Print PageCUMMINS INC. AND CONSOLIDATED SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
| December 31, | ||||||
| 2007 | 2006 | |||||
| Millions, (except par value) |
||||||
| ASSETS Current assets Cash and cash equivalents |
$ | 577 | $ | 840 | ||
| Marketable securities (Note 5) | 120 | 95 | ||||
| Receivables, net (includes related party receivables of $244 and $180) | 1,998 | 1,767 | ||||
| Inventories (Note 6) | 1,692 | 1,393 | ||||
| Deferred income taxes (Note 4) | 276 | 277 | ||||
| Prepaid expenses and other current assets | 152 | 116 | ||||
| Total current assets | 4,815 | 4,488 | ||||
| Long-term assets Property, plant and equipment, net (Note 7) |
1,645 | 1,574 | ||||
| Investments in and advances to equity investees (Note 2) | 514 | 345 | ||||
| Goodwill (Note 8) | 365 | 356 | ||||
| Other intangible assets, net (Note 8) | 173 | 128 | ||||
| Deferred income taxes (Note 4) | 271 | 433 | ||||
| Other assets | 412 | 141 | ||||
| Total assets | $ | 8,195 | $ | 7,465 | ||
| LIABILITIES Current liabilities Short-term borrowings (Note 10) |
$ | 119 | $ | 164 | ||
| Accounts payable | 1,263 | 1,104 | ||||
| Other accrued expenses (Note 9) | 1,329 | 1,131 | ||||
| Total current liabilities | 2,711 | 2,399 | ||||
| Long-term liabilities Long-term debt (Note 10) |
555 | 647 | ||||
| Pensions (Note 11) | 140 | 367 | ||||
| Postretirement benefits other than pensions (Note 11) | 493 | 523 | ||||
| Other liabilities and deferred revenue | 594 | 473 | ||||
| Total liabilities | 4,493 | 4,409 | ||||
| Commitments and contingencies (Note 13) | — | — | ||||
| MINORITY INTERESTS (Note 14) | 293 | 254 | ||||
| SHAREHOLDERS’ EQUITY (Note 15) Common stock, $2.50 par value, 300 shares authorized, 220.4 and 220.0 shares issued |
551 | 137 | ||||
| Additional paid-in capital | 1,168 | 1,500 | ||||
| Retained earnings | 2,660 | 2,009 | ||||
| Accumulated other comprehensive loss Defined benefit postretirement plans |
(378) | (511 | ) | |||
| Other | 91 | (15 | ) | |||
| Total accumulated other comprehensive loss | (287 | ) | (526 | ) | ||
| Treasury stock, at cost, 18.2 and 11.6 shares | (593 | ) | (212 | ) | ||
| Common stock held in trust for employee benefit plans, 6.5 and 7.6 shares | (79 | ) | (92 | ) | ||
| Unearned compensation | (11 | ) | (14 | ) | ||
| Total shareholders’ equity | 3,409 | 2,802 | ||||
| Total liabilities, minority interests and shareholders’ equity | $ | 8,195 | $ | 7,465 | ||
The accompanying notes are an integral part of the Consolidated Financial Statements.