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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
cumminslogoa02.jpg
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended September 30, 2024
 
Commission File Number 1-4949
CUMMINS INC.
(Exact name of registrant as specified in its charter)
Indiana35-0257090
(State of Incorporation)  (IRS Employer Identification No.)
500 Jackson Street
Box 3005
Columbus, Indiana 47202-3005
(Address of principal executive offices)
 
Telephone (812377-5000
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common stock, $2.50 par valueCMINew York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No 
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that registrant was required to submit such files). Yes x No 
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large Accelerated FilerxAccelerated filerNon-accelerated filer
Smaller reporting companyEmerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No x
 
As of September 30, 2024, there were 137,181,852 shares of common stock outstanding with a par value of $2.50 per share.

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Table of Contents
CUMMINS INC. AND SUBSIDIARIES
TABLE OF CONTENTS
QUARTERLY REPORT ON FORM 10-Q
 
  Page
  
 Condensed Consolidated Statements of Net Income for the three and nine months ended September 30, 2024 and 2023
 Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2024 and 2023
 Condensed Consolidated Balance Sheets at September 30, 2024 and December 31, 2023
 Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023
 Condensed Consolidated Statements of Changes in Redeemable Noncontrolling Interests and Equity for the three and nine months ended September 30, 2024 and 2023
 
  
 



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Table of Contents
PART I.  FINANCIAL INFORMATION 
ITEM 1.  Condensed Consolidated Financial Statements 

CUMMINS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME
(Unaudited)
Three months endedNine months ended
 September 30,September 30,
In millions, except per share amounts 2024202320242023
NET SALES (Notes 1 and 2)
$8,456 $8,431 $25,655 $25,522 
Cost of sales 6,285 6,360 19,250 19,274 
GROSS MARGIN 2,171 2,071 6,405 6,248 
OPERATING EXPENSES AND INCOME     
Selling, general and administrative expenses 807 831 2,474 2,457 
Research, development and engineering expenses 359 376 1,107 1,110 
Equity, royalty and interest income from investees (Note 4)99 118 325 370 
Other operating expense, net54 32 131 78 
OPERATING INCOME 1,050 950 3,018 2,973 
Interest expense 83 97 281 283 
Other income, net (Note 14)76 25 1,504 166 
INCOME BEFORE INCOME TAXES 1,043 878 4,241 2,856 
Income tax expense (Note 5)200 188 618 623 
CONSOLIDATED NET INCOME 843 690 3,623 2,233 
Less: Net income attributable to noncontrolling interests34 34 95 67 
NET INCOME ATTRIBUTABLE TO CUMMINS INC. $809 $656 $3,528 $2,166 
 
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CUMMINS INC.    
Basic $5.90 $4.63 $25.47 $15.29 
Diluted $5.86 $4.59 $25.31 $15.19 
 
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING     
Basic 137.2 141.8 138.5 141.7 
Dilutive effect of stock compensation awards 0.9 1.0 0.9 0.9 
Diluted 138.1 142.8 139.4 142.6 

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.
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Table of Contents
CUMMINS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
 
Three months endedNine months ended
 September 30,September 30,
In millions 2024202320242023
CONSOLIDATED NET INCOME $843 $690 $3,623 $2,233 
Other comprehensive income (loss), net of tax (Note 12)    
Change in pension and other postretirement defined benefit plans 5 3 5 (4)
Foreign currency translation adjustments 165 (163)22 (191)
Unrealized (loss) gain on derivatives (7)19 2 28 
Total other comprehensive income (loss), net of tax 163 (141)29 (167)
COMPREHENSIVE INCOME 1,006 549 3,652 2,066 
Less: Comprehensive income attributable to noncontrolling interests 36 27 92 61 
COMPREHENSIVE INCOME ATTRIBUTABLE TO CUMMINS INC. $970 $522 $3,560 $2,005 
 
