Annual report of employee stock purchase, savings and similar plans

CUMMINS STOCK

v3.26.1
CUMMINS STOCK
 12 Months Ended
Dec. 31, 2025
EBP Plans  
EBP, Investment, Fair Value and NAV [Line Items]  
CUMMINS STOCK CUMMINS STOCK  
The Cummins Inc. common stock investment is tracked on a unitized basis, and consists of Cummins Inc. common stock, and funds held in the Northern Trust Collective Short-Term Investment Fund sufficient to meet the daily cash needs of the unitized fund. The value of a unit reflects the combined market value of Cummins Inc. common stock, valued at the quoted market price, and the cash investments held by the Cummins Inc. common stock. The following is the Master Trust’s investment in Cummins Inc. common stock excluding funds held in the Northern Trust Collective Short-Term Investment Fund:
December 31,
  2025 2024
Number of shares  2,054,938  2,185,371 
Fair value $ 1,048,943,101  $ 761,820,330 
FAIR VALUE MEASUREMENTS
The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1) and the lowest priority to unobservable inputs (level 3). The three levels of the fair value hierarchy are described as follows:
•Level 1: Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Master Trust has the ability to access.
•Level 2: Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; inputs other than quoted prices that are observable for the asset or liability; inputs that are derived principally from or corroborated by observable market data by correlation or other means. If the asset or liability has a specified (contractual) term, the level 2 input must be observable for substantially the full term of the asset or liability.
•Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement.
The asset or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques maximize the use of relevant observable inputs and minimize the use of unobservable inputs.
The following table sets forth by level, within the hierarchy, the Master Trust’s assets measured at fair value on a recurring basis:
  December 31, 2025 December 31, 2024
Master Trust level assets 
Fair Value  Level 1  Fair Value  Level 1 
Registered investment companies  $ 138,692,527  $ 138,692,527  $ 361,788,044  $ 361,788,044 
Common stock 1,048,943,101  1,048,943,101  761,820,330  761,820,330 
Total assets in the fair value hierarchy  1,187,635,628  $ 1,187,635,628  1,123,608,374  $ 1,123,608,374 
Common/collective trust funds*  5,942,356,197  4,880,564,583 
Investments at fair value  $ 7,129,991,825    $ 6,004,172,957 
* Common/collective trust funds are measured at fair value using the net asset value per share or its equivalent as a practical expedient and are therefore not required to be classified in the fair value hierarchy. 
The following table sets forth the Master Trust's assets valued at NAV as of December 31, 2025: 
  Fair Value Unfunded Commitments Redemption Frequency Other Redemption Restrictions Redemption Notice Restrictions
Vanguard Target Retirement Trusts $ 3,631,365,005  None Daily None None
Northern Trust Collective S&P 500 Index Fund 943,391,661  None Daily None None
Northern Trust Collective ACWI Ex-US Fund 86,310,743  None Daily None None
Northern Trust Collective Aggregate Bond Index Fund 83,314,971  None Daily None None
Sprucegrove International Fund 65,821,784  None Daily None
5 days
Loomis Sayles Large Growth Fund 542,785,603  None Daily None None
Aristotle Collective Investment Trust Fund 58,507,110  None Daily None
5 days
Northern Trust Collective Short Term Investment Fund 10,304,134  None Daily None None
Capital Group Growth Fund of America Trust Fund 133,070,999  None Daily None
5 days
BNY Mellon Walter Scott International Fund 47,275,784  None Daily None None
Aristotle Collective Trust Investment Trust Small/Mid Capital Equity 38,928,436  None Daily None
5 days
Earnest Partners Multiple Investment Trust 39,172,103  None Daily None
5 days
PIMCO Total Return Fund 17,434,660  None Daily None
5 days
Vanguard Extended Market Index 244,673,204  None Daily None None
The following table sets forth the Master Trust's assets valued at NAV as of December 31, 2024: 
  Fair Value Unfunded Commitments Redemption Frequency Other Redemption Restrictions Redemption Notice Restrictions
Vanguard Target Retirement Trusts $ 3,098,617,547  None Daily None None
Northern Trust Collective S&P 500 Index Fund 819,491,629  None Daily None None
Northern Trust Collective ACWI Ex-US Fund 38,032,572  None Daily None None
Northern Trust Collective Aggregate Bond Index Fund 62,629,776  None Daily None None
Sprucegrove International Fund 61,327,596  None Daily None
10 days
Loomis Sayles Large Growth Fund 493,510,324  None Daily None None
Aristotle Collective Investment Trust Fund 53,890,837  None Daily None
5 days
Northern Trust Collective Short Term Investment Fund 11,786,374  None Daily None None
Capital Group Growth Fund of America Trust Fund 116,793,568  None Daily None
5 days
BNY Mellon Walter Scott International Fund 42,255,794  None Daily None None
Aristotle Collective Trust Investment Trust Small/Mid Capital Equity 41,731,971  None Daily None
5 days
Earnest Partners Multiple Investment Trust 40,496,595  None Daily None
5 days