Annual report pursuant to Section 13 and 15(d)

INVESTMENTS IN EQUITY INVESTEES (Tables)

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INVESTMENTS IN EQUITY INVESTEES (Tables)
 12 Months Ended
Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Summary of investments in and advances to equity investees and our ownership percentage
Investments and advances related to equity method investees and our ownership percentages were as follows:
  Ownership December 31,
Dollars in millions percentage 2024 2023
Komatsu alliances
20-50%
 $ 322  $ 331 
Amplify Cell Technologies, LLC 30% 187  — 
Beijing Foton Cummins Engine Co., Ltd. 50% 185  194 
Sistemas Automotrices de Mexico S.A. de C.V. 50% 150  149 
Dongfeng Cummins Engine Company, Ltd. 50% 128  128 
Automotive Axles Limited 36% 123  125 
Chongqing Cummins Engine Company, Ltd. 50% 120  110 
Tata Cummins, Ltd. 50% 96  89 
Cummins-Scania XPI Manufacturing, LLC 50% 88  85 
Freios Master 49% 78  84 
Other Various 412  505 
Investments and advances related to equity method investees   $ 1,889  $ 1,800 
Equity, royalty and interest income from investees
Equity, royalty and interest income from investees, net of applicable taxes, was as follows:
  Years ended December 31,
In millions 2024 2023 2022
Manufacturing entities      
Dongfeng Cummins Engine Company, Ltd. $ 66  $ 65  $ 45 
Chongqing Cummins Engine Company, Ltd. 60  36  32 
Beijing Foton Cummins Engine Co., Ltd. 42  47  37 
Tata Cummins, Ltd. 31  29  27 
All other manufacturers 25 
(1)
 91  28 
(2)
Distribution entities
Komatsu Cummins Chile, Ltda. 55  55  44 
All other distributors 17  16  11 
Cummins share of net income 296  339  224 
Royalty and interest income 99  144  125 
Equity, royalty and interest income from investees $ 395  $ 483  $ 349 
(1) Included a $17 million impairment of our joint ventures in the fourth quarter of 2024 related to Accelera strategic reorganization actions. See NOTE 22, "ACCELERA STRATEGIC REORGANIZATION ACTIONS," for additional information
(2) Included a $28 million impairment of our joint venture with KAMAZ and $3 million of royalty charges as part of our costs associated with the indefinite suspension of our Russian operations. See NOTE 24, "RUSSIAN OPERATIONS," for additional information.
Summary of financial information for equity investees
Summary financial information for our equity investees was as follows:
  Years ended and at December 31,
In millions 2024 2023 2022
Net sales $ 11,190  $ 9,998  $ 7,501 
Gross margin 1,760  1,597  1,211 
Net income 860  677  475 
Cummins share of net income $ 296  $ 339  $ 224 
Royalty and interest income 99  144  125 
Total equity, royalty and interest from investees $ 395  $ 483  $ 349 
Current assets $ 6,626  $ 4,922   
Long-term assets 2,597  2,021   
Current liabilities (4,203) (3,812)  
Long-term liabilities (549) (432)  
Net assets $ 4,471  $ 2,699   
Cummins share of net assets $ 1,866  $ 1,786