Quarterly report pursuant to Section 13 or 15(d)

OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

v2.4.0.8
OTHER COMPREHENSIVE INCOME (LOSS) (Tables)
6 Months Ended
Jun. 30, 2013
OTHER COMPREHENSIVE INCOME (LOSS)  
Changes in accumulated other comprehensive income (loss) by component

 

 

Three months ended

 

In millions

 

Change in
pensions and
other
postretirement
defined benefit
plans

 

Foreign
currency
translation
adjustment

 

Unrealized gain
(loss) on
marketable
securities

 

Unrealized gain
(loss) on
derivatives

 

Total
attributable to
Cummins Inc.

 

Noncontrolling
interests

 

Total

 

Balance at April 1,2012

 

$

(713

)

$

(102

)

$

3

 

$

(1

)

$

(813

)

 

 

 

 

Other comprehensive income before reclassifications

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Before tax amount

 

(1

)

(162

)

2

 

(15

)

(176

)

$

(24

)

$

(200

)

Tax (provision) benefit

 

 

27

 

(1

)

5

 

31

 

 

31

 

After tax amount

 

(1

)

(135

)

1

 

(10

)

(145

)

(24

)

(169

)

Amounts reclassified from accumulated other comprehensive income(1)

 

11

 

 

(1

)

2

 

12

 

 

12

 

Net current period other comprehensive income (loss)

 

10

 

(135

)

 

(8

)

(133

)

$

(24

)

$

(157

)

Balance at July 1, 2012

 

$

(703

)

$

(237

)

$

3

 

$

(9

)

$

(946

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at March 31,2013

 

$

(775

)

$

(314

)

$

 

$

(6

)

$

(1,095

)

 

 

 

 

Other comprehensive income before reclassifications

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Before tax amount

 

8

 

(37

)

9

 

(11

)

(31

)

$

(22

)

$

(53

)

Tax (provision) benefit

 

(3

)

13

 

(2

)

4

 

12

 

 

12

 

After tax amount

 

5

 

(24

)

7

 

(7

)

(19

)

(22

)

(41

)

Amounts reclassified from accumulated other comprehensive income(1) (2)

 

16

 

 

(2

)

1

 

15

 

2

 

17

 

Net current period other comprehensive income (loss)

 

21

 

(24

)

5

 

(6

)

(4

)

$

(20

)

$

(24

)

Balance at June 30, 2013

 

$

(754

)

$

(338

)

$

5

 

$

(12

)

$

(1,099

)

 

 

 

 

 

(1)Amounts are net of tax.

(2)See reclassifications out of accumulated other comprehensive income (loss) disclosure for details.

 

 

 

Six months ended

 

In millions

 

Change in
pensions and
other
postretirement
defined benefit
plans

 

Foreign
currency
translation
adjustment

 

Unrealized gain
(loss) on
marketable
securities

 

Unrealized gain
(loss) on
derivatives

 

Total
attributable to
Cummins Inc.

 

Noncontrolling
interests

 

Total

 

Balance at December 31, 2011

 

$

(724

)

$

(198

)

$

4

 

$

(20

)

$

(938

)

 

 

 

 

Other comprehensive income before reclassifications

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Before tax amount

 

2

 

(62

)

2

 

6

 

(52

)

$

(14

)

$

(66

)

Tax (provision) benefit

 

(1

)

23

 

(1

)

(2

)

19

 

 

19

 

After tax amount

 

1

 

(39

)

1

 

4

 

(33

)

(14

)

(47

)

Amounts reclassified from accumulated other comprehensive income(1)

 

20

 

 

(2

)

7

 

25

 

 

25

 

Net current period other comprehensive income (loss)

 

21

 

(39

)

(1

)

11

 

(8

)

$

(14

)

$

(22

)

Balance at July 1, 2012

 

$

(703

)

$

(237

)

$

3

 

$

(9

)

$

(946

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2012

 

$

(794

)

$

(161

)

$

5

 

$

 

$

(950

)

 

 

 

 

Other comprehensive income before reclassifications

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Before tax amount

 

13

 

(191

)

8

 

(17

)

(187

)

$

(19

)

$

(206

)

Tax (provision) benefit

 

(5

)

14

 

(2

)

5

 

12

 

 

12

 

After tax amount

 

8

 

(177

)

6

 

(12

)

(175

)

(19

)

(194

)

Amounts reclassified from accumulated other comprehensive income(1) (2)

 

32

 

 

(6

)

 

26

 

(3

)

23

 

Net current period other comprehensive income (loss)

 

40

 

(177

)

 

(12

)

(149

)

$

(22

)

$

(171

)

Balance at June 30, 2013

 

$

(754

)

$

(338

)

$

5

 

$

(12

)

$

(1,099

)

 

 

 

 

 

(1)Amounts are net of tax.

(2)See reclassifications out of accumulated other comprehensive income (loss) disclosure for details.

Schedule of reclassification out of accumulated other comprehensive income (loss) and related tax effects

(Gain)/Loss Components

 

June 30, 2013

 

 

 

In millions

 

Three months ended

 

Six months ended

 

Statement of Income Location

 

 

 

 

 

 

 

 

 

Realized (gain) loss on marketable securities

 

$

(1

)

$

(11

)

Other income (expense), net

 

Income tax expense

 

1

 

2

 

Income tax expense

 

Net realized (gain) loss on marketable securities

 

 

(9

)

 

 

 

 

 

 

 

 

 

 

Realized (gain) loss on derivatives

 

 

 

 

 

 

 

Foreign currency forward contracts

 

2

 

2

 

Net sales

 

Commodity swap contracts

 

(1

)

(3

)

Cost of sales

 

Total before taxes

 

1

 

(1

)

 

 

Income tax expense

 

 

1

 

Income tax expense

 

Net realized (gain) loss on derivatives

 

1

 

 

 

 

 

 

 

 

 

 

 

 

Change in pension and other postretirement defined benefit plans

 

 

 

 

 

 

 

Recognized actuarial loss

 

23

 

47

 

(1)

 

Total before taxes

 

23

 

47

 

 

 

Income tax expense

 

(7

)

(15

)

Income tax expense

 

Net change in pensions and other postretirement defined benefit plans

 

16

 

32

 

 

 

 

 

 

 

 

 

 

 

Total reclassifications for the period

 

$

17

 

$

23

 

 

 

 

(1) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 4).