Indiana (State or other Jurisdiction of Incorporation) | 1-4949 (Commission File Number) | 35-0257090 (I.R.S. Employer Identification No.) |
[ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
[ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
[ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
[ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
(d) | The following exhibit is furnished pursuant to Item 2.02 herewith: |
CUMMINS INC. |
/s/ CHRISTOPHER C. CLULOW |
Christopher C. Clulow Vice President - Corporate Controller (Principal Accounting Officer) |
Three months ended | ||||||||
In millions, except per share amounts | September 30, 2018 | October 1, 2017 | ||||||
NET SALES | $ | 5,943 | $ | 5,285 | ||||
Cost of sales | 4,392 | 3,944 | ||||||
GROSS MARGIN | 1,551 | 1,341 | ||||||
OPERATING EXPENSES AND INCOME | ||||||||
Selling, general and administrative expenses | 604 | 633 | ||||||
Research, development and engineering expenses | 229 | 213 | ||||||
Equity, royalty and interest income from investees | 90 | 95 | ||||||
Other operating income (expense), net | (5 | ) | 32 | |||||
OPERATING INCOME | 803 | 622 | ||||||
Interest income | 9 | 4 | ||||||
Interest expense | 30 | 18 | ||||||
Other income, net | 23 | 14 | ||||||
INCOME BEFORE INCOME TAXES | 805 | 622 | ||||||
Income tax expense | 107 | 165 | ||||||
CONSOLIDATED NET INCOME | 698 | 457 | ||||||
Less: Net income attributable to noncontrolling interests | 6 | 4 | ||||||
NET INCOME ATTRIBUTABLE TO CUMMINS INC. | $ | 692 | $ | 453 | ||||
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CUMMINS INC. | ||||||||
Basic | $ | 4.29 | $ | 2.72 | ||||
Diluted | $ | 4.28 | $ | 2.71 | ||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | ||||||||
Basic | 161.3 | 166.3 | ||||||
Diluted | 161.8 | 167.0 | ||||||
CASH DIVIDENDS DECLARED PER COMMON SHARE | $ | 1.14 | $ | 1.08 | ||||
(a) Prepared on an unaudited basis in accordance with accounting principles generally accepted in the United States of America. |
Nine months ended | ||||||||
In millions, except per share amounts | September 30, 2018 | October 1, 2017 | ||||||
NET SALES | $ | 17,645 | $ | 14,952 | ||||
Cost of sales | 13,454 | 11,228 | ||||||
GROSS MARGIN | 4,191 | 3,724 | ||||||
OPERATING EXPENSES AND INCOME | ||||||||
Selling, general and administrative expenses | 1,794 | 1,786 | ||||||
Research, development and engineering expenses | 658 | 546 | ||||||
Equity, royalty and interest income from investees | 315 | 301 | ||||||
Other operating income (expense), net | 1 | 55 | ||||||
OPERATING INCOME | 2,055 | 1,748 | ||||||
Interest income | 26 | 11 | ||||||
Interest expense | 82 | 57 | ||||||
Other income, net | 44 | 67 | ||||||
INCOME BEFORE INCOME TAXES | 2,043 | 1,769 | ||||||
Income tax expense | 466 | 466 | ||||||
CONSOLIDATED NET INCOME | 1,577 | 1,303 | ||||||
Less: Net income attributable to noncontrolling interests | 15 | 30 | ||||||
NET INCOME ATTRIBUTABLE TO CUMMINS INC. | $ | 1,562 | $ | 1,273 | ||||
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CUMMINS INC. | ||||||||
Basic | $ | 9.57 | $ | 7.62 | ||||
Diluted | $ | 9.53 | $ | 7.60 | ||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | ||||||||
Basic | 163.3 | 167.0 | ||||||
Diluted | 163.9 | 167.6 | ||||||
CASH DIVIDENDS DECLARED PER COMMON SHARE | $ | 3.30 | $ | 3.13 | ||||
(a) Prepared on an unaudited basis in accordance with accounting principles generally accepted in the United States of America. |
