CUMMINS INC. AND SUBSIDIARIES
SEGMENT INFORMATION
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In millions
|
|
Engine
|
|
Distribution
|
|
Components
|
|
Power Systems
|
|
Intersegment Eliminations
(1)
|
|
Total
|
|
Year ended December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
External sales
|
|
$
|
5,774
|
|
|
$
|
6,157
|
|
|
$
|
3,514
|
|
|
$
|
2,064
|
|
|
$
|
—
|
|
|
$
|
17,509
|
|
|
Intersegment sales
|
|
2,030
|
|
|
24
|
|
|
1,322
|
|
|
1,453
|
|
|
(4,829
|
)
|
|
—
|
|
|
Total sales
|
|
7,804
|
|
|
6,181
|
|
|
4,836
|
|
|
3,517
|
|
|
(4,829
|
)
|
|
17,509
|
|
|
Depreciation and amortization
(2)
|
|
163
|
|
|
116
|
|
|
133
|
|
|
115
|
|
|
—
|
|
|
527
|
|
|
Research, development and engineering expenses
|
|
226
|
|
|
13
|
|
|
208
|
|
|
189
|
|
|
—
|
|
|
636
|
|
|
Equity, royalty and interest income from investees
|
|
148
|
|
|
70
|
|
|
41
|
|
|
42
|
|
|
—
|
|
|
301
|
|
|
Loss contingency charges
|
|
138
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
138
|
|
|
Interest income
|
|
10
|
|
|
4
|
|
|
4
|
|
|
5
|
|
|
—
|
|
|
23
|
|
|
Segment EBIT
|
|
686
|
|
|
392
|
|
(3)
|
641
|
|
|
263
|
|
(4)
|
17
|
|
|
1,999
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment EBIT as a percentage of total sales
|
|
8.8
|
%
|
|
6.3
|
%
|
|
13.3
|
%
|
|
7.5
|
%
|
|
|
|
11.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
External sales
|
|
$
|
6,733
|
|
|
$
|
6,198
|
|
|
$
|
3,745
|
|
|
$
|
2,434
|
|
|
$
|
—
|
|
|
$
|
19,110
|
|
|
Intersegment sales
|
|
1,937
|
|
|
31
|
|
|
1,427
|
|
|
1,633
|
|
|
(5,028
|
)
|
|
—
|
|
|
Total sales
|
|
8,670
|
|
|
6,229
|
|
|
5,172
|
|
|
4,067
|
|
|
(5,028
|
)
|
|
19,110
|
|
|
Depreciation and amortization
(2)
|
|
187
|
|
|
105
|
|
|
109
|
|
|
110
|
|
|
—
|
|
|
511
|
|
|
Research, development and engineering expenses
|
|
263
|
|
|
10
|
|
|
236
|
|
|
226
|
|
|
—
|
|
|
735
|
|
|
Equity, royalty and interest income from investees
|
|
146
|
|
|
78
|
|
|
35
|
|
|
56
|
|
|
—
|
|
|
315
|
|
|
Loss contingency charge
|
|
60
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
60
|
|
|
Impairment of light-duty diesel assets
|
|
202
|
|
|
—
|
|
|
9
|
|
|
—
|
|
|
—
|
|
|
211
|
|
|
Restructuring charges and other actions
|
|
17
|
|
|
23
|
|
|
13
|
|
|
26
|
|
|
11
|
|
|
90
|
|
|
Interest income
|
|
11
|
|
|
4
|
|
|
4
|
|
|
5
|
|
|
—
|
|
|
24
|
|
|
Segment EBIT
|
|
636
|
|
|
412
|
|
(3)
|
727
|
|
|
335
|
|
|
(20
|
)
|
|
2,090
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment EBIT as a percentage of total sales
|
|
7.3
|
%
|
|
6.6
|
%
|
|
14.1
|
%
|
|
8.2
|
%
|
|
|
|
10.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1
|
)
|
Includes intersegment sales, intersegment profit in inventory eliminations and unallocated corporate expenses. There were no significant unallocated corporate expenses
for the years ended December 31, 2016 and 2015.
