Cash Flow Statement
Quarterly Data

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Cummins Inc., consolidated cash flow statement (quarterly data)

US$ in millions

3 months ended:	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
Consolidated net income	2,028)	(1,393)	690)	737)	806)	644)	409)	707)	423)	400)	541)	612)	611)	510)	504)	269)	528)	298)	616)	685)	669)
Gain related to divestiture of Atmus	(1,333)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Depreciation and amortization	265)	264)	257)	257)	246)	240)	216)	167)	161)	165)	160)	167)	170)	174)	166)	165)	168)	179)	178)	158)	157)
Deferred income taxes	(38)	(219)	(106)	(94)	(38)	(80)	(82)	(46)	(66)	(37)	27)	9)	8)	14)	4)	—)	(11)	10)	(31)	6)	11)
Equity in income of investees, net of dividends	(78)	19)	13)	(46)	(67)	94)	32)	14)	(76)	67)	(36)	22)	(136)	31)	(12)	(46)	(78)	30)	(1)	21)	(64)
Pension and OPEB expense	9)	4)	1)	2)	1)	1)	6)	8)	9)	21)	21)	21)	20)	27)	27)	27)	27)	19)	19)	19)	18)
Pension contributions and OPEB payments	(48)	(19)	(12)	(11)	(92)	(14)	(16)	(12)	(43)	(16)	(18)	(17)	(51)	(19)	(20)	(22)	(60)	(20)	(38)	(45)	(47)
Russian suspension costs, net of recoveries	—)	—)	—)	—)	—)	(1)	1)	(47)	158)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Accounts and notes receivable	(11)	117)	188)	(14)	(621)	(364)	(81)	165)	(417)	179)	(22)	43)	(374)	(98)	(123)	63)	107)	296)	211)	(177)	(135)
Inventories	(354)	318)	85)	(140)	(263)	30)	(99)	(209)	(289)	(26)	(291)	(292)	(336)	96)	174)	(53)	(171)	353)	63)	(18)	(107)
Other current assets	(175)	71)	(54)	5)	(142)	(91)	47)	(8)	(57)	47)	(27)	6)	(24)	(112)	(22)	16)	79)	(143)	33)	(52)	67)
Accounts payable	327)	(109)	(22)	(316)	381)	185)	(73)	(58)	484)	(199)	39)	(88)	465)	179)	329)	(391)	171)	(307)	(151)	(18)	166)
Accrued expenses	(393)	2,391)	282)	110)	151)	(46)	157)	(30)	(251)	106)	266)	193)	(24)	357)	186)	(101)	(321)	(38)	120)	99)	(293)
Changes in current assets and liabilities, net of acquisitions and divestitures	(606)	2,788)	479)	(355)	(494)	(286)	(49)	(140)	(530)	107)	(35)	(138)	(293)	422)	544)	(466)	(135)	161)	276)	(166)	(302)
Other, net	77)	15)	207)	(7)	133)	219)	(135)	(52)	128)	25)	(91)	(60)	10)	(17)	10)	51)	(60)	161)	104)	130)	(30)
Adjustments to reconcile consolidated net income to net cash provided by operating activities	(1,752)	2,852)	839)	(254)	(311)	173)	(27)	(108)	(259)	332)	28)	4)	(272)	632)	719)	(291)	(149)	540)	507)	123)	(257)
Net cash provided by operating activities	276)	1,459)	1,529)	483)	495)	817)	382)	599)	164)	732)	569)	616)	339)	1,142)	1,223)	(22)	379)	838)	1,123)	808)	412)
Capital expenditures	(169)	(519)	(280)	(221)	(193)	(463)	(202)	(147)	(104)	(372)	(150)	(125)	(87)	(260)	(116)	(77)	(75)	(305)	(153)	(133)	(109)
Acquisitions of businesses, net of cash acquired	(59)	(165)	7)	(134)	—)	(183)	(2,763)	(328)	83)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(237)	—)	—)
Investments in marketable securities, acquisitions	(379)	(433)	(328)	(322)	(326)	(335)	(305)	(236)	(197)	(237)	(207)	(219)	(143)	(171)	(137)	(169)	(116)	(128)	(108)	(138)	(121)
Investments in marketable securities, liquidations	431)	332)	382)	275)	345)	332)	358)	207)	254)	71)	221)	174)	207)	61)	154)	159)	95)	93)	143)	50)	103)
Cash associated with Atmus divestiture	(174)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Other, net	(56)	2)	(35)	24)	(54)	(27)	(8)	(62)	(46)	(57)	4)	49)	(2)	(12)	(4)	(48)	(3)	19)	(63)	(119)	56)
Net cash used in investing activities	(406)	(783)	(254)	(378)	(228)	(676)	(2,920)	(566)	(10)	(595)	(132)	(121)	(25)	(382)	(103)	(135)	(99)	(321)	(418)	(340)	(71)
Proceeds from borrowings	2,398)	82)	42)	694)	43)	27)	2,020)	42)	14)	44)	15)	20)	—)	15)	1,999)	—)	—)	1)	10)	—)	—)
Net borrowings (payments) of commercial paper	(887)	(213)	92)	(629)	(29)	181)	1,688)	394)	(2)	113)	—)	(117)	(6)	7)	(1,711)	410)	957)	(242)	468)	(275)	(71)
Payments on borrowings and finance lease obligations	(748)	(745)	(163)	(86)	(142)	(480)	(999)	(47)	(24)	(16)	(24)	(17)	(16)	(32)	(16)	(15)	(10)	(49)	(30)	(7)	(10)
Dividend payments on common stock	(239)	(238)	(238)	(223)	(222)	(222)	(222)	(204)	(207)	(208)	(207)	(197)	(197)	(200)	(194)	(193)	(195)	(199)	(204)	(179)	(179)
Repurchases of common stock	—)	—)	—)	—)	—)	(4)	(23)	(36)	(311)	(174)	(138)	(672)	(418)	(91)	—)	—)	(550)	(465)	(706)	—)	(100)
Payments for purchase of redeemable noncontrolling interests	—)	—)	(175)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Other, net	(25)	6)	(24)	4)	(13)	56)	38)	(43)	33)	93)	(3)	6)	(108)	17)	26)	24)	32)	57)	(25)	97)	13)
Net cash provided by (used in) financing activities	499)	(1,108)	(466)	(240)	(363)	(442)	2,502)	106)	(497)	(148)	(357)	(977)	(745)	(284)	104)	226)	234)	(897)	(487)	(364)	(347)
Effect of exchange rate changes on cash and cash equivalents	(7)	(1)	1)	(43)	(25)	(97)	73)	47)	27)	15)	27)	5)	(12)	(42)	(8)	(9)	48)	(51)	(55)	(35)	31)
Net increase (decrease) in cash and cash equivalents	362)	(433)	810)	(178)	(121)	(398)	37)	186)	(316)	4)	107)	(477)	(443)	434)	1,216)	60)	562)	(431)	163)	69)	25)

