$CMI
CUMMINS INC

2018 Q3 Form 10-Q Financial Statement

#000002617218000045 Filed on October 30, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2017 Q4
Revenue $5.943B $5.476B
YoY Change 17.03% 21.61%
Cost Of Revenue $4.392B $3.944B
YoY Change 14.76% 26.9%
Gross Profit $1.551B $1.376B
YoY Change 23.98% 22.86%
Gross Profit Margin 26.1% 25.13%
Selling, General & Admin $604.0M $633.0M
YoY Change -0.33% 23.39%
% of Gross Profit 38.94% 46.0%
Research & Development $229.0M $213.0M
YoY Change 30.86% 35.67%
% of Gross Profit 14.76% 15.48%
Depreciation & Amortization $154.0M $148.0M
YoY Change 6.21% 12.98%
% of Gross Profit 9.93% 10.76%
Operating Expenses $833.0M $846.0M
YoY Change 6.66% 26.27%
Operating Profit $803.0M $622.0M
YoY Change 37.03% 61.98%
Interest Expense $30.00M $18.00M
YoY Change 42.86% 12.5%
% of Operating Profit 3.74% 2.89%
Other Income/Expense, Net $23.00M $14.00M
YoY Change -20.69% 75.0%
Pretax Income $805.0M $622.0M
YoY Change 34.39% 62.83%
Income Tax $107.0M $165.0M
% Of Pretax Income 13.29% 26.53%
Net Earnings $698.0M $457.0M
YoY Change 58.28% 52.33%
Net Earnings / Revenue 11.74% 8.35%
Basic Earnings Per Share $4.29 -$1.66
Diluted Earnings Per Share $4.28 -$1.65
COMMON SHARES
Basic Shares Outstanding 161.3M shares 166.3M shares
Diluted Shares Outstanding 161.8M shares 167.0M shares

Balance Sheet

Concept 2018 Q3 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.532B $1.444B
YoY Change 4.43% -3.8%
Cash & Equivalents $1.222B $1.369B
Short-Term Investments $214.0M $154.0M
Other Short-Term Assets $649.0M $656.0M
YoY Change 8.17% 9.33%
Inventory $3.831B $3.166B
Prepaid Expenses
Receivables $4.095B $3.810B
Other Receivables $0.00 $0.00
Total Short-Term Assets $9.863B $8.928B
YoY Change 14.66% 15.84%
LONG-TERM ASSETS
Property, Plant & Equipment $3.870B $3.927B
YoY Change 2.19% 3.34%
Goodwill $1.110B $1.082B
YoY Change 127.46% 125.42%
Intangibles $950.0M $973.0M
YoY Change 180.24% 193.07%
Long-Term Investments $1.303B $1.213B
YoY Change 12.13% 12.63%
Other Assets $922.0M $966.0M
YoY Change -10.49% -4.83%
Total Long-Term Assets $9.129B $9.147B
YoY Change 19.21% 25.23%
TOTAL ASSETS
Total Short-Term Assets $9.863B $8.928B
Total Long-Term Assets $9.129B $9.147B
Total Assets $18.99B $18.08B
YoY Change 16.8% 20.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.980B $2.579B
YoY Change 29.57% 39.1%
Accrued Expenses $834.0M $915.0M
YoY Change -54.7% -46.52%
Deferred Revenue
YoY Change
Short-Term Debt $857.0M $578.0M
YoY Change 355.85% 80.06%
Long-Term Debt Due $41.00M $63.00M
YoY Change -8.89% 80.0%
Total Short-Term Liabilities $6.416B $5.677B
YoY Change 31.1% 31.26%
LONG-TERM LIABILITIES
Long-Term Debt $1.556B $1.615B
YoY Change -0.51% 1.38%
Other Long-Term Liabilities $161.0M $134.0M
YoY Change -91.87% -2.19%
Total Long-Term Liabilities $161.0M $134.0M
YoY Change -95.46% -2.19%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.416B $5.677B
Total Long-Term Liabilities $161.0M $134.0M
Total Liabilities $10.93B $9.911B
YoY Change 29.56% 26.46%
SHAREHOLDERS EQUITY
Retained Earnings $12.52B $11.46B
YoY Change 8.7% 3.84%
Common Stock $2.210B
YoY Change 2.65%
Preferred Stock
YoY Change
Treasury Stock (at cost) $5.674B $4.905B
YoY Change 23.72% 9.27%
Treasury Stock Shares 61.90M shares 56.70M shares
Shareholders Equity $7.191B $7.259B
YoY Change
Total Liabilities & Shareholders Equity $18.99B $18.08B
YoY Change 16.8% 20.41%

Cashflow Statement

Concept 2018 Q3 2017 Q4
OPERATING ACTIVITIES
Net Income $698.0M $457.0M
YoY Change 58.28% 52.33%
Depreciation, Depletion And Amortization $154.0M $148.0M
YoY Change 6.21% 12.98%
Cash From Operating Activities $590.0M $645.0M
YoY Change 31.99% 11.98%
INVESTING ACTIVITIES
Capital Expenditures -$134.0M -$119.0M
YoY Change 17.54% -13.77%
Acquisitions
YoY Change
Other Investing Activities -$66.00M -$507.0M
YoY Change 247.37% 731.15%
Cash From Investing Activities -$200.0M -$626.0M
YoY Change 50.38% 214.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -201.0M -56.00M
YoY Change -47.11% -62.42%
NET CHANGE
Cash From Operating Activities 590.0M 645.0M
Cash From Investing Activities -200.0M -626.0M
Cash From Financing Activities -201.0M -56.00M
Net Change In Cash 189.0M -37.00M
YoY Change -386.36% -116.23%
FREE CASH FLOW
Cash From Operating Activities $590.0M $645.0M
Capital Expenditures -$134.0M -$119.0M
Free Cash Flow $724.0M $764.0M
YoY Change 29.06% 7.0%

Facts In Submission

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CY2018Q3 us-gaap Long Term Debt And Capital Lease Obligations
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CY2018Q3 us-gaap Commitments And Contingencies
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CY2017Q4 us-gaap Commitments And Contingencies
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CY2018Q3 us-gaap Common Stock Value Outstanding
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CY2017Q4 us-gaap Common Stock Value Outstanding
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CY2018Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2018Q3 us-gaap Treasury Stock Value
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CY2017Q4 us-gaap Treasury Stock Value
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CY2018Q3 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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CY2017Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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CY2018Q3 us-gaap Stockholders Equity
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CY2017Q4 us-gaap Stockholders Equity
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CY2018Q3 us-gaap Minority Interest
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CY2017Q4 us-gaap Minority Interest
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us-gaap Profit Loss
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us-gaap Profit Loss
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us-gaap Depreciation Depletion And Amortization
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us-gaap Income Loss From Equity Method Investments Net Of Dividends Or Distributions
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us-gaap Pension Contributions
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us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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us-gaap Pension Contributions
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us-gaap Share Based Compensation
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us-gaap Loss Contingency Accrual Payments
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us-gaap Foreign Currency Transaction Gain Loss Before Tax