|
(2
|
)
|
Depreciation and amortization as shown on a segment basis excludes the amortization of debt discount and deferred costs included in the
Condensed Consolidated Statements of Income
as "Interest expense." The amortization of debt discount and deferred costs were $3 million for both the years ended December 31, 2016 and December 31, 2015.
|
(3
|
)
|
Distribution segment EBIT included gains of $15 million and $18 million on the fair value adjustments resulting from the acquisition of the controlling interests in North American distributors for the years ended December 31, 2016 and December 31, 2015.
|
(4
|
)
|
In the fourth quarter of 2016, we sold our remaining 49 percent interest in Cummins Olayan Energy for $61 million and recognized a gain of $17 million.
|
A reconciliation of our segment information to the corresponding amounts in the
Condensed Consolidated Statements of Income
is shown in the table below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
Years ended
|
In millions
|
|
December 31,
2016
|
|
December 31,
2015
|
|
December 31,
2016
|
|
December 31,
2015
|
Total segment EBIT
|
|
$
|
526
|
|
|
$
|
230
|
|
|
$
|
1,999
|
|
|
$
|
2,090
|
|
Less: Interest expense
|
|
18
|
|
|
18
|
|
|
69
|
|
|
65
|
|
Income before income taxes
|
|
$
|
508
|
|
|
$
|
212
|
|
|
$
|
1,930
|
|
|
$
|
2,025
|
|
CUMMINS INC. AND SUBSIDIARIES
SELECT FOOTNOTE DATA
(Unaudited)
EQUITY, ROYALTY AND INTEREST INCOME FROM INVESTEES
Equity, royalty and interest income from investees included in our
Condensed Consolidated Statements of Income
for the reporting periods was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
Years ended
|
In millions
|
|
December 31,
2016
|
|
December 31,
2015
|
|
December 31,
2016
|
|
December 31,
2015
|
Distribution entities
|
|
|
|
|
|
|
|
|
Komatsu Cummins Chile, Ltda.
|
|
$
|
8
|
|
|
$
|
8
|
|
|
$
|
34
|
|
|
$
|
31
|
|
North American distributors
|
|
3
|
|
|
6
|
|
|
21
|
|
|
33
|
|
All other distributors
|
|
(2
|
)
|
|
1
|
|
|
—
|
|
|
3
|
|
Manufacturing entities
|
|
|
|
|
|
|
|
|
|
|
Dongfeng Cummins Engine Company, Ltd.
|
|
14
|
|
|
11
|
|
|
46
|
|
|
51
|
|
Chongqing Cummins Engine Company, Ltd.
|
|
10
|
|
|
9
|
|
|
38
|
|
|
41
|
|
Beijing Foton Cummins Engine Co., Ltd.
|
|
(7
|
)
|
|
15
|
|
|
52
|
|
|
62
|
|
All other manufacturers
|
|
29
|
|
|
11
|
|
|
69
|
|
|
52
|
|
Cummins share of net income
|
|
55
|
|
|
61
|
|
|
260
|
|
|
273
|
|
Royalty and interest income
|
|
12
|
|
|
14
|
|
|
41
|
|
|
42
|
|
Equity, royalty and interest income from investees
|
|
$
|
67
|
|
|
$
|
75
|
|
|
$
|
301
|
|
|
$
|
315
|
|
CUMMINS INC. AND SUBSIDIARIES
SELECTED FOOTNOTE DATA
(Unaudited)
ACQUISITION
The Distribution segment North American distributor acquisition in the fourth quarter of
2016
was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Entity Acquired
|
|
Date of Acquisition
|
|
Additional Percent Interest Acquired
|
|
Payments to Former Owners
|
|
Acquisition Related Debt Retirements
|
|
Total Purchase Consideration
|
|
Type of Acquisition
(1)
|
|
Gain Recognized
(1)
|
|
Goodwill Acquired
|
|
Intangibles Recognized
|
|
Net Sales Previous Fiscal Year Ended
|
Cummins Pacific LLC (Pacific)
|
|
10/04/16
|
|
50
|
%
|
|
$
|
30
|
|
|
$
|
67
|
|
|
$
|
99
|
|
(2)
|
COMB
|
|
$
|
15
|
|
|
$
|
4
|
|
|
$
|
8
|
|
|
$
|
391
|
|
____________________________________________________
|
|
(1)
|
The results from Pacific were included in Distribution segment results subsequent to the acquisition date. Pacific was accounted for as business combination (COMB) with gains recognized based on the requirement to remeasure our pre-existing ownership to fair value in accordance with GAAP.
