Cummins (CMI) 10-Q 2 May 24 2024 Q1 Quarterly report Financial data

DOCUMENT COVER Document

DOCUMENT COVER Document	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Cover [Abstract]
Document Type	10-Q
Document Period End Date	Mar. 31, 2024
Entity File Number	1-4949
Entity Registrant Name	CUMMINS INC.
Entity Incorporation, State or Country Code	IN
Entity Tax Identification Number	35-0257090
Entity Address, Address Line One	500 Jackson Street
Entity Address, Address Line Two	Box 3005
Entity Address, City or Town	Columbus
Entity Address, State or Province	IN
Entity Address, Postal Zip Code	47202-3005
City Area Code	812
Local Phone Number	377-5000
Title of 12(b) Security	Common stock, $2.50 par value
Trading Symbol	CMI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding | shares	136,779,875
Common Stock, Par or Stated Value Per Share | $ / shares	$ 2.50
Entity Central Index Key	0000026172
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Document Quarterly Report	true
Amendment Flag	false
Document Transition Report	false

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
NET SALES (Notes 1 and 2)	$ 8,403	$ 8,453
Cost of sales	6,362	6,424
GROSS MARGIN	2,041	2,029
OPERATING EXPENSES AND INCOME
Selling, general and administrative expenses	839	753
Research, development and engineering expenses	369	350
Equity, royalty and interest income from investees (Note 4)	123	119
Other operating expense, net	33	19
OPERATING INCOME	923	1,026
Interest expense	89	87
Other income, net (Note 14)	1,387	90
INCOME BEFORE INCOME TAXES	2,221	1,029
Income tax expense (Note 5)	193	223
CONSOLIDATED NET INCOME	2,028	806
Less: Net income attributable to noncontrolling interests	35	16
NET INCOME ATTRIBUTABLE TO CUMMINS INC.	$ 1,993	$ 790
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CUMMINS INC.
Basic (in dollars per share)	$ 14.10	$ 5.58
Diluted (in dollars per share)	$ 14.03	$ 5.55
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Basic (in shares)	141.3	141.5
Dilutive effect of stock compensation awards (in shares)	0.8	0.9
Diluted (in shares)	142.1	142.4

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
CONSOLIDATED NET INCOME	$ 2,028	$ 806
Other comprehensive (loss) income, net of tax (Note 12)
Change in pension and other postretirement defined benefit plans	(13)	(9)
Foreign currency translation adjustments	(60)	82
Unrealized gain (loss) on derivatives	12	(3)
Total other comprehensive (loss) income, net of tax	(61)	70
COMPREHENSIVE INCOME	1,967	876
Less: Comprehensive income attributable to noncontrolling interests	32	19
COMPREHENSIVE INCOME ATTRIBUTABLE TO CUMMINS INC.	$ 1,935	$ 857

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) shares in Millions, $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 2.50
Common stock, shares authorized	500
Common stock, shares issued	222.5	222.5
Treasury Stock, Common, Shares	85.7	80.7
Current assets
Cash and cash equivalents	$ 2,541	$ 2,179
Marketable securities (Note 6)	510	562
Total cash, cash equivalents and marketable securities	3,051	2,741
Accounts and notes receivable, net	5,463	5,583
Inventories (Note 7)	5,758	5,677
Prepaid expenses and other current assets	1,348	1,197
Total current assets	15,620	15,198
Long-term assets
Property, plant and equipment	11,253	11,674
Accumulated depreciation	(5,242)	(5,425)
Property, plant and equipment, net	6,011	6,249
Investments and advances related to equity method investees	1,774	1,800
Goodwill	2,406	2,499
Other intangible assets, net	2,455	2,519
Pension assets (Note 3)	1,187	1,197
Other assets (Note 8)	2,374	2,543
Total assets	31,827	32,005
Current liabilities
Accounts payable (principally trade)	4,476	4,260
Loans payable (Note 9)	342	280
Commercial paper (Note 9)	609	1,496
Current maturities of long-term debt (Note 9)	113	118
Accrued compensation, benefits and retirement costs	561	1,108
Current portion of accrued product warranty (Note 10)	652	667
Current portion of deferred revenue (Note 2)	1,236	1,220
Other accrued expenses (Note 8)	3,697	3,754
Total current liabilities	11,686	12,903
Long-term liabilities
Long-term debt (Note 9)	5,771	4,802
Deferred revenue (Note 2)	1,061	966
Other liabilities (Note 8)	3,208	3,430
Total liabilities	21,726	22,101
Commitments and contingencies (Note 11)
Cummins Inc. shareholders' equity
Common stock, $2.50 par value, 500 shares authorized, 222.5 and 222.5 shares issued	2,557	2,564
Retained earnings	19,605	17,851
Treasury stock, at cost, 85.7 and 80.7 shares	(10,831)	(9,359)
Accumulated other comprehensive loss (Note 12)	(2,264)	(2,206)
Total Cummins Inc. shareholders' equity	9,067	8,850
Noncontrolling interests	1,034	1,054
Total equity	10,101	9,904
Total Liabilities and Equity	$ 31,827	$ 32,005

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Consolidated net income	$ 2,028	$ 806
Adjustments to reconcile consolidated net income to net cash provided by operating activities
Gain related to divestiture of Atmus (Note 14)	(1,333)	0
Depreciation and amortization	265	246
Deferred income taxes	(38)	(38)
Equity in income of investees, net of dividends	(78)	(67)
Pension and OPEB expense (Note 3)	9	1
Pension contributions and OPEB payments (Note 3)	(48)	(92)
Changes in current assets and liabilities, net of acquisitions and divestitures
Accounts and notes receivable	(11)	(621)
Inventories	(354)	(263)
Other current assets	(175)	(142)
Accounts payable	327	381
Accrued expenses	(393)	151
Other, net	77	133
Net cash provided by operating activities	276	495
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(169)	(193)
Acquisition of business, net of cash acquired	(59)	0
Investments in marketable securities—acquisitions	(379)	(326)
Investments in marketable securities—liquidations (Note 6)	431	345
Cash associated with Atmus divestiture	(174)	0
Other, net	(56)	(54)
Net cash used in investing activities	(406)	(228)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings	2,398	43
Net payments of commercial paper	(887)	(29)
Payments on borrowings and finance lease obligations	(748)	(142)
Dividend payments on common stock	(239)	(222)
Other, net	(25)	(13)
Net cash provided by (used in) financing activities	499	(363)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(7)	(25)
Net increase (decrease) in cash and cash equivalents	362	(121)
Cash and cash equivalents at beginning of year	2,179	2,101
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 2,541	$ 1,980

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions	Total	Redeemable Noncontrolling Interest	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock, Common	Accumulated Other Comprehensive Loss	Total Cummins Inc. Shareholders' Equity	Noncontrolling Interests	us-gaap_Net Income in Total Equity Excluding Noncontrolling Interest Amount
Statement of Stockholders' Equity [Abstract]
CASH DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share)	$ 1.57
Redeemable noncontrolling interests at Dec. 31, 2022		$ 258
BALANCE AT BEGINNING OF PERIOD at Dec. 31, 2022	$ 9,967		$ 556	$ 1,687	$ 18,037	$ (9,415)	$ (1,890)	$ 8,975	$ 992
Increase (Decrease) in Shareholders' Equity
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest		(8)
CONSOLIDATED NET INCOME	806				790			790	24	$ 814
Other comprehensive income, net of tax (Note 12)	70						67	67	3
Cash dividends on common stock	(222)				(222)			(222)
Distributions to noncontrolling interests	(22)								(22)
Share-based awards	20			(5)		25		20
Fair value adjustment of redeemable noncontrolling interests	(11)	11		(11)				(11)
Other shareholder transactions	4			3		1		4
Balance at End of Period Redeemable Noncontrolling Interest, Equity, Carrying Amount at Mar. 31, 2023		261
BALANCE AT END OF PERIOD at Mar. 31, 2023	$ 10,620		556	1,674	18,605	(9,389)	(1,823)	9,623	997
Statement of Stockholders' Equity [Abstract]
CASH DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share)	$ 1.68
Redeemable noncontrolling interests at Dec. 31, 2023		0
BALANCE AT BEGINNING OF PERIOD at Dec. 31, 2023	$ 9,904		556	2,008	17,851	(9,359)	(2,206)	8,850	1,054
Increase (Decrease) in Shareholders' Equity
CONSOLIDATED NET INCOME	2,028				1,993			1,993	35	$ 2,028
Other Comprehensive Income, Other, Net of Tax	(122)						(119)	(119)	(3)
Other comprehensive income, net of tax (Note 12)	(61)							(58)	(3)
Cash dividends on common stock	(239)				(239)			(239)
Distributions to noncontrolling interests	(33)								(33)
Share-based awards	54			(6)		60		54
Divestiture of Atmus (Note 14)	(1,490)					(1,532)	61	(1,471)	(19)
Other shareholder transactions	(1)			(1)				(1)
Balance at End of Period Redeemable Noncontrolling Interest, Equity, Carrying Amount at Mar. 31, 2024		$ 0
BALANCE AT END OF PERIOD at Mar. 31, 2024	$ 10,101		$ 556	$ 2,001	$ 19,605	$ (10,831)	$ (2,264)	$ 9,067	$ 1,034

NATURE OF OPERATIONS AND BASIS

NATURE OF OPERATIONS AND BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF OPERATIONS	NOTE 1. NATURE OF OPERATIONS AND BASIS OF PRESENTATION Overview Cummins Inc. (“Cummins,” “we,” “our” or “us”) was founded in 1919 as Cummins Engine Company, a corporation in Columbus, Indiana, and one of the first diesel engine manufacturers. In 2001, we changed our name to Cummins Inc. We are a global power solutions leader comprised of five business segments - Components, Engine, Distribution, Power Systems and Accelera - supported by our global manufacturing and extensive service and support network, skilled workforce and vast technical expertise. Our products range from advanced diesel, natural gas, electric and hybrid powertrains and powertrain-related components including aftertreatment, turbochargers, fuel systems, valvetrain technologies, controls systems, air handling systems, automated transmissions, axles, drivelines, brakes, suspension systems, electric power generation systems, batteries, electrified power systems, hydrogen production technologies and fuel cell products. We sell our products to original equipment manufacturers (OEMs), distributors, dealers and other customers worldwide. We serve our customers through a service network of approximately 450 wholly-owned, joint venture and independent distributor locations and more than 19,000 Cummins certified dealer locations in approximately 190 countries and territories. Divestiture of Atmus On March 18, 2024, we completed the divestiture of our remaining 80.5 percent ownership of Atmus Filtration Technologies Inc. (Atmus) common stock through a tax-free split-off. See NOTE 14, "ATMUS DIVESTITURE," for additional information. Settlement Agreements In December 2023, we announced that we reached an agreement in principle with the U.S. Environmental Protection Agency (EPA), the California Air Resources Board (CARB), the Environmental and Natural Resources Division of the U.S. Department of Justice and the California Attorney General's Office to resolve certain regulatory civil claims regarding our emissions certification and compliance process for certain engines primarily used in pick-up truck applications in the U.S., which became final and effective in April 2024 (collectively, the Settlement Agreements). See NOTE 11, “COMMITMENTS AND CONTINGENCIES,” for additional information. Interim Condensed Financial Statements The unaudited Condensed Consolidated Financial Statements reflect all adjustments which, in the opinion of management, are necessary for a fair statement of the results of operations, financial position and cash flows. All such adjustments are of a normal recurring nature. The Condensed Consolidated Financial Statements were prepared in accordance with accounting principles in the United States of America (GAAP) pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) for interim financial information. Certain information and footnote disclosures normally included in annual financial statements were condensed or omitted as permitted by such rules and regulations. These interim condensed consolidated financial statements should be read in conjunction with the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2023 . Our interim period financial results for the three month periods presented are not necessarily indicative of results to be expected for any other interim period or for the entire year. The year-end Condensed Consolidated Balance Sheet data was derived from audited financial statements but does not include all required annual disclosures. Reclassifications Certain amounts for prior year periods were reclassified to conform to the current year presentation. Use of Estimates in Preparation of Financial Statements Preparation of financial statements requires management to make estimates and assumptions that affect reported amounts presented and disclosed in our Condensed Consolidated Financial Statements . Significant estimates and assumptions in these Condensed Consolidated Financial Statements require the exercise of judgment. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may be different from these estimates. Weighted-Average Diluted Shares Outstanding The weighted-average diluted common shares outstanding exclude the anti-dilutive effect of certain stock options. The options excluded from diluted earnings per share were as follows: Three months ended March 31, 2024 2023 Options excluded 3,600 4,833 Related Party Transactions In accordance with the provisions of various joint venture agreements, we may purchase products and components from our joint ventures, sell products and components to our joint ventures and our joint ventures may sell products and components to unrelated parties. The following is a summary of sales to and purchases from nonconsolidated equity investees: Three months ended March 31, In millions 2024 2023 Sales to nonconsolidated equity investees $ 351 $ 376 Purchases from nonconsolidated equity investees 653 704 The following is a summary of accounts receivable from and accounts payable to nonconsolidated equity investees: In millions March 31, December 31, Balance Sheet Location Accounts receivable from nonconsolidated equity investees $ 425 $ 530 Accounts and notes receivable, net Accounts payable to nonconsolidated equity investees 325 324 Accounts payable (principally trade) Supply Chain Financing We currently have supply chain financing programs with financial intermediaries, which provide certain vendors the option to be paid by financial intermediaries earlier than the due date on the applicable invoice. When a vendor utilizes the program and receives an early payment from a financial intermediary, they take a discount on the invoice. We then pay the financial intermediary the face amount of the invoice on the original due date, which generally have 60 to 90 day payment terms. The maximum amount that we could have outstanding under the program was $512 million at March 31, 2024. We do not reimburse vendors for any costs they incur for participation in the program, their participation is completely voluntary and there are no assets pledged as security or other forms of guarantees provided for the committed payment to the finance provider or intermediary. As a result, all amounts owed to the financial intermediaries are presented as accounts payable in our Condensed Consolidated Balance Sheets . Amounts due to the financial intermediaries reflected in accounts payable at March 31, 2024, and December 31, 2023, were $193 million and $199 million, respectively.

