Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)
$ in Millions
Total
Redeemable Noncontrolling Interest
Common Stock
Additional Paid-in Capital
Retained Earnings
Treasury Stock, Common
Accumulated Other Comprehensive Loss
Total Cummins Inc. Shareholders' Equity
Noncontrolling Interests
us-gaap_Net Income in Total Equity Excluding Noncontrolling Interest Amount
Statement of Stockholders' Equity [Abstract]                    
CASH DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share) $ 2.90                  
Redeemable noncontrolling interests (Note 16) at Dec. 31, 2021   $ 366                
BALANCE AT BEGINNING OF PERIOD at Dec. 31, 2021 $ 9,035   $ 556 $ 1,543 $ 16,741 $ (9,123) $ (1,571) $ 8,146 $ 889  
Increase (Decrease) in Shareholders' Equity                    
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest   (11)                
CONSOLIDATED NET INCOME 1,130       1,120     1,120 21 $ 1,141
Other comprehensive loss, net of tax (Note 12) (148)           (125) (125) (23)  
Issuance of common stock 1     1       1    
Cash dividends on common stock (411)       (411)     (411)    
Distributions to noncontrolling interests (14)               (14)  
Repurchases of common stock (347)         (347)   (347)    
Share-based awards 19     (7)   26   19    
Fair value adjustment of redeemable noncontrolling interests 129 (129)   129       129    
Other shareholder transactions 24     2   5   7 17  
Balance at End of Period Redeemable Noncontrolling Interest, Equity, Carrying Amount at Jun. 30, 2022   226                
BALANCE AT END OF PERIOD at Jun. 30, 2022 $ 9,429   556 1,668 17,450 (9,439) (1,696) 8,539 890  
Statement of Stockholders' Equity [Abstract]                    
CASH DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share) $ 1.45                  
Redeemable noncontrolling interests (Note 16) at Mar. 31, 2022   392                
BALANCE AT BEGINNING OF PERIOD at Mar. 31, 2022 $ 8,971   556 1,497 16,952 (9,412) (1,515) 8,078 893  
Increase (Decrease) in Shareholders' Equity                    
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest   (7)                
CONSOLIDATED NET INCOME 707       702     702 12 714
Other comprehensive loss, net of tax (Note 12) (196)           (181) (181) (15)  
Issuance of common stock 1     1       1    
Cash dividends on common stock (204)       (204)     (204)    
Repurchases of common stock (36)       (36) (36)    
Share-based awards 10     2   8 10    
Fair value adjustment of redeemable noncontrolling interests 159 (159)   159       159    
Other shareholder transactions 10     9   1   10    
Balance at End of Period Redeemable Noncontrolling Interest, Equity, Carrying Amount at Jun. 30, 2022   226                
BALANCE AT END OF PERIOD at Jun. 30, 2022 $ 9,429   556 1,668 17,450 (9,439) (1,696) 8,539 890  
Statement of Stockholders' Equity [Abstract]                    
CASH DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share) $ 3.14                  
Redeemable noncontrolling interests (Note 16) at Dec. 31, 2022 $ 258 258                
BALANCE AT BEGINNING OF PERIOD at Dec. 31, 2022 9,967   556 1,687 18,037 (9,415) (1,890) 8,975 992  
Increase (Decrease) in Shareholders' Equity                    
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest   (20)                
CONSOLIDATED NET INCOME 1,543       1,510     1,510 53 1,563
Other comprehensive loss, net of tax (Note 12) (26)           (27) (27) 1  
Issuance of common stock 2     2       2    
Cash dividends on common stock (445)       (445)     (445)    
Distributions to noncontrolling interests (24)               (24)  
Share-based awards 28     (4)   32   28    
Fair value adjustment of redeemable noncontrolling interests (33) 33   (33)       (33)    
Acquisition of redeemable noncontrolling interests (Note 16)   (271)                
Sale of Atmus stock (Note 15) 282     285       285 (3)  
Other shareholder transactions 42     39   3   42 0  
Balance at End of Period Redeemable Noncontrolling Interest, Equity, Carrying Amount at Jun. 30, 2023 0 0                
BALANCE AT END OF PERIOD at Jun. 30, 2023 $ 11,356   556 1,976 19,102 (9,380) (1,917) 10,337 1,019  
Statement of Stockholders' Equity [Abstract]                    
CASH DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share) $ 1.57                  
Redeemable noncontrolling interests (Note 16) at Mar. 31, 2023   261                
BALANCE AT BEGINNING OF PERIOD at Mar. 31, 2023 $ 10,620   556 1,674 18,605 (9,389) (1,823) 9,623 997  
Increase (Decrease) in Shareholders' Equity                    
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest   (12)                
CONSOLIDATED NET INCOME 737       720     720 29 $ 749
Other comprehensive loss, net of tax (Note 12) (96)           (94) (94) (2)  
Issuance of common stock 2     2       2    
Cash dividends on common stock (223)       (223)     (223)    
Distributions to noncontrolling interests (2)               (2)  
Share-based awards 8     1   7 8    
Fair value adjustment of redeemable noncontrolling interests (22) 22   (22)       (22)    
Acquisition of redeemable noncontrolling interests (Note 16)   (271)                
Sale of Atmus stock (Note 15) 282     285       285 (3)  
Other shareholder transactions 38     36   2   38 0  
Balance at End of Period Redeemable Noncontrolling Interest, Equity, Carrying Amount at Jun. 30, 2023 0 $ 0                
BALANCE AT END OF PERIOD at Jun. 30, 2023 $ 11,356   $ 556 $ 1,976 $ 19,102 $ (9,380) $ (1,917) $ 10,337 $ 1,019