Cummins (CMI) 10-K 11 Feb 25 2024 FY Annual report Financial data

DOCUMENT COVER Document

DOCUMENT COVER Document - USD ($) $ / shares in Units, $ in Billions	12 Months Ended
	Dec. 31, 2024	Jan. 31, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Document Financial Statement Restatement Recovery Analysis [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 38
Entity Common Stock, Shares Outstanding		137,481,164
Common Stock, Par or Stated Value Per Share	$ 2.50	$ 2.50
Entity Central Index Key	0000026172
Document Period End Date	Dec. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Document Annual Report	true
Amendment Flag	false
Document Transition Report	false

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
Auditor [Line Items]
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Indianapolis, Indiana

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Net sales	$ 34,102	$ 34,065	$ 28,074
Cost of sales	25,663	25,816	21,355
Gross Margin	8,439	8,249	6,719
OPERATING EXPENSES AND INCOME
Selling, general and administrative expenses	3,275	3,333	2,687
Research, development and engineering expenses	1,463	1,500	1,278
Equity, royalty and interest income from investees	395	483	349
Other operating expense, net	346	2,138	174
OPERATING INCOME	3,750	1,761	2,929
Interest expense	370	375	199
Other income, net (Note 21)	1,523	240	89
INCOME BEFORE INCOME TAXES	4,903	1,626	2,819
Income tax expense (Note 4)	835	786	636
CONSOLIDATED NET INCOME	4,068	840	2,183
Less: Net income attributable to noncontrolling interests	122	105	32
Cummins share of net income	$ 3,946	$ 735	$ 2,151
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CUMMINS INC. (Note 19)
Basic (in dollars per share)	$ 28.55	$ 5.19	$ 15.20
Diluted (in dollars per share)	$ 28.37	$ 5.15	$ 15.12

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 4,068	$ 840	$ 2,183
Other comprehensive income (loss), net of tax (Note 16)
Change in pension and other postretirement defined benefit plans	5	(421)	(81)
Foreign currency translation adjustments	(276)	92	(384)
Unrealized gain on derivatives	16	10	106
Total other comprehensive loss, net of tax	(255)	(319)	(359)
COMPREHENSIVE INCOME	3,813	521	1,824
Less: Comprehensive income (loss) attributable to noncontrolling interests	106	102	(8)
COMPREHENSIVE INCOME ATTRIBUTABLE TO CUMMINS INC.	$ 3,707	$ 419	$ 1,832

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) shares in Millions, $ in Millions	Dec. 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	85.1	80.7
Current assets
Cash and cash equivalents	$ 1,671	$ 2,179
Marketable securities (Note 5)	593	562
Cash, cash equivalents and marketable securities	2,264	2,741
Accounts and notes receivable, net
Trade and other	5,181	5,583
Inventories (Note 6)	5,742	5,677
Prepaid expenses and other current assets	1,565	1,197
Total current assets	14,752	15,198
Long-term assets
Property, plant and equipment, net (Note 7)	6,356	6,249
Investments and advances related to equity method investees (Note 3)	1,889	1,800
Goodwill (Note 9)	2,370	2,499
Other intangible assets, net (Note 9)	2,351	2,519
Pension assets (Note 10)	1,189	1,197
Other assets (Note 11)	2,633	2,543
Total assets	31,540	32,005
Current liabilities
Accounts payable (principally trade)	3,951	4,260
Loans payable (Note 12)	356	280
Commercial paper (Note 12)	1,259	1,496
Current maturities of long-term debt (Note 12)	660	118
Accrued compensation, benefits and retirement costs	1,084	1,108
Current portion of accrued product warranty (Note 13)	679	667
Current portion of deferred revenue (Note 2)	1,347	1,220
Other accrued expenses (Note 11)	1,898	3,754
Total current liabilities	11,234	12,903
Long-term liabilities
Long-term debt (Note 12)	4,784	4,802
Deferred revenue (Note 2)	1,065	966
Other liabilities (Note 11)	3,149	3,430
Total liabilities	20,232	22,101
Commitments and contingencies (Note 14)
Cummins Inc. shareholders’ equity (Note 15)
Common stock, $2.50 par value, 500 shares authorized, 222.5 and 222.5 shares issued	2,636	2,564
Retained earnings	20,828	17,851
Treasury stock, at cost, 85.1 and 80.7 shares	(10,748)	(9,359)
Accumulated other comprehensive loss (Note 16)	(2,445)	(2,206)
Total Cummins Inc. shareholders' equity	10,271	8,850
Noncontrolling interests (Note 17)	1,037	1,054
Total equity	11,308	9,904
Total liabilities and equity	$ 31,540	$ 32,005

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Consolidated net income	$ 4,068	$ 840	$ 2,183
Adjustments to reconcile consolidated net income to net cash provided by operating activities
Gain related to divestiture of Atmus (Note 21)	(1,333)	0	0
Depreciation and amortization	1,065	1,024	784
Deferred income taxes (Note 4)	(209)	(457)	(274)
Equity in income of investees, net of dividends	13	(81)	64
Pension and OPEB expense (Note 10)	38	8	24
Pension contributions and OPEB payments (Note 10)	(90)	(134)	(85)
Russian suspension costs, net of recoveries (Note 24)	0	0	111
Changes in current assets and liabilities, net of acquisitions and divestiture
Accounts and notes receivable	298	(330)	(697)
Inventories	(402)	0	(567)
Other current assets	(305)	(120)	(109)
Accounts Payable	(183)	(66)	538
Accrued expenses	(1,573)	2,934	(170)
Other Operating Activities, Cash Flow Statement	100	348	160
Net cash provided by operating activities	1,487	3,966	1,962
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(1,208)	(1,213)	(916)
Investments in and net advances (to) from equity investees	(214)	14	(54)
Acquisition of businesses, net of cash acquired (Note 23)	(58)	(292)	(3,191)
Investments in marketable securities—acquisitions	(1,500)	(1,409)	(1,073)
Investments in marketable securities—liquidations (Note 5)	1,460	1,334	1,151
Cash associated with Atmus divestiture	(174)	0	0
Other, net	(88)	(77)	(89)
Net cash used in investing activities	(1,782)	(1,643)	(4,172)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings	2,720	861	2,103
Net (payments) borrowings of commercial paper	(237)	(779)	2,261
Payments on borrowings and finance lease obligations	(1,568)	(1,136)	(1,550)
Dividend payments on common stock (Note 15)	(969)	(921)	(855)
Repurchases of common stock (Note 15)	0	0	(374)
Payments for purchase of redeemable noncontrolling interests (Note 23)	(50)	(175)	0
Other, net	(69)	(27)	84
Net cash (used in) provided by financing activities	(173)	(2,177)	1,669
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	(40)	(68)	50
Net (decrease) increase in cash and cash equivalents	(508)	78	(491)
Cash and cash equivalents at beginning of year	2,179	2,101	2,592
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 1,671	$ 2,179	$ 2,101

CONSOLIDATED STATEMENTS OF CHAN

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_NetIncomeinTotalEquityexcludingNoncontrollingInterestAmount
Increase (Decrease) in Shareholders' Equity
Redeemable Noncontrolling Interest, Equity, Carrying Amount		$ 366
BALANCE, AT THE BEGINNING OF THE PERIOD at Dec. 31, 2021	$ 9,035		$ 556	$ 1,543	$ 16,741	$ (9,123)	$ (1,571)	$ 8,146	$ 889
Increase (Decrease) in Shareholders' Equity
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest		(24)
Net income	2,183				2,151			2,151	56	$ 2,207
Other Comprehensive Income, Other, Net of Tax	(359)						(319)	(319)	(40)
Issuance of common stock	8			8				8
Repurchases of common stock (Note 15)	(374)					(374)		(374)
Cash dividends on common stock (Note 15)	(855)				(855)			(855)
Distributions to noncontrolling interests	(38)								(38)
Share-based awards	80			3		77		80
Acquisition of business (Note 23)	111							0	111
Fair value adjustment of redeemable noncontrolling interests	104	(104)		104				104
Other shareholder transactions	48	(20)		29		5		34	14
BALANCE, AT THE END OF THE PERIOD at Dec. 31, 2022	9,967		556	1,687	18,037	(9,415)	(1,890)	8,975	992
Increase (Decrease) in Shareholders' Equity
Redeemable Noncontrolling Interest, Equity, Carrying Amount	258	258
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest		(20)
Net income	840				735			735	125	860
Other Comprehensive Income, Other, Net of Tax	(319)						(316)	(316)	(3)
Issuance of common stock	3			3				3
Cash dividends on common stock (Note 15)	(921)				(921)			(921)
Distributions to noncontrolling interests	(57)								(57)
Share-based awards	48			(4)		52		48
Fair value adjustment of redeemable noncontrolling interests	(33)	33		(33)				(33)
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests		(271)
Impact on equity from initial public offering of subsidiary	282			285				285	(3)
Other shareholder transactions	74			70		4		74	0
BALANCE, AT THE END OF THE 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
Redeemable Noncontrolling Interest, Equity, Carrying Amount		0
Net income	4,068				3,946			3,946	122	$ 4,068
Other Comprehensive Income, Other, Net of Tax	(316)						(300)	(300)	(16)
Issuance of common stock	7			7				7
Cash dividends on common stock (Note 15)	(969)				(969)			(969)
Distributions to noncontrolling interests	(71)								(71)
Share-based awards	133			(7)		140		133
Impact on equity from divestiture of subsidiary	(1,490)					(1,532)	61	(1,471)	(19)
Other shareholder transactions	42			72		3		75	(33)
BALANCE, AT THE END OF THE PERIOD at Dec. 31, 2024	$ 11,308		$ 556	$ 2,080	$ 20,828	$ (10,748)	$ (2,445)	$ 10,271	$ 1,037
Increase (Decrease) in Shareholders' Equity
Redeemable Noncontrolling Interest, Equity, Carrying Amount		$ 0

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations We were 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 - Engine, Components, 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, electrified power systems with innovative components and subsystems, including battery, fuel cell and electric power technologies and hydrogen production technologies. 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 650 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 21, "ATMUS INITIAL PUBLIC OFFERING (IPO) AND 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 (DOJ) 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). In the second quarter of 2024, we made $1.9 billion of payments required by the Settlement Agreements. See NOTE 14, “COMMITMENTS AND CONTINGENCIES,” for additional information. Meritor Acquisition On August 3, 2022, we completed the acquisition of Meritor with a purchase price of $2.9 billion (including debt repaid concurrent with the acquisition). Our consolidated results and segment results include Meritor's activity since the date of acquisition. Meritor was split into the newly formed drivetrain and braking systems business and electric powertrain. The results for the drivetrain and braking systems are included in our Components segment while the electric powertrain portion is included in our Accelera segment. See NOTE 23, "ACQUISITIONS," for additional information. Principles of Consolidation Our Consolidated Financial Statements are prepared in accordance with generally accepted accounting principles in the United States of America (GAAP). All intercompany balances and transactions are eliminated in consolidation. We include the accounts of all wholly-owned and majority-owned domestic and foreign subsidiaries where our ownership is more than 50 percent of outstanding equity interests except for majority-owned subsidiaries that are considered variable interest entities (VIEs) where we are not deemed to have a controlling financial interest. In addition, we also consolidate, regardless of our ownership percentage, VIEs or joint ventures for which we are deemed to have a controlling financial interest. We have variable interests in several businesses accounted for under the equity method of accounting. For consolidated entities where our ownership interest is less than 100 percent, the noncontrolling ownership interests are reported in our Consolidated Balance Sheets . The noncontrolling ownership interest in our income, net of tax, is classified as net income attributable to noncontrolling interests in our Consolidated Statements of Net Income . Reclassifications Certain amounts for 2023 and 2022 were reclassified to conform to the current year presentation. Investments in Equity Investees We use the equity method to account for our investments in joint ventures, affiliated companies and alliances in which we have the ability to exercise significant influence, generally represented by equity ownership or partnership equity of at least 20 percent but not more than 50 percent. Generally, under the equity method, original investments in these entities are recorded at cost and subsequently adjusted by our share of equity in income or losses after the date of acquisition. Investment amounts in excess of our share of an investee's net assets are amortized over the life of the related asset creating the excess, except goodwill which is not amortized. Equity in income or losses of each investee is recorded according to our level of ownership; if losses accumulate, we record our share of losses until our investment has been fully depleted. If our investment has been fully depleted, we recognize additional losses only when we are the primary funding source. We eliminate (to the extent of our ownership percentage) in our Consolidated Financial Statements the profit in inventory held by our equity method investees that has not yet been sold to a third-party. Dividends received from equity method investees reduce the amount of our investment when received and do not impact our earnings. Our investments are classified as Investments and advances related to equity method investees in our Consolidated Balance Sheets. Our share of the results from joint ventures, affiliated companies and alliances is reported in our Consolidated Statements of Net Income as equity, royalty and interest income from investees, and is reported net of all applicable income taxes. Our share of the results from our foreign equity investees are presented net of applicable foreign income taxes in our Consolidated Statements of Net Income . Our remaining U.S. equity investees are partnerships (non-taxable), thus there is no difference between gross or net of tax presentation as the investees are not taxed. See NOTE 3, "INVESTMENTS IN EQUITY INVESTEES," for additional information. Use of Estimates in the Preparation of the Financial Statements Preparation of financial statements requires management to make estimates and assumptions that affect reported amounts presented and disclosed in our Consolidated Financial Statements . Significant estimates and assumptions in these Consolidated Financial Statements require the exercise of judgment and are used for, but not limited to, estimates of future cash flows and other assumptions associated with the valuation of intangible assets and goodwill and long-lived asset impairment tests, useful lives for depreciation and amortization, warranty programs, determination of discount rate and other assumptions for pensions and other postretirement benefit obligations (OPEB) and related costs, income taxes, deferred tax valuation allowances and contingencies. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may be different from these estimates. Revenue From Contracts with Customers Revenue Recognition Sales of Products We sell to customers either through long-term arrangements or standalone purchase orders. Our long-term arrangements generally do not include committed volumes until underlying purchase orders are issued. Our performance obligations vary by contract, but may include 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, electrified power systems with innovative components and subsystems including battery, fuel cell, electric power technologies and parts, hydrogen production technologies, construction related projects, maintenance services, commissioning and installation services and extended warranty coverage. Typically, we recognize revenue on the products we sell at a point in time, generally in accordance with shipping terms, which reflects the transfer of control to the customer. Since control of construction projects transfer to the customer as the work is performed, revenue on these projects is recognized based on the percentage of inputs incurred to date compared to the total expected cost of inputs, which is reflective of the value transferred to the customer. Revenue is recognized under long-term maintenance and other service agreements over the term of the agreement as underlying services are performed based on the percentage of the cost of services provided to date compared to the total expected cost of services to be provided under the contract. Sales of extended coverage are recognized based on the pattern of expected costs over the extended coverage period or, if such a pattern is unknown, on a straight-line basis over the coverage period as the customer is considered to benefit from our stand ready obligation over the coverage period. In all cases, we believe cost incurred is the most representative depiction of the extent of service performed to date on a particular contract. Our arrangements may include the act of shipping products to our customers after the performance obligation related to that product has been satisfied. We have elected to account for shipping and handling as activities to fulfill the promise to transfer goods and have not allocated revenue to the shipping activity. All related shipping and handling costs are accrued at the time the related performance obligation is satisfied. Our sales arrangements may include the collection of sales and other similar taxes that are then remitted to the related taxing authority. We have elected to present the amounts collected for these taxes net of the related tax expense rather than presenting them as additional revenue. We grant credit limits and terms to customers based upon traditional practices and competitive conditions. Typical terms vary by market, but payments are generally due in 90 days or less from invoicing for most of our product and service sales, while payments on construction, electrolyzer and certain power generation contracts may be due on an installment basis. For contracts where the time between cash collection and performance is less than one year, we have elected to use the practical expedient that allows us to ignore the possible existence of a significant financing component within the contract. For contracts where this time period exceeds one year, generally the timing difference is the result of business concerns other than financing. We do have a limited amount of customer financing for which we charge or impute interest, but such amounts are immaterial to our Consolidated Statements of Net Income. Sales Incentives We provide various sales incentives to both our distribution network and OEM customers. These programs are designed to promote the sale of our products in the channel or encourage the usage of our products by OEM customers. When there is uncertainty surrounding these sales incentives, we may limit the amount of revenue we recognize under a contract until the uncertainty has been resolved. Sales incentives primarily fall into three categories: • Volume rebates; • Market share rebates; and • Aftermarket rebates. For volume rebates, we provide certain customers with rebate opportunities for attaining specified volumes during a particular quarter or year. We consider the expected amount of these rebates at the time of the original sale as we determine the overall transaction price. We update our assessment of the amount of rebates that will be earned quarterly based on our best estimate of the volume levels the customer will reach during the measurement period. For market share rebates, we provide certain customers with rebate opportunities based on the percentage of their production that utilizes our product. These rebates are typically measured either quarterly or annually and we assess them at least quarterly to determine our current estimates of amounts expected to be earned. These estimates are considered in the determination of transaction price at the time of the original sale based on the current market shares, with adjustments made as the level changes. For aftermarket rebates, we provide incentives to promote sales to certain dealers and end-markets. These rebates are typically paid on a quarterly, or more frequent basis. At the time of the sales, we consider the expected amount of these rebates when determining the overall transaction price. Estimates are adjusted at the end of each quarter based on the amounts yet to be paid. These estimates are based on historical experience with the particular program. Sales Returns The initial determination of the transaction price may also be impacted by expected product returns. Rights of return do not exist for the majority of our sales other than for quality issues. We do offer certain return rights in our aftermarket business, where some aftermarket customers are permitted to return small amounts of parts each year, and in our power generation business, which sells portable generators to retail customers. An estimate of future returns is accounted for at the time of sale as a reduction in the overall contract transaction price based on historical return rates. Multiple Performance Obligations Our sales arrangements may include multiple performance obligations. We identify each of the material performance obligations in these arrangements and allocate the total transaction price to each performance obligation based on its relative selling price. In most cases, the individual performance obligations are also sold separately and we use that price as the basis for allocating revenue to the included performance obligations. When an arrangement includes multiple performance obligations and invoicing to the customer does not match the allocated portion of the transaction price, unbilled revenue or deferred revenue is recorded reflecting that difference. Unbilled and deferred revenue are discussed in more detail below. Long-term Maintenance Agreements Our long-term maintenance agreements often include a variable component of the transaction price. We are generally compensated under such arrangements on a cost per hour of usage basis. We typically can estimate the expected usage over the life of the contract, but reassess the transaction price each quarter and adjust our recognized revenue accordingly. Certain maintenance agreements apply to generators used to provide standby power, which have limited expectations of usage. These agreements may include monthly minimum payments, providing some certainty to the total transaction price. For these particular contracts that relate to standby power, we limit revenue recognized to date to an amount representing the total minimums earned to date under the contract plus any cumulative billings earned in excess of the minimums. We reassess the estimates of progress and transaction price on a quarterly basis. For prime power arrangements, revenue is not subject to such a constraint and is generally equal to the current estimate on a percentage of completion basis times the total expected revenue under the contract. Deferred Revenue The timing of our billing does not always match the timing of our revenue recognition. We record deferred revenue when we are entitled to bill a customer in advance of when we are permitted to recognize revenue. Deferred revenue may arise in construction and other power generation systems and electrolyzer contracts, where billings may occur in advance of performance or in accordance with specific milestones. Deferred revenue may also occur in long-term maintenance contracts, where billings are often based on usage of the underlying equipment, which generally follows a predictable pattern that often will result in the accumulation of collections in advance of our performance of the related maintenance services. Finally, deferred revenue exists in our extended coverage contracts, where the cash is collected prior to the commencement of the coverage period. Deferred revenue is included in our Consolidated Balance Sheets as a component of current liabilities for the amount expected to be recognized in revenue in a period of less than one year and long-term liabilities for the amount expected to be recognized as revenue in a period beyond one year. Deferred revenue is recognized as revenue when control of the underlying product, project or service passes to the customer under the related contract. Unbilled Revenue We recognize unbilled revenue when the revenue has been earned, but not yet billed. Unbilled revenue is included in our Consolidated Balance Sheets as a component of current assets for those expected to be collected in a period of less than one year and long-term assets for those expected to be collected in a period beyond one year. Unbilled revenue relates to our right to consideration for our completed performance under a contract. Unbilled revenue generally arises from contractual provisions that delay a portion of the billings on genset deliveries until commissioning occurs. Unbilled revenue may also occur when billings trail the provision of service in construction and long-term maintenance contracts. Our unbilled revenue is assessed for collection risks at the time the amounts are initially recorded. This estimate of expected losses reflects those losses expected to occur over the contractual life of the unbilled amount through the time of collection. Impairment losses on our unbilled revenues were immaterial during the years ended December 31, 2024, 2023 and 2022. Contract Costs We are required to record an asset for the incremental costs of obtaining a contract with a customer and other costs to fulfill a contract not otherwise required to be immediately expensed when we expect to recover those costs. The only material incremental cost we incur is commission expense, which is generally incurred in the same period as the underlying revenue. Costs to fulfill a contract are generally limited to customer-specific engineering expenses that do not meet the definition of research and development expenses. As a practical expedient, we have elected to recognize these costs of obtaining a contract as an expense when the related contract period is less than one year. When the period exceeds one year, this asset is amortized over the life of the contract. We did not have any material capitalized balances at December 31, 2024 or 2023. Extended Warranty We sell extended warranty coverage on most of our engines and on certain components. We consider a warranty to be extended coverage in any of the following situations: • When a warranty is sold separately or is optional (extended coverage contracts, for example) or • When a warranty provides additional services. The consideration collected is initially deferred and is recognized as revenue in proportion to the costs expected to be incurred in performing services over the contract period. We compare the remaining deferred revenue balance quarterly to the estimated amount of future claims under extended warranty programs and provide an additional accrual when the deferred revenue balance is less than expected future costs. Foreign Currency Transactions and Translation We translate assets and liabilities of foreign entities to U.S. dollars, where the local currency is the functional currency, at month-end exchange rates. We translate income and expenses to U.S. dollars using weighted-average exchange rates. We record adjustments resulting from translation in a separate component of accumulated other comprehensive loss (AOCL) and include the adjustments in net income only upon sale, loss of controlling financial interest or liquidation of the underlying foreign investment. Foreign currency transaction gains and losses are included in current net income. For foreign entities where the U.S. dollar is the functional currency, including those operating in highly inflationary economies when applicable, we remeasure non-monetary balances and the related income statement amounts using historical exchange rates. We include the resulting gains and losses in income, including the effect of derivatives in our Consolidated Statements of Net Income , which combined with transaction gains and losses amounted to net losses of $41 million, $30 million and $8 million for the years ended December 31, 2024, 2023 and 2022, respectively. Fair Value Measurements A three-level valuation hierarchy, based upon the observable and unobservable inputs, is used for fair value measurements. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect market assumptions based on the best evidence available. These two types of inputs create the following fair value hierarchy: • Level 1 - Quoted prices for identical instruments in active markets; • Level 2 - Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations whose significant inputs are observable; and • Level 3 - Instruments whose significant inputs are unobservable . Derivative Instruments We make use of derivative instruments in foreign exchange, commodity price and interest rate hedging programs. Derivatives currently in use are foreign currency forward contracts, commodity swaps and interest rate swaps. These contracts are used strictly for hedging and not for speculative purposes. Due to our international business presence, we are exposed to foreign currency exchange risk. We transact in foreign currencies and have assets, liabilities and investments in subsidiaries denominated in foreign currencies. Consequently, our income experiences some volatility related to movements in foreign currency exchange rates. In order to benefit from global diversification and after considering naturally offsetting currency positions, we enter into foreign currency forward contracts to minimize our existing exposures (recognized assets and liabilities) and hedge forecasted transactions. Foreign currency forward contracts are designated and qualify as foreign currency cash flow hedges. The unrealized gain or loss on the forward contract is deferred and reported as a component of AOCL. When the hedged forecasted transaction (sale or purchase) occurs, the unrealized gain or loss is reclassified into income in the same line item associated with the hedged transaction in the same period or periods during which the hedged transaction affects income. At December 31, 2024 and 2023, realized and unrealized gains and losses related to these hedges were not material to our financial statements. To minimize the income volatility resulting from the remeasurement of net monetary assets and payables denominated in a currency other than the functional currency, we enter into foreign currency forward contracts, which are considered economic hedges. The objective is to offset the gain or loss from remeasurement with the gain or loss from the fair market valuation of the forward contract. These derivative instruments are not designated as hedges. Gains or losses are recorded directly to the Consolidated Statements of Net Income. 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. In order to minimize movements in certain investments, in 2022 we began entering into foreign exchange forwards designated as net investment hedges. These forwards are utilized to hedge portions of our net investments against the effect of exchange rate fluctuations on the translation of foreign currency balances to the U.S. dollar. The change in fair value related to the spot-to-forward rate difference is recorded as other income (expense) with all other changes in fair value deferred and reported as components of AOCL. The unrealized gain or loss is classified into income in the same period when the foreign subsidiary is sold or substantially liquidated. We are exposed to fluctuations in commodity prices due to contractual agreements with component suppliers. In order to protect ourselves against future price volatility and, consequently, fluctuations in gross margins, we periodically enter into commodity swap and forward contracts with designated banks and other counterparties to fix the cost of certain raw material purchases with the objective of minimizing changes in inventory cost due to market price fluctuations. These commodity swaps are designated and qualify as cash flow hedges. At December 31, 2024, realized and unrealized gains and losses related to these hedges were not material to our financial statements. We also enter into physical forward contracts, which qualify for the normal purchases scope exception and are treated as purchase commitments. Additional information on the physical forwards is included in NOTE 14, "COMMITMENTS AND CONTINGENCIES." We are exposed to market risk from fluctuations in interest rates. We manage our exposure to interest rate fluctuations through the use of interest rate swaps. The objective is to more effectively balance our borrowing costs and interest rate risk for current and future exposure. The gain or loss on the swaps as well as the offsetting gain or loss on the hedged item are recognized in current income as interest expense. For more detail on our interest rate swaps, see NOTE 20, "DERIVATIVES." We record all derivatives at fair value in our financial statements. Cash flows related to derivatives that are designated as hedges are classified in the same manner as the item being hedged, while cash flows related to derivatives that are not designated as hedges are included in cash flows from investing activities in our Consolidated Statements of Cash Flows . 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. When material, we adjust the value of our derivative contracts for counter-party or our credit risk. None of our derivative instruments are subject to collateral requirements. Income Tax Accounting We determine our income tax expense using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax effects of temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Future tax benefits of net operating loss and credit carryforwards are also recognized as deferred tax assets. We evaluate the recoverability of our deferred tax assets each quarter by assessing the likelihood of future profitability and available tax planning strategies that could be implemented to realize our net deferred tax assets. A valuation allowance is recorded to reduce the tax assets to the net value management believes is more likely than not to be realized. In the event our operating performance deteriorates, future assessments could conclude that a larger valuation allowance will be needed to further reduce the deferred tax assets. In addition, we operate within multiple taxing jurisdictions and are subject to tax audits in these jurisdictions. These audits can involve complex issues, which may require an extended period of time to resolve. We accrue for the estimated additional tax and interest that may result from tax authorities disputing uncertain tax positions. We believe we made adequate provisions for income taxes for all years that are subject to audit based upon the latest information available. A more complete description of our income taxes and the future benefits of our net operating loss and credit carryforwards is disclosed in NOTE 4, "INCOME TAXES." Cash and Cash Equivalents Cash equivalents are defined as short-term, highly liquid investments with an original maturity of 90 days or less at the time of purchase. The carrying amounts reflected in our Consolidated Balance Sheets for cash and cash equivalents approximate fair value due to the short-term maturity of these investments. Cash payments for income taxes and interest were as follows: Years ended December 31, In millions 2024 2023 2022 Cash payments for income taxes, net of refunds $ 1,175 $ 1,181 $ 903 Cash payments for interest, net of capitalized interest 334 374 184 Marketable Securities Debt securities are classified as "held-to-maturity," "available-for-sale" or "trading." We determine the appropriate classification of debt securities at the time of purchase and re-evaluate such classifications at each balance sheet date. At December 31, 2024 and 2023, all of our debt securities were classified as available-for-sale. Debt and equity securities are carried at fair value with the unrealized gain or loss, net of tax, reported in other comprehensive income and other income, respectively. For debt securities, unrealized losses considered to be "other-than-temporary" are recognized currently in other income. The cost of securities sold is based on the specific identification method. The fair value of most investment securities is determined by currently available market prices. Where quoted market prices are not available, we use the market price of similar types of securities that are traded in the market to estimate fair value. See NOTE 5, "MARKETABLE SECURITIES," for a detailed description of our investments in marketable securities. Accounts Receivable and Allowance for Doubtful Accounts Trade accounts receivable represent amounts billed to customers and not yet collected or amounts that were earned, but may not be billed until the passage of time, and are recorded when the right to consideration becomes unconditional. Trade accounts receivable are recorded at the invoiced amount, which approximates net realizable value, and generally do not bear interest. The allowance for doubtful accounts is our best estimate of the amount of expected credit losses in our existing accounts receivable. We determine the allowance based on our historical collection experience and by performing an analysis of our accounts receivable in light of the current economic environment. This estimate of expected losses reflects those losses expected to occur over the contractual life of the receivable. We review our allowance for doubtful accounts on a regular basis. In addition, when necessary, we provide an allowance for the full amount of specific accounts deemed to be uncollectible. Account balances are charged off against the allowance in the period in which we determine that it is probable the receivable will not be recovered. The allowance for doubtful accounts balances were $66 million and $75 million at December 31, 2024, and 2023, respectively, and bad debt write-offs were not material. Inventories Our inventories are stated at the lower of cost or net realizable value. For the years ended December 31, 2024 and 2023, approximately 12 percent and 12 percent, respectively, of our consolidated inventories (primarily heavy-duty and high-horsepower engines and parts) were valued using the last-in, first-out (LIFO) cost method. The cost of other inventories is generally valued using the first-in, first-out (FIFO) cost method. Our inventories at interim and year-end reporting dates include estimates for adjustments related to annual physical inventory results and for inventory cost changes under the LIFO cost method. Due to significant movements of partially-manufactured components and parts between manufacturing plants, we do not internally measure, nor do our accounting systems provide, a meaningful segregation between raw materials and work-in-process. See NOTE 6, "INVENTORIES," for additional information. Property, Plant and

REVENUE RECOGNITION LONG-TERM C

REVENUE RECOGNITION LONG-TERM CONTRACTS AND DEFERRED AND UNBILLED REVENUE REVENUE RECOGNITION LONG-TERM CONTRACTS AND DEFERRED AND UNBILLED REVENUE	12 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer	NOTE 2. REVENUE FROM CONTRACTS WITH CUSTOMERS Long-term Maintenance Agreements 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, at December 31, 2024, was $5.4 billion. We expect to recognize the related revenue of $2.5 billion over the next 12 months and $2.9 billion over periods up to 10 years. See NOTE 13,"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: December 31, In millions 2024 2023 Unbilled revenue $ 403 $ 303 Deferred revenue 2,412 2,186 We recognized revenue of $850 million and $733 million in 2024 and 2023, respectively, that was included in the deferred revenue balance at the beginning of each year. 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. Years ended December 31, In millions 2024 2023 2022 United States $ 19,422 $ 19,302 $ 15,833 China 2,948 3,115 2,390 India 1,779 1,678 1,392 Other international 9,953 9,970 8,459 Total net sales $ 34,102 $ 34,065 $ 28,074 Segment Revenue Engine segment external sales by market were as follows: Years ended December 31, In millions 2024 2023 2022 Heavy-duty truck $ 3,320 $ 3,391 $ 2,995 Medium-duty truck and bus 3,100 2,622 2,412 Light-duty automotive 1,585 1,748 1,704 Total on-highway 8,005 7,761 7,111 Off-highway 982 1,113 1,088 Total sales $ 8,987 $ 8,874 $ 8,199 Components segment external sales by business were as follows: Years ended December 31, In millions 2024 2023 2022 Drivetrain and braking systems $ 4,731 $ 4,822 $ 1,879 Emission solutions 3,180 3,425 3,086 Components and software 1,106 1,225 1,030 Automated transmissions 588 714 593 Atmus 289 (1) 1,345 1,259 Total sales $ 9,894 $ 11,531 $ 7,847 (1) Included sales through the March 18, 2024, divestiture. See NOTE 21, "ATMUS INITIAL PUBLIC OFFERING (IPO) AND DIVESTITURE," for additional information. Beginning in the second quarter of 2024, we realigned certain businesses within our Components segment to be consistent with how our segment leader now monitors performance. We reorganized the businesses to combine the engine components and software and electronics businesses into the newly formed components and software business. In addition, we rebranded our axles and brakes business as drivetrain and braking systems. We began reporting results for these changes within our Components segment effective April 1, 2024, and reflected these changes in the historical periods presented. The change had no impact on our consolidated results. Distribution segment external sales by region were as follows: Years ended December 31, In millions 2024 2023 2022 North America $ 7,617 $ 7,054 $ 5,948 Asia Pacific 1,243 1,091 1,011 Europe 1,179 848 914 China 469 424 351 India 310 264 217 Africa and Middle East 268 294 250 Latin America 266 224 210 Total sales $ 11,352 $ 10,199 $ 8,901 Distribution segment external sales by product line were as follows: Years ended December 31, In millions 2024 2023 2022 Parts $ 3,966 $ 4,052 $ 3,809 Power generation 3,961 2,496 1,767 Service 1,747 1,664 1,555 Engines 1,678 1,987 1,770 Total sales $ 11,352 $ 10,199 $ 8,901 Power Systems segment external sales by product line were as follows: Years ended December 31, In millions 2024 2023 2022 Power generation $ 1,896 $ 1,698 $ 1,658 Industrial 1,130 970 843 Generator technologies 474 457 450 Total sales $ 3,500 $ 3,125 $ 2,951

REVENUE RECOGNITION DISAGGREGAT

REVENUE RECOGNITION DISAGGREGATION OF REVENUES REVENUE RECOGNITION DISAGGREGATION OF REVENUES (Notes)	12 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer	NOTE 2. REVENUE FROM CONTRACTS WITH CUSTOMERS Long-term Maintenance Agreements 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, at December 31, 2024, was $5.4 billion. We expect to recognize the related revenue of $2.5 billion over the next 12 months and $2.9 billion over periods up to 10 years. See NOTE 13,"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: December 31, In millions 2024 2023 Unbilled revenue $ 403 $ 303 Deferred revenue 2,412 2,186 We recognized revenue of $850 million and $733 million in 2024 and 2023, respectively, that was included in the deferred revenue balance at the beginning of each year. 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. Years ended December 31, In millions 2024 2023 2022 United States $ 19,422 $ 19,302 $ 15,833 China 2,948 3,115 2,390 India 1,779 1,678 1,392 Other international 9,953 9,970 8,459 Total net sales $ 34,102 $ 34,065 $ 28,074 Segment Revenue Engine segment external sales by market were as follows: Years ended December 31, In millions 2024 2023 2022 Heavy-duty truck $ 3,320 $ 3,391 $ 2,995 Medium-duty truck and bus 3,100 2,622 2,412 Light-duty automotive 1,585 1,748 1,704 Total on-highway 8,005 7,761 7,111 Off-highway 982 1,113 1,088 Total sales $ 8,987 $ 8,874 $ 8,199 Components segment external sales by business were as follows: Years ended December 31, In millions 2024 2023 2022 Drivetrain and braking systems $ 4,731 $ 4,822 $ 1,879 Emission solutions 3,180 3,425 3,086 Components and software 1,106 1,225 1,030 Automated transmissions 588 714 593 Atmus 289 (1) 1,345 1,259 Total sales $ 9,894 $ 11,531 $ 7,847 (1) Included sales through the March 18, 2024, divestiture. See NOTE 21, "ATMUS INITIAL PUBLIC OFFERING (IPO) AND DIVESTITURE," for additional information. Beginning in the second quarter of 2024, we realigned certain businesses within our Components segment to be consistent with how our segment leader now monitors performance. We reorganized the businesses to combine the engine components and software and electronics businesses into the newly formed components and software business. In addition, we rebranded our axles and brakes business as drivetrain and braking systems. We began reporting results for these changes within our Components segment effective April 1, 2024, and reflected these changes in the historical periods presented. The change had no impact on our consolidated results. Distribution segment external sales by region were as follows: Years ended December 31, In millions 2024 2023 2022 North America $ 7,617 $ 7,054 $ 5,948 Asia Pacific 1,243 1,091 1,011 Europe 1,179 848 914 China 469 424 351 India 310 264 217 Africa and Middle East 268 294 250 Latin America 266 224 210 Total sales $ 11,352 $ 10,199 $ 8,901 Distribution segment external sales by product line were as follows: Years ended December 31, In millions 2024 2023 2022 Parts $ 3,966 $ 4,052 $ 3,809 Power generation 3,961 2,496 1,767 Service 1,747 1,664 1,555 Engines 1,678 1,987 1,770 Total sales $ 11,352 $ 10,199 $ 8,901 Power Systems segment external sales by product line were as follows: Years ended December 31, In millions 2024 2023 2022 Power generation $ 1,896 $ 1,698 $ 1,658 Industrial 1,130 970 843 Generator technologies 474 457 450 Total sales $ 3,500 $ 3,125 $ 2,951