|
(2)
The "Total Purchase Consideration" represents the total amount that will or is estimated to be paid to complete the acquisition. A portion of the acquisition payment has not yet been made and will be paid in future periods in accordance with the purchase contract. The total outstanding consideration at December 31, 2016, for this entity was
$2 million
.
CUMMINS INC. AND SUBSIDIARIES
FINANCIAL MEASURES THAT SUPPLEMENT GAAP
(Unaudited)
Net income and diluted earnings per share (EPS) attributable to Cummins Inc. excluding special items
We believe these are useful measures of our operating performance for the periods presented as they illustrate our operating performance without regard to special items including tax adjustments. These measures are not in accordance with, or an alternative for, accounting principles generally accepted in the United States of America (GAAP) and may not be consistent with measures used by other companies. It should be considered supplemental data. The following table reconciles net income attributable to Cummins Inc. to net income attributable to Cummins Inc. excluding special items for the following periods:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
|
|
December 31, 2016
|
|
December 31, 2015
|
In millions
|
|
Net Income
|
|
Diluted EPS
|
|
Net Income
|
|
Diluted EPS
|
Net income attributable to Cummins Inc.
|
|
$
|
378
|
|
|
$
|
2.25
|
|
|
$
|
161
|
|
|
$
|
0.92
|
|
Add
|
|
|
|
|
|
|
|
|
Impairment of light-duty diesel assets, net of tax
(1)
|
|
—
|
|
|
—
|
|
|
133
|
|
|
0.75
|
|
Restructuring actions and other charges, net of tax
(2)
|
|
—
|
|
|
—
|
|
|
61
|
|
|
0.35
|
|
Net income attributable to Cummins Inc. excluding special items
|
|
$
|
378
|
|
|
$
|
2.25
|
|
|
$
|
355
|
|
|
$
|
2.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years ended
|
|
|
|
December 31, 2016
|
|
December 31, 2015
|
In millions
|
|
Net Income
|
|
Diluted EPS
|
|
Net Income
|
|
Diluted EPS
|
Net income attributable to Cummins Inc.
|
|
$
|
1,394
|
|
|
$
|
8.23
|
|
|
$
|
1,399
|
|
|
$
|
7.84
|
|
Add
|
|
|
|
|
|
|
|
|
Impairment of light-duty diesel assets, net of tax
(1)
|
|
—
|
|
|
—
|
|
|
133
|
|
|
0.75
|
|
Restructuring actions and other charges, net of tax
(2)
|
|
—
|
|
|
—
|
|
|
61
|
|
|
0.34
|
|
Net income attributable to Cummins Inc. excluding special items
|
|
$
|
1,394
|
|
|
$
|
8.23
|
|
|
$
|
1,593
|
|
|
$
|
8.93
|
|
__________________________________________
(1)
In the fourth quarter of 2015, we recorded a $211 million charge for impairment of our light-duty diesel assets.
(2)
In the fourth quarter of 2015, we recorded a $90 million charge for restructuring actions and other charges.