In millions, except par value | September 30, 2018 | December 31, 2017 | ||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 1,222 | $ | 1,369 | ||||
Marketable securities | 185 | 198 | ||||||
Total cash, cash equivalents and marketable securities | 1,407 | 1,567 | ||||||
Accounts and notes receivable, net | 3,929 | 3,618 | ||||||
Inventories | 3,831 | 3,166 | ||||||
Prepaid expenses and other current assets | 696 | 577 | ||||||
Total current assets | 9,863 | 8,928 | ||||||
Long-term assets | ||||||||
Property, plant and equipment, net | 3,870 | 3,927 | ||||||
Investments and advances related to equity method investees | 1,255 | 1,156 | ||||||
Goodwill | 1,110 | 1,082 | ||||||
Other intangible assets, net | 950 | 973 | ||||||
Pension assets | 1,022 | 1,043 | ||||||
Other assets | 922 | 966 | ||||||
Total assets | $ | 18,992 | $ | 18,075 | ||||
LIABILITIES | ||||||||
Current liabilities | ||||||||
Accounts payable (principally trade) | $ | 2,980 | $ | 2,579 | ||||
Loans payable | 61 | 57 | ||||||
Commercial paper | 800 | 298 | ||||||
Accrued compensation, benefits and retirement costs | 576 | 811 | ||||||
Current portion of accrued product warranty | 624 | 454 | ||||||
Current portion of deferred revenue | 500 | 500 | ||||||
Other accrued expenses | 834 | 915 | ||||||
Current maturities of long-term debt | 41 | 63 | ||||||
Total current liabilities | 6,416 | 5,677 | ||||||
Long-term liabilities | ||||||||
Long-term debt | 1,563 | 1,588 | ||||||
Postretirement benefits other than pensions | 281 | 289 | ||||||
Pensions | 331 | 330 | ||||||
Other liabilities and deferred revenue | 2,341 | 2,027 | ||||||
Total liabilities | $ | 10,932 | $ | 9,911 | ||||
EQUITY | ||||||||
Cummins Inc. shareholders’ equity | ||||||||
Common stock, $2.50 par value, 500 shares authorized, 222.4 and 222.4 shares issued | $ | 2,151 | $ | 2,210 | ||||
Retained earnings | 12,519 | 11,464 | ||||||
Treasury stock, at cost, 61.9 and 56.7 shares | (5,674 | ) | (4,905 | ) | ||||
Common stock held by employee benefits trust, at cost, 0.5 and 0.5 shares | (6 | ) | (7 | ) | ||||
Accumulated other comprehensive loss | (1,799 | ) | (1,503 | ) | ||||
Total Cummins Inc. shareholders’ equity | 7,191 | 7,259 | ||||||
Noncontrolling interests | 869 | 905 | ||||||
Total equity | $ | 8,060 | $ | 8,164 | ||||
Total liabilities and equity | $ | 18,992 | $ | 18,075 | ||||
(a) Prepared on an unaudited basis in accordance with accounting principles generally accepted in the United States of America. |
Nine months ended | ||||||||
In millions | September 30, 2018 | October 1, 2017 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Consolidated net income | $ | 1,577 | $ | 1,303 | ||||
Adjustments to reconcile consolidated net income to net cash provided by operating activities | ||||||||
Depreciation and amortization | 456 | 433 | ||||||
Deferred income taxes | (167 | ) | 26 | |||||
Equity in income of investees, net of dividends | (156 | ) | (166 | ) | ||||
Pension contributions under (in excess of) expense, net | 36 | (63 | ) | |||||
Other post retirement benefits payments in excess of expense, net | (8 | ) | (4 | ) | ||||
Stock-based compensation expense | 38 | 34 | ||||||
Loss contingency payments | (65 | ) | — | |||||
Translation and hedging activities | (27 | ) | 61 | |||||
Changes in current assets and liabilities, net of acquisitions | ||||||||