REVENUE RECOGNITION LONG-TERM C

REVENUE RECOGNITION LONG-TERM CONTRACTS AND DEFERRED AND UNBILLED REVENUE	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer	NOTE 2. REVENUE FROM CONTRACTS WITH CUSTOMERS Long-term Contracts We have certain arrangements, primarily long-term maintenance agreements, construction contracts, product sales with associated performance obligations extending beyond a year, product sales with lead times extending beyond one year that are non-cancellable or for which the customer incurs a penalty for cancellation and extended warranty coverage arrangements that span a period in excess of one year. The aggregate amount of the transaction price for these contracts, excluding extended warranty coverage arrangements, as of March 31, 2024, was $3.1 billion. We expect to recognize the related revenue of $1.4 billion over the next 12 months and $1.7 billion over periods up to 10 years. See NOTE 10, "PRODUCT WARRANTY LIABILITY," for additional disclosures on extended warranty coverage arrangements. Our other contracts generally are for a duration of less than one year, include payment terms that correspond to the timing of costs incurred when providing goods and services to our customers or represent sales-based royalties. Deferred and Unbilled Revenue The following is a summary of our unbilled and deferred revenue and related activity: In millions March 31, December 31, Unbilled revenue $ 330 $ 303 Deferred revenue 2,297 2,186 We recognized revenue of $248 million for the three months ended March 31, 2024, compared with $206 million for the comparable period in 2023, that was included in the deferred revenue balance at the beginning of each year. We did not record any impairment losses on our unbilled revenues during the three months ended March 31, 2024 or 2023. Disaggregation of Revenue Consolidated Revenue The table below presents our consolidated sales by geographic area. Net sales attributed to geographic areas were based on the location of the customer. Three months ended March 31, In millions 2024 2023 United States $ 4,785 $ 4,802 China 723 790 India 444 411 Other international 2,451 2,450 Total net sales $ 8,403 $ 8,453 Segment Revenue Components segment external sales by business were as follows: Three months ended March 31, In millions 2024 2023 Axles and brakes $ 1,232 $ 1,272 Emission solutions 856 939 Atmus 289 (1) 342 Engine components 271 292 Automated transmissions 165 178 Software and electronics 29 20 Total sales $ 2,842 $ 3,043 (1) Included sales through the March 18, 2024, divestiture. See NOTE 14, "ATMUS DIVESTITURE," for additional information. Engine segment external sales by market were as follows: Three months ended March 31, In millions 2024 2023 Heavy-duty truck $ 811 $ 860 Medium-duty truck and bus 738 617 Light-duty automotive 438 441 Total on-highway 1,987 1,918 Off-highway 253 334 Total sales $ 2,240 $ 2,252 Distribution segment external sales by region were as follows: Three months ended March 31, In millions 2024 2023 North America $ 1,722 $ 1,693 Asia Pacific 285 239 Europe 240 194 China 100 101 India 69 57 Latin America 59 53 Africa and Middle East 54 62 Total sales $ 2,529 $ 2,399 Distribution segment external sales by product line were as follows: Three months ended March 31, In millions 2024 2023 Parts $ 997 $ 1,052 Power generation 705 491 Engines 422 456 Service 405 400 Total sales $ 2,529 $ 2,399 Power Systems segment external sales by product line were as follows: Three months ended March 31, In millions 2024 2023 Power generation $ 360 $ 380 Industrial 238 189 Generator technologies 110 110 Total sales $ 708 $ 679

REVENUE RECOGNITION DISAGGREGAT

REVENUE RECOGNITION DISAGGREGATION OF REVENUES	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer	NOTE 2. REVENUE FROM CONTRACTS WITH CUSTOMERS Long-term Contracts We have certain arrangements, primarily long-term maintenance agreements, construction contracts, product sales with associated performance obligations extending beyond a year, product sales with lead times extending beyond one year that are non-cancellable or for which the customer incurs a penalty for cancellation and extended warranty coverage arrangements that span a period in excess of one year. The aggregate amount of the transaction price for these contracts, excluding extended warranty coverage arrangements, as of March 31, 2024, was $3.1 billion. We expect to recognize the related revenue of $1.4 billion over the next 12 months and $1.7 billion over periods up to 10 years. See NOTE 10, "PRODUCT WARRANTY LIABILITY," for additional disclosures on extended warranty coverage arrangements. Our other contracts generally are for a duration of less than one year, include payment terms that correspond to the timing of costs incurred when providing goods and services to our customers or represent sales-based royalties. Deferred and Unbilled Revenue The following is a summary of our unbilled and deferred revenue and related activity: In millions March 31, December 31, Unbilled revenue $ 330 $ 303 Deferred revenue 2,297 2,186 We recognized revenue of $248 million for the three months ended March 31, 2024, compared with $206 million for the comparable period in 2023, that was included in the deferred revenue balance at the beginning of each year. We did not record any impairment losses on our unbilled revenues during the three months ended March 31, 2024 or 2023. Disaggregation of Revenue Consolidated Revenue The table below presents our consolidated sales by geographic area. Net sales attributed to geographic areas were based on the location of the customer. Three months ended March 31, In millions 2024 2023 United States $ 4,785 $ 4,802 China 723 790 India 444 411 Other international 2,451 2,450 Total net sales $ 8,403 $ 8,453 Segment Revenue Components segment external sales by business were as follows: Three months ended March 31, In millions 2024 2023 Axles and brakes $ 1,232 $ 1,272 Emission solutions 856 939 Atmus 289 (1) 342 Engine components 271 292 Automated transmissions 165 178 Software and electronics 29 20 Total sales $ 2,842 $ 3,043 (1) Included sales through the March 18, 2024, divestiture. See NOTE 14, "ATMUS DIVESTITURE," for additional information. Engine segment external sales by market were as follows: Three months ended March 31, In millions 2024 2023 Heavy-duty truck $ 811 $ 860 Medium-duty truck and bus 738 617 Light-duty automotive 438 441 Total on-highway 1,987 1,918 Off-highway 253 334 Total sales $ 2,240 $ 2,252 Distribution segment external sales by region were as follows: Three months ended March 31, In millions 2024 2023 North America $ 1,722 $ 1,693 Asia Pacific 285 239 Europe 240 194 China 100 101 India 69 57 Latin America 59 53 Africa and Middle East 54 62 Total sales $ 2,529 $ 2,399 Distribution segment external sales by product line were as follows: Three months ended March 31, In millions 2024 2023 Parts $ 997 $ 1,052 Power generation 705 491 Engines 422 456 Service 405 400 Total sales $ 2,529 $ 2,399 Power Systems segment external sales by product line were as follows: Three months ended March 31, In millions 2024 2023 Power generation $ 360 $ 380 Industrial 238 189 Generator technologies 110 110 Total sales $ 708 $ 679

PENSION AND OTHER POSTRETIREMEN

PENSION AND OTHER POSTRETIREMENT BENEFITS	3 Months Ended
	Mar. 31, 2024
Retirement Benefits [Abstract]
PENSION AND OTHER POSTRETIREMENT BENEFITS	NOTE 3. PENSIONS AND OTHER POSTRETIREMENT BENEFITS We sponsor funded and unfunded domestic and foreign defined benefit pension and other postretirement benefit (OPEB) plans. Contributions to these plans were as follows: Three months ended March 31, In millions 2024 2023 Defined benefit pension contributions $ 39 $ 88 OPEB payments, net 9 4 Defined contribution pension plans 48 43 We anticipate making additional defined benefit pension contributions during the remainder of 2024 of $29 million for our U.S. and U.K. qualified and non-qualified pension plans. These contributions may be made from trusts or company funds either to increase pension assets or to make direct benefit payments to plan participants. We expect our 2024 annual net periodic pension cost to approximate $34 million. The components of net periodic pension and OPEB expense (income) under our plans were as follows: Pension U.S. Plans U.K. Plans OPEB Three months ended March 31, In millions 2024 2023 2024 2023 2024 2023 Service cost $ 35 $ 29 $ 4 $ 4 $ — $ — Interest cost 42 42 18 17 2 2 Expected return on plan assets (72) (69) (25) (25) — — Recognized net actuarial loss (gain) 3 2 3 — (1) (1) Net periodic benefit expense (income) $ 8 $ 4 $ — $ (4) $ 1 $ 1

EQUITY, ROYALTY AND INTEREST IN

EQUITY, ROYALTY AND INTEREST INCOME FROM INVESTEES	3 Months Ended
	Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
EQUITY, ROYALTY AND INTEREST INCOME FROM INVESTEES	NOTE 4. EQUITY, ROYALTY AND INTEREST INCOME FROM INVESTEES Equity, royalty and interest income from investees included in our Condensed Consolidated Statements of Net Income for the reporting period was as follows: Three months ended March 31, In millions 2024 2023 Manufacturing entities Dongfeng Cummins Engine Company, Ltd. $ 22 $ 19 Chongqing Cummins Engine Company, Ltd. 15 9 Beijing Foton Cummins Engine Co., Ltd. 13 16 Tata Cummins, Ltd. 9 8 All other manufacturers 23 19 Distribution entities Komatsu Cummins Chile, Ltda. 13 14 All other distributors 5 3 Cummins share of net income 100 88 Royalty and interest income 23 31 Equity, royalty and interest income from investees $ 123 $ 119 In September 2023, our Accelera business signed an agreement to form a joint venture with Daimler Trucks and Buses US Holding LLC (Daimler Truck), PACCAR Inc. (PACCAR) and EVE Energy to accelerate and localize battery cell production and the battery supply chain in the U.S., including building a 21-gigawatt hour battery production facility in Marshall County, Mississippi. The joint venture will manufacture battery cells for electric commercial vehicles and industrial applications. Accelera, Daimler Truck and PACCAR will each own 30 percent of the joint venture, while EVE Energy will own 10 percent. Total investment by the partners is expected to be in the range of $2 billion to $3 billion for the 21-gigawatt hour facility. The transaction received all applicable merger control and regulatory approvals during or prior to April 2024, and the joint venture formation and initial funding are expected to be finalized in the second quarter of 2024.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Tax Disclosure	NOTE 5. INCOME TAXES Our effective tax rates for the three months ended March 31, 2024 and 2023, were 8.7 percent and 21.7 percent, respectively. The three months ended March 31, 2024, contained favorable discrete tax items primarily due to the $1.3 billion non-taxable gain on the Atmus split-off. Other discrete tax items were $21 million favorable primarily due to adjustments related to audit settlements. The three months ended March 31, 2023, contained favorable discrete tax items of $3 million, primarily due to share-based compensation tax benefits.

MARKETABLE SECURITIES

MARKETABLE SECURITIES	3 Months Ended
	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
MARKETABLE SECURITIES	NOTE 6. MARKETABLE SECURITIES A summary of marketable securities, all of which were classified as current, was as follows: March 31, December 31, In millions Cost Gross unrealized gains/(losses) (1) Estimated Cost Gross unrealized gains/(losses) (1) Estimated Equity securities Certificates of deposit $ 245 $ — $ 245 $ 246 $ — $ 246 Debt mutual funds 225 (1) 224 272 — 272 Equity mutual funds 21 7 28 22 6 28 Debt securities 13 — 13 16 — 16 Marketable securities $ 504 $ 6 $ 510 $ 556 $ 6 $ 562 (1) Unrealized gains and losses for debt securities are recorded in other comprehensive income while unrealized gains and losses for equity securities are recorded in our Condensed Consolidated Statements of Net Income . All debt securities are classified as available-for-sale. All marketable securities presented use a Level 2 fair value measure. The fair value of Level 2 securities is estimated using actively quoted prices for similar instruments from brokers and observable inputs where available, including market transactions and third-party pricing services, or net asset values provided to investors. We do not currently have any Level 3 securities, and there were no transfers between Level 2 or 3 during the three months ended March 31, 2024, or the year ended December 31, 2023. A description of the valuation techniques and inputs used for our Level 2 fair value measures is as follows: • Certificates of deposit — These investments provide us with a contractual rate of return and generally range in maturity from three months to five years. The counterparties to these investments are reputable financial institutions with investment grade credit ratings. Since these instruments are not tradable and must be settled directly by us with the respective financial institution, our fair value measure is the financial institution's month-end statement. • Debt mutual funds — The fair value measures for the vast majority of these investments are the daily net asset values published on a regulated governmental website. Daily quoted prices are available from the issuing brokerage and are used on a test basis to corroborate this Level 2 input measure. • Equity mutual funds — The fair value measures for these investments are the net asset values published by the issuing brokerage. Daily quoted prices are available from reputable third-party pricing services and are used on a test basis to corroborate this Level 2 input measure. • Debt securities — The fair value measures for these securities are broker quotes received from reputable firms. These securities are infrequently traded on a national exchange and these values are used on a test basis to corroborate our Level 2 input measure. The proceeds from sales and maturities of marketable securities were as follows: Three months ended March 31, In millions 2024 2023 Proceeds from sales of marketable securities $ 426 $ 276 Proceeds from maturities of marketable securities 5 69 Investments in marketable securities - liquidations $ 431 $ 345

INVENTORIES

INVENTORIES	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
INVENTORIES	NOTE 7. INVENTORIES Inventories are stated at the lower of cost or net realizable value. Inventories included the following: In millions March 31, December 31, Finished products $ 2,931 $ 2,770 Work-in-process and raw materials 3,049 3,156 Inventories at FIFO cost 5,980 5,926 Excess of FIFO over LIFO (222) (249) Inventories $ 5,758 $ 5,677

SUPPLEMENTAL BALANCE SHEET DATA

SUPPLEMENTAL BALANCE SHEET DATA	3 Months Ended
	Mar. 31, 2024
Balance Sheet Related Disclosures [Abstract]
SUPPLEMENTAL BALANCE SHEET DATA	NOTE 8. SUPPLEMENTAL BALANCE SHEET DATA Other assets included the following: In millions March 31, December 31, Deferred income taxes $ 950 $ 1,082 Operating lease assets 455 501 Corporate owned life insurance 419 417 Other 550 543 Other assets $ 2,374 $ 2,543 Other accrued expenses included the following: In millions March 31, December 31, Settlement Agreements (1) $ 1,938 $ 1,938 Income taxes payable 361 242 Marketing accruals 340 399 Other taxes payable 222 296 Current portion of operating lease liabilities 129 138 Other 707 741 Other accrued expenses $ 3,697 $ 3,754 (1) See NOTE 11, "COMMITMENTS AND CONTINGENCIES," for additional information. Other liabilities included the following: In millions March 31, December 31, Accrued product warranty (1) $ 816 $ 777 Pensions 495 530 Deferred income taxes 355 530 Operating lease liabilities 332 374 Accrued compensation 186 213 Mark-to-market valuation on interest rate derivatives 124 117 Other postretirement benefits 123 131 Long-term income taxes 111 111 Other 666 647 Other liabilities $ 3,208 $ 3,430 (1) See NOTE 10, "PRODUCT WARRANTY LIABILITY," for additional information.

