If 14 years at Cummins has taught me anything. There are two times when Cummins likes to "right size" the company. After Q1 earnings when the year isn't going the way they predicted, and Q4 to try and make year end analyst predictions... and yes, it can happen at both times in the same year.
In 14 years, I survived 8 rounds of layoffs, 2 years of no bonuses, and 1 year of no merit increase. It took me way to long to realize that there is no future with this company and there is no reason to stay loyal to them. Spend every waking moment you have looking for a better company to work for.. you'll never regret you did.