CUMMINS INC. AND SUBSIDIARIES
FINANCIAL MEASURES THAT SUPPLEMENT GAAP
(Unaudited)
Earnings before interest, income taxes, noncontrolling interests and special items
We define EBIT as earnings before interest expense, income tax expense and noncontrolling interests in income of consolidated subsidiaries. We use EBIT to assess and measure the performance of our operating segments and also as a component in measuring our variable compensation programs. This measure is not in accordance with, or an alternative for, GAAP and may not be consistent with measures used by other companies. It should be considered supplemental data. Below is a reconciliation of “Net income attributable to Cummins Inc.” to EBIT for each of the applicable periods:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
Years ended
|
In millions
|
|
December 31, 2016
|
|
December 31, 2015
|
|
December 31, 2016
|
|
December 31, 2015
|
Net income attributable to Cummins Inc.
|
|
$
|
378
|
|
|
$
|
161
|
|
|
$
|
1,394
|
|
|
$
|
1,399
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Cummins Inc. as a percentage of net sales
|
|
8.4
|
%
|
|
3.4
|
%
|
|
8.0
|
%
|
|
7.3
|
%
|
|
|
|
|
|
|
|
|
|
Add
|
|
|
|
|
|
|
|
|
Net income attributable to noncontrolling interests
|
|
18
|
|
|
17
|
|
|
62
|
|
|
71
|
|
Consolidated net income
|
|
396
|
|
|
178
|
|
|
1,456
|
|
|
1,470
|
|
|
|
|
|
|
|
|
|
|
Add
|
|
|
|
|
|
|
|
|
Interest expense
|
|
18
|
|
|
18
|
|
|
69
|
|
|
65
|
|
Income tax expense
|
|
112
|
|
|
34
|
|
|
474
|
|
|
555
|
|
Earnings before interest expense and income taxes
|
|
526
|
|
|
230
|
|
|
1,999
|
|
|
2,090
|
|
|
|
|
|
|
|
|
|
|
EBIT as a percentage of net sales
|
|
11.7
|
%
|
|
4.8
|
%
|
|
11.4
|
%
|
|
10.9
|
%
|
|
|
|
|
|
|
|
|
|
Add
|
|
|
|
|
|
|
|
|
Impairment of light-duty diesel assets
|
|
—
|
|
|
211
|
|
|
—
|
|
|
211
|
|
Restructuring actions and other charges
|
|
—
|
|
|
90
|
|
|
—
|
|
|
90
|
|
Earnings before interest expense, income taxes and special items
|
|
$
|
526
|
|
|
$
|
531
|
|
|
$
|
1,999
|
|
|
$
|
2,391
|
|
|
|
|
|
|
|
|
|
|
Earnings before interest expense, income taxes and special items as a percentage of net sales
|
|
11.7
|
%
|
|
11.1
|
%
|
|
11.4
|
%
|
|
12.5
|
%
|
CUMMINS INC. AND SUBSIDIARIES
BUSINESS UNIT SALES DATA
(Unaudited)
Engine Segment Sales by Market and Unit Shipments by Engine Classification
In the second quarter of 2016, in conjunction with the reorganization of our segments, our Engine segment reorganized its reporting structure as follows:
|
|
•
|
Heavy-duty truck -
We manufacture diesel and natural gas engines that range from 310 to 605 horsepower serving global heavy-duty truck customers worldwide, primarily in North America, Latin America and Australia.
|
|
|
•
|
Medium-duty truck and bus -
We manufacture diesel and natural gas engines ranging from 130 to 450 horsepower serving medium-duty truck and bus customers worldwide, with key markets including North America, Latin America, China, Europe and India. Applications include pickup and delivery trucks, vocational truck, school bus, transit bus and shuttle bus. We also provide diesel engines for Class A motor homes (RVs), primarily in North America.
|
|
|
•
|
Light-duty automotive (Pickup and Light Commercial Vehicle (LCV)) -
We manufacture 105 to 385 horsepower diesel engines, including engines for the pickup truck market for Chrysler and Nissan in North America, and LCV markets in Europe, Latin America and Asia.
|
|
|
•
|
Off-highway -
We manufacture diesel engines that range from 48 to 715 horsepower to key global markets including mining, marine, rail, oil and gas, defense, agriculture and construction equipment and also to the power generation business for standby, mobile and distributed power generation solutions throughout the world.
