Annual report of employee stock purchase, savings and similar plans

FAIR VALUE MEASUREMENTS (Tables)

v3.26.1
FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
EBP Plans  
EBP, Investment, Fair Value and NAV [Line Items]  
Assets Measured at Fair Value and NAV 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 
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