Consolidated net income: The net income demonstrated volatility across the periods, with relatively stable positive values from 2019 through early 2023, generally ranging between approximately 400 and 800 million USD. However, a sharp decline to a significant negative value occurred in March 2024, primarily influenced by a related one-time gain adjustment regarding a divestiture of Atmus.
Depreciation and amortization: This expense category showed a gradual increasing trend, rising from 157 million USD in early 2019 to 265 million USD by the first quarter of 2024, indicating increasing investments in fixed assets or intangible assets being amortized over time.
Deferred income taxes: Deferred income taxes fluctuated significantly, with periods of both positive and negative adjustments. The negative values became more pronounced toward the end of the timeline, reaching as low as -219 million USD in March 2024, potentially signaling changes in tax obligations or valuation allowances.
Equity in income of investees, net of dividends: This line item fluctuated irregularly, showing both positive and negative contributions to net income without a clear directional trend, indicating variability in the performance or dividend patterns of investees.
Pension and OPEB expense and contributions: Pension and OPEB expenses remained mostly steady but showed a declining pattern from 2021 onward. Contributions and payments were more variable, with a sharp increase in the magnitude of outflows in some periods, notably a large negative value in the first quarter of 2023.
Russian suspension costs, net of recoveries: Reported only from 2021 onward, this item showed a significant cost impact in early 2022, followed by reduction and stabilization in subsequent periods.
Working capital components (Accounts receivable, Inventories, Other current assets, Accounts payable, Accrued expenses): Accounts receivable displayed irregular changes with large positive and negative swings, especially volatile after 2020. Inventories experienced similar fluctuations but saw a notable positive shift toward the end of 2023. Accounts payable and accrued expenses showed substantial variability with large negative and positive swings, indicating fluctuating payment and accrual patterns. Notably, accrued expenses saw an exceptional spike in the third quarter of 2023.
Changes in current assets and liabilities: The net changes in current assets and liabilities reflected significant volatility, with marked fluctuations between negative and positive cash flows. The data evidenced a strong positive working capital inflow in mid-2023 followed by a sharp reversal in subsequent periods.
Cash flow adjustments: Adjustments to reconcile net income to operating cash flow showed significant variability, with periods of both large positive and large negative values, which influences the cash conversion quality of net income.
Net cash provided by operating activities: Operating cash flow showed strong variability but generally remained positive, with peaks over 1.2 billion USD in some quarters and declines to near breakeven or negative territory occasionally. The overall trend suggests adequate cash generation capability despite income fluctuations.
Capital expenditures: Capital expenditures varied widely with periodic spikes, such as the high values seen in late 2020 and late 2022 to early 2023, indicating substantial investments in fixed assets during those times. The highest expenditure was recorded in Q4 2023.
Acquisitions of businesses and investments in marketable securities: Acquisitions were sporadic but included substantial outlays particularly from mid-2022 through late 2023, with some quarters showing no acquisition activity. Investments in marketable securities showed a general trend of liquidations often offsetting new acquisitions, maintaining active portfolio management.
Net cash used in investing activities: Investing activities consistently used cash, with notable spikes corresponding to acquisition activity and capital expenditures. The peak cash outflow occurred in late 2022 driven by heavy acquisitions.
Financing activities: Financing cash flow exhibited substantial fluctuations, influenced by borrowings, repayments, dividends, and share repurchases. Dividend payments were steady and increased slightly over time, while repurchases showed a decreasing pattern and ceased after 2022. Borrowings and repayments showed mixed patterns, with occasional large borrowings notably in 2020 and 2022.
Effect of exchange rate changes on cash: Exchange rate effects on cash flows were generally modest but variable, sometimes negatively impacting cash and other times providing small gains.
Net increase (decrease) in cash and cash equivalents: The net cash position displayed fluctuations consistent with the combination of operating, investing, and financing activities, showing periods of substantial cash accumulation and depletion. Notably, spikes in cash increases followed quarters with strong operating cash flows while decreases aligned with high investing outlays or negative financing cash flow.

Download chart

Cummins Inc. (NYSE:CMI)

Cash Flow Statement Quarterly Data

Cash Flow Statement
Quarterly Data