Cummins Inc. Files 2024 10-K

TL;DR

Cummins dropped its 2024 10-K. Full financials are in.

AI Summary

Cummins Inc. filed its 2024 10-K on February 11, 2025, reporting on its fiscal year ending December 31, 2024. The company, headquartered in Columbus, Indiana, operates in the Engines & Turbines sector. The filing details its financial performance and business operations for the year.

Why It Matters

This filing provides investors and analysts with a comprehensive overview of Cummins' financial health and strategic direction for the past fiscal year, influencing investment decisions.

Risk Assessment

Risk Level: low — This is a standard annual financial filing with no immediate red flags.

Key Numbers

• 137,481,164 — Shares (Total shares outstanding as of the filing date.)

Key Players & Entities

• Cummins Inc. (company) — Filer of the 10-K
• 0000026172 (company) — Central Index Key for Cummins Inc.
• Columbus, Indiana (location) — Headquarters of Cummins Inc.
• 2024-12-31 (date) — Fiscal year end date
• 20250211 (date) — Filing date

FAQ

Key Financial Figures

• $2.50 — ange on which registered Common stock, $2.50 par value CMI New York Stock Exchange
• $1.3 billion — lion shares and a gain of approximately $1.3 billion. See NOTE 21, "ATMUS INITIAL PUBLIC OFF
• $1.9 billion — In the second quarter of 2024, we made $1.9 billion of payments required by the Settlement

Filing Documents

• cmi-20241231.htm (10-K) — 4721KB
• cmi202410-kex19.htm (EX-19) — 71KB
• cmi202410-kex21.htm (EX-21) — 174KB
• cmi202410-kex23.htm (EX-23) — 3KB
• cmi202410-kex24.htm (EX-24) — 35KB
• cmi202410-kex31a.htm (EX-31.A) — 10KB
• cmi202410-kex31b.htm (EX-31.B) — 10KB
• cmi202410-kex32.htm (EX-32) — 6KB
• cmi202410-kex97.htm (EX-97) — 29KB
• blackcumminslogoa.jpg (GRAPHIC) — 28KB
• cmi-20241231_g1.jpg (GRAPHIC) — 114KB
• cmi-20241231_g2.jpg (GRAPHIC) — 102KB
• insidertrading114a.jpg (GRAPHIC) — 22KB
• 0000026172-25-000007.txt ( ) — 25072KB
• cmi-20241231.xsd (EX-101.SCH) — 91KB
• cmi-20241231_cal.xml (EX-101.CAL) — 113KB
• cmi-20241231_def.xml (EX-101.DEF) — 602KB
• cmi-20241231_lab.xml (EX-101.LAB) — 1387KB
• cmi-20241231_pre.xml (EX-101.PRE) — 1020KB
• cmi-20241231_htm.xml (XML) — 5370KB

TEM PAGE

PART ITEM PAGE Cautionary Statements Regarding Forward-Looking Information 3 I 1

Business

Business 5 Overview 5 Operating Segments 5 Engine Segment 6 Components Segment 7 Distribution Segment 8 Power Systems Segment 8 Accelera Segment 9 Joint Ventures, Alliances and Non-Wholly-Owned Subsidiaries 9 Supply 11 Patents and Trademarks 12 Seasonality 12 Largest Customers 12 Backlog 12 Research and Development 12 Environmental Sustainability 13 Environmental Compliance 14 Human Capital Resources 15 Available Information 16 Information About Our Executive Officers 17 1A

Risk Factors

Risk Factors 18 1B Unresolved Staff Comments 26 1C Cybersecurity 26 2

Properties

Properties 28 3

Legal Proceedings

Legal Proceedings 29 4 Mine Safety Disclosures 29 II 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 29 6 [Reserved] 31 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 32 7A

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 55 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 58 Index to Financial Statements 58 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 121 9A

Controls and Procedures

Controls and Procedures 122 9B Other Information 122 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 122 III 10 Directors, Executive Officers and Corporate Governance 123 11

Executive Compensation

Executive Compensation 123 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 123 13 Certain Relationships and Related Transactions and Director Independence 123 14 Principal Accounting Fees and Services 123 IV 15 Exhibits and Financial Statement Schedules 124 16 Form 10-K Summary 126

Signatures

Signatures 127 2 Table of Contents Cummins Inc. and its consolidated subsidiaries are hereinafter sometimes referred to as "Cummins," "we," "our," or "us." CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING INFORMATION Certain parts of this annual report contain forward-looking statements intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those that are based on current expectations, estimates and projections about the industries in which we operate and management's beliefs and assumptions. Forward-looking statements are generally accompanied by words such as "anticipates," "expects," "forecasts," "intends," "plans," "believes," "seeks," "estimates," "could," "should," "may" or words of similar meaning. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which we refer to as "future factors," which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Some future factors that could cause our results to differ materially from the results discussed in such forward-looking statements are discussed below and shareholders, potential investors and other readers are urged to consider these future factors carefully in evaluating forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Future factors that could affect the outcome of forward-looking statements include the following: GOVERNMENT REGULATION any adverse consequences resulting from entering into the Settlement Agreements, including required additional mitigation projects, adverse reputational impacts and potential resulting legal actions; increased scrutiny from regulatory agencies, as well as unpredictability in the adoption, implementation

Business

ITEM 1. Business OVERVIEW We were founded in 1919 as Cummins Engine Company, a corporation in Columbus, Indiana, and one of the first diesel engine manufacturers. In 2001, we changed our name to Cummins Inc. We are a global power solutions leader comprised of five business segments - Engine, Components, Distribution, Power Systems and Accelera - supported by our global manufacturing and extensive service and support network, skilled workforce and vast technical expertise. Our products range from advanced diesel, natural gas, electric and hybrid powertrains and powertrain-related components including aftertreatment, turbochargers, fuel systems, valvetrain technologies, controls systems, air handling systems, automated transmissions, axles, drivelines, brakes, suspension systems, electric power generation systems, electrified power systems with innovative components and subsystems, including battery, fuel cell and electric power technologies and hydrogen production technologies. We sell our products to original equipment manufacturers (OEMs), distributors, dealers and other customers worldwide. We serve our customers through a service network of approximately 650 wholly-owned, joint venture and independent distributor locations and more than 19,000 Cummins certified dealer locations in approximately 190 countries and territories. Divestiture of Atmus On March 18, 2024, we completed the divestiture of our remaining 80.5 percent ownership of Atmus Filtration Technologies Inc. (Atmus) common stock through a tax-free split-off. The exchange resulted in a reduction of shares of our common stock outstanding by 5.6 million shares and a gain of approximately $1.3 billion. See NOTE 21, "ATMUS INITIAL PUBLIC OFFERING (IPO) AND DIVESTITURE," to our Consolidated Financial Statements for additional information. Settlement Agreements In December 2023, we announced that we reached an agreement in principle with the U.S. Environmental Protection Agency (EPA), the California Ai