Quarterly report pursuant to Section 13 or 15(d)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

v3.20.2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)
6 Months Ended
Jun. 28, 2020
Equity [Abstract]  
Changes in accumulated other comprehensive income (loss) by component
Following are the changes in accumulated other comprehensive income (loss) by component for the three months ended:
In millions Change in
pensions and
other
postretirement
defined benefit
plans
Foreign
currency
translation
adjustment
Unrealized gain
(loss) on
debt
securities
Unrealized gain
(loss) on
derivatives
Total
attributable to
Cummins Inc.
Noncontrolling
interests
Total
Balance at March 29, 2020 $ (732)   $ (1,430)   $ —    $ (88)   $ (2,250)      
Other comprehensive income before reclassifications              
Before-tax amount —    (7)   —    (3)   (10)   $ (5)   $ (15)  
Tax benefit (expense) —      —        —     
After-tax amount —    (6)   —    —    (6)   (5)   (11)  
Amounts reclassified from accumulated other comprehensive income (loss)(1)
16    —    —    (2)   14    —    14   
Net current period other comprehensive income (loss) 16    (6)   —    (2)     $ (5)   $  
Balance at June 28, 2020 $ (716)   $ (1,436)   $ —    $ (90)   $ (2,242)      
Balance at March 31, 2019 $ (682)   $ (1,057)   $ (1)   $   $ (1,739)      
Other comprehensive income before reclassifications              
Before-tax amount   (97)     (11)   (106)   $ —    $ (106)  
Tax benefit (expense) —    (2)   —        —     
After-tax amount   (99)     (7)   (104)   —    (104)  
Amounts reclassified from accumulated other comprehensive income (loss)(1)
  —    —    (3)     —     
Net current period other comprehensive income (loss)   (99)     (10)   (101)   $ —    $ (101)  
Balance at June 30, 2019 $ (675)   $ (1,156)   $ —    $ (9)   $ (1,840)      
(1) Amounts are net of tax. Reclassifications out of accumulated other comprehensive income (loss) and the related tax effects are immaterial for separate disclosure.
Following are the changes in accumulated other comprehensive income (loss) by component for the six months ended:
In millions Change in
pensions and
other
postretirement
defined benefit
plans
Foreign
currency
translation
adjustment
Unrealized gain (loss) on debt securities Unrealized gain
(loss) on
derivatives
Total
attributable to
Cummins Inc.
Noncontrolling
interests
Total
Balance at December 31, 2019 $ (734)   $ (1,285)   $ —    $ (9)   $ (2,028)      
Other comprehensive income before reclassifications              
Before-tax amount (19)   (155)   —    (98)   (272)   $ (22)   $ (294)  
Tax benefit (expense)     —    21    30    —    30   
After-tax amount (14)   (151)   —    (77)   (242)   (22)   (264)  
Amounts reclassified from accumulated other comprehensive loss(1)
32    —    —    (4)   28    —    28   
Net current period other comprehensive income (loss) 18    (151)   —    (81)  
(2)
(214)   $ (22)   $ (236)  
Balance at June 28, 2020 $ (716)   $ (1,436)   $ —    $ (90)   $ (2,242)      
Balance at December 31, 2018 $ (671)   $ (1,138)   $ —    $   $ (1,807)      
Other comprehensive income before reclassifications              
Before-tax amount (22)   (17)   —    (8)   (47)   $   $ (44)  
Tax benefit (expense)   (1)   —        —     
After-tax amount (17)   (18)   —    (5)   (40)     (37)  
Amounts reclassified from accumulated other comprehensive loss(1)
13    —    —    (6)     —     
Net current period other comprehensive income (loss) (4)   (18)   —    (11)   (33)   $   $ (30)  
Balance at June 30, 2019 $ (675)   $ (1,156)   $ —    $ (9)   $ (1,840)      
(1) Amounts are net of tax. Reclassifications out of accumulated other comprehensive income (loss) and the related tax effects are immaterial for separate disclosure.
(2) Primarily related to interest rate lock activity. See the Interest Rate Risk section in NOTE 9 "DEBT" for additional information.