INVESTMENTS IN EQUITY INVESTEES

INVESTMENTS IN EQUITY INVESTEES	12 Months Ended
	Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENTS IN EQUITY INVESTEES	NOTE 3. INVESTMENTS IN EQUITY INVESTEES Investments and advances related to equity method investees and our ownership percentages were as follows: Ownership December 31, Dollars in millions percentage 2024 2023 Komatsu alliances 20-50% $ 322 $ 331 Amplify Cell Technologies, LLC 30% 187 — Beijing Foton Cummins Engine Co., Ltd. 50% 185 194 Sistemas Automotrices de Mexico S.A. de C.V. 50% 150 149 Dongfeng Cummins Engine Company, Ltd. 50% 128 128 Automotive Axles Limited 36% 123 125 Chongqing Cummins Engine Company, Ltd. 50% 120 110 Tata Cummins, Ltd. 50% 96 89 Cummins-Scania XPI Manufacturing, LLC 50% 88 85 Freios Master 49% 78 84 Other Various 412 505 Investments and advances related to equity method investees $ 1,889 $ 1,800 We have approximately $827 million in our investment account at December 31, 2024, that represents cumulative undistributed income in our equity investees. Dividends received from our unconsolidated equity investees were $308 million, $257 million and $318 million in 2024, 2023 and 2022, respectively. Equity, royalty and interest income from investees, net of applicable taxes, was as follows: Years ended December 31, In millions 2024 2023 2022 Manufacturing entities Dongfeng Cummins Engine Company, Ltd. $ 66 $ 65 $ 45 Chongqing Cummins Engine Company, Ltd. 60 36 32 Beijing Foton Cummins Engine Co., Ltd. 42 47 37 Tata Cummins, Ltd. 31 29 27 All other manufacturers 25 (1) 91 28 (2) Distribution entities Komatsu Cummins Chile, Ltda. 55 55 44 All other distributors 17 16 11 Cummins share of net income 296 339 224 Royalty and interest income 99 144 125 Equity, royalty and interest income from investees $ 395 $ 483 $ 349 (1) Included a $17 million impairment of our joint ventures in the fourth quarter of 2024 related to Accelera strategic reorganization actions. See NOTE 22, "ACCELERA STRATEGIC REORGANIZATION ACTIONS," for additional information (2) Included a $28 million impairment of our joint venture with KAMAZ and $3 million of royalty charges as part of our costs associated with the indefinite suspension of our Russian operations. See NOTE 24, "RUSSIAN OPERATIONS," for additional information. Manufacturing Entities Our manufacturing joint ventures were generally formed with customers and are primarily intended to allow us to increase our market penetration in geographic regions, reduce capital spending, streamline our supply chain management and develop technologies. Our largest manufacturing joint ventures are based in China and are included in the list below. Our engine manufacturing joint ventures are supplied by our Components segment in the same manner as it supplies our wholly-owned Engine segment and Power Systems segment manufacturing facilities. Our Components segment joint ventures and wholly-owned entities provide axles, drivelines, brakes and suspension systems for commercial diesel and natural gas applications, aftertreatment systems, turbochargers, fuel systems, valvetrain technologies, automated transmissions and electronics that are used with our engines as well as some competitors' products. The results and investments in our joint ventures in which we have 50 percent or less ownership interest (except for Eaton Cummins Automated Transmission Technologies joint venture, which is consolidated due to our majority voting interest) are included in equity, royalty and interest income from investees and investments and advances related to equity method investees in our Consolidated Statements of Net Income and Consolidated Balance Sheets , respectively. • Dongfeng Cummins Engine Company, Ltd. - Dongfeng Cummins Engine Company, Ltd. (DCEC) is a joint venture in China with Dongfeng Automotive Co. Ltd., a subsidiary of Dongfeng Motor Corporation and one of the largest medium-duty and heavy-duty truck manufacturers in China. DCEC produces 3.9 liter to 14.5 liter diesel engines with a power range from 80 to 760 horsepower, natural gas engines and automated transmissions. On-highway engines are used in multiple applications in light-duty and medium-duty trucks, special purpose vehicles, buses and heavy-duty trucks with a main market in China. Off-highway engines are used in a variety of construction, power generation, marine and agriculture markets in China. • Chongqing Cummins Engine Company, Ltd. - Chongqing Cummins Engine Company, Ltd. is a joint venture in China with Chongqing Machinery and Electric Co. Ltd. This joint venture manufactures several models of our heavy-duty and high-horsepower diesel engines primarily serving the industrial and stationary power markets in China. • Beijing Foton Cummins Engine Co., Ltd. - Beijing Foton Cummins Engine Co., Ltd. is a joint venture in China with Beiqi Foton Motor Co., Ltd., a commercial vehicle manufacturer, which has two distinct lines of business - a light-duty business and a heavy-duty business. The light-duty business produces our families of ISF 2.5 liter to 4.5 liter high performance light-duty diesel engines in Beijing. These engines are used in light-duty and medium-duty commercial trucks, pick-up trucks, buses, multipurpose and sport utility vehicles with main markets in China and Brazil. Certain types of small construction equipment and industrial applications are also served by these engine families. The heavy-duty business produces 7.0 liter to 14.5 liter high performance heavy-duty diesel and natural gas engines in Beijing. Certain types of construction equipment and industrial applications are also served by these engine families. • Tata Cummins, Ltd. - Tata Cummins, Ltd. is a joint venture in India with Tata Motors Ltd., the largest automotive company in India and a member of the Tata group of companies. This joint venture manufactures Cummins' 3.8 to 8.9 liter diesel and natural gas engines in India with a power range from 75 to 400 horsepower for use in trucks and buses manufactured by Tata Motors, as well as for various on-highway, industrial and power generation applications for Cummins. In September 2023, our Accelera business signed an agreement to form a joint venture, Amplify Cell Technologies LLC, 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. The joint venture received all government approvals and began operations in May 2024, but is not expected to begin production until 2027. The joint venture meets the definition of a variable interest entity since the equity-at-risk is not currently sufficient to support the future operations of the joint venture. Accelera, Daimler Truck and PACCAR each own 30 percent of the joint venture and have two board positions, while EVE Energy owns 10 percent and has one board position. All significant decisions require majority or super-majority approval of the board. As a result, we are not the primary beneficiary of the joint venture, and the joint venture is not consolidated. We account for the joint venture using the equity method. As of December 31, 2024, we had contributed $211 million, and our maximum remaining required contribution to the joint venture was $619 million, which could be reduced by future government incentives received by the joint venture. In addition, we are required to purchase 33 percent of the joint venture's output in the future or be subject to certain penalties. Distribution Entities We have an extensive worldwide distributor and dealer network through which we sell and distribute our products and services. Generally, our distributors are divided by geographic region with some of our distributors being wholly-owned by Cummins, some partially-owned and some independently owned. We consolidate all wholly-owned distributors and partially-owned distributors where we are the primary beneficiary and account for other partially-owned distributors using the equity method of accounting. Komatsu Cummins Chile, Ltda. - Komatsu Cummins Chile, Ltda. is a joint venture with Komatsu America Corporation. The joint venture is a distributor that offers the full range of our products and services to customers and end-users in Chile and Peru. In certain cases where we own a partial interest in a distributor, we may be obligated to purchase the other equity holders' interests if certain events occur (such as the death or resignation of the distributor principal or a change in control of Cummins Inc.). The purchase consideration of the equity interests may be determined based on the fair value of the distributor's assets. Repurchase obligations and practices vary by geographic region. All distributors that are partially-owned are considered to be related parties in our Consolidated Financial Statements . Equity Investee Financial Summary Summary financial information for our equity investees was as follows: Years ended and at December 31, In millions 2024 2023 2022 Net sales $ 11,190 $ 9,998 $ 7,501 Gross margin 1,760 1,597 1,211 Net income 860 677 475 Cummins share of net income $ 296 $ 339 $ 224 Royalty and interest income 99 144 125 Total equity, royalty and interest from investees $ 395 $ 483 $ 349 Current assets $ 6,626 $ 4,922 Long-term assets 2,597 2,021 Current liabilities (4,203) (3,812) Long-term liabilities (549) (432) Net assets $ 4,471 $ 2,699 Cummins share of net assets $ 1,866 $ 1,786

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 4. INCOME TAXES The following table summarizes income before income taxes: Years ended December 31, In millions 2024 2023 2022 U.S. income (loss) $ 2,857 $ (541) $ 1,336 Foreign income 2,046 2,167 1,483 Income before income taxes $ 4,903 $ 1,626 $ 2,819 Income tax expense (benefit) consisted of the following: Years ended December 31, In millions 2024 2023 2022 Current U.S. federal and state $ 433 $ 611 $ 425 Foreign 611 632 485 Total current income tax expense 1,044 1,243 910 Deferred U.S. federal and state (241) (468) (229) Foreign 32 11 (45) Total deferred income tax benefit (209) (457) (274) Income tax expense $ 835 $ 786 $ 636 A reconciliation of the statutory U.S. federal income tax rate to the effective tax rate was as follows: Years ended December 31, 2024 2023 2022 Statutory U.S. federal income tax rate 21.0 % 21.0 % 21.0 % State income tax, net of federal effect 1.2 (0.4) 1.3 Differences in rates and taxability of foreign subsidiaries and joint ventures (1) 4.2 11.9 3.1 Research tax credits (1.5) (4.7) (1.8) Foreign derived intangible income (1.3) (4.2) (2.0) Settlement Agreements, federal impact (2) — 22.4 — Settlement Agreements, state impact (2) — 2.1 — Non-taxable Atmus gain (3) (6.1) — — Other, net (0.5) 0.2 1.0 Effective tax rate 17.0 % 48.3 % 22.6 % (1) Included the jurisdictional mix of pre-tax income and impact of actual and planned repatriation of earnings back to the U.S. (2) See NOTE 14, "COMMITMENTS AND CONTINGENCIES," for additional information. (3) See NOTE 21, "ATMUS INITIAL PUBLIC OFFERING (IPO) AND DIVESTITURE," for additional information. The year ended December 31, 2024, contained net favorable discrete tax items primarily due to the $1.3 billion non-taxable gain on the Atmus split-off. Other discrete tax items were net favorable by $59 million, primarily due to $52 million of favorable return to provision adjustments, $22 million of favorable share-based compensation tax benefits, $21 million of favorable adjustments related to audit settlements and $20 million of favorable adjustments from tax return amendments, partially offset by $50 million of unfavorable adjustments related to Accelera strategic reorganization actions and net $6 million of other unfavorable adjustments. See NOTE 21, "ATMUS INITIAL PUBLIC OFFERING (IPO) AND DIVESTITURE," and NOTE 22, "ACCELERA STRATEGIC REORGANIZATION ACTIONS," for additional information. The year ended December 31, 2023, contained unfavorable net discrete items of $397 million, primarily due to $398 million in the fourth quarter related to the $2.0 billion charge from the Settlement Agreements, $22 million of unfavorable adjustments for uncertain tax positions and $3 million of net unfavorable other discrete tax items, partially offset by $21 million of favorable return to provision adjustments and $5 million of favorable share-based compensation tax benefits . See NOTE 14, “COMMITMENTS AND CONTINGENCIES,” for additional information. The year ended December 31, 2022, contained discrete tax items that netted to zero, primarily due to $31 million of favorable changes in accrued withholding taxes, $29 million of favorable changes in tax reserves, $15 million of favorable valuation allowance adjustments and $9 million of favorable other net discrete items, offset by $69 million of unfavorable tax costs associated with internal restructuring ahead of the planned separation of Atmus and $15 million of unfavorable return to provision adjustments related to the 2021 filed tax returns. At December 31, 2024, $5.6 billion of non-U.S. earnings are considered indefinitely reinvested in operations outside the U.S. for which deferred taxes were not provided. Determination of the related deferred tax liability, if any, is not practicable because of the complexities associated with the hypothetical calculation. Carryforward tax benefits and the tax effect of temporary differences between financial and tax reporting that give rise to net deferred tax assets (liabilities) were as follows: December 31, In millions 2024 2023 Deferred tax assets U.S. and state carryforward benefits $ 254 $ 272 Foreign carryforward benefits 653 609 Employee benefit plans 308 347 Warranty expenses 545 483 Lease liabilities 109 125 Capitalized research and development expenditures 805 591 Accrued expenses 207 253 Other 139 78 Gross deferred tax assets 3,020 2,758 Valuation allowance (872) (789) Total deferred tax assets 2,148 1,969 Deferred tax liabilities Property, plant and equipment (371) (367) Unremitted income of foreign subsidiaries and joint ventures (162) (179) Employee benefit plans (289) (278) Lease assets (109) (123) Intangible assets (315) (406) Other (172) (64) Total deferred tax liabilities (1,418) (1,417) Net deferred tax assets $ 730 $ 552 Our 2024 U.S. carryforward benefits include $254 million of state credit and net operating loss carryforward benefits that begin to expire in 2025. Our foreign carryforward benefits include $653 million of net operating loss carryforwards that begin to expire in 2025. A valuation allowance is recorded to reduce the gross deferred tax assets to an amount we believe is more likely than not to be realized. The valuation allowance at December 31, 2024 was $872 million and increased by a net $83 million. The valuation allowance at December 31, 2023 was $789 million and increased by a net $85 million. The valuation allowance at December 31, 2022 was $704 million and increased by a net $344 million, primarily due to the Meritor acquisition. The valuation allowance is primarily attributable to the uncertainty regarding the realization of a portion of the U.S. state and foreign net operating loss and tax credit carryforward benefits. Our Consolidated Balance Sheets contain the following tax related items: December 31, In millions 2024 2023 Prepaid expenses and other current assets Refundable income taxes $ 121 $ 81 Other assets Deferred income tax assets 1,119 1,082 Long-term refundable income taxes 47 27 Other accrued expenses Income tax payable 244 242 Other liabilities Long-term income taxes 5 111 Deferred income tax liabilities 389 530 A reconciliation of unrecognized tax benefits for the years ended December 31, 2024, 2023 and 2022 was as follows: December 31, In millions 2024 2023 2022 Balance at beginning of year $ 330 $ 283 $ 89 Additions to tax positions due to acquisitions — 8 189 Additions to current year tax positions 21 21 17 Additions to prior years' tax positions 9 19 17 Reductions to prior years' tax positions (18) (1) (1) Reductions for tax positions due to settlements with taxing authorities (38) — (28) Balance at end of year $ 304 $ 330 $ 283 Included in the December 31, 2024, 2023 and 2022, balances are $289 million, $314 million and $270 million, respectively, related to tax positions that, if recognized, would favorably impact the effective tax rate in future periods. We also accrued interest expense related to the unrecognized tax benefits of $31 million, $33 million and $18 million as of December 31, 2024, 2023 and 2022, respectively. We recognize potential accrued interest and penalties related to unrecognized tax benefits in income tax expense. Audit outcomes and the timing of audit settlements are subject to significant uncertainty. Although we believe that adequate provision has been made for such issues, there is the possibility that the ultimate resolution of such issues could have an adverse effect on our earnings. Conversely, if these issues are resolved favorably in the future, the related provision would be reduced, thus having a positive impact on earnings. As a result of our global operations, we file income tax returns in various jurisdictions including U.S. federal, state and foreign jurisdictions. We are routinely subject to examination by taxing authorities throughout the world, including Australia, Belgium, Brazil, Canada, China, France, India, Mexico, the U.K. and the U.S. With few exceptions, our U.S. federal, major state and foreign jurisdictions are no longer subject to income tax assessments for years before 2018.

MARKETABLE SECURITIES

MARKETABLE SECURITIES	12 Months Ended
	Dec. 31, 2024
Marketable Securities [Abstract]
MARKETABLE SECURITIES	NOTE 5. MARKETABLE SECURITIES A summary of marketable securities, all of which are classified as current, was as follows: December 31, 2024 2023 In millions Cost Gross unrealized gains/(losses) (1) Estimated Cost Gross unrealized gains/(losses) (1) Estimated Equity securities Level 1 Publicly-traded shares $ 7 $ (6) $ 1 $ — $ — $ — Level 2 Debt mutual funds 262 1 263 272 — 272 Certificates of deposit 262 — 262 246 — 246 Equity mutual funds 19 7 26 22 6 28 Debt securities 41 — 41 16 — 16 Marketable securities $ 591 $ 2 $ 593 $ 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 Consolidated Statements of Net Income . The fair value of Level 1 securities is derived from the market price at the end of the period. 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 2024 or 2023. All debt securities are classified as available-for-sale. A description of the valuation techniques and inputs used for our Level 2 fair value measures is as follows: • 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. • 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. • 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: Years ended December 31, In millions 2024 2023 2022 Proceeds from sales of marketable securities $ 1,227 $ 1,075 $ 750 Proceeds from maturities of marketable securities 233 259 401 Investments in marketable securities - liquidations $ 1,460 $ 1,334 $ 1,151

INVENTORIES

INVENTORIES	12 Months Ended
	Dec. 31, 2024
Inventory Disclosure [Abstract]
INVENTORIES	NOTE 6. INVENTORIES Inventories are stated at the lower of cost or net realizable value. Inventories included the following: December 31, In millions 2024 2023 Finished products $ 2,875 $ 2,770 Work-in-process and raw materials 3,086 3,156 Inventories at FIFO cost 5,961 5,926 Excess of FIFO over LIFO (219) (249) Inventories $ 5,742 $ 5,677 In the fourth quarter of 2024, we wrote-off $107 million of inventory in our Accelera segment, mostly in work-in-process and raw materials. See NOTE 22, "ACCELERA STRATEGIC REORGANIZATION ACTIONS," for additional information.

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT AND EQUIPMENT	NOTE 7. PROPERTY, PLANT AND EQUIPMENT Details of our property, plant and equipment balance were as follows: December 31, In millions 2024 2023 Land and buildings $ 3,012 $ 3,039 Machinery, equipment and fixtures 7,266 7,245 Construction in process 1,518 1,390 Property, plant and equipment, gross 11,796 11,674 Less: Accumulated depreciation (5,440) (5,425) Property, plant and equipment, net $ 6,356 $ 6,249

LEASES FOOTNOTE DISCLOSURE LEAS

LEASES FOOTNOTE DISCLOSURE LEASES FOOTNOTE DISCLOSURE (Notes)	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Leases of Lessee Disclosure	NOTE 8. LEASES Our lease portfolio consists primarily of real estate and equipment leases. Our real estate leases primarily consist of land, office, distribution, warehousing and manufacturing facilities. These leases typically range in term from 2 to 50 years and may contain renewal options for periods up to 10 years at our discretion. Our equipment lease portfolio consists primarily of vehicles (including service vehicles), fork trucks and IT equipment. These leases typically range in term from two The components of our lease cost were as follows: Years ended December 31, In millions 2024 2023 2022 Operating lease cost $ 187 $ 165 $ 160 Finance lease cost Amortization of right-of-use asset 26 20 19 Interest expense 7 4 4 Short-term lease cost 41 24 23 Variable lease cost 17 14 12 Total lease cost $ 278 $ 227 $ 218 Supplemental balance sheet information related to leases: December 31, In millions 2024 2023 Balance Sheet Location Assets Operating lease assets $ 532 $ 501 Other assets Finance lease assets (1) 121 115 Property, plant and equipment, net Total lease assets $ 653 $ 616 Liabilities Current Operating lease liabilities $ 130 $ 138 Other accrued expenses Finance lease liabilities 20 17 Current maturities of long-term debt Long-term Operating lease liabilities 409 374 Other liabilities Finance lease liabilities 105 94 Long-term debt Total lease liabilities $ 664 $ 623 (1) Finance lease assets were recorded net of accumulated amortization of $80 million and $77 million at December 31, 2024 and 2023. Supplemental cash flow and other information related to leases: Years ended December 31, In millions 2024 2023 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 176 $ 148 $ 151 Operating cash flows from finance leases 7 4 4 Financing cash flows from finance leases 23 35 16 Right-of-use assets obtained in exchange for lease obligations Operating leases $ 268 $ 153 $ 148 Finance leases 43 12 29 Additional information related to leases: December 31, 2024 2023 Weighted-average remaining lease term (in years) Operating leases 5.9 5.2 Finance leases 7.8 8.6 Weighted-average discount rate Operating leases 4.6 % 4.2 % Finance leases 6.0 % 5.0 % Following is a summary of the future minimum lease payments related to finance and operating leases with terms of more than one year at December 31, 2024, together with the net present value of the minimum payments: In millions Finance Leases Operating Leases 2025 $ 26 $ 150 2026 23 123 2027 20 98 2028 17 69 2029 14 45 After 2029 58 137 Total minimum lease payments 158 622 Interest (33) (83) Present value of net minimum lease payments $ 125 $ 539

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND OTHER INTANGIBLE ASSETS	NOTE 9. GOODWILL AND OTHER INTANGIBLE ASSETS The following table summarizes the changes in the carrying amount of goodwill for the years ended December 31, 2024 and 2023: In millions Components Accelera Distribution Power Systems Engine Total Balance at December 31, 2022 $ 1,752 $ 495 $ 79 $ 11 $ 6 $ 2,343 Acquisitions 122 — 4 — 18 144 Foreign currency translation and other 10 1 — — 1 12 Balance at December 31, 2023 1,884 496 83 11 25 2,499 Acquisitions 2 — — 33 — 35 Foreign currency translation and other (48) (2) — — — (50) Divestiture (1) (114) — — — — (114) Balance at December 31, 2024 $ 1,724 $ 494 $ 83 $ 44 $ 25 $ 2,370 (1) See NOTE 21, "ATMUS INITIAL PUBLIC OFFERING (IPO) AND DIVESTITURE," for additional information. Intangible assets that have finite useful lives are amortized over their estimated useful lives. The following table summarizes our other intangible assets: December 31, In millions 2024 2023 Amortizable intangible assets Software $ 793 $ 622 Less: Accumulated amortization (372) (323) Software, net 421 299 Trademarks, patents, customer relationships and other 2,685 2,866 Less: Accumulated amortization (819) (666) Trademarks, patents, customer relationships and other, net 1,866 2,200 Unamortizable other intangible assets 64 20 Other intangible assets, net $ 2,351 $ 2,519 Amortization expense for software and other intangibles totaled $324 million, $324 million and $223 million for the years ended December 31, 2024, 2023 and 2022, respectively. The projected amortization expense of our intangible assets, assuming no further acquisitions or dispositions, is as follows: In millions 2025 2026 2027 2028 2029 Projected amortization expense $ 320 $ 308 $ 293 $ 266 $ 232

PENSION AND OTHER POSTRETIREMEN

PENSION AND OTHER POSTRETIREMENT BENEFITS	12 Months Ended
	Dec. 31, 2024
Retirement Benefits [Abstract]
Pension and Other Postretirement Benefits Disclosure	NOTE 10. PENSIONS AND OTHER POSTRETIREMENT BENEFITS Pension Plans We sponsor several pension plans covering substantially all employees. Generally, pension benefits for salaried employees are determined as a function of employee’s compensation. Pension benefits for most hourly employees are determined similarly and as a function of employee’s compensation, with the exception of a small group of hourly employees whose pension benefits were grandfathered in accordance with agreements with their union representation and are based on their years of service and compensation during active employment. The level of benefits and terms of vesting may vary among plans and are offered in accordance with applicable laws. Pension plan assets are administered by trustees and are principally invested in fixed income securities and equity securities. It is our policy to make contributions to our various qualified plans in accordance with statutory and contractual funding requirements, and any additional contributions we determine are appropriate. Obligations, Assets and Funded Status Benefit obligation balances presented below reflect the projected benefit obligation (PBO) for our pension plans. The changes in the benefit obligations, the various plan assets, the funded status of the plans and the amounts recognized in our Consolidated Balance Sheets for our significant pension plans at December 31 were as follows: Qualified and Non-Qualified Pension Plans U.S. Plans U.K. Plans In millions 2024 2023 2024 2023 Change in benefit obligation Benefit obligation at the beginning of the year $ 3,381 $ 3,171 $ 1,525 $ 1,398 Service cost 142 117 18 17 Interest cost 167 168 71 70 Actuarial (gain) loss (163) 172 (133) 47 Benefits paid from fund (328) (223) (108) (87) Benefits paid directly by employer (32) (25) — — Plan amendment — 1 — — Foreign currency translation adjustments — — (23) 80 Benefit obligation at end of year $ 3,167 $ 3,381 $ 1,350 $ 1,525 Change in plan assets Fair value of plan assets at beginning of year $ 3,826 $ 3,828 $ 1,720 $ 1,670 Actual return on plan assets 178 221 (128) (51) Employer contributions 30 — 9 90 Benefits paid from fund (328) (223) (108) (87) Foreign currency translation adjustments — — (25) 98 Fair value of plan assets at end of year $ 3,706 $ 3,826 $ 1,468 $ 1,720 Funded status (including unfunded plans) at end of year $ 539 $ 445 $ 118 $ 195 Amounts recognized in consolidated balance sheets Pension assets $ 1,071 $ 1,002 $ 118 $ 195 Accrued compensation, benefits and retirement costs (29) (27) — — Other liabilities (503) (530) — — Net amount recognized $ 539 $ 445 $ 118 $ 195 Amounts recognized in accumulated other comprehensive loss Net actuarial loss $ 429 $ 493 $ 691 $ 606 Prior service cost 6 8 7 8 Net amount recognized $ 435 $ 501 $ 698 $ 614 In addition to the pension plans in the above table, we also maintain less significant defined benefit pension plans in 15 other countries outside of the U.S. and the U.K. that comprise approximately 5 percent and 6 percent of our pension plan assets and benefit obligations, respectively, at December 31, 2024. These plans are reflected in other liabilities on our Consolidated Balance Sheets . In 2024 and 2023, we made $21 million and $16 million of contributions to these plans, respectively. The following table summarizes the total accumulated benefit obligation (ABO), the ABO for defined benefit pension plans with ABO in excess of plan assets and the PBO for defined benefit pension plans with PBO in excess of plan assets: Qualified and Non-Qualified Pension Plans U.S. Plans U.K. Plans In millions 2024 2023 2024 2023 Total ABO $ 3,132 $ 3,334 $ 1,334 $ 1,504 Plans with ABO in excess of plan assets ABO 1,007 1,067 — — Plans with PBO in excess of plan assets PBO 1,042 1,116 — — Components of Net Periodic Pension Cost (Income) The following table presents the net periodic pension cost (income) under our plans for the years ended December 31: Qualified and Non-Qualified Pension Plans U.S. Plans U.K. Plans In millions 2024 2023 2022 2024 2023 2022 Service cost $ 142 $ 117 $ 137 $ 18 $ 17 $ 30 Interest cost 167 168 101 71 70 39 Expected return on plan assets (290) (277) (229) (102) (105) (87) Amortization of prior service cost 2 2 1 1 1 1 Recognized net actuarial loss 13 8 23 12 — 3 Net periodic pension cost (income) $ 34 $ 18 $ 33 $ — $ (17) $ (14) Other changes in benefit obligations and plan assets recognized in other comprehensive loss (income) for the years ended December 31 were as follows: In millions 2024 2023 2022 Amortization of prior service cost $ (3) $ (3) $ (2) Recognized net actuarial loss (25) (8) (26) Incurred prior service cost — 1 3 Incurred actuarial loss 46 432 173 Total recognized in other comprehensive loss $ 18 $ 422 $ 148 Total recognized in net periodic pension cost and other comprehensive loss $ 52 $ 423 $ 167 Assumptions The table below presents various assumptions used in determining the PBO for each year and reflects weighted-average percentages for the various plans as follows: Qualified and Non-Qualified Pension Plans U.S. Plans U.K. Plans 2024 2023 2024 2023 Discount rate 5.69 % 5.15 % 5.62 % 4.72 % Cash balance crediting rate 4.51 % 4.55 % — — Compensation increase rate 5.32 % 5.34 % 3.75 % 3.75 % The table below presents various assumptions used in determining the net periodic pension cost and reflects weighted-average percentages for the various plans as follows: Qualified and Non-Qualified Pension Plans U.S. Plans U.K. Plans 2024 2023 2022 2024 2023 2022 Discount rate 5.15 % 5.55 % 3.31 % 4.72 % 4.99 % 2.26 % Expected return on plan assets 7.25 % 7.00 % 6.50 % 5.00 % 5.00 % 4.01 % Compensation increase rate 5.34 % 5.35 % 2.71 % 3.75 % 3.75 % 3.75 % Plan Assets Our investment policies in the U.S. and U.K. provide for the rebalancing of assets to maintain our long-term strategic asset allocation. We are committed to this long-term strategy and do not attempt to time the market. Given empirical evidence that asset allocation is critical, rebalancing of the assets has and continues to occur, maintaining the proper weighting of assets to achieve the expected total portfolio returns. We believe that our portfolio is highly diversified and does not have any significant exposure to concentration risk. The plan assets for our defined benefit pension plans do not include any of our common stock or corporate bonds. U.S. Plan Assets For the U.S. qualified pension plans, our assumption for the expected return is greatly influenced by our objective to match assets and liabilities and the increase in bond yields. Projected returns are based primarily on broad, publicly traded equity and fixed income indices and forward-looking estimates of active portfolio and investment management. We expect additional positive returns from this active investment management. Based on the historical returns and forward-looking return expectations, we elected an assumption of 7.00 percent in 2025. To achieve these objectives, we established the following targets: Asset Class Plan Target U.S. equities 7 % Non-U.S. equities 3 % Global equities 5 % Total equities 15 % Real assets 5 % Private equity/venture capital 5 % Opportunistic credit 4 % Fixed income 71 % Total 100 % The fixed income component of the plans is structured to represent a custom bond benchmark that will closely hedge the change in the value of our liabilities. This component is structured in such a way that its benchmark covers approximately 100 percent of the plans' exposure to changes in its discount rate (AA corporate bond yields). In order to achieve a hedge on more than the targeted 71 percent of plan assets invested in fixed income securities, our Benefits Policy Committee (BPC) permits the fixed income managers, other managers or the custodian/trustee to utilize derivative securities, as part of a liability driven investment strategy to further reduce the plans' risk of changes in interest rates. However, all managers hired to manage assets for the trust are prohibited from using leverage unless approved by the BPC. U.K. Plan Assets The methodology used to determine the rate of return on the pension plan assets in the U.K. was based on establishing an equity-risk premium over current long-term bond yields adjusted based on target asset allocations. Our strategy with respect to our investments in these assets is to be invested in a suitable mixture of return-seeking assets such as equities, real estate and liability matching assets such as group annuity insurance contracts and duration matched bonds. To achieve these objectives, we established the following targets: Asset Class Plan Target Property/secure income assets 6 % Credit/bank loans 8 % Diversified strategies 1 % Private equity 5 % Fixed income/insurance annuity 78 % Cash 2 % Total 100 % As part of our strategy in the U.K. we have not prohibited the use of any financial instrument, including derivatives. As in the U.S. plans, derivatives may be used to better match liability duration and are not used in a speculative way. The fixed income component of our portfolio hedges approximately 91 percent of the plans' exposure to interest rates and 92 percent of the plans' exposure to inflation. Based on the above discussion, we elected an assumption of 5.00 percent in 2025. Fair Value of U.S. Plan Assets The fair values of U.S. pension plan assets by asset category were as follows: Fair Value Measurements at December 31, 2024 In millions Quoted prices in active Significant other Significant Total Equities U.S. $ 168 $ — $ — $ 168 Non-U.S. 31 — — 31 Fixed income Government debt — 105 — 105 Corporate debt U.S. — 600 — 600 Non-U.S. — 36 — 36 Asset/mortgaged backed securities — 13 — 13 Net cash equivalents (1) 388 — — 388 Private markets and real assets (2) — — 500 500 Net plan assets subject to leveling $ 587 $ 754 $ 500 $ 1,841 Pending trade/purchases/sales (2) Accruals (3) 12 Investments measured at net asset value 1,855 Net plan assets $ 3,706 Fair Value Measurements at December 31, 2023 In millions Quoted prices in active Significant other Significant Total Equities U.S. $ 73 $ — $ — $ 73 Non-U.S. 36 — — 36 Fixed income Government debt — 157 — 157 Corporate debt U.S. — 603 — 603 Non-U.S. — 49 — 49 Asset/mortgaged backed securities — 8 — 8 Net cash equivalents (1) 467 — — 467 Private markets and real assets (2) — — 604 604 Net plan assets subject to leveling $ 576 $ 817 $ 604 $ 1,997 Pending trade/purchases/sales (16) Accruals (3) 10 Investments measured at net asset value 1,835 Net plan assets $ 3,826 (1) Cash equivalents included commercial paper, short-term government/agency, mortgage and credit instruments. (2) The instruments in private markets and real assets, for which quoted market prices are not available, are valued at their estimated fair value as determined by applicable investment managers or by audited financial statements of the funds. Private markets include equity, venture capital and private credit instruments and funds. Real assets include real estate and infrastructure. (3) Accruals include interest or dividends that were not settled at December 31. Certain of our assets are valued based on their respective net asset value (NAV) (or its equivalent), as an alternative to estimated fair value due to the absence of readily available market prices. The fair value of each such investment category was as follows: • U.S. and Non-U.S. Corporate Debt ($912 million and $915 million at December 31, 2024 and 2023, respectively) - These commingled funds have observable NAVs provided to investors and provide for liquidity either immediately or within a couple of days. • Asset/Mortgage Backed Securities ($327 million and $307 million at December 31, 2024 and 2023, respectively) - This asset type represents investments in fixed- and floating-rate loans. These funds are valued using NAVs and allow quarterly or more frequent redemptions. • U.S. and Non-U.S. Equities ($260 million and $222 million at December 31, 2024 and 2023, respectively) - These commingled funds have observable NAVs provided to investors and provide for liquidity either immediately or within a couple of days. • Government Debt ($235 million and $257 million at December 31, 2024 and 2023, respectively) - These commingled funds have observable NAVs provided to investors and provide for liquidity either immediately or within a couple of days. • Real Estate ($121 million and $134 million at December 31, 2024 and 2023, respectively) - This asset type represents different types of real estate including development property, industrial property, individual mortgages, office property, property investment companies and retail property. These funds are valued using NAVs and allow quarterly or more frequent redemptions. The reconciliation of Level 3 assets was as follows: Fair Value Measurements In millions Private Markets Real Assets Total Balance at December 31, 2022 $ 559 $ 82 $ 641 Actual return on plan assets Unrealized gains (losses) on assets still held at the reporting date 6 (13) (7) Purchases, sales and settlements, net (28) (2) (30) Balance at December 31, 2023 537 67 604 Actual return on plan assets Unrealized losses on assets still held at the reporting date (3) (6) (9) Purchases, sales and settlements, net (93) (2) (95) Balance at December 31, 2024 $ 441 $ 59 $ 500 Fair Value of U.K. Plan Assets The fair values of U.K. pension plan assets by asset category were as follows: Fair Value Measurements at December 31, 2024 In millions Quoted prices in active Significant other Significant Total Fixed income Government debt $ — $ 204 $ — $ 204 Corporate debt U.S. — 32 — 32 Non-U.S. — 93 — 93 Net cash equivalents (1) 11 14 — 25 Insurance annuity — — 383 383 Private markets and real assets (2) — — 102 102 Net plan assets subject to leveling $ 11 $ 343 $ 485 $ 839 Pending trade/purchases/sales 1 Accruals (3) 2 Investments measured at net asset value 626 Net plan assets $ 1,468 Fair Value Measurements at December 31, 2023 In millions Quoted prices in active Significant other Significant Total Equities U.S. $ 12 $ — $ — $ 12 Non-U.S. 8 — — 8 Fixed income Government debt — 232 — 232 Corporate debt U.S. — 30 — 30 Non-U.S. — 95 — 95 Net cash equivalents (1) 17 18 — 35 Insurance annuity — — 436 436 Private markets and real assets (2) — — 103 103 Net plan assets subject to leveling $ 37 $ 375 $ 539 $ 951 Pending trade/purchases/sales 1 Accruals (3) 2 Investments measured at net asset value 766 Net plan assets $ 1,720 (1) Cash equivalents include commercial paper, short-term government/agency, mortgage and credit instruments. (2) The instruments in private markets and real assets, for which quoted market prices are not available, are valued at their estimated fair value as determined by applicable investment managers or by audited financial statements of the funds. Private markets include equity, venture capital and private credit instruments and funds. Real assets include real estate and infrastructure. (3) Accruals include interest or dividends that were not settled at December 31. Ce rtain of our assets are valued based on their respective NAV (or its equivalent), as an alternative to estimated fair value due to the absence of readily available market prices. The fair value of each such investment category was as follows: • Government Debt ($434 million and $572 million at December 31, 2024 and 2023, respectively) - These commingled funds have observable NAVs provided to investors and provide for liquidity either immediately or within a couple of days. • U.S. and Non-U.S. Corporate Debt ($96 million and $71 million at December 31, 2024 and 2023, respectively) - These commingled funds have observable NAVs provided to investors and provide for liquidity either immediately or within a couple of days. • Asset/Mortgage Backed Securities ($92 million and $117 million at December 31, 2024 and 2023, respectively) - This asset type represents investments in fixed- and floating-rate loans. These funds are valued using NAVs and allow quarterly or more frequent redemptions. • Re-insurance ($4 million and $6 million at December 31, 2024 and 2023, respectively) - This commingled fund has a NAV that is determined on a monthly basis and the investment may be sold at that value. The reconciliation of Level 3 assets was as follows: Fair Value Measurements In millions Insurance Annuity Real Assets Private Markets Total Balance at December 31, 2022 $ 428 $ 8 $ 382 $ 818 Actual return on plan assets Unrealized gains (losses) on assets still held at the reporting date 8 — (35) (27) Purchases, sales and settlements, net — (1) (251) (252) Balance at December 31, 2023 436 7 96 539 Actual return on plan assets Unrealized (losses) gains on assets still held at the reporting date (53) — 1 (52) Purchases, sales and settlements, net — (1) (1) (2) Balance at December 31, 2024 $ 383 $ 6 $ 96 $ 485 Level 3 Assets The investments in an insurance annuity contract, venture capital, private equity and real estate, for which quoted market prices are not available, are valued at their estimated fair value as determined by applicable investment managers or by quarterly financial statements of the funds. These financial statements are audited at least annually. In conjunction with our investment consultant and actuary, we monitor the fair value of the insurance contract as periodically reported by our insurer and their counterparty risk. The fair value of all real estate properties, held in the partnerships, are valued at least once per year by an independent professional real estate valuation firm. Fair value generally represents the fund's proportionate share of the net assets of the investment partnerships as reported by the general partners of the underlying partnerships. Some securities with no readily available market are initially valued at cost, utilizing independent professional valuation firms as well as market comparisons with subsequent adjustments to values which reflect either the basis of meaningful third-party transactions in the private market or the fair value deemed appropriate by the general partners of the underlying investment partnerships. In such instances, consideration is also given to the financial condition and operating results of the issuer, the amount that the investment partnerships can reasonably expect to realize upon the sale of the securities and any other factors deemed relevant. The estimated fair values are subject to uncertainty and therefore may differ from the values that would have been used had a ready market for such investments existed and such differences could be material. Estimated Future Contributions and Benefit Payments We plan to contribute approximately $52 million to our defined benefit pension plans in 2025. The table below presents expected future benefit payments under our pension plans: Qualified and Non-Qualified Pension Plans In millions 2025 2026 2027 2028 2029 2030 - 2034 Expected benefit payments $ 392 $ 364 $ 368 $ 374 $ 382 $ 1,919 Other Pension Plans We also sponsor defined contribution plans for certain hourly and salaried employees. Our contributions to these plans were $126 million, $130 million and $110 million for the years ended December 31, 2024, 2023 and 2022. Other Postretirement Benefits Our OPEB plans provide various health care and life insurance benefits to eligible employees, who retire and satisfy certain age and service requirements, and their dependents. The plans are contributory and contain cost-sharing features such as caps, deductibles, coinsurance and spousal contributions. Employer contributions are limited by formulas in each plan. Retiree contributions for health care benefits are adjusted annually, and we reserve the right to change benefits covered under these plans. There were no plan assets for OPEB plans as our policy is to fund benefits and expenses for these plans as claims and premiums are incurred. Obligations and Funded Status Benefit obligation balances presented below reflect the accumulated postretirement benefit obligations for our OPEB plans. The changes in the benefit obligations, the funded status of the plans and the amounts recognized in our Consolidated Balance Sheets for our significant OPEB plans were as follows: December 31, In millions 2024 2023 Change in benefit obligation Benefit obligation at the beginning of the year $ 150 $ 162 Interest cost 7 9 Plan participants' contributions 8 18 Actuarial gain (18) (2) Benefits paid directly by employer (27) (37) Benefit obligation at end of year $ 120 $ 150 Funded status at end of year $ (120) $ (150) Amounts recognized in consolidated balance sheets Accrued compensation, benefits and retirement costs $ (16) $ (19) Other liabilities (104) (131) Net amount recognized $ (120) $ (150) Amounts recognized in accumulated other comprehensive loss Net actuarial gain $ (60) $ (44) Prior service credit (3) (3) Net amount recognized $ (63) $ (47) In addition to the OPEB plans in the above table, we also maintain less significant OPEB plans in five other countries outside the U.S. that comprise approximately 17 percent and 16 percent of our OPEB obligations at December 31, 2024 and 2023, respectively. These plans are reflected in other liabilities in our Consolidated Balance Sheets . Components of Net Periodic OPEB Cost The following table presents the net periodic OPEB cost under our plans: Years ended December 31, In millions 2024 2023 2022 Interest cost $ 7 $ 9 $ 5 Recognized net actuarial gain (3) (2) — Net periodic OPEB cost $ 4 $ 7 $ 5 Other changes in benefit obligations recognized in other comprehensive loss (income) for the years ended December 31 were as follows: Years ended December 31, In millions 2024 2023 2022 Recognized net actuarial gain $ 3 $ 2 $ — Incurred actuarial gain (19) (2) (25) Total recognized in other comprehensive (income) loss $ (16) $ — $ (25) Total recognized in net periodic OPEB cost and other comprehensive (income) loss $ (12) $ 7 $ (20) Assumptions The table below presents assumptions used in determining the OPEB obligation for each year and reflects weighted-average percentages for our other OPEB plans as follows: 2024 2023 Discount rate 5.60 % 5.19 % The table below presents assumptions used in determining the net periodic OPEB cost and reflects weighted-average percentages for the various plans as follows: 2024 2023 2022 Discount rate 5.19 % 5.59 % 2.93 % Our consolidated OPEB obligation is determined by application of the terms of health care and life insurance plans, together with relevant actuarial assumptions and health care cost trend rates. For measurement purposes, a 6.75 percent annual rate of increase in the per capita cost of covered health care benefits was assumed in 2024. The rate is assumed to decrease on a linear basis to 5.0 percent through 2032 and remain at that level thereafter. Estimated Benefit Payments The table below presents expected benefit payments under our OPEB plans: In millions 2025 2026 2027 2028 2029 2030 - 2034 Expected benefit payments $ 16 $ 15 $ 14 $ 13 $ 12 $ 47

SUPPLEMENTAL BALANCE SHEET

SUPPLEMENTAL BALANCE SHEET	12 Months Ended
	Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]
Supplemental Balance Sheet Disclosures	NOTE 11. SUPPLEMENTAL BALANCE SHEET DATA Other assets included the following: December 31, In millions 2024 2023 Deferred income taxes $ 1,119 $ 1,082 Operating lease assets 532 501 Corporate-owned life insurance 423 417 Other 559 543 Other assets $ 2,633 $ 2,543 Other accrued expenses included the following: December 31, In millions 2024 2023 Marketing accruals $ 335 $ 399 Other taxes payable 249 296 Income taxes payable 244 242 Current portion of operating lease liabilities 130 138 Settlement Agreements (1) 66 1,938 Other 874 741 Other accrued expenses $ 1,898 $ 3,754 (1) See NOTE 14, "COMMITMENTS AND CONTINGENCIES," for additional information. Other liabilities included the following: December 31, In millions 2024 2023 Accrued product warranty (1) $ 843 $ 777 Pensions 503 530 Operating lease liabilities 409 374 Deferred income taxes 389 530 Accrued compensation 193 213 Other postretirement benefits 104 131 Mark-to-market valuation on interest rate derivatives 89 117 Long-term income taxes 5 111 Other 614 647 Other liabilities $ 3,149 $ 3,430 (1) See NOTE 13, "PRODUCT WARRANTY LIABILITY," for additional information.

