INVESTMENTS IN EQUITY INVESTEES (Tables)

12 Months Ended

Dec. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Summary of investments in and advances to equity investees and our ownership percentage

Investments and advances related to equity method investees and our ownership percentages were as follows:

	Ownership	December 31,
Dollars in millions	percentage	2023		2022
Komatsu alliances	20-50%	$	331	$	295
Beijing Foton Cummins Engine Co., Ltd.	50%	194		189
Sisamex	50%	149		144
Dongfeng Cummins Engine Company, Ltd.	50%	128		106
Automotive Axles Limited	36%	125		125
Chongqing Cummins Engine Company, Ltd.	50%	110		118
Tata Cummins, Ltd.	50%	89		92
Cummins-Scania XPI Manufacturing, LLC	50%	85		130
Freios Master	49%	84		86
Other	Various	505		474
Investments and advances related to equity method investees		$	1,800	$	1,759

Equity, royalty and interest income from investees

Equity, royalty and interest income from investees, net of applicable taxes, was as follows:

	Years ended December 31,
In millions	2023		2022			2021
Manufacturing entities
Dongfeng Cummins Engine Company, Ltd.	$	65	$	45		$	82
Beijing Foton Cummins Engine Co., Ltd.	47		37			112
Chongqing Cummins Engine Company, Ltd.	36		32			39
Tata Cummins, Ltd.	29		27			18
All other manufacturers	91		28		(1)	131
Distribution entities
Komatsu Cummins Chile, Ltda.	55		44			32
All other distributors	16		11			10
Cummins share of net income	339		224			424
Royalty and interest income	144		125			82
Equity, royalty and interest income from investees	$	483	$	349		$	506
(1) Includes a $28 million impairment of our joint venture with KAMAZ and $3 million of royalty charges as part of our costs associated with the indefinite suspension of our Russian operations. In addition, on February 7, 2022, we purchased Westport Fuel System Inc.'s stake in Westport JV. See NOTE 24, "ACQUISITIONS," and NOTE 22, "RUSSIAN OPERATIONS," for additional information.

Summary of financial information for equity investees

Summary financial information for our equity investees was as follows:

	Years ended and at December 31,
In millions	2023		2022		2021
Net sales	$	9,998	$	7,501	$	8,934
Gross margin	1,597		1,211		1,574
Net income	677		475		802
Cummins share of net income	$	339	$	224	$	424
Royalty and interest income	144		125		82
Total equity, royalty and interest from investees	$	483	$	349	$	506
Current assets	$	4,922	$	4,252
Long-term assets	2,021		1,935
Current liabilities	(3,812)		(3,224)
Long-term liabilities	(432)		(399)
Net assets	$	2,699	$	2,564
Cummins share of net assets	$	1,786	$	1,715