Stock Analysis on Net
Stock Analysis on Net

Cummins Inc. (NYSE:CMI)

$22.49

This company has been moved to the archive! The financial data has not been updated since May 2, 2024.

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.

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Cummins Inc., consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

US$ in millions

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
Loans payable
Commercial paper
Current maturities of long-term debt
Accrued compensation, benefits and retirement costs
Current portion of accrued product warranty
Current portion of deferred revenue
Other accrued expenses
Current liabilities
Long-term debt
Deferred revenue
Other liabilities
Long-term liabilities
Total liabilities
Redeemable noncontrolling interests
Common stock, $2.50 par value
Retained earnings
Treasury stock, at cost
Common stock held by employee benefits trust, at cost
Accumulated other comprehensive loss
Total Cummins Inc. shareholders’ equity
Noncontrolling interests
Total equity
Total liabilities, redeemable noncontrolling interests and equity

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).

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.