DEBT

DEBT	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
DEBT	NOTE 12. DEBT Loans Payable Loans payable at December 31, 2024 and 2023 were $356 million and $280 million, respectively, and consisted primarily of loans payable to financial institutions. The weighted-average interest rate of loans payable at December 31 was as follows: 2024 2023 Weighted-average interest rate 2.85 % 3.92 % Commercial Paper Our committed credit facilities provide access up to $4.0 billion of unsecured, short-term promissory notes (commercial paper) pursuant to the Board 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. We had $1.3 billion and $1.5 billion in outstanding borrowings under our commercial paper programs at December 31, 2024 and 2023, respectively. The weighted-average interest rate for commercial paper at December 31 was as follows: 2024 2023 Weighted-average interest rate 4.49 % 5.43 % Revolving Credit Facilities On June 3, 2024, we entered into an amended and restated 5-year credit agreement that allows us to borrow up to $2.0 billion of unsecured funds at any time prior to June 3, 2029. The credit agreement amended and restated the prior $2.0 billion 5-year credit agreement that would have matured on August 18, 2026. We also entered into an amended and restated 364-day credit agreement that allows us to borrow up to $2.0 billion of unsecured funds at any time prior to June 2, 2025. This credit agreement amended and restated the prior $2.0 billion 364-day credit facility that matured on June 3, 2024. Our committed credit facilities provide access up to $4.0 billion from our $2.0 billion 364-day credit facility that expires on June 2, 2025 and our $2.0 billion 5-year facility that expires on June 3, 2029. We intend to maintain credit facilities at the current or higher aggregate amounts by renewing or replacing these facilities at or before expiration. Amounts payable under our revolving credit facility rank pro rata with all of our unsecured, unsubordinated indebtedness. Up to $300 million under this credit facility is available for swingline loans. Based on our current long-term debt ratings, the applicable margin on Secured Overnight Financing Rate ( SOFR ) rate loans for the 364-day facility was 0.85 percent per annum and 0.975 percent for the 5-year facility. Advances under the facility may be prepaid without premium or penalty, subject to customary breakage costs. These revolving credit facilities are maintained primarily to provide backup liquidity for our commercial paper borrowings and general corporate purposes. Our credit agreements include various covenants, including, among others, maintaining a net debt to total capital ratio of no more than 0.65 to 1.0. At December 31, 2024, we were in compliance with the financial debt covenants. There were no outstanding borrowings under these facilities at December 31, 2024 and December 31, 2023. The total combined borrowing capacity under the revolving credit facilities and commercial programs should not exceed $4.0 billion. At December 31, 2024, our $1.3 billion of commercial paper outstanding effectively reduced the $4.0 billion available capacity under our revolving credit facilities to $2.7 billion. At December 31, 2024, we also had an additional $628 million available for borrowings under our uncommitted international and other domestic credit facilities. Long-term Debt A summary of long-term debt was as follows: December 31, In millions Interest Rate 2024 2023 Long-term debt Hydrogenics promissory notes, due 2024 and 2025 —% 110 160 Term loan, due 2025 (1)(2) Variable — 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 160 94 Unamortized discount and deferred issuance costs (89) (72) Fair value adjustments due to hedge on indebtedness (85) (96) Finance leases 125 111 Total long-term debt 5,444 4,920 Less: Current maturities of long-term debt (6) 660 118 Long-term debt $ 4,784 $ 4,802 (1) During 2024, we repaid the outstanding balance of the term loan. (2) In September 2023, we entered into a series of interest rate swaps in order to trade a portion of the floating rate into fixed rate. See "Interest Rate Risk" in NOTE 20, "DERIVATIVES," for additional information. (3) In 2021, we entered into a series of interest rate swaps to effectively convert from a fixed rate to floating rate. See "Interest Rate Risk" in NOTE 20, "DERIVATIVES," for additional information. (4) See NOTE 21, "ATMUS INITIAL PUBLIC OFFERING (IPO) AND DIVESTITURE," for additional information. (5) The effective interest rate is 7.48 percent. (6) The weighted-average interest rates for the years ended December 31, 2024 and 2023, were 1.01 percent and 1.87 percent, respectively. 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 2025 2026 2027 2028 2029 Principal payments $ 660 $ 66 $ 102 $ 291 $ 534 The $250 million 7.125 percent debentures and $165 million 5.65 percent debentures are unsecured and are not subject to any sinking fund requirements. We can redeem these debentures at any time prior to maturity at the greater of par plus accrued interest or an amount designed to ensure that the debenture holders are not penalized by the early redemption. Our debt agreements contain several restrictive covenants. The most restrictive of these covenants applies to our revolving credit facility which will upon default, among other things, limit our ability to incur additional debt or issue preferred stock, enter into sale-leaseback transactions, sell or create liens on our assets, make investments and merge or consolidate with any other entity. At December 31, 2024, we were in compliance with all of the financial debt covenants under our borrowing agreements. Shelf Registration As a well-known seasoned issuer, we filed an automatic shelf registration for an undetermined amount of debt and equity securities with the Securities and Exchange Commission (SEC) on February 8, 2022, which expired on February 9, 2025. Under this shelf registration we were able to offer debt securities, common stock, preferred and preference stock, depositary shares, warrants, stock purchase contracts and stock purchase units. We plan to file a new shelf registration statement shortly after the filing of this annual report on Form 10-K to replace the expired automatic shelf registration statement. Interest Expense For the years ended December 31, 2024, 2023 and 2022, total interest incurred was $387 million, $383 million and $204 million, respectively, and interest capitalized was $17 million, $8 million and $5 million, respectively. 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: December 31, In millions 2024 2023 Fair values of total debt (1) $ 6,651 $ 6,375 Carrying value of total debt 7,059 6,696 (1) The fair value of debt is derived from Level 2 input measures.

PRODUCT WARRANTY LIABILITY

PRODUCT WARRANTY LIABILITY	12 Months Ended
	Dec. 31, 2024
Product Warranties Disclosures [Abstract]
PRODUCT WARRANTY LIABILITY	NOTE 13. 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: December 31, In millions 2024 2023 2022 Balance at beginning of year $ 2,497 $ 2,477 $ 2,425 Provision for base warranties issued 641 602 515 Deferred revenue on extended warranty contracts sold 343 350 287 Provision for product campaigns issued 65 28 141 Payments made during period (704) (705) (596) Amortization of deferred revenue on extended warranty contracts (297) (300) (298) Changes in estimates for pre-existing product warranties and campaigns 99 37 (128) Acquisitions (1) — — 147 Foreign currency translation adjustments and other (21) 8 (16) Balance at end of period $ 2,623 $ 2,497 $ 2,477 (1) See NOTE 23, "ACQUISITIONS," for additional information. We recognized supplier recoveries of $54 million, $36 million and $39 million for the years ended December 31, 2024, 2023 and 2022, respectively. Warranty related deferred revenues and warranty liabilities on our Consolidated Balance Sheets were as follows: December 31, In millions 2024 2023 Balance Sheet Location Deferred revenue related to extended coverage programs Current portion $ 286 $ 279 Current portion of deferred revenue Long-term portion 815 774 Deferred revenue Total $ 1,101 $ 1,053 Product warranty Current portion $ 679 $ 667 Current portion of accrued product warranty Long-term portion 843 777 Other liabilities Total $ 1,522 $ 1,444 Total warranty accrual $ 2,623 $ 2,497

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 14. 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 is probable and can be reasonably estimated based upon 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 the agreement in principle with EPA, CARB, the Environmental and Natural Resources Division of the DOJ 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 terms and conditions of the Settlement Agreements will subject us to further stipulated penalties. We recorded a charge of $2.0 billion in the fourth quarter of 2023, in other operating expense, net in our Consolidated Statements of Income, to resolve the matters addressed by the Settlement Agreements involving approximately one million of our pick-up truck applications in the U.S. Of the $2.0 billion charge, $1.7 billion (primarily related to penalties) was non-deductible for U.S. federal income tax purposes. The remaining amount, related to emissions mitigation projects and payments, extended warranties and other related compliance expenses was deductible for U.S. federal income tax purposes. 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 made $1.9 billion of payments required by the Settlement Agreements in the second quarter of 2024. Subsequent to the second quarter of 2024, we have recorded immaterial amounts related to stipulated penalties we determined to be probable and estimable. Any further non-compliance with the Settlement Agreements will likely subject us to further stipulated penalties and other adverse consequences. 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 December 31, 2024, the maximum potential loss related to these guarantees was $41 million. We have arrangements with certain suppliers that require us to purchase minimum volumes or be subject to monetary penalties. At December 31, 2024, if we were to stop purchasing from each of these suppliers, the aggregate amount of the penalty would be approximately $533 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 December 31, 2024, the total commitments under these contracts were $69 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 $241 million at December 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.

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
SHAREHOLDERS' EQUITY	NOTE 15. CUMMINS INC. SHAREHOLDERS' EQUITY Preferred and Preference Stock We are authorized to issue one million shares of zero par value preferred and one million shares of preference stock with preferred shares being senior to preference shares. We can determine the number of shares of each series, and the rights, preferences and limitations of each series. At December 31, 2024 and 2023, there was no preferred or preference stock outstanding. Common Stock Changes in shares of common stock and treasury stock were as follows: In millions Common Treasury Balance at December 31, 2021 222.5 80.0 Shares acquired — 1.9 Shares issued — (0.7) Balance at December 31, 2022 222.5 81.2 Shares issued — (0.5) Balance at December 31, 2023 222.5 80.7 Shares issued — (1.2) Atmus divestiture share exchange (1) — 5.6 Balance at December 31, 2024 222.5 85.1 (1) 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. The exchange resulted in a reduction of shares of our common stock outstanding by 5.6 million shares. See NOTE 21, "ATMUS INITIAL PUBLIC OFFERING (IPO) AND DIVESTITURE," for additional information. Treasury Stock Shares of common stock repurchased by us are recorded at cost as treasury stock and result in a reduction of shareholders' equity in our Consolidated Balance Sheets . Treasury shares may be reissued as part of our stock-based compensation programs. When shares are reissued, we use the weighted-average cost method for determining cost. The gains between the cost of the shares and the issuance price are added to additional paid-in-capital. The losses are deducted from additional paid-in capital to the extent of the gains. Thereafter, the losses are deducted from retained earnings. Treasury stock activity for the three-year period ended December 31, 2024, consisting of shares issued and repurchased is presented in our Consolidated Statements of Changes in Redeemable Noncontrolling Interests and Equity . In December 2021, the Board authorized the acquisition of up to $2.0 billion of additional common stock upon completion of the $2.0 billion repurchase plan authorized in 2019. The dollar value remaining available for future purchases under the 2019 program at December 31, 2024, was $218 million. 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. The exchange resulted in a reduction of shares of our common stock outstanding by 5.6 million shares. See NOTE 21, "ATMUS INITIAL PUBLIC OFFERING (IPO) AND DIVESTITURE," for additional information. We did not make any repurchases of common stock during 2024 or 2023. We repurchased $374 million of our common stock in the year ended December 31, 2022. Dividends Total dividends paid to common shareholders in 2024, 2023 and 2022 were $969 million, $921 million and $855 million, respectively. Declaration and payment of dividends in the future depends upon our income and liquidity position, among other factors, and is subject to declaration by the Board, who meets quarterly to consider our dividend payment. We expect to fund dividend payments with cash from operations. In July 2024, the Board authorized an increase to our quarterly dividend of 8.3 percent from $1.68 per share to $1.82 per share. In July 2023, the Board authorized a 7.0 percent increase to our quarterly cash dividend on our common stock from $1.57 per share to $1.68 per share. In July 2022, the Board approved an 8.3 percent increase to our quarterly dividend on our common stock from $1.45 per share to $1.57 per share. Cash dividends per share paid to common shareholders for the last three years were as follows: Quarterly Dividends 2024 2023 2022 First quarter $ 1.68 $ 1.57 $ 1.45 Second quarter 1.68 1.57 1.45 Third quarter 1.82 1.68 1.57 Fourth quarter 1.82 1.68 1.57 Total $ 7.00 $ 6.50 $ 6.04

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	NOTE 16. ACCUMULATED OTHER COMPREHENSIVE LOSS Following are the changes in accumulated other comprehensive (loss) income by component: In millions Change in pensions Foreign Unrealized gain Total Noncontrolling Total Balance at December 31, 2021 $ (346) $ (1,208) $ (17) $ (1,571) Other comprehensive income (loss) before reclassifications Before-tax amount (123) (350) 136 (337) $ (40) $ (377) Tax benefit (expense) 19 6 (32) (7) — (7) After-tax amount (104) (344) 104 (344) (40) (384) Amounts reclassified from accumulated other comprehensive income (1) 23 — 2 25 — 25 Net current period other comprehensive (loss) income (81) (344) 106 (319) $ (40) $ (359) Balance at December 31, 2022 $ (427) $ (1,552) $ 89 $ (1,890) Other comprehensive income (loss) before reclassifications Before-tax amount (541) 96 35 (410) $ (3) $ (413) Tax benefit (expense) 113 (1) (7) 105 — 105 After-tax amount (428) 95 28 (305) (3) (308) Amounts reclassified from accumulated other comprehensive income (1) 7 — (18) (11) — (11) Net current period other comprehensive (loss) income (421) 95 10 (316) $ (3) $ (319) Balance at December 31, 2023 $ (848) $ (1,457) $ 99 $ (2,206) Other comprehensive income (loss) before reclassifications Before-tax amount (14) (313) 47 (280) $ (16) $ (296) Tax expense (2) (8) (12) (22) — (22) After-tax amount (16) (321) 35 (302) (16) (318) Amounts reclassified from accumulated other comprehensive income (1) 21 61 (2) (19) 63 — 63 Net current period other comprehensive income (loss) 5 (260) 16 (239) $ (16) $ (255) Balance at December 31, 2024 $ (843) $ (1,717) $ 115 $ (2,445) (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) See NOTE 21, "ATMUS INITIAL PUBLIC OFFERING (IPO) AND DIVESTITURE," for additional information.

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	12 Months Ended
	Dec. 31, 2024
Noncontrolling Interest [Abstract]
NONCONTROLLING INTERESTS	NOTE 17. NONCONTROLLING INTERESTS Noncontrolling interests in the equity of consolidated subsidiaries were as follows: December 31, In millions 2024 2023 Eaton Cummins Automated Transmission Technologies $ 490 $ 534 Cummins India Ltd. 431 388 Other 116 132 Noncontrolling interests $ 1,037 $ 1,054

STOCK INCENTIVE AND STOCK OPTIO

STOCK INCENTIVE AND STOCK OPTION PLANS	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
STOCK INCENTIVE AND STOCK OPTION PLANS	NOTE 18. STOCK INCENTIVE AND STOCK OPTION PLANS Our stock incentive plan (the Plan) allows for granting of up to 8.5 million total shares of equity awards to executives, employees and non-employee directors. Awards available for grant under the Plan include, but are not limited to, stock options, stock appreciation rights, performance shares and other stock awards. Shares issued under the Plan may be newly issued shares or reissued treasury shares. Stock options are generally granted with a strike price equal to the fair market value of the stock on the date of grant and a life of 10 years. Stock options granted have a three Stock options are also awarded through the Key Employee Stock Investment Plan (KESIP) which allows certain employees, other than officers, to purchase shares of common stock on an installment basis up to an established credit limit. For every block of 100 KESIP shares purchased by the employee 50 stock options are granted. The options granted through the KESIP program are considered awards under the Plan and are vested immediately. Compensation expense for stock options granted through the KESIP program is recorded based on the fair value of each option grant using the Black-Scholes option pricing model. Performance shares are granted as target awards and are earned based on certain measures of our operating performance. A payout factor has been established ranging from 0 to 200 percent of the target award based on our actual performance during the three Restricted stock and restricted stock units are awarded from time to time at no cost to certain employees. Restrictions limit the sale or transfer of the shares during a defined period. Most awards are not entitled to cash dividends and voting rights until vesting. Generally, the shares vest and become free from restrictions ratably over a three Employee compensation expense (net of estimated forfeitures) related to our share-based plans for the years ended December 31, 2024, 2023 and 2022, was approximately $100 million, $79 million and $33 million, respectively. The excess tax benefit associated with our employee share-based plans for the years ended December 31, 2024, 2023 and 2022, was $23 million, $7 million and $8 million, respectively. The total unrecognized compensation expense (net of estimated forfeitures) related to nonvested awards for our employee share-based plans was approximately $120 million at December 31, 2024, and is expected to be recognized over a weighted-average period of approximately two years. The table below summarizes the employee share-based activity in the Plan: Options Weighted-average Weighted-average Aggregate Balance at December 31, 2021 2,743,098 $ 143.51 Granted 18,900 207.79 Exercised (586,990) 137.83 Forfeited (29,045) 148.08 Balance at December 31, 2022 2,145,963 145.57 Granted 17,500 225.39 Exercised (345,250) 142.69 Forfeited (3,793) 144.16 Balance at December 31, 2023 1,814,420 146.89 Granted 9,100 294.05 Exercised (1,004,358) 142.18 Forfeited (4,821) 149.48 Balance at December 31, 2024 814,341 $ 154.33 4.0 $ 159 Exercisable, December 31, 2022 1,655,298 $ 146.37 4.6 $ 159 Exercisable, December 31, 2023 1,814,420 $ 146.89 4.2 $ 169 Exercisable, December 31, 2024 814,341 $ 154.33 4.0 $ 159 The weighted-average grant date fair value of options granted during the years ended December 31, 2024, 2023 and 2022, was $77.19, $57.01 and $45.74, respectively. The total intrinsic value of options exercised during the years ended December 31, 2024, 2023 and 2022, was approximately $160 million, $35 million and $53 million, respectively. Cash received from option exercises under share-based payment arrangements for the years ended December 31, 2024, 2023 and 2022, was $133 million, $48 million and $80 million, respectively. The share-based activity and weighted-average grant date fair value of performance and restricted shares was as follows: Performance Shares Restricted Shares Nonvested Shares Weighted-average Shares Weighted-average Balance at December 31, 2021 440,149 $ 183.72 29,928 $ 252.99 Granted 230,535 184.92 215,260 209.08 Vested (122,188) 148.99 (5,513) 249.79 Forfeited (63,197) 182.68 (3,262) 211.37 Balance at December 31, 2022 485,299 193.17 236,413 213.66 Granted 170,205 222.86 176,128 223.92 Vested (99,425) 126.38 (74,270) 215.38 Forfeited (68,566) 199.69 (27,931) 217.01 Balance at December 31, 2023 487,513 216.24 310,340 218.77 Granted 259,004 264.95 208,029 276.83 Vested (233,136) 244.14 (75,759) 215.98 Forfeited (40,909) 233.84 (37,493) 232.01 Balance at December 31, 2024 472,472 $ 227.65 405,117 $ 247.88 The total vesting date fair value of performance shares vested during the years ended December 31, 2024, 2023 and 2022, was $63 million, $25 million and $24 million, respectively. The total fair value of restricted shares vested was $24 million, $17 million and $1 million for the years ended December 31, 2024, 2023 and 2022, respectively. The fair value of each option grant was estimated on the grant date using the Black-Scholes option pricing model with the following assumptions: 2024 2023 2022 Expected life (years) 6 6 6 Risk-free interest rate 4.20 % 3.91 % 2.32 % Expected volatility 29.15 % 28.73 % 28.40 % Dividend yield 2.79 % 2.81 % 2.85 % Expected life —The expected life of employee stock options represents the weighted-average period the stock options are expected to remain outstanding based upon our historical data. Risk-free interest rate —The risk-free interest rate assumption is based upon the observed U.S. treasury security rate appropriate for the expected life of our employee stock options. Expected volatility —The expected volatility assumption is based upon the weighted-average historical daily price changes of our common stock over the most recent period equal to the expected option life of the grant, adjusted for activity which is not expected to occur in the future. Dividend yield —The dividend yield assumption is based on our history and expectation of dividend payouts.

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
EARNINGS PER SHARE	NOTE 19. EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CUMMINS INC. We calculate basic earnings per share (EPS) of common stock by dividing net income attributable to Cummins Inc. by the weighted-average number of common shares outstanding for the period. The calculation of diluted EPS assumes the issuance of common stock for all potentially dilutive share equivalents outstanding, which is calculated using the treasury-stock method for share-based awards. Following are the computations for basic and diluted earnings per share: Years ended December 31, In millions, except per share amounts 2024 2023 2022 Net income attributable to Cummins Inc. $ 3,946 $ 735 $ 2,151 Weighted-average common shares outstanding Basic 138.2 141.7 141.5 Dilutive effect of stock compensation awards 0.9 1.0 0.8 Diluted 139.1 142.7 142.3 Earnings per common share attributable to Cummins Inc. Basic $ 28.55 $ 5.19 $ 15.20 Diluted 28.37 5.15 15.12 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: Years ended December 31, 2024 2023 2022 Options excluded 1,467 10,587 20,595

DERIVATIVES

DERIVATIVES	12 Months Ended
	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities Disclosure	NOTE 20. 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 $3.6 billion at December 31, 2024, with the following currencies comprising 86 percent of outstanding foreign currency forward contracts: British pound, Chinese renminbi, Australian dollar, Canadian 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 krona. 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, Chinese renminbi and Euros in exchange for U.S. dollar currency at a specified rate at the maturity of the contract. The notional amount of these hedges at December 31, 2024, was $1.5 billion. The following table summarizes the net investment hedge activity in AOCL: Years ended December 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 $ 32 $ — $ (30) $ — 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 weighted-average interest rate of the interest rate swaps was 5.72 percent. We designated the swaps as cash flow hedges. The gains and losses on these derivative instruments were initially recorded in other comprehensive income and reclassified into earnings as interest expense in the Consolidated Financial Statements as each interest payment was accrued. In 2024, we settled all $500 million of these interest rate swaps. The losses recognized on settlements were immaterial. The interest rate swap activity in AOCL was immaterial for these swaps for the years ended December 31, 2024 and 2023. 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 SOFR under a fallback protocol in our derivative agreements). 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 Consolidated Financial Statements as interest expense. In March 2023, we settled a portion of our 2021 interest rate swaps with a notional amount of $100 million. The $7 million loss on settlement is being amortized over the remaining term of the related debt. In November 2024, we settled a portion of our interest rate swaps related to our 2025 and 2030 bonds with a combined notional amount of $135 million. The $12 million loss on settlement is being amortized over the remaining term of the related debt. The interest rate swaps on our 2025 and 2030 debt had $350 million and $680 million, respectively, of notional amounts outstanding at December 31, 2024. The following table summarizes the gains and losses: Years ended December 31, In millions 2024 2023 2022 Type of Swap Gain (Loss) on Gain (Loss) on Gain (Loss) on Gain (Loss) on Gain (Loss) on Gain (Loss) on Interest rate swaps (1) $ 12 $ (11) $ 31 $ (32) $ (148) $ 145 (1) The difference between the gain (loss) on swaps and borrowings represented hedge ineffectiveness. In 2019, we entered into $350 million of interest rate lock agreements, and in 2020 we entered into an additional $150 million of lock agreements to reduce the variability of the cash flows of the interest payments on a total of $500 million of fixed rate debt originally forecast to be issued in 2023 to replace our senior notes at maturity. The terms of the rate locks mirrored the time period of the expected fixed rate debt issuance and the expected timing of interest payments on that debt. The gains and losses on these derivative instruments were initially recorded in other comprehensive income and will be released to earnings in interest expense in future periods to reflect the difference in (1) the fixed rates economically locked in at the inception of the hedge and (2) the actual fixed rates established in the debt instrument at issuance. In 2022, we settled certain rate lock agreements with notional amounts totaling $150 million for $49 million in cash. In 2023, we settled all remaining rate lock agreements with notional amounts totaling $350 million for $101 million. The majority of the $150 million of gains on settlements remained in other comprehensive income and is being amortized over the remaining term of the related debt issued in early 2024. The following table summarizes the interest rate lock activity in AOCL: Year ended December 31, In millions 2024 2023 2022 Type of Swap Gain (Loss) Gain (Loss) Reclassified from AOCL into Interest Expense Gain (Loss) Gain (Loss) Reclassified from AOCL into Interest Expense Gain (Loss) Gain (Loss) Reclassified from AOCL into Interest Expense Interest rate locks $ (4) $ 4 $ 14 $ 2 $ 112 $ — Derivatives Not Designated as Hedging Instruments The following table summarizes the effect on our Consolidated Statements of Net Income for derivative instruments not designated as hedging instruments: Years ended December 31, In millions 2024 2023 2022 Gain (loss) recognized in income - Cost of sales (1) $ 3 $ (3) $ 2 Loss recognized in income - Other expense, net (1) (65) (21) (5) (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 Consolidated Balance Sheets : Derivatives Designated as Hedging Instruments Derivatives Not Designated as Hedging Instruments December 31, December 31, In millions 2024 2023 2024 2023 Notional amount $ 3,512 $ 2,997 $ 2,713 $ 3,610 Derivative assets Prepaid expenses and other current assets $ 60 $ 14 $ 6 $ 16 Other assets 6 — — — Total derivative assets (1) $ 66 $ 14 $ 6 $ 16 Derivative liabilities Other accrued expenses $ 10 $ 43 $ 67 $ 14 Other liabilities 89 117 — — Total derivative liabilities (1) $ 99 $ 160 $ 67 $ 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 2024 or 2023. We elected to present our derivative contracts on a gross basis in our Consolidated Balance Sheets . Had we chosen to present on a net basis, we would have derivatives in a net asset position of $37 million and $4 million and derivatives in a net liability position of $131 million and $148 million at December 31, 2024, and 2023, respectively.

RUSSIAN OPERATIONS

RUSSIAN OPERATIONS	12 Months Ended
	Dec. 31, 2022
Restructuring and Related Activities [Abstract]
Russian Operations Restructuring Actions [Text Block]	NOTE 24. RUSSIAN OPERATIONS On March 17, 2022, the Board indefinitely suspended our operations in Russia due to the ongoing conflict in Ukraine. At the time of suspension, our Russian operations included a wholly-owned distributor in Russia, an unconsolidated joint venture with KAMAZ (a Russian truck manufacturer) and direct sales into Russia from our other business segments. As a result of the indefinite suspension of operations, we evaluated the recoverability of assets in Russia and assessed other potential liabilities. The following summarizes the costs associated with the suspension of our Russian operations in our Consolidated Statements of Net Income: Year ended In millions December 31, Statement of Net Income Location Inventory write-downs $ 17 Cost of sales Accounts receivable reserves 41 Other operating expense, net Impairment and other joint venture costs 31 Equity, royalty and interest income from investees Other 22 Other operating expense, net Russian suspension costs, net of recoveries $ 111

FORMATION OF ATMUS AND IPO

FORMATION OF ATMUS AND IPO	12 Months Ended
	Dec. 31, 2024
Business Acquisition [Line Items]
Mergers, Acquisitions and Dispositions Disclosures	NOTE 23. ACQUISITIONS Acquisitions for the for the years ended December 31, 2024, 2023 and 2022, were as follows: Entity Acquired (Dollars in millions) Date of Acquisition Additional Percent Interest Acquired Payments to Former Owners Acquisition Related Debt Retirements Total Purchase Consideration Type of Acquisition (1) Goodwill Acquired Intangibles Recognized (2) 2024 Engendren Corporation 02/16/24 100 % $ 65 $ — $ 65 COMB $ 33 $ 8 2023 Cummins France SA 10/31/23 100 % $ 25 $ 5 $ 30 COMB $ 4 $ — Faurecia 10/02/23 100 % 208 — 208 (3) COMB 92 — Hydrogenics Corporation 06/29/23 19 % 287 48 335 (4) EQUITY — — Teksid Hierro de Mexico, S.A. de C.V. 04/03/23 100 % 143 $ — 143 (5) COMB 18 $ — 2022 Siemens Commercial Vehicles Propulsion 11/30/22 100 % $ 187 $ — $ 187 COMB $ 70 $ 106 Meritor, Inc. 08/03/22 100 % 2,613 248 2,861 COMB 926 1,610 Jacobs Vehicle Systems 04/08/22 100 % 345 — 345 COMB 108 164 Cummins Westport, Inc. 02/07/22 50 % 42 — 42 COMB — 20 (1) All results from acquired entities were included in segment results subsequent to the acquisition date. Previously consolidated entities were accounted for as equity transactions (EQUITY). Newly consolidated entities were accounted for as business combinations (COMB). (2) Intangible assets acquired in the business combination were mostly customer, technology and trade name related. (3) Total purchase consideration included $30 million for the settlement of accounts payable that were treated as an operating cash outflow. (4) Hydrogenics entered into three non-interest-bearing promissory notes with $175 million paid on July 31, 2023, $50 million paid on December 31, 2024 and the remaining $110 million due in two installments in 2025. (5) Total purchase consideration included $32 million for the settlement of accounts payable that was treated as an operating cash outflow. Faurecia On October 2, 2023, we purchased, from the Forvia Group, all of the equity ownership of Faurecia's U.S. and Europe commercial vehicle exhaust business for $208 million, subject to certain working capital and other customary adjustments, and does not contain any contingent consideration. The acquisition provides canning and assembly operations for full exhaust systems primarily for on-highway applications, ensures the long-term supply of aftertreatment components, minimizes opportunities for supply disruptions, adds significant technical and manufacturing resources and enhances our existing portfolio. In the third quarter of 2024, we finalized the purchase accounting and made certain other adjustments. The primary adjustments were to reduce property, plant and equipment by $3 million, offset by the finalization of purchase price, with a net increase to goodwill of $2 million. The final purchase price allocation has been updated as follows: In millions Cash and cash equivalents $ 8 Accounts and notes receivable, net (1) 52 Inventories 32 Property, plant and equipment 90 Goodwill 92 Other current and long-term assets 50 Accounts payable (principally trade) (66) Other current and long-term liabilities (50) Total purchase price $ 208 (1) Included $30 million of Cummins receivables that were eliminated against payables at other Cummins entities. Goodwill was determined based on the residual difference between the fair value of consideration transferred and the value assigned to tangible assets and liabilities. All of the goodwill is expected to be deductible for tax purposes. Among the factors contributing to a purchase price resulting in the recognition of goodwill are an acquired workforce and other economic benefits that are anticipated to arise from operational synergies from combining the business with Cummins. The results of this business were reported in our Components segment within the emission solutions business. Since we are the primary customer of this business, the acquisition is not expected to result in material incremental sales to our business. Pro forma financial information for the acquisition was not presented as the effects were not material to our Consolidated Financial Statements. Hydrogenics Corporation - Redeemable Noncontrolling Interest On June 29, 2023, a share purchase agreement was executed with a 19 percent minority shareholder in one of our businesses, Hydrogenics Corporation (Hydrogenics), whereby we agreed to pay the minority shareholder $335 million for their 19 percent ownership, including the settlement of shareholder loans of $48 million. As part of the share purchase agreement, Hydrogenics entered into three non-interest-bearing promissory notes with $175 million paid in 2023, $50 million paid in 2024 and the remaining $110 million due in two installments in 2025. We recorded the non-interest-bearing promissory notes at their present value in our Consolidated Financial Statements. Prior to the execution of this transaction, the minority shareholder had, among other rights and subject to related obligations and restrictive covenants, rights that were exercisable between September 2022 and September 2026 to require us to (1) purchase such shareholder's shares (put option) at an amount up to the fair market value (calculated pursuant to a process outlined in the shareholders' agreement) and (2) sell to such shareholder Hydrogenics' electrolyzer business at an amount up to the fair market value of the electrolyzer business (calculated pursuant to a process outlined in the shareholders’ agreement). The estimated fair value of the put option was recorded as redeemable noncontrolling interests in our Consolidated Financial Statements with an offset to additional paid-in capital, and at December 31, 2022, the balance was $258 million. The redeemable noncontrolling interest balance was reduced to zero as of the acquisition date. Meritor, Inc. On August 3, 2022, we completed the acquisition of Meritor whereby we paid $36.50 per share for each outstanding share of Meritor, a global leader of drivetrain, mobility, braking, aftermarket and electric powertrain solutions for commercial vehicle and industrial markets. The total purchase price was $2.9 billion, including debt that was retired on the closing date of $248 million. In addition, we assumed $1.0 billion of additional debt, of which $0.9 billion was retired prior to the end of the third quarter of 2022. The acquisition was funded with a combination of $2.0 billion in new debt (see NOTE 12, "DEBT" for additional details), cash on hand and additional commercial paper borrowings. The integration of Meritor’s people, technology and capabilities position us as one of the few companies able to provide integrated powertrain solutions across combustion and electric power applications at a time when demand for decarbonized solutions is continuing to accelerate. The majority of this business was included within our Components segment with the exception of the electric powertrain business, which was included in our Accelera segment. The final purchase price allocation was as follows: In millions Cash and cash equivalents $ 98 Accounts and notes receivable, net 640 Inventories 750 Property, plant and equipment 841 Intangible assets 1,610 Investments and advances related to equity method investees 382 Goodwill 926 Pension assets 147 Other current and long-term assets 322 Accounts payable (principally trade) (711) Net deferred taxes (277) Other liabilities (pensions and other postretirement benefits) (129) Long-term debt (962) Other current and long-term liabilities (665) Noncontrolling interests (111) Total purchase price $ 2,861 The estimated fair values (all considered Level 3 measurements) of the identifiable intangible assets acquired, their weighted-average useful lives, the related valuation methodology and key assumptions are as follows: Fair Value (in millions) Weighted-Average Useful Life (in years) Valuation Methodology Key Assumptions Customer relationships $ 960 12 Multi-period excess earnings Revenue, EBITDA (1) , discount rate, customer renewal rates, customer attrition rates Technology 345 8 Relief-from-royalty Royalty rate, discount rate, obsolescence factor Trade name 305 21 Relief-from-royalty Royalty rate, discount rate (1) Earnings or losses before interest expense, income taxes, depreciation and amortization and noncontrolling interests. Annual amortization of the intangible assets for the next five years is expected to approximate $142 million per year. Goodwill was determined based on the residual difference between the fair value of consideration transferred and the value assigned to tangible and intangible assets and liabilities. Goodwill was allocated to the Components segment ($759 million) and the Accelera segment ($167 million) based on the relative value of those businesses compared to the assets and liabilities assigned to them. We do not expect any of the goodwill to be deductible for tax purposes. Among the factors contributing to a purchase price resulting in the recognition of goodwill are Meritor’s expected future customers, new versions of technologies, an acquired workforce, other economic benefits that are anticipated to arise from future product sales and operational synergies from combining the business with Cummins. Included in our results for the year ended December 31, 2022, were revenues of $1.9 billion and net loss of $43 million related to this business. In addition, in 2022 we incurred acquisition related costs of $30 million included in selling, general and administrative expenses in our Consolidated Statements of Net Income . The following table presents the supplemental consolidated results of the company for the year ended December 2022, on an unaudited pro-forma basis, as if the acquisition had been consummated on January 1, 2021. The primary adjustments reflected in the pro-forma results related to (1) increase in interest expense for debt used to fund the acquisition, (2) removal of acquisition related costs from 2022 and (3) changes related to purchase accounting primarily related to amortization of intangibles, fixed assets and joint ventures. The unaudited pro forma financial information presented below does not purport to represent the actual results of operations that Cummins and Meritor would have achieved had the companies been combined during the period presented and was not intended to project the future results of operations that the combined company could achieve after the acquisition. The unaudited pro forma financial information does not reflect any potential cost savings, operating efficiencies, long-term debt pay down estimates, financial synergies or other strategic benefits as a result of the acquisition or any restructuring costs to achieve those benefits. (Unaudited) Year ended December 31, In millions 2022 Net sales $ 30,841 Net income 2,196 The Meritor acquisition increased net assets in the Components segment by $3.8 billion and Accelera segment by $0.3 billion in 2022.
Atmus Filtration Technologies Inc.
Business Acquisition [Line Items]
Mergers, Acquisitions and Dispositions Disclosures	IPO On May 23, 2023, in connection with the Atmus IPO, Cummins issued approximately $350 million of commercial paper with certain lenders. On May 26, 2023, Atmus shares began trading on the New York Stock Exchange under the symbol "ATMU." The IPO was completed on May 30, 2023, whereby Cummins exchanged 19.5 percent (approximately 16 million shares) of its ownership in Atmus, at $19.50 per share, to retire $299 million of the commercial paper as proceeds from the offering through a non-cash transaction. In connection with the completion of the IPO, through a series of asset and equity contributions, we transferred the filtration business to Atmus. In exchange, Atmus transferred consideration of $650 million to Cummins, which consisted primarily of the net proceeds from a term loan facility and revolver executed by Atmus during May 2023. The commercial paper issued and retired through the IPO proceeds, coupled with the $650 million received, was used for the retirement of our historical debt and payment of dividends. The difference between the commercial paper retired from the IPO, other IPO related fees and the net book value of our divested interest was $285 million and recorded as an offset to additional paid-in capital. Of our consolidated cash and cash equivalents at December 31, 2023, $166 million was retained by Atmus for its working capital purposes. 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 in other income, net in our Consolidated Statements of Net Income for the year ended December 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 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.

ACCELERA STRATEGIC REORGANIZATI

ACCELERA STRATEGIC REORGANIZATION ACTIONS	12 Months Ended
	Dec. 31, 2024
Restructuring and Related Activities [Abstract]
Accelera Strategic Reorganization Activities	NOTE 22. ACCELERA STRATEGIC REORGANIZATION ACTIONS In the fourth quarter of 2024, our Accelera segment underwent a strategic review to better streamline operations as well as pace and re-focus investments on the most promising paths as the adoption of certain zero emission solutions slows. This review resulted in decisions to consolidate certain manufacturing efforts, focus internal development efforts towards areas of differentiation while continuing to leverage partners and reduce our investments in certain technologies, joint ventures and markets. In addition, declining customer demand in certain key product lines caused us to re-evaluate the recoverability of certain inventory items. As a result of these actions, we recorded several non-cash charges in the fourth quarter related to inventory write-downs, intangible and fixed asset impairments and joint venture impairments. We also recorded severance of approximately $7 million. The following table presents the impact of asset write-downs and impairments on our Consolidated Statements of Net Income: Year ended In millions December 31, Statement of Net Income Location Inventory write-downs $ 107 Cost of sales Impairment of other intangible assets 84 Other operating expense, net Impairment of property, plant and equipment 61 Other operating expense, net Impairment of investments in equity method investees 17 Equity, royalty and interest income from investees Severance 7 Cost of sales and research, development and engineering expenses Other 36 Other operating expense, net and selling, general and administrative expenses Total $ 312 The majority of the $305 million non-cash charge is reflected in net cash provided by operating activities, as a change in inventory of $107 million and other, net of $171 million. Of the total charges, approximately $243 million occurred in jurisdictions where we receive no tax benefits because of valuation allowances, resulting in a $50 million unfavorable discrete tax item. In addition, these actions were considered a triggering event under GAAP which required us to perform an interim impairment test of our fuel cell and electrolyzer reporting unit. The results of this testing indicated that goodwill of this reporting unit was not impaired.

