Adjustments to Current Assets
Adjustments to Total Assets
Adjustments to Current Liabilities
Adjustments to Total Liabilities
Adjustments to Stockholders’ Equity
Adjustments to Capitalization Table
Adjustments to Revenues
Adjustments to Reported Income

Cummins Inc., adjusted current assets

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Current assets	15,198)	14,451)	12,309)	11,897)	9,387)
Adjustments
Add: Allowance for doubtful account	75)	78)	33)	39)	19)
Add: Excess of FIFO over LIFO¹	249)	240)	192)	137)	123)
After Adjustment
Adjusted current assets	15,522)	14,769)	12,534)	12,073)	9,529)

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).

¹ Excess of FIFO over LIFO. See details »

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Cummins Inc., adjusted total assets

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Total assets	32,005)	30,299)	23,710)	22,624)	19,737)
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)
Add: Allowance for doubtful account	75)	78)	33)	39)	19)
Add: Excess of FIFO over LIFO²	249)	240)	192)	137)	123)
Less: Deferred income tax assets³	1,082)	625)	428)	479)	441)
After Adjustment
Adjusted total assets	31,247)	29,992)	23,507)	22,321)	19,438)

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).

¹ Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

² Excess of FIFO over LIFO. See details »

³ Deferred income tax assets. See details »

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Cummins Inc., adjusted current liabilities

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Current liabilities	12,903)	11,421)	7,084)	6,335)	6,260)
Adjustments
Less: Current portion of deferred revenue	1,220)	1,004)	855)	691)	533)
Less: Current portion of accrued product warranty	667)	726)	755)	674)	803)
After Adjustment
Adjusted current liabilities	11,016)	9,691)	5,474)	4,970)	4,924)

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).

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Cummins Inc., adjusted total liabilities

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Total liabilities	22,101)	20,074)	14,309)	13,635)	11,272)
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)
Less: Deferred income tax liabilities²	530)	649)	403)	325)	306)
Less: Deferred revenue	2,186)	1,848)	1,705)	1,531)	1,354)
Less: Accrued product warranty	1,444)	1,470)	1,439)	1,346)	1,448)
After Adjustment
Adjusted total liabilities	17,941)	16,107)	10,762)	10,433)	8,164)

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).

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Deferred income tax liabilities. See details »

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Cummins Inc., adjusted total Cummins Inc. shareholders’ equity

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Total Cummins Inc. shareholders’ equity	8,850)	8,975)	8,474)	8,062)	7,507)
Adjustments
Less: Net deferred tax assets (liabilities)¹	552)	(24)	25)	154)	135)
Add: Allowance for doubtful account	75)	78)	33)	39)	19)
Add: Excess of FIFO over LIFO²	249)	240)	192)	137)	123)
Add: Deferred revenue	2,186)	1,848)	1,705)	1,531)	1,354)
Add: Accrued product warranty	1,444)	1,470)	1,439)	1,346)	1,448)
Add: Redeemable noncontrolling interests	—)	258)	—)	—)	—)
Add: Noncontrolling interests	1,054)	992)	927)	927)	958)
After Adjustment
Adjusted total equity	13,306)	13,885)	12,745)	11,888)	11,274)

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).

¹ Net deferred tax assets (liabilities). See details »

² Excess of FIFO over LIFO. See details »

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Cummins Inc., adjusted capitalization table

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Loans payable	280)	210)	208)	169)	100)
Commercial paper	1,496)	2,574)	313)	323)	660)
Current maturities of long-term debt	118)	573)	59)	62)	31)
Long-term debt	4,802)	4,498)	3,579)	3,610)	1,576)
Total reported debt	6,696)	7,855)	4,159)	4,164)	2,367)
Total Cummins Inc. shareholders’ equity	8,850)	8,975)	8,474)	8,062)	7,507)
Total reported capital	15,546)	16,830)	12,633)	12,226)	9,874)
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)
Add: Current portion of operating lease liabilities²	138)	132)	128)	128)	131)
Add: Long-term portion of operating lease liabilities³	374)	368)	326)	325)	370)
Adjusted total debt	7,208)	8,355)	4,613)	4,617)	2,868)
Adjustments to Equity
Less: Net deferred tax assets (liabilities)⁴	552)	(24)	25)	154)	135)
Add: Allowance for doubtful account	75)	78)	33)	39)	19)
Add: Excess of FIFO over LIFO⁵	249)	240)	192)	137)	123)
Add: Deferred revenue	2,186)	1,848)	1,705)	1,531)	1,354)
Add: Accrued product warranty	1,444)	1,470)	1,439)	1,346)	1,448)
Add: Redeemable noncontrolling interests	—)	258)	—)	—)	—)
Add: Noncontrolling interests	1,054)	992)	927)	927)	958)
Adjusted total equity	13,306)	13,885)	12,745)	11,888)	11,274)
After Adjustment
Adjusted total capital	20,514)	22,240)	17,358)	16,505)	14,142)

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).

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Current portion of operating lease liabilities. See details »

³ Long-term portion of operating lease liabilities. See details »

⁴ Net deferred tax assets (liabilities). See details »

⁵ Excess of FIFO over LIFO. See details »

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Cummins Inc., adjusted net sales

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Net sales	34,065)	28,074)	24,021)	19,811)	23,571)
Adjustment
Add: Increase (decrease) in deferred revenue	338)	143)	174)	177)	198)
After Adjustment
Adjusted net sales	34,403)	28,217)	24,195)	19,988)	23,769)

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).

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Cummins Inc., adjusted net income attributable to Cummins Inc.

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Net income attributable to Cummins Inc.	735)	2,151)	2,131)	1,789)	2,260)
Adjustments
Add: Deferred income tax expense (benefit)¹	(457)	(274)	7)	7)	(4)
Add: Increase (decrease) in allowance for doubtful account	(3)	45)	(6)	20)	4)
Add: Increase (decrease) in LIFO reserve²	9)	48)	55)	14)	(10)
Add: Increase (decrease) in deferred revenue	338)	143)	174)	177)	198)
Add: Increase (decrease) in accrued product warranty	(26)	31)	93)	(102)	54)
Add: Other comprehensive (loss) income, net of tax	(319)	(359)	406)	36)	(226)
Add: Comprehensive income (loss), net of tax, attributable to noncontrolling interest	102)	(8)	28)	12)	3)
After Adjustment
Adjusted consolidated net income	379)	1,777)	2,888)	1,953)	2,279)

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).

¹ Deferred income tax expense (benefit). See details »

² Increase (decrease) in LIFO reserve. See details »

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Cummins Inc. (NYSE:CMI)

Adjustments to Financial Statements

Adjustments to Current Assets

Adjustments to Total Assets

Adjustments to Current Liabilities

Adjustments to Total Liabilities

Adjustments to Stockholders’ Equity

Adjustments to Capitalization Table

Adjustments to Revenues

Adjustments to Reported Income