DEBT

DEBT	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
DEBT	NOTE 9. DEBT Loans Payable and Commercial Paper Loans payable, commercial paper and the related weighted-average interest rates were as follows: In millions March 31, December 31, Loans payable (1) $ 342 $ 280 Commercial paper (2) 609 1,496 (1) Loans payable consist primarily of notes payable to various domestic and international financial institutions. It is not practicable to aggregate these notes and calculate a quarterly weighted-average interest rate. (2) The weighted-average interest rate, inclusive of all brokerage fees, was 5.23 percent and 5.43 percent at March 31, 2024, and December 31, 2023, respectively. We can issue up to $4.0 billion of unsecured, short-term promissory notes (commercial paper) pursuant to the Board of Directors authorized commercial paper programs. These programs facilitate the private placement of unsecured short-term debt through third-party brokers. We intend to use the net proceeds from the commercial paper borrowings for general corporate purposes. Revolving Credit Facilities Our committed credit facilities provide access up to $4.0 billion, including our $2.0 billion 364-day facility that expires June 3, 2024, and our $2.0 billion five-year facility that expires on August 18, 2026. We intend to maintain credit facilities at the current or higher aggregate amounts by renewing or replacing these facilities at or before expiration. These revolving credit facilities are maintained primarily to provide backup liquidity for our commercial paper borrowings and general corporate purposes. There were no outstanding borrowings under these facilities at March 31, 2024, and December 31, 2023. At March 31, 2024, the $609 million of outstanding commercial paper effectively reduced the $4.0 billion of revolving credit capacity to $3.4 billion. At March 31, 2024, we also had an additional $396 million available for borrowings under our international and other domestic credit facilities. Long-term Debt A summary of long-term debt was as follows: In millions Interest Rate March 31, December 31, Long-term debt Hydrogenics promissory notes, due 2024 and 2025 —% $ 160 $ 160 Term loan, due 2025 (1) (2) Variable 500 1,150 Senior notes, due 2025 (3) 0.75% 500 500 Atmus term loan, due 2027 (4) Variable — 600 Debentures, due 2027 6.75% 58 58 Debentures, due 2028 7.125% 250 250 Senior notes, due 2029 4.90% 500 — Senior notes, due 2030 (3) 1.50% 850 850 Senior notes, due 2034 5.15% 750 — Senior notes, due 2043 4.875% 500 500 Senior notes, due 2050 2.60% 650 650 Senior notes, due 2054 5.45% 1,000 — Debentures, due 2098 (5) 5.65% 165 165 Other debt 90 94 Unamortized discount and deferred issuance costs (100) (72) Fair value adjustments due to hedge on indebtedness (111) (96) Finance leases 122 111 Total long-term debt 5,884 4,920 Less: Current maturities of long-term debt 113 118 Long-term debt $ 5,771 $ 4,802 (1) During the first three months of 2024, we paid down $650 million of the term loan. (2) In 2023, we entered into a series of interest rate swaps in order to trade a portion of the floating rate debt into fixed rate. See "Interest Rate Risk" in NOTE 13, "DERIVATIVES," for additional information. (3) In 2021, we entered into a series of interest rate swaps to effectively convert debt from a fixed rate to floating rate. See "Interest Rate Risk" in NOTE 13, "DERIVATIVES," for additional information. (4) See NOTE 14, "ATMUS DIVESTITURE," for additional information. (5) The effective interest rate is 7.48 percent. On February 20, 2024, we issued $2.25 billion aggregate principal amount of senior unsecured notes consisting of $500 million aggregate principal amount of 4.90 percent senior unsecured notes due in 2029, $750 million aggregate principal amount of 5.15 percent senior unsecured notes due in 2034 and $1.0 billion aggregate principal amount of 5.45 percent senior unsecured notes due in 2054. We received net proceeds of $2.2 billion. The senior unsecured notes pay interest semi-annually on February 20 and August 20, commencing on August 20, 2024. The indenture governing the senior unsecured notes contains covenants that, among other matters, limit (i) our ability to consolidate or merge into, or sell, assign, convey, lease, transfer or otherwise dispose of all or substantially all of our and our subsidiaries' assets to another person, (ii) our and certain of our subsidiaries' ability to create or assume liens and (iii) our and certain of our subsidiaries' ability to engage in sale and leaseback transactions. Principal payments required on long-term debt during the next five years are as follows: In millions 2024 2025 2026 2027 2028 Principal payments $ 101 $ 1,128 $ 41 $ 76 $ 267 Fair Value of Debt Based on borrowing rates currently available to us for bank loans with similar terms and average maturities, considering our risk premium, the fair values and carrying values of total debt, including current maturities, were as follows: In millions March 31, December 31, Fair value of total debt (1) $ 6,491 $ 6,375 Carrying value of total debt 6,835 6,696 (1) The fair value of debt is derived from Level 2 input measures.

PRODUCT WARRANTY LIABILITY

PRODUCT WARRANTY LIABILITY	3 Months Ended
	Mar. 31, 2024
Product Warranties Disclosures [Abstract]
PRODUCT WARRANTY LIABILITY	NOTE 10. PRODUCT WARRANTY LIABILITY A tabular reconciliation of the product warranty liability, including the deferred revenue related to our extended warranty coverage and accrued product campaigns, was as follows: Three months ended March 31, In millions 2024 2023 Balance at beginning of year $ 2,497 $ 2,477 Provision for base warranties issued 160 146 Deferred revenue on extended warranty contracts sold 96 102 Provision for product campaigns issued 6 6 Payments made during period (176) (143) Amortization of deferred revenue on extended warranty contracts (77) (75) Changes in estimates for pre-existing product warranties and campaigns 51 10 Foreign currency translation adjustments and other (18) 7 Balance at end of period $ 2,539 $ 2,530 We recognized supplier recoveries of $22 million for the three months ended March 31, 2024, compared with $10 million for the comparable period in 2023. Warranty related deferred revenues and warranty liabilities on our Condensed Consolidated Balance Sheets were as follows: In millions March 31, December 31, Balance Sheet Location Deferred revenue related to extended coverage programs Current portion $ 274 $ 279 Current portion of deferred revenue Long-term portion 797 774 Deferred revenue Total $ 1,071 $ 1,053 Product warranty Current portion $ 652 $ 667 Current portion of accrued product warranty Long-term portion 816 777 Other liabilities Total $ 1,468 $ 1,444 Total warranty accrual $ 2,539 $ 2,497

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 11. COMMITMENTS AND CONTINGENCIES Legal Proceedings We are subject to numerous lawsuits and claims arising out of the ordinary course of our business, including actions related to product liability; personal injury; the use and performance of our products; warranty matters; product recalls; patent, trademark or other intellectual property infringement; contractual liability; the conduct of our business; tax reporting in foreign jurisdictions; distributor termination; workplace safety; environmental and regulatory matters, including the enforcement of environmental and emissions standards; and asbestos claims. We also have been identified as a potentially responsible party at multiple waste disposal sites under U.S. federal and related state environmental statutes and regulations and may have joint and several liability for any investigation and remediation costs incurred with respect to such sites. We have denied liability with respect to many of these lawsuits, claims and proceedings and are vigorously defending such lawsuits, claims and proceedings. We carry various forms of commercial, property and casualty, product liability and other forms of insurance; however, such insurance may not be applicable or adequate to cover the costs associated with a judgment against us with respect to these lawsuits, claims and proceedings. We do not believe that these lawsuits are material individually or in the aggregate. While we believe we have also established adequate accruals for our expected future liability with respect to pending lawsuits, claims and proceedings, where the nature and extent of any such liability can be reasonably estimated based upon then presently available information, there can be no assurance that the final resolution of any existing or future lawsuits, claims or proceedings will not have a material adverse effect on our business, results of operations, financial condition or cash flows. We conduct significant business operations in Brazil that are subject to the Brazilian federal, state and local labor, social security, tax and customs laws. While we believe we comply with such laws, they are complex, subject to varying interpretations and we are often engaged in litigation regarding the application of these laws to particular circumstances. In December 2023, we announced that we reached an agreement in principle with the EPA, CARB, the Environmental and Natural Resources Division of the U.S. Department of Justice and the California Attorney General’s Office to resolve certain regulatory civil claims regarding our emissions certification and compliance process for certain engines primarily used in pick-up truck applications in the U.S., which became final and effective in April 2024 (collectively, the Settlement Agreements). As part of the Settlement Agreements, among other things, we agreed to pay civil penalties, complete recall requirements, undertake mitigation projects, provide extended warranties, undertake certain testing, take certain corporate compliance measures and make other payments. Failure to comply with the Settlement Agreements will subject us to stipulated penalties. We recorded a charge of $2.0 billion in the fourth quarter of 2023 to resolve the matters addressed by the Settlement Agreements involving approximately one million of our pick-up truck applications in the U.S. This charge was in addition to the previously announced charges of $59 million for the recalls of model years 2013 through 2018 RAM 2500 and 3500 trucks and model years 2016 through 2019 Titan trucks. We began making payments on certain of the Settlement Agreements in April 2024; however, the majority of the Settlement Agreement payments will be made in May 2024. We have also been in communication with other non-U.S. regulators regarding matters related to the emission systems in our engines and may also become subject to additional regulatory review in connection with these matters. In connection with our announcement of our entry into the agreement in principle, we became subject to shareholder, consumer and third-party litigation regarding the matters covered by the Settlement Agreements, and we may become subject to additional litigation in connection with these matters. The consequences resulting from the resolution of the foregoing matters are uncertain and the related expenses and reputational damage could have a material adverse impact on our results of operations, financial condition and cash flows. Guarantees and Commitments Periodically, we enter into guarantee arrangements, including guarantees of non-U.S. distributor financings, residual value guarantees on equipment under operating leases and other miscellaneous guarantees of joint ventures or third-party obligations. At March 31, 2024, the maximum potential loss related to these guarantees was $39 million. We have arrangements with certain suppliers that require us to purchase minimum volumes or be subject to monetary penalties. At March 31, 2024, if we were to stop purchasing from each of these suppliers, the aggregate amount of the penalty would be approximately $584 million. These arrangements enable us to secure supplies of critical components and IT services. We do not currently anticipate paying any penalties under these contracts. We enter into physical forward contracts with suppliers of platinum, palladium and iridium to purchase certain volumes of the commodities at contractually stated prices for various periods, which generally fall within two years. At March 31, 2024, the total commitments under these contracts were $64 million. These arrangements enable us to guarantee the prices of these commodities, which otherwise are subject to market volatility. We have guarantees with certain customers that require us to satisfactorily honor contractual or regulatory obligations, or compensate for monetary losses related to nonperformance. These performance bonds and other performance-related guarantees were $192 million at March 31, 2024. Indemnifications Periodically, we enter into various contractual arrangements where we agree to indemnify a third-party against certain types of losses. Common types of indemnities include: • product liability and license, patent or trademark indemnifications; • asset sale agreements where we agree to indemnify the purchaser against future environmental exposures related to the asset sold; and • any contractual agreement where we agree to indemnify the counterparty for losses suffered as a result of a misrepresentation in the contract. We regularly evaluate the probability of having to incur costs associated with these indemnities and accrue for expected losses that are probable. Because the indemnifications are not related to specified known liabilities and due to their uncertain nature, we are unable to estimate the maximum amount of the potential loss associated with these indemnifications.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	NOTE 12. ACCUMULATED OTHER COMPREHENSIVE LOSS Following are the changes in accumulated other comprehensive income (loss) by component for the three months ended: In millions Change in pension and OPEB plans Foreign currency Unrealized gain Total Noncontrolling Total Balance at December 31, 2023 $ (848) $ (1,457) $ 99 $ (2,206) Other comprehensive income (loss) before reclassifications Before-tax amount (21) (116) 22 (115) $ (3) $ (118) Tax expense 3 (2) (5) (4) — (4) After-tax amount (18) (118) 17 (119) (3) (122) Amounts reclassified from accumulated other comprehensive income (loss) (1) 5 61 (2) (5) 61 — 61 Net current period other comprehensive (loss) income (13) (57) 12 (58) $ (3) $ (61) Balance at March 31, 2024 $ (861) $ (1,514) $ 111 $ (2,264) Balance at December 31, 2022 $ (427) $ (1,552) $ 89 $ (1,890) Other comprehensive income (loss) before reclassifications Before-tax amount (13) 75 (3) 59 $ 3 $ 62 Tax benefit 2 4 1 7 — 7 After-tax amount (11) 79 (2) 66 3 69 Amounts reclassified from accumulated other comprehensive income (loss) (1) 2 — (1) 1 — 1 Net current period other comprehensive (loss) income (9) 79 (3) 67 $ 3 $ 70 Balance at March 31, 2023 $ (436) $ (1,473) $ 86 $ (1,823) (1) Amounts are net of tax. Reclassifications out of accumulated other comprehensive income (loss) and the related tax effects are immaterial for separate disclosure. (2) Primarily related to the divestiture of Atmus. See NOTE 14, "ATMUS DIVESTITURE," for additional information.

