Quarterly report [Sections 13 or 15(d)]

EQUITY, ROYALTY AND INTEREST INCOME FROM INVESTEES

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EQUITY, ROYALTY AND INTEREST INCOME FROM INVESTEES
 3 Months Ended
Mar. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
EQUITY, ROYALTY AND INTEREST INCOME FROM INVESTEES
NOTE 4. EQUITY, ROYALTY AND INTEREST INCOME FROM INVESTEES
Equity, royalty and interest income from investees, net of applicable taxes, was as follows:
Three months ended
  March 31,
In millions 2025 2024
Manufacturing entities
Chongqing Cummins Engine Company, Ltd. $ 23  $ 15 
Dongfeng Cummins Engine Company, Ltd. 20  22 
Beijing Foton Cummins Engine Co., Ltd. 15  13 
Tata Cummins, Ltd. 10  9 
All other manufacturers 7  23 
Distribution entities
Komatsu Cummins Chile, Ltda. 14  13 
All other distributors 8  5 
Cummins share of net income 97  100 
Royalty and interest income 34  23 
Equity, royalty and interest income from investees $ 131  $ 123 
Our Amplify Cell Technologies LLC (Amplify) joint venture meets the definition of a variable interest entity since the equity-at-risk is not currently sufficient to support the future operations of the joint venture. Accelera, Daimler Truck and US Holding LLC and PACCAR, Inc. each own 30 percent of the joint venture and have two board positions, while EVE Energy owns 10 percent and has one board position. All significant decisions require majority or super-majority approval of the board. As a result, we are not the primary beneficiary of the joint venture, and it is not consolidated. We account for the joint venture using the equity method. Our Amplify joint venture will manufacture battery cells for electric commercial vehicles and industrial applications. The joint venture began operations in May 2024, but is not expected to begin production until 2027. As of March 31, 2025, we contributed $255 million and our maximum remaining required contribution to the joint venture was $551 million, which could be reduced by future government incentives received by the joint venture. Our investment balance at March 31, 2025, net of operating losses, was $225 million.