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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: Liabilities and Stockholders’ Equity
Quarterly Data

Cummins Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (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
Accounts payable, principally trade 14.06 13.31 13.28 13.57 14.75 14.03 13.44 13.91 14.50 12.74 13.92 14.03 14.28 12.46 12.04 11.23 13.19 12.84 13.91 14.77 15.21
Loans payable 1.07 0.87 0.72 1.32 0.73 0.69 0.73 0.67 1.01 0.88 0.37 0.24 0.41 0.75 0.60 0.54 0.60 0.51 0.51 0.59 0.35
Commercial paper 1.91 4.67 5.33 5.10 8.10 8.50 8.04 2.88 1.29 1.32 0.87 0.88 1.38 1.43 1.47 9.98 8.05 3.34 4.43 2.14 3.57
Current maturities of long-term debt 0.36 0.37 1.79 1.81 1.81 1.89 0.18 0.27 0.29 0.25 0.24 0.25 0.27 0.27 0.27 0.32 0.16 0.16 0.18 0.23 0.19
Accrued compensation, benefits and retirement costs 1.76 3.46 2.75 2.27 1.62 2.04 1.93 1.81 1.70 2.88 2.71 2.52 1.71 2.14 2.01 1.52 1.60 2.84 2.43 2.30 1.83
Current portion of accrued product warranty 2.05 2.08 2.28 2.37 2.37 2.40 2.69 3.25 3.31 3.18 3.01 2.92 2.71 2.98 3.00 3.35 3.70 4.07 4.02 3.99 3.84
Current portion of deferred revenue 3.88 3.81 3.21 3.20 3.31 3.31 3.09 3.56 3.66 3.61 3.49 3.56 3.37 3.05 2.50 2.57 2.63 2.70 2.68 2.49 2.56
Other accrued expenses 11.62 11.73 5.32 5.16 5.24 4.84 5.27 4.99 5.39 5.02 5.14 4.80 4.88 4.92 4.59 4.53 4.84 5.26 4.90 4.54 4.83
Current liabilities 36.72% 40.32% 34.66% 34.80% 37.93% 37.69% 35.37% 31.34% 31.14% 29.88% 29.75% 29.21% 29.00% 28.00% 26.47% 34.05% 34.78% 31.72% 33.05% 31.05% 32.38%
Long-term debt 18.13 15.00 15.42 16.04 14.03 14.85 18.31 14.26 14.52 15.09 15.62 16.01 15.77 15.96 16.73 8.07 7.87 7.99 7.96 8.02 8.09
Deferred revenue 3.33 3.02 3.15 2.96 2.98 2.79 2.91 3.48 3.64 3.58 3.62 3.66 3.61 3.71 3.88 4.08 4.17 4.16 3.78 3.58 3.51
Other liabilities 10.08 10.72 10.38 10.42 10.44 10.93 11.13 11.48 11.89 11.79 11.97 12.22 12.29 12.60 12.85 13.78 13.24 13.25 12.19 11.94 12.04
Long-term liabilities 31.55% 28.74% 28.95% 29.41% 27.45% 28.56% 32.35% 29.22% 30.04% 30.47% 31.21% 31.90% 31.67% 32.27% 33.47% 25.93% 25.28% 25.39% 23.93% 23.55% 23.64%
Total liabilities 68.26% 69.05% 63.62% 64.22% 65.38% 66.25% 67.72% 60.55% 61.18% 60.35% 60.96% 61.11% 60.67% 60.27% 59.94% 59.98% 60.06% 57.11% 56.98% 54.60% 56.03%
Redeemable noncontrolling interests 0.00 0.00 0.00 0.00 0.83 0.85 0.85 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Common stock, $2.50 par value 8.03 8.01 7.97 7.98 7.09 7.40 7.44 9.90 10.00 10.24 10.46 10.64 10.42 10.63 11.06 11.58 11.63 11.89 11.41 11.39 11.45
Retained earnings 61.60 55.78 60.82 60.19 59.19 59.53 59.22 71.29 70.28 70.61 71.78 71.78 68.92 68.15 70.09 72.91 73.36 73.04 70.36 68.61 67.52
Treasury stock, at cost -34.03 -29.24 -29.19 -29.56 -29.87 -31.07 -31.74 -38.56 -39.02 -38.48 -38.91 -39.09 -35.59 -34.38 -35.68 -38.05 -38.57 -36.61 -33.34 -30.03 -30.79
Common stock held by employee benefits trust, at cost 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.01 -0.01 -0.02 -0.02
Accumulated other comprehensive loss -7.11 -6.89 -6.39 -6.04 -5.80 -6.24 -6.76 -6.93 -6.28 -6.63 -8.29 -8.53 -8.44 -8.76 -9.77 -11.04 -11.21 -10.28 -10.03 -9.08 -8.76
Total Cummins Inc. shareholders’ equity 28.49% 27.65% 33.21% 32.57% 30.61% 29.62% 28.15% 35.70% 34.97% 35.74% 35.04% 34.79% 35.31% 35.63% 35.70% 35.40% 35.21% 38.04% 38.39% 40.87% 39.40%
Noncontrolling interests 3.25 3.29 3.18 3.21 3.17 3.27 3.29 3.75 3.84 3.91 3.99 4.10 4.02 4.10 4.36 4.62 4.73 4.85 4.63 4.53 4.57
Total equity 31.74% 30.95% 36.38% 35.78% 33.79% 32.90% 31.44% 39.45% 38.82% 39.65% 39.04% 38.89% 39.33% 39.73% 40.06% 40.02% 39.94% 42.89% 43.02% 45.40% 43.97%
Total liabilities, redeemable noncontrolling interests and equity 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 capital structure exhibits a clear shift toward higher leverage over the analyzed period, characterized by a steady increase in total liabilities and a corresponding decline in total equity. Total liabilities rose from 56.03% in March 2019 to 68.26% by March 2024, while total equity decreased from 43.97% to 31.74% over the same timeframe.

Debt and Long-Term Obligations
Long-term debt has seen a substantial relative increase, growing from 8.09% of the total balance sheet in early 2019 to 18.13% by March 2024. This indicates a strategic pivot toward long-term borrowing. Commercial paper usage has been volatile, with notable peaks reaching 9.98% in June 2020 and 8.50% in December 2022, suggesting periodic reliance on short-term funding markets for liquidity management.
Current Liability Trends
Current liabilities fluctuated between 26.47% and 40.32%. A significant increase is observed in other accrued expenses, which remained relatively stable around 5% for several years before surging to 11.73% in December 2023 and 11.62% in March 2024. Accounts payable have remained comparatively stable, generally fluctuating between 12% and 15%.
Equity and Shareholder Value
Total shareholders' equity declined from 39.40% in March 2019 to 28.49% in March 2024. This erosion is partly attributed to a decrease in retained earnings as a percentage of the total balance sheet, falling from a peak of 73.36% in March 2020 to 61.60% by March 2024. Treasury stock figures indicate aggressive share repurchase activity, with negative values peaking at -39.09% in July 2021, which significantly reduced the overall equity base.
Other Balance Sheet Components
Accumulated other comprehensive loss showed a general trend of improvement, moving from a peak loss of -11.21% in March 2020 to -7.11% in March 2024. Noncontrolling interests have gradually diminished as a percentage of the total balance sheet, moving from 4.57% in early 2019 to 3.25% by March 2024.

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