CUMMINS INC. CMI Cash Flow

Cummins inc. (CMI)

CashFlow / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jul'18	Apr'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10	Mar'10	Dec'09	Sep'09	Jun'09	Mar'09
CASH FLOWS FROM OPERATING ACTIVITIES
Consolidated net income
528,000	298,000	616,000	685,000	669,000	610,000	698,000	554,000	325,000	-309,000	457,000	441,000	405,000	396,000	300,000	427,000	333,000	178,000	392,000	496,000	404,000	467,000	439,000	472,000	358,000	461,000	374,000	441,000	312,000	398,000	370,000	495,000	475,000	572,000	472,000	537,000	365,000	391,000	309,000	270,000	170,000	290,000	110,000	70,000	14,000
Adjustments to reconcile consolidated net income to net cash provided by operating activities
Depreciation and amortization
168,000	179,000	178,000	158,000	157,000	155,000	148,000	154,000	154,000	150,000	149,000	145,000	139,000	139,000	132,000	131,000	128,000	131,000	129,000	126,000	128,000	125,000	113,000	112,000	105,000	102,000	105,000	102,000	98,000	99,000	91,000	86,000	85,000	82,000	84,000	80,000	79,000	81,000	78,000	82,000	79,000	88,000	84,000	78,000	76,000
Gains on fair value adjustment for consolidated investees (Note 18)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	5,000	7,000	-	-	-	-	-	-	-	-	0	0	0	12,000	-	-	-	-
Deferred income taxes
-11,000	10,000	-31,000	6,000	11,000	70,000	-146,000	6,000	-27,000	-80,000	26,000	-10,000	10,000	-10,000	58,000	4,000	-2,000	12,000	-57,000	-62,000	-1,000	68,000	51,000	-110,000	22,000	22,000	58,000	15,000	5,000	25,000	130,000	-12,000	-27,000	-63,000	61,000	66,000	21,000	-27,000	40,000	30,000	13,000	16,000	-31,000	41,000	-21,000
Equity in income of investees, net of dividends
78,000	-30,000	1,000	-21,000	64,000	-63,000	-7,000	68,000	95,000	-43,000	34,000	49,000	83,000	-48,000	7,000	39,000	48,000	-32,000	0	15,000	53,000	-3,000	-5,000	56,000	52,000	-36,000	41,000	21,000	36,000	-36,000	26,000	-34,000	59,000	30,000	-5,000	-64,000	62,000	52,000	46,000	-4,000	53,000	33,000	4,000	-8,000	-52,000
Pension and OPEB expense (Note 4)
27,000	-	-	-	18,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payment for Pension and Other Postretirement Benefits
60,000	-	-	-	47,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Pension contributions under (in excess of) expense, net (Note 4)
-	-	-	-	-	-	-11,000	-12,000	-13,000	-	107,000	-21,000	-23,000	0	174,000	-32,000	-50,000	246,000	3,000	-26,000	-96,000	6,000	-27,000	-27,000	-100,000	14,000	-18,000	-24,000	-54,000	6,000	-22,000	-25,000	-27,000	-60,000	-24,000	-23,000	-24,000	-37,000	2,000	-23,000	-93,000	13,000	-34,000	-30,000	15,000
Other postretirement benefits payments in excess of expense, net (Note 4)
-	-	-	-	-	-	-	-	5,000	-	-4,000	-2,000	10,000	9,000	-1,000	9,000	8,000	5,000	3,000	7,000	8,000	6,000	8,000	6,000	8,000	45,000	-5,000	-7,000	-8,000	-5,000	-9,000	-3,000	-4,000	-21,000	0	-5,000	-5,000	-13,000	-15,000	-6,000	-1,000	-6,000	-2,000	-8,000	-8,000
Stock-based compensation expense
4,000	12,000	9,000	19,000	9,000	15,000	10,000	19,000	9,000	7,000	11,000	16,000	7,000	4,000	8,000	15,000	5,000	0	7,000	12,000	5,000	9,000	6,000	11,000	10,000	8,000	10,000	12,000	7,000	7,000	8,000	14,000	7,000	14,000	10,000	13,000	5,000	5,000	6,000	5,000	6,000	4,000	4,000	6,000	6,000
Loss contingency payments
-	-	-	-	-	-	-	-	-	0	0	0	0	-	-	-17,000	-25,000	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-5,000	1,000	-28,000	48,000
Payments for Restructuring
48,000	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Life Insurance, Corporate or Bank Owned, Change in Value
17,000	-	-	-	37,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