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us-gaap Increase Decrease In Inventories
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us-gaap Increase Decrease In Other Operating Assets
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us-gaap Increase Decrease In Accounts Payable
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us-gaap Increase Decrease In Accounts Payable
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567000000 USD
us-gaap Increase Decrease In Accrued Liabilities
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341000000 USD
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
369000000 USD
us-gaap Increase Decrease In Other Noncurrent Assets And Liabilities Net
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us-gaap Increase Decrease In Other Noncurrent Assets And Liabilities Net
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us-gaap Other Noncash Income Expense
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us-gaap Other Noncash Income Expense
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
282000000 USD
us-gaap Payments To Develop Software
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us-gaap Payments To Develop Software
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us-gaap Proceeds From Sale Of Productive Assets
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us-gaap Proceeds From Sale Of Productive Assets
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us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
70000000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
600000000 USD
us-gaap Payments To Acquire Marketable Securities
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us-gaap Payments To Acquire Marketable Securities
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us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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us-gaap Repayments Of Long Term Debt And Capital Securities
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us-gaap Repayments Of Long Term Debt And Capital Securities
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us-gaap Proceeds From Repayments Of Short Term Debt
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us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
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us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
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us-gaap Payments Of Dividends
PaymentsOfDividends
537000000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
522000000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
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us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
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us-gaap Proceeds From Payments For Other Financing Activities
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us-gaap Proceeds From Payments For Other Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
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us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
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us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
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us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
170000000 USD
CY2017Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1369000000 USD
CY2016Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1120000000 USD
CY2018Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1222000000 USD
CY2017Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1290000000 USD
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
7174000000 USD
us-gaap Profit Loss
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1303000000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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us-gaap Stock Issued During Period Value New Issues
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us-gaap Stock Issued During Period Value Treasury Stock Reissued
StockIssuedDuringPeriodValueTreasuryStockReissued
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us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
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us-gaap Dividends Common Stock Cash
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us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
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us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
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us-gaap Minority Interest Decrease From Redemptions
MinorityInterestDecreaseFromRedemptions
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us-gaap Stockholders Equity Other
StockholdersEquityOther
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CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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us-gaap New Accounting Pronouncement Or Change In Accounting Principle Effect Of Adoption Quantification
NewAccountingPronouncementOrChangeInAccountingPrincipleEffectOfAdoptionQuantification
30000000 USD
us-gaap Profit Loss
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OtherComprehensiveIncomeLossNetOfTax
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us-gaap Stock Issued During Period Value Treasury Stock Reissued
StockIssuedDuringPeriodValueTreasuryStockReissued
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us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
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us-gaap Dividends Common Stock Cash
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537000000 USD
us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
30000000 USD
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
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us-gaap Stockholders Equity Other
StockholdersEquityOther
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CY2018Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
8060000000 USD
us-gaap Nature Of Operations
NatureOfOperations