DERIVATIVES

DERIVATIVES	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities Disclosure	NOTE 13. DERIVATIVES We are exposed to financial risk resulting from volatility in foreign exchange rates, interest rates and commodity prices. This risk is closely monitored and managed through the use of physical forward contracts (which are not considered derivatives) and financial derivative instruments including foreign currency forward contracts, commodity swap contracts and interest rate swaps. Financial derivatives are used expressly for hedging purposes and under no circumstances are they used for speculative purposes. When material, we adjust the estimated fair value of our derivative contracts for counterparty or our credit risk. None of our derivative instruments are subject to collateral requirements. Substantially all of our derivative contracts are subject to master netting arrangements, which provide us with the option to settle certain contracts on a net basis when they settle on the same day with the same currency. In addition, these arrangements provide for a net settlement of all contracts with a given counterparty in the event that the arrangement is terminated due to the occurrence of default or a termination event. Foreign Currency Exchange Rate Risk We had foreign currency forward contracts with notional amounts of $5.0 billion at March 31, 2024, with the following currencies comprising 86 percent of outstanding foreign currency forward contracts: British pound, Chinese renminbi, Canadian dollar, Australian dollar and Euro. We had foreign currency forward contracts with notional amounts of $4.5 billion at December 31, 2023, with the following currencies comprising 85 percent of outstanding foreign currency forward contracts: British pound, Chinese renminbi, Canadian dollar, Australian dollar and Swedish kronor. We are further exposed to foreign currency exchange risk as many of our subsidiaries are subject to fluctuations as the functional currencies of the underlying entities are not our U.S. dollar reporting currency. To help reduce volatility in the equity value of our subsidiaries, we enter into foreign exchange forwards designated as net investment hedges for certain of our investments. Under the current terms of our foreign exchange forwards, we agreed with third parties to sell British pounds and Chinese renminbi in exchange for U.S. dollar currency at a specified rate at the maturity of the contract. The notional amount of these hedges at March 31, 2024, was $1.0 billion. The following table summarizes the net investment hedge activity in accumulated other comprehensive loss (AOCL): Three months ended March 31, In millions 2024 2023 Type of Derivative Gain (Loss) Gain (Loss) Reclassified from AOCL into Earnings Gain (Loss) Gain (Loss) Reclassified from AOCL into Earnings Foreign exchange forwards $ 6 $ — $ (15) $ — Interest Rate Risk In September 2023, we entered into a series of interest rate swaps with a total notional value of $500 million in order to trade a portion of the floating rate into a fixed rate on our term loan, due in 2025. The maturity date of the interest rate swaps is August 1, 2025. The weighted-average interest rate of the interest rate swaps is 5.72 percent. We designated the swaps as cash flow hedges. The gains and losses on these derivative instruments are initially recorded in other comprehensive income and reclassified into earnings as interest expense in the Condensed Consolidated Financial Statements as each interest payment is accrued. The following table summarizes the interest rate swap activity in AOCL: Three months ended March 31, In millions 2024 Type of Swap Gain (Loss) Gain (Loss) Reclassified from AOCL into Interest Expense Interest rate swaps $ 3 $ — In 2021, we entered into a series of interest rate swaps to effectively convert our $500 million senior notes, due in 2025, from a fixed rate of 0.75 percent to a floating rate equal to the three-month London Interbank Offered Rate (LIBOR) plus a spread (subsequently adjusted to Secured Overnight Financing Rate (SOFR) under a fallback protocol in our derivative agreements in the third quarter of 2023), and $400 million of the notional amount remained unsettled at March 31, 2024. We also entered into a series of interest rate swaps to effectively convert $765 million of our $850 million senior notes, due in 2030, from a fixed rate of 1.50 percent to a floating rate equal to the three-month LIBOR plus a spread (also similarly adjusted to SOFR). We designated the swaps as fair value hedges. The gain or loss on these derivative instruments, as well as the offsetting gain or loss on the hedged item attributable to the hedged risk, are recognized in current income as interest expense. The net swap settlements that accrue each period are also reported in the Condensed Consolidated Financial Statements as interest expense. The following table summarizes the gains and losses: Three months ended March 31, In millions 2024 2023 Type of Swap Gain (Loss) Gain (Loss) on Borrowings Gain (Loss) Gain (Loss) on Borrowings Interest rate swaps (1) $ (10) $ 14 $ 27 $ (22) (1) The difference between the gain (loss) on swaps and borrowings represents hedge ineffectiveness. Derivatives Not Designated as Hedging Instruments The following table summarizes the effect on our Condensed Consolidated Statements of Net Income for derivative instruments not designated as hedging instruments: Three months ended March 31, In millions 2024 2023 Loss recognized in income - Cost of sales (1) $ — $ (2) (Loss) gain recognized in income - Other income (expense), net (1) (40) 27 (1) Includes foreign currency forward contracts. Fair Value Amount and Location of Derivative Instruments The following table summarizes the location and fair value of derivative instruments on our Condensed Consolidated Balance Sheets : Derivatives Designated as Hedging Instruments Derivatives Not Designated as Hedging Instruments In millions March 31, December 31, March 31, December 31, Notional amount $ 3,257 $ 2,997 $ 4,064 $ 3,610 Derivative assets Prepaid expenses and other current assets (1) $ 21 $ 14 $ 9 $ 16 Derivative liabilities Other accrued expenses $ 4 $ 43 $ 8 $ 14 Other liabilities 124 117 11 — Total derivative liabilities (1) $ 128 $ 160 $ 19 $ 14 (1) Estimates of the fair value of all derivative assets and liabilities above are derived from Level 2 inputs, which are estimated using actively quoted prices for similar instruments from brokers and observable inputs where available, including market transactions and third-party pricing services, or net asset values provided to investors. We do not currently have any Level 3 input measures and there were no transfers into or out of Level 2 or 3 during the three months ended March 31, 2024, or the year ended December 31, 2023. We elected to present our derivative contracts on a gross basis in our Condensed Consolidated Balance Sheets . Had we chosen to present on a net basis, we would have derivatives in a net asset position of $13 million and $4 million and derivatives in a net liability position of $130 million and $148 million at March 31, 2024, and December 31, 2023, respectively.

Atmus Divestiture

Atmus Divestiture	3 Months Ended
	Mar. 31, 2024
Business Acquisition [Line Items]
Mergers, Acquisitions and Dispositions Disclosures	NOTE 14. ATMUS DIVESTITURE On March 18, 2024, we completed the divestiture of our remaining 80.5 percent ownership of Atmus common stock through a tax-free split-off. The transaction involved the exchange of our shares in Atmus for shares of Cummins stock with a 7.0 percent discount on the exchange ratio for Atmus shares. The exchange ratio was determined based on each entity's respective stock price using the daily volume weighted-average stock price for three days preceding the final exchange offer date. Based on the final exchange ratio, we exchanged all 67 million of our Atmus shares for 5.6 million shares of Cummins stock, which was recorded as treasury stock based on the fair value of the Cummins shares obtained. We evaluated the full divestiture of Atmus and determined the transaction did not qualify for discontinued operation presentation. We recognized a gain related to the divestiture of approximately $1.3 billion (based on the difference between the fair value of the Cummins shares obtained less the carrying value of our Atmus investment), which was recorded as other income in the Condensed Consolidated Statements of Net Income for the three months ended March 31, 2024. Approximately $114 million of goodwill was included in the carrying value of the Atmus investment for purposes of calculating the gain. The operating results of Atmus were reported in the Condensed Consolidated Financial Statements through March 18, 2024, the date of divestiture. As part of the divestiture, the $600 million term loan remained with Atmus after the split. In addition, a net $61 million of other comprehensive income and $19 million of noncontrolling interests related to Atmus were written-off and netted against the gain recognized upon the split. We entered into a transitional services agreement (TSA) with Atmus that is designed to facilitate the orderly transfer of various services to Atmus. The TSA relates primarily to administrative services, which are generally to be provided over the next 24 months. This agreement is not material and does not confer upon us the ability to influence the operating and/or financial policies of Atmus subsequent to March 18, 2024.

OPERATING SEGMENTS

OPERATING SEGMENTS	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
OPERATING SEGMENTS	NOTE 15. OPERATING SEGMENTS Operating segments under GAAP are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the Chief Operating Decision Maker (CODM), or decision-making group, in deciding how to allocate resources and in assessing performance. Our CODM is the Chief Executive Officer. Our reportable operating segments consist of Components, Engine, Distribution, Power Systems and Accelera. This reporting structure is organized according to the products and markets each segment serves. The Components segment sells axles, drivelines, brakes and suspension systems for commercial diesel and natural gas applications, aftertreatment systems, turbochargers, fuel systems, valvetrain technologies, automated transmissions and electronics. The Engine segment produces engines (15 liters and smaller) and associated parts for sale to customers in on-highway and various off-highway markets. Our engines are used in trucks of all sizes, buses and recreational vehicles, as well as in various industrial applications, including construction, agriculture, power generation systems and other off-highway applications. The Distribution segment includes wholly-owned and partially-owned distributorships engaged in wholesaling engines, generator sets and service parts, as well as performing service and repair activities on our products and maintaining relationships with various OEMs throughout the world. The Power Systems segment is an integrated power provider, which designs, manufactures and sells engines (16 liters and larger) for industrial applications (including mining, oil and gas, marine and rail), standby and prime power generator sets, alternators and other power components. The Accelera segment designs, manufactures, sells and supports hydrogen production technologies as well as electrified power systems with innovative components and subsystems, including battery, fuel cell and electric powertrain technologies. The Accelera segment is currently in the early stages of commercializing these technologies with efforts primarily focused on the development of our electrolyzers for hydrogen production and electrified power systems and related components and subsystems. We continue to serve all our markets as they adopt electrification and alternative power technologies, meeting the needs of our OEM partners and end customers. We use segment earnings or losses before interest expense, income taxes, depreciation and amortization and noncontrolling interests (EBITDA) as the basis for the CODM to evaluate the performance of each of our reportable operating segments. We believe EBITDA is a useful measure of our operating performance as it assists investors and debt holders in comparing our performance on a consistent basis without regard to financing methods, capital structure, income taxes or depreciation and amortization methods, which can vary significantly depending upon many factors. Segment amounts exclude certain expenses not specifically identifiable to segments. The accounting policies of our operating segments are the same as those applied in our Condensed Consolidated Financial Statements. We prepared the financial results of our operating segments on a basis that is consistent with the manner in which we internally disaggregate financial information to assist in making internal operating decisions. We allocate certain common costs and expenses, primarily corporate functions, among segments differently than we would for stand-alone financial information prepared in accordance with GAAP. These include certain costs and expenses of shared services, such as information technology, human resources, legal, finance and supply chain management. We do not allocate gains or losses of corporate owned life insurance and the gain and certain costs related to the divestiture of Atmus. See NOTE 14, "ATMUS DIVESTITURE," for additional information. EBITDA may not be consistent with measures used by other companies. Summarized financial information regarding our reportable operating segments for the three months ended is shown in the table below: In millions Components Engine Distribution Power Systems Accelera Total Segments Three months ended March 31, 2024 External sales $ 2,842 $ 2,240 $ 2,529 $ 708 $ 84 $ 8,403 Intersegment sales 490 688 6 681 9 1,874 Total sales 3,332 2,928 2,535 1,389 93 10,277 Research, development and engineering expenses 84 154 14 60 55 367 Equity, royalty and interest income (loss) from investees 26 57 24 19 (3) 123 Interest income 8 7 11 3 — 29 Segment EBITDA 473 (1) 414 294 237 (101) 1,317 Depreciation and amortization (2) 125 58 31 34 14 262 Three months ended March 31, 2023 External sales $ 3,043 $ 2,252 $ 2,399 $ 679 $ 80 $ 8,453 Intersegment sales 514 734 7 664 5 1,924 Total sales 3,557 2,986 2,406 1,343 85 10,377 Research, development and engineering expenses 91 134 14 63 48 350 Equity, royalty and interest income (loss) from investees 21 65 24 13 (4) 119 Interest income 6 3 7 2 — 18 Segment EBITDA 507 (3) 457 335 219 (94) 1,424 Depreciation and amortization (2) 123 51 28 29 14 245 (1) Included $21 million costs associated with the divestiture of Atmus for the three months ended March 31, 2024. See NOTE 14, "ATMUS DIVESTITURE," for additional information. (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 Net Income as interest expense. The amortization of debt discount and deferred costs was $3 million and $1 million for the three months ended March 31, 2024 and 2023, respectively. A portion of depreciation expense is included in research, development and engineering expenses. (3) Included $12 million of costs associated with the divestiture of Atmus for the three months ended March 31, 2023. A reconciliation of our segment information to the corresponding amounts in the Condensed Consolidated Statements of Net Income is shown in the table below: Three months ended March 31, In millions 2024 2023 TOTAL SEGMENT EBITDA $ 1,317 $ 1,424 Intersegment eliminations and other (1) 1,255 (2) (63) (3) Less: Interest expense 89 87 Depreciation and amortization 262 245 INCOME BEFORE INCOME TAXES $ 2,221 $ 1,029 (1) Included intersegment sales, intersegment profit in inventory and unallocated corporate expenses. (2) Included $1.3 billion of gain related the divestiture of Atmus and $14 million of costs associated with the divestiture of Atmus (included in corporate expenses) for the three months ended March 31, 2024. See NOTE 14, "ATMUS DIVESTITURE," for additional information. (3) Included $6 million of costs associated with the divestiture of Atmus for the three months ended March 31, 2023.

