Common stock, shares authorized

[Table of Contents](#ib75a44f638b042a5a7472d3f3be80b22_7)CUMMINS INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| In millions, except par value |  | September 30,2022 |  | December 31,2021 |
| ASSETS |  |   |  |   |
| Current assets  |  |   |  |   |
| Cash and cash equivalents  |  | $ | 2,499  |  |  | $ | 2,592  |  |
|  |  |  |  |  |
| Marketable securities (Note 7) |  | 466  |  |  | 595  |  |
| Total cash, cash equivalents and marketable securities  |  | 2,965  |  |  | 3,187  |  |
| Accounts and notes receivable, net  |  |  |  |  |
| Trade and other  |  | 4,450  |  |  | 3,565  |  |
| Nonconsolidated equity investees  |  | 349  |  |  | 425  |  |
| Inventories (Note 8) |  | 5,543  |  |  | 4,355  |  |
| Prepaid expenses and other current assets  |  | 1,091  |  |  | 777  |  |
| Total current assets  |  | 14,398  |  |  | 12,309  |  |
| Long-term assets  |  |   |  |   |
| Property, plant and equipment  |  | 10,231  |  |  | 9,358  |  |
| Accumulated depreciation  |  | (5,030) |  |  | (4,936) |  |
| Property, plant and equipment, net  |  | 5,201  |  |  | 4,422  |  |
| Investments and advances related to equity method investees  |  | 1,826  |  |  | 1,538  |  |
| Goodwill (Note 9) |  | 2,229  |  |  | 1,287  |  |
| Other intangible assets, net (Note 9) |  | 2,602  |  |  | 900  |  |
| Pension assets (Note 4) |  | 1,536  |  |  | 1,488  |  |
| Other assets (Note 10) |  | 1,977  |  |  | 1,766  |  |
| Total assets  |  | $ | 29,769  |  |  | $ | 23,710  |  |
|  |  |  |  |  |
| LIABILITIES |  |   |  |   |
| Current liabilities  |  |   |  |   |
| Accounts payable (principally trade)  |  | $ | 4,000  |  |  | $ | 3,021  |  |
| Loans payable (Note 11) |  | 217  |  |  | 208  |  |
| Commercial paper (Note 11) |  | 2,393  |  |  | 313  |  |
| Accrued compensation, benefits and retirement costs  |  | 575  |  |  | 683  |  |
| Current portion of accrued product warranty (Note 12) |  | 801  |  |  | 755  |  |
| Current portion of deferred revenue (Note 2) |  | 921  |  |  | 855  |  |
|  |  |  |  |  |
| Other accrued expenses (Note 10) |  | 1,568  |  |  | 1,190  |  |
| Current maturities of long-term debt (Note 11) |  | 55  |  |  | 59  |  |
| Total current liabilities  |  | 10,530  |  |  | 7,084  |  |
| Long-term liabilities  |  |   |  |   |
| Long-term debt (Note 11) |  | 5,450  |  |  | 3,579  |  |
| Pensions and other postretirement benefits (Note 4) |  | 678  |  |  | 604  |  |
| Accrued product warranty (Note 12) |  | 742  |  |  | 684  |  |
| Deferred revenue (Note 2) |  | 867  |  |  | 850  |  |
| Other liabilities (Note 10) |  | 1,892  |  |  | 1,508  |  |
| Total liabilities  |  | $ | 20,159  |  |  | $ | 14,309  |  |
|  |  |  |  |  |
| Commitments and contingencies (Note 13) |  |  |  |  |
| Redeemable noncontrolling interests (Notes 1 and 14) |  | $ | 252  |  |  | $ | 366  |  |
|  |  |  |  |   |
| EQUITY |  |  |  |  |
| Cummins Inc. shareholders’ equity  |  |   |  |   |
| Common stock, $2.50 par value, 500 shares authorized, 222.5 and 222.5 shares issued  |  | $ | 2,214  |  |  | $ | 2,099  |  |
| Retained earnings  |  | 17,628  |  |  | 16,741  |  |
| Treasury stock, at cost, 81.5 and 80.0 shares  |  | (9,449) |  |  | (9,123) |  |
|  |  |  |  |  |
| Accumulated other comprehensive loss (Note 15) |  | (2,013) |  |  | (1,571) |  |
|  |  |  |  |  |
|  |  |  |  |  |
|  |  |  |  |  |
| Total Cummins Inc. shareholders’ equity  |  | 8,380  |  |  | 8,146  |  |
| Noncontrolling interests  |  | 978  |  |  | 889  |  |
| Total equity  |  | $ | 9,358  |  |  | $ | 9,035  |  |
| Total liabilities, redeemable noncontrolling interests and equity  |  | $ | 29,769  |  |  | $ | 23,710  |  |

 The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.5