ACQUISITIONS

ACQUISITIONS	12 Months Ended
	Dec. 31, 2024
Business Combinations [Abstract]
Mergers, Acquisitions and Dispositions Disclosures	NOTE 23. ACQUISITIONS Acquisitions for the for the years ended December 31, 2024, 2023 and 2022, were as follows: Entity Acquired (Dollars in millions) Date of Acquisition Additional Percent Interest Acquired Payments to Former Owners Acquisition Related Debt Retirements Total Purchase Consideration Type of Acquisition (1) Goodwill Acquired Intangibles Recognized (2) 2024 Engendren Corporation 02/16/24 100 % $ 65 $ — $ 65 COMB $ 33 $ 8 2023 Cummins France SA 10/31/23 100 % $ 25 $ 5 $ 30 COMB $ 4 $ — Faurecia 10/02/23 100 % 208 — 208 (3) COMB 92 — Hydrogenics Corporation 06/29/23 19 % 287 48 335 (4) EQUITY — — Teksid Hierro de Mexico, S.A. de C.V. 04/03/23 100 % 143 $ — 143 (5) COMB 18 $ — 2022 Siemens Commercial Vehicles Propulsion 11/30/22 100 % $ 187 $ — $ 187 COMB $ 70 $ 106 Meritor, Inc. 08/03/22 100 % 2,613 248 2,861 COMB 926 1,610 Jacobs Vehicle Systems 04/08/22 100 % 345 — 345 COMB 108 164 Cummins Westport, Inc. 02/07/22 50 % 42 — 42 COMB — 20 (1) All results from acquired entities were included in segment results subsequent to the acquisition date. Previously consolidated entities were accounted for as equity transactions (EQUITY). Newly consolidated entities were accounted for as business combinations (COMB). (2) Intangible assets acquired in the business combination were mostly customer, technology and trade name related. (3) Total purchase consideration included $30 million for the settlement of accounts payable that were treated as an operating cash outflow. (4) Hydrogenics entered into three non-interest-bearing promissory notes with $175 million paid on July 31, 2023, $50 million paid on December 31, 2024 and the remaining $110 million due in two installments in 2025. (5) Total purchase consideration included $32 million for the settlement of accounts payable that was treated as an operating cash outflow. Faurecia On October 2, 2023, we purchased, from the Forvia Group, all of the equity ownership of Faurecia's U.S. and Europe commercial vehicle exhaust business for $208 million, subject to certain working capital and other customary adjustments, and does not contain any contingent consideration. The acquisition provides canning and assembly operations for full exhaust systems primarily for on-highway applications, ensures the long-term supply of aftertreatment components, minimizes opportunities for supply disruptions, adds significant technical and manufacturing resources and enhances our existing portfolio. In the third quarter of 2024, we finalized the purchase accounting and made certain other adjustments. The primary adjustments were to reduce property, plant and equipment by $3 million, offset by the finalization of purchase price, with a net increase to goodwill of $2 million. The final purchase price allocation has been updated as follows: In millions Cash and cash equivalents $ 8 Accounts and notes receivable, net (1) 52 Inventories 32 Property, plant and equipment 90 Goodwill 92 Other current and long-term assets 50 Accounts payable (principally trade) (66) Other current and long-term liabilities (50) Total purchase price $ 208 (1) Included $30 million of Cummins receivables that were eliminated against payables at other Cummins entities. Goodwill was determined based on the residual difference between the fair value of consideration transferred and the value assigned to tangible assets and liabilities. All of the goodwill is expected to be deductible for tax purposes. Among the factors contributing to a purchase price resulting in the recognition of goodwill are an acquired workforce and other economic benefits that are anticipated to arise from operational synergies from combining the business with Cummins. The results of this business were reported in our Components segment within the emission solutions business. Since we are the primary customer of this business, the acquisition is not expected to result in material incremental sales to our business. Pro forma financial information for the acquisition was not presented as the effects were not material to our Consolidated Financial Statements. Hydrogenics Corporation - Redeemable Noncontrolling Interest On June 29, 2023, a share purchase agreement was executed with a 19 percent minority shareholder in one of our businesses, Hydrogenics Corporation (Hydrogenics), whereby we agreed to pay the minority shareholder $335 million for their 19 percent ownership, including the settlement of shareholder loans of $48 million. As part of the share purchase agreement, Hydrogenics entered into three non-interest-bearing promissory notes with $175 million paid in 2023, $50 million paid in 2024 and the remaining $110 million due in two installments in 2025. We recorded the non-interest-bearing promissory notes at their present value in our Consolidated Financial Statements. Prior to the execution of this transaction, the minority shareholder had, among other rights and subject to related obligations and restrictive covenants, rights that were exercisable between September 2022 and September 2026 to require us to (1) purchase such shareholder's shares (put option) at an amount up to the fair market value (calculated pursuant to a process outlined in the shareholders' agreement) and (2) sell to such shareholder Hydrogenics' electrolyzer business at an amount up to the fair market value of the electrolyzer business (calculated pursuant to a process outlined in the shareholders’ agreement). The estimated fair value of the put option was recorded as redeemable noncontrolling interests in our Consolidated Financial Statements with an offset to additional paid-in capital, and at December 31, 2022, the balance was $258 million. The redeemable noncontrolling interest balance was reduced to zero as of the acquisition date. Meritor, Inc. On August 3, 2022, we completed the acquisition of Meritor whereby we paid $36.50 per share for each outstanding share of Meritor, a global leader of drivetrain, mobility, braking, aftermarket and electric powertrain solutions for commercial vehicle and industrial markets. The total purchase price was $2.9 billion, including debt that was retired on the closing date of $248 million. In addition, we assumed $1.0 billion of additional debt, of which $0.9 billion was retired prior to the end of the third quarter of 2022. The acquisition was funded with a combination of $2.0 billion in new debt (see NOTE 12, "DEBT" for additional details), cash on hand and additional commercial paper borrowings. The integration of Meritor’s people, technology and capabilities position us as one of the few companies able to provide integrated powertrain solutions across combustion and electric power applications at a time when demand for decarbonized solutions is continuing to accelerate. The majority of this business was included within our Components segment with the exception of the electric powertrain business, which was included in our Accelera segment. The final purchase price allocation was as follows: In millions Cash and cash equivalents $ 98 Accounts and notes receivable, net 640 Inventories 750 Property, plant and equipment 841 Intangible assets 1,610 Investments and advances related to equity method investees 382 Goodwill 926 Pension assets 147 Other current and long-term assets 322 Accounts payable (principally trade) (711) Net deferred taxes (277) Other liabilities (pensions and other postretirement benefits) (129) Long-term debt (962) Other current and long-term liabilities (665) Noncontrolling interests (111) Total purchase price $ 2,861 The estimated fair values (all considered Level 3 measurements) of the identifiable intangible assets acquired, their weighted-average useful lives, the related valuation methodology and key assumptions are as follows: Fair Value (in millions) Weighted-Average Useful Life (in years) Valuation Methodology Key Assumptions Customer relationships $ 960 12 Multi-period excess earnings Revenue, EBITDA (1) , discount rate, customer renewal rates, customer attrition rates Technology 345 8 Relief-from-royalty Royalty rate, discount rate, obsolescence factor Trade name 305 21 Relief-from-royalty Royalty rate, discount rate (1) Earnings or losses before interest expense, income taxes, depreciation and amortization and noncontrolling interests. Annual amortization of the intangible assets for the next five years is expected to approximate $142 million per year. Goodwill was determined based on the residual difference between the fair value of consideration transferred and the value assigned to tangible and intangible assets and liabilities. Goodwill was allocated to the Components segment ($759 million) and the Accelera segment ($167 million) based on the relative value of those businesses compared to the assets and liabilities assigned to them. We do not expect any of the goodwill to be deductible for tax purposes. Among the factors contributing to a purchase price resulting in the recognition of goodwill are Meritor’s expected future customers, new versions of technologies, an acquired workforce, other economic benefits that are anticipated to arise from future product sales and operational synergies from combining the business with Cummins. Included in our results for the year ended December 31, 2022, were revenues of $1.9 billion and net loss of $43 million related to this business. In addition, in 2022 we incurred acquisition related costs of $30 million included in selling, general and administrative expenses in our Consolidated Statements of Net Income . The following table presents the supplemental consolidated results of the company for the year ended December 2022, on an unaudited pro-forma basis, as if the acquisition had been consummated on January 1, 2021. The primary adjustments reflected in the pro-forma results related to (1) increase in interest expense for debt used to fund the acquisition, (2) removal of acquisition related costs from 2022 and (3) changes related to purchase accounting primarily related to amortization of intangibles, fixed assets and joint ventures. The unaudited pro forma financial information presented below does not purport to represent the actual results of operations that Cummins and Meritor would have achieved had the companies been combined during the period presented and was not intended to project the future results of operations that the combined company could achieve after the acquisition. The unaudited pro forma financial information does not reflect any potential cost savings, operating efficiencies, long-term debt pay down estimates, financial synergies or other strategic benefits as a result of the acquisition or any restructuring costs to achieve those benefits. (Unaudited) Year ended December 31, In millions 2022 Net sales $ 30,841 Net income 2,196 The Meritor acquisition increased net assets in the Components segment by $3.8 billion and Accelera segment by $0.3 billion in 2022.

OPERATING SEGMENTS

OPERATING SEGMENTS	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
OPERATING SEGMENTS	NOTE 25. 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 Engine, Components, Distribution, Power Systems and Accelera. This reporting structure is organized according to the products and markets each segment serves. 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 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 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, maintaining relationships with various OEMs throughout the world and providing selected sales and aftermarket support for our Accelera business. The Power Systems segment is an integrated power provider, which designs, manufactures and sells standby and prime power generators, engines (16 liters and larger) for standby and prime power generator sets and industrial applications (including mining, oil and gas, marine, rail and defense), alternators and other power components. The Accelera segment designs, manufactures, sells and supports electrified power systems with innovative components and subsystems, including battery, fuel cell and electric powertrain technologies as well as hydrogen production technologies. The Accelera segment is currently in the early stages of commercializing these technologies with efforts primarily focused on the development of electrified power systems and related components and subsystems and our electrolyzers for hydrogen production. 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. Our CODM uses 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. EBITDA provides our CODM with a full picture of the profitability of a segment to drive decisions and resource allocation. EBITDA is used as the key profitability measure when we set our annual operating plan, is the metric with which our CODM assesses results and is a key component of our annual variable compensation plans. 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 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 IT, human resources, legal, finance and supply chain management. We do not allocate gains or losses of corporate-owned life insurance, the Settlement Agreements charge and the gain and certain costs related to the divestiture of Atmus. EBITDA may not be consistent with measures used by other companies. Summarized financial information regarding our reportable operating segments at December 31, is shown in the table below: In millions Engine Components Distribution Power Systems Accelera Total Segments 2024 External sales $ 8,987 $ 9,894 $ 11,352 $ 3,500 $ 369 $ 34,102 Intersegment sales 2,725 1,785 32 2,908 45 7,495 Total sales 11,712 11,679 11,384 6,408 414 41,597 Cost of goods sold (excluding warranty expenses) 8,707 9,346 9,185 4,506 643 (1) 32,387 Warranty expenses 420 173 23 101 34 751 Selling expenses 214 184 628 174 33 (1) 1,233 Administrative expenses 582 555 382 421 70 (1) 2,010 Research, development and engineering expenses 616 328 55 236 226 (1) 1,461 Equity, royalty and interest income (loss) from investees 212 64 90 79 (50) (1) 395 Other income (expense) (2) 23 (59) 54 — (183) (1) (165) Add back: Depreciation and amortization (3) 245 493 123 131 61 1,053 Segment EBITDA $ 1,653 $ 1,591 (4) $ 1,378 $ 1,180 $ (764) (1) $ 5,038 Interest income (5) $ 17 $ 25 $ 37 $ 7 $ 1 $ 87 Net assets 2,076 6,433 3,151 2,350 1,234 15,244 Investments and advances to equity investees 653 504 394 145 187 1,883 Capital expenditures 556 339 111 143 59 1,208 2023 External sales $ 8,874 $ 11,531 $ 10,199 $ 3,125 $ 336 $ 34,065 Intersegment sales 2,810 1,878 50 2,548 18 7,304 Total sales 11,684 13,409 10,249 5,673 354 41,369 Cost of goods sold (excluding warranty expenses) 8,825 10,717 8,239 4,173 524 32,478 Warranty expenses 377 138 16 71 29 631 Selling expenses 199 227 642 168 33 1,269 Administrative expenses 587 634 354 399 57 2,031 Research, development and engineering expenses 614 387 57 237 203 1,498 Equity, royalty and interest income (loss) from investees 251 97 97 53 (15) 483 Other income (expense) (2) 72 (54) 56 36 1 111 Add back: Depreciation and amortization (3) 225 491 115 122 63 1,016 Segment EBITDA $ 1,630 $ 1,840 (6) $ 1,209 $ 836 $ (443) $ 5,072 Interest income (5) $ 19 $ 31 $ 34 $ 9 $ 2 $ 95 Net assets 930 6,965 2,348 1,938 1,159 13,340 Investments and advances to equity investees 660 582 396 132 25 1,795 Capital expenditures 538 373 103 115 84 1,213 (Table continues on next page) In millions Engine Components Distribution Power Systems Accelera Total Segments 2022 External sales $ 8,199 $ 7,847 $ 8,901 $ 2,951 $ 176 $ 28,074 Intersegment sales 2,746 1,889 28 2,082 22 6,767 Total sales 10,945 9,736 8,929 5,033 198 34,841 Cost of goods sold (excluding warranty expenses) 8,346 7,727 7,285 3,884 310 27,552 Warranty expenses 329 64 6 70 20 489 Selling expenses 165 158 550 147 18 1,038 Administrative expenses 462 513 304 269 47 1,595 Research, development and engineering expenses 506 309 52 240 171 1,278 Equity, royalty and interest income (loss) from investees 160 (7) 71 77 43 (2) 349 Other income (expense) (2) 33 6 (35) 10 (2) 12 Russian suspension costs (8) 33 (9) 5 54 19 — 111 Add back: Depreciation and amortization (3) 205 304 114 120 38 781 Segment EBITDA $ 1,535 $ 1,346 (10) $ 888 $ 596 $ (334) $ 4,031 Interest income (5) $ 14 $ 12 $ 16 $ 7 $ — $ 49 Net assets 1,451 7,306 2,698 2,382 1,158 14,995 Investments and advances to equity investees 617 617 352 138 33 1,757 Capital expenditures 368 264 114 96 74 916 (1) Included $112 million of charges in cost of sales, $10 million of charges in selling, general and administrative expenses, $2 million of charges in research and development expenses, $17 million of charges in equity, royalty and interest income (loss) from investees, $171 million of charges in other operating expenses and $312 million of charges in EBITDA, all related to Accelera strategic reorganization actions in the fourth quarter of 2024. See NOTE 22, "ACCELERA STRATEGIC REORGANIZATION ACTIONS," for additional information. (2) Other income (expense) includes other operating expense, net and other income, net from our Consolidated Statements of Net Income. (3) Depreciation and amortization are not considered significant segment expenses but are presented here to reconcile to EBITDA, the measure used by our CODM. Depreciation and amortization, as shown on a segment basis, excludes the amortization of debt discount and deferred costs included in our Consolidated Statements of Net Income as interest expense. The amortization of debt discount and deferred costs were $12 million, $8 million and $3 million for the years ended 2024, 2023 and 2022, respectively. A portion of depreciation expense is included in research, development and engineering expense. (4) Included $21 million of costs associated with the divestiture of Atmus for the year ended December 31, 2024. (5) Interest income is a component of other income (expense). (6) Included $78 million of costs associated with the divestiture of Atmus for the year ended December 31, 2023. (7) Included a $28 million impairment of our joint venture with KAMAZ and $3 million of royalty charges as part of our costs associated with the indefinite suspension of our Russian operations. See NOTE 24, "RUSSIAN OPERATIONS," for additional information. (8) See NOTE 24, "RUSSIAN OPERATIONS," for additional information. (9) Included $31 million of Russian suspension costs reflected in the equity, royalty and interest income (loss) from investees line above. (10) Included $83 million of costs related to the acquisition and integration of Meritor and $28 million of costs associated with the divestiture of Atmus. A reconciliation of our segment information to the corresponding amounts in our Consolidated Statements of Net Income is shown in the table below: Years ended December 31, In millions 2024 2023 2022 TOTAL SEGMENT EBITDA $ 5,038 $ 5,072 $ 4,031 Intersegment eliminations and other (1) 1,288 (2,055) (232) Less: Interest expense 370 375 199 Depreciation and amortization 1,053 1,016 781 INCOME BEFORE INCOME TAXES $ 4,903 $ 1,626 $ 2,819 (1) Intersegment eliminations and other included a $1.3 billion gain related to the divestiture of Atmus and $14 million of costs associated with the divestiture of Atmus for the year ended December 31, 2024. The year ended December 31, 2023, included $2.0 billion related to the Settlement Agreements charge, $22 million of costs associated with the divestiture of Atmus and $21 million of voluntary retirement and voluntary separation charges. The year ended December 31, 2022, included $53 million of costs associated with the divestiture of Atmus. See NOTE 14, "COMMITMENTS AND CONTINGENCIES," and NOTE 21, "ATMUS INITIAL PUBLIC OFFERING (IPO) AND DIVESTITURE," for additional information. A reconciliation of our segment net assets to the corresponding amounts in the Consolidated Balance Sheets is shown in the table below: December 31, In millions 2024 2023 Net assets for operating segments $ 15,244 $ 13,340 Cash, cash equivalents and marketable securities 2,264 2,741 Net liabilities deducted in arriving at net segment assets (1) 12,556 14,531 Pension and OPEB adjustments excluded from net segment assets 352 307 Deferred tax assets not allocated to segments 1,119 1,082 Deferred debt costs not allocated to segments 5 4 Total assets $ 31,540 $ 32,005 (1) Liabilities deducted in arriving at net segment assets include certain accounts payable, accrued expenses, long-term liabilities and other items. See NOTE 2, "REVENUE FROM CONTRACTS WITH CUSTOMERS," for segment net sales by geographic area. Long-lived assets include property, plant and equipment, net of depreciation, investments and advances to equity investees and other assets, excluding deferred tax assets, refundable taxes and deferred debt expenses. Long-lived segment assets by geographic area were as follows: December 31, In millions 2024 2023 United States $ 5,751 $ 5,013 China 968 1,030 India 566 681 Other countries 2,426 2,760 Total long-lived assets $ 9,711 $ 9,484 Our largest customer is PACCAR Inc. Worldwide sales to this customer were approximately $5.4 billion, $5.5 billion and $4.5 billion for the years ended December 31, 2024, 2023 and 2022, representing 16 percent, 16 percent and 16 percent, respectively, of our consolidated net sales. No other customer accounted for more than 10 percent of consolidated net sales.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 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

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We are committed to protecting our IT assets and the data stored within these assets. This commitment includes the protection of cyber assets relevant to our operations, stakeholder data (including employee, customer and supplier data), intellectual property and our products. Cybersecurity Risk Management and Strategy We have an Enterprise Cybersecurity Management Review Group (Enterprise Cybersecurity MRG), which functions as a steering committee to provide oversight and strategic direction for the enterprise cybersecurity program. The Enterprise Cybersecurity MRG is comprised of senior leaders with cross-functional experience and responsibilities. This MRG meets regularly with our Chief Information Security Officer to review the enterprise cybersecurity program and related risks. The MRG receives updates on the status of key cybersecurity initiatives and is responsible for our response to material cybersecurity incidents. For material cybersecurity incidents, our process is to escalate through the MRG to the Audit Committee and Board. We have a Product Cybersecurity Management Review Group (Product Cybersecurity MRG), which functions as a steering committee to provide oversight and strategic direction for the product cybersecurity program. The Product Cybersecurity MRG is comprised of senior leaders with cross-functional experience and responsibilities. The Product Cybersecurity MRG meets regularly with the Principal Engineer – Product Cybersecurity to review the product cybersecurity program, including risks and the status of key initiatives. Both the Enterprise and Product Cybersecurity functions administer policies related to cybersecurity in consultation with other stakeholders at the company. Our risk-based cybersecurity program is designed to protect, detect, and respond to cybersecurity threats and incidents. This program, developed alongside the National Institute of Standards and Technology Cybersecurity Framework, aims to protect the confidentiality, integrity, and availability of our IT assets and the data stored thereon. We also have a third-party risk management process, which is designed to assess and manage cybersecurity risks posed by third parties. This process is administered by the Enterprise Cybersecurity function, and through this program, the company evaluates the type of data that is shared with certain vendors with the goal of conducting risk-informed assessments. These assessments provide insights which the Enterprise Cybersecurity function uses to better manage third-party risks.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our processes for oversight of cybersecurity risks are integrated into our Enterprise Risk Management (ERM) program, which is led by the Executive Director, Global Risk.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Text Block]	To date, risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, have not materially affected and are not reasonably likely to materially affect us, including our business strategy, results of operations or financial condition. Additional information on cybersecurity risks we face is discussed in Part I, Item 1A "Risk Factors" under the heading "General," which should be read in conjunction with the foregoing information.
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board and its committees are engaged in the oversight of our most significant enterprise risks, including cybersecurity risks. We assign a member of our executive management team to report material information to our Board regarding these risks.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee, working with the Chief Information Officer, provides oversight of the enterprise cybersecurity program. The SET Committee, working with the Chief Technical Officer, provides oversight of the product cybersecurity program.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	These leaders provide regular updates to the Audit Committee of the Board on cybersecurity risks. Through these updates, the Audit Committee receives a cybersecurity dashboard illustrating cybersecurity priorities and the status of key initiatives.These leaders provide regular updates to the SET Committee of the Board on product related cybersecurity risks. Through these updates, the SET Committee receives a report discussing product level vulnerability management, product level incident management and the status of relevant product cybersecurity activities. Our Board, Audit Committee and SET Committee receive reports and information from our senior leaders who have functional responsibility for the mitigation of enterprise cybersecurity and product cybersecurity risks. These leaders meet with the committees on a regular basis and provide dashboards or reports, which summarize cybersecurity risks and action plans. The committees elevate matters to the Board as appropriate.
Cybersecurity Risk Role of Management [Text Block]	To govern the ERM program, we established an Executive Risk Council that meets regularly to review and monitor our most significant enterprise risks, and our prevention, detection and mitigation plans, including with respect to cybersecurity. The Executive Risk Council is comprised of senior leaders with cross-functional experience and responsibilities.
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The Enterprise Cybersecurity function, which is responsible for the administration of our enterprise cybersecurity program, The Product Cybersecurity function, which is responsible for the administration of our product cybersecurity program,
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	is led by the Chief Information Security Officer, who holds a degree in Management Information Systems (MIS) and a Certified Information Security Manager (CISM) designation, and has more than 20 years of IT, cybersecurity, audit and risk management experience in the industrial manufacturing industry. The Chief Information Security Officer reports to our Chief Information Officer.is led by the Principal Engineer – Product Cybersecurity, who has more than 35 years of embedded electronic systems design experience. The Principal Engineer – Product Cybersecurity works directly with the Chief Technical Officer.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	A cybersecurity operations team is in place to regularly monitor the environment for cybersecurity threats and incidents. We have incident response plans to assess and manage cybersecurity incidents. These plans include escalation procedures based on the nature and severity of the incident. The most critical incidents, which could be material to us, are escalated to executive management and the Enterprise Cybersecurity MRG. In addition, cyber insurance is in place, which may mitigate the impact of cybersecurity incidents.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation Our Consolidated Financial Statements are prepared in accordance with generally accepted accounting principles in the United States of America (GAAP). All intercompany balances and transactions are eliminated in consolidation. We include the accounts of all wholly-owned and majority-owned domestic and foreign subsidiaries where our ownership is more than 50 percent of outstanding equity interests except for majority-owned subsidiaries that are considered variable interest entities (VIEs) where we are not deemed to have a controlling financial interest. In addition, we also consolidate, regardless of our ownership percentage, VIEs or joint ventures for which we are deemed to have a controlling financial interest. We have variable interests in several businesses accounted for under the equity method of accounting. For consolidated entities where our ownership interest is less than 100 percent, the noncontrolling ownership interests are reported in our Consolidated Balance Sheets . The noncontrolling ownership interest in our income, net of tax, is classified as net income attributable to noncontrolling interests in our Consolidated Statements of Net Income .
Reclassifications and Revisions	Reclassifications Certain amounts for 2023 and 2022 were reclassified to conform to the current year presentation.
Investments in Equity Investees	Investments in Equity Investees We use the equity method to account for our investments in joint ventures, affiliated companies and alliances in which we have the ability to exercise significant influence, generally represented by equity ownership or partnership equity of at least 20 percent but not more than 50 percent. Generally, under the equity method, original investments in these entities are recorded at cost and subsequently adjusted by our share of equity in income or losses after the date of acquisition. Investment amounts in excess of our share of an investee's net assets are amortized over the life of the related asset creating the excess, except goodwill which is not amortized. Equity in income or losses of each investee is recorded according to our level of ownership; if losses accumulate, we record our share of losses until our investment has been fully depleted. If our investment has been fully depleted, we recognize additional losses only when we are the primary funding source. We eliminate (to the extent of our ownership percentage) in our Consolidated Financial Statements the profit in inventory held by our equity method investees that has not yet been sold to a third-party. Dividends received from equity method investees reduce the amount of our investment when received and do not impact our earnings. Our investments are classified as Investments and advances related to equity method investees in our Consolidated Balance Sheets. Our share of the results from joint ventures, affiliated companies and alliances is reported in our Consolidated Statements of Net Income as equity, royalty and interest income from investees, and is reported net of all applicable income taxes. Our share of the results from our foreign equity investees are presented net of applicable foreign income taxes in our Consolidated Statements of Net Income . Our remaining U.S. equity investees are partnerships (non-taxable), thus there is no difference between gross or net of tax presentation as the investees are not taxed. See NOTE 3, "INVESTMENTS IN EQUITY INVESTEES," for additional information.
Use of Estimates in the Preparation of the Financial Statements	Use of Estimates in the Preparation of the Financial Statements Preparation of financial statements requires management to make estimates and assumptions that affect reported amounts presented and disclosed in our Consolidated Financial Statements . Significant estimates and assumptions in these Consolidated Financial Statements require the exercise of judgment and are used for, but not limited to, estimates of future cash flows and other assumptions associated with the valuation of intangible assets and goodwill and long-lived asset impairment tests, useful lives for depreciation and amortization, warranty programs, determination of discount rate and other assumptions for pensions and other postretirement benefit obligations (OPEB) and related costs, income taxes, deferred tax valuation allowances and contingencies. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may be different from these estimates.
Revenue from Contract with Customer	Revenue From Contracts with Customers Revenue Recognition Sales of Products We sell to customers either through long-term arrangements or standalone purchase orders. Our long-term arrangements generally do not include committed volumes until underlying purchase orders are issued. Our performance obligations vary by contract, but may include 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, electrified power systems with innovative components and subsystems including battery, fuel cell, electric power technologies and parts, hydrogen production technologies, construction related projects, maintenance services, commissioning and installation services and extended warranty coverage. Typically, we recognize revenue on the products we sell at a point in time, generally in accordance with shipping terms, which reflects the transfer of control to the customer. Since control of construction projects transfer to the customer as the work is performed, revenue on these projects is recognized based on the percentage of inputs incurred to date compared to the total expected cost of inputs, which is reflective of the value transferred to the customer. Revenue is recognized under long-term maintenance and other service agreements over the term of the agreement as underlying services are performed based on the percentage of the cost of services provided to date compared to the total expected cost of services to be provided under the contract. Sales of extended coverage are recognized based on the pattern of expected costs over the extended coverage period or, if such a pattern is unknown, on a straight-line basis over the coverage period as the customer is considered to benefit from our stand ready obligation over the coverage period. In all cases, we believe cost incurred is the most representative depiction of the extent of service performed to date on a particular contract. Our arrangements may include the act of shipping products to our customers after the performance obligation related to that product has been satisfied. We have elected to account for shipping and handling as activities to fulfill the promise to transfer goods and have not allocated revenue to the shipping activity. All related shipping and handling costs are accrued at the time the related performance obligation is satisfied. Our sales arrangements may include the collection of sales and other similar taxes that are then remitted to the related taxing authority. We have elected to present the amounts collected for these taxes net of the related tax expense rather than presenting them as additional revenue. We grant credit limits and terms to customers based upon traditional practices and competitive conditions. Typical terms vary by market, but payments are generally due in 90 days or less from invoicing for most of our product and service sales, while payments on construction, electrolyzer and certain power generation contracts may be due on an installment basis. For contracts where the time between cash collection and performance is less than one year, we have elected to use the practical expedient that allows us to ignore the possible existence of a significant financing component within the contract. For contracts where this time period exceeds one year, generally the timing difference is the result of business concerns other than financing. We do have a limited amount of customer financing for which we charge or impute interest, but such amounts are immaterial to our Consolidated Statements of Net Income. Sales Incentives We provide various sales incentives to both our distribution network and OEM customers. These programs are designed to promote the sale of our products in the channel or encourage the usage of our products by OEM customers. When there is uncertainty surrounding these sales incentives, we may limit the amount of revenue we recognize under a contract until the uncertainty has been resolved. Sales incentives primarily fall into three categories: • Volume rebates; • Market share rebates; and • Aftermarket rebates. For volume rebates, we provide certain customers with rebate opportunities for attaining specified volumes during a particular quarter or year. We consider the expected amount of these rebates at the time of the original sale as we determine the overall transaction price. We update our assessment of the amount of rebates that will be earned quarterly based on our best estimate of the volume levels the customer will reach during the measurement period. For market share rebates, we provide certain customers with rebate opportunities based on the percentage of their production that utilizes our product. These rebates are typically measured either quarterly or annually and we assess them at least quarterly to determine our current estimates of amounts expected to be earned. These estimates are considered in the determination of transaction price at the time of the original sale based on the current market shares, with adjustments made as the level changes. For aftermarket rebates, we provide incentives to promote sales to certain dealers and end-markets. These rebates are typically paid on a quarterly, or more frequent basis. At the time of the sales, we consider the expected amount of these rebates when determining the overall transaction price. Estimates are adjusted at the end of each quarter based on the amounts yet to be paid. These estimates are based on historical experience with the particular program. Sales Returns The initial determination of the transaction price may also be impacted by expected product returns. Rights of return do not exist for the majority of our sales other than for quality issues. We do offer certain return rights in our aftermarket business, where some aftermarket customers are permitted to return small amounts of parts each year, and in our power generation business, which sells portable generators to retail customers. An estimate of future returns is accounted for at the time of sale as a reduction in the overall contract transaction price based on historical return rates. Multiple Performance Obligations Our sales arrangements may include multiple performance obligations. We identify each of the material performance obligations in these arrangements and allocate the total transaction price to each performance obligation based on its relative selling price. In most cases, the individual performance obligations are also sold separately and we use that price as the basis for allocating revenue to the included performance obligations. When an arrangement includes multiple performance obligations and invoicing to the customer does not match the allocated portion of the transaction price, unbilled revenue or deferred revenue is recorded reflecting that difference. Unbilled and deferred revenue are discussed in more detail below. Long-term Maintenance Agreements Our long-term maintenance agreements often include a variable component of the transaction price. We are generally compensated under such arrangements on a cost per hour of usage basis. We typically can estimate the expected usage over the life of the contract, but reassess the transaction price each quarter and adjust our recognized revenue accordingly. Certain maintenance agreements apply to generators used to provide standby power, which have limited expectations of usage. These agreements may include monthly minimum payments, providing some certainty to the total transaction price. For these particular contracts that relate to standby power, we limit revenue recognized to date to an amount representing the total minimums earned to date under the contract plus any cumulative billings earned in excess of the minimums. We reassess the estimates of progress and transaction price on a quarterly basis. For prime power arrangements, revenue is not subject to such a constraint and is generally equal to the current estimate on a percentage of completion basis times the total expected revenue under the contract. Deferred Revenue The timing of our billing does not always match the timing of our revenue recognition. We record deferred revenue when we are entitled to bill a customer in advance of when we are permitted to recognize revenue. Deferred revenue may arise in construction and other power generation systems and electrolyzer contracts, where billings may occur in advance of performance or in accordance with specific milestones. Deferred revenue may also occur in long-term maintenance contracts, where billings are often based on usage of the underlying equipment, which generally follows a predictable pattern that often will result in the accumulation of collections in advance of our performance of the related maintenance services. Finally, deferred revenue exists in our extended coverage contracts, where the cash is collected prior to the commencement of the coverage period. Deferred revenue is included in our Consolidated Balance Sheets as a component of current liabilities for the amount expected to be recognized in revenue in a period of less than one year and long-term liabilities for the amount expected to be recognized as revenue in a period beyond one year. Deferred revenue is recognized as revenue when control of the underlying product, project or service passes to the customer under the related contract. Unbilled Revenue We recognize unbilled revenue when the revenue has been earned, but not yet billed. Unbilled revenue is included in our Consolidated Balance Sheets as a component of current assets for those expected to be collected in a period of less than one year and long-term assets for those expected to be collected in a period beyond one year. Unbilled revenue relates to our right to consideration for our completed performance under a contract. Unbilled revenue generally arises from contractual provisions that delay a portion of the billings on genset deliveries until commissioning occurs. Unbilled revenue may also occur when billings trail the provision of service in construction and long-term maintenance contracts. Our unbilled revenue is assessed for collection risks at the time the amounts are initially recorded. This estimate of expected losses reflects those losses expected to occur over the contractual life of the unbilled amount through the time of collection. Impairment losses on our unbilled revenues were immaterial during the years ended December 31, 2024, 2023 and 2022. Contract Costs We are required to record an asset for the incremental costs of obtaining a contract with a customer and other costs to fulfill a contract not otherwise required to be immediately expensed when we expect to recover those costs. The only material incremental cost we incur is commission expense, which is generally incurred in the same period as the underlying revenue. Costs to fulfill a contract are generally limited to customer-specific engineering expenses that do not meet the definition of research and development expenses. As a practical expedient, we have elected to recognize these costs of obtaining a contract as an expense when the related contract period is less than one year. When the period exceeds one year, this asset is amortized over the life of the contract. We did not have any material capitalized balances at December 31, 2024 or 2023.
Extended Product Warranty, Policy	Extended Warranty We sell extended warranty coverage on most of our engines and on certain components. We consider a warranty to be extended coverage in any of the following situations: • When a warranty is sold separately or is optional (extended coverage contracts, for example) or • When a warranty provides additional services.
Foreign Currency Transactions and Translation	Foreign Currency Transactions and Translation We translate assets and liabilities of foreign entities to U.S. dollars, where the local currency is the functional currency, at month-end exchange rates. We translate income and expenses to U.S. dollars using weighted-average exchange rates. We record adjustments resulting from translation in a separate component of accumulated other comprehensive loss (AOCL) and include the adjustments in net income only upon sale, loss of controlling financial interest or liquidation of the underlying foreign investment. Foreign currency transaction gains and losses are included in current net income. For foreign entities where the U.S. dollar is the functional currency, including those operating in highly inflationary economies when applicable, we remeasure non-monetary balances and the related income statement amounts using historical exchange rates. We include the resulting gains and losses in income, including the effect of derivatives in our Consolidated Statements of Net Income , which combined with transaction gains and losses amounted to net losses of $41 million, $30 million and $8 million for the years ended December 31, 2024, 2023 and 2022, respectively.
Fair Value Measurement	Fair Value Measurements A three-level valuation hierarchy, based upon the observable and unobservable inputs, is used for fair value measurements. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect market assumptions based on the best evidence available. These two types of inputs create the following fair value hierarchy: • Level 1 - Quoted prices for identical instruments in active markets; • Level 2 - Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations whose significant inputs are observable; and • Level 3 - Instruments whose significant inputs are unobservable .
Derivative Instruments	Derivative Instruments We make use of derivative instruments in foreign exchange, commodity price and interest rate hedging programs. Derivatives currently in use are foreign currency forward contracts, commodity swaps and interest rate swaps. These contracts are used strictly for hedging and not for speculative purposes. Due to our international business presence, we are exposed to foreign currency exchange risk. We transact in foreign currencies and have assets, liabilities and investments in subsidiaries denominated in foreign currencies. Consequently, our income experiences some volatility related to movements in foreign currency exchange rates. In order to benefit from global diversification and after considering naturally offsetting currency positions, we enter into foreign currency forward contracts to minimize our existing exposures (recognized assets and liabilities) and hedge forecasted transactions. Foreign currency forward contracts are designated and qualify as foreign currency cash flow hedges. The unrealized gain or loss on the forward contract is deferred and reported as a component of AOCL. When the hedged forecasted transaction (sale or purchase) occurs, the unrealized gain or loss is reclassified into income in the same line item associated with the hedged transaction in the same period or periods during which the hedged transaction affects income. At December 31, 2024 and 2023, realized and unrealized gains and losses related to these hedges were not material to our financial statements. To minimize the income volatility resulting from the remeasurement of net monetary assets and payables denominated in a currency other than the functional currency, we enter into foreign currency forward contracts, which are considered economic hedges. The objective is to offset the gain or loss from remeasurement with the gain or loss from the fair market valuation of the forward contract. These derivative instruments are not designated as hedges. Gains or losses are recorded directly to the Consolidated Statements of Net Income. 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. In order to minimize movements in certain investments, in 2022 we began entering into foreign exchange forwards designated as net investment hedges. These forwards are utilized to hedge portions of our net investments against the effect of exchange rate fluctuations on the translation of foreign currency balances to the U.S. dollar. The change in fair value related to the spot-to-forward rate difference is recorded as other income (expense) with all other changes in fair value deferred and reported as components of AOCL. The unrealized gain or loss is classified into income in the same period when the foreign subsidiary is sold or substantially liquidated. We are exposed to fluctuations in commodity prices due to contractual agreements with component suppliers. In order to protect ourselves against future price volatility and, consequently, fluctuations in gross margins, we periodically enter into commodity swap and forward contracts with designated banks and other counterparties to fix the cost of certain raw material purchases with the objective of minimizing changes in inventory cost due to market price fluctuations. These commodity swaps are designated and qualify as cash flow hedges. At December 31, 2024, realized and unrealized gains and losses related to these hedges were not material to our financial statements. We also enter into physical forward contracts, which qualify for the normal purchases scope exception and are treated as purchase commitments. Additional information on the physical forwards is included in NOTE 14, "COMMITMENTS AND CONTINGENCIES." We are exposed to market risk from fluctuations in interest rates. We manage our exposure to interest rate fluctuations through the use of interest rate swaps. The objective is to more effectively balance our borrowing costs and interest rate risk for current and future exposure. The gain or loss on the swaps as well as the offsetting gain or loss on the hedged item are recognized in current income as interest expense. For more detail on our interest rate swaps, see NOTE 20, "DERIVATIVES." We record all derivatives at fair value in our financial statements. Cash flows related to derivatives that are designated as hedges are classified in the same manner as the item being hedged, while cash flows related to derivatives that are not designated as hedges are included in cash flows from investing activities in our Consolidated Statements of Cash Flows . 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. When material, we adjust the value of our derivative contracts for counter-party or our credit risk. None of our derivative instruments are subject to collateral requirements.
Income Tax Accounting	Income Tax Accounting We determine our income tax expense using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax effects of temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Future tax benefits of net operating loss and credit carryforwards are also recognized as deferred tax assets. We evaluate the recoverability of our deferred tax assets each quarter by assessing the likelihood of future profitability and available tax planning strategies that could be implemented to realize our net deferred tax assets. A valuation allowance is recorded to reduce the tax assets to the net value management believes is more likely than not to be realized. In the event our operating performance deteriorates, future assessments could conclude that a larger valuation allowance will be needed to further reduce the deferred tax assets. In addition, we operate within multiple taxing jurisdictions and are subject to tax audits in these jurisdictions. These audits can involve complex issues, which may require an extended period of time to resolve. We accrue for the estimated additional tax and interest that may result from tax authorities disputing uncertain tax positions. We believe we made adequate provisions for income taxes for all years that are subject to audit based upon the latest information available. A more complete description of our income taxes and the future benefits of our net operating loss and credit carryforwards is disclosed in NOTE 4, "INCOME TAXES."
Cash and Cash Equivalents	Cash and Cash Equivalents Cash equivalents are defined as short-term, highly liquid investments with an original maturity of 90 days or less at the time of purchase. The carrying amounts reflected in our Consolidated Balance Sheets for cash and cash equivalents approximate fair value due to the short-term maturity of these investments. Cash payments for income taxes and interest were as follows: Years ended December 31, In millions 2024 2023 2022 Cash payments for income taxes, net of refunds $ 1,175 $ 1,181 $ 903 Cash payments for interest, net of capitalized interest 334 374 184
Marketable Securities	Marketable Securities Debt securities are classified as "held-to-maturity," "available-for-sale" or "trading." We determine the appropriate classification of debt securities at the time of purchase and re-evaluate such classifications at each balance sheet date. At December 31, 2024 and 2023, all of our debt securities were classified as available-for-sale. Debt and equity securities are carried at fair value with the unrealized gain or loss, net of tax, reported in other comprehensive income and other income, respectively. For debt securities, unrealized losses considered to be "other-than-temporary" are recognized currently in other income. The cost of securities sold is based on the specific identification method. The fair value of most investment securities is determined by currently available market prices. Where quoted market prices are not available, we use the market price of similar types of securities that are traded in the market to estimate fair value. See NOTE 5, "MARKETABLE SECURITIES," for a detailed description of our investments in marketable securities.
Accounts Receivable and Allowance for Doubtful Accounts	Accounts Receivable and Allowance for Doubtful Accounts
Inventories	Inventories
Property, Plant and Equipment	Property, Plant and Equipment We record property, plant and equipment at cost, inclusive of assets under finance leases. We depreciate the cost of the majority of our property, plant and equipment using the straight-line method with depreciable lives ranging from 20 to 40 years for buildings and 3 to 15 years for machinery, equipment and fixtures. Finance lease asset amortization is recorded in depreciation expense. We expense normal maintenance and repair costs as incurred. Depreciation expense totaled $729 million, $691 million and $557 million for the years ended December 31, 2024, 2023 and 2022, respectively. See NOTE 7, "PROPERTY, PLANT AND EQUIPMENT" and NOTE 8, "LEASES," for additional information.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets
Lessee, Leases	Leases We determine if an arrangement contains a lease in whole or in part at the inception of the contract. Right-of-use (ROU) assets represent our right to use an underlying asset for the lease term while lease liabilities represent our obligation to make lease payments arising from the lease. All leases greater than 12 months result in the recognition of a ROU asset and a liability at the lease commencement date based on the present value of the lease payments over the lease term. As most of our leases do not provide the information required to determine the implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. This rate is determined considering factors such as the lease term, our credit standing and the economic environment of the location of the lease. We use the implicit rate when readily determinable. Our lease terms include all non-cancelable periods and may include options to extend (or to not terminate) the lease when it is reasonably certain that we will exercise that option. Leases that have a term of 12 months or less at the commencement date are expensed on a straight-line basis over the lease term and do not result in the recognition of an asset or a liability. Lease expense for operating leases is recognized on a straight-line basis over the lease term. Lease expense for finance leases is generally front-loaded as the finance lease ROU asset is depreciated on a straight-line basis, but interest expense on the liability is recognized utilizing the interest method that results in more expense during the early years of the lease. We have lease agreements with lease and non-lease components, primarily related to real estate, vehicle and information technology (IT) assets. For vehicle and real estate leases, we account for the lease and non-lease components as a single lease component. For IT leases, we allocate the payment between the lease and non-lease components based on the relative value of each component. See NOTE 8, "LEASES," for additional information.
Goodwill	Goodwill We have the option to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value as a basis for determining whether it is necessary to perform an annual quantitative goodwill impairment test. We have elected this option on certain reporting units. The quantitative impairment test is only required if an entity determines through this qualitative analysis that it is more likely than not that the fair value of the reporting unit is less than its carrying value. In addition, the carrying value of goodwill must be tested for impairment on an interim basis in certain circumstances where impairment may be indicated. We perform our annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value. When we are required or opt to perform the quantitative impairment test, the fair value of each reporting unit is estimated with either the income approach or the market approach. Our income approach method uses a discounted cash flow model in which cash flows anticipated over several periods, plus a terminal value at the end of that time horizon, are discounted to their present value using an appropriate rate of return. Our reporting units are generally defined as one level below an operating segment. However, there are two situations where we have aggregated two or more reporting units which share similar economic characteristics and thus are aggregated into a single reporting unit for testing purposes. These two situations are described further below: • Within our Accelera segment, our fuel cell and electrolyzer businesses were aggregated into a single reporting unit and • Our Distribution segment is considered a single reporting unit as it is managed geographically and all regions share similar economic characteristics and provide similar products and services. The discounted cash flow model requires us to make projections of revenue, gross margin, operating expenses, working capital investment and fixed asset additions for the reporting units over a multi-year period. Additionally, management must estimate a weighted-average cost of capital, which reflects a market rate, for each reporting unit for use as a discount rate. The discounted cash flows are compared to the carrying value of the reporting unit and, if less than the carrying value, the difference is recorded as a goodwill impairment loss. In addition, we also perform sensitivity analyses to determine how much our forecasts can fluctuate before the fair value of a reporting unit would be lower than its carrying amount. Future changes in the judgments, assumptions and estimates that are used in our goodwill impairment testing, including discount rates or future operating results and related cash flow projections, could result in significantly different estimates of the fair values in the future. An increase in discount rates, a reduction in projected cash flows or a combination of the two could lead to a reduction in the estimated fair values, which may result in impairment charges that could materially affect our financial statements in any given year. Effective October 31, 2024, we changed our annual goodwill impairment testing date for all reporting units from the last day of our fiscal third quarter to October 31 to better align with the timing of our annual long-term planning process. Accordingly, management determined that the change in accounting principle is preferable. This change was applied prospectively from October 31, 2024. We determined that it is impracticable to objectively ascertain projected cash flows and related valuation estimates that would have been used as of each October 31 of prior reporting periods without the use of hindsight. This change was not material to our Consolidated Financial Statements as it did not delay, accelerate or avoid any potential goodwill impairment charges. To ensure that no lapse greater than twelve months occurred, we performed an impairment test, for all reporting units, as of the end of our 2024 fiscal third quarter and noted no impairment. We completed our annual impairment testing as of October 31, 2024, and noted no impairment. At December 31, 2024, our recorded goodwill was $2.4 billion, of which approximately 31 percent resided in the drivetrain and braking systems reporting unit. Changes in our projections or estimates, a deterioration of our operating results and the related cash flow effect or a significant increase in the discount rate could decrease the estimated fair value of our reporting units and result in a future impairment of goodwill. See NOTE 9, "GOODWILL AND OTHER INTANGIBLE ASSETS," for additional information.
Other Intangible Assets	Other Intangible Assets We capitalize other intangible assets, such as trademarks, patents and customer relationships, that were acquired either individually or with a group of other assets. These intangible assets are amortized on a straight-line basis over their estimated useful lives generally ranging from 3 to 25 years. Intangible assets are reviewed for impairment when events or circumstances indicate that the carrying value may not be recoverable over the remaining lives of the assets. See NOTE 9, "GOODWILL AND OTHER INTANGIBLE ASSETS," for additional information.
Software	Software
Warranty	Warranty We estimate and record a liability for base warranty programs at the time our products are sold. Our estimates are based on historical experience and reflect management's best estimates of expected costs at the time products are sold and subsequent adjustment to those expected costs when actual costs differ. Factors considered in developing these estimates included component failure rates, repair costs and the point of failure within the product life cycle. As a result of the uncertainty surrounding the nature and frequency of product campaigns, the liability for such campaigns is recorded when we commit to a recall action or when a recall becomes probable and estimable, which generally occurs when it is announced. The liability for these campaigns is reflected in the provision for product campaigns. We review and assess the liability for these programs on a quarterly basis. We also assess our ability to recover certain costs from our suppliers and record a receivable when we believe a recovery is probable. In addition to costs incurred on warranty and product campaigns, from time to time we also incur costs related to customer satisfaction programs for items not covered by warranty. We accrue for these costs when agreement is reached with a specific customer. These costs are not included in the provision for warranties, but are included in cost of sales. In addition, we sell extended warranty coverage on most of our engines. See Extended Warranty policy discussion above and NOTE 13, "PRODUCT WARRANTY LIABILITY," for additional information.
Contingent Liabilities	Contingent Liabilities We record an accrual for contingent liabilities when the amounts are probable and estimable. As the cash flow associated with most of our contingent liabilities cannot be reasonably predicted, we record our estimated obligations on an undiscounted basis. In addition, our accrual does not include amounts for estimated legal defense costs as those are expensed in the period in which they are incurred.
Emission Credits or Allowances, Policy	Environmental Credits From time to time, we purchase certain forms of environmental credits from third parties to satisfy obligations with various regulatory agencies when we do not generate enough credits internally to satisfy those obligations. Purchased credits are initially recorded at cost and expensed when utilized to satisfy the related regulatory obligation. Amounts expected to be utilized in the next twelve months are reflected as current assets. As of December 31, 2024, we had $120 million of credits of which $56 million was recorded in other current assets and $64 million was recorded in other intangible assets, net in our Consolidated Balance Sheets.
Research and Development	Research and Development Our research and development programs are focused on product improvements, product extensions, innovations and cost reductions for our customers. Research and development expenditures include salaries, contractor fees, building costs, utilities, testing, technical IT expenses, administrative expenses and allocation of corporate costs and are expensed, net of contract reimbursements, when incurred. From time to time, we enter into agreements with customers and government agencies to fund a portion of the research and development costs of a particular project. When not associated with a sales contract, we generally account for these reimbursements as an offset to the related research and development expenditure. Research and development expenses, net of contract reimbursements, were $1.4 billion, $1.4 billion and $1.2 billion for the years ended December 31, 2024, 2023 and 2022, respectively. Contract reimbursements were $72 million, $81 million and $110 million for the years ended December 31, 2024, 2023 and 2022, respectively.
Related Party Transactions	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. Joint venture transfer prices may differ from normal selling prices. Certain joint venture agreements transfer product at cost, some transfer product on a cost-plus basis, and others transfer product at market value. The following is a summary of sales to and purchases from nonconsolidated equity investees: Years ended December 31, In millions 2024 2023 2022 Sales to nonconsolidated equity investees $ 1,392 $ 1,548 $ 1,197 Purchases from nonconsolidated equity investees 2,463 2,628 1,838 The following is a summary of accounts receivable from and accounts payable to nonconsolidated equity investees: December 31, In millions 2024 2023 Balance Sheet Location Accounts receivable from nonconsolidated equity investees $ 432 $ 530 Accounts and notes receivable, net Accounts payable to nonconsolidated equity investees 281 324 Accounts payable (principally trade)
Supplier Finance Program	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 these programs was $551 million at December 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 Consolidated Balance Sheets . Amounts due to the financial intermediaries reflected in accounts payable at December 31, 2024, and 2023, were $142 million and $199 million, respectively. The following table summarizes the changes in amounts due to financial intermediaries reflected in accounts payable: December 31, In millions 2024 2023 Balance at the beginning of year $ 199 $ 331 Additional invoices presented for payment 794 1,141 Payments to financial intermediaries (850) (1,274) Foreign currency translation adjustments and other (1) 1 Balance at end of period $ 142 $ 199
Financing Receivable	Accounts Receivable Sales Program In May 2024, we entered into an accounts receivable sales agreement with Wells Fargo Bank, N.A., to sell certain accounts receivable up to the Board of Directors (Board) approved limit of $500 million. We will classify proceeds received from the sales of accounts receivable as an operating cash flow in our Consolidated Statements of Cash Flows , and will we record the discount in other income, net in our Consolidated Statements of Net Income when the program is active . There was no activity under the program during the year ended December 31, 2024.
Government Assistance	Government Assistance From time to time, we receive assistance from government agencies primarily related to two areas (1) expense reimbursement and funding grants in the form of cash in conjunction with research and development projects and (2) incentives primarily related to investments in new or existing facilities. The grants and related projects range in term from 1 to 6 years. Generally, the grant awards for research are payable to us when we achieve specific milestones or deliverables. Certain grant awards are subject to audit, whereby non-compliance may result in a refund to the government agency. Grants related to investments supporting facilities are typically in the form of reimbursement for capital assets or expenses such as training the employees at those facilities. We recognize grant awards related to research and development as an offset of the related research and development expenditure when the awards become payable upon us meeting a specific milestone or deliverable. We recognize grant awards for reimbursement of capital as a reduction in value of the related fixed asset. We recognize grants for reimbursement of training or other expenses as an offset to the related expense. For the years ended December 31, 2024, and 2023, government grants did not have a material impact on our financial statements as a whole, and we did not have any individually material grant awards.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
Schedule of Cash Flow, Supplemental Disclosures	Cash payments for income taxes and interest were as follows: Years ended December 31, In millions 2024 2023 2022 Cash payments for income taxes, net of refunds $ 1,175 $ 1,181 $ 903 Cash payments for interest, net of capitalized interest 334 374 184
Schedule of Related Party Transactions	The following is a summary of sales to and purchases from nonconsolidated equity investees: Years ended December 31, In millions 2024 2023 2022 Sales to nonconsolidated equity investees $ 1,392 $ 1,548 $ 1,197 Purchases from nonconsolidated equity investees 2,463 2,628 1,838 The following is a summary of accounts receivable from and accounts payable to nonconsolidated equity investees: December 31, In millions 2024 2023 Balance Sheet Location Accounts receivable from nonconsolidated equity investees $ 432 $ 530 Accounts and notes receivable, net Accounts payable to nonconsolidated equity investees 281 324 Accounts payable (principally trade)
Supplier Finance Program	The following table summarizes the changes in amounts due to financial intermediaries reflected in accounts payable: December 31, In millions 2024 2023 Balance at the beginning of year $ 199 $ 331 Additional invoices presented for payment 794 1,141 Payments to financial intermediaries (850) (1,274) Foreign currency translation adjustments and other (1) 1 Balance at end of period $ 142 $ 199

