Balance Sheet: Assets
Quarterly Data

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

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

US$ in millions

	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	2,541)	2,179)	2,612)	1,802)	1,980)	2,101)	2,499)	2,462)	2,276)	2,592)	2,588)	2,481)	2,958)	3,401)	2,967)	1,751)	1,691)	1,129)	1,560)	1,397)	1,328)
Marketable securities	510)	562)	452)	512)	459)	472)	466)	536)	527)	595)	430)	438)	397)	461)	345)	353)	339)	341)	303)	335)	246)
Cash, cash equivalents and marketable securities	3,051)	2,741)	3,064)	2,314)	2,439)	2,573)	2,965)	2,998)	2,803)	3,187)	3,018)	2,919)	3,355)	3,862)	3,312)	2,104)	2,030)	1,470)	1,863)	1,732)	1,574)
Accounts and notes receivable, net	5,463)	5,583)	5,662)	5,863)	5,834)	5,202)	4,799)	4,156)	4,368)	3,990)	4,152)	4,132)	4,209)	3,820)	3,628)	3,441)	3,505)	3,670)	3,934)	4,179)	4,025)
Inventories	5,758)	5,677)	5,906)	6,026)	5,878)	5,603)	5,543)	4,765)	4,586)	4,355)	4,322)	4,076)	3,753)	3,425)	3,470)	3,655)	3,579)	3,486)	3,821)	3,896)	3,893)
Prepaid expenses and other current assets	1,348)	1,197)	1,280)	1,207)	1,217)	1,073)	1,091)	843)	839)	777)	828)	804)	805)	790)	652)	634)	676)	761)	610)	643)	599)
Current assets	15,620)	15,198)	15,912)	15,410)	15,368)	14,451)	14,398)	12,762)	12,596)	12,309)	12,320)	11,931)	12,122)	11,897)	11,062)	9,834)	9,790)	9,387)	10,228)	10,450)	10,091)
Property, plant and equipment	11,253)	11,674)	11,098)	10,922)	10,629)	10,507)	10,231)	9,374)	9,333)	9,358)	9,156)	9,109)	9,044)	9,011)	8,753)	8,620)	8,578)	8,699)	8,452)	8,424)	8,349)
Accumulated depreciation	(5,242)	(5,425)	(5,297)	(5,199)	(5,039)	(4,986)	(5,030)	(4,985)	(4,952)	(4,936)	(4,971)	(4,935)	(4,848)	(4,756)	(4,666)	(4,553)	(4,450)	(4,454)	(4,396)	(4,347)	(4,283)
Property, plant and equipment, net	6,011)	6,249)	5,801)	5,723)	5,590)	5,521)	5,201)	4,389)	4,381)	4,422)	4,185)	4,174)	4,196)	4,255)	4,087)	4,067)	4,128)	4,245)	4,056)	4,077)	4,066)
Investments and advances related to equity method investees	1,774)	1,800)	1,785)	1,861)	1,860)	1,759)	1,826)	1,544)	1,592)	1,538)	1,543)	1,494)	1,592)	1,441)	1,418)	1,362)	1,304)	1,237)	1,250)	1,274)	1,303)
Goodwill	2,406)	2,499)	2,379)	2,404)	2,365)	2,343)	2,229)	1,391)	1,286)	1,287)	1,289)	1,291)	1,290)	1,293)	1,288)	1,284)	1,283)	1,286)	1,288)	1,125)	1,125)
Other intangible assets, net	2,455)	2,519)	2,518)	2,584)	2,640)	2,687)	2,602)	1,054)	917)	900)	921)	942)	964)	963)	990)	1,017)	965)	1,003)	1,022)	901)	895)
Pension assets	1,187)	1,197)	1,500)	1,523)	1,496)	1,398)	1,536)	1,461)	1,506)	1,488)	1,100)	1,096)	1,085)	1,042)	1,010)	998)	989)	1,001)	970)	960)	939)
Other assets	2,374)	2,543)	2,202)	2,230)	2,114)	2,140)	1,977)	1,876)	1,844)	1,766)	1,705)	1,680)	1,713)	1,733)	1,713)	1,752)	1,617)	1,578)	1,532)	1,467)	1,427)
Long-term assets	16,207)	16,807)	16,185)	16,325)	16,065)	15,848)	15,371)	11,715)	11,526)	11,401)	10,743)	10,677)	10,840)	10,727)	10,506)	10,480)	10,286)	10,350)	10,118)	9,804)	9,755)
Total assets	31,827)	32,005)	32,097)	31,735)	31,433)	30,299)	29,769)	24,477)	24,122)	23,710)	23,063)	22,608)	22,962)	22,624)	21,568)	20,314)	20,076)	19,737)	20,346)	20,254)	19,846)