RECENTLY ADOPTED AND RECENTLY I

RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS	3 Months Ended
	Mar. 31, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS	NOTE 16. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures," to enhance disclosures for significant segment expenses for all public entities required to report segment information in accordance with ASC 280. The standard did not change the definition of a segment, the method for determining segments or the criteria for aggregating operating segments into reportable segments. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Retrospective adoption is required for all prior periods presented in the financial statements. We plan to adopt the standard beginning with our 2024 Form 10-K. The adoption is not expected to have a material impact to our financial statements or disclosures. In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements in Income Tax Disclosures," to enhance the transparency and decision usefulness of income tax disclosures. This amendment requires public companies to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. Additionally, under the amendment entities are required to disclose the amount of income taxes paid disaggregated by federal, state and foreign taxes, as well as disaggregated by material individual jurisdictions. Finally, the amendment requires entities to disclose income from continuing operations before income tax expense disaggregated between domestic and foreign and income tax expense from continuing operations disaggregated by federal, state and foreign. The new rules are effective for annual periods beginning after December 15, 2024. We will adopt this standard on a prospective basis as allowed by the standard beginning with our 2025 Form 10-K. The adoption of this standard is not expected to have a material impact on our Condensed Consolidated Financial Statements.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	NOTE 17. SUBSEQUENT EVENTS Early Settlement of Interest Rate Swaps and Early Debt Payments In April 2024, we settled a portion of our 2023 interest rate swaps with a notional amount of $100 million in conjunction with repayment of $100 million of our term loan, due 2025. The loss on settlement recognized was immaterial. Issuance of Commercial Paper In April 2024, we issued approximately $1.0 billion of commercial paper in anticipation of paying the substantial majority of payments required under the Settlement Agreements in May 2024. See NOTE 11, “COMMITMENTS AND CONTINGENCIES,” for additional information on the Settlement Agreements. Net Investment Hedge In April 2024, we entered into additional net investments hedges with a notional amount of $250 million where we agreed with third parties to sell Chinese renminbi in exchange for U.S. dollar currency at a specified rate at the maturity of the contract.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

NATURE OF OPERATIONS AND BASI_2

NATURE OF OPERATIONS AND BASIS OF PRESENTATION (Tables)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Options excluded from diluted earnings per share	The options excluded from diluted earnings per share were as follows: Three months ended March 31, 2024 2023 Options excluded 3,600 4,833
Schedule of Related Party Transactions	The following is a summary of sales to and purchases from nonconsolidated equity investees: Three months ended March 31, In millions 2024 2023 Sales to nonconsolidated equity investees $ 351 $ 376 Purchases from nonconsolidated equity investees 653 704 The following is a summary of accounts receivable from and accounts payable to nonconsolidated equity investees: In millions March 31, December 31, Balance Sheet Location Accounts receivable from nonconsolidated equity investees $ 425 $ 530 Accounts and notes receivable, net Accounts payable to nonconsolidated equity investees 325 324 Accounts payable (principally trade)

REVENUE RECOGNITION LONGTERM CO

REVENUE RECOGNITION LONGTERM CONTRACTS AND DEFERRED AND UNBILLED REVENUE (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Contract with Customer, Contract Asset, Contract Liability, and Receivable	The following is a summary of our unbilled and deferred revenue and related activity: In millions March 31, December 31, Unbilled revenue $ 330 $ 303 Deferred revenue 2,297 2,186

REVENUE RECOGNITION DISAGGREG_2

REVENUE RECOGNITION DISAGGREGATION OF REVENUES (Tables)	3 Months Ended
	Mar. 31, 2024
Disaggregation of Revenue [Line Items]
Revenue from External Customers by Geographic Areas	The table below presents our consolidated sales by geographic area. Net sales attributed to geographic areas were based on the location of the customer. Three months ended March 31, In millions 2024 2023 United States $ 4,785 $ 4,802 China 723 790 India 444 411 Other international 2,451 2,450 Total net sales $ 8,403 $ 8,453
Components
Disaggregation of Revenue [Line Items]
Revenue from External Customers by Products and Services	Components segment external sales by business were as follows: Three months ended March 31, In millions 2024 2023 Axles and brakes $ 1,232 $ 1,272 Emission solutions 856 939 Atmus 289 (1) 342 Engine components 271 292 Automated transmissions 165 178 Software and electronics 29 20 Total sales $ 2,842 $ 3,043 (1) Included sales through the March 18, 2024, divestiture. See NOTE 14, "ATMUS DIVESTITURE," for additional information.
Engine
Disaggregation of Revenue [Line Items]
Revenue from External Customers by Market	Engine segment external sales by market were as follows: Three months ended March 31, In millions 2024 2023 Heavy-duty truck $ 811 $ 860 Medium-duty truck and bus 738 617 Light-duty automotive 438 441 Total on-highway 1,987 1,918 Off-highway 253 334 Total sales $ 2,240 $ 2,252
Distribution
Disaggregation of Revenue [Line Items]
Revenue from External Customers by Geographic Areas	Distribution segment external sales by region were as follows: Three months ended March 31, In millions 2024 2023 North America $ 1,722 $ 1,693 Asia Pacific 285 239 Europe 240 194 China 100 101 India 69 57 Latin America 59 53 Africa and Middle East 54 62 Total sales $ 2,529 $ 2,399
Revenue from External Customers by Products and Services	Distribution segment external sales by product line were as follows: Three months ended March 31, In millions 2024 2023 Parts $ 997 $ 1,052 Power generation 705 491 Engines 422 456 Service 405 400 Total sales $ 2,529 $ 2,399
Power Systems
Disaggregation of Revenue [Line Items]
Revenue from External Customers by Products and Services	Power Systems segment external sales by product line were as follows: Three months ended March 31, In millions 2024 2023 Power generation $ 360 $ 380 Industrial 238 189 Generator technologies 110 110 Total sales $ 708 $ 679

PENSION AND OTHER POSTRETIREM_2

PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables)	3 Months Ended
	Mar. 31, 2024
Retirement Benefits [Abstract]
Schedule Benefit Plans Disclosures Cash Contributions	Contributions to these plans were as follows: Three months ended March 31, In millions 2024 2023 Defined benefit pension contributions $ 39 $ 88 OPEB payments, net 9 4 Defined contribution pension plans 48 43
Components of net periodic pension and other postretirement benefit cost	The components of net periodic pension and OPEB expense (income) under our plans were as follows: Pension U.S. Plans U.K. Plans OPEB Three months ended March 31, In millions 2024 2023 2024 2023 2024 2023 Service cost $ 35 $ 29 $ 4 $ 4 $ — $ — Interest cost 42 42 18 17 2 2 Expected return on plan assets (72) (69) (25) (25) — — Recognized net actuarial loss (gain) 3 2 3 — (1) (1) Net periodic benefit expense (income) $ 8 $ 4 $ — $ (4) $ 1 $ 1

EQUITY, ROYALTY AND INTEREST _2

EQUITY, ROYALTY AND INTEREST INCOME FROM INVESTEES (Tables)	3 Months Ended
	Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Equity, royalty and interest income from investees	Equity, royalty and interest income from investees included in our Condensed Consolidated Statements of Net Income for the reporting period was as follows: Three months ended March 31, In millions 2024 2023 Manufacturing entities Dongfeng Cummins Engine Company, Ltd. $ 22 $ 19 Chongqing Cummins Engine Company, Ltd. 15 9 Beijing Foton Cummins Engine Co., Ltd. 13 16 Tata Cummins, Ltd. 9 8 All other manufacturers 23 19 Distribution entities Komatsu Cummins Chile, Ltda. 13 14 All other distributors 5 3 Cummins share of net income 100 88 Royalty and interest income 23 31 Equity, royalty and interest income from investees $ 123 $ 119

MARKETABLE SECURITIES (Tables)

MARKETABLE SECURITIES (Tables)	3 Months Ended
	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Summary of marketable securities	A summary of marketable securities, all of which were classified as current, was as follows: March 31, December 31, In millions Cost Gross unrealized gains/(losses) (1) Estimated Cost Gross unrealized gains/(losses) (1) Estimated Equity securities Certificates of deposit $ 245 $ — $ 245 $ 246 $ — $ 246 Debt mutual funds 225 (1) 224 272 — 272 Equity mutual funds 21 7 28 22 6 28 Debt securities 13 — 13 16 — 16 Marketable securities $ 504 $ 6 $ 510 $ 556 $ 6 $ 562 (1) Unrealized gains and losses for debt securities are recorded in other comprehensive income while unrealized gains and losses for equity securities are recorded in our Condensed Consolidated Statements of Net Income .
Schedule of proceeds from sales and maturities	The proceeds from sales and maturities of marketable securities were as follows: Three months ended March 31, In millions 2024 2023 Proceeds from sales of marketable securities $ 426 $ 276 Proceeds from maturities of marketable securities 5 69 Investments in marketable securities - liquidations $ 431 $ 345

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories included the following: In millions March 31, December 31, Finished products $ 2,931 $ 2,770 Work-in-process and raw materials 3,049 3,156 Inventories at FIFO cost 5,980 5,926 Excess of FIFO over LIFO (222) (249) Inventories $ 5,758 $ 5,677

SUPPLEMENTAL BALANCE SHEET DA_2

SUPPLEMENTAL BALANCE SHEET DATA (Tables)	3 Months Ended
	Mar. 31, 2024
Balance Sheet Related Disclosures [Abstract]
Schedule of Other Assets	Other assets included the following: In millions March 31, December 31, Deferred income taxes $ 950 $ 1,082 Operating lease assets 455 501 Corporate owned life insurance 419 417 Other 550 543 Other assets $ 2,374 $ 2,543
Accrued Expenses	Other accrued expenses included the following: In millions March 31, December 31, Settlement Agreements (1) $ 1,938 $ 1,938 Income taxes payable 361 242 Marketing accruals 340 399 Other taxes payable 222 296 Current portion of operating lease liabilities 129 138 Other 707 741 Other accrued expenses $ 3,697 $ 3,754 (1) See NOTE 11, "COMMITMENTS AND CONTINGENCIES," for additional information.
Other Noncurrent Liabilities	Other liabilities included the following: In millions March 31, December 31, Accrued product warranty (1) $ 816 $ 777 Pensions 495 530 Deferred income taxes 355 530 Operating lease liabilities 332 374 Accrued compensation 186 213 Mark-to-market valuation on interest rate derivatives 124 117 Other postretirement benefits 123 131 Long-term income taxes 111 111 Other 666 647 Other liabilities $ 3,208 $ 3,430 (1) See NOTE 10, "PRODUCT WARRANTY LIABILITY," for additional information.

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Short-term Debt	Loans payable, commercial paper and the related weighted-average interest rates were as follows: In millions March 31, December 31, Loans payable (1) $ 342 $ 280 Commercial paper (2) 609 1,496 (1) Loans payable consist primarily of notes payable to various domestic and international financial institutions. It is not practicable to aggregate these notes and calculate a quarterly weighted-average interest rate. (2) The weighted-average interest rate, inclusive of all brokerage fees, was 5.23 percent and 5.43 percent at March 31, 2024, and December 31, 2023, respectively.
Summary of long-term debt	A summary of long-term debt was as follows: In millions Interest Rate March 31, December 31, Long-term debt Hydrogenics promissory notes, due 2024 and 2025 —% $ 160 $ 160 Term loan, due 2025 (1) (2) Variable 500 1,150 Senior notes, due 2025 (3) 0.75% 500 500 Atmus term loan, due 2027 (4) Variable — 600 Debentures, due 2027 6.75% 58 58 Debentures, due 2028 7.125% 250 250 Senior notes, due 2029 4.90% 500 — Senior notes, due 2030 (3) 1.50% 850 850 Senior notes, due 2034 5.15% 750 — Senior notes, due 2043 4.875% 500 500 Senior notes, due 2050 2.60% 650 650 Senior notes, due 2054 5.45% 1,000 — Debentures, due 2098 (5) 5.65% 165 165 Other debt 90 94 Unamortized discount and deferred issuance costs (100) (72) Fair value adjustments due to hedge on indebtedness (111) (96) Finance leases 122 111 Total long-term debt 5,884 4,920 Less: Current maturities of long-term debt 113 118 Long-term debt $ 5,771 $ 4,802 (1) During the first three months of 2024, we paid down $650 million of the term loan. (2) In 2023, we entered into a series of interest rate swaps in order to trade a portion of the floating rate debt into fixed rate. See "Interest Rate Risk" in NOTE 13, "DERIVATIVES," for additional information. (3) In 2021, we entered into a series of interest rate swaps to effectively convert debt from a fixed rate to floating rate. See "Interest Rate Risk" in NOTE 13, "DERIVATIVES," for additional information. (4) See NOTE 14, "ATMUS DIVESTITURE," for additional information. (5) The effective interest rate is 7.48 percent. On February 20, 2024, we issued $2.25 billion aggregate principal amount of senior unsecured notes consisting of $500 million aggregate principal amount of 4.90 percent senior unsecured notes due in 2029, $750 million aggregate principal amount of 5.15 percent senior unsecured notes due in 2034 and $1.0 billion aggregate principal amount of 5.45 percent senior unsecured notes due in 2054. We received net proceeds of $2.2 billion. The senior unsecured notes pay interest semi-annually on February 20 and August 20, commencing on August 20, 2024. The indenture governing the senior unsecured notes contains covenants that, among other matters, limit (i) our ability to consolidate or merge into, or sell, assign, convey, lease, transfer or otherwise dispose of all or substantially all of our and our subsidiaries' assets to another person, (ii) our and certain of our subsidiaries' ability to create or assume liens and (iii) our and certain of our subsidiaries' ability to engage in sale and leaseback transactions.
Principal repayments on long-term debt	Principal payments required on long-term debt during the next five years are as follows: In millions 2024 2025 2026 2027 2028 Principal payments $ 101 $ 1,128 $ 41 $ 76 $ 267
Fair value and carrying value of total debt	Based on borrowing rates currently available to us for bank loans with similar terms and average maturities, considering our risk premium, the fair values and carrying values of total debt, including current maturities, were as follows: In millions March 31, December 31, Fair value of total debt (1) $ 6,491 $ 6,375 Carrying value of total debt 6,835 6,696 (1) The fair value of debt is derived from Level 2 input measures.

