← CUMMINS INC
| Annual Trend | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash flows from operating activities: | |||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Consolidated net income | $1.5b | $994.0m | $2.2b | $2.3b | $1.8b | $2.2b | $2.2b | $840.0m | $4.1b | $3.0b | |
| Net Income (Loss) Available to Common Stockholders, Basic | $1.4b | $999.0m | $2.1b | $2.3b | $1.8b | $2.1b | $2.2b | $735.0m | $3.9b | $2.8b | |
| Net Income (Loss) Attributable to Noncontrolling Interest | $62.0m | ($5.0m) | $46.0m | $8.0m | $22.0m | $33.0m | $32.0m | $105.0m | $122.0m | $114.0m | |
| Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $1.5b | $994.0m | $2.2b | $2.3b | $1.8b | $2.2b | $2.2b | $840.0m | $4.1b | $3.0b | |
| Amortization of Intangible Assets | $92.0m | $112.0m | $153.0m | $175.0m | $165.0m | $144.0m | $223.0m | $324.0m | $324.0m | $323.0m | |
| Depreciation | $434.0m | $467.0m | $455.0m | $494.0m | $504.0m | $514.0m | $557.0m | $691.0m | $729.0m | $768.0m | |
| Depreciation, Depletion and Amortization | $530.0m | $583.0m | $611.0m | $672.0m | $673.0m | $662.0m | $784.0m | $1.0b | $1.1b | $1.1b | |
| Other Depreciation and Amortization | — | $580.0m | $609.0m | $669.0m | $670.0m | $659.0m | $781.0m | $1.0b | $1.1b | $1.1b | |
| Deferred Income Tax Expense (Benefit) | $50.0m | $378.0m | ($238.0m) | ($4.0m) | $7.0m | $7.0m | ($274.0m) | ($457.0m) | ($209.0m) | $86.0m | |
| Deferred Other Tax Expense (Benefit) | — | — | $12.0m | — | — | — | — | — | — | — | |
| Deferred income taxes (Note 4) | $50.0m | ($54.0m) | ($97.0m) | ($4.0m) | $7.0m | $7.0m | ($274.0m) | ($457.0m) | ($209.0m) | $86.0m | |
| Equity Method Investment, Other than Temporary Impairment | — | — | — | — | $13.0m | — | $31.0m | — | $17.0m | — | |
| Goodwill, Impairment Loss | — | — | — | — | — | — | — | — | — | ($210.0m) | |
| Impairment of Intangible Assets, Finite-lived | — | — | — | — | — | — | — | — | — | $27.0m | |
| Restructuring Costs and Asset Impairment Charges | — | — | — | — | — | — | — | — | — | $458.0m | |
| Share-based Payment Arrangement, Expense | — | $2.0m | $1.0m | $1.0m | — | $36.0m | $33.0m | $79.0m | $100.0m | $93.0m | |
| Share-based Payment Arrangement, Noncash Expense | $32.0m | $41.0m | $53.0m | $49.0m | $31.0m | $37.0m | — | — | — | — | |
| Equity Method Investment, Realized Gain (Loss) on Disposal | — | — | — | — | ($8.0m) | — | — | — | — | — | |
| Gain (Loss) on Disposition of Business | — | — | — | — | — | — | — | — | $1.3b | $0 | |
| Gain related to divestiture of Atmus (Note 21) | — | — | — | — | — | — | $0 | $0 | ($1.3b) | $0 | |
| Income (Loss) from Equity Method Investments | $260.0m | $357.0m | $394.0m | $330.0m | $452.0m | $506.0m | $349.0m | $483.0m | $395.0m | $469.0m | |
| Income Tax Expense (Benefit) | $474.0m | $1.4b | $566.0m | $566.0m | $527.0m | $587.0m | $636.0m | $786.0m | $835.0m | $1.0b | |
| Other Nonoperating Income (Expense) | $48.0m | $63.0m | $46.0m | $197.0m | $169.0m | $156.0m | $89.0m | $240.0m | $1.5b | $267.0m | |
| Income (Loss) from Equity Method Investments, Net of Dividends or Distributions | $46.0m | $123.0m | $93.0m | $14.0m | $105.0m | $83.0m | ($64.0m) | $81.0m | ($13.0m) | $55.0m | |
| Changes in operating assets and liabilities: | |||||||||||
| Additional Financial Items | |||||||||||
| Accounts Payable | $184.0m | $639.0m | $302.0m | ($310.0m) | $288.0m | $217.0m | $538.0m | ($66.0m) | ($183.0m) | ($148.0m) | |
