Analyzing and in terpreting Disclosure s on Equity Method In vestments Cummins Inc. (CMI) reports…

Analyzing and in terpreting Disclosure s on Equity Method In vestments

Cummins Inc. (CMI) reports investments in affiliated companies, consisting mainly of investments in nine manufactunng jomt ventures. Cummins report s those investments on tts balance sheet at $886 million, and provides the following financial infom1ation of its investee companies in a footnote to its 10-K report:

a. What assets and liabilities of unconsolidated affiliates are omitted from Cummin s' balance sheet as a result of the equity method of accounting for those investments?

b. Do the liabilities of the unconsolidated affiliates affect Cummins directly? Explain.

c. How does the equity method impact Cummins ' ROE and its RNOA components (net operating asset turnover and net operating profit margin)?

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