PRODUCT WARRANTY LIABILITY (Tab

PRODUCT WARRANTY LIABILITY (Tables)	3 Months Ended
	Mar. 31, 2024
Product Warranties Disclosures [Abstract]
Summary of activity in the product warranty account	A tabular reconciliation of the product warranty liability, including the deferred revenue related to our extended warranty coverage and accrued product campaigns, was as follows: Three months ended March 31, In millions 2024 2023 Balance at beginning of year $ 2,497 $ 2,477 Provision for base warranties issued 160 146 Deferred revenue on extended warranty contracts sold 96 102 Provision for product campaigns issued 6 6 Payments made during period (176) (143) Amortization of deferred revenue on extended warranty contracts (77) (75) Changes in estimates for pre-existing product warranties and campaigns 51 10 Foreign currency translation adjustments and other (18) 7 Balance at end of period $ 2,539 $ 2,530
Warranty related deferred revenue and the long-term portion of the warranty liability	Warranty related deferred revenues and warranty liabilities on our Condensed Consolidated Balance Sheets were as follows: In millions March 31, December 31, Balance Sheet Location Deferred revenue related to extended coverage programs Current portion $ 274 $ 279 Current portion of deferred revenue Long-term portion 797 774 Deferred revenue Total $ 1,071 $ 1,053 Product warranty Current portion $ 652 $ 667 Current portion of accrued product warranty Long-term portion 816 777 Other liabilities Total $ 1,468 $ 1,444 Total warranty accrual $ 2,539 $ 2,497

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Changes in accumulated other comprehensive loss by component	Following are the changes in accumulated other comprehensive income (loss) by component for the three months ended: In millions Change in pension and OPEB plans Foreign currency Unrealized gain Total Noncontrolling Total Balance at December 31, 2023 $ (848) $ (1,457) $ 99 $ (2,206) Other comprehensive income (loss) before reclassifications Before-tax amount (21) (116) 22 (115) $ (3) $ (118) Tax expense 3 (2) (5) (4) — (4) After-tax amount (18) (118) 17 (119) (3) (122) Amounts reclassified from accumulated other comprehensive income (loss) (1) 5 61 (2) (5) 61 — 61 Net current period other comprehensive (loss) income (13) (57) 12 (58) $ (3) $ (61) Balance at March 31, 2024 $ (861) $ (1,514) $ 111 $ (2,264) Balance at December 31, 2022 $ (427) $ (1,552) $ 89 $ (1,890) Other comprehensive income (loss) before reclassifications Before-tax amount (13) 75 (3) 59 $ 3 $ 62 Tax benefit 2 4 1 7 — 7 After-tax amount (11) 79 (2) 66 3 69 Amounts reclassified from accumulated other comprehensive income (loss) (1) 2 — (1) 1 — 1 Net current period other comprehensive (loss) income (9) 79 (3) 67 $ 3 $ 70 Balance at March 31, 2023 $ (436) $ (1,473) $ 86 $ (1,823) (1) Amounts are net of tax. Reclassifications out of accumulated other comprehensive income (loss) and the related tax effects are immaterial for separate disclosure. (2) Primarily related to the divestiture of Atmus. See NOTE 14, "ATMUS DIVESTITURE," for additional information.

DERIVATIVES (Tables)

DERIVATIVES (Tables)	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)	The following table summarizes the net investment hedge activity in accumulated other comprehensive loss (AOCL): Three months ended March 31, In millions 2024 2023 Type of Derivative Gain (Loss) Gain (Loss) Reclassified from AOCL into Earnings Gain (Loss) Gain (Loss) Reclassified from AOCL into Earnings Foreign exchange forwards $ 6 $ — $ (15) $ — The following table summarizes the interest rate swap activity in AOCL: Three months ended March 31, In millions 2024 Type of Swap Gain (Loss) Gain (Loss) Reclassified from AOCL into Interest Expense Interest rate swaps $ 3 $ —
Schedule of Interest Rate Derivatives	The following table summarizes the gains and losses: Three months ended March 31, In millions 2024 2023 Type of Swap Gain (Loss) Gain (Loss) on Borrowings Gain (Loss) Gain (Loss) on Borrowings Interest rate swaps (1) $ (10) $ 14 $ 27 $ (22) (1) The difference between the gain (loss) on swaps and borrowings represents hedge ineffectiveness.
Derivatives Not Designated as Hedging Instruments	The following table summarizes the effect on our Condensed Consolidated Statements of Net Income for derivative instruments not designated as hedging instruments: Three months ended March 31, In millions 2024 2023 Loss recognized in income - Cost of sales (1) $ — $ (2) (Loss) gain recognized in income - Other income (expense), net (1) (40) 27 (1) Includes foreign currency forward contracts.
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The following table summarizes the location and fair value of derivative instruments on our Condensed Consolidated Balance Sheets : Derivatives Designated as Hedging Instruments Derivatives Not Designated as Hedging Instruments In millions March 31, December 31, March 31, December 31, Notional amount $ 3,257 $ 2,997 $ 4,064 $ 3,610 Derivative assets Prepaid expenses and other current assets (1) $ 21 $ 14 $ 9 $ 16 Derivative liabilities Other accrued expenses $ 4 $ 43 $ 8 $ 14 Other liabilities 124 117 11 — Total derivative liabilities (1) $ 128 $ 160 $ 19 $ 14 (1) Estimates of the fair value of all derivative assets and liabilities above are derived from Level 2 inputs, which are estimated using actively quoted prices for similar instruments from brokers and observable inputs where available, including market transactions and third-party pricing services, or net asset values provided to investors. We do not currently have any Level 3 input measures and there were no transfers into or out of Level 2 or 3 during the three months ended March 31, 2024, or the year ended December 31, 2023.

OPERATING SEGMENTS (Tables)

OPERATING SEGMENTS (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Financial information regarding reportable operating segments	Summarized financial information regarding our reportable operating segments for the three months ended is shown in the table below: In millions Components Engine Distribution Power Systems Accelera Total Segments Three months ended March 31, 2024 External sales $ 2,842 $ 2,240 $ 2,529 $ 708 $ 84 $ 8,403 Intersegment sales 490 688 6 681 9 1,874 Total sales 3,332 2,928 2,535 1,389 93 10,277 Research, development and engineering expenses 84 154 14 60 55 367 Equity, royalty and interest income (loss) from investees 26 57 24 19 (3) 123 Interest income 8 7 11 3 — 29 Segment EBITDA 473 (1) 414 294 237 (101) 1,317 Depreciation and amortization (2) 125 58 31 34 14 262 Three months ended March 31, 2023 External sales $ 3,043 $ 2,252 $ 2,399 $ 679 $ 80 $ 8,453 Intersegment sales 514 734 7 664 5 1,924 Total sales 3,557 2,986 2,406 1,343 85 10,377 Research, development and engineering expenses 91 134 14 63 48 350 Equity, royalty and interest income (loss) from investees 21 65 24 13 (4) 119 Interest income 6 3 7 2 — 18 Segment EBITDA 507 (3) 457 335 219 (94) 1,424 Depreciation and amortization (2) 123 51 28 29 14 245 (1) Included $21 million costs associated with the divestiture of Atmus for the three months ended March 31, 2024. See NOTE 14, "ATMUS DIVESTITURE," for additional information. (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 Net Income as interest expense. The amortization of debt discount and deferred costs was $3 million and $1 million for the three months ended March 31, 2024 and 2023, respectively. A portion of depreciation expense is included in research, development and engineering expenses. (3) Included $12 million of costs associated with the divestiture of Atmus for the three months ended March 31, 2023.
Reconciliation of segment information	A reconciliation of our segment information to the corresponding amounts in the Condensed Consolidated Statements of Net Income is shown in the table below: Three months ended March 31, In millions 2024 2023 TOTAL SEGMENT EBITDA $ 1,317 $ 1,424 Intersegment eliminations and other (1) 1,255 (2) (63) (3) Less: Interest expense 89 87 Depreciation and amortization 262 245 INCOME BEFORE INCOME TAXES $ 2,221 $ 1,029 (1) Included intersegment sales, intersegment profit in inventory and unallocated corporate expenses. (2) Included $1.3 billion of gain related the divestiture of Atmus and $14 million of costs associated with the divestiture of Atmus (included in corporate expenses) for the three months ended March 31, 2024. See NOTE 14, "ATMUS DIVESTITURE," for additional information. (3) Included $6 million of costs associated with the divestiture of Atmus for the three months ended March 31, 2023.

NATURE OF OPERATIONS AND BASI_3

NATURE OF OPERATIONS AND BASIS OF PRESENTATION (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) location country shares	Mar. 31, 2023 USD ($) shares	Mar. 18, 2024 Rate	Dec. 31, 2023 USD ($)
Nature of Operations [Line Items]
Company Owned and Independent Distributor Locations Number | location	450
Countries and Territories Number | country	190
Options excluded (in shares) | shares	3,600	4,833
NET SALES (Notes 1 and 2)	$ 8,403	$ 8,453
Accounts and notes receivable, net	5,463			$ 5,583
Accounts payable (principally trade)	4,476			4,260
Supply Chain Financing, Program Maximum	512
SupplierFinanceProgramObligationCurrent	193			199
Atmus Filtration Technologies Inc.
Nature of Operations [Line Items]
Subsidiary, Ownership Percentage, Parent | Rate			80.50%
Related Party
Nature of Operations [Line Items]
NET SALES (Notes 1 and 2)	351	376
Related Party Transaction, Purchases from Related Party	653	$ 704
Accounts and notes receivable, net	425			530
Accounts payable (principally trade)	$ 325			$ 324
Minimum
Nature of Operations [Line Items]
Dealer Locations Number | location	19,000
Supplier Finance Program, Payment Timing, Period	60 days
Maximum
Nature of Operations [Line Items]
Supplier Finance Program, Payment Timing, Period	90 days

REVENUE RECOGNITION LONGTERM _2

REVENUE RECOGNITION LONGTERM CONTRACTS AND DEFERRED AND UNBILLED REVENUE (Details 1) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue, Remaining Performance Obligation, Amount	$ 3,100
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	3,100
Unbilled revenue	330		$ 303
Deferred revenue	2,297		$ 2,186
Contract with Customer, Liability, Revenue Recognized	248	$ 206
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue from Contract with Customer [Abstract]
Revenue, Remaining Performance Obligation, Amount	1,400
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 1,400
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01
Revenue from Contract with Customer [Abstract]
Revenue, Remaining Performance Obligation, Amount	$ 1,700
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 1,700
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	10 years

