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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
Quarterly Data

Cummins Inc., common-size consolidated balance sheet: assets (quarterly data)

Microsoft Excel
Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Oct 3, 2021 Jul 4, 2021 Apr 4, 2021 Dec 31, 2020 Sep 27, 2020 Jun 28, 2020 Mar 29, 2020 Dec 31, 2019 Sep 29, 2019 Jun 30, 2019 Mar 31, 2019
Cash and cash equivalents 7.98 6.81 8.14 5.68 6.30 6.93 8.39 10.06 9.44 10.93 11.22 10.97 12.88 15.03 13.76 8.62 8.42 5.72 7.67 6.90 6.69
Marketable securities 1.60 1.76 1.41 1.61 1.46 1.56 1.57 2.19 2.18 2.51 1.86 1.94 1.73 2.04 1.60 1.74 1.69 1.73 1.49 1.65 1.24
Cash, cash equivalents and marketable securities 9.59% 8.56% 9.55% 7.29% 7.76% 8.49% 9.96% 12.25% 11.62% 13.44% 13.09% 12.91% 14.61% 17.07% 15.36% 10.36% 10.11% 7.45% 9.16% 8.55% 7.93%
Accounts and notes receivable, net 17.16 17.44 17.64 18.47 18.56 17.17 16.12 16.98 18.11 16.83 18.00 18.28 18.33 16.88 16.82 16.94 17.46 18.59 19.34 20.63 20.28
Inventories 18.09 17.74 18.40 18.99 18.70 18.49 18.62 19.47 19.01 18.37 18.74 18.03 16.34 15.14 16.09 17.99 17.83 17.66 18.78 19.24 19.62
Prepaid expenses and other current assets 4.24 3.74 3.99 3.80 3.87 3.54 3.66 3.44 3.48 3.28 3.59 3.56 3.51 3.49 3.02 3.12 3.37 3.86 3.00 3.17 3.02
Current assets 49.08% 47.49% 49.57% 48.56% 48.89% 47.69% 48.37% 52.14% 52.22% 51.91% 53.42% 52.77% 52.79% 52.59% 51.29% 48.41% 48.76% 47.56% 50.27% 51.59% 50.85%
Property, plant and equipment 35.36 36.48 34.58 34.42 33.81 34.68 34.37 38.30 38.69 39.47 39.70 40.29 39.39 39.83 40.58 42.43 42.73 44.07 41.54 41.59 42.07
Accumulated depreciation -16.47 -16.95 -16.50 -16.38 -16.03 -16.46 -16.90 -20.37 -20.53 -20.82 -21.55 -21.83 -21.11 -21.02 -21.63 -22.41 -22.17 -22.57 -21.61 -21.46 -21.58
Property, plant and equipment, net 18.89% 19.53% 18.07% 18.03% 17.78% 18.22% 17.47% 17.93% 18.16% 18.65% 18.15% 18.46% 18.27% 18.81% 18.95% 20.02% 20.56% 21.51% 19.94% 20.13% 20.49%
Investments and advances related to equity method investees 5.57 5.62 5.56 5.86 5.92 5.81 6.13 6.31 6.60 6.49 6.69 6.61 6.93 6.37 6.57 6.70 6.50 6.27 6.14 6.29 6.57
Goodwill 7.56 7.81 7.41 7.58 7.52 7.73 7.49 5.68 5.33 5.43 5.59 5.71 5.62 5.72 5.97 6.32 6.39 6.52 6.33 5.55 5.67
Other intangible assets, net 7.71 7.87 7.84 8.14 8.40 8.87 8.74 4.31 3.80 3.80 3.99 4.17 4.20 4.26 4.59 5.01 4.81 5.08 5.02 4.45 4.51
Pension assets 3.73 3.74 4.67 4.80 4.76 4.61 5.16 5.97 6.24 6.28 4.77 4.85 4.73 4.61 4.68 4.91 4.93 5.07 4.77 4.74 4.73
Other assets 7.46 7.95 6.86 7.03 6.73 7.06 6.64 7.66 7.64 7.45 7.39 7.43 7.46 7.66 7.94 8.62 8.05 8.00 7.53 7.24 7.19
Long-term assets 50.92% 52.51% 50.43% 51.44% 51.11% 52.31% 51.63% 47.86% 47.78% 48.09% 46.58% 47.23% 47.21% 47.41% 48.71% 51.59% 51.24% 52.44% 49.73% 48.41% 49.15%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-03), 10-Q (reporting date: 2021-07-04), 10-Q (reporting date: 2021-04-04), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-29), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

The common-size balance sheet analysis reveals a dynamic shift in asset composition between March 2019 and March 2024, characterized by a significant liquidity surge during the 2020 period and a subsequent reallocation toward intangible assets and streamlined fixed asset ratios.

Liquidity and Cash Management
A pronounced increase in liquidity is observed throughout 2020, with cash and cash equivalents peaking at 15.03% of total assets in December 2020, up from 6.69% in March 2019. When combined with marketable securities, the total liquid cash position reached a high of 17.07% in December 2020. Following this peak, there was a gradual normalization process, with the combined cash position returning to 9.59% by March 2024, suggesting a strategic accumulation of capital during the pandemic followed by a redistribution into operations or shareholder returns.
Working Capital Trends
Accounts and notes receivable remained relatively stable, fluctuating between 16.12% and 20.63% of total assets over the five-year period. Inventories displayed a slight contraction in 2020, hitting a low of 15.14% in December 2020, before recovering to a consistent range of 17.7% to 19.0% from 2021 onward. Total current assets have consistently represented approximately 47% to 53% of the total asset base, indicating a balanced approach to short-term resource management.
Fixed Asset Evolution
Gross property, plant, and equipment (PP&E) showed a steady downward trend as a percentage of total assets, declining from 42.07% in early 2019 to 35.36% by March 2024. This is accompanied by a reduction in accumulated depreciation as a percentage of assets, which dropped from roughly 21% in 2019 to approximately 16% in 2024. Consequently, net PP&E has remained relatively flat, hovering between 17.5% and 21.5%, suggesting that capital expenditures have largely kept pace with depreciation rather than expanding the overall physical footprint relative to total asset growth.
Intangible Assets and Strategic Investments
A notable shift in the long-term asset structure occurred starting in late 2022. Goodwill increased from approximately 5.6% in 2019 to 7.56% by March 2024. More significantly, other intangible assets, net, nearly doubled from 3.80% in December 2021 to 7.71% in March 2024. This trend indicates a strategic pivot toward acquisitions or the acquisition of intellectual property. Meanwhile, investments in equity method investees remained stable, ending the period at 5.57%.
Other Long-term Asset Components
Pension assets experienced a gradual decline as a percentage of total assets, moving from a high of 6.28% in December 2021 to 3.73% by March 2024. Other long-term assets have remained consistently between 6.6% and 8.6% of the total asset mix, contributing to a total long-term asset proportion that fluctuates around the 47% to 52% mark.

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