Analyzing and Interpreting Disclosures on Equity Method Investments Cummins Inc. (CMI) reports investments in affiliated companies, consisting mainly of investments in nine manufacturing joint ventures. Cummins reports those investments on its balance sheet at $958 million, and provides the following financial information of its investee companies in a footnote to its 10-K report: Net sales Gross margin Net income Equity Investee Financial Summary $ millions Cummins' share of net income Royalty and interest income Total equity, royalty and interest income from investees Current assets Noncurrent assets Current liabilities Noncurrent liabilities Net assets Cummins' share of net assets As of and for the years ended December 31 2014 $7,426 1,539 630 $330 40 $370 2015 $5,946 1,265 521 $273 42 $315 $2,458 1,539 (1,796) (284) $1,917 $958 $2,476 1,667 (1,875) (420) $1,848 $956 2013 $7,799 1,719 690 $325 36 $361 (a) What assets and liabilities of unconsolidated affiliates are omitted from Cummins' balance sheet as a result of the equity method of accounting for those investments? Assets = $ x million

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