PART II

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

   When used in this report the terms ‘‘Cummins,’’ ‘‘the Company,’’ ‘‘the registrant,’’ ‘‘we,’’ ‘‘our,’’ or ‘‘us’’ mean Cummins Inc. and all entities included in our consolidated financial statements.

ORGANIZATION OF INFORMATION

   The following Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") was prepared to provide the reader with a view and perspective of our businesses through the eyes of management and should be read in conjunction with our Consolidated Financial Statements and the accompanying notes to those financial statements. Our MD&A is presented in the following sections:

Executive Summary and Financial Highlights
Results of Operations
Operating Segment Results
Liquidity and Capital Resources
Contractual Obligations and Other Commercial Commitments
Off Balance Sheet Financing
Application of Critical Accounting Estimates
Recently Adopted Accounting Pronouncements
Accounting Pronouncements Issued But Not Yet Effective