Balance Sheet: Liabilities and Stockholders’ Equity
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.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

Cummins Inc., consolidated balance sheet: liabilities and stockholders’ equity (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
Accounts payable, principally trade	4,476)	4,260)	4,262)	4,308)	4,636)	4,252)	4,000)	3,405)	3,497)	3,021)	3,210)	3,172)	3,279)	2,820)	2,597)	2,281)	2,648)	2,534)	2,830)	2,991)	3,018)
Loans payable	342)	280)	231)	419)	229)	210)	217)	165)	243)	208)	85)	54)	93)	169)	129)	109)	121)	100)	103)	119)	70)
Commercial paper	609)	1,496)	1,710)	1,617)	2,545)	2,574)	2,393)	705)	311)	313)	200)	200)	317)	323)	316)	2,027)	1,617)	660)	902)	434)	709)
Current maturities of long-term debt	113)	118)	573)	575)	569)	573)	55)	65)	69)	59)	55)	57)	61)	62)	58)	66)	33)	31)	37)	46)	37)
Accrued compensation, benefits and retirement costs	561)	1,108)	884)	721)	510)	617)	575)	443)	411)	683)	626)	569)	393)	484)	433)	309)	322)	560)	494)	465)	364)
Current portion of accrued product warranty	652)	667)	731)	751)	746)	726)	801)	796)	798)	755)	694)	661)	623)	674)	646)	681)	743)	803)	817)	809)	762)
Current portion of deferred revenue	1,236)	1,220)	1,029)	1,017)	1,040)	1,004)	921)	871)	883)	855)	806)	805)	773)	691)	540)	523)	527)	533)	545)	505)	509)
Other accrued expenses	3,697)	3,754)	1,706)	1,637)	1,648)	1,465)	1,568)	1,221)	1,300)	1,190)	1,185)	1,086)	1,121)	1,112)	990)	920)	971)	1,039)	997)	920)	958)
Current liabilities	11,686)	12,903)	11,126)	11,045)	11,923)	11,421)	10,530)	7,671)	7,512)	7,084)	6,861)	6,604)	6,660)	6,335)	5,709)	6,916)	6,982)	6,260)	6,725)	6,289)	6,427)
Long-term debt	5,771)	4,802)	4,950)	5,089)	4,409)	4,498)	5,450)	3,490)	3,502)	3,579)	3,602)	3,620)	3,620)	3,610)	3,609)	1,639)	1,580)	1,576)	1,619)	1,624)	1,605)
Deferred revenue	1,061)	966)	1,011)	939)	937)	844)	867)	852)	877)	850)	836)	828)	828)	840)	837)	829)	837)	821)	769)	726)	697)
Other liabilities	3,208)	3,430)	3,332)	3,306)	3,283)	3,311)	3,312)	2,809)	2,868)	2,796)	2,761)	2,763)	2,823)	2,850)	2,772)	2,800)	2,659)	2,615)	2,480)	2,419)	2,390)
Long-term liabilities	10,040)	9,198)	9,293)	9,334)	8,629)	8,653)	9,629)	7,151)	7,247)	7,225)	7,199)	7,211)	7,271)	7,300)	7,218)	5,268)	5,076)	5,012)	4,868)	4,769)	4,692)
Total liabilities	21,726)	22,101)	20,419)	20,379)	20,552)	20,074)	20,159)	14,822)	14,759)	14,309)	14,060)	13,815)	13,931)	13,635)	12,927)	12,184)	12,058)	11,272)	11,593)	11,058)	11,119)
Redeemable noncontrolling interests	—)	—)	—)	—)	261)	258)	252)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Common stock, $2.50 par value	2,557)	2,564)	2,558)	2,532)	2,230)	2,243)	2,214)	2,423)	2,411)	2,427)	2,412)	2,405)	2,393)	2,404)	2,385)	2,353)	2,335)	2,346)	2,322)	2,307)	2,273)
Retained earnings	19,605)	17,851)	19,520)	19,102)	18,605)	18,037)	17,628)	17,450)	16,952)	16,741)	16,555)	16,228)	15,825)	15,419)	15,118)	14,811)	14,728)	14,416)	14,315)	13,897)	13,401)
Treasury stock, at cost	(10,831)	(9,359)	(9,369)	(9,380)	(9,389)	(9,415)	(9,449)	(9,439)	(9,412)	(9,123)	(8,974)	(8,838)	(8,172)	(7,779)	(7,696)	(7,729)	(7,744)	(7,225)	(6,784)	(6,082)	(6,111)
Common stock held by employee benefits trust, at cost	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(1)	(1)	(2)	(3)	(4)	(4)
Accumulated other comprehensive loss	(2,264)	(2,206)	(2,051)	(1,917)	(1,823)	(1,890)	(2,013)	(1,696)	(1,515)	(1,571)	(1,911)	(1,929)	(1,937)	(1,982)	(2,107)	(2,242)	(2,250)	(2,028)	(2,040)	(1,840)	(1,739)
Total Cummins Inc. shareholders’ equity	9,067)	8,850)	10,658)	10,337)	9,623)	8,975)	8,380)	8,738)	8,436)	8,474)	8,082)	7,866)	8,109)	8,062)	7,700)	7,192)	7,068)	7,507)	7,810)	8,278)	7,820)
Noncontrolling interests	1,034)	1,054)	1,020)	1,019)	997)	992)	978)	917)	927)	927)	921)	927)	922)	927)	941)	938)	950)	958)	943)	918)	907)
Total equity	10,101)	9,904)	11,678)	11,356)	10,620)	9,967)	9,358)	9,655)	9,363)	9,401)	9,003)	8,793)	9,031)	8,989)	8,641)	8,130)	8,018)	8,465)	8,753)	9,196)	8,727)
Total liabilities, redeemable noncontrolling interests and equity	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)