<span style="font-family:inherit;font-size:10pt;font-weight:bold;">NOTE 1. NATURE OF OPERATIONS</span><span style="font-family:inherit;font-size:10pt;">Cummins Inc. (“Cummins,” “we,” “our” or “us”) was 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. </span><span style="font-family:inherit;font-size:10pt;">We are a global power leader that designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products, including filtration, aftertreatment, turbochargers, fuel systems, controls systems, air handling systems, transmissions, electric power generation systems, batteries and electrified power systems. We sell our products to original equipment manufacturers (OEMs), distributors and other customers worldwide.</span><span style="font-family:inherit;font-size:10pt;"> </span><span style="font-family:inherit;font-size:10pt;">We serve our customers through a network of approximately</span><span style="font-family:inherit;font-size:10pt;"> </span><span style="font-family:inherit;font-size:10pt;"><span>500</span></span><span style="font-family:inherit;font-size:10pt;"> wholly-owned and independent distributor locations and over</span><span style="font-family:inherit;font-size:10pt;"> </span><span style="font-family:inherit;font-size:10pt;"><span>7,500</span></span><span style="font-family:inherit;font-size:10pt;"> </span><span style="font-family:inherit;font-size:10pt;">dealer locations in more than</span><span style="font-family:inherit;font-size:10pt;"> </span><span style="font-family:inherit;font-size:10pt;"><span>190</span></span><span style="font-family:inherit;font-size:10pt;"> countries and territories.</span>
cmi Company Owned And Independent Distributor Locations Number
CompanyOwnedAndIndependentDistributorLocationsNumber
500 location
cmi Dealer Locations Number
DealerLocationsNumber
7500 location
cmi Countries And Territories Number
CountriesAndTerritoriesNumber
190 country
CY2018Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1481750 shares
CY2017Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3728 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
799337 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
42139 shares
CY2018Q3 us-gaap Accelerated Share Repurchases Settlement Payment Or Receipt
AcceleratedShareRepurchasesSettlementPaymentOrReceipt
500000000 USD
CY2018Q3 us-gaap Accelerated Share Repurchases Settlement Payment Or Receipt
AcceleratedShareRepurchasesSettlementPaymentOrReceipt
500000000 USD
CY2018Q3 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
2800000 shares
CY2018Q3 us-gaap Accelerated Share Repurchases Final Price Paid Per Share
AcceleratedShareRepurchasesFinalPricePaidPerShare
143.58
CY2018Q3 cmi Percentage Of Stock Repurchased As Percentage Of Total Amount Of Shares Estimated Under Accelerated Share Repurchase Agreement
PercentageOfStockRepurchasedAsPercentageOfTotalAmountOfSharesEstimatedUnderAcceleratedShareRepurchaseAgreement
0.80
us-gaap Revenue Recognition Sales Of Goods
RevenueRecognitionSalesOfGoods
<span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Revenue Recognition Sales of Products</span><span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;"> </span><div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">We sell to customers either through long-term arrangements or standalone purchase orders. Our long-term arrangements generally do not include committed volumes until underlying purchase orders are issued. Our performance obligations vary by contract, but may include diesel and natural gas engines and engine-related component products, including filtration, aftertreatment, turbochargers, fuel systems, controls systems, air handling systems, transmissions, electric power generation systems, batteries, parts, maintenance services and extended coverage.</span><span style="font-family:inherit;font-size:10pt;"> </span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Typically, we recognize revenue on the products we sell at a point in time, generally in accordance with shipping terms, which reflects the transfer of control to the customer. Since control of construction projects transfer to the customer as the work is performed, revenue on these projects is recognized based on the percentage of inputs incurred to date compared to the total expected cost of inputs, which is reflective of the value transferred to the customer. Revenue is recognized under long-term maintenance and other service agreements over the term of the agreement as underlying services are performed based on the percentage of the cost of services provided to date compared to the total expected cost of services to be provided under the contract. Sales of extended coverage are recognized based on the pattern of expected costs over the extended coverage period or, if such a pattern is unknown, on a straight-line basis over the coverage period as the customer is considered to benefit from our stand ready obligation over the coverage period. In all cases, we believe cost incurred is the most representative depiction of the extent of service performed to date on a particular contract.</span><span style="font-family:inherit;font-size:10pt;"> </span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Our arrangements may include the act of shipping products to our customers after the performance obligation related to that product has been satisfied. We have elected to account for shipping and handling as activities to fulfill the promise to transfer goods and have not allocated revenue to the shipping activity. All related shipping and handling costs are accrued at the time of shipment.</span><span style="font-family:inherit;font-size:10pt;"> </span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Our sales arrangements may include the collection of sales and other similar taxes that are then remitted to the related taxing authority. We have elected to present the amounts collected for these taxes net of the related tax expense rather than presenting them as additional revenue.</span><span style="font-family:inherit;font-size:10pt;"> </span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">We grant credit limits and terms to customers based upon traditional practices and competitive conditions. Typical terms vary by market, but payments are generally due in 90 days or less from invoicing for most of our product and service sales, while payments on construction and other similar arrangements may be due on an installment basis.</span><span style="font-family:inherit;font-size:10pt;"> </span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><span style="font-family:inherit;font-size:10pt;">For contracts where the time between cash collection and performance is less than one year, we have elected to use the practical expedient that allows us to ignore the possible existence of a significant financing component within the contract. For contracts where this time period exceeds one year, generally the timing difference is the result of business concerns other than financing. We do have a limited amount of customer financing for which we charge or impute interest, but such amounts are immaterial to our</span> Condensed Consolidated Statements of Income.