The financial data over the periods indicate several notable trends in the company's asset composition and overall financial position.

Liquidity Position: Cash and cash equivalents exhibit significant fluctuations, with a peak in December 2020 followed by a general decline through mid-2023. Marketable securities show moderate growth and variability, contributing to a combined cash, cash equivalents, and marketable securities balance that peaked in December 2020 and showed some recovery by the first quarter of 2024. This pattern suggests active liquidity management and potential strategic adjustments in short-term investments.
Receivables and Inventories: Accounts and notes receivable increased steadily from 2019 into 2023, reflecting higher sales or extended credit terms, with a peak near the end of 2023, followed by a slight decrease in early 2024. Inventories grew consistently from 2019 through late 2023, indicating accumulation which might be associated with increased production or cautious stocking amidst uncertain demand conditions. The high levels of inventories and receivables combined suggest robust operational scale but also require careful monitoring for potential liquidity and obsolescence risks.
Other Current Assets: Prepaid expenses and other current assets generally trended upwards, especially significant increases occurred in 2022 and sustained into 2023, which may indicate prepayments or accrued items rising with business expansion or contractual obligations. Overall current assets increased steadily, peaking in late 2023 before a slight reduction in early 2024, consistent with inventory and receivable trends.
Property, Plant, and Equipment (PP&E): Net PP&E exhibited a gradual increase over the periods, suggesting ongoing capital investments. Notably, from late 2021 through 2023, there was a distinct rise in net PP&E values, implying accelerated asset acquisition or upgrades. Accumulated depreciation also increased in magnitude consistently, reflecting aging of assets and ongoing depreciation expenses. This pattern indicates sustained reinvestment in operational capacity.
Long-Term Investments and Assets: Investments and advances related to equity method investees showed a gradual upward trend, which could indicate increased stakes or valuations of such investments. Goodwill remained relatively stable until 2022, after which it increased significantly, pointing towards possible acquisitions or revaluations. Other intangible assets, net, also increased sharply in 2022 with subsequent stabilization, further supporting potential acquisition activity during that period. Pension assets fluctuated moderately, peaking in late 2021 before declining through 2023, which might reflect changes in pension fund performance or actuarial assumptions.
Total Assets: Total assets showed a general upward trajectory from 2019 through late 2023, with a substantial jump between 2021 and 2023, followed by a mild decline by the first quarter of 2024. This considerable growth period aligns with increases in net PP&E, goodwill, and intangible assets, suggesting expansion and investments in long-term growth. The slight decline at the end may indicate asset disposals, write-downs, or other balance sheet adjustments.

In summary, the data reflect an expansion phase characterized by increasing fixed and intangible asset base, growing receivables and inventories, and dynamic cash management. The marked increases in goodwill and intangible assets during 2022 suggest acquisition activity, while the steady rise in net property, plant, and equipment indicates sustained capital expenditures. The growth in current assets, particularly receivables and inventory, underscores higher operational scale but also signals potential liquidity considerations. The overall asset growth trajectory points to strategic growth initiatives during this period with a recent stabilization or modest retrenchment in early 2024.

Assets: Selected Items

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Current Assets: Selected Items

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Cummins Inc. (NYSE:CMI)

Balance Sheet: Assets Quarterly Data

Assets: Selected Items

Current Assets: Selected Items

Balance Sheet: Assets
Quarterly Data