v3.26.1
FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
EBP Plans  
EBP, Investment, Fair Value and NAV [Line Items]  
Assets Measured at Fair Value and NAV The following is the Master Trust’s investment in Cummins Inc. common stock excluding funds held in the Northern Trust Collective Short-Term Investment Fund:
December 31,
 20252024
Number of shares 2,054,938 2,185,371 
Fair value$1,048,943,101 $761,820,330 
The following table sets forth by level, within the hierarchy, the Master Trust’s assets measured at fair value on a recurring basis:
 December 31, 2025December 31, 2024
Master Trust level assets 
Fair Value Level 1 Fair Value Level 1 
Registered investment companies $138,692,527 $138,692,527 $361,788,044 $361,788,044 
Common stock1,048,943,101 1,048,943,101 761,820,330 761,820,330 
Total assets in the fair value hierarchy 1,187,635,628 $1,187,635,628 1,123,608,374 $1,123,608,374 
Common/collective trust funds* 5,942,356,197 4,880,564,583 
Investments at fair value $7,129,991,825  $6,004,172,957 
* Common/collective trust funds are measured at fair value using the net asset value per share or its equivalent as a practical expedient and are therefore not required to be classified in the fair value hierarchy. 
The following table sets forth the Master Trust's assets valued at NAV as of December 31, 2025: 
 Fair ValueUnfunded CommitmentsRedemption FrequencyOther Redemption RestrictionsRedemption Notice Restrictions
Vanguard Target Retirement Trusts$3,631,365,005 NoneDailyNoneNone
Northern Trust Collective S&P 500 Index Fund943,391,661 NoneDailyNoneNone
Northern Trust Collective ACWI Ex-US Fund86,310,743 NoneDailyNoneNone
Northern Trust Collective Aggregate Bond Index Fund83,314,971 NoneDailyNoneNone
Sprucegrove International Fund65,821,784 NoneDailyNone
5 days
Loomis Sayles Large Growth Fund 542,785,603 NoneDailyNoneNone
Aristotle Collective Investment Trust Fund58,507,110 NoneDailyNone
5 days
Northern Trust Collective Short Term Investment Fund10,304,134 NoneDailyNoneNone
Capital Group Growth Fund of America Trust Fund133,070,999 NoneDailyNone
5 days
BNY Mellon Walter Scott International Fund47,275,784 NoneDailyNoneNone
Aristotle Collective Trust Investment Trust Small/Mid Capital Equity 38,928,436 NoneDailyNone
5 days
Earnest Partners Multiple Investment Trust 39,172,103 NoneDailyNone
5 days
PIMCO Total Return Fund 17,434,660 NoneDailyNone
5 days
Vanguard Extended Market Index 244,673,204 NoneDailyNoneNone
The following table sets forth the Master Trust's assets valued at NAV as of December 31, 2024: 
 Fair ValueUnfunded CommitmentsRedemption FrequencyOther Redemption RestrictionsRedemption Notice Restrictions
Vanguard Target Retirement Trusts$3,098,617,547 NoneDailyNoneNone
Northern Trust Collective S&P 500 Index Fund819,491,629 NoneDailyNoneNone
Northern Trust Collective ACWI Ex-US Fund38,032,572 NoneDailyNoneNone
Northern Trust Collective Aggregate Bond Index Fund62,629,776 NoneDailyNoneNone
Sprucegrove International Fund61,327,596 NoneDailyNone
10 days
Loomis Sayles Large Growth Fund493,510,324 NoneDailyNoneNone
Aristotle Collective Investment Trust Fund53,890,837 NoneDailyNone
5 days
Northern Trust Collective Short Term Investment Fund11,786,374 NoneDailyNoneNone
Capital Group Growth Fund of America Trust Fund116,793,568 NoneDailyNone
5 days
BNY Mellon Walter Scott International Fund42,255,794 NoneDailyNoneNone
Aristotle Collective Trust Investment Trust Small/Mid Capital Equity41,731,971 NoneDailyNone
5 days
Earnest Partners Multiple Investment Trust40,496,595 NoneDailyNone
5 days