Accounts and notes receivable | (429 | ) | (722 | ) | ||||
Inventories | (773 | ) | (401 | ) | ||||
Other current assets | (100 | ) | (28 | ) | ||||
Accounts payable | 467 | 567 | ||||||
Accrued expenses | 341 | 369 | ||||||
Changes in other liabilities and deferred revenue | 118 | 177 | ||||||
Other, net | 80 | (115 | ) | |||||
Net cash provided by operating activities | 1,388 | 1,471 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Capital expenditures | (361 | ) | (282 | ) | ||||
Investments in internal use software | (55 | ) | (59 | ) | ||||
Proceeds from disposals of property, plant and equipment | 14 | 104 | ||||||
Investments in and advances to equity investees | (9 | ) | (71 | ) | ||||
Acquisitions of businesses, net of cash acquired | (70 | ) | (600 | ) | ||||
Investments in marketable securities—acquisitions | (316 | ) | (106 | ) | ||||
Investments in marketable securities—liquidations | 298 | 218 | ||||||
Cash flows from derivatives not designated as hedges | (56 | ) | 9 | |||||
Other, net | 36 | 1 | ||||||
Net cash used in investing activities | (519 | ) | (786 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Net borrowings of commercial paper | 502 | 302 | ||||||
Payments on borrowings and capital lease obligations | (54 | ) | (38 | ) | ||||
Net borrowings under short-term credit agreements | 9 | 19 | ||||||
Distributions to noncontrolling interests | (30 | ) | (29 | ) | ||||
Dividend payments on common stock | (537 | ) | (522 | ) | ||||
Repurchases of common stock | (879 | ) | (391 | ) | ||||
Other, net | 29 | 59 | ||||||
Net cash used in financing activities | (960 | ) | (600 | ) | ||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | (56 | ) | 85 | |||||
Net (decrease) increase in cash and cash equivalents | (147 | ) | 170 | |||||
Cash and cash equivalents at beginning of year | 1,369 | 1,120 | ||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 1,222 | $ | 1,290 | ||||
(a) Prepared on an unaudited basis in accordance with accounting principles generally accepted in the United States of America. |
In millions | Engine | Distribution | Components | Power Systems | Electrified Power (1) | Total Segments | Intersegment Eliminations (2) | Total | ||||||||||||||||||||||||||
Three months ended September 30, 2018 | ||||||||||||||||||||||||||||||||||
External sales | $ | 2,082 | $ | 1,927 | $ | 1,297 | $ | 636 | $ | 1 | $ | 5,943 | $ | — | $ | 5,943 | ||||||||||||||||||
Intersegment sales | 644 | 4 | 457 | 471 | 1 | 1,577 | (1,577 | ) | — | |||||||||||||||||||||||||
Total sales | 2,726 | 1,931 | 1,754 | 1,107 | 2 | 7,520 | (1,577 | ) | 5,943 | |||||||||||||||||||||||||
Research, development and engineering expenses | 74 | 5 | 71 | 57 | 22 | 229 | — | 229 | ||||||||||||||||||||||||||
Equity, royalty and interest income from investees | 55 | 9 | 12 | 14 | — | 90 | — | 90 | ||||||||||||||||||||||||||
Interest income | 3 | 4 | 1 | 1 | — | 9 | — | 9 | ||||||||||||||||||||||||||
Segment EBITDA | 405 | 155 | 288 | 163 | (30 | ) | 981 | 2 | 983 | |||||||||||||||||||||||||
Depreciation and amortization (3) | 46 | 27 | 44 | 29 | 2 | 148 | — | 148 | ||||||||||||||||||||||||||
EBITDA as a percentage of total sales | 14.9 | % | 8.0 | % | 16.4 | % | 14.7 | % | NM | 13.0 | % | 16.5 | % | |||||||||||||||||||||
Three months ended October 1, 2017 | ||||||||||||||||||||||||||||||||||
