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.

Adjustments to Financial Statements

Microsoft Excel

Adjustments to Current Assets

Cummins Inc., adjusted current assets

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Current assets
Adjustments
Add: Allowance for doubtful account
Add: Excess of FIFO over LIFO1
After Adjustment
Adjusted current assets

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 Excess of FIFO over LIFO. See details »


Adjustments to Total Assets

Cummins Inc., adjusted total assets

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Total assets
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)1
Add: Allowance for doubtful account
Add: Excess of FIFO over LIFO2
Less: Deferred income tax assets3
After Adjustment
Adjusted total assets

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

2 Excess of FIFO over LIFO. See details »

3 Deferred income tax assets. See details »


Adjustments to Current Liabilities

Cummins Inc., adjusted current liabilities

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Current liabilities
Adjustments
Less: Current portion of deferred revenue
Less: Current portion of accrued product warranty
After Adjustment
Adjusted current liabilities

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).


Adjustments to Total Liabilities

Cummins Inc., adjusted total liabilities

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Total liabilities
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)1
Less: Deferred income tax liabilities2
Less: Deferred revenue
Less: Accrued product warranty
After Adjustment
Adjusted total liabilities

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 Operating lease liability (before adoption of FASB Topic 842). See details »

2 Deferred income tax liabilities. See details »


Adjustments to Stockholders’ Equity

Cummins Inc., adjusted total Cummins Inc. shareholders’ equity

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Total Cummins Inc. shareholders’ equity
Adjustments
Less: Net deferred tax assets (liabilities)1
Add: Allowance for doubtful account
Add: Excess of FIFO over LIFO2
Add: Deferred revenue
Add: Accrued product warranty
Add: Redeemable noncontrolling interests
Add: Noncontrolling interests
After Adjustment
Adjusted total equity

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 Net deferred tax assets (liabilities). See details »

2 Excess of FIFO over LIFO. See details »


Adjustments to Capitalization Table

Cummins Inc., adjusted capitalization table

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Loans payable
Commercial paper
Current maturities of long-term debt
Long-term debt
Total reported debt
Total Cummins Inc. shareholders’ equity
Total reported capital
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)1
Add: Current portion of operating lease liabilities2
Add: Long-term portion of operating lease liabilities3
Adjusted total debt
Adjustments to Equity
Less: Net deferred tax assets (liabilities)4
Add: Allowance for doubtful account
Add: Excess of FIFO over LIFO5
Add: Deferred revenue
Add: Accrued product warranty
Add: Redeemable noncontrolling interests
Add: Noncontrolling interests
Adjusted total equity
After Adjustment
Adjusted total capital

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 Operating lease liability (before adoption of FASB Topic 842). See details »

2 Current portion of operating lease liabilities. See details »

3 Long-term portion of operating lease liabilities. See details »

4 Net deferred tax assets (liabilities). See details »

5 Excess of FIFO over LIFO. See details »


Adjustments to Revenues

Cummins Inc., adjusted net sales

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Net sales
Adjustment
Add: Increase (decrease) in deferred revenue
After Adjustment
Adjusted net sales

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).


Adjustments to Reported Income

Cummins Inc., adjusted net income attributable to Cummins Inc.

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Net income attributable to Cummins Inc.
Adjustments
Add: Deferred income tax expense (benefit)1
Add: Increase (decrease) in allowance for doubtful account
Add: Increase (decrease) in LIFO reserve2
Add: Increase (decrease) in deferred revenue
Add: Increase (decrease) in accrued product warranty
Add: Other comprehensive (loss) income, net of tax
Add: Comprehensive income (loss), net of tax, attributable to noncontrolling interest
After Adjustment
Adjusted consolidated net income

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 Deferred income tax expense (benefit). See details »

2 Increase (decrease) in LIFO reserve. See details »