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 (1)
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Unrealized gain
(loss) on
derivatives
|
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Total
attributable to
Cummins Inc.
|
|
Noncontrolling
interests
|
|
Total |
Balance at December 31, 2015 |
|
$ |
(654 |
) |
|
$ |
(696 |
) |
|
$ |
(2 |
) |
|
$ |
4 |
|
|
$ |
(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 |
|
44 |
|
|
38 |
|
|
— |
|
|
6 |
|
|
88 |
|
|
— |
|
|
88 |
|
After tax amount |
|
(67 |
) |
|
(431 |
) |
|
1 |
|
|
(32 |
) |
|
(529 |
) |
|
(17 |
) |
|
(546 |
) |
Amounts reclassified from accumulated other comprehensive income(2)
|
|
36 |
|
|
— |
|
|
— |
|
|
20 |
|
|
56 |
|
|
— |
|
|
56 |
|
Net current period other comprehensive income (loss) |
|
(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 |
|
|
2 |
|
|
(12 |
) |
|
398 |
|
|
$ |
20 |
|
|
$ |
418 |
|
Tax benefit (expense) |
|
(36 |
) |
|
(20 |
) |
|
— |
|
|
5 |
|
|
(51 |
) |
|
— |
|
|
(51 |
) |
After tax amount |
|
37 |
|
|
315 |
|
|
2 |
|
|
(7 |
) |
|
347 |
|
|
20 |
|
|
367 |
|
Amounts reclassified from accumulated other comprehensive income(2)
|
|
62 |
|
|
— |
|
|
— |
|
|
12 |
|
|
74 |
|
|
— |
|
|
74 |
|
Impact of tax legislation (Note 4) |
|
(103 |
) |
(3) |
— |
|
|
— |
|
|
— |
|
|
(103 |
) |
|
— |
|
|
(103 |
) |
Net current period other comprehensive income (loss) |
|
(4 |
) |
|
315 |
|
|
2 |
|
|
5 |
|
|
318 |
|
|
$ |
20 |
|
|
$ |
338 |
|
Balance at December 31, 2017 |
|
$ |
(689 |
) |
|
$ |
(812 |
) |
|
$ |
1 |
|
|
$ |
(3 |
) |
|
$ |
(1,503 |
) |
|
|
|
|
|
|
Other comprehensive income before reclassifications |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Before tax amount |
|
(42 |
) |
|
(333 |
) |
|
2 |
|
|
21 |
|
|
(352 |
) |
|
$ |
(30 |
) |
|
$ |
(382 |
) |
Tax benefit (expense) |
|
7 |
|
|
7 |
|
|
— |
|
|
(7 |
) |
|
7 |
|
|
— |
|
|
7 |
|
After tax amount |
|
(35 |
) |
|
(326 |
) |
|
2 |
|
|
14 |
|
|
(345 |
) |
|
(30 |
) |
|
(375 |
) |
Amounts reclassified from accumulated other comprehensive income(2)
|
|
53 |
|
|
— |
|
|
(3 |
) |
|
(9 |
) |
|
41 |
|
|
1 |
|
|
42 |
|
Net current period other comprehensive income (loss) |
|
18 |
|
|
(326 |
) |
|
(1 |
) |
|
5 |
|
|
(304 |
) |
|
$ |
(29 |
) |
|
$ |
(333 |
) |
Balance at December 31, 2018 |
|
$ |
(671 |
) |
|
$ |
(1,138 |
) |
|
$ |
— |
|
|
$ |
2 |
|
|
$ |
(1,807 |
) |
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_______________________________________________________________________
(1) Effective January 1, 2018 and forward, unrealized gains and losses, net of tax for equity securities are reported in "Other income, net" on the Consolidated Statements of Income instead of comprehensive income.
Unrealized gains and losses for debt securities will continue to be reported in comprehensive income. See NOTE 1 , "SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ," "RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS" section for additional information.
(2) Amounts are net of tax. 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 Tax Legislation and $23 million related to 2017 activity. See Note 4, "INCOME TAXES," to our Consolidated Financial Statements for additional information.
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