Cumminsreason 03 of 4a reason to hold, not a barrierderived 2026-09-08accession 0000026172-26-000029
At June 30, 2026, we had $3.9 billion in cash and marketable securities on hand and access to our $4.0 billion credit facilities (net of $348 million of commercial paper outstanding)
Our debt to capital ratio at June 30, 2026 was 35.6 percent, compared to 36.0 percent at December 31, 2025
We generated $1,808 million in cash from operations for H1 2026 compared to $782 million for the comparable period in 2025
In H1 2026 we repurchased common stock at higher levels than prior year with stock repurchases increasing $468 million versus the comparable period
Our global pension plans were 112 percent funded at December 31, 2025; our U.S. defined benefit plans were 115 percent funded
two findings, in the order they were read
Debt to capital ratio improved from 36.5 percent to 35.6 percent, now showing a decrease rather than an increase versus year-end.
before · MD&A · 2026-03-31 → 2026-06-30
“was 36.5 percent, compared to 36.0 percent at December 31, 2025. The increase was primarily due to a higher debt balance”
→ after
“was 35.6 percent, compared to 36.0 percent at December 31, 2025. The decrease was primarily due to an increased equity balance from strong earnings”
Pension trust investment performance shifted from losses in Q1 to gains in H1 2026, relevant to pension funded status.
before · MD&A · 2026-03-31 → 2026-06-30
“the investment loss on our U.S. pension trust was 0.3 percent, while our U.K. pension trusts' loss was 0.5 percent”
→ after
“the investment gain on our U.S. pension trust was 4.3 percent, while our U.K. pension trusts' gain was 0.7 percent”
the evidence · every sentence checkedfive sentences · whole, uncut
the claims it rests on
“At June 30, 2026, we had $3.9 billion in cash and marketable securities on hand and access to our $4.0 billion credit facilities (net of $348 million of commercial paper outstanding)”
“Our debt to capital ratio at June 30, 2026 was 35.6 percent, compared to 36.0 percent at December 31, 2025”
“We generated $1,808 million in cash from operations for H1 2026 compared to $782 million for the comparable period in 2025”
“In H1 2026 we repurchased common stock at higher levels than prior year with stock repurchases increasing $468 million versus the comparable period”
“Our global pension plans were 112 percent funded at December 31, 2025; our U.S. defined benefit plans were 115 percent funded”