactions
(104)
20
BALANCE AT DECEMBER 31, 2022
S
258 $ 556 $
104
29
1,687
104
104
5
34
14
48
$ 18,037 $ (9,415) $
$
(1,890) $
8,975
$
992
$
9,967
The accompanying notes are an integral part of our Consolidated Financial Statements.
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