REVENUE RECOGNITION DISAGGREG_3

REVENUE RECOGNITION DISAGGREGATION OF REVENUES (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
NET SALES (Notes 1 and 2)	$ 8,403	$ 8,453
Axles and brakes (CBU business)
Disaggregation of Revenue [Line Items]
NET SALES (Notes 1 and 2)	1,232	1,272
Emission solutions (CBU business)
Disaggregation of Revenue [Line Items]
NET SALES (Notes 1 and 2)	856	939
Atmus Filtration Technologies Inc.
Disaggregation of Revenue [Line Items]
NET SALES (Notes 1 and 2)	289	342
Engine Components (CBU business)
Disaggregation of Revenue [Line Items]
NET SALES (Notes 1 and 2)	271	292
Automated Transmissions (CBU business)
Disaggregation of Revenue [Line Items]
NET SALES (Notes 1 and 2)	165	178
Software and electronics (CBU business)
Disaggregation of Revenue [Line Items]
NET SALES (Notes 1 and 2)	29	20
Heavy-duty truck (EBU market)
Disaggregation of Revenue [Line Items]
NET SALES (Notes 1 and 2)	811	860
Medium-duty truck and bus (EBU market)
Disaggregation of Revenue [Line Items]
NET SALES (Notes 1 and 2)	738	617
Light-duty automotive (EBU market)
Disaggregation of Revenue [Line Items]
NET SALES (Notes 1 and 2)	438	441
On-highway (EBU market)
Disaggregation of Revenue [Line Items]
NET SALES (Notes 1 and 2)	1,987	1,918
Off-highway (EBU market)
Disaggregation of Revenue [Line Items]
NET SALES (Notes 1 and 2)	253	334
Parts (DBU product line)
Disaggregation of Revenue [Line Items]
NET SALES (Notes 1 and 2)	997	1,052
Power Generation (DBU product line)
Disaggregation of Revenue [Line Items]
NET SALES (Notes 1 and 2)	705	491
Engines (DBU product line)
Disaggregation of Revenue [Line Items]
NET SALES (Notes 1 and 2)	422	456
Service (DBU product line)
Disaggregation of Revenue [Line Items]
NET SALES (Notes 1 and 2)	405	400
Power Generation (PSBU product line)
Disaggregation of Revenue [Line Items]
NET SALES (Notes 1 and 2)	360	380
Industrial (PSBU product line)
Disaggregation of Revenue [Line Items]
NET SALES (Notes 1 and 2)	238	189
Generator technologies (PSBU product line)
Disaggregation of Revenue [Line Items]
NET SALES (Notes 1 and 2)	110	110
Components
Disaggregation of Revenue [Line Items]
NET SALES (Notes 1 and 2)	3,332	3,557
Engine
Disaggregation of Revenue [Line Items]
NET SALES (Notes 1 and 2)	2,928	2,986
Distribution
Disaggregation of Revenue [Line Items]
NET SALES (Notes 1 and 2)	2,535	2,406
Power Systems
Disaggregation of Revenue [Line Items]
NET SALES (Notes 1 and 2)	1,389	1,343
External Sales | Components
Disaggregation of Revenue [Line Items]
NET SALES (Notes 1 and 2)	2,842	3,043
External Sales | Engine
Disaggregation of Revenue [Line Items]
NET SALES (Notes 1 and 2)	2,240	2,252
External Sales | Distribution
Disaggregation of Revenue [Line Items]
NET SALES (Notes 1 and 2)	2,529	2,399
External Sales | Power Systems
Disaggregation of Revenue [Line Items]
NET SALES (Notes 1 and 2)	708	679
UNITED STATES
Disaggregation of Revenue [Line Items]
NET SALES (Notes 1 and 2)	4,785	4,802
CHINA
Disaggregation of Revenue [Line Items]
NET SALES (Notes 1 and 2)	723	790
CHINA | Distribution
Disaggregation of Revenue [Line Items]
NET SALES (Notes 1 and 2)	100	101
INDIA
Disaggregation of Revenue [Line Items]
NET SALES (Notes 1 and 2)	444	411
INDIA | Distribution
Disaggregation of Revenue [Line Items]
NET SALES (Notes 1 and 2)	69	57
OTHER INTERNATIONAL
Disaggregation of Revenue [Line Items]
NET SALES (Notes 1 and 2)	2,451	2,450
NORTH AMERICA | Distribution
Disaggregation of Revenue [Line Items]
NET SALES (Notes 1 and 2)	1,722	1,693
ASIA PACIFIC | Distribution
Disaggregation of Revenue [Line Items]
NET SALES (Notes 1 and 2)	285	239
EUROPE | Distribution
Disaggregation of Revenue [Line Items]
NET SALES (Notes 1 and 2)	240	194
LATIN AMERICA | Distribution
Disaggregation of Revenue [Line Items]
NET SALES (Notes 1 and 2)	59	53
AFRICA AND MIDDLE EAST | Distribution
Disaggregation of Revenue [Line Items]
NET SALES (Notes 1 and 2)	$ 54	$ 62

PENSION AND OTHER POSTRETIREM_3

PENSION AND OTHER POSTRETIREMENT BENEFITS (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Apr. 01, 2024
Pension and other postretirement benefits
Defined contribution pension plans	$ 48	$ 43
Pension Plan
Pension and other postretirement benefits
Defined Benefit Plan, Plan Assets, Contributions by Employer	39	88
Other Postretirement Benefits Plan
Pension and other postretirement benefits
Defined Benefit Plan, Plan Assets, Contributions by Employer	9	4
Components of Net Periodic Benefit Cost
Service cost	0	0
Interest cost	2	2
Expected return on plan assets	0	0
Recognized net actuarial loss	(1)	(1)
Net periodic benefit cost	1	1
Estimate | Pension Plan
Pension and other postretirement benefits
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year			$ 29
Net periodic pension cost			$ 34
UNITED STATES | Pension Plan
Components of Net Periodic Benefit Cost
Service cost	35	29
Interest cost	42	42
Expected return on plan assets	(72)	(69)
Recognized net actuarial loss	3	2
Net periodic benefit cost	8	4
UNITED KINGDOM | Pension Plan
Components of Net Periodic Benefit Cost
Service cost	4	4
Interest cost	18	17
Expected return on plan assets	(25)	(25)
Recognized net actuarial loss	3	0
Net periodic benefit cost	$ 0	$ (4)

EQUITY, ROYALTY AND INTEREST _3

EQUITY, ROYALTY AND INTEREST INCOME FROM INVESTEES (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Apr. 01, 2024
Schedule of Equity Method Investments [Line Items]
Equity, royalty and interest income from investees (Note 4)	$ 123	$ 119
Minimum | Estimate
Schedule of Equity Method Investments [Line Items]
Total Investment by All Partners			$ 2,000
Maximum | Estimate
Schedule of Equity Method Investments [Line Items]
Total Investment by All Partners			$ 3,000
Dongfeng Cummins Engine Company Ltd
Schedule of Equity Method Investments [Line Items]
Equity, royalty and interest income from investees (Note 4)	22	19
Chongqing Cummins Engine Company, Ltd.
Schedule of Equity Method Investments [Line Items]
Equity, royalty and interest income from investees (Note 4)	15	9
Beijing Foton Cummins Engine Company
Schedule of Equity Method Investments [Line Items]
Equity, royalty and interest income from investees (Note 4)	13	16
Tata Cummins, Ltd.
Schedule of Equity Method Investments [Line Items]
Equity, royalty and interest income from investees (Note 4)	9	8
All other manufacturers
Schedule of Equity Method Investments [Line Items]
Equity, royalty and interest income from investees (Note 4)	23	19
Komatsu Cummins Chile, Ltda. (Distribution)
Schedule of Equity Method Investments [Line Items]
Equity, royalty and interest income from investees (Note 4)	13	14
All other distributors
Schedule of Equity Method Investments [Line Items]
Equity, royalty and interest income from investees (Note 4)	5	3
Cummin's Share of Equity Earnings
Schedule of Equity Method Investments [Line Items]
Equity, royalty and interest income from investees (Note 4)	$ 100	88
Battery Joint Venture Commitment
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	30%
Partners Investment Ownership Percentage	10%
Royalty and interest income
Schedule of Equity Method Investments [Line Items]
Equity, royalty and interest income from investees (Note 4)	$ 23	$ 31

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Effective tax rate (as a percent)	8.70%	21.70%
Gain (Loss) on Disposition of Business	$ (1,333)	$ 0
Other Discrete Tax Expenses	$ (21)
Share-Based Payment Arrangement, Expense, Tax Benefit		$ 3

MARKETABLE SECURITIES (Details)

MARKETABLE SECURITIES (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Schedule of Available-for-sale Securities
Debt Securities, Available-for-sale, Amortized Cost	$ 13		$ 16
Debt Securities, Available for sale, Unrealized Gain (Loss)	0		0
Debt Securities, Available-for-sale	13		16
Debt Securities, Trading, and Equity Securities, FV-NI, Cost	504		556
Marketable Securities, Unrealized Gain / (Loss)	6		6
Marketable securities (Note 6)	510		562
Proceeds from Sale of Held-to-maturity Securities	426	$ 276
Proceeds from Maturity of Marketable Securities	5	69
Proceeds from sales and maturities of marketable securities	431	$ 345
Certificates of deposit
Schedule of Available-for-sale Securities
Equity Securities, cost	245		246
Equity Securities, Unrealized Gain (Loss)	0		0
Equity Securities, Fair Value	245		246
Debt Mutual Funds
Schedule of Available-for-sale Securities
Equity Securities, cost	225		272
Equity Securities, Unrealized Gain (Loss)	(1)		0
Equity Securities, Fair Value	224		272
Equity mutual funds
Schedule of Available-for-sale Securities
Equity Securities, cost	21		22
Equity Securities, Unrealized Gain (Loss)	7		6
Equity Securities, Fair Value	$ 28		$ 28
Minimum | Certificates of deposit
Schedule of Available-for-sale Securities
Maturities of Time Deposits, Description	three months
Maximum | Certificates of deposit
Schedule of Available-for-sale Securities
Maturities of Time Deposits, Description	five years

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Finished products	$ 2,931	$ 2,770
Work-in-process and raw materials	3,049	3,156
Inventories at FIFO cost	5,980	5,926
Excess of FIFO over LIFO	(222)	(249)
Total inventories	$ 5,758	$ 5,677

SUPPLEMENTAL BALANCE SHEET DA_3

SUPPLEMENTAL BALANCE SHEET DATA (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Deferred income taxes	$ 950	$ 1,082
Operating lease assets	455	501
Corporate owned life insurance	419	417
Other Assets, Miscellaneous, Noncurrent	550	543
Other assets	2,374	2,543
Loss Contingency, Accrual, Current	1,938	1,938
Income taxes payable	361	242
Marketing accruals	340	399
Other taxes payable	222	296
Current portion of operating lease liabilities	129	138
Other Accrued Liabilities, Current	707	741
Other accrued expenses	3,697	3,754
Long-term portion of accrued product warranty	816	777
Pensions	495	530
Deferred income taxes	355	530
Operating lease liabilities	332	374
Accrued compensation	186	213
Mark-to-market valuation on interest rate derivatives	124	117
Liability, Other Postretirement Defined Benefit Plan	123	131
Long-term income taxes	111	111
Other Accrued Liabilities, Noncurrent	666	647
Other liabilities	$ 3,208	$ 3,430

DEBT (Details)

DEBT (Details) - USD ($) $ in Millions		3 Months Ended		12 Months Ended
	Feb. 20, 2024	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Jun. 05, 2023	Aug. 18, 2021
Debt Instruments
Loans payable		$ 342		$ 280
Commercial paper		609		1,496
Line of Credit Facility, Maximum Borrowing Capacity		4,000
Line of Credit Facility, Remaining Borrowing Capacity		3,400
Unsecured Debt	$ 2,250
Other Long-term Debt		90		94
Unamortized discount and deferred issuance costs		(100)		(72)
Fair value adjustments due to hedge on indebtedness		(111)		(96)
Finance Lease, Liability		122		111
Total long-term debt		5,884		4,920
Current maturities of long-term debt		113		118
Long-term debt		5,771		4,802
Repayment of Long-Term Debt		(748)	$ (142)
Proceeds from Issuance of Debt	$ 2,200
Principal payments
2024		101
2025		1,128
2026		41
2027		76
2028		267
Fair value
Fair value of total debt		6,491		6,375
Carrying value of total debt		6,835		6,696
Hydrogenics promissory notes, due 2024 and 2025
Debt Instruments
Unsecured Debt		160		160
Term loan, due 2025 (1) (2)
Debt Instruments
Unsecured Debt		500		1,150
Repayment of Long-Term Debt		(650)
Senior notes, due 2025 (3)
Debt Instruments
Unsecured Debt		$ 500		500
Debt instrument interest rate (as a percent)		0.75%
Atmus term loan, due 2027 (4)
Debt Instruments
Unsecured Debt				600
Debentures, due 2027
Debt Instruments
Unsecured Debt		$ 58		58
Debt instrument interest rate (as a percent)		6.75%
Debentures, due 2028
Debt Instruments
Unsecured Debt		$ 250		250
Debt instrument interest rate (as a percent)		7.125%
Debentures 4.90 Percent Due 2029
Debt Instruments
Unsecured Debt		$ 500		0
Debt instrument interest rate (as a percent)		4.90%
Senior Notes 1.50 Percent, Due 2030
Debt Instruments
Unsecured Debt		$ 850		850
Debt instrument interest rate (as a percent)		1.50%
Senior Notes 5.15 Percent Due 2034
Debt Instruments
Unsecured Debt		$ 750		0
Debt instrument interest rate (as a percent)		5.15%
Senior notes, due 2043
Debt Instruments
Unsecured Debt		$ 500		500
Debt instrument interest rate (as a percent)		4.875%
Senior notes, due 2050
Debt Instruments
Unsecured Debt		$ 650		650
Debt instrument interest rate (as a percent)		2.60%
Senior Notes 5.45 Percent, Due 2054
Debt Instruments
Unsecured Debt		$ 1,000		0
Debt instrument interest rate (as a percent)		5.45%
Debentures, due 2098 (5)
Debt Instruments
Unsecured Debt		$ 165		$ 165
Effective interest rate (as a percent)		7.48%
Debt instrument interest rate (as a percent)		5.65%
Commercial Paper
Debt Instruments
Weighted Average Interest Rate (as a percent)		5.23%		5.43%
Line of Credit Facility, Maximum Borrowing Capacity		$ 4,000
International and Other Lines of Credit
Debt Instruments
Line of Credit Facility, Remaining Borrowing Capacity		$ 396
1-year revolving credit agreement
Debt Instruments
Line of Credit Facility, Maximum Borrowing Capacity					$ 2,000
5-Year Revolving Credit Facility
Debt Instruments
Line of Credit Facility, Maximum Borrowing Capacity						$ 2,000

PRODUCT WARRANTY LIABILITY (Det

PRODUCT WARRANTY LIABILITY (Details 1) Warranty Footnote Disclosure - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Product Warranties Disclosures [Abstract]
Balance, beginning of year	$ 2,497	$ 2,477
Provision for base warranties issued	160	146
Deferred revenue on extended warranty contracts sold	96	102
Provision for product campaigns issued	6	6
Payments made during period	(176)	(143)
Amortization of deferred revenue on extended warranty contracts	(77)	(75)
Changes in estimates for pre-existing product warranties and campaigns	51	10
Foreign currency translation adjustments and other	(18)	7
Balance, end of period	2,539	2,530
Supplier recoveries	22	$ 10
Product Warranty Liability
Current portion of warranty related deferred revenue	1,236		$ 1,220
Long term portion of warranty related deferred revenue	1,061		966
Deferred Revenue Related to extended coverage, Total	1,071		1,053
Current portion of accrued product warranty	652		667
Long-term portion of accrued product warranty	816		777
Standard Product Warranty Accrual	1,468		1,444
Current portion of deferred revenue
Product Warranty Liability
Current portion of warranty related deferred revenue	274		279
Deferred revenue
Product Warranty Liability
Long term portion of warranty related deferred revenue	797		774
Current portion of accrued product warranty
Product Warranty Liability
Current portion of accrued product warranty	652		667
Other liabilities
Product Warranty Liability
Long-term portion of accrued product warranty	$ 816		$ 777

