Indiana (State or other Jurisdiction of Incorporation) | 1-4949 (Commission File Number) | 35-0257090 (I.R.S. Employer Identification No.) |
[ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
[ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
[ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
[ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
(d) | The following exhibit is furnished pursuant to Item 2.02 herewith: |
CUMMINS INC. |
/s/ CHRISTOPHER C. CLULOW |
Christopher C. Clulow Vice President - Corporate Controller (Principal Accounting Officer) |
Three months ended | ||||||||
In millions, except per share amounts | July 2, 2017 | July 3, 2016 | ||||||
NET SALES | $ | 5,078 | $ | 4,528 | ||||
Cost of sales | 3,829 | 3,331 | ||||||
GROSS MARGIN | 1,249 | 1,197 | ||||||
OPERATING EXPENSES AND INCOME | ||||||||
Selling, general and administrative expenses | 596 | 524 | ||||||
Research, development and engineering expenses | 174 | 155 | ||||||
Equity, royalty and interest income from investees | 98 | 88 | ||||||
Loss contingency | — | 39 | ||||||
Other operating income (expense), net | 18 | — | ||||||
OPERATING INCOME | 595 | 567 | ||||||
Interest income | 5 | 6 | ||||||
Interest expense | 21 | 16 | ||||||
Other income (expense), net | 20 | 18 | ||||||
INCOME BEFORE INCOME TAXES | 599 | 575 | ||||||
Income tax expense | 158 | 148 | ||||||
CONSOLIDATED NET INCOME | 441 | 427 | ||||||
Less: Net income attributable to noncontrolling interests | 17 | 21 | ||||||
NET INCOME ATTRIBUTABLE TO CUMMINS INC. | $ | 424 | $ | 406 | ||||
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CUMMINS INC. | ||||||||
Basic | $ | 2.53 | $ | 2.41 | ||||
Diluted | $ | 2.53 | $ | 2.40 | ||||
WEIGHTED AVERAGE SHARES OUTSTANDING | ||||||||
Basic | 167.3 | 168.8 | ||||||
Diluted | 167.8 | 169.0 | ||||||
CASH DIVIDENDS DECLARED PER COMMON SHARE | $ | 1.025 | $ | 0.975 | ||||
(a) Prepared on an unaudited basis in accordance with accounting principles generally accepted in the United States of America. |
Six months ended | ||||||||
In millions, except per share amounts | July 2, 2017 | July 3, 2016 | ||||||
NET SALES | $ | 9,667 | $ | 8,819 | ||||
Cost of sales | 7,290 | 6,566 | ||||||
GROSS MARGIN | 2,377 | 2,253 | ||||||
OPERATING EXPENSES AND INCOME | ||||||||
Selling, general and administrative expenses | 1,133 | 1,014 | ||||||
Research, development and engineering expenses | 332 | 321 | ||||||
Equity, royalty and interest income from investees | 206 | 160 | ||||||
Loss contingency | — | 39 | ||||||
Other operating income (expense), net | 23 | (2 | ) | |||||
OPERATING INCOME | 1,141 | 1,037 | ||||||
Interest income | 7 | 12 | ||||||
Interest expense | 39 | 35 | ||||||
Other income (expense), net | 38 | 26 | ||||||
INCOME BEFORE INCOME TAXES | 1,147 | 1,040 | ||||||
Income tax expense | 301 | 280 | ||||||
CONSOLIDATED NET INCOME | 846 | 760 | ||||||
Less: Net income attributable to noncontrolling interests | 26 | 33 | ||||||
NET INCOME ATTRIBUTABLE TO CUMMINS INC. | $ | 820 | $ | 727 | ||||
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CUMMINS INC. | ||||||||
Basic | $ | 4.90 | $ | 4.27 | ||||
Diluted | $ | 4.88 | $ | 4.26 | ||||
WEIGHTED AVERAGE SHARES OUTSTANDING | ||||||||