REVENUE RECOGNITION LONG-TERM_2

REVENUE RECOGNITION LONG-TERM CONTRACTS AND DEFERRED AND UNBILLED REVENUE REVENUE RECOGNITION LONG-TERM CONTRAACTS AND DEFERRED AND UNBILLED REVENUE (Tables)	12 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Contract with Customer, Asset and Liability	The following is a summary of our unbilled and deferred revenue and related activity: December 31, In millions 2024 2023 Unbilled revenue $ 403 $ 303 Deferred revenue 2,412 2,186

REVENUE RECOGNITION DISAGGREG_2

REVENUE RECOGNITION DISAGGREGATION OF REVENUES REVENUE RECOGNITION DISAGGREGATION OF REVENUES (Tables)	12 Months Ended
	Dec. 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. Years ended December 31, In millions 2024 2023 2022 United States $ 19,422 $ 19,302 $ 15,833 China 2,948 3,115 2,390 India 1,779 1,678 1,392 Other international 9,953 9,970 8,459 Total net sales $ 34,102 $ 34,065 $ 28,074
Engine
Disaggregation of Revenue [Line Items]
Revenue from External Customers by Market	Engine segment external sales by market were as follows: Years ended December 31, In millions 2024 2023 2022 Heavy-duty truck $ 3,320 $ 3,391 $ 2,995 Medium-duty truck and bus 3,100 2,622 2,412 Light-duty automotive 1,585 1,748 1,704 Total on-highway 8,005 7,761 7,111 Off-highway 982 1,113 1,088 Total sales $ 8,987 $ 8,874 $ 8,199
Components
Disaggregation of Revenue [Line Items]
Revenue from External Customers by Products and Services	Components segment external sales by business were as follows: Years ended December 31, In millions 2024 2023 2022 Drivetrain and braking systems $ 4,731 $ 4,822 $ 1,879 Emission solutions 3,180 3,425 3,086 Components and software 1,106 1,225 1,030 Automated transmissions 588 714 593 Atmus 289 (1) 1,345 1,259 Total sales $ 9,894 $ 11,531 $ 7,847 (1) Included sales through the March 18, 2024, divestiture. See NOTE 21, "ATMUS INITIAL PUBLIC OFFERING (IPO) AND DIVESTITURE," for additional information.
Distribution
Disaggregation of Revenue [Line Items]
Revenue from External Customers by Geographic Areas	Distribution segment external sales by region were as follows: Years ended December 31, In millions 2024 2023 2022 North America $ 7,617 $ 7,054 $ 5,948 Asia Pacific 1,243 1,091 1,011 Europe 1,179 848 914 China 469 424 351 India 310 264 217 Africa and Middle East 268 294 250 Latin America 266 224 210 Total sales $ 11,352 $ 10,199 $ 8,901
Revenue from External Customers by Products and Services	Distribution segment external sales by product line were as follows: Years ended December 31, In millions 2024 2023 2022 Parts $ 3,966 $ 4,052 $ 3,809 Power generation 3,961 2,496 1,767 Service 1,747 1,664 1,555 Engines 1,678 1,987 1,770 Total sales $ 11,352 $ 10,199 $ 8,901
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: Years ended December 31, In millions 2024 2023 2022 Power generation $ 1,896 $ 1,698 $ 1,658 Industrial 1,130 970 843 Generator technologies 474 457 450 Total sales $ 3,500 $ 3,125 $ 2,951

INVESTMENTS IN EQUITY INVESTE_2

INVESTMENTS IN EQUITY INVESTEES (Tables)	12 Months Ended
	Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Summary of investments in and advances to equity investees and our ownership percentage	Investments and advances related to equity method investees and our ownership percentages were as follows: Ownership December 31, Dollars in millions percentage 2024 2023 Komatsu alliances 20-50% $ 322 $ 331 Amplify Cell Technologies, LLC 30% 187 — Beijing Foton Cummins Engine Co., Ltd. 50% 185 194 Sistemas Automotrices de Mexico S.A. de C.V. 50% 150 149 Dongfeng Cummins Engine Company, Ltd. 50% 128 128 Automotive Axles Limited 36% 123 125 Chongqing Cummins Engine Company, Ltd. 50% 120 110 Tata Cummins, Ltd. 50% 96 89 Cummins-Scania XPI Manufacturing, LLC 50% 88 85 Freios Master 49% 78 84 Other Various 412 505 Investments and advances related to equity method investees $ 1,889 $ 1,800
Equity, royalty and interest income from investees	Equity, royalty and interest income from investees, net of applicable taxes, was as follows: Years ended December 31, In millions 2024 2023 2022 Manufacturing entities Dongfeng Cummins Engine Company, Ltd. $ 66 $ 65 $ 45 Chongqing Cummins Engine Company, Ltd. 60 36 32 Beijing Foton Cummins Engine Co., Ltd. 42 47 37 Tata Cummins, Ltd. 31 29 27 All other manufacturers 25 (1) 91 28 (2) Distribution entities Komatsu Cummins Chile, Ltda. 55 55 44 All other distributors 17 16 11 Cummins share of net income 296 339 224 Royalty and interest income 99 144 125 Equity, royalty and interest income from investees $ 395 $ 483 $ 349 (1) Included a $17 million impairment of our joint ventures in the fourth quarter of 2024 related to Accelera strategic reorganization actions. See NOTE 22, "ACCELERA STRATEGIC REORGANIZATION ACTIONS," for additional information (2) Included a $28 million impairment of our joint venture with KAMAZ and $3 million of royalty charges as part of our costs associated with the indefinite suspension of our Russian operations. See NOTE 24, "RUSSIAN OPERATIONS," for additional information.
Summary of financial information for equity investees	Summary financial information for our equity investees was as follows: Years ended and at December 31, In millions 2024 2023 2022 Net sales $ 11,190 $ 9,998 $ 7,501 Gross margin 1,760 1,597 1,211 Net income 860 677 475 Cummins share of net income $ 296 $ 339 $ 224 Royalty and interest income 99 144 125 Total equity, royalty and interest from investees $ 395 $ 483 $ 349 Current assets $ 6,626 $ 4,922 Long-term assets 2,597 2,021 Current liabilities (4,203) (3,812) Long-term liabilities (549) (432) Net assets $ 4,471 $ 2,699 Cummins share of net assets $ 1,866 $ 1,786

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Income before Income Tax, Domestic and Foreign	The following table summarizes income before income taxes: Years ended December 31, In millions 2024 2023 2022 U.S. income (loss) $ 2,857 $ (541) $ 1,336 Foreign income 2,046 2,167 1,483 Income before income taxes $ 4,903 $ 1,626 $ 2,819
Schedule of Components of Income Tax Expense (Benefit)	Income tax expense (benefit) consisted of the following: Years ended December 31, In millions 2024 2023 2022 Current U.S. federal and state $ 433 $ 611 $ 425 Foreign 611 632 485 Total current income tax expense 1,044 1,243 910 Deferred U.S. federal and state (241) (468) (229) Foreign 32 11 (45) Total deferred income tax benefit (209) (457) (274) Income tax expense $ 835 $ 786 $ 636
Schedule of Effective Income Tax Rate Reconciliation	A reconciliation of the statutory U.S. federal income tax rate to the effective tax rate was as follows: Years ended December 31, 2024 2023 2022 Statutory U.S. federal income tax rate 21.0 % 21.0 % 21.0 % State income tax, net of federal effect 1.2 (0.4) 1.3 Differences in rates and taxability of foreign subsidiaries and joint ventures (1) 4.2 11.9 3.1 Research tax credits (1.5) (4.7) (1.8) Foreign derived intangible income (1.3) (4.2) (2.0) Settlement Agreements, federal impact (2) — 22.4 — Settlement Agreements, state impact (2) — 2.1 — Non-taxable Atmus gain (3) (6.1) — — Other, net (0.5) 0.2 1.0 Effective tax rate 17.0 % 48.3 % 22.6 % (1) Included the jurisdictional mix of pre-tax income and impact of actual and planned repatriation of earnings back to the U.S. (2) See NOTE 14, "COMMITMENTS AND CONTINGENCIES," for additional information. (3) See NOTE 21, "ATMUS INITIAL PUBLIC OFFERING (IPO) AND DIVESTITURE," for additional information.
Schedule of Deferred Tax Assets and Liabilities	Carryforward tax benefits and the tax effect of temporary differences between financial and tax reporting that give rise to net deferred tax assets (liabilities) were as follows: December 31, In millions 2024 2023 Deferred tax assets U.S. and state carryforward benefits $ 254 $ 272 Foreign carryforward benefits 653 609 Employee benefit plans 308 347 Warranty expenses 545 483 Lease liabilities 109 125 Capitalized research and development expenditures 805 591 Accrued expenses 207 253 Other 139 78 Gross deferred tax assets 3,020 2,758 Valuation allowance (872) (789) Total deferred tax assets 2,148 1,969 Deferred tax liabilities Property, plant and equipment (371) (367) Unremitted income of foreign subsidiaries and joint ventures (162) (179) Employee benefit plans (289) (278) Lease assets (109) (123) Intangible assets (315) (406) Other (172) (64) Total deferred tax liabilities (1,418) (1,417) Net deferred tax assets $ 730 $ 552
Tax Related Line Items on the Consolidated Balance Sheets	Our Consolidated Balance Sheets contain the following tax related items: December 31, In millions 2024 2023 Prepaid expenses and other current assets Refundable income taxes $ 121 $ 81 Other assets Deferred income tax assets 1,119 1,082 Long-term refundable income taxes 47 27 Other accrued expenses Income tax payable 244 242 Other liabilities Long-term income taxes 5 111 Deferred income tax liabilities 389 530
Schedule of Unrecognized Tax Benefits Roll Forward	A reconciliation of unrecognized tax benefits for the years ended December 31, 2024, 2023 and 2022 was as follows: December 31, In millions 2024 2023 2022 Balance at beginning of year $ 330 $ 283 $ 89 Additions to tax positions due to acquisitions — 8 189 Additions to current year tax positions 21 21 17 Additions to prior years' tax positions 9 19 17 Reductions to prior years' tax positions (18) (1) (1) Reductions for tax positions due to settlements with taxing authorities (38) — (28) Balance at end of year $ 304 $ 330 $ 283

MARKETABLE SECURITIES (Tables)

MARKETABLE SECURITIES (Tables)	12 Months Ended
	Dec. 31, 2024
Marketable Securities [Abstract]
Summary of marketable securities	A summary of marketable securities, all of which are classified as current, was as follows: December 31, 2024 2023 In millions Cost Gross unrealized gains/(losses) (1) Estimated Cost Gross unrealized gains/(losses) (1) Estimated Equity securities Level 1 Publicly-traded shares $ 7 $ (6) $ 1 $ — $ — $ — Level 2 Debt mutual funds 262 1 263 272 — 272 Certificates of deposit 262 — 262 246 — 246 Equity mutual funds 19 7 26 22 6 28 Debt securities 41 — 41 16 — 16 Marketable securities $ 591 $ 2 $ 593 $ 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 Consolidated Statements of Net Income .
Schedule of proceeds from sales and maturities of marketable securities	The proceeds from sales and maturities of marketable securities were as follows: Years ended December 31, In millions 2024 2023 2022 Proceeds from sales of marketable securities $ 1,227 $ 1,075 $ 750 Proceeds from maturities of marketable securities 233 259 401 Investments in marketable securities - liquidations $ 1,460 $ 1,334 $ 1,151

INVENTORIES (Tables)

INVENTORIES (Tables)	12 Months Ended
	Dec. 31, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories are stated at the lower of cost or net realizable value. Inventories included the following: December 31, In millions 2024 2023 Finished products $ 2,875 $ 2,770 Work-in-process and raw materials 3,086 3,156 Inventories at FIFO cost 5,961 5,926 Excess of FIFO over LIFO (219) (249) Inventories $ 5,742 $ 5,677

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Property, plant and equipment	Details of our property, plant and equipment balance were as follows: December 31, In millions 2024 2023 Land and buildings $ 3,012 $ 3,039 Machinery, equipment and fixtures 7,266 7,245 Construction in process 1,518 1,390 Property, plant and equipment, gross 11,796 11,674 Less: Accumulated depreciation (5,440) (5,425) Property, plant and equipment, net $ 6,356 $ 6,249

LEASES FOOTNOTE DISCLOSURE LE_2

LEASES FOOTNOTE DISCLOSURE LEASES FOOTNOTE DISCLOSURE (Tables)	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Lease, Cost	The components of our lease cost were as follows: Years ended December 31, In millions 2024 2023 2022 Operating lease cost $ 187 $ 165 $ 160 Finance lease cost Amortization of right-of-use asset 26 20 19 Interest expense 7 4 4 Short-term lease cost 41 24 23 Variable lease cost 17 14 12 Total lease cost $ 278 $ 227 $ 218
Schedule Of Supplemental Balance Sheet Information Related To Leases Table	Supplemental balance sheet information related to leases: December 31, In millions 2024 2023 Balance Sheet Location Assets Operating lease assets $ 532 $ 501 Other assets Finance lease assets (1) 121 115 Property, plant and equipment, net Total lease assets $ 653 $ 616 Liabilities Current Operating lease liabilities $ 130 $ 138 Other accrued expenses Finance lease liabilities 20 17 Current maturities of long-term debt Long-term Operating lease liabilities 409 374 Other liabilities Finance lease liabilities 105 94 Long-term debt Total lease liabilities $ 664 $ 623 (1) Finance lease assets were recorded net of accumulated amortization of $80 million and $77 million at December 31, 2024 and 2023.
Schedule Of Supplemental Cash Flow Information Related To Leases Table	Supplemental cash flow and other information related to leases: Years ended December 31, In millions 2024 2023 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 176 $ 148 $ 151 Operating cash flows from finance leases 7 4 4 Financing cash flows from finance leases 23 35 16 Right-of-use assets obtained in exchange for lease obligations Operating leases $ 268 $ 153 $ 148 Finance leases 43 12 29
Schedule Of Supplemental Other Information Related To Leases Table	Additional information related to leases: December 31, 2024 2023 Weighted-average remaining lease term (in years) Operating leases 5.9 5.2 Finance leases 7.8 8.6 Weighted-average discount rate Operating leases 4.6 % 4.2 % Finance leases 6.0 % 5.0 %
Lessee, Finance and Operating Lease, Liability, Maturity	Following is a summary of the future minimum lease payments related to finance and operating leases with terms of more than one year at December 31, 2024, together with the net present value of the minimum payments: In millions Finance Leases Operating Leases 2025 $ 26 $ 150 2026 23 123 2027 20 98 2028 17 69 2029 14 45 After 2029 58 137 Total minimum lease payments 158 622 Interest (33) (83) Present value of net minimum lease payments $ 125 $ 539

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in the carrying amount of goodwill	The following table summarizes the changes in the carrying amount of goodwill for the years ended December 31, 2024 and 2023: In millions Components Accelera Distribution Power Systems Engine Total Balance at December 31, 2022 $ 1,752 $ 495 $ 79 $ 11 $ 6 $ 2,343 Acquisitions 122 — 4 — 18 144 Foreign currency translation and other 10 1 — — 1 12 Balance at December 31, 2023 1,884 496 83 11 25 2,499 Acquisitions 2 — — 33 — 35 Foreign currency translation and other (48) (2) — — — (50) Divestiture (1) (114) — — — — (114) Balance at December 31, 2024 $ 1,724 $ 494 $ 83 $ 44 $ 25 $ 2,370 (1) See NOTE 21, "ATMUS INITIAL PUBLIC OFFERING (IPO) AND DIVESTITURE," for additional information.
Summary of other intangible assets with finite useful lives that are subject to amortization	The following table summarizes our other intangible assets: December 31, In millions 2024 2023 Amortizable intangible assets Software $ 793 $ 622 Less: Accumulated amortization (372) (323) Software, net 421 299 Trademarks, patents, customer relationships and other 2,685 2,866 Less: Accumulated amortization (819) (666) Trademarks, patents, customer relationships and other, net 1,866 2,200 Unamortizable other intangible assets 64 20 Other intangible assets, net $ 2,351 $ 2,519
Projected amortization expense of intangible assets	The projected amortization expense of our intangible assets, assuming no further acquisitions or dispositions, is as follows: In millions 2025 2026 2027 2028 2029 Projected amortization expense $ 320 $ 308 $ 293 $ 266 $ 232

PENSION AND OTHER POSTRETIREM_2

PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables)	12 Months Ended
	Dec. 31, 2024
Pension and other postretirement benefits
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets	The following table summarizes the total accumulated benefit obligation (ABO), the ABO for defined benefit pension plans with ABO in excess of plan assets and the PBO for defined benefit pension plans with PBO in excess of plan assets: Qualified and Non-Qualified Pension Plans U.S. Plans U.K. Plans In millions 2024 2023 2024 2023 Total ABO $ 3,132 $ 3,334 $ 1,334 $ 1,504 Plans with ABO in excess of plan assets ABO 1,007 1,067 — — Plans with PBO in excess of plan assets PBO 1,042 1,116 — —
Pension Plan
Pension and other postretirement benefits
Schedule of Net Funded Status	The changes in the benefit obligations, the various plan assets, the funded status of the plans and the amounts recognized in our Consolidated Balance Sheets for our significant pension plans at December 31 were as follows: Qualified and Non-Qualified Pension Plans U.S. Plans U.K. Plans In millions 2024 2023 2024 2023 Change in benefit obligation Benefit obligation at the beginning of the year $ 3,381 $ 3,171 $ 1,525 $ 1,398 Service cost 142 117 18 17 Interest cost 167 168 71 70 Actuarial (gain) loss (163) 172 (133) 47 Benefits paid from fund (328) (223) (108) (87) Benefits paid directly by employer (32) (25) — — Plan amendment — 1 — — Foreign currency translation adjustments — — (23) 80 Benefit obligation at end of year $ 3,167 $ 3,381 $ 1,350 $ 1,525 Change in plan assets Fair value of plan assets at beginning of year $ 3,826 $ 3,828 $ 1,720 $ 1,670 Actual return on plan assets 178 221 (128) (51) Employer contributions 30 — 9 90 Benefits paid from fund (328) (223) (108) (87) Foreign currency translation adjustments — — (25) 98 Fair value of plan assets at end of year $ 3,706 $ 3,826 $ 1,468 $ 1,720 Funded status (including unfunded plans) at end of year $ 539 $ 445 $ 118 $ 195 Amounts recognized in consolidated balance sheets Pension assets $ 1,071 $ 1,002 $ 118 $ 195 Accrued compensation, benefits and retirement costs (29) (27) — — Other liabilities (503) (530) — — Net amount recognized $ 539 $ 445 $ 118 $ 195 Amounts recognized in accumulated other comprehensive loss Net actuarial loss $ 429 $ 493 $ 691 $ 606 Prior service cost 6 8 7 8 Net amount recognized $ 435 $ 501 $ 698 $ 614
Schedule of Net Benefit Costs	The following table presents the net periodic pension cost (income) under our plans for the years ended December 31: Qualified and Non-Qualified Pension Plans U.S. Plans U.K. Plans In millions 2024 2023 2022 2024 2023 2022 Service cost $ 142 $ 117 $ 137 $ 18 $ 17 $ 30 Interest cost 167 168 101 71 70 39 Expected return on plan assets (290) (277) (229) (102) (105) (87) Amortization of prior service cost 2 2 1 1 1 1 Recognized net actuarial loss 13 8 23 12 — 3 Net periodic pension cost (income) $ 34 $ 18 $ 33 $ — $ (17) $ (14)
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)	Other changes in benefit obligations and plan assets recognized in other comprehensive loss (income) for the years ended December 31 were as follows: In millions 2024 2023 2022 Amortization of prior service cost $ (3) $ (3) $ (2) Recognized net actuarial loss (25) (8) (26) Incurred prior service cost — 1 3 Incurred actuarial loss 46 432 173 Total recognized in other comprehensive loss $ 18 $ 422 $ 148 Total recognized in net periodic pension cost and other comprehensive loss $ 52 $ 423 $ 167
Schedule of Assumptions Used	The table below presents various assumptions used in determining the PBO for each year and reflects weighted-average percentages for the various plans as follows: Qualified and Non-Qualified Pension Plans U.S. Plans U.K. Plans 2024 2023 2024 2023 Discount rate 5.69 % 5.15 % 5.62 % 4.72 % Cash balance crediting rate 4.51 % 4.55 % — — Compensation increase rate 5.32 % 5.34 % 3.75 % 3.75 % The table below presents various assumptions used in determining the net periodic pension cost and reflects weighted-average percentages for the various plans as follows: Qualified and Non-Qualified Pension Plans U.S. Plans U.K. Plans 2024 2023 2022 2024 2023 2022 Discount rate 5.15 % 5.55 % 3.31 % 4.72 % 4.99 % 2.26 % Expected return on plan assets 7.25 % 7.00 % 6.50 % 5.00 % 5.00 % 4.01 % Compensation increase rate 5.34 % 5.35 % 2.71 % 3.75 % 3.75 % 3.75 %
Schedule of Expected Benefit Payments	The table below presents expected future benefit payments under our pension plans: Qualified and Non-Qualified Pension Plans In millions 2025 2026 2027 2028 2029 2030 - 2034 Expected benefit payments $ 392 $ 364 $ 368 $ 374 $ 382 $ 1,919
Other Postretirement Benefit Plan
Pension and other postretirement benefits
Schedule of Net Funded Status	The changes in the benefit obligations, the funded status of the plans and the amounts recognized in our Consolidated Balance Sheets for our significant OPEB plans were as follows: December 31, In millions 2024 2023 Change in benefit obligation Benefit obligation at the beginning of the year $ 150 $ 162 Interest cost 7 9 Plan participants' contributions 8 18 Actuarial gain (18) (2) Benefits paid directly by employer (27) (37) Benefit obligation at end of year $ 120 $ 150 Funded status at end of year $ (120) $ (150) Amounts recognized in consolidated balance sheets Accrued compensation, benefits and retirement costs $ (16) $ (19) Other liabilities (104) (131) Net amount recognized $ (120) $ (150) Amounts recognized in accumulated other comprehensive loss Net actuarial gain $ (60) $ (44) Prior service credit (3) (3) Net amount recognized $ (63) $ (47)
Schedule of Net Benefit Costs	The following table presents the net periodic OPEB cost under our plans: Years ended December 31, In millions 2024 2023 2022 Interest cost $ 7 $ 9 $ 5 Recognized net actuarial gain (3) (2) — Net periodic OPEB cost $ 4 $ 7 $ 5
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)	Other changes in benefit obligations recognized in other comprehensive loss (income) for the years ended December 31 were as follows: Years ended December 31, In millions 2024 2023 2022 Recognized net actuarial gain $ 3 $ 2 $ — Incurred actuarial gain (19) (2) (25) Total recognized in other comprehensive (income) loss $ (16) $ — $ (25) Total recognized in net periodic OPEB cost and other comprehensive (income) loss $ (12) $ 7 $ (20)
Schedule of Assumptions Used	The table below presents assumptions used in determining the OPEB obligation for each year and reflects weighted-average percentages for our other OPEB plans as follows: 2024 2023 Discount rate 5.60 % 5.19 % The table below presents assumptions used in determining the net periodic OPEB cost and reflects weighted-average percentages for the various plans as follows: 2024 2023 2022 Discount rate 5.19 % 5.59 % 2.93 %
Schedule of Expected Benefit Payments	The table below presents expected benefit payments under our OPEB plans: In millions 2025 2026 2027 2028 2029 2030 - 2034 Expected benefit payments $ 16 $ 15 $ 14 $ 13 $ 12 $ 47
UNITED STATES
Pension and other postretirement benefits
Schedule of Allocation of Plan Assets	To achieve these objectives, we established the following targets: Asset Class Plan Target U.S. equities 7 % Non-U.S. equities 3 % Global equities 5 % Total equities 15 % Real assets 5 % Private equity/venture capital 5 % Opportunistic credit 4 % Fixed income 71 % Total 100 %
Fair Value, Assets Measured on Recurring Basis	The fair values of U.S. pension plan assets by asset category were as follows: Fair Value Measurements at December 31, 2024 In millions Quoted prices in active Significant other Significant Total Equities U.S. $ 168 $ — $ — $ 168 Non-U.S. 31 — — 31 Fixed income Government debt — 105 — 105 Corporate debt U.S. — 600 — 600 Non-U.S. — 36 — 36 Asset/mortgaged backed securities — 13 — 13 Net cash equivalents (1) 388 — — 388 Private markets and real assets (2) — — 500 500 Net plan assets subject to leveling $ 587 $ 754 $ 500 $ 1,841 Pending trade/purchases/sales (2) Accruals (3) 12 Investments measured at net asset value 1,855 Net plan assets $ 3,706 Fair Value Measurements at December 31, 2023 In millions Quoted prices in active Significant other Significant Total Equities U.S. $ 73 $ — $ — $ 73 Non-U.S. 36 — — 36 Fixed income Government debt — 157 — 157 Corporate debt U.S. — 603 — 603 Non-U.S. — 49 — 49 Asset/mortgaged backed securities — 8 — 8 Net cash equivalents (1) 467 — — 467 Private markets and real assets (2) — — 604 604 Net plan assets subject to leveling $ 576 $ 817 $ 604 $ 1,997 Pending trade/purchases/sales (16) Accruals (3) 10 Investments measured at net asset value 1,835 Net plan assets $ 3,826 (1) Cash equivalents included commercial paper, short-term government/agency, mortgage and credit instruments. (2) The instruments in private markets and real assets, for which quoted market prices are not available, are valued at their estimated fair value as determined by applicable investment managers or by audited financial statements of the funds. Private markets include equity, venture capital and private credit instruments and funds. Real assets include real estate and infrastructure. (3) Accruals include interest or dividends that were not settled at December 31.
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets	The reconciliation of Level 3 assets was as follows: Fair Value Measurements In millions Private Markets Real Assets Total Balance at December 31, 2022 $ 559 $ 82 $ 641 Actual return on plan assets Unrealized gains (losses) on assets still held at the reporting date 6 (13) (7) Purchases, sales and settlements, net (28) (2) (30) Balance at December 31, 2023 537 67 604 Actual return on plan assets Unrealized losses on assets still held at the reporting date (3) (6) (9) Purchases, sales and settlements, net (93) (2) (95) Balance at December 31, 2024 $ 441 $ 59 $ 500
UNITED KINGDOM
Pension and other postretirement benefits
Schedule of Allocation of Plan Assets	To achieve these objectives, we established the following targets: Asset Class Plan Target Property/secure income assets 6 % Credit/bank loans 8 % Diversified strategies 1 % Private equity 5 % Fixed income/insurance annuity 78 % Cash 2 % Total 100 %
Fair Value, Assets Measured on Recurring Basis	The fair values of U.K. pension plan assets by asset category were as follows: Fair Value Measurements at December 31, 2024 In millions Quoted prices in active Significant other Significant Total Fixed income Government debt $ — $ 204 $ — $ 204 Corporate debt U.S. — 32 — 32 Non-U.S. — 93 — 93 Net cash equivalents (1) 11 14 — 25 Insurance annuity — — 383 383 Private markets and real assets (2) — — 102 102 Net plan assets subject to leveling $ 11 $ 343 $ 485 $ 839 Pending trade/purchases/sales 1 Accruals (3) 2 Investments measured at net asset value 626 Net plan assets $ 1,468 Fair Value Measurements at December 31, 2023 In millions Quoted prices in active Significant other Significant Total Equities U.S. $ 12 $ — $ — $ 12 Non-U.S. 8 — — 8 Fixed income Government debt — 232 — 232 Corporate debt U.S. — 30 — 30 Non-U.S. — 95 — 95 Net cash equivalents (1) 17 18 — 35 Insurance annuity — — 436 436 Private markets and real assets (2) — — 103 103 Net plan assets subject to leveling $ 37 $ 375 $ 539 $ 951 Pending trade/purchases/sales 1 Accruals (3) 2 Investments measured at net asset value 766 Net plan assets $ 1,720 (1) Cash equivalents include commercial paper, short-term government/agency, mortgage and credit instruments. (2) The instruments in private markets and real assets, for which quoted market prices are not available, are valued at their estimated fair value as determined by applicable investment managers or by audited financial statements of the funds. Private markets include equity, venture capital and private credit instruments and funds. Real assets include real estate and infrastructure. (3) Accruals include interest or dividends that were not settled at December 31.
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets	The reconciliation of Level 3 assets was as follows: Fair Value Measurements In millions Insurance Annuity Real Assets Private Markets Total Balance at December 31, 2022 $ 428 $ 8 $ 382 $ 818 Actual return on plan assets Unrealized gains (losses) on assets still held at the reporting date 8 — (35) (27) Purchases, sales and settlements, net — (1) (251) (252) Balance at December 31, 2023 436 7 96 539 Actual return on plan assets Unrealized (losses) gains on assets still held at the reporting date (53) — 1 (52) Purchases, sales and settlements, net — (1) (1) (2) Balance at December 31, 2024 $ 383 $ 6 $ 96 $ 485

SUPPLEMENTAL BALANCE SHEET DATA

SUPPLEMENTAL BALANCE SHEET DATA (Tables)	12 Months Ended
	Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]
Schedule of Other Assets	Other assets included the following: December 31, In millions 2024 2023 Deferred income taxes $ 1,119 $ 1,082 Operating lease assets 532 501 Corporate-owned life insurance 423 417 Other 559 543 Other assets $ 2,633 $ 2,543
Schedule of Accrued Liabilities	Other accrued expenses included the following: December 31, In millions 2024 2023 Marketing accruals $ 335 $ 399 Other taxes payable 249 296 Income taxes payable 244 242 Current portion of operating lease liabilities 130 138 Settlement Agreements (1) 66 1,938 Other 874 741 Other accrued expenses $ 1,898 $ 3,754 (1) See NOTE 14, "COMMITMENTS AND CONTINGENCIES," for additional information.
Other Noncurrent Liabilities	Other liabilities included the following: December 31, In millions 2024 2023 Accrued product warranty (1) $ 843 $ 777 Pensions 503 530 Operating lease liabilities 409 374 Deferred income taxes 389 530 Accrued compensation 193 213 Other postretirement benefits 104 131 Mark-to-market valuation on interest rate derivatives 89 117 Long-term income taxes 5 111 Other 614 647 Other liabilities $ 3,149 $ 3,430 (1) See NOTE 13, "PRODUCT WARRANTY LIABILITY," for additional information.