us-gaap Revenue Recognition Incentives
RevenueRecognitionIncentives
<span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Sales Incentives</span><span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;"> </span><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">We provide various sales incentives to both our distribution network and OEM customers. These programs are designed to promote the sale of our products in the channel or encourage the usage of our products by OEM customers. When there is uncertainty surrounding these sales incentives, we may limit the amount of revenue we recognize under a contract until the uncertainty has been resolved. Sales incentives primarily fall into three categories:</span><span style="font-family:inherit;font-size:10pt;"> </span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"/><td/></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><span style="font-family:inherit;font-size:10pt;">•</span></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Volume rebates;</span></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"/><td/></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><span style="font-family:inherit;font-size:10pt;">•</span></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Market share rebates; and</span></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"/><td/></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><span style="font-family:inherit;font-size:10pt;">•</span></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Aftermarket rebates.</span></div></td></tr></table><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">For volume rebates, we provide certain customers with rebate opportunities for attaining specified volumes during a particular quarter or year. We consider the expected amount of these rebates at the time of the original sale as we determine the overall </span></div><span style="font-family:inherit;font-size:10pt;">transaction price. We update our assessment of the amount of rebates that will be earned quarterly based on our best estimate of the volume levels the customer will reach during the measurement period. For market share rebates, we provide certain customers with rebate opportunities based on the percentage of their production that utilizes our product. These rebates are typically measured either quarterly or annually and we assess them at least quarterly to determine our current estimates of amounts expected to be earned. These estimates are considered in the determination of transaction price at the time of the original sale based on the current market shares, with adjustments made as the level changes. For aftermarket rebates, we provide incentives to promote sales to certain dealers and end-markets. These rebates are typically paid on a quarterly, or more frequent basis. At the time of the sales, we consider the expected amount of these rebates when determining the overall transaction price. Estimates are adjusted at the end of each quarter based on the amounts yet to be paid. These estimates are based on historical experience with the particular program.</span>
us-gaap Revenue Recognition Sales Returns
RevenueRecognitionSalesReturns
<span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Sales Returns</span><span style="font-family:inherit;font-size:10pt;font-weight:bold;"> </span><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><span style="font-family:inherit;font-size:10pt;">The initial determination of the transaction price may also be impacted by expected product returns. Rights of return do not exist for the majority of our sales other than for quality issues. We do offer certain return rights in our aftermarket business, where some aftermarket customers are permitted to return small amounts of parts and filters each year, and in our power generation business, which sells portable generators to retail customers. An estimate of future returns is accounted for at the time of sale as a reduction in the overall contract transaction price based on historical return rates.</span>
us-gaap Revenue Recognition Multiple Element Arrangements
RevenueRecognitionMultipleElementArrangements
<span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Multiple Performance Obligations</span><span style="font-family:inherit;font-size:10pt;font-weight:bold;"> </span><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><span style="font-family:inherit;font-size:10pt;">Our sales arrangements may include multiple performance obligations. We identify each of the material performance obligations in these arrangements and allocate the total transaction price to each performance obligation based on its relative selling price. In most cases, the individual performance obligations are also sold separately and we use that price as the basis for allocating revenue to the included performance obligations. When an arrangement includes multiple performance obligations and invoicing to the customer does not match the allocated portion of the transaction price, unbilled revenue or deferred revenue is recorded reflecting that difference. Unbilled and deferred revenue are discussed in more detail below.</span>