The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.
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Table of Contents
CUMMINS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
In millions, except par valueSeptember 30,
2024
December 31,
2023
ASSETS  
Current assets   
Cash and cash equivalents $1,733 $2,179 
Marketable securities (Note 6)518 562 
Total cash, cash equivalents and marketable securities 2,251 2,741 
Accounts and notes receivable, net 5,387 5,583 
Inventories (Note 7)6,134 5,677 
Prepaid expenses and other current assets 1,544 1,197 
Total current assets 15,316 15,198 
Long-term assets   
Property, plant and equipment 11,603 11,674 
Accumulated depreciation (5,427)(5,425)
Property, plant and equipment, net6,176 6,249 
Investments and advances related to equity method investees 1,922 1,800 
Goodwill2,412 2,499 
Other intangible assets, net2,462 2,519 
Pension assets (Note 3)1,208 1,197 
Other assets (Note 8)2,556 2,543 
Total assets $32,052 $32,005 
LIABILITIES  
Current liabilities   
Accounts payable (principally trade) $4,206 $4,260 
Loans payable (Note 9)441 280 
Commercial paper (Note 9)1,636 1,496 
Current maturities of long-term debt (Note 9)654 118 
Accrued compensation, benefits and retirement costs 1,011 1,108 
Current portion of accrued product warranty (Note 10)685 667 
Current portion of deferred revenue (Note 2)1,225 1,220 
Other accrued expenses (Note 8)1,745 3,754 
Total current liabilities 11,603 12,903 
Long-term liabilities   
Long-term debt (Note 9)4,856 4,802 
Deferred revenue (Note 2)1,090 966 
Other liabilities (Note 8)3,162 3,430 
Total liabilities $20,711 $22,101 
Commitments and contingencies (Note 11)
EQUITY
Cummins Inc. shareholders’ equity  
Common stock, $2.50 par value, 500 shares authorized, 222.5 and 222.5 shares issued
$2,612 $2,564 
Retained earnings 20,660 17,851 
Treasury stock, at cost, 85.4 and 80.7 shares
(10,783)(9,359)
Accumulated other comprehensive loss (Note 12)(2,174)(2,206)
Total Cummins Inc. shareholders’ equity 10,315 8,850 
Noncontrolling interests1,026 1,054 
Total equity $11,341 $9,904 
Total liabilities and equity $32,052 $32,005 
The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.
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CUMMINS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine months ended
 September 30,
In millions20242023
CASH FLOWS FROM OPERATING ACTIVITIES  
Consolidated net income $3,623 $2,233 
Adjustments to reconcile consolidated net income to net cash provided by operating activities   
Gain related to divestiture of Atmus (Note 14)(1,333) 
Depreciation and amortization794 760 
Deferred income taxes(106)(238)
Equity in income of investees, net of dividends (74)(100)
Pension and OPEB expense (Note 3)28 4 
Pension contributions and OPEB payments (Note 3)(72)(115)
Changes in current assets and liabilities, net of acquisitions and divestiture  
Accounts and notes receivable 109 (447)
Inventories (726)(318)
Other current assets (370)(191)
Accounts payable 27 43 
Accrued expenses (Notes 1 and 11)(2,000)543 
Other, net 165 333 
Net cash provided by operating activities 65 2,507 
CASH FLOWS FROM INVESTING ACTIVITIES   
Capital expenditures (668)(694)
Acquisition of businesses, net of cash acquired (Note 15)(58)(127)
Investments in marketable securities—acquisitions (1,062)(976)
Investments in marketable securities—liquidations (Note 6)1,113 1,002 
Cash associated with Atmus divestiture (174) 
Other, net (220)(65)
Net cash used in investing activities (1,069)(860)
CASH FLOWS FROM FINANCING ACTIVITIES   
Proceeds from borrowings 2,623 779 
Net borrowings (payments) of commercial paper 140 (566)
Payments on borrowings and finance lease obligations (1,386)(391)
Dividend payments on common stock(719)(683)
Payments for purchase of redeemable noncontrolling interests (Note 15) (175)
Other, net (94)(33)
Net cash provided by (used in) financing activities 564 (1,069)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS (6)(67)
Net (decrease) increase in cash and cash equivalents(446)511 
Cash and cash equivalents at beginning of year 2,179 2,101 
CASH AND CASH EQUIVALENTS AT END OF PERIOD $1,733 $2,612 
 The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.
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CUMMINS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
(Unaudited)
 