(Gain) loss on corporate owned life insurance
-	-	-	-	-	-34,000	8,000	3,000	-3,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Foreign currency remeasurement and transaction exposure
-3,000	51,000	100,000	33,000	-79,000	19,000	6,000	59,000	-38,000	-10,000	-30,000	-20,000	-11,000	16,000	-6,000	31,000	14,000	-4,000	5,000	-20,000	-7,000	-6,000	10,000	6,000	3,000	9,000	-23,000	-8,000	5,000	16,000	-9,000	3,000	-10,000	-18,000	8,000	10,000	-4,000	-3,000	-7,000	-12,000	9,000	-8,000	18,000	-32,000	-19,000
Excess tax benefits on stock-based awards
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	5,000	1,000	7,000	-	1,000	0	11,000	1,000	0	2,000	2,000	2,000	1,000	1,000	6,000	-	-	-	-
Changes in current assets and liabilities
Accounts and notes receivable
-107,000	-296,000	-211,000	177,000	135,000	-66,000	-126,000	338,000	217,000	-214,000	234,000	283,000	205,000	153,000	-140,000	154,000	98,000	-266,000	-263,000	150,000	276,000	-147,000	-85,000	89,000	232,000	-68,000	-49,000	236,000	29,000	-21,000	-182,000	-19,000	135,000	-	-44,000	207,000	306,000	-	141,000	332,000	-275,000	-	-3,000	-37,000	-49,000
Inventories
171,000	-353,000	-63,000	18,000	107,000	-78,000	298,000	216,000	259,000	6,000	137,000	62,000	202,000	-146,000	49,000	47,000	54,000	-329,000	52,000	29,000	98,000	-46,000	79,000	88,000	135,000	-160,000	22,000	7,000	177,000	-335,000	-72,000	230,000	209,000	-	77,000	80,000	210,000	-	223,000	112,000	189,000	-	-78,000	-238,000	-44,000
Other current assets
-79,000	143,000	-33,000	52,000	-67,000	62,000	58,000	98,000	-56,000	-16,000	49,000	52,000	-73,000	124,000	51,000	-1,000	-188,000	284,000	-115,000	2,000	-20,000	-7,000	10,000	-2,000	-2,000	-30,000	32,000	-56,000	-158,000	6,000	7,000	19,000	28,000	-	16,000	-13,000	2,000	-	17,000	2,000	-3,000	-	-10,000	-13,000	-9,000
Accounts payable
171,000	-307,000	-151,000	-18,000	166,000	-165,000	25,000	196,000	246,000	72,000	164,000	107,000	296,000	87,000	-42,000	36,000	107,000	-78,000	-149,000	-50,000	147,000	-72,000	27,000	-13,000	302,000	-89,000	-58,000	106,000	204,000	-111,000	-206,000	-87,000	148,000	-	10,000	56,000	251,000	-	97,000	185,000	54,000	-	98,000	-150,000	-103,000
Accrued expenses
-321,000	-38,000	120,000	99,000	-293,000	95,000	182,000	431,000	-337,000	14,000	237,000	222,000	-90,000	84,000	-70,000	74,000	-283,000	-73,000	-132,000	14,000	-35,000	6,000	42,000	215,000	-95,000	-100,000	-59,000	55,000	-142,000	-116,000	-225,000	23,000	-196,000	-	4,000	197,000	-28,000	-	116,000	140,000	-154,000	-	57,000	-69,000	-173,000
Changes in other liabilities
-28,000	-72,000	-48,000	-56,000	-64,000	43,000	-113,000	22,000	-27,000	-64,000	-74,000	-55,000	-48,000	-12,000	-59,000	-51,000	-78,000	-73,000	-86,000	-74,000	-59,000	-98,000	-68,000	-66,000	-50,000	-64,000	-247,000	53,000	47,000	-368,000	51,000	74,000	29,000	46,000	35,000	34,000	24,000	36,000	31,000	37,000	29,000	52,000	30,000	37,000	36,000
Other, net
30,000	-10,000	-156,000	-106,000	145,000	-76,000	-119,000	-17,000	48,000	58,000	34,000	84,000	-3,000	-6,000	-13,000	-22,000	-10,000	-17,000	18,000	5,000	30,000	-3,000	-23,000	45,000	-39,000	19,000	53,000	15,000	-62,000	6,000	20,000	-16,000	37,000	-4,000	-24,000	9,000	22,000	53,000	51,000	-40,000	14,000	-5,000	23,000	-30,000	13,000
Net cash (used in) provided by operating activities
379,000	838,000	1,123,000	808,000	412,000	990,000	915,000	590,000	-117,000	806,000	645,000	447,000	379,000	625,000	576,000	471,000	267,000	934,000	562,000	396,000	173,000	878,000	687,000	438,000	263,000	756,000	373,000	532,000	428,000	745,000	390,000	376,000	21,000	705,000	624,000	656,000	88,000	387,000	192,000	301,000	126,000	407,000	409,000	245,000	76,000