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2024
Short-term Debt [Line Items]
Summary of long-term debt	A summary of long-term debt was as follows: December 31, In millions Interest Rate 2024 2023 Long-term debt Hydrogenics promissory notes, due 2024 and 2025 —% 110 160 Term loan, due 2025 (1)(2) Variable — 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 160 94 Unamortized discount and deferred issuance costs (89) (72) Fair value adjustments due to hedge on indebtedness (85) (96) Finance leases 125 111 Total long-term debt 5,444 4,920 Less: Current maturities of long-term debt (6) 660 118 Long-term debt $ 4,784 $ 4,802 (1) During 2024, we repaid the outstanding balance of the term loan. (2) In September 2023, we entered into a series of interest rate swaps in order to trade a portion of the floating rate into fixed rate. See "Interest Rate Risk" in NOTE 20, "DERIVATIVES," for additional information. (3) In 2021, we entered into a series of interest rate swaps to effectively convert from a fixed rate to floating rate. See "Interest Rate Risk" in NOTE 20, "DERIVATIVES," for additional information. (4) See NOTE 21, "ATMUS INITIAL PUBLIC OFFERING (IPO) AND DIVESTITURE," for additional information. (5) The effective interest rate is 7.48 percent. (6) The weighted-average interest rates for the years ended December 31, 2024 and 2023, were 1.01 percent and 1.87 percent, respectively.
Principal repayments on long-term debt	Principal payments required on long-term debt during the next five years are as follows: In millions 2025 2026 2027 2028 2029 Principal payments $ 660 $ 66 $ 102 $ 291 $ 534
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: December 31, In millions 2024 2023 Fair values of total debt (1) $ 6,651 $ 6,375 Carrying value of total debt 7,059 6,696 (1) The fair value of debt is derived from Level 2 input measures.
Loans Payable
Short-term Debt [Line Items]
Weighted-average interest rate	The weighted-average interest rate of loans payable at December 31 was as follows: 2024 2023 Weighted-average interest rate 2.85 % 3.92 %
Commercial Paper
Short-term Debt [Line Items]
Weighted-average interest rate	The weighted-average interest rate for commercial paper at December 31 was as follows: 2024 2023 Weighted-average interest rate 4.49 % 5.43 %

PRODUCT WARRANTY LIABILITY (Tab

PRODUCT WARRANTY LIABILITY (Tables)	12 Months Ended
	Dec. 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: December 31, In millions 2024 2023 2022 Balance at beginning of year $ 2,497 $ 2,477 $ 2,425 Provision for base warranties issued 641 602 515 Deferred revenue on extended warranty contracts sold 343 350 287 Provision for product campaigns issued 65 28 141 Payments made during period (704) (705) (596) Amortization of deferred revenue on extended warranty contracts (297) (300) (298) Changes in estimates for pre-existing product warranties and campaigns 99 37 (128) Acquisitions (1) — — 147 Foreign currency translation adjustments and other (21) 8 (16) Balance at end of period $ 2,623 $ 2,497 $ 2,477 (1) See NOTE 23, "ACQUISITIONS," for additional information.
Deferred Revenue Extended Coverage and Base Warranty Liability, Disclosure	Warranty related deferred revenues and warranty liabilities on our Consolidated Balance Sheets were as follows: December 31, In millions 2024 2023 Balance Sheet Location Deferred revenue related to extended coverage programs Current portion $ 286 $ 279 Current portion of deferred revenue Long-term portion 815 774 Deferred revenue Total $ 1,101 $ 1,053 Product warranty Current portion $ 679 $ 667 Current portion of accrued product warranty Long-term portion 843 777 Other liabilities Total $ 1,522 $ 1,444 Total warranty accrual $ 2,623 $ 2,497

SHAREHOLDERS' EQUITY (Tables)

SHAREHOLDERS' EQUITY (Tables)	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Changes in shares of common stock, treasury stock and common stock held in trust for employee benefit plans	Changes in shares of common stock and treasury stock were as follows: In millions Common Treasury Balance at December 31, 2021 222.5 80.0 Shares acquired — 1.9 Shares issued — (0.7) Balance at December 31, 2022 222.5 81.2 Shares issued — (0.5) Balance at December 31, 2023 222.5 80.7 Shares issued — (1.2) Atmus divestiture share exchange (1) — 5.6 Balance at December 31, 2024 222.5 85.1 (1) 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. The exchange resulted in a reduction of shares of our common stock outstanding by 5.6 million shares. See NOTE 21, "ATMUS INITIAL PUBLIC OFFERING (IPO) AND DIVESTITURE," for additional information.
Dividends per share paid to common shareholders	Cash dividends per share paid to common shareholders for the last three years were as follows: Quarterly Dividends 2024 2023 2022 First quarter $ 1.68 $ 1.57 $ 1.45 Second quarter 1.68 1.57 1.45 Third quarter 1.82 1.68 1.57 Fourth quarter 1.82 1.68 1.57 Total $ 7.00 $ 6.50 $ 6.04

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Changes in accumulated other comprehensive income (loss) by component	Following are the changes in accumulated other comprehensive (loss) income by component: In millions Change in pensions Foreign Unrealized gain Total Noncontrolling Total Balance at December 31, 2021 $ (346) $ (1,208) $ (17) $ (1,571) Other comprehensive income (loss) before reclassifications Before-tax amount (123) (350) 136 (337) $ (40) $ (377) Tax benefit (expense) 19 6 (32) (7) — (7) After-tax amount (104) (344) 104 (344) (40) (384) Amounts reclassified from accumulated other comprehensive income (1) 23 — 2 25 — 25 Net current period other comprehensive (loss) income (81) (344) 106 (319) $ (40) $ (359) Balance at December 31, 2022 $ (427) $ (1,552) $ 89 $ (1,890) Other comprehensive income (loss) before reclassifications Before-tax amount (541) 96 35 (410) $ (3) $ (413) Tax benefit (expense) 113 (1) (7) 105 — 105 After-tax amount (428) 95 28 (305) (3) (308) Amounts reclassified from accumulated other comprehensive income (1) 7 — (18) (11) — (11) Net current period other comprehensive (loss) income (421) 95 10 (316) $ (3) $ (319) Balance at December 31, 2023 $ (848) $ (1,457) $ 99 $ (2,206) Other comprehensive income (loss) before reclassifications Before-tax amount (14) (313) 47 (280) $ (16) $ (296) Tax expense (2) (8) (12) (22) — (22) After-tax amount (16) (321) 35 (302) (16) (318) Amounts reclassified from accumulated other comprehensive income (1) 21 61 (2) (19) 63 — 63 Net current period other comprehensive income (loss) 5 (260) 16 (239) $ (16) $ (255) Balance at December 31, 2024 $ (843) $ (1,717) $ 115 $ (2,445) (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) See NOTE 21, "ATMUS INITIAL PUBLIC OFFERING (IPO) AND DIVESTITURE," for additional information.

NONCONTROLLING INTERESTS (Table

NONCONTROLLING INTERESTS (Tables)	12 Months Ended
	Dec. 31, 2024
Noncontrolling Interest [Abstract]
Noncontrolling interests in the equity of consolidated subsidiaries	Noncontrolling interests in the equity of consolidated subsidiaries were as follows: December 31, In millions 2024 2023 Eaton Cummins Automated Transmission Technologies $ 490 $ 534 Cummins India Ltd. 431 388 Other 116 132 Noncontrolling interests $ 1,037 $ 1,054

STOCK INCENTIVE AND STOCK OPT_2

STOCK INCENTIVE AND STOCK OPTION PLANS (Tables)	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Share-based Payment Arrangement, Option, Activity	The table below summarizes the employee share-based activity in the Plan: Options Weighted-average Weighted-average Aggregate Balance at December 31, 2021 2,743,098 $ 143.51 Granted 18,900 207.79 Exercised (586,990) 137.83 Forfeited (29,045) 148.08 Balance at December 31, 2022 2,145,963 145.57 Granted 17,500 225.39 Exercised (345,250) 142.69 Forfeited (3,793) 144.16 Balance at December 31, 2023 1,814,420 146.89 Granted 9,100 294.05 Exercised (1,004,358) 142.18 Forfeited (4,821) 149.48 Balance at December 31, 2024 814,341 $ 154.33 4.0 $ 159 Exercisable, December 31, 2022 1,655,298 $ 146.37 4.6 $ 159 Exercisable, December 31, 2023 1,814,420 $ 146.89 4.2 $ 169 Exercisable, December 31, 2024 814,341 $ 154.33 4.0 $ 159
Schedule of Nonvested Share Activity	The share-based activity and weighted-average grant date fair value of performance and restricted shares was as follows: Performance Shares Restricted Shares Nonvested Shares Weighted-average Shares Weighted-average Balance at December 31, 2021 440,149 $ 183.72 29,928 $ 252.99 Granted 230,535 184.92 215,260 209.08 Vested (122,188) 148.99 (5,513) 249.79 Forfeited (63,197) 182.68 (3,262) 211.37 Balance at December 31, 2022 485,299 193.17 236,413 213.66 Granted 170,205 222.86 176,128 223.92 Vested (99,425) 126.38 (74,270) 215.38 Forfeited (68,566) 199.69 (27,931) 217.01 Balance at December 31, 2023 487,513 216.24 310,340 218.77 Granted 259,004 264.95 208,029 276.83 Vested (233,136) 244.14 (75,759) 215.98 Forfeited (40,909) 233.84 (37,493) 232.01 Balance at December 31, 2024 472,472 $ 227.65 405,117 $ 247.88
Schedule of Share-based Payment Award,s for Performance and Restricted shares - Assumptions	The fair value of each option grant was estimated on the grant date using the Black-Scholes option pricing model with the following assumptions: 2024 2023 2022 Expected life (years) 6 6 6 Risk-free interest rate 4.20 % 3.91 % 2.32 % Expected volatility 29.15 % 28.73 % 28.40 % Dividend yield 2.79 % 2.81 % 2.85 %

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Computations for basic and diluted earnings per share	Following are the computations for basic and diluted earnings per share: Years ended December 31, In millions, except per share amounts 2024 2023 2022 Net income attributable to Cummins Inc. $ 3,946 $ 735 $ 2,151 Weighted-average common shares outstanding Basic 138.2 141.7 141.5 Dilutive effect of stock compensation awards 0.9 1.0 0.8 Diluted 139.1 142.7 142.3 Earnings per common share attributable to Cummins Inc. Basic $ 28.55 $ 5.19 $ 15.20 Diluted 28.37 5.15 15.12
Options excluded from diluted earnings per share	The options excluded from diluted earnings per share were as follows: Years ended December 31, 2024 2023 2022 Options excluded 1,467 10,587 20,595

DERIVATIVES (Tables)

DERIVATIVES (Tables)	12 Months Ended
	Dec. 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 AOCL: Years ended December 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 $ 32 $ — $ (30) $ — Year ended December 31, In millions 2024 2023 2022 Type of Swap Gain (Loss) Gain (Loss) Reclassified from AOCL into Interest Expense Gain (Loss) Gain (Loss) Reclassified from AOCL into Interest Expense Gain (Loss) Gain (Loss) Reclassified from AOCL into Interest Expense Interest rate locks $ (4) $ 4 $ 14 $ 2 $ 112 $ —
Schedule of Interest Rate Derivatives	The following table summarizes the gains and losses: Years ended December 31, In millions 2024 2023 2022 Type of Swap Gain (Loss) on Gain (Loss) on Gain (Loss) on Gain (Loss) on Gain (Loss) on Gain (Loss) on Interest rate swaps (1) $ 12 $ (11) $ 31 $ (32) $ (148) $ 145 (1) The difference between the gain (loss) on swaps and borrowings represented hedge ineffectiveness.
Derivatives Not Designated as Hedging Instruments	The following table summarizes the effect on our Consolidated Statements of Net Income for derivative instruments not designated as hedging instruments: Years ended December 31, In millions 2024 2023 2022 Gain (loss) recognized in income - Cost of sales (1) $ 3 $ (3) $ 2 Loss recognized in income - Other expense, net (1) (65) (21) (5) (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 Consolidated Balance Sheets : Derivatives Designated as Hedging Instruments Derivatives Not Designated as Hedging Instruments December 31, December 31, In millions 2024 2023 2024 2023 Notional amount $ 3,512 $ 2,997 $ 2,713 $ 3,610 Derivative assets Prepaid expenses and other current assets $ 60 $ 14 $ 6 $ 16 Other assets 6 — — — Total derivative assets (1) $ 66 $ 14 $ 6 $ 16 Derivative liabilities Other accrued expenses $ 10 $ 43 $ 67 $ 14 Other liabilities 89 117 — — Total derivative liabilities (1) $ 99 $ 160 $ 67 $ 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 2024 or 2023.

RUSSIAN OPERATIONS (Tables)

RUSSIAN OPERATIONS (Tables)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2022
Restructuring and Related Activities [Abstract]
Russian Operations Restructuring Actions [Table Text Block]	The following table presents the impact of asset write-downs and impairments on our Consolidated Statements of Net Income: Year ended In millions December 31, Statement of Net Income Location Inventory write-downs $ 107 Cost of sales Impairment of other intangible assets 84 Other operating expense, net Impairment of property, plant and equipment 61 Other operating expense, net Impairment of investments in equity method investees 17 Equity, royalty and interest income from investees Severance 7 Cost of sales and research, development and engineering expenses Other 36 Other operating expense, net and selling, general and administrative expenses Total $ 312	The following summarizes the costs associated with the suspension of our Russian operations in our Consolidated Statements of Net Income: Year ended In millions December 31, Statement of Net Income Location Inventory write-downs $ 17 Cost of sales Accounts receivable reserves 41 Other operating expense, net Impairment and other joint venture costs 31 Equity, royalty and interest income from investees Other 22 Other operating expense, net Russian suspension costs, net of recoveries $ 111

Accelera Strategic Reorganiza_2

Accelera Strategic Reorganization Actions (Tables)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2022
Restructuring and Related Activities [Abstract]
Accelera Strategic Reorganization Actions [Table Text Block]	The following table presents the impact of asset write-downs and impairments on our Consolidated Statements of Net Income: Year ended In millions December 31, Statement of Net Income Location Inventory write-downs $ 107 Cost of sales Impairment of other intangible assets 84 Other operating expense, net Impairment of property, plant and equipment 61 Other operating expense, net Impairment of investments in equity method investees 17 Equity, royalty and interest income from investees Severance 7 Cost of sales and research, development and engineering expenses Other 36 Other operating expense, net and selling, general and administrative expenses Total $ 312	The following summarizes the costs associated with the suspension of our Russian operations in our Consolidated Statements of Net Income: Year ended In millions December 31, Statement of Net Income Location Inventory write-downs $ 17 Cost of sales Accounts receivable reserves 41 Other operating expense, net Impairment and other joint venture costs 31 Equity, royalty and interest income from investees Other 22 Other operating expense, net Russian suspension costs, net of recoveries $ 111

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2022
Business Acquisition [Line Items]
Schedule of Business Acquisitions, by Acquisition	Acquisitions for the for the years ended December 31, 2024, 2023 and 2022, were as follows: Entity Acquired (Dollars in millions) Date of Acquisition Additional Percent Interest Acquired Payments to Former Owners Acquisition Related Debt Retirements Total Purchase Consideration Type of Acquisition (1) Goodwill Acquired Intangibles Recognized (2) 2024 Engendren Corporation 02/16/24 100 % $ 65 $ — $ 65 COMB $ 33 $ 8 2023 Cummins France SA 10/31/23 100 % $ 25 $ 5 $ 30 COMB $ 4 $ — Faurecia 10/02/23 100 % 208 — 208 (3) COMB 92 — Hydrogenics Corporation 06/29/23 19 % 287 48 335 (4) EQUITY — — Teksid Hierro de Mexico, S.A. de C.V. 04/03/23 100 % 143 $ — 143 (5) COMB 18 $ — 2022 Siemens Commercial Vehicles Propulsion 11/30/22 100 % $ 187 $ — $ 187 COMB $ 70 $ 106 Meritor, Inc. 08/03/22 100 % 2,613 248 2,861 COMB 926 1,610 Jacobs Vehicle Systems 04/08/22 100 % 345 — 345 COMB 108 164 Cummins Westport, Inc. 02/07/22 50 % 42 — 42 COMB — 20 (1) All results from acquired entities were included in segment results subsequent to the acquisition date. Previously consolidated entities were accounted for as equity transactions (EQUITY). Newly consolidated entities were accounted for as business combinations (COMB). (2) Intangible assets acquired in the business combination were mostly customer, technology and trade name related. (3) Total purchase consideration included $30 million for the settlement of accounts payable that were treated as an operating cash outflow. (4) Hydrogenics entered into three non-interest-bearing promissory notes with $175 million paid on July 31, 2023, $50 million paid on December 31, 2024 and the remaining $110 million due in two installments in 2025. (5) Total purchase consideration included $32 million for the settlement of accounts payable that was treated as an operating cash outflow.
Summary of other intangible assets with finite useful lives that are subject to amortization	The following table summarizes our other intangible assets: December 31, In millions 2024 2023 Amortizable intangible assets Software $ 793 $ 622 Less: Accumulated amortization (372) (323) Software, net 421 299 Trademarks, patents, customer relationships and other 2,685 2,866 Less: Accumulated amortization (819) (666) Trademarks, patents, customer relationships and other, net 1,866 2,200 Unamortizable other intangible assets 64 20 Other intangible assets, net $ 2,351 $ 2,519
Faurecia
Business Acquisition [Line Items]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The final purchase price allocation has been updated as follows: In millions Cash and cash equivalents $ 8 Accounts and notes receivable, net (1) 52 Inventories 32 Property, plant and equipment 90 Goodwill 92 Other current and long-term assets 50 Accounts payable (principally trade) (66) Other current and long-term liabilities (50) Total purchase price $ 208 (1) Included $30 million of Cummins receivables that were eliminated against payables at other Cummins entities.
Meritor Inc.
Business Acquisition [Line Items]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed		The final purchase price allocation was as follows: In millions Cash and cash equivalents $ 98 Accounts and notes receivable, net 640 Inventories 750 Property, plant and equipment 841 Intangible assets 1,610 Investments and advances related to equity method investees 382 Goodwill 926 Pension assets 147 Other current and long-term assets 322 Accounts payable (principally trade) (711) Net deferred taxes (277) Other liabilities (pensions and other postretirement benefits) (129) Long-term debt (962) Other current and long-term liabilities (665) Noncontrolling interests (111) Total purchase price $ 2,861
Summary of other intangible assets with finite useful lives that are subject to amortization		The estimated fair values (all considered Level 3 measurements) of the identifiable intangible assets acquired, their weighted-average useful lives, the related valuation methodology and key assumptions are as follows: Fair Value (in millions) Weighted-Average Useful Life (in years) Valuation Methodology Key Assumptions Customer relationships $ 960 12 Multi-period excess earnings Revenue, EBITDA (1) , discount rate, customer renewal rates, customer attrition rates Technology 345 8 Relief-from-royalty Royalty rate, discount rate, obsolescence factor Trade name 305 21 Relief-from-royalty Royalty rate, discount rate (1) Earnings or losses before interest expense, income taxes, depreciation and amortization and noncontrolling interests.
Business Acquisition, Pro Forma Information		The unaudited pro forma financial information does not reflect any potential cost savings, operating efficiencies, long-term debt pay down estimates, financial synergies or other strategic benefits as a result of the acquisition or any restructuring costs to achieve those benefits. (Unaudited) Year ended December 31, In millions 2022 Net sales $ 30,841 Net income 2,196

OPERATING SEGMENTS (Tables)

OPERATING SEGMENTS (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Summarized financial information regarding our reportable operating segments at December 31, is shown in the table below: In millions Engine Components Distribution Power Systems Accelera Total Segments 2024 External sales $ 8,987 $ 9,894 $ 11,352 $ 3,500 $ 369 $ 34,102 Intersegment sales 2,725 1,785 32 2,908 45 7,495 Total sales 11,712 11,679 11,384 6,408 414 41,597 Cost of goods sold (excluding warranty expenses) 8,707 9,346 9,185 4,506 643 (1) 32,387 Warranty expenses 420 173 23 101 34 751 Selling expenses 214 184 628 174 33 (1) 1,233 Administrative expenses 582 555 382 421 70 (1) 2,010 Research, development and engineering expenses 616 328 55 236 226 (1) 1,461 Equity, royalty and interest income (loss) from investees 212 64 90 79 (50) (1) 395 Other income (expense) (2) 23 (59) 54 — (183) (1) (165) Add back: Depreciation and amortization (3) 245 493 123 131 61 1,053 Segment EBITDA $ 1,653 $ 1,591 (4) $ 1,378 $ 1,180 $ (764) (1) $ 5,038 Interest income (5) $ 17 $ 25 $ 37 $ 7 $ 1 $ 87 Net assets 2,076 6,433 3,151 2,350 1,234 15,244 Investments and advances to equity investees 653 504 394 145 187 1,883 Capital expenditures 556 339 111 143 59 1,208 2023 External sales $ 8,874 $ 11,531 $ 10,199 $ 3,125 $ 336 $ 34,065 Intersegment sales 2,810 1,878 50 2,548 18 7,304 Total sales 11,684 13,409 10,249 5,673 354 41,369 Cost of goods sold (excluding warranty expenses) 8,825 10,717 8,239 4,173 524 32,478 Warranty expenses 377 138 16 71 29 631 Selling expenses 199 227 642 168 33 1,269 Administrative expenses 587 634 354 399 57 2,031 Research, development and engineering expenses 614 387 57 237 203 1,498 Equity, royalty and interest income (loss) from investees 251 97 97 53 (15) 483 Other income (expense) (2) 72 (54) 56 36 1 111 Add back: Depreciation and amortization (3) 225 491 115 122 63 1,016 Segment EBITDA $ 1,630 $ 1,840 (6) $ 1,209 $ 836 $ (443) $ 5,072 Interest income (5) $ 19 $ 31 $ 34 $ 9 $ 2 $ 95 Net assets 930 6,965 2,348 1,938 1,159 13,340 Investments and advances to equity investees 660 582 396 132 25 1,795 Capital expenditures 538 373 103 115 84 1,213 (Table continues on next page) In millions Engine Components Distribution Power Systems Accelera Total Segments 2022 External sales $ 8,199 $ 7,847 $ 8,901 $ 2,951 $ 176 $ 28,074 Intersegment sales 2,746 1,889 28 2,082 22 6,767 Total sales 10,945 9,736 8,929 5,033 198 34,841 Cost of goods sold (excluding warranty expenses) 8,346 7,727 7,285 3,884 310 27,552 Warranty expenses 329 64 6 70 20 489 Selling expenses 165 158 550 147 18 1,038 Administrative expenses 462 513 304 269 47 1,595 Research, development and engineering expenses 506 309 52 240 171 1,278 Equity, royalty and interest income (loss) from investees 160 (7) 71 77 43 (2) 349 Other income (expense) (2) 33 6 (35) 10 (2) 12 Russian suspension costs (8) 33 (9) 5 54 19 — 111 Add back: Depreciation and amortization (3) 205 304 114 120 38 781 Segment EBITDA $ 1,535 $ 1,346 (10) $ 888 $ 596 $ (334) $ 4,031 Interest income (5) $ 14 $ 12 $ 16 $ 7 $ — $ 49 Net assets 1,451 7,306 2,698 2,382 1,158 14,995 Investments and advances to equity investees 617 617 352 138 33 1,757 Capital expenditures 368 264 114 96 74 916 (1) Included $112 million of charges in cost of sales, $10 million of charges in selling, general and administrative expenses, $2 million of charges in research and development expenses, $17 million of charges in equity, royalty and interest income (loss) from investees, $171 million of charges in other operating expenses and $312 million of charges in EBITDA, all related to Accelera strategic reorganization actions in the fourth quarter of 2024. See NOTE 22, "ACCELERA STRATEGIC REORGANIZATION ACTIONS," for additional information. (2) Other income (expense) includes other operating expense, net and other income, net from our Consolidated Statements of Net Income. (3) Depreciation and amortization are not considered significant segment expenses but are presented here to reconcile to EBITDA, the measure used by our CODM. Depreciation and amortization, as shown on a segment basis, excludes the amortization of debt discount and deferred costs included in our Consolidated Statements of Net Income as interest expense. The amortization of debt discount and deferred costs were $12 million, $8 million and $3 million for the years ended 2024, 2023 and 2022, respectively. A portion of depreciation expense is included in research, development and engineering expense. (4) Included $21 million of costs associated with the divestiture of Atmus for the year ended December 31, 2024. (5) Interest income is a component of other income (expense). (6) Included $78 million of costs associated with the divestiture of Atmus for the year ended December 31, 2023. (7) Included a $28 million impairment of our joint venture with KAMAZ and $3 million of royalty charges as part of our costs associated with the indefinite suspension of our Russian operations. See NOTE 24, "RUSSIAN OPERATIONS," for additional information. (8) See NOTE 24, "RUSSIAN OPERATIONS," for additional information. (9) Included $31 million of Russian suspension costs reflected in the equity, royalty and interest income (loss) from investees line above. (10) Included $83 million of costs related to the acquisition and integration of Meritor and $28 million of costs associated with the divestiture of Atmus.
Reconciliation of segment information	A reconciliation of our segment information to the corresponding amounts in our Consolidated Statements of Net Income is shown in the table below: Years ended December 31, In millions 2024 2023 2022 TOTAL SEGMENT EBITDA $ 5,038 $ 5,072 $ 4,031 Intersegment eliminations and other (1) 1,288 (2,055) (232) Less: Interest expense 370 375 199 Depreciation and amortization 1,053 1,016 781 INCOME BEFORE INCOME TAXES $ 4,903 $ 1,626 $ 2,819 (1) Intersegment eliminations and other included a $1.3 billion gain related to the divestiture of Atmus and $14 million of costs associated with the divestiture of Atmus for the year ended December 31, 2024. The year ended December 31, 2023, included $2.0 billion related to the Settlement Agreements charge, $22 million of costs associated with the divestiture of Atmus and $21 million of voluntary retirement and voluntary separation charges. The year ended December 31, 2022, included $53 million of costs associated with the divestiture of Atmus. See NOTE 14, "COMMITMENTS AND CONTINGENCIES," and NOTE 21, "ATMUS INITIAL PUBLIC OFFERING (IPO) AND DIVESTITURE," for additional information.
Reconciliation of segment information from net assets to total assets	A reconciliation of our segment net assets to the corresponding amounts in the Consolidated Balance Sheets is shown in the table below: December 31, In millions 2024 2023 Net assets for operating segments $ 15,244 $ 13,340 Cash, cash equivalents and marketable securities 2,264 2,741 Net liabilities deducted in arriving at net segment assets (1) 12,556 14,531 Pension and OPEB adjustments excluded from net segment assets 352 307 Deferred tax assets not allocated to segments 1,119 1,082 Deferred debt costs not allocated to segments 5 4 Total assets $ 31,540 $ 32,005 (1) Liabilities deducted in arriving at net segment assets include certain accounts payable, accrued expenses, long-term liabilities and other items.
Long-lived assets attributed to geographic areas	Long-lived segment assets by geographic area were as follows: December 31, In millions 2024 2023 United States $ 5,751 $ 5,013 China 968 1,030 India 566 681 Other countries 2,426 2,760 Total long-lived assets $ 9,711 $ 9,484

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) Nature of Operations, Acquisition, Equity Investments $ in Millions		3 Months Ended	12 Months Ended
	Aug. 03, 2022 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2024 location country	Mar. 18, 2024 Rate
Real Estate Properties [Line Items]
Company owned and independent distributor locations | location			650
Countries and territories located in | country			190
Guarantees [Abstract]
Loss Contingency Accrual, Payments		$ 1,900
Atmus Filtration Technologies Inc.
Business Acquisition [Line Items]
Subsidiary, Ownership Percentage, Parent | Rate				80.50%
Minimum
Real Estate Properties [Line Items]
Dealer locations | location			19,000
Investments in Equity Investees
Percentage of equity method investment ownership			20%
Maximum
Investments in Equity Investees
Percentage of equity method investment ownership			50%
Meritor Inc.
Business Acquisition [Line Items]
Business Combination, Consideration Transferred	$ 2,861
Meritor Inc. | Rounded Purchase Price Member
Business Acquisition [Line Items]
Business Combination, Consideration Transferred	$ 2,900

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) Foreign Currency, Supp. Cash Flow, Allowance, Inventory - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Foreign Currency Transaction Gain (Loss), before Tax	$ (41)	$ (30)	$ (8)
Cash payments for income taxes, net of refunds	1,175	1,181	903
Cash payments for interest, net of capitalized interest	334	374	$ 184
Allowance for doubtful accounts receivable	$ 66	$ 75
Percentage of total inventory values using LIFO	12%	12%

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 3) PP&E - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment
Depreciation expense on property, plant and equipment	$ 729	$ 691	$ 557
Minimum | Buildings
Property, Plant and Equipment
Property, Plant and Equipment, Useful Life	20 years
Minimum | Machinery, equipment and fixtures
Property, Plant and Equipment
Property, Plant and Equipment, Useful Life	3 years
Maximum | Buildings
Property, Plant and Equipment
Property, Plant and Equipment, Useful Life	40 years
Maximum | Machinery, equipment and fixtures
Property, Plant and Equipment
Property, Plant and Equipment, Useful Life	15 years

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 4) Goodwill - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill
Goodwill	$ 2,370	$ 2,499	$ 2,343
Drivetrain and Braking System Reporting Unit [CBU business]
Goodwill
Percentage of Goodwill Accounted by a Single or aggregated Reporting Unit	31%

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 5) Other Intangibles, Softare and R&D - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Research and Development
Research and development expenses, net of contract reimbursements	$ 1,400	$ 1,400	$ 1,200
Research and Development Arrangement, Contract to Perform for Others, Compensation Earned	$ 72	$ 81	$ 110
Minimum | Other Intangible Assets
Finite Lived Intangible Assets
Finite-Lived Intangible Asset, Useful Life	3 years
Minimum | Software
Finite Lived Intangible Assets
Finite-Lived Intangible Asset, Useful Life	2 years
Maximum | Other Intangible Assets
Finite Lived Intangible Assets
Finite-Lived Intangible Asset, Useful Life	25 years
Maximum | Software
Finite Lived Intangible Assets
Finite-Lived Intangible Asset, Useful Life	12 years

SUMMARY OF SIGNIFICANT ACCOUN_9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 6) Environmental Credits $ in Millions	Dec. 31, 2024 USD ($)
Emission Credits	$ 120
Other Current Assets
Emission Credits	56
Other Intangible Assets
Emission Credits	$ 64

SUMMARY OF SIGNIFICANT ACCOU_10

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 7) Related Party - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Net sales	$ 34,102	$ 34,065	$ 28,074
Trade and other	5,181	5,583
Accounts payable (principally trade)	3,951	4,260
Related Party
Related Party Transaction [Line Items]
Net sales	1,392	1,548	1,197
Related Party Transaction, Purchases from Related Party	2,463	2,628	$ 1,838
Trade and other	432	530
Accounts payable (principally trade)	$ 281	$ 324

SUMMARY OF SIGNIFICANT ACCOU_11

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 8) Supplier Finance Program - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Supplier Finance Program [Line Items]
Supply Chain Financing, Program Maximum	$ 551
Supplier Finance Program, Obligation	142	$ 199	$ 331
Supplier Finance Program, Obligation, Addition	794	1,141
Payments to Suppliers	850	1,274
Supplier Finance Program, Foreign translation adjustments and other	$ (1)	$ 1
Minimum
Supplier Finance Program [Line Items]
Supplier Finance Program, Payment Timing, Period	60 days
Maximum
Supplier Finance Program [Line Items]
Supplier Finance Program, Payment Timing, Period	90 days

SUMMARY OF SIGNIFICANT ACCOU_12

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 9) Financing Receivable $ in Millions	May 24, 2024 USD ($)
Accounting Policies [Abstract]
Maximum Limit for Sale of Eligible Receivables	$ 500

SUMMARY OF SIGNIFICANT ACCOU_13

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 10) Government Assistance	12 Months Ended
	Dec. 31, 2024
Minimum
Government Assistance [Line Items]
Government Assistance, Transaction Duration	1 year
Maximum
Government Assistance [Line Items]
Government Assistance, Transaction Duration	6 years

SUMMARY OF SIGNIFICANT ACCOU_14

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 11) Accounting Pronouncements	12 Months Ended
	Dec. 31, 2024
Accounting Standards Update 2023-07
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 adopted the new standard in the fourth quarter of 2024. The new required disclosures are included in NOTE 25, "OPERATING SEGMENTS."
Accounting Standards Update 2023-09
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. The adoption of this standard is not expected to have a material impact on our Consolidated Financial Statements.
Accounting Standards Update 2024-03
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Description	In November 2024, the FASB issued ASU 2024-03, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40)", which requires public business entities to disclose in the notes to the financial statements more detailed information about the types of expenses included in certain expense captions in the consolidated financial statements, including purchases of inventory, employee compensation, and depreciation and amortization. The amendments are effective for us beginning with our 2027 annual period and in interim periods beginning in 2028. Early adoption is permitted. The ASU may be adopted prospectively or retrospectively. We are currently evaluating the impact of ASU 2024-03 on our Consolidated Financial Statements and related disclosures.

REVENUE RECOGNITION LONG-TERM_3

REVENUE RECOGNITION LONG-TERM CONTRACTS AND DEFERRED AND UNBILLED REVENUE REVENUE RECOGNITION LONG-TERM CONTRATS AND DEFERRED AND UNBILLED REVENUE (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue, Remaining Performance Obligation, Amount	$ 5,400
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	5,400
Unbilled revenue	403	$ 303
Deferred revenue	2,412	2,186
Contract with Customer, Liability, Revenue Recognized	850	$ 733
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue from Contract with Customer [Abstract]
Revenue, Remaining Performance Obligation, Amount	2,500
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 2,500
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue from Contract with Customer [Abstract]
Revenue, Remaining Performance Obligation, Amount	$ 2,900
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 2,900
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	10 years

REVENUE RECOGNITION DISAGGREG_3

REVENUE RECOGNITION DISAGGREGATION OF REVENUES REVENUE RECOGNITION DISAGGREGATION OF REVENUES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Net sales	$ 34,102	$ 34,065	$ 28,074
Heavy-duty truck (EBU market)
Disaggregation of Revenue [Line Items]
Net sales	3,320	3,391	2,995
Medium-duty truck and bus (EBU market)
Disaggregation of Revenue [Line Items]
Net sales	3,100	2,622	2,412
Light-duty automotive (EBU market)
Disaggregation of Revenue [Line Items]
Net sales	1,585	1,748	1,704
On-highway (EBU market)
Disaggregation of Revenue [Line Items]
Net sales	8,005	7,761	7,111
Off-highway (EBU market)
Disaggregation of Revenue [Line Items]
Net sales	982	1,113	1,088
Drivetrain and braking systems [CBU business]
Disaggregation of Revenue [Line Items]
Net sales	4,731	4,822	1,879
Emission solutions (CBU business)
Disaggregation of Revenue [Line Items]
Net sales	3,180	3,425	3,086
Engine Components and Software [CBU business]
Disaggregation of Revenue [Line Items]
Net sales	1,106	1,225	1,030
Automated Transmission [CBU business]
Disaggregation of Revenue [Line Items]
Net sales	588	714	593
Atmus - Filtration (CBU business)
Disaggregation of Revenue [Line Items]
Net sales	289	1,345	1,259
Parts (DBU product line)
Disaggregation of Revenue [Line Items]
Net sales	3,966	4,052	3,809
Power Generation (DBU product line)
Disaggregation of Revenue [Line Items]
Net sales	3,961	2,496	1,767
Service (DBU product line)
Disaggregation of Revenue [Line Items]
Net sales	1,747	1,664	1,555
Engine (DBU product line)
Disaggregation of Revenue [Line Items]
Net sales	1,678	1,987	1,770
Power Generation (PSBU product line)
Disaggregation of Revenue [Line Items]
Net sales	1,896	1,698	1,658
Industrial (PSBU product line)
Disaggregation of Revenue [Line Items]
Net sales	1,130	970	843
Generator technologies (PSBU product lines)
Disaggregation of Revenue [Line Items]
Net sales	474	457	450
Engine
Disaggregation of Revenue [Line Items]
Net sales	11,712	11,684	10,945
Components
Disaggregation of Revenue [Line Items]
Net sales	11,679	13,409	9,736
Distribution
Disaggregation of Revenue [Line Items]
Net sales	11,384	10,249	8,929
Power Systems
Disaggregation of Revenue [Line Items]
Net sales	6,408	5,673	5,033
External Sales | Engine
Disaggregation of Revenue [Line Items]
Net sales	8,987	8,874	8,199
External Sales | Components
Disaggregation of Revenue [Line Items]
Net sales	9,894	11,531	7,847
External Sales | Distribution
Disaggregation of Revenue [Line Items]
Net sales	11,352	10,199	8,901
External Sales | Power Systems
Disaggregation of Revenue [Line Items]
Net sales	3,500	3,125	2,951
UNITED STATES
Disaggregation of Revenue [Line Items]
Net sales	19,422	19,302	15,833
CHINA
Disaggregation of Revenue [Line Items]
Net sales	2,948	3,115	2,390
CHINA | Distribution
Disaggregation of Revenue [Line Items]
Net sales	469	424	351
INDIA
Disaggregation of Revenue [Line Items]
Net sales	1,779	1,678	1,392
INDIA | Distribution
Disaggregation of Revenue [Line Items]
Net sales	310	264	217
OTHER INTERNATIONAL
Disaggregation of Revenue [Line Items]
Net sales	9,953	9,970	8,459
NORTH AMERICA | Distribution
Disaggregation of Revenue [Line Items]
Net sales	7,617	7,054	5,948
ASIA PACIFIC | Distribution
Disaggregation of Revenue [Line Items]
Net sales	1,243	1,091	1,011
EUROPE | Distribution
Disaggregation of Revenue [Line Items]
Net sales	1,179	848	914
AFRICA and MIDDLE EAST | Distribution
Disaggregation of Revenue [Line Items]
Net sales	268	294	250
LATIN AMERICA | Distribution
Disaggregation of Revenue [Line Items]
Net sales	$ 266	$ 224	$ 210

INVESTMENTS IN EQUITY INVESTE_3

INVESTMENTS IN EQUITY INVESTEES (Details 1) Investments in and Earnings from $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2024 USD ($) hp l	Dec. 31, 2024 USD ($) Rate hp l	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Equity, royalty and interest income from investees
Investments and advances to equity method investees	$ 1,889	$ 1,889	$ 1,800
Investment account representing cumulative undistributed income in equity investees	827	827
Dividends from the unconsolidated equity investees		308	257	$ 318
Equity, royalty and interest income from investees		395	483	349
Equity Method Investment, Other than Temporary Impairment	17	17		31
Total Joint Venture Contribution to Date	211	211
Total Remaining Joint Venture Contribution	$ 619	$ 619
Long-Term Purchase Commitment, Percentage of Output | Rate		33%
Minimum
Equity, royalty and interest income from investees
Ownership percentage	20%	20%
Maximum
Equity, royalty and interest income from investees
Ownership percentage	50%	50%
Royalty and interest income
Equity, royalty and interest income from investees
Equity, royalty and interest income from investees		$ 99	144	125
Komatsu Manufacturing Alliances
Equity, royalty and interest income from investees
Investments and advances to equity method investees	$ 322	$ 322	331
Komatsu Manufacturing Alliances | Minimum
Equity, royalty and interest income from investees
Ownership percentage	20%	20%
Komatsu Manufacturing Alliances | Maximum
Equity, royalty and interest income from investees
Ownership percentage	50%	50%
Amplify Cell Technologies, LLC
Equity, royalty and interest income from investees
Ownership percentage	30%	30%
Investments and advances to equity method investees	$ 187	$ 187	0
Beijing Foton Cummins Engine Company
Equity, royalty and interest income from investees
Ownership percentage	50%	50%
Investments and advances to equity method investees	$ 185	$ 185	194
Equity, royalty and interest income from investees		$ 42	47	37
Beijing Foton Cummins Engine Company (Light-Duty) | Minimum
Equity, royalty and interest income from investees
Capacity of mechanical engines (in liters) | l	2.5	2.5
Beijing Foton Cummins Engine Company (Light-Duty) | Maximum
Equity, royalty and interest income from investees
Capacity of mechanical engines (in liters) | l	4.5	4.5
Beijing Foton Cummins Engine Company (Heavy-Duty) | Minimum
Equity, royalty and interest income from investees
Capacity of mechanical engines (in liters) | l	7	7
Beijing Foton Cummins Engine Company (Heavy-Duty) | Maximum
Equity, royalty and interest income from investees
Capacity of mechanical engines (in liters) | l	14.5	14.5
Sistemas Automotrices de Mexico S.A. de C.V.
Equity, royalty and interest income from investees
Ownership percentage	50%	50%
Investments and advances to equity method investees	$ 150	$ 150	149
Dongfeng Cummins Engine Company Ltd
Equity, royalty and interest income from investees
Ownership percentage	50%	50%
Investments and advances to equity method investees	$ 128	$ 128	128
Equity, royalty and interest income from investees		$ 66	65	45
Dongfeng Cummins Engine Company Ltd | Minimum
Equity, royalty and interest income from investees
Capacity of mechanical engines (in liters) | l	3.9	3.9
Power of mechanical engines (in horsepower) | hp	80	80
Dongfeng Cummins Engine Company Ltd | Maximum
Equity, royalty and interest income from investees
Capacity of mechanical engines (in liters) | l	14.5	14.5
Power of mechanical engines (in horsepower) | hp	760	760
Automated Axles Limited
Equity, royalty and interest income from investees
Ownership percentage	36%	36%
Investments and advances to equity method investees	$ 123	$ 123	125
Chongqing Cummins Engine Company Ltd
Equity, royalty and interest income from investees
Ownership percentage	50%	50%
Investments and advances to equity method investees	$ 120	$ 120	110
Equity, royalty and interest income from investees		$ 60	36	32
Tata Cummins Ltd
Equity, royalty and interest income from investees
Ownership percentage	50%	50%
Investments and advances to equity method investees	$ 96	$ 96	89
Equity, royalty and interest income from investees		$ 31	29	27
Tata Cummins Ltd | Minimum
Equity, royalty and interest income from investees
Capacity of mechanical engines (in liters) | l	3.8	3.8
Power of mechanical engines (in horsepower) | hp	75	75
Tata Cummins Ltd | Maximum
Equity, royalty and interest income from investees
Capacity of mechanical engines (in liters) | l	8.9	8.9
Power of mechanical engines (in horsepower) | hp	400	400
Cummins Scania X P I Manufacturing LLC
Equity, royalty and interest income from investees
Ownership percentage	50%	50%
Investments and advances to equity method investees	$ 88	$ 88	85
Freios Master
Equity, royalty and interest income from investees
Ownership percentage	49%	49%
Investments and advances to equity method investees	$ 78	$ 78	84
Other Distributors and Manufacturers
Equity, royalty and interest income from investees
Investments and advances to equity method investees	$ 412	412	505
Manufacturing - All other manufacturers
Equity, royalty and interest income from investees
Equity, royalty and interest income from investees		25	91	28
Komatsu Cummins Chile Ltda
Equity, royalty and interest income from investees
Equity, royalty and interest income from investees		55	55	44
All other distributors
Equity, royalty and interest income from investees
Equity, royalty and interest income from investees		17	16	11
Cummins' Share of Equity Earnings
Equity, royalty and interest income from investees
Equity, royalty and interest income from investees		$ 296	$ 339	224
Joint venture with KAMAZ
Equity, royalty and interest income from investees
Equity Method Investment, Other than Temporary Impairment				28
Royalty charges
Equity, royalty and interest income from investees
Equity Method Investment, Other than Temporary Impairment				$ 3
Battery Joint Venture Commitment
Equity, royalty and interest income from investees
Ownership percentage			30%
Partners Investment Ownership Percentage			10%

