Meritor Acquisition and 2022 Financial Results

Table of Contents ITEM 8. Financial Statements and Supplementary Data Index to Financial Statements Management's Report to Shareholders • Report of Independent Registered Public Accounting Firm (PCAOB ID 238) • • Consolidated Statements of Net Income for the years ended December 31, 2022, 2021 and 2020 Consolidated Statements of Comprehensive Income for the years ended December 31, 2022, 2021 and 2020 • Consolidated Balance Sheets at December 31, 2022 and 2021 . Consolidated Statements of Cash Flows for the years ended December 31, 2022, 2021 and 2020 • • NOTE NOTE NOTE NOTE NOTE NOTE NOTE Consolidated Statements of Changes in Redeemable Noncontrolling Interests and Equityfor the years ended December 31, 2022, 2021 and 2020 Notes to the Consolidated Financial Statements 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 2 ACQUISITIONS 3 REVENUE FROM CONTRACTS WITH CUSTOMERS 4 INVESTMENTS IN EQUITY INVESTEES 5 INCOME TAXES 6 MARKETABLE SECURITIES 7 INVENTORIES NOTE 8 PROPERTY, PLANT AND EQUIPMENT NOTE 9 LEASES NOTE 10 GOODWILL AND OTHER INTANGIBLE ASSETS NOTE NOTE NOTE 13 DEBT NOTE NOTE NOTE 11 PENSIONS AND OTHER POSTRETIREMENT BENEFITS 12 SUPPLEMENTAL BALANCE SHEET DATA 14 PRODUCT WARRANTY LIABILITY 15 COMMITMENTS AND CONTINGENCIES 16 REDEEMABLE NONCONTROLLING INTERESTS NOTE 17 CUMMINS INC. SHAREHOLDERS' EQUITY NOTE 18 ACCUMULATED OTHER COMPREHENSIVE LOSS NOTE 19 NONCONTROLLING INTERESTS NOTE 20 STOCK INCENTIVE AND STOCK OPTION PLANS NOTE NOTE 21 EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CUMMINS INC. 22 DERIVATIVES NOTE 23 RUSSIAN OPERATIONS NOTE 24 OPERATING SEGMENTS 61

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