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures
75,000	305,000	153,000	133,000	109,000	348,000	175,000	114,000	72,000	224,000	100,000	101,000	81,000	219,000	123,000	118,000	71,000	351,000	146,000	147,000	100,000	334,000	164,000	138,000	107,000	259,000	142,000	161,000	114,000	266,000	158,000	140,000	126,000	245,000	162,000	124,000	91,000	194,000	79,000	44,000	47,000	106,000	65,000	75,000	64,000
Investments in internal use software
8,000	25,000	16,000	14,000	20,000	20,000	20,000	20,000	15,000	22,000	19,000	13,000	27,000	21,000	15,000	14,000	13,000	17,000	16,000	14,000	8,000	15,000	14,000	12,000	14,000	21,000	19,000	12,000	12,000	25,000	22,000	24,000	16,000	29,000	9,000	12,000	10,000	15,000	6,000	5,000	17,000	11,000	5,000	8,000	11,000
Proceeds from disposals of property, plant and equipment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	9,000	4,000	4,000	38,000	2,000	1,000	1,000	6,000
Investments in and advances to equity investees
7,000	4,000	-2,000	8,000	10,000	28,000	-6,000	-1,000	16,000	-5,000	7,000	44,000	20,000	12,000	12,000	-8,000	25,000	-2,000	-8,000	27,000	-10,000	21,000	28,000	5,000	6,000	30,000	8,000	-20,000	24,000	-22,000	52,000	35,000	5,000	-23,000	84,000	-1,000	21,000	-15,000	16,000	-10,000	11,000	-2,000	6,000	4,000	-5,000
Acquisitions of businesses, net of cash acquired (Note 21)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	15,000	87,000	4,000	11,000	170,000	73,000	103,000	90,000	2,000	11,000	117,000	17,000	0	203,000	7,000	5,000	-	-	-	-	27,000	6,000	0	71,000	0	0	0	2,000
Investments in marketable securities—acquisitions
116,000	128,000	108,000	138,000	121,000	52,000	173,000	76,000	67,000	88,000	37,000	43,000	26,000	31,000	68,000	88,000	291,000	107,000	2,000	78,000	95,000	62,000	34,000	95,000	84,000	58,000	117,000	110,000	133,000	128,000	157,000	130,000	146,000	191,000	177,000	260,000	101,000	263,000	202,000	225,000	133,000	197,000	165,000	0	69,000
Investments in marketable securities—liquidations (Note 7)
95,000	93,000	143,000	50,000	103,000	33,000	182,000	34,000	82,000	48,000	56,000	15,000	147,000	15,000	54,000	202,000	35,000	42,000	73,000	84,000	71,000	20,000	137,000	71,000	108,000	92,000	153,000	93,000	187,000	110,000	195,000	96,000	184,000	178,000	229,000	209,000	134,000	238,000	174,000	170,000	108,000	164,000	38,000	55,000	78,000
Cash flows from derivatives not designated as hedges
-6,000	-42,000	60,000	81,000	-55,000	46,000	47,000	36,000	-27,000	-67,000	10,000	-43,000	24,000	38,000	43,000	-5,000	26,000	9,000	-12,000	-1,000	-4,000	14,000	4,000	1,000	-5,000	-16,000	-8,000	-7,000	30,000	1,000	-12,000	10,000	-11,000	22,000	2,000	-2,000	-4,000	0	-20,000	7,000	11,000	-3,000	0	-12,000	33,000
Other, net
-6,000	17,000	-11,000	16,000	-31,000	14,000	-14,000	-11,000	-25,000	-4,000	13,000	-10,000	-4,000	-9,000	2,000	-2,000	-3,000	11,000	19,000	-10,000	-4,000	2,000	-3,000	-7,000	-1,000	39,000	-2,000	-12,000	0	-35,000	-6,000	-2,000	-1,000	6,000	0	0	-7,000	-	-	-	-	-	-	-	-
Net cash used in investing activities
-99,000	-321,000	-418,000	-340,000	-71,000	-455,000	-283,000	-200,000	-36,000	-266,000	-626,000	-133,000	-27,000	-327,000	-199,000	-3,000	-388,000	-441,000	-177,000	-175,000	-125,000	-594,000	-177,000	-276,000	-187,000	-301,000	-134,000	-268,000	-143,000	-263,000	-369,000	-248,000	-102,000	-196,000	-205,000	-73,000	-78,000	-245,000	-163,000	-99,000	-144,000	-145,000	-255,000	-19,000	-90,000
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings
-	-	-	-	-	-	-	-	-	-	-	-	-	0	2,000	4,000	105,000	20,000	12,000	10,000	2,000	16,000	22,000	10,000	7,000	17,000	985,000	2,000	0	0	18,000	34,000	12,000	31,000	36,000	22,000	38,000	51,000	78,000	15,000	70,000	65,000	1,000	3,000	7,000