Basic | 167.4 | 170.3 | ||||||
Diluted | 167.9 | 170.5 | ||||||
CASH DIVIDENDS DECLARED PER COMMON SHARE | $ | 2.05 | $ | 1.95 | ||||
(a) Prepared on an unaudited basis in accordance with accounting principles generally accepted in the United States of America. |
In millions, except par value | July 2, 2017 | December 31, 2016 | ||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 1,293 | $ | 1,120 | ||||
Marketable securities | 174 | 260 | ||||||
Total cash, cash equivalents and marketable securities | 1,467 | 1,380 | ||||||
Accounts and notes receivable, net | 3,553 | 3,025 | ||||||
Inventories | 2,982 | 2,675 | ||||||
Prepaid expenses and other current assets | 600 | 627 | ||||||
Total current assets | 8,602 | 7,707 | ||||||
Long-term assets | ||||||||
Property, plant and equipment | 7,804 | 7,635 | ||||||
Accumulated depreciation | (4,017 | ) | (3,835 | ) | ||||
Property, plant and equipment, net | 3,787 | 3,800 | ||||||
Investments and advances related to equity method investees | 1,162 | 946 | ||||||
Goodwill | 488 | 480 | ||||||
Other intangible assets, net | 339 | 332 | ||||||
Pension assets | 852 | 731 | ||||||
Other assets | 1,030 | 1,015 | ||||||
Total assets | $ | 16,260 | $ | 15,011 | ||||
LIABILITIES | ||||||||
Current liabilities | ||||||||
Accounts payable (principally trade) | $ | 2,300 | $ | 1,854 | ||||
Loans payable | 54 | 41 | ||||||
Commercial paper | 134 | 212 | ||||||
Accrued compensation, benefits and retirement costs | 475 | 412 | ||||||
Current portion of accrued product warranty | 392 | 333 | ||||||
Current portion of deferred revenue | 520 | 468 | ||||||
Other accrued expenses | 974 | 970 | ||||||
Current maturities of long-term debt | 45 | 35 | ||||||
Total current liabilities | 4,894 | 4,325 | ||||||
Long-term liabilities | ||||||||
Long-term debt | 1,564 | 1,568 | ||||||
Postretirement benefits other than pensions | 318 | 329 | ||||||
Pensions | 327 | 326 | ||||||
Other liabilities and deferred revenue | 1,335 | 1,289 | ||||||
Total liabilities | $ | 8,438 | $ | 7,837 | ||||
EQUITY | ||||||||
Cummins Inc. shareholders’ equity | ||||||||
Common stock, $2.50 par value, 500 shares authorized, 222.3 and 222.4 shares issued | $ | 2,184 | $ | 2,153 | ||||
Retained earnings | 11,517 | 11,040 | ||||||
Treasury stock, at cost, 54.7 and 54.2 shares | (4,586 | ) | (4,489 | ) | ||||
Common stock held by employee benefits trust, at cost, 0.6 and 0.7 shares | (7 | ) | (8 | ) | ||||
Accumulated other comprehensive loss | (1,615 | ) | (1,821 | ) | ||||
Total Cummins Inc. shareholders’ equity | 7,493 | 6,875 | ||||||
Noncontrolling interests | 329 | 299 | ||||||
Total equity | $ | 7,822 | $ | 7,174 | ||||
Total liabilities and equity | $ | 16,260 | $ | 15,011 | ||||
(a) Prepared on an unaudited basis in accordance with accounting principles generally accepted in the United States of America. |
Six months ended | ||||||||
In millions | July 2, 2017 | July 3, 2016 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Consolidated net income | $ | 846 | $ | 760 | ||||
Adjustments to reconcile consolidated net income to net cash provided by operating activities | ||||||||
Depreciation and amortization | 284 | 259 | ||||||