External sales | $ | 1,783 | $ | 1,748 | $ | 1,139 | $ | 615 | $ | — | $ | 5,285 | $ | — | $ | 5,285 | ||||||||||||||||||
Intersegment sales | 553 | 5 | 394 | 441 | — | 1,393 | (1,393 | ) | — | |||||||||||||||||||||||||
Total sales | 2,336 | 1,753 | 1,533 | 1,056 | — | 6,678 | (1,393 | ) | 5,285 | |||||||||||||||||||||||||
Research, development and engineering expenses | 83 | 6 | 63 | 61 | — | 213 | — | 213 | ||||||||||||||||||||||||||
Equity, royalty and interest income from investees | 58 | 11 | 12 | 14 | — | 95 | — | 95 | ||||||||||||||||||||||||||
Interest income | 1 | 2 | — | 1 | — | 4 | — | 4 | ||||||||||||||||||||||||||
Segment EBITDA | 276 | 120 | 259 | 111 | — | 766 | 22 | 788 | ||||||||||||||||||||||||||
Depreciation and amortization (3) | 47 | 29 | 42 | 30 | — | 148 | — | 148 | ||||||||||||||||||||||||||
EBITDA as a percentage of total sales | 11.8 | % | 6.8 | % | 16.9 | % | 10.5 | % | — | % | 11.5 | % | 14.9 | % | ||||||||||||||||||||
"NM" - not meaningful information | ||||||||||||||||||||||||||||||||||
(1 | ) | We formed the Electrified Power Segment effective January 1, 2018. Our Electrified Power segment provides fully electric and hybrid powertrain solutions along with innovative components and subsystems to serve all our markets as they adopt electrification, meeting the needs of our original equipment manufacturer partners and end customers. | ||||||||||||||||||||||||||||||||
(2 | ) | Includes intersegment sales, intersegment profit in inventory eliminations and unallocated corporate expenses. There were no significant unallocated corporate expenses for the three months ended September 30, 2018 and October 1, 2017. | ||||||||||||||||||||||||||||||||
(3 | ) | Depreciation and amortization, as shown on a segment basis, excludes the amortization of debt discount and deferred costs included in the Condensed Consolidated Statements of Income as "Interest expense." A portion of depreciation expense is included in "Research, development and engineering expenses." |
In millions | Engine | Distribution | Components | Power Systems | Electrified Power (1) | Total Segments | Intersegment Eliminations (2) | Total | ||||||||||||||||||||||||||
Nine months ended September 30, 2018 | ||||||||||||||||||||||||||||||||||
External sales | $ | 5,945 | $ | 5,762 | $ | 4,012 | $ | 1,922 | $ | 4 | $ | 17,645 | $ | — | $ | 17,645 | ||||||||||||||||||
Intersegment sales | 1,923 | 16 | 1,382 | 1,505 | 1 | 4,827 | (4,827 | ) | — | |||||||||||||||||||||||||
Total sales | 7,868 | 5,778 | 5,394 | 3,427 | 5 | 22,472 | (4,827 | ) | 17,645 | |||||||||||||||||||||||||
Research, development and engineering expenses | 229 | 15 | 195 | 174 | 45 | 658 | — | 658 | ||||||||||||||||||||||||||
Equity, royalty and interest income from investees | 189 | 33 | 42 | 51 | — | 315 | — | 315 | ||||||||||||||||||||||||||
Interest income | 8 | 9 | 4 | 5 | — | 26 | — | 26 | ||||||||||||||||||||||||||
Segment EBITDA | 1,053 | 423 | 752 | 491 | (61 | ) | 2,658 | (78 | ) | 2,580 | ||||||||||||||||||||||||
Depreciation and amortization (3) | 142 | 81 | 137 | 91 | 4 | 455 | — | 455 | ||||||||||||||||||||||||||
EBITDA as a percentage of total sales | 13.4 | % | 7.3 | % | 13.9 | % | 14.3 | % | NM | 11.8 | % | 14.6 | % | |||||||||||||||||||||
Nine months ended October 1, 2017 | ||||||||||||||||||||||||||||||||||
External sales | $ | 4,951 | $ | 5,101 | $ | 3,183 | $ | 1,717 | $ | — | $ | 14,952 | $ | — | $ | 14,952 | ||||||||||||||||||
