Cummins Inc. Equity Valuation and Analysis

CUMMINS INC. AND CONSOLIDATED SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
( in millions)
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
ASSETS
Current assets:
Cash and cash equivilants 224 108 611 779 840
Marketable securities 74 87 79 61 95
Recievables, net 805 929 1,160 1,423 1,767 2,032 2,345 2,706 3,123 3,604 4,159 4,799 5,538 6,391 7,375
Inventories 641 733 1,016 1,174 1,393 1,523 1,664 1,816 1,980 2,157 2,350 2,560 2,789 3,038 3,310
Deffered income taxes 238 192 301 363 277
Prepaid exp and other current
assets 81 106 116 116
Total current assets 1,982 2,130 3,273 3,916 4,488 4,832 4,994 5,019 5,272 5,487 5,711 5,945 6,188 6,441 6,704
Long-term assets
Property, plant and equipment,
net 1,305 1,347 1,648 1,557 1,574
Investments in and advances to
equity investees 264 339 286 278 345
Goodwill 343 344 355 358 356
Other intangible assets, net 96 92 93 100 128
Deffered income taxes 640 663 689 500 433
Other assets 207 211 183 176 141
Total Assets 4,837 5,126 6,527 6,885 7,465 8,053 8,610 9,125 9,585 9,977 10,384 10,809 11,251 11,711 12,189
LIABILITIES AND
SHAREHOLDERS' EQUITY 6.95% 0.08
Current liabilities:
Short-term borrowings 138 49 346 154 164
Accounts payable 427 557 823 904 1,104
Other accrued expenses 764 789 1,028 1,160 1,131
Total current liabilities 1,329 1,395 2,197 2,218 2,399 2,577 2,755 2,920 3,067 3,193 3,323 3,459 3,600 3,747 3,901
Long-term liabilities
Long-term debt 999 1,380 1,299 1,213 647
Pensions 438 439 466 396 367
Postretirement benefits other
than pensions 575 577 570 554 523
Other liabilities and deffered
revenue 563 263 386 415 473
Total Non-Current Liabilities 2,575 2,659 2,721 2,578 2,010 2,020 2,030 2,040 2,051 2,061 2,071 2,081 2,092 2,102 2,113
Total liabilities 3,904 4,054 4,918 4,796 4,409 4,597 4,786 4,960 5,118 5,253 5,394 5,540 5,692 5,850 6,013
Minority interest 92 123 208 225 254
Shareholders' equity:
issued authorized, 55.0 and
48.5 shares issued 121 121 121 121 137
Additional contributed capital 1,115 1,113 1,167 1,201 1,500
Retained earnings 569 569 866 1,360 2,009
Accumulated other
comprehensive loss (964) (854) (753) (818) (844)
Total shareholders' equity 933 1,072 1,609 2,089 3,056 3,456 3,825 4,165 4,467 4,723 4,990 5,269 5,559 5,861 6,176
Total liabilities and
shareholders' equity 4,837 5,126 6,527 6,885 7,465 8,053 8,610 9,125 9,585 9,977 10,384 10,809 11,251 11,711 12,189
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