us-gaap Revenue Recognition Long Term Contracts
RevenueRecognitionLongTermContracts
<span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Long-term Contracts</span><span style="font-family:inherit;font-size:10pt;font-weight:bold;"> </span><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Our long-term maintenance agreements often include a variable component of the transaction price. We are generally compensated under such arrangements on a cost per hour of usage basis. We typically can estimate the expected usage over the life of the contract, but reassess the transaction price each quarter and adjust our recognized revenue accordingly. Certain maintenance agreements apply to generators used to provide standby power, which have limited expectations of usage. These agreements may include monthly minimum payments, providing some certainty to the total transaction price. For these particular contracts that relate to standby power, we limit revenue recognized to date to an amount representing the total minimums earned to date under the contract plus any cumulative billings earned in excess of the minimums. We reassess the estimates of progress and transaction price on a quarterly basis. For prime power arrangements, revenue is not subject to such a constraint and is generally equal to the current estimate on a percentage of completion basis times the total expected revenue under the contract.</span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><span style="font-family:inherit;font-size:10pt;">Most of our contracts are for a period of less than one year. We have certain long-term maintenance agreements, construction contracts and extended warranty coverage arrangements that span a period in excess of one year. The aggregate amount of the transaction price for long-term maintenance agreements and construction contracts allocated to performance obligations that have not been satisfied as of</span><span style="font-family:inherit;font-size:10pt;"> </span><span style="font-family:inherit;font-size:10pt;">September 30, 2018,</span><span style="font-family:inherit;font-size:10pt;"> was</span><span style="font-family:inherit;font-size:10pt;"> </span><span style="font-family:inherit;font-size:10pt;"><span>$709 million</span></span><span style="font-family:inherit;font-size:10pt;">. We expect to recognize the related revenue of</span><span style="font-family:inherit;font-size:10pt;"> </span><span style="font-family:inherit;font-size:10pt;"><span>$270 million</span></span><span style="font-family:inherit;font-size:10pt;"> over the next</span><span style="font-family:inherit;font-size:10pt;"> </span><span style="font-family:inherit;font-size:10pt;"><span>12 months</span></span><span style="font-family:inherit;font-size:10pt;"> and</span><span style="font-family:inherit;font-size:10pt;"> </span><span style="font-family:inherit;font-size:10pt;"><span>$439 million</span></span><span style="font-family:inherit;font-size:10pt;"> over periods up to </span><span style="font-family:inherit;font-size:10pt;"><span>10 years</span></span><span style="font-family:inherit;font-size:10pt;">. See</span><span style="font-family:inherit;font-size:10pt;"> </span><span style="font-family:inherit;font-size:10pt;">NOTE 10</span><span style="font-family:inherit;font-size:10pt;"> ,"</span><span style="font-family:inherit;font-size:10pt;">PRODUCT WARRANTY LIABILITY</span><span style="font-family:inherit;font-size:10pt;">," for additional disclosures on extended warranty coverage arrangements. Our other contracts generally are for a duration of less than one year or include payment terms that correspond to the value we are providing our customers.</span>
CY2018Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
709000000 USD
CY2018Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
270000000 USD
CY2018Q3 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P12M
CY2018Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
439000000 USD
CY2018Q3 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P10Y
us-gaap Revenue Recognition Deferred Revenue
RevenueRecognitionDeferredRevenue