Intersegment sales | 1,715 | 19 | 1,148 | 1,238 | — | 4,120 | (4,120 | ) | — | |||||||||||||||||||||||||
Total sales | 6,666 | 5,120 | 4,331 | 2,955 | — | 19,072 | (4,120 | ) | 14,952 | |||||||||||||||||||||||||
Research, development and engineering expenses | 200 | 14 | 171 | 161 | — | 546 | — | 546 | ||||||||||||||||||||||||||
Equity, royalty and interest income from investees | 186 | 35 | 40 | 40 | — | 301 | — | 301 | ||||||||||||||||||||||||||
Interest income | 4 | 4 | 1 | 2 | — | 11 | — | 11 | ||||||||||||||||||||||||||
Segment EBITDA | 872 | 377 | 703 | 286 | — | 2,238 | 19 | 2,257 | ||||||||||||||||||||||||||
Depreciation and amortization (3) | 137 | 90 | 117 | 87 | — | 431 | — | 431 | ||||||||||||||||||||||||||
EBITDA as a percentage of total sales | 13.1 | % | 7.4 | % | 16.2 | % | 9.7 | % | — | % | 11.7 | % | 15.1 | % | ||||||||||||||||||||
"NM" - not meaningful information | ||||||||||||||||||||||||||||||||||
(1 | ) | We formed the Electrified Power Segment effective January 1, 2018. Our Electrified Power segment provides fully electric and hybrid powertrain solutions along with innovative components and subsystems to serve all our markets as they adopt electrification, meeting the needs of our original equipment manufacturer partners and end customers. | ||||||||||||||||||||||||||||||||
(2 | ) | Includes intersegment sales, intersegment profit in inventory eliminations and unallocated corporate expenses. There were no significant unallocated corporate expenses for the nine months ended September 30, 2018 and October 1, 2017. | ||||||||||||||||||||||||||||||||
(3 | ) | Depreciation and amortization, as shown on a segment basis, excludes the amortization of debt discount and deferred costs included in the Condensed Consolidated Statements of Income as "Interest expense." The amortization of debt discount and deferred costs was $1 million and $2 million for the nine months ended September 30, 2018 and October 1, 2017. A portion of depreciation expense is included in "Research, development and engineering expense." |
Three months ended | Nine months ended | |||||||||||||||
In millions | September 30, 2018 | October 1, 2017 | September 30, 2018 | October 1, 2017 | ||||||||||||
Total EBITDA | $ | 983 | $ | 788 | $ | 2,580 | $ | 2,257 | ||||||||
Less: | ||||||||||||||||
Depreciation and amortization | 148 | 148 | 455 | 431 | ||||||||||||
Interest expense | 30 | 18 | 82 | 57 | ||||||||||||
Income before income taxes | $ | 805 | $ | 622 | $ | 2,043 | $ | 1,769 |
Three months ended | Nine months ended | |||||||||||||||
In millions | September 30, 2018 | October 1, 2017 | September 30, 2018 | October 1, 2017 | ||||||||||||
Manufacturing entities | ||||||||||||||||
Beijing Foton Cummins Engine Co., Ltd. | $ | 18 | $ | 24 | $ | 63 | $ | 79 | ||||||||
Dongfeng Cummins Engine Company, Ltd. | 13 | 15 | 47 | 56 | ||||||||||||
Chongqing Cummins Engine Company, Ltd. | 11 | 11 | 43 | 30 | ||||||||||||
Cummins Westport, Inc. | 8 | 4 | 20 | 9 | ||||||||||||
Dongfeng Cummins Emission Solutions Co., Ltd. | 2 | 3 | 11 | 10 | ||||||||||||
All other manufacturers | 20 | 20 | 69 | 59 | ||||||||||||
Distribution entities | ||||||||||||||||
Komatsu Cummins Chile, Ltda. | 5 | 8 | 18 | 23 | ||||||||||||
All other distributors | — | (1 | ) | — | (1 | ) | ||||||||||
Cummins share of net income | 77 | 84 | 271 | 265 | ||||||||||||