| Accounts and notes receivable | ($265.0m) | ($508.0m) | ($363.0m) | $195.0m | ($51.0m) | ($174.0m) | ($697.0m) | ($330.0m) | $298.0m | ($612.0m) | |
| Accrued expenses | ($195.0m) | $378.0m | $433.0m | ($112.0m) | $121.0m | $541.0m | ($170.0m) | $2.9b | ($1.6b) | $4.0m | |
| Foreign Currency Transaction Gain (Loss), Realized | — | ($6.0m) | ($34.0m) | $28.0m | $4.0m | $2.0m | ($8.0m) | ($30.0m) | ($41.0m) | $5.0m | |
| Foreign Currency Transaction Gain (Loss), before Tax | ($12.0m) | ($71.0m) | $46.0m | $105.0m | ($2.0m) | ($37.0m) | $27.0m | — | — | — | |
| Goodwill | $480.0m | $1.1b | $1.1b | $1.3b | $1.3b | $1.3b | $2.3b | $2.5b | $2.4b | $2.2b | |
| Increase (Decrease) in Accounts Payable | $184.0m | $639.0m | $302.0m | ($310.0m) | $288.0m | $217.0m | $538.0m | ($66.0m) | ($183.0m) | ($148.0m) | |
| Increase (Decrease) in Inventories | $4.0m | $407.0m | $695.0m | ($291.0m) | ($46.0m) | $945.0m | $567.0m | $0 | $402.0m | $39.0m | |
| Inventories | ($4.0m) | ($407.0m) | ($695.0m) | $291.0m | $46.0m | ($945.0m) | ($567.0m) | $0 | ($402.0m) | ($39.0m) | |
| Inventory Write-down | — | — | — | — | — | — | $17.0m | — | — | $119.0m | |
| Investment Income, Interest | $23.0m | $18.0m | $35.0m | $46.0m | $21.0m | — | — | — | — | — | |
| Investments in and net advances (to) from equity investees | — | — | — | ($20.0m) | ($51.0m) | ($48.0m) | ($54.0m) | $14.0m | ($214.0m) | ($196.0m) | |
| Investments in marketable securities—acquisitions | ($478.0m) | ($194.0m) | ($368.0m) | ($495.0m) | ($593.0m) | ($806.0m) | ($1.1b) | ($1.4b) | ($1.5b) | ($1.6b) | |
| Investments in marketable securities—liquidations (Note 5) | $306.0m | $266.0m | $331.0m | $389.0m | $469.0m | $673.0m | $1.2b | $1.3b | $1.5b | $1.4b | |
| Marketable Securities, Unrealized Gain (Loss) | — | — | — | — | — | $12.0m | ($2.0m) | $6.0m | $2.0m | $14.0m | |
| Net payments of commercial paper | $212.0m | $86.0m | $482.0m | ($120.0m) | ($337.0m) | ($10.0m) | $2.3b | ($779.0m) | ($237.0m) | ($906.0m) | |
| Other current assets | $14.0m | ($12.0m) | ($162.0m) | ($95.0m) | ($39.0m) | $2.0m | ($109.0m) | ($120.0m) | ($305.0m) | ($66.0m) | |
| Other, net | $29.0m | $63.0m | $31.0m | $133.0m | $27.0m | ($12.0m) | $84.0m | ($27.0m) | ($69.0m) | ($61.0m) | |
| Payments on borrowings and finance lease obligations | ($163.0m) | ($60.0m) | ($62.0m) | ($96.0m) | ($73.0m) | ($73.0m) | ($1.6b) | ($1.1b) | ($1.6b) | ($975.0m) | |
| Pension and OPEB expense (Note 10) | — | $102.0m | $97.0m | $75.0m | $108.0m | $83.0m | $24.0m | $8.0m | $38.0m | $79.0m | |
| Pension contributions and OPEB payments (Note 10) | — | ($268.0m) | ($67.0m) | ($150.0m) | ($121.0m) | ($102.0m) | ($85.0m) | ($134.0m) | ($90.0m) | ($55.0m) | |
| Proceeds from Stock Options Exercised | — | — | — | — | — | — | — | — | $133.0m | $69.0m | |
| Proceeds from borrowings | $111.0m | $6.0m | $36.0m | $11.0m | $2.0b | $79.0m | $2.1b | $861.0m | $2.7b | $2.3b | |
| Restructuring Costs | — | $0 | — | $115.0m | — | — | — | — | — | — | |
| Other Operating Income (Expense), Net | ($5.0m) | $65.0m | ($6.0m) | ($36.0m) | ($46.0m) | ($31.0m) | ($174.0m) | ($2.1b) | ($346.0m) | ($439.0m) | |
| Net Cash Provided by (Used in) Operating Activities | $1.9b | $2.3b | $2.4b | $3.2b | $2.7b | $2.3b | $2.0b | $4.0b | $1.5b | $3.6b | |
| Cash flows from investing activities: | |||||||||||
| Payments to Acquire Property, Plant, and Equipment | $531.0m | $506.0m | $709.0m | $700.0m | $528.0m | $734.0m | $916.0m | $1.2b | $1.2b | $1.2b | |