Three months ended
In millions, except per share amountsRedeemable Noncontrolling InterestsCommon StockAdditional Paid-in CapitalRetained EarningsTreasury StockAccumulated Other Comprehensive LossTotal Cummins Inc. Shareholders’ EquityNoncontrolling InterestsTotal Equity
BALANCE AT JUNE 30, 2024$ $556 $2,026 $20,101 $(10,797)$(2,335)$9,551 $1,025 $10,576 
Net income 809 809 34 843 
Other comprehensive income, net of tax (Note 12)161 161 2 163 
Issuance of common stock 7 7  7 
Cash dividends on common stock, $1.82 per share
(250)(250) (250)
Distributions to noncontrolling interests  (35)(35)
Share-based awards 2 13 15  15 
Other shareholder transactions 21 1 22  22 
BALANCE AT SEPTEMBER 30, 2024$ $556 $2,056 $20,660 $(10,783)$(2,174)$10,315 $1,026 $11,341 
BALANCE AT JUNE 30, 2023$ $556 $1,976 $19,102 $(9,380)$(1,917)$10,337 $1,019 $11,356 
Net income656 656 34 690 
Other comprehensive loss, net of tax (Note 12)(134)(134)(7)(141)
Issuance of common stock1 1 — 1 
Cash dividends on common stock, $1.68 per share
(238)(238)— (238)
Distributions to noncontrolling interests— (26)(26)
Share-based awards3 10 13 — 13 
Other shareholder transactions22 1 23 — 23 
BALANCE AT SEPTEMBER 30, 2023$ $556 $2,002 $19,520 $(9,369)$(2,051)$10,658 $1,020 $11,678 
The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.

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Table of Contents
Nine months ended
In millions, except per share amountsRedeemable Noncontrolling InterestsCommon
Stock
Additional
Paid-in
Capital
Retained
Earnings
Treasury
Stock
Accumulated
Other
Comprehensive
Loss
Total
Cummins Inc.
Shareholders’
Equity
Noncontrolling
Interests
Total
Equity
BALANCE AT DECEMBER 31, 2023$ $556 $2,008 $17,851 $(9,359)$(2,206)$8,850 $1,054 $9,904 
Net income 3,528 3,528 95 3,623 
Other comprehensive loss, net of tax (Note 12)(29)(29)(3)(32)
Issuance of common stock 8 8  8 
Cash dividends on common stock, $5.18 per share
(719)(719) (719)
Distributions to noncontrolling interests  (68)(68)
Share-based awards (6)106 100  100 
Divestiture of Atmus (Note 14)(1,532)61 (1,471)(19)(1,490)
Other shareholder transactions 46 2 48 (33)15 
BALANCE AT SEPTEMBER 30, 2024$ $556 $2,056 $20,660 $(10,783)$(2,174)$10,315 $1,026 $11,341 
BALANCE AT DECEMBER 31, 2022$258 $556 $1,687 $18,037 $(9,415)$(1,890)$8,975 $992 $9,967 
Net income (20)2,166 2,166 87 2,253 
Other comprehensive loss, net of tax (Note 12)(161)(161)(6)(167)
Issuance of common stock 3 3 — 3 
Cash dividends on common stock, $4.82 per share
(683)(683)— (683)
Distributions to noncontrolling interests — (50)(50)
Share-based awards (1)42 41 — 41 
Fair value adjustment of redeemable noncontrolling interests33 (33)(33)— (33)
Acquisition of redeemable noncontrolling interests (Note 15)(271)— — — 
Sale of Atmus stock (Note 14)285 285 (3)282 
Other shareholder transactions 61 4 65  65 
BALANCE AT SEPTEMBER 30, 2023$ $556 $2,002 $19,520 $(9,369)$(2,051)$10,658 $1,020 $11,678 

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.

