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Actionable news in CMI: CumMINS Inc,

SECURITIES AND EXCHANGE COMMISSION

Components segment sales increased 34 percent due to higher demand across all businesses, especially the emission solutions business, due to strong on-highway sales in North America, India and China and sales related to the acquisition of the automated transmissions business.
Components segment sales increased 18 percent due to higher demand across all businesses, especially the emission solutions business, due to strong on-highway sales in China, India and North America and sales related to the acquisition of the automated transmissions business.
Three months endedNine months ended
In millionsOctober 1,
2017
October 2,
2016
October 1,
2017
October 2,
2016
Royalty income, net$18
$7
$38
$20
Gain (loss) on sale of assets, net15

20
(1)
Amortization of intangible assets(4)(2)(7)(7)
Loss on write off of assets
(5)(2)(14)
Other, net3

6

Total other operating income (expense), net$32
$
$55
$(2)
Three months endedNine months ended
In millionsOctober 1,
2017
October 2,
2016
October 1,
2017
October 2,
2016
Change in cash surrender value of corporate owned life insurance$9
$10
$38
$33
Dividend income1
1
4
3
Foreign currency gain (loss), net(5)
(2)(11)
Bank charges(2)(3)(7)(7)
Other, net4

12
16
Total other income (expense), net$7
$8
$45
$34
Three months ended
October 1, 2017October 2, 2016
In millionsTranslation adjustmentPrimary currency driver vs. U.S. dollarTranslation adjustmentPrimary currency driver vs. U.S. dollar
Wholly-owned subsidiaries$86
British pound, Chinese renminbi$(33)British pound, Brazilian real offset by Indian rupee
Equity method investments10
Chinese renminbi1
Indian rupee, Japanese yen offset by Chinese renminbi
Consolidated subsidiaries with a noncontrolling interest(2)Indian rupee3
Indian rupee
Total$94
$(29)
Nine months ended
October 1, 2017October 2, 2016
In millionsTranslation adjustmentPrimary currency driver vs. U.S. dollarTranslation adjustmentPrimary currency driver vs. U.S. dollar
Wholly-owned subsidiaries$233
British pound, Chinese renminbi, Indian rupee
$(288)British pound, Chinese renminbi offset by Brazilian real
Equity method investments31
Chinese renminbi, Indian rupee(8)Chinese renminbi offset by Japanese yen, Mexican peso
Consolidated subsidiaries with a noncontrolling interest12
Indian rupee(3)Indian rupee, Chinese renminbi
Total$276
$(299)
Three months endedFavorable/Nine months endedFavorable/
October 1,October 2,(Unfavorable)October 1,October 2,(Unfavorable)
In millions20172016AmountPercent20172016AmountPercent
External sales (1)$1,783
$1,357
$426
31 %$4,951
$4,350
$601
14 %
Intersegment sales (1)553
502
51
10 %1,715
1,487
228
15 %
Total sales2,336
1,859
477
26 %6,666
5,837
829
14 %
Depreciation and amortization47
42
(5)(12)%137
122
(15)(12)%
Research, development and engineering expenses83
56
(27)(48)%200
166
(34)(20)%
Equity, royalty and interest income from investees58
38
20
53 %186
120
66
55 %
Loss contingency
99
99
100 %
138
138
100 %
Interest income1
3
(2)(67)%4
8
(4)(50)%
EBIT229
89
140
NM
735
492
243
49 %


Percentage Points

Percentage Points
EBIT as a percentage of total sales9.8%4.8%
5.0
11.0%8.4%
2.6
Three months endedFavorable/Nine months endedFavorable/
October 1,October 2,(Unfavorable)October 1,October 2,(Unfavorable)
In millions20172016AmountPercent20172016AmountPercent
Heavy-duty truck$776
$625
$151
24%$2,110
$1,878
$232
12%
Medium-duty truck and bus625
517
108
21%1,870
1,666
204
12%
Light-duty automotive452
345
107
31%1,304
1,172
132
11%
Total on-highway1,853
1,487
366
25%5,284
4,716
568
12%
Off-highway483
372
111
30%1,382
1,121
261
23%
Total sales$2,336
$1,859
$477
26%$6,666
$5,837
$829
14%
Three months endedFavorable/Nine months endedFavorable/
October 1,October 2,(Unfavorable)October 1,October 2,(Unfavorable)
20172016AmountPercent20172016AmountPercent
Heavy-duty28,100
20,100
8,000
40%71,400
60,500
10,900
18%
Medium-duty68,500
53,400
15,100
28%200,400
171,100
29,300
17%
Light-duty66,300
49,800
16,500
33%195,000
168,600
26,400
16%
Total unit shipments162,900
123,300
39,600
32%466,800
400,200
66,600
17%
Off-highway sales increased $261 million primarily due to improved demand in global industrial markets, especially in international construction markets, with increased unit shipments of 52 percent primarily in China and Australia.
Heavy-duty truck sales increased $232 million primarily due to higher demand in North American heavy-duty truck markets with increased shipments of 14 percent.

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