CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME - USD ($) shares in Millions, $ in Millions |
3 Months Ended | 6 Months Ended | ||||
|---|---|---|---|---|---|---|
Jun. 30, 2022 |
Jul. 04, 2021 |
Jun. 30, 2022 |
Jul. 04, 2021 |
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| Income Statement [Abstract] | ||||||
| NET SALES (a) (Note 2) | [1] | $ 6,586 | $ 6,111 | $ 12,971 | $ 12,203 | |
| Cost of sales (Note 3) | 4,860 | 4,633 | 9,713 | 9,239 | ||
| GROSS MARGIN | 1,726 | 1,478 | 3,258 | 2,964 | ||
| OPERATING EXPENSES AND INCOME | ||||||
| Selling, general and administrative expenses | 622 | 600 | 1,237 | 1,174 | ||
| Research, development and engineering expenses | 299 | 276 | 597 | 536 | ||
| Equity, royalty and interest income from investees (Notes 3 and 5) | 95 | 137 | 191 | 303 | ||
| Other operating expense, net (Note 3) | 3 | 4 | 114 | 12 | ||
| OPERATING INCOME | 897 | 735 | 1,501 | 1,545 | ||
| Interest expense | 34 | 29 | 51 | 57 | ||
| Other (expense) income, net | (8) | 73 | (17) | 74 | ||
| INCOME BEFORE INCOME TAXES | 855 | 779 | 1,433 | 1,562 | ||
| Income tax expense (Note 6) | 148 | 167 | 303 | 339 | ||
| CONSOLIDATED NET INCOME | 707 | 612 | 1,130 | 1,223 | ||
| Less: Net income attributable to noncontrolling interests | 5 | 12 | 10 | 20 | ||
| NET INCOME ATTRIBUTABLE TO CUMMINS INC. | $ 702 | $ 600 | $ 1,120 | $ 1,203 | ||
| EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CUMMINS INC. | ||||||
| Basic (in dollars per share) | $ 4.97 | $ 4.14 | $ 7.90 | $ 8.24 | ||
| Diluted (in dollars per share) | $ 4.94 | $ 4.10 | $ 7.86 | $ 8.16 | ||
| WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | ||||||
| Basic (in shares) | 141.2 | 145.1 | 141.7 | 146.0 | ||
| Dilutive effect of stock compensation awards (in shares) | 0.8 | 1.4 | 0.8 | 1.4 | ||
| Diluted (in shares) | 142.0 | 146.5 | 142.5 | 147.4 | ||
| Revenue from Related Parties | [1] | $ 281 | $ 423 | $ 625 | $ 901 | |
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- Definition The aggregate cost of goods produced and sold and services rendered during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of income (loss) for proportionate share of equity method investee's income (loss). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount, before tax, of income (loss) including portion attributable to noncontrolling interest. Includes, but is not limited to, income (loss) from continuing operations, discontinued operations and equity method investments. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- References No definition available.
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- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of share based payment arrangements using the treasury stock method. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of the cost of borrowed funds accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of Net Income (Loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The net result for the period of deducting operating expenses from operating revenues. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- References No definition available.
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- Definition Amount of income (expense) related to nonoperating activities, classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The net amount of other operating income and expenses, the components of which are not separately disclosed on the income statement, from items that are associated with the entity's normal revenue producing operations. No definition available.
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- Definition The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The aggregate costs incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or the entity's use, during the reporting period charged to research and development projects, including the costs of developing computer software up to the point in time of achieving technological feasibility, and costs allocated in accounting for a business combination to in-process projects deemed to have no alternative future use. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of revenue, fees and commissions earned from transactions between (a) a parent company and its subsidiaries; (b) subsidiaries of a common parent; (c) an entity and trusts for the benefit of employees, for example, but not limited to, pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management; (d) an entity and its principal, owners, management, or members of their immediate families; and (e) affiliates. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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