Net borrowings (payments) of commercial paper (Note 9)
957,000	-242,000	468,000	-275,000	-71,000	-20,000	-2,000	209,000	295,000	-216,000	380,000	-140,000	62,000	-61,000	73,000	150,000	50,000	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments on borrowings and finance lease obligations
10,000	49,000	30,000	7,000	10,000	8,000	21,000	17,000	16,000	22,000	9,000	18,000	11,000	7,000	23,000	118,000	15,000	12,000	33,000	13,000	18,000	22,000	33,000	14,000	25,000	28,000	11,000	24,000	27,000	25,000	45,000	37,000	38,000	63,000	80,000	49,000	45,000	79,000	27,000	17,000	20,000	37,000	16,000	25,000	19,000
Net borrowings under short-term credit agreements
25,000	0	-4,000	42,000	15,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-37,000	-22,000	41,000	15,000	-	-	-	-	11,000	-16,000	10,000	1,000	13,000	-3,000	-6,000	5,000	2,000	1,000	-9,000	4,000
Distributions to noncontrolling interests
13,000	0	20,000	0	13,000	0	19,000	0	11,000	0	19,000	0	10,000	23,000	18,000	14,000	10,000	14,000	21,000	13,000	1,000	31,000	20,000	19,000	13,000	22,000	25,000	9,000	19,000	12,000	18,000	10,000	22,000	6,000	24,000	5,000	21,000	7,000	17,000	3,000	1,000	18,000	6,000	1,000	9,000
Dividend payments on common stock
195,000	199,000	204,000	179,000	179,000	181,000	182,000	177,000	178,000	179,000	179,000	172,000	171,000	171,000	172,000	163,000	170,000	170,000	172,000	140,000	140,000	142,000	141,000	114,000	115,000	115,000	116,000	94,000	95,000	94,000	94,000	75,000	77,000	77,000	76,000	51,000	51,000	52,000	50,000	35,000	35,000	35,000	35,000	36,000	35,000
Repurchases of common stock
550,000	465,000	706,000	0	100,000	261,000	500,000	216,000	163,000	60,000	271,000	69,000	51,000	33,000	50,000	120,000	575,000	250,000	136,000	377,000	137,000	65,000	175,000	11,000	419,000	92,000	0	289,000	0	25,000	35,000	188,000	8,000	83,000	173,000	183,000	190,000	0	79,000	123,000	39,000	-	-	-	-
Excess tax benefits on stock-based awards
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	5,000	1,000	7,000	-	1,000	0	11,000	1,000	0	2,000	2,000	2,000	1,000	1,000	6,000	-	-	-	-
Other, net
20,000	58,000	9,000	55,000	11,000	38,000	7,000	1,000	21,000	10,000	23,000	19,000	17,000	31,000	14,000	1,000	-21,000	-	-	0	-2,000	13,000	-3,000	42,000	-37,000	-2,000	1,000	2,000	16,000	29,000	7,000	0	9,000	1,000	6,000	3,000	4,000	9,000	8,000	2,000	7,000	5,000	0	2,000	-1,000
Net cash used in financing activities
234,000	-897,000	-487,000	-364,000	-347,000	-440,000	-707,000	-201,000	-52,000	-474,000	-56,000	-380,000	-164,000	-368,000	-149,000	-260,000	-636,000	-435,000	-386,000	-533,000	-296,000	-244,000	-343,000	-154,000	-602,000	-292,000	817,000	-370,000	-103,000	-144,000	-164,000	-273,000	-113,000	-185,000	-327,000	-251,000	-262,000	-57,000	-37,000	-166,000	-7,000	-21,000	-1,000	-66,000	-53,000
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
48,000	-51,000	-55,000	-35,000	31,000	-14,000	-21,000	-78,000	43,000	13,000	34,000	37,000	14,000	-61,000	-22,000	-78,000	-39,000	-35,000	-71,000	75,000	-56,000	-67,000	-58,000	33,000	5,000	37,000	61,000	5,000	-68,000	-	-	-	27,000	-5,000	-38,000	0	8,000	1,000	21,000	3,000	-20,000	3,000	-1,000	21,000	-6,000
Net increase in cash and cash equivalents
562,000	-431,000	163,000	69,000	25,000	81,000	-96,000	111,000	-162,000	79,000	-3,000	-29,000	202,000	-131,000	206,000	130,000	-796,000	23,000	-72,000	-237,000	-304,000	-27,000	109,000	41,000	-521,000	200,000	1,117,000	-101,000	114,000	336,000	-112,000	-172,000	-167,000	319,000	54,000	332,000	-244,000	86,000	13,000	39,000	-45,000	244,000	152,000	181,000	-73,000