|
Sales for our Engine segment by market were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
In millions
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
YTD
|
Heavy-duty truck
|
|
$
|
631
|
|
|
$
|
622
|
|
|
$
|
625
|
|
|
$
|
565
|
|
|
$
|
2,443
|
|
Medium-duty truck and bus
|
|
549
|
|
|
600
|
|
|
517
|
|
|
606
|
|
|
2,272
|
|
Light-duty automotive
|
|
433
|
|
|
394
|
|
|
345
|
|
|
409
|
|
|
1,581
|
|
Off-highway
|
|
363
|
|
|
386
|
|
|
372
|
|
|
387
|
|
|
1,508
|
|
Total sales
|
|
$
|
1,976
|
|
|
$
|
2,002
|
|
|
$
|
1,859
|
|
|
$
|
1,967
|
|
|
$
|
7,804
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
In millions
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
YTD
|
Heavy-duty truck
|
|
$
|
757
|
|
|
$
|
875
|
|
|
$
|
784
|
|
|
$
|
700
|
|
|
$
|
3,116
|
|
Medium-duty truck and bus
|
|
608
|
|
|
674
|
|
|
585
|
|
|
640
|
|
|
2,507
|
|
Light-duty automotive
|
|
381
|
|
|
354
|
|
|
339
|
|
|
401
|
|
|
1,475
|
|
Off-highway
|
|
399
|
|
|
422
|
|
|
394
|
|
|
357
|
|
|
1,572
|
|
Total sales
|
|
$
|
2,145
|
|
|
$
|
2,325
|
|
|
$
|
2,102
|
|
|
$
|
2,098
|
|
|
$
|
8,670
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
In millions
|
|
YTD
|
|
|
|
|
|
|
|
|
Heavy-duty truck
|
|
$
|
3,072
|
|
|
|
|
|
|
|
|
|
Medium-duty truck and bus
|
|
2,431
|
|
|
|
|
|
|
|
|
|
Light-duty automotive
|
|
1,567
|
|
|
|
|
|
|
|
|
|
Off-highway
|
|
1,897
|
|
|
|
|
|
|
|
|
|
Total sales
|
|
$
|
8,967
|
|
|
|
|
|
|
|
|
|
CUMMINS INC. AND SUBSIDIARIES
BUSINESS UNIT SALES DATA
(Unaudited)
Unit shipments by engine classification
(including unit shipments to Power Systems and off-highway engine units included in their respective classification)
were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
Units
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
YTD
|
Heavy-duty
|
|
19,700
|
|
|
20,700
|
|
|
20,100
|
|
|
18,500
|
|
|
79,000
|
|
Medium-duty
|
|
55,400
|
|
|
62,300
|
|
|
53,400
|
|
|
58,000
|
|
|
229,100
|
|
Light-duty
|
|
61,700
|
|
|
57,100
|
|
|
49,800
|
|
|
60,000
|
|
|
228,600
|
|
Total units
|
|
136,800
|
|
|
140,100
|
|
|
123,300
|
|
|
136,500
|
|
|
536,700
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
Units
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
YTD
|
Heavy-duty
|
|
28,700
|
|
|
32,800
|
|
|
28,600
|
|
|
24,300
|
|
|
114,400
|
|
Medium-duty
|
|
61,200
|
|
|
66,600
|
|
|
59,600
|
|
|
59,700
|
|
|
247,100
|
|
Light-duty
|
|
51,200
|
|
|
53,400
|
|
|
47,800
|
|
|
56,900
|
|
|
209,300
|
|
Total units
|
|
141,100
|
|
|
152,800
|
|
|
136,000
|
|
|
140,900
|
|
|
570,800
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
Units
|
|
YTD
|
|
|
|
|
|
|
|
|
Heavy-duty
|
|
122,100
|
|
|
|
|
|
|
|
|
|
Medium-duty
|
|
266,800
|
|
|
|
|
|
|
|
|
|
Light-duty
|
|
204,400
|
|
|
|
|
|
|
|
|
|
Total units
|
|
593,300
|
|
|
|
|
|
|
|
|
|
Distribution Segment Sales by Product Line
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