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CUMMINS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 1. NATURE OF OPERATIONS AND BASIS OF PRESENTATION
Overview
Cummins Inc. (“Cummins,” “we,” “our” or “us”) was founded in 1919 as Cummins Engine Company, a corporation in Columbus, Indiana, and one of the first diesel engine manufacturers. In 2001, we changed our name to Cummins Inc. We are a global power solutions leader comprised of five business segments - Components, Engine, Distribution, Power Systems and Accelera - supported by our global manufacturing and extensive service and support network, skilled workforce and vast technical expertise. Our products range from advanced diesel, natural gas, electric and hybrid powertrains and powertrain-related components including aftertreatment, turbochargers, fuel systems, valvetrain technologies, controls systems, air handling systems, automated transmissions, axles, drivelines, brakes, suspension systems, electric power generation systems, batteries, electrified power systems, hydrogen production technologies and fuel cell products. We sell our products to original equipment manufacturers (OEMs), distributors, dealers and other customers worldwide. We serve our customers through a service network of approximately 450 wholly-owned, joint venture and independent distributor locations and more than 19,000 Cummins certified dealer locations in approximately 190 countries and territories.
Divestiture of Atmus
On March 18, 2024, we completed the divestiture of our remaining 80.5 percent ownership of Atmus Filtration Technologies Inc. (Atmus) common stock through a tax-free split-off. See NOTE 14, "ATMUS 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 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 11, “COMMITMENTS AND CONTINGENCIES,” for additional information.
Interim Condensed Financial Statements
The unaudited Condensed Consolidated Financial Statements reflect all adjustments which, in the opinion of management, are necessary for a fair statement of the results of operations, financial position and cash flows. All such adjustments are of a normal recurring nature. The Condensed Consolidated Financial Statements were prepared in accordance with accounting principles in the United States of America (GAAP) pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) for interim financial information. Certain information and footnote disclosures normally included in annual financial statements were condensed or omitted as permitted by such rules and regulations.
These interim condensed consolidated financial statements should be read in conjunction with the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2023. Our interim period financial results for the three and nine month periods presented are not necessarily indicative of results to be expected for any other interim period or for the entire year. The year-end Condensed Consolidated Balance Sheet data was derived from audited financial statements but does not include all required annual disclosures.
Reclassifications
Certain amounts for prior year periods were reclassified to conform to the current year presentation.
Use of Estimates in Preparation of Financial Statements
Preparation of financial statements requires management to make estimates and assumptions that affect reported amounts presented and disclosed in our Condensed Consolidated Financial Statements. Significant estimates and assumptions in these Condensed Consolidated Financial Statements require the exercise of judgment. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may be different from these estimates.
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Weighted-Average Diluted Shares Outstanding
The weighted-average diluted common shares outstanding exclude the anti-dilutive effect of certain stock options. The options excluded from diluted earnings per share were as follows:
 