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Guarantee Obligations
Loss Contingency, Loss in Period		$ 2,000
Provision for product campaigns issued			$ 59
Guarantor obligations, maximum potential loss	$ 39
Long-term purchase commitment, penalty exposure	584
Total commitments under commodity contracts	64
Performance Bonds and Other Performance Guarantees	$ 192
Maximum
Guarantee Obligations
Guarantor Obligations, Term	two years

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at the beginning of the period	$ (2,206)
Before tax amount	(118)	$ 62
Tax (expense) benefit	(4)	7
After tax amount	(122)	69
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	61	1
Net current period other comprehensive (loss) income	(61)	70
Balance at the end of the period	(2,264)
Change in pension and OPEB plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at the beginning of the period	(848)	(427)
Before tax amount	(21)	(13)
Tax (expense) benefit	3	2
After tax amount	(18)	(11)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	5	2
Net current period other comprehensive (loss) income	(13)	(9)
Balance at the end of the period	(861)	(436)
Foreign currency translation adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at the beginning of the period	(1,457)	(1,552)
Before tax amount	(116)	75
Tax (expense) benefit	(2)	4
After tax amount	(118)	79
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	61	0
Net current period other comprehensive (loss) income	(57)	79
Balance at the end of the period	(1,514)	(1,473)
Unrealized gain (loss) on derivatives
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at the beginning of the period	99	89
Before tax amount	22	(3)
Tax (expense) benefit	(5)	1
After tax amount	17	(2)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	(5)	(1)
Net current period other comprehensive (loss) income	12	(3)
Balance at the end of the period	111	86
Total attributable to Cummins Inc.
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at the beginning of the period	(2,206)	(1,890)
Before tax amount	(115)	59
Tax (expense) benefit	(4)	7
After tax amount	(119)	66
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	61	1
Net current period other comprehensive (loss) income	(58)	67
Balance at the end of the period	(2,264)	(1,823)
Noncontrolling interests
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Before tax amount	(3)	3
Tax (expense) benefit	0	0
After tax amount	(3)	3
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	0	0
Net current period other comprehensive (loss) income	$ (3)	$ 3

DERIVATIVES (Details)

DERIVATIVES (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Feb. 20, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unsecured Debt				$ 2,250
Gain (Loss) on Swaps	$ (10)	$ 27
Gain (Loss) on Borrowings	14	(22)
Derivative Assets (Liabilities), at Fair Value, Net	13		$ 4
Derivative, Net Liability Position, Aggregate Fair Value	130		148
Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount	3,257		2,997
Derivative Liability	128		160
Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount	4,064		3,610
Derivative Liability	19		14
Prepaid Expenses and Other Current Assets | Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Asset	21		14
Prepaid Expenses and Other Current Assets | Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Asset	9		16
Other accrued expenses | Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Liability	4		43
Other accrued expenses | Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Liability	8		14
Other liabilities | Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Liability	124		117
Other liabilities | Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Liability	11		0
Cost of Sales
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	0	(2)
Other Nonoperating Income (Expense)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	(40)	27
Foreign Exchange Forward
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount	$ 5,000		$ 4,500
Foreign Exchange Forward | Foreign currencies | Geographic Concentration Risk
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Concentration Risk, Percentage	86%		85%
Net Investment Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount	$ 1,000
Gain (Loss)  Recognized in AOCL	6	(15)
Gain (Loss) Reclassified from AOCL into Earnings	0	$ 0
Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount	500
Gain (Loss)  Recognized in AOCL	3
Gain (Loss) Reclassified from AOCL into Earnings	$ 0
Senior Notes 5.72 Percent, Due in 2025
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Average Fixed Interest Rate	5.72%
Senior notes, due 2025 (3)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unsecured Debt	$ 500		$ 500
Debt instrument interest rate (as a percent)	0.75%
Senior notes, due 2025 (3) | Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount	$ 400
Senior notes, due 2025 (3) | London Interbank Offered Rate
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Debt Instrument, Description of Variable Rate Basis	LIBOR
Senior notes, due 2025 (3) | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Debt Instrument, Description of Variable Rate Basis	SOFR
Senior Notes 1.50 Percent, Due 2030
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unsecured Debt	$ 850		$ 850
Debt instrument interest rate (as a percent)	1.50%
Senior Notes 1.50 Percent, Due 2030 | Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount	$ 765
Senior Notes 1.50 Percent, Due 2030 | London Interbank Offered Rate
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Debt Instrument, Description of Variable Rate Basis	LIBOR
Senior Notes 1.50 Percent, Due 2030 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Debt Instrument, Description of Variable Rate Basis	SOFR

Atmus Divestiture (Details)

Atmus Divestiture (Details) - USD ($) shares in Millions, $ in Millions		3 Months Ended
	Mar. 18, 2024	Mar. 31, 2024	Mar. 31, 2023	Feb. 20, 2024	Dec. 31, 2023
Noncash or Part Noncash Divestitures [Line Items]
Discount on Exchange Ratio	7%
Gain (Loss) on Disposition of Business		$ (1,333)	$ 0
Goodwill		2,406			$ 2,499
Unsecured Debt				$ 2,250
Other comprehensive income, net of tax (Note 12)		(61)	70
Divestiture of Atmus (Note 14)		(1,490)
Transitional Services Agreement, Term	24 years
Noncontrolling Interests
Noncash or Part Noncash Divestitures [Line Items]
Other comprehensive income, net of tax (Note 12)		(3)	$ 3
Divestiture of Atmus (Note 14)		(19)
Atmus term loan, due 2027 (4)
Noncash or Part Noncash Divestitures [Line Items]
Unsecured Debt					$ 600
Rounded Purchase Price Member
Noncash or Part Noncash Divestitures [Line Items]
Gain (Loss) on Disposition of Business		1,300
Atmus Filtration Technologies Inc.
Noncash or Part Noncash Divestitures [Line Items]
Subsidiary, Ownership Percentage, Parent	80.50%
Sale of Stock, Number of Shares Issued in Transaction	67
Goodwill	$ 114
Other comprehensive income, net of tax (Note 12)		$ 61
Cummins Inc. [Member]
Noncash or Part Noncash Divestitures [Line Items]
Sale of Stock, Number of Shares Issued in Transaction	5.6

OPERATING SEGMENTS (Details)

OPERATING SEGMENTS (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment reporting
NET SALES (Notes 1 and 2)	$ 8,403	$ 8,453
Research, development and engineering expenses	369	350
Income (Loss) from Equity Method Investments	123	119
Interest expense	89	87
Depreciation and amortization	262	245
INCOME BEFORE INCOME TAXES	2,221	1,029
Amortization of Debt Discount (Premium)	3	1
Gain (Loss) on Disposition of Business	(1,333)	0
Components
Segment reporting
NET SALES (Notes 1 and 2)	3,332	3,557
Research, development and engineering expenses	84	91
Income (Loss) from Equity Method Investments	26	21
Interest income	8	6
Segment EBITDA	473	507
Depreciation and amortization	125	123
Atmus separation costs	21	12
Engine
Segment reporting
NET SALES (Notes 1 and 2)	2,928	2,986
Research, development and engineering expenses	154	134
Income (Loss) from Equity Method Investments	57	65
Interest income	7	3
Segment EBITDA	414	457
Depreciation and amortization	58	51
Distribution
Segment reporting
NET SALES (Notes 1 and 2)	2,535	2,406
Research, development and engineering expenses	14	14
Income (Loss) from Equity Method Investments	24	24
Interest income	11	7
Segment EBITDA	294	335
Depreciation and amortization	31	28
Power Systems
Segment reporting
NET SALES (Notes 1 and 2)	1,389	1,343
Research, development and engineering expenses	60	63
Income (Loss) from Equity Method Investments	19	13
Interest income	3	2
Segment EBITDA	237	219
Depreciation and amortization	34	29
Accelera
Segment reporting
NET SALES (Notes 1 and 2)	93	85
Research, development and engineering expenses	55	48
Income (Loss) from Equity Method Investments	(3)	(4)
Interest income	0	0
Segment EBITDA	(101)	(94)
Depreciation and amortization	14	14
Total Segments
Segment reporting
NET SALES (Notes 1 and 2)	10,277	10,377
Research, development and engineering expenses	367	350
Income (Loss) from Equity Method Investments	123	119
Interest income	29	18
Segment EBITDA	1,317	1,424
Depreciation and amortization	262	245
Corporate and Other
Segment reporting
Segment EBITDA	1,255	(63)
Atmus separation costs	14	6
Gain (Loss) on Disposition of Business	(1,300)
External Sales | Components
Segment reporting
NET SALES (Notes 1 and 2)	2,842	3,043
External Sales | Engine
Segment reporting
NET SALES (Notes 1 and 2)	2,240	2,252
External Sales | Distribution
Segment reporting
NET SALES (Notes 1 and 2)	2,529	2,399
External Sales | Power Systems
Segment reporting
NET SALES (Notes 1 and 2)	708	679
External Sales | Accelera
Segment reporting
NET SALES (Notes 1 and 2)	84	80
External Sales | Total Segments
Segment reporting
NET SALES (Notes 1 and 2)	8,403	8,453
Intersegment sales | Components
Segment reporting
NET SALES (Notes 1 and 2)	490	514
Intersegment sales | Engine
Segment reporting
NET SALES (Notes 1 and 2)	688	734
Intersegment sales | Distribution
Segment reporting
NET SALES (Notes 1 and 2)	6	7
Intersegment sales | Power Systems
Segment reporting
NET SALES (Notes 1 and 2)	681	664
Intersegment sales | Accelera
Segment reporting
NET SALES (Notes 1 and 2)	9	5
Intersegment sales | Total Segments
Segment reporting
NET SALES (Notes 1 and 2)	$ 1,874	$ 1,924

RECENTLY ADOPTED AND RECENTLY_2

RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS (Details)	3 Months Ended
	Mar. 31, 2024
Accounting Standards Update 2023-07
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Pronouncement or Change in Accounting Principle, Description	In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures," to enhance disclosures for significant segment expenses for all public entities required to report segment information in accordance with ASC 280. The standard did not change the definition of a segment, the method for determining segments or the criteria for aggregating operating segments into reportable segments. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Retrospective adoption is required for all prior periods presented in the financial statements. We plan to adopt the standard beginning with our 2024 Form 10-K. The adoption is not expected to have a material impact to our financial statements or disclosures.
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Description	In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures," to enhance disclosures for significant segment expenses for all public entities required to report segment information in accordance with ASC 280. The standard did not change the definition of a segment, the method for determining segments or the criteria for aggregating operating segments into reportable segments. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Retrospective adoption is required for all prior periods presented in the financial statements. We plan to adopt the standard beginning with our 2024 Form 10-K. The adoption is not expected to have a material impact to our financial statements or disclosures.
Accounting Standards Update 2023-09
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Pronouncement or Change in Accounting Principle, Description	In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements in Income Tax Disclosures," to enhance the transparency and decision usefulness of income tax disclosures. This amendment requires public companies to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. Additionally, under the amendment entities are required to disclose the amount of income taxes paid disaggregated by federal, state and foreign taxes, as well as disaggregated by material individual jurisdictions. Finally, the amendment requires entities to disclose income from continuing operations before income tax expense disaggregated between domestic and foreign and income tax expense from continuing operations disaggregated by federal, state and foreign. The new rules are effective for annual periods beginning after December 15, 2024. We will adopt this standard on a prospective basis as allowed by the standard beginning with our 2025 Form 10-K. The adoption of this standard is not expected to have a material impact on our Condensed Consolidated Financial Statements.
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Description	In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements in Income Tax Disclosures," to enhance the transparency and decision usefulness of income tax disclosures. This amendment requires public companies to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. Additionally, under the amendment entities are required to disclose the amount of income taxes paid disaggregated by federal, state and foreign taxes, as well as disaggregated by material individual jurisdictions. Finally, the amendment requires entities to disclose income from continuing operations before income tax expense disaggregated between domestic and foreign and income tax expense from continuing operations disaggregated by federal, state and foreign. The new rules are effective for annual periods beginning after December 15, 2024. We will adopt this standard on a prospective basis as allowed by the standard beginning with our 2025 Form 10-K. The adoption of this standard is not expected to have a material impact on our Condensed Consolidated Financial Statements.

SUBSEQUENT EVENT (Details)

SUBSEQUENT EVENT (Details) - USD ($) $ in Millions			1 Months Ended	3 Months Ended
	Apr. 11, 2024	Apr. 08, 2024	Apr. 30, 2024	Mar. 31, 2024	Mar. 31, 2023
Subsequent Event [Line Items]
Repayment of Long-Term Debt, Long-Term Lease Obligation, and Capital Security				$ 748	$ 142
Proceeds from (Repayments of) Commercial Paper				(887)	$ (29)
Term loan, due 2025 (1) (2)
Subsequent Event [Line Items]
Repayment of Long-Term Debt, Long-Term Lease Obligation, and Capital Security				650
Interest Rate Swap
Subsequent Event [Line Items]
Derivative, Notional Amount				500
Net Investment Hedging
Subsequent Event [Line Items]
Derivative, Notional Amount				$ 1,000
Subsequent Event
Subsequent Event [Line Items]
Proceeds from (Repayments of) Commercial Paper			$ 1,000
Subsequent Event | Term loan, due 2025 (1) (2)
Subsequent Event [Line Items]
Repayment of Long-Term Debt, Long-Term Lease Obligation, and Capital Security	$ 100
Subsequent Event | Interest Rate Swap
Subsequent Event [Line Items]
Derivative, Notional Amount Settled		$ 100
Subsequent Event | Net Investment Hedging
Subsequent Event [Line Items]
Derivative, Notional Amount			$ 250