Meritor Acquisition and 2022 Financial Results
Table of Contents
A reconciliation of our segment information to the corresponding amounts in the Consolidated Statements of Net Income is shown in the table below:
In millions
TOTAL SEGMENT EBITDA
Intersegment eliminations and other
Less:
Interest expense
Depreciation and amortization
INCOME BEFORE INCOME TAXES
Less: Income tax expense
CONSOLIDATED NET INCOME
2022
Years ended December 31,
2021
2020
$
4,031
3,595 $
3,032
(I)
(232)
(74)
76
199
111
100
781
659
670
2,819
2,751
2,338
636
587
527
2,183
2,164
1,811
Less: Net income attributable to noncontrolling interests
32
33
22
NET INCOME ATTRIBUTABLE TO CUMMINS INC.
$
2,151
$
2,131
$
1,789
(Intersegment eliminations and other included $53 million of costs associated with the planned separation of our filtration business.
A reconciliation of our segment net assets to the corresponding amounts in the Consolidated Balance Sheets is shown in the table below:
December 31,
In millions
Net assets for operating segments
Cash, cash equivalents and marketable securities
Net liabilities deducted in arriving at net segment assets(¹)
2022
2021
$
14,995 $
2,573
9,639
3,187
11,270
9,486
Pension and OPEB adjustments excluded from net segment assets
Deferred tax assets not allocated to segments
832
966
625
428
Deferred debt costs not allocated to segments
4
4
Total assets
$
30,299
$
23,710
(1) Liabilities deducted in arriving at net segment assets include certain accounts payable, accrued expenses, long-term liabilities and other items.
See NOTE 3, "REVENUE FROM CONTRACTS WITH CUSTOMERS," for segment net sales by geographic area.
Long-lived assets include property, plant and equipment, net of depreciation, investments and advances to equity investees and other assets, excluding deferred tax assets,
refundable taxes and deferred debt expenses. Long-lived segment assets by geographic area were as follows:
December 31,
In millions
United States
China
2022
2021
$
4,714 $
1,052
3,978
1,136
India
665
573
United Kingdom
Mexico
Netherlands
Brazil
Canada
Other international countries
431
384
429
195
334
314
256
76
168
163
731
478
Total long-lived assets
$
8,780 $
7,297
Our largest customer is PACCAR Inc. Worldwide sales to this customer were approximately $4.5 billion, $3.6 billion and $2.9 billion for the years ended December 31, 2022,
2021 and 2020, representing 16 percent, 15 percent and 15 percent, respectively, of our consolidated net sales. No other customer accounted for more than 10 percent of
consolidated net sales.
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