SEC Filings


10-K
CUMMINS INC filed this Form 10-K on 02/11/2019
Entire Document
 

Leases
We lease certain manufacturing equipment, facilities, warehouses, office space and equipment, aircraft and automobiles for varying periods under lease agreements. Most of the leases are non-cancelable operating leases with fixed rental payments, expire over the next 10 years and contain renewal provisions. Rent expense under these leases was as follows:
 
 
Years ended December 31,
In millions
 
2018
 
2017
 
2016
Rent expense
 
$
217

 
$
215

 
$
210


The following is a summary of the leased property under capital leases by major classes:
 
 
December 31,
In millions
 
2018
 
2017
Building
 
$
180

 
$
158

Equipment
 
92

 
94

Land
 
15

 
16

Less: Accumulated depreciation
 
(152
)
 
(137
)
Total
 
$
135

 
$
131


Following is a summary of the future minimum lease payments due under capital and operating leases with terms of more than one year at December 31, 2018, together with the net present value of the minimum payments due under capital leases:
In millions
 
Capital Leases
 
Operating Leases
2019
 
$
30

 
$
138

2020
 
21

 
109

2021
 
16

 
81

2022
 
14

 
60

2023
 
13

 
39

After 2023
 
144

 
81

Total minimum lease payments
 
$
238

 
$
508

Interest
 
(106
)
 
 

Present value of net minimum lease payments
 
$
132

 
 


NOTE 14. SHAREHOLDERS' EQUITY
Preferred and Preference Stock
We are authorized to issue one million shares each of zero par value preferred and preference stock with preferred shares being senior to preference shares. We can determine the number of shares of each series, and the rights, preferences and limitations of each series. At December 31, 2018, there was no preferred or preference stock outstanding.

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