<span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Deferred and Unbilled Revenue</span><span style="font-family:inherit;font-size:10pt;font-weight:bold;"> </span><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The timing of our billing does not always match the timing of our revenue recognition. We record deferred revenue when we are entitled to bill a customer in advance of when we are permitted to recognize revenue. Deferred revenue may arise in construction contracts, where billings may occur in advance of performance or in accordance with specific milestones. Deferred revenue may also occur in long-term maintenance contracts, where billings are often based on usage of the underlying equipment, which generally follows a predictable pattern that often will result in the accumulation of collections in advance of our performance of the related maintenance services. Finally, deferred revenue exists in our extended coverage contracts, where the cash is collected prior to the commencement of the coverage period. Deferred revenue is included in our</span><span style="font-family:inherit;font-size:10pt;"> </span><span style="font-family:inherit;font-size:10pt;">Condensed Consolidated Balance Sheets</span><span style="font-family:inherit;font-size:10pt;"> </span><span style="font-family:inherit;font-size:10pt;">as a component of current liabilities for those expected to be recognized in revenue in a period of </span></div><span style="font-family:inherit;font-size:10pt;">less than one year and long-term liabilities for those expected to be recognized as revenue in a period beyond one year. Deferred revenue is recognized as revenue when control of the underlying product, project or service passes to the customer under the related contract.</span>
CY2018Q3 us-gaap Contract With Customer Asset Gross
ContractWithCustomerAssetGross
56000000 USD
CY2018Q1 us-gaap Contract With Customer Asset Gross
ContractWithCustomerAssetGross
6000000 USD
CY2018Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
1137000000 USD
CY2018Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
1052000000 USD
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
-277000000 USD
CY2018Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
0 USD
CY2018Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
15000000 USD
CY2017Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
16000000 USD
CY2018Q3 us-gaap Revenues
Revenues
5943000000 USD
us-gaap Revenues
Revenues
17645000000 USD
CY2018Q3 us-gaap Equity Method Investment Summarized Financial Information Net Income Loss
EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss
77000000 USD
CY2017Q4 us-gaap Equity Method Investment Summarized Financial Information Net Income Loss
EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss
84000000 USD
us-gaap Equity Method Investment Summarized Financial Information Net Income Loss
EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss
271000000 USD
us-gaap Equity Method Investment Summarized Financial Information Net Income Loss
EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss
265000000 USD
CY2018Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
90000000 USD
CY2017Q4 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
95000000 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
315000000 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
301000000 USD
CY2018Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.133
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.228
CY2018Q3 us-gaap Income Tax Expense Benefit Continuing Operations Adjustment Of Deferred Tax Asset Liability
IncomeTaxExpenseBenefitContinuingOperationsAdjustmentOfDeferredTaxAssetLiability
37000000 USD
CY2018Q3 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.23
CY2018Q3 cmi Tax Cutsand Jobs Actof2017 Incomplete Accounting Provisional Income Tax Expense Net
TaxCutsandJobsActof2017IncompleteAccountingProvisionalIncomeTaxExpenseNet
34000000 USD
CY2018Q3 us-gaap Deferred Other Tax Expense Benefit
DeferredOtherTaxExpenseBenefit
3000000 USD
us-gaap Income Tax Expense Benefit Continuing Operations Adjustment Of Deferred Tax Asset Liability
IncomeTaxExpenseBenefitContinuingOperationsAdjustmentOfDeferredTaxAssetLiability
37000000 USD
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.23
cmi Tax Cutsand Jobs Actof2017 Incomplete Accounting Provisional Income Tax Expense Net
TaxCutsandJobsActof2017IncompleteAccountingProvisionalIncomeTaxExpenseNet
-48000000 USD
us-gaap Deferred Other Tax Expense Benefit
DeferredOtherTaxExpenseBenefit
11000000 USD
CY2017Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.265
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.263
CY2018Q3 cmi Tax Cutsand Jobs Actof2017 Incomplete Accounting Withholding Taxeson Earningsfor Possible Future Distribution Provisional Income Tax Expense
TaxCutsandJobsActof2017IncompleteAccountingWithholdingTaxesonEarningsforPossibleFutureDistributionProvisionalIncomeTaxExpense
118000000 USD
cmi Tax Cutsand Jobs Actof2017 Incomplete Accounting Withholding Taxeson Earningsfor Possible Future Distribution Provisional Income Tax Expense
TaxCutsandJobsActof2017IncompleteAccountingWithholdingTaxesonEarningsforPossibleFutureDistributionProvisionalIncomeTaxExpense
112000000 USD
CY2018Q3 cmi Tax Cutsand Jobs Actof2017 Incomplete Accounting Changein Tax Rate Provisional Income Tax Expense Benefit
TaxCutsandJobsActof2017IncompleteAccountingChangeinTaxRateProvisionalIncomeTaxExpenseBenefit
