Stock Analysis on Net
AI Tokens
Stock Analysis on Net

Cummins Inc. (NYSE:CMI)

This company has been moved to the archive! The financial data has not been updated since May 2, 2024.

Common-Size Balance Sheet: Assets

Cummins Inc., common-size consolidated balance sheet: assets

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Cash and cash equivalents 6.81 6.93 10.93 15.03 5.72
Marketable securities 1.76 1.56 2.51 2.04 1.73
Cash, cash equivalents and marketable securities 8.56% 8.49% 13.44% 17.07% 7.45%
Accounts and notes receivable, net 17.44 17.17 16.83 16.88 18.59
Inventories 17.74 18.49 18.37 15.14 17.66
Prepaid expenses and other current assets 3.74 3.54 3.28 3.49 3.86
Current assets 47.49% 47.69% 51.91% 52.59% 47.56%
Property, plant and equipment, net 19.53 18.22 18.65 18.81 21.51
Investments and advances related to equity method investees 5.62 5.81 6.49 6.37 6.27
Goodwill 7.81 7.73 5.43 5.72 6.52
Other intangible assets, net 7.87 8.87 3.80 4.26 5.08
Pension assets 3.74 4.61 6.28 4.61 5.07
Deferred income taxes 3.38 2.06 1.81 2.12 2.23
Operating lease assets 1.57 1.62 1.87 1.94 2.51
Corporate owned life insurance 1.30 1.29 2.08 2.25 2.35
Other 1.70 2.09 1.70 1.36 0.90
Other assets 7.95% 7.06% 7.45% 7.66% 8.00%
Long-term assets 52.51% 52.31% 48.09% 47.41% 52.44%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

The asset structure of the company demonstrates a balanced distribution between current and long-term assets, with both categories maintaining a composition near 50% of total assets over the five-year period. Current assets peaked in 2020 at 52.59% before stabilizing around 47.5% by 2023, while long-term assets followed a complementary trajectory, ending the period at 52.51%.

Liquidity and Cash Position
A significant volatility in liquidity is observed, characterized by a sharp increase in cash and cash equivalents, which rose from 5.72% in 2019 to a peak of 15.03% in 2020. This surge contributed to a combined cash and marketable securities position of 17.07% in 2020. Subsequently, these levels declined and normalized, with cash and equivalents settling at 6.81% and total liquid assets at 8.56% by the end of 2023.
Working Capital Composition
Accounts and notes receivable have remained relatively stable, fluctuating within a narrow range between 16.83% and 18.59% of total assets. Inventories exhibited more variance, dipping to 15.14% in 2020 before rising to a peak of 18.49% in 2022 and moderating to 17.74% in 2023. This suggests fluctuations in inventory management or supply chain adjustments during the analyzed period.
Fixed and Intangible Assets
Property, plant and equipment, net, showed a gradual decline from 21.51% in 2019 to a low of 18.22% in 2022, before recovering slightly to 19.53% in 2023. Conversely, there is a noticeable upward trend in intangible assets. Goodwill increased from 6.52% in 2019 to 7.81% in 2023, and other intangible assets, net, rose from 5.08% to 7.87% over the same period, with a peak of 8.87% in 2022. This shift indicates an increase in the proportion of the asset base tied to acquisitions or non-physical strategic assets.
Other Long-Term Assets
Pension assets have experienced a steady decline as a percentage of total assets, moving from 5.07% in 2019 to 3.74% in 2023. Deferred income taxes remained largely stable until 2023, when they increased to 3.38% from a previous low of 1.81% in 2021. Operating lease assets and corporate-owned life insurance have both trended downward, collectively representing a smaller portion of the balance sheet in 2023 compared to 2019.

AI Ask an analyst for more

My previous chats

Add tokens

Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.

How can I help you?