In millions
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
YTD
|
Parts
|
|
$
|
648
|
|
|
$
|
642
|
|
|
$
|
643
|
|
|
$
|
694
|
|
|
$
|
2,627
|
|
Service
|
|
299
|
|
|
297
|
|
|
299
|
|
|
320
|
|
|
1,215
|
|
Power generation
|
|
275
|
|
|
326
|
|
|
291
|
|
|
347
|
|
|
1,239
|
|
Engines
|
|
241
|
|
|
279
|
|
|
271
|
|
|
309
|
|
|
1,100
|
|
Total sales
|
|
$
|
1,463
|
|
|
$
|
1,544
|
|
|
$
|
1,504
|
|
|
$
|
1,670
|
|
|
$
|
6,181
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
In millions
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
YTD
|
Parts
|
|
$
|
573
|
|
|
$
|
598
|
|
|
$
|
604
|
|
|
$
|
648
|
|
|
$
|
2,423
|
|
Service
|
|
284
|
|
|
307
|
|
|
301
|
|
|
330
|
|
|
1,222
|
|
Power generation
|
|
298
|
|
|
272
|
|
|
323
|
|
|
397
|
|
|
1,290
|
|
Engines
|
|
321
|
|
|
318
|
|
|
323
|
|
|
332
|
|
|
1,294
|
|
Total sales
|
|
$
|
1,476
|
|
|
$
|
1,495
|
|
|
$
|
1,551
|
|
|
$
|
1,707
|
|
|
$
|
6,229
|
|
CUMMINS INC. AND SUBSIDIARIES
BUSINESS UNIT SALES DATA
(Unaudited)
Component Segment Sales by Business
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
In millions
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
YTD
|
Emission solutions
|
|
$
|
607
|
|
|
$
|
624
|
|
|
$
|
540
|
|
|
$
|
546
|
|
|
$
|
2,317
|
|
Turbo technologies
|
|
265
|
|
|
276
|
|
|
241
|
|
|
254
|
|
|
1,036
|
|
Filtration
|
|
252
|
|
|
262
|
|
|
244
|
|
|
252
|
|
|
1,010
|
|
Fuel systems
|
|
113
|
|
|
117
|
|
|
118
|
|
|
125
|
|
|
473
|
|
Total sales
|
|
$
|
1,237
|
|
|
$
|
1,279
|
|
|
$
|
1,143
|
|
|
$
|
1,177
|
|
|
$
|
4,836
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
In millions
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
YTD
|
Emission solutions
|
|
$
|
613
|
|
|
$
|
679
|
|
|
$
|
607
|
|
|
$
|
600
|
|
|
$
|
2,499
|
|
Turbo technologies
|
|
301
|
|
|
307
|
|
|
266
|
|
|
267
|
|
|
1,141
|
|
Filtration
|
|
255
|
|
|
266
|
|
|
240
|
|
|
249
|
|
|
1,010
|
|
Fuel systems
|
|
130
|
|
|
145
|
|
|
127
|
|
|
120
|
|
|
522
|
|
Total sales
|
|
$
|
1,299
|
|
|
$
|
1,397
|
|
|
$
|
1,240
|
|
|
$
|
1,236
|
|
|
$
|
5,172
|
|
Power Systems Segment Sales by Product Line and Unit Shipments by Engine Classification
In the second quarter of 2016, in conjunction with the reorganization of our segments, our Power Systems segment reorganized its reporting structure into the following product lines:
|
|
•
|
Power generation -
We design, manufacture, sell and support back-up and prime power generators ranging from 2 kilowatts to 3.5 megawatts, as well as controls, paralleling systems and transfer switches, for applications such as consumer, commercial, industrial, data centers, health care, telecommunications and waste water treatment plants. We also provide turnkey solutions for distributed generation and energy management applications using natural gas or biogas as a fuel. We also serve global rental accounts for diesel and gas generator sets.