-7000000 USD
cmi Tax Cutsand Jobs Actof2017 Incomplete Accounting Changein Tax Rate Provisional Income Tax Expense Benefit
TaxCutsandJobsActof2017IncompleteAccountingChangeinTaxRateProvisionalIncomeTaxExpenseBenefit
-7000000 USD
CY2018Q3 cmi Tax Cutsand Jobs Actof2017 Incomplete Accounting Transition Taxfor Accumulated Foreign Earnings Provisional Income Tax Expense
TaxCutsandJobsActof2017IncompleteAccountingTransitionTaxforAccumulatedForeignEarningsProvisionalIncomeTaxExpense
-70000000 USD
cmi Tax Cutsand Jobs Actof2017 Incomplete Accounting Transition Taxfor Accumulated Foreign Earnings Provisional Income Tax Expense
TaxCutsandJobsActof2017IncompleteAccountingTransitionTaxforAccumulatedForeignEarningsProvisionalIncomeTaxExpense
-111000000 USD
CY2018Q3 cmi Tax Cutsand Jobs Actof2017 Incomplete Accounting Provisional Income Tax Expense Net Currentoneyearadjustments
TaxCutsandJobsActof2017IncompleteAccountingProvisionalIncomeTaxExpenseNetCurrentoneyearadjustments
41000000 USD
cmi Tax Cutsand Jobs Actof2017 Incomplete Accounting Provisional Income Tax Expense Net Currentoneyearadjustments
TaxCutsandJobsActof2017IncompleteAccountingProvisionalIncomeTaxExpenseNetCurrentoneyearadjustments
-6000000 USD
CY2018Q3 cmi Tax Cutsand Jobs Actof2017 Changein Tax Rateappliedtodeferredtaxbalances Provisional Income Tax Expense Benefit One Timetaxchargesonintercompanyprofitininventory
TaxCutsandJobsActof2017ChangeinTaxRateappliedtodeferredtaxbalancesProvisionalIncomeTaxExpenseBenefitOneTimetaxchargesonintercompanyprofitininventory
0 USD
cmi Tax Cutsand Jobs Actof2017 Changein Tax Rateappliedtodeferredtaxbalances Provisional Income Tax Expense Benefit One Timetaxchargesonintercompanyprofitininventory
TaxCutsandJobsActof2017ChangeinTaxRateappliedtodeferredtaxbalancesProvisionalIncomeTaxExpenseBenefitOneTimetaxchargesonintercompanyprofitininventory
-35000000 USD
CY2018Q3 cmi Tax Cutsand Jobs Actof2017 Incomplete Accounting Provisional Income Tax Expense Benefit Foreign Currencyimpact
TaxCutsandJobsActof2017IncompleteAccountingProvisionalIncomeTaxExpenseBenefitForeignCurrencyimpact
-7000000 USD
cmi Tax Cutsand Jobs Actof2017 Incomplete Accounting Provisional Income Tax Expense Benefit Foreign Currencyimpact
TaxCutsandJobsActof2017IncompleteAccountingProvisionalIncomeTaxExpenseBenefitForeignCurrencyimpact
-7000000 USD
CY2018Q3 cmi Tax Cutsand Jobs Actof2017 Incomplete Accounting Provisional Income Tax Expense Net Other Tax Reform Adjustments
TaxCutsandJobsActof2017IncompleteAccountingProvisionalIncomeTaxExpenseNetOtherTaxReformAdjustments
-7000000 USD
cmi Tax Cutsand Jobs Actof2017 Incomplete Accounting Provisional Income Tax Expense Net Other Tax Reform Adjustments
TaxCutsandJobsActof2017IncompleteAccountingProvisionalIncomeTaxExpenseNetOtherTaxReformAdjustments
-42000000 USD
CY2018Q3 cmi Tax Cutsand Jobs Actof2017 Incomplete Accounting Provisional Income Tax Expense Net
TaxCutsandJobsActof2017IncompleteAccountingProvisionalIncomeTaxExpenseNet
34000000 USD
cmi Tax Cutsand Jobs Actof2017 Incomplete Accounting Provisional Income Tax Expense Net
TaxCutsandJobsActof2017IncompleteAccountingProvisionalIncomeTaxExpenseNet
-48000000 USD
CY2017 cmi Tax Cutsand Jobs Actof2017 Incomplete Accounting Withholding Taxeson Earningsfor Possible Future Distribution Provisional Income Tax Expense
TaxCutsandJobsActof2017IncompleteAccountingWithholdingTaxesonEarningsforPossibleFutureDistributionProvisionalIncomeTaxExpense
331000000 USD
CY2018Q3 cmi Tax Cutsand Jobs Actof2017 Incomplete Accounting Withholding Taxeson Earningsfor Possible Future Distribution Provisional Income Tax Expense
TaxCutsandJobsActof2017IncompleteAccountingWithholdingTaxesonEarningsforPossibleFutureDistributionProvisionalIncomeTaxExpense
118000000 USD
CY2018Q3 cmi Tax Cutsand Jobs Actof2017 Incomplete Accounting Withholding Taxeson Earningsfor Possible Future Distribution Provisional Income Tax Expense
TaxCutsandJobsActof2017IncompleteAccountingWithholdingTaxesonEarningsforPossibleFutureDistributionProvisionalIncomeTaxExpense
118000000 USD
CY2018Q3 us-gaap Deferred Tax Liabilities Undistributed Foreign Earnings
DeferredTaxLiabilitiesUndistributedForeignEarnings
219000000 USD
CY2017 cmi Tax Cutsand Jobs Actof2017 Incomplete Accounting Transition Taxfor Accumulated Foreign Earnings Provisional Income Tax Expense
TaxCutsandJobsActof2017IncompleteAccountingTransitionTaxforAccumulatedForeignEarningsProvisionalIncomeTaxExpense
298000000 USD
CY2017 cmi Tax Cutsand Jobs Actof2017 Incomplete Accounting Transition Taxfor Accumulated Foreign Earnings Cash Impact
TaxCutsandJobsActof2017IncompleteAccountingTransitionTaxforAccumulatedForeignEarningsCashImpact
338000000 USD
CY2018Q3 cmi Tax Cutsand Jobs Actof2017 Incomplete Accounting Transition Taxfor Accumulated Foreign Earnings Provisional Income Tax Expense
TaxCutsandJobsActof2017IncompleteAccountingTransitionTaxforAccumulatedForeignEarningsProvisionalIncomeTaxExpense
