NOTE 14. ACCUMULATED OTHER COMPREHENSIVE LOSS
Following are the changes in accumulated other comprehensive income (loss) by component:
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In millions |
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Change in
pensions and
other
postretirement
defined benefit
plans
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Foreign
currency
translation
adjustment
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Unrealized gain
(loss) on
marketable
securities
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Unrealized gain
(loss) on
derivatives
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Total
attributable to
Cummins Inc.
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Noncontrolling
interests
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Total |
Balance at December 31, 2014 |
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$ |
(669 |
) |
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$ |
(406 |
) |
|
$ |
(1 |
) |
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$ |
(2 |
) |
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$ |
(1,078 |
) |
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Other comprehensive income before reclassifications |
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Before tax amount |
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(81 |
) |
|
(366 |
) |
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— |
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17 |
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|
(430 |
) |
|
$ |
(15 |
) |
|
$ |
(445 |
) |
Tax (expense) benefit |
|
35 |
|
|
76 |
|
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— |
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(1 |
) |
|
110 |
|
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— |
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|
110 |
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After tax amount |
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(46 |
) |
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(290 |
) |
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— |
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|
16 |
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(320 |
) |
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(15 |
) |
|
(335 |
) |
Amounts reclassified from accumulated other comprehensive income(1)(2)
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|
61 |
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— |
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(1 |
) |
|
(10 |
) |
|
50 |
|
|
— |
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|
50 |
|
Net current period other comprehensive income (loss) |
|
15 |
|
|
(290 |
) |
|
(1 |
) |
|
6 |
|
|
(270 |
) |
|
$ |
(15 |
) |
|
$ |
(285 |
) |
Balance at December 31, 2015 |
|
$ |
(654 |
) |
|
$ |
(696 |
) |
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$ |
(2 |
) |
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$ |
4 |
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$ |
(1,348 |
) |
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Other comprehensive income before reclassifications |
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Before tax amount |
|
(111 |
) |
|
(469 |
) |
|
1 |
|
|
(38 |
) |
|
(617 |
) |
|
$ |
(17 |
) |
|
$ |
(634 |
) |
Tax benefit (expense) |
|
44 |
|
|
38 |
|
|
— |
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|
6 |
|
|
88 |
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— |
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|
88 |
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After tax amount |
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(67 |
) |
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(431 |
) |
|
1 |
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(32 |
) |
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(529 |
) |
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(17 |
) |
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(546 |
) |
Amounts reclassified from accumulated other comprehensive income(1)(2)
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|
36 |
|
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— |
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— |
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|
20 |
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|
56 |
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— |
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|
56 |
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Net current period other comprehensive income (loss) |
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(31 |
) |
|
(431 |
) |
|
1 |
|
|
(12 |
) |
|
(473 |
) |
|
$ |
(17 |
) |
|
$ |
(490 |
) |
Balance at December 31, 2016 |
|
$ |
(685 |
) |
|
$ |
(1,127 |
) |
|
$ |
(1 |
) |
|
$ |
(8 |
) |
|
$ |
(1,821 |
) |
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Other comprehensive income before reclassifications |
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Before tax amount |
|
73 |
|
|
335 |
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|
2 |
|
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(12 |
) |
|
398 |
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$ |
20 |
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$ |
418 |
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Tax benefit (expense) |
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(36 |
) |
|
(20 |
) |
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— |
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|
5 |
|
|
(51 |
) |
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— |
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|
(51 |
) |
After tax amount |
|
37 |
|
|
315 |
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|
2 |
|
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(7 |
) |
|
347 |
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|
20 |
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|
367 |
|
Amounts reclassified from accumulated other comprehensive income(1)(2)
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|
62 |
|
|
— |
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— |
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|
12 |
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|
74 |
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|
— |
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|
74 |
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Impact of tax legislation (Note 2) |
|
(103 |
) |
(3) |
— |
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— |
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— |
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|
(103 |
) |
|
— |
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|
(103 |
) |
Net current period other comprehensive income (loss) |
|
(4 |
) |
|
315 |
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|
2 |
|
|
5 |
|
|
318 |
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$ |
20 |
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|
$ |
338 |
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Balance at December 31, 2017 |
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$ |
(689 |
) |
|
$ |
(812 |
) |
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$ |
1 |
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$ |
(3 |
) |
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$ |
(1,503 |
) |
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(1) Amounts are net of tax.
(2) Reclassifications out of accumulated other comprehensive income (loss) and the related tax effects are immaterial for separate disclosure.
(3) Impact of tax legislation includes $(126) million related to one-time cumulative adjustments and $23 million related to 2017. See Note 2, "INCOME TAXES," to our Consolidated Financial Statements for additional information.
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