Three months endedNine months ended
 September 30,September 30,
 2024202320242023
Options excluded767 7,267 1,878 8,770 
Related Party Transactions
In accordance with the provisions of various joint venture agreements, we may purchase products and components from our joint ventures, sell products and components to our joint ventures and our joint ventures may sell products and components to unrelated parties.
The following is a summary of sales to and purchases from nonconsolidated equity investees:
Three months ended Nine months ended
 September 30,September 30,
In millions2024202320242023
Sales to nonconsolidated equity investees$351 $315 $1,036 $1,011 
Purchases from nonconsolidated equity investees620 602 1,883 1,993 
The following is a summary of accounts receivable from and accounts payable to nonconsolidated equity investees:
In millionsSeptember 30,
2024
December 31,
2023
Balance Sheet Location
Accounts receivable from nonconsolidated equity investees$472 $530 Accounts and notes receivable, net
Accounts payable to nonconsolidated equity investees306 324 Accounts payable (principally trade)
Supply Chain Financing
We currently have supply chain financing programs with financial intermediaries, which provide certain vendors the option to be paid by financial intermediaries earlier than the due date on the applicable invoice. When a vendor utilizes the program and receives an early payment from a financial intermediary, they take a discount on the invoice. We then pay the financial intermediary the face amount of the invoice on the original due date, which generally have 60 to 90 day payment terms. The maximum amount that we could have outstanding under these programs was $551 million at September 30, 2024. We do not reimburse vendors for any costs they incur for participation in the program, their participation is completely voluntary and there are no assets pledged as security or other forms of guarantees provided for the committed payment to the finance provider or intermediary. As a result, all amounts owed to the financial intermediaries are presented as accounts payable in our Condensed Consolidated Balance Sheets. Amounts due to the financial intermediaries reflected in accounts payable at September 30, 2024, and December 31, 2023, were $154 million and $199 million, respectively.
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 classify proceeds received from the sales of accounts receivable as an operating cash flow in the Condensed Consolidated Statements of Cash Flows, and we record the discount in other income, net in the Condensed Consolidated Statements of Net Income. There was no activity under the program during the nine months ended September 30, 2024.
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NOTE 2. REVENUE FROM CONTRACTS WITH CUSTOMERS
Long-term Contracts
We have certain arrangements, primarily long-term maintenance agreements, construction contracts, product sales with associated performance obligations extending beyond a year, product sales with lead times extending beyond one year that are non-cancellable or for which the customer incurs a penalty for cancellation and extended warranty coverage arrangements that span a period in excess of one year. The aggregate amount of the transaction price for these contracts, excluding extended warranty coverage arrangements, as of September 30, 2024, was $3.8 billion. We expect to recognize the related revenue of $2.1 billion over the next 12 months and $1.7 billion over periods up to 10 years. See NOTE 10, "PRODUCT WARRANTY LIABILITY," for additional disclosures on extended warranty coverage arrangements. Our other contracts generally are for a duration of less than one year, include payment terms that correspond to the timing of costs incurred when providing goods and services to our customers or represent sales-based royalties.
Deferred and Unbilled Revenue
The following is a summary of our unbilled and deferred revenue and related activity:
In millionsSeptember 30,
2024
December 31,
2023
Unbilled revenue$346 $303 
Deferred revenue2,315 2,186 
We recognized revenue of $184 million and $682 million for the three and nine months ended September 30, 2024, compared with $126 million and $510 million for the comparable periods in 2023, that was included in the deferred revenue balance at the beginning of each year. We did not record any impairment losses on our unbilled revenues during the three and nine months ended September 30, 2024 or 2023.
Disaggregation of Revenue
Consolidated Revenue
The table below presents our consolidated net sales by geographic area based on the location of the customer:
Three months endedNine months ended
 September 30,September 30,
In millions2024202320242023
United States$4,825 $4,886 $14,729 $14,625 
China727 721 2,197 2,273 
India416 374 1,285 1,198 
Other international2,488 2,450 7,444 7,426 
Total net sales$8,456 $8,431 $25,655 $25,522 
Segment Revenue
As previous announced, beginning in the second quarter of 2024, we realigned certain businesses within our Components segment to be consistent with how our segment manager 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.






