Quarterly report pursuant to Section 13 or 15(d)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 6 Months Ended
Jun. 30, 2023
Equity [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
NOTE 12. ACCUMULATED OTHER COMPREHENSIVE LOSS
Following are the changes in accumulated other comprehensive income (loss) by component for the three months ended:
In millions Change in pension and OPEB plans Foreign currency
translation
adjustment		 Unrealized gain
(loss) on
derivatives		 Total
attributable to
Cummins Inc.		 Noncontrolling
interests		 Total
Balance at March 31, 2023 $ (436) $ (1,473) $ 86  $ (1,823)    
Other comprehensive income (loss) before reclassifications            
Before-tax amount —  (111) 18  (93) $ (2) $ (95)
Tax benefit (expense) —  3  (2) 1  —  1 
After-tax amount —  (108) 16  (92) (2) (94)
Amounts reclassified from accumulated other comprehensive income (loss) (1)
2  —  (4) (2) —  (2)
Net current period other comprehensive income (loss) 2  (108) 12  (94) $ (2) $ (96)
Balance at June 30, 2023 $ (434) $ (1,581) $ 98  $ (1,917)    
Balance at March 31, 2022 $ (330) $ (1,196) $ 11  $ (1,515)    
Other comprehensive income (loss) before reclassifications            
Before-tax amount —  (235) 59  (176) $ (15) $ (191)
Tax benefit (expense) 1  5  (15) (9) —  (9)
After-tax amount 1  (230) 44  (185) (15) (200)
Amounts reclassified from accumulated other comprehensive income (loss) (1)
5  —  (1) 4  —  4 
Net current period other comprehensive income (loss) 6  (230) 43 
(2)
 (181) $ (15) $ (196)
Balance at June 30, 2022 $ (324) $ (1,426) $ 54  $ (1,696)    
(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 13, "DERIVATIVES," for additional information.
Following are the changes in accumulated other comprehensive income (loss) by component for the six months ended:
In millions Change in pension and OPEB plans Foreign currency
translation
adjustment		 Unrealized gain (loss) on derivatives Total
attributable to
Cummins Inc.		 Noncontrolling
interests		 Total
Balance at December 31, 2022 $ (427) $ (1,552) $ 89  $ (1,890)
Other comprehensive income (loss) before reclassifications
Before-tax amount (13) (36) 15  (34) $ 1  $ (33)
Tax benefit (expense) 2  7  (1) 8  —  8 
After-tax amount (11) (29) 14  (26) 1  (25)
Amounts reclassified from accumulated other comprehensive income (loss) (1)
4  —  (5) (1) —  (1)
Net current period other comprehensive (loss) income (7) (29) 9  (27) $ 1  $ (26)
Balance at June 30, 2023 $ (434) $ (1,581) $ 98  $ (1,917)    
Balance at December 31, 2021 $ (346) $ (1,208) $ (17) $ (1,571)
Other comprehensive income (loss) before reclassifications    
Before-tax amount 14  (224) 95  (115) $ (23) $ (138)
Tax (expense) benefit (3) 6  (22) (19) —  (19)
After-tax amount 11  (218) 73  (134) (23) (157)
Amounts reclassified from accumulated other comprehensive income (loss) (1)
11  —  (2) 9  —  9 
Net current period other comprehensive income (loss) 22  (218) 71 
(2)
 (125) $ (23) $ (148)
Balance at June 30, 2022 $ (324) $ (1,426) $ 54  $ (1,696)
(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 13, "DERIVATIVES," for additional information.