Deferred income taxes | — | 2 | ||||||
Equity in income of investees, net of dividends | (132 | ) | (87 | ) | ||||
Pension contributions in excess of expense | (44 | ) | (82 | ) | ||||
Other post-retirement benefits payments in excess of expense | (8 | ) | (17 | ) | ||||
Stock-based compensation expense | 23 | 20 | ||||||
Restructuring payments | — | (42 | ) | |||||
Loss contingency | — | 39 | ||||||
Translation and hedging activities | 31 | (45 | ) | |||||
Changes in current assets and liabilities | ||||||||
Accounts and notes receivable | (488 | ) | (252 | ) | ||||
Inventories | (264 | ) | (101 | ) | ||||
Other current assets | 21 | 189 | ||||||
Accounts payable | 403 | 143 | ||||||
Accrued expenses | 132 | (209 | ) | |||||
Changes in other liabilities and deferred revenue | 103 | 129 | ||||||
Other, net | (81 | ) | 32 | |||||
Net cash provided by operating activities | 826 | 738 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Capital expenditures | (182 | ) | (189 | ) | ||||
Investments in internal use software | (40 | ) | (27 | ) | ||||
Investments in and advances to equity investees | (64 | ) | (17 | ) | ||||
Investments in marketable securities—acquisitions | (69 | ) | (379 | ) | ||||
Investments in marketable securities—liquidations | 162 | 237 | ||||||
Cash flows from derivatives not designated as hedges | 19 | (21 | ) | |||||
Other, net | 14 | 5 | ||||||
Net cash used in investing activities | (160 | ) | (391 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Proceeds from borrowings | 2 | 109 | ||||||
Net (payments) borrowings of commercial paper | (78 | ) | 200 | |||||
Payments on borrowings and capital lease obligations | (29 | ) | (133 | ) | ||||
Distributions to noncontrolling interests | (10 | ) | (24 | ) | ||||
Dividend payments on common stock | (343 | ) | (333 | ) | ||||
Repurchases of common stock | (120 | ) | (695 | ) | ||||
Other, net | 34 | (20 | ) | |||||
Net cash used in financing activities | (544 | ) | (896 | ) | ||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 51 | (117 | ) | |||||
Net increase (decrease) in cash and cash equivalents | 173 | (666 | ) | |||||
Cash and cash equivalents at beginning of year | 1,120 | 1,711 | ||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 1,293 | $ | 1,045 | ||||
(a) Prepared on an unaudited basis in accordance with accounting principles generally accepted in the United States of America. |
In millions | Engine | Distribution | Components | Power Systems | Intersegment Eliminations (1) | Total | ||||||||||||||||||||
Three months ended July 2, 2017 | ||||||||||||||||||||||||||
External sales | $ | 1,711 | $ | 1,716 | $ | 1,064 | $ | 587 | $ | — | $ | 5,078 | ||||||||||||||
Intersegment sales | 596 | 6 | 390 | 430 | (1,422 | ) | — | |||||||||||||||||||
Total sales | 2,307 | 1,722 | 1,454 | 1,017 | (1,422 | ) | 5,078 | |||||||||||||||||||
Depreciation and amortization (2) | 46 | 31 | 38 | 29 | — | 144 | ||||||||||||||||||||
Research, development and engineering expenses | 63 | 4 | 57 | 50 | — | 174 | ||||||||||||||||||||
Equity, royalty and interest income from investees | 56 | 13 | 15 | 14 | — | 98 | ||||||||||||||||||||
Interest income | 2 | 1 | 1 | 1 | — | 5 | ||||||||||||||||||||