|
|
|
•
|
Industrial -
We design, manufacture, sell and support diesel and natural gas high-horsepower engines up to 5,500 horsepower for a wide variety of equipment in the mining, rail, defense, oil and gas, and commercial marine applications throughout the world. Across these markets, we have major customers in North America, Europe, the Middle East, Africa, China, Korea, Japan, Latin America, India, Russia, Southeast Asia, South Pacific and Mexico.
|
|
|
•
|
Generator technologies -
We design, manufacture, sell and support A/C generator/alternator products for internal consumption and for external generator set assemblers. Our products are sold under the Stamford, AVK and Markon brands and range in output from 3 kilovolt-amperes (kVA) to 12,000 kVA.
|
CUMMINS INC. AND SUBSIDIARIES
BUSINESS UNIT SALES DATA
(Unaudited)
Sales for our Power Systems segment by product line were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
In millions
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
YTD
|
Power generation
|
|
$
|
520
|
|
|
$
|
597
|
|
|
$
|
545
|
|
|
$
|
573
|
|
|
$
|
2,235
|
|
Industrial
|
|
215
|
|
|
240
|
|
|
233
|
|
|
275
|
|
|
963
|
|
Generator technologies
|
|
73
|
|
|
84
|
|
|
78
|
|
|
84
|
|
|
319
|
|
Total sales
|
|
$
|
808
|
|
|
$
|
921
|
|
|
$
|
856
|
|
|
$
|
932
|
|
|
$
|
3,517
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
In millions
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
YTD
|
Power generation
|
|
$
|
624
|
|
|
$
|
710
|
|
|
$
|
621
|
|
|
$
|
615
|
|
|
$
|
2,570
|
|
Industrial
|
|
280
|
|
|
295
|
|
|
275
|
|
|
287
|
|
|
1,137
|
|
Generator technologies
|
|
98
|
|
|
92
|
|
|
86
|
|
|
84
|
|
|
360
|
|
Total sales
|
|
$
|
1,002
|
|
|
$
|
1,097
|
|
|
$
|
982
|
|
|
$
|
986
|
|
|
$
|
4,067
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
In millions
|
|
YTD
|
|
|
|
|
|
|
|
|
Power generation
|
|
$
|
2,633
|
|
|
|
|
|
|
|
|
|
Industrial
|
|
1,331
|
|
|
|
|
|
|
|
|
|
Generator technologies
|
|
450
|
|
|
|
|
|
|
|
|
|
Total sales
|
|
$
|
4,414
|
|
|
|
|
|
|
|
|
|
High-horsepower unit shipments by engine classification were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
Units
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
YTD
|
Power generation
|
|
1,800
|
|
|
2,200
|
|
|
2,000
|
|
|
1,900
|
|
|
7,900
|
|
Industrial
|
|
1,000
|
|
|
1,100
|
|
|
1,000
|
|
|
1,300
|
|
|
4,400
|
|
Total units
|
|
2,800
|
|
|
3,300
|
|
|
3,000
|
|
|
3,200
|
|
|
12,300
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
Units
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
YTD
|
Power generation
|
|
2,200
|
|
|
2,500
|
|
|
2,000
|
|
|
1,900
|
|
|
8,600
|
|
Industrial
|
|
1,300
|
|
|
1,200
|
|
|
1,200
|
|
|
1,500
|
|
|
5,200
|
|
Total units
|
|
3,500
|
|
|
3,700
|
|
|
3,200
|
|
|
3,400
|
|
|
13,800
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
Units
|
|
YTD
|
|
|
|
|
|
|
|
|
Power generation
|
|
8,700
|
|
|
|
|
|
|
|
|
|
Industrial
|
|
6,100
|
|
|
|
|
|
|
|
|
|
Total units
|
|
14,800
|
|
|
|
|
|
|
|
|
|
Cummins (NYSE:CMI)
Historical Stock Chart
From Apr 2024 to May 2024
Cummins (NYSE:CMI)
Historical Stock Chart
From May 2023 to May 2024