Royalty and interest income | 13 | 11 | 44 | 36 | ||||||||||||
Equity, royalty and interest income from investees | $ | 90 | $ | 95 | $ | 315 | $ | 301 |
Favorable / (Unfavorable) | ||||||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||||||
In millions | Q1 | Q2 | Q3 | Q4 | Total | Total | ||||||||||||||||||
Cost of sales | $ | 4 | $ | 2 | $ | 2 | $ | 2 | $ | 10 | $ | 6 | ||||||||||||
Selling, general and administrative expenses | (10 | ) | (10 | ) | (9 | ) | (10 | ) | (39 | ) | (53 | ) | ||||||||||||
Research, development and engineering expenses (1) | — | (1 | ) | — | (1 | ) | (2 | ) | (1 | ) | ||||||||||||||
Total change in operating income | (6 | ) | (9 | ) | (7 | ) | (9 | ) | (31 | ) | (48 | ) | ||||||||||||
Other non operating income, net | 6 | 9 | 7 | 9 | 31 | 48 | ||||||||||||||||||
Total change in income before income taxes | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
In millions | Engine | Distribution | Components | Power Systems | Total Segment | Intersegment Eliminations | Total | ||||||||||||||||||||||
2017 | |||||||||||||||||||||||||||||
Q1 | $ | 273 | $ | 130 | $ | 216 | $ | 85 | $ | 704 | $ | 1 | $ | 705 | |||||||||||||||
Q2 | 323 | 127 | 228 | 90 | 768 | (4 | ) | 764 | |||||||||||||||||||||
Q3 | 276 | 120 | 259 | 111 | 766 | 22 | 788 | ||||||||||||||||||||||
Q4 | 271 | 123 | 214 | 125 | 733 | 36 | 769 | ||||||||||||||||||||||
2017 Total | $ | 1,143 | $ | 500 | $ | 917 | $ | 411 | $ | 2,971 | $ | 55 | $ | 3,026 | |||||||||||||||
2016 Total | $ | 849 | $ | 508 | $ | 774 | $ | 378 | $ | 2,509 | $ | 17 | $ | 2,526 | |||||||||||||||
Three months ended | Nine months ended | |||||||||||||||
In millions | September 30, 2018 | October 1, 2017 | September 30, 2018 | October 1, 2017 | ||||||||||||
Net income attributable to Cummins Inc. | $ | 692 | $ | 453 | $ | 1,562 | $ | 1,273 | ||||||||
Net income attributable to Cummins Inc. as a percentage of net sales | 11.6 | % | 8.6 | % | 8.9 | % | 8.5 | % | ||||||||
Add: | ||||||||||||||||
Net income attributable to noncontrolling interests | 6 | 4 | 15 | 30 | ||||||||||||
Consolidated net income | 698 | 457 | 1,577 | 1,303 | ||||||||||||
Add: | ||||||||||||||||
Interest expense | 30 | 18 | 82 | 57 | ||||||||||||
Income tax expense | 107 | 165 | 466 | 466 | ||||||||||||
Depreciation and amortization | 148 | 148 | 455 | 431 | ||||||||||||
EBITDA | $ | 983 | $ | 788 | $ | 2,580 | $ | 2,257 | ||||||||
EBITDA as a percentage of net sales | 16.5 | % | 14.9 | % | 14.6 | % | 15.1 | % | ||||||||
Add: Engine system campaign charge | — | — | 368 | — | ||||||||||||
EBITDA, excluding engine system campaign charge | $ | 983 | $ | 788 | $ | 2,948 | $ | 2,257 | ||||||||
EBITDA, excluding engine system campaign charge, as a percentage of net sales | 16.5 | % | 14.9 | % | 16.7 | % | 15.1 | % |
Three months ended | |||||||||||||||||
September 30, 2018 | October 1, 2017 | ||||||||||||||||
In millions | Net Income | Diluted EPS | Net Income | Diluted EPS | |||||||||||||
Net income attributable to Cummins Inc. | $ | 692 | $ | 4.28 | $ | 453 | $ | 2.71 | |||||||||
Tax Legislation | (34 | ) | (0.21 | ) | — | — | |||||||||||
Discrete tax items | (3 | ) | (0.02 | ) | |||||||||||||
Net income attributable to Cummins Inc. excluding discrete tax items | $ | 655 | $ | 4.05 | $ | 453 | $ | 2.71 |
Nine months ended | |||||||||||||||||
September 30, 2018 | October 1, 2017 | ||||||||||||||||
In millions | Net Income | Diluted EPS | Net Income | Diluted EPS | |||||||||||||