Segment EBIT | 277 | 96 | 190 | 61 | (4 | ) | 620 | |||||||||||||||||||
Segment EBIT as a percentage of total sales | 12.0 | % | 5.6 | % | 13.1 | % | 6.0 | % | 12.2 | % | ||||||||||||||||
Three months ended July 3, 2016 | ||||||||||||||||||||||||||
External sales | $ | 1,504 | $ | 1,538 | $ | 933 | $ | 553 | $ | — | $ | 4,528 | ||||||||||||||
Intersegment sales | 498 | 6 | 346 | 368 | (1,218 | ) | — | |||||||||||||||||||
Total sales | 2,002 | 1,544 | 1,279 | 921 | (1,218 | ) | 4,528 | |||||||||||||||||||
Depreciation and amortization (2) | 41 | 29 | 32 | 29 | — | 131 | ||||||||||||||||||||
Research, development and engineering expenses | 53 | 3 | 51 | 48 | — | 155 | ||||||||||||||||||||
Equity, royalty and interest income from investees | 46 | 19 | 12 | 11 | — | 88 | ||||||||||||||||||||
Loss contingency | 39 | — | — | — | — | 39 | ||||||||||||||||||||
Interest income | 3 | 1 | 1 | 1 | — | 6 | ||||||||||||||||||||
Segment EBIT | 206 | 87 | 190 | 90 | 18 | 591 | ||||||||||||||||||||
Segment EBIT as a percentage of total sales | 10.3 | % | 5.6 | % | 14.9 | % | 9.8 | % | 13.1 | % | ||||||||||||||||
(1 | ) | Includes intersegment sales, intersegment profit in inventory eliminations and unallocated corporate expenses. There were no significant unallocated corporate expenses for the three months ended July 2, 2017 and July 3, 2016. | ||||||||||||||||||||||||
(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." |
In millions | Engine | Distribution | Components | Power Systems | Intersegment Eliminations (1) | Total | ||||||||||||||||||||
Six months ended July 2, 2017 | ||||||||||||||||||||||||||
External sales | $ | 3,168 | $ | 3,353 | $ | 2,044 | $ | 1,102 | $ | — | $ | 9,667 | ||||||||||||||
Intersegment sales | 1,162 | 14 | 754 | 797 | (2,727 | ) | — | |||||||||||||||||||
Total sales | 4,330 | 3,367 | 2,798 | 1,899 | (2,727 | ) | 9,667 | |||||||||||||||||||
Depreciation and amortization (2) | 90 | 61 | 75 | 57 | — | 283 | ||||||||||||||||||||
Research, development and engineering expenses | 117 | 8 | 107 | 100 | — | 332 | ||||||||||||||||||||
Equity, royalty and interest income from investees | 128 | 24 | 28 | 26 | — | 206 | ||||||||||||||||||||
Interest income | 3 | 2 | 1 | 1 | — | 7 | ||||||||||||||||||||
Segment EBIT | 506 | 196 | 369 | 118 | (3 | ) | 1,186 | |||||||||||||||||||
Segment EBIT as a percentage of total sales | 11.7 | % | 5.8 | % | 13.2 | % | 6.2 | % | 12.3 | % | ||||||||||||||||
Six months ended July 3, 2016 | ||||||||||||||||||||||||||
External sales | $ | 2,993 | $ | 2,996 | $ | 1,830 | $ | 1,000 | $ | — | $ | 8,819 | ||||||||||||||
Intersegment sales | 985 | 11 | 686 | 729 | (2,411 | ) | — | |||||||||||||||||||
Total sales | 3,978 | 3,007 | 2,516 | 1,729 | (2,411 | ) | 8,819 | |||||||||||||||||||
Depreciation and amortization (2) | 80 | 57 | 63 | 58 | — | 258 | ||||||||||||||||||||
Research, development and engineering expenses | 110 | 7 | 107 | 97 | — | 321 | ||||||||||||||||||||
Equity, royalty and interest income from investees | 82 | 37 | 20 | 21 | — | 160 | ||||||||||||||||||||
Loss contingency | 39 | — | — | — | — | 39 | ||||||||||||||||||||
Interest income | 5 | 2 | 2 | 3 | — | 12 | ||||||||||||||||||||
Segment EBIT | 403 | 174 | 353 | 136 | 9 | 1,075 | ||||||||||||||||||||