INVESTMENTS IN EQUITY INVESTE_4

INVESTMENTS IN EQUITY INVESTEES (Details 2) Equity Investee Financial Summary - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Equity, royalty and interest income from investees
Net sales	$ 34,102	$ 34,065	$ 28,074
Gross Margin	8,439	8,249	6,719
Net income	4,068	840	2,183
Cummins share of net income	3,946	735	2,151
Equity, royalty and interest income from investees (Note 3)	395	483	349
Assets, Current	14,752	15,198
Liabilities, Current	11,234	12,903
Net assets	15,244	13,340
Cummins share of net assets	1,866	1,786
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Equity, royalty and interest income from investees
Net sales	11,190	9,998	7,501
Gross Margin	1,760	1,597	1,211
Net income	860	677	475
Cummins share of net income	296	339	224
Royalty and interest income	99	144	$ 125
Assets, Current	6,626	4,922
Assets, Noncurrent	2,597	2,021
Liabilities, Current	4,203	3,812
Liabilities, Noncurrent	549	432
Net assets	$ 4,471	$ 2,699

INCOME TAXES (Details 1) Inc. B

INCOME TAXES (Details 1) Inc. Before Taxes, Components of Tax Expense, Rate Recon., Effective Tax rate Discussion - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income before income taxes:
U.S. income		$ 2,857	$ (541)	$ 1,336
Foreign income		2,046	2,167	1,483
INCOME BEFORE INCOME TAXES		4,903	1,626	2,819
Current:
U.S. federal and state		433	611	425
Foreign		611	632	485
Total current		1,044	1,243	910
Deferred:
U.S. federal and state		(241)	(468)	(229)
Foreign		32	11	(45)
Total deferred		(209)	(457)	(274)
Income tax expense		$ 835	$ 786	$ 636
Reconciliation of the income tax provision
Statutory U.S. federal income tax rate		21%	21%	21%
State income tax, net of federal effect		1.20%	(0.40%)	1.30%
Differences in rates and taxability of foreign subsidiaries and joint ventures		4.20%	11.90%	3.10%
Research tax credits		(1.50%)	(4.70%)	(1.80%)
Foreign derived intangible income		(1.30%)	(4.20%)	(2.00%)
Settlement Agreements, Federal Impact Rate		0%	22.40%	0%
Settlements Agreements, State Impact Rate		0%	2.10%	0%
Non-taxable Atmus gain impact		(6.10%)	0%	0%
Other, net		(0.50%)	0.20%	1%
Effective Income Tax Rate Reconciliation, Percent		17%	48.30%	22.60%
Gain (Loss) on Disposition of Business		$ 1,333	$ 0	$ 0
Discrete Tax income (expense) Items		(59)	397	0
Income Tax Provision to Return Adjustment Expense (Benefit)		(52)	(21)	15
Share-based compensation tax (benefit)		(22)	(5)
Audit Settlement Adjustment Expense (Benefit)		(21)
Tax Adjustments, Settlements, and Unusual Provisions		(20)
Strategic Reorganization Action Discrete Charges		50
Net Discrete Tax income (expense) Items		6	3	(9)
Unfavorable discrete items for the Settlement Agreements			398
Loss Contingency, Loss in Period	$ 2,000		2,000
Favorable (unfavorable) adjustments for uncertain tax positions			$ 22
Income Tax Withholding Tax Adjustments				(31)
Income Tax Expense (Benefit), Adjustment of Deferred Tax (Asset) Liability				(29)
Valuation allowance adjustments				(15)
Tax costs associated with internal restructuring				$ 69
Undistributed Earnings of Foreign Subsidiaries		$ 5,600

INCOME TAXES (Details 2) Carryf

INCOME TAXES (Details 2) Carryforward Deferred Tax Asset/Liability, BS Disclosure, Recon. of Unrecognized Tax Benefits - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
U.S. and state carryforward benefits	$ 254	$ 272
Foreign carryforward benefits	653	609
Employee benefit plans	308	347
Warranty expenses	545	483
Lease liabilities	109	125
Capitalized research and development expenditures	805	591
Accrued expenses	207	253
Other	139	78
Gross deferred tax assets	3,020	2,758
Valuation allowance	(872)	(789)	$ (704)
Deferred Tax Assets, Net of Valuation Allowance	2,148	1,969
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	83	85	344
Deferred tax liabilities:
Property, plant and equipment	(371)	(367)
Unremitted income of foreign subsidiaries and joint ventures	(162)	(179)
Employee benefit plans	(289)	(278)
Lease assets	(109)	(123)
Deferred Tax Liabilities, Intangible Assets	(315)	(406)
Other	(172)	(64)
Deferred Tax Liabilities, Gross	(1,418)	(1,417)
Deferred Tax Assets, Net	730	552
Balance Sheet Related Disclosures
Refundable income taxes	121	81
Deferred income taxes	1,119	1,082
Long-term refundable income taxes	47	27
Taxes Payable, Current	244	242
Taxes Payable, Non-Current	5	111
Deferred Tax Liabilities, Net	389	530
Reconciliation of unrecognized tax benefits
Beginning balance	330	283	89
Unrecognized Tax Benefits, Increase Resulting from Acquisition	0	8	189
Additions to current year tax positions	21	21	17
Additions to prior years' tax positions	9	19	17
Reductions to prior years' tax positions	(18)	(1)	(1)
Reductions for tax positions due to settlements with taxing authorities	(38)	0	(28)
Ending balance	304	330	283
Unrecognized tax benefits that would impact effective tax rate	289	314	270
Unrecognized tax benefits, interest accrued	$ 31	$ 33	$ 18

MARKETABLE SECURITIES (Details)

MARKETABLE SECURITIES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Available-for-sale Securities
Debt Securities, Available-for-sale, Amortized Cost	$ 41	$ 16
Debt Securities, Available-for-sale, Unrealized Gain (Loss)	0	0
Debt Securities, Available-for-sale	41	16
Debt Securities, Trading, and Equity Securities, FV-NI, Cost	591	556
Marketable Securities, Unrealized Gain (Loss)	2	6
Marketable securities (Note 5)	593	562
Proceeds from Sale of Held-to-maturity Securities	1,227	1,075	$ 750
Proceeds from maturities of marketable securities	233	259	401
Proceeds from Sale and Maturity of Marketable Securities	1,460	1,334	$ 1,151
Exchange Traded Funds
Schedule of Available-for-sale Securities
Equity Securities, cost	7	0
Equity Securities, Unrealized Gain (Loss)	(6)	0
Equity Securities, Fair Value	1	0
Debt mutual funds
Schedule of Available-for-sale Securities
Equity Securities, cost	262	272
Equity Securities, Unrealized Gain (Loss)	1	0
Equity Securities, Fair Value	263	272
Certificates of Deposit
Schedule of Available-for-sale Securities
Equity Securities, cost	262	246
Equity Securities, Unrealized Gain (Loss)	0	0
Equity Securities, Fair Value	262	246
Equity Mutual Funds
Schedule of Available-for-sale Securities
Equity Securities, cost	19	22
Equity Securities, Unrealized Gain (Loss)	7	6
Equity Securities, Fair Value	$ 26	$ 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	3 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2022	Dec. 31, 2023
Inventory Disclosure [Abstract]
Finished products	$ 2,875		$ 2,770
Work-in-process and raw materials	3,086		3,156
Inventories at FIFO cost	5,961		5,926
Excess of FIFO over LIFO	(219)		(249)
Total inventories	5,742		$ 5,677
Inventory Write-down	$ 107	$ 17

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment
Property, plant and equipment, gross	$ 11,796	$ 11,796	$ 11,674
Accumulated depreciation	(5,440)	(5,440)	(5,425)
Property, plant and equipment, net	6,356	6,356	6,249
Impairment of Long-Lived Assets to be Disposed of	61	61
Land and buildings
Property, Plant and Equipment
Property, plant and equipment, gross	3,012	3,012	3,039
Machinery, equipment and fixtures
Property, Plant and Equipment
Property, plant and equipment, gross	7,266	7,266	7,245
Construction in process
Property, Plant and Equipment
Property, plant and equipment, gross	$ 1,518	$ 1,518	$ 1,390

LEASES FOOTNOTE DISCLOSURE LE_3

LEASES FOOTNOTE DISCLOSURE LEASES FOOTNOTE DISCLOSURE (Details 1)	Dec. 31, 2024
Real Estate | Minimum
Operating Leased Assets [Line Items]
Lessee, Operating Lease, Term of Contract	2 years
Real Estate | Maximum
Operating Leased Assets [Line Items]
Lessee, Operating Lease, Term of Contract	50 years
Lessee, Operating Lease, Renewal Term	10 years
Equipment | Minimum
Operating Leased Assets [Line Items]
Lessee, Operating Lease, Term of Contract	2 years
Equipment | Maximum
Operating Leased Assets [Line Items]
Lessee, Operating Lease, Term of Contract	3 years

LEASES FOOTNOTE DISCLOSURE LE_4

LEASES FOOTNOTE DISCLOSURE LEASES FOOTNOTE DISCLOSURE (Details 2) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Lessee, Lease, Cost
Operating Lease, Cost	$ 187	$ 165	$ 160
Finance Lease, Right-of-Use Asset, Amortization	26	20	19
Finance Lease, Interest Expense	7	4	4
Short-term Lease, Cost	41	24	23
Variable Lease, Cost	17	14	12
Lease, Cost	278	227	218
Lessee, Lease, Description [Line Items]
Total leased assets	653	616
Operating Lease, Liability	539
Operating lease liabilities	409	374
Total Lease Liabilities	664	623
Finance Lease, Right-of-Use Asset, Accumulated Amortization	80	77
Operating Lease, Right-of-Use Asset	532	501
Lessee, Lease, Supplemental Cash Flow Information
Operating cash flows from operating leases	176	148	151
Operating cash flows from finance leases	7	4	4
Financing cash flows from finance leases	23	35	16
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	268	153	148
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability	$ 43	$ 12	$ 29
Lessee, Lease, Other Information
Operating Lease, Weighted Average Remaining Lease Term	5 years 10 months 24 days	5 years 2 months 12 days
Finance Lease, Weighted Average Remaining Lease Term	7 years 9 months 18 days	8 years 7 months 6 days
Operating Lease, Weighted Average Discount Rate, Percent	4.60%	4.20%
Finance Lease, Weighted Average Discount Rate, Percent	6%	5%
Lessee, Lease, Financing
2025	$ 26
2026	23
2027	20
2028	17
2029	14
After 2029	58
Total minimum lease payments	158
Finance Lease, Liability, Undiscounted Excess Amount	(33)
Present value of net minimum lease payments	125	$ 111
Lessee, Lease, Operating
2025	150
2026	123
2027	98
2028	69
2029	45
After 2029	137
Total minimum lease payments	622
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	(83)
Operating Lease, Liability	539
Other assets
Lessee, Lease, Description [Line Items]
Operating Lease, Right-of-Use Asset	532	501
Property, plant and equipment, net
Lessee, Lease, Description [Line Items]
Finance Lease, Right-of-Use Asset	121	115
Other accrued expenses
Lessee, Lease, Description [Line Items]
Operating Lease, Liability	130	138
Lessee, Lease, Operating
Operating Lease, Liability	130	138
Current maturities of long-term debt
Lessee, Lease, Description [Line Items]
Finance Lease, Liability, Current	20	17
Other liabilities
Lessee, Lease, Description [Line Items]
Operating lease liabilities	409	374
Long-term debt
Lessee, Lease, Description [Line Items]
Finance Lease, Liability, noncurrent	$ 105	$ 94

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS (Details 1) Goodwill rollforward - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Changes in the carrying amount of goodwill
Balance at beginning of period	$ 2,499	$ 2,343
Acquisitions	35	144
Translation and other	(50)	12
Goodwill, Written off Related to Sale of Business Unit	(114)
Balance at end of period	2,370	2,499
Components
Changes in the carrying amount of goodwill
Balance at beginning of period	1,884	1,752
Acquisitions	2	122
Translation and other	(48)	10
Goodwill, Written off Related to Sale of Business Unit	(114)
Balance at end of period	1,724	1,884
Accelera
Changes in the carrying amount of goodwill
Balance at beginning of period	496	495
Acquisitions	0	0
Translation and other	(2)	1
Goodwill, Written off Related to Sale of Business Unit	0
Balance at end of period	494	496
Distribution
Changes in the carrying amount of goodwill
Balance at beginning of period	83	79
Acquisitions	0	4
Translation and other	0	0
Goodwill, Written off Related to Sale of Business Unit	0
Balance at end of period	83	83
Power Systems
Changes in the carrying amount of goodwill
Balance at beginning of period	11	11
Acquisitions	33	0
Translation and other	0	0
Goodwill, Written off Related to Sale of Business Unit	0
Balance at end of period	44	11
Engine
Changes in the carrying amount of goodwill
Balance at beginning of period	25	6
Acquisitions	0	18
Translation and other	0	1
Goodwill, Written off Related to Sale of Business Unit	0
Balance at end of period	$ 25	$ 25

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS (Details 2) Intangible Assets and Projected Amortization - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Finite Lived Intangible Assets
Other Intangible Assets, Net	$ 2,351	$ 2,351	$ 2,519
Amortization expense for software and other intangibles		324	324	$ 223
Impairment of Intangible Assets, Finite-Lived	84
Projected amortization expense
2025	320	320
2026	308	308
2027	293	293
2028	266	266
2029	232	232
Other Intangible Assets
Finite Lived Intangible Assets
Indefinite-Lived Intangible Assets (Excluding Goodwill)	64	64	20
Software
Finite Lived Intangible Assets
Intangible Assets Gross (software and other intangibles)	793	793	622
Less: Accumulated amortization	(372)	(372)	(323)
Intangible asset, Net	421	421	299
Other Intangible Assets
Finite Lived Intangible Assets
Intangible Assets Gross (software and other intangibles)	2,685	2,685	2,866
Less: Accumulated amortization	(819)	(819)	(666)
Intangible asset, Net	$ 1,866	$ 1,866	$ 2,200

PENSION AND OTHER POSTRETIREM_3

PENSION AND OTHER POSTRETIREMENT BENEFITS (Details 1) -Obligations, Assets and Funded Status $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) country	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Amounts recognized in consolidated balance sheets
Pension assets	$ 1,189	$ 1,197
Liability, Defined Benefit Pension Plan, Noncurrent	(503)	(530)
UNITED STATES
Change in benefit obligation
Benefit obligation at the beginning of the year	3,381	3,171
Service cost	142	117	$ 137
Interest cost	167	168	101
Actuarial (gain) loss	(163)	172
Benefits paid directly by employer or from fund	(328)	(223)
Plan amendment	0	1
Benefit obligation at the end of the year	3,167	3,381	3,171
Change in plan assets
Fair value of plan assets at the beginning of the year	3,826	3,828
Actual return on plan assets	178	221
Employer contributions	30	0
Benefits paid from Fund	(328)	(223)
Exchange rate changes	0	0
Fair value of plan assets at the end of the year	3,706	3,826	3,828
Funded status
Funded status at end of year	539	445
Amounts recognized in consolidated balance sheets
Pension assets	1,071	1,002
Accrued compensation, benefits and retirement costs	(29)	(27)
Liability, Defined Benefit Pension Plan, Noncurrent	(503)	(530)
Net amount recognized	539	445
Amounts recognized in accumulated other comprehensive loss consist of:
Net actuarial loss (gain)	429	493
Prior service cost (credit)	6	8
Net amount recognized	435	501
UNITED STATES | Nonqualified Plan
Change in benefit obligation
Benefits paid directly by employer or from fund	(32)	(25)
UNITED KINGDOM
Change in benefit obligation
Benefit obligation at the beginning of the year	1,525	1,398
Service cost	18	17	30
Interest cost	71	70	39
Actuarial (gain) loss	(133)	47
Benefits paid directly by employer or from fund	(108)	(87)
Plan amendment	0	0
Exchange rate changes	(23)	80
Benefit obligation at the end of the year	1,350	1,525	1,398
Change in plan assets
Fair value of plan assets at the beginning of the year	1,720	1,670
Actual return on plan assets	(128)	(51)
Employer contributions	9	90
Benefits paid from Fund	(108)	(87)
Exchange rate changes	(25)	98
Fair value of plan assets at the end of the year	1,468	1,720	1,670
Funded status
Funded status at end of year	118	195
Amounts recognized in consolidated balance sheets
Pension assets	118	195
Accrued compensation, benefits and retirement costs	0	0
Liability, Defined Benefit Pension Plan, Noncurrent	0	0
Net amount recognized	118	195
Amounts recognized in accumulated other comprehensive loss consist of:
Net actuarial loss (gain)	691	606
Prior service cost (credit)	7	8
Net amount recognized	698	614
Other Pension Plan
Change in plan assets
Employer contributions	$ 21	16
Less Significant Defined Benefit or Other Postretirement Plans Applicable to Number of Countries | country	15
Maximum Percentage of Defined Benefit Plans Assets Included in Other Liabilities and Deferred Revenue	5%
Maximum Percentage of Defined Benefit Plans, Obligations Included in Other Liabilities and Deferred Revenue	6%
Other Postretirement Benefit Plan
Change in benefit obligation
Benefit obligation at the beginning of the year	$ 150	162
Interest cost	7	9	5
Plan participants' contributions	8	18
Actuarial (gain) loss	(18)	(2)
Benefits paid directly by employer or from fund	(27)	(37)
Benefit obligation at the end of the year	$ 120	$ 150	$ 162
Change in plan assets
Less Significant Defined Benefit or Other Postretirement Plans Applicable to Number of Countries | country	5
Maximum Percentage of Defined Benefit Plans, Obligations Included in Other Liabilities and Deferred Revenue	17%	16%
Funded status
Funded status at end of year	$ (120)	$ (150)
Amounts recognized in consolidated balance sheets
Accrued compensation, benefits and retirement costs	(16)	(19)
Liability, Other Postretirement Defined Benefit Plan, Noncurrent	(104)	(131)
Net amount recognized	(120)	(150)
Amounts recognized in accumulated other comprehensive loss consist of:
Net actuarial loss (gain)	(60)	(44)
Prior service cost (credit)	(3)	(3)
Net amount recognized	$ (63)	$ (47)

PENSION AND OTHER POSTRETIREM_4

PENSION AND OTHER POSTRETIREMENT BENEFITS (Details 2) - Components of Net Periodic Pension Cost - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
UNITED STATES
Pension and other postretirement benefits
Defined Benefit Plan, Accumulated Benefit Obligation	$ 3,132	$ 3,334
Plans with accumulated benefit obligation in excess of plan assets:
ABO	1,007	1,067
Plans with projected benefit obligation in excess of plan assets:
PBO	1,042	1,116
Components of Net Periodic Benefit Cost
Service cost	142	117	$ 137
Interest cost	167	168	101
Expected return on plan assets	(290)	(277)	(229)
Amortization of prior service cost	2	2	1
Recognized net actuarial loss (gain)	13	8	23
Defined Benefit Plan and OPEB, Net Periodic Benefit Cost (Credit), Total	34	18	33
Changes in benefit obligations and plan assets recognized in other comprehensive income
Foreign currency translation adjustments	0	0
UNITED KINGDOM
Pension and other postretirement benefits
Defined Benefit Plan, Accumulated Benefit Obligation	1,334	1,504
Plans with accumulated benefit obligation in excess of plan assets:
ABO	0	0
Plans with projected benefit obligation in excess of plan assets:
PBO	0	0
Components of Net Periodic Benefit Cost
Service cost	18	17	30
Interest cost	71	70	39
Expected return on plan assets	(102)	(105)	(87)
Amortization of prior service cost	1	1	1
Recognized net actuarial loss (gain)	12	0	3
Defined Benefit Plan and OPEB, Net Periodic Benefit Cost (Credit), Total	0	(17)	(14)
Changes in benefit obligations and plan assets recognized in other comprehensive income
Foreign currency translation adjustments	(25)	98
Pension Plan
Changes in benefit obligations and plan assets recognized in other comprehensive income
Amortization of prior service cost	(3)	(3)	(2)
Recognized actuarial (loss) gain	(25)	(8)	(26)
Incurred prior service cost	0	1	3
Incurred actuarial loss (gain)	46	432	173
Total recognized in other comprehensive loss	18	422	148
Total recognized in net periodic pension cost and other comprehensive loss	52	423	167
Other Postretirement Benefit Plan
Components of Net Periodic Benefit Cost
Interest cost	7	9	5
Recognized net actuarial loss (gain)	(3)	(2)	0
Defined Benefit Plan and OPEB, Net Periodic Benefit Cost (Credit), Total	4	7	5
Changes in benefit obligations and plan assets recognized in other comprehensive income
Recognized actuarial (loss) gain	3	2	0
Incurred actuarial loss (gain)	(19)	(2)	(25)
Total recognized in other comprehensive loss	(16)	0	(25)
Total recognized in net periodic pension cost and other comprehensive loss	$ (12)	$ 7	$ (20)

PENSION AND OTHER POSTRETIREM_5

PENSION AND OTHER POSTRETIREMENT BENEFITS (Details 3) - Assumptions and Plan Asset Targets		12 Months Ended
	Jan. 01, 2025 Rate	Dec. 31, 2024 Rate	Dec. 31, 2023 Rate	Dec. 31, 2022 Rate
UNITED STATES
Assumptions Used in Determining the Pension Benefit Obligation
Discount rate PBO (as a percent)		5.69%	5.15%
Cash balance crediting rate		4.51%	4.55%
Compensation increase rate (as a percent)		5.32%	5.34%
Assumptions Used in Determining the Net Periodic Pension Cost and OPEB
Discount rate net periodic benefit cost (as a percent)		5.15%	5.55%	3.31%
Expected return on plan assets (as a percent)		7.25%	7%	6.50%
Compensation increase rate (as a percent)		5.34%	5.35%	2.71%
Target Allocations
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage		100%
Asset allocation covers exposure to changes in portion of discount rate (as a percent)		100%
UNITED STATES | U.S. equities
Target Allocations
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage		7%
UNITED STATES | Non-U.S. Equity
Target Allocations
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage		3%
UNITED STATES | Global Equities
Target Allocations
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage		5%
UNITED STATES | Equity Securities
Target Allocations
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage		15%
UNITED STATES | Real Assets
Target Allocations
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage		5%
UNITED STATES | Private Markets
Target Allocations
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage		5%
UNITED STATES | Opportunistic credit
Target Allocations
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage		4%
UNITED STATES | Fixed Income Funds
Target Allocations
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage		71%
UNITED KINGDOM
Assumptions Used in Determining the Pension Benefit Obligation
Discount rate PBO (as a percent)		5.62%	4.72%
Cash balance crediting rate		0%	0%
Compensation increase rate (as a percent)		3.75%	3.75%
Assumptions Used in Determining the Net Periodic Pension Cost and OPEB
Discount rate net periodic benefit cost (as a percent)		4.72%	4.99%	2.26%
Expected return on plan assets (as a percent)		5%	5%	4.01%
Compensation increase rate (as a percent)		3.75%	3.75%	3.75%
Target Allocations
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage		100%
UNITED KINGDOM | Real Assets
Target Allocations
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage		6%
UNITED KINGDOM | Private Markets
Target Allocations
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage		5%
UNITED KINGDOM | Fixed Income Funds
Target Allocations
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage		78%
Hedged Exposure to Interest Rates		91%
Hedged Exposure to Inflation		92%
UNITED KINGDOM | Credit
Target Allocations
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage		8%
UNITED KINGDOM | Diversified strategies
Target Allocations
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage		1%
UNITED KINGDOM | Cash
Target Allocations
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage		2%
Other Postretirement Benefit Plan
Assumptions Used in Determining the Pension Benefit Obligation
Discount rate PBO (as a percent)		5.60%	5.19%
Assumptions Used in Determining the Net Periodic Pension Cost and OPEB
Discount rate net periodic benefit cost (as a percent)		5.19%	5.59%	2.93%
Defined Benefit Plan, Assumed Health Care Cost Trend Rates
Annual rate of increase in the per capita cost of covered health care benefits		6.75%
Scenario, Forecast | UNITED STATES
Assumptions Used in Determining the Net Periodic Pension Cost and OPEB
Expected return on plan assets (as a percent)	7%
Scenario, Forecast | UNITED KINGDOM
Assumptions Used in Determining the Net Periodic Pension Cost and OPEB
Expected return on plan assets (as a percent)	5%
Scenario, Forecast | Other Postretirement Benefit Plan
Defined Benefit Plan, Assumed Health Care Cost Trend Rates
Ultimate per capita trend rate for health care costs	5%

PENSION AND OTHER POSTRETIREM_6

PENSION AND OTHER POSTRETIREMENT BENEFITS (Details 4) - Fair Value of Plan Assets - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
UNITED STATES
Pension and other postretirement benefits
Fair value of plan assets	$ 3,706	$ 3,826	$ 3,828
Pending Trade Purchases, Sales	(2)	(16)
Accrued Investment Income Receivable	12	10
UNITED STATES | U.S. Equity
Pension and other postretirement benefits
Fair value of plan assets	168	73
UNITED STATES | Non-U.S. Equity
Pension and other postretirement benefits
Fair value of plan assets	31	36
UNITED STATES | Government debt
Pension and other postretirement benefits
Fair value of plan assets	105	157
UNITED STATES | Domestic Corporate Debt Securities
Pension and other postretirement benefits
Fair value of plan assets	600	603
UNITED STATES | Foreign Corporate Debt Securities
Pension and other postretirement benefits
Fair value of plan assets	36	49
UNITED STATES | Asset-backed Securities
Pension and other postretirement benefits
Fair value of plan assets	13	8
UNITED STATES | Net cash equivalents
Pension and other postretirement benefits
Fair value of plan assets	388	467
UNITED STATES | Private markets and real assets (2)
Pension and other postretirement benefits
Fair value of plan assets	500	604
UNITED STATES | Fair Value, Inputs, Level 1
Pension and other postretirement benefits
Fair value of plan assets	587	576
UNITED STATES | Fair Value, Inputs, Level 1 | U.S. Equity
Pension and other postretirement benefits
Fair value of plan assets	168	73
UNITED STATES | Fair Value, Inputs, Level 1 | Non-U.S. Equity
Pension and other postretirement benefits
Fair value of plan assets	31	36
UNITED STATES | Fair Value, Inputs, Level 1 | Government debt
Pension and other postretirement benefits
Fair value of plan assets	0	0
UNITED STATES | Fair Value, Inputs, Level 1 | Domestic Corporate Debt Securities
Pension and other postretirement benefits
Fair value of plan assets	0	0
UNITED STATES | Fair Value, Inputs, Level 1 | Foreign Corporate Debt Securities
Pension and other postretirement benefits
Fair value of plan assets	0	0
UNITED STATES | Fair Value, Inputs, Level 1 | Asset-backed Securities
Pension and other postretirement benefits
Fair value of plan assets	0	0
UNITED STATES | Fair Value, Inputs, Level 1 | Net cash equivalents
Pension and other postretirement benefits
Fair value of plan assets	388	467
UNITED STATES | Significant other observable inputs Level 2
Pension and other postretirement benefits
Fair value of plan assets	754	817
UNITED STATES | Significant other observable inputs Level 2 | U.S. Equity
Pension and other postretirement benefits
Fair value of plan assets		0
UNITED STATES | Significant other observable inputs Level 2 | Non-U.S. Equity
Pension and other postretirement benefits
Fair value of plan assets		0
UNITED STATES | Significant other observable inputs Level 2 | Government debt
Pension and other postretirement benefits
Fair value of plan assets	105	157
UNITED STATES | Significant other observable inputs Level 2 | Domestic Corporate Debt Securities
Pension and other postretirement benefits
Fair value of plan assets	600	603
UNITED STATES | Significant other observable inputs Level 2 | Foreign Corporate Debt Securities
Pension and other postretirement benefits
Fair value of plan assets	36	49
UNITED STATES | Significant other observable inputs Level 2 | Asset-backed Securities
Pension and other postretirement benefits
Fair value of plan assets	13	8
UNITED STATES | Significant other observable inputs Level 2 | Net cash equivalents
Pension and other postretirement benefits
Fair value of plan assets	0	0
UNITED STATES | Fair Value, Inputs, Level 3
Pension and other postretirement benefits
Fair value of plan assets	500	604	641
UNITED STATES | Fair Value, Inputs, Level 3 | Real Assets
Pension and other postretirement benefits
Fair value of plan assets	59	67	82
UNITED STATES | Fair Value, Inputs, Level 3 | Private markets and real assets (2)
Pension and other postretirement benefits
Fair value of plan assets	500	604
UNITED STATES | Fair Value, Inputs, Level 1, 2 and 3
Pension and other postretirement benefits
Fair value of plan assets	1,841	1,997
UNITED STATES | Fair Value Measured at Net Asset Value Per Share
Pension and other postretirement benefits
Fair value of plan assets	1,855	1,835
UNITED STATES | Fair Value Measured at Net Asset Value Per Share | Government debt
Pension and other postretirement benefits
Fair value of plan assets	235	257
UNITED STATES | Fair Value Measured at Net Asset Value Per Share | Asset-backed Securities
Pension and other postretirement benefits
Fair value of plan assets	327	307
UNITED STATES | Fair Value Measured at Net Asset Value Per Share | Corporate Debt Securities
Pension and other postretirement benefits
Fair value of plan assets	912	915
UNITED STATES | Fair Value Measured at Net Asset Value Per Share | Global Equities
Pension and other postretirement benefits
Fair value of plan assets	260	222
UNITED STATES | Fair Value Measured at Net Asset Value Per Share | Real Assets
Pension and other postretirement benefits
Fair value of plan assets	121	134
UNITED KINGDOM
Pension and other postretirement benefits
Fair value of plan assets	1,468	1,720	1,670
Pending Trade Purchases, Sales	1	1
Accrued Investment Income Receivable	2	2
UNITED KINGDOM | U.S. Equity
Pension and other postretirement benefits
Fair value of plan assets		12
UNITED KINGDOM | Non-U.S. Equity
Pension and other postretirement benefits
Fair value of plan assets		8
UNITED KINGDOM | Government debt
Pension and other postretirement benefits
Fair value of plan assets	204	232
UNITED KINGDOM | Domestic Corporate Debt Securities
Pension and other postretirement benefits
Fair value of plan assets	32	30
UNITED KINGDOM | Foreign Corporate Debt Securities
Pension and other postretirement benefits
Fair value of plan assets	93	95
UNITED KINGDOM | Net cash equivalents
Pension and other postretirement benefits
Fair value of plan assets	25	35
UNITED KINGDOM | Insurance
Pension and other postretirement benefits
Fair value of plan assets	383	436
UNITED KINGDOM | Private markets and real assets (2)
Pension and other postretirement benefits
Fair value of plan assets	102	103
UNITED KINGDOM | Fair Value, Inputs, Level 1
Pension and other postretirement benefits
Fair value of plan assets	11	37
UNITED KINGDOM | Fair Value, Inputs, Level 1 | U.S. Equity
Pension and other postretirement benefits
Fair value of plan assets		12
UNITED KINGDOM | Fair Value, Inputs, Level 1 | Non-U.S. Equity
Pension and other postretirement benefits
Fair value of plan assets		8
UNITED KINGDOM | Fair Value, Inputs, Level 1 | Net cash equivalents
Pension and other postretirement benefits
Fair value of plan assets	11	17
UNITED KINGDOM | Significant other observable inputs Level 2
Pension and other postretirement benefits
Fair value of plan assets	343	375
UNITED KINGDOM | Significant other observable inputs Level 2 | Government debt
Pension and other postretirement benefits
Fair value of plan assets	204	232
UNITED KINGDOM | Significant other observable inputs Level 2 | Domestic Corporate Debt Securities
Pension and other postretirement benefits
Fair value of plan assets	32	30
UNITED KINGDOM | Significant other observable inputs Level 2 | Foreign Corporate Debt Securities
Pension and other postretirement benefits
Fair value of plan assets	93	95
UNITED KINGDOM | Significant other observable inputs Level 2 | Net cash equivalents
Pension and other postretirement benefits
Fair value of plan assets	14	18
UNITED KINGDOM | Fair Value, Inputs, Level 3
Pension and other postretirement benefits
Fair value of plan assets	485	539	818
UNITED KINGDOM | Fair Value, Inputs, Level 3 | Real Assets
Pension and other postretirement benefits
Fair value of plan assets	6	7	8
UNITED KINGDOM | Fair Value, Inputs, Level 3 | Insurance
Pension and other postretirement benefits
Fair value of plan assets	383	436	$ 428
UNITED KINGDOM | Fair Value, Inputs, Level 3 | Private markets and real assets (2)
Pension and other postretirement benefits
Fair value of plan assets	102	103
UNITED KINGDOM | Fair Value, Inputs, Level 1, 2 and 3
Pension and other postretirement benefits
Fair value of plan assets	839	951
UNITED KINGDOM | Fair Value Measured at Net Asset Value Per Share
Pension and other postretirement benefits
Fair value of plan assets	626	766
UNITED KINGDOM | Fair Value Measured at Net Asset Value Per Share | Government debt
Pension and other postretirement benefits
Fair value of plan assets	434	572
UNITED KINGDOM | Fair Value Measured at Net Asset Value Per Share | Asset-backed Securities
Pension and other postretirement benefits
Fair value of plan assets	92	117
UNITED KINGDOM | Fair Value Measured at Net Asset Value Per Share | Corporate Debt Securities
Pension and other postretirement benefits
Fair value of plan assets	96	71
UNITED KINGDOM | Fair Value Measured at Net Asset Value Per Share | Reinsurance
Pension and other postretirement benefits
Fair value of plan assets	$ 4	$ 6

PENSION AND OTHER POSTRETIREM_7

PENSION AND OTHER POSTRETIREMENT BENEFITS - (Details 5 ) - Level 3 Fair Value Reconciliation - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
UNITED STATES
Summary of changes in the fair value of level 3 assets
Fair value of plan assets	$ 3,706	$ 3,826	$ 3,828
UNITED STATES | Fair Value, Inputs, Level 3
Summary of changes in the fair value of level 3 assets
Fair value of plan assets	500	604	641
Unrealized gains (losses) on assets still held at the reporting date	(9)	(7)
Purchases, sales and settlements, net	(95)	(30)
UNITED STATES | Fair Value, Inputs, Level 3 | Private Markets
Summary of changes in the fair value of level 3 assets
Fair value of plan assets	441	537	559
Unrealized gains (losses) on assets still held at the reporting date	(3)	6
Purchases, sales and settlements, net	(93)	(28)
UNITED STATES | Fair Value, Inputs, Level 3 | Real Assets
Summary of changes in the fair value of level 3 assets
Fair value of plan assets	59	67	82
Unrealized gains (losses) on assets still held at the reporting date	(6)	(13)
Purchases, sales and settlements, net	(2)	(2)
UNITED KINGDOM
Summary of changes in the fair value of level 3 assets
Fair value of plan assets	1,468	1,720	1,670
UNITED KINGDOM | Insurance
Summary of changes in the fair value of level 3 assets
Fair value of plan assets	383	436
UNITED KINGDOM | Fair Value, Inputs, Level 3
Summary of changes in the fair value of level 3 assets
Fair value of plan assets	485	539	818
Unrealized gains (losses) on assets still held at the reporting date	(52)	(27)
Purchases, sales and settlements, net	(2)	(252)
UNITED KINGDOM | Fair Value, Inputs, Level 3 | Private Markets
Summary of changes in the fair value of level 3 assets
Fair value of plan assets	96	96	382
Unrealized gains (losses) on assets still held at the reporting date	1	(35)
Purchases, sales and settlements, net	(1)	(251)
UNITED KINGDOM | Fair Value, Inputs, Level 3 | Real Assets
Summary of changes in the fair value of level 3 assets
Fair value of plan assets	6	7	8
Unrealized gains (losses) on assets still held at the reporting date	0	0
Purchases, sales and settlements, net	(1)	(1)
UNITED KINGDOM | Fair Value, Inputs, Level 3 | Insurance
Summary of changes in the fair value of level 3 assets
Fair value of plan assets	383	436	$ 428
Unrealized gains (losses) on assets still held at the reporting date	(53)	8
Purchases, sales and settlements, net	$ 0	$ 0

PENSION AND OTHER POSTRETIREM_8

PENSION AND OTHER POSTRETIREMENT BENEFITS (Details 6) - Defined Benefits Plan Tables - Scenario, Forecast $ in Millions	Jan. 01, 2025 USD ($)
Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block
Defined Benefit Plan, Expected Future Employer Contributions, Current Fiscal Year	$ 52
Expected benefit payments
2025	392
2026	364
2027	368
2028	374
2029	382
2030 - 2034	1,919
Other Postretirement Benefit Plan
Expected benefit payments
2025	16
2026	15
2027	14
2028	13
2029	12
2030 - 2034	$ 47

PENSION AND OTHER POSTRETIREM_9

PENSION AND OTHER POSTRETIREMENT BENEFITS (Details 7) - Contribution Plan - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Other Pension Plan
Defined Contribution Plan Disclosure [Line Items]
Defined Contribution Plan, Cost	$ 126	$ 130	$ 110

SUPPLEMENTAL BALANCE SHEET DA_2

SUPPLEMENTAL BALANCE SHEET DATA (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Deferred income taxes	$ 1,119	$ 1,082
Operating lease assets	532	501
Corporate-owned life insurance	423	417
Other Assets, Miscellaneous, Noncurrent	559	543
Other assets	2,633	2,543
Marketing accruals	335	399
Other taxes payable	249	296
Income taxes payable	244	242
Current portion of operating lease liabilities	130	138
Settlement Agreements (1)	66	1,938
Other Accrued Liabilities, Current	874	741
Other accrued expenses	1,898	3,754
Long-term portion of accrued product warranty	843	777
Pensions	503	530
Operating lease liabilities	409	374
Deferred income taxes	389	530
Accrued compensation	193	213
Other postretirement benefits	104	131
Mark-to-market valuation on interest rate derivatives	89	117
Long-term income taxes	5	111
Other liabilities	614	647
Other liabilities	$ 3,149	$ 3,430

DEBT (Details)