Net income attributable to Cummins Inc. | $ | 1,562 | $ | 9.53 | $ | 1,273 | $ | 7.60 | |||||||||
Tax Legislation | 48 | 0.29 | — | — | |||||||||||||
Discrete tax items | (11 | ) | (0.06 | ) | |||||||||||||
Net income attributable to Cummins Inc. excluding discrete tax items | $ | 1,599 | $ | 9.76 | $ | 1,273 | $ | 7.60 |
2018 | ||||||||||||||||||||
In millions | Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||||||
Heavy-duty truck | $ | 815 | $ | 920 | $ | 958 | $ | — | $ | 2,693 | ||||||||||
Medium-duty truck and bus | 692 | 777 | 699 | — | 2,168 | |||||||||||||||
Light-duty automotive | 402 | 444 | 517 | — | 1,363 | |||||||||||||||
Off-highway | 537 | 555 | 552 | — | 1,644 | |||||||||||||||
Total sales | $ | 2,446 | $ | 2,696 | $ | 2,726 | $ | — | $ | 7,868 | ||||||||||
2017 | ||||||||||||||||||||
In millions | Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||||||
Heavy-duty truck | $ | 620 | $ | 714 | $ | 776 | $ | 730 | $ | 2,840 | ||||||||||
Medium-duty truck and bus | 544 | 701 | 625 | 643 | 2,513 | |||||||||||||||
Light-duty automotive | 423 | 429 | 452 | 423 | 1,727 | |||||||||||||||
Off-highway | 436 | 463 | 483 | 491 | 1,873 | |||||||||||||||
Total sales | $ | 2,023 | $ | 2,307 | $ | 2,336 | $ | 2,287 | $ | 8,953 |
2018 | |||||||||||||||
Units | Q1 | Q2 | Q3 | Q4 | YTD | ||||||||||
Heavy-duty | 26,600 | 32,000 | 34,600 | 93,200 | |||||||||||
Medium-duty | 74,000 | 83,500 | 76,000 | 233,500 | |||||||||||
Light-duty | 61,900 | 68,500 | 76,800 | 207,200 | |||||||||||
Total units | 162,500 | 184,000 | 187,400 | — | 533,900 | ||||||||||
2017 | |||||||||||||||
Units | Q1 | Q2 | Q3 | Q4 | YTD | ||||||||||
Heavy-duty | 19,200 | 24,100 | 28,100 | 24,500 | 95,900 | ||||||||||
Medium-duty | 60,300 | 71,600 | 68,500 | 67,700 | 268,100 | ||||||||||
Light-duty | 63,100 | 65,600 | 66,300 | 62,500 | 257,500 | ||||||||||
Total units | 142,600 | 161,300 | 162,900 | 154,700 | 621,500 |
2018 | ||||||||||||||||||||
In millions | Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||||||
Parts | $ | 808 | $ | 817 | $ | 800 | $ | — | $ | 2,425 | ||||||||||
Engines | 367 | 461 | 400 | — | 1,228 | |||||||||||||||
Service | 352 | 370 | 372 | — | 1,094 | |||||||||||||||
Power generation | 326 | 346 | 359 | — | 1,031 | |||||||||||||||
Total sales | $ | 1,853 | $ | 1,994 | $ | 1,931 | $ | — | $ | 5,778 | ||||||||||
2017 | ||||||||||||||||||||
In millions | Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||||||
Parts | $ | 745 | $ | 759 | $ | 768 | $ | 768 | $ | 3,040 | ||||||||||
Engines | 275 | 314 | 342 | 438 | 1,369 | |||||||||||||||
Service | 319 | 320 | 326 | 347 | 1,312 | |||||||||||||||
Power generation | 306 | 329 | 317 | 385 | 1,337 | |||||||||||||||
Total sales | $ | 1,645 | $ | 1,722 | $ | 1,753 | $ | 1,938 | $ | 7,058 |
2018 | ||||||||||||||||||||
In millions | Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||||||
Emission solutions | $ | 775 | $ | 841 | $ | 769 | $ | — | $ | 2,385 | ||||||||||
Turbo technologies | 340 | 355 | 317 | — | 1,012 | |||||||||||||||
Filtration | 320 | 324 | 308 | — | 952 | |||||||||||||||
Electronics and fuel systems | 201 | 226 | 210 | — | 637 | |||||||||||||||
Automated transmissions | 117 | 141 | 150 | — | 408 | |||||||||||||||
Total sales | $ | 1,753 | $ | 1,887 | $ | 1,754 | $ | — | $ | 5,394 | ||||||||||
2017 | ||||||||||||||||||||
In millions | Q1 | Q2 | Q3 |