| Acquisition of businesses, net of cash acquired (Note 23) | ($94.0m) | ($662.0m) | ($70.0m) | ($237.0m) | $0 | $0 | ($3.2b) | ($292.0m) | ($58.0m) | ($12.0m) | |
| Payments to Acquire Businesses, Net of Cash Acquired | $94.0m | $662.0m | $70.0m | $237.0m | $0 | $0 | $3.2b | $292.0m | $58.0m | $12.0m | |
| Cash associated with Atmus divestiture | — | — | — | — | — | — | $0 | $0 | ($174.0m) | $0 | |
| Payments for (Proceeds from) Other Investing Activities | ($26.0m) | ($5.0m) | ($36.0m) | ($9.0m) | ($27.0m) | ($25.0m) | $143.0m | $63.0m | $88.0m | $111.0m | |
| Net Cash Provided by (Used in) Investing Activities | ($917.0m) | ($1.1b) | ($974.0m) | ($1.1b) | ($719.0m) | ($873.0m) | ($4.2b) | ($1.6b) | ($1.8b) | ($1.7b) | |
| Cash flows from financing activities: | |||||||||||
| Proceeds from Issuance of Long-term Debt | $111.0m | $6.0m | $36.0m | — | $2.0b | $79.0m | $2.1b | $861.0m | $2.7b | $2.3b | |
| Proceeds from Issuance of Common Stock | — | — | — | — | $88.0m | $56.0m | — | — | — | — | |
| Dividend payments on common stock (Note 15) | ($676.0m) | ($701.0m) | ($718.0m) | ($761.0m) | ($782.0m) | ($809.0m) | ($855.0m) | ($921.0m) | ($969.0m) | ($1.1b) | |
| Payments for Repurchase of Common Stock | $778.0m | $451.0m | $1.1b | $1.3b | $641.0m | $1.4b | $374.0m | $0 | $0 | — | |
| Payments for purchase of redeemable noncontrolling interests | — | — | — | — | — | $0 | $0 | ($175.0m) | ($50.0m) | ($110.0m) | |
| Proceeds from (Payments to) Noncontrolling Interests | ($98.0m) | $0 | $0 | — | — | — | — | — | — | — | |
| Dividends paid | $676.0m | $701.0m | $718.0m | $761.0m | $782.0m | $809.0m | $855.0m | $921.0m | $969.0m | $1.1b | |
| Equity in income of investees, net of dividends | ($46) | ($123) | ($93) | ($14) | ($105) | ($83) | $64 | ($81) | $13 | ($55) | |
| Proceeds from (Payments for) Other Financing Activities | $29.0m | $63.0m | $31.0m | $133.0m | $27.0m | ($12.0m) | $84.0m | ($27.0m) | ($69.0m) | ($61.0m) | |
| Net Cash Provided by (Used in) Financing Activities | ($1.4b) | ($1.1b) | ($1.4b) | ($2.1b) | $280.0m | ($2.2b) | $1.7b | ($2.2b) | ($173.0m) | ($772.0m) | |
| EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | ($200.0m) | $98.0m | ($70.0m) | ($110.0m) | ($11.0m) | $35.0m | $50.0m | ($68.0m) | ($40.0m) | $56.0m | |
| Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | — | — | — | — | — | — | $50.0m | ($68.0m) | ($40.0m) | $56.0m | |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | — | — | — | — | $2.3b | ($809.0m) | ($491.0m) | $78.0m | ($508.0m) | $1.2b | |
| Net increase (decrease) in cash and cash equivalents | ($591.0m) | $249.0m | ($66.0m) | ($174.0m) | $2.3b | ($809.0m) | ($491.0m) | $78.0m | ($508.0m) | $1.2b | |
| Cash and cash equivalents at beginning of year | $1.7b | $1.1b | $1.4b | $1.3b | $1.1b | $3.4b | $2.6b | $2.2b | $1.7b | $2.8b | |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | — | — | — | — | — | — | — | $2.2b | $1.7b | $2.8b | |
| Cash, Cash Equivalents, and Short-term Investments | $1.4b | $1.6b | $1.5b | $1.5b | $3.9b | $3.2b | $2.6b | $2.7b | $2.3b | $3.6b | |
| Supplemental disclosure of cash flow information: | |||||||||||
| Interest Paid, Excluding Capitalized Interest, Operating Activities | $68.0m | $82.0m | $114.0m | $109.0m | $88.0m | $111.0m | $184.0m | $374.0m | $334.0m | $308.0m | |
| Income Taxes Paid, Net | $430.0m | $622.0m | $699.0m | $691.0m | $432.0m | $521.0m | $903.0m | $1.2b | $1.2b | $1.1b |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.