DEBT (Details) $ in Millions					12 Months Ended
	Jun. 03, 2024 USD ($)	Feb. 20, 2024 USD ($)	Jun. 05, 2023 USD ($)	Aug. 18, 2021 USD ($)	Dec. 31, 2024 USD ($) Rate	Dec. 31, 2023 USD ($) Rate	Dec. 31, 2022 USD ($)
Debt Instruments
Loans payable					$ 356	$ 280
Weighted average interest rate (as a percent) | Rate					1.01%	1.87%
Commercial paper					$ 1,259	$ 1,496
Debt Instrument, Term	364 days
Line of Credit Facility, Maximum Borrowing Capacity					$ 4,000
Investment, Variable Interest Rate, Type [Extensible Enumeration]					Secured Overnight Financing Rate (SOFR) [Member]
Leverage ratio					0.65
Line of credit facility, remaining borrowing capacity					$ 2,700
Unsecured Debt		$ 2,250
Other Long-term Debt					160	94
Unamortized discount					(89)	(72)
Liabilities, Fair Value Adjustment					(85)	(96)
Finance Lease, Liability					125	111
Total long-term debt					5,444	4,920
Current maturities of long-term debt (Note 12)					660	118
Long-term debt					4,784	4,802
Proceeds from Issuance of Debt		$ 2,200
Principal payments required on long-term debt
2025					660
2026					66
2027					102
2028					291
2029					534
Total interest incurred					387	383	$ 204
Interest capitalized					17	8	$ 5
Short-term Debt [Line Items]
Debt Instrument, Term	364 days
Line of Credit Facility, Maximum Borrowing Capacity					4,000
Fair value
Fair value of total debt					6,651	6,375
Carrying value of total debt					7,059	6,696
Hydrogenics Promissory Note, Percent Due 2024-2025
Debt Instruments
Unsecured Debt					$ 110	160
Debt instrument interest rate (as a percent) | Rate					0%
Term Loan Due 2025
Debt Instruments
Unsecured Debt					$ 0	1,150
Senior Notes 0.75 Percent, Due 2025
Debt Instruments
Unsecured Debt					$ 500	500
Debt instrument interest rate (as a percent) | Rate					0.75%
Atmus Term loan, due 2027
Debt Instruments
Unsecured Debt					$ 0	600
Debentures, 6.75%, due 2027
Debt Instruments
Unsecured Debt					$ 58	58
Debt instrument interest rate (as a percent) | Rate					6.75%
Debentures, 7.125%, due 2028
Debt Instruments
Unsecured Debt					$ 250	250
Debt instrument interest rate (as a percent) | Rate					7.125%
Senior Notes 4.90 percent, due 2029
Debt Instruments
Unsecured Debt					$ 500	0
Debt instrument interest rate (as a percent) | Rate					4.90%
Senior Notes 1.50 Percent, Due 2030
Debt Instruments
Investment, Variable Interest Rate, Type [Extensible Enumeration]					Secured Overnight Financing Rate (SOFR) [Member]
Unsecured Debt					$ 850	850
Debt instrument interest rate (as a percent) | Rate					1.50%
Senior Notes 5.15 percent, Due 2034
Debt Instruments
Unsecured Debt					$ 750	0
Debt instrument interest rate (as a percent) | Rate					5.15%
Senior Notes 4.875 Percent, Due 2043
Debt Instruments
Unsecured Debt					$ 500	500
Debt instrument interest rate (as a percent) | Rate					4.875%
Senior Notes 2.60 Percent, Due 2050
Debt Instruments
Unsecured Debt					$ 650	650
Debt instrument interest rate (as a percent) | Rate					2.60%
Senior Notes 5.45 percent, Due 2054
Debt Instruments
Unsecured Debt					$ 1,000	0
Debt instrument interest rate (as a percent) | Rate					5.45%
Debentures, 5.65%, due 2098 (effective interest rate 7.48%)
Debt Instruments
Unsecured Debt					$ 165	$ 165
Effective interest rate (as a percent) | Rate					7.48%
Debt instrument interest rate (as a percent) | Rate					5.65%
Commercial Paper
Debt Instruments
Weighted average interest rate (as a percent) | Rate					4.49%	5.43%
Line of Credit Facility, Maximum Borrowing Capacity					$ 4,000
Short-term Debt [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity					$ 4,000
Loans Payable
Debt Instruments
Weighted average interest rate (as a percent) | Rate					2.85%	3.92%
International and other domestic short-term credit facilities
Debt Instruments
Line of credit facility, remaining borrowing capacity					$ 628
1-year revolving credit agreement
Debt Instruments
Debt Instrument, Term	364 days		364 days
Line of Credit Facility, Maximum Borrowing Capacity	$ 2,000		$ 2,000
Percentage added to reference rate to compute the variable interest rate					0.85%
Short-term Debt [Line Items]
Debt Instrument, Term	364 days		364 days
Line of Credit Facility, Maximum Borrowing Capacity	$ 2,000		$ 2,000
Percentage added to reference rate to compute the variable interest rate					0.85%
5-year revolving credit agreement
Debt Instruments
Debt Instrument, Term	5 years			5 years
Line of Credit Facility, Maximum Borrowing Capacity	$ 2,000			$ 2,000
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases	$ 300
Percentage added to reference rate to compute the variable interest rate					0.975%
Short-term Debt [Line Items]
Debt Instrument, Term	5 years			5 years
Line of Credit Facility, Maximum Borrowing Capacity	$ 2,000			$ 2,000
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases	$ 300
Percentage added to reference rate to compute the variable interest rate					0.975%

PRODUCT WARRANTY LIABILITY (Det

PRODUCT WARRANTY LIABILITY (Details 1) Warranty Liability Reconciliation, Warranty Related to Deferred Revenues - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Product Warranty Liability:
Balance, beginning of year	$ 2,497	$ 2,477	$ 2,425
Provision for warranties issued	641	602	515
Deferred revenue on extended warranty contracts sold	343	350	287
Provision for product campaigns issued	65	28	141
Payments made during period	(704)	(705)	(596)
Amortization of deferred revenue on extended warranty contracts	(297)	(300)	(298)
Changes in estimates for pre-existing warranties	99	37	(128)
Acquisitions	0	0	147
Foreign currency translation adjustments and other	(21)	8	(16)
Balance, end of period	2,623	2,497	2,477
Product Warranty Liability [Line Items]
Product Liability Contingency, Third Party Recovery	54	36	$ 39
Current portion of deferred revenue	1,347	1,220
Long-term portion of deferred revenue	1,065	966
Deferred revenue related to extended coverage	1,101	1,053
Current portion of accrued product warranty	679	667
Long-term portion of accrued product warranty	843	777
Standard Product Warranty Accrual	1,522	1,444
Current portion of deferred revenue
Product Warranty Liability [Line Items]
Current portion of deferred revenue	286	279
Deferred revenue
Product Warranty Liability [Line Items]
Long-term portion of deferred revenue	815	774
Current portion of accrued product warranty
Product Warranty Liability [Line Items]
Current portion of accrued product warranty	679	667
Other Liabilities
Product Warranty Liability [Line Items]
Long-term portion of accrued product warranty	$ 843	$ 777

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details1) Guarantees and Commitments - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Guarantee Obligations:
Loss Contingency, Loss in Period		$ 2,000		$ 2,000
Provision for product campaigns issued					$ 59
Loss Contingency Accrual, Payments	$ 1,900
Guarantee obligations, maximum potential loss			$ 41
Cancellation Obligation - Unrecorded Unconditional Purchase Obligation			533
Purchase Obligation			69
Guarantee obligations, current carrying value			$ 241
Maximum
Guarantee Obligations:
Guarantor Obligation, Term			2 years
Non-deductible Tax Penalties
Guarantee Obligations:
Loss Contingency, Loss in Period				$ 1,700

SHAREHOLDERS' EQUITY (Details 1

SHAREHOLDERS' EQUITY (Details 1 ) Pref. Stock, Common Stock, Quarterly Dividends, Emp. Ben. Trust - USD ($) $ / shares in Units, $ in Millions				3 Months Ended												12 Months Ended
	Jul. 11, 2024	Jul. 11, 2023	Jul. 12, 2022	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Class of Stock
Sale of Stock, Number of Shares Issued in Transaction																100
Dividends Paid
Dividend payments on common stock (in dollars)																$ 969	$ 921	$ 855
Cash dividend (in dollars per share)				$ 1.82	$ 1.82	$ 1.68	$ 1.68	$ 1.68	$ 1.68	$ 1.57	$ 1.57	$ 1.57	$ 1.57	$ 1.45	$ 1.45	$ 7	$ 6.50	$ 6.04
Preferred Stock
Class of Stock
Preferred Stock, Shares Authorized				1,000,000												1,000,000
Preference Stock
Class of Stock
Preferred Stock, Shares Authorized				1,000,000												1,000,000
Common Stock
Class of Stock
Balance at beginning of period (in shares)							222,500,000				222,500,000				222,500,000	222,500,000	222,500,000	222,500,000
Stock Issued During Period, Shares																0	0	0
Balance at the end of the period (in shares)				222,500,000				222,500,000				222,500,000				222,500,000	222,500,000	222,500,000
Dividends Paid
Percentage increase in cash dividend per common share	8.30%	7%	8.30%
Treasury Stock, Common
Class of Stock
Balance at beginning of period (in shares)							80,700,000				81,200,000				80,000,000	80,700,000	81,200,000	80,000,000
Shares acquired (in shares)																5,600,000		1,900,000
Stock Issued During Period, Shares																1,200,000	500,000	700,000
Balance at the end of the period (in shares)				85,100,000				80,700,000				81,200,000				85,100,000	80,700,000	81,200,000

SHAREHOLDERS' EQUITY (Details 2

SHAREHOLDERS' EQUITY (Details 2) Treasury Stock - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2019
Share repurchase programs
Repurchases of common stock	$ 0	$ 0	$ 374
ShareRepurchaseProgram2019
Share repurchase programs
Remaining Authorized Capacity	$ 218
Treasury Stock, Common | ShareRepurchaseProgram2021
Share repurchase programs
Treasury Stock Repurchase Authorization Value				$ 2,000
Treasury Stock, Common | ShareRepurchaseProgram2019
Share repurchase programs
Treasury Stock Repurchase Authorization Value					$ 2,000

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Changes in accumulated other comprehensive income (loss) by component:
Balance at the beginning of period	$ (2,206)
Before tax amount	(296)	$ (413)	$ (377)
Tax expense	(22)	105	(7)
After tax amount	(318)	(308)	(384)
Amounts reclassified from accumulated other comprehensive income (1)	63	(11)	25
Net current period other comprehensive income (loss)	(255)	(319)	(359)
Balance at the end of period	(2,445)	(2,206)
Total attributable to Cummins Inc.
Changes in accumulated other comprehensive income (loss) by component:
Balance at the beginning of period	(2,206)	(1,890)	(1,571)
Before tax amount	(280)	(410)	(337)
Tax expense	(22)	105	(7)
After tax amount	(302)	(305)	(344)
Amounts reclassified from accumulated other comprehensive income (1)	63	(11)	25
Net current period other comprehensive income (loss)	(239)	(316)	(319)
Balance at the end of period	(2,445)	(2,206)	(1,890)
Change in pensions and other postretirement defined benefit plans
Changes in accumulated other comprehensive income (loss) by component:
Balance at the beginning of period	(848)	(427)	(346)
Before tax amount	(14)	(541)	(123)
Tax expense	(2)	113	19
After tax amount	(16)	(428)	(104)
Amounts reclassified from accumulated other comprehensive income (1)	21	7	23
Net current period other comprehensive income (loss)	5	(421)	(81)
Balance at the end of period	(843)	(848)	(427)
Foreign currency translation adjustment
Changes in accumulated other comprehensive income (loss) by component:
Balance at the beginning of period	(1,457)	(1,552)	(1,208)
Before tax amount	(313)	96	(350)
Tax expense	(8)	(1)	6
After tax amount	(321)	95	(344)
Amounts reclassified from accumulated other comprehensive income (1)	61	0	0
Net current period other comprehensive income (loss)	(260)	95	(344)
Balance at the end of period	(1,717)	(1,457)	(1,552)
Unrealized gain (loss) on derivatives
Changes in accumulated other comprehensive income (loss) by component:
Balance at the beginning of period	99	89	(17)
Before tax amount	47	35	136
Tax expense	(12)	(7)	(32)
After tax amount	35	28	104
Amounts reclassified from accumulated other comprehensive income (1)	(19)	(18)	2
Net current period other comprehensive income (loss)	16	10	106
Balance at the end of period	115	99	89
Noncontrolling interests
Changes in accumulated other comprehensive income (loss) by component:
Before tax amount	(16)	(3)	(40)
Tax expense	0	0	0
After tax amount	(16)	(3)	(40)
Amounts reclassified from accumulated other comprehensive income (1)	0	0	0
Net current period other comprehensive income (loss)	$ (16)	$ (3)	$ (40)

NONCONTROLLING INTERESTS (Detai

NONCONTROLLING INTERESTS (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Noncontrolling Interest
Stockholders' Equity Attributable to Noncontrolling Interest	$ 1,037	$ 1,054
Eaton Automated Transmission Technologies
Noncontrolling Interest
Stockholders' Equity Attributable to Noncontrolling Interest	490	534
Cummins India Ltd.
Noncontrolling Interest
Stockholders' Equity Attributable to Noncontrolling Interest	431	388
Other
Noncontrolling Interest
Stockholders' Equity Attributable to Noncontrolling Interest	$ 116	$ 132

STOCK INCENTIVE AND STOCK OPT_3

STOCK INCENTIVE AND STOCK OPTION PLANS (Details) Plan Summaries - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	8,500,000
Stock options' expiration from the date of grant	10 years
Sale of Stock, Number of Shares Issued in Transaction	100
Stock options granted for every even block of 100 KESIP shares purchased by the employee	50
Compensation expense (net of estimated forfeitures)	$ 100	$ 79	$ 33
Excess tax benefit / (deficiency) associated with share-based plans	23	$ 7	$ 8
Total unrecognized compensation expense (net of estimated forfeitures)	$ 120
Weighted-average maximum period of recognition of total unrecognized compensation expense related to nonvested awards	2 years
Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Target award based on the actual performance (as a percent)	0%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Target award based on the actual performance (as a percent)	200%
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period	3 years
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period	3 years
Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period	3 years

STOCK INCENTIVE AND STOCK OPT_4

STOCK INCENTIVE AND STOCK OPTION PLANS (Details 2) Share Based Activity - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Stock option plan activity
Balance, at the beginning of the period (in shares)	1,814,420	2,145,963	2,743,098
Granted (in shares)	9,100	17,500	18,900
Exercised (in shares)	(1,004,358)	(345,250)	(586,990)
Forfeited (in shares)	(4,821)	(3,793)	(29,045)
Balance, at the end of the period (in shares)	814,341	1,814,420	2,145,963
Weighted average exercise price activity
Weighted-average Exercise Price at the beginning of the period (in dollars per share)	$ 146.89	$ 145.57	$ 143.51
Weighted-average Exercise Price Granted (in dollars per share)	294.05	225.39	207.79
Weighted-average Exercise Price Exercised (in dollars per share)	142.18	142.69	137.83
Weighted-average Exercise Price Forfeited (in dollars per share)	149.48	144.16	148.08
Weighted-average Exercise Price at the end of the period (in dollars per share)	$ 154.33	$ 146.89	$ 145.57
Weighted-average remaining contractual life of options outstanding	4 years
Aggregate intrinsic value of options outstanding	$ 159
Exercisable (in shares)	814,341	1,814,420	1,655,298
Weighted-average Exercise Price Exercisable (in dollars per share)	$ 154.33	$ 146.89	$ 146.37
Weighted-average remaining contractual life of options exercisable	4 years	4 years 2 months 12 days	4 years 7 months 6 days
Aggregate intrinsic value of options exercisable	$ 159	$ 169	$ 159
Weighted average grant date fair value of options granted (in dollars per share)	$ 77.19	$ 57.01	$ 45.74
Total intrinsic value of options exercised	$ 160	$ 35	$ 53
Proceeds from Stock Options Exercised	$ 133	$ 48	$ 80

STOCK INCENTIVE AND STOCK OPT_5

STOCK INCENTIVE AND STOCK OPTION PLANS (Details 3) Grant Date Fair Value - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Black-Scholes option pricing model assumptions
Expected life	6 years	6 years	6 years
Risk-free interest rate	4.20%	3.91%	2.32%
Expected volatility	29.15%	28.73%	28.40%
Dividend yield	2.79%	2.81%	2.85%
Performance Shares
Share-based compensation plan, other than stock options, activity
Nonvested at the beginning of the period (in shares)	487,513	485,299	440,149
Granted (in shares)	259,004	170,205	230,535
Vested (in shares)	(233,136)	(99,425)	(122,188)
Forfeited (in shares)	(40,909)	(68,566)	(63,197)
Nonvested at the end of the period (in shares)	472,472	487,513	485,299
Share-based compensation plan, other than stock options, weighted average grant date fair value activity
Weighted-average Fair Value, Nonvested at the beginning of the period (in dollars per share)	$ 216.24	$ 193.17	$ 183.72
Granted (in dollars per share)	264.95	222.86	184.92
Vested (in dollars per share)	244.14	126.38	148.99
Forfeited (in dollars per share)	233.84	199.69	182.68
Weighted-average Nonvested, Outstanding at the end of the period (in dollars per share)	$ 227.65	$ 216.24	$ 193.17
Total fair value of equity instruments other than options vested in period (in dollars)	$ 63	$ 25	$ 24
Restricted Shares
Share-based compensation plan, other than stock options, activity
Nonvested at the beginning of the period (in shares)	310,340	236,413	29,928
Granted (in shares)	208,029	176,128	215,260
Vested (in shares)	(75,759)	(74,270)	(5,513)
Forfeited (in shares)	(37,493)	(27,931)	(3,262)
Nonvested at the end of the period (in shares)	405,117	310,340	236,413
Share-based compensation plan, other than stock options, weighted average grant date fair value activity
Weighted-average Fair Value, Nonvested at the beginning of the period (in dollars per share)	$ 218.77	$ 213.66	$ 252.99
Granted (in dollars per share)	276.83	223.92	209.08
Vested (in dollars per share)	215.98	215.38	249.79
Forfeited (in dollars per share)	232.01	217.01	211.37
Weighted-average Nonvested, Outstanding at the end of the period (in dollars per share)	$ 247.88	$ 218.77	$ 213.66
Total fair value of equity instruments other than options vested in period (in dollars)	$ 24	$ 17	$ 1

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Cummins share of net income	$ 3,946	$ 735	$ 2,151
Basic (in dollars per share)	$ 28.55	$ 5.19	$ 15.20
Diluted (in dollars per share)	$ 28.37	$ 5.15	$ 15.12
Weighted-average common shares outstanding:
Basic (in shares)	138,200,000	141,700,000	141,500,000
Dilutive effect of stock compensation awards (in shares)	900,000	1,000,000	800,000
Diluted (in shares)	139,100,000	142,700,000	142,300,000
Options excluded (in shares)	1,467	10,587	20,595

DERIVATIVES (Details)

DERIVATIVES (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended			24 Months Ended
	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Feb. 20, 2024	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Derivative, Average Fixed Interest Rate			5.72%		5.72%
Unsecured Debt						$ 2,250
Investment, Variable Interest Rate, Type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR) [Member]	Secured Overnight Financing Rate (SOFR) [Member]
Deferred Gain (Loss) on Discontinuation of Interest Rate Fair Value Hedge	$ 12	$ 12	$ 7		$ 7
Gain (Loss) on Swaps		12	31	$ (148)
Gain/(Loss) on Borrowings		(11)	(32)	145
Derivative Assets (Liabilities), at Fair Value, Net	37	37	4		4
Derivative, Net Liability Position, Aggregate Fair Value	131	131	148		148
Designated as Hedging Instrument
Derivative [Line Items]
Derivative, Notional Amount	3,512	3,512	2,997		2,997
Derivative Asset	66	66	14		14
Derivative Liability	99	99	160		160
Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative, Notional Amount	2,713	2,713	3,610		3,610
Derivative Asset	6	6	16		16
Derivative Liability	67	67	14		14
Prepaid Expenses and Other Current Assets | Designated as Hedging Instrument
Derivative [Line Items]
Derivative Asset	60	60	14		14
Prepaid Expenses and Other Current Assets | Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative Asset	6	6	16		16
Other Noncurrent Assets | Designated as Hedging Instrument
Derivative [Line Items]
Derivative Asset	6	6	0		0
Other Noncurrent Assets | Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative Asset	0	0	0		0
Accrued Liabilities | Designated as Hedging Instrument
Derivative [Line Items]
Derivative Liability	10	10	43		43
Accrued Liabilities | Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative Liability	67	67	14		14
Other liabilities | Designated as Hedging Instrument
Derivative [Line Items]
Derivative Liability	89	89	117		117
Other liabilities | Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative Liability	0	0	0		0
Cost of Sales
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net		3	(3)	2
Other Income
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net		(65)	(21)	(5)
Foreign Exchange Forward
Derivative [Line Items]
Derivative, Notional Amount	3,600	$ 3,600	$ 4,500		4,500
Foreign Exchange Forward | Foreign currencies | Geographic Concentration Risk
Derivative [Line Items]
Concentration Risk, Percentage		86%	85%
Net Investment Hedging
Derivative [Line Items]
Derivative, Notional Amount	1,500	$ 1,500
Gain (Loss)  Recognized in AOCL		32	$ (30)
Gain (Loss) Reclassified from AOCL into Earnings		0	0
Interest Rate Swap
Derivative [Line Items]
Derivative, Notional Amount			500		500
Derivative, Notional Amount Settled	135	500	100
Interest Rate Lock
Derivative [Line Items]
Derivative, Notional Amount							$ 500	$ 150	$ 350
Gain (Loss)  Recognized in AOCL		(4)	14	112
Gain (Loss) Reclassified from AOCL into Earnings		4	2	0
Derivative, Notional Amount Settled			350	150
Derivative, Cash Received on Hedge			101	$ 49	150
Senior Notes 0.75 Percent, Due 2025
Derivative [Line Items]
Unsecured Debt	$ 500	$ 500	500		500
Debt instrument interest rate (as a percent)	0.75%	0.75%
Senior Notes 0.75 Percent, Due 2025 | London Interbank Offered Rate
Derivative [Line Items]
Debt Instrument, Description of Variable Rate Basis		LIBOR
Senior Notes 0.75 Percent, Due 2025 | Interest Rate Swap
Derivative [Line Items]
Derivative, Notional Amount	$ 350	$ 350
Senior Notes 1.50 Percent, Due 2030
Derivative [Line Items]
Unsecured Debt	$ 850	$ 850	$ 850		$ 850
Debt instrument interest rate (as a percent)	1.50%	1.50%
Investment, Variable Interest Rate, Type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR) [Member]	Secured Overnight Financing Rate (SOFR) [Member]
Senior Notes 1.50 Percent, Due 2030 | London Interbank Offered Rate
Derivative [Line Items]
Debt Instrument, Description of Variable Rate Basis		LIBOR
Senior Notes 1.50 Percent, Due 2030 | Interest Rate Swap
Derivative [Line Items]
Derivative, Notional Amount	$ 680	$ 680					$ 765

RUSSIAN OPERATIONS (Details)

RUSSIAN OPERATIONS (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restructuring and Related Activities [Abstract]
Inventory Write-down	$ 107			$ 17
Accounts Receivable, Allowance for Credit Loss, Writeoff				41
Equity Method Investment, Other than Temporary Impairment	17	$ 17		31
Other Restructuring Costs	$ 36			22
Russian suspension costs, net of recoveries (Note 24)		$ 0	$ 0	$ 111

FORMATION OF ATMUS AND IPO (Det

FORMATION OF ATMUS AND IPO (Details) $ / shares in Units, $ in Millions				12 Months Ended
	Mar. 18, 2024 USD ($) Rate shares	May 30, 2023 USD ($) shares	May 23, 2023 USD ($)	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Feb. 20, 2024 USD ($)	May 26, 2023 $ / shares
Noncash or Part Noncash Divestitures [Line Items]
Proceeds from Issuance of Commercial Paper			$ 350
Sale of Stock, Number of Shares Issued in Transaction | shares				100
Impact on equity from initial public offering of subsidiary					$ 282
Discount on Exchange Ratio	0.07
Gain (Loss) on Disposition of Business				$ 1,333	0	$ 0
Goodwill				2,370	2,499	2,343
Unsecured Debt							$ 2,250
Other comprehensive loss, net of tax (Note 16)				(255)	(319)	(359)
Transitional Services Agreement, Term	2 years
Impact on equity from divestiture of subsidiary				(1,490)
Additional paid-in Capital
Noncash or Part Noncash Divestitures [Line Items]
Impact on equity from initial public offering of subsidiary		$ 285			285
Noncontrolling interests
Noncash or Part Noncash Divestitures [Line Items]
Impact on equity from initial public offering of subsidiary					(3)
Other comprehensive loss, net of tax (Note 16)				(16)	(3)	$ (40)
Impact on equity from divestiture of subsidiary				(19)
Atmus Term loan, due 2027
Noncash or Part Noncash Divestitures [Line Items]
Unsecured Debt				0	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 | Rate	80.50%
Atmus Filtration Technologies Inc.
Noncash or Part Noncash Divestitures [Line Items]
Exchange of stock, percentage of ownership exchanged		19.50%
Sale of Stock, Number of Shares Issued in Transaction | shares	67,000,000	16,000,000
Sale of Stock, Price Per Share | $ / shares								$ 19.50
Proceeds from Issuance or Sale of Equity		$ 299
Cash Transferred From Subsidiary to Parent		$ 650
Cash and cash equivalents					$ 166
Goodwill	$ 114
Other comprehensive loss, net of tax (Note 16)				$ 61
Cummins, Inc. [Member]
Noncash or Part Noncash Divestitures [Line Items]
Sale of Stock, Number of Shares Issued in Transaction | shares	5,600,000

Accelera Strategic Reorganiza_3

Accelera Strategic Reorganization Actions (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accelera Strategic Restructuring Actions [Line Items]
Inventory Write-down	$ 107			$ 17
Impairment of Intangible Assets, Finite-Lived	84
Impairment of Long-Lived Assets to be Disposed of	61	$ 61
Equity Method Investment, Other than Temporary Impairment	17	17		31
Severance Costs	7
Accelera Strategic Other Restructuring Costs	36			22
Accelera Strategic Reorganization Items	312
Increase (Decrease) in Inventories		402	$ 0	567
Other Operating Activities, Cash Flow Statement		100	$ 348	$ 160
Nondeductible Expense Reorganization Charges in certain foreign jurisdictions amount	243
Strategic Reorganization Action Discrete Charges		$ 50
Accelera Strategic Reorganization Actions
Accelera Strategic Restructuring Actions [Line Items]
Accelera Strategic Reorganization Items	305
Increase (Decrease) in Inventories	107
Other Operating Activities, Cash Flow Statement	171
Strategic Reorganization Action Discrete Charges	$ 50

ACQUISITIONS (Details)

ACQUISITIONS (Details) - USD ($) $ / shares in Units, $ in Millions										3 Months Ended	12 Months Ended
	Feb. 16, 2024	Oct. 31, 2023	Oct. 02, 2023	Jun. 29, 2023	Apr. 03, 2023	Nov. 30, 2022	Aug. 03, 2022	Apr. 08, 2022	Feb. 07, 2022	Sep. 30, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Apr. 01, 2025	Sep. 30, 2024	Feb. 20, 2024	Jul. 31, 2023
Business Acquisition [Line Items]
Goodwill											$ 2,370	$ 2,499	$ 2,343
Accounts payable (principally trade)											3,951	4,260
Unsecured Debt																$ 2,250
Redeemable Noncontrolling Interest, Equity, Carrying Amount													258
Investments and advances related to equity method investees (Note 3)											1,889	1,800
Amortization expense for software and other intangibles											324	324	223
Net sales											34,102	34,065	28,074
Net assets											15,244	13,340
Hydrogenics Promissory Note, Percent Due 2024-2025
Business Acquisition [Line Items]
Unsecured Debt											110	160
Components
Business Acquisition [Line Items]
Goodwill											1,724	1,884	1,752
Investments and advances related to equity method investees (Note 3)											504	582	617
Net sales											11,679	13,409	9,736
Net assets											6,433	6,965	7,306
Accelera
Business Acquisition [Line Items]
Goodwill											494	496	495
Investments and advances related to equity method investees (Note 3)											187	25	33
Net sales											414	354	198
Net assets											1,234	$ 1,159	1,158
Engendren Corporation
Business Acquisition [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired	100%
Cash paid for business acquisition	$ 65
Payments to Acquire Businesses Liabilities Paid	0
Business Combination, Consideration Transferred	65
Goodwill	33
Intangibles Assets	$ 8
Cummins France
Business Acquisition [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired		100%
Cash paid for business acquisition		$ 25
Payments to Acquire Businesses Liabilities Paid		5
Business Combination, Consideration Transferred		30
Goodwill		4
Intangibles Assets		$ 0
Faurecia
Business Acquisition [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired			100%
Cash paid for business acquisition			$ 208
Payments to Acquire Businesses Liabilities Paid			0
Business Combination, Consideration Transferred			208
Goodwill			92												$ 2
Intangibles Assets			0
Accounts payable (principally trade)			30
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents			8
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables			52
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory			32
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment			90												$ 3
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Current and Long-term Assets			50
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable			(66)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current and Long-term Liabilities, Other			$ (50)
Hydrogenics Corporation
Business Acquisition [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired				19%
Cash paid for business acquisition				$ 287
Payments to Acquire Businesses Liabilities Paid				48
Other Commitment				335
Goodwill				0
Intangibles Assets				$ 0
Loans Payable											$ 50						$ 175
Hydrogenics Corporation | Scenario, Forecast
Business Acquisition [Line Items]
Unsecured Debt														$ 110
Teskid Hierro de Mexico
Business Acquisition [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired					100%
Cash paid for business acquisition					$ 143
Payments to Acquire Businesses Liabilities Paid					0
Business Combination, Consideration Transferred					143
Goodwill					18
Intangibles Assets					0
Accounts payable (principally trade)					$ 32
Siemens Commercial Vehicles
Business Acquisition [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired						100%
Cash paid for business acquisition						$ 187
Payments to Acquire Businesses Liabilities Paid						0
Business Combination, Consideration Transferred						187
Goodwill						70
Intangibles Assets						$ 106
Meritor Inc.
Business Acquisition [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired							100%
Cash paid for business acquisition							$ 2,613
Payments to Acquire Businesses Liabilities Paid							248
Business Combination, Consideration Transferred							2,861
Goodwill							926
Intangibles Assets							1,610
Unsecured Debt							2,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents							98
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables							640
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory							750
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment							841
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Current and Long-term Assets							322
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable							(711)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current and Long-term Liabilities, Other							$ (665)
Business Acquisition, Share Price							$ 36.50
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities							$ (277)
Repayments of Debt										$ 900
Investments and advances related to equity method investees (Note 3)							382
Defined Benefit Plan, Plan Assets, Business Combination							147
Liability, Defined Benefit Plan							(129)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-Term Debt							(962)
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value							(111)
Amortization expense for software and other intangibles							142
Net sales													1,900
Income (Loss) from Subsidiaries, Net of Tax													(43)
Business Acquisition, Transaction Costs													30
Business Acquisition, Pro Forma Revenue													30,841
Business Acquisition, Pro Forma Net Income (Loss)													$ 2,196
Meritor Inc. | Rounded Purchase Price Member
Business Acquisition [Line Items]
Business Combination, Consideration Transferred							2,900
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-Term Debt							(1,000)
Meritor Inc. | Components
Business Acquisition [Line Items]
Goodwill							759
Net assets							3,800
Meritor Inc. | Accelera
Business Acquisition [Line Items]
Goodwill							167
Net assets							300
Meritor Inc. | Customer Relationships
Business Acquisition [Line Items]
Intangibles Assets							$ 960
Finite-Lived Intangible Asset, Useful Life							12 years
Meritor Inc. | Technology-Based Intangible Assets
Business Acquisition [Line Items]
Intangibles Assets							$ 345
Finite-Lived Intangible Asset, Useful Life							8 years
Meritor Inc. | Trade Names
Business Acquisition [Line Items]
Intangibles Assets							$ 305
Finite-Lived Intangible Asset, Useful Life							21 years
Jacobs Vehicle Systems
Business Acquisition [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired								100%
Cash paid for business acquisition								$ 345
Payments to Acquire Businesses Liabilities Paid								0
Business Combination, Consideration Transferred								345
Goodwill								108
Intangibles Assets								$ 164
Westport Fuel System Inc.
Business Acquisition [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired									50%
Cash paid for business acquisition									$ 42
Payments to Acquire Businesses Liabilities Paid									0
Business Combination, Consideration Transferred									42
Goodwill									0
Intangibles Assets									$ 20

OPERATING SEGMENTS FINANCIAL IN

OPERATING SEGMENTS FINANCIAL INFORMATION (Details) Reportable Operating Segments, EBITDA Reconciliation to GAAP - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating results:
Net sales			$ 34,102	$ 34,065	$ 28,074
Research, development and engineering expenses			1,463	1,500	1,278
Equity, royalty and interest income from investees			395	483	349
Depreciation and Amortization			1,053	1,016	781
Russian suspension costs, net of recoveries (Note 24)			0	0	111
Interest Expense			370	375	199
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest			4,903	1,626	2,819
Accelera Strategic Reorganization - Selling, General and Administrative Expense			3,275	3,333	2,687
Equity Method Investment, Other than Temporary Impairment	$ 17		17		31
Amortization of Debt Discount			12	8	3
Gain (Loss) on Disposition of Business			1,333	0	0
Loss Contingency, Loss in Period		$ 2,000		2,000
Restructuring actions	7
Statement of Financial Position [Abstract]
Net assets	15,244	13,340	15,244	13,340
Investments and advances to equity method investees	1,889	1,800	1,889	1,800
Rounded Purchase Price Member
Operating results:
Gain (Loss) on Disposition of Business			1,300
Accelera Strategic Reorganization Actions
Operating results:
Cost of Goods and Services Sold	112
Research, development and engineering expenses	2
Equity, royalty and interest income from investees	17
Other Operating and Nonoperating (expense) income	171
Segment EBITDA	312
Accelera Strategic Reorganization - Selling, General and Administrative Expense	10
Joint venture with KAMAZ
Operating results:
Equity Method Investment, Other than Temporary Impairment					28
Royalty charges
Operating results:
Equity Method Investment, Other than Temporary Impairment					3
Engine
Operating results:
Net sales			11,712	11,684	10,945
Cost of Goods and Services Sold			8,707	8,825	8,346
Product Warranty Expense			420	377	329
Selling Expense			214	199	165
General and Administrative Expense			582	587	462
Research, development and engineering expenses			616	614	506
Equity, royalty and interest income from investees			212	251	160
Other Operating and Nonoperating (expense) income			23	72	33
Depreciation and Amortization			245	225	205
Segment EBITDA			1,653	1,630	1,535
Russian suspension costs, net of recoveries (Note 24)					33
Interest Income, Operating and Nonoperating			17	19	14
Statement of Financial Position [Abstract]
Net assets	2,076	930	2,076	930	1,451
Investments and advances to equity method investees	653	660	653	660	617
Capital expenditures			556	538	368
Components
Operating results:
Net sales			11,679	13,409	9,736
Cost of Goods and Services Sold			9,346	10,717	7,727
Product Warranty Expense			173	138	64
Selling Expense			184	227	158
General and Administrative Expense			555	634	513
Research, development and engineering expenses			328	387	309
Equity, royalty and interest income from investees			64	97	71
Other Operating and Nonoperating (expense) income			(59)	(54)	6
Depreciation and Amortization			493	491	304
Segment EBITDA			1,591	1,840	1,346
Russian suspension costs, net of recoveries (Note 24)					5
Interest Income, Operating and Nonoperating			25	31	12
Atmus Separation costs			21	78	28
Meritor acquisition and integration costs					83
Statement of Financial Position [Abstract]
Net assets	6,433	6,965	6,433	6,965	7,306
Investments and advances to equity method investees	504	582	504	582	617
Capital expenditures			339	373	264
Distribution
Operating results:
Net sales			11,384	10,249	8,929
Cost of Goods and Services Sold			9,185	8,239	7,285
Product Warranty Expense			23	16	6
Selling Expense			628	642	550
General and Administrative Expense			382	354	304
Research, development and engineering expenses			55	57	52
Equity, royalty and interest income from investees			90	97	77
Other Operating and Nonoperating (expense) income			54	56	(35)
Depreciation and Amortization			123	115	114
Segment EBITDA			1,378	1,209	888
Russian suspension costs, net of recoveries (Note 24)					54
Interest Income, Operating and Nonoperating			37	34	16
Statement of Financial Position [Abstract]
Net assets	3,151	2,348	3,151	2,348	2,698
Investments and advances to equity method investees	394	396	394	396	352
Capital expenditures			111	103	114
Power Systems
Operating results:
Net sales			6,408	5,673	5,033
Cost of Goods and Services Sold			4,506	4,173	3,884
Product Warranty Expense			101	71	70
Selling Expense			174	168	147
General and Administrative Expense			421	399	269
Research, development and engineering expenses			236	237	240
Equity, royalty and interest income from investees			79	53	43
Other Operating and Nonoperating (expense) income			0	36	10
Depreciation and Amortization			131	122	120
Segment EBITDA			1,180	836	596
Russian suspension costs, net of recoveries (Note 24)					19
Interest Income, Operating and Nonoperating			7	9	7
Statement of Financial Position [Abstract]
Net assets	2,350	1,938	2,350	1,938	2,382
Investments and advances to equity method investees	145	132	145	132	138
Capital expenditures			143	115	96
Accelera
Operating results:
Net sales			414	354	198
Cost of Goods and Services Sold			643	524	310
Product Warranty Expense			34	29	20
Selling Expense			33	33	18
General and Administrative Expense			70	57	47
Research, development and engineering expenses			226	203	171
Equity, royalty and interest income from investees			(50)	(15)	(2)
Other Operating and Nonoperating (expense) income			(183)	1	(2)
Depreciation and Amortization			61	63	38
Segment EBITDA			(764)	(443)	(334)
Russian suspension costs, net of recoveries (Note 24)					0
Interest Income, Operating and Nonoperating			1	2	0
Statement of Financial Position [Abstract]
Net assets	1,234	1,159	1,234	1,159	1,158
Investments and advances to equity method investees	187	25	187	25	33
Capital expenditures			59	84	74
Total Segment
Operating results:
Net sales			41,597	41,369	34,841
Cost of Goods and Services Sold			32,387	32,478	27,552
Product Warranty Expense			751	631	489
Selling Expense			1,233	1,269	1,038
General and Administrative Expense			2,010	2,031	1,595
Research, development and engineering expenses			1,461	1,498	1,278
Equity, royalty and interest income from investees			395	483	349
Other Operating and Nonoperating (expense) income			(165)	111	12
Depreciation and Amortization			1,053	1,016	781
Segment EBITDA			5,038	5,072	4,031
Russian suspension costs, net of recoveries (Note 24)					111
Interest Income, Operating and Nonoperating			87	95	49
Statement of Financial Position [Abstract]
Net assets	15,244	13,340	15,244	13,340	14,995
Investments and advances to equity method investees	$ 1,883	$ 1,795	1,883	1,795	1,757
Capital expenditures			1,208	1,213	916
Corporate and Other
Operating results:
Segment EBITDA			1,288	(2,055)	(232)
Atmus Separation costs			14	22	53
Loss Contingency, Loss in Period				2,000
Restructuring actions				21
External Sales | Engine
Operating results:
Net sales			8,987	8,874	8,199
External Sales | Components
Operating results:
Net sales			9,894	11,531	7,847
External Sales | Distribution
Operating results:
Net sales			11,352	10,199	8,901
External Sales | Power Systems
Operating results:
Net sales			3,500	3,125	2,951
External Sales | Accelera
Operating results:
Net sales			369	336	176
External Sales | Total Segment
Operating results:
Net sales			34,102	34,065	28,074
Intersegment sales | Engine
Operating results:
Net sales			2,725	2,810	2,746
Intersegment sales | Components
Operating results:
Net sales			1,785	1,878	1,889
Intersegment sales | Distribution
Operating results:
Net sales			32	50	28
Intersegment sales | Power Systems
Operating results:
Net sales			2,908	2,548	2,082
Intersegment sales | Accelera
Operating results:
Net sales			45	18	22
Intersegment sales | Total Segment
Operating results:
Net sales			$ 7,495	$ 7,304	$ 6,767

OPERATING SEGMENTS - (Details 2

OPERATING SEGMENTS - (Details 2) Net Asset Reconciliation, Geographic Information and Largest Customer - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment reporting
Net assets for operating segments	$ 15,244	$ 13,340
Cash, cash equivalents and marketable securities	2,264	2,741
Net liabilities deducted in arriving at net segment assets (1)	12,556	14,531
Pension and other postretirement adjustments excluded from net assets	352	307
Deferred income taxes	1,119	1,082
Debt-related costs not allocated to segments	5	4
Assets	31,540	32,005
Long-lived assets	9,711	9,484
Net sales	34,102	34,065	$ 28,074
UNITED STATES
Segment reporting
Long-lived assets	5,751	5,013
Net sales	19,422	19,302	15,833
CHINA
Segment reporting
Long-lived assets	968	1,030
Net sales	2,948	3,115	2,390
INDIA
Segment reporting
Long-lived assets	566	681
Net sales	1,779	1,678	1,392
Other foreign countries
Segment reporting
Long-lived assets	2,426	2,760
Net sales	9,953	9,970	8,459
Revenue Benchmark
Segment reporting
Net sales	$ 5,400	$ 5,500	$ 4,500
Revenue Benchmark | Customer Concentration Risk | PACCAR Inc.
Segment reporting
Concentration Risk, Percentage	16%	16%	16%