Segment EBIT as a percentage of total sales | 10.1 | % | 5.8 | % | 14.0 | % | 7.9 | % | 12.2 | % | ||||||||||||||||
(1 | ) | Includes intersegment sales, intersegment profit in inventory eliminations and unallocated corporate expenses. There were no significant unallocated corporate expenses for the six months ended July 2, 2017 and July 3, 2016. | ||||||||||||||||||||||||
(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 was $1 million for both of the six months ended July 2, 2017 and July 3, 2016. |
Three months ended | Six months ended | |||||||||||||||
In millions | July 2, 2017 | July 3, 2016 | July 2, 2017 | July 3, 2016 | ||||||||||||
Total segment EBIT | $ | 620 | $ | 591 | $ | 1,186 | $ | 1,075 | ||||||||
Less: Interest expense | 21 | 16 | 39 | 35 | ||||||||||||
Income before income taxes | $ | 599 | $ | 575 | $ | 1,147 | $ | 1,040 |
Three months ended | Six months ended | |||||||||||||||
In millions | July 2, 2017 | July 3, 2016 | July 2, 2017 | July 3, 2016 | ||||||||||||
Distribution entities | ||||||||||||||||
Komatsu Cummins Chile, Ltda. | $ | 8 | $ | 8 | $ | 15 | $ | 18 | ||||||||
North American distributors | — | 6 | — | 11 | ||||||||||||
All other distributors | — | 1 | — | 1 | ||||||||||||
Manufacturing entities | ||||||||||||||||
Beijing Foton Cummins Engine Co., Ltd. | 22 | 22 | 55 | 40 | ||||||||||||
Dongfeng Cummins Engine Company, Ltd. | 19 | 15 | 41 | 22 | ||||||||||||
Chongqing Cummins Engine Company, Ltd. | 10 | 9 | 19 | 17 | ||||||||||||
All other manufacturers | 27 | 16 | 51 | 32 | ||||||||||||
Cummins share of net income | 86 | 77 | 181 | 141 | ||||||||||||
Royalty and interest income | 12 | 11 | 25 | 19 | ||||||||||||
Equity, royalty and interest income from investees | $ | 98 | $ | 88 | $ | 206 | $ | 160 |
Three months ended | Six months ended | |||||||||||||||
In millions | July 2, 2017 | July 3, 2016 | July 2, 2017 | July 3, 2016 | ||||||||||||
Net income attributable to Cummins Inc. | $ | 424 | $ | 406 | $ | 820 | $ | 727 | ||||||||
Net income attributable to Cummins Inc. as a percentage of net sales | 8.3 | % | 9.0 | % | 8.5 | % | 8.2 | % | ||||||||
Add | ||||||||||||||||
Net income attributable to noncontrolling interests | 17 | 21 | 26 | 33 | ||||||||||||
Consolidated net income | 441 | 427 | 846 | 760 | ||||||||||||
Add | ||||||||||||||||
Interest expense | 21 | 16 | 39 | 35 | ||||||||||||
Income tax expense | 158 | 148 | 301 | 280 | ||||||||||||
Earnings before interest expense and income taxes | $ | 620 | $ | 591 | $ | 1,186 | $ | 1,075 | ||||||||
EBIT as a percentage of net sales | 12.2 | % | 13.1 | % | 12.3 | % | 12.2 | % |
2017 | ||||||||||||||||||||
In millions | Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||||||
Heavy-duty truck | $ | 620 | $ | 714 | $ | — | $ | — | $ | 1,334 | ||||||||||
Medium-duty truck and bus | 544 | 701 | — | — | 1,245 | |||||||||||||||
Light-duty automotive | 423 | 429 | — | — | 852 | |||||||||||||||
Off-highway | 436 | 463 | — | — | 899 | |||||||||||||||
Total sales | $ | 2,023 | $ | 2,307 | $ | — | $ | — | $ | 4,330 | ||||||||||
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 |
2017 | |||||||||||||||
Units | Q1 | Q2 | Q3 | Q4 | YTD | ||||||||||
