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

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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 »