-70000000 USD
CY2018Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
1000000 USD
CY2018Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
0 USD
CY2018Q3 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
1000000 USD
CY2017Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
1000000 USD
CY2017Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
0 USD
CY2017Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
1000000 USD
CY2018Q3 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
182000000 USD
CY2018Q3 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainLossBeforeTax
3000000 USD
CY2018Q3 us-gaap Available For Sale Securities Current
AvailableForSaleSecuritiesCurrent
185000000 USD
CY2017Q4 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
195000000 USD
CY2017Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainLossBeforeTax
3000000 USD
CY2017Q4 us-gaap Available For Sale Securities Current
AvailableForSaleSecuritiesCurrent
198000000 USD
us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
234000000 USD
us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
97000000 USD
us-gaap Proceeds From Maturities Prepayments And Calls Of Held To Maturity Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities
64000000 USD
us-gaap Proceeds From Maturities Prepayments And Calls Of Held To Maturity Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities
121000000 USD
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
298000000 USD
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
218000000 USD
CY2018Q3 us-gaap Inventory Finished Goods
InventoryFinishedGoods
2466000000 USD
CY2017Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
2078000000 USD
CY2018Q3 us-gaap Inventory Work In Process And Raw Materials
InventoryWorkInProcessAndRawMaterials
1496000000 USD
CY2017Q4 us-gaap Inventory Work In Process And Raw Materials
InventoryWorkInProcessAndRawMaterials
1216000000 USD
CY2018Q3 us-gaap Fifo Inventory Amount
FIFOInventoryAmount
3962000000 USD
CY2017Q4 us-gaap Fifo Inventory Amount
FIFOInventoryAmount
3294000000 USD
CY2018Q3 us-gaap Inventory Lifo Reserve
InventoryLIFOReserve
131000000 USD
CY2017Q4 us-gaap Inventory Lifo Reserve
InventoryLIFOReserve
128000000 USD
CY2018Q3 us-gaap Inventory Net
InventoryNet
3831000000 USD
CY2017Q4 us-gaap Inventory Net
InventoryNet
3166000000 USD
CY2018Q3 us-gaap Short Term Bank Loans And Notes Payable
ShortTermBankLoansAndNotesPayable
61000000 USD
CY2017Q4 us-gaap Short Term Bank Loans And Notes Payable
ShortTermBankLoansAndNotesPayable
57000000 USD
CY2018Q3 us-gaap Commercial Paper
CommercialPaper
800000000 USD
CY2017Q4 us-gaap Commercial Paper
CommercialPaper
298000000 USD
CY2018Q3 cmi Leverage Ratio
LeverageRatio
0.65
CY2018Q3 us-gaap Other Long Term Debt
OtherLongTermDebt
36000000 USD
CY2017Q4 us-gaap Other Long Term Debt
OtherLongTermDebt
76000000 USD
CY2018Q3 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
52000000 USD
CY2017Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
54000000 USD
CY2018Q3 us-gaap Interest Rate Fair Value Hedge Liability At Fair Value
InterestRateFairValueHedgeLiabilityAtFairValue
14000000 USD
CY2017Q4 us-gaap Interest Rate Fair Value Hedge Liability At Fair Value
InterestRateFairValueHedgeLiabilityAtFairValue
35000000 USD
CY2018Q3 us-gaap Capital Lease Obligations Noncurrent
CapitalLeaseObligationsNoncurrent
133000000 USD
CY2017Q4 us-gaap Capital Lease Obligations Noncurrent
CapitalLeaseObligationsNoncurrent
121000000 USD
CY2018Q3 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
1604000000 USD
CY2017Q4 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
1651000000 USD
CY2018Q3 us-gaap Long Term Debt Current
LongTermDebtCurrent
41000000 USD
CY2017Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
63000000 USD
CY2018Q3 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
1563000000 USD
CY2017Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
1588000000 USD
CY2018Q3 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
7000000 USD
CY2018Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
43000000 USD
CY2018Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
12000000 USD
CY2018Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
8000000 USD
CY2018Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
8000000 USD
CY2018Q3 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
2643000000 USD
CY2017Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
2301000000 USD
CY2018Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
2465000000 USD
CY2017Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
2006000000 USD
CY2017Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
1687000000 USD
CY2016Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
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us-gaap Standard Product Warranty Accrual Warranties Issued
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