Heavy-duty | 19,200 | 24,100 | — | — | 43,300 | ||||||||||
Medium-duty | 60,300 | 71,600 | — | — | 131,900 | ||||||||||
Light-duty | 63,100 | 65,600 | — | — | 128,700 | ||||||||||
Total units | 142,600 | 161,300 | — | — | 303,900 | ||||||||||
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 |
2017 | ||||||||||||||||||||
In millions | Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||||||
Parts | $ | 745 | $ | 759 | $ | — | $ | — | $ | 1,504 | ||||||||||
Service | 319 | 320 | — | — | 639 | |||||||||||||||
Power generation | 306 | 329 | — | — | 635 | |||||||||||||||
Engines | 275 | 314 | — | — | 589 | |||||||||||||||
Total sales | $ | 1,645 | $ | 1,722 | $ | — | $ | — | $ | 3,367 | ||||||||||
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 |
2017 | ||||||||||||||||||||
In millions | Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||||||
Emission solutions | $ | 616 | $ | 674 | $ | — | $ | — | $ | 1,290 | ||||||||||
Turbo technologies | 287 | 307 | — | — | 594 | |||||||||||||||
Filtration | 277 | 291 | — | — | 568 | |||||||||||||||
Fuel systems | 164 | 182 | — | — | 346 | |||||||||||||||
Total sales | $ | 1,344 | $ | 1,454 | $ | — | $ | — | $ | 2,798 | ||||||||||
2016 | ||||||||||||||||||||
In millions | Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||||||
Emission solutions | $ | 589 | $ | 603 | $ | 522 | $ | 524 | $ | 2,238 | ||||||||||
Turbo technologies | 265 | 276 | 241 | 254 | 1,036 | |||||||||||||||
Filtration | 252 | 262 | 244 | 252 | 1,010 | |||||||||||||||
Fuel systems | 131 | 138 | 136 | 147 | 552 | |||||||||||||||
Total sales | $ | 1,237 | $ | 1,279 | $ | 1,143 | $ | 1,177 | $ | 4,836 | ||||||||||
2015 | ||||||||||||||||||||
In millions | YTD | |||||||||||||||||||
Emission solutions | $ | 2,449 | ||||||||||||||||||
Turbo technologies | 1,141 | |||||||||||||||||||
Filtration | 1,010 | |||||||||||||||||||
Fuel systems | 572 | |||||||||||||||||||
Total sales | $ | 5,172 |
2017 | ||||||||||||||||||||
In millions | Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||||||
Power generation | $ | 526 | $ | 570 | $ | — | $ | — | $ | 1,096 | ||||||||||
Industrial | 275 | 353 | — | — | 628 | |||||||||||||||
Generator technologies | 81 | 94 | — | — | 175 | |||||||||||||||
Total sales | $ | 882 | $ | 1,017 | $ | — | $ | — | $ | 1,899 | ||||||||||
2016 | ||||||||||||||||||||
In millions | Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||||||
Power generation | $ | 518 | $ | 602 | $ | 543 | $ | 593 | $ | 2,256 | ||||||||||
Industrial | 215 | 236 | 235 | 255 | 941 | |||||||||||||||
Generator technologies | 75 | 83 | 78 | 84 | 320 | |||||||||||||||
Total sales | $ | 808 | $ | 921 | $ | 856 | $ | 932 | $ | 3,517 | ||||||||||
2015 | ||||||||||||||||||||
In millions | YTD | |||||||||||||||||||
Power generation | $ | 2,588 | ||||||||||||||||||
Industrial | 1,121 | |||||||||||||||||||
Generator technologies | 358 | |||||||||||||||||||
Total sales | $ | 4,067 |
2017 | |||||||||||||||
Units | Q1 | Q2 | Q3 | Q4 | YTD | ||||||||||
Power generation | 1,900 | 2,100 | — | — | 4,000 | ||||||||||
Industrial | 1,300 | 1,700 | — | — | 3,000 | ||||||||||
Total units | 3,200 | 3,800 | — | — | 7,000 | ||||||||||
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 |