Accounts payable, principally trade: The accounts payable balance showed a generally upward trend from 2019 through 2024, starting around $3,018 million and increasing irregularly, peaking at $4,636 million by March 31, 2023, before slightly declining to $4,476 million by March 31, 2024. This suggests growing short-term obligations related to trade activities over the period.
Loans payable: Loans payable exhibited volatility with values fluctuating from $70 million in March 2019 to a peak of $419 million in June 2023. A notable increase is observed in the later quarters, indicating increased short-term borrowings or refinancing activities during 2023-2024.
Commercial paper: Commercial paper balances were highly variable, starting at $709 million in March 2019, spiking to $2,574 million in December 2022, and then declining substantially to $609 million by March 2024. The spikes suggest intermittent uses of short-term debt financing, with more significant borrowing in late 2021 through 2022.
Current maturities of long-term debt: This item remained relatively stable around $30 million to $69 million through most of 2019-2021, but showed a sudden and significant jump to above $570 million in 2022 and 2023, before declining to $113 million by March 2024. This implies a restructuring or repayment of long-term debt approaching maturity during this period.
Accrued compensation, benefits and retirement costs: Accrued compensation steadily increased from $364 million in early 2019 to a peak exceeding $1,100 million in December 2023, followed by a decrease to $561 million by March 2024. This indicates an upward trend in accrued employee-related costs, possibly reflecting higher compensation or benefit obligations, with some recent normalization.
Current portion of accrued product warranty: Warranty liabilities remained relatively stable, fluctuating modestly between $646 million and $817 million. A slight declining trend is visible toward the latest periods, possibly indicating reduced warranty claims or improvements in product quality.
Current portion of deferred revenue: The current deferred revenue increased consistently from $509 million in March 2019 to $1,236 million by March 2024, reflecting growth in unearned revenues expected to be recognized within one year, possibly due to increased sales or contract advances.
Other accrued expenses: Other accrued expenses displayed a steady rise, especially marked in late 2023 where amounts surged from approximately $1,700 million to over $3,700 million, followed by a slight decrease. This sharp increase suggests accumulation of various liabilities or accruals in that period.
Current liabilities: Current liabilities fluctuated but notably increased from around $6,427 million in early 2019 to a peak over $12,900 million in 2023, before retreating slightly to $11,686 million in early 2024. The trend implies rising short-term financial obligations.
Long-term debt: Long-term debt showed a gradual rise from $1,605 million in March 2019 to an overall higher plateau around $5,771 million by March 2024, with some fluctuations. This indicates increased reliance on long-term financing.
Deferred revenue (non-current): Deferred revenue outside current liabilities remained relatively stable, hovering between $697 million and $1,061 million, suggesting consistent recognition timing of deferred income over the years.
Other liabilities: Other liabilities increased moderately from about $2,390 million in early 2019 to nearly $3,430 million by mid-2023, before a slight decline toward 2024, indicating growth in miscellaneous obligations.
Long-term liabilities: Long-term liabilities increased notably from around $4,692 million in early 2019 to over $10,000 million in early 2024, with considerable variability in the intervening years, reflecting expanded long-term financial commitments.
Total liabilities: Total liabilities increased steadily from approximately $11,119 million in early 2019 to a high near $22,101 million in 2023, before mildly declining to $21,726 million by March 2024. This growth highlights an overall increase in the firm's financial obligations.
Redeemable noncontrolling interests: Data for redeemable noncontrolling interests only appears in 2022 and 2023, showing minor values around $251-261 million, indicating a small but present minority interest subject to redemption.
Common stock, $2.50 par value: Common stock remained relatively stable throughout the period, fluctuating slightly between $2,230 million and $2,558 million, with no significant issuance or repurchase activity affecting par value.
Retained earnings: Retained earnings generally increased from about $13,401 million in early 2019 to $19,520 million in late 2023, followed by a notable dip to $17,851 million in early 2024 and then a recovery to $19,605 million by March 2024. This indicates consistent profitability with some recent fluctuations.
Treasury stock, at cost: Treasury stock balances expanded substantially in negative value from -$6,111 million in early 2019 to -$10,831 million by March 2024, reflecting ongoing stock repurchases or holdings by the company.
Common stock held by employee benefits trust, at cost: Data is limited and indicates a decrease from -$4 million to near zero by early 2020, with no subsequent information, suggesting this category became negligible.
Accumulated other comprehensive loss: This category progressively deepened its negative balance from -$1,739 million in early 2019 to -$2,264 million in early 2024, suggesting increasing unrealized losses in comprehensive income elements such as foreign currency translation or pension adjustments.
Total Cummins Inc. shareholders’ equity: Shareholders' equity experienced some volatility, peaking around $10,658 million in late 2023 before declining to approximately $9,067 million by March 2024. This fluctuation reflects changes in retained earnings, treasury stock, and other equity elements.
Noncontrolling interests: Noncontrolling interests showed a gradual rise from approximately $907 million in early 2019 to about $1,054 million in late 2023, slightly decreasing thereafter, indicating minor changes in minority ownership stakes.
Total equity: Total equity followed an upward trend from $8,727 million in early 2019 to a high near $11,678 million in late 2023, followed by a decline to around $10,101 million by March 2024, mirroring the movements in shareholders' equity and noncontrolling interests.
Total liabilities, redeemable noncontrolling interests and equity: The aggregate of total liabilities, redeemable noncontrolling interests, and equity steadily increased from $19,846 million in early 2019 to approximately $31,827 million by March 2024, signifying growth in overall financing and capitalization of the company.

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Cummins Inc. (NYSE:CMI)

Balance Sheet: Liabilities and Stockholders’ Equity Quarterly Data

Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data