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Components segment external sales by business were as follows:
Three months endedNine months ended
September 30,September 30,
In millions2024202320242023
Drivetrain and braking systems$1,131 $1,177 $3,618 $3,698 
Emission solutions759 803 2,437 2,584 
Components and software249 289 828 913 
Automated transmissions148 187 475 545 
Atmus 324 289 
(1)
1,007 
Total sales$2,287 $2,780 $7,647 $8,747 
 (1) Included sales through the March 18, 2024, divestiture. See NOTE 14, "ATMUS INITIAL PUBLIC OFFERING (IPO) AND DIVESTITURE," for additional information.
Engine segment external sales by market were as follows:
Three months endedNine months ended
September 30,September 30,
In millions2024202320242023
Heavy-duty truck$781 $885 $2,560 $2,601 
Medium-duty truck and bus806 656 2,336 1,960 
Light-duty automotive400 451 1,292 1,336 
Total on-highway1,987 1,992 6,188 5,897 
Off-highway228 244 735 854 
Total sales$2,215 $2,236 $6,923 $6,751 
Distribution segment external sales by region were as follows:
Three months endedNine months ended
September 30,September 30,
In millions2024202320242023
North America$1,947 $1,719 $5,568 $5,195 
Asia Pacific342 292 937 796 
Europe307 200 830 607 
China118 110 346 323 
Africa and Middle East80 77 194 219 
India77 66 223 186 
Latin America71 55 194 168 
Total sales$2,942 $2,519 $8,292 $7,494 
Distribution segment external sales by product line were as follows:
Three months endedNine months ended
September 30,September 30,
In millions2024202320242023
Power generation$1,088 $601 $2,743 $1,701 
Parts1,000 991 2,985 3,054 
Service453 420 1,305 1,249 
Engines401 507 1,259 1,490 
Total sales$2,942 $2,519 $8,292 $7,494 
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Power Systems segment external sales by product line were as follows:
Three months endedNine months ended
September 30,September 30,
In millions2024202320242023
Power generation$499 $420 $1,349 $1,247 
Industrial293 263 809 670 
Generator technologies120 115 350 354 
Total sales$912 $798 $2,508 $2,271 
NOTE 3. PENSIONS AND OTHER POSTRETIREMENT BENEFITS
We sponsor funded and unfunded domestic and foreign defined benefit pension and other postretirement benefit (OPEB) plans. Contributions to these plans were as follows:
Three months endedNine months ended
 September 30,September 30,
In millions2024202320242023
Defined benefit pension contributions$9 $8 $56 $102 
OPEB payments, net4 4 16 13 
Defined contribution pension plans27 29 101 102 
We anticipate making additional defined benefit pension contributions during the remainder of 2024 of $14 million for our U.S. and U.K. qualified and non-qualified pension plans. These contributions may be made from trusts or company funds either to increase pension assets or to make direct benefit payments to plan participants. We expect our 2024 annual net periodic pension cost to approximate $34 million.
The components of net periodic pension and OPEB expense (income) under our plans were as follows:
 Pension  
 U.S. PlansU.K. PlansOPEB
 Three months ended September 30,
In millions202420232024202320242023
Service cost$35 $29 $4 $4 $ $ 
Interest cost42 42 18 18 2 2 
Expected return on plan assets(72)(69)(26)(27)  
Amortization of prior service cost  1 1   
Recognized net actuarial loss (gain)3 2 3  (1)(1)
Net periodic benefit expense (income)$8 $4 $ $(4)$1 $1 
 Pension
 U.S. PlansU.K. PlansOPEB
 Nine months ended September 30,
In millions202420232024202320242023
Service cost$106 $87 $13 $12 $ $ 
Interest cost125 126 53 53 5 6 
Expected return on plan assets(217)(207)(76)(79)  
Amortization of prior service cost1 1 1 1   
Recognized net actuarial loss (gain)10 6 9  (2)(2)
Net periodic benefit expense (income)$25 $13 $ $(13)$3 $4 
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NOTE 4. EQUITY, ROYALTY AND INTEREST INCOME FROM INVESTEES
Equity, royalty and interest income from investees included in our Condensed Consolidated Statements of Net Income for the reporting periods was as follows:
Three months endedNine months ended
 September 30,September 30,
In millions2024202320242023
Manufacturing entities
Chongqing Cummins Engine Company, Ltd.$15 $7 $51 $29 
Dongfeng Cummins Engine Company, Ltd.14 15 51 52 
Beijing Foton Cummins Engine Co., Ltd.6 8 29 33 
Tata Cummins, Ltd.6 6 22 21 
All other manufacturers7 18 41 69 
Distribution entities
Komatsu Cummins Chile, Ltda.15 13 42 40 
All other distributors3 3 10 10 
Cummins share of net income66 70 246